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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash Flows From Operating Activities:    
Net income/(loss) $ 45,814 $ 74,360
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities:    
Net (gain)/loss on residential whole loans 65,057 (90,122)
Impairment and other net (gain)/loss on securities and other portfolio investments, net 42,120 (27,831)
Net (gain)/loss on real estate owned 4,519 4,442
Accretion of purchase discounts and amortization of purchase premiums on residential whole loans and securities 6,115 (1,187)
Provision/(reversal of provision) for credit losses on residential whole loans and other assets (304) 936
Net (gain)/loss on derivatives (66,846) 60,233
Net (gain)/loss on securitized debt measured at fair value through earnings (50,197) 22,287
Net margin received/(paid) for derivatives 52,236 (95,452)
Net other non-cash (gains)/losses included in net income 33,299 42,685
(Increase)/decrease in other assets 25,932 30,003
Increase/(decrease) in other liabilities 42,118 3,540
Net cash provided by/(used in) operating activities 199,863 23,894
Cash Flows From Investing Activities:    
Purchases and origination of residential whole loans, loan related investments and capitalized advances (1,406,408) (1,351,673)
Proceeds from sales of residential whole loans 184,356 137,032
Principal payments on residential whole loans and loan related investments 1,123,736 1,230,027
Purchases of securities (1,107,187) (461,825)
Proceeds from sales of securities and other assets 1,561 2,617
Principal payments on securities 276,793 128,593
Proceeds from sales of real estate owned 57,103 46,640
Other investing activities (43,481) (13,463)
Net cash provided by/(used in) investing activities (913,527) (282,052)
Cash Flows From Financing Activities:    
Principal payments on financing agreements with mark-to-market collateral provisions (1,408,544) (1,099,127)
Proceeds from borrowings under financing agreements with mark-to-market collateral provisions 2,260,776 1,594,942
Principal payments on other collateralized financing agreements (1,698,737) (881,267)
Proceeds from borrowings under other collateralized financing agreements 1,604,520 705,835
Payments made for other collateralized financing agreement related costs (8,117) (4,119)
Payments made for settlements and unwinds of Swaps (6,223) (17,174)
Proceeds from issuance of preferred stock, net of expenses 5,259 0
Proceeds from issuances of common stock, net of expenses (19) (40)
Payments made for the repurchase of common stock (14,159) (5,189)
Dividends paid on preferred stock (20,983) (18,779)
Dividends paid on common stock and dividend equivalents (76,555) (73,281)
Net cash provided by/(used in) financing activities 637,218 201,801
Net increase/(decrease) in cash, cash equivalents and restricted cash (76,446) (56,357)
Cash, cash equivalents and restricted cash at beginning of period 386,668 601,312
Cash, cash equivalents and restricted cash at end of period 310,222 544,955
Supplemental Disclosure of Cash Flow Information    
Cash paid for interest 268,255 249,519
Non-cash Investing and Financing Activities:    
Transfer from residential whole loans to real estate owned 46,988 55,734
Dividends and dividend equivalents declared and unpaid 37,570 37,510
Payable for unsettled investment purchases 0 0
Increase/(decrease) in right-of-use lease asset from lease modification (32,581) 0
Increase/(decrease) in lease liability from lease modification $ (36,509) $ 0