Also trades as: 0L9F.L (LSE) · $vol 0M

$12.44

-0.10 (-0.76%)

Pre-Market: $12.59 (+0.15, +1.17%)

Weekly Expected Move ±3.8%

$12 $12 $13 $13 $14

NYSE · Real Estate · REIT - Mortgage · Tech Score Strong Sell · Power 36 · $4.6B mcap · 350M float · 1.36% daily turnover · Short 50% of daily vol

Credit Risk of going bust: not rated, financial company (lending is its business) Bonds: $576.2M held by 493 funds, 164 bp over Treasuries → details ▾

Not rated: lending and leverage are a financial company's business, which the model misreads.
Bond figures are fund-reported marks (SEC N-PORT) as of Jul 2026. How these are computed.

Revenue Segmentation

By Product / Service

By Geography

Revenue by Segment (5-Year Trend)

Income Trends

Revenue

$1.9B -7.9% ▼

5Y CAGR: +10.6%

Gross Profit

$1.5B -14.0% ▼

5Y CAGR: +13.0%

Operating Income

$1.4B -12.8% ▼

Net Income

$412M +14.3% ▲

5Y CAGR: +4.4%

EPS (Diluted)

$1.22 +8.9% ▲

5Y CAGR: +1.0%

EBITDA

$1.8B +2.3% ▲

Profit Margins

Year-over-Year Growth

View Full Income Statement

Line Item	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	$1.2B	$1.6B	$2.1B	$2.0B	$1.9B
YoY Growth	+7.6%	+63.8%	-29.9%	+91.5%	-7.9%
Cost of Revenue	$113M	$44M	$239M	$48M	$367M
Gross Profit	$604M	$1.4B	$777M	$353M	$1.5B
Gross Margin	50.9%	90.5%	37.9%	17.3%	80.5%
R&D Expenses	$0	$0	$0	$0	$0
SG&A Expenses	$339M	$331M	$180M	$344M	$0
Operating Expenses	$339M	$362M	$1.0B	$344M	$81M
Operating Income	$265M	$1.8B	$3M	$8M	$1.4B
Operating Margin	22.3%	114.8%	0.1%	0.4%	76.2%
Interest Expense	$445M	$797M	$1.4B	$1.3B	$1.3B
Income Before Tax	$501M	$998M	$417M	$406M	$480M
Tax Expense	$9M	-$62M	-$682K	$25M	$37M
Net Income	$448M	$871M	$339M	$360M	$412M
Net Margin	37.7%	56.1%	16.5%	17.6%	21.9%
EPS (Diluted)	$1.52	$3.09	$1.07	$1.12	$1.22
EBITDA	$0	$1.6B	$54M	$0	$1.8B
Shares Outstanding	297M	282M	311M	321M	337M

Line Item	FY2024 Q3	FY2024 Q4	FY2025 Q1	FY2025 Q2	FY2025 Q3	FY2025 Q4	FY2026 Q1	FY2026 Q2
Revenue	$488M	$448M	$418M	$476M	$490M	$506M	$513M	$514M
Cost of Revenue	$12M	$14M	$333M	$15M	$101M	$117M	$127M	$126M
Gross Profit	$467M	$78M	$171M	$133M	$389M	$389M	$386M	$387M
Gross Margin	95.8%	17.4%	40.9%	27.9%	79.4%	76.8%	75.2%	75.4%
R&D Expenses	$0	$0	$0	$0	$0	$0	$0	$0
SG&A Expenses	$48M	$91M	$48M	$82M	$0	$0	$0	$57M
Operating Expenses	$490M	$91M	$51M	$82M	-$8M	-$18M	$40M	$53M
Operating Income	-$23M	-$13M	$120M	$51M	$397M	$407M	$346M	$334M
Operating Margin	-4.7%	-2.9%	28.7%	10.7%	81.1%	80.5%	67.5%	65.1%
Interest Expense	$338M	$310M	$292M	$316M	$335M	$334M	$329M	$345M
Income Before Tax	$83M	$69M	$120M	$135M	$93M	$131M	$53M	$21M
Tax Expense	$10M	-$2M	$4M	$671K	$13M	$19M	-$4M	$6M
Net Income	$76M	$52M	$112M	$130M	$73M	$97M	$52M	$7M
Net Margin	15.6%	11.5%	26.8%	27.3%	14.8%	19.1%	10.1%	1.3%
EPS (Diluted)	$0.23	$0.14	$0.33	$0.38	$0.22	$0.30	$0.15	$0.01
EBITDA	-$1M	$0	$424M	$0	$454M	$499M	$416M	$403M
Shares Outstanding	320M	337M	337M	337M	337M	337M	337M	367M

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