Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash Flows From Operating Activities:      
Net income (loss) $ 187,227 $ (1,630,135) $ 323,962
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Amortization of premiums and discounts on investment securities, net 228,344 238,840 167,097
Amortization of deferred debt issuance costs on term notes payable and convertible senior notes 2,999 2,336 1,680
Other-than-temporary impairment losses 0 0 14,312
Provision for credit losses on investment securities 9,763 58,440 0
Realized and unrealized (gains) losses on investment securities 131,380 (941,419) 280,118
Loss on servicing asset 114,941 935,697 697,659
Realized and unrealized (gain) loss on interest rate swaps and swaptions (27,830) 244,631 178,803
Unrealized gains on other derivative instruments (5,217) (25,530) (34,745)
(Gains) losses on mortgage loans held-for-sale (1,812) (580) 669
Equity based compensation 11,485 9,730 9,162
Purchases of mortgage loans held-for-sale (64,008) 0 0
Proceeds from sales of mortgage loans held-for-sale 65,772 9,001 16,806
Proceeds from repayment of mortgage loans held-for-sale 8 212 914
Net change in assets and liabilities:      
Decrease in accrued interest receivable 20,908 45,460 (6,045)
Decrease (increase) in deferred income taxes, net 5,960 (40,267) (24,912)
Decrease in accrued interest payable (3,284) (127,960) (10,379)
Change in other operating assets and liabilities, net 9,634 (29,691) 1,772
Net cash provided by operating activities 423,510 631,603 1,056,637
Cash Flows From Investing Activities:      
Purchases of available-for-sale securities (2,494,603) (7,120,871) (24,656,050)
Proceeds from sales of available-for-sale securities 6,274,193 18,349,338 15,879,823
Principal payments on available-for-sale securities 3,147,647 4,239,445 3,599,834
Purchases of trading securities 0 (1,052,500) 0
Proceeds from sales of trading securities 0 1,053,477 0
Purchases of mortgage servicing rights, net of purchase price adjustments (742,153) (620,394) (611,765)
(Payments for) proceeds from sales of mortgage servicing rights, net 31,787 (2,012) (1,898)
(Purchases) short sales of derivative instruments, net 51,438 (29,286) (76,752)
Proceeds from sales and settlement (payments for termination and settlement) of derivative instruments, net 40,012 (93,383) (749,226)
Payments for reverse repurchase agreements (1,174,883) (2,208,977) (2,056,825)
Proceeds from reverse repurchase agreements 1,131,726 2,337,452 2,598,640
Increase in due to counterparties, net 38,773 48,921 (35,100)
Change in other investing assets and liabilities, net 10,000 2,508 31,575
Net cash provided by investing activities 6,313,937 14,903,718 (6,077,744)
Cash Flows From Financing Activities:      
Proceeds from repurchase agreements 29,934,379 83,480,699 236,071,952
Principal payments on repurchase agreements (37,421,832) (97,484,264) (230,057,965)
Proceeds from revolving credit facilities 296,500 152,000 450,000
Principal payments on revolving credit facilities (159,569) (168,170) (460,000)
Proceeds from issuance of term notes payable 0 0 393,920
Proceeds from convertible senior notes 279,930 0 0
Repurchase of convertible senior notes (143,118) 0 0
Proceeds from Federal Home Loan Bank advances 0 585,000 160,000
Principal payments on Federal Home Loan Bank advances 0 (795,000) (815,024)
Redemption of preferred stock (274,951) 0 0
Proceeds from issuance of common stock, net of offering costs 450,602 372 336,253
Repurchase of common stock 0 (1,064) (19)
Dividends paid on preferred stock (63,661) (75,802) (75,801)
Dividends paid on common stock (193,488) (199,487) (463,147)
Net cash used in financing activities (7,295,208) (14,505,716) 5,540,169
Net (decrease) increase in cash, cash equivalents and restricted cash (557,761) 1,029,605 519,062
Cash, cash equivalents and restricted cash at beginning of period 2,646,431 1,616,826 1,097,764
Cash, cash equivalents and restricted cash at end of period 2,088,670 2,646,431 1,616,826
Supplemental Disclosure of Cash Flow Information:      
Cash paid for interest 81,248 404,261 720,213
Cash (received) paid for taxes, net (23,322) 9,574 28,202
Noncash Activities:      
Cumulative effect of adoption of new accounting principle 2,743,953 3,088,926 4,970,466
Dividends declared but not paid at end of period $ 72,412 65,480 128,125
Cumulative effect of adoption of new accounting principle      
Noncash Activities:      
Cumulative effect of adoption of new accounting principle   $ 0 $ 0