Since the spring of 2013 mREITs have vastly underperformed what could have been expected given the behavior of short and long term interest rates. Looking at a key mREIT AGNC it can be seen that the bulk of the price decline since prior to the taper tantrum has been due the price-to-book ratio. The price of AGNC has declined by 58.8% while the book value only declined by 16.6%. My projection for the September 2015 MORL dividend results in a 27.6% yield on an annualized compound basis. Last month in my article What's Wrong With The mREITs? - MORL Now Yields 29.4% I presented reasons why mREITs have way underperformed what could have been expected given the fact that short-term interest rates have been close to zero since 2008 and long-term rates have been relatively benign over that period with the benchmark 10-year treasury now yielding only 2.18%. More