One has to be very careful with IPOs in this sector. CIM is worth about 30% of its original price and maybe even less. Most REITs and CEFs are income producers not capital builders. On the whole, with a few exceptions, they never live up to their IPO. Wait until they are around awhile and go for the bargain, div and forget capital appreciation. Play the div capture game with REITs and CEFs that pay quarterly. Buy, collect the div and sell when it gets back to your buy price. Look to the next quarter to do the same. Problem with CIM is that the bottom has dropped out of it. Long road back.