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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash Flows From Operating Activities:    
Net income/(loss) $ 122,464 $ 113,342
Adjustments to reconcile net income/(loss) to net cash provided by operating activities:    
Net (gain)/loss on residential whole loans (133,033) (152,682)
Impairment and other net (gain)/loss on securities and other portfolio investments, net (45,828) (16,597)
Net (gain)/loss on real estate owned 4,210 (2,715)
Accretion of purchase discounts and amortization of purchase premiums on residential whole loans and securities (682) (6,265)
Provision/(reversal of provision) for credit losses on residential whole loans and other assets 1,212 (2,346)
Net (gain)/loss on derivatives used for risk management purposes 66,214 44,155
Net (gain)/loss on securitized debt measured at fair value through earnings 43,589 99,241
Net margin received/(paid) for derivatives used for risk management purposes (96,176) (31,221)
Net other non-cash (gains)/losses included in net income 59,688 60,099
(Increase)/decrease in other assets 9,164 (14,228)
Increase/(decrease) in other liabilities 7,797 (2,110)
Net cash provided by/(used in) operating activities 38,619 88,673
Cash Flows From Investing Activities:    
Purchases and origination of residential whole loans, loan related investments and capitalized advances (2,030,362) (2,020,095)
Proceeds from sales of residential whole loans 220,293 407,702
Principal payments on residential whole loans and loan related investments 1,845,793 1,610,746
Purchases of securities (817,636) (404,016)
Proceeds from sales of securities and other assets 20,790 45,619
Principal payments on securities 171,918 44,584
Proceeds from sales of real estate owned 73,957 68,156
Other investing activities (38,779) 64,509
Net cash provided by/(used in) investing activities (554,026) (182,795)
Cash Flows From Financing Activities:    
Principal payments on financing agreements with mark-to-market collateral provisions (2,014,431) (1,526,702)
Proceeds from borrowings under financing agreements with mark-to-market collateral provisions 2,477,850 1,938,406
Principal payments on other collateralized financing agreements (1,293,259) (2,036,761)
Proceeds from borrowings under other collateralized financing agreements 1,461,303 1,927,401
Payments made for other collateralized financing agreement related costs (8,039) (5,054)
Redemption and repurchase of convertible senior notes (209,558)
Proceeds from issuance of senior notes 0 182,676
Payments made for settlements and unwinds of Swaps (26,020) (27,530)
Proceeds from issuance of preferred stock 4,532 0
Payments made for costs related to preferred stock issuance (74) 0
Proceeds from issuances of common stock, net of expenses (61) (61)
Payments made for the repurchase of common stock (10,266) (1,491)
Dividends paid on preferred stock (29,613) (24,656)
Dividends paid on common stock and dividend equivalents (110,858) (107,851)
Net cash provided by/(used in) financing activities 451,064 108,819
Net increase/(decrease) in cash, cash equivalents and restricted cash (64,343) 14,697
Cash, cash equivalents and restricted cash at beginning of period 601,312 488,211
Cash, cash equivalents and restricted cash at end of period 536,969 502,908
Supplemental Disclosure of Cash Flow Information    
Cash paid for interest 377,290 389,456
Non-cash Investing and Financing Activities:    
Transfer from residential whole loans to real estate owned 85,059 82,083
Transfer from commercial loans to real estate owned 0 15,217
Dividends and dividend equivalents declared and unpaid 37,330 36,020
Payable for unsettled investment purchases $ 116,939 $ 65,338