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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Operating activities:      
Net income $ 155,238 $ 148,051 $ 97,509
Adjustments to reconcile net income to net cash (used in) provided by operating activities:      
Depreciation and amortization 7,510 7,453 7,385
Stock-based compensation 9,514 6,095 4,840
Amortization and accretion of interest and fees, net 5,045 9,291 4,682
Amortization of capitalized mortgage servicing rights 48,681 48,124 47,202
Impairment loss on real estate owned 1,000 2,000 3,200
Originations of loans held-for-sale (4,564,032) (5,074,662) (4,444,939)
Proceeds from sales of loans held-for-sale, net of gain on sale 4,189,787 4,893,886 4,814,906
Mortgage servicing rights (90,761) (98,839) (76,820)
Write-off of capitalized mortgage servicing rights from payoffs 22,425 25,058 15,832
Provision for loan losses (net of recoveries)   8,353 (456)
Provision for loss sharing (net of recoveries) 1,147 3,843 (259)
Net charge-offs for loss sharing obligations (797) (56) (1,638)
Deferred tax provision (benefit) 150 (12,033) (7,399)
(Income) loss from equity affiliates (10,635) (1,196) 2,951
Loss (gain) on extinguishment of debt 7,439 5,041 (7,116)
Payoffs and paydowns of loans held-for-sale 84 61 132
Changes in operating assets and liabilities (8,332) (8,205) (308)
Net cash (used in) provided by operating activities. (226,537) (37,735) 459,704
Investing Activities:      
Loans and investments funded, originated and purchased, net (2,712,354) (1,545,499) (1,867,393)
Payoffs and paydowns of loans and investments 1,753,691 960,769 959,696
Internalization of management team     (25,000)
Deferred fees 22,340 13,114 10,982
Investments in real estate, net (475) (367) (672)
Contributions to equity affiliates (13,522) (2,493) (693)
Distributions from equity affiliates 213 3,122 4,671
Due to borrowers and reserves (37,121) (65,213) 38,372
Purchases of securities held-to-maturity, net (20,000) (47,499) (27,173)
Payoffs and paydowns of securities held-to-maturity 12,488 2,269 460
Purchases of capitalized mortgage servicing rights     (1,199)
(Distributions of) proceeds from insurance settlements, net   (78) 1,104
Net cash used in investing activities (994,740) (681,875) (906,845)
Financing activities:      
Proceeds from repurchase agreements and credit facilities 8,986,286 9,166,255 8,215,669
Paydowns and payoffs of repurchase agreements and credit facilities (8,443,275) (8,559,057) (8,593,411)
Proceeds from issuance of collateralized loan obligations 1,067,193 441,000 918,274
Payoffs and paydowns of collateralized loan obligations (529,250) (267,750) (219,000)
Proceeds from issuance of convertible senior unsecured notes 264,000 264,500 157,500
Extinguishment of convertible senior unsecured notes (231,940) (228,287)  
Proceeds from issuance of senior unsecured notes 200,000 125,000  
Payoffs of senior unsecured notes   (97,860)  
Payments of withholding taxes on net settlement of vested stock (3,634)    
Proceeds from issuance of common stock 260,383 156,417 76,225
Distribution for repurchase of common stock (11,574) (10,066)  
Redemption of operating partnership units (1,674) (6,845)  
Distributions paid on common stock (107,846) (68,083) (42,612)
Distributions paid on noncontrolling interest (23,387) (20,650) (15,286)
Distributions paid on preferred stock (7,554) (7,554) (7,554)
Distributions paid on preferred stock of private REIT (15) (14) (15)
Payoffs of related party financing   (50,000)  
Payment of deferred financing costs (26,543) (20,499) (24,576)
Proceeds from debt fund     70,000
Payoffs of junior subordinated notes to subsidiary trust issuing preferred securities     (12,691)
Receipts on swaps and returns of margin calls from counterparties     430
Net cash provided by financing activities 1,391,170 816,507 522,953
Net increase in cash, cash equivalents and restricted cash 169,893 96,897 75,812
Cash, cash equivalents and restricted cash at beginning of period 340,669 243,772 167,960
Cash, cash equivalents and restricted cash at end of period 510,562 340,669 243,772
Reconciliation of cash, cash equivalents and restricted cash:      
Cash and cash equivalents at beginning of period 160,063 104,374 138,645
Restricted cash at beginning of period 180,606 139,398 29,315
Cash, cash equivalents and restricted cash at beginning of period 340,669 243,772 167,960
Cash and cash equivalents at end of period 299,687 160,063 104,374
Restricted cash at end of period 210,875 180,606 139,398
Cash, cash equivalents and restricted cash at end of period 510,562 340,669 243,772
Supplemental cash flow information:      
Cash used to pay interest 167,581 118,923 75,582
Cash used to pay taxes 19,611 20,026 20,823
Supplemental schedule of non-cash investing and financing activities:      
Issuance of common stock from convertible debt 69,232 80,118  
Extinguishment of convertible senior unsecured notes (69,510) (70,271)  
Fair value of conversion feature of convertible senior unsecured notes 8,453 9,750 4,703
Special dividend - common stock issued 10,079    
Special dividend - special voting preferred stock and operating partnership units issued 2,478    
Redemption of operating partnership units for common stock 2,939    
Distributions accrued for special dividend declared   15,696  
8.25% Series A preferred stock      
Supplemental schedule of non-cash investing and financing activities:      
Distributions accrued on preferred stock 267 267 267
7.75% Series B preferred stock      
Supplemental schedule of non-cash investing and financing activities:      
Distributions accrued on preferred stock 203 203 203
8.50% Series C preferred stock      
Supplemental schedule of non-cash investing and financing activities:      
Distributions accrued on preferred stock $ 159 $ 159 $ 159