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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash Flows From Operating Activities:    
Net (loss)/income $ (908,995) $ 88,857
Adjustments to reconcile net income to net cash provided by operating activities:    
Loss on sales of residential whole loans at carrying value 145,791 0
Loss/(gain) on sales of residential mortgage securities and MSR-related assets 92,589 (24,609)
Gain on sales of real estate owned (3,107) (1,398)
Gain on liquidation of residential whole loans (1,105) (4,684)
Impairment and other losses on securities available-for-sale and other assets 419,651 0
Accretion of purchase discounts on residential mortgage securities, residential whole loans and MSR-related assets (12,114) (15,915)
Amortization of purchase premiums on residential mortgage securities and residential whole loans, and amortization of terminated hedging instruments 15,266 7,620
Depreciation and amortization on real estate, fixed assets and other assets 3,582 432
Equity-based compensation expense 1,273 998
Unrealized losses on residential whole loans at fair value 74,556 1,060
Provision for credit and valuation losses on residential whole loans and other financial instruments 150,827 0
Unrealized losses on residential mortgage securities and interest rate swap agreements (“Swaps”) and other 82,464 200
Increase in other assets (37,811) (8,770)
Decrease in other liabilities (9,653) (6,709)
Net cash provided by operating activities 13,214 37,082
Cash Flows From Investing Activities:    
Purchases of residential whole loans, loan related investments and capitalized advances (1,119,464) (1,021,557)
Principal payments on residential whole loans 508,855 233,724
Principal payments on residential mortgage securities and MSR-related assets 539,882 391,641
Proceeds from sales of residential mortgage securities 1,009,316 208,306
Purchases of residential mortgage securities and MSR-related assets (162,607) (327,221)
Proceeds from sales of real estate owned 52,042 23,963
Purchases of real estate owned and capital improvements (5,606) (5,923)
Additions to leasehold improvements, furniture and fixtures (176) (391)
Net cash provided by/(used in) investing activities 822,242 (497,458)
Cash Flows From Financing Activities:    
Principal payments on repurchase agreements (12,903,818) (18,879,173)
Proceeds from borrowings under repurchase agreements 12,216,862 19,509,794
Principal payments on securitized debt (37,418) (25,501)
Payments made for settlements and unwinds of Swaps (88,405) (21,478)
Proceeds from issuance of Series C Preferred Stock 275,000 0
Payments made for costs related to Series C Preferred Stock issuance (8,912) 0
Proceeds from issuances of common stock 687 551
Dividends paid on preferred stock 0 (3,750)
Dividends paid on common stock and dividend equivalents (90,749) (90,198)
Net cash (used in)/provided by financing activities (636,753) 490,245
Net increase in cash, cash equivalents and restricted cash 198,703 29,869
Cash, cash equivalents and restricted cash at beginning of period 134,664 88,709
Cash, cash equivalents and restricted cash at end of period 333,367 118,578
Supplemental Disclosure of Cash Flow Information    
Interest Paid 80,158 81,435
Non-cash Investing and Financing Activities:    
Transfer from residential whole loans to real estate owned 50,693 65,160
Dividends and dividend equivalents declared and unpaid 0 90,353
Receivable for unsettled MBS, MSR-related asset, and residential whole loan sales $ 419,583 $ 0