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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash Flows From Operating Activities:    
Net Income $ 120,040 $ 120,513
Adjustments to reconcile net income to net cash used in operating activities:    
Amortization of premiums, discounts, and securities issuance costs, net (3,486) (11,091)
Depreciation and amortization of non-financial assets 5,673 922
Originations of held-for-sale loans (124,392) 0
Purchases of held-for-sale loans (4,002,509) (5,596,326)
Proceeds from sales of held-for-sale loans 2,971,811 4,097,211
Principal payments on held-for-sale loans 77,100 51,853
Net settlements of derivatives (32,902) 36,721
Non-cash equity award compensation expense 10,552 10,783
Market valuation adjustments (62,720) (53,666)
Realized gains, net (18,227) (21,352)
Net change in:    
Accrued interest receivable and other assets (141,197) (32,722)
Accrued interest payable and accrued expenses and other liabilities (1,049) 34,137
Net cash used in operating activities (1,201,306) (1,363,017)
Cash Flows From Investing Activities:    
Originations of loans held-for-investment (171,915) 0
Purchases of loans held-for-investment (49,489) (111,231)
Proceeds from sales of loans held-for-investment 9,422 0
Principal payments on loans held-for-investment 1,091,652 550,973
Purchases of real estate securities (309,839) (482,150)
Proceeds from sales of real estate securities 487,469 432,199
Principal payments on real estate securities 62,711 61,278
Purchases of servicer advance investments (69,610) 0
Principal repayments from servicer advance investments 150,512 0
Acquisition of 5 Arches, net of cash acquired (3,714) 0
Net investment in participation in loan warehouse facility 38,209 (37,814)
Net investment in multifamily loan fund (33,090) 0
Other investing activities, net (24,989) (3,731)
Net cash provided by investing activities 915,516 354,567
Cash Flows From Financing Activities:    
Proceeds from borrowings on short-term debt 4,009,083 4,760,083
Repayments on short-term debt (4,435,823) (5,274,664)
Proceeds from issuance of asset-backed securities 1,020,136 1,658,848
Repayments on asset-backed securities issued (720,651) (305,528)
Proceeds from issuance of long-term debt 387,053 199,000
Deferred long-term debt issuance costs paid (7,023) (4,977)
Net proceeds from issuance of common stock 426,970 117,311
Net payments on repurchase of common stock 0 (16,315)
Dividends paid (94,286) (70,727)
Other financing activities, net 1,400 (619)
Net cash provided by financing activities 586,859 1,062,412
Net increase in cash, cash equivalents and restricted cash 301,069 53,962
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] 506,146 200,769
Cash paid during the period for:    
Interest 319,036 139,003
Taxes 6,977 6,372
Supplemental Noncash Information:    
Real estate securities retained from loan securitizations 7,759 46,872
Retention of mortgage servicing rights from loan securitizations and sales 868 0
Transfers from loans held-for-sale to loans held-for-investment 1,361,015 1,981,170
Transfers from loans held-for-investment to loans held-for-sale 22,808 15,717
Transfers from residential loans to real estate owned 5,280 2,139
Right-of-use asset obtained in exchange for operating lease liability 13,016 0
Residential loans    
Cash Flows From Investing Activities:    
Purchases of securities held in consolidated securitization trusts (193,212) 0
Supplemental Noncash Information:    
Consolidation of multifamily loans held in securitization trusts 1,190,995 0
Consolidation of multifamily ABS 997,783 0
Multifamily loans    
Cash Flows From Investing Activities:    
Purchases of securities held in consolidated securitization trusts (68,601) (54,957)
Supplemental Noncash Information:    
Consolidation of multifamily loans held in securitization trusts 1,481,554 946,650
Consolidation of multifamily ABS $ 1,408,002 $ 880,602
[1]
Cash, cash equivalents, and restricted cash at September 30, 2019 includes cash and cash equivalents of $395 million and restricted cash of $112 million, and at December 31, 2018 includes cash and cash equivalents of $176 million and restricted cash of $29 million.