Ahead of Annaly Capital (NLY +1.7%) results after the bell, the mortgage REITs (REM +0.8%) are higher across the board, led by the four who reported earnings after yesterday's close. New York Mortgage Trust (NYMT +2.8%), Apollo Residential Mortgage (AMTG +1.3%), AG Mortgage Investment (MITT +3.3%), and Javelin Mortgage (JMI +0.9%).
Bond yields - mostly at the short end - are slipping amid Janet Yellen's congressional testimony.
At the current price of $7.59, New York Mortgage Trust is trading at 1.16x March 31 book value, and Javelin Mortgage - which was one of the cheapest in the sector a few months back - is trading right at book following large share buybacks at the behest of activist investor Phil Goldstein. MITT and AMTG continue to trade at sizable discounts to book value.