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U.S. Mortgage REITs Industry Analysis

UpdatedJul 14, 2026
DataAggregated Company Financials
Companies39
  • 7D-1.6%
  • 3M-3.5%
  • 1Y-2.9%
  • YTD-6.1%

Over the last 7 days, the Mortgage REITs industry has dropped 1.6%, driven by Annaly Capital Management declining 2.0%. Meanwhile, Redwood Trust actually outperformed within the industry, gaining 11% in the last week. As for the longer term, the industry's performance has been flat for the past year. Looking forward, earnings are forecast to grow by 25% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 14 Jul 2026US$64.3bUS$14.3bUS$5.3b12x12.2x4.5x
Thu, 11 Jun 2026US$63.4bUS$14.3bUS$5.3b11.3x12x4.4x
Sat, 09 May 2026US$65.9bUS$14.3bUS$5.3b12.1x12.5x4.6x
Mon, 06 Apr 2026US$62.6bUS$14.1bUS$5.7b8.7x11x4.4x
Wed, 04 Mar 2026US$66.7bUS$14.1bUS$5.7b9.8x11.7x4.7x
Fri, 30 Jan 2026US$71.7bUS$14.1bUS$5.6b13x12.7x5.1x
Sun, 28 Dec 2025US$65.5bUS$12.6bUS$4.2b12.9x15.7x5.2x
Tue, 25 Nov 2025US$62.9bUS$12.6bUS$4.2b12.4x15.1x5x
Thu, 23 Oct 2025US$61.4bUS$11.0bUS$2.9b13x21.1x5.6x
Sat, 20 Sep 2025US$63.4bUS$10.4bUS$2.3b13.9x27x6.1x
Mon, 18 Aug 2025US$61.8bUS$10.4bUS$2.3b13.6x26.3x5.9x
Wed, 16 Jul 2025US$58.7bUS$10.5bUS$2.4b11.6x24.1x5.6x
Fri, 13 Jun 2025US$58.0bUS$10.5bUS$2.4b13.1x23.8x5.6x
Sun, 11 May 2025US$56.3bUS$10.4bUS$2.5b10.8x22.9x5.4x
Tue, 08 Apr 2025US$50.5bUS$11.2bUS$3.6b10.7x14.1x4.5x
Thu, 06 Mar 2025US$56.1bUS$11.2bUS$3.5b12.3x15.8x5x
Sat, 01 Feb 2025US$55.4bUS$11.1bUS$3.8b11x14.7x5x
Mon, 30 Dec 2024US$53.3bUS$10.3bUS$2.5b10.3x21.6x5.2x
Wed, 27 Nov 2024US$55.8bUS$10.3bUS$2.5b10.6x22.6x5.4x
Fri, 25 Oct 2024US$52.8bUS$10.3bUS$2.7b11.2x19.7x5.1x
Sun, 22 Sep 2024US$43.0bUS$8.7bUS$1.8b15.4x23.4x4.9x
Tue, 20 Aug 2024US$40.9bUS$8.7bUS$1.8b15.2x22.2x4.7x
Thu, 18 Jul 2024US$45.9bUS$9.4bUS$2.7b10.2x17x4.9x
Sat, 15 Jun 2024US$46.7bUS$9.5bUS$2.9b10.2x15.9x4.9x
Mon, 13 May 2024US$47.1bUS$9.5bUS$2.9b10.2x16.1x5x
Wed, 10 Apr 2024US$45.2bUS$8.8bUS$2.3b13.4x19.8x5.2x
Fri, 08 Mar 2024US$45.3bUS$8.8bUS$2.3b12.5x19.9x5.2x
Sun, 04 Feb 2024US$46.0bUS$8.2bUS$2.1b9.9x21.8x5.6x
Tue, 02 Jan 2024US$48.9bUS$8.3bUS$2.4b11.3x20.2x5.9x
Thu, 30 Nov 2023US$45.5bUS$8.3bUS$2.4b10.1x18.8x5.5x
Sat, 28 Oct 2023US$38.4bUS$7.9bUS$2.2b9.8x17.1x4.9x
Mon, 25 Sep 2023US$44.5bUS$8.0bUS$2.2b11x20.2x5.6x
Wed, 23 Aug 2023US$42.9bUS$8.0bUS$2.2b11.1x19.5x5.4x
Fri, 21 Jul 2023US$40.6bUS$7.3bUS$1.3b13.5x30.6x5.5x
Price to Earnings Ratio

30.6x


Total Market Cap: US$40.6bTotal 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 19x202420252026
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 12.2x which is lower than its 3-year average PE of 19.0x.
  • The 3-year average PS ratio of 5.2x is higher than the industry's current PS ratio of 4.5x.
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-0.93%
Financials-0.43%
Mortgage REITs-1.57%
Mortgage REITs-1.57%
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
RWT Redwood TrustUS$5.0711.4%
+US$65.0m		-15.5%PS3.8x
KREF KKR Real Estate Finance TrustUS$7.354.4%
+US$19.9m		-20.5%PB0.6x
NREF NexPoint Real Estate FinanceUS$16.475.2%
+US$15.3m		18.0%PE4.5x
FBRT Franklin BSP Realty TrustUS$7.991.9%
+US$11.5m		-27.0%PE14.6x
MFA MFA FinancialUS$9.410.9%
+US$8.1m		1.2%PE10.5x

Latest News

PMT
US$10.18
PennyMac Mortgage Investment Trust
7D
-6.6%
1Y
-19.3%
BXMT
US$16.82
Blackstone Mortgage Trust
7D
-3.7%
1Y
-15.6%
RITM
US$9.07
Rithm Capital
7D
-1.7%
1Y
-22.7%
STWD
US$16.46
Starwood Property Trust
7D
-1.5%
1Y
-21.2%
MFA
US$9.41
MFA Financial
7D
0.9%
1Y
1.2%
DX
US$12.98
Dynex Capital
7D
-2.0%
1Y
3.1%
KREF
US$7.35
KKR Real Estate Finance Trust
7D
4.4%
1Y
-20.5%
Seeking Alpha • Jul 13

KKR Real Estate Finance In Much Need Of A Q2 Turnaround And Recovery

Summary KKR Real Estate Investment Trust gets a hold rating for my initial coverage, agreeing with the Wall St and SA analyst consensus today. Positive catalysts include a specific growth direction driven by new loan originations, as well as a global portfolio and scale. Negative catalysts include below-investment grade ratings from Fitch, at least 4 loans downgraded, and two quarters of net losses. The dividend growth and coverage is not compelling. Affiliation with the KKR brand can be a positive, but this peer group has several mREITs tied to big names such as Blackstone, Ares, and Franklin Templeton. Read the full article on Seeking Alpha
TRTX
US$8.39
TPG RE Finance Trust
7D
0.6%
1Y
2.4%
Seeking Alpha • Jul 12

TPG RE Finance Trust: Deep Discount And Safe Double-Digit Dividend Yield

Summary TPG RE Finance Trust continues to trade at a significant 24% discount to book value per share as stock buybacks continue at an accretive pace. TRTX is paying out an 11.5% dividend yield on the back of a $0.24 per share quarterly payout that's 104% covered by distributable earnings. The mREIT grew its loan investment portfolio by 26.5% year-over-year, which should underpin NII strength. Read the full article on Seeking Alpha
AGNC
US$10.99
AGNC Investment
7D
-1.6%
1Y
18.0%
ARR
US$16.87
ARMOUR Residential REIT
7D
-1.8%
1Y
0.8%
Seeking Alpha • Jul 11

Armour Residential REIT: A High-Yield But Volatile Idea For Income Investors

Summary ARMOUR Residential REIT gets is prior hold ratings reaffirmed again, ahead of its upcoming earnings results later this month. Positive notes include an agency-backed MBS portfolio with growth, as well as positive ROE trends. Some riskier factors include volatile earnings and operating cash flow, high D/E, weak market sentiment, and limited upside forecasts. Fed decisions on rates play a direct role in funding costs, as this REIT has considerable exposure to repo funding. Read the full article on Seeking Alpha
NREF
US$16.47
NexPoint Real Estate Finance
7D
5.2%
1Y
18.0%
ARI
US$10.31
Apollo Commercial Real Estate Finance
7D
0.2%
1Y
3.2%
RWT
US$5.07
Redwood Trust
7D
11.4%
1Y
-15.5%
FBRT
US$7.99
Franklin BSP Realty Trust
7D
1.9%
1Y
-27.0%
Narrative Update • Jul 02

FBRT: Expanded Buybacks Will Support Future Returns Despite Higher Discount Rate

Analysts have trimmed their price target on Franklin BSP Realty Trust by $1 to $11.00, citing updated assumptions around discount rates, profit margins, and future P/E that temper valuation, even as forecast revenue growth remains steady. What’s in the News for Franklin BSP Realty Trust From January 1, 2026 to March 31, 2026, Franklin BSP Realty Trust repurchased 4,362,000 shares for US$39.83 million, representing 5.35% of its shares, as part of its existing buyback program.
NLY
US$22.53
Annaly Capital Management
7D
-2.0%
1Y
14.7%
REFI
US$10.73
Chicago Atlantic Real Estate Finance
7D
1.1%
1Y
-23.0%
Narrative Update • Jun 26

REFI: Merger With BDC And Higher P/E Will Support Undervalued Upside

Analysts have lifted their price target on Chicago Atlantic Real Estate Finance from $12.00 to $13.50, citing updated assumptions around revenue growth, profit margins and future P/E that feed into a slightly higher discount rate in their valuation work. What’s in the News for Chicago Atlantic Real Estate Finance Chicago Atlantic BDC, Inc.