This research report was produced by The REIT Forum with assistance from Big Dog Investments.
Investors should avoid reading too much into figures such as "discount to Book Value" because it is possible for the mREITs to have materially different portfolio performance metrics. However, it is still a very important data point for evaluating mortgage REITs. It should always be used as the starting point of any analysis on relative values for mortgage REITs, also known as mREITs. It should never be ignored for mREITs.
Note: Discount to book value is NOT useful