v3.25.4

Equity | 12 Months Ended
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Dec. 31, 2025
Equity [Abstract] |
Equity | Equity Common Stock As of December 31, 2025 and 2024, the Company had 7,848,703 and 7,847,520 shares of Common Stock issued, and 7,571,699 and 7,570,125 shares of Common Stock outstanding, respectively, with 125,000,000 shares authorized at each period end. On December 30, 2025, the Company effected the one-for-six Reverse Stock Split of its Common Stock. All share and per-share amounts presented herein have been retroactively adjusted to reflect the Reverse Stock Split. Preferred Stock The Company issued shares of preferred stock (“Preferred Stock”), which were issued to institutional accredited investors in a series of private placements in 2020. Pursuant thereto, the Company issued 2,307,400 shares of 7.25% Series A Fixed-to-Floating Rate Preferred Stock (the “Series A Preferred Stock”) and 2,892,600 shares of 5.00% Series B Fixed-to-Floating Rate Preferred Stock (the “Series B Preferred Stock”). The shares of Series A Preferred Stock and Series B Preferred Stock each had a liquidation preference of $25.00 per share. During the year ended December 31, 2024, the Company exchanged the remaining 424,949 shares of its outstanding Series A Preferred Stock and 1,135,590 shares of its outstanding Series B Preferred Stock and the associated 2020 Warrants for newly issued shares of its Common Stock. A total of 2,007,703 shares of Common Stock were issued, with 1,577,421 shares of Common Stock exchanged during the year ended December 31, 2024, and 430,282 shares of Common Stock exchanged subsequent to the approval of the Company’s stockholders on May 20, 2024. As of December 31, 2025 and 2024, no Series A Preferred Stock or Series B Preferred Stock were outstanding. On March 3, 2025, the Company issued 2,084,232 shares of 9.875% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock, $0.01 par value per share, with a liquidation preference of $25.00 per share (the “Series C Preferred Stock”), with 400,000 of such shares of Series C Preferred Stock sold to certain affiliates of the Manager at the public offering price of $25.00 per share. Treasury Stock and Stock Repurchase Plan On February 28, 2020, the Company’s Board of Directors approved a stock repurchase program of up to $25.0 million of its shares of Common Stock. The amount and timing of any repurchases depends on a number of factors, including, but not limited to, the price and availability of the Common Stock, the trading volume and general circumstances and market conditions. To date, the Company has repurchased 87,507 shares of Common Stock for an aggregate purchase price of $5.1 million. The Company did not repurchase any shares during the years ended December 31, 2025 and 2024. As of December 31, 2025 and 2024, the Company held 277,004 and 277,394 shares of treasury stock. Dividend Reinvestment Plan The Company sponsors a dividend reinvestment plan through which stockholders may purchase additional shares of the Company’s Common Stock by reinvesting some or all of the cash dividends received on shares of the Company’s Common Stock. The Company issued no shares of Common Stock under the plan during the years ended December 31, 2025 and 2024. At the Market Offering The Company has entered into an equity distribution agreement under which the Company may sell shares of its Common Stock having an aggregate offering price of up to $100.0 million from time to time in any method permitted by law deemed to be an “At the Market” offering as defined in Rule 415 under the Securities Act of 1933, as amended (the “ATM Program”). During the years ended December 31, 2025 and 2024, no shares of Common Stock were sold under the ATM Program. Warrants On February 26, 2024, the Company entered into a term loan with a subsidiary of Rithm (the “Credit Agreement”), which has since terminated. Pursuant to the SPA, the entry into the Credit Agreement was accompanied by the entry into the Warrant Agreement, pursuant to which the Company ultimately issued 2024 Warrants to Rithm to purchase 0.6 million shares. See Note 8 — Commitments and Contingencies, for additional details on the 2024 Warrants. Accumulated Other Comprehensive Loss The Company recognizes unrealized gains or losses on its investment in RMBS AFS as components of other comprehensive loss. Additionally, other comprehensive loss includes unrealized gains or losses associated with the transfer of the Company’s investments in RMBS from AFS to HTM. These amounts are subsequently amortized from other comprehensive loss into earnings over the same period as the related unamortized discount. Total accumulated other comprehensive loss on the Company’s balance sheets as of December 31, 2025 and 2024, was as follows:
($ in thousands) |  | December 31, 2025 |  | December 31, 2024
Unrealized gains on debt securities available-for-sale |  | $ | 648 |  |  | $ | 273 |
Unrealized losses on debt securities available-for-sale |  | (218) |  |  | (6,330) |
Unrealized losses on debt securities available-for-sale transferred to held-to-maturity |  | (2,077) |  |  | (2,934) |
Accumulated Other Comprehensive Loss |  | $ | (1,647) |  |  | $ | (8,991) |
Refer to Note 2 for details on the Company’s noncontrolling interests.

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