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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash Flows from Operating Activities:    
Net income $ 107,609 $ 95,286
Adjustments to reconcile net income to net cash provided by operating activities:    
Net accretion (35,948) (19,109)
Realized (gains) losses, net (32,556) 7,228
Unrealized (gains) losses, net (13,898) (57,518)
Gain on sale of real estate held for sale in consolidated variable interest entities (1,580) (2,328)
Impairment of real estate under development in consolidated variable interest entities 1,660 2,091
Loss on extinguishment of debt 2,857 0
Recovery of loan losses (2,605) (1,235)
Income from unconsolidated entity, preferred equity and mezzanine loan investments (31,670) (24,020)
Distributions of income from unconsolidated entity, preferred equity and mezzanine loan investments 18,861 15,957
Amortization of stock based compensation, net 4,079 1,906
Changes in operating assets and liabilities:    
Receivables and other assets (21,393) 497
Accrued expenses and other liabilities 30,962 326
Net cash provided by operating activities 26,378 19,081
Cash Flows from Investing Activities:    
Net proceeds from sale of real estate held for sale in consolidated variable interest entities 3,587 33,192
Proceeds from sales of investment securities 97,951 26,899
Purchases of investment securities (563,441) (140,241)
Purchases of other assets (939) (131)
Capital expenditures on real estate held for sale in consolidated variable interest entities (128) (311)
Funding of preferred equity, equity and mezzanine loan investments (147,383) (65,668)
Principal repayments received on preferred equity and mezzanine loan investments 37,885 9,543
Return of capital from unconsolidated entity investments 13,378 11,871
Proceeds from mortgage loans held for investment 1,580 0
(Net payments made on) received from other derivative instruments settled during the period (52,598) 17,719
Principal paydowns on investment securities - available for sale 135,956 193,070
Proceeds from sale of real estate owned 2,035 3,183
Deposit for investment in a residential securitization (66,000) 0
Net cash (used in) provided by investing activities (601,840) 141,234
Cash Flows from Financing Activities:    
Net proceeds from (net payments made on) repurchase agreements 427,077 (118,596)
Common stock issuance, net 632,248 174,995
Preferred stock issuance, net 30,490 0
Dividends paid on common stock (110,839) (69,668)
Dividends paid on preferred stock (18,107) (17,835)
Payments made on mortgages and notes payable in consolidated variable interest entities (3,087) (25,781)
Proceeds from mortgages and notes payable in consolidated variable interest entities 0 1,130
Payments made on residential collateralized debt obligations 10,963 13,859
Payments made on multi-family collateralized debt obligations 368,107 101,958
Extinguishment of and payments made on securitized debt (45,557) (29,170)
Net cash provided by (used in) financing activities 533,155 (200,742)
Net Decrease in Cash, Cash Equivalents and Restricted Cash (42,307) (40,427)
Cash, Cash Equivalents and Restricted Cash - Beginning of Period 109,145 106,195
Cash, Cash Equivalents and Restricted Cash - End of Period 66,838 65,768
Supplemental Disclosure:    
Cash paid for interest 456,242 315,469
Cash paid for income taxes 21 1,711
Non-Cash Investment Activities:    
Transfer from residential loans to real estate owned 4,529 5,805
Non-Cash Financing Activities:    
Mortgages and notes payable assumed by purchaser of real estate held for sale in consolidated variable entities 27,260 0
Cash, Cash Equivalents and Restricted Cash Reconciliation:    
Total cash, cash equivalents, and restricted cash 109,145 106,195
Multi-family collateralized debt obligations    
Non-Cash Investment Activities:    
Consolidation of multi-family collateralized debt obligations 3,633,525 767,477
Multi-family loans held in securitization trust    
Non-Cash Investment Activities:    
Consolidation of multi-family loans held in securitization trusts 3,795,606 805,163
Distressed residential mortgage loans held in securitization trusts, net    
Cash Flows from Investing Activities:    
Principal repayments received on loans 189,714 106,520
Multi-family collateralized debt obligations    
Cash Flows from Investing Activities:    
Principal repayments received on loans 368,811 101,953
Distressed residential mortgage loans    
Cash Flows from Investing Activities:    
Purchases of residential mortgage loans and distressed residential mortgage loans (460,167) (118,679)
Multi-family loans held in securitization trust    
Cash Flows from Investing Activities:    
Purchases of residential mortgage loans and distressed residential mortgage loans $ (162,081) $ (37,686)