Quarterly report [Sections 13 or 15(d)]

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
ASSETS    
Available-for-sale securities, at fair value (amortized cost $6,553,143 and $6,516,016, respectively; allowance for credit losses $1,551 and $1,609, respectively) $ 6,507,381 $ 6,514,471
Mortgage servicing rights, at fair value 2,380,983 2,421,910
Mortgage loans held-for-sale, at fair value 18,536 13,630
Cash and cash equivalents 476,307 842,319
Restricted cash 283,842 219,633
Accrued interest receivable 29,917 29,229
Due from counterparties 432,152 379,259
Derivative assets, at fair value 71,213 87,549
Reverse repurchase agreements 170,855 157,120
Other assets 162,550 194,097
Total Assets [1] 10,533,736 10,859,217
Liabilities:    
Repurchase agreements 7,245,287 7,255,540
Revolving credit facilities 916,871 919,371
Warehouse lines of credit 12,694 9,406
Senior notes 111,200 111,055
Convertible senior notes 0 261,810
Derivative liabilities, at fair value 11,254 4,254
Due to counterparties 247,469 215,814
Dividends payable 48,904 48,932
Accrued interest payable 44,520 81,914
Other liabilities 163,958 163,194
Total Liabilities [1] 8,802,157 9,071,290
Commitments and contingencies (see Note 13)
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 105,044,253 and 104,806,311 shares issued and outstanding, respectively 1,050 1,048
Additional paid-in capital 5,952,939 5,948,478
Accumulated other comprehensive loss (44,278) (87)
Cumulative earnings 1,226,769 1,194,485
Cumulative distributions to stockholders (6,006,368) (5,957,464)
Total Stockholders’ Equity 1,731,579 1,787,927
Total Liabilities and Stockholders’ Equity $ 10,533,736 $ 10,859,217
[1] The consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”). At March 31, 2026 and December 31, 2025, assets of the VIEs totaled $119,118 and $155,807, and liabilities of the VIEs totaled $108,135 and $127,174, respectively. See Note 3 - Variable Interest Entities for additional information.