As Reported Financial Statements

As Reported Financials

Document Name As Of Date Currency Code (in thousands) 2015 Y 10-K 12/31/2015 USD 2016 Y 10-K 12/31/2016 USD 2017 Y 10-K 12/31/2017 USD 2018 Y 10-K 12/31/2018 USD 2019 Q3 YTD 10-Q 9/30/2019 USD
Document Name As Of Date Currency Code 2015 Y 10-K 12/31/2015 USD 2016 Y 10-K 12/31/2016 USD 2017 Y 10-K 12/31/2017 USD 2018 Y 10-K 12/31/2018 USD 2019 Q3 YTD 10-Q 9/30/2019 USD

Cash Flows From Operating Activities

Net Income (Loss) (31,205) (45,517) 181,154 (105,966) (358,586)

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 35,260
Accretion of net discount on Credit Risk and Non-Agency Securities 0 (2,118) (3,866) (2,946) (2,266)
Net amortization of Interest-Only Securities 0 7,769 4,908 4,122 1,922
Net amortization of U.S. Treasury Securities NA 0 0 (1,066) (361)
Realized gain (loss) on sale of Agency Securities 11,546 18,211 8,486 152,950 (1,615)
Other than temporary impairment of Agency Securities 0 6,540 13,707 12,090 0
Loss on Credit Risk and Non-Agency Securities 0 (59,120) (65,672) 27,266 26,045
Gain on Interest-Only Securities 0 (6,431) 2,966 1,007 (123)
(Gain) loss on U.S. Treasury Securities NA 0 0 6,365 (2,024)
Stock based compensation 953 881 937 2,397 2,039
Bargain purchase price on acquisition of JAVELIN 0 (6,484) 0 0 NA

Changes in operating assets and liabilities

Increase in accrued interest receivable 6,816 17,415 (3,713) (53) (14,220)
(Increase) decrease in prepaid and other assets (2,881) 3,622 (100) (255) (111)
Change in derivatives, at fair value 155,427 (210,034) (69,081) (58,145) 195,421
Increase in accrued interest payable- repurchase agreements 712 (1,703) (482) 3,816 3,736
Increase in accounts payable and other accrued expenses (12,702) (4,284) (4,003) 652 2,570
Net cash provided by (used in) operating activities 238,255 NA NA NA NA
Net cash and cash collateral posted to counterparties provided by (used in) operating activities NA (203,426) 110,079 75,223 (112,313)

Cash Flows From Investing Activities

Purchases of Agency Securities (5,145,847) (2,201,480) (5,813,389) (4,816,961) (7,971,429)
Purchases of Credit Risk and Non-Agency Securities 0 (882,588) (8,224) 0 (10,537)
Purchases of Interest-Only Securities 0 (101,947) 0 0 NA
Purchases of U.S. Treasury Securities NA 0 0 (765,828) (1,685,058)
Principal repayments of Agency Securities 1,910,795 1,337,671 775,181 691,934 1,036,135
Principal repayments of Credit Risk and Non-Agency Securities 0 53,033 145,731 33,837 29,186
Proceeds from sales of Agency Securities 5,614,195 7,195,157 4,012,398 4,496,015 2,230,377
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 18,822
Proceeds from sales of U.S. Treasury Securities NA 0 0 661,883 1,786,090
(Decrease) increase in cash collateral posted by counterparties (183,035) 3,774 25,819 67,620 (71,903)
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 (4,638,317)

Cash Flows From Financing Activities

Redemption of Series A Preferred stock, net of expenses NA NA NA NA (54,514)
Issuance of Series B Preferred stock, net of expenses 0 0 14,815 2,632 19,725
Issuance of common stock, net of expenses 147 0 133,193 38,014 321,860
Proceeds from repurchase agreements 90,941,440 139,917,180 141,685,213 185,437,769 143,170,110
Principal repayments on repurchase agreements (93,252,880) (145,258,815) (140,947,749) (185,956,035) (138,528,667)
Series A Preferred stock dividends paid (4,498) (4,498) (4,498) (4,498) (2,249)
Series B Preferred stock dividends paid (11,124) (11,124) (11,382) (12,534) (9,694)
Common stock dividends paid (167,142) (111,011) (89,409) (97,024) (94,300)
Common stock repurchased (144,942) (14,658) 0 0 (16,965)
Net cash provided by (used in) financing activities (2,638,999) NA NA NA NA
Net cash and cash collateral posted to counterparties provided by (used in) financing activities NA (5,482,926) 780,183 (591,676) 4,805,306
Net decrease in cash (204,636) NA NA NA NA
Cash - beginning of year 494,561 NA NA NA NA
Cash - end of year 289,925 NA NA NA NA
Net Increase (decrease) in cash and cash collateral posted to counterparties NA (202,479) (68,850) (50,195) 54,676
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 351,244 282,394 232,199 286,875

Supplemental Disclosure

Cash paid during the period for interest 218,503 193,944 164,913 252,393 342,374

Non-Cash Investing Activities

Payable for unsettled purchases NA 0 0 166,052 NA
Net unrealized gain (loss) on available for sale Agency Securities (163,202) 13,417 (13,170) (188,799) 451,173
Amounts receivable for issuance of preferred stock 0 0 153 0 NA
Amounts payable for common stock repurchased (14,658) NA NA NA NA

Non-Cash Financing Activities

Amounts receivable for issuance of Preferred B stock NA NA NA NA 753
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.