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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Cash Flows From Operating Activities:    
Net Income $ 46,845 $ 36,969
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Amortization of premiums, discounts, and securities issuance costs, net (3,939) (5,023)
Depreciation and amortization of non-financial assets 299 306
Purchases of held-for-sale loans (1,820,002) (1,103,047)
Proceeds from sales of held-for-sale loans 1,581,806 1,347,575
Principal payments on held-for-sale loans 16,332 13,001
Net settlements of derivatives 19,296 10,238
Non-cash equity award compensation expense 3,674 2,242
Market valuation adjustments (25,600) (15,129)
Realized gains, net (9,363) (5,703)
Net change in:    
Accrued interest receivable and other assets 35,824 (10,490)
Accrued interest payable and accrued expenses and other liabilities 11,581 (17,301)
Net cash (used in) provided by operating activities (143,247) 253,638
Cash Flows From Investing Activities:    
Principal payments on loans held-for-investment 159,889 147,127
Purchases of real estate securities (128,069) (144,948)
Proceeds from sales of real estate securities 241,570 26,887
Principal payments on real estate securities 16,246 17,529
Purchase of mortgage servicing rights 0 (100)
Proceeds from sales of mortgage servicing rights 3,827 9,136
Net cash provided by investing activities 293,463 55,631
Cash Flows From Financing Activities:    
Proceeds from borrowings on short-term debt 1,318,754 877,495
Repayments on short-term debt (1,753,090) (1,105,261)
Proceeds from issuance of asset-backed securities 441,741 0
Repayments on asset-backed securities issued (84,974) (55,609)
Net settlements of derivatives (85) (34)
Net proceeds from issuance of common stock 88 73
Net payments on repurchase of common stock (16,315) 0
Taxes paid on equity award distributions (371) (1,601)
Dividends paid (21,803) (22,089)
Net cash used in financing activities (116,055) (307,026)
Net increase in cash, cash equivalents and restricted cash 34,161 2,243
Cash, cash equivalents and restricted cash at beginning of period [1] 146,807 221,467
Cash, cash equivalents, and restricted cash at end of period [1] 180,968 223,710
Cash paid during the period for:    
Interest 38,285 14,726
Taxes 42 4
Supplemental Noncash Information:    
Real estate securities retained from loan securitizations 16,396 25,858
Retention of mortgage servicing rights from loan securitizations and sales 0 7,386
Transfers from loans held-for-sale to loans held-for-investment 507,616 184,996
Transfers from residential loans to real estate owned $ 1,268 $ 968
[1] Cash, cash equivalents, and restricted cash at March 31, 2018 includes cash and cash equivalents of $179 million and restricted cash of $2 million, and at December 31, 2017 includes cash and cash equivalents of $145 million and restricted cash of $2 million.