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U.S. Mortgage REITs Industry Analysis

UpdatedJun 25, 2026
DataAggregated Company Financials
Companies40
  • 7D0.7%
  • 3M2.2%
  • 1Y-0.8%
  • YTD-6.1%

Over the last 7 days, the Mortgage REITs industry has dropped 1.2%, driven by a pullback from Annaly Capital Management of 1.4%. Over the last year, the industry has been flat overall. Looking forward, earnings are forecast to grow by 26% annually.

Industry Valuation and Performance

Has the U.S. Mortgage REITs Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 25 Jun 2026US$63.5bUS$14.3bUS$5.3b11.7x12x4.4x
Sat, 23 May 2026US$63.3bUS$14.3bUS$5.3b11.5x12x4.4x
Mon, 20 Apr 2026US$66.5bUS$14.1bUS$5.7b9.1x11.7x4.7x
Wed, 18 Mar 2026US$63.3bUS$14.1bUS$5.7b9.3x11.1x4.5x
Fri, 13 Feb 2026US$67.3bUS$12.7bUS$5.2b11.7x13x5.3x
Sun, 11 Jan 2026US$66.7bUS$12.6bUS$4.2b12.7x16x5.3x
Tue, 09 Dec 2025US$65.3bUS$12.6bUS$4.2b12.9x15.7x5.2x
Thu, 06 Nov 2025US$62.6bUS$12.5bUS$4.3b12.5x14.5x5x
Sat, 04 Oct 2025US$61.4bUS$10.4bUS$2.3b13.5x26.2x5.9x
Mon, 01 Sep 2025US$63.0bUS$10.4bUS$2.3b14x26.9x6x
Wed, 30 Jul 2025US$61.8bUS$10.1bUS$2.0b11.7x31.1x6.1x
Fri, 27 Jun 2025US$57.4bUS$10.5bUS$2.4b11.3x23.5x5.5x
Sun, 25 May 2025US$55.6bUS$10.5bUS$2.4b12.3x22.8x5.3x
Tue, 22 Apr 2025US$48.5bUS$11.2bUS$3.5b10.6x13.7x4.3x
Thu, 20 Mar 2025US$57.7bUS$11.2bUS$3.6b12.1x16.2x5.1x
Sat, 15 Feb 2025US$57.3bUS$11.1bUS$3.9b11.6x14.9x5.2x
Mon, 13 Jan 2025US$51.4bUS$10.3bUS$2.5b10.2x20.8x5x
Wed, 11 Dec 2024US$56.1bUS$10.3bUS$2.5b10.6x22.7x5.4x
Fri, 08 Nov 2024US$54.6bUS$10.4bUS$2.5b10.6x21.6x5.2x
Sun, 06 Oct 2024US$41.2bUS$8.7bUS$1.8b14.6x22.3x4.7x
Tue, 03 Sep 2024US$42.2bUS$8.7bUS$1.8b15.9x22.9x4.8x
Thu, 01 Aug 2024US$41.7bUS$8.5bUS$2.0b10.6x20.8x4.9x
Sat, 29 Jun 2024US$46.2bUS$9.5bUS$2.9b9.9x15.7x4.9x
Mon, 27 May 2024US$46.0bUS$9.5bUS$2.9b11x15.8x4.8x
Wed, 24 Apr 2024US$44.9bUS$9.4bUS$3.0b11.8x15.2x4.8x
Fri, 22 Mar 2024US$46.1bUS$8.8bUS$2.3b13.6x20.2x5.3x
Sun, 18 Feb 2024US$45.4bUS$8.0bUS$2.2b11.6x21.1x5.6x
Tue, 16 Jan 2024US$48.4bUS$8.3bUS$2.4b11.2x20x5.8x
Thu, 14 Dec 2023US$47.5bUS$8.3bUS$2.4b11.2x19.7x5.7x
Sat, 11 Nov 2023US$43.1bUS$8.3bUS$2.4b10.8x17.8x5.2x
Mon, 09 Oct 2023US$40.6bUS$8.0bUS$2.2b10.5x18.4x5.1x
Wed, 06 Sep 2023US$45.8bUS$8.0bUS$2.2b11.7x20.8x5.7x
Fri, 04 Aug 2023US$45.1bUS$7.7bUS$1.9b11.6x24.2x5.9x
Sun, 02 Jul 2023US$37.9bUS$7.3bUS$1.3b12.5x28.6x5.2x
Price to Earnings Ratio

28.6x


Total Market Cap: US$37.9bTotal Earnings: US$1.3bTotal Revenue: US$7.3bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Mortgage REITs Industry Price to Earnings3Y Average 19.3x202420252026
Current Industry PE
  • Investors are pessimistic on the American Mortgage REITs industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The industry is trading at a PE ratio of 11.9x which is lower than its 3-year average PE of 19.3x.
  • The 3-year average PS ratio of 5.2x is higher than the industry's current PS ratio of 4.4x.
Past Earnings Growth
  • The earnings for companies in the Mortgage REITs industry have grown 58% per year over the last three years.
  • Revenues for these companies have grown 25% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Trends

Which industries have driven the changes within the U.S. Financials industry?

US Market-2.47%
Financials-0.26%
Mortgage REITs0.74%
Mortgage REITs0.74%
Industry PEThere are no additional sub-industries under this industry.
Forecasted GrowthThere are no additional sub-industries under this industry.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
AGNC AGNC InvestmentUS$10.491.8%
+US$218.1m		13.7%PE9.2x
NLY Annaly Capital ManagementUS$22.310.7%
+US$109.9m		16.0%PE8.1x
ORC Orchid Island CapitalUS$6.813.0%
+US$40.1m		-2.9%PE11.2x
PMT PennyMac Mortgage Investment TrustUS$10.464.0%
+US$34.9m		-17.4%PE9x
ARR ARMOUR Residential REITUS$16.951.6%
+US$33.5m		2.9%PE9.2x

Latest News

ORC
US$6.81
Orchid Island Capital
7D
3.0%
1Y
-2.9%
AGNC
US$10.49
AGNC Investment
7D
1.8%
1Y
13.7%
Seeking Alpha • 23h

Buy AGNC Investment, But Not For The Dividend Alone

Summary AGNC Investment Corp. is rated Buy, driven by improved Agency MBS spreads, better funding costs, and constructive capital issuance above book value. Despite a ~14% yield, AGNC's dividend is not risk-free; book value volatility and spread sensitivity remain central to the investment thesis. Q1 saw net spread and dollar-roll income rise to $0.42/share, comfortably covering the dividend, but book value declined, highlighting ongoing risk. AGNC’s premium to book enables accretive equity issuance, but the Buy case depends on stable or tightening Agency MBS spreads and disciplined portfolio management. Read the full article on Seeking Alpha
ACRE
US$4.47
Ares Commercial Real Estate
7D
-3.0%
1Y
-9.5%
STWD
US$16.61
Starwood Property Trust
7D
-0.3%
1Y
-18.0%
Narrative Update • Jun 23

STWD: Diversified Platform And Dividend Will Support Premium Multiple Outlook

The analyst price target on Starwood Property Trust has been adjusted slightly lower to $20.25. Analysts attribute the change to modest revisions in fair value, discount rate, revenue growth, profit margin, and future P/E assumptions based on recent research from UBS, Keefe Bruyette, and JPMorgan.
IVR
US$7.82
Invesco Mortgage Capital
7D
-2.9%
1Y
0.9%
Narrative Update • Jun 23

IVR: Trimmed Price View And CEO Transition Will Steer Future Return Profile

Analysts have trimmed their average 12 month price target on Invesco Mortgage Capital by $0.50 to reflect updated assumptions on required returns, while keeping their fair value view broadly unchanged. What's in the News Invesco Mortgage Capital reported that from January 1, 2026 to March 31, 2026, it repurchased 0 shares for US$0 million under its existing buyback program, according to a buyback tranche update.
REFI
US$10.96
Chicago Atlantic Real Estate Finance
7D
-4.3%
1Y
-23.9%
BXMT
US$17.47
Blackstone Mortgage Trust
7D
-2.0%
1Y
-10.8%
PMT
US$10.46
PennyMac Mortgage Investment Trust
7D
4.0%
1Y
-17.4%
DX
US$13.01
Dynex Capital
7D
-0.3%
1Y
8.2%
Seeking Alpha • Jun 19

Dynex: Bullish On The Basis Of Short-Run Macro Variables, Long-Run Risks Remain

Summary Dynex Capital remains attractive as a short-term macro play, leveraging current rate conditions and mortgage spread opportunities. DX’s recent performance saw an 18% total return since my last coverage, primarily from distributions, despite a 5.42% YTD market value decline. Unrealized Q1 losses of $251.8M, partially offset by hedging, highlight exposure to systemic shocks like the U.S.-Iran war. I remain bullish on DX, citing compelling mortgage spreads, favorable liquidity, and expectations for Treasury yields to normalize. Historical observations suggest that Dynex isn't a safe all-weather asset; it's a short-run bet on rates and market liquidity. Read the full article on Seeking Alpha
MFA
US$9.61
MFA Financial
7D
2.5%
1Y
1.2%
NLY
US$22.31
Annaly Capital Management
7D
0.7%
1Y
16.0%
Analysis Article • Jun 18

Annaly Capital Management (NLY) Stock Could Be 8% Undervalued After Dividend Raise

Dividend increase and shareholder vote set the tone Annaly Capital Management (NLY) has drawn fresh attention after raising its quarterly cash dividend to US$0.75 per share and reporting voting results from its recent annual general meeting. The higher payout, scheduled for July 31, 2026, and the decision not to adopt stockholder written consent together give investors new information on how the mortgage REIT is approaching capital returns and corporate governance. See our latest analysis for...
ADAM
US$9.32
Adamas Trust
7D
3.2%
1Y
44.3%
RWT
US$4.81
Redwood Trust
7D
-6.2%
1Y
-15.9%
EFC
US$13.65
Ellington Financial
7D
1.7%
1Y
5.4%
CMTG
US$2.42
Claros Mortgage Trust
7D
-6.9%
1Y
-18.8%
Narrative Update • Jun 05

CMTG: Future Returns Will Reflect Revised US$225 Outlook And Execution Risks

Analysts have lifted their price target on Claros Mortgage Trust to $225 from $2.50, citing updated assumptions on fair value, discount rate, revenue growth, profit margin and future P/E as key drivers of the change. What's in the News No recent news items or key developments for Claros Mortgage Trust are available from the provided sources.
ARR
US$16.95
ARMOUR Residential REIT
7D
1.6%
1Y
2.9%