<h2>關鍵點</h2>
<ul>
<li>一月和二月是機構抵押貸款支持證券（MBS）投資的好月份。</li>
<li>三月戰爭開始時市場狀況惡化。</li>
<li>AGNC Investment 對戰爭結束後市場恢復到早期狀況持樂觀態度。</li>
<li>我們更看好的 10 只股票超過 AGNC Investment Corp. ›</li>
</ul>
<p>今年開始時對 <strong>AGNC Investment</strong>（納斯達克：AGNC）來説是最好的時光。一月和二月的幾個積極因素推動了抵押貸款支持證券（MBS）在此期間的強勁表現。然而，三月與伊朗的戰爭開始給房地產投資信託（REIT）帶來了一些阻力，這種情況持續到了四月。</p>
<p>以下是這一變化是否使抵押貸款 REIT 的高收益每月分紅（目前超過 13%）面臨減少風險的分析。</p>
<p><em><strong>人工智能會創造出世界上第一個萬億富翁嗎？</strong> 我們的團隊剛剛發佈了一份關於一家鮮為人知的公司報告，該公司被稱為 “不可或缺的壟斷”，提供 Nvidia 和 Intel 都需要的關鍵技術。<strong>繼續 »</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>圖片來源：Getty Images。</p>
<h2>最好的時光，然後是最壞的時光</h2>
<p>特朗普政府在年初專注於改善住房市場。這有助於減少利率波動，維持抵押貸款利差穩定，並改善住房可負擔性。它還推動了一月和二月大多數固定收益投資的強勁表現，尤其是機構 MBS（由 <strong>房利美</strong> 等政府機構擔保的住宅抵押貸款池）。作為機構 MBS 的主要投資者，AGNC Investment 從這些市場條件中受益。</p>
<p>不幸的是，這些強勁的市場條件在三月戛然而止，當時美國和以色列對伊朗發起攻擊，伊朗則通過攻擊中東的能源目標進行報復，實際上關閉了霍爾木茲海峽。戰爭導致波動性上升，投資者情緒下降。因此，機構 MBS 的利差擴大，導致 AGNC 在本季度產生了 1.6% 的負經濟回報，因其股票的實物賬面價值下降了 0.50 美元/股。該 REIT 還報告了每股 0.18 美元的綜合損失。</p>
<h2>為未來的任何情況做好準備</h2>
<p>第一季度的結束並不理想，這些更具挑戰性的條件在第二季度持續存在，原因是與伊朗的和平談判的不確定性。然而，儘管面臨當前挑戰，AGNC 依然保持樂觀。首席執行官彼得·費德里科在第一季度的財報發佈中評論道：“我們仍然相信年初提到的許多因素仍然是機構 MBS 表現的積極催化劑。” 因此，公司認為 “如果中東局勢得到某種形式的解決或緩和，這些因素可能會迅速恢復為機構 MBS 的積極催化劑。”</p>
<p>這推動了公司對機構 MBS 的長期展望，儘管戰爭帶來了短期挑戰，但仍然是強勁的投資。此外，公司在這些有利條件恢復時處於強勢地位。季度末時，其現金和機構 MBS 的流動性達到了 70 億美元。</p>
<p>然而，所有這一切都假設戰爭能迅速解決，市場條件能恢復正常。這並不是保證，因為即使停火也沒有重新開放霍爾木茲海峽，而該海峽對控制通貨膨脹以支持未來的低利率至關重要。如果戰爭恢復並進一步擾亂全球能源供應，則增加了經濟衰退和潛在信貸市場問題的風險。如果情況顯著惡化，AGNC 可能需要像 2020 年疫情期間那樣重設其分紅。</p>
<h2>減少的風險加劇</h2>
<p>雖然今年對 AGNC 的開局很好，但由於戰爭，情況已經惡化。如果美國與伊朗達成和平協議，市場可能會回到年初的狀態，從而降低 AGNC 需要減少分紅的風險。然而，戰爭的恢復可能會惡化機構 MBS 市場的情況。這種短期的不確定性增加了 AGNC 分紅減少的風險，收入導向的投資者需要在接下來的幾個月中密切關注。</p>
<h2>現在應該購買 AGNC Investment Corp. 的股票嗎？</h2>
<p>在你購買 AGNC Investment Corp. 的股票之前，請考慮以下幾點：</p>
<p><em>Motley Fool Stock Advisor</em> 分析師團隊剛剛確定了他們認為的 <strong>10 只最佳股票</strong>，供投資者現在購買……而 AGNC Investment Corp. 並不在其中。入選的 10 只股票在未來幾年可能會產生鉅額回報。</p>
<p>考慮一下 <strong>Netflix</strong> 在 2004 年 12 月 17 日進入這個名單時……如果你在我們推薦時投資了 1,000 美元，<strong>你將擁有 511,411 美元</strong>！* 或者 <strong>Nvidia</strong> 在 2005 年 4 月 15 日進入這個名單時……如果你在我們推薦時投資了 1,000 美元，<strong>你將擁有 1,238,736 美元</strong>！*</p>
<p>現在值得注意的是 <em>Stock Advisor</em> 的總平均回報為 986%——相比之下，標準普爾 500 指數的回報為 199%。<strong>不要錯過最新的前 10 名股票列表，加入由個人投資者為個人投資者建立的投資社區。</strong></p>
<p><strong>查看這 10 只股票 »</strong></p>
<p><em>*Stock Advisor 的回報截至 2026 年 4 月 22 日。</em></p>
<p><em>馬特·迪拉洛對提到的任何股票沒有持倉。Motley Fool 對提到的任何股票沒有持倉。Motley Fool 有披露政策。</em></p>
<p>此處表達的觀點和意見是作者的觀點和意見，並不一定反映納斯達克公司的觀點。</p>

AGNC Investment-存託優先股E

美國資本代理公司

AGNC Investment Corp存託優先股F

AGNCN

AGNCM

<p>AGNC Investment 在年初表現強勁，受益於一月和二月對機構抵押貸款支持證券（Agency MBS）有利的市場條件。然而，三月戰爭的爆發導致波動性增加，REIT 的經濟回報出現了 1.6% 的負增長。儘管面臨當前挑戰，AGNC 對中東潛在的解決方案保持樂觀，這可能會恢復積極的市場條件。投資者應保持謹慎，因為持續的不確定性增加了減息的風險，類似於疫情期間採取的措施</p>

<h2>Key Points</h2>
<div class="lb-trans"><h2>關鍵點</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>一月和二月是機構抵押貸款支持證券（MBS）投資的好月份。</li>
<li>三月戰爭開始時市場狀況惡化。</li>
<li>AGNC Investment 對戰爭結束後市場恢復到早期狀況持樂觀態度。</li>
<li>我們更看好的 10 只股票超過 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>今年開始時對 <strong>AGNC Investment</strong>（納斯達克：AGNC）來説是最好的時光。一月和二月的幾個積極因素推動了抵押貸款支持證券（MBS）在此期間的強勁表現。然而，三月與伊朗的戰爭開始給房地產投資信託（REIT）帶來了一些阻力，這種情況持續到了四月。</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>以下是這一變化是否使抵押貸款 REIT 的高收益每月分紅（目前超過 13%）面臨減少風險的分析。</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>人工智能會創造出世界上第一個萬億富翁嗎？</strong> 我們的團隊剛剛發佈了一份關於一家鮮為人知的公司報告，該公司被稱為 “不可或缺的壟斷”，提供 Nvidia 和 Intel 都需要的關鍵技術。<strong>繼續 »</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>圖片來源：Getty Images。</p>
</div><h2>It was the best of times and then the worst of times</h2>
<div class="lb-trans"><h2>最好的時光，然後是最壞的時光</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>特朗普政府在年初專注於改善住房市場。這有助於減少利率波動，維持抵押貸款利差穩定，並改善住房可負擔性。它還推動了一月和二月大多數固定收益投資的強勁表現，尤其是機構 MBS（由 <strong>房利美</strong> 等政府機構擔保的住宅抵押貸款池）。作為機構 MBS 的主要投資者，AGNC Investment 從這些市場條件中受益。</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，這些強勁的市場條件在三月戛然而止，當時美國和以色列對伊朗發起攻擊，伊朗則通過攻擊中東的能源目標進行報復，實際上關閉了霍爾木茲海峽。戰爭導致波動性上升，投資者情緒下降。因此，機構 MBS 的利差擴大，導致 AGNC 在本季度產生了 1.6% 的負經濟回報，因其股票的實物賬面價值下降了 0.50 美元/股。該 REIT 還報告了每股 0.18 美元的綜合損失。</p>
</div><h2>Prepared for whatever comes next</h2>
<div class="lb-trans"><h2>為未來的任何情況做好準備</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>第一季度的結束並不理想，這些更具挑戰性的條件在第二季度持續存在，原因是與伊朗的和平談判的不確定性。然而，儘管面臨當前挑戰，AGNC 依然保持樂觀。首席執行官彼得·費德里科在第一季度的財報發佈中評論道：“我們仍然相信年初提到的許多因素仍然是機構 MBS 表現的積極催化劑。” 因此，公司認為 “如果中東局勢得到某種形式的解決或緩和，這些因素可能會迅速恢復為機構 MBS 的積極催化劑。”</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>這推動了公司對機構 MBS 的長期展望，儘管戰爭帶來了短期挑戰，但仍然是強勁的投資。此外，公司在這些有利條件恢復時處於強勢地位。季度末時，其現金和機構 MBS 的流動性達到了 70 億美元。</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，所有這一切都假設戰爭能迅速解決，市場條件能恢復正常。這並不是保證，因為即使停火也沒有重新開放霍爾木茲海峽，而該海峽對控制通貨膨脹以支持未來的低利率至關重要。如果戰爭恢復並進一步擾亂全球能源供應，則增加了經濟衰退和潛在信貸市場問題的風險。如果情況顯著惡化，AGNC 可能需要像 2020 年疫情期間那樣重設其分紅。</p>
</div><h2>A heightened risk of a reduction</h2>
<div class="lb-trans"><h2>減少的風險加劇</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>雖然今年對 AGNC 的開局很好，但由於戰爭，情況已經惡化。如果美國與伊朗達成和平協議，市場可能會回到年初的狀態，從而降低 AGNC 需要減少分紅的風險。然而，戰爭的恢復可能會惡化機構 MBS 市場的情況。這種短期的不確定性增加了 AGNC 分紅減少的風險，收入導向的投資者需要在接下來的幾個月中密切關注。</p>
</div><h2>Should you buy stock in AGNC Investment Corp. right now?</h2>
<div class="lb-trans"><h2>現在應該購買 AGNC Investment Corp. 的股票嗎？</h2>
</div><p>Before you buy stock in AGNC Investment Corp., consider this:</p>
<div class="lb-trans"><p>在你購買 AGNC Investment Corp. 的股票之前，請考慮以下幾點：</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> 分析師團隊剛剛確定了他們認為的 <strong>10 只最佳股票</strong>，供投資者現在購買……而 AGNC Investment Corp. 並不在其中。入選的 10 只股票在未來幾年可能會產生鉅額回報。</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>考慮一下 <strong>Netflix</strong> 在 2004 年 12 月 17 日進入這個名單時……如果你在我們推薦時投資了 1,000 美元，<strong>你將擁有 511,411 美元</strong>！* 或者 <strong>Nvidia</strong> 在 2005 年 4 月 15 日進入這個名單時……如果你在我們推薦時投資了 1,000 美元，<strong>你將擁有 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>現在值得注意的是 <em>Stock Advisor</em> 的總平均回報為 986%——相比之下，標準普爾 500 指數的回報為 199%。<strong>不要錯過最新的前 10 名股票列表，加入由個人投資者為個人投資者建立的投資社區。</strong></p>
</div><p><strong>See the 10 stocks »</strong></p>
<div class="lb-trans"><p><strong>查看這 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 的回報截至 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>馬特·迪拉洛對提到的任何股票沒有持倉。Motley Fool 對提到的任何股票沒有持倉。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>此處表達的觀點和意見是作者的觀點和意見，並不一定反映納斯達克公司的觀點。</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

英偉達

英特爾

房利美

奈飛

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

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

NVIDIA Corporation

對於 AGNC Investment 來説，今年的開局經歷了兩個截然不同的季度。其 13% 收益率的月度股息是否存在風險？