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. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note this event is being recorded.

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

Katie Turlington

Thank you all for joining AGNC Investment Corp.’s second quarter 2024 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 will turn the call over to Peter Federico.

Peter Federico

Good morning, and thank you for joining our second quarter earnings call. The strong fixed income momentum that began in the fourth quarter of 2023 abated in the second quarter as the Federal Reserve and market participants looked for indications that the economy was slowing and inflation moderating. On balance, the data showed that consumer spending and confidence were weakening, the labor market was moving into better balance, and most importantly, inflation measures were trending toward the Fed's long run target.