Investors in companies buying mortgage bonds are discovering that coming late to the party can still leave them with the biggest hangover, Bloomberg writes.

Mortgage real estate investment trusts raised $7.4 billion in the first quarter by selling new shares, the most in two years, just before a plunge in the value of the firms. American Capital Agency Corp. (AGNC) has declined 17% since offering $2 billion in February and Armour Residential REIT Inc. (ARR) has slumped 24% after raising $444 million that month.