Real Estate Earnings Report — 2026-09-04 to 2026-10-19

25 most recent Real Estate earnings

1. Oct 16, 2026, 8:31 AM ET·LADR·Real Estate

   Ladder Capital Corp — Q3 2026 Earnings Summary

   LADDER CAPITAL CORP

   GAAP income before taxes surged to $67.3 million in Q3 2026 from $16.3 million in Q2 2026, driven by a $65.6 million gain on real estate sales, resulting in diluted EPS of $0.53 versus $0.12 in the prior quarter. Distributable EPS rose to $0.35 in Q3 2026 from $0.24 in Q2 2026, with after-tax distributable ROAE improving to 12.1% from 8.3%, despite a $3.5 million charge-off for credit losses. Total assets grew to $6.04 billion as of September 30, 2026, from $5.15 billion at year-end 2025, supported by over $700 million in new loan and securities investments during the quarter. Management affirmed a strong balance sheet and ample liquidity to capitalize on higher rates, while maintaining investment-grade credit ratings from Moody's and Fitch with a stable outlook. Dividends remained consistent at $0.23 per share for Class A common stock, and the company recorded a $0.6 million impairment on a classified retail property in Carmel, NY.

2. Oct 14, 2026, 5:15 PM ET·ORC·Real Estate

   Orchid Island Capital — Q3 2026 Earnings Summary

   ORCHID ISLAND CAPITAL INC

   Reported estimated GAAP net loss of $0.90 per share and a book value decline of $1.20 per share to $6.02, resulting in a total return on equity of (12.5)%. Total stockholders' equity stands at approximately $1.2 billion with $10.765 billion in RMBS assets funded by $10.362 billion in borrowings at a 3.99% weighted average repo rate. Portfolio remains heavily concentrated in Agency Pass-Through RMBS (99.89%), with 52.1% Fannie Mae and 47.9% Freddie Mac exposure. Board declared a $0.10 per share monthly dividend for October 2026; the company intends to maintain regular monthly distributions but has not established a minimum payment level. Shares outstanding decreased to 193.0 million as of mid-October 2026, down from 199.6 million at the end of June 2026.

3. Oct 14, 2026, 4:43 PM ET·IVR·Real Estate

   Invesco Mortgage Capital Inc. — Q3 2026 Earnings Summary

   INVESCO MORTGAGE CAPITAL INC

   Total investment portfolio reached $8.0 billion with $401.3 million in unrestricted cash and unencumbered investments, while repurchase agreement borrowings totaled $6.8 billion. Estimated book value per common share was $6.74, supported by a GAAP debt-to-equity ratio of 7.6x and an economic debt-to-equity ratio of 8.3x. The portfolio composition is 83.2% Agency 30-year fixed-rate pass-through coupons with a period-end weighted average yield of 5.34%, hedged by $5.185 billion in interest rate swaps and $1.605 billion in Treasury futures. The Company declared a $0.12 per share cash dividend for October 2026, payable on November 16, 2026, to shareholders of record as of October 26, 2026. Financial figures are preliminary and unaudited, subject to potential material revisions during the quarter-end closing process, with no independent auditor opinion expressed.

4. Oct 13, 2026, 5:29 PM ET·RWT·Real Estate

   Redwood Trust — Third Quarter 2026 Earnings Summary

   REDWOOD TRUST INC

   The company distributed over $8 billion in mortgage loans via securitizations and whole loan sales during the quarter, ending September with approximately $190 million in cash. Management intends to continue opportunistic debt repurchases under existing authorization while proactively managing the capital structure. Strategic focus remains on developing an AI-first operating model across its three core platforms (Sequoia, Aspire, CoreVest) and RWT Horizons® to drive operational leverage and scalable growth. CEO Christopher Abate noted decisive management of the mortgage pipeline and liquidity amid the sharpest quarterly selloff in the 10-year Treasury yield in 32 years. Full third quarter 2026 financial results, including specific metrics not disclosed in this summary, are scheduled for release on November 3, 2026.

5. Sep 11, 2026, 4:35 PM ET·AXR·Real Estate

   AMREP Corporation — First Quarter Fiscal 2027 Earnings Summary

   AMREP CORP

   Net income declined to $276,000 ($0.05 per diluted share) for Q1 Fiscal 2027, down from $4,692,000 ($0.87 per diluted share) in the prior year period. Revenues fell to $6,051,000 in Q1 2027 compared to $17,851,000 in Q1 2026, reflecting significant variation due to transaction timing and land/home sales mix. Weighted average shares outstanding increased slightly to 5,393,000 (diluted) in 2027 from 5,375,000 in 2026. No specific guidance changes, strategic M&A activity, or capital-return announcements were included in the provided summary.

6. Aug 24, 2026, 7:25 PM ET·LRHC·Real Estate

   La Rosa Holdings Corp. — First Half 2026 Earnings Summary

   LA ROSA HOLDINGS CORP

   Total revenue declined 18.1% to $28.6 million year-over-year, driven by the divestiture of a non-core 51% interest in LR Kissimmee, while gross profit rose 9.9% to $3.7 million and gross margin expanded 329 basis points to 13.0%. Operating loss narrowed 41.6% to $4.2 million and net loss improved 9.4% to $15.6 million, supported by a 25.0% reduction in total operating expenses and significant decreases in sales and marketing and stock-based compensation costs. Management is actively evaluating strategic opportunities including transformational transactions, tuck-in acquisitions, and further divestitures of underperforming assets to strengthen the operating platform. Balance sheet activity includes the addition of $10.3 million in restricted digital assets and a significant increase in total liabilities to $28.8 million, primarily due to growth in notes payable. Commercial real estate brokerage revenue surged 95.4% and title settlement revenue grew 10.9% in the first half, while the company continues to expand its footprint into Europe with an initial launch in Spain.

7. Aug 17, 2026, 12:30 PM ET·GIPR·Real Estate

   Generation Income Properties — Q2 2026 Earnings Summary

   GENERATION INCOME PROPERTIES INC

   Net loss attributable to common shareholders narrowed 76% year-over-year to $1.08 million in Q2 2026 (vs. $4.42 million in Q2 2025), while revenue declined to $2.11 million due to intentional property sales; stockholders' equity exceeded $5 million following $5.3 million in preferred unit conversions and a $4.6 million public offering. Management aims to retire the remaining $7.96 million Loci preferred equity obligation by August 30, 2026, through asset sales and refinancing, while prioritizing the resolution of Nasdaq bid-price compliance issues and evaluating UPREIT capital alternatives. The company regained compliance with Nasdaq's stockholders' equity requirement effective August 10, 2026, but faces potential delisting risk regarding bid-price standards as it is ineligible for a second 180-day compliance period. A going-concern disclosure remains in place due to recurring losses and near-term liquidity needs, specifically debt maturities expected in the fall, though all remaining properties are 100% leased and recent dispositions generated significant gains.

8. Aug 14, 2026, 4:37 PM ET·AIRE·Real Estate

   reAlpha Tech Corp. — Second Quarter 2026 Earnings Summary

   REALPHA TECH CORP

   Total revenue decreased 11% year-over-year to $1.1 million, while net loss narrowed to $3.0 million from $4.8 million and adjusted EBITDA improved to $(2.3) million from $(3.5) million; total transaction volume rose 70% to $150.4 million over the trailing twelve months. Operating expenses declined 23% year-over-year following a Q2 2026 restructuring plan that reduced the global workforce by approximately 25%, with management expecting $2 million in annualized savings from return-driven initiatives. Cash and cash equivalents increased 280% to $2.2 million, and the company regained compliance with Nasdaq's minimum bid price requirement in May 2026. Management anticipates closing the InstaMortgage acquisition by August 2026 to expand mortgage capabilities to 38 states and D.C., aiming to convert rising transaction volumes into stronger financial performance.

9. Aug 14, 2026, 4:36 PM ET·MLP·Real Estate

   Maui Land & Pineapple Company — First Half 2026 Earnings Summary

   MAUI LAND & PINEAPPLE CO INC

   Net loss narrowed to $3.7 million from $9.6 million year-over-year, driven by a $3.2 million revenue decline in land development due to the Honokeana Homes pause, though recurring commercial real estate and land leasing revenue remained stable at $6.6 million. Management expects meaningful land sales in the coming years, with $20.0 million in contracted sales and two $10.0 million Kapalua parcels currently in escrow, while prioritizing capital recycling from non-core assets. Strategic investments include an $0.8 million addition to the agave venture (totaling $2.5 million) and the appointment of a new Chief Investment Officer, alongside a shift to restricted stock grants to reduce compensation expenses. Liquidity and leverage positions shifted with cash reserves declining to $3.3 million from $5.3 million and long-term debt rising to $8.6 million from $4.0 million, while progress continues on a potential water asset sale to the County of Maui.

10. Aug 13, 2026, 9:01 PM ET·CMCT·Real Estate

    Creative Media & Community Trust Corporation — Second Quarter 2026 Earnings Summary

    CREATIVE MEDIA & COMMUNITY TRUST CORP

    Net loss narrowed to $(11.0) million ($4.03 per diluted share) from $(14.3) million in Q2 2025, driven by a reduction in loss from unconsolidated entities to $(3.2) million from $(0.4) million; FFO improved to $(1.28) per share from $(981.63) per share. Segment NOI excluding unconsolidated entities rose 22.2% to $12.5 million, supported by a 22.2% increase in multifamily NOI to $638,000 and hotel NOI growth to $4.6 million, while same-store office NOI declined to $4.0 million. Management is evaluating the sale of real estate assets and is in discussions with a lender to refinance the Sheraton Hotel with an upsized loan and reduced interest rate; the Company elected not to invest capital to refinance the maturing Oakland Office Building mortgage. Strategic progress includes the full retirement of the recourse credit facility, the sale of the lending business, and the redemption of approximately $397.7 million of Preferred Stock for Common Stock since September 2024. Total assets decreased to $782.9 million and debt net decreased to $498.8 million as of June 30, 2026, while the Company continues to focus on premier multifamily assets with 95.3% occupancy and 12% upside potential on in-place Bay Area rents.

11. Aug 13, 2026, 5:06 PM ET·LFT·Real Estate

    Lument Finance Trust — Second Quarter 2026 Earnings Summary

    LUMENT FINANCE TRUST INC

    Reported GAAP net loss of $9.2 million ($0.18 per share) and distributable loss of $5.3 million ($0.10 per share) for the second quarter, driven by $8.6 million in credit loss provisions and realized losses on loans and real estate. Board unanimously approved a 1-for-10 reverse stock split to regain NYSE compliance, reducing outstanding shares from ~52.5 million to ~5.3 million, effective September 9, 2026. Fractional shares will be converted to cash in lieu, with split-adjusted trading commencing September 10, 2026, under ticker "LFT" and new CUSIP 55025L306. No specific guidance changes, capital return announcements, or M&A activity were disclosed; the company remains a REIT focused on transitional floating-rate commercial real estate debt.

12. Aug 13, 2026, 9:05 AM ET·CHCI·Real Estate

    Comstock Holding Companies, Inc. — Second Quarter 2026 Earnings Summary

    COMSTOCK HOLDING COMPANIES INC

    Q2 2026 revenue surged 74% year-over-year to $22.6 million, while net income jumped 512% to $8.8 million, driven largely by a $4.3 million gain on equity investments in Jericho Energy Ventures. The company executed significant strategic expansions, including the acquisition of the Woodland Pointe office complex, a new management contract for Dulles Town Center, and a joint venture for an Oklahoma data center with secured power supply LOIs. Portfolio growth remains robust with the managed portfolio assets increasing to 108, a 92% commercial lease rate, and the completion of the final phase of The Row at Reston Station, which included a record $10.9 million residential sale. Management maintains a confident outlook for long-term value delivery, citing momentum in the asset-light, debt-free model, with key projects including the JW Marriott Reston Station expansion and Ebbitt House restaurant scheduled for late 2026.

13. Aug 13, 2026, 9:00 AM ET·RENX·Real Estate

    RenX Enterprises Corp. — Second Quarter 2026 Earnings Summary

    RENX ENTERPRISES CORP

    Consolidated revenue reached a record $4.26 million in Q2 2026, up 7.5% quarter-over-quarter, while the net loss narrowed to $8.0 million from $9.3 million in Q1 2026, though Q2 results included $3.8 million in non-cash items including a $2.215 million one-time loss on debt exchange. The Logistics segment achieved its second consecutive quarter of positive operating income ($258 thousand) and net income, with Adjusted EBITDA growing 45% sequentially to $523 thousand, while the Compost Sales segment revenue rose 10.6% to $1.05 million with gross margins exceeding 60%. Management expects the Microtec UTM 1200 Turbo Mill to arrive in the U.S. in Q3 2026 with commissioning targeted for the second half of the year, positioning the mill as the primary driver for higher-margin engineered substrate production through 2027 and beyond. Strategic capital improvements include the monetization of legacy real estate assets, a completed debt recapitalization eliminating derivative liabilities, and the launch of a new land clearing division in July 2026 to provide low-cost feedstock and service fees. Cash reserves increased significantly to $2.16 million at June 30, 2026, from $54 thousand at year-end 2025, and stockholders' equity rose to $7.0 million, though risks remain regarding mill deployment timelines, liquidity, and Nasdaq listing status.

14. Aug 13, 2026, 7:35 AM ET·AFCG·Real Estate

    Advanced Flower Capital Inc. — Second Quarter 2026 Earnings Summary

    ADVANCED FLOWER CAPITAL INC

    GAAP net investment income declined to $3.5 million ($0.15/share) from $4.8 million ($0.21/share) in the prior quarter, while net asset value per share rose to $8.25 from $7.90. The investment portfolio fair value increased to $289.8 million from $279.2 million, driven by $17.2 million in gross fundings across 17 portfolio companies. The Board authorized a share repurchase program up to $5.0 million through May 4, 2027; 839,406 shares were previously repurchased at a weighted average price of $3.29. Total debt outstanding rose to $207.0 million, resulting in a debt-to-equity ratio of 1.10x, with total available liquidity exceeding $70 million.

15. Aug 13, 2026, 7:10 AM ET·FRMI·Real Estate

    Fermi Inc. — Second Quarter 2026 Earnings Summary

    FERMI INC

    Reported a net loss of $25.8 million ($0.04/share) for Q2 2026, widening from $6.3 million ($0.02/share) in the prior year period, driven by a $21.2 million increase in general and administrative expenses. Cash reserves declined to $91.7 million as of June 30, 2026, from $408.5 million at year-end 2025, while outstanding debt rose to $520.1 million; the company remains pre-revenue. Secured a 15-year, $6.5 billion turnkey lease with anchor customer TensorWave for 222 MW and established a strategic alliance with Hillcore for 2.6 GW of incremental generation. Projected to deliver 200 MW of initial commercial power within six months, with a target of 1.5 GW over the next 18–24 months, subject to binding agreements and regulatory approvals. Issued $431 million of 5.00% Convertible Senior Notes due 2031 subsequent to the quarter end, with a capped call structure protecting against dilution up to a $14.64 effective strike price.

16. Aug 12, 2026, 4:52 PM ET·EARN·Real Estate

    Ellington Credit Company — First Fiscal Quarter Ended June 30, 2026 Earnings Summary

    ELLINGTON CREDIT CO

    GAAP net income recovered to $12.3 million ($0.33/share) from a $32.3 million loss in the prior quarter, driven by an $11.29 million reversal of unrealized losses; Net Investment Income (NII) rose 19.6% to $6.1 million ($0.16/share), while Adjusted NII declined to $5.7 million ($0.15/share). Management expects NII growth as excess liquidity is deployed, leverage is selectively increased, and the portfolio rotates toward higher-yielding investments, citing improved market dynamics and credit fundamentals. The company raised $2.6 million via a common share offering at a 5% premium to NAV and reported a quarterly economic return of 8% (non-annualized) following active portfolio repositioning. Total assets reached $382.5 million with a NAV per share of $4.18; the CLO portfolio yield stands at 11.9% (GAAP) and 16.6% (projected), with management rotating mezzanine debt into higher-coupon positions and extending CLO equity tenors.

17. Aug 12, 2026, 4:17 PM ET·AHT·Real Estate

    Ashford Hospitality Trust — Second Quarter 2026 Earnings Summary

    ASHFORD HOSPITALITY TRUST INC

    Net income attributable to common stockholders turned positive at $120.7 million ($1.62 per diluted share) versus a $39.9 million loss in the prior-year quarter, while Adjusted EBITDAre reached $69.4 million and Comparable Hotel EBITDA rose 9.6% year-over-year to $79.9 million. The company executed nine hotel sales during the quarter for $385.3 million in gross proceeds and two subsequent sales for $79.1 million, reducing total debt by $599.5 million (23.3%) to $2.0 billion and generating a $150.0 million gain on disposition. Management expects strategic asset sales to continue to bridge the gap between market value and underlying asset value, though capital returns to preferred holders remain suspended pending debt retirement and are constrained by rising interest rates. Operational efficiency improved with Comparable RevPAR up 6.6% and a 158 basis point expansion in Comparable Hotel EBITDA margin to 32.5%, while the company refinanced the Highland mortgage loan with a $525.0 million facility to address 2026 maturities.

18. Aug 12, 2026, 12:32 PM ET·GBR·Real Estate

    New Concept Energy — Second Quarter 2026 Earnings Summary

    NEW CONCEPT ENERGY INC

    Q2 2026 net loss from continuing operations widened to $66,000 from $18,000 in the prior year period, driven by a $44,000 increase in corporate general and administrative expenses. Total revenue grew modestly to $41,000 in Q2 2026 from $40,000 in Q2 2025, with six-month revenue reaching $80,000 compared to $78,000 previously. Balance sheet liquidity tightened as cash and cash equivalents declined to $304,000 from $383,000 at year-end, while total current liabilities rose to $116,000 from $69,000. The company reported no forward guidance, dividend announcements, buybacks, M&A activity, or management commentary regarding future outlook.

19. Aug 12, 2026, 6:03 AM ET·NYC·Real Estate

    American Strategic Investment Co. — Second Quarter 2026 Earnings Summary

    AMERICAN STRATEGIC INVESTMENT CO

    Revenue decreased to $7.3 million from $12.2 million in Q2 2025 due to the prior-year disposition of 1140 Avenue of the Americas; net loss narrowed significantly to $8.3 million ($3.04/share) from $41.7 million ($16.39/share) in the prior year period. Adjusted EBITDA improved to $2.4 million from $0.4 million in Q2 2025, while EBITDA turned positive at $0.6 million compared to a $30.3 million loss in the prior year. Management is prioritizing remaining asset dispositions and capital allocation to create shareholder value, with the 1140 Avenue of the Americas property currently in a consensual foreclosure process. The company regained compliance with NYSE minimum market capitalization and stockholders' equity requirements as of July 22, 2026, following a notification of compliance status. Strategic capital preservation included external advisors receiving shares in lieu of over $4 million in advisory fees in April and June 2026; net debt stands at $248.6 million with a 59.6% net debt to gross asset value ratio.

20. Aug 11, 2026, 7:02 AM ET·REFI·Real Estate

    Chicago Atlantic Real Estate Finance — Second Quarter 2026 Earnings Summary

    CHICAGO ATLANTIC REAL ESTATE FINANCE INC

    Net income declined to $7.47 million ($0.34/share) from $8.88 million ($0.41/share) in Q2 2025, driven by lower net interest income of $12.83 million versus $14.42 million, though distributable earnings remained at $0.44 per share. The pending merger with Chicago Atlantic BDC, Inc. (NASDAQ: LIEN) is expected to close in Q4 2026, with former REFI stockholders projected to own approximately 50.5% of the surviving entity based on March 31, 2026 NAVs. Gross originations reached $59.2 million for the quarter, while the portfolio shrank to 26 companies from 30 in Q2 2025, and the debt-to-equity ratio increased to 46.6% from 38.8%. Management confirmed a full-year 2026 dividend payout ratio of 90% to 100% of distributable earnings, with potential special dividends in Q4 2026 if taxable income requires additional distribution. Strategic capital activity included a July 9, 2026 agreement to issue shares for $62.5 million in second lien promissory notes from Koach Capital, and the company maintains $15.7 million available on its secured revolving credit facility.

21. Aug 10, 2026, 8:56 PM ET·ARI·Real Estate

    Apollo Commercial Real Estate Finance, Inc. — Second Quarter 2026 Earnings Summary

    APOLLO COMMERCIAL REAL ESTATE FINANCE INC

    Net income available to common stockholders was $0.11 per diluted share for the quarter ended June 30, 2026, while Distributable Earnings per diluted share was ($2.62), excluding a prior adjustment of $0.15 per share. The company recorded net realized losses on investments and debt extinguishment during the six months ended June 30, 2026, driven by the sale of its commercial real estate loan portfolio to Athene Holding Ltd. and the discounted repayment of a commercial mortgage loan. As a REIT, the company intends to pay dividends equal to its net taxable income to satisfy the annual requirement of distributing at least 90% of REIT taxable income. The company remains externally managed by ACREFI Management, LLC, an indirect subsidiary of Apollo Global Management, Inc., which reported approximately $1.05 trillion in assets under management as of June 30, 2026.

22. Aug 10, 2026, 5:14 PM ET·BRT·Real Estate

    BRT Apartments Corp. — Second Quarter 2026 Earnings Summary

    BRT APARTMENTS CORP

    Net loss widened to $3.2 million ($0.19/share) from $2.6 million ($0.14/share) in Q2 2025, while FFO and AFFO remained flat at $0.29 and $0.36 per share respectively; portfolio NOI rose 0.7% to $15.2 million and revenues increased 1.1% to $24.47 million. The company announced two strategic acquisitions: a $80 million purchase of Ranch Lake Apartments in Florida for Q1 2027 and a $33 million joint venture acquisition in Houston, TX, expected in August 2026 with 70% ownership. Capital return activity included the repurchase of 202,828 shares in Q2 2026 at $14.28 average price, with the Board replenishing the program to $10.0 million and extending it through December 2028. Management maintained the quarterly dividend at $0.25 per share, refinanced a $27.8 million mortgage to $47.9 million at 5.38%, and reported portfolio occupancy of 94.4% with weighted average rent of $1,423. Total debt stands at $649.8 million with a 71% debt-to-enterprise value ratio, while the portfolio faces concentration risks in the Southeastern U.S. and Texas.

23. Aug 10, 2026, 4:10 PM ET·NHI·Real Estate

    National Health Investors, Inc. — Second Quarter 2026 Earnings Summary

    NATIONAL HEALTH INVESTORS INC

    Net income per diluted share rose 45.6% to $1.15 for the quarter and 28.7% to $1.97 for the six months, driven by $22.0 million and $24.6 million in real estate disposition gains respectively, while NAREIT FFO per share remained flat at $1.19 for the quarter but grew 3.4% to $2.42 for the six months. The Company reaffirmed 2026 full-year guidance for Net Income ($703.0–$705.2 million) and NAREIT FFO ($232.3–$234.9 million), incorporating assumptions for $180 million in new investments and $665 million in disposition proceeds, alongside a 1% to 3% projected growth in same-store SHOP NOI. Strategic activity included the July 1, 2026, sale of the NHC leased portfolio for $560.0 million (expected $541.6 million gain), acquisitions of seven properties in Colorado and two in Georgia totaling $124.4 million, and a dividend increase to $0.94 per share. Balance sheet leverage was reduced to a net debt-to-adjusted EBITDA ratio of 4.1x following the repayment of a $125.0 million term loan and the NHC sale, with management citing strengthened liquidity and a pipeline of $127.3 million in signed LOIs.

24. Aug 10, 2026, 9:25 AM ET·MPT·Real Estate

    Medical Properties Trust, Inc. — Second Quarter 2026 Earnings Summary

    MEDICAL PROPERTIES TRUST INC

    Reported a narrowed net loss of $3 million ($0.01/share) for Q2 2026 versus $98 million ($0.16/share) in the prior year period, while Normalized Funds From Operations (NFFO) rose to $92 million ($0.15/share) from $81 million ($0.14/share). Announced a $2.4 billion private offering of secured notes to repay existing debt, capturing an approximate $123 million discount, alongside expected cash proceeds of $172 million from asset sales and $135 million from the Infracore SA IPO. Executed strategic lease consolidation with Scion, Lifepoint, and Lifepoint Behavioral to enhance diversification, including an exchange of three Scion properties for one Lifepoint property generating a $7 million gain. Total assets decreased to $14.75 billion as of June 30, 2026, from $15.00 billion at year-end 2025, while debt remained flat at $9.70 billion; management reaffirmed commitment to balance sheet fortification and opportunistic growth.

25. Aug 10, 2026, 7:02 AM ET·MITT·Real Estate

    TPG Mortgage Investment Trust, Inc. — Second Quarter 2026 Earnings Summary

    TPG MORTGAGE INVESTMENT TRUST INC

    Reported second quarter 2026 Net Income of $9.092 million ($0.29 per diluted share) and Earnings Available for Distribution (EAD) of $7.736 million ($0.24 per diluted share), with Book Value per share reaching $10.00. Announced a definitive agreement to acquire Cherry Hill Mortgage Investment Corporation (CHMI) via merger, expected to enhance scale, expand the equity capital base, and drive cost synergies. Declared a fully covered common dividend of $0.24 per share and maintained preferred stock dividends, while holding $111.6 million in total liquidity against a $7.7 billion investment portfolio. Management highlighted a disciplined leverage profile and consistent capital rotation into high-returning residential credit strategies despite a challenging interest rate environment.