Interest Rate VolatilityInterest rate volatility is a concern, negatively impacting TBV/share.
Stock Price ValuationThe current stock price equates to 1.11x TBV, whereas the benchmark for mortgage REITs is regarded to be 1.0x TBV.
Tariff And Financial VolatilityTariff-driven uncertainty led to a pickup in financial volatility including widening agency MBS spreads, negatively affecting book value.