EXPENSES, CHANGE IN FAIR VALUE OF INVESTMENTS AND OTHER (Tables)

6 Months Ended

Jun. 30, 2022

Other Income and Expenses [Abstract]

Schedule of General and Administrative Expenses

General and Administrative expenses consists of the following:

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Legal and professional	$	20,822	$	18,587	$	49,408	$	36,806
Loan origination	35,015		44,916		74,916		85,161
Occupancy	28,886		10,221		58,663		20,571
Subservicing	41,987		45,278		88,795		95,117
Loan servicing	4,866		4,627		10,170		9,306
Property and maintenance	22,108		15,755		45,711		27885
Other	71,587		33,602		143,846		62,001
Total general and administrative expenses	$	225,271	$	172,986	$	471,509	$	336,847

Schedule of Change in Fair Value of Investments

Change in Fair Value of Investments, Net consists of the following:

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Excess MSRs	$	1,066	$	(4,211)	$	(1,564)	$	(8,829)
Excess MSRs, equity method investees	156		(568)		1,859		2,597
Servicer advance investments	(1,314)		(4,502)		(1,797)		(4,873)
Real estate and other securities	(379,656)		156,792		(984,951)		(341,547)
Residential mortgage loans	(25,477)		121,242		(132,397)		181,416
Consumer loans	(7,196)		(1,626)		(20,929)		(7,630)
Mortgage loans receivable	(5,542)		—		—		—
Derivative instruments	183,923		(37,227)		758,620		168,978
Total change in fair value of investments, net	$	(234,040)	$	229,900	$	(381,159)	$	(9,888)

Schedule of Gain (Loss) on Settlement of Investments

Gain (Loss) on Settlement of Investments, Net consists of the following:

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Gain (loss) on sale of real estate securities	$	(118,079)	$	(24,708)	$	(119,636)	$	(25,691)
Sale of acquired residential mortgage loans	(1,798)		19,198		48,621		49,597
Settlement of derivatives	232,470		(49,256)		279,945		(76,629)
Liquidated residential mortgage loans	(14,551)		(268)		(44,484)		629
Sale of REO	(1,268)		(239)		(3,359)		(4,185)
Extinguishment of debt	—		89		—		83
Other	(1,838)		(23,427)		(4,967)		(34,407)
Total gain (loss) on settlement of investments, net	$	94,936	$	(78,611)	$	156,120	$	(90,603)

Schedule of Other Income

Other Income (Loss), Net consists of the following:

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Unrealized gain (loss) on secured notes and bonds payable	$	27,957	$	5,638	$	35,151	$	1,216
Rental revenue	12,272		14,195		20,402		20,022
Property and maintenance revenue	32,035		25,104		66,340		45,010
(Provision) reversal for credit losses on securities	(2,174)		1,756		(2,885)		2,650
Valuation and credit loss (provision) reversal on loans and real estate owned	(1,614)		32,652		(4,643)		51,365
Other income (loss)	(9,088)		(14,893)		(2,645)		(45,817)
Total other income (loss), net	$	59,388	$	64,452	$	111,720	$	74,446

Schedule of Accretion of Discount and Other Amortization

Accretion and Other Amortization as reflected on the Consolidated Statements of Cash Flows consists of the following:

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Accretion of net discount on securities and loans	$	8,219	$	10,090	$	13,512	$	22,097
Accretion of servicer advances receivable discount and servicer advance investments	2,699		(52)		6,855		6,796
Accretion of excess mortgage servicing rights income	7,588		(238)		20,605		11,993
Amortization of deferred financing costs	(2,722)		(3,776)		(5,382)		(8,377)
Amortization of discount on secured notes and bonds payable	—		(3)		—		(3)
Amortization of discount on corporate debt	(409)		(438)		(859)		(889)
Total accretion and other amortization	$	15,375	$	5,583	$	34,731	$	31,617