Also trades as: 0LS8.L (LSE) · $vol 0M

$63.51

-0.88 (-1.37%)

After Hours: $64.00 (+0.49, +0.77%)

Weekly Expected Move ±3.1%

$60 $62 $64 $66 $68

NYSE · Real Estate · REIT - Diversified · Tech Score Sell · Power 44 · $14.5B mcap · 225M float · 0.669% daily turnover · Short 51% of daily vol

Credit Risk of going bust: not rated, financial company (lending is its business) Bonds: $211.2M held by 252 funds, 78 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

$1.7B +8.9% ▲

5Y CAGR: +8.0%

Gross Profit

$491M -66.2% ▼

5Y CAGR: -15.1%

Operating Income

$763M -42.0% ▼

5Y CAGR: -5.7%

Net Income

$466M +1.2% ▲

5Y CAGR: +0.5%

EPS (Diluted)

$2.11 +1.0% ▲

5Y CAGR: -4.1%

EBITDA

$1.3B +0.6% ▲

5Y CAGR: +4.8%

Profit Margins

Year-over-Year Growth

View Full Income Statement

Line Item	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	$1.3B	$1.5B	$1.7B	$1.6B	$1.7B
YoY Growth	+7.9%	+16.6%	+17.9%	-9.2%	+8.9%
Cost of Revenue	$58M	$78M	$140M	$121M	$1.2B
Gross Profit	$1.2B	$1.4B	$1.6B	$1.5B	$491M
Gross Margin	95.4%	94.7%	92.0%	92.4%	28.6%
R&D Expenses	$0	$0	$0	$0	$0
SG&A Expenses	$107M	$124M	$131M	$140M	$101M
Operating Expenses	$107M	$124M	$131M	$140M	-$271M
Operating Income	$1.1B	$1.3B	$1.5B	$1.3B	$763M
Operating Margin	87.0%	86.3%	84.4%	83.5%	44.4%
Interest Expense	$197M	$219M	$292M	$277M	$291M
Income Before Tax	$439M	$626M	$752M	$492M	$505M
Tax Expense	$28M	$28M	$44M	$32M	$32M
Net Income	$410M	$599M	$708M	$461M	$466M
Net Margin	32.5%	40.7%	40.8%	29.2%	27.2%
EPS (Diluted)	$2.24	$2.99	$3.28	$2.09	$2.11
EBITDA	$1.2B	$1.3B	$1.4B	$1.3B	$1.3B
Shares Outstanding	183M	200M	216M	221M	221M

Line Item	FY2024 Q3	FY2024 Q4	FY2025 Q1	FY2025 Q2	FY2025 Q3	FY2025 Q4	FY2026 Q1	FY2026 Q2
Revenue	$395M	$404M	$411M	$431M	$656M	$445M	$455M	$342M
Cost of Revenue	$29M	$29M	$28M	$48M	$206M	$336M	$43M	$312M
Gross Profit	$366M	$375M	$383M	$383M	$451M	$109M	$412M	$30M
Gross Margin	92.7%	92.8%	93.1%	88.8%	68.7%	24.5%	90.6%	8.8%
R&D Expenses	$0	$0	$0	$0	$0	$0	$0	$0
SG&A Expenses	$36M	$34M	$36M	$35M	$35M	$0	$36M	$26M
Operating Expenses	$36M	$34M	$36M	$156M	$225M	-$100M	$212M	$26M
Operating Income	$330M	$341M	$347M	$227M	$226M	$209M	$199M	$4M
Operating Margin	83.6%	84.4%	84.3%	52.7%	34.4%	46.9%	43.9%	1.2%
Interest Expense	$73M	$71M	$69M	$72M	$75M	$75M	$78M	$79M
Income Before Tax	$121M	$55M	$137M	$64M	$150M	$153M	$191M	$199M
Tax Expense	$9M	$8M	$12M	$13M	$8M	-$1M	$15M	-$13M
Net Income	$112M	$47M	$126M	$51M	$141M	$148M	$176M	$186M
Net Margin	28.3%	11.6%	30.6%	11.9%	21.5%	33.4%	38.8%	54.3%
EPS (Diluted)	$0.51	$0.21	$0.57	$0.23	$0.64	$0.67	$0.80	$0.82
EBITDA	$330M	$338M	$335M	$266M	$351M	$374M	$406M	$257M
Shares Outstanding	220M	221M	221M	221M	221M	221M	222M	227M

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