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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash Flows From Operating Activities:    
Net income $ 277,496 $ 240,922
Adjustments to reconcile net income to net cash provided by operating activities:    
Gain on sales of residential mortgage securities (50,027) (32,661)
Gain on sales of real estate owned (5,785) (6,582)
Gain on liquidation of residential whole loans (14,538) (18,598)
Accretion of purchase discounts on residential mortgage securities, residential whole loans and MSR-related assets (45,990) (64,211)
Amortization of purchase premiums on residential mortgage securities and residential whole loans 32,085 21,141
Depreciation and amortization on real estate, fixed assets and other assets 1,957 1,354
Equity-based compensation expense 4,724 3,891
Unrealized gains on residential whole loans at fair value (33,313) (26,788)
Unrealized losses/(gains) on residential mortgage securities and interest rate swap agreements (“Swaps”) and other (122) 2,767
Increase in other assets (24,647) (31,018)
Increase in other liabilities 11,756 33
Net cash provided by operating activities 153,596 90,250
Cash Flows From Investing Activities:    
Principal payments on residential mortgage securities and MSR-related assets 1,555,449 1,797,012
Proceeds from sales of residential mortgage securities 735,768 341,589
Purchases of residential mortgage securities and MSR-related assets (837,591) (2,021,914)
Purchases of residential whole loans, loan related investments and capitalized advances (2,988,229) (2,158,105)
Principal payments on residential whole loans 906,072 345,917
Proceeds from sales of real estate owned 81,206 93,635
Purchases of real estate owned and capital improvements (15,671) (10,179)
Additions to leasehold improvements, furniture and fixtures (1,351) (1,009)
Net cash used in investing activities (564,347) (1,613,054)
Cash Flows From Financing Activities:    
Principal payments on repurchase agreements (54,103,776) (48,988,034)
Proceeds from borrowings under repurchase agreements 54,796,010 49,651,416
Proceeds from issuance of securitized debt 0 419,970
Principal payments on securitized debt (79,350) (67,945)
Payments made for securitization related costs 0 (2,472)
Proceeds from issuance of Convertible Senior Notes 223,311 0
Payments made for settlements on Swaps (47,622) (40,885)
Proceeds from settlements on Swaps 0 57,656
Proceeds from issuances of common stock 8,861 391,932
Payments made for costs related to common stock issuances 0 (350)
Dividends paid on preferred stock (11,250) (11,250)
Dividends paid on common stock and dividend equivalents (270,951) (239,623)
Net cash provided by financing activities 515,233 1,170,415
Net increase/(decrease) in cash, cash equivalents and restricted cash 104,482 (352,389)
Cash, cash equivalents and restricted cash at beginning of period 88,709 463,743
Cash, cash equivalents and restricted cash at end of period 193,191 111,354
Supplemental Disclosure of Cash Flow Information    
Interest Paid 237,644 161,028
Non-cash Investing and Financing Activities:    
Net decrease in securities obtained as collateral/obligation to return securities obtained as collateral 0 (505,850)
Transfer from residential whole loans to real estate owned 193,531 161,572
Dividends and dividend equivalents declared and unpaid 90,614 90,136
Payable for unsettled residential whole loans purchases $ 59,524 $ 10,888