cmREITs Weekly

Research evidence excerpt

cmREITs Weekly

May 11, 2026 cmREITs Weekly

cmREITs Down 2.2%, Underperform the S&P 500 as 1Q26 cmREITs

Earnings Season Wraps Up. Thomas Catherwood

(212) 738-6140 tcatherwood@btig.comMORTGAGE WHAT YOU SHOULD KNOW: This weekly report features commercial mortgage REIT John Nickodemus, CFA

trading and valuation data, along with updates and color on our cmREIT coverage (212) 738-6050 jnickodemus@btig.com

universe and the greater CRE ecosystem as a whole. In this edition, see cmREIT loanAND portfolio comp sheets on pages 6-7 and our equity comp sheet on page 4.

■ Commercial mortgage REITs were down 2.2% for the week ended 5/8/26,

underperforming equity REITs and the broader market. KKR Real Estate Finance

(KREF, Neutral) and BrightSpire Capital (BRSP, Buy, $7 PT) were the top performers,

up 4.1% and 1.7%, respectively. Claros Mortgage Trust (CMTG, Neutral) and ArborSPECIALTY Realty (ABR, Not Rated) were the worst performers, down (11.0%) and (9.1%),

respectively.

■ Last week capped off 1Q26 earnings season for cmREITs, with four of our covered

names reporting. Up first was Claros Mortgage Trust, which reported after market

close on Wednesday. In a similar pattern to other recent quarters, CMTG detailedFINANCE $634.2M of year-to-date loan resolutions ($460.4M of which was off the watchlist)

and a post-quarter REO sale agreement. In management's words, the company

continues to focus on "turning over the portfolio, resolving watchlist loans,

repositioning [its] REO assets and deleveraging the balance sheet," actions we

expect to stay in place for most of 2026. CMTG stock declined following the print,

finishing the week down (11.0%).INDUSTRY

■ Thursday brought two further prints among our coverage. First on the day was