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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net income $ 22,299 $ 18,648
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 133 138
Amortization of right-of-use assets 187 469
Provision for credit losses 1,661 1,872
Origination of loans held for sale (2,226) (4,886)
Proceeds from sales of loans held for sale 2,270  
Net accretion of discount on purchased loans and deferred loan origination costs 809 954
(Reversal of) provision for uncollectible corporate and escrow advances receivable (84) 627
Gain on disposition of loans (64)  
Real estate acquired through foreclosure in excess of recorded investment (2,832) (2,834)
Amortization of debt issuance discount and costs 4,037 2,894
Change in valuation of real estate owned 3,217 2,073
Change in valuation of fair value loans (1,039) (34,836)
Change in valuation of mortgage servicing rights 337 1,081
Change in valuation of fair value securitized debt (26,254) 13,682
Hedging activities 134 (1,552)
Loss (gain) on sale of real estate owned 129 (300)
Stock-based compensation 2,695 1,970
Deferred tax expense 4,079 2,963
Change in operating assets and liabilities:    
Accrued interest and other receivables (3,086) (5,004)
Other assets 3,632 430
Accounts payable and accrued expenses 2,052 5,147
Net cash provided by operating activities 12,086 3,536
Cash flows from investing activities:    
Purchase of loans held for investment (70)  
Origination of loans held for investment (637,146) (635,537)
Payments of loans held for investment 266,873 228,322
Proceeds from sale of real estate owned 18,470 8,019
Capitalized improvement on real estate owned (298) (19)
Change in corporate and escrow advances receivable (1,467) (1,859)
Change in impounds and deposits 2,308 (259)
Purchase of property and equipment (42) (80)
Net cash used in investing activities (351,372) (401,413)
Cash flows from financing activities:    
Warehouse repurchase facilities advances 374,404 819,529
Warehouse repurchase facilities repayments (585,489) (597,740)
Proceeds from unsecured financing 500,000  
Repayment of secured financing (215,000)  
Proceeds of securitized debt 513,725 415,680
Repayment of securitized debt (365,907) (262,319)
Debt issuance costs (15,064) (253)
Deferred stock issuance costs   (24)
Proceeds from issuance of common stock, net   28,797
Purchase of treasury stock (4,537) (2,162)
Distribution to non-controlling interest (33)  
Net cash provided by financing activities 202,099 401,508
Net (decrease) increase in cash, cash equivalents, and restricted cash (137,187) 3,631
Cash, cash equivalents, and restricted cash at beginning of period 249,237 70,830
Cash, cash equivalents, and restricted cash at end of period 112,050 74,461
Supplemental cash flow information:    
Cash paid during the period for interest 100,415 78,344
Cash paid during the period for income taxes, net 699 771
Noncash transactions from investing and financing activities:    
Transfer of loans held for investment to real estate owned 32,245 22,384
Transfer of accrued interest to loans held for investment 642 699
Recognition of new leases in exchange for lease obligations $ 403 814
Deferred stock issuance costs charged against additional paid-in capital   $ 255