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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Operating activities:      
Net income $ 377,807 $ 196,157 $ 155,238
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Depreciation and amortization 7,215 7,640 7,510
Stock-based compensation 9,929 9,046 9,515
Amortization and accretion of interest and fees, net (2,487) 2,964 5,045
Amortization of capitalized mortgage servicing rights 58,615 49,222 48,681
Impairment loss on real estate owned     1,000
Originations of loans held-for-sale (6,461,023) (6,709,375) (4,564,032)
Proceeds from sales of loans held-for-sale, net of gain on sale 6,415,169 6,587,728 4,189,787
(Gain) loss on real estate (3,693) 375  
Mortgage servicing rights (130,230) (165,517) (90,761)
Write-off of capitalized mortgage servicing rights from payoffs 32,741 16,757 22,425
Provision for loss sharing (net of recoveries) (6,167) 14,822 1,147
Provision for credit losses (net of recoveries) (21,113) 61,110  
Net (charge-offs) recoveries for loss sharing obligations (2,072) 427 (797)
Deferred tax provision 10,892 4,726 150
Income from equity affiliates (34,567) (76,161) (10,635)
Distributions from equity affiliates 32,953 44,579 3,724
Loss on extinguishment of debt 3,374 3,546 7,439
Payoffs and paydowns of loans held-for-sale 2,425 179 84
Changes in operating assets and liabilities (72,921) 6,940 (12,057)
Net cash provided by (used in) operating activities 216,847 55,165 (226,537)
Investing Activities:      
Loans and investments funded, originated and purchased, net (9,209,475) (2,376,233) (2,712,354)
Payoffs and paydowns of loans and investments 2,370,570 1,243,694 1,753,691
Proceeds from sale of loans and investments 127,700    
Deferred fees 72,182 18,766 22,340
Investments in real estate, net   (131) (475)
Proceeds from sale of real estate, net   8,870  
Proceeds from sale of available-for-sale securities   9,995  
Contributions to equity affiliates (48,071) (892) (13,522)
Distributions from equity affiliates 34,283   213
Purchase of securities held-to-maturity, net (53,511) (37,926) (20,000)
Payoffs and paydowns of securities held-to-maturity 13,317 10,158 12,488
Due to borrowers and reserves (57,249) (32,925) (37,121)
Net cash used in investing activities (6,750,254) (1,156,624) (994,740)
Financing activities:      
Proceeds from credit and repurchase facilities 15,688,353 12,986,256 8,986,286
Paydowns and payoffs of credit and repurchase facilities (13,433,376) (12,428,681) (8,443,275)
Proceeds from issuance of collateralized loan obligations 4,281,512 668,000 1,067,193
Payoffs and paydowns of collateralized loan obligations (889,150) (283,125) (529,250)
Payoff of debt fund   (70,000)  
Proceeds from issuance of common stock 514,593 183,585 260,383
Proceeds from issuance of preferred stock 555,999    
Proceeds from issuance of senior unsecured notes 625,000 345,750 200,000
Proceeds from issuance of convertible senior unsecured notes     264,000
Extinguishment of convertible senior unsecured notes (14,300)   (231,940)
Settlements of convertible senior unsecured notes   (22,336)  
Redemption of preferred stock (92,789)    
Redemption of OP Units (21,605) (32,233) (1,674)
Payments of withholding taxes on net settlement of vested stock (9,032) (6,594) (3,634)
Repurchase of common stock (34,404) (21,531) (11,574)
Distributions to stockholders (227,062) (173,109) (138,802)
Payment of deferred financing costs (56,060) (18,087) (26,543)
Net cash provided by financing activities 6,887,679 1,127,895 1,391,170
Net increase (decrease) in cash, cash equivalents and restricted cash 354,272 26,436 169,893
Cash, cash equivalents and restricted cash at beginning of period 536,998 510,562 340,669
Cash, cash equivalents and restricted cash at end of period 891,270 536,998 510,562
Reconciliation of cash, cash equivalents and restricted cash:      
Cash and cash equivalents at beginning of period 339,528 299,687 160,063
Restricted cash at beginning of period 197,470 210,875 180,606
Cash, cash equivalents and restricted cash at beginning of period 536,998 510,562 340,669
Cash and cash equivalents at end of period 404,580 339,528 299,687
Restricted cash at end of period 486,690 197,470 210,875
Cash, cash equivalents and restricted cash at end of period 891,270 536,998 510,562
Supplemental cash flow information:      
Cash used to pay interest 175,912 144,968 167,581
Cash used to pay taxes 37,797 35,282 19,611
Supplemental schedule of non-cash investing and financing activities:      
Loans transferred from loans and investment, net to loans held-for-sale 65,144    
Distributions accrued on preferred stock $ 6,767 629 629
Cummulative-effect adjustment (for adoption of credit loss standard)   28,607  
Settlements of convertible senior unsecured notes   4,778  
Fair value of conversion feature of convertible senior unsecured notes   94 8,453
Special dividend - common stock issued     10,079
Issuance of common stock from convertible debt   $ 90 69,232
Extinguishment of convertible senior unsecured notes     (69,510)
Redemption of OP Units for common stock     2,939
Special dividend - special voting preferred stock and OP Units issued     $ 2,478