<p><strong>美国资本代理公司</strong>(AGNC -0.10%) 是一支盈利丰厚的股息股。这家以抵押贷款为重点的房地产投资信托 (REIT) 每月支付股息，目前的收益率超过 14%。这比 <strong>标普 500 指数</strong>(1.3% 的收益率) 高出 10 倍以上。</p>
<p>这家抵押贷款 REIT 已连续 55 个月支付巨额股息。考虑到过去几年所经历的市场条件，这令人印象深刻。随着未来环境预计会更加积极，该 REIT 的巨额股息看起来很安全。</p>
<h2>在更加动荡时期中的稳定</h2>
<p>美国资本代理公司有一个非常简单的策略。它投资于由 <strong>房利美</strong> 等政府机构保护免受违约风险的机构抵押贷款支持证券 (MBS)，这些固定收益投资产生非常低风险的回报。</p>
<p>机构 MBS 的回报率也相对较低 (中到高个位数)。这家抵押贷款 REIT 可以通过使用杠杆 (即借钱) 购买更多 MBS 来提高回报。它通过其借款成本和 MBS 投资收益之间的利差赚钱。利差越大，它赚的钱就越多。</p>
<p>美国资本代理公司已经有足够的资金覆盖过去四年半的股息支付。这值得注意，因为过去几年是 MBS 市场更具挑战性的时期，由于利率显著上涨。较高的利率增加了 REIT 的借款成本，缩小了其投资利差。</p>
<p>然而，市况从未达到让该 REIT 感到有必要削减股息的程度，这是它过去几次不得不做的事情：</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/f3512c0ab5436802e76462e3fcda5f38.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/f3512c0ab5436802e76462e3fcda5f38.png"/></p>
<p>AGNC 股息数据，来源：YCharts</p>
<h2>进入更加积极的时期</h2>
<p>美国资本代理公司首席执行官彼得·费德里科在其第三季度收益报告中谈到了 REIT 的理想市场条件。他指出，“当机构 MBS 利差与基准利率宽稳，利率和货币政策不太波动时，AGNC 的回报机会最有利。” 换句话说，稳定的市场条件是理想的，因为它们为其盈利能力提供了很高的可见度。</p>
<p>在过去几年的大部分时间里，由于围绕利率的不确定性，机构 MBS 市场更加波动。然而，随着美联储最近将政策从通过提高利率抑制通胀转向通过更为中性的立场和降低利率，与过去几年相比，机构 MBS 市场的前景要好得多。该 REIT 相信，随着美联储逐渐降息，MBS 利差将稳定在历史上有利的水平上，在未来一到两年内，公司应能赚取足够的利润以继续支付其高收益股息。</p>
<p>鉴于这一前景，费德里科在第三季度电话会议上表示，REIT 的管理团队 “对我们的股息政策的一致性和我们的投资组合的经济状况感到满意。” 只要信贷市场不出现重大不可预见的波动，该 REIT 应能在未来几个月内继续维持其当前的股息水平。</p>
<h2>在挑战时期提供稳定性</h2>
<p>尽管对于机构 MBS 市场来说，过去 55 个月已经是更加动荡的时期，美国资本代理公司已经提供了股息稳定性。随着美联储继续降息，市场条件有望改善，这家抵押贷款 REIT 应能在未来几个月内继续保持其当前的股息政策。由于 REIT 使用杠杆，它是一支风险较高的股息股，但只要条件不出现意外恶化，它可能会继续提供非常丰厚的收入流。</p>

美国资本代理公司

<p>美国资本代理公司（AGNC Investment）是一家以抵押贷款为重点的房地产投资信托公司，连续 55 个月保持每月股息率超过 14%。尽管市场条件具有挑战性，但在过去的四年半时间里，该公司成功支付了股息。随着美联储将利率政策转向更为中性，机构抵押支持证券（MBS）市场的前景正在改善，这表明 AGNC 可以继续实施高股息政策。首席执行官彼得·费德里科（Peter Federico）表示，只要信贷市场保持稳定，该房地产投资信托公司与其股息策略保持一致，他对公司的前景充满信心</p>

<p><strong>AGNC Investment</strong>(AGNC -0.10%) is a prolific dividend stock. The mortgage-focused real estate investment trust (REIT) pays a monthly dividend that currently yields over 14%. That's more than 10 times higher than the <strong>S&amp;P 500</strong> (1.3% yield).</p>
<div class="lb-trans"><p><strong>美国资本代理公司</strong>(AGNC -0.10%) 是一支盈利丰厚的股息股。这家以抵押贷款为重点的房地产投资信托 (REIT) 每月支付股息，目前的收益率超过 14%。这比 <strong>标普 500 指数</strong>(1.3% 的收益率) 高出 10 倍以上。</p>
</div><p>The mortgage REIT has paid its monster dividend for 55 months in a row. That's impressive, considering the market conditions it has endured over the past few years. With the environment expected to be much more positive in the future, the REIT's monster dividend looks safe.</p>
<div class="lb-trans"><p>这家抵押贷款 REIT 已连续 55 个月支付巨额股息。考虑到过去几年所经历的市场条件，这令人印象深刻。随着未来环境预计会更加积极，该 REIT 的巨额股息看起来很安全。</p>
</div><h2>Stability amid a more turbulent period</h2>
<div class="lb-trans"><h2>在更加动荡时期中的稳定</h2>
</div><p>AGNC Investment has a very simple strategy. It invests in agency mortgage-backed securities (MBSes), which are pools of residential mortgages protected from default risk by government agencies like <strong>Fannie Mae</strong>. Because of that, these fixed-income investments generate very low-risk returns.</p>
<div class="lb-trans"><p>美国资本代理公司有一个非常简单的策略。它投资于由 <strong>房利美</strong> 等政府机构保护免受违约风险的机构抵押贷款支持证券 (MBS)，这些固定收益投资产生非常低风险的回报。</p>
</div><p>Agency MBSes also have relatively low returns (mid to high single digits). The mortgage REIT can boost its returns by using leverage (i.e., borrowing money) to buy more MBSes. It makes money on the spread between its borrowing costs and the yield on its MBS investments. The wider the spread, the more money it can make.</p>
<div class="lb-trans"><p>机构 MBS 的回报率也相对较低 (中到高个位数)。这家抵押贷款 REIT 可以通过使用杠杆 (即借钱) 购买更多 MBS 来提高回报。它通过其借款成本和 MBS 投资收益之间的利差赚钱。利差越大，它赚的钱就越多。</p>
</div><p>AGNC Investment has made enough money to cover its current dividend payment for the past four and a half years. That's noteworthy because the last few years have been a more challenging period in the MBS market due to the significant surge in interest rates. Higher rates have increased the REIT's borrowing costs, narrowing its investment spread.</p>
<div class="lb-trans"><p>美国资本代理公司已经有足够的资金覆盖过去四年半的股息支付。这值得注意，因为过去几年是 MBS 市场更具挑战性的时期，由于利率显著上涨。较高的利率增加了 REIT 的借款成本，缩小了其投资利差。</p>
</div><p>However, conditions have never gotten to the point where the REIT felt it needed to cut its dividend, which is something it has had to do several times in the past:</p>
<div class="lb-trans"><p>然而，市况从未达到让该 REIT 感到有必要削减股息的程度，这是它过去几次不得不做的事情：</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/f3512c0ab5436802e76462e3fcda5f38.png" alt="" original-src="https://media.ycharts.com/charts/f3512c0ab5436802e76462e3fcda5f38.png"/></p>
<p>AGNC Dividend data by YCharts</p>
<div class="lb-trans"><p>AGNC 股息数据，来源：YCharts</p>
</div><h2>Entering a more positive period</h2>
<div class="lb-trans"><h2>进入更加积极的时期</h2>
</div><p>AGNC Investment CEO Peter Federico commented on the ideal market conditions for the REIT in its third-quarter earnings report. He noted, &#34;AGNC's return opportunities are most favorable when agency MBS spreads to benchmark rates are wide and stable and interest rates and monetary policy are less volatile.&#34; In other words, stable market conditions are ideal because they provide a lot of visibility into its earnings capability.</p>
<div class="lb-trans"><p>美国资本代理公司首席执行官彼得·费德里科在其第三季度收益报告中谈到了 REIT 的理想市场条件。他指出，“当机构 MBS 利差与基准利率宽稳，利率和货币政策不太波动时，AGNC 的回报机会最有利。” 换句话说，稳定的市场条件是理想的，因为它们为其盈利能力提供了很高的可见度。</p>
</div><p>For much of the last few years, the Agency MBS market has been more volatile due to all the uncertainty surrounding interest rates. However, with the Federal Reserve recently pivoting its policy from fighting inflation with higher interest rates to a more neutral stance with lower rates, the outlook for the agency MBS market is much better than it has been over the past few years. The REIT believes MBS spreads will stabilize at historically favorable levels over the next one to two years as the Fed slowly cuts rates. That should enable the company to make more than enough money to continue covering its high-yielding dividend.</p>
<div class="lb-trans"><p>在过去几年的大部分时间里，由于围绕利率的不确定性，机构 MBS 市场更加波动。然而，随着美联储最近将政策从通过提高利率抑制通胀转向通过更为中性的立场和降低利率，与过去几年相比，机构 MBS 市场的前景要好得多。该 REIT 相信，随着美联储逐渐降息，MBS 利差将稳定在历史上有利的水平上，在未来一到两年内，公司应能赚取足够的利润以继续支付其高收益股息。</p>
</div><p>Given that outlook, Federico stated on the third-quarter call that the REIT's management team &#34;feel(s) good about our alignment with our dividend policy and the economics of our portfolio.&#34; As long as the credit markets don't experience any significant unforeseen volatility, the REIT should be able to continue maintaining its current dividend level in the months ahead.</p>
<div class="lb-trans"><p>鉴于这一前景，费德里科在第三季度电话会议上表示，REIT 的管理团队 “对我们的股息政策的一致性和我们的投资组合的经济状况感到满意。” 只要信贷市场不出现重大不可预见的波动，该 REIT 应能在未来几个月内继续维持其当前的股息水平。</p>
</div><h2>Delivering stability during a challenging period</h2>
<div class="lb-trans"><h2>在挑战时期提供稳定性</h2>
</div><p>AGNC Investment has delivered dividend stability over the last 55 months even though it has been a more turbulent time for the agency MBS market. With market conditions expected to improve as the Fed continues cutting rates, the mortgage REIT should be able to maintain its current dividend policy in the coming months. While it's a higher-risk dividend stock due to the REIT's use of leverage, it could continue providing a very rewarding income stream as long as conditions don't take an unexpected turn for the worse.</p>
<div class="lb-trans"><p>尽管对于机构 MBS 市场来说，过去 55 个月已经是更加动荡的时期，美国资本代理公司已经提供了股息稳定性。随着美联储继续降息，市场条件有望改善，这家抵押贷款 REIT 应能在未来几个月内继续保持其当前的股息政策。由于 REIT 使用杠杆，它是一支风险较高的股息股，但只要条件不出现意外恶化，它可能会继续提供非常丰厚的收入流。</p>
</div>

This 14%-Yielding Dividend Has Been Stable for 55 Months in a Row (Can the Streak Continue?)

- AGNC Investment 是一家以抵押贷款为主的房地产投资信托，月度股息收益率超过 14%。  
- 该公司在过去 55 个月中持续支付高额股息，尽管市场环境较为严峻。  
- 随着美联储政策转向，预计未来市场条件将改善，AGNC 有望维持当前股息水平。

这项 14% 收益率的股息已经连续 55 个月保持稳定（这种趋势能否继续下去？）