Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash Flows From Operating Activities:    
Net (loss) income from continuing operations $ (1,841,306) $ 189,208
Adjustments to reconcile net (loss) income from continuing operations to net cash provided by operating activities:    
Amortization of premiums and discounts on investment securities, net 167,609 119,175
Amortization of deferred debt issuance costs on term notes payable and convertible senior notes 1,715 1,096
Other-than-temporary impairment losses 0 11,004
Provision for credit losses on investment securities 53,931 0
Realized and unrealized losses (gains) on investment securities 983,291 (251,977)
Loss (gain) on servicing asset 938,219 675,920
Realized and unrealized losses (gains) on interest rate swaps, caps and swaptions 227,989 167,160
Unrealized (gain) loss on other derivative instruments (20,665) (36,439)
Equity based compensation 7,487 6,539
Net change in assets and liabilities:    
Decrease (increase) in accrued interest receivable 42,494 (732)
(Increase) decrease in deferred income taxes, net (50,728) (33,287)
(Decrease) increase in accrued interest payable (137,322) (37,212)
Change in other operating assets and liabilities, net 5,696 40,629
Net cash provided by operating activities 378,410 851,084
Cash Flows From Investing Activities:    
Purchases of available-for-sale securities (6,433,637) (18,406,882)
Proceeds from sales of available-for-sale securities 16,969,870 14,065,573
Principal payments on available-for-sale securities 3,120,922 2,334,729
Purchases of trading securities (1,052,500) 0
Proceeds from sales of trading securities 1,053,477 0
Purchases of mortgage servicing rights, net of purchase price adjustments (284,456) (333,506)
(Payments for) proceeds from sales of mortgage servicing rights (1,822) (530)
(Purchases) short sales of derivative instruments, net (28,862) (76,739)
(Payments for termination and settlement) proceeds from sales and settlement of derivative instruments, net (91,489) (768,010)
Payments for reverse repurchase agreements (1,928,977) (1,480,150)
Proceeds from reverse repurchase agreements 2,066,567 2,061,390
Increase (decrease) in due to counterparties, net 49,897 (59,434)
Change in other investing assets and liabilities, net 2,508 37,737
Net cash provided by (used in) investing activities 13,441,498 (2,625,822)
Cash Flows From Financing Activities:    
Proceeds from repurchase agreements 74,561,271 202,963,685
Principal payments on repurchase agreements (87,332,038) (200,530,025)
Proceeds from Federal Home Loan Bank advances 585,000 0
Principal payments on Federal Home Loan Bank advances (795,000) (815,024)
Proceeds from revolving credit facilities 143,000 450,000
Principal payments on revolving credit facilities (168,170) (460,000)
Proceeds from issuance of term notes payable 0 393,918
Proceeds from issuance of common stock, net of offering costs 312 335,666
Repurchase of common stock (1,064) (19)
Dividends paid on preferred stock (56,851) (56,851)
Dividends paid on common stock (161,169) (353,989)
Net cash (used in) provided by financing activities (13,224,709) 1,927,361
Net increase in cash, cash equivalents and restricted cash 595,199 152,623
Cash, cash equivalents and restricted cash at beginning of period 1,616,826 1,097,764
Cash, cash equivalents and restricted cash at end of period 2,212,025 1,250,387
Supplemental Disclosure of Cash Flow Information:    
Cash paid for interest 392,276 581,333
Cash paid (received) for taxes, net 9,535 16,946
Noncash Activities:    
Cumulative effect of adoption of new accounting principle 3,019,672 5,019,580
Dividends declared but not paid at end of period $ 57,268 $ 128,109