NEW YORK, Sept. 15, 2025 (GLOBE NEWSWIRE) -- Adamas Trust, Inc. (Nasdaq: ADAM) (the “Company” or “Adamas”) announced today that its Board of Directors (the “Board”) declared a regular quarterly cash dividend of $0.23 per share on shares of its common stock for the quarter ending September 30, 2025. The dividend will be payable on October 30, 2025 to common stockholders of record as of the close of business on September 25, 2025. In addition, the Board declared cash dividends on the Company’s 8.000% Series D ...

NEW YORK, Sept. 02, 2025 (GLOBE NEWSWIRE) -- New York Mortgage Trust, Inc. (Nasdaq: NYMT) (the “Company,” “we” or “our”) today announced that the Company will change its name, effective as of 12:01 a.m., Eastern Time, on September 3, 2025, to “Adamas Trust, Inc.” Beginning that day, the Company’s common stock will trade on Nasdaq under the new ticker symbol “ADAM.” Adamas, meaning “firm,” “unbreakable,” and “lasting,” reflects the Company’s focus on leading in strength, resilience, and long-term vision. The ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to ____________ Commission file number 001-32216 NEW YORK MORTGAGE TRUST, INC. (Exact Name of Registrant as Specified in Its Charter) (State or Ot ...

Group 1 - New York Mortgage Trust (NYMT) has priced an offering of $85 million in new 9.875% exchange-traded senior notes due in 2030 [1] - The fixed coupon on these notes will be paid quarterly, and NYMT has the option to redeem them [1] Group 2 - The article mentions a focus on preferred stocks with a CDx3 Compliance Score, indicating a range of investment options for different investor profiles [1]

New York Mortgage Trust (NYMT) Q2 2025 Earnings Call July 31, 2025 09:00 AM ET Speaker0Good morning, ladies and gentlemen, and thank you for standing by. Welcome to the New York Mortgage Trust Second Quarter twenty twenty five Results Conference Call. During today's presentation, all parties will be in a listen only mode. Following the presentation, the conference will be open for questions. If you have a question, please press the star key followed by one, one on your touch tone phone.If you would like to ...

Financial Performance - The Company's Earnings Available for Distribution ("EAD") per share was $0.22[15], a 10% increase from the prior quarter[15, 30] - The Company's adjusted interest income totaled $132.5 million[15], an 8% increase compared to the previous quarter[15, 26] - The Company's book value per share was $9.11[15], representing a -2.77% change quarter-over-quarter[15] - The Company's adjusted book value per share was $10.26[15], a -1.63% change quarter-over-quarter[15] Investment Portfolio - The Company's total investment portfolio increased by $339 million[15], a 4% increase quarter-over-quarter[15, 28] reaching $8.6 billion[13] - The Company acquired $798 million in new single-family residential investments[15], including $504 million in Agency investments with an average coupon of 5.29%[15] and $280 million in Residential Loans (99% BPL - Bridge/Rental)[15] - The Company's common stock dividend yield was 11.94%[15] based on the share price as of June 30, 2025[15] Capital Allocation and Leverage - The Company's recourse leverage ratio was 3.8x[15] - The Company's portfolio recourse leverage ratio was 3.6x[15] - The Company had excess liquidity capacity of $416 million[15], including $156 million in available cash[15] Strategic Developments - The Company completed the acquisition of the remaining 50% ownership interest in Constructive Loans, LLC ("Constructive") for approximately $38.4 million[15, 82], a leading originator of business purpose loans for residential real estate investors[15]

New York Mortgage Trust (NYMT) came out with quarterly earnings of $0.22 per share, beating the Zacks Consensus Estimate of $0.2 per share. This compares to a loss of $0.25 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +10.00%. A quarter ago, it was expected that this real estate investment trust would post earnings of $0.1 per share when it actually produced earnings of $0.2, delivering a surprise of +100%. Over the last f ...

Executive Summary [Second Quarter 2025 Highlights](index=1&type=section&id=Summary%20of%20Second%20Quarter%202025) Despite a **$3.486 million net loss**, **EAD of $0.22 per share** exceeded the **$0.20 dividend**, with a **1.50% net interest spread** Summary of Second Quarter 2025 Financial Results | Metric | Amount (in thousands) | | :---------------------------------------------------------- | :-------------------- | | Net loss attributable to Company's common stockholders | $ (3,486) | | Net loss attributable to Company's common stockholders per share (basic) | $ (0.04) | | Earnings available for distribution attributable to Company's common stockholders (1) | $ 20,024 | | Earnings available for distribution per common share (1) | $ 0.22 | | Yield on average interest earning assets (1) (2) | 6.48 % | | Interest income | $ 140,901 | | Interest expense | $ 104,454 | | Net interest income | $ 36,447 | | Net interest spread (1) (3) | 1.50 % | | Book value per common share at the end of the period | $ 9.11 | | Adjusted book value per common share at the end of the period (1) | $ 10.26 | | Economic return on book value (4) | (0.64)% | | Economic return on adjusted book value (5) | 0.29 % | | Dividends per common share | $ 0.20 | [Key Developments](index=1&type=section&id=Key%20Developments) Q2 2025 saw significant **Agency investments** and **residential loan acquisitions**, with **Constructive Loans acquisition** post-quarter - Investing Activities (Q2 2025): * Acquired approximately **$503.7 million** of Agency investments with an average coupon of **5.29%**[5](index=5&type=chunk) * Acquired approximately **$280.2 million** in residential loans with an average gross coupon of **9.76%**[5](index=5&type=chunk) * Received approximately **$13.0 million** in proceeds from the redemption of a Mezzanine Lending investment[5](index=5&type=chunk) - Subsequent Events (Post Q2 2025): * Issued **$90.0 million** in 9.875% Senior Notes due 2030, generating approximately **$86.6 million** in net proceeds (July 8, 2025)[6](index=6&type=chunk) * Acquired the remaining **50% ownership interests** in Constructive Loans, LLC for approximately **$38.4 million**, accelerating expansion into residential business purpose lending (July 15, 2025)[6](index=6&type=chunk) * Completed a securitization of residential loans, yielding approximately **$345.9 million** in net proceeds, used to redeem two prior securitizations (July 24, 2025)[6](index=6&type=chunk) [Management Commentary](index=3&type=section&id=Management%20Overview) CEO Jason Serrano highlighted **solid Q2 performance** with **recurring earnings exceeding dividends**, emphasizing **Constructive acquisition** for strategic expansion - CEO Jason Serrano commented on: * **Solid second-quarter performance** with recurring earnings surpassing the dividend[7](index=7&type=chunk) * Effective execution of long-term capital allocation strategy and **strong liquidity position**[7](index=7&type=chunk) * Pivotal acquisition of Constructive Loans, LLC, accelerating expansion into **residential business purpose lending**[7](index=7&type=chunk) * Strategic move to enhance ability to meet demand for non-agency credit and diversify the balance sheet for greater stockholder value[7](index=7&type=chunk) Financial Performance [Condensed Consolidated Balance Sheets](index=11&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) Total assets grew to **$10.55 billion**, driven by **residential loans** and **investment securities**, with **equity at $1.38 billion** Condensed Consolidated Balance Sheets (Selected Items, in thousands) | Item | June 30, 2025 (unaudited) | December 31, 2024 | | :-------------------------------------------- | :------------------------ | :---------------- | | **ASSETS** | | | | Residential loans, at fair value | $ 4,026,027 | $ 3,841,738 | | Investment securities available for sale, at fair value | $ 5,109,601 | $ 3,828,544 | | Total Assets | $ 10,552,332 | $ 9,217,282 | | **LIABILITIES AND EQUITY** | | | | Repurchase agreements | $ 4,907,436 | $ 4,012,225 | | Collateralized debt obligations | $ 3,364,600 | $ 2,978,444 | | Total liabilities | $ 9,155,677 | $ 7,806,148 | | Company's stockholders' equity | $ 1,381,203 | $ 1,394,720 | | Total Liabilities and Equity | $ 10,552,332 | $ 9,217,282 | - Assets of consolidated variable interest entities (VIEs) totaled **$4.414 billion** as of June 30, 2025, up from **$3.989 billion** at December 31, 2024[24](index=24&type=chunk) - Liabilities of consolidated VIEs also increased to **$3.859 billion** from **$3.477 billion** over the same period[24](index=24&type=chunk) [Condensed Consolidated Statements of Operations](index=12&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) Net interest income significantly increased to **$36.4 million**, resulting in **net income of $8.5 million** and **basic EPS of $0.04** Condensed Consolidated Statements of Operations (Selected Items, in thousands) | Item | For the Three Months Ended June 30, 2025 | For the Three Months Ended June 30, 2024 | | :-------------------------------------------------------- | :--------------------------------------- | :--------------------------------------- | | Interest income | $ 140,901 | $ 90,775 | | Interest expense | $ 104,454 | $ 71,731 | | Total net interest income | $ 36,447 | $ 19,044 | | Total net loss from real estate | $ (3,014) | $ (13,106) | | Total other (loss) income | $ (9,264) | $ (6,080) | | Total general, administrative and operating expenses | $ 19,890 | $ 23,599 | | Income (loss) from operations before income taxes | $ 4,279 | $ (23,741) | | NET INCOME (LOSS) | $ 4,440 | $ (24,083) | | NET INCOME (LOSS) ATTRIBUTABLE TO COMPANY | $ 8,546 | $ (15,589) | | Preferred stock dividends | $ (12,032) | $ (10,439) | | NET (LOSS) INCOME ATTRIBUTABLE TO COMPANY'S COMMON STOCKHOLDERS | $ (3,486) | $ (26,028) | | Basic (loss) earnings per common share | $ (0.04) | $ (0.29) | | Diluted (loss) earnings per common share | $ (0.04) | $ (0.29) | [Summary of Quarterly Earnings](index=13&type=section&id=SUMMARY%20OF%20QUARTERLY%20%28LOSS%29%20EARNINGS) Quarterly net interest income increased to **$36.4 million**, with **EAD per share at $0.22** consistently covering the **$0.20 dividend** Summary of Quarterly Earnings (Selected Metrics, in thousands) | Metric | June 30, 2025 | March 31, 2025 | December 31, 2024 | September 30, 2024 | June 30, 2024 | | :---------------------------------------------------------- | :------------ | :------------- | :---------------- | :----------------- | :------------ | | Interest income | $ 140,901 | $ 129,734 | $ 118,253 | $ 108,361 | $ 90,775 | | Total net interest income | $ 36,447 | $ 33,098 | $ 26,711 | $ 20,237 | $ 19,044 | | Net (loss) income attributable to Company's common stockholders | $ (3,486) | $ 30,285 | $ (41,828) | $ 32,410 | $ (26,028) | | Basic (loss) earnings per common share | $ (0.04) | $ 0.33 | $ (0.46) | $ 0.36 | $ (0.29) | | Earnings available for distribution per common share - basic (1) | $ 0.22 | $ 0.20 | $ 0.16 | $ 0.10 | $ 0.09 | | Book value per common share | $ 9.11 | $ 9.37 | $ 9.28 | $ 9.83 | $ 9.69 | | Adjusted book value per common share (1) | $ 10.26 | $ 10.43 | $ 10.35 | $ 10.87 | $ 11.02 | | Dividends declared per common share | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.20 | Capital Allocation & Portfolio Overview [Capital Allocation by Investment Category](index=4&type=section&id=Capital%20Allocation) Total investment portfolio carrying value reached **$8.61 billion**, primarily in **Single-Family residential loans** and **investment securities** Allocated Capital at June 30, 2025 (in thousands) | Item | Single-Family | Multi-Family | Corporate/Other | Total | | :-------------------------------------------- | :------------ | :----------- | :-------------- | :---------- | | Residential loans | $ 4,026,027 | $ — | $ — | $ 4,026,027 | | Investment securities available for sale and TBAs | $ 4,979,330 | $ — | $ 140,435 | $ 5,119,765 | | Total investment portfolio carrying value | $ 8,129,984 | $ 302,290 | $ 177,551 | $ 8,609,825 | | Net Company capital allocated | $ 1,240,849 | $ 251,156 | $ (110,802) | $ 1,381,203 | - Leverage Ratios (June 30, 2025): * Company Recourse Leverage Ratio: **3.8x**[9](index=9&type=chunk) * Portfolio Recourse Leverage Ratio: **3.6x**[9](index=9&type=chunk) [Interest Earning Assets and Net Interest Spread](index=5&type=section&id=Interest%20Earning%20Assets%20and%20Net%20Interest%20Spread) Total adjusted net interest income was **$40.1 million**, with a **6.48% yield** on assets and **1.50% net interest spread** Interest Earning Assets Performance (Three Months Ended June 30, 2025, in thousands) | Metric | Single-Family | Multi-Family | Corporate/Other | Total | | :------------------------------------ | :------------ | :----------- | :-------------- | :---------- | | Adjusted Interest Income | $ 128,824 | $ 2,203 | $ 1,452 | $ 132,479 | | Adjusted Interest Expense | $ (84,529) | $ — | $ (7,842) | $ (92,371) | | Adjusted Net Interest Income (Loss) | $ 44,295 | $ 2,203 | $ (6,390) | $ 40,108 | | Average Interest Earning Assets | $ 7,972,569 | $ 74,273 | $ 126,552 | $ 8,173,394 | | Yield on Average Interest Earning Assets | 6.46 % | 11.86 % | 4.59 % | 6.48 % | | Average Financing Cost | (4.86)% | — | (6.59)% | (4.98)% | | Net Interest Spread | 1.60 % | 11.86 % | (2.00)% | 1.50 % | - Key Definitions: * **Yield on Average Interest Earning Assets**: Annualized adjusted interest income divided by average interest earning assets[12](index=12&type=chunk) * **Average Financing Cost**: Annualized adjusted interest expense divided by average interest bearing liabilities[12](index=12&type=chunk) * **Net Interest Spread**: Difference between Yield on Average Interest Earning Assets and Average Financing Cost[12](index=12&type=chunk) Non-GAAP Financial Measures Reconciliation [Adjusted Net Interest Income (Loss) and Net Interest Spread](index=14&type=section&id=Adjusted%20Net%20Interest%20Income%20%28Loss%29%20and%20Net%20Interest%20Spread) Adjusted net interest income and spread are non-GAAP measures for clearer asset yields and financing costs, excluding SLST impact - Adjusted Net Interest Income (Loss) and Net Interest Spread are non-GAAP measures calculated by: * Adjusting GAAP interest income by reducing Consolidated SLST CDO interest expense and including TBA dollar roll income[31](index=31&type=chunk)[32](index=32&type=chunk) * Adjusting GAAP interest expense by reducing Consolidated SLST CDO interest expense and including the net interest component of interest rate swaps[31](index=31&type=chunk)[32](index=32&type=chunk) * These adjustments remove the impact of Consolidated SLST and include hedging costs and TBA dollar roll income to better represent the cost of financing and economic equivalent of net interest income[31](index=31&type=chunk)[32](index=32&type=chunk) Reconciliation of GAAP to Adjusted Net Interest Income (Loss) (Three Months Ended June 30, 2025, in thousands) | Item | Single-Family | Multi-Family | Corporate/Other | Total | | :------------------------------------ | :------------ | :----------- | :-------------- | :---------- | | GAAP interest income | $ 137,246 | $ 2,203 | $ 1,452 | $ 140,901 | | Consolidated SLST CDO interest expense | $ (8,429) | $ — | $ — | $ (8,429) | | TBA dollar roll income | $ 7 | $ — | $ — | $ 7 | | **Adjusted interest income** | $ 128,824 | $ 2,203 | $ 1,452 | $ 132,479 | | GAAP interest expense | $ (96,107) | $ — | $ (8,347) | $ (104,454) | | Consolidated SLST CDO interest expense | $ 8,429 | $ — | $ — | $ 8,429 | | Net interest benefit of interest rate swaps | $ 3,149 | $ — | $ 505 | $ 3,654 | | **Adjusted interest expense** | $ (84,529) | $ — | $ (7,842) | $ (92,371) | | **Adjusted net interest income (loss)** | $ 44,295 | $ 2,203 | $ (6,390) | $ 40,108 | [Earnings Available for Distribution (EAD)](index=18&type=section&id=Earnings%20Available%20for%20Distribution) EAD, a new non-GAAP measure, indicates income-generating capacity by excluding unrealized, non-cash, or non-recurring items - EAD is defined as GAAP net income (loss) attributable to Company's common stockholders, excluding: * Realized and unrealized gains (losses)[39](index=39&type=chunk) * Gains (losses) on derivative instruments (excluding net interest benefit of interest rate swaps and TBA dollar roll income)[39](index=39&type=chunk) * Impairment of real estate, loss on reclassification of disposal group, and other non-recurring gains (losses)[39](index=39&type=chunk) * Depreciation and amortization of operating real estate, non-cash expenses, non-recurring transaction expenses[39](index=39&type=chunk) * Income tax effect of non-EAD items and EAD attributable to non-controlling interests[39](index=39&type=chunk) Reconciliation of GAAP Net (Loss) Income to EAD (Three Months Ended June 30, 2025, in thousands) | Item | June 30, 2025 | | :-------------------------------------------------------- | :------------ | | GAAP net (loss) income attributable to Company's common stockholders | $ (3,486) | | Adjustments: | | | Realized losses, net | $ 3,771 | | Unrealized (gains) losses, net | $ (24,614) | | Losses (gains) on derivative instruments, net (1) | $ 30,627 | | Unrealized losses (gains), net on equity investments (2) | $ 3,352 | | Impairment of real estate | $ 3,913 | | Other (gains) losses (3) | $ (548) | | Depreciation and amortization of operating real estate | $ 5,928 | | Non-cash expenses (4) | $ 2,561 | | Transaction expenses (5) | $ 1,340 | | Income tax effect of adjustments | $ (173) | | EAD adjustments attributable to non-controlling interests | $ (2,647) | | **Earnings available for distribution attributable to Company's common stockholders** | **$ 20,024** | | EAD per common share - basic | $ 0.22 | [Adjusted Book Value Per Common Share](index=20&type=section&id=Adjusted%20Book%20Value%20Per%20Common%20Share) Adjusted book value per common share is a non-GAAP measure modifying GAAP book value by excluding depreciation and adjusting liabilities to fair value - Adjusted book value per common share is calculated by making the following adjustments to GAAP book value: * Exclude the Company's share of cumulative depreciation and lease intangible amortization expenses related to real estate[43](index=43&type=chunk) * Exclude the cumulative adjustment of redeemable non-controlling interests to estimated redemption value[43](index=43&type=chunk) * Adjust amortized cost liabilities that finance the investment portfolio to fair value[43](index=43&type=chunk) Reconciliation of GAAP to Adjusted Book Value (June 30, 2025, in thousands) | Item | June 30, 2025 | | :-------------------------------------------------------- | :------------ | | Company's stockholders' equity | $ 1,381,203 | | Preferred stock liquidation preference | $ (558,498) | | **GAAP book value** | **$ 822,705** | | Add: | | | Cumulative depreciation expense on real estate (1) | $ 25,170 | | Cumulative amortization of lease intangibles related to real estate (1) | $ 4,620 | | Cumulative adjustment of redeemable non-controlling interest to estimated redemption value | $ 49,574 | | Adjustment of amortized cost liabilities to fair value | $ 24,153 | | **Adjusted book value** | **$ 926,222** | | Common shares outstanding | 90,314 | | GAAP book value per common share (2) | $ 9.11 | | Adjusted book value per common share (3) | $ 10.26 | [Equity Investments in Multi-Family Entities](index=22&type=section&id=Equity%20Investments%20in%20Multi-Family%20Entities) The company is strategically repositioning by disposing of **multi-family joint venture equity investments** and reallocating capital - Strategic Repositioning: * Opportunistic disposition of joint venture equity investments in multi-family properties[50](index=50&type=chunk) * Reallocation of capital away from multi-family assets to targeted assets[50](index=50&type=chunk) * Certain joint venture equity investments classified as held for sale as of June 30, 2025[50](index=50&type=chunk) Reconciliation of Net Equity Investments in Consolidated Multi-Family Properties and Disposal Group Held for Sale (June 30, 2025, in thousands) | Item | Amount | | :---------------------------------------------------------------- | :-------- | | Cash and cash equivalents | $ 3,941 | | Real estate, net | $ 473,586 | | Assets of disposal group held for sale | $ 111,500 | | Other assets | $ 14,821 | | **Total assets** | **$ 603,848** | | Mortgages payable on real estate, net | $ 364,100 | | Liabilities of disposal group held for sale | $ 92,151 | | Other liabilities | $ 8,877 | | **Total liabilities** | **$ 465,128** | | Redeemable non-controlling interest in Consolidated VIEs | $ 12,782 | | Less: Cumulative adjustment of redeemable non-controlling interest to estimated redemption value | $ (49,574) | | Non-controlling interest in Consolidated VIEs | $ 582 | | Non-controlling interest in disposal group held for sale | $ 1,963 | | **Net equity investment (1)** | **$ 172,967** | - The net equity investment as of June 30, 2025, consists of **$155.6 million** in consolidated multi-family properties and **$17.4 million** in disposal group held for sale[52](index=52&type=chunk) Company Information & Disclosures [About New York Mortgage Trust](index=7&type=section&id=About%20New%20York%20Mortgage%20Trust) New York Mortgage Trust, Inc. is an internally managed REIT focused on acquiring, investing in, financing, and managing mortgage-related residential assets - New York Mortgage Trust, Inc. is an internally managed REIT[16](index=16&type=chunk) - Its business involves acquiring, investing in, financing, and managing primarily mortgage-related residential assets[16](index=16&type=chunk) [Defined Terms](index=8&type=section&id=Defined%20Terms) This section defines various financial and investment terms used in the report, covering securities, instruments, and portfolio categories [Cautionary Statement Regarding Forward-Looking Statements](index=9&type=section&id=Cautionary%20Statement%20Regarding%20Forward-Looking%20Statements) This cautionary statement advises that forward-looking statements are based on estimates, with actual results potentially differing due to market and operational risks [Conference Call & Supplemental Information](index=7&type=section&id=Conference%20Call) Executive management will host a conference call and webcast on **July 31, 2025**, to discuss Q2 2025 results, with supplemental materials and Form 10-Q available - Conference Call Details: * Date: **Thursday, July 31, 2025**[14](index=14&type=chunk) * Time: **9:00 a.m., Eastern Time**[14](index=14&type=chunk) * Access: Pre-registration required via provided link; live audio webcast available on Investor Relations section of company website[14](index=14&type=chunk) * Replay: Webcast replay link available for 12 months[14](index=14&type=chunk) - Supplemental Information: * A supplemental financial presentation will be posted on the company's website[15](index=15&type=chunk) * The Quarterly Report on Form 10-Q for Q2 2025 is expected to be filed with the SEC on or about **August 1, 2025**, and will be available on the company's website[15](index=15&type=chunk)

Core Viewpoint - New York Mortgage Trust, Inc. reported a net loss for the second quarter of 2025, but highlighted strong recurring earnings that exceeded dividends, indicating effective capital allocation and liquidity management [2][8]. Financial Performance - The net loss attributable to common stockholders was $3.486 million, translating to a loss of $0.04 per share [2]. - Earnings available for distribution were $20.024 million, or $0.22 per share [2]. - Interest income increased to $140.901 million, up from $90.775 million in the same quarter of the previous year [37]. - Interest expense rose to $104.454 million, compared to $71.731 million in the prior year [37]. - Net interest income for the quarter was $36.447 million, compared to $19.044 million in the same quarter last year [37]. - The book value per common share at the end of the period was $9.11, while the adjusted book value was $10.26 [2]. Investment Activities - The company acquired approximately $503.7 million in Agency investments with an average coupon of 5.29% and $280.2 million in residential loans with an average gross coupon of 9.76% [7]. - On July 8, 2025, the company completed the issuance of $90 million in Senior Notes due 2030, raising approximately $86.6 million in net proceeds [6]. - The acquisition of Constructive Loans, LLC for approximately $38.4 million is expected to enhance the company's position in residential business purpose lending [10]. Capital Allocation - As of June 30, 2025, the total investment portfolio carrying value was $8.609 billion, with significant allocations in residential loans and investment securities [9]. - The company reported a recourse leverage ratio of 3.8x and a portfolio recourse leverage ratio of 3.6x [9]. Subsequent Events - On July 24, 2025, the company completed a securitization of residential loans, resulting in approximately $345.9 million in net proceeds [10].

Group 1 - The article discusses the preferred stock and baby bond market activity, providing both bottom-up insights on individual news and events, as well as top-down analysis of the broader market [1] - It highlights the importance of yield and risk management considerations in the Income Portfolios offered by the company [1] - The article encourages the use of Interactive Investor Tools to navigate various markets including BDC, CEF, OEF, preferred, and baby bonds [1] Group 2 - The company offers Investor Guides for CEFs, Preferreds, and PIMCO CEFs to assist investors [2] - A promotional offer for a 2-week free trial is available, allowing potential investors to explore services without risk [2]