ORealty IncomeNeutralRealty IncomeAGNCAGNC InvestmentBullishAGNC InvestmentNLYAnnaly Capital ManagementBullishAnnaly Capital Management

3w ago on

Rising yields have decimated mREITs this year—mortgage real estate ETFs like $REM and $MORT are down ~19–20% (dividend-adjusted) YTD. However, over longer time frames, their high dividend yields (often 15%+) often compensate for underperformance in stock price. On a dividend-adjusted basis, $AGNC (one of the few mREITs that I own) has lost 12% YTD (vs. $O +1.8%), but it actually outperformed $O over the 1Y (+0.7% vs. -0.2%) and 5Y (+6.1% vs. +4.6%) periods. On a 10Y annualized total return basis, the results are similar — $AGNC at 4.5% vs. $O at 4.1%. To be fair, mREITs are highly volatile, and outsized drawdowns can happen over fairly short periods of time, but I find that quality mREITs like $AGNC and $NLY (and a few others) can be excellent income vehicles when entries are made opportunistically—buying near or below tangible book has historically been a good risk/reward setup.

ORealty IncomeBullishRealty IncomeADCAgree RealtyBullishAgree RealtyAGNCAGNC InvestmentBullishAGNC InvestmentDLRDigital Realty TrustBullishDigital Realty TrustEPRTEssential PropertiesBullishEssential PropertiesEQIXEquinixBullishEquinixFRMIFermiBullishFermiIRMIron MountainBullishIron MountainPLDPrologisBullishPrologisAMTAmerican TowerNeutralAmerican TowerCOLDAmericold Realty TrustNeutralAmericold Realty TrustDOCHealthpeak PropertiesNeutralHealthpeak PropertiesHSTHost Hotels & ResortsNeutralHost Hotels & ResortsINVHInvitation HomesNeutralInvitation HomesLINELineageNeutralLineageOHIOmega Healthcare InvtsNeutralOmega Healthcare InvtsOUTOutfront MediaNeutralOutfront MediaREXRRexford Industrial RealtyNeutralRexford Industrial RealtySBACSBA CommunicationsNeutralSBA CommunicationsTRNOTerreno RealtyNeutralTerreno RealtyCCICrown CastleBearishCrown Castle

3w ago on

Portfolio Weekly Summary - Oct 12, 2026 to Oct 16, 2026 Transactions Initiated: $FRMI Added: $ADC $AGNC $DLR $EPRT $EQIX $IRM $NHP $O $PLD Exited: $CCI $DEA Dividend received: ACRE, AFCG, APLE, ARE, COLD, EPR, EPRT, FBRT, GNL, HST, IIPR, INVH, MRP, NHP, O, ONL, REXR, XRN Portfolio Performance Weekly: -0.72% Total return YTD: +3.52% Total return since inception (Feb 2022): +8.13% (1.75% annualized) Forward dividend yield: 5.70% Number of Holdings: 46 Top 30 Holdings 1. O 10.2% 2. EQIX 7.8% 3. PLD 6.1% 4. ARE 6.1% 5. LTC 5.8% 6. IRM 4.8% 7. DLR 4.3% 8. AMT 4.0% 9. NHP 3.7% 10. MPT 3.3% 11. ADC 3.2% 12. SBAC 3.2% 13. REXR 3.1% 14. OHI 3.0% 15. SPG 2.5% 16. GOOD 2.3% 17. EPRT 2.2% 18. AGNC 2.1% 19. IIPR 2.1% 20. HST 2.0% 21. LINE 1.6% 22. TRNO 1.6% 23. OUT 1.5% 24. CHCT 1.3% 25. DOC 1.1% 26. HR 1.1% 27. COLD 1.0% 28. XRN 1.0% 29. BXDC 0.9% 30. STWD 0.8%

ORealty IncomeBullishRealty IncomeADCAgree RealtyBullishAgree RealtyVTRVentasNeutralVentasWELLWelltowerNeutralWelltower

4w ago on

The yields have been volatile after the hot CPI print this morning, but overall the curve is bear-flattening. If CPI keeps grinding higher, we might see the belly-to-long-end inverted, which might be a relatively good scenario for $TLT. As expected, REITs are getting hammered—the Dow Jones All Equity REIT Index was down more than 1% at one point but has recovered to -0.7%. Some names are holding up very well, in particular senior housing like $WELL and $VTR, and triple-net retail names like $O, $ADC, and $NNN. They are all positive at mid-morning. I added outsized positions in $O, $ADC, and $TLT in the pre-market today.

ORealty IncomeBullishRealty IncomeADCAgree RealtyBullishAgree RealtyEPRTEssential PropertiesBullishEssential PropertiesHSTHost Hotels & ResortsBullishHost Hotels & ResortsOUTOutfront MediaBullishOutfront MediaPEBPebblebrook HotelBullishPebblebrook HotelAGNCAGNC InvestmentNeutralAGNC InvestmentAMTAmerican TowerNeutralAmerican TowerCCICrown CastleNeutralCrown CastleCOLDAmericold Realty TrustNeutralAmericold Realty TrustDLRDigital Realty TrustNeutralDigital Realty TrustDOCHealthpeak PropertiesNeutralHealthpeak PropertiesEQIXEquinixNeutralEquinixIRMIron MountainNeutralIron MountainLINELineageNeutralLineageOHIOmega Healthcare InvtsNeutralOmega Healthcare InvtsPLDPrologisNeutralPrologisREXRRexford Industrial RealtyNeutralRexford Industrial RealtySBACSBA CommunicationsNeutralSBA CommunicationsTRNOTerreno RealtyNeutralTerreno Realty

10/10/2026 on

Portfolio Weekly Summary - Oct 5, 2026 to Oct 9, 2026 Transactions Initiated: $ADC $OUT $PEB Added: $APLE $EPRT $HST $O Reduced: $AMT $CCI $DOC $SBAC Dividend received: AGNC, AHRT, MPT, OLP, TRNO Portfolio Performance Weekly: +0.06% Total return YTD: +3.77% Total return since inception (Feb 2022): +8.87% (1.91% annualized) Forward dividend yield: 5.84% Number of Holdings: 47 Top 30 Holdings (by weight) 1. O 9.4% 2. ARE 7.0% 3. EQIX 7.0% 4. LTC 6.0% 5. PLD 5.8% 6. IRM 4.4% 7. AMT 4.2% 8. MPT 3.6% 9. NHP 3.6% 10. DLR 3.5% 11. REXR 3.3% 12. SBAC 3.3% 13. OHI 3.1% 14. SPG 2.6% 15. GOOD 2.5% 16. IIPR 2.2% 17. HST 2.0% 18. AGNC 1.9% 19. LINE 1.8% 20. TRNO 1.7% 21. EPRT 1.6% 22. OUT 1.5% 23. DEA 1.5% 24. CHCT 1.4% 25. DOC 1.2% 26. XRN 1.2% 27. HR 1.1% 28. COLD 1.1% 29. BXDC 1.1% 30. CCI 1.0%

NeutralORealty IncomeRealty IncomeADCAgree RealtyAgree RealtyEPRTEssential PropertiesEssential PropertiesNTSTNetstreitNetstreit

9/30/2026 on

Not exactly a good day for REITs—the Dow Jones Equity REIT Index just finished Q3 with a bang to the downside, dropping 1.03% on the day. Triple-net retail names have been noticeably weaker recently. With Q3 now in the books, here are their YTD total returns: $NNN +8.3% $NTST +2.9% $O -1.4% $ADC -4.4% $EPRT -11.2% Equity REIT Index +7.7% $ADC and $EPRT have historically commanded premium multiples; when the cost of capital rises and acquisition spreads compress, those premiums shrink fast. On the flip side, this looks like a buying opportunity for $ADC and $EPRT for those interested, but the cheap often gets cheaper these days, so I’m staying sidelined for now.