v3.26.1
Condensed Consolidated Statements of Financial Condition - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
ASSETS    
Cash and cash equivalents $ 85,278 $ 89,503
Restricted cash 255,187 235,143
Loans held for investment, subject to Home Equity Conversion Mortgage-Backed Securities (“HMBS”) related obligations, at fair value 25,044,536 19,135,403
Loans held for investment, subject to nonrecourse debt, at fair value 10,928,261 10,026,177
Loans held for investment, at fair value 516,892 870,081
Intangible assets, net 161,020 179,615
Other assets, net (includes $188,635 and $76,146 at fair value) 325,589 197,376
TOTAL ASSETS 37,316,763 30,733,298
LIABILITIES AND EQUITY    
HMBS related obligations, at fair value 24,717,687 18,912,226
Nonrecourse debt, at fair value 10,641,380 9,736,493
Other financing lines of credit 1,054,766 1,187,699
Notes payable (includes $61,156 and $53,800 at fair value, and includes $87,126 due to a related party as of both June 30, 2026 and December 31, 2025) 347,029 329,929
Payables and other liabilities (includes $4,221 and $12,547 at fair value) 149,196 130,729
Repurchase agreement obligation, at fair value 0 40,595
TOTAL LIABILITIES 36,910,058 30,337,671
Commitments and Contingencies (Note 11)
EQUITY    
Preferred Stock, $0.0001 par value; 600,000,000 shares authorized; 50,000 shares issued and outstanding as of both June 30, 2026 and December 31, 2025 0 0
Additional paid-in capital 981,042 977,816
Accumulated deficit (634,101) (653,660)
Accumulated other comprehensive loss (285) (285)
Noncontrolling interest 60,048 71,755
TOTAL EQUITY 406,705 395,627
TOTAL LIABILITIES AND EQUITY 37,316,763 30,733,298
Class A Common Stock    
EQUITY    
Common stock, value 1 1
Class B Common Stock    
EQUITY    
Common stock, value $ 0 $ 0