AGNC Investment Corp. Deposit Shs Repr 1/1000th Cum Conv Red Pfd Registered Shs Series C

AGNC Investment Corp. operates as a real estate investment trust. It primarily invests in agency residential mortgage-backed securities on a leveraged basis. The firm's investments consist of residential mortgage pass-through securities and collateralized mortgage obligations for which the principal and interest payments are guaranteed by a United States Government-sponsored enterprise, such as the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation, and by a U.S. Government agency, such as the Government National Mortgage Association. It also invests in other types of mortgage and mortgage-related residential and commercial mortgage-backed securities where repayment of principal and interest is not guaranteed by a GSE or U.S. Government agency. The company was founded on January 7, 2008 and is headquartered in Bethesda, MD.

AGNC Investment Corp. engages in the operation of a real estate investment trust. The firm invests in residential mortgage pass-through securities and collateralized mortgage obligations for which the principal and interest payments are guaranteed by the United States government-sponsored enterprise or by the United States government agency. It also invests in other types of mortgage and mortgage-related securities, such as credit risk transfer securities and non-Agency residential and commercial mortgage-backed securities, where repayment of principal and interest is not guaranteed by the United States government-sponsored enterprise or by the United States Government agency, and other assets related to the housing, mortgage, or real estate markets. The company was founded on January 7, 2008, and is headquartered in Bethesda, MD.

Arbor Realty Trust

AGNC Investment

AGNC Investment Corp - FXDFR PRF PERPETUAL USD 25 - Ser D 1/1000th int

Chimera Investment

Dynex Capital

Virtus InfraCap U.S. Preferred Stock ETF

PennyMac Mortgage Investment

Recent macroeconomic changes, including the yield curve uninverting and Fed rate cuts, have significantly impacted REIT preferreds, leading to price increases and varied forward return potentials. Despite overall price rises, select REIT preferreds remain deeply discounted, offering high yields and substantial capital appreciation potential. Mispricing due to accrued dividends and variable rate conversions presents lucrative opportunities in preferreds.

Select High Yield Preferreds Remain Opportunistically Priced

Nuveen Select Maturity Municipal Fund

Mortgage REITs (mREITs) are becoming more attractive due to reduced RMBS spreads, alleviated negative convexity, lower cost of capital, and a positive carry from an uninverted yield curve. The macro environment shift suggests strong 3Q24 earnings for mREITs, making common shares potentially opportunistic and bolstering preferred dividend payments. Despite historical weaknesses, mREITs like AGNC could be worth considering at moderate discounts, with potential trading opportunities around earnings releases.

Encouraging Signs For Mortgage REITs

AGNC Investment Corp. (NASDAQ:AGNC ) Q3 2024 Earnings Conference Call October 22, 2024 8:30 AM ET Company Participants Katie Turlington - IR Peter Federico - Director, President and CEO Bernie Bell - EVP and CFO Chris Kuehl - EVP and CIO Aaron Pas - SVP, Non-Agency Portfolio Management Conference Call Participants Bose George - KBW Crispin Love - Piper Sandler Rick Shane - JPMorgan Doug Harter - UBS Trevor Cranston - JMP Securities Eric Hagen - BTIG Jason Stewart - Janney Montgomery Harsh Hemnani - Green Street Operator Good morning, everyone, and welcome to the AGNC Investment Corp Third Quarter 2024 Shareholder Call. All participants will be in a listen-only mode.

AGNC Investment Corp. (AGNC) Q3 2024 Earnings Call Transcript

AGNC Investment Corp. (NASDAQ:AGNC ) Q2 2024 Earnings Conference Call July 23, 2024 8:30 AM ET Company Participants Katie Turlington - IR Peter Federico - Director, President & CEO Bernie Bell - EVP & CFO Chris Kuehl - EVP & Chief Investment Officer Aaron Pas - SVP, Non-Agency Portfolio Management Conference Call Participants Crispin Love - Piper Sandler Douglas Harter - UBS Bose George - KBW Terry Ma - Barclays Rick Shane - JPMorgan Eric Hagen - BTIG Jason Stewart - Janney Operator Good morning, and welcome to the AGNC Investment Corp Second Quarter 2024 Shareholder Call. All participants will be in listen-only mode.

AGNC Investment Corp. (AGNC) Q2 2024 Earnings Call Transcript

iShares Core U.S. Aggregate Bond ETF

American Healthcare REIT Inc

American Homes 4 Rent

American Tower

Alexandria Real Estate Equities

AvalonBay Communities

Alpine Global Premier Properties Fund

Cambria Global Real Estate ETF

Blackstone Group

Blackstone Mortgage Trust

Crown Castle International

CubeSmart

Digital Realty Trust

Healthpeak Properties Inc

Equinix

Equity Residential

Essex Property Trust

Extra Space Storage

Fidelity MSCI Real Estate ETF

REITweek, the annual REIT industry conference, was held last week in New York City. Humbled by two years of rate-driven headwinds, the venue halls were as quiet as any REITweek. Excitement was muted after numerous "false starts" on the long-awaited Fed pivot, a dearth of IPO and M&A activity, and a two-year period of significant underperformance versus the broader market. It can only get better: since the start of the Fed's rate hike cycle in March 2022, the REIT Index has underperformed the S&P 500 by a whopping 40 percentage-points.

State Of REIT Nation: Waiting At The Bottom

AGNC Investment Corp. (NASDAQ:AGNC ) Q1 2024 Earnings Conference Call April 23, 2024 8:30 AM ET Company Participants Katie Turlington - Investor Relations Peter Federico - Director, President and Chief Executive Officer Bernie Bell - Executive Vice President and Chief Financial Officer Chris Kuehl - Executive Vice President and Chief Investment Officer Aaron Pas - Senior Vice President, Non-Agency Portfolio Management Sean Reid - Executive Vice President, Strategy and Corporate Development Conference Call Participants Bose George - KBW Rick Shane - JPMorgan Terry Ma - Barclays Crispin Love - Piper Sandler Doug Harter - UBS Jason Weaver - Jones Trading Merrill Ross - Compass Point Jake Katsikas - BTIG Operator Good morning and welcome to the AGNC Investment Corp First Quarter 2024 Shareholder Call. [Operator Instructions] Please note this event is being recorded.

AGNC Investment Corp. (AGNC) Q1 2024 Earnings Call Transcript

AGNC Investment Corp. (AGNC) UBS Financial Services Conference (Transcript)

Ares Commercial Real Estate

Ares Capital

Ellington Financial

Franklin BSP Realty Trust Inc

Main Street Capital

MFA Financial

Annaly Capital

New York Mortgage Trust

Orchid Island Capital

Ready Capital Corp

Rithm Capital Corp

Sixth Street Specialty Lending

Two Harbors Investment

These fat dividends benefited from floating in one way or another. Many of them are more than 10%. Some shares start floating in 2024 or early 2025. Those shares aren't showing their floating yield yet, even though they will kick in soon. We also need to look at the change in valuations for some better companies.

How Floating Rate Shares Could Earn Over 10%

AGNC Investment (AGNC) Q4 2023 Earnings Call Transcript

Capital Southwest

Gladstone Investment

Granite Point Mortgage Trust

Invesco Mortgage Capital

Invesco KBW Premium Yield Equity REIT ETF

Medical Properties Trust

Realty Income Corp

Big dividend yields? Yes. But that's not enough. One of the ETFs we love smashing seems to be struggling. Maybe buying yield blindly isn't a great technique. When you're investing, you need to start looking at relative values.

Big Yields Meet Big Trouble

I'm buying AGNC's Series C floating rate preferreds, which currently offer an 11% yield on cost and are trading just 5 cents above their liquidation price. The mREIT has five outstanding floating rate preferreds that offer an alternative and safer way to gain exposure to its portfolio of residential mortgage-backed securities. I've stayed away from the commons which are trading at a nearly 20% premium to net book value albeit with a substantial 15% annualized dividend yield paid monthly.

AGNC: Why I Bought The 11% Yielding Preferreds

Ashford Hospitality Trust

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Apple Hospitality REIT

Braemar Hotels & Resorts Inc

CBL & Associates Properties

City Office REIT

Camden Property

CareTrust REIT

Following the best week of the year, U.S. equity markets were mixed this week as interest rates rebounded from the prior week's plunge after Fed officials pushed back on market optimism. Posting gains in nine out of ten sessions since dipping into "correction territory" at the end of October, the S&P 500 gained 1.4% on the week, but Mid-Caps and Small-Caps posted declines. Following their best week since 2020, REITs took a step back this week as upward pressure on benchmark interest rates offset a solid conclusion to a strong earnings season.

Fed Says 'Not So Fast'

We take a look at the action in preferreds and baby bonds through the fourth week of October and highlight some of the key themes we are watching. Preferred stocks were slightly lower as Treasury yields fell, driving yields above the COVID period. Mortgage REIT preferreds kicked off earnings and saw double-digit drops in book value.

Preferreds Weekly Review: Agency mREITs Kick Off Earnings

AGNC Investment Corp. (AGNC) Q3 2023 Earnings Call Transcript

BETHESDA, Md. , Oct. 2, 2023 /PRNewswire/ -- AGNC Investment Corp. (Nasdaq: AGNC) ("AGNC" or the "Company") announced today a corrected dividend amount for the third quarter 2023 cash dividend on the outstanding depositary shares1 of its 7.00% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (the "Series C Preferred Stock") (Nasdaq: AGNCN), originally declared on September 13, 2023.

AGNC Investment Corp. Announces Corrections to Previously Announced Dividends on Series C Preferred Stock

Blackrock Income Trust

First Trust Low Duration Opportunities ETF

Agency MBS is an attractive asset class for income investors due to its cheap valuation, high quality, and diversification benefits. The option-adjusted spread for Agency MBS is elevated compared to corporate credit spreads, making it an appealing investment. There are various ways to invest in Agency MBS, including through mortgage REITs, leveraged CEFs, unleveraged ETFs, and mREIT preferreds.

Why The Agency MBS Sector Is Worth A Look Now

PennyMac Mortgage Trust caused confusion with their announcement on fixed-to-floating shares, requiring re-examination of these shares. Some REITs have stated they will use 3-month Term SOFR + 26.161 basis points as a substitute for 3-month LIBOR. AGNC has a higher dividend yield and consensus earnings yield compared to DX, but I strongly doubt this will lead to superior returns.

Wild Times For Mortgage REITs

AGNC now yields 15% on the back of monthly cash dividends that have remained stable at $0.12 per share for the last three years. The mREIT's tangible net book value has faced pressure in recent years but is showing signs of stability. With the dividend fully covered by EPS, AGNC is set to remain a critical source of income as the current rate hike cycle enters its final phase.

AGNC: A Hefty 15% Yield Against A Chaotic Post-Pandemic Zeitgeist

AGNC Investment reported a relatively good quarter. Share issuance was again the primary highlight though as AGNC used the premium to book value to unload over 10 million shares. Hedges fall a lot over the next 12 months and the dividend will likely be readjusted lower after that.

AGNC Q2 Earnings: A Relatively Solid Quarter

AGNC Investment Corp. (NASDAQ:AGNC ) Q2 2023 Earnings Conference Call July 25, 2023 8:30 AM ET Company Participants Katie Wisecarver - IR Peter J. Federico - President and CEO Bernice E.

AGNC Investment Corp. (AGNC) Q2 2023 Earnings Call Transcript

Arlington Asset Investment

Great Ajax

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Gladstone Commercial

Gladstone Commercial Corp 7 1/2 % Cum Red Pfd Shs Series B

Getty Realty

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Jones Lang LaSalle

Medalist Diversified REIT Inc

U.S. equity markets advanced to their highest levels of the year on an "inflation week" rally after the closely-watched CPI and PPI reports showed a continued sharp cooldown in price pressures. Closing at the highest levels since April 2022, the S&P 500 advanced 2.4% this week, while the other major equity benchmarks - the Mid-Cap 400 and Small-Cap 600 - gained 3%. Real estate equities- the sector with perhaps the most potential upside from a "soft landing" scenario- were among the leaders for a third straight week. The Equity REIT Index gained 2.9%.

Stick The Soft Landing

Variable rate securities should be agnostic to interest rates. Yet the floating rate preferreds crashed on a strong jobs report. The mispricing is exacerbated representing even greater opportunity.

Preferred Dislocation Accelerates On Jobs Report

Agree Realty

Boston Properties

Diversified Healthcare Trust

EPR Properties

U.S. equity markets closed-out a volatile first-half at their highest-levels of the year as investors cheered data showing continued resilience in economic activity alongside further signs of cooling inflationary pressure. Rebounding from its worst week since March, the S&P 500 advanced 2.3% to close at its highest-levels since April 2022. The Mid-Cap 400 and Small-Cap 600 each rallied over 4%. Lifted by a recovery in the most beaten-down property sectors, real estate equities led the rally on the week. The Equity REIT Index advanced 4.3% while Mortgage REITs surged 6%.

REITs Lead Quarter-End Rally

Cherry Hill Mortgage

One REIT slashed its dividend by more than 40%. We warned readers in advance, so it's no big deal. We found another opportunity where investors can improve their cash flow. What's better than a higher yield a year from now? Cash in your pocket today. There are clear opportunities for trading between very similar shares.

How To Potentially Make Easy Money Trading Similar Shares Online

Invesco S&P 500 Equal Weight Real Estate ETF

Rates Up, REITs Down? Whether fundamentally justified or not, commercial and residential real estate markets continue to bear the brunt of the Federal Reserve's historically swift monetary tightening cycle. Commercial real estate, in particular, has been the boogeyman that bank executives have blamed for unrelated distress. While there are pockets of distress, actual default rates remain historically low. The pockets of distress are almost entirely debt-driven, with the notable exception of coastal urban office properties. Nearly every property sector reported "same-store" property-level income above pre-pandemic levels.

News for AGNC Investment Corp. Deposit Shs Repr 1/1000th Cum Conv Red Pfd Registered Shs Series C Stock (AGNCN)