You do realize the spread would be enormous at that level, right? Even with fed funds at 2%, that's a 4 percent spread. Dividends will go up once we get new capital from equity offerings above book. Wait for volatility to settle.
We already know that every 50 basis point increase adds 15% to dividend income after hedging. We've now seen an increase of almost 100 basis points in the past few months. BV is a paper loss while a 30% increase is real money. What's interesting is that we may see net interest income drive up to a level that exceeds any expectations.