i personally dont see a bidding war. the economy/macro isnt that great. even $2.50 on its own, PMT is way under priced as likely the JORC will be similar to LTR's. PMT's market cap at 1.40 is only $2bn fully diluted, at $2.50, LTR is $5.5bn so nearly 3 times pmt's current valuation.
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