EPS: As of FY2025 Q2, the actual value is USD -0.04.

EBIT: As of FY2025 Q2, the actual value is USD 4.279 K.

Segment Revenue

• Interest Income: $140,901 thousand for the three months ended June 30, 2025.
• Rental Income: $17,806 thousand for the three months ended June 30, 2025.

Operational Metrics

• Net Loss Attributable to Company’s Common Stockholders: - $3,486 thousand for the three months ended June 30, 2025.
• Net Interest Income: $36,447 thousand for the three months ended June 30, 2025.
• Net Interest Spread: 1.50% for the three months ended June 30, 2025.
• Economic Return on Book Value: -0.64% for the three months ended June 30, 2025.
• Loss per Share (Basic): - $0.04.
• Earnings Available for Distribution (EAD) per Share: $0.22.
• Book Value per Share: $9.11, a decrease of 2.77% quarter-over-quarter (QoQ).
• Adjusted Book Value per Share: $10.26, a decrease of 1.63% QoQ.
• Quarterly Economic Return: -0.64%.
• Quarterly Economic Return on Adjusted Book Value: 0.29%.

Liquidity & Financing

• Total Investment Portfolio: Increased by $339 million, a 4% change QoQ.
• Total Adjusted Interest Income: $132.5 million, an 8% increase QoQ.
• Company Recourse Leverage Ratio: 3.8x.
• Portfolio Recourse Leverage Ratio: 3.6x.
• Excess Liquidity Capacity: $416 million, with available cash of $156 million and additional financing of $260 million for unencumbered/under-levered assets.

Cash Flow

• Cash and Cash Equivalents: $160,447 thousand as of June 30, 2025.

Unique Metrics

• Earnings Available for Distribution Attributable to Company’s Common Stockholders: $20,024 thousand for the three months ended June 30, 2025.
• Book Value Per Common Share: $9.11 as of June 30, 2025.
• Adjusted Book Value Per Common Share: $10.26 as of June 30, 2025.
• Acquisition of Constructive Loans, LLC: Acquired remaining 50% ownership, enhancing business purpose lending strategy.
• Issued $90 million of 9.875% senior unsecured notes due 2030.
• Issued $370 million rated performing and re-performing residential loan securitization with a 5.70% effective cost.

Outlook / Guidance

• The company anticipates that the acquisition of Constructive Loans, LLC will accelerate its expansion into residential business purpose lending, enhancing its ability to meet the growing demand for non-agency credit. This strategic move is expected to support the continued evolution of a more diversified balance sheet designed to deliver greater value to stockholders. The company anticipates continued growth of its portfolio, focusing on assets that offer attractive carry and stable convexity profiles.