Scaling without slippage
Revenue up 50.6% YoY while gross margin expanded +174.0pp YoY to 274.0%
Read mortgage REITs through spread, leverage, and book value instead of property-style FFO.
A mortgage REIT is a lender that happens to be organised as a REIT. It owns mortgages and mortgage-backed securities rather than buildings, funds them with repo and other borrowings, and earns the spread in between. Depreciation is close to zero, so FFO and AFFO add almost nothing to net income; the real questions are spread, leverage, and whether book value holds up through a rate cycle. The StatsAlpha(TM) mortgage REIT framework reads these companies through net interest income, return on equity, leverage, and book value, compared with other mortgage REITs. It is designed for informational analysis, not investment advice.
A quick read on where this framework looks strongest today.
Top slices selected from the strongest data already available for this industry.
Recurring storylines, tone distribution, and representative beats pulled from active companies inside this setup.
Revenue up 50.6% YoY while gross margin expanded +174.0pp YoY to 274.0%
Revenue up 38.4% YoY while gross margin expanded +118.2pp YoY to 218.2%
Revenue up 87.3% YoY while gross margin expanded +198.1pp YoY to 298.1%
For informational purposes only. Not investment advice.
Metrics that recur most often across stronger operators in this framework.
Banks (Regional & Diversified)
This framework uses all three Trade-Off Ledger axes with industry-specific weights.
Each axis sets a minimum evidence threshold. Higher coverage means the framework needs more supporting signals before the lens is treated as dependable.
Coverage thresholds and enabled metrics across the core trade-off axes.
Median and interquartile range across 67 companies in this framework.
Interquartile ranges show where the middle half of companies cluster, with the median pin marking the center of gravity for each pillar.
Scan the full company universe mapped into the Mortgage REITs framework using live search across company name, ticker, and industry.
| Company | Market Cap | Score | Price | Strongest Pillar |
|---|---|---|---|---|
|
REIT - Mortgage
|
14.57B
|
54.0
Composite
|
$18.49
|
Growth
74.8
|
|
REIT - Mortgage
|
13.30B
|
60.0
Composite
|
$24.72
|
Valuation
92.1
|
|
REIT - Mortgage
|
13.16B
|
60.0
Composite
|
$25.26
|
Valuation
92.1
|
|
REIT - Mortgage
|
11.07B
|
50.0
Composite
|
$8.69
|
Profitability
66.4
|
|
REIT - Mortgage
|
10.75B
|
49.8
Composite
|
$23.77
|
Profitability
68.6
|
|
REIT - Mortgage
|
8.83B
|
49.2
Composite
|
$25.25
|
Valuation
88.5
|
|
RITM
Rithm Capital Corp.
REIT - Mortgage
|
5.28B
|
40.6
Composite
|
$9.45
|
Efficiency
62.9
|
|
REIT - Mortgage
|
4.67B
|
40.7
Composite
|
$12.61
|
Valuation
58.1
|
|
REIT - Mortgage
|
3.74B
|
50.3
Composite
|
$25.39
|
Efficiency
82.5
|
|
REIT - Mortgage
|
3.39B
|
33.5
Composite
|
$21.01
|
Health
36.5
|
|
REIT - Mortgage
|
3.38B
|
33.5
Composite
|
$21.07
|
Health
36.5
|
|
REIT - Mortgage
|
3.35B
|
50.3
Composite
|
$25.32
|
Efficiency
82.5
|
|
REIT - Mortgage
|
3.23B
|
33.5
Composite
|
$19.58
|
Health
36.5
|
|
REIT - Mortgage
|
3.02B
|
33.5
Composite
|
$17.75
|
Health
36.5
|
|
REIT - Mortgage
|
2.75B
|
51.7
Composite
|
$10.58
|
Valuation
68.2
|
|
REIT - Mortgage
|
2.53B
|
50.4
Composite
|
$17.49
|
Efficiency
79.1
|
|
REIT - Mortgage
|
1.94B
|
49.8
Composite
|
$23.00
|
Growth
64.6
|
|
REIT - Mortgage
|
1.89B
|
37.0
Composite
|
$11.30
|
Valuation
44.2
|
|
REIT - Mortgage
|
1.84B
|
56.2
Composite
|
$12.41
|
Growth
72.2
|
|
REIT - Mortgage
|
1.51B
|
44.7
Composite
|
$11.54
|
Growth
54.9
|
|
REIT - Mortgage
|
1.45B
|
34.3
Composite
|
$20.45
|
Growth
60.5
|
|
REIT - Mortgage
|
1.43B
|
34.3
Composite
|
$20.70
|
Growth
60.5
|
|
REIT - Mortgage
|
1.27B
|
51.8
Composite
|
$12.05
|
Efficiency
78.1
|
|
LADR
Ladder Capital Corp
REIT - Mortgage
|
1.17B
|
44.6
Composite
|
$9.28
|
Efficiency
55.1
|
|
REIT - Mortgage
|
932.15M
|
46.7
Composite
|
$4.83
|
Valuation
64.8
|
|
REIT - Mortgage
|
706.53M
|
35.0
Composite
|
$8.44
|
Profitability
37.3
|
|
REIT - Mortgage
|
700.20M
|
42.1
Composite
|
$8.03
|
Growth
56.2
|
|
REIT - Mortgage
|
685.40M
|
48.7
Composite
|
$6.78
|
Efficiency
58.7
|
|
REIT - Mortgage
|
582.61M
|
47.5
Composite
|
$5.34
|
Valuation
60.6
|
|
REIT - Mortgage
|
517.90M
|
43.7
Composite
|
$6.83
|
Valuation
48.2
|
|
REIT - Mortgage
|
461.60M
|
35.6
Composite
|
$6.10
|
Efficiency
52.5
|
|
MITT-PA
AG Mortgage Investment Trust, I
REIT - Mortgage
|
458.61M
|
47.6
Composite
|
$18.34
|
Growth
60.6
|
|
REIT - Mortgage
|
445.10M
|
36.9
Composite
|
$3.57
|
Valuation
52.7
|
|
MITT-PB
AG Mortgage Investment Trust, I
REIT - Mortgage
|
410.62M
|
47.6
Composite
|
$17.66
|
Growth
60.6
|
|
REIT - Mortgage
|
406.98M
|
38.9
Composite
|
$3.24
|
Valuation
49.3
|
|
REIT - Mortgage
|
394.10M
|
46.4
Composite
|
$1.90
|
Efficiency
57.6
|
|
REIT - Mortgage
|
300.86M
|
34.1
Composite
|
$5.25
|
Profitability
45.4
|
|
REIT - Mortgage
|
296.17M
|
38.1
Composite
|
$2.31
|
Valuation
49.0
|
|
CHMI-PB
Cherry Hill Mortgage Investment
REIT - Mortgage
|
291.77M
|
44.1
Composite
|
$22.33
|
Efficiency
63.3
|
|
REIT - Mortgage
|
284.79M
|
46.2
Composite
|
$14.97
|
Health
53.8
|
|
REIT - Mortgage
|
227.52M
|
54.1
Composite
|
$8.86
|
Profitability
61.8
|
|
CHMI-PA
Cherry Hill Mortgage Investment
REIT - Mortgage
|
223.60M
|
44.1
Composite
|
$19.17
|
Efficiency
63.3
|
|
REIT - Mortgage
|
189.36M
|
43.5
Composite
|
$3.42
|
Growth
49.7
|
|
REIT - Mortgage
|
183.51M
|
48.7
Composite
|
$5.77
|
Valuation
58.4
|
|
REIT - Mortgage
|
177.10M
|
28.2
Composite
|
$1.07
|
Valuation
34.3
|
|
REIT - Mortgage
|
165.99M
|
37.8
Composite
|
$7.15
|
Growth
55.4
|
|
REIT - Mortgage
|
160.84M
|
33.3
Composite
|
$1.14
|
Efficiency
54.9
|
|
REIT - Mortgage
|
151.11M
|
45.9
Composite
|
$6.62
|
Efficiency
66.2
|
|
REIT - Mortgage
|
99.67M
|
43.6
Composite
|
$2.65
|
Efficiency
63.3
|
|
REIT - Mortgage
|
97.90M
|
47.9
Composite
|
$13.73
|
Efficiency
59.8
|
|
REIT - Mortgage
|
89.88M
|
42.5
Composite
|
$6.65
|
Health
51.8
|
|
REIT - Mortgage
|
85.00M
|
41.0
Composite
|
$10.75
|
Growth
53.0
|
|
REIT - Mortgage
|
67.18M
|
42.9
Composite
|
$2.99
|
Profitability
50.4
|
|
REIT - Mortgage
|
38.80M
|
47.2
Composite
|
$3.42
|
Valuation
54.0
|
|
SACH
Sachem Capital Corp.
REIT - Mortgage
|
38.80M
|
29.6
Composite
|
$0.81
|
Efficiency
56.0
|
|
REIT - Mortgage
|
21.21M
|
30.0
Composite
|
$4.40
|
Efficiency
48.5
|
|
REIT - Mortgage
|
20.63M
|
36.3
Composite
|
$3.93
|
Efficiency
48.4
|
|
REIT - Mortgage
|
-
|
49.3
Composite
|
$24.89
|
Valuation
88.5
|
|
REIT - Mortgage
|
-
|
49.7
Composite
|
$23.74
|
Valuation
88.5
|
|
REIT - Mortgage
|
-
|
49.6
Composite
|
$24.32
|
Valuation
88.5
|
|
REIT - Mortgage
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
REIT - Mortgage
|
-
|
45.2
Composite
|
-
|
Efficiency
66.0
|
|
REIT - Mortgage
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
REIT - Mortgage
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
REIT - Mortgage
|
-
|
0.0
Composite
|
$18.81
|
No pillar score
-
|
|
REIT - Mortgage
|
-
|
0.0
Composite
|
-
|
No pillar score
-
|
|
REIT - Mortgage
|
-
|
50.3
Composite
|
$25.33
|
Efficiency
82.5
|
Try a broader company name, ticker, sector, or industry keyword.
This framework combines industry-specific diagnostics, moat context, and peer benchmarks so each signal stays grounded in how this business model actually compounds.
We group mortgage REITs on their own because their economics are those of a leveraged lender, not a landlord. The money-flow layer uses the lender engine: interest income, interest expense, net interest income, operating expense, and the earnings left for shareholders.
The trade-off layer uses the lending metrics: net interest margin, efficiency, ROE and ROA, equity to assets, and leverage. The moat layer uses the lender template, which scores like the bank one: returns, margins, leverage and their stability against other mortgage REITs. It reads funding as how well returns hold up through repo and securitisation markets, because mortgage REITs have no deposits.
For valuation, StatsAlpha(TM) uses a residual-income model: book value plus the value of any return on equity above the cost of equity. Because the group distributes most of its income and tends to earn close to its cost of capital, the default case assumes little book value growth and a value near book. This framework is for informational purposes only, not investment advice.
Each layer answers a different question: where value is created, what protects it, and how execution compares with the rest of the coverage set.
Benchmarks and narrative cues are meant to clarify what the framework is seeing in the data. They are not investment advice.
Coverage starts with the companies that actually operate inside this business model, so peer comparisons stay relevant instead of generic.
The Financial Services layer isolates the cash-flow mechanics, capital demands, and operating risk that matter most for this industry.
We then layer in Lender Specialized, pillar ranges, and peer leaders to show what strong execution looks like relative to the broader cohort.