Ephesians 2:4-5 (The Rich mercy of God)

Ephesians 2:4-5 (SBLGNT): ὁ δὲ θεὸς πλούσιος ὢν ἐν ἐλέει, διὰ τὴν πολλὴν ἀγάπην αὐτοῦ ἣν ἠγάπησεν ἡμᾶς, καὶ ὄντας ἡμᾶς νεκροὺς τοῖς παραπτώμασιν συνεζωοποίησεν τῷ Χριστῷ— χάριτί ἐστε σεσῳσμένοι—

δὲ is the postpositive conjunction: NET Bible renders it adversatively ("but"). However, while δὲ might be adversative here, it's possible that we have a continuative use in this passage. See the ESV footnote for Ephesians 2:4-5. On the other hand, T.K. Abbott reasons that Paul is making a contrast in the Epistle which makes the use of δὲ fitting.

Andrew T. Lincoln (Ephesians, WBC): "The adversative δέ introduces a contrasting situation brought about because of who God is and what he has done. An implicit νῦν, 'now,' can be seen as part of this contrast with the ποτέ, 'once,' of vv 2, 3. There is now in existence a whole new situation because of God’s initiative."

ὁ θεὸς is the subject (article + nominative singular masculine noun).

πλούσιος ὢν ἐν ἐλέει-Abbott contends that the present participle assigns the reason with respect to God and his mercy: he is rich in mercy ("being in mercy rich"). On the other hand, John Eadie writes (A Commentary on the Greek Text of the Epistle of Paul to the Ephesians, page 144): "The participle ὤν does not seem to have here a causal significance, as such an idea is expressed by the following διά."

Conversely, Lincoln thinks ὤν is a circumstantial participle (it is not attributive). He suggests translating the participle, "being rich in mercy" or "because he is rich in mercy." Jehovah God exemplifies his rich mercy when dealing with ancient Israel, but also as he directs the Christian congregation through his only-begotten Son. See Exodus 34:6; Deuteronomy 7:7-9;  Psalm 145:8-9; James 3:17-18. The Hebrew word hesed undergirds Paul's discussion of divine mercy.

The NT employs πλούσιος with the preposition ἐν (James 2:5). Compare Romans 9:23; see Abbott, Ephesians, page 46. Divine mercy apparently issues from divine love. Jesus became poor ("penniless" says BDAG) although he was πλούσιος (2 Corinthians 8:9); see Revelation 2:9; 3:17. Paul employs πλούσιος figuratively in Ephesians 2:4-5.

Commenting on διὰ τὴν πολλὴν ἀγάπην αὐτοῦ ἣν ἠγάπησεν ἡμᾶς, Eadie offers these remarks: "That love is πολλή -great indeed; for a great God is its possessor, and great sinners are its objects. The adjective probably marks the quality of intensity; indeed, while its generic meaning remains, its specific allusion depends upon its adjuncts. The idea of frequency may thus be included, as it seems to be in some uses of the word-number being its radical meaning. Πολλὴ ἀγάπη , therefore, is love, the intensity of which has been shown in the fervour and frequency of its developments."

The sole occurrence of πολλή in Ephesians is utilized to delineate the love of God (J.P. Heil, Ephesians, page 98).

καὶ ὄντας ἡμᾶς νεκροὺς τοῖς παραπτώμασιν-Harold Hoehner (Ephesians: An Exegetical Commentary) explains that this portion of the verse restates Ephesians 2:1 but makes a pronominal change "from ὑμᾶς, 'you,' to ἡμᾶς, 'we,' and the omission of καὶ ταῖς ἁμαρτίαις ὑμῶν, 'and in your sins.' ”

Hoehner argues that ἡμᾶς does not serve as a marker to differentiate Jewish from Gentile believers, but rather identifies Paul with his audience. The pronoun "we" probably refers to all Christians but "you" to a subset of believers. In any event, we have a concrete expression of God's rich mercy: he brought formerly "dead" persons to spiritual life by pardoning their trangressions.

συνεζωοποίησεν τῷ Χριστῷ-Hoehner shows that the subject of the verb is God: Paul professes that he "made us alive together" with Christ. The apostle evidently coined the verb συζωοποιέω.