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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Operating activities:    
Net income $ 208,591 $ 290,634
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 6,937 7,297
Stock-based compensation 11,749 12,141
Amortization and accretion of interest and fees, net (2,186) (3,084)
Amortization of capitalized mortgage servicing rights 50,817 46,920
Originations of loans held-for-sale (3,119,339) (3,619,570)
Proceeds from sales of loans held-for-sale, net of gain on sale 3,339,638 3,607,665
Mortgage servicing rights (37,928) (48,769)
Write-off of capitalized mortgage servicing rights from payoffs 5,911 11,764
Provision for loss sharing (net of recoveries) 7,787 12,528
Provision for credit losses (net of recoveries) 64,903 55,047
Net (charge-offs) and recoveries for loss sharing obligations 1,156 (434)
Deferred tax benefit (8,922) (6,630)
Income from equity affiliates (7,388) (20,694)
Distributions from operations of equity affiliates 17,017 22,507
Change in fair value of held-for-sale loans (1,113) (1,634)
Loss on derivative instruments, net 4,711 0
Loss on extinguishment of debt 412 1,561
Payoffs and paydowns of loans held-for-sale 5,116 463
Gain on sale of real estate (3,813) 0
Changes in operating assets and liabilities (129,211) (209,008)
Net cash provided by operating activities 414,845 158,704
Investing Activities:    
Loans and investments funded, originated and purchased, net (912,530) (1,061,865)
Payoffs and paydowns of loans and investments 1,873,927 2,541,373
Deferred fees 16,176 13,624
Proceeds from sale of real estate, net 14,103 0
Contributions to equity affiliates (17,845) (1,029)
Distributions from equity affiliates 11,224 15,552
Payoffs and paydowns of securities held-to-maturity 305 3,544
Investment in real estate, net (2,526) 0
Due to borrowers and reserves (36,692) (92,358)
Net cash provided by investing activities 946,142 1,418,841
Financing activities:    
Proceeds from credit and repurchase facilities 6,702,905 6,575,575
Paydowns and payoffs of credit and repurchase facilities (6,681,812) (7,033,287)
Payoffs and paydowns of mortgage note payable (8,953) (206)
Payoffs and paydowns of securitized debt (1,629,038) (856,864)
Proceeds from issuance of common stock 0 193,660
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 (4,267) (8,352)
Repurchase of common stock (11,408) (37,432)
Distributions to stockholders (295,891) (282,029)
Payment of deferred financing costs (12,284) (7,719)
Net cash used in financing activities (2,030,748) (1,511,254)
Net increase (decrease) in cash, cash equivalents and restricted cash (669,761) 66,291
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 867,446 1,314,456
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 687,540 895,298
Restricted cash at end of period 179,906 419,158
Cash, cash equivalents and restricted cash at end of period 867,446 1,314,456
Supplemental cash flow information:    
Cash used to pay interest 611,825 654,108
Cash used to pay taxes 23,735 22,916
Supplemental schedule of non-cash investing and financing activities:    
Real estate acquired in settlement of loans and investments, net 169,172 0
Settlement of loans and investments, net of real estate (168,825) 0
Derecognition of real estate owned 112,987 0
Loan funded in conjunction with real estate sold (114,850) 0
Distributions accrued on preferred stock $ 7,010 $ 7,010