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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 3 Months Ended
Mar. 31, 2019
Dec. 31, 2018
Mar. 31, 2018
Cash Flows From Operating Activities:      
Net Income $ 54,464,000   $ 46,845,000
Adjustments to reconcile net income to net cash used in operating activities:      
Amortization of premiums, discounts, and securities issuance costs, net (689,000)   (3,939,000)
Depreciation and amortization of non-financial assets 343,000   299,000
Originations of held-for-sale loans (28,968,000)   0
Purchases of held-for-sale loans (989,977,000)   (1,820,002,000)
Proceeds from sales of held-for-sale loans 851,331,000   1,581,806,000
Principal payments on held-for-sale loans 17,450,000   16,332,000
Net settlements of derivatives (9,305,000)   19,296,000
Non-cash equity award compensation expense 3,090,000   3,674,000
Market valuation adjustments (31,439,000)   (25,600,000)
Realized gains, net (10,686,000)   (9,363,000)
Net change in:      
Accrued interest receivable and other assets (50,006,000)   35,824,000
Accrued interest payable and accrued expenses and other liabilities (12,119,000)   11,581,000
Net cash used in operating activities (206,511,000)   (143,247,000)
Cash Flows From Investing Activities:      
Originations of loans held-for-investment (7,000,000)   0
Purchases of loans held-for-investment (49,489,000)   0
Principal payments on loans held-for-investment 246,964,000   159,889,000
Purchases of real estate securities (154,871,000)   (128,069,000)
Proceeds from sales of real estate securities 74,018,000   241,570,000
Principal payments on real estate securities 24,498,000   16,246,000
Purchases of servicer advance investments (68,976,000)   0
Principal repayments from servicer advance investments 66,532,000   0
Purchases of excess MSRs (2,116,000)   0
Acquisition of 5 Arches, net of cash acquired (3,714,000)   0
Net investment in participation in loan warehouse facility 38,209,000   0
Net investment in multifamily loan fund (22,316,000)   0
Other investing activities, net (1,179,000)   3,827,000
Net cash provided by investing activities 140,560,000   293,463,000
Cash Flows From Financing Activities:      
Proceeds from borrowings on short-term debt 1,217,915,000   1,318,754,000
Repayments on short-term debt (1,459,648,000)   (1,753,090,000)
Proceeds from issuance of asset-backed securities 330,534,000   441,741,000
Repayments on asset-backed securities issued (163,146,000)   (84,974,000)
Net settlements of derivatives (35,000)   (85,000)
Net proceeds from issuance of common stock 182,512,000   88,000
Net payments on repurchase of common stock 0   (16,315,000)
Taxes paid on equity award distributions (2,033,000)   (371,000)
Dividends paid (29,774,000)   (21,803,000)
Net cash provided by (used in) financing activities 76,325,000   (116,055,000)
Net increase in cash, cash equivalents and restricted cash 10,374,000   34,161,000
Cash, cash equivalents and restricted cash at beginning of period [1] 205,077,000   146,807,000
Cash, cash equivalents, and restricted cash at end of period [1] 215,451,000 $ 205,077,000 180,968,000
Cash paid during the period for:      
Interest 99,686,000   38,285,000
Taxes 77,000   42,000
Supplemental Noncash Information:      
Real estate securities retained from loan securitizations 2,601,000 $ 16,396,000  
Transfers from loans held-for-sale to loans held-for-investment 389,486,000   507,616,000
Transfers from loans held-for-investment to loans held-for-sale 22,758,000   0
Transfers from residential loans to real estate owned 5,035,000   1,268,000
Right-of-use asset obtained in exchange for operating lease liability $ 12,661,000   $ 0
[1] Cash, cash equivalents, and restricted cash at March 31, 2019 includes cash and cash equivalents of $201 million and restricted cash of $15 million, and at December 31, 2018 includes cash and cash equivalents of $176 million and restricted cash of $29 million.