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Segment Information (Tables)

6 Months Ended

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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Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 25
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-25

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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-Paragraph 30
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