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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Operating activities:        
Net income $ 61,833 $ 93,332 $ 135,044 $ 195,578
Adjustments to reconcile net income to net cash provided by operating activities:        
Depreciation and amortization 2,423 2,387 4,994 5,011
Stock-based compensation     8,772 9,094
Amortization and accretion of interest and fees, net     (1,928) (1,857)
Amortization of capitalized mortgage servicing rights 16,887 15,605 33,518 31,020
Originations of loans held-for-sale     (2,017,127) (2,460,869)
Proceeds from sales of loans held-for-sale, net of gain on sale     2,220,661 2,332,245
Mortgage servicing rights (14,534) (16,201) (24,733) (34,659)
Write-off of capitalized mortgage servicing rights from payoffs     4,418 8,907
Provision for loss sharing (net of recoveries) 4,333 7,672 4,607 10,848
Provision for credit losses (net of recoveries) 29,564 13,878 48,682 36,395
Net charge-offs for loss sharing obligations     320 (1,335)
Deferred tax benefit (2,900) (7,400) (6,896) (4,197)
Income from equity affiliates (2,793) (5,560) (4,211) (19,886)
Distributions from operations of equity affiliates     12,029 15,008
Change in fair value of held-for-sale loans     31 (2,220)
Loss on derivative instruments, net     5,533 3,161
Loss on extinguishment of debt 412 1,247 412 1,247
Gain on sale of real estate (3,813) 0 (3,813) 0
Payoffs and paydowns of loans held-for-sale     1,353 27
Changes in operating assets and liabilities     (91,778) (21,897)
Net cash provided by operating activities     329,888 101,621
Investing Activities:        
Loans and investments funded, originated and purchased     (615,518) (867,804)
Payoffs and paydowns of loans and investments     1,345,861 1,873,578
Deferred fees     10,594 7,945
Proceeds from sale of real estate, net     13,928 0
Contributions to equity affiliates     (12,612) (850)
Distributions from equity affiliates     11,224 12,052
Payoffs and paydowns of securities held-to-maturity     166 3,413
Due to borrowers and reserves     (35,650) 0
Net cash provided by investing activities     717,993 1,028,334
Financing activities:        
Proceeds from credit and repurchase facilities     4,554,034 4,449,564
Paydowns and payoffs of credit and repurchase facilities     (4,638,895) (4,717,137)
Payoffs and paydowns of mortgage note payable     (8,900) 0
Payoffs and paydowns of securitized debt     (1,224,857) (689,715)
Proceeds from issuance of common stock     0 109,668
Proceeds from issuance of senior unsecured notes     0 95,000
Payoffs and paydowns of senior unsecured notes     (90,000) (149,600)
Payments of withholding taxes on net settlement of vested stock     (3,086) (5,130)
Repurchase of common stock     (11,408) (37,432)
Distributions to stockholders     (197,288) (184,016)
Payment of deferred financing costs     (8,975) (6,094)
Net cash used in financing activities     (1,629,375) (1,134,892)
Net decrease in cash, cash equivalents and restricted cash     (581,494) (4,937)
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 955,713 1,243,228 955,713 1,243,228
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 737,485 846,362 737,485 846,362
Restricted cash at end of period 218,228 396,866 218,228 396,866
Cash, cash equivalents and restricted cash at end of period $ 955,713 $ 1,243,228 955,713 1,243,228
Supplemental cash flow information:        
Cash used to pay interest     413,554 426,363
Cash used to pay taxes     16,132 11,141
Supplemental schedule of non-cash investing and financing activities:        
Real estate acquired in settlement of loans and investments, net     101,250 0
Settlement of loans and investments, net of real estate     (100,250) 0
Derecognition of real estate owned     95,250 0
Loan funded in conjunction with real estate sold     (95,250) 0
Distributions accrued on preferred stock     $ 7,010 $ 7,010