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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash flows from operating activities    
Net income (loss) $ 1,456,286 $ (2,783,955)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities    
Amortization of premiums and discounts of investments, net 313,306 881,012
Amortization of securitized debt premiums and discounts and deferred financing costs (4,269) (4,554)
Depreciation, amortization and other noncash expenses 17,718 16,895
Net (gains) losses on disposal of investments and other 49,563 (453,262)
Net (gains) losses on investments and derivatives (858,430) 3,350,434
Net (gains) losses on business divestitures 248,036 0
Income from unconsolidated joint ventures 5,889 (1,349)
Loan loss provision (reversal) (139,126) 168,077
Payments on purchases of loans held for sale (49,586) (90,287)
Proceeds from sales and repayments of loans held for sale 84,991 95,551
Net receipts (payments) on derivatives 606,454 (2,538,137)
Net change in    
Other assets (121,876) 238,119
Interest receivable 18,677 139,240
Interest payable (16,165) (295,392)
Other liabilities (40,425) (62,684)
Net cash provided by (used in) operating activities 1,571,043 (1,340,292)
Cash flows from investing activities    
Payments on purchases of securities (12,581,731) (17,684,740)
Proceeds from sales of securities 6,350,647 46,806,424
Principal payments on securities 10,228,935 9,328,755
Payments on purchases and origination of loans (2,754,376) (1,588,531)
Proceeds from sales of loans 116,570 510,407
Principal payments on loans 1,498,768 1,040,569
Payments on purchases of MSR (98,983) 0
Proceeds from sales of MSR 376 0
Payments on purchases of interests in MSR (47,098) 0
Investments in real estate (1,815) (820)
Proceeds from sales of real estate 53,910 0
Proceeds from reverse repurchase agreements 12,084,313 37,100,000
Payments on reverse repurchase agreements (12,084,313) (37,100,000)
Distributions in excess of cumulative earnings from unconsolidated joint ventures 290 6,332
Proceeds from sale of equity securities 6,957 0
Cash acquired in asset acquisition 0 3,793
Net cash provided by (used in) investing activities 2,772,450 38,422,189
Cash flows from financing activities    
Proceeds from repurchase agreements and other secured financing 1,129,837,127 1,910,919,740
Payments on repurchase agreements and other secured financing (1,134,179,055) (1,948,434,517)
Proceeds from issuances of securitized debt 969,165 1,423,925
Principal payments on securitized debt (863,095) (540,928)
Payment of deferred financing cost 0 (553)
Net proceeds from stock offerings, direct purchases and dividend reinvestments 420,426 405
Proceeds from participations issued 499,864 0
Payments on repurchases of participations issued (223,828) 0
Principal payments on participations issued (4,015) 0
Net principal receipts (payments) on mortgages payable (659) 23,373
Net contributions (distributions) from (to) noncontrolling interests 7,466 (288)
Net payment on share repurchase 0 (143,664)
Settlement of stock-based awards in satisfaction of withholding tax requirements (992) 0
Dividends paid (669,144) (786,209)
Net cash provided by (used in) financing activities (4,206,740) (37,538,716)
Net (decrease) increase in cash and cash equivalents 136,753 (456,819)
Cash and cash equivalents including cash pledged as collateral, beginning of period 1,243,703 1,850,729
Cash and cash equivalents including cash pledged as collateral, end of period 1,380,456 1,393,910
Supplemental disclosure of cash flow information    
Interest received 1,478,377 3,354,991
Dividends received 51 6,180
Interest paid (excluding interest paid on interest rate swaps) 183,952 1,498,708
Net interest paid on interest rate swaps 137,018 358,218
Taxes received (paid) 333 603
Noncash investing and financing activities    
Receivable for unsettled trades 14,336 747,082
Payable for unsettled trades 154,405 2,122,735
Net change in unrealized gains (losses) on available-for-sale securities, net of reclassification adjustment (1,594,060) 1,703,883
Dividends declared, not yet paid 317,714 309,686
Derecognition of assets of consolidated VIEs 976,690 0
Derecognition of securitized debt of consolidated VIEs $ 893,500 $ 0