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Consolidated Statements of Cash Flows
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Cash Flows from Operating Activities    
Net Income/(Loss) $ 48,668 $ 55,737
Adjustments to reconcile net income/(loss) to net cash provided by (used in) operating activities:    
Net amortization of premium/(discount) 22,967 10,722
Net realized (gain)/loss 11,083 2,918
Net unrealized (gain)/loss (20,853) (16,956)
Grant of restricted stock and amortization of equity based compensation 712 667
Equity in (earnings)/loss from affiliates (2,821) (3,141)
Distributions of income from investments in debt and equity of affiliates 0 1,493
Change in operating assets/liabilities:    
Other assets 4,672 10,199
Other liabilities (4,858) (5,800)
Net cash provided by (used in) operating activities 59,570 55,839
Cash Flows from Investing Activities    
Purchases of residential mortgage loans (3,049,333) (1,755,347)
Purchases of real estate securities (81,219) (654,089)
Investments in debt and equity of affiliates (114) 0
Proceeds from sales of residential mortgage loans 407,158 355,229
Proceeds from sales of real estate securities 6,840 607,144
Principal repayments on residential mortgage loans 1,040,034 711,161
Principal repayments on real estate securities 31,004 22,056
Principal funding on residential mortgage loans (17,691) (2,070)
Distributions received in excess of income from investments in debt and equity of affiliates 4,179 11,015
Net settlement of interest rate swaps and other instruments (11,399) (12,449)
Net settlement of TBAs (2,720) 24
Cash flows provided by other investing activities 6,006 4,195
Net cash provided by (used in) investing activities (1,667,255) (713,131)
Cash Flows from Financing Activities    
Net borrowings under (repayments of) financing arrangements 134,408 (12,634)
Principal repayments on fixed-rate long-term financing arrangements (49,312) (11,204)
Proceeds from issuance of senior unsecured notes 0 95,217
Repurchases of convertible senior unsecured notes 0 (7,059)
Principal repayments of convertible senior unsecured notes 0 (79,120)
Deferred financing costs paid (345) (251)
Proceeds from issuance of securitized debt 2,748,808 1,380,278
Principal repayments on securitized debt (1,242,391) (657,751)
Dividends paid on common stock (24,463) (17,977)
Dividends paid on preferred stock (21,267) (19,212)
Net cash provided by (used in) financing activities 1,545,438 670,287
Net change in cash and cash equivalents and restricted cash (62,247) 12,995
Cash and cash equivalents and restricted cash, Beginning of Year 138,568 125,573
Cash and cash equivalents and restricted cash, End of Year 76,321 138,568
Supplemental disclosure of cash flow information:    
Cash paid for interest 374,378 308,272
Cash paid for income taxes 618 141
Supplemental disclosure of non-cash financing and investing activities:    
Transfer from residential mortgage loans to securitized residential mortgage loans 2,948,893 1,472,616
Transfer from securitized residential mortgage loans to residential mortgage loans 313,920 0
Common stock dividends declared but not paid 7,301 5,632
Transfer from residential mortgage loans to other assets 0 4,889
Issuance of common stock (Note 10) 15,330 0
Investment in debt and equity of affiliates (Note 10) $ 15,330 $ 0