Annual report [Section 13 and 15(d), not S-K Item 405]

CONSOLIDATED BALANCE SHEETS

v3.25.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
ASSETS    
Available-for-sale securities, at fair value (amortized cost $6,516,016 and $7,697,027, respectively; allowance for credit losses $1,609 and $2,866, respectively) $ 6,514,471 $ 7,371,711
Mortgage servicing rights, at fair value 2,421,910 2,994,271
Mortgage loans held-for-sale, at fair value 13,630 2,334
Cash and cash equivalents 842,319 504,613
Restricted cash 219,633 313,028
Accrued interest receivable 29,229 33,331
Due from counterparties 379,259 386,464
Derivative assets, at fair value 87,549 10,114
Reverse repurchase agreements 157,120 355,975
Other assets 194,097 232,478
Total Assets [1] 10,859,217 12,204,319
Liabilities:    
Repurchase agreements 7,255,540 7,805,057
Revolving credit facilities 919,371 1,020,171
Warehouse lines of credit 9,406 2,032
Senior notes 111,055 0
Convertible senior notes 261,810 260,229
Derivative liabilities, at fair value 4,254 24,897
Due to counterparties 215,814 648,643
Dividends payable 48,932 58,725
Accrued interest payable 81,914 85,994
Other liabilities 163,194 176,062
Total Liabilities [1] 9,071,290 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 104,806,311 and 103,680,321 shares issued and outstanding, respectively 1,048 1,037
Additional paid-in capital 5,948,478 5,936,609
Accumulated other comprehensive loss (87) (320,524)
Cumulative earnings 1,194,485 1,648,785
Cumulative distributions to stockholders (5,957,464) (5,744,865)
Total Stockholders’ Equity 1,787,927 2,122,509
Total Liabilities and Stockholders’ Equity $ 10,859,217 $ 12,204,319
[1] The consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”). At December 31, 2025 and December 31, 2024, assets of the VIEs totaled $155,807 and $163,317, and liabilities of the VIEs totaled $127,174 and $134,931, respectively. See Note 4 - Variable Interest Entities for additional information.