v3.25.2
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) $ 74,360 $ 65,159
Adjustments to reconcile net income/(loss) to net cash provided by operating activities:    
Net (gain)/loss on residential whole loans (90,122) (5,726)
Impairment and other net (gain)/loss on securities and other portfolio investments, net (27,831) 6,115
Net (gain)/loss on real estate owned 4,442 (2,516)
Accretion of purchase discounts and amortization of purchase premiums on residential whole loans and securities (1,187) (6,841)
Provision/(reversal of provision) for credit losses on residential whole loans and other assets 936 (404)
Net (gain)/loss on derivatives used for risk management purposes 60,233 (12,945)
Net (gain)/loss on securitized debt measured at fair value through earnings 22,287 27,766
Net margin received/(paid) for derivatives used for risk management purposes (95,452) (863)
Net other non-cash (gains)/losses included in net income 42,685 22,188
(Increase)/decrease in other assets 30,003 13,326
Increase/(decrease) in other liabilities 3,540 (5,312)
Net cash provided by/(used in) operating activities 23,894 99,947
Cash Flows From Investing Activities:    
Purchases and origination of residential whole loans, loan related investments and capitalized advances (1,351,673) (1,453,092)
Proceeds from sales of residential whole loans 137,032 166,396
Principal payments on residential whole loans and loan related investments 1,230,027 1,002,141
Purchases of securities (461,825) (175,502)
Proceeds from sales of securities and other assets 2,617 29,606
Principal payments on securities 128,593 26,308
Proceeds from sales of real estate owned 46,640 49,832
Other investing activities (13,463) 81,640
Net cash provided by/(used in) investing activities (282,052) (272,671)
Cash Flows From Financing Activities:    
Principal payments on financing agreements with mark-to-market collateral provisions (1,099,127) (829,083)
Proceeds from borrowings under financing agreements with mark-to-market collateral provisions 1,594,942 1,197,871
Principal payments on other collateralized financing agreements (881,267) (1,254,485)
Proceeds from borrowings under other collateralized financing agreements 705,835 1,232,486
Payments made for other collateralized financing agreement related costs (4,119) (4,188)
Redemption and repurchase of convertible senior notes 0 (209,558)
Proceeds from issuance of senior notes 0 182,670
Payments made for settlements and unwinds of Swaps (17,174) 0
Proceeds from issuances of common stock, net of expenses (40) (40)
Payments made for the repurchase of common stock (5,189) (1,491)
Dividends paid on preferred stock (18,779) (16,438)
Dividends paid on common stock and dividend equivalents (73,281) (71,804)
Net cash provided by/(used in) financing activities 201,801 225,940
Net increase/(decrease) in cash, cash equivalents and restricted cash (56,357) 53,216
Cash, cash equivalents and restricted cash at beginning of period 601,312 488,211
Cash, cash equivalents and restricted cash at end of period 544,955 541,427
Supplemental Disclosure of Cash Flow Information    
Cash paid for interest 249,519 258,517
Non-cash Investing and Financing Activities:    
Transfer from residential whole loans to real estate owned 55,734 44,951
Dividends and dividend equivalents declared and unpaid 37,510 36,048
Payable for unsettled investment purchases $ 0 $ 0