SUBSEQUENT EVENTS

6 Months Ended

Jun. 30, 2025

Subsequent Events [Abstract]

Subsequent Events

20.  SUBSEQUENT EVENTS

In July 2025, the Company completed and closed two securitizations of residential mortgage loans: OBX 2025-NQM12, with a face value of $274.5 million and OBX 2025-NQM13, with a face value of $662.7 million. These securitizations represent financing transactions which provided non-recourse financing to the Company collateralized by residential mortgage loans purchased by the Company.

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