Commercial Mortgage REITs
In the Hoya Capital Commercial Mortgage REIT Index, we track 19 exchange-listed commercial mREITs. Commercial mREITs tend to focus on one or a small handful of property sectors and generally provide floating-rate lending facilities with terms of 2-5 years collateralized by commercial real estate assets, often 'competing' with regional banks for deal flow.
Like their counterparts on the residential side, the commercial mREIT sector is comprised primarily of small and micro-cap REITs, and pay dividend yields in the low teens. The sector can be further segmented into two categories: pure Balance Sheet Lenders, which originate and purchase loans for their own balance sheet, and Conduit Lenders, which originate and purchase loans both to hold on their own balance sheet and also for the purposes of securitizing the loans into a CMBS or other vehicles.
| Ticker Symbol | Company Name | Property Sector | Market Cap ($B) | Dividend Yield | Payout Frequency | Price-to-FFO | Debt Ratio | Short Interest | |
|---|---|---|---|---|---|---|---|---|---|
| STWD | Starwood Property |  | Commercial mREIT | 6.44 | 9.34% | Quarter | 9.0 | 73% | 5.7% |
| BXMT | Blackstone Mortgage |  | Commercial mREIT | 3.72 | 11.45% | Quarter | 7.5 | 70% | 18.1% |
| ABR | Arbor Realty |  | Commercial mREIT | 2.92 | 12.22% | Quarter | 6.3 | 78% | 33.0% |
| HASI | Hannon Armstrong |  | Commercial mREIT | 2.86 | 6.12% | Quarter | 12.4 | 63% | 15.6% |
| RC | Ready Capital |  | Commercial mREIT | 1.86 | 13.28% | Quarter | 5.8 | 73% | 3.8% |
| ARI | Apollo Commercial |  | Commercial mREIT | 1.62 | 12.14% | Quarter | 6.9 | 66% | 2.9% |
| CMTG | Claros Mortgage |  | Commercial mREIT | 1.82 | 7.63% | Quarter | 16.6 | 50% | 1.2% |
| LADR | Ladder Capital |  | Commercial mREIT | 1.43 | 8.14% | Quarter | 9.7 | 72% | 2.1% |
| FBRT | Franklin BSP (Capstead) |  | Commercial mREIT | 1.12 | 10.45% | Quarter | 40.0 | 75% | 3.9% |
| BRSP | Brightspire Capital (Colony) |  | Commercial mREIT | 0.94 | 11.00% | Quarter | 7.4 | 67% | 1.2% |
| KREF | KKR Real Estate Finance |  | Commercial mREIT | 0.90 | 13.35% | Quarter | 8.0 | 48% | 4.1% |
| ACRE | Ares Commercial |  | Commercial mREIT | 0.56 | 12.74% | Quarter | 6.7 | 69% | 3.7% |
| TRTX | TPG RE Finance |  | Commercial mREIT | 0.47 | 15.64% | Quarter | 5.7 | 65% | 3.3% |
| GPMT | Granite Point Mortgage |  | Commercial mREIT | 0.29 | 14.47% | Quarter | 19.8 | 66% | 1.5% |
| NREF | NexPoint Real Estate |  | Commercial mREIT | 0.27 | 12.59% | Quarter | 5.8 | 89% | 2.5% |
| SACH | Sachem Capital |  | Commercial mREIT | 0.17 | 11.64% | Quarter | 6.8 | 47% | 1.7% |
| SEVN | Seven Hills (Tremont) |  | Commercial mREIT | 0.18 | 11.53% | Quarter | -- | 75% | 0.4% |
| LFT | Lument Financial (Hunt) |  | Commercial mREIT | 0.11 | 12.90% | Quarter | 11.4 | 80% | 0.1% |
| ACR | ACRES Realty (Exantas) |  | Commercial mREIT | 0.07 | 0.00% | Quarter | -- | 80% | 0.1% |
