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Segment Information
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Segment Information Segment Information
As described in Note 1, we operate through two business segments – our Structured Business and our Agency Business. 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. Intersegment revenue and expenses have been eliminated in the computation of total revenue and operating income.
Our chief operating decision maker (“CODM”) is Ivan Kaufman, our Chief Executive Officer. The CODM uses both net interest income and net income for each segment predominantly in the annual budget and forecasting process. The CODM considers both budget and actual results on a quarterly basis for both profit measures when making decisions about the allocation of operating and capital resources to each segment. The CODM also uses segment net interest income and net income to assess the performance of each segment by comparing the results of each segment with one another and in determining the compensation of certain employees.
Year Ended December 31, 2024
Structured
Business		Agency
Business		Other (1)Consolidated
Interest income$1,112,763 $55,109 $— $1,167,872 
Interest expense781,668 22,947 — 804,615 
Net interest income331,095 32,162 — 363,257 
Other revenue:
Gain on sales, including fee-based services, net— 74,932 — 74,932 
Mortgage servicing rights— 51,272 — 51,272 
Servicing revenue— 194,318 — 194,318 
Amortization of MSRs— (68,422)— (68,422)
Property operating income7,226 — — 7,226 
Loss on derivative instruments, net— (8,543)— (8,543)
Other income, net7,255 828 — 8,083 
Total other revenue14,481 244,385 — 258,866 
Other expenses:
Employee compensation and benefits67,187 87,728 — 154,915 
Commissions— 26,779 — 26,779 
Selling and administrative26,922 28,009 — 54,931 
Property operating expenses7,394 — — 7,394 
Depreciation and amortization6,296 3,259 — 9,555 
Provision for loss sharing— 11,782 — 11,782 
Provision for loan losses (net of recoveries)63,953 4,590 — 68,543 
Total other expenses171,752 162,147 — 333,899 
Income before extinguishment of debt, gain on real estate, income from equity affiliates and income taxes173,824 114,400 — 288,224 
Loss on extinguishment of debt(412)— — (412)
Gain on real estate3,813 — — 3,813 
Income from equity affiliates5,772 — — 5,772 
Benefit from (provision for) income taxes3,590 (17,068)— (13,478)
Net income186,587 97,332 — 283,919 
Preferred stock dividends 41,369 — — 41,369 
Net income attributable to noncontrolling interest— — 19,278 19,278 
Net income attributable to common stockholders$145,218 $97,332 $(19,278)$223,272 
Year Ended December 31, 2023
Structured
Business		Agency
Business		Other (1)Consolidated
Interest income$1,279,433 $51,786 $— $1,331,219 
Interest expense880,602 22,626 — 903,228 
Net interest income398,831 29,160 — 427,991 
Other revenue:
Gain on sales, including fee-based services, net— 72,522 — 72,522 
Mortgage servicing rights— 69,912 — 69,912 
Servicing revenue— 193,542 — 193,542 
Amortization of MSRs— (63,093)— (63,093)
Property operating income5,708 — — 5,708 
Gain on derivative instruments, net— 6,763 — 6,763 
Other income, net4,868 2,799 — 7,667 
Total other revenue10,576 282,445 — 293,021 
Other expenses:
Employee compensation and benefits53,507 87,760 — 141,267 
Commissions— 18,521 — 18,521 
Selling and administrative23,234 28,026 — 51,260 
Property operating expenses5,897 — — 5,897 
Depreciation and amortization5,052 4,691 — 9,743 
Provision for loss sharing (net of recoveries)— 15,695 — 15,695 
Provision for credit losses (net of recoveries)70,344 3,102 — 73,446 
Total other expenses158,034 157,795 — 315,829 
Income before extinguishment of debt, income from equity affiliates and income taxes251,373 153,810 — 405,183 
Loss on extinguishment of debt(1,561)— — (1,561)
Income from equity affiliates24,281 — — 24,281 
Benefit from (provision for) income taxes803 (28,150)— (27,347)
Net income274,896 125,660 — 400,556 
Preferred stock dividends41,369 — — 41,369 
Net income attributable to noncontrolling interest— — 29,122 29,122 
Net income attributable to common stockholders$233,527 $125,660 $(29,122)$330,065 
Year Ended December 31, 2022
Structured
Business		Agency
Business		Other (1)Consolidated
Interest income$903,622 $44,779 $— $948,401 
Interest expense538,659 18,958 — 557,617 
Net interest income364,963 25,821 — 390,784 
Other revenue:
Gain on sales, including fee-based services, net— 55,816 — 55,816 
Mortgage servicing rights— 69,346 — 69,346 
Servicing revenue— 152,068 — 152,068 
Amortization of MSRs— (59,876)— (59,876)
Property operating income1,877 — — 1,877 
Gain on derivative instruments, net— 26,609 — 26,609 
Other income (loss), net(2,360)(15,203)— (17,563)
Total other revenue(483)228,760 — 228,277 
Other expenses:
Employee compensation and benefits56,032 81,903 — 137,935 
Commissions— 23,890 — 23,890 
Selling and administrative26,059 27,931 — 53,990 
Property operating expenses2,136 — — 2,136 
Depreciation and amortization4,041 4,691 — 8,732 
Provision for loss sharing (net of recoveries)— 1,862 — 1,862 
Provision for credit losses (net of recoveries)19,770 1,399 — 21,169 
Litigation settlement7,350 — — 7,350 
Total other expenses115,388 141,676 — 257,064 
Income before extinguishment of debt, income from equity affiliates and income taxes249,092 112,905 — 361,997 
Loss on extinguishment of debt(4,933)— — (4,933)
Income from equity affiliates14,247 — — 14,247 
Provision for income taxes(821)(16,663)— (17,484)
Net income257,585 96,242 — 353,827 
Preferred stock dividends40,954 — — 40,954 
Net income attributable to noncontrolling interest— — 28,044 28,044 
Net income attributable to common stockholders$216,631 $96,242 $(28,044)$284,829 
________________________________________
(1)Includes income allocated to the noncontrolling interest holders not allocated to the two reportable segments.
December 31, 2024
Structured BusinessAgency BusinessConsolidated
Assets:
Cash and cash equivalents$58,188 $445,615 $503,803 
Restricted cash134,320 22,056 156,376 
Loans and investments, net11,033,997 — 11,033,997 
Loans held-for-sale, net— 435,759 435,759 
Capitalized mortgage servicing rights, net— 368,678 368,678 
Securities held-to-maturity, net— 157,154 157,154 
Investments in equity affiliates76,312 — 76,312 
Real estate owned, net176,543 — 176,543 
Goodwill and other intangible assets12,500 75,619 88,119 
Other assets and due from related party415,310 78,930 494,240 
Total assets$11,907,170 $1,583,811 $13,490,981 
Liabilities:
Debt obligations$9,500,901 $422,661 $9,923,562 
Allowance for loss-sharing obligations— 83,150 83,150 
Other liabilities and due to related parties244,948 87,351 332,299 
Total liabilities$9,745,849 $593,162 $10,339,011 
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 party366,082 101,629 467,711 
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 
Year Ended December 31,
202420232022
Origination Data:
Structured Business
Bridge:
Multifamily$444,635$415,330$5,468,222
SFR869,141524,060613,819
Land10,350——
1,324,126939,3906,082,041
Mezzanine / Preferred Equity97,30543,95369,606
Construction - Multifamily4,368——
Total New Loan Originations$1,425,799$983,343$6,151,647
Number of Loans Originated170150318
Commitments:
SFR$1,438,841$1,150,687$1,086,833
Construction - Multifamily101,000——
Total Commitments$1,539,841$1,150,687$1,086,833
Loan runoff$2,691,583 $3,354,055$3,818,554
Agency Business
Origination Volumes by Investor:
Fannie Mae$2,374,040$3,773,532$2,919,566
Freddie Mac1,770,976756,8271,353,001
Private Label151,936299,934217,542
FHA146,507257,199188,394
SFR - Fixed Rate27,31419,32889,683
Total New Loan Originations$4,470,773$5,106,820$4,768,186
Total Loan Commitment Volume$4,443,972$5,207,148$5,146,718
Agency Business Loan Sales Data:
Fannie Mae$2,680,018$3,469,340$3,139,414
Freddie Mac1,662,010715,5301,456,595
Private Label124,286441,319515,086
FHA116,058240,079241,457
SFR - Fixed Rate27,31422,93186,071
Total Loan Sales$4,609,686$4,889,199$5,438,623
Sales Margin (fee-based services as a % of loan sales) (1)1.63 %1.48 %1.34 %
MSR Rate (MSR income as a % of loan commitments)1.15 %1.34 %1.35 %
________________________________________
(1)2022 includes $17.1 million of gains recognized on treasury futures related to Private Label loans sold, which is included in (loss) gain on derivative instruments, net in the consolidated statements of income.
December 31, 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$22,730,056 46.46.4
Freddie Mac6,077,020 21.56.8
Private Label2,605,980 18.75.5
FHA1,506,948 14.119.2
Bridge278,494 10.43.0
SFR - Fixed Rate271,859 20.14.4
Total$33,470,357 37.86.9
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