<p><strong>美國資本代理公司</strong>(AGNC -0.10%) 是一支盈利豐厚的股息股。這家以抵押貸款為重點的房地產投資信託 (REIT) 每月支付股息，目前的收益率超過 14%。這比 <strong>標普 500 指數</strong>(1.3% 的收益率) 高出 10 倍以上。</p>
<p>這家抵押貸款 REIT 已連續 55 個月支付鉅額股息。考慮到過去幾年所經歷的市場條件，這令人印象深刻。隨着未來環境預計會更加積極，該 REIT 的鉅額股息看起來很安全。</p>
<h2>在更加動盪時期中的穩定</h2>
<p>美國資本代理公司有一個非常簡單的策略。它投資於由 <strong>房利美</strong> 等政府機構保護免受違約風險的機構抵押貸款支持證券 (MBS)，這些固定收益投資產生非常低風險的回報。</p>
<p>機構 MBS 的回報率也相對較低 (中到高個位數)。這家抵押貸款 REIT 可以通過使用槓桿 (即借錢) 購買更多 MBS 來提高回報。它通過其借款成本和 MBS 投資收益之間的利差賺錢。利差越大，它賺的錢就越多。</p>
<p>美國資本代理公司已經有足夠的資金覆蓋過去四年半的股息支付。這值得注意，因為過去幾年是 MBS 市場更具挑戰性的時期，由於利率顯著上漲。較高的利率增加了 REIT 的借款成本，縮小了其投資利差。</p>
<p>然而，市況從未達到讓該 REIT 感到有必要削減股息的程度，這是它過去幾次不得不做的事情：</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 股息數據，來源：YCharts</p>
<h2>進入更加積極的時期</h2>
<p>美國資本代理公司首席執行官彼得·費德里科在其第三季度收益報告中談到了 REIT 的理想市場條件。他指出，“當機構 MBS 利差與基準利率寬穩，利率和貨幣政策不太波動時，AGNC 的回報機會最有利。” 換句話説，穩定的市場條件是理想的，因為它們為其盈利能力提供了很高的可見度。</p>
<p>在過去幾年的大部分時間裏，由於圍繞利率的不確定性，機構 MBS 市場更加波動。然而，隨着美聯儲最近將政策從通過提高利率抑制通脹轉向通過更為中性的立場和降低利率，與過去幾年相比，機構 MBS 市場的前景要好得多。該 REIT 相信，隨着美聯儲逐漸降息，MBS 利差將穩定在歷史上有利的水平上，在未來一到兩年內，公司應能賺取足夠的利潤以繼續支付其高收益股息。</p>
<p>鑑於這一前景，費德里科在第三季度電話會議上表示，REIT 的管理團隊 “對我們的股息政策的一致性和我們的投資組合的經濟狀況感到滿意。” 只要信貸市場不出現重大不可預見的波動，該 REIT 應能在未來幾個月內繼續維持其當前的股息水平。</p>
<h2>在挑戰時期提供穩定性</h2>
<p>儘管對於機構 MBS 市場來説，過去 55 個月已經是更加動盪的時期，美國資本代理公司已經提供了股息穩定性。隨着美聯儲繼續降息，市場條件有望改善，這家抵押貸款 REIT 應能在未來幾個月內繼續保持其當前的股息政策。由於 REIT 使用槓桿，它是一支風險較高的股息股，但只要條件不出現意外惡化，它可能會繼續提供非常豐厚的收入流。</p>

美國資本代理公司

<p>美國資本代理公司（AGNC Investment）是一家以抵押貸款為重點的房地產投資信託公司，連續 55 個月保持每月股息率超過 14%。儘管市場條件具有挑戰性，但在過去的四年半時間裏，該公司成功支付了股息。隨着美聯儲將利率政策轉向更為中性，機構抵押支持證券（MBS）市場的前景正在改善，這表明 AGNC 可以繼續實施高股息政策。首席執行官彼得·費德里科（Peter Federico）表示，只要信貸市場保持穩定，該房地產投資信託公司與其股息策略保持一致，他對公司的前景充滿信心</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>美國資本代理公司</strong>(AGNC -0.10%) 是一支盈利豐厚的股息股。這家以抵押貸款為重點的房地產投資信託 (REIT) 每月支付股息，目前的收益率超過 14%。這比 <strong>標普 500 指數</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>這家抵押貸款 REIT 已連續 55 個月支付鉅額股息。考慮到過去幾年所經歷的市場條件，這令人印象深刻。隨着未來環境預計會更加積極，該 REIT 的鉅額股息看起來很安全。</p>
</div><h2>Stability amid a more turbulent period</h2>
<div class="lb-trans"><h2>在更加動盪時期中的穩定</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>美國資本代理公司有一個非常簡單的策略。它投資於由 <strong>房利美</strong> 等政府機構保護免受違約風險的機構抵押貸款支持證券 (MBS)，這些固定收益投資產生非常低風險的回報。</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>機構 MBS 的回報率也相對較低 (中到高個位數)。這家抵押貸款 REIT 可以通過使用槓桿 (即借錢) 購買更多 MBS 來提高回報。它通過其借款成本和 MBS 投資收益之間的利差賺錢。利差越大，它賺的錢就越多。</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>美國資本代理公司已經有足夠的資金覆蓋過去四年半的股息支付。這值得注意，因為過去幾年是 MBS 市場更具挑戰性的時期，由於利率顯著上漲。較高的利率增加了 REIT 的借款成本，縮小了其投資利差。</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，市況從未達到讓該 REIT 感到有必要削減股息的程度，這是它過去幾次不得不做的事情：</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 股息數據，來源：YCharts</p>
</div><h2>Entering a more positive period</h2>
<div class="lb-trans"><h2>進入更加積極的時期</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>美國資本代理公司首席執行官彼得·費德里科在其第三季度收益報告中談到了 REIT 的理想市場條件。他指出，“當機構 MBS 利差與基準利率寬穩，利率和貨幣政策不太波動時，AGNC 的回報機會最有利。” 換句話説，穩定的市場條件是理想的，因為它們為其盈利能力提供了很高的可見度。</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>在過去幾年的大部分時間裏，由於圍繞利率的不確定性，機構 MBS 市場更加波動。然而，隨着美聯儲最近將政策從通過提高利率抑制通脹轉向通過更為中性的立場和降低利率，與過去幾年相比，機構 MBS 市場的前景要好得多。該 REIT 相信，隨着美聯儲逐漸降息，MBS 利差將穩定在歷史上有利的水平上，在未來一到兩年內，公司應能賺取足夠的利潤以繼續支付其高收益股息。</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>鑑於這一前景，費德里科在第三季度電話會議上表示，REIT 的管理團隊 “對我們的股息政策的一致性和我們的投資組合的經濟狀況感到滿意。” 只要信貸市場不出現重大不可預見的波動，該 REIT 應能在未來幾個月內繼續維持其當前的股息水平。</p>
</div><h2>Delivering stability during a challenging period</h2>
<div class="lb-trans"><h2>在挑戰時期提供穩定性</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>儘管對於機構 MBS 市場來説，過去 55 個月已經是更加動盪的時期，美國資本代理公司已經提供了股息穩定性。隨着美聯儲繼續降息，市場條件有望改善，這家抵押貸款 REIT 應能在未來幾個月內繼續保持其當前的股息政策。由於 REIT 使用槓桿，它是一支風險較高的股息股，但只要條件不出現意外惡化，它可能會繼續提供非常豐厚的收入流。</p>
</div>

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

- AGNC Investment 是一家以抵押貸款為主的房地產投資信託，月度股息收益率超過 14%。  
- 該公司在過去 55 個月中持續支付高額股息，儘管市場環境較為嚴峻。  
- 隨着美聯儲政策轉向，預計未來市場條件將改善，AGNC 有望維持當前股息水平。

這項 14% 收益率的股息已經連續 55 個月保持穩定（這種趨勢能否繼續下去？）