Mortgage REITs Dip Lower Amid Financing Challenges

Date : 03/19/2020 @ 3:09PM
Source : Dow Jones News
Stock : Two Harbors Investment Corporation (TWO)
Quote : 3.15  0.73 (30.17%) @ 11:37PM
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Mortgage REITs Dip Lower Amid Financing Challenges

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By Matt Grossman

 

Mortgage real-estate mortgage trust shares deepened their weekly losses Thursday morning as the Covid-19 crisis disrupts credit markets and jeopardizes commercial tenants.

Mortgage REITs were lower in early trade, with Two Harbors Investment Corp. dropping more than 8%, Starwood Property Trust Inc. declining 6%, and Blackstone Mortgage Trust felling about 4%.

The S&P 500 was trading about 1% higher.

The Wall Street Journal reported Wednesday that mortgage REITs are suffering because they rely on leverage and the Covid-19 outbreak has made it hard to find short-term funding.

 

Write to Matt Grossman at matt.grossman@wsj.com

 

(END) Dow Jones Newswires

March 19, 2020 10:54 ET (14:54 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.

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