# AGNC Dividend Resilience Through Rate Shocks

> AGNC maintains 16.2% dividend despite 38% book value drop in 2022.
- Title: AGNC Dividend Resilience Through Rate Shocks · The Motley Fool
- Summary: AGNC maintains 16.2% dividend despite 38% book value drop in 2022. AGNC kept paying dividends after book value fell 38% in 2022 despite rate shocks.
- Keywords: agnc, dividend, book value, rate shock, mreit, fed, 2022, 2026, finance, money, Resilience, Through
- Source: The Motley Fool — https://fool.com/investing/2026/10/28/history-says-agnc-can-keep-paying-through-a-rate-s
- Author: Leo Sun
- Published: 2026-10-28T17:35:00+00:00
- Read time: 1 min
- Topics: agnc, dividend, book value, rate shock, mreit, fed, 2022, 2026, finance, money
## AGNC's dividend history
AGNC pays 16.2% dividend yield continuously since its 2008 IPO.
## Rate shocks and book value
AGNC weathered three rate shocks in 2013, 2018, and 2022 with book value falling 38% in 2022.
## How mREITs work
mREITs like AGNC borrow short-term to buy longer-term mortgage-backed securities.
## Book value decline
AGNC's book value per share dropped from $15.75 in 2021 to $8.88 in 2025.
## 2022 rate shock impact
Fed rate hikes in 2022 caused AGNC's book value to fall 38% while dividends stayed at $1.44.
## 2026 dividend challenge
AGNC's book value dropped to $7.13 by end of 2026 with dividends barely covered.
## Key takeaway

AGNC kept paying dividends after book value fell 38% in 2022 despite rate shocks.