v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash Flows From Operating Activities:    
Net income (loss) $ (43,910) $ 167,297
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
(Accretion) Amortization of investment discounts/premiums, net (9,171) (2,984)
Accretion of deferred financing costs, debt issuance costs, and Securitized debt discounts/premiums, net 4,377 2,951
Net unrealized (gains) losses on derivatives (18,150) 6,469
Proceeds (payments) for derivative settlements 111 0
Margin (paid) received on derivatives 36,901 4,711
Net unrealized (gains) losses on financial instruments at fair value 37,536 (128,895)
Net realized losses on sales of investments 40,428 0
Other investment losses 910 417
Net increase in provision for credit losses 2,824 3,387
Depreciation, amortization, and impairment expense 9,649 951
Gain on origination and sale of loans, net (1,569) 0
(Gain) loss on extinguishment of debt 38,858 (2,122)
Equity-based compensation expense 2,726 3,743
Non-cash imputed compensation related to business acquisition 341 341
Direct loan origination costs, net (883,530) 0
Sales, settlements and proceeds from sale of loans held-for-sale 1,070,654 0
Fair value adjustment on mortgage loans held-for-sale 8,284 0
Changes in operating assets:    
Decrease (increase) in accrued interest receivable 2,328 (2,696)
Decrease in other assets (67,199) (7,528)
Changes in operating liabilities:    
Increase in accounts payable and other liabilities 17,117 6,231
Decrease in accrued interest payable (6,197) (3,474)
Net cash provided by operating activities 243,318 48,799
Cash Flows From Investing Activities:    
Net cash provided by (used in) investing activities 355,727 (175,325)
Cash Flows From Financing Activities:    
Proceeds from secured financing agreements 15,721,751 9,731,442
Payments on secured financing agreements (14,764,508) (9,567,170)
Proceeds from securitized debt borrowings, collateralized by Loans held for investment 0 780,166
Payments on securitized debt borrowings, collateralized by Loans held for investment (1,304,275) (596,609)
Payments on securitized debt borrowings, collateralized by Non-Agency RMBS (1) (14)
Common dividends paid (32,354) (30,582)
Preferred dividends paid (21,097) (21,357)
Net cash (used in) provided by financing activities (400,484) 295,876
Net increase in cash, cash equivalents and restricted cash 198,561 169,350
Cash, cash equivalents and restricted cash at beginning of period 284,465 83,998
Cash, cash equivalents and restricted cash at end of period 483,026 253,348
Supplemental disclosure of cash flow information:    
Interest received 212,452 184,937
Interest paid 146,330 121,753
Income taxes paid 3,530 0
Change in fair value of contingent earn-out liability (5,200) 1,100
Non-cash investing activities:    
Payable for investments purchased 611,501 38,477
Net change in unrealized gain (loss) on available-for sale securities (8,558) (1,679)
Non-cash financing activities:    
Dividends declared, not yet paid 40,974 34,153
Agency MBS portfolio    
Cash Flows From Investing Activities:    
Purchases (1,299,085) (150,215)
Sales 0 0
Principal payments 110,043 13,624
Non-agency RMBS Portfolio    
Cash Flows From Investing Activities:    
Purchases 0 0
Sales 13,491 0
Principal payments 36,568 16,604
Loans held for investment    
Cash Flows From Investing Activities:    
Sales 1,197,074 0
Principal payments 299,481 347,749
Purchases $ (1,845) $ (403,087)

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