v3.26.3
CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
Assets    
Cash and cash equivalents $ 99,666 $ 63,270
Cash collateral posted to counterparties 34,209 226,701
Investments in securities, at fair value    
Receivable for unsettled sales (including pledged securities of $350,147 ($158,151 with BUCKLER) at September 30, 2026) 411,773 0
Derivatives, at fair value 1,360,207 611,544
Accrued interest receivable 93,224 86,153
Prepaid and other 2,904 1,742
Total Assets 22,467,875 21,005,159
Liabilities    
Repurchase agreements, net (including $9,644,292 and $8,426,540, at September 30, 2026 and December 31, 2025, respectively with BUCKLER) 19,379,128 17,941,796
Cash collateral posted by counterparties 649,513 419,427
Payable for unsettled purchases 0 302,094
Derivatives, at fair value 24,402 19,303
Accrued interest payable- repurchase agreements (including $29,701 and $27,752, at September 30, 2026 and December 31, 2025, respectively with BUCKLER) 58,291 59,267
Accounts payable and other accrued expenses 5,879 2,219
Total Liabilities 20,117,213 18,744,106
Commitments and contingencies (Note 8 and Note 13)
Stockholders’ Equity    
Preferred stock, $0.001 par value, 50,000 shares authorized; 7.00% Series C Cumulative Preferred Stock; 7,676 shares and 7,048 shares issued and outstanding ($25.00 per share liquidation preference) at September 30, 2026 and December 31, 2025, respectively 7 7
Common stock, $0.001 par value, 250,000 and 175,000 shares authorized; 148,415 shares and 111,915 shares issued and outstanding at September 30, 2026 and December 31, 2025, respectively. 148 112
Additional paid-in capital 6,094,073 5,446,152
Cumulative distributions to stockholders (2,961,618) (2,667,051)
Accumulated net loss (781,948) (518,167)
Total Stockholders’ Equity 2,350,662 2,261,053
Total Liabilities and Stockholders’ Equity 22,467,875 21,005,159
Agency Securities    
Investments in securities, at fair value    
Debt securities 19,991,917 19,417,640
U.S. Treasury Securities    
Investments in securities, at fair value    
Debt securities $ 473,975 $ 598,109