Not sure you are including TBA in your calculations. $8.0 million of TBA dollar roll income is included in "Unrealized gain (loss) on other derivatives and securities, net" on the income statement. Per 10-q:
"Realized and unrealized gains and losses on other derivatives and securities during the first quarter include $(4.8) million related to interest rate swaps and swaptions, $(16.8) million related to short treasury securities, $8.0 million of TBA dollar roll income and $(4.1) million of net losses on TBA mortgage positions."
Funds from the large SPO not yet fully deployed for the whole qtr, as well as TBA not included.
90 cent qtr divi is perfectly safe. As mentioned by Kain at the AGNC CC, the drop in BV as of the March 31 report date has since reversed as the market realized the Fed was not about to abandon QE Forever, and in fact long rates have dropped. The good news for employment reported on Friday is hokum, as the U6 data showed a tiny INCREASE in unemployment for April. QE Forever is sell in place and will not de relaxed as our administration increases deficit spending paid for by the Fed buying treasury notes backed by thin air.