• Mortgage REIT earnings season wrapped up this week. As with their Equity REIT peers, earnings reports were generally better-than-expected. We complied dividend and book value updates from all 42 mREITs.
• After 31 of 42 mREITs cut or suspended dividends from March through June, we haven't seen any additional cuts since the start of July. One mREIT (Arbor Realty) raised distributions.
• While a half-dozen mREITs had also initially suspended their preferred distribution, AG Mortgage and Xantas Capital are the only two mREITs that have yet to resume distributions on their preferreds.
• Residential mREITs reported an average increase in reported tangible Book Value Per Share of 8.9% from Q1 to Q2 while commercial mREITs reported an average increase in BVPS of 0.2%.
• Despite the dividend reductions, residential and commercial mREITs still pay a hearty dividend yield of 7.9% and 7.7%, respectively. Current payout levels appear sustainable if the economic recovery progresses.

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