Cherry Hill Mortgage reports $1.47M net loss

Cover page 6 changes

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For the quarterly period ended June September 30, 2026

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Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T ( 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

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As of August 10, October 29, 2026, there were 36,947,394

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Financial statements 62 changes

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RMBS, at fair value (including pledged assets of $ 1,054,018 and $ 1,189,714 , respectively) 983,899

and $ 1,189,714 , respectively)

Investments in Servicing Related Assets, at fair value (including pledged assets of $ 211,105 215,199 and $ 214,831 , respectively)

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Series A Cumulative Redeemable Preferred stock, 2,781,635 shares issued and outstanding as of June September 30, 2026 and December 31, 2025 ,

$ 69,541 liquidation preference as of June September 30, 2026 and December 31, 2025

Series B Fixed-to-Floating Rate Cumulative Redeemable Preferred stock, 1,604,103 shares issued and outstanding as of June September 30, 2026 and December 31, 2025 ,

$ 40,103 liquidation preference as of June September 30, 2026 and December 31, 2025

Common stock, $ 0.01 par value per share, 500,000,000 shares authorized and 36,947,394 shares issued and outstanding as of June September 30, 2026 and 500,000,000 shares authorized and 36,739,538 shares issued and outstanding as of December 31, 2025

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Accumulated other comprehensive income (loss)

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Six Months Ended June 30,

Three Months Ended June September 30,

Nine Months Ended September 30,

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Realized gain (loss) on derivatives, net

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Unrealized gain (loss) on RMBS, measured at fair value through earnings, net ( 860 51,776 ( 13,296 65,072

Unrealized gain (loss) on derivatives, net

Unrealized gain (loss) on investments in Servicing Related Assets ( 5,912 ( 14,968

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Income (Loss) Before Income Taxes

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Net (income) loss allocated to noncontrolling interests in Operating Partnership ( 55 ( 34 ( 61 ( 2,403 ( 2,462 ( 4,794 ( 4,916

Net (income) loss allocated to non-controlling interests in Operating Partnership ( 83 ( 40 ( 2,419 ( 2,477 ( 7,213 ( 7,393

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Six Months Ended June 30,

Three Months Ended June September 30,

Nine Months Ended September 30,

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Comprehensive income attributable to noncontrolling interests in Operating Partnership ( 62 ( 35 ( 33 ( 32 ( 2,403 ( 2,462 ( 4,794 ( 4,916

Comprehensive income (loss)

Comprehensive (income) loss attributable to non-controlling interests in Operating Partnership ( 119 ( 151 ( 2,419 ( 2,477 ( 7,213 ( 7,393

Comprehensive income (loss) attributable to common stockholders ( 616 ( 2,544 12,669 ( 3,209 15,213

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Preferred Stock Amount

Accumulated Other Comprehensive Income (Loss)

Retained Earnings (Deficit)

Non-Controlling Interest in Operating Partnership

Total Stockholders Equity

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Common dividends declared, $ 0.15 per share

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Common dividends declared, $ 0.15 per share

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Issuance of common stock

Redemption of OP units

Other Comprehensive Income

Distribution paid on LTIP-OP Units

Common dividends declared, $ 0.10 per share

Preferred Series A dividends declared, $ 0.5125 per share

Preferred Series B dividends declared, $ 0.6523 per share

Balance, September 30, 2025

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Common dividends declared, $ 0.10 per share

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Issuance of common stock

Other Comprehensive Loss

Distribution paid on LTIP-OP Units

Common dividends declared, $ 0.10 per share

Preferred Series A dividends declared, $ 0.5125 per share

Preferred Series B dividends declared, $ 0.6162 per share

Balance, September 30, 2026

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Six Months Ended June 30,

Nine Months Ended September 30,

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Unrealized (gain) loss on investments in Servicing Related Assets ( 383

Realized loss gain on acquired assets, net

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Unrealized (gain) loss on RMBS, measured at fair value through earnings, net ( 18,288 29,018

Unrealized (gain) loss on derivatives, net

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Increase (decrease) in accrued expenses and other liabilities ( 11,565

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Net cash provided by (used in) investing activities

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Proceeds from derivative financing

Payments for derivative financing

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Net cash provided by (used in) financing activities

Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash ( 2,764 6,108

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Purchase of RMBS, settled after period end

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Note 1: Organization and Operations 14 changes

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2012 and was organized to invest in residential mortgage assets in the United States. Under the Company s charter, the Company is authorized to issue up to 500,000,000 shares of common stock and 100,000,000 shares of preferred stock, each with a par value of $ 0.01 per share.

On August 9, 2026, the Company, the Operating Partnership, TPG Mortgage Investment Trust, Inc, a Maryland corporation ( MITT ),

MIT Merger Sub II, LLC, a Delaware limited liability company and a subsidiary of MITT ( Merger Sub ), AG REIT Management, LLC, a Delaware limited liability company and MITT s external manager (the MITT Manager ), entered into an Agreement and

Plan of Merger (the Merger Agreement ), pursuant to which, among other things, (a) CHOP will merge with and into the Company, with the Company surviving such merger (the Partnership Merger ) and, (b) following the Partnership Merger Effective

Time, the Company will merge with and into Merger Sub, with Merger Sub being the surviving entity of such merger (the Company Merger , and together with the Partnership Merger, the Mergers ).

Prior to the Partnership Merger, the Company will take all actions necessary to convert all outstanding partnership units of

CHOP ( Company Partnership Units ) that are designated as an LTIP Unit ( Company LTIP Units or LTIP OP Units ) into Company Partnership Units designated as common units of CHOP ( Company Common Units ). Each Company Common Unit outstanding immediately prior to the effective time of the Partnership Merger (other than Canceled Units (as defined below)) will convert into the right to receive the Common Stock Merger Consideration (as defined below). Company Partnership Units held by the Company, MITT or their respective subsidiaries (the Canceled Units ), and the Company s general partnership interest in CHOP, will be cancelled for no consideration at the effective time of the Partnership Merger.

At the effective time of the Company Merger, (i) each share of the Company s common stock, par value $ 0.01 per share, issued and outstanding immediately prior to the effective time of the Company Merger (other than shares of the Company s common stock and preferred stock held by the Company, MITT or any direct or indirect subsidiary of MITT or the Company, in each case, immediately prior to the effective time of the Company Merger ( Cancelled Shares )) will convert into the right to receive a fixed combination of stock and cash, consisting of (A) from MITT, (x) that number of validly issued, fully paid and non-assessable shares of common stock, par value $ 0.01 per share, of MITT ( MITT Common Stock ) equal to 0.3063 x (the Per Share MITT Stock Consideration ) and (y) $ 0.41 per share in cash, without interest (the Per Share MITT Cash

Consideration ), and (B) from MITT Manager, $ 0.52 per share in cash (the Per Share Additional Manager Consideration, and together with the Per Share MITT Stock Consideration and the Per Share MITT Cash Consideration, the Common Stock Merger Consideration ), (ii) each share of the Company s 8.20 % Series A Cumulative Redeemable Preferred Stock, $ 0.01 par value per share (the Company

Series A Preferred Stock ), issued and outstanding immediately prior to the effective time of the Company Merger (excluding Cancelled Shares) will convert into the right to receive one newly issued share of MITT s 8.20 % Series D Cumulative

Redeemable Preferred Stock, having the rights, preferences, privileges and voting powers substantially the same as those of the Company Series A Preferred Stock and (iii) each share of the Company s 8.250 % Series B Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, $ 0.01 par value per share ( Company Series B Preferred Stock and together with the Company Series A Preferred Stock, the Company Preferred Stock ), issued and outstanding immediately prior to the effective time of the Company Merger Effective Time (excluding Cancelled Shares) will automatically convert into the right to receive one newly issued share of MITT s 8.250 % Series E Floating Rate Cumulative Redeemable Preferred Stock, having the rights, preferences, privileges and voting powers substantially the same as those of the Company Series B Preferred Stock.

The Mergers are expected to close in the fourth quarter of 2026, subject to the approval of the Company s common stockholders and MITT s common stockholders and the satisfaction of other customary closing conditions.

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The Company conducts substantially all of its operations and owns substantially all of its assets through its Operating Partnership. The Company is the sole general partner of its Operating Partnership. As of June September 30, 2026, the Company owned 98.5 % of the Operating Partnership. The

The Operating Partnership, in turn, owns all of the outstanding common stock of the Sub-REIT. The Sub-REIT elected to be taxed as a REIT under the Code commencing with the taxable year ended December 31, 2020.

Note 2: Basis of Presentation and Significant Accounting Policies 16 changes

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Investment securities transactions are recorded on the trade date. At disposition, the net realized gain or loss on securities is determined on the basis of the cost of the specific investment and for securities designated as available-for-sale, the unrealized gain or loss is reclassified out of accumulated other comprehensive income into earnings. All RMBS purchased and sold during the six-month nine-month period ended June September 30, 2026 and the year ended December 31, 2025, were settled prior to period-end .

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Adjustments are made for actual prepayment activity. We recognized interest receivable of approximately $ 4.6 4.5 million and $ 5.0 million at June September 30, 2026 and December 31, 2025, respectively. Interest income receivable has been classified within Receivables and other assets on the consolidated balance sheets. For further discussion of Receivables and other assets, see Note 12.

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During the period, the Company

recognized a $ 0.5 million impairment charge related to a strategic investment in preferred equity units based on management s assessment of the investment s estimated recoverable value.

The Company did no t record an impairment charge related to a strategic investment in preferred equity units during the three-month periods ended September 30,

2026 and September 30, 2025, respectively and recognized an impairment charge of $ 0.5 million and $ 0 during the nine-month periods ended September 30, 2026 and September 30, 2025, respectively based on management s assessment of the investment s estimated recoverable value.

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Expected recoveries may be estimated using collateral values, liquidation analyses, or other recovery methodologies, as appropriate based on the nature of the asset. The Company has elected the practical expedient permitted under ASC 326 not to measure an allowance for accrued interest receivable and instead writes off accrued interest deemed uncollectible through the reversal of interest income and/or the suspension of further interest accruals. There were no accrued interest write-offs during the three and six-months nine-months ended June September 30, 2026.

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the estimated recoverable value of the promissory note receivable and related recovery expectations, the Company recorded a $ 2.3 0.5 million and $ 0 provision for credit losses during the quarter three-month periods ended June September 30, 2026 and September 30, 2025, respectively and a $ 2.8 million and $ 0 provision for credit losses during the nine-month periods ended September 30, 2026 and September 30, 2025, respectively.

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Three Months Ended September 30,

Nine Months Ended September 30,

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Mac ) MSRs made in accordance with the relevant guidelines are generally recoverable. The Company s Servicing Related Assets were composed entirely of Fannie Mae and Freddie Mac MSRs as of June September 30, 2026 and December 31, 2025 . As a result, the Company has determined that no reserves for unrec overable advances for the related underlying loans are necessary at June September 30, 2026 and December 31, 2025. For further discussion on the Company s receivables and other assets, including the Company s servicing advances, see Note 12.

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Substantially all amounts on deposit with major financial institutions exceed insured limits. Restricted cash represents the Company s cash held by counterparties which primarily consists of (i) as collateral against the Company s derivatives (approximately $ 21.3 15.7 million and $ 4.7 million at June September 30, 2026 and December 31, 2025, respectively) and (ii) as collateral for borrowings under its repurchase agreements (approximately $ 2.3 16.7 million and $ 2.9 million at June September 30, 2026 and December 31, 2025, respectively).

The Company s centrally cleared interest rate swaps require that the Company post an initial margin amount determined by the clearing exchange, which is generally intended to be set at a level sufficient to protect the exchange from the interest rate swap s maximum estimated single-day price movement. The Company also exchanges variation margin based upon daily changes in fair value, as measured by the exchange. As a result of amendments to rules governing certain central clearing activities, the exchange of variation margin is a settlement of the interest rate swap, as opposed to pledged collateral. The Company has accounted for the receipt or payment of variation margin on interest rate swaps as a direct reduction or increase to the carrying value of the interest rate swap asset or liability. At June September 30, 2026 and December 31, 2025, approximately $ 33.9 43.7 million and $ 34.3 million, respectively, of variation margin was reported as a decrease to the interest rate swap asset, at fair value. The receipt or payment of initial margin is accounted for separate from the derivative asset or liability and is netted on a counterparty basis and classified within restricted cash or due to counterparty on the Company s consolidated balance sheets.

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Six Months Ended June 30,

Three Months Ended June September 30,

Nine Months Ended September 30,

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Note 3: Segment Reporting 10 changes

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Three Months Ended June September 30, 2026

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Net other comprehensive income (loss)

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Net interest income (expense)

Three Months Ended June September 30, 2025

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Other income (expense) (A)

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Six Months Ended June 30, 2026

Nine Months Ended September 30, 2026

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Net other comprehensive income (loss)

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Six Months Ended June 30, 2025

Nine Months Ended September 30, 2025

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Note 4: Investments in RMBS 8 changes

June September 30, 2026 and December 31, 2025, the Company s investments in RMBS consisted solely of Agency RMBS. The Company s investments in RMBS may also include, from time to time, any of the following: Collateralized mortgage obligations ( CMOs ), which are either loss share securities issued by Fannie Mae or Freddie Mac; or non-Agency RMBS, sometimes called private label MBS , which are structured debt instruments representing interests in specified pools of mortgage loans subdivided into multiple classes, or tranches, of securities, with each tranche having different maturities or risk profiles and different ratings by one or more nationally recognized statistical rating organizations.

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As of September 30, 2026

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As of September 30, 2026

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June September 30, 2026 and December 31, 2025, the Company pledged Agency RMBS with a carrying value of approximately $ 1,054.0 983.9 million and $ 1,189.7 million, respectively, as collateral for borrowings under repurchase agreements. At June September 30, 2026 and December 31, 2025, the Company did not have any securities purchased from and financed with the same counterparty that did not meet the conditions of ASC 860, Transfers and Servicing, to be considered linked transactions and, therefore, classified as derivatives.

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Company did no t record an allowance for credit losses on the balance sheet at June September 30, 2026 and December 31, 2025, no r any impairment charges in earnings related to its available-for-sale securities during the six-month nine-month periods ended June September 30, 2026 and June 30, following tables summarize the Company s available-for-sale securities measured at fair value through OCI in an unrealized loss position as of the dates indicated (dollars in thousands):

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Six Months Ended June 30,

Three Months Ended June September 30,

Nine Months Ended September 30,

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Note 5: Investments in Servicing Related Assets 3 changes

The Company s portfolio of Servicing Related Assets consists of Fannie Mae and Freddie Mac MSRs with an aggregate UPB of approximately $ 15.2 14.9 billion as of June September 30, 2026.

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As of September 30, 2026

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As of September 30, 2026

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Note 6: Equity and Earnings per Common Share 46 changes

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The Company s Series A Preferred Stock ranks senior to the Company s common stock with respect to rights to the payment of dividends and the distribution of assets upon the Company s liquidation, dissolution or winding up. The Series A Preferred Stock has no stated maturity, is not subject to any sinking fund or mandatory redemption and will remain outstanding indefinitely unless repurchased or redeemed by the Company or converted by the holders of the Series A Preferred Stock into the Company s common stock in connection with certain changes of control. Beginning on August 17, 2022, the Company may, at its option, redeem any or all of the shares of Series A Preferred Stock, at any time or from time to time, for cash at a redemption price equal to $ 25.00 per share, plus any accumulated and unpaid dividends to, but not including, the date fixed for redemption of the shares of Series A Preferred Stock. The Company did not redeem any shares of Series A Preferred Stock during the three and six-month nine-month periods ended June September 30, 2026 and the year ended December 31, 2025. If the Company does not exercise its option redemption right, upon certain changes in control, the holders of the Series A Preferred Stock have the right to convert some or all of their shares of Series A Preferred Stock into a number of shares of the Company s common stock based on a defined formula, subject to a share cap, or alternative consideration. The share cap on each share of Series A Preferred Stock is 2.62881 shares of common stock, subject to certain adjustments. The Company pays cumulative cash dividends at the rate of 8.20 % per annum of the $ 25.00 per share liquidation preference (equivalent to $ 2.05 per annum per share) on the Series A Preferred Stock, in arrears, on or about the 15th day of

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SOFR plus a spread of 5.89261 %.

Dividends on the Series A Preferred Stock and Series B

Preferred Stock are payable

Series B Preferred Stock, in whole or in part, at any time or from time to time, for cash at a redemption price equal to $ 25.00 per share, plus any accumulated and unpaid dividends to, but not including, the date fixed for redemption. The Company did not redeem any shares of Series B Preferred Stock during the three and nine-month periods ended September 30, 2026 and the year ended December 31, 2025. If the Company does not exercise its rights to redeem the Series B Preferred Stock upon certain changes in control, the holders of the Series B Preferred Stock have the right to convert some or all of their shares of

B Preferred Stock have the right to convert some or all of their shares of Series B Preferred Stock into a number of shares of the Company s common stock based on a defined formula, subject to a share cap, or alternative consideration. The share cap on each share of Series B Preferred Stock is 2.68962 shares of common stock, subject to certain adjustments. Holders of shares of Series B Preferred Stock are entitled to receive, when, as and if authorized by the Company s board of directors and declared by the Company, out of funds legally available for the payment of dividends, cumulative cash dividends. The initial dividend rate for the Series B Preferred Stock from, and including, the date of original issuance to, but excluding, April 15, 2024 was 8.250 % of the $ 25.00 per share liquidation preference per annum (equivalent to $ 2.0625 per annum per share). During the floating rate period, dividends on the Series B Preferred Stock accumulate at a percentage of the $ 25.00 liquidation preference equal to an annual floating rate of the three-month CME Term SOFR plus a spread of 5.89261 %.

Dividends on the Series A Preferred Stock and Series B Preferred Stock are payable quarterly in arrears on the 15 th day of each January, April, July and October, when and as authorized by the Company s board of directors and declared by the

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In August 2018, the Company instituted an at-the-market offering program for its common stock (the Common Stock ATM Program ) of up to $ 50.0 million of its common stock. In November 2022 and August 2024, the Company entered into amendments to the existing At Market Issuance Sales Agreements, increasing the aggregate offering price to up to an aggregate of $ 150.0 million of its common stock, of which, approximately $ 34.6 million was remaining as of June September 30, 2026. Under the Common Stock ATM Program, the Company may, but is not obligated to, sell shares of common stock from time to time through one or more selling agents. The Common Stock ATM Program has no set expiration date and may be renewed or terminated by the Company at any time. During the three and six-month nine-month period ended June September 30, 2026, the Company did no t issue or sell any shares pursuant to the Common Stock ATM Program. During the year ended December 31, 2025, the Company issued and sold 4,909,053 shares of common stock under the Common Stock ATM Program. The shares were sold at a weighted average price of $ 3.00 per share for aggregate gross proceeds of approximately $ 14.7 million before fees of approximately $ 293,000 .

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SEC rules, purchases may be commenced or suspended at any time without prior notice. During the three and six-month periods ended June 30, 2026 and the year ended December 31, 2025, the Company did no t repurchase any shares of its common stock pursuant to the common stock repurchase program.

In September 2019, the Company instituted a common stock repurchase program that allows for the repurchase of up to an aggregate of $ 10.0 million of its common stock. Shares of common stock may be repurchased from time to time through privately negotiated transactions or open market transactions, pursuant to a trading plan in accordance with Rules 10b5-1 and 10b-18 under the Securities Exchange Act of 1934, as amended, or the Exchange Act, or by any combination of such methods. The manner, price, number and timing of share repurchases are subject to a variety of factors, including market conditions and applicable SEC rules. The common stock repurchase program does not require the purchase of any minimum number of shares of common stock, and, subject to SEC rules, purchases may be commenced or suspended at any time without prior notice. During the three and nine-month periods ended September 30, 2026 and the year ended December 31, 2025, the Company did no t repurchase any shares of its common stock pursuant to the common stock repurchase program.

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In December 2023, the Company initiated a preferred stock repurchase program that allows for the repurchase of up to an aggregate of $ 50.0 million of its shares of preferred stock. Shares of preferred stock may be repurchased from time to time through privately negotiated transactions or open market transactions, pursuant to a trading plan in accordance with Rules 10b5-1 under the Exchange Act. The manner, price, number and timing of share repurchases are subject to a variety of factors, including market conditions and applicable SEC rules. The preferred stock repurchase program does not require the purchase of any minimum number of shares of preferred stock, and, subject to SEC rules, purchases may be commenced or suspended at any time without prior notice. During the three and six-month nine-month periods ended June September 30, 2026 and the year ended December 31, 2025, the Company did no t repurchase any shares of its preferred stock pursuant to the preferred stock repurchase program. Shares of preferred stock that are repurchased by the Company cease to be outstanding but remain authorized for future issuance.

2025, the Company did no t repurchase any shares of its preferred stock pursuant to the preferred stock repurchase program.

Shares of preferred stock that are repurchased by the Company cease to be outstanding but remain authorized for future issuance.

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During 2013, the board of directors approved and the Company adopted the Cherry Hill

Hill Mortgage Investment Corporation 2013 Equity Incentive Plan (the 2013 Plan ). The 2013 Plan, which expired by its terms in October 2023, provided for the grant of options to purchase shares of the Company s common stock, stock awards, stock appreciation rights ( SARs ), performance units, incentive awards and other equity-based awards, including long term incentive plan units of the Operating Partnership (the LTIP-OP Units ).

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The maximum aggregate number of shares of common stock issuable pursuant to the 2023

2023 Plan by the exercise of options and SARs, the grant of stock awards or other equity-based awards (including LTIP-OP Units) and the settlement of incentive awards and performance units is 2,830,000 shares. Other equity-based awards that are LTIP-OP Units will reduce the maximum aggregate number of shares of common stock issuable pursuant to the 2023 Plan on a one -for-one basis that is, each such LTIP-OP Unit will be treated as an award of common stock; provided, however, for the avoidance of doubt, the conversion of any such LTIP-OP Units at a later date into a share of common stock will not count as an award of common stock under the 2023 Plan for purposes of determining the aggregate limit to avoid any double counting of the same award. In connection with stock splits, dividends, recapitalizations and certain other events, the Company s board of directors will make equitable adjustments that it deems appropriate in the aggregate number of shares of common stock issuable pursuant to the 2023 Plan and the terms of outstanding awards.

2023 Plan and the terms of outstanding awards.

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An LTIP-OP Unit and a share of common stock of the Company

Operating Partnership will revalue its assets upon the occurrence of certain specified events, and any increase in the Operating Partnership s valuation from the time of grant of the LTIP-OP Units until such event will be allocated first to the holders of LTIP-OP Units to equalize the capital accounts of such holders with the capital accounts of the holders of OP Units. Upon equalization of the capital accounts of the holders of LTIP-OP Units with the other holders of OP Units, the LTIP-OP

LTIP-OP Units will achieve full parity with OP Units for all purposes, including with respect to liquidating distributions. If such parity is reached, vested LTIP-OP Units may be converted into an equal number of OP Units at any time and, thereafter, enjoy all the rights of OP Units, including redemption rights.

An LTIP-OP Unit and a share of common stock of the Company have substantially the same economic characteristics in as much as they effectively share equally in the net income or loss of the Operating Partnership. Holders of LTIP-OP Units that have reached parity with OP Units have the right to redeem their LTIP-OP Units, subject to certain restrictions. The redemption is required to be satisfied in cash, or at the Company s option, the Company may purchase the OP Units for common stock, calculated as follows: one share of the Company s common stock, or cash equal to the fair value of a share of the Company s common stock at the time of redemption, for each LTIP-OP Unit. When an LTIP-OP Unit holder redeems an OP Unit (as described above), non-controlling interest in the Operating Partnership is reduced and the

LTIP-OP Units, subject to certain restrictions. The redemption is required to be satisfied in cash, or at the Company s option, the Company may purchase the OP Units for common stock, calculated as follows: one share of the Company s common stock, or cash equal to the fair value of a share of the Company s common stock at the time of redemption, for each LTIP-OP Unit. When an LTIP-OP Unit holder redeems an OP Unit (as described above), non-controlling interest in the Operating Partnership is reduced and the

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upon the recommendation of its compensation committee, approved and adopted the Company s 2026 Executive Compensation Plan (the 2026 Executive Plan ), effective January 1, 2026. The purpose of the 2026 Executive Plan is to attract, retain and motivate highly-qualified executives to achieve corporate and individual performance objectives and increase stockholder value on an annual and long-term basis. The 2026 Executive Plan provides for annual base salary for the participants as well as compensation opportunities tied to length of service to the Company, individual performance objectives, and Company performance objectives. The Company s executive compensation program is comprised of short-term incentive compensation (the STIP ) and long-term equity-based awards (the LTIP ). The LTIP is comprised of time-based equity awards (the Time-Based LTIP ) and performance-based equity awards (the Performance-Based LTIP ). Under the STIP, participating executive officers are eligible to earn annual cash bonuses based on the achievement of specified short-term Company and individual goals. Awards under the STIP are expressed as a dollar amount that is a percentage of each participant s base salary and are determined based on a combination of Company financial metrics and individual performance objectives, with performance evaluated against defined threshold, target, and maximum levels. Awards under the LTIP are expressed as a dollar amount that is then converted to equity based on a 50 / 50 split between the Time-Based LTIP and the Performance-Based LTIP, each further calculated into units based on the grant date fair market value. The Time-Based LTIPs vest ratably over a three-year period based solely on length of service. The Performance-Based LTIPs are further split into absolute TSR awards and relative TSR awards and may be earned contingent on defined performance goals tied to Company performance measured over a three-year period, with performance evaluated against specified threshold, target, and maximum levels.

STIP ) and long-term equity-based awards (the LTIP ). The LTIP is comprised of time-based equity awards (the Time-Based LTIP ) and performance-based equity awards (the Performance-Based LTIP ). Under the STIP, participating executive officers are eligible to earn annual cash bonuses based on the achievement of specified short-term Company and individual goals. Awards under the STIP are expressed as a dollar amount that is a percentage of each participant s base salary and are determined based on a combination of Company financial metrics and individual performance objectives, with performance evaluated against defined threshold, target, and maximum levels. Awards under the LTIP are expressed as a dollar amount that is then converted to equity based on a 50 / 50 split between the Time-Based LTIP and the Performance-Based LTIP, each further calculated into units based on the grant date fair market value. The Time-Based LTIPs vest ratably over a three-year period based solely on length of service. The Performance-Based LTIPs are further split into absolute TSR awards and relative TSR awards and may be earned contingent on defined performance goals tied to Company performance measured over a three-year period, with performance evaluated against specified threshold, target, and maximum levels.

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The following table sets forth the number of shares of the Company s common stock as well as LTIP-OP Units and the values thereof (based on the closing prices on the respective dates of grant) granted under the 2013 Plan and the 2023 Plan. As noted above, effective as of June 15, 2023, (the date of the Company s 2023 annual meeting of stockholders) the 2023 Plan replaced the 2013 Plan. No further awards will be made by the Company under the 2013 Plan, and currently outstanding awards granted under the 2013 Plan will remain effective in accordance with their terms. Except as otherwise indicated, all shares shown in the table below are fully vested.

Except as otherwise indicated, all shares shown in the table below are fully vested.

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Number of securities issued or to be issued upon exercise

Number of securities issued or to be issued upon exercise

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Any shares of common stock tendered or withheld

withheld to satisfy the grant or exercise price or tax withholding obligation pursuant to any award reduces the number of shares of common stock available under the 2023 Plan and those shares will not be available for future grants or awards under the 2023 Plan.

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Subject to satisfaction of defined market-based criteria

criteria and subject to forfeiture in certain circumstances prior to December 31, 2028.

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approximately $ 347,000 378,000 and $ 179,000 226,000 during the three-month periods ended June September 30, 2026 and June September 30, 2025 , respectively and $ 543,000 921,000 and $ 357,000 584,000 during the six-month nine-month periods ended June September 30, 2026 and June September 30, 2025, respectively. There was approximately $ 2.5 2.1 million of total unrecognized share-based compensation expense as of June September 30, 2026 , which was related to unvested LTIP-OP Units, directors compensation paid in stock subject to forfeiture, and unvested RSUs, unvested Time-Based LTIPs and Performance-Based LTIPs. This unrecognized share-based compensation expense is expected to be recognized ratably over the remaining vesting period of up to three years . The aggregate expense related to the LTIP-OP Unit grants and the RSUs is presented within Compensation and benefits in the Company s consolidated statements of income (loss).

The aggregate expense related to share-based compensation is presented within Compensation and benefits in the Company s consolidated statements of income (loss).

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As of June September 30, 2026, the non-controlling interest holders in the Operating Partnership owned 531,712 LTIP-OP Units, or approximately 1.45 % of the units of the

LTIP-OP Units, or approximately 1.45 % of the units of the Operating Partnership. Pursuant to ASC 810, Consolidation , changes in a parent s ownership interest (and transactions with non-controlling interest unit holders in the Operating Partnership) while the parent retains its controlling interest in its subsidiary should be accounted for as equity transactions. The carrying amount of the non-controlling interest will be adjusted to reflect the change in its ownership interest in the subsidiary, with the offset to equity attributable to the Company.

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Six Months Ended June 30,

Net (income) loss allocated to noncontrolling interests in Operating Partnership ( 55 ( 34 ( 61 ( 2,403 ( 2,462 ( 4,794 ( 4,916

participating securities

Three Months Ended June September 30,

Nine Months Ended September 30,

Net (income) loss allocated to non-controlling interests in Operating Partnership ( 83 ( 40 ( 2,419 ( 2,477 ( 7,213 ( 7,393

Gain (loss) on repurchase and retirement of preferred stock

Net income allocated to participating

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The computation of diluted EPS for the six-month nine-month period ended June September 30, 2026 excludes 1,528,829 963,250 of potentially dilutive restricted stock units and restricted stock awards because their effect would have been anti-dilutive.

Note 7: Derivative Instruments 16 changes

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million notional of receive fixed of 3.4 % and pay SOFR with weighted average maturities of 3.4 3.1 years and 2.0 1.8 years, respectively, as of June September 30, 2026. Includes $ 712.7 million notional of receive SOFR and pay fixed of 1.4 % and $ 116.0 million notional of receive fixed of 3.4 % and pay SOFR with weighted average maturities of 3.2 years and 2.5 years, respectively, as of December 31, 2025.

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As of September 30, 2026

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As of September 30, 2026

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As of September 30, 2026

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The Company did not have any U.S. Treasury futures options at June September 30, 2026 and

2026 and December 31, 2025.

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Six Months Ended June 30,

Three Months Ended June September 30,

Nine Months Ended September 30,

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Excludes interest rate swap periodic interest income of $ 3.7 million and $ 4.6 4.8 million, for the three-month periods ended June September 30 , 2026 and June September 30 , 2025, respectively and $ 7.5 11.2 million and $ 11.1 15.8 million, for the six-month nine-month periods ended June September 30 , 2026 and June September 30 , 2025, respectively.

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Six Months Ended June 30,

Three Months Ended June September 30,

Nine Months Ended September 30,

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As of September 30, 2026

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Repurchase agreements

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Repurchase agreements

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Note 8: Fair Value 16 changes

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Additionally, the entity must have the ability to access the active market and the quoted prices cannot be adjusted by the entity.

Level 1 inputs are quoted prices in active markets for identical assets or liabilities as of the measurement date under current market conditions. Additionally, the entity must have the ability to access the active market and the quoted prices cannot be adjusted by the entity.

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As a result, the Company classified 100 % of its RMBS as Level 2 fair value assets at June September 30, 2026 and December 31, 2025.

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Company uses a discounted cash flow model to estimate the fair value of these assets. Although MSR transactions are observable in the marketplace, the valuation includes unobservable market data inputs (prepayment speeds, costs to service and discount rates). As a result, the Company classified 100 % of its MSRs as Level 3 fair value assets at June September 30, 2026 and December 31, 2025.

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December 31, 2025. U.S. Treasury futures are valued using market-based prices published by the U.S. Department of Treasury and classified as Level 1 fair value assets and liabilities at June 30 ,

The Company enters into a variety of derivative instruments as part of its economic hedging strategies. The Company executes interest rate swaps, TBAs, Eris SOFR swap futures and U.S. Treasury futures. The Company utilizes third-party pricing providers to value its interest rate swaps and TBAs. The third-party pricing providers develop their pricing based on transaction prices of recent trades for similar financial instruments. If recent trades for similar financial instruments are unavailable, the third-party pricing providers use cash flow or other pricing models, which utilize observable inputs. As a result, the Company classified 100 % of its interest rate swaps and TBAs as Level 2 fair value assets and liabilities at June September 30, 2026 and December 31, 2025 . The fair value of Eris SOFR swap futures is based on quoted settlement prices for the contracts as published by CME Group, reflecting observable market inputs. The Company has classified the characteristics used to determine the fair value of Eris SOFR swap futures as Level 2 fair value assets and liabilities at June September 30, 2026 and December 31, 2025. U.S. Treasury futures are valued using market-based prices published by the U.S. Department of Treasury and classified as Level 1 fair value assets and liabilities at September

30 , 2026 and December 31, 2025.

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Eris SOFR swap futures

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Company may be required to measure certain assets or liabilities at fair value from time to time. These periodic fair value measures typically result from application of certain impairment measures under GAAP. These items would constitute nonrecurring fair value measures under ASC 820. As of June September 30, 2026 and December 31, 2025, the Company did not have any assets or liabilities measured at fair value on a nonrecurring basis in the periods presented.

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Changes in market conditions, as well as changes in the assumptions or methodology used to determine fair value, could result in a significant change to estimated fair values. The determination of estimated cash flows used in pricing models is inherently subjective and imprecise. It should be noted that minor changes in assumptions or estimation methodologies can have a material effect on these derived or estimated fair values, and that the fair values reflected below are indicative of the interest rate and credit spread environments as of June September 30 , 2026 and December 31, 2025 and do not take into consideration the effects of subsequent changes in market or other factors.

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Purchases and sales and other changes:

Purchases and sales and other changes

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Changes in valuation inputs or assumptions used in valuation model ( 2,033 2,121 ( 4,154

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As of September 30, 2026

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RMBS available for sale securities, Servicing Related Assets, derivative assets and derivative liabilities are recurring fair value measurements; carrying value equals fair value. See discussion of valuation methods and assumptions within the Fair Value Measurements section of this footnote.

carrying value equals fair value. See discussion of valuation methods and assumptions within the Fair Value Measurements section of this footnote.

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Note 9: Commitments and Contingencies 9 changes

The commitments and contingencies of the Company as of June September 30, 2026 and December 31, 2025 are described below.

In connection with the Mergers, the Company engaged BTIG, LLC ( BTIG ) to provide financial advisory services. During the three-month period ended September 30, 2026, the Company paid BTIG an opinion fee of $ 0.5 million, which is included within General and administrative expense in the Company s consolidated statements of income (loss). In addition, the Company has a contingent obligation to pay BTIG a transaction success fee of $ 2.0 million upon consummation of the Mergers. As the Mergers had not closed as of September 30, 2026, the contingency had not been satisfied and the Company had no t recognized a liability for the success fee.

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As of June September 30, 2026 and December 31, 2025, the Company held forward TBA purchase and sale commitments with counterparties, which are forward Agency

Agency RMBS trades, whereby the Company committed to purchasing or selling a pool of securities at a particular interest rate. As of the date of the trade, the mortgage-backed securities underlying the pool that will be delivered to fulfill a TBA trade are not yet designated. The securities are typically to be announced 48 hours prior to the established trade settlement date. See Note 2 Basis of Presentation and Significant Accounting Policies for details of unsettled RMBS trades, if any, as of June 30, 2026 and December 31, 2025.

See Note 2 Basis of Presentation and Significant Accounting Policies for details of unsettled RMBS trades, if any, as of June September 30, 2026 and

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30, 2025 was approximately $ 19,000 . The lease cost for each of the six-month periods ended June 30, 2026 and June 30, 2025 was approximately $ 37,500 . Cash used for the operating lease during each of the six-month periods ended June 30, 2026 and June 30,

2025 was approximately $ 37,500 .

2026, the Company entered into an amendment to the lease agreement that extended the lease term to November 30, 2026. On October 19, 2026, the Company entered into a second amendment to the lease agreement further extending the lease term to

2026, the Company entered into an amendment to the lease agreement that extended the lease term to November 30, 2026. February 28, 2027. Operating lease right-of-use ( ROU ) asset represents the right to use an underlying asset for the lease term and lease liabilities represent obligations to make lease payments arising from the lease. The Company recognizes lease expense on a straight-line basis over the lease term. The lease cost for each of the three-month periods ended June September 30, 2026 and June September 30, 2025 was approximately $ 19,000 . The lease cost for each of the nine-month periods ended September 30, 2026 and September 30, 2025 was approximately $ 56,000 . Cash used for the operating lease during each of the nine-month periods ended September 30, 2026 and September 30, 2025 was approximately $ 56,000 .

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Note 10: Repurchase Agreements 6 changes

million and $ 1,137.2 million of borrowings under its repurchase agreements as of June 30, 2026 and December 31, 2025, respectively.

The Company had outstanding approximately $ 1,008.7 964.9

million and $ 1,137.2 million of borrowings under its repurchase agreements as of September 30, 2026 and December 31, 2025, respectively. The Company s obligations under these agreements had weighted average remaining maturities of 20 22 days and 16 days as of June September 30, 2026 and December 31, 2025, respectively. RMBS and cash have been pledged as collateral under these repurchase agreements (see Note 4).

2 unchanged paragraphs

As of September 30, 2026

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There were no overnight or demand securities as of June

September 30, 2026 or December 31, 2025.

Note 11: Notes Payable 6 changes

As of September 30, 2026, the Company

As of June 30, 2026, the Company had two separate MSR financing facilities: (i) the Freddie Mac MSR Revolver, which is a revolving credit facility for up to $ 100.0 million that is secured by all Freddie Mac MSRs owned by Aurora; and (ii) the Fannie Mae MSR Revolving Facility, which is a revolving credit facility for up to $ 100.0 million, that is secured by all Fannie Mae MSRs owned by Aurora. Both financing facilities are available for

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Borrowers entered into an amendment that extended the revolving period for an additional 364 days with the Borrowers option for one renewal for similar terms followed by a one-year term out feature with a 24 -month amortization schedule. Amounts borrowed bear interest at a weighted average borrowing rate of 6.5 % . At June September 30, 2026 and December 31, 2025, approximately $ 54.0 52.5 million and $ 55.5 million, respectively, was outstanding under the Freddie Mac MSR Revolver.

Fannie Mae MSR Revolving Facility. Aurora and QRS III are parties to a loan and security agreement (the Fannie Mae MSR Revolving Facility ), pursuant to which Aurora and QRS III pledged their respective rights in all existing and future MSRs for loans owned or securitized by Fannie Mae to secure borrowings outstanding from time to time. The original maximum credit amount outstanding at any one time under the Fannie Mae MSR Revolving Facility was $ 150.0 million. The revolving period is 24 months which may be extended by agreement with the lender. In October 2023, Aurora and QRS III entered into an amendment to the Fannie Mae MSR Revolving Facility that extended the revolving period for an additional 24 months. In October 2025, Aurora and QRS III entered into an amendment to the Fannie Mae MSR which (i) extended the revolving period by an additional 24 months, and (ii) reduced the credit amount to $ 100 million, with the option for Aurora and QRS III to increase the maximum credit to $ 150 million at any time during the extended 24 -month revolving period. The revolving period may be further extended by a period of 1-year by agreement with the lender. Amounts borrowed bear interest at a weighted average borrowing rate of 6.4 %. At the end of the revolving period, the outstanding amount will be converted to a three-year term loan that will bear interest at a rate calculated at a spread over the rate for one-year interest rate swaps. The Company has guaranteed repayment of all indebtedness under the Fannie Mae MSR Revolving Facility. At June 30,

September 30, 2026 and December 31, 2025, approximately $ 87.5 87.0 million and $ 90.8 million, respectively, was outstanding under the Fannie Mae MSR Revolving Facility.

2 unchanged paragraphs

As of September 30, 2026

9 unchanged paragraphs

Note 12: Receivables and Other Assets 4 changes

The assets comprising Receivables and other assets as of June September 30, 2026 and December 31, 2025 are summarized in the following table (dollars in thousands):

2 unchanged paragraphs

3 fair value item due to the Company s reliance on unobservable inputs to estimate its fair value. Because of the significant judgment involved in estimating recoverability and fair value, the estimated fair value may differ from the carrying value. As of June 30, 2026, management believes the recorded allowance appropriately reflects the current expected credit losses associated with the note .

Includes a promissory note receivable with a principal amount of $ 3.2 million as of September 30, 2026 and December 31, 2025, respectively. The note bears interest at a fixed rate of

Includes a promissory note receivable with a principal amount of $ 3.2 million as of June 30, 2026 and December 31, 2025, respectively. The note bears interest at a fixed rate of 8.0 % per annum, as well as an additional percentage of distributable cash, with interest payments due quarterly and the principal due at maturity on May 22, 2030. The note is classified as held-for-investment and measured at amortized cost. The Company evaluates the credit quality of the note on a regular basis and records an allowance for credit losses when warranted based on management s assessment of collectability. As of June September 30, 2026, the Company recorded an allowance for credit losses of $ 2.3 2.8 million related to the note receivable. The allowance for credit losses is included within credit loss and impairment on other assets in the accompanying consolidated statements of operations. After consideration of the allowance for credit losses, the note had a net carrying value of approximately $ 0.9 0.4 million as of June September 30, 2026. The note receivable is classified as a Level 3 fair value item due to the Company s reliance on unobservable inputs to estimate its fair value. Because of the significant judgment involved in estimating recoverability and fair value, t he estimated fair value may differ from the carrying value. As of September 30, 2026, management believes the recorded allowance appropriately reflects the current expected credit losses associated with the note. On October 21, 2026, the Company entered into a discounted payoff agreement pertaining to the promissory note, pursuant to which the Company will accept a discounted payoff in the amount of $ 0.4 million as full payment of the promissory note. The Company received approximately $ 0.3 million of the discounted payoff amount on October 22, 2026 and, per the terms of the discounted payoff agreement, will receive the remaining balance in installment payments over the next three years .

Note 13: Accrued Expenses and Other Liabilities 1 change

The liabilities comprising Accrued expenses and other liabilities as of June September 30, 2026 and December 31, 2025 are summarized in the following table (dollars in thousands):

6 unchanged paragraphs

Note 14: Income Taxes 10 changes

6 unchanged paragraphs

Six Months Ended June 30,

Three Months Ended June September 30,

Nine Months Ended September 30,

4 unchanged paragraphs

Six Months Ended June 30,

Three Months Ended June September 30,

Nine Months Ended September 30,

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Company for the three-month and six-month nine-month period ended June September 30, 2026 was $ 27 2 thousand and $ 29 30 thousand, respectively was primarily comprised of state related income taxes.

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assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which temporary differences become deductible. The Company had net operating losses ( NOLs ) of $ 96.7 100.3 million as of June September 30, 2026, which were created subsequent to 2017 and can be carried forward indefinitely. As of June September 30, 2026 , the Company believes it is more likely than not that it will fully realize its deferred tax assets. Deferred tax assets are included in Receivables and other assets in the consolidated balance sheets.

Receivables and other assets in the consolidated balance sheets.

1 unchanged paragraph

The Company s 2025, 2024, 2023 and 2022 federal, state and local income tax returns remain open for examination by the relevant authorities.

1 unchanged paragraph

Note 15: Subsequent Events 14 changes

On August 9, 2026, the Company, the Operating Partnership, TPG Mortgage Investment Trust, Inc, a Maryland corporation ( MITT ), MIT Merger

Sub II, LLC, a Delaware limited liability company and a subsidiary of MITT ( Merger Sub ), AG REIT Management, LLC, a Delaware limited liability company and MITT's external manager (the MITT Manager ), entered into an Agreement and Plan of Merger (the Merger Agreement ), pursuant to which, among other things, (a) CHOP will merge with and into the Company, with the Company surviving such merger (the Partnership Merger ) and, (b) following the Partnership Merger Effective Time, the Company will merge with and into Merger Sub, with Merger Sub being the surviving entity of such merger (the Company Merger , and together with the Partnership Merger, the Mergers ).

Prior to the Partnership Merger, the Company will take all actions necessary to convert all outstanding partnership units of CHOP ( Company Partnership Units ) that are designated as an LTIP Unit ( Company LTIP Units or LTIP OP Units ) into Company Partnership Units designated as common units of CHOP ( Company Common Units ). Each Company Common Unit outstanding immediately prior to the effective time of the Partnership Merger (other than Canceled Units (as defined below)) will convert into the right to receive the Common Stock Merger Consideration (as defined below). Company Partnership Units held by the Company, MITT or their respective subsidiaries (the Canceled Units ), and the Company's general partnership interest in CHOP, will be cancelled for no consideration at the effective time of the Partnership Merger.

At the effective time of the Company Merger, (i) each share of the Company's common stock, par value $ 0.01 per share, issued and outstanding immediately prior to the effective time of the Company Merger (other than shares of the Company's common stock and preferred stock held by the Company, MITT or any direct or indirect subsidiary of MITT or the Company, in each case, immediately prior to the effective time of the Company Merger ( Cancelled Shares )) will convert into the right to receive a fixed combination of stock and cash, consisting of (A) from MITT, (x) that number of validly issued, fully paid and non-assessable shares of common stock, par value $ 0.01 per share, of MITT ( MITT Common Stock ) equal to 0.3063 x (the Per Share MITT Stock

Consideration ) and (y) $ 0.41 per share in cash, without interest (the Per Share MITT Cash Consideration ), and (B) from MITT Manager, $ 0.52 per share in cash (the Per Share Additional Manager Consideration, and together with the Per Share MITT Stock Consideration and the Per Share MITT

Cash Consideration, the Common Stock Merger Consideration ), (ii) each share of the Company's 8.20 % Series A Cumulative Redeemable

Preferred Stock, $ 0.01 par value per share (the Company Series A Preferred Stock ), issued and outstanding immediately prior to the effective time of the Company Merger (excluding Cancelled Shares) will convert into the right to receive one newly issued share of MITT's

8.20 % Series D Cumulative Redeemable Preferred Stock, having the rights, preferences, privileges and voting powers substantially the same as those of the Company Series A Preferred Stock and (iii) each share of the Company's 8.250 % Series B Fixed-to-Floating Rate Cumulative

Redeemable Preferred Stock, $ 0.01 par value per share ( Company Series B Preferred Stock and together with the Company Series A Preferred

Stock, the Company Preferred Stock ), issued and outstanding immediately prior to the effective time of the Company Merger Effective Time (excluding Cancelled Shares) will automatically convert into the right to receive one newly issued share of MITT's 8.250 %

Series E Floating Rate Cumulative Redeemable Preferred Stock, having the rights, preferences, privileges and voting powers substantially the same as those of the Company Series B Preferred Stock.

The Mergers are expected to close in the fourth quarter of 2026, subject to the approval of the Company's common stockholders and

MITT's common stockholders and the satisfaction of other customary closing conditions.

Events subsequent to September 30, 2026 not otherwise described herein were evaluated and no additional events were identified requiring further disclosure in the consolidated financial statements.

MD&A 157 changes

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In addition to Servicing Related Assets, we invest in RMBS, primarily those backed by 30-, 20- and 15-year fixed rate mortgages that offer what we believe to be favorable prepayment and duration characteristics. Our RMBS consist solely of Agency RMBS on which the payments of principal and interest are guaranteed by an Agency. In the past, we have invested in Agency CMOs consisting of IOs as well as non-Agency RMBS and may do so in the future subject to market conditions and availability of capital. We finance our RMBS with an amount of leverage, that varies from time to time depending on the particular characteristics of our portfolio, the availability of financing and market conditions. We do not have a targeted leverage ratio for our RMBS. Our borrowings for RMBS consist of short-term borrowings under master repurchase agreements.

RMBS and may do so in the future subject to market conditions and availability of capital. We finance our RMBS with an amount of leverage, that varies from time to time depending on the particular characteristics of our portfolio, the availability of financing and market conditions. We do not have a targeted leverage ratio for our RMBS. Our borrowings for RMBS consist of short-term borrowings under master repurchase agreements.

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Partnership. As of June September 30, 2026, we owned 98.5% of our Operating Partnership. Our Operating Partnership, in turn, owns all of the outstanding common stock of CHMI Sub-REIT, Inc. (the Sub-REIT ). The Sub-REIT has elected to be taxed as a REIT under the Code commencing with its taxable year ended December 31, 2020.

REIT under the Code commencing with its taxable year ended December 31, 2020.

2 unchanged paragraphs

2026, approximately $4.7 million was remaining under the share repurchase program. Shares may be repurchased from time to time through privately negotiated transactions or open market transactions, pursuant to a trading plan in accordance with

Rules 10b5-1 and 10b-18 under the Securities Exchange Act, or by any combination of such methods. The manner, price, number and timing of share repurchases are subject to a variety of factors, including market conditions and applicable SEC rules.

The share repurchase program does not require the purchase of any minimum number of shares, and, subject to SEC rules, purchases may be commenced or suspended at any time without prior notice. During the three and six-month periods ended June 30,

2026 and the year ended December 31, 2025, the Company did not repurchase any common stock pursuant to the repurchase program.

Preferred Stock pursuant to the repurchase program. Shares of preferred stock that are repurchased by the Company cease to be outstanding but remain authorized for future issuance.

Pursuant to the Company s Common Stock ATM Program, the Company may offer and sell through one or more sales agents, up to $150.0 million in shares of its common stock at prices prevailing at the time, subject to volume and other regulatory limitations. As of June September 30, 2026, approximately $34.6 million was remaining pursuant to the Common Stock ATM Program. During the three and six-month nine-month periods ended June 30, 2026, the Company did not issue or sell any shares pursuant to the Common Stock ATM Program. During the year ended December 31, 2025, the Company issued and sold 4,909,053 shares of common stock under the Common Stock ATM Program. The shares were sold at a weighted average price of $3.00 per share for aggregate gross proceeds of approximately $14.7 million before fees of approximately $293,000. September

30, 2026, the Company did not issue or sell any shares pursuant to the Common Stock ATM Program. During the year ended December 31, 2025, the Company issued and sold 4,909,053 shares of common stock under the Common Stock ATM Program. The shares were sold at a weighted average price of $3.00 per share for aggregate gross proceeds of approximately $14.7 million before fees of approximately $293,000.

In September 2019, the Company initiated a share repurchase program that allows for the repurchase of up to an aggregate of $10.0 million of its common stock. As of June 30, September

In December 2023, 30, 2026, approximately $4.7 million was remaining under the Company initiated a preferred stock share repurchase program. that allows for the repurchase of up to an aggregate of $50.0 million of its Shares of preferred stock. Shares of preferred stock may be repurchased from time to time through privately negotiated transactions or open market transactions, pursuant to a trading plan in accordance with Rules 10b5-1 and 10b-18 under the Securities Exchange Act, or by any combination of such methods. The manner, price, number and timing of share repurchases are subject to a variety of factors, including market conditions and applicable SEC rules. The preferred stock share repurchase program does not require the purchase of any minimum number of shares, of preferred stock, and, subject to SEC rules, purchases may be commenced or suspended at any time without prior notice. During the three and six-month nine-month periods ended June September 30, 2026 and the year ended December 31, 2025, the Company did not repurchase any common stock pursuant to the repurchase program.

In December 2023, the Company initiated a preferred stock repurchase program that allows for the repurchase of up to an aggregate of $50.0 million of its shares of preferred stock. Shares of preferred stock may be repurchased from time to time through privately negotiated transactions or open market transactions, pursuant to a trading plan in accordance with Rules 10b5-1 under the Exchange Act. The manner, price, number and timing of share repurchases are subject to a variety of factors, including market conditions and applicable SEC rules. The preferred stock repurchase program does not require the purchase of any minimum number of shares of preferred stock, and, subject to SEC rules, purchases may be commenced or suspended at any time without prior notice. During the three and nine-month periods ended September 30, 2026 and the year ended December 31, 2025, the Company did not repurchase any Preferred Stock pursuant to the repurchase program. Shares of preferred stock that are repurchased by the Company cease to be outstanding but remain authorized for future issuance.

On August 9, 2026, the Company, the Operating Partnership, MITT, Merger Sub, and MITT Manager entered into the Merger Agreement, pursuant to which, among other things, the Mergers will occur. The Mergers are expected to close in the fourth quarter of 2026, subject to the approval of the Company s common stockholders and MITT s common stockholders and the satisfaction of other customary closing conditions. Additional information regarding the proposed transaction is included in Note 1 - Organization and Operations to the accompanying consolidated financial statements.

1 unchanged paragraph

Effective December 1, 2025, the Federal Reserve ceased reducing its balance sheet. Since 2022, the Federal Reserve had been allowing a set amount of Treasury securities and

On May 13, 2026, the U.S. Senate confirmed Kevin Warsh to serve as Chairman of the Federal Reserve. Mr. Warsh succeeded Jerome Powell upon the expiration of Mr. Powell s term as Chair in May 2026, although Mr. Powell remains a member of the Board of Governors, with his term extending into 2028. A change in Federal Reserve leadership may result in actual or perceived shifts in monetary policy priorities and could contribute to increased volatility in interest rates and financial markets.

Conversely, if the Federal Reserve tightens monetary policy in the future by increasing the federal funds rate and/or selling securities and reducing its balance sheet, these actions could result in higher interest rates, including for Agency RMBS, and reduce economic activity in the United States, as well as decrease spreads on interest rates, which can reduce our net interest income and increase our funding costs.

Since Between September 2025 and late 2025, the Federal Reserve has reduced its federal funds rate target by a cumulative 75 basis points to a range of 3.50% to 3.75%. During the first half of 2026, the Federal Open Market Committee maintained a target range at 3.50% to 3.75%, citing continued moderation in inflation, a softer labor market, and uncertainty regarding the economic outlook.

3.50% to 3.75% and maintained this target range through much of 2026. In September 2026, however, the Federal Open Market Committee increased the target range by 25 basis points to 3.75% to 4.00% in support of the Federal Reserve s dual mandate, citing continued economic uncertainty and inflation that remained above its long-term target.

Effective December 1, 2025, the Federal Reserve ceased reducing its balance sheet. Since 2022, the Federal Reserve had been allowing a set amount of Treasury securities and Agency RMBS on its balance sheet to roll off each month without reinvestment. Prior to December 1, 2025, the Federal Reserve s monthly redemption cap on U.S. Treasury Securities was $5 billion and its redemption cap on agency debt/MBS was $35 billion with excess principal payments reinvested in U.S. Treasury securities.

Future actions by the Federal Reserve could affect our business, financial condition, and results of operations. To the extent the Federal

Reserve further tightens monetary policy by increasing the federal funds rate and/or selling securities and reducing its balance sheet, these actions could result in higher interest rates, including for Agency RMBS, and reduce economic activity in the United States, as well as decrease spreads on interest rates, which can reduce our net interest income and increase our funding costs. They may also negatively impact our results as we have certain assets and liabilities that are sensitive to changes in interest rates. In addition, lower net interest income resulting from higher rates is partially offset by lower prepayments which extends the length of cash flows from the MSRs and slows the premium amortization on the RMBS portfolio.

To the extent Conversely, if the Federal Reserve takes future action to ease monetary policy by reducing its federal funds rate and/or purchasing securities and increasing its balance sheet, it will generally lower interest rates across asset classes, including for Agency RMBS. Lower rates could reduce our funding costs and spur economic activity, increasing our net interest income. Higher prepayment could reduce the length of cash flows from the MSRs and accelerate the premium amortization on the RMBS portfolio.

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The value of our assets may be affected by prepayment speeds on mortgage loans. Prepayment speed is the measurement of how quickly borrowers pay down the unpaid principal balance ( UPB ) of their loans or how quickly loans are otherwise liquidated or charged off. Generally, in a declining interest rate environment, prepayment speeds tend to increase. Conversely, in an increasing interest rate environment, prepayment speeds tend to decrease. When we acquire Servicing Related Assets or RMBS, we anticipate that the underlying mortgage loans will prepay at a projected rate generating an expected cash flow (in the case of Servicing Related Assets) and yield. If we purchase assets at a premium to par value and borrowers prepay their mortgage loans faster than expected, the corresponding prepayments on our assets may reduce the expected yield on such assets because we will have to amortize the related premium on an accelerated basis. In addition, we will have to reinvest the greater amounts of prepayments in that lower rate environment, thereby affecting future yields on our assets. If we purchase assets at a discount to par value, and borrowers prepay their mortgage loans slower than expected, the decrease in corresponding prepayments may reduce the expected yield on assets because we will not be able to accrete the related discount as quickly as originally anticipated.

and yield. If we purchase assets at a premium to par value and borrowers prepay their mortgage loans faster than expected, the corresponding prepayments on our assets may reduce the expected yield on such assets because we will have to amortize the related premium on an accelerated basis. In addition, we will have to reinvest the greater amounts of prepayments in that lower rate environment, thereby affecting future yields on our assets. If we purchase assets at a discount to par value, and borrowers prepay their mortgage loans slower than expected, the decrease in corresponding prepayments may reduce the expected yield on assets because we will not be able to accrete the related discount as quickly as originally anticipated.

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Company classifies these valuations as Level 3 in the fair value hierarchy. For additional information on our fair value methodology, see Item 1. Consolidated Financial Statements Note 8. Fair Value.

We have elected the fair value option to record our investments in MSRs in order to provide users of our consolidated financial statements with better information regarding the effects of prepayment risk and other market factors on the MSRs. Under this election, we record a valuation adjustment on our investments in MSRs on a quarterly basis to recognize the changes in fair value of our MSRs in net income as described below. Although transactions in MSRs are observable in the marketplace, the valuation includes unobservable market data inputs (prepayment speeds, costs to service and discount rates). The change in fair value of MSRs is recorded within Unrealized gain (loss) on investments in Servicing Related Assets on the consolidated statements of income (loss). Fair value is generally determined by discounting the expected future cash flows using discount rates that incorporate the market risks and liquidity premium specific to the MSRs and, therefore, may differ from their effective yields. In determining the valuation of MSRs, management uses internally developed pricing models that are based on certain unobservable market-based inputs. The

Unrealized gain (loss) on investments in Servicing Related Assets on the consolidated statements of income (loss). Fair value is generally determined by discounting the expected future cash flows using discount rates that incorporate the market risks and liquidity premium specific to the MSRs and, therefore, may differ from their effective yields. In determining the valuation of MSRs, management uses internally developed pricing models that are based on certain unobservable market-based inputs. The Company classifies these valuations as Level 3 in the fair value hierarchy. For additional information on our fair value methodology, see Item 1. Consolidated Financial Statements Note 8. Fair Value.

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We account for income taxes in accordance with ASC 740, Income Taxes . ASC 740 requires the recording of deferred income taxes that reflect the net tax effect of temporary differences between the carrying amounts of our assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, including operating loss carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in earnings in the period that includes the enactment date. For information on our assessment of the realizability of deferred tax assets, see Item 1. Consolidated Financial Statements Note 14. Income Taxes. We assess our tax positions for all open tax years and determine if we have any material unrecognized liabilities in accordance with ASC 740. We record these liabilities to the extent we deem them more-likely-than-not to be incurred. We record interest and penalties related to income taxes within the provision for income taxes in the consolidated statements of income (loss). We have not incurred any interest or penalties.

Taxes. We assess our tax positions for all open tax years and determine if we have any material unrecognized liabilities in accordance with ASC 740. We record these liabilities to the extent we deem them more-likely-than-not to be incurred. We record interest and penalties related to income taxes within the provision for income taxes in the consolidated statements of income (loss). We have not incurred any interest or penalties.

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Realized gain (loss) on derivatives, net

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Unrealized gain (loss) on RMBS, measured at fair value through earnings, net (51,776 (860 (12,436 (13,296 (65,072

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Unrealized gain (loss) on investments in Servicing Related Assets (2,351 (14,968

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Income (Loss) Before Income Taxes

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Net loss (income) allocated to noncontrolling interests in Operating Partnership (55 (6 (61 (2,403 (2,391 (4,794 (4,916

Net loss (income) allocated to non-controlling interests in Operating Partnership (55 (40 (2,419 (2,403 (7,213 (7,393

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Servicing Related Assets

Three Months Ended June September 30, 2026

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Three Months Ended March 31, 2026

Three Months Ended June 30, 2026

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Other income (expense) (A)

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Net other comprehensive income (loss)

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Six Months Ended June 30, 2026

Nine Months Ended September 30, 2026

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Six Months Ended June 30, 2025

Nine Months Ended September 30, 2025

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Net other comprehensive income (loss)

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Interest income for the six-month period ended June 30, 2026 was $30.6 million as compared to $29.6 million for the six-month period ended June 30, 2025. The increase of $1.0 million in interest income was primarily attributable to higher yields earned on the portfolio, resulting from the reinvestment of principal proceeds into higher-coupon securities and the replacement of lower-yielding investments with securities generating higher interest income.

Interest expense for the six-month period ended June 30, 2026 was $21.4 million as compared to $24.8 million for the six-month period ended June 30, 2025. The decrease of

Interest income for the three-month period ended June September 30, 2026 was $14.7 $14.2 million as compared to $15.9 $14.7 million for the three-month period ended March 31, June 30, 2026. The decrease of $1.2 $0.5 million was mainly due to the sale of securities and an increase a decrease in price premium amortization.

Interest income for the nine-month period ended September 30, 2026 was $44.8 million as compared to $45.3 million for the nine-month period ended September 30, 2025. The decrease of $0.5 million was mainly due to a decrease in price premium amortization.

Interest expense for the three-month period ended June September 30, 2026 was $10.0 $9.7 million as compared to $11.4 $10.0 million for the three-month period ended March 31, June 30, 2026. The decrease of $1.4 $0.3 million in interest expense was due to changes in the Company s leverage.

$3.4 Interest expense for the nine-month period ended September 30, 2026 was $31.1 million as compared to $37.2 million for the nine-month period ended September 30, 2025. The decrease of $6.1 million in interest expense was due to a decrease in financing rates combined with a decrease in notes payable.

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Servicing fee income for the six-month period ended June 30, 2026 was $19.9 million as compared to $21.9 million for the six-month period ended June 30, 2025. The decrease of

Servicing fee income for the three-month period ended June September 30, 2026 was $9.7 $9.8 million as compared to $10.2 $9.7 million for the three-month period ended March 31, June 30, 2026. The decrease of $0.5 million in servicing fee income change was due to changes in the size of the portfolio. nominal.

$2.0 Servicing fee income for the nine-month period ended September 30, 2026 was $29.7 million as compared to $32.7 million for the nine-month period ended September 30, 2025. The decrease of $3.0 million in servicing fee income was due to changes in the size of the portfolio.

Servicing costs for the six-month three-month period ended June September 30, 2026 were $4.6 $2.2 million as compared to $4.5 $2.3 million for the six-month three-month period ended June 30, 2025. 2026 and September 30,2025 were $6.8 million. The change was nominal.

Servicing costs for each of the three-month nine-month periods ended June September 30, 2026 and March 31, 2026 was $2.3 September 30, 2025 were $6.8 million. The change was nominal.

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Realized Gain on Investments in MSRs, Net

Realized gain on investments in MSRs for each of the three-month periods ended June 30, 2026 and March 31, 2026 was $0 because no MSRs were sold during these periods.

Realized gain on investments in MSRs for each of the six-month periods ended June 30, 2026 and June 30, 2025 was $0 because no MSRs were sold during these periods.

Realized loss on RMBS for the three-month period ended June September 30, 2026 was approximately $1.0 million $0 as compared to $0 $1.0 million for the three-month period ended March 31, June 30, 2026. The increase decrease of $1.0 million in realized loss on RMBS was due to the timing and volume of RMBS sales.

Realized loss on RMBS for the six-month nine-month period ended June September 30, 2026 was approximately $1.0 million as compared to $6.0 million for the six-month nine-month period ended June September 30, 2025.

2025. The decrease of $5.0 million in realized loss on RMBS was due to the timing and volume of RMBS sales.

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Realized gain on derivatives for the six-month three-month period ended June September 30, 2026 was approximately $12.1 $10.6 million as compared to $19.5 a $12.1 million for the six-month three-month period ended June 30,

2025. June 30, 2026. The decrease of $7.4 $1.5 million in realized gain on derivatives was substantially comprised of a decrease an increase of $5.3 $2.8 million in gains on TBAs, U.S. Treasury futures offset by a decrease of $1.2 $0.7 million in gains gain on U.S. Treasury Eris SOFR swap futures and a decrease of $3.5 $0.6 million in interest rate swaps periodic interest income gain on TBAs due to changes in interest rates as well as composition of derivatives. offset by an increase of $1.2 million in gains on interest rate swaps and an increase of $1.4 million in gains on Eris SOFR swap futures.

Realized gain on derivatives for the nine-month period ended September 30, 2026 was approximately $22.7 million as compared to $9.0 million for the nine-month period ended

Realized gain on derivatives for the three-month period ended June September 30, 2026 was approximately $12.1 million as compared to a $70 thousand realized loss on derivatives for the three-month period ended March 31, 2026. 2025. The increase of $12.2 $13.7 million in realized gain on derivatives was substantially comprised of an increase of $8.1 $14.0 million in gains on TBAs, an increase a decrease of $2.6 $1.2 million in gain losses on U.S. Treasury futures, interest rate swaps and an increase of $1.6 $3.7 million in gain gains on Eris SOFR swap futures offset by a decrease of $69 thousand $0.6 million in gains on U.S. Treasury futures and a decrease of $4.6 million in interest rate swaps periodic interest income due to changes in interest rates as well as composition of derivatives

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Unrealized loss on RMBS measured at fair value through earnings for the three-month period ended June September 30, 2026 was $0.9 $51.8 million as compared to $12.4 $0.9 million for the three-month period ended March 31, June 30, 2026. The decrease increase of $11.5 $50.9 million in unrealized loss on RMBS measured at fair value through earnings was a result of changes in interest rates combined with spread tightening. widening.

Unrealized loss on RMBS measured at fair value through earnings for the six-month nine-month period ended June September 30, 2026 was $13.3 $65.1 million, compared to an unrealized gain of $18.3 $29.0 million for the six-month nine-month period ended June September 30, 2025. The $31.6 $94.1 million unfavorable change was primarily due to an increase in interest rates and nominal spread widening during the period.

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Unrealized loss on derivatives for the six-month period ended June 30, 2026 was approximately $3.2 million as compared to $41.9 million for the six-month period ended June

Unrealized loss gain on derivatives for the three-month period ended June September 30, 2026 was approximately $9.3 $32.1 million as compared to an unrealized gain loss on derivatives of $6.1 $9.3 million for the three-month period ended March 31, June 30, 2026. The $15.4 unfavorable $41.4 million favorable change was primarily due to changes in interest rates and the composition of our derivatives relative to the prior period.

Unrealized gain on derivatives for the nine-month period ended September 30, 2026 was approximately $28.9 million as compared to an unrealized loss on derivatives of $39.4 million for the nine-month period ended September 30, 2025. The decrease increase of $38.7 $68.3 million in unrealized loss gain on derivatives was primarily due to changes in interest rates and the composition of our derivatives relative to the prior period.

Unrealized Gain (Loss) on Investments in Servicing Related Assets

Unrealized loss gain on our investments in Servicing Related Assets for the three-month period ended June September 30, 2026 was approximately $2.4 $4.1 million as compared to $1.4 an unrealized loss of $2.4 million for the three-month period ended March 31, June 30, 2026. The decrease increase of $1.0 $6.5 million in unrealized loss gain on our investments in Servicing Related Assets was primarily due to changes in valuation inputs or assumptions and paydown of underlying loans.

Unrealized loss gain on our investments in Servicing Related Assets for the six-month nine-month period ended June September 30, 2026 was approximately $3.7 $0.4 million as compared to $9.1 an unrealized loss of $15.0 million for the six-month nine-month period ended June September 30, 2025. The decrease increase of $5.4 $15.4 million in unrealized loss gain on our investments in Servicing Related Assets was primarily due to changes in valuation inputs or assumptions and paydown of underlying loans.

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Credit loss and impairment on other assets for the three-month period ended September 30, 2026 was approximately $0.5 million as compared to $2.8 million for the three-month and six-month periods period ended June 30, 2026. The increase decrease of $2.8 $2.3 million was due to the recognition of lower impairment and credit loss and impairment charges taken in recognized during the second current quarter of 2026 as compared to the prior quarter, which included additional reserves recorded on certain strategic investments and related receivables following other assets based on management s assessment of their estimated recoverable values.

Credit loss and impairment on other assets for the nine-month period ended September 30, 2026 was approximately $3.3 million as compared to $0 for the nine-month period ended

September 30, 2025. The increase of $3.3 million was due to the recognition of credit loss and impairment charges on certain other assets following management s assessment of their estimated recoverable values.

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and 77 more changes in the filing

Market risk 5 changes

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Our operating results depend in large part on differences between the income earned on our assets and our cost of borrowing and hedging activities. The costs of our borrowings are generally based on prevailing market interest rates. During a period of rising interest rates, our borrowing costs generally will increase (1) while the yields earned on our leveraged fixed-rate mortgage assets will remain static and (2) at a faster pace than the yields earned on our leveraged adjustable-rate and hybrid adjustable-rate RMBS, which could result in a decline in our net interest spread and net interest margin. The severity of any such decline would depend on our asset/liability composition at the time as well as the magnitude and duration of the interest rate increase. Further, an increase in short-term interest rates could also have a negative impact on the market value of our assets, other than our Servicing Related Assets. A decrease in interest rates could have a negative impact on the market value of our Servicing Related Assets. If any of these events happen, we could experience a decrease in net income or incur a net loss during these periods, which could adversely affect our liquidity and results of operations.

Servicing Related Assets. A decrease in interest rates could have a negative impact on the market value of our Servicing Related Assets. If any of these events happen, we could experience a decrease in net income or incur a net loss during these periods, which could adversely affect our liquidity and results of operations.

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As of September 30, 2026

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As of September 30, 2026

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When we engage in repurchase transactions, we generally sell securities to lenders (i.e., the repurchase agreement counterparties) and receive cash from the lenders. The lenders are obligated to resell the same securities back to us at the end of the term of the transaction. Because the cash we receive from the lender when we initially sell the securities to the lender is less than the value of those securities (this difference is the haircut), if the lender defaults on its obligation to resell the same securities back to us we would incur a loss on the transaction equal to the amount of the haircut (assuming there was no change in the value of the securities). As of June September 30, 2026, the Company s exposure (defined as the amount of cash and securities pledged as collateral, less the borrowing under the repurchase agreement) to any of the counterparties under the repurchase agreements did not exceed five percent of the Company s equity.

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Controls and procedures 2 changes

Disclosure Controls and Procedures. The Company s President and Chief Executive Officer and the Company s Chief Financial Officer have evaluated the effectiveness of the Company s disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this report. The Company s disclosure controls and procedures are designed to provide reasonable assurance that information is recorded, processed, summarized and reported accurately and on a timely basis. Based on such evaluation, the Company s President and Chief Executive Officer and the Company s Chief Financial Officer have concluded that, as of the end of such period, the Company s disclosure controls and procedures are effective.

Officer and the Company s Chief Financial Officer have concluded that, as of the end of such period, the Company s disclosure controls and procedures are effective.

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Legal proceedings 1 change

From time to time, the Company may be involved in various claims and legal actions in the ordinary course of business. As of June September 30, 2026, the Company is not aware of any material legal or regulatory claims or proceedings.

Risk factors 12 changes

In addition to the other information set forth in this Quarterly Report on Form 10-Q, the reader should carefully consider the factors discussed in Part I, Item 1A. Risk

Part I, Item 1A. Risk Factors in the Company s Annual Report on Form 10-K for the year ended December 31, 2025. Except as set forth below, there have been no material changes in the Company's Company s risk factors from those disclosed in Part I, Item 1A, of the Company s

1A, of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025.

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As a result of the Mergers, each share of our common stock issued and outstanding immediately prior to the effective time of the Company Merger (other than Cancelled Shares) will convert into the right to receive a fixed combination of stock and cash, consisting of (A) from MITT, (i) that number of validly issued, fully paid and non-assessable shares of MITT Common Stock equal to

will convert into the right to receive a fixed combination of stock and cash, consisting of (A) from MITT, (i) that number of validly issued, fully paid and non-assessable shares of MITT Common Stock equal to 0.3063x, and (ii) $0.41 per share in cash, without interest, and (B) from MITT Manager, $0.52 per share in cash. The 0.3063x exchange ratio is fixed and will not be adjusted to reflect changes in MITT s stock price or our stock price.

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MITT s stock price at the closing of the Mergers may vary from its price on the date the Merger Agreement was executed. As a result, the market value of the MITT common stock that our stockholders will receive pursuant to the Merger Agreement will also vary. If the price of MITT s common stock declines between the date the Merger Agreement was signed and the closing of the Mergers, including for any of the reasons described above, our common stockholders will receive MITT common stock that has a market value upon completion of the Mergers that is less than the market value of such shares calculated pursuant to the exchange ratio on the date the Merger Agreement was signed.

Agreement was signed.

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Mergers, will be subject to a number of risks, including the following:

The completion of the Mergers are subject to a number of conditions, including, among other things, the approval of each of CHMI s and MITT s stockholders, the listing on the

The completion of the Mergers are subject to a number of conditions, including, among other things, the approval of each of CHMI s and MITT s stockholders, the effectiveness of a registration statement on Form S-4 under the Securities Act of 1933, as amended, the listing on the NYSE of the MITT common stock and the MITT preferred stock issuable in the Merger, and the receipt of certain regulatory approvals, which make the completion and timing of the Mergers uncertain. The failure to satisfy any or all of the required conditions could delay the completion of the Mergers for a significant period of time or prevent them from occurring at all. There can be no assurance that the conditions precedent to the completion of the Mergers will be satisfied or waived, or that the Merger will be completed.

If the Mergers are not completed, we may be materially adversely affected and, without realizing any of the benefits of having completed the Mergers, will be subject to a number of risks, including the following:

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Similarly, delays in the completion of the Mergers could, among other things, result in additional transaction costs, loss of revenue or other negative effects associated with delay and uncertainty about completion of the Mergers and could materially and adversely impact our ongoing business, financial condition, financial results and stock price following the completion of the Mergers.

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Unregistered sales of stock 1 change

We did not have any unregistered sales of equity securities during the three months ended June September 30, 2026.

Other information 1 change

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None of our officers or directors, as defined in Rule 16a-1(f) of the Securities Exchange Act of 1934, adopted , modified, or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement, as defined in Item 408 of Regulation S-K, during the three months ended June September 30, 2026.