Mortgage Real Estate Investment Trusts (REITs)

AGNC Investment Corp. will be added to the S&P MidCap 400 Index, effective prior to the open of trading on Monday, September 21, 2026, as part of S&P Dow Jones Indices' September quarterly rebalance. The S&P MidCap 400 Index measures the performance of the mid-cap segment of the U.S. market and is composed of 400 constituent companies. As a result of its addition to that index, AGNC will also become a constituent of the S&P Composite 1500, the S&P 900, and the S&P 1000 indices. Chief Executive Officer Peter Federico called the addition an important milestone and a testament to the scale AGNC has attained over its 18-year history. Founded in 2008, AGNC invests in Agency residential mortgage-backed securities and has paid over $16 billion of common stock dividends since inception.

Cherry Hill Mortgage declared a quarterly dividend of $0.10 per share, in line with its previous payout. The dividend carries a forward yield of 13.79%. It is payable Oct. 30 to shareholders of record as of Sept. 30, with an ex-dividend date of Sept. 30.

Annaly Capital Management, Inc. has declared a third quarter 2026 common stock cash dividend of $0.75 per share, payable on October 30, 2026, to shareholders of record as of September 30, 2026, with the ex-dividend date also set for September 30. The company, a diversified capital manager focused on mortgage finance and structured as a real estate investment trust, announced the dividend through its Board of Directors. This dividend continues Annaly's practice of distributing net income to stockholders.

Two Harbors Investment Corp. has received the final regulatory approval needed to complete its merger with CrossCountry Mortgage, with the deal expected to close before market open on August 25, 2026. At closing, CrossCountry Merger Corp., a wholly owned subsidiary of CrossCountry Mortgage, will merge into Two Harbors, which will survive as a wholly owned subsidiary. Two Harbors stockholders will receive $12.00 per share in cash, plus a stub period dividend of $0.20326 per share for stockholders of record at the close of business on August 24, 2026. The stub dividend will be paid with the merger consideration and will not reduce the merger price.

Annaly Capital Management shares have gained 5.9% since the company reported second-quarter 2026 earnings about a month ago, outperforming the S&P 500. The company posted earnings available for distribution of 79 cents per share, beating the Zacks Consensus Estimate of 75 cents and up from 73 cents a year earlier. Net interest income was $488.2 million, below the consensus estimate by 4.1% but up from $273.2 million in the prior-year quarter. Book value per common share rose to $20.15 as of June 30, 2026, from $18.45 a year earlier, and the company increased its quarterly common dividend to 75 cents per share from 70 cents. Annaly also raised $447 million through its at-the-market sales program during the quarter and increased its hedge ratio to 97% from 87% in the prior quarter.

Two Harbors Investment, Cherry Hill Mortgage Investment, and Invesco Mortgage Capital are pursuing sharply different strategies despite being grouped as high-yield mortgage REITs. Two Harbors is pinned near its $12 per share cash buyout price after a 26.74% year-to-date gain, with the deal expected to close on Aug. 3. Cherry Hill surged 21.16% in the week ending Aug. 14 after TPG Mortgage Investment Trust agreed to acquire it for 0.3063 MITT shares plus 93 cents cash per CHMI share, an implied $3.10 value and 29% premium. Invesco Mortgage Capital remains the only standalone operator, paying a 19% annualized monthly dividend from an $8.2 billion Agency portfolio that grew 12.4% quarter-over-quarter.

Ellington Financial reported second-quarter 2026 GAAP net income of $0.43 per share and adjusted distributable earnings of $0.60 per share, driven by strong securitization execution and record proprietary reverse mortgage volume at its Longbridge segment. The company's annualized economic return was 13.6%, and book value per share rose to $13.61, up $0.05 from the prior quarter. Longbridge originations reached $590 million, a 38% year-over-year increase, with proprietary reverse mortgages representing 54% of volume. Ellington completed $2 billion in securitizations during the quarter, bringing first-half 2026 total to $4 billion, compared to $4.4 billion for all of 2025. Management expects to close the acquisition of a small residential loan servicer in September 2026 to build a best-in-class special servicing platform.

MFA Financial reported second quarter 2026 results with economic book value essentially unchanged at $13.20 per share and a total economic return of 2.6%. The company resolved approximately $200 million of previously delinquent loans, reducing its 60-plus day delinquency rate from 7.8% to 7.0%, while GAAP net income was $46.8 million or $0.35 per basic common share. Distributable earnings were $12.2 million or $0.12 per share, impacted by $24.5 million of realized credit losses on fair value loans, though distributable earnings prior to realized credit losses rose to $36.7 million or $0.35 per share. Lima One origination volume increased 44% to $316 million, and the investment portfolio grew to approximately $13 billion from $12.5 billion at March 31. The company repurchased over 500,000 common shares and expects run-rate G&A expenses to average $26 million to $27 million per quarter for the rest of the year.

Ellington Financial Inc. reported second-quarter 2026 adjusted earnings of 60 cents per share, beating the Zacks Consensus Estimate of 46 cents by 30.4% and rising 27.7% from a year ago. Revenues of $72.3 million jumped 66.8% year over year and topped the consensus estimate of $66.8 million by 8.2%. Results were driven by stronger net interest income, solid credit performance, and contributions from Longbridge, where loan originations rose 38% year over year to $589.7 million and HMBS market share reached a record 29%. The adjusted long investment portfolio grew roughly 1% sequentially to $4.50 billion, while the net Longbridge portfolio declined 7% sequentially to $649.3 million after two proprietary reverse mortgage securitizations. Management noted a 20% annualized economic return for the first half of 2026, with adjusted distributable earnings of $1.15 per share compared with dividends of 78 cents per share.

Cherry Hill Mortgage Investment Corp. has entered into a definitive agreement to be acquired by TPG Mortgage Investment Trust in a transaction valued at approximately $117.5 million. Under the terms, each CHMI common share will receive 0.3063 MITT common shares plus $0.93 in cash, implying a value of $3.10 per CHMI share based on MITT's August 7 closing price, a 29% premium to CHMI's unaffected price. The combined investment portfolio is expected to total approximately $9.0 billion, with management projecting $7 million to $9 million of annual operating efficiencies and 2027 earnings accretion. CHMI also reported second-quarter earnings available for distribution of $0.15 per share, exceeding estimates and marking its strongest quarterly core earnings performance since the first quarter of 2025. The transaction is expected to close in the fourth quarter of 2026, subject to stockholder approvals and customary conditions.

TPG Mortgage Investment Trust, operating as MITT, expects to close its acquisition of Cherry Hill Mortgage Investment Corporation in the fourth quarter of 2026, a deal projected to increase market capitalization by about 36% and create a roughly $750 million equity base. The combined company anticipates $7 million to $9 million in annual cost synergies, with the consideration mix expected to be about 30% cash and 70% stock. MITT reported second-quarter earnings available for distribution of $0.24 per share, fully covering its $0.24 dividend, and plans more than $1.25 billion of home equity securitizations in the third quarter. Management also expects to resolve three legacy commercial exposures by year-end, potentially unlocking about $30 million for reinvestment and improving annual EAD by approximately $0.20 per share through 2027.

MFA Financial reported second-quarter Non-GAAP earnings per share of $0.35, beating estimates by $0.10, while revenue of $58.57 million missed expectations by $1 million and declined 4.4% year-over-year. GAAP book value per common share stood at $12.71 as of June 30, 2026, with economic book value at $13.20 per share. Total economic return for the quarter was 2.6%. The company held $141.2 million in unrestricted cash and $294.1 million in unpledged Agency MBS at quarter-end, and paid a regular cash dividend of $0.36 per common share on July 31, 2026.

Chimera Investment Corporation reported second-quarter earnings available for distribution of $0.46 per diluted common share, maintaining coverage for its $0.45 quarterly dividend. GAAP net loss was $4 million, or $0.05 per diluted common share, while GAAP book value per common share stood at $17.75, resulting in an economic return of negative 0.76 percent. The residential origination segment originated $1.1 billion in volume, up 30 percent from the prior year period, and generated $9 million of net income. The investment portfolio segment completed two re-securitizations of residential mortgage loans with an aggregate principal balance of $487 million and purchased an additional $122 million of newly originated loans from HomeXpress, bringing loans retained at quarter end to $301 million.

Ares Commercial Real Estate announced that Chief Operating Officer Tae-Sik Yoon will transition from his day-to-day executive role to serve as a senior adviser to Ares management after 14 years with the firm. The company reported second-quarter GAAP net income of $4.4 million, or $0.08 per diluted common share, and distributable earnings of $6.9 million, or $0.12 per share. The total loan portfolio reached $1.8 billion in outstanding principal, a 36% increase year over year, while office exposure fell to $442 million, or less than 25% of the portfolio. The board declared a quarterly dividend of $0.15 per share and reauthorized a $50 million share repurchase program through July 2027.

Invesco Mortgage Capital Inc. announced that Peter Graham has joined its Board of Directors, effective August 3, 2026. Graham is Co-President and Chief Financial Officer of Sallie Mae, where he oversees finance, treasury, capital markets, and investor relations. He brings more than 30 years of financial services and corporate finance experience, including prior roles as CFO of PRA Group and over a decade at General Electric in executive finance positions. Graham will also serve on the Board's Audit, Compensation, and Nomination and Corporate Governance committees.

Ellington Financial's Longbridge segment generated $57.5 million in net income in the first quarter, helping the company report earnings of 78 cents per share, up from 35 cents a year earlier. Longbridge originated $515.4 million of new loans, a 52% increase from the same period in 2025, with wholesale and correspondent channels accounting for 70% of volume and retail the remaining 30%. The portfolio grew 13% sequentially to $695.1 million, driven by strong proprietary reverse mortgage originations. Results also included gains from a proprietary reverse mortgage loan securitization, interest-rate hedges, and a $17 million litigation settlement, meaning not every benefit should be viewed as recurring. Longbridge's interest expense rose to $28.8 million from $16.6 million as average borrowings increased to $2 billion from $1 billion, while investment and transaction-related expenses climbed to $15.8 million from $10.8 million.

AGNC Investment reported net income of US$654 million for the second quarter of 2026, swinging from a net loss of US$140 million in the same period last year. The stock currently trades at a price-to-earnings ratio of 5.9 times, below the US Mortgage REITs industry average of 9.6 times and a peer group average of 11.8 times, and at a 42.8% discount to an estimated fair P/E of 11.3 times. A discounted cash flow model from Simply Wall St places fair value at $18.63 per share versus the current $10.66 price. Despite the earnings rebound and a 28.9% one-year total shareholder return, the share price is down 2.4% year to date, and annual revenue and net income have both declined.

Orchid Island Capital swung to a profit in the second quarter of 2026, reporting earnings of $0.44 per share compared with a loss of $0.11 per share in the first quarter. Book value per share rose to $7.22 at June 30 from $7.08 at the end of the prior quarter, and total return improved to 6.2% from negative 1.3%. The company aggressively increased its hedge coverage to 91% of repo funding from 72% last quarter, adding interest-rate swaps and other protection amid rising rate uncertainty. Management shifted the portfolio modestly toward lower-coupon 30-year securities, reducing the average coupon by about 6 basis points, while the economic net interest spread narrowed by the same amount. Post-quarter, book value had declined by as much as 4.3% including dividend accrual, and leverage had risen to about 7.73-to-1, leaving future dividends and returns sensitive to funding costs and mortgage-market volatility.

Annaly Capital Management reported earnings available for distribution of 79 cents per share in the second quarter, exceeding its 75-cent dividend for a ninth consecutive quarter. The mortgage real estate investment trust currently offers a dividend yield above 12.5 percent, more than ten times the S&P 500's yield. CEO David Finkelstein attributed the recent dividend increase to the durable earnings power of the portfolio, supported by the company's scale, diversification across Agency MBS, residential credit, and mortgage servicing rights, and reduced economic leverage of 5.6 times. Annaly sees levered returns of 11 to 13 percent on new MSR investments, 12 to 15 percent on residential credit, and 14 to 16 percent on Agency MBS, and grew its Agency MBS portfolio by 3 billion dollars during the quarter.

Annaly Capital Management reported a 5.5% economic return for the second quarter of 2026, with earnings available for distribution of $0.79 per share, marking the ninth consecutive quarter that EAD exceeded the dividend. Book value per share rose 1.7% to $20.15, and the company raised its quarterly common dividend to $0.75 per share, which management expects to cover over time. The Agency portfolio grew by roughly $3 billion to $95 billion in market value, while Residential Credit posted a record $7.1 billion in loan purchases. Annaly ended the quarter with $8 billion in unencumbered assets and said capital deployment will likely favor Agency assets first.

AGNC Investment reported second-quarter comprehensive net income of $0.52 per share and net spread and dollar roll income of $0.40 per share, both exceeding its $0.36 quarterly dividend. Book value rose 2.4% to $8.38 per share, generating a 6.7% economic return for the period. CEO Peter Federico noted that despite a challenging environment marked by U.S.-Iran tensions and shifting rate expectations, favorable technicals supported Agency MBS performance. Federico stated that at current spreads the REIT can earn a 15% to 17% return on equity, supporting the dividend that has now been maintained at $0.12 per month for 75 consecutive months.

AGNC Investment reported second-quarter comprehensive net income of $0.52 per share and net spread and dollar roll income of $0.40 per share, both exceeding its $0.36 per share quarterly dividend, as the mortgage REIT notched its 75th consecutive month of paying a $0.12 monthly dividend. Book value rose 2.4% to $8.38 per share, producing a 6.7% economic return for the period. CEO Peter Federico noted that despite a challenging environment marked by U.S.-Iran tensions, elevated energy prices, and shifting rate expectations, favorable supply-demand dynamics supported Agency MBS performance and tighter spreads. Federico said current spreads allow the REIT to earn a 15% to 17% return on equity at leverage of 7.0 to 7.5 times, aligning well with the dividend economics and supporting continued confidence in the payout. The stock currently yields more than 13% based on a price of $11 per share, which trades at a significant premium to book value.

Annaly Capital Management reported a sharp increase in second-quarter earnings, with net income rising to $781.64 million, or $1.06 per share, from $19.84 million, or $0.03 per share, in the same period last year. Revenue for the quarter climbed 78.7% to $488.19 million from $273.20 million a year earlier.

eXp Realty announced it will hold eXpcon Medellín from April 6 to 8, 2027, marking the first eXpcon in Latin America and the first conducted entirely in Spanish. The event underscores the growing importance of the Central America, Latin America, and Caribbean region within eXp’s global network, where the company currently operates in eight markets: Brazil, Chile, Colombia, the Dominican Republic, Ecuador, Mexico, Peru, and Puerto Rico. Felix Bravo, Managing Director of eXp International, said the conference is an investment to help agents build the knowledge, connections, and market expertise needed to serve clients with cross-border real estate goals. Virginia Restrepo, CALA Regional Director, added that hosting the event in Spanish ensures meaningful conversations for the people and communities driving momentum in the region. The three-day conference will feature keynotes, business and leadership education, networking, and region-specific programming, with early registration now open and an eXplorer Pass available for non-eXp agents.

Annaly Capital Management's total portfolio surpassed $109 billion in the second quarter. The company also boosted its earnings available for distribution and raised its dividend. The results reflect the firm's ongoing capital mix strategy, which has drawn analyst attention ahead of the earnings release.

Dynex Capital reported a total economic return of 6.4% for the second quarter of 2026. Book value per share rose to $12.90, up 2.4% from the prior quarter, while net interest income improved to $0.42 per share. The company raised $391 million of accretive capital, expanding its capital base to $3.1 billion in the first half of the year from $2.4 billion at year-end, and grew its Agency MBS portfolio by more than 40%. Management said the outlook remains constructive, with mortgage spreads supportive, refinancing activity muted, and leverage expected to stay in a 7.5x to 8.5x range. Executives also flagged AI-driven refinancing risk as a reason to be increasingly selective in security choice.

Orchid Island Capital announced estimated second quarter 2026 results, reporting a book value per share of $7.22 as of June 30, 2026. The company estimates GAAP net income of $0.44 per share for the quarter, which includes an estimated $0.18 per share of net realized and unrealized gains on RMBS and derivative instruments. Estimated total return on equity for the quarter was 6.2%, with dividends declared of $0.30 per share and an increase in book value per share of $0.14. The RMBS portfolio had a fair value of approximately $11.54 billion as of June 30, 2026, with total borrowings of $11.09 billion across 33 counterparties at a weighted average repo rate of 3.77%. All figures are preliminary and subject to review by the company's independent registered public accounting firm.

Two Harbors Investment Corp. stockholders voted to approve the merger with CrossCountry Mortgage at a reconvened special meeting on July 2, 2026. Under the deal, each share of TWO common stock will be converted into the right to receive $12.00 in cash, plus a pro-rated stub dividend for the portion of the quarter before closing. Holders of TWO's Series A, Series B and Series C preferred stock will have their shares redeemed at $25.00 per share plus accumulated and unpaid dividends after the closing. The transaction has received early antitrust clearance and 48 of 53 required state regulatory approvals, with closing expected in August 2026 subject to remaining conditions.

Annaly Capital Management, Casey's General Stores, and Target each announced dividend increases, offering investors choices from high current yields to rapid payout growth. Annaly, a mortgage REIT, raised its quarterly dividend by 7%, pushing its indicated yield near 13.5%, with the next payment due July 31 to shareholders of record as of June 30. Casey's, a convenience store chain, lifted its dividend by 14%, marking the fourth consecutive year of increases of 13% or more, though its yield remains near 0.3% due to a surging share price; the next dividend is payable August 14 to holders of record as of the August 1 close. Target, the big-box retailer, increased its quarterly payout by just under 2% to $1.16, extending its streak of annual increases to 54 years, with a yield near 3.5% and the next dividend payable September 1 to shareholders of record as of the August 12 close.