I've noticed the dips are getting smaller. I attribute that to the market's getting more used to the way this company behaves following offerings and dividends. We are discounting the market price less when those occur.
There is also a slight uptrend in the top-line. That also can be attributed to investor confidence. But it's nothing like what we'd see if this company were allowed to reinvest dividends instead of paying 90% to shareholders.
At the moment, because the manual control of federal lending creates a big, artificial gap between borrowing interest and interest paid on purchased mortgages*, this company's business model is, almost literally, a license to print money.
* - Rates aren't coming down because there's actually quite a bit of activity in the mortgage market. Home prices are depressed by the sale of foreclosed and abandoned properties, so there's no need to discount lending rates to make money move. The activity is generating the paper that Fannie and Freddie are buying then selling to AGNC. Lucky for us, AGNC is doing it right. As far as we know.