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
 6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash Flows From Operating Activities:    
Net income (loss) $ 80,643 $ (105,911)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Amortization of premiums and discounts on investment securities and commercial real estate assets, net 19,179 16,663
Amortization of deferred debt issuance costs on convertible senior notes 176 0
Other-than-temporary impairment losses 429 807
Realized and unrealized losses (gains) on investment securities, net 21,103 (37,805)
Loss on servicing asset 61,195 177,975
Gain on residential mortgage loans held-for-sale (1,794) (18,537)
(Gain) loss on residential mortgage loans held-for-investment and collateralized borrowings in securitization trusts (8,077) 9,441
(Gain) loss on termination and option expiration of interest rate swaps and swaptions (35,949) 24,487
Unrealized loss on interest rate swaps and swaptions 92,254 99,859
Unrealized loss on other derivative instruments 35,111 48,818
Equity based compensation 8,214 7,754
Depreciation of fixed assets 550 664
Purchases of residential mortgage loans held-for-sale (567) (580,932)
Proceeds from sales of residential mortgage loans held-for-sale 3,988 68,813
Proceeds from repayment of residential mortgage loans held-for-sale 4,252 74,025
Net change in assets and liabilities:    
Increase in accrued interest receivable (11,405) (13,945)
Increase in deferred income taxes, net (16,078) (7,716)
Decrease in income taxes receivable 77 3,669
(Increase) decrease in prepaid and fixed assets (756) 102
(Increase) decrease in other receivables (4,516) 6,267
Decrease (increase) in servicing advances 5,031 (19,328)
Increase in accrued interest payable 26,173 6,544
Increase (decrease) in income taxes payable 51 (70)
Decrease in accrued expenses and other liabilities (2,923) (6,076)
Net cash provided by (used in) operating activities 276,361 (244,432)
Cash Flows From Investing Activities:    
Purchases of available-for-sale securities (8,883,595) (9,964,377)
Proceeds from sales of available-for-sale securities 5,092,318 3,776,295
Principal payments on available-for-sale securities 627,277 527,958
(Purchases) short sales of derivative instruments, net (33,562) (15,475)
Proceeds from sales (payments for termination) of derivative instruments, net 15,905 44,364
Proceeds from repayment of residential mortgage loans held-for-investment in securitization trusts 181,806 407,861
Originations, acquisitions and additional fundings of commercial real estate assets, net of deferred fees (372,338) (276,438)
Proceeds from repayment of commercial real estate assets 6,246 14,387
Purchases of mortgage servicing rights, net of purchase price adjustments (266,003) (108,006)
Proceeds from sales of mortgage servicing rights 627 0
Purchases of Federal Home Loan Bank stock 0 (11,206)
Redemptions of Federal Home Loan Bank stock 33,080 0
(Decrease) increase in due to counterparties, net (54,264) 197,289
Net cash used in investing activities (3,652,503) (5,407,348)
Cash Flows From Financing Activities:    
Proceeds from repurchase agreements 79,096,337 30,339,583
Principal payments on repurchase agreements (75,095,807) (25,678,009)
Proceeds from issuance of collateralized borrowings in securitization trusts 0 1,394,312
Principal payments on collateralized borrowings in securitization trusts (179,717) (331,110)
Proceeds from Federal Home Loan Bank advances 0 215,000
Principal payments on Federal Home Loan Bank advances (761,238) 0
Proceeds from revolving credit facilities 74,000 0
Principal payments on revolving credit facilities (104,000) 0
Proceeds from convertible senior notes 282,469 0
Proceeds from issuance of preferred stock, net of offering costs 138,872 0
Proceeds from issuance of common stock, net of offering costs 256 227
Proceeds from issuance of Granite Point Mortgage Trust Inc. stock, net of offering costs 181,875 0
Repurchase of common stock 0 (61,307)
Dividends paid on common stock (170,665) (171,955)
Net cash provided by financing activities 3,462,382 5,706,741
Net increase in cash, cash equivalents and restricted cash 86,240 54,961
Cash, cash equivalents and restricted cash at beginning of period 815,195 1,000,393
Cash, cash equivalents and restricted cash at end of period 901,435 1,055,354
Supplemental Disclosure of Cash Flow Information:    
Cash paid for interest (89,296) (47,088)
Cash paid (received) for taxes (192) 5,194
Noncash Activities:    
Transfers of residential mortgage loans held-for-sale to residential mortgage loans held-for-investment in securitization trusts 0 (641,738)
Transfers of residential mortgage loans held-for-sale to other receivables for foreclosed government-guaranteed loans (2,292) (12,080)
Transfer of fair value of mortgage servicing rights to fair value of Ginnie Mae residential mortgage loans held-for-sale upon buyout (9) (3,572)
Additions to mortgage servicing rights due to sale of residential mortgage loans held-for-sale 20 522
Dividends declared but not paid at end of period (95,049) (79,953)
Reconciliation of residential mortgage loans held-for-sale:    
Residential mortgage loans held-for-sale at beginning of period 40,146 811,431
Purchases of residential mortgage loans held-for-sale 567 580,932
Transfers to residential mortgage loans held-for-investment in securitization trusts 0 (641,738)
Transfers to other receivables for foreclosed government-guaranteed loans (2,292) (12,080)
Transfer of fair value of mortgage servicing rights to fair value of Ginnie Mae residential mortgage loans held-for-sale upon buyout (9) (3,572)
Proceeds from sales of residential mortgage loans held-for-sale (3,988) (68,813)
Proceeds from repayment of residential mortgage loans held-for-sale (4,252) (74,025)
Realized and unrealized gains on residential mortgage loans held-for-sale 1,774 16,925
Residential mortgage loans held-for-sale at end of period $ 31,946 $ 609,060