what's the difference between a mREIT and a MBS hedgefund?

A "REIT" = Real Estate Investment Trust, is a specific IRS tax classification that allows qualified investments in real property (includes mortgages) to be exempt from corporate taxation. Mortgage REITs are often publicly registered (wide ownership is a requirement) and often traded on an exchange, like the NYSE. A hedgefund is an un-registered investment company that can only issue private securities and not publicly tradeable. So the real differences is how they raise money, from whom the raise it, and how liquid those investments are. 

Most mREITs are directly originating and writing loans, whereas hedge funds are typically looking to buy distressed notes. Hedge funds typically climb higher up the credit structure than mREITs will as well. 

I’m on the sell-side but its true, you don’t hear much about mREITs, nor have I looked at that as possible future exit opps if I ever decide to make the next leap. I do echo the above poster saying that 75k all-in is drastically low. Why would a structured finance analyst be making 150-175k at top banks in the space like JPM/ BaML/WFC regardless of location and jump to a mREIT for half or less than half the pay? I Feel like a structured credit focused HF would be a better route. Though I do like that the mREITs get their hands dirtier by going into the Z-tranche or certificates vs just BBB/A relative value trades. Any examples of the biggest or most well-known mREITs?