v3.24.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Cash Flows From Operating Activities:          
Net income (loss) $ 136,459 $ 2,170 $ 322,577 $ 95,560  
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:          
(Accretion) amortization of investment discounts/premiums, net     10,594 16,985  
Accretion (amortization) of deferred financing costs, debt issuance costs, and Securitized debt discounts/premiums, net     10,524 27,228  
Net unrealized losses (gains) on derivatives 14,457 (17) (2,687) (9,460)  
Proceeds (payments) for derivative settlements     14,517 (20,509)  
Margin (paid) received on derivatives     (18,513) 78,248  
Net unrealized losses (gains) on financial instruments at fair value (104,012) 43,988 (192,008) (27,558)  
Net realized losses (gains) on sales of investments 0 460 3,750 27,482  
Other investment (gains) losses (1,366) (2,381) (7,053) (2,077)  
Net increase (decrease) in provision for credit losses     5,389 9,041  
(Gain) loss on extinguishment of debt 0 0 0 (6,348)  
Equity-based compensation expense     8,625 6,439  
Changes in operating assets:          
Decrease (increase) in accrued interest receivable, net     7 (11,047)  
Decrease (increase) in other assets     2,191 (13,121)  
Changes in operating liabilities:          
Increase (decrease) in accounts payable and other liabilities     8,281 6,105  
Increase (decrease) in accrued interest payable, net     1,527 4,974  
Net cash provided by (used in) operating activities     167,722 181,942  
Cash Flows From Investing Activities:          
Net cash provided by (used in) investing activities     (511,430) 174,965  
Cash Flows From Financing Activities:          
Proceeds from secured financing agreements     21,453,553 22,272,760  
Payments on secured financing agreements     (20,662,572) (23,099,486)  
Payments on repurchase of common stock     0 (33,101)  
Proceeds from securitized debt borrowings, collateralized by Loans held for investment     340,097 2,046,620  
Payments on securitized debt borrowings, collateralized by Loans held for investment     (874,432) (1,461,868)  
Payments on securitized debt borrowings, collateralized by Non-Agency RMBS     (97) (52)  
Net proceeds from issuance of unsecured debt     134,181 0  
Common dividends paid     (88,967) (152,476)  
Preferred dividends paid     (82,413) (55,313)  
Net cash provided by (used in) financing activities     219,350 (482,916)  
Net increase (decrease) in cash and cash equivalents     (124,358) (126,009)  
Cash and cash equivalents at beginning of period     221,684 264,600 $ 264,600
Cash and cash equivalents at end of period 97,326 138,591 97,326 138,591 221,684
Supplemental disclosure of cash flow information:          
Interest received     579,187 587,637  
Interest paid     357,685 350,787  
Non-cash investing activities:          
Payable for investments purchased     123,902 6,237  
Net change in unrealized gain (loss) on available-for sale securities     (2,022) (49,431)  
Non-cash financing activities:          
Dividends declared, not yet paid $ 33,961 $ 49,881 33,961 49,881 $ 54,552
Agency MBS portfolio          
Cash Flows From Investing Activities:          
Purchases     (985,976) (2,006)  
Sales     34,672 285,709  
Principal payments     36,679 677  
Non-agency RMBS Portfolio          
Cash Flows From Investing Activities:          
Purchases     (96,159) (3,954)  
Sales     0 0  
Principal payments     57,868 64,796  
Loans held for investment          
Cash Flows From Investing Activities:          
Sales     0 2,611  
Principal payments     964,508 1,087,319  
Purchases     $ (523,022) $ (1,260,187)  

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