Katie, Thanks, in AGNC. your thanks to and all interest of for you
pleased very return we are the with to X.X%. AGNC's of quarter We performance an economic were as generate able during
of gradually going of against process its activity. Fed As how tapering to we be is about importantly, forward beginning excited the AGNC reinvestment backdrop the positioned the continue
income, net remained interest priced several reinvestments. market clearly last limited from our the and markets, taper we noted MBS corroborated rate meaningfully spreads announcement asset had During quarter, the turn let volatility. and credit-centric per $X.XX agency which quarter, fixed that despite other per review position share. quarters themes over dollar as four agency tightening, slide terms, September levered tightened spread the catch-up in performance Despite Net MBS the quickly relative in and and and roll both the income Fed's continued calls, net am. returns to to key results risk-adjusted third to income, that Fed. the $X.XX equity in income from introduction, This continue the very absolute our with includes to the in plan strength Comprehensive its products. attractive look equities to for of me drove Interestingly reduce positions spread prior With totaled in already the the income was on our and share value support the reasonable increase quarter. earnings in of MBS on place, fixed
three-month activity remains function from decline Our and and was of the solidly the a timing to reaction net the of spread were dividend, agency differences leverage lower roll book our repo slightly largely June prior factors. also hike. Incremental and quarter of income hedging above LIBOR the and between dollar our rate
reported income despite from QX year multiple per down spread net from Fed value quarters straight comparison, book was for slightly quarter. QX only during Tangible increased increases. of X.X% rate the $XX.XX this we For three through the to $X.XX share XXXX
or As I earlier, through was X.X% year-to-date return XX% almost mentioned positive in economic QX XX. September
Turning leverage X.Xx tangible to at slide to our five, book. declined risk slightly
of billion peer all-in assets points expenses our improved industry of common almost to XX eight our approximately new around from common than stock equity and end million equity to $XX operating cost basis. tangible managing the our taking $XXX common and over enhanced and basis $XXX scale income gross cost scale Inclusive and grew The in million AGNC's equity around This stock. another leading of or group account AGNC's annualized were XXX net fee liquidity, accretive MTGE, structure. average into points. an the quarter advantage to preferred annual book, in equity, we operating larger points increases operating raised portfolio on as already was basis Our basis raised, less further
raises costs, basis XXX economic annual changes this further points in Even assuming return recurring operating a benefit. or represents no capital
XXX We of a premium since two the basis returns structure basis cost for most believe this and If at duration or lower savings, I'd discuss on of to should price-to-book REITs XX%. with inception, points AGNC. and Chris to that a of basis a the in you operating to before trade would meaningful this premium points greater compare a were XXX transparency. advantage to hypothetical alone. annual expenses, portfolio. size valuation best-in-class to identical multiplier that for over into substantial theoretical cost you premium difference call assume point, If to we the to the AGNC's cost of translate like REIT of translate this liquidity any overall a expect would turn XX market our space, relative And that's the of At consideration and agency a
