Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Cash Flows from Operating Activities:
Net income	$ 250,797	$ 237,585
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of deferred financing costs, premiums and discounts on secured borrowings	22,861	25,313
Amortization of discounts and deferred financing costs on unsecured senior notes	5,426	5,048
Accretion of net discount on investment securities	(3,287)	(2,762)
Accretion of net deferred loan fees and discounts	(26,589)	(32,742)
Share-based compensation	26,780	20,714
Manager fees paid in stock	11,396	19,306
Change in fair value of investment securities	(172)	(1,282)
Change in fair value of consolidated VIEs	5,941	43,584
Change in fair value of servicing rights	(3,116)	(1,123)
Change in fair value of loans	(88,271)	(35,408)
Change in fair value of affordable housing fund investments	17,978	7,850
Change in fair value of derivatives	158,614	(56,400)
Foreign currency (gain) loss, net	(118,552)	34,985
Gain on sale of investments and other assets, net	(31,662)	(91,962)
Credit loss (reversal) provision, net	(19,333)	78,548
Depreciation and amortization	24,325	22,385
Earnings from unconsolidated entities	(8,409)	(9,345)
Distributions of earnings from unconsolidated entities	7,738	2,300
(Gain) loss on extinguishment of debt, net	(19,990)	2,559
Origination and purchase of loans held-for-sale, net of principal collections	(646,561)	(497,098)
Proceeds from sale of loans held-for-sale	743,164	358,409
Changes in operating assets and liabilities:
Related-party payable	(13,112)	(16,967)
Accrued and capitalized interest receivable, less purchased interest	(45,690)	(43,540)
Other assets	(33,523)	22,791
Accounts payable, accrued expenses and other liabilities	(65,242)	16,459
Net cash provided by operating activities	151,511	109,207
Cash Flows from Investing Activities:
Origination, purchase and funding of loans held-for-investment	(3,822,158)	(910,014)
Proceeds from principal collections on loans	1,559,497	2,030,875
Proceeds from loans sold	229,867	47,149
Purchase and funding of investment securities	(21,573)	(18,708)
Proceeds from sales and redemptions of investment securities	5,543	1,314
Proceeds from principal collections on investment securities	54,952	77,301
Proceeds from sales of real estate	58,903	198,988
Purchases and additions to properties and other assets	(14,756)	(14,184)
Proceeds from sale of interest in an unconsolidated entity	69,824	0
Distribution of capital from unconsolidated entities	250	0
Cash acquired in foreclosure	733	1,054
Payments for purchase or termination of derivatives	(16,090)	(5,507)
Proceeds from termination of derivatives	36,183	27,907
Net cash (used in) provided by investing activities	(1,858,825)	1,436,175
Cash Flows from Financing Activities:
Proceeds from borrowings	6,659,763	2,897,949
Principal repayments on and repurchases of borrowings	(4,716,024)	(3,999,367)
Payment of deferred financing costs	(29,684)	(26,834)
Net proceeds from issuance of common stock	33,155	1,996
Payment of dividends	(326,033)	(304,887)
Contributions from non-controlling interests	1,489	0
Distributions to non-controlling interests	(18,673)	(21,957)
Issuance of debt of consolidated VIEs	0	5,779
Repayment of debt of consolidated VIEs	(61,870)	(215)
Distributions of cash from consolidated VIEs	85,229	28,193
Net cash provided by (used in) financing activities	1,627,352	(1,419,343)
Net (decrease) increase in cash, cash equivalents and restricted cash	(79,962)	126,039
Cash, cash equivalents and restricted cash, beginning of period	553,995	311,972
Effect of exchange rate changes on cash	832	(2,309)
Cash, cash equivalents and restricted cash, end of period	474,865	435,702
Supplemental disclosure of cash flow information:
Cash paid for interest	561,948	668,388
Income taxes paid (refunded)	154	(46)
Supplemental disclosure of non-cash investing and financing activities:
Dividends declared with respect to the second quarter, but not yet paid	164,898	152,830
Consolidation of VIEs (VIE asset/liability additions)	717,180	0
Deconsolidation of VIEs (VIE asset/liability reductions)	62,461	711,975
Net assets acquired through foreclosure or equity control:
Assets acquired, less cash	194,881	178,821
Liabilities assumed	2,489	2,859
Loan principal collections temporarily held at master servicer	6,406	12,987
Redemption of Class A Units for common stock	1,389	0
Debt assumed by purchaser in sale of real estate	0	(194,900)
Reclassification of loans held-for-investment to loans held-for-sale	$ 0	$ 48,695