Dwight Mortgage Trust

What Dwight Mortgage Trust does

Dwight Mortgage Trust LLC (DMT) is a privately held, actively managed commercial mortgage REIT founded in June 2018 and domiciled in New York. It originates and finances commercial real estate loans — primarily short-term floating-rate bridge loans, construction loans (sized $30M–$200M at up to 80% loan-to-cost), and long-term agency financing through HUD multifamily/healthcare programs and Freddie Mac Q-Series securitization. The fund works in conjunction with affiliate Dwight Capital, which provides origination and underwriting, while DMT supplies the capital and holds the loans on balance sheet.

Since inception through March 31, 2026, DMT has funded $8.6 billion across 143 loans with an average loan size of $33.8 million, operating across 35 U.S. states with fund assets of approximately $4.46 billion and a 22-month average remaining term to fully-extended maturity. Revenue is generated through interest income on originated mortgages, one-time loan origination fees, and securitization-related transaction fees; terms are negotiated bilaterally rather than through standardized public pricing.

DMT serves experienced real estate sponsors and developers — institutional borrowers in multifamily, seniors housing and healthcare (skilled nursing, assisted living), and mixed-use commercial real estate — in major U.S. markets. Investor access is structured through U.S. private REIT subscriptions, a Cayman Islands feeder fund (CIMA-regulated, launched Q3 2023), and exchange-traded Offshore Notes listed on the Vienna Stock Exchange. All transactions are governed by a Heter Iska resolution (adopted September 2022) rendering the lending Torah-compliant, a structural feature that broadens the LP base to include religiously observant capital pools.

Name

Dwight Mortgage Trust

Legal name

Dwight Mortgage Trust LLC

Website

https://dwightmortgagetrust.com

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

11–50 employees

Short description

Dwight Mortgage Trust is a private commercial mortgage REIT that originates bridge, construction, and HUD/Freddie Mac agency loans for experienced real estate sponsors in multifamily and healthcare across 35 U.S. states, sourcing deals through affiliate Dwight Capital and managing approximately $4.46B in fund assets.

Ownership category

akta.pro rank

Product category

Commercial Mortgage Lending (Real Estate Debt)

NAICS

Funds, Trusts, and Other Financial Vehicles (525), Open-End Investment Funds (525910), Portfolio Management and Investment Advice (523940)

SIC

Real Estate Investment Trusts (6798), Mortgage Bankers & Loan Correspondents (6162)

akta.pro primary industry

Senior Secured Direct Lending (FSANADAA)

Keywords

• Commercial mortgage lending
• Bridge loan financing
• Construction loan originations
• Agency multifamily financing
• Real estate debt investment

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Interest Income: Primary revenue from interest earned on originated commercial mortgage loans including bridge loans and agency-backed financings.
2. Loan Origination Fees: Fees collected at loan origination for bridge loans, construction financing, and HUD/Freddie Mac program loans.
3. Securitization Income: Income from securitizing mortgage loans through Freddie Mac's Q-Series program and other capital markets activities.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Dwight Mortgage Trust is an actively managed commercial mortgage REIT that originates and finances commercial mortgages across multifamily, seniors housing, healthcare, and mixed-use real estate sectors in partnership with affiliate Dwight Capital. The fund provides floating-rate bridge loans, construction financing, HUD and Freddie Mac agency permanent loans, and mezzanine/preferred equity, while offering U.S. investors, Offshore Notes on the Vienna Stock Exchange, and a Cayman feeder fund (CIMA-regulated) as access vehicles.

Product overview

Dwight Mortgage Trust LLC is an actively managed commercial mortgage REIT specializing in the origination and financing of commercial mortgages across multiple real estate asset classes. The company operates in conjunction with affiliate firm Dwight Capital to source and evaluate lending opportunities nationwide. The core product offering includes bridge loans, construction loans, and permanent financing solutions across multifamily, seniors housing and healthcare, and commercial real estate sectors. The investment products include Offshore Notes listed on the Vienna Stock Exchange for non-U.S. investors, a Cayman Feeder Fund registered with CIMA, and U.S. investor products through an Alter Domus-powered investor portal. The company also offers specialized mezzanine and preferred equity financing.

Differentiator

Problem solved

Functional benefit

Products and services

• Bridge Loans

Named customers9 records

Segments3 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Dwight CapitalcoreStrategic or Co-development PartnerDwight Mortgage Trust works in conjunction with affiliate firm Dwight Capital to source and evaluate lending opportunities nationwide. Dwight Capital provides origination capabilities while DMT provides the capital/funding for commercial mortgage loans.

Scale indicators9 records

Recent moves6 records

Direct peers

• KKR Real Estate Finance Trust: Public commercial mortgage REIT (NYSE: KREF) that originates and acquires senior secured floating-rate CRE loans, primarily transitional bridge loans on institutional-quality commercial real estate. Directly comparable to DMT in product mix, sponsor base, and floating-rate bridge focus.
• TPG RE Finance Trust: Public commercial mortgage REIT (NYSE: TRTX) sponsored by TPG that originates senior secured floating-rate loans on commercial real estate. Closely comparable to DMT in loan size, sponsor-driven origination, and bridge-to-permanent lending strategy.
• Arbor Realty Trust: Public REIT (NYSE: ABR) focused on multifamily and single-family rental lending, with a strong bridge and structured loan franchise. Directly comparable to DMT in multifamily lending focus and the use of securitization to recycle capital.
• Lument: Private commercial real estate finance company specializing in FHA/HUD multifamily and senior housing/healthcare lending. Directly comparable to DMT's senior housing and HUD program expertise, including 221(d)(4), 223(f), and 232/LEAN loan production.
• Ares Commercial Real Estate: Public commercial mortgage REIT (NYSE: ACRE) that originates and invests in senior secured floating-rate CRE loans, with a focus on middle-market sponsors. Comparable to DMT in product type and sponsor profile, though smaller in scale.
• NewPoint Real Estate Capital: Private commercial real estate finance firm formed by former JLL/affiliate leaders, focused on multifamily and healthcare lending with FHA/HUD and Freddie Mac capabilities. Directly comparable to DMT's multifamily/HUD-focused bridge and permanent lending platform.
• Greystone: Private commercial real estate finance company with deep FHA/HUD multifamily and senior housing lending capabilities, including bridge and permanent financing. Closely comparable to DMT in healthcare/seniors housing and HUD program specialization.

Broad incumbents

• Blackstone Mortgage Trust: Public CRE mortgage REIT (NYSE: BXMT) managed by Blackstone Real Estate, the largest mortgage REIT by loan portfolio. Overlaps with DMT in senior secured first-mortgage floating-rate bridge lending, but operates at significantly greater scale and with a broader asset class mandate.
• Starwood Property Trust: Diversified public mortgage REIT (NYSE: STWD) with broad CRE debt and equity strategies. Overlaps with DMT in senior secured first-mortgage lending but operates as a much larger, multi-strategy platform with infrastructure, hospitality, and real estate equity exposure as well.
• PGIM Real Estate Finance: CRE debt origination arm of PGIM (Prudential's asset management business), one of the largest institutional CRE lenders in the U.S. Overlaps with DMT in senior secured bridge and agency lending, but operates as a broad incumbent with a much larger balance sheet and more diversified mandate.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/undefined

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Dwight Mortgage Trust