Board of Governors of the Federal Reserve System

Stocks outstanding from micro data on public operating REITs compiled by and purchased from S&P Global. Stocks outstanding are 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. Transactions are calculated as the change in the stocks outstanding. Data for the most recent ten years show no significant seasonality.