Ares Commercial Real Estate Corp (ACRE) Stock Analysis and Metrics

Ares Commercial Real Estate

NYSE: ACRE

$4.55 ▲ +0.03 (+0.77%)

At close: Jul 24, 2026 · 3:59 PM UTC

Financial Ratios

Market Cap250.06 Mn

P/E-12.60

P/S4.69

Div. Yield0.13

Total Debt (Qtr)1.18 Bn

Revenue Growth (1y) (Qtr)-9.95

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About

Ares Commercial Real Estate Corporation is a specialty finance company that primarily originates and invests in commercial real estate loans and related investments. The company focuses on directly originating debt and preferred equity investments for commercial properties across the United States. It was incorporated as a Maryland corporation and completed its initial public offering in May 2012. Ares Commercial Real Estate Corporation has elected to be taxed as a real estate investment trust under the Internal Revenue Code. The company is externally managed by Ares Commercial Real Estate Management LLC which is a subsidiary of Ares Management Corporation. This external management arrangement provides the company with access to the manager's national direct origination platform and investment expertise.

The company generates revenue mainly from interest income earned on its held for investment loan portfolio. Its loan portfolio includes senior mortgage loans subordinated debt mezzanine loans and preferred equity investments. Interest income is derived from the contractual interest rates on these loans and from any related fees such as origination or amendment fees. In addition to interest income the company may receive fee income from loan structuring syndication and advisory services. The company also invests in other commercial real estate opportunities such as commercial mortgage backed securities and loans to real estate or hospitality companies. Income from these investments is recognized as interest or dividend income depending on the instrument. The company may also retain subordinate securities from securitizations of its senior loans which can generate additional interest revenue.

Ares Commercial Real Estate Corporation competes in a market that includes public and private REITs specialty finance companies banks mortgage bankers insurance companies mutual funds institutional investors investment banking firms and other financial entities. Many of these competitors are larger and have greater financial technical marketing and other resources than the company. Despite this the company believes it has a competitive advantage through its manager's direct origination platform which consists of four offices across the United States. The manager's underwriting standards emphasize creditworthiness of borrowers strength of sponsors and the underlying collateral value. Access to Ares Management's broader platform provides additional industry expertise and relationships that help the company assess risk and price loans effectively. The company's strategy of holding loans for investment rather than trading them allows it to earn steady interest income over the life of the assets. Its status as a REIT and its exemption from registration under the Investment Company Act of 1940 also differentiate it from many competitors that are subject to different regulatory regimes.

The company serves borrowers and sponsors who are seeking financing for commercial real estate projects that are not fully met by traditional bank or capital market sources. These borrowers typically pursue value adding business plans on properties such as office, multifamily, self storage, retail, hotel, healthcare, student housing, industrial, mixed use, and residential. The sponsors often have experience in developing, operating, or repositioning the underlying assets and require flexible loan structures to support their projects. The company acts as a one stop source of financing providing customized solutions that may include senior loans, subordinated notes, mezzanine financing, or preferred equity. By focusing on this niche the company aims to build relationships with repeat borrowers and to generate a diversified portfolio of CRE debt related investments.

Investment Thesis

▲ Bull case

ACRE is uniquely positioned to capitalize on the Ares real estate debt platform's scale and co-investment model, which provides access to high-quality, off-market loan opportunities that are not readily available to smaller competitors. The company has demonstrated its ability to deploy capital selectively, with over 75% of its $780 million in new loan commitments over the past twelve months originating as co-investments alongside Ares Management affiliated vehicles. This structure allows ACRE to participate in large, institutional-grade transactions—such as the $144 million California retail loan where it retained $75 million as held for investment while selling the remainder—thereby enhancing portfolio diversification and risk-adjusted returns without bearing full concentration risk. The platform's nearly $10 billion in new loan commitments over the last year underscores the depth of the pipeline, enabling ACRE to maintain a disciplined approach to origination while benefiting from Ares' underwriting expertise and market intelligence. This strategic advantage is particularly valuable in the current environment where banks remain hesitant to lend, creating a persistent gap that non-bank lenders like ACRE can fill with attractive risk-adjusted yields. The company's focus on lower CapEx cycle asset classes—multifamily, industrial, self-storage, and select retail—aligns with structural shifts in commercial real estate demand driven by e-commerce, demographic trends, and logistics needs, which are less sensitive to office sector headwinds. By reducing its office loan exposure by nearly 25% year-over-year and reallocating capital into these resilient sectors, ACRE is actively derisking its portfolio while positioning for sustainable growth. The fact that 37% of the investment loan portfolio was originated in the past twelve months reflects successful execution of this strategy, with new originations supporting steady portfolio growth to $1.7 billion and improving overall credit quality. This proactive reshaping of the portfolio, combined with the platform's ability to source deals at attractive attachment points with stronger credit structures, suggests that ACRE is building a foundation for durable, long-term value creation that the market may be underestimating due to near-term GAAP volatility from legacy problem loans.
The company's balance sheet flexibility and enhanced liquidity position provide a significant cushion to navigate the resolution of legacy risk-rated loans while funding new growth initiatives, a factor that is not being fully appreciated by investors focused solely on the GAAP net loss. As of March 31, 2026, ACRE reported $163 million in available capital, including $86 million in cash, and successfully increased its borrowing capacity by $300 million through upsizing facilities with Morgan Stanley and Citibank, while simultaneously lowering borrowing costs via the redemption of the FL4 CLO securitization. These actions reflect the strength of ACRE's lender relationships, which are bolstered by its affiliation with Ares Management, and demonstrate proactive liability management that reduces financial fragility. The net debt-to-equity ratio, excluding CECL, stands at 1.9 times—a moderate level that leaves room for additional leverage as the portfolio shifts toward higher-quality, post-2024 originations. Notably, the company collected $94 million in loan repayments during the quarter, directly strengthening liquidity and underscoring the underlying cash-generating capacity of its performing loan book. This liquidity buffer is critical because it allows ACRE to continue originating new loans—such as the $95 million in multifamily and self-storage commitments closed in the early second quarter—without being forced to sell assets at distressed prices to meet obligations. The ability to accrue interest and fee income on the $69 million portion of the California retail loan held for sale, while retaining the $75 million held for investment, exemplifies a clever capital recycling strategy that enhances yield without locking up capital indefinitely. Furthermore, the absence of negative credit migrations in the risk-rated one-to-three loan portfolio during the quarter, coupled with stable property fundamentals on non-accrual assets like the Chicago office loan (90%+ occupancy, eight-year WALT, positive net cash flow), indicates that credit deterioration is not spreading and remains idiosyncratic. This stability in the core portfolio, combined with active resolution efforts—such as the accelerated exit of the $28 million Pennsylvania multifamily loan—suggests that the drag from legacy assets is transient and manageable, allowing the company to focus on rebuilding earnings power over time.
ACRE's dividend policy and distributable earnings trajectory signal an underappreciated path to sustainable shareholder returns, particularly given the company's REIT structure and the market's current focus on GAAP losses. Despite reporting a GAAP net loss of $9.6 million in Q1 FY26, the company generated $3.2 million in Distributable Earnings ($0.06 per share), which excludes non-cash items like the $3.3 million realized loss from the Pennsylvania multifamily loan exit—a one-time event tied to legacy asset resolution. When this loss is stripped out, distributable earnings rise to $6.5 million ($0.12 per share), revealing a healthier underlying earnings power that is being masked by GAAP accounting for resolved problem loans. The Board's declaration of a $0.15 per share quarterly dividend—equating to an 11.5% annualized yield at the May 4, 2026 stock price—demonstrates management's confidence in the company's ability to generate sufficient cash flow to support distributions, a confidence reinforced by the strong liquidity position and steady repayments from the performing portfolio. As a REIT, ACRE is required to distribute substantially all of its taxable income, and the growing trend in distributable earnings—despite the twelve-month figure still being negative due to prior-year losses—indicates that the quarterly run rate is improving and could soon translate into positive twelve-month distributable earnings as legacy drag diminishes. The company's book value of $8.89 per share, which includes the $138 million CECL reserve, provides a tangible floor for valuation, and management's explicit goal to "prove out book value over time" suggests a belief that the market is currently pricing ACRE below its intrinsic asset value. With the portfolio increasingly weighted toward newer, higher-quality loans originated in the past year (37% of the balance), and with resolutions progressing on the two largest risk-rated loans, the earnings recovery is likely to be more durable than the market anticipates, especially as the CECL reserve begins to stabilize or decline as problem loans are resolved.

ACRE is uniquely positioned to capitalize on the Ares real estate debt platform's scale and co-investment model, which provides access to high-quality, off-market loan opportunities that are not readily available to smaller competitors. The company has demonstrated its ability to deploy capital selectively, with over 75% of its $780 million in new loan commitments over the past twelve months originating as co-investments alongside Ares Management affiliated vehicles. This structure allows ACRE to participate in large, institutional-grade transactions—such as the $144 million California retail loan where it retained $75 million as held for investment while selling the remainder—thereby enhancing portfolio diversification and risk-adjusted returns without bearing full concentration risk. The platform's nearly $10 billion in new loan commitments over the last year underscores the depth of the pipeline, enabling ACRE to maintain a disciplined approach to origination while benefiting from Ares' underwriting expertise and market intelligence. This strategic advantage is particularly valuable in the current environment where banks remain hesitant to lend, creating a persistent gap that non-bank lenders like ACRE can fill with attractive risk-adjusted yields. The company's focus on lower CapEx cycle asset classes—multifamily, industrial, self-storage, and select retail—aligns with structural shifts in commercial real estate demand driven by e-commerce, demographic trends, and logistics needs, which are less sensitive to office sector headwinds. By reducing its office loan exposure by nearly 25% year-over-year and reallocating capital into these resilient sectors, ACRE is actively derisking its portfolio while positioning for sustainable growth. The fact that 37% of the investment loan portfolio was originated in the past twelve months reflects successful execution of this strategy, with new originations supporting steady portfolio growth to $1.7 billion and improving overall credit quality. This proactive reshaping of the portfolio, combined with the platform's ability to source deals at attractive attachment points with stronger credit structures, suggests that ACRE is building a foundation for durable, long-term value creation that the market may be underestimating due to near-term GAAP volatility from legacy problem loans.
The company's balance sheet flexibility and enhanced liquidity position provide a significant cushion to navigate the resolution of legacy risk-rated loans while funding new growth initiatives, a factor that is not being fully appreciated by investors focused solely on the GAAP net loss. As of March 31, 2026, ACRE reported $163 million in available capital, including $86 million in cash, and successfully increased its borrowing capacity by $300 million through upsizing facilities with Morgan Stanley and Citibank, while simultaneously lowering borrowing costs via the redemption of the FL4 CLO securitization. These actions reflect the strength of ACRE's lender relationships, which are bolstered by its affiliation with Ares Management, and demonstrate proactive liability management that reduces financial fragility. The net debt-to-equity ratio, excluding CECL, stands at 1.9 times—a moderate level that leaves room for additional leverage as the portfolio shifts toward higher-quality, post-2024 originations. Notably, the company collected $94 million in loan repayments during the quarter, directly strengthening liquidity and underscoring the underlying cash-generating capacity of its performing loan book. This liquidity buffer is critical because it allows ACRE to continue originating new loans—such as the $95 million in multifamily and self-storage commitments closed in the early second quarter—without being forced to sell assets at distressed prices to meet obligations. The ability to accrue interest and fee income on the $69 million portion of the California retail loan held for sale, while retaining the $75 million held for investment, exemplifies a clever capital recycling strategy that enhances yield without locking up capital indefinitely. Furthermore, the absence of negative credit migrations in the risk-rated one-to-three loan portfolio during the quarter, coupled with stable property fundamentals on non-accrual assets like the Chicago office loan (90%+ occupancy, eight-year WALT, positive net cash flow), indicates that credit deterioration is not spreading and remains idiosyncratic. This stability in the core portfolio, combined with active resolution efforts—such as the accelerated exit of the $28 million Pennsylvania multifamily loan—suggests that the drag from legacy assets is transient and manageable, allowing the company to focus on rebuilding earnings power over time.
ACRE's dividend policy and distributable earnings trajectory signal an underappreciated path to sustainable shareholder returns, particularly given the company's REIT structure and the market's current focus on GAAP losses. Despite reporting a GAAP net loss of $9.6 million in Q1 FY26, the company generated $3.2 million in Distributable Earnings ($0.06 per share), which excludes non-cash items like the $3.3 million realized loss from the Pennsylvania multifamily loan exit—a one-time event tied to legacy asset resolution. When this loss is stripped out, distributable earnings rise to $6.5 million ($0.12 per share), revealing a healthier underlying earnings power that is being masked by GAAP accounting for resolved problem loans. The Board's declaration of a $0.15 per share quarterly dividend—equating to an 11.5% annualized yield at the May 4, 2026 stock price—demonstrates management's confidence in the company's ability to generate sufficient cash flow to support distributions, a confidence reinforced by the strong liquidity position and steady repayments from the performing portfolio. As a REIT, ACRE is required to distribute substantially all of its taxable income, and the growing trend in distributable earnings—despite the twelve-month figure still being negative due to prior-year losses—indicates that the quarterly run rate is improving and could soon translate into positive twelve-month distributable earnings as legacy drag diminishes. The company's book value of $8.89 per share, which includes the $138 million CECL reserve, provides a tangible floor for valuation, and management's explicit goal to "prove out book value over time" suggests a belief that the market is currently pricing ACRE below its intrinsic asset value. With the portfolio increasingly weighted toward newer, higher-quality loans originated in the past year (37% of the balance), and with resolutions progressing on the two largest risk-rated loans, the earnings recovery is likely to be more durable than the market anticipates, especially as the CECL reserve begins to stabilize or decline as problem loans are resolved.

▼ Bear case

ACRE's persistently elevated CECL reserve and the outsized impact of a small number of legacy risk-rated loans pose a material and underappreciated drag on earnings and book value, a risk that management's optimistic commentary on resolution timelines may be underestimating. The total CECL reserve reached $138 million as of March 31, 2026, representing 8% of the total outstanding principal balance of loans held for investment, with 94% of this reserve ($129 million) attributable to just four risk-rated four and five loans. Notably, approximately half of the total CECL reserve—about $69 million—is tied to the single risk-rated five Chicago office loan, which remains on non-accrual despite making contractual interest payments. Management acknowledged that the resolution of this loan is "taking longer than we anticipated," and while they cited stable property fundamentals (90%+ occupancy, eight-year WALT, positive net cash flow), the continued need to increase the CECL reserve by approximately $5 million in the quarter underscores lingering uncertainty about the eventual sale price and timing. The Brooklyn condominium loan, the second-largest risk-rated asset, also remains on non-accrual, with its resolution dependent on condo sales that management acknowledged could vary and are "inside of two years" as a general expectation—but this timeline assumes a functioning market and buyer demand that could deteriorate if interest rates remain elevated or economic conditions worsen. The fact that these two loans alone drive the majority of the CECL reserve increase means that any delay in their resolution directly prolongs the earnings drag, as evidenced by the $11.1 million provision for credit losses in Q1 FY26. This concentration risk is exacerbated by the company's relatively small portfolio size of 35 loans, meaning that problems in a few assets have an outsized impact on overall financial metrics. While management highlights the reduction in office loans and diversification into industrial and multifamily, the lingering presence of these legacy assets continues to distort GAAP earnings, suppress book value perception, and create uncertainty about the true earnings power of the core portfolio, a risk that is not being fully discounted by investors who may assume a quicker resolution than is realistic given the complexity of urban office and condo markets.
The company's reliance on the Ares platform for deal flow and co-investment opportunities, while a strategic strength, introduces a potential conflict of interest and execution risk that is not being adequately scrutinized, particularly as ACRE seeks to grow its portfolio through new originations. Although ACRE benefits from access to Ares' nearly $10 billion in new loan commitments over the past twelve months, the structure of these arrangements—such as the $144 million California retail loan where ACRE retains $75 million and sells $69 million to an Ares-affiliated fund or third party—raises questions about whether the company is consistently able to secure the most attractive economics or if it is sometimes taking a smaller tranche to facilitate platform-wide capital deployment. The CFO's explanation that this strategy allows ACRE to "selectively deploy its available liquidity on a short-term basis" while "capturing attractive economics on high-conviction loans" may mask a scenario where ACRE is acting as a capital conduit for Ares' broader investment goals rather than purely optimizing for its own risk-adjusted returns. Furthermore, the increasing borrowing capacity—upsized by $300 million across two facilities—while presented as a sign of lender confidence, could also signal growing leverage exposure as the company shifts toward funding new originations with debt, especially if the resolution of legacy loans remains slow and the portfolio's weight shifts toward newer, potentially less seasoned assets. The net debt-to-equity ratio of 1.9 times (excluding CECL) is moderate but leaves limited room for error if credit quality in the new loan book deteriorates, particularly given that ACRE is actively pursuing lower CapEx cycle assets like multifamily and industrial, which, while generally resilient, are not immune to downturns in specific submarkets or tenant-specific risks. The company's emphasis on "disciplined selectivity" may be tested as it deploys capital at a faster pace—evidenced by the $294 million in Q1 commitments and $95 million in early Q2 originations—to keep pace with the Ares platform's pipeline, potentially compromising underwriting standards if deal flow outpaces rigorous credit analysis. This growth-at-all-costs dynamic, enabled by platform access, could lead to future credit issues that are not yet visible in the current portfolio but may emerge as economic cycles turn, a risk that is obscured by the current focus on resolving legacy assets.
ACRE's dividend sustainability is questionable given the persistent GAAP losses and the reliance on distributable earnings—a non-GAAP measure that adds back significant non-cash and one-time items—to support payouts, a practice that may not be durable if core earnings power does not meaningfully improve. While the company declared a $0.15 per share quarterly dividend (11.5% annualized yield), this payout is not fully covered by GAAP earnings, which showed a $9.6 million loss in Q1 FY26, and only partially supported by distributable earnings of $3.2 million ($0.06 per share). The adjustment to distributable earnings includes adding back the $3.3 million realized loss from the Pennsylvania multifamily loan exit—a one-time event tied to legacy asset resolution—as well as non-cash items like stock-based compensation ($897,000) and depreciation and amortization on real estate owned ($741,000). This means that the true cash-generating capacity of the core operating business is significantly lower than the dividend payout suggests, and the company is effectively returning capital to shareholders while still carrying substantial unresolved credit risks on its balance sheet. As a REIT, ACRE must distribute substantially all of its taxable income, but if taxable income remains low or negative due to ongoing CECL provisions and realized losses, the dividend may eventually become unsustainable without either a material improvement in core earnings or a return of capital. The twelve-month distributable earnings figure of -$10.8 million (-$0.20 per share) highlights that, despite improving quarterly trends, the company has not yet generated sufficient sustainable earnings to cover distributions over a full year, and the path to doing so depends heavily on the timely resolution of the remaining risk-rated loans—a timeline that management itself admits is uncertain and outside its full control. Until the CECL reserve begins to decline meaningfully and the portfolio's earnings power is demonstrably derived from performing assets rather than add-backs, the dividend represents a potential risk to long-term shareholder value if it forces the company to divert capital from growth or resolution efforts to maintain payouts, a scenario that could erode book value over time if not managed carefully.

ACRE's persistently elevated CECL reserve and the outsized impact of a small number of legacy risk-rated loans pose a material and underappreciated drag on earnings and book value, a risk that management's optimistic commentary on resolution timelines may be underestimating. The total CECL reserve reached $138 million as of March 31, 2026, representing 8% of the total outstanding principal balance of loans held for investment, with 94% of this reserve ($129 million) attributable to just four risk-rated four and five loans. Notably, approximately half of the total CECL reserve—about $69 million—is tied to the single risk-rated five Chicago office loan, which remains on non-accrual despite making contractual interest payments. Management acknowledged that the resolution of this loan is "taking longer than we anticipated," and while they cited stable property fundamentals (90%+ occupancy, eight-year WALT, positive net cash flow), the continued need to increase the CECL reserve by approximately $5 million in the quarter underscores lingering uncertainty about the eventual sale price and timing. The Brooklyn condominium loan, the second-largest risk-rated asset, also remains on non-accrual, with its resolution dependent on condo sales that management acknowledged could vary and are "inside of two years" as a general expectation—but this timeline assumes a functioning market and buyer demand that could deteriorate if interest rates remain elevated or economic conditions worsen. The fact that these two loans alone drive the majority of the CECL reserve increase means that any delay in their resolution directly prolongs the earnings drag, as evidenced by the $11.1 million provision for credit losses in Q1 FY26. This concentration risk is exacerbated by the company's relatively small portfolio size of 35 loans, meaning that problems in a few assets have an outsized impact on overall financial metrics. While management highlights the reduction in office loans and diversification into industrial and multifamily, the lingering presence of these legacy assets continues to distort GAAP earnings, suppress book value perception, and create uncertainty about the true earnings power of the core portfolio, a risk that is not being fully discounted by investors who may assume a quicker resolution than is realistic given the complexity of urban office and condo markets.
The company's reliance on the Ares platform for deal flow and co-investment opportunities, while a strategic strength, introduces a potential conflict of interest and execution risk that is not being adequately scrutinized, particularly as ACRE seeks to grow its portfolio through new originations. Although ACRE benefits from access to Ares' nearly $10 billion in new loan commitments over the past twelve months, the structure of these arrangements—such as the $144 million California retail loan where ACRE retains $75 million and sells $69 million to an Ares-affiliated fund or third party—raises questions about whether the company is consistently able to secure the most attractive economics or if it is sometimes taking a smaller tranche to facilitate platform-wide capital deployment. The CFO's explanation that this strategy allows ACRE to "selectively deploy its available liquidity on a short-term basis" while "capturing attractive economics on high-conviction loans" may mask a scenario where ACRE is acting as a capital conduit for Ares' broader investment goals rather than purely optimizing for its own risk-adjusted returns. Furthermore, the increasing borrowing capacity—upsized by $300 million across two facilities—while presented as a sign of lender confidence, could also signal growing leverage exposure as the company shifts toward funding new originations with debt, especially if the resolution of legacy loans remains slow and the portfolio's weight shifts toward newer, potentially less seasoned assets. The net debt-to-equity ratio of 1.9 times (excluding CECL) is moderate but leaves limited room for error if credit quality in the new loan book deteriorates, particularly given that ACRE is actively pursuing lower CapEx cycle assets like multifamily and industrial, which, while generally resilient, are not immune to downturns in specific submarkets or tenant-specific risks. The company's emphasis on "disciplined selectivity" may be tested as it deploys capital at a faster pace—evidenced by the $294 million in Q1 commitments and $95 million in early Q2 originations—to keep pace with the Ares platform's pipeline, potentially compromising underwriting standards if deal flow outpaces rigorous credit analysis. This growth-at-all-costs dynamic, enabled by platform access, could lead to future credit issues that are not yet visible in the current portfolio but may emerge as economic cycles turn, a risk that is obscured by the current focus on resolving legacy assets.
ACRE's dividend sustainability is questionable given the persistent GAAP losses and the reliance on distributable earnings—a non-GAAP measure that adds back significant non-cash and one-time items—to support payouts, a practice that may not be durable if core earnings power does not meaningfully improve. While the company declared a $0.15 per share quarterly dividend (11.5% annualized yield), this payout is not fully covered by GAAP earnings, which showed a $9.6 million loss in Q1 FY26, and only partially supported by distributable earnings of $3.2 million ($0.06 per share). The adjustment to distributable earnings includes adding back the $3.3 million realized loss from the Pennsylvania multifamily loan exit—a one-time event tied to legacy asset resolution—as well as non-cash items like stock-based compensation ($897,000) and depreciation and amortization on real estate owned ($741,000). This means that the true cash-generating capacity of the core operating business is significantly lower than the dividend payout suggests, and the company is effectively returning capital to shareholders while still carrying substantial unresolved credit risks on its balance sheet. As a REIT, ACRE must distribute substantially all of its taxable income, but if taxable income remains low or negative due to ongoing CECL provisions and realized losses, the dividend may eventually become unsustainable without either a material improvement in core earnings or a return of capital. The twelve-month distributable earnings figure of -$10.8 million (-$0.20 per share) highlights that, despite improving quarterly trends, the company has not yet generated sufficient sustainable earnings to cover distributions over a full year, and the path to doing so depends heavily on the timely resolution of the remaining risk-rated loans—a timeline that management itself admits is uncertain and outside its full control. Until the CECL reserve begins to decline meaningfully and the portfolio's earnings power is demonstrably derived from performing assets rather than add-backs, the dividend represents a potential risk to long-term shareholder value if it forces the company to divert capital from growth or resolution efforts to maintain payouts, a scenario that could erode book value over time if not managed carefully.

Peer Comparison

Companies in the REIT - Mortgage

S.No.	Ticker	Company	Market Cap	P/E	P/S	Total Debt (Qtr)
1	NLY	Annaly Capital Management Inc	16.30 Bn	9.22	-	1.10 Bn
2	AGNC	AGNC Investment Corp.	11.85 Bn	9.10	-	87.62 Bn
3	STWD	Starwood Property Trust, Inc.	5.99 Bn	15.58	3.09	18.85 Bn
4	RITM	Rithm Capital Corp.	5.01 Bn	8.35	1.00	-
5	BXMT	Blackstone Mortgage Trust, Inc.	2.78 Bn	26.92	-7.87	0.78 Bn
6	EFC	Ellington Financial Inc.	1.63 Bn	12.97	3.93	0.26 Bn
7	DX	Dynex Capital Inc	1.56 Bn	10.91	-	-
8	ARR	Armour Residential REIT, Inc.	1.42 Bn	4.98	-	19.44 Bn

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