We know, this is all normal and expected. When interest rates rise, MBS gets hit proportionately hard and when MBS has coupon rate of 3.5%, even harder. That is called Negative Convexity, everyone that knows mortgage biz. knew you had to get out of M-REIT's expecially Agency before rates turned, because these go down alot fast, due to all the Vega, Gamma, and Convexity risks. TOTALLY NORMAL. This is going to $8 if 10 yr. treasuries going to 4%, totally linear. Yield Spread will be near zero. It is going to take time to rebalance, assuming rates don't skyrocket, which they could. FED printed too much for too long, they markets have taken over interest rate policy. The Rodeo is just starting, hunker down and raise cash.