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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Operating activities:    
Net income $ 290,634 $ 247,101
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 7,297 6,092
Stock-based compensation 12,141 12,330
Amortization and accretion of interest and fees, net (3,084) (10,022)
Amortization of capitalized mortgage servicing rights 46,920 44,532
Originations of loans held-for-sale (3,619,570) (3,232,962)
Proceeds from sales of loans held-for-sale, net of gain on sale 3,607,665 3,699,555
Mortgage servicing rights (48,769) (52,287)
Write-off of capitalized mortgage servicing rights from payoffs 11,764 37,318
Provision for loss sharing (net of recoveries) 12,528 (2,199)
Provision for credit losses (net of recoveries) 55,047 9,700
Net charge-offs for loss sharing obligations (434) (354)
Deferred tax benefit (6,630) (7,833)
Income from equity affiliates (20,694) (18,507)
Distributions from operations of equity affiliates 22,507 16,546
Change in fair value of held-for-sale loans (1,634) 12,163
Loss on extinguishment of debt 1,561 4,612
Payoffs and paydowns of loans held-for-sale 463 58,339
Loss on sale of loans 0 10,120
Changes in operating assets and liabilities (209,214) (23,138)
Net cash provided by operating activities 158,498 811,106
Investing Activities:    
Loans and investments funded, originated and purchased, net (1,061,865) (5,418,113)
Payoffs and paydowns of loans and investments 2,541,373 2,302,874
Proceeds from sale of loans and investments 0 397,338
Deferred fees 13,624 50,385
Contributions to equity affiliates (1,029) (16,730)
Distributions from equity affiliates 15,552 24,321
Purchase of securities held-to-maturity, net 0 (27,598)
Payoffs and paydowns of securities held-to-maturity 3,544 16,676
Due to borrowers and reserves (92,358) (152,036)
Net cash provided by (used in) investing activities 1,418,841 (2,822,883)
Financing activities:    
Proceeds from credit and repurchase facilities 6,575,575 8,474,821
Paydowns and payoffs of credit and repurchase facilities (7,033,287) (8,325,608)
Payoffs and paydowns of securitized debt (856,864) (441,000)
Proceeds from issuance of common stock 193,660 312,766
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 (8,352) (8,085)
Repurchase of common stock (37,432) 0
Distributions to stockholders (282,029) (234,246)
Payment of deferred financing costs (7,719) (35,267)
Proceeds from issuance of securitized debt 0 2,525,624
Proceeds from issuance of convertible senior unsecured notes 0 287,500
Extinguishment of convertible senior unsecured notes 0 (200,662)
Proceeds from issuance of preferred stock 0 77,392
Redemption of operating partnership units 0 (546)
Net cash (used in) provided by financing activities (1,511,048) 2,432,689
Net increase in cash, cash equivalents and restricted cash 66,291 420,912
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 1,314,456 1,312,182
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 895,298 389,651
Restricted cash at end of period 419,158 922,531
Cash, cash equivalents and restricted cash at end of period 1,314,456 1,312,182
Supplemental cash flow information:    
Cash used to pay interest 654,108 306,671
Cash used to pay taxes 22,916 25,770
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