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Segment Information (Tables)
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Schedule of Statement of Income and Balance Sheet by Segment
Three Months Ended March 31, 2024
Structured
Business		Agency
Business		Other (1)Consolidated
Interest income$307,888 $13,404 $— $321,292 
Interest expense212,600 5,076 — 217,676 
Net interest income95,288 8,328 — 103,616 
Other revenue:
Gain on sales, including fee-based services, net— 16,666 — 16,666 
Mortgage servicing rights— 10,199 — 10,199 
Servicing revenue— 48,157 — 48,157 
Amortization of MSRs— (16,631)— (16,631)
Property operating income1,570 — — 1,570 
Loss on derivative instruments, net— (5,257)— (5,257)
Other income, net2,300 33 — 2,333 
Total other revenue3,870 53,167 — 57,037 
Other expenses:
Employee compensation and benefits18,547 29,147 — 47,694 
Selling and administrative6,796 7,137 — 13,933 
Property operating expenses1,678 — — 1,678 
Depreciation and amortization1,398 1,173 — 2,571 
Provision for loss sharing (net of recoveries)— 273 — 273 
Provision for credit losses (net of recoveries)17,777 1,341 — 19,118 
Total other expenses46,196 39,071 — 85,267 
Income before income from equity affiliates and income taxes52,962 22,424 — 75,386 
Income from equity affiliates1,418 — — 1,418 
Provision for income taxes(81)(3,511)— (3,592)
Net income54,299 18,913 — 73,212 
Preferred stock dividends10,342 — — 10,342 
Net income attributable to noncontrolling interest— — 4,997 4,997 
Net income attributable to common stockholders$43,957 $18,913 $(4,997)$57,873 
Three Months Ended March 31, 2023
Structured
Business		Agency
Business		Other (1)Consolidated
Interest income$317,376 $10,571 $— $327,947 
Interest expense214,894 4,479 — 219,373 
Net interest income102,482 6,092 — 108,574 
Other revenue:
Gain on sales, including fee-based services, net— 14,589 — 14,589 
Mortgage servicing rights— 18,458 — 18,458 
Servicing revenue— 44,981 — 44,981 
Amortization of MSRs— (15,416)— (15,416)
Property operating income1,381 — — 1,381 
Gain on derivative instruments, net— 4,223 — 4,223 
Other income, net1,908 2,974 — 4,882 
Total other revenue3,289 69,809 — 73,098 
Other expenses:
Employee compensation and benefits15,641 26,758 — 42,399 
Selling and administrative6,711 6,912 — 13,623 
Property operating expenses1,383 — — 1,383 
Depreciation and amortization1,451 1,173 — 2,624 
Provision for loss sharing (net of recoveries)— 3,177 — 3,177 
Provision for credit losses (net of recoveries)20,645 1,872 — 22,517 
Total other expenses45,831 39,892 — 85,723 
Income before income from equity affiliates and income taxes59,940 36,009 — 95,949 
Income from equity affiliates14,326 — — 14,326 
Benefit from (provision for) for income taxes429 (8,458)— (8,029)
Net income74,695 27,551 — 102,246 
Preferred stock dividends 10,342 — — 10,342 
Net income attributable to noncontrolling interest— — 7,585 7,585 
Net income attributable to common stockholders$64,353 $27,551 $(7,585)$84,319 
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(1)Includes income allocated to the noncontrolling interest holders not allocated to the two reportable segments.
March 31, 2024
Structured BusinessAgency BusinessConsolidated
Assets:
Cash and cash equivalents$453,316 $454,733 $908,049 
Restricted cash530,099 16,544 546,643 
Loans and investments, net12,001,544 — 12,001,544 
Loans held-for-sale, net— 322,875 322,875 
Capitalized mortgage servicing rights, net— 385,520 385,520 
Securities held-to-maturity, net— 155,413 155,413 
Investments in equity affiliates90,244 — 90,244 
Goodwill and other intangible assets12,500 77,705 90,205 
Other assets and due from related party532,385 71,978 604,363 
Total assets$13,620,088 $1,484,768 $15,104,856 
Liabilities:
Debt obligations$11,056,363 $311,963 $11,368,326 
Allowance for loss-sharing obligations— 72,790 72,790 
Other liabilities and due to related parties343,557 85,875 429,432 
Total liabilities$11,399,920 $470,628 $11,870,548 
December 31, 2023
Assets:
Cash and cash equivalents$619,487 $309,487 $928,974 
Restricted cash595,342 12,891 608,233 
Loans and investments, net12,377,806 — 12,377,806 
Loans held-for-sale, net— 551,707 551,707 
Capitalized mortgage servicing rights, net— 391,254 391,254 
Securities held-to-maturity, net— 155,279 155,279 
Investments in equity affiliates79,303 — 79,303 
Goodwill and other intangible assets12,500 78,878 91,378 
Other assets and due from related party453,073 101,629 554,702 
Total assets$14,137,511 $1,601,125 $15,738,636 
Liabilities:
Debt obligations$11,520,492 $413,327 $11,933,819 
Allowance for loss-sharing obligations— 71,634 71,634 
Other liabilities and due to related parties369,588 108,990 478,578 
Total liabilities$11,890,080 $593,951 $12,484,031 
Schedule of Origination Data and Loans Sales Data By Segment
Three Months Ended March 31,
20242023
Origination Data:
Structured Business
Bridge:
Multifamily$39,235 $186,100 
SFR171,490 76,089 
210,725 262,189 
Mezzanine / Preferred Equity45,129 5,845 
Total New Loan Originations$255,854 $268,034 
Number of Loans Originated5924
SFR Commitments$411,617 $54,350 
Loan Runoff$640,018 $1,186,649 
Agency Business
Origination Volumes by Investor:
Fannie Mae$458,429 $795,021 
Freddie Mac370,102 101,332 
Private Label15,410 41,107 
SFR - Fixed Rate2,318 5,461 
FHA— 148,940 
Total$846,259 $1,091,861 
Total Loan Commitment Volume$934,243 $1,500,110 
Agency Business Loan Sales Data:
Fannie Mae$725,898 $651,758 
Freddie Mac329,679 68,457 
Private Label15,410 159,945 
FHA12,069 43,475 
SFR - Fixed Rate2,318 9,064 
Total$1,085,374 $932,699 
Sales Margin (fee-based services as a % of loan sales)1.54 %1.56 %
MSR Rate (MSR income as a % of loan commitments) (1)1.09 %1.23 %
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(1) Excluding $160.2 million of loan commitments not serviced for a fee, the MSR rate was 1.32% for the three months ended March 31, 2024.
Schedule of Key Servicing Metrics for Agency Business
March 31, 2024
Key Servicing Metrics for Agency Business:Servicing Portfolio UPBWtd. Avg. Servicing Fee Rate (basis points)Wtd. Avg. Life of Portfolio (years)
Fannie Mae$21,548,221 47.17.2
Freddie Mac5,301,291 23.47.7
Private Label2,524,013 18.96.3
FHA1,365,329 14.419.0
Bridge380,712 10.93.6
SFR - Fixed Rate265,429 20.15.0
Total$31,384,995 38.87.7
December 31, 2023
Fannie Mae$21,264,578 47.47.4
Freddie Mac5,181,933 24.08.5
Private Label2,510,449 19.56.7
FHA1,359,624 14.419.2
Bridge379,425 10.93.2
SFR - Fixed Rate287,446 20.15.1
Total$30,983,455 39.18.0