v3.26.3
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
Assets:    
Residential whole loans, net ($7,765,065 and $7,717,007 held at fair value, respectively) [1],[2] $ 8,683,876 $ 8,810,354
Securities, at fair value [2] 3,977,565 3,360,280
Cash and cash equivalents 119,548 213,211
Restricted cash 207,318 173,457
Other assets [2] 552,981 489,147
Total Assets 13,541,288 13,046,449
Liabilities:    
Financing agreements ($5,545,908 and $5,956,057 held at fair value, respectively) 11,520,131 10,940,014
Other liabilities 405,448 278,740
Total Liabilities 11,925,579 11,218,754
Commitments and contingencies (See Note 9)
Stockholders’ Equity:    
Common stock, $0.01 par value; 866,300 and 866,300 shares authorized, respectively; 101,041 and 101,663 shares issued and outstanding, respectively 1,010 1,017
Additional paid-in capital, in excess of par 3,720,085 3,718,350
Accumulated deficit (2,106,827) (1,895,541)
Accumulated other comprehensive income 1,244 3,675
Total Stockholders’ Equity 1,615,709 1,827,695
Total Liabilities and Stockholders’ Equity 13,541,288 13,046,449
Series B Preferred Stock    
Stockholders’ Equity:    
Preferred stock 83 81
Series C Preferred Stock    
Stockholders’ Equity:    
Preferred stock $ 114 $ 113
[1] Includes approximately $6.9 billion and $7.6 billion of Residential whole loans transferred to consolidated variable interest entities (“VIEs”) at September 30, 2026 and December 31, 2025, respectively. Such assets can be used only to settle the obligations of each respective VIE.
[2] See Note 6 for information regarding the Company’s pledged assets.