You mean sell back the shares they just bought this quarter? The main things to watch are:
1) When continuing QE is forecast to end. (MBS may take a big tumble)
2) Current morgage interest rates. (will they continuously rise?)
They did save themselves 3.625 million on not having to pay a dividend on the 2.9 million shares they bought back. I have to admit I was a bit shocked at how much the BV dropped. Their mantra from the beginning has been to increase book value. Some suspect the mREITs may not fight the trend of dropping book values to make SPOs more accretive and to start accumulating newer holdings with higher percentage returns. Timing is everything. However, right now is still too soon.
If they truly hold the dividend at 1.25, a SPO will come sooner than later.
Those days are over for now. They are doing stock buy backs which are the exact opposite of a secondary. Means they don't have that many opportunities to invest in better than acquiring their own stock below book. Nothing wrong with a buy back if it makes sense. Helps the price of the stock a bit.
Other mREIT haven't offered SPO since July of 2012.
SPO, if offered, won't occur until after ex-dividend 3/xx/13 and at higher share price (above 33) IMO.
AGNC might finally be out of the doghouse since 11/2012 with yesterday's positive comments.