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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash Flows From Operating Activities:    
Net Income (Loss) $ 275,568 $ (636,142)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Amortization of premiums, discounts, and securities issuance costs, net 300 6,213
Depreciation and amortization of non-financial assets 12,674 13,166
Originations of held-for-sale loans (960,419) (654,820)
Purchases of held-for-sale loans (9,902,028) (2,893,246)
Proceeds from sales of held-for-sale loans 6,948,264 3,224,526
Principal payments on held-for-sale loans 49,619 53,677
Net settlements of derivatives 27,412 (187,130)
Non-cash equity award compensation expense 14,758 11,146
Goodwill impairment expense 0 88,675
Market valuation adjustments (292,056) 606,764
Realized gains, net (17,803) (30,419)
Net change in:    
Accrued interest receivable and other assets (9,680) 304,147
Accrued interest payable and accrued expenses and other liabilities 73,120 (82,489)
Net cash used in operating activities (3,780,271) (175,932)
Cash Flows From Investing Activities:    
Originations of loan investments (557,327) (327,494)
Purchases of loan investments (35,713) 0
Proceeds from sales of loan investments 9,484 1,574,160
Principal payments on loan investments 1,950,151 1,652,418
Purchases of real estate securities (29,342) (106,422)
Sales of securities held in consolidated securitization trusts 8,197 142,990
Proceeds from sales of real estate securities 37,500 634,709
Principal payments on real estate securities 46,904 19,446
Purchases of servicer advance investments 0 (179,419)
Principal repayments from servicer advance investments 58,248 83,124
Purchases of home equity investment contracts (109,174) (986)
Other investing activities, net (15,915) 22,019
Net cash provided by investing activities 1,363,013 3,514,545
Cash Flows From Financing Activities:    
Proceeds from borrowings on short-term debt 9,847,178 3,981,572
Repayments on short-term debt (8,443,664) (5,828,972)
Proceeds from issuance of asset-backed securities 2,822,785 1,343,845
Repayments on asset-backed securities issued (1,549,766) (1,037,546)
Proceeds from borrowings on long-term debt 948,674 1,251,850
Repayments on long-term debt (1,055,475) (2,640,007)
Net settlements of derivatives 0 (84,336)
Net proceeds from issuance of common stock 20,248 5,791
Net payments on repurchase of common stock 0 (21,659)
Taxes paid on equity award distributions (957) (3,009)
Dividends paid (64,212) (67,821)
Other financing activities, net (6,297) (4,876)
Net cash provided by (used in) financing activities 2,518,514 (3,105,168)
Net increase in cash, cash equivalents and restricted cash 101,256 233,445
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] 645,706 524,278
Cash paid during the period for:    
Interest 298,507 364,875
Taxes 28,092 218
Supplemental Noncash Information:    
Real estate securities retained from loan securitizations 9,375 46,560
Retention of mortgage servicing rights from loan securitizations and sales 7,065 0
Deconsolidation of multifamily loans held in securitization trusts 0 (3,849,779)
Deconsolidation of multifamily ABS 0 (3,706,789)
Transfers from loans held-for-sale to loans held-for-investment 3,005,041 770,754
Transfers from loans held-for-investment to loans held-for-sale 44,922 0
Transfers from residential loans to real estate owned 21,655 12,547
Transfers from long-term debt to short-term debt 93,150 0
Right-of-use asset obtained in exchange for operating lease liability 1,135 5,362
Reduction in operating lease liability due to lease modification 0 1,466
Issuance of common stock for 5 Arches acquisition $ 13,375 $ 3,375
[1] Cash, cash equivalents, and restricted cash at September 30, 2021 includes cash and cash equivalents of $557 million and restricted cash of $89 million, and at December 31, 2020 includes cash and cash equivalents of $461 million and restricted cash of $83 million.