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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net income $ 48,033 $ 44,818
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 264 270
Amortization of right-of-use assets 393 675
Provision for credit losses 2,641 3,470
Origination of loans held for sale (88,484) (45,809)
Proceeds from sales of loans held for sale 86,896 46,954
Net accretion of discount on purchased loans and deferred loan origination costs 1,584 1,991
(Reversal of) provision for uncollectible corporate and escrow advances receivable (209) 587
Loss (gain) on disposition of loans 278 (1,145)
Real estate acquired through foreclosure in excess of recorded investment (7,128) (7,975)
Amortization of debt issuance discount and costs 6,878 5,343
Change in valuation of real estate owned 6,852 4,223
Change in valuation of fair value loans (25,522) (64,742)
Change in valuation of mortgage servicing rights (789) 1,223
Change in valuation of fair value securitized debt (28,551) 21,266
Hedging activities 728 (3,404)
Gain on sale of real estate owned (505) (1,090)
Stock-based compensation 5,774 3,999
Deferred tax expense 2,482 2,096
Change in operating assets and liabilities:    
Accrued interest and other receivables (8,679) (8,150)
Other assets 1,236 (6,159)
Accounts payable and accrued expenses 11,655 12,757
Net cash provided by operating activities 15,827 11,198
Cash flows from investing activities:    
Purchase of loans held for investment (70)  
Origination of loans held for investment (1,223,465) (1,320,002)
Proceeds from sales of loans originally classified as held for investment 103,169  
Payments of loans held for investment 526,186 454,240
Proceeds from sale of real estate owned 36,497 22,537
Capitalized improvement on real estate owned (589) (19)
Change in corporate and escrow advances receivable 1,855 (2,284)
Change in impounds and deposits 5,255 3,075
Purchase of property and equipment (140) (158)
Net cash used in investing activities (551,302) (842,611)
Cash flows from financing activities:    
Warehouse repurchase facilities advances 1,058,400 1,481,924
Warehouse repurchase facilities repayments (1,055,661) (1,498,852)
Proceeds from unsecured financing 500,000  
Repayment of secured financing (215,000)  
Proceeds from securitized debt 912,166 1,334,657
Repayment of securitized debt (647,925) (493,337)
Debt issuance costs (15,873) (1,043)
Deferred stock issuance costs   (379)
Proceeds from issuance of common stock related to warrants exercised   10,908
Proceeds from issuance of common stock 2,646 31,096
Purchase of treasury stock (7,279) (7,155)
Distribution to non-controlling interest (33) (47)
Net cash provided by financing activities 531,441 857,772
Net (decrease) increase in cash, cash equivalents, and restricted cash (4,034) 26,359
Cash, cash equivalents, and restricted cash at beginning of period 249,237 70,830
Cash, cash equivalents, and restricted cash at end of period 245,203 97,189
Supplemental cash flow information:    
Cash paid during the period for interest 197,963 158,869
Cash paid during the period for income taxes, net 12,761 18,743
Noncash transactions from investing and financing activities:    
Transfer of loans held for investment to held for sale 132,438  
Transfer of loans held for investment to real estate owned 58,925 43,063
Transfer of accrued interest to loans held for investment 1,073 1,219
Recognition of new leases in exchange for lease obligations $ 796 1,384
Deferred stock issuance costs charged against additional paid-in capital   $ 379