v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities:    
Net income (loss) $ 100,429 $ (16,682)
Adjustments to reconcile net income (loss) to cash provided by operating activities:    
Realized gain on sales of investments, net (8,721) 0
Unrealized loss (gain) on investments, net 277,433 (143,649)
(Gain) loss on derivative instruments, net (233,572) 176,181
Amortization of investment premiums, net 10,538 14,362
Other amortization and depreciation 1,147 1,012
Share-based compensation expense 10,493 5,515
Increase in accrued interest receivable (36,332) (10,468)
Increase in accrued interest payable 39,998 16,183
Change in other assets and liabilities, net (7,416) (4,212)
Net cash provided by operating activities 153,997 38,242
Investing activities:    
Purchases of investments (11,208,638) (2,629,521)
Principal payments received on trading securities 1,067,688 307,342
Principal payments received on available-for-sale investments 37,422 80,416
Proceeds from sales of trading securities 633,301 0
Principal payments received on mortgage loans held for investment 25 124
Net receipts (payments) on derivative instruments 202,939 (201,106)
Increase in cash collateral posted by counterparties 7,127 29,323
Net cash used in investing activities (9,260,136) (2,413,422)
Financing activities:    
Borrowings under repurchase agreements 110,509,461 57,143,834
Repayments of repurchase agreement borrowings (101,768,950) (55,106,811)
Proceeds from issuance of common stock 833,006 521,807
Cash paid for stock issuance costs (120) 0
Payments related to tax withholding for share-based compensation (4,144) (1,181)
Dividends paid (215,919) (98,171)
Net cash provided by financing activities 9,353,334 2,459,478
Net increase in cash, including cash posted to counterparties 247,195 84,298
Cash including cash collateral posted to counterparties at beginning of period 930,387 621,539
Cash including cash collateral posted to counterparties at end of period 1,177,582 705,837
Supplemental Disclosure of Cash Activity:    
Cash paid for interest on repurchase agreements 347,106 150,362
Noncash or Part Noncash Acquisition, Investments Acquired $ 379,447 $ 937,216

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