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Segment Information | 12 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
Segment Information | 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.
| Year Ended December 31, 2023
| Structured Business |  | Agency Business |  | Other (1) |  | Consolidated
Interest income | $ | 1,279,433 |  |  | $ | 51,786 |  |  | $ | — |  |  | $ | 1,331,219 |
Interest expense | 880,602 |  |  | 22,626 |  |  | — |  |  | 903,228 |
Net interest income | 398,831 |  |  | 29,160 |  |  | — |  |  | 427,991 |
Other revenue: |  |  |  |  |  |  |
Gain on sales, including fee-based services, net | — |  |  | 72,522 |  |  | — |  |  | 72,522 |
Mortgage servicing rights | — |  |  | 69,912 |  |  | — |  |  | 69,912 |
Servicing revenue | — |  |  | 193,542 |  |  | — |  |  | 193,542 |
Amortization of MSRs | — |  |  | (63,093) |  |  | — |  |  | (63,093) |
Property operating income | 5,708 |  |  | — |  |  | — |  |  | 5,708 |
Gain on derivative instruments, net | — |  |  | 6,763 |  |  | — |  |  | 6,763 |
Other income, net | 4,868 |  |  | 2,799 |  |  | — |  |  | 7,667 |
Total other revenue | 10,576 |  |  | 282,445 |  |  | — |  |  | 293,021 |
Other expenses: |  |  |  |  |  |  |
Employee compensation and benefits | 53,507 |  |  | 106,281 |  |  | — |  |  | 159,788 |
Selling and administrative | 23,234 |  |  | 28,026 |  |  | — |  |  | 51,260 |
Property operating expenses | 5,897 |  |  | — |  |  | — |  |  | 5,897 |
Depreciation and amortization | 5,052 |  |  | 4,691 |  |  | — |  |  | 9,743 |
Provision for loss sharing (net of recoveries) | — |  |  | 15,695 |  |  | — |  |  | 15,695 |
Provision for credit losses (net of recoveries) | 70,344 |  |  | 3,102 |  |  | — |  |  | 73,446 |
Total other expenses | 158,034 |  |  | 157,795 |  |  | — |  |  | 315,829 |
Income before extinguishment of debt, income from equity affiliates and income taxes | 251,373 |  |  | 153,810 |  |  | — |  |  | 405,183 |
Loss on extinguishment of debt | (1,561) |  |  | — |  |  | — |  |  | (1,561) |
Income from equity affiliates | 24,281 |  |  | — |  |  | — |  |  | 24,281 |
Benefit from (provision for) income taxes | 803 |  |  | (28,150) |  |  | — |  |  | (27,347) |
Net income | 274,896 |  |  | 125,660 |  |  | — |  |  | 400,556 |
Preferred stock dividends | 41,369 |  |  | — |  |  | — |  |  | 41,369 |
Net income attributable to noncontrolling interest | — |  |  | — |  |  | 29,122 |  |  | 29,122 |
Net income attributable to common stockholders | $ | 233,527 |  |  | $ | 125,660 |  |  | $ | (29,122) |  |  | $ | 330,065 |
| Year Ended December 31, 2022
| Structured Business |  | Agency Business |  | Other (1) |  | Consolidated
Interest income | $ | 903,622 |  |  | $ | 44,779 |  |  | $ | — |  |  | $ | 948,401 |
Interest expense | 538,659 |  |  | 18,958 |  |  | — |  |  | 557,617 |
Net interest income | 364,963 |  |  | 25,821 |  |  | — |  |  | 390,784 |
Other revenue: |  |  |  |  |  |  |
Gain on sales, including fee-based services, net | — |  |  | 55,816 |  |  | — |  |  | 55,816 |
Mortgage servicing rights | — |  |  | 69,346 |  |  | — |  |  | 69,346 |
Servicing revenue | — |  |  | 152,068 |  |  | — |  |  | 152,068 |
Amortization of MSRs | — |  |  | (59,876) |  |  | — |  |  | (59,876) |
Property operating income | 1,877 |  |  | — |  |  | — |  |  | 1,877 |
Gain on derivative instruments, net | — |  |  | 26,609 |  |  | — |  |  | 26,609 |
Other income (loss), net | (2,360) |  |  | (15,203) |  |  | — |  |  | (17,563) |
Total other revenue | (483) |  |  | 228,760 |  |  | — |  |  | 228,277 |
Other expenses: |  |  |  |  |  |  |
Employee compensation and benefits | 56,032 |  |  | 105,793 |  |  | — |  |  | 161,825 |
Selling and administrative | 26,059 |  |  | 27,931 |  |  | — |  |  | 53,990 |
Property operating expenses | 2,136 |  |  | — |  |  | — |  |  | 2,136 |
Depreciation and amortization | 4,041 |  |  | 4,691 |  |  | — |  |  | 8,732 |
Provision for loss sharing (net of recoveries) | — |  |  | 1,862 |  |  | — |  |  | 1,862 |
Provision for credit losses (net of recoveries) | 19,770 |  |  | 1,399 |  |  | — |  |  | 21,169 |
Litigation settlement | 7,350 |  |  | — |  |  | — |  |  | 7,350 |
Total other expenses | 115,388 |  |  | 141,676 |  |  | — |  |  | 257,064 |
Income before extinguishment of debt, income from equity affiliates and income taxes | 249,092 |  |  | 112,905 |  |  | — |  |  | 361,997 |
Loss on extinguishment of debt | (4,933) |  |  | — |  |  | — |  |  | (4,933) |
Income from equity affiliates | 14,247 |  |  | — |  |  | — |  |  | 14,247 |
Provision for income taxes | (821) |  |  | (16,663) |  |  | — |  |  | (17,484) |
Net income | 257,585 |  |  | 96,242 |  |  | — |  |  | 353,827 |
Preferred stock dividends | 40,954 |  |  | — |  |  | — |  |  | 40,954 |
Net income attributable to noncontrolling interest | — |  |  | — |  |  | 28,044 |  |  | 28,044 |
Net income attributable to common stockholders | $ | 216,631 |  |  | $ | 96,242 |  |  | $ | (28,044) |  |  | $ | 284,829 |
| Year Ended December 31, 2021
| Structured Business |  | Agency Business |  | Other (1) |  | Consolidated
Interest income | $ | 427,039 |  |  | $ | 39,048 |  |  | $ | — |  |  | $ | 466,087 |
Interest expense | 194,435 |  |  | 17,570 |  |  | — |  |  | 212,005 |
Net interest income | 232,604 |  |  | 21,478 |  |  | — |  |  | 254,082 |
Other revenue: |  |  |  |  |  |  |
Gain on sales, including fee-based services, net | — |  |  | 123,037 |  |  | — |  |  | 123,037 |
Mortgage servicing rights | — |  |  | 130,230 |  |  | — |  |  | 130,230 |
Servicing revenue | — |  |  | 133,429 |  |  | — |  |  | 133,429 |
Amortization of MSRs | — |  |  | (58,615) |  |  | — |  |  | (58,615) |
Property operating income | 185 |  |  | — |  |  | — |  |  | 185 |
Loss on derivative instruments, net | — |  |  | (2,684) |  |  | — |  |  | (2,684) |
Other income, net | 7,491 |  |  | 75 |  |  | — |  |  | 7,566 |
Total other revenue | 7,676 |  |  | 325,472 |  |  | — |  |  | 333,148 |
Other expenses: |  |  |  |  |  |  |
Employee compensation and benefits | 51,225 |  |  | 120,571 |  |  | — |  |  | 171,796 |
Selling and administrative | 21,064 |  |  | 24,511 |  |  | — |  |  | 45,575 |
Property operating expenses | 718 |  |  | — |  |  | — |  |  | 718 |
Depreciation and amortization | 2,524 |  |  | 4,691 |  |  | — |  |  | 7,215 |
Provision for loss sharing (net of recoveries) | — |  |  | (6,167) |  |  | — |  |  | (6,167) |
Provision for credit losses (net of recoveries) | (21,223) |  |  | 110 |  |  | — |  |  | (21,113) |
Total other expenses | 54,308 |  |  | 143,716 |  |  | — |  |  | 198,024 |
Income before extinguishment of debt, gain on real estate, income from equity affiliates and income taxes | 185,972 |  |  | 203,234 |  |  | — |  |  | 389,206 |
Loss on extinguishment of debt | (3,374) |  |  | — |  |  | — |  |  | (3,374) |
Gain on real estate | 2,466 |  |  | 1,227 |  |  | — |  |  | 3,693 |
Income from equity affiliates | 34,567 |  |  | — |  |  | — |  |  | 34,567 |
Provision for income taxes | (5,940) |  |  | (40,345) |  |  | — |  |  | (46,285) |
Net income | 213,691 |  |  | 164,116 |  |  | — |  |  | 377,807 |
Preferred stock dividends | 21,888 |  |  | — |  |  | — |  |  | 21,888 |
Net income attributable to noncontrolling interest | — |  |  | — |  |  | 38,507 |  |  | 38,507 |
Net income attributable to common stockholders | $ | 191,803 |  |  | $ | 164,116 |  |  | $ | (38,507) |  |  | $ | 317,412 |
________________________________________ (1)Includes income allocated to the noncontrolling interest holders not allocated to the two reportable segments.
| December 31, 2023
| Structured Business |  | Agency Business |  | Consolidated
Assets: |  |  |  |  |
Cash and cash equivalents | $ | 619,487 |  |  | $ | 309,487 |  |  | $ | 928,974 |
Restricted cash | 595,342 |  |  | 12,891 |  |  | 608,233 |
Loans and investments, net | 12,377,806 |  |  | — |  |  | 12,377,806 |
Loans held-for-sale, net | — |  |  | 551,707 |  |  | 551,707 |
Capitalized mortgage servicing rights, net | — |  |  | 391,254 |  |  | 391,254 |
Securities held-to-maturity, net | — |  |  | 155,279 |  |  | 155,279 |
Investments in equity affiliates | 79,303 |  |  | — |  |  | 79,303 |
Goodwill and other intangible assets | 12,500 |  |  | 78,878 |  |  | 91,378 |
Other assets and due from related party | 453,073 |  |  | 101,629 |  |  | 554,702 |
Total assets | $ | 14,137,511 |  |  | $ | 1,601,125 |  |  | $ | 15,738,636 |
Liabilities: |  |  |  |  |
Debt obligations | $ | 11,520,492 |  |  | $ | 413,327 |  |  | $ | 11,933,819 |
Allowance for loss-sharing obligations | — |  |  | 71,634 |  |  | 71,634 |
Other liabilities and due to related parties | 369,588 |  |  | 108,990 |  |  | 478,578 |
Total liabilities | $ | 11,890,080 |  |  | $ | 593,951 |  |  | $ | 12,484,031 |
| 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 |
|  | Year Ended December 31,
|  | 2023 |  | 2022 |  | 2021
Origination Data: |  |  |  |  |  |
Structured Business |  |  |  |  |  |
Bridge: |  |  |  |  |  |
Multifamily |  | $ | 415,330 |  | $ | 5,468,222 |  | $ | 9,101,139
SFR |  | 524,060 |  | 613,819 |  | 415,501
|  | 939,390 |  | 6,082,041 |  | 9,516,640
Mezzanine / Preferred Equity |  | 43,953 |  | 69,606 |  | 203,875
Total new loan originations |  | $ | 983,343 |  | $ | 6,151,647 |  | $ | 9,720,515
Number of Loans Originated |  | 150 |  | 318 |  | 422
SFR Commitments |  | $ | 1,150,687 |  | $ | 1,086,833 |  | $ | 760,448
Loan runoff |  | $ | 3,354,055 |  | $ | 3,818,554 |  | $ | 2,516,771
Agency Business |  |  |  |  |  |
Origination Volumes by Investor: |  |  |  |  |  |
Fannie Mae |  | $ | 3,773,532 |  | $ | 2,919,566 |  | $ | 3,389,312
Freddie Mac |  | 756,827 |  | 1,353,001 |  | 1,016,142
Private Label |  | 299,934 |  | 217,542 |  | 1,436,853
FHA |  | 257,199 |  | 188,394 |  | 430,320
SFR - Fixed Rate |  | 19,328 |  | 89,683 |  | 136,931
Total |  | $ | 5,106,820 |  | $ | 4,768,186 |  | $ | 6,409,558
Total loan commitment volume |  | $ | 5,207,148 |  | $ | 5,146,718 |  | $ | 6,347,752
Agency Business Loan Sales Data: |  |  |  |  |  |
Fannie Mae |  | $ | 3,469,340 |  | $ | 3,139,414 |  | $ | 3,675,763
Freddie Mac |  | 715,530 |  | 1,456,595 |  | 1,081,702
Private Label |  | 441,319 |  | 515,086 |  | 985,094
FHA |  | 240,079 |  | 241,457 |  | 480,275
SFR - Fixed Rate |  | 22,931 |  | 86,071 |  | 192,335
Total |  | $ | 4,889,199 |  | $ | 5,438,623 |  | $ | 6,415,169
Sales margin (fee-based services as a % of loan sales) (1) |  | 1.48 | % |  | 1.34 | % |  | 1.92 | %
MSR rate (MSR income as a % of loan commitments) |  | 1.34 | % |  | 1.35 | % |  | 2.05 | %
________________________________________ (1)2022 includes $17.1 million of gains recognized on treasury futures related to Private Label loans sold, which is included in gain (loss) on derivative instruments, net in the consolidated statements of income.
|  | December 31, 2023
Key Servicing Metrics for Agency Business: |  | Servicing Portfolio UPB |  | Wtd. Avg. Servicing Fee Rate (basis points) |  | Wtd. Avg. Life of Portfolio (years)
Fannie Mae |  | $ | 21,264,578 |  |  | 47.4 |  | 7.4
Freddie Mac |  | 5,181,933 |  |  | 24.0 |  | 8.5
Private Label |  | 2,510,449 |  |  | 19.5 |  | 6.7
FHA |  | 1,359,624 |  |  | 14.4 |  | 19.2
Bridge |  | 379,425 |  |  | 10.9 |  | 3.2
SFR - Fixed Rate |  | 287,446 |  |  | 20.1 |  | 5.1
Total |  | $ | 30,983,455 |  |  | 39.1 |  | 8.0
|  | 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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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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