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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Operating activities:    
Net income $ 73,212 $ 102,246
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 2,571 2,624
Stock-based compensation 6,020 5,901
Amortization and accretion of interest and fees, net (46) (236)
Amortization of capitalized mortgage servicing rights 16,631 15,416
Originations of loans held-for-sale (857,805) (1,033,384)
Proceeds from sales of loans held-for-sale, net of gain on sale 1,085,374 921,522
Mortgage servicing rights (10,199) (18,458)
Write-off of capitalized mortgage servicing rights from payoffs 1,787 3,307
Provision for loss sharing (net of recoveries) 273 3,177
Provision for credit losses (net of recoveries) 19,118 22,517
Net charge-offs for loss sharing obligations 883 (588)
Deferred tax (benefit) provision (3,952) 3,164
Income from equity affiliates (1,418) (14,326)
Distributions from operations of equity affiliates 0 4,748
Change in fair value of held-for-sale loans (19) (2,960)
Loss (gain) on derivative instruments, net 5,257 (4,223)
Payoffs and paydowns of loans held-for-sale 14 13
Changes in operating assets and liabilities (77,745) (67,245)
Net cash provided by (used in) operating activities 259,956 (56,785)
Investing Activities:    
Loans and investments funded, originated and purchased (313,557) (380,633)
Payoffs and paydowns of loans and investments 670,388 1,191,076
Deferred fees 3,464 3,953
Contributions to equity affiliates (9,593) (500)
Distributions from equity affiliates 69 11,567
Payoffs and paydowns of securities held-to-maturity 47 2,580
Due to borrowers and reserves (19,234) 0
Net cash provided by investing activities 331,584 828,043
Financing activities:    
Proceeds from credit and repurchase facilities 1,865,362 1,849,389
Paydowns and payoffs of credit and repurchase facilities (2,187,147) (2,042,692)
Payoffs and paydowns of securitized debt (246,165) (344,547)
Proceeds from issuance of common stock 0 82,744
Proceeds from issuance of senior unsecured notes 0 95,000
Payoffs and paydowns of senior unsecured notes 0 (70,750)
Payments of withholding taxes on net settlement of vested stock (862) (5,112)
Repurchase of common stock 0 (9,671)
Distributions to stockholders (98,667) (90,530)
Payment of deferred financing costs (6,576) (3,866)
Net cash used in financing activities (674,055) (540,035)
Net (decrease) increase in cash, cash equivalents and restricted cash (82,515) 231,223
Cash, cash equivalents and restricted cash at beginning of period 1,537,207 1,248,165
Cash, cash equivalents and restricted cash at end of period 1,454,692 1,479,388
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents at beginning of period 928,974 534,357
Restricted cash at beginning of period 608,233 713,808
Cash, cash equivalents and restricted cash at beginning of period 1,537,207 1,248,165
Cash and cash equivalents at end of period 908,049 774,544
Restricted cash at end of period 546,643 704,844
Cash, cash equivalents and restricted cash at end of period 1,454,692 1,479,388
Supplemental cash flow information:    
Cash used to pay interest 209,712 213,849
Cash used to pay taxes 567 1,032
Supplemental schedule of non-cash investing and financing activities:    
Distributions accrued on preferred stock $ 7,010 $ 7,010