v3.26.1
Consolidated Balance Sheets - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
Assets:    
Agency securities, at fair value (including pledged securities of $80,761 and $74,149, respectively) $ 86,784 $ 81,003
Agency securities transferred to consolidated variable interest entities, at fair value (pledged securities) 0 85
Credit risk transfer securities, at fair value (including pledged securities of $525 and $558, respectively) 573 606
Non-Agency securities, at fair value, and other mortgage credit investments (including pledged securities of $8 and $13, respectively) 94 95
U.S. Treasury securities, at fair value (including pledged securities of $11,295 and $13,056, respectively) 12,325 13,477
Cash and cash equivalents 457 450
Restricted cash 1,329 1,292
Derivative assets, at fair value 260 169
Receivable for investment securities sold (including pledged securities of $201 and $149, respectively) 401 152
Receivable under reverse repurchase agreements 18,433 16,615
Goodwill and other intangible assets, net 526 526
Other assets 578 607
Total assets 121,760 115,077
Liabilities:    
Repurchase Agreements 89,808 85,286
Debt of consolidated variable interest entities, at fair value 0 56
Payable for investment securities purchased 312 193
Derivative liabilities, at fair value 137 6
Dividends payable 184 182
Other liabilities 626 509
Total liabilities 109,217 102,684
Stockholders' equity:    
Preferred Stock - aggregate liquidation preference of $2,033 1,968 1,968
Common stock - $0.01 par value; 2,250 shares authorized, 1,164.2 and 1,107.6 shares issued and outstanding, respectively 12 11
Additional paid-in capital 19,830 19,261
Retained deficit (8,929) (8,524)
Accumulated other comprehensive loss (338) (323)
Total stockholders' equity 12,543 12,393
Total liabilities and stockholders' equity 121,760 115,077
Obligation to Return Securities Borrowed Under Reverse Repurchase Agreements at Fair Value $ 18,150 $ 16,452