Quarterly report [Sections 13 or 15(d)]

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
ASSETS    
Available-for-sale securities, at fair value (amortized cost $6,403,114 and $7,697,027, respectively; allowance for credit losses $1,854 and $2,866, respectively) $ 6,348,157 $ 7,371,711
Mortgage servicing rights, at fair value 2,626,706 2,994,271
Mortgage loans held-for-sale, at fair value 12,635 2,334
Cash and cash equivalents 770,533 504,613
Restricted cash 116,388 313,028
Accrued interest receivable 28,325 33,331
Due from counterparties 505,353 386,464
Derivative assets, at fair value 135,431 10,114
Reverse repurchase agreements 158,135 355,975
Other assets 164,744 232,478
Total Assets [1] 10,866,407 12,204,319
Liabilities:    
Repurchase agreements 7,104,650 7,805,057
Revolving credit facilities 945,371 1,020,171
Warehouse lines of credit 8,452 2,032
Senior notes 110,866 0
Convertible senior notes 261,370 260,229
Derivative liabilities, at fair value 7,720 24,897
Due to counterparties 390,599 648,643
Dividends payable 49,030 58,725
Accrued interest payable 45,226 85,994
Other liabilities 171,406 176,062
Total Liabilities [1] 9,094,690 10,081,810
Commitments and contingencies (see Note 14)
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 104,155,818 and 103,680,321 shares issued and outstanding, respectively 1,041 1,037
Additional paid-in capital 5,946,814 5,936,609
Accumulated other comprehensive loss (51,841) (320,524)
Cumulative earnings 1,182,768 1,648,785
Cumulative distributions to stockholders (5,908,532) (5,744,865)
Total Stockholders’ Equity 1,771,717 2,122,509
Total Liabilities and Stockholders’ Equity $ 10,866,407 $ 12,204,319
[1] The consolidated balance sheets include assets and liabilities of consolidated variable interest entities, or VIEs. At September 30, 2025 and December 31, 2024, assets of the VIEs totaled $124,320 and $163,317, and liabilities of the VIEs totaled $114,006 and $134,931, respectively. See Note 4 - Variable Interest Entities for additional information.