The largest mortgage REITs (mREITs) by market capitalization (as of early August 2026 data) are dominated by agency/residential-focused names, followed by commercial and hybrid players. Mortgage REITs invest primarily in mortgage-backed securities (MBS) or real estate debt rather than physical properties. They typically offer elevated dividend yields (often 9–17%+) due to leverage and the requirement to distribute most taxable income, but yields and payouts can be volatile with interest rates, prepayments, credit conditions, and book value changes.
Top Mortgage REITs by Market Cap
Rank | Ticker | Company | Market Cap | Dividend Yield | Focus |
|---|---|---|---|---|---|
1 | NLY | Annaly Capital Management | ~$17.4B | ~13.0–13.2% | Largest; primarily agency RMBS |
2 | AGNC | AGNC Investment | ~$12.9B | ~13.3% | Agency MBS focused; monthly dividends |
3 | STWD | Starwood Property Trust | ~$6.3B | ~11.7% | Commercial/hybrid; more diversified lending |
4 | RITM | Rithm Capital | ~$5.7B | ~9.8% | Hybrid (servicing, originations, etc.) |
5 | DX | Dynex Capital | ~$3.2B | ~15.8% | Agency-focused |
6 | BXMT | Blackstone Mortgage Trust | ~$2.4B | ~13.3% | Commercial mortgage loans |
7 | ARR | ARMOUR Residential REIT | ~$2.4B | ~17.3% | Agency RMBS |
8 | EFC | Ellington Financial | ~$1.8B | ~11.5% | Hybrid/diversified |
9 | ORC | Orchid Island Capital | ~$1.3B | ~20–21% | Agency-focused (higher yield, smaller size) |
10 | TWO | Two Harbors Investment | ~$1.3B | ~11.2% | Agency + mortgage servicing rights |
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