Active · established relationshipLatest completed snapshot · Jul 14 · 18:03 ET

MARKET-DISCOVERED GROUP

Mortgage REITs and Insurance

THE TRADER READShared activity without a clean directional read

Price direction is split across 13 measured members. Capital-flow agreement is 31%, so the basket is not yet clean.

Price breadth3 up · 8 downRelative median unavailable

Capital-flow alignment31%Price breadth is not yet confirmed by flow

Activity nowHotActivity score 86/100 · lift 1.3×

Evidence depth3 episodesLow sample—context, not a validated playbook

EVIDENCE CLOCK

What happened, in timestamp order

0 timed events

TIMING READA causal timing read is unavailable because no material member price onset could be timestamped.

No session event has enough timestamp precision to place on the clock.

2 earlier filing context receipts

THU, APR 30AAT filing documented shared operating contextcredit / rates affecting interest expense · date precision only

WED, AUG 5LAMR filing documented shared operating contextcredit / rates affecting interest expense · date precision only

01 · WHAT IS HAPPENING

The move, the flow and who is driving it

Price breadth, unusual activity and signed capital flow are separate observations

Price sequence unavailableA timestamped price sequence is unavailable.

RELATIVE CO-MOVEMENT

How the members are behaving together

Session-normalized

Observed intraday paths are not available for this group yet.

02 · WHY IT MATTERS

Why now and where the move could travel

Context and lead/lag links are evidence, not proof of causation or a forecast

WHY NOW

Verified recent context

0 items

No verified recent catalyst is attached to this move. The relationship may be market-led rather than news-led.

WHY THIS GROUP EXISTS

Shared filing context

25/25 members covered

Moderate filing support: the strongest shared 10-Q/K outlook is operating setup (near-term outlook) across AAT, BRSP, BXMT, CSV, FAF, FNF, LADR, MAC, OUT, REXR, SKT, STC, STWD.

credit / rates affecting interest expense

“The increase in AFFO was primarily attributable to an increase in our gross margin (net revenues less direct advertising expenses, exclusive of depreciation and amortization and capitalized contract fulfillment costs, net) of $49.9 million, offset by an increase in interest expense of $2.6 million and an increase in total general and administrative and corporate expenses of $7.5 million for the six months ended June 30, 2026.”
LAMR 10-Q · 2026-08-06

credit / rates

“The increase was primarily due to the institutional private placement of the 5 3/8% Senior Notes in September 2025, offset by a decrease in interest rates on the senior credit facility and Accounts Receivable Securitization Program.”
LAMR 10-Q · 2026-08-06

restructuring

“Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. (d) Goodwill and Intangible Assets Goodwill is subject to an annual impairment test.”
LAMR 10-K · 2026-02-20

CONFIRMATION NETWORK

Outsiders and cross-asset links

0 outsiders confirming

No qualified cross-asset lead/lag link is available for this group.

Filing-linked outsiders test whether the move is spreading beyond the established cohort.

TRNONot confirming

REXR · text peer

ARENot confirming

REXR · text peer

HPPNot confirming

AKR · text peer

FRTNot confirming

REXR · text peer

03 · WHO IS IN IT

Member participation

Unusual activity and daily price direction are shown separately

LAMRFNFADUSBRSPSTCFAFDEASPGFBRTAATOUTTJXAKRBXMTEPCLADRBDNSTWDMACALHCREXRSKTPDMCSV

19/25 active4 rising · 8 falling · 1 flat

MemberUnusual activityToday's moveRead now

LAMRLamar Advertising Company

Most unusual · 100/100

-0.3%

Active; unclassifiedActive in 25% of observed group sessions

FNFFidelity National Financial, Inc.

Elevated · 89/100

-0.3%

Flow divergenceActive in 41.7% of observed group sessions

ADUSAddus HomeCare Corporation

Elevated · 85/100

—

Active; unclassifiedActive in 16.7% of observed group sessions

BRSPBrightSpire Capital, Inc.

Elevated · 82/100

—

Active; unclassifiedActive in 41.7% of observed group sessions

STCStewart Information Services Co

Elevated · 67/100

—

Active; unclassifiedActive in 41.7% of observed group sessions

FAFFirst American Corporation (New

Elevated · 51/100

-0.1%

Active; unclassifiedActive in 41.7% of observed group sessions

DEAEasterly Government Properties,

Elevated · 49/100

—

Active; unclassifiedActive in 0% of observed group sessions

SPGSimon Property Group, Inc.

Elevated · 47/100

-0.7%

Flow divergenceActive in 0% of observed group sessions

FBRTFranklin BSP Realty Trust, Inc.

Elevated · 42/100

—

Active; unclassifiedActive in 25% of observed group sessions

AATAmerican Assets Trust, Inc.

Elevated · 41/100

—

Active; unclassifiedActive in 25% of observed group sessions

OUTOUTFRONT Media Inc.

Elevated · 37/100

+0.2%

Active; unclassifiedActive in 8.3% of observed group sessions

TJXThe TJX Companies, Inc.

Elevated · 36/100

-0.1%

Flow divergenceActive in 0% of observed group sessions

AKRAcadia Realty Trust

Elevated · 36/100

+0.0%

Active; unclassifiedActive in 0% of observed group sessions

BXMTBlackstone Mortgage Trust, Inc.

Elevated · 34/100

-0.5%

Active; unclassifiedActive in 16.7% of observed group sessions

EPCEdgewell Personal Care Company

Elevated · 33/100

—

Active; unclassifiedActive in 0% of observed group sessions

LADRLadder Capital Corp

Elevated · 31/100

—

Active; unclassifiedActive in 16.7% of observed group sessions

BDNBrandywine Realty Trust

Elevated · 28/100

—

Active; unclassifiedActive in 33.3% of observed group sessions

STWDStarwood Property Trust, Inc.

Elevated · 26/100

-0.2%

Active; unclassifiedActive in 0% of observed group sessions

MACThe Macerich Company

Elevated · 25/100

-1.3%

Flow divergenceActive in 0% of observed group sessions

ALHCAlignment Healthcare, Inc.

Quiet · 21/100

+1.7%

Watch / laggardActive in 0% of observed group sessions

REXRRexford Industrial Realty, Inc.

Quiet · 21/100

+0.5%

Watch / laggardActive in 0% of observed group sessions

SKTTanger Inc.

Quiet · 20/100

+0.0%

Watch / laggardActive in 16.7% of observed group sessions

PDMPiedmont Realty Trust, Inc.

Quiet · 19/100

—

Watch / laggardActive in 0% of observed group sessions

CSVCarriage Services, Inc.

Quiet · 12/100

—

Watch / laggardActive in 0% of observed group sessions

View exact member values

TICKER	Company	Role now	Today	Observed history	Trader interpretation
LAMR	Lamar Advertising Company	Most unusual	-0.3%	25% of 12 sessions	Most unusual activity in this snapshot; performance direction may differ.
FNF	Fidelity National Financial, Inc.	Participating	-0.3%	41.7% of 12 sessions	Price participation with distributing signed flow.
ADUS	Addus HomeCare Corporation	Participating	—	16.7% of 12 sessions	Price participation is not yet confirmed by per-name flow.
BRSP	BrightSpire Capital, Inc.	Participating	—	41.7% of 12 sessions	Price participation is not yet confirmed by per-name flow.
STC	Stewart Information Services Co	Participating	—	41.7% of 12 sessions	Price participation is not yet confirmed by per-name flow.
FAF	First American Corporation (New	Participating	-0.1%	41.7% of 12 sessions	Price participation is not yet confirmed by per-name flow.
DEA	Easterly Government Properties,	Participating	—	0% of 12 sessions	Price participation is not yet confirmed by per-name flow.
SPG	Simon Property Group, Inc.	Participating	-0.7%	0% of 12 sessions	Price participation with distributing signed flow.
FBRT	Franklin BSP Realty Trust, Inc.	Participating	—	25% of 12 sessions	Price participation is not yet confirmed by per-name flow.
AAT	American Assets Trust, Inc.	Participating	—	25% of 12 sessions	Price participation is not yet confirmed by per-name flow.
OUT	OUTFRONT Media Inc.	Participating	+0.2%	8.3% of 12 sessions	Price participation is not yet confirmed by per-name flow.
TJX	The TJX Companies, Inc.	Participating	-0.1%	0% of 12 sessions	Price participation with distributing signed flow.
AKR	Acadia Realty Trust	Participating	+0.0%	0% of 12 sessions	Price participation is not yet confirmed by per-name flow.
BXMT	Blackstone Mortgage Trust, Inc.	Participating	-0.5%	16.7% of 12 sessions	Price participation is not yet confirmed by per-name flow.
EPC	Edgewell Personal Care Company	Participating	—	0% of 12 sessions	Price participation is not yet confirmed by per-name flow.
LADR	Ladder Capital Corp	Participating	—	16.7% of 12 sessions	Price participation is not yet confirmed by per-name flow.
BDN	Brandywine Realty Trust	Participating	—	33.3% of 12 sessions	Price participation is not yet confirmed by per-name flow.
STWD	Starwood Property Trust, Inc.	Participating	-0.2%	0% of 12 sessions	Price participation is not yet confirmed by per-name flow.
MAC	The Macerich Company	Participating	-1.3%	0% of 12 sessions	Price participation with distributing signed flow.
ALHC	Alignment Healthcare, Inc.	Quiet / lagging	+1.7%	0% of 12 sessions	Not participating yet; a breadth test or a genuine divergence.
REXR	Rexford Industrial Realty, Inc.	Quiet / lagging	+0.5%	0% of 12 sessions	Not participating yet; a breadth test or a genuine divergence.
SKT	Tanger Inc.	Quiet / lagging	+0.0%	16.7% of 12 sessions	Not participating yet; a breadth test or a genuine divergence.
PDM	Piedmont Realty Trust, Inc.	Quiet / lagging	—	0% of 12 sessions	Not participating yet; a breadth test or a genuine divergence.
CSV	Carriage Services, Inc.	Quiet / lagging	—	0% of 12 sessions	Not participating yet; a breadth test or a genuine divergence.

04 · HAS THIS HAPPENED BEFORE

Identity history versus measured outcomes

Structural recurrence is not the same as a validated trading outcome

POINT-IN-TIME LIVE OUTCOMES

Live outcome ledger collecting

0/0 events completed

No completed point-in-time outcome is available yet. New live confirmations are now retained with their exact observation timestamp; statistics appear only after the corresponding candles complete.

Low structural sample

Only 3 completed episodes across 12 active sessions; treat history as context, not a validated playbook. These episode counts describe recurrence; the outcome ledger above is the only forward-performance evidence.

Structural support18 daysHow often the cohort identity was observed

Completed episodes3Separate periods of broad group activity

Active sessions12Completed session observations, not trades

2026-07-07 → 2026-07-104 active sessionsNo name was active through every recorded session

2026-06-24 → 2026-07-027 active sessionsNo name was active through every recorded session

2026-06-171 active session100% composition consistency through the episode

MEMBER CONSISTENCY IN OBSERVED ACTIVE SESSIONS

BRSP41.7% · 3 episodes

FAF41.7% · 3 episodes

FNF41.7% · 3 episodes

STC41.7% · 3 episodes

BDN33.3% · 2 episodes

AAT25% · 2 episodes

FBRT25% · 2 episodes

LAMR25% · 2 episodes

ADUS16.7% · 2 episodes

BXMT16.7% · 1 episode

LADR16.7% · 2 episodes

SKT16.7% · 2 episodes

OUT8.3% · 1 episode

UMH8.3% · 1 episode

AKR0% · 0 episodes

ALHC0% · 0 episodes

CSV0% · 0 episodes

DEA0% · 0 episodes

EPC0% · 0 episodes

MAC0% · 0 episodes

PDM0% · 0 episodes

REXR0% · 0 episodes

SPG0% · 0 episodes

STWD0% · 0 episodes

TJX0% · 0 episodes