I'm with you but I don't see it ever going that high unless the div returns to .80-1.00. Your only chance at break even is to make up the loss with dividends or picking other stocks for a buck or two profit. Did you put all your money in ivr?
PPS has nothing to do with payout. Payout only effects it by +/-10%. If you want price to go back to $21 then the only way is to increase BV. Basically what would need to happen is that they keep calling hedges correctly while making good spreads from their main business. Recall that most of the losses that took place were due to hedging so what you are seeing now is a hedge correction as many expected to see happen. As BV climbs the chance to make more payout increases but they dont have to lever so it doesnt always increase yields but you will note that where the BV goes the PPS always goes with it.