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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash Flows From Operating Activities:    
Net Income $ 30,915 $ 97,257
Adjustments to reconcile net income to net cash used in operating activities:    
Amortization of premiums, discounts, and securities issuance costs, net (5,451) 2,216
Depreciation and amortization of non-financial assets 3,969 4,172
Originations of held-for-sale loans (443,289) (254,975)
Purchases of held-for-sale loans (2,197,570) (3,150,432)
Proceeds from sales of held-for-sale loans 2,176,422 2,345,164
Principal payments on held-for-sale loans 46,511 4,477
Net settlements of derivatives 67,200 24,849
Non-cash equity award compensation expense 8,170 4,218
Market valuation adjustments 1,859 (119,783)
Realized gains, net (2,581) (2,716)
Net change in:    
Accrued interest receivable and other assets 31,070 2,565
Accrued interest payable and accrued expenses and other liabilities (8,901) 76,824
Net cash used in operating activities (291,676) (966,164)
Cash Flows From Investing Activities:    
Originations of loan investments (411,938) (133,229)
Purchases of loan investments (2,983) 0
Proceeds from sales of loan investments 0 8,877
Principal payments on loan investments 660,990 649,749
Purchases of real estate securities (15,006) (15,880)
Sales of securities held in consolidated securitization trusts 0 8,197
Proceeds from sales of real estate securities 0 25,747
Principal payments on real estate securities 23,050 11,746
Principal repayments from servicer advance investments 45,005 24,804
Purchases of HEIs (40,141) 0
Principal payments on HEIs 12,671 0
Other investing activities, net (1,151) 2,601
Net cash provided by investing activities 270,497 582,612
Cash Flows From Financing Activities:    
Proceeds from borrowings on short-term debt 2,153,516 2,724,508
Repayments on short-term debt (2,684,078) (1,993,506)
Proceeds from issuance of asset-backed securities 680,749 147,086
Repayments on asset-backed securities issued (535,568) (507,037)
Proceeds from borrowings on long-term debt 630,865 164,456
Deferred long-term debt issuance costs paid (532) 0
Repayments on long-term debt (308,578) (154,074)
Net proceeds from issuance of common stock 67,632 115
Taxes paid on equity award distributions (1,202) (925)
Dividends paid (28,788) (18,572)
Other financing activities, net (1,500) (1,155)
Net cash (used in) provided by financing activities (27,484) 360,896
Net decrease in cash, cash equivalents and restricted cash (48,663) (22,656)
Cash, cash equivalents and restricted cash at beginning of period [1] 531,484 544,450
Cash, cash equivalents, and restricted cash at end of period [1] 482,821 521,794
Cash paid during the period for:    
Interest 131,419 99,180
Taxes (received) paid (41) 7
Supplemental Noncash Information:    
Real estate securities retained from loan securitizations 0 7,627
Retention of mortgage servicing rights from loan securitizations and sales 4,543 0
Transfers from loans held-for-sale to loans held-for-investment 1,098,459 301,298
Transfers from residential loans to real estate owned 1,319 14,684
Issuance of common stock for 5 Arches acquisition $ 0 $ 13,375
[1] Cash, cash equivalents, and restricted cash includes cash and cash equivalents of $409 million and restricted cash of $74 million at March 31, 2022, and includes cash and cash equivalents of $450 million and restricted cash of $81 million at December 31, 2021.