Arbor Realty Trust (ABR) 10-Q 3 Nov 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Oct. 27, 2017
Document and Entity Information
Entity Registrant Name	ARBOR REALTY TRUST INC
Entity Central Index Key	1,253,986
Document Type	10-Q
Document Period End Date	Sep. 30, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		61,702,628
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Assets:
Cash and cash equivalents	$ 84,751,397	$ 138,645,430
Restricted cash	137,138,389	29,314,929
Loans and investments, net	1,997,555,985	1,695,732,351
Loans held-for-sale, net	333,267,976	673,367,304
Capitalized mortgage servicing rights, net	247,875,659	227,742,986
Available-for-sale securities, at fair value	4,707,085	5,403,463
Securities held-to-maturity, net	18,851,089
Investments in equity affiliates	31,330,740	33,948,853
Real estate owned, net	17,354,720	19,491,805
Due from related party	12,613,313	1,464,732
Goodwill and other intangible assets	123,166,816	97,489,884
Other assets	49,564,693	48,184,509
Total assets	3,058,177,862	2,970,786,246
Liabilities and Equity:
Credit facilities and repurchase agreements	562,326,537	906,636,790
Collateralized loan obligations	1,066,230,488	728,441,109
Senior unsecured notes	95,088,379	94,521,566
Convertible senior unsecured notes, net	95,381,121	80,660,038
Junior subordinated notes to subsidiary trust issuing preferred securities	139,418,416	157,858,555
Related party financing	50,000,000	50,000,000
Due to related party		6,038,707
Due to borrowers	69,357,152	81,019,386
Allowance for loss-sharing obligations	30,158,464	32,407,554
Other liabilities	104,474,096	86,164,613
Total liabilities	2,212,434,653	2,223,748,318
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; 21,230,769 shares issued and outstanding; 8.25% Series A, $38,787,500 aggregate liquidation preference; 1,551,500 shares issued and outstanding; 7.75% Series B, $31,500,000 aggregate liquidation preference; 1,260,000 shares issued and outstanding; 8.50% Series C, $22,500,000 aggregate liquidation preference; 900,000 shares issued and outstanding	89,508,213	89,508,213
Common stock, $0.01 par value: 500,000,000 shares authorized; 61,702,628 and 51,401,295 shares issued and outstanding, respectively	617,026	514,013
Additional paid-in capital	702,240,622	621,931,995
Accumulated deficit	(112,069,714)	(125,134,403)
Accumulated other comprehensive income	205,761	320,917
Total Arbor Realty Trust, Inc. stockholders' equity	680,501,908	587,140,735
Noncontrolling interest	165,241,301	159,897,193
Total equity	845,743,209	747,037,928
Total liabilities and equity	$ 3,058,177,862	$ 2,970,786,246

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
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)	61,702,628	51,401,295
Common stock, shares outstanding (in shares)	61,702,628	51,401,295
Special voting preferred shares
Preferred stock, shares issued (in shares)	21,230,769	21,230,769
Preferred stock, shares outstanding (in shares)	21,230,769	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	$ 38,787,500	$ 38,787,500
Preferred stock, shares issued (in shares)	1,551,500	1,551,500
Preferred stock, shares outstanding (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	$ 31,500,000	$ 31,500,000
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	$ 22,500,000	$ 22,500,000
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 (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
Interest income	$ 42,139,576	$ 29,636,227	$ 110,132,866	$ 83,424,190
Other interest income, net				2,539,274
Interest expense	23,849,417	16,966,228	63,697,641	42,958,329
Net interest income	18,290,159	12,669,999	46,435,225	43,005,135
Other revenue:
Gain on sales, including fee-based services, net	17,126,106	9,693,822	55,127,004	9,693,822
Mortgage servicing rights	18,897,239	15,968,067	56,181,638	15,968,067
Servicing revenue, net	8,520,111	5,885,884	19,922,901	5,885,884
Property operating income	2,668,055	2,960,940	8,754,518	12,719,027
Other income, net	777,656	359,546	(929,893)	663,977
Total other revenue	47,989,167	34,868,259	139,056,168	44,930,777
Other expenses:
Employee compensation and benefits	25,194,433	14,216,679	66,860,581	22,856,433
Selling and administrative	7,606,936	5,903,031	23,135,750	10,277,844
Acquisition costs		6,406,258		10,261,902
Property operating expenses	2,582,745	2,819,004	7,842,571	10,991,823
Depreciation and amortization	1,829,016	1,808,765	5,541,991	3,129,410
Impairment loss on real estate owned			2,700,000	11,200,000
Provision for loss sharing (net of recoveries)	(2,617,064)	1,316,862	(405,494)	1,316,862
Provision for loan losses (net of recoveries)	2,000,000	(54,000)	(455,653)	(24,995)
Management fee - related party		3,325,000	6,673,260	8,875,000
Total other expenses	36,596,066	35,741,599	111,893,006	78,884,279
Income before gain on extinguishment of debt, gain on sale of real estate, income from equity affiliates and provision for income taxes	29,683,260	11,796,659	73,598,387	9,051,633
Gain on extinguishment of debt			7,116,243
Gain on sale of real estate				11,630,687
Income from equity affiliates	995,312	4,929,375	1,755,145	11,193,918
Provision for income taxes	(6,708,000)	(300,000)	(16,244,000)	(300,000)
Net income	23,970,572	16,426,034	66,225,775	31,576,238
Preferred stock dividends	1,888,430	1,888,430	5,665,290	5,665,290
Net income attributable to noncontrolling interest	5,661,184	3,649,432	16,596,415	3,649,432
Net income attributable to common stockholders	$ 16,420,958	$ 10,888,172	$ 43,964,070	$ 22,261,516
Basic earnings per common share (in dollars per share)	$ 0.27	$ 0.21	$ 0.78	$ 0.43
Diluted earnings per common share (in dollars per share)	$ 0.26	$ 0.21	$ 0.77	$ 0.43
Weighted average shares outstanding:
Basic (in shares)	61,582,796	51,390,467	56,602,504	51,272,795
Diluted (in shares)	83,918,117	70,271,796	78,942,919	51,627,550
Dividends declared per common share (in dollars per share)	$ 0.18	$ 0.16	$ 0.53	$ 0.46

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
Net income	$ 23,970,572	$ 16,426,034	$ 66,225,775	$ 31,576,238
Unrealized loss on securities available-for-sale, at fair value	(235,158)	(88,184)	(352,735)	(117,579)
Unrealized gain (loss) on derivative financial instruments, net		66,254	202	(195,981)
Reclassification of net realized loss on derivatives designated as cash flow hedges into earnings		1,316,157	237,377	4,012,457
Comprehensive income	23,735,414	17,720,261	66,110,619	35,275,135
Less:
Comprehensive income attributable to noncontrolling interest	5,601,567	3,974,327	16,574,284	3,974,327
Preferred stock dividends	1,888,430	1,888,430	5,665,290	5,665,290
Comprehensive income attributable to common stockholders	$ 16,245,417	$ 11,857,504	$ 43,871,045	$ 25,635,518

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Unaudited) - 9 months ended Sep. 30, 2017 - USD ($)	Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated DeficitPreferred stock of private REIT	Accumulated Deficit	Accumulated Other Comprehensive Income	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, 2016	$ 89,508,213	$ 514,013	$ 621,931,995		$ (125,134,403)	$ 320,917		$ 587,140,735	$ 159,897,193		$ 747,037,928
Balance (in shares) at Dec. 31, 2016	24,942,269	51,401,295
Increase (Decrease) in Stockholders' Equity
Issuance of common stock		$ 95,000	76,130,000					76,225,000			76,225,000
Issuance of common stock (in shares)		9,500,000
Stock-based compensation		$ 8,065	3,825,296					3,833,361			3,833,361
Stock-based compensation (in shares)		806,524
Forfeiture of unvested restricted stock		$ (52)	52
Forfeiture of unvested restricted stock (in shares)		(5,191)
Issuance of convertible senior unsecured notes, net			353,279					353,279			353,279
Distributions - common stock					(30,888,612)			(30,888,612)			(30,888,612)
Distributions - preferred stock				$ (10,769)	(5,665,290)		$ (10,769)	(5,665,290)		$ (10,769)	(5,665,290)
Distributions - noncontrolling interest									(11,252,307)		(11,252,307)
Net income					49,629,360			49,629,360	16,596,415		66,225,775
Unrealized loss on securities available-for-sale						(352,735)		(352,735)			(352,735)
Unrealized gain on derivative financial instruments, net						202		202			202
Reclassification of net realized loss on derivatives designated as cash flow hedges into earnings						237,377		237,377			237,377
Balance at Sep. 30, 2017	$ 89,508,213	$ 617,026	$ 702,240,622		$ (112,069,714)	$ 205,761		$ 680,501,908	$ 165,241,301		$ 845,743,209
Balance (in shares) at Sep. 30, 2017	24,942,269	61,702,628

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Operating activities:
Net income	$ 66,225,775	$ 31,576,238
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	5,541,991	3,129,410
Stock-based compensation	3,833,361	2,940,174
Amortization and accretion of interest and fees, net	3,296,464	2,539,980
Amortization of capitalized mortgage servicing rights	35,427,217	7,586,524
Originations of loans held-for-sale	(3,287,578,091)	(853,935,531)
Proceeds from sales of loans held-for-sale, net of gain on sale	3,621,276,437	975,969,372
Payoffs and paydowns of loans held-for-sale	116,174
Mortgage servicing rights	(56,181,638)	(15,968,067)
Write-off of capitalized mortgage servicing rights from payoffs	10,713,274	1,669,081
Impairment loss on real estate owned	2,700,000	11,200,000
Provision for loan losses (net of recoveries)	(455,653)	(24,995)
Provision for loss sharing (net of recoveries)	(405,494)	1,316,862
Net charge-offs for loss sharing obligations	(1,843,596)	(2,131,178)
Gain on extinguishment of debt	(7,116,243)
Gain on sale of real estate		(11,630,687)
Gain on sale of securities		(15,491)
Deferred tax provision	15,000
Income from equity affiliates	(1,755,145)	(11,193,918)
Change in fair value of available-for-sale securities	343,642	46,021
Changes in operating assets and liabilities	(6,252,023)	5,894,972
Net cash provided by operating activities	387,901,452	148,968,767
Investing Activities:
Loans and investments funded, originated, net	(1,051,445,805)	(725,025,857)
Payoffs and paydowns of loans and investments	758,138,665	531,874,076
Internalization of management team	(25,000,000)
Deferred fees	7,213,824	7,412,018
Investments in real estate, net	(562,025)	(611,497)
Contributions to equity affiliates	(692,536)	(4,641,973)
Distributions from equity affiliates	2,340,710	731,942
Acquisition of the Agency Business, net of cash acquired		(68,356,323)
Proceeds from sale of real estate, net		49,029,780
Proceeds from sale of available-for-sale securities		1,567,207
Purchase of securities held-to-maturity, net	(18,339,271)
Payoffs and paydowns of securities held-to-maturity	76,300
Due to borrowers and reserves	(22,571,250)	128,492
Net cash used in investing activities	(350,841,388)	(207,892,135)
Financing activities:
Proceeds from repurchase agreements, loan participations, credit facilities and notes payable	6,073,385,393	1,681,492,236
Payoffs and Paydowns of repurchase agreements, loan participations and credit facilities	(6,417,833,725)	(1,807,884,108)
Payoffs of junior subordinated notes to subsidiary trust issuing preferred securities	(12,691,086)
Paydowns and payoffs of mortgage note payable - real estate owned		(27,155,000)
Proceeds from collateralized loan obligations	561,874,000	250,250,000
Payoffs and paydowns of collateralized loan obligations	(219,000,000)
Proceeds from convertible senior unsecured notes	13,750,000
Change in restricted cash	(107,793,983)	(123,982,753)
Receipts on swaps and returns of margin calls from counterparties	429,539	3,440,049
Distributions paid on common stock	(30,888,612)	(23,573,786)
Distributions paid on noncontrolling interest	(11,252,307)
Distributions paid on preferred stock	(5,665,290)	(5,665,290)
Distributions paid on preferred stock of private REIT	(10,769)	(10,849)
Payment of deferred financing costs	(11,482,257)	(5,081,844)
Proceeds from issuance of common stock	76,225,000
Net cash used in financing activities	(90,954,097)	(58,171,345)
Net decrease in cash and cash equivalents	(53,894,033)	(117,094,713)
Cash and cash equivalents at beginning of period	138,645,430	188,708,687
Cash and cash equivalents at end of period	84,751,397	71,613,974
Supplemental cash flow information:
Cash used to pay interest	53,150,362	36,287,261
Cash used to pay taxes	14,653,499	298,654
Supplemental schedule of non-cash investing and financing activities:
Related party financing		50,000,000
Payment due on the acquisition of the Agency Business		11,416,610
Working capital adjustment on the acquisition of the Agency Business		7,982,584
Issuance of special voting preferred shares and operating partnership units in connection with the Acquisition		154,772,306
8.25% Series A preferred stock
Supplemental schedule of non-cash investing and financing activities:
Distributions accrued on preferred stock	266,664	266,664
7.75% Series B preferred stock
Supplemental schedule of non-cash investing and financing activities:
Distributions accrued on preferred stock	203,438	203,438
8.50% Series C preferred stock
Supplemental schedule of non-cash investing and financing activities:
Distributions accrued on preferred stock	$ 159,375	159,375
Special voting preferred shares
Supplemental schedule of non-cash investing and financing activities:
Distributions accrued on preferred stock		$ 3,396,923

CONSOLIDATED STATEMENTS OF CAS8

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Parenthetical)	9 Months Ended		12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	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	9 Months Ended
	Sep. 30, 2017
Description of Business
Description of Business	Note 1 — Description of Business Arbor Realty Trust, Inc. (the “Company,” “we,” “us,” or “our”) is a Maryland corporation formed in 2003. Through our Structured Loan Origination and Investment Business, or “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 Loan Origination and Servicing Business, or “Agency Business,” which was formed as a result of the acquisition of the agency platform of Arbor Commercial Mortgage, LLC (“ACM” or our “Former Manager”) in the third quarter of 2016 (the “Acquisition”), we originate, sell and service a range of multifamily finance products through the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac,” and together with Fannie Mae, the government-sponsored enterprises, or the “GSEs”), the Government National Mortgage Association (“Ginnie Mae”), Federal Housing Authority (“FHA”) and the U.S. Department of Housing and Urban Development (together with Ginnie Mae and FHA, “HUD”) and the conduit/commercial mortgage-backed securities (“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. Prior to May 31, 2017, we were externally managed and advised by ACM. Effective May 31, 2017, we exercised our option to fully internalize our management team and terminate the existing management agreement. See Note 3 — Acquisition of Our Former Manager’s Agency Platform for details. Substantially all of our operations are conducted through our operating partnership, Arbor Realty Limited Partnership (“ARLP”), for which we serve as the general partner, and ARLP’s subsidiaries. We are organized to qualify as a real estate investment trust (“REIT”) for U.S. federal income tax purposes. Certain of our assets that produce non-qualifying income, primarily within the Agency Business, are operated through taxable REIT subsidiaries (“TRS”), which is part of our TRS consolidated group (the “TRS Consolidated Group”) and is subject to U.S. federal, state and local income taxes. See Note 18 — Income Taxes for details.

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	9 Months Ended
	Sep. 30, 2017
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 accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”), for interim financial statements and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in the consolidated financial statements prepared under GAAP have been condensed or omitted. In our opinion, 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. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These financial statements should be read in conjunction with our financial statements and notes thereto included in our 2016 Annual Report. During the third quarter of 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 the third quarter of 2017, resulting in a $4.9 million increase to goodwill and a corresponding increase in other liabilities. Principles of Consolidation The accompanying unaudited 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 intercompany transactions and balances have been eliminated. Use of Estimates The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that could materially affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Significant Accounting Policies We describe our significant accounting policies in our 2016 Annual Report. There have been no significant changes in our significant accounting policies since December 31, 2016. Recently Adopted Accounting Pronouncements Description Adoption Date Effect on Financial Statements In October 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-17, Consolidation: Interests Held through Related Parties That Are under Common Control. This ASU alters how a decision maker needs to consider indirect interests in a VIE held through an entity under common control and requires consideration of only an entity’s proportionate indirect interest in a VIE held through a common control party. First quarter of 2017. The adoption of this guidance did not have a material impact on our consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation: Improvements to Employee Share-Based Payment Accounting. This ASU is intended to simplify several aspects of the accounting for share-based payment award transactions, including income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. First quarter of 2017. The adoption of this guidance did not have a material impact on our consolidated financial statements. In March 2016, the FASB issued ASU 2016-07, Investments - Equity Method and Joint Ventures: Simplifying the Transition to the Equity Method of Accounting. This ASU, among other things, eliminates the requirement that when an investment qualifies for use of the equity method as a result of an increase in the level of ownership interest or degree of influence, an investor must adjust the investment, results of operations, and retained earnings retroactively on a step-by-step basis as if the equity method had been in effect during all previous periods the investment was held. First quarter of 2017. The adoption of this guidance did not have a material impact on our consolidated financial statements. Recently Issued Accounting Pronouncements The following table is not intended to represent all recently issued accounting pronouncements that are not yet effective and which have not yet been adopted by us. This table should be read in conjunction with the recently issued accounting pronouncements section included in our 2016 Annual Report. Description Effective Date Effect on Financial Statements In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other: Simplifying the Test for Goodwill Impairment. This ASU eliminates step two from the goodwill impairment test, which measures a goodwill impairment loss by comparing the implied fair value with the carrying amount of goodwill. First quarter of 2020 with early adoption permitted beginning in the first quarter of 2017. We are evaluating the timing of our adoption and the impact this guidance may have on our consolidated financial statements. Description Effective Date Effect on Financial Statements In January 2017, the FASB issued ASU 2017-01, Business Combinations: Clarifying the Definition of a Business. This ASU provides a more robust framework to use in determining when a set of assets and activities constitutes a business. It also provides more consistency in applying the guidance, reduces the costs of application and makes the definition of a business more operable. First quarter of 2018. The potential impact of this new guidance will be assessed for future acquisitions, but it is not expected to have a material impact on our consolidated financial statements. 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 and permits the use of either the full retrospective or modified retrospective method. We have evaluated the new standard and determined that substantially all of our revenue, including interest income, loan origination fees, servicing income and gains on sales of loans and investment securities, are not impacted. This standard may impact the timing of gains on certain sales of real estate, however, we have determined that this standard will not materially impact our total revenues or footnote disclosures. We will adopt this standard in the first quarter of 2018 using the modified retrospective method for any contracts that are not complete as of the adoption date.

Acquisition of Our Former Manag

Acquisition of Our Former Manager's Agency Platform	9 Months Ended
	Sep. 30, 2017
Acquisition of Our Former Manager's Agency Platform
Acquisition of Our Former Manager's Agency Platform	Note 3 — Acquisition of Our Former Manager’s Agency Platform On July 14, 2016, we completed the previously announced Acquisition of the agency platform of our Former Manager pursuant to an asset purchase agreement dated February 25, 2016 (“Purchase Agreement”). The aggregate purchase price was $275.8 million, which was paid with $138.0 million in stock, $87.8 million in cash and with the issuance of a $50.0 million seller financing instrument. The equity component of the purchase price was paid with 21,230,769 operating partnership units (“OP Units”), which was based on a stock price of $6.50 per share. The closing price of our common stock on the Acquisition date was $7.29 per share; therefore, the estimated fair value of the total consideration was $292.5 million. See Note 11 — Debt Obligations for details about the seller financing and Note 17 — Equity for details about the OP Units. We finalized the purchase price allocation during the first quarter of 2017 based on the estimated fair values of the assets acquired and liabilities assumed as of the Acquisition date. See Note 2 — Basis of Presentation and Significant Accounting Policies for details of an adjustment made to the purchase price allocation in the third quarter of 2017. Internalization of Management Team In connection with the Acquisition, we had the option to fully internalize our management team and terminate the existing management agreement with our Former Manager for $25.0 million. On May 31, 2017, we exercised that option and fully internalized our management team, which included approximately 100 employees. We incurred expenses of less than $0.1 million in connection with this transaction. We accounted for this transaction as a business combination with the settlement of a preexisting relationship. The total purchase price of $25.0 million was assigned to goodwill since the asset transferred represented an assembled workforce. Goodwill was allocated $12.5 million each to our two reporting segments and is expected to be deductible for tax purposes. Accounting guidance requires the settlement of preexisting relationships to be accounted for separately from the business combination, with the recognition of any corresponding gain or loss through the statement of income upon settlement. Any potential gain or loss is measured based on the favorable or unfavorable terms of the management agreement from the prospective of the acquirer, when compared to current market rates for similar services. Based on this guidance, we performed an analysis and determined that the terminated management agreement contained terms similar to those of arrangements with comparable companies, and therefore no such gain or loss was recorded.

Loans and Investments

Loans and Investments	9 Months Ended
	Sep. 30, 2017
Loans and Investments
Loans and Investments	Note 4 — Loans and Investments The following tables set forth the composition of our structured loan and investment portfolio: September 30, 2017 Percent of Total Loan Count Wtd. Avg. Pay Rate (1) Wtd. Avg. Remaining Months to Maturity Wtd. Avg. First Dollar LTV Ratio (2) Wtd. Avg. Last Dollar LTV Ratio (3) Bridge loans $ % % % % Preferred equity investments % % % % Mezzanine loans % % % % Junior participation loan (4) % — — % % % % % % Allowance for loan losses ) Unearned revenue ) Loans and investments, net $ December 31, 2016 Bridge loans $ % % % % Preferred equity investments % % % % Mezzanine loans % % % % Junior participation loans % % % % % % % % Allowance for loan losses ) Unearned revenue ) Loans and investments, net $ (1) “Weighted Average Pay Rate” is a weighted average, based on the unpaid principal balance (“UPB”) of each loan in our portfolio, of the interest rate that is required to be paid monthly as stated in the individual loan agreements. Certain loans and investments that require an additional rate of interest “Accrual Rate” to be paid at maturity are not included in the weighted average pay rate as shown in the table. (2) The “First Dollar Loan-to-Value (“LTV”) Ratio” is calculated by comparing the total of our senior most dollar and all senior lien positions within the capital stack to the fair value of the underlying collateral to determine the point at which we will absorb a total loss of our position. (3) The “Last Dollar LTV Ratio” is calculated by comparing the total of the carrying value of our loan and all senior lien positions within the capital stack to the fair value of the underlying collateral to determine the point at which we will initially absorb a loss. (4) This loan is currently past its maturity and is fully reserved. Concentration of Credit Risk We are subject to concentration risk in that, at September 30, 2017, the UPB related to 32 loans with five different borrowers represented 15% of total assets. At December 31, 2016, the UPB related to 35 loans with five different borrowers represented 16% of total assets. During both the nine months ended September 30, 2017 and the year ended December 31, 2016, no single loan or investment represented more than 10% of our total assets and no single investor group generated over 10% of our revenue. Effective January 1, 2017, we revised our methodology used to assign a credit risk rating to each loan and investment to be consistent with the method used by our Agency Business. We now assign ratings of pass, pass/watch, special mention, substandard or doubtful to each loan and investment, instead of a one to five rating. Similar to our previous methodology, there are five ratings, each generally consistent with our prior ratings (i.e., pass is equivalent to a one rating, pass/watch is equivalent to a two rating, etc.), with a pass rating being the lowest risk and a doubtful rating being the highest. The benchmark guidelines and other factors used in our revised methodology are substantially the same as our previous methodology. 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. Given our asset management approach, however, the risk rating process does not result in differing levels of diligence contingent upon credit rating. That is because all portfolio assets are subject to the level of scrutiny and ongoing analysis consistent with that of a “high-risk” loan. Assets are subject to, at minimum, a thorough quarterly financial evaluation in which historical operating performance and forward-looking projections are reviewed. 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 September 30, 2017 and December 31, 2016, we identified loans and investments that we consider higher-risk loans that had a carrying value, before loan loss reserves, of $147.5 million and $150.5 million, respectively, and a weighted average last dollar LTV ratio of 94% and 95%, respectively. A summary of the loan portfolio’s weighted average internal risk ratings and LTV ratios by asset class is presented below. The internal risk ratings as of December 31, 2016 have been converted to reflect the revised methodology described above. September 30, 2017 Asset Class Unpaid Principal Balance Percentage of Portfolio Wtd. Avg. Internal Risk Rating Wtd. Avg. First Dollar LTV Ratio Wtd. Avg. Last Dollar LTV Ratio Multifamily $ % pass/watch % % Land % substandard % % Commercial % pass % % Office % pass/watch % % Hotel % special mention % % Retail % pass/watch % % Healthcare <1 % special mention % % Total $ % pass/watch % % December 31, 2016 Multifamily $ % special mention % % Land % substandard % % Commercial <1 % special mention % % Office % pass/watch % % Hotel % special mention % % Retail <1 % special mention % % Healthcare <1 % special mention % % Total $ % special mention % % Geographic Concentration Risk As of September 30, 2017, 20%, 16%, 11% and 8% of the outstanding balance of our loan and investment portfolio had underlying properties in New York, Texas, California and Georgia, respectively. As of December 31, 2016, 25%, 15%, 14% and 13% of the outstanding balance of our loan and investment portfolio had underlying properties in New York, California, Florida and Texas, respectively. Impaired Loans and Allowance for Loan Losses We evaluate each loan in our portfolio quarterly to assess the performance of our loans and whether a reserve for impairment should be recorded. We measure our relative loss position for our mezzanine loans, junior participation loans and preferred equity investments by determining the point where we will be exposed to losses based on our position in the capital stack as compared to the fair value of the underlying collateral. We determine our loss position on both a first dollar LTV and a last dollar LTV basis, as defined above. A summary of the changes in the allowance for loan losses is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Allowance at beginning of period $ $ $ $ Provision for loan losses — Charge-offs — — — ) Recoveries of reserves — ) ) ) Allowance at end of period $ $ $ $ During the three and nine months ended September 30, 2017, 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, resulting in a $2.0 million provision for loan losses. In addition, during the nine months ended September 30, 2017, 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 the nine months ended September 30, 2016, we received a $1.8 million discounted payoff on an impaired bridge loan with an aggregate 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 recoveries of reserves for all periods presented were related to multifamily loans and the ratio of net recoveries to the average loans and investments outstanding during the nine months ended September 30, 2017 was 0.1%. The ratio of net charge-offs to the average loans and investments outstanding during the three and nine months ended September 30, 2016 were de minimis and (0.2)%, 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 September 30, 2017 and 2016. We have six loans with a carrying value totaling $120.5 million at September 30, 2017 that are collateralized by a land development project. These loans were scheduled to mature in September 2017 and were extended to September 2018. The loans do not carry a current pay rate of interest, but five of the loans with a carrying value totaling $111.2 million entitle us to a weighted average accrual rate of interest of 8.50%. 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. As of September 30, 2017, we have cumulative allowances for loan losses of $49.1 million 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: September 30, 2017 Three Months Ended September 30, 2017 Nine Months Ended September 30, 2017 Asset Class Unpaid Carrying Value (1) Allowance for Average Recorded Interest Income Average Recorded Interest Income Land $ $ $ $ $ — $ $ — Hotel — Office Commercial — — Multifamily — — — — — Total $ $ $ $ $ $ $ December 31, 2016 Three Months Ended September 30, 2016 Nine Months Ended September 30, 2016 Land $ $ $ $ $ — $ $ — Hotel Office Commercial — — Multifamily Total $ $ $ $ $ $ $ (1) Represents the UPB of six and eight impaired loans (less unearned revenue and other holdbacks and adjustments) by asset class at September 30, 2017 and December 31, 2016, respectively. (2) Represents an average of the beginning and ending UPB of each asset class. At September 30, 2017, five loans with an aggregate net carrying value of $32.6 million, net of related loan loss reserves of $27.9 million, were classified as non-performing. At December 31, 2016, three fully reserved loans with an aggregate carrying value of $22.9 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: September 30, 2017 December 31, 2016 Asset Class Carrying Value Less Than 90 Greater Than Carrying Less Than 90 Greater Than Hotel $ $ — $ $ — $ — $ — Office — — Multifamily — — Commercial — — Retail — — — — Total $ $ — $ $ $ — $ At September 30, 2017 and December 31, 2016, we did not have any loans contractually past due 90 days or more that were still accruing interest. A summary of loan modifications, refinancings and/or extensions by asset class that we considered to be troubled debt restructurings were as follows: Three Months Ended September 30, 2017 Nine Months Ended September 30, 2017 Asset Class Number Original Original Modified Modified Number Original Original Modified Modified Hotel — $ — — $ — — $ % $ % Three Months Ended September 30, 2016 Nine Months Ended September 30, 2016 Multifamily $ % $ % $ % $ % Office % % % % $ % $ % $ % $ % The loan which was modified during the nine months ended September 30, 2017 was considered a troubled debt restructuring as a result of a forbearance agreement entered into with the borrower in the second quarter of 2017 and was classified as non-performing as of September 30, 2017. There were no other loans in which we considered the modifications to be troubled debt restructurings that were subsequently considered non-performing as of September 30, 2017 and 2016 and no additional loans were considered to be impaired due to our troubled debt restructuring analysis for the three and nine months ended September 30, 2017 and 2016. These loans were modified to increase the total recovery of the combined principal and interest from the loan. 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. As of September 30, 2017, we had total interest reserves of $30.1 million on 70 loans with an aggregate UPB of $1.09 billion. As of December 31, 2016, we had total interest reserves of $20.4 million on 75 loans with an aggregate UPB of $1.01 billion.

Loans Held-for-Sale, Net

Loans Held-for-Sale, Net	9 Months Ended
	Sep. 30, 2017
Loans Held-for-Sale, Net
Loans Held-for-Sale, Net	Note 5 — Loans Held-for-Sale, Net Loans held-for-sale, net consists of the following: September 30, 2017 December 31, 2016 Fannie Mae $ $ Freddie Mac FHA Fair value of future MSR Unearned discount ) ) Loans held-for-sale, net $ $ 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 the three and nine months ended September 30, 2017, we sold $1.05 billion and $3.62 billion, respectively, of loans held-for-sale and recorded gain on sales of $16.3 million and $52.1 million, respectively. During both the three and nine months ended September 30, 2016, we sold $551.8 million of loans held-for-sale, excluding $418.2 million of sales related to loans that were acquired on July 14, 2016 as part of the Acquisition, and recorded gain on sales of $9.0 million. At September 30, 2017 and December 31, 2016, there were no loans held-for-sale that were 90 days or more past due, and there were no loans held-for-sale that were placed on a non-accrual status.

Capitalized Mortgage Servicing

Capitalized Mortgage Servicing Rights	9 Months Ended
	Sep. 30, 2017
Capitalized Mortgage Servicing Rights
Capitalized Mortgage Servicing Rights	Note 6 — Capitalized Mortgage Servicing Rights Our capitalized mortgage servicing rights (“MSRs”) reflect commercial real estate MSRs derived from loans sold in our Agency Business. The discount rates used to determine the present value of our MSRs throughout the periods presented for all MSRs were between 8-15% (representing a weighted average discount rate of 13%) based on our best estimate of market discount rates. The weighted average estimated life remaining of our MSRs was 7.1 years and 6.9 years at September 30, 2017 and December 31, 2016, respectively. A summary of our capitalized MSR activity is as follows: Three Months Ended September 30, 2017 Nine Months Ended September 30, 2017 Acquired Originated Total Acquired Originated Total Balance at beginning of period $ $ $ $ $ $ Additions — — Amortization ) ) ) ) ) ) Write-offs ) ) ) ) ) ) Balance at end of period $ $ $ $ $ $ Three and Nine Months Ended September 30, 2016 Balance at beginning of period $ — $ — $ — Additions Amortization ) ) ) Write-offs ) — ) Balance at end of period $ $ $ We recorded write-offs relating to specific MSRs, primarily due to prepayments of certain loans, of $4.2 million and $10.7 million during the three and nine months ended September 30, 2017, respectively, and $1.7 million during both the three and nine months ended September 30, 2016. We collected prepayment fees of $3.8 million and $7.9 million during the three and nine months ended September 30, 2017, respectively, and $1.5 million during both the three and nine months ended September 30, 2016, which are included as a component of servicing revenue, net on the consolidated statements of income. As of September 30, 2017 and December 31, 2016, we had no valuation allowance recorded on any of our MSRs. The expected amortization of capitalized MSRs recorded as of September 30, 2017 is shown in the table below. Actual amortization may vary from these estimates. Year Amortization 2017 (three months ended 12/31/2017) $ 2018 2019 2020 2021 2022 Thereafter Total $

Mortgage Servicing

Mortgage Servicing	9 Months Ended
	Sep. 30, 2017
Mortgage Servicing
Mortgage Servicing	Note 7 — Mortgage Servicing An analysis of the product and geographic concentrations that impact our servicing revenue is shown in the following tables: September 30, 2017 Product Concentrations Geographic Concentrations Percent of Percent of Product UPB Total State Total Fannie Mae $ % Texas % Freddie Mac % North Carolina % FHA % California % Total $ % New York % Georgia % Florida % Other (1) % Total % December 31, 2016 Product Concentrations Geographic Concentrations Percent of Percent of Product UPB Total State Total Fannie Mae $ % Texas % Freddie Mac % North Carolina % FHA % California % Total $ % New York % Georgia % Other (1) % Total % (1) No other individual state represented 5% or more of the total. At September 30, 2017 and December 31, 2016, our weighted average servicing fee was 48.0 basis points and 47.8 basis points, respectively. We held cash in escrow for these loans totaling $506.6 million and $401.7 million at September 30, 2017 and December 31, 2016, respectively, which is not reflected in our consolidated balance sheets. These escrows are maintained in separate accounts at two federally insured depository institutions, which may exceed FDIC insured limits.

Securities

Securities	9 Months Ended
	Sep. 30, 2017
Securities
Securities	Note 8 — Securities Available-for-Sale Our available-for-sale securities consist of equity securities and Agency Business commercial mortgage interest-only securities (“Agency IOs”) from loans sold and securitized under the Freddie Mac Small Balance Loan Program (“SBL Program”). Equity Securities. We own common stock of CV Holdings, Inc., formerly Realty Finance Corporation, which is a commercial real estate specialty finance company. These securities are carried at their estimated fair value with unrealized gains (losses) reported in accumulated other comprehensive income. The following is a summary of the equity securities classified as available-for-sale: September 30, 2017 Amortized Cummulative Carrying Value / 2,939,465 common shares of CV Holdings, Inc. $ $ $ December 31, 2016 2,939,465 common shares of CV Holdings, Inc. $ $ $ Agency IOs. Through our Agency Business, we originate and sell loans to Freddie Mac under the SBL Program, which are then pooled and securitized. Prior to the Acquisition and upon securitization of SBL Program loans, our Former Manager received Agency IOs under the SBL Program, which we acquired in the Acquisition. We elected the fair value option for the Agency IOs, which requires changes in fair value to be recognized through earnings. We record such gains and losses to gain on sales, including fee-based services, net in the consolidated statements of income. As a result of changes in the Freddie Mac SBL Program in 2016, we do not expect to receive Agency IOs from future securitizations. A summary of our Agency IOs activity is as follows: Three Months Ended Nine Months Ended Balance at beginning of period $ $ Changes in fair value ) ) Balance at end of period $ $ Three and Nine Months Balance at beginning of period $ — Additions from the Acquisition Changes in fair value ) Balance at end of period $ The UPB of loans associated with our Agency IOs was $839.2 million and $904.4 million at September 30, 2017 and December 31, 2016, respectively, which mature between 2035 and 2036. During the three and nine months ended September 30, 2017, we recognized interest income related to these Agency IOs of $0.3 million and $0.9 million, respectively, and $0.3 million during both the three and nine months ended September 30, 2016. Held-to-Maturity As part of the SBL Program securitizations described above, we are required 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 the nine months ended September 30, 2017, we retained 49%, or $28.1 million initial face value of two B Piece bonds, at a discount, for $18.3 million and sold the remaining 51% to the third party at par. Prior to 2017, a third party investor agreed to purchase the entire B Piece of each SBL Program securitization at par. These held-to-maturity 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 3.55% and have an estimated weighted average maturity of 6.1 years. The weighted average effective interest rate was 13.38% at September 30, 2017, including the accretion of discount. Approximately $3.4 million is estimated to mature within one year, $11.3 million is estimated to mature after one year through five years, $8.1 million is estimated to mature after five years through ten years and $5.2 million is estimated to mature after ten years. The following is a summary of the held-to-maturity securities we held at September 30, 2017: Face Value Carrying Value Unrealized Estimated Fair B Piece bonds $ $ $ $ We do not intend to sell these investments and it is not more-likely-than-not that we will be required to sell these investments before recovering the cost basis, which may be at maturity. These securities are evaluated periodically to determine whether a decline in their value is other-than-temporary, though such a determination is not intended to indicate a permanent decline in value. As of September 30, 2017, no impairment was recorded on these held-to-maturity securities. During the three and nine months ended September 30, 2017, we recorded interest income of $0.5 million and $0.9 million, respectively, related to these investments.

Investments in Equity Affiliate

Investments in Equity Affiliates	9 Months Ended
	Sep. 30, 2017
Investments in Equity Affiliates
Investments in Equity Affiliates	Note 9 — Investments in Equity Affiliates We account for all investments in equity affiliates under the equity method. The following is a summary of our investments in equity affiliates: Investments in Equity Affiliates at UPB of Loans to Equity Affiliates September 30, 2017 December 31, 2016 September 30, 2017 Arbor Residential Investor LLC $ $ $ — West Shore Café Lightstone Value Plus REIT L.P. — JT Prime — East River Portfolio Lexford Portfolio — Issuers of Junior Subordinated Notes — — Total $ $ $ Arbor Residential Investor LLC (“ARI”) . During the three and nine months ended September 30, 2017, we recorded a loss of $1.3 million and $1.9 million, respectively, and during the three and nine months ended September 30, 2016, we recorded income of $3.9 million and $8.5 million, respectively, to income from equity affiliates in our consolidated statements of income related to our investment in this residential mortgage banking business. During the nine months ended September 30, 2017, we funded $0.6 million of additional mortgage purchases in connection with a joint venture that invests in non-qualified residential mortgages purchased from ARI’s origination platform. During the nine months ended September 30, 2017, we received cash distributions from this joint venture totaling $0.9 million (which were classified as a return of capital). During the three and nine months ended September 30, 2017 we recorded income of less than $0.1 million and $0.1 million, respectively, and during the three and nine months ended September 30, 2016, we recorded income of $0.3 million and $0.4 million, respectively, to income from equity affiliates in our consolidated statements of income related to this investment. The summarized statements of operations for our investment in ARI are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Statements of Operations: Total revenues $ $ $ $ Total expenses Net (loss) income $ ) $ $ ) $ Arbor’s share of (loss) income $ ) $ $ ) $ Lexford Portfolio. In the three and nine months ended September 30, 2017, we received distributions of $0.7 million and $2.0 million, respectively, and in the three and nine months ended September 30, 2016, we received distributions of $0.7 million and $2.1 million, respectively, from this equity investment which was recognized as income. See Note 19 — Agreements and Transactions with Related Parties for details. Issuers of Junior Subordinated Notes. In the first quarter of 2017, we purchased, at a discount, a portion of our junior subordinated notes. In connection with this extinguishment of debt, we settled our investment in these affiliated entities. See Note 11 — Debt Obligations for details. Equity Participation Interest. In the third quarter of 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 from equity affiliates on the consolidated statements of income. Prior to this transaction, our basis in this investment was zero.

Real Estate Owned and Held-For-

Real Estate Owned and Held-For-Sale	9 Months Ended
	Sep. 30, 2017
Real Estate Owned and Held-For-Sale
Real Estate Owned and Held-For-Sale	Note 10 — Real Estate Owned and Held-For-Sale Our real estate assets at both September 30, 2017 and December 31, 2016 were comprised of a hotel property and an office building. Real Estate Owned September 30, 2017 December 31, 2016 Hotel Property Office Total Hotel Property Office Total Land $ $ $ $ $ $ Building and intangible assets Less: Impairment loss ) — ) ) — ) Less: Accumulated depreciation and amortization ) ) ) ) ) ) Real estate owned, net $ $ $ $ $ $ For the nine months ended September 30, 2017 and 2016, our remaining hotel property had a weighted average occupancy rate of 55% and 58%, respectively, a weighted average daily rate of $113 and $108, respectively, and weighted average revenue per available room of $62 and $63, respectively. The operation of a hotel property is seasonal with the majority of revenues earned in the first two quarters of the calendar year. During the second quarter of 2016, through site visits and discussion with market participants, we determined that the hotel property exhibited indicators of impairment and performed an impairment analysis. As a result of this impairment analysis, we recorded an impairment loss of $11.2 million. During the first half of 2017, we received additional market analyses, including discussions with market participants, which resulted in further impairments totaling $2.7 million. Our office building was fully occupied by a single tenant until April 2017 when the lease expired. The building is currently vacant. Our real estate assets had restricted cash balances due to escrow requirements totaling $0.7 million at both September 30, 2017 and December 31, 2016. Real Estate Held-For-Sale In 2016, we sold our three remaining multifamily properties and a hotel property 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 classified as held-for-sale are summarized as follows: Nine Months Ended Revenue: Property operating income $ Expenses: Property operating expenses Depreciation Net income $ There were no properties classified as held-for-sale during the nine months ended September 30, 2017.

Debt Obligations

Debt Obligations	9 Months Ended
	Sep. 30, 2017
Debt Obligations
Debt Obligations	Note 11 — Debt Obligations Credit Facilities and Repurchase Agreements The following table outlines borrowings under our credit facilities and repurchase agreements: September 30, 2017 December 31, 2016 Current Extended Note Rate Debt Carrying Collateral Wtd. Debt Carrying Collateral Wtd. Avg. Structured Business $150 million repurchase facility Oct. 2018 Oct. 2019 L + 2.25% to 3.50% $ $ % $ $ % $100 million repurchase facility June 2019 N/A L + 2.00% % % $75 million credit facility Dec. 2017 N/A L + 2.125% to 2.50% % % $75 million credit facility June 2018 N/A L + 2.00% % % $50 million credit facility Feb. 2018 Feb. 2019 L + 2.00% % % $50 million credit facility Sept. 2019 Sept. 2021 L + 2.50% to 3.25% % % $25.5 million credit facility Oct. 2019 N/A L + 2.50% % — — — $10 million credit facility Mar. 2018 N/A L + 2.50% — % — — — $3 million master security agreement Oct. 2020 N/A 2.96% to 3.42% — % — % Total $ $ % $ $ % Agency Business $500 million ASAP agreement N/A N/A L + 1.05% $ $ % $ $ % $150 million credit facility (2) Jan. 2018 N/A L + 1.40% % % $150 million credit facility (3) July 2018 N/A L + 1.35% % % $100 million credit facility (4) June 2018 N/A L + 1.30% % % $100 million repurchase facility Aug. 2018 N/A L + 1.35% % — — — Total $ $ % $ $ % Consolidated total $ $ % $ $ % (1) The debt carrying value for the Structured Business at September 30, 2017 and December 31, 2016 was net of unamortized deferred finance costs of $1.6 million and $1.9 million, respectively. The debt carrying value for the Agency Business at both September 30, 2017 and December 31, 2016 was net of unamortized deferred finance costs of $0.3 million. (2) The committed amount under the facility was temporarily increased to $200.0 million, which expired in April 2017, and again to $225.0 million, which expired in August 2017. (3) The committed amount under the facility was temporarily increased to $350.0 million, which expired in February 2017. (4) The committed amount under the facility was temporarily increased to $250.0 million, which expires in January 2018. Structured Business At September 30, 2017 and December 31, 2016, the weighted average interest rate for the credit facilities and repurchase agreements of our Structured Business, noted in the above table, was 3.58% and 3.02%, respectively. Including certain fees and costs, such as structuring, commitment, non-use and warehousing fees, the weighted average interest rate was 4.06% and 3.42% at September 30, 2017 and December 31, 2016, respectively. The leverage on our loans and investment portfolio financed through our credit facilities and repurchase agreements, excluding the $10.0 million working capital line of credit and the $3.0 million master security agreement used to finance leasehold improvements at our corporate office, was 58% and 64% at September 30, 2017 and December 31, 2016, respectively. In October 2017, we amended our $150.0 million repurchase facility increasing the committed amount by $75.0 million to $225.0 million. In September 2017, we entered into a $25.5 million credit facility to finance a multifamily bridge loan. The facility bears interest at a rate of 250 basis points over LIBOR and matures in October 2019. In June 2017, we replaced a $100.0 million credit facility with a $100.0 million repurchase facility with the same financial institution which matures in June 2019 and bears interest at 200 basis points over LIBOR, representing a 15 basis point rate decrease. The facility has a maximum advance rate of 75%. In June 2017, we extended the maturity date of our $75.0 million credit facility that bears interest at a rate of 200 basis points over LIBOR to June 2018. In March 2017, we entered into a $10.0 million unsecured working capital line of credit that bears interest at a rate of 250 basis points over LIBOR. This line of credit is scheduled to mature in March 2018 and is renewable annually. Agency Business In July 2017, we amended one of our $150.0 million credit facilities to provide a short term extension to the maturity date and reduce the interest rate 5 basis points to 135 basis points over LIBOR. In September 2017, we extended the maturity date to July 2018. In August 2017, we entered into a $100.0 million repurchase facility that bears interest at a rate of 135 basis points over LIBOR and matures in August 2018. The financial institution that provided this facility has a security interest in the underlying mortgage notes that serve as collateral for this facility. In June 2017, we amended our $100.0 million credit facility to extend the maturity date to June 2018 and reduced the interest rate 5 basis points to 130 basis points over LIBOR. The amended agreement also provided us with the option of temporarily increasing the committed amount to $250.0 million subject to prior written notice. In July 2017, we exercised our option and increased the committed amount to $250.0 million, which expires in January 2018. We have a $500.0 million Multifamily As Soon as Pooled ® Plus (“ASAP”) agreement with Fannie Mae, which, in March 2017, was increased from $400.0 million. 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%). ASAP 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. In September 2017, we simultaneously terminated our then existing $30.0 million letter of credit facility and entered into a new $50.0 million letter of credit facility with a different financial institution. The new facility bears interest at a fixed rate of 2.875%, representing a 12.5 basis point decrease from the prior facility, matures in September 2020 and is primarily collateralized by our servicing revenue as approved by Fannie Mae and Freddie Mac. The letter of credit facility includes a $5.0 million sublimit for an obligation under the Freddie Mac SBL Program. At September 30, 2017, the letters of credit outstanding include $42.0 million for the Fannie Mae DUS program and $5.0 million for the Freddie Mac SBL Program. Collateralized Loan Obligations (“CLOs”) The following table outlines borrowings and the corresponding collateral under our CLOs: Collateral (3) Debt Loans Cash September 30, 2017 Face Value Carrying Value Wtd. Avg. Unpaid Carrying Value Restricted CLO VIII $ $ % $ $ $ CLO VII % CLO VI % CLO V % Total CLOs $ $ % $ $ $ December 31, 2016 Face Value Carrying Value Wtd. Avg. Unpaid Carrying Value Restricted CLO VI $ $ % $ $ $ CLO V % CLO IV % Total CLOs $ $ % $ $ $ (1) Debt carrying value is net of $13.6 million and $8.6 million of deferred financing fees at September 30, 2017 and December 31, 2016, respectively. (2) At September 30, 2017 and December 31, 2016, the aggregate weighted average note rate for our CLOs, including certain fees and costs, was 3.88% and 3.71%, respectively. (3) As of September 30, 2017 and December 31, 2016, 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 VIII — In August 2017, we completed a collateralized securitization vehicle (“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 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. Subsequently, the issuer will own loan obligations with a face value of $365.0 million. 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 one-month 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 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 prior to the end of the second quarter of 2017 resulting in the issuer owning loan obligations with a face value of $360.0 million. 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 one-month LIBOR and interest payments on the notes are payable monthly. CLO IV — In September 2017, we completed the unwind of 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. 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. Senior Unsecured Notes The debt carrying value of our senior unsecured notes at September 30, 2017 and December 31, 2016 were $95.1 million and $94.5 million, respectively, which were net of $2.8 million and $3.3 million, respectively, of deferred financing fees. The notes are due in 2021; however, they became eligible for redemption by us on May 16, 2017. Including certain fees and costs, the weighted average note rate was 8.16% and 8.15% at September 30, 2017 and December 31, 2016, respectively. Convertible Senior Unsecured Notes In October 2016, we issued $86.3 million aggregate principal amount of 6.50% convertible senior unsecured notes, including the underwriter’s over-allotment option of $11.3 million, and, in January 2017, we issued an additional $13.8 million, which brought the aggregate outstanding principal amount of the notes to $100.0 million. The additional issuance in January 2017 is fully fungible with, and ranks equally in right of payment with, the initial issuance. The notes pay interest semiannually in arrears. We received total proceeds of $95.8 million from the offerings, net of deferred financing fees, which are being amortized through interest expense over the life of the notes. The notes mature on October 1, 2019, unless earlier converted or repurchased by the holders pursuant to their terms, and are not redeemable by us prior to maturity. The notes 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 rate is 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 of the notes, plus accrued and unpaid interest, if we undergo a fundamental change as specified in the agreement. The initial conversion rate was 119.3033 shares of common stock per $1,000 principal amount of notes and represented a conversion price of $8.38 per share of common stock. At September 30, 3017, the notes had a conversion rate of 120.0428 shares of common stock per $1,000 principal amount of notes, which represented a conversion price of $8.33 per share of common stock. 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 of 7.50% at the time of 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 being accreted back to the notes principal amount through interest expense over the term of the notes, which was 2.00 years and 2.75 years at September 30, 2017 and December 31, 2016, respectively. The principal balance, unamortized discount and net carrying value of the liability and equity components of the notes were as follows: Liability Equity Component Component Period Principal Unamortized Debt Unamortized Deferred Net Carrying Net Carrying September 30, 2017 $ $ $ $ $ December 31, 2016 $ $ $ $ $ During the three months ended September 30, 2017, we incurred total interest expense on the notes of $2.2 million, of which $1.6 million, $0.4 million and $0.2 million related to the 6.50% cash coupon, accretion of the deferred financing fees and of the debt discount, respectively. During the nine months ended September 30, 2017, we incurred total interest expense on the notes of $6.6 million, of which $4.8 million, $1.1 million and $0.7 million related to the 6.50% cash coupon, accretion of the deferred financing fees and of the debt discount, respectively. Including the amortization of the deferred financing fees and debt discount, our total cost of the notes is 8.68% per annum. The average price of our common stock during the second quarter of 2017 exceeded the conversion price, as calculated in accordance with the terms of the indenture. Therefore, the notes impacted our diluted earnings per share for the nine months ended September 30, 2017. Diluted earnings per share was not impacted for any other period presented. See Note 18 — Equity for details. Junior Subordinated Notes In the first quarter of 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 was $139.4 million and $157.9 million at September 30, 2017 and December 31, 2016, respectively, which is net of a deferred amount of $12.7 million and $14.9 million, respectively, (which is being amortized into interest expense over the life of the notes) and $2.2 million and $3.1 million, respectively, of deferred financing fees. These notes have maturities ranging from March 2034 through April 2037 and pay interest quarterly at a fixed or floating rate of interest based on three-month LIBOR. The current weighted average note rate was 4.17% and 3.82% at September 30, 2017 and December 31, 2016, respectively. Including certain fees and costs, the weighted average note rate was 4.27% and 3.94% at September 30, 2017 and December 31, 2016, respectively. Related Party Financing In connection with the Acquisition, we entered into a $50.0 million preferred equity interest financing agreement with ACM to finance a portion of the aggregate purchase price. The debt has a five year term with a preferred return of 7% through December 31, 2016, increasing by 1% per annum thereafter, with a maximum rate of 12%. In addition, after eighteen months, the principal balance due is scheduled to increase over time with $62.5 million due if the debt remained outstanding until the end of the five-year term. Interest expense associated with this financing is recorded using the effective yield method. At both September 30, 2017 and December 31, 2016, the outstanding principal balance was $50.0 million. During the three and nine months ended September 30, 2017, we recorded interest expense related to this financing of $1.0 million and $2.9 million, respectively, and $0.8 million during both the three and nine months ended September 30, 2016. Debt Covenants Credit Facilities and Repurchase Agreements. The credit facilities and repurchase agreements contain various financial covenants, including, but not limited to, minimum liquidity requirements, minimum net worth requirements, as well as certain other debt service coverage ratios, debt to equity ratios and minimum servicing portfolio tests. We were in compliance with all financial covenants and restrictions at September 30, 2017. CLOs. Our CLO vehicles contain interest coverage and asset overcollateralization covenants that must be met as of the waterfall distribution date in order for us to receive such payments. If we fail these covenants in any CLO, all cash flows from such CLO would be diverted to repay principal and interest on the outstanding CLO bonds and we would not receive any residual payments until that CLO regained compliance with such tests. Our CLOs were in compliance with all such covenants as of September 30, 2017, as well as on the most recent determination dates in October 2017. In the event of a breach of the CLO covenants that could not be cured in the near-term, we would be required to fund our non-CLO expenses, including employee costs, distributions required to maintain our REIT status, debt costs, and other expenses with (i) cash on hand, (ii) income from any CLO not in breach of a covenant test, (iii) income from real property and loan assets, (iv) sale of assets, or (v) accessing the equity or debt capital markets, if available. We have the right to cure covenant breaches which would resume normal residual payments to us by purchasing non-performing loans out of the CLOs. However, we may not have sufficient liquidity available to do so at such time. A summary of our CLO compliance tests as of the most recent determination dates in October 2017 is as follows: Cash Flow Triggers CLO V CLO VI CLO VII CLO VIII Overcollateralization (1) Current 130.72% 129.87% 129.03% 129.03% Limit 129.72% 128.87% 128.03% 128.03% Pass / Fail Pass Pass Pass Pass Interest Coverage (2) Current 211.97% 240.15% 287.79% 360.90% Limit 120.00% 120.00% 120.00% 120.00% Pass / Fail 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. A summary of our CLO overcollateralization ratios as of the determination dates subsequent to each quarter is as follows: Determination (1) CLO V CLO VI CLO VII CLO VIII October 2017 % % % % July 2017 % % % — April 2017 % % — — January 2017 % % — — October 2016 % % — — (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. The ratio will fluctuate based on the performance of the underlying assets, transfers of assets into the CLOs prior to the expiration of their respective replenishment dates, purchase or disposal of other investments, and loan payoffs. No payment due under the junior subordinated indentures may be paid if there is a default under any senior debt and the senior lender has sent notice to the trustee. The junior subordinated indentures are also cross-defaulted with each other.

Allowance for Loss-Sharing Obli

Allowance for Loss-Sharing Obligations	9 Months Ended
	Sep. 30, 2017
Allowance for Loss-Sharing Obligations
Allowance for Loss-Sharing Obligations	Note 12 — Allowance for Loss-Sharing Obligations A summary of our allowance for loss-sharing obligations related to the Fannie Mae DUS program is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Beginning balance $ $ — $ $ — Allowance for loss-sharing obligations assumed in the Acquisition — — Provisions for loss sharing (net of recoveries) ) ) Charge-offs, net ) ) ) ) Ending balance $ $ $ $ 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 September 30, 2017 and December 31, 2016, we had outstanding advances of $0.3 million, which were netted against the allowance for loss-sharing obligations. At September 30, 2017 and December 31, 2016, the maximum quantifiable liability associated with our guarantees under the Fannie Mae DUS agreement was $2.23 billion and $2.04 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	9 Months Ended
	Sep. 30, 2017
Derivative Financial Instruments
Derivative Financial Instruments	Note 13 — Derivative Financial Instruments Structured Business. During the first quarter of 2017, our remaining two qualifying LIBOR cap hedges, with a notional value of $55.6 million, and our remaining two qualifying interest rate swap cash flow hedges, with a notional value of $41.5 million, matured. We entered into the LIBOR cap hedges due to certain CLO agreements requiring a LIBOR cap of 2% and 3% and we entered into the interest rate swaps to hedge the variable cash flows associated with existing variable-rate debt. As of September 30, 2017, the Structured Business did not have any derivative financial instruments. At December 31, 2016, the fair value of our LIBOR cap hedges and interest rate swaps was less than $0.1 million and $(0.2) million, respectively. The following table presents the effect of our qualifying derivative financial instruments on the statements of income (dollars in thousands): Loss Recognized In Other Loss Reclassified from Accumulated Derivative 2017 2016 2017 2016 Interest Rate Swaps/Cap $ — $ $ ) $ ) As of December 31, 2016, the cumulative amount of other comprehensive income (loss) related to net unrealized losses on derivatives designated as qualifying hedges were de minimis. Agency Business. The following is a summary of our non-qualifying derivative financial instruments: September 30, 2017 Fair Value Derivative Count Notional Value Balance Sheet Derivative Derivative Rate Lock Commitments 7 $ Other Assets/ Other Liabilities $ $ ) Forward Sale Commitments 81 Other Assets/ Other Liabilities ) $ $ $ ) December 31, 2016 Rate Lock Commitments 12 $ Other Assets/ Other Liabilities $ $ ) Forward Sale Commitments 105 Other Assets/ Other Liabilities ) $ $ $ ) 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 the 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 the three and nine months ended September 30, 2017, we recorded net gains of $0.2 million and net losses of $2.3 million, respectively, from changes in the fair value of these derivatives in other income, net and $18.9 million and $56.2 million, respectively, of income from MSRs. During both the three and nine months ended September 30, 2016, we recorded $0.2 million of net gains from changes in the fair value of these derivatives in other income, net and $16.0 million of income from MSRs. See Note 14 — Fair Value for details.

Fair Value

Fair Value	9 Months Ended
	Sep. 30, 2017
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: September 30, 2017 December 31, 2016 Principal / Carrying Value Estimated Principal / Carrying Value Estimated Financial assets: Loans and investments, net $ $ $ $ $ $ Loans held-for-sale, net Capitalized mortgage servicing rights, net n/a n/a Available-for-sale securities Securities held-to-maturity, net — — — Derivative financial instuments Financial liabilities: Credit and repurchase facilities $ $ $ $ $ $ Collateralized loan obligations Senior unsecured notes Convertible senior unsecured notes, net Junior subordinated notes Related party financing Derivative financial instruments 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. Available-for-sale securities. Fair values are estimated based on current market quotes received from active markets or financial sources that trade such securities. The fair values of available-for-sale equity securities traded in active markets are estimated using Level 1 inputs. The fair values of available-for-sale debt securities are estimated using the recent purchase price and subsequent sales price of the securities, which are deemed Level 2 inputs. The fair value of our Agency IOs were estimated using Level 3 inputs and are derived from third party proprietary models using discounted cash flows based on the underlying contractual cash flows and require significant judgements, including assumptions on discount rates and constant prepayment rates. 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 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 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, 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 based on current market quotes received from active 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 value of these financial assets and liabilities was determined using the following input levels as of September 30, 2017: Carrying Fair Value Measurements Using Fair Value Fair Value Level 1 Level 2 Level 3 Financial assets: Available-for-sale securities $ $ $ $ — $ Derivative financial instruments — Financial liabilities: Derivative financial instruments $ $ $ — $ $ — See Note 8 — Securities for a roll-forward of our available-for-sale securities fair valued using Level 3 inputs. 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 September 30, 2017: Net Carrying Fair Value Measurements Using Fair Value Fair Value Level 1 Level 2 Level 3 Financial assets: Impaired loans, net (1) $ $ $ — $ — $ Non-financial assets: Long-lived assets (2) $ $ $ — $ — $ (1) We had an allowance for loan losses of $83.3 million relating to six loans with an aggregate carrying value, before loan loss reserves, of $184.5 million at September 30, 2017. (2) During the second quarter of 2016, we determined that a real estate owned hotel property exhibited indicators of impairment and an impairment analysis was performed, which resulted in an impairment loss of $11.2 million. During the first half of 2017, we received additional market analyses which resulted in a further impairment loss of $2.7 million. 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 recoverable. In the evaluation of a real estate owned asset for impairment, many factors are considered, including 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 impairment based on discounted cash flows. Quantitative information about Level 3 fair value measurements at September 30, 2017 were as follows: Valuation Fair Value Techniques Significant Unobservable Inputs Financial assets: Impaired loans (1): Discount rate Office $ Discounted cash flows Capitalization rate Revenue growth rate Discount rate Land Discounted cash flows Capitalization rate Revenue growth rate Discount rate Hotel Discounted cash flows Capitalization rate Revenue growth rate Derivative financial instruments: Rate lock commitments Discounted cash flows W/A discount rate Non-financial assets: Long-lived assets: Discount rate Hotel Discounted cash flows Capitalization rate Revenue growth rate Hold period 3 years (1) Includes all impaired loans regardless of the period in which a loan loss provision was recorded. 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: Fair Value Measurements Using Significant Unobservable Inputs Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Derivative assets and liabilities, net Balance at beginning of period $ $ — $ $ — Additions from the Acquisition — — Settlements ) ) ) ) Realized gains recorded in earnings Unrealized gains recorded in earnings Balance at end of period $ $ $ $ The following table presents 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. Notional/ Fair Value of Interest Rate Total Fair Value September 30, 2017 Rate lock commitments $ $ $ ) $ Forward sale commitments — Loans held-for-sale, net (1) — Total $ $ — $ (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 mortgage servicing rights. We measure certain assets and liabilities for which fair value is only disclosed. The fair value of these assets and liabilities was determined using the following input levels as of September 30, 2017: Fair Value Measurements Using Fair Value Hierarchy Carrying Value Fair Value Level 1 Level 2 Level 3 Financial assets: Loans and investments, net $ $ $ — $ — $ Loans held-for-sale, net — Capitalized mortgage servicing rights, net — — Securities held-to-maturity, net — — Financial liabilities: Credit and repurchase facilities $ $ $ — $ $ Collateralized loan obligations — — Senior unsecured notes — — Convertible senior unsecured notes, net — — Junior subordinated notes — — Related party financing — —

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2017
Commitments and Contingencies
Commitments and Contingencies	Note 15 — Commitments and Contingencies Debt Obligations. Our debt obligations have maturities of $400.9 million for the remainder of 2017, $484.5 million in 2018, $355.5 million in 2019, $427.1 million in 2020, $236.4 million in 2021 and $154.3 million thereafter. Agency Business Commitments. The 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 September 30, 2017, we were required to maintain at least $12.1 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 September 30, 2017, we met the restricted liquidity requirement with a $42.0 million letter of credit. As of September 30, 2017, reserve requirements for the Fannie Mae DUS loan portfolio will require us to fund $27.4 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 September 30, 2017, 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 not subject to capital requirements on a quarterly basis for Ginnie Mae or FHA, as such requirements for these investors are only required on an annual basis. As an approved designated seller/servicer under Freddie Mac’s SBL Program, we are required to post collateral equal to $5.0 million to ensure that we are able to meet certain purchase and loss obligations required by this program. At September 30, 2017, we had an outstanding letter of credit of $5.0 million in satisfaction of our requirements under this program. See Note 11 — Debt Obligations for details about the $50.0 million letter of credit agreement we entered into for our restricted cash requirements for the Fannie Mae DUS and Freddie Mac SBL Programs. 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. Unfunded Commitments. In accordance with certain structured loans and investments, we have outstanding unfunded commitments of $68.1 million as of September 30, 2017 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. 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	9 Months Ended
	Sep. 30, 2017
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 subsidiaries, which are owned by ARLP, 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 subsidiaries invest in real estate and real estate-related securities and are financed by the issuance of CLO debt securities. We, or one of our affiliates, are named collateral manager, servicer, and special servicer for all CLO collateral assets which we believe gives us the power to direct the most significant economic activities of the entity. We also have exposure to CLO losses to the extent of our equity interests and also have rights to waterfall payments in excess of required payments to CLO bond investors. As a result of consolidation, equity interests in these CLOs have been eliminated, and the consolidated balance sheets reflect both the assets held and debt issued by the CLOs to third parties. Our operating results and cash flows include the gross amounts related to CLO assets and liabilities as opposed to our net economic interests in the CLO entities. The assets and liabilities related to these consolidated CLOs are as follows: September 30, 2017 December 31, 2016 Assets: Restricted cash $ $ Loans and investments, net Due from related party — Other assets Total assets $ $ Liabilities: Collateralized loan obligations $ $ Other liabilities Total liabilities $ $ Assets held by the CLOs are restricted and can be used only to settle obligations of the CLOs. The liabilities of the CLOs are non-recourse to us and can only be satisfied from each CLOs 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. Unconsolidated VIEs . We determined that we are not the primary beneficiary of 20 VIEs in which we have a variable interest as of September 30, 2017 because we do not have the ability to direct the activities of the VIEs that most significantly impact each entity’s economic performance. The following is a summary of our variable interests in identified VIEs, of which we are not the primary beneficiary, as of September 30, 2017: Type Carrying Amount (1) Loans $ B Piece bonds Agency IOs Equity investments Total $ (1) Represents the carrying amount of loans and investments before reserves. At September 30, 2017, $182.8 million of loans to VIEs had corresponding loan loss reserves of $81.6 million. See Note 4 — Loans and Investments for details. In addition, the maximum loss exposure as of September 30, 2017 would not exceed the carrying amount of our investment. These unconsolidated VIEs have exposure to real estate debt of approximately $2.07 billion at September 30, 2017.

Equity

Equity	9 Months Ended
	Sep. 30, 2017
Equity
Equity	Note 17 — Equity Preferred Stock. The Series A, B and C preferred stock may not be redeemed by us before February 2018, May 2018 and February 2019, respectively. Common Stock. In May 2017, we completed a public offering in which we sold 9,500,000 shares of our common stock for $8.05 per share, and received net proceeds of $76.2 million after deducting the underwriting discount and other offering expenses. We used $25.0 million of the proceeds to exercise our option to fully internalize our management team and terminate the existing management agreement with our Former Manager and the remaining amount was used to make investments and for general corporate purposes. As of September 30, 2017, there were 7,500,000 common shares available under an “At-The-Market” equity offering with JMP Securities LLC. As of September 30, 2017, we had $323.5 million available under our $500.0 million shelf registration statement that was declared effective by the SEC in July 2016. Accumulated Other Comprehensive Income. At September 30, 2017, accumulated other comprehensive income was $0.2 million and represents an unrealized gain related to available-for-sale securities. At December 31, 2016, accumulated other comprehensive income was $0.3 million and consisted of a $0.6 million unrealized gain related to available-for-sale securities, partially offset by $0.2 million of net unrealized losses on derivatives designated as cash flow hedges and less than $0.1 million of net deferred losses on terminated interest swaps. See Note 13 — Derivative Financial Instruments for the reclassifications out of accumulated other comprehensive income and into earnings. Noncontrolling Interest. Noncontrolling interest relates to the 21,230,769 OP Units issued to ACM to satisfy a portion of the Acquisition purchase price. The value of these OP units at the Acquisition date was $154.8 million. 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, which represents approximately 25.6% of the voting power of our outstanding stock at September 30, 2017. 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. The following table presents dividends declared (on a per share basis) during the nine months ended September 30, 2017: Common Stock Preferred Stock Dividend (1) Declaration Date Dividend Declaration Date Series A Series B Series C August 2, 2017 $ August 2, 2017 $ $ $ May 3, 2017 $ May 3, 2017 $ $ $ March 1, 2017 $ February 3, 2017 $ $ $ (1) The dividend declared on August 2, 2017 was for June 1, 2017 through August 31, 2017, the dividend declared on May 3, 2017 was for March 1, 2017 through May 31, 2017 and the dividend declared on February 3, 2017 was for December 1, 2016 through February 28, 2017. Common Stock — On November 1, 2017, the Board of Directors declared a cash dividend of $0.19 per share of common stock. The dividend is payable on November 30, 2017 to common stockholders of record as of the close of business on November 15, 2017. Preferred Stock — On November 1, 2017, 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 September 1, 2017 through November 30, 2017 and are payable on November 30, 2017 to preferred stockholders of record on November 15, 2017. Deferred Compensation. In March 2017, we issued 299,750 shares of restricted common stock under the 2014 Omnibus Stock Incentive Plan (the “2014 Plan”) to certain employees of ours and our Former Manager with a total grant date fair value of $2.4 million and recorded $0.4 million to employee compensation and benefits and $0.5 million to selling and administrative expense in our consolidated statements of income. One third of the shares vested as of the date of grant, one third will vest in March 2018, and the remaining third will vest in March 2019. In connection with the full integration of our management team and termination of the existing management contract, effective May 31, 2017, all stock compensation previously granted to employees that transferred from our Former Manager (non-employees prior to May 31, 2017) will be recorded to employee compensation and benefits based on the remeasured fair value on May 31, 2017 over the remaining requisite service period. In March 2017, we also issued 74,375 shares of fully vested common stock to the independent members of the Board of Directors under the 2014 Plan and recorded $0.6 million to selling and administrative expense in our consolidated statements of income. We entered into an amended and restated annual incentive agreement (the “2017 annual incentive agreement”) with our chief executive officer, effective January 1, 2017. 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 award of restricted stock 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 are subject to the chief executive officer’s continued employment. In August 2017, we granted our chief executive officer 357,569 shares of performance-based restricted stock as a result of the Company meeting the goals related to the integration of the Acquisition. The awards had a grant date fair value of $2.7 million and we recorded $0.1 million to employee compensation and benefits in our consolidated statements of income. All other terms of the 2017 incentive agreement are consistent with the chief executive officer’s previous incentive agreement. During the first quarter of 2017, we issued 74,830 shares of restricted common stock to our chief executive officer under his 2017 annual incentive agreement with a grant date fair value of $0.6 million and recorded $0.1 million to employee compensation and benefits in our consolidated statements of income. One quarter of the shares vested as of the date of grant and one quarter will vest on each of the first, second and third anniversaries of the date of grant. Our chief executive officer was also granted up to 448,980 performance-based restricted stock units that vest at the end of a four-year performance period based on our achievement of certain total stockholder return objectives. The restricted stock units had a grant date fair value of $1.0 million and we recorded $0.1 million to employee compensation and benefits in our consolidated statements of income. Earnings Per Share (“EPS”). 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 unvested restricted stock with full dividend participation rights. 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. Our common stock equivalents include the weighted average dilutive effect of performance-based restricted stock units granted to our chief executive officer, OP Units issued in connection with the Acquisition and convertible senior unsecured notes. The following tables reconcile the numerator and denominator of our basic and diluted EPS computations: Three Months Ended September 30, 2017 Three Months Ended September 30, 2016 Basic Diluted Basic Diluted Net income attributable to common stockholders (1) $ $ $ $ Net income attributable to noncontrolling interest (2) — — Net income attributable to common stockholders and nocontrolling interest $ $ $ $ Weighted average shares outstanding Dilutive effect of OP Units (2) — — Dilutive effect of restricted stock units (3) — — Weighted average shares outstanding Net income per common share (1) $ $ $ $ Nine Months Ended September 30, 2017 Nine Months Ended September 30, 2016 Basic Diluted Basic Diluted Net income attributable to common stockholders (1) $ $ $ $ Net income attributable to noncontrolling interest (2) — — — Net income attributable to common stockholders and nocontrolling interest $ $ $ $ Weighted average shares outstanding Dilutive effect of OP Units (2) — — — Dilutive effect of restricted stock units (3) — — Dilutive effect of convertible senior unsecurred notes (4) — — — Weighted average shares outstanding Net income per common share (1) $ $ $ $ (1) Net of preferred stock dividends. (2) We consider OP Units to be common stock equivalents as the holder has 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 the nine months ended September 30, 2016, the OP Units were considered anti-dilutive and excluded from diluted EPS. (3) Mr. Kaufman was granted restricted stock units in 2017, 2016 and 2015 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.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2017
Income Taxes
Income Taxes	Note 18 — Income Taxes As a REIT, we are generally not subject to U.S. federal income tax to the extent of our distributions to stockholders and as long as certain asset, income, distribution, ownership and administrative tests are met. To maintain our qualification as a REIT, we must annually distribute at least 90% of our REIT-taxable income to our stockholders and meet certain other requirements. We may also be subject to certain state, local and franchise taxes. Under certain circumstances, federal income and excise taxes may be due on our undistributed taxable income. If we were to fail to meet these requirements, we would be subject to U.S. federal income tax, which could have a material adverse impact on our results of operations and amounts available for distributions to our stockholders. We believe that all of the criteria to maintain our REIT qualification have been met for the applicable periods, but there can be no assurance that these criteria will continue to be met in subsequent periods. The Agency Business is operated through 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. In the three and nine months ended September 30, 2017, we recorded a tax provision of $6.7 million and $16.2 million, respectively. The provision recorded in the three months ended September 30, 2017 consisted of a current provision of $7.6 million, partially offset by a deferred benefit of $0.9 million, and the provision recorded in the nine months ended September 30, 2017 consisted of a current provision of $16.2 million. In both the three and nine months ended September 30, 2016, we recorded a tax provision of $0.3 million related to state income tax liability. The significant increase in the tax provision in the 2017 periods compared to the same periods in 2016 is due to the utilization of available net operating loss carryforwards during 2016 as well as the growth of our Agency Business during 2017. Current and deferred taxes are recorded on the portion of earnings (losses) recognized by us with respect to our interest in the TRS’s. Deferred income tax assets and liabilities are calculated based on temporary differences between our U.S. GAAP consolidated financial statements and the federal, state, local tax basis of assets and liabilities as of the consolidated balance sheets.

Agreements and Transactions wit

Agreements and Transactions with Related Parties	9 Months Ended
	Sep. 30, 2017
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, ARLP and Arbor Realty SR, Inc. 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 exercised our option to fully internalize our management team and terminate the existing management agreement. See Note 3 — Acquisition of Our Former Manager’s Agency Platform for details. The following table sets forth our base management fees and incentive fees incurred prior to the full internalization of our management team and termination of the existing management agreement: Three Months Ended Nine Months Ended September 30, September 30, Management Fees: 2017 2016 2017 2016 Base $ — $ $ $ Incentive — — — — Total management fee $ — $ $ $ We have entered into a shared services agreement with our Former Manager where we will provide limited support services to our Former Manager and our Former Manager will reimburse us for the costs of performing such services. During the three and nine months ended September 30, 2017, we have incurred $0.3 million and $0.4 million, respectively, of costs for services provided to our Former Manager which are included in due from related party on the consolidated balance sheet. Other Related Party Transactions. Due from related party was $12.6 million and $1.5 million at September 30, 2017 and December 31, 2016, respectively, and consisted primarily of payoffs to be remitted and escrows held by our affiliated servicing operations related to real estate transactions. Due to related party was $6.0 million at December 31, 2016 and consisted primarily of base management fees due to our Former Manager that we remitted in the following quarter. Related party financing was $50.0 million at both September 30, 2017 and December 31, 2016 and represents a preferred equity interest financing agreement we entered into with ACM to finance a portion of the Acquisition purchase price. We incurred interest expense related to this financing of $1.0 million and $2.9 million in the three and nine months ended September 30, 2017, respectively, and $0.8 million during both the three and nine months ended September 30, 2016. See Note 11 — Debt Obligations for details. In January 2017, we modified a $5.0 million preferred equity investment, increasing our balance to $15.0 million, with a commitment to fund an additional $5.0 million. This investment has a fixed interest rate of 11% and matures in January 2020. In July 2017, we entered into an agreement with a consortium of investors consisting of certain of our officers, including Mr. Kaufman, which admitted them as a member to fund the remaining $5.0 million preferred equity investment, which is generally subordinate to our investment. Interest income recorded from our investment totaled $0.2 million and $0.5 million for the three and nine months ended September 30, 2017, respectively. In July 2017, we originated a $36.0 million bridge loan on a multifamily property owned by a consortium of investors. The consortium of investors includes certain of our officers, including Mr. Kaufman, who own an interest of approximately 41% in the borrowing entity. The loan has an interest rate of one-month LIBOR plus 4.5% with a LIBOR floor of 1% and matures in July 2020. Interest income recorded from this loan totaled $0.4 million for both the three and nine months ended September 30, 2017. In May 2017, we originated a $46.9 million Fannie Mae loan on a multifamily property owned by a consortium of investors, including an immediate family member of Mr. Kaufman, who owns an interest of approximately 17.2% in the borrowing entity. We carry a maximum loss-sharing obligation with Fannie Mae on this loan of up to 40% of the original UPB. In March 2017, a consortium of investors, including Mr. Kaufman and our Former Manager, 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 November 2016. The outstanding loans have an interest rate of LIBOR plus 5.25% with a LIBOR floor of 0.5% and mature in November 2018. Interest income recorded from these loans totaled $0.3 million and $0.8 million for the three and nine months ended September 30, 2017, respectively. 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 September 30, 2017. 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. In September 2016, we originated $48.0 million of bridge loans on six multifamily properties owned by a consortium of investors consisting of certain of our officers, including Mr. Kaufman and our Former Manager, who together own interests ranging from approximately 7.8% to 9% 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 addition, in August 2017, a $6.8 million loan on one of the properties paid off in full. Interest income recorded from these loans totaled $0.7 million and $2.1 million for the three and nine months ended September 30, 2017, respectively, and $0.1 million for both the three and nine months ended September 30, 2016. In January 2016, we originated a $12.7 million bridge loan and a $5.2 million preferred equity investment on two multifamily properties owned by a consortium of investors consisting of certain of our officers, including Mr. Kaufman, who together own an interest of approximately 50% in the borrowing entity. The loan has an interest rate of one-month LIBOR plus 4.5% with a LIBOR floor of 0.25% and matures in January 2019. The preferred equity investment has a fixed interest rate of 10% and matures in November 2017. Interest income recorded from these loans totaled $0.3 million for both the three months ended September 30, 2017 and 2016 and $0.9 million for both the nine months ended September 30, 2017 and 2016. In January 2016, we originated a $19.0 million bridge loan on a multifamily property owned by a consortium of investors consisting of certain of our officers, including Mr. Kaufman, who together own an interest of approximately 7.5% in the borrowing entity. The loan has an interest rate of one-month LIBOR plus 4.5% with a LIBOR floor of 0.25% and matures in January 2019. Interest income recorded from this loan totaled $0.3 million and $0.8 million for the three and nine months ended September 30, 2017, respectively, and $0.3 million and $0.7 million for the three and nine months ended September 30, 2016, respectively. In 2015, we originated a $7.1 million bridge loan on a multifamily property owned by a consortium of investors consisting of certain of our officers, including Mr. Kaufman, who together own an interest of approximately 7.5% 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 $0.1 million for both the three months ended September 30, 2017 and 2016 and $0.3 million for both the nine months ended September 30, 2017 and 2016. In 2015, we originated two bridge loans totaling $16.7 million secured by multifamily properties acquired by a third party investor. The properties had been owned and were sold by a consortium of investors, consisting of certain of our officers, including Mr. Kaufman, certain other related parties and certain unaffiliated persons. The loans have an interest rate of LIBOR plus 5% with a LIBOR floor of 0.25% and were extended as of right to October 2018. Interest income recorded from these loans totaled $0.3 million for both the three months ended September 30, 2017 and 2016 and $0.8 million for both the nine months ended September 30, 2017 and 2016. In 2015, we originated a $3.0 million mezzanine loan on a multifamily property that has a $47.0 million first mortgage initially originated by our Former Manager. The loan bears interest at a fixed rate of 12.5% and matures in April 2025. Interest income recorded from this loan totaled $0.1 million for both the three months ended September 30, 2017 and 2016 and $0.3 million for both the nine months ended September 30, 2017 and 2016. In 2015, we originated a $6.3 million bridge loan on a multifamily property owned by a consortium of investors consisting of certain of our officers, including Mr. Kaufman and our Former Manager, who together own an interest of approximately 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 to mature in April 2018. The loan was repaid in full in the fourth quarter of 2016. Interest income recorded from this loan totaled $0.1 million and $0.2 million for the three and nine months ended September 30, 2016, respectively. 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 a maturity date in February 2018. To accomplish the modification, we formed a joint venture with a consortium of investors consisting of certain of our officers, including Mr. Kaufman, and other related parties, to invest an additional $2.0 million preferred equity investment that is generally subordinate to ours. During the second quarter of 2016, the preferred equity investment was repaid in full and we received proceeds of $1.0 million, which was allocated to the consortium of investors. Interest income recorded from this investment totaled $1.0 million for the nine months ended September 30, 2016. 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 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 (which $0.6 million was funded in the nine months ended September 30, 2017) and we received cash distributions totaling $14.0 million (that were classified as returns of capital) as a result of the joint venture selling most of its mortgage assets (which $0.9 million was received in the nine months ended September 30, 2017). We recorded a loss from these investments of $1.2 million and $1.8 million during the three and nine months ended September 30, 2017, respectively, and income of $4.2 million and $8.9 million during the three and nine months ended September 30, 2016, respectively. In 2014, 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 consisting of certain of our officers, including Mr. Kaufman, and other related parties, who together own an interest of 95%. In 2014, we originated two bridge loans totaling $5.0 million to the joint venture with an interest rate of 5.5% over one-month LIBOR and a maturity date extended as of right to September 2016. During the third quarter of 2016, one of the loans was repaid in full and we received proceeds of $3.3 million, which was allocated to the consortium of investors. The remaining loan was extended to December 2017. Interest income recorded from these loans was less than $0.1 million and $0.1 million for the three and nine months ended September 30, 2017, respectively, and $0.1 million and $0.2 million for the three and nine months ended September 30, 2016, respectively. In 2014, we originated a $30.4 million bridge loan for an office property owned by a consortium of investors, including Mr. Kaufman and his affiliates, who together own an interest of approximately 24% in the borrowing entity. The loan matured in August 2017 and was refinanced with a $43.2 million bridge loan that has an interest rate of 4% over one-month LIBOR with a LIBOR floor of 1.23% and an August 2020 maturity date. We also originated a $4.6 million mezzanine loan in January 2016 to this entity that had a fixed interest rate of 12% and paid off at maturity in August 2017. Interest income recorded from these loans totaled $0.8 million and $2.4 million for the three and nine months ended September 30, 2017, respectively, and $0.9 million and $2.6 million for the three and nine months ended September 30, 2016, respectively. In 2014, our Former Manager purchased a property subject to two loans originated by us, a first mortgage of $14.6 million and a second mortgage of $5.1 million, both with maturity dates of April 2016 and an interest rate of 4.8% over LIBOR. In the first quarter of 2016, the $5.1 million second mortgage was repaid in full by our Former Manager and the $14.6 million first mortgage was extended to March 2018. Interest income recorded from these loans totaled $0.2 million and $0.7 million for the three and nine months ended September 30, 2017, respectively, and $0.2 million and $0.7 million for the three and nine months ended September 30, 2016, respectively. In 2011, we restructured a preferred equity investment on the Lexford Portfolio (“Lexford”), which is a portfolio of multifamily assets. In connection with this restructuring, we, along with an executive officer of ours and a consortium of independent outside investors, made an additional preferred and direct equity investment. Both of our preferred equity investments and our direct equity investment were repaid in full in the third quarter of 2015. As a result of the direct equity investment, we received distributions totaling $0.7 million and $2.0 million during the three and nine months ended September 30, 2017, respectively, and $0.7 million and $2.1 million during the three and nine months ended September 30, 2016, respectively, which were recorded as income from equity affiliates. In addition, under the terms of the restructuring, Lexford’s first mortgage lender required a change of property manager for the underlying assets. The new management company is owned primarily by a consortium of affiliated investors including Mr. Kaufman and an executive officer of ours, and has a contract with the new entity for 7.5 years and 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 refinancing of the debt should the management company remain engaged by the new entity at the time of such capital event. We have provided limited (“bad boy”) guarantees for certain 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 September 30, 2017, this debt had an aggregate outstanding balance of $845.8 million and is scheduled to mature between 2017 and 2025. Several of our executives, including our chief financial officer, general counsel and Mr. Kaufman, our chairman, chief executive officer and president, hold similar positions for our Former Manager. Mr. Kaufman and his affiliated entities (“the Kaufman Entities”) together beneficially own approximately 70% of the outstanding membership interests of our Former Manager and certain of our employees and directors also hold an ownership interest in our Former Manager. Furthermore, one of our directors serves as the trustee of one of the Kaufman Entities that holds a majority of the outstanding membership interests in our Former Manager and co-trustee of another Kaufman Entity that owns an equity interest in our Former Manager. Our Former Manager holds 5,349,053 shares of our common stock, and upon the closing of the Acquisition in July 2016, was issued 21,230,769 OP Units, each paired with one share of our Special Voting Preferred Shares, which, in total, represents approximately 32% of the voting power of our outstanding stock. Our Board of Directors approved a resolution under our charter allowing Mr. Kaufman and our Former Manager, (which Mr. Kaufman 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.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2017
Segment Information
Segment Information	Note 20 — Segment Information As a result of the Acquisition, we evaluate our results from operations from two business segments — our Structured Business and our Agency Business. See Note 1 — Description of Business for a description of each segment. The summarized statements of income and balance sheet data, as well as certain other data, by segment are included in the following tables. 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 full internalization of our management team and termination of the existing management agreement with our Former Manager) and stock-based compensation. The Agency Business information for the three and nine months ended September 30, 2016 in the following tables includes only the operating results of the Acquisition from July 14, 2016 (Acquisition closing date) to September 30, 2016. Three Months Ended September 30, 2017 Structured Agency Other / Consolidated Interest income $ $ $ — $ Interest expense Net interest income ) Other revenue: Gain on sales, including fee-based services, net — — Mortgage servicing rights — — Servicing revenue — — Amortization of MSRs — ) — ) Property operating income — — Other income, net — Total other revenue — Other expenses: Employee compensation and benefits — Selling and administrative — Property operating expenses — — Depreciation and amortization — Provision for loss sharing (net of recoveries) — ) — ) Provision for loan losses (net of recoveries) — — Total other expenses — Income before income from equity affiliates and provision for income taxes ) Income from equity affiliates — — Provision for income taxes — ) — ) Net income ) Preferred stock dividends — — Net income attributable to noncontrolling interest — — Net income attributable to common stockholders $ $ $ ) $ Three Months Ended September 30, 2016 Structured Agency Other / Consolidated Interest income $ $ $ — $ Interest expense Net interest income ) Other revenue: Gain on sales, including fee-based services, net — — Mortgage servicing rights — — Servicing revenue — — Amortization of MSRs — ) — ) Property operating income — — Other income, net — Total other revenue — Other expenses: Employee compensation and benefits — Selling and administrative — Acquisition costs — — Property operating expenses — — Depreciation and amortization — Provision for loss sharing — — Provision for loan losses (net of recoveries) ) — — ) Management fee - related party — Total other expenses Income before income from equity affiliates and provision for income taxes ) Income from equity affiliates — — Provision for income taxes — ) — ) Net income ) Preferred stock dividends — — Net income attributable to noncontrolling interest — — Net income attributable to common stockholders $ $ $ ) $ Nine Months Ended September 30, 2017 Structured Agency Other / Consolidated Interest income $ $ $ — $ Interest expense Net interest income ) Other revenue: Gain on sales, including fee-based services, net — — Mortgage servicing rights — — Servicing revenue — — Amortization of MSRs — ) — ) Property operating income — — Other income, net ) — ) Total other revenue — Other expenses: Employee compensation and benefits — Selling and administrative — Property operating expenses — — Depreciation and amortization — Impairment loss on real estate owned — — Provision for loss sharing (net of recoveries) — ) — ) Provision for loan losses (net of recoveries) ) — — ) Management fee - related party — Total other expenses — Income before gain on extinguishment of debt, income from equity affiliates and provision for income taxes ) Gain on extinguishment of debt — — Income from equity affiliates — — Provision for income taxes — ) — ) Net income ) Preferred stock dividends — — Net income attributable to noncontrolling interest — — Net income attributable to common stockholders $ $ $ ) $ Nine Months Ended September 30, 2016 Structured Agency Other / Consolidated Interest income $ $ $ — $ Other interest income, net — — Interest expense Net interest income ) Other revenue: Gain on sales, including fee-based services, net — — Mortgage servicing rights — — Servicing revenue — — Amortization of MSRs — ) — ) Property operating income — — Other income, net — Total other revenue — Other expenses: Employee compensation and benefits — Selling and administrative — Acquisition costs — — Property operating expenses — — Depreciation and amortization — Impairment loss on real estate owned — — Provision for loss sharing — — Provision for loan losses (net of recoveries) ) — — ) Management fee - related party — Total other expenses Income before gain on sale of real estate, income from equity affiliates and provision for income taxes ) Gain on sale of real estate — — Income from equity affiliates — — Provision for income taxes — ) — ) Net income ) Preferred stock dividends — — Net income attributable to noncontrolling interest — — Net income attributable to common stockholders $ $ $ ) $ (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 holder. September 30, 2017 Structured Business Agency Business Other / Eliminations Consolidated Assets: Cash and cash equivalents $ $ $ — $ Restricted cash — Loans and investments, net — — Loans held-for-sale, net — — Capitalized mortgage servicing rights, net — — Securities held to maturity — — Investments in equity affiliates — — Goodwill and other intangible assets — Other assets — Total assets $ $ $ — $ Liabilities: Debt obligations $ $ $ $ Allowance for loss-sharing obligations — — Other liabilities Total liabilities $ $ $ $ December 31, 2016 Structured Business Agency Business Other / Eliminations Consolidated Assets: Cash and cash equivalents $ $ $ — $ Restricted cash — Loans and investments, net — — Loans held-for-sale, net — — Capitalized mortgage servicing rights, net — — Investments in equity affiliates — — Goodwill and other intangible assets — — Other assets — Total assets $ $ $ — $ Liabilities: Debt obligations $ $ $ $ Allowance for loss-sharing obligations — — Other liabilities Total liabilities $ $ $ $ Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Origination Data: Structured Business New loan originations $ $ $ $ Loan payoffs / paydowns Agency Business Origination Volumes by Investor: Fannie Mae $ $ $ $ Freddie Mac FHA CMBS/Conduit — — — Total $ $ $ $ Total loan commitment volume $ $ $ $ Loan Sales Data: Agency Business Fannie Mae $ $ $ $ Freddie Mac FHA CMBS/Conduit — — — Total $ $ * $ $ * Sales margin (fee-based services as a % of loan sales) % % % % MSR rate (MSR income as a % of loan commitments) % % % % * Loan sales were $970.0 million for the three and nine months ended September 30, 2016, including loans that were acquired as part of the Acquisition. September 30, 2017 Key Servicing Metrics for Agency Business: UPB of Servicing Wtd. Avg. Servicing Wtd. Avg. Life of Fannie Mae $ Freddie Mac FHA Total $ December 31, 2016 Fannie Mae $ Freddie Mac FHA Total $

Basis of Presentation and Sig29

Basis of Presentation and Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2017
Basis of Presentation and Significant Accounting Policies
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”), for interim financial statements and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in the consolidated financial statements prepared under GAAP have been condensed or omitted. In our opinion, 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. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These financial statements should be read in conjunction with our financial statements and notes thereto included in our 2016 Annual Report. During the third quarter of 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 the third quarter of 2017, resulting in a $4.9 million increase to goodwill and a corresponding increase in other liabilities.
Principles of Consolidation	Principles of Consolidation The accompanying unaudited 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 intercompany transactions and balances have been eliminated.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that could materially affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Recently Adopted and Issued Accounting Pronouncements	Recently Adopted Accounting Pronouncements Description Adoption Date Effect on Financial Statements In October 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-17, Consolidation: Interests Held through Related Parties That Are under Common Control. This ASU alters how a decision maker needs to consider indirect interests in a VIE held through an entity under common control and requires consideration of only an entity’s proportionate indirect interest in a VIE held through a common control party. First quarter of 2017. The adoption of this guidance did not have a material impact on our consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation: Improvements to Employee Share-Based Payment Accounting. This ASU is intended to simplify several aspects of the accounting for share-based payment award transactions, including income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. First quarter of 2017. The adoption of this guidance did not have a material impact on our consolidated financial statements. In March 2016, the FASB issued ASU 2016-07, Investments - Equity Method and Joint Ventures: Simplifying the Transition to the Equity Method of Accounting. This ASU, among other things, eliminates the requirement that when an investment qualifies for use of the equity method as a result of an increase in the level of ownership interest or degree of influence, an investor must adjust the investment, results of operations, and retained earnings retroactively on a step-by-step basis as if the equity method had been in effect during all previous periods the investment was held. First quarter of 2017. The adoption of this guidance did not have a material impact on our consolidated financial statements. Recently Issued Accounting Pronouncements The following table is not intended to represent all recently issued accounting pronouncements that are not yet effective and which have not yet been adopted by us. This table should be read in conjunction with the recently issued accounting pronouncements section included in our 2016 Annual Report. Description Effective Date Effect on Financial Statements In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other: Simplifying the Test for Goodwill Impairment. This ASU eliminates step two from the goodwill impairment test, which measures a goodwill impairment loss by comparing the implied fair value with the carrying amount of goodwill. First quarter of 2020 with early adoption permitted beginning in the first quarter of 2017. We are evaluating the timing of our adoption and the impact this guidance may have on our consolidated financial statements. Description Effective Date Effect on Financial Statements In January 2017, the FASB issued ASU 2017-01, Business Combinations: Clarifying the Definition of a Business. This ASU provides a more robust framework to use in determining when a set of assets and activities constitutes a business. It also provides more consistency in applying the guidance, reduces the costs of application and makes the definition of a business more operable. First quarter of 2018. The potential impact of this new guidance will be assessed for future acquisitions, but it is not expected to have a material impact on our consolidated financial statements. 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 and permits the use of either the full retrospective or modified retrospective method. We have evaluated the new standard and determined that substantially all of our revenue, including interest income, loan origination fees, servicing income and gains on sales of loans and investment securities, are not impacted. This standard may impact the timing of gains on certain sales of real estate, however, we have determined that this standard will not materially impact our total revenues or footnote disclosures. We will adopt this standard in the first quarter of 2018 using the modified retrospective method for any contracts that are not complete as of the adoption date.

Basis of Presentation and Sig30

Basis of Presentation and Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2017
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 October 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-17, Consolidation: Interests Held through Related Parties That Are under Common Control. This ASU alters how a decision maker needs to consider indirect interests in a VIE held through an entity under common control and requires consideration of only an entity’s proportionate indirect interest in a VIE held through a common control party. First quarter of 2017. The adoption of this guidance did not have a material impact on our consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation: Improvements to Employee Share-Based Payment Accounting. This ASU is intended to simplify several aspects of the accounting for share-based payment award transactions, including income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. First quarter of 2017. The adoption of this guidance did not have a material impact on our consolidated financial statements. In March 2016, the FASB issued ASU 2016-07, Investments - Equity Method and Joint Ventures: Simplifying the Transition to the Equity Method of Accounting. This ASU, among other things, eliminates the requirement that when an investment qualifies for use of the equity method as a result of an increase in the level of ownership interest or degree of influence, an investor must adjust the investment, results of operations, and retained earnings retroactively on a step-by-step basis as if the equity method had been in effect during all previous periods the investment was held. First quarter of 2017. The adoption of this guidance did not have a material impact on our consolidated financial statements. Recently Issued Accounting Pronouncements Description Effective Date Effect on Financial Statements In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other: Simplifying the Test for Goodwill Impairment. This ASU eliminates step two from the goodwill impairment test, which measures a goodwill impairment loss by comparing the implied fair value with the carrying amount of goodwill. First quarter of 2020 with early adoption permitted beginning in the first quarter of 2017. We are evaluating the timing of our adoption and the impact this guidance may have on our consolidated financial statements. Description Effective Date Effect on Financial Statements In January 2017, the FASB issued ASU 2017-01, Business Combinations: Clarifying the Definition of a Business. This ASU provides a more robust framework to use in determining when a set of assets and activities constitutes a business. It also provides more consistency in applying the guidance, reduces the costs of application and makes the definition of a business more operable. First quarter of 2018. The potential impact of this new guidance will be assessed for future acquisitions, but it is not expected to have a material impact on our consolidated financial statements. 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 and permits the use of either the full retrospective or modified retrospective method. We have evaluated the new standard and determined that substantially all of our revenue, including interest income, loan origination fees, servicing income and gains on sales of loans and investment securities, are not impacted. This standard may impact the timing of gains on certain sales of real estate, however, we have determined that this standard will not materially impact our total revenues or footnote disclosures. We will adopt this standard in the first quarter of 2018 using the modified retrospective method for any contracts that are not complete as of the adoption date.

Loans and Investments (Tables)

Loans and Investments (Tables)	9 Months Ended
	Sep. 30, 2017
Loans and Investments
Schedule of composition of structured loan and investment portfolio	September 30, 2017 Percent of Total Loan Count Wtd. Avg. Pay Rate (1) Wtd. Avg. Remaining Months to Maturity Wtd. Avg. First Dollar LTV Ratio (2) Wtd. Avg. Last Dollar LTV Ratio (3) Bridge loans $ % % % % Preferred equity investments % % % % Mezzanine loans % % % % Junior participation loan (4) % — — % % % % % % Allowance for loan losses ) Unearned revenue ) Loans and investments, net $ December 31, 2016 Bridge loans $ % % % % Preferred equity investments % % % % Mezzanine loans % % % % Junior participation loans % % % % % % % % Allowance for loan losses ) Unearned revenue ) Loans and investments, net $ (1) “Weighted Average Pay Rate” is a weighted average, based on the unpaid principal balance (“UPB”) of each loan in our portfolio, of the interest rate that is required to be paid monthly as stated in the individual loan agreements. Certain loans and investments that require an additional rate of interest “Accrual Rate” to be paid at maturity are not included in the weighted average pay rate as shown in the table. (2) The “First Dollar Loan-to-Value (“LTV”) Ratio” is calculated by comparing the total of our senior most dollar and all senior lien positions within the capital stack to the fair value of the underlying collateral to determine the point at which we will absorb a total loss of our position. (3) The “Last Dollar LTV Ratio” is calculated by comparing the total of the carrying value of our loan and all senior lien positions within the capital stack to the fair value of the underlying collateral to determine the point at which we will initially absorb a loss. (4) This loan is currently past its maturity and is fully reserved.
Summary of the loan portfolio's weighted average internal risk ratings and LTV ratios by asset class	September 30, 2017 Asset Class Unpaid Principal Balance Percentage of Portfolio Wtd. Avg. Internal Risk Rating Wtd. Avg. First Dollar LTV Ratio Wtd. Avg. Last Dollar LTV Ratio Multifamily $ % pass/watch % % Land % substandard % % Commercial % pass % % Office % pass/watch % % Hotel % special mention % % Retail % pass/watch % % Healthcare <1 % special mention % % Total $ % pass/watch % % December 31, 2016 Multifamily $ % special mention % % Land % substandard % % Commercial <1 % special mention % % Office % pass/watch % % Hotel % special mention % % Retail <1 % special mention % % Healthcare <1 % special mention % % Total $ % special mention % %
Summary of the changes in the allowance for loan losses	Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Allowance at beginning of period $ $ $ $ Provision for loan losses — Charge-offs — — — ) Recoveries of reserves — ) ) ) Allowance at end of period $ $ $ $
Summary of the company's impaired loans by asset class	September 30, 2017 Three Months Ended September 30, 2017 Nine Months Ended September 30, 2017 Asset Class Unpaid Carrying Value (1) Allowance for Average Recorded Interest Income Average Recorded Interest Income Land $ $ $ $ $ — $ $ — Hotel — Office Commercial — — Multifamily — — — — — Total $ $ $ $ $ $ $ December 31, 2016 Three Months Ended September 30, 2016 Nine Months Ended September 30, 2016 Land $ $ $ $ $ — $ $ — Hotel Office Commercial — — Multifamily Total $ $ $ $ $ $ $ (1) Represents the UPB of six and eight impaired loans (less unearned revenue and other holdbacks and adjustments) by asset class at September 30, 2017 and December 31, 2016, respectively. (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	September 30, 2017 December 31, 2016 Asset Class Carrying Value Less Than 90 Greater Than Carrying Less Than 90 Greater Than Hotel $ $ — $ $ — $ — $ — Office — — Multifamily — — Commercial — — Retail — — — — Total $ $ — $ $ $ — $
Summary of loan modifications, refinancings and/or extensions by asset class that the entity considered to be troubled debt restructurings by asset class	Three Months Ended September 30, 2017 Nine Months Ended September 30, 2017 Asset Class Number Original Original Modified Modified Number Original Original Modified Modified Hotel — $ — — $ — — $ % $ % Three Months Ended September 30, 2016 Nine Months Ended September 30, 2016 Multifamily $ % $ % $ % $ % Office % % % % $ % $ % $ % $ %

Loans Held-for-Sale, Net (Table

Loans Held-for-Sale, Net (Tables)	9 Months Ended
	Sep. 30, 2017
Loans Held-for-Sale, Net
Summary of loans held-for-sale, net	September 30, 2017 December 31, 2016 Fannie Mae $ $ Freddie Mac FHA Fair value of future MSR Unearned discount ) ) Loans held-for-sale, net $ $

Capitalized Mortgage Servicin33

Capitalized Mortgage Servicing Rights (Tables) - MSRs	9 Months Ended
	Sep. 30, 2017
Capitalized Mortgage Servicing Rights
Summary of capitalized MSR activity	Three Months Ended September 30, 2017 Nine Months Ended September 30, 2017 Acquired Originated Total Acquired Originated Total Balance at beginning of period $ $ $ $ $ $ Additions — — Amortization ) ) ) ) ) ) Write-offs ) ) ) ) ) ) Balance at end of period $ $ $ $ $ $ Three and Nine Months Ended September 30, 2016 Balance at beginning of period $ — $ — $ — Additions Amortization ) ) ) Write-offs ) — ) Balance at end of period $ $ $
Schedule of expected amortization of capitalized MSRs recorded	Year Amortization 2017 (three months ended 12/31/2017) $ 2018 2019 2020 2021 2022 Thereafter Total $

Mortgage Servicing (Tables)

Mortgage Servicing (Tables)	9 Months Ended
	Sep. 30, 2017
MSRs
Mortgage Servicing
Schedule of product and geographic concentrations in servicing revenue	September 30, 2017 Product Concentrations Geographic Concentrations Percent of Percent of Product UPB Total State Total Fannie Mae $ % Texas % Freddie Mac % North Carolina % FHA % California % Total $ % New York % Georgia % Florida % Other (1) % Total % December 31, 2016 Product Concentrations Geographic Concentrations Percent of Percent of Product UPB Total State Total Fannie Mae $ % Texas % Freddie Mac % North Carolina % FHA % California % Total $ % New York % Georgia % Other (1) % Total % (1) No other individual state represented 5% or more of the total.

Securities (Tables)

Securities (Tables)	9 Months Ended
	Sep. 30, 2017
Securities
Summary of the equity securities classified as available-for-sale	September 30, 2017 Amortized Cummulative Carrying Value / 2,939,465 common shares of CV Holdings, Inc. $ $ $ December 31, 2016 2,939,465 common shares of CV Holdings, Inc. $ $ $
Summary of Agency IOs activity	Three Months Ended Nine Months Ended Balance at beginning of period $ $ Changes in fair value ) ) Balance at end of period $ $ Three and Nine Months Balance at beginning of period $ — Additions from the Acquisition Changes in fair value ) Balance at end of period $
Summary of the held-to-maturity securities	The following is a summary of the held-to-maturity securities we held at September 30, 2017: Face Value Carrying Value Unrealized Estimated Fair B Piece bonds $ $ $ $

Investments in Equity Affilia36

Investments in Equity Affiliates (Tables)	9 Months Ended
	Sep. 30, 2017
Investments in Equity Affiliates
Summary of the company's investments in equity affiliates	Investments in Equity Affiliates at UPB of Loans to Equity Affiliates September 30, 2017 December 31, 2016 September 30, 2017 Arbor Residential Investor LLC $ $ $ — West Shore Café Lightstone Value Plus REIT L.P. — JT Prime — East River Portfolio Lexford Portfolio — Issuers of Junior Subordinated Notes — — Total $ $ $
Summary of statements of operations for the Company's investments in ARI	Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Statements of Operations: Total revenues $ $ $ $ Total expenses Net (loss) income $ ) $ $ ) $ Arbor’s share of (loss) income $ ) $ $ ) $

Real Estate Owned and Held-Fo37

Real Estate Owned and Held-For-Sale (Tables)	9 Months Ended
	Sep. 30, 2017
Real Estate Owned and Held-For-Sale
Schedule of real estate owned	September 30, 2017 December 31, 2016 Hotel Property Office Total Hotel Property Office Total Land $ $ $ $ $ $ Building and intangible assets Less: Impairment loss ) — ) ) — ) Less: Accumulated depreciation and amortization ) ) ) ) ) ) Real estate owned, net $ $ $ $ $ $
Schedule of results of operations for properties classified as held-for-sale	Nine Months Ended Revenue: Property operating income $ Expenses: Property operating expenses Depreciation Net income $

Debt Obligations (Tables)

Debt Obligations (Tables)	9 Months Ended
	Sep. 30, 2017
Debt Obligations
Schedule of principal balance, unamortized discount and net carrying value of the liability and equity components	Liability Equity Component Component Period Principal Unamortized Debt Unamortized Deferred Net Carrying Net Carrying September 30, 2017 $ $ $ $ $ December 31, 2016 $ $ $ $ $
Credit Facilities and Repurchase Agreements
Debt Obligations
Schedule of borrowings	September 30, 2017 December 31, 2016 Current Extended Note Rate Debt Carrying Collateral Wtd. Debt Carrying Collateral Wtd. Avg. Structured Business $150 million repurchase facility Oct. 2018 Oct. 2019 L + 2.25% to 3.50% $ $ % $ $ % $100 million repurchase facility June 2019 N/A L + 2.00% % % $75 million credit facility Dec. 2017 N/A L + 2.125% to 2.50% % % $75 million credit facility June 2018 N/A L + 2.00% % % $50 million credit facility Feb. 2018 Feb. 2019 L + 2.00% % % $50 million credit facility Sept. 2019 Sept. 2021 L + 2.50% to 3.25% % % $25.5 million credit facility Oct. 2019 N/A L + 2.50% % — — — $10 million credit facility Mar. 2018 N/A L + 2.50% — % — — — $3 million master security agreement Oct. 2020 N/A 2.96% to 3.42% — % — % Total $ $ % $ $ % Agency Business $500 million ASAP agreement N/A N/A L + 1.05% $ $ % $ $ % $150 million credit facility (2) Jan. 2018 N/A L + 1.40% % % $150 million credit facility (3) July 2018 N/A L + 1.35% % % $100 million credit facility (4) June 2018 N/A L + 1.30% % % $100 million repurchase facility Aug. 2018 N/A L + 1.35% % — — — Total $ $ % $ $ % Consolidated total $ $ % $ $ % (1) The debt carrying value for the Structured Business at September 30, 2017 and December 31, 2016 was net of unamortized deferred finance costs of $1.6 million and $1.9 million, respectively. The debt carrying value for the Agency Business at both September 30, 2017 and December 31, 2016 was net of unamortized deferred finance costs of $0.3 million. (2) The committed amount under the facility was temporarily increased to $200.0 million, which expired in April 2017, and again to $225.0 million, which expired in August 2017. (3) The committed amount under the facility was temporarily increased to $350.0 million, which expired in February 2017. (4) The committed amount under the facility was temporarily increased to $250.0 million, which expires in January 2018.
CLOs
Debt Obligations
Schedule of borrowings	Collateral (3) Debt Loans Cash September 30, 2017 Face Value Carrying Value Wtd. Avg. Unpaid Carrying Value Restricted CLO VIII $ $ % $ $ $ CLO VII % CLO VI % CLO V % Total CLOs $ $ % $ $ $ December 31, 2016 Face Value Carrying Value Wtd. Avg. Unpaid Carrying Value Restricted CLO VI $ $ % $ $ $ CLO V % CLO IV % Total CLOs $ $ % $ $ $ (1) Debt carrying value is net of $13.6 million and $8.6 million of deferred financing fees at September 30, 2017 and December 31, 2016, respectively. (2) At September 30, 2017 and December 31, 2016, the aggregate weighted average note rate for our CLOs, including certain fees and costs, was 3.88% and 3.71%, respectively. (3) As of September 30, 2017 and December 31, 2016, 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.
Collateralized Debt Obligations and Collateralized Loan Obligations
Debt Obligations
Summary of the company's CLO compliance tests as of the most recent determination dates	A summary of our CLO compliance tests as of the most recent determination dates in October 2017 is as follows: Cash Flow Triggers CLO V CLO VI CLO VII CLO VIII Overcollateralization (1) Current 130.72% 129.87% 129.03% 129.03% Limit 129.72% 128.87% 128.03% 128.03% Pass / Fail Pass Pass Pass Pass Interest Coverage (2) Current 211.97% 240.15% 287.79% 360.90% Limit 120.00% 120.00% 120.00% 120.00% Pass / Fail 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 V CLO VI CLO VII CLO VIII October 2017 % % % % July 2017 % % % — April 2017 % % — — January 2017 % % — — October 2016 % % — — (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 Ob39

Allowance for Loss-Sharing Obligations (Tables)	9 Months Ended
	Sep. 30, 2017
Allowance for Loss-Sharing Obligations
Summary of allowance for loss-sharing obligations related to Fannie Mae DUS program	Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Beginning balance $ $ — $ $ — Allowance for loss-sharing obligations assumed in the Acquisition — — Provisions for loss sharing (net of recoveries) ) ) Charge-offs, net ) ) ) ) Ending balance $ $ $ $

Derivative Financial Instrume40

Derivative Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2017
Schedule of the effect of the company's qualifying derivative financial instruments on the statements of income	The following table presents the effect of our qualifying derivative financial instruments on the statements of income (dollars in thousands): Loss Recognized In Other Loss Reclassified from Accumulated Derivative 2017 2016 2017 2016 Interest Rate Swaps/Cap $ — $ $ ) $ )
Agency Business
Schedule of non-qualifying derivative financial instruments	September 30, 2017 Fair Value Derivative Count Notional Value Balance Sheet Derivative Derivative Rate Lock Commitments 7 $ Other Assets/ Other Liabilities $ $ ) Forward Sale Commitments 81 Other Assets/ Other Liabilities ) $ $ $ ) December 31, 2016 Rate Lock Commitments 12 $ Other Assets/ Other Liabilities $ $ ) Forward Sale Commitments 105 Other Assets/ Other Liabilities ) $ $ $ )

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Sep. 30, 2017
Fair Value
Summary of the principal amounts, carrying values and the estimated fair values of the Company's financial instruments	September 30, 2017 December 31, 2016 Principal / Carrying Value Estimated Principal / Carrying Value Estimated Financial assets: Loans and investments, net $ $ $ $ $ $ Loans held-for-sale, net Capitalized mortgage servicing rights, net n/a n/a Available-for-sale securities Securities held-to-maturity, net — — — Derivative financial instuments Financial liabilities: Credit and repurchase facilities $ $ $ $ $ $ Collateralized loan obligations Senior unsecured notes Convertible senior unsecured notes, net Junior subordinated notes Related party financing Derivative financial instruments
Schedule of certain financial assets and financial liabilities measured at fair value on a recurring basis	The fair value of these financial assets and liabilities was determined using the following input levels as of September 30, 2017: Carrying Fair Value Measurements Using Fair Value Fair Value Level 1 Level 2 Level 3 Financial assets: Available-for-sale securities $ $ $ $ — $ Derivative financial instruments — Financial liabilities: Derivative financial instruments $ $ $ — $ $ —
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 September 30, 2017: Net Carrying Fair Value Measurements Using Fair Value Fair Value Level 1 Level 2 Level 3 Financial assets: Impaired loans, net (1) $ $ $ — $ — $ Non-financial assets: Long-lived assets (2) $ $ $ — $ — $ (1) We had an allowance for loan losses of $83.3 million relating to six loans with an aggregate carrying value, before loan loss reserves, of $184.5 million at September 30, 2017. (2) During the second quarter of 2016, we determined that a real estate owned hotel property exhibited indicators of impairment and an impairment analysis was performed, which resulted in an impairment loss of $11.2 million. During the first half of 2017, we received additional market analyses which resulted in a further impairment loss of $2.7 million.
Schedule of quantitative information about Level 3 fair value measurements	Quantitative information about Level 3 fair value measurements at September 30, 2017 were as follows: Valuation Fair Value Techniques Significant Unobservable Inputs Financial assets: Impaired loans (1): Discount rate Office $ Discounted cash flows Capitalization rate Revenue growth rate Discount rate Land Discounted cash flows Capitalization rate Revenue growth rate Discount rate Hotel Discounted cash flows Capitalization rate Revenue growth rate Derivative financial instruments: Rate lock commitments Discounted cash flows W/A discount rate Non-financial assets: Long-lived assets: Discount rate Hotel Discounted cash flows Capitalization rate Revenue growth rate Hold period 3 years (1) Includes all impaired loans regardless of the period in which a loan loss provision was recorded.
Schedule of roll forward of Level 3 derivative instruments	Fair Value Measurements Using Significant Unobservable Inputs Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Derivative assets and liabilities, net Balance at beginning of period $ $ — $ $ — Additions from the Acquisition — — Settlements ) ) ) ) Realized gains recorded in earnings Unrealized gains recorded in earnings Balance at end of period $ $ $ $
Schedule of components of fair value and other relevant information	Notional/ Fair Value of Interest Rate Total Fair Value September 30, 2017 Rate lock commitments $ $ $ ) $ Forward sale commitments — Loans held-for-sale, net (1) — Total $ $ — $ (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 mortgage servicing rights.
Schedule of fair value of assets and liabilities	The fair value of these assets and liabilities was determined using the following input levels as of September 30, 2017: Fair Value Measurements Using Fair Value Hierarchy Carrying Value Fair Value Level 1 Level 2 Level 3 Financial assets: Loans and investments, net $ $ $ — $ — $ Loans held-for-sale, net — Capitalized mortgage servicing rights, net — — Securities held-to-maturity, net — — Financial liabilities: Credit and repurchase facilities $ $ $ — $ $ Collateralized loan obligations — — Senior unsecured notes — — Convertible senior unsecured notes, net — — Junior subordinated notes — — Related party financing — —

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	9 Months Ended
	Sep. 30, 2017
Variable Interest Entities
Schedule of the assets and liabilities related to the consolidated CLOs	September 30, 2017 December 31, 2016 Assets: Restricted cash $ $ Loans and investments, net Due from related party — Other assets Total assets $ $ Liabilities: Collateralized loan obligations $ $ Other liabilities Total liabilities $ $
Summary of the Company's variable interests in identified VIEs, of which the company is not the primary beneficiary	The following is a summary of our variable interests in identified VIEs, of which we are not the primary beneficiary, as of September 30, 2017: Type Carrying Amount (1) Loans $ B Piece bonds Agency IOs Equity investments Total $ (1) Represents the carrying amount of loans and investments before reserves. At September 30, 2017, $182.8 million of loans to VIEs had corresponding loan loss reserves of $81.6 million. See Note 4 — Loans and Investments for details. In addition, the maximum loss exposure as of September 30, 2017 would not exceed the carrying amount of our investment.

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 30, 2017
Equity
Schedule of dividends declared by the Company (on a per share basis)	The following table presents dividends declared (on a per share basis) during the nine months ended September 30, 2017: Common Stock Preferred Stock Dividend (1) Declaration Date Dividend Declaration Date Series A Series B Series C August 2, 2017 $ August 2, 2017 $ $ $ May 3, 2017 $ May 3, 2017 $ $ $ March 1, 2017 $ February 3, 2017 $ $ $ (1) The dividend declared on August 2, 2017 was for June 1, 2017 through August 31, 2017, the dividend declared on May 3, 2017 was for March 1, 2017 through May 31, 2017 and the dividend declared on February 3, 2017 was for December 1, 2016 through February 28, 2017.
Schedule of reconciliation of the numerator and denominator of the basic and diluted EPS computations	Three Months Ended September 30, 2017 Three Months Ended September 30, 2016 Basic Diluted Basic Diluted Net income attributable to common stockholders (1) $ $ $ $ Net income attributable to noncontrolling interest (2) — — Net income attributable to common stockholders and nocontrolling interest $ $ $ $ Weighted average shares outstanding Dilutive effect of OP Units (2) — — Dilutive effect of restricted stock units (3) — — Weighted average shares outstanding Net income per common share (1) $ $ $ $ Nine Months Ended September 30, 2017 Nine Months Ended September 30, 2016 Basic Diluted Basic Diluted Net income attributable to common stockholders (1) $ $ $ $ Net income attributable to noncontrolling interest (2) — — — Net income attributable to common stockholders and nocontrolling interest $ $ $ $ Weighted average shares outstanding Dilutive effect of OP Units (2) — — — Dilutive effect of restricted stock units (3) — — Dilutive effect of convertible senior unsecurred notes (4) — — — Weighted average shares outstanding Net income per common share (1) $ $ $ $ (1) Net of preferred stock dividends. (2) We consider OP Units to be common stock equivalents as the holder has 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 the nine months ended September 30, 2016, the OP Units were considered anti-dilutive and excluded from diluted EPS. (3) Mr. Kaufman was granted restricted stock units in 2017, 2016 and 2015 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.

Agreements and Transactions w44

Agreements and Transactions with Related Parties (Tables)	9 Months Ended
	Sep. 30, 2017
Agreements and Transactions with Related Parties
Schedule of base management fees and incentive fees incurred prior to the full internalization of management team and termination of the existing management agreement	Three Months Ended Nine Months Ended September 30, September 30, Management Fees: 2017 2016 2017 2016 Base $ — $ $ $ Incentive — — — — Total management fee $ — $ $ $

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2017
Segment Information
Schedule of statement of income and balance sheet by segment	Three Months Ended September 30, 2017 Structured Agency Other / Consolidated Interest income $ $ $ — $ Interest expense Net interest income ) Other revenue: Gain on sales, including fee-based services, net — — Mortgage servicing rights — — Servicing revenue — — Amortization of MSRs — ) — ) Property operating income — — Other income, net — Total other revenue — Other expenses: Employee compensation and benefits — Selling and administrative — Property operating expenses — — Depreciation and amortization — Provision for loss sharing (net of recoveries) — ) — ) Provision for loan losses (net of recoveries) — — Total other expenses — Income before income from equity affiliates and provision for income taxes ) Income from equity affiliates — — Provision for income taxes — ) — ) Net income ) Preferred stock dividends — — Net income attributable to noncontrolling interest — — Net income attributable to common stockholders $ $ $ ) $ Three Months Ended September 30, 2016 Structured Agency Other / Consolidated Interest income $ $ $ — $ Interest expense Net interest income ) Other revenue: Gain on sales, including fee-based services, net — — Mortgage servicing rights — — Servicing revenue — — Amortization of MSRs — ) — ) Property operating income — — Other income, net — Total other revenue — Other expenses: Employee compensation and benefits — Selling and administrative — Acquisition costs — — Property operating expenses — — Depreciation and amortization — Provision for loss sharing — — Provision for loan losses (net of recoveries) ) — — ) Management fee - related party — Total other expenses Income before income from equity affiliates and provision for income taxes ) Income from equity affiliates — — Provision for income taxes — ) — ) Net income ) Preferred stock dividends — — Net income attributable to noncontrolling interest — — Net income attributable to common stockholders $ $ $ ) $ Nine Months Ended September 30, 2017 Structured Agency Other / Consolidated Interest income $ $ $ — $ Interest expense Net interest income ) Other revenue: Gain on sales, including fee-based services, net — — Mortgage servicing rights — — Servicing revenue — — Amortization of MSRs — ) — ) Property operating income — — Other income, net ) — ) Total other revenue — Other expenses: Employee compensation and benefits — Selling and administrative — Property operating expenses — — Depreciation and amortization — Impairment loss on real estate owned — — Provision for loss sharing (net of recoveries) — ) — ) Provision for loan losses (net of recoveries) ) — — ) Management fee - related party — Total other expenses — Income before gain on extinguishment of debt, income from equity affiliates and provision for income taxes ) Gain on extinguishment of debt — — Income from equity affiliates — — Provision for income taxes — ) — ) Net income ) Preferred stock dividends — — Net income attributable to noncontrolling interest — — Net income attributable to common stockholders $ $ $ ) $ Nine Months Ended September 30, 2016 Structured Agency Other / Consolidated Interest income $ $ $ — $ Other interest income, net — — Interest expense Net interest income ) Other revenue: Gain on sales, including fee-based services, net — — Mortgage servicing rights — — Servicing revenue — — Amortization of MSRs — ) — ) Property operating income — — Other income, net — Total other revenue — Other expenses: Employee compensation and benefits — Selling and administrative — Acquisition costs — — Property operating expenses — — Depreciation and amortization — Impairment loss on real estate owned — — Provision for loss sharing — — Provision for loan losses (net of recoveries) ) — — ) Management fee - related party — Total other expenses Income before gain on sale of real estate, income from equity affiliates and provision for income taxes ) Gain on sale of real estate — — Income from equity affiliates — — Provision for income taxes — ) — ) Net income ) Preferred stock dividends — — Net income attributable to noncontrolling interest — — Net income attributable to common stockholders $ $ $ ) $ (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 holder. September 30, 2017 Structured Business Agency Business Other / Eliminations Consolidated Assets: Cash and cash equivalents $ $ $ — $ Restricted cash — Loans and investments, net — — Loans held-for-sale, net — — Capitalized mortgage servicing rights, net — — Securities held to maturity — — Investments in equity affiliates — — Goodwill and other intangible assets — Other assets — Total assets $ $ $ — $ Liabilities: Debt obligations $ $ $ $ Allowance for loss-sharing obligations — — Other liabilities Total liabilities $ $ $ $ December 31, 2016 Structured Business Agency Business Other / Eliminations Consolidated Assets: Cash and cash equivalents $ $ $ — $ Restricted cash — Loans and investments, net — — Loans held-for-sale, net — — Capitalized mortgage servicing rights, net — — Investments in equity affiliates — — Goodwill and other intangible assets — — Other assets — Total assets $ $ $ — $ Liabilities: Debt obligations $ $ $ $ Allowance for loss-sharing obligations — — Other liabilities Total liabilities $ $ $ $
Schedule of origination data and loan sales data	Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Origination Data: Structured Business New loan originations $ $ $ $ Loan payoffs / paydowns Agency Business Origination Volumes by Investor: Fannie Mae $ $ $ $ Freddie Mac FHA CMBS/Conduit — — — Total $ $ $ $ Total loan commitment volume $ $ $ $ Loan Sales Data: Agency Business Fannie Mae $ $ $ $ Freddie Mac FHA CMBS/Conduit — — — Total $ $ * $ $ * Sales margin (fee-based services as a % of loan sales) % % % % MSR rate (MSR income as a % of loan commitments) % % % % * Loan sales were $970.0 million for the three and nine months ended September 30, 2016, including loans that were acquired as part of the Acquisition.
Schedule of key servicing metrics for Agency Business	September 30, 2017 Key Servicing Metrics for Agency Business: UPB of Servicing Wtd. Avg. Servicing Wtd. Avg. Life of Fannie Mae $ Freddie Mac FHA Total $ December 31, 2016 Fannie Mae $ Freddie Mac FHA Total $

Basis of Presentation and Sig46

Basis of Presentation and Significant Accounting Policies (Details) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Basis of Presentation and Significant Accounting Policies
Other liabilities	$ 104,474,096	$ 86,164,613
Reclassification adjustments | Adjustment in consolidated balance sheets for prior period deferred tax liability incorrectly omitted
Basis of Presentation and Significant Accounting Policies
Goodwill	4,900,000
Other liabilities	$ 4,900,000

Acquisition of Our Former Man47

Acquisition of Our Former Manager's Agency Platform (Details) $ / shares in Units, $ in Millions	May 31, 2017USD ($)employeesegment	Jul. 14, 2016USD ($)$ / sharesshares
Acquisition of Our Former Manager's Agency Platform
Number of reporting segments | segment	2
ACM Acquisition
Acquisition of Our Former Manager's Agency Platform
Total consideration		$ 292.5
Acquisition share price per common share based on closing price on the day of the ACM Acquisition | $ / shares		$ 7.29
Termination of existing management agreement | ACM Acquisition
Acquisition of Our Former Manager's Agency Platform
Number of employees to manage/advise our business | employee	100
Option to terminate the existing management agreement and purchase the services provided by Former Manager's employees		$ 25
Price of fully internalize our management team and terminate the existing management agreement assigned to goodwill	$ 25
Termination of existing management agreement | ACM Acquisition | Structured Business
Acquisition of Our Former Manager's Agency Platform
Goodwill	12.5
Termination of existing management agreement | ACM Acquisition | Agency Business
Acquisition of Our Former Manager's Agency Platform
Goodwill	12.5
Termination of existing management agreement | ACM Acquisition | Maximum
Acquisition of Our Former Manager's Agency Platform
Expenses incurred to fully internalize management team	$ 0.1
Operating Partnership | ACM Acquisition
Acquisition of Our Former Manager's Agency Platform
Total consideration		275.8
Purchase price paid in stock		138
Purchase price paid in cash		87.8
Borrowings from seller financing - related party		$ 50
OP units issued as part of acquisition | shares		21,230,769
Acquisition share price per common share based on closing price on the day of the ACM Acquisition | $ / shares		$ 6.50

Loans and Investments (Details)

Loans and Investments (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2017USD ($)itemborrowerloan	Dec. 31, 2016USD ($)borrowerloan	Jun. 30, 2017USD ($)	Sep. 30, 2016USD ($)	Jun. 30, 2016USD ($)	Dec. 31, 2015USD ($)
Loans and Investments
Loans and investments, gross	$ 2,094,376,123	$ 1,790,159,966
Allowance for loan losses	(83,255,922)	(83,711,575)	$ (81,255,922)	$ (83,816,575)	$ (83,831,575)	$ (86,761,575)
Unearned revenue	(13,564,216)	(10,716,040)
Loans and investments, net	$ 1,997,555,985	$ 1,695,732,351
Percent of Total	100.00%	100.00%
Loan Count | loan	149	144
Wtd. Avg. Pay Rate (as a percent)	6.04%	5.71%
Wtd. Avg. Remaining Months to Maturity	22 months 21 days	16 months 9 days
Wtd. Avg. First Dollar LTV Ratio (as percent)	7.00%	6.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	74.00%	75.00%
Credit risk individual ratings | item	5
Higher-risk
Loans and Investments
Wtd. Avg. Last Dollar LTV Ratio (as percent)	94.00%	95.00%
Carrying value of loans before loan loss reserves	$ 147,500,000	$ 150,500,000
Credit risk concentration | Minimum
Loans and Investments
Credit risk individual ratings | item	1
Credit risk concentration | Maximum
Loans and Investments
Credit risk individual ratings | item	5
Credit risk concentration | Pass
Loans and Investments
Credit risk individual ratings | item	1
Credit risk concentration | Pass/watch
Loans and Investments
Percent of Total	100.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	7.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	74.00%
Credit risk individual ratings | item	2
Credit risk concentration | Pass/watch | Multifamily
Loans and Investments
Percent of Total	75.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	5.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	73.00%
Credit risk concentration | Special mention
Loans and Investments
Percent of Total		100.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)		6.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)		75.00%
Credit risk individual ratings | item	3
Credit risk concentration | Special mention | Multifamily
Loans and Investments
Percent of Total		79.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)		1.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)		73.00%
Credit risk concentration | Substandard
Loans and Investments
Credit risk individual ratings | item	4
Credit risk concentration | Doubtful
Loans and Investments
Credit risk individual ratings | item	5
Total assets | Credit risk concentration
Loans and Investments
Loan Count | loan	32	35
Number of different borrowers | borrower	5	5
Concentration risk, percentage	15.00%	16.00%
Bridge loans
Loans and Investments
Loans and investments, gross	$ 1,841,484,888	$ 1,602,658,179
Percent of Total	88.00%	90.00%
Loan Count | loan	129	120
Wtd. Avg. Pay Rate (as a percent)	5.89%	5.59%
Wtd. Avg. Remaining Months to Maturity	19 months	16 months 12 days
Wtd. Avg. First Dollar LTV Ratio (as percent)	0.00%	0.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	72.00%	73.00%
Carrying value of loans before loan loss reserves	$ 4,800,000			$ 4,800,000
Preferred equity investments
Loans and Investments
Loans and investments, gross	$ 155,306,620	$ 68,120,639
Percent of Total	7.00%	4.00%
Loan Count | loan	11	10
Wtd. Avg. Pay Rate (as a percent)	6.92%	6.83%
Wtd. Avg. Remaining Months to Maturity	68 months 9 days	23 months 24 days
Wtd. Avg. First Dollar LTV Ratio (as percent)	62.00%	42.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	88.00%	91.00%
Carrying value of loans before loan loss reserves	$ 34,800,000
Mezzanine loans
Loans and Investments
Loans and investments, gross	$ 72,328,033	$ 57,124,566
Percent of Total	4.00%	3.00%
Loan Count | loan	8	12
Wtd. Avg. Pay Rate (as a percent)	10.24%	9.09%
Wtd. Avg. Remaining Months to Maturity	26 months 27 days	17 months 27 days
Wtd. Avg. First Dollar LTV Ratio (as percent)	29.00%	36.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	69.00%	75.00%
Junior participation loans
Loans and Investments
Loans and investments, gross	$ 25,256,582	$ 62,256,582
Percent of Total	1.00%	3.00%
Loan Count | loan	1	2
Wtd. Avg. Pay Rate (as a percent)		4.50%
Wtd. Avg. Remaining Months to Maturity	0 months	4 months
Wtd. Avg. First Dollar LTV Ratio (as percent)	100.00%	83.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	100.00%	84.00%

Loans and Investments, Risk Rat

Loans and Investments, Risk Ratings and LTV Ratios (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Loans and Investments
Percentage of Portfolio	100.00%	100.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	7.00%	6.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	74.00%	75.00%
Credit risk concentration | Pass/watch
Loans and Investments
Unpaid Principal Balance	$ 2,094,376,123
Percentage of Portfolio	100.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	7.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	74.00%
Credit risk concentration | Special mention
Loans and Investments
Unpaid Principal Balance		$ 1,790,159,966
Percentage of Portfolio		100.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)		6.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)		75.00%
Credit risk concentration | Loans and investments portfolio | New York
Loans and Investments
Concentration risk, percentage	20.00%	25.00%
Credit risk concentration | Loans and investments portfolio | Texas
Loans and Investments
Concentration risk, percentage	16.00%	13.00%
Credit risk concentration | Loans and investments portfolio | California
Loans and Investments
Concentration risk, percentage	11.00%	15.00%
Credit risk concentration | Loans and investments portfolio | Georgia
Loans and Investments
Concentration risk, percentage	8.00%
Credit risk concentration | Loans and investments portfolio | Florida
Loans and Investments
Concentration risk, percentage		14.00%
Credit risk concentration | Multifamily | Pass/watch
Loans and Investments
Unpaid Principal Balance	$ 1,556,114,399
Percentage of Portfolio	75.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	5.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	73.00%
Credit risk concentration | Multifamily | Special mention
Loans and Investments
Unpaid Principal Balance		$ 1,421,731,108
Percentage of Portfolio		79.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)		1.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)		73.00%
Credit risk concentration | Land | Substandard
Loans and Investments
Unpaid Principal Balance	$ 140,054,798	$ 137,255,369
Percentage of Portfolio	7.00%	8.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	0.00%	2.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	88.00%	92.00%
Credit risk concentration | Office | Pass/watch
Loans and Investments
Unpaid Principal Balance	$ 133,143,446	$ 141,710,156
Percentage of Portfolio	6.00%	8.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	19.00%	43.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	71.00%	73.00%
Credit risk concentration | Hotel | Special mention
Loans and Investments
Unpaid Principal Balance	$ 90,725,147	$ 70,750,000
Percentage of Portfolio	4.00%	4.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	39.00%	30.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	83.00%	74.00%
Credit risk concentration | Retail | Pass/watch
Loans and Investments
Unpaid Principal Balance	$ 36,483,333
Percentage of Portfolio	2.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	8.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	66.00%
Credit risk concentration | Retail | Special mention
Loans and Investments
Unpaid Principal Balance		$ 3,958,333
Percentage of Portfolio		1.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)		81.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)		91.00%
Credit risk concentration | Commercial | Special mention
Loans and Investments
Unpaid Principal Balance		$ 9,205,000
Percentage of Portfolio		1.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)		12.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)		69.00%
Credit risk concentration | Commercial | Pass
Loans and Investments
Unpaid Principal Balance	$ 133,230,000
Percentage of Portfolio	6.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	1.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	71.00%
Credit risk concentration | Healthcare | Special mention
Loans and Investments
Unpaid Principal Balance	$ 4,625,000	$ 5,550,000
Percentage of Portfolio	1.00%	1.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	0.00%	0.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	73.00%	63.00%

Loans and Investments, Impaired

Loans and Investments, Impaired Loans (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Changes in allowance for loan losses
Allowance at beginning of period	$ 81,255,922	$ 83,831,575	$ 83,711,575	$ 86,761,575
Provision for loan losses	2,000,000		2,000,000	59,005
Charge-offs				(2,959,005)
Recoveries of reserves		(15,000)	(2,455,653)	(45,000)
Allowance at end of period	$ 83,255,922	$ 83,816,575	$ 83,255,922	$ 83,816,575
Ratio of net recoveries (in percentage)	0.10%		0.10%
Ratio of net charge-offs (in percentage)		(0.20%)		(0.20%)
Impaired bridge loans, paid off	$ 1,800,000			$ 1,800,000
Preferred equity investments
Changes in allowance for loan losses
Carrying value of loans	34,800,000		$ 34,800,000
Bridge loans
Changes in allowance for loan losses
Recoveries of reserves			(700,000)
Carrying value of loans	4,800,000	$ 4,800,000	4,800,000	$ 4,800,000
Mezzanine loans
Changes in allowance for loan losses
Recoveries of reserves	(1,800,000)		(1,800,000)
Paid off in full	$ 1,800,000		$ 1,800,000

Loans and Investments, Charge-o

Loans and Investments, Charge-offs and Recoveries Narratives (Details)	9 Months Ended
	Sep. 30, 2017USD ($)loan	Jun. 30, 2017USD ($)	Dec. 31, 2016USD ($)	Sep. 30, 2016USD ($)loan	Jun. 30, 2016USD ($)	Dec. 31, 2015USD ($)
Loans and Investments
Number of loans for which no provision for loan loss made | loan	0			0
Provision for loan losses	$ 83,255,922	$ 81,255,922	$ 83,711,575	$ 83,816,575	$ 83,831,575	$ 86,761,575
Six loans collateralized by a land development project | Maturity Date September 2018
Loans and Investments
Number of loans with unpaid principal balance | loan	6
Carrying value of impaired loan	$ 120,500,000
Five loans collateralized by a land development project | Maturity Date September 2018
Loans and Investments
Number of loans with unpaid principal balance | loan	5
Carrying value of impaired loan	$ 111,200,000
Weighted average accrual rate of interest (as a percent)	8.50%
Provision for loan losses	$ 49,100,000

Loans and Investments, Summary

Loans and Investments, Summary of impaired loans (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2017USD ($)loan	Sep. 30, 2016USD ($)	Sep. 30, 2017USD ($)loan	Sep. 30, 2016USD ($)	Dec. 31, 2016USD ($)loan
Loans and Investments
Unpaid Principal Balance	$ 195,085,030		$ 195,085,030		$ 197,640,645
Carrying Value	184,540,050		184,540,050		187,351,035
Allowance for Loan Losses	83,255,922		83,255,922		$ 83,711,575
Average Recorded Investment	195,087,280	$ 196,686,516	196,362,838	$ 197,769,065
Interest Income Recognized	$ 27,728	338,080	$ 472,005	1,061,364
Number of impaired loans | loan	6		6		8
Land
Loans and Investments
Unpaid Principal Balance	$ 131,085,948		$ 131,085,948		$ 131,085,948
Carrying Value	125,325,106		125,325,106		125,925,677
Allowance for Loan Losses	53,883,478		53,883,478		53,883,478
Average Recorded Investment	131,085,948	130,012,569	131,085,948	128,740,618
Hotel
Loans and Investments
Unpaid Principal Balance	34,750,000		34,750,000		34,750,000
Carrying Value	34,750,000		34,750,000		34,496,296
Allowance for Loan Losses	5,700,000		5,700,000		3,700,000
Average Recorded Investment	34,750,000	34,750,000	34,750,000	34,750,000
Interest Income Recognized		291,542	370,877	857,459
Office
Loans and Investments
Unpaid Principal Balance	27,549,082		27,549,082		27,562,582
Carrying Value	22,764,944		22,764,944		22,778,444
Allowance for Loan Losses	21,972,444		21,972,444		21,972,444
Average Recorded Investment	27,551,332	27,569,332	27,555,832	27,573,832
Interest Income Recognized	27,728	23,601	79,065	69,763
Commercial
Loans and Investments
Unpaid Principal Balance	1,700,000		1,700,000		1,700,000
Carrying Value	1,700,000		1,700,000		1,700,000
Allowance for Loan Losses	1,700,000		1,700,000		1,700,000
Average Recorded Investment	$ 1,700,000	1,700,000	1,700,000	1,700,000
Multifamily
Loans and Investments
Unpaid Principal Balance					2,542,115
Carrying Value					2,450,618
Allowance for Loan Losses					$ 2,455,653
Average Recorded Investment		2,654,615	1,271,058	5,004,615
Interest Income Recognized		$ 22,937	$ 22,063	$ 134,142

Loans and Investments, Non-perf

Loans and Investments, Non-performing Loans (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2017USD ($)loan	Dec. 31, 2016USD ($)loan
Non-performing loans by asset class
Number of loans | loan	149	144
Carrying Value	$ 0	$ 0
Non-performing loans
Non-performing loans by asset class
Number of loans | loan	5	3
Carrying value of loans	$ 32,600,000	$ 22,900,000
Loan loss reserves	27,900,000
Carrying Value	60,514,639	22,853,097
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	60,514,639	22,853,097
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	20,472,444	20,472,444
Office | Greater Than 90 Days Past Due | Non-performing loans
Non-performing loans by asset class
Past Due, Non-performing Loans	20,472,444	20,472,444
Multifamily | Non-performing loans
Non-performing loans by asset class
Carrying Value	2,601,528	680,653
Multifamily | Greater Than 90 Days Past Due | Non-performing loans
Non-performing loans by asset class
Past Due, Non-performing Loans	2,601,528	680,653
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
Retail | Non-performing loans
Non-performing loans by asset class
Carrying Value	990,667
Retail | Greater Than 90 Days Past Due | Non-performing loans
Non-performing loans by asset class
Past Due, Non-performing Loans	$ 990,667

Loans and Investments, Loan Mod

Loans and Investments, Loan Modifications, Refinancings and/or Extensions (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2017loan	Sep. 30, 2016USD ($)loan	Sep. 30, 2017USD ($)loan	Sep. 30, 2016USD ($)loan
Troubled debt restructurings by asset class
Number of Loans | loan		2		2
Original Unpaid Principal Balance		$ 16,961,456		$ 16,961,456
Original Wtd. Avg. Rate of Interest (as a percent)		5.15%		5.15%
Modified Unpaid Principal Balance		$ 16,961,456		$ 16,961,456
Modified Wtd. Avg. Rate of Interest (as a percent)		5.15%		5.15%
Number of additional loans considered to be troubled debt restructurings | loan	0	0	0	0
Hotel
Troubled debt restructurings by asset class
Number of Loans | loan			1
Original Unpaid Principal Balance			$ 34,750,000
Original Wtd. Avg. Rate of Interest (as a percent)			4.01%
Modified Unpaid Principal Balance			$ 34,750,000
Modified Wtd. Avg. Rate of Interest (as a percent)			4.01%
Multifamily
Troubled debt restructurings by asset class
Number of Loans | loan		1		1
Original Unpaid Principal Balance		$ 14,646,456		$ 14,646,456
Original Wtd. Avg. Rate of Interest (as a percent)		5.33%		5.33%
Modified Unpaid Principal Balance		$ 14,646,456		$ 14,646,456
Modified Wtd. Avg. Rate of Interest (as a percent)		5.33%		5.33%
Office
Troubled debt restructurings by asset class
Number of Loans | loan		1		1
Original Unpaid Principal Balance		$ 2,315,000		$ 2,315,000
Original Wtd. Avg. Rate of Interest (as a percent)		4.03%		4.03%
Modified Unpaid Principal Balance		$ 2,315,000		$ 2,315,000
Modified Wtd. Avg. Rate of Interest (as a percent)		4.03%		4.03%

Loans and Investments, Interest

Loans and Investments, Interest Reserves (Details) $ in Millions	Sep. 30, 2017USD ($)loan	Dec. 31, 2016USD ($)loan
Loans and Investments
Total interest reserves	$ 30.1	$ 20.4
Number of loans | loan	70	75
Aggregate unpaid principal balance	$ 1,090	$ 1,010

Loans Held-for-Sale, Net (Detai

Loans Held-for-Sale, Net (Details) - USD ($)	Jul. 14, 2016	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Loans Held-for-Sale, Net
Loans held-for-sale		$ 328,533,203		$ 328,533,203		$ 662,347,722
Fair value of future MSR		5,450,662		5,450,662		13,145,814
Unearned discount		(715,889)		(715,889)		(2,126,232)
Loans held-for-sale, net		333,267,976		$ 333,267,976		673,367,304
Maximum number of days held-for-sale loans are typically sold				60 days
Loans with non-accrual status		0		$ 0		0
Sale of loans held-for-sale excluding acquired loans		1,050,000,000	$ 551,800,000	3,620,000,000	$ 418,200,000
Gain on sale of loans held-for-sale	$ 9,000,000	16,300,000		52,100,000
Greater Than 90 Days Past Due
Loans Held-for-Sale, Net
Loans past due		0		0		0
Fannie Mae
Loans Held-for-Sale, Net
Loans held-for-sale, net		185,188,000		185,188,000		538,189,475
Freddie Mac
Loans Held-for-Sale, Net
Loans held-for-sale, net		142,312,000		142,312,000		124,102,000
FHA
Loans Held-for-Sale, Net
Loans held-for-sale, net		$ 1,033,203		$ 1,033,203		$ 56,247

Capitalized Mortgage Servicin57

Capitalized Mortgage Servicing Rights (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Capitalized Mortgage Servicing Rights
Balance at beginning of period			$ 227,742,986
Balance at end of period	$ 247,875,659		247,875,659		$ 227,742,986
Valuation allowance	0		0		0
MSRs
Capitalized Mortgage Servicing Rights
Balance at beginning of period	243,083,459		227,742,986
Additions	20,719,529		66,273,164	$ 233,552,815
Amortization	(11,711,378)		(35,427,217)	(7,586,524)
Write-offs	(4,215,951)		(10,713,274)	(1,669,081)
Balance at end of period	247,875,659	$ 224,297,210	247,875,659	224,297,210	$ 227,742,986
Prepayment fees	3,800,000	1,500,000	7,900,000	1,500,000
Expected amortization of capitalized MSR balances
2017 (three months ended 12/31/2017)	11,925,780		11,925,780
2,018	45,577,306		45,577,306
2,019	41,680,988		41,680,988
2,020	35,461,494		35,461,494
2,021	28,170,144		28,170,144
2,022	22,176,139		22,176,139
Thereafter	62,883,808		62,883,808
Total	247,875,659		$ 247,875,659
MSRs | Minimum
Capitalized Mortgage Servicing Rights
Percentage of MSRs discount rate			8.00%
MSRs | Maximum
Capitalized Mortgage Servicing Rights
Percentage of MSRs discount rate			15.00%
MSRs | Weighted average
Capitalized Mortgage Servicing Rights
Percentage of MSRs discount rate			13.00%
Estimated life remaining			7 years 1 month 6 days		6 years 10 months 24 days
Acquired MSRs
Capitalized Mortgage Servicing Rights
Balance at beginning of period	168,189,300		$ 194,800,754
Additions				221,647,421
Amortization	(8,952,573)		(29,074,057)	(7,358,639)
Write-offs	(4,193,665)		(10,683,635)	(1,669,081)
Balance at end of period	155,043,062	212,619,701	155,043,062	212,619,701	$ 194,800,754
Originated MSRs
Capitalized Mortgage Servicing Rights
Balance at beginning of period	74,894,159		32,942,232
Additions	20,719,529		66,273,164	11,905,394
Amortization	(2,758,805)		(6,353,160)	(227,885)
Write-offs	(22,286)		(29,639)
Balance at end of period	$ 92,832,597	$ 11,677,509	$ 92,832,597	$ 11,677,509	$ 32,942,232

Mortgage Servicing (Details)

Mortgage Servicing (Details) - MSRs	9 Months Ended	12 Months Ended
	Sep. 30, 2017USD ($)Institution	Dec. 31, 2016USD ($)
Mortgage Servicing
Unpaid principal balance of loans serviced	$ 15,601,225,516	$ 13,555,085,518
Weighted average servicing fee (as a percent)	0.48%	0.478%
Number of federally insured depository institutions holding cash balance and related escrow liabilities for servicing mortgage | Institution	2
Fee-based servicing portfolio
Mortgage Servicing
Percentage of Total	100.00%	100.00%
Escrow Deposit	$ 506,600,000	$ 401,700,000
Fee-based servicing portfolio | Texas
Mortgage Servicing
Percentage of Total	23.00%	24.00%
Fee-based servicing portfolio | North Carolina
Mortgage Servicing
Percentage of Total	10.00%	9.00%
Fee-based servicing portfolio | California
Mortgage Servicing
Percentage of Total	8.00%	8.00%
Fee-based servicing portfolio | New York
Mortgage Servicing
Percentage of Total	8.00%	8.00%
Fee-based servicing portfolio | Georgia
Mortgage Servicing
Percentage of Total	6.00%	5.00%
Fee-based servicing portfolio | Florida
Mortgage Servicing
Percentage of Total	5.00%
Fee-based servicing portfolio | Other
Mortgage Servicing
Percentage of Total	40.00%	46.00%
Fannie Mae
Mortgage Servicing
Unpaid principal balance of loans serviced	$ 12,331,135,405	$ 11,181,152,400
Fannie Mae | Fee-based servicing portfolio
Mortgage Servicing
Percentage of Total	79.00%	83.00%
Freddie Mac
Mortgage Servicing
Unpaid principal balance of loans serviced	$ 2,732,536,579	$ 1,953,244,541
Freddie Mac | Fee-based servicing portfolio
Mortgage Servicing
Percentage of Total	18.00%	14.00%
FHA
Mortgage Servicing
Unpaid principal balance of loans serviced	$ 537,553,532	$ 420,688,577
FHA | Fee-based servicing portfolio
Mortgage Servicing
Percentage of Total	3.00%	3.00%

Securities (Details)

Securities (Details) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Available-for-sale securities
Amortized Cost	$ 58,789	$ 58,789
Carrying Value / Estimated Fair Value	4,707,085	5,403,463
Available-for-sale Securities | Common Shares of CV Holdings, Inc.
Available-for-sale securities
Amortized Cost	58,789	58,789
Cumulative Unrealized Gain	205,764	558,499
Carrying Value / Estimated Fair Value	$ 264,553	$ 617,288
Number of shares of common stock purchased	2,939,465	2,939,465

Securities, Agency IO (Details)

Securities, Agency IO (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Summary of our Agency IOs activity
Balance at beginning of period			$ 5,403,463
Changes in fair value			(343,642)	$ (46,021)
Balance at end of period	$ 4,707,085		4,707,085
Interest-only Securities (Agency IOs) under the SBL Program
Summary of our Agency IOs activity
Balance at beginning of period	4,602,722		4,786,175
Additions from the Acquisition				4,908,283
Changes in fair value	(160,190)		(343,643)	(46,021)
Balance at end of period	4,442,532	$ 4,862,262	4,442,532	4,862,262
UPB	839,200,000		839,200,000		$ 904,400,000
Interest income	$ 300,000	$ 300,000	$ 900,000	$ 300,000

Securities, Held-to-Maturity (D

Securities, Held-to-Maturity (Details)	3 Months Ended	9 Months Ended
	Sep. 30, 2017USD ($)item	Sep. 30, 2017USD ($)item
Held-to-Maturity
Carrying Value	$ 18,851,089	$ 18,851,089
Held-to-Maturity | B Piece bonds
Held-to-Maturity
Remaining of B Piece bond sold to the third party at par	51.00%	51.00%
B Piece retained percentage		49.00%
Number of B Piece bonds retained | item	2	2
Weighted average variable interest rate (as a percent)	3.55%	3.55%
Weighted average stated maturity (in years)		6 years 1 month 6 days
Weighted average effective interest rate (as a percent)	13.38%	13.38%
Face Value		$ 28,035,293
Carrying Value	$ 18,851,089	18,851,089
Unrealized Gain	31,908	31,908
Estimated Fair Value	18,882,997	18,882,997
Discount value		18,300,000
Impairment charges		0
Interest income	500,000	900,000
Held-to-maturity securities, estimated fiscal year
Within one year	3,400,000	3,400,000
After one year through five years	11,300,000	11,300,000
After five years through ten years	8,100,000	8,100,000
After ten years	$ 5,200,000	$ 5,200,000

Investments in Equity Affilia62

Investments in Equity Affiliates, Summary (Details) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Investment in Equity Affiliates
Investment in Equity Affiliates	$ 31,330,740	$ 33,948,853
UPB of Loans to Equity Affiliates	3,393,438
Arbor Residential Investor LLC
Investment in Equity Affiliates
Investment in Equity Affiliates	26,821,643	28,917,457
West Shore Cafe
Investment in Equity Affiliates
Investment in Equity Affiliates	2,120,347	2,050,347
UPB of Loans to Equity Affiliates	1,687,500
Lightstone Value Plus REIT L.P.
Investment in Equity Affiliates
Investment in Equity Affiliates	1,894,727	1,894,727
JT Prime
Investment in Equity Affiliates
Investment in Equity Affiliates	425,000	425,000
East River Portfolio
Investment in Equity Affiliates
Investment in Equity Affiliates	68,923	83,222
UPB of Loans to Equity Affiliates	1,705,938
Lexford Portfolio
Investment in Equity Affiliates
Investment in Equity Affiliates	$ 100	100
Issuers of Junior Subordinated Notes
Investment in Equity Affiliates
Investment in Equity Affiliates		$ 578,000

Investments in Equity Affilia63

Investments in Equity Affiliates, Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Jun. 30, 2017
Investment in Equity Affiliates
(Loss) income from equity affiliates	$ 995,312	$ 4,929,375	$ 1,755,145	$ 11,193,918
Multifamily
Investment in Equity Affiliates
Basis of equity participation interest before redemption	$ 1,500,000		1,500,000		$ 0
Percentage of equity participation redeemed	25.00%
Arbor Residential Investor LLC | Non-qualified Residential Mortgages
Investment in Equity Affiliates
Amount funded	$ 600,000		600,000
Cash distributions classified as return of capital			900,000
Arbor Residential Investor LLC | Non Qualified and Additional Residential Mortgages
Investment in Equity Affiliates
(Loss) income from equity affiliates		300,000		400,000
Arbor Residential Investor LLC | Non Qualified and Additional Residential Mortgages | Maximum
Investment in Equity Affiliates
(Loss) income from equity affiliates	100,000		100,000
Arbor Residential Investor LLC | Residential Mortgage Banking Company
Investment in Equity Affiliates
(Loss) income from equity affiliates	(1,300,000)	3,900,000	1,900,000	8,500,000
Lexford Portfolio
Investment in Equity Affiliates
(Loss) income from equity affiliates	$ 700,000	$ 700,000	$ 2,000,000	$ 2,100,000

Investments in Equity Affilia64

Investments in Equity Affiliates, Statements of Operations (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Revenue:
Total revenues	$ 32,429,382	$ 71,040,665	$ 108,195,846	$ 172,929,878
Total expenses	40,214,486	47,256,537	120,232,132	128,120,821
Net (loss) income	(7,785,104)	23,784,128	(12,036,286)	44,809,057
Arbor's share of (loss) income	$ (1,230,905)	$ 4,167,233	$ (1,844,144)	$ 8,885,528

Real Estate Owned and Held-Fo65

Real Estate Owned and Held-For-Sale, Portfolio (Details)	3 Months Ended		6 Months Ended	9 Months Ended
	Sep. 30, 2016USD ($)property	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2016USD ($)	Dec. 31, 2016USD ($)
Real Estate Owned
Real estate owned, net				$ 17,354,720		$ 19,491,805
Impairment loss on real estate owned				2,700,000	$ 11,200,000
Restricted cash due to escrow requirement				137,138,389		29,314,929
Real Estate Held-For-Sale
Proceeds from sale of real estate, net					49,029,780
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
Number of properties sold | property	3
Pay off outstanding debt	$ 27,100,000
Real Estate Owned
Real Estate Owned
Less: Impairment loss				(13,307,354)		(11,200,000)
Less: Accumulated depreciation and amortization				(9,739,753)		(9,147,998)
Real estate owned, net				17,354,720		19,491,805
Restricted cash due to escrow requirement				700,000		700,000
Real Estate Owned | Hotel
Real Estate Owned
Less: Impairment loss				(13,307,354)		(11,200,000)
Less: Accumulated depreciation and amortization				(9,089,355)		(8,658,737)
Real estate owned, net				$ 11,540,664		13,908,812
Weighted average occupancy rate of properties (as a percent)	58.00%			55.00%	58.00%
Amount of weighted average daily rate of properties				$ 113	$ 108
Amount of weighted average daily revenue of properties				62	$ 63
Impairment loss on real estate owned		$ 11,200,000	$ 2,700,000
Real Estate Owned | Office
Real Estate Owned
Less: Accumulated depreciation and amortization				(650,398)		(489,261)
Real estate owned, net				5,814,056		5,582,993
Real Estate Owned | Land
Real Estate Owned
Real estate owned, gross				7,802,651		7,802,651
Real Estate Owned | Land | Hotel
Real Estate Owned
Real estate owned, gross				3,293,651		3,293,651
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				32,599,176		32,037,152
Real Estate Owned | Building and intangible assets | Hotel
Real Estate Owned
Real estate owned, gross				30,643,722		30,473,898
Real Estate Owned | Building and intangible assets | Office
Real Estate Owned
Real estate owned, gross				$ 1,955,454		$ 1,563,254

Real Estate Owned and Held-Fo66

Real Estate Owned and Held-For-Sale, Results for Held-For-Sale (Details) - Held-For-Sale	9 Months Ended
	Sep. 30, 2016USD ($)
Revenue:
Property operating income	$ 2,845,231
Expenses:
Property operating expenses	1,994,346
Depreciation	334,631
Net income	$ 516,254

Debt Obligations, Credit Facili

Debt Obligations, Credit Facilities and Repurchase Agreements (Details) - USD ($)	1 Months Ended					3 Months Ended	9 Months Ended
	Sep. 30, 2017	Aug. 31, 2017	Jul. 31, 2017	Jun. 30, 2017	Mar. 31, 2017	Sep. 30, 2017	Sep. 30, 2017	Jan. 31, 2018	Oct. 31, 2017	Apr. 30, 2017	Feb. 28, 2017	Dec. 31, 2016
Debt Obligations
Debt Carrying Value	$ 562,326,537					$ 562,326,537	$ 562,326,537					$ 906,636,790
Collateral Carrying Value	$ 713,043,810					$ 713,043,810	$ 713,043,810					$ 1,041,761,233
Weighted Average Note Rate (as a percent)	2.99%					2.99%	2.99%					2.25%
Letter of credit
Debt Obligations
Maximum borrowing capacity	$ 50,000,000					$ 50,000,000	$ 50,000,000
Structured Business
Debt Obligations
Debt Carrying Value	234,339,350					234,339,350	234,339,350					$ 246,492,668
Collateral Carrying Value	$ 384,766,864					$ 384,766,864	$ 384,766,864					$ 381,446,074
Weighted Average Note Rate (as a percent)	3.58%					3.58%	3.58%					3.02%
Weighted average note rate including certain fees and costs (as a percent)	4.06%					4.06%	4.06%					3.42%
Unamortized deferred finance costs	$ 1,600,000					$ 1,600,000	$ 1,600,000					$ 1,900,000
Leverage on loans and investment portfolio, excluding the $3.0 million master security agreement used to finance leasehold improvements to corporate office (as a percent)	58.00%					58.00%	58.00%					64.00%
Structured Business | $150 million repurchase facility
Debt Obligations
Debt Carrying Value	$ 149,157,816					$ 149,157,816	$ 149,157,816					$ 106,051,080
Collateral Carrying Value	$ 253,150,000					$ 253,150,000	$ 253,150,000					$ 183,827,574
Weighted Average Note Rate (as a percent)	3.63%					3.63%	3.63%					3.12%
Maximum borrowing capacity	$ 150,000,000					$ 150,000,000	$ 150,000,000		$ 225,000,000			$ 150,000,000
Additional borrowing capacity									$ 75,000,000
Structured Business | $150 million repurchase facility | Minimum | LIBOR
Debt Obligations
Variable rate, spread (as a percent)							2.25%
Structured Business | $150 million repurchase facility | Maximum | LIBOR
Debt Obligations
Variable rate, spread (as a percent)							3.50%
Structured Business | $100 million repurchase facility
Debt Obligations
Debt Carrying Value	2,407,564					2,407,564	$ 2,407,564					21,598,322
Collateral Carrying Value	$ 6,600,000					$ 6,600,000	$ 6,600,000					$ 34,850,000
Weighted Average Note Rate (as a percent)	3.28%					3.28%	3.28%					2.96%
Maximum borrowing capacity	$ 100,000,000			$ 100,000,000		$ 100,000,000	$ 100,000,000					$ 100,000,000
Decrease in interest rate (as a percent)				(0.15%)
Advance rate (as a percent)				75.00%
Structured Business | $100 million repurchase facility | LIBOR
Debt Obligations
Variable rate, spread (as a percent)				2.00%			2.00%
Structured Business | $75 million credit facility - One
Debt Obligations
Debt Carrying Value	12,096,267					12,096,267	$ 12,096,267					38,703,886
Collateral Carrying Value	$ 28,088,500					$ 28,088,500	$ 28,088,500					$ 63,158,500
Weighted Average Note Rate (as a percent)	3.40%					3.40%	3.40%					2.94%
Maximum borrowing capacity	$ 75,000,000					$ 75,000,000	$ 75,000,000					$ 75,000,000
Structured Business | $75 million credit facility - One | Minimum | LIBOR
Debt Obligations
Variable rate, spread (as a percent)							2.125%
Structured Business | $75 million credit facility - One | Maximum | LIBOR
Debt Obligations
Variable rate, spread (as a percent)							2.50%
Structured Business | $75 million credit facility - two
Debt Obligations
Debt Carrying Value	16,206,619					16,206,619	$ 16,206,619					23,276,773
Collateral Carrying Value	$ 42,300,000					$ 42,300,000	$ 42,300,000					$ 31,725,000
Weighted Average Note Rate (as a percent)	3.28%					3.28%	3.28%					2.81%
Maximum borrowing capacity	$ 75,000,000					$ 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 | $50 million credit facility - one
Debt Obligations
Debt Carrying Value	25,000,000					25,000,000	$ 25,000,000					46,373,641
Collateral Carrying Value	$ 31,250,000					$ 31,250,000	$ 31,250,000					$ 58,000,000
Weighted Average Note Rate (as a percent)	3.28%					3.28%	3.28%					2.81%
Maximum borrowing capacity	$ 50,000,000					$ 50,000,000	$ 50,000,000					$ 50,000,000
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
Debt Carrying Value	3,563,565					3,563,565	$ 3,563,565					7,956,000
Collateral Carrying Value	$ 4,625,000					$ 4,625,000	$ 4,625,000					$ 9,885,000
Weighted Average Note Rate (as a percent)	4.54%					4.54%	4.54%					4.08%
Maximum borrowing capacity	$ 50,000,000					$ 50,000,000	$ 50,000,000					$ 50,000,000
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 | $25.5 million credit facility
Debt Obligations
Debt Carrying Value	13,909,625					13,909,625	$ 13,909,625
Collateral Carrying Value	$ 18,753,364					$ 18,753,364	$ 18,753,364
Weighted Average Note Rate (as a percent)	3.78%					3.78%	3.78%
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%						2.50%
Structured Business | $10 million credit facility
Debt Obligations
Debt Carrying Value	$ 10,000,000					$ 10,000,000	$ 10,000,000
Weighted Average Note Rate (as a percent)	3.78%					3.78%	3.78%
Maximum borrowing capacity	$ 10,000,000				$ 10,000,000	$ 10,000,000	$ 10,000,000					10,000,000
Structured Business | $10 million credit facility | LIBOR
Debt Obligations
Variable rate, spread (as a percent)					2.50%		2.50%
Structured Business | $3 million master security agreement
Debt Obligations
Debt Carrying Value	$ 1,997,894					$ 1,997,894	$ 1,997,894					$ 2,532,966
Weighted Average Note Rate (as a percent)	3.21%					3.21%	3.21%					3.21%
Maximum borrowing capacity	$ 3,000,000					$ 3,000,000	$ 3,000,000					$ 3,000,000
Structured Business | $3 million master security agreement | Minimum
Debt Obligations
Variable rate, spread (as a percent)							2.96%
Structured Business | $3 million master security agreement | Maximum
Debt Obligations
Variable rate, spread (as a percent)							3.42%
Agency Business
Debt Obligations
Debt Carrying Value	327,987,187					327,987,187	$ 327,987,187					660,144,122
Collateral Carrying Value	$ 328,276,946					$ 328,276,946	$ 328,276,946					$ 660,315,159
Weighted Average Note Rate (as a percent)	2.56%					2.56%	2.56%					1.96%
Unamortized deferred finance costs	$ 300,000					$ 300,000	$ 300,000					$ 300,000
Commitment amount expires in January 2018				$ 250,000,000
Agency Business | $100 million repurchase facility
Debt Obligations
Debt Carrying Value	1,479,155					1,479,155	1,479,155
Collateral Carrying Value	$ 1,542,000					$ 1,542,000	$ 1,542,000
Weighted Average Note Rate (as a percent)	2.58%					2.58%	2.58%
Maximum borrowing capacity		$ 100,000,000
Agency Business | $100 million repurchase facility | LIBOR
Debt Obligations
Variable rate, spread (as a percent)		1.35%					1.35%
Agency Business | $100 million credit facility - two
Debt Obligations
Debt Carrying Value	$ 64,881,000					$ 64,881,000	$ 64,881,000					39,047,500
Collateral Carrying Value	$ 64,881,000					$ 64,881,000	$ 64,881,000					$ 39,047,500
Weighted Average Note Rate (as a percent)	2.53%					2.53%	2.53%					1.95%
Maximum borrowing capacity	$ 100,000,000			$ 100,000,000		$ 100,000,000	$ 100,000,000	$ 250,000,000				$ 100,000,000
Commitment amount expires in January 2018			$ 250,000,000
Decrease in interest rate (as a percent)				0.05%
Agency Business | $100 million credit facility - two | LIBOR
Debt Obligations
Variable rate, spread (as a percent)				1.30%			1.30%
Agency Business | $150 million credit facility - one
Debt Obligations
Debt Carrying Value	80,709,289					80,709,289	$ 80,709,289					268,530,211
Collateral Carrying Value	$ 80,786,203					$ 80,786,203	$ 80,786,203					$ 268,571,797
Weighted Average Note Rate (as a percent)	2.63%					2.63%	2.63%					2.05%
Maximum borrowing capacity	$ 150,000,000	$ 225,000,000	$ 150,000,000			$ 150,000,000	$ 150,000,000			$ 200,000,000		$ 150,000,000
Agency Business | $150 million credit facility - one | LIBOR
Debt Obligations
Variable rate, spread (as a percent)							1.40%
Agency Business | $150 million credit facility - two
Debt Obligations
Debt Carrying Value	131,409,000					131,409,000	$ 131,409,000					210,009,449
Collateral Carrying Value	$ 131,559,000					$ 131,559,000	$ 131,559,000					$ 210,138,900
Weighted Average Note Rate (as a percent)	2.64%					2.64%	2.64%					2.05%
Maximum borrowing capacity	$ 150,000,000					$ 150,000,000	$ 150,000,000				$ 350,000,000	$ 150,000,000
Decrease in interest rate (as a percent)			0.05%
Agency Business | $150 million credit facility - two | LIBOR
Debt Obligations
Variable rate, spread (as a percent)			1.35%				1.35%
Agency Business | $500 million multifamily ASAP agreement
Debt Obligations
Debt Carrying Value	49,508,743					49,508,743	$ 49,508,743					142,556,962
Collateral Carrying Value	$ 49,508,743					$ 49,508,743	$ 49,508,743					$ 142,556,962
Weighted Average Note Rate (as a percent)	2.28%					2.28%	2.28%					1.65%
Maximum borrowing capacity	$ 500,000,000					$ 500,000,000	$ 500,000,000					$ 400,000,000
Agency Business | $500 million multifamily ASAP agreement | LIBOR
Debt Obligations
Variable rate, spread (as a percent)							1.05%
Agency Business | $500 million multifamily ASAP agreement | Minimum | LIBOR
Debt Obligations
Variable rate, spread (as a percent)							0.35%
Agency Business | $50 million credit facility - September 2020
Debt Obligations
Maximum borrowing capacity	50,000,000					$ 50,000,000	$ 50,000,000
Decrease in interest rate (as a percent)						0.125%
Credit facility, sublimit to finance healthcare related loans	$ 5,000,000					$ 5,000,000	$ 5,000,000
Fixed interest rate (as a percent)	2.875%					2.875%	2.875%
Fannie Mae | Agency Business | $50 million credit facility - September 2020
Debt Obligations
Outstanding letters of credit	$ 42,000,000					$ 42,000,000	$ 42,000,000
Freddie Mac | Agency Business | $50 million credit facility - September 2020
Debt Obligations
Outstanding letters of credit	$ 5,000,000					$ 5,000,000	$ 5,000,000

Debt Obligations, Collateralize

Debt Obligations, Collateralized Loan Obligations (Details)	1 Months Ended		3 Months Ended	9 Months Ended
	Aug. 31, 2017USD ($)subsidiarytranche	Apr. 30, 2017USD ($)subsidiarytranche	Sep. 30, 2017USD ($)	Sep. 30, 2017USD ($)	Dec. 31, 2016USD ($)
Debt Obligations
Debt, Carrying Value			$ 1,066,230,488	$ 1,066,230,488	$ 728,441,109
Weighted average note rate (as a percent)			2.99%	2.99%	2.25%
Outstanding notes repaid				$ 219,000,000
CLOs
Debt Obligations
Debt, Carrying Value			$ 1,066,230,488	1,066,230,488	$ 728,441,109
Debt, Face Value			$ 1,079,874,000	$ 1,079,874,000	$ 737,000,000
Weighted average note rate (as a percent)			3.32%	3.32%	3.21%
Collateral Loans, Unpaid Principal			$ 1,254,803,220	$ 1,254,803,220	$ 960,567,514
Collateral Loans, Carrying Value			1,249,875,599	1,249,875,599	957,527,517
Cash collateral			134,196,781	134,196,781	14,432,488
Deferred financing fees			13,600,000	13,600,000	8,600,000
Collateral at risk			$ 0	$ 0	$ 0
Weighted average note rate including certain fees and costs (as a percent)			3.88%	3.88%	3.71%
CLO VIII
Debt Obligations
Number of investment grade tranches issued | tranche	6
Number of newly-formed wholly-owned subsidiaries | subsidiary	2
Debt, Carrying Value	$ 312,100,000		$ 278,296,193	$ 278,296,193
Debt, Face Value	365,000,000		$ 282,874,000	$ 282,874,000
Value of portfolio loans as collateral	$ 293,700,000
Weighted average note rate (as a percent)			2.58%	2.58%
Collateral Loans, Unpaid Principal			$ 324,190,963	$ 324,190,963
Collateral Loans, Carrying Value			322,527,190	322,527,190
Cash collateral			40,809,037	40,809,037
Replacement period	3 years
Proceeds from issuance of securities for the purpose of acquiring additional loan obligations	$ 71,300,000
Notional amount of residual interest retained	$ 82,100,000
CLO VIII | One-month LIBOR
Debt Obligations
Weighted average note rate (as a percent)	1.31%
CLO VIII | Investment grade
Debt Obligations
Debt, Carrying Value	$ 282,900,000
CLO VIII | Below investment grade
Debt Obligations
Debt, Carrying Value	$ 29,200,000
CLO VII
Debt Obligations
Number of newly-formed wholly-owned subsidiaries | subsidiary		2
Debt, Carrying Value		$ 279,000,000	275,035,774	275,035,774
Debt, Face Value		$ 360,000,000	$ 279,000,000	$ 279,000,000
Weighted average note rate (as a percent)		1.99%	3.27%	3.27%
Collateral Loans, Unpaid Principal			$ 313,857,643	$ 313,857,643
Collateral Loans, Carrying Value			312,693,431	312,693,431
Cash collateral			35,142,358	35,142,358
Replacement period		3 years
Proceeds from issuance of securities for the purpose of acquiring additional loan obligations		$ 63,800,000
Maximum period to acquire additional loan obligations		120 days
Notional amount of residual interest retained		$ 81,000,000
CLO VII | Investment grade
Debt Obligations
Number of investment grade tranches issued | tranche		3
CLO VII | Secured Debt
Debt Obligations
Value of portfolio loans as collateral		$ 296,200,000
CLO VI
Debt Obligations
Debt, Carrying Value			247,207,545	247,207,545	$ 246,442,883
Debt, Face Value			$ 250,250,000	$ 250,250,000	$ 250,250,000
Weighted average note rate (as a percent)			3.76%	3.76%	3.30%
Collateral Loans, Unpaid Principal			$ 303,821,532	$ 303,821,532	$ 324,569,105
Collateral Loans, Carrying Value			302,750,497	302,750,497	323,350,928
Cash collateral			21,178,468	21,178,468	430,895
CLO V
Debt Obligations
Debt, Carrying Value			265,690,976	265,690,976	264,864,114
Debt, Face Value			$ 267,750,000	$ 267,750,000	$ 267,750,000
Weighted average note rate (as a percent)			3.72%	3.72%	3.26%
Collateral Loans, Unpaid Principal			$ 312,933,082	$ 312,933,082	$ 344,679,286
Collateral Loans, Carrying Value			311,904,481	311,904,481	343,747,570
Cash collateral			37,066,918	37,066,918	5,320,715
CLO IV
Debt Obligations
Debt, Carrying Value					217,134,112
Debt, Face Value					$ 219,000,000
Weighted average note rate (as a percent)					3.06%
Collateral Loans, Unpaid Principal					$ 291,319,123
Collateral Loans, Carrying Value					290,429,019
Cash collateral					$ 8,680,878
Outstanding notes repaid			219,000,000
CLO IV | Interest expense
Debt Obligations
Deferred financing fees			$ 1,100,000	$ 1,100,000

Debt Obligations, Senior Unsecu

Debt Obligations, Senior Unsecured Notes (Details) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Debt Obligations
Debt, Carrying Value	$ 1,066,230,488	$ 728,441,109
Senior Unsecured Notes
Debt Obligations
Debt, Carrying Value	95,100,000	94,500,000
Deferred financing fees	$ 2,800,000	$ 3,300,000
Weighted average note rate including certain fees and costs (as a percent)	8.16%	8.15%

Debt Obligations, Convertible S

Debt Obligations, Convertible Senior Unsecured Notes (Details) - Convertible Senior Unsecured Notes - USD ($)	1 Months Ended	3 Months Ended	9 Months Ended	12 Months Ended
	Oct. 31, 2016	Sep. 30, 2017	Sep. 30, 2017	Dec. 31, 2016	Jan. 31, 2017
Debt Obligations
Principal amount	$ 86,300,000	$ 100,000,000	$ 100,000,000	$ 86,250,000	$ 100,000,000
Additional principal amount					$ 13,800,000
Interest rate (as a percent)	6.50%	6.50%	6.50%
Proceeds received, net of estimated issuance costs	$ 95,800,000
Percentage of the Notes required to be repurchased if the agreement is fundamentally changed	100.00%
Conversion rate of the notes to common stock, per $1,000 principal amount of notes	119.3033		120.0428
Conversion price per share of common stock	$ 8.38	$ 8.33	$ 8.33
Nonconvertible debt borrowing rate at the time of issuance (as a percent)			7.50%
Maturity period (in years)			2 years	2 years 9 months
Unamortized Debt Discount		$ 1,809,470	$ 1,809,470	$ 2,119,436
Unamortized Deferred Financing Fees		2,809,409	2,809,409	3,470,526
Net Carrying Value, Liability Component		95,381,121	95,381,121	80,660,038
Net Carrying Value, Equity Component			2,531,926	$ 2,178,647
Total interest expense		2,200,000	6,600,000
Interest expense related to cash coupon		1,600,000	4,800,000
Deferred fees expensed as interest expense		400,000	1,100,000
Debt discount		$ 200,000	$ 700,000
Cost of the notes (as a percent)		8.68%	8.68%
Over-Allotment Option
Debt Obligations
Principal amount	$ 11,300,000

Debt Obligations, Junior Subord

Debt Obligations, Junior Subordinated Notes (Details) - USD ($)	3 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2017	Sep. 30, 2017	Dec. 31, 2016
Debt Obligations
Gains (Losses) on Extinguishment of Debt		$ 7,116,243
Debt carrying value		$ 139,418,416	$ 157,858,555
Weighted average note rate (as a percent)		2.99%	2.25%
Junior subordinated notes
Debt Obligations
Debt, Face Value		$ 154,336,000	$ 175,858,000
Debt carrying value purchased	$ 19,800,000
Gains (Losses) on Extinguishment of Debt	7,100,000
Extinguishment of notes	$ 21,500,000
Debt carrying value		139,400,000	157,900,000
Deferred amount Due at maturity		12,700,000	14,900,000
Deferred fees expensed as interest expense		$ 2,200,000	$ 3,100,000
Weighted average note rate (as a percent)		4.17%	3.82%
Weighted average note rate including certain fees and costs (as a percent)		4.27%	3.94%

Debt Obligations, Related Party

Debt Obligations, Related Party Financing (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Debt Obligations
Outstanding principal balance of related party financing	$ 50,000,000		$ 50,000,000		$ 50,000,000
Preferred equity interest financing agreement | ACM / Our "Former Manager"
Debt Obligations
Principal amount	$ 50,000,000		$ 50,000,000
Maturity period (in years)			5 years
Interest rate (as a percent)	7.00%		7.00%
Increasing of interest rate per annum thereafter (as a percent)			1.00%
Period after which principal balance scheduled to increase			18 months
Principal balance due if debt remained outstanding after the end of the five-year term	$ 62,500,000		$ 62,500,000
Outstanding principal balance of related party financing	50,000,000		50,000,000		$ 50,000,000
Interest expense	$ 1,000,000	$ 800,000	$ 2,900,000	$ 800,000
Preferred equity interest financing agreement | ACM / Our "Former Manager" | Maximum
Debt Obligations
Interest rate (as a percent)	12.00%		12.00%

Debt Obligations, Debt Covenant

Debt Obligations, Debt Covenants (Details) - USD ($)	1 Months Ended
	Oct. 31, 2017	Jul. 31, 2017	Apr. 30, 2017	Jan. 31, 2017	Oct. 31, 2016	Sep. 30, 2017
CLO V
Debt Covenants
Current overcollateralization ratio for cash flow triggers (as a percent)	130.72%	130.72%	130.72%	130.72%	130.72%
Limit overcollateralization ratio for cash flow triggers (as a percent)	129.72%
Current interest coverage ratio for cash flow triggers (as a percent)	211.97%
Limit interest coverage ratio for cash flow triggers (as a percent)	120.00%
CLO VI
Debt Covenants
Current overcollateralization ratio for cash flow triggers (as a percent)	129.87%	129.87%	129.87%	129.87%	129.87%
Limit overcollateralization ratio for cash flow triggers (as a percent)	128.87%
Current interest coverage ratio for cash flow triggers (as a percent)	240.15%
Limit interest coverage ratio for cash flow triggers (as a percent)	120.00%
CLO VII
Debt Covenants
Current overcollateralization ratio for cash flow triggers (as a percent)	129.03%	129.03%
Limit overcollateralization ratio for cash flow triggers (as a percent)	128.03%
Current interest coverage ratio for cash flow triggers (as a percent)	287.79%
Limit interest coverage ratio for cash flow triggers (as a percent)	120.00%
CLO VIII
Debt Covenants
Current overcollateralization ratio for cash flow triggers (as a percent)	129.03%
Limit overcollateralization ratio for cash flow triggers (as a percent)	128.03%
Current interest coverage ratio for cash flow triggers (as a percent)	360.90%
Limit interest coverage ratio for cash flow triggers (as a percent)	120.00%
Junior subordinated notes
Debt Covenants
Amount payable on default of senior debt						$ 0

Allowance for Loss-Sharing Ob74

Allowance for Loss-Sharing Obligations (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Roll forward of loss contingency accrual
Charge-offs, net			$ (1,843,596)	$ (2,131,178)
Loss-Sharing Obligation
Roll forward of loss contingency accrual
Outstanding advances under the Fannie Mae DUS program	$ 300,000		300,000		$ 300,000
Loss-Sharing Obligation | Fannie Mae
Roll forward of loss contingency accrual
Beginning balance of the period	32,797,406		32,407,554
Allowance for loss-sharing obligations assumed in the Acquisition		$ 32,616,821		32,616,821
Provisions for loss sharing (net of recoveries)	(2,617,064)	1,316,862	(405,494)	1,316,862
Charge-offs, net	(21,878)	(2,820,270)	(1,843,596)	(2,820,270)
Ending balance of the period	30,158,464	$ 31,113,413	30,158,464	$ 31,113,413
Maximum quantifiable liability	$ 2,230,000,000		$ 2,230,000,000		$ 2,040,000,000

Derivative Financial Instrume75

Derivative Financial Instruments, Summary (Details) $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)item	Dec. 31, 2016USD ($)
Interest Rate Swaps
Derivative Financial Instruments
Fair Value, classified in Other Liabilities		$ (0.2)
Qualifying | LIBOR Caps
Derivative Financial Instruments
Count | item	2
Fair Value, classified in Other Assets		$ 0.1
Notional value of matured instruments	$ 55.6
Qualifying | LIBOR Cap, One
Derivative Financial Instruments
Cap rate (as a percent)	2.00%
Qualifying | LIBOR Cap, Two
Derivative Financial Instruments
Cap rate (as a percent)	3.00%
Qualifying | Interest Rate Swaps
Derivative Financial Instruments
Count | item	2
Notional value of matured instruments	$ 41.5

Derivative Financial Instrume76

Derivative Financial Instruments, Statements of Income (Details) - Qualifying - Interest Rate Swaps/Cap - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Derivative Financial Instruments
Loss Recognized In Other Comprehensive Income (Effective Portion)		$ 196
Loss Reclassified from Accumulated Other Comprehensive Income into Interest Expense (Effective Portion)	$ (237)	$ (4,012)

Derivative Financial Instrume77

Derivative Financial Instruments, Agency Business (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2017USD ($)item	Sep. 30, 2016USD ($)	Sep. 30, 2017USD ($)item	Sep. 30, 2016USD ($)	Dec. 31, 2016USD ($)item
Derivative Financial Instruments
Notional Value, classified in Other Assets	$ 100,898,203		$ 100,898,203		$ 550,117,700
Notional Value, classified in Other Liabilities	287,993,000		287,993,000		522,650,829
Net gains (losses) from changes in the fair value of derivatives	200,000	$ 200,000	(2,300,000)	$ 200,000
Income from mortgage servicing rights	18,897,239	$ 15,968,067	56,181,638	$ 15,968,067
Agency Business
Derivative Financial Instruments
Notional Value, classified in Other Assets	388,891,203,000		388,891,203,000		975,718,529,000
Fair Value, classified in Other Assets	488,747,000		488,747,000		5,614,990,000
Fair Value, classified in Other Liabilities	$ (1,881,450,000)		$ (1,881,450,000)		$ (2,299,579,000)
Non-Qualifying | Rate Lock Commitments | Agency Business
Derivative Financial Instruments
Count | item	7		7		12
Notional Value, classified in Other Assets	$ 30,179,000,000		$ 30,179,000,000		$ 156,685,400,000
Fair Value, classified in Other Assets	419,758,000		419,758,000		2,816,132,000
Fair Value, classified in Other Liabilities	$ (64,378,000)		$ (64,378,000)		$ (764,429,000)
Non-Qualifying | Forward Sale Commitments | Agency Business
Derivative Financial Instruments
Count | item	81		81		105
Notional Value, classified in Other Assets					$ 819,033,129,000
Notional Value, classified in Other Liabilities	$ 358,712,203,000		$ 358,712,203,000
Fair Value, classified in Other Assets	68,989,000		68,989,000		2,798,858,000
Fair Value, classified in Other Liabilities	$ (1,817,072,000)		$ (1,817,072,000)		$ (1,535,150,000)

Fair Value, Carrying Value and

Fair Value, Carrying Value and Estimated Fair Value (Details) - USD ($)	9 Months Ended
	Sep. 30, 2017	Jan. 31, 2017	Dec. 31, 2016	Oct. 31, 2016
Financial assets:
Loans and investments, net - Principal/Notional Amount	$ 2,094,376,123		$ 1,790,159,966
Loans and investments, net	1,997,555,985		1,695,732,351
Loans held-for-sale, net - Principal/Notional Amount	333,983,865		675,493,536
Available-for-sale securities - Principal/Notional Amount	58,789		58,789
Available-for-sale securities	4,707,085		5,403,463
Securities, held-to-maturity - Principal/Notional Amount	28,035,293
Securities held-to-maturity	18,851,089
Derivative financial instruments - Principal/Notional Amount	100,898,203		550,117,700
Financial liabilities:
Credit and repurchase facilities, Principal/Notional Amount	564,231,866		908,680,198
Credit and repurchase facilities	562,326,537		906,636,790
Collateralized loan obligations	1,066,230,488		728,441,109
Senior unsecured notes	95,088,379		94,521,566
Convertible senior unsecured notes, net	95,381,121		80,660,038
Junior subordinated notes	139,418,416		157,858,555
Related party financing	50,000,000		50,000,000
Derivative financial instruments - Principal/Notional Amount	$ 287,993,000		522,650,829
Loans held-for-sale, net
Maximum Period of Loans Held-for-Sale Sold	60 days
Carrying Value
Financial assets:
Loans and investments, net	$ 1,997,555,985		1,695,732,351
Loans held-for-sale, net	333,267,976		673,367,304
Capitalized mortgage servicing rights, net	247,875,659		227,742,986
Available-for-sale securities	4,707,085		5,403,463
Securities held-to-maturity	18,851,089
Derivative financial instruments	488,747		5,614,990
Financial liabilities:
Credit and repurchase facilities	562,326,537		906,636,790
Collateralized loan obligations	1,066,230,488		728,441,109
Senior unsecured notes	95,088,379		94,521,566
Convertible senior unsecured notes, net	95,381,121		80,660,038
Junior subordinated notes	139,418,416		157,858,555
Related party financing	50,000,000		50,000,000
Derivative financial instruments	1,881,450		2,451,422
Fair Value
Financial assets:
Loans and investments, net	2,056,020,469		1,749,130,232
Loans held-for-sale, net	338,766,761		683,833,449
Capitalized mortgage servicing rights, net	293,807,076		245,455,881
Available-for-sale securities	4,707,085		5,403,463
Securities held-to-maturity	18,882,997
Derivative financial instruments	488,747		5,614,990
Financial liabilities:
Credit and repurchase facilities	563,366,477		907,882,886
Collateralized loan obligations	1,080,228,695		728,642,500
Senior unsecured notes	99,817,226		99,034,345
Convertible senior unsecured notes, net	105,438,000		86,586,375
Junior subordinated notes	93,833,687		105,649,537
Related party financing	53,270,857		55,119,744
Derivative financial instruments	1,881,450		2,451,422
CLOs
Financial liabilities:
Debt instrument - Principal/Notional Amount	1,079,874,000		737,000,000
Collateralized loan obligations	1,066,230,488		728,441,109
Senior Unsecured Notes
Financial liabilities:
Debt instrument - Principal/Notional Amount	97,860,025		97,860,025
Collateralized loan obligations	95,100,000		94,500,000
Convertible Senior Unsecured Notes
Financial liabilities:
Debt instrument - Principal/Notional Amount	100,000,000	$ 100,000,000	86,250,000	$ 86,300,000
Junior subordinated notes
Financial liabilities:
Debt instrument - Principal/Notional Amount	154,336,000		175,858,000
Junior subordinated notes	$ 139,400,000		$ 157,900,000

Fair Value, Measurement on Recu

Fair Value, Measurement on Recurring and Nonrecurring Basis (Details)	3 Months Ended	6 Months Ended	9 Months Ended
	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)	Sep. 30, 2017USD ($)item	Sep. 30, 2016USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Financial assets:
Available-for-sale securities			$ 4,707,085		$ 5,403,463
Allowance for loan losses	$ (83,831,575)	$ (81,255,922)	$ (83,255,922)	$ (83,816,575)	(83,711,575)	$ (86,761,575)
Number of impaired loans | item			6
Impairment loss on real estate owned			$ 2,700,000	$ 11,200,000
Non-financial assets:
Long-lived asset			17,354,720		19,491,805
Real Estate Owned
Non-financial assets:
Long-lived asset			17,354,720		19,491,805
Hotel | Real Estate Owned
Financial assets:
Impairment loss on real estate owned	$ 11,200,000	$ 2,700,000
Non-financial assets:
Long-lived asset			11,540,664		13,908,812
Carrying Value
Financial assets:
Available-for-sale securities			4,707,085		5,403,463
Derivative financial instruments			488,747		5,614,990
Financial liabilities:
Derivative financial instruments			1,881,450		2,451,422
Fair Value
Financial assets:
Available-for-sale securities			4,707,085		5,403,463
Derivative financial instruments			488,747		5,614,990
Financial liabilities:
Derivative financial instruments			1,881,450		$ 2,451,422
Recurring basis | Carrying Value
Financial assets:
Available-for-sale securities			4,707,085
Derivative financial instruments			488,747
Financial liabilities:
Derivative financial instruments			1,881,450
Recurring basis | Fair Value
Financial assets:
Available-for-sale securities			4,707,085
Derivative financial instruments			488,747
Financial liabilities:
Derivative financial instruments			1,881,450
Nonrecurring basis | Carrying Value
Financial assets:
Impaired loans, net			101,284,128
Non-financial assets:
Long-lived asset			11,540,664
Nonrecurring basis | Fair Value
Financial assets:
Impaired loans, net			101,284,128
Non-financial assets:
Long-lived asset			11,540,664
Level 1 | Recurring basis
Financial assets:
Available-for-sale securities			264,553
Level 2 | Recurring basis
Financial assets:
Derivative financial instruments			68,989
Financial liabilities:
Derivative financial instruments			1,881,450
Level 3 | Recurring basis
Financial assets:
Available-for-sale securities			4,442,532
Derivative financial instruments			419,758
Level 3 | Nonrecurring basis
Financial assets:
Impaired loans, net			101,284,128
Non-financial assets:
Long-lived asset			$ 11,540,664

Fair Value, Level 3 Inputs (Det

Fair Value, Level 3 Inputs (Details) - Level 3 - Discounted cash flows - USD ($)	3 Months Ended	9 Months Ended
	Mar. 31, 2017	Sep. 30, 2017
Office
Financial assets:
Impaired loans		$ 792,500
Discount rate (as a percent)	11.00%	11.00%
Capitalization rate (as a percent)	8.10%	8.10%
Revenue growth rate (as a percent)	2.50%	2.50%
Land
Financial assets:
Impaired loans		$ 71,441,628
Discount rate (as a percent)		15.00%
Capitalization rate (as a percent)		7.25%
Revenue growth rate (as a percent)		3.00%
Hotel
Financial assets:
Impaired loans		$ 29,050,000
Discount rate (as a percent)		9.00%
Capitalization rate (as a percent)		7.00%
Revenue growth rate (as a percent)		3.30%
Non-financial assets:
Non-financial impaired loans		$ 11,540,664
Non-financial asset discount rate (as a percent)		11.75%
Non-financial asset capitalization rate (as a percent)		9.75%
Non-financial asset revenue growth rate (as a percent)		3.50%
Non-financial assets hold period		3 years
Commercial | Weighted average
Financial assets:
Discount rate (as a percent)		10.22%
Commercial | Rate Lock Commitments
Financial assets:
Impaired loans		$ 419,758

Fair Value, Level 3 Derivative

Fair Value, Level 3 Derivative Instruments (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Derivative assets and liabilities, net
Balance at beginning of period	$ 1,419,530		$ 2,816,132
Additions from the Acquisition		$ 4,528,640		$ 4,528,640
Settlements	(18,897,011)	(15,286,185)	(57,578,012)	(15,286,185)
Realized gains recorded in earnings	17,477,481	10,757,545	54,761,880	10,757,545
Unrealized gains recorded in earnings	419,758	681,882	419,758	681,882
Balance at end of period	$ 419,758	$ 681,882	$ 419,758	$ 681,882

Fair Value, Components of fair

Fair Value, Components of fair value and other relevant information (Details)	9 Months Ended
	Sep. 30, 2017USD ($)
Fair Value of Servicing Rights	$ 5,870,420
Total Fair Value Adjustment	5,870,420
Rate Lock Commitments
Notional/Principal Amount	30,179,000
Fair Value of Servicing Rights	419,758
Interest Rate Movement Effect	(64,378)
Total Fair Value Adjustment	355,380
Forward Sale Commitments
Notional/Principal Amount	358,712,203
Interest Rate Movement Effect	64,378
Total Fair Value Adjustment	64,378
Loans held-for-sale, net
Notional/Principal Amount	328,533,203
Fair Value of Servicing Rights	5,450,662
Total Fair Value Adjustment	$ 5,450,662

Fair Value, Financial Assets an

Fair Value, Financial Assets and Liabilities (Details) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Financial assets:
Loans and investments, net	$ 1,997,555,985	$ 1,695,732,351
Securities held-to-maturity, net	18,851,089
Financial liabilities:
Credit and repurchase facilities	562,326,537	906,636,790
Collateralized loan obligations	1,066,230,488	728,441,109
Senior unsecured notes	95,088,379	94,521,566
Convertible senior unsecured notes, net	95,381,121	80,660,038
Junior subordinated notes	139,418,416	157,858,555
Level 1
Financial liabilities:
Senior unsecured notes	99,817,226
Level 2
Financial assets:
Loans held-for-sale, net	333,316,099
Financial liabilities:
Credit and repurchase facilities	327,987,187
Convertible senior unsecured notes, net	105,438,000
Level 3
Financial assets:
Loans and investments, net	2,056,020,469
Loans held-for-sale, net	5,450,662
Capitalized mortgage servicing rights, net	293,807,076
Securities held-to-maturity, net	18,882,997
Financial liabilities:
Credit and repurchase facilities	235,379,290
Collateralized loan obligations	1,080,228,695
Junior subordinated notes	93,833,687
Related party financing	53,270,857
Carrying Value
Financial assets:
Loans and investments, net	1,997,555,985	1,695,732,351
Loans held-for-sale, net	333,267,976	673,367,304
Capitalized mortgage servicing rights, net	247,875,659
Securities held-to-maturity, net	18,851,089
Financial liabilities:
Credit and repurchase facilities	562,326,537	906,636,790
Collateralized loan obligations	1,066,230,488	728,441,109
Senior unsecured notes	95,088,379	94,521,566
Convertible senior unsecured notes, net	95,381,121	80,660,038
Junior subordinated notes	139,418,416	157,858,555
Related party financing	50,000,000
Fair Value
Financial assets:
Loans and investments, net	2,056,020,469	1,749,130,232
Loans held-for-sale, net	338,766,761	683,833,449
Capitalized mortgage servicing rights, net	293,807,076
Securities held-to-maturity, net	18,882,997
Financial liabilities:
Credit and repurchase facilities	563,366,477	907,882,886
Collateralized loan obligations	1,080,228,695	728,642,500
Senior unsecured notes	99,817,226	99,034,345
Convertible senior unsecured notes, net	105,438,000	86,586,375
Junior subordinated notes	93,833,687	$ 105,649,537
Related party financing	$ 53,270,857

Commitments and Contingencies,

Commitments and Contingencies, Contractual Commitments (Details) $ in Millions	9 Months Ended
	Sep. 30, 2017USD ($)
Debt Obligations
Remainder of 2017	$ 400.9
2,018	484.5
2,019	355.5
2,020	427.1
2,021	236.4
Thereafter	154.3
Unfunded CLO Commitments
Unfunded commitments related to structured loans and investments	68.1
Letter of credit
Agency Business Commitments
Letter of credit agreement entered into for restricted cash requirements for the Fannie Mae DUS and Freddie Mac SBL programs	50
Cash collateral arrangement - purchase and loss obligations under Freddie Mac's SBL Program
Agency Business Commitments
Cash collateral per securitization	5
Outstanding letters of credit	$ 5
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	$ 12.1
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	$ 42
Reserve required to fund additional restricted liquidity over the next 48 months	$ 27.4
Period of additional funding for collateral requirement	48 months

Commitments and Contingencies85

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

Variable Interest Entities (Det

Variable Interest Entities (Details)	9 Months Ended
	Sep. 30, 2017USD ($)item	Jun. 30, 2017USD ($)	Dec. 31, 2016USD ($)	Sep. 30, 2016USD ($)	Jun. 30, 2016USD ($)	Dec. 31, 2015USD ($)
Variable Interest Entities
Loan loss reserves related to VIEs	$ 83,255,922	$ 81,255,922	$ 83,711,575	$ 83,816,575	$ 83,831,575	$ 86,761,575
Assets:
Restricted cash	137,138,389		29,314,929
Loans and investments, net	1,997,555,985		1,695,732,351
Due from related party	12,613,313		1,464,732
Other assets	49,564,693		48,184,509
Total assets	3,058,177,862		2,970,786,246
Liabilities:
Collateralized loan obligations	1,066,230,488		728,441,109
Other liabilities	104,474,096		86,164,613
Total liabilities	2,212,434,653		2,223,748,318
Consolidated VIEs | CLOs
Assets:
Restricted cash	136,408,829		15,542,304
Loans and investments, net	1,249,875,600		957,527,492
Due from related party	11,397,903
Other assets	9,441,853		6,982,452
Total assets	1,407,124,185		980,052,248
Liabilities:
Collateralized loan obligations	1,066,230,488		728,441,109
Other liabilities	2,185,528		1,645,426
Total liabilities	$ 1,068,416,016		$ 730,086,535
Unconsolidated VIEs
Variable Interest Entities
Number of VIEs where the reporting entity is not VIE's primary beneficiary | item	20
Carrying Amount	$ 307,022,295
Carrying value of loans before loan loss reserves	182,800,000
Loan loss reserves related to VIEs	81,600,000
Exposure to real estate debt	2,070,000,000
Unconsolidated VIEs | Loans
Variable Interest Entities
Carrying Amount	281,608,227
Unconsolidated VIEs | B Piece bonds
Variable Interest Entities
Carrying Amount	18,851,089
Unconsolidated VIEs | Interest-only Securities (Agency IOs) under the SBL Program
Variable Interest Entities
Carrying Amount	4,442,532
Unconsolidated VIEs | Equity investments
Variable Interest Entities
Carrying Amount	$ 2,120,447

Equity (Details)

Equity (Details) - USD ($)

Nov. 01, 2017

Aug. 02, 2017

May 03, 2017

Mar. 01, 2017

Feb. 03, 2017

Jul. 14, 2016

Aug. 31, 2017

May 31, 2017

Mar. 31, 2017

Sep. 30, 2017

Mar. 31, 2017

Sep. 30, 2016

Sep. 30, 2017

Sep. 30, 2016

Dec. 31, 2016

Dec. 31, 2015

Common stock

Proceeds from issuance of shares under public offering

$ 76,225,000

Payment to internalize the management team and terminate the existing management agreement using the proceed from public offering

25,000,000

Accumulated Other Comprehensive Income

Accumulated Other Comprehensive Income (Loss), Net of Tax

$ 205,761

205,761

$ 320,917

Unrealized gain related to available-for-sale securities

$ 200,000

$ 200,000

600,000

Net unrealized losses on derivatives designated as cash flow hedges, net of deferred losses on terminated interest swaps

200,000

Deferred losses on terminated interest swaps

$ 100,000

Noncontrolling Interest

Preferred stock, par value (in dollars per share)

$ 0.01

$ 0.01

$ 0.01

Distributions

Cash dividend declared (in dollars per share)

$ 0.18

$ 0.16

$ 0.53

$ 0.46

Performance

Deferred Compensation

Vesting period (in years)

3 years

Restricted stock units eligible to receive annually

$ 3,000,000

Chief executive officer | Restricted common stock

Deferred Compensation

Number of fully vested shares issued

74,830

Total grant date fair value

$ 600,000

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

Deferred Compensation

Granted of restricted stock units that vest at the end of four-year performance period (in shares)

357,569

448,980

Vesting period (in years)

4 years

4 years

4 years

Total grant date fair value

$ 2,700,000

$ 1,000,000

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 | Employee compensation and benefits | Restricted common stock

Deferred Compensation

Share-based compensation expense

100,000

Chief executive officer | Employee compensation and benefits | Performance

Deferred Compensation

Share-based compensation expense

$ 100,000

Chief executive officer | Employee compensation and benefits | Performance | Maximum

Deferred Compensation

Share-based compensation expense

$ 100,000

Employees of the company and a related party | Restricted common stock

Deferred Compensation

Number of fully vested shares issued

299,750

Total grant date fair value

$ 2,400,000

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 | Restricted common stock | March, 2019

Deferred Compensation

Vesting percentage

33.00%

Employees of the company and a related party | Employee compensation and benefits | Restricted common stock

Deferred Compensation

Share-based compensation expense

$ 400,000

Employees of the company and a related party | Selling and administrative expense | Restricted common stock

Deferred Compensation

Share-based compensation expense

$ 500,000

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 under public offering (in shares)

9,500,000

9,500,000

Issued price per share (in dollars per share)

$ 8.05

Proceeds from issuance of shares under public offering

$ 76,200,000

Payment to internalize the management team and terminate the existing management agreement using the proceed from public offering

$ 25,000,000

Number of shares available under an "At-The-Market" equity offering with JMP Securities LLC

7,500,000

7,500,000

Value of common stock available under shelf registration statement

$ 323,500,000

$ 323,500,000

Aggregate amount of securities filed under shelf registration statement

$ 500,000,000

$ 500,000,000

Distributions

Cash dividend declared (in dollars per share)

$ 0.19

$ 0.18

$ 0.18

$ 0.17

Common Stock | Non-management members of the Board of Directors

Deferred Compensation

Number of fully vested shares issued

74,375

Common Stock | Non-management members of the Board of Directors | Selling and administrative expense

Deferred Compensation

Share-based compensation expense

$ 600,000

Preferred Stock | 8.25% Series A preferred stock

Distributions

Cash dividend declared on redeemable preferred stock (in dollars per share)

$ 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)

$ 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)

$ 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)

21,230,769

Number of preferred stock shares paired with each operating partnership units

1

Operating Partnership

Noncontrolling Interest

Conversion ratio for operating partnership units to common stock shares

1

Operating Partnership | Special voting preferred shares

Noncontrolling Interest

Number of preferred stock shares paired with each operating partnership units

1

Preferred stock, par value (in dollars per share)

$ 0.01

$ 0.01

Voting power of outstanding stock (as a percent)

25.60%

Operating Partnership | ACM Acquisition

Noncontrolling Interest

Consideration in stock to be paid with operating partnership units (in shares)

21,230,769

Value of operating partnership units issues as consideration

$ 154,800,000

Equity, Earnings Per Share ("EP

Equity, Earnings Per Share ("EPS") (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016	Dec. 31, 2015
Basic
Net income attributable to common stockholders	$ 16,420,958	$ 10,888,172	$ 43,964,070	$ 22,261,516
Weighted average shares outstanding (in shares)	61,582,796	51,390,467	56,602,504	51,272,795
Net income per common share (in dollars per share)	$ 0.27	$ 0.21	$ 0.78	$ 0.43
Diluted
Net income attributable to noncontrolling interest	$ 5,661,184	$ 3,649,432	$ 16,596,415	$ 3,649,432
Net income attributable to common stockholders and noncontrolling interest	$ 22,082,142	$ 14,537,604	$ 60,560,485	$ 22,261,516
Weighted average shares outstanding (in shares)	61,582,796	51,390,467	56,602,504	51,272,795
Dilutive effect of OP units (in shares)	21,230,769	18,230,769	21,230,769
Dilutive effect of restricted stock units (in shares)	1,104,552	650,560	1,077,178	354,755
Dilutive effect of convertible senior unsecured notes (in shares)			32,468
Weighted average shares outstanding ( in shares)	83,918,117	70,271,796	78,942,919	51,627,550
Net income per common share (in dollars per share)	$ 0.26	$ 0.21	$ 0.77	$ 0.43
Performance
Diluted
Vesting period (in years)			3 years
Chief executive officer | Performance
Diluted
Vesting period (in years)			4 years		4 years	4 years

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Income Taxes
Total tax provision	$ 6,708,000	$ 300,000	$ 16,244,000	$ 300,000
Current tax provision	7,600,000		16,200,000
Deferred tax provision	$ 900,000		$ 15,000
State tax provision		$ 300,000		$ 300,000

Agreements and Transactions w90

Agreements and Transactions with Related Parties, Management Agreement (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Management Fees:
Base		$ 3,325,000	$ 6,673,260	$ 8,875,000
Total management fee		$ 3,325,000	6,673,260	$ 8,875,000
Former manager | Support Services
Agreements and transactions with related parties
Costs for services to related party	$ 300,000		$ 400,000

Agreements and Transactions w91

Agreements and Transactions with Related Parties, Other (Details)	Sep. 30, 2017USD ($)shares	Jul. 14, 2016USD ($)shares	Aug. 31, 2017USD ($)	Jul. 31, 2017USD ($)	May 31, 2017USD ($)	Jan. 31, 2017USD ($)	Nov. 30, 2016USD ($)item	Sep. 30, 2016USD ($)property	Jan. 31, 2016USD ($)property	Sep. 30, 2017USD ($)shares	Sep. 30, 2016USD ($)property	Jun. 30, 2016USD ($)	Mar. 31, 2016USD ($)	Sep. 30, 2017USD ($)shares	Sep. 30, 2016USD ($)property	Dec. 31, 2015USD ($)loan	Dec. 31, 2014USD ($)itemloan	Mar. 31, 2017USD ($)item	Dec. 31, 2016USD ($)
Agreements and transactions with related parties
Due from related party	$ 12,613,313									$ 12,613,313				$ 12,613,313					$ 1,464,732
Due to related party																			6,038,707
Related party financing	50,000,000									50,000,000				50,000,000					50,000,000
Income from equity affiliates										995,312	$ 4,929,375			1,755,145	$ 11,193,918
Investments in equity affiliates	31,330,740									31,330,740				31,330,740					33,948,853
ACM Acquisition
Agreements and transactions with related parties
Acquisition purchase price		$ 292,500,000
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										200,000				500,000
Fixed rate of interest (as a percent)						11.00%
Mezzanine loans
Agreements and transactions with related parties
Interest income recorded										100,000	100,000			300,000	300,000
Fixed rate of interest (as a percent)																12.50%
Amount of loan to related party																$ 3,000,000
Maturity Date of October 2018, extended from October 2017 | 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										300,000	300,000			800,000	800,000
Number of mortgage loans secured by property purchased from related party | loan																2
Loan due from 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%
Interest income recorded										300,000				800,000
Number of bridge loans originated | item							2
ACM / Our "Former Manager"
Agreements and transactions with related parties
Due from related party	$ 12,600,000									12,600,000				12,600,000					1,500,000
Due to related party																			6,000,000
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 from equity affiliates										$ (1,200,000)	4,200,000			$ (1,800,000)	8,900,000
ACM / Our "Former Manager" | ACM Acquisition
Agreements and transactions with related parties
Number of shares held by related party | shares	5,349,053									5,349,053				5,349,053
OP units issued as part of acquisition | shares		21,230,769
Percentage of voting power held by related party		32.00%
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														$ 600,000		16,100,000
Distributions received														900,000		14,000,000
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										1,000,000	800,000			2,900,000	800,000
ACM / Our "Former Manager" | Maturity date of April 2016 | Mortgage loans
Agreements and transactions with related parties
Base spread (as a percent)																	4.80%
Interest income recorded										200,000	200,000			700,000	700,000
Number of mortgage loans secured by property purchased from related party | loan																	2
ACM / Our "Former Manager" | Maturity date of April 2016 | Mortgage loans | First mortgage
Agreements and transactions with related parties
Amount of mortgage loan secured by property, purchased by related party																	$ 14,600,000
ACM / Our "Former Manager" | Maturity date of April 2016 | Mortgage loans | Second mortgage
Agreements and transactions with related parties
Proceeds from repayment in full													$ 5,100,000
Amount of mortgage loan secured by property, purchased by related party																	5,100,000
ACM / Our "Former Manager" | Maturity date of March 2017 | Mortgage loans | First mortgage
Agreements and transactions with related parties
Amount of mortgage loan secured by property, purchased by related party													$ 14,600,000
Consortium of investors including an immediate family member of Mr. Kaufman | Fannie Mae loan on a multifamily property
Agreements and transactions with related parties
Percentage of maximum loss-sharing obligation unpaid principal balance					40.00%
Principal amount					$ 46,900,000
Percentage of ownership interest of related party in the entity					17.20%
Certain officers, including Mr. Kaufman 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			$ 48,000,000				$ 48,000,000
Number of properties owned | property								6			6				6
Base spread (as a percent)								4.50%			4.50%				4.50%
LIBOR floor (as a percentage)								0.25%
Interest income recorded										700,000	$ 100,000			2,100,000	$ 100,000
Proceeds from repayment in full			$ 6,800,000
Certain officers, including Mr. Kaufman 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								7.80%
Certain officers, including Mr. Kaufman 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								9.00%
Certain officers, including Mr. Kaufman and our Former Manager | Maturity date of April 2018 | 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											100,000				200,000
Amount of mortgage loan secured by property, purchased by related party																$ 6,300,000
Certain Officers | Preferred equity investments
Agreements and transactions with related parties
Amount of ownership interest of related party in the entity				$ 5,000,000
Certain Officers | 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				41.00%
Base spread (as a percent)				4.50%
LIBOR floor (as a percentage)				1.00%
Interest income recorded										400,000				400,000
Certain Officers | 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%
Base spread (as a percent)									4.50%
LIBOR floor (as a percentage)									0.25%
Interest income recorded										300,000	300,000			900,000	900,000
Certain Officers | 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	300,000			800,000	700,000
Certain Officers | Maturity date of November 2016, extended from April 2016 | Preferred equity investments | Multifamily
Agreements and transactions with related parties
Equity investment									$ 5,200,000
Fixed rate of interest (as a percent)									10.00%
Certain Officers | Maturity date of November 2016, extended from April 2016 | Bridge loan, two multifamily properties
Agreements and transactions with related parties
Number of properties owned | property									2
Certain Officers | Maturity date of November 2018 | 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										$ 100,000	100,000			$ 300,000	300,000
Loan due from related party																$ 7,100,000
Chief executive officer | Minimum
Agreements and transactions with related parties
Ownership interest allowed under company charter (as a percent)	5.00%									5.00%				5.00%
Chief executive officer | Maturity date of 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
Chief executive officer | Maturity date of September 2016, extended from March 2016 | Bridge loan, two multifamily properties
Agreements and transactions with related parties
Number of properties owned | item																	2
Percentage of ownership interest of related party in the entity																	95.00%
Base spread (as a percent)																	5.50%
Interest income recorded										$ 100,000	100,000			$ 100,000	200,000
Proceeds from repayment in full											3,300,000
Investments in equity affiliates																	$ 100,000
Ownership interest (as a percent)																	5.00%
Number of bridge loans originated | item																	2
Amount of mortgage loan secured by property, purchased by related party																	$ 5,000,000
Chief executive officer | Maturity date of August 2017 | Bridge loans
Agreements and transactions with related parties
Percentage of ownership interest of related party in the entity																	24.00%
Amount of mortgage loan secured by property, purchased by related party																	$ 30,400,000
Chief executive officer | Maturity date of August 2020 | Bridge loans
Agreements and transactions with related parties
Base spread (as a percent)			4.00%
LIBOR floor (as a percentage)			1.23%
Amount of mortgage loan secured by property, purchased by related party			$ 43,200,000
Mr. Ivan Kaufman and his affiliates | Maturity date of August 2017 | Mezzanine loans
Agreements and transactions with related parties
Interest income recorded										$ 800,000	900,000			$ 2,400,000	2,600,000
Fixed rate of interest (as a percent)									12.00%
Amount of mortgage loan secured by property, purchased by related party									$ 4,600,000
Kaufman Entities
Agreements and transactions with related parties
Percentage of our Former Manager's outstanding membership interest of related party in another related party	70.00%									70.00%				70.00%
Affiliate of Mr. Ivan Kaufman
Agreements and transactions with related parties
Contract period with the new entity														7 years 6 months
Fees as a percentage of gross revenues of the underlying properties														4.75%
Lexford Portfolio
Agreements and transactions with related parties
Aggregate outstanding balance of related party debt	$ 845,800,000									$ 845,800,000				$ 845,800,000
Lexford Portfolio | Preferred equity investments
Agreements and transactions with related parties
Income from equity affiliates										700,000	700,000			2,000,000	2,100,000
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%
Percentage of loan assumption fee						1.00%
Percentage of ownership after transaction	3.60%
Lexford Portfolio
Agreements and transactions with related parties
Income from equity affiliates										700,000	$ 700,000			2,000,000	$ 2,100,000
Investments in equity affiliates	$ 100									$ 100				$ 100					$ 100
Two portfolios of multifamily properties | Consortium of Investors, including Mr. Kaufman and our Former Manager
Agreements and transactions with related parties
Amount invested																		$ 2,000,000
Ownership interest (as a percent)																		26.10%
Number of portfolios of multifamily properties | item																		2
Ginkgo | Director
Agreements and transactions with related parties
Percentage of managing member						33.00%

Segment Information - General (

Segment Information - General (Details)	9 Months Ended
	Sep. 30, 2017segment
Segment Information
Number of business segments	2

Segment Information - Statement

Segment Information - Statements of Income (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Segment Information
Interest income	$ 42,139,576	$ 29,636,227	$ 110,132,866	$ 83,424,190
Other interest income, net				2,539,274
Interest expense	23,849,417	16,966,228	63,697,641	42,958,329
Net interest income	18,290,159	12,669,999	46,435,225	43,005,135
Other revenue:
Gain on sales, including fee-based services, net	17,126,106	9,693,822	55,127,004	9,693,822
Mortgage servicing rights	18,897,239	15,968,067	56,181,638	15,968,067
Servicing revenue	20,231,489	13,472,408	55,350,118	13,472,408
Amortization of MSRs	(11,711,378)	(7,586,524)	(35,427,217)	(7,586,524)
Property operating income	2,668,055	2,960,940	8,754,518	12,719,027
Other income, net	777,656	359,546	(929,893)	663,977
Total other revenue	47,989,167	34,868,259	139,056,168	44,930,777
Other expenses:
Employee compensation and benefits	25,194,433	14,216,679	66,860,581	22,856,433
Selling and administrative	7,606,936	5,903,031	23,135,750	10,277,844
Acquisition costs		6,406,258		10,261,902
Property operating expenses	2,582,745	2,819,004	7,842,571	10,991,823
Depreciation and amortization	1,829,016	1,808,765	5,541,991	3,129,410
Impairment loss on real estate owned			2,700,000	11,200,000
Provision for loss sharing (net of recoveries)	(2,617,064)	1,316,862	(405,494)	1,316,862
Provision for loan losses (net of recoveries)	2,000,000	(54,000)	(455,653)	(24,995)
Management fee - related party		3,325,000	6,673,260	8,875,000
Total other expenses	36,596,066	35,741,599	111,893,006	78,884,279
Income before (loss) gain on extinguishment of debt, income from equity affiliates and provision for income taxes	29,683,260	11,796,659	73,598,387	9,051,633
Gain on extinguishment of debt			7,116,243
Gain on sale of real estate				11,630,687
Income from equity affiliates	995,312	4,929,375	1,755,145	11,193,918
Provision for income taxes	(6,708,000)	(300,000)	(16,244,000)	(300,000)
Net income	23,970,572	16,426,034	66,225,775	31,576,238
Preferred stock dividends	1,888,430	1,888,430	5,665,290	5,665,290
Net income attributable to noncontrolling interest	5,661,184	3,649,432	16,596,415	3,649,432
Net income attributable to common stockholders	16,420,958	10,888,172	43,964,070	22,261,516
Operating segments | Structured Business
Segment Information
Interest income	37,258,633	26,893,151	95,684,909	80,681,114
Other interest income, net				2,539,274
Interest expense	19,912,991	14,455,058	51,866,274	40,447,159
Net interest income	17,345,642	12,438,093	43,818,635	42,773,229
Other revenue:
Property operating income	2,668,055	2,960,940	8,754,518	12,719,027
Other income, net	540,241	111,036	1,381,847	415,467
Total other revenue	3,208,296	3,071,976	10,136,365	13,134,494
Other expenses:
Employee compensation and benefits	5,670,249	3,460,745	13,569,621	12,100,499
Selling and administrative	3,014,038	2,182,406	8,993,239	6,557,219
Property operating expenses	2,582,745	2,819,004	7,842,571	10,991,823
Depreciation and amortization	428,562	641,721	1,340,629	1,962,366
Impairment loss on real estate owned			2,700,000	11,200,000
Provision for loan losses (net of recoveries)	2,000,000	(54,000)	(455,653)	(24,995)
Management fee - related party		1,712,307	3,258,772	7,262,307
Total other expenses	13,695,594	10,762,183	37,249,179	50,049,219
Income before (loss) gain on extinguishment of debt, income from equity affiliates and provision for income taxes	6,858,344	4,747,886	16,705,821	5,858,504
Gain on extinguishment of debt			7,116,243
Gain on sale of real estate				11,630,687
Income from equity affiliates	995,312	4,929,375	1,755,145	11,193,918
Net income	7,853,656	9,677,261	25,577,209	28,683,109
Preferred stock dividends	1,888,430	1,888,430	5,665,290	5,665,290
Net income attributable to common stockholders	5,965,226	7,788,831	19,911,919	23,017,819
Operating segments | Agency Business
Segment Information
Interest income	4,880,943	2,743,076	14,447,957	2,743,076
Interest expense	2,974,603	1,680,561	8,945,898	1,680,561
Net interest income	1,906,340	1,062,515	5,502,059	1,062,515
Other revenue:
Gain on sales, including fee-based services, net	17,126,106	9,693,822	55,127,004	9,693,822
Mortgage servicing rights	18,897,239	15,968,067	56,181,638	15,968,067
Servicing revenue	20,231,489	13,472,408	55,350,118	13,472,408
Amortization of MSRs	(11,711,378)	(7,586,524)	(35,427,217)	(7,586,524)
Other income, net	237,415	248,510	(2,311,740)	248,510
Total other revenue	44,780,871	31,796,283	128,919,803	31,796,283
Other expenses:
Employee compensation and benefits	19,524,184	10,755,934	53,290,960	10,755,934
Selling and administrative	4,592,898	3,720,625	14,142,511	3,720,625
Depreciation and amortization	1,400,454	1,167,044	4,201,362	1,167,044
Provision for loss sharing (net of recoveries)	(2,617,064)	1,316,862	(405,494)	1,316,862
Management fee - related party		1,612,693	3,414,488	1,612,693
Total other expenses	22,900,472	18,573,158	74,643,827	18,573,158
Income before (loss) gain on extinguishment of debt, income from equity affiliates and provision for income taxes	23,786,739	14,285,640	59,778,035	14,285,640
Provision for income taxes	(6,708,000)	(300,000)	(16,244,000)	(300,000)
Net income	17,078,739	13,985,640	43,534,035	13,985,640
Net income attributable to common stockholders	17,078,739	13,985,640	43,534,035	13,985,640
Other / Eliminations
Segment Information
Interest expense	961,823	830,609	2,885,469	830,609	[1]
Net interest income	(961,823)	(830,609)	(2,885,469)	(830,609)	[1]
Other expenses:
Acquisition costs		6,406,258		10,261,902	[1]
Total other expenses		6,406,258		10,261,902	[1]
Income before (loss) gain on extinguishment of debt, income from equity affiliates and provision for income taxes	(961,823)	(7,236,867)	(2,885,469)	(11,092,511)	[1]
Net income	(961,823)	(7,236,867)	(2,885,469)	(11,092,511)	[1]
Net income attributable to noncontrolling interest	5,661,184	3,649,432	16,596,415	3,649,432	[1]
Net income attributable to common stockholders	$ (6,623,007)	$ (10,886,299)	$ (19,481,884)	$ (14,741,943)	[1]
[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 holder.

Segment Information - Balance S

Segment Information - Balance Sheet (Details) - USD ($)	Sep. 30, 2017	Dec. 31, 2016	Sep. 30, 2016	Dec. 31, 2015
Assets:
Cash and cash equivalents	$ 84,751,397	$ 138,645,430	$ 71,613,974	$ 188,708,687
Restricted cash	137,138,389	29,314,929
Loans and investments, net	1,997,555,985	1,695,732,351
Loans held-for-sale, net	333,267,976	673,367,304
Capitalized mortgage servicing rights, net	247,875,659	227,742,986
Securities held-to-maturity	18,851,089
Investments in equity affiliates	31,330,740	33,948,853
Goodwill and other intangible assets	123,166,816	97,489,884
Other assets	84,239,811	74,544,509
Total assets	3,058,177,862	2,970,786,246
Liabilities:
Debt obligations	2,008,444,941	2,018,118,058
Allowance for loss-sharing obligations	30,158,464	32,407,554
Other liabilities	173,831,248	173,222,706
Total liabilities	2,212,434,653	2,223,748,318
Other / Eliminations
Liabilities:
Debt obligations	50,000,000	50,000,000
Other liabilities	1,054,615	1,217,864
Total liabilities	51,054,615	51,217,864
Structured Business | Operating segments
Assets:
Cash and cash equivalents	28,874,347	103,156,034
Restricted cash	137,126,053	16,230,051
Loans and investments, net	1,997,555,985	1,695,732,351
Investments in equity affiliates	31,330,740	33,948,853
Goodwill and other intangible assets	12,500,000
Other assets	71,864,641	63,350,947
Total assets	2,279,251,766	1,912,418,236
Liabilities:
Debt obligations	1,630,457,754	1,307,973,936
Other liabilities	122,924,302	133,788,359
Total liabilities	1,753,382,056	1,441,762,295
Agency Business | Operating segments
Assets:
Cash and cash equivalents	55,877,050	35,489,396
Restricted cash	12,336	13,084,878
Loans held-for-sale, net	333,267,976	673,367,304
Capitalized mortgage servicing rights, net	247,875,659	227,742,986
Securities held-to-maturity	18,851,089
Goodwill and other intangible assets	110,666,816	97,489,884
Other assets	12,375,170	11,193,562
Total assets	778,926,096	1,058,368,010
Liabilities:
Debt obligations	327,987,187	660,144,122
Allowance for loss-sharing obligations	30,158,464	32,407,554
Other liabilities	49,852,331	38,216,483
Total liabilities	$ 407,997,982	$ 730,768,159

Segment Information - Originati

Segment Information - Origination Data (Details) - USD ($)	3 Months Ended			9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016		Sep. 30, 2017	Sep. 30, 2016
Segment Information
Origination Volumes	$ 928,180,800	$ 714,820,818		$ 3,181,367,322	$ 714,820,818
Loan Sales Data:
Loan Sales		$ 970,000,000			$ 970,000,000
Sales margin (fee-based services as a % of loan sales)	1.63%	1.76%		1.52%	1.76%
MSR rate (MSR income as a % of loan commitments)	2.04%	2.23%		1.77%	2.23%
Structured Business
Segment Information
New loan originations	$ 473,171,000	$ 266,599,500		$ 1,057,003,885	$ 654,967,500
Loan payoffs / paydowns	270,010,000	118,346,618		723,976,741	418,433,132
Agency Business
Segment Information
Origination Volumes	996,721,800	850,419,655		3,307,873,722	850,419,655
Loan Sales Data:
Loan Sales	1,052,073,409	551,834,215	[1]	3,621,276,437	551,834,215	[1]
Fannie Mae | Agency Business
Segment Information
Origination Volumes	650,373,500	668,644,832		2,216,819,525	668,644,832
Loan Sales Data:
Loan Sales	665,959,500	430,371,100		2,569,821,000	430,371,100
Freddie Mac | Agency Business
Segment Information
Origination Volumes	328,075,000	157,145,000		880,597,200	157,145,000
Loan Sales Data:
Loan Sales	342,629,800	104,448,000		862,376,636	104,448,000
FHA | Agency Business
Segment Information
Origination Volumes	18,273,300	24,629,823		189,086,997	24,629,823
Loan Sales Data:
Loan Sales	$ 43,484,109	$ 17,015,115		167,708,801	$ 17,015,115
CMBS/Conduit | Agency Business
Segment Information
Origination Volumes				21,370,000
Loan Sales Data:
Loan Sales				$ 21,370,000
[1]	Loan sales were $970.0 million for the three and nine months ended September 30, 2016, including loans that were acquired as part of the Acquisition.

Segment Information - Key Servi

Segment Information - Key Servicing Metrics (Details) - Agency Business - MSRs - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Segment Information
UPB of Servicing Portfolio	$ 15,601,225,516	$ 13,555,085,518
Wtd. Avg. Servicing Fee Rate (basis points)	0.48%	0.478%
Wtd. Avg. Life of Servicing Portfolio (in years)	8 years 3 months 18 days	7 years 7 months 6 days
Fannie Mae
Segment Information
UPB of Servicing Portfolio	$ 12,331,135,405	$ 11,181,152,400
Wtd. Avg. Servicing Fee Rate (basis points)	0.537%	0.534%
Wtd. Avg. Life of Servicing Portfolio (in years)	7 years 2 months 12 days	6 years 7 months 6 days
Freddie Mac
Segment Information
UPB of Servicing Portfolio	$ 2,732,536,579	$ 1,953,244,541
Wtd. Avg. Servicing Fee Rate (basis points)	0.286%	0.223%
Wtd. Avg. Life of Servicing Portfolio (in years)	10 years 10 months 24 days	10 years 6 months
FHA
Segment Information
UPB of Servicing Portfolio	$ 537,553,532	$ 420,688,577
Wtd. Avg. Servicing Fee Rate (basis points)	0.165%	0.144%
Wtd. Avg. Life of Servicing Portfolio (in years)	20 years	19 years 2 months 12 days