| Account | Shares | Price | Value | % of acct | Cost/sh | Gain $ | Gain % | Target |
|---|---|---|---|---|---|---|---|---|
| 401K | 1,306 | $10.67 | $13,933 | 0.57% | $9.54 | $1,471 | +11.8% | — |
| ROTH | 102 | $10.67 | $1,088 | 0.42% | $9.79 | $90 | +9.0% | — |
| Total | 1,408 | $15,021 | 0.33% | $1,561 | +11.6% | — |
In short: Owns — "I also own AGNC," alongside Annaly; the agency-MBS REIT case is the same spread-and-prepayment argument: "as long as they're able to maintain that dividend, I'm very happy with it."
AGNC runs the same business as Annaly — levered agency mortgage bonds paid out as a big dividend. Whalen owns it too. His test is simple: as long as the dividend holds, he's happy, and the same spread-not-rates logic applies.
30:24They have a large chunk of MSRs. Are they going anywhere given where interest rates are? No. Prepayments are below 6% a year, which used to be the lowest level we had for modeling. Now it's like four, five. So, I think overall I'm pretty happy with Annaly. They're the best managed REIT in the industry. I also own AGNC.
In short: Q&A: outside Dynex, "we think AGNC is interesting" — and "if you believe rates have peaked, all of them are pretty much adds here," particularly if a temporary peace holds into the midterms.
Another agency mortgage REIT — it owns mortgage bonds guaranteed by the US government, so the risk isn't borrowers defaulting, it's interest rates moving. Singh says "AGNC is interesting" alongside Dynex, and repeats the umbrella condition: if you believe rates have peaked, every name in this basket is a buy here.
Full passage: premium transcript (PDF).
In short: Desai (keep): supported by government-backed collateral, muted refinancing, stable funding and an improved net interest spread — "collect the monthly dividend" (~13% with NLY) while agency MBS spreads and funding stay reasonably stable.
In short: The fixed-to-float preferred archetype — its prefs reset from ~7% fixed to SOFR+4/5 (≈9% if SOFR ~4%). With agency-MBS spreads back near post-COVID wides (~140 bps; a US-government-backed bond at 6.4% beats CAT IG at 4.7%), keep holding/adding the agency-MBS prefs and a little of the higher-quality commons despite rate volatility.
AGNC is a mortgage REIT, and it's used here as the textbook example of a "fixed-to-float" preferred share. A preferred is a bond-like stock that pays a set dividend; "fixed-to-float" means that on a certain date its rate switches from a fixed ~7% to a floating rate tied to short-term interest rates (SOFR) plus a margin — so if rates stay high, the payout jumps to around 9%.
The broader point: mortgage bonds backed by the US government yield about 6.4% right now (their spreads are unusually wide), which is a far better deal than lending to a slowing company like Caterpillar at 4.7%. So the house keeps holding and adding these mortgage-related preferreds and a bit of the common stock, accepting some price swings for the fat, partly-floating income.
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Verbatim excerpts from the public transcripts (auto-pulled at each mention's timestamp, lightly cleaned). Timestamps link into the video; "source page" opens that commentator's full analysis at this row. Click a mention's header line to expand it (one open at a time). For personal study — not investment advice.