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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities:    
Net income $ 70,230 $ 47,661
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 393 650
Amortization of right-of-use assets 875 1,048
Provision for credit losses 3,851 1,151
Origination of loans held for sale (47,879) (18,947)
Proceeds from sales of loans held for sale 46,953  
Net accretion of discount on purchased loans and amortization of deferred loan origination costs 2,989 3,317
Provision for uncollectible borrower advances 711 650
Gain on disposition of loans (1,145) (834)
Real estate acquired through foreclosure in excess of recorded investment (12,549) (6,322)
Amortization of debt issuance discount and costs 7,667 9,468
Change in valuation of real estate owned 10,530 3,903
Change in valuation of fair value loans (95,724) (71,579)
Change in valuation of mortgage servicing rights 1,566 922
Change in valuation of fair value securitized debt 31,254 31,957
Gain on sale of real estate owned (1,242) (864)
Stock-based compensation 6,153 4,510
Hedging activities (3,553) (3,145)
Deferred tax benefit (2,160) (11,104)
Change in operating assets and liabilities:    
Accrued interest and other receivables (14,038) (3,573)
Other assets (2,004) (1,385)
Accounts payable and accrued expenses 19,772 16,998
Net cash provided by operating activities 22,650 4,482
Cash flows from investing activities:    
Purchase of loans held for investment   (16,210)
Origination of loans held for investment (2,033,018) (1,258,725)
Proceeds from sales of loans originally classified as held for investment   50,204
Payments of loans held for investment and loans at fair value 728,965 525,316
Proceeds from sale of real estate owned 34,399 19,798
Capitalized improvement on real estate held for sale (99)  
Change in corporate and escrow advances receivable (2,825) (4,921)
Change in impounds and deposits 1,117 (165)
Purchase of property and equipment (224) (190)
Proceeds from sale of property and equipment   640
Purchase of mortgage servicing rights   (4,760)
Net cash used in investing activities (1,271,685) (689,013)
Cash flows from financing activities:    
Warehouse repurchase facilities advances 2,072,225 1,365,638
Warehouse repurchase facilities repayments (2,087,575) (1,266,288)
Proceeds from secured financing   74,311
Proceeds of securitized debt 2,006,012 1,005,044
Repayment of securitized debt (736,521) (485,826)
Debt issuance costs (1,205) (3,104)
Deferred stock issuance costs (379)  
Proceeds from issuance of common stock related to warrants exercised 10,908  
Proceeds from issuance of common stock, net 39,931 1,845
Purchase of treasury stock (7,334) (1,550)
Distribution to non-controlling interest (47) (205)
Net cash provided by financing activities 1,296,015 689,865
Net increase in cash, cash equivalents, and restricted cash 46,980 5,334
Cash, cash equivalents, and restricted cash at beginning of period 70,830 61,927
Cash, cash equivalents, and restricted cash at end of period 117,810 67,261
Supplemental cash flow information:    
Cash paid during the period for interest 251,053 183,923
Cash paid during the period for income taxes, net 26,801 22,780
Noncash transactions from investing and financing activities:    
Transfer of loans held for investment to held for sale   35,067
Transfer of loans held for investment to real estate owned 76,738 34,608
Transfer of accrued interest to loans held for investment 1,893 1,118
Transfer of loans held for sale to held for investment   2,612
Recognition of new leases in exchange for lease obligations 1,384 1,164
Deferred stock issuance costs charged against additional paid-in capital $ 488 $ 2