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Segment Information (Tables)

3 Months Ended

Mar. 31, 2023


	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