|
|
|
|
|
|
|
|
|
| |
|
September 30, 2025 |
|
|
December 31, 2024 |
|
| |
|
(Unaudited) |
|
|
|
|
| ASSETS |
|
|
|
|
|
|
| Cash, cash equivalents, and restricted cash |
|
$ |
117,810 |
|
|
$ |
70,830 |
|
| Total loans, net |
|
|
6,501,077 |
|
|
|
5,187,067 |
|
| Accrued interest and receivables |
|
|
181,069 |
|
|
|
160,088 |
|
| Real estate owned, net |
|
|
113,700 |
|
|
|
68,000 |
|
| Other assets |
|
|
45,027 |
|
|
|
41,423 |
|
|
|
|
|
|
|
|
|
|
| Total assets |
|
$ |
6,958,683 |
|
|
$ |
5,527,408 |
|
|
|
|
|
|
|
|
|
|
| LIABILITIES |
|
|
|
|
|
|
| Accounts payable and accrued expenses |
|
$ |
170,584 |
|
|
$ |
147,814 |
|
| Secured financing, net |
|
|
286,218 |
|
|
|
284,833 |
|
| Securitized debt |
|
|
5,532,039 |
|
|
|
4,226,464 |
|
| Warehouse and repurchase facilities, net |
|
|
332,386 |
|
|
|
348,082 |
|
|
|
|
|
|
|
|
|
|
| Total liabilities |
|
|
6,321,227 |
|
|
|
5,007,193 |
|
| Commitments and contingencies |
|
|
|
|
|
|
|
|
| EQUITY |
|
|
|
|
|
|
| Stockholders’ equity |
|
|
634,259 |
|
|
|
516,944 |
|
| Noncontrolling interest in subsidiary |
|
|
3,197 |
|
|
|
3,271 |
|
|
|
|
|
|
|
|
|
|
| Total equity |
|
|
637,456 |
|
|
|
520,215 |
|
|
|
|
|
|
|
|
|
|
| Total liabilities and equity |
|
$ |
6,958,683 |
|
|
$ |
5,527,408 |
|
|
|
|
|
|
|
|
|
|
| Diluted book value per share |
|
$ |
16.31 |
|
|
$ |
14.26 |
|
| Diluted shares at period end |
|
|
39,094 |
|
|
|
36,469 |
|