For a sense of the scale of collapse in CMBS markets alone, here is CMBX Series 6 BBB- tranche (a popular hedge fund "next big short" trade that is heavily exposed to malls/retail)...

And mortgage markets are becoming notably illiquid (hence The Fed's unlimited injections)...

And the infamous 'basis' trade in ETF land, is extreme...

All of which has left an investment fund focused on mortgage investments struggling to meet margin calls from lenders.

WSJ's Greg Zuckerman reports that the AG Mortgage Investment Trust, a real-estate investment trust operated by New York hedge fund Angelo, Gordon & Co., is among those feeling pressure, the company said, and, in the latest sign of turmoil in crucial areas of the credit markets, is examining a possible asset sale.

"In recent weeks, due to the turmoil in the financial markets resulting from the global pandemic of the Covid-19 virus, the company and its subsidiaries have received an unusually high number of margin calls from financing counterparties," AG Mortgage said Monday morning.

The company said it had met "or is in the process of meeting all margin calls received," though it acknowledged missing the wire deadline for some on Friday.