Group 1 - The earnings call is for Invesco Mortgage Capital's second quarter of 2025 [2] - The call is being recorded and includes a presentation available on the company's website [3][4] - The presentation will cover forward-looking statements and non-GAAP financial measures [4] Group 2 - John M. Anzalone, the CEO, will provide an overview during the earnings call [5]

Financial Performance - The company reported a net loss of $0.40 per common share for Q2 2025, compared to a net income of $0.26 per common share in Q1 2025 [8] - Earnings available for distribution per common share was $0.58 in Q2 2025, down from $0.64 in Q1 2025 [8] - The common stock dividend per share remained at $0.34 [8] - Book value per common share decreased to $8.05 from $8.81 [8] - The company's economic return was -4.8% for Q2 2025, compared to 2.6% in Q1 2025 [8] Investment Portfolio - Agency RMBS comprised 81.4% of the investment portfolio, totaling $5.2 billion [8] - Agency CMBS represented 17.2% of the portfolio [8] - The Agency RMBS investment portfolio decreased by 15.1% to $4.2 billion in Q2 2025 [27, 31] Capital Structure and Financing - The company issued $2.2 million of common stock under the at-the-market program [10] - The company repurchased Series C Preferred Stock with a carrying value of $2.3 million [10] - The debt-to-equity ratio was 6.5x at the end of Q2 2025, compared to 7.1x in Q1 2025 [8, 40] - The company hedged 94% of borrowing costs with interest rate swaps and U S Treasury futures [40]

Core Viewpoint - Greystone Housing Impact Investors LP will host a conference call on August 7, 2025, to discuss its Second Quarter 2025 results [1] Group 1: Conference Call Details - The conference call is scheduled for 4:30 p.m. Eastern Time on August 7, 2025 [1] - Participants can join the call toll-free at (877) 407-8813 or internationally at +1 (201) 689-8521, with no pin required [2] - A live webcast will be available on the Partnership's website, and it is recommended to join 15 minutes early [2] Group 2: Company Overview - Greystone Housing Impact Investors LP was established in 1998 to manage a portfolio of mortgage revenue bonds for affordable housing [4] - The Partnership aims to acquire additional mortgage revenue bonds and other investments on a leveraged basis, benefiting from favorable financing structures [4] - The interest earned on these mortgage revenue bonds is expected to be excludable from gross income for federal tax purposes [4]

Financial Data and Key Metrics Changes - For Q2 2025, the company reported a net loss to common shareholders of $3 million, translating to a loss per share of $0.04, primarily due to fair value declines and a non-recurring tax adjustment of $14 million [2][11] - The book value per share as of June 30 was $15, a slight decrease from March 31 [2] - The company declared a common dividend of $0.40 per share for the second quarter [2] Business Line Data and Key Metrics Changes - The Credit Sensitive Strategies contributed $22 million to pretax income, while interest rate sensitive strategies reported a pretax loss of $5 million [11] - Gains from organically created Credit Risk Transfer (CRT) investments were $17 million, with $9 million from realized gains and $8 million from market-driven value changes [11] - The company completed three securitizations totaling $1.1 billion in UPB, retaining $71 million in new investments [4] Market Data and Key Metrics Changes - Total correspondent loan acquisition volume was $30 billion in Q2, up 30% from the previous quarter [12] - PMT retained 17% of total conventional correspondent production in Q2, down from 21% in Q1 [13] - The weighted average coupon of mortgages underlying MSRs was 3.9%, indicating borrowers have little incentive to refinance [6] Company Strategy and Development Direction - The company aims to execute one securitization of agency eligible non-owner occupied loans per month and one jumbo loan securitization per quarter, focusing on leveraging organic investment creation abilities [5] - PMT's structure allows efficient capital deployment into long-term mortgage assets without the operational burdens of origination and servicing [3] - The company is positioned to continue growing its private label securitization market presence, having been a top three issuer of prime non-agency MBS [4] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating a volatile market by leveraging competitive advantages, including a diversified investment portfolio and strong risk management practices [10] - The company expects to maintain a stable dividend level of $0.40, supported by projected taxable income and investment strategies [40] - Management noted that realized losses are expected to remain limited due to the overall credit strength of consumers and substantial home equity accumulation [8] Other Important Information - The fair value of PMT's MSR asset at the end of the quarter was $3.8 billion, slightly down from March 31 [12] - Delinquency rates for the MSR portfolio remain low, attributed to strong consumer credit and home price appreciation [8] - The company issued $105 million in unsecured senior notes due in February 2030 [15] Q&A Session Summary Question: Discussion on non-agency securitization opportunity and returns - Management noted that non-agency subordinate MBS experienced credit spread tightening despite rate volatility, with expected returns in the mid to low teens [18][19] Question: Retained interest on jumbo loans - The company retained a senior mezzanine tranche on the jumbo securitization, indicating a likely trend of retaining a greater portion of interest in future securitizations based on capital deployment [21][22] Question: Sustainability of the $0.40 dividend level - Management remains comfortable with the $0.40 dividend level, citing stability in taxable income and expected returns from investments [40]

Financial Data and Key Metrics Changes - AGNC reported a comprehensive loss of $0.13 per common share for Q2 2025, with an economic return on tangible common equity of negative 1% [14] - The tangible net book value per share declined by $0.44, while dividends declared per common share were $0.36 [14] - As of the end of July, the tangible net book value per common share increased by about 1% after accounting for monthly dividend accrual [14] - Quarter-end leverage increased slightly to 7.6x tangible equity from 7.5x at the end of Q1, with average leverage rising to 7.5x from 7.3x in the prior quarter [14][15] Business Line Data and Key Metrics Changes - The asset portfolio totaled $82 billion at quarter-end, up approximately $3.5 billion from the prior quarter, with a focus on higher coupon specified pools [19] - The weighted average coupon of the asset portfolio increased to 5.13% during the quarter [19] - The net spread and dollar roll income declined to $0.38 per common share, primarily due to the timing of capital deployment and higher swap costs [17] Market Data and Key Metrics Changes - Agency mortgage-backed securities (MBS) underperformed relative to benchmark interest rates, with spreads to treasury and swap rates widening [5][7] - The current coupon spread to a blend of treasury and swap benchmarks ended the quarter wider by 7 and 14 basis points, respectively [7] - The expected net supply of new MBS for the year is about $200 billion, at the low end of most forecasts [9] Company Strategy and Development Direction - AGNC's strategy focuses on maintaining sufficient liquidity to navigate financial market volatility and taking advantage of wider MBS spreads [6][9] - The company aims to deploy capital opportunistically in attractively priced assets while managing leverage [26][27] - The favorable outlook for agency MBS is supported by anticipated regulatory changes and a commitment from key policymakers to maintain implicit guarantees for agency MBS [9][12] Management's Comments on Operating Environment and Future Outlook - Management noted that the financial market stress in April led to a reassessment of macroeconomic and monetary policy outlooks, but most markets recovered by the end of the quarter [4][6] - The company expects bank and foreign demand for agency MBS to grow, with improved seasonal supply patterns for MBS issuance anticipated in Q3 [8][9] - Management expressed confidence in the stability of the mortgage market and the potential for tighter mortgage spreads over time due to supportive government policies [12][21] Other Important Information - The liquidity position totaled $6.4 billion in cash and unencumbered agency MBS, representing 65% of tangible equity, an increase from 63% in the prior quarter [15] - The average projected life CPR of the portfolio declined to 7.8% from 8.3% in Q1, while actual CPRs averaged 8.7% for the quarter, up from 7% in the prior quarter [17] Q&A Session Summary Question: Insights on the attractive environment and capital raising - Management indicated a favorable outlook for agency MBS and the potential for raising additional capital or increasing leverage as opportunities arise [23][26][27] Question: Core earnings trajectory and dividend levels - Management discussed the alignment of net spread and dollar roll income with portfolio economics, suggesting a return on equity in the high teens range [32][36] Question: Capital deployment status and opportunities - Management confirmed that approximately $1 billion worth of mortgages were purchased recently, with a focus on higher coupon specified pools [43][44] Question: Optimal size of the company and capital issuance - Management emphasized growth driven by accretive capital raising, highlighting the benefits of scale and liquidity for shareholders [50][53] Question: Balance between swap hedges and treasury futures - Management noted a preference for a balanced mix of swaps and treasuries, with a current overweight in swaps due to market conditions [58][60] Question: Impact of government budget deficit on the repo market - Management expressed confidence that treasury issuance would not materially impact the repo market, citing ample liquidity [90][92] Question: Changes in credit scoring and prepayment environment - Management acknowledged potential impacts from changes in credit scoring but deemed them not significantly impactful from an investor perspective [100][104] Question: Risks associated with prepayment protection - Management recognized the risk of increased prepayment speeds due to market efficiency but noted that significant rate drops would be necessary for widespread refinancing [106][112]

Core Insights - Dynex Capital reported significant growth in its portfolio and market capitalization, with a portfolio size of $14 billion, over 50% larger than the previous year, and a market cap exceeding $1.5 billion as of June 30 [2][4] - The company increased its economic leverage to 8.3x from 7.4x, supported by a stable mortgage repo market and strong liquidity [3][4] - High-return agency mortgage-backed securities (MBS) are driving risk-adjusted returns, with ROEs on newly acquired positions ranging from the mid-teens to low 20% [5][6] Financial Performance - Dynex Capital's debt-to-equity ratio stood at 8.3, with quarter-end liquidity at $891 million, representing 55% of total equity [1] - The portfolio expanded by 25% since the end of the first quarter, increasing from $11 billion to $14 billion [2] Market Conditions - The company benefited from a supportive policy environment, allowing for increased leverage while maintaining robust liquidity [4] - Mortgage spreads remain historically wide, contributing to the attractiveness of agency MBSs [5][6] Strategic Focus - Management emphasizes continued capital deployment into agency MBSs and maintaining sufficient liquidity for further portfolio growth [7] - Long-term value creation is anchored in high-quality, liquid asset exposure and flexible leverage according to market opportunities [8]

Financial Highlights - AGNC Investment Corp. reported a tangible net book value per common share of $7.81 as of June 30, 2025, a decrease of 5.3% from $8.25 as of March 31, 2025 [7] - The company's investment portfolio totaled $82.3 billion, with 96% consisting of 30-year fixed-rate Agency MBS and TBA securities [8] - The economic return on tangible common equity for the second quarter was -1.0%, comprising $0.36 in dividends per common share and a $(0.44) decline in tangible net book value per common share [6][9] Management Remarks - The company's President noted that financial markets experienced significant repricing due to governmental policy risks, leading to increased interest rate volatility and negative investor sentiment [5] - Despite most asset class valuations recovering, Agency MBS underperformed, resulting in wider spreads to benchmark rates during the second quarter [5] Investment Portfolio - As of June 30, 2025, the weighted average coupon for fixed-rate Agency MBS and TBA securities was 5.13%, up from 5.03% as of March 31, 2025 [8] - The company maintained a substantial liquidity position of $6.4 billion in unencumbered cash and Agency MBS, representing 65% of its tangible equity [6] Leverage and Risk Management - The tangible 'at risk' leverage ratio was 7.6x as of June 30, 2025, compared to 7.5x as of March 31, 2025 [20] - The company issued 92.6 million shares of common equity through At-the-Market offerings, raising net proceeds of $799 million [9] Income and Expenses - The company recognized net spread and dollar roll income of $0.38 per common share for the second quarter, down from $0.44 per common share in the prior quarter [17] - Interest income for the second quarter was $830 million, while interest expense was $668 million, resulting in a net interest income of $162 million [32] Other Comprehensive Income - The company recorded other comprehensive income of $48 million, or $0.05 per common share, during the second quarter, compared to $93 million, or $0.10 per common share, in the prior quarter [28]

Financial Performance - The company's portfolio fair value is $142 billion[13], with a stock return of 4656% since IPO (dividends reinvested)[14] - The company's market capitalization is $15 billion[14] - The annualized dividend yield is 167%[14] - Average earning assets were $114 billion in Q2 2025, compared to $103 billion in Q1 2025[24] - Book value per common share decreased from $1256 in Q1 2025 to $1195 in Q2 2025[24] - Leverage increased from 74x in Q1 2025 to 83x in Q2 2025[24] - Comprehensive loss per common share was $(011) in Q2 2025, compared to a comprehensive income of $016 in Q1 2025[24] Portfolio Composition - Approximately 96% of the company's portfolio is in Agency RMBS[13] - As of June 30, 2025, Agency RMBS pools constitute 701% of the total portfolio, while Agency RMBS TBA constitute 259%[83] - Agency CMBS and CMBS IO constitute 40% of the total portfolio[85] Macroeconomic Themes and Strategy - The company employs a global, top-down macroeconomic approach to inform risk management and protect investor value[10] - Key macroeconomic themes include global power shifts, government policy, fiscal policy, Fed policy, system liquidity, and demographics & tech[33, 34, 35, 36, 37, 38] - The company is positioned to generate income and drive value through opportunistic investing and diversification[73]

Core Insights - Arbor Realty Trust (ABR) is expected to report quarterly earnings of $0.29 per share, reflecting a decline of 35.6% year over year [1] - Analysts forecast revenues of $237.24 million, indicating a decrease of 20.2% compared to the same quarter last year [1] - The consensus EPS estimate has remained unchanged over the past 30 days, suggesting a reassessment of projections by covering analysts [1] Revenue Estimates - Interest income is projected to reach $237.24 million, down 20.2% from the prior-year quarter [4] - Other revenue from gains on sales, including fee-based services, is estimated at $13.77 million, reflecting a decline of 21.1% year over year [4] - Servicing revenue is expected to be $26.77 million, indicating a decrease of 10.5% from the previous year [4] Additional Revenue Metrics - Analysts estimate 'Other revenue- Mortgage servicing rights' at $10.47 million, suggesting a year-over-year decline of 28% [5] - Over the past month, Arbor Realty Trust shares have gained 11%, outperforming the Zacks S&P 500 composite, which increased by 5.4% [5] - Arbor Realty Trust holds a Zacks Rank 3 (Hold), indicating expected performance in line with the overall market [5]

Group 1 - The article focuses on newly listed fixed-income securities on the exchange, specifically highlighting New York Mortgage Trust [1] - It invites active investors to join a free trial and engage in discussions with sophisticated traders and investors [1] Group 2 - The article does not provide specific investment recommendations or advice, emphasizing that past performance is not indicative of future results [2] - It clarifies that the views expressed may not reflect those of Seeking Alpha as a whole, and the analysts involved may not be licensed or certified [2]