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U.S. Mortgage REITs Industry Analysis

UpdatedJul 22, 2026
DataAggregated Company Financials
Companies39
  • 7D-2.3%
  • 3M-5.4%
  • 1Y-4.1%
  • YTD-6.7%

In the last week, the Mortgage REITs industry is flat overall, with Apollo Commercial Real Estate Finance standing out by going down 35%. 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 25% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 22 Jul 2026US$63.7bUS$15.3bUS$6.3b10.4x10.2x4.2x
Fri, 19 Jun 2026US$63.0bUS$14.3bUS$5.3b11.6x11.9x4.4x
Sun, 17 May 2026US$63.1bUS$14.3bUS$5.3b12.1x11.9x4.4x
Tue, 14 Apr 2026US$64.7bUS$14.1bUS$5.7b8.8x11.3x4.6x
Thu, 12 Mar 2026US$65.1bUS$14.1bUS$5.7b9.6x11.5x4.6x
Sat, 07 Feb 2026US$67.4bUS$12.7bUS$5.2b12.2x13x5.3x
Mon, 05 Jan 2026US$65.3bUS$12.6bUS$4.2b12.5x15.7x5.2x
Wed, 03 Dec 2025US$64.7bUS$12.6bUS$4.2b12.8x15.5x5.1x
Fri, 31 Oct 2025US$61.7bUS$12.3bUS$4.1b12.7x15.2x5x
Sun, 28 Sep 2025US$61.8bUS$10.4bUS$2.3b13.4x26.4x5.9x
Tue, 26 Aug 2025US$62.8bUS$10.4bUS$2.3b13.7x26.8x6x
Thu, 24 Jul 2025US$60.1bUS$10.4bUS$2.3b12x26.4x5.8x
Sat, 21 Jun 2025US$57.2bUS$10.5bUS$2.4b12.3x23.4x5.5x
Mon, 19 May 2025US$58.5bUS$10.5bUS$2.4b12.4x24x5.6x
Wed, 16 Apr 2025US$47.8bUS$11.2bUS$3.6b10.4x13.4x4.3x
Fri, 14 Mar 2025US$56.4bUS$11.2bUS$3.6b11.9x15.8x5x
Sun, 09 Feb 2025US$56.2bUS$11.4bUS$4.2b10.7x13.5x5x
Tue, 07 Jan 2025US$53.9bUS$10.3bUS$2.5b10.4x21.8x5.2x
Thu, 05 Dec 2024US$55.4bUS$10.3bUS$2.5b10.4x22.4x5.4x
Sat, 02 Nov 2024US$53.3bUS$10.0bUS$2.2b10.9x24.5x5.3x
Mon, 30 Sep 2024US$42.9bUS$8.7bUS$1.8b15.3x23.3x4.9x
Wed, 28 Aug 2024US$41.8bUS$8.7bUS$1.8b15.6x22.7x4.8x
Fri, 26 Jul 2024US$40.3bUS$8.8bUS$2.4b10.4x17x4.6x
Sun, 23 Jun 2024US$46.8bUS$9.5bUS$2.9b10.1x15.9x4.9x
Tue, 21 May 2024US$48.2bUS$9.5bUS$2.9b10.4x16.4x5.1x
Thu, 18 Apr 2024US$42.6bUS$8.8bUS$2.3b12.6x18.7x4.9x
Sat, 16 Mar 2024US$44.7bUS$8.8bUS$2.3b13.1x19.6x5.1x
Mon, 12 Feb 2024US$43.9bUS$8.1bUS$2.1b10.3x21.4x5.4x
Wed, 10 Jan 2024US$48.4bUS$8.3bUS$2.4b11.3x20x5.8x
Fri, 08 Dec 2023US$46.1bUS$8.3bUS$2.4b10x19.1x5.6x
Sun, 05 Nov 2023US$43.3bUS$8.1bUS$2.6b10.9x16.8x5.3x
Tue, 03 Oct 2023US$43.0bUS$8.0bUS$2.2b10.8x19.5x5.4x
Thu, 31 Aug 2023US$45.6bUS$8.0bUS$2.2b11.8x20.7x5.7x
Sat, 29 Jul 2023US$45.5bUS$7.7bUS$1.4b14.3x32.1x5.9x
Price to Earnings Ratio

32.1x


Total Market Cap: US$45.5bTotal Earnings: US$1.4bTotal Revenue: US$7.7bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Mortgage REITs Industry Price to Earnings3Y Average 18.9x202420252026
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 18.9x.
  • 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 55% per year over the last three years.
  • Revenues for these companies have grown 23% 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-0.68%
Financials-0.076%
Mortgage REITs-2.35%
Mortgage REITs-2.35%
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
DX Dynex CapitalUS$13.02-1.5%
US$246.8m		2.4%PE7.3x
ABR Arbor Realty TrustUS$5.102.0%
+US$19.2m		-56.9%PE12.6x
TRTX TPG RE Finance TrustUS$8.681.9%
+US$12.4m		5.6%PE13.2x
BRSP BrightSpire CapitalUS$5.411.1%
+US$7.8m		9.5%PS2.1x
ACRE Ares Commercial Real EstateUS$4.592.9%
+US$7.2m		0.9%PS4.7x

Latest News

ACRE
US$4.59
Ares Commercial Real Estate
7D
2.9%
1Y
0.9%
ARR
US$16.43
ARMOUR Residential REIT
7D
-4.0%
1Y
-1.5%
AGNC
US$10.78
AGNC Investment
7D
-3.6%
1Y
15.0%
DX
US$13.02
Dynex Capital
7D
-1.5%
1Y
2.4%
Seeking Alpha • Jul 20

Dynex Capital Q2: The High Yield Isn't The Only Story

Summary Dynex Capital, Inc. delivered strong Q2 results, with book value growth, robust economic return (~6%), and a maintained 15%+ dividend yield. DX’s performance hinges on effective capital allocation, healthy agency MBS spreads, and the ability to issue shares above book value, fueling a virtuous growth cycle. Leverage (~8.1x) amplifies the income, supporting double-digit dividend yields, though sustainability depends on macro cycles and prepayment risks. I rate DX a cautious Buy, citing strong recent value generation and a track record, but acknowledge exposure to mortgage cycle volatility and uncertainty. Read the full article on Seeking Alpha
BXMT
US$16.79
Blackstone Mortgage Trust
7D
-1.8%
1Y
-13.6%
KREF
US$7.59
KKR Real Estate Finance Trust
7D
1.5%
1Y
-16.1%
ARI
US$6.88
Apollo Commercial Real Estate Finance
7D
-35.2%
1Y
-29.4%
ABR
US$5.10
Arbor Realty Trust
7D
2.0%
1Y
-56.9%
NLY
US$22.65
Annaly Capital Management
7D
-1.6%
1Y
11.0%
Seeking Alpha • Jul 17

Annaly: I Was Too Cautious On The Mix Shift, And Q2 Should Prove It

Summary I was too cautious in February: the Agency-to-credit/MSR rotation I called defensive is turning out additive, and Q1 numbers already show it working. The rebuilt book bends less: at 44% non-Agency, MSR gains as rates rise and offsets Agency drag, lowering rate beta into a higher-for-longer regime. Cheaper than it should be: Annaly trades at ~1.18x book, a discount to more Agency-heavy AGNC at ~1.28x, despite the better-aligned mix. Q2 is the catalyst: a covered $0.75 dividend and resilient book would validate the shift, with a ~12% yield paying you to wait. Read the full article on Seeking Alpha
RITM
US$9.15
Rithm Capital
7D
-0.8%
1Y
-24.9%
LADR
US$9.85
Ladder Capital
7D
0.2%
1Y
-10.6%
TRTX
US$8.68
TPG RE Finance Trust
7D
1.9%
1Y
5.6%
ADAM
US$8.85
Adamas Trust
7D
-3.3%
1Y
27.9%
PMT
US$9.80
PennyMac Mortgage Investment Trust
7D
-3.2%
1Y
-22.8%
BRSP
US$5.41
BrightSpire Capital
7D
1.1%
1Y
9.5%
CHMI
US$2.36
Cherry Hill Mortgage Investment
7D
2.6%
1Y
-10.6%