AGNC Investment Corp. (NASDAQ:AGNC) Q3 2023 Earnings Conference Call October 31, 2023 8:30 AM ET

Company Participants

Katie Turlington - Investor Relations

Peter Federico - 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, Non-Agency Portfolio Management

Conference Call Participants

Crispin Love - Piper Sandler

Richard Shane - JPMorgan

Trevor Cranston - JMP Securities

Bose George - KBW

Eric Hagen - BTIG

Operator

Good morning and welcome to the AGNC Investment Corp. Third Quarter 2023 Shareholder Call. All participants will be in listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note that this event is being recorded.

I would now like to turn the call over to Katie Turlington, Investor Relations. Please go ahead.

Katie Turlington

Thank you all for joining AGNC Investment Corp's Third Quarter 2023 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 facts, 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 this 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'll turn the call over to Peter Federico.

Peter Federico

Thank you, Katie, and good morning. Despite signs of improvement early in the quarter, the selloff in the bond market intensified in the third quarter as treasury supply concerns and the threat of overly restrictive monetary policy weighed heavily on investor sentiment and drove benchmark interest rates and interest rate volatility materially higher. The treasury market continues to be in the midst of a historic multiyear repricing event.