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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash Flows From Operating Activities:    
Net income/(loss) $ 41,176 $ 23,213
Adjustments to reconcile net income/(loss) to net cash provided by operating activities:    
Net (gain)/loss on residential whole loans (55,757) 11,095
Impairment and other net (gain)/loss on securities and other portfolio investments, net (21,188) 4,112
Net gain on real estate owned 1,497 (735)
Accretion of purchase discounts and amortization of purchase premiums on residential whole loans and securities 741 (3,327)
Provision/(reversal of provision) for credit losses on residential whole loans and other assets 145 649
Net (gain)/loss on derivatives used for risk management purposes 44,842 (23,182)
Net (gain)/loss on securitized debt measured at fair value through earnings 18,575 20,169
Net margin received/(paid) for derivatives used for risk management purposes (83,136) (5,112)
Net other non-cash (gains)/losses included in net income 12,061 14,103
(Increase)/decrease in other assets 30,747 19,397
Increase/(decrease) in other liabilities (4,267) (6,915)
Net cash provided by/(used in) operating activities (14,564) 53,467
Cash Flows From Investing Activities:    
Purchases and origination of residential whole loans, loan related investments and capitalized advances (607,825) (761,214)
Proceeds from sales of residential whole loans 72,261 151,664
Principal payments on residential whole loans and loan related investments 586,807 402,354
Purchases of securities (299,642) 0
Proceeds from sales of securities and other assets 2,617 0
Principal payments on securities 32,512 8,081
Proceeds from sales of real estate owned 24,308 24,217
Other investing activities (62,584) 83,496
Net cash provided by/(used in) investing activities (251,546) (91,402)
Cash Flows From Financing Activities:    
Principal payments on financing agreements with mark-to-market collateral provisions (406,558) (290,021)
Proceeds from borrowings under financing agreements with mark-to-market collateral provisions 699,300 438,616
Principal payments on other collateralized financing agreements (444,264) (576,135)
Proceeds from borrowings under other collateralized financing agreements 341,077 482,499
Payments made for other collateralized financing agreement related costs (2,154) (1,340)
Redemption and repurchase of convertible senior notes 0 (39,831)
Proceeds from issuance of senior notes 0 110,626
Proceeds from issuances of common stock, net of expenses (20) (20)
Payments made for the repurchase of common stock (5,189) (1,491)
Dividends paid on preferred stock (8,219) (8,219)
Dividends paid on common stock and dividend equivalents (35,881) (35,789)
Net cash provided by/(used in) financing activities 138,092 78,895
Net increase/(decrease) in cash, cash equivalents and restricted cash (128,018) 40,960
Cash, cash equivalents and restricted cash at beginning of period 601,312 488,211
Cash, cash equivalents and restricted cash at end of period 473,294 529,171
Supplemental Disclosure of Cash Flow Information    
Cash paid for interest 122,604 122,746
Non-cash Investing and Financing Activities:    
Transfer from residential whole loans to real estate owned 25,448 19,342
Dividends and dividend equivalents declared and unpaid 37,400 36,015
Payable for unsettled investment purchases $ 31,048 $ 0