ADDED
As of March 10, 2026, 228,821,318 shares of the registrant s Class A common stock, par value $0.001 per share, were outstanding and 106,207,433 shares of the registrant s Class B common stock, par value $0.001 per share, were outstanding.
There are no shares of the registrant s Class C common stock or Class D common stock outstanding.
Form 10-K Summary 131 Signatures 132 T a b l e o f C o n t e n t s PART I.
Examples of forward-looking statements include, but are not limited to: information concerning our possible or assumed future results of operations, liquidity, financial covenants, expenses, business strategies, technology developments, artificial intelligence, financing and investment plans, dividend policy, competitive position, industry and regulatory environment, potential growth opportunities, effects of competition, tax basis, payments under the tax receivable agreement, interest rate risk, and impact of the cybersecurity incident that occurred in the first quarter of 2024.
1 T a b l e o f C o n t e n t s Glossary of Acronyms, Abbreviations, and Terms The acronyms, abbreviations, and terms listed below are used in various sections of this Form 10-K, including Item 7.
We were the fifth largest retail-focused non-bank mortgage originator and the ninth largest overall retail originator during 2025 (based on data, published by Inside Mortgage Finance on February 12, 2026).
residential mortgage market continued to experience the impact of geopolitical risks and inflation.
While the Federal Reserve lowered the Federal Funds rate three times in 2025, market concerns regarding, among other things, the long-term impacts of tariff policy and inflation resulted in long-term rates remaining elevated.
The heightened rate environment negatively affected the affordability and loan qualification of homebuyers, contributed to the lock-in effect of borrowers that secured lower long-term interest rates during 2020 and 2021 giving rise to a lack of supply of homes available for sale and decreased demand for refinancing, shrinking mortgage loan origination volumes.
Despite the Federal Reserve reducing the Federal Funds rate to a range of 3.50% to 3.75%, the 30-Year Fixed Rate Mortgage Average in the United States as reported by the St.
REMOVED
As of March 10, 2025, 104,724,387 shares of the registrant s Class A common stock, par value $0.001 per share, were outstanding.
Examples of forward-looking statements include, but are not limited to: information concerning our possible or assumed future results of operations, business strategies (including Project North Star plans and benefits), technology developments, financing and investment plans, dividend policy, competitive position, industry and regulatory environment, potential growth opportunities, effects of competition, operational efficiencies, and impact of the cybersecurity incident that occurred in the first quarter of 2024.
We are the sixth largest retail-focused non-bank mortgage originator and the eighth largest overall retail originator (based on data through March 13, 2025, published by Inside Mortgage Finance).
residential mortgage market experienced the impact of geopolitical risks and inflation, leading the Federal Reserve to raise interest rates and transition from a low-rate to a rising-rate environment.
In July 2023, the Federal Reserve increased the Federal Funds rate to a range of 5.25% - 5.50%.
Concurrently, the average rate for a 30-year fixed rate mortgage as reported by the St.
Louis Fed increased during this period and peaked in October 2023.
The heightened rate environment negatively affected the affordability and loan qualification of homebuyers and decreased demand for refinancing, shrinking mortgage loan origination volumes.
Despite the Federal Reserve reducing the Federal Funds rate three times in 2024 to a range of 4.25% - 4.50%, the 30-year fixed rate mortgages remained elevated except for a brief period during the third quarter of 2024 when long-term rates decreased somewhat only to return to higher levels in the fourth quarter of 2024.
annual one-to-four family residential mortgage origination volume from $1.8 trillion in 2024 to $2.1 trillion in 2025, with a 30% increase in refinance activity.