I know AI isn't an mREIT, but it owns the same assets as the mREITs. They have almost uniformly tanked since mid/late May, with most of the damage in late May. But AI has essentially not moved, and I can't understand why. I know it pays qualified dividends, which is worth something. But in Q1, AI lost about 80 cents per share in M2M losses (overall GAAP results were a bit profitable, but still the value of its investments dropped. And from what I read, mortgage values have continued to drop with higher interest rates this Q.
It's funny - at year end 2012, when the price dropped, I had no problem holding on and buying more. But now that AI has been pretty consistently strong in the face of mREIT weakness, I worry that the next shoe will drop.
Nothing to do but wait. I own AI in a taxable account for the qualified dividend, and none of my holdings are long term yet. I just hope that the mREITs, which have been fairly steady in price this month, are an indication that the worst is over. We'll see, I guess.