v3.26.1
EQUITY
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
EQUITY EQUITY
Common Stock

On December 19, 2025, the Company’s Board of Directors approved a reverse stock split, which was effected on December 30, 2025, of its common stock at a ratio of one share for every six shares issued and outstanding (the “Reverse Stock Split”). Unless otherwise indicated, all share and per-share amounts in the consolidated financial statements have been retroactively adjusted to reflect the Reverse Stock Split.

As of June 30, 2026 and December 31, 2025, the Company had 8,049,957 and 7,848,703 shares of common stock issued, and 7,772,564 and 7,571,699 shares of common stock outstanding, respectively, with 125,000,000 shares authorized at each period end.
Common dividends have been declared as follows:
Per Share
Declaration DatePayment DateQuarterly DividendTotal Amount Distributed
April 25, 2025May 2025$0.36 $2,725 
July 16, 2025August 2025$0.36 $2,725 
October 20, 2025November 2025$0.36 $2,725 
January 20, 2026February 2026$0.36 $2,725 
April 20, 2026May 2026$0.36 $2,798 
June 26, 2026July 2026$0.36 $2,798 

Preferred Stock

On March 3, 2025, the Company issued 2,084,232 shares of 9.875% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, $0.01 par value per share, with a liquidation preference of $25.00 per share (“Series C Preferred Stock”).

On June 26, 2026, the Company’s Board of Directors declared a Series C Preferred Stock cash dividend of $0.6171875 per share to be paid on August 17, 2026, to stockholders of record as of August 1, 2026 (with an effective record date of July 31, 2026).

Treasury Stock and Stock Repurchase Plan

On February 26, 2026, the Company’s Board of Directors approved a new stock repurchase program (the “2026 Repurchase Plan”), authorizing the repurchase of up to an aggregate amount of $10.0 million of common stock through March 1, 2027. Repurchases may be made in the open market, through privately negotiated transactions, block trades or other means in accordance with applicable securities laws. The timing, price, and actual number of shares of common stock repurchased will depend on a variety of factors, including price, market conditions and regulatory requirements. During the six months ended June 30, 2026, the Company repurchased 15,227 shares of common stock for an aggregate purchase price of $0.2 million. Repurchased shares are retired and recorded as a reduction to stockholders’ equity in the Company’s consolidated balance sheets. No shares were repurchased under the 2026 Repurchase Plan during the three months ended June 30, 2026.

The 2026 Repurchase Plan replaced the Company’s prior stock repurchase program (the “2020 Repurchase Plan”), which was authorized in February 2020 to repurchase up to $25.0 million of its shares of common stock. During the effective period of the 2020 Repurchase Plan, the Company repurchased 87,507 shares of common stock for an aggregate purchase price of $5.1 million under the 2020 Repurchase Plan. No shares were repurchased under the 2020 Repurchase Plan during the three and six months ended June 30, 2026 and 2025.

As of June 30, 2026 and December 31, 2025, the Company held 277,393 and 277,004 shares of treasury stock, respectively.

Dividend Reinvestment Plan

The Company sponsors a dividend reinvestment plan through which stockholders may purchase additional shares of the Company’s common stock by reinvesting some or all of the cash dividends received on shares of the Company’s common stock. The Company issued no shares of common stock under the plan during the three and six months ended June 30, 2026 and 2025.

“At-the-Market” Offering

The Company has entered into an equity distribution agreement under which the Company may sell shares of its common stock having an aggregate offering price of up to $100.0 million from time to time in any method permitted by law deemed to be an “at-the-market” offering as defined in Rule 415 under the Securities Act of 1933, as amended (the “ATM Program”). During the three and six months ended June 30, 2026 and 2025, no shares of common stock were sold under the ATM Program.
Warrants

Pursuant to the SPA, the Company entered into a warrant agreement, dated April 23, 2024, pursuant to which the Company would issue up to 1.1 million warrants to Rithm, which amount was conditioned on certain terms, with an exercise price of $32.16 per share (the “2024 Warrants”). The Company ultimately issued the 2024 Warrants in an amount which provide Rithm the right to purchase 0.6 million shares. The 2024 Warrants had a fair value of $2.7 million at issuance. The 2024 Warrants are classified within equity on the Company’s consolidated balance sheets.

Accumulated Other Comprehensive Loss

The Company recognizes unrealized gains or losses on its investment in RMBS AFS as components of other comprehensive loss. Additionally, other comprehensive loss includes unrealized gains or losses associated with the transfer of the Company’s investments in RMBS from AFS to HTM. These amounts are subsequently amortized from other comprehensive loss into earnings over the same period as the related unamortized discount.

Total accumulated other comprehensive loss on the Company’s balance sheets as of June 30, 2026 and December 31, 2025 was as follows:
June 30,
2026		December 31, 2025
Unrealized gains on debt securities AFS$478 $648 
Unrealized losses on debt securities AFS(293)(218)
Unrealized losses on debt securities AFS transferred to HTM(1,796)(2,077)
Accumulated Other Comprehensive Loss$(1,611)$(1,647)

Refer to Note 2 for details on the Company’s noncontrolling interests.