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Segment Information (Tables)

9 Months Ended

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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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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