Find the release on the REIT’s investor-relations results page or in its SEC EDGAR filings, confirm which quarter it covers, then read GAAP results before company-defined supplemental measures such as Distributable Earnings. The key is to treat the release, its supplement, and the SEC filing as related documents—and not assume that similarly named measures are comparable across companies.
Where to find the official release
Start at the issuer’s investor-relations website and look for a page labeled “Financial Results,” “Quarterly Results,” or similar. Select the fiscal year and quarter, then open the earnings release and any separate supplement. Issuer pages may group both documents by reporting period; Federal Realty’s quarterly earnings page is one example.
If the company site is difficult to navigate, search for the REIT in the SEC’s EDGAR company filings. Look for a Form 8-K filed around the results announcement, then open the exhibits rather than relying on a search-result snippet. For example, Granite Point Mortgage Trust’s filing index for second-quarter 2026 identifies an 8-K filed August 5, 2026, under Items 2.02 and 9.01, with separate exhibits for its release and supplemental information: SEC filing index.
Confirm the issuer and reporting period
Before interpreting a number, check the legal issuer name, ticker, fiscal quarter or year, period-end date, and release date. The release date tells you when the announcement was issued; the period-end date tells you which period the results cover. Apollo Commercial Real Estate Finance, for example, issued its first-quarter 2026 release on April 28, 2026, for the quarter ended March 31, 2026 (Apollo’s release).
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The release usually presents a concise account of results and management commentary. A supplement, when provided, may contain more detailed schedules and definitions. The SEC filing index for Granite Point lists the release and supplemental information separately (filing index). Check the documents for the quarter you are analyzing: issuers differ in how they organize and label their materials.
Read the release in a consistent order
- Start with GAAP results. Find net income or loss attributable to common stockholders and any per-share figures reported. Use the related financial statements and the latest Form 10-Q or 10-K for fuller accounting context.
- Read management’s explanation. Identify the factors management says drove the results. Keep reported results distinct from forecasts and other forward-looking statements.
- Review portfolio and mortgage-credit schedules. Use the issuer’s supplement to examine the portfolio and credit details it actually reports; do not presume every REIT publishes the same schedules.
- Check definitions of supplemental measures. If the company reports Distributable Earnings or another non-GAAP measure, read its definition and reconciliation to GAAP. Examine the adjustments, not just the headline figure.
- Review financing, liquidity, book value, and dividends separately. For each item, note the relevant date, denominator, and definition in the issuer’s materials.
- Align periods and definitions before comparing. Distinguish sequential comparisons from year-over-year ones, and check whether the company changed its calculation or presentation.
How to interpret Distributable Earnings and other non-GAAP measures
Distributable Earnings is a company-defined measure, not a substitute for GAAP net income. Apollo Commercial Real Estate Finance labels its calculation a non-GAAP financial measure and directs readers to its results presentation for a reconciliation to GAAP net income (Apollo’s first-quarter 2026 release). Granite Point Mortgage Trust also describes its own definition and use of Distributable Earnings in its fourth-quarter 2025 release (Granite Point’s release).
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Read the company’s definition, reconciliation, and adjustment set together. A reconciliation shows how the supplemental number relates to GAAP earnings; it does not make the measure identical to another issuer’s version. Before comparing two REITs, align the periods, adjustments, and per-share denominators. Treat figures with the same label as company-specific until you have examined how each was calculated.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What to align when comparing two commercial mortgage REITs
Make comparisons only after checking that the figures refer to equivalent periods and definitions. In particular, align:
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- GAAP earnings and the per-share denominator used.
- The definition and adjustment set for each supplemental earnings measure.
- Portfolio and credit disclosures that each issuer actually provides.
- Financing and liquidity figures, including the dates and definitions used.
- Book value methodology and measurement date.
- Dividends declared versus the earnings measure used to discuss dividend coverage.
If those inputs differ, an apparent gap in a non-GAAP earnings figure may reflect calculation choices rather than an apples-to-apples performance difference.
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