Shares jumped 14.7% following better-than-expected earnings growth and book value expansion, driven by strong execution on a diversified portfolio and scaling of the origination platform.

• GAAP EPS reached $0.41, with Earnings Available for Distribution (EAD) at $0.29 per share, a 26% increase quarter-over-quarter and well above the $0.23 dividend.
• Adjusted book value increased 1.6% quarter-over-quarter despite spread widening, supported by stable credit trends and strategic hedges.
• Investment activity topped $1 billion, split nearly evenly between agency securities ($510 million) and residential credit ($502 million), with record BPL rental acquisitions ($400 million).
• Constructive platform transitioned to profitability, contributing to earnings leverage and recurring income growth.
• Despite strong execution, shares continue to trade at a meaningful discount to intrinsic value, which management aims to close through capital allocation and operational growth.