Financial Performance - GAAP Book Value was $1312 per common share and Economic Book Value was $1369 per common share[4] - GAAP Net Income was $022 per common share and Distributable Earnings was $024 per common share[4] - Quarterly Dividend was $036 per common share, resulting in a Dividend Yield of 158%[4] Portfolio Activity - Acquired $876 million of residential mortgage loans and securities, growing the investment portfolio to $108 billion[7] - Purchased $503 million of Non-QM loans[4, 8] - Lima One originated $217 million of new business purpose loans (BPLs)[4, 8] - Added $131 million of Agency MBS[4, 8] Liability Management - Overall leverage rose to 52x, while recourse leverage remained 18x[9] - Issued the 18th Non-QM securitization in May, collateralized by $318 million UPB of loans[11, 23] - Effective cost of funds remained stable at 468%[11] Lima One Highlights - Lima One originated $217 million in total origination volume, with an average coupon of 102% for Q2 originations[4, 12] - New Construction Loans were $72 million, New Rehab Loans were $63 million, and New Bridge Loans were $32 million[12] - Rental Loans Originated were $50 million, and Rental Loans Sold were $38 million, generating $11 million in Gain-on-sale Income with an average coupon of 75%[12] Loan Portfolio Credit Metrics - Non-QM Loans UPB is $488 billion, with an average loan balance of $514K and an LTV of 59%[6, 21] - Single-family Rental Loans UPB is $132 billion, with an average loan balance of $226K and an LTV of 60%[6, 21] - Single-family Transitional Loans UPB is $886 million, with an average loan balance of $540K and an LTV of 68%[6, 21]