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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Cash Flows From Operating Activities:    
Net Income $ 85,730 $ 79,592
Adjustments to reconcile net income to net cash used in operating activities:    
Amortization of premiums, discounts, and securities issuance costs, net 144 (7,963)
Depreciation and amortization of non-financial assets 696 582
Originations of held-for-sale loans (84,924) 0
Purchases of held-for-sale loans (2,534,886) (3,772,494)
Proceeds from sales of held-for-sale loans 2,123,794 2,966,508
Principal payments on held-for-sale loans 49,894 30,656
Net settlements of derivatives (25,751) 40,426
Non-cash equity award compensation expense 7,255 7,633
Market valuation adjustments (48,172) (34,136)
Realized gains, net (13,513) (14,077)
Net change in:    
Accrued interest receivable and other assets (108,985) 32,478
Accrued interest payable and accrued expenses and other liabilities (9,744) (3,582)
Net cash used in operating activities (558,462) (674,377)
Cash Flows From Investing Activities:    
Originations of loans held-for-investment (84,638) 0
Purchases of loans held-for-investment (49,489) 0
Proceeds from sales of loans held-for-investment 2,780 0
Principal payments on loans held-for-investment 619,085 335,720
Purchases of real estate securities (242,970) (319,975)
Purchases of multifamily securities held in consolidated securitization trusts (68,601) 0
Proceeds from sales of real estate securities 241,217 352,563
Principal payments on real estate securities 39,041 33,974
Purchases of servicer advance investments (68,976) 0
Principal repayments from servicer advance investments 111,662 0
Acquisition of 5 Arches, net of cash acquired (3,714) 0
Net investment in participation in loan warehouse facility 38,209 (34,333)
Net investment in multifamily loan fund (28,673) 0
Other investing activities, net (7,616) (3,935)
Net cash provided by investing activities 497,317 364,014
Cash Flows From Financing Activities:    
Proceeds from borrowings on short-term debt 2,731,731 3,219,350
Repayments on short-term debt (2,675,308) (3,731,917)
Proceeds from issuance of asset-backed securities 330,534 925,845
Repayments on asset-backed securities issued (416,789) (181,781)
Proceeds from issuance of long-term debt 0 199,000
Deferred long-term debt issuance costs paid 0 (4,940)
Net proceeds from issuance of common stock 198,333 177
Net payments on repurchase of common stock 0 (16,315)
Dividends paid (59,868) (45,191)
Other financing activities, net (467) (608)
Net cash provided by financing activities 108,166 363,620
Net increase in cash, cash equivalents and restricted cash 47,021 53,257
Cash, cash equivalents and restricted cash at beginning of period [1] 205,077 146,807
Cash, cash equivalents, and restricted cash at end of period [1] 252,098 200,064
Cash paid during the period for:    
Interest 203,086 83,781
Taxes 4,158 3,722
Supplemental Noncash Information:    
Real estate securities retained from loan securitizations 5,462 43,513
Retention of mortgage servicing rights from loan securitizations and sales 868 0
Consolidation of multifamily loans held in securitization trusts 1,481,554 0
Consolidation of multifamily ABS 1,408,002 0
Transfers from loans held-for-sale to loans held-for-investment 518,521 1,069,326
Transfers from loans held-for-investment to loans held-for-sale 22,808 0
Transfers from residential loans to real estate owned 5,098 1,835
Right-of-use asset obtained in exchange for operating lease liability $ 13,016 $ 0
[1]
Cash, cash equivalents, and restricted cash at June 30, 2019 includes cash and cash equivalents of $218 million and restricted cash of $34 million, and at December 31, 2018 includes cash and cash equivalents of $176 million and restricted cash of $29 million.