v3.20.4
Condensed Consolidated Statement of Cash Flows
$ in Thousands
 12 Months Ended
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Statement of Cash Flows [Abstract]      
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest $ 28,377 $ 63,177 $ 49,911
Reconciliation of the net increase (decrease) in equity resulting from operations to net cash provided by (used in) operating activities:      
Amortization of premiums and accretion of discounts, net 41,681 48,132 45,895
Realized (gains) losses on securities and loans, net 5,960 12,785  
Realized (gains) losses on financial derivatives, net 31,521 30,912  
Realized (gains) losses on real estate owned, net (15) (2,327)  
Unrealized (gains) losses on securities and loans, net 25,783 (54,478)  
Unrealized (gains) losses on financial derivatives, net (989) 5,338  
Unrealized (gains) losses on real estate owned, net 649 1,279  
Unrealized (gains) losses other, net 9,562 645  
Realized (gains) losses other, net—foreign currency transaction 173 2,392 (4,131)
Unrealized (gains) losses other, net—foreign currency translation (1,720) (3,310)  
Purchase of investments     (3,350,398)
Proceeds from disposition of investments     1,868,532
Proceeds from principal payments of investments     497,858
Repurchase of investments sold short     (2,457,148)
Payments on financial derivatives     (119,490)
Proceeds from financial derivatives     121,904
Amortization of deferred debt issuance costs 263 263 263
Shares Issued In Connection With Incentive Fee Payment 12 0 71
Share-based long term incentive plan unit expense 722 475 415
Interest income related to consolidated securitization trust (21,800) (16,034) 4,697 [1]
Interest expense related to consolidated securitization trust 21,020 15,136 4,313 [1]
Debt issuance costs related to Other secured borrowings, at fair value (1,749) (1,381)  
(Earnings) losses from investments in unconsolidated entities (37,933) (10,209)  
Repurchase agreements     94,675
(Increase) decrease in assets:      
Increase decrease in interest and principal receivable 5,223 (15,449)  
Receivable for securities sold and financial derivatives     (304,826)
Due from brokers, net     68,610
Interest and principal receivable     (7,988)
Other assets 1,077 (3,663) 28,234
Increase (decrease) in liabilities:      
Due to brokers     3,832
Payable for securities purchased and financial derivatives     285,708
Base management fee payable to affiliate 515 919 (369)
Accounts payable and accrued expenses     1,838
Incentive fee payable to affiliate (116) 116  
Other liabilities     (17)
Interest and dividends payable     1,255
Increase (decrease) in interest payable (3,798) 161  
Increase (decrease) in accrued expenses and other liabilities 11,590 1,607  
Net cash provided by (used in) operating activities 119,506 79,248 (494,181)
Cash Flows from Investing Activities:      
Purchase of securities (1,346,245) (3,057,372)  
Purchase of loans (852,261) (1,040,006)  
Capital improvements of real estate owned (153) (240)  
Proceeds from disposition of securities 1,888,099 1,838,182  
Proceeds from disposition of loans 25,414 28,878  
Contributions to investments in unconsolidated entities (34,624) (42,124)  
Distributions from investments in unconsolidated entities 30,644 49,758  
Proceeds from disposition of real estate owned 9,889 24,059  
Proceeds from principal payments of securities 362,987 275,221  
Proceeds from principal payments of loans 443,640 304,953  
Proceeds from investments sold short 268,294 645,553 2,674,841
Repurchase of securities sold short (310,559) (650,576)  
Payments on financial derivatives (115,418) (90,057)  
Proceeds from financial derivatives 84,597 58,578  
Payments made on reverse repurchase agreements (7,586,769) (7,050,581)  
Proceeds from reverse repurchase agreements 7,622,670 7,038,216  
Due from brokers, net 16,443 6,483  
Due to brokers, net 619 (3,458)  
Net cash provided by (used in) investing activities 507,267 (1,664,533)  
Cash flows provided by (used in) financing activities:      
Net proceeds from issuance of common stock 95,537 [2] 156,742 [2]  
Offering costs paid (253) (712)  
Repurchase of common stock (3,056) (782) (23,131)
Dividends paid (65,026) (54,312) (50,736)
Contributions from non-controlling interests 9,848 27,650 21,532
Distributions to non-controlling interests (11,301) (23,063) (23,853)
Proceeds from issuance of securitized debt 57,863 97,642 100,010
Proceeds from issuance of Other secured borrowings 427,959 250,666 102,706
Repayments of Secured Debt (112,253) (62,608)  
Principal payment on securitized debt (67,325) (61,408) (43,819)
Debt issuance costs related to Other secured borrowings at fair value financing activities     (775)
Borrowings under repurchase agreements 4,138,940 9,047,746 8,078,468
Repayments of repurchase agreements (5,059,445) (7,862,227) (7,668,798)
Due from brokers, net 49 (13,676)  
Due to brokers, net 1,035 (355)  
Net cash provided by (used in) financing activities (587,428) 1,612,681 491,604
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash 39,345 27,396 (2,577)
Cash, Cash Equivalents, and Restricted Cash, Beginning of Period 72,477 45,081 47,658
Cash, Cash Equivalents, and Restricted Cash, End of Period 111,822 72,477 45,081
Supplemental disclosure of cash flow information:      
Interest paid 65,751 78,754 55,649
Dividends payable 5,738 6,978  
Contribution from non-controlling interest (non-cash) 2,340 0 9,537
Distributions to non-controlling interests (2,340) 0  
Shares Issued In Connection With Incentive Fee Payment Non-Cash 12 0 71
Income tax paid 543 189  
Share-based long term incentive plan unit awards (non-cash) 722 475 415
Transfers from mortgage loans to real estate owned (non-cash) 3,384 22,577  
Transfers from mortgage loans to investments in non-consolidated entities (non-cash) 10,833 0  
Purchase of investments (non-cash) 0 (2,975) 17,424
Contributions to investments in non-consolidated entities (non-cash) (17,023) 0  
Purchase of Loans Non Cash 6,670 0  
Proceeds from issuance of Other secured borrowings (non-cash) 6,670 0  
Proceeds from principal payments of investments (non-cash) 193,575 119,683 49,731
Proceeds from the disposition of loans (non-cash) 113,791 0  
Repayments of repurchase agreement (non-cash) (27,864) (226,945)  
Principal payments on Other secured borrowings, at fair value (non-cash) (193,575) (119,683) (49,731)
Proceeds received from Other secured borrowings, at fair value (non-cash) 28,818 227,428 120,625
Repayment of senior notes (non-cash) 0 (86,000)  
Issuance of senior notes (non-cash) 0 86,000  
Realized gain or loss on investments, financial derivatives, and foreign currency transactions (excludes FX on cash)     (25,368)
Total Net Unrealized Gain Loss On Investments, Other Secured Borrowings, Financial Derivatives, and Foreign Currency Translation (excluding FX on cash)     26,318
Debt issuance costs related to Other secured borrowings, at fair value 3,894 3,536 1,647 [1]
Aggregate To Be Announced Trade Activity Buys Sells Non Cash     29,752,907
Proceeds from the Disposition of Investments Non Cash     17,424
Repayments of reverse repurchase agreements non cash     (120,136)
Debt issuance costs related to Other secured borrowings at fair value non cash     (872)
Share based long term incentive plan unit redemption non cash     $ (9,537)
Proceeds from Issuance of Preferred Stock and Preference Stock 0 111,378  
Distributions from investments in unconsolidated entities 0 2,975  
Principal payments on Other secured borrowings (non-cash) $ (96,480) $ 0  
[1] Related to non-qualified mortgage securitization transactions. See Note 6 for further details.
[2] Net of underwriters' discounts.