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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Operating activities:      
Net income (loss) $ 54,089 $ 165,368 $ (14,266)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 1,961 3,543 3,908
Stock-based compensation   5,375 3,801
Amortization and accretion of interest and fees, net   354 3,007
Amortization of capitalized mortgage servicing rights 11,891 28,871 23,713
Originations of loans held-for-sale   (2,741,453) (2,452,745)
Proceeds from sales of loans held-for-sale, net of gain on sale   3,324,001 2,949,949
Mortgage servicing rights (32,417) (63,235) (54,351)
Write-off of capitalized mortgage servicing rights from payoffs   9,459 9,570
Provision for loss sharing (net of recoveries) 2,395 2,201 23,932
Provision for credit losses (net of recoveries) 12,714 (8,890) 67,096
Net recoveries (charge-offs) for loss sharing obligations   (859) 233
Deferred tax provision (benefit) 10,900 4,439 (9,025)
Income from equity affiliates (20,408) (27,010) (24,401)
Distributions from equity affiliates   18,923 1,192
Loss on extinguishment of debt 1,592 1,370 3,546
Payoffs and paydowns of loans held-for-sale   2,322 62
Changes in operating assets and liabilities   2,802 (1,489)
Net cash provided by operating activities   727,581 533,732
Investing Activities:      
Loans and investments funded, originated and purchased, net   (2,814,170) (1,117,004)
Payoffs and paydowns of loans and investments   773,163 459,489
Proceeds from sale of loans and investments   110,000  
Deferred fees   20,141 5,835
Investments in real estate, net     (129)
Contributions to equity affiliates   (21,074) (60)
Distributions from equity affiliates   17,181 77
Purchase of securities held-to-maturity, net   (23,747) (37,927)
Payoffs and paydowns of securities held-to-maturity   5,487 5,823
Due to borrowers and reserves   (80,986) (44,028)
Net cash used in investing activities   (2,014,005) (727,924)
Financing activities:      
Proceeds from credit facilities and repurchase agreements   6,393,023 4,781,801
Paydowns and payoffs of credit facilities and repurchase agreements   (6,610,333) (5,222,038)
Proceeds from issuance of collateralized loan obligations   1,329,887 668,000
Payoffs and paydowns of collateralized loan obligations   (356,150) (282,874)
Payoffs and paydowns of debt fund     (70,000)
Proceeds from issuance of common stock   328,014 38,008
Proceeds from issuance of preferred stock   222,463  
Settlements of convertible senior unsecured notes     (22,145)
Proceeds from issuance of senior unsecured notes   175,000 345,750
Redemption of preferred stock   (89,296)  
Redemption of operating partnership units   (21,110) (1,600)
Payments of withholding taxes on net settlement of vested stock   (5,955)  
Repurchase of common stock   (23,460) (12,761)
Distributions to stockholders   (107,317) (43,140)
Payment of deferred financing costs   (20,592) (16,342)
Net cash provided by financing activities   1,214,174 162,659
Net decrease in cash, cash equivalents and restricted cash   (72,250) (31,533)
Cash, cash equivalents and restricted cash at beginning of period   536,998 510,562
Cash, cash equivalents and restricted cash at end of period 479,029 464,748 479,029
Reconciliation of cash, cash equivalents and restricted cash:      
Cash and cash equivalents at beginning of period   339,528 299,687
Restricted cash at beginning of period   197,470 210,875
Cash, cash equivalents and restricted cash at beginning of period   536,998 510,562
Cash and cash equivalents at end of period 384,182 215,658 384,182
Restricted cash at end of period 94,847 249,090 94,847
Cash, cash equivalents and restricted cash at end of period 479,029 464,748 479,029
Supplemental cash flow information:      
Cash used to pay interest   75,568 76,294
Cash used to pay taxes   25,739 2,832
Supplemental schedule of non-cash investing and financing activities:      
Loans transferred from loans and investment, net to loans held-for-sale   65,204  
Dividends declared on common stock and operating partnership units 39,778   39,778
Cummulative-effect adjustment (for adoption of credit loss standard)     28,607
Issuance of common stock from convertible debt     93
Settlements of convertible senior unsecured notes     4,778
Fair value of conversion feature of convertible senior unsecured notes $ (185)   (185)
8.25% Series A preferred stock      
Supplemental schedule of non-cash investing and financing activities:      
Distributions accrued on preferred stock     267
7.75% Series B preferred stock      
Supplemental schedule of non-cash investing and financing activities:      
Distributions accrued on preferred stock     203
8.50% Series C preferred stock      
Supplemental schedule of non-cash investing and financing activities:      
Distributions accrued on preferred stock     $ 159
6.375% Series D preferred stock      
Supplemental schedule of non-cash investing and financing activities:      
Distributions accrued on preferred stock   $ 1,181