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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash Flows From Operating Activities:    
Net income/(loss) $ 113,342 $ (9,582)
Adjustments to reconcile net income/(loss) to net cash provided by operating activities:    
Net (gain)/loss on residential whole loans (152,682) 134,423
Impairment and other net (gain)/loss on securities and other portfolio investments, net (16,597) 15,142
Net gain on real estate owned (2,715) (8,380)
Accretion of purchase discounts and amortization of purchase premiums on residential whole loans and securities (6,265) (14,650)
Provision/(reversal of provision) for credit losses on residential whole loans and other assets (2,346) 1,363
Net (gain)/loss on derivatives used for risk management purposes 44,155 (3,571)
Net (gain)/loss on securitized debt measured at fair value through earnings 99,241 (22,291)
Net margin received/(paid) for derivatives used for risk management purposes (31,221) 68,337
Net other non-cash (gains)/losses included in net income 60,099 21,093
(Increase)/decrease in other assets (14,228) (88,645)
Increase/(decrease) in other liabilities (2,110) 11,683
Net cash provided by/(used in) operating activities 88,673 104,922
Cash Flows From Investing Activities:    
Purchases and origination of residential whole loans, loan related investments and capitalized advances (2,020,095) (2,151,734)
Proceeds from sales of residential whole loans 407,702 264,935
Principal payments on residential whole loans and loan related investments 1,610,746 1,070,744
Purchases of securities (404,016) (535,658)
Proceeds from sales of securities and other assets 45,619 5,067
Principal payments on securities 44,584 26,739
Proceeds from sales of real estate owned 68,156 92,410
Other investing activities 64,509 (12,883)
Net cash provided by/(used in) investing activities (182,795) (1,240,380)
Cash Flows From Financing Activities:    
Principal payments on financing agreements with mark-to-market collateral provisions (1,526,702) (1,988,935)
Proceeds from borrowings under financing agreements with mark-to-market collateral provisions 1,938,406 2,128,152
Principal payments on other collateralized financing agreements (2,036,761) (1,412,363)
Proceeds from borrowings under other collateralized financing agreements 1,927,401 2,520,218
Payments made for other collateralized financing agreement related costs (5,054) (9,891)
Redemption and repurchase of convertible senior notes (209,558) (10,309)
Proceeds from issuance of senior notes 182,676 0
Payments made for settlements and unwinds of Swaps (27,530) 0
Proceeds from issuances of common stock, net of expenses (61) 13
Payments made for the repurchase of common stock (1,491) 0
Dividends paid on preferred stock (24,656) (24,656)
Dividends paid on common stock and dividend equivalents (107,851) (107,314)
Net cash provided by/(used in) financing activities 108,819 1,094,915
Net increase/(decrease) in cash, cash equivalents and restricted cash 14,697 (40,543)
Cash, cash equivalents and restricted cash at beginning of period 488,211 494,081
Cash, cash equivalents and restricted cash at end of period 502,908 453,538
Supplemental Disclosure of Cash Flow Information    
Cash paid for interest 389,456 293,887
Non-cash Investing and Financing Activities:    
Transfer from residential whole loans to real estate owned 82,083 66,171
Transfer from commercial loans to real estate owned 15,217 0
Dividends and dividend equivalents declared and unpaid 36,020 35,789
Payable for purchase of unsettled Agency MBS $ 65,338 $ 0