v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash Flows from Operating Activities:      
Net income (loss) $ 137,657 $ (93,953) $ (77,799)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Net amortization 16,579 20,219 27,500
Depreciation and amortization expense related to operating real estate 23,125 39,822 24,620
Realized losses, net 65,428 29,351 27,059
Unrealized (gains) losses, net (217,395) 90,530 (97,196)
Losses (gains) on derivative investments, net 58,303 (95,996) 26,378
Other gains, net (98) (31,086) (3,967)
Gains on residential loans held for sale, net (14,443) 0 0
Originations of residential loans held for sale (432,719) 0 0
Repurchases of residential loans (4,738) 0 0
Proceeds from sales and repayments of residential loans held for sale 450,175 0 0
Impairment of real estate 9,767 48,875 89,548
Loss on reclassification of disposal group 0 14,636 16,163
Income from preferred equity, mezzanine loan and equity investments (5,426) (26,796) (28,774)
Distributions of income from preferred equity, mezzanine loan and equity investments 25,441 24,222 26,076
Stock based compensation expense, net 8,197 6,068 8,825
Cash reclassified from assets of disposal group held for sale 1,951 3,215 8,267
Changes in operating assets and liabilities 12,236 (15,036) (16,747)
Net cash provided by operating activities 134,040 14,071 29,953
Cash Flows from Investing Activities:      
Acquisition of businesses, net of cash and restricted cash acquired (16,733) 0 0
Proceeds from sales of investment securities 724,474 5,284 64,690
Principal paydowns received on investment securities 696,455 296,611 56,459
Purchases of investment securities (4,363,994) (2,210,935) (2,014,385)
Principal repayments received on preferred equity and mezzanine loan investments 29,250 5,100 8,460
Return of capital from equity investments 33,150 25,061 74,275
Funding of preferred equity, mezzanine loan and equity investments (413) (1,498) (52,400)
Cash received from initial consolidation of VIEs 0 0 102
Proceeds from sales of joint venture equity investments in VIEs 500 2,050 0
Decrease in cash from de-consolidation of Consolidated VIEs 0 (3,956) 0
Net variation margin (paid) received for derivative instruments (70,124) 70,656 (27,447)
Net payments received from derivative instruments 24,847 29,691 24,215
Net proceeds from sale of real estate 201,358 157,203 221,968
Purchases of and capital expenditures on real estate (8,154) (24,647) (50,412)
Purchases of investments held in Consolidated SLST (12,179) (9,857) 0
Purchases of mortgage servicing rights 0 (9,470) 0
Purchases of other assets (845) (2,071) (63)
Net cash used in investing activities (2,897,123) (2,244,435) (1,219,931)
Cash Flows from Financing Activities:      
Net proceeds received from repurchase agreements and warehouse facilities 2,604,209 1,535,749 1,730,366
Proceeds from issuance of senior unsecured notes, net 193,505 60,000 0
Proceeds from issuance of collateralized debt obligations, net 947,788 1,350,153 0
Repurchases of common stock (1,502) (3,493) (8,615)
Proceeds from preferred stock issuance, net 5,027 0 0
Repurchases of preferred stock 0 0 (2,439)
Dividends paid on common stock and dividend equivalents (75,507) (74,945) (128,801)
Dividends paid on preferred stock (46,460) (41,756) (41,894)
Net distributions to non-controlling interests in Consolidated VIEs (2,557) (11,893) (8,377)
Redemptions of redeemable non-controlling interest in Consolidated VIE (500) (626) (485)
Payments made on and extinguishment of collateralized debt obligations (644,876) (469,017) (204,649)
Payments made on Consolidated SLST CDOs (74,146) (61,130) (46,476)
Net payments made on mortgages payable on real estate (128,544) (54,296) (148,948)
Net cash provided by financing activities 2,776,437 2,228,746 1,139,682
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash 13,354 (1,618) (50,296)
Cash, Cash Equivalents and Restricted Cash - Beginning of Period 329,024 330,642 380,938
Cash, Cash Equivalents and Restricted Cash - End of Period 342,378 329,024 330,642
Supplemental Disclosure:      
Cash paid for interest 448,294 344,725 249,854
Cash paid (refunds received) for income taxes 218 (32) 225
Non-Cash Investing Activities:      
Consolidation of liabilities assumed in business combination 235,226 275,200 0
De-consolidation of real estate held in Consolidated VIEs 0 622,708 0
De-consolidation of mortgages payable on real estate held in Consolidated VIEs 0 629,763 0
Consolidation of residential loans held in Consolidated SLST 247,405 285,057 0
Consolidation of real estate held in Consolidated VIEs 0 0 54,439
Consolidation of mortgages payable on real estate held in Consolidated VIEs 0 0 45,142
Transfer from residential loans to real estate owned 49,032 85,342 42,485
Transfer from residential loans to real estate, net 0 2,640 0
Transfer from residential loans held for sale to residential loans 474,922 0 0
Distribution of mortgage servicing rights from equity investment 3,405 10,917 0
Non-Cash Financing Activities:      
Mortgages and notes payable assumed by purchaser of real estate held for sale in Consolidated VIEs 0 24,073 0
Cash, Cash Equivalents and Restricted Cash Reconciliation:      
Cash and cash equivalents 210,333 167,422 187,107
Restricted cash included in other assets 132,045 161,602 143,535
Total cash, cash equivalents, and restricted cash 342,378 329,024 330,642
Constructive Loans LLC      
Non-Cash Investing Activities:      
Non-cash consideration for acquisition of business 36,259 0 0
Consolidation of assets acquired in business combination 188,102 0 0
Consolidation of liabilities assumed in business combination 142,714 0 0
Common Stock      
Non-Cash Financing Activities:      
Dividends and dividend equivalents payable 23,414 19,844 21,716
Preferred Stock      
Non-Cash Financing Activities:      
Dividends and dividend equivalents payable 11,918 10,435 10,435
Residential loans      
Cash Flows from Investing Activities:      
Principal repayments received on residential loans 1,428,808 1,147,168 1,062,247
Proceeds from sales of residential loans 169,850 162,883 25,144
Purchases and originations of residential loans $ (1,733,373) $ (1,883,708) $ (612,784)