v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Net income (loss) $ 1,118,288 $ 190,676
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities    
Amortization of premiums and discounts of investments, net 187,327 118,013
Amortization of securitized debt premiums and discounts and deferred financing costs (41,938) (9,664)
Depreciation, amortization and other noncash expenses 19,802 18,296
Net (gains) losses on investments and derivatives 213,389 849,532
Income (loss) from unconsolidated joint ventures 12,255 3,527
Payments on purchases of loans held for sale (136,149) (104,589)
Proceeds from sales and repayments of loans held for sale 166,280 114,239
Proceeds from U.S. Treasury securities 702,110 2,465,677
Payments on U.S. Treasury securities (3,099,102) (2,486,009)
Net receipts (payments) on derivatives 1,007,111 (1,318,990)
Net change in    
Other assets (38,368) (37,252)
Interest receivable 73,996 237,038
Interest payable 40,076 (12,072)
Other liabilities (7,067) (3,948)
Net cash provided by (used in) operating activities 218,010 24,474
Cash flows from investing activities    
Payments on purchases of securities (15,064,564) (13,560,454)
Proceeds from sales of securities 8,333,840 9,488,533
Principal payments on securities 5,547,717 3,819,405
Payments on purchases and origination of loans (14,850,217) (7,952,371)
Proceeds from sales of loans 468,324 816,887
Principal payments on loans 5,584,253 2,157,581
Payments on purchases of MSR (631,029) (425,968)
Proceeds from sales of MSR 73,900 1,871
Payments on purchases of interests in MSR (80,750) 0
Proceeds from reverse repurchase agreements 62,659,517 336,792,414
Payments on reverse repurchase agreements (62,658,175) (336,792,414)
Distributions in excess of cumulative earnings from unconsolidated joint ventures 0 4,913
Net cash provided by (used in) investing activities (10,617,184) (5,649,603)
Cash flows from financing activities    
Proceeds from repurchase agreements and other secured financing 4,183,738,715 3,200,666,313
Payments on repurchase agreements and other secured financing (4,178,658,844) (3,199,538,563)
Proceeds from issuances of securitized debt 10,798,466 6,303,865
Principal payments on securitized debt (4,671,853) (1,958,111)
Payments on purchases of securitized debt (364,410) (4,350)
Payment of deferred financing cost (1,522) (10,305)
Proceeds from participations issued 4,649,096 3,472,780
Payments on repurchases of participations issued (3,973,464) (3,059,003)
Principal payments on participations issued (61,760) (42,829)
Net contributions (distributions) from (to) noncontrolling interests (29,102) (4,000)
Net proceeds from stock offerings, direct purchases and dividend reinvestments 955,351 1,256,288
Settlement of stock-based awards in satisfaction of withholding tax requirements (19,174) (13,936)
Dividends paid (1,088,077) (872,202)
Net cash provided by (used in) financing activities 11,273,422 6,195,947
Net (decrease) increase in cash and cash equivalents 874,248 570,818
Cash and cash equivalents including cash pledged as collateral, beginning of period 2,037,838 [1],[2] 1,488,027
Cash and cash equivalents including cash pledged as collateral, end of period 2,912,086 [2] 2,058,845
Supplemental disclosure of cash flow information    
Interest received 2,456,254 2,009,100
Dividends received 565 0
Interest paid (excluding interest paid on interest rate swaps) 1,711,794 1,669,958
Net interest received (paid) on interest rate swaps 371,644 725,621
Taxes received (paid) (1,977) (203)
Noncash investing and financing activities    
Receivable for unsettled trades 104,722 1,134,896
Payable for unsettled trades 331,586 1,538,526
Net change in unrealized gains (losses) on available-for-sale securities, net of reclassification adjustment (68,448) 277,636
Dividends declared, not yet paid $ 562,931 $ 449,453
[1]
(1)Derived from the audited consolidated financial statements at December 31, 2025.
[2]
(2)Includes cash of consolidated Variable Interest Entities (“VIEs”) of $8.3 million and $4.1 million at June 30, 2026 and December 31, 2025, respectively.