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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash Flows From Operating Activities:    
Net Income (Loss) $ 97,257 $ (943,398)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Amortization of premiums, discounts, and securities issuance costs, net 2,216 (596)
Depreciation and amortization of non-financial assets 4,172 4,677
Originations of held-for-sale loans (254,975) (280,076)
Purchases of held-for-sale loans (3,150,432) (2,665,447)
Proceeds from sales of held-for-sale loans 2,345,164 2,733,285
Principal payments on held-for-sale loans 4,477 19,778
Net settlements of derivatives 24,849 (163,442)
Non-cash equity award compensation expense 4,218 3,188
Goodwill impairment expense 0 88,675
Market valuation adjustments (119,783) 912,477
Realized gains, net (2,716) (3,852)
Net change in:    
Accrued interest receivable and other assets 2,565 107,740
Accrued interest payable and accrued expenses and other liabilities 76,824 (54,414)
Net cash used in operating activities (966,164) (241,405)
Cash Flows From Investing Activities:    
Originations of loan investments (133,229) (206,634)
Proceeds from sales of loan investments 8,877 0
Principal payments on loan investments 649,749 638,508
Purchases of real estate securities (15,880) (52,259)
Sales of securities held in consolidated securitization trusts 8,197 121,000
Proceeds from sales of real estate securities 25,747 529,494
Principal payments on real estate securities 11,746 11,952
Purchases of servicer advance investments 0 (158,618)
Principal repayments from servicer advance investments 24,804 22,815
Other investing activities, net 2,601 4,328
Net cash provided by investing activities 582,612 910,586
Cash Flows From Financing Activities:    
Proceeds from borrowings on short-term debt 2,724,508 2,972,646
Repayments on short-term debt (1,993,506) (2,960,444)
Proceeds from issuance of asset-backed securities 147,086 377,164
Repayments on asset-backed securities issued (507,037) (363,696)
Proceeds from borrowings on long-term debt 164,456 133,961
Repayments on long-term debt (154,074) (633,448)
Net settlements of derivatives 0 (84,336)
Net proceeds from issuance of common stock 115 2,262
Taxes paid on equity award distributions (925) (2,632)
Dividends paid (18,572) 0
Other financing activities, net (1,155) 2,494
Net cash provided by (used in) financing activities 360,896 (556,029)
Net (decrease) increase in cash, cash equivalents and restricted cash (22,656) 113,152
Cash, cash equivalents and restricted cash at beginning of period [1] 544,450 290,833
Cash, cash equivalents, and restricted cash at end of period [1] 521,794 403,985
Cash paid during the period for:    
Interest 99,180 170,884
Taxes 7 109
Supplemental Noncash Information:    
Real estate securities retained from loan securitizations 7,627 46,560
Consolidation of multifamily loans held in securitization trusts 0 (3,849,779)
Consolidation of multifamily ABS 0 (3,706,789)
Transfers from loans held-for-sale to loans held-for-investment 301,298 382,635
Transfers from loans held-for-investment to loans held-for-sale 0 1,857,781
Transfers from residential loans to real estate owned 14,684 6,363
Right-of-use asset obtained in exchange for operating lease liability 0 5,362
Accrued but unpaid dividends 0 37,800
Issuance of common stock for 5 Arches acquisition $ 13,375 $ 3,375
[1] Cash, cash equivalents, and restricted cash at March 31, 2021 includes cash and cash equivalents of $426 million and restricted cash of $96 million, and at December 31, 2020 includes cash and cash equivalents of $461 million and restricted cash of $83 million.