They are working on AMTG in the same way. AMTG has a large well of undistributed even after they upped the div from .75 to .85. On both of these I would look for a one point move following their earnings, if it does not recover before then. I would guess that both are below book now.
Of the mReits I follow, four have reported thus far. All four (CYS, CMO, HTS and ANH) have all reported increases in book value as we would expect. All four are trading below book - and not just by a few cents. Spreads on all four have compressed as we would expect as well.
Trading below book is the norm for the sector now.