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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Operating activities:    
Net income $ 195,578 $ 168,046
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 5,011 4,014
Stock-based compensation 9,094 9,241
Amortization and accretion of interest and fees, net (1,857) (6,782)
Amortization of capitalized mortgage servicing rights 31,020 29,750
Originations of loans held-for-sale (2,460,869) (2,117,624)
Proceeds from sales of loans held-for-sale, net of gain on sale 2,332,245 2,617,418
Mortgage servicing rights (34,659) (32,879)
Write-off of capitalized mortgage servicing rights from payoffs 8,907 25,545
Provision for loss sharing (net of recoveries) 10,848 (2,611)
Provision for credit losses (net of recoveries) 36,395 7,426
Net charge-offs for loss sharing obligations (1,335) (400)
Deferred tax benefit (4,197) (2,426)
Income from equity affiliates (19,886) (13,759)
Distributions from operations of equity affiliates 15,008 11,438
Change in fair value of held-for-sale loans (2,220) 4,380
Loss on extinguishment of debt 1,247 1,350
Payoffs and paydowns of loans held-for-sale 27 58,327
Loss on sale of loans 0 9,180
Changes in operating assets and liabilities (18,736) (5,086)
Net cash provided by operating activities 101,621 764,548
Investing Activities:    
Loans and investments funded, originated and purchased, net (867,804) (4,661,893)
Payoffs and paydowns of loans and investments 1,873,578 1,686,546
Proceeds from sale of loans and investments 0 102,228
Deferred fees 7,945 39,514
Contributions to equity affiliates (850) (15,003)
Distributions from equity affiliates 12,052 16,144
Purchase of securities held-to-maturity, net 0 (27,598)
Payoffs and paydowns of securities held-to-maturity 3,413 9,083
Due to borrowers and reserves 0 9,364
Net cash provided by (used in) investing activities 1,028,334 (2,841,615)
Financing activities:    
Proceeds from credit and repurchase facilities 4,449,564 6,120,513
Paydowns and payoffs of credit and repurchase facilities (4,717,137) (6,052,818)
Payoffs and paydowns of securitized debt (689,715) (441,000)
Proceeds from issuance of common stock 109,668 268,243
Proceeds from issuance of senior unsecured notes 95,000 0
Payoffs and paydowns of senior unsecured notes (149,600) 0
Payments of withholding taxes on net settlement of vested stock (5,130) (5,575)
Repurchase of common stock (37,432) 0
Distributions to stockholders (184,016) (151,099)
Payment of deferred financing costs (6,094) (24,994)
Proceeds from issuance of securitized debt 0 2,525,624
Proceeds from issuance of preferred stock 0 77,392
Redemption of operating partnership units 0 (546)
Net cash (used in) provided by financing activities (1,134,892) 2,315,740
Net (decrease) increase in cash, cash equivalents and restricted cash (4,937) 238,673
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 1,243,228 1,129,943
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 846,362 341,991
Restricted cash at end of period 396,866 787,952
Cash, cash equivalents and restricted cash at end of period 1,243,228 1,129,943
Supplemental cash flow information:    
Cash used to pay interest 426,363 164,402
Cash used to pay taxes 11,141 20,733
Supplemental schedule of non-cash investing and financing activities:    
Distributions accrued on preferred stock 7,010 7,010
Cumulative-effect adjustment (adoption of convertible debt standard) $ 0 $ 2,447