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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2020
Dec. 31, 2019
Assets:    
Residential whole loans, at carrying value ($5,055,177 and $4,847,782 pledged as collateral, respectively) (1) (2) [1],[2] $ 5,934,042 $ 6,069,370
Residential whole loans, at fair value ($718,343 and $794,684 pledged as collateral, respectively) (1) [2] 1,243,792 1,381,583
Allowance for credit and valuation losses on residential whole loans held at carrying value and held-for-sale (218,011) (3,025)
Total residential whole loans, net 6,959,823 7,447,928
Residential mortgage securities:    
Mortgage-backed securities and credit risk transfer securities 1,927,454 3,983,519
Mortgage servicing rights (“MSR”) related assets ($877,204 and $1,217,002 pledged as collateral, respectively) 738,054 1,217,002
Cash and cash equivalents 116,465 70,629
Restricted cash 216,902 64,035
Other assets 1,171,639 784,251
Total Assets 11,130,337 13,567,364
Liabilities:    
Repurchase agreements 7,768,180 9,139,821
Other liabilities 921,482 1,043,591
Total Liabilities 8,689,662 10,183,412
Commitments and contingencies (See Note 10)
Stockholders’ Equity:    
Common stock, $.01 par value; 874,300 and 886,950 shares authorized; 453,138 and 452,369 shares issued and outstanding, respectively 4,531 4,524
Additional paid-in capital, in excess of par 3,906,613 3,640,341
Accumulated deficit (1,548,361) (631,040)
Accumulated other comprehensive income 77,702 370,047
Total Stockholders’ Equity 2,440,675 3,383,952
Total Liabilities and Stockholders’ Equity 11,130,337 13,567,364
Non-Agency MBS    
Residential mortgage securities:    
Mortgage-backed securities and credit risk transfer securities 1,119,940 2,063,529
Agency MBS    
Residential mortgage securities:    
Mortgage-backed securities and credit risk transfer securities 553,413 1,664,582
Liabilities:    
Repurchase agreements 522,209 1,557,675
CRT securities    
Residential mortgage securities:    
Mortgage-backed securities and credit risk transfer securities 254,101 255,408
Liabilities:    
Repurchase agreements 297,628 203,569
Non-Agency MBS Transferred to Consolidated VIEs    
Assets:    
Residential whole loans, at carrying value ($5,055,177 and $4,847,782 pledged as collateral, respectively) (1) (2) 185,900 186,400
Residential whole loans, at fair value ($718,343 and $794,684 pledged as collateral, respectively) (1) 516,400 567,400
Non-QM Loans    
Stockholders’ Equity:    
Loan held for sale, amortized cost 965,500  
Loans net carrying amount [1],[2] 895,300  
Series B Preferred Stock    
Stockholders’ Equity:    
Preferred stock, $.01 par value; 7.50% Series B cumulative redeemable; 8,050 shares authorized; 8,000 shares issued and outstanding ($200,000 aggregate liquidation preference) 80 80
Series C Preferred Stock    
Stockholders’ Equity:    
Preferred stock, $.01 par value; 7.50% Series B cumulative redeemable; 8,050 shares authorized; 8,000 shares issued and outstanding ($200,000 aggregate liquidation preference) $ 110 $ 0
[1]
Includes Non-QM loans held-for-sale with an amortized cost of $965.5 million and a net carrying value of $895.3 million at March 31, 2020.
[2] Includes approximately $185.9 million and $186.4 million of Residential whole loans, at carrying value and $516.4 million and $567.4 million of Residential whole loans, at fair value transferred to consolidated variable interest entities (“VIEs”) at March 31, 2020 and December 31, 2019, respectively. Such assets can be used only to settle the obligations of each respective VIE