It literally says 38%…. I think you should brush up on that 8k

Sold my entire portion yesterday….. got 20% since the low. Would be very careful here OP.

The treasuries that they have to sell to stabilize their balance sheet to either attract a buyer or to position themselves to remain independent have lost a significant amount bc as rates rise bond prices fall. And then secondly because almost 40% of assets on their balance sheets are Commercial Real Estate mortgages. Which again have been hurt by the rising rates which puts pressure on real estate prices but also due to the fact that a huge amount of those mortgages were signed before WFH became wide spread. I think demand for commercial office space has been crushed over the last 3 years but bc mortgages aren’t 30 day bonds we haven’t seen that demand reflected in prices yet