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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Operating activities:      
Net (loss) income $ (35,338) $ 50,072 $ 79,589
Adjustments to reconcile net (loss) income to cash provided by operating activities:      
Amortization of investment premiums 73,742 115,339 128,769
Amortization of equity-based awards 2,724 1,783 1,404
Amortization of unrealized gain on de-designated hedges (14,712)    
Loss on sale of mortgage investments 1,365    
Loss on derivative instruments (net) 112,834    
Other depreciation and amortization 109 107 111
Change in measurable hedge ineffectiveness related to interest rate swap agreements designated as cash flow hedges     36
Net change in receivables, other assets, accounts payable and accrued expenses 13,543 (2,541) 2,167
Net cash provided by operating activities 154,267 164,760 212,076
Investing activities:      
Purchases of residential mortgage investments (3,316,158) (2,302,656) (4,224,515)
Proceeds from sales of residential mortgage investments 303,991    
Interest receivable acquired with the purchase of residential mortgage investments (6,422) (4,476) (6,739)
Principal collections on residential mortgage investments, including changes in mortgage securities principal remittance receivable 3,752,449 3,608,325 3,914,865
Redemption of lending counterparty investment 5,000    
Net cash provided by (used in) investing activities 738,860 1,301,193 (316,389)
Financing activities:      
Proceeds from repurchase arrangements and similar borrowings 138,721,910 173,854,358 177,916,331
Principal payments on repurchase arrangements and similar borrowings (139,425,859) (175,206,052) (177,730,614)
(Increase) decrease in cash collateral receivable from derivative counterparties (33,680) 10,709 (12,846)
Net (payments on) proceeds from derivative settlements (130,802) (8,734) 27,793
Issuance of preferred stock     52,051
Common stock repurchases   (84,594) (3,460)
Issuance of common stock 75,195    
Other capital stock transactions (106) (72) (261)
Dividends paid (54,677) (75,186) (97,506)
Net cash (used in) provided by financing activities (848,019) (1,509,571) 151,488
Net change in cash and cash equivalents 45,108 (43,618) 47,175
Cash and cash equivalents at beginning of year 60,289 103,907 56,732
Cash and cash equivalents at end of year $ 105,397 $ 60,289 $ 103,907