Going back to the last earnings report, I've got the book value at $30.41, so we are just about there. looking at the panic selling, something else must be going on. I think people are really concerned about the next earnings report. Divy cut ???
Total Equity as of June $9,136,000,000
Common Shares 304,800,000
Book Value as of June $29.97
Approx proceeds from July SPO $1,253,500,000
Approx Shares Added 36,800,000
SPO Per Share $34.06
Total Equity After SPO $10,389,500,000
Total Common Shares 341,600,000
Book Value after SPO $30.41
NLY has been cutting its quarterly dividend steadily since October 2009! The cut that you mentioned couldn't #$%$ my Aunt Nellie, after the previous 11 cuts. More likely, there is fear (and large block selling) among the biggest (institutional) investors that QE3 will impact mREIT earnings, which are about to be reported this month for 3rdQ.