Hard to believe given that we're in the middle of a Fed rate hike cycle, but an ever-widening swath of the mortgage REIT sector (REM +0.9%) trades at an ever-widening premium to book value.
AGNC Investment (AGNC +1.9%) - which reported an earnings beat last night, but overall, just a modestly profitable quarter - currently is changing hands at $21.18 vs. March 31 book value per share of $20.98.
Not participating in today's rally is Dynex Capital (DX -2.2%), where core income may have disappointed, but book value rose 5% during the quarter. It's still trading at a discount to March 31 book of $7.52.
Still to report Q1 is Annaly Capital (NLY +2.3%) - it's selling for $12 vs. Dec. 31 book of $11.16.