DDM Analysis: JLS

Valuation Snapshot

Stable Growth	$23.51 - $32.55	$28.05
Multi-Stage	$47.27 - $51.82	$49.50
Blended Fair Value	$38.78
Current Price	$18.74
Upside	106.91%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017
DPS	-11.58%	0.00%	1.78	1.57	1.06	0.97	0.98	3.30	6.03	9.63	0.00	0.00
YoY Growth	-	-	13.76%	47.49%	9.88%	-1.02%	-70.39%	-45.25%	-37.35%	0.00%	0.00%	0.00%
Dividend Yield	-	-	9.91%	9.29%	6.57%	4.62%	4.95%	15.04%	26.99%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	22.92
(-) Cash Dividends Paid (M)	19.32
(=) Cash Retained (M)	3.60

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	4.58	2.86	1.72
Cash Retained (M)	3.60	3.60	3.60
(-) Cash Required (M)	-4.58	-2.86	-1.72
(=) Excess Retained (M)	-0.99	0.73	1.88
(/) Shares Outstanding (M)	5.48	5.48	5.48
(=) Excess Retained per Share	-0.18	0.13	0.34
LTM Dividend per Share	3.53	3.53	3.53
(+) Excess Retained per Share	-0.18	0.13	0.34
(=) Adjusted Dividend	3.35	3.66	3.87
WACC / Discount Rate	8.89%	8.89%	8.89%
Growth Rate	-4.68%	-3.68%	-2.68%
Fair Value	$23.51	$28.05	$32.55
Upside / Downside	25.45%	49.68%	73.69%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	22.92	22.07	21.26	20.48	19.72	19.00	19.57
Payout Ratio	84.31%	85.45%	86.59%	87.72%	88.86%	90.00%	92.50%
Projected Dividends (M)	19.32	18.86	18.41	17.96	17.53	17.10	18.10

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	8.89%	8.89%	8.89%
Growth Rate	-4.68%	-3.68%	-2.68%
Year 1 PV (M)	17.14	17.32	17.50
Year 2 PV (M)	15.20	15.52	15.85
Year 3 PV (M)	13.48	13.91	14.35
Year 4 PV (M)	11.96	12.47	12.99
Year 5 PV (M)	10.60	11.17	11.76
PV of Terminal Value (M)	190.51	200.71	211.35
Equity Value (M)	258.89	271.10	283.80
Shares Outstanding (M)	5.48	5.48	5.48
Fair Value	$47.27	$49.50	$51.82
Upside / Downside	152.25%	164.15%	176.52%

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Financial Statements

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Nuveen Mortgage and Income Fund (JLS)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener