v3.25.2
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
ASSETS    
Available-for-sale securities, at fair value (amortized cost $8,436,743 and $7,697,027, respectively; allowance for credit losses $2,235 and $2,866, respectively) $ 8,320,757 $ 7,371,711
Mortgage servicing rights, at fair value 3,015,643 2,994,271
Mortgage loans held-for-sale, at fair value 9,888 2,334
Cash and cash equivalents 657,816 504,613
Restricted cash 140,481 313,028
Accrued interest receivable 36,768 33,331
Due from counterparties 285,570 386,464
Derivative assets, at fair value 88,651 10,114
Reverse repurchase agreements 228,587 355,975
Other assets 174,977 232,478
Total Assets [1] 12,959,138 12,204,319
Liabilities:    
Repurchase agreements 8,782,622 7,805,057
Revolving credit facilities 1,011,871 1,020,171
Warehouse lines of credit 9,275 2,032
Senior notes 110,867 0
Convertible senior notes 260,944 260,229
Derivative liabilities, at fair value 2,701 24,897
Due to counterparties 388,508 648,643
Dividends payable 54,195 58,725
Accrued interest payable 80,167 85,994
Loss contingency accrual 199,935 0
Other liabilities 172,027 176,062
Total Liabilities [1] 11,073,112 10,081,810
Commitments and contingencies (see Note 14)
Stockholders’ Equity:    
Preferred stock, par value $0.01 per share; 100,000,000 shares authorized and 24,870,817 shares issued and outstanding ($621,770 liquidation preference) 601,467 601,467
Common stock, par value $0.01 per share; 175,000,000 shares authorized and 104,132,453 and 103,680,321 shares issued and outstanding, respectively 1,041 1,037
Additional paid-in capital 5,945,210 5,936,609
Accumulated other comprehensive loss (112,879) (320,524)
Cumulative earnings 1,310,689 1,648,785
Cumulative distributions to stockholders (5,859,502) (5,744,865)
Total Stockholders’ Equity 1,886,026 2,122,509
Total Liabilities and Stockholders’ Equity $ 12,959,138 $ 12,204,319
[1] The consolidated balance sheets include assets and liabilities of consolidated variable interest entities, or VIEs. At June 30, 2025 and December 31, 2024, assets of the VIEs totaled $144,486 and $163,317, and liabilities of the VIEs totaled $141,443 and $134,931, respectively. See Note 4 - Variable Interest Entities for additional information.