As Reported Financial Statements

As Reported Financials

Source Document Currency Code (in thousands) 2015 Y 12/31/2017 USD 2016 Y 12/31/2018 USD 2017 Y 12/31/2018 USD 2018 Y 12/31/2018 USD 2019 Q1 YTD 3/31/2019 USD
Source Document Currency Code 2015 Y 12/31/2017 USD 2016 Y 12/31/2018 USD 2017 Y 12/31/2018 USD 2018 Y 12/31/2018 USD 2019 Q1 YTD 3/31/2019 USD

Cash Flows From Operating Activities

Net Income (Loss) (31,205) (45,517) 181,154 (105,966) (114,381)

Adjustments to reconcile net income (loss) to net cash and cash collateral posted to counterparties provided by (used in) operating activities

Net amortization of premium on Agency Securities 109,589 77,827 44,838 32,989 6,347
Accretion of net discount on Credit Risk and Non-Agency Securities 0 (2,118) (3,866) (2,946) (932)
Net amortization of Interest-Only Securities 0 7,769 4,908 4,122 936
Net amortization of U.S. Treasury Securities NA 0 0 (1,066) (453)
Realized loss on sale of Agency Securities 11,546 18,211 8,486 152,950 2,910
Other than temporary impairment of Agency Securities 0 6,540 13,707 12,090 0
Gain on Credit Risk and Non-Agency Securities 0 (59,120) (65,672) 27,266 (496)
(Gain) loss on Interest-Only Securities 0 (6,431) 2,966 1,007 368
(Gain) loss on U.S. Treasury Securities NA 0 0 6,365 693
Stock based compensation 953 881 937 2,397 644
Bargain purchase price on acquisition of JAVELIN 0 (6,484) 0 0 NA

Changes in operating assets and liabilities

(Increase) decrease in accrued interest receivable 6,816 17,415 (3,713) (53) (17,178)
Decrease in prepaid and other assets (2,881) 3,622 (100) (255) 459
Change in derivatives, at fair value 155,427 (210,034) (69,081) (58,145) 95,796
Increase (decrease) in accrued interest payable- repurchase agreements 712 (1,703) (482) 3,816 11,522
Increase in accounts payable and other accrued expenses (12,702) (4,284) (4,003) 652 2,431
Net cash provided by operating activities 238,255 NA NA NA NA
Net cash and cash collateral posted to counterparties used in operating activities NA (203,426) 110,079 75,223 (11,334)

Cash Flows From Investing Activities

Purchases of Agency Securities (5,145,847) (2,201,480) (5,813,389) (4,816,961) (6,608,566)
Purchases of Credit Risk and Non-Agency Securities 0 (882,588) (8,224) 0 NA
Purchases of Interest-Only Securities 0 (101,947) 0 0 NA
Purchases of U.S. Treasury Securities NA 0 0 (765,828) (101,039)
Principal repayments of Agency Securities 1,910,795 1,337,671 775,181 691,934 145,777
Principal repayments of Credit Risk and Non-Agency Securities 0 53,033 145,731 33,837 6,335
Proceeds from sales of Agency Securities 5,614,195 7,195,157 4,012,398 4,496,015 1,017,396
Proceeds from sales of Credit Risk and Non-Agency Securities 0 61,843 8,372 97,758 NA
Proceeds from sales of Interest-Only Securities 0 66,982 0 0 NA
Proceeds from sales of U.S. Treasury Securities NA 0 0 661,883 199,445
(Decrease) increase in cash collateral posted by counterparties (183,035) 3,774 25,819 67,620 (47,387)
Net cash used in the acquisition of JAVELIN 0 (48,572) 0 0 NA
Subordinated loans to BUCKLER 0 0 (105,000) 0 NA
Net cash provided by (used in) investing activities 2,196,108 NA NA NA NA
Net cash and cash collateral posted to counterparties provided by (used in) investing activities NA 5,483,873 (959,112) 466,258 (5,388,039)

Cash Flows From Financing Activities

Issuance of Series B Preferred stock, net of expenses 0 0 14,815 2,632 0
Issuance of common stock, net of expenses 147 0 133,193 38,014 321,992
Proceeds from repurchase agreements 90,941,440 139,917,180 141,685,213 185,437,769 50,656,945
Principal repayments on repurchase agreements (93,252,880) (145,258,815) (140,947,749) (185,956,035) (45,551,322)
Series A Preferred stock dividends paid (4,498) (4,498) (4,498) (4,498) (1,124)
Series B Preferred stock dividends paid (11,124) (11,124) (11,382) (12,534) (3,135)
Common stock dividends paid (167,142) (111,011) (89,409) (97,024) (29,814)
Net cash (used in) provided by financing activities (2,638,999) NA NA NA NA
Common stock repurchased (144,942) (14,658) 0 0 NA
Net cash and cash collateral posted to counterparties provided by (used in) financing activities NA (5,482,926) 780,183 (591,676) 5,393,542
Net increase in cash (204,636) NA NA NA NA
Cash - beginning of period 494,561 NA NA NA NA
Cash - end of period 289,925 NA NA NA NA
Net Increase (decrease) in cash and cash collateral posted to counterparties NA (202,479) (68,850) (50,195) (5,831)
Cash and cash collateral posted to counterparties - beginning of period NA 553,723 351,244 282,394 232,199
Cash and cash collateral posted to counterparties - end of period NA 351,244 282,394 232,199 226,368

Supplemental Disclosure

Cash paid during the period for interest 218,503 193,944 164,913 252,393 98,627

Non-Cash Investing Activities

Receivable for unsettled sales NA NA NA NA 0
Payable for unsettled purchases NA 0 0 166,052 198,172
Net unrealized gain (loss) on available for sale Agency Securities (163,202) 13,417 (13,170) (188,799) 184,248
Amounts receivable for issuance of preferred stock 0 0 153 0 NA
Amounts payable for common stock repurchased (14,658) NA NA NA NA
Data shown on this page is extracted directly from the company’s documents. S&P makes every effort to line up fields, captions and headers that represent the same data over time, despite variations in how the company may report these items in different documents. In certain instances the variation in the company’s presentation over time may be too significant, potentially resulting in repeating and/or disordered items. Despite possible issues with the presentation, S&P, as always, stands by its commitment to the quality of the data.