AGNC mgmt is on the top of their game... They have repeatedly demonstrated their ability to manage spread risk and prepayment risk. They are prepared for 200 bps interest rate spikes. So, AGNC will perform well over the long term. They definitely are not panicked. Stress for Q1 seems to be lessening. Now is the time to buy and hold or add to your position. The dividend may be hit slightly -- but no disaster.
I think the schizophrenia of the Fed had a lot to do with this. First it is busines as usual, next it is early termination of QE and then businessa as usual again. The Fed is all over the map on this stuff. It appears theey will recoup a lot, if not all of their mark to market losses and spreads are rising. So, Q2 may be a surprise the other direction.
Not too many people are listening presentation. I think main point of this presentation, that drop in price comes from 4th Q, because of tax writing off and overreacting. They did not say clearly for how much they will drop divi, but clearly they would. If my calculation is right, I am expecting 0.64.