Q2 FY2026 EarningsQ2 FY26 results were mixed relative to consensus: revenue of $221.6M significantly beat the $80.3M expectation, driven by scaling in the Residential Origination segment ($1.1B volume). However, GAAP Net Income available to common shareholders was a loss of -$4.0M ($ -0.05 per share), missing the $47.0M ($0.55 per share) consensus due to $43.4M in unrealized fair value losses. Non-GAAP Earnings Available for Distribution (EAD) of $0.46 per share supported the $0.45 dividend, while Book Value per share of $17.75 beat the $17.53 consensus.