v3.26.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
ASSETS    
Available-for-sale securities, at fair value (amortized cost $5,137,549 and $6,516,016, respectively; allowance for credit losses $360 and $1,609, respectively) $ 5,091,319 $ 6,514,471
Mortgage servicing rights, at fair value 2,336,324 2,421,910
Mortgage loans held-for-sale, at fair value 12,737 13,630
Cash and cash equivalents 642,691 842,319
Restricted cash 222,380 219,633
Accrued interest receivable 23,141 29,229
Due from counterparties 155,247 379,259
Derivative assets, at fair value 69,366 87,549
Reverse repurchase agreements 136,941 157,120
Other assets 141,323 194,097
Total Assets [1] 8,831,469 10,859,217
Liabilities:    
Repurchase agreements 5,639,830 7,255,540
Revolving credit facilities 862,771 919,371
Warehouse lines of credit 4,333 9,406
Senior notes 111,350 111,055
Convertible senior notes 0 261,810
Derivative liabilities, at fair value 1,891 4,254
Due to counterparties 196,484 215,814
Dividends payable 48,955 48,932
Accrued interest payable 43,967 81,914
Other liabilities 177,003 163,194
Total Liabilities [1] 7,086,584 9,071,290
Commitments and contingencies (see Note 13)
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 105,133,008 and 104,806,311 shares issued and outstanding, respectively 1,051 1,048
Additional paid-in capital 5,954,412 5,948,478
Accumulated other comprehensive loss (45,736) (87)
Cumulative earnings 1,289,014 1,194,485
Cumulative distributions to stockholders (6,055,323) (5,957,464)
Total Stockholders’ Equity 1,744,885 1,787,927
Total Liabilities and Stockholders’ Equity $ 8,831,469 $ 10,859,217
[1] The consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”). At June 30, 2026 and December 31, 2025, assets of the VIEs totaled $101,575 and $155,807, and liabilities of the VIEs totaled $99,371 and $127,174, respectively. See Note 3 - Variable Interest Entities for additional information.