"Even if mortgage REITs continue to make enough money to pay high dividends, it may not provide as much protection as it once did for their share prices. The firms have drawn in large institutional investors as they’ve grown who care more about the value of the assets, said Jason Stewart, an analyst at Compass Point Research & Trading LLC.
“Retail investors thought they could own them for 10 or 15 years and didn’t care where book value went since they wanted the dividend yield,” he said. Now, “nobody cares about what dividend yields are, they care about what book value is. People want to know where it bottoms.” " -Bloomberg news