CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
Sep. 30, 2026	Sep. 30, 2025
Cash Flows From Operating Activities:
Net income/(loss)	$ (65,876)	$ 122,464
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities:
Net (gain)/loss on residential whole loans	261,163	(133,033)
Impairment and other net (gain)/loss on securities and other portfolio investments, net	265,423	(45,828)
Net (gain)/loss on real estate owned	7,345	4,210
Accretion of purchase discounts and amortization of purchase premiums on residential whole loans and securities	8,435	(682)
Provision/(reversal of provision) for credit losses on residential whole loans and other assets	(259)	1,212
Net (gain)/loss on derivatives	(217,962)	66,214
Net (gain)/loss on securitized debt measured at fair value through earnings	(167,395)	43,589
Net margin received/(paid) for derivatives	233,088	(96,176)
Net other non-cash (gains)/losses included in net income	40,952	59,688
(Increase)/decrease in other assets	21,512	9,164
Increase/(decrease) in other liabilities	44,558	7,797
Net cash provided by/(used in) operating activities	430,984	38,619
Cash Flows From Investing Activities:
Purchases and origination of residential whole loans, loan related investments and capitalized advances	(2,139,703)	(2,030,362)
Proceeds from sales of residential whole loans	279,404	220,293
Principal payments on residential whole loans and loan related investments	1,615,884	1,845,793
Purchases of securities	(1,847,604)	(817,636)
Proceeds from sales of securities and other assets	618,124	20,790
Principal payments on securities	356,855	171,918
Proceeds from sales of real estate owned	77,564	73,957
Other investing activities	(19,590)	(38,779)
Net cash provided by/(used in) investing activities	(1,059,066)	(554,026)
Cash Flows From Financing Activities:
Principal payments on financing agreements with mark-to-market collateral provisions	(2,476,458)	(2,014,431)
Proceeds from borrowings under financing agreements with mark-to-market collateral provisions	3,465,436	2,477,850
Principal payments on other collateralized financing agreements	(2,304,456)	(1,293,259)
Proceeds from borrowings under other collateralized financing agreements	2,054,785	1,461,303
Payments made for other collateralized financing agreement related costs	(9,833)	(8,039)
Payments made for settlements and unwinds of Swaps	(6,223)	(26,020)
Proceeds from issuance of preferred stock, net of expenses	5,593	4,458
Proceeds from issuances of common stock, net of expenses	(29)	(61)
Payments made for the repurchase of common stock	(14,745)	(10,266)
Dividends paid on preferred stock	(31,665)	(29,613)
Dividends paid on common stock and dividend equivalents	(114,125)	(110,858)
Net cash provided by/(used in) financing activities	568,280	451,064
Net increase/(decrease) in cash, cash equivalents and restricted cash	(59,802)	(64,343)
Cash, cash equivalents and restricted cash at beginning of period	386,668	601,312
Cash, cash equivalents and restricted cash at end of period	326,866	536,969
Supplemental Disclosure of Cash Flow Information
Cash paid for interest	412,085	377,290
Non-cash Investing and Financing Activities:
Transfer from residential whole loans to real estate owned	72,425	85,059
Dividends and dividend equivalents declared and unpaid	37,506	37,330
Payable for unsettled investment purchases	143,737	116,939
Receivable for unsettled investment sales	133,785	0
Increase/(decrease) in right-of-use lease asset from lease modification	(32,581)	0
Increase/(decrease) in lease liability from lease modification	$ (36,509)	$ 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.