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Condensed Consolidated Statement of Cash Flows
$ in Thousands
12 Months Ended
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Statement of Cash Flows [Abstract]    
NET INCREASE IN EQUITY RESULTING FROM OPERATIONS   $ 49,911
Net Income (Loss) $ 63,177  
Reconciliation of the net increase (decrease) in equity resulting from operations to net cash provided by (used in) operating activities:    
Net realized (gain) loss on investments, financial derivatives, and foreign currency transactions   (25,368)
Change in net unrealized (gain) loss on investments, other secured borrowings, financial derivatives, and foreign currency translation   (26,318)
Amortization of premiums and accretion of discounts, net 48,132 45,895
Realized (gains) losses on securities and loans, net 12,785  
Realized (gains) losses on financial derivatives, net 30,912  
Realized (gains) losses on real estate owned, net (2,327)  
Unrealized (gains) losses on securities and loans, net (54,478)  
Unrealized (gains) losses on financial derivatives, net 5,338  
Unrealized (gains) losses on real estate owned, net 1,279  
Unrealized (gains) losses other, net 645  
Realized (gains) losses other, net—foreign currency transaction 2,392 (4,131)
Unrealized (gains) losses other, net—foreign currency translation (3,310)  
Purchase of investments   (3,350,398)
Proceeds from disposition of investments   1,868,532
Proceeds from principal payments of investments   497,858
Repurchase of investments sold short   (2,457,148)
Payments on financial derivatives   (119,490)
Proceeds from financial derivatives   121,904
Amortization of deferred debt issuance costs 263 263
Shares Issued In Connection With Incentive Fee Payment   71
Share-based long term incentive plan unit expense 475 415
Interest income related to consolidated securitization trust (16,034) [1] 4,697 [1]
Interest expense related to consolidated securitization trust(1) 15,136 [1] 4,313 [1]
Debt issuance costs related to Other secured borrowings, at fair value(1) 1,381  
(Earnings) losses from investments in unconsolidated entities (10,209)  
Repurchase agreements   94,675
(Increase) decrease in assets:    
Increase decrease in interest and principal receivable (15,449)  
Receivable for securities sold and financial derivatives   (304,826)
Due from brokers, net   68,610
Interest and principal receivable   (7,988)
Other assets (3,663) 28,234
Increase (decrease) in liabilities:    
Due to brokers   3,832
Payable for securities purchased and financial derivatives   285,708
Base management fee payable to affiliate 919 (369)
Accounts payable and accrued expenses   1,838
Incentive fee payable to affiliate 116  
Other liabilities   (17)
Interest and dividends payable   1,255
Increase (decrease) in interest payable 161  
Increase (decrease) in accrued expenses and other liabilities 1,607  
Net cash provided by (used in) operating activities 79,248 (494,181)
Cash Flows from Investing Activities:    
Purchase of securities (3,057,372)  
Purchase of loans (1,040,006)  
Capital improvements of real estate owned (240)  
Proceeds from disposition of securities 1,838,182  
Proceeds from disposition of loans 28,878  
Contributions to investments in unconsolidated entities (42,124)  
Distributions from investments in unconsolidated entities 49,758  
Proceeds from disposition of real estate owned 24,059  
Proceeds from principal payments of securities 275,221  
Proceeds from principal payments of loans 304,953  
Proceeds from investments sold short 645,553 2,674,841
Repurchase of securities sold short (650,576)  
Payments on financial derivatives (90,057)  
Proceeds from financial derivatives 58,578  
Payments made on reverse repurchase agreements (7,050,581)  
Proceeds from reverse repurchase agreements 7,038,216  
Due from brokers, net 6,483  
Due to brokers, net (3,458)  
Net cash provided by (used in) investing activities (1,664,533)  
Cash flows provided by (used in) financing activities:    
Repurchase of common stock (782) (23,131)
Proceeds from Issuance of Preferred Stock and Preference Stock 111,378  
Payments of Stock Issuance Costs (712)  
Dividends paid (54,312) (50,736)
Proceeds from Issuance of Common Stock 156,742  
Contributions from non-controlling interests 27,650 21,532
Distributions to non-controlling interests (23,063) (23,853)
Proceeds from issuance of securitized debt 97,642 100,010
Proceeds from issuance of Other secured borrowings 250,666 102,706
Repayments of Secured Debt (62,608)  
Principal payment on securitized debt (61,408) (43,819)
Debt issuance costs related to Other secured borrowings at fair value financing activities   (775)
Borrowings under repurchase agreements 9,047,746 8,078,468
Repayments of repurchase agreements (7,862,227) (7,668,798)
Due from brokers, net (13,676)  
Due to brokers, net (355)  
Net cash provided by (used in) financing activities 1,612,681 491,604
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash 27,396 (2,577)
Cash, Cash Equivalents, and Restricted Cash, Beginning of Period 45,081 47,658
Cash, Cash Equivalents, and Restricted Cash, End of Period 72,477 45,081
Supplemental disclosure of cash flow information:    
Interest paid 78,754 55,649
Shares Issued In Connection With Incentive Fee Payment Non-Cash   71
Income tax paid 189  
Dividends payable 6,978  
Share-based long term incentive plan unit awards (non-cash) 475 415
Transfers from mortgage loans to real estate owned (non-cash) 22,577  
Aggregate TBA trade activity (buys sells) (non-cash)   29,752,907
Purchase of Investments Non Cash (2,975) 17,424
Distributions from investments in unconsolidated entities 2,975  
Proceeds from principal payments of investments (non-cash) 119,683 49,731
Proceeds from the Disposition of Investments Non Cash   17,424
Principal payments on Other secured borrowings, at fair value (non-cash) (119,683) (49,731)
Repayments of repurchase agreement (non-cash) (226,945)  
Proceeds received from Other secured borrowings, at fair value (non-cash) 227,428 120,625
Repayment of senior notes (non-cash) (86,000)  
Issuance of senior notes (non-cash) $ 86,000  
Repayments of reverse repurchase agreements non cash   (120,136)
Debt issuance costs related to Other secured borrowings at fair value non cash   (872)
Share based long term incentive plan unit redemption non cash   (9,537)
Contribution from non-controlling interest (non-cash)   $ 9,537
[1]
Related to non-qualified mortgage securitization transactions. See Note 6 for further details.