AGNC Investment Corp. (NASDAQ:AGNC) Q4 2022 Earnings Conference Call January 31, 2023 8:30 AM ET

Company Participants

Katie Wisecarver - 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

Vilas Abraham - UBS

Doug Harter - Credit Suisse

Rick Shane - JPMorgan

Bose George - KBW

Eric Hagen - BTIG

Operator

Good morning and welcome to the AGNC Investment Corp. Fourth Quarter 2022 Shareholder Call. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Katie Wisecarver, Investor Relations. Please go ahead.

Katie Wisecarver

Thank you all for joining AGNC Investment Corp.’s fourth quarter 2022 earnings call.

Before I begin, I’d like to review the Safe Harbor statement. This conference call and corresponding slide 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. All such forward-looking statements are intended to be subject to the Safe Harbor protection provided by the Reform Act. Actual outcomes and results could differ materially from those forecast due to the impact of many factors beyond the control of AGNC. All forward-looking statements included in this presentation are made only as of the date of this presentation and are subject to change without notice. Certain factors that could cause actual results to differ materially from those contained in the forward-looking statements are included in AGNC’s periodic reports filed with the Securities and Exchange Commission. Copies are available on the SEC’s website at sec.gov. We disclaim any obligation to update our forward-looking statements unless required by law.

Participants on the call include 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; and Sean Reid, Executive Vice President, Strategy and Corporate Development.

With that, I will turn the call over to Peter Federico.

Peter Federico

Thank you, Katie. Throughout our 15-year history, we have noted that rapid and sizable interest rate changes are the most challenging environments for levered fixed income investors. Importantly, however, these transitions have generally preceded our most favorable investment environments. As I will discuss in greater detail, the investment opportunity ahead could be one of the most favorable and durable in AGNC’s history.