| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|---|---|---|---|---|---|
Cash flows from operating activities: | ||||||
Net income (loss) | ||||||
70,699 | 26,409 | 85,097 | -25,015 | -9,484 | 100,713 | -27,855 |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||||||
Premium amortization and (discount accretion), net | ||||||
-7,398 | -5,374 | 2,070 | 548 | -5,086 | -10,257 | -21,053 |
Interest income earned added to principal of securities | ||||||
0 | 0 | 46 | 413 | 207 | 0 | - |
Amortization of deferred financing costs | ||||||
1,488 | 767 | 192 | 191 | 486 | 0 | - |
Amortization of discount on convertible senior notes | ||||||
718 | 550 | 137 | 0 | 0 | - | - |
Restricted stock amortization | ||||||
564 | 265 | 981 | 1,699 | 2,301 | 2,203 | 1,087 |
Premium amortization for MAC interest rate swaps | ||||||
- | - | - | 658 | 1,250 | 1,818 | - |
Interest payments and basis recovered on MAC interest rate swaps | ||||||
-5,772 | -2,465 | -525 | -658 | -1,595 | -7,164 | - |
Premium on purchase of Residential Whole Loans | ||||||
15,304 | 15,850 | 1,239 | 574 | 3,329 | 131 | - |
Premium on purchase of Residential Bridge Loans | ||||||
0 | 3,889 | 753 | 0 | 0 | - | - |
Premium on purchase of securitized commercial loans | ||||||
3,769 | 3,019 | 0 | 0 | - | - | - |
Unrealized (gain) loss, net | ||||||
107,529 | -24,671 | 28,396 | -17,107 | -34,011 | 189,011 | -160,109 |
Realized loss on sale of real estate owned ("REO") | ||||||
-90 | 0 | 0 | - | - | - | - |
Mark-to-market adjustments on linked transactions | ||||||
- | - | - | - | - | - | 856 |
Unrealized (gain) loss on derivative instruments, net | ||||||
9,390 | -10,381 | 148,308 | -5,135 | -73,599 | -178,125 | 84,788 |
Other than temporary impairment | ||||||
8,574 | 11,180 | 22,873 | - | 19,791 | 17,014 | 11,858 |
Realized (gain) loss on investments, net | ||||||
28,368 | -63,257 | 20,598 | - | - | - | - |
Loss on derivatives, net | ||||||
-9,631 | 10,316 | -156,076 | 41,516 | -13,920 | 9,754 | -1,499 |
Other-than-temporary Impairment Loss, Debt Securities, Available-for-sale, Recognized in Earnings | ||||||
- | - | - | 32,286 | - | - | - |
Unrealized loss on linked transactions, net | ||||||
- | - | - | - | - | -1,762 | - |
Debt Securities, Available-for-sale, Realized Gain (Loss) | ||||||
- | - | - | -21,991 | 8,279 | -2,178 | -110,712 |
Realized loss on sale of Interest-Only Strips accounted for as derivatives, net | ||||||
- | - | - | - | - | - | -1,124 |
Gain on linked transactions, net | ||||||
- | - | - | - | - | 1,397 | 3,049 |
Realized loss on sale of swaptions, net | ||||||
- | - | - | - | - | - | 23,671 |
Realized gain on options | ||||||
- | - | - | - | - | - | -925 |
Loss on foreign currency transactions, net | ||||||
0 | 0 | -1 | -758 | 2,130 | 1,306 | - |
Changes in operating assets and liabilities: | ||||||
Decrease in interest receivable | ||||||
-2,546 | 8,356 | -5,209 | -3,809 | -4,688 | 15,043 | -5,095 |
(Increase) decrease in other assets | ||||||
-1,157 | 184 | 1,763 | 16 | 56 | -13 | 95 |
(Decrease) increase in interest payable | ||||||
6,469 | 210 | -7,719 | -4,390 | 2,858 | 5,039 | 5,973 |
Increase in accounts payable and accrued expenses | ||||||
-519 | 563 | -274 | 1,477 | -16 | 503 | 302 |
Increase (decrease) in payable to affiliate | ||||||
-2,467 | 2,574 | -543 | -435 | 314 | 863 | -82 |
Net cash used in operating activities | ||||||
-52,240 | 107,052 | 59,382 | 11,546 | 133,898 | 107,374 | 179,341 |
Cash flows from investing activities: | ||||||
Proceeds from sale of securities underlying linked transactions | ||||||
- | - | - | - | - | 6,215 | 165,089 |
Purchase of securities | ||||||
1,581,485 | 1,128,399 | 2,881,276 | 2,172,623 | 1,354,274 | 4,007,240 | 2,004,596 |
Purchase of securities underlying linked transactions | ||||||
- | - | - | - | - | 54,739 | 176,628 |
Proceeds from sale of securities | ||||||
1,136,617 | 2,430,054 | 1,593,914 | 2,273,922 | 2,547,364 | 2,375,264 | 3,620,488 |
Principal repayments and basis recovered on securities | ||||||
126,091 | 123,837 | 240,785 | 344,937 | 397,073 | 332,581 | 305,433 |
Proceeds from sale of REO | ||||||
1,033 | 0 | 0 | - | - | - | - |
Principal repayments and basis recovered on securities underlying linked transactions | ||||||
- | - | - | - | - | 4,801 | 2,008 |
Purchase of Residential Whole Loans | ||||||
563,821 | 873,911 | 87,640 | 28,825 | 225,870 | 7,030 | - |
Principal repayments on Residential Whole Loans | ||||||
254,125 | 76,942 | 42,176 | 52,473 | 20,355 | 9 | - |
Purchase of commercial loans | ||||||
350,232 | 235,857 | 0 | 0 | 8,750 | 0 | - |
Principal repayments on commercial loans | ||||||
-197,245 | -20,638 | 0 | 0 | 8,750 | 0 | - |
Purchase of securitized commercial loans | ||||||
1,109,461 | 1,350,000 | 0 | 0 | 14,000 | 0 | - |
Principal repayments on securitized commercial loans | ||||||
-1,214,688 | -361,781 | -154 | 0 | 0 | - | - |
Purchase of Residential Bridge Loans | ||||||
0 | 418,953 | 142,913 | 0 | 0 | - | - |
Principal repayments on Residential Bridge Loans | ||||||
211,316 | 274,964 | 31,794 | 0 | 0 | - | - |
Payment of premium for option derivatives | ||||||
780 | 1,757 | 16,355 | 17,951 | 16,064 | 2,813 | 4,675 |
Premium received from option derivatives | ||||||
2,158 | 1,236 | 14,553 | 22,707 | 15,354 | 0 | 3,750 |
Premium for credit default swaps, net | ||||||
-3,885 | 297 | -74 | 0 | 0 | - | - |
Proceeds from gross settlement of TBAs | ||||||
- | - | - | - | - | - | 208,313 |
Net settlements of TBAs | ||||||
1,934 | -800 | 4,035 | 6,140 | 3,710 | 37,829 | -995 |
(Payments on) Proceeds from termination of futures, net | ||||||
-12,862 | 6,112 | -9,130 | -23,609 | 527 | 16,495 | - |
Proceeds from termination of foreign currency swaps | ||||||
- | - | - | -6,771 | 0 | 0 | - |
Payments on total return swaps | ||||||
0 | 0 | 552 | -38 | 0 | 0 | - |
Interest payments and basis recovered on MAC interest rate swaps | ||||||
5,772 | 2,465 | 525 | 658 | 1,193 | -706 | - |
Proceeds from sale of interest rate swaptions | ||||||
- | - | - | 2,075 | 32,186 | 8,710 | 60,482 |
Premium for MAC interest rate swaps, net | ||||||
- | - | - | -465 | 3,858 | -11,011 | - |
Payments on termination of MAC interest rate swaps | ||||||
- | - | - | - | 186 | -2,791 | - |
Due from counterparties | ||||||
2,850 | 0 | -8,449 | 8,449 | 0 | 0 | - |
Premium for interest rate swaptions, net | ||||||
332 | 0 | 115 | 0 | 40,215 | 3,278 | 32,904 |
Net cash provided by investing activities | ||||||
-478,503 | -716,875 | -1,202,572 | 504,631 | 1,359,855 | -1,311,678 | 2,002,411 |
Cash flows from financing activities: | ||||||
Net proceeds from issuance of common stock | ||||||
52,714 | 64,880 | 0 | 0 | - | 205,380 | - |
Proceeds from private placement of common stock (concurrent with initial public offering) | ||||||
- | - | - | - | - | 9,653 | - |
Payment of offering costs | ||||||
580 | 195 | 94 | 0 | 0 | 408 | 67 |
Repurchase of common stock | ||||||
0 | 1,733 | 1,094 | 0 | 0 | - | - |
Proceeds from sale of treasury stock | ||||||
0 | 3,177 | 0 | 0 | - | - | - |
Proceeds from repurchase agreement borrowings | ||||||
21,381,571 | 21,472,963 | 18,438,166 | 15,977,505 | 17,544,060 | 22,819,986 | 29,948,206 |
Proceeds from convertible note offering | ||||||
90,625 | 0 | 115,000 | 0 | 0 | 180,935 | 21,735 |
Repayments of repurchase agreement borrowings | ||||||
21,375,531 | 21,905,812 | 17,342,124 | 16,407,929 | 18,863,913 | 21,523,332 | 32,163,869 |
Repayments of repurchase agreement borrowings underlying linked transactions | ||||||
- | - | - | - | - | 208,177 | 103,902 |
Repayment of cash overdraft | ||||||
- | - | - | -300 | 300 | 0 | -5,666 |
Proceeds from securitized debt | ||||||
1,828,361 | 1,285,219 | 0 | 0 | - | - | - |
Repayments of securitized debt | ||||||
1,292,141 | 344,612 | 68 | 0 | 0 | - | - |
Proceeds from forward contracts | ||||||
0 | 0 | 8,246 | 112,574 | 242,279 | 44,897 | - |
Repayments of forward contracts | ||||||
0 | 0 | 8,214 | 112,640 | 243,180 | 46,656 | - |
Premium for MAC interest rate swaps containing an other-than-insignificant financing element | ||||||
- | - | - | - | - | -20,479 | - |
Payments on termination of MAC interest rate swaps containing an other-than-insignificant financing element | ||||||
- | - | - | - | 18,655 | 14,147 | - |
Interest payments and basis recovered on MAC interest rate swaps containing an other-than-insignificant financing element | ||||||
- | - | - | - | 402 | 7,870 | - |
Payments made for deferred financing costs | ||||||
8,522 | 0 | 3,837 | 58 | 620 | 0 | - |
Due from counterparties, net | ||||||
56,474 | -47,307 | 9,707 | -14,427 | 64,806 | 129,323 | -1,292 |
Due to counterparties, net | ||||||
-17,072 | 16,291 | 750 | -9,210 | -2,230 | -53,681 | 65,861 |
Increase in other liabilities | ||||||
-2,860 | 55,808 | 0 | 0 | - | - | - |
Dividends paid on common stock | ||||||
62,864 | 53,699 | 51,981 | 69,168 | 109,272 | 94,735 | 93,879 |
Net cash (used in) provided by financing activities | ||||||
537,227 | 639,594 | 1,145,043 | -494,799 | -1,516,439 | 1,203,001 | -2,189,519 |
Effect of exchange rate changes on cash and cash equivalents | ||||||
0 | 0 | -1 | 83 | 175 | 0 | - |
Net (decrease) increase in cash, cash equivalents and restricted cash | ||||||
6,484 | 29,771 | 1,852 | 21,461 | -22,511 | -1,303 | -7,767 |
Supplemental disclosure of operating cash flow information: | ||||||
Interest paid | ||||||
144,987 | 138,524 | 43,032 | 32,041 | 27,515 | 20,553 | 19,751 |
Income taxes paid | ||||||
549 | 1,635 | 4,966 | 2,093 | 0 | 0 | - |
Supplemental disclosure of non-cash financing/investing activities: | ||||||
Underwriting and offering costs payable | ||||||
27 | 177 | 0 | 0 | - | - | - |
Repurchase of common stock, not settled | ||||||
- | - | - | 0 | 0 | - | - |
Repurchase of common stock, not settled | ||||||
0 | 0 | -137 | - | 572 | 45 | 341 |
Securities used to settle TBAs | ||||||
- | - | - | - | - | - | -208,817 |
Securities recorded upon unlinking of linked transactions | ||||||
- | - | - | - | - | -69,838 | 77,046 |
Assets of CSMC Trust | ||||||
- | - | - | - | 11,000 | 0 | - |
Liabilities of CSMC Trust | ||||||
- | - | - | - | 11,000 | 0 | - |
Securities purchased, not settled | ||||||
0 | 0 | -17,217 | -309,086 | -66,146 | -6,002 | - |
Net unsettled TBAs | ||||||
- | - | - | -14 | 0 | 2,186 | - |
Derivative collateral offset against derivatives | ||||||
0 | 0 | -157,913 | 0 | 0 | - | - |
Stock dividends declared, not issued | ||||||
- | - | - | - | - | - | 37,671 |
Principal payments of Residential Whole Loans, not settled | ||||||
17,254 | 9,230 | 2,286 | 1,241 | 0 | 0 | - |
Principal payments of Residential Bridge Loans, not settled | ||||||
1,949 | 33,717 | 5,381 | 0 | 0 | - | - |
Other assets - Transfer of Bridge Loans to REO | ||||||
5,029 | 143 | 0 | 0 | - | - | - |
Proceeds from sale of REO, not settled | ||||||
728 | 0 | 0 | - | - | - | - |