XML 16 R6.htm IDEA: XBRL DOCUMENT v3.23.2
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows provided by (used in) operating activities:    
Net income (loss) $ 3,540 $ (28,207)
Reconciliation of net income (loss) to net cash provided by (used in) operating activities:    
Net realized (gains) losses on securities 26,706 29,634
Change in net unrealized (gains) losses on securities (26,168) 78,649
Net realized (gains) losses on financial derivatives (25,970) (45,830)
Change in net unrealized (gains) losses on financial derivatives 17,099 (24,326)
Amortization of premiums and accretion of discounts, net 1,382 2,347
Share based compensation 126 151
(Increase) decrease in assets:    
Interest receivable (812) 1,495
Other assets (171) (191)
Increase (decrease) in liabilities:    
Accrued expenses 230 13
Interest payable (359) 429
Management fees payable to affiliate 16 (134)
Net cash provided by (used in) operating activities (4,381) 14,030
Cash flows provided by (used in) investing activities:    
Purchases of securities (1,088,817) (1,575,390)
Proceeds from sale of securities 1,019,477 1,421,966
Principal repayments of mortgage-backed securities 46,618 120,047
Proceeds from investments sold short 339,797 245,786
Repurchase of investments sold short (337,801) (346,644)
Proceeds from disposition of financial derivatives 18,816 59,151
Purchase of financial derivatives (12,163) (13,653)
Payments made on reverse repurchase agreements (1,977,897) (6,907,422)
Proceeds from reverse repurchase agreements 1,966,205 7,013,921
Due from brokers, net (98) 4,798
Due to brokers, net 7,317 16,593
Net cash provided by (used in) investing activities (18,546) 39,153
Cash flows provided by (used in) financing activities:    
Proceeds from Issuance or Sale of Equity [1] 7,360 0
Offering costs paid (41) (33)
Repurchase of common shares 0 (200)
Dividends paid (6,597) (7,604)
Borrowings under repurchase agreements 2,735,552 2,395,320
Repayments of repurchase agreements (2,702,977) (2,509,816)
Due from brokers, net 1,413 37,434
Due to brokers, net (2,886) 160
Cash provided by (used in) financing activities 31,824 (84,739)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 8,897 (31,556)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 34,816 69,028
CASH AND CASH EQUIVALENTS, END OF PERIOD 43,713 37,472
Supplemental disclosure of cash flow information:    
Interest paid 21,755 2,647
Dividend payable $ 1,150 $ 1,046
Common Stock, Dividends, Per Share, Declared $ 0.48 $ 0.56
[1] Net of discount and commissions.