Yes, divs should be included. I've followed mREITs for years and I hate that gimicky highly leveraged group that tends to crash in tough times... as I've often said.
ORC, founded in 2013, hasn't made it thru a single recession. It hasn't done well in good times!
Overall most investors would have done far better elsewhere during this bull market. But some mREITs have done nicely in the past two-three years. ARR, CIM, PMT. NYMT, and probably many more.
As you say, three div cuts in a prosperous year is unpardonable.
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