# REIT - Mortgage — company-by-company sector analysis > REIT - Mortgage: Rithm Capital Corp. owns the largest revenue base; Adamas Trust, Inc. has the fastest current growth. Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice. ## Bottom line REIT - Mortgage has underperformed S&P 500 by 22.4% over 52 weeks and 11.8% over 13 weeks. 3 of 29 covered companies beat the S&P 500 on Mansfield relative strength, while 17 of 29 beat the sector itself. Rithm Capital Corp. leads with income of $4,994 million, based on 24 of 29 comparable companies through Mar 2026. ### Is the REIT - Mortgage sector outperforming S&P 500? REIT - Mortgage has underperformed S&P 500 by 22.4% over 52 weeks and 11.8% over 13 weeks. 3 of 29 covered companies beat the S&P 500 on Mansfield relative strength, while 17 of 29 beat the sector itself. ### Which REIT - Mortgage company is largest by income? Rithm Capital Corp. leads with income of $4,994 million, based on 24 of 29 comparable companies through Mar 2026. ### Which REIT - Mortgage company is growing fastest? Adamas Trust, Inc. has the fastest current income growth at 100%, across 24 of 29 comparable companies. ### Which REIT - Mortgage company has the strongest 4-Factor Sector Score? Invesco Mortgage Capital Inc. ranks first at 70.9/100 with 70% evidence confidence. The score prioritizes research; it is not a buy recommendation. ### Which REIT - Mortgage company has the lowest comparable P/BV-to-ROE? Invesco Mortgage Capital Inc. has the lowest comparable P/BV ÷ ROE at 0.03, among 17 of 29 companies that pass the metric’s comparability rules. ### How much history does this REIT - Mortgage comparison include? The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated. ### How is the 4-Factor Sector Score calculated? The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral. ## Sector relative strength REIT - Mortgage has underperformed S&P 500 by 22.4% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 11.8%. 3 of 29 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. NexPoint Real Estate Finance, Inc. is the strongest against the sector itself at +26.2%. 13-week sector return versus NIFTY 500: -12% 52-week sector return versus NIFTY 500: -22% Stocks leading NIFTY: 3/29 Stocks leading sector: 17/29 Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change. Companies: 29 Combined market value: ₹66.6K Cr ## 4-Factor Sector Score An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment. 1. Invesco Mortgage Capital Inc. (IVR): 71/100 — Favorable setup; evidence 70% - Growth & earnings 25.9/35 | Capital efficiency 19.6/25 | Valuation 15.6/20 | Relative strength 9.8/20 - Exact sum: 25.9 + 19.6 + 15.6 + 9.8 = 70.9 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 2. Adamas Trust, Inc. (ADAM): 64/100 — Thin evidence · provisional; evidence 56% - Growth & earnings 26.2/35 | Capital efficiency 12.5/25 | Valuation 8.6/20 | Relative strength 16.4/20 - Exact sum: 26.2 + 12.5 + 8.6 + 16.4 = 63.7 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 3. NexPoint Real Estate Finance, Inc. (NREF): 62/100 — Thin evidence · provisional; evidence 56% - Growth & earnings 23.1/35 | Capital efficiency 12.8/25 | Valuation 8.6/20 | Relative strength 17.0/20 - Exact sum: 23.1 + 12.8 + 8.6 + 17 = 61.5 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 4. PennyMac Mortgage Investment Trust (PMT): 61/100 — Thin evidence · provisional; evidence 56% - Growth & earnings 26.1/35 | Capital efficiency 13.6/25 | Valuation 15.9/20 | Relative strength 4.9/20 - Exact sum: 26.1 + 13.6 + 15.9 + 4.9 = 60.5 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 5. Ellington Financial Inc. (EFC): 60/100 — Thin evidence · provisional; evidence 56% - Growth & earnings 24.5/35 | Capital efficiency 13.4/25 | Valuation 8.6/20 | Relative strength 13.6/20 - Exact sum: 24.5 + 13.4 + 8.6 + 13.6 = 60.1 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 6. TPG RE Finance Trust, Inc. (TRTX): 48/100 — Thin evidence · provisional; evidence 56% - Growth & earnings 15.1/35 | Capital efficiency 12.7/25 | Valuation 7.0/20 | Relative strength 13.0/20 - Exact sum: 15.1 + 12.7 + 7 + 13 = 47.8 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 7. Rithm Capital Corp. (RITM): 46/100 — Mixed-negative evidence; evidence 62% - Growth & earnings 15.6/35 | Capital efficiency 12.4/25 | Valuation 5.6/20 | Relative strength 11.9/20 - Exact sum: 15.6 + 12.4 + 5.6 + 11.9 = 45.5 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 8. Starwood Property Trust, Inc. (STWD): 44/100 — Mixed-negative evidence; evidence 62% - Growth & earnings 19.2/35 | Capital efficiency 12.3/25 | Valuation 3.9/20 | Relative strength 8.5/20 - Exact sum: 19.2 + 12.3 + 3.9 + 8.5 = 43.9 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 9. Apollo Commercial Real Estate Finance, Inc. (ARI): 41/100 — Thin evidence · provisional; evidence 56% - Growth & earnings 20.2/35 | Capital efficiency 12.2/25 | Valuation 5.2/20 | Relative strength 3.6/20 - Exact sum: 20.2 + 12.2 + 5.2 + 3.6 = 41.2 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 10. BrightSpire Capital, Inc. (BRSP): 37/100 — Mixed-negative evidence; evidence 67% - Growth & earnings 17.4/35 | Capital efficiency 10.4/25 | Valuation 3.8/20 | Relative strength 5.7/20 - Exact sum: 17.4 + 10.4 + 3.8 + 5.7 = 37.3 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 11. Ready Capital Corporation (RC): 37/100 — Thin evidence · provisional; evidence 56% - Growth & earnings 11.9/35 | Capital efficiency 13.8/25 | Valuation 8.6/20 | Relative strength 3.0/20 - Exact sum: 11.9 + 13.8 + 8.6 + 3 = 37.3 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 12. Franklin BSP Realty Trust, Inc. (FBRT): 37/100 — Mixed-negative evidence; evidence 70% - Growth & earnings 19.0/35 | Capital efficiency 8.8/25 | Valuation 5.0/20 | Relative strength 4.3/20 - Exact sum: 19 + 8.8 + 5 + 4.3 = 37.1 - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. 13. Chicago Atlantic Real Estate Finance, Inc. (REFI): 36/100 — Thin evidence · provisional; evidence 56% - Growth & earnings 12.1/35 | Capital efficiency 13.0/25 | Valuation 5.9/20 | Relative strength 4.6/20 - Exact sum: 12.1 + 13 + 5.9 + 4.6 = 35.6 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 14. Arbor Realty Trust, Inc. (ABR): 31/100 — Thin evidence · provisional; evidence 56% - Growth & earnings 11.6/35 | Capital efficiency 12.1/25 | Valuation 4.1/20 | Relative strength 3.3/20 - Exact sum: 11.6 + 12.1 + 4.1 + 3.3 = 31.1 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 15. Annaly Capital Management, Inc. (NLY): 56/100 — Thin evidence · provisional; evidence 46% - Growth & earnings 19.0/35 | Capital efficiency 12.6/25 | Valuation 8.0/20 | Relative strength 16.8/20 - Exact sum: 19 + 12.6 + 8 + 16.8 = 56.4 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 16. Two Harbors Investment Corp. (TWO): 55/100 — Thin evidence · provisional; evidence 47% - Growth & earnings 21.3/35 | Capital efficiency 11.4/25 | Valuation 6.2/20 | Relative strength 15.9/20 - Exact sum: 21.3 + 11.4 + 6.2 + 15.9 = 54.8 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 17. Dynex Capital, Inc. (DX): 50/100 — Thin evidence · provisional; evidence 41% - Growth & earnings 19.4/35 | Capital efficiency 9.3/25 | Valuation 9.1/20 | Relative strength 12.5/20 - Exact sum: 19.4 + 9.3 + 9.1 + 12.5 = 50.3 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 18. AGNC Investment Corp. (AGNC): 47/100 — Thin evidence · provisional; evidence 50% - Growth & earnings 14.0/35 | Capital efficiency 7.3/25 | Valuation 9.0/20 | Relative strength 16.6/20 - Exact sum: 14 + 7.3 + 9 + 16.6 = 46.9 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 19. MFA Financial, Inc. (MFA): 46/100 — Thin evidence · provisional; evidence 44% - Growth & earnings 14.1/35 | Capital efficiency 10.7/25 | Valuation 9.8/20 | Relative strength 11.1/20 - Exact sum: 14.1 + 10.7 + 9.8 + 11.1 = 45.7 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 20. Ladder Capital Corp (LADR): 44/100 — Thin evidence · provisional; evidence 40% - Growth & earnings 17.6/35 | Capital efficiency 12.5/25 | Valuation 4.3/20 | Relative strength 9.4/20 - Exact sum: 17.6 + 12.5 + 4.3 + 9.4 = 43.8 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 21. Ares Commercial Real Estate Corporation (ACRE): 43/100 — Thin evidence · provisional; evidence 49% - Growth & earnings 14.3/35 | Capital efficiency 8.7/25 | Valuation 9.8/20 | Relative strength 10.6/20 - Exact sum: 14.3 + 8.7 + 9.8 + 10.6 = 43.4 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 22. Blackstone Mortgage Trust, Inc. (BXMT): 43/100 — Thin evidence · provisional; evidence 41% - Growth & earnings 19.3/35 | Capital efficiency 10.3/25 | Valuation 9.4/20 | Relative strength 3.8/20 - Exact sum: 19.3 + 10.3 + 9.4 + 3.8 = 42.8 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 23. Angel Oak Mortgage REIT, Inc. (AOMR): 41/100 — Thin evidence · provisional; evidence 44% - Growth & earnings 9.0/35 | Capital efficiency 9.4/25 | Valuation 9.6/20 | Relative strength 13.3/20 - Exact sum: 9 + 9.4 + 9.6 + 13.3 = 41.3 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 24. Chimera Investment Corporation (CIM): 41/100 — Thin evidence · provisional; evidence 44% - Growth & earnings 9.2/35 | Capital efficiency 10.1/25 | Valuation 9.8/20 | Relative strength 11.7/20 - Exact sum: 9.2 + 10.1 + 9.8 + 11.7 = 40.8 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 25. TPG Mortgage Investment Trust, Inc. (MITT): 40/100 — Thin evidence · provisional; evidence 44% - Growth & earnings 11.9/35 | Capital efficiency 10.4/25 | Valuation 9.8/20 | Relative strength 8.0/20 - Exact sum: 11.9 + 10.4 + 9.8 + 8 = 40.1 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 26. ARMOUR Residential REIT, Inc. (ARR): 39/100 — Thin evidence · provisional; evidence 48% - Growth & earnings 13.2/35 | Capital efficiency 4.1/25 | Valuation 9.5/20 | Relative strength 11.8/20 - Exact sum: 13.2 + 4.1 + 9.5 + 11.8 = 38.6 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 27. Claros Mortgage Trust, Inc. (CMTG): 38/100 — Thin evidence · provisional; evidence 35% - Growth & earnings 14.8/35 | Capital efficiency 8.9/25 | Valuation 9.8/20 | Relative strength 4.0/20 - Exact sum: 14.8 + 8.9 + 9.8 + 4 = 37.5 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 28. Orchid Island Capital, Inc. (ORC): 36/100 — Thin evidence · provisional; evidence 42% - Growth & earnings 13.3/35 | Capital efficiency 5.8/25 | Valuation 9.1/20 | Relative strength 7.4/20 - Exact sum: 13.3 + 5.8 + 9.1 + 7.4 = 35.6 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. 29. Redwood Trust, Inc. (RWT): 35/100 — Thin evidence · provisional; evidence 44% - Growth & earnings 9.5/35 | Capital efficiency 10.0/25 | Valuation 9.8/20 | Relative strength 5.3/20 - Exact sum: 9.5 + 10 + 9.8 + 5.3 = 34.6 - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. ## Income Scale & Growth Durability What the numbers say: Rithm Capital Corp. is the scale leader at $4,994 million, 372.5% ahead of Ready Capital Corporation. Adamas Trust, Inc.'s growth is stored at the ≥100% scoring cap; the uncapped TTM change is 114.1% from a $152 million base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale. Investor read: Rithm Capital Corp. is the scale benchmark; Adamas Trust, Inc. is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns. This conclusion weakens if: Rithm Capital Corp.'s growth falls below Adamas Trust, Inc.'s for two consecutive comparable reports while operating margin also compresses. Evidence: Rithm Capital Corp. · $4,994 million | 372.5% versus #2 · Ready Capital Corporation | 5/8 recent comparable periods | 24/29 companies · 530 observations Definition: For lenders, reported income is used instead of industrial-company sales. Growth is compared year-on-year. ### Income — largest 1. Rithm Capital Corp. (RITM): ₹5.0K Cr 2. Ready Capital Corporation (RC): ₹1.1K Cr 3. Two Harbors Investment Corp. (TWO): ₹923 Cr 4. Starwood Property Trust, Inc. (STWD): ₹904 Cr 5. Ellington Financial Inc. (EFC): ₹491 Cr ### Income growth — fastest growers 1. Adamas Trust, Inc. (ADAM): 100% 2. Dynex Capital, Inc. (DX): 100% 3. PennyMac Mortgage Investment Trust (PMT): 45% 4. NexPoint Real Estate Finance, Inc. (NREF): 42% 5. Ellington Financial Inc. (EFC): 40% ### 20-quarter Income history - NLY: Sep 2021 ₹559 Cr | Dec 2021 ₹466 Cr | Mar 2022 ₹2.1K Cr | Jun 2022 ₹896 Cr | Sep 2022 ₹-240 Cr | Dec 2022 ₹-844 Cr | Mar 2023 ₹-787 Cr | Jun 2023 ₹218 Cr | Sep 2023 ₹-517 Cr | Dec 2023 ₹-351 Cr | Mar 2024 ₹503 Cr | Jun 2024 ₹48 Cr | Sep 2024 ₹120 Cr | Dec 2024 ₹527 Cr | Mar 2025 ₹187 Cr | Jun 2025 ₹111 Cr | Sep 2025 ₹886 Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹342 Cr | Jun 2026 — - STWD: Sep 2021 ₹265 Cr | Dec 2021 ₹277 Cr | Mar 2022 ₹505 Cr | Jun 2022 ₹385 Cr | Sep 2022 ₹274 Cr | Dec 2022 ₹265 Cr | Mar 2023 ₹158 Cr | Jun 2023 ₹324 Cr | Sep 2023 ₹141 Cr | Dec 2023 ₹216 Cr | Mar 2024 ₹281 Cr | Jun 2024 ₹200 Cr | Sep 2024 ₹181 Cr | Dec 2024 ₹187 Cr | Mar 2025 ₹237 Cr | Jun 2025 ₹204 Cr | Sep 2025 ₹220 Cr | Dec 2025 ₹274 Cr | Mar 2026 ₹206 Cr | Jun 2026 — - RITM: Sep 2021 ₹953 Cr | Dec 2021 ₹1.0K Cr | Mar 2022 ₹1.7K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹911 Cr | Dec 2022 ₹762 Cr | Mar 2023 ₹825 Cr | Jun 2023 ₹1.1K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹692 Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹999 Cr | Dec 2024 ₹2.1K Cr | Mar 2025 ₹977 Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.4K Cr | Jun 2026 — - DX: Sep 2021 ₹21 Cr | Dec 2021 ₹21 Cr | Mar 2022 ₹125 Cr | Jun 2022 ₹37 Cr | Sep 2022 ₹-36 Cr | Dec 2022 ₹52 Cr | Mar 2023 ₹-34 Cr | Jun 2023 ₹62 Cr | Sep 2023 ₹-34 Cr | Dec 2023 ₹33 Cr | Mar 2024 ₹51 Cr | Jun 2024 ₹-1 Cr | Sep 2024 ₹40 Cr | Dec 2024 ₹60 Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹-1 Cr | Sep 2025 ₹162 Cr | Dec 2025 ₹202 Cr | Mar 2026 ₹-59 Cr | Jun 2026 — - BXMT: Sep 2021 ₹120 Cr | Dec 2021 ₹184 Cr | Mar 2022 ₹131 Cr | Jun 2022 ₹134 Cr | Sep 2022 ₹144 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹164 Cr | Jun 2023 ₹150 Cr | Sep 2023 ₹267 Cr | Dec 2023 ₹-230 Cr | Mar 2024 ₹-90 Cr | Jun 2024 ₹-26 Cr | Sep 2024 ₹244 Cr | Dec 2024 ₹114 Cr | Mar 2025 ₹77 Cr | Jun 2025 ₹88 Cr | Sep 2025 ₹132 Cr | Dec 2025 ₹159 Cr | Mar 2026 ₹104 Cr | Jun 2026 — - ARR: Sep 2021 ₹20 Cr | Dec 2021 ₹20 Cr | Mar 2022 ₹31 Cr | Jun 2022 ₹35 Cr | Sep 2022 ₹30 Cr | Dec 2022 ₹12 Cr | Mar 2023 ₹12 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹5 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹13 Cr | Mar 2025 ₹36 Cr | Jun 2025 ₹33 Cr | Sep 2025 ₹39 Cr | Dec 2025 ₹50 Cr | Mar 2026 ₹71 Cr | Jun 2026 — - EFC: Sep 2021 ₹38 Cr | Dec 2021 ₹56 Cr | Mar 2022 ₹6 Cr | Jun 2022 ₹-56 Cr | Sep 2022 — | Dec 2022 ₹-15 Cr | Mar 2023 ₹83 Cr | Jun 2023 ₹53 Cr | Sep 2023 ₹53 Cr | Dec 2023 ₹59 Cr | Mar 2024 ₹78 Cr | Jun 2024 ₹103 Cr | Sep 2024 ₹74 Cr | Dec 2024 ₹83 Cr | Mar 2025 ₹91 Cr | Jun 2025 ₹110 Cr | Sep 2025 ₹96 Cr | Dec 2025 ₹96 Cr | Mar 2026 ₹189 Cr | Jun 2026 — - ORC: Sep 2021 ₹30 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹-144 Cr | Jun 2022 ₹-56 Cr | Sep 2022 ₹-80 Cr | Dec 2022 ₹51 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹15 Cr | Sep 2023 ₹-75 Cr | Dec 2023 ₹-25 Cr | Mar 2024 ₹24 Cr | Jun 2024 ₹-1 Cr | Sep 2024 ₹22 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹21 Cr | Jun 2025 ₹-29 Cr | Sep 2025 ₹78 Cr | Dec 2025 ₹109 Cr | Mar 2026 ₹-13 Cr | Jun 2026 — - TWO: Sep 2021 ₹83 Cr | Dec 2021 ₹14 Cr | Mar 2022 ₹353 Cr | Jun 2022 ₹-26 Cr | Sep 2022 ₹319 Cr | Dec 2022 ₹109 Cr | Mar 2023 ₹163 Cr | Jun 2023 ₹388 Cr | Sep 2023 ₹516 Cr | Dec 2023 ₹115 Cr | Mar 2024 ₹422 Cr | Jun 2024 ₹303 Cr | Sep 2024 ₹-43 Cr | Dec 2024 ₹293 Cr | Mar 2025 ₹155 Cr | Jun 2025 ₹174 Cr | Sep 2025 ₹255 Cr | Dec 2025 ₹269 Cr | Mar 2026 ₹225 Cr | Jun 2026 — - LADR: Sep 2021 ₹50 Cr | Dec 2021 ₹62 Cr | Mar 2022 ₹74 Cr | Jun 2022 ₹85 Cr | Sep 2022 ₹70 Cr | Dec 2022 ₹117 Cr | Mar 2023 ₹70 Cr | Jun 2023 ₹67 Cr | Sep 2023 ₹72 Cr | Dec 2023 ₹55 Cr | Mar 2024 ₹63 Cr | Jun 2024 ₹72 Cr | Sep 2024 ₹68 Cr | Dec 2024 ₹69 Cr | Mar 2025 ₹51 Cr | Jun 2025 ₹56 Cr | Sep 2025 ₹57 Cr | Dec 2025 ₹50 Cr | Mar 2026 ₹52 Cr | Jun 2026 — - CIM: Sep 2021 ₹363 Cr | Dec 2021 ₹47 Cr | Mar 2022 ₹-232 Cr | Jun 2022 ₹-121 Cr | Sep 2022 ₹-164 Cr | Dec 2022 ₹84 Cr | Mar 2023 ₹95 Cr | Jun 2023 ₹73 Cr | Sep 2023 ₹29 Cr | Dec 2023 ₹67 Cr | Mar 2024 ₹155 Cr | Jun 2024 ₹85 Cr | Sep 2024 ₹160 Cr | Dec 2024 ₹-102 Cr | Mar 2025 ₹210 Cr | Jun 2025 ₹72 Cr | Sep 2025 ₹43 Cr | Dec 2025 ₹77 Cr | Mar 2026 ₹35 Cr | Jun 2026 — - ABR: Sep 2021 ₹152 Cr | Dec 2021 ₹198 Cr | Mar 2022 ₹149 Cr | Jun 2022 ₹148 Cr | Sep 2022 ₹136 Cr | Dec 2022 ₹177 Cr | Mar 2023 ₹170 Cr | Jun 2023 ₹158 Cr | Sep 2023 ₹157 Cr | Dec 2023 ₹171 Cr | Mar 2024 ₹143 Cr | Jun 2024 ₹126 Cr | Sep 2024 ₹140 Cr | Dec 2024 ₹142 Cr | Mar 2025 ₹119 Cr | Jun 2025 ₹108 Cr | Sep 2025 ₹130 Cr | Dec 2025 ₹128 Cr | Mar 2026 ₹109 Cr | Jun 2026 — - MFA: Sep 2021 ₹166 Cr | Dec 2021 ₹93 Cr | Mar 2022 ₹-41 Cr | Jun 2022 ₹-54 Cr | Sep 2022 ₹-12 Cr | Dec 2022 ₹39 Cr | Mar 2023 ₹114 Cr | Jun 2023 ₹16 Cr | Sep 2023 ₹-12 Cr | Dec 2023 ₹130 Cr | Mar 2024 ₹70 Cr | Jun 2024 ₹84 Cr | Sep 2024 ₹93 Cr | Dec 2024 ₹43 Cr | Mar 2025 ₹82 Cr | Jun 2025 ₹73 Cr | Sep 2025 ₹87 Cr | Dec 2025 ₹89 Cr | Mar 2026 ₹44 Cr | Jun 2026 — - ARI: Sep 2021 ₹67 Cr | Dec 2021 ₹71 Cr | Mar 2022 ₹64 Cr | Jun 2022 ₹76 Cr | Sep 2022 ₹76 Cr | Dec 2022 ₹87 Cr | Mar 2023 ₹87 Cr | Jun 2023 ₹92 Cr | Sep 2023 ₹81 Cr | Dec 2023 ₹84 Cr | Mar 2024 ₹81 Cr | Jun 2024 ₹81 Cr | Sep 2024 ₹72 Cr | Dec 2024 ₹70 Cr | Mar 2025 ₹66 Cr | Jun 2025 ₹71 Cr | Sep 2025 ₹62 Cr | Dec 2025 ₹73 Cr | Mar 2026 ₹59 Cr | Jun 2026 — - PMT: Sep 2021 ₹48 Cr | Dec 2021 ₹49 Cr | Mar 2022 ₹82 Cr | Jun 2022 ₹22 Cr | Sep 2022 ₹151 Cr | Dec 2022 ₹49 Cr | Mar 2023 ₹90 Cr | Jun 2023 ₹90 Cr | Sep 2023 ₹163 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹74 Cr | Jun 2024 ₹71 Cr | Sep 2024 ₹81 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹126 Cr | Jun 2025 ₹70 Cr | Sep 2025 ₹99 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹233 Cr | Jun 2026 — - ADAM: Sep 2021 ₹80 Cr | Dec 2021 ₹31 Cr | Mar 2022 ₹-10 Cr | Jun 2022 ₹19 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹15 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹9 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹1 Cr | Jun 2024 ₹6 Cr | Sep 2024 ₹13 Cr | Dec 2024 ₹21 Cr | Mar 2025 ₹31 Cr | Jun 2025 ₹33 Cr | Sep 2025 ₹33 Cr | Dec 2025 ₹40 Cr | Mar 2026 ₹46 Cr | Jun 2026 — - IVR: Sep 2021 ₹65 Cr | Dec 2021 ₹-57 Cr | Mar 2022 ₹-221 Cr | Jun 2022 ₹-102 Cr | Sep 2022 ₹-96 Cr | Dec 2022 ₹41 Cr | Mar 2023 ₹27 Cr | Jun 2023 ₹9 Cr | Sep 2023 ₹-64 Cr | Dec 2023 ₹32 Cr | Mar 2024 ₹34 Cr | Jun 2024 ₹-9 Cr | Sep 2024 ₹45 Cr | Dec 2024 ₹8 Cr | Mar 2025 ₹24 Cr | Jun 2025 ₹-18 Cr | Sep 2025 ₹58 Cr | Dec 2025 ₹56 Cr | Mar 2026 ₹-15 Cr | Jun 2026 — - BRSP: Sep 2021 ₹61 Cr | Dec 2021 ₹62 Cr | Mar 2022 ₹54 Cr | Jun 2022 ₹55 Cr | Sep 2022 ₹55 Cr | Dec 2022 ₹59 Cr | Mar 2023 ₹59 Cr | Jun 2023 ₹55 Cr | Sep 2023 ₹59 Cr | Dec 2023 ₹60 Cr | Mar 2024 ₹56 Cr | Jun 2024 ₹53 Cr | Sep 2024 ₹49 Cr | Dec 2024 ₹47 Cr | Mar 2025 ₹45 Cr | Jun 2025 ₹54 Cr | Sep 2025 ₹53 Cr | Dec 2025 ₹51 Cr | Mar 2026 ₹52 Cr | Jun 2026 — - TRTX: Sep 2021 ₹39 Cr | Dec 2021 ₹54 Cr | Mar 2022 ₹39 Cr | Jun 2022 ₹52 Cr | Sep 2022 ₹32 Cr | Dec 2022 ₹36 Cr | Mar 2023 ₹25 Cr | Jun 2023 ₹33 Cr | Sep 2023 ₹27 Cr | Dec 2023 ₹31 Cr | Mar 2024 ₹39 Cr | Jun 2024 ₹39 Cr | Sep 2024 ₹40 Cr | Dec 2024 ₹42 Cr | Mar 2025 ₹37 Cr | Jun 2025 ₹43 Cr | Sep 2025 ₹38 Cr | Dec 2025 ₹35 Cr | Mar 2026 ₹37 Cr | Jun 2026 — - FBRT: Sep 2021 ₹37 Cr | Dec 2021 ₹60 Cr | Mar 2022 ₹55 Cr | Jun 2022 ₹40 Cr | Sep 2022 ₹50 Cr | Dec 2022 ₹57 Cr | Mar 2023 ₹63 Cr | Jun 2023 ₹84 Cr | Sep 2023 ₹62 Cr | Dec 2023 ₹60 Cr | Mar 2024 ₹54 Cr | Jun 2024 ₹51 Cr | Sep 2024 ₹54 Cr | Dec 2024 ₹57 Cr | Mar 2025 ₹55 Cr | Jun 2025 ₹49 Cr | Sep 2025 ₹90 Cr | Dec 2025 ₹76 Cr | Mar 2026 ₹74 Cr | Jun 2026 — - RWT: Sep 2021 ₹140 Cr | Dec 2021 ₹97 Cr | Mar 2022 ₹72 Cr | Jun 2022 ₹-70 Cr | Sep 2022 ₹-2 Cr | Dec 2022 ₹-9 Cr | Mar 2023 ₹48 Cr | Jun 2023 ₹43 Cr | Sep 2023 ₹11 Cr | Dec 2023 ₹62 Cr | Mar 2024 ₹75 Cr | Jun 2024 ₹67 Cr | Sep 2024 ₹70 Cr | Dec 2024 ₹45 Cr | Mar 2025 ₹74 Cr | Jun 2025 ₹-38 Cr | Sep 2025 ₹54 Cr | Dec 2025 ₹87 Cr | Mar 2026 ₹64 Cr | Jun 2026 — - NREF: Sep 2021 ₹29 Cr | Dec 2021 ₹25 Cr | Mar 2022 ₹24 Cr | Jun 2022 ₹15 Cr | Sep 2022 ₹-3 Cr | Dec 2022 ₹5 Cr | Mar 2023 ₹15 Cr | Jun 2023 ₹14 Cr | Sep 2023 ₹-11 Cr | Dec 2023 ₹29 Cr | Mar 2024 ₹-4 Cr | Jun 2024 ₹21 Cr | Sep 2024 ₹31 Cr | Dec 2024 ₹24 Cr | Mar 2025 ₹34 Cr | Jun 2025 ₹32 Cr | Sep 2025 ₹59 Cr | Dec 2025 ₹32 Cr | Mar 2026 ₹33 Cr | Jun 2026 — - CMTG: Sep 2021 ₹76 Cr | Dec 2021 ₹62 Cr | Mar 2022 ₹58 Cr | Jun 2022 ₹61 Cr | Sep 2022 ₹74 Cr | Dec 2022 ₹12 Cr | Mar 2023 ₹72 Cr | Jun 2023 ₹39 Cr | Sep 2023 ₹-30 Cr | Dec 2023 ₹71 Cr | Mar 2024 ₹-11 Cr | Jun 2024 ₹31 Cr | Sep 2024 ₹-14 Cr | Dec 2024 ₹30 Cr | Mar 2025 ₹2 Cr | Jun 2025 ₹-138 Cr | Sep 2025 ₹22 Cr | Dec 2025 ₹-165 Cr | Mar 2026 ₹-2 Cr | Jun 2026 — - REFI: Sep 2021 ₹4 Cr | Dec 2021 — | Mar 2022 ₹10 Cr | Jun 2022 ₹10 Cr | Sep 2022 ₹13 Cr | Dec 2022 ₹12 Cr | Mar 2023 ₹15 Cr | Jun 2023 ₹13 Cr | Sep 2023 ₹14 Cr | Dec 2023 ₹15 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹13 Cr | Sep 2024 ₹15 Cr | Dec 2024 ₹14 Cr | Mar 2025 ₹14 Cr | Jun 2025 ₹13 Cr | Sep 2025 ₹13 Cr | Dec 2025 ₹14 Cr | Mar 2026 ₹9 Cr | Jun 2026 — - ACRE: Sep 2021 ₹27 Cr | Dec 2021 ₹30 Cr | Mar 2022 ₹24 Cr | Jun 2022 ₹25 Cr | Sep 2022 ₹27 Cr | Dec 2022 ₹30 Cr | Mar 2023 ₹27 Cr | Jun 2023 ₹25 Cr | Sep 2023 ₹24 Cr | Dec 2023 ₹18 Cr | Mar 2024 ₹19 Cr | Jun 2024 ₹17 Cr | Sep 2024 ₹17 Cr | Dec 2024 ₹18 Cr | Mar 2025 ₹15 Cr | Jun 2025 ₹13 Cr | Sep 2025 ₹14 Cr | Dec 2025 ₹13 Cr | Mar 2026 ₹13 Cr | Jun 2026 — - RC: Sep 2021 ₹242 Cr | Dec 2021 ₹206 Cr | Mar 2022 ₹275 Cr | Jun 2022 ₹281 Cr | Sep 2022 ₹383 Cr | Dec 2022 ₹367 Cr | Mar 2023 ₹400 Cr | Jun 2023 ₹697 Cr | Sep 2023 ₹467 Cr | Dec 2023 ₹508 Cr | Mar 2024 ₹287 Cr | Jun 2024 ₹316 Cr | Sep 2024 ₹512 Cr | Dec 2024 ₹385 Cr | Mar 2025 ₹212 Cr | Jun 2025 ₹271 Cr | Sep 2025 ₹377 Cr | Dec 2025 ₹208 Cr | Mar 2026 ₹201 Cr | Jun 2026 — - MITT: Sep 2021 ₹42 Cr | Dec 2021 ₹21 Cr | Mar 2022 ₹-1 Cr | Jun 2022 ₹-38 Cr | Sep 2022 ₹10 Cr | Dec 2022 ₹19 Cr | Mar 2023 ₹21 Cr | Jun 2023 ₹15 Cr | Sep 2023 ₹12 Cr | Dec 2023 ₹13 Cr | Mar 2024 ₹30 Cr | Jun 2024 ₹12 Cr | Sep 2024 ₹25 Cr | Dec 2024 ₹23 Cr | Mar 2025 ₹22 Cr | Jun 2025 ₹15 Cr | Sep 2025 ₹32 Cr | Dec 2025 ₹24 Cr | Mar 2026 ₹6 Cr | Jun 2026 — - AOMR: Sep 2021 ₹13 Cr | Dec 2021 ₹13 Cr | Mar 2022 ₹-37 Cr | Jun 2022 ₹-45 Cr | Sep 2022 ₹-72 Cr | Dec 2022 ₹-4 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹13 Cr | Dec 2023 ₹33 Cr | Mar 2024 ₹18 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹38 Cr | Dec 2024 ₹-10 Cr | Mar 2025 ₹24 Cr | Jun 2025 ₹6 Cr | Sep 2025 ₹15 Cr | Dec 2025 ₹17 Cr | Mar 2026 ₹-2 Cr | Jun 2026 — ### 20-quarter Income growth history - NLY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -143% | Dec 2022 -281% | Mar 2023 -138% | Jun 2023 -76% | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 -78% | Sep 2024 — | Dec 2024 — | Mar 2025 -63% | Jun 2025 131% | Sep 2025 638% | Dec 2025 101% | Mar 2026 83% | Jun 2026 — - STWD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 52% | Sep 2022 3.4% | Dec 2022 -4.3% | Mar 2023 -69% | Jun 2023 -16% | Sep 2023 -49% | Dec 2023 -18% | Mar 2024 78% | Jun 2024 -38% | Sep 2024 28% | Dec 2024 -13% | Mar 2025 -16% | Jun 2025 2.0% | Sep 2025 22% | Dec 2025 47% | Mar 2026 -13% | Jun 2026 — - RITM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 209% | Sep 2022 -4.4% | Dec 2022 -26% | Mar 2023 -52% | Jun 2023 -16% | Sep 2023 25% | Dec 2023 -9.2% | Mar 2024 53% | Jun 2024 4.1% | Sep 2024 -12% | Dec 2024 203% | Mar 2025 -23% | Jun 2025 5.4% | Sep 2025 11% | Dec 2025 -38% | Mar 2026 41% | Jun 2026 — - DX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -271% | Dec 2022 148% | Mar 2023 -127% | Jun 2023 68% | Sep 2023 — | Dec 2023 -37% | Mar 2024 — | Jun 2024 -102% | Sep 2024 — | Dec 2024 82% | Mar 2025 -82% | Jun 2025 — | Sep 2025 305% | Dec 2025 237% | Mar 2026 -756% | Jun 2026 — - BXMT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 113% | Sep 2022 20% | Dec 2022 -99% | Mar 2023 25% | Jun 2023 12% | Sep 2023 85% | Dec 2023 -11,600% | Mar 2024 -155% | Jun 2024 -117% | Sep 2024 -8.6% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 -46% | Dec 2025 39% | Mar 2026 35% | Jun 2026 — - ARR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 106% | Sep 2022 50% | Dec 2022 -40% | Mar 2023 -61% | Jun 2023 -83% | Sep 2023 -87% | Dec 2023 -50% | Mar 2024 -58% | Jun 2024 17% | Sep 2024 -50% | Dec 2024 117% | Mar 2025 620% | Jun 2025 371% | Sep 2025 1,850% | Dec 2025 285% | Mar 2026 97% | Jun 2026 — - EFC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -195% | Sep 2022 — | Dec 2022 -127% | Mar 2023 1,283% | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -6.0% | Jun 2024 94% | Sep 2024 40% | Dec 2024 41% | Mar 2025 17% | Jun 2025 6.8% | Sep 2025 30% | Dec 2025 16% | Mar 2026 108% | Jun 2026 — - ORC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -367% | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -149% | Mar 2024 167% | Jun 2024 -107% | Sep 2024 — | Dec 2024 — | Mar 2025 -13% | Jun 2025 — | Sep 2025 255% | Dec 2025 990% | Mar 2026 -162% | Jun 2026 — - TWO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 284% | Dec 2022 679% | Mar 2023 -54% | Jun 2023 — | Sep 2023 62% | Dec 2023 5.5% | Mar 2024 159% | Jun 2024 -22% | Sep 2024 -108% | Dec 2024 155% | Mar 2025 -63% | Jun 2025 -43% | Sep 2025 — | Dec 2025 -8.2% | Mar 2026 45% | Jun 2026 — - LADR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 107% | Sep 2022 40% | Dec 2022 89% | Mar 2023 -5.4% | Jun 2023 -21% | Sep 2023 2.9% | Dec 2023 -53% | Mar 2024 -10% | Jun 2024 7.5% | Sep 2024 -5.6% | Dec 2024 25% | Mar 2025 -19% | Jun 2025 -22% | Sep 2025 -16% | Dec 2025 -28% | Mar 2026 2.0% | Jun 2026 — - CIM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -162% | Sep 2022 -145% | Dec 2022 79% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -20% | Mar 2024 63% | Jun 2024 16% | Sep 2024 452% | Dec 2024 -252% | Mar 2025 35% | Jun 2025 -15% | Sep 2025 -73% | Dec 2025 — | Mar 2026 -83% | Jun 2026 — - ABR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 17% | Sep 2022 -11% | Dec 2022 -11% | Mar 2023 14% | Jun 2023 6.8% | Sep 2023 15% | Dec 2023 -3.4% | Mar 2024 -16% | Jun 2024 -20% | Sep 2024 -11% | Dec 2024 -17% | Mar 2025 -17% | Jun 2025 -14% | Sep 2025 -7.1% | Dec 2025 -9.9% | Mar 2026 -8.4% | Jun 2026 — - MFA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -161% | Sep 2022 -107% | Dec 2022 -58% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 233% | Mar 2024 -39% | Jun 2024 425% | Sep 2024 — | Dec 2024 -67% | Mar 2025 17% | Jun 2025 -13% | Sep 2025 -6.5% | Dec 2025 107% | Mar 2026 -46% | Jun 2026 — - ARI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.0% | Sep 2022 13% | Dec 2022 23% | Mar 2023 36% | Jun 2023 21% | Sep 2023 6.6% | Dec 2023 -3.5% | Mar 2024 -6.9% | Jun 2024 -12% | Sep 2024 -11% | Dec 2024 -17% | Mar 2025 -19% | Jun 2025 -12% | Sep 2025 -14% | Dec 2025 4.3% | Mar 2026 -11% | Jun 2026 — - PMT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -82% | Sep 2022 215% | Dec 2022 0.0% | Mar 2023 9.8% | Jun 2023 309% | Sep 2023 8.0% | Dec 2023 -100% | Mar 2024 -18% | Jun 2024 -21% | Sep 2024 -50% | Dec 2024 — | Mar 2025 70% | Jun 2025 -1.4% | Sep 2025 22% | Dec 2025 — | Mar 2026 85% | Jun 2026 — - ADAM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -75% | Sep 2022 -99% | Dec 2022 -52% | Mar 2023 — | Jun 2023 -63% | Sep 2023 800% | Dec 2023 -33% | Mar 2024 -89% | Jun 2024 -14% | Sep 2024 44% | Dec 2024 110% | Mar 2025 3,000% | Jun 2025 450% | Sep 2025 154% | Dec 2025 90% | Mar 2026 48% | Jun 2026 — - IVR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -248% | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -22% | Mar 2024 26% | Jun 2024 -200% | Sep 2024 — | Dec 2024 -75% | Mar 2025 -29% | Jun 2025 — | Sep 2025 29% | Dec 2025 600% | Mar 2026 -163% | Jun 2026 — - BRSP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 5.8% | Sep 2022 -9.8% | Dec 2022 -4.8% | Mar 2023 9.3% | Jun 2023 0.0% | Sep 2023 7.3% | Dec 2023 1.7% | Mar 2024 -5.1% | Jun 2024 -3.6% | Sep 2024 -17% | Dec 2024 -22% | Mar 2025 -20% | Jun 2025 1.9% | Sep 2025 8.2% | Dec 2025 8.5% | Mar 2026 16% | Jun 2026 — - TRTX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 30% | Sep 2022 -18% | Dec 2022 -33% | Mar 2023 -36% | Jun 2023 -37% | Sep 2023 -16% | Dec 2023 -14% | Mar 2024 56% | Jun 2024 18% | Sep 2024 48% | Dec 2024 35% | Mar 2025 -5.1% | Jun 2025 10% | Sep 2025 -5.0% | Dec 2025 -17% | Mar 2026 0.0% | Jun 2026 — - FBRT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 8.1% | Sep 2022 35% | Dec 2022 -5.0% | Mar 2023 15% | Jun 2023 110% | Sep 2023 24% | Dec 2023 5.3% | Mar 2024 -14% | Jun 2024 -39% | Sep 2024 -13% | Dec 2024 -5.0% | Mar 2025 1.9% | Jun 2025 -3.9% | Sep 2025 67% | Dec 2025 33% | Mar 2026 35% | Jun 2026 — - RWT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -148% | Sep 2022 -101% | Dec 2022 -109% | Mar 2023 -33% | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 56% | Jun 2024 56% | Sep 2024 536% | Dec 2024 -27% | Mar 2025 -1.3% | Jun 2025 -157% | Sep 2025 -23% | Dec 2025 93% | Mar 2026 -14% | Jun 2026 — - NREF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -6.3% | Sep 2022 -110% | Dec 2022 -80% | Mar 2023 -38% | Jun 2023 -6.7% | Sep 2023 — | Dec 2023 480% | Mar 2024 -127% | Jun 2024 50% | Sep 2024 — | Dec 2024 -17% | Mar 2025 — | Jun 2025 52% | Sep 2025 90% | Dec 2025 33% | Mar 2026 -2.9% | Jun 2026 — - CMTG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -15% | Sep 2022 -2.6% | Dec 2022 -81% | Mar 2023 24% | Jun 2023 -36% | Sep 2023 -141% | Dec 2023 492% | Mar 2024 -115% | Jun 2024 -21% | Sep 2024 — | Dec 2024 -58% | Mar 2025 — | Jun 2025 -545% | Sep 2025 — | Dec 2025 -650% | Mar 2026 -200% | Jun 2026 — - REFI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 900% | Sep 2022 225% | Dec 2022 — | Mar 2023 50% | Jun 2023 30% | Sep 2023 7.7% | Dec 2023 25% | Mar 2024 -13% | Jun 2024 0.0% | Sep 2024 7.1% | Dec 2024 -6.7% | Mar 2025 7.7% | Jun 2025 0.0% | Sep 2025 -13% | Dec 2025 0.0% | Mar 2026 -36% | Jun 2026 — - ACRE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 4.2% | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 13% | Jun 2023 0.0% | Sep 2023 -11% | Dec 2023 -40% | Mar 2024 -30% | Jun 2024 -32% | Sep 2024 -29% | Dec 2024 0.0% | Mar 2025 -21% | Jun 2025 -24% | Sep 2025 -18% | Dec 2025 -28% | Mar 2026 -13% | Jun 2026 — - RC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 17% | Sep 2022 58% | Dec 2022 78% | Mar 2023 45% | Jun 2023 148% | Sep 2023 22% | Dec 2023 38% | Mar 2024 -28% | Jun 2024 -55% | Sep 2024 9.6% | Dec 2024 -24% | Mar 2025 -26% | Jun 2025 -14% | Sep 2025 -26% | Dec 2025 -46% | Mar 2026 -5.2% | Jun 2026 — - MITT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -265% | Sep 2022 -76% | Dec 2022 -9.5% | Mar 2023 — | Jun 2023 — | Sep 2023 20% | Dec 2023 -32% | Mar 2024 43% | Jun 2024 -20% | Sep 2024 108% | Dec 2024 77% | Mar 2025 -27% | Jun 2025 25% | Sep 2025 28% | Dec 2025 4.4% | Mar 2026 -73% | Jun 2026 — - AOMR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -1,000% | Sep 2022 -654% | Dec 2022 -131% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 200% | Jun 2024 67% | Sep 2024 192% | Dec 2024 -130% | Mar 2025 33% | Jun 2025 20% | Sep 2025 -61% | Dec 2025 — | Mar 2026 -108% | Jun 2026 — ## Profit Scale & Acceleration What the numbers say: Rithm Capital Corp. leads with $747 million of TTM profit, 18.4% above Ready Capital Corporation. Adamas Trust, Inc. shows ≥100% on the scoring scale (713% uncapped) growth from a $187 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale. Investor read: Rithm Capital Corp. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current profit growth signal. Evidence: Rithm Capital Corp. · $747 million | 18.4% versus #2 · Ready Capital Corporation | 4/8 recent comparable periods | 24/29 companies · 549 observations Definition: Net profit is ranked only where the comparison base is economically meaningful. Loss-to-profit flips are shown but do not win the growth table. ### Net profit — largest 1. Rithm Capital Corp. (RITM): ₹747 Cr 2. Ready Capital Corporation (RC): ₹631 Cr 3. Two Harbors Investment Corp. (TWO): ₹431 Cr 4. Starwood Property Trust, Inc. (STWD): ₹384 Cr 5. Dynex Capital, Inc. (DX): ₹241 Cr ### Profit growth — fastest growers 1. Adamas Trust, Inc. (ADAM): 100% 2. Apollo Commercial Real Estate Finance, Inc. (ARI): 100% 3. PennyMac Mortgage Investment Trust (PMT): 100% 4. NexPoint Real Estate Finance, Inc. (NREF): 58% 5. Ellington Financial Inc. (EFC): 43% ### 20-quarter Net profit history - NLY: Sep 2021 ₹522 Cr | Dec 2021 ₹418 Cr | Mar 2022 ₹2.0K Cr | Jun 2022 ₹863 Cr | Sep 2022 ₹-274 Cr | Dec 2022 ₹-887 Cr | Mar 2023 ₹-839 Cr | Jun 2023 ₹161 Cr | Sep 2023 ₹-569 Cr | Dec 2023 ₹-391 Cr | Mar 2024 ₹465 Cr | Jun 2024 ₹-9 Cr | Sep 2024 ₹82 Cr | Dec 2024 ₹473 Cr | Mar 2025 ₹130 Cr | Jun 2025 ₹60 Cr | Sep 2025 ₹843 Cr | Dec 2025 ₹1.0K Cr | Mar 2026 ₹291 Cr | Jun 2026 — - AGNC: Sep 2021 ₹187 Cr | Dec 2021 ₹-52 Cr | Mar 2022 ₹-676 Cr | Jun 2022 ₹-459 Cr | Sep 2022 ₹-692 Cr | Dec 2022 ₹532 Cr | Mar 2023 ₹-181 Cr | Jun 2023 ₹255 Cr | Sep 2023 ₹-423 Cr | Dec 2023 ₹381 Cr | Mar 2024 ₹412 Cr | Jun 2024 ₹-80 Cr | Sep 2024 ₹313 Cr | Dec 2024 ₹86 Cr | Mar 2025 ₹15 Cr | Jun 2025 ₹-178 Cr | Sep 2025 ₹764 Cr | Dec 2025 ₹908 Cr | Mar 2026 ₹-192 Cr | Jun 2026 — - STWD: Sep 2021 ₹140 Cr | Dec 2021 ₹103 Cr | Mar 2022 ₹384 Cr | Jun 2022 ₹282 Cr | Sep 2022 ₹224 Cr | Dec 2022 ₹169 Cr | Mar 2023 ₹60 Cr | Jun 2023 ₹222 Cr | Sep 2023 ₹51 Cr | Dec 2023 ₹85 Cr | Mar 2024 ₹160 Cr | Jun 2024 ₹78 Cr | Sep 2024 ₹72 Cr | Dec 2024 ₹71 Cr | Mar 2025 ₹116 Cr | Jun 2025 ₹135 Cr | Sep 2025 ₹80 Cr | Dec 2025 ₹112 Cr | Mar 2026 ₹57 Cr | Jun 2026 — - RITM: Sep 2021 ₹171 Cr | Dec 2021 ₹188 Cr | Mar 2022 ₹690 Cr | Jun 2022 ₹33 Cr | Sep 2022 ₹154 Cr | Dec 2022 ₹106 Cr | Mar 2023 ₹90 Cr | Jun 2023 ₹387 Cr | Sep 2023 ₹221 Cr | Dec 2023 ₹-67 Cr | Mar 2024 ₹287 Cr | Jun 2024 ₹239 Cr | Sep 2024 ₹124 Cr | Dec 2024 ₹292 Cr | Mar 2025 ₹81 Cr | Jun 2025 ₹318 Cr | Sep 2025 ₹229 Cr | Dec 2025 ₹91 Cr | Mar 2026 ₹109 Cr | Jun 2026 — - DX: Sep 2021 ₹14 Cr | Dec 2021 ₹14 Cr | Mar 2022 ₹117 Cr | Jun 2022 ₹29 Cr | Sep 2022 ₹-47 Cr | Dec 2022 ₹43 Cr | Mar 2023 ₹-42 Cr | Jun 2023 ₹54 Cr | Sep 2023 ₹-43 Cr | Dec 2023 ₹24 Cr | Mar 2024 ₹40 Cr | Jun 2024 ₹-8 Cr | Sep 2024 ₹31 Cr | Dec 2024 ₹51 Cr | Mar 2025 ₹-3 Cr | Jun 2025 ₹-14 Cr | Sep 2025 ₹150 Cr | Dec 2025 ₹185 Cr | Mar 2026 ₹-80 Cr | Jun 2026 — - BXMT: Sep 2021 ₹84 Cr | Dec 2021 ₹125 Cr | Mar 2022 ₹100 Cr | Jun 2022 ₹94 Cr | Sep 2022 ₹104 Cr | Dec 2022 ₹-47 Cr | Mar 2023 ₹119 Cr | Jun 2023 ₹102 Cr | Sep 2023 ₹31 Cr | Dec 2023 ₹-2 Cr | Mar 2024 ₹-123 Cr | Jun 2024 ₹-60 Cr | Sep 2024 ₹-56 Cr | Dec 2024 ₹37 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹63 Cr | Dec 2025 ₹40 Cr | Mar 2026 ₹-6 Cr | Jun 2026 — - ARR: Sep 2021 ₹34 Cr | Dec 2021 ₹-21 Cr | Mar 2022 ₹-66 Cr | Jun 2022 ₹-59 Cr | Sep 2022 ₹-144 Cr | Dec 2022 ₹39 Cr | Mar 2023 ₹-31 Cr | Jun 2023 ₹43 Cr | Sep 2023 ₹-179 Cr | Dec 2023 ₹100 Cr | Mar 2024 ₹15 Cr | Jun 2024 ₹-48 Cr | Sep 2024 ₹66 Cr | Dec 2024 ₹-46 Cr | Mar 2025 ₹27 Cr | Jun 2025 ₹-76 Cr | Sep 2025 ₹159 Cr | Dec 2025 ₹212 Cr | Mar 2026 ₹-55 Cr | Jun 2026 — - EFC: Sep 2021 ₹24 Cr | Dec 2021 ₹39 Cr | Mar 2022 ₹-6 Cr | Jun 2022 ₹-61 Cr | Sep 2022 — | Dec 2022 ₹-30 Cr | Mar 2023 ₹45 Cr | Jun 2023 ₹11 Cr | Sep 2023 ₹13 Cr | Dec 2023 ₹19 Cr | Mar 2024 ₹34 Cr | Jun 2024 ₹60 Cr | Sep 2024 ₹23 Cr | Dec 2024 ₹31 Cr | Mar 2025 ₹39 Cr | Jun 2025 ₹51 Cr | Sep 2025 ₹38 Cr | Dec 2025 ₹23 Cr | Mar 2026 ₹107 Cr | Jun 2026 — - ORC: Sep 2021 ₹26 Cr | Dec 2021 ₹-4 Cr | Mar 2022 ₹-149 Cr | Jun 2022 ₹-60 Cr | Sep 2022 ₹-85 Cr | Dec 2022 ₹47 Cr | Mar 2023 ₹4 Cr | Jun 2023 ₹10 Cr | Sep 2023 ₹-80 Cr | Dec 2023 ₹-29 Cr | Mar 2024 ₹20 Cr | Jun 2024 ₹-5 Cr | Sep 2024 ₹17 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹17 Cr | Jun 2025 ₹-34 Cr | Sep 2025 ₹72 Cr | Dec 2025 ₹103 Cr | Mar 2026 ₹-20 Cr | Jun 2026 — - TWO: Sep 2021 ₹66 Cr | Dec 2021 ₹-1 Cr | Mar 2022 ₹-285 Cr | Jun 2022 ₹-72 Cr | Sep 2022 ₹278 Cr | Dec 2022 ₹-270 Cr | Mar 2023 ₹-177 Cr | Jun 2023 ₹197 Cr | Sep 2023 ₹-306 Cr | Dec 2023 ₹-433 Cr | Mar 2024 ₹-204 Cr | Jun 2024 ₹-56 Cr | Sep 2024 ₹238 Cr | Dec 2024 ₹277 Cr | Mar 2025 ₹-79 Cr | Jun 2025 ₹259 Cr | Sep 2025 ₹128 Cr | Dec 2025 ₹12 Cr | Mar 2026 ₹32 Cr | Jun 2026 — - LADR: Sep 2021 ₹19 Cr | Dec 2021 ₹27 Cr | Mar 2022 ₹19 Cr | Jun 2022 ₹43 Cr | Sep 2022 ₹29 Cr | Dec 2022 ₹74 Cr | Mar 2023 ₹22 Cr | Jun 2023 ₹28 Cr | Sep 2023 ₹31 Cr | Dec 2023 ₹19 Cr | Mar 2024 ₹16 Cr | Jun 2024 ₹32 Cr | Sep 2024 ₹28 Cr | Dec 2024 ₹31 Cr | Mar 2025 ₹12 Cr | Jun 2025 ₹17 Cr | Sep 2025 ₹19 Cr | Dec 2025 ₹16 Cr | Mar 2026 ₹3 Cr | Jun 2026 — - CIM: Sep 2021 ₹331 Cr | Dec 2021 ₹18 Cr | Mar 2022 ₹-263 Cr | Jun 2022 ₹-161 Cr | Sep 2022 ₹-186 Cr | Dec 2022 ₹97 Cr | Mar 2023 ₹57 Cr | Jun 2023 ₹36 Cr | Sep 2023 ₹2 Cr | Dec 2023 ₹31 Cr | Mar 2024 ₹129 Cr | Jun 2024 ₹57 Cr | Sep 2024 ₹136 Cr | Dec 2024 ₹-5 Cr | Mar 2025 ₹167 Cr | Jun 2025 ₹35 Cr | Sep 2025 ₹-1 Cr | Dec 2025 ₹14 Cr | Mar 2026 ₹-44 Cr | Jun 2026 — - ABR: Sep 2021 ₹86 Cr | Dec 2021 ₹126 Cr | Mar 2022 ₹80 Cr | Jun 2022 ₹88 Cr | Sep 2022 ₹79 Cr | Dec 2022 ₹107 Cr | Mar 2023 ₹102 Cr | Jun 2023 ₹93 Cr | Sep 2023 ₹95 Cr | Dec 2023 ₹110 Cr | Mar 2024 ₹73 Cr | Jun 2024 ₹62 Cr | Sep 2024 ₹74 Cr | Dec 2024 ₹75 Cr | Mar 2025 ₹43 Cr | Jun 2025 ₹36 Cr | Sep 2025 ₹52 Cr | Dec 2025 ₹26 Cr | Mar 2026 ₹11 Cr | Jun 2026 — - MFA: Sep 2021 ₹133 Cr | Dec 2021 ₹51 Cr | Mar 2022 ₹-83 Cr | Jun 2022 ₹-100 Cr | Sep 2022 ₹-55 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹73 Cr | Jun 2023 ₹-26 Cr | Sep 2023 ₹-56 Cr | Dec 2023 ₹90 Cr | Mar 2024 ₹23 Cr | Jun 2024 ₹42 Cr | Sep 2024 ₹48 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹41 Cr | Jun 2025 ₹33 Cr | Sep 2025 ₹48 Cr | Dec 2025 ₹54 Cr | Mar 2026 ₹-1 Cr | Jun 2026 — - ARI: Sep 2021 ₹60 Cr | Dec 2021 ₹37 Cr | Mar 2022 ₹15 Cr | Jun 2022 ₹71 Cr | Sep 2022 ₹183 Cr | Dec 2022 ₹-4 Cr | Mar 2023 ₹49 Cr | Jun 2023 ₹-83 Cr | Sep 2023 ₹46 Cr | Dec 2023 ₹47 Cr | Mar 2024 ₹-105 Cr | Jun 2024 ₹36 Cr | Sep 2024 ₹-92 Cr | Dec 2024 ₹41 Cr | Mar 2025 ₹26 Cr | Jun 2025 ₹21 Cr | Sep 2025 ₹51 Cr | Dec 2025 ₹29 Cr | Mar 2026 ₹26 Cr | Jun 2026 — - PMT: Sep 2021 ₹-36 Cr | Dec 2021 ₹-17 Cr | Mar 2022 ₹-19 Cr | Jun 2022 ₹-71 Cr | Sep 2022 ₹12 Cr | Dec 2022 ₹5 Cr | Mar 2023 ₹61 Cr | Jun 2023 ₹25 Cr | Sep 2023 ₹61 Cr | Dec 2023 ₹-32 Cr | Mar 2024 ₹48 Cr | Jun 2024 ₹25 Cr | Sep 2024 ₹41 Cr | Dec 2024 ₹-62 Cr | Mar 2025 ₹91 Cr | Jun 2025 ₹8 Cr | Sep 2025 ₹58 Cr | Dec 2025 ₹-41 Cr | Mar 2026 ₹176 Cr | Jun 2026 — - ADAM: Sep 2021 ₹51 Cr | Dec 2021 ₹35 Cr | Mar 2022 ₹-89 Cr | Jun 2022 ₹-91 Cr | Sep 2022 ₹-118 Cr | Dec 2022 ₹-43 Cr | Mar 2023 ₹14 Cr | Jun 2023 ₹-31 Cr | Sep 2023 ₹-94 Cr | Dec 2023 ₹33 Cr | Mar 2024 ₹-80 Cr | Jun 2024 ₹-24 Cr | Sep 2024 ₹40 Cr | Dec 2024 ₹-30 Cr | Mar 2025 ₹37 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹40 Cr | Dec 2025 ₹56 Cr | Mar 2026 ₹87 Cr | Jun 2026 — - IVR: Sep 2021 ₹58 Cr | Dec 2021 ₹-65 Cr | Mar 2022 ₹-228 Cr | Jun 2022 ₹-110 Cr | Sep 2022 ₹-101 Cr | Dec 2022 ₹36 Cr | Mar 2023 ₹21 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹-69 Cr | Dec 2023 ₹27 Cr | Mar 2024 ₹29 Cr | Jun 2024 ₹-13 Cr | Sep 2024 ₹41 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹20 Cr | Jun 2025 ₹-23 Cr | Sep 2025 ₹53 Cr | Dec 2025 ₹51 Cr | Mar 2026 ₹-20 Cr | Jun 2026 — - BRSP: Sep 2021 ₹-72 Cr | Dec 2021 ₹85 Cr | Mar 2022 ₹28 Cr | Jun 2022 ₹35 Cr | Sep 2022 ₹-20 Cr | Dec 2022 ₹4 Cr | Mar 2023 ₹-4 Cr | Jun 2023 ₹-7 Cr | Sep 2023 ₹12 Cr | Dec 2023 ₹-16 Cr | Mar 2024 ₹-57 Cr | Jun 2024 ₹-69 Cr | Sep 2024 ₹11 Cr | Dec 2024 ₹-21 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹-25 Cr | Sep 2025 ₹-1 Cr | Dec 2025 ₹-16 Cr | Mar 2026 ₹3 Cr | Jun 2026 — - TRTX: Sep 2021 ₹29 Cr | Dec 2021 ₹45 Cr | Mar 2022 ₹24 Cr | Jun 2022 ₹-5 Cr | Sep 2022 ₹-115 Cr | Dec 2022 ₹37 Cr | Mar 2023 ₹7 Cr | Jun 2023 ₹-69 Cr | Sep 2023 ₹-61 Cr | Dec 2023 ₹7 Cr | Mar 2024 ₹17 Cr | Jun 2024 ₹25 Cr | Sep 2024 ₹22 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹14 Cr | Jun 2025 ₹21 Cr | Sep 2025 ₹22 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹19 Cr | Jun 2026 — - FBRT: Sep 2021 ₹38 Cr | Dec 2021 ₹-73 Cr | Mar 2022 ₹-23 Cr | Jun 2022 ₹-26 Cr | Sep 2022 ₹35 Cr | Dec 2022 ₹27 Cr | Mar 2023 ₹44 Cr | Jun 2023 ₹40 Cr | Sep 2023 ₹31 Cr | Dec 2023 ₹30 Cr | Mar 2024 ₹36 Cr | Jun 2024 ₹-4 Cr | Sep 2024 ₹30 Cr | Dec 2024 ₹30 Cr | Mar 2025 ₹24 Cr | Jun 2025 ₹24 Cr | Sep 2025 ₹18 Cr | Dec 2025 ₹18 Cr | Mar 2026 ₹12 Cr | Jun 2026 — - RWT: Sep 2021 ₹88 Cr | Dec 2021 ₹44 Cr | Mar 2022 ₹31 Cr | Jun 2022 ₹-100 Cr | Sep 2022 ₹-50 Cr | Dec 2022 ₹-44 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹3 Cr | Sep 2023 ₹-31 Cr | Dec 2023 ₹21 Cr | Mar 2024 ₹30 Cr | Jun 2024 ₹16 Cr | Sep 2024 ₹15 Cr | Dec 2024 ₹-7 Cr | Mar 2025 ₹16 Cr | Jun 2025 ₹-98 Cr | Sep 2025 ₹-8 Cr | Dec 2025 ₹20 Cr | Mar 2026 ₹-6 Cr | Jun 2026 — - NREF: Sep 2021 ₹25 Cr | Dec 2021 ₹21 Cr | Mar 2022 ₹18 Cr | Jun 2022 ₹7 Cr | Sep 2022 ₹-9 Cr | Dec 2022 ₹-2 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹8 Cr | Sep 2023 ₹-17 Cr | Dec 2023 ₹18 Cr | Mar 2024 ₹-15 Cr | Jun 2024 ₹12 Cr | Sep 2024 ₹23 Cr | Dec 2024 ₹15 Cr | Mar 2025 ₹26 Cr | Jun 2025 ₹22 Cr | Sep 2025 ₹51 Cr | Dec 2025 ₹24 Cr | Mar 2026 ₹23 Cr | Jun 2026 — - CMTG: Sep 2021 ₹53 Cr | Dec 2021 ₹17 Cr | Mar 2022 ₹29 Cr | Jun 2022 ₹63 Cr | Sep 2022 ₹42 Cr | Dec 2022 ₹-23 Cr | Mar 2023 ₹37 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹-69 Cr | Dec 2023 ₹34 Cr | Mar 2024 ₹-53 Cr | Jun 2024 ₹-12 Cr | Sep 2024 ₹-56 Cr | Dec 2024 ₹-101 Cr | Mar 2025 ₹-79 Cr | Jun 2025 ₹-182 Cr | Sep 2025 ₹-10 Cr | Dec 2025 ₹-219 Cr | Mar 2026 ₹-54 Cr | Jun 2026 — - REFI: Sep 2021 ₹4 Cr | Dec 2021 — | Mar 2022 ₹8 Cr | Jun 2022 ₹7 Cr | Sep 2022 ₹10 Cr | Dec 2022 ₹7 Cr | Mar 2023 ₹11 Cr | Jun 2023 ₹9 Cr | Sep 2023 ₹10 Cr | Dec 2023 ₹9 Cr | Mar 2024 ₹9 Cr | Jun 2024 ₹9 Cr | Sep 2024 ₹11 Cr | Dec 2024 ₹8 Cr | Mar 2025 ₹10 Cr | Jun 2025 ₹9 Cr | Sep 2025 ₹9 Cr | Dec 2025 ₹8 Cr | Mar 2026 ₹5 Cr | Jun 2026 — - ACRE: Sep 2021 ₹10 Cr | Dec 2021 ₹17 Cr | Mar 2022 ₹16 Cr | Jun 2022 ₹10 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹3 Cr | Mar 2023 ₹-6 Cr | Jun 2023 ₹-2 Cr | Sep 2023 ₹9 Cr | Dec 2023 ₹-39 Cr | Mar 2024 ₹-12 Cr | Jun 2024 ₹-6 Cr | Sep 2024 ₹-6 Cr | Dec 2024 ₹-11 Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹-11 Cr | Sep 2025 ₹5 Cr | Dec 2025 ₹-4 Cr | Mar 2026 ₹-10 Cr | Jun 2026 — - RC: Sep 2021 ₹147 Cr | Dec 2021 ₹130 Cr | Mar 2022 ₹189 Cr | Jun 2022 ₹212 Cr | Sep 2022 ₹304 Cr | Dec 2022 ₹305 Cr | Mar 2023 ₹345 Cr | Jun 2023 ₹628 Cr | Sep 2023 ₹404 Cr | Dec 2023 ₹429 Cr | Mar 2024 ₹179 Cr | Jun 2024 ₹200 Cr | Sep 2024 ₹433 Cr | Dec 2024 ₹261 Cr | Mar 2025 ₹134 Cr | Jun 2025 ₹160 Cr | Sep 2025 ₹293 Cr | Dec 2025 ₹76 Cr | Mar 2026 ₹102 Cr | Jun 2026 — - MITT: Sep 2021 ₹35 Cr | Dec 2021 ₹11 Cr | Mar 2022 ₹-13 Cr | Jun 2022 ₹-49 Cr | Sep 2022 ₹-3 Cr | Dec 2022 ₹12 Cr | Mar 2023 ₹13 Cr | Jun 2023 ₹8 Cr | Sep 2023 ₹-2 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹21 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹17 Cr | Dec 2024 ₹14 Cr | Mar 2025 ₹12 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹21 Cr | Dec 2025 ₹14 Cr | Mar 2026 ₹-3 Cr | Jun 2026 — - AOMR: Sep 2021 ₹6 Cr | Dec 2021 ₹3 Cr | Mar 2022 ₹-44 Cr | Jun 2022 ₹-52 Cr | Sep 2022 ₹-83 Cr | Dec 2022 ₹-9 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹-4 Cr | Sep 2023 ₹8 Cr | Dec 2023 ₹29 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹31 Cr | Dec 2024 ₹-15 Cr | Mar 2025 ₹21 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹11 Cr | Dec 2025 ₹11 Cr | Mar 2026 ₹-7 Cr | Jun 2026 — ### 20-quarter Profit growth history - NLY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -152% | Dec 2022 -312% | Mar 2023 -141% | Jun 2023 -81% | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 -106% | Sep 2024 — | Dec 2024 — | Mar 2025 -72% | Jun 2025 — | Sep 2025 928% | Dec 2025 115% | Mar 2026 124% | Jun 2026 — - AGNC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -470% | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -28% | Mar 2024 — | Jun 2024 -131% | Sep 2024 — | Dec 2024 -77% | Mar 2025 -96% | Jun 2025 — | Sep 2025 144% | Dec 2025 956% | Mar 2026 -1,380% | Jun 2026 — - STWD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 124% | Sep 2022 60% | Dec 2022 64% | Mar 2023 -84% | Jun 2023 -21% | Sep 2023 -77% | Dec 2023 -50% | Mar 2024 167% | Jun 2024 -65% | Sep 2024 41% | Dec 2024 -16% | Mar 2025 -28% | Jun 2025 73% | Sep 2025 11% | Dec 2025 58% | Mar 2026 -51% | Jun 2026 — - RITM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -77% | Sep 2022 -9.9% | Dec 2022 -44% | Mar 2023 -87% | Jun 2023 1,073% | Sep 2023 44% | Dec 2023 -163% | Mar 2024 219% | Jun 2024 -38% | Sep 2024 -44% | Dec 2024 — | Mar 2025 -72% | Jun 2025 33% | Sep 2025 85% | Dec 2025 -69% | Mar 2026 35% | Jun 2026 — - DX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -436% | Dec 2022 207% | Mar 2023 -136% | Jun 2023 86% | Sep 2023 — | Dec 2023 -44% | Mar 2024 — | Jun 2024 -115% | Sep 2024 — | Dec 2024 113% | Mar 2025 -108% | Jun 2025 — | Sep 2025 384% | Dec 2025 263% | Mar 2026 — | Jun 2026 — - BXMT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -29% | Sep 2022 24% | Dec 2022 -138% | Mar 2023 19% | Jun 2023 8.5% | Sep 2023 -70% | Dec 2023 — | Mar 2024 -203% | Jun 2024 -159% | Sep 2024 -281% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 8.1% | Mar 2026 — | Jun 2026 — - ARR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -524% | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 156% | Mar 2024 — | Jun 2024 -212% | Sep 2024 — | Dec 2024 -146% | Mar 2025 80% | Jun 2025 — | Sep 2025 141% | Dec 2025 — | Mar 2026 -304% | Jun 2026 — - EFC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -269% | Sep 2022 — | Dec 2022 -177% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -24% | Jun 2024 445% | Sep 2024 77% | Dec 2024 63% | Mar 2025 15% | Jun 2025 -15% | Sep 2025 65% | Dec 2025 -26% | Mar 2026 174% | Jun 2026 — - ORC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -427% | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -162% | Mar 2024 400% | Jun 2024 -150% | Sep 2024 — | Dec 2024 — | Mar 2025 -15% | Jun 2025 — | Sep 2025 324% | Dec 2025 1,617% | Mar 2026 -218% | Jun 2026 — - TWO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -161% | Sep 2022 321% | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -210% | Dec 2023 — | Mar 2024 — | Jun 2024 -128% | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 -46% | Dec 2025 -96% | Mar 2026 — | Jun 2026 — - LADR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 330% | Sep 2022 53% | Dec 2022 174% | Mar 2023 16% | Jun 2023 -35% | Sep 2023 6.9% | Dec 2023 -74% | Mar 2024 -27% | Jun 2024 14% | Sep 2024 -9.7% | Dec 2024 63% | Mar 2025 -25% | Jun 2025 -47% | Sep 2025 -32% | Dec 2025 -48% | Mar 2026 -75% | Jun 2026 — - CIM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -199% | Sep 2022 -156% | Dec 2022 439% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -68% | Mar 2024 126% | Jun 2024 58% | Sep 2024 6,700% | Dec 2024 -116% | Mar 2025 29% | Jun 2025 -39% | Sep 2025 -101% | Dec 2025 — | Mar 2026 -126% | Jun 2026 — - ABR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 4.8% | Sep 2022 -8.1% | Dec 2022 -15% | Mar 2023 28% | Jun 2023 5.7% | Sep 2023 20% | Dec 2023 2.8% | Mar 2024 -28% | Jun 2024 -33% | Sep 2024 -22% | Dec 2024 -32% | Mar 2025 -41% | Jun 2025 -42% | Sep 2025 -30% | Dec 2025 -65% | Mar 2026 -74% | Jun 2026 — - MFA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -249% | Sep 2022 -141% | Dec 2022 -92% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 2,150% | Mar 2024 -68% | Jun 2024 — | Sep 2024 — | Dec 2024 -93% | Mar 2025 78% | Jun 2025 -21% | Sep 2025 0.0% | Dec 2025 800% | Mar 2026 -102% | Jun 2026 — - ARI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 4.4% | Sep 2022 205% | Dec 2022 -111% | Mar 2023 227% | Jun 2023 -217% | Sep 2023 -75% | Dec 2023 — | Mar 2024 -314% | Jun 2024 — | Sep 2024 -300% | Dec 2024 -13% | Mar 2025 — | Jun 2025 -42% | Sep 2025 — | Dec 2025 -29% | Mar 2026 0.0% | Jun 2026 — - PMT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -287% | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 408% | Dec 2023 -740% | Mar 2024 -21% | Jun 2024 0.0% | Sep 2024 -33% | Dec 2024 — | Mar 2025 90% | Jun 2025 -68% | Sep 2025 41% | Dec 2025 — | Mar 2026 93% | Jun 2026 — - ADAM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -275% | Sep 2022 -331% | Dec 2022 -223% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -671% | Jun 2024 — | Sep 2024 — | Dec 2024 -191% | Mar 2025 — | Jun 2025 — | Sep 2025 0.0% | Dec 2025 — | Mar 2026 135% | Jun 2026 — - IVR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -274% | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -25% | Mar 2024 38% | Jun 2024 -425% | Sep 2024 — | Dec 2024 -85% | Mar 2025 -31% | Jun 2025 — | Sep 2025 29% | Dec 2025 1,175% | Mar 2026 -200% | Jun 2026 — - BRSP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 -95% | Mar 2023 -114% | Jun 2023 -120% | Sep 2023 — | Dec 2023 -500% | Mar 2024 — | Jun 2024 — | Sep 2024 -8.3% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 -109% | Dec 2025 — | Mar 2026 -25% | Jun 2026 — - TRTX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -116% | Sep 2022 -497% | Dec 2022 -18% | Mar 2023 -71% | Jun 2023 — | Sep 2023 — | Dec 2023 -81% | Mar 2024 143% | Jun 2024 — | Sep 2024 — | Dec 2024 43% | Mar 2025 -18% | Jun 2025 -16% | Sep 2025 0.0% | Dec 2025 -60% | Mar 2026 36% | Jun 2026 — - FBRT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -187% | Sep 2022 -7.9% | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -11% | Dec 2023 11% | Mar 2024 -18% | Jun 2024 -110% | Sep 2024 -3.2% | Dec 2024 0.0% | Mar 2025 -33% | Jun 2025 — | Sep 2025 -40% | Dec 2025 -40% | Mar 2026 -50% | Jun 2026 — - RWT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -211% | Sep 2022 -157% | Dec 2022 -200% | Mar 2023 -84% | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 500% | Jun 2024 433% | Sep 2024 — | Dec 2024 -133% | Mar 2025 -47% | Jun 2025 -713% | Sep 2025 -153% | Dec 2025 — | Mar 2026 -138% | Jun 2026 — - NREF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -42% | Sep 2022 -136% | Dec 2022 -110% | Mar 2023 -50% | Jun 2023 14% | Sep 2023 — | Dec 2023 — | Mar 2024 -267% | Jun 2024 50% | Sep 2024 — | Dec 2024 -17% | Mar 2025 — | Jun 2025 83% | Sep 2025 122% | Dec 2025 60% | Mar 2026 -12% | Jun 2026 — - CMTG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 50% | Sep 2022 -21% | Dec 2022 -235% | Mar 2023 28% | Jun 2023 -94% | Sep 2023 -264% | Dec 2023 — | Mar 2024 -243% | Jun 2024 -400% | Sep 2024 — | Dec 2024 -397% | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - REFI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 600% | Sep 2022 150% | Dec 2022 — | Mar 2023 38% | Jun 2023 29% | Sep 2023 0.0% | Dec 2023 29% | Mar 2024 -18% | Jun 2024 0.0% | Sep 2024 10% | Dec 2024 -11% | Mar 2025 11% | Jun 2025 0.0% | Sep 2025 -18% | Dec 2025 0.0% | Mar 2026 -50% | Jun 2026 — - ACRE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -44% | Sep 2022 -90% | Dec 2022 -82% | Mar 2023 -138% | Jun 2023 -120% | Sep 2023 800% | Dec 2023 -1,400% | Mar 2024 — | Jun 2024 — | Sep 2024 -167% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 -211% | Jun 2026 — - RC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 39% | Sep 2022 107% | Dec 2022 135% | Mar 2023 83% | Jun 2023 196% | Sep 2023 33% | Dec 2023 41% | Mar 2024 -48% | Jun 2024 -68% | Sep 2024 7.2% | Dec 2024 -39% | Mar 2025 -25% | Jun 2025 -20% | Sep 2025 -32% | Dec 2025 -71% | Mar 2026 -24% | Jun 2026 — - MITT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -406% | Sep 2022 -109% | Dec 2022 9.1% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -58% | Mar 2024 62% | Jun 2024 -50% | Sep 2024 — | Dec 2024 180% | Mar 2025 -43% | Jun 2025 0.0% | Sep 2025 24% | Dec 2025 0.0% | Mar 2026 -125% | Jun 2026 — - AOMR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -2,700% | Sep 2022 -1,483% | Dec 2022 -400% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 1,200% | Jun 2024 — | Sep 2024 288% | Dec 2024 -152% | Mar 2025 62% | Jun 2025 — | Sep 2025 -65% | Dec 2025 — | Mar 2026 -133% | Jun 2026 — ## Funding Base & Its Composition What the numbers say: There is not enough comparable evidence to name a reliable deposits leader. Investor read: The current leader sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current borrowings signal. Evidence: No comparable leader | Not enough peers | Not enough history | 0/29 companies · 0 observations Definition: For banks, debt is operating funding rather than industrial leverage. Deposits and borrowings are therefore shown as funding-base levels; asset quality, funding cost and liquidity determine whether that funding is attractive. ### Deposits — largest deposit bases ### Borrowings — largest borrowings 1. AGNC Investment Corp. (AGNC): ₹89.9K Cr 2. Starwood Property Trust, Inc. (STWD): ₹40.1K Cr 3. Annaly Capital Management, Inc. (NLY): ₹36.9K Cr 4. Redwood Trust, Inc. (RWT): ₹25.3K Cr 5. Rithm Capital Corp. (RITM): ₹21.2K Cr ### 20-quarter Deposits history ### 20-quarter Borrowings history - NLY: Sep 2021 ₹4.6K Cr | Dec 2021 ₹6.2K Cr | Mar 2022 ₹7.5K Cr | Jun 2022 ₹8.2K Cr | Sep 2022 ₹8.6K Cr | Dec 2022 ₹8.5K Cr | Mar 2023 ₹9.5K Cr | Jun 2023 ₹10.3K Cr | Sep 2023 ₹10.8K Cr | Dec 2023 ₹12.7K Cr | Mar 2024 ₹14.9K Cr | Jun 2024 ₹17.0K Cr | Sep 2024 ₹19.2K Cr | Dec 2024 ₹20.7K Cr | Mar 2025 ₹23.6K Cr | Jun 2025 ₹25.7K Cr | Sep 2025 ₹28.4K Cr | Dec 2025 ₹30.9K Cr | Mar 2026 ₹33.2K Cr | Jun 2026 ₹36.9K Cr - AGNC: Sep 2021 ₹46.8K Cr | Dec 2021 ₹47.6K Cr | Mar 2022 ₹45.5K Cr | Jun 2022 ₹43.5K Cr | Sep 2022 ₹41.6K Cr | Dec 2022 ₹36.5K Cr | Mar 2023 ₹48.8K Cr | Jun 2023 ₹42.2K Cr | Sep 2023 ₹52.3K Cr | Dec 2023 ₹50.9K Cr | Mar 2024 ₹50.1K Cr | Jun 2024 ₹57.1K Cr | Sep 2024 ₹66.1K Cr | Dec 2024 ₹61.0K Cr | Mar 2025 ₹66.3K Cr | Jun 2025 ₹69.3K Cr | Sep 2025 ₹74.3K Cr | Dec 2025 ₹85.3K Cr | Mar 2026 ₹88.1K Cr | Jun 2026 ₹89.9K Cr - STWD: Sep 2021 ₹65.2K Cr | Dec 2021 ₹64.2K Cr | Mar 2022 ₹62.3K Cr | Jun 2022 ₹62.3K Cr | Sep 2022 ₹58.5K Cr | Dec 2022 ₹56.8K Cr | Mar 2023 ₹54.8K Cr | Jun 2023 ₹50.9K Cr | Sep 2023 ₹49.0K Cr | Dec 2023 ₹48.0K Cr | Mar 2024 ₹46.0K Cr | Jun 2024 ₹44.4K Cr | Sep 2024 ₹44.4K Cr | Dec 2024 ₹43.5K Cr | Mar 2025 ₹41.8K Cr | Jun 2025 ₹40.9K Cr | Sep 2025 ₹39.4K Cr | Dec 2025 ₹42.2K Cr | Mar 2026 ₹40.1K Cr | Jun 2026 — - RITM: Sep 2021 ₹8.8K Cr | Dec 2021 ₹9.2K Cr | Mar 2022 ₹9.8K Cr | Jun 2022 ₹9.9K Cr | Sep 2022 ₹10.2K Cr | Dec 2022 ₹10.6K Cr | Mar 2023 ₹10.3K Cr | Jun 2023 ₹10.9K Cr | Sep 2023 ₹10.5K Cr | Dec 2023 ₹14.2K Cr | Mar 2024 ₹14.3K Cr | Jun 2024 ₹14.7K Cr | Sep 2024 ₹14.2K Cr | Dec 2024 ₹15.9K Cr | Mar 2025 ₹15.5K Cr | Jun 2025 ₹15.3K Cr | Sep 2025 ₹15.7K Cr | Dec 2025 ₹21.6K Cr | Mar 2026 ₹21.2K Cr | Jun 2026 — - DX: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 — - BXMT: Sep 2021 ₹16.3K Cr | Dec 2021 ₹17.9K Cr | Mar 2022 ₹19.2K Cr | Jun 2022 ₹20.6K Cr | Sep 2022 ₹19.9K Cr | Dec 2022 ₹20.4K Cr | Mar 2023 ₹20.5K Cr | Jun 2023 ₹20.0K Cr | Sep 2023 ₹19.3K Cr | Dec 2023 ₹19.3K Cr | Mar 2024 ₹18.8K Cr | Jun 2024 ₹18.4K Cr | Sep 2024 ₹17.2K Cr | Dec 2024 ₹15.7K Cr | Mar 2025 ₹15.9K Cr | Jun 2025 ₹16.5K Cr | Sep 2025 ₹15.5K Cr | Dec 2025 ₹16.1K Cr | Mar 2026 ₹15.9K Cr | Jun 2026 — - EFC: Sep 2021 ₹86 Cr | Dec 2021 ₹86 Cr | Mar 2022 ₹296 Cr | Jun 2022 ₹289 Cr | Sep 2022 — | Dec 2022 ₹194 Cr | Mar 2023 ₹185 Cr | Jun 2023 ₹185 Cr | Sep 2023 ₹190 Cr | Dec 2023 ₹273 Cr | Mar 2024 ₹271 Cr | Jun 2024 ₹269 Cr | Sep 2024 ₹278 Cr | Dec 2024 ₹282 Cr | Mar 2025 ₹247 Cr | Jun 2025 ₹249 Cr | Sep 2025 ₹252 Cr | Dec 2025 ₹660 Cr | Mar 2026 ₹639 Cr | Jun 2026 — - TWO: Sep 2021 ₹821 Cr | Dec 2021 ₹822 Cr | Mar 2022 ₹678 Cr | Jun 2022 ₹679 Cr | Sep 2022 ₹680 Cr | Dec 2022 ₹681 Cr | Mar 2023 ₹681 Cr | Jun 2023 ₹666 Cr | Sep 2023 ₹563 Cr | Dec 2023 ₹564 Cr | Mar 2024 ₹564 Cr | Jun 2024 ₹259 Cr | Sep 2024 ₹260 Cr | Dec 2024 ₹260 Cr | Mar 2025 ₹261 Cr | Jun 2025 ₹372 Cr | Sep 2025 ₹372 Cr | Dec 2025 ₹373 Cr | Mar 2026 ₹111 Cr | Jun 2026 — - LADR: Sep 2021 ₹3.8K Cr | Dec 2021 ₹4.2K Cr | Mar 2022 ₹4.3K Cr | Jun 2022 ₹4.2K Cr | Sep 2022 ₹4.2K Cr | Dec 2022 ₹4.2K Cr | Mar 2023 ₹4.1K Cr | Jun 2023 ₹4.0K Cr | Sep 2023 ₹3.8K Cr | Dec 2023 ₹3.8K Cr | Mar 2024 ₹3.7K Cr | Jun 2024 ₹3.4K Cr | Sep 2024 ₹3.6K Cr | Dec 2024 ₹3.1K Cr | Mar 2025 ₹2.8K Cr | Jun 2025 ₹2.8K Cr | Sep 2025 ₹3.0K Cr | Dec 2025 ₹3.5K Cr | Mar 2026 ₹4.0K Cr | Jun 2026 ₹4.0K Cr - CIM: Sep 2021 ₹8.0K Cr | Dec 2021 ₹7.8K Cr | Mar 2022 ₹8.1K Cr | Jun 2022 ₹7.8K Cr | Sep 2022 ₹7.4K Cr | Dec 2022 ₹7.2K Cr | Mar 2023 ₹7.6K Cr | Jun 2023 ₹8.1K Cr | Sep 2023 ₹7.7K Cr | Dec 2023 ₹7.7K Cr | Mar 2024 ₹7.4K Cr | Jun 2024 ₹7.2K Cr | Sep 2024 ₹7.5K Cr | Dec 2024 ₹7.2K Cr | Mar 2025 ₹7.4K Cr | Jun 2025 ₹7.2K Cr | Sep 2025 ₹7.3K Cr | Dec 2025 ₹7.0K Cr | Mar 2026 ₹5.7K Cr | Jun 2026 — - ABR: Sep 2021 ₹6.2K Cr | Dec 2021 ₹7.6K Cr | Mar 2022 ₹8.8K Cr | Jun 2022 ₹9.7K Cr | Sep 2022 ₹9.7K Cr | Dec 2022 ₹9.7K Cr | Mar 2023 ₹9.3K Cr | Jun 2023 ₹8.9K Cr | Sep 2023 ₹8.8K Cr | Dec 2023 ₹8.7K Cr | Mar 2024 ₹8.5K Cr | Jun 2024 ₹7.4K Cr | Sep 2024 ₹7.0K Cr | Dec 2024 ₹6.4K Cr | Mar 2025 ₹5.1K Cr | Jun 2025 ₹5.4K Cr | Sep 2025 ₹6.2K Cr | Dec 2025 ₹5.9K Cr | Mar 2026 ₹6.4K Cr | Jun 2026 — - MFA: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 — - ARI: Sep 2021 ₹1.8K Cr | Dec 2021 ₹1.8K Cr | Mar 2022 ₹1.8K Cr | Jun 2022 ₹1.8K Cr | Sep 2022 ₹1.6K Cr | Dec 2022 ₹1.6K Cr | Mar 2023 ₹1.6K Cr | Jun 2023 ₹1.6K Cr | Sep 2023 ₹1.6K Cr | Dec 2023 ₹1.4K Cr | Mar 2024 ₹1.4K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.6K Cr | Mar 2025 ₹1.6K Cr | Jun 2025 ₹1.6K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹1.6K Cr | Mar 2026 ₹1.7K Cr | Jun 2026 — - PMT: Sep 2021 ₹3.1K Cr | Dec 2021 ₹3.0K Cr | Mar 2022 ₹2.9K Cr | Jun 2022 ₹3.3K Cr | Sep 2022 ₹3.4K Cr | Dec 2022 ₹3.4K Cr | Mar 2023 ₹3.3K Cr | Jun 2023 ₹3.7K Cr | Sep 2023 ₹3.4K Cr | Dec 2023 ₹3.5K Cr | Mar 2024 ₹3.5K Cr | Jun 2024 ₹3.7K Cr | Sep 2024 ₹3.6K Cr | Dec 2024 ₹3.5K Cr | Mar 2025 ₹3.5K Cr | Jun 2025 ₹3.5K Cr | Sep 2025 ₹3.1K Cr | Dec 2025 ₹3.3K Cr | Mar 2026 ₹3.1K Cr | Jun 2026 — - ADAM: Sep 2021 ₹2.1K Cr | Dec 2021 ₹2.5K Cr | Mar 2022 ₹3.1K Cr | Jun 2022 ₹3.2K Cr | Sep 2022 ₹2.5K Cr | Dec 2022 ₹2.6K Cr | Mar 2023 ₹2.6K Cr | Jun 2023 ₹2.5K Cr | Sep 2023 ₹2.4K Cr | Dec 2023 ₹2.8K Cr | Mar 2024 ₹3.2K Cr | Jun 2024 ₹3.3K Cr | Sep 2024 ₹3.5K Cr | Dec 2024 ₹3.5K Cr | Mar 2025 ₹3.8K Cr | Jun 2025 ₹4.0K Cr | Sep 2025 ₹4.3K Cr | Dec 2025 ₹4.2K Cr | Mar 2026 ₹4.1K Cr | Jun 2026 — - BRSP: Sep 2021 ₹3.6K Cr | Dec 2021 ₹3.9K Cr | Mar 2022 ₹4.1K Cr | Jun 2022 ₹4.2K Cr | Sep 2022 ₹4.2K Cr | Dec 2022 ₹3.2K Cr | Mar 2023 ₹3.1K Cr | Jun 2023 ₹2.9K Cr | Sep 2023 ₹2.8K Cr | Dec 2023 ₹2.7K Cr | Mar 2024 ₹2.6K Cr | Jun 2024 ₹2.5K Cr | Sep 2024 ₹2.6K Cr | Dec 2024 ₹2.5K Cr | Mar 2025 ₹2.3K Cr | Jun 2025 ₹2.3K Cr | Sep 2025 ₹2.2K Cr | Dec 2025 ₹2.5K Cr | Mar 2026 ₹2.6K Cr | Jun 2026 — - TRTX: Sep 2021 ₹3.7K Cr | Dec 2021 ₹3.7K Cr | Mar 2022 ₹4.0K Cr | Jun 2022 ₹3.9K Cr | Sep 2022 ₹4.3K Cr | Dec 2022 ₹4.2K Cr | Mar 2023 ₹4.0K Cr | Jun 2023 ₹3.7K Cr | Sep 2023 ₹3.2K Cr | Dec 2023 ₹3.0K Cr | Mar 2024 ₹2.7K Cr | Jun 2024 ₹2.5K Cr | Sep 2024 ₹2.5K Cr | Dec 2024 ₹2.6K Cr | Mar 2025 ₹2.8K Cr | Jun 2025 ₹3.0K Cr | Sep 2025 ₹2.9K Cr | Dec 2025 ₹3.3K Cr | Mar 2026 ₹3.4K Cr | Jun 2026 — - FBRT: Sep 2021 ₹2.5K Cr | Dec 2021 ₹7.6K Cr | Mar 2022 ₹5.3K Cr | Jun 2022 ₹4.5K Cr | Sep 2022 ₹4.4K Cr | Dec 2022 ₹4.4K Cr | Mar 2023 ₹4.1K Cr | Jun 2023 ₹4.2K Cr | Sep 2023 ₹4.1K Cr | Dec 2023 ₹4.2K Cr | Mar 2024 ₹4.3K Cr | Jun 2024 ₹4.6K Cr | Sep 2024 ₹4.6K Cr | Dec 2024 ₹4.3K Cr | Mar 2025 ₹4.0K Cr | Jun 2025 ₹4.0K Cr | Sep 2025 ₹4.3K Cr | Dec 2025 ₹4.2K Cr | Mar 2026 ₹4.6K Cr | Jun 2026 — - RWT: Sep 2021 ₹9.7K Cr | Dec 2021 ₹10.9K Cr | Mar 2022 ₹10.8K Cr | Jun 2022 ₹10.6K Cr | Sep 2022 ₹9.7K Cr | Dec 2022 ₹9.7K Cr | Mar 2023 ₹10.2K Cr | Jun 2023 ₹10.0K Cr | Sep 2023 ₹10.2K Cr | Dec 2023 ₹13.1K Cr | Mar 2024 ₹12.3K Cr | Jun 2024 ₹15.0K Cr | Sep 2024 ₹16.8K Cr | Dec 2024 ₹16.7K Cr | Mar 2025 ₹18.2K Cr | Jun 2025 ₹19.7K Cr | Sep 2025 ₹21.2K Cr | Dec 2025 ₹22.3K Cr | Mar 2026 ₹25.3K Cr | Jun 2026 — - NREF: Sep 2021 ₹6.8K Cr | Dec 2021 ₹6.9K Cr | Mar 2022 ₹6.5K Cr | Jun 2022 ₹6.3K Cr | Sep 2022 ₹6.7K Cr | Dec 2022 ₹6.6K Cr | Mar 2023 ₹6.5K Cr | Jun 2023 ₹6.1K Cr | Sep 2023 ₹5.5K Cr | Dec 2023 ₹5.6K Cr | Mar 2024 ₹6.1K Cr | Jun 2024 ₹5.5K Cr | Sep 2024 ₹4.6K Cr | Dec 2024 ₹4.3K Cr | Mar 2025 ₹4.2K Cr | Jun 2025 ₹4.2K Cr | Sep 2025 ₹4.0K Cr | Dec 2025 ₹4.0K Cr | Mar 2026 ₹4.0K Cr | Jun 2026 — - CMTG: Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹1.1K Cr | Sep 2022 ₹1.2K Cr | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹958 Cr | Mar 2026 ₹697 Cr | Jun 2026 — - REFI: Sep 2021 ₹0 Cr | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹49 Cr | Mar 2025 ₹49 Cr | Jun 2025 ₹49 Cr | Sep 2025 ₹49 Cr | Dec 2025 ₹49 Cr | Mar 2026 ₹49 Cr | Jun 2026 — - ACRE: Sep 2021 ₹1.8K Cr | Dec 2021 ₹1.9K Cr | Mar 2022 ₹1.8K Cr | Jun 2022 ₹1.9K Cr | Sep 2022 ₹1.9K Cr | Dec 2022 ₹1.7K Cr | Mar 2023 ₹1.7K Cr | Jun 2023 ₹1.7K Cr | Sep 2023 ₹1.6K Cr | Dec 2023 ₹1.6K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.5K Cr | Sep 2024 ₹1.3K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹945 Cr | Jun 2025 ₹888 Cr | Sep 2025 ₹810 Cr | Dec 2025 ₹1.0K Cr | Mar 2026 ₹1.3K Cr | Jun 2026 — - RC: Sep 2021 ₹3.7K Cr | Dec 2021 ₹4.5K Cr | Mar 2022 ₹5.1K Cr | Jun 2022 ₹5.9K Cr | Sep 2022 ₹5.8K Cr | Dec 2022 ₹6.2K Cr | Mar 2023 ₹6.7K Cr | Jun 2023 ₹6.8K Cr | Sep 2023 ₹7.3K Cr | Dec 2023 ₹7.0K Cr | Mar 2024 ₹6.7K Cr | Jun 2024 ₹6.4K Cr | Sep 2024 ₹5.9K Cr | Dec 2024 ₹5.6K Cr | Mar 2025 ₹4.7K Cr | Jun 2025 ₹3.5K Cr | Sep 2025 ₹3.2K Cr | Dec 2025 ₹3.1K Cr | Mar 2026 ₹2.3K Cr | Jun 2026 — - MITT: Sep 2021 ₹708 Cr | Dec 2021 ₹999 Cr | Mar 2022 ₹1.9K Cr | Jun 2022 ₹2.5K Cr | Sep 2022 ₹3.0K Cr | Dec 2022 ₹3.3K Cr | Mar 2023 ₹3.5K Cr | Jun 2023 ₹3.4K Cr | Sep 2023 ₹3.8K Cr | Dec 2023 ₹4.8K Cr | Mar 2024 ₹5.1K Cr | Jun 2024 ₹5.3K Cr | Sep 2024 ₹5.6K Cr | Dec 2024 ₹5.6K Cr | Mar 2025 ₹5.9K Cr | Jun 2025 ₹6.0K Cr | Sep 2025 ₹7.5K Cr | Dec 2025 ₹7.3K Cr | Mar 2026 ₹6.8K Cr | Jun 2026 — - AOMR: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹48 Cr | Dec 2024 ₹48 Cr | Mar 2025 ₹48 Cr | Jun 2025 ₹89 Cr | Sep 2025 ₹89 Cr | Dec 2025 ₹89 Cr | Mar 2026 ₹89 Cr | Jun 2026 — ## Return On Assets What the numbers say: Invesco Mortgage Capital Inc. leads both roa at 3.3% and roa change at +3.1 percentage points. Investor read: Invesco Mortgage Capital Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current roa change signal. Evidence: Invesco Mortgage Capital Inc. · 3.3% | 16.5× versus #2 · BrightSpire Capital, Inc. | 4/8 recent comparable periods | 7/29 companies · 133 observations Definition: ROA is the cleanest first comparison for lenders because the balance sheet is the operating asset. ### ROA — highest 1. Invesco Mortgage Capital Inc. (IVR): 3.3% 2. BrightSpire Capital, Inc. (BRSP): 0.2% 3. Ares Commercial Real Estate Corporation (ACRE): 0.1% 4. AGNC Investment Corp. (AGNC): -0.5% 5. Franklin BSP Realty Trust, Inc. (FBRT): -0.7% ### ROA change — fastest improvers 1. Invesco Mortgage Capital Inc. (IVR): +3.1 pp 2. Franklin BSP Realty Trust, Inc. (FBRT): +0.1 pp 3. Ares Commercial Real Estate Corporation (ACRE): 0.0 pp 4. BrightSpire Capital, Inc. (BRSP): −0.1 pp 5. AGNC Investment Corp. (AGNC): −0.7 pp ### 20-quarter ROA history - AGNC: Sep 2021 — | Dec 2021 1.2% | Mar 2022 -0.2% | Jun 2022 -3.9% | Sep 2022 -2.7% | Dec 2022 -4.4% | Mar 2023 4.1% | Jun 2023 -1.0% | Sep 2023 1.8% | Dec 2023 -2.4% | Mar 2024 2.3% | Jun 2024 2.5% | Sep 2024 -0.3% | Dec 2024 1.6% | Mar 2025 0.5% | Jun 2025 0.2% | Sep 2025 -0.6% | Dec 2025 3.1% | Mar 2026 3.4% | Jun 2026 -0.5% - ARR: Sep 2021 — | Dec 2021 2.7% | Mar 2022 -1.6% | Jun 2022 -3.8% | Sep 2022 -2.7% | Dec 2022 -5.8% | Mar 2023 1.5% | Jun 2023 -1.1% | Sep 2023 1.3% | Dec 2023 -5.4% | Mar 2024 3.0% | Jun 2024 0.5% | Sep 2024 -1.7% | Dec 2024 2.2% | Mar 2025 -1.4% | Jun 2025 0.8% | Sep 2025 -1.9% | Dec 2025 3.6% | Mar 2026 4.2% | Jun 2026 -1.0% - ORC: Sep 2021 — | Dec 2021 1.8% | Mar 2022 -2.7% | Jun 2022 -9.7% | Sep 2022 -5.0% | Dec 2022 -8.2% | Mar 2023 3.6% | Jun 2023 0.3% | Sep 2023 0.9% | Dec 2023 -6.6% | Mar 2024 2.4% | Jun 2024 1.9% | Sep 2024 -0.4% | Dec 2024 1.3% | Mar 2025 0.4% | Jun 2025 1.1% | Sep 2025 -1.8% | Dec 2025 3.4% | Mar 2026 4.0% | Jun 2026 -0.7% - IVR: Sep 2021 -3.1% | Dec 2021 2.5% | Mar 2022 -2.9% | Jun 2022 -12% | Sep 2022 -7.7% | Dec 2022 -9.0% | Mar 2023 3.0% | Jun 2023 1.6% | Sep 2023 0.3% | Dec 2023 -4.7% | Mar 2024 2.0% | Jun 2024 2.2% | Sep 2024 -1.0% | Dec 2024 2.9% | Mar 2025 0.2% | Jun 2025 1.3% | Sep 2025 -1.6% | Dec 2025 3.8% | Mar 2026 3.3% | Jun 2026 — - BRSP: Sep 2021 0.5% | Dec 2021 0.6% | Mar 2022 0.4% | Jun 2022 0.3% | Sep 2022 -0.2% | Dec 2022 0.2% | Mar 2023 -0.2% | Jun 2023 0.0% | Sep 2023 0.4% | Dec 2023 -0.2% | Mar 2024 -1.2% | Jun 2024 -1.5% | Sep 2024 0.4% | Dec 2024 -0.4% | Mar 2025 0.3% | Jun 2025 -0.5% | Sep 2025 0.1% | Dec 2025 -0.3% | Mar 2026 0.2% | Jun 2026 — - FBRT: Sep 2021 0.3% | Dec 2021 0.3% | Mar 2022 0.3% | Jun 2022 0.4% | Sep 2022 -0.3% | Dec 2022 -0.3% | Mar 2023 -0.4% | Jun 2023 0.1% | Sep 2023 -0.5% | Dec 2023 -0.6% | Mar 2024 -0.8% | Jun 2024 -0.4% | Sep 2024 -1.0% | Dec 2024 -0.8% | Mar 2025 -0.8% | Jun 2025 -0.9% | Sep 2025 -0.8% | Dec 2025 -1.2% | Mar 2026 -0.7% | Jun 2026 — - ACRE: Sep 2021 0.6% | Dec 2021 0.6% | Mar 2022 0.5% | Jun 2022 0.6% | Sep 2022 0.6% | Dec 2022 0.7% | Mar 2023 0.7% | Jun 2023 0.6% | Sep 2023 0.6% | Dec 2023 0.2% | Mar 2024 0.3% | Jun 2024 0.2% | Sep 2024 0.2% | Dec 2024 0.2% | Mar 2025 0.1% | Jun 2025 0.0% | Sep 2025 0.1% | Dec 2025 0.0% | Mar 2026 0.1% | Jun 2026 — ### 20-quarter ROA change history - AGNC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −5.6 pp | Mar 2023 +4.3 pp | Jun 2023 +2.9 pp | Sep 2023 +4.5 pp | Dec 2023 +2.0 pp | Mar 2024 −1.8 pp | Jun 2024 +3.5 pp | Sep 2024 −2.1 pp | Dec 2024 +4.0 pp | Mar 2025 −1.8 pp | Jun 2025 −2.3 pp | Sep 2025 −0.3 pp | Dec 2025 +1.5 pp | Mar 2026 +2.9 pp | Jun 2026 −0.7 pp - ARR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −8.5 pp | Mar 2023 +3.1 pp | Jun 2023 +2.7 pp | Sep 2023 +4.0 pp | Dec 2023 +0.4 pp | Mar 2024 +1.5 pp | Jun 2024 +1.6 pp | Sep 2024 −3.0 pp | Dec 2024 +7.6 pp | Mar 2025 −4.4 pp | Jun 2025 +0.3 pp | Sep 2025 −0.2 pp | Dec 2025 +1.4 pp | Mar 2026 +5.6 pp | Jun 2026 −1.8 pp - ORC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −10.0 pp | Mar 2023 +6.3 pp | Jun 2023 +10.0 pp | Sep 2023 +5.9 pp | Dec 2023 +1.6 pp | Mar 2024 −1.2 pp | Jun 2024 +1.6 pp | Sep 2024 −1.3 pp | Dec 2024 +7.9 pp | Mar 2025 −2.0 pp | Jun 2025 −0.8 pp | Sep 2025 −1.4 pp | Dec 2025 +2.1 pp | Mar 2026 +3.6 pp | Jun 2026 −1.8 pp - IVR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −4.6 pp | Dec 2022 −11.5 pp | Mar 2023 +5.9 pp | Jun 2023 +13.4 pp | Sep 2023 +8.0 pp | Dec 2023 +4.3 pp | Mar 2024 −1.0 pp | Jun 2024 +0.6 pp | Sep 2024 −1.3 pp | Dec 2024 +7.6 pp | Mar 2025 −1.8 pp | Jun 2025 −0.9 pp | Sep 2025 −0.6 pp | Dec 2025 +0.9 pp | Mar 2026 +3.1 pp | Jun 2026 — - BRSP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.7 pp | Dec 2022 −0.4 pp | Mar 2023 −0.6 pp | Jun 2023 −0.3 pp | Sep 2023 +0.6 pp | Dec 2023 −0.4 pp | Mar 2024 −1.0 pp | Jun 2024 −1.5 pp | Sep 2024 0.0 pp | Dec 2024 −0.2 pp | Mar 2025 +1.5 pp | Jun 2025 +1.0 pp | Sep 2025 −0.3 pp | Dec 2025 +0.1 pp | Mar 2026 −0.1 pp | Jun 2026 — - FBRT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.6 pp | Dec 2022 −0.6 pp | Mar 2023 −0.7 pp | Jun 2023 −0.3 pp | Sep 2023 −0.2 pp | Dec 2023 −0.3 pp | Mar 2024 −0.4 pp | Jun 2024 −0.5 pp | Sep 2024 −0.5 pp | Dec 2024 −0.2 pp | Mar 2025 0.0 pp | Jun 2025 −0.5 pp | Sep 2025 +0.2 pp | Dec 2025 −0.4 pp | Mar 2026 +0.1 pp | Jun 2026 — - ACRE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0 pp | Dec 2022 +0.1 pp | Mar 2023 +0.2 pp | Jun 2023 0.0 pp | Sep 2023 0.0 pp | Dec 2023 −0.5 pp | Mar 2024 −0.4 pp | Jun 2024 −0.4 pp | Sep 2024 −0.4 pp | Dec 2024 0.0 pp | Mar 2025 −0.2 pp | Jun 2025 −0.2 pp | Sep 2025 −0.1 pp | Dec 2025 −0.2 pp | Mar 2026 0.0 pp | Jun 2026 — ## ROE — Leaders & Improvers What the numbers say: Invesco Mortgage Capital Inc. leads both roe at 26.3% and roe change at +24.5 percentage points. Investor read: Invesco Mortgage Capital Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current roe change signal. Evidence: Invesco Mortgage Capital Inc. · 26.3% | 182.8% versus #2 · PennyMac Mortgage Investment Trust | 4/8 recent comparable periods | 29/29 companies · 551 observations Definition: ROE shows the return to shareholders, but should be read with asset quality and leverage. ### ROE — highest 1. Invesco Mortgage Capital Inc. (IVR): 26% 2. PennyMac Mortgage Investment Trust (PMT): 9.3% 3. Adamas Trust, Inc. (ADAM): 6.1% 4. Ellington Financial Inc. (EFC): 6.0% 5. Ready Capital Corporation (RC): 5.9% ### ROE change — fastest improvers 1. Invesco Mortgage Capital Inc. (IVR): +24.5 pp 2. Two Harbors Investment Corp. (TWO): +5.3 pp 3. Annaly Capital Management, Inc. (NLY): +4.9 pp 4. PennyMac Mortgage Investment Trust (PMT): +4.6 pp 5. Adamas Trust, Inc. (ADAM): +3.5 pp ### 20-quarter ROE history - NLY: Sep 2021 3.7% | Dec 2021 3.1% | Mar 2022 16% | Jun 2022 7.0% | Sep 2022 -2.2% | Dec 2022 -7.2% | Mar 2023 -7.2% | Jun 2023 1.4% | Sep 2023 -5.3% | Dec 2023 -3.4% | Mar 2024 4.0% | Jun 2024 -0.1% | Sep 2024 0.7% | Dec 2024 3.9% | Mar 2025 1.1% | Jun 2025 0.5% | Sep 2025 6.1% | Dec 2025 7.1% | Mar 2026 2.0% | Jun 2026 5.4% - AGNC: Sep 2021 — | Dec 2021 7.9% | Mar 2022 -1.0% | Jun 2022 -27% | Sep 2022 -21% | Dec 2022 -35% | Mar 2023 30% | Jun 2023 -7.7% | Sep 2023 15% | Dec 2023 -21% | Mar 2024 21% | Jun 2024 21% | Sep 2024 -2.2% | Dec 2024 15% | Mar 2025 5.0% | Jun 2025 2.0% | Sep 2025 -5.5% | Dec 2025 30% | Mar 2026 32% | Jun 2026 -4.8% - STWD: Sep 2021 2.9% | Dec 2021 1.8% | Mar 2022 6.5% | Jun 2022 4.7% | Sep 2022 3.7% | Dec 2022 2.4% | Mar 2023 0.9% | Jun 2023 3.1% | Sep 2023 0.7% | Dec 2023 1.2% | Mar 2024 2.3% | Jun 2024 1.1% | Sep 2024 1.0% | Dec 2024 1.0% | Mar 2025 1.6% | Jun 2025 1.9% | Sep 2025 1.1% | Dec 2025 1.5% | Mar 2026 0.8% | Jun 2026 — - RITM: Sep 2021 2.8% | Dec 2021 3.1% | Mar 2022 11% | Jun 2022 0.5% | Sep 2022 2.3% | Dec 2022 1.5% | Mar 2023 1.3% | Jun 2023 5.4% | Sep 2023 3.1% | Dec 2023 -1.0% | Mar 2024 4.0% | Jun 2024 3.3% | Sep 2024 1.6% | Dec 2024 3.9% | Mar 2025 1.0% | Jun 2025 4.0% | Sep 2025 2.7% | Dec 2025 1.1% | Mar 2026 1.2% | Jun 2026 — - DX: Sep 2021 2.0% | Dec 2021 2.0% | Mar 2022 16% | Jun 2022 3.7% | Sep 2022 -6.0% | Dec 2022 5.2% | Mar 2023 -5.1% | Jun 2023 6.3% | Sep 2023 -5.5% | Dec 2023 2.7% | Mar 2024 4.4% | Jun 2024 -0.9% | Sep 2024 3.2% | Dec 2024 5.0% | Mar 2025 -0.3% | Jun 2025 -1.0% | Sep 2025 9.7% | Dec 2025 10% | Mar 2026 -3.9% | Jun 2026 — - BXMT: Sep 2021 2.1% | Dec 2021 2.9% | Mar 2022 2.3% | Jun 2022 2.2% | Sep 2022 2.3% | Dec 2022 -1.0% | Mar 2023 2.6% | Jun 2023 2.2% | Sep 2023 0.7% | Dec 2023 0.0% | Mar 2024 -2.8% | Jun 2024 -1.4% | Sep 2024 -1.3% | Dec 2024 0.9% | Mar 2025 0.0% | Jun 2025 0.2% | Sep 2025 1.7% | Dec 2025 1.1% | Mar 2026 -0.2% | Jun 2026 — - ARR: Sep 2021 — | Dec 2021 12% | Mar 2022 -7.3% | Jun 2022 -25% | Sep 2022 -24% | Dec 2022 -60% | Mar 2023 15% | Jun 2023 -11% | Sep 2023 14% | Dec 2023 -57% | Mar 2024 32% | Jun 2024 4.6% | Sep 2024 -16% | Dec 2024 21% | Mar 2025 -14% | Jun 2025 7.1% | Sep 2025 -18% | Dec 2025 34% | Mar 2026 39% | Jun 2026 -9.5% - EFC: Sep 2021 2.4% | Dec 2021 3.5% | Mar 2022 -0.6% | Jun 2022 -5.6% | Sep 2022 — | Dec 2022 -2.6% | Mar 2023 3.3% | Jun 2023 0.8% | Sep 2023 1.0% | Dec 2023 1.4% | Mar 2024 2.3% | Jun 2024 4.1% | Sep 2024 1.6% | Dec 2024 2.0% | Mar 2025 2.5% | Jun 2025 3.1% | Sep 2025 2.2% | Dec 2025 1.3% | Mar 2026 6.0% | Jun 2026 — - ORC: Sep 2021 — | Dec 2021 16% | Mar 2022 -24% | Jun 2022 -88% | Sep 2022 -44% | Dec 2022 -75% | Mar 2023 33% | Jun 2023 3.2% | Sep 2023 8.7% | Dec 2023 -67% | Mar 2024 23% | Jun 2024 17% | Sep 2024 -3.8% | Dec 2024 11% | Mar 2025 3.3% | Jun 2025 9.0% | Sep 2025 -15% | Dec 2025 29% | Mar 2026 34% | Jun 2026 -5.8% - TWO: Sep 2021 2.3% | Dec 2021 0.0% | Mar 2022 -11% | Jun 2022 -2.9% | Sep 2022 11% | Dec 2022 -11% | Mar 2023 -7.3% | Jun 2023 8.4% | Sep 2023 -14% | Dec 2023 -20% | Mar 2024 -9.1% | Jun 2024 -2.6% | Sep 2024 11% | Dec 2024 13% | Mar 2025 -3.6% | Jun 2025 13% | Sep 2025 6.5% | Dec 2025 0.6% | Mar 2026 1.7% | Jun 2026 — - LADR: Sep 2021 1.2% | Dec 2021 1.8% | Mar 2022 1.3% | Jun 2022 2.9% | Sep 2022 1.9% | Dec 2022 4.9% | Mar 2023 1.5% | Jun 2023 1.8% | Sep 2023 2.1% | Dec 2023 1.2% | Mar 2024 1.1% | Jun 2024 2.1% | Sep 2024 1.8% | Dec 2024 2.0% | Mar 2025 0.8% | Jun 2025 1.1% | Sep 2025 1.3% | Dec 2025 1.1% | Mar 2026 0.2% | Jun 2026 1.0% - CIM: Sep 2021 3.7% | Dec 2021 0.2% | Mar 2022 -2.9% | Jun 2022 -1.8% | Sep 2022 -2.1% | Dec 2022 1.1% | Mar 2023 0.6% | Jun 2023 0.4% | Sep 2023 0.0% | Dec 2023 0.4% | Mar 2024 1.5% | Jun 2024 0.6% | Sep 2024 1.5% | Dec 2024 -2.6% | Mar 2025 1.9% | Jun 2025 0.4% | Sep 2025 0.0% | Dec 2025 1.1% | Mar 2026 -0.8% | Jun 2026 — - ABR: Sep 2021 5.0% | Dec 2021 6.3% | Mar 2022 3.6% | Jun 2022 3.6% | Sep 2022 3.1% | Dec 2022 3.8% | Mar 2023 3.4% | Jun 2023 3.1% | Sep 2023 3.1% | Dec 2023 3.5% | Mar 2024 2.3% | Jun 2024 1.9% | Sep 2024 2.3% | Dec 2024 2.4% | Mar 2025 1.4% | Jun 2025 1.2% | Sep 2025 1.7% | Dec 2025 0.8% | Mar 2026 0.4% | Jun 2026 — - MFA: Sep 2021 5.1% | Dec 2021 2.0% | Mar 2022 -3.4% | Jun 2022 -4.3% | Sep 2022 -2.4% | Dec 2022 0.2% | Mar 2023 3.3% | Jun 2023 -1.3% | Sep 2023 -2.9% | Dec 2023 4.6% | Mar 2024 1.2% | Jun 2024 2.2% | Sep 2024 2.6% | Dec 2024 0.3% | Mar 2025 2.2% | Jun 2025 1.8% | Sep 2025 2.6% | Dec 2025 3.0% | Mar 2026 -0.1% | Jun 2026 — - ARI: Sep 2021 2.6% | Dec 2021 1.6% | Mar 2022 0.7% | Jun 2022 3.1% | Sep 2022 7.8% | Dec 2022 -0.2% | Mar 2023 2.1% | Jun 2023 -3.7% | Sep 2023 2.0% | Dec 2023 2.0% | Mar 2024 -4.8% | Jun 2024 1.7% | Sep 2024 -4.5% | Dec 2024 2.0% | Mar 2025 1.3% | Jun 2025 1.1% | Sep 2025 2.7% | Dec 2025 1.6% | Mar 2026 1.4% | Jun 2026 — - PMT: Sep 2021 -1.5% | Dec 2021 -0.7% | Mar 2022 -0.8% | Jun 2022 -3.2% | Sep 2022 0.5% | Dec 2022 0.2% | Mar 2023 2.9% | Jun 2023 1.2% | Sep 2023 3.1% | Dec 2023 -1.6% | Mar 2024 2.4% | Jun 2024 1.3% | Sep 2024 2.1% | Dec 2024 -3.2% | Mar 2025 4.7% | Jun 2025 0.4% | Sep 2025 3.1% | Dec 2025 -2.1% | Mar 2026 9.3% | Jun 2026 — - ADAM: Sep 2021 2.2% | Dec 2021 1.5% | Mar 2022 -3.9% | Jun 2022 -4.1% | Sep 2022 -5.5% | Dec 2022 -2.1% | Mar 2023 0.7% | Jun 2023 -1.6% | Sep 2023 -5.3% | Dec 2023 1.9% | Mar 2024 -4.9% | Jun 2024 -1.5% | Sep 2024 2.7% | Dec 2024 -2.0% | Mar 2025 2.6% | Jun 2025 0.3% | Sep 2025 2.8% | Dec 2025 4.0% | Mar 2026 6.1% | Jun 2026 — - IVR: Sep 2021 -21% | Dec 2021 16% | Mar 2022 -18% | Jun 2022 -72% | Sep 2022 -42% | Dec 2022 -47% | Mar 2023 19% | Jun 2023 11% | Sep 2023 1.9% | Dec 2023 -34% | Mar 2024 14% | Jun 2024 15% | Sep 2024 -7.0% | Dec 2024 20% | Mar 2025 1.8% | Jun 2025 11% | Sep 2025 -13% | Dec 2025 29% | Mar 2026 26% | Jun 2026 — - BRSP: Sep 2021 -3.9% | Dec 2021 4.9% | Mar 2022 1.7% | Jun 2022 2.1% | Sep 2022 -1.3% | Dec 2022 0.3% | Mar 2023 -0.3% | Jun 2023 -0.5% | Sep 2023 0.9% | Dec 2023 -1.2% | Mar 2024 -4.5% | Jun 2024 -5.7% | Sep 2024 1.0% | Dec 2024 -1.8% | Mar 2025 0.3% | Jun 2025 -2.4% | Sep 2025 -0.1% | Dec 2025 -1.6% | Mar 2026 0.3% | Jun 2026 — - TRTX: Sep 2021 2.1% | Dec 2021 3.1% | Mar 2022 1.7% | Jun 2022 -0.4% | Sep 2022 -8.3% | Dec 2022 2.6% | Mar 2023 0.5% | Jun 2023 -5.2% | Sep 2023 -5.0% | Dec 2023 0.5% | Mar 2024 1.4% | Jun 2024 2.1% | Sep 2024 2.0% | Dec 2024 0.9% | Mar 2025 1.2% | Jun 2025 1.9% | Sep 2025 2.0% | Dec 2025 0.4% | Mar 2026 1.8% | Jun 2026 — - FBRT: Sep 2021 3.7% | Dec 2021 -5.0% | Mar 2022 -1.6% | Jun 2022 -1.8% | Sep 2022 2.5% | Dec 2022 1.5% | Mar 2023 2.5% | Jun 2023 2.2% | Sep 2023 1.7% | Dec 2023 1.7% | Mar 2024 2.0% | Jun 2024 -0.2% | Sep 2024 1.7% | Dec 2024 1.9% | Mar 2025 1.4% | Jun 2025 1.4% | Sep 2025 1.0% | Dec 2025 1.3% | Mar 2026 0.8% | Jun 2026 — - RWT: Sep 2021 7.3% | Dec 2021 3.5% | Mar 2022 2.3% | Jun 2022 -7.8% | Sep 2022 -4.0% | Dec 2022 -3.6% | Mar 2023 0.4% | Jun 2023 0.2% | Sep 2023 -2.7% | Dec 2023 1.8% | Mar 2024 2.6% | Jun 2024 1.3% | Sep 2024 1.3% | Dec 2024 -0.6% | Mar 2025 1.3% | Jun 2025 -8.7% | Sep 2025 -0.7% | Dec 2025 1.8% | Mar 2026 -0.5% | Jun 2026 — - NREF: Sep 2021 5.7% | Dec 2021 4.6% | Mar 2022 3.9% | Jun 2022 1.6% | Sep 2022 -1.9% | Dec 2022 -0.4% | Mar 2023 1.9% | Jun 2023 1.7% | Sep 2023 -3.7% | Dec 2023 3.6% | Mar 2024 -3.2% | Jun 2024 2.6% | Sep 2024 4.8% | Dec 2024 3.0% | Mar 2025 4.9% | Jun 2025 3.8% | Sep 2025 7.8% | Dec 2025 3.4% | Mar 2026 3.1% | Jun 2026 — - CMTG: Sep 2021 2.0% | Dec 2021 0.7% | Mar 2022 1.1% | Jun 2022 2.5% | Sep 2022 1.7% | Dec 2022 -0.9% | Mar 2023 1.5% | Jun 2023 0.2% | Sep 2023 -2.9% | Dec 2023 1.4% | Mar 2024 -2.3% | Jun 2024 -0.5% | Sep 2024 -2.6% | Dec 2024 -4.7% | Mar 2025 -3.8% | Jun 2025 -9.3% | Sep 2025 -0.5% | Dec 2025 -12% | Mar 2026 -3.2% | Jun 2026 — - REFI: Sep 2021 3.2% | Dec 2021 — | Mar 2022 5.8% | Jun 2022 5.6% | Sep 2022 4.9% | Dec 2022 2.7% | Mar 2023 3.9% | Jun 2023 3.2% | Sep 2023 3.7% | Dec 2023 3.5% | Mar 2024 3.1% | Jun 2024 3.2% | Sep 2024 3.9% | Dec 2024 2.7% | Mar 2025 3.4% | Jun 2025 2.9% | Sep 2025 3.0% | Dec 2025 2.6% | Mar 2026 1.6% | Jun 2026 — - ACRE: Sep 2021 1.7% | Dec 2021 3.0% | Mar 2022 2.6% | Jun 2022 1.4% | Sep 2022 0.1% | Dec 2022 0.4% | Mar 2023 -0.9% | Jun 2023 -0.3% | Sep 2023 1.3% | Dec 2023 -5.7% | Mar 2024 -1.9% | Jun 2024 -1.0% | Sep 2024 -0.9% | Dec 2024 -1.8% | Mar 2025 1.6% | Jun 2025 -2.0% | Sep 2025 0.9% | Dec 2025 -0.7% | Mar 2026 -1.9% | Jun 2026 — - RC: Sep 2021 14% | Dec 2021 12% | Mar 2022 12% | Jun 2022 13% | Sep 2022 19% | Dec 2022 19% | Mar 2023 18% | Jun 2023 27% | Sep 2023 17% | Dec 2023 19% | Mar 2024 8.2% | Jun 2024 7.9% | Sep 2024 17% | Dec 2024 11% | Mar 2025 5.9% | Jun 2025 7.4% | Sep 2025 14% | Dec 2025 4.2% | Mar 2026 5.9% | Jun 2026 — - MITT: Sep 2021 7.9% | Dec 2021 2.2% | Mar 2022 -2.6% | Jun 2022 -10% | Sep 2022 -0.6% | Dec 2022 2.3% | Mar 2023 2.5% | Jun 2023 1.7% | Sep 2023 -0.5% | Dec 2023 1.0% | Mar 2024 4.2% | Jun 2024 0.8% | Sep 2024 3.4% | Dec 2024 2.7% | Mar 2025 2.1% | Jun 2025 0.7% | Sep 2025 3.9% | Dec 2025 2.5% | Mar 2026 -0.6% | Jun 2026 — - AOMR: Sep 2021 1.8% | Dec 2021 0.8% | Mar 2022 -12% | Jun 2022 -12% | Sep 2022 -22% | Dec 2022 -2.4% | Mar 2023 0.2% | Jun 2023 -1.2% | Sep 2023 3.3% | Dec 2023 12% | Mar 2024 5.1% | Jun 2024 -0.1% | Sep 2024 13% | Dec 2024 -6.1% | Mar 2025 8.0% | Jun 2025 0.3% | Sep 2025 4.3% | Dec 2025 4.5% | Mar 2026 -2.9% | Jun 2026 — ### 20-quarter ROE change history - NLY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −5.9 pp | Dec 2022 −10.3 pp | Mar 2023 −23.0 pp | Jun 2023 −5.6 pp | Sep 2023 −3.1 pp | Dec 2023 +3.8 pp | Mar 2024 +11.2 pp | Jun 2024 −1.5 pp | Sep 2024 +6.0 pp | Dec 2024 +7.3 pp | Mar 2025 −2.9 pp | Jun 2025 +0.6 pp | Sep 2025 +5.4 pp | Dec 2025 +3.2 pp | Mar 2026 +0.9 pp | Jun 2026 +4.9 pp - AGNC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −42.8 pp | Mar 2023 +30.7 pp | Jun 2023 +19.4 pp | Sep 2023 +35.1 pp | Dec 2023 +14.4 pp | Mar 2024 −8.7 pp | Jun 2024 +28.8 pp | Sep 2024 −16.8 pp | Dec 2024 +35.6 pp | Mar 2025 −16.0 pp | Jun 2025 −19.1 pp | Sep 2025 −3.3 pp | Dec 2025 +14.5 pp | Mar 2026 +27.0 pp | Jun 2026 −6.8 pp - STWD: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.8 pp | Dec 2022 +0.6 pp | Mar 2023 −5.6 pp | Jun 2023 −1.6 pp | Sep 2023 −3.0 pp | Dec 2023 −1.2 pp | Mar 2024 +1.4 pp | Jun 2024 −2.0 pp | Sep 2024 +0.3 pp | Dec 2024 −0.2 pp | Mar 2025 −0.7 pp | Jun 2025 +0.8 pp | Sep 2025 +0.1 pp | Dec 2025 +0.5 pp | Mar 2026 −0.8 pp | Jun 2026 — - RITM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.5 pp | Dec 2022 −1.6 pp | Mar 2023 −9.5 pp | Jun 2023 +4.9 pp | Sep 2023 +0.8 pp | Dec 2023 −2.5 pp | Mar 2024 +2.7 pp | Jun 2024 −2.1 pp | Sep 2024 −1.5 pp | Dec 2024 +4.9 pp | Mar 2025 −3.0 pp | Jun 2025 +0.7 pp | Sep 2025 +1.1 pp | Dec 2025 −2.8 pp | Mar 2026 +0.2 pp | Jun 2026 — - DX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −8.0 pp | Dec 2022 +3.2 pp | Mar 2023 −20.6 pp | Jun 2023 +2.6 pp | Sep 2023 +0.5 pp | Dec 2023 −2.5 pp | Mar 2024 +9.5 pp | Jun 2024 −7.2 pp | Sep 2024 +8.7 pp | Dec 2024 +2.3 pp | Mar 2025 −4.7 pp | Jun 2025 −0.1 pp | Sep 2025 +6.5 pp | Dec 2025 +5.2 pp | Mar 2026 −3.6 pp | Jun 2026 — - BXMT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.2 pp | Dec 2022 −3.9 pp | Mar 2023 +0.3 pp | Jun 2023 0.0 pp | Sep 2023 −1.6 pp | Dec 2023 +1.0 pp | Mar 2024 −5.4 pp | Jun 2024 −3.6 pp | Sep 2024 −2.0 pp | Dec 2024 +0.9 pp | Mar 2025 +2.8 pp | Jun 2025 +1.6 pp | Sep 2025 +3.0 pp | Dec 2025 +0.2 pp | Mar 2026 −0.2 pp | Jun 2026 — - ARR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −72.3 pp | Mar 2023 +22.6 pp | Jun 2023 +13.7 pp | Sep 2023 +37.3 pp | Dec 2023 +3.3 pp | Mar 2024 +16.5 pp | Jun 2024 +15.4 pp | Sep 2024 −29.9 pp | Dec 2024 +78.2 pp | Mar 2025 −45.7 pp | Jun 2025 +2.5 pp | Sep 2025 −1.9 pp | Dec 2025 +12.3 pp | Mar 2026 +52.5 pp | Jun 2026 −16.6 pp - EFC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −6.1 pp | Mar 2023 +3.9 pp | Jun 2023 +6.4 pp | Sep 2023 — | Dec 2023 +4.0 pp | Mar 2024 −1.0 pp | Jun 2024 +3.3 pp | Sep 2024 +0.6 pp | Dec 2024 +0.6 pp | Mar 2025 +0.2 pp | Jun 2025 −1.0 pp | Sep 2025 +0.6 pp | Dec 2025 −0.7 pp | Mar 2026 +3.5 pp | Jun 2026 — - ORC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −90.8 pp | Mar 2023 +57.1 pp | Jun 2023 +90.7 pp | Sep 2023 +52.5 pp | Dec 2023 +7.6 pp | Mar 2024 −10.1 pp | Jun 2024 +13.4 pp | Sep 2024 −12.5 pp | Dec 2024 +78.4 pp | Mar 2025 −19.9 pp | Jun 2025 −7.6 pp | Sep 2025 −11.4 pp | Dec 2025 +17.5 pp | Mar 2026 +30.4 pp | Jun 2026 −14.8 pp - TWO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +9.1 pp | Dec 2022 −11.0 pp | Mar 2023 +3.4 pp | Jun 2023 +11.3 pp | Sep 2023 −25.8 pp | Dec 2023 −8.7 pp | Mar 2024 −1.8 pp | Jun 2024 −11.0 pp | Sep 2024 +25.5 pp | Dec 2024 +32.5 pp | Mar 2025 +5.5 pp | Jun 2025 +15.3 pp | Sep 2025 −4.6 pp | Dec 2025 −12.2 pp | Mar 2026 +5.3 pp | Jun 2026 — - LADR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.7 pp | Dec 2022 +3.1 pp | Mar 2023 +0.2 pp | Jun 2023 −1.1 pp | Sep 2023 +0.2 pp | Dec 2023 −3.7 pp | Mar 2024 −0.4 pp | Jun 2024 +0.3 pp | Sep 2024 −0.3 pp | Dec 2024 +0.8 pp | Mar 2025 −0.3 pp | Jun 2025 −1.0 pp | Sep 2025 −0.5 pp | Dec 2025 −0.9 pp | Mar 2026 −0.6 pp | Jun 2026 −0.1 pp - CIM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −5.8 pp | Dec 2022 +0.9 pp | Mar 2023 +3.5 pp | Jun 2023 +2.2 pp | Sep 2023 +2.1 pp | Dec 2023 −0.7 pp | Mar 2024 +0.9 pp | Jun 2024 +0.2 pp | Sep 2024 +1.5 pp | Dec 2024 −3.0 pp | Mar 2025 +0.4 pp | Jun 2025 −0.2 pp | Sep 2025 −1.5 pp | Dec 2025 +3.7 pp | Mar 2026 −2.7 pp | Jun 2026 — - ABR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.9 pp | Dec 2022 −2.5 pp | Mar 2023 −0.2 pp | Jun 2023 −0.5 pp | Sep 2023 0.0 pp | Dec 2023 −0.3 pp | Mar 2024 −1.1 pp | Jun 2024 −1.2 pp | Sep 2024 −0.8 pp | Dec 2024 −1.1 pp | Mar 2025 −0.9 pp | Jun 2025 −0.7 pp | Sep 2025 −0.6 pp | Dec 2025 −1.6 pp | Mar 2026 −1.0 pp | Jun 2026 — - MFA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −7.5 pp | Dec 2022 −1.8 pp | Mar 2023 +6.7 pp | Jun 2023 +3.0 pp | Sep 2023 −0.5 pp | Dec 2023 +4.4 pp | Mar 2024 −2.1 pp | Jun 2024 +3.5 pp | Sep 2024 +5.5 pp | Dec 2024 −4.3 pp | Mar 2025 +1.0 pp | Jun 2025 −0.4 pp | Sep 2025 0.0 pp | Dec 2025 +2.7 pp | Mar 2026 −2.3 pp | Jun 2026 — - ARI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +5.2 pp | Dec 2022 −1.8 pp | Mar 2023 +1.4 pp | Jun 2023 −6.8 pp | Sep 2023 −5.8 pp | Dec 2023 +2.2 pp | Mar 2024 −6.9 pp | Jun 2024 +5.4 pp | Sep 2024 −6.5 pp | Dec 2024 0.0 pp | Mar 2025 +6.1 pp | Jun 2025 −0.6 pp | Sep 2025 +7.2 pp | Dec 2025 −0.4 pp | Mar 2026 +0.1 pp | Jun 2026 — - PMT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.0 pp | Dec 2022 +0.9 pp | Mar 2023 +3.7 pp | Jun 2023 +4.4 pp | Sep 2023 +2.6 pp | Dec 2023 −1.8 pp | Mar 2024 −0.5 pp | Jun 2024 +0.1 pp | Sep 2024 −1.0 pp | Dec 2024 −1.6 pp | Mar 2025 +2.3 pp | Jun 2025 −0.9 pp | Sep 2025 +1.0 pp | Dec 2025 +1.1 pp | Mar 2026 +4.6 pp | Jun 2026 — - ADAM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −7.7 pp | Dec 2022 −3.6 pp | Mar 2023 +4.6 pp | Jun 2023 +2.5 pp | Sep 2023 +0.2 pp | Dec 2023 +4.0 pp | Mar 2024 −5.6 pp | Jun 2024 +0.1 pp | Sep 2024 +8.0 pp | Dec 2024 −3.9 pp | Mar 2025 +7.5 pp | Jun 2025 +1.8 pp | Sep 2025 +0.1 pp | Dec 2025 +6.0 pp | Mar 2026 +3.5 pp | Jun 2026 — - IVR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −21.3 pp | Dec 2022 −63.5 pp | Mar 2023 +36.7 pp | Jun 2023 +82.7 pp | Sep 2023 +43.9 pp | Dec 2023 +13.4 pp | Mar 2024 −4.7 pp | Jun 2024 +4.4 pp | Sep 2024 −8.9 pp | Dec 2024 +54.0 pp | Mar 2025 −12.1 pp | Jun 2025 −4.4 pp | Sep 2025 −5.7 pp | Dec 2025 +8.7 pp | Mar 2026 +24.5 pp | Jun 2026 — - BRSP: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +2.6 pp | Dec 2022 −4.6 pp | Mar 2023 −2.0 pp | Jun 2023 −2.6 pp | Sep 2023 +2.2 pp | Dec 2023 −1.5 pp | Mar 2024 −4.2 pp | Jun 2024 −5.2 pp | Sep 2024 +0.1 pp | Dec 2024 −0.6 pp | Mar 2025 +4.8 pp | Jun 2025 +3.3 pp | Sep 2025 −1.1 pp | Dec 2025 +0.2 pp | Mar 2026 0.0 pp | Jun 2026 — - TRTX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −10.4 pp | Dec 2022 −0.5 pp | Mar 2023 −1.2 pp | Jun 2023 −4.8 pp | Sep 2023 +3.3 pp | Dec 2023 −2.1 pp | Mar 2024 +0.9 pp | Jun 2024 +7.3 pp | Sep 2024 +7.0 pp | Dec 2024 +0.4 pp | Mar 2025 −0.2 pp | Jun 2025 −0.2 pp | Sep 2025 0.0 pp | Dec 2025 −0.5 pp | Mar 2026 +0.6 pp | Jun 2026 — - FBRT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.2 pp | Dec 2022 +6.5 pp | Mar 2023 +4.1 pp | Jun 2023 +4.0 pp | Sep 2023 −0.8 pp | Dec 2023 +0.2 pp | Mar 2024 −0.5 pp | Jun 2024 −2.4 pp | Sep 2024 0.0 pp | Dec 2024 +0.2 pp | Mar 2025 −0.6 pp | Jun 2025 +1.6 pp | Sep 2025 −0.7 pp | Dec 2025 −0.6 pp | Mar 2026 −0.6 pp | Jun 2026 — - RWT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −11.3 pp | Dec 2022 −7.1 pp | Mar 2023 −1.9 pp | Jun 2023 +8.0 pp | Sep 2023 +1.3 pp | Dec 2023 +5.4 pp | Mar 2024 +2.2 pp | Jun 2024 +1.1 pp | Sep 2024 +4.0 pp | Dec 2024 −2.4 pp | Mar 2025 −1.3 pp | Jun 2025 −10.0 pp | Sep 2025 −2.0 pp | Dec 2025 +2.4 pp | Mar 2026 −1.8 pp | Jun 2026 — - NREF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −7.6 pp | Dec 2022 −5.0 pp | Mar 2023 −2.0 pp | Jun 2023 +0.1 pp | Sep 2023 −1.8 pp | Dec 2023 +4.0 pp | Mar 2024 −5.1 pp | Jun 2024 +0.9 pp | Sep 2024 +8.5 pp | Dec 2024 −0.6 pp | Mar 2025 +8.1 pp | Jun 2025 +1.2 pp | Sep 2025 +3.0 pp | Dec 2025 +0.4 pp | Mar 2026 −1.8 pp | Jun 2026 — - CMTG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.3 pp | Dec 2022 −1.6 pp | Mar 2023 +0.4 pp | Jun 2023 −2.3 pp | Sep 2023 −4.6 pp | Dec 2023 +2.3 pp | Mar 2024 −3.8 pp | Jun 2024 −0.7 pp | Sep 2024 +0.3 pp | Dec 2024 −6.1 pp | Mar 2025 −1.5 pp | Jun 2025 −8.8 pp | Sep 2025 +2.1 pp | Dec 2025 −7.7 pp | Mar 2026 +0.6 pp | Jun 2026 — - REFI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.7 pp | Dec 2022 — | Mar 2023 −1.9 pp | Jun 2023 −2.4 pp | Sep 2023 −1.2 pp | Dec 2023 +0.8 pp | Mar 2024 −0.8 pp | Jun 2024 0.0 pp | Sep 2024 +0.2 pp | Dec 2024 −0.8 pp | Mar 2025 +0.3 pp | Jun 2025 −0.3 pp | Sep 2025 −0.9 pp | Dec 2025 −0.1 pp | Mar 2026 −1.8 pp | Jun 2026 — - ACRE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −1.6 pp | Dec 2022 −2.6 pp | Mar 2023 −3.5 pp | Jun 2023 −1.7 pp | Sep 2023 +1.2 pp | Dec 2023 −6.1 pp | Mar 2024 −1.0 pp | Jun 2024 −0.7 pp | Sep 2024 −2.2 pp | Dec 2024 +3.9 pp | Mar 2025 +3.5 pp | Jun 2025 −1.0 pp | Sep 2025 +1.8 pp | Dec 2025 +1.1 pp | Mar 2026 −3.5 pp | Jun 2026 — - RC: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +4.7 pp | Dec 2022 +6.9 pp | Mar 2023 +5.9 pp | Jun 2023 +13.9 pp | Sep 2023 −1.6 pp | Dec 2023 −0.2 pp | Mar 2024 −9.8 pp | Jun 2024 −19.0 pp | Sep 2024 −0.1 pp | Dec 2024 −7.6 pp | Mar 2025 −2.3 pp | Jun 2025 −0.5 pp | Sep 2025 −3.4 pp | Dec 2025 −7.2 pp | Mar 2026 0.0 pp | Jun 2026 — - MITT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −8.5 pp | Dec 2022 +0.1 pp | Mar 2023 +5.1 pp | Jun 2023 +12.0 pp | Sep 2023 +0.1 pp | Dec 2023 −1.3 pp | Mar 2024 +1.7 pp | Jun 2024 −0.9 pp | Sep 2024 +3.9 pp | Dec 2024 +1.7 pp | Mar 2025 −2.1 pp | Jun 2025 −0.1 pp | Sep 2025 +0.5 pp | Dec 2025 −0.2 pp | Mar 2026 −2.7 pp | Jun 2026 — - AOMR: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −23.6 pp | Dec 2022 −3.2 pp | Mar 2023 +12.0 pp | Jun 2023 +10.9 pp | Sep 2023 +25.1 pp | Dec 2023 +14.0 pp | Mar 2024 +4.9 pp | Jun 2024 +1.1 pp | Sep 2024 +9.3 pp | Dec 2024 −17.7 pp | Mar 2025 +2.9 pp | Jun 2025 +0.4 pp | Sep 2025 −8.3 pp | Dec 2025 +10.6 pp | Mar 2026 −10.9 pp | Jun 2026 — ## Gross NPA — Leaders & Improvers What the numbers say: There is not enough comparable evidence to name a reliable gross npa leader. Investor read: The current leader sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it. This conclusion weakens if: The next two comparable reports reverse the current gnpa change signal. Evidence: No comparable leader | Not enough peers | Not enough history | 0/29 companies · 0 observations Definition: Lower gross NPA is better. Improvement means the ratio is falling, so ranks are intentionally inverted. ### Gross NPA — lowest ### GNPA change — fastest improvers ### 20-quarter Gross NPA history ### 20-quarter GNPA change history ## Valuation Against Growth & Quality What the numbers say: Invesco Mortgage Capital Inc. has the lowest comparable P/BV ÷ ROE at 0.03×, 0% below Ready Capital Corporation. Only 17 of 29 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree. Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy. This conclusion weakens if: The next two comparable reports reverse the current p/bv signal. Evidence: Invesco Mortgage Capital Inc. · 0.03× | 0% versus #2 · Ready Capital Corporation | 0/8 recent comparable periods | 17/29 companies · 381 observations Definition: Banks are compared on P/BV and P/BV÷ROE, not PEG. Lower is better only if asset quality and return durability hold; cheap book value with weakening NPAs is not automatically attractive. ### P/BV ÷ ROE — lowest return-adjusted price 1. Invesco Mortgage Capital Inc. (IVR): 0.0 2. Ready Capital Corporation (RC): 0.0 3. PennyMac Mortgage Investment Trust (PMT): 0.1 4. Adamas Trust, Inc. (ADAM): 0.1 5. Ellington Financial Inc. (EFC): 0.1 ### P/BV — lowest P/BV 1. Ready Capital Corporation (RC): 0.2 2. Claros Mortgage Trust, Inc. (CMTG): 0.2 3. Chimera Investment Corporation (CIM): 0.4 4. TPG Mortgage Investment Trust, Inc. (MITT): 0.4 5. Adamas Trust, Inc. (ADAM): 0.5 ### 20-quarter P/BV ÷ ROE history - NLY: Sep 2021 0.1 | Dec 2021 0.3 | Mar 2022 0.1 | Jun 2022 0.1 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.6 | Sep 2023 — | Dec 2023 — | Mar 2024 0.2 | Jun 2024 — | Sep 2024 1.3 | Dec 2024 0.2 | Mar 2025 0.9 | Jun 2025 1.7 | Sep 2025 0.1 | Dec 2025 0.1 | Mar 2026 0.5 | Jun 2026 0.2 - AGNC: Sep 2021 — | Dec 2021 0.1 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.0 | Jun 2023 — | Sep 2023 0.1 | Dec 2023 — | Mar 2024 0.0 | Jun 2024 0.0 | Sep 2024 — | Dec 2024 0.1 | Mar 2025 0.2 | Jun 2025 0.5 | Sep 2025 — | Dec 2025 0.0 | Mar 2026 0.0 | Jun 2026 — - STWD: Sep 2021 0.5 | Dec 2021 0.7 | Mar 2022 0.2 | Jun 2022 0.2 | Sep 2022 0.2 | Dec 2022 0.4 | Mar 2023 1.0 | Jun 2023 0.3 | Sep 2023 1.4 | Dec 2023 0.9 | Mar 2024 0.4 | Jun 2024 0.9 | Sep 2024 1.1 | Dec 2024 1.0 | Mar 2025 0.7 | Jun 2025 0.6 | Sep 2025 0.9 | Dec 2025 0.7 | Mar 2026 1.2 | Jun 2026 — - RITM: Sep 2021 0.3 | Dec 2021 0.2 | Mar 2022 0.1 | Jun 2022 1.2 | Sep 2022 0.2 | Dec 2022 0.4 | Mar 2023 0.4 | Jun 2023 0.1 | Sep 2023 0.2 | Dec 2023 — | Mar 2024 0.2 | Jun 2024 0.2 | Sep 2024 0.5 | Dec 2024 0.2 | Mar 2025 0.8 | Jun 2025 0.2 | Sep 2025 0.3 | Dec 2025 0.7 | Mar 2026 0.5 | Jun 2026 — - DX: Sep 2021 0.4 | Dec 2021 0.4 | Mar 2022 0.1 | Jun 2022 0.2 | Sep 2022 — | Dec 2022 0.2 | Mar 2023 — | Jun 2023 0.1 | Sep 2023 — | Dec 2023 0.3 | Mar 2024 0.2 | Jun 2024 — | Sep 2024 0.3 | Dec 2024 0.2 | Mar 2025 — | Jun 2025 — | Sep 2025 0.1 | Dec 2025 0.1 | Mar 2026 — | Jun 2026 — - BXMT: Sep 2021 0.5 | Dec 2021 0.4 | Mar 2022 0.5 | Jun 2022 0.5 | Sep 2022 0.4 | Dec 2022 — | Mar 2023 0.3 | Jun 2023 0.4 | Sep 2023 1.2 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 0.9 | Mar 2025 — | Jun 2025 4.6 | Sep 2025 0.5 | Dec 2025 0.8 | Mar 2026 — | Jun 2026 — - ARR: Sep 2021 — | Dec 2021 0.1 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.1 | Jun 2023 — | Sep 2023 0.1 | Dec 2023 — | Mar 2024 0.0 | Jun 2024 0.2 | Sep 2024 — | Dec 2024 0.0 | Mar 2025 — | Jun 2025 0.1 | Sep 2025 — | Dec 2025 0.0 | Mar 2026 0.0 | Jun 2026 — - EFC: Sep 2021 0.4 | Dec 2021 0.2 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.2 | Jun 2023 0.9 | Sep 2023 0.7 | Dec 2023 0.5 | Mar 2024 0.3 | Jun 2024 0.2 | Sep 2024 0.5 | Dec 2024 0.4 | Mar 2025 0.3 | Jun 2025 0.2 | Sep 2025 0.3 | Dec 2025 0.7 | Mar 2026 0.1 | Jun 2026 — - ORC: Sep 2021 — | Dec 2021 0.1 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.0 | Jun 2023 0.3 | Sep 2023 0.1 | Dec 2023 — | Mar 2024 0.0 | Jun 2024 0.1 | Sep 2024 — | Dec 2024 0.1 | Mar 2025 0.3 | Jun 2025 0.1 | Sep 2025 — | Dec 2025 0.0 | Mar 2026 0.0 | Jun 2026 — - TWO: Sep 2021 0.3 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.1 | Dec 2022 — | Mar 2023 — | Jun 2023 0.1 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.1 | Dec 2024 0.0 | Mar 2025 — | Jun 2025 0.1 | Sep 2025 0.1 | Dec 2025 1.0 | Mar 2026 0.4 | Jun 2026 — - LADR: Sep 2021 0.8 | Dec 2021 0.6 | Mar 2022 0.8 | Jun 2022 0.3 | Sep 2022 0.4 | Dec 2022 0.2 | Mar 2023 0.5 | Jun 2023 0.5 | Sep 2023 0.4 | Dec 2023 0.8 | Mar 2024 0.8 | Jun 2024 0.5 | Sep 2024 0.5 | Dec 2024 0.5 | Mar 2025 1.2 | Jun 2025 0.8 | Sep 2025 0.7 | Dec 2025 0.9 | Mar 2026 4.3 | Jun 2026 0.9 - CIM: Sep 2021 0.1 | Dec 2021 1.9 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 0.1 | Mar 2023 0.3 | Jun 2023 0.4 | Sep 2023 — | Dec 2023 0.4 | Mar 2024 0.1 | Jun 2024 0.2 | Sep 2024 0.1 | Dec 2024 — | Mar 2025 0.1 | Jun 2025 0.3 | Sep 2025 — | Dec 2025 0.4 | Mar 2026 — | Jun 2026 — - ABR: Sep 2021 0.3 | Dec 2021 0.2 | Mar 2022 0.3 | Jun 2022 0.2 | Sep 2022 0.2 | Dec 2022 0.2 | Mar 2023 0.2 | Jun 2023 0.3 | Sep 2023 0.3 | Dec 2023 0.3 | Mar 2024 0.4 | Jun 2024 0.5 | Sep 2024 0.4 | Dec 2024 0.4 | Mar 2025 0.5 | Jun 2025 0.6 | Sep 2025 0.5 | Dec 2025 0.6 | Mar 2026 1.3 | Jun 2026 — - MFA: Sep 2021 0.2 | Dec 2021 0.4 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 2.5 | Mar 2023 0.2 | Jun 2023 — | Sep 2023 — | Dec 2023 0.1 | Mar 2024 0.5 | Jun 2024 0.3 | Sep 2024 0.3 | Dec 2024 1.9 | Mar 2025 0.3 | Jun 2025 0.3 | Sep 2025 0.2 | Dec 2025 0.2 | Mar 2026 — | Jun 2026 — - ARI: Sep 2021 0.4 | Dec 2021 0.5 | Mar 2022 1.2 | Jun 2022 0.2 | Sep 2022 0.1 | Dec 2022 — | Mar 2023 0.3 | Jun 2023 — | Sep 2023 0.3 | Dec 2023 0.4 | Mar 2024 — | Jun 2024 0.4 | Sep 2024 — | Dec 2024 0.3 | Mar 2025 0.6 | Jun 2025 0.7 | Sep 2025 0.3 | Dec 2025 0.5 | Mar 2026 0.6 | Jun 2026 — - PMT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 1.1 | Dec 2022 2.8 | Mar 2023 0.2 | Jun 2023 0.5 | Sep 2023 0.2 | Dec 2023 — | Mar 2024 0.3 | Jun 2024 0.5 | Sep 2024 0.3 | Dec 2024 — | Mar 2025 0.1 | Jun 2025 1.5 | Sep 2025 0.2 | Dec 2025 — | Mar 2026 0.1 | Jun 2026 — - ADAM: Sep 2021 0.3 | Dec 2021 0.4 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.7 | Jun 2023 — | Sep 2023 — | Dec 2023 0.3 | Mar 2024 — | Jun 2024 — | Sep 2024 0.2 | Dec 2024 — | Mar 2025 0.2 | Jun 2025 1.5 | Sep 2025 0.2 | Dec 2025 0.1 | Mar 2026 0.1 | Jun 2026 — - IVR: Sep 2021 — | Dec 2021 0.0 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 0.0 | Jun 2023 0.1 | Sep 2023 0.3 | Dec 2023 — | Mar 2024 0.0 | Jun 2024 0.0 | Sep 2024 — | Dec 2024 0.0 | Mar 2025 0.4 | Jun 2025 0.1 | Sep 2025 — | Dec 2025 0.0 | Mar 2026 0.0 | Jun 2026 — - BRSP: Sep 2021 — | Dec 2021 0.2 | Mar 2022 0.5 | Jun 2022 0.3 | Sep 2022 — | Dec 2022 1.9 | Mar 2023 — | Jun 2023 — | Sep 2023 0.7 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.7 | Dec 2024 — | Mar 2025 2.3 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 2.6 | Jun 2026 — - TRTX: Sep 2021 0.3 | Dec 2021 0.2 | Mar 2022 0.4 | Jun 2022 — | Sep 2022 — | Dec 2022 0.2 | Mar 2023 0.9 | Jun 2023 — | Sep 2023 — | Dec 2023 0.9 | Mar 2024 0.4 | Jun 2024 0.3 | Sep 2024 0.3 | Dec 2024 0.7 | Mar 2025 0.5 | Jun 2025 0.3 | Sep 2025 0.3 | Dec 2025 1.6 | Mar 2026 0.3 | Jun 2026 — - FBRT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.2 | Dec 2022 0.5 | Mar 2023 0.3 | Jun 2023 0.3 | Sep 2023 0.4 | Dec 2023 0.4 | Mar 2024 0.4 | Jun 2024 — | Sep 2024 0.4 | Dec 2024 0.4 | Mar 2025 0.5 | Jun 2025 0.4 | Sep 2025 0.6 | Dec 2025 0.5 | Mar 2026 0.7 | Jun 2026 — - RWT: Sep 2021 0.2 | Dec 2021 0.3 | Mar 2022 0.4 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 1.7 | Jun 2023 3.3 | Sep 2023 — | Dec 2023 0.5 | Mar 2024 0.3 | Jun 2024 0.5 | Sep 2024 0.7 | Dec 2024 — | Mar 2025 0.5 | Jun 2025 — | Sep 2025 — | Dec 2025 0.4 | Mar 2026 — | Jun 2026 — - NREF: Sep 2021 0.1 | Dec 2021 0.2 | Mar 2022 0.2 | Jun 2022 0.5 | Sep 2022 — | Dec 2022 — | Mar 2023 0.4 | Jun 2023 0.4 | Sep 2023 — | Dec 2023 0.2 | Mar 2024 — | Jun 2024 0.3 | Sep 2024 0.2 | Dec 2024 0.3 | Mar 2025 0.2 | Jun 2025 0.2 | Sep 2025 0.1 | Dec 2025 0.2 | Mar 2026 0.2 | Jun 2026 — - CMTG: Sep 2021 — | Dec 2021 1.3 | Mar 2022 0.9 | Jun 2022 0.4 | Sep 2022 0.4 | Dec 2022 — | Mar 2023 0.4 | Jun 2023 3.3 | Sep 2023 — | Dec 2023 0.6 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 — - REFI: Sep 2021 — | Dec 2021 — | Mar 2022 0.2 | Jun 2022 0.2 | Sep 2022 0.2 | Dec 2022 0.4 | Mar 2023 0.2 | Jun 2023 0.3 | Sep 2023 0.3 | Dec 2023 0.3 | Mar 2024 0.3 | Jun 2024 0.3 | Sep 2024 0.3 | Dec 2024 0.4 | Mar 2025 0.3 | Jun 2025 0.3 | Sep 2025 0.3 | Dec 2025 0.3 | Mar 2026 0.5 | Jun 2026 — - ACRE: Sep 2021 0.6 | Dec 2021 0.3 | Mar 2022 0.4 | Jun 2022 0.6 | Sep 2022 7.4 | Dec 2022 1.9 | Mar 2023 — | Jun 2023 — | Sep 2023 0.6 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 0.3 | Jun 2025 — | Sep 2025 0.5 | Dec 2025 — | Mar 2026 — | Jun 2026 — - RC: Sep 2021 0.1 | Dec 2021 0.1 | Mar 2022 0.1 | Jun 2022 0.1 | Sep 2022 0.0 | Dec 2022 0.0 | Mar 2023 0.0 | Jun 2023 0.0 | Sep 2023 0.0 | Dec 2023 0.0 | Mar 2024 0.1 | Jun 2024 0.1 | Sep 2024 0.0 | Dec 2024 0.1 | Mar 2025 0.1 | Jun 2025 0.1 | Sep 2025 0.0 | Dec 2025 0.1 | Mar 2026 0.0 | Jun 2026 — - MITT: Sep 2021 0.1 | Dec 2021 0.2 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 0.1 | Mar 2023 0.1 | Jun 2023 0.2 | Sep 2023 — | Dec 2023 0.4 | Mar 2024 0.1 | Jun 2024 0.5 | Sep 2024 0.1 | Dec 2024 0.1 | Mar 2025 0.2 | Jun 2025 0.6 | Sep 2025 0.1 | Dec 2025 0.2 | Mar 2026 — | Jun 2026 — - AOMR: Sep 2021 0.5 | Dec 2021 1.1 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 3.7 | Jun 2023 — | Sep 2023 0.3 | Dec 2023 0.1 | Mar 2024 0.2 | Jun 2024 — | Sep 2024 0.1 | Dec 2024 — | Mar 2025 0.1 | Jun 2025 3.0 | Sep 2025 0.2 | Dec 2025 0.2 | Mar 2026 — | Jun 2026 — ### 20-quarter P/BV history - NLY: Sep 2021 0.2 | Dec 2021 0.9 | Mar 2022 0.9 | Jun 2022 0.9 | Sep 2022 0.7 | Dec 2022 0.9 | Mar 2023 0.8 | Jun 2023 0.8 | Sep 2023 0.9 | Dec 2023 0.9 | Mar 2024 0.9 | Jun 2024 0.9 | Sep 2024 0.9 | Dec 2024 0.8 | Mar 2025 0.9 | Jun 2025 0.9 | Sep 2025 0.9 | Dec 2025 1.0 | Mar 2026 1.0 | Jun 2026 1.0 - AGNC: Sep 2021 0.8 | Dec 2021 0.8 | Mar 2022 0.8 | Jun 2022 0.7 | Sep 2022 0.6 | Dec 2022 0.8 | Mar 2023 0.7 | Jun 2023 0.8 | Sep 2023 0.8 | Dec 2023 0.8 | Mar 2024 0.8 | Jun 2024 0.8 | Sep 2024 0.9 | Dec 2024 0.8 | Mar 2025 0.9 | Jun 2025 0.9 | Sep 2025 0.9 | Dec 2025 0.9 | Mar 2026 0.9 | Jun 2026 1.0 - STWD: Sep 2021 1.6 | Dec 2021 1.2 | Mar 2022 1.2 | Jun 2022 1.0 | Sep 2022 0.9 | Dec 2022 0.9 | Mar 2023 0.9 | Jun 2023 1.0 | Sep 2023 1.0 | Dec 2023 1.1 | Mar 2024 1.0 | Jun 2024 1.0 | Sep 2024 1.1 | Dec 2024 1.0 | Mar 2025 1.1 | Jun 2025 1.1 | Sep 2025 1.0 | Dec 2025 1.0 | Mar 2026 1.0 | Jun 2026 — - RITM: Sep 2021 0.8 | Dec 2021 0.8 | Mar 2022 0.7 | Jun 2022 0.6 | Sep 2022 0.5 | Dec 2022 0.6 | Mar 2023 0.6 | Jun 2023 0.6 | Sep 2023 0.6 | Dec 2023 0.7 | Mar 2024 0.8 | Jun 2024 0.7 | Sep 2024 0.8 | Dec 2024 0.7 | Mar 2025 0.8 | Jun 2025 0.8 | Sep 2025 0.7 | Dec 2025 0.7 | Mar 2026 0.6 | Jun 2026 — - DX: Sep 2021 0.8 | Dec 2021 0.8 | Mar 2022 0.8 | Jun 2022 0.8 | Sep 2022 0.7 | Dec 2022 0.8 | Mar 2023 0.8 | Jun 2023 0.8 | Sep 2023 0.8 | Dec 2023 0.8 | Mar 2024 0.8 | Jun 2024 0.9 | Sep 2024 0.9 | Dec 2024 0.9 | Mar 2025 1.0 | Jun 2025 1.0 | Sep 2025 0.8 | Dec 2025 1.0 | Mar 2026 1.0 | Jun 2026 — - BXMT: Sep 2021 1.1 | Dec 2021 1.1 | Mar 2022 1.2 | Jun 2022 1.0 | Sep 2022 0.9 | Dec 2022 0.8 | Mar 2023 0.7 | Jun 2023 0.8 | Sep 2023 0.8 | Dec 2023 0.8 | Mar 2024 0.8 | Jun 2024 0.8 | Sep 2024 0.9 | Dec 2024 0.8 | Mar 2025 0.9 | Jun 2025 0.9 | Sep 2025 0.9 | Dec 2025 0.9 | Mar 2026 1.0 | Jun 2026 — - ARR: Sep 2021 0.8 | Dec 2021 0.8 | Mar 2022 0.8 | Jun 2022 0.8 | Sep 2022 0.6 | Dec 2022 0.7 | Mar 2023 0.8 | Jun 2023 0.8 | Sep 2023 0.8 | Dec 2023 0.7 | Mar 2024 0.8 | Jun 2024 0.8 | Sep 2024 0.8 | Dec 2024 0.8 | Mar 2025 0.8 | Jun 2025 0.8 | Sep 2025 0.8 | Dec 2025 0.9 | Mar 2026 0.9 | Jun 2026 0.8 - EFC: Sep 2021 0.9 | Dec 2021 0.8 | Mar 2022 0.8 | Jun 2022 0.7 | Sep 2022 — | Dec 2022 0.6 | Mar 2023 0.6 | Jun 2023 0.7 | Sep 2023 0.7 | Dec 2023 0.7 | Mar 2024 0.7 | Jun 2024 0.7 | Sep 2024 0.7 | Dec 2024 0.7 | Mar 2025 0.8 | Jun 2025 0.8 | Sep 2025 0.7 | Dec 2025 0.8 | Mar 2026 0.8 | Jun 2026 — - ORC: Sep 2021 0.9 | Dec 2021 1.0 | Mar 2022 1.0 | Jun 2022 1.0 | Sep 2022 0.7 | Dec 2022 0.8 | Mar 2023 0.9 | Jun 2023 0.8 | Sep 2023 1.0 | Dec 2023 0.9 | Mar 2024 1.0 | Jun 2024 0.9 | Sep 2024 0.9 | Dec 2024 0.9 | Mar 2025 0.9 | Jun 2025 0.9 | Sep 2025 0.9 | Dec 2025 0.9 | Mar 2026 1.0 | Jun 2026 1.0 - TWO: Sep 2021 0.7 | Dec 2021 0.7 | Mar 2022 0.7 | Jun 2022 0.7 | Sep 2022 0.5 | Dec 2022 0.6 | Mar 2023 0.6 | Jun 2023 0.6 | Sep 2023 0.6 | Dec 2023 0.7 | Mar 2024 0.6 | Jun 2024 0.6 | Sep 2024 0.7 | Dec 2024 0.6 | Mar 2025 0.7 | Jun 2025 0.6 | Sep 2025 0.6 | Dec 2025 0.6 | Mar 2026 0.7 | Jun 2026 — - LADR: Sep 2021 0.9 | Dec 2021 1.0 | Mar 2022 1.0 | Jun 2022 0.9 | Sep 2022 0.8 | Dec 2022 0.8 | Mar 2023 0.8 | Jun 2023 0.9 | Sep 2023 0.9 | Dec 2023 1.0 | Mar 2024 0.9 | Jun 2024 0.9 | Sep 2024 1.0 | Dec 2024 0.9 | Mar 2025 1.0 | Jun 2025 0.9 | Sep 2025 0.9 | Dec 2025 0.9 | Mar 2026 0.9 | Jun 2026 0.9 - CIM: Sep 2021 0.4 | Dec 2021 0.4 | Mar 2022 0.3 | Jun 2022 0.2 | Sep 2022 0.1 | Dec 2022 0.2 | Mar 2023 0.2 | Jun 2023 0.2 | Sep 2023 0.1 | Dec 2023 0.1 | Mar 2024 0.1 | Jun 2024 0.1 | Sep 2024 0.1 | Dec 2024 0.5 | Mar 2025 0.1 | Jun 2025 0.1 | Sep 2025 0.1 | Dec 2025 0.4 | Mar 2026 0.4 | Jun 2026 — - ABR: Sep 2021 1.3 | Dec 2021 1.2 | Mar 2022 1.1 | Jun 2022 0.8 | Sep 2022 0.7 | Dec 2022 0.8 | Mar 2023 0.7 | Jun 2023 0.9 | Sep 2023 0.9 | Dec 2023 0.9 | Mar 2024 0.8 | Jun 2024 0.9 | Sep 2024 1.0 | Dec 2024 0.9 | Mar 2025 0.8 | Jun 2025 0.7 | Sep 2025 0.8 | Dec 2025 0.5 | Mar 2026 0.5 | Jun 2026 — - MFA: Sep 2021 0.8 | Dec 2021 0.8 | Mar 2022 0.7 | Jun 2022 0.5 | Sep 2022 0.4 | Dec 2022 0.5 | Mar 2023 0.5 | Jun 2023 0.6 | Sep 2023 0.5 | Dec 2023 0.6 | Mar 2024 0.6 | Jun 2024 0.6 | Sep 2024 0.7 | Dec 2024 0.6 | Mar 2025 0.6 | Jun 2025 0.5 | Sep 2025 0.5 | Dec 2025 0.5 | Mar 2026 0.6 | Jun 2026 — - ARI: Sep 2021 0.9 | Dec 2021 0.8 | Mar 2022 0.9 | Jun 2022 0.7 | Sep 2022 0.5 | Dec 2022 0.6 | Mar 2023 0.6 | Jun 2023 0.7 | Sep 2023 0.7 | Dec 2023 0.8 | Mar 2024 0.8 | Jun 2024 0.7 | Sep 2024 0.7 | Dec 2024 0.6 | Mar 2025 0.7 | Jun 2025 0.7 | Sep 2025 0.8 | Dec 2025 0.7 | Mar 2026 0.8 | Jun 2026 — - PMT: Sep 2021 0.8 | Dec 2021 0.7 | Mar 2022 0.7 | Jun 2022 0.6 | Sep 2022 0.5 | Dec 2022 0.6 | Mar 2023 0.6 | Jun 2023 0.6 | Sep 2023 0.6 | Dec 2023 0.7 | Mar 2024 0.7 | Jun 2024 0.6 | Sep 2024 0.6 | Dec 2024 0.6 | Mar 2025 0.7 | Jun 2025 0.6 | Sep 2025 0.6 | Dec 2025 0.6 | Mar 2026 0.5 | Jun 2026 — - ADAM: Sep 2021 0.7 | Dec 2021 0.6 | Mar 2022 0.6 | Jun 2022 0.5 | Sep 2022 0.5 | Dec 2022 0.5 | Mar 2023 0.5 | Jun 2023 0.5 | Sep 2023 0.5 | Dec 2023 0.5 | Mar 2024 0.4 | Jun 2024 0.4 | Sep 2024 0.4 | Dec 2024 0.4 | Mar 2025 0.4 | Jun 2025 0.4 | Sep 2025 0.5 | Dec 2025 0.5 | Mar 2026 0.5 | Jun 2026 — - IVR: Sep 2021 0.6 | Dec 2021 0.6 | Mar 2022 0.7 | Jun 2022 0.5 | Sep 2022 0.5 | Dec 2022 0.6 | Mar 2023 0.6 | Jun 2023 0.6 | Sep 2023 0.6 | Dec 2023 0.6 | Mar 2024 0.6 | Jun 2024 0.6 | Sep 2024 0.6 | Dec 2024 0.7 | Mar 2025 0.7 | Jun 2025 0.7 | Sep 2025 0.7 | Dec 2025 0.8 | Mar 2026 0.8 | Jun 2026 — - BRSP: Sep 2021 0.9 | Dec 2021 0.9 | Mar 2022 0.8 | Jun 2022 0.7 | Sep 2022 0.6 | Dec 2022 0.6 | Mar 2023 0.6 | Jun 2023 0.7 | Sep 2023 0.6 | Dec 2023 0.8 | Mar 2024 0.8 | Jun 2024 0.7 | Sep 2024 0.7 | Dec 2024 0.7 | Mar 2025 0.7 | Jun 2025 0.7 | Sep 2025 0.7 | Dec 2025 0.8 | Mar 2026 0.8 | Jun 2026 — - TRTX: Sep 2021 0.7 | Dec 2021 0.7 | Mar 2022 0.6 | Jun 2022 0.5 | Sep 2022 0.4 | Dec 2022 0.4 | Mar 2023 0.4 | Jun 2023 0.5 | Sep 2023 0.5 | Dec 2023 0.5 | Mar 2024 0.5 | Jun 2024 0.6 | Sep 2024 0.6 | Dec 2024 0.6 | Mar 2025 0.6 | Jun 2025 0.6 | Sep 2025 0.6 | Dec 2025 0.6 | Mar 2026 0.6 | Jun 2026 — - FBRT: Sep 2021 — | Dec 2021 0.4 | Mar 2022 0.4 | Jun 2022 0.7 | Sep 2022 0.6 | Dec 2022 0.7 | Mar 2023 0.6 | Jun 2023 0.8 | Sep 2023 0.7 | Dec 2023 0.7 | Mar 2024 0.7 | Jun 2024 0.7 | Sep 2024 0.7 | Dec 2024 0.8 | Mar 2025 0.7 | Jun 2025 0.6 | Sep 2025 0.6 | Dec 2025 0.7 | Mar 2026 0.6 | Jun 2026 — - RWT: Sep 2021 1.1 | Dec 2021 1.1 | Mar 2022 0.9 | Jun 2022 0.7 | Sep 2022 0.6 | Dec 2022 0.7 | Mar 2023 0.7 | Jun 2023 0.7 | Sep 2023 0.8 | Dec 2023 0.8 | Mar 2024 0.7 | Jun 2024 0.7 | Sep 2024 0.8 | Dec 2024 0.7 | Mar 2025 0.7 | Jun 2025 0.7 | Sep 2025 0.8 | Dec 2025 0.7 | Mar 2026 0.7 | Jun 2026 — - NREF: Sep 2021 0.8 | Dec 2021 0.7 | Mar 2022 0.9 | Jun 2022 0.8 | Sep 2022 0.6 | Dec 2022 0.7 | Mar 2023 0.7 | Jun 2023 0.7 | Sep 2023 0.8 | Dec 2023 0.8 | Mar 2024 0.8 | Jun 2024 0.7 | Sep 2024 0.8 | Dec 2024 0.8 | Mar 2025 0.8 | Jun 2025 0.7 | Sep 2025 0.7 | Dec 2025 0.7 | Mar 2026 0.7 | Jun 2026 — - CMTG: Sep 2021 — | Dec 2021 0.9 | Mar 2022 0.9 | Jun 2022 0.9 | Sep 2022 0.6 | Dec 2022 0.8 | Mar 2023 0.7 | Jun 2023 0.7 | Sep 2023 0.7 | Dec 2023 0.8 | Mar 2024 0.6 | Jun 2024 0.5 | Sep 2024 0.5 | Dec 2024 0.3 | Mar 2025 0.3 | Jun 2025 0.2 | Sep 2025 0.3 | Dec 2025 0.3 | Mar 2026 0.2 | Jun 2026 — - REFI: Sep 2021 — | Dec 2021 — | Mar 2022 1.2 | Jun 2022 1.0 | Sep 2022 1.0 | Dec 2022 1.0 | Mar 2023 0.9 | Jun 2023 1.0 | Sep 2023 1.0 | Dec 2023 1.1 | Mar 2024 1.1 | Jun 2024 1.0 | Sep 2024 1.0 | Dec 2024 1.0 | Mar 2025 1.0 | Jun 2025 1.0 | Sep 2025 0.9 | Dec 2025 0.8 | Mar 2026 0.8 | Jun 2026 — - ACRE: Sep 2021 1.1 | Dec 2021 1.0 | Mar 2022 1.1 | Jun 2022 0.9 | Sep 2022 0.7 | Dec 2022 0.8 | Mar 2023 0.7 | Jun 2023 0.8 | Sep 2023 0.8 | Dec 2023 0.9 | Mar 2024 0.7 | Jun 2024 0.6 | Sep 2024 0.7 | Dec 2024 0.6 | Mar 2025 0.5 | Jun 2025 0.5 | Sep 2025 0.5 | Dec 2025 0.5 | Mar 2026 0.5 | Jun 2026 — - RC: Sep 2021 0.9 | Dec 2021 0.9 | Mar 2022 0.9 | Jun 2022 0.7 | Sep 2022 0.6 | Dec 2022 0.7 | Mar 2023 0.6 | Jun 2023 0.7 | Sep 2023 0.7 | Dec 2023 0.7 | Mar 2024 0.7 | Jun 2024 0.6 | Sep 2024 0.6 | Dec 2024 0.6 | Mar 2025 0.5 | Jun 2025 0.4 | Sep 2025 0.4 | Dec 2025 0.2 | Mar 2026 0.2 | Jun 2026 — - MITT: Sep 2021 0.4 | Dec 2021 0.4 | Mar 2022 0.4 | Jun 2022 0.3 | Sep 2022 0.2 | Dec 2022 0.2 | Mar 2023 0.3 | Jun 2023 0.3 | Sep 2023 0.3 | Dec 2023 0.4 | Mar 2024 0.3 | Jun 2024 0.4 | Sep 2024 0.4 | Dec 2024 0.4 | Mar 2025 0.4 | Jun 2025 0.4 | Sep 2025 0.4 | Dec 2025 0.5 | Mar 2026 0.4 | Jun 2026 — - AOMR: Sep 2021 0.9 | Dec 2021 0.8 | Mar 2022 1.0 | Jun 2022 0.9 | Sep 2022 1.1 | Dec 2022 0.5 | Mar 2023 0.7 | Jun 2023 0.9 | Sep 2023 0.9 | Dec 2023 1.0 | Mar 2024 1.0 | Jun 2024 1.3 | Sep 2024 0.9 | Dec 2024 0.9 | Mar 2025 0.9 | Jun 2025 0.9 | Sep 2025 0.8 | Dec 2025 0.8 | Mar 2026 0.8 | Jun 2026 — ## Market action Adamas Trust, Inc. has the strongest one-year price move in REIT - Mortgage at +32.4%. NexPoint Real Estate Finance, Inc. leads on Mansfield relative strength against the S&P 500 at +8.9%. 3 of 29 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28. ### Strongest one-year price performers 1. Adamas Trust, Inc. (ADAM): 32% 2. NexPoint Real Estate Finance, Inc. (NREF): 25% 3. Two Harbors Investment Corp. (TWO): 24% 4. AGNC Investment Corp. (AGNC): 17% 5. Annaly Capital Management, Inc. (NLY): 13% ### Strongest relative strength versus NIFTY 500 1. NexPoint Real Estate Finance, Inc. (NREF): 8.9% 2. Adamas Trust, Inc. (ADAM): 3.3% 3. Two Harbors Investment Corp. (TWO): 2.7% 4. AGNC Investment Corp. (AGNC): -2.2% 5. Annaly Capital Management, Inc. (NLY): -2.4% ## What can make this comparison misleading? - A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason. - A high ROE can be manufactured with leverage. Read it beside ROA and asset quality. - The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed. - An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion. - Banks and lenders are not forced through operating-margin or ROCE comparisons; missing lender-specific fields remain visibly missing. - Thin comparisons: Funding base, Asset quality have fewer than three usable current readings. ## Every company - Annaly Capital Management, Inc. (NLY) — market value ₹17.4K Cr; latest fundamentals Jun 2026 - AGNC Investment Corp. (AGNC) — market value ₹12.9K Cr; latest fundamentals Jun 2026 - Starwood Property Trust, Inc. (STWD) — market value ₹6.2K Cr; latest fundamentals Mar 2026 - Rithm Capital Corp. (RITM) — market value ₹5.5K Cr; latest fundamentals Mar 2026 - Dynex Capital, Inc. (DX) — market value ₹3.2K Cr; latest fundamentals Mar 2026 - Blackstone Mortgage Trust, Inc. (BXMT) — market value ₹2.8K Cr; latest fundamentals Mar 2026 - ARMOUR Residential REIT, Inc. (ARR) — market value ₹2.3K Cr; latest fundamentals Jun 2026 - Ellington Financial Inc. (EFC) — market value ₹1.7K Cr; latest fundamentals Mar 2026 - Orchid Island Capital, Inc. (ORC) — market value ₹1.3K Cr; latest fundamentals Jun 2026 - Two Harbors Investment Corp. (TWO) — market value ₹1.3K Cr; latest fundamentals Mar 2026 - Ladder Capital Corp (LADR) — market value ₹1.3K Cr; latest fundamentals Jun 2026 - Chimera Investment Corporation (CIM) — market value ₹1.1K Cr; latest fundamentals Mar 2026 - Arbor Realty Trust, Inc. (ABR) — market value ₹1.1K Cr; latest fundamentals Mar 2026 - MFA Financial, Inc. (MFA) — market value ₹935 Cr; latest fundamentals Mar 2026 - Apollo Commercial Real Estate Finance, Inc. (ARI) — market value ₹881 Cr; latest fundamentals Mar 2026 - PennyMac Mortgage Investment Trust (PMT) — market value ₹854 Cr; latest fundamentals Mar 2026 - Adamas Trust, Inc. (ADAM) — market value ₹783 Cr; latest fundamentals Mar 2026 - Invesco Mortgage Capital Inc. (IVR) — market value ₹697 Cr; latest fundamentals Mar 2026 - BrightSpire Capital, Inc. (BRSP) — market value ₹683 Cr; latest fundamentals Mar 2026 - TPG RE Finance Trust, Inc. (TRTX) — market value ₹660 Cr; latest fundamentals Mar 2026 - Franklin BSP Realty Trust, Inc. (FBRT) — market value ₹596 Cr; latest fundamentals Mar 2026 - Redwood Trust, Inc. (RWT) — market value ₹584 Cr; latest fundamentals Mar 2026 - NexPoint Real Estate Finance, Inc. (NREF) — market value ₹395 Cr; latest fundamentals Mar 2026 - Claros Mortgage Trust, Inc. (CMTG) — market value ₹297 Cr; latest fundamentals Mar 2026 - Chicago Atlantic Real Estate Finance, Inc. (REFI) — market value ₹257 Cr; latest fundamentals Mar 2026 - Ares Commercial Real Estate Corporation (ACRE) — market value ₹256 Cr; latest fundamentals Mar 2026 - Ready Capital Corporation (RC) — market value ₹240 Cr; latest fundamentals Mar 2026 - TPG Mortgage Investment Trust, Inc. (MITT) — market value ₹230 Cr; latest fundamentals Mar 2026 - Angel Oak Mortgage REIT, Inc. (AOMR) — market value ₹223 Cr; latest fundamentals Mar 2026 ## Methodology and freshness Fundamentals through Jun 2026; prices through 2026-07-28. Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable. ## Frequently asked questions ### Which REIT - Mortgage company is the biggest? Rithm Capital Corp. is the largest, with trailing-twelve-month income of $4,994 million, ahead of Ready Capital Corporation at $1,057 million. That covers 24 of 29 companies with comparable reporting through Mar 2026. ### Which REIT - Mortgage company is growing fastest? Adamas Trust, Inc. has the fastest income growth at 100% year on year, across 24 of 29 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend. ### Which REIT - Mortgage company makes the most profit? Rithm Capital Corp. earns the most, at $747 million of trailing-twelve-month net profit, from 24 of 29 comparable companies. Adamas Trust, Inc. has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed. ### Which REIT - Mortgage company earns the highest return on capital? Invesco Mortgage Capital Inc. leads on return on assets at 3.3%, across 7 of 29 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year. ### Which REIT - Mortgage stock is the cheapest? On price-to-book divided by return on equity — where a LOWER number is cheaper — Invesco Mortgage Capital Inc. screens cheapest at 0.03×. Only 17 of 29 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own. ### Is the REIT - Mortgage sector beating the market? REIT - Mortgage has underperformed S&P 500 by 22.4% over the last 52 weeks and 11.8% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 3 of 29 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it. ### Which REIT - Mortgage stock has the strongest price momentum? NexPoint Real Estate Finance, Inc. has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all. ### Which REIT - Mortgage company scores highest for research priority? Invesco Mortgage Capital Inc. scores 70.9 out of 100 with 70% evidence confidence, from 25.9 points on growth and earnings, 19.6 on capital efficiency, 15.6 on valuation and 9.8 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research. ### How many REIT - Mortgage companies does this comparison cover, and over what period? It compares 29 listed companies over up to 20 reported quarters of fundamentals and 6 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data. ### What is the total market cap of the REIT - Mortgage sector? The 29 REIT - Mortgage companies on this page carry $66,550 million of combined market value. Annaly Capital Management, Inc. is the largest at $17,413 million, about 26% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28. ### What is the REIT - Mortgage sector's P/B ratio? The median price-to-book ratio across the 29 REIT - Mortgage companies on this page is 0.7×, measured on the 29 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-28. ### How is the REIT - Mortgage sector performing? 3 of the 29 covered REIT - Mortgage companies are beating S&P 500 on Mansfield relative strength. The sector itself is 22.4% behind S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28. ### How many REIT - Mortgage stocks are listed in the US? This comparison covers 29 listed REIT - Mortgage companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list — nothing is dropped for having thin data. ### Why are some values on this page blank? A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad. ### Is this investment advice? No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser. Narrative sector analysis: https://www.sectoralpha.in/sectors/reit-mortgage