Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.21.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash Flows From Operating Activities:    
Net income (loss) $ 122,197 $ (2,043,220)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Amortization of premiums and discounts on investment securities, net 134,581 102,562
Amortization of deferred debt issuance costs on term notes payable and convertible senior notes 1,321 1,107
Provision for credit losses on investment securities 6,257 46,831
Realized and unrealized (gains) losses on investment securities (97,606) 981,284
(Gain) loss on servicing asset (59,387) 825,456
Realized and unrealized (gain) loss on interest rate swaps and swaptions (5,001) 228,571
Unrealized loss (gain) on other derivative instruments 27,063 (43,542)
Equity based compensation 6,401 4,630
Net change in assets and liabilities:    
Decrease in accrued interest receivable 15,603 39,154
Decrease (increase) in deferred income taxes, net 3,534 (50,265)
Decrease in accrued interest payable (3,710) (112,916)
Change in other operating assets and liabilities, net (832) 172,721
Net cash provided by operating activities 150,421 152,373
Cash Flows From Investing Activities:    
Purchases of available-for-sale securities (152,743) (6,433,561)
Proceeds from sales of available-for-sale securities 4,600,545 16,969,870
Principal payments on available-for-sale securities 1,985,490 2,059,816
Purchases of trading securities 0 (1,052,500)
Proceeds from sales of trading securities 0 1,053,477
Purchases of mortgage servicing rights, net of purchase price adjustments (364,566) (193,393)
(Payments for) proceeds from sales of mortgage servicing rights, net 0 (1,814)
(Purchases) short sales of derivative instruments, net (1,232) (19,042)
Proceeds from sales and settlement (payments for termination and settlement) of derivative instruments, net 17,881 (93,905)
Payments for reverse repurchase agreements (480,344) (1,802,388)
Proceeds from reverse repurchase agreements 501,869 1,945,972
Increase in due to counterparties, net 44,890 406,598
Change in other investing assets and liabilities, net 10,000 2,508
Net cash provided by investing activities 6,161,790 12,841,638
Cash Flows From Financing Activities:    
Proceeds from repurchase agreements 19,730,790 58,261,313
Principal payments on repurchase agreements (26,524,066) (70,417,528)
Proceeds from revolving credit facilities 261,500 83,000
Principal payments on revolving credit facilities (11,811) (115,819)
Proceeds from convertible senior notes 279,930 0
Repurchase of convertible senior notes (143,118) 0
Proceeds from Federal Home Loan Bank advances 0 585,000
Principal payments on Federal Home Loan Bank advances 0 (795,000)
Redemption of preferred stock (274,951) 0
Proceeds from issuance of common stock, net of offering costs 192 237
Repurchase of common stock 0 (1,064)
Dividends paid on preferred stock (36,165) (37,901)
Dividends paid on common stock (93,166) (122,792)
Net cash used in financing activities (6,810,865) (12,560,554)
Net (decrease) increase in cash, cash equivalents and restricted cash (498,654) 433,457
Cash, cash equivalents and restricted cash at beginning of period 2,646,431 1,616,826
Cash, cash equivalents and restricted cash at end of period 2,147,777 2,050,283
Supplemental Disclosure of Cash Flow Information:    
Cash paid for interest 46,068 339,717
Cash paid for taxes, net 47 661
Noncash Activities:    
Dividends declared but not paid at end of period $ 60,507 $ 57,269