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Segment Information
 3 Months Ended
Mar. 31, 2025
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.
Three Months Ended March 31, 2025
Structured
Business		Agency
Business		Other (1)Consolidated
Interest income$230,087 $10,606 $— $240,693 
Interest expense161,579 3,672 — 165,251 
Net interest income68,508 6,934 — 75,442 
Other revenue:
Gain on sales, including fee-based services, net— 12,781 — 12,781 
Mortgage servicing rights— 8,131 — 8,131 
Servicing revenue— 43,361 — 43,361 
Amortization of MSRs— (17,758)— (17,758)
Property operating income4,387 — — 4,387 
Gain on derivative instruments, net— 3,400 — 3,400 
Other income, net2,078 2,341 — 4,419 
Total other revenue6,465 52,256 — 58,721 
Other expenses:
Employee compensation and benefits18,157 23,266 — 41,423 
Commissions— 4,613 — 4,613 
Selling and administrative8,932 7,380 — 16,312 
Property operating expenses3,474 — — 3,474 
Depreciation and amortization3,352 392 — 3,744 
Provision for loss sharing— 1,786 — 1,786 
Provision for credit losses (net of recoveries)9,154 (79)— 9,075 
Total other expenses43,069 37,358 — 80,427 
Income before extinguishment of debt, loss on real estate, loss from equity affiliates and income taxes31,904 21,832 — 53,736 
Loss on extinguishment of debt(2,319)— — (2,319)
Loss on real estate(2,810)— — (2,810)
Loss from equity affiliates(1,634)— — (1,634)
Benefit from (provision for) income taxes639 (4,230)— (3,591)
Net income25,780 17,602 — 43,382 
Preferred stock dividends10,342 — — 10,342 
Net income attributable to noncontrolling interest— — 2,602 2,602 
Net income attributable to common stockholders$15,438 $17,602 $(2,602)$30,438 
Three Months Ended March 31, 2024
Structured
Business		Agency
Business		Other (1)Consolidated
Interest income$307,888 $13,404 $— $321,292 
Interest expense212,600 5,076 — 217,676 
Net interest income95,288 8,328 — 103,616 
Other revenue:
Gain on sales, including fee-based services, net— 16,666 — 16,666 
Mortgage servicing rights— 10,199 — 10,199 
Servicing revenue— 48,157 — 48,157 
Amortization of MSRs— (16,631)— (16,631)
Property operating income1,570 — — 1,570 
Loss on derivative instruments, net— (5,257)— (5,257)
Other income, net2,300 33 — 2,333 
Total other revenue3,870 53,167 — 57,037 
Other expenses:
Employee compensation and benefits18,547 23,423 — 41,970 
Commissions— 5,724 — 5,724 
Selling and administrative6,796 7,137 — 13,933 
Property operating expenses1,678 — — 1,678 
Depreciation and amortization1,398 1,173 — 2,571 
Provision for loss sharing (net of recoveries)— 273 — 273 
Provision for credit losses (net of recoveries)17,777 1,341 — 19,118 
Total other expenses46,196 39,071 — 85,267 
Income before income from equity affiliates and income taxes52,962 22,424 — 75,386 
Income from equity affiliates1,418 — — 1,418 
Provision for income taxes(81)(3,511)— (3,592)
Net income54,299 18,913 — 73,212 
Preferred stock dividends 10,342 — — 10,342 
Net income attributable to noncontrolling interest— — 4,997 4,997 
Net income attributable to common stockholders$43,957 $18,913 $(4,997)$57,873 
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(1) Includes income allocated to the noncontrolling interest holders not allocated to the two reportable segments.
March 31, 2025
Structured BusinessAgency BusinessConsolidated
Assets:
Cash and cash equivalents$55,328 $253,514 $308,842 
Restricted cash15,943 24,620 40,563 
Loans and investments, net11,215,625 — 11,215,625 
Loans held-for-sale, net— 314,635 314,635 
Capitalized mortgage servicing rights, net— 357,220 357,220 
Securities held-to-maturity, net— 158,658 158,658 
Investments in equity affiliates77,095 — 77,095 
Real estate owned, net302,158 — 302,158 
Goodwill and other intangible assets12,500 75,227 87,727 
Other assets and due from related party249,904 254,922 504,826 
Total assets$11,928,553 $1,438,796 $13,367,349 
Liabilities:
Debt obligations$9,580,201 $279,403 $9,859,604 
Allowance for loss-sharing obligations— 85,515 85,515 
Other liabilities and due to related parties206,181 86,590 292,771 
Total liabilities$9,786,382 $451,508 $10,237,890 
December 31, 2024
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 
Three Months Ended March 31,
20252024
Origination Data:
Structured Business
Bridge:
Multifamily$367,750 $39,235 
SFR356,294 171,490 
724,044 210,725 
Mezzanine / Preferred Equity4,440 45,129 
Construction - Multifamily18,637 — 
Total New Loan Originations$747,121 $255,854 
Number of Loans Originated2059
Commitments:
SFR$162,400 $411,617 
Construction - Multifamily92,000 — 
Total Commitments$254,400 $411,617 
Loan Runoff$421,941 $640,018 
Agency Business
Origination Volumes by Investor:
Fannie Mae$357,811 $458,429 
Freddie Mac178,020 370,102 
Private Label44,925 15,410 
FHA16,041 — 
SFR - Fixed Rate9,111 2,318 
Total New Loan Originations$605,908 $846,259 
Total Loan Commitment Volume$645,401 $934,243 
Agency Business Loan Sales Data:
Fannie Mae$355,716 $725,898 
Freddie Mac298,485 329,679 
Private Label— 15,410 
FHA67,542 12,069 
SFR - Fixed Rate9,111 2,318 
Total Loan Sales$730,854 $1,085,374 
Sales Margin (fee-based services as a % of loan sales)1.75 %1.54 %
MSR Rate (MSR income as a % of loan commitments) (1)1.26 %1.09 %
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(1) Excluding $160.2 million of loan commitments for which we do not receive a servicing fee, the MSR rate was 1.32% for the three months ended March 31, 2024.
March 31, 2025
Key Servicing Metrics for Agency Business:Servicing Portfolio UPBWtd. Avg. Servicing Fee Rate (basis points)Wtd. Avg. Life of Portfolio (years)
Fannie Mae$22,683,885 46.26.2
Freddie Mac6,123,074 21.46.6
Private Label2,603,122 18.75.3
FHA1,519,675 14.019.0
Bridge278,293 10.42.8
SFR - Fixed Rate276,839 20.14.1
Total$33,484,888 37.56.7
December 31, 2024
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