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Segment Information (Tables) | 9 Months Ended
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Sep. 30, 2024
Segment Reporting [Abstract] |
Schedule of Statement of Income and Balance Sheet by Segment |
| Three Months Ended September 30, 2024
| Structured Business |  | Agency Business |  | Other (1) |  | Consolidated
Interest income | $ | 274,102 |  |  | $ | 12,420 |  |  | $ | — |  |  | $ | 286,522 |
Interest expense | 192,945 |  |  | 4,765 |  |  | — |  |  | 197,710 |
Net interest income | 81,157 |  |  | 7,655 |  |  | — |  |  | 88,812 |
Other revenue: |  |  |  |  |  |  |
Gain on sales, including fee-based services, net | — |  |  | 18,638 |  |  | — |  |  | 18,638 |
Mortgage servicing rights | — |  |  | 13,195 |  |  | — |  |  | 13,195 |
Servicing revenue | — |  |  | 48,441 |  |  | — |  |  | 48,441 |
Amortization of MSRs | — |  |  | (17,299) |  |  | — |  |  | (17,299) |
Property operating income | 1,507 |  |  | — |  |  | — |  |  | 1,507 |
Gain on derivative instruments, net | — |  |  | 822 |  |  | — |  |  | 822 |
Other income, net | 1,364 |  |  | 1,173 |  |  | — |  |  | 2,537 |
Total other revenue | 2,871 |  |  | 64,970 |  |  | — |  |  | 67,841 |
Other expenses: |  |  |  |  |  |  |
Employee compensation and benefits | 16,772 |  |  | 28,109 |  |  | — |  |  | 44,881 |
Selling and administrative | 6,345 |  |  | 6,796 |  |  | — |  |  | 13,141 |
Property operating expenses | 1,686 |  |  | — |  |  | — |  |  | 1,686 |
Depreciation and amortization | 1,422 |  |  | 522 |  |  | — |  |  | 1,944 |
Provision for loss sharing (net of recoveries) | — |  |  | 3,180 |  |  | — |  |  | 3,180 |
Provision for credit losses (net of recoveries) | 14,788 |  |  | 1,432 |  |  | — |  |  | 16,220 |
Total other expenses | 41,013 |  |  | 40,039 |  |  | — |  |  | 81,052 |
Income before income from equity affiliates and income taxes | 43,015 |  |  | 32,586 |  |  | — |  |  | 75,601 |
Income from equity affiliates | 3,177 |  |  | — |  |  | — |  |  | 3,177 |
Benefit from (provision for) income taxes | 2,080 |  |  | (7,313) |  |  | — |  |  | (5,233) |
Net income | 48,272 |  |  | 25,273 |  |  | — |  |  | 73,545 |
Preferred stock dividends | 10,342 |  |  | — |  |  | — |  |  | 10,342 |
Net income attributable to noncontrolling interest | — |  |  | — |  |  | 5,028 |  |  | 5,028 |
Net income attributable to common stockholders | $ | 37,930 |  |  | $ | 25,273 |  |  | $ | (5,028) |  |  | $ | 58,175 |
| Three Months Ended September 30, 2023
| Structured Business |  | Agency Business |  | Other (1) |  | Consolidated
Interest income | $ | 322,819 |  |  | $ | 13,655 |  |  | $ | — |  |  | $ | 336,474 |
Interest expense | 222,996 |  |  | 6,184 |  |  | — |  |  | 229,180 |
Net interest income | 99,823 |  |  | 7,471 |  |  | — |  |  | 107,294 |
Other revenue: |  |  |  |  |  |  |
Gain on sales, including fee-based services, net | — |  |  | 18,619 |  |  | — |  |  | 18,619 |
Mortgage servicing rights | — |  |  | 14,109 |  |  | — |  |  | 14,109 |
Servicing revenue | — |  |  | 51,363 |  |  | — |  |  | 51,363 |
Amortization of MSRs | — |  |  | (15,900) |  |  | — |  |  | (15,900) |
Property operating income | 1,450 |  |  | — |  |  | — |  |  | 1,450 |
Loss on derivative instruments, net | — |  |  | (421) |  |  | — |  |  | (421) |
Other income (loss), net | 751 |  |  | (578) |  |  | — |  |  | 173 |
Total other revenue | 2,201 |  |  | 67,192 |  |  | — |  |  | 69,393 |
Other expenses: |  |  |  |  |  |  |
Employee compensation and benefits | 12,912 |  |  | 26,898 |  |  | — |  |  | 39,810 |
Selling and administrative | 5,291 |  |  | 7,076 |  |  | — |  |  | 12,367 |
Property operating expenses | 1,479 |  |  | — |  |  | — |  |  | 1,479 |
Depreciation and amortization | 1,114 |  |  | 1,172 |  |  | — |  |  | 2,286 |
Provision for loss sharing (net of recoveries) | — |  |  | 1,679 |  |  | — |  |  | 1,679 |
Provision for credit losses (net of recoveries) | 17,243 |  |  | 1,409 |  |  | — |  |  | 18,652 |
Total other expenses | 38,039 |  |  | 38,234 |  |  | — |  |  | 76,273 |
Income before extinguishment of debt, income from equity affiliates and income taxes | 63,985 |  |  | 36,429 |  |  | — |  |  | 100,414 |
Loss on extinguishment of debt | (314) |  |  | — |  |  | — |  |  | (314) |
Income from equity affiliates | 809 |  |  | — |  |  | — |  |  | 809 |
Benefit from (provision for) income taxes | 1,078 |  |  | (6,932) |  |  | — |  |  | (5,854) |
Net income | 65,558 |  |  | 29,497 |  |  | — |  |  | 95,055 |
Preferred stock dividends | 10,342 |  |  | — |  |  | — |  |  | 10,342 |
Net income attributable to noncontrolling interest | — |  |  | — |  |  | 6,789 |  |  | 6,789 |
Net income attributable to common stockholders | $ | 55,216 |  |  | $ | 29,497 |  |  | $ | (6,789) |  |  | $ | 77,924 |
| Nine Months Ended September 30, 2024
| Structured Business |  | Agency Business |  | Other (1) |  | Consolidated
Interest income | $ | 864,067 |  |  | $ | 40,935 |  |  | $ | — |  |  | $ | 905,002 |
Interest expense | 608,607 |  |  | 16,006 |  |  | — |  |  | 624,613 |
Net interest income | 255,460 |  |  | 24,929 |  |  | — |  |  | 280,389 |
Other revenue: |  |  |  |  |  |  |
Gain on sales, including fee-based services, net | — |  |  | 52,752 |  |  | — |  |  | 52,752 |
Mortgage servicing rights | — |  |  | 37,928 |  |  | — |  |  | 37,928 |
Servicing revenue | — |  |  | 143,394 |  |  | — |  |  | 143,394 |
Amortization of MSRs | — |  |  | (50,817) |  |  | — |  |  | (50,817) |
Property operating income | 4,521 |  |  | — |  |  | — |  |  | 4,521 |
Loss on derivative instruments, net | — |  |  | (4,711) |  |  | — |  |  | (4,711) |
Other income, net | 5,641 |  |  | 1,314 |  |  | — |  |  | 6,955 |
Total other revenue | 10,162 |  |  | 179,860 |  |  | — |  |  | 190,022 |
Other expenses: |  |  |  |  |  |  |
Employee compensation and benefits | 51,123 |  |  | 84,288 |  |  | — |  |  | 135,411 |
Selling and administrative | 18,969 |  |  | 20,928 |  |  | — |  |  | 39,897 |
Property operating expenses | 4,948 |  |  | — |  |  | — |  |  | 4,948 |
Depreciation and amortization | 4,070 |  |  | 2,867 |  |  | — |  |  | 6,937 |
Provision for loss sharing (net of recoveries) | — |  |  | 7,787 |  |  | — |  |  | 7,787 |
Provision for credit losses (net of recoveries) | 60,594 |  |  | 4,309 |  |  | — |  |  | 64,903 |
Total other expenses | 139,704 |  |  | 120,179 |  |  | — |  |  | 259,883 |
Income before extinguishment of debt, sale of real estate, income from equity affiliates and income taxes | 125,918 |  |  | 84,610 |  |  | — |  |  | 210,528 |
Loss on extinguishment of debt | (412) |  |  | — |  |  | — |  |  | (412) |
Gain on sale of real estate | 3,813 |  |  | — |  |  | — |  |  | 3,813 |
Income from equity affiliates | 7,388 |  |  | — |  |  | — |  |  | 7,388 |
Benefit from (provision for) income taxes | 2,864 |  |  | (15,590) |  |  | — |  |  | (12,726) |
Net income | 139,571 |  |  | 69,020 |  |  | — |  |  | 208,591 |
Preferred stock dividends | 31,027 |  |  | — |  |  | — |  |  | 31,027 |
Net income attributable to noncontrolling interest | — |  |  | — |  |  | 14,119 |  |  | 14,119 |
Net income attributable to common stockholders | $ | 108,544 |  |  | $ | 69,020 |  |  | $ | (14,119) |  |  | $ | 163,445 |
| Nine Months Ended September 30, 2023
| Structured Business |  | Agency Business |  | Other (1) |  | Consolidated
Interest income | $ | 962,301 |  |  | $ | 37,858 |  |  | $ | — |  |  | $ | 1,000,159 |
Interest expense | 658,856 |  |  | 16,893 |  |  | — |  |  | 675,749 |
Net interest income | 303,445 |  |  | 20,965 |  |  | — |  |  | 324,410 |
Other revenue: |  |  |  |  |  |  |
Gain on sales, including fee-based services, net | — |  |  | 55,795 |  |  | — |  |  | 55,795 |
Mortgage servicing rights | — |  |  | 48,769 |  |  | — |  |  | 48,769 |
Servicing revenue | — |  |  | 144,296 |  |  | — |  |  | 144,296 |
Amortization of MSRs | — |  |  | (46,920) |  |  | — |  |  | (46,920) |
Property operating income | 4,261 |  |  | — |  |  | — |  |  | 4,261 |
Loss on derivative instruments, net | — |  |  | (3,582) |  |  | — |  |  | (3,582) |
Other income, net | 3,420 |  |  | 1,679 |  |  | — |  |  | 5,099 |
Total other revenue | 7,681 |  |  | 200,037 |  |  | — |  |  | 207,718 |
Other expenses: |  |  |  |  |  |  |
Employee compensation and benefits | 41,991 |  |  | 81,527 |  |  | — |  |  | 123,518 |
Selling and administrative | 17,835 |  |  | 20,739 |  |  | — |  |  | 38,574 |
Property operating expenses | 4,227 |  |  | — |  |  | — |  |  | 4,227 |
Depreciation and amortization | 3,779 |  |  | 3,518 |  |  | — |  |  | 7,297 |
Provision for loss sharing (net of recoveries) | — |  |  | 12,528 |  |  | — |  |  | 12,528 |
Provision for credit losses (net of recoveries) | 52,257 |  |  | 2,790 |  |  | — |  |  | 55,047 |
Total other expenses | 120,089 |  |  | 121,102 |  |  | — |  |  | 241,191 |
Income before extinguishment of debt, income from equity affiliates and income taxes | 191,037 |  |  | 99,900 |  |  | — |  |  | 290,937 |
Loss on extinguishment of debt | (1,561) |  |  | — |  |  | — |  |  | (1,561) |
Income from equity affiliates | 20,694 |  |  | — |  |  | — |  |  | 20,694 |
Benefit from (provision for) income taxes | 307 |  |  | (19,743) |  |  | — |  |  | (19,436) |
Net income | 210,477 |  |  | 80,157 |  |  | — |  |  | 290,634 |
Preferred stock dividends | 31,027 |  |  | — |  |  | — |  |  | 31,027 |
Net income attributable to noncontrolling interest | — |  |  | — |  |  | 21,200 |  |  | 21,200 |
Net income attributable to common stockholders | $ | 179,450 |  |  | $ | 80,157 |  |  | $ | (21,200) |  |  | $ | 238,407 |
________________________ (1)Includes income allocated to the noncontrolling interest holders not allocated to the two reportable segments.
| September 30, 2024
| Structured Business |  | Agency Business |  | Consolidated
Assets: |  |  |  |  |
Cash and cash equivalents | $ | 212,588 |  |  | $ | 474,952 |  |  | $ | 687,540 |
Restricted cash | 161,892 |  |  | 18,014 |  |  | 179,906 |
Loans and investments, net | 11,292,647 |  |  | — |  |  | 11,292,647 |
Loans held-for-sale, net | — |  |  | 326,141 |  |  | 326,141 |
Capitalized mortgage servicing rights, net | — |  |  | 376,403 |  |  | 376,403 |
Securities held-to-maturity, net | — |  |  | 156,027 |  |  | 156,027 |
Investments in equity affiliates | 76,294 |  |  | — |  |  | 76,294 |
Real estate owned, net | 127,926 |  |  | — |  |  | 127,926 |
Goodwill and other intangible assets | 12,500 |  |  | 76,010 |  |  | 88,510 |
Other assets and due from related party | 484,921 |  |  | 85,143 |  |  | 570,064 |
Total assets | $ | 12,368,768 |  |  | $ | 1,512,690 |  |  | $ | 13,881,458 |
Liabilities: |  |  |  |  |
Debt obligations | $ | 9,965,287 |  |  | $ | 319,419 |  |  | $ | 10,284,706 |
Allowance for loss-sharing obligations | — |  |  | 80,577 |  |  | 80,577 |
Other liabilities and due to related parties | 270,830 |  |  | 81,968 |  |  | 352,798 |
Total liabilities | $ | 10,236,117 |  |  | $ | 481,964 |  |  | $ | 10,718,081 |
| 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 |
Real estate owned, net | 86,991 |  |  | — |  |  | 86,991 |
Goodwill and other intangible assets | 12,500 |  |  | 78,878 |  |  | 91,378 |
Other assets and due from related party | 453,073 |  |  | 101,629 |  |  | 467,711 |
Total assets | $ | 14,224,502 |  |  | $ | 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 September 30, |  | Nine Months Ended September 30, |
|  | 2024 |  | 2023 |  | 2024 |  | 2023 |
Origination Data: |  |  |  |  |  |  |  |  |
Structured Business |  |  |  |  |  |  |  |  |
Bridge: |  |  |  |  |  |  |  |  |
Multifamily |  | $ | 14,500 |  |  | $ | 92,000 |  |  | $ | 73,385 |  |  | $ | 376,630 |  |
SFR |  | 239,064 |  |  | 140,379 |  |  | 596,054 |  |  | 325,432 |  |
Land |  | — |  |  | — |  |  | 10,350 |  |  | — |  |
|  | 253,564 |  |  | 232,379 |  |  | 679,789 |  |  | 702,062 |  |
Mezzanine / Preferred Equity |  | 4,900 |  |  | 7,779 |  |  | 61,713 |  |  | 15,124 |  |
Total New Loan Originations |  | $ | 258,464 |  |  | $ | 240,158 |  |  | $ | 741,502 |  |  | $ | 717,186 |  |
Number of Loans Originated |  | 38 |  | 42 |  | 142 |  | 92 |
Commitments: |  |  |  |  |  |  |  |  |
SFR |  | $ | 374,070 |  |  | $ | 429,452 |  |  | $ | 1,062,947 |  |  | $ | 683,984 |  |
Construction - Multifamily |  | 47,000 |  |  | — |  |  | 47,000 |  |  | — |  |
Total Commitments |  | $ | 421,070 |  |  | $ | 429,452 |  |  | $ | 1,109,947 |  |  | $ | 683,984 |  |
Loan Runoff |  | $ | 521,341 |  |  | $ | 664,792 |  |  | $ | 1,791,000 |  |  | $ | 2,536,661 |  |
Agency Business |  |  |  |  |  |  |  |  |
Origination Volumes by Investor: |  |  |  |  |  |  |  |  |
Fannie Mae |  | $ | 616,211 |  |  | $ | 721,398 |  |  | $ | 1,817,364 |  |  | $ | 2,596,329 |  |
Freddie Mac |  | 378,809 |  |  | 339,241 |  |  | 1,095,732 |  |  | 658,457 |  |
Private Label |  | 74,162 |  |  | 67,965 |  |  | 124,286 |  |  | 159,328 |  |
FHA |  | 27,457 |  |  | 19,215 |  |  | 27,457 |  |  | 230,707 |  |
SFR - Fixed Rate |  | — |  |  | 2,030 |  |  | 27,314 |  |  | 19,328 |  |
Total New Loan Originations |  | $ | 1,096,639 |  |  | $ | 1,149,849 |  |  | $ | 3,092,153 |  |  | $ | 3,664,149 |  |
Total Loan Commitment Volume |  | $ | 1,056,490 |  |  | $ | 1,211,347 |  |  | $ | 3,090,446 |  |  | $ | 3,844,769 |  |
Agency Business Loan Sales Data: |  |  |  |  |  |  |  |  |
Fannie Mae |  | $ | 655,851 |  |  | $ | 837,132 |  |  | $ | 2,112,986 |  |  | $ | 2,511,978 |  |
Freddie Mac |  | 356,300 |  |  | 337,507 |  |  | 1,018,900 |  |  | 581,306 |  |
Private Label |  | 74,162 |  |  | 67,965 |  |  | 124,286 |  |  | 300,713 |  |
FHA |  | 32,664 |  |  | 24,057 |  |  | 56,152 |  |  | 201,915 |  |
SFR - Fixed Rate |  | — |  |  | 8,759 |  |  | 27,314 |  |  | 22,931 |  |
Total Loan Sales |  | $ | 1,118,977 |  |  | $ | 1,275,420 |  |  | $ | 3,339,638 |  |  | $ | 3,618,843 |  |
Sales Margin (fee-based services as a % of loan sales) |  | 1.67 |  | % | 1.46 |  | % | 1.58 |  | % | 1.54 |  | %
MSR Rate (MSR income as a % of loan commitments) |  | 1.25 |  | % | 1.16 |  | % | 1.23 |  | % | 1.27 |  | %
Schedule of Key Servicing Metrics for Agency Business |
|  | September 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 |  | $ | 22,526,022 |  |  | 46.6 |  | 6.6
Freddie Mac |  | 5,820,026 |  |  | 21.9 |  | 7.1
Private Label |  | 2,619,485 |  |  | 18.7 |  | 5.8
FHA |  | 1,390,766 |  |  | 14.2 |  | 18.9
Bridge |  | 380,379 |  |  | 10.9 |  | 3.0
SFR - Fixed Rate |  | 275,081 |  |  | 20.1 |  | 4.6
Total |  | $ | 33,011,759 |  |  | 38.0 |  | 7.1
|  | 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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