Financial VolatilityTariff-driven uncertainty led to a pickup in financial volatility including widening agency MBS spreads, negatively affecting book value.
Interest Rate VolatilityInterest rate volatility is a concern, negatively impacting TBV/share.
Tangible Book ValueTangible book value (TBV) was down 1.9% to $8.25, missing the pre-announcement estimate of $8.45.