v3.23.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Dec. 31, 2022
Cash Flows From Operating Activities:          
Net income (loss) $ 36,024 $ (161,327) $ 93,390 $ (424,121)  
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:          
(Accretion) amortization of investment discounts/premiums, net     12,293 53,789  
Accretion (amortization) of deferred financing costs, debt issuance costs, and Securitized debt discounts/premiums, net     17,833 (2,257)  
Net unrealized losses (gains) on derivatives (17,994) 1,618 (9,443) 1,618  
Proceeds (payments) for derivative settlements     (20,509) (6,200)  
Margin (paid) received on derivatives     68,576 5,990  
Net unrealized losses (gains) on financial instruments at fair value (6,954) 239,246 (71,546) 609,412  
Net realized losses (gains) on sales of investments 21,758 0 27,022 0  
Other investment (gains) losses 421 (980) 303 (980)  
Net increase (decrease) in provision for credit losses     5,824 4,737  
(Gain) loss on extinguishment of debt (4,039) 2,897 (6,348) 2,897  
Equity-based compensation expense     4,108 2,392  
Changes in operating assets:          
Decrease (increase) in accrued interest receivable, net     (9,513) (687)  
Decrease (increase) in other assets     13,647 (403)  
Changes in operating liabilities:          
Increase (decrease) in accounts payable and other liabilities     4,894 10,579  
Increase (decrease) in accrued interest payable, net     6,729 1,890  
Net cash provided by (used in) operating activities     137,260 258,656  
Cash Flows From Investing Activities:          
Net cash provided by (used in) investing activities     (192,900) 169,226  
Cash Flows From Financing Activities:          
Proceeds from secured financing agreements     15,999,392 19,843,712  
Payments on secured financing agreements     (16,744,961) (19,959,390)  
Payments on repurchase of common stock     (26,209) (44,103)  
Proceeds from securitized debt borrowings, collateralized by Loans held for investment     2,046,620 755,203  
Payments on securitized debt borrowings, collateralized by Loans held for investment     (1,137,489) (1,054,187)  
Payments on securitized debt borrowings, collateralized by Non-Agency RMBS     (47) (2,673)  
Common dividends paid     (108,451) (156,885)  
Preferred dividends paid     (36,875) (36,845)  
Net cash provided by (used in) financing activities     (8,020) (655,168)  
Net increase (decrease) in cash and cash equivalents     (63,660) (227,286)  
Cash and cash equivalents at beginning of period     264,600 385,741 $ 385,741
Cash and cash equivalents at end of period 200,940 158,455 200,940 158,455 264,600
Supplemental disclosure of cash flow information:          
Interest received     388,889 450,635  
Interest paid     226,233 142,879  
Non-cash investing activities:          
Payable for investments purchased     7,071 11,555  
Net change in unrealized gain (loss) on available-for sale securities (14,081) (58,369) (19,984) (99,324)  
Non-cash financing activities:          
Dividends declared, not yet paid     52,344 85,675  
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 $ 531 $ 3,120 1,959 3,143  
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     (1,916) (55,962)  
Sales     280,848 0  
Principal payments     503 252,490  
Non-agency RMBS Portfolio          
Cash Flows From Investing Activities:          
Purchases     0 (23,000)  
Sales     0 0  
Principal payments     45,091 126,199  
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     2,611 0  
Principal payments     708,119 1,248,170  
Purchases     (1,228,156) (1,378,671)  
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 $ 1,047,838

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