JMI seems to be a typical mortgage REIT investing in mortgage backed securities. I'm out of AGNC and MTGE because what the Fed gives the Fed can also take away. And buying up longer dated mortgages was starting to erode the profitability. I still hold some indirectly in a fund SDIV but my plan is to stick mostly with mortgage servicing like HLSS until something happens to change my mind. I also hold some NCT which is expanding into mortgage servicing.