I'm long AMTG also. Similar trading pattern to MTGE post-SPO (albeit a bit shorter in duration).
Just curious whether you computed the book value after the SPO? They did the SPO below the last reported book value on 12/31. I haven't tried to estimate it yet. I know they are coming out with earnings on 5/8.
I don't think they announced the price of the SPO and so there is no accurate way to estimate the current book value. It is disturbing that they would do an SPO below book which obviously screws existing investors. I think AMTG will have a nice rise.