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AGNC Investment Corp - FXDFR PRF PERPETUAL USD 25 - Ser E 1/1000 th Int
We see another BDC where the price is pushing up close to trailing book value.
The share price has hardly ever exceeded trailing BV in the last 6 years. So that doesn’t look like a good starting point.
The book value per share has generally trended downward since early 2015. While Q1 2021 was a nice time for credit risk, the long-term risk/reward profile looks poor.
Investors willing to close out positions could find several positions with a better risk/reward profile.
We're bearish on AINV as the total return prospects look poor, but the risk looks significant.