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U.S. Mortgage REITs Industry Analysis

UpdatedAug 02, 2026
DataAggregated Company Financials
Companies39
  • 7D-0.09%
  • 3M-5.0%
  • 1Y-4.2%
  • YTD-8.0%

The Mortgage REITs is pretty flat in the last 7 days, but Rithm Capital has stood out, gaining 8.3%. As for the longer term, the industry has declined 4.2% in the last year. As for the next few years, earnings are expected to grow by 21% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 03 Aug 2026US$63.9bUS$16.4bUS$7.3b9.6x8.7x3.9x
Wed, 01 Jul 2026US$65.1bUS$14.3bUS$5.3b11.8x12.3x4.6x
Fri, 29 May 2026US$63.8bUS$14.3bUS$5.3b11.8x12.1x4.5x
Sun, 26 Apr 2026US$66.7bUS$13.8bUS$5.5b10.2x12.1x4.8x
Tue, 24 Mar 2026US$60.5bUS$14.1bUS$5.7b9.1x10.6x4.3x
Thu, 19 Feb 2026US$67.4bUS$12.8bUS$5.1b12.3x13.2x5.3x
Sat, 17 Jan 2026US$68.0bUS$12.6bUS$4.2b13.2x16.3x5.4x
Mon, 15 Dec 2025US$64.4bUS$12.6bUS$4.2b13.2x15.5x5.1x
Wed, 12 Nov 2025US$62.7bUS$12.5bUS$4.2b12.6x15.1x5x
Fri, 10 Oct 2025US$61.1bUS$10.4bUS$2.3b12.9x26.1x5.9x
Sun, 07 Sep 2025US$64.4bUS$10.4bUS$2.3b14.5x27.5x6.2x
Tue, 05 Aug 2025US$60.7bUS$10.6bUS$2.1b13x28.7x5.8x
Thu, 03 Jul 2025US$57.9bUS$10.5bUS$2.4b11.9x23.7x5.5x
Sat, 31 May 2025US$56.8bUS$10.5bUS$2.4b12.5x23.3x5.4x
Mon, 28 Apr 2025US$51.3bUS$10.7bUS$3.0b12.7x16.9x4.8x
Wed, 26 Mar 2025US$57.1bUS$11.2bUS$3.6b11.9x16x5.1x
Fri, 21 Feb 2025US$58.0bUS$11.9bUS$3.6b11.6x16.3x4.9x
Sun, 19 Jan 2025US$54.2bUS$10.3bUS$2.5b11x22x5.3x
Tue, 17 Dec 2024US$55.8bUS$10.3bUS$2.5b10.8x22.6x5.4x
Thu, 14 Nov 2024US$55.1bUS$10.3bUS$2.5b11x22.3x5.3x
Sat, 12 Oct 2024US$40.8bUS$8.7bUS$1.8b14.3x22.1x4.7x
Mon, 09 Sep 2024US$41.5bUS$8.7bUS$1.8b15.3x22.5x4.8x
Wed, 07 Aug 2024US$39.6bUS$8.4bUS$1.9b12.4x20.5x4.7x
Fri, 05 Jul 2024US$42.5bUS$9.4bUS$2.7b9.4x15.8x4.5x
Sun, 02 Jun 2024US$46.6bUS$9.5bUS$2.9b10.5x15.9x4.9x
Tue, 30 Apr 2024US$45.5bUS$9.1bUS$2.7b11.9x17x5x
Thu, 28 Mar 2024US$46.2bUS$8.8bUS$2.3b13.1x20.2x5.3x
Sat, 24 Feb 2024US$44.7bUS$8.8bUS$2.2b11x20.1x5.1x
Mon, 22 Jan 2024US$47.7bUS$8.3bUS$2.4b11.3x19.7x5.8x
Wed, 20 Dec 2023US$50.6bUS$8.3bUS$2.4b11.4x20.9x6.1x
Fri, 17 Nov 2023US$44.8bUS$8.3bUS$2.4b9.9x18.6x5.4x
Sun, 15 Oct 2023US$41.1bUS$8.0bUS$2.2b10.6x18.7x5.2x
Tue, 12 Sep 2023US$46.0bUS$8.0bUS$2.2b11.8x20.9x5.8x
Thu, 10 Aug 2023US$45.6bUS$8.0bUS$2.2b11.7x20.9x5.7x
Price to Earnings Ratio

20.9x


Total Market Cap: US$45.6bTotal Earnings: US$2.2bTotal Revenue: US$8.0bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Mortgage REITs Industry Price to Earnings3Y Average 18.6x202420252026
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 8.7x which is lower than its 3-year average PE of 18.6x.
  • The 3-year average PS ratio of 5.2x is higher than the industry's current PS ratio of 3.9x.
Past Earnings Growth
  • The earnings for companies in the Mortgage REITs industry have grown 50% per year over the last three years.
  • Revenues for these companies have grown 27% 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 Market0.97%
Financials0.95%
Mortgage REITs-0.094%
Mortgage REITs-0.094%
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
RITM Rithm CapitalUS$9.888.3%
+US$425.3m		-18.0%PE16.5x
NLY Annaly Capital ManagementUS$22.721.2%
+US$274.0m		10.8%PE6.1x
DX Dynex CapitalUS$12.710.9%
+US$153.4m		2.1%PE7.4x
AGNC AGNC InvestmentUS$10.660.7%
+US$81.5m		12.4%PE5.9x
ADAM Adamas TrustUS$9.074.9%
+US$37.9m		37.8%PE5.3x

Latest News

DX
US$12.71
Dynex Capital
7D
0.9%
1Y
2.1%
Seeking Alpha • 12h

How Dynex Capital Transformed Into The Third-Largest Agency mREIT: Yield 15%

Summary The Speedboat Era Ends: Formerly the smallest and most agile agency mREIT, Dynex Capital has systematically expanded its balance sheet to become a dominant player. Portfolio fair value reached $27.6 billion in Q2 2026, an 11% increase from Q1 and a massive surge from $8.6 billion just two years prior. As portfolio scale expands, management has shifted away from tactical asset rotation toward interest-rate swaps, tying future performance more closely to broader trends. Capitalizing on the Federal Reserve's balance sheet runoff, DX is aggressively acquiring agency MBS at low valuations relative to U.S. Treasuries and corporate bonds. Read the full article on Seeking Alpha
PMT
US$9.43
PennyMac Mortgage Investment Trust
7D
-3.2%
1Y
-20.1%
New Narrative • Aug 01

Private Label Securitizations And Credit Focus Will Drive Stronger Long Term Returns

Catalysts About PennyMac Mortgage Investment Trust PennyMac Mortgage Investment Trust is a mortgage REIT that focuses on residential mortgage assets, including mortgage servicing rights, credit risk transfer investments and securities from private label securitizations. What are the underlying business or industry changes driving this perspective?
FBRT
US$7.59
Franklin BSP Realty Trust
7D
-2.8%
1Y
-27.6%
Narrative Update • Aug 01

FBRT: Expanded Buybacks Will Support Future Returns At Lower Fair Value

Analysts have trimmed their price target on Franklin BSP Realty Trust from $11 to $10, citing updated assumptions that include a lower discount rate, slightly adjusted revenue growth expectations, a higher profit margin outlook, and a modestly higher future P/E multiple. What’s in the News for Franklin BSP Realty Trust From April 1, 2026 to June 30, 2026, Franklin BSP Realty Trust repurchased 1,838,855 shares for US$16 million.
BXMT
US$14.54
Blackstone Mortgage Trust
7D
-12.9%
1Y
-22.0%
ARR
US$16.47
ARMOUR Residential REIT
7D
1.2%
1Y
0.5%
ADAM
US$9.07
Adamas Trust
7D
4.9%
1Y
37.8%
CMTG
US$1.77
Claros Mortgage Trust
7D
-18.8%
1Y
-36.6%
BRSP
US$5.01
BrightSpire Capital
7D
-4.2%
1Y
-2.9%
Seeking Alpha • Jul 31

BrightSpire Capital: The Loan Book Is Finally Doing The Talking

Summary BrightSpire trades at a deep discount to book, offering a nearly 13% yield while the loan portfolio improves. BRSP's loan book is growing toward $3.5 billion, the watch list is shrinking, and the Albertsons sale removes a key refinancing risk. I rate BRSP a Buy—not for a quick re-rate, but for being paid to wait as the portfolio gets cleaner and the price-book gap narrows. Key risks include uncovered dividend, rising CECL reserves, and potential for further book value drift. Read the full article on Seeking Alpha
RITM
US$9.88
Rithm Capital
7D
8.3%
1Y
-18.0%
RPT
US$12.32
Rithm Property Trust
7D
5.8%
1Y
-21.0%
RWT
US$4.57
Redwood Trust
7D
-7.1%
1Y
-16.3%
AGNC
US$10.66
AGNC Investment
7D
0.7%
1Y
12.4%
Seeking Alpha • Jul 27

AGNC: Keep Collecting The Yield, Just Don't Chase It Here

Summary AGNC Investment (AGNC) has delivered ~11.5% total returns since March, but current valuations now warrant a Hold rating. The price-to-book ratio has risen from ~1.03x to ~1.17x, removing the previous entry point's asymmetry and limiting fresh upside. AGNC's income engine remains robust, with net spread and dollar roll income covering payouts and a ~11-12% cushion. Downside risks from spread widening persist, but GSE support and a well-hedged book provide partial mitigation; upside is capped at current levels. Read the full article on Seeking Alpha
LADR
US$9.56
Ladder Capital
7D
-2.1%
1Y
-12.1%
NLY
US$22.72
Annaly Capital Management
7D
1.2%
1Y
10.8%
Seeking Alpha • Jul 23

Annaly Capital: Double-Digit Yield And Trading At A Discount

Summary Annaly Capital Management is rated a Strong Buy for its 13.38% dividend yield and significant capital appreciation potential by 2030. NLY’s diversified REIT model, resilient through multiple economic cycles, benefits from agency MBS, MSR, and residential credit strategies with yields up to 16%. I expect falling interest rates to expand NLY’s net interest margin, driving both dividend growth and share price appreciation toward a $40 target by 2030. Risks include prolonged geopolitical instability or higher-for-longer rates, but NLY’s high yield and asset quality provide downside protection for income-focused investors. Read the full article on Seeking Alpha
STWD
US$15.98
Starwood Property Trust
7D
-3.3%
1Y
-17.5%
TRTX
US$7.97
TPG RE Finance Trust
7D
-7.5%
1Y
-8.1%