v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash Flows From Operating Activities      
Net income (loss) $ 6,942 $ 12,210 $ (35,455)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Realized loss on RMBS, net 6,045 6,595 36,315
Unrealized loss on investments in Servicing Related Assets 18,825 7,160 25,937
Realized gain on investments in MSRs, net 0 (504) 0
Realized gain on acquired assets, net (2) (2) (23)
Realized gain on derivatives, net (7,037) (21,322) (33,821)
Unrealized (gain) loss on RMBS, measured at fair value through earnings, net (35,578) 19,445 (9,755)
Unrealized (gain) loss on derivatives, net 39,767 (9,809) 43,071
Accretion of premiums on RMBS (3,374) (3,030) (1,820)
Amortization of deferred financing costs 329 311 185
LTIP-OP Unit awards 287 496 468
Changes in operating assets and liabilities:      
Decrease (increase) in receivables and other assets (356) 4,116 (1,613)
Decrease in due to manager 0 (1,789) (81)
Increase (decrease) in accrued expenses and other liabilties (6,751) (18,568) 17,251
Net cash provided by (used in) operating activities 19,097 (4,691) 40,659
Cash Flows From Investing Activities      
Purchase of RMBS (247,705) (414,400) (761,946)
Principal paydown of RMBS 100,240 81,243 68,371
Proceeds from sale of RMBS 99,844 195,132 585,617
Proceeds from sale of MSRs 0 13,308 0
Acquisition of MSRs 2 7 174
Proceeds from (payments for) settlement of derivatives (19,032) (16,624) 3,730
Net cash used in investing activities (66,651) (141,334) (104,054)
Cash Flows From Financing Activities      
Borrowings under repurchase agreements 10,229,424 9,929,684 9,300,725
Repayments of repurchase agreements (10,169,481) (9,755,916) (9,223,198)
Proceeds from derivative financing 0 24,462 4,946
Payments for bank loans (514) 0 (759)
Principal paydown of bank loans (5,850) (18,400) (14,000)
Dividends paid (28,658) (28,168) (31,211)
LTIP-OP Units distributions paid (316) (346) (389)
Redemption of OP units (101) (9) 0
Issuance of common stock, net of offering costs 14,760 5,588 31,054
Repurchase and retirement of preferred stock 0 (9,438) 0
Net cash provided by financing activities 39,264 147,457 67,168
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash (8,290) 1,432 3,773
Cash, Cash Equivalents and Restricted Cash, Beginning of Period 70,759 69,327 65,554
Cash, Cash Equivalents and Restricted Cash, End of Period 62,469 70,759 69,327
Reconciliation of cash and cash equivalents and restricted cash      
Cash and cash equivalents 54,946 46,313 52,886
Restricted cash 7,523 24,446 16,441
Total cash and cash equivalents and restricted cash 62,469 70,759 69,327
Supplemental Disclosure of Cash Flow Information      
Cash paid during the period for interest expense 59,685 33,678 28,885
Cash paid during the period for income taxes 49 64 56
Supplemental Schedule of Non-Cash Investing and Financing Activities      
Dividends declared but not paid $ 5,919 $ 7,011 $ 6,650