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Segment Information (Tables)

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Schedule of Statement of Income and Balance Sheet by Segment

			Three Months Ended June 30, 2025
			Structured Business						Agency Business						Other (1)						Consolidated
Interest income			$	229,980					$	10,323					$	—					$	240,303
Interest expense			165,858						5,720						—						171,578
Net interest income			64,122						4,603						—						68,725
Other revenue:
Gain on sales, including fee-based services, net			—						13,658						—						13,658
Mortgage servicing rights			—						10,930						—						10,930
Servicing revenue			—						45,204						—						45,204
Amortization of MSRs			—						(17,767)						—						(17,767)
Property operating income			5,452						—						—						5,452
Gain on derivative instruments, net			—						219						—						219
Other income, net			2,105						1,884						—						3,989
Total other revenue			7,557						54,128						—						61,685
Other expenses:
Employee compensation and benefits			16,018						20,905						—						36,923
Commissions			—						4,258						—						4,258
Selling and administrative			7,590						7,269						—						14,859
Property operating expenses			6,802						—						—						6,802
Depreciation and amortization			5,456						392						—						5,848
Provision for loss sharing			—						4,215						—						4,215
Provision for credit losses (net of recoveries)			16,112						2,892						—						19,004
Total other expenses			51,978						39,931						—						91,909
Income before loss on real estate, income from equity affiliates and income taxes			19,701						18,800						—						38,501
Loss on real estate			(1,448)						—						—						(1,448)
Income from equity affiliates			2,654						—						—						2,654
Provision for income taxes			(1,277)						(2,121)						—						(3,398)
Net income			19,630						16,679						—						36,309
Preferred stock dividends			10,342						—						—						10,342
Net income attributable to noncontrolling interest			—						—						2,015						2,015
Net income attributable to common stockholders			$	9,288					$	16,679					$	(2,015)					$	23,952

			Three Months Ended June 30, 2024
			Structured Business						Agency Business						Other (1)						Consolidated
Interest income			$	282,077					$	15,111					$	—					$	297,188
Interest expense			203,062						6,165						—						209,227
Net interest income			79,015						8,946						—						87,961
Other revenue:
Gain on sales, including fee-based services, net			—						17,448						—						17,448
Mortgage servicing rights			—						14,534						—						14,534
Servicing revenue			—						46,797						—						46,797
Amortization of MSRs			—						(16,887)						—						(16,887)
Property operating income			1,444						—						—						1,444
Loss on derivative instruments, net			—						(275)						—						(275)
Other income, net			1,975						106						—						2,081
Total other revenue			3,419						61,723						—						65,142
Other expenses:
Employee compensation and benefits			15,805						21,449						—						37,254
Commissions			—						5,582						—						5,582
Selling and administrative			5,828						6,995						—						12,823
Property operating expenses			1,584						—						—						1,584
Depreciation and amortization			1,250						1,173						—						2,423
Provision for loss sharing (net of recoveries)			—						4,333						—						4,333
Provision for credit losses (net of recoveries)			28,030						1,534						—						29,564
Total other expenses			52,497						41,066						—						93,563
Income before extinguishment of debt, gain on real estate, income from equity affiliates and income taxes			29,937						29,603						—						59,540
Loss on extinguishment of debt			(412)						—						—						(412)
Gain on real estate			3,813						—						—						3,813
Income from equity affiliates			2,793						—						—						2,793
Benefit from (provision for) income taxes			865						(4,766)						—						(3,901)
Net income			36,996						24,837						—						61,833
Preferred stock dividends			10,342						—						—						10,342
Net income attributable to noncontrolling interest			—						—						4,094						4,094
Net income attributable to common stockholders			$	26,654					$	24,837					$	(4,094)					$	47,397

________________________

(1) Includes income allocated to the noncontrolling interest holders not allocated to the two reportable segments.

			Six Months Ended June 30, 2025
			Structured Business						Agency Business						Other (1)						Consolidated
Interest income			$	460,067					$	20,930					$	—					$	480,997
Interest expense			327,437						9,392						—						336,829
Net interest income			132,630						11,538						—						144,168
Other revenue:
Gain on sales, including fee-based services, net			—						26,439						—						26,439
Mortgage servicing rights			—						19,061						—						19,061
Servicing revenue			—						88,565						—						88,565
Amortization of MSRs			—						(35,525)						—						(35,525)
Property operating income			9,839						—						—						9,839
Gain on derivative instruments, net			—						3,619						—						3,619
Other income, net			4,183						4,224						—						8,407
Total other revenue			14,022						106,383						—						120,405
Other expenses:
Employee compensation and benefits			34,175						44,171						—						78,346
Commissions			—						8,871						—						8,871
Selling and administrative			16,521						14,650						—						31,171
Property operating expenses			10,276						—						—						10,276
Depreciation and amortization			8,809						783						—						9,592
Provision for loss sharing			—						6,002						—						6,002
Provision for loan losses (net of recoveries)			25,266						2,813						—						28,079
Total other expenses			95,047						77,290						—						172,337
Income before extinguishment of debt, loss on real estate, income from equity affiliates and income taxes			51,605						40,631						—						92,236
Loss on extinguishment of debt			(2,319)						—						—						(2,319)
Loss on real estate			(4,258)						—						—						(4,258)
Income from equity affiliates			1,020						—						—						1,020
Provision for income taxes			(639)						(6,350)						—						(6,989)
Net income			45,409						34,281						—						79,690
Preferred stock dividends			20,684						—						—						20,684
Net income attributable to noncontrolling interest			—						—						4,617						4,617
Net income attributable to common stockholders			$	24,725					$	34,281					$	(4,617)					$	54,389

			Six Months Ended June 30, 2024
			Structured Business						Agency Business						Other (1)						Consolidated
Interest income			$	589,965					$	28,515					$	—					$	618,480
Interest expense			415,661						11,242						—						426,903
Net interest income			174,304						17,273						—						191,577
Other revenue:
Gain on sales, including fee-based services, net			—						34,114						—						34,114
Mortgage servicing rights			—						24,733						—						24,733
Servicing revenue			—						94,954						—						94,954
Amortization of MSRs			—						(33,518)						—						(33,518)
Property operating income			3,014						—						—						3,014
Loss on derivative instruments, net			—						(5,533)						—						(5,533)
Other income, net			4,275						139						—						4,414
Total other revenue			7,289						114,889						—						122,178
Other expenses:
Employee compensation and benefits			34,352						44,872						—						79,224
Commissions			—						11,305						—						11,305
Selling and administrative			12,624						14,132						—						26,756
Property operating expenses			3,262						—						—						3,262
Depreciation and amortization			2,648						2,346						—						4,994
Provision for loss sharing (net of recoveries)			—						4,607						—						4,607
Provision for credit losses (net of recoveries)			45,806						2,876						—						48,682
Total other expenses			98,692						80,138						—						178,830
Income before extinguishment of debt, gain on real estate, income from equity affiliates and income taxes			82,901						52,024						—						134,925
Loss on extinguishment of debt			(412)						—						—						(412)
Gain on real estate			3,813						—						—						3,813
Income from equity affiliates			4,211						—						—						4,211
Benefit from (provision for) income taxes			784						(8,277)						—						(7,493)
Net income			91,297						43,747						—						135,044
Preferred stock dividends			20,684						—						—						20,684
Net income attributable to noncontrolling interest			—						—						9,090						9,090
Net income attributable to common stockholders			$	70,613					$	43,747					$	(9,090)					$	105,270

			June 30, 2025
			Structured Business						Agency Business						Consolidated
Assets:
Cash and cash equivalents			$	65,771					$	189,971					$	255,742
Restricted cash			63,713						27,231						90,944
Loans and investments, net			11,333,023						—						11,333,023
Loans held-for-sale, net			—						361,447						361,447
Capitalized mortgage servicing rights, net			—						348,326						348,326
Securities held-to-maturity, net			—						156,920						156,920
Investments in equity affiliates			71,796						—						71,796
Real estate owned, net			365,186						—						365,186
Goodwill and other intangible assets			12,500						74,836						87,336
Other assets and due from related party			411,439						80,880						492,319
Total assets			$	12,323,428					$	1,239,611					$	13,563,039
Liabilities:
Debt obligations			$	9,758,138					$	329,484					$	10,087,622
Allowance for loss-sharing obligations			—						89,757						89,757
Other liabilities and due to related parties			219,877						71,920						291,797
Total liabilities			$	9,978,015					$	491,161					$	10,469,176
			December 31, 2024
Assets:
Cash and cash equivalents			$	58,188					$	445,615					$	503,803
Restricted cash			134,320						22,056						156,376
Loans and investments, net			11,033,997						—						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 affiliates			76,312						—						76,312
Real estate owned, net			176,543						—						176,543
Goodwill and other intangible assets			12,500						75,619						88,119
Other assets and due from related party			415,310						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 parties			244,948						87,351						332,299
Total liabilities			$	9,745,849					$	593,162					$	10,339,011

Schedule of Origination Data and Loans Sales Data By Segment

						Three Months Ended June 30,												Six Months Ended June 30,
						2025						2024						2025						2024
Origination Data:
Structured Business
Bridge:
Multifamily						$	103,300					$	19,650					$	471,050					$	58,885
SFR						530,986						185,500						887,280						356,990
Land						—						10,350						—						10,350
						634,286						215,500						1,358,330						426,225
Mezzanine / Preferred Equity						6,999						11,684						11,439						56,813
Construction - Multifamily						75,259						—						93,896						—
Total New Loan Originations						$	716,544					$	227,184					$	1,463,665					$	483,038
Number of Loans Originated						19						45						39						104
Commitments:
SFR						$	232,384					$	277,260					$	394,784					$	688,877
Construction - Multifamily						173,000						—						265,000						—
Total Commitments						$	405,384					$	277,260					$	659,784					$	688,877
Loan Runoff						$	519,709					$	629,641					$	941,650					$	1,269,659
Agency Business
Origination Volumes by Investor:
Fannie Mae						$	683,206					$	742,724					$	1,041,017					$	1,201,153
Freddie Mac						150,339						346,821						328,359						716,923
Private Label						—						34,714						44,925						50,124
FHA						—						—						16,041						—
SFR - Fixed Rate						23,552						24,996						32,663						27,314
Total New Loan Originations						$	857,097					$	1,149,255					$	1,463,005					$	1,995,514
Total Loan Commitment Volume						$	852,766					$	1,099,713					$	1,498,167					$	2,033,956
Agency Business Loan Sales Data:
Fannie Mae						$	657,305					$	731,237					$	1,013,021					$	1,457,135
Freddie Mac						114,464						332,921						412,949						662,600
Private Label						—						34,714						—						50,124
FHA						18,366						11,419						85,908						23,488
SFR - Fixed Rate						16,885						24,996						25,996						27,314
Total Loan Sales						$	807,020					$	1,135,287					$	1,537,874					$	2,220,661
Sales Margin (fee-based services as a % of loan sales)						1.69			%			1.54			%			1.72			%			1.54			%
MSR Rate (MSR income as a % of loan commitments) (1)						1.28			%			1.32			%			1.27			%			1.22			%

________________________

(1) Excluding $160.2 million of loan commitments not serviced for a fee from the first quarter of 2024 the MSR rate was 1.32% for the six months ended June 30, 2024.

Schedule of Key Servicing Metrics for Agency Business

						June 30, 2025
Key Servicing Metrics for Agency Business:						Servicing Portfolio UPB						Wtd. Avg. Servicing Fee Rate (basis points)						Wtd. Avg. Life of Portfolio (years)
Fannie Mae						$	22,999,772					45.8						5.9
Freddie Mac						6,100,091						21.3						6.5
Private Label						2,599,971						18.7						5.0
FHA						1,497,551						14.0						19.9
SFR - Fixed Rate						287,065						20.0						4.2
Bridge						278,116						10.4						2.6
Total						$	33,762,566					37.4						6.5
						December 31, 2024
Fannie Mae						$	22,730,056					46.4						6.4
Freddie Mac						6,077,020						21.5						6.8
Private Label						2,605,980						18.7						5.5
FHA						1,506,948						14.1						19.2
Bridge						278,494						10.4						3.0
SFR - Fixed Rate						271,859						20.1						4.4
Total						$	33,470,357					37.8						6.9

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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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