v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
ASSETS    
Mortgage-backed securities, at fair value (including pledged securities of $6,474,978 and $5,879,318, respectively) $ 6,949,909 $ 6,276,609
Cash and cash equivalents 73,381 56,040
Restricted cash 167,155 110,391
Investment related receivable 30,650 27,848
Derivative assets, at fair value 16,510 4,412
Other assets 1,014 594
Total assets 7,238,619 6,475,894
Liabilities:    
Repurchase agreements 6,210,403 5,619,255
Derivative liabilities, at fair value 882 0
Dividends payable 12,008 25,845
Accrued interest payable 12,512 28,664
Collateral held payable 6,703 0
Accounts payable and accrued expenses 2,289 1,580
Due to affiliate 3,501 3,006
Total liabilities 6,248,298 5,678,350
Commitments and contingencies (See Note 12):
Stockholders' equity:    
Preferred Stock, par value $0.01 per share; 50,000,000 shares authorized: 7.50% Fixed-to-Floating Series C Cumulative Redeemable Preferred Stock: 6,742,221 and 6,854,131 shares issued and outstanding, respectively ($168,556 and $171,353 aggregate liquidation preference, respectively) 163,049 165,756
Common Stock, par value $0.01 per share; 134,000,000 shares authorized; 102,386,106 and 71,790,532 shares issued and outstanding, respectively 1,024 718
Additional paid in capital 4,461,196 4,209,977
Retained earnings (distributions in excess of earnings) (3,634,948) (3,578,907)
Total stockholders’ equity 990,321 797,544
Total liabilities and stockholders' equity $ 7,238,619 $ 6,475,894