v3.25.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Cash Flows From Operating Activities:      
Net income (loss) $ 176,065 $ 126,104 $ (513,066)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Amortization of investment discounts/premiums, net 4,862 16,347 61,488
Accretion (amortization) of deferred financing costs, debt issuance costs, and Securitized debt discounts/premiums, net 13,833 31,818 (258)
Net unrealized losses (gains) on derivatives (2,963) 6,411 1,482
Proceeds (payments) for derivative settlements 14,517 (20,509) (6,200)
Margin (paid) received on derivatives (10,249) 70,415 (40,234)
Net unrealized losses (gains) on financial instruments at fair value (10,811) (34,373) 736,899
Net realized losses (gains) on sales of investments 5,219 31,234 76,473
Other investment (gains) losses (9,543) (1,091) 1,866
Amortization of intangibles and depreciation expenses 321 0 0
Net increase (decrease) in provision for credit losses 9,869 11,371 7,037
(Gain) loss on extinguishment of debt 0 (3,875) 2,897
Equity-based compensation expense 10,095 9,552 8,177
Non-cash imputed compensation related to business acquisition 10,296   0
Changes in operating assets:      
Decrease (increase) in accrued interest receivable, net (4,429) (15,192) 7,745
Decrease (increase) in other assets (14,516) (15,235) (33,476)
Changes in operating liabilities:      
Increase (decrease) in accounts payable and other liabilities 9,546 (7,285) 5,041
Increase (decrease) in accrued interest payable, net 3,562 7,577 9,851
Net cash provided by operating activities 205,673 213,269 325,722
Cash Flows From Investing Activities:      
Purchase of Palisades assets (29,112) 0 0
Net cash provided by investing activities 178,221 551,752 509,841
Cash Flows From Financing Activities:      
Proceeds from secured financing agreements 30,010,782 29,073,443 37,815,611
Payments on secured financing agreements (29,612,712) (30,090,242) (37,637,975)
Payments on repurchase of common stock 0 (33,101) (48,886)
Proceeds on issuance of common stock 0 73,777 0
Proceeds from securitized debt borrowings, collateralized by Loans held for investment 340,098 2,186,058 1,122,982
Payments on securitized debt borrowings, collateralized by Loans held for investment (1,170,575) (1,767,286) (1,844,033)
Payments on securitized debt borrowings, collateralized by Non-Agency RMBS (98) (53) (2,892)
Net proceeds from issuance of unsecured debt 134,179 0 0
Common dividends paid (119,080) (195,219) (287,746)
Preferred dividends paid (104,174) (55,313) (73,765)
Net cash used in financing activities (521,580) (807,937) (956,704)
Net increase (decrease) in cash and cash equivalents (137,686) (42,916) (121,141)
Cash and cash equivalents at beginning of period 221,684 264,600 385,741
Cash and cash equivalents at end of period 83,998 221,684 264,600
Supplemental disclosure of cash flow information:      
Interest received 761,385 774,059 842,354
Interest paid 479,241 470,147 323,271
Income taxes paid (received) 49 102 (253)
Contingent earn-out liability 15,800 0 0
Non-cash investing activities:      
Payable for investments purchased 454,730 158,892 9,282
Net change in unrealized gain (loss) on available-for sale securities (26,219) (44,990) (175,709)
Non-cash financing activities:      
Dividends declared, not yet paid 34,265 54,552 64,545
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 3,889 (4,367) (1,904)
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 0 774,514
Agency MBS portfolio      
Cash Flows From Investing Activities:      
Purchases (1,070,444) (2,085) (57,931)
Sales 569,391 313,094 42,503
Principal payments 77,278 901 253,815
Non-agency RMBS Portfolio      
Cash Flows From Investing Activities:      
Purchases (96,159) (3,954) (23,000)
Sales 0 0 23,056
Principal payments 74,069 83,724 178,305
Transfer of investments due to consolidation      
Non-Agency RMBS, at fair value 0 0 (218,276)
Loans held for investment      
Cash Flows From Investing Activities:      
Sales 0 2,611 0
Principal payments 1,309,841 1,417,648 2,160,445
Purchases (656,643) (1,260,187) (2,067,352)
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 $ 0 $ 1,047,838

Source

10-K PDF XBRL Zip