<p><strong>AGNC Investment</strong>(AGNC -0.39%) 不是一隻股息股票，儘管有着約 14% 的巨大股息收益率。它是一隻總回報股票，這基本上意味着要充分受益，您需要再投資股息。但在購買這家抵押房地產投資信託 (REIT) 之前，您需要了解 AGNC 的業務模式中的另一個公開秘密。</p>
<h2>AGNC Investment 是做什麼的？</h2>
<p>重要的是要明白，AGNC Investment 不是您典型的擁有物業的 REIT。擁有物業的 REIT 相對簡單：它們購買物業（如公寓大樓、倉庫或商場），然後將物業出租給租户。這就好比您購買租賃住房。像 AGNC 這樣的抵押 REIT 購買被打包成類似債券的抵押貸款。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODk0NTAvMjRfMDRfMTEtYS1oYW5kLXR1cm5pbmctdXAtYS1kaWFsLWxhYmVsZWQtcmlzay1fbWYtZGxvYWQtZ2V0dHktcmlzay1kaXZlcnNpZmljYXRpb24tc2FmZXR5LTEyMDB4Njc1LTEyODU1NGUuanBnJnc9NzAw?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://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODk0NTAvMjRfMDRfMTEtYS1oYW5kLXR1cm5pbmctdXAtYS1kaWFsLWxhYmVsZWQtcmlzay1fbWYtZGxvYWQtZ2V0dHktcmlzay1kaXZlcnNpZmljYXRpb24tc2FmZXR5LTEyMDB4Njc1LTEyODU1NGUuanBnJnc9NzAw"/></p>
<p>圖片來源：Getty Images。</p>
<p>從這個角度看，AGNC 更像是債券基金，而不是傳統的 REIT。然而，它仍然是一家公司，因此在業務融資方面有更多的自由度。這裏的一個重要秘密是，像其他抵押 REIT 一樣，AGNC 大量使用槓桿以增加股東回報。其目標是從抵押債券中獲得的利息多於支付的利息成本。</p>
<p>2024 年第二季度末，AGNC Investment 的資產負債表顯示，它已經質押了大約 550 億美元的約 596 億美元的代理證券（這是其抵押債券組合）。簡單的計算顯示，該公司基本上質押了其債券組合的約 92%。但&#34;質押&#34;是什麼意思？</p>
<h2>AGNC 的槓桿增加了風險</h2>
<p>在公司的 10Q 報告（即向美國證券交易委員會提交的季度報告）中，它聲明：</p>
<p>我們將我們的證券作為質押品用於與金融機構結構化的回購協議。可借款額取決於作為抵押品的證券的公允價值，該價值隨着利率變化、證券類型和銀行、抵押貸款金融和房地產行業的流動性條件而波動。如果我們質押的證券的公允價值下降，貸款人通常會要求我們提供額外的抵押品或償還借款以重新建立約定的抵押品要求，稱為&#34;追加保證金要求&#34;。</p>
<p>這裏有很多內容需要解釋。首先，質押基本上意味着公司將其抵押債券組合用作貸款的抵押品。但回到被質押的投資組合比例 -- 幾乎全部，約 92% 左右！抵押貸款不像很少交易的建築物。它們全天交易，因此它們的價值可能會迅速受到影響，AGNC 提供了可能導致價格波動的一些潛在因素（從利率到房地產市場動態）。</p>
<p>單獨使用槓桿並不是一件壞事，但它增加了風險。當您使用大量槓桿時，特別是將 92% 的抵押債券組合作為抵押品時，這一點尤為明顯。因此，投資者必須問，當事情不如計劃那樣順利時會發生什麼，即抵押品價值下降。那麼，這時可能會出現追加保證金要求，這將要求 AGNC 提供額外的抵押品（幾乎沒有更多可供質押的）或償還其借款。追加保證金要求可能意味着在一個不太適當的時機出售抵押債券。</p>
<p>儘管 AGNC Investment 沒有遇到任何貸款問題，但它也沒有經歷過住房引發的大衰退的牛市。該公司於 2008 年 5 月上市（那可能是一個很好的起步時間，因為當時抵押市場處於深度低谷）。例如，曾經是前十大抵押貸款放款人的美國家庭抵押貸款公司在 2007 年破產。同年，新世紀金融也尋求破產保護。但在冠狀病毒大流行期間，也有許多抵押 REIT 受到追加保證金要求的嚴重打擊，包括 <strong>MFA Financial</strong>、<strong>Invesco Mortgage Capital</strong> 和 <strong>AG Mortgage Investment Trust</strong>。事實上，對追加保證金要求的擔憂可能導致整個抵押 REIT 行業走低。</p>
<p>換句話説，當事情變糟時，它們可能會以戲劇性的方式變糟，因為 AGNC 可能會捲入抵押 REIT 的拋售，或者最終成為被迫賣家。下行趨勢很快就會變成下行螺旋。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/533a40a8b94874bb6666e258b3444c7b.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/533a40a8b94874bb6666e258b3444c7b.png"/></p>
<p>AGNC 數據由 YCharts 提供</p>
<h2>AGNC 不適合普通投資者</h2>
<p>AGNC Investment 的問題在於股息是其回報配置的重要組成部分，指出該股票的股息收益率約為 14%。然而，正如上面的圖表所突出的那樣，多年來股息一直被定期削減。股息保持較高是因為股價一直在跟隨股息下降。如果您花費您的投資組合產生的股息收入，這將是一個糟糕的結果。這不是一隻收入股票。</p>
<p>但如果您再投資股息，AGNC Investment 實際上已經成為一個正收益的投資。這是因為鉅額股息購買了大量額外股份，使投資者能夠從複利中受益。尋找抵押曝光的資產配置者可能會對此感興趣。您只需要瞭解業務的動態，其中包括槓桿的附加風險。公司並沒有隱藏這一事實，但它經常被忽視，因為它可能帶來的下行風險並不經常發生。問題在於，當風險顯現時，它可能迅速而痛苦地提醒您，槓桿可以增加利潤和損失。</p>

美國資本代理公司

<p>美國資本代理公司（AGNC Investment）是一家抵押貸款房地產投資信託公司，提供約 14% 的顯著股息率，但其運作更類似於債券基金而非傳統的持有房地產的房地產投資信託。該公司採用高槓杆，將約 92% 的抵押債券投資組合作為貸款抵押物，增加了其風險。儘管 AGNC 尚未面臨即時貸款問題，但歷史表明，抵押貸款房地產投資信託在經濟衰退期間可能遭受損失，導致潛在的追加保證金要求和強制性資產出售。由於股息在其回報配置中佔據重要地位，該股的股息削減傾向對普通投資者構成了一種擔憂</p>

<p><strong>AGNC Investment</strong>(AGNC -0.39%) is not a dividend stock, despite the huge 14% or so dividend yield. It is a total return stock, which basically means to fully benefit here you need to reinvest dividends. But there's another open secret about AGNC's business model that you need to understand before you buy the mortgage real estate investment trust (REIT).</p>
<div class="lb-trans"><p><strong>AGNC Investment</strong>(AGNC -0.39%) 不是一隻股息股票，儘管有着約 14% 的巨大股息收益率。它是一隻總回報股票，這基本上意味着要充分受益，您需要再投資股息。但在購買這家抵押房地產投資信託 (REIT) 之前，您需要了解 AGNC 的業務模式中的另一個公開秘密。</p>
</div><h2>What does AGNC Investment do?</h2>
<div class="lb-trans"><h2>AGNC Investment 是做什麼的？</h2>
</div><p>It is important to understand that AGNC Investment is not your typical property-owning REIT. Property-owning REITs are fairly simple to understand: They buy a property (like an apartment building, warehouse, or mall) and then lease the property out to tenants. This is what you would do if you bought a rental home. Mortgage REITs like AGNC buy mortgages that have been pooled into bond-like securities.</p>
<div class="lb-trans"><p>重要的是要明白，AGNC Investment 不是您典型的擁有物業的 REIT。擁有物業的 REIT 相對簡單：它們購買物業（如公寓大樓、倉庫或商場），然後將物業出租給租户。這就好比您購買租賃住房。像 AGNC 這樣的抵押 REIT 購買被打包成類似債券的抵押貸款。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODk0NTAvMjRfMDRfMTEtYS1oYW5kLXR1cm5pbmctdXAtYS1kaWFsLWxhYmVsZWQtcmlzay1fbWYtZGxvYWQtZ2V0dHktcmlzay1kaXZlcnNpZmljYXRpb24tc2FmZXR5LTEyMDB4Njc1LTEyODU1NGUuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F789450%2F24_04_11-a-hand-turning-up-a-dial-labeled-risk-_mf-dload-getty-risk-diversification-safety-1200x675-128554e.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>圖片來源：Getty Images。</p>
</div><p>In this way, AGNC is more like a bond fund than a traditional REIT. However, it is still a company so it has more leeway in the way its business gets financed. The big open secret here is that AGNC, like other mortgage REITs, makes liberal use of leverage in an effort to enhance shareholder returns. The goal is to generate more in interest from the mortgage bonds than it pays in interest costs.</p>
<div class="lb-trans"><p>從這個角度看，AGNC 更像是債券基金，而不是傳統的 REIT。然而，它仍然是一家公司，因此在業務融資方面有更多的自由度。這裏的一個重要秘密是，像其他抵押 REIT 一樣，AGNC 大量使用槓桿以增加股東回報。其目標是從抵押債券中獲得的利息多於支付的利息成本。</p>
</div><p>At the end of the second quarter of 2024 AGNC Investment's balance sheet noted that it had pledged nearly $55 billion of its roughly $59.6 billion agency securities (this is its mortgage bond portfolio). Some simple math shows that the company has basically pledged roughly 92% of its bond portfolio. But what does &#34;pledged&#34; mean?</p>
<div class="lb-trans"><p>2024 年第二季度末，AGNC Investment 的資產負債表顯示，它已經質押了大約 550 億美元的約 596 億美元的代理證券（這是其抵押債券組合）。簡單的計算顯示，該公司基本上質押了其債券組合的約 92%。但&#34;質押&#34;是什麼意思？</p>
</div><h2>AGNC's leverage increases risk</h2>
<div class="lb-trans"><h2>AGNC 的槓桿增加了風險</h2>
</div><p>In the company's 10Q (which is its quarterly report to the SEC), it states that:</p>
<blockquote>
</blockquote>
<div class="lb-trans"><p>在公司的 10Q 報告（即向美國證券交易委員會提交的季度報告）中，它聲明：</p>
</div><p>We pledge our securities as collateral under our borrowings structured as repurchase agreements with financial institutions. Amounts available to be borrowed are dependent upon the fair value of the securities pledged as collateral, which fluctuates with changes in interest rates, type of security and liquidity conditions within the banking, mortgage finance and real estate industries. If the fair value of our pledged securities declines, lenders will typically require us to post additional collateral or pay down borrowings to reestablish agreed upon collateral requirements, referred to as &#34;margin calls.&#34;</p>
<div class="lb-trans"><p>我們將我們的證券作為質押品用於與金融機構結構化的回購協議。可借款額取決於作為抵押品的證券的公允價值，該價值隨着利率變化、證券類型和銀行、抵押貸款金融和房地產行業的流動性條件而波動。如果我們質押的證券的公允價值下降，貸款人通常會要求我們提供額外的抵押品或償還借款以重新建立約定的抵押品要求，稱為&#34;追加保證金要求&#34;。</p>
</div><p>There's a lot to unpack there. For starters, pledging basically means the company is using its mortgage bond portfolio as collateral for loans. But go back to the percentage of the portfolio that is pledged -- virtually the entire thing, at 92% or so! Mortgage bonds aren't like buildings that trade infrequently. They trade all day long so their value can be impacted quickly, with AGNC offering just some of the possible catalysts (from interest rates to housing market dynamics) that could cause price volatility.</p>
<div class="lb-trans"><p>這裏有很多內容需要解釋。首先，質押基本上意味着公司將其抵押債券組合用作貸款的抵押品。但回到被質押的投資組合比例 -- 幾乎全部，約 92% 左右！抵押貸款不像很少交易的建築物。它們全天交易，因此它們的價值可能會迅速受到影響，AGNC 提供了可能導致價格波動的一些潛在因素（從利率到房地產市場動態）。</p>
</div><p>In and of itself using leverage isn't a bad thing, but it increases risk. That's particularly true when you use a lot of leverage, like pledging 92% of your mortgage bond portfolio as collateral. So investors have to ask what happens when things don't go as well as planned, meaning the value of the collateral falls. Well, that's when a margin call might come up, which would require AGNC to post additional collateral (there's not much more to pledge) or pay down its borrowings. A margin call would likely mean selling mortgage bonds at what would, presumably, be an inopportune time.</p>
<div class="lb-trans"><p>單獨使用槓桿並不是一件壞事，但它增加了風險。當您使用大量槓桿時，特別是將 92% 的抵押債券組合作為抵押品時，這一點尤為明顯。因此，投資者必須問，當事情不如計劃那樣順利時會發生什麼，即抵押品價值下降。那麼，這時可能會出現追加保證金要求，這將要求 AGNC 提供額外的抵押品（幾乎沒有更多可供質押的）或償還其借款。追加保證金要求可能意味着在一個不太適當的時機出售抵押債券。</p>
</div><p>Although AGNC Investment hasn't had any problems with the loans it has taken out, it also didn't live through the bull brunt of the housing-led Great Recession, having come public in May, 2008. (That might have been a great time to start out, since the mortgage market at that point was in a deep downturn.) For example, American Home Mortgage, once a top-10 mortgage lender, went bankrupt in 2007. New Century Financial sought out bankruptcy protections the same year. But there were numerous mortgage REITs that were hit hard by margin calls during the coronavirus pandemic, as well, including <strong>MFA Financial</strong>, <strong>Invesco Mortgage Capital</strong>, and <strong>AG Mortgage Investment Trust</strong>. In fact, the mere fear of a margin call can lead the entire mortgage REIT sector lower.</p>
<div class="lb-trans"><p>儘管 AGNC Investment 沒有遇到任何貸款問題，但它也沒有經歷過住房引發的大衰退的牛市。該公司於 2008 年 5 月上市（那可能是一個很好的起步時間，因為當時抵押市場處於深度低谷）。例如，曾經是前十大抵押貸款放款人的美國家庭抵押貸款公司在 2007 年破產。同年，新世紀金融也尋求破產保護。但在冠狀病毒大流行期間，也有許多抵押 REIT 受到追加保證金要求的嚴重打擊，包括 <strong>MFA Financial</strong>、<strong>Invesco Mortgage Capital</strong> 和 <strong>AG Mortgage Investment Trust</strong>。事實上，對追加保證金要求的擔憂可能導致整個抵押 REIT 行業走低。</p>
</div><p>In other words, when things go south they can go south in dramatic fashion because AGNC might get caught up in a mortgage REIT sell off or, perhaps, end up being a forced seller itself. Downturns can quickly turn into downward spirals.</p>
<div class="lb-trans"><p>換句話説，當事情變糟時，它們可能會以戲劇性的方式變糟，因為 AGNC 可能會捲入抵押 REIT 的拋售，或者最終成為被迫賣家。下行趨勢很快就會變成下行螺旋。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/533a40a8b94874bb6666e258b3444c7b.png" alt="" original-src="https://media.ycharts.com/charts/533a40a8b94874bb6666e258b3444c7b.png"/></p>
<p>AGNC data by YCharts</p>
<div class="lb-trans"><p>AGNC 數據由 YCharts 提供</p>
</div><h2>AGNC is not meant for the average investor</h2>
<div class="lb-trans"><h2>AGNC 不適合普通投資者</h2>
</div><p>The problem with AGNC Investment is that dividends are an important part of its return profile, noting that the stock has a roughly 14% dividend yield. Only, as the chart above highlights, the dividend has been cut regularly for years. The yield has stayed high because the stock price has tracked the dividend lower. That's a terrible outcome if you spend the dividend income your portfolio generates. This is not an income stock.</p>
<div class="lb-trans"><p>AGNC Investment 的問題在於股息是其回報配置的重要組成部分，指出該股票的股息收益率約為 14%。然而，正如上面的圖表所突出的那樣，多年來股息一直被定期削減。股息保持較高是因為股價一直在跟隨股息下降。如果您花費您的投資組合產生的股息收入，這將是一個糟糕的結果。這不是一隻收入股票。</p>
</div><p>But if you reinvested the dividends, AGNC Investment has actually turned out to be a positive investment. That's because the huge dividend is buying a lot of additional shares, allowing investors to benefit from compounding. Asset allocators looking for mortgage exposure will probably be interested here. You just need to go in understanding the dynamics of the business, which involves the added risk of leverage. The company isn't hiding that fact, but it often gets overlooked because the downside it can cause isn't a frequent occurrence. The problem is that when the risk does make itself known it can be a quick and painful reminder that leverage can increase both profits and losses.</p>
<div class="lb-trans"><p>但如果您再投資股息，AGNC Investment 實際上已經成為一個正收益的投資。這是因為鉅額股息購買了大量額外股份，使投資者能夠從複利中受益。尋找抵押曝光的資產配置者可能會對此感興趣。您只需要瞭解業務的動態，其中包括槓桿的附加風險。公司並沒有隱藏這一事實，但它經常被忽視，因為它可能帶來的下行風險並不經常發生。問題在於，當風險顯現時，它可能迅速而痛苦地提醒您，槓桿可以增加利潤和損失。</p>
</div>

美國資本代理公司的致命弱點是公開的秘密