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CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
 12 Months Ended
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Dec. 31, 2017
USD ($)
Cash Flows From Operating Activities:      
Net income $ 378,117 $ 301,801 $ 322,393
Adjustments to reconcile net income to net cash provided by operating activities:      
Gain on sales of residential mortgage securities and U.S. Treasury securities (62,002) (61,307) (39,577)
Gain on sales of real estate owned (7,440) (7,715) (4,475)
Gain on liquidation of residential whole loans (19,081) (22,409) (11,868)
Other-than-temporary impairment charges 180 1,259 1,032
Accretion of purchase discounts on residential mortgage securities, residential whole loans and MSR-related assets (70,383) (82,904) (86,318)
Amortization of purchase premiums on residential mortgage securities and residential whole loans 45,216 29,270 30,330
Depreciation and amortization on real estate, fixed assets and other assets 3,318 1,825 1,519
Equity-based compensation expense 9,239 8,007 8,033
Unrealized gains on residential whole loans at fair value (47,849) (36,725) (33,617)
Unrealized losses/(gains) on residential mortgage securities and interest rate swap agreements (“Swaps”) and other 2,169 43,234 (27,091)
(Increase)/decrease in other assets (34,262) (26,487) 21,964
Increase/(decrease) in other liabilities 18,553 32 (5,813)
Net cash provided by operating activities 215,775 147,881 176,512
Cash Flows From Investing Activities:      
Principal payments on residential mortgage securities and MSR-related assets 2,098,416 2,327,817 3,996,489
Proceeds from sales of residential mortgage securities and U.S. Treasury securities 908,697 538,668 243,081
Purchases of residential mortgage securities, MSR-related assets and U.S. Treasury securities (1,008,215) (2,604,234) (1,583,130)
Purchases of residential whole loans, loan related investments and capitalized advances (4,598,191) (3,058,839) (1,065,981)
Principal payments on residential whole loans 1,378,529 531,909 160,469
Proceeds from sales of real estate owned 108,012 121,304 75,671
Purchases of real estate owned and capital improvements (20,110) (13,367) (19,801)
Redemption of Federal Home Loan Bank stock 0 0 10,422
Additions to leasehold improvements, furniture and fixtures (1,879) (1,133) (872)
Net cash (used in)/provided by investing activities (1,134,741) (2,157,875) 1,816,348
Cash Flows From Financing Activities:      
Principal payments on repurchase agreements (67,463,756) (67,063,283) (72,563,218)
Proceeds from borrowings under repurchase agreements 68,724,021 68,327,462 70,490,091
Proceeds from issuance of securitized debt 0 419,970 382,847
Principal payments on securitized debt (114,386) (97,969) (16,562)
Principal payments on securitized debt 0 (2,497) (2,646)
Proceeds from issuance of Convertible Senior Notes 223,311 0 0
Payments made for securitization related costs (40,029) (61,502) (11,424)
Payments made for settlements on Swaps 0 65,393 0
Proceeds from settlements on Swaps 12,325 392,474 197,223
Proceeds from issuances of common stock 0 (329) (415)
Dividends paid on preferred stock (15,000) (15,000) (15,000)
Dividends paid on common stock and dividend equivalents (361,565) (329,759) (308,588)
Net cash provided by/(used in) financing activities 964,921 1,634,960 (1,847,692)
Net cash provided by/(used in) financing activities 45,955 (375,034) 145,168
Net increase/(decrease) in cash, cash equivalents and restricted cash 88,709 463,743 318,575
Cash, cash equivalents and restricted cash at beginning of period 134,664 88,709 463,743
Supplemental Disclosure of Cash Flow Information      
Supplemental Disclosure of Cash Flow Information 330,398 232,657 198,159
Non-cash Investing and Financing Activities:      
Net (decrease)/increase in securities obtained as collateral/obligation to return securities obtained as collateral 0 (505,850) 134,100
Net (decrease)/increase in securities obtained as collateral/obligation to return securities obtained as collateral 257,701 215,038 136,734
Transfer from residential whole loans to real estate owned 90,749 90,198 79,771
Dividends and dividend equivalents declared and unpaid $ 0 $ 211,129 $ 0