Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash Flows from Operating Activities:
Net income	$ 418,157	$ 1,059,061	$ 492,426
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Amortization of deferred financing costs, premiums and discounts on secured borrowings	50,467	47,662	43,199
Amortization of discounts and deferred financing costs on unsecured senior notes	9,365	8,782	7,076
Accretion of net discount on investment securities	(8,498)	(12,227)	(13,513)
Accretion of net deferred loan fees and discounts	(67,112)	(62,557)	(57,948)
Share-based compensation	39,247	40,185	39,287
Manager fees paid in stock	15,323	43,141	17,040
Change in fair value of investment securities	(767)	2,204	387
Change in fair value of consolidated VIEs	(33,158)	25,159	(20,070)
Change in fair value of servicing rights	(1,594)	(1,010)	(3,578)
Change in fair value of loans	(62,702)	346,222	(69,050)
Change in fair value of affordable housing fund investments	(251,831)	(720,693)	(402)
Change in fair value of derivatives	128,218	(329,204)	(90,126)
Foreign currency (gain) loss, net	(60,834)	96,956	36,292
Gain on sale of investments and other assets	(25,729)	(137,611)	(38,984)
Impairment charges on properties and related intangibles	124,902	55	0
Credit loss provision, net	243,728	46,657	8,335
Depreciation and amortization	54,296	53,941	84,591
(Earnings) loss from unconsolidated entities	(16,722)	6,323	(8,752)
Distributions of earnings from unconsolidated entities	8,847	5,354	4,708
Loss on extinguishment of debt	1,238	986	7,428
Origination and purchase of loans held-for-sale, net of principal collections	(571,005)	(4,437,448)	(5,172,721)
Proceeds from sale of loans held-for-sale	770,733	4,153,003	3,831,712
Changes in operating assets and liabilities:
Related-party payable, net	3,630	(35,185)	37,201
Accrued and capitalized interest receivable, less purchased interest	(155,831)	(201,500)	(136,772)
Other assets	(65,780)	44,118	(28,437)
Accounts payable, accrued expenses and other liabilities	(17,991)	171,367	40,696
Net cash provided by (used in) operating activities	528,597	213,741	(989,975)
Cash Flows from Investing Activities:
Origination, purchase and funding of loans held-for-investment	(2,717,720)	(5,544,012)	(8,637,213)
Proceeds from principal collections on loans	3,337,402	2,096,777	4,024,958
Proceeds from loans sold	95,271	101,683	344,221
Purchase and funding of investment securities	(11,578)	(86,512)	(198,358)
Proceeds from sales and redemptions of investment securities	3,042	0	0
Proceeds from principal collections on investment securities	90,348	115,947	87,450
Proceeds from sales of real estate	73,569	203,702	98,210
Purchases and additions to properties and other assets	(25,085)	(25,225)	(26,272)
Investments in unconsolidated entities	(2,603)	(461)	(1,312)
Distribution of capital from unconsolidated entities	10,977	3,375	30,448
Cash resulting from initial consolidation of entities	824	617	0
Cash reclassified to investments of affordable housing fund	0	0	(28,094)
Payments for purchase or early termination of derivatives	(42,411)	(19,077)	(33,902)
Proceeds from early termination of derivatives	43,038	202,880	58,210
Net cash provided by (used in) investing activities	855,074	(2,950,306)	(4,281,654)
Cash Flows from Financing Activities:
Proceeds from borrowings	6,559,959	13,521,148	17,436,866
Principal repayments on and repurchases of borrowings	(7,473,900)	(9,888,088)	(11,929,179)
Payment of deferred financing costs	(20,990)	(69,820)	(71,858)
Proceeds from common stock issuances	2,997	51,517	394,086
Payment of equity offering costs	0	(1,074)	(720)
Payment of dividends	(601,192)	(591,457)	(553,930)
Contributions from non-controlling interests	2,724	21,925	219,757
Distributions to non-controlling interests	(45,368)	(49,452)	(43,950)
Issuance of debt of consolidated VIEs	0	0	69,398
Repayment of debt of consolidated VIEs	(48,435)	(290,232)	(767,427)
Distributions of cash from consolidated VIEs	169,642	93,412	120,060
Net cash (used in) provided by financing activities	(1,454,563)	2,797,879	4,873,103
Net (decrease) increase in cash, cash equivalents and restricted cash	(70,892)	61,314	(398,526)
Cash, cash equivalents and restricted cash, beginning of period	382,133	321,914	722,162
Effect of exchange rate changes on cash	731	(1,095)	(1,722)
Cash, cash equivalents and restricted cash, end of period	311,972	382,133	321,914
Supplemental disclosure of cash flow information:
Cash paid for interest	1,351,533	671,186	386,918
Income taxes paid (refunded), net	1,670	(7,862)	7,793
Supplemental disclosure of non-cash investing and financing activities:
Dividends declared, but not yet paid	153,705	152,443	148,527
Consolidation of VIEs (VIE asset/liability additions)	722,039	4,361,325	5,332,754
Deconsolidation of VIEs (VIE asset/liability reductions)	0	730,013	935,855
Net assets acquired through foreclosure, equity control or conversion to equity interest:
Assets acquired, less cash	101,963	406,705	36,308
Liabilities assumed	983	95,691	0
Loan principal collections temporarily held at master servicer	124,314	429	31,681
Reclassification of loans held-for-investment to loans held-for-sale	41,392	113,710	267,557
Reclassification of loans held-for-sale to loans held-for-investment	0	0	155,548
Lease liabilities arising from obtaining right-of-use assets	0	29,821	1,430
Unsettled derivative transactions	0	2,323	0
Transfer of loans from VIE assets to residential loans upon redemption of consolidated RMBS trusts	0	0	526,679
Redemption of Class A Units for common stock	$ 0	$ 0	$ 17,738