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Segment Information (Tables)
 9 Months Ended
Sep. 30, 2023
Segment Reporting [Abstract]  
Schedule of Statement of Income and Balance Sheet by Segment
Three Months Ended September 30, 2023
Structured
Business		Agency
Business		Other /
Eliminations (1)		Consolidated
Interest income$322,819 $13,655 $— $336,474 
Interest expense222,996 6,184 — 229,180 
Net interest income99,823 7,471 — 107,294 
Other revenue:
Gain on sales, including fee-based services, net— 18,619 — 18,619 
Mortgage servicing rights— 14,109 — 14,109 
Servicing revenue— 51,363 — 51,363 
Amortization of MSRs— (15,900)— (15,900)
Property operating income1,450 — — 1,450 
Loss on derivative instruments, net— (421)— (421)
Other income (loss), net751 (578)— 173 
Total other revenue2,201 67,192 — 69,393 
Other expenses:
Employee compensation and benefits12,912 26,898 — 39,810 
Selling and administrative5,291 7,076 — 12,367 
Property operating expenses1,479 — — 1,479 
Depreciation and amortization1,114 1,172 — 2,286 
Provision for loss sharing (net of recoveries)— 1,679 — 1,679 
Provision for credit losses (net of recoveries)17,243 1,409 — 18,652 
Total other expenses38,039 38,234 — 76,273 
Income before extinguishment of debt, income from equity affiliates and income taxes63,985 36,429 — 100,414 
Loss on extinguishment of debt(314)— — (314)
Income from equity affiliates809 — — 809 
Provision for income taxes1,078 (6,932)— (5,854)
Net income65,558 29,497 — 95,055 
Preferred stock dividends10,342 — — 10,342 
Net income attributable to noncontrolling interest— — 6,789 6,789 
Net income attributable to common stockholders$55,216 $29,497 $(6,789)$77,924 
Three Months Ended September 30, 2022
Structured
Business		Agency
Business		Other /
Eliminations (1)		Consolidated
Interest income$249,539 $10,239 $— $259,778 
Interest expense157,325 3,127 — 160,452 
Net interest income92,214 7,112 — 99,326 
Other revenue:
Gain on sales, including fee-based services, net— 14,360 — 14,360 
Mortgage servicing rights— 19,408 — 19,408 
Servicing revenue— 37,526 — 37,526 
Amortization of MSRs— (14,782)— (14,782)
Property operating income445 — — 445 
Loss on derivative instruments, net— (15,909)— (15,909)
Other income (loss), net1,763 (7,777)— (6,014)
Total other revenue2,208 32,826 — 35,034 
Other expenses:
Employee compensation and benefits13,342 25,469 — 38,811 
Selling and administrative5,961 7,264 — 13,225 
Property operating expenses366 — — 366 
Depreciation and amortization906 1,172 — 2,078 
Provision for loss sharing (net of recoveries)— 412 — 412 
Provision for credit losses (net of recoveries)2,206 68 — 2,274 
Total other expenses22,781 34,385 — 57,166 
Income before extinguishment of debt, income from equity affiliates and income taxes71,641 5,553 — 77,194 
Loss on extinguishment of debt(3,262)— — (3,262)
Income from equity affiliates4,748 — — 4,748 
Benefit for income taxes319 55 — 374 
Net income73,446 5,608 — 79,054 
Preferred stock dividends 10,342 — — 10,342 
Net income attributable to noncontrolling interest— — 6,002 6,002 
Net income attributable to common stockholders$63,104 $5,608 $(6,002)$62,710 
Nine Months Ended September 30, 2023
Structured
Business		Agency
Business		Other /
Eliminations (1)		Consolidated
Interest income$962,301 $37,858 $— $1,000,159 
Interest expense658,856 16,893 — 675,749 
Net interest income303,445 20,965 — 324,410 
Other revenue:
Gain on sales, including fee-based services, net— 55,795 — 55,795 
Mortgage servicing rights— 48,769 — 48,769 
Servicing revenue— 144,296 — 144,296 
Amortization of MSRs— (46,920)— (46,920)
Property operating income4,261 — — 4,261 
Loss on derivative instruments, net— (3,582)— (3,582)
Other income, net3,420 1,679 — 5,099 
Total other revenue7,681 200,037 — 207,718 
Other expenses:
Employee compensation and benefits41,991 81,527 — 123,518 
Selling and administrative17,835 20,739 — 38,574 
Property operating expenses4,227 — — 4,227 
Depreciation and amortization3,779 3,518 — 7,297 
Provision for loss sharing (net of recoveries)— 12,528 — 12,528 
Provision for credit losses (net of recoveries)52,257 2,790 — 55,047 
Total other expenses120,089 121,102 — 241,191 
Income before extinguishment of debt, income from equity affiliates and income taxes191,037 99,900 — 290,937 
Loss on extinguishment of debt(1,561)— — (1,561)
Income from equity affiliates20,694 — — 20,694 
Provision for income taxes307 (19,743)— (19,436)
Net income210,477 80,157 — 290,634 
Preferred stock dividends31,027 — — 31,027 
Net income attributable to noncontrolling interest— — 21,200 21,200 
Net income attributable to common stockholders$179,450 $80,157 $(21,200)$238,407 
Nine Months Ended September 30, 2022
Structured
Business		Agency
Business		Other /
Eliminations (1)		Consolidated
Interest income$597,847 $29,957 $— $627,804 
Interest expense338,692 11,387 — 350,079 
Net interest income259,155 18,570 — 277,725 
Other revenue:
Gain on sales, including fee-based services, net— 32,526 — 32,526 
Mortgage servicing rights— 52,287 — 52,287 
Servicing revenue— 109,045 — 109,045 
Amortization of MSRs— (44,532)— (44,532)
Property operating income1,031 — — 1,031 
Gain on derivative instruments, net— 10,083 — 10,083 
Other loss, net(4,370)(11,691)— (16,061)
Total other revenue(3,339)147,718 — 144,379 
Other expenses:
Employee compensation and benefits42,694 77,042 — 119,736 
Selling and administrative19,799 21,161 — 40,960 
Property operating expenses1,443 — — 1,443 
Depreciation and amortization2,574 3,518 — 6,092 
Provision for loss sharing (net of recoveries)— (2,199)— (2,199)
Provision for credit losses (net of recoveries)9,363 337 — 9,700 
Total other expenses75,873 99,859 — 175,732 
Income before extinguishment of debt, income from equity affiliates and income taxes179,943 66,429 — 246,372 
Loss on extinguishment of debt(4,612)— — (4,612)
Income from equity affiliates18,507 — — 18,507 
Provision for income taxes(1,368)(11,798)— (13,166)
Net income192,470 54,631 — 247,101 
Preferred stock dividends 30,612 — — 30,612 
Net income attributable to noncontrolling interest— — 19,811 19,811 
Net income attributable to common stockholders$161,858 $54,631 $(19,811)$196,678 
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(1)Includes income allocated to the noncontrolling interest holders not allocated to the two reportable segments.
September 30, 2023
Structured BusinessAgency BusinessConsolidated
Assets:
Cash and cash equivalents$499,511 $395,787 $895,298 
Restricted cash410,056 9,102 419,158 
Loans and investments, net12,892,796 — 12,892,796 
Loans held-for-sale, net— 364,320 364,320 
Capitalized mortgage servicing rights, net— 392,203 392,203 
Securities held-to-maturity, net— 155,172 155,172 
Investments in equity affiliates62,795 — 62,795 
Goodwill and other intangible assets12,500 80,051 92,551 
Other assets and due from related party536,789 91,607 628,396 
Total assets$14,414,447 $1,488,242 $15,902,689 
Liabilities:
Debt obligations$11,800,537 $354,587 $12,155,124 
Allowance for loss-sharing obligations— 69,261 69,261 
Other liabilities and due to related parties323,061 114,742 437,803 
Total liabilities$12,123,598 $538,590 $12,662,188 
December 31, 2022
Assets:
Cash and cash equivalents$200,514 $333,843 $534,357 
Restricted cash713,615 193 713,808 
Loans and investments, net14,254,674 — 14,254,674 
Loans held-for-sale, net— 354,070 354,070 
Capitalized mortgage servicing rights, net— 401,471 401,471 
Securities held-to-maturity, net— 156,547 156,547 
Investments in equity affiliates79,130 — 79,130 
Goodwill and other intangible assets12,500 83,569 96,069 
Other assets and due from related party367,837 81,022 448,859 
Total assets$15,628,270 $1,410,715 $17,038,985 
Liabilities:
Debt obligations$13,195,120 $305,442 $13,500,562 
Allowance for loss-sharing obligations— 57,168 57,168 
Other liabilities and due to related parties299,559 109,817 409,376 
Total liabilities$13,494,679 $472,427 $13,967,106 
Schedule of Origination Data and Loans Sales Data By Segment
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Origination Data:
Structured Business
Bridge:
Multifamily$92,000 $592,844 $376,630 $5,172,770 
SFR140,379 163,851 325,432 452,240 
232,379 756,695 702,062 5,625,010 
Mezzanine / Preferred Equity7,779 17,970 15,124 26,109 
Total new loan originations$240,158 $774,665 $717,186 $5,651,119 
Number of Loans Originated425292268
SFR Commitments$429,452 $457,564 $683,984 $726,071 
Loan runoff$664,792 $911,790 $2,536,661 $2,700,748 
Agency Business
Origination Volumes by Investor:
Fannie Mae$721,398 $629,610 $2,596,329 $1,744,739 
Freddie Mac339,241 350,980 658,457 1,057,743 
FHA19,215 78,382 230,707 168,736 
Private Label67,965 35,671 159,328 191,913 
SFR - Fixed Rate2,030 16,678 19,328 55,883 
Total$1,149,849 $1,111,321 $3,664,149 $3,219,014 
Total loan commitment volume$1,211,347 $1,464,235 $3,844,769 $3,623,649 
Agency Business Loan Sales Data:
Fannie Mae$837,132 $700,690 $2,511,978 $1,936,282 
Freddie Mac337,507 288,029 581,306 1,009,557 
FHA24,057 35,838 201,915 182,755 
Private Label67,965 14,567 300,713 515,086 
SFR - Fixed Rate8,759 43,012 22,931 55,874 
Total$1,275,420 $1,082,136 $3,618,843 $3,699,554 
Sales margin (fee-based services as a % of loan sales) (1)1.46 %1.33 %1.54 %1.34 %
MSR rate (MSR income as a % of loan commitments)1.16 %1.33 %1.27 %1.44 %
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(1)The nine months ended September 30, 2022 includes $17.1 million of gains recognized on Swaps related to the Private Label loans sold, which is included in gain (loss) on derivative instruments, net in the consolidated statements of income.
Schedule of Key Servicing Metrics for Agency Business
September 30, 2023
Key Servicing Metrics for Agency Business:Servicing Portfolio UPBWtd. Avg. Servicing Fee Rate (basis points)Wtd. Avg. Life of Servicing Portfolio (years)
Fannie Mae$20,463,620 48.37.7
Freddie Mac5,184,888 24.28.5
Private Label2,371,475 19.27.3
FHA1,322,832 14.519.9
Bridge305,950 11.23.6
SFR - Fixed Rate287,942 20.15.8
Total$29,936,707 39.78.3
December 31, 2022
Fannie Mae$19,038,124 50.28.0
Freddie Mac5,153,207 25.09.0
Private Label2,074,859 18.57.6
FHA1,155,893 14.919.5
Bridge301,182 12.51.7
SFR - Fixed Rate274,764 19.86.0
Total$27,998,029 41.18.6