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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Operating activities:    
Net income $ 102,246 $ 79,929
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 2,624 1,983
Stock-based compensation 5,901 6,095
Amortization and accretion of interest and fees, net (236) (2,840)
Amortization of capitalized mortgage servicing rights 15,416 14,972
Originations of loans held-for-sale (1,033,384) (845,620)
Proceeds from sales of loans held-for-sale, net of gain on sale 921,522 1,586,715
Mortgage servicing rights (18,458) (15,312)
Write-off of capitalized mortgage servicing rights from payoffs 3,307 12,697
Provision for loss sharing (net of recoveries) 3,177 (662)
Provision for credit losses (net of recoveries) 22,517 2,358
Net charge-offs for loss sharing obligations (588) (230)
Deferred tax provision (benefit) 3,164 (1,720)
Income from equity affiliates (14,326) (7,212)
Distributions from operations of equity affiliates 4,748 12,859
Change in fair value of held-for-sale loans (2,960)  
Loss on extinguishment of debt   1,350
Payoffs and paydowns of loans held-for-sale 13 3,258
Changes in operating assets and liabilities (71,468) (11,792)
Net cash (used in) provided by operating activities (56,785) 836,828
Investing Activities:    
Loans and investments funded, originated and purchased, net (380,633) (2,656,874)
Payoffs and paydowns of loans and investments 1,191,076 668,379
Deferred fees 3,953 20,767
Contributions to equity affiliates (500) (12,807)
Distributions from equity affiliates 11,567  
Payoffs and paydowns of securities held-to-maturity 2,580 2,647
Purchase of securities held-to-maturity, net   (27,598)
Due to borrowers and reserves   (12,150)
Net cash provided by (used in) investing activities 828,043 (2,017,636)
Financing activities:    
Proceeds from credit and repurchase facilities 1,849,389 3,035,664
Paydowns and payoffs of credit and repurchase facilities (2,042,692) (3,213,976)
Payoffs and paydowns of securitized debt (344,547) (441,000)
Proceeds from issuance of common stock 82,744 137,800
Proceeds from issuance of senior unsecured notes 95,000  
Payoffs and paydowns of senior unsecured notes (70,750)  
Payments of withholding taxes on net settlement of vested stock (5,112) (5,415)
Repurchase of common stock (9,671)  
Distributions to stockholders (90,530) (72,099)
Payment of deferred financing costs (3,866) (13,915)
Proceeds from issuance of securitized debt   1,652,812
Proceeds from issuance of preferred stock   77,571
Net cash (used in) provided by financing activities (540,035) 1,157,442
Net increase (decrease) in cash, cash equivalents and restricted cash 231,223 (23,366)
Cash, cash equivalents and restricted cash at beginning of period 1,248,165 891,270
Cash, cash equivalents and restricted cash at end of period 1,479,388 867,904
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents at beginning of period 534,357 404,580
Restricted cash at beginning of period 713,808 486,690
Cash, cash equivalents and restricted cash at beginning of period 1,248,165 891,270
Cash and cash equivalents at end of period 774,544 350,814
Restricted cash at end of period 704,844 517,090
Cash, cash equivalents and restricted cash at end of period 1,479,388 867,904
Supplemental cash flow information:    
Cash used to pay interest 213,849 70,069
Cash used to pay taxes 1,032 741
Supplemental schedule of non-cash investing and financing activities:    
Distributions accrued on preferred stock $ 7,010 6,138
Cummulative-effect adjustment (adoption of convertible debt standard)   $ 2,447