MoatScopeMoatScope

Mortgage REITs

REITs that own mortgages, mortgage-backed securities and real-estate loans.

Companies
42
With a moat
2%
Average quality
30
0 wide moat · 1 narrow moat · 41 no moat · Open in screener →
Updated 27 Sep 2026

Mortgage REITs covers real estate investment trusts that own mortgages, mortgage-backed securities and real-estate loans. MoatScope covers 43 companies here. One has a narrow moat and 42 none.

How the industry makes money

Mortgage REITs borrow to acquire mortgage assets or make real-estate loans, earn the spread between what those assets yield and their funding costs, and pay out most of their income as dividends.

Why the moats are missing

Most mortgage REITs hold securities anyone can own, funded with borrowing anyone can arrange, so there is little to set them apart. Starwood Property Trust, with its lending platform and relationships, is the only moat-rated company. Annaly, AGNC and Rithm Capital carry no moat.

What wears moats down

Interest-rate swings can erode book value, leverage magnifies losses, and commercial-property loans carry credit risk when property values fall.

What to watch

  • Interest rates and the yield curve.
  • Book value per share.
  • Credit quality in commercial real-estate loans.

Moat ratings and quality scores on this page update as companies report. Price versus fair value for every company in the industry is in the screener.

Markets

MoatScope splits Mortgage REITs into 3 markets. Each table ranks the businesses in one market by net revenue and shows each one's share of the market's total: companies filed under this industry, the segments of companies filed elsewhere that compete in it, and the largest companies MoatScope doesn't cover, such as private companies and companies listed outside the US. Each market's total comes from a cited source and covers the geography its businesses compete in (a national market counts only US revenue). A company that runs several businesses is split by the segments it reports.

Agency mortgage REITs

Invest mainly in government-guaranteed mortgage securities.

6 businesses MoatScope covers, ranked by net revenue. These companies compete in different national markets, so there's no single market to take a share of. Mortgage REITs earn interest on what they hold, which reflects leverage rather than market position, so no revenue share is shown.

#BusinessNet revenue
1NLY · ANNALY CAPITAL MANAGEMENT INC$1.1B
2AGNC · AGNC Investment Corp.$675M
3DX · DYNEX CAPITAL INC$114M
4ORC · Orchid Island Capital, Inc.$108M
5IVR · Invesco Mortgage Capital Inc.$75M
6CHMI · Cherry Hill Mortgage Investment Corp$11M

Commercial mortgage REITs

Lend against commercial property.

16 businesses MoatScope covers, ranked by net revenue. These companies compete in different national markets, so there's no single market to take a share of. Mortgage REITs earn interest on what they hold, which reflects leverage rather than market position, so no revenue share is shown.

#BusinessNet revenue
1BXMT · BLACKSTONE MORTGAGE TRUST, INC.$1.9B
2STWD · STARWOOD PROPERTY TRUST, INC.$1.8B
3ABR · ARBOR REALTY TRUST INC$510M
4ARI · Apollo Commercial Real Estate Finance, Inc.$167M
5TRTX · TPG RE Finance Trust, Inc.$146M
6FBRT · Franklin BSP Realty Trust, Inc.$142M
7GPMT · Granite Point Mortgage Trust Inc.$132M
8KREF · KKR Real Estate Finance Trust Inc.$113M
9RC · Ready Capital Corp$102M
10LADR · Ladder Capital Corp$92M

Residential & diversified credit

Residential loans, mortgage servicing rights and mixed credit.

16 businesses MoatScope covers, ranked by net revenue. These companies compete in different national markets, so there's no single market to take a share of. Mortgage REITs earn interest on what they hold, which reflects leverage rather than market position, so no revenue share is shown.

#BusinessNet revenue
1RITM · Rithm Capital Corp.$3.9B
2EFC · Ellington Financial Inc.$336M
3CIM · CHIMERA INVESTMENT CORP$266M
4MFA · MFA FINANCIAL, INC.$231M
5BRSP · BrightSpire Capital, Inc.$195M
6ADAM · ADAMAS TRUST, INC.$149M
7RWT · REDWOOD TRUST INC$83M
8MITT · TPG Mortgage Investment Trust, Inc.$77M
9REFI · Chicago Atlantic Real Estate Finance, Inc.$55M
10AOMR · Angel Oak Mortgage REIT, Inc.$41M

Companies

CompanyMoatQualityMarket
NLY
ANNALY CAPITAL MANAGEMENT INC
None29Agency mortgage REITs—$13.4B
AGNC
AGNC Investment Corp.
None33Agency mortgage REITs—$10.0B
RITM
Rithm Capital Corp.
None18Residential & diversified credit
+ 1 other market
—$4.7B
STWD
STARWOOD PROPERTY TRUST, INC.
Narrow47Commercial mortgage REITs—$4.4B
DX
DYNEX CAPITAL INC
None29Agency mortgage REITs—$2.6B
BXMT
BLACKSTONE MORTGAGE TRUST, INC.
None32Commercial mortgage REITs—$1.7B
EFC
Ellington Financial Inc.
None30Residential & diversified credit—$1.5B
LADR
Ladder Capital Corp
None31Commercial mortgage REITs—$1.1B
ORC
Orchid Island Capital, Inc.
None29Agency mortgage REITs—$952M
ELLA
Ellington Credit Co
None36Residential & diversified credit—$942M
ARI
Apollo Commercial Real Estate Finance, Inc.
None42Commercial mortgage REITs—$810M
CMRF
CIM REAL ESTATE FINANCE TRUST, INC.
None33Residential & diversified credit—$798M
CIM
CHIMERA INVESTMENT CORP
None26Residential & diversified credit—$680M
ADAM
ADAMAS TRUST, INC.
None30Residential & diversified credit—$662M
MFA
MFA FINANCIAL, INC.
None26Residential & diversified credit—$648M
PMT
PennyMac Mortgage Investment Trust
None30Residential & diversified credit—$589M
IVR
Invesco Mortgage Capital Inc.
None43Agency mortgage REITs—$564M
ABR
ARBOR REALTY TRUST INC
None36Commercial mortgage REITs—$498M
FBRT
Franklin BSP Realty Trust, Inc.
None51Commercial mortgage REITs—$494M
BRSP
BrightSpire Capital, Inc.
None19Residential & diversified credit—$454M
TRTX
TPG RE Finance Trust, Inc.
None29Commercial mortgage REITs—$446M
RWT
REDWOOD TRUST INC
None21Residential & diversified credit—$367M
KREF
KKR Real Estate Finance Trust Inc.
None16Commercial mortgage REITs—$333M
NREF
NexPoint Real Estate Finance, Inc.
None34Commercial mortgage REITs—$286M
GPMT
Granite Point Mortgage Trust Inc.
None22Commercial mortgage REITs—$233M
REFI
Chicago Atlantic Real Estate Finance, Inc.
None41Residential & diversified credit—$225M
RC
Ready Capital Corp
None17Commercial mortgage REITs—$192M
ACRE
Ares Commercial Real Estate Corp
None7Commercial mortgage REITs—$184M
MITT
TPG Mortgage Investment Trust, Inc.
None35Residential & diversified credit—$166M
AOMR
Angel Oak Mortgage REIT, Inc.
None21Residential & diversified credit—$164M
CMTG
Claros Mortgage Trust, Inc.
None4Commercial mortgage REITs—$157M
SEVN
Seven Hills Realty Trust
None40Commercial mortgage REITs—$138M
CHMI
Cherry Hill Mortgage Investment Corp
None39Agency mortgage REITs—$92M
SUNS
Sunrise Realty Trust, Inc.
None36Residential & diversified credit—$85M
RPT
Rithm Property Trust Inc.
None15Residential & diversified credit—$84M
ICRL
InPoint Commercial Real Estate Income, Inc.
None22Residential & diversified credit—$82M
ACR
ACRES Commercial Realty Corp.
None21Residential & diversified credit—$74M
IOR
INCOME OPPORTUNITY REALTY INVESTORS INC /TX/
None31Residential & diversified credit—$73M
AFCG
Advanced Flower Capital Inc.
None14Commercial mortgage REITs—$69M
LOAN
MANHATTAN BRIDGE CAPITAL, INC
None51Residential & diversified credit—$39M
SACH
Sachem Capital Corp.
None27Commercial mortgage REITs—$39M
BMNM
BIMINI CAPITAL MANAGEMENT, INC.
None46Residential & diversified credit—$30M

42 companies.

Market share is a company's net revenue (net interest income plus non-interest income) in its main market (Market column) as a share of that market's total: every company in it, including private companies and companies listed outside the US (sources under each market above). Revenue is for the fiscal year closest to 2025, and a market that is national (such as US banking) counts only US revenue. Companies that run several businesses are split by the segments they report, and each segment counts in its own market. A dash means the market has no reliable total yet, or no revenue was reported for that year.

Price versus fair value for every company is in the screener.

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