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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating activities:      
Net income $ 283,919 $ 400,556 $ 353,827
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 9,555 9,743 8,732
Stock-based compensation 14,232 14,940 14,973
Amortization and accretion of interest and fees, net (705) (3,612) (13,547)
Amortization of capitalized mortgage servicing rights 68,422 63,093 59,876
Originations of loans held-for-sale (4,501,081) (5,074,445) (4,788,202)
Proceeds from sales of loans held-for-sale, net of gain on sale 4,609,686 4,878,021 5,438,623
Mortgage servicing rights (51,272) (69,912) (69,346)
Write-off of capitalized mortgage servicing rights from payoffs 8,500 14,736 44,502
Provision for loss sharing (net of recoveries) 11,782 15,695 1,862
Provision for credit losses (net of recoveries) 68,543 73,446 21,169
Net (charge-offs) recoveries for loss sharing obligations (266) (1,229) (758)
Deferred tax benefit (11,613) (7,349) (1,741)
Income from equity affiliates (5,772) (24,281) (14,247)
Distributions from operations of equity affiliates 17,131 27,542 16,594
Loss on extinguishment of debt 412 1,561 4,933
Payoffs and paydowns of loans held-for-sale 5,487 987 58,751
Change in fair value of held-for-sale loans (609) (2,536) 15,703
Loss (gain) on derivative instruments, net 8,543 (6,763) (26,609)
Loss on sale of loans 0 0 11,180
Litigation settlement 0 0 7,350
Gain on real estate (3,813) 0 0
Changes in operating assets and liabilities (69,564) (74,336) (43,976)
Net cash provided by operating activities 461,517 235,857 1,099,649
Investing Activities:      
Loans and investments funded, originated and purchased, net (1,600,461) (1,362,171) (5,955,061)
Payoffs and paydowns of loans and investments 2,781,658 3,359,810 3,423,498
Deferred fees 25,792 21,299 57,098
Proceeds from sale of real estate, net 14,103 0 0
Contributions to equity affiliates (19,593) (18,986) (17,809)
Distributions from equity affiliates 11,224 15,552 26,008
Payoffs and paydowns of securities held-to-maturity 483 4,626 19,030
Investments in real estate, net (3,471) 0 0
Due to borrowers and reserves (57,966) (141,152) (239,626)
Proceeds from sale of loans and investments 0 0 397,338
Purchase of securities held-to-maturity, net 0 0 (27,598)
Net cash provided by (used in) investing activities 1,151,769 1,878,978 (2,317,122)
Financing activities:      
Proceeds from credit and repurchase facilities 9,350,727 9,148,451 11,536,220
Payoffs and paydowns of credit and repurchase facilities (9,025,305) (9,747,252) (12,153,215)
Proceeds from mortgage note payable - REO 39,547 0 0
Payoffs and paydowns of mortgage notes payable - REO (8,989) 0 0
Proceeds from issuance of securitized debt 0 0 2,762,502
Payoffs and paydowns of securitized debt (2,324,269) (929,782) (801,141)
Proceeds from issuance of common stock 10,030 193,661 408,735
Proceeds from issuance of preferred stock 0 0 77,522
Proceeds from issuance of senior unsecured notes 100,000 95,000 437,500
Payoffs and paydowns of senior unsecured notes (200,000) (149,600) (312,920)
Redemption of OP Units 0 0 (546)
Payments of withholding taxes on net settlement of vested stock (4,565) (8,360) (8,188)
Repurchase of common stock (11,408) (37,431) 0
Distributions to stockholders and non-controlling interest (394,843) (380,640) (321,739)
Payment of deferred financing costs (21,239) (9,840) (50,362)
Net cash (used in) provided by financing activities (2,490,314) (1,825,793) 1,574,368
Net (decrease) increase in cash, cash equivalents and restricted cash (877,028) 289,042 356,895
Cash, cash equivalents and restricted cash at beginning of period 1,537,207 1,248,165 891,270
Cash, cash equivalents and restricted cash at end of period 660,179 1,537,207 1,248,165
Reconciliation of cash, cash equivalents and restricted cash:      
Cash and cash equivalents at beginning of period 928,974 534,357 404,580
Restricted cash at beginning of period 608,233 713,808 486,690
Cash, cash equivalents and restricted cash at beginning of period 1,537,207 1,248,165 891,270
Cash and cash equivalents at end of period 503,803 928,974 534,357
Restricted cash at end of period 156,376 608,233 713,808
Cash, cash equivalents and restricted cash at end of period 660,179 1,537,207 1,248,165
Supplemental cash flow information:      
Cash used to pay interest 782,047 861,141 486,826
Cash used to pay taxes 28,813 30,129 27,560
Supplemental schedule of non-cash investing and financing activities:      
Real estate acquired in settlement of loans and investments, net 278,330 0 0
Settlement of loans and investments, net of real estate (279,480) 0 0
Derecognition of real estate owned 177,146 0 0
Loan funded in conjunction with real estate sold (182,485) 0 0
Distributions accrued on preferred stock 7,010 7,010 7,010
Investment in real estate, net 0 39,400 31,200
Cumulative - effect adjustment (adoption of convertible debt standard) $ 0 $ 0 $ 2,447