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Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2024
Segment Reporting [Abstract] |
Schedule of Statement of Income and Balance Sheet by Segment |
| Three Months Ended June 30, 2024
| Structured Business |  | Agency Business |  | Other (1) |  | Consolidated
Interest income | $ | 282,077 |  |  | $ | 15,111 |  |  | $ | — |  |  | $ | 297,188 |
Interest expense | 203,062 |  |  | 6,165 |  |  | — |  |  | 209,227 |
Net interest income | 79,015 |  |  | 8,946 |  |  | — |  |  | 87,961 |
Other revenue: |  |  |  |  |  |  |
Gain on sales, including fee-based services, net | — |  |  | 17,448 |  |  | — |  |  | 17,448 |
Mortgage servicing rights | — |  |  | 14,534 |  |  | — |  |  | 14,534 |
Servicing revenue | — |  |  | 46,797 |  |  | — |  |  | 46,797 |
Amortization of MSRs | — |  |  | (16,887) |  |  | — |  |  | (16,887) |
Property operating income | 1,444 |  |  | — |  |  | — |  |  | 1,444 |
Loss on derivative instruments, net | — |  |  | (275) |  |  | — |  |  | (275) |
Other income, net | 1,975 |  |  | 106 |  |  | — |  |  | 2,081 |
Total other revenue | 3,419 |  |  | 61,723 |  |  | — |  |  | 65,142 |
Other expenses: |  |  |  |  |  |  |
Employee compensation and benefits | 15,805 |  |  | 27,031 |  |  | — |  |  | 42,836 |
Selling and administrative | 5,828 |  |  | 6,995 |  |  | — |  |  | 12,823 |
Property operating expenses | 1,584 |  |  | — |  |  | — |  |  | 1,584 |
Depreciation and amortization | 1,250 |  |  | 1,173 |  |  | — |  |  | 2,423 |
Provision for loss sharing (net of recoveries) | — |  |  | 4,333 |  |  | — |  |  | 4,333 |
Provision for credit losses (net of recoveries) | 28,030 |  |  | 1,534 |  |  | — |  |  | 29,564 |
Total other expenses | 52,497 |  |  | 41,066 |  |  | — |  |  | 93,563 |
Income before extinguishment of debt, sale of real estate, income from equity affiliates and income taxes | 29,937 |  |  | 29,603 |  |  | — |  |  | 59,540 |
Loss on extinguishment of debt | (412) |  |  | — |  |  | — |  |  | (412) |
Gain on sale of real estate | 3,813 |  |  | — |  |  | — |  |  | 3,813 |
Income from equity affiliates | 2,793 |  |  | — |  |  | — |  |  | 2,793 |
Benefit from (provision for) income taxes | 865 |  |  | (4,766) |  |  | — |  |  | (3,901) |
Net income | 36,996 |  |  | 24,837 |  |  | — |  |  | 61,833 |
Preferred stock dividends | 10,342 |  |  | — |  |  | — |  |  | 10,342 |
Net income attributable to noncontrolling interest | — |  |  | — |  |  | 4,094 |  |  | 4,094 |
Net income attributable to common stockholders | $ | 26,654 |  |  | $ | 24,837 |  |  | $ | (4,094) |  |  | $ | 47,397 |
| Three Months Ended June 30, 2023
| Structured Business |  | Agency Business |  | Other (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 |
| Six Months Ended June 30, 2024
| Structured Business |  | Agency Business |  | Other (1) |  | Consolidated
Interest income | $ | 589,965 |  |  | $ | 28,515 |  |  | $ | — |  |  | $ | 618,480 |
Interest expense | 415,661 |  |  | 11,242 |  |  | — |  |  | 426,903 |
Net interest income | 174,304 |  |  | 17,273 |  |  | — |  |  | 191,577 |
Other revenue: |  |  |  |  |  |  |
Gain on sales, including fee-based services, net | — |  |  | 34,114 |  |  | — |  |  | 34,114 |
Mortgage servicing rights | — |  |  | 24,733 |  |  | — |  |  | 24,733 |
Servicing revenue | — |  |  | 94,954 |  |  | — |  |  | 94,954 |
Amortization of MSRs | — |  |  | (33,518) |  |  | — |  |  | (33,518) |
Property operating income | 3,014 |  |  | — |  |  | — |  |  | 3,014 |
Loss on derivative instruments, net | — |  |  | (5,533) |  |  | — |  |  | (5,533) |
Other income, net | 4,275 |  |  | 139 |  |  | — |  |  | 4,414 |
Total other revenue | 7,289 |  |  | 114,889 |  |  | — |  |  | 122,178 |
Other expenses: |  |  |  |  |  |  |
Employee compensation and benefits | 34,352 |  |  | 56,177 |  |  | — |  |  | 90,529 |
Selling and administrative | 12,624 |  |  | 14,132 |  |  | — |  |  | 26,756 |
Property operating expenses | 3,262 |  |  | — |  |  | — |  |  | 3,262 |
Depreciation and amortization | 2,648 |  |  | 2,346 |  |  | — |  |  | 4,994 |
Provision for loss sharing (net of recoveries) | — |  |  | 4,607 |  |  | — |  |  | 4,607 |
Provision for credit losses (net of recoveries) | 45,806 |  |  | 2,876 |  |  | — |  |  | 48,682 |
Total other expenses | 98,692 |  |  | 80,138 |  |  | — |  |  | 178,830 |
Income before extinguishment of debt, sale of real estate, income from equity affiliates and income taxes | 82,901 |  |  | 52,024 |  |  | — |  |  | 134,925 |
Loss on extinguishment of debt | (412) |  |  | — |  |  | — |  |  | (412) |
Gain on sale of real estate | 3,813 |  |  | — |  |  | — |  |  | 3,813 |
Income from equity affiliates | 4,211 |  |  | — |  |  | — |  |  | 4,211 |
Benefit from (provision for) income taxes | 784 |  |  | (8,277) |  |  | — |  |  | (7,493) |
Net income | 91,297 |  |  | 43,747 |  |  | — |  |  | 135,044 |
Preferred stock dividends | 20,684 |  |  | — |  |  | — |  |  | 20,684 |
Net income attributable to noncontrolling interest | — |  |  | — |  |  | 9,090 |  |  | 9,090 |
Net income attributable to common stockholders | $ | 70,613 |  |  | $ | 43,747 |  |  | $ | (9,090) |  |  | $ | 105,270 |
| Six Months Ended June 30, 2023
| Structured Business |  | Agency Business |  | Other (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 |
________________________ (1)Includes income allocated to the noncontrolling interest holders not allocated to the two reportable segments.
| June 30, 2024
| Structured Business |  | Agency Business |  | Consolidated
Assets: |  |  |  |  |
Cash and cash equivalents | $ | 272,614 |  |  | $ | 464,871 |  |  | $ | 737,485 |
Restricted cash | 203,223 |  |  | 15,005 |  |  | 218,228 |
Loans and investments, net | 11,603,944 |  |  | — |  |  | 11,603,944 |
Loans held-for-sale, net | — |  |  | 342,870 |  |  | 342,870 |
Capitalized mortgage servicing rights, net | — |  |  | 380,719 |  |  | 380,719 |
Securities held-to-maturity, net | — |  |  | 156,080 |  |  | 156,080 |
Investments in equity affiliates | 72,872 |  |  | — |  |  | 72,872 |
Goodwill and other intangible assets | 12,500 |  |  | 76,532 |  |  | 89,032 |
Other assets and due from related party | 521,039 |  |  | 74,943 |  |  | 595,982 |
Total assets | $ | 12,686,192 |  |  | $ | 1,511,020 |  |  | $ | 14,197,212 |
Liabilities: |  |  |  |  |
Debt obligations | $ | 10,216,430 |  |  | $ | 335,171 |  |  | $ | 10,551,601 |
Allowance for loss-sharing obligations | — |  |  | 76,561 |  |  | 76,561 |
Other liabilities and due to related parties | 305,813 |  |  | 76,598 |  |  | 382,411 |
Total liabilities | $ | 10,522,243 |  |  | $ | 488,330 |  |  | $ | 11,010,573 |
| December 31, 2023
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 |
Schedule of Origination Data and Loans Sales Data By Segment |
|  | Three Months Ended June 30, |  | Six Months Ended June 30, |
|  | 2024 | 2023 | 2024 |  | 2023 |
Origination Data: |  |  |  |  |  |  |  |  |
Structured Business |  |  |  |  |  |  |  |  |
Bridge: |  |  |  |  |  |  |  |  |
Multifamily |  | $ | 19,650 |  |  | $ | 98,530 |  |  | $ | 58,885 |  |  | $ | 284,630 |  |
SFR |  | 185,500 |  |  | 108,964 |  |  | 356,990 |  |  | 185,053 |  |
Land |  | 10,350 |  |  | — |  |  | 10,350 |  |  | — |  |
|  | 215,500 |  |  | 207,494 |  |  | 426,225 |  |  | 469,683 |  |
Mezzanine / Preferred Equity |  | 11,684 |  |  | 1,500 |  |  | 56,813 |  |  | 7,345 |  |
Total New Loan Originations |  | $ | 227,184 |  |  | $ | 208,994 |  |  | $ | 483,038 |  |  | $ | 477,028 |  |
Number of Loans Originated |  | 45 |  | 26 |  | 104 |  | 50 |
SFR Commitments |  | $ | 277,260 |  |  | $ | 200,182 |  |  | $ | 688,877 |  |  | $ | 254,532 |  |
Loan Runoff |  | $ | 629,641 |  |  | $ | 685,220 |  |  | $ | 1,269,659 |  |  | $ | 1,871,869 |  |
Agency Business |  |  |  |  |  |  |  |  |
Origination Volumes by Investor: |  |  |  |  |  |  |  |  |
Fannie Mae |  | $ | 742,724 |  |  | $ | 1,079,910 |  |  | $ | 1,201,153 |  |  | $ | 1,874,931 |  |
Freddie Mac |  | 346,821 |  |  | 217,884 |  |  | 716,923 |  |  | 319,216 |  |
Private Label |  | 34,714 |  |  | 50,256 |  |  | 50,124 |  |  | 91,363 |  |
SFR - Fixed Rate |  | 24,996 |  |  | 11,837 |  |  | 27,314 |  |  | 17,298 |  |
FHA |  | — |  |  | 62,552 |  |  | — |  |  | 211,492 |  |
Total New Loan Originations |  | $ | 1,149,255 |  |  | $ | 1,422,439 |  |  | $ | 1,995,514 |  |  | $ | 2,514,300 |  |
Total Loan Commitment Volume |  | $ | 1,099,713 |  |  | $ | 1,133,312 |  |  | $ | 2,033,956 |  |  | $ | 2,633,422 |  |
Agency Business Loan Sales Data: |  |  |  |  |  |  |  |  |
Fannie Mae |  | $ | 731,237 |  |  | $ | 1,023,088 |  |  | $ | 1,457,135 |  |  | $ | 1,674,846 |  |
Freddie Mac |  | 332,921 |  |  | 175,342 |  |  | 662,600 |  |  | 243,799 |  |
Private Label |  | 34,714 |  |  | 72,803 |  |  | 50,124 |  |  | 232,748 |  |
FHA |  | 11,419 |  |  | 134,383 |  |  | 23,488 |  |  | 177,858 |  |
SFR - Fixed Rate |  | 24,996 |  |  | 5,108 |  |  | 27,314 |  |  | 14,172 |  |
Total Loan Sales |  | $ | 1,135,287 |  |  | $ | 1,410,724 |  |  | $ | 2,220,661 |  |  | $ | 2,343,423 |  |
Sales Margin (fee-based services as a % of loan sales) |  | 1.54 |  | % | 1.60 |  | % | 1.54 |  | % | 1.59 |  | %
MSR Rate (MSR income as a % of loan commitments) (1) |  | 1.32 |  | % | 1.43 |  | % | 1.22 |  | % | 1.32 |  | %
________________________ (1) Excluding $160.2 million of loan commitments not serviced for a fee from the first quarter of 2024, the MSR rate was 1.32% for the six months ended June 30, 2024.
Schedule of Key Servicing Metrics for Agency Business |
|  | June 30, 2024
Key Servicing Metrics for Agency Business: |  | Servicing Portfolio UPB |  | Wtd. Avg. Servicing Fee Rate (basis points) |  | Wtd. Avg. Life of Portfolio (years)
Fannie Mae |  | $ | 22,114,193 |  |  | 46.7 |  | 7.0
Freddie Mac |  | 5,587,178 |  |  | 22.7 |  | 7.4
Private Label |  | 2,547,308 |  |  | 18.9 |  | 6.0
FHA |  | 1,369,507 |  |  | 14.4 |  | 18.9
Bridge |  | 380,547 |  |  | 10.9 |  | 3.4
SFR - Fixed Rate |  | 279,962 |  |  | 20.1 |  | 4.9
Total |  | $ | 32,278,695 |  |  | 38.4 |  | 7.5
|  | December 31, 2023
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

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