7Baggers
Quarterly
Annual
    Unit: USD2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2014-12-31 2014-09-30 2014-06-30 2013-06-30 2013-03-31 2012-09-30 2012-06-30 2012-03-31 2011-09-30 2011-06-30 2011-03-31 2010-09-30 
      
    		                                 
      assets
    		                                 
      cash and cash equivalents
    		184,809,000 211,013,000 203,288,000 192,387,000 217,725,000 198,513,000 187,467,000 228,927,000 174,664,000 194,595,000 188,555,000 217,053,000 175,230,000 224,451,000 363,529,000 92,661,000 103,617,000 134,695,000 149,350,000 111,647,000 126,783,000 114,140 129,124,000 145,032,000 201,795,000 64,753,000 69,223,000 48,120,000 51,546,000 41,611,000 45,437,323 41,440,144 117,712,224 
      restricted cash
    		20,769,000 19,617,000 14,027,000 16,561,000 10,578,000 6,098,000 6,343,000 1,618,000 1,604,000 1,602,000 1,601,000 4,816,000   175,000 175,000 175,000 175,000 175,000 175,000 175,000             
      securities, at fair value
    		909,851,000 938,454,000 943,281,000 962,254,000 1,063,774,000 1,127,684,000 1,328,848,000 1,518,377,000 1,502,049,000 1,500,863,000 1,389,547,000 1,459,465,000 1,522,772,000 1,757,513,000 1,877,529,000 2,087,360,000 1,895,563,000 1,860,990,000 1,909,127,000 1,514,185,000 1,451,420,000             
      loans, at fair value
    		15,531,299,000 14,668,365,000 14,274,158,000 13,999,572,000 13,519,786,000 12,846,106,000 12,644,232,000 12,306,636,000 11,920,872,000 11,822,695,000 11,812,567,000 11,626,008,000 3,822,895,000 3,490,820,000 2,884,627,000 2,415,321,000 1,996,529,000 1,742,701,000 1,582,516,000 1,453,480,000 1,442,612,000             
      loan commitments, at fair value
    		8,827,000 8,785,000 7,215,000 6,692,000 5,955,000 5,623,000 3,917,000 2,584,000 3,752,000 3,800,000 3,299,000 3,060,000                      
      forward msr-related investments, at fair value
    		74,694,000 81,256,000 87,203,000 77,848,000 149,831,000 158,031,000 160,009,000 163,336,000                          
      mortgage servicing rights, at fair value
    		29,055,000 29,276,000 29,536,000 29,766,000 28,877,000 29,538,000 29,889,000 29,580,000 29,653,000 7,473,000 8,100,000 8,108,000                      
      investments in unconsolidated entities, at fair value
    		287,686,000 307,722,000 269,093,000 220,078,000 188,475,000 163,182,000 125,366,000 116,414,000 113,474,000 118,420,000 118,747,000 127,046,000 171,379,000 192,269,000 219,303,000 195,643,000 142,019,000 178,979,000 147,684,000 141,620,000 95,803,000             
      real estate owned
    		52,083,000 48,821,000 65,447,000 46,661,000 29,690,000 25,248,000 19,999,000 22,085,000 23,570,000 21,076,000 26,717,000 28,403,000 20,738,000 20,866,000 24,533,000 24,681,000 37,002,000 35,295,000 35,557,000 23,598,000 24,794,000             
      financial derivatives—assets, at fair value
    		151,155,000 160,584,000 157,308,000 184,395,000 149,679,000 162,165,000 150,343,000 143,996,000 198,023,000 131,472,000 104,033,000 132,518,000 160,043,000 81,183,000 65,082,000 18,894,000 15,976,000 13,028,000 23,082,000 15,479,000 27,864,000             
      reverse repurchase agreements
    		365,716,000 348,389,000 334,145,000 336,743,000 331,630,000 85,671,000 183,607,000 173,145,000 175,197,000 183,676,000 180,934,000 226,444,000 204,654,000 179,394,000 131,243,000 123,250,000 38,062,000 160,412,000 96,783,000 38,640,000 47,041,000 1,669,433 1,395,132,000 1,188,831,000 1,287,992,000 965,272,000 660,933,000 883,322,000 921,406,000 884,216,000 801,901,000 899,502,003 476,723,000 
      due from brokers
    		40,714,000 45,973,000 43,023,000 22,186,000 16,048,000 22,036,000 17,099,000 51,884,000 38,870,000 33,118,000 24,291,000 36,761,000 86,957,000 93,939,000 122,825,000 93,549,000 89,983,000 76,396,000 91,814,000 63,147,000 63,991,000 146,965 141,497,000 109,863,000 48,294,000         
      investment related receivables
    		159,614,000 170,657,000 184,431,000 189,081,000 208,861,000 195,557,000 200,059,000 480,249,000 167,447,000 183,222,000 163,029,000 139,413,000 172,826,000 132,161,000 134,460,000 122,175,000 97,721,000 75,781,000 67,338,000 49,317,000 67,540,000             
      other assets
    		28,276,000 32,983,000 32,073,000 32,804,000 32,381,000 67,201,000 75,422,000 77,099,000 95,866,000 100,853,000 90,105,000 76,791,000 5,215,000 6,281,000 3,959,000 3,710,000 3,608,000 4,229,000 3,499,000 2,575,000 2,850,000 1,935 2,525,000 1,709,000 1,125,000 410,000 497,000 821,000 1,024,000 234,000 364,396   
      total assets
    		17,844,548,000 17,071,895,000 16,644,228,000 16,317,028,000 15,953,290,000 15,092,653,000 15,132,600,000 15,315,930,000 14,445,041,000 14,302,865,000 14,111,525,000 14,085,886,000 6,342,709,000 6,178,877,000 5,827,265,000 5,177,419,000 4,420,255,000 4,282,681,000 4,106,925,000 3,413,863,000 3,350,873,000 3,945,355 4,074,537,000 2,921,227,000 2,728,407,000 2,316,674,000 1,864,800,000 1,939,590,000 2,066,578,000 2,408,332,000 1,977,088,350 2,539,385,804 2,532,289,904 
      liabilities
    		                                 
      securities sold short, at fair value
    		234,046,000 264,511,000 264,511,000 293,574,000 304,918,000 51,858,000 165,118,000 154,303,000 163,832,000 161,718,000 158,302,000 209,203,000 199,542,000 176,155,000 79,679,000 120,525,000 30,294,000 145,374,000 96,398,000 38,642,000 51,493,000             
      repurchase agreements
    		2,800,964,000 2,347,458,000 2,568,627,000 2,584,040,000 2,642,052,000 2,301,976,000 2,517,747,000 2,967,437,000 2,573,043,000 2,557,864,000 2,285,898,000 2,609,685,000 2,895,019,000 2,865,222,000 2,717,638,000 2,469,763,000 2,105,836,000 1,916,749,000 1,909,511,000 1,496,931,000 1,439,984,000 172,001 47,039,000 30,537,000 41,188,000 42,614,000 13,780,000 36,748,000 13,650,000 18,035,000 22,437,500 40,125,000  
      financial derivatives—liabilities, at fair value
    		60,763,000 81,812,000 63,149,000 71,024,000 49,243,000 44,064,000 40,425,000 61,776,000 38,520,000 30,502,000 24,245,000 54,198,000 50,418,000 20,442,000 16,528,000 12,298,000 14,119,000 14,171,000 19,438,000 24,553,000 34,814,000             
      due to brokers
    		43,001,000 30,098,000 53,848,000 55,429,000 55,529,000 74,946,000 62,646,000 62,442,000 80,180,000 46,421,000 35,431,000 34,507,000 61,978,000 31,124,000 36,043,000 2,233,000 2,560,000 2,130,000 5,337,000 5,059,000 7,147,000 22,224 12,010,000 27,479,000 30,345,000         
      investment related payables
    		41,321,000 42,767,000 28,546,000 22,714,000 25,178,000 38,977,000 32,329,000 37,403,000 36,641,000 61,202,000 48,373,000 49,323,000 48,860,000 34,381,000 59,375,000 39,048,000 82,295,000 29,457,000 40,836,000 4,754,000              
      other secured borrowings
    		189,203,000 340,289,000 268,173,000 253,300,000 284,897,000 217,225,000 180,918,000 245,827,000 301,131,000 242,900,000 363,640,000 276,058,000 40,900,000 45,455,000 47,941,000 96,622,000 90,981,000 86,374,000 64,506,000 51,062,000 142,674,000             
      other secured borrowings, at fair value
    		2,213,994,000 2,127,225,000 1,926,711,000 1,934,309,000 1,813,755,000 1,585,838,000 1,569,149,000 1,424,668,000 1,404,567,000 1,472,368,000 1,534,592,000 1,539,881,000 1,635,829,000 1,448,182,000 1,216,542,000 984,168,000 872,306,000 1,003,037,000 911,256,000 754,921,000 695,516,000             
      hmbs-related obligations, at fair value
    		10,117,649,000 9,814,811,000 9,495,132,000 9,150,883,000 8,790,589,000 8,832,058,000 8,619,463,000 8,423,235,000 8,181,922,000 8,055,288,000 7,975,916,000 7,787,155,000                      
      unsecured borrowings, at fair value
    		251,927,000 249,036,000 247,337,000 281,912,000 278,128,000 269,069,000 270,936,000 272,765,000                          
      base management fee payable to affiliate
    		6,173,000 6,270,000 6,092,000 5,888,000 6,031,000 5,811,000 5,730,000 5,660,000 4,890,000 4,913,000 4,956,000 4,641,000 3,950,000 3,990,000 4,266,000 3,115,000 3,675,000 3,355,000 3,277,000 3,178,000 2,981,000             
      dividends payable
    		18,597,000 17,495,000 17,015,000 16,611,000 15,892,000 15,158,000 15,168,000 11,528,000 14,343,000 14,183,000 14,043,000 12,243,000 11,732,000 11,657,000 11,615,000 10,375,000 9,149,000 7,963,000 5,740,000 5,738,000 5,299,000             
      interest payable
    		20,612,000 17,482,000 20,474,000 17,956,000 21,045,000 17,174,000 25,177,000 22,933,000 20,078,000 19,010,000 14,926,000 22,452,000 11,687,000 10,263,000 3,749,000 4,570,000 1,813,000 3,000,000 1,915,000 3,233,000 2,074,000             
      accrued expenses and other liabilities
    		50,478,000 43,131,000 42,464,000 38,566,000 40,384,000 64,640,000 74,638,000 90,341,000 98,742,000 106,514,000 91,115,000 73,819,000 8,650,000 8,945,000 15,061,000 22,098,000 20,943,000 23,117,000 19,708,000 18,659,000 11,119,000             
      total liabilities
    		16,048,728,000 15,382,385,000 15,006,612,000 14,726,206,000 14,327,641,000 13,518,794,000 13,579,444,000 13,780,318,000 13,107,624,000 12,958,208,000 12,736,762,000 12,865,000,000 5,162,080,000 4,944,422,000 4,504,327,000 3,853,863,000 3,324,985,000 3,327,577,000 3,163,549,000 2,492,291,000 2,478,596,000 3,156,811 3,262,430,000 2,290,104,000 2,090,549,000 1,796,072,000 1,366,150,000 1,544,315,000 1,670,314,000 2,031,658,000 1,592,234,758 2,146,552,825 2,223,316,529 
      commitments and contingencies
    		                                 
      equity
    		                     788,544 812,107,000 631,123,000 637,858,000 520,602,000        
      preferred stock, par value 0.001 per share, 100,000,000 shares authorized;13,800,089 and 13,800,089 shares issued and outstanding, and 345,002 and 345,002 aggregate liquidation preference, respectively
    		331,958,000 331,958,000 331,958,000                               
      common stock
    		106,000 98,000 94,000 91,000 91,000 85,000 85,000 83,000 68,000 67,000 67,000 64,000 61,000 60,000 60,000 58,000 52,000 44,000 44,000 44,000 44,000             
      additional paid-in-capital
    		1,818,381,000 1,707,544,000 1,661,528,000 1,613,540,000 1,613,740,000 1,541,002,000 1,540,857,000 1,514,797,000 1,323,124,000 1,308,158,000 1,308,107,000 1,259,352,000 1,213,493,000 1,205,916,000 1,199,958,000 1,161,603,000 1,057,939,000 915,817,000 915,577,000 915,658,000 916,038,000             
      retained earnings
    		-384,724,000 -374,048,000 -379,316,000 -375,113,000 -362,146,000 -343,853,000 -363,034,000 -353,360,000 -333,622,000 -309,587,000 -282,262,000 -290,881,000 -285,680,000 -225,259,000 -133,370,000 -97,279,000 -105,699,000 -103,409,000 -116,799,000 -141,521,000 -191,986,000             
      total stockholders' equity
    		1,765,721,000 1,665,552,000 1,614,264,000 1,570,476,000 1,607,236,000 1,552,785,000 1,533,459,000 1,517,071,000 1,313,490,000 1,322,558,000 1,349,832,000 1,195,967,000 1,155,306,000 1,208,149,000 1,294,080,000 1,291,321,000 1,063,326,000 923,486,000 909,856,000 885,215,000 835,130,000             
      non-controlling interests
    		30,099,000 23,958,000 23,352,000 20,346,000 18,413,000 21,074,000 19,697,000 18,541,000 23,927,000 22,099,000 24,931,000 24,919,000 25,323,000 26,306,000 28,858,000 32,235,000 31,944,000 31,618,000 33,520,000 36,357,000 37,147,000 6,389 6,730,000 7,016,000          
      total equity
    		1,795,820,000 1,689,510,000 1,637,616,000 1,590,822,000 1,625,649,000 1,573,859,000 1,553,156,000 1,535,612,000 1,337,417,000 1,344,657,000 1,374,763,000 1,220,886,000 1,180,629,000 1,234,455,000 1,322,938,000 1,323,556,000 1,095,270,000 955,104,000 943,376,000 921,572,000 872,277,000 788,544 812,107,000 631,123,000 637,858,000 520,602,000        
      total liabilities and equity
    		17,844,548,000 17,071,895,000 16,644,228,000 16,317,028,000 15,953,290,000 15,092,653,000 15,132,600,000 15,315,930,000 14,445,041,000 14,302,865,000 14,111,525,000 14,085,886,000 6,342,709,000 6,178,877,000 5,827,265,000 5,177,419,000 4,420,255,000 4,282,681,000 4,106,925,000 3,413,863,000 3,350,873,000 3,945,355 4,074,537,000 2,921,227,000 2,728,407,000 2,316,674,000        
      incentive fee payable to affiliate
    		  4,533,000             3,246,000 5,255,000 7,157,000                
      preferred stock, par value 0.001 per share, 100,000,000 shares authorized;13,800,089 and 14,757,222 shares issued and outstanding, and 345,002 and 368,931 aggregate liquidation preference, respectively
    		   331,958,000                              
      preferred stock, par value 0.001 per share, 100,000,000 shares authorized;14,757,222 and 14,757,222 shares issued and outstanding, and 368,931 and 368,931 aggregate liquidation preference, respectively
    		    355,551,000 355,551,000 355,551,000                           
      preferred stock, par value 0.001 per share, 100,000,000 shares authorized;14,757,222 and 9,420,421 shares issued and outstanding, and 368,931 and 235,511 aggregate liquidation preference, respectively
    		       355,551,000                          
      senior notes, at fair value
    		        189,735,000 185,325,000 185,325,000 191,835,000 193,515,000 202,650,000 210,000,000                   
      preferred stock, par value 0.001 per share, 100,000,000 shares authorized;13,420,421 and 9,420,421 shares issued and outstanding, and 335,511 and 235,511 aggregate liquidation preference, respectively
    		        323,920,000 323,920,000 323,920,000                       
      senior notes
    		             85,956,000 85,890,000 85,802,000 85,759,000 85,693,000 85,627,000 85,561,000 85,495,000             
      preferred stock, par value 0.001 per share, 100,000,000 shares authorized;9,420,421 and 9,400,000 shares issued and outstanding, and 235,511 and 235,000 aggregate liquidation preference, respectively
    		           227,432,000 227,432,000 227,432,000 227,432,000                   
      preferred stock, par value 0.001 per share, 100,000,000 shares authorized;9,400,000 and 4,600,000 shares issued and outstanding, and 235,000 and 115,000 aggregate liquidation preference, respectively
    		               226,939,000                  
      preferred stock, par value 0.001 per share, 100,000,000 shares authorized;6.750% series a fixed-to-floating rate cumulative redeemable; 4,600,000 shares issued and outstanding, respectively
    		                111,034,000 111,034,000 111,034,000 111,034,000 111,034,000             
      investments, financial derivatives, and repurchase agreements:
    		                                 
      investments, at fair value
    		                     2,172,082 2,440,828,000 1,753,832,000          
      financial derivatives–assets, at fair value
    		                     80,029 56,366,000 59,470,000          
      total investments, financial derivatives, and repurchase agreements
    		                     2,424,112 2,544,233,000 1,843,839,000 1,798,587,000 1,614,788,000 1,238,766,000       
      receivable for securities sold
    		                     1,237,592 1,246,205,000 813,166,000 672,035,000 609,239,000 524,533,000 611,866,000 642,218,000 890,429,000 553,564,172 957,821,029 1,026,530,501 
      interest and principal receivable
    		                     20,611 10,953,000 7,618,000 6,571,000 5,507,000 6,587,000 7,129,000 6,138,000 7,598,000 7,318,245 5,459,061 5,243,224 
      investments and financial derivatives:
    		                                 
      investments sold short, at fair value
    		                     1,291,370 1,221,894,000 852,846,000          
      financial derivatives–liabilities, at fair value
    		                     66,116 47,331,000 48,378,000          
      total investments and financial derivatives
    		                     1,357,486 1,269,225,000 901,224,000 627,465,000 668,246,000 476,989,000 523,204,000 607,150,000 597,658,000 551,143,060 752,734,352 1,361,332,349 
      payable for securities purchased
    		                     98,747 576,455,000 164,792,000 136,084,000 132,750,000 178,453,000 83,300,000 70,688,000 453,464,000 117,933,004 350,788,458 707,793,904 
      securitized debt
    		                     774 870,000 925,000 1,168,000 1,205,000 1,439,000 1,415,000 1,485,000     
      accounts payable and accrued expenses
    		                     2,798 2,144,000 2,209,000 1,917,000 1,929,000 1,627,000 2,102,000 1,500,000 1,888,000 2,426,071 2,921,471 2,520,190 
      base management fee payable
    		                     2,963 3,056,000 2,368,000 2,405,000 1,967,000 1,913,000 1,497,000 1,492,000     
      incentive fee payable
    		                      1,400,000  1,182,000 2,055,000 9,491,000 2,312,000      
      interest and dividends payable
    		                     2,386 2,138,000 2,276,000 1,680,000 1,049,000 741,000 778,000 1,096,000 950,000 877,576 1,121,190 471,850 
      analysis of equity:
    		                                 
      common shares, no par value, 100,000,000 shares authorized;
    		                                 
      additional paid-in capital – ltip units
    		                     9,344 9,269,000 9,245,000 9,066,000 9,023,000 8,958,000 8,926,000 8,897,000 8,870,000 8,829,114 8,791,188  
      total shareholders' equity
    		                     782,155 805,377,000 624,107,000 633,162,000 515,848,000        
      per share information:
    		                                 
      common shares
    		                     23.38 24,080 24,530 24,920 25,280 24,340 24,030 24,090     
      investments at fair value
    		                        1,710,422,000 1,535,924,000 1,165,644,000 1,131,242,000 1,225,584,000     
      financial derivatives – assets at fair value
    		                        46,977,000 36,250,000 59,342,000 74,304,000 94,056,000     
      investments sold short at fair value
    		                        608,922,000 649,756,000 456,824,000 494,524,000 579,852,000     
      financial derivatives – liabilities at fair value
    		                        18,543,000 18,490,000 20,165,000 28,680,000 27,298,000     
      other payables
    		                        311,000         
      non-controlling interest
    		                        4,696,000 4,754,000        
      deposits with dealers held as collateral
    		                         21,977,000 25,194,000 29,360,000 32,362,000 36,669,000 20,397,115 21,871,335 18,083,499 
      due to brokers on margin accounts
    		                         21,599,000 34,564,000 46,385,000 65,497,000 92,064,000    
      shareholders’ equity
    		                          498,650,000 395,275,000 396,264,000 376,674,000 384,853,592 392,832,979 308,973,375 
      total liabilities and shareholders’ equity
    		                          1,864,800,000 1,939,590,000 2,066,578,000 2,408,332,000 1,977,088,350 2,539,385,804 2,532,289,904 
      analysis of shareholders’ equity:
    		                                 
      total shareholders’ equity
    		                          498,650,000 395,275,000 396,264,000 376,674,000 384,853,592 392,832,979 308,973,375 
      investments, financial derivatives and repurchase agreements:
    		                                 
      total investments, financial derivatives and repurchase agreements
    		                           1,242,294,000 1,333,290,000 1,431,791,000 1,350,007,099 1,512,305,652  
      investments at value
    		                             1,302,351,000 1,201,857,332 1,311,512,941 1,214,179,036 
      financial derivatives – assets
    		                             111,405,000    
      investments sold short at value
    		                             562,670,000 540,155,406 742,878,066 893,250,608 
      financial derivatives – liabilities
    		                             34,988,000 10,987,654 9,856,286  
      accrued base management fee
    		                             1,418,000 1,448,634 3,005,791 1,172,513 
      accrued incentive fees
    		                               1,891,542 2,524,272 
      common shares, no par value
    		                             22,840 23.31 23.8 25.78 
      financial derivatives - assets
    		                              125,712,267 160,667,711 147,153,313 
      due to brokers – margin accounts
    		                              116,505,413 134,588,018  
      prepaid insurance
    		                               488,583 249,005 
      deferred offering costs
    		                                3,139,102 
      financial derivatives - liabilities
    		                                33,054,923 
      due to brokers - margin accounts
    		                                105,805,269 
      additional paid-in capital - ltip units
    		                                8,758,054 
    The information provided in this report is taken from www.sec.gov and many other data providers. While we have conducted our best efforts to ensure that the parsed data is accurate, we cannot guarantee its accuracy. Please use caution and understand that any consequences of its use are your own responsibility.