Those earnings are from capital gains. You can't sell securities and call that income and at the same time say book is whatever. Either way u look at it book value and net interest margin income are different. You should pay net interest margin and not pay out capital gains. It's too destructive to book especially when mbs sells off even more then now. I'm not short yet but I will short some when we get a bit higher. Paying the dividend means nothing when ur short because the share price drops by the dividend amount on ex day or more. It's an adjustment. With the lack of hedges this is a good short. I see the price going to under 11 by end of February.