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Segment Information
 9 Months Ended
Sep. 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 September 30, 2024
Structured
Business		Agency
Business		Other (1)Consolidated
Interest income$274,102 $12,420 $— $286,522 
Interest expense192,945 4,765 — 197,710 
Net interest income81,157 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 income1,507 — — 1,507 
Gain on derivative instruments, net— 822 — 822 
Other income, net1,364 1,173 — 2,537 
Total other revenue2,871 64,970 — 67,841 
Other expenses:
Employee compensation and benefits16,772 28,109 — 44,881 
Selling and administrative6,345 6,796 — 13,141 
Property operating expenses1,686 — — 1,686 
Depreciation and amortization1,422 522 — 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 expenses41,013 40,039 — 81,052 
Income before income from equity affiliates and income taxes43,015 32,586 — 75,601 
Income from equity affiliates3,177 — — 3,177 
Benefit from (provision for) income taxes2,080 (7,313)— (5,233)
Net income48,272 25,273 — 73,545 
Preferred stock dividends10,342 — — 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 expense222,996 6,184 — 229,180 
Net interest income99,823 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 income1,450 — — 1,450 
Loss on derivative instruments, net— (421)— (421)
Other income (loss), net751 (578)— 173 
Total other revenue2,201 67,192 — 69,393 
Other expenses:
Employee compensation and benefits12,912 26,898 — 39,810 
Selling and administrative5,291 7,076 — 12,367 
Property operating expenses1,479 — — 1,479 
Depreciation and amortization1,114 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 expenses38,039 38,234 — 76,273 
Income before extinguishment of debt, income from equity affiliates and income taxes63,985 36,429 — 100,414 
Loss on extinguishment of debt(314)— — (314)
Income from equity affiliates809 — — 809 
Benefit from (provision for) income taxes1,078 (6,932)— (5,854)
Net income65,558 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 expense608,607 16,006 — 624,613 
Net interest income255,460 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 income4,521 — — 4,521 
Loss on derivative instruments, net— (4,711)— (4,711)
Other income, net5,641 1,314 — 6,955 
Total other revenue10,162 179,860 — 190,022 
Other expenses:
Employee compensation and benefits51,123 84,288 — 135,411 
Selling and administrative18,969 20,928 — 39,897 
Property operating expenses4,948 — — 4,948 
Depreciation and amortization4,070 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 expenses139,704 120,179 — 259,883 
Income before extinguishment of debt, sale of real estate, income from equity affiliates and income taxes125,918 84,610 — 210,528 
Loss on extinguishment of debt(412)— — (412)
Gain on sale of real estate3,813 — — 3,813 
Income from equity affiliates7,388 — — 7,388 
Benefit from (provision for) income taxes2,864 (15,590)— (12,726)
Net income139,571 69,020 — 208,591 
Preferred stock dividends31,027 — — 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 expense658,856 16,893 — 675,749 
Net interest income303,445 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 income4,261 — — 4,261 
Loss on derivative instruments, net— (3,582)— (3,582)
Other income, net3,420 1,679 — 5,099 
Total other revenue7,681 200,037 — 207,718 
Other expenses:
Employee compensation and benefits41,991 81,527 — 123,518 
Selling and administrative17,835 20,739 — 38,574 
Property operating expenses4,227 — — 4,227 
Depreciation and amortization3,779 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 expenses120,089 121,102 — 241,191 
Income before extinguishment of debt, income from equity affiliates and income taxes191,037 99,900 — 290,937 
Loss on extinguishment of debt(1,561)— — (1,561)
Income from equity affiliates20,694 — — 20,694 
Benefit from (provision for) income taxes307 (19,743)— (19,436)
Net income210,477 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 BusinessAgency BusinessConsolidated
Assets:
Cash and cash equivalents$212,588 $474,952 $687,540 
Restricted cash161,892 18,014 179,906 
Loans and investments, net11,292,647 — 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 affiliates76,294 — 76,294 
Real estate owned, net127,926 — 127,926 
Goodwill and other intangible assets12,500 76,010 88,510 
Other assets and due from related party484,921 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 parties270,830 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 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 
Real estate owned, net86,991 — 86,991 
Goodwill and other intangible assets12,500 78,878 91,378 
Other assets and due from related party453,073 101,629 467,711 
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 parties369,588 108,990 478,578 
Total liabilities$11,890,080 $593,951 $12,484,031 
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Origination Data:
Structured Business
Bridge:
Multifamily$14,500 $92,000 $73,385 $376,630 
SFR239,064 140,379 596,054 325,432 
Land— — 10,350 — 
253,564 232,379 679,789 702,062 
Mezzanine / Preferred Equity4,900 7,779 61,713 15,124 
Total New Loan Originations$258,464 $240,158 $741,502 $717,186 
Number of Loans Originated384214292
Commitments:
SFR$374,070 $429,452 $1,062,947 $683,984 
Construction - Multifamily47,000 — 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 Mac378,809 339,241 1,095,732 658,457 
Private Label74,162 67,965 124,286 159,328 
FHA27,457 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 Mac356,300 337,507 1,018,900 581,306 
Private Label74,162 67,965 124,286 300,713 
FHA32,664 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 %
September 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$22,526,022 46.66.6
Freddie Mac5,820,026 21.97.1
Private Label2,619,485 18.75.8
FHA1,390,766 14.218.9
Bridge380,379 10.93.0
SFR - Fixed Rate275,081 20.14.6
Total$33,011,759 38.07.1
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