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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash Flows From Operating Activities:    
Net income/(loss) $ (812,417) $ 181,897
Adjustments to reconcile net income to net cash provided by operating activities:    
Loss on sales of residential whole loans 273,848 0
Gain on sales of residential mortgage securities, MSR-related assets, and other assets (84,953) (32,319)
Gain on sales of real estate owned (6,104) (3,692)
Gain on liquidation of residential whole loans (2,633) (9,661)
Impairment and other losses on securities available-for-sale and other assets 424,745 0
Loss on terminated swaps previously designated as hedges for accounting purposes 49,857 0
Accretion of purchase discounts on residential mortgage securities, residential whole loans and MSR-related assets (20,244) (33,193)
Amortization of purchase premiums on residential mortgage securities and residential whole loans, and amortization of terminated hedging instruments 35,594 19,422
Depreciation and amortization on real estate, fixed assets and other assets 3,970 1,084
Equity-based compensation expense 2,827 3,436
Unrealized losses/(gains) on residential whole loans at fair value 72,546 (20,128)
Provision for credit and valuation losses on residential whole loans and other financial instruments 65,334 0
Unrealized losses on residential mortgage securities and interest rate swap agreements (“Swaps”) and other 57,981 1,363
Decrease/(increase) in other assets 22,084 (26,978)
(Decrease)/increase in other liabilities (25,791) 4,716
Net cash provided by operating activities 56,644 85,947
Cash Flows From Investing Activities:    
Purchases of residential whole loans, loan related investments and capitalized advances (1,285,106) (1,943,860)
Proceeds from sales of residential whole loans 1,505,458 0
Principal payments on residential whole loans 862,480 523,600
Principal payments on residential mortgage securities and MSR-related assets 590,921 930,591
Proceeds from sales of residential mortgage securities, MSR-related assets, and other assets 3,790,032 404,796
Purchases of residential mortgage securities and MSR-related assets (163,748) (697,973)
Proceeds from sales of real estate owned 113,359 56,073
Purchases of real estate owned and capital improvements (8,798) (10,561)
Additions to leasehold improvements, furniture and fixtures 837 (1,043)
Net cash provided by/(used in) investing activities 5,405,435 (738,377)
Cash Flows From Financing Activities:    
Principal payments on financing agreements with mark-to-market collateral provisions (21,021,793) (38,068,063)
Proceeds from borrowings under financing agreements with mark-to-market collateral provisions 13,537,087 38,819,598
Proceeds from borrowings under financing agreements with non-mark-to-market collateral provisions 2,036,597 0
Proceeds from issuance of senior secured credit agreement 480,959 0
Principal payments on securitized debt (57,404) (57,496)
Proceeds from issuance of convertible senior notes 0 223,444
Payments made for settlements and unwinds of Swaps (88,405) (47,131)
Proceeds from issuance of series C preferred stock 275,000 0
Payments made for costs related to series C preferred stock issuance (8,948) 0
Proceeds from issuances of common stock 724 1,137
Proceeds from the issuance of warrants 14,041 0
Dividends paid on preferred stock 0 (7,500)
Dividends paid on common stock and dividend equivalents (90,749) (180,551)
Net cash (used in)/provided by financing activities (4,922,891) 683,438
Net increase in cash, cash equivalents and restricted cash 539,188 31,008
Cash, cash equivalents and restricted cash at beginning of period 134,664 88,709
Cash, cash equivalents and restricted cash at end of period 673,852 119,717
Supplemental Disclosure of Cash Flow Information    
Interest Paid 165,333 169,852
Non-cash Investing and Financing Activities:    
Transfer from residential whole loans to real estate owned 59,219 131,644
Dividends and dividend equivalents declared and unpaid 0 90,400
Payable for unsettled residential whole loan purchases $ 0 $ 86,987