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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities    
Net income (loss) $ 465,174 $ (839,328)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities    
Amortization of premiums and discounts of investments, net 28,050 66,570
Amortization of securitized debt premiums and discounts and deferred financing costs 2,292 2,806
Depreciation, amortization and other noncash expenses 6,884 5,050
Net (gains) losses on investments and derivatives (52,868) 1,284,746
Income (loss) from unconsolidated joint ventures 3,381 (676)
Loan loss provision (reversal) 0 (219)
Payments on purchases of loans held for sale (2,643) 0
Proceeds from sales and repayments of loans held for sale 0 636
Proceeds from U.S. Treasury securities 2,093,527 0
Payments on U.S. Treasury securities (2,093,489) 0
Net receipts (payments) on derivatives 826,716 (1,075,189)
Net change in    
Other assets (2,877) (36,601)
Interest receivable 354,997 (136,796)
Interest payable 62,468 (206,885)
Other liabilities 6,277 (83,086)
Net cash provided by (used in) operating activities 1,697,889 (1,018,972)
Cash flows from investing activities    
Payments on purchases of securities (7,788,513) (6,332,698)
Proceeds from sales of securities 9,483,792 4,685,607
Principal payments on securities 1,424,656 1,349,348
Payments on purchases and origination of loans (3,134,429) (935,360)
Principal payments on loans 363,741 188,082
Payments on purchases of MSR (515,760) (35,825)
Proceeds from reverse repurchase agreements 149,589,734 18,450,000
Payments on reverse repurchase agreements (149,589,734) (18,450,000)
Net cash provided by (used in) investing activities (166,513) (1,080,846)
Cash flows from financing activities    
Proceeds from repurchase agreements and other secured financing 1,373,554,795 1,168,976,892
Payments on repurchase agreements and other secured financing (1,376,683,890) (1,167,496,471)
Proceeds from issuances of securitized debt 2,496,810 1,007,971
Principal payments on securitized debt (323,854) (158,983)
Payments on purchases of securitized debt 0 (1,974)
Payment of deferred financing cost (1,191) 0
Proceeds from participations issued 1,001,297 236,121
Payments on repurchases of participations issued (933,543) (360,943)
Principal payments on participations issued (15,344) (11,168)
Net contributions (distributions) from (to) noncontrolling interests (5,000) 13,000
Net proceeds from stock offerings, direct purchases and dividend reinvestments (48) 562,709
Settlement of stock-based awards in satisfaction of withholding tax requirements (5,993) (5,810)
Dividends paid (362,193) (444,067)
Net cash provided by (used in) financing activities (1,278,154) 2,317,277
Net (decrease) increase in cash and cash equivalents 253,222 217,459
Cash and cash equivalents including cash pledged as collateral, beginning of period 1,412,148 [1],[2] 1,576,714
Cash and cash equivalents including cash pledged as collateral, end of period 1,665,370 [2] 1,794,173
Supplemental disclosure of cash flow information    
Interest received 915,491 746,161
Interest paid (excluding interest paid on interest rate swaps) 913,729 928,649
Net interest received (paid) on interest rate swaps 759,440 302,041
Taxes received (paid) (236) (139)
Noncash investing and financing activities    
Receivable for unsettled trades 941,366 679,096
Payable for unsettled trades 2,556,798 3,259,034
Net change in unrealized gains (losses) on available-for-sale securities, net of reclassification adjustment 53,482 1,158,282
Dividends declared, not yet paid $ 325,286 $ 321,023
[1]
(1)Derived from the audited consolidated financial statements at December 31, 2023.
[2]
(2)Includes cash of consolidated Variable Interest Entities (“VIEs”) of $2.3 million and $2.0 million at March 31, 2024 and December 31, 2023, respectively.