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Segment Information
 3 Months Ended
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 $— $235,047 
Interest expense170,814 4,388 — 175,202 
Net interest income53,580 6,265 — 59,845 
Other revenue:
Gain on sales, including fee-based services, net— 12,505 — 12,505 
Mortgage servicing rights— 9,660 — 9,660 
Servicing revenue— 44,033 — 44,033 
Amortization of MSRs— (18,293)— (18,293)
Property operating income8,060 — — 8,060 
Loss on derivative instruments, net— (493)— (493)
Other income (loss), net2,223 (149)— 2,074 
Total other revenue10,283 47,263 — 57,546 
Other expenses:
Employee compensation and benefits18,862 24,963 — 43,825 
Commissions— 3,859 — 3,859 
Selling and administrative9,150 7,803 — 16,953 
Property operating expenses11,964 — — 11,964 
Depreciation and amortization6,713 391 — 7,104 
Impairment loss on real estate owned12,500 — — 12,500 
Provision for loss sharing, net— 4,537 — 4,537 
Provision for credit losses, net3,644 2,172 — 5,816 
Total other expenses62,833 43,725 — 106,558 
Income before loss on real estate, income from equity affiliates and income taxes1,030 9,803 — 10,833 
Loss on real estate(2,136)— — (2,136)
Income from equity affiliates4,411 — — 4,411 
Benefit from (provision for) income taxes83 (2,168)— (2,085)
Net income3,388 7,635 — 11,023 
Preferred stock dividends10,342 — — 10,342 
Net income attributable to noncontrolling interest— — 52 52 
Net (loss) income attributable to common stockholders$(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 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, net— 1,786 — 1,786 
Provision for credit losses, net9,154 (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 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 
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(1) Includes income allocated to the noncontrolling interest holders not allocated to the two reportable segments.
March 31, 2026
Structured BusinessAgency BusinessConsolidated
Assets:
Cash and cash equivalents$89,285 $317,841 $407,126 
Restricted cash359,569 33,960 393,529 
Loans and investments, net11,835,381 — 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 affiliates56,747 — 56,747 
Real estate owned, net520,766 — 520,766 
Goodwill and other intangible assets12,500 73,661 86,161 
Other assets and due from related party387,609 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 parties212,622 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 cash35,258 32,089 67,347 
Loans and investments, net11,934,248 — 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 affiliates57,966 — 57,966 
Real estate owned, net498,938 — 498,938 
Goodwill and other intangible assets12,500 74,053 86,553 
Other assets and due from related party382,735 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 parties241,873 72,849 314,722 
Total liabilities$10,866,926 $560,824 $11,427,750 
Three Months Ended March 31,
20262025
Origination Data:
Structured Business
Bridge:
Multifamily$405,600 $367,750 
SFR321,122 356,294 
726,722 724,044 
Construction - Multifamily40,870 18,637 
Mezzanine / Preferred Equity— 4,440 
Total New Loan Originations$767,592 $747,121 
Number of Loans Originated620
Commitments:
Construction - Multifamily$113,070 $92,000 
SFR53,000 162,400 
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 Mac91,255 178,020 
FHA45,507 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 Mac77,003 298,485 
FHA22,390 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 UPBWtd. Avg. Servicing Fee Rate (basis points)Wtd. Avg. Life of Portfolio (years)
Fannie Mae$24,261,724 44.45.4
Freddie Mac7,368,979 18.25.7
Private Label2,554,209 18.74.3
FHA1,584,644 13.819.0
Bridge277,523 10.42.0
SFR - Fixed Rate264,008 20.03.8
Total$36,311,087 35.55.9
December 31, 2025
Fannie Mae$24,085,960 44.75.5
Freddie Mac7,455,088 18.35.9
Private Label2,558,048 18.74.5
FHA1,549,483 13.919.1
Bridge277,738 10.42.2
SFR - Fixed Rate277,490 20.04.0
Total$36,203,807 35.66.1