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Consolidated Statements of Cash Flows
$ in Thousands
 12 Months Ended
Dec. 31, 2018
USD ($)
Dec. 31, 2017
USD ($)
Dec. 31, 2016
USD ($)
Cash Flows From Operating Activities:      
Net income $ 119,600 $ 140,406 $ 131,252
Adjustments to reconcile net income to net cash used in operating activities:      
Amortization of premiums, discounts, and debt issuance costs, net (13,687) (18,250) (26,487)
Depreciation and amortization of non-financial assets 1,308 1,213 1,140
Purchases of held-for-sale loans (7,162,131) (5,705,842) (4,953,619)
Proceeds from sales of held-for-sale loans 5,383,313 3,903,147 4,192,671
Principal payments on held-for-sale loans 66,892 52,956 80,033
Net settlements of derivatives 51,115 (9,950) (7,301)
Reversal of provision for loan losses 0 0 (7,102)
Non-cash equity award compensation expense 13,736 10,378 12,648
Market valuation adjustments (24,069) (51,484) 12,917
Realized gains, net (27,041) (13,355) (28,009)
Net change in:      
Accrued interest receivable and other assets (41,849) (17,562) 42,572
Accrued interest payable, deferred tax liabilities, and accrued expenses and other liabilities 21,080 (4,820) 3,632
Net cash used in operating activities (1,611,733) (1,713,163) (545,653)
Cash Flows From Investing Activities:      
Purchases of loans held-for-investment (147,523) 0 0
Proceeds from sales of loans held-for-investment 0 0 235,604
Principal payments on loans held-for-investment 781,063 523,561 798,831
Purchases of real estate securities (609,568) (600,875) (318,268)
Proceeds from sales of real estate securities 582,331 228,420 497,191
Purchases of residential securities held in consolidated securitization trust (227,649) 0 0
Purchases of multifamily securities held in consolidated securitization trusts (107,411) 0 0
Principal payments on real estate securities 84,495 77,778 80,055
Purchases of servicer advance investments (395,813) 0 0
Principal repayments from servicer advance investments 94,644 0 0
Sales of mortgage servicing rights, net 6,452 51,494 43,304
Purchases of excess MSRs (25,489) 0 0
Net investment in participation in loan warehouse facility (38,209) 0 0
Other investing activities, net (10,075) 0 0
Net cash (used in) provided by investing activities (12,752) 280,378 1,336,717
Cash Flows From Financing Activities:      
Proceeds from borrowings on short-term debt 6,975,965 4,895,889 3,918,083
Repayments on short-term debt (6,711,264) (4,036,634) (4,981,547)
Proceeds from issuance of asset-backed securities 1,658,848 567,100 0
Repayments on asset-backed securities issued (459,171) (205,163) (261,351)
Proceeds from issuance of long-term debt 199,000 245,000 771,287
Deferred debt issuance costs (4,977) (7,380) 0
Repayments on long-term debt 0 0 (118,146)
Net settlements of derivatives (291) (137) (156)
Net proceeds from issuance of common stock 142,601 302 304
Net payments on repurchase of common stock (16,315) (8,417) (28,073)
Taxes paid on equity award distributions (4,839) (4,136) (7,329)
Dividends paid (96,802) (88,299) (88,465)
Net cash provided by (used in) financing activities 1,682,755 1,358,125 (795,393)
Net decrease in cash and cash equivalents 58,270 (74,660) (4,329)
Cash, cash equivalents and restricted cash at beginning of period (1) 146,807 [1] 221,467 [1] 225,796 [1]
Cash, cash equivalents and restricted cash at end of period (1) 205,077 [1] 146,807 [1] 221,467 [1]
Cash paid during the period for:      
Interest 207,014 103,279 87,164
Taxes 10,594 2,746 1,303
Supplemental Noncash Information:      
Real estate securities retained from loan securitizations 51,911 79,662 9,127
Retention of mortgage servicing rights from loan securitizations and sales 328 7,387 10,060
Consolidation of residential loans held in securitization trust 1,206,645 0 0
Consolidation of residential ABS 978,996 0 0
Consolidation of multifamily loans held in securitization trusts 2,099,916 0 0
Consolidation of multifamily ABS 1,975,324 0 0
Transfers from loans held-for-sale to loans held-for-investment 2,062,809 1,245,430 1,063,860
Transfers from loans held-for-investment to loans held-for-sale 15,717 98,854 359,005
Transfers from residential loans to real estate owned $ 4,104 $ 4,220 $ 11,632
[1] Cash, cash equivalents, and restricted cash at December 31, 2018 included cash and cash equivalents of $176 million and restricted cash of $29 million; at December 31, 2017 included cash and cash equivalents of $145 million and restricted cash of $2 million; and at December 31, 2016 included cash and cash equivalents of $213 million and restricted cash of $9 million.