v3.25.2
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Series B Preferred Stock
Series C Preferred Stock
Preferred Stock
Series B Preferred Stock
Preferred Stock
Series C Preferred Stock
Common Stock
Additional Paid-in Capital
Accumulated Deficit
Accumulated Deficit
Series B Preferred Stock
Accumulated Deficit
Series C Preferred Stock
Accumulated Other Comprehensive Income
Preferred stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2023       8,000,000 11,000,000            
Common stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2023           101,916,000          
Beginning balance at Dec. 31, 2023 $ 1,899,915     $ 80 $ 110 $ 1,019 $ 3,698,767 $ (1,817,759)     $ 17,698
Increase (Decrease) in Stockholders' Equity                      
Net Income/(Loss) 23,213             23,213      
Issuance of common stock, net of expenses (in shares)           297,000          
Issuance of common stock, net of expenses (17)         $ 3 (20)        
Repurchase of shares of common stock (in shares) [1]           (131,000)          
Repurchase of shares of common stock [1] (1,492)         $ (1) (1,491)        
Equity based compensation expense 5,986           5,986        
Change in accrued dividends attributable to stock-based awards (1,011)             (1,011)      
Dividends declared on common stock (35,729)             (35,729)      
Dividends declared on preferred stock   $ (3,750) $ (4,469)           $ (3,750) $ (4,469)  
Dividends attributable to dividend equivalents (287)             (287)      
Change in unrealized gains on securities, net 1,828                   1,828
Preferred stock, shares outstanding, ending balance (in shares) at Mar. 31, 2024       8,000,000 11,000,000            
Common stock, shares outstanding, ending balance (in shares) at Mar. 31, 2024           102,082,000          
Ending balance at Mar. 31, 2024 1,884,187     $ 80 $ 110 $ 1,021 3,703,242 (1,839,792)     19,526
Preferred stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2023       8,000,000 11,000,000            
Common stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2023           101,916,000          
Beginning balance at Dec. 31, 2023 1,899,915     $ 80 $ 110 $ 1,019 3,698,767 (1,817,759)     17,698
Increase (Decrease) in Stockholders' Equity                      
Net Income/(Loss) $ 65,159                    
Repurchase of shares of common stock (in shares) 0                    
Dividends declared on preferred stock $ (16,437)                    
Preferred stock, shares outstanding, ending balance (in shares) at Jun. 30, 2024       8,000,000 11,000,000            
Common stock, shares outstanding, ending balance (in shares) at Jun. 30, 2024           102,083,000          
Ending balance at Jun. 30, 2024 1,883,242     $ 80 $ 110 $ 1,021 3,707,886 (1,843,507)     17,652
Preferred stock, shares outstanding, beginning balance (in shares) at Mar. 31, 2024       8,000,000 11,000,000            
Common stock, shares outstanding, beginning balance (in shares) at Mar. 31, 2024           102,082,000          
Beginning balance at Mar. 31, 2024 1,884,187     $ 80 $ 110 $ 1,021 3,703,242 (1,839,792)     19,526
Increase (Decrease) in Stockholders' Equity                      
Net Income/(Loss) 41,946             41,946      
Issuance of common stock, net of expenses (in shares)           1,000          
Issuance of common stock, net of expenses (18)           (18)        
Equity based compensation expense 4,662           4,662        
Change in accrued dividends attributable to stock-based awards (1,395)             (1,395)      
Dividends declared on common stock (35,729)             (35,729)      
Dividends declared on preferred stock (8,218) $ (3,750) $ (4,469)           (3,750) (4,469)  
Dividends attributable to dividend equivalents (318)             (318)      
Change in unrealized gains on securities, net (1,874)                   (1,874)
Preferred stock, shares outstanding, ending balance (in shares) at Jun. 30, 2024       8,000,000 11,000,000            
Common stock, shares outstanding, ending balance (in shares) at Jun. 30, 2024           102,083,000          
Ending balance at Jun. 30, 2024 $ 1,883,242     $ 80 $ 110 $ 1,021 3,707,886 (1,843,507)     17,652
Preferred stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2024   8,000,000 11,000,000 8,000,000 11,000,000            
Common stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2024 102,083,000         102,083,000          
Beginning balance at Dec. 31, 2024 $ 1,841,792     $ 80 $ 110 $ 1,021 3,711,046 (1,879,941)     9,476
Increase (Decrease) in Stockholders' Equity                      
Net Income/(Loss) 41,176             41,176      
Issuance of common stock, net of expenses (in shares)           1,081,000          
Issuance of common stock, net of expenses (9)         $ 11 (20)        
Repurchase of shares of common stock (in shares) [2]           (511,000)          
Repurchase of shares of common stock [2] (5,194)         $ (5) (5,189)        
Equity based compensation expense 5,791           5,791        
Change in accrued dividends attributable to stock-based awards 1,727           1,296 431      
Dividends declared on common stock (36,955)             (36,955)      
Dividends declared on preferred stock   $ (3,750) $ (4,469)           (3,750) (4,469)  
Dividends attributable to dividend equivalents (445)             (445)      
Change in unrealized gains on securities, net (1,260)                   (1,260)
Preferred stock, shares outstanding, ending balance (in shares) at Mar. 31, 2025       8,000,000 11,000,000            
Common stock, shares outstanding, ending balance (in shares) at Mar. 31, 2025           102,653,000          
Ending balance at Mar. 31, 2025 $ 1,838,404     $ 80 $ 110 $ 1,027 3,712,924 (1,883,953)     8,216
Preferred stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2024   8,000,000 11,000,000 8,000,000 11,000,000            
Common stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2024 102,083,000         102,083,000          
Beginning balance at Dec. 31, 2024 $ 1,841,792     $ 80 $ 110 $ 1,021 3,711,046 (1,879,941)     9,476
Increase (Decrease) in Stockholders' Equity                      
Net Income/(Loss) $ 74,360                    
Repurchase of shares of common stock (in shares) 0                    
Dividends declared on preferred stock $ (18,779)                    
Preferred stock, shares outstanding, ending balance (in shares) at Jun. 30, 2025   8,000,000 11,000,000 8,000,000 11,000,000            
Common stock, shares outstanding, ending balance (in shares) at Jun. 30, 2025 102,669,000         102,669,000          
Ending balance at Jun. 30, 2025 $ 1,822,127     $ 80 $ 110 $ 1,027 3,715,943 (1,899,922)     4,889
Preferred stock, shares outstanding, beginning balance (in shares) at Mar. 31, 2025       8,000,000 11,000,000            
Common stock, shares outstanding, beginning balance (in shares) at Mar. 31, 2025           102,653,000          
Beginning balance at Mar. 31, 2025 1,838,404     $ 80 $ 110 $ 1,027 3,712,924 (1,883,953)     8,216
Increase (Decrease) in Stockholders' Equity                      
Net Income/(Loss) 33,184             33,184      
Issuance of common stock, net of expenses (in shares)           16,000          
Issuance of common stock, net of expenses (20)           (20)        
Equity based compensation expense 3,039           3,039        
Change in accrued dividends attributable to stock-based awards (1,020)             (1,020)      
Dividends declared on common stock (36,961)             (36,961)      
Dividends declared on preferred stock (10,560) $ (3,750) $ (6,810)           $ (3,750) $ (6,810)  
Dividends attributable to dividend equivalents (612)             (612)      
Change in unrealized gains on securities, net $ (3,327)                   (3,327)
Preferred stock, shares outstanding, ending balance (in shares) at Jun. 30, 2025   8,000,000 11,000,000 8,000,000 11,000,000            
Common stock, shares outstanding, ending balance (in shares) at Jun. 30, 2025 102,669,000         102,669,000          
Ending balance at Jun. 30, 2025 $ 1,822,127     $ 80 $ 110 $ 1,027 $ 3,715,943 $ (1,899,922)     $ 4,889
[1] For the six months ended June 30, 2024 includes approximately $1.5 million (129,949 shares) surrendered for tax purposes related to equity-based compensation awards
[2] For the six months ended June 30, 2025 includes approximately $4.9 million (482,079 shares) surrendered for tax purposes related to equity-based compensation awards.