WMC - AGNC Investment's Q3 2020 And 10/23/2020 BV Projection (Indication Of An Undervalued Stock; NLY BV Projection Included)

• I am projecting AGNC will report a modest (at or greater than 5% but less than 10%) BV increase for the third quarter of 2020.
• This projection is mainly due to the minor-modest net price increases in most fixed-rate agency MBS coupons and a minor-modest net valuation gain within AGNC's derivatives portfolio.
• Similar to the second quarter of 2020, a positive relationship existed between MBS pricing and derivative instrument valuations during the third quarter of 2020.
• Even with the notable increase in stock price since late March 2020, I continue to believe AGNC's current stock price remains attractively valued.
• My projections for AGNC's BV as of 9/30/2020 and 10/23/2020 are stated in the "Conclusions Drawn" section.

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