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Segment Information (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

			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

Schedule of Origination Data and Loan Sales Data

						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.

Schedule of Key Servicing Metrics

						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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