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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
shares in Thousands, $ in Thousands
 9 Months Ended
Sep. 30, 2018
USD ($)
shares
Sep. 30, 2017
USD ($)
Operating activities:    
Net income $ 99,105 $ 66,226
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Depreciation and amortization 5,539 5,542
Stock-based compensation 4,838 3,833
Amortization and accretion of interest and fees, net 8,758 3,296
Amortization of capitalized mortgage servicing rights 35,639 35,427
Originations of loans held-for-sale (3,455,237) (3,287,578)
Proceeds from sales of loans held-for-sale, net of gain on sale 3,254,490 3,621,276
Payoffs and paydowns of loans held-for-sale 30 116
Mortgage servicing rights (62,787) (56,182)
Write-off of capitalized mortgage servicing rights from payoffs 17,228 10,713
Impairment loss on real estate owned 2,000 2,700
Provision for loan losses (net of recoveries) (967) (457)
Provision for loss sharing (net of recoveries) 2,840 (405)
Recoveries (charge-offs) for loss sharing obligations, net 54 (1,844)
Deferred tax (benefit) provision (14,454) 15
Income from equity affiliates (1,104) (1,756)
Loss (gain) on extinguishment of debt 4,960 (7,116)
Changes in operating assets and liabilities (96,468) (6,368)
Net cash (used in) provided by operating activities (195,536) 387,438
Investing Activities:    
Loans and investments funded and originated, net (1,163,908) (1,051,446)
Payoffs and paydowns of loans and investments 688,032 758,139
Internalization of management team   (25,000)
Deferred fees 8,556 7,214
Investments in real estate, net (309) (562)
Contributions to equity affiliates (2,480) (693)
Distributions from equity affiliates 3,110 2,341
Purchase of securities held-to-maturity, net (21,637) (18,339)
Payoffs and paydowns of securities held-to-maturity 1,223 76
Proceeds from insurance settlements, net 493 493
Due to borrowers and reserves (63,296) (22,571)
Net cash used in investing activities (550,216) (350,348)
Financing activities:    
Proceeds from repurchase agreements and credit facilities 6,376,333 6,073,385
Payoffs and paydowns of repurchase agreements and credit facilities (5,734,858) (6,417,834)
Payoffs and paydowns of collateralized debt obligations (267,750) (219,000)
Exchange of convertible senior unsecured notes (219,922)  
Payoffs of senior unsecured notes (97,860)  
Payoff of related party financing (50,000)  
Payoffs of junior subordinated notes to subsidiary trust issuing preferred securities   (12,691)
Proceeds from issuance of collateralized loan obligations 441,000 561,874
Proceeds from issuance of senior unsecured notes 125,000  
Proceeds from issuance of convertible senior unsecured notes 264,500 13,750
Proceeds from issuance of common stock, net 55,908 76,225
Receipts on swaps and returns of margin calls from counterparties   430
Redemption of operating partnership units (6,845)  
Distributions paid on common stock (47,648) (30,889)
Distributions paid on noncontrolling interest (15,074) (11,252)
Distributions paid on preferred stock (5,665) (5,665)
Distributions paid on preferred stock of private REIT (11) (11)
Payment of deferred financing costs (19,794) (11,482)
Net cash provided by financing activities 797,314 16,840
Net increase in cash, cash equivalents and restricted cash 51,562 53,930
Cash, cash equivalents and restricted cash at beginning of period 243,772 167,960
Cash, cash equivalents and restricted cash at end of period 295,334 221,890
Supplemental cash flow information:    
Cash used to pay interest 82,140 53,150
Cash used to pay taxes 16,551 14,653
Supplemental schedule of non-cash investing and financing activities:    
Fair value of conversion feature of convertible senior unsecured notes $ 9,750  
Issuance of common stock from debt exchange | shares 74,322  
Extinguishment of convertible senior unsecured notes $ (66,518)  
8.25% Series A preferred stock    
Supplemental schedule of non-cash investing and financing activities:    
Distributions accrued on preferred stock 267 267
7.75% Series B preferred stock    
Supplemental schedule of non-cash investing and financing activities:    
Distributions accrued on preferred stock 203 203
8.50% Series C preferred stock    
Supplemental schedule of non-cash investing and financing activities:    
Distributions accrued on preferred stock $ 159 $ 159