v3.25.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash Flows From Operating Activities:    
Net income (Loss) $ 202,747 $ 186,118
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
(Accretion) Amortization of investment discounts/premiums, net 522 16,905
Accretion (amortization) of deferred financing costs, debt issuance costs, and Securitized debt discounts/premiums, net 7,372 6,168
Net unrealized losses (gains) on derivatives 9,024 (17,144)
Proceeds (payments) for derivative settlements 0 14,517
Margin (paid) received on derivatives (79,889) (17,939)
Net unrealized losses (gains) on financial instruments at fair value (135,866) (87,995)
Net realized losses (gains) on sales of investments 1,915 3,750
Other investment (gains) losses (2,536) (5,687)
Net increase (decrease) in provision for credit losses 7,796 5,032
Amortization of intangibles and depreciation expenses 1,902 0
(Gain) loss on extinguishment of debt (2,122) 0
Equity-based compensation expense 5,886 5,408
Non-cash imputed compensation related to business acquisition 682 0
Changes in operating assets:    
Decrease (increase) in accrued interest receivable, net 6,775 6,706
Decrease (increase) in other assets 26,861 5,611
Changes in operating liabilities:    
Increase (decrease) in accounts payable and other liabilities (9,301) 4,092
Increase (decrease) in accrued interest payable, net (398) 764
Net cash provided by operating activities 41,370 126,306
Cash Flows From Investing Activities:    
Net cash provided by (used in) investing activities (1,378,159) 134,792
Cash Flows From Financing Activities:    
Proceeds from secured financing agreements 21,680,562 13,462,509
Payments on secured financing agreements (19,950,820) (13,186,915)
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 (903,304) (567,438)
Payments on securitized debt borrowings, collateralized by Non-Agency RMBS (15) (93)
Net proceeds from issuance of unsecured debt 0 62,367
Common dividends paid (60,792) (54,033)
Preferred dividends paid (42,783) (36,875)
Net cash provided by (used in) financing activities 1,503,014 (320,478)
Net increase (decrease) in cash and cash equivalents 166,225 (59,380)
Cash and cash equivalents at beginning of period 83,998 221,684
Cash and cash equivalents at end of period 250,223 162,304
Supplemental disclosure of cash flow information:    
Interest received 399,211 396,902
Interest paid 250,007 233,956
Non-cash investing activities:    
Payable for investments purchased 387,909 464,038
Net change in unrealized gain (loss) on available-for sale securities (7,014) (11,566)
Non-cash financing activities:    
Dividends declared, not yet paid 34,650 61,256
Agency MBS portfolio    
Cash Flows From Investing Activities:    
Purchases (1,921,957) (442,726)
Sales 127,677 34,672
Principal payments 42,859 4,742
Non-agency RMBS Portfolio    
Cash Flows From Investing Activities:    
Purchases 0 (48,948)
Sales 12,234 0
Principal payments 53,256 37,476
Loans held for investment    
Cash Flows From Investing Activities:    
Sales 0 0
Principal payments 744,254 629,612
Purchases $ (436,482) $ (80,036)

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