Real Estate and Business Development Companies

March 19, 2026

Buy ($175)

Companies covered: Ares Capital Corporation (NYSE:ARY), Golub Capital BDC, Inc. (NASDAQ:GBDC), Main Street Capital Corporation (NYSE:MAIN), Kayne Anderson BDC, Inc. (NYSE:KBDC), MSC Income Fund, Inc. (NYSE:MSIF), Marcus & Millichap, Inc. (NYSE:MMI), Global Net Lease, Inc. (NYSE:GNL), Rand Capital Corporation (NASDAQ:RAND), Ares Capital Corporation (NASDAQ:ARCC), Sixth Street Specialty Lending Inc. (NYSE:TSLX), FS KKR Capital Corp. (NYSE:FSK), New Mountain Finance Corporation (NYSE:NMFC), Blue Owl Capital Corp. (NYSE:OBDC), Blackstone Mortgage Trust, Inc. (NYSE:BXMT), Blue Owl Technology Finance Corp. (NYSE:OTF), Carlyle Secured Lending, Inc. (NASDAQ:CGBD), Boston Properties, Inc. (NYSE:BXP), Vornado Realty Trust (NYSE:VNO), SL Green Realty Corporation (NYSE:SLG), Alpine Income Property Trust Inc. (NYSE:PINE), Community Healthcare Trust (NYSE:CHCT), Terreno Realty Corporation (NYSE:TRNO), ProLogis, Inc. (NYSE:PLD), CBRE Group, Inc. (NYSE:CBRE), Jones Lang LaSalle Incorporated (NYSE:JLL), Walker & Dunlop, Inc. (NYSE:WD), American Homes 4 Rent (NYSE:AMH), Newmark Group Inc. (NASDAQ:NMRK), STARWOOD PROPERTY TRUST, INC. (NYSE:STWD), Arbor Realty Trust (NYSE:ABR), Offerpad Solutions Inc. (NYSE:OPAD), Porch Group Inc. (NASDAQ:PRCH), VICI Properties Inc (NYSE:VICI), CoStar Group, Inc. (NASDAQ:CSGP), Cushman & Wakefield PLC (NYSE:CWK), Colliers International Group Inc (NASDAQ:CIGI), Compass Inc. (NYSE:COMP), Zillow, Inc. (NASDAQ:Z), Opendoor Technologies Inc. (NASDAQ:OPEN), FirstService Corp (NASDAQ:FSV), Real Brokerage Inc. (NASDAQ:REAX), Crescent Capital BDC Inc. (NASDAQ:CCAP), Gladstone Investment Corporation (NASDAQ:GAIN), Capital Southwest Corporation (NASDAQ:CSWC)

Banks and Insurance

June 26, 2025

Buy ($175)

Companies covered: East West Bancorp, Inc. (NASDAQ:EWBC), Banner Corporation (NASDAQ:BANR), Axos Financial, Inc. (NYSE:AX), Berkshire Hathaway Inc. (NYSE:BRK/A), Progressive Corporation (The) (NYSE:PGR), Fairfax Financial Holdings Ltd (OTCMKTS:FRFHF), Chubb Corporation (The) (NYSE:CB), American International Group, Inc. (NYSE:AIG), Kingstone Companies, Inc (NASDAQ:KINS), The Travelers Companies, Inc. (NYSE:TRV), Allstate Corporation (The) (NYSE:ALL), W.R. Berkley Corporation (NYSE:WRB), American Financial Group, Inc. (NYSE:AFG), Cincinnati Financial Corporation (NASDAQ:CINF), Markel Corporation (NYSE:MKL), Selective Insurance Group, Inc. (NASDAQ:SIGI), ProAssurance Corporation (NYSE:PRA), MetLife, Inc. (NYSE:MET), Prudential Financial, Inc. (NYSE:PRU), Aflac Incorporated (NYSE:AFL), Principal Financial Group Inc (NYSE:PFG), Apollo Global Management, LLC (NYSE:APO), Unum Group (NYSE:UNM), Reinsurance Group of America, Incorporated (NYSE:RGA), Lincoln National Corporation (NYSE:LNC), Corebridge Financial Inc. (NYSE:CRBG), Globe Life Inc. (NYSE:GL), Jackson Financial Inc. (NYSE:JXN), Brighthouse Financial Inc. (NASDAQ:BHF), Equitable Holdings Inc. (NYSE:EQH), Mercury General Corporation (NYSE:MCY), Hartford Financial Services Group, Inc. (The) (NYSE:HIG), Axis Capital Holdings Limited (NYSE:AXS), Willis Towers Watson PLC (NASDAQ:WTW), Everest Group Ltd. (NYSE:EG), Arthur J. Gallagher & Co. (NYSE:AJG), Bar Harbor Bankshares, Inc. (NYSEAMERICAN:BHB), Community Financial System, Inc. (NYSE:CBU), FinWise Bancorp (NASDAQ:FINW), Flagstar Financial, Inc. (NYSE:FLG), Flushing Financial Corporation (NASDAQ:FFIC), Hancock Whitney Corp. (NASDAQ:HWC), WaFd Inc. (Washington Federal, Inc.) (NASDAQ:WAFD)

Real Estate and Business Development Companies

February 20, 2025

Buy ($175)

Companies covered: Essex Property Trust, Inc. (NYSE:ESS), Curbline Properties Corp. (NYSE:CURB), SL Green Realty Corporation (NYSE:SLG), SITE Centers Corp. (NYSE:SITC), Simon Property Group, Inc. (NYSE:SPG), EastGroup Properties, Inc. (NYSE:EGP), Terreno Realty Corporation (NYSE:TRNO), Douglas Emmett, Inc. (NYSE:DEI), Retail Opportunity Investments Corp. (NASDAQ:ROIC), Zillow, Inc. (NASDAQ:Z), LendingTree, Inc. (NASDAQ:TREE), QuinStreet, Inc. (NASDAQ:QNST), Anywhere Real Estate Inc. (NYSE:HOUS), RE/MAX Holdings, Inc. (NYSE:RMAX), eXp World Holdings Inc. (NASDAQ:EXPI), Fathom Holdings Inc. (NASDAQ:FTHM), Intercontinental Exchange Inc. (NYSE:ICE), AppFolio Inc (NASDAQ:APPF), CoStar Group, Inc. (NASDAQ:CSGP), Matterport Inc. (NASDAQ:MTTR), Real Brokerage Inc. (NASDAQ:REAX), Compass Inc. (NYSE:COMP), First American Corporation (The) (NYSE:FAF), Fidelity National Financial, Inc. (NYSE:FNF), Stewart Information Services Corporation (NYSE:STC), NetSTREIT Corp. (NYSE:NTST), Healthcare Realty Trust Incorporated (NYSE:HR), Mid-America Apartment Communities, Inc. (NYSE:MAA), Independence Realty Trust, Inc. (NYSE:IRT), Regency Centers Corporation (NASDAQ:REG), Blackstone Inc. (NYSE:BX), Kimco Realty Corporation (NYSE:KIM), Kite Realty Group Trust (NYSE:KRG), Brixmor Property Group Inc. (NYSE:BRX), Acadia Realty Trust (NYSE:AKR), Federal Realty Investment Trust (NYSE:FRT), Agree Realty Corporation (NYSE:ADC), Macerich Company (The) (NYSE:MAC), InvenTrust Properties Corp. (NYSE:IVT), Trinity Capital Inc. (NASDAQ:TRIN), SLR Investment Corp. (NASDAQ:SLRC), Chatham Lodging Trust (REIT) (NYSE:CLDT), Janover Inc. (NASDAQ:JNVR), NewLake Capital Partners Inc. (OTCMKTS:NLCP), Plymouth Industrial REIT (NYSE:PLYM), Rand Capital Corporation (NASDAQ:RAND), Runway Growth Finance Corp. (NASDAQ:RWAY)

Insurance, Asset Managers and BDCs

July 31, 2024

Buy ($175)

Companies covered: W.R. Berkley Corporation (NYSE:WRB), Fairfax Financial Holdings Ltd (OTCMKTS:FRFHF), American International Group, Inc. (NYSE:AIG), Markel Corporation (NYSE:MKL), Progressive Corporation (The) (NYSE:PGR), Berkshire Hathaway Inc. (NYSE:BRK/A), American Financial Group, Inc. (NYSE:AFG), The Hanover Insurance Group, Inc. (NYSE:THG), AMERISAFE, Inc. (NASDAQ:AMSF), Employers Holdings Inc (NYSE:EIG), The Travelers Companies, Inc. (NYSE:TRV), Chubb Corporation (The) (NYSE:CB), Allstate Corporation (The) (NYSE:ALL), Cincinnati Financial Corporation (NASDAQ:CINF), Everest Group Ltd. (NYSE:EG), Willis Towers Watson PLC (NASDAQ:WTW), Ares Capital Corporation (NASDAQ:ARCC), Golub Capital BDC, Inc. (NASDAQ:GBDC), Crescent Capital BDC Inc. (NASDAQ:CCAP), Blue Owl Capital Corporation III (NYSE:OBDE), Blue Owl Capital Corp. (NYSE:OBDC), Sixth Street Specialty Lending Inc. (NYSE:TSLX), CaliberCos Inc. (NASDAQ:CWD), Citizens, Inc. (NYSE:CIA), Kemper Corporation (NYSE:KMPR), Kinsale Capital Group Inc. (NASDAQ:KNSL)

Banks and Fintechs

July 14, 2024

Buy ($175)

Companies covered: East West Bancorp, Inc. (NASDAQ:EWBC), First Republic Bank (OTCMKTS:FRCB), Signature Bank (NASDAQ:SBNY), First Citizens BancShares, Inc. (NASDAQ:FCNCA), JPMorgan Chase & Co. (NYSE:JPM), U.S. Bancorp (NYSE:USB), Banc of California, Inc. (NYSE:BANC), Axos Financial, Inc. (NYSE:AX), SVB Financial Group (NASDAQ:SIVBQ), Bank Of Montreal (NYSE:BMO), Visa Inc. (NYSE:V), Mastercard Incorporated (NYSE:MA), Fiserv, Inc. (NYSE:FI), Global Payments Inc. (NYSE:GPN), Western Union Company (The) (NYSE:WU), Euronet Worldwide, Inc. (NASDAQ:EEFT), Corpay Inc. (NYSE:CPAY), WEX Inc. (NYSE:WEX), Bill.com Holdings (NYSE:BILL), Flywire Corp. (NASDAQ:FLYW), Toast Inc. (NYSE:TOST), Shopify (NYSE:SHOP), Paypal Holdings Inc (NASDAQ:PYPL), Block Inc. (NYSE:XYZ), Worldline SA (OTCMKTS:WRDLY), Remitly Global Inc. (NASDAQ:RELY), Apple Inc. (NASDAQ:AAPL), Adyen NV (ADR) (OTCMKTS:ADYEY), Fidelity National Information Services, Inc. (NYSE:FIS), Jack Henry & Associates, Inc. (NASDAQ:JKHY), Shift4 Payments Inc. (NYSE:FOUR), New York Community Bancorp, Inc. (NYSE:NYCB), Valley National Bancorp (NYSE:VLY), Capital Bancorp Inc. (NASDAQ:CBNK), FinWise Bancorp (NASDAQ:FINW), Flushing Financial Corporation (NASDAQ:FFIC)