Filson explained that distributable earnings differed from GAAP results primarily due to the removal of unrealized gains and losses. In the fourth quarter, the difference was driven by removing $8.4 million of net unrealized gains from the securitized loan portfolio, partially offset by $4.0 million of unrealized losses from the residential loans and hedge portfolios. For the full year, the primary driver was removing $28.6 million of unrealized net gains on the securitized loan portfolio.Full-year GAAP net ...

Group 1 - AGNC Investment Corp. is identified as a top cheap stock under $20, with Piper Sandler raising the price target to $11 from $10.50 while maintaining an Overweight rating ahead of fiscal Q4 results [1] - The mortgage finance sector is experiencing a positive shift, driven by a decrease in 30-year mortgage rates from over 7% to 6.2% and tightening agency spreads [1] - Keefe Bruyette also raised AGNC's price target to $11 from $10.50, maintaining an Outperform rating, indicating a constructive outlook for agency MBS REITs heading into the new year [3] Group 2 - The market for mortgage applications is showing growth, with an 18% sequential increase and over 100% year-over-year surge in refinance activity, although normalization is still in progress [2] - AGNC operates as a real estate investment trust, focusing on residential mortgage pass-through securities and collateralized mortgage obligations, with government guarantees on principal and interest payments [4]