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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash Flows From Operating Activities:    
Net income/(loss) $ 65,159 $ 46,856
Adjustments to reconcile net income/(loss) to net cash provided by operating activities:    
Net (gain)/loss on residential whole loans (5,726) 1,529
Impairment and other net (gain)/loss on securities and other portfolio investments, net 6,115 1,638
Net gain on real estate owned (2,516) (6,129)
Accretion of purchase discounts and amortization of purchase premiums on residential whole loans and securities (6,841) (10,336)
Provision/(reversal of provision) for credit losses on residential whole loans and other assets (404) 290
Net (gain)/loss on derivatives used for risk management purposes (12,945) 5,861
Net (gain)/loss on securitized debt measured at fair value through earnings 27,766 17,938
Net margin received/(paid) for derivatives used for risk management purposes (863) 30,384
Net other non-cash (gains)/losses included in net income 22,188 12,291
(Increase)/decrease in other assets 13,326 (50,797)
Increase/(decrease) in other liabilities (5,312) 15,602
Net cash provided by/(used in) operating activities 99,947 65,127
Cash Flows From Investing Activities:    
Purchases and origination of residential whole loans, loan related investments and capitalized advances (1,453,092) (1,340,773)
Proceeds from sales of residential whole loans 166,396 262,692
Principal payments on residential whole loans and loan related investments 1,002,141 694,992
Purchases of securities (175,502) (383,746)
Proceeds from sales of securities and other assets 29,606 0
Principal payments on securities 26,308 15,767
Proceeds from sales of real estate owned 49,832 66,175
Other investing activities 81,640 (7,323)
Net cash provided by/(used in) investing activities (272,671) (692,216)
Cash Flows From Financing Activities:    
Principal payments on financing agreements with mark-to-market collateral provisions (829,083) (1,242,689)
Proceeds from borrowings under financing agreements with mark-to-market collateral provisions 1,197,871 1,422,773
Principal payments on other collateralized financing agreements (1,254,485) (939,646)
Proceeds from borrowings under other collateralized financing agreements 1,232,486 1,490,568
Payments made for other collateralized financing agreement related costs (4,188) (6,673)
Redemption and repurchase of convertible senior notes (209,558) 0
Proceeds from issuance of senior notes 182,670 0
Proceeds from issuances of common stock, net of expenses (40) 34
Payments made for the repurchase of common stock (1,491) 0
Dividends paid on preferred stock (16,438) (16,438)
Dividends paid on common stock and dividend equivalents (71,804) (71,525)
Net cash provided by/(used in) financing activities 225,940 636,404
Net increase/(decrease) in cash, cash equivalents and restricted cash 53,216 9,315
Cash, cash equivalents and restricted cash at beginning of period 488,211 494,081
Cash, cash equivalents and restricted cash at end of period 541,427 503,396
Supplemental Disclosure of Cash Flow Information    
Cash paid for interest 258,517 188,884
Non-cash Investing and Financing Activities:    
Transfer from residential whole loans to real estate owned 44,951 49,181
Dividends and dividend equivalents declared and unpaid 36,048 35,789
Payable for purchase of unsettled Agency MBS $ 0 $ 30,931