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

• Residential Loans: The carrying value of residential loans as of June 30, 2025, was $4,026,027 thousand, compared to $3,841,738 thousand as of December 31, 2024.
• Investment Securities Available for Sale: The fair value as of June 30, 2025, was $5,109,601 thousand, compared to $3,828,544 thousand as of December 31, 2024.
• Multi-Family Loans: The fair value as of June 30, 2025, was $74,999 thousand, compared to $86,192 thousand as of December 31, 2024.

Operational Metrics

• Net Income: For the six months ended June 30, 2025, net income was $41,505 thousand, compared to a net loss of $104,141 thousand for the same period in 2024.
• Net Interest Income: Total net interest income for the six months ended June 30, 2025, was $69,545 thousand, compared to $36,907 thousand for the same period in 2024.
• Net Loss from Real Estate: For the six months ended June 30, 2025, the total net loss from real estate was $5,249 thousand, compared to $29,473 thousand for the same period in 2024.

Cash Flow

• Net Cash Provided by Operating Activities: For the six months ended June 30, 2025, net cash provided by operating activities was $65,038 thousand, compared to net cash used in operating activities of $14,123 thousand for the same period in 2024.
• Net Cash Used in Investing Activities: For the six months ended June 30, 2025, net cash used in investing activities was $1,154,190 thousand, compared to $826,115 thousand for the same period in 2024.
• Net Cash Provided by Financing Activities: For the six months ended June 30, 2025, net cash provided by financing activities was $1,027,246 thousand, compared to $877,746 thousand for the same period in 2024.

Unique Metrics

• Unrealized Gains (Losses) on Residential Loans: For the six months ended June 30, 2025, unrealized gains on residential loans were $7,977 thousand, compared to $4,052 thousand for the same period in 2024.

Future Outlook and Strategy

• Core Business Focus: The company aims to generate long-term stable earnings through a diversified investment portfolio, focusing on credit-sensitive single-family and multi-family assets, as well as other types of fixed-income investments such as Agency RMBS.
• Non-Core Business: The company is repositioning its business by opportunistically disposing of its joint venture equity investments in multi-family properties and reallocating capital to targeted assets.