v3.24.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash Flows From Operating Activities:      
Net income (loss) $ 126,104 $ (513,066) $ 670,114
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
(Accretion) amortization of investment discounts/premiums, net 16,347 61,488 70,584
Accretion (amortization) of deferred financing costs, debt issuance costs, and Securitized debt discounts/premiums, net 31,818 (258) 8,625
Net unrealized losses (gains) on derivatives 6,411 1,482 0
Proceeds (payments) for derivative settlements (20,509) (6,200) 0
Margin (paid) received on derivatives 70,415 (40,234) 0
Net unrealized losses (gains) on financial instruments at fair value (34,373) 736,899 (437,357)
Net realized losses (gains) on sales of investments 31,234 76,473 (45,313)
Other investment (gains) losses (1,091) 1,866 0
Net increase (decrease) in provision for credit losses 11,371 7,037 33
(Gain) loss on extinguishment of debt (3,875) 2,897 283,556
Equity-based compensation expense 9,552 8,177 6,513
Changes in operating assets:      
Decrease (increase) in accrued interest receivable, net (15,192) 7,745 11,643
Decrease (increase) in other assets (15,235) (33,476) (36,013)
Changes in operating liabilities:      
Increase (decrease) in accounts payable and other liabilities (7,285) 5,041 6,903
Increase (decrease) in accrued interest payable, net 7,577 9,851 (20,106)
Net cash provided by (used in) operating activities 213,269 325,722 519,182
Cash Flows From Investing Activities:      
Net cash provided by (used in) investing activities 551,752 509,841 2,548,237
Cash Flows From Financing Activities:      
Proceeds from secured financing agreements 29,073,443 37,815,611 45,623,033
Payments on secured financing agreements (30,090,242) (37,637,975) (47,001,449)
Payments on repurchase of common stock (33,101) (48,886) (1,828)
Proceeds on issuance of common stock 73,777 0 0
Proceeds from securitized debt borrowings, collateralized by Loans held for investment 2,186,058 1,122,982 5,521,953
Payments on securitized debt borrowings, collateralized by Loans held for investment (1,767,286) (1,844,033) (6,440,480)
Payments on securitized debt borrowings, collateralized by Non-Agency RMBS (53) (2,892) (21,752)
Payments on convertible debt purchases 0 0 (36,892)
Settlement of warrants 0 0 (220,945)
Common dividends paid (195,219) (287,746) (298,644)
Preferred dividends paid (55,313) (73,765) (73,764)
Net cash provided by (used in) financing activities (807,937) (956,704) (2,950,768)
Net increase (decrease) in cash and cash equivalents (42,916) (121,141) 116,651
Cash and cash equivalents at beginning of period 264,600 385,741 269,090
Cash and cash equivalents at end of period 221,684 264,600 385,741
Supplemental disclosure of cash flow information:      
Interest received 774,059 842,354 1,019,773
Interest paid 470,147 323,271 338,538
Income taxes paid (received) 102 (253) 4,405
Non-cash investing activities:      
Payable for investments purchased 158,892 9,282 477,415
Net change in unrealized gain (loss) on available-for sale securities (44,990) (175,709) (153,042)
Retained beneficial interests 0 0 24,891
Non-cash financing activities:      
Dividends declared, not yet paid 54,552 64,545 86,152
Conversion of convertible debt 0 0 37,339
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 4,367 1,904 (117)
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 0 774,514 0
Agency MBS portfolio      
Cash Flows From Investing Activities:      
Purchases (2,085) (57,931) (217,263)
Sales 313,094 42,503 201,653
Principal payments 901 253,815 773,381
Non-agency RMBS Portfolio      
Cash Flows From Investing Activities:      
Purchases (3,954) (23,000) (9,766)
Sales 0 23,056 47,674
Principal payments 83,724 178,305 299,332
Transfer of investments due to consolidation      
Non-Agency RMBS, at fair value 0 (218,276) 0
Loans held for investment      
Cash Flows From Investing Activities:      
Sales 2,611 0 1,653,260
Principal payments 1,417,648 2,160,445 2,652,767
Purchases (1,260,187) (2,067,352) (2,852,801)
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 $ 0

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