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Insufficient data to determine institutional momentum.
Data as of Q3 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Ranked against 21 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| BFS | $726M | 26.9× | 4.7× | 2.5× | 7.8% | — | 12.9% | 12.2% | 4.8% | 1.8× | 31 |
| JBGS | $703M | — | 3.3× | 1.4× | -8.9% | — | -27.9% | -12.0% | -12.0% | -0.4× | 39 |
| CLDT | $698M | 107.0× | 10.1× | 2.4× | -7.0% | — | 5.1% | 2.0% | 1.4% | 3.1× | 32 |
| PSTL | $656M | 46.2× | 17.4× | 6.8× | 25.5% | — | 14.8% | 5.0% | 2.2% | 6.2× | 36 |
| UHT | $526M | 29.8× | 14.1× | 5.3× | 0.2% | — | 17.8% | 11.6% | 3.3% | 5.8× | 39 |
| BDN | $520M | — | — | 1.1× | -4.2% | 61.8% | -36.8% | -22.5% | -5.3% | — | 37 |
| FBRT | $512M | 9.6× | — | 1.9× | 20.9% | — | 30.5% | 5.7% | 5.7% | — | 36 |
| NXRT | $468M | — | 16.6× | 1.9× | -3.2% | — | -12.7% | -10.8% | -1.7% | 12.8× | 36 |
| FVR | $453M | — | 27.4× | 6.8× | 39.1% | — | -5.7% | -1.0% | -0.5% | 10.9× | 20 |
| TCI | $442M | 31.5× | 101.6× | 9.0× | 4.2% | — | 28.1% | 1.6% | 1.3% | — | 8 |
| FPI | $384M | 14.4× | 58.0× | 7.4× | -10.4% | — | 60.5% | 6.7% | 5.0% | 17.2× | 41 |
| CHCT | $374M | 163.1× | — | 3.1× | 4.7% | — | 4.2% | 1.2% | 0.5% | — | 26 |
| LAND | $337M | — | — | 3.8× | 3.7% | 89.1% | 15.3% | 2.0% | 1.2% | — | 41 |
| PINE | $297M | — | 19.0× | 4.9× | 15.9% | 86.0% | -4.4% | -0.9% | -0.4% | 11.7× | 26 |
| NLCP | $281M | 10.7× | 6.0× | 5.5× | 1.9% | — | 51.5% | 6.8% | 6.8% | -0.6× | — |
| BRT | $250M | — | 16.1× | 2.6× | 1.5% | 99.8% | -12.3% | -6.7% | -6.7% | -1.8× | 27 |
| REFI | $230M | 5.3× | — | — | — | — | — | 11.7% | 10.1% | — | 19 |
| NXDT | $229M | — | 13.5× | 2.7× | 3.3% | — | -151% | -18.6% | -18.6% | -0.5× | 22 |
| ACR | $200M | 424.7× | — | 2.5× | -4.2% | — | 35.0% | 6.6% | 1.4% | — | 12 |
| STRW | $178M | 21.0× | 7.8× | 1.1× | 32.4% | — | 4.9% | 62.6% | 0.9% | 6.3× | 14 |
| SEVN | $151M | 6.6× | — | 5.1× | -16.7% | — | 52.5% | 4.7% | 4.7% | — | 14 |
| FREVS | $141M | 40.2× | 13.5× | 4.8× | 2.2% | — | 12.0% | 10.3% | 2.3% | 5.7× | — |
Peers = companies sharing REFI's sector (Real Estate Investment Trusts) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Top 22 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Last reported position per insider, carried forward. Steps can be a holding disclosed for the first time rather than a trade.
| Date | Insider | What it was | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-08-27 | 2 co-filers Executive Chairman | Open-market buy | 7,530 | $10.67 | $80k |
| 2026-08-26 | 2 co-filers Executive Chairman | Open-market buy | 40,181 | $10.67 | $429k |
| 2026-08-21 | Mazarakis John Executive Chairman | Open-market buy | 145 | $10.67 | $2k |
| 2026-08-19 | 3 co-filers Co-Chief Executive Officer | Open-market buy | 1,500 | $10.53 | $16k |
| 2026-08-19 |
Every row is classified by what it MEANT, not by its SEC code. A code is not a meaning: code P (“purchase”) also covers dividend reinvestment and employee stock purchase plans, and code S (“sale”) also covers 10b5-1 plan sales scheduled months earlier and option exercises sold the same day.
Across 30 days of all filings, $5.08bn of insider selling contained $3.50bn of plan sales and $0.46bn of exercise-and-sell. Only 29% was discretionary. Reading an unclassified feed badly overstates how much insiders decided.
Buys and sales are counted separately and never netted. They are different decisions by different people; a company where one officer bought while another sold is not “neutral”.
The holding line carries each insider's last reported position forward, so it shows the total held rather than a sawtooth of whoever traded that day. It covers only insiders who filed in the window.
“Filed late” counts calendar days past the two-business-day deadline with five days' grace, so a Thursday or Friday trade crossing a weekend is never flagged. It describes the company's filing discipline, not the trade.
Insider activity is descriptive. Nothing here is investment advice.
3 co-filers Co-Chief Executive Officer |
| Open-market buy |
| 2,000 |
| $10.39 |
| $21k |
| 2026-08-18 | 3 co-filers Co-Chief Executive Officer | Open-market buy | 1,500 | $10.43 | $16k |
| 2026-08-17 | Mazarakis John Executive Chairman | Open-market buy | 25,000 | $10.25 | $256k |
| 2026-08-17 | Cappell Anthony Co-Chief Executive Officer | Open-market buy | 45,000 | $10.40 | $468k |
| 2026-04-20 | Konigsberg Brandon Director | Grant | 6,324 | $0.00 | $0 |
| 2026-04-20 | Kite David President and COO | Grant | 37,099 | $0.00 | $0 |
| 2026-04-20 | Silverman Phillip Chief Financial Officer | Grant | 32,462 | $0.00 | $0 |
| 2026-04-20 | Stavola Elizabeth Mary Director | Grant | 6,324 | $0.00 | $0 |
| 2026-04-20 | Mazarakis John Executive Chairman | Grant | 37,099 | $0.00 | $0 |
| 2026-04-20 | Cappell Anthony Co-Chief Executive Officer | Grant | 37,099 | $0.00 | $0 |
| 2026-04-20 | Papastavrou Jason D Director | Grant | 6,324 | $0.00 | $0 |
| 2026-04-20 | Sack Peter Co-Chief Executive Officer | Grant | 37,099 | $0.00 | $0 |
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
What the company returns to shareholders — and whether it's covered by cash.
The dividend exceeds free cash flow (152%) — funded from the balance sheet or debt, a red flag if it persists. Last year: $43.8M dividends + $0 buybacks = $43.8M returned on $28.8M FCF.
1 consecutive years of dividend increases · 9%/yr.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 5 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Insufficient data. Current ROIC on all capital: 10%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 5 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
EOD close · as of 2026-10-30
How a revenue dollar becomes profit — FY2025
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Revenue | — | — | — | $48.9M 100.0% | — |
| Selling, General & Admin | $5.3M | $5.4M | $5.3M | $3.5M 7.2% | — |
| Total Operating Expenses | — | — | — | $16.6M 33.9% | — |
| Interest Expense | $6.9M | $6.8M | $5.8M | $2.6M 5.4% | — |
| Interest & Investment Income | — | — | $2.0M | $6.9M 14.2% | — |
| Pretax Income | $36.0M | $37.0M | $38.7M | $32.3M 66.1% | — |
| Income Tax Expense | $0 | $0 | $0 | $0 0.0% | — |
| Net Income | $36.0M | $37.0M | $38.7M | $32.3M 66.1% | — |
| Per Share | |||||
| EPS (Basic) | $1.71 | $1.92 | $2.14 | $1.83 | — |
| EPS (Diluted) | $1.68 | $1.88 | $2.11 | $1.82 | — |
| Weighted Avg Shares (Basic) | 21.0M | 19.3M | 18.1M | 17.7M | — |
| Weighted Avg Shares (Diluted) | 21.4M | 19.7M | 18.3M | 17.7M | — |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
EOD close · as of 2026-10-30
Where each multiple sits in its own 5-yr range · 45th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 5-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 12% against ROIC 10% — 2% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Operating leverage needs meaningful revenue change.
Each line as % of revenue — the trend in color
| % of revenue | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| SG&A | — | 7.2 | — | — | — |
| Income Tax | — | 0.0 | — | — | — |
| Net Income | — | 66.1 | — | — | — |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on REFI: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
A reverse discounted cash flow is not shown for a REIT.
Depreciation swamps reported earnings for a property owner — which is why FFO exists. EBITDA leverage and a net-income DCF both mislead here.
Classified from the filings: SIC code.
Leverage ratios is not shown for a REIT.
Depreciation swamps reported earnings for a property owner — which is why FFO exists. EBITDA leverage and a net-income DCF both mislead here.
Classified from the filings: SIC code.
How much the company owes, how it's trended, and how comfortably it's serviced.
Interest expense isn't separately reported — often netted into “other income (expense), net.” Effective rate ~14.1% on $49.3M of debt.
Cash vs short-term debt unavailable.
Mostly long-term debt (balance-sheet current vs non-current split). A year-by-year maturity schedule wasn't disclosed for this issuer.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
No positive operating income in the last three years, so there is no return on capital to compare against its cost.
Return on equity (12%) and return on invested capital (10%) are within a couple of points in FY2025, so the headline return is the operating return — there is no meaningful leverage effect to strip out.
No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.
Missing from our data, so excluded from this answer: positive EBIT.
Cash conversion of 0.67x sits below the level that would make the earnings clearly cash-backed.
Reported free cash flow is $29M; after share-based compensation it is $25M. The difference is a real cost that the cash flow statement adds back.
Leverage is not measurable this way for a reit.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Depreciation swamps reported earnings for a property owner — which is why FFO exists. EBITDA leverage and a net-income DCF both mislead here.
Missing from our data, so excluded from this answer: capital adequacy metrics for this archetype.
At $8.84, free cash flow must compound -2.23%/yr for 10 years. It has done 19.19%/yr over 3 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2023 | 67.1% | −2.2% |
| FY2024 | −18.5% | −2.2% |
| FY2025 | 24.3% | −2.2% |
The percentile ranks the FISCAL-YEAR point, because the distribution behind each strip is built from fiscal-year closes — ranking a TTM figure inside it would compare two different bases. TTM basis: TTM.
The cost of capital could not be computed for this company, so the requirement is solved at the published 10% default — a different rate would move it materially.
| Step | Amount | Running total |
|---|---|---|
| Net income | $36M | $36M |
| Share-based comp | $3M | $39M |
| Other non-cash & working capital | −$11M | $29M |
| Operating cash flow | $29M | $29M |
| Capex | $0 | $29M |
| Free cash flow | $29M | $29M |
| FCF after SBC | $25M | $25M |
| Fiscal year | Accruals / assets |
|---|---|
| FY2021 | not reported |
| FY2022 | 4.5 percent |
| FY2023 | 2.9 percent |
| FY2024 | 3.2 percent |
| FY2025 | 1.7 percent |
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2025) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.