v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash Flows from Operating Activities:    
Net income $ 86,566 $ 37,065
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Net amortization 5,377 4,750
Depreciation expense related to operating real estate 4,623 5,895
Realized losses, net 10,680 41,100
Unrealized losses (gains), net 62,568 (118,203)
(Gains) losses on derivative instruments, net (87,814) 46,802
Other (gains) losses, net (45,422) 45
Gains on residential loans held for sale, net (9,216) 0
Originations of residential loans held for sale (161,175) 0
Repurchases of residential loans (2,929) 0
Proceeds from sales and repayments of residential loans held for sale 132,493 0
Impairment of real estate 2,231 3,905
Income from multi-family loans and equity investments (2,353) (6,169)
Distributions of income from multi-family loans and equity investments 1,589 8,143
Stock based compensation expense, net 175 861
Changes in operating assets and liabilities (14,107) 1,625
Net cash (used in) provided by operating activities (16,714) 25,819
Cash Flows from Investing Activities:    
Proceeds from sales of investment securities 0 663,336
Principal paydowns received on investment securities 300,126 80,193
Purchases of investment securities (422,527) (1,466,298)
Principal repayments received on residential loans 292,282 343,690
Proceeds from sales of residential loans 10,301 8,352
Purchases and originations of residential loans (483,242) (398,774)
Return of capital from equity investments 1,570 16,900
Funding of multi-family loan and equity investments 0 (166)
Net variation margin received (paid) for derivative instruments 59,398 (71,382)
Net payments received from derivative instruments 31,620 23,517
Net proceeds from sale of real estate 144,520 8,647
Capital expenditures on real estate (969) (2,234)
Purchases of other assets (71) (6)
Net cash used in investing activities (66,992) (794,225)
Cash Flows from Financing Activities:    
Net proceeds received from repurchase agreements and warehouse facilities 265,471 472,930
Proceeds from issuance of senior unsecured notes, net 86,565 82,500
Repayment of senior unsecured notes (100,000) 0
Proceeds from issuance of collateralized debt obligations, net 308,455 328,561
Repurchases of common stock (5,005) 0
Dividends paid on common stock and dividend equivalents (21,414) (18,460)
Dividends paid on preferred stock (11,903) (10,420)
Net distributions to non-controlling interests in Consolidated VIEs (21,206) (296)
Payments made on and extinguishment of collateralized debt obligations (319,043) (120,814)
Payments made on Consolidated SLST CDOs (18,336) (14,955)
Net payments made on mortgages payable on real estate (56,862) (5,263)
Net cash provided by financing activities 106,722 713,783
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash 23,016 (54,623)
Cash, Cash Equivalents and Restricted Cash - Beginning of Period 342,378 329,024
Cash, Cash Equivalents and Restricted Cash - End of Period 365,394 274,401
Supplemental Disclosure:    
Cash paid for interest 130,123 99,802
(Refunds received) cash paid for income taxes (3) 6
Non-Cash Investing Activities:    
Purchase of investment securities not yet settled 5,024 38,402
Transfer from residential loans to real estate owned 12,333 23,165
Principal balance of loans transferred from residential loans held for sale to residential loans 238,104 0
Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Continuing Operation [Abstract]    
Cash and cash equivalents 208,915 177,072
Restricted cash included in other assets 156,479 97,329
Total cash, cash equivalents, and restricted cash 365,394 274,401
Common Stock    
Non-Cash Financing Activities:    
Dividends declared on stock and dividend equivalents to be paid in subsequent period 21,446 19,967
Preferred Stock    
Non-Cash Financing Activities:    
Dividends declared on stock and dividend equivalents to be paid in subsequent period $ 11,719 $ 11,885