Arlington Asset Investment (AI) reported yesterday after the close and absolutely knocked it out of the park. Book value was increased to $35+ It had previously been around $25. Dividend yield is 14.6% They have their interest rate spreads very well hedged.
Sentiment: Strong Buy
Recognizing $12.22 of deferred tax assets and tacking that on to BV has a to do with accounting, not operating. Great results from operation are what "knocked it out of the park" in your post imply, but that's not where the BV gains came from. I haven't thoroughly studied their results, they may be great, but the pop to $35 BV doesn't impress much because it wasn't based on anything the actually did operationally during 4q12, just accounting. The CFO giveth and the CFO taketh away.