| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|---|---|---|---|---|---|---|---|---|---|
Cash Flows from Operating Activities | ||||||||||
Net income (loss) | ||||||||||
364 | -70 | 353 | 257 | 114 | -217 | 159 | 342 | 286 | 103 | 17 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||
Amortization of mortgage-backed securities premiums and (discounts), net | ||||||||||
- | - | - | - | - | - | - | - | 50 | - | - |
Amortization of mortgage-backed and credit risk transfer securities premiums and (discounts), net | ||||||||||
-46 | -42 | -67 | -84 | -117 | -113 | -180 | -139 | 0 | 7 | 1 |
Realized and unrealized (gain) loss on derivative instruments, net | ||||||||||
-570 | 14 | 95 | 41 | - | - | - | - | - | - | - |
Realized and unrealized (gain) loss on credit derivatives, net | ||||||||||
-12 | -22 | 28 | 36 | - | - | - | - | - | - | - |
Amortization of residential loans and asset-backed securities premiums (discounts), net | ||||||||||
- | - | - | - | 0 | -2 | -0 | - | - | - | - |
Amortization of commercial loan origination fees | ||||||||||
- | - | - | - | 0 | 0 | 0 | - | 0 | - | - |
Origination fee received net of cost paid | ||||||||||
- | - | - | - | - | - | - | - | 0 | - | - |
Reduction in provision for loan losses | ||||||||||
- | - | - | - | -0 | -0 | 0 | - | 0 | - | - |
Unrealized (gain) loss on derivative instruments, net | ||||||||||
- | - | - | - | 9 | -215 | -13 | -4 | -0 | -0 | - |
Unrealized (gain) loss on credit derivatives, net | ||||||||||
- | - | - | - | -4 | -21 | -0 | -0 | - | - | - |
Gain (Loss) on Investments | ||||||||||
624 | -327 | -19 | -17 | -18 | -84 | -182 | 46 | - | - | - |
(Gain) loss from investments in unconsolidated ventures in excess of distributions received | ||||||||||
0 | -0 | -1 | 2 | - | - | - | - | - | - | - |
Other amortization | ||||||||||
23 | 25 | 23 | 7 | - | - | - | - | - | - | - |
Realized (gain) loss on derivative instruments, net | ||||||||||
- | - | - | - | -44 | -72 | 56 | - | - | - | - |
Realized (gain) loss on credit derivatives, net | ||||||||||
- | - | - | - | -1 | 0 | 0 | - | - | - | - |
(Gain) loss on derivative instruments, net | ||||||||||
- | - | - | - | - | - | - | 0 | 0 | - | - |
Unrealized (gain) loss on credit default swap, net | ||||||||||
- | - | - | - | - | - | - | - | -1 | - | - |
(Gain) loss on sale of mortgage-backed securities, net | ||||||||||
- | - | - | - | - | - | - | - | 10 | 3 | 2 |
Loss on other-than-temporarily impaired securities | ||||||||||
- | - | - | - | - | - | - | - | - | 0 | - |
Equity in (earnings) losses of unconsolidated ventures | ||||||||||
- | - | - | - | 12 | 6 | 5 | 7 | 3 | 8 | 0 |
Amortization of equity-based compensation | ||||||||||
- | - | - | - | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Amortization of deferred securitization and financing costs | ||||||||||
- | - | - | - | 3 | 3 | 2 | - | 0 | - | - |
Amortization of net deferred (gain) loss on de-designated interest rate swaps | ||||||||||
- | - | - | - | 66 | 85 | 0 | 0 | - | - | - |
Gain (Loss) on Extinguishment of Debt | ||||||||||
0 | -0 | -6 | 0 | 0 | - | - | - | - | - | - |
Non-cash interest income capitalized in commercial loans | ||||||||||
- | - | - | - | - | -0 | -0 | 0 | 0 | - | - |
(Gain) loss on foreign currency transactions, net | ||||||||||
0 | -1 | 4 | -8 | -1 | -2 | 0 | 0 | - | - | - |
Changes in operating assets and liabilities: | ||||||||||
Increase in operating assets | ||||||||||
8 | 0 | 7 | -3 | -5 | -2 | 5 | 8 | - | - | - |
Increase in operating liabilities | ||||||||||
6 | 20 | 1 | -2 | 4 | 0 | 16 | 3 | - | - | - |
(Increase) decrease in accrued interest receivable | ||||||||||
- | - | - | - | - | - | - | - | 31 | 18 | 3 |
(Increase) decrease in other assets | ||||||||||
- | - | - | - | - | - | - | - | 0 | -0 | 0 |
Increase (decrease) in accrued interest payable | ||||||||||
- | - | - | - | - | - | - | - | 9 | 1 | 0 |
Increase (decrease) in due to affiliate | ||||||||||
- | - | - | - | - | - | - | - | 5 | 2 | 0 |
Increase (decrease) in accounts payable and accrued expenses | ||||||||||
- | - | - | - | - | - | - | - | -0 | 0 | 0 |
Net cash provided by operating activities | ||||||||||
343 | 304 | 290 | 295 | 358 | 379 | 490 | 427 | 305 | 71 | 11 |
Cash Flows from Investing Activities | ||||||||||
Purchase of mortgage-backed and credit risk transfer securities | ||||||||||
9,244 | 6,217 | 6,277 | 2,660 | 2,352 | 4,339 | 8,323 | 9,171 | 13,747 | 5,063 | 961 |
Purchase of U.S. Treasury Securities | ||||||||||
- | - | - | 403 | 0 | 0 | - | - | - | - | - |
Proceeds from sale of U.S. Treasury securities | ||||||||||
- | - | - | 524 | 0 | 0 | - | - | - | - | - |
Distributions from (contributions to) investments in unconsolidated ventures, net | ||||||||||
-1 | -1 | -6 | -7 | -18 | -7 | 3 | -40 | 9 | 43 | 4 |
Change in other assets | ||||||||||
-10 | 51 | 3 | -0 | 12 | 52 | 0 | 10 | - | - | - |
Principal payments from mortgage-backed and credit risk transfer securities | ||||||||||
2,189 | 1,986 | 2,401 | 2,614 | 2,602 | 1,909 | 2,818 | 2,618 | 1,492 | 420 | 71 |
Proceeds from sale of mortgage-backed and credit risk transfer securities | ||||||||||
3,311 | 4,749 | 625 | 1,034 | 907 | 3,266 | 5,041 | 2,851 | 3,115 | 260 | 100 |
Payments on sale of credit derivatives | ||||||||||
- | - | - | 6 | 1 | 0 | 0 | - | - | - | - |
Payment of premiums for interest rate swaptions | ||||||||||
- | - | - | - | 1 | 10 | 72 | 8 | 0 | - | - |
Settlement (termination) of futures, currency forwards and interest rate swaps, net | ||||||||||
597 | 2 | -67 | 59 | 33 | 48 | -114 | - | - | - | - |
Net change in due from counterparties and collateral held payable on derivative instruments | ||||||||||
-3 | -3 | 5 | 0 | - | - | - | - | - | - | - |
Proceeds from termination of interest rate swaptions | ||||||||||
- | - | - | - | - | - | - | 0 | 0 | - | - |
Payments for termination of futures contracts and TBAs | ||||||||||
- | - | - | - | - | - | - | 0 | - | - | - |
Purchase of residential loans held-for-investment | ||||||||||
- | - | - | - | 372 | 1,816 | 1,857 | - | 0 | - | - |
Principal payments from residential loans held-for-investment | ||||||||||
- | - | - | - | 549 | 255 | 43 | 0 | 0 | - | - |
Principal payments from commercial loans held-for-investment | ||||||||||
7 | 160 | 90 | 15 | 92 | 0 | 0 | 0 | - | - | - |
Origination and advances of commercial loans, net of origination fees | ||||||||||
0 | 1 | 4 | 87 | 157 | 83 | 63 | - | 0 | - | - |
Change on investment in other assets | ||||||||||
- | - | - | - | - | - | - | - | 0 | - | - |
Net cash (used in) provided by investing activities | ||||||||||
-4,324 | 621 | -3,088 | 979 | 1,237 | -912 | -2,303 | -3,680 | -9,148 | -4,426 | -793 |
Cash Flows from Financing Activities | ||||||||||
Proceeds from issuance of common stock | ||||||||||
509 | 0 | 0 | 0 | 0 | 0 | 396 | 16 | 1,297 | 830 | 171 |
Repurchase of common stock | ||||||||||
0 | 1 | 0 | 25 | 125 | 21 | 160 | 0 | - | - | - |
Proceeds from issuance of preferred stock | ||||||||||
0 | 0 | 278 | 0 | -0 | 149 | -0 | 135 | 0 | - | - |
Due from counterparties - secured loans | ||||||||||
- | - | - | -29 | 53 | 54 | 1 | -74 | -38 | - | - |
Restricted cash | ||||||||||
- | - | - | - | - | - | - | - | - | -92 | -14 |
Change in collateral held payable | ||||||||||
- | - | - | - | -9 | -32 | 46 | -17 | 0 | - | - |
Investment related payable | ||||||||||
- | - | - | - | - | - | - | - | - | 11 | - |
Proceeds from private placement of OP Unit | ||||||||||
- | - | - | - | - | - | - | - | - | - | 28 |
Proceeds from repurchase agreements | ||||||||||
131,624 | 136,573 | 146,886 | 127,056 | 140,861 | 141,072 | 182,456 | 153,409 | 92,911 | 20,545 | 2,766 |
Principal repayments of repurchase agreements | ||||||||||
127,694 | 137,052 | 143,964 | 128,023 | 142,357 | 142,901 | 182,697 | 149,970 | 85,002 | 16,746 | 2,220 |
Proceeds from asset-backed securities | ||||||||||
- | - | - | - | 336 | 1,525 | - | - | - | - | - |
Proceeds from issuance of exchangeable senior notes | ||||||||||
- | - | - | - | - | - | 400 | - | 0 | - | - |
Proceeds from asset-backed securities issued by securitization trusts | ||||||||||
- | - | - | - | - | - | 1,687 | - | 0 | - | - |
Principal repayments of asset-backed securities | ||||||||||
- | - | - | - | 518 | 236 | 41 | - | 0 | - | - |
Proceeds from secured loans | ||||||||||
- | - | - | 125 | 2,325 | 2,835 | 0 | 0 | - | - | - |
Principal repayments of secured loans | ||||||||||
- | - | - | 125 | 1,925 | 1,585 | 0 | 0 | - | - | - |
Extinguishment of exchangeable senior notes | ||||||||||
0 | 143 | 262 | 0 | 0 | - | - | - | - | - | - |
Net change in due from counterparties and collateral held payable on repurchase agreements | ||||||||||
32 | 0 | 0 | - | - | - | - | - | - | - | - |
Payments of deferred costs | ||||||||||
0 | 0 | 0 | 0 | 0 | 2 | 16 | - | 0 | - | - |
Purchase of Operating Partnership units from non-controlling interest | ||||||||||
0 | 21 | 0 | 0 | - | - | - | - | - | - | - |
Payments of dividends and distributions | ||||||||||
271 | 234 | 212 | 204 | 239 | 264 | 332 | 306 | 267 | 72 | 6 |
Proceeds from TALF financing | ||||||||||
- | - | - | - | - | - | - | - | - | 71 | 80 |
Principal payments of TALF financing | ||||||||||
- | - | - | - | - | - | - | - | - | 151 | 0 |
Net cash provided by (used in) financing activities | ||||||||||
4,134 | -879 | 2,724 | -1,166 | -1,707 | 486 | 1,736 | 3,341 | 8,976 | 4,394 | 805 |
Net change in cash, cash equivalents and restricted cash | ||||||||||
153 | 46 | -72 | 108 | -110 | -46 | -75 | 89 | 133 | 39 | 24 |
Supplement Disclosure of Cash Flow Information | ||||||||||
Interest paid | ||||||||||
489 | 344 | 220 | 146 | 211 | 193 | 320 | 234 | 145 | 27 | 4 |
Non-cash Investing and Financing Activities Information | ||||||||||
Net change in unrealized gain (loss) on mortgage-backed and credit risk transfer securities | ||||||||||
93 | -17 | -8 | -31 | -198 | 498 | -262 | 486 | -423 | 17 | 8 |
Net change in unconsolidated ventures | ||||||||||
- | - | - | - | - | - | - | - | -1 | 1 | 0 |
Net change in restricted cash | ||||||||||
- | - | - | - | - | - | - | - | - | 5 | - |
(Decrease) increase in unsettled to-be-announced (“TBA”) securities and related payable | ||||||||||
-32 | 132 | 0 | - | - | - | - | - | - | - | - |
Net change in investment related receivable (payable) excluding TBA securities | ||||||||||
5 | -2 | -25 | 115 | -131 | 457 | -522 | - | - | - | - |
Collateral held payable, not settled | ||||||||||
- | - | - | - | - | -5 | 5 | 0 | 0 | - | - |
(Receivable) / payable for mortgage-backed and credit risk transfer securities sold / purchased, net | ||||||||||
- | - | - | - | - | - | - | 121 | -431 | 363 | - |
Net change in repurchase agreements, not settled | ||||||||||
0 | 0 | 1 | -1 | -0 | 0 | -27 | 27 | 0 | - | - |
Change in foreign currency translation adjustment on other investments | ||||||||||
1 | 0 | -0 | - | - | - | - | - | - | - | - |
Change in due from counterparties and collateral held payable | ||||||||||
- | - | - | -5 | - | - | - | - | - | - | - |
Change in due from counterparties | ||||||||||
- | - | - | - | 1 | -1 | 0 | - | -12 | - | - |