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"markdown": "\n\n<::Book Value per Common Share Growth: chart\nChart showing book value per common share growth over several quarters.\n- **3Q 2024**: $16.95, 2.7%\n- **4Q 2024**: $16.97, 0.1%\n- **1Q 2025**: $17.22, 1.5%\n- **2Q 2025**: $17.40, 1.0%\n- **3Q 2025**: $18.83, 8.2%\n- **4Q 2025**: $19.01, 1.0%\n- **1Q 2026**: $18.96, (0.3)%\n- **2Q 2026**: $18.60, (1.9)%\n::>",
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"markdown": "\n\n# Earnings and Book Value\n\n* Net interest income of $16.5MM, an increase of $1.2MM compared to 1Q 2026\n* Net income of $17.3MM, with net income attributable to common stockholders of $5.4MM, or $0.29 per diluted common share; compared to a net income of $22.6MM, with net income attributable to common stockholders of $10.0MM, or $0.42 per diluted common share in 1Q 2026\n* Earnings available for distribution of $11.2MM, or $0.46\u00b9 per diluted common share; compared to $0.43 per diluted common share in 1Q 2026\n* BV per diluted common share including redeemable NCI in the Operating Partnership decreased 1.9% to $18.60/share, compared to $18.96/share at the end of 1Q 2026",
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"markdown": "\n\n1. EARNINGS AVAILABLE FOR DISTRIBUTION PER DILUTED COMMON SHARE ASSUMES VESTING OF ALL OUTSTANDING UNVESTED RESTRICTED STOCK UNITS AND CONVERSION OF ALL REDEEMABLE NON-CONTROLLING INTERESTS. THE ADJUSTED WEIGHTED AVERAGE SHARES OUTSTANDING - DILUTED USED TO CALCULATE EAD PER DILUTED COMMON SHARE DOES NOT INCLUDE DILUTIVE EFFECT OF POTENTIAL REDEMPTION OF SERIES B OR SERIES C PREFERRED SHARES FOR COMMON STOCK. SEE \"RECONCILIATIONS\" SLIDE",
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"markdown": "\n\n2Q 2026 Earnings And Book Value\n\n\n\n<::Book Value per Common Share Growth: chart\nChart showing book value per common share growth over several quarters.\n- **3Q 2024**: $16.95, 2.7%\n- **4Q 2024**: $16.97, 0.1%\n- **1Q 2025**: $17.22, 1.5%\n- **2Q 2025**: $17.40, 1.0%\n- **3Q 2025**: $18.83, 8.2%\n- **4Q 2025**: $19.01, 1.0%\n- **1Q 2026**: $18.96, (0.3)%\n- **2Q 2026**: $18.60, (1.9)%\n::>\n\n\n\n# Earnings and Book Value\n\n* Net interest income of $16.5MM, an increase of $1.2MM compared to 1Q 2026\n* Net income of $17.3MM, with net income attributable to common stockholders of $5.4MM, or $0.29 per diluted common share; compared to a net income of $22.6MM, with net income attributable to common stockholders of $10.0MM, or $0.42 per diluted common share in 1Q 2026\n* Earnings available for distribution of $11.2MM, or $0.46\u00b9 per diluted common share; compared to $0.43 per diluted common share in 1Q 2026\n* BV per diluted common share including redeemable NCI in the Operating Partnership decreased 1.9% to $18.60/share, compared to $18.96/share at the end of 1Q 2026\n\n\n\n<::Waterfall chart showing the change in Book Value from 1Q 2026 to 2Q 2026.\n- 1Q 2026 BV: $18.96 (dark blue bar)\n- Net Int Income: +$0.72 (dark blue bar)\n- Other Income: +$0.47 (dark blue bar)\n- Operating Exp: -$(0.44) (red bar)\n- Dividend: -$(1.11) (red bar)\n- 2Q 2026 BV: $18.60 (light grey bar)\n: chart::>\n\n\n\n1. EARNINGS AVAILABLE FOR DISTRIBUTION PER DILUTED COMMON SHARE ASSUMES VESTING OF ALL OUTSTANDING UNVESTED RESTRICTED STOCK UNITS AND CONVERSION OF ALL REDEEMABLE NON-CONTROLLING INTERESTS. THE ADJUSTED WEIGHTED AVERAGE SHARES OUTSTANDING - DILUTED USED TO CALCULATE EAD PER DILUTED COMMON SHARE DOES NOT INCLUDE DILUTIVE EFFECT OF POTENTIAL REDEMPTION OF SERIES B OR SERIES C PREFERRED SHARES FOR COMMON STOCK. SEE \"RECONCILIATIONS\" SLIDE\n\n\n\n5",
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"markdown": "\n\n2Q 2026 Earnings And Book Value\n\n\n\n<::Book Value per Common Share Growth: chart\nChart showing book value per common share growth over several quarters.\n- **3Q 2024**: $16.95, 2.7%\n- **4Q 2024**: $16.97, 0.1%\n- **1Q 2025**: $17.22, 1.5%\n- **2Q 2025**: $17.40, 1.0%\n- **3Q 2025**: $18.83, 8.2%\n- **4Q 2025**: $19.01, 1.0%\n- **1Q 2026**: $18.96, (0.3)%\n- **2Q 2026**: $18.60, (1.9)%\n::>\n\n\n\n# Earnings and Book Value\n\n* Net interest income of $16.5MM, an increase of $1.2MM compared to 1Q 2026\n* Net income of $17.3MM, with net income attributable to common stockholders of $5.4MM, or $0.29 per diluted common share; compared to a net income of $22.6MM, with net income attributable to common stockholders of $10.0MM, or $0.42 per diluted common share in 1Q 2026\n* Earnings available for distribution of $11.2MM, or $0.46\u00b9 per diluted common share; compared to $0.43 per diluted common share in 1Q 2026\n* BV per diluted common share including redeemable NCI in the Operating Partnership decreased 1.9% to $18.60/share, compared to $18.96/share at the end of 1Q 2026\n\n\n\n<::Waterfall chart showing the change in Book Value from 1Q 2026 to 2Q 2026.\n- 1Q 2026 BV: $18.96 (dark blue bar)\n- Net Int Income: +$0.72 (dark blue bar)\n- Other Income: +$0.47 (dark blue bar)\n- Operating Exp: -$(0.44) (red bar)\n- Dividend: -$(1.11) (red bar)\n- 2Q 2026 BV: $18.60 (light grey bar)\n: chart::>\n\n\n\n1. EARNINGS AVAILABLE FOR DISTRIBUTION PER DILUTED COMMON SHARE ASSUMES VESTING OF ALL OUTSTANDING UNVESTED RESTRICTED STOCK UNITS AND CONVERSION OF ALL REDEEMABLE NON-CONTROLLING INTERESTS. THE ADJUSTED WEIGHTED AVERAGE SHARES OUTSTANDING - DILUTED USED TO CALCULATE EAD PER DILUTED COMMON SHARE DOES NOT INCLUDE DILUTIVE EFFECT OF POTENTIAL REDEMPTION OF SERIES B OR SERIES C PREFERRED SHARES FOR COMMON STOCK. SEE \"RECONCILIATIONS\" SLIDE\n\n\n\n5",
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