XML 116 R8.htm IDEA: XBRL DOCUMENT v3.22.0.1
Condensed Consolidated Statement of Cash Flows
$ in Thousands
 12 Months Ended
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Cash flows provided by (used in) operating activities:      
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest $ 140,556 $ 28,377 $ 63,177
Net Amortization 32,578 41,681 48,132
Realized gains (losses) on securities and loans, net (5,017) 5,960 12,785
Realized (gains) losses on financial derivatives, net (11,502) 31,521 30,912
Realized gains (losses) on real estate owned, net (1,711) (15) (2,327)
Unrealized gains (losses) on securities and loans, net 30,802 25,783 (54,478)
Unrealized gains (losses) on financial derivatives, net (10,355) (989) 5,338
Unrealized gains (losses) on real estate owned, net 1,259 649 1,279
Unrealized gains (losses) other, net (15,418) 9,562 645
Realized (gains) losses other, net—foreign currency transaction 224 173 2,392
Investment Company, Realized and Unrealized Gain (Loss) on Investment and Foreign Currency (487) (1,720) (3,310)
Amortization of deferred debt issuance costs 263 263 263
Shares issued in connection with incentive fee payment (non-cash) 1,241 12 0
Share-based Payment Arrangement, Noncash Expense 971 722 475
Interest income related to consolidated securitization trust (20,269) (21,800) (16,034)
Interest expense related to consolidated securitization trust 19,366 21,020 15,136
Debt issuance costs related to Other secured borrowings, at fair value 2,273 1,749 1,381
Earnings (losses) from investments in unconsolidated entities (58,104) (37,933) (10,209)
Increase decrease in interest and principal receivable (63,260) 5,223 (15,449)
Increase (Decrease) in Other Operating Assets (76) 1,077 (3,663)
Increase (decrease) in accrued management fee (63) 515 919
Increase (decrease) in accrued incentive fee 3,246 (116) 116
Increase (decrease) in interest payable 1,337 (3,798) 161
Increase (decrease) in accrued expenses and other liabilities 3,439 11,590 1,607
Net cash provided by (used in) operating activities 51,293 119,506 79,248
Cash Flows from Investing Activities:      
Purchase of securities (2,523,112) (1,346,245) (3,057,372)
Purchase of loans (2,017,992) (852,261) (1,040,006)
Capital improvements of real estate owned (2,209) (153) (240)
Proceeds from disposition of securities 1,485,459 1,888,099 1,838,182
Proceeds from disposition of loans 1,064 25,414 28,878
Contributions to investments in unconsolidated entities (24,066) (34,624) (42,124)
Distributions from investments in unconsolidated entities 172,838 30,644 49,758
Proceeds from disposition of real estate owned 15,611 9,889 24,059
Proceeds from principal payments of securities 472,055 362,987 275,221
Proceeds from principal payments of loans 381,418 443,640 304,953
Proceeds from investments sold short 577,461 268,294 645,553
Repurchase of securities sold short (493,336) (310,559) (650,576)
Payments on financial derivatives (65,582) (115,418) (90,057)
Proceeds from financial derivatives 70,905 84,597 58,578
Payments made on reverse repurchase agreements (19,349,228) (7,586,769) (7,050,581)
Proceeds from reverse repurchase agreements 19,264,823 7,622,670 7,038,216
Due from brokers, net 8,296 16,443 6,483
Due to brokers, net 331 619 (3,458)
Net cash provided by (used in) investing activities (2,025,264) 507,267 (1,664,533)
Cash flows provided by (used in) financing activities:      
Net proceeds from issuance of common stock 245,292 [1] 95,537 [1] 156,742
Proceeds from Issuance of Preferred Stock and Preference Stock 116,220 0 111,378
Offering costs paid (587) (253) (712)
Repurchase of common stock 0 (3,056) (782)
Dividends paid (85,704) (65,026) (54,312)
Contributions from non-controlling interests 14,694 9,848 27,650
Distributions to non-controlling interests (27,121) (11,301) (23,063)
Proceeds from issuance of other secured borrowings 79,594 57,863 97,642
Principal payments on other secured borrowings (34,834) (67,325) (61,408)
Borrowings under repurchase agreements 5,912,434 4,138,940 9,047,746
Repayments of repurchase agreements (4,899,984) (5,059,445) (7,862,227)
Proceeds from Issuance of Other Secured Borrowings, at fair value 787,529 427,959 250,666
Repayments of Other secured borrowings, at fair value (111,530) (112,253) (62,608)
Due from brokers, net (39,216) 49 (13,676)
Due to brokers, net (1,802) 1,035 (355)
Net cash provided by (used in) financing activities 1,954,985 (587,428) 1,612,681
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash (18,986) 39,345 27,396
Cash, Cash Equivalents, and Restricted Cash, Beginning of Period 111,822 72,477 45,081
Cash, Cash Equivalents, and Restricted Cash, End of Period 92,836 111,822 72,477
Supplemental disclosure of cash flow information:      
Interest paid 42,692 65,751 78,754
Income tax paid 2,848 543 189
Dividends payable 10,375 5,738 6,978
Shares issued in connection with incentive fee payment (non-cash) 1,241 12 0
Share-based Payment Arrangement, Noncash Expense 971 722 475
Contribution from non-controlling interest (non-cash) 0 2,340 0
Distributions to non-controlling interests 0 (2,340) 0
Transfers from mortgage loans to real estate owned (non-cash) 14,033 3,384 22,577
Transfers from mortgage loans to investments in non-consolidated entities (non-cash) 144,691 10,833 0
Purchase of investments (non-cash) 0 0 2,975
Contributions to investments in non-consolidated entities (non-cash) 0 (17,023) 0
Distributions from investments in unconsolidated entities 0 0 2,975
Purchase of Loans Non Cash 800 6,670 0
Principal payments on Other secured borrowings, at fair value (non-cash) (472,344) (193,575) (119,683)
Proceeds received from Other secured borrowings, at fair value (non-cash) 40,978 28,818 227,428
Principal payments on Other secured borrowings (non-cash) 0 (96,480) 0
Proceeds from issuance of Other secured borrowings (non-cash) 800 6,670 0
Proceeds from principal payments of investments (non-cash) 472,344 193,575 119,683
Proceeds from the disposition of loans (non-cash) 0 113,791 0
Repayments of repurchase agreement (non-cash) (39,618) (27,864) (226,945)
Repayment of senior notes (non-cash) 0 0 (86,000)
Issuance of senior notes (non-cash) $ 0 $ 0 $ 86,000
[1] Net of underwriters' discounts and commissions.