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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash Flows From Operating Activities:    
Net (Loss) Income $ (69,051) $ 187,282
Adjustments to reconcile net (loss) income to net cash used in operating activities:    
Amortization of premiums, discounts, and securities issuance costs, net (2,538) 3,998
Depreciation and amortization of non-financial assets 7,710 8,405
Originations of held-for-sale loans (766,852) (567,546)
Purchases of held-for-sale loans (3,395,459) (6,682,864)
Proceeds from sales of held-for-sale loans 3,376,600 4,526,370
Principal payments on held-for-sale loans 114,731 19,856
Net settlements of derivatives 112,649 39,697
Non-cash equity award compensation expense 13,436 9,861
Market valuation adjustments 132,594 (213,641)
Realized gains, net (2,581) (11,100)
Net change in:    
Accrued interest receivable and other assets 63,829 10,260
Accrued interest payable and accrued expenses and other liabilities (75,856) 17,327
Net cash used in operating activities (490,788) (2,652,095)
Cash Flows From Investing Activities:    
Originations of loan investments (954,179) (348,389)
Purchases of loan investments (22,006) 0
Proceeds from sales of loan investments 0 9,231
Principal payments on loan investments 1,160,403 1,312,064
Purchases of real estate securities (15,006) (18,593)
Sales of securities held in consolidated securitization trusts 0 8,197
Proceeds from sales of real estate securities 23,329 36,735
Principal payments on real estate securities 26,033 29,786
Principal repayments from servicer advance investments 71,401 45,838
Purchases of HEIs (97,389) 0
Principal payments on HEIs 25,826 0
Other investing activities, net (14,573) (5,025)
Net cash provided by investing activities 203,839 1,069,844
Cash Flows From Financing Activities:    
Proceeds from borrowings on short-term debt 3,450,606 6,604,603
Repayments on short-term debt (4,125,634) (5,421,494)
Proceeds from issuance of asset-backed securities 1,167,711 1,629,218
Repayments on asset-backed securities issued (954,136) (1,088,809)
Proceeds from borrowings on long-term debt 1,424,088 487,975
Deferred long-term debt issuance costs paid (17,363) 0
Repayments on long-term debt (726,076) (654,893)
Net payments on repurchase of common stock (26,857) 0
Taxes paid on equity award distributions (1,477) (943)
Net proceeds from issuance of common stock 67,770 255
Dividends paid (57,013) (39,548)
Other financing activities, net (2,300) (2,292)
Net cash provided by financing activities 199,319 1,514,072
Net decrease in cash, cash equivalents and restricted cash (87,630) (68,179)
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] 443,854 476,271
Cash paid during the period for:    
Interest 247,968 198,364
Taxes paid 3,894 19,183
Supplemental Noncash Information:    
Real estate securities retained from loan securitizations 0 9,374
Retention of mortgage servicing rights from loan securitizations and sales 4,543 0
Transfers from loans held-for-sale to loans held-for-investment 1,953,421 1,998,535
Transfers from loans held-for-investment to loans held-for-sale 0 44,922
Transfers from residential loans to real estate owned 3,132 15,827
Transfers from long-term debt to short-term debt 367,431 47,994
Right-of-use asset obtained in exchange for operating lease liability 0 1,135
Issuance of common stock for 5 Arches acquisition $ 0 $ 13,375
[1] Cash, cash equivalents, and restricted cash includes cash and cash equivalents of $371 million and restricted cash of $73 million at June 30, 2022, and includes cash and cash equivalents of $450 million and restricted cash of $81 million at December 31, 2021.