Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
ASSETS    
Available-for-sale securities, at fair value (amortized cost $8,563,998 and $8,509,383, respectively; allowance for credit losses $2,962 and $3,943, respectively) $ 8,506,102 $ 8,327,149
Mortgage servicing rights, at fair value 2,884,304 3,052,016
Mortgage loans held-for-sale, at fair value 3,344 332
Cash and cash equivalents 522,581 729,732
Restricted cash 89,125 65,101
Accrued interest receivable 36,561 35,339
Due from counterparties 298,283 323,224
Derivative assets, at fair value 12,572 85,291
Reverse repurchase agreements 359,180 284,091
Other assets 175,790 236,525
Total Assets [1] 12,887,842 13,138,800
Liabilities:    
Repurchase agreements 8,763,400 8,020,207
Revolving credit facilities 999,171 1,329,171
Warehouse facilities 3,017 0
Term notes payable 0 295,271
Convertible senior notes 259,815 268,582
Derivative liabilities, at fair value 16,764 21,506
Due to counterparties 386,141 574,735
Dividends payable 58,730 58,731
Accrued interest payable 76,868 141,773
Commitments and contingencies 0 0
Other liabilities 154,562 225,434
Total Liabilities [1] 10,718,468 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 103,650,126 and 103,206,457 shares issued and outstanding, respectively 1,037 1,032
Additional paid-in capital 5,934,920 5,925,424
Accumulated other comprehensive loss (53,959) (176,429)
Cumulative earnings 1,372,056 1,349,973
Cumulative distributions to stockholders (5,686,147) (5,509,823)
Total Stockholders’ Equity 2,169,374 2,203,390
Total Liabilities and Stockholders’ Equity $ 12,887,842 $ 13,138,800
[1] The condensed consolidated balance sheets include assets and liabilities of consolidated variable interest entities, or VIEs. At September 30, 2024 and December 31, 2023, assets of the VIEs totaled $129,342 and $525,259, and liabilities of the VIEs totaled $101,996 and $479,810, respectively. See Note 4 - Variable Interest Entities for additional information.