v3.23.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash Flows From Operating Activities:    
Net income (loss) $ 57,366 $ (262,794)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
(Accretion) amortization of investment discounts/premiums, net 3,468 25,897
Accretion (amortization) of deferred financing costs, debt issuance costs, and Securitized debt discounts/premiums, net 7,143 (2,676)
Net unrealized losses (gains) on derivatives 8,551 0
Proceeds (payments) for derivative settlements (17,509) 0
Margin (paid) received on derivatives 35,128 0
Net unrealized losses (gains) on financial instruments at fair value (64,592) 370,167
Net realized losses (gains) on sales of investments 5,264 0
Other investment (gains) losses (117) 0
Net increase (decrease) in provision for credit losses 3,062 240
(Gain) loss on extinguishment of debt (2,309) 0
Equity-based compensation expense 2,418 1,295
Changes in operating assets:    
Decrease (increase) in accrued interest receivable, net (11,254) (2,904)
Decrease (increase) in other assets 981 (1,160)
Changes in operating liabilities:    
Increase (decrease) in accounts payable and other liabilities 2,051 6,335
Increase (decrease) in accrued interest payable, net 790 1,518
Net cash provided by (used in) operating activities 30,441 135,918
Cash Flows From Investing Activities:    
Net cash provided by (used in) investing activities (82,009) (187,349)
Cash Flows From Financing Activities:    
Proceeds from secured financing agreements 8,457,223 8,972,972
Payments on secured financing agreements (8,699,286) (8,810,180)
Proceeds from securitized debt borrowings, collateralized by Loans held for investment 944,095 262,118
Payments on securitized debt borrowings, collateralized by Loans held for investment (609,370) (495,172)
Payments on securitized debt borrowings, collateralized by Non-Agency RMBS (28) (1,719)
Common dividends paid (54,836) (78,194)
Preferred dividends paid (18,438) (18,407)
Net cash provided by (used in) financing activities 19,360 (168,582)
Net increase (decrease) in cash and cash equivalents (32,208) (220,013)
Cash and cash equivalents at beginning of period 264,600 385,741
Cash and cash equivalents at end of period 232,392 165,728
Supplemental disclosure of cash flow information:    
Interest received 181,464 225,168
Interest paid 111,682 66,143
Non-cash investing activities:    
Payable for investments purchased 660,047 259,796
Net change in unrealized gain (loss) on available-for sale securities (5,905) (40,955)
Non-cash financing activities:    
Dividends declared, not yet paid   86,560
Variable Interest Entities, Primary Beneficiary    
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Net increase (decrease) in provision for credit losses 1,429 23
Variable Interest Entities, Primary Beneficiary | Securitized debt at fair value, collateralized by loans held for investment    
Transfer of investments due to consolidation    
Securitized debt at fair value, collateralized by loans held for investment 0 774,510
Agency MBS portfolio    
Cash Flows From Investing Activities:    
Purchases (888) (44,627)
Sales 167,675 0
Principal payments 355 230,321
Non-agency RMBS Portfolio    
Cash Flows From Investing Activities:    
Purchases 0 (23,000)
Sales 0 0
Principal payments 19,122 76,472
Transfer of investments due to consolidation    
Non-Agency RMBS, at fair value 0 (218,276)
Loans held for investment    
Cash Flows From Investing Activities:    
Sales 0 0
Principal payments 321,711 592,603
Purchases (589,984) (1,019,118)
Loans Held for Investment at Fair Value | Variable Interest Entities, Primary Beneficiary    
Transfer of investments due to consolidation    
Loans held for investment, at fair value $ 0 $ 1,047,838

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