CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash Flows From Operating Activities
Net income	$ 941,492	$ 630,674	$ 983,285
Adjustments to reconcile net income to net cash flows from operating activities:
Change in fair value of investments, net	336,946	922,072	(1,056,662)
Change in fair value of secured notes and bonds payable	5,885	17,155	(45,792)
(Gain) loss on settlement of investments, net	(129,353)	(820,238)	1,354,263
Gain on sale of originated residential mortgage loans, held-for-sale, net	(682,535)	(533,477)	(1,092,749)
(Gain) loss on transfer of loans to real estate owned (“REO”)	(789)	(10,224)	(7,726)
Accretion and other amortization	(87,713)	(106,421)	(80,957)
Provision for (reversal of) credit losses on securities, loans and REO	(319)	(478)	14,962
Non-cash portions of servicing revenue, net	251,214	618,005	(639,945)
Deferred tax provision	254,402	90,002	271,167
Mortgage loans originated and purchased for sale, net of fees	(60,360,268)	(39,817,843)	(76,344,856)
Sales proceeds and loan repayment proceeds for residential mortgage loans, held-for-sale	57,315,698	39,340,813	81,547,076
Loan originations and draws of consolidated entities	0	0	(75,406)
Loan repayment proceeds of consolidated entities	386,668	278,920	431,065
Residential transition loans repayment proceeds of consolidated CFEs	0	353,994	170,834
Interest received from servicer advance investments, RMBS, loans and other	56,170	54,485	62,375
Interest received from reverse repurchase agreements	57,423	0	0
Principal repayments and sales proceeds of investments of consolidated CFEs	318,877	0	0
Loan originations and investment purchases of consolidated CFEs	(474,120)	0	0
Changes in:
Servicer advances receivable, net	(222,862)	15,022	(36,695)
Other assets	(63,179)	(428,763)	405,469
Due to affiliates	0	0	(17,819)
Accrued expenses and other liabilities	(88,838)	89,897	(89,003)
Net cash provided by (used in) operating activities	(2,185,201)	693,595	5,752,886
Cash Flows From Investing Activities
Business acquisitions, net of cash acquired	(603,778)	(306,770)	0
Purchase of servicer advance investments	(781,896)	(852,015)	(988,847)
Purchase of Excess MSRs	(122,887)	0	0
Purchase of government-backed and other securities	(1,249,562)	(4,094,934)	(15,629,483)
Proceeds from sale of government-backed and other securities	2,583,782	2,087,419	14,565,043
Purchase of Treasury securities	(12,360,987)	(998,148)	0
Treasury sales and Treasury securities payable	7,238,851	1,765,360	0
Maturity of Treasury securities	75,000	1,030,000	0
Reverse repurchase agreements entered	(2,287,188)	(1,769,601)	0
Reverse repurchase agreements closed	4,060,788	0	0
Purchase of residential mortgage loans	0	0	(7,182)
Purchase of SFR properties, MSRs and other assets	(449,931)	(106,351)	(416,610)
Purchase of residential transition loans	0	(146,631)	0
Origination of residential transition loans	(2,873,016)	0	0
Draws on revolving consumer loans	(24,091)	(27,510)	(29,615)
Net settlement of derivatives and hedges	129,401	867,637	311,073
Return of investments in Excess MSRs	38,188	31,940	17,701
Return of investments in equity method investees	32,358	0	0
Principal repayments from servicer advance investments	808,963	880,861	1,033,326
Principal repayments from government, government-backed and other securities	751,318	639,736	1,026,186
Principal repayments from residential mortgage loans	45,159	47,735	85,836
Principal repayments from consumer loans	560,518	439,540	140,574
Loan originations and investment purchases of consolidated CFEs	(4,766)	0	0
Settlement of sale of MSRs and MSR financing receivables	(8,305)	705,300	10,698
Proceeds from sale of REO	30,327	23,153	14,201
Net cash provided by (used in) investing activities	(2,425,156)	216,721	132,901
Cash Flows From Financing Activities
Repayments of secured financing agreements	(68,587,878)	(48,921,875)	(55,998,234)
Repayments of warehouse credit facilities including those related to the initial consolidation of CLOs	(65,260,271)	(41,096,041)	(83,793,352)
Repayment of unsecured senior notes	(275,000)	0	0
Net settlement of margin deposits under repurchase agreements and derivatives	(611,229)	(862,662)	1,460,458
Repayments of secured notes and bonds payable	(5,803,196)	(7,636,954)	(4,696,136)
Deferred financing fees	(17,915)	(7,364)	(11,062)
Dividends paid on common and preferred stock	(588,058)	(570,878)	(558,301)
Borrowings under secured financing agreements	70,352,653	50,079,186	54,385,892
Borrowings under warehouse credit facilities	67,274,958	41,065,479	76,069,417
Borrowings under notes receivable financing	364,977	0	0
Borrowings under secured notes and bonds payable	5,529,900	6,669,483	5,868,761
Proceeds from issuance of unsecured senior notes	767,103	0	0
Proceeds from issuance of debt obligations of consolidated CFEs	2,013,765	725,901	1,919,160
Repayments of debt obligations of consolidated CFEs	(725,946)	(269,563)	(430,042)
Issuance of common and preferred stock	409,957	0	0
Repurchase of common and preferred stock	0	0	(5,227)
Noncontrolling interest in equity of consolidated subsidiaries - contributions	42,627	0	0
Noncontrolling interest in equity of consolidated subsidiaries - distributions	(29,334)	(17,261)	(27,047)
Payment of contingent consideration	0	0	(2,355)
Purchase of noncontrolling interest	(26,042)	0	0
Net cash provided by (used in) financing activities	4,831,071	(842,549)	(5,818,068)
Net Increase in Cash, Cash Equivalents and Restricted Cash	220,714	67,767	67,719
Cash, Cash Equivalents and Restricted Cash, Beginning of Period	1,697,095	1,629,328	1,561,609
Cash, Cash Equivalents and Restricted Cash, End of Period	1,917,809	1,697,095	1,629,328
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest	1,741,014	1,484,094	825,224
Cash paid during the period for income taxes	12,178	6,524	4,012
Supplemental Schedule of Non-Cash Investing and Financing Activities
Dividends declared but not paid on common and preferred stock	153,114	143,199	140,984
Transfer from residential mortgage loans to real estate owned and other assets	8,425	21,943	14,936
Real estate securities retained from loan securitizations	51,536	0	0
Residential mortgage loans subject to repurchase	2,745,756	1,782,998	1,219,890
Purchase of Agency RMBS, settled after quarter-end	0	0	731,216
Cashless exercise of warrants and options	9	93	69
Liabilities related to the initial consolidation of CLOs	512,590	0	0
Liabilities related to deconsolidated CFEs	352,900	0	0
Marcus Acquisition
Supplemental Schedule of Non-Cash Investing and Financing Activities
Seller financing in acquisition	0	1,317,347	0
CPX Acquisition
Supplemental Schedule of Non-Cash Investing and Financing Activities
Seller financing in acquisition	0	323,452	0
Consolidated Entity, Excluding Consolidated VIE
Cash Flows From Investing Activities
Proceeds from principal repayment, loan, mortgage receivable	1,393,658	0	0
Variable Interest Entity, Primary Beneficiary
Cash Flows From Investing Activities
Proceeds from principal repayment, loan, mortgage receivable	$ 592,940	$ 0	$ 0