Mortgage REITs Stocks — Fair Value & Margin of Safety

Equity Rank covers 19 Mortgage REITs companies; 19 have a published model fair value, and 11 of those (58%) trade below the model estimate. The median model fair value sits 6.2% above the current price, under these model assumptions. Data as of 2026-10-22.

Source: Equity Rank — Mortgage REITs stocks. Model fair value is a multi-method blend (DCF, Graham Number, earnings power, sector multiples and more), recomputed after each U.S. market close.

Mortgage REITs stocks furthest below the model estimate

Among companies valued by at least five methods. A wide gap can also mean the models are missing something.

  1. ARR — ARMOUR Residential REIT Inc: model fair value $15.64 vs. price $12.69, a model fair value differential of 23.3% above the current price (as of 2026-10-22)
  2. ADAM — New York Mortgage Trust, Inc.: model fair value $8.84 vs. price $7.73, a model fair value differential of 14.4% above the current price (as of 2026-10-22)
  3. PMT — PennyMac Mortgage Investment Trust: model fair value $8.01 vs. price $7.01, a model fair value differential of 14.3% above the current price (as of 2026-10-22)
  4. IVR — Invesco Mortgage Capital Inc: model fair value $6.24 vs. price $5.52, a model fair value differential of 13.0% above the current price (as of 2026-10-22)
  5. ARI — Apollo Commercial Real Estate Finance Inc: model fair value $6.84 vs. price $6.29, a model fair value differential of 8.7% above the current price (as of 2026-10-22)
  6. MFA — MFA Financial Inc: model fair value $7.17 vs. price $6.62, a model fair value differential of 8.3% above the current price (as of 2026-10-22)
  7. NREF — Nexpoint Real Estate Finance Inc: model fair value $16.82 vs. price $15.80, a model fair value differential of 6.5% above the current price (as of 2026-10-22)
  8. NLY — Annaly Capital Management, Inc.: model fair value $19.48 vs. price $18.34, a model fair value differential of 6.2% above the current price (as of 2026-10-22)
  9. EFC — Ellington Financial Inc.: model fair value $11.73 vs. price $11.63, a model fair value differential of 0.9% above the current price (as of 2026-10-22)

All 19 Mortgage REITs companies

TickerCompanyPriceModel fair valueGap
NLYAnnaly Capital Management, Inc.$18.34$19.48+6.2%
AGNCAGNC Investment Corp.$8.89$8.65-2.7%
RITMRithm Capital Corp.$8.68$8.10-6.7%
STWDStarwood Property Trust Inc$12.58$11.08-11.9%
DXDynex Capital Inc$11.05$10.47-5.3%
ARRARMOUR Residential REIT Inc$12.69$15.64+23.3%
BXMTBlackstone Mortgage Trust Inc$10.58$10.47-1.0%
EFCEllington Financial Inc.$11.63$11.73+0.9%
LADRLadder Capital Corp Class A$9.32$8.86-4.9%
ARIApollo Commercial Real Estate Finance Inc$6.29$6.84+8.7%
CIMChimera Investment Corporation$8.45$9.11+7.8%
ADAMNew York Mortgage Trust, Inc.$7.73$8.84+14.4%
MFAMFA Financial Inc$6.62$7.17+8.3%
PMTPennyMac Mortgage Investment Trust$7.01$8.01+14.3%
IVRInvesco Mortgage Capital Inc$5.52$6.24+13.0%
FBRTFranklin BSP Realty Trust Inc$6.25$5.89-5.8%
TRTXTPG RE Finance Trust Inc$6.22$6.13-1.4%
NREFNexpoint Real Estate Finance Inc$15.80$16.82+6.5%
KREFKKR Real Estate Finance Trust Inc$5.72$6.41+12.1%

Largest companies first. Gap = model fair value differential versus the current price; positive means the price sits below the model estimate. “Not published” means the models lacked reliable data.

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