Mortgage REITs 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 REITS

A Sector-Wide Drawdown Shifts the Argument to Funding and Coverage

This update covers the two-week period of September 14–28, 2026: who moved, the company news behind it, and what changed in the transaction record.

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 REITs Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice

Sources & methodology

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

   FINANCIALS › FINANCIAL SERVICES › MORTGAGE REITS

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

   We open this bi-weekly update on Mortgage REITs, covering the two-week period of September 14–28, 2026. Over the next pages we walk through what changed across covered names, who moved and our read on why, what transacted, and what it means for how you act on the group.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE FINANCIALS › FINANCIAL SERVICES › MORTGAGE REITS A Sector-Wide Drawdown Shifts the Argument to Funding and Coverage This update covers the two-week period of September 14–28, 2026: who moved, the company news behind it, and what changed in the transaction record. 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 REITs Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   The Whole Group Repriced While Companies Kept Funding and Kept Paying

   This page summarizes the two-week period: all 17 covered names fell while companies continued funding and paying activity.

   Across the 17 names we cover, every single one fell over the two-week period, with a median move of -8.3% against a +0.8% gain for the S&P 500. That breadth tells us this was a sector-wide repricing, not a name-specific story. At the same time, companies kept the capital markets open — payout and capital-raising actions continued through the decline. So what: the group moved as one block, but the operating and funding decisions inside it kept running as normal, which is the split worth tracking name by name.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE The Whole Group Repriced While Companies Kept Funding and Kept Paying The two-week period in one page · 17 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 REITs Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 17 of 17 Covered Names Fell; The Median Move Was -8.3% The S&P 500 rose +0.8% over the same two-week period. The decline was uniform rather than selective: no covered name finished higher. 2 Companies Kept Paying and Kept Raising Capital Through the Decline Four of the six curated events were payout or capital actions. Dynex Capital, Inc. (DX) priced Series D preferred stock at 9.375%, and a prime RMBS issue sponsored within PennyMac Mortgage Investment Trust (PMT) drew preliminary ratings — both the permanent-capital and term funding channels stayed open. 3 The Two Widest Decliners Sat Well Below the Median Claros Mortgage Trust, Inc. (CMTG) fell -14.8% and Franklin BSP Realty Trust, Inc. (FBRT) fell -13.2%, against the -8.3% median for the covered set. Only one of the two carried an in-window record to read. 4 The Window Supports the One-Block Read, Not a One-Price Read NeuraCap's read: names moving down together is consistent with the standing view that the group prices as one block of diversified mortgage credit lenders, with the premium won name by name. The study's CY2027E median is 5.8x, with the Premium tier at 8.8x and the Discount tier at 5.0x. -2.4% Best mover — Seven Hills Realty Trust (SEVN) worst: CMTG -14.8% · 0 up / 17 down of 17 covered -8.3% Sector median two-week return vs S&P 500 +0.8% 1 Company filings in the window 8-K events read for driver attribution

3. 03
   PUBLIC MARKET MOVERS

   One Decline with a Record Behind It, One Without

   This page ranks the two-week share-price moves across covered names, with sector median -8.3% against the S&P 500's +0.8%.

   The two widest decliners, Claros Mortgage Trust at -14.8% and Franklin BSP Realty Trust at -13.2%, sat well below the -8.3% sector median. We link each move only to the filings and headlines recorded in the window, and where no driver is recorded, we say so plainly. The sector median move of -8.3% compares against a +0.8% gain for the S&P 500 over the same period. So what: the gap between the median and the widest decliners is where the name-by-name argument starts.

   Everything on this page

   PUBLIC MARKET MOVERS One Decline with a Record Behind It, One Without Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median -8.3% · S&P 500 +0.8% · materiality bar ±12.5% (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 REITs 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 -8.3% Franklin BSP Realty Trust, Inc. (FBRT) -13.2% Shares moved following the September 17 leadership update that returned the company's chairman and former chief executive to the CEO seat. A $11.50 consensus price target was published a day earlier, on September 16. Management structure is a valuation variable in this sector, not a footnote — the market prices the manager alongside the book. COMPANY-SPECIFIC Claros Mortgage Trust, Inc. (CMTG) -14.8% No notable in-window news was identified that clearly explains the move. At -14.8%, the decline ran wider than the -8.3% median across the covered set. In a broad drawdown, the widest moves land on commercial books, and relative positioning inside the peer set shows up quickly. UNEXPLAINED

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   Payouts, Preferred Stock and Securitization: What Companies Actually Did

   This page lists the two-week period's highest-impact company events, including preferred stock pricing and a securitization rating action.

   Dynex Capital priced Series D preferred stock at 9.375%, keeping the permanent-capital channel open even as share prices fell across the group. A prime RMBS issue sponsored within PennyMac Mortgage Investment Trust drew preliminary ratings, showing the term funding channel stayed open as well. Four of the six curated events in this window were payout or capital actions. So what: the funding and payout machinery kept operating through the drawdown, which is the evidence base for separating price action from operating health.

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS Payouts, Preferred Stock and Securitization: What Companies Actually Did 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 REITs Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 24 · NEWS · GlobeNewsWire ARMOUR Residential REIT, Inc. guides its October common dividend ahead of the month Guiding the payout a month in advance signals that management is comfortable with what net interest spread can carry. For a Discount-tier name, that early signal is how the argument about coverage gets made. Payout visibility is the main lever an agency-focused book has when the whole group re-prices at once. Sep 18 · NEWS · Business Wire KKR Real Estate Finance Trust Inc. declares its third-quarter common stock dividend Declaring the quarterly distribution on schedule during a two-week decline signals the board's read on the earning power of the loan book. Coverage of the payout by distributable earnings is the line the market watches in commercial mortgage books. Sep 17 · NEWS · Business Wire Franklin BSP Realty Trust, Inc. reappoints its chairman and former CEO as chief executive Structure and management economics sit alongside asset quality in how this sector is priced. A change at the top reframes how the market judges asset selection and governance at a Core-tier name. Who runs the platform is part of the valuation discussion, not separate from it. Sep 22 · NEWS · Business Wire Dynex Capital, Inc. prices a public offering of Series D fixed-rate cumulative redeemable preferred Pricing preferred stock at 9.375% shows permanent, non-mark-to-market capital was available to a Premium-tier name during a down two-week period. Funding access, not only asset selection, separates managers here. An open preferred market keeps repo haircuts and counterparty terms from setting the agenda. Sep 21 · NEWS · Business Wire PennyMac Mortgage Investment Trust's new prime RMBS transaction draws preliminary ratings Securitization is the term funding channel for credit assets, and a rated new issue coming to market says that channel stayed open through the window for a Core-tier name. Repeatable securitization is the difference between terming out warehouse exposure and rolling it short. Sep 23 · NEWS · Business Wire MFA Financial, Inc. declares its regular quarterly common stock dividend A scheduled distribution from a Core-tier name in the middle of a broad decline signals the board's view of what spread income can support. The market gives credit for payouts funded by spread income rather than by return of capital.

5. 05
   M&A & STRATEGIC ACTIVITY

   The Transaction Record Stands Where It Was

   This page shows the precedent transaction record, which stands at 29 recorded deals with no additions this period.

   The precedent transaction set held at 29 recorded deals over the two-week period, with nothing new added to the record. We price these deals against book value per share rather than an earnings multiple, and we read the 'why' behind each deal from the recorded evidence rather than assume it. So what: with the reference set unchanged, the comparison work now sits entirely on the price side — where a target is bought relative to book value — rather than on rebuilding the comparable set itself.

   Everything on this page

   M&A & STRATEGIC ACTIVITY The Transaction Record Stands Where It Was September 14–28, 2026 · precedent transactions: 29 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 REITs 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 reference record holds at 29 trailing transactions, and the sector study's standing read is that whole-company deals here are mostly sector-internal and struck in stock. 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. 29 Recorded precedent transactions the reference set buyers and sellers price against

6. 06
   WHAT IT MEANS

   What a Uniform Drawdown Changes — and What It Leaves Alone

   This page translates the two-week drawdown into implications for owners and operators, acquirers, and advisors.

   For owners and operators, the uniform move puts operating metrics — book value, net interest spread, hedge ratio and duration gap — back in front of the price story. For acquirers, the transaction record stands unchanged at 29 deals, so the argument moves to price against book value, funding durability and change-of-control terms. For advisors, we'd lead with the breadth of the move — 17 of 17 names down, median -8.3% against +0.8% for the S&P 500 — then split out FBRT at -13.2% and CMTG at -14.8%, which ran wider than the median. So what: the group-level story explains the direction, but the name-level detail is what determines the size of the move.

   Everything on this page

   WHAT IT MEANS What a Uniform Drawdown Changes — and What It Leaves Alone 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 REITs Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 P / E (CY2027E) median 5.8x 20 companies in the study 3 valuation tiers Standing thesis: Mortgage REITs Price as One Block of Diversified Mortgage Credit Lenders, With the Premium Won Name by Name FOR OWNERS & OPERATORS The Operating Numbers Carry the Argument Now Companies in the space traded lower together across the two-week period, which puts the operating set back in front: book value per share and its roll-forward, economic return, net interest spread and cost of funds, the hedge ratio and duration gap FOR ACQUIRERS The Reference Set Is Unchanged; The Price Side Is Not Nothing was added to the transaction record this period, so the comparison set stays at 29 trailing transactions, priced against book value per share rather than an earnings multiple. FOR ADVISORS Lead with the One-Block Move, Then Separate the Names The headline is breadth: 17 of 17 covered names fell; the median move was -8.3%, against +0.8% for the S&P 500. Then split the set — FBRT at -13.2% and CMTG at -14.8% ran wider than the median, and only one of the two has an in-window record behind it.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   This page explains the sources and methodology behind every figure and driver attribution in the update.

   Every figure in this update links back to the filing, press release or market-data record it was taken from. We draw on SEC filings, press releases and established outlets in a fixed reliability order, and we never draw on video or social platforms. Attribution language throughout is calibrated — we present it as our read of the recorded evidence, not as asserted causation. So what: this is the discipline that lets you trust each number and each driver claim as traceable rather than asserted.

   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 REITs 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_20260929T222001Z_591_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: globenewswire.com · businesswire.com

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