v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Net income (loss) $ 44,024 $ 28,750
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 10,863 9,228
Net unrealized (gain) loss on trading securities, mortgage loans, portion of debt at fair value option, and derivative contracts (30,758) (23,761)
Amortization of debt issuance costs 788 462
Accretion of non-recourse securitized obligation discount 4,327 4,544
Accretion of discount on U.S. Treasury securities (61) (565)
Stock compensation 1,354 2,041
Net change in:    
TBA securities and interest rate futures contracts (4,985) 11,221
Principal and interest receivable on residential mortgage loans (2,213) (640)
Other assets (8,160) (1,051)
Management fee payable to affiliate (3) (727)
Income tax payable (2,561) 1,544
Interest payable 2,489 114
Cash Provided by (Used in) Operating Activity, Including Discontinued Operation, Total (406,954) (221,468)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of investments in RMBS, available for sale (11,261) (19,015)
Purchases of investments in whole pool agency RMBS, trading (912,283) (1,130,561)
Sale of investments in RMBS, available for sale 27,726 0
Sale of investments in whole pool agency RMBS, trading 913,060 1,121,001
Purchase of investments in U.S. Treasury securities (74,939) (349,595)
Investments in majority-owned affiliates (4,100) (4,051)
Principal payments on RMBS and CMBS securities 448 2,736
Maturities of U.S. Treasury securities 75,000 500,000
Principal payments on commercial mortgage loans 12 33
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES 13,663 120,548
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from issuances of common stock, net of issuance costs 12,181 1,883
Dividends paid to common stockholders (30,937) (31,037)
Principal payments on non-recourse securitization obligation (249,373) (170,468)
Cash paid for debt issuance costs (666) (1,045)
Proceeds from securitizations 530,533 575,761
Net proceeds from (repurchases of) securities sold under agreements to repurchase 3,486 (143,101)
Net proceeds from (payments on) notes payable 89,298 (161,151)
Net proceeds from issuance of senior notes 41,161 48,425
Repurchase of common stock 0 (19,950)
NET CASH PROVIDED BY FINANCING ACTIVITIES 395,683 99,317
CHANGE IN CASH AND RESTRICTED CASH 2,392 (1,603)
CASH AND RESTRICTED CASH, beginning of period 42,893 44,496
CASH AND RESTRICTED CASH, end of period 45,285 42,893
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Cash paid during the period for interest 94,895 66,310
Cash paid during the period for income tax expense 3,275 1,717
Mortgage Loans    
Adjustments to reconcile net income (loss) to net cash provided or (used in) operating activities:    
Net amortization of premiums and discounts on mortgage loans 3,739 2,797
RMBS    
Adjustments to reconcile net income (loss) to net cash provided or (used in) operating activities:    
Net amortization of premiums and discounts on mortgage loans 267 291
Affiliates    
Adjustments to reconcile net income (loss) to net cash provided or (used in) operating activities:    
Purchases of residential mortgage loans (164,888) (255,368)
Sale of residential mortgage loans 145,427 235,903
Principal payments on residential mortgage loans 249,497 170,468
Net change in:    
Accrued expenses 17 18
Nonrelated Party    
Adjustments to reconcile net income (loss) to net cash provided or (used in) operating activities:    
Purchases of residential mortgage loans (700,653) (431,707)
Sale of residential mortgage loans 6,392 5,981
Principal payments on residential mortgage loans 38,684 18,009
Net change in:    
Accrued expenses $ (540) $ 980