I wonder the same. It pains me to think they offer new shares to other people who have not put in the sweat equity, like we have. I think they should offer new shares well above the current PPS. Maybe at 32.03/ share. Then the 62 million shares could be purchased by those folks who are "new" to AGNC.
After all, that way our shares won't suffer any loss and those other new buyers will have to work, like we have, B4 their shares go up like ours. That way it would be more fare. Don't you see it that way?
Reits, I would imagine if you or I showed up ~2 billion in cash we could negotiate a pretty good price too :). Even if a company could sell shares themselves (which they can't), trying to move 60 million shares would be an iffy proposition at best. Think of other times in the market when a stock plunged and we read later "a big seller was trying to move several million shares and wanted out"). There is no way a company can determine how much they will collect from the proceeds or the time frame in which it will happen selling on the open market. AGNC needs to know both to be able to purchase the bonds/mortgages they want, when they want, in the amounts they want.
Um, because that is always how it has always been done and always will be. This makes the shares attractive to the big money that buys these offerings. And this money will be used to make sure you keep getting double digit dividend checks. Win, win.