CPR will eat into book a little bit over time as it turns over a portfolio.
The good news is AGNC is the most efficient at managing CPR I have seen for a pure agency reit.
And beyond that generally the new reits have the lowest CPR since they all have brand new MBS.
I guess the point is the worst case scenario is no dividend ever again. So....help me understand.....AGNC is now trading at 85% of book value. This assumes no dividend ever again and an inability to liquidate the portfolio to pay back the book value to the shareholders. Is this logical? Please short sellers and bears pile on here and give me your nightmare projections because I fail to see the worst case scenario here. Bring it.