EPS: As of FY2025 Q1, the actual value is USD 0.33.

Residential Loans

• Principal: $4,152,973 as of March 31, 2025; $4,129,335 as of December 31, 2024.
• Discount: -$70,113 as of March 31, 2025; -$74,755 as of December 31, 2024.
• Unrealized Losses: -$169,592 as of March 31, 2025; -$212,842 as of December 31, 2024.
• Carrying Value: $3,913,268 as of March 31, 2025; $3,841,738 as of December 31, 2024.

Investment Securities Available for Sale

• Amortized Cost: $4,618,661 as of March 31, 2025; $3,886,897 as of December 31, 2024.
• Unrealized Gains: $51,719 as of March 31, 2025; $18,959 as of December 31, 2024.
• Unrealized Losses: -$23,568 as of March 31, 2025; -$77,312 as of December 31, 2024.
• Fair Value: $4,646,812 as of March 31, 2025; $3,828,544 as of December 31, 2024.

Multi-family Loans

• Investment Amount: $91,096 as of March 31, 2025; $90,485 as of December 31, 2024.
• Unrealized Losses, Net: -$3,874 as of March 31, 2025; -$4,293 as of December 31, 2024.
• Total, at Fair Value: $87,222 as of March 31, 2025; $86,192 as of December 31, 2024.

Equity Investments

• Multi-Family Preferred Equity Ownership Interests: $53,251 as of March 31, 2025; $73,436 as of December 31, 2024.
• Joint Venture Equity Investments in Multi-Family Properties: $1,111 as of March 31, 2025; $1,338 as of December 31, 2024.
• Single-Family Equity Ownership Interests: $39,637 as of March 31, 2025; $38,718 as of December 31, 2024.
• Total: $93,999 as of March 31, 2025; $113,492 as of December 31, 2024.

Future Outlook and Strategy

• The company is repositioning its business through the opportunistic disposition of its joint venture equity investments in multi-family properties and reallocating its capital to targeted assets.
• The company completed two securitizations of residential loans during the three months ended March 31, 2025, receiving net proceeds of approximately $326.3 million.
• The company issued $82.5 million in aggregate principal amount of its 9.125% Senior Notes due 2030 in January 2025.