CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
Mar. 31, 2026	Mar. 31, 2025
Cash Flows From Operating Activities:
Net income/(loss)	$ (984)	$ 41,176
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities:
Net (gain)/loss on residential whole loans	32,092	(55,757)
Impairment and other net (gain)/loss on securities and other portfolio investments, net	38,271	(21,188)
Net (gain)/loss on real estate owned	3,029	1,497
Accretion of purchase discounts and amortization of purchase premiums on residential whole loans and securities	3,151	741
Provision/(reversal of provision) for credit losses on residential whole loans and other assets	(241)	145
Net (gain)/loss on derivatives used for risk management purposes	(26,767)	44,842
Net (gain)/loss on securitized debt measured at fair value through earnings	(22,901)	18,575
Net margin received/(paid) for derivatives used for risk management purposes	13,485	(83,136)
Net other non-cash (gains)/losses included in net income	7,253	12,061
(Increase)/decrease in other assets	23,612	30,747
Increase/(decrease) in other liabilities	1,070	(4,267)
Net cash provided by/(used in) operating activities	71,070	(14,564)
Cash Flows From Investing Activities:
Purchases and origination of residential whole loans, loan related investments and capitalized advances	(675,729)	(607,825)
Proceeds from sales of residential whole loans	85,791	72,261
Principal payments on residential whole loans and loan related investments	551,547	586,807
Purchases of securities	(350,944)	(299,642)
Proceeds from sales of securities and other assets	1,561	2,617
Principal payments on securities	128,077	32,512
Proceeds from sales of real estate owned	26,287	24,308
Other investing activities	7,796	(62,584)
Net cash provided by/(used in) investing activities	(225,614)	(251,546)
Cash Flows From Financing Activities:
Principal payments on financing agreements with mark-to-market collateral provisions	(797,391)	(406,558)
Proceeds from borrowings under financing agreements with mark-to-market collateral provisions	1,057,410	699,300
Principal payments on other collateralized financing agreements	(813,830)	(444,264)
Proceeds from borrowings under other collateralized financing agreements	797,120	341,077
Payments made for other collateralized financing agreement related costs	(2,953)	(2,154)
Payments made for settlements and unwinds of Swaps	(6,759)	0
Proceeds from issuance of preferred stock, net of expenses	3,427	0
Proceeds from issuances of common stock, net of expenses	(10)	(20)
Payments made for the repurchase of common stock	(9,033)	(5,189)
Dividends paid on preferred stock	(10,424)	(8,219)
Dividends paid on common stock and dividend equivalents	(38,870)	(35,881)
Net cash provided by/(used in) financing activities	178,687	138,092
Net increase/(decrease) in cash, cash equivalents and restricted cash	24,143	(128,018)
Cash, cash equivalents and restricted cash at beginning of period	386,668	601,312
Cash, cash equivalents and restricted cash at end of period	410,811	473,294
Supplemental Disclosure of Cash Flow Information
Cash paid for interest	132,301	122,604
Non-cash Investing and Financing Activities:
Transfer from residential whole loans to real estate owned	25,252	25,448
Dividends and dividend equivalents declared and unpaid	37,725	37,400
Payable for unsettled investment purchases	41,843	31,048
Increase/(decrease) in right-of-use lease asset from lease modification	(32,581)	0
Increase/(decrease) in lease liability from lease modification	$ (36,027)	$ 0

The sum of the periodic adjustments of the differences between securities' or loans' face values and purchase prices that are charged against earnings. This is called accretion if the security or loan was purchased at a discount . As a noncash item, this element is an adjustment to net income when calculating cash provided by or used in operations using the indirect method.

No definition available.