REIT - Mortgage Stocks in the US

The largest REIT - Mortgage stocks in the US by market value are Annaly Capital Management, Inc. ($14.9B), Rithm Capital Corp. ($5.3B) and Starwood Property Trust, Inc. ($4.8B), at prices of 4 Nov 2026.

• Annaly Capital Management, Inc.: $18.93 | market value $14.9B | P/BV 0.9
• Rithm Capital Corp.: $9.50 | market value $5.3B | P/BV 0.52
• Starwood Property Trust, Inc.: $12.95 | market value $4.8B | P/BV 0.84
• Blackstone Mortgage Trust, Inc.: $11.63 | market value $2.0B | P/BV 0.89
• Ellington Financial Inc.: $11.85 | market value $1.5B | P/BV 0.85
• Two Harbors Investment Corp.: $12.18 (price from the week of 28 Aug 2026) | market value $1.3B | P/BV 0.75
• Ladder Capital Corp: $9.36 | market value $1.2B | P/BV 0.76
• Chimera Investment Corporation: $8.68 | market value $727M | P/BV 0.46
• PennyMac Mortgage Investment Trust: $8.28 | market value $722M | P/BV 0.53
• MFA Financial, Inc.: $6.61 | market value $668M | P/BV 0.55

The other 15 REIT - Mortgage companies are in the full list below.

Share price | market value | P/BV or P/E, biggest first. Prices and market values as of 4 Nov 2026; ratios as in the score list below.

Ranked by the 4-Factor Sector Score (growth & earnings 35, capital efficiency 25, valuation 20, relative strength 20). Prices as of 4 Nov 2026.

The largest 15 of 25 listed US REIT - Mortgage companies are named here; all 25 are ranked in the scorecard. Every figure is equal-weighted across those companies and carries its own as-of date. One large company cannot set the reading.

1. Annaly Capital Management, Inc.$14.9B
2. Rithm Capital Corp.$5.3B
3. Starwood Property Trust, Inc.$4.8B
4. Blackstone Mortgage Trust, Inc.$2.0B
5. Ellington Financial Inc.$1.5B
6. Two Harbors Investment Corp.$1.3B
7. Ladder Capital Corp$1.2B
8. Chimera Investment Corporation$727M
9. PennyMac Mortgage Investment Trust$722M
10. MFA Financial, Inc.$668M
11. Invesco Mortgage Capital Inc.$602M
12. Adamas Trust, Inc.$558M
13. TPG RE Finance Trust, Inc.$551M
14. Franklin BSP Realty Trust, Inc.$487M
15. BrightSpire Capital, Inc.$458M

The remaining 10 REIT - Mortgage companies are named and ranked in the scorecard.

29 REIT - Mortgage companies in the REIT - Mortgage industry group (every listed company) have a page on Sector Alpha, by market value as of 4 November 2026, and all 29 are listed below, largest first. The largest is Annaly Capital Management, Inc. ($14.9 billion) and the smallest with a market value is TPG Mortgage Investment Trust, Inc.

Download all 29 REIT - Mortgage companies (CSV)

The line below covers up to 5.2 years and opens on the 5Y view; the buttons cut it shorter. Over the last two years (104 weeks) this industry is 59% behind S&P 500. Earnings across its companies fell 24% on average over the last four reported quarters.

Price down, no fundamental support. 0 of 25 companies ahead of S&P 500 by 5% or more over three months. 5 are 20% or more behind over a year while earnings grew 20% or more.

Not ahead of S&P 500 on the three-month view this week; 1 of the 25 companies in the industry index above their 200-day average (no change from four weeks earlier); 0 of those 25 ahead of S&P 500 by 5% or more over three months (no change from four weeks earlier); earnings rising at 11 of the 25 that report earnings.

Behind S&P 500 by −42.1% over a year, with participation off the floor of its own 26-week range. Earnings mixed, 11 of 25 members have higher trailing twelve-month earnings than a year ago.

Both lines start at 200 in the same week, so the gap between them tells the story: the industry line is an equal-weighted index of its 25 companies. The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member set to 100 at the start and the industry taking the middle value, so a price line pulling away from flat bars means the market is paying more for the same earnings. A bar turns grey when that figure is lower than the quarter before. The rules are fixed and the same everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while earnings grew 20% or more. Hover or tap any point to read both values and the gap.

REIT - Mortgage has done worse than the S&P 500 by 37.3% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 22%. NexPoint Real Estate Finance, Inc. is the strongest against the sector itself at +24.4%.

REIT - Mortgage has done worse than the S&P 500 by 37.3% over 52 weeks and by 22% over 13 weeks. 0 of 25 companies we track are beating the S&P 500 on relative strength (how a share price has done against the index over recent months) (1 has no relative-strength reading yet), and 11 of the 24 with a long enough price history are ahead of the industry itself.

A score that ranks each company against the others in its industry. The four parts shown always add up to the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or old evidence affects only its own part, never as a hidden adjustment.

Ellington Financial Inc. has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 76% evidence confidence.

Ranked last: too little evidence (3 companies)

Under 60% of the evidence behind these scores is available, so they rank after every company above, whatever the score.

NexPoint Real Estate Finance, Inc. has the strongest one-year price move in REIT - Mortgage at +9.4%. It also leads on relative strength against the S&P 500, at −9.6%. 0 of 25 companies we track are ahead of the index on that measure (1 has no relative-strength reading yet). Every line covers 314 weekly closes through 4 November 2026.

Price and relative strength

Price · same starting point: Every company, the sector's own index and S&P 500 all start level on the left edge of the window, so only the distance between the lines counts: the highest line has risen the most since then, and the chart at the top of this page is drawn the same way. It opens on one year; the buttons beside it stretch that to three or five.

RS vs S&P 500: How far ahead of or behind S&P 500 each company has been running, measured against its own recent average of that comparison, so the flat line at zero IS S&P 500: above it the company is beating the market, below it the market is beating the company. It opens on one year.

RS vs sector: The same measure taken against REIT - Mortgage itself instead of the whole market, so the flat line at zero is the sector: above it the company is beating its own peers, which is the sharper test of the two. It opens on one year.

Biggest one-year moves

Strongest against S&P 500

Strongest against the sector itself

Rithm Capital Corp. has the highest Income among the 25 REIT - Mortgage companies compared here, at $4,689 million. Annaly Capital Management, Inc. is next at $1,392 million. Apollo Commercial Real Estate Finance, Inc. has the highest Income growth at the 100% top of the scoring scale, so level and change sit with different companies.

What the numbers say: Rithm Capital Corp. is the largest at $4,689 million, 236.9% ahead of Annaly Capital Management, Inc. Apollo Commercial Real Estate Finance, Inc.'s growth is capped at 100% on the scoring scale; the full change over the last 12 months is 128.1% from a $625 million base, with 19 reported quarters out of the last 20. Fast growth from a smaller base is not yet the same as proven size.

What this means: Rithm Capital Corp. is the size to compare against; Apollo Commercial Real Estate Finance, Inc. is the one growing fastest. The faster grower has to keep that growth and turn it into margin and returns before it counts as more than a fast start.

This conclusion weakens if: Rithm Capital Corp.'s growth falls below Apollo Commercial Real Estate Finance, Inc.'s for two consecutive comparable reports while operating margin also compresses.

For lenders, reported income is used instead of industrial-company sales. Growth is compared year-on-year.

Income · company comparison

Income · largest

Income growth · fastest growers

All-company data · latest reported quarter

In every all-company table on this page, each figure is the company’s latest single reported quarter. The rankings above them use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

Revenue shows both size and speed. A large company can absorb shocks and pay for wide distribution; faster growth can mean market-share gains, new capacity or stronger demand. The best sign is usually growth that lasts without hurting margins and returns.

Annaly Capital Management, Inc. has the highest Net profit among the 25 REIT - Mortgage companies compared here, at $952 million. Rithm Capital Corp. is next at $358 million. Ellington Financial Inc. has the highest Profit growth at 71.7%, so level and change sit with different companies. 25 of 25 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: Annaly Capital Management, Inc. earns the most, $952 million of profit over the last 12 months, 165.9% above Rithm Capital Corp. Ellington Financial Inc. shows 71.7% growth from a profit base of $194 million. A fast rate from a small base matters less than a large profit that keeps coming.

What this means: Annaly Capital Management, Inc. sets the level to compare against; the company improving fastest needs another report to confirm the change.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Net profit is ranked only where the comparison base is economically meaningful. Loss-to-profit flips are shown but do not win the growth table.

Net profit · company comparison

Net profit · largest

Profit growth · fastest growers

All-company data · latest reported quarter

Rithm Capital Corp. has the highest Deposits among the 25 REIT - Mortgage companies compared here, at $40 million. Claros Mortgage Trust, Inc. is next at $2 million. Annaly Capital Management, Inc. has the highest Borrowings at $127,534 million, so level and change sit with different companies. 2 of 25 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: Rithm Capital Corp. leads deposits at $40 million; Annaly Capital Management, Inc. leads borrowings at $127,534 million.

What this means: Rithm Capital Corp. sets the level to compare against; the company improving fastest needs another report to confirm the change.

This conclusion weakens if: The next two comparable reports reverse the current borrowings signal.

For banks, debt is operating funding rather than industrial leverage. Deposits and borrowings are therefore shown as funding-base levels; asset quality, funding cost and liquidity determine whether that funding is attractive.

Funding base · company comparison

Deposits · largest deposit bases

Borrowings · largest borrowings

All-company data · latest reported quarter

Deposit scale can lower funding risk, while rising wholesale borrowings can change cost and liquidity. Asset quality and margins decide whether the funding base creates value.

Chicago Atlantic Real Estate Finance, Inc. has the highest ROA among the 25 REIT - Mortgage companies compared here, at 4.5%. Adamas Trust, Inc. is next at 2.7%. Two Harbors Investment Corp. has the highest ROA change at +3.6 percentage points, so level and change sit with different companies. Its ROA series carries 19 reported observations across the 20-quarter window.

What the numbers say: Chicago Atlantic Real Estate Finance, Inc. leads roa at 4.5%; Two Harbors Investment Corp. leads roa change at +3.6 percentage points.

What this means: Chicago Atlantic Real Estate Finance, Inc. sets the level to compare against; the company improving fastest needs another report to confirm the change.

This conclusion weakens if: The next two comparable reports reverse the current roa change signal.

ROA is the cleanest first comparison for lenders because the balance sheet is the operating asset.

Return on assets · company comparison

ROA · highest

ROA change · fastest improvers

All-company data · latest reported quarter

Adamas Trust, Inc. has the highest ROE among the 25 REIT - Mortgage companies compared here, at 24%. Ellington Financial Inc. is next at 22.5%. Two Harbors Investment Corp. has the highest ROE change at +22.1 percentage points, so level and change sit with different companies. 25 of 25 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Adamas Trust, Inc. leads roe at 24%; Two Harbors Investment Corp. leads roe change at +22.1 percentage points.

What this means: Adamas Trust, Inc. sets the level to compare against; the company improving fastest needs another report to confirm the change.

This conclusion weakens if: The next two comparable reports reverse the current roe change signal.

ROE shows the return to shareholders, but should be read with asset quality and leverage.

Return on equity · company comparison

ROE · highest

ROE change · fastest improvers

All-company data · latest reported quarter

No company in this REIT - Mortgage comparison reports gross NPA on a comparable basis, so there is nothing to rank here, 0 of 25 companies have a usable current reading. The section is shown rather than removed so an unavailable metric is not mistaken for one that was quietly left out. Filings were read through Sep 2026.

Lower gross NPA is better. Improvement means the ratio is falling, so ranks are intentionally inverted.

Adamas Trust, Inc. has the lowest P/BV ÷ ROE among the 25 REIT - Mortgage companies compared here, at 0.02×. NexPoint Real Estate Finance, Inc. is next at 0.03×. Ready Capital Corporation has the lowest P/BV at 0.21×, so level and change sit with different companies. 16 of 25 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Adamas Trust, Inc. has the lowest comparable P/BV ÷ ROE at 0.02×, 33.3% below NexPoint Real Estate Finance, Inc. That would need today's multiple, the company's own history and steady growth to agree.

What this means: A low valuation is a reason to look closer at the business, not a conclusion on its own.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Banks are compared on P/BV and P/BV÷ROE, not PEG. A lower figure is better only if loan quality and returns stay strong; a low price against book value while bad loans are rising is not a good sign by itself.

Valuation · company comparison