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v3.23.2

Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2023
Segment Reporting [Abstract] |
Schedule of Statement of Income and Balance Sheet by Segment |
| Three Months Ended June 30, 2023
| Structured Business |  | Agency Business |  | Other / Eliminations (1) |  | Consolidated
Interest income | $ | 322,105 |  |  | $ | 13,632 |  |  | $ | — |  |  | $ | 335,737 |
Interest expense | 220,966 |  |  | 6,229 |  |  | — |  |  | 227,195 |
Net interest income | 101,139 |  |  | 7,403 |  |  | — |  |  | 108,542 |
Other revenue: |  |  |  |  |  |  |
Gain on sales, including fee-based services, net | — |  |  | 22,587 |  |  | — |  |  | 22,587 |
Mortgage servicing rights | — |  |  | 16,201 |  |  | — |  |  | 16,201 |
Servicing revenue | — |  |  | 47,952 |  |  | — |  |  | 47,952 |
Amortization of MSRs | — |  |  | (15,605) |  |  | — |  |  | (15,605) |
Property operating income | 1,430 |  |  | — |  |  | — |  |  | 1,430 |
Loss on derivative instruments, net | — |  |  | (7,384) |  |  | — |  |  | (7,384) |
Other income (loss), net | 760 |  |  | (715) |  |  | — |  |  | 45 |
Total other revenue | 2,190 |  |  | 63,036 |  |  | — |  |  | 65,226 |
Other expenses: |  |  |  |  |  |  |
Employee compensation and benefits | 13,438 |  |  | 27,872 |  |  | — |  |  | 41,310 |
Selling and administrative | 5,833 |  |  | 6,751 |  |  | — |  |  | 12,584 |
Property operating expenses | 1,365 |  |  | — |  |  | — |  |  | 1,365 |
Depreciation and amortization | 1,214 |  |  | 1,173 |  |  | — |  |  | 2,387 |
Provision for loss sharing (net of recoveries) | — |  |  | 7,672 |  |  | — |  |  | 7,672 |
Provision for credit losses (net of recoveries) | 14,369 |  |  | (491) |  |  | — |  |  | 13,878 |
Total other expenses | 36,219 |  |  | 42,977 |  |  | — |  |  | 79,196 |
Income before extinguishment of debt, income from equity affiliates and income taxes | 67,110 |  |  | 27,462 |  |  | — |  |  | 94,572 |
Loss on extinguishment of debt | (1,247) |  |  | — |  |  | — |  |  | (1,247) |
Income from equity affiliates | 5,560 |  |  | — |  |  | — |  |  | 5,560 |
Provision for income taxes | (1,200) |  |  | (4,353) |  |  | — |  |  | (5,553) |
Net income | 70,223 |  |  | 23,109 |  |  | — |  |  | 93,332 |
Preferred stock dividends | 10,342 |  |  | — |  |  | — |  |  | 10,342 |
Net income attributable to noncontrolling interest | — |  |  | — |  |  | 6,826 |  |  | 6,826 |
Net income attributable to common stockholders | $ | 59,881 |  |  | $ | 23,109 |  |  | $ | (6,826) |  |  | $ | 76,164 |
| Three Months Ended June 30, 2022
| Structured Business |  | Agency Business |  | Other / Eliminations (1) |  | Consolidated
Interest income | $ | 192,047 |  |  | $ | 9,281 |  |  | $ | — |  |  | $ | 201,328 |
Interest expense | 103,165 |  |  | 3,902 |  |  | — |  |  | 107,067 |
Net interest income | 88,882 |  |  | 5,379 |  |  | — |  |  | 94,261 |
Other revenue: |  |  |  |  |  |  |
Gain on sales, including fee-based services, net | — |  |  | 16,510 |  |  | — |  |  | 16,510 |
Mortgage servicing rights | — |  |  | 17,567 |  |  | — |  |  | 17,567 |
Servicing revenue | — |  |  | 35,493 |  |  | — |  |  | 35,493 |
Amortization of MSRs | — |  |  | (14,779) |  |  | — |  |  | (14,779) |
Property operating income | 290 |  |  | — |  |  | — |  |  | 290 |
Gain on derivative instruments, net | — |  |  | 8,606 |  |  | — |  |  | 8,606 |
Other loss, net | (9,328) |  |  | (3,921) |  |  | — |  |  | (13,249) |
Total other revenue | (9,038) |  |  | 59,476 |  |  | — |  |  | 50,438 |
Other expenses: |  |  |  |  |  |  |
Employee compensation and benefits | 13,866 |  |  | 25,034 |  |  | — |  |  | 38,900 |
Selling and administrative | 6,429 |  |  | 6,759 |  |  | — |  |  | 13,188 |
Property operating expenses | 542 |  |  | — |  |  | — |  |  | 542 |
Depreciation and amortization | 858 |  |  | 1,173 |  |  | — |  |  | 2,031 |
Provision for loss sharing (net of recoveries) | — |  |  | (1,949) |  |  | — |  |  | (1,949) |
Provision for credit losses (net of recoveries) | 5,088 |  |  | (21) |  |  | — |  |  | 5,067 |
Total other expenses | 26,783 |  |  | 30,996 |  |  | — |  |  | 57,779 |
Income before income from equity affiliates and income taxes | 53,061 |  |  | 33,859 |  |  | — |  |  | 86,920 |
Income from equity affiliates | 6,547 |  |  | — |  |  | — |  |  | 6,547 |
Provision for income taxes | (255) |  |  | (5,097) |  |  | — |  |  | (5,352) |
Net income | 59,353 |  |  | 28,762 |  |  | — |  |  | 88,115 |
Preferred stock dividends | 11,214 |  |  | — |  |  | — |  |  | 11,214 |
Net income attributable to noncontrolling interest | — |  |  | — |  |  | 6,992 |  |  | 6,992 |
Net income attributable to common stockholders | $ | 48,139 |  |  | $ | 28,762 |  |  | $ | (6,992) |  |  | $ | 69,909 |
| Six Months Ended June 30, 2023
| Structured Business |  | Agency Business |  | Other / Eliminations (1) |  | Consolidated
Interest income | $ | 639,481 |  |  | $ | 24,204 |  |  | $ | — |  |  | $ | 663,685 |
Interest expense | 435,860 |  |  | 10,709 |  |  | — |  |  | 446,569 |
Net interest income | 203,621 |  |  | 13,495 |  |  | — |  |  | 217,116 |
Other revenue: |  |  |  |  |  |  |
Gain on sales, including fee-based services, net | — |  |  | 37,176 |  |  | — |  |  | 37,176 |
Mortgage servicing rights | — |  |  | 34,659 |  |  | — |  |  | 34,659 |
Servicing revenue | — |  |  | 92,933 |  |  | — |  |  | 92,933 |
Amortization of MSRs | — |  |  | (31,020) |  |  | — |  |  | (31,020) |
Property operating income | 2,811 |  |  | — |  |  | — |  |  | 2,811 |
Loss on derivative instruments, net | — |  |  | (3,161) |  |  | — |  |  | (3,161) |
Other income, net | 2,667 |  |  | 2,256 |  |  | — |  |  | 4,923 |
Total other revenue | 5,478 |  |  | 132,843 |  |  | — |  |  | 138,321 |
Other expenses: |  |  |  |  |  |  |
Employee compensation and benefits | 29,079 |  |  | 54,629 |  |  | — |  |  | 83,708 |
Selling and administrative | 12,544 |  |  | 13,663 |  |  | — |  |  | 26,207 |
Property operating expenses | 2,747 |  |  | — |  |  | — |  |  | 2,747 |
Depreciation and amortization | 2,665 |  |  | 2,346 |  |  | — |  |  | 5,011 |
Provision for loss sharing (net of recoveries) | — |  |  | 10,848 |  |  | — |  |  | 10,848 |
Provision for credit losses (net of recoveries) | 35,014 |  |  | 1,381 |  |  | — |  |  | 36,395 |
Total other expenses | 82,049 |  |  | 82,867 |  |  | — |  |  | 164,916 |
Income before extinguishment of debt, income from equity affiliates and income taxes | 127,050 |  |  | 63,471 |  |  | — |  |  | 190,521 |
Loss on extinguishment of debt | (1,247) |  |  | — |  |  | — |  |  | (1,247) |
Income from equity affiliates | 19,886 |  |  | — |  |  | — |  |  | 19,886 |
Provision for income taxes | (771) |  |  | (12,811) |  |  | — |  |  | (13,582) |
Net income | 144,918 |  |  | 50,660 |  |  | — |  |  | 195,578 |
Preferred stock dividends | 20,684 |  |  | — |  |  | — |  |  | 20,684 |
Net income attributable to noncontrolling interest | — |  |  | — |  |  | 14,411 |  |  | 14,411 |
Net income attributable to common stockholders | $ | 124,234 |  |  | $ | 50,660 |  |  | $ | (14,411) |  |  | $ | 160,483 |
| Six Months Ended June 30, 2022
| Structured Business |  | Agency Business |  | Other / Eliminations (1) |  | Consolidated
Interest income | $ | 348,308 |  |  | $ | 19,718 |  |  | $ | — |  |  | $ | 368,026 |
Interest expense | 181,367 |  |  | 8,260 |  |  | — |  |  | 189,627 |
Net interest income | 166,941 |  |  | 11,458 |  |  | — |  |  | 178,399 |
Other revenue: |  |  |  |  |  |  |
Gain on sales, including fee-based services, net | — |  |  | 18,166 |  |  | — |  |  | 18,166 |
Mortgage servicing rights | — |  |  | 32,879 |  |  | — |  |  | 32,879 |
Servicing revenue | — |  |  | 71,519 |  |  | — |  |  | 71,519 |
Amortization of MSRs | — |  |  | (29,750) |  |  | — |  |  | (29,750) |
Property operating income | 586 |  |  | — |  |  | — |  |  | 586 |
Gain on derivative instruments, net | — |  |  | 25,992 |  |  | — |  |  | 25,992 |
Other loss, net | (6,131) |  |  | (3,917) |  |  | — |  |  | (10,048) |
Total other revenue | (5,545) |  |  | 114,889 |  |  | — |  |  | 109,344 |
Other expenses: |  |  |  |  |  |  |
Employee compensation and benefits | 29,352 |  |  | 51,573 |  |  | — |  |  | 80,925 |
Selling and administrative | 13,838 |  |  | 13,897 |  |  | — |  |  | 27,735 |
Property operating expenses | 1,077 |  |  | — |  |  | — |  |  | 1,077 |
Depreciation and amortization | 1,668 |  |  | 2,346 |  |  | — |  |  | 4,014 |
Provision for loss sharing (net of recoveries) | — |  |  | (2,611) |  |  | — |  |  | (2,611) |
Provision for credit losses (net of recoveries) | 7,157 |  |  | 269 |  |  | — |  |  | 7,426 |
Total other expenses | 53,092 |  |  | 65,474 |  |  | — |  |  | 118,566 |
Income before extinguishment of debt, income from equity affiliates and income taxes | 108,304 |  |  | 60,873 |  |  | — |  |  | 169,177 |
Loss on extinguishment of debt | (1,350) |  |  | — |  |  | — |  |  | (1,350) |
Income from equity affiliates | 13,759 |  |  | — |  |  | — |  |  | 13,759 |
Provision for income taxes | (1,687) |  |  | (11,853) |  |  | — |  |  | (13,540) |
Net income | 119,026 |  |  | 49,020 |  |  | — |  |  | 168,046 |
Preferred stock dividends | 20,270 |  |  | — |  |  | — |  |  | 20,270 |
Net income attributable to noncontrolling interest | — |  |  | — |  |  | 13,808 |  |  | 13,808 |
Net income attributable to common stockholders | $ | 98,756 |  |  | $ | 49,020 |  |  | $ | (13,808) |  |  | $ | 133,968 |
________________________ (1)Includes income allocated to the noncontrolling interest holders not allocated to the two reportable segments.
| June 30, 2023
| Structured Business |  | Agency Business |  | Consolidated
Assets: |  |  |  |  |
Cash and cash equivalents | $ | 468,515 |  |  | $ | 377,847 |  |  | $ | 846,362 |
Restricted cash | 391,872 |  |  | 4,994 |  |  | 396,866 |
Loans and investments, net | 13,271,359 |  |  | — |  |  | 13,271,359 |
Loans held-for-sale, net | — |  |  | 485,126 |  |  | 485,126 |
Capitalized mortgage servicing rights, net | — |  |  | 394,410 |  |  | 394,410 |
Securities held-to-maturity, net | — |  |  | 155,210 |  |  | 155,210 |
Investments in equity affiliates | 72,806 |  |  | — |  |  | 72,806 |
Goodwill and other intangible assets | 12,500 |  |  | 81,223 |  |  | 93,723 |
Other assets and due from related party | 358,528 |  |  | 83,237 |  |  | 441,765 |
Total assets | $ | 14,575,580 |  |  | $ | 1,582,047 |  |  | $ | 16,157,627 |
Liabilities: |  |  |  |  |
Debt obligations | $ | 12,041,014 |  |  | $ | 463,288 |  |  | $ | 12,504,302 |
Allowance for loss-sharing obligations | — |  |  | 66,681 |  |  | 66,681 |
Other liabilities and due to related parties | 309,875 |  |  | 117,128 |  |  | 427,003 |
Total liabilities | $ | 12,350,889 |  |  | $ | 647,097 |  |  | $ | 12,997,986 |
| 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 |
Schedule of Origination Data and Loans Sales Data By Segment |
|  | Three Months Ended June 30, |  | Six Months Ended June 30, |
|  | 2023 |  | 2022 |  | 2023 |  | 2022 |
Origination Data: |  |  |  |  |  |  |  |  |
Structured Business |  |  |  |  |  |  |  |  |
Bridge loans (1) |  | $ | 207,494 |  |  | $ | 2,047,599 |  |  | $ | 469,683 |  |  | $ | 4,868,315 |  |
Mezzanine / Preferred Equity |  | 1,500 |  |  | — |  |  | 7,345 |  |  | 8,139 |  |
Total new loan originations |  | $ | 208,994 |  |  | $ | 2,047,599 |  |  | $ | 477,028 |  |  | $ | 4,876,454 |  |
Loan runoff |  | $ | 685,220 |  |  | $ | 1,122,407 |  |  | $ | 1,871,869 |  |  | $ | 1,788,958 |  |
Agency Business |  |  |  |  |  |  |  |  |
Origination Volumes by Investor: |  |  |  |  |  |  |  |  |
Fannie Mae |  | $ | 1,079,910 |  |  | $ | 665,449 |  |  | $ | 1,874,931 |  |  | $ | 1,115,129 |  |
Freddie Mac |  | 217,884 |  |  | 407,691 |  |  | 319,216 |  |  | 706,763 |  |
FHA |  | 62,552 |  |  | 78,364 |  |  | 211,492 |  |  | 90,354 |  |
Private Label |  | 50,256 |  |  | 83,346 |  |  | 91,363 |  |  | 156,242 |  |
SFR - Fixed Rate |  | 11,837 |  |  | 34,334 |  |  | 17,298 |  |  | 39,205 |  |
Total |  | $ | 1,422,439 |  |  | $ | 1,269,184 |  |  | $ | 2,514,300 |  |  | $ | 2,107,693 |  |
Total loan commitment volume |  | $ | 1,133,312 |  |  | $ | 1,184,282 |  |  | $ | 2,633,422 |  |  | $ | 2,159,414 |  |
Agency Business Loan Sales Data: |  |  |  |  |  |  |  |  |
Fannie Mae |  | $ | 1,023,088 |  |  | $ | 569,048 |  |  | $ | 1,674,846 |  |  | $ | 1,235,592 |  |
Freddie Mac |  | 175,342 |  |  | 362,442 |  |  | 243,799 |  |  | 721,528 |  |
FHA |  | 134,383 |  |  | 75,101 |  |  | 177,858 |  |  | 146,917 |  |
Private Label |  | 72,803 |  |  | 11,250 |  |  | 232,748 |  |  | 500,519 |  |
SFR - Fixed Rate |  | 5,108 |  |  | 12,862 |  |  | 14,172 |  |  | 12,862 |  |
Total |  | $ | 1,410,724 |  |  | $ | 1,030,703 |  |  | $ | 2,343,423 |  |  | $ | 2,617,418 |  |
Sales margin (fee-based services as a % of loan sales) (2) |  | 1.60 |  | % | 1.60 |  | % | 1.59 |  | % | 1.35 |  | %
MSR rate (MSR income as a % of loan commitments) |  | 1.43 |  | % | 1.48 |  | % | 1.32 |  | % | 1.52 |  | %
________________________ (1)The three and six months ended June 30, 2023 includes 23 and 43 SFR loans, respectively, with a UPB of $109.0 million and $185.1 million, respectively. The three and six months ended June 30, 2022 includes 36 and 71 SFR loans, respectively, with a UPB of $155.0 million and $288.4 million, respectively. During the three and six months ended June 30, 2023, we committed to fund SFR loans totaling $200.2 million and $254.5 million, respectively. During the three and six months ended June 30, 2022, we committed to fund SFR loans totaling $185.2 million and $268.5 million, respectively. (2)The six months ended June 30, 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 (loss) on derivative instruments, net in the consolidated statements of income.
Schedule of Key Servicing Metrics for Agency Business |
|  | June 30, 2023
Key Servicing Metrics for Agency Business: |  | Servicing Portfolio UPB |  | Wtd. Avg. Servicing Fee Rate (basis points) |  | Wtd. Avg. Life of Servicing Portfolio (years)
Fannie Mae |  | $ | 20,002,570 |  |  | 48.9 |  |  | 7.7
Freddie Mac |  | 5,245,325 |  |  | 24.8 |  |  | 8.8
Private Label |  | 2,305,000 |  |  | 19.3 |  |  | 7.5
FHA |  | 1,303,812 |  |  | 14.5 |  |  | 20.0
Bridge |  | 299,578 |  |  | 11.1 |  |  | 3.5
SFR - Fixed Rate |  | 290,266 |  |  | 20.0 |  |  | 5.9
Total |  | $ | 29,446,551 |  |  | 40.1 |  |  | 8.4
|  | 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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