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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 Agency Securities (SNL key 134494) from all mortgage REITs. Mortgage REITs are defined as investment companies with a Mortgage REIT, MBS REIT, or Specialty Finance REIT primary focus. Revaluations are estimated using the Merrill Master Agency index. Unadjusted transactions are calculated as the change in the stocks outstanding, less revaluations, less any other changes in volume. Data for the most recent ten years show no significant seasonality.