(1) Includes income allocated to the noncontrolling interest holders not allocated to the two reportable segments.


	December 31, 2022
	Structured Business		Agency Business		Consolidated
Assets:
Cash and cash equivalents	$	200,514	$	333,843	$	534,357
Restricted cash		713,615		193		713,808
Loans and investments, net		14,254,674		—		14,254,674
Loans held-for-sale, net		—		354,070		354,070
Capitalized mortgage servicing rights, net		—		401,471		401,471
Securities held-to-maturity, net		—		156,547		156,547
Investments in equity affiliates		79,130		—		79,130
Goodwill and other intangible assets		12,500		83,569		96,069
Other assets and due from related party		367,837		81,022		448,859
Total assets	$	15,628,270	$	1,410,715	$	17,038,985

Liabilities:
Debt obligations	$	13,195,120	$	305,442	$	13,500,562
Allowance for loss-sharing obligations		—		57,168		57,168
Other liabilities and due to related parties		299,559		109,817		409,376
Total liabilities	$	13,494,679	$	472,427	$	13,967,106


	December 31, 2021
Assets:
Cash and cash equivalents	$	142,771	$	261,809	$	404,580
Restricted cash		468,013		18,677		486,690
Loans and investments, net		11,981,048		—		11,981,048
Loans held-for-sale, net		—		1,093,609		1,093,609
Capitalized mortgage servicing rights, net		—		422,734		422,734
Securities held-to-maturity, net		—		140,484		140,484
Investments in equity affiliates		89,676		—		89,676
Goodwill and other intangible assets		12,500		88,260		100,760
Other assets and due from related party		285,600		68,664		354,264
Total assets	$	12,979,608	$	2,094,237	$	15,073,845

Liabilities:
Debt obligations	$	11,100,429	$	956,272	$	12,056,701
Allowance for loss-sharing obligations		—		56,064		56,064
Other liabilities and due to related parties		278,726		132,370		411,096
Total liabilities	$	11,379,155	$	1,144,706	$	12,523,861


	Year Ended December 31,
	2022			2021			2020
Origination Data:
Structured Business
Bridge loans (1)	$	6,082,041		$	9,490,402		$	2,312,061
Mezzanine / Preferred Equity		69,606			203,875			76,722
SFR - Permanent loans		—			26,238			44,896
Total new loan originations	$	6,151,647		$	9,720,515		$	2,433,679

(1) 2022 and 2021 includes 132 and 103 SFR loans, respectively, with a UPB of $613.8 million and $389.2 million, respectively. During 2022, 2021 and 2020, we committed to fund SFR loans totaling $1.08 billion, $729.5 million and $261.5 million, respectively.

Loan runoff	$	3,818,554		$	2,516,771		$	1,208,071

Agency Business
Origination Volumes by Investor:
Fannie Mae	$	2,919,566		$	3,389,312		$	5,041,925
Freddie Mac		1,353,001			1,016,142			960,508
Private Label		217,542			1,436,853			382,191
FHA		188,394			430,320			327,345
SFR - Fixed Rate		89,683			136,931			—
Total	$	4,768,186		$	6,409,558		$	6,711,969
Total loan commitment volume	$	5,146,718		$	6,347,752		$	6,810,666

Agency Business Loan Sales Data:
Fannie Mae	$	3,139,414		$	3,675,763		$	4,771,113
Freddie Mac		1,456,595			1,081,702			816,802
Private Label		515,086			985,094			727,154
FHA		241,457			480,275			272,659
SFR - Fixed Rate		86,071			192,335			—
Total	$	5,438,623		$	6,415,169		$	6,587,728
Sales margin (fee-based services as a % of loan sales) (1)		1.34	%		1.92	%		1.44	%
MSR rate (MSR income as a % of loan commitments)		1.35	%		2.05	%		2.43	%