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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating activities:    
Net income $ 11,023 $ 43,382
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Depreciation and amortization 7,104 3,744
Stock-based compensation 5,933 5,935
Amortization and accretion of interest and fees, net 3,094 2,975
Originations of loans held-for-sale (707,577) (608,808)
Proceeds from sales of loans held-for-sale, net of gain on sale 670,972 730,854
Payoffs and paydowns of loans held-for-sale 36 487
Mortgage servicing rights (9,660) (8,131)
Amortization of capitalized mortgage servicing rights 18,293 17,758
Write-off of capitalized mortgage servicing rights from payoffs 1,047 3,106
Provision for loss sharing, net 4,537 1,786
Provision for credit losses, net 5,816 9,075
Charge-offs and advances, net of reimbursements 4,657 579
Deferred tax benefit (2,580) (137)
(Income) loss from equity affiliates (4,411) 1,634
Distributions from operations of equity affiliates 5,962 640
Loss on extinguishment of debt 0 2,319
Impairment loss on real estate owned 12,500 0
Change in fair value of held-for-sale loans 189 (1,962)
Loss (gain) on derivative instruments, net 493 (3,400)
Loss on real estate 2,136 2,810
Changes in operating assets and liabilities (37,838) (54,098)
Net cash (used in) provided by operating activities (8,274) 150,548
Investing Activities:    
Loans and investments funded, originated and purchased, net (826,093) (733,121)
Payoffs and paydowns of loans and investments 893,995 418,646
Deferred fees 6,982 8,308
Contributions to equity affiliates (331) (4,022)
Distributions from equity affiliates 0 965
Payoffs and paydowns of securities held-to-maturity 0 50
Investment in real estate, net (16,209) (7,671)
Change in due to borrowers and reserves 0 2,027
Net cash provided by (used in) investing activities 58,344 (314,818)
Financing activities:    
Proceeds from credit and repurchase facilities 2,355,048 2,615,705
Payoffs and paydowns of credit and repurchase facilities (2,526,042) (1,392,099)
Proceeds from issuance of securitized debt 754,532 0
Payoffs and paydowns of securitized debt (287,095) (1,340,282)
Proceeds from notes payable - REO 17,369 98,089
Payoffs and paydowns of notes payable - REO 0 (49,134)
Proceeds from issuance of common stock 0 29,208
Redemption of operating partnership units 0 (1,577)
Payments of withholding taxes on net settlement of vested stock (1,043) (84)
Repurchase of common stock (30,733) 0
Distributions to stockholders and noncontrolling interest (73,283) (99,375)
Payment of deferred financing costs (8,390) (6,955)
Net cash provided by (used in) financing activities 200,363 (146,504)
Net increase (decrease) in cash, cash equivalents and restricted cash 250,433 (310,774)
Cash, cash equivalents and restricted cash at beginning of period 550,222 660,179
Cash, cash equivalents and restricted cash at end of period 800,655 349,405
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents at beginning of period 482,875 503,803
Restricted cash at beginning of period 67,347 156,376
Cash, cash equivalents and restricted cash at beginning of period 550,222 660,179
Cash and cash equivalents at end of period 407,126 308,842
Restricted cash at end of period 393,529 40,563
Cash, cash equivalents and restricted cash at end of period 800,655 349,405
Supplemental cash flow information:    
Cash used to pay interest 165,574 164,417
Cash used to pay taxes 132 864
Supplemental schedule of non-cash investing and financing activities:    
Real estate acquired in settlement of loans and investments, net 59,017 190,814
Settlement of loans and investments, net of real estate (58,925) (196,457)
Derecognition of real estate owned 34,811 72,044
Loan funded in conjunction with real estate sold (34,000) (77,000)
Distributions accrued on preferred stock $ 7,010 $ 7,010