Are you crazy or just short? Interest spread income was $.92; GAAP income was $1.60 and they have substantial undistributed gains. Don't think they will cut the div for sevreal quarters, if they cut at all.
I have a concern. You say the spread is $0.91 as if that is OK. On page 22 of AGNC's March 2012 10Q they say that the average spread is $2.31 and they define the spread in note 7 below as.
7. Average net interest rate spread for the period was calculated by subtracting our average cost of funds from our average asset yield.
Somehow it concerns me that your $0.91 number is 2.5 times lower than the number in the last 10Q. Am I comparing apples to apples or is there something I have missed? Are their hedging losses in your number?