Positive Economic Return and Earnings
The company delivered an economic return of 0.7% for the second quarter and generated earnings available for distribution of $0.73, exceeding the dividend. This marks the seventh consecutive quarter of generating a positive economic return.
Accretive Capital Raising
Over $750 million of accretive capital was raised through the ATM program, predominantly deployed in the agency sector.
Record Securitization Activity
Onslow Bay platform closed $3.6 billion across seven transactions, achieving its highest quarterly securitization activity to date.
Strong MSR Portfolio Performance
The MSR portfolio generated well-defined durable cash flows, with a 3-month CPR of 4.6% and serious delinquencies unchanged at 50 basis points.
Improvement in Net Interest Metrics
Net interest spread ex PAA increased to 1.47% in Q2 compared to 1.24% a year ago. Net interest margin ex PAA is 1.71% in Q2 compared to 1.58% in Q2 2024.