Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
ASSETS    
Available-for-sale securities, at fair value (amortized cost $7,697,027 and $8,509,383, respectively; allowance for credit losses $2,866 and $3,943, respectively) $ 7,371,711 $ 8,327,149
Mortgage servicing rights, at fair value 2,994,271 3,052,016
Mortgage loans held-for-sale, at fair value 2,334 332
Cash and cash equivalents 504,613 729,732
Restricted cash 313,028 65,101
Accrued interest receivable 33,331 35,339
Due from counterparties 386,464 323,224
Derivative assets, at fair value 10,114 85,291
Reverse repurchase agreements 355,975 284,091
Other assets 232,478 236,525
Total Assets [1] 12,204,319 13,138,800
Liabilities:    
Repurchase agreements 7,805,057 8,020,207
Revolving credit facilities 1,020,171 1,329,171
Warehouse facilities 2,032 0
Term notes payable 0 295,271
Convertible senior notes 260,229 268,582
Derivative liabilities, at fair value 24,897 21,506
Due to counterparties 648,643 574,735
Dividends payable 58,725 58,731
Accrued interest payable 85,994 141,773
Commitments and contingencies (see Note 18) 0 0
Other liabilities 176,062 225,434
Total Liabilities [1] 10,081,810 10,935,410
Stockholders’ Equity:    
Preferred stock, par value $0.01 per share; 100,000,000 shares authorized and 24,870,817 and 25,356,426 shares issued and outstanding, respectively ($621,770 and $633,911 liquidation preference, respectively) 601,467 613,213
Common stock, par value $0.01 per share; 175,000,000 shares authorized and 103,680,321 and 103,206,457 shares issued and outstanding, respectively 1,037 1,032
Additional paid-in capital 5,936,609 5,925,424
Accumulated other comprehensive loss (320,524) (176,429)
Cumulative earnings 1,648,785 1,349,973
Cumulative distributions to stockholders (5,744,865) (5,509,823)
Total Stockholders’ Equity 2,122,509 2,203,390
Total Liabilities and Stockholders’ Equity $ 12,204,319 $ 13,138,800
[1] The consolidated balance sheets include assets and liabilities of consolidated variable interest entities, or VIEs. At December 31, 2024 and December 31, 2023, assets of the VIEs totaled $163,317 and $525,259, and liabilities of the VIEs totaled $134,931 and $479,810, respectively. See Note 4 - Variable Interest Entities for additional information.