v3.24.2.u1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Cash Flows From Operating Activities:          
Net income (loss) $ 56,664 $ 36,024 $ 186,118 $ 93,390  
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:          
(Accretion) amortization of investment discounts/premiums, net     16,905 12,293  
Accretion (amortization) of deferred financing costs, debt issuance costs, and Securitized debt discounts/premiums, net     6,168 17,833  
Net unrealized losses (gains) on derivatives (11,955) (17,994) (17,144) (9,443)  
Proceeds (payments) for derivative settlements     14,517 (20,509)  
Margin (paid) received on derivatives     (17,939) 68,576  
Net unrealized losses (gains) on financial instruments at fair value (11,231) (6,954) (87,995) (71,546)  
Net realized losses (gains) on sales of investments 0 21,758 3,750 27,022  
Other investment (gains) losses (1,001) 421 (5,687) 303  
Net increase (decrease) in provision for credit losses     5,032 5,824  
(Gain) loss on extinguishment of debt 0 (4,039) 0 (6,348)  
Equity-based compensation expense     5,408 4,108  
Changes in operating assets:          
Decrease (increase) in accrued interest receivable, net     6,706 (9,513)  
Decrease (increase) in other assets     5,611 13,647  
Changes in operating liabilities:          
Increase (decrease) in accounts payable and other liabilities     4,092 4,894  
Increase (decrease) in accrued interest payable, net     764 6,729  
Net cash provided by (used in) operating activities     126,306 137,260  
Cash Flows From Investing Activities:          
Net cash provided by (used in) investing activities     134,792 (192,900)  
Cash Flows From Financing Activities:          
Proceeds from secured financing agreements     13,462,509 15,999,392  
Payments on secured financing agreements     (13,186,915) (16,744,961)  
Payments on repurchase of common stock     0 (26,209)  
Proceeds from securitized debt borrowings, collateralized by Loans held for investment     0 2,046,620  
Payments on securitized debt borrowings, collateralized by Loans held for investment     (567,438) (1,137,489)  
Payments on securitized debt borrowings, collateralized by Non-Agency RMBS     (93) (47)  
Net proceeds from issuance of unsecured debt     62,367 0  
Common dividends paid     (54,033) (108,451)  
Preferred dividends paid     (36,875) (36,875)  
Net cash provided by (used in) financing activities     (320,478) (8,020)  
Net increase (decrease) in cash and cash equivalents     (59,380) (63,660)  
Cash and cash equivalents at beginning of period     221,684 264,600 $ 264,600
Cash and cash equivalents at end of period $ 162,304 $ 200,940 162,304 200,940 $ 221,684
Supplemental disclosure of cash flow information:          
Interest received     396,902 388,889  
Interest paid     233,956 226,233  
Non-cash investing activities:          
Payable for investments purchased     464,038 7,071  
Net change in unrealized gain (loss) on available-for sale securities     (11,566) (19,984)  
Non-cash financing activities:          
Dividends declared, not yet paid     61,256 52,344  
Agency MBS portfolio          
Cash Flows From Investing Activities:          
Purchases     (442,726) (1,916)  
Sales     34,672 280,848  
Principal payments     4,742 503  
Non-agency RMBS Portfolio          
Cash Flows From Investing Activities:          
Purchases     (48,948) 0  
Sales     0 0  
Principal payments     37,476 45,091  
Loans held for investment          
Cash Flows From Investing Activities:          
Sales     0 2,611  
Principal payments     629,612 708,119  
Purchases     $ (80,036) $ (1,228,156)  

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