www.jpmorganmarkets.comNorthAmericaEquityResearch23April2019EquityRatingsandPriceTargetsMktCapRatingPriceTargetCompanyTicker($mn)Price($)CurPrevCurEndDatePrevEndDateAGNCInvestmentCorp.AGNCUS9,744.5718.17OWn/c18.00Dec-19n/cn/cAnnalyCapitalNLYUS13,229.6010.07OWn/c10.50Dec-19n/cn/cApolloCommercialRealEstateFinanceARIUS2,468.2618.44OWn/c18.00Dec-19n/cn/cArborRealtyTrustABRUS1,375.6113.60UWn/c12.00Dec-1911.50n/cAresCommercialRealEstateCorp.ACREUS440.5415.32Nn/c15.50Dec-1915.00n/cBlackstoneMortgageTrustBXMTUS4,284.9934.65Nn/c34.00Dec-19n/cn/cEssentESNTUS4,488.7145.53Nn/c48.00Dec-1945.00n/cGranitePointMortgageTrustGPMTUS999.0919.15Nn/c19.50Dec-19n/cn/cKKRRealEstateFinanceKREFUS1,155.3820.06Nn/c20.50Dec-19n/cn/cLadderCapitalLADRUS1,760.7616.94Nn/c18.00Dec-19n/cn/cMFAFinancialMFAUS3,328.427.40Nn/c7.50Dec-197.00n/cNMIHoldingsNMIHUS1,778.6726.82OWn/c29.00Dec-1926.00n/cStarwoodPropertyTrustSTWDUS6,536.8922.67OWn/c23.00Dec-19n/cn/cTPGREFinanceTrustTRTXUS1,409.3919.57Nn/c20.00Dec-19n/cn/cTwoHarborsTWOUS3,408.7013.74OWn/c14.50Dec-19n/cn/cSource:Companydata,Bloomberg,J.P.Morganestimates.n/c=nochange.Allpricesasof22Apr19.1Q19MortgageFinancePreviewSlightPTAdjustmentsHeadinginto1Q19EarningsSpecialty&ConsumerFinanceRichardShaneAC(1-415)315-6701richard.b.shane@jpmorgan.comBloombergJPMASHANEJ.P.MorganSecuritiesLLCMelissaWedel,CFA(1-415)315-6763melissa.wedel@jpmorgan.comJ.P.MorganSecuritiesLLCCharlesArestia(1-415)315-6757charles.arestia@jpmchase.comJ.P.MorganSecuritiesLLCHarshavRaj(91-22)6157-3340harshav.raj@jpmchase.comJ.P.MorganIndiaPrivateLimitedSeepage49foranalystcertificationandimportantdisclosures,includingnon-USanalystdisclosures.J.P.Morgandoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.MortgagefinanceearningsseasonbeginsonTuesday,April23,withBXMTreportingAMC.Wearemo...
