v3.25.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income (loss) $ 21,298 $ 12,601
Adjustments to reconcile net income (loss) to net cash provided or (used in) operating activities:    
Net realized (gain) loss on mortgage loans, derivative contracts, RMBS, and CMBS 5,681 8,192
Net unrealized (gain) loss on trading securities, mortgage loans, portion of debt at fair value option, and derivative contracts (15,049) (13,342)
Amortization of debt issuance costs 338 14
Net amortization of premiums and discounts on mortgage loans 1,799 1,309
Accretion of non-recourse securitized obligation discount 2,202 2,335
Accretion of discount on U.S. Treasury securities (61) (483)
Stock compensation 533 1,260
Net change in:    
Margin (paid) received from interest rate futures contracts and TBAs (4,389) 5,964
Principal and interest receivable on residential mortgage loans 1,305 1,325
Other assets (1,405) (959)
Management fee payable to affiliate 13 (1,383)
Income tax payable (2,622) (1,163)
Interest payable 1,323 (360)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES (181,103) 16,014
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of investments in RMBS, available for sale (8,079) (5,733)
Purchases of investments in RMBS, trading (505,774) (754,069)
Sale of investments in RMBS, trading 507,563 749,377
Purchase of investments in U.S. Treasury securities (74,939) (299,632)
Investments in majority-owned affiliates 0 (2,253)
Maturities of U.S. Treasury securities 448 1,230
Principal payments on commercial mortgage loans 75,000 300,000
Principal payments on commercial mortgage loans 12 19
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES (5,769) (11,061)
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from issuances of common stock, net of expenses 1,994 0
Dividends paid to common stockholders (15,125) (15,989)
Principal payments on non-recourse securitization obligation (115,627) (80,011)
Cash paid for debt issuance costs (639) (125)
Proceeds from securitization 269,915 274,793
Net proceeds from (payments on) securities sold under agreements to repurchase 17,507 7,395
Net proceeds from (payments on) notes payable (10,840) (189,410)
Net proceeds from issuance of senior notes 41,161 0
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 188,346 (3,347)
CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 1,474 1,606
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period 42,893 44,496
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period 44,367 46,102
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash paid during the period for interest 37,453 30,631
Nonrelated Party    
Adjustments to reconcile net income (loss) to net cash provided or (used in) operating activities:    
Purchases of residential mortgage loans (323,135) (60,635)
Sale of residential mortgage loans 1,279 2,030
Principal payments on residential mortgage loans 13,190 11,702
Net change in:    
Accrued expenses 431 (332)
Affiliates    
Adjustments to reconcile net income (loss) to net cash provided or (used in) operating activities:    
Purchases of residential mortgage loans (82,757) (98,069)
Sale of residential mortgage loans 83,669 66,107
Principal payments on residential mortgage loans 115,627 80,252
Net change in:    
Accrued expenses $ (373) $ (351)