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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Operating activities:    
Net income $ 43,382 $ 73,212
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 3,744 2,571
Stock-based compensation 5,935 6,020
Amortization and accretion of interest and fees, net 2,975 (46)
Amortization of capitalized mortgage servicing rights 17,758 16,631
Originations of loans held-for-sale (608,808) (857,805)
Proceeds from sales of loans held-for-sale, net of gain on sale 730,854 1,085,374
Mortgage servicing rights (8,131) (10,199)
Write-off of capitalized mortgage servicing rights from payoffs 3,106 1,787
Provision for loss sharing (net of recoveries) 1,786 273
Provision for credit losses (net of recoveries) 9,075 19,118
Net recoveries for loss sharing obligations 579 883
Deferred tax benefit (137) (3,952)
Loss (income) from equity affiliates 1,634 (1,418)
Distributions from operations of equity affiliates 640 0
Change in fair value of held-for-sale loans (1,962) (19)
(Gain) loss on derivative instruments, net (3,400) 5,257
Loss on extinguishment of debt 2,319 0
Loss on real estate 2,810 0
Payoffs and paydowns of loans held-for-sale 487 14
Changes in operating assets and liabilities (54,098) (77,745)
Net cash provided by operating activities 150,548 259,956
Investing Activities:    
Loans and investments funded, originated and purchased, net (733,121) (313,557)
Payoffs and paydowns of loans and investments 418,646 670,388
Deferred fees 8,308 3,464
Contributions to equity affiliates (4,022) (9,593)
Distributions from equity affiliates 965 69
Payoffs and paydowns of securities held-to-maturity 50 47
Investment in real estate, net (7,671) 0
Change in due to borrowers and reserves 2,027 (19,234)
Net cash (used in) provided by investing activities (314,818) 331,584
Financing activities:    
Proceeds from credit and repurchase facilities 2,615,705 1,865,362
Payoffs and paydowns of credit and repurchase facilities (1,392,099) (2,187,147)
Proceeds from mortgage note payable - REO 98,089 0
Payoffs and paydowns of mortgage notes payable - REO (49,134) 0
Payoffs and paydowns of securitized debt (1,340,282) (246,165)
Proceeds from issuance of common stock 29,208 0
Payments of withholding taxes on net settlement of vested stock (84) (862)
Distributions to stockholders (99,375) (98,667)
Payment of deferred financing costs (6,955) (6,576)
Redemption of operating partnership units (1,577) 0
Net cash used in financing activities (146,504) (674,055)
Net decrease in cash, cash equivalents and restricted cash (310,774) (82,515)
Cash, cash equivalents and restricted cash at beginning of period 660,179 1,537,207
Cash, cash equivalents and restricted cash at end of period 349,405 1,454,692
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents at beginning of period 503,803 928,974
Restricted cash at beginning of period 156,376 608,233
Cash, cash equivalents and restricted cash at beginning of period 660,179 1,537,207
Cash and cash equivalents at end of period 308,842 908,049
Restricted cash at end of period 40,563 546,643
Cash, cash equivalents and restricted cash at end of period 349,405 1,454,692
Supplemental cash flow information:    
Cash used to pay interest 164,417 209,712
Cash used to pay taxes 864 567
Supplemental schedule of non-cash investing and financing activities:    
Real estate acquired in settlement of loans and investments, net 190,814 0
Settlement of loans and investments, net of real estate 196,457 0
Derecognition of real estate owned 72,044 0
Loan funded in conjunction with real estate sold 77,000 0
Distributions accrued on preferred stock $ 7,010 $ 7,010