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v3.23.1

Segment Information | 3 Months Ended
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Mar. 31, 2023
Segment Information |
Segment Information | Note 18 — Segment Information ​ The summarized statements of income and balance sheet data, as well as certain other data, by segment are included in the following tables ($ in thousands). Specifically identifiable costs are recorded directly to each business segment. For items not specifically identifiable, costs have been allocated between the business segments using the most meaningful allocation methodologies, which was predominately direct labor costs (i.e., time spent working on each business segment). Such costs include, but are not limited to, compensation and employee related costs, selling and administrative expenses and stock-based compensation. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31, 2023
​ | ​ | Structured | ​ | Agency | ​ | Other / | ​ | ​ | ​
​ |  | Business |  | Business |  | Eliminations (1) |  | Consolidated
Interest income | ​ | $ | 317,376 | ​ | $ | 10,571 | ​ | $ | — | ​ | $ | 327,947
Interest expense |  | ​ | 214,894 | ​ | ​ | 4,479 | ​ | ​ | — | ​ | ​ | 219,373
Net interest income |  | ​ | 102,482 | ​ | ​ | 6,092 | ​ | ​ | — | ​ | ​ | 108,574
Other revenue: |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Gain on sales, including fee-based services, net |  | ​ | — | ​ | ​ | 14,589 | ​ | ​ | — | ​ | ​ | 14,589
Mortgage servicing rights |  | ​ | — | ​ | ​ | 18,458 | ​ | ​ | — | ​ | ​ | 18,458
Servicing revenue | ​ | ​ | — | ​ | ​ | 44,981 | ​ | ​ | — | ​ | ​ | 44,981
Amortization of MSRs |  | ​ | — | ​ | ​ | (15,416) | ​ | ​ | — | ​ | ​ | (15,416)
Property operating income |  | ​ | 1,381 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,381
Gain on derivative instruments, net |  | ​ | — | ​ | ​ | 4,223 | ​ | ​ | — | ​ | ​ | 4,223
Other income, net |  | ​ | 1,908 | ​ | ​ | 2,974 | ​ | ​ | — | ​ | ​ | 4,882
Total other revenue |  | ​ | 3,289 | ​ | ​ | 69,809 | ​ | ​ | — | ​ | ​ | 73,098
Other expenses: |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Employee compensation and benefits |  | ​ | 15,641 | ​ | ​ | 26,758 | ​ | ​ | — | ​ | ​ | 42,399
Selling and administrative |  | ​ | 6,711 | ​ | ​ | 6,912 | ​ | ​ | — | ​ | ​ | 13,623
Property operating expenses |  | ​ | 1,383 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,383
Depreciation and amortization | ​ | ​ | 1,451 | ​ | ​ | 1,173 | ​ | ​ | — | ​ | ​ | 2,624
Provision for loss sharing (net of recoveries) |  | ​ | — | ​ | ​ | 3,177 | ​ | ​ | — | ​ | ​ | 3,177
Provision for credit losses (net of recoveries) |  | ​ | 20,645 | ​ | ​ | 1,872 | ​ | ​ | — | ​ | ​ | 22,517
Total other expenses |  | ​ | 45,831 | ​ | ​ | 39,892 | ​ | ​ | — | ​ | ​ | 85,723
Income before income from equity affiliates and income taxes | ​ | ​ | 59,940 | ​ | ​ | 36,009 | ​ | ​ | — | ​ | ​ | 95,949
Income from equity affiliates |  | ​ | 14,326 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 14,326
Benefit from (provision for) income taxes |  | ​ | 429 | ​ | ​ | (8,458) | ​ | ​ | — | ​ | ​ | (8,029)
Net income |  | ​ | 74,695 | ​ | ​ | 27,551 | ​ | ​ | — | ​ | ​ | 102,246
Preferred stock dividends |  | ​ | 10,342 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 10,342
Net income attributable to noncontrolling interest |  | ​ | — | ​ | ​ | — | ​ | ​ | 7,585 | ​ | ​ | 7,585
Net income attributable to common stockholders | ​ | $ | 64,353 | ​ | $ | 27,551 | ​ | $ | (7,585) | ​ | $ | 84,319
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31, 2022
​ | ​ | Structured | ​ | Agency | ​ | Other / | ​ | ​ |
​ |  | Business |  | Business |  | Eliminations (1) |  | Consolidated
Interest income |  | $ | 156,260 |  | $ | 10,438 |  | $ | — |  | $ | 166,698
Interest expense | ​ | ​ | 78,202 | ​ | ​ | 4,357 | ​ | ​ | — | ​ | ​ | 82,559
Net interest income | ​ | ​ | 78,058 | ​ | ​ | 6,081 | ​ | ​ | — | ​ | ​ | 84,139
Other revenue: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Gain on sales, including fee-based services, net | ​ | ​ | — | ​ | ​ | 1,656 | ​ | ​ | — | ​ | ​ | 1,656
Mortgage servicing rights | ​ | ​ | — | ​ | ​ | 15,312 | ​ | ​ | — | ​ | ​ | 15,312
Servicing revenue | ​ | ​ | — | ​ | ​ | 36,026 | ​ | ​ | — | ​ | ​ | 36,026
Amortization of MSRs | ​ | ​ | — | ​ | ​ | (14,972) | ​ | ​ | — | ​ | ​ | (14,972)
Property operating income | ​ | ​ | 295 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 295
Gain on derivative instruments, net | ​ | ​ | — | ​ | ​ | 17,386 | ​ | ​ | — | ​ | ​ | 17,386
Other income, net | ​ | ​ | 3,196 | ​ | ​ | 4 | ​ | ​ | — | ​ | ​ | 3,200
Total other revenue | ​ | ​ | 3,491 | ​ | ​ | 55,412 | ​ | ​ | — | ​ | ​ | 58,903
Other expenses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Employee compensation and benefits | ​ | ​ | 15,487 | ​ | ​ | 26,538 | ​ | ​ | — | ​ | ​ | 42,025
Selling and administrative | ​ | ​ | 7,409 | ​ | ​ | 7,139 | ​ | ​ | — | ​ |  | 14,548
Property operating expenses | ​ | ​ | 535 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 535
Depreciation and amortization | ​ | ​ | 810 | ​ | ​ | 1,173 | ​ | ​ | — | ​ | ​ | 1,983
Provision for loss sharing (net of recoveries) | ​ | ​ | — | ​ | ​ | (662) | ​ | ​ | — | ​ | ​ | (662)
Provision for credit losses (net of recoveries) | ​ | ​ | 2,069 | ​ | ​ | 289 | ​ | ​ | — | ​ | ​ | 2,358
Total other expenses | ​ | ​ | 26,310 | ​ | ​ | 34,477 | ​ | ​ | — | ​ | ​ | 60,787
Income before extinguishment of debt, income from equity affiliates and income taxes | ​ | ​ | 55,239 | ​ | ​ | 27,016 | ​ | ​ | — | ​ | ​ | 82,255
Loss on extinguishment of debt | ​ | ​ | (1,350) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (1,350)
Income from equity affiliates | ​ | ​ | 7,212 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 7,212
Provision for income taxes | ​ | ​ | (1,432) | ​ | ​ | (6,756) | ​ | ​ | — | ​ | ​ | (8,188)
Net income | ​ | ​ | 59,669 | ​ | ​ | 20,260 | ​ | ​ | — | ​ | ​ | 79,929
Preferred stock dividends | ​ | ​ | 9,056 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 9,056
Net income attributable to noncontrolling interest | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 6,816 | ​ | ​ | 6,816
Net income attributable to common stockholders |  | $ | 50,613 |  | $ | 20,260 |  | $ | (6,816) |  | $ | 64,057
(1) | Includes income allocated to the noncontrolling interest holders not allocated to the two reportable segments.
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2023
​ |  | Structured Business |  | Agency Business |  | Consolidated
Assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and cash equivalents | ​ | $ | 405,596 | ​ | $ | 368,948 | ​ | $ | 774,544
Restricted cash | ​ | ​ | 702,360 | ​ | ​ | 2,484 | ​ | ​ | 704,844
Loans and investments, net | ​ | ​ | 13,430,985 | ​ | ​ | — | ​ | ​ | 13,430,985
Loans held-for-sale, net | ​ | ​ | — | ​ | ​ | 469,602 | ​ | ​ | 469,602
Capitalized mortgage servicing rights, net | ​ | ​ | — | ​ | ​ | 396,634 | ​ | ​ | 396,634
Securities held-to-maturity, net | ​ | ​ | — | ​ | ​ | 153,888 | ​ | ​ | 153,888
Investments in equity affiliates | ​ | ​ | 77,641 | ​ | ​ | — | ​ | ​ | 77,641
Goodwill and other intangible assets | ​ | ​ | 12,500 | ​ | ​ | 82,396 | ​ | ​ | 94,896
Other assets and due from related party | ​ | ​ | 413,846 | ​ | ​ | 71,344 | ​ | ​ | 485,190
Total assets | ​ | $ | 15,042,928 | ​ | $ | 1,545,296 | ​ | $ | 16,588,224
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Debt obligations | ​ | $ | 12,571,630 | ​ | $ | 421,985 | ​ | $ | 12,993,615
Allowance for loss-sharing obligations | ​ | ​ | — | ​ | ​ | 59,757 | ​ | ​ | 59,757
Other liabilities and due to related parties | ​ | ​ | 268,048 | ​ | ​ | 109,347 | ​ | ​ | 377,395
Total liabilities | ​ | $ | 12,839,678 | ​ | $ | 591,089 | ​ | $ | 13,430,767
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2022
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
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31, | ​
​ |  | 2023 |  | 2022 |
Origination Data: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Structured Business | ​ | ​ | ​ | ​ | ​ | ​ | ​
Bridge loans (1) | ​ | $ | 262,189 | ​ | $ | 2,820,716 | ​
Mezzanine / Preferred Equity | ​ | ​ | 5,845 | ​ | ​ | 8,139 | ​
Total new loan originations | ​ | $ | 268,034 | ​ | $ | 2,828,855 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Loan runoff | ​ | $ | 1,186,649 | ​ | $ | 666,551 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Agency Business | ​ | ​ | ​ | ​ | ​ | ​ | ​
Origination Volumes by Investor: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fannie Mae | ​ | $ | 795,021 | ​ | $ | 449,680 | ​
FHA | ​ | ​ | 148,940 | ​ | ​ | 11,990 | ​
Freddie Mac | ​ | ​ | 101,332 | ​ | ​ | 299,072 | ​
Private Label | ​ | ​ | 41,107 | ​ | ​ | 72,896 | ​
SFR - Fixed Rate | ​ | ​ | 5,461 | ​ | ​ | 4,871 | ​
Total | ​ | $ | 1,091,861 | ​ | $ | 838,509 | ​
Total loan commitment volume | ​ | $ | 1,500,110 | ​ | $ | 975,132 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Agency Business Loan Sales Data: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fannie Mae | ​ | $ | 651,758 | ​ | $ | 666,544 | ​
Private Label | ​ | ​ | 159,945 | ​ | ​ | 489,269 | ​
Freddie Mac | ​ | ​ | 68,457 | ​ | ​ | 359,086 | ​
FHA | ​ | ​ | 43,475 | ​ | ​ | 71,816 | ​
SFR - Fixed Rate | ​ | ​ | 9,064 | ​ | ​ | — | ​
Total | ​ | $ | 932,699 | ​ | $ | 1,586,715 | ​
Sales margin (fee-based services as a % of loan sales) (2) | ​ | ​ | 1.56 | % | ​ | 1.18 | %
MSR rate (MSR income as a % of loan commitments) | ​ | ​ | 1.23 | % | ​ | 1.57 | %
(1) | 2023 and 2022 includes 20 and 35 SFR loans, respectively, with a UPB of $76.1 million and $133.4 million, respectively. During 2023 and 2022, we committed to fund SFR loans totaling $54.4 million and $83.3 million, respectively.
(2) | 2022 includes $17.1 million of gains recognized on Swaps related to the Private Label loans sold in the three months ended March 31, 2022, which is included in gain on derivative instruments, net in the consolidated statements of income.
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2023
​ | ​ | ​ | ​ | ​ | Wtd. Avg. Servicing | ​ | Wtd. Avg. Life of
​ | ​ | Servicing | ​ | Fee Rate | ​ | Servicing Portfolio
Key Servicing Metrics for Agency Business: |  | Portfolio UPB |  | (basis points) |  | (years)
Fannie Mae | ​ | $ | 19,508,256 | ​ | 49.5 | ​ | 8.0
Freddie Mac | ​ | ​ | 5,180,607 | ​ | 24.7 | ​ | 9.1
Private Label | ​ | ​ | 2,233,500 | ​ | 19.6 | ​ | 7.7
FHA | ​ | ​ | 1,242,669 | ​ | 14.7 | ​ | 19.8
Bridge | ​ | ​ | 467,881 | ​ | 11.6 | ​ | 2.9
SFR - Fixed Rate | ​ | ​ | 279,712 | ​ | 20.0 | ​ | 5.9
Total | ​ | $ | 28,912,625 | ​ | 40.3 | ​ | 8.6
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | December 31, 2022
Fannie Mae |  | $ | 19,038,124 |  | 50.2 |  | 8.0
Freddie Mac | ​ | ​ | 5,153,207 | ​ | 25.0 | ​ | 9.0
Private Label | ​ | ​ | 2,074,859 | ​ | 18.5 | ​ | 7.6
FHA | ​ | ​ | 1,155,893 | ​ | 14.9 | ​ | 19.5
Bridge | ​ | ​ | 301,182 | ​ | 12.5 | ​ | 1.7
SFR - Fixed Rate | ​ | ​ | 274,764 | ​ | 19.8 | ​ | 6.0
Total | ​ | $ | 27,998,029 | ​ | 41.1 | ​ | 8.6
​

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