<h2>关键点</h2>
<ul>
<li>一月和二月是机构抵押贷款支持证券（MBS）投资的好月份。</li>
<li>三月战争开始时市场状况恶化。</li>
<li>AGNC Investment 对战争结束后市场恢复到早期状况持乐观态度。</li>
<li>我们更看好的 10 只股票超过 AGNC Investment Corp. ›</li>
</ul>
<p>今年开始时对 <strong>AGNC Investment</strong>（纳斯达克：AGNC）来说是最好的时光。一月和二月的几个积极因素推动了抵押贷款支持证券（MBS）在此期间的强劲表现。然而，三月与伊朗的战争开始给房地产投资信托（REIT）带来了一些阻力，这种情况持续到了四月。</p>
<p>以下是这一变化是否使抵押贷款 REIT 的高收益每月分红（目前超过 13%）面临减少风险的分析。</p>
<p><em><strong>人工智能会创造出世界上第一个万亿富翁吗？</strong> 我们的团队刚刚发布了一份关于一家鲜为人知的公司报告，该公司被称为 “不可或缺的垄断”，提供 Nvidia 和 Intel 都需要的关键技术。<strong>继续 »</strong></em></p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg2NjYxMy9hZ25jLWludmVzdG1lbnQtY29ycC1sb2dvLW9uLXNtYXJ0cGhvbmUtd2l0aC1zdG9jay1jaGFydC1iYWNrZ3JvdW5kLWFnbmMuanBlZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="466" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg2NjYxMy9hZ25jLWludmVzdG1lbnQtY29ycC1sb2dvLW9uLXNtYXJ0cGhvbmUtd2l0aC1zdG9jay1jaGFydC1iYWNrZ3JvdW5kLWFnbmMuanBlZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>最好的时光，然后是最坏的时光</h2>
<p>特朗普政府在年初专注于改善住房市场。这有助于减少利率波动，维持抵押贷款利差稳定，并改善住房可负担性。它还推动了一月和二月大多数固定收益投资的强劲表现，尤其是机构 MBS（由 <strong>房利美</strong> 等政府机构担保的住宅抵押贷款池）。作为机构 MBS 的主要投资者，AGNC Investment 从这些市场条件中受益。</p>
<p>不幸的是，这些强劲的市场条件在三月戛然而止，当时美国和以色列对伊朗发起攻击，伊朗则通过攻击中东的能源目标进行报复，实际上关闭了霍尔木兹海峡。战争导致波动性上升，投资者情绪下降。因此，机构 MBS 的利差扩大，导致 AGNC 在本季度产生了 1.6% 的负经济回报，因其股票的实物账面价值下降了 0.50 美元/股。该 REIT 还报告了每股 0.18 美元的综合损失。</p>
<h2>为未来的任何情况做好准备</h2>
<p>第一季度的结束并不理想，这些更具挑战性的条件在第二季度持续存在，原因是与伊朗的和平谈判的不确定性。然而，尽管面临当前挑战，AGNC 依然保持乐观。首席执行官彼得·费德里科在第一季度的财报发布中评论道：“我们仍然相信年初提到的许多因素仍然是机构 MBS 表现的积极催化剂。” 因此，公司认为 “如果中东局势得到某种形式的解决或缓和，这些因素可能会迅速恢复为机构 MBS 的积极催化剂。”</p>
<p>这推动了公司对机构 MBS 的长期展望，尽管战争带来了短期挑战，但仍然是强劲的投资。此外，公司在这些有利条件恢复时处于强势地位。季度末时，其现金和机构 MBS 的流动性达到了 70 亿美元。</p>
<p>然而，所有这一切都假设战争能迅速解决，市场条件能恢复正常。这并不是保证，因为即使停火也没有重新开放霍尔木兹海峡，而该海峡对控制通货膨胀以支持未来的低利率至关重要。如果战争恢复并进一步扰乱全球能源供应，则增加了经济衰退和潜在信贷市场问题的风险。如果情况显著恶化，AGNC 可能需要像 2020 年疫情期间那样重设其分红。</p>
<h2>减少的风险加剧</h2>
<p>虽然今年对 AGNC 的开局很好，但由于战争，情况已经恶化。如果美国与伊朗达成和平协议，市场可能会回到年初的状态，从而降低 AGNC 需要减少分红的风险。然而，战争的恢复可能会恶化机构 MBS 市场的情况。这种短期的不确定性增加了 AGNC 分红减少的风险，收入导向的投资者需要在接下来的几个月中密切关注。</p>
<h2>现在应该购买 AGNC Investment Corp. 的股票吗？</h2>
<p>在你购买 AGNC Investment Corp. 的股票之前，请考虑以下几点：</p>
<p><em>Motley Fool Stock Advisor</em> 分析师团队刚刚确定了他们认为的 <strong>10 只最佳股票</strong>，供投资者现在购买……而 AGNC Investment Corp. 并不在其中。入选的 10 只股票在未来几年可能会产生巨额回报。</p>
<p>考虑一下 <strong>Netflix</strong> 在 2004 年 12 月 17 日进入这个名单时……如果你在我们推荐时投资了 1,000 美元，<strong>你将拥有 511,411 美元</strong>！* 或者 <strong>Nvidia</strong> 在 2005 年 4 月 15 日进入这个名单时……如果你在我们推荐时投资了 1,000 美元，<strong>你将拥有 1,238,736 美元</strong>！*</p>
<p>现在值得注意的是 <em>Stock Advisor</em> 的总平均回报为 986%——相比之下，标准普尔 500 指数的回报为 199%。<strong>不要错过最新的前 10 名股票列表，加入由个人投资者为个人投资者建立的投资社区。</strong></p>
<p><strong>查看这 10 只股票 »</strong></p>
<p><em>*Stock Advisor 的回报截至 2026 年 4 月 22 日。</em></p>
<p><em>马特·迪拉洛对提到的任何股票没有持仓。Motley Fool 对提到的任何股票没有持仓。Motley Fool 有披露政策。</em></p>
<p>此处表达的观点和意见是作者的观点和意见，并不一定反映纳斯达克公司的观点。</p>

AGNC Investment-存托优先股E

美国资本代理公司

AGNC Investment Corp存托优先股F

AGNCN

AGNCM

<p>AGNC Investment 在年初表现强劲，受益于一月和二月对机构抵押贷款支持证券（Agency MBS）有利的市场条件。然而，三月战争的爆发导致波动性增加，REIT 的经济回报出现了 1.6% 的负增长。尽管面临当前挑战，AGNC 对中东潜在的解决方案保持乐观，这可能会恢复积极的市场条件。投资者应保持谨慎，因为持续的不确定性增加了减息的风险，类似于疫情期间采取的措施</p>

<h2>Key Points</h2>
<div class="lb-trans"><h2>关键点</h2>
</div><ul>
<li>January and February were great months for Agency MBS investments.</li>
<li>Market conditions worsened when the war began in March.</li>
<li>AGNC Investment is optimistic that an end to the war will return the market to earlier conditions.</li>
<li>10 stocks we like better than AGNC Investment Corp. ›</li>
</ul>
<div class="lb-trans"><ul>
<li>一月和二月是机构抵押贷款支持证券（MBS）投资的好月份。</li>
<li>三月战争开始时市场状况恶化。</li>
<li>AGNC Investment 对战争结束后市场恢复到早期状况持乐观态度。</li>
<li>我们更看好的 10 只股票超过 AGNC Investment Corp. ›</li>
</ul>
</div><p>This year started as the best of times for <strong>AGNC Investment</strong>(NASDAQ: AGNC). Several positive catalysts in January and February drove strong performances for mortgage-backed securities (MBS) during that period. However, the start of the war with Iran in March caused some headwinds for the real estate investment trust (REIT) that month, which has continued into April.</p>
<div class="lb-trans"><p>今年开始时对 <strong>AGNC Investment</strong>（纳斯达克：AGNC）来说是最好的时光。一月和二月的几个积极因素推动了抵押贷款支持证券（MBS）在此期间的强劲表现。然而，三月与伊朗的战争开始给房地产投资信托（REIT）带来了一些阻力，这种情况持续到了四月。</p>
</div><p>Here's a look at whether this shift puts the mortgage REIT's high-yielding monthly dividend (currently over 13%) at risk of a reduction.</p>
<div class="lb-trans"><p>以下是这一变化是否使抵押贷款 REIT 的高收益每月分红（目前超过 13%）面临减少风险的分析。</p>
</div><p><em><strong>Will AI create the world's first trillionaire?</strong> Our team just released a report on the one little-known company, called an &#34;Indispensable Monopoly&#34; providing the critical technology Nvidia and Intel both need. <strong>Continue »</strong></em></p>
<div class="lb-trans"><p><em><strong>人工智能会创造出世界上第一个万亿富翁吗？</strong> 我们的团队刚刚发布了一份关于一家鲜为人知的公司报告，该公司被称为 “不可或缺的垄断”，提供 Nvidia 和 Intel 都需要的关键技术。<strong>继续 »</strong></em></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg2NjYxMy9hZ25jLWludmVzdG1lbnQtY29ycC1sb2dvLW9uLXNtYXJ0cGhvbmUtd2l0aC1zdG9jay1jaGFydC1iYWNrZ3JvdW5kLWFnbmMuanBlZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F866613%2Fagnc-investment-corp-logo-on-smartphone-with-stock-chart-background-agnc.jpeg&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>It was the best of times and then the worst of times</h2>
<div class="lb-trans"><h2>最好的时光，然后是最坏的时光</h2>
</div><p>The Trump Administration began the year focused on improving the housing market. That helped reduce interest rate volatility, maintain mortgage spread stability, and improve housing affordability. It also helped drive strong performance across most fixed income investments in January and February, especially Agency MBS (pools of residential mortgages guaranteed against credit losses by government agencies such as <strong>Fannie Mae</strong>). As the leading investor in Agency MBS, AGNC Investment benefited from these market conditions.</p>
<div class="lb-trans"><p>特朗普政府在年初专注于改善住房市场。这有助于减少利率波动，维持抵押贷款利差稳定，并改善住房可负担性。它还推动了一月和二月大多数固定收益投资的强劲表现，尤其是机构 MBS（由 <strong>房利美</strong> 等政府机构担保的住宅抵押贷款池）。作为机构 MBS 的主要投资者，AGNC Investment 从这些市场条件中受益。</p>
</div><p>Unfortunately, those robust market conditions came to an abrupt halt in March when the U.S. and Israel launched attacks against Iran, which retaliated by attacking energy targets throughout the Middle East, effectively closing the Strait of Hormuz. The war drove volatility higher and investor sentiment lower. As a result, Agency MBS spreads widened, causing AGNC to generate a negative economic return of 1.6% in the quarter due to a $0.50-per-share decrease in the tangible book value of its stock. The REIT also reported a comprehensive loss of $0.18 per share.</p>
<div class="lb-trans"><p>不幸的是，这些强劲的市场条件在三月戛然而止，当时美国和以色列对伊朗发起攻击，伊朗则通过攻击中东的能源目标进行报复，实际上关闭了霍尔木兹海峡。战争导致波动性上升，投资者情绪下降。因此，机构 MBS 的利差扩大，导致 AGNC 在本季度产生了 1.6% 的负经济回报，因其股票的实物账面价值下降了 0.50 美元/股。该 REIT 还报告了每股 0.18 美元的综合损失。</p>
</div><h2>Prepared for whatever comes next</h2>
<div class="lb-trans"><h2>为未来的任何情况做好准备</h2>
</div><p>The first quarter didn't end well, and those more challenging conditions have persisted into the second quarter due to uncertainty over peace talks with Iran. However, AGNC remains optimistic despite the current challenges. CEO Peter Federico commented in the first-quarter earnings press release that, &#34;We continue to believe that many of the factors we cited at the beginning of the year remain positive catalysts for Agency MBS performance.&#34; As a result, the company believes that &#34;with some form of resolution or easing of tensions in the Middle East, these factors could quickly revert to positive catalysts for Agency MBS.&#34;</p>
<div class="lb-trans"><p>第一季度的结束并不理想，这些更具挑战性的条件在第二季度持续存在，原因是与伊朗的和平谈判的不确定性。然而，尽管面临当前挑战，AGNC 依然保持乐观。首席执行官彼得·费德里科在第一季度的财报发布中评论道：“我们仍然相信年初提到的许多因素仍然是机构 MBS 表现的积极催化剂。” 因此，公司认为 “如果中东局势得到某种形式的解决或缓和，这些因素可能会迅速恢复为机构 MBS 的积极催化剂。”</p>
</div><p>That drives the company's long-term outlook that Agency MBS remain strong investment despite the near-term challenges posed by the war. Further, the company is in a strong position to capitalize on these favorable conditions when they return. It had a significant liquidity position of $7 billion in cash and Agency MBS at the end of the quarter.</p>
<div class="lb-trans"><p>这推动了公司对机构 MBS 的长期展望，尽管战争带来了短期挑战，但仍然是强劲的投资。此外，公司在这些有利条件恢复时处于强势地位。季度末时，其现金和机构 MBS 的流动性达到了 70 亿美元。</p>
</div><p>However, all this assumes there's a quick resolution to the war and a return to normal market conditions. That's not a guarantee, as even the ceasefire hasn't reopened the Strait of Hormuz, which is crucial to keeping a lid on inflation to support lower interest rates in the future. If the war resumes and further disrupts global energy supplies, it heightens the risk of a recession and potential credit market issues. If conditions deteriorate significantly, AGNC might need to reset its dividend, as it did in 2020 during the pandemic.</p>
<div class="lb-trans"><p>然而，所有这一切都假设战争能迅速解决，市场条件能恢复正常。这并不是保证，因为即使停火也没有重新开放霍尔木兹海峡，而该海峡对控制通货膨胀以支持未来的低利率至关重要。如果战争恢复并进一步扰乱全球能源供应，则增加了经济衰退和潜在信贷市场问题的风险。如果情况显著恶化，AGNC 可能需要像 2020 年疫情期间那样重设其分红。</p>
</div><h2>A heightened risk of a reduction</h2>
<div class="lb-trans"><h2>减少的风险加剧</h2>
</div><p>While this year started great for AGNC, conditions have deteriorated due to the war. If the U.S. secures a peace deal with Iran, the market could go back to where it was earlier in the year, easing the risk that AGNC would need to reduce its dividend. However, a resumption of the war could worsen conditions in the Agency MBS market. That near-term uncertainty increases the risk of a dividend reduction for AGNC, which income-focused investors need to watch closely in the coming months.</p>
<div class="lb-trans"><p>虽然今年对 AGNC 的开局很好，但由于战争，情况已经恶化。如果美国与伊朗达成和平协议，市场可能会回到年初的状态，从而降低 AGNC 需要减少分红的风险。然而，战争的恢复可能会恶化机构 MBS 市场的情况。这种短期的不确定性增加了 AGNC 分红减少的风险，收入导向的投资者需要在接下来的几个月中密切关注。</p>
</div><h2>Should you buy stock in AGNC Investment Corp. right now?</h2>
<div class="lb-trans"><h2>现在应该购买 AGNC Investment Corp. 的股票吗？</h2>
</div><p>Before you buy stock in AGNC Investment Corp., consider this:</p>
<div class="lb-trans"><p>在你购买 AGNC Investment Corp. 的股票之前，请考虑以下几点：</p>
</div><p>The <em>Motley Fool Stock Advisor</em> analyst team just identified what they believe are the <strong>10 best stocks</strong> for investors to buy now… and AGNC Investment Corp. wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.</p>
<div class="lb-trans"><p><em>Motley Fool Stock Advisor</em> 分析师团队刚刚确定了他们认为的 <strong>10 只最佳股票</strong>，供投资者现在购买……而 AGNC Investment Corp. 并不在其中。入选的 10 只股票在未来几年可能会产生巨额回报。</p>
</div><p>Consider when <strong>Netflix</strong> made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, <strong>you’d have $511,411</strong>!* Or when <strong>Nvidia</strong> made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, <strong>you’d have $1,238,736</strong>!*</p>
<div class="lb-trans"><p>考虑一下 <strong>Netflix</strong> 在 2004 年 12 月 17 日进入这个名单时……如果你在我们推荐时投资了 1,000 美元，<strong>你将拥有 511,411 美元</strong>！* 或者 <strong>Nvidia</strong> 在 2005 年 4 月 15 日进入这个名单时……如果你在我们推荐时投资了 1,000 美元，<strong>你将拥有 1,238,736 美元</strong>！*</p>
</div><p>Now, it’s worth noting <em>Stock Advisor’s</em> total average return is 986% — a market-crushing outperformance compared to 199% for the S&amp;P 500. <strong>Don't miss the latest top 10 list, available with <em>Stock Advisor</em>, and join an investing community built by individual investors for individual investors.</strong></p>
<div class="lb-trans"><p>现在值得注意的是 <em>Stock Advisor</em> 的总平均回报为 986%——相比之下，标准普尔 500 指数的回报为 199%。<strong>不要错过最新的前 10 名股票列表，加入由个人投资者为个人投资者建立的投资社区。</strong></p>
</div><p><strong>See the 10 stocks »</strong></p>
<div class="lb-trans"><p><strong>查看这 10 只股票 »</strong></p>
</div><p><em>*Stock Advisor returns as of April 22, 2026.</em></p>
<div class="lb-trans"><p><em>*Stock Advisor 的回报截至 2026 年 4 月 22 日。</em></p>
</div><p><em>Matt DiLallo has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.</em></p>
<div class="lb-trans"><p><em>马特·迪拉洛对提到的任何股票没有持仓。Motley Fool 对提到的任何股票没有持仓。Motley Fool 有披露政策。</em></p>
</div><p>The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.</p>
<div class="lb-trans"><p>此处表达的观点和意见是作者的观点和意见，并不一定反映纳斯达克公司的观点。</p>
</div>

It Was a Tale of Two Quarters for AGNC Investment to Start the Year. Is its 13%-Yielding Monthly Dividend at Risk?

nasdaq

AGNC Investment Pref Shares AGNC 9.67459 Perp 04/11/25

AGNC INVESTMENT CORP 6.875% DEP SHS REP 1/1000TH PFD SR D

英伟达

英特尔

房利美

奈飞

AGNC INVESTMENT CORP DEP SHS REPSTG 1/1000TH PFD SER H

AGNC Investment Pref Share AGNCL 7.75 Perp 10/15/27

NVIDIA Corporation

对于 AGNC Investment 来说，今年的开局经历了两个截然不同的季度。其 13% 收益率的月度股息是否存在风险？