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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Cash Flows From Operating Activities:      
Net income (loss) $ 129,454 $ 57,366  
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
(Accretion) amortization of investment discounts/premiums, net 5,753 3,468  
Accretion (amortization) of deferred financing costs, debt issuance costs, and Securitized debt discounts/premiums, net 3,942 7,143  
Net unrealized losses (gains) on derivatives (5,189) 8,551  
Proceeds (payments) for derivative settlements (2,800) (17,509)  
Margin (paid) received on derivatives 6,622 35,128  
Net unrealized losses (gains) on financial instruments at fair value (76,765) (64,592)  
Net realized losses (gains) on sales of investments 3,750 5,264  
Other investment (gains) losses (4,686) (117)  
Net increase (decrease) in provision for credit losses 1,347 3,062  
(Gain) loss on extinguishment of debt 0 (2,309)  
Equity-based compensation expense 2,982 2,418  
Changes in operating assets:      
Decrease (increase) in accrued interest receivable, net (4,185) (11,254)  
Decrease (increase) in other assets (1,143) 981  
Changes in operating liabilities:      
Increase (decrease) in accounts payable and other liabilities 984 2,051  
Increase (decrease) in accrued interest payable, net (2,792) 790  
Net cash provided by (used in) operating activities 57,274 30,441  
Cash Flows From Investing Activities:      
Net cash provided by (used in) investing activities 248,336 (82,009)  
Cash Flows From Financing Activities:      
Proceeds from secured financing agreements 6,149,125 8,457,223  
Payments on secured financing agreements (6,189,537) (8,699,286)  
Proceeds from securitized debt borrowings, collateralized by Loans held for investment 0 944,095  
Payments on securitized debt borrowings, collateralized by Loans held for investment (272,668) (609,370)  
Payments on securitized debt borrowings, collateralized by Non-Agency RMBS (5) (28)  
Common dividends paid (26,813) (54,836)  
Preferred dividends paid (18,438) (18,438)  
Net cash provided by (used in) financing activities (358,336) 19,360  
Net increase (decrease) in cash and cash equivalents (52,726) (32,208)  
Cash and cash equivalents at beginning of period 221,684 264,600 $ 264,600
Cash and cash equivalents at end of period 168,958 232,392 $ 221,684
Supplemental disclosure of cash flow information:      
Interest received 188,140 181,464  
Interest paid 120,317 111,682  
Non-cash investing activities:      
Payable for investments purchased 6,135 660,047  
Net change in unrealized gain (loss) on available-for sale securities (221) (5,905)  
Non-cash financing activities:      
Dividends declared, not yet paid 54,849 63,880  
Agency MBS portfolio      
Cash Flows From Investing Activities:      
Purchases 0 (888)  
Sales 34,672 167,675  
Principal payments 118 355  
Non-agency RMBS Portfolio      
Cash Flows From Investing Activities:      
Purchases (33,594) 0  
Sales 0 0  
Principal payments 18,672 19,122  
Loans held for investment      
Cash Flows From Investing Activities:      
Sales 0 0  
Principal payments 306,064 321,711  
Purchases $ (77,596) $ (589,984)  

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