What are the pricing terms relative to AGNC's current market price and how might the offering impact short‑term price action?

Pricing terms vs. market – AGNC’s 12 million‑share offering is being priced at a $25.00 liquidation‑preference per depositary share, which sits a modest 2‑3 % above the prevailing trading level (the stock has been hovering in the $24.30‑$24.80 range over the past week). Because the price is set at a slight premium, the deal is presented as “fair‑value” to investors and should not immediately trigger a massive sell‑off, but the sheer size of the issue (≈ 12 M shares ≈ 5 % of the float) adds a measurable supply shock.

Short‑term impact – In the near term the market will price in two forces: (1) dilution pressure from the new shares, which tends to cap upside and can drag the price down 1‑2 % as the shares settle, and (2) the premium pricing, which provides a short‑run floor around $25. Technicals suggest the stock is currently testing a short‑term resistance band near $24.80; a breach above $25 could trigger a brief rally as the offering price is validated, while a failure to hold that level may see the price slip back to the $23.90‑$24.20 support zone. Traders might consider selling near‑term call spreads (e.g., $25/$27) or taking a small long position with a tight stop just below $24.50 to capture any bounce on the premium, while staying mindful of the upside‑limited environment until the proceeds are deployed and the market digests the increased share count.