The following is a summary of the AGNC Investment Corp. (AGNC) Q3 2024 Earnings Call Transcript:

Financial Performance:

• AGNC reported total comprehensive income of $0.63 per share for Q3 2024.

• Economic return on tangible common equity was 9.3% for the quarter.

• Leverage decreased to 7.2 times tangible equity by quarter-end from 7.4 times as of Q2.

• Net spread and dollar roll income decreased by $0.10 to $0.43 per common share for the third quarter.

Business Progress:

• Adjusting hedging strategy to include more long-term treasury-based hedges.

• Issued $781 million of common equity through an at-the-market offering program during Q3.

• Added about $5 billion in Agency MBS, increasing the investment portfolio to $72.1 billion.

Opportunities:

• The yield curve ended Q3 2024 with a positive slope for the first time in two years, creating favorable conditions for AGNC.

• The Federal Reserve's recent pivot to a more accommodative monetary policy entails future rate cuts, which improves the outlook for high-quality fixed-income instruments like Agency MBS.

Risks:

• Spread volatility and the possibility of increased supply of Agency MBS could present challenges.

• Anticipated periods of market volatility driven by economic data releases and policy changes.

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