J P M O R G A N North America Equity Research 17 July 2026 Consumer Finance Richard Shane AC (1-415) 315-6701 richard.b.shane@jpmorgan.com Hong Zhang (1-212) 622-6416 hongliang.zhang@jpmorgan.com J.P. Morgan Securities LLC The authors wish to thank Prakhar Rai, of the J.P. Morgan Global Research Center, for contributions to this report. Mortgage REIT 2Q26 Preview Playing the Long Game; Establishing 2027 PTs; Upgrading ABR to N, Downgrading AGNC to N and KREF to UW; Rest Unchanged The defining shift since ou ...