v3.25.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash Flows From Operating Activities:    
Net (loss) income $ 202,167 $ 322,577
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
(Accretion) Amortization of investment discounts/premiums, net (11,083) 10,594
Accretion (amortization) of deferred financing costs, debt issuance costs, and Securitized debt discounts/premiums, net 12,606 10,524
Net unrealized losses (gains) on derivatives 16,932 (2,687)
Proceeds (payments) for derivative settlements 0 14,517
Margin (paid) received on derivatives (61,027) (18,513)
Net unrealized losses (gains) on financial instruments at fair value (98,872) (192,008)
Net realized losses (gains) on sales of investments (76) 3,750
Other investment (gains) losses (4,481) (7,053)
Net increase (decrease) in provision for credit losses 10,383 5,389
Amortization of intangibles and depreciation expenses 2,850 0
(Gain) loss on extinguishment of debt (2,122) 0
Equity-based compensation expense 8,009 8,625
Non-cash imputed compensation related to business acquisition 1,023 0
Changes in operating assets:    
Decrease (increase) in accrued interest receivable, net 9,154 7
Decrease (increase) in other assets (182,465) 2,191
Changes in operating liabilities:    
Increase (decrease) in accounts payable and other liabilities 4,331 8,281
Increase (decrease) in accrued interest payable, net (3,436) 1,527
Net cash (used in) provided by operating activities (96,107) 167,722
Cash Flows From Investing Activities:    
Payments on purchases of investment in MSR financing receivables (38,221) 0
Receipt of distributions on investment in MSR financing receivables 0 0
Net cash used in investing activities (1,320,015) (511,430)
Cash Flows From Financing Activities:    
Proceeds from secured financing agreements 38,239,697 21,453,553
Payments on secured financing agreements (36,197,462) (20,662,572)
Proceeds from securitized debt borrowings, collateralized by Loans held for investment 1,011,244 340,097
Payments on securitized debt borrowings, collateralized by Loans held for investment (1,190,353) (874,432)
Payments on securitized debt borrowings, collateralized by Non-Agency RMBS (16) (97)
Net proceeds from issuance of unsecured debt 115,494 134,181
Common dividends paid (90,805) (88,967)
Preferred dividends paid (64,200) (82,413)
Net cash provided by financing activities 1,823,599 219,350
Net increase (decrease) in cash and cash equivalents 407,477 (124,358)
Cash and cash equivalents at beginning of period 83,998 221,684
Cash and cash equivalents at end of period 491,475 97,326
Supplemental disclosure of cash flow information:    
Interest received 599,085 579,187
Interest paid 391,609 357,685
Non-cash investing activities:    
Payable for investments purchased 193,366 123,902
Receivable for investments sold 189,591 0
Net change in unrealized gain (loss) on available-for sale securities (10,018) (2,022)
Non-cash financing activities:    
Dividends declared, not yet paid 35,395 33,961
Agency MBS portfolio    
Cash Flows From Investing Activities:    
Purchases (3,316,400) (985,976)
Sales 1,045,557 34,672
Principal payments 101,434 36,679
Non-agency RMBS Portfolio    
Cash Flows From Investing Activities:    
Purchases 0 (96,159)
Sales 141,967 0
Principal payments 72,909 57,868
Loans held for investment    
Cash Flows From Investing Activities:    
Sales 0 0
Principal payments 1,112,512 964,508
Purchases $ (439,773) $ (523,022)

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