CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Operating activities:
Net income	$ 79,690	$ 135,044
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	9,592	4,994
Stock-based compensation	8,545	8,772
Amortization and accretion of interest and fees, net	6,549	(1,928)
Amortization of capitalized mortgage servicing rights	35,525	33,518
Originations of loans held-for-sale	(1,467,283)	(2,017,127)
Proceeds from sales of loans held-for-sale, net of gain on sale	1,537,874	2,220,661
Mortgage servicing rights	(19,061)	(24,733)
Write-off of capitalized mortgage servicing rights from payoffs	5,164	4,418
Provision for loss sharing (net of recoveries)	6,002	4,607
Provision for credit losses (net of recoveries)	28,079	48,682
Net recoveries for loss sharing obligations	605	320
Deferred tax benefit	(1,741)	(6,896)
Income from equity affiliates	(1,020)	(4,211)
Distributions from operations of equity affiliates	4,138	12,029
Change in fair value of held-for-sale loans	(2,788)	31
(Gain) loss on derivative instruments, net	(3,619)	5,533
Loss on extinguishment of debt	2,319	412
(Loss) gain on real estate	4,258	(3,813)
Payoffs and paydowns of loans held-for-sale	6,503	1,353
Changes in operating assets and liabilities	(28,734)	(91,778)
Net cash provided by operating activities	210,597	329,888
Investing Activities:
Loans and investments funded, originated and purchased, net	(1,484,429)	(615,518)
Payoffs and paydowns of loans and investments	962,014	1,345,861
Deferred fees	16,002	10,594
Proceeds from sale of real estate, net	0	13,928
Contributions to equity affiliates	(6,507)	(12,612)
Distributions from equity affiliates	7,905	11,224
Payoffs and paydowns of securities held-to-maturity	121	166
Investment in real estate, net	(14,007)	0
Change in due to borrowers and reserves	(3,224)	(35,650)
Net cash (used in) provided by investing activities	(522,125)	717,993
Financing activities:
Proceeds from credit and repurchase facilities	4,936,438	4,554,034
Payoffs and paydowns of credit and repurchase facilities	(3,774,678)	(4,638,895)
Payoffs and paydowns of securitized debt	(1,599,961)	(1,224,857)
Proceeds from issuance of securitized debt	491,416	0
Proceeds from mortgage note payable - REO	177,534	0
Payoffs and paydowns of mortgage notes payable - REO	(67,812)	(8,900)
Proceeds from issuance of common stock	30,801	0
Payoffs and paydowns of senior unsecured notes	0	(90,000)
Payments of withholding taxes on net settlement of vested stock	(3,125)	(3,086)
Repurchase of common stock	0	(11,408)
Distributions to stockholders	(172,441)	(197,288)
Payment of deferred financing costs	(18,560)	(8,975)
Redemption of operating partnership units	(1,577)	0
Net cash used in financing activities	(1,965)	(1,629,375)
Net decrease in cash, cash equivalents and restricted cash	(313,493)	(581,494)
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	346,686	955,713
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	255,742	737,485
Restricted cash at end of period	90,944	218,228
Cash, cash equivalents and restricted cash at end of period	346,686	955,713
Supplemental cash flow information:
Cash used to pay interest	325,903	413,554
Cash used to pay taxes	11,122	16,132
Supplemental schedule of non-cash investing and financing activities:
Real estate acquired in settlement of loans and investments, net	355,954	101,250
Settlement of loans and investments, net of real estate	(376,059)	(100,250)
Derecognition of real estate owned	175,882	95,250
Loan funded in conjunction with real estate sold	(183,955)	(95,250)
Distributions accrued on preferred stock	$ 7,010	$ 7,010