All mREITs sell way under book. Hasn't seemed to help the shares prices over the past ten-fifteen years, and there's nothing in today's world that would change anything. RITM loves to buy other companies at the top of the market then winding up laying off most of the employees and paying severance.
The only thing that's been carrying them are the MSRs they own, and recent reports are that they have peaked. The recent purchase of Sculptor takes them down a new path of losses (Sculptor had lost $$ the past three out of five years, not including this year when they were on track to lose again.)