Arbor Realty Trust (ABR) 10-K 15 Feb 19 2018 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Feb. 08, 2019	Jun. 30, 2018
Document and Entity Information
Entity Registrant Name	ARBOR REALTY TRUST INC
Entity Central Index Key	1,253,986
Document Type	10-K
Document Period End Date	Dec. 31, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 632.7
Entity Common Stock, Shares Outstanding		85,358,282
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	FY

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Assets:
Cash and cash equivalents	$ 160,063	$ 104,374
Restricted cash	180,606	139,398
Loans and investments, net	3,200,145	2,579,127
Loans held-for-sale, net	481,664	297,443
Capitalized mortgage servicing rights, net	273,770	252,608
Securities held-to-maturity, net	76,363	27,837
Investments in equity affiliates	21,580	23,653
Real estate owned, net	14,446	16,787
Due from related party	1,287	688
Goodwill and other intangible assets	116,165	121,766
Other assets	86,086	62,264
Total assets	4,612,175	3,625,945
Liabilities and Equity:
Credit facilities and repurchase agreements	1,135,627	528,573
Collateralized loan obligations	1,593,548	1,418,422
Debt fund	68,183	68,084
Senior unsecured notes	122,484	95,280
Convertible senior unsecured notes, net	254,768	231,287
Junior subordinated notes to subsidiary trust issuing preferred securities	140,259	139,590
Related party financing		50,000
Due to borrowers	78,662	99,829
Allowance for loss-sharing obligations	34,298	30,511
Other liabilities	118,780	99,813
Total liabilities	3,546,609	2,761,389
Commitments and contingencies (Note 15)
Arbor Realty Trust, Inc. stockholders' equity:
Preferred stock, cumulative, redeemable, $0.01 par value: 100,000,000 shares authorized; special voting preferred shares; 20,653,584 and 21,230,769 shares issued and outstanding , respectively; 8.25% Series A, $38,788 aggregate liquidation preference; 1,551,500 shares issued and outstanding; 7.75% Series B, $31,500 aggregate liquidation preference; 1,260,000 shares issued and outstanding; 8.50% Series C, $22,500 aggregate liquidation preference; 900,000 shares issued and outstanding	89,502	89,508
Common stock, $0.01 par value: 500,000,000 shares authorized; 83,987,707 and 61,723,387 shares issued and outstanding, respectively	840	617
Additional paid-in capital	879,029	707,450
Accumulated deficit	(74,133)	(101,926)
Accumulated other comprehensive income		176
Total Arbor Realty Trust, Inc. stockholders' equity	895,238	695,825
Noncontrolling interest	170,328	168,731
Total equity	1,065,566	864,556
Total liabilities and equity	$ 4,612,175	$ 3,625,945

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	83,987,707	61,723,387
Common stock, shares outstanding (in shares)	83,987,707	61,723,387
Assets	$ 4,612,175	$ 3,625,945
Liabilities	3,546,609	2,761,389
Consolidated variable interest entities
Assets	2,198,096	1,989,491
Liabilities	$ 1,665,139	$ 1,488,552
Special voting preferred shares
Preferred stock, shares issued (in shares)	20,653,584
Preferred stock, shares outstanding (in shares)		21,230,769
8.25% Series A preferred stock
Preferred stock, dividend rate (as a percent)	8.25%	8.25%
Preferred stock, aggregate liquidation preference	$ 38,788	$ 38,788
Preferred stock, shares issued (in shares)	1,551,500	1,551,500
7.75% Series B preferred stock
Preferred stock, dividend rate (as a percent)	7.75%	7.75%
Preferred stock, aggregate liquidation preference	$ 31,500	$ 31,500
Preferred stock, shares issued (in shares)	1,260,000	1,260,000
Preferred stock, shares outstanding (in shares)	1,260,000	1,260,000
8.50% Series C preferred stock
Preferred stock, dividend rate (as a percent)	8.50%	8.50%
Preferred stock, aggregate liquidation preference	$ 22,500	$ 22,500
Preferred stock, shares issued (in shares)	900,000	900,000
Preferred stock, shares outstanding (in shares)	900,000	900,000

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
CONSOLIDATED STATEMENTS OF INCOME
Interest income	$ 251,768	$ 156,177	$ 116,173
Interest expense	153,818	90,072	63,623
Net interest income	97,950	66,105	55,089
Other revenue:
Gain on sales, including fee-based services, net	70,002	72,799	24,594
Mortgage servicing rights	98,839	76,820	44,941
Servicing revenue, net	46,034	29,210	9,054
Property operating income	10,095	10,973	14,881
Other income, net	8,161	685	1,041
Total other revenue	233,131	190,487	94,511
Other expenses:
Employee compensation and benefits	110,470	92,126	38,647
Selling and administrative	37,074	30,738	17,587
Acquisition costs			10,262
Property operating expenses	10,431	10,482	13,501
Depreciation and amortization	7,453	7,385	5,022
Impairment loss on real estate owned	2,000	3,200	11,200
Provision for loss sharing (net of recoveries)	3,843	(259)	2,235
Provision for loan losses (net of recoveries)	8,353	(456)	(134)
Litigation settlement gain	(10,170)
Management fee - related party		6,673	12,600
Total other expenses	169,454	149,889	110,920
Income before extinguishment of debt, income from equity affiliates and income taxes	161,627	106,703	38,680
(Loss) gain on extinguishment of debt	(5,041)	7,116
Gain on sale of real estate			11,631
Income (loss) from equity affiliates	1,196	(2,951)	12,995
Provision for income taxes	(9,731)	(13,359)	(825)
Net income	148,051	97,509	62,481
Preferred stock dividends	7,554	7,554	7,554
Net income attributable to noncontrolling interest	32,185	24,120	12,131
Net income attributable to common stockholders	$ 108,312	$ 65,835	$ 42,796
Basic earnings per common share (in dollars per share)	$ 1.54	$ 1.14	$ 0.83
Diluted earnings per common share (in dollars per share)	$ 1.50	$ 1.12	$ 0.83
Weighted average shares outstanding:
Basic (in shares)	70,208,165	57,890,574	51,305,095
Diluted (in shares)	93,642,168	80,311,252	51,730,553

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 148,051	$ 97,509	$ 62,481
Reclassification of net realized loss on derivatives designated as cash flow hedges into earnings	(176)
Unrealized (loss) gain on securities available-for-sale, at fair value		(382)	147
Unrealized loss on derivative financial instruments, net			(193)
Reclassification of net realized loss on derivatives designated as cash flow hedges into earnings		237	5,208
Comprehensive income	147,875	97,364	67,643
Less:
Comprehensive income attributable to noncontrolling interest	32,142	24,091	12,883
Preferred stock dividends	7,554	7,554	7,554
Comprehensive income attributable to common stockholders	$ 108,179	$ 65,719	$ 47,206

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated DeficitPreferred stock of private REIT	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Total Arbor Realty Trust, Inc. Stockholders' EquityPreferred stock of private REIT	Total Arbor Realty Trust, Inc. Stockholders' Equity	Noncontrolling Interest	Preferred stock of private REIT	Total
Balance at Dec. 31, 2015	$ 89,296	$ 510	$ 616,244		$ (136,117)	$ (4,841)		$ 565,092			$ 565,092
Balance (in shares) at Dec. 31, 2015	3,711,500	50,962,516
Increase (Decrease) in Stockholders' Equity
Issuance of common stock, net	$ 212							212	$ 154,560		154,772
Issuance of common stock, net (in shares)	21,230,769
Stock-based compensation		$ 4	3,509					3,513			3,513
Stock-based compensation (in shares)		439,780
Forfeiture of unvested restricted stock (in shares)		(1,001)
Issuance of convertible senior unsecured notes, net			2,179					2,179			2,179
Distributions - common stock					(31,798)			(31,798)			(31,798)
Distributions - preferred stock				$ (15)	(7,554)		$ (15)	(7,554)		$ (15)	(7,554)
Distributions - noncontrolling interest									(6,794)		(6,794)
Net income					50,350			50,350	12,131		62,481
Unrealized gain (loss) on securities available-for-sale						147		147			147
Unrealized loss on derivative financial instruments, net						(193)		(193)			(193)
Reclassification of net realized loss on derivatives designated as cash flow hedges into earnings						5,208		5,208			5,208
Balance at Dec. 31, 2016	$ 89,508	$ 514	621,932		(125,134)	321		587,141	159,897		747,038
Balance (in shares) at Dec. 31, 2016	24,942,269	51,401,295
Increase (Decrease) in Stockholders' Equity
Issuance of common stock, net		$ 95	76,130					76,225			76,225
Issuance of common stock, net (in shares)		9,500,000
Stock-based compensation		$ 8	4,832					4,840			4,840
Stock-based compensation (in shares)		827,283
Forfeiture of unvested restricted stock (in shares)		(5,191)
Issuance of convertible senior unsecured notes, net			4,556					4,556			4,556
Distributions - common stock					(42,612)			(42,612)			(42,612)
Distributions - preferred stock				(15)	(7,554)		(15)	(7,554)		(15)	(7,554)
Distributions - noncontrolling interest									(15,286)		(15,286)
Net income					73,389			73,389	24,120		97,509
Unrealized gain (loss) on securities available-for-sale						(382)		(382)			(382)
Reclassification of net realized loss on derivatives designated as cash flow hedges into earnings						237		237			237
Balance at Dec. 31, 2017	$ 89,508	$ 617	707,450		(101,926)	176		695,825	168,731		864,556
Balance (in shares) at Dec. 31, 2017	24,942,269	61,723,387
Increase (Decrease) in Stockholders' Equity
Issuance of common stock, net		$ 152	156,265					156,417			156,417
Issuance of common stock, net (in shares)		15,152,700
Stock-based compensation		$ 7	6,088					6,095			6,095
Stock-based compensation (in shares)		691,015
Forfeiture of unvested restricted stock (in shares)		(6,288)
Issuance of common stock from debt exchange		$ 73	80,118					80,191			80,191
Issuance of common stock from debt exchange (in shares)		7,296,893
Extinguishment of convertible senior unsecured notes			(70,271)					(70,271)			(70,271)
Issuance of convertible senior unsecured notes, net			9,436					9,436			9,436
Repurchase of common stock		$ (9)	(10,057)					(10,066)			(10,066)
Repurchase of common stock (in shares)		(870,000)
Distributions - common stock					(80,681)			(80,681)			(80,681)
Distributions - preferred stock					(7,554)			(7,554)			(7,554)
Distributions - preferred stock of private REIT				$ (14)			$ (14)			$ (14)
Distributions - noncontrolling interest									(23,749)		(23,749)
Redemption of operating partnership units	$ (6)							(6)	(6,839)		(6,845)
Redemption of operating partnership units (in shares)	(577,185)
Net income					115,866			115,866	32,185		148,051
Reclassification of net unrealized gains on available-for-sale securities into accumulated deficit					176	$ (176)					(176)
Balance at Dec. 31, 2018	$ 89,502	$ 840	$ 879,029		$ (74,133)			$ 895,238	$ 170,328		$ 1,065,566
Balance (in shares) at Dec. 31, 2018	24,365,084	83,987,707

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Operating activities:
Net income	$ 148,051	$ 97,509	$ 62,481
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization	7,453	7,385	5,022
Stock-based compensation	6,095	4,840	3,514
Amortization and accretion of interest and fees, net	9,291	4,682	4,563
Amortization of capitalized mortgage servicing rights	48,124	47,202	21,705
Impairment loss on real estate owned	2,000	3,200	11,200
Originations of loans held-for-sale	(5,074,662)	(4,444,939)	(2,154,732)
Proceeds from sales of loans held-for-sale, net of gain on sale	4,893,886	4,814,906	1,916,470
Mortgage servicing rights	(98,839)	(76,820)	(44,941)
Write-off of capitalized mortgage servicing rights from payoffs	25,058	15,832	5,796
Provision for loan losses (net of recoveries)	8,353	(456)	(134)
Provision for loss sharing (net of recoveries)	3,843	(259)	2,235
Net charge-offs for loss sharing obligations	(56)	(1,638)	(2,444)
Deferred tax benefit	(12,033)	(7,399)
(Income) loss from equity affiliates	(1,196)	2,951	(12,995)
Loss (gain) on extinguishment of debt	5,041	(7,116)
Payoffs and paydowns of loans held-for-sale	61	132
Gain on sale of real estate			(11,631)
Changes in operating assets and liabilities	(8,205)	(308)	(4,624)
Net cash provided by (used in) operating activities	(37,735)	459,704	(198,515)
Investing Activities:
Loans and investments funded, originated and purchased, net	(1,545,499)	(1,867,393)	(870,166)
Payoffs and paydowns of loans and investments	960,769	959,696	667,902
Internalization of management team		(25,000)
Acquisition of the Agency Business, net of cash acquired			(63,356)
Deferred fees	13,114	10,982	11,938
Investments in real estate, net	(367)	(672)	(588)
Contributions to equity affiliates	(2,493)	(693)	(6,091)
Distributions from equity affiliates	3,122	4,671	12,452
Proceeds from sale of real estate, net			49,030
Proceeds from sale of available-for-sale securities			1,567
Due to borrowers and reserves	(65,213)	38,372	395
Purchases of securities held-to-maturity, net	(47,499)	(27,173)
Payoffs and paydowns of securities held-to-maturity	2,269	460
Purchases of capitalized mortgage servicing rights		(1,199)
(Distributions of) proceeds from insurance settlements, net	(78)	1,104
Net cash used in investing activities	(681,875)	(906,845)	(196,917)
Financing activities:
Proceeds from repurchase agreements, credit facilities and notes payable	9,166,255	8,215,669	3,922,394
Paydowns and payoffs of repurchase agreements and credit facilities	(8,559,057)	(8,593,411)	(3,571,929)
Proceeds from issuance of collateralized loan obligations	441,000	918,274	250,250
Payoffs and paydowns of collateralized loan obligations	267,750	219,000	281,250
Extinguishment of convertible senior unsecured notes	(228,287)
Proceeds from issuance of senior unsecured notes	125,000
Proceeds from issuance of convertible senior unsecured notes	264,500	157,500	86,250
Payoffs of senior unsecured notes	(97,860)
Proceeds from issuance of common stock	156,417	76,225
Distribution for repurchase of common stock	(10,066)
Redemption of operating partnership units	(6,845)
Distributions paid on common stock	(68,083)	(42,612)	(31,798)
Distributions paid on noncontrolling interest	(20,650)	(15,286)	(6,794)
Distributions paid on preferred stock	(7,554)	(7,554)	(7,554)
Distributions paid on preferred stock of private REIT	(14)	(15)	(15)
Payment of deferred financing costs	(20,499)	(24,576)	(10,617)
Proceeds from debt fund		70,000
Payoffs of junior subordinated notes to subsidiary trust issuing preferred securities		(12,691)
Receipts on swaps and returns of margin calls from counterparties		430	4,600
Paydowns and payoffs of mortgage note payable - real estate owned			(27,155)
Payoff of related party financing	(50,000)
Net cash provided by financing activities	816,507	522,953	326,382
Net (decrease) increase in cash, cash equivalents and restricted cash	96,897	75,812	(69,050)
Cash, cash equivalents and restricted cash at beginning of period	243,772	167,960	237,010
Cash, cash equivalents and restricted cash at end of period	340,669	243,772	167,960
Supplemental cash flow information:
Cash used to pay interest	118,923	75,582	53,012
Cash used to pay taxes	20,026	20,823	264
Supplemental schedule of non-cash investing and financing activities:
Issuance of common stock from convertible debt	80,118
Extinguishment of convertible senior unsecured notes	(70,271)
Distributions accrued for special dividend declared	15,696
Fair value of conversion feature of convertible senior unsecured notes	$ 9,750	4,703	2,280
Issuance of common stock from debt exchange	7,300,000
Issuance of special voting preferred shares and operating partnership units in connection with the Acquisition			154,772
Related party financing			50,000
8.25% Series A preferred stock
Supplemental schedule of non-cash investing and financing activities:
Distributions accrued on preferred stock	$ 267	267	267
7.75% Series B preferred stock
Supplemental schedule of non-cash investing and financing activities:
Distributions accrued on preferred stock	203	203	203
8.50% Series C preferred stock
Supplemental schedule of non-cash investing and financing activities:
Distributions accrued on preferred stock	$ 159	$ 159	$ 159

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
8.25% Series A preferred stock
Preferred stock, dividend rate (as a percent)	8.25%	8.25%	8.25%
7.75% Series B preferred stock
Preferred stock, dividend rate (as a percent)	7.75%	7.75%	7.75%
8.50% Series C preferred stock
Preferred stock, dividend rate (as a percent)	8.50%	8.50%	8.50%

Description of Business

Description of Business	12 Months Ended
	Dec. 31, 2018
Description of Business
Description of Business	Note 1 — Description of Business Arbor is a Maryland corporation formed in 2003. Through our Structured Business, we invest in a diversified portfolio of structured finance assets in the multifamily and commercial real estate markets, primarily consisting of bridge and mezzanine loans, including junior participating interests in first mortgages, preferred and direct equity. We may also directly acquire real property and invest in real estate-related notes and certain mortgage-related securities. Through our Agency Business, we originate, sell and service a range of multifamily finance products through Fannie Mae, Freddie Mac, Ginnie Mae, FHA, HUD and CMBS programs. We retain the servicing rights and asset management responsibilities on substantially all loans we originate and sell under the GSE and HUD programs. We are an approved Fannie Mae DUS lender nationally, a Freddie Mac Multifamily Conventional Loan lender, seller/servicer, in New York, New Jersey and Connecticut, a Freddie Mac affordable, manufactured housing, senior housing and SBL lender, seller/servicer, nationally and a HUD MAP and LEAN senior housing/healthcare lender nationally. Substantially all of our operations are conducted through our operating partnership, ARLP, for which we serve as the general partner, and ARLP’s subsidiaries. We are organized to qualify as a REIT for federal income tax purposes. See Note 18 – Income Taxes for details. In July 2016, we acquired the Agency platform of ACM and in May 2017, we terminated our existing management agreement with ACM and internalized our management team.

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	12 Months Ended
	Dec. 31, 2018
Basis of Presentation and Significant Accounting Policies
Basis of Presentation and Significant Accounting Policies	Note 2 — Basis of Presentation and Significant Accounting Policies Basis of Presentation The consolidated financial statements and accompanying notes have been prepared in accordance with GAAP. In the opinion of management, all adjustments considered necessary for a fair presentation of our financial position, results of operations and cash flows have been included and are of a normal and recurring nature. Reclassification Certain prior period amounts have been reclassified to conform to the current period presentation. See the following "Recently Adopted Accounting Pronouncements" section below for the cash flows impact of the retrospective adoption of Accounting Standards Update ("ASU") 2016-18, Statement of Cash Flows: Restricted Cash and ASU 2016-15, Statement of Cash Flows. Principles of Consolidation The consolidated financial statements include our financial statements and the financial statements of our wholly owned subsidiaries, partnerships and other joint ventures in which we own a controlling interest, including variable interest entities (“VIEs”) of which we are the primary beneficiary. Entities in which we have a significant influence are accounted for under the equity method. See Note 16 – Variable Interest Entities for information about our VIEs. All significant inter-company transactions and balances have been eliminated in consolidation. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that could materially affect the amounts reported in the consolidated financial statements and accompanying notes. As future events cannot be determined with precision, actual results could differ from those estimates. Significant Accounting Policies Cash and Cash Equivalents. All highly liquid investments with original maturities of three months or less are considered to be cash equivalents. We place our cash and cash equivalents in high quality financial institutions. The consolidated account balances at each institution periodically exceed Federal Deposit Insurance Corporation (“FDIC”) insurance coverage and we believe that this risk is not significant. Loans, Investments and Securities. Loans held for investment are intended to be held to maturity and, accordingly, are carried at cost, net of unamortized loan origination costs and fees, loan purchase discounts, and net of the allowance for loan losses when such loan or investment is deemed to be impaired. We invest in preferred equity interests that, in some cases, allow us to participate in a percentage of the underlying property’s cash flows from operations and proceeds from a sale or refinancing. At the inception of each such investment, we determine whether such investment should be accounted for as a loan, equity interest or as real estate. To date, we have determined that all such investments are properly accounted for and reported as loans. At the time of purchase, we designate a debt security as available-for-sale, held-to-maturity, or trading depending on our ability and intent for the security. Securities available-for-sale, which are included as a component of other assets in the consolidated balance sheets, are reported at fair value with the net unrealized gains or losses and other-than-temporary impairments up to their credit component recognized through earnings. Held-to-maturity securities are carried at cost net of any unamortized premiums or discounts, which are amortized or accreted over the life of the securities. For securities classified as held-to-maturity, an evaluation is performed as to whether a decline in fair value below the amortized cost basis is other-than-temporary. The determination of other-than-temporary impairment is a subjective process requiring judgments and assumptions and is not necessarily intended to indicate a permanent decline in value. The process includes, but is not limited to, assessment of recent market events and prospects for near-term recovery, assessment of cash flows, internal review of the underlying assets securing the investments, credit of the issuer and the rating of the security, as well as our ability and intent to hold the investment to maturity. We closely monitor market conditions on which we base such decisions. Impaired Loans, Allowance for Loan Losses and Charge-offs. We consider a loan impaired when, based upon current information, it is probable that we will be unable to collect all amounts due for both principal and interest according to the contractual terms of the loan agreement. We evaluate each loan in our portfolio on a quarterly basis. Our loans are individually specific and unique as it relates to product type, geographic location, and collateral type, as well as to the rights and remedies and the position in the capital structure our loans have in relation to the underlying collateral. We evaluate this information at both a loan level and general market trends level when determining the appropriate assumptions such as capitalization and market discount rates, as well as the borrower’s operating income and cash flows, in estimating the value of the underlying collateral when determining if a loan is impaired. We utilize internally developed valuation models and techniques primarily consisting of discounted cash flow and direct capitalization models in determining the fair value of the underlying collateral on an individual loan. We may also obtain a third party appraisal, which may value the collateral through an “as-is” or “stabilized value” methodology. Such appraisals may be used as an additional source of valuation information only and no adjustments are made to appraisals. If upon completion of the valuation, the fair value of the underlying collateral securing the impaired loan is less than the net carrying value of the loan, an allowance is created with a corresponding charge to the provision for loan losses. The allowance for each loan is maintained at a level that we believe to be adequate to absorb probable losses. Loan terms may be modified if we determine that, based on the individual circumstances of a loan and the underlying collateral, a modification would more likely increase the total recovery of the combined principal and interest from the loan. Any loan modification is predicated upon a goal of maximizing the collection of the loan. Typical triggers for a modification would include situations where the projected cash flow is insufficient to cover required debt service, when asset performance is lagging the initial projections, where there is a requirement for rebalancing, where there is an impending maturity of the loan, and where there is an actual loan default. Loan terms that have been modified have included, but are not limited to, interest rate, maturity date and in certain cases, principal amount. Length and amounts of each modification have varied based on individual circumstances and are determined on a case by case basis. If the loan modification constitutes a concession whereas we do not receive ample consideration in return for the modification, and the borrower is experiencing financial difficulties and cannot repay the loan under the current terms, then the modification is considered by us to be a troubled debt restructuring. If we receive a benefit, either monetary or strategic, and the above criteria are not met, the modification is not considered to be a troubled debt restructuring. We record interest on modified loans on an accrual basis to the extent the modified loan is contractually current. Charge-offs to the allowance for loan losses occur when losses are confirmed through the receipt of cash or other consideration from the completion of a sale; when a modification or restructuring takes place in which we grant a concession to a borrower or agree to a discount in full or partial satisfaction of the loan; when we take ownership and control of the underlying collateral in full satisfaction of the loan; when loans are reclassified as other investments; or when significant collection efforts have ceased and it is highly likely that a loss has been realized. Loss on restructured loans is recorded when we have granted a concession to the borrower in the form of principal forgiveness related to the payoff or the substitution or addition of a new debtor for the original borrower or when we incur costs on behalf of the borrower related to the modification, payoff or the substitution or addition of a new debtor for the original borrower. When a loan is restructured, we record our investment at net realizable value, taking into account the cost of all concessions at the date of restructuring. In addition, a gain or loss may be recorded upon the sale of a loan to a third party in the consolidated statements of income in the period in which the loan was sold. Loans Held-for-Sale, Net . Loans held-for-sale, net represents commercial real estate loans originated in our Agency Business, which are generally transferred or sold within 60 days from the date the loan is funded. Such loans are reported at the lower of cost or market on an aggregate basis and include the value allocated to the associated future MSRs. During the period prior to its sale, interest income on a loan held-for-sale is calculated in accordance with the terms of the individual loan and the loan origination fees and direct loan origination costs are deferred until the loan is sold. All of our held-for-sale loans are financed with matched borrowings from credit facilities contracted to finance such loans. Interest income and expense are earned or incurred after a loan is closed and before a loan is sold. Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated, put presumptively beyond the reach of the entity, even in bankruptcy, (2) the transferee (or if the transferee is an entity whose sole purpose is to engage in securitization and the entity is constrained from pledging or exchanging the assets it receives, each third-party holder of its beneficial interests) has the right to pledge or exchange the transferred financial assets, and (3) we or our agents does not maintain effective control over the transferred financial assets or third-party beneficial interest related to those transferred assets through an agreement to repurchase them before their maturity. We have determined that all loans sold have met these specific conditions and account for all transfers of mortgage loans as completed sales. Allowance for Loss-Sharing Obligations . When a loan is sold under the Fannie Mae DUS program, we undertake an obligation to partially guarantee the performance of the loan. Generally, we are responsible for losses equal to the first 5% of the UPB and a portion of any additional losses to an overall maximum of 20% of the original principal balance. Fannie Mae bears any remaining loss. In addition, under the terms of the master loss-sharing agreement with Fannie Mae, we are responsible for funding 100% of mortgage delinquencies (principal and interest) and servicing advances (taxes, insurance and foreclosure costs) until the amounts advanced exceeds 5% of the UPB at the date of default. Thereafter, we may request interim loss-sharing adjustments which allow us to fund 25% of such advances until final settlement. At inception, a liability for the fair value of the obligation undertaken in issuing the guaranty is recognized. In determining the fair value of the guaranty obligation, we consider the risk profile of the collateral and the historical loss experience in our portfolio. The guaranty obligation is removed only upon either the expiration or settlement of the guaranty. We evaluate the allowance for loss-sharing obligations by monitoring the performance of each loss-sharing loan for events or conditions that may signal a potential default. Historically, initial loss recognition occurs at or before a loan becomes 60 days delinquent. In instances where payment under the guaranty on a loan is determined to be probable and estimable (as the loan is probable of, or is, in foreclosure), we record a liability for the estimated allowance for loss-sharing (a "specific reserve") by transferring the guarantee obligation recorded on the loan to the specific reserve with any adjustments to this reserve amount recorded in provision for loss sharing in the statements of income. The amount of the allowance considers our assessment of the likelihood of repayment by the borrower or key principal(s), the risk characteristics of the loan, the loan's risk rating, historical loss experience, adverse situations affecting individual loans, the estimated disposition value of the underlying collateral, and the level of risk sharing. We regularly monitor the specific reserves and update loss estimates as current information is received. Capitalized Mortgage Servicing Rights . We recognize, as separate assets, rights to service mortgage loans for others, including such rights from our origination of mortgage loans sold with the servicing rights retained, as well as rights associated with acquired MSRs. Income from MSRs related to loans we originate are recognized when we record a derivative asset upon the commitment to originate a loan with a borrower and sell the loan to an investor. This commitment asset is recognized at fair value based on the discounted expected net cash flows associated with the servicing of the loan. When a mortgage loan we originate is sold, we retain the right to service the loan and recognize the MSR at the initial capitalized valuation. We amortize our MSRs using the amortization method, which requires the MSRs to be amortized over the period of estimated net servicing income or loss and that the servicing assets or liabilities be assessed for impairment, or increased obligation, based on the fair value at each reporting date. Amortization of MSRs is recorded as a reduction of servicing revenues, net in the consolidated statements of income. The following assumptions were used in calculating the fair value of our MSRs for the periods presented: Key rates : We used discount rates ranging from 8% to 15%, representing a weighted average discount rate of 12%, based on our best estimate of market discount rates to determine the present value of MSRs. The inflation rate used for adequate compensation was 3%. Servicing Cost : A market participant's estimated future cost to service the loan for the estimated life of the MSR is subtracted from the estimated future cash flows. Estimated Life : We estimate the life of our MSRs based upon the stated yield maintenance and/or prepayment protection term of the underlying loan and are reduced using prepayment rates that consider the note rate of the loan and the expiration of various types of prepayment penalty and/or lockout provisions prior to that stated maturity date. MSRs are initially recorded at fair value and are carried at amortized cost. The fair value of MRSs from loans we originate and sell are estimated considering market prices for similar MSRs, when available, and by estimating the present value of the future net cash flows of the capitalized MSRs, net of adequate compensation for servicing. Adequate compensation is based on the market rate of similar servicing contracts. The fair value of MSRs acquired approximate the purchase price paid. We evaluate the MSR portfolio for impairment on a quarterly basis based on the difference between the aggregate carrying amount of the MSRs and their aggregate fair value. We engage an independent third-party valuation expert to assist in determining an estimated fair value of our MSR portfolio on a quarterly basis. For purposes of impairment evaluation, the MSRs are stratified based on predominant risk characteristics of the underlying loans, which we have identified as loan type, note rate and yield maintenance provisions. To the extent that the carrying value of the MSRs exceeds fair value, a valuation allowance is established. We record write-offs of MSRs related to loans that were repaid prior to their expected maturity and loans that have defaulted and determined to be unrecoverable. When this occurs, the write-off is recorded as a direct write-down to the carrying value of MSRs and is included as a component of servicing revenue, net in the consolidated statements of income. This direct write-down permanently reduces the carrying value of the MSRs, precluding recognition of subsequent recoveries. For loans that payoff prior to maturity, we may collect a prepayment fee which is included as a component of servicing revenue, net. Real Estate Owned and Held-For-Sale . Real estate acquired is recorded at its estimated fair value at acquisition and is shown net of accumulated depreciation and impairment charges. Costs incurred in connection with the acquisition of a property are expensed as incurred. We allocate the purchase price of our real estate acquisitions to land, building, tenant improvements, origination asset of the in-place leases, intangibles for the value of any above or below market leases at fair value and to any other identified intangible assets or liabilities. We finalize our purchase price allocation within one year of the acquisition. We amortize the value allocated to in-place leases over the remaining lease term, which is reported in depreciation and amortization expense on our consolidated statements of income. The value allocated to above or below market leases are amortized over the remaining lease term as an adjustment to rental income. Real estate assets are depreciated using the straight-line method over their estimated useful lives. Ordinary repairs and maintenance which are not reimbursed by the tenants are expensed as incurred. Major replacements and betterments which improve or extend the life of the asset are capitalized and depreciated over their estimated useful life. Our properties are reviewed for impairment each quarter, if events or circumstances change indicating that the carrying amount of an asset may not be recoverable. We recognize impairment if the undiscounted estimated cash flows to be generated by an asset is less than the carrying amount of such asset. Measurement of impairment is based on the asset’s estimated fair value. In evaluating for impairment, many factors are considered, including estimated current and expected operating cash flows from the property during the projected holding period, costs necessary to extend the life or improve the asset, expected capitalization rates, projected stabilized net operating income, selling costs, and the ability to hold and dispose of the asset in the ordinary course of business. Impairment charges may be necessary in the event discount rates, capitalization rates, lease-up periods, future economic conditions, and other relevant factors vary significantly from those assumed in valuing the property. Real estate is classified as held-for-sale when we commit to a plan of sale, the asset is available for immediate sale, there is an active program to locate a buyer, and it is probable the sale will be completed within one year. Real estate assets that are expected to be disposed of are valued at the lower of the asset’s carrying amount or its fair value less costs to sell. We recognize sales of real estate properties upon closing. Payments received from purchasers prior to closing are recorded as deposits. Gain on real estate sold is recognized using the full accrual method when the collectability of the sale price is reasonably assured and we are not obligated to perform significant activities after the sale. A gain may be deferred in whole or in part until collectability of the sales price is reasonably assured and the earnings process is complete. Investments in Equity Affiliates . We invest in joint ventures that are formed to invest in real estate related assets or businesses. These joint ventures are not majority owned or controlled by us, or are VIEs for which we are the primary beneficiary, and are not consolidated in our financial statements. These investments are recorded under either the equity or cost method of accounting as deemed appropriate. We evaluate these investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be recoverable. We recognize an impairment loss if the estimated fair value of the investment is less than its carrying amount and we determine that the impairment is other-than-temporary. We record our share of the net income and losses from the underlying properties of our equity method investments and any other-than-temporary impairment on these investments as income or losses from equity affiliates in the consolidated statements of income. Goodwill and Other Intangible Assets. Significant judgement is required to estimate the fair value of intangible assets and in assigning their estimated useful lives. Accordingly, we typically seek the assistance of independent third party valuation specialists for significant intangible assets. The fair value estimates are based on available historical information and on future expectations and assumptions we deem reasonable. We generally use an income based valuation method to estimate the fair value of intangible assets, which discounts expected future cash flows to present value using estimates and assumptions we deem reasonable. For intangible assets related to acquired technology, we use the replacement cost method to determine fair value. Determining the estimated useful lives of intangible assets also requires judgment. Certain intangible assets, such as GSE licenses, have been deemed to have indefinite lives while other intangible assets, such as broker and borrower relationships, above/below market rent and acquired technology have been deemed to have finite lives. Our assessment as to which intangible assets are deemed to have finite or indefinite lives is based on several factors including economic barriers of entry for the acquired product lines, scarcity of available GSE licenses, technology life cycles, retention trends and our operating plans, among other factors. Goodwill and indefinite-lived intangible assets are not amortized, while finite-lived intangible assets are amortized over the estimated useful lives of the assets on a straight-line basis. Indefinite-lived intangible assets, including goodwill, are tested for impairment whenever events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. In addition, with respect to goodwill, an impairment analysis is performed at least annually. We have elected to make the first day of our fiscal fourth quarter the annual impairment assessment date for goodwill. We first assess qualitative factors to determine whether it is more likely than not that the fair value is less than the carrying value. If, based on that assessment, we believe it is more likely than not that the fair value is less than the carrying value, then a two-step goodwill impairment test is performed. Based on the impairment analysis performed as of October 1, 2018, there was no indication that the indefinite-lived intangible assets, including goodwill, were impaired and there were no events or changes in circumstances indicating impairment at December 31, 2018. Business Combinations . Business combinations are accounted for under the acquisition method of accounting, under which the purchase price is allocated to the fair value of the assets acquired and liabilities assumed at acquisition. The excess of the purchase price over the amount allocated to the assets acquired and liabilities assumed is recorded as goodwill. Adjustments to the assets acquired and liabilities assumed made during the measurement period are recorded in the period in which the adjustment is identified, with a corresponding adjustment to goodwill. If any adjustments are made subsequent to the measurement period, which could be up to one year after the acquisition, these adjustments are recorded to the consolidated statements of income. Acquisition related costs are expensed as incurred. Hedging Activities and Derivatives. We measure derivative instruments at fair value and record them as assets or liabilities. Fair value adjustments will affect either accumulated other comprehensive income until the hedged item is recognized in earnings, or net income depending on whether the derivative instrument qualifies as a hedge for accounting purposes and, if so, the nature of the hedging activity. We use derivatives for hedging purposes rather than trading or speculation. Fair values are estimated based on current market data from financial sources that trade such instruments and are based on prevailing market data and derived from third party proprietary models based on well recognized financial principles and reasonable estimates about relevant future market conditions. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. These derivative instruments must be effective in reducing risk exposure in order to qualify for hedge accounting. When the terms of an underlying transaction are modified, or when the underlying hedged item ceases to exist, all changes in the fair value of the instrument are marked-to-market with changes in value included in net income for each period until the derivative instrument matures or is settled. Any derivative instrument used for risk management that does not meet the hedging criteria is marked-to-market with the changes in value included in earnings. In cases where a derivative instrument is terminated early, any gain or loss is generally amortized over the remaining life of the hedged item. We may also enter into derivative contracts that are intended to economically hedge certain risks, even though hedge accounting does not apply or we elect not to apply hedge accounting. The ineffective portion of a derivative’s change in fair value is recognized immediately in earnings. In connection with our interest rate risk management, we may hedge a portion of our interest rate risk by entering into derivative instrument contracts to manage differences in the amount, timing, and duration of our expected cash receipts and our expected cash payments principally related to our investments and borrowings. Our objectives in using interest rate derivatives are to add stability to interest income and to manage our exposure to interest rate movements. To accomplish this objective, we have used, and may again in the future, use interest rate swaps as part of our interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for us making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Our rate lock and forward sales commitments associated with the Agency Business meet the definition of a derivative and are recorded at fair value. The estimated fair value of rate lock commitments includes the effects of interest rate movements as well as the fair value of the expected net cash flows associated with the servicing of the loan which is recorded as income from MSRs in the consolidated statements of income. The estimated fair value of forward sale commitments includes the effects of interest rate movements between the trade date and balance sheet date. Adjustments to the fair value are reflected as a component of other income, net in the consolidated statements of income. Revenue Recognition . Interest income is recognized on the accrual basis as it is earned. In certain instances, the borrower pays an additional amount of interest at the time the loan is closed, an origination fee, a prepayment fee and/or deferred interest upon maturity. In some cases, interest income may also include the amortization or accretion of premiums and discounts arising from the purchase or origination of the loan or security. This additional income, net of any direct loan origination costs incurred, is deferred and accreted into interest income on an effective yield or “interest” method adjusted for actual prepayment activity over the life of the related loan or security as a yield adjustment. Income recognition is suspended for loans when, in our opinion, a full recovery of all contractual principal is not probable. Income recognition is resumed when the loan becomes contractually current and performance is resumed. We record interest income on certain impaired loans to the extent cash is received, as the borrower continues to make interest payments. We record loan loss reserves related to these loans when it is deemed that full recovery of principal and accrued interest is not probable. Several of our loans provide for accrual of interest at specified rates, which differ from current payment terms. Interest is recognized on such loans at the accrual rate subject to our determination that accrued interest and outstanding principal are ultimately collectible, based on the underlying collateral and operations of the asset. If we cannot make this determination, interest income above the current pay rate is recognized only upon actual receipt. Given the transitional nature of some of our real estate loans, we may require funds to be placed into an interest reserve, based on contractual requirements, to cover debt service costs. We will analyze these interest reserves on a periodic basis and determine if any additional interest reserves are needed. Recognition of income on loans with funded interest reserves are accounted for in the same manner as loans without funded interest reserves. We do not recognize interest income on loans in which the borrower has failed to make the contractual interest payment due or has not replenished the interest reserve account. Income from non-performing loans is generally recognized on a cash basis only to the extent it is received. Full income recognition will resume when the loan becomes contractually current and performance has recommenced. Additionally, interest income is recorded when earned from equity participation interests, referred to as equity kickers. These equity kickers have the potential to generate additional revenues to us as a result of excess cash flow distributions and/or as appreciated properties are sold or refinanced. Gain on sales, including fee-based services, net - Gain on sales, including fee-based services, net includes commitment fees, broker fees, loan assumption fees, loan origination fees and gains on sale of loans of our Agency Business. In some instances, the borrower pays an additional amount of interest at the time the loan is closed, an origination fee, net of any direct loan origination costs incurred, which is recognized upon the sale of the loan. Revenue recognition occurs when the related services are performed, unless significant contingencies exist, and for the sale of loans, when all the incidence of ownership passes to the buyer. Interest income is recognized on the accrual basis as it is earned from loans held-for-sale. Property operating income - Property operating income represents income associated with the operations of commercial real estate properties classified as real estate owned. We recognize revenue for these activities when the fees are fixed or determinable, or are evidenced by an arrangement, collection is reasonably assured and the services under the arrangement have b

Loans and Investments

Loans and Investments	12 Months Ended
	Dec. 31, 2018
Loans and Investments
Loans and Investments	Note 3 — Loans and Investments The composition of our Structured Business loan and investment portfolio is as follows ($ in thousands): Wtd. Avg. Wtd. Avg. Wtd. Avg. First Last Remaining Dollar Dollar December 31, Percent of Loan Wtd. Avg. Months to LTV LTV 2018 Total Count Pay Rate (1) Maturity Ratio (2) Ratio (3) Bridge loans $ 2,992,814 91 % 167 6.84 % 0 % 74 % Preferred equity investments 181,661 6 % 10 7.97 % 66 % 89 % Mezzanine loans 108,867 3 % 13 10.57 % 28 % 72 % 3,283,342 100 % 190 7.02 % 5 % 75 % Allowance for loan losses (71,069) Unearned revenue (12,128) Loans and investments, net $ 3,200,145 Wtd. Avg. Wtd. Avg. Wtd. Avg. First Last Remaining Dollar Dollar December 31, Percent of Loan Wtd. Avg. Months to LTV LTV 2018 Total Count Pay Rate (1) Maturity Ratio (2) Ratio (3) Bridge loans $ 2,422,105 91 % 150 6.10 % 20.9 — % 72 % Preferred equity investments 142,892 6 % 12 6.47 % 68.7 64 % 90 % Mezzanine loans 87,541 3 % 8 10.78 % 24.8 20 % 63 % 2,652,538 100 % 170 6.28 % 23.6 4 % 73 % Allowance for loan losses (62,783) Unearned revenue (10,628) Loans and investments, net $ 2,579,127 (1) (2) (3) Concentration of Credit Risk We are subject to concentration risk in that, at December 31, 2018, the UPB related to 45 loans with five different borrowers represented 22% of total assets. At December 31, 2017, the UPB related to 42 loans with five different borrowers represented 24% of total assets. During both 2018 and 2017, no single loan or investment represented more than 10% of our total assets and no single investor group generated over 10% of our revenue. For details on our concentration of related party loans and investments, see Note 19 – Agreements and Transactions with Related Parties. We assign a credit risk rating of pass, pass/watch, special mention, substandard or doubtful to each loan and investment, with a pass rating being the lowest risk and a doubtful rating being the highest risk. Each credit risk rating has benchmark guidelines that pertain to debt-service coverage ratios, LTV ratios, borrower strength, asset quality, and funded cash reserves. Other factors such as guarantees, market strength, and remaining loan term and borrower equity are also reviewed and factored into determining the credit risk rating assigned to each loan. This metric provides a helpful snapshot of portfolio quality and credit risk. All portfolio assets are subject to, at a minimum, a thorough quarterly financial evaluation in which historical operating performance and forward-looking projections are reviewed, however, we maintain a higher level of scrutiny and focus on loans that we consider "high risk" and that possess deteriorating credit quality. Generally speaking, given our typical loan profile, risk ratings of pass, pass/watch and special mention suggest that we expect the loan to make both principal and interest payments according to the contractual terms of the loan agreement, and is not considered impaired. A risk rating of substandard indicates we anticipate the loan may require a modification of some kind. A risk rating of doubtful indicates we expect the loan to underperform over its term, and there could be loss of interest and/or principal. Further, while the above are the primary guidelines used in determining a certain risk rating, subjective items such as borrower strength, market strength or asset quality may result in a rating that is higher or lower than might be indicated by any risk rating matrix. As a result of the loan review process, at December 31, 2018 and 2017, we identified eight loans and investments that we consider higher-risk loans that had a carrying value, before loan loss reserves, of $128.7 million and $126.5 million, respectively, and a weighted average last dollar LTV ratio of 99% and 93%, respectively. A summary of the loan portfolio’s weighted average internal risk ratings and LTV ratios by asset class is as follows ($ in thousands): December 31, 2018 Wtd. Avg. Wtd. Avg. Wtd. Avg. Percentage Internal First Dollar Last Dollar Asset Class UPB of Portfolio Risk Rating LTV Ratio LTV Ratio Multifamily $ 2,427,920 74 % pass/watch 5 % 75 % Self Storage 301,830 9 % pass/watch 0 % 72 % Land 151,628 5 % substandard 0 % 90 % Office 132,047 4 % special mention 3 % 68 % Healthcare 122,775 4 % pass/watch 0 % 77 % Hotel 100,075 3 % pass/watch 13 % 66 % Retail 45,367 1 % pass/watch 6 % 65 % Commercial 1,700 <1 % doubtful 63 % 63 % Total $ 3,283,342 100 % pass/watch 5 % 75 % December 31, 2017 Multifamily $ 1,925,529 73 % pass/watch 4 % 72 % Self Storage 301,830 11 % pass 0 % 71 % Land 132,828 5 % substandard 0 % 90 % Office 107,853 4 % pass/watch 1 % 64 % Healthcare 55,615 2 % pass/watch 0 % 74 % Hotel 90,725 3 % special mention 37 % 81 % Retail 36,458 1 % pass/watch 8 % 66 % Commercial 1,700 <1 % doubtful 63 % 63 % Total $ 2,652,538 100 % pass/watch 4 % 73 % Geographic Concentration Risk As of December 31, 2018, 23% and 18% of the outstanding balance of our loan and investment portfolio had underlying properties in New York and Texas, respectively. As of December 31, 2017, 23%, 21% and 11% of the outstanding balance of our loan and investment portfolio had underlying properties in Texas, New York and California, respectively. No other states represented 10% or more of the total loan and investment portfolio. Impaired Loans and Allowance for Loan Losses A summary of the changes in the allowance for loan losses is as follows (in thousands): Year Ended December 31, 2018 2017 2016 Allowance at beginning of period $ 62,783 $ 83,712 $ 86,762 Provision for loan losses 13,986 2,000 59 Charge-offs (3,173) (20,473) (2,959) Recoveries of reserves (2,527) (2,456) (150) Allowance at end of period $ 71,069 $ 62,783 $ 83,712 During 2018, we determined that the fair value of the underlying collateral (land development project) securing six loans with a carrying value of $121.4 million was less than the net carrying value of the loans, which resulted in a provision for loan losses of $12.3 million. We also fully reserved a bridge loan and recorded a provision for loan loss of $1.7 million. In addition, during 2018, we received $31.6 million to settle a non-performing preferred equity investment in a hotel property with a UPB of $34.8 million and a net carrying value of $29.1 million, resulting in a charge-off of $3.2 million and a reserve recovery of $2.5 million. We also received payments and recorded recoveries of $3.1 million related to previously written-off loans and investments, which are included as a component of provision for loan losses (net of recoveries) on the consolidated statements of income. During 2017, we incurred a $20.5 million charge-off of a fully reserved junior participation loan and we determined that the fair value of the underlying collateral securing a preferred equity investment with an aggregate carrying value of $34.8 million was less than the net carrying value of the investment, which resulted in a $2.0 million provision for loan losses. In addition, a fully reserved mezzanine loan with a UPB of $1.8 million paid off in full, which resulted in a $1.8 million reserve recovery, and we recorded a reserve recovery of $0.7 million on a multifamily bridge loan. During 2016, we received a $1.8 million discounted payoff on an impaired bridge loan with a carrying value before reserves of $4.8 million, resulting in the recognition of an additional provision for loan losses of $0.1 million and a charge-off of $3.0 million. The ratio of net recoveries (charge-offs) to the average loans and investments outstanding was 0.1%, (0.8)% and (0.2)% for 2018, 2017 and 2016, respectively. There were no loans for which the fair value of the collateral securing the loan was less than the carrying value of the loan for which we had not recorded a provision for loan loss as of December 31, 2018, 2017 and 2016. We have six loans with a carrying value totaling $121.4 million at December 31, 2018 that are collateralized by a land development project. These loans were scheduled to mature in September 2018 and were extended to September 2019. The loans do not carry a current pay rate of interest, but five of the loans with a carrying value totaling $112.0 million entitle us to a weighted average accrual rate of interest of 9.09%. In 2008, we suspended the recording of the accrual rate of interest on these loans, as they were impaired and we deemed the collection of this interest to be doubtful. At December 31, 2018 and 2017, we had cumulative allowances for loan losses of $61.4 million and $49.1 million, respectively, related to these loans. The loans are subject to certain risks associated with a development project including, but not limited to, availability of construction financing, increases in projected construction costs, demand for the development’s outputs upon completion of the project, and litigation risk. Additionally, these loans were not classified as non-performing as the borrower is in compliance with all of the terms and conditions of the loans. A summary of our impaired loans by asset class is as follows (in thousands): Year Ended December 31, December 31, 2018 2018 Average Interest Carrying Allowance for Recorded Income Asset Class UPB Value (1) Loan Losses Investment (2) Recognized Land $ 134,215 $ 127,869 $ 67,869 $ 132,651 $ 103 Hotel — — — 17,375 — Office 2,266 2,266 1,500 2,277 127 Commercial 1,700 1,700 1,700 1,700 — Total $ 138,181 $ 131,835 $ 71,069 $ 154,003 $ 230 Year Ended December 31, December 31, 2017 2017 Land $ 131,086 $ 124,812 $ 53,883 $ 131,086 $ — Hotel 34,750 34,750 5,700 34,750 371 Office 2,288 2,288 1,500 14,926 107 Commercial 1,700 1,700 1,700 1,700 — Multifamily — — — 1,271 22 Total $ 169,824 $ 163,550 $ 62,783 $ 183,733 $ 500 (1) Represents the UPB of five impaired loans (less unearned revenue and other holdbacks and adjustments) by asset class at both December 31, 2018 and 2017. (2) Represents an average of the beginning and ending UPB of each asset class. At December 31, 2018, two loans with an aggregate net carrying value of $0.8 million, net of related loan loss reserves of $1.7 million, were classified as non-performing. At December 31, 2017, two loans with an aggregate net carrying value of $29.1 million, net of related loan loss reserves of $7.4 million, were classified as non-performing. Income from non-performing loans is generally recognized on a cash basis when it is received. Full income recognition will resume when the loan becomes contractually current and performance has recommenced. A summary of our non-performing loans by asset class is as follows (in thousands): December 31, 2018 December 31, 2017 Less Than Greater Than Less Than Greater Than Carrying 90 Days 90 Days Carrying 90 Days 90 Days Asset Class Value Past Due Past Due Value Past Due Past Due Commercial $ 1,700 $ — $ 1,700 $ 1,700 $ — $ 1,700 Office 832 — 832 — — — Hotel — — — 34,750 — 34,750 Total $ 2,532 $ — $ 2,532 $ 36,450 $ — $ 36,450 At both December 31, 2018 and 2017, we had no loans contractually past due 90 days or more that are still accruing interest. There were no loan modifications, refinancing’s and/or extensions during 2018 that were considered troubled debt restructurings. During 2017, there was a $34.8 million loan to a hotel property that was modified and considered a troubled debt restructuring as a result of a forbearance agreement entered into with the borrower in 2017. This loan was subsequently classified as non-performing in 2017 and paid off during 2018. This loan was modified to increase the total recovery of the combined principal and interest. There were no other loans in which we considered the modifications to be troubled debt restructurings and no additional loans considered to be impaired as a result of our troubled debt restructuring analysis performed during 2018 and 2017. Given the transitional nature of some of our real estate loans, we may require funds to be placed into an interest reserve, based on contractual requirements, to cover debt service costs. At December 31, 2018, we had total interest reserves of $48.9 million on 110 loans with an aggregate UPB of $2.22 billion. At December 31, 2017, we had total interest reserves of $52.5 million on 81 loans with an aggregate UPB of $1.57 billion.

Loans Held-for-Sale, Net

Loans Held-for-Sale, Net	12 Months Ended
	Dec. 31, 2018
Loans Held-for-Sale, Net
Loans Held-for-Sale, Net	Note 4 — Loans Held-for-Sale, Net Loans held-for-sale, net consists of the following (in thousands): December 31, 2018 December 31, 2017 Fannie Mae $ 358,790 $ 243,717 Freddie Mac 95,004 47,545 FHA 19,170 987 472,964 292,249 Fair value of future MSR 10,253 5,806 Unearned discount (1,553) (612) Loans held-for-sale, net $ 481,664 $ 297,443 Our loans held-for-sale, net are typically sold within 60 days of loan origination and the gain on sales are included in gain on sales, including fee-based services, net in the consolidated statements of income. During 2018 and 2017, we sold $4.92 billion and $4.81 billion, respectively, of loans held-for-sale and recorded gains on sales of $65.5 million and $68.3 million, respectively. During 2016, we sold $1.49 billion of loans held-for-sale, excluding $418.2 million of sales related to loans that were acquired as part of the Acquisition, and recorded gains on sales of $22.8 million.

Capitalized Mortgage Servicing

Capitalized Mortgage Servicing Rights	12 Months Ended
	Dec. 31, 2018
Capitalized Mortgage Servicing Rights
Capitalized Mortgage Servicing Rights	Note 5 — Capitalized Mortgage Servicing Rights Our capitalized MSRs reflect commercial real estate MSRs derived from loans sold in our Agency Business, or MSRs acquired as part of the Acquisition or in the open market from third parties. The weighted average estimated life remaining of our MSRs held at December 31, 2018 and 2017 was 7.6 years and 7.2 years, respectively. A summary of our capitalized MSR activity is as follows (in thousands): Year Ended December 31, 2018 Year Ended December 31, 2017 Acquired Originated Total Acquired Originated Total Balance at beginning of period $ 143,270 $ 109,338 $ 252,608 $ 194,800 $ 32,943 $ 227,743 Additions — 94,344 94,344 1,199 86,700 87,899 Amortization (28,958) (19,166) (48,124) (37,470) (9,732) (47,202) Write-offs (17,228) (7,830) (25,058) (15,259) (573) (15,832) Balance at end of period $ 97,084 $ 176,686 $ 273,770 $ 143,270 $ 109,338 $ 252,608 We collected prepayment fees of $21.9 million and $12.7 million during 2018 and 2017, respectively, which are included as a component of servicing revenue, net on the consolidated statements of income. As of December 31, 2018 and 2017, we had no valuation allowance recorded on any of our MSRs. The expected amortization of capitalized MSRs recorded as of December 31, 2018 is as follows (in thousands). Actual amortization may vary from these estimates. Year Amortization 2019 $ 48,546 2020 44,364 2021 37,990 2021 31,189 2022 26,508 Thereafter 85,173 Total $ 273,770

Mortgage Servicing

Mortgage Servicing	12 Months Ended
	Dec. 31, 2018
Mortgage Servicing
Mortgage Servicing	Note 6 — Mortgage Servicing Product and geographic concentrations that impact our servicing revenue are as follows ($ in thousands): December 31, 2018 Product Concentrations Geographic Concentrations Percent of UPB Percent Product UPB Total State of Total Fannie Mae $ 13,562,667 73 % Texas 20 % Freddie Mac 4,394,287 24 % North Carolina 10 % FHA 644,687 3 % New York 8 % Total $ 18,601,641 100 % California 8 % Georgia 6 % Florida 6 % Other(1) 42 % Total 100 % December 31, 2017 Product Concentrations Geographic Concentrations Percent of UPB Percent Product UPB Total State of Total Fannie Mae $ 12,502,699 77 % Texas 22 % Freddie Mac 3,166,134 20 % North Carolina 10 % FHA 537,482 3 % New York 8 % Total $ 16,206,315 100 % California 8 % Georgia 6 % Florida 6 % Other(1) 40 % Total 100 % (1) No other individual state represented 4% or more of the total. At December 31, 2018 and 2017, our weighted average servicing fee was 45.2 basis points and 47.7 basis points, respectively. At December 31, 2018 and 2017, we held total escrow balances of $824.1 million and $750.8 million, respectively, which is not reflected in our consolidated balance sheets. Of the total escrow balances, we held $521.2 million and $477.9 million at December 31, 2018 and 2017, respectively, related to loans we are servicing within our Agency Business. These escrows are maintained in separate accounts at several federally insured depository institutions, which may exceed FDIC insured limits. We earn interest income on the total escrow deposits, generally based on a market rate of interest negotiated with the financial institutions that hold the escrow deposits. Interest earned on total escrows, net of interest paid to the borrower, was $12.8 million, $5.2 million and $1.1 million during 2018, 2017 and 2016, respectively, and is a component of servicing revenue, net in the consolidated statements of income.

Securities Held-to-Maturity

Securities Held-to-Maturity	12 Months Ended
	Dec. 31, 2018
Securities Held-to-Maturity
Securities Held-to-Maturity	Note 7 — Securities Held-to-Maturity Freddie Mac may choose to hold, sell or securitize loans we sell to them under the Freddie Mac SBL program. As part of the securitizations under the SBL program, we have the option to purchase the bottom tranche bond, generally referred to as the “B Piece,” that represents the bottom 10%, or highest risk, of the securitization. During 2018, we purchased four B Piece bonds with an initial face value of $65.2 million, at a discount, for $47.5 million . As of December 31, 2018, we retained 49%, or $106.2 million initial face value, of seven B Piece bonds, which were purchased at a discount for $74.7 million, and sold the remaining 51% to a third party at par. These held-to-maturity debt securities are carried at cost, net of unamortized discounts, and are collateralized by a pool of multifamily mortgage loans, bear interest at an initial weighted average variable rate of 3.74% and have an estimated weighted average maturity of 5.7 years. The weighted average effective interest rate was 10.94% and 12.97% at December 31, 2018 and 2017, respectively, including the accretion of discount. Approximately $15.8 million is estimated to mature within one year, $45.9 million is estimated to mature after one year through five years, $28.0 million is estimated to mature after five years through ten years and $13.8 million is estimated to mature after ten years. A summary of our B Piece bonds classified as debt securities held-to-maturity is as follows (in thousands): Carrying Unrealized Estimated Period Face Value Value Gain Fair Value December 31, 2018 $ 103,515 $ 76,363 $ 2,734 $ 79,097 December 31, 2017 $ 40,566 $ 27,837 $ 602 $ 28,439 As of December 31, 2018, no impairment was recorded on these held-to-maturity securities. During 2018 and 2017, we recorded interest income of $2.5 million and $0.8 million, respectively, related to these investments.

Investments in Equity Affiliate

Investments in Equity Affiliates	12 Months Ended
	Dec. 31, 2018
Investments in Equity Affiliates
Investments in Equity Affiliates	Note 8 — Investments in Equity Affiliates We account for all investments in equity affiliates under the equity method. A summary of our investments in equity affiliates is as follows (in thousands): Investments in Equity Affiliates at UPB of Loans to December 31, December 31, Equity Affiliates at Equity Affiliates 2018 2017 December 31, 2018 Arbor Residential Investor LLC $ 19,260 $ 19,193 $ — Lightstone Value Plus REIT L.P. 1,895 1,895 — JT Prime 425 425 — West Shore Café — 2,140 1,688 Lexford Portfolio — — 280,500 East River Portfolio — — — Total $ 21,580 $ 23,653 $ 282,188 Arbor Residential Investor LLC (“ARI”) . In 2015, we invested $9.6 million for 50% of our Former Manager’s indirect interest in a joint venture with a third party that was formed to invest in a residential mortgage banking business. As a result of this transaction, we had an initial indirect interest of 22.5% in the mortgage banking business, which was subject to dilution upon attaining certain profit hurdles of the business, and at December 31, 2018, our indirect interest was 16.3%. During 2018, 2017 and 2016, we recorded income of $0.7 million, a loss of $7.3 million and income of $9.5 million, respectively, to income (loss) from equity affiliates in the consolidated statements of income related to this investment. The loss in 2017 included a $5.5 million charge for our proportionate share of a litigation settlement that will be paid over a two-year period. During the first quarter of 2018, we made a $2.4 million payment for our proportionate share of the litigation settlement, which was distributed back to us by our equity affiliate. See Note 19 – Agreements and Transactions with Related Parties for details. In 2015, we invested $1.7 million through ARI for a 50% noncontrolling interest in a joint venture that invests in non-qualified residential mortgages purchased from the mortgage banking business’s origination platform. We funded additional mortgage purchases of $ 0.6 million and $5.9 million during 2017 and 2016, respectively. During 2018, 2017 and 2016, we received cash distributions totaling $0.7 million, $3.2 million and $13.0 million as a result of the joint venture selling most of its mortgage assets, which were classified as returns of capital. During 2018, 2017 and 2016, we recorded income of less than $0.1 million, $0. 1 million and $0. 5 million, respectively, to income (loss) from equity affiliates in our consolidated statements of income related to this investment. Our basis in this investment was less than $0.1 million at December 31, 2018. Lightstone Value Plus REIT L.P. / JT Prime. We own a $1.9 million interest in an unconsolidated joint venture that holds common operating partnership units of Lightstone Value Plus REIT L.P. (“Lightstone”). We also own a 50% noncontrolling interest in an unconsolidated joint venture, JT Prime, which holds common operating partnership units of Lightstone at a carrying value of $0.4 million. The income associated with these investments for all periods presented was de minimis. West Shore Café. We own a 50% noncontrolling interest in the West Shore Lake Café, a restaurant/inn lakefront property in Lake Tahoe, California. We provided a $1.7 million first mortgage loan to an affiliated entity to acquire property adjacent to the original property, which is scheduled to mature in May 2019 and bears interest at LIBOR plus 4.0%. During 2018, we determined that this investment exhibited indicators of impairment and, as a result of an impairment analysis performed; we recorded an other-than-temporary impairment of $2.2 million to income (loss) from equity affiliates in the consolidated statement of income for the full carrying amount of this investment. Also during 2018, we recorded a provision for loan loss of $1.7 million, fully reserving the first mortgage loan. Lexford Portfolio. We own a $44,000 noncontrolling equity interest in Lexford, a portfolio of multifamily assets. In 2018, 2017 and 2016, we received distributions from this equity investment and recognized income totaling $2.5 million, $2. 5 million and $2.8 million, net of expenses, respectively. See Note 19 – Agreements and Transactions with Related Parties for details. East River Portfolio. We invested $0.1 million for a 5% interest in a joint venture that owns two multifamily properties. The joint venture is comprised of a consortium of investors (which includes, among other unaffiliated investors, certain of our officers, our chief executive officer and certain other related parties) who together own an interest of 95%. We originated a $1.7 million bridge loan to the joint venture with an interest rate of 5.5% over LIBOR that was repaid in full during 2017. In connection with the debt repayment, we received a $0.1 million distribution bringing our basis in this investment to zero. See Note 19 – Agreements and Transactions with Related Parties for details. Equity Participation Interest. During 2017, we received $1.5 million from the redemption of a 25% equity participation interest we held in a multifamily property, which is included in income (loss) from equity affiliates in our consolidated statements of income. Our basis in this investment was zero prior to this transaction. Summarized Financial Information The condensed combined balance sheets for our unconsolidated investments in equity affiliates are as follows (in thousands): December 31, 2018 2017 Condensed Combined Balance Sheets ARI Other Total ARI Other Total Assets: Cash and cash equivalents $ 12,812 $ 36,220 $ 49,032 $ 26,419 $ 36,304 $ 62,723 Real estate assets 471,021 565,076 1,036,097 303,098 584,580 887,678 Other assets 85,192 32,888 118,080 137,782 54,537 192,319 Total assets 569,025 634,184 1,203,209 467,299 675,421 1,142,720 Liabilities: Notes payable 463,511 664,139 1,127,650 357,410 702,495 1,059,905 Other liabilities 23,209 17,539 40,748 34,964 15,885 50,849 Total liabilities 486,720 681,678 1,168,398 392,374 718,380 1,110,754 Stockholders’ equity Arbor 19,260 2,320 21,580 19,193 4,460 23,653 Stockholders’ equity 63,045 (49,814) 13,231 55,732 (47,419) 8,313 Total stockholders’ equity 82,305 (47,494) 34,811 74,925 (42,959) 31,966 Total liabilities and equity $ 569,025 $ 634,184 $ 1,203,209 $ 467,299 $ 675,421 $ 1,142,720 The condensed combined statements of operations for our unconsolidated investments in equity affiliates are as follows (in thousands): Year Ended December 31, 2018 2017 2016 Statements of Operations: ARI Other Total ARI Other Total ARI Other Total Revenue: Rental income $ — $ $ $ — $ $ $ — $ 99,417 $ 99,417 Interest income 17,200 259 17,459 9,248 259 9,507 11,726 259 11,985 Operating income — — — Reimbursement income — 7,861 7,861 — 7,378 7,378 — 7,085 7,085 Other income 14,195 9,019 23,214 2,909 8,420 11,329 213 8,060 8,273 Total revenues 248,982 126,364 375,346 Expenses: Operating expenses 226,868 63,602 290,470 58,289 56,679 Interest expense 17,694 35,608 53,302 11,436 32,918 44,354 13,331 32,687 46,018 Depreciation and amortization 1,815 27,724 29,539 1,384 29,155 30,539 1,127 29,249 30,376 Other expenses — 487 487 22,000 471 22,471 — 91 91 Total expenses 246,377 127,421 373,798 Net income (loss) $ 2,605 $ (1,057) $ 1,548 $ $ (903) $ $ 51,089 $ (3,885) $ 47,204 Arbor’s share of income (loss) (1) $ 700 $ 496 $ 1,196 $ (7,247) $ 2,796 $ (4,451) $ 9,950 $ 3,045 $ 12,995 (1) Amount for the year ended December 31, 2017, when combined with the $1.5 million equity participation interest received, equals a loss of $3.0 million.

Real Estate Owned and Held For

Real Estate Owned and Held For Sale	12 Months Ended
	Dec. 31, 2018
Real Estate Owned and Held For Sale
Real Estate Owned and Held For Sale	Note 9 — Real Estate Owned and Held‑For‑Sale Our real estate assets at both December 31, 2018 and 2017 were comprised of a hotel property and an office building. Real Estate Owned December 31, 2018 December 31, 2017 Hotel Office Hotel Office (in thousands) Property Building Total Property Building Total Land $ 3,294 $ 4,509 $ 7,803 $ 3,294 $ 4,509 $ 7,803 Building and intangible assets 31,066 2,010 33,076 30,699 2,010 32,709 Less: Impairment loss (13,307) (2,500) (15,807) (13,307) (500) (13,807) Less: Accumulated depreciation and amortization (9,778) (848) (10,626) (9,228) (690) (9,918) Real estate owned, net $ 11,275 $ 3,171 $ 14,446 $ 11,458 $ 5,329 $ 16,787 During 2018, 2017 and 2016, our hotel property had a weighted average occupancy rate of approximately 49%, 52% and 54%, respectively, a weighted average daily rate of approximately $108, $108 and $100, respectively, and weighted average revenue per available room of approximately $53, $56 and $54, respectively. The operation of a hotel property is seasonal with the majority of revenues earned in the first two quarters of the calendar year. Our office building was fully occupied by a single tenant until April 2017, when the lease expired. The building is currently vacant. Through site visits and discussions with market participants, we determined that our real estate assets exhibited indicators of impairment and, based on our impairment analyses performed, we recorded impairment losses of $2.0 million, $3.2 million and $11.2 million in 2018, 2017 and 2016, respectively. Our real estate assets had restricted cash balances totaling $0.5 million and $0.7 million at December 31, 2018 and 2017, respectively, due to escrow requirements. Real Estate Held-For-Sale In 2016, we sold our remaining multifamily properties and a hotel property that were classified as held-for-sale for a total of $50.7 million and recognized a gain of $11.6 million. A portion of the sales proceeds were used to payoff the outstanding debt on the multifamily properties of $27.1 million. The results of operations for properties that were classified as held-for-sale during 2016 were de minimis.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	12 Months Ended
	Dec. 31, 2018
Goodwill and Other Intangible Assets
Goodwill and Other Intangible Assets	Note 10 — Goodwill and Other Intangible Assets Goodwill. In 2017, we determined that the purchase price allocation related to the Acquisition in 2016 incorrectly omitted a deferred tax liability related to the book-to-tax difference in the value assigned to certain assets acquired. The impact of this omission to our 2016 consolidated financial statements was a $4.9 million understatement of goodwill and a corresponding understatement of other liabilities in our consolidated balance sheets. This omission had no impact on our results of operations and was corrected in 2017, resulting in a $4.9 million increase to goodwill and a corresponding increase in other liabilities. The following table sets forth the goodwill activity (in thousands): Year Ended Year Ended December 31, 2018 December 31, 2017 Beginning balance $ 56,626 $ 26,747 Additions from internalization of management team (1) — 25,000 Purchase price allocation adjustment — 4,879 Ending balance $ 56,626 $ 56,626 (1) Goodwill additions from the internalization of our management team completed in 2017 were allocated $12.5 million each to our two reporting segments. Other Intangible Assets. The following table sets forth the other intangible assets activity (in thousands): December 31, 2018 December 31, 2017 Gross Gross Carrying Accumulated Carrying Accumulated Value Amortization Total Value Amortization Total Finite-lived intangible assets: Broker relationships $ 25,000 $ (7,683) $ 17,317 $ 25,000 $ (4,558) $ 20,442 Borrower relationships 14,400 (3,540) 10,860 14,400 (2,100) 12,300 Below market leases 4,010 (1,811) 2,199 4,010 (1,075) 2,935 Acquired technology 900 (737) 163 900 (437) 463 Infinite-lived intangible assets: Fannie Mae DUS license 17,100 — 17,100 17,100 — 17,100 Freddie Mac Program Plus license 8,700 — 8,700 8,700 — 8,700 FHA license 3,200 — 3,200 3,200 — 3,200 $ 73,310 $ (13,771) $ 59,539 $ 73,310 $ (8,170) $ 65,140 The amortization expense recorded for these intangible assets were $5.6 million, $5.6 million and $2.6 million during 2018, 2017 and 2016, respectively. At December 31, 2018, the weighted average remaining lives of our amortizable finite-lived intangible assets and the estimated amortization expense for each of the succeeding five years are as follows ($ in thousands): Wtd. Avg. Estimated Amortization Expense for the Years Ending Remaining Life December 31, (in years) 2019 2020 2021 2022 2023 Finite-lived intangible assets: Broker relationships $ 3,125 $ 3,125 $ 3,125 $ 3,125 $ 3,125 Borrower relationships 1,440 1,440 1,440 1,440 1,440 Below market leases 737 684 126 126 126 Acquired technology 163 — — — — $ 5,465 $ 5,249 $ 4,691 $ 4,691 $ 4,691

Debt Obligations

Debt Obligations	12 Months Ended
	Dec. 31, 2018
Debt Obligations
Debt Obligations	Note 11 — Debt Obligations Credit Facilities and Repurchase Agreements Borrowings under our credit facilities and repurchase agreements are as follows ($ in thousands): December 31, 2018 December 31, 2017 Debt Collateral Debt Collateral Carrying Carrying Wtd. Avg. Carrying Carrying Wtd. Avg. UPB (1) Value (1) Value Note Rate UPB (1) Value (1) Value Note Rate Structured Business $375 million repurchase facility $ 336,428 $ 334,696 $ 467,680 4.75 % $ 103,818 $ 102,350 $ 145,850 3.90 % $100 million repurchase facility 71,017 70,837 98,597 4.31 % 2,835 2,445 6,600 3.61 % $75 million credit facility 10,237 10,237 16,889 4.31 % — — — — $75 million credit facility — — — — 9,000 8,999 16,000 3.61 % $50 million credit facility 14,160 14,159 17,700 4.57 % 32,560 32,538 40,700 3.61 % $50 million credit facility — — — — 3,700 3,581 4,625 4.88 % $35.9 million credit facility 30,855 30,512 44,100 4.87 % — — — — $25.5 million credit facility 18,552 18,552 34,000 5.07 % 14,065 13,920 18,753 4.12 % $25 million working capital facility — — — — 10,000 10,000 — 4.12 % $23.2 million credit facility 23,175 23,175 30,900 4.87 % — — — — $20 million credit facility 20,000 19,912 41,650 5.07 % — — — — $17.4 million credit facility 12,462 12,462 15,844 4.97 % — — — — $8 million credit facility 8,000 7,946 10,000 5.07 % — — — — $7.5 million credit facility — — — — 7,472 7,432 9,340 4.37 % Repurchase facilities - securities (2) 118,112 118,112 — 5.07 % 53,938 53,938 — 4.45 % $3 million master security agreement 1,168 1,168 — 3.19 % 1,834 1,834 — 3.21 % $2.2 million master security agreement 1,678 1,678 — 4.66 % — — — — Structured Business total $ 665,844 $ 663,446 $ 777,360 4.78 % $ 239,222 $ 237,037 $ 241,868 4.02 % Agency Business $750 million ASAP agreement $ 104,619 $ 104,619 $ 104,619 3.55 % $ 121,880 $ 121,880 $ 121,880 2.61 % $500 million repurchase facility 130,917 130,906 130,917 3.78 % 24,873 24,827 24,873 2.91 % $250 million credit facility 26,651 26,651 26,651 3.75 % 23,785 23,785 23,785 2.86 % $150 million credit facility 113,685 113,666 113,685 3.80 % 21,821 21,802 21,821 2.96 % $150 million credit facility 96,419 96,339 96,419 3.80 % 99,357 99,242 99,357 2.91 % Agency Business total $ 472,291 $ 472,181 $ 472,291 3.74 % $ 291,716 $ 291,536 $ 291,716 2.78 % Consolidated total $ 1,138,135 $ 1,135,627 $ 1,249,651 4.35 % $ 530,938 $ 528,573 $ 533,584 3.34 % (1) The debt carrying value for the Structured Business at December 31, 2018 and 2017 was net of unamortized deferred finance costs of $2.4 million and $2.2 million, respectively. The debt carrying value for the Agency Business at December 31, 2018 and 2017 was net of unamortized deferred finance costs of $0.1 million and $0.2 million, respectively. (2) At December 31, 2018 and 2017, these facilities were collateralized by CLO bonds retained by us with an aggregate principal balance of $114.2 million and $61.0 million, respectively, and B Piece bonds with an aggregate carrying value of $76.4 million and $27.8 million, respectively. Structured Business. We utilize credit facilities and repurchase agreements with various financial institutions to finance our Structured Business loans and investments as described below. At December 31, 2018 and 2017, the weighted average interest rate for the credit facilities and repurchase agreements of our Structured Business, including certain fees and costs, such as structuring, commitment, non-use and warehousing fees, was 5.07% and 4.51%, respectively. The leverage on our loan and investment portfolio financed through our credit facilities and repurchase agreements, excluding the securities repurchase facilities, working capital line of credit and the security agreements used to finance leasehold and capital expenditure improvements at our corporate office, was 70% and 72% at December 31, 2018 and 2017, respectively. We have a $300.0 million repurchase facility that bears interest at a rate of 175 basis points over LIBOR on multifamily senior mortgage loans, 350 basis points over LIBOR on junior mortgage loans and matures in March 2020, with a one-year extension option. The committed amount under the facility was temporarily increased $75.0 million to $375.0 million, which expires in March 2019. If the estimated market value of the loans financed in this facility decrease, we may be required to pay down borrowings under this facility. We have a $100.0 million repurchase facility to finance multifamily bridge loans that bears interest at a rate ranging from 175 basis points to 200 basis points over LIBOR (depending on the class of loan financed) and matures in June 2019, with a one-year extension option. The facility has a maximum advance rate of 80%. We have a $75.0 million credit facility to finance multifamily bridge loans that was scheduled to mature in February 2019 and bears interest at 175 basis points over LIBOR. In February 2019, we temporarily extended the maturity date to March 2019, with a one-month extension option, and are currently in negotiations to further amend the agreement. This facility includes a $25.0 million sublimit to finance healthcare related loans at an interest rate ranging from 212.5 basis points to 250 basis points over LIBOR depending on the type of healthcare facility financed and the advance rate. The facility has a maximum advance rate of 75% on multifamily bridge loans and 65% on healthcare related loans. We have another $75.0 million credit facility to finance bridge loans that bears interest at a rate of 200 basis points over LIBOR and matures in June 2019. The facility has a maximum advance rate of 70% to 75%, depending on the property type. We have a $50.0 million credit facility to finance multifamily loans that bears interest at a rate of 200 basis points over LIBOR and is scheduled to mature in February 2019. We are currently in negotiations to amend the agreement and extend its maturity. This facility has a maximum advance rate of 80%. We have another $50.0 million credit facility that bears interest at a rate ranging from 250 basis points to 325 basis points over LIBOR, depending on the type of healthcare facility financed, and matures in September 2019. The facility includes two one-year extension options and has a maximum advance rate of 80%. In the fourth quarter of 2018, we entered into a $35.9 million credit facility to finance a hotel property bridge loan. The facility bears interest at a rate of 230 basis points over LIBOR and matures in May 2020, with a six-month extension option. We have a $25.5 million credit facility used to finance a multifamily bridge loan. The facility bears interest at a rate of 250 basis points over LIBOR and matures in October 2019. We have a $25.0 million unsecured working capital line of credit that bears interest at a rate of 225 basis points over LIBOR. This line is scheduled to mature in June 2019 and is renewable annually. We have a $23.2 million credit facility used to finance a self storage bridge loan. The facility bears interest at a rate of 230 basis points over LIBOR and matures in February 2020, with a one-year extension option. We have a $20.0 million credit facility used to finance a healthcare facility bridge loan. The facility bears interest at a rate of 250 basis points over LIBOR and matures in March 2020, with a one-year extension option. We have a $17.4 million credit facility used to finance a multifamily bridge loan. The facility bears interest at a rate of 240 basis points over LIBOR and matures in June 2020, with a one-year extension option. We have an $8.0 million credit facility used to finance a healthcare facility bridge loan. The facility bears interest at a rate of 250 basis points over LIBOR and matures in August 2021. We had a $7.5 million credit facility used to finance a healthcare related bridge loan. The facility bore interest at a rate of 275 basis points over LIBOR and in September 2018 the loan collateralizing this facility paid off and we simultaneously repaid this facility. We have two uncommitted repurchase facilities that are used to finance securities we retained in connection with our CLOs and our purchases of B Piece bonds from SBL program securitizations. The facilities bear interest at rates ranging from 175 basis points to 315 basis points over LIBOR and have no stated maturity date. We have two notes payable under a master security agreement that was used to finance leasehold improvements to our corporate office, which were assumed as part of the Acquisition. The two notes bear interest at a weighted average fixed rate of 3.19%, require monthly amortization payments and mature in 2020. We have a master security agreement to finance certain capital expenditures. We have a $2.2 million note payable under this agreement which bears interest at a fixed rate of 4.60%, requires monthly amortization payments and matures in March 2021. Agency Business . We utilize credit facilities with various financial institutions to finance substantially all of our loans held-for-sale as described below. In the fourth quarter of 2018, we amended our Multifamily As Soon as Pooled ® Plus ("ASAP") agreement with Fannie Mae increasing the available credit to $750.0 million from $500.0 million. The ASAP agreement provides us with a warehousing credit facility for mortgage loans that are to be sold to Fannie Mae and serviced under the Fannie Mae DUS program. The ASAP agreement is not a committed line, has no expiration date and bears interest at a rate of 105 basis points over LIBOR, with a LIBOR Floor of 0.35%. In the fourth quarter of 2018, we amended our $200.0 million repurchase facility increasing the committed amount $300.0 million to $500.0 million. The facility also includes an accordion feature to increase the committed amount to $750.0 million, which is available through the maturity date. The facility bears interest at a rate of 127.5 basis points over LIBOR and matures in August 2019. The financial institution that provided this facility has a security interest in the underlying mortgage notes that serve as collateral for this facility. We have a $100.0 million repurchase facility that bears interest at a rate of 125 basis points over LIBOR and matures in June 2019. The committed amount under the facility was temporarily increased $150.0 million to $250.0 million, which expired in January 2019. The financial institution that provided this facility has a security interest in the underlying mortgage notes that serve as collateral for this facility. We have a $150.0 million credit facility that bears interest at a rate of 130 basis points over LIBOR that was scheduled to mature in January 2019. In January 2019, we amended this facility to extend the maturity date one year to January 2020 and reduce the interest rate 10 basis points to 120 basis points over LIBOR. The financial institution that provided this facility has a security interest in the underlying mortgage notes that serve as collateral for this facility. We have another $150.0 million credit facility that bears interest at a rate of 130 basis points over LIBOR and matures in July 2019. The financial institution that provided this facility has a security interest in the underlying mortgage notes that serve as collateral for this facility. We have a $50.0 million letter of credit facility with a financial institution to secure obligations under the Fannie Mae DUS program and the Freddie Mac SBL program. The facility bears interest at a fixed rate of 2.875%, matures in September 2020 and is primarily collateralized by our servicing revenue as approved by Fannie Mae and Freddie Mac. The facility includes a $5.0 million sublimit for an obligation under the Freddie Mac SBL program. At December 31, 2018, the letters of credit outstanding include $44.0 million for the Fannie Mae DUS program and $5.0 million for the Freddie Mac SBL program. CLOs We account for our CLO transactions on our consolidated balance sheet as financing facilities. Our CLOs are VIEs for which we are the primary beneficiary and are consolidated in our financial statements. The investment grade tranches are treated as secured financings, and are non-recourse to us. Borrowings and the corresponding collateral under our CLOs are as follows ($ in thousands): Collateral (3) Debt Loans Cash Carrying Wtd. Avg. Carrying Restricted Face Value Value (1) Rate (2) UPB Value Cash (4) December 31, 2018 CLO X $ 441,000 $ 436,384 4.01 % $ 539,007 $ 536,869 $ 20,993 CLO IX 356,400 352,244 3.92 % 440,906 439,691 20,094 CLO VIII 282,874 279,857 3.87 % 354,713 353,574 10,287 CLO VII 279,000 276,527 4.56 % 325,057 324,195 30,725 CLO VI 250,250 248,536 5.05 % 279,348 278,364 41,404 Total CLOs $ 1,609,524 $ 1,593,548 4.22 % $ 1,939,031 $ 1,932,693 $ 123,503 December 31, 2017 CLO IX $ 356,400 $ 351,042 2.97 % $ 372,350 $ 371,236 $ 88,650 CLO VIII 282,874 278,606 2.92 % 364,838 363,339 162 CLO VII 279,000 275,331 3.61 % 346,524 345,220 13,476 CLO VI 250,250 247,470 4.10 % 314,382 313,582 10,618 CLO V 267,750 265,973 4.06 % 347,797 346,803 2,203 Total CLOs $ 1,436,274 $ 1,418,422 3.48 % $ 1,745,891 $ 1,740,180 $ 115,109 (1) Debt carrying value is net of $16.0 million and $17.9 million of deferred financing fees at December 31, 2018 and 2017, respectively. (2) At December 31, 2018 and 2017, the aggregate weighted average note rate for our CLOs, including certain fees and costs, was 4.73% and 4.08%, respectively. (3) As of December 31, 2018 and 2017, there was no collateral at risk of default or deemed to be a “credit risk” as defined by the CLO indenture. (4) Represents restricted cash held for principal repayments as well as for reinvestment in the CLOs. Does not include restricted cash related to interest payments, delayed fundings and expenses. CLO X . In June 2018, we completed CLO X, issuing seven tranches of CLO notes through two newly-formed wholly-owned subsidiaries totaling $494.2 million. Of the total CLO notes issued, $441.0 million were investment grade notes issued to third party investors and $53.2 million were below investment grade notes retained by us. As of the CLO closing date, the notes were secured by a portfolio of loan obligations with a face value of $501.9 million, consisting primarily of bridge loans that were contributed from our existing loan portfolio. The financing has a stated maturity date in June 2028 and a four-year replacement period that allows the principal proceeds and sale proceeds (if any) of the loan obligations to be reinvested in qualifying replacement loan obligations, subject to the satisfaction of certain conditions set forth in the indenture. Thereafter, the outstanding debt balance will be reduced as loans are repaid. Initially, the proceeds of the issuance of the securities also included $58.1 million for the purpose of acquiring additional loan obligations for a period of up to 120 days from the CLO closing date, which were subsequently utilized, resulting in the issuer owning loan obligations with a face value of $560.0 million, representing leverage of 79%. We retained a residual interest in the portfolio with a notional amount of $119.0 million, including the $53.2 million below investment grade notes. The notes had an initial weighted average interest rate of 1.45% plus one-month LIBOR and interest payments on the notes are payable monthly. CLO IX. In December 2017, we completed CLO IX, issuing five tranches of CLO notes through two newly-formed wholly-owned subsidiaries totaling $388.2 million. Of the total CLO notes issued, $356.4 million were investment grade notes issued to third party investors and $31.8 million were below investment grade notes retained by us. As of the CLO closing date, the notes were secured by a portfolio of loan obligations with a face value of $387.3 million, consisting primarily of bridge loans that were contributed from our existing loan portfolio. The financing has a stated maturity date in December 2027 and a three-year replacement period that allows the principal proceeds and sale proceeds (if any) of the loan obligations to be reinvested in qualifying replacement loan obligations, subject to the satisfaction of certain conditions set forth in the indenture. Thereafter, the outstanding debt balance will be reduced as loans are repaid. Initially, the proceeds of the issuance of the securities also included $92.7 million for the purpose of acquiring additional loan obligations for a period of up to 120 days from the CLO closing date, which were subsequently utilized, resulting in the issuer owning loan obligations with a face value of $480.0 million, representing leverage of 74%. We retained a residual interest in the portfolio with a notional amount of $123.6 million, including the $31.8 million below investment grade notes. The notes had an initial weighted average interest rate of 1.36% plus LIBOR and interest payments on the notes are payable monthly. CLO VIII. In August 2017, we completed CLO VIII, issuing six tranches of CLO notes through two newly-formed wholly-owned subsidiaries totaling $312.1 million. Of the total CLO notes issued, $282.9 million were investment grade notes issued to third party investors and $29.2 million were below investment grade notes retained by us. As of the CLO closing date, the notes were secured by a portfolio of loan obligations with a face value of $293.7 million, consisting primarily of bridge loans that were contributed from our existing loan portfolio. The financing has a stated maturity date in August 2027 and a three-year replacement period that allows the principal proceeds and sale proceeds (if any) of the loan obligations to be reinvested in qualifying replacement loan obligations, subject to the satisfaction of certain conditions set forth in the indenture. Thereafter, the outstanding debt balance will be reduced as loans are repaid. Initially, the proceeds of the issuance of the securities also included $71.3 million for the purpose of acquiring additional loan obligations for a period of up to 120 days from the CLO closing date, which were subsequently utilized, resulting in the issuer owning loan obligations with a face value of $365.0 million, representing leverage of 78%. We retained a residual interest in the portfolio with a notional amount of $82.1 million, including the $29.2 million below investment grade notes. The notes had an initial weighted average interest rate of 1.31% plus LIBOR and interest payments on the notes are payable monthly. CLO VII. In April 2017, we completed CLO VII, issuing to third party investors three tranches of investment grade CLOs through two newly-formed wholly-owned subsidiaries totaling $279.0 million. As of the CLO closing date, the notes were secured by a portfolio of loan obligations with a face value of $296.2 million, consisting primarily of bridge loans that were contributed from our existing loan portfolio. The financing has a stated maturity date in April 2027 and a three-year replacement period that allows the principal proceeds and sale proceeds (if any) of the loan obligations to be reinvested in qualifying replacement loan obligations, subject to the satisfaction of certain conditions set forth in the indenture. Thereafter, the outstanding debt balance will be reduced as loans are repaid. Initially, the proceeds of the issuance of the securities also included $63.8 million for the purpose of acquiring additional loan obligations for a period of up to 120 days from the CLO closing date, which were subsequently utilized, resulting in the issuer owning loan obligations with a face value of $360.0 million, representing leverage of 78%. We retained a residual interest in the portfolio with a notional amount of $81.0 million. The notes had an initial weighted average interest rate of 1.99% plus LIBOR and interest payments on the notes are payable monthly. CLO VI. In August 2016, we completed CLO VI, issuing to third party investors three tranches of investment grade CLOs through two newly-formed wholly-owned subsidiaries totaling $250.3 million. As of the CLO closing date, the notes were secured by a portfolio of loan obligations with a face value of $275.4 million, consisting primarily of bridge loans that were contributed from our existing loan portfolio. The financing has a stated maturity date in September 2026 and a three year replacement period that allows the principal proceeds and sale proceeds (if any) of the loan obligations to be reinvested in qualifying replacement loan obligations, subject to the satisfaction of certain conditions set forth in the indenture. Thereafter, the outstanding debt balance will be reduced as loans are repaid. Initially, the proceeds of the issuance of the securities also included $49.6 million for the purpose of acquiring additional loan obligations for a period of up to 120 days from the closing date of the CLO, which were subsequently utilized, resulting in the issuer owning loan obligations with a face value of $325.0 million , representing leverage of 77%. We retained a residual interest in the portfolio with a notional amount of $74.8 million. The notes had an initial weighted average interest rate of 2.48% plus LIBOR and interest payments on the notes are payable monthly. CLO V. In June 2018, we unwound CLO V, redeeming $267.8 million of outstanding notes which were repaid primarily from the refinancing of the remaining assets within our existing financing facilities (including CLO X), as well as with cash held by CLO V, and expensed $1.3 million of deferred financing fees into interest expense on the consolidated statements of income. CLO IV. In September 2017, we unwound CLO IV, redeeming $219.0 million of our outstanding notes which were repaid primarily from the refinancing of the remaining assets within our existing financing facilities (including CLO VIII), as well as with cash held by CLO IV, and expensed $1.1 million of deferred financing fees into interest expense on the consolidated statements of income. CLO III . In December 2016, we unwound CLO III, redeeming $281.3 million of our outstanding notes which were repaid primarily from the refinancing of the remaining assets within our financing facilities, as well as with cash held by the CLO, and expensed $1.0 million of deferred fees into interest expense in the consolidated statements of income. Luxembourg Debt Fund In November 2017, we formed a $100.0 million Debt Fund and issued $70.0 million of floating rate notes to third party investors which bore an initial interest rate of 4.15% over LIBOR. The notes mature in 2025 and we retained a $30.0 million equity interest in the Debt Fund. The Debt Fund is a VIE for which we are the primary beneficiary and is consolidated in our financial statements. The Debt Fund is secured by a portfolio of loan obligations and cash with a face value of $100.0 million, which includes first mortgage bridge loans, senior participation interests in first mortgage bridge loans, subordinate participation interest in first mortgage bridge loans and participation interests in mezzanine loans. The Debt Fund allows, for a period of three years, principal proceeds from portfolio assets to be reinvested in qualifying replacement assets, subject to certain conditions. Borrowings and the corresponding collateral under our Debt Fund are as follows ($ in thousands): Collateral (3) Debt Loans Cash Face Carrying Wtd. Avg. Carrying Restricted Period Value Value (1) Rate (2) UPB Value Cash (4) December 31, 2018 $ 70,000 $ 68,183 6.75 % $ 69,186 $ 68,924 $ 30,814 December 31, 2017 $ 70,000 $ 68,084 % $ 96,995 $ 96,564 $ 3,005 (1) Debt carrying value is net of $1.8 million and $1.9 million of deferred financing fees at December 31, 2018 and 2017, respectively. (2) At December 31, 2018 and 2017, the aggregate weighted average note rate, including certain fees and costs, was 7.49% and 6.05%, respectively. (3) At both December 31, 2018 and 2017, there was no collateral at risk of default or deemed to be a “credit risk.” (4) Represents restricted cash held for reinvestment. Excludes restricted cash related to interest payments, delayed fundings and expenses. Senior Unsecured Notes In March 2018, we issued $100.0 million aggregate principal amount of 5.625% senior unsecured notes due in May 2023 (the “Initial Notes”) in a private placement, and, in May 2018, we issued an additional $25.0 million (the “Reopened Notes” and, together with the Initial Notes, the “5.625% Notes,”) which brought the aggregate outstanding principal amount to $125.0 million. The Reopened Notes are fully fungible with, and rank equally in right of payment with the Initial Notes. We received total proceeds of $122.3 million from the issuances, after deducting the underwriting discount and other offering expenses. We used the net proceeds from the Initial Notes to fully redeem our 7.375% Notes totaling $97.9 million and the net proceeds from the Reopened Notes to make investments and for general corporate purposes. The 5.625% Notes are unsecured and can be redeemed by us at any time prior to April 1, 2023, at a redemption price equal to 100% of the aggregate principal amount, plus a “make-whole” premium and accrued and unpaid interest. We have the right to redeem the 5.625% Notes on or after April 1, 2023, at a redemption price equal to 100% of the aggregate principal amount, plus accrued and unpaid interest. The interest is paid semiannually in May and November starting in November 2018. At December 31, 2018, the debt carrying value of the 5.625% Notes was $122.5 million, net of $2.5 million of deferred financing fees, and the weighted average note rate was 6.08%, including certain fees and costs. At December 31, 2017, the debt carrying value of our 7.375% Notes was $95.3 million, which was net of $2.6 million of deferred financing fees, and the weighted average note rate was 8.16%. Convertible Senior Unsecured Notes In July 2018, we issued $264.5 million in aggregate principal amount of 5.25% Convertible Notes through two separate private placement offerings, which includes the exercised purchaser’s total over-allotment option of $34.5 million. The 5.25% Convertible Notes pay interest semiannually in arrears and are scheduled to mature in July 2021, unless earlier converted or repurchased by the holders pursuant to their terms. The initial conversion rates of the two offerings ($115.0 million issued on July 3, 2018 and $149.5 million issued on July 20, 2018) were 86.9943 shares and 77.8331 shares of common stock per $1,000 of principal, respectively, representing a conversion price of $11.50 per share and $12.85 per share of common stock, respectively. At December 31, 2018, the conversion rates of the two offerings ($115.0 million issued on July 3, 2018 and $149.5 million issued on July 20, 2018) were 88.3681 shares and 79.0623 shares of common stock per $1,000 of principal, respectively, representing a conversion price of $11.32 per share and $12.65 per share of common stock, respectively. We received proceeds totaling $256.1 million from the offerings of our 5.25% Convertible Notes, net of the underwriter’s discount and fees, which is being amortized through interest expense over the life of such notes. We used the net proceeds from the issuance primarily for the initial exchange of $127.6 million of our 5.375% Convertible Notes and $99.8 million of our 6.50% Convertible Notes for a combination of $219.8 million in cash (which includes accrued interest) and 6,820,196 shares of our common stock. The remaining net proceeds were used for general corporate purposes. During 2018, we recorded a loss on extinguishment of debt of $5.0 million in connection with these exchanges, which included an inducement charge of $1.1 million. At December 31, 2018, there were $5.5 million and $0.1 million aggregate principal amount remaining of our 5.375% Convertible Notes and 6.50% Convertible Notes, respectively. The initial conversion rates of the 5.375% Convertible Notes and 6.50% Convertible Notes were 107.7122 shares and 119.3033 shares, respectively, of common stock per $1,000 of principal, which represented a conversion price of $9.28 per share and $8.38 per share of common stock, respectively. At December 31, 2018, the 5.375% Convertible Notes and 6.50% Convertible Notes had conversion rates of 111.4750 shares and 126.1380 shares, respectively, of common stock per $1,000 of principal, which represented a conversion price of $8.97 per share and $7.93 per share of common stock, respectively. The 5.375% Convertible Notes and 6.50% Convertible Notes pay interest semiannually in arrears and have scheduled maturity dates in November 2020 and October 2019, respectively, unless earlier converted or repurchased by the holders pursuant to their terms. Our convertible senior unsecured notes are not redeemable by us prior to their maturities and are convertible into, at our election, cash, shares of our common stock or a combination of both, subject to the satisfaction of certain conditions and during specified periods. The conversion rates are subject to adjustment upon the occurrence of certain specified events and the holders may require us to repurchase all, or any portion, of their notes for cash equal to 100% of the principal amount, plus accrued and unpaid interest, if we undergo a fundamental change specified in the agreements. We intend to settle the principal balance of our convertible debt in cash and have not assumed share settlement of the principal balance for purposes of computing EPS. At the time of issuance, there is no precedent or policy that would indicate that we would settle the principal in shares or the conversion spread in cash. Accounting guidance requires that convertible debt instruments with cash settlement features, including partial cash settlement, account for the liability component and equity component (conversion feature) of the instrument separately. The initial value of the liability component reflects the present value of the discounted cash flows using the nonconvertible debt borrowing rate at the time of the issuance. The debt discount represents the difference between the proceeds received from the issuance and the initial carrying value of the liability component, which is accreted back to the notes principal amount through interest expense over the term of the notes, which was 2.49 years and 2.41 years at December 31, 2018 and 2017, respectively, on a weighted average basis. The UPB, unamortized discount and net carrying amount of the liability and equity components of our convertible notes were as follows (in thousands): Liability Equity Component Component Unamortized Unamortized Deferred Net Carrying Net Carrying Period UPB Debt Discount Financing Fees Value Value December 31, 2018 $ 270,057 $ 8,229 $ 7,060 $ 254,768 $ 9,436 December 31, 2017 $ 243,750 $ 5,742 $ 6,721 $ 231,287 $ 6,733 During 2018, we incurred total aggregate interest expense on the notes of $21.1 million, of which $13.4 million, $4.8 million and $2.9 million related to the cash coupon, amortization of the deferred financing fees and of the debt discount, respectively. During 2017, we incurred total aggregate interest expense on the notes of $10.1 million, of which $7.4 million, $1.6 million and $1.1 million related to the cash coupons, amortization of the deferred financing fees and of the debt discount, respectively. Including the amortization of the deferred financing fees and debt discount, our weighted average total cost of the notes was 7.45% and 7.96% at December 31, 2018 and 2017, respectively. Junior Subordinated Notes In 2017, we purchased, at a discount, $20.9 million of our junior subordinated notes with a carrying value of $19.8 million and recorded a gain on extinguishment of debt of $7.1 million. As a result, we settled our related equity investment and extinguished $21.5 million of notes. The carrying value of borrowings under our junior subordinated notes were $140.3 million and $139.6 million at December 31, 2018 and 2017, respectively, which is net of a deferred amount of $12.0 million and $12.5 million, respectively, (which is amortized into interest expense over the life of the notes) and deferred financing fees of $2.1 million and $2.2 million, respectively. These notes have maturities ranging from March 2034 through April 2037 and pay interest quarterly at a floating rate based on LIBOR. The current weighted average note rate was 5.66% and 4.53% at December 31, 2018 and 2017, respectively. Including certain fees and costs, the weighted average note rate was 5.75% and 4.63% at December 31, 2018 and 2017, respectively. Related Party Financing In connection with the Acquisition,

Allowance for Loss-Sharing Obli

Allowance for Loss-Sharing Obligations	12 Months Ended
	Dec. 31, 2018
Allowance for Loss-Sharing Obligations
Allowance for Loss-Sharing Obligations	Note 12 — Allowance for Loss-Sharing Obligations Our allowance for loss-sharing obligations related to the Fannie Mae DUS program is as follows (in thousands): Year Ended December 31, 2018 2017 Beginning balance $ 30,511 $ 32,408 Provision for loss sharing 7,126 6,358 Provision reversal for loan repayments (3,283) (6,617) Charge-offs, net (56) (1,638) Ending balance $ 34,298 $ 30,511 When we settle a loss under the DUS loss-sharing model, the net loss is charged-off against the previously recorded loss-sharing obligation. The settled loss is often net of any previously advanced principal and interest payments in accordance with the DUS program, which are reflected as reductions to the proceeds needed to settle losses. At both December 31, 2018 and 2017, we had outstanding advances of $0.1 million, which were netted against the allowance for loss-sharing obligations. At December 31, 2018 and 2017, our allowance for loss-sharing obligations represented 0.25% and 0.24%, respectively, of the Fannie Mae servicing portfolio. At December 31, 2018 and 2017, the maximum quantifiable liability associated with our guarantees under the Fannie Mae DUS agreement was $2.46 billion and $2.24 billion, respectively. The maximum quantifiable liability is not representative of the actual loss we would incur. We would be liable for this amount only if all of the loans we service for Fannie Mae, for which we retain some risk of loss, were to default and all of the collateral underlying these loans was determined to be without value at the time of settlement.

Derivative Financial Instrument

Derivative Financial Instruments	12 Months Ended
	Dec. 31, 2018
Derivative Financial Instruments
Derivative Financial Instruments	Note 13 — Derivative Financial Instruments A summary of our non-qualifying derivative financial instruments held by our Agency Business is as follows ($ in thousands): December 31, 2018 Notional Value Fair Value Notional Derivative Derivative Derivative Count Value Balance Sheet Location Assets Liabilities Rate Lock Commitments 4 $ 18,161 Other Assets/Other Liabilities $ 324 $ (95) Forward Sale Commitments 90 491,125 Other Assets/Other Liabilities 5,789 (637) $ 509,286 $ 6,113 $ (732) December 31, 2017 Rate Lock Commitments 3 $ 38,578 Other Assets/Other Liabilities $ 276 $ (278) Forward Sale Commitments 75 330,827 Other Assets/Other Liabilities 408 (1,028) $ 369,405 $ 684 $ (1,306) We enter into contractual commitments to originate and sell mortgage loans at fixed prices with fixed expiration dates. The commitments become effective when the borrower “rate locks” a specified interest rate within time frames established by us. All potential borrowers are evaluated for creditworthiness prior to the extension of the commitment. Market risk arises if interest rates move adversely between the time of the rate lock by the borrower and the sale date of the loan to an investor. To mitigate the effect of the interest rate risk inherent in providing rate lock commitments to borrowers, we enter into a forward sale commitment with the investor simultaneous with the rate lock commitment with the borrower. The forward sale contract locks in an interest rate and price for the sale of the loan. The terms of the contract with the investor and the rate lock with the borrower are matched in substantially all respects, with the objective of eliminating interest rate risk to the extent practical. Sale commitments with the investors have an expiration date that is longer than our related commitments to the borrower to allow, among other things, for closing of the loan and processing of paperwork to deliver the loan into the sale commitment. These commitments meet the definition of a derivative and are recorded at fair value, including the effects of interest rate movements which are reflected as a component of other income, net in the consolidated statements of income. The estimated fair value of rate lock commitments also includes the fair value of the expected net cash flows associated with the servicing of the loan which is recorded as income from MSRs in the consolidated statements of income. During 2018, 2017 and 2016, we recorded net gains of $6.0 million, net losses of $1.4 million and net gains of $0.5 million, respectively, from changes in the fair value of these derivatives in other income, net and $98.8 million, $76.8 million and $44.9 million, respectively, of income from MSRs. See Note 14 — Fair Value for details.

Fair Value

Fair Value	12 Months Ended
	Dec. 31, 2018
Fair Value.
Fair Value	Note 14 — Fair Value Fair value estimates are dependent upon subjective assumptions and involve significant uncertainties resulting in variability in estimates with changes in assumptions. The following table summarizes the principal amounts, carrying values and the estimated fair values of our financial instruments (in thousands): r December 31, 2018 December 31, 2017 Principal / Principal / Notional Carrying Estimated Notional Carrying Estimated Amount Value Fair Value Amount Value Fair Value Financial assets: Loans and investments, net $ $ $ $ $ $ Loans held-for-sale, net 472,964 481,664 489,546 292,249 297,443 302,883 Capitalized mortgage servicing rights, net n/a 273,770 322,463 n/a 252,608 286,073 Securities held-to-maturity, net 103,515 76,363 79,097 40,566 27,837 28,439 Derivative financial instruments 400,661 6,113 6,113 77,984 684 684 Financial liabilities: Credit and repurchase facilities $ $ $ $ 530,938 $ 528,573 $ 529,992 Collateralized loan obligations Debt fund 70,000 68,183 70,154 70,000 68,084 70,000 Senior unsecured notes 125,000 122,484 123,750 97,860 95,280 99,582 Convertible senior unsecured notes, net 270,057 254,768 267,324 243,750 231,287 254,335 Junior subordinated notes 154,336 140,259 95,873 154,336 139,590 94,215 Related party financing — — — 50,000 50,000 49,682 Derivative financial instruments 108,625 732 732 291,421 1,306 1,306 Assets and liabilities disclosed at fair value are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities are as follows: Level 1 — Inputs are unadjusted and quoted prices exist in active markets for identical assets or liabilities, such as government, agency and equity securities. Level 2 — Inputs (other than quoted prices included in Level 1) are observable for the asset or liability through correlation with market data. Level 2 inputs may include quoted market prices for a similar asset or liability, interest rates and credit risk. Examples include non-government securities, certain mortgage and asset-backed securities, certain corporate debt and certain derivative instruments. Level 3 — Inputs reflect our best estimate of what market participants would use in pricing the asset or liability and are based on significant unobservable inputs that require a considerable amount of judgment and assumptions. Examples include certain mortgage and asset-backed securities, certain corporate debt and certain derivative instruments. Determining which category an asset or liability falls within the hierarchy requires significant judgment and we evaluate our hierarchy disclosures each quarter. The following is a description of the valuation techniques used to measure fair value and the general classification of these instruments pursuant to the fair value hierarchy. Loans and investments, net. Fair values of loans and investments that are not impaired are estimated using Level 3 inputs based on direct capitalization rate and discounted cash flow methodologies using discount rates, which, in our opinion, best reflect current market interest rates that would be offered for loans with similar characteristics and credit quality. Fair values of impaired loans and investments are estimated using Level 3 inputs that require significant judgments, which include assumptions regarding discount rates, capitalization rates, creditworthiness of major tenants, occupancy rates, availability of financing, exit plan and other factors. Loans held-for-sale, net. Consists of originated loans that are generally transferred or sold within 60 days of loan funding, and are valued using pricing models that incorporate observable inputs from current market assumptions or a hypothetical securitization model utilizing observable market data from recent securitization spreads and observable pricing of loans with similar characteristics (Level 2). Fair value includes the fair value allocated to the associated future MSRs and is calculated pursuant to the valuation techniques described below for capitalized mortgage servicing rights, net (Level 3). Capitalized mortgage servicing rights, net. Fair values are estimated using Level 3 inputs based on discounted future net cash flow methodology. The fair value of MSRs carried at amortized cost are estimated using a process that involves the use of independent third-party valuation experts, supported by commercially available discounted cash flow models and analysis of current market data. The key inputs used in estimating fair value include the contractually specified servicing fees, prepayment speed of the underlying loans, discount rate, annual per loan cost to service loans, delinquency rates, late charges and other economic factors. Securities held-to-maturity, net. Fair values are approximated using Level 3 inputs based on current market quotes received from financial sources that trade such securities and are based on prevailing market data and, in some cases, are derived from third party proprietary models based on well recognized financial principles and reasonable estimates about relevant future market conditions. Derivative financial instruments. The fair values of rate lock and forward sale commitments are estimated using valuation techniques, which include internally-developed models developed based on changes in the U.S. Treasury rate and other observable market data (Level 2). The fair value of rate lock commitments includes the fair value of the expected net cash flows associated with the servicing of the loans, see capitalized mortgage servicing rights, net above for details on the applicable valuation technique (Level 3). We also consider the impact of counterparty non-performance risk when measuring the fair value of these derivatives. Given the credit quality of our counterparties, the short duration of interest rate lock commitments and forward sale contracts, and our historical experience, the risk of nonperformance by our counterparties is not significant. Credit facilities and repurchase agreements. Fair values for credit facilities and repurchase agreements of the Structured Business are estimated at Level 3 using discounted cash flow methodology, using discount rates, which, in our opinion, best reflect current market interest rates for financing with similar characteristics and credit quality. The majority of our credit facilities and repurchase agreement for the Agency Business bear interest at rates that are similar to those available in the market currently and the fair values are estimated using Level 2 inputs. For these facilities, the fair values approximate their carrying values. Collateralized loan obligations, Debt Fund, junior subordinated notes and related party financing. Fair values are estimated at Level 3 based on broker quotations, representing the discounted expected future cash flows at a yield that reflects current market interest rates and credit spreads. Senior unsecured notes. Fair values are estimated at Level 1 when current market quotes received from active markets are available. If quotes from active markets are unavailable, then the fair values are estimated at Level 2 utilizing current market quotes received from inactive markets. Convertible senior unsecured notes, net. Fair values are estimated at Level 2 based on current market quotes received from inactive markets. We measure certain financial assets and financial liabilities at fair value on a recurring basis. The fair values of these financial assets and liabilities were determined using the following input levels as of December 31, 2018 (in thousands): Fair Value Measurements Carrying Using Fair Value Hierarchy Value Fair Value Level 1 Level 2 Level 3 Financial assets: Derivative financial instruments $ 6,113 $ 6,113 $ — $ 5,789 $ 324 Financial liabilities: Derivative financial instruments $ 732 $ 732 $ — $ 732 $ — We measure certain financial and non-financial assets at fair value on a nonrecurring basis. The fair values of these financial and non-financial assets were determined using the following input levels as of December 31, 2018 (in thousands): Fair Value Measurements Net Carrying Using Fair Value Hierarchy Value Fair Value Level 1 Level 2 Level 3 Financial assets: Impaired loans, net (1) $ 60,766 $ 60,766 $ — $ — $ 60,766 Non-financial assets: Long-lived assets (2) $ 14,446 $ 14,446 $ — $ — $ 14,446 (1) We had an allowance for loan losses of $71.1 million relating to five loans with an aggregate carrying value, before loan loss reserves, of $131.8 million at December 31, 2018. (2) We recorded a $2.0 million impairment loss during 2018 on the office building we own. See Note 9 - Real Estate Owned and Held-For-Sale for details. Loan impairment assessments . Loans held for investment are intended to be held to maturity and, accordingly, are carried at cost, net of unamortized loan origination costs and fees, loan purchase discounts, and net of the allowance for loan losses, when such loan or investment is deemed to be impaired. We consider a loan impaired when, based upon current information, it is probable that we will be unable to collect all amounts due for both principal and interest according to the contractual terms of the loan agreement. We evaluate our loans to determine if the value of the underlying collateral securing the impaired loan is less than the net carrying value of the loan, which may result in an allowance and corresponding charge to the provision for loan losses. These valuations require significant judgments, which include assumptions regarding capitalization and discount rates, revenue growth rates, creditworthiness of major tenants, occupancy rates, availability of financing, exit plan and other factors. The table above and below includes all impaired loans, regardless of the period in which the impairment was recognized. Long-lived assets. We review our real estate owned assets when events or circumstances change, indicating that the carrying amount of an asset may not be partially or fully recoverable. In the evaluation of a real estate owned asset for impairment, many factors are considered, including broker quotes, estimated current and expected operating cash flows from the asset during the projected holding period, costs necessary to extend the life or improve the asset, expected capitalization rates, projected stabilized net operating income, selling costs, and the ability to hold and dispose of the asset in the ordinary course of business. We first compare the undiscounted cash flows to be generated by the asset to the carrying value of such asset. If the undiscounted cash flows are less than the carrying value, we recognize an impairment loss by comparing the carrying value of the asset to its fair value. Quantitative information about Level 3 fair value measurements at December 31, 2018 were as follows ($ in thousands): Valuation Significant Fair Value Techniques Unobservable Inputs Financial assets: Impaired loans: Land $ 60,000 Discounted cash flows Discount rate 23.00 % Revenue growth rate 3.00 % Office 766 Discounted cash flows Discount rate 11.00 % Capitalization rate 9.00 % Revenue growth rate 2.50 % Derivative financial instruments: Rate lock commitments 324 Discounted cash flows W/A discount rate 13.06 % Long-lived assets: Office building 3,171 Broker quotes N/A N/A The derivative financial instruments using Level 3 inputs are outstanding for short periods of time (generally less than 60 days). A roll-forward of Level 3 derivative instruments were as follows (in thousands): Fair Value Measurements Using Significant Unobservable Inputs for the Year Ended December 31, 2018 2017 2016 Derivative assets Balance at beginning of period $ 276 $ 2,816 $ — Additions from the Acquisition — — 4,529 Settlements (98,791) (79,360) (26,157) Realized gains recorded in earnings 98,515 76,544 21,628 Unrealized gains recorded in earnings 324 2,816 Balance at end of period $ 324 $ $ 2,816 The components of fair value and other relevant information associated with our rate lock commitments, forward sales commitments and the estimated fair value of cash flows from servicing on loans held-for-sale were as follows (in thousands): Notional/ Fair Value of Interest Rate Total Fair Principal Amount Servicing Rights Movement Effect Value Adjustment December 31, 2018 Rate lock commitments $ 18,161 $ 324 $ (95) $ 229 Forward sale commitments 491,125 — 95 95 Loans held-for-sale, net (1) 472,964 10,253 — 10,253 Total $ 10,577 $ — $ 10,577 (1) Loans held-for-sale, net are recorded at the lower of cost or market on an aggregate basis and includes fair value adjustments related to estimated cash flows from MSRs. We measure certain assets and liabilities for which fair value is only disclosed. The fair values of these assets and liabilities were determined using the following input levels as of December 31, 2018 (in thousands): Fair Value Measurements Carrying Using Fair Value Hierarchy Value Fair Value Level 1 Level 2 Level 3 Financial assets: Loans and investments, net $ 3,200,145 $ 3,249,499 $ — $ — $ 3,249,499 Loans held-for-sale, net 481,664 489,546 — 479,293 10,253 Capitalized mortgage servicing rights, net 273,770 322,463 — — 322,463 Securities held-to-maturity, net 76,363 79,097 — — 79,097 Financial liabilities: Credit and repurchase facilities $ 1,135,627 $ 1,135,774 $ — $ 472,181 $ 663,593 Collateralized loan obligations 1,593,548 1,588,989 — — 1,588,989 Debt fund 68,183 70,154 — — 70,154 Senior unsecured notes 122,484 123,750 123,750 — — Convertible senior unsecured notes, net 254,768 267,324 — 267,324 — Junior subordinated notes 140,259 95,873 — — 95,873

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2018
Commitments and Contingencies
Commitments and Contingencies	Note 15 — Commitments and Contingencies Agency Business Commitments. Our Agency Business is subject to supervision by certain regulatory agencies. Among other things, these agencies require us to meet certain minimum net worth, operational liquidity and restricted liquidity collateral requirements, and compliance with reporting requirements. Our adjusted net worth and liquidity required by the agencies for all periods presented exceeded these requirements. As of December 31, 2018, we were required to maintain at least $13.2 million of liquid assets in one of our subsidiaries to meet our operational liquidity requirements for Fannie Mae and we had operational liquidity in excess of this requirement. We are generally required to share the risk of any losses associated with loans sold under the Fannie Mae DUS program and are required to secure this obligation by assigning restricted cash balances and/or a letter of credit to Fannie Mae. The amount of collateral required by Fannie Mae is a formulaic calculation at the loan level by a Fannie Mae assigned tier which considers the loan balance, risk level of the loan, age of the loan and level of risk-sharing. Fannie Mae requires restricted liquidity for Tier 2 loans of 75 basis points, 15 basis points for Tier 3 loans and 5 basis points for Tier 4 loans, which is funded over a 48-month period that begins upon delivery of the loan to Fannie Mae. A significant portion of our Fannie Mae DUS serviced loans for which we have risk sharing are Tier 2 loans. As of December 31, 2018, we met the restricted liquidity requirement with a $44.0 million letter of credit. As of December 31, 2018, reserve requirements for the Fannie Mae DUS loan portfolio will require us to fund $32.2 million in additional restricted liquidity over the next 48 months, assuming no further principal paydowns, prepayments, or defaults within our at-risk portfolio. Fannie Mae periodically reassesses these collateral requirements and may make changes to these requirements in the future. We generate sufficient cash flow from our operations to meet these capital standards and do not expect any changes to have a material impact on our future operations; however, future changes to collateral requirements may adversely impact our available cash. We are subject to various capital requirements in connection with seller/servicer agreements that we have entered into with secondary market investors. Failure to maintain minimum capital requirements could result in our inability to originate and service loans for the respective investor and, therefore, could have a direct material effect on our consolidated financial statements. As of December 31, 2018, we met all of Fannie Mae’s quarterly capital requirements and our Fannie Mae adjusted net worth was in excess of the required net worth. We are also subject to capital requirements on an annual basis for Ginnie Mae and FHA and we believe we have met all requirements as of December 31, 2018. As an approved designated seller/servicer under Freddie Mac’s SBL program, we are required to post collateral to ensure that we are able to meet certain purchase and loss obligations required by this program. Under the SBL program, we are required to post collateral equal to $5.0 million, which is satisfied with a $5.0 million letter of credit. We enter into contractual commitments with borrowers providing rate lock commitments while simultaneously entering into forward sale commitments with investors. These commitments are outstanding for short periods of time (generally less than 60 days) and are described in Note 13—Derivative Financial Instruments and Note 14—Fair Value. Debt Obligations and Operating Leases. As of December 31, 2018, the maturities of our debt obligations and the minimum annual operating lease payments under leases with a term in excess of one year were as follows (in thousands): Minimum Annual Debt Operating Lease Year Obligations Payments Total 2019 $ 798,974 $ 5,468 $ 804,442 2020 1,075,447 5,210 1,080,657 2021 932,465 2,953 935,418 2022 162,719 2,703 165,422 2023 125,000 2,051 127,051 Thereafter 272,447 4,764 277,211 Total $ 3,367,052 $ 23,149 $ 3,390,201 Unfunded Commitments. In accordance with certain structured loans and investments, we have outstanding unfunded commitments of $130.9 million as of December 31, 2018 that we are obligated to fund as borrowers meet certain requirements. Specific requirements include, but are not limited to, property renovations, building construction and conversions based on criteria met by the borrower in accordance with the loan agreements. Litigation. We are currently neither subject to any material litigation nor, to the best of our knowledge, threatened by any material litigation other than the following: In June 2011, three related lawsuits were filed by the Extended Stay Litigation Trust (the "Trust"), a post-bankruptcy litigation trust alleged to have standing to pursue claims that previously had been held by Extended Stay, Inc. and the Homestead Village L.L.C. family of companies (together "ESI") (formerly Chapter 11 debtors, together the "Debtors") that have emerged from bankruptcy. Two of the lawsuits were filed in the U.S. Bankruptcy Court for the Southern District of New York, and the third in the Supreme Court of the State of New York, New York County. There were 73 defendants in the three lawsuits, including 55 corporate and partnership entities and 18 individuals. A subsidiary of ours and certain other entities that are affiliates of ours are included as defendants. The New York State Court action has been removed to the Bankruptcy Court. Our affiliates filed a motion to dismiss the three lawsuits. The lawsuits all allege, as a factual basis and background certain facts surrounding the June 2007 leveraged buyout of ESI from affiliates of Blackstone Capital. Our subsidiary, Arbor ESH II, LLC, had a $115.0 million investment in the Series A1 Preferred Units of a holding company of Extended Stay, Inc. The New York State Court action and one of the two federal court actions name as defendants, Arbor ESH II, LLC, ACM and ABT-ESI LLC, an entity in which we have a membership interest, among the broad group of defendants. These two actions were commenced by substantially identical complaints. The defendants are alleged in these complaints, among other things, to have breached fiduciary and contractual duties by causing or allowing the Debtors to pay illegal dividends or other improper distributions of value at a time when the Debtors were insolvent. These two complaints also allege that the defendants aided and abetted, induced, or participated in breaches of fiduciary duty, waste, and unjust enrichment ("Fiduciary Duty Claims") and name a director of ours, and a former general counsel of ACM, each of whom had served on the Board of Directors of ESI for a period of time. We are defending these two defendants and paying the costs of such defense. On the basis of the foregoing allegations, the Trust has asserted claims under a number of common law theories, seeking the return of assets transferred by the Debtors prior to the Debtors' bankruptcy filing. In the third action, filed in Bankruptcy Court, the same plaintiff, the Trust, has named ACM and ABT-ESI LLC, together with a number of other defendants and asserts claims, including constructive and fraudulent conveyance claims under state and federal statutes, as well as a claim under the Federal Debt Collection Procedure Act. In June 2013, the Trust filed a motion to amend the lawsuits, to, among other things, (i) consolidate the lawsuits into one lawsuit, (ii) remove 47 defendants, none of whom are related to us, from the lawsuits so that there are 26 remaining defendants, including 16 corporate and partnership entities and 10 individuals, and (iii) reduce the counts within the lawsuits from over 100 down to 17. The remaining counts in the amended complaint against our affiliates are principally state law claims for breach of fiduciary duties, waste, unlawful dividends and unjust enrichment, and claims under the Bankruptcy Code for avoidance and recovery actions, among others. The bankruptcy court granted the motion and the amended complaint has been filed. The amended complaint seeks approximately $139.0 million in the aggregate, plus interest from the date of the alleged unlawful transfers, from director designees, portions of which are also sought from our affiliates as well as from unaffiliated defendants. We have moved to dismiss the referenced actions and intend to vigorously defend against the claims asserted therein. During a status conference held in March 2014, the Court heard oral argument on the motion to dismiss and adjourned the case pending a ruling. Subsequent to that hearing, a new judge was assigned to the case and, in November 2016, the new judge entered an order directing the parties to file supplemental briefs addressing new cases decided since the last round of briefing. Oral arguments regarding the motion to dismiss were heard at a hearing held in January 2017. The Court reserved decision at that hearing. We have not made a loss accrual for this litigation because we believe that it is not probable that a loss has been incurred and an amount cannot be reasonably estimated. Litigation Settlement . In the third quarter of 2018, we received net proceeds of $10.2 million from the settlement of a litigation related to a prior investment, which was recognized as a gain. Due to Borrowers . Due to borrowers represents borrowers’ funds held by us to fund certain expenditures or to be released at our discretion upon the occurrence of certain pre-specified events, and to serve as additional collateral for borrowers’ loans. While retained, these balances earn interest in accordance with the specific loan terms they are associated with.

Variable Interest Entities

Variable Interest Entities	12 Months Ended
	Dec. 31, 2018
Variable Interest Entities
Variable Interest Entities	Note 16 — Variable Interest Entities Our involvement with VIEs primarily affects our financial performance and cash flows through amounts recorded in interest income, interest expense, provision for loan losses and through activity associated with our derivative instruments. Consolidated VIEs. We have determined that our operating partnership, ARLP, and our CLO and Debt Fund entities, which we consolidate, are VIEs. ARLP is already consolidated in our financial statements, therefore, the identification of this entity as a VIE had no impact on our consolidated financial statements. Our CLO and Debt Fund consolidated entities invest in real estate and real estate-related securities and are financed by the issuance of debt securities. We, or one of our affiliates, are named collateral manager, servicer, and special servicer for all collateral assets held in CLOs, which we believe gives us the power to direct the most significant economic activities of those entities. We also have exposure to losses to the extent of our equity interests and also have rights to waterfall payments in excess of required payments to bond investors. As a result of consolidation, equity interests have been eliminated, and the consolidated balance sheets reflect both the assets held and debt issued by the CLOs and Debt Fund to third parties. Our operating results and cash flows include the gross amounts related to CLO and Debt Fund assets and liabilities as opposed to our net economic interests in those entities. The assets and liabilities related to these consolidated CLOs and Debt Fund are as follows (in thousands): December 31, 2018 December 31, 2017 Assets: Restricted cash $ 179,855 $ 138,736 Loans and investments, net 2,001,617 1,836,744 Other assets 16,624 14,011 Total assets $ 2,198,096 $ 1,989,491 Liabilities: Collateralized loan obligations $ 1,593,548 $ 1,418,422 Debt fund 68,183 68,084 Other liabilities 3,408 2,046 Total liabilities $ 1,665,139 $ 1,488,552 Assets held by the CLOs and Debt Fund are restricted and can only be used to settle obligations of the CLOs and Debt Fund, respectively. The liabilities of the CLOs and Debt Fund are non-recourse to us and can only be satisfied from each respective asset pool. See Note 11 – Debt Obligations for details. We are not obligated to provide, have not provided, and do not intend to provide financial support to any of the consolidated CLOs or Debt Fund. Unconsolidated VIEs . We determined that we are not the primary beneficiary of 24 VIEs in which we have a variable interest as of December 31, 2018 because we do not have the ability to direct the activities of the VIEs that most significantly impact each entity’s economic performance. A summary of our variable interests in identified VIEs, of which we are not the primary beneficiary, as of December 31, 2018 is as follows (in thousands): Carrying Type Amount (1) Loans $ 289,392 B Piece bonds 76,363 Agency interest only strips 3,231 Total $ 368,986 (1) Represents the carrying amount of loans and investments before reserves. At December 31, 2018, $130.1 million of loans to VIEs had corresponding loan loss reserves of $69.4 million. See Note 3 - Loans and Investments for details. In addition, the maximum loss exposure as of December 31, 2018 would not exceed the carrying amount of our investment. These unconsolidated VIEs have exposure to real estate debt of approximately $4.18 billion at December 31, 2018.

Equity

Equity	12 Months Ended
	Dec. 31, 2018
Equity
Equity	Note 17 — Equity Preferred Stock. The Series A and B preferred stock became redeemable by us in February 2018 and May 2018, respectively. The Series C preferred stock may not be redeemed by us before February 25, 2019. Common Stock. In December 2018, we completed a public offering where we sold 8,700,000 shares of our common stock for $11.57 per share, and received net proceeds of $100.5 million. We used these net proceeds to make investments relating to our business and for general corporate purposes. We also used a portion of the net proceeds to purchase an aggregate of 870,000 shares of our common stock from our chief executive officer, ACM and an estate planning family vehicle established by our chief executive officer, at the same price the underwriters paid to purchase the shares. In May 2018, we completed a public offering where we sold 5,500,000 shares of our common stock for $8.72 per share, and received net proceeds of $47.8 million. We used these net proceeds to make investments relating to our business and for general corporate purposes. During 2018, we issued approximately 7,300,000 shares of our common stock in connection with the exchanges and subsequent settlements of our 5.375% Convertible Notes and 6.50% Convertible Notes. We have an “At-The-Market” equity offering sales agreement with JMP Securities LLC (“JMP,”) which entitles us to issue and sell up to 7,500,000 shares of our common stock through JMP. Sales of the shares are made by means of ordinary brokers’ transactions or otherwise at market prices prevailing at the time of sale, or at negotiated prices. During 2018, we sold 952,700 shares for net proceeds of $8.1 million. As of December 31, 2018, we had approximately 6,500,000 shares available under this agreement. As of December 31, 2018, we had $399.3 million available under our $500.0 million shelf registration statement that was declared effective by the SEC in June 2018. Noncontrolling Interest. Noncontrolling interest relates to the OP Units issued to satisfy a portion of the Acquisition purchase price. Upon the closing of the Acquisition in 2016, we issued 21,230,769 OP Units. Each of these OP Units are paired with one share of our special voting preferred shares having a par value of $0.01 per share and is entitled to one vote each on any matter submitted for stockholder approval. In August 2018, ACM distributed 577,185 OP Units and special voting preferred shares to certain of its members in consideration for their respective membership interests, which were redeemed by us for cash totaling $6.8 million. At December 31, 2018, there were 20,653,584 OP Units outstanding, which represented 19.7% of the voting power of our outstanding stock. The OP Units are entitled to receive distributions if and when our Board of Directors authorizes and declares common stock distributions. The OP Units are also redeemable for cash, or at our option, for shares of our common stock on a one-for-one basis. Distributions. Dividends declared (on a per share basis) for the year ended December 31, 2018 are as follows: Common Stock Preferred Stock Dividend (1) Declaration Date Dividend Declaration Date Series A Series B Series C December 13, 2018 (2) $ 0.15 October 31, 2018 $ $ $ October 31, 2018 $ 0.27 August 1, 2018 $ $ $ August 1, 2018 $ 0.25 May 2, 2018 $ $ $ May 2, 2018 $ 0.25 February 2, 2018 $ $ $ February 21, 2018 $ 0.21 (1) The dividend declared on October 31, 2018 was for September 1, 2018 through November 30, 2018. The dividend declared on August 1, 2018 was for June 1, 2018 through August 31, 2018. The dividend declared on May 2, 2017 was for March 1, 2018 through May 31, 2018. The dividend declared on February 3, 2018 was for December 1, 2017 through February 28, 2018. (2) On December 13, 2018, our Board of Directors declared a special dividend of $0.15 per common share, which was paid in a combination of $2.5 million of cash and 901,432 common shares in January 2019. Common Stock – On February 13, 2019, the Board of Directors declared a cash dividend of $0.27 per share of common stock. The dividend is payable on March 20, 2019 to common stockholders of record as of the close of business on March 1, 2019. Preferred Stock – On February 1, 2019, the Board of Directors declared a cash dividend of $0.515625 per share of 8.25% Series A preferred stock; a cash dividend of $0.484375 per share of 7.75% Series B preferred stock; and a cash dividend of $0.53125 per share of 8.50% Series C preferred stock. These amounts reflect dividends from December 1, 2018 through February 28, 2019 and are payable on February 28, 2019 to preferred stockholders of record on February 15, 2019. We have determined that 100% of the common stock and preferred stock dividends paid during 2018, 2017 and 2016 represented ordinary income to our stockholders for income tax purposes. Pursuant to Internal Revenue Code Section 59(d), alternative minimum tax (“AMT”) could be apportioned between a REIT and its stockholders’ to the extent the REIT distributes its regular taxable income. However, among the numerous provisions included in the Tax Reform enacted in December 2017, the AMT was repealed for corporate taxpayers. Therefore, the apportionment of AMT between a REIT and its stockholders is no longer applicable for tax years beginning after December 31, 2017. Deferred Compensation. We have a stock incentive plan under which the Board of Directors has the authority to issue shares of stock to certain employees, officers, directors and, prior to May 31, 2017, employees of our Former Manager. In 2018, 2017 and 2016, we granted 265,444 shares, 299,750 shares and 282,405 shares, respectively, of restricted common stock with a total grant date fair value of $2.3 million, $2.4 million and $1.9 million, respectively, to certain employees of ours and our Former Manager. One third of the shares vested as of the grant date and one third will vest on each of the first and second anniversaries of the grant date. In 2018, 2017 and 2016, we also granted 67,002 shares, 74,375 shares and 67,260 shares, respectively, of fully vested common stock with a grant date fair value of $0.6 million, $0.6 million and $0.4 million, respectively, to the independent members of our Board of Directors. Effective January 1, 2017, we entered into an amended and restated annual incentive agreement (the “2017 annual incentive agreement”) with our chief executive officer. The chief executive officer’s annual cash bonus and value of his annual long-term equity awards under the 2017 annual incentive agreement each increased 10% as a result of the Company meeting the equity capitalization growth goals in his previous incentive agreement. In addition, the chief executive officer is also eligible to receive a $3.0 million performance-based restricted stock award annually for five years subject to meeting certain goals related to the integration of the Acquisition. Each $3.0 million award vests in full three years after the grant date and is subject to the chief executive officer’s continued employment. All other terms of the 2017 annual incentive agreement are consistent with the chief executive officer’s previous incentive agreement. In 2018, 2017 and 2016, we granted our chief executive officer 63,584 shares 74,830 shares 70,225 shares, respectively, of restricted common stock with a grant date fair value of $0.6 million, $0.6 million and $0.5 million, respectively, and up to 381,503, 448,980 and 421,348, respectively, of performance-based restricted stock units with a grant date fair value of $0.8 million, $1.0 million and $0.9 million, respectively. One quarter of the restricted common stock vested on the grant date and one quarter will vest on each of the first, second and third anniversaries of the grant date. The performance-based restricted stock units vest at the end of a four-year performance period based on our achievement of certain total stockholder return objectives. To date, our chief executive officer was granted in the aggregate up to 1,697,595 performance-based restricted stock units, of which 445,765 units fully vested based on achieving the performance objectives for the four-year period ended December 31, 2018. In 2018 and 2017, we also granted our chief executive officer 294,985 shares and 357,569 shares, respectively, of performance-based restricted stock with a grant date fair value of $3.4 million and $2.7 million, respectively, as a result of achieving goals related to the integration of the Acquisition. The performance-based restricted stock vests in full three years after the grant date. During 2018, 2017 and 2016, we recorded total stock-based compensation expense of $5.4 million, $3.2 million and $1.6 million, respectively, to employee compensation and benefits and $0.6 million, $1.7 million and $1.9 million, respectively, to selling and administrative expense. During 2018, 426,079 shares of restricted stock with a grant date fair value of $3.4 million vested. As of December 31, 2018 and 2017, there were 1,033,616 shares and 774,972 shares, respectively, of unvested restricted common stock with a grant date fair value of $9.5 million and $6.2 million, respectively. At December 31, 2018, total unrecognized compensation cost related to unvested restricted common stock was $5.5 million, which is expected to be recognized ratably over the remaining weighted-average vesting period of 2.0 years. Earnings Per Share . Basic EPS is calculated by dividing net income attributable to common stockholders by the weighted average number of shares of common stock outstanding during each period inclusive of participating securities, consisting of unvested restricted stock that receive nonforfeitable dividends, similar to shares of common stock requiring the two-class method of computing earnings per share. Diluted EPS is calculated by dividing net income by the weighted average number of shares of common stock outstanding plus the additional dilutive effect of common stock equivalents during each period using the treasury stock method. The following tables reconcile the numerator and denominator of our basic and diluted EPS computations ($ in thousands, except share and per share data): Year Ended December 31, 2018 2017 2016 Basic Diluted Basic Diluted Basic Diluted Net income attributable to common stockholders (1) $ 108,312 $ 108,312 $ 65,835 $ 65,835 $ 42,796 $ 42,796 Net income attributable to noncontrolling interest (2) — 32,185 — 24,120 — — Net income attributable to common stockholders and noncontrolling interest $ 108,312 $ 140,497 $ 65,835 $ 89,955 $ 42,796 $ 42,796 Weighted average shares outstanding 70,208,165 70,208,165 57,890,574 57,890,574 51,305,095 51,305,095 Dilutive effect of OP Units (2) — 21,033,103 — 21,230,769 — — Dilutive effect of restricted stock units (3) — 1,476,653 — 1,092,072 — 425,458 Dilutive effect of convertible notes (4) — 908,861 — 97,837 — — Dilutive effect of stock dividend (5) — 15,386 — — — — Weighted average shares outstanding 70,208,165 93,642,168 57,890,574 80,311,252 51,305,095 51,730,553 Net income per common share (1) $ 1.54 $ 1.50 $ 1.14 $ 1.12 $ 0.83 $ 0.83 (1) Net of preferred stock dividends. (2) We consider OP Units to be common stock equivalents as the holders have voting rights, the right to distributions and the right to redeem the OP Units for the cash value of a corresponding number of shares of common stock or a corresponding number of shares of common stock, at our election. For 2016, the OP Units were considered anti-dilutive and excluded from diluted EPS. (3) Our chief executive officer was granted restricted stock units in 2018, 2017 and 2016 which vest at the end of a four-year performance period based upon our achievement of total stockholder return objectives. (4) The convertible senior unsecured notes impact diluted earnings per share if the average price of our common stock exceeds the conversion price, as calculated in accordance with the terms of the indenture. (5) Represents the dilutive effect of the portion of the special dividend that was paid with common shares.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2018
Income Taxes
Income Taxes	Note 18 — Income Taxes We are organized and conduct our operations to qualify as a REIT and to comply with the provisions of the Internal Revenue Code. A REIT is generally not subject to federal income tax on taxable income which it distributes to its stockholders, provided that it distributes at least 90% of its REIT–taxable income and meets certain other requirements. Certain REIT income may be subject to state and local income taxes. We did not have any REIT–federal taxable income, net of dividends paid and net operating loss deductions, for 2018, 2017 and 2016, and therefore, have not provided for REIT federal income tax expense. The REIT incurred state tax (benefit)/expense for 2018, 2017 and 2016 of $(0.1) million, $ 1.0 million and $0.5 million, respectively. For the 2009 and 2010 tax years, the income and the tax on certain debt extinguishment transactions was, at our election, deferred to be recognized ratably over five years from 2014 to 2018. Certain of our assets and operations that would not otherwise comply with the REIT requirements, such as the Agency Business, are owned or conducted through our TRS Consolidated Group, the majority of the income of which is subject to U.S. federal, state and local income taxes. The TRS Consolidated Group has federal net operating losses from prior years which will be used against the income from the Agency Business. For 2018, 2017 and 2016, we recorded a provision for income taxes related to the assets held in the TRS Consolidated Group and the REIT of $9.7 million, $13.4 million and $0.8 million, respectively. In 2018, a valuation allowance was recorded at the TRS Consolidated Group of $0.3 million on the deferred tax assets related to capital loss carryforwards. In 2017 and 2016, the valuation allowance of $3.5 million and $5.4 million, respectively, previously recorded at the TRS Consolidated Group was released. In January 2018, the $50.0 million preferred equity interest entered into with ACM to finance a portion of the Acquisition purchase price was paid off. When we entered into the Acquisition, we established a deferred tax liability in connection with the preferred equity interest. Upon payoff in January 2018, the deferred tax liability was written off and we recorded a deferred tax benefit of $12.5 million. See Note 11 - Debt Obligations for details. A summary of our pre-tax GAAP income is as follows (in thousands): Year Ended December 31, 2018 2017 2016 Pre-tax GAAP income: REIT $ 64,260 $ 66,988 $ 35,151 TRS Consolidated Group 93,522 43,880 8,470 Total pre-tax GAAP income $ 157,782 $ 110,868 $ 43,621 Our provision for (benefit from) income taxes was comprised as follows (in thousands): Year Ended December 31, 2018 2017 2016 Current tax provision Federal $ 17,479 $ 17,201 $ 768 State 4,285 3,557 1,589 Total 21,764 20,758 2,357 Deferred tax (benefit) provision Federal $ (9,446) $ (2,928) $ 1,449 State (2,867) (929) 2,380 Valuation allowance 280 (3,542) (5,361) Total (12,033) (7,399) (1,532) Total income tax expense $ 9,731 $ 13,359 $ 825 A reconciliation of our effective income tax rate as a percentage of pre-tax income to the U.S. federal statutory rate is as follows: Year Ended December 31, 2018 2017 2016 U.S. federal statutory rate 21.0 % 35.0 % 35.0 % REIT non-taxable income (8.6) (21.2) (28.2) State and local income taxes, net of federal tax benefit 0.6 1.6 6.9 Change in valuation allowance 0.2 (1.3) (12.3) Preferred equity interest deferred tax write-off (6.3) — — Tax rate change — (4.8) — Other (0.7) 2.7 0.5 Effective income tax rate 6.2 % 12.0 % 1.9 % The significant components of our deferred tax assets and liabilities of our TRS Consolidated Group were as follows (in thousands): December 31, 2018 2017 Deferred tax assets: Expenses not currently deductible $ 11,853 $ 9,750 Loan loss reserves 8,614 10,036 Net operating and capital loss carryforwards 417 137 Valuation allowance (3,698) (3,418) Deferred tax assets, net $ 17,186 $ 16,505 Deferred tax liabilities: Interest in equity affiliates – net $ 136 $ 2,841 Intangibles 9,674 15,673 Mortgage servicing rights 5,290 7,493 Other 807 1,252 Deferred tax liabilities, net $ 15,907 $ 27,259 The Tax Reform was signed into law on December 22, 2017. Among numerous provisions included in the new tax law was the reduction of the corporate federal income tax rate from 35% to 21%. The provision for income taxes for 2018 reflects the newly enacted corporate federal income tax rate of 21%. We applied the guidance in Staff Accounting Bulletin No. 118 when accounting for the enactment-date effects of the Tax Reform throughout 2018 and in 2017. At December 31, 2018, we have completed our accounting for the enactment-date income tax effects of the Tax Reform and no material adjustments have been recorded. At December 31, 2017, the provision for income taxes for 2017 included the newly enacted corporate federal income tax rate of 21%, which resulted in a deferred income tax benefit of $5.3 million, primarily from applying the new lower income tax rates to our net long term deferred tax assets and liabilities recorded on our consolidated balance sheets. At December 31, 2018, our TRS Consolidated Group had $17.2 million of deferred tax assets, net of a $3.7 million valuation allowance. The deferred tax assets consist of expenses not currently deductible, loan loss reserves, net operating loss and capital loss carryforwards. Our TRS Consolidated Group's deferred tax assets are offset by $15.9 million in deferred tax liabilities consisting of timing differences from investments in equity affiliates, intangibles and mortgage servicing rights. At December 31, 2017, our TRS Consolidated Group had $16.5 million of deferred tax assets, net of a $3.4 million valuation allowance. The deferred tax assets consist of expenses not currently deductible, loan loss reserves and net operating loss carryforwards. Our TRS Consolidated Group's deferred tax assets were offset by $27.3 million in deferred tax liabilities consisting of timing differences from investments in equity affiliates, intangibles and mortgage servicing rights. As of December 31, 2018, the REIT (excluding the TRS Consolidated Group) had no federal net operating loss carryforwards remaining and no capital loss carryforwards. As of December 31, 2017, the REIT (excluding the TRS Consolidated Group) had $3.3 million of federal net operating loss carryforwards and no capital loss carryforwards. At both December 31, 2018 and 2017, the TRS Consolidated Group had federal and state net operating loss carryforwards of $0.5 million, which will expire through 2031. As of December 31, 2018, the TRS Consolidated Group had capital loss carryforwards of $1.1 million, which will expire through 2023. We have assessed our tax positions for all open years, which include 2015-2018, and have concluded that there were no material uncertainties to be recognized. We have not recognized any interest and penalties related to tax uncertainties for the years ended 2015 through 2018.

Agreements and Transactions wit

Agreements and Transactions with Related Parties	12 Months Ended
	Dec. 31, 2018
Agreements and Transactions with Related Parties
Agreements and Transactions with Related Parties	Note 19 — Agreements and Transactions with Related Parties Management Agreement . Prior to May 31, 2017, we had a management agreement with ACM, pursuant to which ACM provided us with a variety of professional and advisory services vital to our operations, including underwriting, accounting and treasury, compliance, marketing, information technology and human resources. Pursuant to the terms of the management agreement, we reimbursed ACM for its actual costs incurred in connection with managing our business through a base management fee, and, under certain circumstances, an annual incentive fee. In May 2017, we terminated the existing management agreement. We incurred base management fees of $6.7 million and $12.6 million in 2017 and 2016, respectively. We have a shared services agreement with ACM where we provide limited support services to ACM and they reimburse us for the costs of performing such services. During 2018 and 2017, we incurred $1.3 million and $0.7 million, respectively, of costs for services provided to ACM, which are included in due from related party on the consolidated balance sheets. Other Related Party Transactions . Due from related party was $1.3 million and $0.7 million at December 31, 2018 and 2017, respectively, which consisted primarily of amounts due from ACM for costs incurred in connection with the shared services agreement described above. In November 2018, we originated a $61.2 million bridge loan (which $15.0 million was funded as of December 31, 2018) on a multifamily property owned in part by a consortium of investors (which includes, among other unaffiliated investors, certain of our officers and our chief executive officer) which owns 10% of the borrowing entity. The loan has an interest rate of LIBOR plus 4.50% with a LIBOR floor of 2.00% and matures in October 2021. Interest income recorded from this loan totaled $0.2 million for 2018. In October 2018, we acquired a $19.5 million bridge loan originated by ACM. The loan was used to purchase several multifamily properties by a consortium of investors (which includes, among other unaffiliated investors, certain of our officers and our chief executive officer) which owns 85% of the borrowing entity. The loan has an interest rate of LIBOR plus 4.0% with a LIBOR floor of 2.125% and matures in July 2021. Interest income recorded from this loan totaled $0.3 million for 2018. In August 2018, we originated a $17.7 million bridge loan to an entity owned, in part, by an immediate family member of our chief executive officer, who owns a 10.8% interest in the borrowing entity. The loan was used to purchase several undeveloped parcels of land. The loan has a fixed interest rate of 10% and matures in May 2019. Interest income recorded from this loan totaled $0.8 million for 2018. In June 2018, we originated a $21.7 million bridge loan on a multifamily property owned in part by a consortium of investors (which includes, among other unaffiliated investors, certain of our officers and our chief executive officer) which owns 75% in the borrowing entity. The loan has an interest rate of LIBOR plus 4.75% with a LIBOR floor of 1.25% and matures in June 2021. Interest income recorded from this loan totaled $0.6 million for 2018. In April 2018, we acquired a $9.4 million bridge loan originated by ACM. The loan was used to purchase several multifamily properties by a consortium of investors (which includes, among other unaffiliated investors, certain of our officers and our chief executive officer) which owns 75% of the borrowing entity. The loan has an interest rate of LIBOR plus 5.0% with a LIBOR floor of 1.25% and matures in January 2021. Interest income recorded from this loan totaled $0.3 million for 2018. In January 2018, we paid $50.0 million in full satisfaction of the related party financing we entered into with ACM to finance a portion of the Acquisition purchase price. We incurred interest expense related to this financing of $ 0.3 million, $3.8 million and $1.8 million for 2018, 2017 and 2016, respectively. In December 2017, we acquired a $32.8 million bridge loan originated by ACM. The loan was used to purchase several multifamily properties by a consortium of investors (which includes, among other unaffiliated investors, certain of our officers and our chief executive officer) which owns 90% of the borrowing entity. The loan has an interest rate of LIBOR plus 5.0% with a LIBOR floor of 1.13% and matures in June 2020. Interest income recorded from this loan totaled $2.4 million and $0.1 million for 2018 and 2017, respectively. In the fourth quarter of 2017, we originated two bridge loans totaling $28.0 million on two multifamily properties owned in part by a consortium of investors (which includes, among other unaffiliated investors, certain of our officers and our chief executive officer) which owns 45% of the borrowing entity. The loans have an interest rate of LIBOR plus 5.25% with LIBOR floors ranging from 1.24% to 1.54% and mature in the fourth quarter of 2020. Interest income recorded from these loans totaled $2.1 million and $0.2 million for 2018 and 2017, respectively. In July 2017, we originated a $36.0 million bridge loan on a multifamily property owned in part by a consortium of investors (which includes, among other unaffiliated investors, certain of our officers and our chief executive officer) which owns a 95% interest in the borrowing entity. The loan had an interest rate of LIBOR plus 4.5% with a LIBOR floor of 1% and was scheduled to mature in July 2020. This loan was repaid in full in August 2018. Interest income recorded from this loan totaled $ 1.9 million and $0.9 million for 2018 and 2017, respectively. In May 2017, we originated a $46.9 million Fannie Mae loan on a multifamily property owned in part by a consortium of investors (which includes, among other unaffiliated investors, certain of our officers) which owns a 21.4% interest in the borrowing entity. We carry a maximum loss-sharing obligation with Fannie Mae on this loan of up to 5% of the original UPB. Servicing revenue recorded from this loan was $0.1 million and less than $0.1 million for 2018 and 2017, respectively. In March 2017, a consortium of investors (which includes, among other unaffiliated investors, our chief executive officer and ACM) invested $2.0 million for a 26.1% ownership interest in two portfolios of multifamily properties which has two bridge loans totaling $14.8 million originated by us in 2016. The loans had an interest rate of LIBOR plus 5.25% with a LIBOR floor of 0.5% and were scheduled to mature in November 2018. One of the loans was repaid in full in the fourth quarter of 2017 and the remaining loan paid off in June 2018. Interest income recorded from these loans totaled $0.3 million and $1.0 million for 2018 and 2017, respectively. In January 2017, we modified a $5.0 million preferred equity investment, subsequently increasing our balance to $15.0 million, with a commitment to fund an additional $5.0 million. This investment had a fixed interest rate of 11% that was scheduled to mature in January 2020. We also entered into an agreement with a consortium of investors (which include, among other unaffiliated investors, certain of our officers and our chief executive officer) which admitted them as a member to fund the remaining $5.0 million preferred equity investment, which was generally subordinate to our investment. The principal balance was repaid in full in the fourth quarter of 2017. Interest income recorded from our investment totaled $1.1 million for 2017. In January 2017, Ginkgo Investment Company LLC (“Ginkgo”), of which one of our directors is a 33% managing member, purchased a multifamily apartment complex which assumed an existing $8.3 million Fannie Mae loan that we service. Ginkgo subsequently sold the majority of its interest in this property and owned a 3.6% interest at December 31, 2018. We carry a maximum loss-sharing obligation with Fannie Mae on this loan of up to 20% of the original UPB. Upon the sale, we received a 1% loan assumption fee which was governed by existing loan agreements that were in place when the loan was originated in 2015, prior to such purchase. Servicing revenue recorded from this loan was $0.1 million for both 2018 and 2017. In September 2016, we originated $48.0 million of bridge loans on six multifamily properties owned in part by a consortium of investors (which includes, among other unaffiliated investors, certain of our officers and our chief executive officer) which owns interests ranging from 10.5% to 12.0% in the borrowing entities. The loans have an interest rate of LIBOR plus 4.5% with a LIBOR floor of 0.25% and mature in September 2019. In 2017, a $6.8 million loan on one property paid off in full and in 2018 four additional loans totaling $28.3 million paid off in full. Interest income recorded from these loans totaled $1.9 million, $2.7 million and $0.7 million for 2018, 2017 and 2016, respectively. In January 2016, we originated a $12.7 million bridge loan and a $5.2 million preferred equity investment on two multifamily properties owned in part by a consortium of investors (which includes, among other unaffiliated investors, certain of our officers and our chief executive officer) which owns a 50% interest in the borrowing entity. The loan has an interest rate of LIBOR plus 4.5% with a LIBOR floor of 0.25% and was scheduled to mature in January 2019. The preferred equity investment has a fixed interest rate of 10% and was scheduled to mature in November 2018. We are currently in negotiations with the borrower to amend the agreements and extend the maturity dates. Interest income recorded from these loans totaled $1.4 million, $1.3 million and $1.2 million for 2018, 2017 and 2016, respectively . In January 2016, we originated a $19.0 million bridge loan on a multifamily property owned in part by a consortium of investors (which includes, among other unaffiliated investors, certain of our officers and our chief executive officer) which owns a 7.5% interest in the borrowing entity. The loan had an interest rate of LIBOR plus 4.5% with a LIBOR floor of 0.25% and was scheduled to mature in January 2019. In January 2018, this loan paid off in full. Interest income recorded from this loan totaled $0.3 million, $1.1 million and $1.0 million for 2018, 2017 and 2016, respectively. In 2015, we originated a $7.1 million bridge loan on a multifamily property owned in part by a consortium of investors (which includes, among other unaffiliated investors, certain of our officers and our chief executive officer) which owns a 7.5% interest in the borrowing entity. In August 2017, this loan paid off in full. The loan had an interest rate of LIBOR plus 4.5% with a LIBOR floor of 0.25%. Interest income recorded from this loan totaled $0.3 million and $0.4 million for 2017 and 2016, respectively. In 2015, we originated two bridge loans totaling $16.7 million secured by multifamily properties acquired by a third party investor. The properties were owned and were sold in part by a consortium of investors (which includes, among other unaffiliated investors, certain of our officers, our chief executive officer and certain other related parties). The loans have an interest rate of LIBOR plus 5% with a LIBOR floor of 0.25% and were scheduled to mature in October 2018. These loans both paid off in full during the third and four quarters of 2018. Interest income recorded from these loans totaled $1.0 million, $1.1 million and $1.0 million for 2018, 2017 and 2016, respectively. In 2015, we originated a $3.0 million mezzanine loan on a multifamily property that had a $47.0 million first mortgage initially originated by ACM. The loan bore interest at a fixed rate of 12.5% and was scheduled to mature in April 2025. In January 2018, this loan paid off in full. Interest income recorded from this loan totaled $0.1 million, $0.3 million and $0.4 million for 2018, 2017 and 2016, respectively. In 2015, we originated a $6.3 million bridge loan on a multifamily property owned by a consortium of investors (which includes, among other unaffiliated investors, certain of our officers, including our chief executive officer and ACM) who together own an interest of 90% in the borrowing entity. The loan had an interest rate of LIBOR plus 4.5% with a LIBOR floor of 0.25% and was scheduled to mature in April 2018. The loan was repaid in full in 2016. Interest income recorded from this loan totaled $0. 4 million for 2016. In 2015, we modified an $18.0 million preferred equity investment, increasing our balance to $23.0 million with a fixed interest rate of 10% and was scheduled to mature in February 2018. To accomplish the modification, we formed a joint venture with a consortium of investors (which includes, among other unaffiliated investors, certain of our officers, including our chief executive officer, and other related parties) to invest an additional $2.0 million preferred equity investment that is generally subordinate to ours. During 2016, the preferred equity investment was repaid in full and we received proceeds of $1.0 million. Interest income recorded from this loan was $1.0 million for 2016. In 2015, we invested $9.6 million for 50% of ACM’s indirect interest in a joint venture with a third party that was formed to invest in a residential mortgage banking business. As a result of this transaction, we had an initial indirect interest of 22.5% in this entity. Since the initial investment, we invested an additional $16.1 million through this joint venture in non-qualified residential mortgages purchased from the mortgage banking business’s origination platform and we received cash distributions totaling $16.9 million (that were classified as returns of capital) as a result of the joint venture selling most of its mortgage assets (which $0.7 million was received in 2018). We recorded income from these investments of $0.9 million, a loss of $7.2 million and income of $10.0 million for 2018, 2017 and 2016, respectively. In connection with a litigation settlement related to this investment, we provided a guaranty of up to 50% of any amounts payable in connection with the settlement. ACM has also provided us with a guaranty to pay up to 50% of any amounts we may pay under this guaranty. As of December 31, 2018, our maximum exposure under this guaranty totals $1.9 million. We have not accrued this amount as we do not believe that we will be required to make any nonrefundable payments under this guaranty. Interest income recorded from loans originated in 2014 or prior years with our affiliates totaled $0.2 million, $4.1 million and $4.6 million for 2018, 2017 and 2016, respectively. We, along with an executive officer of ours and a consortium of independent outside investors, hold equity investments in a portfolio of multifamily properties referred to as the “Lexford” portfolio, which is managed by an entity owned primarily by a consortium of affiliated investors, including our chief executive officer and an executive officer of ours. Based on the terms of the management contract, the management company is entitled to 4.75% of gross revenues of the underlying properties, along with the potential to share in the proceeds of a sale or restructuring of the debt. In June 2018, the owners of Lexford restructured part of its debt and we originated twelve bridge loans totaling $280.5 million, which were used to repay in full certain existing mortgage debt and to renovate 72 multifamily properties included in the portfolio. The loans which we originated in June 2018 have interest rates of 400 basis points over LIBOR and mature in June 2021 (with 2 one-year extension options). Interest income recorded from these loans totaled $10.1 million during 2018. Further, as part of this June 2018 restructuring, $50.0 million in unsecured financing was provided by an unsecured lender to certain parent entities of the property owners. ACM owns slightly less than half of the unsecured lender entity and, therefore, provided slightly less than half of the unsecured lender financing. In addition, in connection with our equity investment, we received distributions totaling $2.5 million, $2.5 million and $ 2.8 million during 2018, 2017 and 2016, respectively, which were recorded as income from equity affiliates. Separate from the loans we originated in June 2018, we provide limited (“bad boy”) guarantees for certain other debt controlled by Lexford. The bad boy guarantees may become a liability for us upon standard “bad” acts such as fraud or a material misrepresentation by Lexford or us. At December 31, 2018, this debt had an aggregate outstanding balance of $320.7 million and is scheduled to mature between 2019 and 2025. Several of our executives, including our chief financial officer, general counsel and our chairman, chief executive officer and president, hold similar positions for ACM. Our chief executive officer and his affiliated entities (“the Kaufman Entities”) together beneficially own approximately 80% of the outstanding membership interests of ACM and certain of our employees and directors also hold an ownership interest in ACM. Furthermore, one of our directors serves as the trustee and co-trustee of two of the Kaufman Entities that hold membership interests in ACM. Upon the closing of the Acquisition in 2016, we issued 21,230,769 OP Units, each paired with one share of our special voting preferred shares. In December 2017 and August 2018, ACM distributed 5,780,348 and 577,185 OP Units, respectively, to certain of its members, which include the Kaufman Entities and certain of our officers and employees. At December 31, 2018, ACM holds 4,945,837 shares of our common stock and 14,873,236 OP Units, which represents 18.9% of the voting power of our outstanding stock. Our Board of Directors approved a resolution under our charter allowing our chief executive officer and ACM, (which our chief executive officer has a controlling equity interest in), to own more than the 5% ownership interest limit of our common stock as stated in our amended charter.

Employee Benefits

Employee Benefits	12 Months Ended
	Dec. 31, 2018
Employee Benefits
Employee Benefits	Note 20 — Employee Benefits We assumed a 401(k) defined contribution plan (the "401(k) Plan") and a non-qualified deferred compensation plan (the “Deferred Comp Plan") in connection with the Acquisition. The 401(k) Plan is available to all employees who have completed six months of continuous service. The 401(k) Plan matches 25% of the first 6% of each employee's contribution. We have the option to increase the employer match based on our operating results. In 2018, 2017 and 2016, we recorded $0.6 million, $0.6 million and $0.3 million, respectively, of expenses associated with the 401(k) Plan, which is included in employee compensation and benefits in our consolidated statements of income. The Deferred Comp Plan is offered to certain full-time employees and is subject to the rules of section 409(a) of the Internal Revenue Code. Under the Deferred Comp Plan, which can be modified or discontinued at any time, participating employees may defer a portion of their compensation and we are contractually obligated to match the contribution, as specified in the Deferred Comp Plan, and fund such amounts upon vesting and an election by participants to redeem their interests. All employee deferrals vest immediately and matching contributions vest over a nine-year period beginning after year five. For 2018, 2017 and 2016, there were $3.4 million, $2.4 million and $0.7 million, respectively, of employee deferrals. As of December 31, 2018 and 2017, we had recorded liabilities totaling $8.8 million and $ 5.9 million, respectively, and assets of $5.9 million and $4.5 million, respectively, related to the Deferred Comp Plan, which is included in other liabilities and other assets, respectively, in our consolidated balance sheets.

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2018
Segment Information
Segment Information	Note 21 — Segment Information 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, management fees (through May 31, 2017 — effective date of the termination of the existing management agreement with ACM) and stock-based compensation. ar Year Ended December 31, 2018 Structured Agency Other / Business Business Eliminations (1) Consolidated Interest income $ 226,750 $ 25,018 $ — $ 251,768 Interest expense 137,719 15,770 329 153,818 Net interest income 89,031 9,248 (329) 97,950 Other revenue: Gain on sales, including fee-based services, net — 70,002 — 70,002 Mortgage servicing rights — 98,839 — 98,839 Servicing revenue — 94,158 — 94,158 Amortization of MSRs — (48,124) — (48,124) Property operating income 10,095 — — 10,095 Other income, net 1,490 6,671 — 8,161 Total other revenue 11,585 221,546 — 233,131 Other expenses: Employee compensation and benefits 27,456 83,014 — 110,470 Selling and administrative 15,642 21,432 — 37,074 Property operating expenses 10,431 — — 10,431 Depreciation and amortization 1,851 5,602 — 7,453 Impairment loss on real estate owned 2,000 — — 2,000 Provision for loss sharing (net of recoveries) — 3,843 — 3,843 Provision for loan losses (net of recoveries) 8,353 — — 8,353 Litigation settlement gain (10,170) — — (10,170) Total other expenses 55,563 113,891 — 169,454 Income before extinguishment of debt, income from equity affiliates and income taxes 45,053 116,903 (329) 161,627 Loss on extinguishment of debt (5,041) — — (5,041) Income from equity affiliates 1,196 — — 1,196 Benefit from (provision for) income taxes 774 (10,505) — (9,731) Net income 41,982 106,398 (329) 148,051 Preferred stock dividends 7,554 — — 7,554 Net income attributable to noncontrolling interest — — 32,185 32,185 Net income attributable to common stockholders $ 34,428 $ 106,398 $ (32,514) $ 108,312 Year Ended December 31, 2017 Structured Agency Other / Business Business Eliminations (1) Consolidated Interest income $ 136,526 $ 19,651 $ — $ 156,177 Interest expense 74,136 12,089 3,847 90,072 Net interest income 62,390 7,562 (3,847) 66,105 Other revenue: Gain on sales, including fee-based services, net — 72,799 — 72,799 Mortgage servicing rights — 76,820 — 76,820 Servicing revenue — 76,412 — 76,412 Amortization of MSRs — (47,202) — (47,202) Property operating income 10,973 — — 10,973 Other income, net 2,083 (1,398) — 685 Total other revenue 13,056 177,431 — 190,487 Other expenses: Employee compensation and benefits 19,555 72,571 — 92,126 Selling and administrative 11,765 18,973 — 30,738 Property operating expenses 10,482 — — 10,482 Depreciation and amortization 1,784 5,601 — 7,385 Impairment loss on real estate owned 3,200 — — 3,200 Provision for loss sharing (net of recoveries) — (259) — (259) Provision for loan losses (net of recoveries) (456) — — (456) Management fee - related party 3,259 3,414 — 6,673 Total other expenses 49,589 100,300 — 149,889 Income before extinguishment of debt, loss from equity affiliates and income taxes 25,857 84,693 (3,847) 106,703 Gain on extinguishment of debt 7,116 — — 7,116 Loss from equity affiliates (2,951) — — (2,951) Provision for income taxes (957) (12,402) — (13,359) Net income 29,065 72,291 (3,847) 97,509 Preferred stock dividends 7,554 — — 7,554 Net income attributable to noncontrolling interest — — 24,120 24,120 Net income attributable to common stockholders $ 21,511 $ 72,291 $ (27,967) $ 65,835 The Agency Business information for 2016 in the following table includes only the operating results of the Acquisition from July 14, 2016 (Acquisition closing date) to December 31, 2016. Year Ended December 31, 2016 Structured Agency Other / Business Business Eliminations (1) Consolidated Interest income $ 109,622 $ 6,551 $ — $ 116,173 Other interest income, net 2,539 — — 2,539 Interest expense 57,943 3,887 1,793 63,623 Net interest income 54,218 2,664 (1,793) 55,089 Other revenue: Gain on sales, including fee-based services, net — 24,594 — 24,594 Mortgage servicing rights — 44,941 — 44,941 Servicing revenue — 30,759 — 30,759 Amortization of MSRs — (21,705) — (21,705) Property operating income 14,881 — — 14,881 Other income, net 542 499 — 1,041 Total other revenue 15,423 79,088 — 94,511 Other expenses: Employee compensation and benefits 14,884 23,763 — 38,647 Selling and administrative 9,714 7,873 — 17,587 Acquisition costs — — 10,262 10,262 Property operating expenses 13,501 — — 13,501 Depreciation and amortization 2,454 2,568 — 5,022 Impairment loss on real estae owned 11,200 — — 11,200 Provision for loss sharing (net of recoveries) — 2,235 — 2,235 Provision for loan losses (net of recoveries) (134) — — (134) Management fee - related party 9,044 3,556 — 12,600 Total other expenses 60,663 39,995 10,262 110,920 Income before sale of real estate, income from equity affiliates and income taxes 8,978 41,757 (12,055) 38,680 Gain on sale of real estate 11,631 — — 11,631 Income from equity affiliates 12,995 — — 12,995 Provision for income taxes — (825) — (825) Net income 33,604 40,932 (12,055) 62,481 Preferred stock dividends 7,554 — — 7,554 Net income attributable to noncontrolling interest — — 12,131 12,131 Net income attributable to common stockholders $ 26,050 $ 40,932 $ (24,186) $ 42,796 (1) Includes certain corporate expenses not allocated to the two reportable segments, such as financing costs associated with the Acquisition, as well as income allocated to the noncontrolling interest holders. December 31, 2018 Structured Business Agency Business Other / Eliminations Consolidated Assets: Cash and cash equivalents $ 89,457 $ 70,606 $ — $ 160,063 Restricted cash 180,606 — — 180,606 Loans and investments, net 3,200,145 — — 3,200,145 Loans held-for-sale, net — 481,664 — 481,664 Capitalized mortgage servicing rights, net — 273,770 — 273,770 Securities held-to-maturity, net — 76,363 — 76,363 Investments in equity affiliates 21,580 — — 21,580 Goodwill and other intangible assets 12,500 103,665 — 116,165 Other assets 81,494 20,325 — 101,819 Total assets $ 3,585,782 $ 1,026,393 $ — $ 4,612,175 Liabilities: Debt obligations $ 2,842,688 $ 472,181 $ — $ 3,314,869 Allowance for loss-sharing obligations — 34,298 — 34,298 Other liabilities 159,413 38,029 — 197,442 Total liabilities $ 3,002,101 $ 544,508 $ — $ 3,546,609 December 31, 2017 Structured Business Agency Business Other / Eliminations Consolidated Assets: Cash and cash equivalents $ 37,056 $ 67,318 $ — $ 104,374 Restricted cash 139,398 — — 139,398 Loans and investments, net 2,579,127 — — 2,579,127 Loans held-for-sale, net — 297,443 — 297,443 Capitalized mortgage servicing rights, net — 252,608 — 252,608 Securities held- to- maturity, net — 27,837 — 27,837 Investments in equity affiliates 23,653 — — 23,653 Goodwill and other intangible assets 12,500 109,266 — 121,766 Other assets 66,227 13,512 — 79,739 Total assets $ 2,857,961 $ 767,984 $ — $ 3,625,945 Liabilities: Debt obligations $ 2,189,700 $ 291,536 $ 50,000 $ 2,531,236 Allowance for loss-sharing obligations — 30,511 — 30,511 Other liabilities 155,814 42,819 1,009 199,642 Total liabilities $ 2,345,514 $ 364,866 $ 51,009 $ 2,761,389 Year Ended December 31, 2018 2017 2016 Origination Data: Structured Business New loan originations $ 1,656,020 $ 1,842,974 $ 847,683 Loan payoffs / paydowns 955,575 924,120 553,409 Agency Business Origination Volumes by Investor: Fannie Mae $ 3,332,100 $ 2,929,481 $ 1,668,581 Freddie Mac 1,587,958 1,322,498 456,422 FHA 153,523 189,087 24,630 CMBS/Conduit 50,908 21,370 — Total $ 5,124,489 $ 4,462,436 $ 2,149,633 Total loan commitment volume $ 5,104,072 $ 4,344,328 $ 2,129,720 Loan Sales Data: Agency Business Fannie Mae $ 3,217,006 $ 3,223,953 $ 1,130,392 Freddie Mac 1,540,483 1,399,029 332,319 FHA 115,747 170,554 29,673 CMBS/Conduit 50,908 21,370 — Total $ 4,924,144 $ 4,814,906 $ 1,492,384 (1) Sales margin (fee-based services as a % of loan sales) 1.42 % 1.51 % 1.65 % MSR rate (MSR income as a % of loan commitments) 1.94 % 1.77 % 2.11 % (1) Loan sales were $1.91 billion for 2016, including loans that were acquired as part of the Acquisition. December 31, 2018 Wtd. Avg. Life of UPB of Servicing Wtd. Avg. Servicing Servicing Portfolio Key Servicing Metrics for Agency Business: Portfolio Fee Rate (basis points) (in years) Fannie Mae $ 13,562,667 51.3 Freddie Mac 4,394,287 30.8 FHA 644,687 15.5 Total $ 18,601,641 45.2 December 31, 2017 Fannie Mae $ 12,502,699 53.6 6.9 Freddie Mac 3,166,134 29.5 10.5 FHA 537,482 16.5 19.6 Total $ 16,206,315 47.7 8.1

Selected Quarterly Financial Da

Selected Quarterly Financial Data - Unaudited	12 Months Ended
	Dec. 31, 2018
Selected Quarterly Financial Data - Unaudited
Selected Quarterly Financial Data - Unaudited	Note 22 — Selected Quarterly Financial Data - Unaudited Summarized quarterly financial data for 2018 and 2017 is as follows ($ in thousands, except per share data): Three Months Ended December 31, 2018 September 30, 2018 June 30, 2018 March 31, 2018 Net interest income $ 30,361 $ 27,952 $ 21,411 $ 18,225 Total other revenue 77,464 55,580 46,923 53,162 Total other expenses 50,255 34,739 40,610 43,849 Income before extinguishment of debt, income from equity affiliates and income taxes 57,570 48,793 27,724 27,538 Loss on extinguishment of debt (82) (4,960) — — Income (loss) from equity affiliates 91 (1,028) 1,387 746 (Provision for) benefit from income taxes (8,635) (5,381) (4,499) 8,784 Net income 48,944 37,424 24,612 37,068 Preferred stock dividends 1,888 1,888 1,888 1,888 Net income attributable to noncontrolling interest 9,838 7,799 5,557 8,991 Net income attributable to common stockholders $ 37,218 $ 27,737 $ 17,167 $ 26,189 Basic earnings per common share (1) $ 0.48 $ 0.37 $ 0.26 $ 0.42 Diluted earnings per common share (1) $ 0.47 $ 0.36 $ 0.25 $ 0.42 Three Months Ended December 31, 2017 September 30, 2017 June 30, 2017 March 31, 2017 Net interest income $ 19,671 $ 18,290 $ 14,057 $ 14,088 Total other revenue 51,431 47,989 44,735 46,332 Total other expenses 37,999 36,596 37,043 38,254 Income before extinguishment of debt, income from equity affiliates and income taxes 33,103 29,683 21,749 22,166 Gain on extinguishment of debt — — — 7,116 (Loss) income from equity affiliates (4,706) 995 (3) 763 Benefit from (provision for) income taxes 2,885 (6,708) (3,435) (6,101) Net income 31,282 23,970 18,311 23,944 Preferred stock dividends 1,888 1,888 1,888 1,888 Net income attributable to noncontrolling interest 7,524 5,661 4,494 6,442 Net income attributable to common stockholders $ 21,870 $ 16,421 $ 11,929 $ 15,614 Basic earnings per common share (1) $ 0.35 $ 0.27 $ 0.21 $ 0.30 Diluted earnings per common share (1) $ 0.35 $ 0.26 $ 0.21 $ 0.30 (1) The sum of the quarterly amounts may not equal amounts reported for year-to-date periods, due to the effects of rounding for each period.

SCHEDULE IV - LOANS AND OTHER L

SCHEDULE IV - LOANS AND OTHER LENDING INVESTMENTS	12 Months Ended
	Dec. 31, 2018
SCHEDULE IV - LOANS AND OTHER LENDING INVESTMENTS
SCHEDULE IV - LOANS AND OTHER LENDING INVESTMENTS	Schedule IV — Loans and other Lending Investments DECEMBER 31, 2018 ($ in thousands) Carrying Amount Periodic Interest Pay Subject to Payment Maturity Rate Face Carrying Delinquent Type Location Terms (1) Date (2) Index (3) Prior Liens Amount (4) Amount (5) Interest Bridge Loans: Bridge loans in excess of 3% of carrying amount of total loans: Multifamily Various IO 2020 - 2021 LIBOR + 3.40% - 11.95% $ — $ 429,500 $ 429,621 $ — Floor 0.25% - 1.36% Bridge loans less than 3% of carrying amount of total loans (6): Multifamily Various IO/PI 2019 - 2023 LIBOR + 3.00% - 12.98% — 1,764,647 1,757,259 — Floor 0.16% - 2.50% Fixed 3.00% - 12.00% Self Storage Various IO 2019 - 2022 LIBOR + 3.90% - 10.60% 11,800 301,830 300,534 — Floor 0.78% - 1.57% Land Various IO 2019 LIBOR + 4.00% — 136,295 68,268 — Floor 0.15% Fixed 0.00% - 11.64% Office Various IO/PI 2019 - 2020 LIBOR + 3.10% - 8.00% — 122,167 120,096 — Floor 0.24% - 2.13% Healthcare Various IO 2019 - 2021 LIBOR + 4.75% - 11.60% — 122,775 122,064 — Floor 1.12% - 2.50% Hotel NY IO 2019 - 2020 LIBOR + 5.30% - 8.28% — 80,100 79,664 — Floor 0.45% - 2.38% Retail Various IO 2019 - 2021 LIBOR + 4.95% - 6.00% — 35,500 35,264 — Floor 2.13% - 2.38% Total Bridge Loans less than 3% of carrying amount of total loans 11,800 2,563,314 2,483,149 — Total Bridge Loans 11,800 2,992,814 2,912,770 — ARBOR REALTY TRUST, INC. AND SUBSIDIARIES Schedule IV — Loans and other Lending Investments (Continued) DECEMBER 31, 2018 ($ in thousands) Carrying Amount Periodic Interest Pay Subject to Payment Maturity Rate Face Carrying Delinquent Type Location Terms (1) Date (2) Index (3) Prior Liens Amount (4) Amount (5) Interest Preferred Equity Investments: Preferred equity investments less than 3% of carrying amount of total loans (6): Multifamily Various IO / PI 2019 - 2029 Fixed 6.00% - 14.00% 755,446 179,081 178,024 — Commercial NY IO 2019 Fixed 6.00% 29,792 1,700 — — Office SC PI 2024 Fixed 15.00% 9,978 880 870 — Total Preferred Equity Investments 795,216 181,661 178,894 — Mezzanine Loans: Mezzanine loans less than 3% of carrying amount of total loans (6): Multifamily Various IO / PI 2019 - 2023 Fixed 2.00% - 11.50% 33,193 54,692 54,529 — Hotel NY IO 2020 LIBOR + 13.00% 60,625 19,975 19,835 — Floor 1.23% Land Various IO 2019 Fixed 0.00% - 12.00% — 15,333 15,318 — Retail Various IO / PI 2021 - 2024 Fixed 12.00% 31,191 9,867 9,822 — Office Various IO 2020 - 2028 LIBOR + 11.81% 60,000 9,000 8,977 — Floor 2.13% Fixed 9.00% Total Mezzanine Loans 185,009 108,867 108,481 — Total Loans $ 992,025 $ 3,283,342 $ 3,200,145 $ — (1) IO = Interest Only, PI = Principal and Interest. (2) Maturity date does not include possible extensions. (3) References to LIBOR are to one‑month LIBOR unless specifically stated otherwise. (4) During 2018, $425.2 million of loans were extended. (5) The federal income tax basis is approximately $3.28 billion. (6) Individual loans each have a carrying value less than 3% of total loans. ARBOR REALTY TRUST, INC. AND SUBSIDIARIES SCHEDULE IV – LOANS AND OTHER LENDING INVESTMENTS (Continued) DECEMBER 31, 2018 The following table reconciles our loans and investments carrying amounts for the periods indicated (in thousands): Year Ended December 31, 2018 2017 2016 Balance at beginning of year $ 2,579,127 $ 1,695,732 $ 1,450,334 Additions during period: New loan originations 1,658,732 1,842,974 847,683 Loan charge-offs 3,173 20,473 2,959 Funding of unfunded loan commitments(1) 21,027 51,689 7,851 Accretion of unearned revenue 9,278 6,519 4,297 Recoveries of reserves 2,527 2,456 193 Deductions during period: Loan payoffs and paydowns (957,163) (929,796) (556,893) Unfunded loan commitments (1) (88,617) (77,233) (50,691) Use of loan charge-offs (3,173) (20,473) (2,959) Provision for loan losses (13,986) (2,000) (59) Unearned revenue and costs (10,780) (11,214) (6,983) Balance at end of year $ 3,200,145 $ 2,579,127 $ 1,695,732 (1) In accordance with certain loans and investments, we have outstanding unfunded commitments that we are obligated to fund as the borrowers meet certain requirements. Specific requirements include, but are not limited to, property renovations, building construction and conversions based on criteria met by the borrower in accordance with the loan agreements.

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2018
Basis of Presentation and Significant Accounting Policies
Basis of Presentation	Basis of Presentation The consolidated financial statements and accompanying notes have been prepared in accordance with GAAP. In the opinion of management, all adjustments considered necessary for a fair presentation of our financial position, results of operations and cash flows have been included and are of a normal and recurring nature.
Reclassification	Reclassification Certain prior period amounts have been reclassified to conform to the current period presentation. See the following "Recently Adopted Accounting Pronouncements" section below for the cash flows impact of the retrospective adoption of Accounting Standards Update ("ASU") 2016-18, Statement of Cash Flows: Restricted Cash and ASU 2016-15, Statement of Cash Flows.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include our financial statements and the financial statements of our wholly owned subsidiaries, partnerships and other joint ventures in which we own a controlling interest, including variable interest entities (“VIEs”) of which we are the primary beneficiary. Entities in which we have a significant influence are accounted for under the equity method. See Note 16 – Variable Interest Entities for information about our VIEs. All significant inter-company transactions and balances have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that could materially affect the amounts reported in the consolidated financial statements and accompanying notes. As future events cannot be determined with precision, actual results could differ from those estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents. All highly liquid investments with original maturities of three months or less are considered to be cash equivalents. We place our cash and cash equivalents in high quality financial institutions. The consolidated account balances at each institution periodically exceed Federal Deposit Insurance Corporation (“FDIC”) insurance coverage and we believe that this risk is not significant.
Loans, Investments and Securities	Loans, Investments and Securities. Loans held for investment are intended to be held to maturity and, accordingly, are carried at cost, net of unamortized loan origination costs and fees, loan purchase discounts, and net of the allowance for loan losses when such loan or investment is deemed to be impaired. We invest in preferred equity interests that, in some cases, allow us to participate in a percentage of the underlying property’s cash flows from operations and proceeds from a sale or refinancing. At the inception of each such investment, we determine whether such investment should be accounted for as a loan, equity interest or as real estate. To date, we have determined that all such investments are properly accounted for and reported as loans. At the time of purchase, we designate a debt security as available-for-sale, held-to-maturity, or trading depending on our ability and intent for the security. Securities available-for-sale, which are included as a component of other assets in the consolidated balance sheets, are reported at fair value with the net unrealized gains or losses and other-than-temporary impairments up to their credit component recognized through earnings. Held-to-maturity securities are carried at cost net of any unamortized premiums or discounts, which are amortized or accreted over the life of the securities. For securities classified as held-to-maturity, an evaluation is performed as to whether a decline in fair value below the amortized cost basis is other-than-temporary. The determination of other-than-temporary impairment is a subjective process requiring judgments and assumptions and is not necessarily intended to indicate a permanent decline in value. The process includes, but is not limited to, assessment of recent market events and prospects for near-term recovery, assessment of cash flows, internal review of the underlying assets securing the investments, credit of the issuer and the rating of the security, as well as our ability and intent to hold the investment to maturity. We closely monitor market conditions on which we base such decisions.
Impaired Loans, Allowance for Loan Losses and Charge-offs	Impaired Loans, Allowance for Loan Losses and Charge-offs. We consider a loan impaired when, based upon current information, it is probable that we will be unable to collect all amounts due for both principal and interest according to the contractual terms of the loan agreement. We evaluate each loan in our portfolio on a quarterly basis. Our loans are individually specific and unique as it relates to product type, geographic location, and collateral type, as well as to the rights and remedies and the position in the capital structure our loans have in relation to the underlying collateral. We evaluate this information at both a loan level and general market trends level when determining the appropriate assumptions such as capitalization and market discount rates, as well as the borrower’s operating income and cash flows, in estimating the value of the underlying collateral when determining if a loan is impaired. We utilize internally developed valuation models and techniques primarily consisting of discounted cash flow and direct capitalization models in determining the fair value of the underlying collateral on an individual loan. We may also obtain a third party appraisal, which may value the collateral through an “as-is” or “stabilized value” methodology. Such appraisals may be used as an additional source of valuation information only and no adjustments are made to appraisals. If upon completion of the valuation, the fair value of the underlying collateral securing the impaired loan is less than the net carrying value of the loan, an allowance is created with a corresponding charge to the provision for loan losses. The allowance for each loan is maintained at a level that we believe to be adequate to absorb probable losses. Loan terms may be modified if we determine that, based on the individual circumstances of a loan and the underlying collateral, a modification would more likely increase the total recovery of the combined principal and interest from the loan. Any loan modification is predicated upon a goal of maximizing the collection of the loan. Typical triggers for a modification would include situations where the projected cash flow is insufficient to cover required debt service, when asset performance is lagging the initial projections, where there is a requirement for rebalancing, where there is an impending maturity of the loan, and where there is an actual loan default. Loan terms that have been modified have included, but are not limited to, interest rate, maturity date and in certain cases, principal amount. Length and amounts of each modification have varied based on individual circumstances and are determined on a case by case basis. If the loan modification constitutes a concession whereas we do not receive ample consideration in return for the modification, and the borrower is experiencing financial difficulties and cannot repay the loan under the current terms, then the modification is considered by us to be a troubled debt restructuring. If we receive a benefit, either monetary or strategic, and the above criteria are not met, the modification is not considered to be a troubled debt restructuring. We record interest on modified loans on an accrual basis to the extent the modified loan is contractually current. Charge-offs to the allowance for loan losses occur when losses are confirmed through the receipt of cash or other consideration from the completion of a sale; when a modification or restructuring takes place in which we grant a concession to a borrower or agree to a discount in full or partial satisfaction of the loan; when we take ownership and control of the underlying collateral in full satisfaction of the loan; when loans are reclassified as other investments; or when significant collection efforts have ceased and it is highly likely that a loss has been realized. Loss on restructured loans is recorded when we have granted a concession to the borrower in the form of principal forgiveness related to the payoff or the substitution or addition of a new debtor for the original borrower or when we incur costs on behalf of the borrower related to the modification, payoff or the substitution or addition of a new debtor for the original borrower. When a loan is restructured, we record our investment at net realizable value, taking into account the cost of all concessions at the date of restructuring. In addition, a gain or loss may be recorded upon the sale of a loan to a third party in the consolidated statements of income in the period in which the loan was sold.
Loans Held-for-Sale, Net	Loans Held-for-Sale, Net . Loans held-for-sale, net represents commercial real estate loans originated in our Agency Business, which are generally transferred or sold within 60 days from the date the loan is funded. Such loans are reported at the lower of cost or market on an aggregate basis and include the value allocated to the associated future MSRs. During the period prior to its sale, interest income on a loan held-for-sale is calculated in accordance with the terms of the individual loan and the loan origination fees and direct loan origination costs are deferred until the loan is sold. All of our held-for-sale loans are financed with matched borrowings from credit facilities contracted to finance such loans. Interest income and expense are earned or incurred after a loan is closed and before a loan is sold. Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated, put presumptively beyond the reach of the entity, even in bankruptcy, (2) the transferee (or if the transferee is an entity whose sole purpose is to engage in securitization and the entity is constrained from pledging or exchanging the assets it receives, each third-party holder of its beneficial interests) has the right to pledge or exchange the transferred financial assets, and (3) we or our agents does not maintain effective control over the transferred financial assets or third-party beneficial interest related to those transferred assets through an agreement to repurchase them before their maturity. We have determined that all loans sold have met these specific conditions and account for all transfers of mortgage loans as completed sales.
Allowance for Loss-Sharing Obligations	Allowance for Loss-Sharing Obligations . When a loan is sold under the Fannie Mae DUS program, we undertake an obligation to partially guarantee the performance of the loan. Generally, we are responsible for losses equal to the first 5% of the UPB and a portion of any additional losses to an overall maximum of 20% of the original principal balance. Fannie Mae bears any remaining loss. In addition, under the terms of the master loss-sharing agreement with Fannie Mae, we are responsible for funding 100% of mortgage delinquencies (principal and interest) and servicing advances (taxes, insurance and foreclosure costs) until the amounts advanced exceeds 5% of the UPB at the date of default. Thereafter, we may request interim loss-sharing adjustments which allow us to fund 25% of such advances until final settlement. At inception, a liability for the fair value of the obligation undertaken in issuing the guaranty is recognized. In determining the fair value of the guaranty obligation, we consider the risk profile of the collateral and the historical loss experience in our portfolio. The guaranty obligation is removed only upon either the expiration or settlement of the guaranty. We evaluate the allowance for loss-sharing obligations by monitoring the performance of each loss-sharing loan for events or conditions that may signal a potential default. Historically, initial loss recognition occurs at or before a loan becomes 60 days delinquent. In instances where payment under the guaranty on a loan is determined to be probable and estimable (as the loan is probable of, or is, in foreclosure), we record a liability for the estimated allowance for loss-sharing (a "specific reserve") by transferring the guarantee obligation recorded on the loan to the specific reserve with any adjustments to this reserve amount recorded in provision for loss sharing in the statements of income. The amount of the allowance considers our assessment of the likelihood of repayment by the borrower or key principal(s), the risk characteristics of the loan, the loan's risk rating, historical loss experience, adverse situations affecting individual loans, the estimated disposition value of the underlying collateral, and the level of risk sharing. We regularly monitor the specific reserves and update loss estimates as current information is received.
Capitalized Mortgage Servicing Rights	Capitalized Mortgage Servicing Rights . We recognize, as separate assets, rights to service mortgage loans for others, including such rights from our origination of mortgage loans sold with the servicing rights retained, as well as rights associated with acquired MSRs. Income from MSRs related to loans we originate are recognized when we record a derivative asset upon the commitment to originate a loan with a borrower and sell the loan to an investor. This commitment asset is recognized at fair value based on the discounted expected net cash flows associated with the servicing of the loan. When a mortgage loan we originate is sold, we retain the right to service the loan and recognize the MSR at the initial capitalized valuation. We amortize our MSRs using the amortization method, which requires the MSRs to be amortized over the period of estimated net servicing income or loss and that the servicing assets or liabilities be assessed for impairment, or increased obligation, based on the fair value at each reporting date. Amortization of MSRs is recorded as a reduction of servicing revenues, net in the consolidated statements of income. The following assumptions were used in calculating the fair value of our MSRs for the periods presented: Key rates : We used discount rates ranging from 8% to 15%, representing a weighted average discount rate of 12%, based on our best estimate of market discount rates to determine the present value of MSRs. The inflation rate used for adequate compensation was 3%. Servicing Cost : A market participant's estimated future cost to service the loan for the estimated life of the MSR is subtracted from the estimated future cash flows. Estimated Life : We estimate the life of our MSRs based upon the stated yield maintenance and/or prepayment protection term of the underlying loan and are reduced using prepayment rates that consider the note rate of the loan and the expiration of various types of prepayment penalty and/or lockout provisions prior to that stated maturity date. MSRs are initially recorded at fair value and are carried at amortized cost. The fair value of MRSs from loans we originate and sell are estimated considering market prices for similar MSRs, when available, and by estimating the present value of the future net cash flows of the capitalized MSRs, net of adequate compensation for servicing. Adequate compensation is based on the market rate of similar servicing contracts. The fair value of MSRs acquired approximate the purchase price paid. We evaluate the MSR portfolio for impairment on a quarterly basis based on the difference between the aggregate carrying amount of the MSRs and their aggregate fair value. We engage an independent third-party valuation expert to assist in determining an estimated fair value of our MSR portfolio on a quarterly basis. For purposes of impairment evaluation, the MSRs are stratified based on predominant risk characteristics of the underlying loans, which we have identified as loan type, note rate and yield maintenance provisions. To the extent that the carrying value of the MSRs exceeds fair value, a valuation allowance is established. We record write-offs of MSRs related to loans that were repaid prior to their expected maturity and loans that have defaulted and determined to be unrecoverable. When this occurs, the write-off is recorded as a direct write-down to the carrying value of MSRs and is included as a component of servicing revenue, net in the consolidated statements of income. This direct write-down permanently reduces the carrying value of the MSRs, precluding recognition of subsequent recoveries. For loans that payoff prior to maturity, we may collect a prepayment fee which is included as a component of servicing revenue, net.
Real Estate Owned and Held-For-Sale	Real Estate Owned and Held-For-Sale . Real estate acquired is recorded at its estimated fair value at acquisition and is shown net of accumulated depreciation and impairment charges. Costs incurred in connection with the acquisition of a property are expensed as incurred. We allocate the purchase price of our real estate acquisitions to land, building, tenant improvements, origination asset of the in-place leases, intangibles for the value of any above or below market leases at fair value and to any other identified intangible assets or liabilities. We finalize our purchase price allocation within one year of the acquisition. We amortize the value allocated to in-place leases over the remaining lease term, which is reported in depreciation and amortization expense on our consolidated statements of income. The value allocated to above or below market leases are amortized over the remaining lease term as an adjustment to rental income. Real estate assets are depreciated using the straight-line method over their estimated useful lives. Ordinary repairs and maintenance which are not reimbursed by the tenants are expensed as incurred. Major replacements and betterments which improve or extend the life of the asset are capitalized and depreciated over their estimated useful life. Our properties are reviewed for impairment each quarter, if events or circumstances change indicating that the carrying amount of an asset may not be recoverable. We recognize impairment if the undiscounted estimated cash flows to be generated by an asset is less than the carrying amount of such asset. Measurement of impairment is based on the asset’s estimated fair value. In evaluating for impairment, many factors are considered, including estimated current and expected operating cash flows from the property during the projected holding period, costs necessary to extend the life or improve the asset, expected capitalization rates, projected stabilized net operating income, selling costs, and the ability to hold and dispose of the asset in the ordinary course of business. Impairment charges may be necessary in the event discount rates, capitalization rates, lease-up periods, future economic conditions, and other relevant factors vary significantly from those assumed in valuing the property. Real estate is classified as held-for-sale when we commit to a plan of sale, the asset is available for immediate sale, there is an active program to locate a buyer, and it is probable the sale will be completed within one year. Real estate assets that are expected to be disposed of are valued at the lower of the asset’s carrying amount or its fair value less costs to sell. We recognize sales of real estate properties upon closing. Payments received from purchasers prior to closing are recorded as deposits. Gain on real estate sold is recognized using the full accrual method when the collectability of the sale price is reasonably assured and we are not obligated to perform significant activities after the sale. A gain may be deferred in whole or in part until collectability of the sales price is reasonably assured and the earnings process is complete.
Investments in Equity Affiliates	Investments in Equity Affiliates . We invest in joint ventures that are formed to invest in real estate related assets or businesses. These joint ventures are not majority owned or controlled by us, or are VIEs for which we are the primary beneficiary, and are not consolidated in our financial statements. These investments are recorded under either the equity or cost method of accounting as deemed appropriate. We evaluate these investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be recoverable. We recognize an impairment loss if the estimated fair value of the investment is less than its carrying amount and we determine that the impairment is other-than-temporary. We record our share of the net income and losses from the underlying properties of our equity method investments and any other-than-temporary impairment on these investments as income or losses from equity affiliates in the consolidated statements of income.
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets. Significant judgement is required to estimate the fair value of intangible assets and in assigning their estimated useful lives. Accordingly, we typically seek the assistance of independent third party valuation specialists for significant intangible assets. The fair value estimates are based on available historical information and on future expectations and assumptions we deem reasonable. We generally use an income based valuation method to estimate the fair value of intangible assets, which discounts expected future cash flows to present value using estimates and assumptions we deem reasonable. For intangible assets related to acquired technology, we use the replacement cost method to determine fair value. Determining the estimated useful lives of intangible assets also requires judgment. Certain intangible assets, such as GSE licenses, have been deemed to have indefinite lives while other intangible assets, such as broker and borrower relationships, above/below market rent and acquired technology have been deemed to have finite lives. Our assessment as to which intangible assets are deemed to have finite or indefinite lives is based on several factors including economic barriers of entry for the acquired product lines, scarcity of available GSE licenses, technology life cycles, retention trends and our operating plans, among other factors. Goodwill and indefinite-lived intangible assets are not amortized, while finite-lived intangible assets are amortized over the estimated useful lives of the assets on a straight-line basis. Indefinite-lived intangible assets, including goodwill, are tested for impairment whenever events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. In addition, with respect to goodwill, an impairment analysis is performed at least annually. We have elected to make the first day of our fiscal fourth quarter the annual impairment assessment date for goodwill. We first assess qualitative factors to determine whether it is more likely than not that the fair value is less than the carrying value. If, based on that assessment, we believe it is more likely than not that the fair value is less than the carrying value, then a two-step goodwill impairment test is performed. Based on the impairment analysis performed as of October 1, 2018, there was no indication that the indefinite-lived intangible assets, including goodwill, were impaired and there were no events or changes in circumstances indicating impairment at December 31, 2018.
Business Combinations	Business Combinations . Business combinations are accounted for under the acquisition method of accounting, under which the purchase price is allocated to the fair value of the assets acquired and liabilities assumed at acquisition. The excess of the purchase price over the amount allocated to the assets acquired and liabilities assumed is recorded as goodwill. Adjustments to the assets acquired and liabilities assumed made during the measurement period are recorded in the period in which the adjustment is identified, with a corresponding adjustment to goodwill. If any adjustments are made subsequent to the measurement period, which could be up to one year after the acquisition, these adjustments are recorded to the consolidated statements of income. Acquisition related costs are expensed as incurred.
Hedging Activities and Derivatives	Hedging Activities and Derivatives. We measure derivative instruments at fair value and record them as assets or liabilities. Fair value adjustments will affect either accumulated other comprehensive income until the hedged item is recognized in earnings, or net income depending on whether the derivative instrument qualifies as a hedge for accounting purposes and, if so, the nature of the hedging activity. We use derivatives for hedging purposes rather than trading or speculation. Fair values are estimated based on current market data from financial sources that trade such instruments and are based on prevailing market data and derived from third party proprietary models based on well recognized financial principles and reasonable estimates about relevant future market conditions. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. These derivative instruments must be effective in reducing risk exposure in order to qualify for hedge accounting. When the terms of an underlying transaction are modified, or when the underlying hedged item ceases to exist, all changes in the fair value of the instrument are marked-to-market with changes in value included in net income for each period until the derivative instrument matures or is settled. Any derivative instrument used for risk management that does not meet the hedging criteria is marked-to-market with the changes in value included in earnings. In cases where a derivative instrument is terminated early, any gain or loss is generally amortized over the remaining life of the hedged item. We may also enter into derivative contracts that are intended to economically hedge certain risks, even though hedge accounting does not apply or we elect not to apply hedge accounting. The ineffective portion of a derivative’s change in fair value is recognized immediately in earnings. In connection with our interest rate risk management, we may hedge a portion of our interest rate risk by entering into derivative instrument contracts to manage differences in the amount, timing, and duration of our expected cash receipts and our expected cash payments principally related to our investments and borrowings. Our objectives in using interest rate derivatives are to add stability to interest income and to manage our exposure to interest rate movements. To accomplish this objective, we have used, and may again in the future, use interest rate swaps as part of our interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for us making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Our rate lock and forward sales commitments associated with the Agency Business meet the definition of a derivative and are recorded at fair value. The estimated fair value of rate lock commitments includes the effects of interest rate movements as well as the fair value of the expected net cash flows associated with the servicing of the loan which is recorded as income from MSRs in the consolidated statements of income. The estimated fair value of forward sale commitments includes the effects of interest rate movements between the trade date and balance sheet date. Adjustments to the fair value are reflected as a component of other income, net in the consolidated statements of income.
Revenue Recognition	Revenue Recognition . Interest income is recognized on the accrual basis as it is earned. In certain instances, the borrower pays an additional amount of interest at the time the loan is closed, an origination fee, a prepayment fee and/or deferred interest upon maturity. In some cases, interest income may also include the amortization or accretion of premiums and discounts arising from the purchase or origination of the loan or security. This additional income, net of any direct loan origination costs incurred, is deferred and accreted into interest income on an effective yield or “interest” method adjusted for actual prepayment activity over the life of the related loan or security as a yield adjustment. Income recognition is suspended for loans when, in our opinion, a full recovery of all contractual principal is not probable. Income recognition is resumed when the loan becomes contractually current and performance is resumed. We record interest income on certain impaired loans to the extent cash is received, as the borrower continues to make interest payments. We record loan loss reserves related to these loans when it is deemed that full recovery of principal and accrued interest is not probable. Several of our loans provide for accrual of interest at specified rates, which differ from current payment terms. Interest is recognized on such loans at the accrual rate subject to our determination that accrued interest and outstanding principal are ultimately collectible, based on the underlying collateral and operations of the asset. If we cannot make this determination, interest income above the current pay rate is recognized only upon actual receipt. Given the transitional nature of some of our real estate loans, we may require funds to be placed into an interest reserve, based on contractual requirements, to cover debt service costs. We will analyze these interest reserves on a periodic basis and determine if any additional interest reserves are needed. Recognition of income on loans with funded interest reserves are accounted for in the same manner as loans without funded interest reserves. We do not recognize interest income on loans in which the borrower has failed to make the contractual interest payment due or has not replenished the interest reserve account. Income from non-performing loans is generally recognized on a cash basis only to the extent it is received. Full income recognition will resume when the loan becomes contractually current and performance has recommenced. Additionally, interest income is recorded when earned from equity participation interests, referred to as equity kickers. These equity kickers have the potential to generate additional revenues to us as a result of excess cash flow distributions and/or as appreciated properties are sold or refinanced. Gain on sales, including fee-based services, net - Gain on sales, including fee-based services, net includes commitment fees, broker fees, loan assumption fees, loan origination fees and gains on sale of loans of our Agency Business. In some instances, the borrower pays an additional amount of interest at the time the loan is closed, an origination fee, net of any direct loan origination costs incurred, which is recognized upon the sale of the loan. Revenue recognition occurs when the related services are performed, unless significant contingencies exist, and for the sale of loans, when all the incidence of ownership passes to the buyer. Interest income is recognized on the accrual basis as it is earned from loans held-for-sale. Property operating income - Property operating income represents income associated with the operations of commercial real estate properties classified as real estate owned. We recognize revenue for these activities when the fees are fixed or determinable, or are evidenced by an arrangement, collection is reasonably assured and the services under the arrangement have been provided. Other income, net — Other income, net represents loan structuring, modification and defeasance, as well as broker fees, miscellaneous asset management fees associated with our loan and investment portfolio, and changes in the fair value of certain derivatives. We recognize these forms of income when the fees are fixed or determinable, are evidenced by an arrangement, collection is reasonably assured and the services under the arrangement have been provided.
Stock-Based Compensation	Stock-Based Compensation. We grant stock awards to certain of our employees and directors, consisting of shares of our common stock that vest immediately or annually over a multi-year period, subject to the recipient’s continued service to us. We record stock-based compensation expense at the grant date fair value of the related stock-based award at the grant date (for the portion that vests immediately) or ratably over the respective vesting periods. Dividends are paid on restricted stock as dividends are paid on shares of our common stock whether or not they are vested. Stock-based compensation is disclosed in our consolidated statements of income under “employee compensation and benefits” for employees and under “selling and administrative” expense for non-employees and the Board of Directors.
Income Taxes	Income Taxes. We organize and conduct our operations to qualify as a REIT and to comply with the provisions of the Internal Revenue Code with respect thereto. A REIT is generally not subject to federal income tax on its REIT-taxable income that it distributes to its stockholders, provided that it distributes at least 90% of its REIT-taxable income and meets certain other requirements. Certain REIT income may be subject to state and local income taxes. The Agency Business mainly operates through a TRS, which is a part of our TRS Consolidated Group and is subject to U.S. federal, state and local income taxes. In general, our TRS entities may hold assets that the REIT cannot hold directly and may engage in real estate or non-real estate-related business. Current and deferred taxes are recorded on the portion of earnings (losses) recognized by us with respect to our interest in TRSs. Deferred income tax assets and liabilities are calculated based on temporary differences between our GAAP consolidated financial statements and the federal, state, local tax basis of assets and liabilities as of the consolidated balance sheets. We evaluate the realizability of our deferred tax assets (e.g., net operating loss and capital loss carryforwards) and recognize a valuation allowance if, based on the available evidence, it is more likely than not that some portion or all of our deferred tax assets will not be realized. When evaluating the realizability of our deferred tax assets, we consider estimates of expected future taxable income, existing and projected book/tax differences, tax planning strategies available and the general and industry specific economic outlook. We periodically evaluate tax positions to determine whether it is more likely than not that such positions would be sustained upon examination by a tax authority for all open tax years, as defined by the statute of limitations, based on their technical merits. We report interest and penalties related to tax uncertainties as a component of the income tax provision.
Earnings Per Share	Earnings Per Share. We present both basic and diluted earnings per share ("EPS"). Basic EPS excludes dilution and is computed by dividing net income available to common stockholders by the weighted average number of shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, where such exercise or conversion would result in a lower EPS amount.
Recently Adopted and Issued Accounting Pronouncements	Recently Adopted Accounting Pronouncements Description Adoption Date Effect on Financial Statements In March 2018, the FASB issued ASU 2018-05, Income Taxes: Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118 which allowed SEC registrants to record provisional amounts in earnings for the year ended December 31, 2017 due to complexities involved in accounting for the enacted Tax Reform N/A We recognized the estimated impact of the Tax Reform in our consolidated financial statements for the year ended December 31, 2017. Since 2014, the FASB has issued several amendments to its guidance on revenue recognition. The amended guidance, among other things, introduces a new framework for a single comprehensive model that can be used when accounting for revenue and supersedes most current revenue recognition guidance, including that which pertains to specific industries. The core principle states that an entity should recognize revenue to depict the transfer of promised goods or services in an amount that reflects the consideration to which the entity expects to be entitled in exchange for such goods and services. It also requires expanded quantitative and qualitative disclosures that will enable financial statement users to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. Most revenue associated with financial instruments, including interest and loan origination fees, along with gains and losses on investment securities, derivatives and sales of financial instruments are excluded from the scope of the guidance. First quarter of 2018 The adoption of this guidance did not have a material impact on our consolidated financial statements. This standard may impact the timing of gains on certain future sales of real estate. Description Adoption Date Effect on Financial Statements In May 2017, the FASB issued ASU 2017-09, Compensation - Stock Compensation: Scope of Modification Accounting. This ASU clarifies when changes to the terms or conditions of a share-based payment award must be accounted for as modifications. Many entities today apply the modification accounting guidance when any of the terms or conditions of an award are changed, even if the changes are not substantive. Under the new guidance, modification accounting will not apply to a share-based payment award if all of the following are the same immediately before and after the change; (1) the award’s fair value; (2) the award’s vesting conditions; and (3) the award’s classification as an equity or liability instrument. First quarter of 2018 This ASU required prospective adoption, therefore, any future award changes will be evaluated under the amended guidance. In January 2017, the FASB issued ASU 2017-01, Business Combinations: Clarifying the Definition of a Business. This ASU changes the definition of a business to assist with evaluating when a set of transferred assets and activities constitutes a business. The guidance requires an entity to evaluate if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets; if so, the set of transferred assets and activities is not a business. The guidance also requires a business to include at least one substantive process and narrows the definition of outputs. First quarter of 2018 This ASU required prospective adoption, therefore, any future acquisitions will be evaluated under the amended guidance. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows: Restricted Cash. This ASU requires changes in the total of cash, cash equivalents, restricted cash, and restricted cash equivalents to be shown in the statement of cash flows. Previous guidance required the change in cash and cash equivalents be shown on the statement of cash flows, with cash used to fund restricted cash and restricted cash equivalents shown as a component of operating, investing, or financing activities. Entities are now also required to reconcile the total of cash, cash equivalents, restricted cash, and restricted cash equivalents as presented in the statement of cash flows to the related captions in the balance sheet when these balances are presented separately in the balance sheet. First quarter of 2018 This guidance required retrospective adoption, therefore, we adjusted the cash flow statement for the comparable prior period.The following table shows the impact of the adoption of this guidance, as well as the adoption of ASU 2016-15 described below. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows, which provides eight targeted changes to how cash receipts and cash payments are presented and classified in the statement of cash flows. First quarter of 2018 This guidance required retrospective adoption, therefore, we reclassified $1.1 million of net proceeds from insurance settlements from net cash provided by operating activities to net cash used in investing activities in 2017. We also chose the cumulative earnings approach for distributions received from equity method investees, which did not result in any changes in how we account for such distributions. The following table shows the impact of the adoption of ASU 2016-15 and ASU 2016-18. Year Ended December 31, (in thousands) 2017 2016 As previously reported under GAAP applicable at the time Cash and cash equivalents at beginning of period $ 138,645 $ 188,709 Net decrease in cash and cash equivalents (34,271) (50,064) Cash and cash equivalents at end of period 104,374 138,645 Net cash provided by (used in) operating activities: changes in operating assets and liabilities 822 (3,727) Net cash used in investing activities (907,949) (201,917) Net cash provided by financing activities 412,844 349,471 As currently reported under ASU 2016-18 and ASU 2016-15 Cash, cash equivalents and restricted cash at beginning of period $ 167,960 $ 237,010 Net increase (decrease) in cash, cash equivalents and restricted cash 75,812 (69,050) Cash, cash equivalents and restricted cash at end of period 243,772 167,960 Net cash provided by (used in) operating activities: changes in operating assets and liabilities (308) (4,624) Net cash used in investing activities (906,845) (196,917) Net cash provided by financing activities 522,953 326,382 Description Adoption Date Effect on Financial Statements In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall: Consensuses of the FASB Emerging Issues Task Force. This ASU requires that unconsolidated equity investments not accounted for under the equity method be recorded at fair value, with changes in fair value recorded through net income. The accounting principles that permitted available-for- sale classification with unrealized holding gains and losses recorded in other comprehensive income for equity securities will no longer be applicable. In addition, financial liabilities measured using the fair value option will need to present any change in fair value caused by a change in instrument-specific credit risk separately in other comprehensive income. First quarter of 2018 The adoption of this guidance did not have a material impact on our consolidated financial statements. In connection with the adoption of this ASU, we reclassified $0.2 million of unrealized gains on available-for-sale securities from accumulated other comprehensive income to accumulated deficit. Recently Issued Accounting Pronouncements Description Effective Date Effect on Financial Statements In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments. This ASU requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Entities will be required to use forward-looking information to better form their credit loss estimates. This ASU also requires enhanced disclosures to help financial statement users better understand significant estimates and judgments used in estimating credit losses. First quarter of 2020 with early adoption permitted beginning in the first quarter of 2019 We are evaluating the timing of our adoption and the impact this guidance may have on our consolidated financial statements . In November 2018, the FASB issued ASU 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities. This ASU amends the guidance for determining whether a decision-making fee is a variable interest and requires companies to consider indirect interests held through related parties under common control on a proportional basis rather than as the equivalent of a direct interest in its entirety (as currently required in GAAP). First quarter of 2020 We are currently evaluating this guidance to determine the impact to our consolidated financial statements. In August 2018, the FASB issued ASU 2018-15, Intangibles – Goodwill and Other – Internal Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract. The amended guidance requires companies to apply the internal-use software guidance in ASC 350-40 to implementation costs incurred in a hosting arrangement that is a service contract to determine whether to capitalize certain implementation costs or expense them as incurred. First quarter of 2020 We are currently evaluating this guidance to determine the impact to our consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820) – Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement, which makes a number of changes meant to add, modify or remove certain disclosure requirements associated with changes between hierarchy associated with Level 1, Level 2 and Level 3 fair value measurements. Early adoption is permitted upon issuance of the update. First quarter of 2020 We do not expect the adoption of this guidance to have a significant impact to our consolidated financial statements. Since 2016, the FASB has issued several amendments to its guidance on leases. The amended guidance, among other things, requires lessees to record most leases on their balance sheet through operating and finance lease liabilities and corresponding right-of-use assets. It has also added additional footnote disclosures of key information about those arrangements and provides transition releif on comparative period reporting through a cummulative-effect adjustment at the beginning of the period of adoption. First quarter of 2019 We have evaluated this ASU and expect the adoption of this guidance to increase both our total assets and total liabilities by less than 1%. The adoption will not have an impact on our consolidated results of operations. In June 2018, the FASB issued ASU 2018-07, Compensation - Stock Compensation to expand the scope of ASC Topic 718, Compensation - Stock Compensation, to include share-based payment transactions for acquiring goods and services from nonemployees. First quarter of 2019 We have evaluated this ASU and determined the adoption of this guidance will not have a significant impact on our consolidated financial statements.

Basis of Presentation and Sig_3

Basis of Presentation and Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2018
Basis of Presentation and Significant Accounting Policies
Schedules of Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements	Recently Adopted Accounting Pronouncements Description Adoption Date Effect on Financial Statements In March 2018, the FASB issued ASU 2018-05, Income Taxes: Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118 which allowed SEC registrants to record provisional amounts in earnings for the year ended December 31, 2017 due to complexities involved in accounting for the enacted Tax Reform N/A We recognized the estimated impact of the Tax Reform in our consolidated financial statements for the year ended December 31, 2017. Since 2014, the FASB has issued several amendments to its guidance on revenue recognition. The amended guidance, among other things, introduces a new framework for a single comprehensive model that can be used when accounting for revenue and supersedes most current revenue recognition guidance, including that which pertains to specific industries. The core principle states that an entity should recognize revenue to depict the transfer of promised goods or services in an amount that reflects the consideration to which the entity expects to be entitled in exchange for such goods and services. It also requires expanded quantitative and qualitative disclosures that will enable financial statement users to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. Most revenue associated with financial instruments, including interest and loan origination fees, along with gains and losses on investment securities, derivatives and sales of financial instruments are excluded from the scope of the guidance. First quarter of 2018 The adoption of this guidance did not have a material impact on our consolidated financial statements. This standard may impact the timing of gains on certain future sales of real estate. Description Adoption Date Effect on Financial Statements In May 2017, the FASB issued ASU 2017-09, Compensation - Stock Compensation: Scope of Modification Accounting. This ASU clarifies when changes to the terms or conditions of a share-based payment award must be accounted for as modifications. Many entities today apply the modification accounting guidance when any of the terms or conditions of an award are changed, even if the changes are not substantive. Under the new guidance, modification accounting will not apply to a share-based payment award if all of the following are the same immediately before and after the change; (1) the award’s fair value; (2) the award’s vesting conditions; and (3) the award’s classification as an equity or liability instrument. First quarter of 2018 This ASU required prospective adoption, therefore, any future award changes will be evaluated under the amended guidance. In January 2017, the FASB issued ASU 2017-01, Business Combinations: Clarifying the Definition of a Business. This ASU changes the definition of a business to assist with evaluating when a set of transferred assets and activities constitutes a business. The guidance requires an entity to evaluate if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets; if so, the set of transferred assets and activities is not a business. The guidance also requires a business to include at least one substantive process and narrows the definition of outputs. First quarter of 2018 This ASU required prospective adoption, therefore, any future acquisitions will be evaluated under the amended guidance. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows: Restricted Cash. This ASU requires changes in the total of cash, cash equivalents, restricted cash, and restricted cash equivalents to be shown in the statement of cash flows. Previous guidance required the change in cash and cash equivalents be shown on the statement of cash flows, with cash used to fund restricted cash and restricted cash equivalents shown as a component of operating, investing, or financing activities. Entities are now also required to reconcile the total of cash, cash equivalents, restricted cash, and restricted cash equivalents as presented in the statement of cash flows to the related captions in the balance sheet when these balances are presented separately in the balance sheet. First quarter of 2018 This guidance required retrospective adoption, therefore, we adjusted the cash flow statement for the comparable prior period.The following table shows the impact of the adoption of this guidance, as well as the adoption of ASU 2016-15 described below. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows, which provides eight targeted changes to how cash receipts and cash payments are presented and classified in the statement of cash flows. First quarter of 2018 This guidance required retrospective adoption, therefore, we reclassified $1.1 million of net proceeds from insurance settlements from net cash provided by operating activities to net cash used in investing activities in 2017. We also chose the cumulative earnings approach for distributions received from equity method investees, which did not result in any changes in how we account for such distributions. The following table shows the impact of the adoption of ASU 2016-15 and ASU 2016-18. Year Ended December 31, (in thousands) 2017 2016 As previously reported under GAAP applicable at the time Cash and cash equivalents at beginning of period $ 138,645 $ 188,709 Net decrease in cash and cash equivalents (34,271) (50,064) Cash and cash equivalents at end of period 104,374 138,645 Net cash provided by (used in) operating activities: changes in operating assets and liabilities 822 (3,727) Net cash used in investing activities (907,949) (201,917) Net cash provided by financing activities 412,844 349,471 As currently reported under ASU 2016-18 and ASU 2016-15 Cash, cash equivalents and restricted cash at beginning of period $ 167,960 $ 237,010 Net increase (decrease) in cash, cash equivalents and restricted cash 75,812 (69,050) Cash, cash equivalents and restricted cash at end of period 243,772 167,960 Net cash provided by (used in) operating activities: changes in operating assets and liabilities (308) (4,624) Net cash used in investing activities (906,845) (196,917) Net cash provided by financing activities 522,953 326,382 Description Adoption Date Effect on Financial Statements In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall: Consensuses of the FASB Emerging Issues Task Force. This ASU requires that unconsolidated equity investments not accounted for under the equity method be recorded at fair value, with changes in fair value recorded through net income. The accounting principles that permitted available-for- sale classification with unrealized holding gains and losses recorded in other comprehensive income for equity securities will no longer be applicable. In addition, financial liabilities measured using the fair value option will need to present any change in fair value caused by a change in instrument-specific credit risk separately in other comprehensive income. First quarter of 2018 The adoption of this guidance did not have a material impact on our consolidated financial statements. In connection with the adoption of this ASU, we reclassified $0.2 million of unrealized gains on available-for-sale securities from accumulated other comprehensive income to accumulated deficit. Recently Issued Accounting Pronouncements Description Effective Date Effect on Financial Statements In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments. This ASU requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Entities will be required to use forward-looking information to better form their credit loss estimates. This ASU also requires enhanced disclosures to help financial statement users better understand significant estimates and judgments used in estimating credit losses. First quarter of 2020 with early adoption permitted beginning in the first quarter of 2019 We are evaluating the timing of our adoption and the impact this guidance may have on our consolidated financial statements . In November 2018, the FASB issued ASU 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities. This ASU amends the guidance for determining whether a decision-making fee is a variable interest and requires companies to consider indirect interests held through related parties under common control on a proportional basis rather than as the equivalent of a direct interest in its entirety (as currently required in GAAP). First quarter of 2020 We are currently evaluating this guidance to determine the impact to our consolidated financial statements. In August 2018, the FASB issued ASU 2018-15, Intangibles – Goodwill and Other – Internal Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract. The amended guidance requires companies to apply the internal-use software guidance in ASC 350-40 to implementation costs incurred in a hosting arrangement that is a service contract to determine whether to capitalize certain implementation costs or expense them as incurred. First quarter of 2020 We are currently evaluating this guidance to determine the impact to our consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820) – Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement, which makes a number of changes meant to add, modify or remove certain disclosure requirements associated with changes between hierarchy associated with Level 1, Level 2 and Level 3 fair value measurements. Early adoption is permitted upon issuance of the update. First quarter of 2020 We do not expect the adoption of this guidance to have a significant impact to our consolidated financial statements. Since 2016, the FASB has issued several amendments to its guidance on leases. The amended guidance, among other things, requires lessees to record most leases on their balance sheet through operating and finance lease liabilities and corresponding right-of-use assets. It has also added additional footnote disclosures of key information about those arrangements and provides transition releif on comparative period reporting through a cummulative-effect adjustment at the beginning of the period of adoption. First quarter of 2019 We have evaluated this ASU and expect the adoption of this guidance to increase both our total assets and total liabilities by less than 1%. The adoption will not have an impact on our consolidated results of operations. In June 2018, the FASB issued ASU 2018-07, Compensation - Stock Compensation to expand the scope of ASC Topic 718, Compensation - Stock Compensation, to include share-based payment transactions for acquiring goods and services from nonemployees. First quarter of 2019 We have evaluated this ASU and determined the adoption of this guidance will not have a significant impact on our consolidated financial statements.

Loans and Investments (Tables)

Loans and Investments (Tables)	12 Months Ended
	Dec. 31, 2018
Loans and Investments
Schedule of composition of company's structured business loan and investment portfolio	The composition of our Structured Business loan and investment portfolio is as follows ($ in thousands): Wtd. Avg. Wtd. Avg. Wtd. Avg. First Last Remaining Dollar Dollar December 31, Percent of Loan Wtd. Avg. Months to LTV LTV 2018 Total Count Pay Rate (1) Maturity Ratio (2) Ratio (3) Bridge loans $ 2,992,814 91 % 167 6.84 % 0 % 74 % Preferred equity investments 181,661 6 % 10 7.97 % 66 % 89 % Mezzanine loans 108,867 3 % 13 10.57 % 28 % 72 % 3,283,342 100 % 190 7.02 % 5 % 75 % Allowance for loan losses (71,069) Unearned revenue (12,128) Loans and investments, net $ 3,200,145 Wtd. Avg. Wtd. Avg. Wtd. Avg. First Last Remaining Dollar Dollar December 31, Percent of Loan Wtd. Avg. Months to LTV LTV 2018 Total Count Pay Rate (1) Maturity Ratio (2) Ratio (3) Bridge loans $ 2,422,105 91 % 150 6.10 % 20.9 — % 72 % Preferred equity investments 142,892 6 % 12 6.47 % 68.7 64 % 90 % Mezzanine loans 87,541 3 % 8 10.78 % 24.8 20 % 63 % 2,652,538 100 % 170 6.28 % 23.6 4 % 73 % Allowance for loan losses (62,783) Unearned revenue (10,628) Loans and investments, net $ 2,579,127 (1) (2) (3)
Summary of the loan portfolio's weighted average internal risk ratings and LTV ratios by asset class	A summary of the loan portfolio’s weighted average internal risk ratings and LTV ratios by asset class is as follows ($ in thousands): December 31, 2018 Wtd. Avg. Wtd. Avg. Wtd. Avg. Percentage Internal First Dollar Last Dollar Asset Class UPB of Portfolio Risk Rating LTV Ratio LTV Ratio Multifamily $ 2,427,920 74 % pass/watch 5 % 75 % Self Storage 301,830 9 % pass/watch 0 % 72 % Land 151,628 5 % substandard 0 % 90 % Office 132,047 4 % special mention 3 % 68 % Healthcare 122,775 4 % pass/watch 0 % 77 % Hotel 100,075 3 % pass/watch 13 % 66 % Retail 45,367 1 % pass/watch 6 % 65 % Commercial 1,700 <1 % doubtful 63 % 63 % Total $ 3,283,342 100 % pass/watch 5 % 75 % December 31, 2017 Multifamily $ 1,925,529 73 % pass/watch 4 % 72 % Self Storage 301,830 11 % pass 0 % 71 % Land 132,828 5 % substandard 0 % 90 % Office 107,853 4 % pass/watch 1 % 64 % Healthcare 55,615 2 % pass/watch 0 % 74 % Hotel 90,725 3 % special mention 37 % 81 % Retail 36,458 1 % pass/watch 8 % 66 % Commercial 1,700 <1 % doubtful 63 % 63 % Total $ 2,652,538 100 % pass/watch 4 % 73 %
Summary of the changes in the allowance for loan losses	A summary of the changes in the allowance for loan losses is as follows (in thousands): Year Ended December 31, 2018 2017 2016 Allowance at beginning of period $ 62,783 $ 83,712 $ 86,762 Provision for loan losses 13,986 2,000 59 Charge-offs (3,173) (20,473) (2,959) Recoveries of reserves (2,527) (2,456) (150) Allowance at end of period $ 71,069 $ 62,783 $ 83,712
Summary of the company's impaired loans by asset class	A summary of our impaired loans by asset class is as follows (in thousands): Year Ended December 31, December 31, 2018 2018 Average Interest Carrying Allowance for Recorded Income Asset Class UPB Value (1) Loan Losses Investment (2) Recognized Land $ 134,215 $ 127,869 $ 67,869 $ 132,651 $ 103 Hotel — — — 17,375 — Office 2,266 2,266 1,500 2,277 127 Commercial 1,700 1,700 1,700 1,700 — Total $ 138,181 $ 131,835 $ 71,069 $ 154,003 $ 230 Year Ended December 31, December 31, 2017 2017 Land $ 131,086 $ 124,812 $ 53,883 $ 131,086 $ — Hotel 34,750 34,750 5,700 34,750 371 Office 2,288 2,288 1,500 14,926 107 Commercial 1,700 1,700 1,700 1,700 — Multifamily — — — 1,271 22 Total $ 169,824 $ 163,550 $ 62,783 $ 183,733 $ 500 (1) Represents the UPB of five impaired loans (less unearned revenue and other holdbacks and adjustments) by asset class at both December 31, 2018 and 2017. (2) Represents an average of the beginning and ending UPB of each asset class.
Summary of the company's non-performing loans by asset class	A summary of our non-performing loans by asset class is as follows (in thousands): December 31, 2018 December 31, 2017 Less Than Greater Than Less Than Greater Than Carrying 90 Days 90 Days Carrying 90 Days 90 Days Asset Class Value Past Due Past Due Value Past Due Past Due Commercial $ 1,700 $ — $ 1,700 $ 1,700 $ — $ 1,700 Office 832 — 832 — — — Hotel — — — 34,750 — 34,750 Total $ 2,532 $ — $ 2,532 $ 36,450 $ — $ 36,450

Loans Held-for-Sale, Net (Table

Loans Held-for-Sale, Net (Tables)	12 Months Ended
	Dec. 31, 2018
Loans Held-for-Sale, Net
Summary of loans held-for-sale, net	Loans held-for-sale, net consists of the following (in thousands): December 31, 2018 December 31, 2017 Fannie Mae $ 358,790 $ 243,717 Freddie Mac 95,004 47,545 FHA 19,170 987 472,964 292,249 Fair value of future MSR 10,253 5,806 Unearned discount (1,553) (612) Loans held-for-sale, net $ 481,664 $ 297,443

Capitalized Mortgage Servicin_2

Capitalized Mortgage Servicing Rights (Tables) - MSRs	12 Months Ended
	Dec. 31, 2018
Capitalized Mortgage Servicing Rights
Summary of capitalized MSR activity	A summary of our capitalized MSR activity is as follows (in thousands): Year Ended December 31, 2018 Year Ended December 31, 2017 Acquired Originated Total Acquired Originated Total Balance at beginning of period $ 143,270 $ 109,338 $ 252,608 $ 194,800 $ 32,943 $ 227,743 Additions — 94,344 94,344 1,199 86,700 87,899 Amortization (28,958) (19,166) (48,124) (37,470) (9,732) (47,202) Write-offs (17,228) (7,830) (25,058) (15,259) (573) (15,832) Balance at end of period $ 97,084 $ 176,686 $ 273,770 $ 143,270 $ 109,338 $ 252,608
Schedule of expected amortization of capitalized MSRs recorded	Year Amortization 2019 $ 48,546 2020 44,364 2021 37,990 2021 31,189 2022 26,508 Thereafter 85,173 Total $ 273,770

Mortgage Servicing (Tables)

Mortgage Servicing (Tables)	12 Months Ended
	Dec. 31, 2018
MSRs
Mortgage Servicing
Schedule of product and geographic concentrations in servicing revenue	Product and geographic concentrations that impact our servicing revenue are as follows ($ in thousands): December 31, 2018 Product Concentrations Geographic Concentrations Percent of UPB Percent Product UPB Total State of Total Fannie Mae $ 13,562,667 73 % Texas 20 % Freddie Mac 4,394,287 24 % North Carolina 10 % FHA 644,687 3 % New York 8 % Total $ 18,601,641 100 % California 8 % Georgia 6 % Florida 6 % Other(1) 42 % Total 100 % December 31, 2017 Product Concentrations Geographic Concentrations Percent of UPB Percent Product UPB Total State of Total Fannie Mae $ 12,502,699 77 % Texas 22 % Freddie Mac 3,166,134 20 % North Carolina 10 % FHA 537,482 3 % New York 8 % Total $ 16,206,315 100 % California 8 % Georgia 6 % Florida 6 % Other(1) 40 % Total 100 % (1) No other individual state represented 4% or more of the total.

Securities Held-to-Maturity (Ta

Securities Held-to-Maturity (Tables)	12 Months Ended
	Dec. 31, 2018
Securities Held-to-Maturity
Summary of B Piece bonds classified as debt securities held-to-maturity	A summary of our B Piece bonds classified as debt securities held-to-maturity is as follows (in thousands): Carrying Unrealized Estimated Period Face Value Value Gain Fair Value December 31, 2018 $ 103,515 $ 76,363 $ 2,734 $ 79,097 December 31, 2017 $ 40,566 $ 27,837 $ 602 $ 28,439

Investments in Equity Affilia_2

Investments in Equity Affiliates (Tables)	12 Months Ended
	Dec. 31, 2018
Investments in Equity Affiliates
Summary of the company's investments in equity affiliates	A summary of our investments in equity affiliates is as follows (in thousands): Investments in Equity Affiliates at UPB of Loans to December 31, December 31, Equity Affiliates at Equity Affiliates 2018 2017 December 31, 2018 Arbor Residential Investor LLC $ 19,260 $ 19,193 $ — Lightstone Value Plus REIT L.P. 1,895 1,895 — JT Prime 425 425 — West Shore Café — 2,140 1,688 Lexford Portfolio — — 280,500 East River Portfolio — — — Total $ 21,580 $ 23,653 $ 282,188
Summary of condensed combined balance sheets for the Company's unconsolidated investments in equity affiliates	The condensed combined balance sheets for our unconsolidated investments in equity affiliates are as follows (in thousands): December 31, 2018 2017 Condensed Combined Balance Sheets ARI Other Total ARI Other Total Assets: Cash and cash equivalents $ 12,812 $ 36,220 $ 49,032 $ 26,419 $ 36,304 $ 62,723 Real estate assets 471,021 565,076 1,036,097 303,098 584,580 887,678 Other assets 85,192 32,888 118,080 137,782 54,537 192,319 Total assets 569,025 634,184 1,203,209 467,299 675,421 1,142,720 Liabilities: Notes payable 463,511 664,139 1,127,650 357,410 702,495 1,059,905 Other liabilities 23,209 17,539 40,748 34,964 15,885 50,849 Total liabilities 486,720 681,678 1,168,398 392,374 718,380 1,110,754 Stockholders’ equity Arbor 19,260 2,320 21,580 19,193 4,460 23,653 Stockholders’ equity 63,045 (49,814) 13,231 55,732 (47,419) 8,313 Total stockholders’ equity 82,305 (47,494) 34,811 74,925 (42,959) 31,966 Total liabilities and equity $ 569,025 $ 634,184 $ 1,203,209 $ 467,299 $ 675,421 $ 1,142,720
Summary of statements of operations for the Company's investment in ARI	The condensed combined statements of operations for our unconsolidated investments in equity affiliates are as follows (in thousands): Year Ended December 31, 2018 2017 2016 Statements of Operations: ARI Other Total ARI Other Total ARI Other Total Revenue: Rental income $ — $ $ $ — $ $ $ — $ 99,417 $ 99,417 Interest income 17,200 259 17,459 9,248 259 9,507 11,726 259 11,985 Operating income — — — Reimbursement income — 7,861 7,861 — 7,378 7,378 — 7,085 7,085 Other income 14,195 9,019 23,214 2,909 8,420 11,329 213 8,060 8,273 Total revenues 248,982 126,364 375,346 Expenses: Operating expenses 226,868 63,602 290,470 58,289 56,679 Interest expense 17,694 35,608 53,302 11,436 32,918 44,354 13,331 32,687 46,018 Depreciation and amortization 1,815 27,724 29,539 1,384 29,155 30,539 1,127 29,249 30,376 Other expenses — 487 487 22,000 471 22,471 — 91 91 Total expenses 246,377 127,421 373,798 Net income (loss) $ 2,605 $ (1,057) $ 1,548 $ $ (903) $ $ 51,089 $ (3,885) $ 47,204 Arbor’s share of income (loss) (1) $ 700 $ 496 $ 1,196 $ (7,247) $ 2,796 $ (4,451) $ 9,950 $ 3,045 $ 12,995 (1) Amount for the year ended December 31, 2017, when combined with the $1.5 million equity participation interest received, equals a loss of $3.0 million.

Real Estate Owned and Held-For-

Real Estate Owned and Held-For-Sale (Tables)	12 Months Ended
	Dec. 31, 2018
Real Estate Owned and Held For Sale
Schedule of real estate owned	December 31, 2018 December 31, 2017 Hotel Office Hotel Office (in thousands) Property Building Total Property Building Total Land $ 3,294 $ 4,509 $ 7,803 $ 3,294 $ 4,509 $ 7,803 Building and intangible assets 31,066 2,010 33,076 30,699 2,010 32,709 Less: Impairment loss (13,307) (2,500) (15,807) (13,307) (500) (13,807) Less: Accumulated depreciation and amortization (9,778) (848) (10,626) (9,228) (690) (9,918) Real estate owned, net $ 11,275 $ 3,171 $ 14,446 $ 11,458 $ 5,329 $ 16,787

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2018
Goodwill and Other Intangible Assets
Schedule of goodwill activity	The following table sets forth the goodwill activity (in thousands): Year Ended Year Ended December 31, 2018 December 31, 2017 Beginning balance $ 56,626 $ 26,747 Additions from internalization of management team (1) — 25,000 Purchase price allocation adjustment — 4,879 Ending balance $ 56,626 $ 56,626 (1) Goodwill additions from the internalization of our management team completed in 2017 were allocated $12.5 million each to our two reporting segments.
Other Intangible Assets
Goodwill and Other Intangible Assets
Schedule of other intangible assets	The following table sets forth the other intangible assets activity (in thousands): December 31, 2018 December 31, 2017 Gross Gross Carrying Accumulated Carrying Accumulated Value Amortization Total Value Amortization Total Finite-lived intangible assets: Broker relationships $ 25,000 $ (7,683) $ 17,317 $ 25,000 $ (4,558) $ 20,442 Borrower relationships 14,400 (3,540) 10,860 14,400 (2,100) 12,300 Below market leases 4,010 (1,811) 2,199 4,010 (1,075) 2,935 Acquired technology 900 (737) 163 900 (437) 463 Infinite-lived intangible assets: Fannie Mae DUS license 17,100 — 17,100 17,100 — 17,100 Freddie Mac Program Plus license 8,700 — 8,700 8,700 — 8,700 FHA license 3,200 — 3,200 3,200 — 3,200 $ 73,310 $ (13,771) $ 59,539 $ 73,310 $ (8,170) $ 65,140
Schedule of estimated amortization expense for each of the succeeding five years	At December 31, 2018, the weighted average remaining lives of our amortizable finite-lived intangible assets and the estimated amortization expense for each of the succeeding five years are as follows ($ in thousands): Wtd. Avg. Estimated Amortization Expense for the Years Ending Remaining Life December 31, (in years) 2019 2020 2021 2022 2023 Finite-lived intangible assets: Broker relationships $ 3,125 $ 3,125 $ 3,125 $ 3,125 $ 3,125 Borrower relationships 1,440 1,440 1,440 1,440 1,440 Below market leases 737 684 126 126 126 Acquired technology 163 — — — — $ 5,465 $ 5,249 $ 4,691 $ 4,691 $ 4,691

Debt Obligations (Tables)

Debt Obligations (Tables)	12 Months Ended
	Dec. 31, 2018
Debt Obligations
Schedule of face amount and gain on extinguishment of the company's CDO bonds repurchased by bond class	Borrowings and the corresponding collateral under our Debt Fund are as follows ($ in thousands): Collateral (3) Debt Loans Cash Face Carrying Wtd. Avg. Carrying Restricted Period Value Value (1) Rate (2) UPB Value Cash (4) December 31, 2018 $ 70,000 $ 68,183 6.75 % $ 69,186 $ 68,924 $ 30,814 December 31, 2017 $ 70,000 $ 68,084 % $ 96,995 $ 96,564 $ 3,005 (1) Debt carrying value is net of $1.8 million and $1.9 million of deferred financing fees at December 31, 2018 and 2017, respectively. (2) At December 31, 2018 and 2017, the aggregate weighted average note rate, including certain fees and costs, was 7.49% and 6.05%, respectively. (3) At both December 31, 2018 and 2017, there was no collateral at risk of default or deemed to be a “credit risk.” (4) Represents restricted cash held for reinvestment. Excludes restricted cash related to interest payments, delayed fundings and expenses.
Schedule of face value, unamortized discount and net carrying value of the liability and equity components	The UPB, unamortized discount and net carrying amount of the liability and equity components of our convertible notes were as follows (in thousands): Liability Equity Component Component Unamortized Unamortized Deferred Net Carrying Net Carrying Period UPB Debt Discount Financing Fees Value Value December 31, 2018 $ 270,057 $ 8,229 $ 7,060 $ 254,768 $ 9,436 December 31, 2017 $ 243,750 $ 5,742 $ 6,721 $ 231,287 $ 6,733
Credit Facilities and Repurchase Agreements
Debt Obligations
Schedule of borrowings	Borrowings under our credit facilities and repurchase agreements are as follows ($ in thousands): December 31, 2018 December 31, 2017 Debt Collateral Debt Collateral Carrying Carrying Wtd. Avg. Carrying Carrying Wtd. Avg. UPB (1) Value (1) Value Note Rate UPB (1) Value (1) Value Note Rate Structured Business $375 million repurchase facility $ 336,428 $ 334,696 $ 467,680 4.75 % $ 103,818 $ 102,350 $ 145,850 3.90 % $100 million repurchase facility 71,017 70,837 98,597 4.31 % 2,835 2,445 6,600 3.61 % $75 million credit facility 10,237 10,237 16,889 4.31 % — — — — $75 million credit facility — — — — 9,000 8,999 16,000 3.61 % $50 million credit facility 14,160 14,159 17,700 4.57 % 32,560 32,538 40,700 3.61 % $50 million credit facility — — — — 3,700 3,581 4,625 4.88 % $35.9 million credit facility 30,855 30,512 44,100 4.87 % — — — — $25.5 million credit facility 18,552 18,552 34,000 5.07 % 14,065 13,920 18,753 4.12 % $25 million working capital facility — — — — 10,000 10,000 — 4.12 % $23.2 million credit facility 23,175 23,175 30,900 4.87 % — — — — $20 million credit facility 20,000 19,912 41,650 5.07 % — — — — $17.4 million credit facility 12,462 12,462 15,844 4.97 % — — — — $8 million credit facility 8,000 7,946 10,000 5.07 % — — — — $7.5 million credit facility — — — — 7,472 7,432 9,340 4.37 % Repurchase facilities - securities (2) 118,112 118,112 — 5.07 % 53,938 53,938 — 4.45 % $3 million master security agreement 1,168 1,168 — 3.19 % 1,834 1,834 — 3.21 % $2.2 million master security agreement 1,678 1,678 — 4.66 % — — — — Structured Business total $ 665,844 $ 663,446 $ 777,360 4.78 % $ 239,222 $ 237,037 $ 241,868 4.02 % Agency Business $750 million ASAP agreement $ 104,619 $ 104,619 $ 104,619 3.55 % $ 121,880 $ 121,880 $ 121,880 2.61 % $500 million repurchase facility 130,917 130,906 130,917 3.78 % 24,873 24,827 24,873 2.91 % $250 million credit facility 26,651 26,651 26,651 3.75 % 23,785 23,785 23,785 2.86 % $150 million credit facility 113,685 113,666 113,685 3.80 % 21,821 21,802 21,821 2.96 % $150 million credit facility 96,419 96,339 96,419 3.80 % 99,357 99,242 99,357 2.91 % Agency Business total $ 472,291 $ 472,181 $ 472,291 3.74 % $ 291,716 $ 291,536 $ 291,716 2.78 % Consolidated total $ 1,138,135 $ 1,135,627 $ 1,249,651 4.35 % $ 530,938 $ 528,573 $ 533,584 3.34 % (1) The debt carrying value for the Structured Business at December 31, 2018 and 2017 was net of unamortized deferred finance costs of $2.4 million and $2.2 million, respectively. The debt carrying value for the Agency Business at December 31, 2018 and 2017 was net of unamortized deferred finance costs of $0.1 million and $0.2 million, respectively. (2) At December 31, 2018 and 2017, these facilities were collateralized by CLO bonds retained by us with an aggregate principal balance of $114.2 million and $61.0 million, respectively, and B Piece bonds with an aggregate carrying value of $76.4 million and $27.8 million, respectively.
CLOs
Debt Obligations
Schedule of borrowings	Borrowings and the corresponding collateral under our CLOs are as follows ($ in thousands): Collateral (3) Debt Loans Cash Carrying Wtd. Avg. Carrying Restricted Face Value Value (1) Rate (2) UPB Value Cash (4) December 31, 2018 CLO X $ 441,000 $ 436,384 4.01 % $ 539,007 $ 536,869 $ 20,993 CLO IX 356,400 352,244 3.92 % 440,906 439,691 20,094 CLO VIII 282,874 279,857 3.87 % 354,713 353,574 10,287 CLO VII 279,000 276,527 4.56 % 325,057 324,195 30,725 CLO VI 250,250 248,536 5.05 % 279,348 278,364 41,404 Total CLOs $ 1,609,524 $ 1,593,548 4.22 % $ 1,939,031 $ 1,932,693 $ 123,503 December 31, 2017 CLO IX $ 356,400 $ 351,042 2.97 % $ 372,350 $ 371,236 $ 88,650 CLO VIII 282,874 278,606 2.92 % 364,838 363,339 162 CLO VII 279,000 275,331 3.61 % 346,524 345,220 13,476 CLO VI 250,250 247,470 4.10 % 314,382 313,582 10,618 CLO V 267,750 265,973 4.06 % 347,797 346,803 2,203 Total CLOs $ 1,436,274 $ 1,418,422 3.48 % $ 1,745,891 $ 1,740,180 $ 115,109 (1) Debt carrying value is net of $16.0 million and $17.9 million of deferred financing fees at December 31, 2018 and 2017, respectively. (2) At December 31, 2018 and 2017, the aggregate weighted average note rate for our CLOs, including certain fees and costs, was 4.73% and 4.08%, respectively. (3) As of December 31, 2018 and 2017, there was no collateral at risk of default or deemed to be a “credit risk” as defined by the CLO indenture. (4) Represents restricted cash held for principal repayments as well as for reinvestment in the CLOs. Does not include restricted cash related to interest payments, delayed fundings and expenses.
Summary of the company's CLO compliance tests as of the most recent determination dates	Cash Flow Triggers CLO VI CLO VII CLO VIII CLO IX CLO X Overcollateralization (1) Current 129.87 % 129.03 % 129.03 % 134.68 % 126.98 % Limit 128.87 % 128.03 % 128.03 % 133.68 % 125.98 % Pass / Fail Pass Pass Pass Pass Pass Interest Coverage (2) Current 180.38 % 207.52 % 263.21 % 252.03 % 234.48 % Limit 120.00 % 120.00 % 120.00 % 120.00 % 120.00 % Pass / Fail Pass Pass Pass Pass Pass (1) The overcollateralization ratio divides the total principal balance of all collateral in the CLO by the total principal balance of the bonds associated with the applicable ratio. To the extent an asset is considered a defaulted security, the asset’s principal balance for purposes of the overcollateralization test is the lesser of the asset’s market value or the principal balance of the defaulted asset multiplied by the asset’s recovery rate which is determined by the rating agencies. Rating downgrades of CLO collateral will generally not have a direct impact on the principal balance of a CLO asset for purposes of calculating the CLO overcollateralization test unless the rating downgrade is below a significantly low threshold (e.g. CCC-) as defined in each CLO vehicle. (2) The interest coverage ratio divides interest income by interest expense for the classes senior to those retained by us.
Summary of the Company's CLO overcollateralization ratios	Determination (1) CLO VI CLO VII CLO VIII CLO IX CLO X January 2019 129.87 % 129.03 % 129.03 % 134.68 % 126.98 % October 2018 129.87 % 129.03 % 129.03 % 134.68 126.98 % July 2018 129.87 % 129.03 % 129.03 % 134.68 126.98 % April 2018 129.87 % 129.03 % 129.03 % 134.69 — January 2018 129.87 % 129.03 % 129.03 % 134.68 — (1) The table above represents the quarterly trend of our overcollateralization ratio, however, the CLO determination dates are monthly and we were in compliance with this test for all periods presented.

Allowance for Loss-Sharing Ob_2

Allowance for Loss-Sharing Obligations (Tables)	12 Months Ended
	Dec. 31, 2018
Allowance for Loss-Sharing Obligations
Schedule of allowance for loss-sharing obligations related to Fannie Mae DUS program	Our allowance for loss-sharing obligations related to the Fannie Mae DUS program is as follows (in thousands): Year Ended December 31, 2018 2017 Beginning balance $ 30,511 $ 32,408 Provision for loss sharing 7,126 6,358 Provision reversal for loan repayments (3,283) (6,617) Charge-offs, net (56) (1,638) Ending balance $ 34,298 $ 30,511

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2018
Agency Business
Schedule of non-qualifying derivative financial instruments	A summary of our non-qualifying derivative financial instruments held by our Agency Business is as follows ($ in thousands): December 31, 2018 Notional Value Fair Value Notional Derivative Derivative Derivative Count Value Balance Sheet Location Assets Liabilities Rate Lock Commitments 4 $ 18,161 Other Assets/Other Liabilities $ 324 $ (95) Forward Sale Commitments 90 491,125 Other Assets/Other Liabilities 5,789 (637) $ 509,286 $ 6,113 $ (732) December 31, 2017 Rate Lock Commitments 3 $ 38,578 Other Assets/Other Liabilities $ 276 $ (278) Forward Sale Commitments 75 330,827 Other Assets/Other Liabilities 408 (1,028) $ 369,405 $ 684 $ (1,306)

Fair Value (Tables)

Fair Value (Tables)	12 Months Ended
	Dec. 31, 2018
Fair Value.
Summary of the principal amounts, carrying values and the estimated fair values of the Company's financial instruments	The following table summarizes the principal amounts, carrying values and the estimated fair values of our financial instruments (in thousands): r December 31, 2018 December 31, 2017 Principal / Principal / Notional Carrying Estimated Notional Carrying Estimated Amount Value Fair Value Amount Value Fair Value Financial assets: Loans and investments, net $ $ $ $ $ $ Loans held-for-sale, net 472,964 481,664 489,546 292,249 297,443 302,883 Capitalized mortgage servicing rights, net n/a 273,770 322,463 n/a 252,608 286,073 Securities held-to-maturity, net 103,515 76,363 79,097 40,566 27,837 28,439 Derivative financial instruments 400,661 6,113 6,113 77,984 684 684 Financial liabilities: Credit and repurchase facilities $ $ $ $ 530,938 $ 528,573 $ 529,992 Collateralized loan obligations Debt fund 70,000 68,183 70,154 70,000 68,084 70,000 Senior unsecured notes 125,000 122,484 123,750 97,860 95,280 99,582 Convertible senior unsecured notes, net 270,057 254,768 267,324 243,750 231,287 254,335 Junior subordinated notes 154,336 140,259 95,873 154,336 139,590 94,215 Related party financing — — — 50,000 50,000 49,682 Derivative financial instruments 108,625 732 732 291,421 1,306 1,306
Schedule of certain financial assets and financial liabilities measured at fair value on a recurring basis	The fair values of these financial assets and liabilities were determined using the following input levels as of December 31, 2018 (in thousands): Fair Value Measurements Carrying Using Fair Value Hierarchy Value Fair Value Level 1 Level 2 Level 3 Financial assets: Derivative financial instruments $ 6,113 $ 6,113 $ — $ 5,789 $ 324 Financial liabilities: Derivative financial instruments $ 732 $ 732 $ — $ 732 $ —
Schedule of certain financial assets and financial liabilities measured at fair value on a nonrecurring basis	The fair values of these financial and non-financial assets were determined using the following input levels as of December 31, 2018 (in thousands): Fair Value Measurements Net Carrying Using Fair Value Hierarchy Value Fair Value Level 1 Level 2 Level 3 Financial assets: Impaired loans, net (1) $ 60,766 $ 60,766 $ — $ — $ 60,766 Non-financial assets: Long-lived assets (2) $ 14,446 $ 14,446 $ — $ — $ 14,446 (1) We had an allowance for loan losses of $71.1 million relating to five loans with an aggregate carrying value, before loan loss reserves, of $131.8 million at December 31, 2018. (2) We recorded a $2.0 million impairment loss during 2018 on the office building we own. See Note 9 - Real Estate Owned and Held-For-Sale for details.
Schedule of quantitative information about Level 3 fair value measurements	Quantitative information about Level 3 fair value measurements at December 31, 2018 were as follows ($ in thousands): Valuation Significant Fair Value Techniques Unobservable Inputs Financial assets: Impaired loans: Land $ 60,000 Discounted cash flows Discount rate 23.00 % Revenue growth rate 3.00 % Office 766 Discounted cash flows Discount rate 11.00 % Capitalization rate 9.00 % Revenue growth rate 2.50 % Derivative financial instruments: Rate lock commitments 324 Discounted cash flows W/A discount rate 13.06 % Long-lived assets: Office building 3,171 Broker quotes N/A N/A
Schedule of financial assets measured at fair value on a recurring basis using Level 3 inputs	A roll-forward of Level 3 derivative instruments were as follows (in thousands): Fair Value Measurements Using Significant Unobservable Inputs for the Year Ended December 31, 2018 2017 2016 Derivative assets Balance at beginning of period $ 276 $ 2,816 $ — Additions from the Acquisition — — 4,529 Settlements (98,791) (79,360) (26,157) Realized gains recorded in earnings 98,515 76,544 21,628 Unrealized gains recorded in earnings 324 2,816 Balance at end of period $ 324 $ $ 2,816
Schedule of components of fair value and other relevant information	The components of fair value and other relevant information associated with our rate lock commitments, forward sales commitments and the estimated fair value of cash flows from servicing on loans held-for-sale were as follows (in thousands): Notional/ Fair Value of Interest Rate Total Fair Principal Amount Servicing Rights Movement Effect Value Adjustment December 31, 2018 Rate lock commitments $ 18,161 $ 324 $ (95) $ 229 Forward sale commitments 491,125 — 95 95 Loans held-for-sale, net (1) 472,964 10,253 — 10,253 Total $ 10,577 $ — $ 10,577 (1) Loans held-for-sale, net are recorded at the lower of cost or market on an aggregate basis and includes fair value adjustments related to estimated cash flows from MSRs.
Schedule of fair value of assets and liabilities	The fair values of these assets and liabilities were determined using the following input levels as of December 31, 2018 (in thousands): Fair Value Measurements Carrying Using Fair Value Hierarchy Value Fair Value Level 1 Level 2 Level 3 Financial assets: Loans and investments, net $ 3,200,145 $ 3,249,499 $ — $ — $ 3,249,499 Loans held-for-sale, net 481,664 489,546 — 479,293 10,253 Capitalized mortgage servicing rights, net 273,770 322,463 — — 322,463 Securities held-to-maturity, net 76,363 79,097 — — 79,097 Financial liabilities: Credit and repurchase facilities $ 1,135,627 $ 1,135,774 $ — $ 472,181 $ 663,593 Collateralized loan obligations 1,593,548 1,588,989 — — 1,588,989 Debt fund 68,183 70,154 — — 70,154 Senior unsecured notes 122,484 123,750 123,750 — — Convertible senior unsecured notes, net 254,768 267,324 — 267,324 — Junior subordinated notes 140,259 95,873 — — 95,873

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2018
Commitments and Contingencies
Schedule of maturities of debt obligations and operating lease payments	As of December 31, 2018, the maturities of our debt obligations and the minimum annual operating lease payments under leases with a term in excess of one year were as follows (in thousands): Minimum Annual Debt Operating Lease Year Obligations Payments Total 2019 $ 798,974 $ 5,468 $ 804,442 2020 1,075,447 5,210 1,080,657 2021 932,465 2,953 935,418 2022 162,719 2,703 165,422 2023 125,000 2,051 127,051 Thereafter 272,447 4,764 277,211 Total $ 3,367,052 $ 23,149 $ 3,390,201

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	12 Months Ended
	Dec. 31, 2018
Variable Interest Entities
Schedule of the assets and liabilities related to the consolidated CLOs and Debt Fund	The assets and liabilities related to these consolidated CLOs and Debt Fund are as follows (in thousands): December 31, 2018 December 31, 2017 Assets: Restricted cash $ 179,855 $ 138,736 Loans and investments, net 2,001,617 1,836,744 Other assets 16,624 14,011 Total assets $ 2,198,096 $ 1,989,491 Liabilities: Collateralized loan obligations $ 1,593,548 $ 1,418,422 Debt fund 68,183 68,084 Other liabilities 3,408 2,046 Total liabilities $ 1,665,139 $ 1,488,552
Summary of the Company's variable interests in identified VIEs, of which the company is not the primary beneficiary	A summary of our variable interests in identified VIEs, of which we are not the primary beneficiary, as of December 31, 2018 is as follows (in thousands): Carrying Type Amount (1) Loans $ 289,392 B Piece bonds 76,363 Agency interest only strips 3,231 Total $ 368,986 (1) Represents the carrying amount of loans and investments before reserves. At December 31, 2018, $130.1 million of loans to VIEs had corresponding loan loss reserves of $69.4 million. See Note 3 - Loans and Investments for details. In addition, the maximum loss exposure as of December 31, 2018 would not exceed the carrying amount of our investment.

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2018
Equity
Schedule of dividends declared by the Company (on a per share basis)	Dividends declared (on a per share basis) for the year ended December 31, 2018 are as follows: Common Stock Preferred Stock Dividend (1) Declaration Date Dividend Declaration Date Series A Series B Series C December 13, 2018 (2) $ 0.15 October 31, 2018 $ $ $ October 31, 2018 $ 0.27 August 1, 2018 $ $ $ August 1, 2018 $ 0.25 May 2, 2018 $ $ $ May 2, 2018 $ 0.25 February 2, 2018 $ $ $ February 21, 2018 $ 0.21 (1) The dividend declared on October 31, 2018 was for September 1, 2018 through November 30, 2018. The dividend declared on August 1, 2018 was for June 1, 2018 through August 31, 2018. The dividend declared on May 2, 2017 was for March 1, 2018 through May 31, 2018. The dividend declared on February 3, 2018 was for December 1, 2017 through February 28, 2018. (2) On December 13, 2018, our Board of Directors declared a special dividend of $0.15 per common share, which was paid in a combination of $2.5 million of cash and 901,432 common shares in January 2019.
Schedule of reconciliation of the numerator and denominator of the basic and diluted EPS computations	The following tables reconcile the numerator and denominator of our basic and diluted EPS computations ($ in thousands, except share and per share data): Year Ended December 31, 2018 2017 2016 Basic Diluted Basic Diluted Basic Diluted Net income attributable to common stockholders (1) $ 108,312 $ 108,312 $ 65,835 $ 65,835 $ 42,796 $ 42,796 Net income attributable to noncontrolling interest (2) — 32,185 — 24,120 — — Net income attributable to common stockholders and noncontrolling interest $ 108,312 $ 140,497 $ 65,835 $ 89,955 $ 42,796 $ 42,796 Weighted average shares outstanding 70,208,165 70,208,165 57,890,574 57,890,574 51,305,095 51,305,095 Dilutive effect of OP Units (2) — 21,033,103 — 21,230,769 — — Dilutive effect of restricted stock units (3) — 1,476,653 — 1,092,072 — 425,458 Dilutive effect of convertible notes (4) — 908,861 — 97,837 — — Dilutive effect of stock dividend (5) — 15,386 — — — — Weighted average shares outstanding 70,208,165 93,642,168 57,890,574 80,311,252 51,305,095 51,730,553 Net income per common share (1) $ 1.54 $ 1.50 $ 1.14 $ 1.12 $ 0.83 $ 0.83 (1) Net of preferred stock dividends. (2) We consider OP Units to be common stock equivalents as the holders have voting rights, the right to distributions and the right to redeem the OP Units for the cash value of a corresponding number of shares of common stock or a corresponding number of shares of common stock, at our election. For 2016, the OP Units were considered anti-dilutive and excluded from diluted EPS. (3) Our chief executive officer was granted restricted stock units in 2018, 2017 and 2016 which vest at the end of a four-year performance period based upon our achievement of total stockholder return objectives. (4) The convertible senior unsecured notes impact diluted earnings per share if the average price of our common stock exceeds the conversion price, as calculated in accordance with the terms of the indenture. (5) Represents the dilutive effect of the portion of the special dividend that was paid with common shares.

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2018
Income Taxes
Schedule of pre-tax GAAP income	A summary of our pre-tax GAAP income is as follows (in thousands): Year Ended December 31, 2018 2017 2016 Pre-tax GAAP income: REIT $ 64,260 $ 66,988 $ 35,151 TRS Consolidated Group 93,522 43,880 8,470 Total pre-tax GAAP income $ 157,782 $ 110,868 $ 43,621
Schedule of provision (benefit) from income taxes	Our provision for (benefit from) income taxes was comprised as follows (in thousands): Year Ended December 31, 2018 2017 2016 Current tax provision Federal $ 17,479 $ 17,201 $ 768 State 4,285 3,557 1,589 Total 21,764 20,758 2,357 Deferred tax (benefit) provision Federal $ (9,446) $ (2,928) $ 1,449 State (2,867) (929) 2,380 Valuation allowance 280 (3,542) (5,361) Total (12,033) (7,399) (1,532) Total income tax expense $ 9,731 $ 13,359 $ 825
Schedule of reconciliation of effective income tax rate as a percentage of pretax income or loss to the U.S. federal statutory rate	Year Ended December 31, 2018 2017 2016 U.S. federal statutory rate 21.0 % 35.0 % 35.0 % REIT non-taxable income (8.6) (21.2) (28.2) State and local income taxes, net of federal tax benefit 0.6 1.6 6.9 Change in valuation allowance 0.2 (1.3) (12.3) Preferred equity interest deferred tax write-off (6.3) — — Tax rate change — (4.8) — Other (0.7) 2.7 0.5 Effective income tax rate 6.2 % 12.0 % 1.9 %
Summary of significant components of deferred tax assets and liabilities of TRS Consolidated Group	The significant components of our deferred tax assets and liabilities of our TRS Consolidated Group were as follows (in thousands): December 31, 2018 2017 Deferred tax assets: Expenses not currently deductible $ 11,853 $ 9,750 Loan loss reserves 8,614 10,036 Net operating and capital loss carryforwards 417 137 Valuation allowance (3,698) (3,418) Deferred tax assets, net $ 17,186 $ 16,505 Deferred tax liabilities: Interest in equity affiliates – net $ 136 $ 2,841 Intangibles 9,674 15,673 Mortgage servicing rights 5,290 7,493 Other 807 1,252 Deferred tax liabilities, net $ 15,907 $ 27,259

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2018
Segment Information
Schedule of statement of income and balance sheet by segment	ar Year Ended December 31, 2018 Structured Agency Other / Business Business Eliminations (1) Consolidated Interest income $ 226,750 $ 25,018 $ — $ 251,768 Interest expense 137,719 15,770 329 153,818 Net interest income 89,031 9,248 (329) 97,950 Other revenue: Gain on sales, including fee-based services, net — 70,002 — 70,002 Mortgage servicing rights — 98,839 — 98,839 Servicing revenue — 94,158 — 94,158 Amortization of MSRs — (48,124) — (48,124) Property operating income 10,095 — — 10,095 Other income, net 1,490 6,671 — 8,161 Total other revenue 11,585 221,546 — 233,131 Other expenses: Employee compensation and benefits 27,456 83,014 — 110,470 Selling and administrative 15,642 21,432 — 37,074 Property operating expenses 10,431 — — 10,431 Depreciation and amortization 1,851 5,602 — 7,453 Impairment loss on real estate owned 2,000 — — 2,000 Provision for loss sharing (net of recoveries) — 3,843 — 3,843 Provision for loan losses (net of recoveries) 8,353 — — 8,353 Litigation settlement gain (10,170) — — (10,170) Total other expenses 55,563 113,891 — 169,454 Income before extinguishment of debt, income from equity affiliates and income taxes 45,053 116,903 (329) 161,627 Loss on extinguishment of debt (5,041) — — (5,041) Income from equity affiliates 1,196 — — 1,196 Benefit from (provision for) income taxes 774 (10,505) — (9,731) Net income 41,982 106,398 (329) 148,051 Preferred stock dividends 7,554 — — 7,554 Net income attributable to noncontrolling interest — — 32,185 32,185 Net income attributable to common stockholders $ 34,428 $ 106,398 $ (32,514) $ 108,312 Year Ended December 31, 2017 Structured Agency Other / Business Business Eliminations (1) Consolidated Interest income $ 136,526 $ 19,651 $ — $ 156,177 Interest expense 74,136 12,089 3,847 90,072 Net interest income 62,390 7,562 (3,847) 66,105 Other revenue: Gain on sales, including fee-based services, net — 72,799 — 72,799 Mortgage servicing rights — 76,820 — 76,820 Servicing revenue — 76,412 — 76,412 Amortization of MSRs — (47,202) — (47,202) Property operating income 10,973 — — 10,973 Other income, net 2,083 (1,398) — 685 Total other revenue 13,056 177,431 — 190,487 Other expenses: Employee compensation and benefits 19,555 72,571 — 92,126 Selling and administrative 11,765 18,973 — 30,738 Property operating expenses 10,482 — — 10,482 Depreciation and amortization 1,784 5,601 — 7,385 Impairment loss on real estate owned 3,200 — — 3,200 Provision for loss sharing (net of recoveries) — (259) — (259) Provision for loan losses (net of recoveries) (456) — — (456) Management fee - related party 3,259 3,414 — 6,673 Total other expenses 49,589 100,300 — 149,889 Income before extinguishment of debt, loss from equity affiliates and income taxes 25,857 84,693 (3,847) 106,703 Gain on extinguishment of debt 7,116 — — 7,116 Loss from equity affiliates (2,951) — — (2,951) Provision for income taxes (957) (12,402) — (13,359) Net income 29,065 72,291 (3,847) 97,509 Preferred stock dividends 7,554 — — 7,554 Net income attributable to noncontrolling interest — — 24,120 24,120 Net income attributable to common stockholders $ 21,511 $ 72,291 $ (27,967) $ 65,835 The Agency Business information for 2016 in the following table includes only the operating results of the Acquisition from July 14, 2016 (Acquisition closing date) to December 31, 2016. Year Ended December 31, 2016 Structured Agency Other / Business Business Eliminations (1) Consolidated Interest income $ 109,622 $ 6,551 $ — $ 116,173 Other interest income, net 2,539 — — 2,539 Interest expense 57,943 3,887 1,793 63,623 Net interest income 54,218 2,664 (1,793) 55,089 Other revenue: Gain on sales, including fee-based services, net — 24,594 — 24,594 Mortgage servicing rights — 44,941 — 44,941 Servicing revenue — 30,759 — 30,759 Amortization of MSRs — (21,705) — (21,705) Property operating income 14,881 — — 14,881 Other income, net 542 499 — 1,041 Total other revenue 15,423 79,088 — 94,511 Other expenses: Employee compensation and benefits 14,884 23,763 — 38,647 Selling and administrative 9,714 7,873 — 17,587 Acquisition costs — — 10,262 10,262 Property operating expenses 13,501 — — 13,501 Depreciation and amortization 2,454 2,568 — 5,022 Impairment loss on real estae owned 11,200 — — 11,200 Provision for loss sharing (net of recoveries) — 2,235 — 2,235 Provision for loan losses (net of recoveries) (134) — — (134) Management fee - related party 9,044 3,556 — 12,600 Total other expenses 60,663 39,995 10,262 110,920 Income before sale of real estate, income from equity affiliates and income taxes 8,978 41,757 (12,055) 38,680 Gain on sale of real estate 11,631 — — 11,631 Income from equity affiliates 12,995 — — 12,995 Provision for income taxes — (825) — (825) Net income 33,604 40,932 (12,055) 62,481 Preferred stock dividends 7,554 — — 7,554 Net income attributable to noncontrolling interest — — 12,131 12,131 Net income attributable to common stockholders $ 26,050 $ 40,932 $ (24,186) $ 42,796 (1) Includes certain corporate expenses not allocated to the two reportable segments, such as financing costs associated with the Acquisition, as well as income allocated to the noncontrolling interest holders. December 31, 2018 Structured Business Agency Business Other / Eliminations Consolidated Assets: Cash and cash equivalents $ 89,457 $ 70,606 $ — $ 160,063 Restricted cash 180,606 — — 180,606 Loans and investments, net 3,200,145 — — 3,200,145 Loans held-for-sale, net — 481,664 — 481,664 Capitalized mortgage servicing rights, net — 273,770 — 273,770 Securities held-to-maturity, net — 76,363 — 76,363 Investments in equity affiliates 21,580 — — 21,580 Goodwill and other intangible assets 12,500 103,665 — 116,165 Other assets 81,494 20,325 — 101,819 Total assets $ 3,585,782 $ 1,026,393 $ — $ 4,612,175 Liabilities: Debt obligations $ 2,842,688 $ 472,181 $ — $ 3,314,869 Allowance for loss-sharing obligations — 34,298 — 34,298 Other liabilities 159,413 38,029 — 197,442 Total liabilities $ 3,002,101 $ 544,508 $ — $ 3,546,609 December 31, 2017 Structured Business Agency Business Other / Eliminations Consolidated Assets: Cash and cash equivalents $ 37,056 $ 67,318 $ — $ 104,374 Restricted cash 139,398 — — 139,398 Loans and investments, net 2,579,127 — — 2,579,127 Loans held-for-sale, net — 297,443 — 297,443 Capitalized mortgage servicing rights, net — 252,608 — 252,608 Securities held- to- maturity, net — 27,837 — 27,837 Investments in equity affiliates 23,653 — — 23,653 Goodwill and other intangible assets 12,500 109,266 — 121,766 Other assets 66,227 13,512 — 79,739 Total assets $ 2,857,961 $ 767,984 $ — $ 3,625,945 Liabilities: Debt obligations $ 2,189,700 $ 291,536 $ 50,000 $ 2,531,236 Allowance for loss-sharing obligations — 30,511 — 30,511 Other liabilities 155,814 42,819 1,009 199,642 Total liabilities $ 2,345,514 $ 364,866 $ 51,009 $ 2,761,389
Schedule of origination data and loan sales data	Year Ended December 31, 2018 2017 2016 Origination Data: Structured Business New loan originations $ 1,656,020 $ 1,842,974 $ 847,683 Loan payoffs / paydowns 955,575 924,120 553,409 Agency Business Origination Volumes by Investor: Fannie Mae $ 3,332,100 $ 2,929,481 $ 1,668,581 Freddie Mac 1,587,958 1,322,498 456,422 FHA 153,523 189,087 24,630 CMBS/Conduit 50,908 21,370 — Total $ 5,124,489 $ 4,462,436 $ 2,149,633 Total loan commitment volume $ 5,104,072 $ 4,344,328 $ 2,129,720 Loan Sales Data: Agency Business Fannie Mae $ 3,217,006 $ 3,223,953 $ 1,130,392 Freddie Mac 1,540,483 1,399,029 332,319 FHA 115,747 170,554 29,673 CMBS/Conduit 50,908 21,370 — Total $ 4,924,144 $ 4,814,906 $ 1,492,384 (1) Sales margin (fee-based services as a % of loan sales) 1.42 % 1.51 % 1.65 % MSR rate (MSR income as a % of loan commitments) 1.94 % 1.77 % 2.11 % (1) Loan sales were $1.91 billion for 2016, including loans that were acquired as part of the Acquisition.
Schedule of key servicing metrics for Agency Business	December 31, 2018 Wtd. Avg. Life of UPB of Servicing Wtd. Avg. Servicing Servicing Portfolio Key Servicing Metrics for Agency Business: Portfolio Fee Rate (basis points) (in years) Fannie Mae $ 13,562,667 51.3 Freddie Mac 4,394,287 30.8 FHA 644,687 15.5 Total $ 18,601,641 45.2 December 31, 2017 Fannie Mae $ 12,502,699 53.6 6.9 Freddie Mac 3,166,134 29.5 10.5 FHA 537,482 16.5 19.6 Total $ 16,206,315 47.7 8.1

Selected Quarterly Financial _2

Selected Quarterly Financial Data - Unaudited (Tables)	12 Months Ended
	Dec. 31, 2018
Selected Quarterly Financial Data - Unaudited
Summary of quarterly financial data	Summarized quarterly financial data for 2018 and 2017 is as follows ($ in thousands, except per share data): Three Months Ended December 31, 2018 September 30, 2018 June 30, 2018 March 31, 2018 Net interest income $ 30,361 $ 27,952 $ 21,411 $ 18,225 Total other revenue 77,464 55,580 46,923 53,162 Total other expenses 50,255 34,739 40,610 43,849 Income before extinguishment of debt, income from equity affiliates and income taxes 57,570 48,793 27,724 27,538 Loss on extinguishment of debt (82) (4,960) — — Income (loss) from equity affiliates 91 (1,028) 1,387 746 (Provision for) benefit from income taxes (8,635) (5,381) (4,499) 8,784 Net income 48,944 37,424 24,612 37,068 Preferred stock dividends 1,888 1,888 1,888 1,888 Net income attributable to noncontrolling interest 9,838 7,799 5,557 8,991 Net income attributable to common stockholders $ 37,218 $ 27,737 $ 17,167 $ 26,189 Basic earnings per common share (1) $ 0.48 $ 0.37 $ 0.26 $ 0.42 Diluted earnings per common share (1) $ 0.47 $ 0.36 $ 0.25 $ 0.42 Three Months Ended December 31, 2017 September 30, 2017 June 30, 2017 March 31, 2017 Net interest income $ 19,671 $ 18,290 $ 14,057 $ 14,088 Total other revenue 51,431 47,989 44,735 46,332 Total other expenses 37,999 36,596 37,043 38,254 Income before extinguishment of debt, income from equity affiliates and income taxes 33,103 29,683 21,749 22,166 Gain on extinguishment of debt — — — 7,116 (Loss) income from equity affiliates (4,706) 995 (3) 763 Benefit from (provision for) income taxes 2,885 (6,708) (3,435) (6,101) Net income 31,282 23,970 18,311 23,944 Preferred stock dividends 1,888 1,888 1,888 1,888 Net income attributable to noncontrolling interest 7,524 5,661 4,494 6,442 Net income attributable to common stockholders $ 21,870 $ 16,421 $ 11,929 $ 15,614 Basic earnings per common share (1) $ 0.35 $ 0.27 $ 0.21 $ 0.30 Diluted earnings per common share (1) $ 0.35 $ 0.26 $ 0.21 $ 0.30 (1) The sum of the quarterly amounts may not equal amounts reported for year-to-date periods, due to the effects of rounding for each period.

Basis of Presentation and Sig_4

Basis of Presentation and Significant Accounting Policies - Impaired Loans, Allowance for Loan Losses and Charge-offs (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)
Impaired Loans, Allowance for Loan Losses and Charge-offs
Adjustments made to appraisals	$ 0
Loans Held-for-Sale, Net
Maximum number of days held-for-sale loans are generally transferred or sold	60 days
Allowance for Loss-Sharing Obligations
Period of a loan past due becomes delinquent	60 days
Real Estate Owned and Held-For-Sale
Period following acquisition in which the entity finalizes the purchase price allocation of the real estate properties acquired	1 year
Fannie Mae
Allowance for Loss-Sharing Obligations
Percentage of loss obligation on UPB	5.00%
Obligated funding percentage of mortgage delinquencies	100.00%
Loss sharing funding percentage of advances until final settlement	25.00%
Maximum | Fannie Mae
Allowance for Loss-Sharing Obligations
Percentage of additional loss obligation on UPB	20.00%
Commercial Loans | MSRs
Capitalized Mortgage Servicing Rights
Inflation rate used for adequate compensation	3.00%
Commercial Loans | MSRs | Discount rate | Minimum
Capitalized Mortgage Servicing Rights
Discount rates to determine the present value of MSRs (as a percent)	8
Commercial Loans | MSRs | Discount rate | Maximum
Capitalized Mortgage Servicing Rights
Discount rates to determine the present value of MSRs (as a percent)	15
Commercial Loans | MSRs | Discount rate | Weighted average
Capitalized Mortgage Servicing Rights
Discount rates to determine the present value of MSRs (as a percent)	12

Basis of Presentation and Sig_5

Basis of Presentation and Significant Accounting Policies, Recently Adopted Accounting Pronouncements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Recently Adopted Accounting Pronouncements
Cash and cash equivalents at beginning of period	$ 104,374
Cash, cash equivalents and restricted cash at beginning of period	243,772	$ 167,960	$ 237,010
Net increase (decrease) in cash, cash equivalents and restricted cash	96,897	75,812	(69,050)
Cash and cash equivalents at end of period	160,063	104,374
Cash, cash equivalents and restricted cash at end of period	340,669	243,772	167,960
Net cash provided by (used in) operating activities: changes in operating assets and liabilities	(8,205)	(308)	(4,624)
Net cash used in investing activities	(681,875)	(906,845)	(196,917)
Net cash provided by financing activities	816,507	522,953	326,382
Previously reported under GAAP
Recently Adopted Accounting Pronouncements
Cash and cash equivalents at beginning of period	104,374	138,645	188,709
Net decrease in cash and cash equivalents		(34,271)	(50,064)
Cash and cash equivalents at end of period		104,374	138,645
Net cash provided by (used in) operating activities: changes in operating assets and liabilities		822	(3,727)
Net cash used in investing activities		(907,949)	(201,917)
Net cash provided by financing activities		412,844	349,471
ASU 2016-18 and ASU 2016-15
Recently Adopted Accounting Pronouncements
Cash, cash equivalents and restricted cash at beginning of period	$ 243,772	167,960	237,010
Net increase (decrease) in cash, cash equivalents and restricted cash		75,812	(69,050)
Cash, cash equivalents and restricted cash at end of period		243,772	167,960
Net cash provided by (used in) operating activities: changes in operating assets and liabilities		(308)	(4,624)
Net cash used in investing activities		(906,845)	(196,917)
Net cash provided by financing activities		$ 522,953	$ 326,382

Loans and Investments, Investme

Loans and Investments, Investment Portfolio and Concentration of Credit Risk (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)loanitem	Dec. 31, 2017USD ($)loanitem	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Loans and Investments
Loans and investments, gross	$ 3,283,342	$ 2,652,538
Unearned revenue	(12,128)	(10,628)
Allowance for loan losses	(71,069)	(62,783)	$ (83,712)	$ (86,762)
Loans and investments, net	$ 3,200,145	$ 2,579,127
Percent of Total	100.00%	100.00%
Loan Count | loan	190	170
Wtd. Avg. Pay Rate (as a percent)	7.02%	6.28%
Wtd. Avg. Remaining Months to Maturity	22 months	23 months 18 days
Wtd. Avg. First Dollar LTV Ratio (as percent)	5.00%	4.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	75.00%	73.00%
Number of loans and investments | loan	8	8
Carrying value of loans	$ 3,283,342
Higher-risk
Loans and Investments
Wtd. Avg. Last Dollar LTV Ratio (as percent)	99.00%	93.00%
Carrying value of loans	$ 128,700	$ 126,500
Total assets | Credit risk concentration
Loans and Investments
Loan Count | loan	45	42
Number of different borrowers | item	5	5
Concentration risk, percentage	22.00%	24.00%
Bridge loans
Loans and Investments
Loans and investments, gross	$ 2,992,814	$ 2,422,105
Percent of Total	91.00%	91.00%
Loan Count | loan	167	150
Wtd. Avg. Pay Rate (as a percent)	6.84%	6.10%
Wtd. Avg. Remaining Months to Maturity	18 months 15 days	20 months 27 days
Wtd. Avg. First Dollar LTV Ratio (as percent)	0.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	74.00%	72.00%
Carrying value of loans	$ 2,992,814
Preferred equity investments
Loans and Investments
Loans and investments, gross	$ 181,661	$ 142,892
Percent of Total	6.00%	6.00%
Loan Count | loan	10	12
Wtd. Avg. Pay Rate (as a percent)	7.97%	6.47%
Wtd. Avg. Remaining Months to Maturity	78 months	68 months 21 days
Wtd. Avg. First Dollar LTV Ratio (as percent)	66.00%	64.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	89.00%	90.00%
Carrying value of loans		$ 34,800
Mezzanine loans
Loans and Investments
Loans and investments, gross	$ 108,867	$ 87,541
Percent of Total	3.00%	3.00%
Loan Count | loan	13	8
Wtd. Avg. Pay Rate (as a percent)	10.57%	10.78%
Wtd. Avg. Remaining Months to Maturity	22 months 3 days	24 months 24 days
Wtd. Avg. First Dollar LTV Ratio (as percent)	28.00%	20.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	72.00%	63.00%

Loans and Investments, Risk Rat

Loans and Investments, Risk Ratings and LTV Ratios (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Loans and Investments
Percentage of Portfolio	100.00%	100.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	5.00%	4.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	75.00%	73.00%
Credit risk concentration | Pass/watch
Loans and Investments
Unpaid Principal Balance (UPB)	$ 3,283,342
Percentage of Portfolio	100.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	5.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	75.00%
Credit risk concentration | Special mention
Loans and Investments
Unpaid Principal Balance (UPB)		$ 2,652,538
Percentage of Portfolio		100.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)		4.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)		73.00%
Credit risk concentration | Loans and investments portfolio | New York
Loans and Investments
Concentration risk, percentage	23.00%	21.00%
Credit risk concentration | Loans and investments portfolio | Texas
Loans and Investments
Concentration risk, percentage	18.00%	23.00%
Credit risk concentration | Loans and investments portfolio | California
Loans and Investments
Concentration risk, percentage		11.00%
Credit risk concentration | Multifamily | Pass/watch
Loans and Investments
Unpaid Principal Balance (UPB)	$ 2,427,920
Percentage of Portfolio	74.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	5.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	75.00%
Credit risk concentration | Multifamily | Special mention
Loans and Investments
Unpaid Principal Balance (UPB)		$ 1,925,529
Percentage of Portfolio		73.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)		4.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)		72.00%
Credit risk concentration | Self Storage | Pass/watch
Loans and Investments
Unpaid Principal Balance (UPB)	$ 301,830
Percentage of Portfolio	9.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	0.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	72.00%
Credit risk concentration | Self Storage | Special mention
Loans and Investments
Unpaid Principal Balance (UPB)		$ 301,830
Percentage of Portfolio		11.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)		0.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)		71.00%
Credit risk concentration | Land | Substandard
Loans and Investments
Unpaid Principal Balance (UPB)	$ 151,628	$ 132,828
Percentage of Portfolio	5.00%	5.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	0.00%	0.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	90.00%	90.00%
Credit risk concentration | Office | Pass/watch
Loans and Investments
Unpaid Principal Balance (UPB)		$ 107,853
Percentage of Portfolio		4.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)		1.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)		64.00%
Credit risk concentration | Office | Special mention
Loans and Investments
Unpaid Principal Balance (UPB)	$ 132,047
Percentage of Portfolio	4.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	3.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	68.00%
Credit risk concentration | Healthcare | Pass/watch
Loans and Investments
Unpaid Principal Balance (UPB)	$ 122,775
Percentage of Portfolio	4.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	0.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	77.00%
Credit risk concentration | Healthcare | Special mention
Loans and Investments
Unpaid Principal Balance (UPB)		$ 55,615
Percentage of Portfolio		2.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)		0.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)		74.00%
Credit risk concentration | Hotel | Pass/watch
Loans and Investments
Unpaid Principal Balance (UPB)	$ 100,075
Percentage of Portfolio	3.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	13.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	66.00%
Credit risk concentration | Hotel | Special mention
Loans and Investments
Unpaid Principal Balance (UPB)		$ 90,725
Percentage of Portfolio		3.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)		37.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)		81.00%
Credit risk concentration | Retail | Pass/watch
Loans and Investments
Unpaid Principal Balance (UPB)	$ 45,367
Percentage of Portfolio	1.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	6.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	65.00%
Credit risk concentration | Retail | Special mention
Loans and Investments
Unpaid Principal Balance (UPB)		$ 36,458
Percentage of Portfolio		1.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)		8.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)		66.00%
Credit risk concentration | Commercial | Doubtful
Loans and Investments
Unpaid Principal Balance (UPB)	$ 1,700	$ 1,700
Percentage of Portfolio	1.00%	1.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	63.00%	63.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	63.00%	63.00%

Loans and Investments, Impaired

Loans and Investments, Impaired Loans and Allowance for Loan Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Changes in allowance for loan losses
Allowance at beginning of period	$ 62,783	$ 83,712	$ 86,762
Provision for loan losses	13,986	2,000	59
Charge-offs	(3,173)	(20,473)	(2,959)
Recoveries of reserves	(2,527)	(2,456)	(150)
Allowance at end of period	71,069	$ 62,783	$ 83,712
Bridge loans
Changes in allowance for loan losses
Provision for loan losses	1,700
Hotel
Changes in allowance for loan losses
Charge-offs	$ (3,200)

Loans and Investments, Charge-o

Loans and Investments, Charge-offs and Recoveries Narratives (Details)	12 Months Ended
	Dec. 31, 2018USD ($)loan	Dec. 31, 2017USD ($)loan	Dec. 31, 2016USD ($)loan	Dec. 31, 2015USD ($)
Loans and Investments
Proceeds from previously written-off loans and investments	$ 3,100,000
Number of loans for which no provision for loan loss made | loan	0	0	0
Charge-offs	$ 3,173,000	$ 20,473,000	$ 2,959,000
Secured amount of loan	3,283,342,000
Impaired bridge loans, paid off			1,800,000
Provision for loan losses	13,986,000	2,000,000	59,000
Cumulative allowances for loan losses	71,069,000	62,783,000	83,712,000	$ 86,762,000
Recoveries of reserves	$ 2,527,000	$ 2,456,000	$ 193,000
Ratio of net recoveries (in percentage)	0.10%	(0.80%)	(0.20%)
Preferred equity investments
Loans and Investments
Secured amount of loan		$ 34,800,000
Provision for loan losses		2,000,000
Mezzanine loans
Loans and Investments
Proceeds from Sale and Collection of Mortgage Notes Receivable		1,800,000
Recoveries of reserves		1,800,000
Bridge loans
Loans and Investments
Charge-off			$ 3,000,000
Secured amount of loan	$ 2,992,814,000
Carrying value of impaired loans transferred to real estate owned, before reserves			4,800,000
Provision for loan losses	$ 1,700,000
Recoveries of reserves		700,000
Additional provision for loan losses recognized			$ 100,000
Junior participating loans
Loans and Investments
Charge-off		20,500,000
Six loans collateralized by a land development project | Maturity date of September 2018
Loans and Investments
Number of loans with unpaid principal balance | loan	6
Unpaid principal balance on loans	$ 121,400,000
Provision for loan losses	$ 12,300,000
Five loans collateralized by a land development project | Maturity date of September 2018
Loans and Investments
Number of loans with unpaid principal balance | loan	5
Unpaid principal balance on loans	$ 112,000,000
Weighted average accrual rate of interest (as a percent)	9.09%
Cumulative allowances for loan losses	$ 61,400,000	$ 49,100,000
Hotel
Loans and Investments
Proceed from payment for full satisfaction of a preferred equity investment	31,600,000
Net carrying value of loans sold	29,100,000
Charge-offs	3,200,000
Unpaid principal balance on loans	34,800,000
Recoveries of reserves	$ 2,500,000

Loans and Investments, Summary

Loans and Investments, Summary of impaired loans (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)loan	Dec. 31, 2017USD ($)loan
Loans and Investments
Unpaid Principal Balance (UPB)	$ 138,181	$ 169,824
Carrying Value	131,835	163,550
Allowance for Loan Losses	71,069	62,783
Average Recorded Investment	154,003	183,733
Interest Income Recognized	$ 230	$ 500
Number of impaired loans | loan	5	5
Land
Loans and Investments
Unpaid Principal Balance (UPB)	$ 134,215	$ 131,086
Carrying Value	127,869	124,812
Allowance for Loan Losses	67,869	53,883
Average Recorded Investment	132,651	131,086
Interest Income Recognized	103
Hotel
Loans and Investments
Unpaid Principal Balance (UPB)		34,750
Carrying Value		34,750
Allowance for Loan Losses		5,700
Average Recorded Investment	17,375	34,750
Interest Income Recognized		371
Office
Loans and Investments
Unpaid Principal Balance (UPB)	2,266	2,288
Carrying Value	2,266	2,288
Allowance for Loan Losses	1,500	1,500
Average Recorded Investment	2,277	14,926
Interest Income Recognized	127	107
Commercial
Loans and Investments
Unpaid Principal Balance (UPB)	1,700	1,700
Carrying Value	1,700	1,700
Allowance for Loan Losses	1,700	1,700
Average Recorded Investment	$ 1,700	1,700
Multifamily
Loans and Investments
Average Recorded Investment		1,271
Interest Income Recognized		$ 22

Loans and Investments, Non-perf

Loans and Investments, Non-performing Loans (Details)	12 Months Ended
	Dec. 31, 2018USD ($)loan	Dec. 31, 2017USD ($)loan
Non-performing loans by asset class
Number of loans | loan	190	170
Carrying value of loans	$ 3,283,342,000
Non-performing loans
Non-performing loans by asset class
Number of loans | loan	2	2
Carrying value of loans	$ 800,000	$ 29,100,000
Loan loss reserves	1,700,000	7,400,000
Carrying Value	2,532,000	36,450,000
Greater Than 90 Days Past Due
Non-performing loans by asset class
Past Due, Non-performing Loans	0	0
Greater Than 90 Days Past Due | Non-performing loans
Non-performing loans by asset class
Past Due, Non-performing Loans	2,532,000	36,450,000
Accruing interest	0	0
Commercial | Non-performing loans
Non-performing loans by asset class
Carrying Value	1,700,000	1,700,000
Commercial | Greater Than 90 Days Past Due | Non-performing loans
Non-performing loans by asset class
Past Due, Non-performing Loans	1,700,000	1,700,000
Hotel
Non-performing loans by asset class
Impaired Financing Receivable, Unpaid Principal Balance	34,800,000
Hotel | Non-performing loans
Non-performing loans by asset class
Carrying Value		34,750,000
Hotel | Greater Than 90 Days Past Due | Non-performing loans
Non-performing loans by asset class
Past Due, Non-performing Loans		$ 34,750,000
Office | Non-performing loans
Non-performing loans by asset class
Carrying Value	832,000
Office | Greater Than 90 Days Past Due | Non-performing loans
Non-performing loans by asset class
Past Due, Non-performing Loans	$ 832,000

Loans and Investments, Loan Mod

Loans and Investments, Loan Modifications, Refinancings and/or Extensions (Details)	Dec. 31, 2018loan
Loans and Investments
Number of loan modifications, refinancings and/or extensions, considered to be troubled debt restructurings	0

Loans and Investments, Interest

Loans and Investments, Interest Reserves (Details) $ in Millions	12 Months Ended
	Dec. 31, 2018USD ($)loan	Dec. 31, 2017USD ($)loan
Loans and Investments
Interest reserve held	$ 48.9	$ 52.5
Number of loans covered under interest reserve | loan	110	81
Aggregate UPB covered under interest reserve	$ 2,220	$ 1,570

Loans Held-for-Sale, Net (Detai

Loans Held-for-Sale, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Loans Held-for-Sale, Net
Loans held-for-sale	$ 472,964	$ 292,249
Fair value of future MSR	10,253	5,806
Unearned discount	(1,553)	(612)
Loans held-for-sale, net	$ 481,664	297,443
Maximum number of days held-for-sale loans are typically sold	60 days
Sale of loans held-for-sale	$ 4,893,886	4,814,906	$ 1,916,470
Sale of loans held-for-sale excluding acquired loans			1,490,000
Gain on sale of loans held-for-sale	65,500	68,300	22,800
ACM Acquisition
Loans Held-for-Sale, Net
Sale of loans held-for-sale			$ 418,200
Fannie Mae
Loans Held-for-Sale, Net
Loans held-for-sale, net	358,790	243,717
Freddie Mac
Loans Held-for-Sale, Net
Loans held-for-sale, net	95,004	47,545
FHA
Loans Held-for-Sale, Net
Loans held-for-sale, net	$ 19,170	$ 987

Capitalized Mortgage Servicin_3

Capitalized Mortgage Servicing Rights (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Capitalized Mortgage Servicing Rights
Balance at beginning of period	$ 252,608
Balance at end of period	273,770	$ 252,608
Expected amortization of capitalized MSRs balances
2,019	5,465
2,020	5,249
2,021	4,691
2,022	4,691
2,023	4,691
MSRs
Capitalized Mortgage Servicing Rights
Balance at beginning of period	252,608	227,743
Additions	94,344	87,899
Amortization	(48,124)	(47,202)
Write-offs	(25,058)	(15,832)
Balance at end of period	273,770	252,608
Prepayment fees collected	21,900	12,700
Valuation allowance	0	$ 0
Expected amortization of capitalized MSRs balances
2,019	48,546
2,020	44,364
2,021	37,990
2,022	31,189
2,023	26,508
Thereafter	85,173
Finite-lived intangible assets, net	$ 273,770
MSRs | Weighted average
Capitalized Mortgage Servicing Rights
Estimated life remaining	7 years 7 months 6 days	7 years 2 months 12 days
Acquired MSRs
Capitalized Mortgage Servicing Rights
Balance at beginning of period	$ 143,270	$ 194,800
Additions		1,199
Amortization	(28,958)	(37,470)
Write-offs	(17,228)	(15,259)
Balance at end of period	97,084	143,270
Originated MSRs
Capitalized Mortgage Servicing Rights
Balance at beginning of period	109,338	32,943
Additions	94,344	86,700
Amortization	(19,166)	(9,732)
Write-offs	(7,830)	(573)
Balance at end of period	$ 176,686	$ 109,338

Mortgage Servicing (Details)

Mortgage Servicing (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)state	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Mortgage Servicing
Interest earned on total escrows	$ 12,800	$ 5,200	$ 1,100
Fee-based servicing portfolio
Mortgage Servicing
Escrow Deposit	824,100	750,800
MSRs
Mortgage Servicing
Unpaid principal balance of loans serviced	$ 18,601,641	$ 16,206,315
Weighted average servicing fee (as a percent)	0.452%	0.477%
MSRs | Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total	100.00%	100.00%
Number of states accounted for more than 4% of UPB and related servicing revenues | state	0
Escrow Deposit	$ 521,200	$ 477,900
Texas | MSRs | Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total	20.00%	22.00%
North Carolina | MSRs | Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total	10.00%	10.00%
New York | MSRs | Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total	8.00%	8.00%
California | MSRs | Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total	8.00%	8.00%
Georgia | MSRs | Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total	6.00%	6.00%
Florida | MSRs | Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total	6.00%	6.00%
Other | MSRs | Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total	42.00%	40.00%
Freddie Mac | MSRs
Mortgage Servicing
Unpaid principal balance of loans serviced	$ 4,394,287
Freddie Mac | MSRs | Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total	24.00%
Fannie Mae | MSRs
Mortgage Servicing
Unpaid principal balance of loans serviced	$ 13,562,667
Fannie Mae | MSRs | Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total	73.00%
Fannie Mae | MSRs
Mortgage Servicing
Unpaid principal balance of loans serviced		$ 12,502,699
Fannie Mae | MSRs | Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total		77.00%
Freddie Mac | MSRs
Mortgage Servicing
Unpaid principal balance of loans serviced		$ 3,166,134
Freddie Mac | MSRs | Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total		20.00%
FHA | MSRs
Mortgage Servicing
Unpaid principal balance of loans serviced	$ 644,687	$ 537,482
FHA | MSRs | Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total	3.00%	3.00%

Securities Held-to-Maturity (De

Securities Held-to-Maturity (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)item	Dec. 31, 2017USD ($)
Held-to-Maturity
Carrying Value	$ 76,363	$ 27,837
B Piece bonds
Held-to-Maturity
Face Value	103,515	40,566
Carrying Value	76,363	27,837
Unrealized Gain	2,734	602
Estimated Fair Value	79,097	28,439
Interest income	$ 2,500	$ 800
Estimated weighted average maturity period	5 years 8 months 12 days
Held-to-maturity securities, estimated fiscal year
Within one year	$ 15,800
After one year through five years	45,900
After five years through ten years	28,000
After ten years	$ 13,800
Seven B Piece Bonds
Held-to-Maturity
Remaining of B Piece bond sold to the third party at par	51.00%
Held-to-Maturity | B Piece bonds
Held-to-Maturity
Weighted average variable interest rate (as a percent)	3.74%
Weighted average effective interest rate (as a percent)	10.94%	12.97%
Impairment charges	$ 0
Held-to-Maturity | Four B Piece Bonds
Held-to-Maturity
Initial face value of bonds purchased	65,200
Discount value	$ 47,500
Number of B Piece bonds | item	4
Held-to-Maturity | Seven B Piece Bonds
Held-to-Maturity
Initial face value of bonds purchased	$ 106,200
Discounted value of bonds purchased	$ 74,700
B Piece retained percentage	49.00%

Investments in Equity Affilia_3

Investments in Equity Affiliates (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Investment in Equity Affiliates
Investment in Equity Affiliates	$ 21,580	$ 23,653
UPB of Loans to Equity Affiliates	282,188
Arbor Residential Investor LLC
Investment in Equity Affiliates
Investment in Equity Affiliates	19,260	19,193
Lightstone Value Plus REIT L.P
Investment in Equity Affiliates
Investment in Equity Affiliates	1,895	1,895
JT Prime
Investment in Equity Affiliates
Investment in Equity Affiliates	425	425
West Shore Cafe
Investment in Equity Affiliates
Investment in Equity Affiliates		$ 2,140
UPB of Loans to Equity Affiliates	1,688
Lexford Portfolio
Investment in Equity Affiliates
UPB of Loans to Equity Affiliates	$ 280,500

Investments in Equity Affilia_4

Investments in Equity Affiliates, All Investments (Details)	3 Months Ended								9 Months Ended	12 Months Ended
	Dec. 31, 2018USD ($)	Sep. 30, 2018USD ($)	Jun. 30, 2018USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Sep. 30, 2017USD ($)	Jun. 30, 2017USD ($)	Mar. 31, 2017USD ($)	Sep. 30, 2018USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)item	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Investment in Equity Affiliates
Secured debt	$ 1,593,548,000				$ 1,418,422,000					$ 1,593,548,000	$ 1,418,422,000
Income (loss) from equity affiliates	91,000	$ (1,028,000)	$ 1,387,000	$ 746,000	(4,706,000)	$ 995,000	$ (3,000)	$ 763,000		1,196,000	(2,951,000)	$ 12,995,000
Loan to an affiliated entity	282,188,000									282,188,000
Loans and investments, gross	3,283,342,000									3,283,342,000
Multifamily
Investment in Equity Affiliates
Basis of equity participation interest					1,500,000						$ 1,500,000	0
Percentage of equity participation redeemed											25.00%
Bridge loans
Investment in Equity Affiliates
Loans and investments, gross	2,992,814,000									$ 2,992,814,000
Arbor Residential Investor LLC | Residential Mortgage Banking Company
Investment in Equity Affiliates
Equity Investment													$ 9,600,000
Charge for proportionate share of litigation settlement recorded				$ 2,400,000							$ 5,500,000
Payment period of litigation settlement										2 years
Indirect ownership percentage										16.3%			22.5%
Income (loss) from equity affiliates										$ 700,000	(7,300,000)	9,500,000
Arbor Residential Investor LLC | Residential Mortgage Banking Company | ACM / Our "Former Manager"
Investment in Equity Affiliates
Percentage of ownership interest of related party in the entity													50.00%
Arbor Residential Investor LLC | Non-qualified Residential Mortgages
Investment in Equity Affiliates
Equity Investment													$ 1,700,000
Ownership percentage													50.00%
Distribution received										700,000	3,200,000	13,000,000
Income (loss) from equity affiliates										100,000	100,000
Arbor Residential Investor LLC | Non-qualified Residential Mortgages | Maximum
Investment in Equity Affiliates
Basis of investment	$ 100,000									$ 100,000
Arbor Residential Investor LLC | Additional mortgage purchases
Investment in Equity Affiliates
Equity Investment					$ 600,000						600,000	5,900,000
Arbor Residential Investor LLC | Non Qualified and Additional Residential Mortgages | Maximum
Investment in Equity Affiliates
Income (loss) from equity affiliates												500,000
West Shore Cafe
Investment in Equity Affiliates
Ownership percentage	50.00%									50.00%
Loan to an affiliated entity	$ 1,688,000									$ 1,688,000
Other-than-temporary impairment recorded										$ 2,200,000
West Shore Cafe | First mortgage
Investment in Equity Affiliates
Provided first mortgage loan to an affiliated entity									$ 1,700,000
Variable rate, spread (as a percent)										4.00%
Provision for loan loss recorded										$ 1,700,000
Lightstone Value Plus REIT L.P
Investment in Equity Affiliates
Equity Investment	1,900,000									1,900,000
JT Prime
Investment in Equity Affiliates
Equity Investment	400,000									$ 400,000
Noncontrolling interest in equity method investment (as a percent)										50.00%
East River Portfolio
Investment in Equity Affiliates
Equity investment made											$ 100,000
Ownership percentage					5.00%						5.00%
Number of affiliate entities formed | item											2
East River Portfolio | Chief executive officer and other related parties
Investment in Equity Affiliates
Percentage of ownership interest of related party in the entity											95.00%
East River Portfolio | Bridge loans
Investment in Equity Affiliates
Distribution received											$ 100,000
Loans and investments, gross					$ 1,700,000						$ 1,700,000
Variable rate, spread (as a percent)											5.50%
Lexford Portfolio
Investment in Equity Affiliates
Noncontrolling interest												44,000
Distribution received										$ 2,500,000	$ 2,500,000	2,800,000
Income (loss) from equity affiliates										2,500,000	$ 2,500,000	$ 2,800,000
Loan to an affiliated entity	$ 280,500,000									$ 280,500,000

Investments in Equity Affilia_5

Investments in Equity Affiliates, Balance Sheet (Detail) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Assets:
Cash and cash equivalents	$ 49,032	$ 62,723
Real estate assets	1,036,097	887,678
Other assets	118,080	192,319
Total assets	1,203,209	1,142,720
Liabilities:
Notes payable	1,127,650	1,059,905
Other liabilities	40,748	50,849
Total liabilities	1,168,398	1,110,754
Stockholders' equity Arbor	21,580	23,653
Stockholders' equity	13,231	8,313
Total stockholders' equity	34,811	31,966
Total liabilities and equity	1,203,209	1,142,720
Arbor Residential Investor LLC
Assets:
Cash and cash equivalents	12,812	26,419
Real estate assets	471,021	303,098
Other assets	85,192	137,782
Total assets	569,025	467,299
Liabilities:
Notes payable	463,511	357,410
Other liabilities	23,209	34,964
Total liabilities	486,720	392,374
Stockholders' equity Arbor	19,260	19,193
Stockholders' equity	63,045	55,732
Total stockholders' equity	82,305	74,925
Total liabilities and equity	569,025	467,299
Other
Assets:
Cash and cash equivalents	36,220	36,304
Real estate assets	565,076	584,580
Other assets	32,888	54,537
Total assets	634,184	675,421
Liabilities:
Notes payable	664,139	702,495
Other liabilities	17,539	15,885
Total liabilities	681,678	718,380
Stockholders' equity Arbor	2,320	4,460
Stockholders' equity	(49,814)	(47,419)
Total stockholders' equity	(47,494)	(42,959)
Total liabilities and equity	$ 634,184	$ 675,421

Investments in Equity Affilia_6

Investments in Equity Affiliates, Statements of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenue:
Rental income	$ 109,225	$ 103,873	$ 99,417
Interest income	17,459	9,507	11,985
Operating income	217,587	143,743	195,905
Reimbursement income	7,861	7,378	7,085
Other income	23,214	11,329	8,273
Total revenues	375,346	275,830	322,665
Expenses:
Operating expenses	290,470	213,126	198,976
Interest expense	53,302	44,354	46,018
Depreciation and amortization	29,539	30,539	30,376
Other expenses	487	22,471	91
Total expenses	373,798	310,490	275,461
Net income (loss)	1,548	(34,660)	47,204
Arbor's share of income (loss)	(1,196)	4,451	(12,995)
Interest income an equity participation		1,500
Interest income of an equity method investment after adjusting		3,000
Arbor Residential Investor LLC
Revenue:
Interest income	17,200	9,248	11,726
Operating income	217,587	143,743	195,905
Other income	14,195	2,909	213
Total revenues	248,982	155,900	207,844
Expenses:
Operating expenses	226,868	154,837	142,297
Interest expense	17,694	11,436	13,331
Depreciation and amortization	1,815	1,384	1,127
Other expenses		22,000
Total expenses	246,377	189,657	156,755
Net income (loss)	2,605	(33,757)	51,089
Arbor's share of income (loss)	(700)	7,247	(9,950)
Other
Revenue:
Rental income	109,225	103,873	99,417
Interest income	259	259	259
Reimbursement income	7,861	7,378	7,085
Other income	9,019	8,420	8,060
Total revenues	126,364	119,930	114,821
Expenses:
Operating expenses	63,602	58,289	56,679
Interest expense	35,608	32,918	32,687
Depreciation and amortization	27,724	29,155	29,249
Other expenses	487	471	91
Total expenses	127,421	120,833	118,706
Net income (loss)	(1,057)	(903)	(3,885)
Arbor's share of income (loss)	$ (496)	$ (2,796)	$ (3,045)

Real Estate Owned, Portfolio (D

Real Estate Owned, Portfolio (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Real Estate Owned
Real estate owned, net	$ 14,446,000	$ 16,787,000
Impairment loss on real estate owned	2,000,000	3,200,000	$ 11,200,000
Restricted cash due to escrow requirement	180,606,000	139,398,000
Real Estate Held-For-Sale
Proceeds from sale of real estate, net			49,030,000
Pay off outstanding debt			27,155,000
Multifamily and Hotel | Disposed of by sale
Real Estate Held-For-Sale
Proceeds from sale of real estate, net			50,700,000
Gain on sale of property			11,600,000
Multifamily | Disposed of by sale
Real Estate Held-For-Sale
Pay off outstanding debt			27,100,000
Real Estate Owned
Real Estate Owned
Less: Impairment loss	(15,807,000)	(13,807,000)
Less: Accumulated depreciation and amortization	(10,626,000)	(9,918,000)
Real estate owned, net	14,446,000	16,787,000
Impairment loss on real estate owned	2,000,000	3,200,000	$ 11,200,000
Restricted cash due to escrow requirement	500,000	700,000
Real Estate Owned | Hotel
Real Estate Owned
Less: Impairment loss	(13,307,000)	(13,307,000)
Less: Accumulated depreciation and amortization	(9,778,000)	(9,228,000)
Real estate owned, net	$ 11,275,000	$ 11,458,000
Weighted average occupancy rate of properties (as a percent)	49.00%	52.00%	54.00%
Amount of weighted average daily rate of properties	$ 108	$ 108	$ 100
Amount of weighted average daily revenue of properties	53	56	$ 54
Real Estate Owned | Office
Real Estate Owned
Less: Impairment loss	(2,500,000)	(500,000)
Less: Accumulated depreciation and amortization	(848,000)	(690,000)
Real estate owned, net	3,171,000	5,329,000
Real Estate Owned | Land
Real Estate Owned
Real estate owned, gross	7,803,000	7,803,000
Real Estate Owned | Land | Hotel
Real Estate Owned
Real estate owned, gross	3,294,000	3,294,000
Real Estate Owned | Land | Office
Real Estate Owned
Real estate owned, gross	4,509,000	4,509,000
Real Estate Owned | Building and intangible assets
Real Estate Owned
Real estate owned, gross	33,076,000	32,709,000
Real Estate Owned | Building and intangible assets | Hotel
Real Estate Owned
Real estate owned, gross	31,066,000	30,699,000
Real Estate Owned | Building and intangible assets | Office
Real Estate Owned
Real estate owned, gross	$ 2,010,000	$ 2,010,000

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets, Reclassification (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Goodwill and Other Intangible Assets
Other liabilities	$ 118,780	$ 99,813
Goodwill	$ 56,626	56,626	$ 26,747
Reclassification adjustments
Goodwill and Other Intangible Assets
Other liabilities		4,900
Goodwill		$ 4,900

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets, Goodwill (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)segment
Goodwill
Goodwill at beginning of period	$ 26,747
Additions from internalization of management team	25,000
Purchase price allocation adjustment	4,879
Goodwill at end of period	56,626
Goodwill allocation to each reporting segment	$ 12,500
Reporting segments | segment	2

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets, Other Intangibles Asset (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Finite-lived intangible assets:
Accumulated Amortization	$ (13,771)	$ (8,170)
Intangible assets
Intangible assets, Gross Carrying Value	73,310	73,310
Intangible assets, net	59,539	65,140
Amortization expense	5,600	2,600
Fannie Mae DUS license
Infinite-lived intangible assets:
Infinite-lived intangible assets, Gross Carrying Value	17,100	17,100
Freddie Mac Program Plus license
Infinite-lived intangible assets:
Infinite-lived intangible assets, Gross Carrying Value	8,700	8,700
FHA License
Infinite-lived intangible assets:
Infinite-lived intangible assets, Gross Carrying Value	3,200	3,200
Broker relationships
Finite-lived intangible assets:
Finite-lived intangible assets, Gross Carrying Value	25,000	25,000
Accumulated Amortization	(7,683)	(4,558)
Finite-lived intangible assets, net	17,317	20,442
Borrower relationships
Finite-lived intangible assets:
Finite-lived intangible assets, Gross Carrying Value	14,400	14,400
Accumulated Amortization	(3,540)	(2,100)
Finite-lived intangible assets, net	10,860	12,300
Below market leases
Finite-lived intangible assets:
Finite-lived intangible assets, Gross Carrying Value	4,010	4,010
Accumulated Amortization	(1,811)	(1,075)
Finite-lived intangible assets, net	2,199	2,935
Acquired technology
Finite-lived intangible assets:
Finite-lived intangible assets, Gross Carrying Value	900	900
Accumulated Amortization	(737)	(437)
Finite-lived intangible assets, net	$ 163	$ 463

Goodwill and Other Intangible_6

Goodwill and Other Intangible Assets, Estimated Amortization Expense (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)
Finite-lived intangible assets:
Wtd. Avg. Remaining Life (in years)	6 years 2 months 12 days
2,019	$ 5,465
2,019	5,249
2,020	4,691
2,021	4,691
2,022	$ 4,691
Broker relationships
Finite-lived intangible assets:
Wtd. Avg. Remaining Life (in years)	5 years 6 months
2,019	$ 3,125
2,019	3,125
2,020	3,125
2,021	3,125
2,022	$ 3,125
Borrower relationships
Finite-lived intangible assets:
Wtd. Avg. Remaining Life (in years)	7 years 6 months
2,019	$ 1,440
2,019	1,440
2,020	1,440
2,021	1,440
2,022	$ 1,440
Below market leases
Finite-lived intangible assets:
Wtd. Avg. Remaining Life (in years)	4 years 9 months 18 days
2,019	$ 737
2,019	684
2,020	126
2,021	126
2,022	$ 126
Acquired technology
Finite-lived intangible assets:
Wtd. Avg. Remaining Life (in years)	6 months
2,019	$ 163

Debt Obligations, Credit Facili

Debt Obligations, Credit Facilities and Repurchase Agreements (Details)	Jan. 31, 2019	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Sep. 30, 2018USD ($)	Dec. 31, 2018USD ($)item	Aug. 31, 2016
Debt Obligations
UPB		$ 1,138,135,000	$ 530,938,000		$ 1,138,135,000
Debt Carrying Value		1,135,627,000	528,573,000		1,135,627,000
Collateral Carrying Value		$ 1,249,651,000	$ 533,584,000		$ 1,249,651,000
Weighted Average Note Rate (as a percent)		4.35%	3.34%		4.35%
Leverage on loans and investment portfolio financed through credit facilities and repurchase agreements, excluding securities repurchase facility, working capital line of credit and security agreements used to finance leasehold and capital expenditure improvements at corporate office (as a percent)						77.00%
$25.5 million credit facility
Debt Obligations
UPB		$ 18,552,000	$ 14,065,000		$ 18,552,000
Debt Carrying Value		18,552,000	13,920,000		18,552,000
Collateral Carrying Value		$ 34,000,000	$ 18,753,000		$ 34,000,000
Weighted Average Note Rate (as a percent)		5.07%	4.12%		5.07%
Structured Business
Debt Obligations
UPB		$ 665,844,000	$ 239,222,000		$ 665,844,000
Debt Carrying Value		663,446,000	237,037,000		663,446,000
Collateral Carrying Value		$ 777,360,000	$ 241,868,000		$ 777,360,000
Weighted Average Note Rate (as a percent)		4.78%	4.02%		4.78%
Weighted average note rate including certain fees and costs (as a percent)		5.07%	4.51%		5.07%
Unamortized deferred finance costs		$ 2,400,000	$ 2,200,000		$ 2,400,000
Leverage on loans and investment portfolio financed through credit facilities and repurchase agreements, excluding securities repurchase facility, working capital line of credit and security agreements used to finance leasehold and capital expenditure improvements at corporate office (as a percent)		70.00%	72.00%		70.00%
Structured Business | $300 million repurchase facility
Debt Obligations
Maximum borrowing capacity		$ 300,000,000			$ 300,000,000
Extension of maturity date (in years)					1 year
Structured Business | $375 million repurchase facility
Debt Obligations
UPB		336,428,000	$ 103,818,000		$ 336,428,000
Debt Carrying Value		334,696,000	102,350,000		334,696,000
Collateral Carrying Value		$ 467,680,000	$ 145,850,000		$ 467,680,000
Weighted Average Note Rate (as a percent)		4.75%	3.90%		4.75%
Maximum borrowing capacity		$ 375,000,000	$ 375,000,000		$ 375,000,000
Additional borrowing capacity		75,000,000			$ 75,000,000
Structured Business | $100 million repurchase facility
Debt Obligations
Extension of maturity date (in years)					1 year
Structured Business | $100 million repurchase facility | Minimum | LIBOR
Debt Obligations
Variable rate, spread (as a percent)					1.75%
Structured Business | $100 million repurchase facility | Maximum
Debt Obligations
Advance rate (as a percent)					80.00%
Structured Business | $100 million repurchase facility | Maximum | LIBOR
Debt Obligations
Variable rate, spread (as a percent)					2.00%
Structured Business | $75 million credit facility - One
Debt Obligations
UPB		10,237,000			$ 10,237,000
Debt Carrying Value		10,237,000			10,237,000
Collateral Carrying Value		$ 16,889,000			$ 16,889,000
Weighted Average Note Rate (as a percent)		4.31%			4.31%
Maximum borrowing capacity		$ 75,000,000	75,000,000		$ 75,000,000
Structured Business | $75 million credit facility - One | Maximum | LIBOR
Debt Obligations
Variable rate, spread (as a percent)					1.75%
Structured Business | $75 million credit facility - two
Debt Obligations
UPB			9,000,000
Debt Carrying Value			8,999,000
Collateral Carrying Value			$ 16,000,000
Weighted Average Note Rate (as a percent)			3.61%
Maximum borrowing capacity		75,000,000	$ 75,000,000		$ 75,000,000
Structured Business | $75 million credit facility - two | LIBOR
Debt Obligations
Variable rate, spread (as a percent)					2.00%
Structured Business | $75 million credit facility - two | Minimum
Debt Obligations
Advance rate (as a percent)					70.00%
Structured Business | $75 million credit facility - two | Maximum
Debt Obligations
Advance rate (as a percent)					75.00%
Structured Business | $50 million credit facility - one
Debt Obligations
UPB		14,160,000	32,560,000		$ 14,160,000
Debt Carrying Value		14,159,000	32,538,000		14,159,000
Collateral Carrying Value		$ 17,700,000	$ 40,700,000		$ 17,700,000
Weighted Average Note Rate (as a percent)		4.57%	3.61%		4.57%
Maximum borrowing capacity		$ 50,000,000	$ 50,000,000		$ 50,000,000
Advance rate (as a percent)					80.00%
Structured Business | $50 million credit facility - one | LIBOR
Debt Obligations
Variable rate, spread (as a percent)					2.00%
Structured Business | $50 million credit facility - two
Debt Obligations
UPB			3,700,000
Debt Carrying Value			3,581,000
Collateral Carrying Value			$ 4,625,000
Weighted Average Note Rate (as a percent)			4.88%
Maximum borrowing capacity		50,000,000	$ 50,000,000		$ 50,000,000
Advance rate (as a percent)					80.00%
Extension of maturity date (in years)					1 year
Structured Business | $50 million credit facility - two | Minimum | LIBOR
Debt Obligations
Variable rate, spread (as a percent)					2.50%
Structured Business | $50 million credit facility - two | Maximum | LIBOR
Debt Obligations
Variable rate, spread (as a percent)					3.25%
Structured Business | $35.9 million credit facility
Debt Obligations
UPB		30,855,000			$ 30,855,000
Debt Carrying Value		30,512,000			30,512,000
Collateral Carrying Value		$ 44,100,000			$ 44,100,000
Weighted Average Note Rate (as a percent)		4.87%			4.87%
Maximum borrowing capacity		$ 35.90000	35.90000		$ 35.90000
Extension of maturity date (in years)					6 months
Structured Business | $35.9 million credit facility | LIBOR
Debt Obligations
Variable rate, spread (as a percent)					2.30%
Structured Business | $25.5 million credit facility
Debt Obligations
Maximum borrowing capacity		25,500,000	25,500,000		$ 25,500,000
Structured Business | $25.5 million credit facility | LIBOR
Debt Obligations
Variable rate, spread (as a percent)					2.50%
Structured Business | $25 million credit facility
Debt Obligations
UPB			10,000,000
Debt Carrying Value			$ 10,000,000
Weighted Average Note Rate (as a percent)			4.12%
Maximum borrowing capacity		25,000,000	$ 25,000,000		$ 25,000,000
Structured Business | $25 million credit facility | LIBOR
Debt Obligations
Variable rate, spread (as a percent)			2.25%
Structured Business | $23.2 million credit facility
Debt Obligations
UPB		23,175,000			23,175,000
Debt Carrying Value		23,175,000			23,175,000
Collateral Carrying Value		$ 30,900,000			$ 30,900,000
Weighted Average Note Rate (as a percent)		4.87%			4.87%
Maximum borrowing capacity		$ 23,200,000	$ 23,200,000		$ 23,200,000
Extension of maturity date (in years)					1 year
Structured Business | $20.0 million credit facility
Debt Obligations
UPB		20,000,000			$ 20,000,000
Debt Carrying Value		19,912,000			19,912,000
Collateral Carrying Value		$ 41,650,000			$ 41,650,000
Weighted Average Note Rate (as a percent)		5.07%			5.07%
Maximum borrowing capacity		$ 20,000,000	20,000,000		$ 20,000,000
Extension of maturity date (in years)					1 year
Structured Business | $20.0 million credit facility | LIBOR
Debt Obligations
Variable rate, spread (as a percent)					2.50%
Structured Business | $17.4 million credit facility
Debt Obligations
UPB		12,462,000			$ 12,462,000
Debt Carrying Value		12,462,000			12,462,000
Collateral Carrying Value		$ 15,844,000			$ 15,844,000
Weighted Average Note Rate (as a percent)		4.97%			4.97%
Maximum borrowing capacity		$ 17,400,000	17,400,000		$ 17,400,000
Extension of maturity date (in years)					1 year
Structured Business | $17.4 million credit facility | LIBOR
Debt Obligations
Variable rate, spread (as a percent)					2.40%
Structured Business | $8 million credit facility
Debt Obligations
UPB		8,000,000			$ 8,000,000
Debt Carrying Value		7,946,000			7,946,000
Collateral Carrying Value		$ 10,000,000			$ 10,000,000
Weighted Average Note Rate (as a percent)		5.07%			5.07%
Maximum borrowing capacity		$ 8,000,000	8,000,000		$ 8,000,000
Structured Business | $8 million credit facility | LIBOR
Debt Obligations
Variable rate, spread (as a percent)					2.50%
Structured Business | $7.5 million credit facility
Debt Obligations
UPB			7,472,000
Debt Carrying Value			7,432,000
Collateral Carrying Value			$ 9,340,000
Weighted Average Note Rate (as a percent)			4.37%
Maximum borrowing capacity		7,500,000	$ 7,500,000		$ 7,500,000
Structured Business | $7.5 million credit facility | LIBOR
Debt Obligations
Variable rate, spread (as a percent)					2.75%
Structured Business | Repurchase facility - securities
Debt Obligations
UPB		118,112,000	53,938,000		$ 118,112,000
Debt Carrying Value		$ 118,112,000	$ 53,938,000		$ 118,112,000
Weighted Average Note Rate (as a percent)		5.07%	4.45%		5.07%
Debt Instrument, Collateral Amount		$ 114,200,000	$ 61,000,000		$ 114,200,000
Number of uncommitted repurchase facilities		2			2
Structured Business | Repurchase facility - securities | Minimum | LIBOR
Debt Obligations
Variable rate, spread (as a percent)					1.75%
Structured Business | Repurchase facility - securities | Minimum | LIBOR
Debt Obligations
Variable rate, spread (as a percent)					2.30%
Structured Business | Repurchase facility - securities | Maximum | LIBOR
Debt Obligations
Variable rate, spread (as a percent)					3.15%
Structured Business | $2.2 million master security agreement
Debt Obligations
UPB		$ 1,678,000			$ 1,678,000
Debt Carrying Value		$ 1,678,000			$ 1,678,000
Weighted Average Note Rate (as a percent)		4.66%			4.66%
Maximum borrowing capacity		$ 2,200,000	2,200,000		$ 2,200,000
Fixed interest rate (as a percent)		4.60%			4.60%
Structured Business | $3 million master security agreement
Debt Obligations
UPB		$ 1,168,000	1,834,000		$ 1,168,000
Debt Carrying Value		$ 1,168,000	$ 1,834,000		$ 1,168,000
Weighted Average Note Rate (as a percent)		3.19%	3.21%		3.19%
Maximum borrowing capacity		$ 3,000,000	$ 3,000,000		$ 3,000,000
Number of loan agreements | item					2
Structured Business | $100 million credit facility - one
Debt Obligations
UPB		71,017,000	2,835,000		$ 71,017,000
Debt Carrying Value		70,837,000	2,445,000		70,837,000
Collateral Carrying Value		$ 98,597,000	$ 6,600,000		$ 98,597,000
Weighted Average Note Rate (as a percent)		4.31%	3.61%		4.31%
Maximum borrowing capacity		$ 100,000,000	$ 100,000,000		$ 100,000,000
Agency Business
Debt Obligations
UPB		472,291,000	291,716,000		472,291,000
Debt Carrying Value		472,181,000	291,536,000		472,181,000
Collateral Carrying Value		$ 472,291,000	$ 291,716,000		$ 472,291,000
Weighted Average Note Rate (as a percent)		3.74%	2.78%		3.74%
Unamortized deferred finance costs		$ 100,000	$ 200,000		$ 100,000
Agency Business | $750 million ASAP agreement
Debt Obligations
UPB		104,619,000	121,880,000		104,619,000
Debt Carrying Value		104,619,000	121,880,000		104,619,000
Collateral Carrying Value		$ 104,619,000	$ 121,880,000		$ 104,619,000
Weighted Average Note Rate (as a percent)		3.55%	2.61%		3.55%
Maximum borrowing capacity		$ 750,000,000	$ 750,000,000	$ 500,000,000	$ 750,000,000
Agency Business | $500 million multifamily ASAP agreement
Debt Obligations
UPB		130,917,000	24,873,000		130,917,000
Debt Carrying Value		130,906,000	24,827,000		130,906,000
Collateral Carrying Value		$ 130,917,000	$ 24,873,000		$ 130,917,000
Weighted Average Note Rate (as a percent)		3.78%	2.91%		3.78%
Maximum borrowing capacity		$ 500,000,000	$ 500,000,000		$ 500,000,000
Committed amount		500,000,000		$ 300,000,000
Agency Business | $500 million multifamily ASAP agreement | LIBOR
Debt Obligations
Variable rate, spread (as a percent)					1.275%
Agency Business | $500 million multifamily ASAP agreement | Minimum
Debt Obligations
Variable rate, spread (as a percent)					0.35%
Agency Business | $250 million credit facility
Debt Obligations
UPB		26,651,000	23,785,000		$ 26,651,000
Debt Carrying Value		26,651,000	23,785,000		26,651,000
Collateral Carrying Value		$ 26,651,000	$ 23,785,000		$ 26,651,000
Weighted Average Note Rate (as a percent)		3.75%	2.86%		3.75%
Maximum borrowing capacity		$ 250,000,000	$ 250,000,000		$ 250,000,000
Additional borrowing capacity		150,000,000			150,000,000
Agency Business | $200 million repurchase facility
Debt Obligations
Maximum borrowing capacity		200,000,000			200,000,000
Agency Business | $150 million credit facility - one
Debt Obligations
UPB		113,685,000	21,821,000		113,685,000
Debt Carrying Value		113,666,000	21,802,000		113,666,000
Collateral Carrying Value		$ 113,685,000	$ 21,821,000		$ 113,685,000
Weighted Average Note Rate (as a percent)		3.80%	2.96%		3.80%
Maximum borrowing capacity		$ 150,000,000	$ 150,000,000		$ 150,000,000
Agency Business | $150 million credit facility - one | LIBOR
Debt Obligations
Variable rate, spread (as a percent)	1.20%
Debt Instrument, Reduced Basis Spread on Variable Rate	0.10%
Maturity period (in years)					1 year
Agency Business | $150 million credit facility - one | LIBOR
Debt Obligations
Variable rate, spread (as a percent)					1.30%
Agency Business | $150 million credit facility - two
Debt Obligations
UPB		96,419,000	99,357,000		$ 96,419,000
Debt Carrying Value		96,339,000	99,242,000		96,339,000
Collateral Carrying Value		$ 96,419,000	$ 99,357,000		$ 96,419,000
Weighted Average Note Rate (as a percent)		3.80%	2.91%		3.80%
Maximum borrowing capacity		$ 150,000,000	$ 150,000,000		$ 150,000,000
Agency Business | $150 million credit facility - two | LIBOR
Debt Obligations
Variable rate, spread (as a percent)					1.30%
Agency Business | $100 million credit facility - one
Debt Obligations
Maximum borrowing capacity		100,000,000			$ 100,000,000
Agency Business | $100 million credit facility - one | LIBOR
Debt Obligations
Variable rate, spread (as a percent)					1.25%
Agency Business | Letter of credit
Debt Obligations
Maximum borrowing capacity		$ 50,000,000			$ 50,000,000
Fixed interest rate (as a percent)		2.875%			2.875%
Agency Business | Letter of credit | Fannie Mae
Debt Obligations
Outstanding letters of credit		$ 44,000,000			$ 44,000,000
Agency Business | Letter of credit | Freddie Mac
Debt Obligations
Credit facility, sublimit		5,000,000			5,000,000
Outstanding letters of credit		5,000,000			$ 5,000,000
Senior mortgage loans | Structured Business | $300 million repurchase facility | LIBOR
Debt Obligations
Variable rate, spread (as a percent)					1.75%
Junior participating loans | Structured Business | $300 million repurchase facility | LIBOR
Debt Obligations
Variable rate, spread (as a percent)					3.50%
Healthcare Related Loans | Structured Business | $75 million credit facility - One
Debt Obligations
Credit facility, sublimit		25,000,000			$ 25,000,000
Extended maturity period					1 month
Healthcare Related Loans | Structured Business | $75 million credit facility - One | Minimum | LIBOR
Debt Obligations
Variable rate, spread (as a percent)					2.125%
Healthcare Related Loans | Structured Business | $75 million credit facility - One | Maximum
Debt Obligations
Advance rate (as a percent)					65.00%
Healthcare Related Loans | Structured Business | $75 million credit facility - One | Maximum | LIBOR
Debt Obligations
Variable rate, spread (as a percent)					2.50%
Bridge loans | Structured Business | $75 million credit facility - One | Maximum
Debt Obligations
Advance rate (as a percent)					75.00%
B Piece bonds
Debt Obligations
Held-to-maturity Securities, Fair Value		79,097,000	28,439,000		$ 79,097,000
B Piece bonds | Structured Business | Repurchase facility - securities
Debt Obligations
Debt Instrument, Collateral Amount		$ 76,400,000	$ 27,800,000		$ 76,400,000

Debt Obligations, Collateralize

Debt Obligations, Collateralized Loan Obligations (Details) $ in Thousands	Dec. 31, 2016USD ($)	Jun. 30, 2018USD ($)tranchesubsidiary	Dec. 31, 2017USD ($)trancheitem	Sep. 30, 2017USD ($)	Aug. 31, 2017USD ($)trancheitem	Apr. 30, 2017USD ($)trancheitem	Aug. 31, 2016USD ($)trancheitem	Dec. 31, 2018USD ($)	Apr. 30, 2016
Debt Obligations
Debt, Carrying Value			$ 1,418,422					$ 1,593,548
Weighted average note rate (as a percent)			3.34%					4.35%
Leverage (as a percent)							77.00%
CLOs
Debt Obligations
Debt, Face Value			$ 1,436,274					$ 1,609,524
Debt, Carrying Value			$ 1,418,422					$ 1,593,548
Weighted average note rate (as a percent)			3.48%					4.22%
Collateral Loans, Unpaid Principal			$ 1,745,891					$ 1,939,031
Collateral Loans, Carrying Value			1,740,180					1,932,693
Cash collateral			115,109					123,503
Deferred financing fees			$ 17,900					$ 16,000
Weighted average note rate including certain fees and costs (as a percent)			4.08%					4.73%
Collateral at risk			$ 0					$ 0
CLO X
Debt Obligations
Number of tranches of CLO notes issued | tranche		7
Number of newly-formed wholly-owned subsidiaries | subsidiary		2
Value of portfolio loans as collateral		$ 501,900
Debt, Face Value		560,000						441,000
Debt, Carrying Value		$ 494,200						$ 436,384
Weighted average note rate (as a percent)								4.01%
Collateral Loans, Unpaid Principal								$ 539,007
Collateral Loans, Carrying Value								536,869
Cash collateral								20,993
Replacement period		4 years
Proceeds from issuance of collateralized loan obligations for acquiring additional loan obligations		$ 58,100
Maximum period to acquire additional loan obligations		120 days
Leverage (as a percent)		79.00%
Notional amount of residual interest retained		$ 119,000
CLO X | One-month LIBOR
Debt Obligations
Weighted average note rate including certain fees and costs (as a percent)		1.45%
CLO X | Investment grade
Debt Obligations
Debt, Carrying Value		$ 441,000
CLO X | Below investment grade
Debt Obligations
Debt, Carrying Value		53,200
Notional amount of residual interest retained		53,200
CLO IX
Debt Obligations
Number of tranches of CLO notes issued | tranche			5
Number of newly-formed wholly-owned subsidiaries | item			2
Value of portfolio loans as collateral			$ 387,300
Debt, Face Value		480,000	356,400					356,400
Debt, Carrying Value			$ 351,042					$ 352,244
Weighted average note rate (as a percent)			2.97%					3.92%
Collateral Loans, Unpaid Principal			$ 372,350					$ 440,906
Collateral Loans, Carrying Value			371,236					439,691
Cash collateral			$ 88,650					20,094
Replacement period			3 years
Proceeds from issuance of collateralized loan obligations for acquiring additional loan obligations			$ 92,700
Maximum period to acquire additional loan obligations			120 days
Leverage (as a percent)			74.00%
Notional amount of residual interest retained			$ 123,600
CLO IX | One-month LIBOR
Debt Obligations
Weighted average note rate (as a percent)			1.36%
CLO IX | Investment grade
Debt Obligations
Debt, Carrying Value			$ 356,400
CLO IX | Below investment grade
Debt Obligations
Debt, Carrying Value			31,800
Notional amount of residual interest retained			31,800
CLO VIII
Debt Obligations
Number of tranches of CLO notes issued | tranche					6
Number of newly-formed wholly-owned subsidiaries | item					2
Value of portfolio loans as collateral					$ 293,700
Debt, Face Value			282,874		365,000			282,874
Debt, Carrying Value			$ 278,606		$ 312,100			$ 279,857
Weighted average note rate (as a percent)			2.92%					3.87%
Collateral Loans, Unpaid Principal			$ 364,838					$ 354,713
Collateral Loans, Carrying Value			363,339					353,574
Cash collateral			162					10,287
Replacement period					3 years
Proceeds from issuance of collateralized loan obligations for acquiring additional loan obligations					$ 71,300
Maximum period to acquire additional loan obligations					120 days
Leverage (as a percent)					78.00%
Notional amount of residual interest retained					$ 82,100
CLO VIII | Investment grade
Debt Obligations
Debt, Carrying Value					282,900
CLO VIII | Below investment grade
Debt Obligations
Debt, Carrying Value					$ 29,200
CLO VIII | Secured Debt | One-month LIBOR
Debt Obligations
Weighted average note rate (as a percent)					1.31%
CLO VII
Debt Obligations
Number of tranches of CLO notes issued | tranche						3
Number of newly-formed wholly-owned subsidiaries | item						2
Value of portfolio loans as collateral						$ 296,200
Debt, Face Value			279,000			360,000		279,000
Debt, Carrying Value			$ 275,331			$ 279,000		$ 276,527
Weighted average note rate (as a percent)			3.61%					4.56%
Collateral Loans, Unpaid Principal			$ 346,524					$ 325,057
Collateral Loans, Carrying Value			345,220					324,195
Cash collateral			13,476					30,725
Replacement period						3 years
Proceeds from issuance of collateralized loan obligations for acquiring additional loan obligations						$ 63,800
Maximum period to acquire additional loan obligations						120 days
Leverage (as a percent)									78.00%
Notional amount of residual interest retained						$ 81,000
CLO VII | One-month LIBOR
Debt Obligations
Weighted average note rate (as a percent)						1.99%
CLO VI
Debt Obligations
Number of tranches of CLO notes issued | tranche							3
Number of newly-formed wholly-owned subsidiaries | item							2
Value of portfolio loans as collateral							$ 275,400
Debt, Face Value			250,250				325,000	250,250
Debt, Carrying Value			$ 247,470				$ 250,300	$ 248,536
Weighted average note rate (as a percent)			4.10%					5.05%
Collateral Loans, Unpaid Principal			$ 314,382					$ 279,348
Collateral Loans, Carrying Value			313,582					278,364
Cash collateral			10,618					$ 41,404
Replacement period							3 years
Proceeds from issuance of collateralized loan obligations for acquiring additional loan obligations							$ 49,600
Maximum period to acquire additional loan obligations							120 days
Notional amount of residual interest retained							$ 74,800
CLO VI | One-month LIBOR
Debt Obligations
Weighted average note rate (as a percent)							2.48%
CLO V
Debt Obligations
Debt, Face Value			267,750
Debt, Carrying Value			$ 265,973
Weighted average note rate (as a percent)			4.06%
Collateral Loans, Unpaid Principal			$ 347,797
Collateral Loans, Carrying Value			346,803
Cash collateral			$ 2,203
Debt Instrument Redemption Value		267,800
Deferred fees expensed as interest expense		$ 1,300
CLO IV
Debt Obligations
Debt Instrument Redemption Value				$ 219,000
Deferred fees expensed as interest expense				$ 1,100
CLO III
Debt Obligations
Debt Instrument Redemption Value	$ 281,300
Deferred fees expensed as interest expense	$ 1,000

Debt Obligations, Luxembourg De

Debt Obligations, Luxembourg Debt Fund (Details) - USD ($) $ in Thousands	1 Months Ended
	Nov. 30, 2017	Dec. 31, 2018	Dec. 31, 2017
Debt Obligations
Debt, Carrying Value		$ 1,593,548	$ 1,418,422
Weighted Average Note Rate (as a percent)		4.35%	3.34%
Luxembourg debt fund
Debt Obligations
Value of portfolio loans as collateral	$ 100,000
Deferred financing fees		$ 1,800	$ 1,900
Weighted average note rate including certain fees and costs (as a percent)		7.49%
Collateral at risk		$ 0	0
One-month LIBOR | Luxembourg debt fund
Debt Obligations
Variable rate, spread (as a percent)	4.15%
Debt Fund
Debt Obligations
Equity formed	$ 100,000
Equity interest retained	$ 30,000
Reinvested period allowed	3 years
Debt, Face Value			70,000
Debt, Carrying Value			$ 68,084
Weighted Average Note Rate (as a percent)			5.79%
Collateral Loans, UPB			$ 96,995
Collateral Loans, Carrying Value			96,564
Cash collateral			$ 3,005
Weighted average note rate including certain fees and costs (as a percent)			6.05%
Debt Fund | Luxembourg debt fund
Debt Obligations
Debt, Face Value		70,000
Debt, Carrying Value		$ 68,183
Weighted Average Note Rate (as a percent)		6.75%
Collateral Loans, UPB		$ 69,186
Collateral Loans, Carrying Value		68,924
Cash collateral		$ 30,814

Debt Obligations, Senior Unsecu

Debt Obligations, Senior Unsecured Notes (Details) - USD ($) $ in Thousands	1 Months Ended		4 Months Ended
	May 31, 2018	Mar. 31, 2018	Jun. 30, 2018	Dec. 31, 2018	Dec. 31, 2017
Debt Obligations
Senior notes carrying value				$ 122,484	$ 95,280
Senior Unsecured Notes
Debt Obligations
Principal amount				125,000	97,860
5.625% Notes
Debt Obligations
Principal amount		$ 100,000		125,000
Interest rate (as a percent)		5.625%
Procceds from issued debt	$ 25,000		$ 122,300
Redemption of aggregate principal amount (as a percent)		100.00%
Senior notes carrying value				122,500
Deferred financing fees				$ 2,500
Weighted average note rate including certain fees and costs (as a percent)				6.08%
7.375% Convertible Notes
Debt Obligations
Interest rate (as a percent)		7.375%
Debt instrument redemption value		$ 97,900
Senior notes carrying value					95,300
Deferred financing fees					$ 2,600
Weighted average note rate including certain fees and costs (as a percent)					8.16%

Debt Obligations, Convertible S

Debt Obligations, Convertible Senior Unsecured Notes (Details) $ / shares in Units, $ in Thousands	Jul. 20, 2018USD ($)$ / shares	Jul. 03, 2018USD ($)$ / shares	Jul. 31, 2018USD ($)shares	Nov. 30, 2017$ / shares	Dec. 31, 2018USD ($)$ / shares	Sep. 30, 2018USD ($)	Mar. 31, 2017USD ($)	Dec. 31, 2018USD ($)$ / shares	Dec. 31, 2017USD ($)	Dec. 31, 2016$ / shares	Oct. 31, 2016USD ($)
Debt Obligations
Cash paid for the exchange of convertible notes								$ 228,287
(Loss) gain on extinguishment of debt					$ (82)	$ (4,960)	$ 7,116	(5,041)	$ 7,116
Net Carrying Value, Liability Component					3,367,052			3,367,052
Convertible Senior Unsecured Notes
Debt Obligations
Principal amount					270,057			$ 270,057	$ 243,750		$ 256,100
Percentage of the Notes required to be repurchased if the agreement is fundamentally changed								100.00%
Maturity period (in years)								2 years 5 months 27 days	2 years 4 months 28 days
Unamortized Debt Discount					8,229			$ 8,229	$ 5,742
Unamortized Deferred Financing Fees					7,060			7,060	6,721
Net Carrying Value, Liability Component					$ 254,768			254,768	231,287
Net Carrying Value, Equity Component								9,436	6,733
Total interest expense								21,100	10,100
Interest expense related to cash coupon								13,400	7,400
Deferred fees expensed as interest expense								4,800	1,600
Debt discount								$ 2,900	$ 1,100
Cost of the notes (as a percent)					7.45%			7.45%	7.96%
Convertible Senior Unsecured Notes | Over-Allotment Option
Debt Obligations
Principal amount			$ 34,500
5.375% Convertible Notes
Debt Obligations
Principal amount					$ 5,500			$ 5,500
Interest rate (as a percent)			5.375%		5.375%			5.375%
Cash paid for the exchange of convertible notes			$ 127,600
Conversion rate of the notes to common stock, per $1,000 principal amount of notes				107.7122				111.4750
Conversion price per share of common stock | $ / shares				$ 9.28	$ 8.97			$ 8.97
6.50% Convertible Notes
Debt Obligations
Principal amount					$ 100			$ 100
Interest rate (as a percent)			6.50%		6.50%			6.50%
Cash paid for the exchange of convertible notes			$ 99,800
Conversion rate of the notes to common stock, per $1,000 principal amount of notes								126.1380		119.3033
Conversion price per share of common stock | $ / shares					$ 7.93			$ 7.93		$ 8.38
5.25% Convertible Notes
Debt Obligations
Principal amount			$ 264,500
Interest rate (as a percent)			5.25%
Proceeds received, net of estimated issuance costs			$ 256,100
Number of private placements			2
5.25% Convertible Notes | First Offering
Debt Obligations
Principal amount		$ 115,000
Conversion rate of the notes to common stock, per $1,000 principal amount of notes		86.9943						88.3681
Conversion price per share of common stock | $ / shares		$ 11.50			11.32			$ 11.32
5.25% Convertible Notes | Second Offering
Debt Obligations
Principal amount	$ 149,500
Conversion rate of the notes to common stock, per $1,000 principal amount of notes	77.8331							79.0623
Conversion price per share of common stock | $ / shares	$ 12.85				$ 12.65			$ 12.65
5.375% and 6.50% Convertible Notes
Debt Obligations
Cash paid for the exchange of convertible notes			$ 219,800
Common stock exchanged (in shares) | shares			6,820,196
(Loss) gain on extinguishment of debt								$ 5,000
Inducement charge								$ 1,100

Debt Obligations, Junior Subord

Debt Obligations, Junior Subordinated Notes (Details) - USD ($) $ in Thousands	3 Months Ended			12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Debt Obligations
(Loss) gain on extinguishment of debt	$ (82)	$ (4,960)	$ 7,116	$ (5,041)	$ 7,116
Debt carrying value	$ 140,259			$ 140,259	$ 139,590
Weighted average note rate (as a percent)	4.35%			4.35%	3.34%
Junior subordinated notes
Debt Obligations
Junior Subordinated, Face Value					$ 20,900
Debt carrying value purchased					19,800
(Loss) gain on extinguishment of debt					7,100
Extinguishment of notes					21,500
Debt carrying value	$ 140,300			$ 140,300	139,600
Deferred amount Due at maturity	$ 12,000			12,000	12,500
Deferred fees expensed as interest expense				$ 2,100	$ 2,200
Weighted average note rate (as a percent)	5.66%			5.66%	4.53%
Weighted average note rate including certain fees and costs (as a percent)	5.75%			5.75%	4.63%

Debt Obligations, Related Party

Debt Obligations, Related Party Financing (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Debt Obligations
Repayment of debt		$ 50,000
Outstanding principal balance of related party financing			$ 50,000
Preferred equity interest financing agreement | ACM / Our "Former Manager"
Debt Obligations
Principal amount				$ 50,000
Maturity period (in years)				5 years
Repayment of debt	$ 50,000
Outstanding principal balance of related party financing	$ 50,000		50,000
Interest expense		$ 300	$ 3,800	$ 1,800

Debt Obligations, Debt Covenant

Debt Obligations, Debt Covenants (Details) - USD ($)	1 Months Ended
	Jan. 31, 2019	Jan. 31, 2018	Oct. 31, 2017	Jul. 31, 2017	Apr. 30, 2017	Jan. 31, 2017	Dec. 31, 2018
CLO VI
Debt Covenants
Current overcollateralization ratio (as a percent)	129.87%	129.87%	129.87%	129.87%	129.87%	129.87%
Limit overcollateralization ratio (as a percent)	128.87%
Current interest coverage ratio (as a percent)	180.38%
Limit interest coverage ratio (as a percent)	120.00%
CLO VII
Debt Covenants
Current overcollateralization ratio (as a percent)	129.03%	129.03%	129.03%	129.03%	129.03%	129.03%
Limit overcollateralization ratio (as a percent)	128.03%
Current interest coverage ratio (as a percent)	207.52%
Limit interest coverage ratio (as a percent)	120.00%
CLO VIII
Debt Covenants
Current overcollateralization ratio (as a percent)	129.03%	129.03%	129.03%	129.03%	129.03%	129.03%
Limit overcollateralization ratio (as a percent)	128.03%
Current interest coverage ratio (as a percent)	263.21%
Limit interest coverage ratio (as a percent)	120.00%
CLO IX
Debt Covenants
Current overcollateralization ratio (as a percent)	134.68%	134.68%	134.68%	134.68%	134.69%	134.68%
Limit overcollateralization ratio (as a percent)	133.68%
Current interest coverage ratio (as a percent)	252.03%
Limit interest coverage ratio (as a percent)	120.00%
CLO X
Debt Covenants
Current overcollateralization ratio (as a percent)	126.98%	126.98%	126.98%	126.98%
Limit overcollateralization ratio (as a percent)	125.98%
Current interest coverage ratio (as a percent)	234.48%
Limit interest coverage ratio (as a percent)	120.00%
Junior subordinated notes
Debt Covenants
Amount payable on default of senior debt							$ 0

Allowance for Loss-Sharing Ob_3

Allowance for Loss-Sharing Obligations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Roll forward of loss contingency accrual
Charge-offs, net	$ (56)	$ (1,638)	$ (2,444)
Fannie Mae
Roll forward of loss contingency accrual
Loss-sharing obligations (as a percent)	0.25%	0.24%
Loss-Sharing Obligation
Roll forward of loss contingency accrual
Outstanding advances under the Fannie Mae DUS program	$ 100	$ 100
Loss-Sharing Obligation | Fannie Mae
Roll forward of loss contingency accrual
Beginning balance of the period	30,511	32,408
Provisions for loss sharing	7,126	6,358
Provisions reversal for loan repayments	(3,283)	(6,617)
Charge-offs, net	(56)	(1,638)
Ending balance of the period	34,298	30,511	$ 32,408
Maximum quantifiable liability	$ 2,460,000	$ 2,240,000

Derivative Financial Instrume_3

Derivative Financial Instruments, Agency Business (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)item	Dec. 31, 2017USD ($)item	Dec. 31, 2016USD ($)
Derivative Financial Instruments
Notional Value, classified in Other Assets	$ 400,661	$ 77,984
Notional Value, classified in Other Liabilities	108,625	291,421
Net gains (losses) from changes in the fair value of derivatives	6,000	(1,400)	$ 500
Income from mortgage servicing rights	98,839	76,820	$ 44,941
Agency Business
Derivative Financial Instruments
Notional Value, classified in Other Assets	509,286	369,405
Fair Value, classified in Other Assets	6,113	684
Fair Value, classified in Other Liabilities	$ (732)	$ (1,306)
Non-Qualifying | Rate lock commitments | Agency Business
Derivative Financial Instruments
Count | item	4	3
Notional Value, classified in Other Assets	$ 18,161	$ 38,578
Fair Value, classified in Other Assets	324	276
Fair Value, classified in Other Liabilities	$ (95)	$ (278)
Non-Qualifying | Forward Sale Commitments | Agency Business
Derivative Financial Instruments
Count | item	90	75
Notional Value, classified in Other Assets	$ 491,125	$ 330,827
Fair Value, classified in Other Assets	5,789	408
Fair Value, classified in Other Liabilities	$ (637)	$ (1,028)

Fair Value, Carrying Value and

Fair Value, Carrying Value and Estimated Fair Value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Oct. 31, 2016
Financial assets:
Loans and investments, net - Principal/Notional Amount	$ 3,283,342	$ 2,652,538
Loans and investments, net	3,200,145	2,579,127
Loans held-for-sale, net - Principal/Notional Amount	472,964	292,249
Securities, held-to-maturity, net - Principal/Notional Amount	103,515	40,566
Securities held-to-maturity, net	76,363	27,837
Derivative financial instruments - Principal/Notional Amount	400,661	77,984
Financial liabilities:
Credit and repurchase facilities, Principal/Notional Amount	1,138,135	530,938
Credit and repurchase facilities, Carrying value	1,135,627	528,573
Collateralized loan obligations	1,593,548	1,418,422
Debt fund	68,183	68,084
Senior unsecured notes	122,484	95,280
Convertible senior unsecured notes, net	254,768	231,287
Junior subordinated notes	140,259	139,590
Related party financing		50,000
Derivative financial instruments - Principal/Notional Amount	$ 108,625	291,421
Maximum number of days held-for-sale loans are typically sold	60 days
Carrying Value
Financial assets:
Loans and investments, net	$ 3,200,145	2,579,127
Loans held-for-sale, net	481,664	297,443
Capitalized mortgage servicing rights, net	273,770	252,608
Securities held-to-maturity, net	76,363	27,837
Derivative financial instruments	6,113	684
Financial liabilities:
Credit and repurchase facilities, Carrying value	1,135,627	528,573
Collateralized loan obligations	1,593,548	1,418,422
Debt fund	68,183	68,084
Senior unsecured notes	122,484	95,280
Convertible senior unsecured notes, net	254,768	231,287
Junior subordinated notes	140,259	139,590
Related party financing		50,000
Derivative financial instruments	732	1,306
Fair Value
Financial assets:
Loans and investments, net	3,249,499	2,652,520
Loans held-for-sale, net	489,546	302,883
Capitalized mortgage servicing rights, net	322,463	286,073
Securities held-to-maturity, net	79,097	28,439
Derivative financial instruments	6,113	684
Financial liabilities:
Credit and repurchase facilities, Carrying value	1,135,774	529,992
Collateralized loan obligations	1,588,989	1,436,871
Debt fund	70,154	70,000
Senior unsecured notes	123,750	99,582
Convertible senior unsecured notes, net	267,324	254,335
Junior subordinated notes	95,873	94,215
Related party financing		49,682
Derivative financial instruments	732	1,306
CLOs
Financial liabilities:
Debt instrument - Principal/Notional Amount	1,609,524	1,436,274
Collateralized loan obligations	1,593,548	1,418,422
Debt Fund
Financial liabilities:
Debt instrument - Principal/Notional Amount	70,000
Debt fund		70,000
Senior Unsecured Notes
Financial liabilities:
Debt instrument - Principal/Notional Amount	125,000	97,860
Convertible Senior Unsecured Notes
Financial liabilities:
Debt instrument - Principal/Notional Amount	270,057	243,750	$ 256,100
Convertible senior unsecured notes, net		243,750
Junior subordinated notes
Financial liabilities:
Debt instrument - Principal/Notional Amount	154,336	154,336
Junior subordinated notes	$ 140,300	$ 139,600

Fair Value, Measurement on Recu

Fair Value, Measurement on Recurring and Nonrecurring Basis (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)item	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Financial assets:
Allowance for impaired loan losses	$ 71,069	$ 62,783
Number of impaired loans | item	5
Aggregate carrying value of impaired loans before reserves	$ 131,835	163,550
Non-financial assets:
Long-lived assets	14,446	16,787
Impairment loss on real estate owned	2,000	3,200	$ 11,200
Real Estate Owned
Non-financial assets:
Long-lived assets	14,446	16,787
Impairment loss on real estate owned	2,000	3,200	$ 11,200
Carrying Value
Financial assets:
Derivative financial instruments	6,113	684
Financial liabilities:
Derivative financial instruments	732	1,306
Fair Value
Financial assets:
Derivative financial instruments	6,113	684
Financial liabilities:
Derivative financial instruments	732	$ 1,306
Recurring basis | Carrying Value
Financial assets:
Derivative financial instruments	6,113
Financial liabilities:
Derivative financial instruments	732
Recurring basis | Fair Value
Financial assets:
Derivative financial instruments	6,113
Financial liabilities:
Derivative financial instruments	732
Nonrecurring basis | Carrying Value
Financial assets:
Impaired loans, net	60,766
Non-financial assets:
Long-lived assets	14,446
Nonrecurring basis | Fair Value
Financial assets:
Impaired loans, net	60,766
Non-financial assets:
Long-lived assets	14,446
Level 2 | Recurring basis
Financial assets:
Derivative financial instruments	5,789
Financial liabilities:
Derivative financial instruments	732
Level 3 | Recurring basis
Financial assets:
Derivative financial instruments	324
Level 3 | Nonrecurring basis
Financial assets:
Impaired loans, net	60,766
Non-financial assets:
Long-lived assets	$ 14,446

Fair Value, Level 3 Inputs (Det

Fair Value, Level 3 Inputs (Details) - Level 3 $ in Thousands	Dec. 31, 2018USD ($)item
Land
Quantitative information about Level 3 fair value measurements
Impaired loans, fair value | $	$ 60,000
Land | Discount rate
Quantitative information about Level 3 fair value measurements
Impaired loans, measurement input	0.2300
Land | Revenue growth rate
Quantitative information about Level 3 fair value measurements
Impaired loans, measurement input	0.0300
Office
Quantitative information about Level 3 fair value measurements
Impaired loans, fair value | $	$ 766
Long-lived assets, fair value | $	$ 3,171
Office | Discount rate
Quantitative information about Level 3 fair value measurements
Impaired loans, measurement input	0.1100
Office | Capitalization rate
Quantitative information about Level 3 fair value measurements
Impaired loans, measurement input	0.0900
Office | Revenue growth rate
Quantitative information about Level 3 fair value measurements
Impaired loans, measurement input	0.0250
Rate lock commitments
Quantitative information about Level 3 fair value measurements
Derivative financial instruments | $	$ 324
Derivative Asset, Valuation Technique [Extensible List]	us-gaap:ValuationTechniqueDiscountedCashFlowMember
Derivative Asset, Measurement Input [Extensible List]	Measurement Input Discount Rate [Member]
Rate lock commitments | Discount rate
Quantitative information about Level 3 fair value measurements
Derivative financial instruments measurement input	0.1306

Fair Value, Level 3 Derivative

Fair Value, Level 3 Derivative Instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Derivative assets
Balance at beginning of period	$ 276	$ 2,816
Additions from the Acquisition			$ 4,529
Settlements	(98,791)	(79,360)	(26,157)
Realized gains recorded in earnings	98,515	76,544	21,628
Unrealized gains recorded in earnings	324	276	2,816
Balance at end of period	$ 324	$ 276	$ 2,816

Fair Value, Components of fair

Fair Value, Components of fair value and other relevant information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)
Fair Value of Servicing Rights	$ 10,577
Total Fair Value Adjustment	10,577
Rate lock commitments
Notional/Principal Amount	18,161
Fair Value of Servicing Rights	324
Interest Rate Movement Effect	(95)
Total Fair Value Adjustment	229
Forward Sale Commitments
Notional/Principal Amount	491,125
Interest Rate Movement Effect	95
Total Fair Value Adjustment	95
Loans held-for-sale, net
Notional/Principal Amount	472,964
Fair Value of Servicing Rights	10,253
Total Fair Value Adjustment	$ 10,253

Fair Value, Financial Assets an

Fair Value, Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Financial assets:
Loans and investments, net	$ 3,200,145	$ 2,579,127
Securities held-to-maturity, net	76,363	27,837
Financial liabilities:
Credit and repurchase facilities, Carrying value	1,135,627	528,573
Collateralized loan obligations	1,593,548	1,418,422
Debt fund	68,183	68,084
Senior unsecured notes	122,484	95,280
Convertible senior unsecured notes, net	254,768	231,287
Junior subordinated notes	140,259	139,590
Level 1
Financial liabilities:
Senior unsecured notes	123,750
Level 2
Financial assets:
Loans held-for-sale, net	479,293
Financial liabilities:
Credit and repurchase facilities, Carrying value	472,181
Convertible senior unsecured notes, net	267,324
Level 3
Financial assets:
Loans and investments, net	3,249,499
Loans held-for-sale, net	10,253
Capitalized mortgage servicing rights, net	322,463
Securities held-to-maturity, net	79,097
Financial liabilities:
Credit and repurchase facilities, Carrying value	663,593
Collateralized loan obligations	1,588,989
Debt fund	70,154
Junior subordinated notes	95,873
Carrying Value
Financial assets:
Loans and investments, net	3,200,145	2,579,127
Loans held-for-sale, net	481,664	297,443
Capitalized mortgage servicing rights, net	273,770
Securities held-to-maturity, net	76,363	27,837
Financial liabilities:
Credit and repurchase facilities, Carrying value	1,135,627	528,573
Collateralized loan obligations	1,593,548	1,418,422
Debt fund	68,183	68,084
Senior unsecured notes	122,484	95,280
Convertible senior unsecured notes, net	254,768	231,287
Junior subordinated notes	140,259	139,590
Fair Value
Financial assets:
Loans and investments, net	3,249,499	2,652,520
Loans held-for-sale, net	489,546	302,883
Capitalized mortgage servicing rights, net	322,463
Securities held-to-maturity, net	79,097	28,439
Financial liabilities:
Credit and repurchase facilities, Carrying value	1,135,774	529,992
Collateralized loan obligations	1,588,989	1,436,871
Debt fund	70,154	70,000
Senior unsecured notes	123,750	99,582
Convertible senior unsecured notes, net	267,324	254,335
Junior subordinated notes	$ 95,873	$ 94,215

Commitments and Contingencies,

Commitments and Contingencies, Contractual Commitments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Agency Business Commitments
Cash collateral	$ 180,606	$ 139,398
Debt Obligations
2,019	798,974
2,020	1,075,447
2,021	932,465
2,022	162,719
2,023	125,000
Thereafter	272,447
Net Carrying Value, Liability Component	3,367,052
Minimum Annual Operating Lease Payments
2,018	5,468
2,019	5,210
2,020	2,953
2,021	2,703
2,022	2,051
Thereafter	4,764
Total	23,149
Total
2,018	804,442
2,019	1,080,657
2,020	935,418
2,021	165,422
2,022	127,051
Thereafter	277,211
Total	3,390,201
Unfunded CLO Commitments
Unfunded commitments related to structured loans and investments	130,900
Cash collateral arrangement - purchase and loss obligations under Freddie Mac's SBL Program
Agency Business Commitments
Cash collateral per securitization	5,000
Outstanding letters of credit	$ 5,000
Forward Contracts
Agency Business Commitments
Period of contractual commitment	60 days
Fannie Mae
Agency Business Commitments
Minimum liquid assets to be maintained to meet operational liquidity requirements	$ 13,200
Period of funding for collateral requirement	48 months
Fannie Mae | Restricted liquidity arrangement - loans sold under the Fannie Mae DUS program
Agency Business Commitments
Letter of credit assigned	$ 44,000
Reserve required to fund additional restricted liquidity over the next 48 months	$ 32,200
Period of additional funding for collateral requirement	48 months

Commitments and Contingencies_2

Commitments and Contingencies, Litigation (Details) $ in Thousands	Jun. 15, 2011USD ($)lawsuitdefendant	Jun. 30, 2013USD ($)lawsuitindividualdefendantitem	Jun. 30, 2011lawsuitindividualdefendantitem	Sep. 30, 2018USD ($)	Dec. 31, 2018USD ($)
Litigation
Litigation settlement gain | $					$ 10,170
Arbor ESH II, LLC
Litigation
Investments in the Series A1 Preferred Units of a holding company of Extended Stay, Inc. | $	$ 115,000
Lawsuits filed by Extended Stay Litigation Trust (the Trust)
Litigation
Number of lawsuits or complaints filed			3
Number of lawsuits filed in United States Bankruptcy Court			2
Number of defendants | defendant			73
Number of defendants who are corporate and partnership entities | item			55
Number of defendants named in a legal action who are individuals | individual			18
Lawsuits filed by Extended Stay Litigation Trust (the Trust) | Fiduciary Duty Claims
Litigation
Number of lawsuits or complaints filed	2
Number of defendants | defendant	2
Lawsuits filed by Extended Stay Litigation Trust (the Trust) | Motion to amend the lawsuits
Litigation
Number of lawsuits consolidated		1
Number of defendants removed due to consolidation of lawsuits | defendant		47
Number of defendants related to the entity | defendant		0
Number of defendants remaining due to consolidation of lawsuits | defendant		26
Number of defendants who are corporate and partnership entities | item		16
Number of defendants named in a legal action who are individuals | individual		10
Number of lawsuits before amendment		100
Number of lawsuits after amendment		17
Aggregate amount which the Trust would be seeking from the affiliates of the entity | $		$ 139,000
Litigation related to prior structured finance investment
Litigation
Net proceeds received | $				$ 10,200

Variable Interest Entities (Det

Variable Interest Entities (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)item	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Variable Interest Entities
Carrying amount of loans and investments before reserves related to VIEs	$ 3,283,342
Loan loss reserves related to VIEs	71,069	$ 62,783	$ 83,712	$ 86,762
Assets:
Restricted cash	180,606	139,398
Loans and investments, net	3,200,145	2,579,127
Other assets	86,086	62,264
Total assets	4,612,175	3,625,945
Liabilities:
Collateralized loan obligations	1,593,548	1,418,422
Debt fund	68,183	68,084
Other liabilities	118,780	99,813
Total liabilities	3,546,609	2,761,389
Consolidated variable interest entities
Assets:
Total assets	2,198,096	1,989,491
Liabilities:
Total liabilities	1,665,139	1,488,552
CLOs and Debt Fund
Assets:
Restricted cash	179,855	138,736
Loans and investments, net	2,001,617	1,836,744
Other assets	16,624	14,011
Total assets	2,198,096	1,989,491
Liabilities:
Collateralized loan obligations	1,593,548	1,418,422
Debt fund	68,183	68,084
Other liabilities	3,408	2,046
Total liabilities	$ 1,665,139	$ 1,488,552
Unconsolidated VIEs
Variable Interest Entities
Number of VIEs where the reporting entity is not VIE's primary beneficiary and VIEs have variable interest | item	24
Carrying Amount	$ 368,986
Carrying amount of loans and investments before reserves related to VIEs	130,100
Loan loss reserves related to VIEs	69,400
Exposure to real estate debt	4,180,000
Unconsolidated VIEs | Loans
Variable Interest Entities
Carrying Amount	289,392
Unconsolidated VIEs | B Piece bonds
Variable Interest Entities
Carrying Amount	76,363
Unconsolidated VIEs | Agency interest only strips
Variable Interest Entities
Carrying Amount	$ 3,231

Equity (Details)

Equity (Details)	Feb. 13, 2019$ / shares	Feb. 01, 2019$ / shares	Dec. 13, 2018USD ($)$ / sharesshares	Oct. 31, 2018$ / shares	Aug. 01, 2018$ / shares	May 02, 2018$ / shares	Feb. 21, 2018$ / shares	Feb. 02, 2018$ / shares	Jul. 14, 2016USD ($)Voteshares	Dec. 31, 2018USD ($)Vote$ / sharesshares	Nov. 30, 2018shares	Aug. 31, 2018shares	May 31, 2018USD ($)$ / sharesshares	Dec. 31, 2018USD ($)Vote$ / sharesshares	Dec. 31, 2017USD ($)$ / sharesshares	Dec. 31, 2016USD ($)shares	Dec. 31, 2018USD ($)Vote$ / sharesshares	Jul. 31, 2018	Jun. 30, 2018USD ($)
Common stock
Shares issued in connection with exchange of convertible debt notes (in shares) | shares														7,300,000
Proceeds from issuance of shares under public offering														$ 156,417,000	$ 76,225,000
Payment to internalize the management team and terminate the existing management agreement using the proceed from public offering															$ 25,000,000
Noncontrolling Interest
Preferred stock, par value (in dollars per share) | $ / shares										$ 0.01				$ 0.01	$ 0.01		$ 0.01
OP Units redeemed by cash														$ (6,845,000)
Preferred Stock
Percentage of dividend paid to common stock and preferred stock shareholders represented ordinary income to our stockholders														100.00%	100.00%	100.00%
Performance-based restricted stock
Deferred Compensation
Vesting period (in years)														3 years
Restricted stock units eligible to receive annually														$ 3,000,000
Certain employees of ours and our Manager | Restricted common stock
Deferred Compensation
Number of fully vested shares issued | shares														265,444	299,750	282,405
Total grant date fair value															$ 2,400,000	$ 1,900,000
Chief executive officer | Restricted common stock
Deferred Compensation
Number of fully vested shares issued | shares														63,584	74,830	70,225
Total grant date fair value														$ 600,000	$ 600,000	$ 500,000
Vesting percentage														25.00%
Chief executive officer | Restricted common stock | First Anniversaries
Deferred Compensation
Vesting percentage															25.00%
Chief executive officer | Restricted common stock | Second Anniversaries
Deferred Compensation
Vesting percentage															25.00%
Chief executive officer | Restricted common stock | Third Anniversaries
Deferred Compensation
Vesting percentage															25.00%
Chief executive officer | Performance-based restricted stock
Deferred Compensation
Vested of restricted stock units that vest at the end of four-year performance period (in shares) | shares														445,765
Vesting period (in years)														4 years	4 years	4 years
Total grant date fair value														$ 800,000	$ 1,000,000	$ 900,000
Percentage increased in long-term equity awards due to equity capitalization growth goals														10.00%
Restricted stock units eligible to receive annually														$ 3,000,000
Expiration period (in years)														5 years
Chief executive officer | Performance-based restricted stock | Maximum
Deferred Compensation
Granted of restricted stock units that vest at the end of four-year performance period (in shares) | shares														381,503	448,980	421,348	1,697,595
Employees of the company and a related party | Restricted common stock
Deferred Compensation
Vesting percentage														33.00%
Employees of the company and a related party | Restricted common stock | March, 2018
Deferred Compensation
Vesting percentage														33.00%
Employees of the company and a related party | Certain employees of ours and our Manager | Restricted common stock
Deferred Compensation
Total grant date fair value														$ 2,300,000
Employees of the company and a related party | ACM / Our "Former Manager" | Restricted common stock
Deferred Compensation
Number of fully vested shares issued | shares														1,033,616	774,972
Total grant date fair value														$ 9,500,000	$ 6,200,000
Unrecognized compensation cost														$ 5,500,000
Remaining weighted-average vesting period														2 years
Restricted stock with grant date fair value (in shares) | shares														426,079
Restricted stock with grant date fair value														$ 3,400,000
Non-employees | Selling and administrative expense | Restricted common stock
Deferred Compensation
Share-based compensation expense														600,000	1,700,000	$ 1,900,000
Employees | Employee compensation and benefits | Restricted common stock
Deferred Compensation
Share-based compensation expense														$ 5,400,000	$ 3,200,000	$ 1,600,000
8.25% Series A preferred stock
Preferred Stock
Return on the preferred shares issued to third parties by its subsidiary REIT (as a percent)														8.25%	8.25%	8.25%
7.75% Series B preferred stock
Preferred Stock
Return on the preferred shares issued to third parties by its subsidiary REIT (as a percent)														7.75%	7.75%	7.75%
8.50% Series C preferred stock
Preferred Stock
Return on the preferred shares issued to third parties by its subsidiary REIT (as a percent)														8.50%	8.50%	8.50%
Common Stock
Common stock
Number of common stock sold (in shares) | shares														15,152,700	9,500,000
Number of shares purchased | shares														(870,000)
Value of common stock available under shelf registration statement										$ 399,300,000				$ 399,300,000			$ 399,300,000
Aggregate amount of debt securities, common stock, preferred stock, depositary shares and warrants filed under shelf registration statement																			$ 500,000,000
Distributions
Cash dividend declared (in dollars per share) | $ / shares	$ 0.27		$ 0.15	$ 0.27	$ 0.25	$ 0.25	$ 0.21
Dividend declared in cash			$ 2,500,000											2.5
Dividend declared in shares | shares			901,432
Tax Treatment for Dividends Paid
Total dividends paid			$ 2,500,000											$ 2.5
Common Stock | Chief executive officer
Common stock
Number of shares purchased | shares											870,000
Common Stock | Non-management members of the Board of Directors
Deferred Compensation
Number of fully vested shares issued | shares														33	74,375	67,260
Total grant date fair value														$ 600,000		$ 400,000
Preferred Stock
Common stock
Number of common stock sold (in shares) | shares																21,230,769
Preferred Stock | 8.25% Series A preferred stock
Distributions
Cash dividend declared on redeemable preferred stock (in dollars per share) | $ / shares		$ 0.515625		0.515625	0.515625	0.515625		$ 0.515625
Preferred Stock
Return on the preferred shares issued to third parties by its subsidiary REIT (as a percent)		8.25%
Preferred Stock | 7.75% Series B preferred stock
Distributions
Cash dividend declared on redeemable preferred stock (in dollars per share) | $ / shares		$ 0.484375		0.484375	0.484375	0.484375		0.484375
Preferred Stock
Return on the preferred shares issued to third parties by its subsidiary REIT (as a percent)		7.75%
Preferred Stock | 8.50% Series C preferred stock
Distributions
Cash dividend declared on redeemable preferred stock (in dollars per share) | $ / shares		$ 0.53125		$ 0.53125	$ 0.53125	$ 0.53125		$ 0.53125
Preferred Stock
Return on the preferred shares issued to third parties by its subsidiary REIT (as a percent)		8.50%
ACM Acquisition | ACM / Our "Former Manager"
Noncontrolling Interest
Consideration in stock to be paid with operating partnership units (in shares) | shares												577,185		14,873,236
Number of preferred stock shares paired with each OP units | shares																1
ACM Acquisition | Chief executive officer | Performance-based restricted stock
Deferred Compensation
Granted of restricted stock units that vest at the end of four-year performance period (in shares) | shares														294,985	357,569
Vesting period (in years)														3 years
Total grant date fair value														$ 3,400,000	$ 2,700,000
5.375% Convertible Notes
Common stock
Interest rate (as a percent)										5.375%				5.375%			5.375%	5.375%
6.50% Convertible Notes
Common stock
Interest rate (as a percent)										6.50%				6.50%			6.50%	6.50%
Operating Partnership Units
Noncontrolling Interest
Number of vote per share of Special Voting Preferred Shares | Vote									1
Conversion ratio for operating partnership units to common stock shares														1
Operating Partnership Units | Special voting preferred shares
Noncontrolling Interest
Number of preferred stock shares paired with each OP units | shares														577,185
Number of vote per share of Special Voting Preferred Shares | Vote										20,653,584				20,653,584			20,653,584
Preferred stock, par value (in dollars per share) | $ / shares										$ 6.80				$ 6.80			$ 6.80
Voting power of outstanding stock (as a percent)														19.70%
Operating Partnership Units | ACM Acquisition
Noncontrolling Interest
Consideration in stock to be paid with operating partnership units (in shares) | shares									21,230,769
Value of operating partnership units issues as consideration									$ 0.01
Public offering | Common Stock
Common stock
Number of common stock sold (in shares) | shares										8,700,000			5,500,000
Issued price per share (in dollars per share) | $ / shares										$ 11.57			$ 8.72	$ 11.57			$ 11.57
Proceeds from issuance of shares under public offering										$ 100,500,000			$ 47,800,000
At-The-Market | Common Stock
Common stock
Number of common stock sold (in shares) | shares														952,700
Proceeds from issuance of shares under public offering														$ 8,100,000
Number of shares available under an "At-The-Market" equity offering with JMP Securities LLC | shares										6,500,000				6,500,000	7,500,000		6,500,000

Equity, Earnings Per Share ("EP

Equity, Earnings Per Share ("EPS") (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Basic
Net income attributable to common stockholders	$ 37,218	$ 27,737	$ 17,167	$ 26,189	$ 21,870	$ 16,421	$ 11,929	$ 15,614	$ 108,312	$ 65,835	$ 42,796
Weighted average shares outstanding (in shares)									70,208,165	57,890,574	51,305,095
Net income per common share (in dollars per share)	$ 0.48	$ 0.37	$ 0.26	$ 0.42	$ 0.35	$ 0.27	$ 0.21	$ 0.30	$ 1.54	$ 1.14	$ 0.83
Diluted
Net income attributable to noncontrolling interest	$ 9,838	$ 7,799	$ 5,557	$ 8,991	$ 7,524	$ 5,661	$ 4,494	$ 6,442	$ 32,185	$ 24,120	$ 12,131
Net income attributable to common stockholders and noncontrolling interest									$ 140,497	$ 89,955	$ 42,796
Weighted average shares outstanding (in shares)									70,208,165	57,890,574	51,305,095
Dilutive effect of OP units (in shares)									21,033,103	21,230,769
Dilutive effect of restricted stock units (in shares)									1,476,653	1,092,072	425,458
Dilutive effect of convertible notes (in shares)									908,861	97,837
Dilutive effect of stock dividend (in shares)									15,386
Weighted average shares outstanding ( in shares)									93,642,168	80,311,252	51,730,553
Net income per common share (in dollars per share)	$ 0.47	$ 0.36	$ 0.25	$ 0.42	$ 0.35	$ 0.26	$ 0.21	$ 0.30	$ 1.50	$ 1.12	$ 0.83
Performance-based restricted stock
Diluted
Vesting period (in years)									3 years
Chief executive officer | Performance-based restricted stock
Diluted
Vesting period (in years)									4 years	4 years	4 years

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	Jan. 01, 2018	Jan. 31, 2018	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Taxes
Period of recognition of income and tax on debt extinguishment											5 years
Pre-tax GAAP income											$ 157,782	$ 110,868	$ 43,621
Repayment of debt											50,000
Deferred tax benefit											12,033	7,399
Current tax provision (benefit)
Federal											17,479	17,201	768
State											4,285	3,557	1,589
Total											21,764	20,758	2,357
Deferred tax (benefit) provision
Federal											(9,446)	(2,928)	1,449
State											(2,867)	(929)	2,380
Valuation allowance											280	(3,542)	(5,361)
Total											(12,033)	(7,399)	(1,532)
Total income tax expense			$ 8,635	$ 5,381	$ 4,499	$ (8,784)	$ (2,885)	$ 6,708	$ 3,435	$ 6,101	$ 9,731	$ 13,359	$ 825
Reconciliation of effective income tax rate as a percentage of pretax income or loss to U.S. federal statutory rate
Federal income tax rate (as a percent)	21.00%										21.00%	35.00%	35.00%
REIT non-taxable income (as a percent)											(8.60%)	(21.20%)	(28.20%)
State and local income taxes, net of federal tax benefit (as a percent)											0.60%	1.60%	6.90%
Change in valuation allowance (as a percent)											0.20%	(1.30%)	(12.30%)
Preferred equity interest deferred tax write-off (as a percent)											(6.30%)
Tax rate change												(4.80%)
Other (as a percent)											(0.70%)	2.70%	0.50%
Effective income tax rate (as a percent)											6.20%	12.00%	1.90%
Deferred income tax benefit as result of Tax Reform	$ (5,300)
Preferred equity interest financing agreement | ACM / Our "Former Manager"
Income Taxes
Repayment of debt		$ 50,000
Deferred tax benefit		$ (12,500)
REIT
Income Taxes
Pre-tax GAAP income											$ 64,260	$ 66,988	$ 35,151
State taxes for the entity's taxable REIT											(100)	1,000	500
TRS Consolidated Group
Income Taxes
Pre-tax GAAP income											93,522	43,880	$ 8,470
Deferred tax assets:
Expenses not currently deductible			11,853				9,750				11,853	9,750
Loan loss reserve			8,614				10,036				8,614	10,036
Net operating and capital loss carryforwards			417				137				417	137
Valuation allowance			(3,698)				(3,418)				(3,698)	(3,418)
Deferred tax assets, net			17,186				16,505				17,186	16,505
Deferred tax liabilities:
Interest in equity affiliates - net			136				2,841				136	2,841
Intangibles			9,674				15,673				9,674	15,673
Mortgage servicing rights			5,290				7,493				5,290	7,493
Other			807				1,252				807	1,252
Deferred tax liabilities, net			$ 15,907				$ 27,259				$ 15,907	$ 27,259

Income Taxes, Operating Loss Ca

Income Taxes, Operating Loss Carryforwards (Details) - USD ($) $ in Millions	Dec. 31, 2018	Dec. 31, 2017
REIT
Income Taxes
Federal and state net operating loss carryforwards		$ 3.3
TRS Consolidated Group
Income Taxes
Federal and state net operating loss carryforwards	$ 0.5	$ 0.5
Capital loss carryforwards	$ 1.1

Agreements and Transactions w_2

Agreements and Transactions with Related Parties, Management Agreement (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Agreements and transactions with related parties
Management fee - related party		$ 6,673	$ 12,600
ACM / Our "Former Manager" | Management Fee
Agreements and transactions with related parties
Management fee - related party		6,700	$ 12,600
ACM / Our "Former Manager" | Support Services
Agreements and transactions with related parties
Costs for services to related party	$ 1,300	$ 700

Agreements and Transactions w_3

Agreements and Transactions with Related Parties, Other (Details)	Nov. 30, 2018USD ($)	Oct. 31, 2018USD ($)	Aug. 31, 2018USD ($)shares	Jun. 30, 2018USD ($)propertyloanitem	May 31, 2018USD ($)	Apr. 30, 2018USD ($)	Dec. 31, 2017USD ($)propertyshares	Aug. 31, 2017USD ($)	Jul. 31, 2017USD ($)	May 31, 2017USD ($)	Jan. 31, 2017USD ($)	Nov. 30, 2016USD ($)item	Sep. 30, 2016USD ($)property	Jan. 31, 2016USD ($)property	Nov. 30, 2015USD ($)	Oct. 31, 2015USD ($)loan	Apr. 30, 2015USD ($)	Feb. 28, 2015USD ($)	Dec. 31, 2018USD ($)shares	Sep. 30, 2018USD ($)	Jun. 30, 2018USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2017USD ($)propertyloan	Sep. 30, 2017USD ($)	Jun. 30, 2017USD ($)	Mar. 31, 2017USD ($)item	Dec. 31, 2018USD ($)itemshares	Dec. 31, 2017USD ($)property	Dec. 31, 2016USD ($)shares	Dec. 31, 2015USD ($)	Jan. 31, 2018USD ($)	Dec. 31, 2014USD ($)
Agreements and transactions with related parties
Due from related party							$ 688,000												$ 1,287,000				$ 688,000				$ 1,287,000	$ 688,000
Related party financing							50,000,000																50,000,000					50,000,000
Outstanding principal balance of related party financing							50,000,000																50,000,000					50,000,000
Income (loss) from equity affiliates																			91,000	$ (1,028,000)	$ 1,387,000	$ 746,000	(4,706,000)	$ 995,000	$ (3,000)	$ 763,000	1,196,000	(2,951,000)	$ 12,995,000
Investments in equity affiliates							$ 23,653,000												21,580,000				23,653,000				21,580,000	23,653,000
Aggregate outstanding balance of related party debt																			$ 3,367,052,000								$ 3,367,052,000
Chief executive officer
Agreements and transactions with related parties
Ownership interest limit of our common stock under company charter (as a percent)																			5.00%								5.00%
Residential Mortgage Banking Company
Agreements and transactions with related parties
Maximum percentage of guaranty provided by the Company in relation to the settlement																													50.00%
Maximum exposure under guaranty																			$ 1,900,000								$ 1,900,000
Preferred equity investments
Agreements and transactions with related parties
Principal amount											$ 15,000,000																		$ 5,000,000
Commitment to fund additional investment											$ 5,000,000
Interest income recorded																												1,100,000
Fixed rate of interest (as a percent)											11.00%
Bridge loan, several multifamily properties
Agreements and transactions with related parties
Percentage of ownership interest of related party in the entity		85.00%
Mezzanine loans
Agreements and transactions with related parties
Interest income recorded																											100,000	300,000	400,000
Fixed rate of interest (as a percent)																	12.50%
Amount of loan to related party																	$ 3,000,000
Maturity Date of October 2018 | Bridge loans
Agreements and transactions with related parties
Base spread (as a percent)																5.00%
LIBOR floor (as a percentage)																0.25%
Interest income recorded																											1,000,000	1,100,000	1,000,000
Number of mortgage loans secured by property purchased from related party | loan																2
Amount of loan to related party																$ 16,700,000
Maturity date of November 2018 | Bridge loans
Agreements and transactions with related parties
Principal amount												$ 14,800,000
Base spread (as a percent)												5.25%
LIBOR floor (as a percentage)												0.50%
Number of bridge loans originated | item												2
Affiliated entities | Loans originated in 2014 or prior years
Agreements and transactions with related parties
Interest income recorded																											200,000	4,100,000	4,600,000
ACM / Our "Former Manager" | Residential Mortgage Banking Company
Agreements and transactions with related parties
Noncontrolling interest in equity method investment acquired (as a percent)																														50.00%
Indirect ownership percentage																														22.5%
Acquisition purchase price																														$ 9,600,000
Income (loss) from equity affiliates																											$ (900,000)	(7,200,000)	$ 10,000,000
Maximum percentage of guaranty provided by the former manager to the Company in relation to the settlement																													50.00%
ACM / Our "Former Manager" | ACM Acquisition
Agreements and transactions with related parties
OP units issued as part of acquisition | shares																													21,230,769
Number of preferred stock shares paired with each OP units | shares																													1
OP units distributed as part of acquisition | shares							5,780,348
Number of shares held by related party | shares																			4,945,837								4,945,837
OP units hold as part of acquisition | shares			577,185																								14,873,236
Percentage of voting power held by related party																			18.90%								18.90%
ACM / Our "Former Manager" | Non-qualified Residential Mortgages | Residential Mortgage Banking Company
Agreements and transactions with related parties
Additional investment made by the company along with a consortium of independent outside investors																													$ 16,100,000
Cash distributions received																											$ 700,000		16,900,000
ACM / Our "Former Manager" | Mortgage loans
Agreements and transactions with related parties
Amount of mortgage loan secured by property, purchased by related party																	$ 47,000,000
ACM / Our "Former Manager" | Preferred equity interest financing agreement
Agreements and transactions with related parties
Related party financing							$ 50,000,000																50,000,000					50,000,000			$ 50,000,000
Interest expense on related party loan																											300,000	3,800,000	1,800,000
Outstanding principal balance of related party financing							50,000,000																50,000,000					50,000,000			$ 50,000,000
Consortium of investors including other unaffiliated investors, certain of officers and chief executive officer | Preferred equity investments | Multifamily
Agreements and transactions with related parties
Equity investment														$ 5,200,000
Consortium of investors including other unaffiliated investors, certain of officers and chief executive officer | Bridge Loan, several undeveloped parcels of land
Agreements and transactions with related parties
Principal amount																			$ 15,000,000								15,000,000
Consortium of investors including other unaffiliated investors, certain of officers and chief executive officer | Bridge loan, several multifamily properties
Agreements and transactions with related parties
Principal amount		$ 19,500,000
Interest income recorded																											300,000
Consortium of investors including other unaffiliated investors, certain of officers and chief executive officer | Bridge loan, several multifamily properties | LIBOR
Agreements and transactions with related parties
Base spread (as a percent)		4.00%
LIBOR floor (as a percentage)		2.125%
Consortium of investors including other unaffiliated investors, certain of officers and chief executive officer | Bridge loan, one multifamily property
Agreements and transactions with related parties
Principal amount	$ 61,200,000
Percentage of ownership interest of related party in the entity	10.00%
Interest income recorded	$ 200,000
Consortium of investors including other unaffiliated investors, certain of officers and chief executive officer | Bridge loan, one multifamily property | LIBOR
Agreements and transactions with related parties
Base spread (as a percent)	4.50%
LIBOR floor (as a percentage)	2.00%
Consortium of investors including other unaffiliated investors, certain of officers and chief executive officer | Maturity date of January 2019 | Multifamily
Agreements and transactions with related parties
Number of properties owned | property														2
Consortium of investors including other unaffiliated investors, certain of officers and chief executive officer | Maturity date of January 2019 | Bridge loan, two multifamily properties
Agreements and transactions with related parties
Principal amount														$ 12,700,000
Percentage of ownership interest of related party in the entity														50.00%
Consortium of investors including other unaffiliated investors, certain of officers and chief executive officer | Maturity date of January 2019 | Bridge loan, two multifamily properties | LIBOR
Agreements and transactions with related parties
Base spread (as a percent)														4.50%
LIBOR floor (as a percentage)														0.25%
Consortium of investors including other unaffiliated investors, certain of officers and chief executive officer | Maturity Date May 2018 extended from November 2017 | Preferred equity investments
Agreements and transactions with related parties
Fixed rate of interest (as a percent)														10.00%
Consortium of investors including other unaffiliated investors, certain of officers and chief executive officer | Maturity date February 2018 | Preferred equity investments
Agreements and transactions with related parties
Principal amount																		$ 23,000,000														$ 18,000,000
Interest income recorded																													1,000,000
Fixed rate of interest (as a percent)																		10.00%
Amount of ownership interest of related party in the entity																		$ 2,000,000
Proceeds from repayment in full																													1,000,000
Consortium of investors including an immediate family member of our officers | Fannie Mae loan on a multifamily property
Agreements and transactions with related parties
Percentage of maximum loss-sharing obligation unpaid principal balance										5.00%
Servicing revenue																												100,000
Principal amount										$ 46,900,000
Percentage of ownership interest of related party in the entity										21.40%
Certain officers, including our Chief Executive Officer and our Former Manager | Maturity date of September 2019 | Bridge loan, six multifamily properties
Agreements and transactions with related parties
Principal amount													$ 48,000,000
Number of properties owned | property													6
Base spread (as a percent)													4.50%
LIBOR floor (as a percentage)													0.25%
Interest income recorded																											1,900,000	2,700,000	700,000
Proceeds from repayment of debt					$ 28,300,000
Proceeds from repayment in full								$ 6,800,000
Certain officers, including our Chief Executive Officer and our Former Manager | Maturity date of September 2019 | Bridge loan, six multifamily properties | Minimum
Agreements and transactions with related parties
Percentage of ownership interest of related party in the entity													10.50%
Certain officers, including our Chief Executive Officer and our Former Manager | Maturity date of September 2019 | Bridge loan, six multifamily properties | Maximum
Agreements and transactions with related parties
Percentage of ownership interest of related party in the entity													12.00%
Certain officers, including our Chief Executive Officer and our Former Manager | Maturity date April 2018, extended from April 2016 | Bridge loans
Agreements and transactions with related parties
Percentage of ownership interest of related party in the entity																	90.00%
Base spread (as a percent)																	4.50%
LIBOR floor (as a percentage)																	0.25%
Interest income recorded																													400,000
Amount of loan to related party																	$ 6,300,000
Certain certain officers, chief executive officer, and other unaffiliated investors | Preferred equity investments
Agreements and transactions with related parties
Amount of ownership interest of related party in the entity									$ 5,000,000
Certain certain officers, chief executive officer, and other unaffiliated investors | Bridge loans
Agreements and transactions with related parties
Percentage of ownership interest of related party in the entity															7.50%
Base spread (as a percent)															4.50%
LIBOR floor (as a percentage)															0.25%
Interest income recorded																												300,000	400,000
Amount of loan to related party															$ 7,100,000
Certain certain officers, chief executive officer, and other unaffiliated investors | Maturity Date of January 2021
Agreements and transactions with related parties
Principal amount						$ 9,400,000
Certain certain officers, chief executive officer, and other unaffiliated investors | Maturity Date of January 2021 | Bridge loan, several multifamily properties
Agreements and transactions with related parties
Percentage of ownership interest of related party in the entity						75.00%
Interest income recorded						$ 300,000
Certain certain officers, chief executive officer, and other unaffiliated investors | Maturity Date of January 2021 | Bridge loan, several multifamily properties | LIBOR
Agreements and transactions with related parties
Base spread (as a percent)						5.00%
LIBOR floor (as a percentage)						1.25%
Certain certain officers, chief executive officer, and other unaffiliated investors | Maturity Date of June 2021 | Bridge loan, one multifamily property
Agreements and transactions with related parties
Principal amount				$ 21,700,000																	$ 21,700,000
Percentage of ownership interest of related party in the entity				75.00%
Interest income recorded																											600,000
Certain certain officers, chief executive officer, and other unaffiliated investors | Maturity Date of June 2021 | Bridge loan, one multifamily property | LIBOR
Agreements and transactions with related parties
Base spread (as a percent)				4.75%																	4.75%
LIBOR floor (as a percentage)				1.25%
Certain certain officers, chief executive officer, and other unaffiliated investors | Maturity date of June 2020 | Bridge loan, several multifamily properties
Agreements and transactions with related parties
Principal amount							$ 32,800,000																$ 32,800,000					$ 32,800,000
Percentage of ownership interest of related party in the entity							90.00%
Base spread (as a percent)							5.00%																5.00%					5.00%
LIBOR floor (as a percentage)							1.13%
Interest income recorded																											2,400,000	$ 100,000
Certain certain officers, chief executive officer, and other unaffiliated investors | Maturity date of fourth quarter 2020 | Bridge loan, two multifamily properties
Agreements and transactions with related parties
Principal amount							$ 28,000,000																$ 28,000,000					$ 28,000,000
Number of properties owned | property							2																2					2
Percentage of ownership interest of related party in the entity																							45.00%
Base spread (as a percent)							5.25%																5.25%					5.25%
Interest income recorded																											2,100,000	$ 200,000
Number of mortgage loans secured by property purchased from related party | loan																							2
Certain certain officers, chief executive officer, and other unaffiliated investors | Maturity date of fourth quarter 2020 | Bridge loan, two multifamily properties | Minimum
Agreements and transactions with related parties
LIBOR floor (as a percentage)																							1.24%
Certain certain officers, chief executive officer, and other unaffiliated investors | Maturity date of fourth quarter 2020 | Bridge loan, two multifamily properties | Maximum
Agreements and transactions with related parties
LIBOR floor (as a percentage)																							1.54%
Certain certain officers, chief executive officer, and other unaffiliated investors | Maturity date of July 2020 | Bridge loan, one multifamily property
Agreements and transactions with related parties
Principal amount									$ 36,000,000
Percentage of ownership interest of related party in the entity									95.00%
Base spread (as a percent)									4.50%
LIBOR floor (as a percentage)									1.00%
Interest income recorded																											1,900,000	900,000
Certain certain officers, chief executive officer, and other unaffiliated investors | Maturity date of January 2019 | Bridge loan, two multifamily properties
Agreements and transactions with related parties
Interest income recorded																											1,400,000	1,300,000	1,200,000
Certain certain officers, chief executive officer, and other unaffiliated investors | Maturity date of January 2019 | Bridge loan, one multifamily property
Agreements and transactions with related parties
Principal amount														$ 19,000,000
Percentage of ownership interest of related party in the entity														7.50%
Base spread (as a percent)														4.50%
LIBOR floor (as a percentage)														0.25%
Interest income recorded																											$ 300,000	1,100,000	1,000,000
Kaufman Entities | ACM Acquisition
Agreements and transactions with related parties
Percentage of our Former Manager's outstanding membership interest of related party in another related party																			80.00%								80.00%
Consortium of affiliated investors | Fannie Mae loan on a multifamily property
Agreements and transactions with related parties
Servicing revenue																											$ 100,000
Consortium of affiliated investors | Maturity Date of June 2021 | Bridge loans
Agreements and transactions with related parties
Number of one-year extension options | item				2
Consortium of affiliated investors | Maturity Date of June 2021 | Bridge loans | LIBOR
Agreements and transactions with related parties
Base spread (as a percent)				4.00%																	4.00%
Immediate family member of chief executive officer | Bridge Loan, several undeveloped parcels of land
Agreements and transactions with related parties
Principal amount			$ 17,700,000
Percentage of ownership interest of related party in the entity			10.80%
Interest income recorded																											800,000
Fixed rate of interest (as a percent)			10.00%
Lexford Portfolio
Agreements and transactions with related parties
Interest income recorded																											10,100,000
Maximum exposure under guaranty																			$ 320.70								320.70
Lexford Portfolio | Maturity Date of June 2021 | Bridge loans
Agreements and transactions with related parties
Number of bridge loans originated | loan				12
Number of multifamily properties renovated | property				72
Lexford Portfolio | Maturity Date of June 2021 | Bridge loan, two multifamily properties
Agreements and transactions with related parties
Base spread (as a percent)				280.50%																	280.50%
Lexford Portfolio
Agreements and transactions with related parties
Cash distributions received																											2,500,000	2,500,000	2,800,000
Income (loss) from equity affiliates																											$ 2,500,000	2,500,000	$ 2,800,000
Lexford Portfolio | Maturity Date of June 2021 | Bridge loans
Agreements and transactions with related parties
Unsecured financing provided by an unsecured lender to certain parent entities of the property owners				$ 50,000,000																	$ 50,000,000
Lexford Portfolio | Lexford Portfolio
Agreements and transactions with related parties
Management fee, percentage of gross revenues of underlying properties																											4.75%
Two portfolios of multifamily properties | Consortium of Investors, including our Chief Executive Officer and our Former Manager
Agreements and transactions with related parties
Interest income recorded																											$ 300,000
Amount invested																										$ 2,000,000
Ownership interest (as a percent)																										26.10%
Number of portfolios of multifamily properties | item																										2
Two portfolios of multifamily properties | Consortium of affiliated investors
Agreements and transactions with related parties
Interest income recorded																												$ 1,000,000
Ginkgo | Fannie Mae
Agreements and transactions with related parties
Loan purchased a multifamily apartment complex which assumed											$ 8,300,000
Percentage of maximum loss-sharing obligation unpaid principal balance											20.00%
Servicing revenue											$ 100,000																$ 100,000
Percentage of loan assumption fee											1.00%
Percentage of ownership after transaction							3.60%
Ginkgo | Director
Agreements and transactions with related parties
Percentage of managing member											33.00%
Structured Business | $50 million credit facility - two
Agreements and transactions with related parties
Number of one-year extension options | item																											2

Employee Benefits - 401(k) Plan

Employee Benefits - 401(k) Plan (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Employee Benefits
Minimum period of continuous service required under 401(k) plan	6 months
Employer's match of the first 6% of employee's contributions (as a a percent)	25.00%
Percentage of eligible compensation, matched 25% by employer	6.00%
Employee compensation and benefits
Employee Benefits
Expense recorded under 401(k) plan	$ 0.6	$ 0.6	$ 0.3

Employee Benefits - Deferred Co

Employee Benefits - Deferred Comp Plan (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Deferred Comp Plan
Period over which matching contributions vest after year 5	9 years
Deferred compensation expense	$ 3.4	$ 2.4	$ 0.7
Other liabilities
Deferred Comp Plan
Liabilities related to Deferred Comp Plan	8.8	5.9
Other assets
Deferred Comp Plan
Assets related to Deferred Comp Plan	$ 5.9	$ 4.5

Segment Information - Statement

Segment Information - Statements of Income (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Segment Information
Interest income									$ 251,768	$ 156,177	$ 116,173
Other interest income, net											2,539
Interest expense									153,818	90,072	63,623
Net interest income	$ 30,361	$ 27,952	$ 21,411	$ 18,225	$ 19,671	$ 18,290	$ 14,057	$ 14,088	97,950	66,105	55,089
Other revenue:
Gain on sales, including fee-based services, net									70,002	72,799	24,594
Mortgage servicing rights									98,839	76,820	44,941
Servicing revenue									94,158	76,412	30,759
Amortization of MSRs									(48,124)	(47,202)	(21,705)
Property operating income									10,095	10,973	14,881
Other income, net									8,161	685	1,041
Total other revenue	77,464	55,580	46,923	53,162	51,431	47,989	44,735	46,332	233,131	190,487	94,511
Other expenses:
Employee compensation and benefits									110,470	92,126	38,647
Selling and administrative									37,074	30,738	17,587
Acquisition costs											10,262
Property operating expenses									10,431	10,482	13,501
Depreciation and amortization									7,453	7,385	5,022
Impairment loss on real estate owned									2,000	3,200	11,200
Provision for loss sharing (net of recoveries)									3,843	(259)	2,235
Provision for loan losses (net of recoveries)									8,353	(456)	(134)
Litigation settlement gain									(10,170)
Management fee - related party										6,673	12,600
Total other expenses	50,255	34,739	40,610	43,849	37,999	36,596	37,043	38,254	169,454	149,889	110,920
Income before extinguishment of debt, sale of real estate, income from equity affiliates and income taxes	57,570	48,793	27,724	27,538	33,103	29,683	21,749	22,166	161,627	106,703	38,680
(Loss) gain on extinguishment of debt	(82)	(4,960)						7,116	(5,041)	7,116
Gain on sale of real estate											11,631
Income from equity affiliates	91	(1,028)	1,387	746	(4,706)	995	(3)	763	1,196	(2,951)	12,995
Benefit from (provision for) income taxes	(8,635)	(5,381)	(4,499)	8,784	2,885	(6,708)	(3,435)	(6,101)	(9,731)	(13,359)	(825)
Net income	48,944	37,424	24,612	37,068	31,282	23,970	18,311	23,944	148,051	97,509	62,481
Preferred stock dividends	1,888	1,888	1,888	1,888	1,888	1,888	1,888	1,888	7,554	7,554	7,554
Net income attributable to noncontrolling interest	9,838	7,799	5,557	8,991	7,524	5,661	4,494	6,442	32,185	24,120	12,131
Net income attributable to common stockholders	$ 37,218	$ 27,737	$ 17,167	$ 26,189	$ 21,870	$ 16,421	$ 11,929	$ 15,614	108,312	65,835	42,796
Operating segments | Structured Business
Segment Information
Interest income									226,750	136,526	109,622
Other interest income, net											2,539
Interest expense									137,719	74,136	57,943
Net interest income									89,031	62,390	54,218
Other revenue:
Property operating income									10,095	10,973	14,881
Other income, net									1,490	2,083	542
Total other revenue									11,585	13,056	15,423
Other expenses:
Employee compensation and benefits									27,456	19,555	14,884
Selling and administrative									15,642	11,765	9,714
Property operating expenses									10,431	10,482	13,501
Depreciation and amortization									1,851	1,784	2,454
Impairment loss on real estate owned									2,000	3,200	11,200
Provision for loan losses (net of recoveries)									8,353	(456)	(134)
Litigation settlement gain									(10,170)
Management fee - related party										3,259	9,044
Total other expenses									55,563	49,589	60,663
Income before extinguishment of debt, sale of real estate, income from equity affiliates and income taxes									45,053	25,857	8,978
(Loss) gain on extinguishment of debt									(5,041)	7,116
Gain on sale of real estate											11,631
Income from equity affiliates									1,196	(2,951)	12,995
Benefit from (provision for) income taxes									774	(957)
Net income									41,982	29,065	33,604
Preferred stock dividends									7,554	7,554	7,554
Net income attributable to common stockholders									34,428	21,511	26,050
Operating segments | Agency Business
Segment Information
Interest income									25,018	19,651	6,551
Interest expense									15,770	12,089	3,887
Net interest income									9,248	7,562	2,664
Other revenue:
Gain on sales, including fee-based services, net									70,002	72,799	24,594
Mortgage servicing rights									98,839	76,820	44,941
Servicing revenue									94,158	76,412	30,759
Amortization of MSRs									(48,124)	(47,202)	(21,705)
Other income, net									6,671	(1,398)	499
Total other revenue									221,546	177,431	79,088
Other expenses:
Employee compensation and benefits									83,014	72,571	23,763
Selling and administrative									21,432	18,973	7,873
Depreciation and amortization									5,602	5,601	2,568
Provision for loss sharing (net of recoveries)									3,843	(259)	2,235
Management fee - related party										3,414	3,556
Total other expenses									113,891	100,300	39,995
Income before extinguishment of debt, sale of real estate, income from equity affiliates and income taxes									116,903	84,693	41,757
Benefit from (provision for) income taxes									(10,505)	(12,402)	(825)
Net income									106,398	72,291	40,932
Net income attributable to common stockholders									106,398	72,291	40,932
Other / Eliminations
Segment Information
Interest expense									329	3,847	1,793
Net interest income									(329)	(3,847)	(1,793)
Other expenses:
Acquisition costs											10,262
Total other expenses											10,262
Income before extinguishment of debt, sale of real estate, income from equity affiliates and income taxes									(329)	(3,847)	(12,055)
Net income									(329)	(3,847)	(12,055)
Net income attributable to noncontrolling interest									32,185	24,120	12,131
Net income attributable to common stockholders									$ (32,514)	$ (27,967)	$ (24,186)

Segment Information - Balance S

Segment Information - Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Assets:
Cash and cash equivalents	$ 160,063	$ 104,374
Restricted cash	180,606	139,398
Loans and investments, net	3,200,145	2,579,127
Loans held-for-sale, net	481,664	297,443
Capitalized mortgage servicing rights, net	273,770	252,608
Securities held-to-maturity, net	76,363	27,837
Investments in equity affiliates	21,580	23,653
Goodwill and other intangible assets	116,165	121,766
Other assets	101,819	79,739
Total assets	4,612,175	3,625,945
Liabilities:
Debt obligations	3,314,869	2,531,236
Allowance for loss-sharing obligations	34,298	30,511
Other liabilities	197,442	199,642
Total liabilities	3,546,609	2,761,389
Other / Eliminations
Liabilities:
Debt obligations		50,000
Other liabilities		1,009
Total liabilities		51,009
Structured Business | Operating segments
Assets:
Cash and cash equivalents	89,457	37,056
Restricted cash	180,606	139,398
Loans and investments, net	3,200,145	2,579,127
Investments in equity affiliates	21,580	23,653
Goodwill and other intangible assets	12,500	12,500
Other assets	81,494	66,227
Total assets	3,585,782	2,857,961
Liabilities:
Debt obligations	2,842,688	2,189,700
Other liabilities	159,413	155,814
Total liabilities	3,002,101	2,345,514
Agency Business | Operating segments
Assets:
Cash and cash equivalents	70,606	67,318
Loans held-for-sale, net	481,664	297,443
Capitalized mortgage servicing rights, net	273,770	252,608
Securities held-to-maturity, net	76,363	27,837
Goodwill and other intangible assets	103,665	109,266
Other assets	20,325	13,512
Total assets	1,026,393	767,984
Liabilities:
Debt obligations	472,181	291,536
Allowance for loss-sharing obligations	34,298	30,511
Other liabilities	38,029	42,819
Total liabilities	$ 544,508	$ 364,866

Segment Information - Originati

Segment Information - Origination Data (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Segment Information
Origination Volumes	$ 5,104,072	$ 4,344,328	$ 2,129,720
Loan Sales Data:
Loan Sales			$ 1,910,000
Sales margin (fee-based services as a % of loan sales)	1.42%	1.51%	1.65%
MSR rate (MSR income as a % of loan commitments)	1.94%	1.77%	2.11%
Structured Business
Segment Information
New loan originations	$ 1,656,020	$ 1,842,974	$ 847,683
Loan payoffs / paydowns	955,575	924,120	553,409
Agency Business
Segment Information
Origination Volumes	5,124,489	4,462,436	2,149,633
Loan Sales Data:
Loan Sales	4,924,144	4,814,906	1,492,384
Fannie Mae | Agency Business
Segment Information
Origination Volumes	3,332,100	2,929,481	1,668,581
Loan Sales Data:
Loan Sales	3,217,006	3,223,953	1,130,392
Freddie Mac | Agency Business
Segment Information
Origination Volumes	1,587,958	1,322,498	456,422
Loan Sales Data:
Loan Sales	1,540,483	1,399,029	332,319
FHA | Agency Business
Segment Information
Origination Volumes	153,523	189,087	24,630
Loan Sales Data:
Loan Sales	115,747	170,554	$ 29,673
CMBS/Conduit | Agency Business
Segment Information
Origination Volumes	50,908	21,370
Loan Sales Data:
Loan Sales	$ 50,908	$ 21,370

Segment Information - Key Servi

Segment Information - Key Servicing Metrics (Details) - Agency Business - MSRs - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Segment Information
UPB of Servicing Portfolio	$ 18,601,641	$ 16,206,315
Wtd. Avg. Servicing Fee Rate (basis points)	0.452%	0.477%
Wtd. Avg. Life of Servicing Portfolio (in years)	8 years 7 months 6 days	8 years 1 month 6 days
Fannie Mae
Segment Information
UPB of Servicing Portfolio	$ 13,562,667	$ 12,502,699
Wtd. Avg. Servicing Fee Rate (basis points)	0.513%	0.536%
Wtd. Avg. Life of Servicing Portfolio (in years)	7 years 4 months 24 days	6 years 10 months 24 days
Freddie Mac
Segment Information
UPB of Servicing Portfolio	$ 4,394,287	$ 3,166,134
Wtd. Avg. Servicing Fee Rate (basis points)	0.308%	0.295%
Wtd. Avg. Life of Servicing Portfolio (in years)	10 years 9 months 18 days	10 years 6 months
FHA
Segment Information
UPB of Servicing Portfolio	$ 644,687	$ 537,482
Wtd. Avg. Servicing Fee Rate (basis points)	0.155%	0.165%
Wtd. Avg. Life of Servicing Portfolio (in years)	19 years 7 months 6 days	19 years 7 months 6 days

Selected Quarterly Financial _3

Selected Quarterly Financial Data - Unaudited (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Selected Quarterly Financial Data - Unaudited
Net interest income	$ 30,361	$ 27,952	$ 21,411	$ 18,225	$ 19,671	$ 18,290	$ 14,057	$ 14,088	$ 97,950	$ 66,105	$ 55,089
Total other revenue	77,464	55,580	46,923	53,162	51,431	47,989	44,735	46,332	233,131	190,487	94,511
Total other expenses	50,255	34,739	40,610	43,849	37,999	36,596	37,043	38,254	169,454	149,889	110,920
Income before extinguishment of debt, income from equity affiliates and income taxes	57,570	48,793	27,724	27,538	33,103	29,683	21,749	22,166	161,627	106,703	38,680
(Loss) gain on extinguishment of debt	(82)	(4,960)						7,116	(5,041)	7,116
Income (loss) from equity affiliates	91	(1,028)	1,387	746	(4,706)	995	(3)	763	1,196	(2,951)	12,995
Benefit from (provision for) income taxes	(8,635)	(5,381)	(4,499)	8,784	2,885	(6,708)	(3,435)	(6,101)	(9,731)	(13,359)	(825)
Net income	48,944	37,424	24,612	37,068	31,282	23,970	18,311	23,944	148,051	97,509	62,481
Preferred stock dividends	1,888	1,888	1,888	1,888	1,888	1,888	1,888	1,888	7,554	7,554	7,554
Net income attributable to noncontrolling interest	9,838	7,799	5,557	8,991	7,524	5,661	4,494	6,442	32,185	24,120	12,131
Net income attributable to common stockholders	$ 37,218	$ 27,737	$ 17,167	$ 26,189	$ 21,870	$ 16,421	$ 11,929	$ 15,614	$ 108,312	$ 65,835	$ 42,796
Basic earnings per common share (in dollars per share)	$ 0.48	$ 0.37	$ 0.26	$ 0.42	$ 0.35	$ 0.27	$ 0.21	$ 0.30	$ 1.54	$ 1.14	$ 0.83
Diluted earnings per common share (in dollars per share)	$ 0.47	$ 0.36	$ 0.25	$ 0.42	$ 0.35	$ 0.26	$ 0.21	$ 0.30	$ 1.50	$ 1.12	$ 0.83

SCHEDULE IV - LOANS AND OTHER_2

SCHEDULE IV - LOANS AND OTHER LENDING INVESTMENTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Loans and Investments
Fixed interest rate (as a percent)	7.02%	6.28%
Prior Liens	$ 992,025
Secured amount of loan	3,283,342
Carrying Amount	3,200,145	$ 2,579,127	$ 1,695,732	$ 1,450,334
Amount of loans extended	425,200
Federal income tax basis	$ 3,280,000
Threshold for reporting loans (as a percent)	3.00%
Bridge loans
Loans and Investments
Fixed interest rate (as a percent)	6.84%	6.10%
Prior Liens	$ 11,800
Secured amount of loan	2,992,814
Carrying Amount	2,912,770
Bridge loans | Loans less than 3%
Loans and Investments
Prior Liens	11,800
Secured amount of loan	2,563,314
Carrying Amount	$ 2,483,149
Preferred equity investments
Loans and Investments
Fixed interest rate (as a percent)	7.97%	6.47%
Secured amount of loan		$ 34,800
Preferred equity investments | Loans less than 3%
Loans and Investments
Prior Liens	$ 795,216
Secured amount of loan	181,661
Carrying Amount	$ 178,894
Mezzanine loans
Loans and Investments
Fixed interest rate (as a percent)	10.57%	10.78%
Mezzanine loans | Loans less than 3%
Loans and Investments
Prior Liens	$ 185,009
Secured amount of loan	108,867
Carrying Amount	$ 108,481
Multifamily | Loans in excess of 3% | Maximum
Loans and Investments
Base spread (as a percent)	11.95%
Multifamily | Bridge loans | Loans in excess of 3%
Loans and Investments
Secured amount of loan	$ 429,500
Carrying Amount	$ 429,621
Multifamily | Bridge loans | Loans in excess of 3% | Minimum
Loans and Investments
Base spread (as a percent)	3.40%
LIBOR Floor rate (as a percent)	0.25%
Multifamily | Bridge loans | Loans in excess of 3% | Maximum
Loans and Investments
LIBOR Floor rate (as a percent)	1.36%
Multifamily | Bridge loans | Loans less than 3%
Loans and Investments
Secured amount of loan	$ 1,764,647
Carrying Amount	$ 1,757,259
Multifamily | Bridge loans | Loans less than 3% | Minimum
Loans and Investments
Base spread (as a percent)	3.00%
LIBOR Floor rate (as a percent)	0.16%
Fixed interest rate (as a percent)	3.00%
Multifamily | Bridge loans | Loans less than 3% | Maximum
Loans and Investments
Base spread (as a percent)	12.98%
LIBOR Floor rate (as a percent)	2.50%
Fixed interest rate (as a percent)	12.00%
Multifamily | Preferred equity investments | Minimum
Loans and Investments
Fixed interest rate (as a percent)	6.00%
Multifamily | Preferred equity investments | Loans less than 3%
Loans and Investments
Prior Liens	$ 755,446
Secured amount of loan	179,081
Carrying Amount	$ 178,024
Multifamily | Preferred equity investments | Loans less than 3% | Maximum
Loans and Investments
Fixed interest rate (as a percent)	14.00%
Multifamily | Mezzanine loans | Loans less than 3%
Loans and Investments
Prior Liens	$ 33,193
Secured amount of loan	54,692
Carrying Amount	$ 54,529
Multifamily | Mezzanine loans | Loans less than 3% | Minimum
Loans and Investments
Fixed interest rate (as a percent)	2.00%
Multifamily | Mezzanine loans | Loans less than 3% | Maximum
Loans and Investments
Fixed interest rate (as a percent)	11.50%
Self Storage | Bridge loans | Loans less than 3%
Loans and Investments
Prior Liens	$ 11,800
Secured amount of loan	301,830
Carrying Amount	$ 300,534
Self Storage | Bridge loans | Loans less than 3% | Minimum
Loans and Investments
Base spread (as a percent)	3.90%
LIBOR Floor rate (as a percent)	0.78%
Self Storage | Bridge loans | Loans less than 3% | Maximum
Loans and Investments
Base spread (as a percent)	10.60%
LIBOR Floor rate (as a percent)	1.57%
Land | Bridge loans | Loans less than 3%
Loans and Investments
Base spread (as a percent)	4.00%
LIBOR Floor rate (as a percent)	0.15%
Secured amount of loan	$ 136,295
Carrying Amount	$ 68,268
Land | Bridge loans | Loans less than 3% | Minimum
Loans and Investments
Fixed interest rate (as a percent)	0.00%
Land | Bridge loans | Loans less than 3% | Maximum
Loans and Investments
Fixed interest rate (as a percent)	11.64%
Land | Mezzanine loans | Loans less than 3%
Loans and Investments
Secured amount of loan	$ 15,333
Carrying Amount	$ 15,318
Land | Mezzanine loans | Loans less than 3% | Minimum
Loans and Investments
Fixed interest rate (as a percent)	0.00%
Land | Mezzanine loans | Loans less than 3% | Maximum
Loans and Investments
Fixed interest rate (as a percent)	12.00%
Office | Bridge loans | Loans in excess of 3% | Minimum
Loans and Investments
LIBOR Floor rate (as a percent)	0.24%
Office | Bridge loans | Loans less than 3%
Loans and Investments
Secured amount of loan	$ 122,167
Carrying Amount	$ 120,096
Office | Bridge loans | Loans less than 3% | Minimum
Loans and Investments
Base spread (as a percent)	3.10%
Office | Bridge loans | Loans less than 3% | Maximum
Loans and Investments
Base spread (as a percent)	8.00%
LIBOR Floor rate (as a percent)	2.13%
Office | Preferred equity investments | Loans less than 3%
Loans and Investments
Fixed interest rate (as a percent)	15.00%
Prior Liens	$ 9,978
Secured amount of loan	880
Carrying Amount	$ 870
Office | Mezzanine loans | Loans less than 3%
Loans and Investments
Base spread (as a percent)	11.81%
LIBOR Floor rate (as a percent)	2.13%
Fixed interest rate (as a percent)	9.00%
Prior Liens	$ 60,000
Secured amount of loan	9,000
Carrying Amount	$ 8,977
Healthcare | Bridge loans | Loans in excess of 3% | Minimum
Loans and Investments
LIBOR Floor rate (as a percent)	1.12%
Healthcare | Bridge loans | Loans less than 3%
Loans and Investments
Secured amount of loan	$ 122,775
Carrying Amount	$ 122,064
Healthcare | Bridge loans | Loans less than 3% | Minimum
Loans and Investments
Base spread (as a percent)	4.75%
Healthcare | Bridge loans | Loans less than 3% | Maximum
Loans and Investments
Base spread (as a percent)	11.60%
LIBOR Floor rate (as a percent)	2.50%
Hotel | Bridge loans | Loans less than 3%
Loans and Investments
LIBOR Floor rate (as a percent)	0.45%
Secured amount of loan	$ 80,100
Carrying Amount	$ 79,664
Hotel | Bridge loans | Loans less than 3% | Minimum
Loans and Investments
Base spread (as a percent)	5.30%
Hotel | Bridge loans | Loans less than 3% | Maximum
Loans and Investments
Base spread (as a percent)	8.28%
LIBOR Floor rate (as a percent)	2.38%
Hotel | Mezzanine loans | Loans less than 3%
Loans and Investments
Base spread (as a percent)	13.00%
LIBOR Floor rate (as a percent)	1.23%
Prior Liens	$ 60,625
Secured amount of loan	19,975
Carrying Amount	$ 19,835
Commercial | Preferred equity investments | Loans less than 3%
Loans and Investments
Fixed interest rate (as a percent)	6.00%
Prior Liens	$ 29,792
Secured amount of loan	$ 1,700
Retail | Bridge loans | Loans less than 3%
Loans and Investments
Base spread (as a percent)	4.95%
Secured amount of loan	$ 35,500
Carrying Amount	$ 35,264
Retail | Bridge loans | Loans less than 3% | Minimum
Loans and Investments
LIBOR Floor rate (as a percent)	2.13%
Retail | Mezzanine loans | Loans less than 3%
Loans and Investments
Fixed interest rate (as a percent)	12.00%
Prior Liens	$ 31,191
Secured amount of loan	9,867
Carrying Amount	$ 9,822

SCHEDULE IV - LOANS AND OTHER_3

SCHEDULE IV - LOANS AND OTHER LENDING INVESTMENTS, Loans and Investments Carrying Amounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Reconciliation of the Company's loans and investments carrying amounts
Balance at beginning of year	$ 2,579,127	$ 1,695,732	$ 1,450,334
Additions during period:
New loan originations	1,658,732	1,842,974	847,683
Loan charge-offs	3,173	20,473	2,959
Funding of unfunded loan commitments	21,027	51,689	7,851
Accretion of unearned revenue	9,278	6,519	4,297
Recoveries of reserves	2,527	2,456	193
Deductions during period:
Loan payoffs and paydowns	(957,163)	(929,796)	(556,893)
Unfunded loan commitments	(88,617)	(77,233)	(50,691)
Use of loan charge-offs	(3,173)	(20,473)	(2,959)
Provision for loan losses	(13,986)	(2,000)	(59)
Unearned revenue and costs	(10,780)	(11,214)	(6,983)
Balance at end of year	$ 3,200,145	$ 2,579,127	$ 1,695,732