The second quarter was a quiet operating quarter framed by an unusually active capital-recycling window. Net interest income of $10.7 million in Q2 grew 8% year over year but stepped down 11% sequentially from Q1's $12.1 million, and the company posted GAAP net income of $3.4 million ($0.14 per diluted share) - a return to profitability after a Q1 net loss. The bigger story was on the balance sheet: management monetized a legacy securitization's retained bonds, used the proceeds to fund $204 million of new non-QM loan purchases at a 7.34% weighted average coupon, repurchased roughly $15 million of stock from a pre-IPO investor at $8.36, and cut spread on the largest warehouse facility. Two post-quarter securitizations - AOMT 2026-3 ($279.6 million) in July and AOMT 2026-HB1 ($221.4 million, $71.2 million contributed) in August - moved the recourse debt-to-equity ratio from 2.3x at quarter-end to 1.0x on a pro-forma basis. Book value per share of $10.13 was down 1.7% quarter over quarter, and economic book value of $12.24 was down 0.3%; the gap is the spread-widening mark on legacy retained bonds that the securitization monetization was designed to capture. The narrative for the next six months is whether the 1.0x post-securitization leverage unlocks a steeper portfolio ramp and a return to book-value accretion after two consecutive down quarters.