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Hi Lon,

Since I have found your posts on other holdings in Pro and Options to be very informative and helpful, I'm curious if you might have insight as to the behavior of the post-split valuation of this company? I've owned TWO since early this year, and have held it as an income position. The gradual upward price performance of the stock was a pleasant surprise.

I have heard over the years only disparaging advice regarding any company that announces a reverse stock split, but based on fundamentals of TWO, decided to stick with it. So when the special dividend and split were done, and the share price of TWO was less than what it was prior to the reverse split, by more than 10%, it left me dumbfounded. From the 5-day chart, it all happened on the day of the split. I've kept up on all the news, and am familiar with the company and its business, but wonder what I may have missed. I suspect it might be that Mr Market sees the new Fed Chair and the presently unfinished tax reform proposals as threats to REIT's, and it's just coincidental with the split at TWO. My level of knowledge presently can't derive how the special dividend of GPMT shares could have had such a large impact on the valuation of the parent company either. My positions in a couple other REIT's were not similarly affected.

Just puzzled. Thanks in advance for any experidnced insight you might offer.

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