For what it is worth, check out the rally in credit assets indices (CMBX and Prime-X) during the past 2 months. Should help BV at IVR somewhat (and boost confidence that BV is inflecting higher from here).
Indices don't necessarily correspond as well to what IVR actually holds (IVR has higher quality assets that didn't go down as much in the first place) but the recent rally in credit should have some positive impact on IVR's marks on the credit assets the company owns.
5 yr swaps were flat in 4Q, while agencies were up slightly.
This bodes well for a fairly stable-to-higher marked to market BV today relative to 3Q quarter end.
IVR trades at 85% of my estimate of current BV, which has upside if credit assets continue to move up (with better economic data and some calm in the markets) and/or if the longer end of the curve begins to back up.