RCA - Assessing AGNC Investment's Results For Q4 2021 (Includes Dividend Projection Through April 2022)

• On 1/31/2022, AGNC reported results for the fourth quarter of 2021. AGNC reported a comprehensive loss of ($137) million and a non-tangible BV as of 12/31/2021 of $16.76 per common.
• In this article, I will discuss my previous account projections versus actual results. I will also discuss AGNC’s dividend sustainability through April 2022.
• I will also provide my thoughts about AGNC’s MBS and derivatives portfolios as of 12/31/2021 and discuss trends that have occurred during January 2022 impacting the sector.
• AGNC’s quarterly BV performance basically matched my expectations while the company’s net spread + dollar roll income slightly-modestly exceeded my expectations (my/our projection beat the institutional analysts' consensus average).
• AGNC remains appropriately valued from a stock price perspective.

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