Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands, $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2020 |
Sep. 30, 2019 |
Sep. 30, 2020 |
Sep. 30, 2019 |
| Interest Income: |
|
|
|
|
|
| Agency Securities, net of amortization of premium and fees |
|
$ 25,188
|
$ 102,134
|
$ 128,612
|
$ 295,405
|
| Total Interest Income |
|
25,730
|
115,899
|
147,139
|
339,050
|
| Interest expense- repurchase agreements |
|
(2,954)
|
(80,293)
|
(59,863)
|
(228,775)
|
| Interest expense- U.S. Treasury Securities sold short |
|
0
|
0
|
(32)
|
0
|
| Net Interest Income |
|
22,776
|
35,606
|
87,244
|
110,275
|
| Other Income (Loss): |
|
|
|
|
|
| Realized gain on sale of available for sale Agency Securities (reclassified from Other comprehensive income (loss)) |
|
9,468
|
4,569
|
138,802
|
1,615
|
| Credit loss expense |
|
0
|
0
|
(1,012)
|
0
|
| Gain on Agency Securities, trading |
|
12,149
|
0
|
20,060
|
0
|
| Loss on short sale of U.S. Treasury Securities |
|
0
|
0
|
(414)
|
0
|
| Subtotal |
|
14,984
|
(5,009)
|
(10,348)
|
(22,283)
|
| Realized gain (loss) on derivatives |
[1] |
20,866
|
(85,076)
|
(394,850)
|
(200,198)
|
| Unrealized gain (loss) on derivatives |
|
6,866
|
3,845
|
46,304
|
(216,526)
|
| Subtotal |
|
27,732
|
(81,231)
|
(348,546)
|
(416,724)
|
| Total Other Income (Loss) |
|
42,716
|
(86,240)
|
(358,894)
|
(439,007)
|
| Expenses: |
|
|
|
|
|
| Management fees |
|
7,393
|
7,418
|
22,234
|
22,162
|
| Professional fees |
|
559
|
922
|
3,058
|
2,869
|
| Insurance |
|
183
|
183
|
549
|
531
|
| Compensation |
|
1,387
|
1,094
|
4,210
|
2,877
|
| Other |
|
537
|
704
|
724
|
1,415
|
| Total Expenses |
|
10,059
|
10,321
|
30,775
|
29,854
|
| Less management fees waived |
|
(2,953)
|
0
|
(5,900)
|
0
|
| Total Expenses after fees waived |
|
7,106
|
10,321
|
24,875
|
29,854
|
| Net Income (Loss) |
|
58,386
|
(60,955)
|
(296,525)
|
(358,586)
|
| Dividends on preferred stock |
|
(2,320)
|
(3,410)
|
(7,467)
|
(11,943)
|
| Net Income (Loss) available (related) to common stockholders |
|
$ 56,066
|
$ (64,365)
|
$ (303,992)
|
$ (370,529)
|
| Net Income (Loss) per share available (related) to common stockholders (Note 12): |
|
|
|
|
|
| Basic (in dollars per share) |
|
$ 0.87
|
$ (1.09)
|
$ (4.87)
|
$ (6.45)
|
| Diluted (in dollars per share) |
|
0.86
|
(1.09)
|
(4.87)
|
(6.45)
|
| Dividends declared per common share (in dollars per share) |
|
$ 0.30
|
$ 0.51
|
$ 0.90
|
$ 1.65
|
| Weighted average common shares outstanding: |
|
|
|
|
|
| Basic (in shares) |
|
64,724
|
59,077
|
62,458
|
57,473
|
| Diluted (in shares) |
|
65,272
|
59,077
|
62,458
|
57,473
|
| Credit Risk and Non-Agency Securities |
|
|
|
|
|
| Interest Income: |
|
|
|
|
|
| Interest income, trading |
|
$ 518
|
$ 13,158
|
$ 17,746
|
$ 40,134
|
| Other Income (Loss): |
|
|
|
|
|
| Gain (loss) on securities |
|
(6,633)
|
(8,842)
|
(189,555)
|
(26,045)
|
| Interest-Only Securities |
|
|
|
|
|
| Interest Income: |
|
|
|
|
|
| Interest income, trading |
|
0
|
0
|
0
|
596
|
| Other Income (Loss): |
|
|
|
|
|
| Gain (loss) on securities |
|
0
|
0
|
0
|
123
|
| U.S. Treasury Securities |
|
|
|
|
|
| Interest Income: |
|
|
|
|
|
| Interest income, trading |
|
0
|
128
|
469
|
1,353
|
| Other Income (Loss): |
|
|
|
|
|
| Gain (loss) on securities |
|
0
|
(736)
|
21,771
|
2,024
|
| BUCKLER Subordinated loan |
|
|
|
|
|
| Interest Income: |
|
|
|
|
|
| Interest income, trading |
|
$ 24
|
$ 479
|
$ 312
|
$ 1,562
|
|
|