v3.26.1
Stockholders' Equity
 6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Stockholders' Equity Stockholders’ Equity
Preferred Stock
We are authorized to designate and issue up to 10.0 million shares of preferred stock in one or more classes or series. As of June 30, 2026 and December 31, 2025, 13,800, 10,350, 16,100, 23,000, 6,900 and 13,800 shares of preferred stock were designated as 7.00% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, 6.875% Series D Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, 6.50% Series E Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, 6.125% Series F Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, 7.75% Series G Fixed-Rate Reset Cumulative Redeemable Preferred Stock and 8.75% Series H Fixed-Rate Cumulative Redeemable Preferred stock, respectively, (referred to as “Series C, D, E, F, G and H Preferred Stock”, respectively). As of June 30, 2026 and December 31, 2025, 13,000, 9,400, 16,100, 23,000, 6,000 and 13,800 shares of Series C, D, E, F, G and H Preferred Stock, respectively, were issued and outstanding. Each share of preferred stock is represented by 1,000 depositary shares. Each share of preferred stock has a liquidation preference of $25,000 per share ($25 per depositary share).
Our preferred stock ranks senior to our common stock with respect to the payment of dividends and the distribution of assets upon a voluntary or involuntary liquidation, dissolution or winding up of the Company. Our preferred stock has no stated maturity, is not subject to any sinking fund or mandatory redemption and each series of preferred stock ranks on parity with one another. Under certain circumstances upon a change of control, our preferred stock is convertible to shares of our common stock. Holders of our preferred stock and depositary shares underlying our preferred stock have no voting rights, except under limited conditions. Beginning on each series’ optional redemption date, we may redeem shares at $25.00 per depositary share, plus accumulated and unpaid dividends (whether or not declared), exclusively at our option.
The following table includes a summary of preferred stock depositary shares issued and outstanding as of June 30, 2026 (dollars and shares in millions):
Cumulative Redeemable Preferred StockIssue DateDepositary
Shares
Issued
and
Outstanding		Carrying
Value		 Aggregate
Liquidation Preference
Per Annum Dividend
Rate 1,2
First Optional
Redemption Date / Conversion Date 2,3
Fixed-to-Floating Rate:
Series CAugust 22, 201713.0 $315 $325 9.05213%October 15, 2022
Series DMarch 6, 20199.4 227 235 8.27313%April 15, 2024
Series EOctober 3, 201916.1 390 403 8.93413%October 15, 2024
Series FFebruary 11, 202023.0 557 575 8.63813%April 15, 2025
Fixed-Rate Reset:
Series GSeptember 14, 20226.0 145 150 7.75000%October 15, 2027
Fixed-Rate
Series HSeptember 10, 202513.8 334 345 8.75000%October 15, 2030
Total81.3 $1,968 $2,033 
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1.The depositary shares underlying our preferred stock accrue dividends on the $25.00 liquidation preference per depositary share from the issuance date until they are redeemed in accordance with their terms. The per annum dividend rates for the depositary shares underlying the Series C, D, E and F Preferred Stock represent the rates in effect as of June 30, 2026, and are reset quarterly. The depositary shares underlying the Series G
Preferred Stock accrue dividends at an initial annual fixed rate until the fixed-rate-reset conversion date, after which dividends on these depositary shares accrue on a fixed-rate-reset basis equal to the conversion rate plus a fixed spread. The depositary shares underlying the Series H Preferred Stock accrue dividends at a fixed rate.
2.The Series C, D, E and F dividends accrue at a rate equal to the 3-Month CME Term SOFR plus 0.26161%, plus spreads of 5.111%, 4.332%, 4.993% and 4.697%, respectively, per annum, resetting quarterly in accordance with the certificate of designations for such series and the Adjustable Interest Rate (LIBOR) Act of 2021 (the “LIBOR Act”). At the conclusion of the fixed rate period for the Series G Preferred Stock, the dividend will accrue at a floating rate equal to the 5-Year US Treasury rate plus a spread of 4.39% per annum and will reset in accordance with the certificate of designations for such series.
3.Shares may be redeemed prior to our optional redemption date under certain circumstances intended to preserve our qualification as a REIT for U.S federal income tax purposes.
At-the-Market Offering Program
We are authorized by our Board of Directors to enter into agreements with sales agents to publicly offer and sell shares of our common stock in privately negotiated and/or at-the-market transactions from time-to-time under two separate at-the-market programs, up to a maximum aggregate offering price under each program. As of June 30, 2026, shares of our common stock with an aggregate offering price of $0.1 billion remained authorized for issuance through December 31, 2026 under one program and $2.0 billion remained authorized for issuance through December 31, 2027 under a second program. The following table includes a summary of shares of our common stock issued under the sales agreements during the three and six months ended June 30, 2026 and 2025 (in millions, except for per share data).
ATM OfferingsAverage Price Received Per Share, NetSharesNet Proceeds
Three months ended:
   June 30, 2026
$10.30
16.2
$167
   June 30, 2025
$8.63
92.6
$799
Six months ended:
   June 30, 2026
$10.47
54.2
$568
   June 30, 2025
$9.19
142.3
$1,308
Accumulated Other Comprehensive Income (Loss)
The following table summarizes changes to accumulated OCI for the three and six months ended June 30, 2026 and 2025 (in millions):
Three Months Ended
June 30,
Six Months Ended
June 30,
Accumulated Other Comprehensive Income (Loss)2026202520262025
Beginning Balance $(331)$(498)$(323)$(591)
OCI before reclassifications
(7)34 (21)127 
Net (gain) loss amounts for available-for-sale securities reclassified from accumulated OCI to realized gain (loss) on sale of investment securities, net— 14 6 14 
Ending Balance$(338)$(450)$(338)$(450)