The book is not 14 1/2 anymore. MBS has sold off since then. Ok. And that means book crashed lower. Do you ever look at MBS prices? There are readily available quotes on mortgage news daily. Today's book including undistributed dividends is probably near $13.70, back out the dividends and you have a book of under $13 as of this coming exdividend. Why pay to get taxed? Just wait for it to go exdividend if you want to own this, and buy then near $12. Or get rid of CYS and sell the mtge $25 put option for dec. MTGE has much more hedges than CYS and the book by the company's own calculations is still above $25 (based on the spread sheets in the Q3 presentation. referring to change to nav vs interest rate change) Give yourself some flexibility.. MTGE can own nonagency which will recover very nicely as housing recovers. HUGE BOOK VALUE GAINS TO COME from MTGE.