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
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash Flows From Operating Activities:    
Net (loss) income from continuing operations $ (1,869,656) $ (25,935)
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 41,387 22,052
Amortization of deferred debt issuance costs on term notes payable and convertible senior notes 554 243
Other-than-temporary impairment losses 0 206
Provision for credit losses on investment securities 45,638 0
Realized and unrealized losses on investment securities 1,035,969 19,292
Loss (gain) on servicing asset 586,665 188,974
Realized and unrealized losses (gains) on interest rate swaps, caps and swaptions 237,980 106,967
Unrealized loss (gain) on other derivative instruments 64,589 (90,184)
Equity based compensation 2,315 1,861
Net change in assets and liabilities:    
Decrease in accrued interest receivable 34,780 8,655
(Increase) decrease in deferred income taxes, net (44,090) (10,037)
Decrease in accrued interest payable (70,083) (50,692)
Change in other operating assets and liabilities, net 34,158 (5,588)
Net cash provided by operating activities 100,206 165,814
Cash Flows From Investing Activities:    
Purchases of available-for-sale securities (4,354,636) (4,551,312)
Proceeds from sales of available-for-sale securities 15,586,752 4,853,189
Principal payments on available-for-sale securities 1,119,117 487,649
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 (180,951) (210,193)
(Payments for) proceeds from sales of mortgage servicing rights (1,433) 289
(Purchases) short sales of derivative instruments, net (3,630) (17,344)
(Payments for termination and settlement) proceeds from sales and settlement of derivative instruments, net (58,840) (835,929)
Payments for reverse repurchase agreements (1,591,621) (901,375)
Proceeds from reverse repurchase agreements 614,756 1,663,190
(Decrease) increase in due to counterparties, net (321,110) 2,163,821
Change in other investing assets and liabilities, net 508 2,136
Net cash provided by investing activities 10,809,889 2,654,121
Cash Flows From Financing Activities:    
Proceeds from repurchase agreements 35,793,417 58,853,279
Principal payments on repurchase agreements (46,096,150) (62,257,064)
Proceeds from Federal Home Loan Bank advances 585,000 0
Principal payments on Federal Home Loan Bank advances (745,000) 0
Proceeds from revolving credit facilities 25,000 75,000
Principal payments on revolving credit facilities (72,857) (9,706)
Proceeds from issuance of common stock, net of offering costs 142 335,278
Repurchase of common stock (1,064) 0
Dividends paid on preferred stock (18,950) (18,950)
Dividends paid on common stock (109,175) (116,601)
Net cash used in financing activities (10,639,637) (3,138,764)
Net increase (decrease) in cash, cash equivalents and restricted cash 270,458 (318,829)
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 1,887,284 778,935
Supplemental Disclosure of Cash Flow Information:    
Cash paid for interest 236,043 214,217
Cash paid (received) for taxes, net 119 15
Noncash Activities:    
Cumulative-effect adjustment for adoption of new accounting principle 0 442
Dividends declared but not paid at end of period $ 0 $ 147,179