CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024		Mar. 31, 2023
Cash Flows From Operating Activities
Net income (loss)	$ 287,487		$ 89,949
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Change in fair value of investments, net	341,744		243,258
Change in fair value of equity investments	(6,012)		2,098
Change in fair value of secured notes and bonds payable	4,605		2,500
(Gain) loss on settlement of investments, net	(274,709)		(167,609)
(Gain) loss on sale of originated residential mortgage loans, held-for-sale, net	(149,545)		(109,268)
(Gain) loss on transfer of loans to real estate owned (“REO”)	(2,166)		(3,276)
Accretion and other amortization	(21,091)		(18,270)
Provision (reversal) for credit losses on securities, loans and REO	462		(2,803)
Non-cash portions of servicing revenue, net	(76,376)		149,730
Deferred tax provision	90,628		(16,822)
Mortgage loans originated and purchased for sale, net of fees	(11,439,065)		(7,531,856)
Sales proceeds and loan repayment proceeds for residential mortgage loans, held-for-sale	10,114,343		8,227,517
Interest received from servicer advance investments, RMBS, loans and other	13,488		13,705
Changes in:
Servicer advances receivable, net	165,425		230,596
Other assets	29,916		50,472
Accrued expenses and other liabilities	(223,335)		21,346
Net cash provided by (used in) operating activities	(1,144,201)		1,181,267
Cash Flows From Investing Activities
Purchase of US Treasuries	(4,733,368)		0
Purchase of servicer advance investments	(212,656)		(232,446)
Purchase of RMBS	(16,928)		(2,883,278)
US Treasury short sales	1,425,370		0
Reverse repurchase agreements entered	(1,256,872)		0
Purchase of residential mortgage loans	0		(1,269)
Purchase of Single-family rental (“SFR”) properties, MSRs and other assets	(63,877)		(4,607)
Draws on revolving consumer loans	(4,113)		(6,831)
Origination of mortgage loans receivable	(649,698)		0
Net settlement of derivatives	371,827		225,560
Return of investments in Excess MSRs	10,423		7,821
Principal repayments from servicer advance investments	224,039		240,331
Principal repayments from RMBS	177,333		155,002
Principal repayments from residential mortgage loans	12,187		8,272
Principal repayments from consumer loans	153,479		24,784
Principal repayments from mortgage loans receivable	505,091		0
Proceeds from sale of MSRs and MSR financing receivables	671		(1,357)
Proceeds from sale of RMBS	0		1,869,053
Proceeds from sale of REO	5,216		5,678
Net cash provided by (used in) investing activities	(4,053,218)		(590,573)
Cash Flows From Financing Activities
Repayments of secured financing agreements	(18,055,590)		(11,327,261)
Repayments of warehouse credit facilities	(10,778,294)		(8,473,149)
Repayment of unsecured senior notes	(275,000)		0
Net settlement of margin deposits under repurchase agreements and derivatives	(346,569)		(387,780)
Repayments of secured notes and bonds payable	(1,405,197)		(1,677,534)
Deferred financing fees	(8,298)		(2,103)
Dividends paid on common and preferred stock	(143,298)		(140,968)
Borrowings under secured financing agreements	22,495,882		12,240,027
Borrowings under warehouse credit facilities	12,047,306		8,062,420
Borrowings under secured notes and bonds payable	761,266		1,303,796
Proceeds from issuance of unsecured senior notes	767,103		0
Noncontrolling interest in equity of consolidated subsidiaries - distributions	(3,728)		(5,430)
Net cash provided by (used in) financing activities	5,055,583		(407,982)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash	(141,836)		182,712
Cash, Cash Equivalents and Restricted Cash, Beginning of Period	1,672,819		1,617,634
Cash, Cash Equivalents and Restricted Cash, End of Period	1,530,983		1,800,346
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest	419,701		286,434
Cash paid during the period for income taxes	1,259		402
Supplemental Schedule of Non-Cash Investing and Financing Activities
Dividends declared but not paid on common and preferred stock	143,199		143,149
Transfer from residential mortgage loans to REO and other assets	5,917		6,025
Real estate securities retained from loan securitizations	34,203		0
Residential mortgage loans subject to repurchase	1,845,889	[1]	1,189,907
Purchase of Agency RMBS, settled after quarter-end	1,271,542		0
Cashless exercise of 2020 warrants (par)	$ 0		$ 93

[1] See Note 5 for details.