Book=$27.71 $27.71/.9434= $29.38 to break even on a new SPO. Add .14/share (above book) gives $29.52/share price at SPO time (March 5th close). If we need to know the price before X-Div (March 5th) then add 1.25 to get $30.77 (Price/share before X-div).
The last SPO was about $0.14 accretive to Book Value. So Book=$27.71 +0.14 = 27.85. Also, the bankers take some of the SPO $$ and their share amounts to something like 5.66% (1-.0566= 0.9434) therefore AGNC receives 94.34% of the SPO $$. $27.85/.9434= $29.52
and price before X-Div (March 5th) +1.25 to get $30.77 We are there!!