JMI seemed to IPO at the worst time. It was when MBS was near an all time high.
They have 1.1 Billion in MBS, and 100 Million in non agency.
They got stuck buying over priced MBS.
It doesn't look like they will ever have the type of gains on MBS that AGNC and MTGE have.
I thought about buying a little bit, but just decided there are probably better hybrids like MTGE, MITT, TWO, WMC, etc.