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Segment Information
 3 Months Ended
Mar. 31, 2024
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.
Three Months Ended March 31, 2024
Structured
Business		Agency
Business		Other (1)Consolidated
Interest income$307,888 $13,404 $— $321,292 
Interest expense212,600 5,076 — 217,676 
Net interest income95,288 8,328 — 103,616 
Other revenue:
Gain on sales, including fee-based services, net— 16,666 — 16,666 
Mortgage servicing rights— 10,199 — 10,199 
Servicing revenue— 48,157 — 48,157 
Amortization of MSRs— (16,631)— (16,631)
Property operating income1,570 — — 1,570 
Loss on derivative instruments, net— (5,257)— (5,257)
Other income, net2,300 33 — 2,333 
Total other revenue3,870 53,167 — 57,037 
Other expenses:
Employee compensation and benefits18,547 29,147 — 47,694 
Selling and administrative6,796 7,137 — 13,933 
Property operating expenses1,678 — — 1,678 
Depreciation and amortization1,398 1,173 — 2,571 
Provision for loss sharing (net of recoveries)— 273 — 273 
Provision for credit losses (net of recoveries)17,777 1,341 — 19,118 
Total other expenses46,196 39,071 — 85,267 
Income before income from equity affiliates and income taxes52,962 22,424 — 75,386 
Income from equity affiliates1,418 — — 1,418 
Provision for income taxes(81)(3,511)— (3,592)
Net income54,299 18,913 — 73,212 
Preferred stock dividends10,342 — — 10,342 
Net income attributable to noncontrolling interest— — 4,997 4,997 
Net income attributable to common stockholders$43,957 $18,913 $(4,997)$57,873 
Three Months Ended March 31, 2023
Structured
Business		Agency
Business		Other (1)Consolidated
Interest income$317,376 $10,571 $— $327,947 
Interest expense214,894 4,479 — 219,373 
Net interest income102,482 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 income1,381 — — 1,381 
Gain on derivative instruments, net— 4,223 — 4,223 
Other income, net1,908 2,974 — 4,882 
Total other revenue3,289 69,809 — 73,098 
Other expenses:
Employee compensation and benefits15,641 26,758 — 42,399 
Selling and administrative6,711 6,912 — 13,623 
Property operating expenses1,383 — — 1,383 
Depreciation and amortization1,451 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 expenses45,831 39,892 — 85,723 
Income before income from equity affiliates and income taxes59,940 36,009 — 95,949 
Income from equity affiliates14,326 — — 14,326 
Benefit from (provision for) for income taxes429 (8,458)— (8,029)
Net income74,695 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 
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(1)Includes income allocated to the noncontrolling interest holders not allocated to the two reportable segments.
March 31, 2024
Structured BusinessAgency BusinessConsolidated
Assets:
Cash and cash equivalents$453,316 $454,733 $908,049 
Restricted cash530,099 16,544 546,643 
Loans and investments, net12,001,544 — 12,001,544 
Loans held-for-sale, net— 322,875 322,875 
Capitalized mortgage servicing rights, net— 385,520 385,520 
Securities held-to-maturity, net— 155,413 155,413 
Investments in equity affiliates90,244 — 90,244 
Goodwill and other intangible assets12,500 77,705 90,205 
Other assets and due from related party532,385 71,978 604,363 
Total assets$13,620,088 $1,484,768 $15,104,856 
Liabilities:
Debt obligations$11,056,363 $311,963 $11,368,326 
Allowance for loss-sharing obligations— 72,790 72,790 
Other liabilities and due to related parties343,557 85,875 429,432 
Total liabilities$11,399,920 $470,628 $11,870,548 
December 31, 2023
Assets:
Cash and cash equivalents$619,487 $309,487 $928,974 
Restricted cash595,342 12,891 608,233 
Loans and investments, net12,377,806 — 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 affiliates79,303 — 79,303 
Goodwill and other intangible assets12,500 78,878 91,378 
Other assets and due from related party453,073 101,629 554,702 
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 parties369,588 108,990 478,578 
Total liabilities$11,890,080 $593,951 $12,484,031 
Three Months Ended March 31,
20242023
Origination Data:
Structured Business
Bridge:
Multifamily$39,235 $186,100 
SFR171,490 76,089 
210,725 262,189 
Mezzanine / Preferred Equity45,129 5,845 
Total New Loan Originations$255,854 $268,034 
Number of Loans Originated5924
SFR Commitments$411,617 $54,350 
Loan Runoff$640,018 $1,186,649 
Agency Business
Origination Volumes by Investor:
Fannie Mae$458,429 $795,021 
Freddie Mac370,102 101,332 
Private Label15,410 41,107 
SFR - Fixed Rate2,318 5,461 
FHA— 148,940 
Total$846,259 $1,091,861 
Total Loan Commitment Volume$934,243 $1,500,110 
Agency Business Loan Sales Data:
Fannie Mae$725,898 $651,758 
Freddie Mac329,679 68,457 
Private Label15,410 159,945 
FHA12,069 43,475 
SFR - Fixed Rate2,318 9,064 
Total$1,085,374 $932,699 
Sales Margin (fee-based services as a % of loan sales)1.54 %1.56 %
MSR Rate (MSR income as a % of loan commitments) (1)1.09 %1.23 %
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(1) Excluding $160.2 million of loan commitments not serviced for a fee, the MSR rate was 1.32% for the three months ended March 31, 2024.
March 31, 2024
Key Servicing Metrics for Agency Business:Servicing Portfolio UPBWtd. Avg. Servicing Fee Rate (basis points)Wtd. Avg. Life of Portfolio (years)
Fannie Mae$21,548,221 47.17.2
Freddie Mac5,301,291 23.47.7
Private Label2,524,013 18.96.3
FHA1,365,329 14.419.0
Bridge380,712 10.93.6
SFR - Fixed Rate265,429 20.15.0
Total$31,384,995 38.87.7
December 31, 2023
Fannie Mae$21,264,578 47.47.4
Freddie Mac5,181,933 24.08.5
Private Label2,510,449 19.56.7
FHA1,359,624 14.419.2
Bridge379,425 10.93.2
SFR - Fixed Rate287,446 20.15.1
Total$30,983,455 39.18.0