The other thing is, I want to be clear. I don't want to sit here and guess about whether are going to do it or not, or I am not going to sit here and talk about try to opine on whether or not they should do it. Honestly, I don't think Chairman Bernanke, really cares about my opinion nor should on whether he should go down that.
I think I think really what I'll leave it at is, I think clearly if you'll listen to the minutes or a few or look at the minutes, I think most people agree that it this point it's a very real possibility. Let's call it maybe likely they are not, but no other darn deal, so it's a real risk. It's a real possibility and how do we think about it, how would it affect our business.
Before we go right into that, let me start on slide three, and just quickly talk for a second for those of you who are new to AGNC about the company. Agency is an agency mortgage REIT, and as we only invest in securities backed by Freddie Mac, Fannie Mae or Ginnie Mae. Since all of those entities obviously received substantial backing from the federal government, we are really not taking a lot of credit risk.
We do or we are exposed to other risks such as prepayment risk, interest rate risk, liquidity risk and a host of other things which are outlined in our Qs and Ks, and in our earnings presentations that are available through the website, but just quickly I want to focus a little bit on the history of AGNC on the left side of the slide.Agency went public went public in May of 2008 at a dollar price of $20. Probably the most shocking statistic is that and though it's not a misprint, since its inception less than five years ago, 4.5 years ago, it's paid $21.36 of dividends. Most importantly, while paying those dividends, we've also grown our book value from $20 per share to $29.41 as of June 30 th. Again, in the end when you look at returns, dividends are great. You don't dividends to be coming out of book value, and I think what we feel really good about is the ability to produce both, to have produced significant book value gains, which I think has lead to share price performance in addition to producing great returns on the dividend front. With that let's jump into the "meat of the presentation", which again relates to QE3. The first question that we are really going to like try to answer is, why do we care? We supposed to just say, well, look we can't control what the Fed does, we are a long-term investor. Should we even care about QE3? The bottom line is that, we have a responsibility to our shareholders to position the portfolio for a range of different scenarios.