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Item 1. Financial Statements

2026-08-05 compared with 2026-05-06 · 152 added, 96 removed, 505 unchanged (33% of the section changed)

3 unchanged sentences

CONDENSED CONSOLIDATED BALANCE SHEETS

$ in thousands, except share amounts March 31, 2026 December 31, 2025

$ in thousands, except share amounts June 30, 2026 December 31, 2025

Mortgage-backed securities, at fair value (including pledged securities of $ 6,474,978 and $ 5,879,318 , respectively)

2 unchanged sentences

Restricted cash 167,155 110,391

Due from counterparties 25,749 —

Investment related receivable 30,650 27,848

6 unchanged sentences

Dividends payable 12,008 25,845

Investment related payable 6 —

Accrued interest payable 12,512 28,664

21 unchanged sentences

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

Three Months Ended March 31,

Three Months Ended June 30, Six Months Ended June 30,

$ in thousands, except share data 2026 2025 2026 2025

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CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

For the three months ended March 31, 2026 and June 30, 2026

Capital Accumulated

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Balance as of March 31, 2026 6,789,443 164,191 87,485,972 875 4,343,365 — ( 3,632,077 ) 876,354

Net income (loss) — — — — — — 35,004 35,004

Proceeds from issuance of common stock, net of offering costs — — 14,847,506 148 117,706 — — 117,854

Stock awards — — 52,628 1 — — — 1

Repurchase and retirement of preferred stock ( 47,222 ) ( 1,142 ) — — — — 3 ( 1,139 )

Common stock dividends — — — — — — ( 34,713 ) ( 34,713 )

Preferred stock dividends — — — — — — ( 3,165 ) ( 3,165 )

Amortization of equity-based compensation — — — — 125 — — 125

Balance as of June 30, 2026 6,742,221 163,049 102,386,106 1,024 4,461,196 — ( 3,634,948 ) 990,321

The accompanying notes are an integral part of these condensed consolidated financial statements.

INVESCO MORTGAGE CAPITAL INC.

AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

For the three months ended March 31, 2025 and June 30, 2025

Capital Accumulated

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Balance as of March 31, 2025 7,116,513 172,101 65,942,495 659 4,163,897 789 ( 3,578,280 ) 759,166

Net income (loss) — — — — — — ( 23,327 ) ( 23,327 )

Other comprehensive income (loss) — — — — — ( 789 ) — ( 789 )

Proceeds from issuance of common stock, net of offering costs — — 282,750 3 2,276 — — 2,279

Stock awards — — 82,134 1 — — — 1

Repurchase and retirement of preferred stock ( 96,803 ) ( 2,341 ) — — — — 57 ( 2,284 )

Common stock dividends — — — — — — ( 22,545 ) ( 22,545 )

Preferred stock dividends — — — — — — ( 3,297 ) ( 3,297 )

Amortization of equity-based compensation — — — — 172 — — 172

Balance as of June 30, 2025 7,019,710 169,760 66,307,379 663 4,166,345 — ( 3,627,392 ) 709,376

The accompanying notes are an integral part of these condensed consolidated financial statements.

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Three Months Ended March 31,

Six Months Ended June 30,

$ in thousands 2026 2025

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Proceeds from sale of mortgage-backed securities 211,544 1,179,303

Settlement (termination) of swaps, TBAs and futures, net 23,324 ( 101,516 )

Net settlement (termination) of derivative instruments ( 9,088 ) ( 149,124 )

Net change in due from counterparties and collateral held payable on derivative instruments 4,097 580

1 unchanged sentence

Cash Flows from Financing Activities

Proceeds from issuance of common stock 133,633 36,068

Net proceeds from issuance of common stock 251,602 38,231

Repurchase of preferred stock ( 2,731 ) ( 4,475 )

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(the “Company” or “we”) is a Maryland corporation primarily focused on investing in, financing and managing mortgage-backed securities (“MBS”) and other mortgage-related assets.

As of March 31, 2026, we were invested in:

As of June 30, 2026, we were invested in:

• residential mortgage-backed securities (“RMBS”) that are guaranteed by a U.S.

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All significant intercompany transactions, balances, revenues and expenses are eliminated upon consolidation.

Beginning with the first quarter of 2026, we are presenting a single continuous statement of comprehensive income (loss).

In 2026, we began presenting a single, continuous statement of comprehensive income (loss).

Prior periods have been adjusted to reflect this presentation.

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Note 3 – Mortgage-Backed Securities

The following tables summarize our MBS portfolio by asset type as of March 31, 2026 and December 31, 2025.

As of March 31, 2026

The following tables summarize our MBS portfolio by asset type as of June 30, 2026 and December 31, 2025.

As of June 30, 2026

$ in thousands Principal/ Notional

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Total 6,606,785 ( 464,118 ) 6,142,667 133,942 6,276,609 5.37 %

(1) Period-end weighted average yield is based on amortized cost as of March 31, 2026 and December 31, 2025 and incorporates future prepayment assumptions when appropriate.

(1) Period-end weighted average yield is based on amortized cost as of June 30, 2026 and December 31, 2025 and incorporates future prepayment assumptions when appropriate.

Total represents period-end weighted average yield of all mortgage-backed securities.

(2) All Agency collateralized mortgage obligations (“Agency CMO”) are interest-only securities.

We have elected the fair value option for all of our MBS held as of March 31, 2026 and December 31, 2025.

We have elected the fair value option for all of our MBS held as of June 30, 2026 and December 31, 2025.

We believe the fair value option election more appropriately reflects the results of our operations because MBS fair value changes are accounted for in the same manner as fair value changes in economic hedging instruments.

The components of the carrying value of our MBS portfolio as of March 31, 2026 and December 31, 2025 are presented below.

The components of the carrying value of our MBS portfolio as of June 30, 2026 and December 31, 2025 are presented below.

Accrued interest receivable on our MBS portfolio is recorded within investment related receivable on our condensed consolidated balance sheets.

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

$ in thousands MBS Interest-Only Securities Total MBS Interest-Only Securities Total

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Fair value 6,885,523 64,386 6,949,909 6,207,289 69,320 6,276,609

The following table summarizes our MBS portfolio according to estimated weighted average life classifications as of March 31, 2026 and December 31, 2025 .

$ in thousands March 31, 2026 December 31, 2025

The following table summarizes our MBS portfolio according to estimated weighted average life classifications as of June 30, 2026 and December 31, 2025 .

$ in thousands June 30, 2026 December 31, 2025

Greater than one year and less than five years 1,166,034 2,031,058

1 unchanged sentence

Total 6,949,909 6,276,609

During the three months ended March 31, 2025, we sold our remaining non-Agency CMBS investment for cash proceeds of $ 10.2 million and recognized a loss upon sale of $ 116,000 .

This was the only security for which we had recorded an allowance for credit losses.

We did not hold any available-for-sale MBS during the three months ended March 31, 2026.

The following table presents a roll-forward of our allowance for credit losses.

Three Months Ended March 31,

$ in thousands 2026 2025

Beginning allowance for credit losses — ( 654 )

Reductions for securities sold — 654

Ending allowance for credit losses — —

The following table summarizes the components of our total gain (loss) on investments, net for the three months ended March 31, 2026 and 2025.

Three Months Ended March 31,

The following table summarizes the components of our total gain (loss) on investments, net for the three and six months ended June 30, 2026 and 2025.

Three Months Ended June 30, Six Months Ended June 30,

$ in thousands 2026 2025 2026 2025

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Total gain (loss) on investments, net ( 21,226 ) ( 5,268 ) ( 76,166 ) 76,890

The following tables present components of interest income recognized for the three months ended March 31, 2026 and 2025.

For the three months ended March 31, 2026

The following tables present components of interest income recognized for the three and six months ended June 30, 2026 and 2025.

For the three months ended June 30, 2026

$ in thousands Coupon Interest Net (Premium Amortization)/ Discount Accretion Interest Income

3 unchanged sentences

Total 86,288 ( 880 ) 85,408

For the three months ended March 31, 2025

For the three months ended June 30, 2025

$ in thousands Coupon Interest Net (Premium Amortization)/ Discount Accretion Interest Income

1 unchanged sentence

Agency CMBS 10,164 114 10,278

Non-Agency RMBS 47 51 98

Other (inclusive of interest earned on cash balances) 172 — 172

Total 70,980 ( 356 ) 70,624

For the six months ended June 30, 2026

$ in thousands Coupon Interest Net (Premium Amortization)/ Discount Accretion Interest Income

Agency RMBS 146,439 ( 2,310 ) 144,129

Agency CMBS 19,608 832 20,440

Other (inclusive of interest earned on cash balances) 480 — 480

Total 166,527 ( 1,478 ) 165,049

For the six months ended June 30, 2025

$ in thousands Coupon Interest Net (Premium Amortization)/ Discount Accretion Interest Income

Agency RMBS 123,864 ( 341 ) 123,523

Agency CMBS 20,041 209 20,250

Non-Agency CMBS 77 — 77

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Our repurchase agreements are subject to certain financial covenants.

We were in compliance with all of these covenants as of March 31, 2026 and December 31, 2025.

The following table summarizes certain characteristics of our borrowings as of March 31, 2026 and December 31, 2025.

We were in compliance with all of these covenants as of June 30, 2026 and December 31, 2025.

The following table summarizes certain characteristics of our borrowings as of June 30, 2026 and December 31, 2025.

Refer to Note 5 - “Collateral Positions” for collateral pledged and held under our repurchase agreements.

$ in thousands March 31, 2026 December 31, 2025

$ in thousands June 30, 2026 December 31, 2025

Outstanding Weighted

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Note 5 - Collateral Positions

The following table summarizes the fair value of collateral that we pledged and held under our repurchase agreements and derivative instruments as of March 31, 2026 and December 31, 2025.

The following table summarizes the fair value of collateral that we pledged and held under our repurchase agreements and derivative instruments as of June 30, 2026 and December 31, 2025.

Refer to Note 2 - “Summary of Significant Accounting Policies - Fair Value Measurements” of our consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2025 for a description of how we determine fair value.

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Non-cash collateral held is only recognized if the counterparty defaults or if we sell the pledged collateral.

As of March 31, 2026 and December 31, 2025, we did not hold any non-cash collateral.

As of June 30, 2026, we held $ 6.3 million of non-cash collateral that was not recognized on our condensed consolidated balance sheets (December 31, 2025:

$ in thousands As of

Collateral pledged March 31, 2026 December 31, 2025

Collateral pledged June 30, 2026 December 31, 2025

Repurchase agreements:

3 unchanged sentences

Derivative instruments:

Cash 24,969 —

Restricted cash 167,155 110,391

2 unchanged sentences

Mortgage-backed securities 6,474,978 5,879,318

Cash 25,749 —

Restricted cash 167,155 110,391

Total collateral pledged 6,642,133 5,989,709

Collateral held March 31, 2026 December 31, 2025

Collateral held June 30, 2026 December 31, 2025

Repurchase agreements:

Non-cash collateral 6,279 —

Total repurchase agreements collateral held 8,885 —

Derivative instruments:

Total derivative instruments collateral held 4,097 —

Total collateral held:

Non-cash collateral 6,279 —

Total collateral held 12,982 —

Repurchase Agreements

4 unchanged sentences

We intend to maintain a level of liquidity that will enable us to meet any reasonably anticipated margin calls.

The ratio of our total repurchase agreements collateral pledged to our total repurchase agreements outstanding was 105 % as of March 31, 2026 (December 31, 2025:

The ratio of our total repurchase agreements collateral pledged to our total repurchase agreements outstanding was 104 % as of June 30, 2026 (December 31, 2025:

105 %) based on the fair value of the securities as reported in our condensed consolidated balance sheets.

Interest Rate Swaps

As of March 31, 2026 and December 31, 2025, all of our interest rate swaps were centrally cleared by the Chicago Mercantile Exchange (“CME”), a registered clearing organization, through a Futures Commission Merchant (“FCM”).

As of June 30, 2026 and December 31, 2025, all of our interest rate swaps were centrally cleared by the Chicago Mercantile Exchange (“CME”), a registered clearing organization, through a Futures Commission Merchant (“FCM”).

We are required to pledge initial margin and daily variation margin for our centrally cleared interest rate swaps that is based on the fair value of our contracts as determined by our FCM.

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$ in thousands Notional Amount as of December 31, 2025 Additions Settlement,

or Exercise Notional Amount as of March 31, 2026

or Exercise Notional Amount as of June 30, 2026

Interest rate swaps 3,820,000 1,875,000 ( 930,000 ) 4,765,000

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Under the terms of our interest rate swap contracts, we make fixed-rate payments to a counterparty in exchange for the receipt of floating-rate amounts over the life of the agreements without exchange of the underlying notional amount.

As of March 31, 2026 and December 31, 2025, we had interest rate swaps whereby we pay fixed interest rates and receive floating interest rates based on the secured overnight financing rate (“SOFR”) with the following maturities outstand ing .

$ in thousands As of March 31, 2026

The following tables summarize certain characteristics of our interest rate swaps whereby we pay fixed interest rates and receive floating interest rates based on the secured overnight financing rate (“SOFR”) as of June 30, 2026 and December 31, 2025.

$ in thousands As of June 30, 2026

Maturities Notional

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The table below presents certain details of our U.S.

Treasury futures contracts as of March 31, 2026 and December 31, 2025.

March 31, 2026 December 31, 2025

Treasury futures contracts as of June 30, 2026 and December 31, 2025.

June 30, 2026 December 31, 2025

$ in thousands Notional Amount - Short Notional Amount - Short

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We do not intend to take or make delivery of the underlying Agency RMBS on the contractual settlement date of our TBAs accounted for as derivatives.

Our primary use of TBAs has been in long positions as an alternative means of investing in and financing Agency RMBS.

Additionally, we have used and may in the future use short positions in TBAs to manage risk and economically hedge a portion of our exposure to changes in Agency RMBS valuations.

The table below presents certain characteristics of our TBAs accounted for as derivatives as of March 31, 2026.

We primarily use long positions in TBAs as an alternative means of investing in and financing Agency RMBS.

Additionally, during the second quarter of 2025, we used short positions in TBAs to manage risk and economically hedge a portion of our exposure to changes in Agency RMBS valuations.

The table below presents certain characteristics of our TBAs accounted for as derivatives as of June 30, 2026.

We did not have any TBAs outstanding as of December 31, 2025.

$ in thousands As of March 31, 2026

$ in thousands As of June 30, 2026

Notional Amount Implied Cost Basis Implied Market Value Net Carrying Value - Asset (Liability) (1)

TBA purchase contracts (2)

1,600,000 1,609,118 1,609,922 804

TBA sale contracts (3)

( 400,000 ) ( 409,561 ) ( 408,900 ) 661

Net TBA derivatives 1,200,000 1,199,557 1,201,022 1,465

(1) Derivative assets and derivative liabilities related to TBAs are presented on a gross basis on the condensed consolidated balance sheets.

(2) Net carrying value of TBA purchase contracts includes $ 1.7 million of derivative assets and $ 882,000 of derivative liabilities.

(3) Net carrying value of TBA sale contracts includes $ 661,000 of derivative assets and no derivative liabilities.

Tabular Disclosure of the Effect of Derivative Instruments on the Balance Sheets

The table below presents the fair value of our derivative financial instruments, as well as their classification on our condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025.

The table below presents the fair value of our derivative financial instruments, as well as their classification on our condensed consolidated balance sheets as of June 30, 2026 and December 31, 2025.

$ in thousands

1 unchanged sentence

2026 December 31,

2025 March 31,

2025 June 30,

2026 December 31,

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The following tables summarize the effect of interest rate swaps, U.S.

Treasury futures contracts and TBAs reported in gain (loss) on derivative instruments, net on the condensed consolidated statements of comprehensive income (loss) for the three months ended March 31, 2026 and 2025.

$ in thousands

Three Months Ended March 31, 2026

Three Months Ended June 30, 2026

Not Designated as

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$ in thousands

Three Months Ended March 31, 2025

Three Months Ended June 30, 2025

Not Designated as

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Total ( 47,608 ) 28,631 ( 11,939 ) ( 30,916 )

$ in thousands

Six Months Ended June 30, 2026

Not Designated as

Hedging Instruments Realized Gain (Loss) on Derivative Instruments, Net Contractual Net Interest Income (Expense) Unrealized Gain (Loss), Net Gain (Loss) on Derivative Instruments, Net

Interest rate swaps ( 1,412 ) 42,335 6,680 47,603

Treasury futures contracts 4,581 — 3,071 7,652

TBAs ( 12,257 ) — 1,465 ( 10,792 )

Total ( 9,088 ) 42,335 11,216 44,463

$ in thousands

Six Months Ended June 30, 2025

Not Designated as

Hedging Instruments Realized Gain (Loss) on Derivative Instruments, Net Contractual Net Interest Income (Expense) Unrealized Gain (Loss), Net Gain (Loss) on Derivative Instruments, Net

Interest rate swaps ( 112,575 ) 56,710 ( 7,943 ) ( 63,808 )

Treasury futures contracts ( 38,516 ) — ( 7,844 ) ( 46,360 )

TBAs 1,967 — 606 2,573

Total ( 149,124 ) 56,710 ( 15,181 ) ( 107,595 )

Note 7 – Offsetting Assets and Liabilities

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Assets and liabilities subject to such arrangements are presented on a gross basis on the condensed consolidated balance sheets.

The following tables present information about the assets and liabilities that are subject to master netting arrangements (or similar agreements) and can potentially be offset on our condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025.

The daily variation margin payments for centrally cleared interest rate swaps and U.S.

Treasury futures contracts are characterized as settlement of the derivative itself rather than collateral.

Our derivative liabilities of $ 4.0 million related to centrally cleared interest rate swaps and $ 3.0 million related to U.S.

Treasury futures contracts as of March 31, 2026 (December 31, 2025:

Our derivative assets of $ 8.9 million related to centrally cleared interest rate swaps and $ 5.2 million related to U.S.

Treasury futures contracts as of June 30, 2026 (December 31, 2025:

assets of $ 2.2 million related to centrally cleared interest rate swaps and $ 2.2 million related to U.S.

Treasury futures contracts) are not included in the table below as a result of this characterization of daily variation margin.

As of March 31, 2026

Treasury futures contracts) are not included in the tables below as a result of this characterization of daily variation margin.

As of June 30, 2026

Gross Amounts Not Offset with Financial Assets (Liabilities) in the Balance Sheets

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(1) Amounts represent derivative assets and derivative liabilities which could potentially be offset against other derivative assets, derivative liabilities and cash collateral pledged or received.

(2) Cash collateral pledged by us on our derivatives was $ 163.3 million as of March 31, 2026 (December 31, 2025:

(2) Cash collateral pledged by us on our derivatives was $ 167.2 million as of June 30, 2026 (December 31, 2025:

$ 110.4 million) of which $ 167.2 million relates to initial margin pledged on centrally cleared interest rate swaps and U.S.

3 unchanged sentences

Treasury futures contracts are excluded from the tables above.

We held no cash collateral on our derivatives as of March 31, 2026 or December 31, 2025.

(3) The fair value of securities pledged against our borrowings under repurchase agreements was $ 5.6 billion as of March 31, 2026 (December 31, 2025:

We held $ 4.1 million of cash collateral on our derivatives as of June 30, 2026 (December 31, 2025:

(3) The fair value of securities pledged against our borrowings under repurchase agreements was $ 6.5 billion as of June 30, 2026 (December 31, 2025:

$ 5.9 billion).

We pledged $ 780,000 of cash collateral under repurchase agreements as of March 31, 2026 (December 31, 2025:

We held $ 14,000 of cash collateral under repurchase agreements as of March 31, 2026 (December 31, 2025:

We held $ 2.6 million of cash collateral under repurchase agreements as of June 30, 2026 (December 31, 2025:

Gross amounts not offset are limited to the net amount of repurchase agreement liabilities presented sufficient to reduce the net amount to zero for each counterparty.

Accordingly, cash collateral pledged and held under repurchase agreements are not shown in the table above, but the right to receive and the obligation to return the cash collateral are separately reported within due from counterparties and collateral held payable, respectively, on the condensed consolidated balance sheets.

Accordingly, cash collateral held under repurchase agreements is not shown in the tables above, but the obligation to return the cash collateral is separately reported within collateral held payable on the condensed consolidated balance sheets.

Non-cash collateral held under repurchase agreements is only recognized on our condensed consolidated balance sheets if the counterparty defaults or if we sell the pledged collateral.

Note 8 – Fair Value of Financial Instruments

A three-level valuation hierarchy exists for disclosure of fair value measurements based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date.

A three-level valuation hierarchy exists for disclosure of fair value measurements based on the transparency of inputs to the valuation of an asset or liability as of the measurement date.

Observable inputs reflect readily obtainable data from independent sources, while unobservable inputs reflect our market assumptions.

6 unchanged sentences

The following tables present our assets and liabilities measured at fair value on a recurring basis.

As of March 31, 2026

As of June 30, 2026

Fair Value Measurements Using:

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Derivative liabilities (2)

2,983 25,747 — 28,730

Total liabilities — 882 — 882

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Treasury futures contracts as Level 1 measurements and interest rate swaps and TBAs as Level 2 measurements.

The following table presents the carrying value and estimated fair value of our financial instruments that are not carried at fair value on the condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025.

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

$ in thousands Carrying

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Our Manager is not obligated to dedicate any of its employees exclusively to us, nor is our Manager obligated to dedicate any specific portion of time to our business.

The costs of support personnel provided by our Manager reimbursed or reimbursable by us for the three months ended March 31, 2026 were $ 347,000 (three months ended March 31, 2025:

The costs of support personnel provided by our Manager reimbursed or reimbursable by us for the three and six months ended June 30, 2026 were $ 534,000 and $ 881,000 , respectively (three and six months ended June 30, 2025:

$ 257,000 and $ 550,000 ).

When cash collateral is received from counterparties under repurchase agreement borrowings, it is generally invested in a money market fund for which our Manager serves as the investment adviser.

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Our reimbursement obligation is not subject to any dollar limitation.

The following table summarizes the costs incurred on our behalf by our Manager for the three months ended March 31, 2026 and 2025.

Three Months Ended March 31,

The following table summarizes the costs incurred on our behalf by our Manager for the three and six months ended June 30, 2026 and 2025.

Three Months Ended June 30, Six Months Ended June 30,

$ in thousands 2026 2025 2026 2025

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In May 2022, our board of directors approved a share repurchase program for our Series C Preferred Stock.

During the three months ended March 31, 2026, we repurchased and retired 64,688 shares of Series C Preferred Stock (three months ended March 31, 2025:

90,146 shares).

As of March 31, 2026, we had authority to repurchase 289,443 additional shares of our Series C Preferred Stock under the current preferred stock share repurchase program.

During the three and six months ended June 30, 2026, we repurchased and retired 47,222 and 111,910 shares of Series C Preferred Stock, respectively (three and six months ended June 30, 2025:

96,803 and 186,949 shares).

As of June 30, 2026, we had authority to repurchase 242,221 additional shares of our Series C Preferred Stock under the current preferred stock share repurchase program.

Holders of our Series C Preferred Stock are entitled to receive dividends at an annual rate of 7.50 % of the liquidation preference of $ 25.00 per share or $ 1.875 per share per annum until September 27, 2027.

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Shares of Series C Preferred Stock are not redeemable, convertible into or exchangeable for any other property or any other securities of the Company before that time, except under circumstances intended to preserve our qualification as a REIT or upon the occurrence of a change in control.

As of March 31, 2026, we had 36,840,411 shares of our common stock remaining available for sale from time to time in at-the-market or privately negotiated transactions under our equity distribution agreement with placement agents.

As of June 30, 2026, we had 21,992,905 shares of our common stock remaining available for sale from time to time in at-the-market or privately negotiated transactions under our equity distribution agreement with placement agents.

These shares are registered with the SEC under our shelf registration statement (as amended and/or supplemented).

The table below shows issuances of our common stock under equity distribution agreements during the three months ended March 31, 2026 and 2025.

Three Months Ended March 31,

The table below shows

issuances of our common stock under equity distribution agreements during the three and six months ended June 30, 2026 and 2025.

Three Months Ended June 30, Six Months Ended June 30,

Shares in ones, $ in thousands 2026 2025 2026 2025

2 unchanged sentences

Cash proceeds, net of fees paid to placement agents (1)

During the three months ended March 31, 2026 and 2025, we did not repurchase any shares of our common stock.

As of March 31, 2026, we had authority to repurchase 1,816,359 shares of our common stock through our common stock share repurchase program.

118,109 2,163 251,741 38,231

(1) During the three and six months ended June 30, 2026, we also paid other costs of $ 139,000 related to issuances of common stock.

During the three and six months ended June 30, 2026 and 2025, we did not repurchase any shares of our common stock.

As of June 30, 2026, we had authority to repurchase 1,816,359 shares of our common stock through our common stock share repurchase program.

Accumulated Other Comprehensive Income

Our other comprehensive income (loss) during the three months ended March 31, 2025 related to gains and losses on MBS that were not accounted for under the fair value option.

Our other comprehensive income (loss) during the three and six months ended June 30, 2025 related to gains and losses on MBS that were not accounted for under the fair value option.

Gains and losses on MBS that are accounted for under the fair value option are recorded on our condensed consolidated statements of comprehensive income (loss) within “Gain (loss) on investments, net”.

The tables below summarize the dividends we declared during the three months ended March 31, 2026 and 2025.

The tables below summarize the dividends we declared during the three and six months ended June 30, 2026 and 2025.

$ in thousands, except per share amounts Dividends Declared

Series C Preferred Stock Per Share In Aggregate

Three months ended March 31, 2026 0.46875 3,190

Three months ended March 31, 2025 0.46875 3,341

Three months ended June 30, 2026 0.46875 3,165

Six months ended June 30, 2026 0.93750 6,355

Three months ended June 30, 2025 0.46875 3,297

Six months ended June 30, 2025 0.93750 6,638

$ in thousands, except per share amounts Dividends Declared

Common Stock Per Share In Aggregate

Three months ended March 31, 2026 0.36 30,049

Three months ended March 31, 2025 0.34 22,420

Three months ended June 30, 2026 0.36 34,713

Six months ended June 30, 2026 0.72 64,762

Three months ended June 30, 2025 0.34 22,545

Six months ended June 30, 2025 0.68 44,965

Note 11 – Earnings (Loss) per Common Share

Earnings (loss) per share for the three months ended March 31, 2026 and 2025 is calculated as follows.

Three Months Ended March 31,

Earnings (loss) per share for the three and six months ended June 30, 2026 and 2025 is calculated as follows.

Three Months Ended June 30, Six Months Ended June 30,

In thousands, except per share amounts 2026 2025 2026 2025

3 unchanged sentences

Weighted average number of common shares outstanding - Basic 94,904 66,006 88,425 64,434

Effect of dilutive securities:

Restricted stock awards — 1

Weighted average number of common shares outstanding - Diluted 94,904 66,006 88,425 64,434

3 unchanged sentences

Diluted 0.34 ( 0.40 ) 0.10 ( 0.16 )

There were no antidilutive shares that were excluded from the calculation of diluted earnings per share during the three months ended March 31, 2026 and 2025.

There were no antidilutive shares that were excluded from the calculation of diluted earnings per share for the three and six months ended June 30, 2026.

The following potential weighted average common shares were excluded from diluted earnings per share for the three and six months ended June 30, 2025 as the effect would be antidilutive:

48 and 1,069 for restricted stock awards, respectively.

Note 12 – Commitments and Contingencies

Commitments and contingencies may arise in the ordinary course of business.

As of March 31, 2026, we were not aware of any reported or unreported contingencies.

As of June 30, 2026, we were not aware of any reported or unreported contingencies.

Note 13 – Subsequent Events

Common Stock Issuances

Between April 1, 2026 and May 6, 2026, we issued 6,653,459 shares of common stock under our equity distribution agreement with placement agents for cash proceeds, net of fees paid to placement agents, of $ 54.0 million.

Between July 1, 2026 and August 5, 2026, we issued 5,380,335 shares of common stock under our equity distribution agreement with placement agents for cash proceeds, net of fees paid to placement agents, of $ 41.3 million.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements