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, 2021
Sep. 30, 2020
Cash Flows From Operating Activities:    
Net income (loss) $ 188,521 $ (1,841,306)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Amortization of premiums and discounts on investment securities, net 186,006 167,609
Amortization of deferred debt issuance costs on term notes payable and convertible senior notes 2,145 1,715
Provision for credit losses on investment securities 6,416 53,931
Realized and unrealized (gains) losses on investment securities 126,407 (983,291)
(Gain) loss on servicing asset (16,887) 938,219
Realized and unrealized loss on interest rate swaps and swaptions 3,387 227,989
Unrealized loss (gain) on other derivative instruments 104,201 (20,665)
Equity based compensation 8,960 7,487
Net change in assets and liabilities:    
Decrease in accrued interest receivable 19,498 42,494
Decrease (increase) in deferred income taxes, net 3,856 (50,728)
Decrease in accrued interest payable (11,143) (137,322)
Change in other operating assets and liabilities, net 11,494 5,696
Net cash provided by operating activities 380,047 378,410
Cash Flows From Investing Activities:    
Purchases of available-for-sale securities (157,102) (6,433,637)
Proceeds from sales of available-for-sale securities 5,102,894 16,969,870
Principal payments on available-for-sale securities 2,632,669 3,120,922
Purchases of trading securities 0 (1,052,500)
Proceeds from sales of trading securities 0 1,053,477
Purchases of mortgage servicing rights, net of purchase price adjustments (632,626) (284,456)
(Payments for) proceeds from sales of mortgage servicing rights, net 32,354 (1,822)
(Purchases) short sales of derivative instruments, net (1,275) (28,862)
Proceeds from sales and settlement (payments for termination and settlement) of derivative instruments, net 8,417 (91,489)
Payments for reverse repurchase agreements (780,520) (1,928,977)
Proceeds from reverse repurchase agreements 787,045 2,066,567
(Decrease) increase in due to counterparties, net (213,704) 49,897
Change in other investing assets and liabilities, net 10,000 2,508
Net cash provided by investing activities 6,788,152 13,441,498
Cash Flows From Financing Activities:    
Proceeds from repurchase agreements 25,612,501 74,561,271
Principal payments on repurchase agreements (33,632,698) (87,332,038)
Proceeds from revolving credit facilities 296,500 143,000
Principal payments on revolving credit facilities (159,569) (168,170)
Proceeds from convertible senior notes 279,930 0
Repurchase of convertible senior notes (143,118) 0
Proceeds from Federal Home Loan Bank advances 0 585,000
Principal payments on Federal Home Loan Bank advances 0 (795,000)
Redemption of preferred stock (274,951) 0
Proceeds from issuance of common stock, net of offering costs 256,803 312
Repurchase of common stock 0 (1,064)
Dividends paid on preferred stock (49,913) (56,851)
Dividends paid on common stock (139,925) (161,169)
Net cash used in financing activities (7,954,440) (13,224,709)
Net (decrease) increase in cash, cash equivalents and restricted cash (786,241) 595,199
Cash, cash equivalents and restricted cash at beginning of period 2,646,431 1,616,826
Cash, cash equivalents and restricted cash at end of period 1,860,190 2,212,025
Supplemental Disclosure of Cash Flow Information:    
Cash paid for interest 72,023 392,276
Cash (received) paid for taxes, net (22,239) 9,535
Noncash Activities:    
Dividends declared but not paid at end of period $ 67,311 $ 57,268