This research report was produced by The REIT Forum with assistance from Big Dog Investments.
We’ve got a few mid-quarter updates on the mortgage REITs. The first is to discuss book value movements so far on the quarter. Generally, the book values for mortgage REITs focused on agency RMBS (residential mortgage-backed securities) should be slightly down. Why are we expecting a slight decline in book values?
The fair market value of agency RMBS is down modestly on the quarter.
We refer to RMBS by the length of the underlying mortgages, the agency that issued