Financial Performance - The company reported a total economic return of 1.9% for Q1 2025[7] - Distributable earnings were $0.29 per common share[7] - The company's economic book value was $13.84 per common share[7] - The company increased its quarterly dividend to $0.36 per share[7, 9] Investment Activity - The company acquired $383 million of Non-QM loans and $268 million of Agency MBS[8] - The company's investment portfolio grew by $225 million to $10.7 billion[13] - The average coupon on all loans acquired in Q1 2025 was 8.7%[13] Portfolio Metrics - Non-QM Loans: Portfolio grew to $4.6 billion UPB, with an average LTV of 65% and an average coupon of 7.8%[28] - Single-Family Rental Loans: Portfolio remained stable at $1.4 billion UPB, with a delinquency rate of 4.0%[33, 34] - Single-Family Transitional Loans: Portfolio declined to $1 billion UPB, with a delinquency rate of 11.7%[38, 39]