iShares Mortgage REIT ETF yields 9.5%, mostly safe except for one risky holding

The iShares Mortgage Real Estate ETF (REM) offers a 9.5% dividend yield, primarily from mortgage REITs borrowing short-term and lending long-term. Top holdings Annaly and AGNC cover their dividends comfortably, while Starwood and Rithm show stable payouts. Blackstone Mortgage Trust is the main risk, having cut its dividend and not fully covering it with earnings. Overall, REM's yield is sustainable but investors should note the inherent risks in mREIT dividends tied to interest rates and credit cycles.