7Baggers
Quarterly
Annual
    Unit: USD2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 2019-03-31 2018-12-31 2018-09-30 2018-06-30 2018-03-31 2017-06-30 2013-03-31 2012-12-31 2012-09-30 2012-06-30 2012-03-31 2011-12-31 2011-09-30 2011-06-30 2011-03-31 
      
    		                                         
      cash flows from operating activities:
    		                                         
      net income
    		-127,921,000 -259,041,000 -79,055,000 276,729,000 -238,485,000 56,336,000 203,588,000 -433,200,000 306,192,000 197,445,000 -176,808,000 -270,223,000 277,612,000 -72,420,000 285,270,000 -1,294,000 66,324,000 -117,960,000 240,157,000 211,171,000 201,914,000 -173,564,000 -1,869,656,000  305,700,000 -90,557,000 -25,935,000     -63,073,000 143,716,000 189,300,000 26,802,000 24,004,000 51,800,000 51,430,000 54,609,000 -984,000 22,377,000 
      adjustments to reconcile net income to net cash from operating activities:
    		                                         
      amortization of premiums and discounts on investment securities
    		4,092,000 5,206,000 4,123,000 4,373,000 4,644,000 3,197,000 3,559,000 3,720,000 5,860,000 7,848,000 7,978,000 9,540,000 14,967,000 22,783,000 32,504,000 42,338,000 51,425,000 62,626,000 71,955,000 71,231,000 65,047,000 61,175,000 41,387,000 47,922,000 54,049,000 43,074,000 22,052,000 20,389,000 28,550,000 22,805,000 22,086,000           
      amortization of deferred debt issuance costs on term notes payable, senior notes and convertible senior notes
    		615,000                                         
      reversal of benefit from credit losses on investment securities
    		                                         
      realized and unrealized losses on investment securities
    		16,278,000 32,946,000 32,635,000                    1,035,969,000    19,292,000 247,626,000 42,996,000 32,545,000 21,301,000           
      loss on servicing asset
    		104,896,000                   -2,522,000 112,763,000 238,791,000 586,665,000                   
      realized and unrealized loss on interest rate swaps and swaptions
    		         -53,081,000 85,765,000    37,300,000    17,249,000                       
      unrealized gains on other derivative instruments
    		-17,632,000    6,103,000    -32,241,000                                 
      gains on mortgage loans held-for-sale
    		   -569,000                                      
      gain on repurchase of convertible senior notes
    		                                         
      equity based compensation
    		1,544,000 1,932,000 6,523,000 1,610,000 1,610,000 1,643,000 6,083,000 1,613,000 1,576,000 1,735,000 6,052,000 1,653,000 2,355,000 3,461,000 4,161,000 2,525,000 2,559,000 4,611,000 1,790,000 2,243,000 2,857,000 2,315,000 2,315,000 2,623,000 2,181,000 2,497,000 1,861,000 3,210,000 3,387,000 4,057,000 2,341,000           
      originations and purchases of mortgage loans held-for-sale
    		-49,753,000 -48,669,000 -28,870,000 -41,972,000                                      
      proceeds from sales of mortgage loans held-for-sale
    		47,935,000 46,219,000 23,113,000 43,310,000                             25,404,000         
      proceeds from repayment of mortgage loans held-for-sale
    		3,000 1,368,000 1,000 2,000                             2,284,000 3,481,000 1,014,000 1,000,000 26,000     
      net change in assets and liabilities:
    		                                         
      decrease (increase) in accrued interest receivable
    		                   2,966,000 3,340,000       -1,332,000 6,497,000 6,262,000 939,000           
      increase in deferred income taxes
    		-9,460,000 -202,000 -2,763,000        -5,997,000         10,461,000 -463,000 -6,175,000 -44,090,000 8,375,000 -14,821,000 -8,429,000 -10,037,000               
      decrease in accrued interest payable
    		-34,941,000 4,813,000 -10,640,000    -61,783,000    -19,118,000    -8,391,000 7,859,000 -7,433,000 6,050,000 -9,760,000  -24,406,000 -42,833,000 -70,083,000   36,537,000 -50,692,000               
      change in other operating assets and liabilities
    		14,650,000 27,104,000 29,327,000 -59,757,000 17,352,000 -5,058,000 -10,684,000 -39,247,000 9,796,000 2,376,000 21,627,000 -39,616,000 14,615,000 9,332,000 -4,198,000 -1,860,000 12,326,000 -1,089,000 257,000 -26,754,000 -167,025,000 138,563,000 34,158,000 -20,468,000 12,567,000 33,650,000 -5,588,000               
      net cash from operating activities
    		-239,238,000 99,112,000 111,913,000 -21,059,000 87,081,000 143,652,000 -8,670,000 109,739,000 122,335,000 111,320,000 115,000 235,981,000 369,226,000 69,540,000 -51,345,000 43,463,000 229,626,000 213,778,000 -63,357,000 253,193,000 226,037,000 52,167,000 100,206,000 205,553,000 323,578,000 361,692,000 165,814,000 181,504,000 161,928,000 156,295,000 203,143,000 296,845,000 -20,484,000 140,000 77,832,000 48,901,000 36,261,000 63,139,000 45,579,000 29,832,000 13,093,000 
      cash flows from investing activities:
    		                                         
      purchases of available-for-sale securities
    		-2,408,285,000 -3,720,393,000 -2,625,086,000 -621,320,000 -489,185,000 -581,665,000 -442,831,000 -233,238,000 -532,877,000 -558,171,000 -2,553,519,000 -1,175,739,000 -2,190,851,000 -4,685,936,000 -2,609,992,000 -2,337,501,000 -4,359,000 -21,428,000 -131,315,000 -687,234,000 -76,000 -2,078,925,000 -4,354,636,000 -6,249,168,000 -5,142,570,000 -8,713,000,000 -4,551,312,000 -6,302,030,000 -3,097,303,000 -501,917,000 -2,720,032,000 -6,674,644,000 -2,208,951,000 -2,094,168,000 -4,008,989,000 -1,631,202,000 -3,065,659,000 -26,203,000 -2,956,572,000 -1,702,162,000 -1,636,366,000 
      proceeds from sales of available-for-sale securities
    		4,246,997,000 3,771,764,000 1,329,584,000 1,286,810,000 91,115,000 472,323,000 333,082,000 978,936,000 119,095,000 215,054,000 1,360,742,000 2,770,811,000 683,746,000 2,326,528,000 2,012,620,000 1,171,299,000 502,349,000 2,549,602,000 2,050,943,000 1,379,468,000 0 1,383,118,000 15,586,752,000 1,814,250,000 6,111,897,000 3,100,487,000 4,853,189,000 6,045,720,000 5,436,727,000 1,672,927,000 2,047,032,000 4,295,665,000 796,653,000 3,204,497,000 9,369,000 27,612,000 170,102,000 42,380,000 908,466,000 24,377,000 71,405,000 
      principal payments on available-for-sale securities
    		174,647,000 247,179,000 180,663,000 189,954,000 188,283,000 192,224,000 136,742,000 155,269,000 189,006,000 178,752,000 139,442,000 165,719,000 249,633,000 315,976,000 371,666,000 514,978,000 647,179,000 938,126,000 1,047,364,000 1,118,523,000 1,061,106,000 940,699,000 1,119,117,000 1,265,105,000 1,057,849,000 789,231,000 487,649,000 641,903,000 843,052,000 501,452,000 447,664,000 391,747,000 235,530,000 283,162,000 246,898,000 165,827,000 130,002,000 114,329,000 92,314,000 71,992,000 44,659,000 
      purchases of mortgage servicing rights, net of purchase price adjustments
    		-8,649,000 -91,405,000 -1,514,000 -27,505,000 -43,194,000 -3,353,000 -40,072,000 -11,043,000 -4,321,000 -179,832,000 -117,441,000 -30,496,000 -60,882,000 -50,671,000 -487,761,000 -109,527,000 -268,060,000 -196,396,000 -168,170,000 -335,938,000 -91,063,000 -12,442,000 -180,951,000 -278,259,000 -84,425,000 -38,888,000 -210,193,000 -500,942,000 -193,168,000 -139,484,000 -142,799,000           
      proceeds from sales of mortgage servicing rights
    		   494,000 91,103,000 -40,000 18,221,000 -449,000 132,533,000 0 1,854,000               0 289,000 242,000 -4,000 99,000 300,000           
      net (payments) proceeds on derivative instruments
    		-27,488,000 -111,028,000 -146,549,000                                       
      payments for reverse repurchase agreements
    		-842,203,000 -356,738,000 -1,434,785,000 -711,930,000 -1,068,257,000 -788,321,000 -1,080,847,000 -664,790,000 -515,832,000 -340,409,000 -966,485,000 -1,274,141,000 -832,319,000 -754,094,000 -381,280,000 -394,363,000 -300,176,000 -175,469,000 -304,875,000 -280,000,000 -126,589,000 -210,767,000 -1,591,621,000 -576,675,000 -469,275,000                 
      proceeds from reverse repurchase agreements
    		912,655,000 355,969,000 1,562,942,000 715,135,000 1,058,737,000 790,504,000 1,013,095,000 663,466,000 522,353,000 535,037,000 1,549,504,000 414,412,000 784,084,000 733,748,000 377,337,000 344,681,000 285,176,000 181,469,000 320,400,000 270,885,000 120,595,000 1,331,216,000 614,756,000 537,250,000 398,200,000 0 1,663,190,000 2,642,329,000              
      payment for acquisition of roundpoint mortgage servicing llc
    		                                         
      decrease in due to counterparties
    		-217,692,000 733,872,000 -893,113,000  107,933,000 194,686,000 -466,272,000    -258,903,000                               
      net cash from investing activities
    		2,127,482,000 829,220,000 -2,027,858,000 1,223,966,000 -254,936,000 273,956,000 -347,707,000 777,470,000 56,843,000 39,889,000 -1,069,985,000 882,197,000 -2,247,765,000 -674,184,000 -711,529,000 -474,215,000 626,362,000 3,257,690,000 2,904,100,000 1,462,220,000 599,860,000 2,031,749,000 10,809,889,000 -3,451,922,000 2,564,084,000 -7,844,027,000 2,654,121,000 374,354,000 2,293,928,000 1,613,622,000 508,094,000 -2,098,544,000 -1,553,959,000 1,465,442,000 -4,040,438,000 -1,812,481,000 -2,519,958,000 583,538,000 -2,737,720,000 -2,580,468,000 -1,598,273,000 
      cash flows from financing activities:
    		                                         
      proceeds from repurchase agreements
    		10,203,839,000 12,424,464,000 12,970,058,000 10,488,280,000 11,441,178,000 12,254,124,000 12,276,613,000 6,274,827,000 11,001,423,000 8,448,340,000 11,321,136,000 6,689,366,000 11,627,076,000 9,655,682,000 7,955,364,000 4,321,878,000 5,881,711,000 7,754,757,000 11,976,033,000 8,919,428,000 16,299,958,000 22,467,896,000 35,793,417,000 33,108,267,000 62,645,398,000 81,465,008,000 58,853,279,000 48,539,087,000 38,726,524,000 29,569,217,000 35,053,094,000 54,992,449,000 24,103,888,000 25,483,381,000 22,059,704,000 12,535,775,000 10,564,948,000 10,171,013,000 11,338,196,000 5,152,322,000 3,131,249,000 
      principal payments on repurchase agreements
    		-11,881,811,000 -13,382,672,000 -11,034,285,000 -11,446,623,000 -11,112,688,000 -12,180,852,000 -11,935,182,000 -7,367,890,000 -10,955,977,000 -8,465,228,000 -10,839,435,000 -8,120,373,000 -9,551,305,000 -9,570,091,000 -7,739,153,000 -3,789,134,000 -7,108,632,000 -11,080,197,000 -15,443,869,000 -10,152,226,000 -16,914,510,000 -24,321,378,000 -46,096,150,000 -29,527,940,000 -65,246,306,000 -73,026,655,000 -62,257,064,000 -49,212,242,000 -40,869,243,000 -31,512,073,000 -35,355,622,000 -51,811,974,000 -23,283,833,000 -26,893,198,000 -18,463,818,000 -10,791,090,000 -8,531,340,000 -10,811,478,000 -8,864,785,000 -2,941,150,000 -1,685,022,000 
      proceeds from revolving credit facilities
    		0 143,000,000 70,000,000 71,000,000 0 0 58,500,000 55,000,000 0 175,000,000 174,000,000 0 310,000,000 260,000,000 150,000,000 0 35,000,000 97,500,000 164,000,000 9,000,000 60,000,000 58,000,000 25,000,000 0 300,000,000 75,000,000 75,000,000 20,000,000 207,400,000             
      principal payments on revolving credit facilities
    		-66,500,000 -64,300,000 -157,000,000 -50,000,000 -280,100,000 -78,400,000 -30,000,000 -136,500,000 -44,750,000   -12,330,000 -4,600,000   0 -147,758,000 -7,439,000 -4,372,000 0 -52,351,000 -42,962,000 -72,857,000 0 0 -450,294,000 -9,706,000 -20,000,000 -67,400,000             
      proceeds from warehouse lines of credit
    		43,130,000                                         
      principal payments on warehouse lines of credit
    		-43,953,000                                         
      repayment of term notes payable
    		   0 0                                     
      proceeds from issuance of senior notes
    		-190,000                                         
      repurchase of convertible senior notes
    		    0           0 0 0 -143,118,000                       
      repurchase and retirement of preferred stock
    		   0 0 0 -11,102,000  0                                 
      proceeds from issuance of common stock, net of offering costs
    		60,000 68,000 82,000 79,000 61,000 50,000 54,000 97,748,000 48,000 149,000 177,729,000 852,000 5,357,000 82,000 323,000 193,799,000 256,611,000 93,000 99,000 60,000 75,000 95,000 142,000 587,000 217,000 171,000 335,278,000 -114,000 134,000 119,000 76,000 -762,786,000 763,042,000 192,000 592,743,000 77,812,000 692,000,000 92,000 483,679,000 235,310,000 287,766,000 
      dividends paid on preferred stock
    		-13,239,000 -13,186,000 -11,784,000 -11,784,000 -11,784,000 -11,784,000 -12,012,000 -12,115,000 -12,115,000 -12,365,000 -12,365,000 -13,747,000 -13,747,000 -13,748,000 -13,747,000 -13,748,000 -13,748,000 -13,747,000 -22,418,000 -18,951,000 -18,950,000 -18,951,000 -18,950,000 -18,950,000 -18,951,000 -18,950,000 -18,950,000 -18,951,000 -13,747,000 -13,747,000 -11,949,000           
      dividends paid on common stock
    		-40,956,000 -47,216,000 -46,981,000 -46,939,000 -46,945,000 -46,901,000 -46,899,000 -43,560,000 -43,560,000 -58,381,000 -52,139,000 -59,055,000 -58,840,000 -58,811,000 -58,665,000 -53,563,000 -46,759,000 -46,636,000 -46,530,000 -38,318,000 -38,377,000 -13,617,000 -109,175,000 -109,158,000 -109,159,000 -128,229,000 -116,601,000 -77,308,000 -110,261,000 -82,454,000 -603,000 -6,318,000 -164,347,000 -106,325,000 -87,062,000 -85,683,000 -56,239,000 -56,235,000 -36,911,000 -16,200,000 -10,450,000 
      net cash from financing activities
    		-1,799,620,000 -827,760,000 1,796,029,000 -996,972,000 -7,261,000 -369,214,000 299,972,000 -1,137,337,000 -155,901,000 44,914,000 768,926,000 -1,566,689,000 2,313,941,000 268,114,000 150,348,000 659,232,000 -1,143,575,000 -3,295,651,000 -3,515,214,000 -1,281,007,000 -664,155,000 -1,920,917,000 -10,639,637,000 3,612,808,000 -2,428,963,000 7,495,088,000 -3,138,764,000 -769,577,000 -2,126,593,000 -1,888,938,000 -664,991,000 1,568,341,000 1,894,041,000 -1,478,082,000 4,299,540,000 1,714,566,000 2,669,369,000 -696,608,000 2,920,179,000 2,430,282,000 1,723,543,000 
      net increase in cash, cash equivalents and restricted cash
    		               228,480,000 -287,587,000 175,817,000 -674,471,000 434,406,000 161,742,000 162,999,000 270,458,000 366,439,000   -318,829,000 -213,719,000 329,263,000 -119,021,000 46,246,000           
      cash, cash equivalents and restricted cash at beginning of period
    		0 0 817,641,000 0 0 0 794,833,000 0 0 0 1,126,505,000 0 0 0 2,088,670,000 0 0 0 2,646,431,000 0 0 0 1,616,826,000 0 0 0 1,097,764,000 0 0 0 1,054,995,000           
      cash, cash equivalents and restricted cash at end of period
    		88,624,000 100,572,000 697,725,000 205,935,000 -175,116,000 48,394,000 738,428,000 -250,128,000 23,277,000 196,123,000 825,561,000 -448,511,000 435,402,000 -336,530,000 1,476,144,000 228,480,000 -287,587,000 175,817,000 1,971,960,000 434,406,000 161,742,000 162,999,000 1,887,284,000 366,439,000 458,699,000 12,753,000 778,935,000 -213,719,000 329,263,000 -119,021,000 1,101,241,000           
      supplemental disclosure of cash flow information:
    		                                         
      cash paid for interest
    		182,085,000 113,157,000 125,556,000 112,005,000 149,340,000 141,977,000 215,337,000 110,156,000 195,957,000 106,441,000 153,280,000 60,708,000 49,110,000 17,613,000 25,750,000 9,225,000 25,955,000 15,160,000 30,908,000 11,985,000 52,559,000 103,674,000 236,043,000  211,211,000 155,905,000 214,217,000      23,548,000 -2,272,000 3,600,000 1,829,000 8,609,000 8,116,000 4,646,000 2,297,000 1,980,000 
      cash paid for taxes
    		3,844,000 5,642,000 3,701,000  41,000 3,504,000 103,000             39,000 8,874,000 542,000 119,000  11,126,000 5,805,000 15,000      373,000  2,000 0 3,635,000  0 0 1,000 
      noncash activities:
    		                                         
      dividends declared but not paid at end of period
    		-5,165,000 -6,207,000 60,402,000 -5,000 1,000 44,000 58,685,000 3,056,000 0 -15,071,000 70,746,000 -8,298,000 211,000 33,000 72,558,000 5,101,000 6,804,000 123,000 60,384,000 8,212,000 -1,000    -1,000 -19,069,000 147,179,000       58,022,000 19,264,000 1,378,000 85,683,000 4,000 19,324,000 20,711,000 16,200,000 
      (reversal of) benefit from credit losses on investment securities
    		       -328,000 -98,000 23,000 -142,000        -1,135,000                       
      realized and unrealized gain on interest rate swaps and swaptions
    		 59,332,000 104,763,000                            -146,736,000           
      (gains) losses on mortgage loans held-for-sale
    		 -954,000 -624,000                                       
      loss contingency accrual
    		                                         
      increase in accrued interest receivable
    		 2,509,000 -5,946,000  -568,000 -506,000 -148,000  662,000 1,126,000 -4,808,000 1,683,000 -7,447,000           -5,313,000 10,310,000       -6,929,000 -4,476,000 4,306,000 -10,965,000 -5,153,000 -7,364,000 2,073,000 -7,793,000   
      repurchase/repayment of convertible senior notes
    		       0 0                                 
      net decrease in cash, cash equivalents and restricted cash
    		 100,572,000 -119,916,000  -175,116,000 48,394,000 -56,405,000 -250,128,000 23,277,000 196,123,000 -300,944,000  435,402,000 -336,530,000 -612,526,000                           
      amortization of deferred debt issuance costs on convertible senior notes and term notes payable
    		  362,000                                       
      benefit from credit losses on investment securities
    		  94,000         -318,000 1,397,000   3,347,000 159,000   4,509,000 7,100,000 1,193,000 45,638,000                   
      gain on servicing asset
    		  36,221,000 -82,520,000    172,589,000 -67,369,000 -21,679,000 28,079,000  6,720,000 -85,557,000 -410,624,000          234,514,000 252,432,000 188,974,000               
      unrealized losses (gains) on other derivative instruments
    		  2,649,000        67,484,000                               
      proceeds from warehouse facilities
    		  28,995,000 41,971,000                                      
      principal payments on warehouse facilities
    		  -23,056,000 -42,956,000                                      
      amortization of deferred debt issuance costs on term notes payable and convertible senior notes
    		   414,000 403,000 616,000 620,000 649,000 633,000 648,000 659,000 714,000 699,000 617,000 648,000 854,000 824,000 679,000 642,000 621,000 608,000 553,000 554,000 584,000                  
      benefit from (reversal of benefit from) credit losses on investment securities
    		                                         
      realized and unrealized (gains) losses on interest rate swaps and swaptions
    		                                         
      unrealized (gains) losses on other derivative instruments
    		      -75,520,000      40,204,000 -2,048,000 -90,261,000                           
      gain on repurchase of term notes payable and convertible senior notes
    		   0 0                                     
      decrease in deferred income taxes
    		   24,569,000 -12,788,000   -32,236,000 34,511,000    20,937,000 25,912,000 48,798,000                  4,893,000    638,000     
      increase in accrued interest payable
    		       51,064,000 -29,795,000   45,442,000 26,766,000           26,833,000    42,997,000 5,225,000 -1,109,000 -2,293,000 25,885,000 288,000 5,913,000 1,602,000 2,231,000 2,858,000 1,014,000 2,572,000 1,565,000 520,000 
      short sales (purchases) of derivative instruments
    		   -146,000 -85,000 -130,000 22,170,000      -111,028,000 -1,103,000 40,998,000                           
      proceeds from sales and settlement (payments for termination and settlement) of derivative instruments
    		     -2,272,000 179,981,000     -147,107,000 112,991,000 52,552,000 107,472,000 31,595,000 -9,464,000           -143,603,000 219,965,000 72,907,000 205,553,000           
      acquisition of roundpoint mortgage servicing llc, net of cash acquired
    		   0 0 0 -20,976,000 0                                  
      increase in due to counterparties
    		       254,730,000 -21,662,000   155,632,000 -1,141,702,000 1,388,816,000 -142,589,000 252,477,000 -258,594,000 -49,682,000 94,572,000 -976,000 -356,701,000 727,708,000 -321,110,000   -2,867,553,000 2,163,821,000   36,082,000 707,895,000 -201,849,000 147,585,000 231,762,000 55,215,000 -276,438,000 349,370,000     
      repurchase of common stock
    		       0 0           0 0 0 -1,064,000 0                  
      cash paid (received) for taxes
    		       1,550,000 3,094,000 2,694,000 42,000                               
      realized and unrealized losses (gains) on investment securities
    		    -1,107,000 22,266,000 10,895,000     347,768,000 5,029,000 197,182,000 51,228,000     -41,872,000 2,007,000                     
      (payments for termination and settlement) proceeds from sales and settlement of derivative instruments
    		         200,558,000 -224,952,000        -14,755,000 -1,894,000 2,416,000 -35,065,000 -58,840,000 18,784,000 61,366,000 6,553,000 -835,929,000               
      benefit from (reversal of) credit losses on investment securities
    		     171,000 80,000        1,114,000                           
      realized and unrealized (gain) loss on interest rate swaps and swaptions
    		     -6,997,000 -84,216,000                                   
      (gain) loss on servicing asset
    		      -11,012,000          42,500,000 268,051,000 -327,438,000          -20,591,000 -9,853,000 -71,807,000           
      decrease (increase) in deferred income taxes
    		      9,868,000         2,104,000 322,000 -21,012,000 24,546,000         6,894,000   4,508,000           
      realized and unrealized losses (gains) on interest rate swaps, caps and swaptions
    		                                         
      purchases of mortgage loans held-for-sale
    		                                -147,050,000 -47,157,000 -4,179,000       
      (purchases) short sales of derivative instruments
    		       -104,000 -3,587,000 -111,000 -227,000      -43,000 -1,168,000 -64,000 -424,000 -9,820,000 -15,412,000 -3,630,000 -13,000 -12,437,000 -46,958,000 -17,344,000 -916,000 -4,027,000 -28,444,000 -50,500,000           
      change in other investing assets and liabilities
    		               0 0 0 10,000,000 0 0 2,000,000 508,000 -6,162,000 0 35,601,000 2,136,000               
      repurchase of term notes payable
    		       0                                  
      proceeds from issuance of convertible senior notes
    		                                         
      redemption/repurchase and retirement of preferred stock
    		                                         
      realized and unrealized (gains) losses on investment securities
    		        569,000 -2,195,000 -10,656,000     -4,973,000 -28,801,000 34,127,000 -131,733,000     -28,141,000 -248,828,000                 
      gain on repurchase of outstanding borrowings
    		                                         
      repayment of convertible senior notes
    		            0 0 -143,774,000                           
      realized and unrealized (gains) losses on interest rate swaps, caps and swaptions
    		                                         
      purchases of trading securities
    		                   0 0 0 -1,052,500,000           0 0   75,000 -700,000,000 -1,020,622,000 -299,337,000 
      proceeds from sales of trading securities
    		                   0 0 0 1,053,477,000           0 0   522,803,000 200,023,000 300,633,000 199,500,000 
      proceeds from (payments for) sales of mortgage servicing rights
    		                                         
      proceeds from federal home loan bank advances
    		                   0 0 0 585,000,000                   
      principal payments on federal home loan bank advances
    		                   0 0 -50,000,000 -745,000,000 0 0   0 0 0 -350,000,000           
      cash (received) paid for taxes
    		               -1,083,000                          
      (payments for) proceeds from sales of mortgage servicing rights
    		                   -190,000 -8,000 -381,000 -1,433,000 -1,368,000                  
      proceeds from convertible senior notes
    		                0 18,000 279,912,000                       
      redemption of preferred stock
    		               0 0 0 -274,951,000                       
      cash received for taxes
    		              -32,000                           
      decrease in accrued interest receivable
    		              1,106,000  3,895,000 8,956,000 6,647,000    34,780,000    8,655,000               
      other-than-temporary impairment losses
    		                       3,308,000 5,950,000 4,848,000 206,000 107,000 95,000 174,000 94,000 193,000 236,000 1,642,000 559,000 4,476,000 4,275,000 1,437,000    
      proceeds from issuance of term notes payable
    		                       2,000 -143,000                 
      cumulative-effect adjustment to equity for adoption of new accounting principle
    		                        0 0 442,000               
      unrealized gain on other derivative instruments
    		                77,138,000    22,877,000 -108,131,000 64,589,000           7,035,000 -1,720,000 -12,799,000 8,026,000 27,568,000 -14,251,000 -3,922,000 -1,971,000 
      unrealized loss on other derivative instruments
    		                  43,466,000          5,417,000 -19,684,000 41,724,000 28,188,000 6,923,000         
      realized and unrealized losses on interest rate swaps, caps and swaptions
    		                                         
      unrealized (gain) loss on other derivative instruments
    		                       1,694,000 35,861,000 17,884,000 -90,184,000               
      excess consideration in the acquisition of cys investments, inc.
    		                           0              
      net cash paid for the acquisition of cys investments, inc.
    		                           0              
      proceeds from issuance of preferred stock, net of offering costs
    		                           -49,000 0 0 13,000           
      acquisition of the assets and liabilities of cys investments, inc.
    		                                         
      available-for-sale securities
    		                                         
      cash and cash equivalents
    		                                         
      restricted cash
    		                                         
      accrued interest receivable
    		                                         
      reverse repurchase agreements
    		                                         
      other assets
    		                                         
      repurchase agreements
    		                                         
      derivative liabilities
    		                                         
      due to counterparties
    		                                         
      accrued interest payable
    		                                         
      other liabilities
    		                                         
      issuance of preferred stock in connection with the acquisition of cys investments, inc.
    		                                         
      issuance of common stock in connection with the acquisition of cys investments, inc.
    		                                         
      realized and unrealized loss on interest rate swaps, caps and swaptions
    		                    -582,000 -9,409,000 237,980,000                   
      net income from continuing operations
    		                           -554,535,000 35,946,000 139,490,000 334,809,000           
      adjustments to reconcile net income from continuing operations to net cash from operating activities:
    		                                         
      gain on residential mortgage loans held-for-investment and collateralized borrowings in securitization trusts
    		                                         
      net cash from operating activities from discontinued operations
    		                                         
      proceeds from sales of beneficial interests in securitization trusts
    		                                         
      proceeds from repayment of residential mortgage loans held-for-investment in securitization trusts
    		                                         
      net cash from investing activities of discontinued operations
    		                                         
      principal payments on collateralized borrowings in securitization trusts
    		                                         
      net cash from financing activities from discontinued operations
    		                                         
      cash, cash equivalents and restricted cash of continuing operations at beginning of period
    		                           0 0 0 1,054,995,000           
      cash, cash equivalents and restricted cash of discontinued operations at beginning of period
    		                                         
      realized and unrealized gain on interest rate swaps, caps and swaptions
    		                        -51,469,000 111,662,000 106,967,000               
      amortization of deferred debt issuance costs on convertible senior notes
    		                         232,000 243,000 301,000 287,000 214,000 227,000           
      repayments of reverse repurchase agreements
    		                          -901,375,000 -2,644,769,000              
      (gain) loss on residential mortgage loans held-for-investment and collateralized borrowings in securitization trusts
    		                                         
      increase in other
    		                                         
      net cash from investing activities from discontinued operations
    		                                         
      proceeds from issuance of collateralized borrowings in securitization trusts
    		                                         
      gain on residential mortgage loans held-for-sale
    		                            -295,000 -240,000 -316,000           
      realized and unrealized (gain) loss on interest rate swaps, caps and swaptions
    		                                         
      depreciation of fixed assets
    		                            156,000 164,000 184,000 436,000 114,000         
      purchases of residential mortgage loans held-for-sale
    		                                         
      proceeds from sales of residential mortgage loans held-for-sale
    		                                         
      proceeds from repayment of residential mortgage loans held-for-sale
    		                            1,571,000 634,000 1,120,000           
      increase in income taxes receivable
    		                            -144,000 408,000 -724,000           
      decrease (increase) in prepaid and fixed assets
    		                                         
      increase in other receivables
    		                            -6,869,000 2,765,000 -5,032,000   -31,773,000        
      decrease in servicing advances
    		                            2,584,000 -539,000 2,871,000           
      increase in income taxes payable
    		                                     2,969,000 923,000 -270,000 275,000 
      decrease in accrued expenses and other liabilities
    		                            -5,428,000 493,000 -2,546,000           
      net cash from operating activities of discontinued operations
    		                                         
      purchases of equity securities
    		                                         
      proceeds from sales of equity securities
    		                                         
      redemptions of federal home loan bank stock
    		                            0 0 12,981,000           
      net cash from financing activities of discontinued operations
    		                                         
      increase in prepaid and fixed assets
    		                                         
      decrease in prepaid and fixed assets
    		                              393,000      38,000  -2,000   
      amortization of premiums and discounts on investment securities and commercial real estate assets
    		                                         
      (gain) loss on termination and option expiration of interest rate swaps and swaptions
    		                                         
      unrealized loss on interest rate swaps and swaptions
    		                                  58,210,000    13,123,000   
      decrease in income taxes receivable
    		                                         
      decrease (increase) in servicing advances
    		                                         
      proceeds from sales (payments for termination) of derivative instruments
    		                                         
      originations, acquisitions and additional fundings of commercial real estate assets, net of deferred fees
    		                                         
      proceeds from repayment of commercial real estate assets
    		                                         
      purchases of federal home loan bank stock
    		                                         
      proceeds from issuance of granite point mortgage trust inc. stock, net of offering costs
    		                                         
      amortization of premiums and discounts on available-for-sale securities
    		                                2,802,000         
      realized and unrealized gains on investment securities
    		                                -26,790,000         
      (gain) loss on mortgage loans held-for-sale
    		                                -14,323,000         
      gain on mortgage loans held-for-investment and collateralized borrowings in securitization trust
    		                                -6,289,000         
      loss on termination and option expiration of interest rate swaps and swaptions
    		                                58,692,000 3,495,000 7,544,000       
      unrealized (gain) loss on interest rate swaps and swaptions
    		                                -91,680,000         
      equity based compensation expense
    		                                23,000 26,000 29,000 373,000 60,000 63,000 69,000 85,000 62,000 
      depreciation of real estate
    		                                 1,062,000 426,000 31,000 1,000     
      increase in current income tax receivable
    		                                -303,000  -4,000       
      (increase)/decrease in prepaid and fixed assets
    		                                -187,000  -352,000       
      decrease in other receivables
    		                                29,049,000         
      decrease in income taxes payable
    		                                         
      (decrease)/increase in accrued expenses
    		                                -3,810,000         
      purchases of other derivative instruments
    		                                -66,277,000 -15,688,000 -167,043,000 -81,117,000 -124,323,000 -51,586,000 -67,933,000 -95,529,000 -70,302,000 
      (payments for termination) proceeds from sales of other derivative instruments
    		                                -41,323,000         
      purchases of mortgage loans held-for-investment in securitization trust
    		                                -442,787,000         
      proceeds from repayment of mortgage loans held-for-investment in securitization trust
    		                                717,000         
      purchases of investments in real estate
    		                                 -102,380,000 -119,607,000 -65,650,000 -6,108,000     
      decrease in restricted cash
    		                                24,894,000         
      increase in escrow deposits of discontinued operations
    		                                         
      proceeds from issuance of collateralized borrowings in securitization trust
    		                                412,217,000         
      principal payments on collateralized borrowings in securitization trust
    		                                -697,000         
      proceeds from exercise of warrants
    		                                63,771,000 37,868,000        
      net increase in cash and cash equivalents
    		                                319,598,000 -12,500,000 336,934,000 -49,014,000 185,672,000 -49,931,000 228,038,000   
      cash and cash equivalents at beginning of period
    		                                821,108,000 0 0 0 360,016,000  0 0 163,900,000 
      cash and cash equivalents at end of period
    		                                1,140,706,000 -12,500,000 336,934,000 -49,014,000 545,688,000  228,038,000 -120,354,000 302,263,000 
      noncash investing activities:
    		                                         
      special dividend of silver bay common stock declared but not paid at end of period
    		                                368,970,000         
      noncash financing activities:
    		                                         
      cashless exercise of warrants
    		                                75,000 90,000        
      cash dividends declared but not paid at end of period
    		                                116,821,000         
      reconciliation of mortgage loans held-for-sale:
    		                                         
      mortgage loans held-for-sale at beginning of period
    		                                58,607,000 0 0 0 5,782,000     
      realized and unrealized gains on mortgage loans held-for-sale
    		                                14,448,000         
      mortgage loans held-for-sale at end of period
    		                                192,417,000         
      gain on investment securities
    		                                 -108,219,000 -2,527,000 -1,789,000 -9,931,000 -361,000 -31,431,000 -3,189,000 -1,539,000 
      gain on mortgage loans
    		                                         
      unrealized gain on interest rate swaps and swaptions
    		                                    212,000     
      gain on contribution of entity
    		                                         
      (increase)/decrease in current income tax receivable
    		                                         
      (decrease)/increase in income taxes payable
    		                                 0 -266,000 266,000 -3,898,000     
      increase in accrued expenses
    		                                 -3,713,000 5,844,000 1,669,000 583,000     
      net change in assets and liabilities of discontinued operations
    		                                         
      proceeds from sales of other derivative instruments
    		                                 51,475,000 16,997,000 55,345,000 14,354,000 28,035,000 3,607,000 8,230,000 11,342,000 
      increase in restricted cash
    		                                 -96,132,000    -2,311,000 -75,033,000 -50,252,000 -16,443,000 
      contribution of cash to silver bay
    		                                         
      contribution of two harbors property investment llc to silver bay
    		                                         
      equity securities and other assets received from silver bay
    		                                         
      gain on mortgage loans held-for-sale
    		                                 378,000        
      loans held-for-sale at end of period
    		                                 44,054,000 3,175,000 5,667,000 5,711,000     
      amortization of premiums and discounts on rmbs
    		                                  3,492,000 -3,133,000 -5,925,000 -178,000 -4,750,000 2,226,000 2,467,000 
      loss on mortgage loans held-for-sale
    		                                         
      unrealized gain on mortgage loans held-for-sale
    		                                         
      (increase)/decrease in deferred income taxes
    		                                         
      increase in escrow deposits
    		                                  -5,424,000 -20,197,000 -8,496,000     
      non-cash financing activities:
    		                                         
      unrealized gain on mortgage loans
    		                                         
      decrease (increase) in restricted cash
    		                                   15,947,000 12,304,000     
      increase in receivable from issuance of common stock
    		                                         
      non-cash financing activity:
    		                                         
      gain on termination and option expiration of interest rate swaps and swaptions
    		                                    11,265,000     
      unrealized loss on mortgage loans
    		                                    45,000     
      increase in current tax receivable
    		                                    -7,952,000     
      purchase of mortgage loans held-for-sale
    		                                         
      decrease/(increase) in prepaid tax asset
    		                                         
      decrease in cash held in trust account, interest and dividend income available for working capital and taxes
    		                                         
      common stock converted to cash at business combination
    		                                         
      common stock repurchases through forward sales agreements
    		                                         
      cash and cash equivalents at beginning of year
    		                                         
      cash and cash equivalents at end of year
    		                                         
      accretion of trust account income relating to common stock subject to conversion
    		                                         
      reconciliation of mortgage loans held-for-sale
    		                                         
      mortgage loans held-for-sale at beginning of year
    		                                         
      purchases of mortgage loans
    		                                         
      loans held-for-sale at end of year
    		                                         
      loss on termination of interest rate swaps and swaptions
    		                                      17,847,000   
      net change in:
    		                                         
      decrease/(increase) in deferred income taxes
    		                                        482,000 
      increase in prepaid tax asset
    		                                         
      increase in accrued expenses and other liabilities
    		                                      2,826,000 1,924,000 934,000 
      decrease in due to/from counterparties
    		                                      -142,592,000   
      other-than-temporary impairment loss
    		                                         
      gain on termination of interest rate swaps and swaptions
    		                                        -1,253,000 
      unrealized (gain)/loss on interest rate swaps and swaptions
    		                                        -3,838,000 
      (increase)/decrease in accrued interest receivable
    		                                        -5,627,000 
      decrease/(increase) in prepaid expenses
    		                                        204,000 
      increase/(decrease) in due to/from counterparties
    		                                        97,269,000 
      net increase/(decrease) in cash and cash equivalents
    		                                        138,363,000 
      (decrease)/increase in deferred income taxes
    		                                         
      decrease in prepaid expenses
    		                                         
      decrease/(increase) in due to/from counterparties
    		                                         
      net increase in restricted cash
    		                                         
    The information provided in this report is taken from www.sec.gov and many other data providers. While we have conducted our best efforts to ensure that the parsed data is accurate, we cannot guarantee its accuracy. Please use caution and understand that any consequences of its use are your own responsibility.