AGNCO - AGNC Investment Corp. (AGNC) BofA Securities 2024 Financial Services Conference - Transcript
2024-02-21 17:57:10 ET
AGNC Investment Corp. (AGNC)
BofA Securities 2024 Financial Services Conference
February 21, 2024 1:40 PM ET
Company Participants
Peter Federico – President and Chief Executive Officer
Conference Call Participants
Derek Hewett – Bank of America Securities
Presentation
Derek Hewett
Good afternoon. I'm Derek Hewett from Bank of America Securities. I cover the specialty finance sector, including mortgage REITs. With us today is Peter Federico, CEO of AGNC Investment Corp. So thanks for joining us today.
Peter Federico
Thank you for having us. Appreciate it.
Derek Hewett
So Peter, could you start off by maybe providing a brief history of AGNC Investment, plus maybe discuss the investment strategy and competitive advantages that you believe that the company has. And then also, I believe the company is coming up on 16 years as a public entity. So congrats on the longevity and the strong total return over that period of time since inception in 2008.
Peter Federico
Sure. I appreciate that. Yes, in May of this year, we rang the morning bell at NASDAQ and commemorated our 15th year anniversary. And when you look back over that environment, it's been a remarkable sort of environment of both good environments and bad environments for a levered investor like we are in predominantly agency mortgage-backed securities. But over that time from our IPO in 2008, really we began to grow in 2009 through our 15-year anniversary, we generated a total stock return of close to 350%, 349%, I think, exactly or – on an annual basis at 10% total stock return, which is very, very similar to the S&P over that 500....
AGNC Investment Corp. (AGNC) BofA Securities 2024 Financial Services Conference - Transcript