Holdings of MBS among REITs increased by 8.4% during the third quarter of 2025.

Annaly Capital Management remained the top REIT in MBS holdings, though several other shops expanded their portfolios at higher rates during the third quarter. The REIT industry added roughly $40 billion to its combined portfolio over the past year. (Includes two data tables.)

JPMorgan Chase’s trading account held the largest combined inventory of MBS, ABS and commercial MBS at the end of the third quarter, though the total was down slightly from June. (Includes two data tables.)

Agency MBS issuance in November hit a level last seen in August 2022 at the tail end of the pandemic-driven mortgage boom.

The gain in November agency MBS issuance came from another rise in rate-term refinance securitization. United Wholesale Mortgage, Rocket and Pennymac remained the top three agency sellers despite declines in monthly volume. (Includes two data tables.)

TD Bank, the largest bank investor in ABS, increased its portfolio significantly in the third quarter, but most of its peers reported declines. (Includes two data tables.)

2025 has been a banner year for CLO issuance, mostly from refinance and reset transactions, but bank investment in the sector declined in the third quarter. (Includes data table.)

Despite lackluster new origination volume in the third quarter, most nonbanks reported solid gains in production-related income. Many of them needed it to offset sharp declines in servicing income. (Includes data table.)

Mortgage Guaranty Insurance Corp. remained the top producer among the private MIs.

Banks increased their holdings of agency MBS during the third quarter, although investment in Ginnie Mae pass-throughs fell. The industry also pulled back a bit from non-agency MBS. (Includes two data tables.)