Core Viewpoint - Rithm Capital (RITM) has reported strong financial results, including a significant increase in revenue and assets, yet its stock is trading near a 52-week low, raising questions about market perception and valuation [4][5][9]. Financial Performance - Rithm's Q4 2025 non-GAAP earnings available for distribution (EAD) were $0.74 per share, exceeding the consensus estimate by 29% [5]. - The company generated $1.29 billion in revenue for Q4, reflecting an 18.4% year-over-year increase [5]. - For the full year, EAD reached $2.35 per share, surpassing the estimate of $2.1745, with a 19% return on equity [5]. Asset Management Growth - Rithm's total investable assets have surpassed $100 billion, bolstered by acquisitions such as Crestline Management and Paramount Group's office portfolio [4][8]. - The asset management segment contributed $403.2 million in revenue during Q4 [8]. Market Valuation and Sentiment - Despite strong operating results, the market remains skeptical, primarily due to volatility in mortgage servicing rights (MSR), which negatively impacted GAAP net income [2][7]. - The stock trades at 0.74 times book value, with a current price of approximately $9.11 against a book value of $12.66 per share [9]. - Analyst consensus price target stands at $14.50, with 10 buy or strong-buy ratings and no sell ratings [9]. Strategic Direction - CEO Michael Nierenberg has indicated a desire to transition Rithm into a C-Corp to align with asset management multiples rather than REIT multiples, referencing Blackstone as a benchmark [8][12]. - The company aims to demonstrate that asset management fees can offset MSR volatility, which is crucial for revaluation [12].

Core Viewpoint - Cherry Hill Mortgage Investment Corporation (CHMI) presents a high annualized dividend yield of 15.4% at a stock price of $2.66, but its history of dividend cuts raises concerns about sustainability [2][5][8]. Financial Performance - The quarterly dividend has been reduced from $0.64 in 2017-2018 to the current $0.10, with a significant 33% cut in September 2025 [2][8]. - Q3 2025 GAAP EPS was $0.05, which did not cover the $0.10 dividend, indicating a precarious earnings situation [9]. - In Q4 2025, diluted EPS improved to $0.14, covering the $0.10 dividend, but earnings available for distribution were only $0.11 per share, leaving a narrow margin [9]. Revenue and Portfolio Dynamics - Cherry Hill experienced a 37.2% year-over-year revenue decline, with its mortgage servicing rights (MSR) portfolio shrinking from $17.0 billion to $15.9 billion [3][12]. - The net interest spread for residential mortgage-backed securities (RMBS) compressed from 3.55% to 2.52%, contributing to the challenges in maintaining dividends [3][12]. Market Conditions and Future Outlook - Rising prepayment speeds could reach 15% if mortgage rates decline, complicating the dividend sustainability in a challenging rate environment for 2026 [3][14]. - The macroeconomic backdrop is complex, with the 10-year Treasury yield at 4.27%, and management noted tighter spreads and a softer tone in mortgage markets entering 2026 [13][14]. - The board confirmed the $0.10-per-share dividend for Q1 2026, but the ability to sustain this yield amid a challenging rate environment remains uncertain [14].

Core Insights - Three ETFs are highlighted for their yields above 10%, each employing distinct strategies to generate income [1][2] - The ETFs discussed are the JPMorgan Nasdaq Equity Premium ETF (JEPQ), YieldMax Target 12 Big 50 Option Income ETF (BIGY), and VanEck Mortgage REIT Income ETF (MORT) [1][2] Group 1: JEPQ - Options Overlay on a Nasdaq Core - JEPQ yields 10.7% and has $34.6 billion in assets, reflecting sustained investor demand [1] - The fund sells call options against a portfolio resembling the Nasdaq 100, with top positions including NVIDIA, Apple, and Microsoft [1] - Monthly distributions have varied from $0.44 to $0.62, with a recent payment of $0.509 per share [1] - The fund's expense ratio is 0.35%, and it has a year-to-date price change of approximately -0.7% [1] Group 2: BIGY - Options Income Spread Across 50 Mega-Caps - BIGY offers a yield of 12% and has $24.2 million in assets, launched in November 2024 [1][2] - The fund employs covered calls and put spreads across 50 large-cap companies, including JPMorgan and Walmart [1] - Monthly distributions have been consistent, ranging from $0.46 to $0.54 per share [1] - The expense ratio is 1.09%, and the price has decreased by about 3.7% year-to-date [1] Group 3: MORT - Yield From Mortgage Spreads - MORT yields 12.6% and invests in mortgage REITs, generating income from the spread between short-term borrowing and long-term lending rates [1][2] - The fund's largest positions are Annaly Capital Management and AGNC Investment, making up 31% of the portfolio [1] - Quarterly distributions range from $0.26 to $0.38, with a current yield reflecting the underlying mREIT portfolios [1] - The expense ratio is 0.42%, and the price has been flat over the past year, with a recent drop of 4.6% [1][2] Group 4: Risk and Strategy Comparison - JEPQ's income is tied to Nasdaq volatility, while MORT is linked to real economy factors, making them suitable for different investor profiles [2] - BIGY offers broader equity diversification but has a shorter track record, presenting higher uncertainty [2] - Each fund's strategy and risk profile cater to varying investor needs, from tech exposure to income stability [2]

Earnings Conference Call March 5, 2026 Quarter Ended December 31, 2025 Important Notice Forward-Looking Statements This presentation may contain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not historical in nature and can be identified by words such as "anticipate," "estimate," "will," "should," "may," "expect," "project," "believe," "intend," "seek," "plan" and similar expressions or thei ...

Core Viewpoint - Sachem Capital Corp. will release its fourth quarter and full year 2025 financial results on March 12, 2026, with a conference call scheduled for March 13, 2026, at 8:00 a.m. Eastern Time [1]. Company Overview - Sachem Capital Corp. is a mortgage REIT that focuses on originating, underwriting, funding, servicing, and managing a portfolio of loans secured by first mortgages on real property [3]. - The company provides short-term, secured, nonbanking loans to real estate investors for property acquisition, renovation, development, rehabilitation, or improvement [3]. - The primary underwriting criterion is a conservative loan-to-value ratio, with loans secured by mortgage liens on real estate and often personally guaranteed by the borrower’s principal [3]. - The properties securing the loans are typically classified as residential or commercial real estate, held for resale or investment [3]. - In addition to lending activities, the company also engages in opportunistic real estate purchases [3]. Conference Call Details - A webcast of the conference call will be available on the company's website, and participants are advised to register at least 15 minutes prior to the start time [2]. - For those wishing to participate via telephone, domestic and international dial-in numbers are provided, along with playback options available until March 27, 2026 [3].

Financial Data and Key Metrics Changes - For Q4 2025, the company reported GAAP net income of $0.14 per share and adjusted distributable earnings (ADE) of $0.47 per share, exceeding dividends of $0.39 per share [4][12] - The economic return for the fourth quarter was 4.6% annualized, with book value per share at $13.16 [19][40] - The weighted average borrowing rate on recourse borrowings decreased by 32 basis points to 5.67% [16] Business Line Data and Key Metrics Changes - The credit portfolio saw net interest income increase sequentially, with contributions from non-QM retained tranches and forward MSR-related investments [12][13] - The Longbridge segment reported strong origination profits driven by higher origination volumes and margins, alongside positive contributions from servicing [13][14] - The adjusted long credit portfolio increased by 15% to $4.1 billion quarter-over-quarter, with growth in non-QM loans, agency-eligible loans, and commercial mortgage bridge loans [14][15] Market Data and Key Metrics Changes - The agency-eligible loan strategy added approximately $250 million in loans during the second half of 2025, reflecting a shift towards sectors where GSEs are reducing their footprint [8][9] - The company completed seven securitizations in Q4 2025, expanding its securitization platform to include various loan types [20][21] - The total long agency RMBS portfolio decreased slightly to $218 million, while the Longbridge portfolio decreased by 18% to $617 million due to securitizations [15] Company Strategy and Development Direction - The company aims to optimize its capital structure and enhance balance sheet resilience by increasing the proportion of long-term, non-mark-to-market borrowings [10][18] - The focus is on growing loan origination market share while maintaining strong credit performance, supported by a robust securitization platform [38] - The company is in contract to acquire a small residential mortgage servicer to enhance in-house servicing capabilities, particularly for delinquent assets [36] Management's Comments on Operating Environment and Future Outlook - Management noted that the housing market shows broader signs of weakness, with more borrowers struggling to stay current, but they maintain significant credit hedges [27] - The company is optimistic about the long-term opportunities in the agency-eligible sector, especially as policymakers are more receptive to private capital [9] - The economic environment remains uncertain, with potential government policy changes impacting the mortgage market [24][66] Other Important Information - The company completed 25 securitizations in 2025, significantly up from seven in 2024, indicating a strong focus on enhancing its funding profile [29] - The company has maintained low realized credit losses, reflecting strong underwriting discipline and asset management capabilities [30] Q&A Session Summary Question: Discussion on the decision to buy the servicer - Management highlighted the consolidation in the servicing industry and the need for best-in-class protocols to handle borrowers facing challenges, emphasizing the importance of in-house capabilities [42][43] Question: Conditions for applying repo to retained tranches - Management noted that the repo market functioned well, with low financing spreads, but they prefer to operate conservatively and avoid adding more leverage to retained tranches due to inherent price volatility [53][55] Question: Approach to the agency-eligible market amid potential changes - Management indicated that while there are risks associated with potential changes in LLPAs and g-fees, current execution remains favorable for private label markets, and they are monitoring these developments closely [62][66] Question: Current competition and margins in origination activity - Management described the competitive landscape as challenging but not cutthroat, with margins remaining attractive due to favorable pricing structures [71][73]

NYSE:NREF 4Q 2025 Financial Supplement February 26, 2026 CONTACT NEXPOINT REAL ESTATE FINANCE (NYSE:NREF) 300 Crescent Court, Suite 700 Dallas, Texas 75201 (w) nref.nexpoint.com INVESTOR RELATIONS Kristen Griffith (e) kgriffith@nexpoint.com Cautionary Statements FORWARD LOOKING STATEMENTS This presentation contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on management's current expectations, assumptions and beliefs. Forward-looki ...

Core Insights - The company is optimistic about the growth of Home Equity Lines of Credit (HELOCs) as an asset class and plans to continue investing in them while focusing on acquiring and securitizing high-quality non-QM loans [1][5][6] - The interest rate environment in 2025 was characterized by decreasing rates, which supported healthy securitization markets and investor demand [2][4] - The company achieved significant growth in net interest income and reduced operating expenses, demonstrating operational stability and efficiency [4][7][10] Financial Performance - GAAP net income for 2025 was $44 million, or $1.80 per diluted common share, representing a 53% increase from the previous year [8][9] - Interest income increased by 30% year-over-year, from $110.4 million to $143.7 million, while net interest income rose over 11% [7][10] - Operating expenses decreased by 15.5% compared to 2024, reflecting the company's focus on cost rationalization [7][13] Securitization and Investment Strategy - The company participated in four securitizations in 2025, including its first HELOC securitization, contributing to a total of $704 million in unpaid principal balance [2][12] - The weighted average coupon for loan purchases in 2025 was 7.79%, with a focus on maintaining a prudent leverage strategy [11][15] - The company plans to continue leveraging its disciplined securitization strategy to capitalize on favorable market conditions [12][16] Market Outlook - The addressable market for non-QM solutions is expected to grow due to structural demand, with the company positioned as a leading platform in this space [5][6] - The company anticipates continued strong performance in the existing rate landscape, with a focus on risk-adjusted returns for shareholders [6][19] - The non-QM market is expected to grow as more individuals seek loans that do not fit traditional guidelines, driven by changing employment patterns [26][27] Credit Performance - The total portfolio weighted average percentage of loans 90-plus days delinquent was 2.18%, indicating strong credit performance [15] - The company has proactively migrated up the credit spectrum and maintained conservative loan-to-value ratios, positioning the portfolio for consistent performance [17][19]

Earnings Presentation FOURTH QUARTER 2025 Forward-looking statements When used in this presentation or other written or oral communications, statements that are not historical in nature, including those containing words such as "will," "believe," "expect," "anticipate," "estimate," "plan," "continue," "intend," "should," "could," "would," "may," the negative of these words or similar expressions, are intended to identify "forward-looking statements" within the meaning of Section 27A of the Securities Act of ...

Core Viewpoint - The article discusses the investment potential of Rithm Capital Corp.'s preferred shares, particularly RITM-D, highlighting their attractive dividend yields and the likelihood of being called when the call protection period ends. Group 1: Investment Performance - RITM-D has shown strong performance with total returns ranging from 21.96% to 49.52% depending on the purchase date and share allocation [3][4][10] - The preferred shares currently offer a dividend yield of approximately 7.07% and a yield to call of about 8.3%, which was higher at around 9.5% earlier in the year [3][4] - The shares have been trading around $24.76, reflecting a 1% increase recently, which has impacted the yield to call significantly [10][11] Group 2: Call Risk and Strategy - There is a significant chance that RITM-D shares will be called when the call protection ends, with a projected increase in the dividend rate based on the five-year Treasury rate plus a spread of 6.223% [4][10] - The strategy suggests exiting the position if the worst cash-to-call falls to around negative $0.15, indicating a cautious approach to managing call risk [8] - The shares are viewed as moderately attractive for new investors, especially if the price declines by about 1.5%, which would enhance the yield to call [12] Group 3: Market Context and Comparisons - Rithm Capital has outperformed many peers in the mortgage REIT sector, particularly in protecting dividends and book value, leading to superior total returns [17] - The preferred shares have shown resilience, recovering from market volatility and maintaining steady returns despite fluctuations in Treasury rates [15][24] - The article emphasizes the importance of preferred shares and baby bonds in a diversified investment strategy due to their lower volatility compared to common equity [24]