CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands		Dec. 31, 2025	Dec. 31, 2024
Assets
Cash and cash equivalents (includes pledged assets of $1,776,349 and $1,202,880 respectively)	[1]	$ 2,037,838	$ 1,488,027
Securities (includes pledged assets of $76,380,480 and $67,692,062, respectively)	[2]	91,287,630	69,756,447
Loans, net (includes pledged assets of $3,954,154 and $2,754,028, respectively)	[3]	5,020,784	3,546,902
Mortgage servicing rights (includes pledged assets of $3,541,414 and $2,460,252, respectively)		3,645,865	2,909,134
Interests in MSR		28,626	0
Assets transferred or pledged to securitization vehicles		32,067,433	21,973,188
Derivative assets		115,533	225,351
Reverse repurchase agreements		34,389	0
Receivable for unsettled trades		1,031	2,201,447
Principal and interest receivable		926,660	1,069,038
Intangible assets, net		6,726	9,416
Other assets		437,323	377,434
Total assets		135,609,838	103,556,384
Liabilities
Repurchase agreements		81,865,723	65,688,923
Other secured financing		1,075,000	750,000
Debt issued by securitization vehicles		28,918,753	19,540,678
Participations issued		1,932,655	1,154,816
U.S. Treasury securities sold, not yet purchased		2,396,724	2,470,629
Derivative liabilities		53,755	59,586
Payable for unsettled trades		2,059,386	308,282
Interest payable		380,688	268,317
Dividends payable		494,881	375,932
Other liabilities		272,362	242,269
Total liabilities		119,449,927	90,859,432
Stockholders’ equity
Preferred stock, par value $0.01 per share, 75,000,000 and 63,500,000 authorized, 74,500,000 and 63,500,000 issued and outstanding, respectively		1,802,480	1,536,569
Common stock, par value $0.01 per share, 1,456,750,000 and 1,468,250,000 authorized, 706,972,452 and 578,357,118 issued and outstanding, respectively		7,070	5,784
Additional paid-in capital		27,927,113	25,257,716
Accumulated other comprehensive income (loss)		(488,566)	(1,017,682)
Total stockholders’ equity		16,090,772	12,609,241
Noncontrolling interests		69,139	87,711
Total equity		16,159,911	12,696,952
Accumulated deficit		(13,157,325)	(13,173,146)
Total liabilities and equity		$ 135,609,838	$ 103,556,384

[1] (1) Includes cash of consolidated Variable Interest Entities (“VIEs”) of $4.1 million and $2.8 million at December 31, 2025 and 2024, respectively.

[2] (2) Excludes $3.1 billion and $2.2 billion at December 31, 2025 and 2024, respectively, of non-Agency mortgage-backed securities in consolidated VIEs pledged as collateral and eliminated from the Company’s Consolidated Statements of Financial Condition.

[3] (3) Includes $37.1 million and $10.0 million of residential mortgage loans held for sale at December 31, 2025 and 2024, respectively.