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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities      
Net income (loss) $ 2,396,280 $ (889,772) $ (2,163,091)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities      
Amortization of premiums and discounts of investments, net 784,110 1,371,178 1,113,273
Amortization of securitized debt premiums and discounts and deferred financing costs (6,620) (11,576) (11,854)
Depreciation, amortization and other noncash expenses 24,636 41,357 31,559
Net (gains) losses on disposals of investments and other 62,705 (661,513) 47,944
Net (gains) losses on investments and derivatives (1,267,535) 2,368,879 1,855,025
Net (gains) losses on business divestitures 278,559 0 0
Income from unconsolidated joint ventures 12,181 7,072 6,893
Loan loss provision (reversal) (145,066) 147,581 16,569
Payments on purchases of loans held for sale (51,403) (147,833) (250,348)
Proceeds from sales and repayments of loans held for sale 90,020 168,716 282,693
Net receipts (payments) on derivatives 932,867 (1,958,131) (1,939,634)
Net change in      
Other assets 31,044 249,778 (39,880)
Interest receivable 32,926 159,320 (85,951)
Interest payable (99,590) (285,219) (94,593)
Other liabilities 1,725 (31,870) 31,838
Net cash provided by (used in) operating activities 3,076,839 527,967 (1,199,557)
Cash flows from investing activities      
Payments on purchases of securities (22,344,751) (32,676,856) (63,465,822)
Proceeds from sales of securities 11,670,321 52,639,778 25,606,504
Principal payments on securities 18,742,951 19,571,476 17,199,893
Payments on purchases and origination of loans (7,715,200) (2,257,314) (4,126,123)
Proceeds from sales and maturities of loans 1,213,745 624,026 365,787
Principal payments on loans 2,610,912 2,222,500 3,139,084
Payments on purchases of MSR (473,035) 0 0
Proceeds from sales of MSR 82,175 72,160 0
Payments on purchases of interests in MSR (65,107) 0 0
Investments in real estate (2,329) (7,450) (39,144)
Proceeds from sales of real estate 53,910 149,600 24,955
Proceeds from reverse repurchase agreements 16,734,313 58,800,000 98,339,755
Payments on reverse repurchase agreements (16,734,313) (58,800,000) (97,689,715)
Distributions in excess of cumulative earnings from unconsolidated joint ventures 290 7,590 3,155
Proceeds from sale of equity securities 6,957 0 0
Cash acquired (paid) in asset acquisition 0 6,264 0
Net proceeds from business divestiture 1,118,440 0 0
Net cash provided by (used in) investing activities 4,899,279 40,351,774 (20,641,671)
Cash flows from financing activities      
Proceeds from repurchase agreements and other secured financing 2,288,704,788 2,776,331,362 5,470,733,256
Payments on repurchase agreements and other secured financing (2,298,775,005) (2,816,805,618) (5,449,836,013)
Proceeds from issuances of securitized debt 3,719,027 2,385,374 3,444,055
Principal payments on securitized debt (1,716,196) (1,238,962) (2,031,959)
Payment of deferred financing cost (9,279) (553) (12,228)
Net proceeds from stock offerings, direct purchases and dividend reinvestments 552,215 1,175 1,829,025
Redemptions of preferred stock 0 (460,000) (230,000)
Proceeds from participations issued 1,847,821 38,741 0
Payments on repurchases of participations issued (818,575) 0 0
Principal payments on participations issued (23,374) 0 0
Net principal receipts (payments) on mortgages payable (2,237) (60,980) (26,202)
Net contributions (distributions) from (to) noncontrolling interests 5,635 7,762 (1,136)
Net payments on share repurchase 0 (209,418) (223,574)
Settlement of stock-based awards in satisfaction of withholding tax requirements (2,830) 0 0
Dividends paid (1,359,721) (1,475,650) (1,689,016)
Net cash provided by (used in) financing activities (7,877,731) (41,486,767) 21,956,208
Net (decrease) increase in cash and cash equivalents 98,387 (607,026) 114,980
Cash and cash equivalents including cash pledged as collateral, beginning of period 1,243,703 1,850,729 1,735,749
Cash and cash equivalents including cash pledged as collateral, end of period 1,342,090 1,243,703 1,850,729
Supplemental disclosure of cash flow information      
Interest received 2,701,381 3,681,826 4,811,218
Dividends received 51 4,643 8,395
Interest paid (excluding interest paid on interest rate swaps) 269,244 1,166,977 2,902,644
Net interest received (paid) on interest rate swaps (340,738) 296,621 (323,028)
Taxes received (paid) (3,797) 1,515 2,284
Noncash investing and financing activities      
Receivable for unsettled trades 2,656 15,912 4,792
Payable for unsettled trades 147,908 884,069 463,387
Net change in unrealized gains (losses) on available-for-sale securities, net of reclassification adjustment (2,415,925) 1,236,144 4,118,056
Dividends declared, not yet paid 321,142 307,613 357,527
Derecognition of assets of consolidated VIEs 3,075,961 1,222,221 0
Derecognition of securitized debt of consolidated VIEs 2,506,799 1,141,311 0
Derecognition of mortgages payable $ 314,485 $ 0 $ 0