An industry chapter · Mortgage & Specialty Finance

Mortgage & Specialty Finance

12 members, ABR to UWMC, A to Z by ticker.

Gross profitability: not read: no member carries three readable years of gross profit and total assets
Capital intensity: median 1.3% — capital expenditure as a share of revenue, each member's median across its readable years; read on 3 of 12 members
Net cash: 1 of the 4 members with a readable debt line hold more cash and short-term investments than total debt

Figures describe the list as a group, from each member's own filed record; they name no member and form no rank. A member missing an input is absent from that median, never counted against the others.

From the latest filings · data as of July 9, 2026.

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ABR Arbor Realty Trust

We are a nationwide real estate investment trust and direct lender, providing loan origination and servicing for commercial real estate assets.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

AGM Federal Agricultural Mortgage Corporation

Agricultural and rural credit markets, we provide vital liquidity by attracting additional capital sources for financing rural America and agricultural borrowers.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

BETR Better Home & Finance Holding Company

Home Finance Home Finance offers a range of residential mortgage loan products for home purchase and refinance, including cash-out refinance and debt consolidation, and home equity, across various maturities and interest rate structures.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

CMTG Claros Mortgage Trust Inc.

We focus primarily on originating loans ranging from $50 million to $300 million on transitional CRE assets located in U.S. markets with attractive fundamental characteristics supported by macroeconomic tailwinds.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

FIGR Figure Technology Solutions Inc.

Figure is building the future of capital markets using blockchain-based technology.

Owner earnings not read

Retained capital not read

Balance sheet Net cash, +$968M

FINV FinVolution Group

Revenue is led by Loan Facilitation Service Fees (38%) and Guarantee Income (30%), with 3 more lines behind.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 7 of 10 yrs, cut at least once

HASI HA Sustainable Infrastructure Capital, Inc.

We have long-standing, programmatic relationships with some of the leading U.S. clean energy project developers, owners and operators, utilities, and energy service companies, which provide recurring, investment and fee-generating opportunities, while also enabling scale benefits and operational and transactional efficiencies.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

ONIT Onity Group Inc.

We are a financial services company that services and originates both forward and reverse mortgage loans, through our primary brands, PHH Mortgage and Liberty Reverse Mortgage.

Owner earnings 2016–2025 $388M$400M$264M$150M$257M($472M)$168M$8M($575M)($751M)

Retained capital not read

Balance sheet Heavy net debt, $2.5B

PFSI PennyMac Financial Services Inc.

We are a specialty financial services firm with a comprehensive mortgage platform and integrated business primarily focused on the production and servicing of U.S. residential mortgage loans.

Owner earnings 2016–2025 ($944M)($890M)$559M($2.3B)($6.2B)$2.6B$6.0B($1.6B)($4.5B)($1.7B)

Retained capital not read

Balance sheet Heavy net debt, $5.5B

RKT Rocket Companies Inc.

Rocket Portfolio of Companies Rocket Companies operates an integrated ecosystem of mortgage, real estate and financial services businesses centered on enabling AI-fueled homeownership.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

TREE LendingTree Inc.

LendingTree Inc. operates what we believe to be the leading online consumer platform that connects consumers with the choices they need to be confident in their financial decisions.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · buybacks at an average near $133 · no dividend paid

UWMC UWM Holdings Corporation

UWM is the largest overall residential mortgage lender as well as the largest purchase lender in the U.S., by closed loan volume, despite originating loans exclusively through the wholesale channel.

Owner earnings 2019–2025 ($3.5B)($876K)($10.0B)$8.2B$139M($6.3B)($2.7B)

Retained capital not read

Balance sheet Net debt against an operating loss, $2.5B

The same four lines for every member, in strict ticker order; a figure that could not be read renders as "not read," never as a mark against the record beside it. The header describes the list and names no member; the entries carry no ranking and form no score. What a chapter cannot carry — understanding of the business, and a price — is yours.