AGNC - Agency mREIT Preferreds Update: Opportunities Remain

• The Q3 reporting season is underway with most of the agency-focused mREIT sub-sector having reported already.
• We highlight key trends such as worries about the imminent taper by management teams as well as the continued richness of the agency sector.
• We take a look at the risk/reward of the sector preferreds and highlight attractive risk/reward opportunities.
• Our takeaways are that most preferreds are expected to see lower coupons after their first call date, unless redeemed.

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