Key Highlights

  • Chimera Investment (NYSE:CIM) pays USD 0.45 quarterly, about 19.6 percent of a USD 9.19 quote, and the board expects to maintain it through 2026. Book Value was USD 17.75 per share at June 30.
  • MFA Financial (NYSE:MFA) pays USD 0.36 quarterly, about 19.8 percent of a USD 7.28 quote. Distributable Earnings after realized Credit losses were USD 0.12 per share in the second quarter, against GAAP earnings of USD 0.35.
  • Dynex Capital (NYSE:DX) pays USD 0.17 monthly, about 18.9 percent of a USD 10.80 quote. Book value was USD 12.90 at June 30, so the quote sits near 84 percent of book.
  • Blackstone Mortgage Trust (NYSE:BXMT) pays USD 0.47 quarterly, about 16.9 percent of a USD 11.13 quote. Distributable earnings of USD 0.31 fell short of the dividend, and book value dropped to USD 19.31.

Chimera Investment (NYSE:CIM): A Pledge to Hold

Chimera Investment (NYSE:CIM) declared USD 0.45 per share for the third quarter, with record and ex-dividend dates of September 30, 2026 and payment on October 30. The company release says the board expects to maintain USD 0.45 throughout 2026. Annualized at USD 1.80 and divided by a USD 9.19 quote, the Yield is about 19.6 percent, a snapshot and not a guarantee. Chimera funds residential credit and agency securities with borrowed money. At the second quarter, loans held for investment were 55.6 percent of the portfolio at fair value, agency securities 36.8 percent and non-agency securities 5.1 percent. GAAP Leverage rose to 5.6 to 1 from 5.1 to 1 at year end, and recourse leverage rose to 3.3 to 1 from 2.4 to 1. Earnings available for distribution were USD 0.46 per diluted share, covering the Dividend by one cent, while the GAAP result was a loss of USD 0.05. Book value was USD 17.75 at June 30, so the quote is about 52 percent of it, simple arithmetic. Spread widening and funding costs are the main risks. The third quarter results date was not verified.

MFA Financial (NYSE:MFA): Non-QM Credit

MFA Financial (NYSE:MFA) announced on September 23, 2026 a quarterly dividend of USD 0.36, payable October 30 to holders of record on October 5. That Record Date has passed, so new buyers would not receive this payment. Annualized at USD 1.44 over a USD 7.28 quote, the yield is about 19.8 percent. The company mainly owns residential whole loans, including non-qualified mortgages, with a USD 13.0 billion residential portfolio at June 30, Debt to net Equity of 6.6 times and recourse leverage of 3.0 times. Non-QM loans serve borrowers whose documentation falls outside agency standards, so credit performance drives book value. Sixty-plus day delinquencies fell to 7.0 percent from 7.8 percent. GAAP Net Income was USD 0.35 per basic share, but distributable earnings after realized credit losses were USD 0.12, one third of the payout. GAAP book value was USD 12.71, so the quote is near 57 percent of it. The company repurchased over 500,000 shares in the quarter, and published market data shows a new annual low near USD 7.33. The third quarter results date was not verified.

Dynex Capital (NYSE:DX): Monthly Agency Income

Dynex Capital (NYSE:DX) is the monthly payer in this group. On September 11, 2026 the board declared USD 0.17 for September, payable October 1 to holders of record on September 21. Published dividend data shows USD 0.17 for each month from February 2026, and no cut was found in the last 12 months. Twelve payments equal USD 2.04, and dividing by a USD 10.80 quote gives about 18.9 percent. The company buys agency mortgage securities, which carry a government-related guarantee against credit losses, so the exposures are rates, spreads and prepayments. The portfolio was USD 27.6 billion at June 30, 95 percent agency residential, with leverage of 8.1 times equity, down from 8.6 times. Book value was USD 12.90, up from USD 12.60, and the quote sits near 84 percent of it, the narrowest discount in this group on simple arithmetic. Net income was USD 0.80 per share against USD 0.51 declared, but it includes Market Value changes that can reverse. Dynex raised USD 391 million through its at-the-market program, which adds shares sharing the same dividend. The October declaration had not been found, and the third quarter results date was not verified.

Blackstone Mortgage Trust (NYSE:BXMT): Senior Loans and Reserves

Blackstone Mortgage Trust (NYSE:BXMT) declared USD 0.47 per class A share on September 15, 2026, with a September 30 record date and payment on October 15. Published releases show USD 0.47 for each quarter from late 2024, so no cut was found in the last 12 months. Annualized at USD 1.88 and divided by a USD 11.13 quote, the yield is about 16.9 percent, a snapshot and not a guarantee. It is a commercial mortgage REIT making senior real estate loans, with a USD 16.9 billion Loan portfolio, debt to equity of 3.9 times and 88 percent of debt carrying no Capital Markets mark-to-market provisions. Office exposure was cut from 36 percent to 21 percent, with USD 1.4 billion redeployed. Distributable earnings were USD 0.31, USD 0.16 below the dividend, and USD 0.48 only before realized gains and losses, while the GAAP loss was USD 0.48 per share. Book value fell to USD 19.31 from USD 20.20, and the quote is near 58 percent of it. The CECL reserve was USD 410 million, or USD 2.43 per share. The third quarter results date was not verified.

Where Things Stand

These four mortgage REITs yield about 17 to 20 percent because each pays a large dividend on a share price below book value. Chimera Investment (NYSE:CIM) trades near 52 percent of book with earnings covering its payout by one cent. MFA Financial (NYSE:MFA) trades near 57 percent with credit losses cutting distributable earnings. Dynex Capital (NYSE:DX) trades near 84 percent and pays monthly. Blackstone Mortgage Trust (NYSE:BXMT) trades near 58 percent with earnings below the dividend. Each yield is a snapshot of the latest distribution, not a guarantee, and each board can change the amount. The next checkpoints are the October 15 BXMT payment, the October 30 payments and third quarter results. This is informational analysis, not investment advice.