In the first nine months of 2024, mortgage receivables were up 2% to $207M, the highest in Three Point’s history. In 2023, receivables were up 12% YoY to $203M vs our estimate of $185M.

The yield increased from 5.9% in 2022, to 8.1% in 2023 vs our forecast of 7.7%, driven by higher lending rates. Net income was up 49% YoY, beating our estimate by 2%. In 2024 (9M), net income was up 42% YoY, and the yield increased to 9.5%.