v3.25.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating activities:      
Net income (loss) $ 113,898 $ (6,130) $ 143,161
Adjustments to reconcile net income (loss) to cash provided by operating activities:      
Realized loss on sales of investments, net 1,506 74,916 89,067
Unrealized loss (gain) on investments, net 142,352 (142,501) 213,022
(Gain) loss on derivative instruments, net (288,378) 32,905 (436,007)
Amortization of investment premiums, net 47,671 74,696 98,071
Other amortization and depreciation 1,867 2,315 2,354
Share-based compensation expense 7,235 4,833 4,419
Increase in accrued interest receivable (3,471) (13,467) (1,076)
(Decrease) increase in accrued interest payable (8,522) 36,744 15,085
Change in other assets and liabilities, net 234 (2,111) (1,744)
Net cash provided by operating activities 14,392 62,200 126,352
Investing activities:      
Purchases of investments (1,872,422) (3,578,289) (1,553,217)
Principal payments received on trading securities 439,900 233,387 123,982
Principal payments received on available-for-sale investments 75,024 86,272 225,639
Proceeds from sales of trading securities 13,782 348,091 588,651
Principal payments received on mortgage loans held for investment 762 889 1,646
Net receipts (payments) on derivative instruments 362,929 (95,968) 453,580
(Decrease) increase in cash collateral posted by counterparties (46,001) 45,566 (1,399)
Net cash used in investing activities (1,026,026) (2,960,052) (65,440)
Financing activities:      
Borrowings under repurchase agreements 66,437,278 23,502,271 16,248,926
Repayments of repurchase agreement borrowings (65,255,262) (20,765,572) (16,454,437)
Proceeds from issuance of common stock 332,317 42,626 246,882
Cash paid for stock issuance costs (231) 0 0
Payments related to tax withholding for share-based compensation (949) (445) (1,347)
Dividends paid (117,844) (93,041) (72,366)
Net cash provided by (used in) financing activities 1,395,309 2,685,839 (32,342)
Net increase (decrease) in cash, including cash posted to counterparties 383,675 (212,013) 28,570
Cash including cash posted to counterparties at beginning of period 237,864 449,877 421,307
Cash including cash posted to counterparties at end of period 621,539 237,864 449,877
Supplemental Disclosure of Cash Activity:      
Cash paid for interest 322,179 178,705 28,527
Proceeds from Sale of Debt Securities, Available-for-sale $ 0 $ 0 $ 95,678

Source

10-K PDF XBRL Zip