TWO: 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

-127,921

Amortization of premiums and discounts on investment securities, net

-6,435

-4,964

-4,839

-4,092

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

150

218

629

615

Reversal of provision for credit losses on investment securities

-31

-8

-91

Realized and unrealized losses on investment securities

-2,154

-10,971

-14,440

-16,278

Loss on servicing asset

-65,213

-104,896

Realized and unrealized loss on interest rate swaps and swaptions

-3,825

Loss on servicing asset

-47,239

-42,527

Unrealized gains on other derivative instruments

17,632

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

1,786

Gain on repurchase of term notes payable and convertible senior notes

Equity based compensation

1,436

4,422

3,352

1,544

Loss contingency accrual

Originations and purchases of mortgage loans held-for-sale

83,976

92,318

93,807

49,753

Proceeds from sales of mortgage loans held-for-sale

90,010

88,373

94,062

47,935

Proceeds from repayment of mortgage loans held-for-sale

Decrease (increase) in accrued interest receivable

-6,776

688

904

-8,443

Decrease (increase) in deferred income taxes, net

-5,952

-4,067

-4,139

9,460

Decrease in accrued interest payable

-553

-37,394

36,688

-34,941

Change in other operating assets and liabilities, net

-28,320

-28,244

40,455

-14,650

Net cash provided by operating activities

192,743

56,580

117,130

-239,238

Purchases of available-for-sale securities

1,361,798

589,790

2,408,285

Proceeds from sales of available-for-sale securities

1,175,535

1,134,825

295,059

4,246,997

Principal payments on available-for-sale securities

230,511

173,922

160,900

174,647

Purchases of mortgage servicing rights, net of purchase price adjustments

1,759

985

2,418

8,649

Proceeds from sales of mortgage servicing rights

141,577

297,500

Net proceeds (payments) on derivative instruments

35,158

-50,865

-25,116

27,488

Payments for reverse repurchase agreements

585,962

545,535

480,758

842,203

Proceeds from reverse repurchase agreements

619,876

531,800

481,773

912,655

Acquisition of roundpoint mortgage servicing llc, net of cash acquired

Increase (decrease) in due to counterparties, net

225,920

-21,238

-48,691

-217,692

Net cash provided by (used in) investing activities

1,628,963

-38,144

-17,232

2,127,482

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

Principal payments on revolving credit facilities

54,100

2,500

186,000

66,500

Proceeds from warehouse facilities

45,987

57,503

53,725

43,130

Principal payments on warehouse facilities

54,348

54,215

52,771

43,953

Repayment of term notes payable

Proceeds from issuance of senior notes

-190

Repayment of convertible senior notes

261,883

Repurchase and retirement of preferred stock

Proceeds from issuance of common stock, net of offering costs

Repurchase of common stock

Payment of tax withholdings on equity awards

1,750

Dividends paid on preferred stock

12,807

13,042

13,323

13,239

Dividends paid on common stock

36,097

35,890

35,707

40,956

Net cash (used in) provided by financing activities

-1,716,784

-320,239

75,133

-1,799,620

Net decrease in cash, cash equivalents and restricted cash

104,922

-301,803

175,031

88,624

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

Show the time plot by selecting a row from the table.

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

-127,921

Amortization of premiums and discounts on investment securities, net

-6,435

-4,964

-4,839

-4,092

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

150

218

629

615

Reversal of provision for credit losses on investment securities

-31

-8

-91

Realized and unrealized losses on investment securities

-2,154

-10,971

-14,440

-16,278

Loss on servicing asset

-65,213

-104,896

Realized and unrealized loss on interest rate swaps and swaptions

-3,825

Loss on servicing asset

-47,239

-42,527

Unrealized gains on other derivative instruments

17,632

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

1,786

Gain on repurchase of term notes payable and convertible senior notes

Equity based compensation

1,436

4,422

3,352

1,544

Loss contingency accrual

Originations and purchases of mortgage loans held-for-sale

83,976

92,318

93,807

49,753

Proceeds from sales of mortgage loans held-for-sale

90,010

88,373

94,062

47,935

Proceeds from repayment of mortgage loans held-for-sale

Decrease (increase) in accrued interest receivable

-6,776

688

904

-8,443

Decrease (increase) in deferred income taxes, net

-5,952

-4,067

-4,139

9,460

Decrease in accrued interest payable

-553

-37,394

36,688

-34,941

Change in other operating assets and liabilities, net

-28,320

-28,244

40,455

-14,650

Net cash provided by operating activities

192,743

56,580

117,130

-239,238

Purchases of available-for-sale securities

1,361,798

589,790

2,408,285

Proceeds from sales of available-for-sale securities

1,175,535

1,134,825

295,059

4,246,997

Principal payments on available-for-sale securities

230,511

173,922

160,900

174,647

Purchases of mortgage servicing rights, net of purchase price adjustments

1,759

985

2,418

8,649

Proceeds from sales of mortgage servicing rights

141,577

297,500

Net proceeds (payments) on derivative instruments

35,158

-50,865

-25,116

27,488

Payments for reverse repurchase agreements

585,962

545,535

480,758

842,203

Proceeds from reverse repurchase agreements

619,876

531,800

481,773

912,655

Acquisition of roundpoint mortgage servicing llc, net of cash acquired

Increase (decrease) in due to counterparties, net

225,920

-21,238

-48,691

-217,692

Net cash provided by (used in) investing activities

1,628,963

-38,144

-17,232

2,127,482

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

Principal payments on revolving credit facilities

54,100

2,500

186,000

66,500

Proceeds from warehouse facilities

45,987

57,503

53,725

43,130

Principal payments on warehouse facilities

54,348

54,215

52,771

43,953

Repayment of term notes payable

Proceeds from issuance of senior notes

-190

Repayment of convertible senior notes

261,883

Repurchase and retirement of preferred stock

Proceeds from issuance of common stock, net of offering costs

Repurchase of common stock

Payment of tax withholdings on equity awards

1,750

Dividends paid on preferred stock

12,807

13,042

13,323

13,239

Dividends paid on common stock

36,097

35,890

35,707

40,956

Net cash (used in) provided by financing activities

-1,716,784

-320,239

75,133

-1,799,620

Net decrease in cash, cash equivalents and restricted cash

104,922

-301,803

175,031

88,624

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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