Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Cash Flows From Operating Activities:    
Net (loss) income $ (88,930) $ 94,793
Adjustments to reconcile net (loss) income to net cash used in operating activities:    
Amortization of premiums and discounts on investment securities and commercial real estate assets, net 5,735 7,554
Other-than-temporary impairment losses 717 127
Realized and unrealized gains on investment securities, net (29,474) (129,457)
Gain on residential mortgage loans held-for-sale (10,803) (9,092)
(Gain) loss on residential mortgage loans held-for-investment and collateralized borrowings in securitization trusts (1,484) 2,919
Loss on servicing asset 101,440 52,403
Gain on termination and option expiration of interest rate swaps and swaptions (30,629) (11,775)
Unrealized loss on interest rate swaps and swaptions 149,923 110,693
Unrealized gain on other derivative instruments (4,387) (4,426)
Equity based compensation 2,851 2,689
Depreciation of fixed assets 328 319
Purchases of residential mortgage loans held-for-sale (271,448) (662,064)
Proceeds from sales of residential mortgage loans held-for-sale 19,830 23,831
Proceeds from repayment of residential mortgage loans held-for-sale 36,360 24,947
Net change in assets and liabilities:    
(Increase) decrease in accrued interest receivable (4,547) 3,013
Decrease (increase) in deferred income taxes, net 7,048 (11,537)
Increase in income taxes receivable (839) (293)
(Increase) decrease in prepaid and fixed assets (87) 25
Decrease in other receivables 208 396
Increase in servicing advances (7,173) (3,347)
Increase (decrease) in accrued interest payable 406 (5,353)
Decrease in income taxes payable (70) (1,342)
(Decrease) increase in accrued expenses and other liabilities (6,657) 1,560
Net cash used in operating activities (131,682) (513,417)
Cash Flows From Investing Activities:    
Purchases of available-for-sale securities (4,185,685) (1,084,742)
Proceeds from sales of available-for-sale securities 2,270,454 900,107
Principal payments on available-for-sale securities 192,171 286,393
Short sales and purchases of other derivative instruments, net (14,687) (34,834)
Proceeds from sales of other derivative instruments, net 44,027 23,427
Proceeds from repayment of residential mortgage loans held-for-investment in securitization trusts 133,374 160,853
Purchases of commercial real estate assets (86,156) (45,556)
Proceeds from repayment of commercial real estate assets 4,531 0
Purchases of mortgage servicing rights, net of purchase price adjustments (51,453) (10,399)
Purchases of Federal Home Loan Bank stock (11,206) (10,240)
(Decrease) increase in due to counterparties, net (158,919) 67,048
Increase in restricted cash (18,583) (104,387)
Net cash (used in) provided by investing activities (1,882,132) 147,670
Cash Flows From Financing Activities:    
Proceeds from repurchase agreements 10,535,094 14,782,724
Principal payments on repurchase agreements (9,353,516) (14,620,309)
Proceeds from issuance of collateralized borrowings in securitization trusts 883,633 310,173
Principal payments on collateralized borrowings in securitization trusts (96,188) (122,232)
Proceeds from Federal Home Loan Bank advances 215,000 125,000
Proceeds from issuance of common stock, net of offering costs 110 200
Repurchase of common stock (61,307) 0
Dividends paid on common stock (92,016) (95,263)
Net cash provided by financing activities 2,030,810 380,293
Net increase in cash and cash equivalents 16,996 14,546
Cash and cash equivalents at beginning of period 737,831 1,005,792
Cash and cash equivalents at end of period 754,827 1,020,338
Supplemental Disclosure of Cash Flow Information:    
Cash paid for interest 23,276 28,623
Cash (received) paid for taxes (689) 2,511
Noncash Activities:    
Transfers of residential mortgage loans held-for-sale to residential mortgage loans held-for-investment in securitization trusts 641,738 589,255
Transfers of residential mortgage loans held-for-sale to other receivables for foreclosed government-guaranteed loans 5,194 0
Additions to mortgage servicing rights due to sale of residential mortgage loans held-for-sale 204 227
Transfer of fair value of mortgage servicing rights to fair value of Ginnie Mae residential mortgage loans held-for-sale upon buyout 2,265 0
Cumulative-effect adjustment to equity for adoption of new accounting principle 0 (2,991)
Dividends declared but not paid at end of period 79,939 95,307
Reconciliation of residential mortgage loans held-for-sale:    
Residential mortgage loans held-for-sale at beginning of period 811,431 535,712
Purchases of residential mortgage loans held-for-sale 271,448 662,064
Transfer of fair value of mortgage servicing rights to fair value of Ginnie Mae residential mortgage loans held-for-sale upon buyout (2,265) 0
Transfers to residential mortgage loans held-for-investment in securitization trusts (641,738) (589,255)
Transfers to other receivables for foreclosed government-guaranteed loans (5,194) 0
Proceeds from sales of residential mortgage loans held-for-sale (19,830) (23,831)
Proceeds from repayment of residential mortgage loans held-for-sale (36,360) (24,947)
Realized and unrealized gains on residential mortgage loans held-for-sale 9,767 8,839
Residential mortgage loans held-for-sale at end of period $ 387,259 $ 568,582