TWO-PB: the cash flow

Cash Flow Overview

Change in Cash

$104,922K

Unit: Thousand (K) dollars

Positive Cash Flow Breakdown

Negative Cash Flow Breakdown

Cash Flow

2026-06-30

2026-03-31

2025-12-31

2025-09-30

Net income (loss)

62,245

32,284

11,717

-466,017

Amortization of premiums and discounts on investment securities, net

-6,435

-4,964

-4,839

-13,421

Amortization of deferred debt issuance costs on senior notes and convertible senior notes

150

218

629

1,419

Reversal of provision for credit losses on investment securities

-31

-8

-113

Realized and unrealized losses on investment securities

-2,154

-10,971

-14,440

-81,859

Loss on servicing asset

-65,213

-177,019

Realized and unrealized loss on interest rate swaps and swaptions

-167,920

Loss on servicing asset

-47,239

-42,527

Unrealized gains on other derivative instruments

24,597

Realized and unrealized (gains) losses on derivative instruments

-26,782

26,938

-162,316

Gains on mortgage loans held-for-sale

212

2,172

1,771

3,364

Gain on repurchase of term notes payable and convertible senior notes

Equity based compensation

1,436

4,422

3,352

9,999

Loss contingency accrual

Originations and purchases of mortgage loans held-for-sale

83,976

92,318

93,807

127,292

Proceeds from sales of mortgage loans held-for-sale

90,010

88,373

94,062

117,267

Proceeds from repayment of mortgage loans held-for-sale

1,372

Decrease (increase) in accrued interest receivable

-6,776

688

904

-5,006

Decrease (increase) in deferred income taxes, net

-5,952

-4,067

-4,139

12,425

Decrease in accrued interest payable

-553

-37,394

36,688

-40,768

Change in other operating assets and liabilities, net

-28,320

-28,244

40,455

-71,081

Net cash provided by operating activities

192,743

56,580

117,130

-28,213

Purchases of available-for-sale securities

1,361,798

589,790

8,753,764

Proceeds from sales of available-for-sale securities

1,175,535

1,134,825

295,059

9,348,345

Principal payments on available-for-sale securities

230,511

173,922

160,900

602,489

Purchases of mortgage servicing rights, net of purchase price adjustments

1,759

985

2,418

101,568

Proceeds from sales of mortgage servicing rights

141,577

297,500

Net proceeds (payments) on derivative instruments

35,158

-50,865

-25,116

285,065

Payments for reverse repurchase agreements

585,962

545,535

480,758

2,633,726

Proceeds from reverse repurchase agreements

619,876

531,800

481,773

2,831,566

Acquisition of roundpoint mortgage servicing llc, net of cash acquired

Increase (decrease) in due to counterparties, net

225,920

-21,238

-48,691

-376,933

Net cash provided by (used in) investing activities

1,628,963

-38,144

-17,232

928,844

Proceeds from repurchase agreements

5,364,074

7,629,246

4,183,435

35,598,361

Principal payments on repurchase agreements

6,969,531

7,639,499

4,032,545

36,298,768

Proceeds from revolving credit facilities

160,000

213,000

Principal payments on revolving credit facilities

54,100

2,500

186,000

287,800

Proceeds from warehouse facilities

45,987

57,503

53,725

121,100

Principal payments on warehouse facilities

54,348

54,215

52,771

114,680

Repayment of term notes payable

Proceeds from issuance of senior notes

110,588

Repayment of convertible senior notes

261,883

Repurchase and retirement of preferred stock

Proceeds from issuance of common stock, net of offering costs

210

Repurchase of common stock

Payment of tax withholdings on equity awards

1,750

Dividends paid on preferred stock

12,807

13,042

13,323

38,209

Dividends paid on common stock

36,097

35,890

35,707

135,153

Net cash (used in) provided by financing activities

-1,716,784

-320,239

75,133

-831,351

Net decrease in cash, cash equivalents and restricted cash

104,922

-301,803

175,031

69,280

Cash, cash equivalents and restricted cash at beginning of period

760,149

1,061,952

886,921

817,641

Cash, cash equivalents and restricted cash at end of period

865,071

760,149

1,061,952

886,921

Time Plot

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Cash Flow Overview

Change in Cash

$104,922K

Unit: Thousand (K) dollars

Positive Cash Flow Breakdown

Negative Cash Flow Breakdown

Cash Flow

2026-06-30

2026-03-31

2025-12-31

2025-09-30

Net income (loss)

62,245

32,284

11,717

-466,017

Amortization of premiums and discounts on investment securities, net

-6,435

-4,964

-4,839

-13,421

Amortization of deferred debt issuance costs on senior notes and convertible senior notes

150

218

629

1,419

Reversal of provision for credit losses on investment securities

-31

-8

-113

Realized and unrealized losses on investment securities

-2,154

-10,971

-14,440

-81,859

Loss on servicing asset

-65,213

-177,019

Realized and unrealized loss on interest rate swaps and swaptions

-167,920

Loss on servicing asset

-47,239

-42,527

Unrealized gains on other derivative instruments

24,597

Realized and unrealized (gains) losses on derivative instruments

-26,782

26,938

-162,316

Gains on mortgage loans held-for-sale

212

2,172

1,771

3,364

Gain on repurchase of term notes payable and convertible senior notes

Equity based compensation

1,436

4,422

3,352

9,999

Loss contingency accrual

Originations and purchases of mortgage loans held-for-sale

83,976

92,318

93,807

127,292

Proceeds from sales of mortgage loans held-for-sale

90,010

88,373

94,062

117,267

Proceeds from repayment of mortgage loans held-for-sale

1,372

Decrease (increase) in accrued interest receivable

-6,776

688

904

-5,006

Decrease (increase) in deferred income taxes, net

-5,952

-4,067

-4,139

12,425

Decrease in accrued interest payable

-553

-37,394

36,688

-40,768

Change in other operating assets and liabilities, net

-28,320

-28,244

40,455

-71,081

Net cash provided by operating activities

192,743

56,580

117,130

-28,213

Purchases of available-for-sale securities

1,361,798

589,790

8,753,764

Proceeds from sales of available-for-sale securities

1,175,535

1,134,825

295,059

9,348,345

Principal payments on available-for-sale securities

230,511

173,922

160,900

602,489

Purchases of mortgage servicing rights, net of purchase price adjustments

1,759

985

2,418

101,568

Proceeds from sales of mortgage servicing rights

141,577

297,500

Net proceeds (payments) on derivative instruments

35,158

-50,865

-25,116

285,065

Payments for reverse repurchase agreements

585,962

545,535

480,758

2,633,726

Proceeds from reverse repurchase agreements

619,876

531,800

481,773

2,831,566

Acquisition of roundpoint mortgage servicing llc, net of cash acquired

Increase (decrease) in due to counterparties, net

225,920

-21,238

-48,691

-376,933

Net cash provided by (used in) investing activities

1,628,963

-38,144

-17,232

928,844

Proceeds from repurchase agreements

5,364,074

7,629,246

4,183,435

35,598,361

Principal payments on repurchase agreements

6,969,531

7,639,499

4,032,545

36,298,768

Proceeds from revolving credit facilities

160,000

213,000

Principal payments on revolving credit facilities

54,100

2,500

186,000

287,800

Proceeds from warehouse facilities

45,987

57,503

53,725

121,100

Principal payments on warehouse facilities

54,348

54,215

52,771

114,680

Repayment of term notes payable

Proceeds from issuance of senior notes

110,588

Repayment of convertible senior notes

261,883

Repurchase and retirement of preferred stock

Proceeds from issuance of common stock, net of offering costs

210

Repurchase of common stock

Payment of tax withholdings on equity awards

1,750

Dividends paid on preferred stock

12,807

13,042

13,323

38,209

Dividends paid on common stock

36,097

35,890

35,707

135,153

Net cash (used in) provided by financing activities

-1,716,784

-320,239

75,133

-831,351

Net decrease in cash, cash equivalents and restricted cash

104,922

-301,803

175,031

69,280

Cash, cash equivalents and restricted cash at beginning of period

760,149

1,061,952

886,921

817,641

Cash, cash equivalents and restricted cash at end of period

865,071

760,149

1,061,952

886,921

Time Plot

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