I am not short, but sold this at 17.96 last week because the premium over book value was just too high. Now I am debating if I should buy back in but I would not be surprised to see a 5-10 reduction in the dividend which would put the yield below 14%. That is quite a bit less than the yield on my other Mortgage REIT holdings. Great REIT(NLY) but still seems expensive. A little scary considering the premium over the other Agency backed mortgage REITS.
they will deceive, i mean declare, juice, smooth, heck insurance companies due it to moving over loss reserves and back and forth - so its not illegal, but certainly allows for either manipulation or smoothing depending on the time period.
plus the offering itself gives the company another out - how just say we missed cause funds not fully deployed - and oh buy more time for teh next offering.