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Segment Information (Tables)

6 Months Ended

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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Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

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