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Consolidated Statement Of Cash Flows (USD $)
In Thousands, unless otherwise specified |
12 Months Ended | ||
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Dec. 31, 2014
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Dec. 31, 2013
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Dec. 31, 2012
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| INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS: | |||
| Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 59,949us-gaap_ProfitLoss | $ 79,362us-gaap_ProfitLoss | $ 97,146us-gaap_ProfitLoss |
| Reconciliation of the net increase in equity resulting from operations to net cash provided by (used in) operating activities: | |||
| Change in net unrealized (gain) loss on investments and financial derivatives, and foreign currency translation | 3,564efc_TotalNetUnrealizedGainLossOnInvestmentsFinancialDerivativesandForeignCurrencyTranslationexcludingFXoncash | (11,663)efc_TotalNetUnrealizedGainLossOnInvestmentsFinancialDerivativesandForeignCurrencyTranslationexcludingFXoncash | (84,206)efc_TotalNetUnrealizedGainLossOnInvestmentsFinancialDerivativesandForeignCurrencyTranslationexcludingFXoncash |
| Net realized (gain) loss on investments, financial derivatives, and foreign currency transactions | (6,008)efc_RealizedgainorlossoninvestmentsfinancialderivativesandforeigncurrencytransactionsexcludesFXoncash | (18,002)efc_RealizedgainorlossoninvestmentsfinancialderivativesandforeigncurrencytransactionsexcludesFXoncash | 11,247efc_RealizedgainorlossoninvestmentsfinancialderivativesandforeigncurrencytransactionsexcludesFXoncash |
| Amortization of premiums and accretion of discounts (net) | (9,131)us-gaap_AccretionAmortizationOfDiscountsAndPremiumsInvestments | (18,619)us-gaap_AccretionAmortizationOfDiscountsAndPremiumsInvestments | (13,010)us-gaap_AccretionAmortizationOfDiscountsAndPremiumsInvestments |
| Purchase of investments | (5,298,446)us-gaap_PaymentsToAcquireInvestments | (2,224,370)us-gaap_PaymentsToAcquireInvestments | (2,345,880)us-gaap_PaymentsToAcquireInvestments |
| Proceeds from disposition of investments | 4,755,862us-gaap_PaymentsForProceedsFromInvestments | 1,713,538us-gaap_PaymentsForProceedsFromInvestments | 2,166,238us-gaap_PaymentsForProceedsFromInvestments |
| Proceeds from principal payments of investments | 186,094efc_ProceedsFromPrincipalPaymentsOfInvestments | 190,720efc_ProceedsFromPrincipalPaymentsOfInvestments | 142,617efc_ProceedsFromPrincipalPaymentsOfInvestments |
| Proceeds from investments sold short | 1,606,561efc_ProceedsFromInvestmentsSoldShort | 947,556efc_ProceedsFromInvestmentsSoldShort | 938,699efc_ProceedsFromInvestmentsSoldShort |
| Repurchase of investments sold short | (1,215,239)efc_RepurchaseOfInvestmentsSoldShort | (702,846)efc_RepurchaseOfInvestmentsSoldShort | (796,974)efc_RepurchaseOfInvestmentsSoldShort |
| Payments made to open financial derivatives | (61,080)efc_PaymentsMadeToOpenFinancialDerivatives | (25,624)efc_PaymentsMadeToOpenFinancialDerivatives | (91,019)efc_PaymentsMadeToOpenFinancialDerivatives |
| Proceeds received to close financial derivatives | 85,572efc_ProceedsReceivedToCloseFinancialDerivatives | 42,643efc_ProceedsReceivedToCloseFinancialDerivatives | 126,207efc_ProceedsReceivedToCloseFinancialDerivatives |
| Proceeds received to open financial derivatives | 87,441efc_ProceedsReceivedToOpenFinancialDerivatives | 39,822efc_ProceedsReceivedToOpenFinancialDerivatives | 42,920efc_ProceedsReceivedToOpenFinancialDerivatives |
| Payments made to close financial derivatives | (130,389)efc_PaymentsMadeToCloseFinancialDerivatives | (46,419)efc_PaymentsMadeToCloseFinancialDerivatives | (56,948)efc_PaymentsMadeToCloseFinancialDerivatives |
| Shares issued in connection with incentive fee payment | 449efc_SharesIssuedInConnectionWithIncentiveFeePaymentNonCash | 1,262efc_SharesIssuedInConnectionWithIncentiveFeePaymentNonCash | 1,180efc_SharesIssuedInConnectionWithIncentiveFeePaymentNonCash |
| Share-based LTIP expense | 267us-gaap_AllocatedShareBasedCompensationExpense | 179us-gaap_AllocatedShareBasedCompensationExpense | 135us-gaap_AllocatedShareBasedCompensationExpense |
| (Increase) decrease in assets: | |||
| Repurchase agreements | (144,039)efc_IncreaseDecreaseInRepurchaseAgreements | (14,312)efc_IncreaseDecreaseInRepurchaseAgreements | 2,100efc_IncreaseDecreaseInRepurchaseAgreements |
| Receivable for securities sold | (354,587)efc_IncreaseDecreaseInReceivableForSecuritiesSold | (256,086)efc_IncreaseDecreaseInReceivableForSecuritiesSold | (93,211)efc_IncreaseDecreaseInReceivableForSecuritiesSold |
| Due from brokers | (64,394)us-gaap_IncreaseDecreaseInDepositsOutstanding | (59,827)us-gaap_IncreaseDecreaseInDepositsOutstanding | 11,419us-gaap_IncreaseDecreaseInDepositsOutstanding |
| Interest and principal receivable | (13,780)us-gaap_IncreaseDecreaseInAccruedInterestReceivableNet | (1,112)us-gaap_IncreaseDecreaseInAccruedInterestReceivableNet | 408us-gaap_IncreaseDecreaseInAccruedInterestReceivableNet |
| Other assets | (565)us-gaap_IncreaseDecreaseInOtherOperatingAssets | (1,095)us-gaap_IncreaseDecreaseInOtherOperatingAssets | (111)us-gaap_IncreaseDecreaseInOtherOperatingAssets |
| Increase (decrease) in liabilities: | |||
| Due to brokers | 2,462efc_IncreaseDecreaseInDueToBrokersMarginAccounts | (11,192)efc_IncreaseDecreaseInDueToBrokersMarginAccounts | (48,781)efc_IncreaseDecreaseInDueToBrokersMarginAccounts |
| Payable for securities purchased | (94,300)efc_IncreaseDecreaseInPayableForSecuritiesPurchased | 135,714efc_IncreaseDecreaseInPayableForSecuritiesPurchased | (70,184)efc_IncreaseDecreaseInPayableForSecuritiesPurchased |
| Accounts payable and accrued expenses | 1,205us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities | (75)us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities | 98us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities |
| Incentive fee payable | (3,091)efc_IncreaseDecreaseAccruedIncentiveFee | (4,252)efc_IncreaseDecreaseAccruedIncentiveFee | 7,343efc_IncreaseDecreaseAccruedIncentiveFee |
| Other payables | 0us-gaap_IncreaseDecreaseInOtherOperatingLiabilities | (903)us-gaap_IncreaseDecreaseInOtherOperatingLiabilities | 903us-gaap_IncreaseDecreaseInOtherOperatingLiabilities |
| Interest and dividends payable | 865efc_IncreaseDecreaseInterestAndDividendsPayable | 789efc_IncreaseDecreaseInterestAndDividendsPayable | (270)efc_IncreaseDecreaseInterestAndDividendsPayable |
| Base management fee payable | 599efc_Increasedecreaseinaccruedmanagementfee | 430efc_Increasedecreaseinaccruedmanagementfee | 538efc_Increasedecreaseinaccruedmanagementfee |
| Net cash used in operating activities | (604,159)us-gaap_NetCashProvidedByUsedInOperatingActivities | (244,382)us-gaap_NetCashProvidedByUsedInOperatingActivities | (51,396)us-gaap_NetCashProvidedByUsedInOperatingActivities |
| Cash flows provided by (used in) financing activities: | |||
| Proceeds from the issuance of shares | 188,400us-gaap_ProceedsFromIssuanceOfCommonStock | 125,600us-gaap_ProceedsFromIssuanceOfCommonStock | 88,142us-gaap_ProceedsFromIssuanceOfCommonStock |
| Contribution from non-controlling interests | 1,793us-gaap_ProceedsFromMinorityShareholders | 5,880us-gaap_ProceedsFromMinorityShareholders | 0us-gaap_ProceedsFromMinorityShareholders |
| Share Repurchased | 0us-gaap_PaymentsForRepurchaseOfCommonStock | 0us-gaap_PaymentsForRepurchaseOfCommonStock | (3,430)us-gaap_PaymentsForRepurchaseOfCommonStock |
| Offering costs paid | (288)us-gaap_PaymentsOfStockIssuanceCosts | (444)us-gaap_PaymentsOfStockIssuanceCosts | (323)us-gaap_PaymentsOfStockIssuanceCosts |
| Dividends paid | (86,449)us-gaap_PaymentsOfDividends | (92,067)us-gaap_PaymentsOfDividends | (47,412)us-gaap_PaymentsOfDividends |
| Distributions to non-controlling Interest | (1,667)us-gaap_PaymentsToMinorityShareholders | (260)us-gaap_PaymentsToMinorityShareholders | 0us-gaap_PaymentsToMinorityShareholders |
| Proceeds from issuance of securitized debt | 0efc_ProceedsFromIssuanceOfSecuritizedDebt | 0efc_ProceedsFromIssuanceOfSecuritizedDebt | 1,522efc_ProceedsFromIssuanceOfSecuritizedDebt |
| Principal payments on securitized debt | (246)efc_PrincipalPaymentOnSecuritizedDebt | (370)efc_PrincipalPaymentOnSecuritizedDebt | (264)efc_PrincipalPaymentOnSecuritizedDebt |
| Reverse repurchase agreements, net of repayments | 433,267efc_ReverseRepurchaseAgreementsNetOfRepayments | 330,448efc_ReverseRepurchaseAgreementsNetOfRepayments | 9,508efc_ReverseRepurchaseAgreementsNetOfRepayments |
| Net cash provided by financing activities | 534,810us-gaap_NetCashProvidedByUsedInFinancingActivities | 368,787us-gaap_NetCashProvidedByUsedInFinancingActivities | 47,743us-gaap_NetCashProvidedByUsedInFinancingActivities |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (69,349)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease | 124,405us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease | (3,653)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease |
| CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 183,489us-gaap_CashAndCashEquivalentsAtCarryingValue | 59,084us-gaap_CashAndCashEquivalentsAtCarryingValue | 62,737us-gaap_CashAndCashEquivalentsAtCarryingValue |
| CASH AND CASH EQUIVALENTS, END OF PERIOD | 114,140us-gaap_CashAndCashEquivalentsAtCarryingValue | 183,489us-gaap_CashAndCashEquivalentsAtCarryingValue | 59,084us-gaap_CashAndCashEquivalentsAtCarryingValue |
| Supplemental disclosure of cash flow information: | |||
| Interest paid | 9,544us-gaap_InterestPaid | 10,389us-gaap_InterestPaid | 8,040us-gaap_InterestPaid |
| Shares issued in connection with incentive fee payment (non-cash) | 449efc_SharesIssuedInConnectionWithIncentiveFeePaymentNonCash | 1,262efc_SharesIssuedInConnectionWithIncentiveFeePaymentNonCash | 1,180efc_SharesIssuedInConnectionWithIncentiveFeePaymentNonCash |
| Share-based LTIP awards (non-cash) | 267us-gaap_AllocatedShareBasedCompensationExpense | 179us-gaap_AllocatedShareBasedCompensationExpense | 135us-gaap_AllocatedShareBasedCompensationExpense |
| Aggregate TBA trade activity (buys sells) (non-cash) | $ 30,136,820efc_AggregateToBeAnnouncedTradeActivityBuysSellsNonCash | $ 24,946,079efc_AggregateToBeAnnouncedTradeActivityBuysSellsNonCash | $ 16,365,027efc_AggregateToBeAnnouncedTradeActivityBuysSellsNonCash |
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- Definition
Represents the absolute value of To-Be-Announced mortgage pass-through certificates or "TBAs" transactions inclusive of TBA roll transactions and non-roll purchases and sales, all having closed or settled during the period. No definition available.
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Increase (decrease) in accrued performance based fees payable to the Manager. No definition available.
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- Definition
Increase (decrease) in the amount accrued and payable to the Manager for management fees. No definition available.
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Carrying value of amounts transferred from third parties for security purposes that are expected to be returned or applied towards payment in the future. No definition available.
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The increase (decrease) during the reporting period in the aggregate amount of obligations incurred arising from unsettled security purchases. No definition available.
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The increase (decrease) in the amount of receivables due from securities sold prior to period end where the transactions have not yet settled. No definition available.
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The increase (decrease) during the reporting period in the total amount under agreements to purchase and resell securities. No definition available.
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- Definition
Increase (decrease) in the sum of the carrying values as of the balance sheet date of (a) interest payable on all forms of debt, including trade payables, that has been incurred, and (b) dividends declared but unpaid on equity securities issued by the entity and outstanding (also includes dividends collected on behalf of another owner of securities that are being held by the entity). No definition available.
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Cash paid to a counterparty at the termination or sale of a derivative instrument. No definition available.
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Cash paid to a counterparty at the onset of a derivative transaction. No definition available.
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The cash outflow for principal repayments on re-securitized assets accounted for as collateralized borrowings. No definition available.
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The amount of cash inflow from proceeds received from securities sold short. No definition available.
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The cash inflow from proceeds on the sale of re-securitized assets accounted for as collateralized borrowings. No definition available.
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The cash inflow associated with the maturity and collection of all investments such as debt during the period. No definition available.
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Cash received from a counterparty at the termination or sale of a derivative instrument. No definition available.
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Cash received from a counterparty at the onset of a derivative transaction. No definition available.
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- Definition
Total realized gains or losses on investments, financial derivatives, and foreign currency transactions on investments and financial derivatives. Excludes foreign currency transactions relating to cash. No definition available.
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- Definition
The amount of cash outflow for the repurchase of securities to cover previous short sales. No definition available.
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- Definition
Increase (decrease) in the carrying value of the liability for securities sold under agreements to repurchase where the transferor maintains effective control over the assets, accounting for them as secured debt. No definition available.
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- Definition
Value of shares issued to the Manager as partial payment for incentive fees. No definition available.
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- Definition
Total change in net unrealized gains or losses on investments, financial derivatives, and foreign currency translation on investments and financial derivatives. Excludes foreign currency translation on cash. No definition available.
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- Definition
The sum of the periodic adjustments of the differences between securities' face values and purchase prices that are charged against earnings. This is called accretion if the security was purchased at a discount and amortization if it was purchased at premium. As a noncash item, this element is an adjustment to net income when calculating cash provided by or used in operations using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Represents the expense recognized during the period arising from equity-based compensation arrangements (for example, shares of stock, unit, stock options or other equity instruments) with employees, directors and certain consultants qualifying for treatment as employees. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Includes effect from exchange rate changes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The increase (decrease) during the reporting period in the amounts payable to vendors for goods and services received and the amount of obligations and expenses incurred but not paid. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The increase (decrease) during the reporting period in the amount due from borrowers for interest payments. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The increase (decrease) during the reporting period in monies given as security or collateral for items acquired or borrowed on a temporary basis. Deposits may also be paid as initial payment of the cost of acquisition or for the right to enter into a contract or agreement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The increase (decrease) during the reporting period in other assets used in operating activities not separately disclosed in the statement of cash flows. May include changes in other current assets, other noncurrent assets, or a combination of other current and noncurrent assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The increase (decrease) during the reporting period in other liabilities used in operating activities not separately disclosed in the statement of cash flows. May include changes in other current liabilities, other noncurrent liabilities, or a combination of other current and noncurrent liabilities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount of cash paid for interest during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of cash inflow (outflow) from financing activities, including discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of cash inflow (outflow) from operating activities, including discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The net cash paid (received) associated with the acquisition or disposal of all investments, including securities and other assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash outflow to reacquire common stock during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Cash outflow in the form of capital distributions and dividends to common shareholders, preferred shareholders and noncontrolling interests. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash outflow for cost incurred directly with the issuance of an equity security. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash outflow associated with the purchase of all investments (debt, security, other) during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of cash outflow to a noncontrolling interest. Includes, but not limited to, reduction of noncontrolling interest ownership. Excludes dividends paid to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash inflow from the additional capital contribution to the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of cash inflow from a noncontrolling interest. Includes, but is not limited to, purchase of additional shares or other increase in noncontrolling interest ownership. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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