v3.25.3
CONDENSED 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) $ 81,291 $ (63,674)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Net amortization 13,365 14,673
Depreciation and amortization expense related to operating real estate 17,759 32,942
Realized losses, net 50,481 19,404
Unrealized gains, net (197,670) (41,046)
Losses (gains) on derivative instruments, net 86,774 (4,042)
Other losses (gains), net 8,379 (19,476)
Gains on residential loans held for sale, net (8,592) 0
Originations of residential loans held for sale (235,513) 0
Proceeds from sales and repayments of residential loans held for sale 217,770 0
Impairment of real estate 9,437 48,142
Loss on reclassification of disposal group 0 14,636
Income from preferred equity, mezzanine loan and equity investments (7,435) (18,110)
Distributions of income from preferred equity, mezzanine loan and equity investments 25,425 11,889
Stock based compensation expense, net 5,767 3,501
Cash reclassified from assets of disposal group held for sale 1,612 2,632
Changes in operating assets and liabilities 3,109 (16,516)
Net cash provided by (used in) operating activities 71,959 (15,045)
Cash Flows from Investing Activities:    
Acquisition of businesses, net of cash and restricted cash acquired (16,733) 0
Proceeds from sales of investment securities 663,336 0
Principal paydowns received on investment securities 392,783 171,415
Purchases of investment securities (3,951,844) (1,535,586)
Principal repayments received on preferred equity and mezzanine loan investments 14,000 5,100
Return of capital from equity investments 33,150 5,000
Funding of preferred equity, mezzanine loan and equity investments (413) (1,258)
Net variation margin paid for derivative instruments (104,379) (17,046)
Net payments received from derivative instruments 24,305 25,957
Net proceeds from sale of real estate 142,299 113,587
Proceeds from sales of joint venture equity investments in VIEs 500 800
Decrease in cash from de-consolidation of Consolidated VIEs 0 (2,495)
Purchases of investments held in Consolidated SLST (12,179) (9,857)
Capital expenditures on real estate (6,887) (21,194)
Purchases of other assets (674) (65)
Net cash used in investing activities (2,749,056) (1,660,170)
Cash Flows from Financing Activities:    
Net proceeds received from repurchase agreements and warehouse facilities 2,331,955 1,135,835
Proceeds from issuance of senior unsecured notes, net 193,505 60,000
Proceeds from issuance of collateralized debt obligations, net 947,788 1,055,392
Repurchases of common stock (1,502) (3,493)
Proceeds from preferred stock issuance, net 5,027 0
Dividends paid on common stock and dividend equivalents (54,714) (56,829)
Dividends paid on preferred stock (34,323) (31,299)
Net distributions to non-controlling interests in Consolidated VIEs (2,291) (7,388)
Payments made on and extinguishment of collateralized debt obligations (586,071) (398,762)
Payments made on Consolidated SLST CDOs (55,857) (43,624)
Net payments made on mortgages payable on real estate (97,729) (33,262)
Net cash provided by financing activities 2,645,788 1,676,570
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash (31,309) 1,355
Cash, Cash Equivalents and Restricted Cash - Beginning of Period 329,024 330,642
Cash, Cash Equivalents and Restricted Cash - End of Period 297,715 331,997
Supplemental Disclosure:    
Cash paid for interest 322,497 248,939
Cash paid (refunds received) for income taxes 506 (105)
Non-Cash Investing Activities:    
Consolidation of liabilities assumed in business combination 235,226 275,200
De-consolidation of real estate held in Consolidated VIEs 0 444,392
De-consolidation of mortgages payable on real estate held in Consolidated VIEs 0 446,832
Consolidation of residential loans held in Consolidated SLST 247,405 285,057
Consolidation of Consolidated SLST CDOs 235,226 275,200
Transfer from residential loans to real estate owned 41,280 68,229
Transfer from residential loans to real estate, net 0 2,640
Transfer from residential loans held for sale to residential loans 213,811 0
Distribution of mortgage servicing rights from equity investment 3,405 0
Non-Cash Financing Activities:    
Mortgages and notes payable assumed by purchaser of real estate held for sale in Consolidated VIEs 0 24,073
Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Continuing Operation [Abstract]    
Cash and cash equivalents 185,285 195,066
Restricted cash included in other assets 112,430 136,931
Total cash, cash equivalents, and restricted cash 297,715 331,997
Constructive Loans LLC    
Non-Cash Investing Activities:    
Non-cash consideration for acquisition of business 36,259 0
Consolidation of assets acquired in business combination 188,102 0
Consolidation of liabilities assumed in business combination 142,714 0
Consolidation of Consolidated SLST CDOs 142,714 0
Common Stock    
Non-Cash Financing Activities:    
Dividends declared on stock and dividend equivalents to be paid in subsequent period 23,758 20,186
Preferred Stock    
Non-Cash Financing Activities:    
Dividends declared on stock and dividend equivalents to be paid in subsequent period 12,133 10,454
Residential loans    
Cash Flows from Investing Activities:    
Principal repayments received on residential loans 1,102,826 800,761
Proceeds from sales of residential loans 165,116 149,833
Purchases and originations of residential loans $ (1,194,262) $ (1,345,122)