SUBSEQUENT EVENTS

3 Months Ended

Mar. 31, 2025

Subsequent Events [Abstract]

Subsequent Events

20.  SUBSEQUENT EVENTS

In April 2025, the Company completed and closed two securitizations of residential mortgage loans, OBX 2025-NQM6, with a face value of $553.2 million, and OBX 2025-NQM7, with a face value of $572.4 million. These securitizations represent financing transactions which provided non-recourse financing to the Company collateralized by residential mortgage loans purchased by the Company.

In April 2025, the Company upsized capacity of an existing credit facility by $100 million for the Company’s residential mortgage loans.

On May 8, 2025, the Company entered into separate Distribution Agency Agreements with certain sales agents, which agreements terminated and replaced the Prior Sales Agreements. For additional information, see “Part II—Item 5. Other Information—Current At-the-Market Sales Program.”