Oxea Appoints Michael McHenry as Chief Executive Officer
'Oxea has a strong foundation, a skilled global team, and a clear position in a core part of the chemical value chain,' said Michael McHenry. 'Together, we will build on that strength to accelerate performance and create long-term value for our customers and stakeholders.'
McHenry brings more than 30 years of experience in the international chemicals and materials industry. Most recently, he served as CEO of Techmer PM, a private equity-backed manufacturer of engineered materials. Prior to that, he held senior positions at Master Fluid Solutions, BASF, and Ciba Specialty Chemicals, overseeing business units in resins, additives, pigments, and coatings.
'Michael McHenry has proven experience in managing complex transformation processes and international teams. His values and vision align with Oxea's commitment to innovation, sustainability, and customer-centric performance,' said Craig Rogerson, Chairman of the Oxea Board of Directors. 'We are confident that his operational focus and strategic mindset will support Oxea's continued development.'
Dave Richards, co-head of the US operating team at Strategic Value Partners, whose managed funds are Oxea's majority shareholder, said: 'We welcome Michael McHenry to Oxea and look forward to working with him and the leadership team. Together with our partners at Blantyre Capital, we aim to support the company's long-term growth and strategic positioning.'
McHenry holds a degree in chemistry from Rutgers University and serves on the board of Share the Good Foundation, a non-profit organization supporting at-risk individuals.
About Oxea
Oxea (formerly OQ Chemicals) is a global manufacturer of Oxo Intermediates and Oxo Performance Chemicals such as alcohols, polyols, carboxylic acids, specialty esters, and amines. These are used to produce high-quality coatings, lubricants, cosmetic and pharmaceutical products, flavors and fragrances, printing inks, and plastics. Oxea employs more than 1,200 people worldwide and markets its chemicals in more than 60 countries. More information at www.oxea.com
About SVP
Strategic Value Partners, LLC (together with its affiliates, 'SVP') is a global alternative investment firm that focuses on special situations, private equity, opportunistic credit and financing opportunities. The firm uses a combination of sourcing, financial and operational expertise to unlock value in its portfolio companies. Today SVP manages over USD 22 billion in assets under management, and since inception, has invested more than USD 53 billion of capital. The firm, established by Victor Khosla in 2001, has over 200 employees, including more than 100 investment professionals, across its main offices in Greenwich (CT) and London, and a presence in Tokyo. Learn more at www.svpglobal.com
About Blantyre
Blantyre is a London-based investment manager specialising in middle market equity and debt. The firm transforms businesses by providing time-sensitive capital that can support companies in financing growth, M&A, capital structure optimisation, operational enhancements, shareholder changes and recapitalisation, and liquidity solutions. Blantyre manages more than EUR 2.7 billion of long-term capital commitments on behalf of highly regarded institutional investors, including public and private pension plans, sovereign wealth funds, endowments, foundations, private funds, and family offices. Blantyre strives to be the middle market firm of choice for its partners and investors. For more information, please visit: www.blantyrecapital.com
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OLD GREENWICH, Conn.--(BUSINESS WIRE)--Ellington Financial Inc. (NYSE: EFC) ("we") today reported financial results for the quarter ended June 30, 2025. Net income attributable to common stockholders of $42.9 million, or $0.45 per common share. 1 $56.8 million, or $0.60 per common share, from the investment portfolio. $57.8 million, or $0.61 per common share, from the credit strategy. $(1.0) million, or $(0.01) per common share, from the Agency strategy. $10.7 million, or $0.11 per common share, from Longbridge. Adjusted Distributable Earnings of $45.0 million, or $0.47 per common share. 2 $53.8 million, or $0.56 per common share, from the investment portfolio. $12.8 million, or $0.13 per common share, from Longbridge. Book value per common share as of June 30, 2025 of $13.49, including the effects of dividends of $0.39 per common share for the quarter. 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Positive contribution from servicing, including MSR-related income, strong tail securitization executions, and a net gain on the HMBS MSR Equivalent, driven primarily by tighter HMBS yield spreads. Net losses on interest rate hedges. Corporate/Other Summary Results for the quarter also reflect a decrease in incentive fees incurred partially offset by net unrealized loss on our unsecured borrowings and an increase in income tax expense. ____________________________________ Expand 1 Represents $67.6 million of aggregate net income from the investment portfolio and Longbridge segments, less $24.6 million of preferred dividends accrued and certain corporate/other income and expense items not attributed to either the investment portfolio or Longbridge segments. 2 Adjusted Distributable Earnings is a non-GAAP financial measure. See "Reconciliation of Net Income (Loss) to Adjusted Distributable Earnings" below for an explanation regarding the calculation of Adjusted Distributable Earnings. Represents $66.6 million of aggregate Adjusted Distributable Earnings from the investment portfolio and Longbridge segments, less $21.6 million of certain corporate/other items not attributed to either the investment portfolio or Longbridge segments. 3 Excludes U.S. Treasury securities and repo borrowings at certain unconsolidated entities that are recourse to us. Including such borrowings, our debt-to-equity ratio, adjusted for unsettled purchases and sales, based on total recourse borrowings was 1.9:1 as of June 30, 2025. 4 Excludes U.S. Treasury securities and repo borrowings at certain unconsolidated entities. 5 Excludes non-retained tranches of consolidated securitization trusts. The adjusted long credit portfolio also includes the proceeds from financings related to the MSRs underlying our Forward MSR-related investments. Forward MSR-related investments, at fair value are presented on our Consolidated Balance Sheet net of such financings; as of both June 30, 2025 and March 31, 2025, such borrowings were $93.5 million. 6 Sector-level results include associated financing costs and hedging gains/losses where applicable. 7 Net interest margin represents the weighted average asset yield less the weighted average secured financing cost of funds on such assets. It also includes the effect of actual and accrued periodic payments on interest rate swaps used to hedge the assets. Credit Portfolio (1) The following table summarizes our credit portfolio holdings as of June 30, 2025 and March 31, 2025: (1) This information does not include U.S. Treasury securities, securities sold short, or financial derivatives. (2) Conformed to current period presentation. (3) Includes related REO. In accordance with U.S. GAAP, REO is not considered a financial instrument and as a result is included at the lower of cost or fair value. (4) Also includes equity investments in unconsolidated entities holding commercial mortgage loans and REO and corporate loans secured by commercial mortgage loans. (5) Also includes equity investments in securitization-related vehicles. (6) Also includes corporate loans made to certain loan origination entities in which we hold an equity investment. (7) Retained RMBS represents RMBS issued by non-consolidated Ellington-sponsored loan securitization trusts, and interests in entities holding such RMBS. (8) Also includes equity investment in Ellington affiliate. (9) Includes equity investment in an unconsolidated entity which purchases certain other loans for eventual securitization. (10) Includes an equity investment in an unconsolidated entity holding European RMBS. (11) We participate in the economic returns of a portfolio of forward MSRs under various agreements with a licensed mortgage servicer holding such MSRs. Under such agreements, we can direct the servicer to finance the MSRs and distribute the proceeds of such financings to us. Forward MSR-related investments, at fair value are presented on our Consolidated Balance sheet net of any such financings; as of both June 30, 2025 and March 31, 2025, such borrowings were $93.5 million. Expand Agency RMBS Portfolio The following table (1) summarizes our Agency RMBS portfolio holdings as of June 30, 2025 and March 31, 2025: June 30, 2025 March 31, 2025 ($ in thousands) Fair Value % Fair Value % Long Agency RMBS: Fixed rate $ 254,461 94.8 % $ 241,580 94.3 % Reverse mortgages 1,159 0.4 % 1,499 0.6 % IOs 12,887 4.8 % 13,016 5.1 % Total long Agency RMBS $ 268,507 100.0 % $ 256,095 100.0 % Expand (1) This information does not include U.S. Treasury securities, securities sold short, or financial derivatives. Expand Longbridge Portfolio Longbridge originates reverse mortgage loans, including home equity conversion mortgage loans, or "HECMs," which are insured by the FHA and which are eligible for inclusion in GNMA-guaranteed HECM-backed MBS, or "HMBS." Upon securitization, the HECMs remain on our balance sheet under GAAP, and Longbridge retains the mortgage servicing rights associated with the HMBS, or the "HMBS MSR Equivalent." Longbridge also originates "proprietary reverse mortgage loans," which are not insured by the FHA, and Longbridge has typically retained the associated MSRs. We have securitized some of the proprietary reverse mortgage loans originated by Longbridge, and we have retained certain of the securitization tranches in compliance with credit risk retention rules. The following table summarizes loan-related assets (1) in the Longbridge segment as of June 30, 2025 and March 31, 2025: (1) This information does not include financial derivatives or loan commitments. (2) Includes HECM loans, related REO, and claims or other receivables. (3) As of June 30, 2025, includes $11.9 million of active HECM buyout loans, $17.7 million of inactive HECM buyout loans, and $5.3 million of other inactive HECM loans. As of March 31, 2025, includes $14.0 million of active HECM buyout loans, $14.1 million of inactive HECM buyout loans, and $5.2 million of other inactive HECM loans. (4) As of June 30, 2025, includes $828.4 million of securitized proprietary reverse mortgage loans, $18.0 million of cash held in a securitization reserve fund, and $7.5 million of investment related receivables. As of March 31, 2025, includes $615.3 million of securitized proprietary reverse mortgage loans and $12.4 million of cash held in a securitization reserve fund. Expand The following table summarizes Longbridge's origination volumes by channel for the three-month periods ended June 30, 2025 and March 31, 2025: ($ In thousands) June 30, 2025 March 31, 2025 Channel Units New Loan Origination Volume (1) % of New Loan Origination Volume Units New Loan Origination Volume (1) % of New Loan Origination Volume Wholesale and correspondent 1,374 $ 308,354 72 % 1,267 $ 241,675 71 % Retail 687 118,708 28 % 554 96,776 29 % Total 2,061 $ 427,062 100 % 1,821 $ 338,451 100 % Expand (1) Represents initial borrowed amounts on reverse mortgage loans. Expand Financing Key Highlights: Recourse Debt-to-Equity Ratio 3 (adjusted for unsettled trades): 1.7:1 as of both June 30, 2025 and March 31, 2025. Overall Debt-to-Equity Ratio 4 (adjusted for unsettled trades): 8.7:1 as of both June 30, 2025 and March 31, 2025. The following table summarizes our outstanding borrowings and debt-to-equity ratios as of June 30, 2025 and March 31, 2025: (1) Includes borrowings under repurchase agreements, other secured borrowings, other secured borrowings, at fair value, and unsecured debt, at par. (2) Recourse and overall debt-to-equity ratios are computed by dividing outstanding recourse and overall borrowings, respectively, by total equity. Debt-to-equity ratios do not account for liabilities other than debt financings. (3) Excludes repo borrowings at certain unconsolidated entities that are recourse to us. Including such borrowings, our debt-to-equity ratio based on total recourse borrowings is 1.9:1 as of both June 30, 2025 and March 31, 2025. 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Expand Operating Results The following table summarizes our operating results by strategy for the three-month period ended June 30, 2025: Investment Portfolio Longbridge Corporate/ Other Total Per Share (In thousands except per share amounts) Credit Agency Investment Portfolio Subtotal Interest income and other income (1) $ 87,096 $ 2,840 $ 89,936 $ 28,842 $ 1,668 $ 120,446 $ 1.24 Interest expense (44,486 ) (2,243 ) (46,729 ) (16,687 ) (3,971 ) (67,387 ) (0.69 ) Realized gain (loss), net 9,038 (423 ) 8,615 41 — 8,656 0.09 Unrealized gain (loss), net 14,993 1,801 16,794 14,197 (1,699 ) 29,292 0.30 Net change from reverse mortgage loans and HMBS obligations — — — 26,605 — 26,605 0.28 Earnings in unconsolidated entities 17,072 — 17,072 — — 17,072 0.18 Interest rate hedges and other activity, net (2) (912 ) (2,974 ) (3,886 ) (2,506 ) (127 ) (6,519 ) (0.07 ) Credit hedges and other activities, net (3) (16,863 ) — (16,863 ) (1,688 ) — (18,551 ) (0.19 ) Income tax (expense) benefit — — — — (1,475 ) (1,475 ) (0.02 ) Investment related expenses (5,468 ) — (5,468 ) (13,179 ) — (18,647 ) (0.19 ) Other expenses (2,038 ) — (2,038 ) (24,944 ) (11,437 ) (38,419 ) (0.40 ) Net income (loss) 58,432 (999 ) 57,433 10,681 (17,041 ) 51,073 0.53 Dividends on preferred stock — — — — (7,036 ) (7,036 ) (0.07 ) Net (income) loss attributable to non-participating non-controlling interests (602 ) — (602 ) — (5 ) (607 ) (0.01 ) Net income (loss) attributable to common stockholders and participating non-controlling interests 57,830 (999 ) 56,831 10,681 (24,082 ) 43,430 0.45 Net (income) loss attributable to participating non-controlling interests — — — — (507 ) (507 ) — Net income (loss) attributable to common stockholders $ 57,830 $ (999 ) $ 56,831 $ 10,681 $ (24,589 ) $ 42,923 $ 0.45 Net income (loss) attributable to common stockholders per share of common stock $ 0.61 $ (0.01 ) $ 0.60 $ 0.11 $ (0.26 ) $ 0.45 Weighted average shares of common stock and convertible units (4) outstanding 96,995 Weighted average shares of common stock outstanding 95,862 Expand (1) Other income primarily consists of rental income on real estate owned, loan origination fees, and servicing income. (2) Includes U.S. Treasury securities, if applicable. (3) Other activities include certain equity and other trading strategies and related hedges, and net realized and unrealized gains (losses) on foreign currency. (4) Convertible units include Operating Partnership units attributable to participating non-controlling interests. Expand The following table summarizes our operating results by strategy for the three-month period ended March 31, 2025: Investment Portfolio Longbridge Corporate/ Other Total Per Share (In thousands except per share amounts) Credit Agency Investment Portfolio Subtotal Interest income and other income (1) $ 87,077 $ 4,140 $ 91,217 $ 23,056 $ 1,714 $ 115,987 $ 1.25 Interest expense (46,503 ) (2,498 ) (49,001 ) (13,745 ) (4,481 ) (67,227 ) (0.73 ) Realized gain (loss), net (12,421 ) (1,190 ) (13,611 ) — (1,383 ) (14,994 ) (0.16 ) Unrealized gain (loss), net 24,059 5,673 29,732 4,408 1,027 35,167 0.38 Net change from reverse mortgage loans and HMBS obligations — — — 29,519 — 29,519 0.32 Earnings in unconsolidated entities 8,304 — 8,304 — — 8,304 0.09 Interest rate hedges and other activity, net (2) (5,917 ) (1,908 ) (7,825 ) (12,273 ) 1,284 (18,814 ) (0.20 ) Credit hedges and other activities, net (3) 3,616 — 3,616 (394 ) — 3,222 0.03 Income tax (expense) benefit — — — — 96 96 — Investment related expenses (2,770 ) — (2,770 ) (10,810 ) — (13,580 ) (0.14 ) Other expenses (2,259 ) — (2,259 ) (20,756 ) (15,341 ) (38,356 ) (0.41 ) Net income (loss) 53,186 4,217 57,403 (995 ) (17,084 ) 39,324 0.43 Dividends on preferred stock — — — — (7,035 ) (7,035 ) (0.08 ) Net (income) loss attributable to non-participating non-controlling interests (316 ) — (316 ) — (3 ) (319 ) — Net income (loss) attributable to common stockholders and participating non-controlling interests 52,870 4,217 57,087 (995 ) (24,122 ) 31,970 0.35 Net (income) loss attributable to participating non-controlling interests — — — — (321 ) (321 ) — Net income (loss) attributable to common stockholders $ 52,870 $ 4,217 $ 57,087 $ (995 ) $ (24,443 ) $ 31,649 $ 0.35 Net income (loss) attributable to common stockholders per share of common stock $ 0.58 $ 0.05 $ 0.63 $ (0.01 ) $ (0.27 ) $ 0.35 Weighted average shares of common stock and convertible units (4) outstanding 92,529 Weighted average shares of common stock outstanding 91,601 Expand (1) Other income primarily consists of rental income on real estate owned, loan origination fees, and servicing income. (2) Includes U.S. Treasury securities, if applicable. (3) Other activities include certain equity and other trading strategies and related hedges, and net realized and unrealized gains (losses) on foreign currency. (4) Convertible units include Operating Partnership units attributable to participating non-controlling interests. Expand About Ellington Financial Ellington Financial invests in a diverse array of financial assets, including residential and commercial mortgage loans and mortgage-backed securities, reverse mortgage loans, mortgage servicing rights and related investments, consumer loans, asset-backed securities, collateralized loan obligations, non-mortgage and mortgage-related derivatives, debt and equity investments in loan origination companies, and other strategic investments. Ellington Financial is externally managed and advised by Ellington Financial Management LLC, an affiliate of Ellington Management Group, L.L.C. Conference Call We will host a conference call at 11:00 a.m. Eastern Time on Friday, August 8, 2025, to discuss our financial results for the quarter ended June 30, 2025. To participate in the event by telephone, please dial (800) 343-4136 at least 10 minutes prior to the start time and reference the conference ID EFCQ225. International callers should dial (203) 518-9843 and reference the same conference ID. The conference call will also be webcast live over the Internet and can be accessed via the "For Investors" section of our web site at To listen to the live webcast, please visit at least 15 minutes prior to the start of the call to register, download, and install necessary audio software. In connection with the release of these financial results, we also posted an investor presentation, that will accompany the conference call, on our website at under "For Investors—Presentations." A dial-in replay of the conference call will be available on Friday, August 8, 2025, at approximately 2:00 p.m. Eastern Time through Friday, August 15, 2025 at approximately 11:59 p.m. Eastern Time. To access this replay, please dial (800) 934-4245. International callers should dial (402) 220-1173. A replay of the conference call will also be archived on our web site at Cautionary Statement Regarding Forward-Looking Statements This release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve numerous risks and uncertainties. Our actual results may differ from our beliefs, expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Forward-looking statements are not historical in nature and can be identified by words such as "believe," "expect," "anticipate," "estimate," "project," "plan," "continue," "intend," "should," "would," "could," "goal," "objective," "will," "may," "seek" or similar expressions or their negative forms, or by references to strategy, plans, or intentions. Forward-looking statements are based on our beliefs, assumptions and expectations of our future operations, business strategies, performance, financial condition, liquidity and prospects, taking into account information currently available to us. These beliefs, assumptions, and expectations are subject to risks and uncertainties and can change as a result of many possible events or factors, not all of which are known to us. If a change occurs, our business, financial condition, liquidity, results of operations and strategies may vary materially from those expressed or implied in our forward-looking statements. The following factors are examples of those that could cause actual results to vary from our forward-looking statements: changes in interest rates and the market value of our investments, market volatility, changes in mortgage default rates and prepayment rates, our ability to borrow to finance our assets, changes in government regulations affecting our business, our ability to maintain our exclusion from registration under the Investment Company Act of 1940, our ability to maintain our qualification as a real estate investment trust, or "REIT," and other changes in market conditions and economic trends, such as changes to fiscal or monetary policy, heightened inflation, slower growth or recession, and currency fluctuations. Furthermore, forward-looking statements are subject to risks and uncertainties, including, among other things, those described under Item 1A of our Annual Report on Form 10-K, which can be accessed through our website at or at the SEC's website ( Other risks, uncertainties, and factors that could cause actual results to differ materially from those projected may be described from time to time in reports we file with the SEC, including reports on Forms 10-Q, 10-K and 8-K. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. This release and the information contained herein do not constitute an offer of any securities or solicitation of an offer to purchase securities. June 30, 2025 March 31, 2025 June 30, 2025 (In thousands, except per share amounts) NET INTEREST INCOME Interest income $ 115,471 $ 115,913 $ 231,384 Interest expense (72,128 ) (72,656 ) (144,784 ) Total net interest income 43,343 43,257 86,600 Other Income (Loss) Realized gains (losses) on securities and loans, net 6,911 (8,804 ) (1,893 ) Realized gains (losses) on financial derivatives, net (519 ) 11,641 11,122 Realized gains (losses) on real estate owned, net (1,356 ) (934 ) (2,290 ) Realized gains (losses) on unsecured borrowings, at fair value — (1,383 ) Unrealized gains (losses) on securities and loans, net 59,810 46,108 105,918 Unrealized gains (losses) on financial derivatives, net (25,608 ) (27,115 ) (52,724 ) Unrealized gains (losses) on real estate owned, net (1,396 ) (3,311 ) (4,707 ) Unrealized gains (losses) on other secured borrowings, at fair value, net (25,844 ) (31,364 ) (57,208 ) Unrealized gains (losses) on unsecured borrowings, at fair value (1,699 ) 1,027 (673 ) Net change from HECM reverse mortgage loans, at fair value 168,817 176,990 345,807 Net change related to HMBS obligations, at fair value (142,212 ) (147,471 ) (289,682 ) Other, net 12,295 24,266 36,563 Total other income (loss) 49,199 39,650 88,850 EXPENSES Base management fee to affiliate, net of rebates 6,270 6,092 12,362 Incentive fee to affiliate — 4,533 4,533 Investment related expenses: Servicing expense 7,220 7,019 14,239 Debt issuance costs related to Other secured borrowings, at fair value 2,280 — 2,280 Other 9,147 6,608 15,756 Professional fees 3,143 3,716 6,860 Compensation and benefits 21,332 16,942 38,274 Other expenses 7,674 7,073 14,746 Total expenses 57,066 51,983 109,050 Net Income (Loss) before Income Tax Expense (Benefit) and Earnings from Investments in Unconsolidated Entities 35,476 30,924 66,400 Income tax expense (benefit) 1,475 (96 ) 1,379 Earnings (losses) from investments in unconsolidated entities 17,072 8,304 25,376 Net Income (Loss) 51,073 39,324 90,397 Net Income (Loss) attributable to non-controlling interests 1,114 640 1,754 Dividends on preferred stock 7,036 7,035 14,071 Net Income (Loss) Attributable to Common Stockholders $ 42,923 $ 31,649 $ 74,572 Net Income (Loss) per Common Share: Basic and Diluted $ 0.45 $ 0.35 $ 0.80 Weighted average shares of common stock outstanding 95,862 91,601 93,744 Weighted average shares of common stock and convertible units outstanding 96,995 92,529 94,775 Expand ELLINGTON FINANCIAL INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) As of (In thousands, except share and per share amounts) June 30, 2025 March 31, 2025 December 31, 2024 (1) ASSETS Cash and cash equivalents $ 211,013 $ 203,288 $ 192,387 Restricted cash 19,617 14,027 16,561 Securities, at fair value 938,454 943,281 962,254 Loans, at fair value 14,668,365 14,274,158 13,999,572 Loan commitments, at fair value 8,785 7,215 6,692 Forward MSR-related investments, at fair value 81,256 87,203 77,848 Mortgage servicing rights, at fair value 29,276 29,536 29,766 Investments in unconsolidated entities, at fair value 307,722 269,093 220,078 Real estate owned 48,821 65,447 46,661 Financial derivatives–assets, at fair value 160,584 157,308 184,395 Reverse repurchase agreements 348,389 334,145 336,743 Due from brokers 45,973 43,023 22,186 Investment related receivables 170,657 184,431 189,081 Other assets 32,983 32,073 32,804 Total Assets $ 17,071,895 $ 16,644,228 $ 16,317,028 LIABILITIES Securities sold short, at fair value $ 264,511 $ 264,511 $ 293,574 Repurchase agreements 2,347,458 2,568,627 2,584,040 Financial derivatives–liabilities, at fair value 81,812 63,149 71,024 Due to brokers 30,098 53,848 55,429 Investment related payables 42,767 28,546 22,714 Other secured borrowings 340,289 268,173 253,300 Other secured borrowings, at fair value 2,127,225 1,926,711 1,934,309 HMBS-related obligations, at fair value 9,814,811 9,495,132 9,150,883 Unsecured borrowings, at fair value 249,036 247,337 281,912 Base management fee payable to affiliate 6,270 6,092 5,888 Incentive fee payable to affiliate — 4,533 — Dividends payable 17,495 17,015 16,611 Interest payable 17,482 20,474 17,956 Accrued expenses and other liabilities 43,131 42,464 38,566 Total Liabilities 15,382,385 15,006,612 14,726,206 EQUITY Preferred stock, par value $0.001 per share, 100,000,000 shares authorized; 13,800,089, 13,800,089, and 13,800,089 shares issued and outstanding, and $345,002, $345,002, and $345,002 aggregate liquidation preference, respectively 331,958 331,958 331,958 Common stock, par value $0.001 per share, 300,000,000 shares authorized, respectively; 97,891,157, 94,428,880, and 90,678,492 shares issued and outstanding, respectively (2) 98 94 91 Additional paid-in-capital 1,707,544 1,661,528 1,613,540 Retained earnings (accumulated deficit) (374,048 ) (379,316 ) (375,113 ) Total Stockholders' Equity 1,665,552 1,614,264 1,570,476 Non-controlling interests 23,958 23,352 20,346 Total Equity 1,689,510 1,637,616 1,590,822 TOTAL LIABILITIES AND EQUITY $ 17,071,895 $ 16,644,228 $ 16,317,028 SUPPLEMENTAL PER SHARE INFORMATION: Book Value Per Common Share (3) $ 13.49 $ 13.44 $ 13.52 Expand (1) Derived from audited financial statements as of December 31, 2024. (2) Common shares issued and outstanding at June 30, 2025 includes 3,428,400 shares of common stock issued under our ATM program during the three-month period ended June 30, 2025. (3) Based on total stockholders' equity less the aggregate liquidation preference of our preferred stock outstanding. Expand Reconciliation of Net Income (Loss) to Adjusted Distributable Earnings We calculate Adjusted Distributable Earnings as U.S. GAAP net income (loss) as adjusted for: (i) realized and unrealized gain (loss) on securities and loans, REO, mortgage servicing rights, financial derivatives (excluding periodic settlements on interest rate swaps), any borrowings carried at fair value, and foreign currency transactions; (ii) incentive fee to affiliate; (iii) Catch-up Amortization Adjustment (as defined below); (iv) non-cash equity compensation expense; (v) provision for income taxes; (vi) certain non-capitalized transaction costs; and (vii) other income or loss items that are of a non-recurring nature. For certain investments in unconsolidated entities, we include the relevant components of net operating income in Adjusted Distributable Earnings. The Catch-up Amortization Adjustment is a quarterly adjustment to premium amortization or discount accretion triggered by changes in actual and projected prepayments on our Agency RMBS (accompanied by a corresponding offsetting adjustment to realized and unrealized gains and losses). The adjustment is calculated as of the beginning of each quarter based on our then-current assumptions about cashflows and prepayments, and can vary significantly from quarter to quarter. Non-capitalized transaction costs include expenses, generally professional fees, incurred in connection with the acquisition of an investment or issuance of long-term debt. We also include in Adjusted Distributable Earnings, for all loans that we originate through Longbridge, any realized and unrealized gains (losses) on such loans up to the point of loan sale or securitization, net of sale or securitization costs. Adjusted Distributable Earnings is a supplemental non-GAAP financial measure. We believe that the presentation of Adjusted Distributable Earnings provides information useful to investors, because: (i) we believe that it is a useful indicator of both current and projected long-term financial performance, in that it excludes the impact of certain current-period earnings components that we believe are less useful in forecasting long-term performance and dividend-paying ability; (ii) we use it to evaluate the effective net yield provided by our investment portfolio, after the effects of financial leverage and by Longbridge, to reflect the earnings from its reverse mortgage origination and servicing operations; and (iii) we believe that presenting Adjusted Distributable Earnings assists investors in measuring and evaluating our operating performance, and comparing our operating performance to that of our residential mortgage REIT and mortgage originator peers. Please note, however, that: (I) our calculation of Adjusted Distributable Earnings may differ from the calculation of similarly titled non-GAAP financial measures by our peers, with the result that these non-GAAP financial measures might not be directly comparable; and (II) Adjusted Distributable Earnings excludes certain items that may impact the amount of cash that is actually available for distribution. In addition, because Adjusted Distributable Earnings is an incomplete measure of our financial results and differs from net income (loss) computed in accordance with U.S. GAAP, it should be considered supplementary to, and not as a substitute for, net income (loss) computed in accordance with U.S. GAAP. Furthermore, Adjusted Distributable Earnings is different from REIT taxable income. As a result, the determination of whether we have met the requirement to distribute at least 90% of our annual REIT taxable income (subject to certain adjustments) to our stockholders, in order to maintain our qualification as a REIT, is not based on whether we distributed 90% of our Adjusted Distributable Earnings. In setting our dividends, our Board of Directors considers our earnings, liquidity, financial condition, REIT distribution requirements, and financial covenants, along with other factors that the Board of Directors may deem relevant from time to time. The following table reconciles, for the three-month periods ended June 30, 2025 and March 31, 2025, our Adjusted Distributable Earnings to the line on our Condensed Consolidated Statement of Operations entitled Net Income (Loss), which we believe is the most directly comparable U.S. GAAP measure: (1) Includes realized (gains) losses on securities and loans, REO, financial derivatives (excluding periodic settlements on interest rate swaps), and foreign currency transactions which are components of Other Income (Loss) on the Condensed Consolidated Statement of Operations. (2) Includes unrealized (gains) losses on securities and loans, REO, financial derivatives (excluding periodic settlements on interest rate swaps), borrowings carried at fair value, MSR-related investments, and foreign currency translations which are components of Other Income (Loss) on the Condensed Consolidated Statement of Operations. (3) Represents net change in fair value of the HMBS MSR Equivalent and Reverse MSRs attributable to changes in market conditions and model assumptions. This adjustment also includes net (gains) losses on certain hedging instruments (including interest rate swaps, futures, and short U.S. Treasury securities), which are components of realized and/or unrealized gains (losses) on financial derivatives, net, realized and/or unrealized gains (losses) on securities and loans, net, interest income, and interest expense on the Condensed Consolidated Statement of Operations. (4) Represents the effect of replacing mortgage loan interest income (net of securitization debt expense) with interest income of the retained tranches. (5) For the three-month period ended June 30, 2025, includes $1.6 million of non-capitalized transaction costs, $1.3 million of non-cash equity compensation and depreciation expense, and $0.2 million of various other expenses. For the three-month period ended March 31, 2025, includes $1.7 million of non-capitalized transaction costs, $0.6 million of non-cash equity compensation and depreciation expense, and $0.7 million of various other expenses. (6) Includes the Company's proportionate share of net interest income, net loan origination income (expense), and operating expenses for certain investments in unconsolidated entities, including certain of its non-consolidated equity investments in loan originators that have been making (or are expected to make) distributions to the Company. Expand
