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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Cash Flows From Operating Activities:    
Net Income $ 79,592 $ 73,293
Adjustments to reconcile net income to net cash used in operating activities:    
Amortization of premiums, discounts, and securities issuance costs, net (7,963) (9,638)
Depreciation and amortization of non-financial assets 582 605
Purchases of held-for-sale loans (3,772,494) (2,309,856)
Proceeds from sales of held-for-sale loans 2,966,508 2,031,326
Principal payments on held-for-sale loans 30,656 22,093
Net settlements of derivatives 40,426 776
Non-cash equity award compensation expense 7,633 5,377
Market valuation adjustments (34,136) (30,743)
Realized gains, net (14,077) (7,075)
Net change in:    
Accrued interest receivable and other assets 32,478 (26,226)
Accrued interest payable and accrued expenses and other liabilities (3,582) (16,840)
Net cash used in operating activities (674,377) (266,908)
Cash Flows From Investing Activities:    
Principal payments on loans held-for-investment 335,720 258,267
Purchases of real estate securities (319,975) (236,036)
Proceeds from sales of real estate securities 352,563 99,121
Principal payments on real estate securities 33,974 34,752
Sales (purchases) of mortgage servicing rights, net 6,064 42,861
(Funding) payments of participation in loan warehouse facility, net (34,333) 0
Other investing activities, net (9,999) 0
Net cash provided by investing activities 364,014 198,965
Cash Flows From Financing Activities:    
Proceeds from borrowings on short-term debt 3,219,350 2,070,873
Repayments on short-term debt (3,731,917) (1,855,233)
Proceeds from issuance of asset-backed securities 925,845 0
Repayments on asset-backed securities issued (181,781) (103,371)
Proceeds from issuance of long-term debt 199,000 0
Deferred long-term debt issuance costs paid (4,940) 0
Net settlements of derivatives (237) (72)
Net proceeds from issuance of common stock 177 145
Net payments on repurchase of common stock (16,315) 0
Taxes paid on equity award distributions (371) (2,530)
Dividends paid (45,191) (44,112)
Net cash provided by financing activities 363,620 65,700
Net increase (decrease) in cash, cash equivalents and restricted cash 53,257 (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] 200,064 219,224
Cash paid during the period for:    
Interest 83,781 44,274
Taxes 3,722 1,040
Supplemental Noncash Information:    
Real estate securities retained from loan securitizations 43,513 38,051
Retention of mortgage servicing rights from loan securitizations and sales 0 7,387
Transfers from loans held-for-sale to loans held-for-investment 1,069,326 247,377
Transfers from loans held-for-investment to loans held-for-sale 0 459
Transfers from residential loans to real estate owned 1,835 2,044
Transfers from long-term debt to short-term debt $ 0 $ 285,900
[1] Cash, cash equivalents, and restricted cash at June 30, 2018 includes cash and cash equivalents of $185 million and restricted cash of $15 million, and at December 31, 2017 includes cash and cash equivalents of $145 million and restricted cash of $2 million.