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Segment Information | 3 Months Ended
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Mar. 31, 2026
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, 2026
| Structured Business |  | Agency Business |  | Other (1) |  | Consolidated
Interest income | $ | 224,394 |  |  | $ | 10,653 |  |  | $ | — |  |  | $ | 235,047 |
Interest expense | 170,814 |  |  | 4,388 |  |  | — |  |  | 175,202 |
Net interest income | 53,580 |  |  | 6,265 |  |  | — |  |  | 59,845 |
Other revenue: |  |  |  |  |  |  |
Gain on sales, including fee-based services, net | — |  |  | 12,505 |  |  | — |  |  | 12,505 |
Mortgage servicing rights | — |  |  | 9,660 |  |  | — |  |  | 9,660 |
Servicing revenue | — |  |  | 44,033 |  |  | — |  |  | 44,033 |
Amortization of MSRs | — |  |  | (18,293) |  |  | — |  |  | (18,293) |
Property operating income | 8,060 |  |  | — |  |  | — |  |  | 8,060 |
Loss on derivative instruments, net | — |  |  | (493) |  |  | — |  |  | (493) |
Other income (loss), net | 2,223 |  |  | (149) |  |  | — |  |  | 2,074 |
Total other revenue | 10,283 |  |  | 47,263 |  |  | — |  |  | 57,546 |
Other expenses: |  |  |  |  |  |  |
Employee compensation and benefits | 18,862 |  |  | 24,963 |  |  | — |  |  | 43,825 |
Commissions | — |  |  | 3,859 |  |  | — |  |  | 3,859 |
Selling and administrative | 9,150 |  |  | 7,803 |  |  | — |  |  | 16,953 |
Property operating expenses | 11,964 |  |  | — |  |  | — |  |  | 11,964 |
Depreciation and amortization | 6,713 |  |  | 391 |  |  | — |  |  | 7,104 |
Impairment loss on real estate owned | 12,500 |  |  | — |  |  | — |  |  | 12,500 |
Provision for loss sharing, net | — |  |  | 4,537 |  |  | — |  |  | 4,537 |
Provision for credit losses, net | 3,644 |  |  | 2,172 |  |  | — |  |  | 5,816 |
Total other expenses | 62,833 |  |  | 43,725 |  |  | — |  |  | 106,558 |
Income before loss on real estate, income from equity affiliates and income taxes | 1,030 |  |  | 9,803 |  |  | — |  |  | 10,833 |
Loss on real estate | (2,136) |  |  | — |  |  | — |  |  | (2,136) |
Income from equity affiliates | 4,411 |  |  | — |  |  | — |  |  | 4,411 |
Benefit from (provision for) income taxes | 83 |  |  | (2,168) |  |  | — |  |  | (2,085) |
Net income | 3,388 |  |  | 7,635 |  |  | — |  |  | 11,023 |
Preferred stock dividends | 10,342 |  |  | — |  |  | — |  |  | 10,342 |
Net income attributable to noncontrolling interest | — |  |  | — |  |  | 52 |  |  | 52 |
Net (loss) income attributable to common stockholders | $ | (6,954) |  |  | $ | 7,635 |  |  | $ | (52) |  |  | $ | 629 |
| Three Months Ended March 31, 2025
| Structured Business |  | Agency Business |  | Other (1) |  | Consolidated
Interest income | $ | 230,087 |  |  | $ | 10,606 |  |  | $ | — |  |  | $ | 240,693 |
Interest expense | 161,579 |  |  | 3,672 |  |  | — |  |  | 165,251 |
Net interest income | 68,508 |  |  | 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 income | 4,387 |  |  | — |  |  | — |  |  | 4,387 |
Gain on derivative instruments, net | — |  |  | 3,400 |  |  | — |  |  | 3,400 |
Other income, net | 2,078 |  |  | 2,341 |  |  | — |  |  | 4,419 |
Total other revenue | 6,465 |  |  | 52,256 |  |  | — |  |  | 58,721 |
Other expenses: |  |  |  |  |  |  |
Employee compensation and benefits | 18,157 |  |  | 23,266 |  |  | — |  |  | 41,423 |
Commissions | — |  |  | 4,613 |  |  | — |  |  | 4,613 |
Selling and administrative | 8,932 |  |  | 7,380 |  |  | — |  |  | 16,312 |
Property operating expenses | 3,474 |  |  | — |  |  | — |  |  | 3,474 |
Depreciation and amortization | 3,352 |  |  | 392 |  |  | — |  |  | 3,744 |
Provision for loss sharing, net | — |  |  | 1,786 |  |  | — |  |  | 1,786 |
Provision for credit losses, net | 9,154 |  |  | (79) |  |  | — |  |  | 9,075 |
Total other expenses | 43,069 |  |  | 37,358 |  |  | — |  |  | 80,427 |
Income before extinguishment of debt, loss on real estate, loss from equity affiliates and income taxes | 31,904 |  |  | 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 taxes | 639 |  |  | (4,230) |  |  | — |  |  | (3,591) |
Net income | 25,780 |  |  | 17,602 |  |  | — |  |  | 43,382 |
Preferred stock dividends | 10,342 |  |  | — |  |  | — |  |  | 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 |
________________________ (1) Includes income allocated to the noncontrolling interest holders not allocated to the two reportable segments.
| March 31, 2026
| Structured Business |  | Agency Business |  | Consolidated
Assets: |  |  |  |  |
Cash and cash equivalents | $ | 89,285 |  |  | $ | 317,841 |  |  | $ | 407,126 |
Restricted cash | 359,569 |  |  | 33,960 |  |  | 393,529 |
Loans and investments, net | 11,835,381 |  |  | — |  |  | 11,835,381 |
Loans held-for-sale, net | — |  |  | 443,218 |  |  | 443,218 |
Capitalized mortgage servicing rights, net | — |  |  | 331,929 |  |  | 331,929 |
Securities held-to-maturity, net | — |  |  | 155,469 |  |  | 155,469 |
Investments in equity affiliates | 56,747 |  |  | — |  |  | 56,747 |
Real estate owned, net | 520,766 |  |  | — |  |  | 520,766 |
Goodwill and other intangible assets | 12,500 |  |  | 73,661 |  |  | 86,161 |
Other assets and due from related party | 387,609 |  |  | 74,550 |  |  | 462,159 |
Total assets | $ | 13,261,857 |  |  | $ | 1,430,628 |  |  | $ | 14,692,485 |
Liabilities: |  |  |  |  |
Debt obligations | $ | 10,904,398 |  |  | $ | 424,865 |  |  | $ | 11,329,263 |
Allowance for loss-sharing obligations | — |  |  | 106,773 |  |  | 106,773 |
Other liabilities and due to related parties | 212,622 |  |  | 64,777 |  |  | 277,399 |
Total liabilities | $ | 11,117,020 |  |  | $ | 596,415 |  |  | $ | 11,713,435 |
| December 31, 2025
Assets: |  |  |  |  |
Cash and cash equivalents | $ | 124,141 |  |  | $ | 358,734 |  |  | $ | 482,875 |
Restricted cash | 35,258 |  |  | 32,089 |  |  | 67,347 |
Loans and investments, net | 11,934,248 |  |  | — |  |  | 11,934,248 |
Loans held-for-sale, net | — |  |  | 409,081 |  |  | 409,081 |
Capitalized mortgage servicing rights, net | — |  |  | 340,842 |  |  | 340,842 |
Securities held-to-maturity, net | — |  |  | 156,087 |  |  | 156,087 |
Investments in equity affiliates | 57,966 |  |  | — |  |  | 57,966 |
Real estate owned, net | 498,938 |  |  | — |  |  | 498,938 |
Goodwill and other intangible assets | 12,500 |  |  | 74,053 |  |  | 86,553 |
Other assets and due from related party | 382,735 |  |  | 78,231 |  |  | 460,966 |
Total assets | $ | 13,045,786 |  |  | $ | 1,449,117 |  |  | $ | 14,494,903 |
Liabilities: |  |  |  |  |
Debt obligations | $ | 10,625,053 |  |  | $ | 390,396 |  |  | $ | 11,015,449 |
Allowance for loss-sharing obligations | — |  |  | 97,579 |  |  | 97,579 |
Other liabilities and due to related parties | 241,873 |  |  | 72,849 |  |  | 314,722 |
Total liabilities | $ | 10,866,926 |  |  | $ | 560,824 |  |  | $ | 11,427,750 |
|  | Three Months Ended March 31, |  |  |
|  | 2026 |  | 2025 |  |  |  |  |
Origination Data: |  |  |  |  |  |  |  |  |
Structured Business |  |  |  |  |  |  |  |  |
Bridge: |  |  |  |  |  |  |  |  |
Multifamily |  | $ | 405,600 |  |  | $ | 367,750 |  |  |  |  |  |
SFR |  | 321,122 |  |  | 356,294 |  |  |  |  |  |
|  | 726,722 |  |  | 724,044 |  |  |  |  |  |
Construction - Multifamily |  | 40,870 |  |  | 18,637 |  |  |  |  |  |
Mezzanine / Preferred Equity |  | — |  |  | 4,440 |  |  |  |  |  |
Total New Loan Originations |  | $ | 767,592 |  |  | $ | 747,121 |  |  |  |  |  |
Number of Loans Originated |  | 6 |  | 20 |  |  |  |  |
Commitments: |  |  |  |  |  |  |  |  |
Construction - Multifamily |  | $ | 113,070 |  |  | $ | 92,000 |  |  |  |  |  |
SFR |  | 53,000 |  |  | 162,400 |  |  |  |  |  |
Total Commitments |  | $ | 166,070 |  |  | $ | 254,400 |  |  |  |  |  |
Loan Runoff |  | $ | 861,033 |  |  | $ | 421,941 |  |  |  |  |  |
Agency Business |  |  |  |  |  |  |  |  |
Origination Volumes by Investor: |  |  |  |  |  |  |  |  |
Fannie Mae |  | $ | 570,815 |  |  | $ | 357,811 |  |  |  |  |  |
Freddie Mac |  | 91,255 |  |  | 178,020 |  |  |  |  |  |
FHA |  | 45,507 |  |  | 16,041 |  |  |  |  |  |
Private Label |  | — |  |  | 44,925 |  |  |  |  |  |
SFR - Fixed Rate |  | — |  |  | 9,111 |  |  |  |  |  |
Total New Loan Originations |  | $ | 707,577 |  |  | $ | 605,908 |  |  |  |  |  |
Total Loan Commitment Volume |  | $ | 733,860 |  |  | $ | 645,401 |  |  |  |  |  |
Agency Business Loan Sales Data: |  |  |  |  |  |  |  |  |
Fannie Mae |  | $ | 571,579 |  |  | $ | 355,716 |  |  |  |  |  |
Freddie Mac |  | 77,003 |  |  | 298,485 |  |  |  |  |  |
FHA |  | 22,390 |  |  | 67,542 |  |  |  |  |  |
SFR - Fixed Rate |  | — |  |  | 9,111 |  |  |  |  |  |
Total Loan Sales |  | $ | 670,972 |  |  | $ | 730,854 |  |  |  |  |  |
Sales Margin (fee-based services as a % of loan sales) |  | 1.86 |  | % | 1.75 |  | % |  |  |  |
MSR Rate (MSR income as a % of loan commitments) |  | 1.32 |  | % | 1.26 |  | % |  |  |  |
________________________
|  | March 31, 2026
Key Servicing Metrics for Agency Business: |  | Servicing Portfolio UPB |  | Wtd. Avg. Servicing Fee Rate (basis points) |  | Wtd. Avg. Life of Portfolio (years)
Fannie Mae |  | $ | 24,261,724 |  |  | 44.4 |  | 5.4
Freddie Mac |  | 7,368,979 |  |  | 18.2 |  | 5.7
Private Label |  | 2,554,209 |  |  | 18.7 |  | 4.3
FHA |  | 1,584,644 |  |  | 13.8 |  | 19.0
Bridge |  | 277,523 |  |  | 10.4 |  | 2.0
SFR - Fixed Rate |  | 264,008 |  |  | 20.0 |  | 3.8
Total |  | $ | 36,311,087 |  |  | 35.5 |  | 5.9
|  | December 31, 2025
Fannie Mae |  | $ | 24,085,960 |  |  | 44.7 |  | 5.5
Freddie Mac |  | 7,455,088 |  |  | 18.3 |  | 5.9
Private Label |  | 2,558,048 |  |  | 18.7 |  | 4.5
FHA |  | 1,549,483 |  |  | 13.9 |  | 19.1
Bridge |  | 277,738 |  |  | 10.4 |  | 2.2
SFR - Fixed Rate |  | 277,490 |  |  | 20.0 |  | 4.0
Total |  | $ | 36,203,807 |  |  | 35.6 |  | 6.1

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