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Cash Flow Statement 
 2014 Y2015 Y2016 Y2017 Y
Source Document12/31/201612/31/201712/31/201712/31/2017
Currency CodeUSDUSDUSDUSD
(in thousands)    
     
Operating Activities 
Net income 28,61914,70422,49354,372
Adjustments to reconcile net income to net cash provided by operating activities 
Amortization of premium (Agency MBS) 45,69046,94136,32234,080
Amortization/accretion of market yield adjustments (Non-Agency MBS) (429)1294453,454
Accretion of discount (residential mortgage loans) NA(186)(395)(150)
Provision for loan losses 020300
Depreciation on rental properties 235441452465
Loss on sales of MBS 2,8547,5831,9352,168
Unrealized (gain) loss on Agency MBS held as trading investments 0013,777(2,793)
(Gain) loss on sales of Non-Agency MBS 0NANANA
Impairment charge on Non-Agency MBS 001,5482,399
Gain on sales of residential mortgage loans 00(749)(378)
Amortization of restricted stock 979733782
Recovery on Non-Agency MBS (120)(26)(12)(2)
Periodic net settlements on interest rate swaps, net of amortization (17,509)(38,738)(16,694)(6,714)
(Gain) loss on interest rate swaps, net 36,67674,24727,250(8,310)
Loss (gain) on derivatives, net of derivative income - TBA Agency MBS (10,228)(9,323)(11,464)1,440
(Gain) loss on derivatives - Eurodollar Futures Contracts 1,6942,1032,723(262)
Changes in assets and liabilities 
(Increase) decrease in interest receivable 4,1951,5893,722(1,394)
Decrease (increase) in prepaid expenses and other (8,679)(589)23415
Decrease (increase) in restricted cash 0(234)(884)1,495
Increase (decrease) in accrued interest payable (995)(2,145)(639)7,721
(Decrease) increase in accrued expenses 3,092(5,673)376(787)
Net cash provided by operating activities 85,19291,12380,56687,301
Investing Activities 
Available-for-sale Agency MBS 
Proceeds from sales 561,689NANANA
Purchases (430,779)NANANA
Principal payments 1,443,874NANANA
Trading Agency MBS 
Purchases 0NANANA
Principal payments 0NANANA
MBS Portfolios 
Proceeds from sales 0745,406418,995736,900
Purchases (176,062)(577,695)(564,160)(2,393,106)
Principal payments 1,5271,395,1711,100,4631,148,931
Residential mortgage loans held-for-investment 
Purchases 0(54,156)00
Proceeds from sales 0038,3696,806
Principal payments 0455672134
Residential properties purchases (13,106)(1,932)(351)(346)
Net cash (used in) provided by investing activities 1,387,1431,507,249993,988(500,681)
Financing Activities 
Borrowings from repurchase agreements 33,862,23335,456,13826,712,20726,868,172
Repayments on repurchase agreements (35,071,493)(36,911,350)(27,716,720)(26,413,492)
Net settlements of TBA Agency MBS Contracts 9,17311,02824,428(13,259)
Settlements on terminated interest rate swaps (42,438)(28,075)(16,055)(27,350)
Proceeds from common stock issued (common stock repurchased), net (152,739)(52,186)(14,691)3,790
Proceeds on Series C Preferred Stock issued 010,0391,28242,312
Series A Preferred Stock dividends paid (4,139)NANANA
Preferred Stock dividends paid (1,577)(6,234)(6,558)(7,555)
Series C Preferred Stock dividends paid 0NANANA
Common stock dividends paid (63,734)(61,967)(58,170)(57,996)
Net cash provided by (used in) financing activities (1,464,714)(1,582,607)(1,074,277)394,622
Net (decrease) increase in cash and cash equivalents 7,62115,765277(18,758)
Cash and cash equivalents at beginning of period 7,36814,98930,75431,031
Cash and cash equivalents at end of period 14,98930,75431,03112,273
Supplemental Disclosure of Cash Flow Information 
Cash paid for interest 109,92575,93158,62458,003
Common stock repurchased 154,11056,37815,5620
Change in payable for MBS purchased 24,624(24,624)00


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