"..•The price of AGNC has declined by 58.8% while the book value only declined by 16.6%. "
"..projection for the September 2015 MORL dividend results in a 27.6% yield on an annualized compound basis..."
Until the taper tantrum in late spring 2013 mREITs and AGNC provided exceptional returns. AGNC releases now book value data monthly. In 2013 AGNC released such data quarterly. From March 28, 2013, the last book value release prior to the taper tantrum, through to the most recent book value release by AGNC on July 31, 2015 which indicated a book value of $24.13 per share as compared to the market price of $19.26, the price of AGNC shares have declined by $58.8% . However, the book value of AGNC over the same period has only declined by 16.6%. Thus, the bulk of the price decline has been from a decline in the price to book ratio, not a decline in book value. Over that period AGNC paid a total of $7.24 in dividends. That is 22.1% of the March 28, 2013 market price. Thus, if the price to book ratio had remained constant the total return from AGNC would have been positive...."