v3.25.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Cash Flows From Operating Activities:      
Net income $ 167,297   $ 129,454
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Amortization of investment discounts/premiums, net (2,984)   5,753
Accretion (amortization) of deferred financing costs, debt issuance costs, and Securitized debt discounts/premiums, net 2,951   3,942
Net unrealized losses (gains) on derivatives 6,469   (5,189)
Proceeds (payments) for derivative settlements 0   (2,800)
Margin (paid) received on derivatives 4,711   6,622
Net unrealized losses (gains) on financial instruments at fair value (128,895)   (76,765)
Net realized losses (gains) on sales of investments 0   3,750
Other investment (gains) losses 417   (4,686)
Net increase (decrease) in provision for credit losses 3,387   1,347
Amortization of intangibles and depreciation expenses 951   0
(Gain) loss on extinguishment of debt (2,122)   0
Equity-based compensation expense 3,743   2,982
Non-cash imputed compensation related to business acquisition 341   0
Changes in operating assets:      
Decrease (increase) in accrued interest receivable, net (2,696)   (4,185)
Decrease (increase) in other assets (7,528)   (1,143)
Changes in operating liabilities:      
Increase (decrease) in accounts payable and other liabilities 6,231   984
Increase (decrease) in accrued interest payable, net (3,474)   (2,792)
Net cash provided by operating activities 48,799   57,274
Cash Flows From Investing Activities:      
Net cash provided by (used in) investing activities (175,325)   248,336
Cash Flows From Financing Activities:      
Proceeds from secured financing agreements 9,731,442   6,149,125
Payments on secured financing agreements (9,567,170)   (6,189,537)
Proceeds from securitized debt borrowings, collateralized by Loans held for investment 780,166   0
Payments on securitized debt borrowings, collateralized by Loans held for investment (596,609)   (272,668)
Payments on securitized debt borrowings, collateralized by Non-Agency RMBS (14)   (5)
Common dividends paid (30,582)   (26,813)
Preferred dividends paid (21,357)   (18,438)
Net cash provided by (used in) financing activities 295,876   (358,336)
Net increase (decrease) in cash and cash equivalents 169,350   (52,726)
Cash and cash equivalents at beginning of period 83,998   221,684
Cash and cash equivalents at end of period 253,348 $ 83,998 168,958
Supplemental disclosure of cash flow information:      
Interest received 184,937   188,140
Interest paid 121,753   120,317
Change in fair value of contingent earn-out liability 1,100   0
Non-cash investing activities:      
Payable for investments purchased 38,477   6,135
Net change in unrealized gain (loss) on available-for sale securities (1,679)   (221)
Non-cash financing activities:      
Dividends declared, not yet paid 34,153 34,265 54,849
Variable Interest Entities, Primary Beneficiary      
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Net increase (decrease) in provision for credit losses 1,147 $ (1,904) (951)
Agency MBS portfolio      
Cash Flows From Investing Activities:      
Purchases (150,215)   0
Sales 0   34,672
Principal payments 13,624   118
Non-agency RMBS Portfolio      
Cash Flows From Investing Activities:      
Purchases 0   (33,594)
Sales 0   0
Principal payments 16,604   18,672
Loans held for investment      
Cash Flows From Investing Activities:      
Sales 0   0
Principal payments 347,749   306,064
Purchases $ (403,087)   $ (77,596)

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