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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash Flows From Operating Activities:    
Net Income (Loss) $ 187,282 $ (777,954)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:    
Amortization of premiums, discounts, and securities issuance costs, net 3,998 4,083
Depreciation and amortization of non-financial assets 8,405 8,962
Originations of held-for-sale loans (567,546) (457,510)
Purchases of held-for-sale loans (6,682,864) (2,720,245)
Proceeds from sales of held-for-sale loans 4,526,370 3,126,860
Principal payments on held-for-sale loans 19,856 48,901
Net settlements of derivatives 39,697 (183,373)
Non-cash equity award compensation expense 9,861 7,240
Goodwill impairment expense 0 88,675
Market valuation adjustments (213,641) 765,647
Realized gains, net (11,100) (29,817)
Net change in:    
Accrued interest receivable and other assets 10,260 254,368
Accrued interest payable and accrued expenses and other liabilities 17,327 (80,219)
Net cash (used in) provided by operating activities (2,652,095) 55,618
Cash Flows From Investing Activities:    
Originations of loan investments (348,389) (263,544)
Proceeds from sales of loan investments 9,231 1,574,160
Principal payments on loan investments 1,312,064 1,136,000
Purchases of real estate securities (18,593) (52,260)
Sales of securities held in consolidated securitization trusts 8,197 142,990
Proceeds from sales of real estate securities 36,735 621,730
Principal payments on real estate securities 29,786 16,405
Purchases of servicer advance investments 0 (179,419)
Principal repayments from servicer advance investments 45,838 75,478
Other investing activities, net (5,025) (11,139)
Net cash provided by investing activities 1,069,844 3,060,401
Cash Flows From Financing Activities:    
Proceeds from borrowings on short-term debt 6,604,603 3,655,530
Repayments on short-term debt (5,421,494) (5,322,519)
Proceeds from issuance of asset-backed securities 1,629,218 827,644
Repayments on asset-backed securities issued (1,088,809) (673,323)
Proceeds from borrowings on long-term debt 487,975 944,282
Repayments on long-term debt (654,893) (2,128,805)
Net settlements of derivatives 0 (84,336)
Net proceeds from issuance of common stock 255 5,707
Taxes paid on equity award distributions (943) (2,934)
Dividends paid (39,548) (51,810)
Other financing activities, net (2,292) (3,180)
Net cash provided by (used in) financing activities 1,514,072 (2,833,744)
Net (decrease) increase in cash, cash equivalents and restricted cash (68,179) 282,275
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] 476,271 573,108
Cash paid during the period for:    
Interest 198,364 267,787
Taxes 19,183 209
Supplemental Noncash Information:    
Real estate securities retained from loan securitizations 9,374 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 1,998,535 706,775
Transfers from loans held-for-investment to loans held-for-sale 44,922 0
Transfers from residential loans to real estate owned 15,827 9,645
Transfers from long-term debt to short-term debt 47,994 0
Right-of-use asset obtained in exchange for operating lease liability 1,135 5,362
Issuance of common stock for 5 Arches acquisition $ 13,375 $ 3,375
[1] Cash, cash equivalents, and restricted cash at June 30, 2021 includes cash and cash equivalents of $421 million and restricted cash of $55 million, and at December 31, 2020 includes cash and cash equivalents of $461 million and restricted cash of $83 million.