v3.26.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash Flows from Operating Activities:    
Net (loss) income $ (22,512,000) $ 81,291,000
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Net amortization 19,757,000 13,365,000
Depreciation expense related to operating real estate 13,612,000 17,759,000
Realized losses, net 29,703,000 50,481,000
Unrealized losses (gains), net 542,942,000 (197,670,000)
(Gains) losses on derivative instruments, net (435,565,000) 86,774,000
Other (gains) losses, net (36,004,000) 8,379,000
Gains on residential loans held for sale, net (24,354,000) (8,592,000)
Originations of residential loans held for sale (457,199,000) (235,513,000)
Repurchases of residential loans (4,751,000) 0
Proceeds from sales and repayments of residential loans held for sale 415,652,000 217,770,000
Impairment of real estate 2,489,000 9,437,000
Income from multi-family loans and equity investments (1,742,000) (7,435,000)
Distributions of income from multi-family loans and equity investments 7,525,000 25,425,000
Stock based compensation expense, net 5,579,000 5,767,000
Changes in operating assets and liabilities (3,001,000) 4,721,000
Net cash provided by operating activities 52,131,000 71,959,000
Cash Flows from Investing Activities:    
Acquisition of businesses, net of cash and restricted cash acquired 0 (16,733,000)
Proceeds from sales of investment securities 293,348,000 663,336,000
Principal paydowns received on investment securities 866,959,000 392,783,000
Purchases of investment securities (2,089,687,000) (3,951,844,000)
Principal repayments received on residential loans 785,084,000 1,102,826,000
Proceeds from sales of residential loans 22,659,000 165,116,000
Purchases and originations of residential loans (1,457,697,000) (1,194,262,000)
Principal repayments received on multi-family loans 16,500,000 14,000,000
Return of capital from equity investments 3,000,000 33,150,000
Funding of multi-family loan and equity investments (60,000) (413,000)
Net variation margin received (paid) for derivative instruments 360,509,000 (104,379,000)
Net payments received from derivative instruments 58,010,000 24,305,000
Net proceeds from sale of real estate 183,781,000 142,299,000
Proceeds from sales of joint venture equity investments in VIEs 0 500,000
Purchases of investments held in Consolidated SLST 0 (12,179,000)
Capital expenditures on real estate (2,676,000) (6,887,000)
Purchases of other assets (458,000) (674,000)
Net cash used in investing activities (960,728,000) (2,749,056,000)
Cash Flows from Financing Activities:    
Net proceeds received from repurchase agreements and warehouse facilities 706,429,000 2,331,955,000
Proceeds from issuance of senior unsecured notes, net 173,130,000 193,505,000
Repayment of senior unsecured notes (100,000,000) 0
Proceeds from issuance of collateralized debt obligations, net 1,279,617,000 947,788,000
Proceeds from common stock issuance, net 4,309,000 0
Repurchases of common stock (5,005,000) (1,502,000)
Proceeds from preferred stock issuance, net 0 5,027,000
Dividends paid on common stock and dividend equivalents (66,520,000) (54,714,000)
Dividends paid on preferred stock (35,364,000) (34,323,000)
Net distributions to non-controlling interests in Consolidated VIEs (29,752,000) (2,291,000)
Payments made on and extinguishment of collateralized debt obligations (847,957,000) (586,071,000)
Payments made on Consolidated SLST CDOs (63,616,000) (55,857,000)
Net payments made on mortgages payable on real estate (58,119,000) (97,729,000)
Net cash provided by financing activities 957,152,000 2,645,788,000
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash 48,555,000 (31,309,000)
Cash, Cash Equivalents and Restricted Cash - Beginning of Period 342,378,000 329,024,000
Cash, Cash Equivalents and Restricted Cash - End of Period 390,933,000 297,715,000
Supplemental Disclosure:    
Cash paid for interest 382,912,000 322,497,000
Cash paid for income taxes 149,000 506,000
Non-Cash Investing Activities:    
Transfer from residential loans to real estate owned 37,065,000 41,280,000
Transfer from residential loans held for sale to residential loans 727,973,000 213,811,000
Distribution of mortgage servicing rights from equity investment 0 3,405,000
Cash, Cash Equivalents and Restricted Cash Reconciliation:    
Cash and cash equivalents 262,360,000 185,285,000
Restricted cash included in other assets 128,573,000 112,430,000
Total cash, cash equivalents, and restricted cash 390,933,000 297,715,000
VIE, Primary Beneficiary    
Cash Flows from Investing Activities:    
Purchases and originations of residential loans   (247,405,000)
Cash Flows from Financing Activities:    
Proceeds from issuance of collateralized debt obligations, net   235,226,000
VIE, Primary Beneficiary | Consolidated SLST    
Non-Cash Investing Activities:    
Consolidation of liabilities assumed in business combination and consolidation of Consolidated SLST CDOs 0 235,226,000
Residential loans    
Non-Cash Investing Activities:    
Consolidation of assets acquired in business combination and consolidation of residential loans held in Consolidated SLST 0 247,405,000
Transfer from residential loans held for sale to residential loans 709,329,000  
Constructive Loans LLC    
Non-Cash Investing Activities:    
Non-cash consideration for acquisition of business 0 36,259,000
Consolidation of assets acquired in business combination and consolidation of residential loans held in Consolidated SLST 0 188,102,000
Consolidation of liabilities assumed in business combination and consolidation of Consolidated SLST CDOs 0 142,714,000
Common Stock    
Non-Cash Financing Activities:    
Dividends declared on stock and dividend equivalents to be paid in subsequent period 28,110,000 23,758,000
Preferred Stock    
Non-Cash Financing Activities:    
Dividends declared on stock and dividend equivalents to be paid in subsequent period $ 11,864,000 $ 12,133,000