v3.26.1
Condensed Consolidated Statements of Financial Condition - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
ASSETS    
Cash and cash equivalents $ 107,656 $ 89,503
Restricted cash 268,950 235,143
Loans held for investment, subject to Home Equity Conversion Mortgage-Backed Securities (“HMBS”) related obligations, at fair value 19,321,265 19,135,403
Loans held for investment, subject to nonrecourse debt, at fair value 10,769,209 10,026,177
Loans held for investment, at fair value 454,245 870,081
Intangible assets, net 170,318 179,615
Other assets, net (includes $119,654 and $76,146 at fair value) 236,496 197,376
TOTAL ASSETS 31,328,139 30,733,298
LIABILITIES AND EQUITY    
HMBS related obligations, at fair value 19,087,650 18,912,226
Nonrecourse debt, at fair value 10,450,834 9,736,493
Other financing lines of credit 899,338 1,187,699
Notes payable (includes $36,889 and $53,800 at fair value, and includes amounts due to related parties of $87,126 as of both March 31, 2026 and December 31, 2025) 317,811 329,929
Payables and other liabilities (includes $4,524 and $12,547 at fair value) 134,392 130,729
Repurchase agreement obligation, at fair value 0 40,595
TOTAL LIABILITIES 30,890,025 30,337,671
Commitments and Contingencies (Note 10)
EQUITY    
Preferred Stock, $0.0001 par value; 600,000,000 shares authorized; 50,000 shares issued and outstanding as of both March 31, 2026 and December 31, 2025 0 0
Additional paid-in capital 984,134 977,816
Accumulated deficit (636,153) (653,660)
Accumulated other comprehensive loss (285) (285)
Noncontrolling interest 90,417 71,755
TOTAL EQUITY 438,114 395,627
TOTAL LIABILITIES AND EQUITY 31,328,139 30,733,298
Class A Common Stock    
EQUITY    
Common stock, value 1 1
Class B Common Stock    
EQUITY    
Common stock, value $ 0 $ 0