v3.24.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Operating activities:    
Net income $ 31,815 $ 12,616
Adjustments to reconcile net income to cash provided by operating activities:    
Realized loss on sales of investments, net 1,506 74,916
Unrealized loss (gain) on investments, net 112,001 (57,609)
Gain on derivative instruments, net (165,771) (48,745)
Amortization of investment premiums, net 26,483 38,924
Other amortization and depreciation 925 1,193
Share-based compensation expense 5,184 2,140
Decrease (increase) in accrued interest receivable 404 (7,728)
Increase in accrued interest payable 1,373 17,344
Change in other assets and liabilities, net (12,415) 2,176
Net cash provided by operating activities 1,505 35,227
Investing activities:    
Purchases of investments (501,921) (2,109,585)
Principal payments received on trading securities 186,048 73,849
Principal payments received on available-for-sale investments 37,948 47,919
Proceeds from sales of trading securities 13,782 348,091
Principal payments received on mortgage loans held for investment 441 502
Net receipts on derivatives, including terminations 187,635 64,290
(Decrease) increase in cash collateral posted by counterparties (26,618) 5,190
Net cash used in investing activities (102,685) (1,569,744)
Financing activities:    
Borrowings under repurchase agreements 27,001,079 10,999,164
Repayments of repurchase agreement borrowings (26,887,755) (9,441,668)
Proceeds from issuance of common stock 211,650 6,314
Payments related to tax withholding for share-based compensation (527) (445)
Dividends paid (51,868) (45,971)
Net cash provided by financing activities 272,579 1,517,394
Net increase (decrease) in cash, including cash posted to counterparties 171,399 (17,123)
Cash including cash posted to counterparties at beginning of period 237,864 449,877
Cash including cash posted to counterparties at end of period 409,263 432,754
Supplemental Disclosure of Cash Activity:    
Cash paid for interest $ 148,111 $ 59,105

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