Mortgage REITs; Relief rally
26/03/2020 15:09
** Mortgage REITs continue their rally Thurs as more cos
provide portfolio updates and suspend Q1 dividend payments to
preserve liquidity
** Dow Jones Mortgage REIT index .DJUSMR surging ~22% and
the iShares Mortgage Real Estate ETF REM.N jumping ~25%
** DJUSMR and REM notched gains of 20% and 15%,
respectively, on Weds as the sector rebounded amid broader
market gains on stimulus hopes urn:newsml:reuters.com:*:nL1N2BI20L
** Indeed, the S&P 500 .SPX is up nearly 4% in today's
session as job losses stir talk of more stimulus .N
** Granite Point Mortgage Trust GPMT.N is best performing
stock across all U.S. exchanges, up 200%, after suspending Q1
2020 common stock dividend. Co last paid 42 cents/sh for Q4
urn:newsml:reuters.com:*:nBw3Tfqgfa. Also, JMP Securities upgrades GPMT to "market
outperform" from "market perform"
** AG Mortgage Investment Trust MITT.N more than doubles.
Co seeks ruling to prevent Royal Bank of Canada RY.TO RY.N
from auctioning off mortgage debt urn:newsml:reuters.com:*:nL1N2BI2FP
** MFA Financial MFA.N up ~95% as it revokes Q1 dividends
on its common and preferred stocks urn:newsml:reuters.com:*:nPnbtL1S7a
** New York Mortgage Trust NYMT.O leaps 72%, while Invesco
Mortgage Capital Inc IVR.N and Redwood Trust RWT.N both up >
50%
** Blackstone Mortgage Trust BXMT.N and Apollo Commercial
Real Estate Finance ARI.N both up nearly 40%
** Earlier this week, AG Mortgage's warning about an
"unusually high" amount of margin calls and Colony Capital's
CLNY.N Tom Barrack saying that the U.S. commercial real estate
mortgage market "stands on the brink of collapse" if the
government didn't take immediate action to weather the COVID-19
crisis chilled the sector urn:newsml:reuters.com:*:nL1N2BG1K5
(Reporting by Lance Tupper)
((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 646-223-5017))