Real Estate Investment Trusts are categorized primarily into three distinct operational structures based on how they hold and manage their assets. Equity REITs own and operate income-producing real estate properties (such as apartments, offices, and malls) and derive income primarily through rents. Mortgage REITs (mREITs) provide financing for real estate by purchasing or originating mortgages and mortgage-backed securities, earning income from interest on financing. Hybrid REITs combine both strategies, engaging in direct property ownership alongside mortgage lending and debt financing activities.