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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating activities:      
Net income $ 400,556 $ 353,827 $ 377,807
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 9,743 8,732 7,215
Stock-based compensation 14,940 14,973 9,929
Amortization and accretion of interest and fees, net (3,612) (13,547) (2,487)
Amortization of capitalized mortgage servicing rights 63,093 59,876 58,615
Originations of loans held-for-sale (5,074,445) (4,788,202) (6,461,023)
Proceeds from sales of loans held-for-sale, net of gain on sale 4,878,021 5,438,623 6,415,169
Mortgage servicing rights (69,912) (69,346) (130,230)
Write-off of capitalized mortgage servicing rights from payoffs 14,736 44,502 32,741
Provision for loss sharing (net of recoveries) 15,695 1,862 (6,167)
Provision for credit losses (net of recoveries) 73,446 21,169 (21,113)
Net (charge-offs) recoveries for loss sharing obligations (1,229) (758) (2,072)
Deferred tax (benefit) provision (7,349) (1,741) 10,892
Income from equity affiliates (24,281) (14,247) (34,567)
Distributions from operations of equity affiliates 27,542 16,594 32,953
Loss on extinguishment of debt 1,561 4,933 3,374
Payoffs and paydowns of loans held-for-sale 987 58,751 2,425
Change in fair value of held-for-sale loans (2,536) 15,703 0
(Gain) loss on derivative instruments, net (6,763) (26,609) 2,684
Loss on sale of loans 0 11,180 0
Litigation settlement 0 7,350 0
Gain on sale of real estate 0 0 (3,693)
Changes in operating assets and liabilities (74,336) (43,976) (75,605)
Net cash provided by operating activities 235,857 1,099,649 216,847
Investing Activities:      
Loans and investments funded, originated and purchased, net (1,362,171) (5,955,061) (9,209,475)
Payoffs and paydowns of loans and investments 3,359,810 3,423,498 2,370,570
Deferred fees 21,299 57,098 72,182
Contributions to equity affiliates (18,986) (17,809) (48,071)
Distributions from equity affiliates 15,552 26,008 34,283
Payoffs and paydowns of securities held-to-maturity 4,626 19,030 13,317
Due to borrowers and reserves (141,152) (239,626) (57,249)
Proceeds from sale of loans and investments 0 397,338 127,700
Purchase of securities held-to-maturity, net 0 (27,598) (53,511)
Net cash provided by (used in) investing activities 1,878,978 (2,317,122) (6,750,254)
Financing activities:      
Proceeds from credit and repurchase facilities 9,148,451 11,536,220 15,688,353
Payoffs and paydowns of credit and repurchase facilities (9,747,252) (12,153,215) (13,433,376)
Proceeds from issuance of securitized debt 0 2,762,502 4,281,512
Payoffs and paydowns of securitized debt (929,782) (801,141) (889,150)
Proceeds from issuance of common stock 193,661 408,735 514,593
Proceeds from issuance of preferred stock 0 77,522 555,999
Proceeds from issuance of senior unsecured notes 95,000 437,500 625,000
Payoffs and paydowns of senior unsecured notes (149,600) (312,920) 0
Redemption of OP Units 0 (546) (21,605)
Payments of withholding taxes on net settlement of vested stock (8,360) (8,188) (9,032)
Repurchase of common stock (37,431) 0 (34,404)
Distributions to stockholders and non-controlling interest (380,640) (321,739) (227,062)
Payment of deferred financing costs (9,840) (50,362) (56,060)
Redemption of preferred stock 0 0 (92,789)
Extinguishment of convertible senior unsecured notes 0 0 (14,300)
Net cash (used in) provided by financing activities (1,825,793) 1,574,368 6,887,679
Net increase in cash, cash equivalents and restricted cash 289,042 356,895 354,272
Cash, cash equivalents and restricted cash at beginning of period 1,248,165 891,270 536,998
Cash, cash equivalents and restricted cash at end of period 1,537,207 1,248,165 891,270
Reconciliation of cash, cash equivalents and restricted cash:      
Cash and cash equivalents at beginning of period 534,357 404,580 339,528
Restricted cash at beginning of period 713,808 486,690 197,470
Cash, cash equivalents and restricted cash at beginning of period 1,248,165 891,270 536,998
Cash and cash equivalents at end of period 928,974 534,357 404,580
Restricted cash at end of period 608,233 713,808 486,690
Cash, cash equivalents and restricted cash at end of period 1,537,207 1,248,165 891,270
Supplemental cash flow information:      
Cash used to pay interest 861,141 486,826 175,912
Cash used to pay taxes 30,129 27,560 37,797
Supplemental schedule of non-cash investing and financing activities:      
Distributions accrued on preferred stock 7,010 7,010 6,767
Investment in real estate, net 39,400 31,200 0
Cumulative - effect adjustment (adoption of convertible debt standard) 0 2,447 0
Loans transferred from loans and investment, net to loans held-for-sale $ 0 $ 0 $ 65,144