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Mortgage REITs (mREITs)

The 40 companies in this industry listed on the NYSE and Nasdaq are worth $51 bn combined; the largest are Annaly Capital Management (NLY), AGNC Investment (AGNC) and Rithm Capital Corp. (RITM). For each one: what it does, revenue, margin, free cash flow over the last five years and a score from 0 to 10.

Data as of October 2026

Evenly matched
40 companies value 51 bn revenue 29 bn margin — free cash flow — avg. score 4.4
NLY holds 26.3% of the group's value, 1.3x the runner-up · AGNC leads the industry without being the largest
Rank Ticker Company Share Value Revenue Margin FCF 5 years FCF/px Yield What it does · why it is here
1 NLY Annaly Capital Management
United States · score 7.6
 26% 13 bn 6.8 bn 43.7% 0.9 bn 6.6% 4.5% Residential mortgage REIT and real estate credit · Largest US mREIT by equity
2 AGNC AGNC Investment
United States · score 6.5
 20% 10 bn 3.9 bn 57.9% 0.9 bn 8.9% 17.5% Fund of agency-guaranteed residential mortgages · Largest agency mortgage mREIT; very high yield, sensitive to interest rates
3 RITM Rithm Capital Corp.
United States · score 2.3
 9% 4.7 bn 5.0 bn 9.3% -1.9 bn -39.9% 0.5% Asset management in real estate, credit and financial services · New York — assets of $54.1bn
4 STWD Starwood Property Trust
United States · score 3.5
 9% 4.4 bn 2.0 bn 11.4% 0.2 bn 4.8% 15.8% Commercial real estate lending and owned properties · Commercial real estate lending; the most diversified portfolio in the group
5 DX DYNEX CAPITAL INC
United States · score 6.1
 5% 2.6 bn 0.9 bn 49.2% 0.2 bn 9.1% 13.9% Mortgage REIT of real estate-backed securities · Virginia — assets of $26.4bn
6 ARR Armour Residential REIT, Inc.
United States · score 5.7
 3% 1.7 bn 0.2 bn 182.3% 0.3 bn 18.4% 19.4% Fund of agency-guaranteed residential mortgages · Florida — assets of $22.7bn
7 BXMT BLACKSTONE MORTGAGE TRUST, INC.
United States · score 4.3
 3% 1.7 bn 0.1 bn 18.4% 0.3 bn 20.4% 18.5% Commercial real estate lending in North America, Europe and Australia · New York — assets of $19.4bn
8 EFC Ellington Financial Inc.
United States · score 4.3
 3% 1.5 bn 0.6 bn 33.3% -0.6 bn -42.2% 14.0% Structured credit, mortgages and fixed income investments · Connecticut — assets of $21bn
9 LADR Ladder Capital Corp
United States · score 4.1
 2% 1.1 bn 0.3 bn 21.8% 0.1 bn 8.5% — Commercial real estate credit REIT · New York — assets of $5.6bn
10 ORC Orchid Island Capital, Inc.
United States · score 5.7
 2% 1.0 bn 0.6 bn 43.5% 0.2 bn 21.7% 24.9% Specialty finance company investing in residential mortgage securities · Florida — assets of $13.1bn
11 ARI Apollo Commercial Real Estate Finance, Inc.
United States · score 4.2
 2% 0.8 bn 0.2 bn 55.5% 0.1 bn 10.7% 17.4% Apollo's commercial real estate credit REIT · New York — assets of $2.1bn
12 CIM CHIMERA INVESTMENT CORP
United States · score 1.3
 1% 0.7 bn 0.9 bn 0.1% -0.4 bn -56.8% 19.4% Residential real estate asset company · New York — assets of $16bn
13 ADAM ADAMAS TRUST, INC.
United States · score 6.4
 1% 0.7 bn 0.7 bn 29.8% 0.1 bn 22.6% 12.2% Internally managed mortgage REIT investing in residential and real estate credit · New York — assets of $13bn
14 MFA MFA FINANCIAL, INC.
United States · score 6.4
 1% 0.6 bn 0.8 bn 19.4% 0.3 bn 38.9% 23.4% Specialty finance company investing in residential mortgage assets · New York — assets of $13.7bn
15 PMT PennyMac Mortgage Investment Trust
United States · score 4.3
 1% 0.6 bn 0.3 bn 47.8% -10 bn -17x 23.7% Specialty finance company investing in mortgage assets · California — assets of $25.1bn
16 IVR Invesco Mortgage Capital Inc.
United States · score 6.1
 1% 0.6 bn 0.3 bn 38.0% 0.2 bn 29.4% — REIT of mortgage-backed securities · Georgia — assets of $7.2bn
17 ABR ARBOR REALTY TRUST INC
United States · score 4.7
 1% 0.5 bn 0.9 bn 6.4% 0.3 bn 62.6% 53.5% REIT and direct lender for commercial real estate nationwide · New York — assets of $14.4bn
18 BRSP BrightSpire Capital, Inc.
United States · score 3.1
 1% 0.5 bn 0.3 bn -8.0% 0.1 bn 16.2% 18.5% Commercial real estate credit REIT · New York — assets of $3.7bn
19 FBRT Franklin BSP Realty Trust, Inc.
United States · score 6.6
 1% 0.5 bn 0.3 bn 20.5% 0.2 bn 32.0% 26.4% Real estate credit REIT · New York — assets of $6.4bn
20 RWT REDWOOD TRUST INC
United States · score 2.0
 1% 0.4 bn 1.4 bn 0.4% -14 bn -39x 26.2% Residential real estate finance, from affordable housing to jumbo · California — assets of $28.8bn
21 TRTX TPG RE Finance Trust, Inc.
United States · score 4.2
 1% 0.4 bn 0.3 bn 19.4% 0.1 bn 20.8% — Structured commercial real estate lending · California — assets of $4.6bn
22 NREF NexPoint Real Estate Finance, Inc.
United States · score 6.2
 1% 0.3 bn 0.1 bn 207.2% 0.0 bn 2.4% 13.8% Real estate credit in multifamily, self-storage and life sciences · Texas — assets of $5.4bn
23 KREF KKR Real Estate Finance Trust Inc.
United States · score 3.3
 1% 0.3 bn 0.0 bn -11x 0.1 bn 18.9% 19.5% KKR's real estate credit REIT · New York — assets of $6.6bn
24 MITT TPG Mortgage Investment Trust, Inc.
United States · score 6.4
 0% 0.2 bn 0.5 bn 8.5% 0.1 bn 48.5% 16.7% Residential mortgage REIT · New York — assets of $7.9bn
25 RC Ready Capital Corp
United States · score 4.4
 0% 0.2 bn 0.4 bn -52.6% 1.1 bn 568.5% 27.5% Real estate finance company lending to small and midsize businesses · New York — assets of $6.3bn
26 AOMR Angel Oak Mortgage REIT, Inc.
United States · score 2.2
 0% 0.2 bn 0.2 bn 11.9% -0.5 bn -275.5% 19.0% Mortgage REIT of non-qualified residential loans · Georgia — assets of $3bn
27 CMTG Claros Mortgage Trust, Inc.
United States · score 0.4
 0% 0.2 bn 0.1 bn -305.6% -0.0 bn -4.7% — Specialty finance company for senior and subordinate commercial real estate loans · New York — assets of $3.8bn
28 REFI Chicago Atlantic Real Estate Finance, Inc.
United States · score 5.8
 0% 0.2 bn 0.1 bn 47.7% 0.0 bn 12.0% 18.1% Real estate lending to the cannabis industry · Illinois — assets of $462m
29 ACRE Ares Commercial Real Estate Corp
United States · score 1.3
 0% 0.2 bn 0.1 bn -8.0% 0.0 bn 8.4% 18.3% Ares's commercial real estate finance company · New York — assets of $1.8bn
30 GHI Greystone Housing Impact Investors LP
United States · score 4.3
 0% 0.1 bn 0.1 bn -2.4% 0.0 bn 15.1% — Affordable multifamily housing finance bonds · Nebraska — assets of $1.4bn
31 ACR ACRES Commercial Realty Corp.
United States · score 4.0
 0% 0.1 bn 0.1 bn 35.0% 0.0 bn 4.4% 16.0% Real estate finance REIT, since 2005 · New York — assets of $2.4bn
32 RPT Rithm Property Trust Inc.
United States · score 3.1
 0% 0.1 bn 0.1 bn 5.9% -0.0 bn -12.6% 13.0% Externally managed real estate credit fund · New York — assets of $929m
33 SEVN Seven Hills Realty Trust
United States · score 5.5
 0% 0.1 bn 0.0 bn 38.0% 0.0 bn 11.6% 15.3% REIT of middle-market commercial real estate loans · Massachusetts — assets of $795m
34 CHMI Cherry Hill Mortgage Investment Corp
United States · score 7.0
 0% 0.1 bn 0.0 bn 50.5% 0.0 bn 25.3% 4.6% Real estate finance in residential mortgage assets · New Jersey — assets of $1.4bn
35 SUNS Sunrise Realty Trust, Inc.
United States · score 4.1
 0% 0.1 bn 0.0 bn 53.3% 0.0 bn -0.8% 18.9% Commercial real estate lending in the US South · Florida — assets of $331m
36 IOR INCOME OPPORTUNITY REALTY INVESTORS INC /TX/
United States · score 3.7
 0% 0.1 bn — — 0.0 bn -0.4% — Notes receivable secured by income-producing properties in the Southern US, with related parties · Texas — assets of $128m
37 GPMT Granite Point Mortgage Trust Inc.
United States · score 3.4
 0% 0.0 bn 0.1 bn -73.8% 0.0 bn 24.6% 44.2% Real estate finance company of senior commercial loans · New York — assets of $1.5bn
38 SACH Sachem Capital Corp.
United States · score 1.2
 0% 0.0 bn 0.0 bn -17.6% 0.0 bn -2.0% 19.6% Short-term real estate loans secured by property · Connecticut — assets of $473m
39 LFT Lument Finance Trust, Inc.
United States · score 3.9
 0% 0.0 bn 0.0 bn -66.5% 0.0 bn 29.5% 43.0% Commercial real estate credit REIT · New York — assets of $1.1bn
40 LOAN MANHATTAN BRIDGE CAPITAL, INC
United States · score 6.8
 0% 0.0 bn 0.0 bn 58.3% 0.0 bn 13.3% 13.3% Real estate finance company of first mortgages, from New York · New York — assets of $64m

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What this is. A catalogue, not a guide. Every industry with stocks listed on the NYSE or NASDAQ, the companies contending for its leadership, what each one does according to its own annual report, and the balance sheet it filed with the SEC.

The score runs from 0 to 10 and compares each company with every other one in the almanac on cash generation, profitability, debt, dividends and consistency over the last five years. The higher it is, the better the company fares in that comparison. Curious how much each part weighs? Ask at the bottom of the page.

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