Level from micro data on public operating REITs compiled by and purchased from SNL Financial. Level is calculated as the sum of CMO (SNL variable 17997) from all mortgage REITs multiplied by an the proportion of CMO that is backed by commercial mortgages collateral estimated by FOF based on company level information. Mortgage REITs are defined as investment companies with a Mortgage REIT, MBS REIT, or Specialty Finance REIT primary focus. Unadjusted flow is the change in the level; data for the most recent ten years show no significant seasonality.
