v3.26.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Assets [Abstract]    
Cash and cash equivalents $ 773,138 $ 531,043
Cash collateral posted to counterparties 516,502 399,344
Mortgage-backed securities (including pledged assets of $22,120,332 and $14,593,470, respectively), at fair value 22,943,257 16,306,988
Due from counterparties 3,434 17,425
Derivative assets 695 10,498
Accrued interest receivable 97,454 67,940
Other assets 8,872 8,940
Total assets 24,343,352 17,342,178
Liabilities:    
Repurchase agreements 21,045,457 13,904,231
Due to counterparties 379,893 811,656
Derivative liabilities 14,121 4,830
Cash collateral posted by counterparties 0 8,373
Accrued interest payable 131,426 95,196
Dividends payable 41,893 37,171
Other liabilities 9,292 18,577
 Total liabilities 21,622,082 14,880,034
Stockholders' Equity Attributable to Parent [Abstract]    
Preferred stock, par value $0.01 per share; 50,000,000 shares authorized; 4,460,000 and 4,460,000 shares issued and outstanding, respectively ($111,500 and $111,500 aggregate liquidation preference, respectively) 107,843 107,843
Common stock, par value $0.01 per share, 360,000,000 shares authorized; 207,154,465 and 174,814,912 shares issued and outstanding, respectively 2,072 1,748
Additional paid-in capital 3,368,130 2,921,551
Accumulated other comprehensive loss (127,209) (127,061)
Accumulated deficit (629,566) (441,937)
 Total shareholders’ equity 2,721,270 2,462,144
Total liabilities and shareholders’ equity $ 24,343,352 $ 17,342,178

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