v3.26.3
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) $ (198,769) $ 202,167
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:    
(Accretion) amortization of investment discounts/premiums, net (21,799) (11,083)
Accretion of deferred financing costs, debt issuance costs, and Securitized debt discounts/premiums, net 12,890 12,606
Net unrealized (gains) losses on derivatives (160,772) 16,932
(Payments) proceeds for derivative settlements (27,861) 0
Margin received (paid) on derivatives 187,882 (61,027)
Net unrealized (gains) losses on financial instruments at fair value 471,922 (98,872)
Net realized (gains) losses on sales of investments 76,941 (76)
Other investment (gains) losses (1,382) (4,481)
Net increase in provision for credit losses 16,863 10,383
Depreciation, amortization, and impairment of intangible assets 19,203 2,850
Gain on origination and sale of loans, net - hedging instruments (4,961) 0
(Gain) loss on extinguishment of debt 41,605 (2,122)
Equity-based compensation expense 8,598 8,009
Non-cash imputed compensation related to business acquisition 984 1,023
Originations and purchases of mortgage loans held-for-sale (3,217,601) 0
Sales, settlements and proceeds from sale of loans held-for-sale 2,450,396 0
Fair value adjustment on mortgage loans held-for-sale 18,724 0
Changes in operating assets:    
(Increase) decrease in accrued interest receivable (4,690) 9,154
(Increase) in other assets (183,389) (182,465)
Changes in operating liabilities:    
Increase in accounts payable and other liabilities 21,352 4,331
(Decrease) in accrued interest payable (2,374) (3,436)
Net cash used in operating activities (496,238) (96,107)
Cash Flows From Investing Activities:    
Payments on purchases of investment in MSR financing receivables 0 (38,221)
Distributions received from interests in MSR financing receivables 10,491 0
Net cash used in investing activities (290,098) (1,320,015)
Cash Flows From Financing Activities:    
Proceeds from secured financing agreements 56,822,897 38,239,697
Payments on secured financing agreements (54,224,941) (36,197,462)
Proceeds from securitized debt borrowings, collateralized by Loans held for investment 378,755 1,011,244
Payments on securitized debt borrowings, collateralized by Loans held for investment (1,938,343) (1,190,353)
Payments on securitized debt borrowings, collateralized by Non-Agency RMBS (3) (16)
Net proceeds from issuance of unsecured debt 0 115,494
Common dividends paid (107,636) (90,805)
Preferred dividends paid (63,910) (64,200)
Net cash provided by financing activities 866,819 1,823,599
Net increase in cash, cash equivalents and restricted cash 80,483 407,477
Cash, cash equivalents and restricted cash at beginning of period 284,465 83,998
Cash, cash equivalents and restricted cash at end of period 364,948 491,475
Supplemental disclosure of cash flow information:    
Interest received 643,216 599,085
Interest paid 444,396 391,609
Change in fair value of contingent earn-out liability (4,240) 1,797
Non-cash investing activities:    
Receivable for investments sold 0 189,591
Payable for investments purchased 343,161 193,366
Net change in unrealized gain (loss) on available-for-sale securities (33,450) (10,018)
Non-cash financing activities:    
Dividends declared, not yet paid 43,080 35,395
Agency MBS portfolio:    
Cash Flows From Investing Activities:    
Purchases (4,244,692) (3,316,400)
Sales 1,309,781 1,045,557
Principal payments 522,454 101,434
Non-Agency RMBS portfolio:    
Cash Flows From Investing Activities:    
Purchases 0 0
Sales 13,491 141,967
Principal payments 68,535 72,909
Loans held for investment:    
Cash Flows From Investing Activities:    
Sales 1,657,190 0
Principal payments 842,034 1,112,512
Purchases $ (469,382) $ (439,773)

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