Apollo Commerical Finance (ARI) came out with quarterly earnings of $0.3 per share, beating the Zacks Consensus Estimate of $0.05 per share. This compares to earnings of $0.31 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of +500.00%. A quarter ago, it was expected that this real estate investment trust would post earnings of $0.26 per share when it actually produced earnings of $0.26, delivering no surprise.Over the last four ...

DigitalBridge (DBRG) came out with quarterly earnings of $0.12 per share, beating the Zacks Consensus Estimate of $0.09 per share. This compares to earnings of $0.06 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of +33.33%. A quarter ago, it was expected that this provider of asset management services to NorthStar Realty Finance Corp. would post earnings of $0.09 per share when it actually produced a loss of $0.1, delivering a ...

Redwood Trust (RWT) came out with quarterly earnings of $0.2 per share, beating the Zacks Consensus Estimate of $0.16 per share. This compares to earnings of $0.18 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of +25.00%. A quarter ago, it was expected that this specialty finance company would post earnings of $0.19 per share when it actually produced earnings of $0.18, delivering a surprise of -5.26%.Over the last four quarter ...

Franklin BSP (FBRT) came out with quarterly earnings of $0.22 per share, missing the Zacks Consensus Estimate of $0.24 per share. This compares to a loss of $0.1 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -8.33%. A quarter ago, it was expected that this real estate investment trust would post earnings of $0.31 per share when it actually produced earnings of $0.27, delivering a surprise of -12.9%.Over the last four quarter ...

Blackstone Mortgage Trust (BXMT) came out with quarterly earnings of $0.24 per share, beating the Zacks Consensus Estimate of $0.19 per share. This compares to earnings of $0.49 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of +26.32%. A quarter ago, it was expected that this real estate finance company would post earnings of $0.2 per share when it actually produced earnings of $0.19, delivering a surprise of -5%.Over the last ...

Annaly Capital Management (NLY) came out with quarterly earnings of $0.73 per share, beating the Zacks Consensus Estimate of $0.72 per share. This compares to earnings of $0.66 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of +1.39%. A quarter ago, it was expected that this real estate investment trust would post earnings of $0.72 per share when it actually produced earnings of $0.73, delivering a surprise of +1.39%.Over the la ...

KKR Real Estate Finance (KREF) came out with a quarterly loss of $0.03 per share versus the Zacks Consensus Estimate of $0.01. This compares to earnings of $0.4 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -400.00%. A quarter ago, it was expected that this real estate finance company would post a loss of $0.16 per share when it actually produced a loss of $0.53, delivering a surprise of -231.25%.Over the last four quarters, ...

核心业绩表现 - 2025年第三季度每股收益为0.35美元，低于市场预期的0.38美元，同比下降18.6% [1] - 本季度收益不及预期，意外偏差为-7.89%，上一季度意外偏差为-9.52% [1] - 季度营收为1.48亿美元，大幅低于市场预期，偏差达-45.19%，去年同期营收为-6400万美元 [2] - 过去四个季度中，公司仅有一次超过每股收益预期，营收则均未超过市场预期 [2] 市场表现与展望 - 公司股价年初至今上涨约8.5%，表现逊于同期标普500指数13.3%的涨幅 [3] - 当前市场对公司的未来预期为：下一季度每股收益0.38美元，营收2.906亿美元；本财年每股收益1.59美元，营收8.846亿美元 [7] - 公司目前的Zacks评级为3级（持有），预计近期表现将与市场同步 [6] 行业比较 - 公司所属的房地产投资信托（REIT）和权益信托行业，在Zacks行业排名中处于后38%的位置 [8] - 同业公司NexPoint预计将于10月30日公布业绩，市场预期其季度每股收益为0.42美元，同比下降44%，预期营收为946万美元，同比下降24.4% [9]

核心业绩表现 - 季度每股收益为0.25美元，低于市场预期的0.44美元，出现43.18%的负收益惊喜 [1] - 本季度业绩相比去年同期的每股亏损0.1美元有所改善 [1] - 季度营收为3061万美元，超出市场预期4.62%，相比去年同期的89万美元大幅增长 [2] 近期业绩趋势与市场表现 - 在过去四个季度中，公司仅有一次达到每股收益预期，但有两次达到营收预期 [2] - 公司股价年初至今上涨约5.8%，表现逊于标普500指数13.3%的涨幅 [3] - 上一季度实际每股收益为0.22美元，远低于预期的0.49美元，负收益惊喜达55.1% [1] 未来展望与预期 - 当前市场对下一季度的共识预期为每股收益0.48美元，营收3923万美元 [7] - 对本财年的共识预期为每股收益1.84美元，营收1.0875亿美元 [7] - 在公司发布最新财报前，其盈利预期修正趋势好坏参半，目前Zacks评级为3级（持有） [6] 行业比较与同业表现 - 公司所属的REIT和权益信托行业在Zacks行业排名中处于后38%位置 [8] - 同业公司Franklin BSP预计在即将公布的报告中实现每股收益0.24美元，同比增长340% [9] - Franklin BSP预计季度营收为5287万美元，较去年同期增长6.4% [10]

行业核心观点 - Zacks REIT和股权信托行业因宏观经济不确定性面临抵押贷款利率波动 预计利率将在短期内维持相对较高水平 行业参与者将持续面临盈利压力 [1] - 尽管住房市场存在持续的负担能力挑战 但购房贷款发放和再融资活动呈现改善趋势 为部分公司带来机遇 [2] - 行业Zacks排名为第185位 处于所有243个行业中的后24% 表明其短期前景黯淡 [7][8] 行业定义与运营模式 - 该行业由抵押贷款房地产投资信托基金组成 投资于抵押贷款和抵押贷款支持证券 并为房主和企业提供抵押信贷 [3] - 行业参与者通过债务和股权市场筹集资金 关键收入指标是净息差 即抵押资产和证券的利息收入与融资成本之间的利差 [3] 影响行业未来的关键因素 - 行业因账面价值侵蚀而削减股息 机构抵押贷款REITs的有形账面价值出现小幅下降 高杠杆mREITs将面临盈利压力 可能导致资本外流和账面价值下降 [4] - 保守的投资策略将抑制回报 市场波动和不确定的金融状况导致mREITs可能选择性投资 投资组合增长放缓 更高的对冲比率也将阻碍增长 [5] - 相对较低的抵押贷款利率将提振贷款需求 当前利率低于52周平均水平的6.71% 推动了购房申请和再融资活动的新兴趣 预计将缓解行业参与者的运营和财务压力 [6] 行业市场表现与估值 - 行业在过去一年表现落后 下跌6.2% 而更广泛的金融板块上涨17.1% 标普500指数上涨18.2% [10] - 基于市净率估值 行业当前交易于1.00倍 低于标普500的8.8倍和金融板块的4.32倍 在过去五年中 交易区间为0.70倍至1.06倍 中位数为0.90倍 [13][15] 值得关注的公司 - Annaly Capital Management (NLY) 投资策略审慎 结合传统机构MBS和更高收益的非机构资产类别 市场资本为131亿美元 2025年每股收益预估为2.89美元 预计同比增长7% [17][18][19] - Apollo Commercial Real Estate Finance (ARI) 专注于商业房地产相关债务投资 利用强劲的贷款发放渠道 市场资本为13.9亿美元 2025年每股收益预估为1.04美元 预计同比大幅增长141.9% [22][23][24] - Ellington Financial LLC (EFC) 投资组合多元化 涵盖住宅和商业抵押贷款 积极采用动态对冲策略 市场资本为13.3亿美元 2025年每股收益预估为1.74美元 预计同比增长19.2% [27][28][29][30]