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Segment Information (Tables) | 3 Months Ended
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Mar. 31, 2026
Segment Reporting [Abstract] |
Schedule of Statement of Income and Balance Sheet by Segment |
| 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 |
Schedule of Origination Data and Loans Sales Data By Segment |
|  | 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 |  | % |  |  |  |
________________________
Schedule of Key Servicing Metrics for Agency Business |
|  | 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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