Tradeweb Markets (NasdaqGS:TW) Q3 2025 Earnings Call October 30, 2025 09:30 AM ET Company ParticipantsBilly Hult - CEOKyle Voigt - Managing DirectorAshley Serrao - Head of Treasury,FP&A, and Investor RelationsChris Allen - Managing DirectorSara Furber - CFOSimon Clinch - Managing DirectorConference Call ParticipantsEli Abboud - Equity Research AnalystKen Worthington - AnalystAlex Blostein - Senior Equity Research AnalystDan Fannon - Research AnalystAlex Kramm - Senior Equity Research AnalystBenjamin Budish ...

Tradeweb Markets (NasdaqGS:TW) Q3 2025 Earnings Call October 30, 2025 09:30 AM ET Company ParticipantsBilly Hult - CEOKyle Voigt - Managing DirectorAshley Serrao - Head of Treasury,FP&A, and Investor RelationsChris Allen - Managing DirectorSara Furber - CFOSimon Clinch - Managing DirectorConference Call ParticipantsEli Abboud - Equity Research AnalystKen Worthington - AnalystAlex Blostein - Senior Equity Research AnalystDan Fannon - Research AnalystAlex Kramm - Senior Equity Research AnalystBenjamin Budish ...

3Q25 EARNINGS CONFERENCE CALL OCTOBER 30, 2025 © 2025 Tradeweb Markets LLC. All rights reserved. 113 112 115 239 178 30 167 101 115 140 214 236 142 204 122 179 179 182 253 212 142 166 140 158 Disclaimers The information in this presentation is current only as of its date and may have changed. We undertake no obligation to update this information in light of new information, future events or otherwise. Basis of Presentation Tradeweb Markets Inc. (unless the context otherwise requires, together with its subsi ...

Core Viewpoint - Investors often focus on high dividend yields without considering the long-term sustainability of those yields, leading to potential misvaluations in stocks like AGNC Investment Corp, ARMOUR Residential, and Orchid Island Capital [1][2] Company Analysis - AGNC Investment Corp trades at a significant premium to its tangible book value, attracting investors primarily due to its high yield, which is not a thorough research approach [2][18] - The earnings of AGNC appear strong due to existing hedges from low interest rates, but these hedges are expiring, leading to an increase in the cost of funds [3][8] - Even if the Federal Reserve cuts interest rates, AGNC's cost of funds is expected to rise because most of its funding costs are locked in through swaps [4][5] - AGNC's hedge portfolio includes a substantial amount of interest rate swaps, with $47.8 billion in long positions, which are crucial for managing interest expenses [7][8] - The yield on AGNC's assets is increasing, but the cost of funds is rising faster, resulting in a declining net interest spread and lower coverage ratio for dividends compared to two years ago [11][14] Comparative Analysis - ARMOUR Residential and Orchid Island Capital are seen as less favorable compared to AGNC, with similar risks but poorer decision-making and performance [14][19] - Preferred shares and baby bonds in the sector are viewed as more stable investment options, offering yields of 9% to 10% without the volatility associated with common shares [16][17] Market Sentiment - AGNC's current price reflects a large premium over its tangible book value, which is unusual and may indicate potential future declines in share price and dividends [18] - ARMOUR Residential and Orchid Island Capital are trading close to their book values, which is considered expensive given their historical performance and frequent losses [19]