I'm reminded that when QE3 was announced the talking heads seemed to day "QE3 keeps the pressure on REIT margins - sell them". Now it's "When QE3 ends it will cause book value to go down."
Remember a few things:
1) There is a stock buyback program still in effect from the company throughout the year when the stock goes below book value.
2) QE3 starting helped book value, QE3 ending helps profitability (spread income).
The market is remembering the recent quarter and what appears to me to be some sort of hedging failure that was realized and appears to be corrected. Will book value go down? Yes it might. Still it helps to pay heed that you can always find bad news even when there is a good quarter - simply because there are see-saw effects in these companies.
I think the next major event will be the dividend announcement in about four or five weeks. I'm pat until then.