peristenton and realinvestor: You guys are doing the math right, but you're assuming the loan portfolio is static. It's not. It's changing with time. Think of it as a bachelor's refrigerator and trying to estimate how much food is good and how much is spoiled. Look again next week and you'll have to make a new estimate based on how much new stuff you've put in and how much old stinky stuff you've removed. That's Nash's dilemma. She moved into the apartment and is trying to clean up his messy fridge. If your number of 79 or 88 cents TBV is correct, the stock should be trading in the 60's when you include the risk premium.