v3.26.3
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Series B Preferred Stock
Series C Preferred Stock
Cumulative Redeemable Preferred Stock
Preferred Stock
Series B Preferred Stock
Preferred Stock
Series C Preferred Stock
Common Stock
Additional Paid-in Capital
Additional Paid-in Capital
Cumulative Redeemable Preferred Stock
Accumulated Deficit
Accumulated Deficit
Series B Preferred Stock
Accumulated Deficit
Series C Preferred Stock
Accumulated Other Comprehensive Income
Preferred stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2024         8,000,000 11,000,000              
Common stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2024             102,083,000            
Beginning balance at Dec. 31, 2024 $ 1,841,792       $ 80 $ 110 $ 1,021 $ 3,711,046   $ (1,879,941)     $ 9,476
Increase (Decrease) in Stockholders' Equity                          
Net Income/(Loss) 41,176                 41,176      
Issuance of stock, net of expenses (in shares)             1,081,000            
Issuance of stock, net of expenses (9)     $ 0     $ 11 (20)          
Repurchase of shares of common stock (in shares) [1]             (511,000)            
Repurchase of shares of common stock [1] (5,194)           $ (5) (5,189)          
Equity based compensation expense 5,791             5,791          
Change in accrued dividends attributable to stock-based awards 1,727             1,296   431      
Dividends declared on common stock (36,955)                 (36,955)      
Dividends declared on preferred stock   $ (3,750) $ (4,469)               $ (3,750) $ (4,469)  
Dividends attributable to dividend equivalents (445)                 (445)      
Change in unrealized gains on securities, net (1,260)                       (1,260)
Preferred stock, shares outstanding, ending balance (in shares) at Mar. 31, 2025         8,000,000 11,000,000              
Common stock, shares outstanding, ending balance (in shares) at Mar. 31, 2025             102,653,000            
Ending balance at Mar. 31, 2025 1,838,404       $ 80 $ 110 $ 1,027 3,712,924   (1,883,953)     8,216
Preferred stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2024         8,000,000 11,000,000              
Common stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2024             102,083,000            
Beginning balance at Dec. 31, 2024 1,841,792       $ 80 $ 110 $ 1,021 3,711,046   (1,879,941)     9,476
Increase (Decrease) in Stockholders' Equity                          
Net Income/(Loss) 122,464                        
Dividends declared on preferred stock (29,613)                        
Preferred stock, shares outstanding, ending balance (in shares) at Sep. 30, 2025         8,072,000 11,123,000              
Common stock, shares outstanding, ending balance (in shares) at Sep. 30, 2025             102,196,000            
Ending balance at Sep. 30, 2025 1,821,511       $ 81 $ 111 $ 1,022 3,716,912   (1,900,942)     4,327
Preferred stock, shares outstanding, beginning balance (in shares) at Mar. 31, 2025         8,000,000 11,000,000              
Common stock, shares outstanding, beginning balance (in shares) at Mar. 31, 2025             102,653,000            
Beginning balance at Mar. 31, 2025 1,838,404       $ 80 $ 110 $ 1,027 3,712,924   (1,883,953)     8,216
Increase (Decrease) in Stockholders' Equity                          
Net Income/(Loss) 33,184                 33,184      
Issuance of stock, net of expenses (in shares)             16,000            
Issuance of stock, net of expenses (20)     0       (20)          
Repurchase of shares of common stock 0                        
Equity based compensation expense 3,039             3,039          
Change in accrued dividends attributable to stock-based awards (1,020)                 (1,020)      
Dividends declared on common stock (36,961)                 (36,961)      
Dividends declared on preferred stock   (3,750) (6,810)               (3,750) (6,810)  
Dividends attributable to dividend equivalents (612)                 (612)      
Change in unrealized gains on securities, net (3,327)                       (3,327)
Preferred stock, shares outstanding, ending balance (in shares) at Jun. 30, 2025         8,000,000 11,000,000              
Common stock, shares outstanding, ending balance (in shares) at Jun. 30, 2025             102,669,000            
Ending balance at Jun. 30, 2025 1,822,127       $ 80 $ 110 $ 1,027 3,715,943   (1,899,922)     4,889
Increase (Decrease) in Stockholders' Equity                          
Net Income/(Loss) 48,104                 48,104      
Issuance of stock, net of expenses (in shares)         72,061 122,569 20,000            
Issuance of stock, net of expenses (21)     4,458 $ 1 $ 1   (21) $ 4,456        
Repurchase of shares of common stock (in shares) [1]             (493,000)            
Repurchase of shares of common stock [1] (5,077)           $ (5) (5,072)          
Equity based compensation expense 1,606             1,606          
Change in accrued dividends attributable to stock-based awards (956)                 (956)      
Dividends declared on common stock (36,791)                 (36,791)      
Dividends declared on preferred stock (10,834) $ (3,755) $ (7,079)               (3,755) (7,079)  
Dividends attributable to dividend equivalents (543)                 (543)      
Change in unrealized gains on securities, net (562)                       (562)
Preferred stock, shares outstanding, ending balance (in shares) at Sep. 30, 2025         8,072,000 11,123,000              
Common stock, shares outstanding, ending balance (in shares) at Sep. 30, 2025             102,196,000            
Ending balance at Sep. 30, 2025 $ 1,821,511       $ 81 $ 111 $ 1,022 3,716,912   (1,900,942)     4,327
Preferred stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2025   8,125,000 11,286,000   8,125,000 11,286,000              
Common stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2025 101,663,000           101,663,000            
Beginning balance at Dec. 31, 2025 $ 1,827,695       $ 81 $ 113 $ 1,017 3,718,350   (1,895,541)     3,675
Increase (Decrease) in Stockholders' Equity                          
Net Income/(Loss) (984)                 (984)      
Issuance of stock, net of expenses (in shares)         61,000 100,000 858,000            
Issuance of stock, net of expenses (1)     3,427 $ 1 $ 1 $ 8 (9) 3,425        
Repurchase of shares of common stock (in shares) [2]             (925,000)            
Repurchase of shares of common stock [2] (9,037)           $ (9) (9,028)          
Equity based compensation expense 6,071             6,071          
Change in accrued dividends attributable to stock-based awards 2,821             225   2,596      
Dividends declared on common stock (36,574)                 (36,574)      
Dividends declared on preferred stock   $ (3,821) $ (6,603)               (3,821) (6,603)  
Dividends attributable to dividend equivalents (2,884)                 (2,884)      
Change in unrealized gains on securities, net (753)                       (753)
Preferred stock, shares outstanding, ending balance (in shares) at Mar. 31, 2026         8,186,000 11,386,000              
Common stock, shares outstanding, ending balance (in shares) at Mar. 31, 2026             101,596,000            
Ending balance at Mar. 31, 2026 $ 1,779,357       $ 82 $ 114 $ 1,016 3,719,034   (1,943,811)     2,922
Preferred stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2025   8,125,000 11,286,000   8,125,000 11,286,000              
Common stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2025 101,663,000           101,663,000            
Beginning balance at Dec. 31, 2025 $ 1,827,695       $ 81 $ 113 $ 1,017 3,718,350   (1,895,541)     3,675
Increase (Decrease) in Stockholders' Equity                          
Net Income/(Loss) (65,876)                        
Issuance of stock, net of expenses (in shares)         170,789 100,015              
Dividends declared on preferred stock $ (31,665)                        
Preferred stock, shares outstanding, ending balance (in shares) at Sep. 30, 2026   8,296,000 11,386,000   8,296,000 11,386,000              
Common stock, shares outstanding, ending balance (in shares) at Sep. 30, 2026 101,041,000           101,041,000            
Ending balance at Sep. 30, 2026 $ 1,615,709       $ 83 $ 114 $ 1,010 3,720,085   (2,106,827)     1,244
Preferred stock, shares outstanding, beginning balance (in shares) at Mar. 31, 2026         8,186,000 11,386,000              
Common stock, shares outstanding, beginning balance (in shares) at Mar. 31, 2026             101,596,000            
Beginning balance at Mar. 31, 2026 1,779,357       $ 82 $ 114 $ 1,016 3,719,034   (1,943,811)     2,922
Increase (Decrease) in Stockholders' Equity                          
Net Income/(Loss) 46,798                 46,798      
Issuance of stock, net of expenses (in shares)         92,000   34,000            
Issuance of stock, net of expenses (9)     1,832 $ 1     (9) 1,831        
Repurchase of shares of common stock (in shares)             (542,000)            
Repurchase of shares of common stock (5,126)           $ (5) (5,121)          
Equity based compensation expense 2,977             2,977          
Change in accrued dividends attributable to stock-based awards (885)             4   (889)      
Dividends declared on common stock (36,392)                 (36,392)      
Dividends declared on preferred stock   $ (3,863) $ (6,696)               (3,863) (6,696)  
Dividends attributable to dividend equivalents (1,138)                 (1,138)      
Change in unrealized gains on securities, net (767)                       (767)
Preferred stock, shares outstanding, ending balance (in shares) at Jun. 30, 2026         8,278,000 11,386,000              
Common stock, shares outstanding, ending balance (in shares) at Jun. 30, 2026             101,088,000            
Ending balance at Jun. 30, 2026 1,776,088       $ 83 $ 114 $ 1,011 3,718,716   (1,945,991)     2,155
Increase (Decrease) in Stockholders' Equity                          
Net Income/(Loss) (111,690)                 (111,690)      
Issuance of stock, net of expenses (in shares)         17,668 0 15,000            
Issuance of stock, net of expenses (10)     $ 334       (10) $ 334        
Repurchase of shares of common stock (in shares) [2]             (62,000)            
Repurchase of shares of common stock [2] (586)           $ (1) (585)          
Equity based compensation expense 1,628             1,628          
Change in accrued dividends attributable to stock-based awards (956)             2   (958)      
Dividends declared on common stock (36,375)                 (36,375)      
Dividends declared on preferred stock (10,682) $ (3,889) $ (6,793)               $ (3,889) $ (6,793)  
Dividends attributable to dividend equivalents (1,131)                 (1,131)      
Change in unrealized gains on securities, net $ (911)                       (911)
Preferred stock, shares outstanding, ending balance (in shares) at Sep. 30, 2026   8,296,000 11,386,000   8,296,000 11,386,000              
Common stock, shares outstanding, ending balance (in shares) at Sep. 30, 2026 101,041,000           101,041,000            
Ending balance at Sep. 30, 2026 $ 1,615,709       $ 83 $ 114 $ 1,010 $ 3,720,085   $ (2,106,827)     $ 1,244
[1] For the nine months ended September 30, 2025 includes approximately $5.0 million (489,212 shares) surrendered for tax purposes related to equity-based compensation awards
[2] For the nine months ended September 30, 2026 includes approximately $4.2 million (442,503 shares) surrendered for tax purposes related to equity-based compensation awards