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CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Cumulative Redeemable Preferred Stock
Series B Preferred Stock
Series C Preferred Stock
Common Stock
Preferred Stock
Series B Preferred Stock
Preferred Stock
Series C Preferred Stock
Common Stock
Common Stock
Common Stock
Additional Paid-in Capital
Additional Paid-in Capital
Cumulative Redeemable Preferred Stock
Additional Paid-in Capital
Common Stock
Accumulated Deficit
Accumulated Deficit
Series B Preferred Stock
Accumulated Deficit
Series C Preferred Stock
Accumulated Other Comprehensive Income
Preferred stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2023           8,000,000 11,000,000                  
Common stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2023               101,916,000                
Beginning balance at Dec. 31, 2023 $ 1,899,915         $ 80 $ 110 $ 1,019   $ 3,698,767     $ (1,817,759)     $ 17,698
Increase (Decrease) in Stockholders' Equity                                
Net Income/(Loss) 23,213                       23,213      
Issuance of common stock, net of expenses (in shares)               297,000                
Issuance of common stock, net of expenses (17)             $ 3   (20)            
Repurchase of shares of common stock (in shares) [1]               (131,000)                
Repurchase of shares of common stock [1] (1,492)             $ (1)   (1,491)            
Equity based compensation expense 5,986                 5,986            
Change in accrued dividends attributable to stock-based awards (1,011)                       (1,011)      
Dividends declared on common stock (35,729)                       (35,729)      
Dividends declared on preferred stock     $ (3,750) $ (4,469)                   $ (3,750) $ (4,469)  
Dividends attributable to dividend equivalents (287)                       (287)      
Change in unrealized gains on securities, net 1,828                             1,828
Preferred stock, shares outstanding, ending balance (in shares) at Mar. 31, 2024           8,000,000 11,000,000                  
Common stock, shares outstanding, ending balance (in shares) at Mar. 31, 2024               102,082,000                
Ending balance at Mar. 31, 2024 1,884,187         $ 80 $ 110 $ 1,021   3,703,242     (1,839,792)     19,526
Preferred stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2023           8,000,000 11,000,000                  
Common stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2023               101,916,000                
Beginning balance at Dec. 31, 2023 1,899,915         $ 80 $ 110 $ 1,019   3,698,767     (1,817,759)     17,698
Increase (Decrease) in Stockholders' Equity                                
Net Income/(Loss) $ 113,342                              
Repurchase of shares of common stock (in shares) 0                              
Dividends declared on preferred stock $ (24,656)                              
Preferred stock, shares outstanding, ending balance (in shares) at Sep. 30, 2024           8,000,000 11,000,000                  
Common stock, shares outstanding, ending balance (in shares) at Sep. 30, 2024               102,083,000                
Ending balance at Sep. 30, 2024 1,880,468         $ 80 $ 110 $ 1,021   3,709,534     (1,840,399)     10,122
Preferred stock, shares outstanding, beginning balance (in shares) at Mar. 31, 2024           8,000,000 11,000,000                  
Common stock, shares outstanding, beginning balance (in shares) at Mar. 31, 2024               102,082,000                
Beginning balance at Mar. 31, 2024 1,884,187         $ 80 $ 110 $ 1,021   3,703,242     (1,839,792)     19,526
Increase (Decrease) in Stockholders' Equity                                
Net Income/(Loss) 41,946                       41,946      
Issuance of common stock, net of expenses (in shares)               1,000                
Issuance of common stock, net of expenses (18)                 (18)            
Equity based compensation expense 4,662                 4,662            
Change in accrued dividends attributable to stock-based awards (1,395)                       (1,395)      
Dividends declared on common stock (35,729)                       (35,729)      
Dividends declared on preferred stock     (3,750) (4,469)                   (3,750) (4,469)  
Dividends attributable to dividend equivalents (318)                       (318)      
Change in unrealized gains on securities, net (1,874)                             (1,874)
Preferred stock, shares outstanding, ending balance (in shares) at Jun. 30, 2024           8,000,000 11,000,000                  
Common stock, shares outstanding, ending balance (in shares) at Jun. 30, 2024               102,083,000                
Ending balance at Jun. 30, 2024 1,883,242         $ 80 $ 110 $ 1,021   3,707,886     (1,843,507)     17,652
Increase (Decrease) in Stockholders' Equity                                
Net Income/(Loss) 48,183                       48,183      
Issuance of common stock, net of expenses (in shares)               0                
Issuance of common stock, net of expenses (20)                 (20)            
Repurchase of shares of common stock [1] 0                              
Equity based compensation expense 1,668                 1,668            
Change in accrued dividends attributable to stock-based awards (836)                       (836)      
Dividends declared on common stock (35,729)                       (35,729)      
Dividends declared on preferred stock (8,219)   $ (3,750) $ (4,469)                   (3,750) (4,469)  
Dividends attributable to dividend equivalents (291)                       (291)      
Change in unrealized gains on securities, net (7,530)                             (7,530)
Preferred stock, shares outstanding, ending balance (in shares) at Sep. 30, 2024           8,000,000 11,000,000                  
Common stock, shares outstanding, ending balance (in shares) at Sep. 30, 2024               102,083,000                
Ending balance at Sep. 30, 2024 $ 1,880,468         $ 80 $ 110 $ 1,021   3,709,534     (1,840,399)     10,122
Preferred stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2024     8,000,000 11,000,000   8,000,000 11,000,000                  
Common stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2024 102,083,000             102,083,000                
Beginning balance at Dec. 31, 2024 $ 1,841,792         $ 80 $ 110 $ 1,021   3,711,046     (1,879,941)     9,476
Increase (Decrease) in Stockholders' Equity                                
Net Income/(Loss) 41,176                       41,176      
Issuance of common stock, net of expenses (in shares)               1,081,000                
Issuance of common stock, net of expenses (9)             $ 11   (20)            
Repurchase of shares of common stock (in shares) [2]               (511,000)                
Repurchase of shares of common stock [2] (5,194)             $ (5)   (5,189)            
Equity based compensation expense 5,791                 5,791            
Change in accrued dividends attributable to stock-based awards 1,727                 1,296     431      
Dividends declared on common stock (36,955)                       (36,955)      
Dividends declared on preferred stock     $ (3,750) $ (4,469)                   (3,750) (4,469)  
Dividends attributable to dividend equivalents (445)                       (445)      
Change in unrealized gains on securities, net (1,260)                             (1,260)
Preferred stock, shares outstanding, ending balance (in shares) at Mar. 31, 2025           8,000,000 11,000,000                  
Common stock, shares outstanding, ending balance (in shares) at Mar. 31, 2025               102,653,000                
Ending balance at Mar. 31, 2025 $ 1,838,404         $ 80 $ 110 $ 1,027   3,712,924     (1,883,953)     8,216
Preferred stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2024     8,000,000 11,000,000   8,000,000 11,000,000                  
Common stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2024 102,083,000             102,083,000                
Beginning balance at Dec. 31, 2024 $ 1,841,792         $ 80 $ 110 $ 1,021   3,711,046     (1,879,941)     9,476
Increase (Decrease) in Stockholders' Equity                                
Net Income/(Loss) $ 122,464                              
Repurchase of shares of common stock (in shares) (485,652)                              
Dividends declared on preferred stock $ (29,613)                              
Preferred stock, shares outstanding, ending balance (in shares) at Sep. 30, 2025     8,072,000 11,123,000   8,072,000 11,123,000                  
Common stock, shares outstanding, ending balance (in shares) at Sep. 30, 2025 102,196,000             102,196,000                
Ending balance at Sep. 30, 2025 $ 1,821,511         $ 81 $ 111 $ 1,022   3,716,912     (1,900,942)     4,327
Preferred stock, shares outstanding, beginning balance (in shares) at Mar. 31, 2025           8,000,000 11,000,000                  
Common stock, shares outstanding, beginning balance (in shares) at Mar. 31, 2025               102,653,000                
Beginning balance at Mar. 31, 2025 1,838,404         $ 80 $ 110 $ 1,027   3,712,924     (1,883,953)     8,216
Increase (Decrease) in Stockholders' Equity                                
Net Income/(Loss) 33,184                       33,184      
Issuance of common stock, net of expenses (in shares)               16,000                
Issuance of common stock, net of expenses (20)                 (20)            
Equity based compensation expense 3,039                 3,039            
Change in accrued dividends attributable to stock-based awards (1,020)                       (1,020)      
Dividends declared on common stock (36,961)                       (36,961)      
Dividends declared on preferred stock     $ (3,750) $ (6,810)                   (3,750) (6,810)  
Dividends attributable to dividend equivalents (612)                       (612)      
Change in unrealized gains on securities, net (3,327)                             (3,327)
Preferred stock, shares outstanding, ending balance (in shares) at Jun. 30, 2025           8,000,000 11,000,000                  
Common stock, shares outstanding, ending balance (in shares) at Jun. 30, 2025               102,669,000                
Ending balance at Jun. 30, 2025 1,822,127         $ 80 $ 110 $ 1,027   3,715,943     (1,899,922)     4,889
Increase (Decrease) in Stockholders' Equity                                
Net Income/(Loss) $ 48,104                       48,104      
Issuance of common stock, net of expenses (in shares)           72,000 123,000   20,000              
Issuance of common stock, net of expenses   $ 4,458     $ (21) $ 1 $ 1       $ 4,456 $ (21)        
Repurchase of shares of common stock (in shares) (485,652)             (493,000) [2]                
Repurchase of shares of common stock [2] $ (5,077)             $ (5)   (5,072)            
Equity based compensation expense 1,606                 1,606            
Change in accrued dividends attributable to stock-based awards (956)                       (956)      
Dividends declared on common stock (36,791)                       (36,791)      
Dividends declared on preferred stock (10,834)   $ (3,755) $ (7,079)                   $ (3,755) $ (7,079)  
Dividends attributable to dividend equivalents (543)                       (543)      
Change in unrealized gains on securities, net $ (562)                             (562)
Preferred stock, shares outstanding, ending balance (in shares) at Sep. 30, 2025     8,072,000 11,123,000   8,072,000 11,123,000                  
Common stock, shares outstanding, ending balance (in shares) at Sep. 30, 2025 102,196,000             102,196,000                
Ending balance at Sep. 30, 2025 $ 1,821,511         $ 81 $ 111 $ 1,022   $ 3,716,912     $ (1,900,942)     $ 4,327
[1] For the nine months ended September 30, 2024 includes approximately $1.5 million (129,949 shares) surrendered for tax purposes related to equity-based compensation awards
[2] For the nine months ended September 30, 2025 includes approximately $5.0 million (489,212 shares) surrendered for tax purposes related to equity-based compensation awards