v3.25.4
Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Interest income $ 533,521 $ 319,534 $ 207,517
Interest expense (419,165) (313,657) (215,448)
Net interest income (expense) 114,356 5,877 (7,931)
Unrealized gain (loss) on investments, net 370,850 (142,352) 142,501
(Loss) gain on derivative instruments, net (113,093) 288,377 (32,905)
Total other gains, net 257,757 144,519 34,680
Noninterest Expense [Abstract]      
Compensation and benefits (35,127) (20,505) (16,929)
Other general and administrative (16,381) (14,088) (13,799)
Other operating expenses (1,539) (1,905) (2,151)
Total operating expenses (53,047) (36,498) (32,879)
Net income (loss) 319,066 113,898 (6,130)
Preferred stock dividends   (7,694) (7,694)
Net income (loss) to common shareholders 308,875 106,204 (13,824)
Other comprehensive income:      
Unrealized gain (loss) on available-for-sale investments, net 45,428 (13,987) 22,844
Total other comprehensive income (loss) 45,428 (13,987) 22,844
Comprehensive income to common shareholders $ 354,303 $ 92,217 $ 9,020
Weighted average common shares-basic (in shares) 124,128,422 70,766,410 54,809,462
Weighted average common shares-diluted (in shares) 125,067,280 71,260,358 54,809,462
Net income (loss) per common share-basic (in dollars per share) $ 2.49 $ 1.50 $ (0.25)
Net income (loss) per common share-diluted (in dollars per share) $ 2.47 $ 1.49 $ (0.25)
Realized loss on sales of investments, net $ 0 $ (1,506) $ (74,916)

Source

10-K PDF XBRL Zip