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Segment Information
 6 Months Ended
Jun. 30, 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 June 30, 2024
Structured
Business		Agency
Business		Other (1)Consolidated
Interest income$282,077 $15,111 $— $297,188 
Interest expense203,062 6,165 — 209,227 
Net interest income79,015 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 income1,444 — — 1,444 
Loss on derivative instruments, net— (275)— (275)
Other income, net1,975 106 — 2,081 
Total other revenue3,419 61,723 — 65,142 
Other expenses:
Employee compensation and benefits15,805 27,031 — 42,836 
Selling and administrative5,828 6,995 — 12,823 
Property operating expenses1,584 — — 1,584 
Depreciation and amortization1,250 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 expenses52,497 41,066 — 93,563 
Income before extinguishment of debt, sale of real estate, income from equity affiliates and income taxes29,937 29,603 — 59,540 
Loss on extinguishment of debt(412)— — (412)
Gain on sale of real estate3,813 — — 3,813 
Income from equity affiliates2,793 — — 2,793 
Benefit from (provision for) income taxes865 (4,766)— (3,901)
Net income36,996 24,837 — 61,833 
Preferred stock dividends10,342 — — 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 expense220,966 6,229 — 227,195 
Net interest income101,139 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 income1,430 — — 1,430 
Loss on derivative instruments, net— (7,384)— (7,384)
Other income (loss), net760 (715)— 45 
Total other revenue2,190 63,036 — 65,226 
Other expenses:
Employee compensation and benefits13,438 27,872 — 41,310 
Selling and administrative5,833 6,751 — 12,584 
Property operating expenses1,365 — — 1,365 
Depreciation and amortization1,214 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 expenses36,219 42,977 — 79,196 
Income before extinguishment of debt, income from equity affiliates and income taxes67,110 27,462 — 94,572 
Loss on extinguishment of debt(1,247)— — (1,247)
Income from equity affiliates5,560 — — 5,560 
Provision for income taxes(1,200)(4,353)— (5,553)
Net income70,223 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 expense415,661 11,242 — 426,903 
Net interest income174,304 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 income3,014 — — 3,014 
Loss on derivative instruments, net— (5,533)— (5,533)
Other income, net4,275 139 — 4,414 
Total other revenue7,289 114,889 — 122,178 
Other expenses:
Employee compensation and benefits34,352 56,177 — 90,529 
Selling and administrative12,624 14,132 — 26,756 
Property operating expenses3,262 — — 3,262 
Depreciation and amortization2,648 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 expenses98,692 80,138 — 178,830 
Income before extinguishment of debt, sale of real estate, income from equity affiliates and income taxes82,901 52,024 — 134,925 
Loss on extinguishment of debt(412)— — (412)
Gain on sale of real estate3,813 — — 3,813 
Income from equity affiliates4,211 — — 4,211 
Benefit from (provision for) income taxes784 (8,277)— (7,493)
Net income91,297 43,747 — 135,044 
Preferred stock dividends20,684 — — 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 expense435,860 10,709 — 446,569 
Net interest income203,621 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 income2,811 — — 2,811 
Loss on derivative instruments, net— (3,161)— (3,161)
Other income, net2,667 2,256 — 4,923 
Total other revenue5,478 132,843 — 138,321 
Other expenses:
Employee compensation and benefits29,079 54,629 — 83,708 
Selling and administrative12,544 13,663 — 26,207 
Property operating expenses2,747 — — 2,747 
Depreciation and amortization2,665 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 expenses82,049 82,867 — 164,916 
Income before extinguishment of debt, income from equity affiliates and income taxes127,050 63,471 — 190,521 
Loss on extinguishment of debt(1,247)— — (1,247)
Income from equity affiliates19,886 — — 19,886 
Provision for income taxes(771)(12,811)— (13,582)
Net income144,918 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 
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(1)Includes income allocated to the noncontrolling interest holders not allocated to the two reportable segments.
June 30, 2024
Structured BusinessAgency BusinessConsolidated
Assets:
Cash and cash equivalents$272,614 $464,871 $737,485 
Restricted cash203,223 15,005 218,228 
Loans and investments, net11,603,944 — 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 affiliates72,872 — 72,872 
Goodwill and other intangible assets12,500 76,532 89,032 
Other assets and due from related party521,039 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 parties305,813 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 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 June 30,Six Months Ended June 30,
2024202320242023
Origination Data:
Structured Business
Bridge:
Multifamily$19,650 $98,530 $58,885 $284,630 
SFR185,500 108,964 356,990 185,053 
Land10,350 — 10,350 — 
215,500 207,494 426,225 469,683 
Mezzanine / Preferred Equity11,684 1,500 56,813 7,345 
Total New Loan Originations$227,184 $208,994 $483,038 $477,028 
Number of Loans Originated452610450
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 Mac346,821 217,884 716,923 319,216 
Private Label34,714 50,256 50,124 91,363 
SFR - Fixed Rate24,996 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 Mac332,921 175,342 662,600 243,799 
Private Label34,714 72,803 50,124 232,748 
FHA11,419 134,383 23,488 177,858 
SFR - Fixed Rate24,996 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 %
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(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.
June 30, 2024
Key Servicing Metrics for Agency Business:Servicing Portfolio UPBWtd. Avg. Servicing Fee Rate (basis points)Wtd. Avg. Life of Portfolio (years)
Fannie Mae$22,114,193 46.77.0
Freddie Mac5,587,178 22.77.4
Private Label2,547,308 18.96.0
FHA1,369,507 14.418.9
Bridge380,547 10.93.4
SFR - Fixed Rate279,962 20.14.9
Total$32,278,695 38.47.5
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