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
 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash Flows From Operating Activities:    
Net (loss) income from continuing operations $ (2,043,220) $ (116,492)
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 102,562 65,126
Amortization of deferred debt issuance costs on term notes payable and convertible senior notes 1,107 475
Other-than-temporary impairment losses 0 5,054
Provision for credit losses on investment securities 46,831 0
Realized and unrealized losses (gains) on investment securities 981,284 (3,149)
Loss (gain) on servicing asset 825,456 441,406
Realized and unrealized losses (gains) on interest rate swaps, caps and swaptions 228,571 218,629
Unrealized (gain) loss on other derivative instruments (43,542) (72,300)
Equity based compensation 4,630 4,358
Net change in assets and liabilities:    
Decrease (increase) in accrued interest receivable 39,154 (11,042)
Increase in deferred income taxes, net (50,265) (18,466)
Decrease in accrued interest payable (112,916) (14,155)
Change in other operating assets and liabilities, net 172,721 28,062
Net cash provided by operating activities 152,373 527,506
Cash Flows From Investing Activities:    
Purchases of available-for-sale securities (6,433,561) (13,264,312)
Proceeds from sales of available-for-sale securities 16,969,870 7,953,676
Principal payments on available-for-sale securities 2,059,816 1,276,880
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 (193,393) (249,081)
(Payments for) proceeds from sales of mortgage servicing rights (1,814) 289
(Purchases) short sales of derivative instruments, net (19,042) (64,302)
(Payments for termination and settlement) proceeds from sales and settlement of derivative instruments, net (93,905) (829,376)
Payments for reverse repurchase agreements (1,802,388) (1,010,875)
Proceeds from reverse repurchase agreements 1,945,972 1,663,190
Increase (decrease) in due to counterparties, net 406,598 (703,732)
Change in other investing assets and liabilities, net 2,508 37,737
Net cash provided by (used in) investing activities 12,841,638 (5,189,906)
Cash Flows From Financing Activities:    
Proceeds from repurchase agreements 58,261,313 140,318,287
Principal payments on repurchase agreements (70,417,528) (135,283,719)
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 83,000 150,000
Principal payments on revolving credit facilities (115,819) (460,000)
Proceeds from issuance of term notes payable 0 394,061
Proceeds from issuance of common stock, net of offering costs 237 335,449
Repurchase of common stock (1,064) 0
Dividends paid on preferred stock (37,901) (37,900)
Dividends paid on common stock (122,792) (244,830)
Net cash (used in) provided by financing activities (12,560,554) 4,356,324
Net increase (decrease) in cash, cash equivalents and restricted cash 433,457 (306,076)
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 2,050,283 791,688
Supplemental Disclosure of Cash Flow Information:    
Cash paid for interest 339,717 370,122
Cash paid (received) for taxes, net 661 5,820
Noncash Activities:    
Cumulative effect of adoption of new accounting principle 2,835,936 4,868,774
Dividends declared but not paid at end of period $ 57,269 $ 128,110