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U.S. Mortgage REITs Industry Analysis

UpdatedJun 12, 2026
DataAggregated Company Financials
Companies40
  • 7D0.5%
  • 3M-0.2%
  • 1Y-2.9%
  • YTD-6.5%

Last week, the Mortgage REITs industry hasn't moved much but Annaly Capital Management is up 3.5% in that time. In line with that, the industry has also been flat over the past 12 months. As for the next few years, earnings are expected to grow by 26% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 13 Jun 2026US$62.6bUS$14.3bUS$5.3b11.4x11.9x4.4x
Mon, 11 May 2026US$66.2bUS$14.3bUS$5.3b12.5x12.5x4.6x
Wed, 08 Apr 2026US$62.8bUS$14.1bUS$5.7b8.7x11x4.4x
Fri, 06 Mar 2026US$66.1bUS$14.1bUS$5.7b9.6x11.6x4.7x
Sun, 01 Feb 2026US$67.5bUS$13.7bUS$5.7b12.1x11.8x4.9x
Tue, 30 Dec 2025US$65.2bUS$12.6bUS$4.2b12.8x15.7x5.2x
Thu, 27 Nov 2025US$64.5bUS$12.6bUS$4.2b12.8x15.5x5.1x
Sat, 25 Oct 2025US$62.3bUS$11.8bUS$3.8b12.5x16.4x5.3x
Mon, 22 Sep 2025US$62.8bUS$10.4bUS$2.3b13.9x26.8x6x
Wed, 20 Aug 2025US$61.4bUS$10.4bUS$2.3b13.7x26.2x5.9x
Fri, 18 Jul 2025US$58.7bUS$10.5bUS$2.4b11.6x24.1x5.6x
Sun, 15 Jun 2025US$57.4bUS$10.5bUS$2.4b13x23.5x5.5x
Tue, 13 May 2025US$56.4bUS$10.5bUS$2.4b11.1x23.1x5.4x
Thu, 10 Apr 2025US$47.2bUS$11.2bUS$3.6b10.3x13.2x4.2x
Sat, 08 Mar 2025US$56.3bUS$11.3bUS$3.6b12.5x15.8x5x
Mon, 03 Feb 2025US$55.4bUS$11.1bUS$3.8b11x14.7x5x
Wed, 01 Jan 2025US$52.9bUS$10.3bUS$2.5b10.3x21.4x5.1x
Fri, 29 Nov 2024US$56.2bUS$10.3bUS$2.5b10.7x22.8x5.5x
Sun, 27 Oct 2024US$53.6bUS$10.4bUS$2.7b11.1x19.6x5.1x
Tue, 24 Sep 2024US$43.0bUS$8.7bUS$1.8b15.4x23.4x4.9x
Thu, 22 Aug 2024US$40.8bUS$8.7bUS$1.8b15.1x22.1x4.7x
Sat, 20 Jul 2024US$45.5bUS$9.4bUS$2.7b10.4x16.9x4.9x
Mon, 17 Jun 2024US$46.6bUS$9.5bUS$2.9b10.2x15.8x4.9x
Wed, 15 May 2024US$47.2bUS$9.5bUS$2.9b10.1x16.1x5x
Fri, 12 Apr 2024US$43.4bUS$8.8bUS$2.3b13x19.1x5x
Sun, 10 Mar 2024US$45.5bUS$8.8bUS$2.3b12.8x20x5.2x
Tue, 06 Feb 2024US$44.7bUS$8.2bUS$2.2b9.9x19.9x5.5x
Thu, 04 Jan 2024US$47.6bUS$8.3bUS$2.4b10.9x19.7x5.7x
Sat, 02 Dec 2023US$46.1bUS$8.3bUS$2.4b10.3x19.1x5.6x
Mon, 30 Oct 2023US$38.4bUS$7.7bUS$2.2b9.8x17.1x5x
Wed, 27 Sep 2023US$43.2bUS$8.0bUS$2.2b10.6x19.6x5.4x
Fri, 25 Aug 2023US$43.8bUS$8.0bUS$2.2b11.3x19.9x5.5x
Sun, 23 Jul 2023US$40.1bUS$7.3bUS$1.3b13.4x30.2x5.5x
Tue, 20 Jun 2023US$37.9bUS$7.3bUS$1.3b12.7x28.6x5.2x
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 19.5x202420252026
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 19.5x.
  • 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-2.36%
Financials0.99%
Mortgage REITs0.49%
Mortgage REITs0.49%
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
NLY Annaly Capital ManagementUS$22.003.7%
+US$571.6m		14.7%PE8x
AGNC AGNC InvestmentUS$10.311.4%
+US$160.7m		10.9%PE9.1x
RITM Rithm CapitalUS$9.312.0%
+US$100.5m		-17.5%PE8.7x
ADAM Adamas TrustUS$9.313.7%
+US$29.7m		35.9%PE7.8x
KREF KKR Real Estate Finance TrustUS$7.234.5%
+US$19.9m		-21.3%PB0.6x

Latest News

ADAM
US$9.31
Adamas Trust
7D
3.7%
1Y
35.9%
RWT
US$5.25
Redwood Trust
7D
-1.5%
1Y
-7.7%
MFA
US$9.42
MFA Financial
7D
1.5%
1Y
-2.2%
NLY
US$22.00
Annaly Capital Management
7D
3.7%
1Y
14.7%
RITM
US$9.31
Rithm Capital
7D
2.0%
1Y
-17.5%
Seeking Alpha • Jun 10

Rithm Capital: Buy The 11% Yield That The Rate Cycle Cannot Easily Break

Summary Rithm Capital is a diversified origination, servicing, and asset management company, not a traditional agency-focused mortgage REIT. RITM’s income is driven by fee and servicing businesses, with a large MSR portfolio naturally hedging book value against rising rates. The Buy rating is based on a reliable ~11% yield, covered roughly twice by distributable earnings, with discount closure optionality but no near-term catalyst. Key risks include credit deterioration in lending and housing exposures, but current delinquencies remain low, and sentiment-driven corrections are not yet systemic. Read the full article on Seeking Alpha
ORC
US$6.52
Orchid Island Capital
7D
-2.0%
1Y
-7.4%
ABR
US$5.21
Arbor Realty Trust
7D
-0.8%
1Y
-49.7%
EFC
US$13.68
Ellington Financial
7D
1.0%
1Y
6.3%
PMT
US$10.12
PennyMac Mortgage Investment Trust
7D
-0.6%
1Y
-19.6%
Narrative Update • Jun 07

PMT: Lowered ROE And EPS Expectations Will Still Support Future Upside

Narrative Update on PennyMac Mortgage Investment Trust The analyst price target for PennyMac Mortgage Investment Trust has been trimmed by about $0.50 to reflect lower expectations for run rate ROE and EPS, a reduced book value per share, and lower valuation multiples cited across recent Neutral and Market Perform research calls. Analyst Commentary Recent research updates on PennyMac Mortgage Investment Trust focus on reduced earnings expectations, lower run rate returns, and trimmed valuation multiples, which together have led to lower price targets and at least one rating downgrade.
AGNC
US$10.31
AGNC Investment
7D
1.4%
1Y
10.9%
STWD
US$17.00
Starwood Property Trust
7D
-0.3%
1Y
-15.1%
Narrative Update • Jun 06

STWD: Diversified Platform And Buybacks Will Counter Credit And Funding Concerns

The consensus analyst price target for Starwood Property Trust has edged slightly lower by about $0.05, as analysts factor in recent Street research that balances modest target trims around $19.50 with views that the company’s balance sheet, platform strength, and diversified business model support a premium valuation within the commercial mortgage REIT sector. Analyst Commentary Recent research on Starwood Property Trust reflects a mix of optimism around the platform and balance sheet, alongside some caution visible in modest target trims.
CMTG
US$2.54
Claros Mortgage Trust
7D
5.0%
1Y
-15.1%
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.
LADR
US$10.13
Ladder Capital
7D
-1.0%
1Y
-4.4%
KREF
US$7.23
KKR Real Estate Finance Trust
7D
4.5%
1Y
-21.3%
Narrative Update • Jun 03

KREF: Future Returns Will Reflect Credit Quality And Earnings Visibility Reassessment

Analysts have reduced their average price target on KKR Real Estate Finance Trust by $2.50 to $7.00 as they reassess fair value, risk assumptions, growth expectations, profitability, and future P/E multiples in light of recent research updates from multiple firms. Analyst Commentary Recent research has generally taken a more cautious stance on KKR Real Estate Finance Trust, with several firms trimming price targets and at least one downgrade in rating.
FBRT
US$8.35
Franklin BSP Realty Trust
7D
-2.6%
1Y
-22.8%
Narrative Update • Jun 02

FBRT: Higher Discount Rate Assumptions Will Support Future Book Value Sustainability

Analysts have trimmed their 12 month price target on Franklin BSP Realty Trust by $1 to reflect updated discount rate assumptions, while keeping fair value and key profitability inputs broadly in line with prior estimates. What's in the News No recent company specific news items or key developments were provided in the available sources for Franklin BSP Realty Trust.
ARI
US$10.74
Apollo Commercial Real Estate Finance
7D
-2.2%
1Y
9.4%