{"id":32096,"date":"2023-07-06T07:09:13","date_gmt":"2023-07-06T11:09:13","guid":{"rendered":"https:\/\/ifintechworld.com\/news\/whos-scooping-up-these-high-yielding-mortgage-reits\/"},"modified":"2023-07-06T07:09:18","modified_gmt":"2023-07-06T11:09:18","slug":"whos-scooping-up-these-high-yielding-mortgage-reits","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=32096","title":{"rendered":"Who&#8217;s Scooping Up These High-Yielding Mortgage REITs?"},"content":{"rendered":"<div data-test-id=\"content-container\">\n<p><figure class=\"getty-figure\" data-type=\"getty-image\"><picture>  <\/picture><figcaption> <\/figcaption><\/figure>\n<\/p>\n<p><em>This article was published at iREIT\u00ae on Alpha on Tuesday, July 4, 2023.<\/em><\/p>\n<p>I must say, I\u2019m feeling the love for high-yielding mortgage real estate investment trusts, or mREITs.<\/p>\n<p>I\u2019m talking about yields from 9% to 12%.<\/p>\n<p>Now, before<span class=\"paywall-full-content invisible\"> you call me names, I want to first let you know that I\u2019m not talking about residential mREITs like <\/span><b class=\"paywall-full-content invisible\">Annaly Capital Management, Inc.<\/b><span class=\"paywall-full-content invisible\"> (<\/span>NLY<span class=\"paywall-full-content invisible\">) or<\/span><strong class=\"paywall-full-content invisible\"> <\/strong><b class=\"paywall-full-content invisible\">Cherry Hill Mortgage Investment Corporation<\/b><span class=\"paywall-full-content invisible\"> (<\/span>CHMI<span class=\"paywall-full-content invisible\">), both chronic dividend cutters that have returned an average of 2% per year in a decade.<\/span><\/p>\n<p class=\"paywall-full-content invisible\">(See my recent article on NLY and CHMI.)<\/p>\n<p class=\"paywall-full-content invisible\">I don\u2019t recommend investing in any of these more toxic residential mREITs that have been nothing but value destroyers, regardless of your skillset in the REIT sector.<\/p>\n<p class=\"paywall-full-content invisible\">However, I\u2019m a fan of commercial mREITs that are differentiated from their riskier residential cousins, because of their lower<span class=\"paywall-full-content invisible no-summary-bullets\"> leverage and significant floating rate exposure that benefits from rising rates.<\/span><\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Typically, I like owning around 10% in commercial mREITs (within my REIT portfolio), however, I\u2019m increasing that to ~20% given the attractive opportunity set unfolding right now.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">One primary catalyst supporting my REIT blueprint is the fact that banks are not doing much real estate lending. Unless you\u2019re a professional like a dentist or doctor (who owns real estate), most banks are not making CRE Loans these days.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">So, who\u2019s going to service the regional and community banks that hold 31.5% of all commercial real estate mortgages (20% of total assets)?<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">The Mortgage Bankers Association released a survey estimating the maturity profile of all commercial and multifamily mortgages, including those held by banks and non-bank lenders.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">They calculate $728 billion (16% of total loans) will mature in 2023, with another $659 billion (15%) maturing in 2024. Hotels\/motels have the largest share of their loans maturing in 2023 (34%), followed by office (25%). Multifamily has the smallest share of outstanding mortgages maturing in 2023 (9%).<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">The greatest risk lies in loans originated over the past several years at peak valuations, especially if they have shorter maturities.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">About 56% of all outstanding CMBS was issued from 2019 to 2023 YTD, consisting of less than 1% for the 2023 vintage, 14% for the 2022 vintage, 21% for the 2021 vintage, 7% for the 2020 vintage, and 13% for the 2019 vintage.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Where do these landlords get funds to refinance these debt maturities?<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\"><strong>You Guessed it<\/strong>: Commercial mREITs.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"regular-img-figure paywall-full-content invisible\" contenteditable=\"false\"><picture> <img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/07\/330973-1688506261640269.png\" alt=\"A screenshot of a data Description automatically generated\" contenteditable=\"false\" loading=\"lazy\"> <\/picture><figcaption>\n<p class=\"item-caption\"><span>iREIT\u00ae<\/span><\/p>\n<\/figcaption><\/figure>\n<\/p>\n<h2 class=\"paywall-full-content invisible no-summary-bullets\"><strong>BXMT: Yielding 12.1%<\/strong><\/h2>\n<p class=\"paywall-full-content invisible no-summary-bullets\"><strong>Blackstone Mortgage Trust, Inc.<\/strong> (BXMT) is externally managed by Blackstone Inc. (BX) and is a mortgage real estate investment trust that specializes in loan origination of senior, floating rate mortgage loans backed by commercial real estate in North America, Australia, and Europe.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">While BXMT\u2019s primary focus is on floating rate senior loans, they may also acquire and originate subordinate and fixed rate loans.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">BXMT has a $26.7 billion senior loan portfolio that consists of 199 loans with a <strong>weighted average origination loan-to-value of 64%<\/strong>. BXMT is well diversified by region and by the property type serving as collateral. 26% of their loan exposure comes from the U.S. Sunbelt region, 20% comes from the U.S. Northeast region, and 15% comes from the Western region of the U.S. Internationally, 14% of their loan exposure comes from the U.K., 14% comes from Western Europe, and 6% comes from Australia.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">BXMT\u2019s largest asset class is <strong>office properties that makes up 34% <\/strong>of their loan exposure (both U.S. and non-U.S. properties), followed by multifamily which makes up 27%, hospitality which makes up 19%, industrial which makes up 9%, and retail properties which makes up 4% of their loan exposure.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"regular-img-figure paywall-full-content invisible\" contenteditable=\"false\"><picture> <span><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/07\/330973-16885062626647186.png\" alt=\"A map of the united states with a pie chart Description automatically generated with low confidence\" contenteditable=\"false\" loading=\"lazy\"><\/span> <\/picture><figcaption>\n<p class=\"item-caption\"><span>BXMT &#8211; IR<\/span><\/p>\n<\/figcaption><\/figure>\n<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">BXMT paid a first quarter dividend of $0.62 compared to their first quarter distributable earnings of $0.79 per share, which put their <strong>dividend payout ratio at 78.4%.<\/strong><\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">BXMT has been very consistent with its distributions with a dividend of $0.62 paid for 31 consecutive quarters, and currently the current dividend yield is 12.1%.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">BXMT\u2019s stock has fallen almost 27% over the last year, putting the mortgage REIT on sale with a P\/E of 7.48x vs. their normal P\/E ratio of 11.84x.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\"><strong>At iREIT\u00ae, we rate BXMT stock a BUY and assign it a tier 1 rating.<\/strong><\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"regular-img-figure paywall-full-content invisible\" contenteditable=\"false\"><picture> <span><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/07\/330973-16885062631418304.png\" alt=\"A screenshot of a graph Description automatically generated\" contenteditable=\"false\" loading=\"lazy\"><\/span> <\/picture><figcaption>\n<p class=\"item-caption\"><span>FAST Graphs<\/span><\/p>\n<\/figcaption><\/figure>\n<\/p>\n<h2 class=\"paywall-full-content invisible no-summary-bullets\"><strong>STWD: Yielding 10.0%<\/strong><\/h2>\n<p class=\"paywall-full-content invisible no-summary-bullets\"><b>Starwood Property Trust, Inc.<\/b> (STWD) is an externally managed mREIT that specializes in originating, acquiring, and managing mortgage loans and other types of real estate investments in the U.S., Europe, and Australia.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">STWD conducts its operations through 4 business segments that include Commercial and Residential Lending, Infrastructure Lending, Real Estate Property, and Real Estate Investing and Servicing.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Through their Commercial and Residential Lending segment they originate and manage first mortgage loans for commercial properties, non-agency residential mortgages, mezzanine loans, subordinate mortgages, residential mortgage-backed securities (\u201cRMBS\u201d), commercial mortgage-backed securities (\u201cCMBS\u201d), and preferred equity.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Through their Infrastructure Lending segment they originate, acquire and manage debt instruments related to infrastructure projects.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Their Real Estate Property segment invests in equity interest in multifamily and net-lease commercial properties that are held for investment, and their Real Estate Investing and Servicing segment focuses on investing in businesses that acquires CMBS and businesses that originate conduit loans that are securitized and sold to third parties.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"regular-img-figure paywall-full-content invisible\" contenteditable=\"false\"><picture> <span><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/07\/330973-16885062628586993.png\" alt=\"A picture containing text, screenshot, circle, font Description automatically generated\" contenteditable=\"false\" loading=\"lazy\"><\/span> <\/picture><figcaption>\n<p class=\"item-caption\"><span>STWD &#8211; IR<\/span><\/p>\n<\/figcaption><\/figure>\n<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">For the first quarter, STWD reported distributable earnings of $0.49 per share and paid a first quarter dividend of $0.48, for a <strong>dividend payout ratio of 98%<\/strong>.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Since 2014, STWD has paid an annual dividend of $1.92 per share and currently pays a 10.0% dividend yield.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Analysts expect adjusted operating earnings to fall by 14% in 2023 but then increase by 7% in both 2024 and 2025. Currently the stock trades at a P\/E of 9.15x, which is a slight discount to their normal P\/E ratio of 9.74x.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\"><strong>At iREIT\u00ae, we rate STWD stock a BUY and assign it a tier 1 rating.<\/strong><\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"regular-img-figure paywall-full-content invisible\" contenteditable=\"false\"><picture> <span><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/07\/330973-16885062628688915.png\" alt=\"A screenshot of a computer screen Description automatically generated\" contenteditable=\"false\" loading=\"lazy\"><\/span> <\/picture><figcaption>\n<p class=\"item-caption\"><span>FAST Graphs<\/span><\/p>\n<\/figcaption><\/figure>\n<\/p>\n<h2 class=\"paywall-full-content invisible no-summary-bullets\"><strong>LADR: Yielding 8.6%<\/strong><\/h2>\n<p class=\"paywall-full-content invisible no-summary-bullets\"><b>Ladder Capital Corp<\/b> (LADR) is an internally managed mREIT that specializes in originating senior first mortgage fixed and variable rate loans that are secured by commercial real estate.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">They generate interest income and rental income through their businesses which includes balance sheet lending, securities investments, conduit lending, and real estate investments. As part of their lending operations, LADR originates first mortgage conduit loans on stabilized properties that are securitized into CMBS and sold to third parties.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Additionally, they own and operate net-lease commercial properties and invest in investment grade securities that are secured by first mortgage loans.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">LADR has a $3.8 billion loan portfolio that primarily consists of balance sheet first mortgage loans and to a much lesser extent conduit and other commercial real estate loans. 99% of their loan portfolio consists of senior secured first mortgage loans with a weighted average LTV of 68% and an average loan size of $25 million.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"regular-img-figure paywall-full-content invisible\" contenteditable=\"false\"><picture> <span><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/07\/330973-16885062629507136.png\" alt=\"A picture containing text, screenshot, circle, colorfulness Description automatically generated\" contenteditable=\"false\" loading=\"lazy\"><\/span> <\/picture><figcaption>\n<p class=\"item-caption\"><span>LADR &#8211; IR<\/span><\/p>\n<\/figcaption><\/figure>\n<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">LADR reported $0.38 in distributable earnings per share for the first quarter and paid a $0.23 quarterly dividend, for a dividend <strong>payout ratio of just 60.5%<\/strong> when based on distributable earnings.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Their adjusted operating earnings fell each year from 2019 to 2021 but increased by 137% in 2022.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Analysts expect earnings to increase by 13% in 2023 and then fall by 5% in 2024. Currently, LADR pays a 8.48% dividend yield and trades at a P\/E of 8.79x, which compares favorably to their normal P\/E ratio of 10.87x.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\"><strong>At iREIT\u00ae, we rate Ladder Capital stock a BUY and assign it a tier 1 rating.<\/strong><\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"regular-img-figure paywall-full-content invisible\" contenteditable=\"false\"><picture> <span><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/07\/330973-1688506262795102.png\" alt=\"A screenshot of a graph Description automatically generated\" contenteditable=\"false\" loading=\"lazy\"><\/span> <\/picture><figcaption>\n<p class=\"item-caption\"><span>FAST Graphs<\/span><\/p>\n<\/figcaption><\/figure>\n<\/p>\n<h2 class=\"paywall-full-content invisible no-summary-bullets\"><strong>BRSP: Yielding 12.0%<\/strong><\/h2>\n<p class=\"paywall-full-content invisible no-summary-bullets\"><b>BrightSpire Capital, Inc.<\/b> (BRSP) is an internally managed mREIT that originates and manages a portfolio of commercial real estate debt investments and invests in net-leased real estate properties that are primarily located in the U.S.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">BRSP\u2019s debt investments mainly consist of senior mortgage loans but may also include mezzanine loans and preferred equity investments. BRSP\u2019s primary business is originating and acquiring senior loans that are collateralized by commercial real estate assets.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Their senior loans are issued to developers and owners of commercial properties to provide mortgage financing and may be issued at fixed or floating rates. In addition to their investments in debt instruments, BRSP also selectively invests in commercial real estate that is leased to tenants on a long-term, net-lease basis where the tenants are responsible for the property operating expenses.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">BRSP\u2019s has a $3.4 billion loan portfolio that consists of 100 investments with an average investment size of $34 million and a weighted average loan-to-value of 69% for their senior loans.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"regular-img-figure paywall-full-content invisible\" contenteditable=\"false\"><picture> <span><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/07\/330973-16885062639091077.png\" alt=\"A picture containing text, screenshot, number, font Description automatically generated\" contenteditable=\"false\" loading=\"lazy\"><\/span> <\/picture><figcaption>\n<p class=\"item-caption\"><span>BRSP &#8211; IR<\/span><\/p>\n<\/figcaption><\/figure>\n<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">For the first quarter BRSP reported adjusted distributable earnings of $0.27 per share and paid a $0.20 dividend for a <strong>dividend payout ratio of 74%.<\/strong><\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">In 2020, BRSP cut its dividend by 81.82%, from $1.65 to $0.30 per share, but then increased the dividend for the next two years. In 2021, BRSP increased their dividend by 93.33%, and in 2022 they increased it by 36.21%.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Currently, BRSP pays a 12.0% dividend yield and trades at a P\/E ratio of 7.01x, which is a significant discount to their normal P\/E ratio of 12.55x.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\"><strong>At iREIT\u00ae, we rate BrightSpire stock a BUY and assign it a tier 1 rating.<\/strong><\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"regular-img-figure paywall-full-content invisible\" contenteditable=\"false\"><picture> <span><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/07\/330973-16885062639915864.png\" alt=\"A screenshot of a graph Description automatically generated\" contenteditable=\"false\" loading=\"lazy\"><\/span> <\/picture><figcaption>\n<p class=\"item-caption\"><span>FAST Graphs<\/span><\/p>\n<\/figcaption><\/figure>\n<\/p>\n<h2 class=\"paywall-full-content invisible no-summary-bullets\"><strong>ABR: Yielding 11.3%<\/strong><\/h2>\n<p class=\"paywall-full-content invisible no-summary-bullets\"><b>Arbor Realty Trust, Inc.<\/b> (ABR) is an internally managed multifamily-focused mREIT that originates loans through their Structured Business and Agency Business. Through their Structured Business they invest in a portfolio of structured finance assets that primarily consist of bridge loans, but also includes mezzanine loans and preferred equity.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Through their Agency Business, ABR originates, sells, and services multifamily finance products through government-sponsored enterprises (\u201cGSEs\u201d) such as Fannie Mae and Freddie Mac and also sells loans through the conduit markets.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Additionally, through their Agency Business, Arbor Realty originates private label loans which are then pooled and securitized into CMBS and sold to third-parties.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">While ABR securitizes and sells many of their loans, they retain the servicing rights on almost all of the loans they originate through their Agency Business. Arbor Realty has a $13.6 billion balance sheet loan portfolio with an average loan size of $19.1 million and a <strong>weighted average LTV of 76%.<\/strong><\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"regular-img-figure paywall-full-content invisible\" contenteditable=\"false\"><picture> <span><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/07\/330973-16885062645164185.png\" alt=\"A picture containing text, electronics, screenshot, circle Description automatically generated\" contenteditable=\"false\" loading=\"lazy\"><\/span> <\/picture><figcaption>\n<p class=\"item-caption\"><span>ABR &#8211; IR<\/span><\/p>\n<\/figcaption><\/figure>\n<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">ABR reported distributable earnings of $0.62 per share in the first quarter of 2023, which is $0.20 more than their first quarter dividend for a payout ratio of approximately 68%.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">ABR has delivered 11 consecutive years of dividend growth and has increased the dividend in 11 out of the last 13 quarters.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Since 2016, ABR has had an average adjusted operating earnings growth rate of 7.87% and an average dividend growth rate of 16.16%. Currently they pay a 11.3% dividend yield and are trading at a P\/E of 7.02x, which is a discount to their normal P\/E ratio of 8.42x.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\"><strong>At iREIT\u00ae, we rate Arbor Realty Trust stock a Spec BUY and assign it a tier 2 rating.<\/strong><\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"regular-img-figure paywall-full-content invisible\" contenteditable=\"false\"><picture> <span><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/07\/330973-16885062639738014.png\" alt=\"A screenshot of a graph Description automatically generated\" contenteditable=\"false\" loading=\"lazy\"><\/span> <\/picture><figcaption>\n<p class=\"item-caption\"><span>FAST Graphs<\/span><\/p>\n<\/figcaption><\/figure>\n<\/p>\n<h2 class=\"paywall-full-content invisible no-summary-bullets\"><strong>The Anchor &amp; Buoy Approach<\/strong><\/h2>\n<p class=\"paywall-full-content invisible no-summary-bullets\">As I mentioned earlier, I like owning commercial mREITs because it\u2019s a terrific way to gain access to commercial real estate debt that generates income and attractive total returns (unlike preferreds that don\u2019t benefit from price appreciation).<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Given where we are in this cycle, that includes a wave of debt maturities, these mREITs are perfectly positioned to capitalize on refinancing landlords (more demand) who are in need of bridge funding.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Given the fact that mREITs aren\u2019t under the same scrutiny as banks, these skilled mREITs will be able to capture market share and generate attractive risk-adjusted returns.<\/p>\n<h3 class=\"paywall-full-content invisible no-summary-bullets\"><strong>Market Capitalization (in $US millions)<\/strong><\/h3>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"regular-img-figure paywall-full-content invisible\" contenteditable=\"false\"><picture> <img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/07\/330973-16885062625115159.png\" alt=\"A table with numbers and a list of text Description automatically generated\" contenteditable=\"false\" loading=\"lazy\"> <\/picture><figcaption>\n<p class=\"item-caption\"><span>iREIT\u00ae<\/span><\/p>\n<\/figcaption><\/figure>\n<\/p>\n<h3 class=\"paywall-full-content invisible no-summary-bullets\"><strong>Historical and Forecasted (2024) EPS<\/strong><\/h3>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"regular-img-figure paywall-full-content invisible\" contenteditable=\"false\"><picture> <span><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/07\/330973-16885062626860971.png\" alt=\"A picture containing text, screenshot, number, font Description automatically generated\" contenteditable=\"false\" loading=\"lazy\"><\/span> <\/picture><figcaption>\n<p class=\"item-caption\"><span>iREIT\u00ae<\/span><\/p>\n<\/figcaption><\/figure>\n<\/p>\n<h3 class=\"paywall-full-content invisible no-summary-bullets\">Commercial mREIT Coverage Spectrum<\/h3>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"regular-img-figure paywall-full-content invisible\" contenteditable=\"false\"><picture> <span><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/07\/330973-16885062626306503.png\" alt=\"iREIT\u00ae\" contenteditable=\"false\" loading=\"lazy\"><\/span> <\/picture><figcaption>\n<p class=\"item-caption\"><span>iREIT\u00ae<\/span><\/p>\n<\/figcaption><\/figure>\n<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">As always, thank you for reading, and I look forward to your comments below.<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/seekingalpha.com\/article\/4615337-whos-scooping-up-these-high-yielding-mortgage-reits?source=feed_all_articles\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>This article was published at iREIT\u00ae on Alpha on Tuesday, July 4, 2023. I must say, I\u2019m feeling the love for high-yielding mortgage real estate investment trusts, or mREITs. I\u2019m talking about yields from 9% to 12%. Now, before you call me names, I want to first let you know that I\u2019m not talking about [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":32097,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[236],"tags":[83],"class_list":["post-32096","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-news","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Who&#039;s Scooping Up These High-Yielding Mortgage REITs? | iFintechWorld<\/title>\n<meta name=\"description\" content=\"This article was published at iREIT\u00ae on Alpha on Tuesday, July 4, 2023. 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