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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash Flows From Operating Activities    
Net income $ 80,710 $ 287,487
Adjustments to reconcile net income to net cash flows from operating activities:    
Change in fair value of investments, net (100,826) 335,207
Change in fair value of secured notes and bonds payable 8,429 4,605
Gain on settlement of investments, net (60,868) (274,709)
Gain on sale of originated residential mortgage loans, held-for-sale, net (159,789) (142,457)
Gain on transfer of loans to real estate owned (“REO”) (116) (2,166)
Accretion and other amortization (12,006) (21,224)
Provision for (reversal of) credit losses on securities, loans and REO (2,042) 462
Non-cash portions of servicing revenue, net 552,690 (76,376)
Deferred tax provision (41,295) 90,628
Mortgage loans originated and purchased for sale, net of fees (12,355,460) (11,439,065)
Sales proceeds and loan repayment proceeds for residential mortgage loans, held-for-sale 13,377,980 9,856,746
Loan repayment proceeds of consolidated entities 99,676 80,822
Interest received from servicer advance investments, RMBS, loans and other 9,728 13,488
Principal repayments and sales proceeds of investments of consolidated CFEs 111,289 2,090
Loan originations and investment purchases of consolidated CFEs (197,937) (9,811)
Changes in:    
Servicer advances receivable, net 311,515 165,425
Other assets (291) 37,637
Accrued expenses and other liabilities (200,120) (223,335)
Net cash provided by (used in) operating activities 1,421,267 (1,314,546)
Cash Flows From Investing Activities    
Purchase of servicer advance investments (186,356) (212,656)
Purchase of government-backed and other securities (1,390,991) (1,891)
Proceeds from sale of government-backed and other securities 1,291 0
Purchase of Treasury securities (24,732) (4,733,368)
Treasury sales and Treasury securities payable 0 1,425,370
Reverse repurchase agreements entered and repurchase agreements closed (507,863) (1,256,872)
Reverse repurchase agreements closed and repurchase agreements entered 503,863 0
Maturity of Treasury securities 25,000 0
Purchase of SFR properties, MSRs and other assets (156,484) (63,877)
Origination of residential transition loans (775,530) (649,698)
Draws on revolving consumer loans (6,595) (4,113)
Net settlement of derivatives and hedges 72,352 371,827
Return of investments in Excess MSRs 12,908 10,423
Return of investments in equity method investees 2,471 0
Principal repayments from servicer advance investments 203,012 224,039
Principal repayments from government, government-backed and other securities 154,723 165,324
Principal repayments from residential mortgage loans 10,287 12,187
Principal repayments from consumer loans 111,102 153,479
Settlement of sale of MSRs and MSR financing receivables 2,057 (671)
Proceeds from sale of REO 9,711 5,216
Net cash used in investing activities (1,304,457) (4,050,190)
Cash Flows From Financing Activities    
Repayments of secured financing agreements (16,278,892) (18,055,590)
Repayments of warehouse credit facilities including those related to the initial consolidation of CLOs (16,474,309) (10,778,294)
Repayment of unsecured senior notes 0 (275,000)
Net settlement of margin deposits under repurchase agreements and derivatives 266,206 (346,569)
Repayments of secured notes and bonds payable (2,095,661) (1,405,197)
Deferred financing fees (14,750) (8,298)
Dividends paid on common and preferred stock (156,970) (143,298)
Borrowings under secured financing agreements 17,282,561 22,495,882
Borrowings under warehouse credit facilities 15,470,945 12,047,306
Borrowings under secured notes and bonds payable 1,835,740 761,266
Proceeds from issuance of unsecured senior notes 0 767,103
Proceeds from issuance of debt obligations of consolidated CFEs 0 257,597
Repayments of debt obligations of consolidated CFEs (108,223) (87,545)
Issuance of common stock 107,412 0
Repurchase of preferred stock (50,000) 0
Net proceeds from issuance of Class A Units of SPAC 230,000 0
Contributions from noncontrolling and redeemable noncontrolling interests 45,802 0
Distributions to noncontrolling and redeemable noncontrolling interests (3,908) (3,728)
Net cash provided by financing activities 55,953 5,225,635
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash 172,763 (139,101)
Cash, Cash Equivalents and Restricted Cash, Beginning of Period 1,917,809 1,697,095
Cash, Cash Equivalents and Restricted Cash, End of Period 2,090,572 1,557,994
Supplemental Disclosure of Cash Flow Information    
Cash paid during the period for interest 454,522 465,964
Cash paid during the period for income taxes 3,366 1,259
Supplemental Schedule of Non-Cash Investing and Financing Activities    
Dividends declared but not paid on common and preferred stock 157,405 143,199
Transfer from residential mortgage loans to REO and other assets 9,245 5,917
Real estate securities retained from loan securitizations 32,839 0
Residential mortgage loans subject to repurchase 2,432,605 1,845,889
Purchase of Agency RMBS, settled after quarter-end 0 1,271,542
Consolidated Entity, Excluding Consolidated VIE    
Cash Flows From Investing Activities    
Proceeds from principal repayment, loan, mortgage receivable 353,128 423,269
Variable Interest Entity, Primary Beneficiary    
Cash Flows From Investing Activities    
Proceeds from principal repayment, loan, mortgage receivable $ 282,189 $ 81,822