Federal National Mortgage Association provides a source of financing for mortgages in the United States. It securitizes mortgage loans originated by lenders into Fannie Mae mortgage-backed securities (Fannie Mae MBS). The company operates through two segments, Single-Family and Multifamily. The Single-Family segment securitizes and purchases single-family fixed-rate or adjustable-rate, first-lien mortgage loans, or mortgage-related securities backed by these loans; and loans that are insured by Federal Housing Administration, loans guaranteed by the Department of Veterans Affairs and Rural Development Housing and Community Facilities Program of the U.S. Department of Agriculture, manufactured housing mortgage loans, and other mortgage-related securities. This segment also provides single-family mortgage servicing, as well as credit risk and loss management services. The Multifamily segment securitizes multifamily mortgage loans into Fannie Mae MBS; purchases multifamily mortgage loans; and provides credit enhancement for bonds issued by state and local housing finance authorities to finance multifamily housing. This segment also issues structured MBS backed by Fannie Mae multifamily MBS; buys and sells multifamily agency mortgage-backed securities; invests in low-income housing tax credit (LIHTC) multifamily projects; and offers delegated underwriting and servicing, as well as multifamily mortgage, and credit risk and loss management services. The company serves mortgage banking companies, savings and loan associations, savings banks, commercial banks, credit unions, community banks, insurance companies, private mortgage originators, and state and local housing finance agencies. Federal National Mortgage Association was founded in 1938 and is headquartered in Washington, the District of Columbia.

Federal National Mortgage Association

Federal Home Loan Mortgage Corporation operates in the secondary mortgage market in the United States. The company purchases single-family and multifamily residential mortgage loans originated by lenders, as well as invests in mortgage loans and mortgage-related securities. It operates through two segments, Single-family and Multifamily. The Single-family segment purchases, securitizes, and guarantees single-family loans; and manages single-family mortgage credit risk, as well as manages mortgage-related investments portfolio, single-family securitization activities, and treasury functions. This segment serves mortgage banking companies, commercial banks, regional banks, community banks, credit unions, housing finance agencies, savings institutions, and non-depository financial institutions. The Multifamily segment engages in the purchase, sale, securitization, and guarantee of multifamily loans and securities through the issuance of multifamily K and SB certificates; issuing and guarantying other securitization products; issuing other credit risk transfer products; and provision of other mortgage-related guarantees. It serves banks and other depository institutions, insurance companies, money managers, central banks, pension funds, state and local governments, real estate investment trusts, brokers and dealers, and a range of lenders. The company was founded in 1970 and is headquartered in McLean, Virginia.

Federal Home Loan Mortgage Corporation

Annaly Capital Management, Inc., a diversified capital manager, engages in mortgage finance and corporate middle market lending. The company invests in agency mortgage-backed securities, mortgage servicing rights, Agency commercial mortgage-backed securities, non-Agency residential mortgage assets, residential mortgage loans, credit risk transfer securities, corporate debts, and other commercial real estate investments. It has elected to be taxed as a real estate investment trust (REIT). As a REIT, it is not subject to federal income tax to the extent that it distributes its taxable income to its shareholders. The company was founded in 1996 and is based in New York, New York.

Annaly Capital Management, Inc.

The Co-operative Bank of Kenya Limited

Two Harbors Investment Corp. operates as a real estate investment trust (REIT) that focuses on investing in, financing, and managing residential mortgage-backed securities (RMBS), non-agency securities, mortgage servicing rights, and other financial assets in the United States. Its target assets include agency RMBS collateralized by fixed rate mortgage loans, adjustable rate mortgage loans, and hybrid adjustable-rate mortgage (ARMs); and other assets, such as financial and mortgage-related assets, including non-agency securities and non-hedging transactions. The company qualifies as a REIT for federal income tax purposes. As a REIT, the company must distribute at least 90% of annual taxable income to its stockholders. Two Harbors Investment Corp. was incorporated in 2009 and is headquartered in Minnetonka, Minnesota.

Two Harbors Investment Corp.

AGNC Investment Corp. operates as a real estate investment trust (REIT) in the United States. The company invests in residential mortgage pass-through securities and collateralized mortgage obligations for which the principal and interest payments are guaranteed by the United States government-sponsored enterprise or by the United States government agency. It funds its investments primarily through collateralized borrowings structured as repurchase agreements. The company has elected to be taxed as a REIT under the Internal Revenue Code of 1986 and would not be subject to federal corporate income taxes, if it distributes at least 90% of its taxable income to its stockholders. The company was formerly known as American Capital Agency Corp. and changed its name to AGNC Investment Corp. in September 2016. AGNC Investment Corp. was incorporated in 2008 and is headquartered in Bethesda, Maryland.

AGNC Investment Corp.

ARMOUR Residential REIT, Inc. invests in residential mortgage-backed securities (MBS) in the United States. The company's securities portfolio primarily consists of the United States Government-sponsored entity's (GSE) and the Government National Mortgage Administration's issued or guaranteed securities backed by fixed rate, hybrid adjustable rate, and adjustable-rate home loans, as well as unsecured notes and bonds issued by the GSE and the United States treasuries, as well as money market instruments. It also invests in other securities backed by residential mortgages for which the payment of principal and interest is not guaranteed by a GSE or government agency. The company has elected to be taxed as a real estate investment trust under the Internal Revenue Code. As a result, it would not be subject to corporate income tax on that portion of its net income that is distributed to shareholders. ARMOUR Residential REIT, Inc. was incorporated in 2008 and is based in Vero Beach, Florida.

ARMOUR Residential REIT, Inc.

Rithm Capital Corp. provides capital and services to the real estate and financial services sectors in the United States. Its investment portfolio comprises mortgage servicing related assets, residential securities and loans, and consumer loans. It qualifies as a real estate investment trust for federal income tax purposes. The company generally would not be subject to federal corporate income taxes if it distributes at least 90% of its taxable income to its stockholders. The company was formerly known as New Residential Investment Corp. and changed its name to Rithm Capital Corp. in August 2022. Rithm Capital Corp. was incorporated in 2011 and is headquartered in New York, New York.

Rithm Capital Corp.

PennyMac Financial Services, Inc., through its subsidiaries, engages in the mortgage banking and investment management activities in the United States. It operates through three segments: Production, Servicing, and Investment Management. The Production segment is involved in the origination, acquisition, and sale of loans. It sources first-lien residential conventional and government-insured or guaranteed mortgage loans. The Servicing segment engages in the servicing of newly originated loans, and execution and management of early buyout transactions and servicing of loans. It performs loan administration, collection, and default management activities, including the collection and remittance of loan payments, response to customer inquiries, accounting for principal and interest, holding custodial funds for the payment of property taxes and insurance premiums, counseling delinquent borrowers, and supervising foreclosures and property dispositions, as well as administers loss mitigation activities, such as modification and forbearance programs. The Investment Management segment is involved in sourcing, performing diligence, bidding, and closing investment asset acquisitions; managing correspondent production activities for PennyMac Mortgage Investment Trust; and managing acquired assets. PennyMac Financial Services, Inc. was founded in 2008 and is headquartered in Westlake Village, California.

PennyMac Financial Services, Inc.

United Arab Emirates Dirham

Aruban Guilder

Malagasy Franc

Macedonian Denar

Myanmar (Burma) Kyat

Mongolian Tugrik

Macau Pataca

Mauritania Ouguiya

Maltese Pound

Mauritian Rupee

Maldive Is Rufiyaa

Malawi Kwacha

Azerbaijan Manet

Mexican Peso

Malaysian Ringgit

Old Mozambique Metical

Namibian Dollar

Nigerian Naira

Nicaragua Cordoba Oro

Netherlands Guilder

Norwegian Krone

Nepalese Rupee

New Zealand Dollar

Barbados Dollar

Oman Rial

Panama Balboa

Peruvian Sol

Papua New Guinea Kina

Philippines Peso

Pakistan Rupee

Polish Zloty

Portuguese Escudo

Paraguay Guarani

Qatari Rial

Bangladesh Taka

Romanian Leu (old)

Russian Rouble

Rwanda Franc

Saudi Arabian Riyal

Solomon Island Dollar

Seychelles Rupee

Sudanese Dinar

Swedish Krona

Singapore Dollar

St Helena Pound

Belgian Franc

Slovenian Tolar

Slovakian Koruna

Sierra Leone Leone (old)

Somali Shilling

Surinam Guilder

Sao Tome & Principe Dobra (old)

El Salvador Colon

Syrian Pound

Swaziland Lilangeni

Thai Baht

Bulgarian Lev

Tajikistan Rouble

Turkmenistan Manet

Tunisian Dinar

Tonga Pa'Anga

Old Turkish Lira

Trinidad and Tobago Dollar

Taiwan Dollar

Tanzania Shilling

Ukraine Hryvna

Uganda Shilling

Bahraini Dinar

US Dollar

Peso Uruguayo

Uzbekistan Sum

Venezuelan Bolivar

Vietnamese Dong

Vanuatu Vatu

Western Samoa Tala

East Caribbean Dollar

Special Drawing Rights

European Currency Unit

Burundi Franc

CFA (BCEAO) Franc

CFP Franc

Yemeni Rial

Yugoslav Dinar

South African Rand

Zambian Kwacha

Zimbabwe Dollar

Bermuda Dollar

Convertible Mark

Afghani

Peso

CFA Franc BEAC

Nafka

Somoni

European Composite Unit (EURCO)

European Monetary Unit (EMU)

Ariary

Turkish Lira

Brunei Dollar

Afghanistan Afghani

Bolivian Boliviano

Brazilian Real

Bahamas Dollar

Bhutan Ngultrum

Botswana Pula

Belarus Rouble

Belize Dollar

Canadian Dollar

Congo (Dem. Rep.) Franc

Swiss Franc

Albanian Lek

Chilean Unidades De Fomento

Chilean Peso

Chinese Renminbi (Yuan)

Colombian Peso

Costa Rica Colon

Cuban Peso

Cape Verde Escudo

Cyprus Pound

Czech Koruna

East German Ostmark

Armenia Dram

German Deutschmark

Djibouti Franc

Danish Krone

Dominican Rep Peso

Algerian Dinar

Ecuador Sucre

Estonian Kroon

Egyptian Pound

Spanish Peseta

Ethiopian Birr

Netherlands Antilles Guilder

Euro

Serbian Dinar

Surinam Dollar

Romanian Leu

New Azerbaijan Manat

Mozambique Metical

Percentage of Par

Venezuelan Bolivar Fuerte

Finnish Markka

New Ghana Cedi

Sudanese Pound

Turkmenistan New Manet

New Zimbabwe Dollar

Fiji Dollar

Chinese Offshore Yuan

Zambian New Kwacha

Thai Baht Offshore

Mexican Unidad de Inversion

Old Russian Ruble

British Pence

US Cent

South African Cent

Israeli Agorot

Falkland Island Pound

Belarusian Ruble

Arab Accounting Dinar

Andorran Peseta

Angolan New Kwanza

Islamic Dinar

S. African Rand Commerc.

Timor Escudo

French Franc

Unit of Account

Kuwait Fils

New Mauritania Ouguiya

Venezuelan Bolivar Soberano

COU - Unidad de Valor Real

UYI - Uruguayan U.I.

British Pound

Georgia Lari

Ghana Cedi

Gibraltar Pound

Gambia Dalasi

Angola Kwanza

Guinea Franc

Greek Drachma

Guatemala Quetzal

Guyana Dollar

Hong Kong Dollar

Honduras Lempira

Croatian Kuna

Haiti Gourde

Ticker	Market Cap	Gross Profit Margin	Forward P/E
FNMA	$12,993.74M	100.0%	4.5
FMCC	$6,825.63M	100.0%	4.0
NLY	$13,916.02M	95.0%	7.1
COOP	$1,054.43M	—	3.3
TWO	$1,064.47M	97.4%	6.9
AGNC	$11,392.30M	100.0%	6.4
ARR	$1,967.17M	100.0%	4.9
RITM	$6,000.89M	100.0%	5.2
PFSI	$6,747.82M	87.2%	8.6