cmREITs Weekly

Research evidence excerpt

cmREITs Weekly

June 8, 2026 cmREITs Weekly

cmREITs Down 0.6%, Outperform the S&P 500 as the Calendar Flips to

June. 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 0.6% for the week ended 6/5/26,

underperforming equity REITs and outperforming the broader market. Granite

Point (GPMT, Not Rated) and KKR RE Finance (KREF, Neutral) were the top

performers, up 4.8% and 3.7%, respectively. Arbor Realty (ABR, Not Rated) andSPECIALTY Ready Capital (RC, Neutral) were the worst performers, down (8.7%) and (3.9%),

respectively.

■ News broke last week regarding a sizable office lease in Downtown Brooklyn, as

Brooklyn Defender Services (Private) signed a 212k-SF lease at 422 Fulton Street,

which is owned by Tishman Speyer (Private). The lease, which comes with a 31-FINANCE year term, brings the office tower to 100% occupancy. The news is notable for

our coverage as Top Pick Starwood Property Trust (STWD, Buy, $24 PT) previously

provided a $301M refinancing on the property in 2024 (replacing a 2021 STWD loan

of the same size), and held a $95M tranche on nonaccrual as of 1Q26. We believe

last week's leasing progress update provides a boost to the loan's credit profile.

■ In residential news, TYKO Capital (Private) announced that it provided an $870MINDUSTRY

construction loan for the Four Seasons Private Residences Lake Austin. The