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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash Flows From Operating Activities:    
Net income $ 30,262 $ 4,620
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Amortization of premiums, discounts, and debt issuance costs, net 4,845 5,818
Depreciation and amortization of non-financial assets 3,469 3,668
Originations of held-for-sale loans (199,477) (201,081)
Purchases of held-for-sale loans (1,001,793) (55,824)
Proceeds from sales of held-for-sale loans 228,004 368,633
Principal payments on held-for-sale loans 20,674 18,705
Net settlements of derivatives (17,154) (13,933)
Non-cash equity award compensation expense and other 6,697 6,342
Market valuation adjustments (44,020) (11,270)
Realized (gains) losses, net (409) 2
Net change in:    
Other assets 17,139 (13,750)
Accrued expenses and other liabilities (2,408) (9,921)
Net cash (used in) provided by operating activities (954,171) 102,009
Cash Flows From Investing Activities:    
Originations and purchases of loan investments (120,341) (237,309)
Proceeds from sales of loans 30,663 0
Principal payments on loan investments 476,656 343,430
Purchases of real estate securities (55,219) 0
Proceeds from sales of real estate securities 0 6,186
Principal payments on real estate securities 294 255
Repayments from servicer advance investments, net 8,678 7,529
Purchases of HEI (307) (16,559)
Repayments on HEI 11,591 7,754
Other investing activities, net (1,728) (557)
Net cash provided by investing activities 350,287 110,729
Cash Flows From Financing Activities:    
Proceeds from borrowings on short-term debt 933,498 643,085
Repayments on short-term debt (1,341,949) (1,057,380)
Proceeds from issuance of asset-backed securities 1,190,500 594,327
Repayments on asset-backed securities issued (307,870) (267,449)
Proceeds from borrowings on long-term debt 385,613 126,760
Deferred long-term debt issuance costs paid (2,778) (308)
Repayments on long-term debt (256,986) (128,970)
Taxes paid on equity award distributions (815) (1,207)
Net proceeds from issuance of common stock 130 162
Net proceeds from issuance of preferred stock 0 66,923
Dividends paid on common stock (22,110) (27,559)
Dividends paid on preferred stock (1,750) 0
Net cash provided by (used in) financing activities 575,483 (51,616)
Net (decrease) increase in cash, cash equivalents and restricted cash (28,401) 161,122
Cash, cash equivalents and restricted cash at beginning of period [1] 368,788 329,364
Cash, cash equivalents, and restricted cash at end of period [1] 340,387 490,486
Cash paid during the period for:    
Interest 168,578 138,617
Taxes refunded (425) (1,388)
Supplemental Noncash Information:    
Dividends declared but not paid on preferred stock 1,478 1,419
Retention of mortgage servicing rights from loan sales 75 0
Transfers from loans held-for-sale to loans held-for-investment 1,284,529 873,093
Transfers from residential consumer loans to real estate owned 1,846 8,014
Transfers from long-term debt to short-term debt 101,228 0
Right-of-use asset obtained in exchange for operating lease liability 0 337
Reduction in operating lease liability due to lease modification $ 0 $ 274
[1] Cash, cash equivalents, and restricted cash includes cash and cash equivalents of $275 million and restricted cash of $65 million at March 31, 2024, and includes cash and cash equivalents of $404 million and restricted cash of $86 million at March 31, 2023.

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