Why the distress share price compared to book value?
I had looked at 10+ mortgage reit and barely found one that is selling below book value (one exception is CIM). Considering CXS is unleveraged, I really don't get how the market is giving CXS such a low valuation. Is low leverage considered a minus nowadays? Prudent is punished?
It's good that I can keep accumulating the stock at a good price, but I am just afraid that I miss something (second guessing myself). Welcome any opinions, thanks.