v3.26.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash Flows from Operating Activities    
Net income/(loss) $ 10,707 $ 15,422
Adjustments to reconcile net income/(loss) to net cash provided by (used in) operating activities:    
Net amortization of premium/(discount) 18,331 7,259
Net realized (gain)/loss 1,962 3,484
Net unrealized (gain)/loss 12,038 (762)
Grant of restricted stock and amortization of equity based compensation 342 384
Equity in (earnings)/loss from affiliates (2,269) (1,416)
Change in operating assets/liabilities:    
Other assets 7,322 1,174
Other liabilities (3,852) (2,030)
Net cash provided by (used in) operating activities 44,581 23,515
Cash Flows from Investing Activities    
Purchases of residential mortgage loans (157,135) (943,871)
Purchases of real estate securities (66,872) (26,064)
Proceeds from sales of residential mortgage loans 75,706 57,761
Proceeds from sales of real estate securities 522 5,189
Principal repayments on residential mortgage loans 804,299 422,774
Principal repayments on real estate securities 17,882 6,443
Principal repayments on commercial loans 1,343 0
Principal funding on residential mortgage loans (9,568) (6,953)
Distributions received in excess of income from investments in debt and equity of affiliates 8,601 2,802
Net settlement of interest rate swaps and other instruments 5,676 (6,262)
Net settlement of TBAs 0 662
Cash flows provided by other investing activities 3,590 2,270
Cash flows used in other investing activities (1,979) 0
Net cash provided by (used in) investing activities 682,065 (485,249)
Cash Flows from Financing Activities    
Net borrowings under (repayments of) financing arrangements 64,621 108,106
Principal repayments on fixed-rate long-term financing arrangements 0 (5,973)
Deferred financing costs paid (58) (34)
Proceeds from issuance of securitized debt 0 727,642
Principal repayments on securitized debt (759,921) (384,187)
Withholding taxes paid on the net settlement of equity based compensation (170) 0
Dividends paid on common stock (14,918) (11,564)
Dividends paid on preferred stock (10,359) (10,655)
Net cash provided by (used in) financing activities (720,805) 423,335
Net change in cash and cash equivalents and restricted cash 5,841 (38,399)
Cash and cash equivalents and restricted cash, Beginning of Period 76,321 138,568
Cash and cash equivalents and restricted cash, End of Period 82,162 100,169
Supplemental disclosure of cash flow information:    
Cash paid for interest 209,383 170,612
Cash paid for taxes 544 202
Supplemental disclosure of non-cash financing and investing activities:    
Transfer from residential mortgage loans to securitized residential mortgage loans 0 770,795
Common stock dividends declared but not paid 7,633 6,235
Transfer from residential mortgage loans to other assets 7,332 7,081
Purchase of investments in debt and equity of affiliates 0 114
Purchase price payable on securitized residential mortgage loans  0 1,447
Payable on unsettled derivatives $ 0 $ 3,844