We’re posting charts for price-to-book using the Q1 2025 book values. However, we're forecasting some fairly significant changes in book value for the mortgage REITs so far during Q1 2025. Are those changes increasing or decreasing book value? Silly optimist. Of course the changes are reducing book value. Why do you care? Because the book value represents the amount management has available to invest. When a mortgage REIT or BDC has more book value (or net asset value), it's easier to produce income. We’re ...