AGNC Investment Corp. (NASDAQ:AGNC) Q3 2022 Earnings Conference Call October 25, 2022 8:30 AM ET

Company Participants

Katie Wisecarver - Vice President of Investor Relations

Peter Federico - Director, President and Chief Executive Officer

Bernice Bell - Executive Vice President and Chief Financial Officer

Christopher Kuehl - Executive Vice President and Chief Investment Officer

Aaron Pas - Senior Vice President

Conference Call Participants

Douglas Harter - Credit Suisse

Bose George - Keefe, Bruyette & Woods

Trevor Cranston - JMP Securities

Vilas Abraham - UBS

Kenneth Lee - RBC Capital Markets

Eric Hagen - BTIG

Operator

Good morning, and welcome to the AGNC Investment Corp. Third Quarter 2022 Shareholder Call. All participants will be in listen-only mode. [Operator Instructions]. Please note this event is being recorded.

I would now like to turn the conference over to Katie Wisecarver in Investor Relations. Please go ahead.

Katie Wisecarver

Thank you all for joining AGNC Investment Corp.'s Third Quarter 2022 Earnings Call. Before we 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 obligations 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 of Non-Agency Portfolio Management; and Sean Reid, Executive Vice President, Strategy and Corporate Development.

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

Peter Federico

Thank you, Katie, and thank you to everyone for joining our call today. Financial markets experienced broad-based weakness in the third quarter as macroeconomic and monetary policy uncertainty intensified both domestically and abroad. This led to a sharp decline in investor sentiment and a significant repricing in both the equity and fixed income markets. With the S&P 500 Index falling 17% and the unlevered Bloomberg Aggregate Bond Index falling 7.5% from their respective inter-quarter highs.