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| |
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June 30,
2025 |
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|
December 31, 2024 |
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| |
|
(Unaudited) |
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|
|
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| ASSETS |
|
|
|
|
|
|
|
|
| Cash, cash equivalents, and restricted cash |
|
$ |
97,189 |
|
|
$ |
70,830 |
|
| Total loans, net |
|
|
6,053,225 |
|
|
|
5,187,067 |
|
| Accrued interest and receivables |
|
|
186,345 |
|
|
|
160,088 |
|
| Real estate owned, net |
|
|
93,387 |
|
|
|
68,000 |
|
| Other assets |
|
|
45,734 |
|
|
|
41,423 |
|
|
|
|
|
|
|
|
|
|
| Total assets |
|
$ |
6,475,880 |
|
|
$ |
5,527,408 |
|
|
|
|
|
|
|
|
|
|
| LIABILITIES |
|
|
|
|
|
|
|
|
| Accounts payable and accrued expenses |
|
$ |
164,935 |
|
|
$ |
147,814 |
|
| Secured financing, net |
|
|
285,756 |
|
|
|
284,833 |
|
| Securitized debt |
|
|
5,092,519 |
|
|
|
4,226,464 |
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| Warehouse and repurchase facilities, net |
|
|
331,057 |
|
|
|
348,082 |
|
| Derivative liability |
|
|
560 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
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| Total liabilities |
|
|
5,874,827 |
|
|
|
5,007,193 |
|
| Commitments and contingencies |
|
|
|
|
|
|
|
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| EQUITY |
|
|
|
|
|
|
|
|
| Stockholders’ equity |
|
|
597,895 |
|
|
|
516,944 |
|
| Noncontrolling interest in subsidiary |
|
|
3,158 |
|
|
|
3,271 |
|
| Total equity |
|
|
601,053 |
|
|
|
520,215 |
|
|
|
|
|
|
|
|
|
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| Total liabilities and equity |
|
$ |
6,475,880 |
|
|
$ |
5,527,408 |
|
|
|
|
|
|
|
|
|
|
| Diluted book value per share |
|
$ |
15.62 |
|
|
$ |
14.26 |
|
| Diluted shares at period end |
|
|
38,475 |
|
|
|
36,469 |
|