7Baggers
Quarterly
Annual
    Unit: USD2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 
      
    		                       
      assets
    		                       
      cash and cash equivalents
    		870,703,000 489,984,000 485,024,000 507,339,000 636,327,000 680,153,000 605,639,000 497,468,000 729,616,000 634,576,000 740,063,000 704,898,000 799,534,000 958,656,000 901,174,000 731,088,000 950,910,000 1,048,177,000 1,592,663,000 50,573 222,372  1,106,732 
      mortgage loans at fair value
    		10,784,461,000 8,040,310,000 8,402,211,000 9,516,537,000 10,141,683,000 8,236,183,000 7,338,135,000 5,449,884,000 5,560,039,000 6,269,924,000 4,800,259,000 7,134,960,000 5,341,217,000 5,332,383,000 5,208,167,000 17,473,324,000 11,736,642,000 12,404,112,000 5,503,271,000     
      derivative assets
    		91,446,000 59,356,000 43,958,000 99,964,000 66,977,000 54,962,000 34,050,000 33,019,000 92,791,000 61,407,000 61,136,000 82,869,000 385,348,000 125,079,000 241,932,000 67,356,000 143,807,000 75,438,000 113,168,000     
      investment securities at fair value, pledged
    		101,277,000 101,627,000 102,982,000 103,013,000 108,964,000 105,593,000 108,323,000 110,352,000 104,526,000 111,625,000 114,275,000 113,290,000 115,079,000 125,193,000 138,417,000 152,263,000 41,809,000       
      accounts receivable
    		548,090,000 719,369,000 472,299,000 417,955,000 561,901,000 516,838,000 554,443,000 512,070,000 385,922,000 347,865,000 433,747,000 383,147,000 556,153,000 350,090,000 617,608,000 415,691,000 340,028,000 317,458,000 549,381,000     
      mortgage servicing rights
    		3,308,585,000 3,445,195,000 3,321,457,000 3,969,881,000 2,800,054,000 2,650,090,000 3,191,803,000 4,026,136,000 4,352,219,000 4,224,207,000 3,974,870,000 4,453,261,000 4,305,686,000 3,736,359,000 3,514,102,000         
      premises and equipment
    		164,985,000 166,460,000 153,855,000 146,199,000 147,981,000 146,750,000 145,265,000 146,417,000 146,509,000 149,515,000 152,428,000 152,477,000 152,172,000 153,971,000 151,206,000 151,687,000 145,774,000 130,864,000 111,964,000     
      operating lease right-of-use asset
    		95,957,000 91,004,000 92,450,000 93,730,000 95,123,000 96,474,000 97,801,000 99,125,000 100,427,000 101,686,000 102,923,000 104,181,000 101,377,000 102,533,000 103,670,000 104,828,000 105,902,000 87,130,000 87,896,000     
      finance lease right-of-use asset
    		21,219,000 21,810,000 22,464,000 23,193,000 24,020,000 25,061,000 26,890,000 29,111,000 31,803,000 34,947,000 38,320,000 42,218,000 45,667,000 50,179,000 53,857,000 57,024,000 60,113,000 61,356,000 54,456,000     
      loans eligible for repurchase from ginnie mae
    		749,089,000 564,806,000 750,769,000 641,554,000 391,696,000 279,290,000 577,487,000 856,856,000 617,490,000 409,078,000 440,775,000 345,490,000            
      other assets
    		286,525,000 186,968,000 200,964,000 151,751,000 145,072,000 130,247,000 117,498,000 111,416,000 82,795,000 81,089,000 88,920,000 83,834,000 87,850,000 82,467,000 60,820,000 60,145,000 55,655,000 57,007,000 59,393,000     
      total assets
    		17,022,337,000 13,886,889,000 14,048,433,000 15,671,116,000 15,119,798,000 12,921,641,000 12,797,334,000 11,871,854,000 12,204,137,000 12,425,919,000 10,947,716,000 13,600,625,000 11,890,083,000 11,016,910,000 10,990,953,000 22,528,358,000 16,480,950,000 16,844,098,000 10,372,626,000 425,565,768 425,796,377  427,376,055 
      liabilities and equity
    		                       
      warehouse lines of credit
    		9,783,664,000 7,254,526,000 7,573,139,000 8,697,744,000 9,207,746,000 7,429,591,000 6,681,917,000 4,902,090,000 5,066,900,000 5,732,791,000 4,259,834,000 6,443,992,000 4,712,719,000 4,497,353,000 4,076,829,000 15,954,938,000 10,487,950,000 11,249,213,000 4,823,740,000     
      derivative liabilities
    		41,209,000 76,683,000 27,922,000 35,965,000 93,599,000 26,171,000 26,918,000 40,781,000 38,882,000 21,734,000 62,742,000 49,748,000 215,330,000 93,958,000 115,430,000 36,741,000 61,434,000 82,551,000 55,479,000     
      secured lines of credit
    		 425,000,000 250,000,000 500,000,000 300,000,000  200,000,000 750,000,000 500,000,000 500,000,000 500,000,000             
      borrowings against investment securities
    		87,142,000 86,896,000 88,775,000 90,646,000 93,662,000 91,406,000 94,064,000 93,814,000 97,328,000 100,901,000 101,345,000 101,345,000 114,875,000 118,786,000 118,786,000 118,786,000 32,560,000       
      accounts payable, accrued expenses and other
    		706,993,000 661,496,000 652,701,000 580,736,000 573,865,000 486,138,000 477,765,000 469,101,000 503,890,000 423,407,000 416,818,000 439,719,000 1,157,054,000 780,166,000 1,207,145,000         
      accrued distributions and dividends payable
    		160,846,000 160,360,000 159,856,000 159,827,000 159,818,000 159,766,000 159,702,000 159,572,000 159,572,000 159,518,000 159,517,000 159,465,000 159,465,000 159,461,000 159,460,000   160,444,000      
      senior notes
    		3,780,620,000 2,787,797,000 2,786,467,000 2,785,326,000 1,991,216,000 1,990,233,000 1,989,250,000 1,988,267,000 1,987,284,000 1,986,301,000 1,985,319,000 1,984,336,000 1,983,099,000 1,982,103,000 1,981,106,000 1,980,112,000 1,484,370,000 1,483,587,000 789,870,000     
      operating lease liability
    		102,333,000 97,471,000 99,010,000 100,376,000 101,833,000 103,247,000 104,637,000 106,024,000 107,389,000 108,711,000 110,012,000 111,332,000 108,591,000 109,811,000 111,010,000 112,231,000 117,824,000 98,280,000 99,188,000     
      finance lease liability
    		23,363,000 23,872,000 24,445,000 25,094,000 25,836,000 26,787,000 28,536,000 30,678,000 33,291,000 36,356,000 36,812,000 43,505,000 46,917,000 51,370,000 54,945,000 57,967,000 60,871,000 61,918,000 54,873,000     
      total liabilities
    		15,435,259,000 12,138,907,000 12,413,084,000 13,617,268,000 12,939,271,000 10,592,629,000 10,340,276,000 9,397,183,000 9,112,026,000 9,478,797,000 8,073,174,000 10,428,932,000 8,498,050,000 7,793,008,000 7,824,711,000 19,357,357,000 13,486,922,000 14,157,112,000 7,594,590,000 20,072,819 19,377,000  15,558,975 
      equity
    		                       
      preferred stock, 0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of september 30, 2025 or december 31, 2024
    		                       
      class a common stock
    		23,000 21,000 20,000 16,000 11,000 10,000 9,000 10,000 10,000 9,000 9,000 9,000 9,000 9,000 9,000 9,000 10,000 10,000 10,000 400,492,940 236  182 
      class b common stock
    		                       
      class c common stock, 0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of september 30, 2025 or december 31, 2024
    		                       
      class d common stock, 0.0001 par value - 1,700,000,000 shares authorized, 1,365,482,620 and 1,440,332,098 shares issued and outstanding as of september 30, 2025 and december 31, 2024, respectively
    		137,000                       
      additional paid-in capital
    		7,579,000 5,688,000 4,298,000 3,523,000 2,644,000 2,305,000 2,085,000 1,702,000 1,484,000 1,267,000 1,036,000 903,000 784,000 669,000 542,000 437,000 313,000 187,000      
      retained earnings
    		169,935,000 170,320,000 160,407,000 157,837,000 116,561,000 111,021,000 111,980,000 110,690,000 130,233,000 120,379,000 122,136,000 142,500,000 141,194,000 137,955,000 138,834,000 141,805,000 129,815,000 109,397,000 113,078,000     
      non-controlling interest
    		1,409,404,000 1,571,814,000 1,470,484,000 1,892,328,000 2,061,162,000 2,215,526,000 2,342,834,000 2,362,119,000 2,960,234,000 2,825,317,000 2,751,211,000 3,028,131,000 3,249,896,000 3,085,119,000 3,026,707,000 3,028,600,000 2,863,740,000 2,577,242,000 2,664,798,000     
      total equity
    		1,587,078,000 1,747,982,000 1,635,349,000 2,053,848,000 2,180,527,000 2,329,012,000 2,457,058,000 2,474,671,000 3,092,111,000 2,947,122,000 2,874,542,000 3,171,693,000 3,392,033,000 3,223,902,000 3,166,242,000 3,171,001,000 2,994,028,000 2,686,986,000 2,778,036,000     
      total liabilities and equity
    		17,022,337,000 13,886,889,000 14,048,433,000 15,671,116,000 15,119,798,000 12,921,641,000 12,797,334,000 11,871,854,000 12,204,137,000 12,425,919,000 10,947,716,000 13,600,625,000 11,890,083,000 11,016,910,000 10,990,953,000 22,528,358,000 16,480,950,000 16,844,098,000 10,372,626,000     
      preferred stock, 0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of june 30, 2025 or december 31, 2024
    		                       
      class c common stock, 0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of june 30, 2025 or december 31, 2024
    		                       
      class d common stock, 0.0001 par value - 1,700,000,000 shares authorized, 1,393,282,620 and 1,440,332,098 shares issued and outstanding as of june 30, 2025 and december 31, 2024, respectively
    		 139,000                      
      preferred stock, 0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of march 31, 2025 or december 31, 2024
    		                       
      class c common stock, 0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of march 31, 2025 or december 31, 2024
    		                       
      class d common stock, 0.0001 par value - 1,700,000,000 shares authorized, 1,397,782,620 and 1,440,332,098 shares issued and outstanding as of march 31, 2025 and december 31, 2024, respectively
    		  140,000                     
      preferred stock, 0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of december 31, 2024 or december 31, 2023
    		                       
      class c common stock, 0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of december 31, 2024 or december 31, 2023
    		                       
      class d common stock, 0.0001 par value - 1,700,000,000 shares authorized, 1,440,332,098 and 1,502,069,787 shares issued and outstanding as of december 31, 2024 and december 31, 2023, respectively
    		   144,000                    
      preferred stock, 0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of september 30, 2024 or december 31, 2023
    		                       
      class c common stock, 0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of september 30, 2024 or december 31, 2023
    		                       
      class d common stock, 0.0001 par value - 1,700,000,000 shares authorized, 1,485,027,775 shares issued and outstanding as of september 30, 2024 and 1,502,069,787 at december 31, 2023
    		    149,000                   
      preferred stock, 0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of june 30, 2024 or december 31, 2023
    		                       
      class c common stock, 0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of june 30, 2024 or december 31, 2023
    		                       
      class d common stock, 0.0001 par value - 1,700,000,000 shares authorized, 1,502,069,787 shares issued and outstanding as of june 30, 2024 and december 31, 2023
    		     150,000                  
      preferred stock, 0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of march 31, 2024 or december 31, 2023
    		                       
      class c common stock, 0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of march 31, 2024 or december 31, 2023
    		                       
      class d common stock, 0.0001 par value - 1,700,000,000 shares authorized, 1,502,069,787 shares issued and outstanding as of march 31, 2024 and december 31, 2023
    		      150,000                 
      preferred stock, 0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of december 31, 2023 or december 31, 2022
    		                       
      class c common stock, 0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of december 31, 2023 or december 31, 2022
    		                       
      class d common stock, 0.0001 par value - 1,700,000,000 shares authorized, 1,502,069,787 shares issued and outstanding as of december 31, 2023 and december 31, 2022
    		       150,000                
      preferred stock, 0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of september 30, 2023 or december 31, 2022
    		                       
      class c common stock, 0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of september 30, 2023 or december 31, 2022
    		                       
      class d common stock, 0.0001 par value - 1,700,000,000 shares authorized, 1,502,069,787 shares issued and outstanding as of september 30, 2023 and december 31, 2022
    		        150,000               
      preferred stock, 0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of june 30, 2023 or december 31, 2022
    		                       
      class c common stock, 0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of june 30, 2023 or december 31, 2022
    		                       
      class d common stock, 0.0001 par value - 1,700,000,000 shares authorized, 1,502,069,787 shares issued and outstanding as of june 30, 2023 and december 31, 2022
    		         150,000              
      preferred stock, 0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of march 31, 2023 or december 31, 2022
    		                       
      class c common stock, 0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of march 31, 2023 or december 31, 2022
    		                       
      class d common stock, 0.0001 par value - 1,700,000,000 shares authorized, 1,502,069,787 shares issued and outstanding as of march 31, 2023 and december 31, 2022
    		          150,000             
      secured line of credit
    		           750,000,000            
      preferred stock, 0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of december 31, 2022 or 2021
    		                       
      class c common stock, 0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of december 31, 2022 or 2021
    		                       
      class d common stock, 0.0001 par value - 1,700,000,000 shares authorized, 1,502,069,787 shares issued and outstanding as of december 31, 2022 and december 31, 2021
    		           150,000            
      preferred stock, 0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of september 30, 2022
    		                       
      class c common stock, 0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of september 30, 2022
    		                       
      class d common stock, 0.0001 par value - 1,700,000,000 shares authorized, 1,502,069,787 shares issued and outstanding as of september 30, 2022
    		            150,000           
      preferred stock, 0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of june 30, 2022
    		                       
      class c common stock, 0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of june 30, 2022
    		                       
      class d common stock, 0.0001 par value - 1,700,000,000 shares authorized, 1,502,069,787 shares issued and outstanding as of june 30, 2022
    		             150,000          
      preferred stock, 0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of march 31, 2022
    		                       
      class c common stock, 0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of march 31, 2022
    		                       
      class d common stock, 0.0001 par value - 1,700,000,000 shares authorized, 1,502,069,787 shares issued and outstanding as of march 31, 2022
    		              150,000         
      mortgage servicing rights - fair value as of december 31, 2021; amortized cost as of december 31, 2020
    		               3,314,952,000        
      operating lines of credit
    		                  400,000,000     
      accounts payable and accrued expenses
    		               1,085,365,000 1,229,483,000 1,018,536,000 1,185,499,000     
      accrued dividends payable
    		               9,171,000 10,087,000  160,517,000     
      equipment note payable
    		               2,046,000 2,343,000 2,583,000 25,424,000     
      preferred stock, 0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of december 31, 2021
    		                       
      class c common stock, 0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of december 31, 2021
    		                       
      class d common stock, 0.0001 par value - 1,700,000,000 shares authorized, 1,502,069,787 shares issued and outstanding as of december 31, 2021
    		               150,000        
      mortgage servicing rights - fair value as of september 30, 2021; amortized cost as of december 31, 2020
    		                2,900,310,000       
      preferred stock, 0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of september 30, 2021
    		                       
      class c common stock, 0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of september 30, 2021
    		                       
      class d common stock, 0.0001 par value - 1,700,000,000 shares authorized, 1,502,069,787 shares issued and outstanding as of september 30, 2021
    		                150,000       
      mortgage servicing rights - fair value as of june 30, 2021; amortized cost as of december 31, 2020
    		                 2,662,556,000      
      preferred stock, 0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of june 30, 2021
    		                       
      class c common stock, 0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of june 30, 2021
    		                       
      class d common stock, 0.0001 par value - 1,700,000,000 shares authorized, 1,502,069,787 shares issued and outstanding as of june 30, 2021
    		                 150,000      
      mortgage servicing rights - fair value as of march 31, 2021; amortized cost as of december 31, 2020
    		                  2,300,434,000     
      equity:
    		                       
      preferred stock, 0.0001 par value - 100,000,000 shares authorized, none issued and outstanding as of march 31, 2021
    		                       
      class c common stock, 0.0001 par value - 1,700,000,000 shares authorized, none issued and outstanding as of march 31, 2021
    		                       
      class d common stock, 0.0001 par value - 1,700,000,000 shares authorized, 1,502,069,787 shares issued and outstanding as of march 31, 2021
    		                  150,000     
      current assets:
    		                       
      deferred offering costs associated with public offering
    		                       
      prepaid assets
    		                   183,889 250,861  390,015 
      total current assets
    		                   234,462 473,233  1,496,747 
      deferred tax asset
    		                       
      investments held in trust account
    		                   425,331,306    
      liabilities and stockholders’ equity
    		                       
      current liabilities:
    		                       
      accrued expenses
    		                   3,916,817    
      state franchise tax accrual
    		                   200,000 150,000  50,000 
      notes and advances payable – related party
    		                   1,000,000    
      income tax payable
    		                   81,002 114,395  67,286 
      total current liabilities
    		                   5,197,819 4,502,000  624,246 
      deferred underwriting compensation
    		                   14,875,000 14,875,000  14,875,000 
      commitments and contingencies:
    		                       
      stockholders’ equity:
    		                       
      preferred stock, 0.0001 par value; 1,000,000 shares authorized, none issued or outstanding
    		                       
      common stock
    		                       
      class f common stock, 0.0001 par value; 20,000,000 shares authorized, 10,625,000 and 11,500,000 shares issued and outstanding at december 31, 2020 and december 31, 2019, respectively
    		                   1,063    
      additional paid-in-capital
    		                   10,845,009 9,918,588  4,520,942 
      accumulated deficit
    		                   -5,846,308 -4,919,880   
      total stockholders’ equity/
    		                   5,000,009    
      total liabilities and stockholders’ equity
    		                   425,565,768 425,796,377  427,376,055 
      deferred offering costs
    		                       
      investments and cash held in trust account
    		                    425,323,144 426,051,648 425,879,308 
      accrued expenses, formation and offering costs
    		                    3,237,605  506,960 
      notes payable – related party
    		                    1,000,000   
      class a subject to possible redemption, 40,141,937 and -0- shares at september 30, 2020 and december 31, 2019, respectively
    		                    401,419,370   
      class f common stock, 0.0001 par value; 20,000,000 shares authorized, 10,625,000 and 11,500,000 shares issued and outstanding at september 30, 2020 and december 31, 2019, respectively
    		                    1,063   
      total stockholders’ equity
    		                    5,000,007  5,000,010 
      total
    		                     426,051,648  
      exhibit number
    		                       
      3.1
    		                       
      3.2
    		                       
      4.1
    		                       
      4.2
    		                       
      4.3
    		                       
      4.4
    		                       
      31.1*
    		                       
      31.2*
    		                       
      32.1*
    		                       
      32.2*
    		                       
      exhibit 101
    		                       
      exhibit 104
    		                       
      deferred income tax
    		                      59,729 
      class a subject to possible redemption, 40,681,707 and -0- shares at march 31, 2020 and december 31, 2019, respectively
    		                      406,817,070 
      class f common stock, 0.0001 par value; 20,000,000 shares authorized, 10,625,000 and 11,500,000 shares issued and outstanding at march 31, 2020 and december 31, 2019, respectively
    		                      1,063 
      net income/
    		                      477,823 
    The information provided in this report is taken from www.sec.gov and many other data providers. While we have conducted our best efforts to ensure that the parsed data is accurate, we cannot guarantee its accuracy. Please use caution and understand that any consequences of its use are your own responsibility.