Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.22.2.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash Flows From Operating Activities:    
Net income $ 490,462 $ 188,521
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization of premiums and discounts on investment securities, net 70,254 186,006
Amortization of deferred debt issuance costs on term notes payable and convertible senior notes 1,964 2,145
Provision for credit losses on investment securities 3,048 6,416
Realized and unrealized losses (gains) on investment securities 253,439 (126,407)
Gain on servicing asset (489,461) (16,887)
Realized and unrealized (gain) loss on interest rate swaps and swaptions (34,328) 3,387
Unrealized (gains) losses on other derivative instruments (52,105) 104,201
Equity based compensation 9,977 8,960
Net change in assets and liabilities:    
(Increase) decrease in accrued interest receivable (11,435) 19,498
Decrease in deferred income taxes, net 95,647 3,856
Increase (decrease) in accrued interest payable 30,210 (11,143)
Change in other operating assets and liabilities, net 19,749 11,494
Net cash provided by operating activities 387,421 380,047
Cash Flows From Investing Activities:    
Purchases of available-for-sale securities (9,486,779) (157,102)
Proceeds from sales of available-for-sale securities 5,022,894 5,102,894
Principal payments on available-for-sale securities 937,275 2,632,669
Purchases of mortgage servicing rights, net of purchase price adjustments (599,314) (632,626)
(Payments for) proceeds from sales of mortgage servicing rights, net 258,563 32,354
Short sales (purchases) of derivative instruments, net (71,133) (1,275)
Proceeds from sales and settlement (payments for termination and settlement) of derivative instruments, net 273,015 8,417
Payments for reverse repurchase agreements (1,967,693) (780,520)
Proceeds from reverse repurchase agreements 1,895,169 787,045
Increase (decrease) in due to counterparties, net 104,525 (213,704)
Change in other investing assets and liabilities, net 0 10,000
Net cash (used in) provided by investing activities (3,633,478) 6,788,152
Cash Flows From Financing Activities:    
Proceeds from repurchase agreements 29,238,122 25,612,501
Principal payments on repurchase agreements (26,860,549) (33,632,698)
Proceeds from revolving credit facilities 720,000 296,500
Principal payments on revolving credit facilities (9,600) (159,569)
Proceeds from convertible senior notes 0 279,930
Repayment of convertible senior notes (143,774) (143,118)
Redemption of preferred stock 0 (274,951)
Proceeds from issuance of common stock, net of offering costs 5,762 256,803
Dividends paid on preferred stock (41,242) (49,913)
Dividends paid on common stock (176,316) (139,925)
Net cash provided by (used in) financing activities 2,732,403 (7,954,440)
Net decrease in cash, cash equivalents and restricted cash (513,654) (786,241)
Cash, cash equivalents and restricted cash at beginning of period 2,088,670 2,646,431
Cash, cash equivalents and restricted cash at end of period 1,575,016 1,860,190
Supplemental Disclosure of Cash Flow Information:    
Cash paid for interest 92,473 72,023
Cash received for taxes, net (468) (22,239)
Noncash Activities:    
Dividends declared but not paid at end of period $ 72,802 $ 67,311