Mortgage and Real Estate Finance Bi-Weekly Industry Events & M&A Update — September 14–28, 2026

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BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

FINANCIALS › FINANCIAL SERVICES › MORTGAGE AND REAL ESTATE FINANCE

Lenders Kept Their Funding Open While the Equity Did the Adjusting

This update covers sector events, share-price moves and transaction activity from September 14–28, 2026.

September 14–28, 2026

Prepared by NeuraCap AI · Confidential

Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28

Mortgage and Real Estate Finance Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice

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1. 01
   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

   FINANCIALS › FINANCIAL SERVICES › MORTGAGE AND REAL ESTATE FINANCE

   Cover slide introducing the Mortgage and Real Estate Finance bi-weekly industry events and M&A update for September 14–28, 2026.

   We open with the two-week picture across Mortgage and Real Estate Finance: what changed, who moved, what transacted, and what it means. This update covers September 14–28, 2026, so you can see the period's evidence in one place before we walk through it.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE FINANCIALS › FINANCIAL SERVICES › MORTGAGE AND REAL ESTATE FINANCE Lenders Kept Their Funding Open While the Equity Did the Adjusting This update covers sector events, share-price moves and transaction activity from September 14–28, 2026. September 14–28, 2026 Prepared by NeuraCap AI · Confidential Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28 Mortgage and Real Estate Finance Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   Financing and Distributions Held While Almost the Whole Covered Set Repriced Lower

   This slide summarizes the two-week period: financing and distributions held while nearly the whole covered set repriced lower.

   Twenty-four of the twenty-five names we cover fell over the period, with a median move of -6.5% against a +0.8% return for the S&P 500 — so the decline was broad, not a handful of single-name stories. LTC Properties was the lone gainer, at +1.1%. At the same time, funding stayed open: TPG RE Finance Trust priced a $1.0 billion CRE CLO with $820.0 million of expected proceeds, and Walker & Dunlop extended its master repurchase agreement. Boards also kept paying on schedule, with TPG RE Finance Trust declaring a $0.24 per-share dividend — so the financing and distribution record tells a steadier story than the share prices do.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE Financing and Distributions Held While Almost the Whole Covered Set Repriced Lower The two-week period in one page · 25 covered names, close-to-close · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Driver attributions use calibrated language and are NeuraCap reads of the recorded evidence. Mortgage and Real Estate Finance Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 24 of 25 Covered Names Fell; The Median Move Was -6.5% The S&P 500 returned +0.8% over the same two-week period. LTC Properties, Inc. (LTC) was the only name higher, at +1.1%, so the decline was broad rather than a handful of single-name stories. 2 Securitisation and Warehouse Capacity Stayed Available Through the Sell-off TPG RE Finance Trust, Inc. (TRTX) priced a $1.0 billion managed commercial real estate CLO and expects approximately $820.0 million of proceeds. Walker & Dunlop, Inc. (WD) extended its master repurchase agreement with its repo counterparty. 3 Boards Paid on Schedule Rather than Waiting for Calmer Trading Blackstone Mortgage Trust, Inc. (BXMT) declared its third-quarter common dividend and TRTX declared a cash dividend of $0.24 per share. NeuraCap's read: distributions were set against distributable earnings, not against the share price. 4 The Move Cut Across Tiers, Which Fits the Standing Sector View Premium-tier names Rocket Companies, Inc. (RKT) at -13.4% and loanDepot, Inc. (LDI) at -26.8% fell alongside Discount-tier Onity Group Inc. (ONIT) at -13.9%. The standing study puts the sector median at 6.2x CY2027E earnings, with the Discount tier at 3.8x. +1.1% Best mover — LTC Properties, Inc. (LTC) worst: LDI -26.8% · 1 up / 24 down of 25 covered -6.5% Sector median two-week return vs S&P 500 +0.8% 3 Company filings in the window 8-K events read for driver attribution

3. 03
   PUBLIC MARKET MOVERS

   The Sell-off Did Not Sort by Label, Tier or Funding Quality

   This slide shows the bi-weekly share-price moves across the covered set, close-to-close, against the sector median and materiality bar.

   The sell-off cut across the covered set without regard to label or tier, moving the sector median to -6.5% against a +0.8% S&P 500 return over the same window. We set the materiality bar at 9.8% sector-relative, so moves inside that band reflect normal dispersion rather than a distinct catalyst. Premium-tier names like Rocket Companies at -13.4% and loanDepot at -26.8% sit alongside Discount-tier Onity Group at -13.9% — so tier and funding quality did not protect any single group this period. That pattern is the clearest read of how broadly the repricing traveled.

   Everything on this page

   PUBLIC MARKET MOVERS The Sell-off Did Not Sort by Label, Tier or Funding Quality Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median -6.5% · S&P 500 +0.8% · materiality bar ±9.8% (sector-relative) Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Attribution links each move only to filings and headlines recorded in the window; where no driver is recorded, the page says so. Calibrated language throughout — NeuraCap reads, not asserted causation. Mortgage and Real Estate Finance Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 3 Bi-Weekly return per company · teal above zero, amber below · sector median -6.5% loanDepot, Inc. (LDI) -26.8% No notable in-window news was identified that clearly explains the move. At -26.8%, loanDepot, Inc. (LDI) posted the widest decline in the covered set against a -6.5% median. Monoline exposure to a single origination channel shows up as amplitude when the whole set turns down. UNEXPLAINED Onity Group Inc. (ONIT) -13.9% No notable in-window news was identified that clearly explains the move. The -13.9% decline was wider than the -6.5% median for the covered set. Discount-tier originator-servicers carry less price support when the broader set is being re-marked. UNEXPLAINED TPG RE Finance Trust, Inc. (TRTX) -13.8% TRTX priced a $1.0 billion managed CRE CLO and declared a $0.24 per share dividend inside the window, yet shares touched a new 52-week low of $6.80. The available evidence suggests the market repriced the loan book, not the financing. Clean securitisation execution does not settle where the equity trades; the carrying marks still do. COMPANY-SPECIFIC LTC Properties, Inc. (LTC) +1.1% The only gainer, at +1.1%. Shares moved following the September 25 announcement that LTC Properties, Inc. (LTC) elected its co-presidents and co-CEOs to the board, alongside third-party commentary on its seniors housing operating shift. Governance clarity on succession is being rewarded while the rest of the set is marked on credit. COMPANY-SPECIFIC

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   Companies Spent the Period Securing Funding, Paying Holders and Setting up Disclosure

   This slide lists the two-week period's highest-impact events, each linked to its underlying filing or article.

   This period's highest-impact events centered on funding and disclosure rather than transactions: TPG RE Finance Trust priced a $1.0 billion managed CRE CLO with $820.0 million of expected proceeds, and Walker & Dunlop extended its master repurchase agreement with its repo counterparty. Blackstone Mortgage Trust declared its third-quarter common dividend and TPG RE Finance Trust declared a $0.24 per-share dividend, so boards kept paying on schedule through the sell-off. Each event links back to its source filing or article, so the evidence behind every read is checkable. Together, these events show companies securing capital and paying holders even as the equity repriced.

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS Companies Spent the Period Securing Funding, Paying Holders and Setting up Disclosure The two-week period's highest-impact events · titles link to the underlying filing or article · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. "Why it matters" lines are NeuraCap reads; each event links to its source. Sources are admitted in a fixed reliability order (SEC filings, press releases, established outlets); video and social platforms are never used. Mortgage and Real Estate Finance Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 15 · 8-K · SEC EDGAR Walker & Dunlop extended its master repurchase agreement with its repo counterparty Warehouse capacity and advance rates are the precondition for lock and funded volume; an extension keeps the origination engine supplied without a financing gap. Funding portability is underwritten before price in this sector, and renewals are the visible evidence of it. Sep 15 · NEWS · Newsfile Corp UWM Holdings faces a securities class action with an October 13, 2026 investor deadline Litigation overhang adds a standing diligence item for a Discount-tier originator and sits alongside the licensing and agency approvals that gate the franchise. Legal items travel with the platform and the servicing mandate, not only with the shares. Sep 15 · NEWS · Business Wire Blackstone Mortgage Trust declared its third-quarter common stock dividend NeuraCap's read: declaring on schedule while the covered set sold off points to comfort with distributable earnings coverage, which is what sets the multiple for REIT-structured lenders. Coverage, not headline yield, is the number peers will be asked about next quarter. Sep 14 · NEWS · Business Wire loanDepot signed a marketing services agreement with the country's largest 100% commission brokerage Distribution partnerships are how an originator adds purchase-channel lock volume without lifting cost to originate per loan. Access to agent-led consumer flow is the current battleground for gain-on-sale margin by channel. Sep 15 · 8-K · SEC EDGAR InPoint Commercial Real Estate Income reported its month-end net asset value per share The book is the asset in this sector, and the vehicle reported net asset value per share of $13.6882 as of August 31, 2026 against commercial mortgage loan components. Non-traded vehicles mark to a stated NAV while listed peers were repriced daily; the gap is a talking point. Sep 15 · NEWS · PRNewsWire Rocket Companies circulated housing data on where Gen Z and millennial buyers are relocating Where purchase demand forms drives channel mix, capacity placement and where pull-through adjusted lock volume can actually be earned. Geography is becoming an operating decision for originators, not just a marketing output.

5. 05
   M&A & STRATEGIC ACTIVITY

   The Transaction Record Stood Still; The Financing Record Did the Talking

   This slide covers the two-week period's transaction record against the standing set of 40 recorded precedent deals.

   No new precedent transactions entered the record this period, so the reference set of 40 recorded deals stands unchanged. The financing side did the talking instead: a $1.0 billion CRE CLO priced and a master repurchase agreement was extended, while the transaction record held still. For acquirers, that means the existing precedent multiples remain the working reference point — nothing new has repriced them. The absence of new deals this period is itself a data point on how the M&A cycle is positioned relative to the financing cycle.

   Everything on this page

   M&A & STRATEGIC ACTIVITY The Transaction Record Stood Still; The Financing Record Did the Talking September 14–28, 2026 · precedent transactions: 40 recorded deals Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Deal multiples are LTM at announcement where disclosed; "why the deal happened" is a NeuraCap read of the recorded evidence. No old transactions are re-presented as news. Mortgage and Real Estate Finance Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 5 No Material Transactions Announced No material sector transactions were announced during the period. The observable capital activity sat in financing and distributions instead — a priced commercial real estate CLO, an extended master repurchase agreement and two declared dividends. A quiet two-week period is information: buyer appetite, financing conditions and seller expectations all read through a period with no new deals. The precedent transactions alongside still frame what buyers have paid. 40 Recorded precedent transactions the reference set buyers and sellers price against

6. 06
   WHAT IT MEANS

   What a Broad Repricing with Open Funding Means for the Three Audiences

   This slide translates the two-week repricing and open funding conditions into implications for owners, acquirers and advisors.

   For owners and operators, the read is to keep running at the same operating measures — gain-on-sale margin, pull-through adjusted lock volume, cost to originate and servicing portfolio UPB — since those are what the market is pricing. For acquirers, the reference range is unchanged because no new precedent transactions entered the record this period, so existing multiples remain the working benchmark. For advisors, the strongest evidence is the financing record: a $1.0 billion CRE CLO priced, a repurchase agreement extended and dividends declared on schedule. Together these observations point to a market separating funding health from headline share-price moves — a distinction worth leading with in any conversation this period.

   Everything on this page

   WHAT IT MEANS What a Broad Repricing with Open Funding Means for the Three Audiences The two-week period translated for the people who act on it · NeuraCap view · observations, not recommendations Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. This page is analytical interpretation drawn from the two-week period's recorded evidence. It is not investment advice. Mortgage and Real Estate Finance Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 P / E (CY2027E) median 6.2x 28 companies in the study 3 valuation tiers Standing thesis: Mortgage and Real Estate Finance Trades as Four Businesses, and the Pricing Gap Sits With Earnings Quality FOR OWNERS & OPERATORS The Operating Numbers Behind the Moves Are the Ones to Run At Companies in the space were marked on the same handful of measures: gain-on-sale margin by channel, pull-through adjusted lock volume, cost to originate per loan, servicing portfolio UPB and recapture. FOR ACQUIRERS The Reference Range Is Unchanged; The Public Marks Are Not No new precedent transactions entered the record this period, so the reference set rests on the transactions already there. FOR ADVISORS Lead with Funding Structure, Then with Earnings Quality The period's strongest evidence is the financing record: a $1.0 billion managed CRE CLO priced, a master repurchase agreement extended and distributions declared on schedule.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   This slide explains the sources and methodology behind the update and states the important notice.

   Every figure in this update links back to the filing, press release or established outlet it was taken from, so you can verify each read yourself. We hold sources to a fixed reliability order and exclude video and social platforms entirely. That discipline is what lets us make calibrated reads with confidence rather than overstating what the record shows.

   Everything on this page

   SOURCES & METHODOLOGY Sources, Methodology and Important Notice How this bi-weekly update is built and what each kind of statement rests on · September 14–28, 2026 · market data through 2026-09-28 Every figure in this update links to the record it was taken from; the publishers and filings drawn on for the period are listed above. Mortgage and Real Estate Finance Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice 7 OBSERVED DATA Bi-Weekly stock moves are computed close-to-close over the stated window from the platform’s price series. Deal records, values and multiples come from the platform’s transaction record (SEC 8-K extractions) exactly as recorded; each figure links to its citation. Treasury rates come from the platform’s Treasury series and are shown only when the 10-year moved at least ten basis points over the window (it did not in this window, so no rate figures appear). UNIVERSE QUALITY The update universe is the platform’s approved company set for this sector, subject to a $100M market-cap floor so small, loosely related names cannot dominate the statistics. 3 names below the floor were excluded from movers and statistics for this window. EVENTS & NEWS Company events are in-window 8-K filings; news items are publisher-sourced headlines fetched for the window (and any externally supplied items, marked as such). Operational and strategic developments (deals, partnerships, launches, expansion, guidance, leadership, regulatory outcomes) are shown first; capital-return mechanics and conference appearances are limited to one each. Every event links to its source. The deck never asserts an event that has no linked record. SOURCE HIERARCHY News is admitted in a fixed order of reliability: SEC filings first, then company press releases and investor-relations communications, then transaction documents, then established outlets (Reuters, CNBC, The Wall Street Journal, Barron’s and peers). Video and social platforms — including YouTube — are never used as sources. DRIVER ATTRIBUTION A stock move is linked to an event only when the event falls inside the window, and only in calibrated language ("the move appears to reflect…", "shares moved following…"). Where no driver is recorded, the page says so and compares the move to the sector median instead. ANALYTICAL INTERPRETATION "Why it matters", "why the deal happened" and the what-it-means page are NeuraCap analytical views drawn from the recorded evidence, and are labeled as such. INHERITED CONTEXT The standing sector view (thesis, valuation lens, sector median and tiering) is inherited from the NeuraCap sector study run_20260929T213810Z_590_prod (market data as of 2026-09-28) — distilled, never re-derived. That report’s own sources page governs its content; this update reads the period against it. IMPORTANT NOTICE This report is informational only. It is not investment advice, not a recommendation to buy or sell any security, and not an offer of any kind. Readers should perform their own diligence before acting on anything described here. Linked sources this two-week period: sec.gov · newsfilecorp.com · businesswire.com · prnewswire.com · globenewswire.com

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