文章核心观点 - 公司在第二季度面临一些新的挑战,但仍对未来保持乐观态度,认为这只是暂时性的逆风[3][5][7] - 公司认为目前机构抵押贷款支持证券(Agency MBS)的收益率较高,且供给有限,有利于公司维持高额股息[8][9] - 公司有充足的流动性,有能力在当前市场环境下维持高额股息[6][9] 公司经营情况总结 - 公司第二季度综合亏损0.13美元/股,较第一季度的0.48美元/股综合收益有所下滑[4] - 公司净息差和滚动收入为0.53美元/股,较第一季度的0.58美元/股有所下降[4] - 公司有形净值下降5%,经济收益率为负0.9%[4] - 公司杠杆率从第一季度的7.1上升至7.4[6] 行业环境分析 - 第二季度固定收益市场动力有所减弱,利率上升,机构抵押贷款支持证券(Agency MBS)利差扩大[5] - 消费支出和信心有所下降,但美联储仍保持强硬的货币政策立场[5] - 机构抵押贷款支持证券(Agency MBS)供给有限,需求保持较高,有利于公司获得较高收益[8]

filoAGNC Investment Corp. (NASDAQ:AGNC) report has just been released, and it points to a positive trend in net interest income. With the backdrop of cooling inflation, as demonstrated by June’s CPI report, I think that investments in mortgage trusts that primarily hold mortgage-backed securities in their portfolios have upside potential and could potentially achieve double-digit returns moving forward. AGNC Investment’s stock is selling only at a small premium to book value and I think the risk/reward ...

AGNC Investment Corp.’s (AGNC) second-quarter 2024 net spread and dollar roll income per common share (excluding estimated "catch-up" premium amortization benefit) of 53 cents matched the Zacks Consensus Estimate. However, the bottom line declined from the 67 cents reported in the previous quarter.Adjusted net interest and dollar roll income of $482 million moved down from $496 million in the previous quarter.The company reported a second-quarter comprehensive loss per common share of 13 cents against compr ...

财务数据和关键指标变化 - 公司第二季度综合亏损为每股0.13美元,主要由于该季度息差适度扩大 [18] - 公司第二季度经济收益率为负0.9%,包括每股宣派0.36美元的股息和每股净资产下降0.44美元 [18] - 公司第二季度末的有形净资产价值每股上升约2%,扣除每月股息后上升约1% [18] - 公司第二季度末的杠杆率从第一季度的7.1倍上升至7.4倍 [19] - 公司第二季度末的未抵押现金和机构MBS为53亿美元,占有形权益的65% [19] - 公司第二季度的平均预期寿命CPR下降120个基点至9.2%,实际CPR上升至7.1% [19] - 公司第二季度的净息差和滚动收益为每股0.53美元,较上季度下降0.05美元 [20] 各条业务线数据和关键指标变化 - 公司第二季度新增约30亿美元机构MBS,投资组合规模增至660亿美元 [26] - 公司第二季度TBA头寸减少30亿美元,同时增加约60亿美元指定池MBS [26] - 公司第二季度金管局TBA头寸基本保持不变,估值仍具吸引力 [27] - 公司第二季度对冲组合规模增至588亿美元,主要通过增加掉期对冲 [27] - 公司第二季度非机构证券投资组合规模下降约10%,主要由于参与GSE的信用风险转移证券收购 [31-32] 各个市场数据和关键指标变化 - 第二季度利率波动加剧,10年期国债收益率最终上升约20个基点 [11] - 第二季度机构MBS息差较上季度扩大5-10个基点,主要集中在5.5和6%的产品 [13] - 第二季度机构MBS息差在140-160个基点的相对窄幅区间内波动 [14] - 第二季度信用利差表现参差不齐,投资级和高收益指数分别扩大约3和14个基点 [30-31] 公司战略和发展方向及行业竞争 - 公司将继续保持较低的利率风险敞口,谨慎应对选举前的高波动环境 [35-36] - 公司认为现有的住房金融体系运作良好,不认为会有重大改变 [38-39] - 公司预计未来银行需求和收益率曲线走陡将提振机构MBS需求 [41-46] - 公司认为当前息差水平与其资本成本相匹配,能够维持当前的股息水平 [49-54] 管理层对经营环境和未来前景的评论 - 第二季度经济数据显示通胀有所缓解,劳动力市场趋于平衡,为联储转向更宽松的货币政策创造条件 [9-10] - 联储仍然谨慎,导致利率和息差波动加剧,公司经济收益率为负0.9% [10] - 未来几个月内联储有望开始降息,有利于利率波动下降和收益率曲线走陡 [15-16] - 机构MBS基本面长期向好,供给偏紧且收益率优于国债和投资级债券 [17] 问答环节重要的提问和回答 问题1 **Crispin Love 提问** 提问了选举对公司的影响,包括选前选后以及对机构MBS监管的影响 [34-39] **Peter Federico 回答** - 公司在选举前会采取较低风险的策略,等待选举结果 - 目前难以判断共和民主两党对国债和GSE的政策取向 - 但公司认为现有的住房金融体系运作良好,不认为会有重大改变 [35-39] 问题2 **Douglas Harter 提问** 询问公司设定股息的关键因素 [48-54] **Peter Federico 回答** - 公司的总资本成本约16.5%,需要达到这一水平的经济收益率 - 当前息差水平和杠杆水平下,公司的经济收益率在16%-19%之间 - 此外还考虑再平衡成本和优先股收益的影响,总体认为当前股息水平是可持续的 [49-54] 问题3 **Eric Hagen 提问** 询问公司是否会提高杠杆水平,以及对未来杠杆水平的预期 [77-80] **Peter Federico 回答** - 公司有较大的提高杠杆的能力,取决于对息差波动的判断 - 息差波动有所收窄是提高杠杆的积极因素 - 但公司仍会谨慎考虑宏观环境的不确定性 [77-79]

4 2 0 Q2 STOCKHOLDER PRESENTATION JULY 23, 2024 THE PREMIER AGENCY RESIDENTIAL MORTGAGE REIT 2 © 2024 AGNC Investment Corp. All Rights Reserved. IMPORTANT NOTICES Safe harbor statement under the private securities litigation reform act of 1995 This presentation contains statements that, to the extent they are not recitations of historical fact, constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Reform Act"). All such forward-looking state ...

Exhibit 99.1 FOR IMMEDIATE RELEASE July 22, 2024 CONTACT: Investors - (301) 968-9300 Media - (301) 968-9303 AGNC INVESTMENT CORP. ANNOUNCES SECOND QUARTER 2024 FINANCIAL RESULTS Bethesda, MD - July 22, 2024 - AGNC Investment Corp. ("AGNC" or the "Company") (Nasdaq: AGNC) today announced financial results for the quarter ended June 30, 2024. SECOND QUARTER 2024 FINANCIAL HIGHLIGHTS • $(0.13) comprehensive loss per common share, comprised of: ◦ $(0.11) net loss per common share ◦ $(0.02) other comprehensive l ...

BETHESDA, Md., July 22, 2024 /PRNewswire/ -- AGNC Investment Corp. ("AGNC" or the "Company") (Nasdaq: AGNC) today announced financial results for the quarter ended June 30, 2024.SECOND QUARTER 2024 FINANCIAL HIGHLIGHTS $(0.13) comprehensive loss per common share, comprised of:$(0.11) net loss per common share$(0.02) other comprehensive loss ("OCI") per common share on investments marked-to-market through OCI$0.53 net spread and dollar roll income per common share1Excludes $0.02 per common share of estimated ...

Loading...Loading...This week I want to take a comprehensive look at the current market landscape and some exciting investment opportunities, particularly in real estate and banking sectors.A few weeks ago, we saw a promising inflation report, showing the lowest core increase in over three years and a decrease in the headline number month-over-month. While this is undoubtedly positive news, it’s important to be cautious against excessive optimism. The decrease was largely driven by lower gasoline and rent p ...

PM Images What a week it was as Fed Chair Powell testified in front of the House Financial Service Panel and we got the latest CPI data. The latest CPI print came it at 3%, which is the lowest level since June of 2023, while Core CPI came in at 3.3%. Fed Chair Powell stuck with the same mantra and now that the updated CPI data is out, CME Group is projecting that there is an 88.1% chance the Fed pivots by lowering rates 25 bps at the September meeting. Unemployment is ticking higher and is now at 4.1%, ...

These three stocks can help supplement your monthly income.Most dividend-paying companies in the U.S. tend to pay their dividends on a quarterly basis. However, for investors looking for more frequent payouts to help supplement their income, there are some companies that pay out their dividends on a monthly basis.Let's look at three stocks that cut investors a check each month and see whether they currently look like good investments.1. Realty IncomeKnown as "The Monthly Dividend Company," Realty Income (O ...