We want the 10-year to rise. We don't want the short-term (1m) to rise.
Some interest rates going up will decrease book value but increase profit... that's how spread income is computed. The spreads are widening for the last several months.
Be sure you know why before you bet that all interest rate increases are bad and bet against REITs. Spreads could be in excess of 2 again before this quarter ends, and it has moved significantly in that direction in only one month (1.55- 1.97 - 0.06 = 1.91%).