HOUSING & MORTGAGE EARNINGS REPORT — 11/06/26
EXECUTIVE SUMMARY
The Q3 picture is sharply divided: large lenders such as Rocket reported stronger profitability and AI-driven efficiencies, while UWM’s volume and gain margin declined year over year. Homebuilders are contending with mortgage rates, incentives, reduced affordability and weaker orders; several mortgage REITs suffered substantial mark-to-market losses and book-value declines as rates and spreads rose. Notable bright spots include Zillow mortgage originations, LGI closings, and AMH core FFO growth. Watch Q4 origination margins, MSR valuation and sales, builder incentives, mortgage credit deterioration, and rate/spread movements.
DATA QUALITY / MARKET PRICES
Prepared from publicly accessible company releases, SEC exhibits and secondary earnings coverage available through 11/06/26. This is a verified-metrics-first research summary, not a complete independent transcript audit. Current stock prices and quote timestamps could not be independently verified in this research environment for the full company set; NO live/closing share prices are represented below. For each company, the current price is ‘not verified’ (not $0). Analyst-consensus comparisons are omitted unless independently substantiated. Each company has a source link; the source may be a secondary report where official IR material was not surfaced. ‘No formal guidance verified’ is not proof that management gave no guidance. Some companies have fiscal rather than calendar quarters.
IMPORTANT CORPORATE ACTIONS
Two Harbors (TWO), initially considered as a peer, was acquired by CrossCountry Mortgage on 08/25/26 for $12/share plus a stub dividend and no longer trades publicly. Arbor Realty Trust (ABR) replaces it in the 10 added peers. Angel Oak’s current ticker is indicated as AOMD in recent market filings, while its SEC earnings exhibit uses AOMR; verify with exchange before trading.
- Champion Homes (SKY)
Business: Champion manufactures factory-built and modular housing. It provides lower-cost housing alternatives through retail and wholesale channels.
Quarterly results: Fiscal Q2 2027 (ended 09/26/26): sales $727.0M (+6.2% YoY), net income $52.7M (versus $58.2M), adjusted EBITDA $76.6M (versus $83.4M), gross margin 25.5% (versus 27.5%), and backlog $500.2M (versus $313.2M). Stock price (as of 11/06/26): not independently verified.
Forward guidance/outlook: No formal numerical forward guidance verified; backlog growth supports production visibility, while material inflation pressures margins.
Source: https://www.stocktitan.net/sec-filings/SKY/10-q-champion- homes-inc-quarterly-earnings- report-6bfd718ea6d7.html - LGI Homes (LGIH)
Business: LGI builds primarily affordable entry-level homes. It targets buyers transitioning into homeownership.
Quarterly results: Q3 2026: revenue $444.5M (+10.2% YoY), 1,222 total closings (+10.4%), net income $24.6M, EPS $1.05, and homebuilding gross margin 20.2%; active communities increased 7.1% to 151. Stock price (as of 11/06/26): not independently verified.
Forward guidance/outlook: Official FY2026 closing guidance narrowed to 4,600–4,800 homes; management retained other full-year guidance and highlighted affordability-related sales pressure.
Source: https://investor.lgihomes.com/news-releases/news-release- details/lgi-homes-inc-reports- third-quarter-2026-results - Redwood Trust (RWT)
Business: Redwood operates mortgage banking platforms and invests in residential credit. Its Sequoia and other channels finance jumbo, nonagency and investor mortgages.
Quarterly results: Q3 2026: GAAP loss $47.3M ($0.39/share), versus $2.9M loss in Q2; book value $6.56/share versus $6.90; consolidated earnings available for distribution (EAD) -$0.02/share. Mortgage banking earned $27M and Sequoia lock volume was $5.1B with 113-bp gain-on-sale margin. Stock price (as of 11/06/26): not independently verified.
Forward guidance/outlook: No formal numerical guidance verified; management aims to dispose of legacy assets, reduce carrying costs and pursue mortgage banking opportunities, with a planned corporate conversion.
Source: https://www.redwoodtrust.com/investor-relations/financial- information/financial-results - LendingTree (TREE)
Business: LendingTree is a digital marketplace matching consumers with financial providers. Its home segment includes mortgages and home-equity lending.
Quarterly results: Q3 2026: revenue $343.6M (+12% YoY); insurance $234.9M (+15%), consumer $67.2M (+2%), home $41.5M (+9%), including home equity $34M (+20%). Pre-tax loss was $78.4M, versus $11.6M profit a year earlier. Stock price (as of 11/06/26): not independently verified.
Forward guidance/outlook: Official FY2026 revenue outlook $1.30B–$1.31B; management expects continued growth across its marketplace and plans to resume share repurchases in Q4.
Source: https://www.prnewswire.com/news-releases/lendingtree- reports-third-quarter-2026- results-302928407.html - Annaly Capital (NLY)
Business: Annaly is a mortgage REIT investing in agency mortgage-backed securities and residential credit. Its earnings and book value respond to rates, spreads, leverage and hedges.
Quarterly results: Q3 2026: GAAP net loss approximately $1.001B, compared with $843M profit in Q3 2025; non-GAAP EAD $0.80/share versus $0.73 a year earlier and $0.79 in Q2. Stock price (as of 11/06/26): not independently verified.
Forward guidance/outlook: No formal numerical guidance verified; focus on funding, hedging, mortgage spreads and distributable earnings rather than treating GAAP marks as recurring cash profitability.
Source: https://www.nasdaq.com/press-release/annaly-capital- management-inc-reports-3rd- quarter-2026-results-2026-10- 20 - loanDepot (LDI)
Business: loanDepot is a retail mortgage originator and servicer. Its results depend on purchase/refinance demand, pricing margins and operating efficiency.
Quarterly results: A verified Q3 2026 release and current earnings metrics were not located in this research pass; figures are intentionally withheld rather than inferred. Stock price (as of 11/06/26): not independently verified.
Forward guidance/outlook: No formal guidance verified from a current release; monitor originations, gain-on-sale margins, expenses, liquidity and servicing.
Source: https://investors.loandepot.com/ - Angel Oak Mortgage REIT (AOMD; formerly AOMR)
Business: Angel Oak is a residential mortgage REIT focused on non-QM first- and second-lien loans. It uses securitizations to finance its mortgage portfolio.
Quarterly results: Q3 2026: GAAP loss $16.7M ($0.72/share), versus $11.4M income in Q3 2025; net interest income $10.2M, distributable earnings $6.4M ($0.28/share), GAAP book value $8.97/share, economic book value $11.45/share, dividend $0.32/share. Current ticker appears as AOMD in market filing coverage, while the SEC earnings exhibit retains AOMR. Stock price (as of 11/06/26): not independently verified.
Forward guidance/outlook: No formal numerical guidance verified; management plans selective deployment, disciplined credit underwriting and securitizations amid higher rates.
Source: https://www.sec.gov/Archives/edgar/data/1766478/ 000176647826000066/ ex991q32026earningspressre.htm - Finance of America (FOA)
Business: Finance of America provides reverse mortgages and home-equity financing for older homeowners. It participates in retirement-focused mortgage origination, servicing and portfolio management.
Quarterly results: Q3 2026: funded volume $748M (+24% YoY), GAAP net loss $110M ($5.24/share), driven largely by $125M of noncash fair-value changes; adjusted net income $6M ($0.28/share), adjusted EBITDA $17M and cash $118M. Stock price (as of 11/06/26): not independently verified.
Forward guidance/outlook: Management targets a $4–$5 adjusted EPS annual run rate in the second half of 2027, not a FY2026 EPS forecast, and expects a $60M senior-note paydown in November.
Source: https://ir.financeofamericacompanies.com/ News–Events/news/news-details/ 2026/Finance-of-America- Reports-Third-Quarter-2026- Results/default.aspx - Equity Residential (EQR)
Business: Equity Residential owns and operates apartment communities. Its rental performance tracks occupancy, rent growth and property operating costs.
Quarterly results: Q3 2026 standalone earnings and the status of its proposed AvalonBay merger could not be reliably established in this research pass; the last verified Q2 same-store revenue rose 1.9% and NOI rose 1.4% YoY. Stock price (as of 11/06/26): not independently verified.
Forward guidance/outlook: No current Q3 formal guidance verified. The proposed all-stock merger with AvalonBay, announced 05/21/26, requires status confirmation before drawing a standalone stock conclusion.
Source: https://investors.avalonbay.com/news-events/press- releases/detail/439/avalonbay- communities-and-equity- residential-announce-merger- of-equals-creating-one-of-the- countrys-leading-real-estate- companies - American Homes 4 Rent (AMH)
Business: AMH is a single-family rental REIT. It acquires, develops and leases detached homes, providing exposure to rental demand.
Quarterly results: Q3 2026: rental revenue $498.1M (+4.1% YoY), net income to common shareholders $82.3M ($0.23/share), versus $99.7M ($0.27/share); core FFO $0.50/share (+7.4%), same-home NOI +2.5%, occupied days 96.0%. Stock price (as of 11/06/26): not independently verified.
Forward guidance/outlook: Official FY2026 core FFO guidance raised to $1.96–$1.98/share and unit, midpoint $1.97; management expects 2.4% same-home core revenue growth.
Source: https://www.stocktitan.net/sec-filings/AMH/8-k-american- homes-4-rent-reports-material- event-4ede67c72f4f.html - Zillow Group (Z/ZG)
Business: Zillow operates a real estate marketplace and associated rental, agent and mortgage services. Zillow Home Loans adds direct exposure to purchase mortgage originations.
Quarterly results: Q3 2026: revenue $724M (+7% YoY), GAAP net loss $158M ($0.70/share) versus $10M profit, adjusted EBITDA $182M, rentals revenue $220M (+26%), mortgage revenue $70M (+32%) and purchase originations $2.0B (+55%). The GAAP loss included a major securities-litigation settlement. Stock price (as of 11/06/26): not independently verified.
Forward guidance/outlook: Official Q4 revenue guidance $635M–$665M and FY2026 revenue growth approximately 10%–11%; higher mortgage rates and weaker transaction volumes remain headwinds.
Source: https://zillowgroup.mediaroom.com/2026-11-04-Zillow-Group- Reports-Third-Quarter-2026- Financial-Results - Rocket Companies (RKT)
Business: Rocket combines mortgage origination and servicing with real-estate and personal-finance platforms. Its ecosystem includes Rocket Mortgage and Redfin.
Quarterly results: Q3 2026: GAAP revenue $3.284B versus $1.695B a year earlier, net income $709M versus $124M loss, adjusted EBITDA $748M versus $349M, adjusted EPS $0.15; excluding correspondent, mortgage closings $33.5B and gain-on-sale margin 3.33%. Stock price (as of 11/06/26): not independently verified.
Forward guidance/outlook: No formal numerical Q4 guidance verified in this pass; management emphasized market-share gains, AI-led operating leverage and integration of mortgage and real-estate distribution.
Source: https://ir.rocketcompanies.com/news-and-events/press- releases/press-release- details/2026/Rocket-Companies- Announces-Third-Quarter-2026- Results/default.aspx - Radian Group (RDN)
Business: Radian provides private mortgage insurance and specialty insurance. Its mortgage coverage helps lenders originate higher-LTV loans with credit protection.
Quarterly results: Q3 2026: consolidated revenue $624M versus $303M a year earlier (reflecting specialty-insurance expansion); continuing-operations net income $172M ($1.28/share) versus $153M ($1.11); adjusted operating EPS $1.44; new mortgage insurance written $14.7B versus $15.5B. Stock price (as of 11/06/26): not independently verified.
Forward guidance/outlook: No formal quantitative forward guidance verified; monitor mortgage insurance persistency/defaults, the Inigo specialty-insurance integration and capital returns.
Source: https://finance.yahoo.com/markets/stocks/articles/ radian-announces-third- quarter-2026-213000635.html - MFA Financial (MFA)
Business: MFA is a mortgage REIT investing in residential mortgage loans and securities. It also finances business-purpose real-estate lending through Lima One.
Quarterly results: Q3 2026: GAAP loss $122.4M ($1.19/share), distributable earnings $26.4M ($0.26/share), GAAP book value $11.12/share, economic book value $11.44/share, quarterly economic return -10.6%, and dividend $0.36/share. Stock price (as of 11/06/26): not independently verified.
Forward guidance/outlook: No formal numerical guidance verified; management expects near-term elevated credit-resolution costs while reallocating toward newer investments and reducing delinquent legacy exposures.
Source: https://www.stocktitan.net/sec-filings/MFA/8-k-mfa- financial-inc-reports- material-event-46bbce23c0a2. html - UWM Holdings (UWMC)
Business: UWM is a major wholesale mortgage lender distributing loans through independent brokers. It earns origination revenue and holds substantial mortgage servicing rights.
Quarterly results: Q3 2026: originations $33.4B versus $41.7B a year earlier; purchase $22.8B, refinance $10.6B, gain margin 124 bps versus 130 bps, revenue $811.1M versus $843.3M, net income $212.6M versus $12.1M, and adjusted EBITDA $178.3M. Stock price (as of 11/06/26): not independently verified.
Forward guidance/outlook: Official FY2026 revenue estimate $3.35B–$3.50B and year-end MSR UPB $210B–$230B; management anticipates $70B–$80B of Q4 MSR sales with more than $1.8B in proceeds to reduce debt.
Source: https://investors.uwm.com/news/financial-news/news- details/2026/UWM-Holdings- Corporation-Announces-Third- Quarter-2026-Results/default. aspx - AGNC Investment (AGNC)
Business: AGNC is an agency mortgage-backed-securities REIT. It generates leveraged spread income while hedging interest-rate exposure.
Quarterly results: Q3 2026: comprehensive loss $1.28/share, net spread/dollar-roll income $0.37/share, tangible book value $7.13/share (down 16.9% QoQ), net interest spread 1.86%, and $992M of equity raised. Stock price (as of 11/06/26): not independently verified.
Forward guidance/outlook: No formal numerical guidance; management expects longer-term agency MBS opportunities but warns of persistent near-term rate volatility and spread risk.
Source: https://ir.agnc.com/news-releases/news-release-details/ agnc-investment-corp- announces-third-quarter-2026- financial - PennyMac Financial Services (PFSI)
Business: PennyMac originates and services residential mortgages. It operates a large correspondent lending and mortgage servicing platform.
Quarterly results: Q3 2026: revenue $469M, net income $29M ($0.54/share); adjusted revenue $502M, adjusted net income $56M ($1.05/share), with a $0.30/share dividend declared. Stock price (as of 11/06/26): not independently verified.
Forward guidance/outlook: No formal numerical forward guidance verified; monitor servicing valuation, production margins and the planned retirement of executive Doug Jones on 06/30/27.
Source: https://www.nasdaq.com/press-release/pennymac-financial- services-inc-reports-third- quarter-2026-results-and- announces - PennyMac Mortgage Investment Trust (PMT)
Business: PMT is a mortgage REIT holding mortgage credit, servicing and related investments. Its returns are affected by mortgage spreads and asset valuation.
Quarterly results: Q3 2026: GAAP common-shareholder loss $36M ($0.41/share) versus $48M profit a year earlier; adjusted earnings $30M ($0.35/share), book value $14.03/share (down 5% QoQ), net investment income $36M. Stock price (as of 11/06/26): not independently verified.
Forward guidance/outlook: No formal earnings guidance; board increased share-repurchase authorization by $130M, leaving more than $200M available, and management indicated a shift toward buybacks rather than the current common dividend.
Source: https://www.stocktitan.net/news/PMT/penny-mac-mortgage- investment-trust-reports- third-quarter-2026- 9i1o8bse41rs.html - D.R. Horton (DHI)
Business: D.R. Horton is one of the largest US homebuilders. It also operates mortgage, rental and land-development businesses.
Quarterly results: Fiscal Q4 2026 (ended 09/30): revenue approximately $9.4B, net income $741.8M (-18% YoY), EPS $2.67 (-12%), with $91.4M rental-segment impairments; FY2026 revenue $33.0B and net income $2.9B. Stock price (as of 11/06/26): not independently verified.
Forward guidance/outlook: Official FY2027 outlook: revenue $30B–$32B, 79,000–84,000 home closings, operating cash flow approximately $3.5B and repurchases approximately $3B; quarterly dividend increased to $0.50.
Source: https://www.nasdaq.com/press-release/dr-horton-inc- americas-builder-reports- fourth-quarter-and-fiscal- 2026-earnings-and - Lennar (LEN)
Business: Lennar is a national homebuilder serving first-time, move-up and other buyers. Its financial-services arm provides mortgage and settlement services.
Quarterly results: Fiscal Q3 2026 (ended 08/31): revenue $8.0B, net income $284M ($1.19/share) versus $591M ($2.29), deliveries 20,840 (-3%), orders 20,879 (-9%), home-sale gross margin 15.8%, incentives approximately 12% of average selling price. Stock price (as of 11/06/26): not independently verified.
Forward guidance/outlook: Official full-year deliveries outlook cut to 80,000–81,000 homes; Q4 deliveries guided to 22,000–23,000, reflecting rate pressure and affordability constraints.
Source: https://newsroom.lennar.com/2026-09-16-Lennar-Reports- Third-Quarter-2026-Results - PulteGroup (PHM)
Business: PulteGroup builds homes across entry-level, move-up and active-adult brands. Its mortgage unit supports buyers through affiliated financing.
Quarterly results: Q3 2026: net income $476M ($2.53/share) versus $586M ($2.96), home-sale revenue $3.9B (-9%), closings 6,876 (-9%), orders 6,208 (-6%), gross margin 24.8% versus 26.2%, backlog $6.4B. Stock price (as of 11/06/26): not independently verified.
Forward guidance/outlook: No formal quantitative forward guidance verified; management emphasizes balancing pricing and sales pace, protecting margins and disciplined capital allocation amid weak affordability.
Source: https://pultegroup.com/investor-relations/news/news- details/2026/PulteGroup- Reports-Third-Quarter-2026- Financial-Results/default.aspx - Toll Brothers (TOL)
Business: Toll Brothers builds luxury homes and communities. Its higher-income customer base provides a different demand profile from entry-level builders.
Quarterly results: Fiscal Q3 2026 (ended 07/31): home-sale revenue $2.65B versus $2.88B, net income $280.1M ($2.97/share) versus $369.6M ($3.73), deliveries 2,662, signed contracts 2,508 (+5% YoY), adjusted gross margin 25.6%. Stock price (as of 11/06/26): not independently verified.
Forward guidance/outlook: Official FY2026 guidance reaffirmed: approximately $10.5B home-sale revenue and 26.1% adjusted gross margin; repurchase plan raised to $700M.
Source: https://investors.tollbrothers.com/news-and- events/press-releases/2026/08- 18-2026-213033738 - KB Home (KBH)
Business: KB Home is a US homebuilder emphasizing buyer customization and built-to-order homes. It serves buyers across several price points and regions.
Quarterly results: Fiscal Q3 2026 (ended 08/31): revenue $1.30B (-20% YoY), net income $65.3M ($1.05/share) versus $109.8M ($1.61), deliveries 2,732 (-19%), gross margin 16.5% versus 18.2%, orders 2,604 (-12%). Stock price (as of 11/06/26): not independently verified.
Forward guidance/outlook: Official guidance retained for full-year deliveries, housing revenue and margins, but exact numerical ranges were not independently verified in this pass.
Source: https://www.prnewswire.com/news-releases/kb-home-reports- 2026-third-quarter-results- 302885291.html - NVR (NVR)
Business: NVR builds homes under Ryan Homes, NVHomes and Heartland Homes. It also operates mortgage banking through NVR Mortgage.
Quarterly results: Q3 2026: consolidated revenue $2.40B versus $2.61B, net income $248.6M ($89.45/share) versus $342.7M ($112.33), orders 4,391 (-7%), settlements 5,268 (-7%), backlog 10,121 (+10%), homebuilding gross margin 18.3% versus 21.0%. Stock price (as of 11/06/26): not independently verified.
Forward guidance/outlook: No formal numerical guidance verified; management faces higher lot costs, affordability pressures and buyer cancellations, partly offset by increased unit backlog.
Source: https://www.sec.gov/Archives/edgar/data/906163/ 000090616326000099/ q32026ex991_earningsrelease. htm - Arbor Realty Trust (ABR)
Business: Arbor is a commercial mortgage REIT and multifamily finance platform. It originates, services and invests in multifamily and other commercial real-estate loans.
Quarterly results: Q3 2026: GAAP net loss $85.4M ($0.51/share) versus $38.5M profit ($0.20/share) a year earlier; distributable loss $0.04/share, or earnings $0.08/share excluding $21.7M of realized legacy-asset losses; servicing portfolio $36.8B. Stock price (as of 11/06/26): not independently verified.
Forward guidance/outlook: Management suspended the common dividend to preserve capital and liquidity; no formal quantitative earnings guidance verified, and legacy-credit resolution remains the central risk.
Source: https://www.sec.gov/Archives/edgar/data/1253986/ 000125398626000062/abr- 09302026xearningsrelea.htm
Notes: GAAP and non-GAAP figures are not interchangeable. Data is not investment advice. Original sources should be checked for later corrections or corporate actions.
