v3.20.1
Condensed Consolidated Statement of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Statement of Cash Flows [Abstract]    
Net Income (Loss) $ (128,342) $ 16,488
Reconciliation of the net increase (decrease) in equity resulting from operations to net cash provided by (used in) operating activities:    
Realized (gains) losses on securities and loans, net (12,260) 5,322
Realized (gains) losses on financial derivatives, net 12,406 11,570
Realized (gains) losses on real estate owned, net (350) 58
Unrealized (gains) losses on securities and loans, net 133,738 (26,388)
Unrealized (gains) losses on financial derivatives, net 9,984 5,689
Unrealized (gains) losses on real estate owned, net 357 247
Share-based long term incentive plan unit expense 200 100
(Earnings) losses from investments in unconsolidated entities 6,497 (1,797)
Increase (decrease) in liabilities:    
Net cash provided by (used in) operating activities 28,867 20,992
Cash Flows from Investing Activities:    
Purchase of securities (827,252) (617,445)
Purchase of loans (273,571) (260,716)
Capital improvements of real estate owned 0 (240)
Proceeds from disposition of securities 1,241,449 682,337
Proceeds from disposition of loans 38 10,296
Contributions to investments in unconsolidated entities (3,034) (13,245)
Distributions from investments in unconsolidated entities 13,824 27,585
Proceeds from disposition of real estate owned 6,946 9
Proceeds from principal payments of securities 135,093 36,414
Proceeds from principal payments of loans 154,441 87,481
Proceeds from investments sold short 201,998 278,033
Repurchase of securities sold short (265,932) (329,382)
Payments on financial derivatives (48,081) (32,285)
Proceeds from financial derivatives 26,877 22,161
Payments made on reverse repurchase agreements (5,880,200) (1,536,791)
Proceeds from reverse repurchase agreements 5,940,600 1,572,683
Due from brokers, net (3,029) 11,026
Due to brokers, net 8,287 (2,476)
Net cash provided by (used in) investing activities 428,454 (64,555)
Cash flows provided by (used in) financing activities:    
Net proceeds from issuance of common stock [1] 95,537 0
Offering costs paid (253) 0
Repurchase of common stock (3,035) (782)
Dividends paid (21,024) (12,497)
Contributions from non-controlling interests 3,487 2,512
Distributions to non-controlling interests (4,798) (4,306)
Proceeds from issuance of securitized debt 31,913 16,680
Principal payment on securitized debt (10,662) (13,465)
Borrowings under repurchase agreements 1,856,666 1,507,161
Repayments of repurchase agreements (2,267,741) (1,443,871)
Due from brokers, net (73,544) 3,707
Due to brokers, net 571 (606)
Net cash provided by (used in) financing activities (392,883) 54,533
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash 64,438 10,970
Cash, Cash Equivalents, and Restricted Cash, Beginning of Period 72,477 45,081
Cash, Cash Equivalents, and Restricted Cash, End of Period 136,915 56,051
Supplemental disclosure of cash flow information:    
Interest paid 24,126 19,782
Dividends payable 7,952 4,267
Share-based long term incentive plan unit awards (non-cash) 200 100
Transfers from mortgage loans to real estate owned (non-cash) 1,422 299
Transfers from mortgage loans to investments in non-consolidated entities (non-cash) 10,833 0
Purchase of loans (non-cash) 6,270 0
Proceeds from issuance of Other secured borrowings (non-cash) 6,270 0
Proceeds from principal payments of investments (non-cash) 44,704 15,767
Principal payments on Other secured borrowings, at fair value (non-cash) (44,704) (15,767)
Repayment of senior notes (non-cash) 0 (86,000)
Issuance of senior notes (non-cash) $ 0 $ 86,000
[1]
Net of underwriters' discounts.