v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash Flows From Operating Activities:    
Net income (loss) $ (26,541) $ 202,747
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:    
(Accretion) Amortization of investment discounts/premiums, net (17,079) 522
Accretion of deferred financing costs, debt issuance costs, and Securitized debt discounts/premiums, net 8,706 7,372
Net unrealized (gains) losses on derivatives (33,548) 9,024
(Payments) proceeds for derivative settlements 2,476 0
Margin received (paid) on derivatives 46,753 (79,889)
Net unrealized (gains) losses on financial instruments at fair value 80,923 (135,866)
Net realized losses on sales of investments 50,051 1,915
Other investment (gains) losses (320) (2,536)
Net increase in provision for credit losses 10,016 7,796
Depreciation, amortization, and impairment of intangible assets 13,725 1,902
Gain on origination and sale of loans, net (2,803) 0
(Gain) loss on extinguishment of debt 41,605 (2,122)
Equity-based compensation expense 5,679 5,886
Non-cash imputed compensation related to business acquisition 682 682
Direct loan origination costs, net (2,278,604) 0
Sales, settlements and proceeds from sale of loans held-for-sale 2,045,952 0
Fair value adjustment on mortgage loans held-for-sale 1,298 0
Changes in operating assets:    
Decrease in accrued interest receivable 2,276 6,775
(Decrease) increase in other assets (65,540) 26,861
Changes in operating liabilities:    
Increase (decrease) in accounts payable and other liabilities 19,802 (9,301)
Decrease in accrued interest payable (1,411) (398)
Net cash (used in) provided by operating activities (95,902) 41,370
Cash Flows From Investing Activities:    
Distributions received from interests in MSR financing receivables 7,544 0
Net cash (used in) investing activities (1,655) (1,378,159)
Cash Flows From Financing Activities:    
Proceeds from secured financing agreements 34,138,967 21,680,562
Payments on secured financing agreements (32,442,926) (19,950,820)
Proceeds from securitized debt borrowings, collateralized by Loans held for investment 378,755 780,166
Payments on securitized debt borrowings, collateralized by Loans held for investment (1,697,863) (903,304)
Payments on securitized debt borrowings, collateralized by Non-Agency RMBS (2) (15)
Common dividends paid (70,017) (60,792)
Preferred dividends paid (42,478) (42,783)
Net cash provided by (used in) financing activities 264,436 1,503,014
Net increase in cash, cash equivalents and restricted cash 166,879 166,225
Cash, cash equivalents and restricted cash at beginning of period 284,465 83,998
Cash, cash equivalents and restricted cash at end of period 451,344 250,223
Supplemental disclosure of cash flow information:    
Interest received 426,117 399,211
Interest paid 288,114 250,007
Change in fair value of contingent earn-out liability 4,340 0
Non-cash investing activities:    
Payable for investments purchased 0 387,909
Net change in unrealized gain (loss) on available-for-sale securities (17,311) (7,014)
Non-cash financing activities:    
Dividends declared, not yet paid 41,973 34,650
Agency MBS portfolio    
Cash Flows From Investing Activities:    
Purchases (2,324,339) (1,921,957)
Sales 138,839 127,677
Principal payments 343,323 42,859
Non-agency RMBS Portfolio    
Cash Flows From Investing Activities:    
Purchases 0 0
Sales 13,491 12,234
Principal payments 50,798 53,256
Loans held for investment    
Cash Flows From Investing Activities:    
Sales 1,657,190 0
Principal payments 580,881 744,254
Purchases $ (469,382) $ (436,482)