Quarterly report [Sections 13 or 15(d)]

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
ASSETS    
Available-for-sale securities, at fair value (amortized cost $8,773,987 and $7,697,027, respectively; allowance for credit losses $2,680 and $2,866, respectively) $ 8,606,870 $ 7,371,711
Mortgage servicing rights, at fair value 2,959,773 2,994,271
Mortgage loans held-for-sale, at fair value 8,406 2,334
Cash and cash equivalents 573,882 504,613
Restricted cash 123,843 313,028
Accrued interest receivable 39,277 33,331
Due from counterparties 920,391 386,464
Derivative assets, at fair value 27,550 10,114
Reverse repurchase agreements 227,818 355,975
Other assets 195,503 232,478
Total Assets [1] 13,683,313 12,204,319
Liabilities:    
Repurchase agreements 9,740,830 7,805,057
Revolving credit facilities 933,171 1,020,171
Warehouse facilities 7,971 2,032
Convertible senior notes 260,591 260,229
Derivative liabilities, at fair value 3,097 24,897
Due to counterparties 289,457 648,643
Dividends payable 60,402 58,725
Accrued interest payable 75,354 85,994
Commitments and contingencies (see Note 17) 0 0
Other liabilities 165,651 176,062
Total Liabilities [1] 11,536,524 10,081,810
Stockholders’ Equity:    
Preferred stock, par value $0.01 per share; 100,000,000 shares authorized and 24,870,817 shares issued and outstanding ($621,770 liquidation preference) 601,467 601,467
Common stock, par value $0.01 per share; 175,000,000 shares authorized and 104,025,096 and 103,680,321 shares issued and outstanding, respectively 1,040 1,037
Additional paid-in capital 5,943,211 5,936,609
Accumulated other comprehensive loss (163,352) (320,524)
Cumulative earnings 1,569,730 1,648,785
Cumulative distributions to stockholders (5,805,307) (5,744,865)
Total Stockholders’ Equity 2,146,789 2,122,509
Total Liabilities and Stockholders’ Equity $ 13,683,313 $ 12,204,319
[1] The consolidated balance sheets include assets and liabilities of consolidated variable interest entities, or VIEs. At March 31, 2025 and December 31, 2024, assets of the VIEs totaled $171,460 and $163,317, and liabilities of the VIEs totaled $161,866 and $134,931, respectively. See Note 4 - Variable Interest Entities for additional information.