As a long term investor in the sector I am always encouraged by successful SPOs because 1) they are always done above BV and thus accretive. And secondly, I am but an individual investor. So when an AGNC can place 50mm shares with institutional "smart" money it helps me realize my investment thesis is correct. For the naysayers, go back and calculate the performance over 5 or 10 years of your portfolio had you bought, held and reinvested in this sector. You'll kick yourself for not doing so.