• In FY2024 (ended August 2024), mortgage receivables increased 29% YoY to $169M vs our forecast of $157M. As of December 2024, receivables hit a historic high of $188M.
  • In FY2024, the yield increased by 0.3 pp to 9.4%, beating our estimate of 9.2%, driven by higher lending rates, and mortgage receivables. FY2024 net income was up 15% YoY, beating our estimate by 3%.