The loss was not so big, book price did not fall much the last 12 months. And management did a great thing selling stock at 3.70+ prices. Would be much worse if they would be selling stock now. So the reason so much was sold at much higher prices is a good thing.
The small loss they made selling non agency will pay off... Thery will by non agency again for less the price they sold and book value will increase once prices starts to move up again... Its just a matter of time and book value of CIM will increase to $4++ per stock, but you need patience and long term view.