Financial Highlights - GAAP Book Value is $13.13 per common share, while Economic Book Value is $13.69 per common share[4] - GAAP Net Income is $0.36 per common share, and Distributable Earnings is $0.20 per common share[4] - Quarterly Dividend is $0.36 per common share, resulting in a Dividend Yield of 15.8%[4] Portfolio Activity - Acquired $453 million of Non-QM loans in Q3[4, 9] - Acquired $473 million of Agency MBS in Q3[4, 9] - Lima One originated $260 million of Business Purpose Loans in Q3[4, 9] - Investment portfolio grew by over $400 million to $11.2 billion[9] Loan Portfolio - Non-QM Loans portfolio is $5.1 billion[8] - Agency MBS portfolio is $2.2 billion[8] - Single-family Rental Loans portfolio is $1.2 billion[8] - Legacy RPL/NPL portfolio is $1.0 billion[8] - The portfolio 60+ day delinquency rate declined to 6.8%[6, 9, 26] Liability Highlights - Overall leverage rose to 5.5x and recourse leverage rose to 1.9x[11] - 92% of Non-QM portfolio is securitized[13]

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]