ADDED
As of January 31, 2026, there were 34,060,397 total shares of common stock outstanding.
While forward-looking statements reflect our good-faith projections, assumptions, and expectations, they do not guarantee future results.
Additionally, 19%, 20%, and 22% of total transaction volumes came from new customers for the years ended December 31, 2025, 2024, and 2023, respectively.
For loans originated pursuant to the Fannie Mae DUS program, we generally are required to share the risk of loss, with our maximum loss capped at 20% of the loan amount at origination, except for rare instances when we negotiate a cap that may be higher, including up to 100% of a loan s unpaid principal balance or lower for loans with unique attributes.
For more information regarding our risk-sharing agreements with Fannie Mae, see Management's Discussion and Analysis of Financial Condition and Results of Operations Liquidity and Capital Resources Credit Quality, Allowance for Risk-Sharing Obligations, and Loan Repurchases below.
In addition to identifying potential borrowers and key principals (the individual or individuals directing the activities of the borrowing entity), our correspondents assist us in evaluating loans, including pre-screening the borrowers, key principals, and properties for program eligibility, coordinating due diligence, and generally providing market intelligence.
At times, we may agree to indemnify the relevant Agency pursuant to a forbearance and indemnification agreement.
See Management s Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and Capital Resources Credit Quality, Allowance for Risk-Sharing Obligations, and Loan Repurchases below for additional details.
We have broadened the types of assets we sell, increased the number of property sales brokers, and expanded the geographical reach of this platform through hiring and acquisitions and intend to continue this expansion in support of our growth strategy.
Life insurance companies, whose loans we may service, may perform some or all of the activities identified in the list above.
REMOVED
As of January 31, 2025, there were 33,798,252 total shares of common stock outstanding.
While forward-looking statements reflect our good-faith projections, assumptions, and expectations, they are not guarantees of future results.
Additionally, 20%, 22%, and 24% of total transaction volumes coming from new customers for the years ended December 31, 2024, 2023, and 2022, respectively.
For loans originated pursuant to the Fannie Mae DUS program, we generally are required to share the risk of loss, with our maximum loss capped at 20% of the loan amount at origination, except for rare instances when we negotiate a cap that may be higher or lower for loans with unique attributes.
For more information regarding our risk-sharing agreements with Fannie Mae, see Management's Discussion and Analysis of Financial Condition and Results of Operations Liquidity and Capital Resources Credit Quality and Allowance for Risk-Sharing Obligations below.
This network of correspondents helps us extend our geographic reach into new and/or smaller markets on a cost-effective basis; however, we do not source a material proportion of our total originations from correspondents.
See Management s Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and Capital Resources Credit Quality and Allowance for Risk-Sharing Obligations below for additional details.
Private Client (Small Balance) Lending We generally define private clients in the multifamily sector as customers that operate less than 2,000 units.
Private clients make up a substantial portion of the ownership of multifamily assets in the United States.
As part of our overall growth strategy, we are focused on significantly growing and investing in our private client, or small-balance, multifamily lending platform, which involves a high volume of transactions with smaller loan balances.