Arbor Realty Trust (ABR) 10-Q 4 May 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2018	Apr. 27, 2018
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	Mar. 31, 2018
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		63,062,235
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Assets:
Cash and cash equivalents	$ 102,548	$ 104,374
Restricted cash	131,659	139,398
Loans and investments, net	2,702,097	2,579,127
Loans held-for-sale, net	286,325	297,443
Capitalized mortgage servicing rights, net	255,732	252,608
Securities held-to-maturity, net	36,764	27,837
Investments in equity affiliates	23,625	23,653
Real estate owned, net	16,675	16,787
Due from related party	3,719	688
Goodwill and other intangible assets	120,366	121,766
Other assets	69,258	62,264
Total assets	3,748,768	3,625,945
Liabilities and Equity:
Credit facilities and repurchase agreements	626,063	528,573
Collateralized loan obligations	1,419,838	1,418,422
Debt fund	68,176	68,084
Senior unsecured notes	196,090	95,280
Convertible senior unsecured notes, net	232,577	231,287
Junior subordinated notes to subsidiary trust issuing preferred securities	139,760	139,590
Related party financing		50,000
Due to related party	1,558
Due to borrowers	67,858	99,829
Allowance for loss-sharing obligations	31,097	30,511
Other liabilities	77,881	99,813
Total liabilities	2,860,898	2,761,389
Commitments and contingencies (Note 14)
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, $38,788 aggregate liquidation preference; 1,551,500 shares issued and outstanding; 7.75% Series B, $31,500 aggregate liquidation preference; 1,260,000 shares issued and outstanding; 8.50% Series C, $22,500 aggregate liquidation preference; 900,000 shares issued and outstanding	89,508	89,508
Common stock, $0.01 par value: 500,000,000 shares authorized; 62,469,535 and 61,723,387 shares issued and outstanding, respectively	625	617
Additional paid-in capital	713,001	707,450
Accumulated deficit	(88,528)	(101,926)
Accumulated other comprehensive income		176
Total Arbor Realty Trust, Inc. stockholders' equity	714,606	695,825
Noncontrolling interest	173,264	168,731
Total equity	887,870	864,556
Total liabilities and equity	$ 3,748,768	$ 3,625,945

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	62,469,535	61,723,387
Common stock, shares outstanding (in shares)	62,469,535	61,723,387
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	$ 38,788	$ 38,788
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	$ 31,500
Preferred stock, shares issued (in shares)	1,260,000	1,260,000
Preferred stock, shares outstanding (in shares)	1,260,000	1,260,000
8.50% Series C preferred stock
Preferred stock, dividend rate (as a percent)	8.50%	8.50%
Preferred stock, aggregate liquidation preference	$ 22,500	$ 22,500
Preferred stock, shares issued (in shares)	900,000	900,000
Preferred stock, shares outstanding (in shares)	900,000	900,000

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
Interest income	$ 51,612	$ 33,525
Interest expense	33,387	19,437
Net interest income	18,225	14,088
Other revenue:
Gain on sales, including fee-based services, net	18,193	19,171
Mortgage servicing rights	19,634	20,030
Servicing revenue, net	9,547	4,794
Property operating income	2,910	3,223
Other income, net	2,878	(886)
Total other revenue	53,162	46,332
Other expenses:
Employee compensation and benefits	29,494	19,841
Selling and administrative	8,915	7,695
Property operating expenses	2,796	2,638
Depreciation and amortization	1,846	1,897
Impairment loss on real estate owned		1,200
Provision for loss sharing (net of recoveries)	473	1,679
Provision for loan losses (net of recoveries)	325	(696)
Management fee - related party		4,000
Total other expenses	43,849	38,254
Income before gain on extinguishment of debt, income from equity affiliates and income taxes	27,538	22,166
Gain on extinguishment of debt		7,116
Income from equity affiliates	746	763
Benefit from (provision for) income taxes	8,784	(6,101)
Net income	37,068	23,944
Preferred stock dividends	1,888	1,888
Net income attributable to noncontrolling interest	8,991	6,442
Net income attributable to common stockholders	$ 26,189	$ 15,614
Basic earnings per common share (in dollars per share)	$ 0.42	$ 0.30
Diluted earnings per common share (in dollars per share)	$ 0.42	$ 0.30
Weighted average shares outstanding:
Basic (in shares)	61,842,336	51,461,156
Diluted (in shares)	84,699,735	73,730,068
Dividends declared per common share (in dollars per share)	$ 0.21	$ 0.17

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
Net income	$ 37,068	$ 23,944
Unrealized gain on securities available-for-sale, at fair value		29
Reclassification of net unrealized gains on available-for-sale securities into accumulated deficit (Note 2)	(176)
Reclassification of net realized loss on derivatives designated as cash flow hedges into earnings		238
Comprehensive income	36,892	24,211
Less:
Comprehensive income attributable to noncontrolling interest	8,947	6,520
Preferred stock dividends	1,888	1,888
Comprehensive income attributable to common stockholders	$ 26,057	$ 15,803

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Unaudited) - 3 months ended Mar. 31, 2018 - USD ($) $ in Thousands	Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated DeficitPreferred stock of private REIT	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Total Arbor Realty Trust, Inc. Stockholders' EquityPreferred stock of private REIT	Total Arbor Realty Trust, Inc. Stockholders' Equity	Noncontrolling Interest	Preferred stock of private REIT	Total
Balance at Dec. 31, 2017	$ 89,508	$ 617	$ 707,450		$ (101,926)	$ 176		$ 695,825	$ 168,731		$ 864,556
Balance (in shares) at Dec. 31, 2017	24,942,269	61,723,387
Increase (Decrease) in Stockholders' Equity
Issuance of common stock, net		$ 4	3,010					3,014			3,014
Issuance of common stock, net (in shares)		360,000
Stock-based compensation		$ 4	2,541					2,545			2,545
Stock-based compensation (in shares)		387,648
Forfeiture of unvested restricted stock (in shares)		(1,500)
Distributions - common stock					(12,962)			(12,962)			(12,962)
Distributions - preferred stock				$ (5)	(1,888)		$ (5)	(1,888)		$ (5)	(1,888)
Distributions - noncontrolling interest									(4,458)		(4,458)
Net income					28,077			28,077	8,991		37,068
Reclassification of net unrealized gains on available-for-sale securities into accumulated deficit (Note 2)					176	$ (176)					(176)
Balance at Mar. 31, 2018	$ 89,508	$ 625	$ 713,001		$ (88,528)			$ 714,606	$ 173,264		$ 887,870
Balance (in shares) at Mar. 31, 2018	24,942,269	62,469,535

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Operating activities:
Net income	$ 37,068	$ 23,944
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	1,846	1,897
Stock-based compensation	2,545	2,305
Amortization and accretion of interest and fees, net	3,945	742
Amortization of capitalized mortgage servicing rights	11,865	11,888
Originations of loans held-for-sale	(1,035,737)	(1,267,713)
Proceeds from sales of loans held-for-sale, net of gain on sale	1,046,204	1,364,850
Mortgage servicing rights	(19,634)	(20,030)
Write-off of capitalized mortgage servicing rights from payoffs	4,811	3,393
Impairment loss on real estate owned		1,200
Provision for loan losses (net of recoveries)	325	(696)
Provision for loss sharing (net of recoveries)	473	1,679
Net charge-offs for loss sharing obligations	113	(1,867)
Gain on extinguishment of debt		(7,116)
Deferred tax (benefit) provision	(13,320)	1,827
Income from equity affiliates	(746)	(763)
Changes in operating assets and liabilities	(18,961)	(42,967)
Net cash provided by operating activities	20,797	72,573
Investing Activities:
Loans and investments funded and originated, net	(283,937)	(138,952)
Payoffs and paydowns of loans and investments	192,023	191,752
Deferred fees	2,827	227
Investments in real estate, net	(66)	(119)
Contributions to equity affiliates	(2,460)	(348)
Distributions from equity affiliates	2,608	385
Purchase of securities held-to-maturity, net	(8,445)	(7,838)
Payoffs and paydowns of securities held-to-maturity	139	2
Proceeds from insurance settlements	2,278	647
Due to borrowers and reserves	(63,941)	(753)
Net cash (used in) provided by investing activities	(158,974)	45,003
Financing activities:
Proceeds from repurchase agreements, loan participations, credit facilities and notes payable	1,870,249	2,439,585
Payoffs and paydowns of repurchase agreements, loan participations and credit facilities	(1,771,463)	(2,491,430)
Payoffs of junior subordinated notes to subsidiary trust issuing preferred securities		(12,691)
Payoff of related party financing	(50,000)
Proceeds from convertible senior unsecured notes		13,750
Proceeds from senior unsecured notes	100,000
Receipts on swaps and returns of margin calls from counterparties		430
Distributions paid on common stock	(12,962)	(8,738)
Distributions paid on noncontrolling interest	(4,458)	(3,609)
Distributions paid on preferred stock	(1,888)	(1,888)
Distributions paid on preferred stock of private REIT	(5)	(5)
Payment of deferred financing costs	(3,875)	(834)
Proceeds from issuance of common stock, net	3,014
Net cash provided by ( used in ) financing activities	128,612	(65,430)
Net (decrease) increase in cash, cash equivalents and restricted cash	(9,565)	52,146
Cash, cash equivalents and restricted cash at beginning of period	243,772	167,960
Cash, cash equivalents and restricted cash at end of period	234,207	220,106
Supplemental cash flow information:
Cash used to pay interest	27,507	15,014
Cash used to pay taxes	3,718	750
8.25% Series A preferred stock
Supplemental schedule of non-cash investing and financing activities:
Distributions accrued on preferred stock	267	267
7.75% Series B preferred stock
Supplemental schedule of non-cash investing and financing activities:
Distributions accrued on preferred stock	203	203
8.50% Series C preferred stock
Supplemental schedule of non-cash investing and financing activities:
Distributions accrued on preferred stock	$ 159	$ 159

CONSOLIDATED STATEMENTS OF CAS8

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Parenthetical)	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
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	3 Months Ended
	Mar. 31, 2018
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. We operate through two business segments: our Structured Loan Origination and Investment Business (“Structured Business”) and our Agency Loan Origination and Servicing Business (“Agency Business”). Through our Structured Business, we invest in a diversified portfolio of structured finance assets in the multifamily and commercial real estate markets, primarily consisting of bridge and mezzanine loans, including junior participating interests in first mortgages, preferred and direct equity. We may also directly acquire real property and invest in real estate-related notes and certain mortgage-related securities. Through our Agency Business, we originate, sell and service a range of multifamily finance products through 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 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. We are an approved Fannie Mae Delegated Underwriting and Servicing (“DUS”) lender nationally, a Freddie Mac Multifamily Conventional Loan lender, seller/servicer, in New York, New Jersey and Connecticut, a Freddie Mac affordable, manufactured housing, senior housing and small balance loan (“SBL”) lender, seller/servicer, nationally and a HUD MAP and LEAN senior housing/healthcare lender nationally. We have operated the Agency Business since July 2016 when we acquired it from Arbor Commercial Mortgage, LLC (“ACM” or our “Former Manager”). We were externally managed and advised by ACM and, effective May 31, 2017, terminated the existing management agreement with ACM to fully internalize our management team. Please refer to our 2017 Annual Report for details of our acquisition of the Agency Business (the “Acquisition”) and termination of the management agreement. 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 17 — Income Taxes for details.

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2018
Basis of Presentation and Significant Accounting Policies
Basis of Presentation and Significant Accounting Policies	Note 2 — Basis of Presentation and Significant Accounting Policies Basis of Presentation Our interim 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. 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 2017 Annual Report. Reclassification Certain prior period amounts have been reclassified to conform to the current period presentation. See the following “Recently Adopted Accounting Pronouncements” section for the cash flows impact of the retrospective adoption of Accounting Standards Update (“ASU”) 2016-18, Statement of Cash Flows: Restricted Cash and ASU 2016-15, Statement of Cash Flows. Principles of Consolidation These 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 15 — Variable Interest Entities for information about our VIEs. All significant intercompany transactions and balances have been eliminated in consolidation. 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 2017 Annual Report. There have been no significant changes in our significant accounting policies since December 31, 2017. Recently Adopted Accounting Pronouncements Description Adoption Date Effect on Financial Statements Since 2014, the Financial Accounting Standards Board (“FASB”) has issued several amendments to its guidance on revenue recognition. The amended guidance, among other things, introduces a new framework for a single comprehensive model that can be used when accounting for revenue and supersedes most current revenue recognition guidance, including that which pertains to specific industries. The core principle states that an entity should recognize revenue to depict the transfer of promised goods or services in an amount that reflects the consideration to which the entity expects to be entitled in exchange for such goods and services. It also requires expanded quantitative and qualitative disclosures that will enable financial statement users to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. Most revenue associated with financial instruments, including interest and loan origination fees, along with gains and losses on investment securities, derivatives and sales of financial instruments are excluded from the scope of the guidance. First quarter of 2018. The adoption of this guidance did not have a material impact on our consolidated financial statements. This standard may impact the timing of gains on certain future sales of real estate. In May 2017, the FASB issued ASU 2017-09, Compensation - Stock Compensation: Scope of Modification Accounting. This ASU clarifies when changes to the terms or conditions of a share-based payment award must be accounted for as modifications. Many entities today apply the modification accounting guidance when any of the terms or conditions of an award are changed, even if the changes are not substantive. Under the new guidance, modification accounting will not apply to a share-based payment award if all of the following are the same immediately before and after the change; (1) the award’s fair value; (2) the award’s vesting conditions; and (3) the award’s classification as an equity or liability instrument. First quarter of 2018. This ASU required prospective adoption, therefore, any future award changes will be evaluated under the amended guidance. In January 2017, the FASB issued ASU 2017-01, Business Combinations: Clarifying the Definition of a Business. This ASU changes the definition of a business to assist with evaluating when a set of transferred assets and activities constitutes a business. The guidance requires an entity to evaluate if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets; if so, the set of transferred assets and activities is not a business. The guidance also requires a business to include at least one substantive process and narrows the definition of outputs. First quarter of 2018. This ASU required prospective adoption, therefore, any future acquisitions will be evaluated under the amended guidance. Description Adoption Date Effect on Financial Statements In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows: Restricted Cash. This ASU requires changes in the total of cash, cash equivalents, restricted cash, and restricted cash equivalents to be shown in the statement of cash flows. Previous guidance required the change in cash and cash equivalents be shown on the statement of cash flows, with cash used to fund restricted cash and restricted cash equivalents shown as a component of operating, investing, or financing activities. Entities are now also required to reconcile the total of cash, cash equivalents, restricted cash, and restricted cash equivalents as presented in the statement of cash flows to the related captions in the balance sheet when these balances are presented separately in the balance sheet. First quarter of 2018. This guidance required retrospective adoption, therefore, we adjusted the cash flow statement for the comparable prior period. The following table shows the impact of the adoption of this gyuidance, as well as the adoption of ASU 2016-15 described below. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows. This ASU provides eight targeted changes to how cash receipts and cash payments are presented and classified in the statement of cash flows. First quarter of 2018. This guidance required retrospective adoption, therefore, we reclassified $0.6 million of proceeds from insurance settlements from net cash provided by operating activities to net cash (used in) provided by investing activities for the three months ended March 31, 2017. In addition, we chose the cummulative earnings approach for distributions received from equity method investees, which did not result in any changes in the way we account for such distributions. The following table shows the impact of the adoption of this guidance, as well as the adoption of ASU 2016-18 described above. (in thousands) Three Months Ended As previously reported under GAAP applicable at the time Cash and cash equivalents at beginning of period $ Net decrease in cash and cash equivalents ) Cash and cash equivalents at end of period Net cash provided by operating activities: changes in operating assets and liabilities ) Net cash (used in) provided by investing activities Net cash provided by (used in) financing activities ) As currently reported under ASU 2016-18 and ASU 2016-15 Cash, cash equivalents and restricted cash at beginning of period $ Net increase in cash, cash equivalents and restricted cash Cash, cash equivalents and restricted cash at end of period Net cash provided by operating activities: changes in operating assets and liabilities ) Net cash (used in) provided by investing activities Net cash provided by (used in) financing activities ) In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall: Consensuses of the FASB Emerging Issues Task Force. This ASU requires that unconsolidated equity investments not accounted for under the equity method be recorded at fair value, with changes in fair value recorded through net income. The accounting principles that permitted available-for-sale classification with unrealized holding gains and losses recorded in other comprehensive income for equity securities will no longer be applicable. In addition, financial liabilities measured using the fair value option will need to present any change in fair value caused by a change in instrument-specific credit risk separately in other comprehensive income. First quarter of 2018. The adoption of this guidance did not have a material impact on our consolidated financial statements. In connection with the adoption of this ASU, we reclassified $0.2 million of unrealized gains on available-for-sale securities from accumulated other comprehensive income to accumulated deficit. Recently Issued Accounting Pronouncements 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 2017 Annual Report. Description Effective Date Effect on Financial Statements In March 2018, the FASB issued ASU 2018-05, Income Taxes: Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118 which allowed SEC registrants to record provisional amounts in earnings for the year ended December 31, 2017 due to complexities involved in accounting for the enacted Tax Cuts and Jobs Act (“Tax Reform”). N/A We recognized the estimated impact of the Tax Reform in our consolidated financial statements for the year ended December 31, 2017.

Loans and Investments

Loans and Investments	3 Months Ended
	Mar. 31, 2018
Loans and Investments
Loans and Investments	Note 3 — Loans and Investments The following tables set forth the composition of our Structured Business loan and investment portfolio ($ in thousands): March 31, 2018 Percent of Loan Wtd. Avg. Wtd. Avg. Wtd. Avg. Wtd. Avg. Bridge loans $ % % % % Preferred equity investments % % % % Mezzanine loans % % % % % % % % Allowance for loan losses ) Unearned revenue ) Loans and investments, net $ December 31, 2017 Bridge loans $ % % % % Preferred equity investments % % % % Mezzanine 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. Concentration of Credit Risk We are subject to concentration risk in that, at March 31, 2018, the UPB related to 41 loans with five different borrowers represented 23% of total assets. At December 31, 2017, the UPB related to 42 loans with five different borrowers represented 24% of total assets. During both the three months ended March 31, 2018 and the year ended December 31, 2017, no single loan or investment represented more than 10% of our total assets and no single investor group generated over 10% of our revenue. We assign a credit risk rating of pass, pass/watch, special mention, substandard or doubtful to each loan and investment, with a pass rating being the lowest risk and a doubtful rating being the highest risk. Each credit risk rating has benchmark guidelines that pertain to debt-service coverage ratios, LTV ratios, borrower strength, asset quality, and funded cash reserves. Other factors such as guarantees, market strength, and remaining loan term and borrower equity are also reviewed and factored into determining the credit risk rating assigned to each loan. This metric provides a helpful snapshot of portfolio quality and credit risk. All portfolio assets are subject to, at a minimum, a thorough quarterly financial evaluation in which historical operating performance and forward-looking projections are reviewed, however, we maintain a higher level of scrutiny and focus on loans that we consider “high risk” and that possess deteriorating credit quality. Generally speaking, given our typical loan profile, risk ratings of pass, pass/watch and special mention suggest that we expect the loan to make both principal and interest payments according to the contractual terms of the loan agreement, and is not considered impaired. A risk rating of substandard indicates we anticipate the loan may require a modification of some kind. A risk rating of doubtful indicates we expect the loan to underperform over its term, and there could be loss of interest and/or principal. Further, while the above are the primary guidelines used in determining a certain risk rating, subjective items such as borrower strength, market strength or asset quality may result in a rating that is higher or lower than might be indicated by any risk rating matrix. As a result of the loan review process, at March 31, 2018 and December 31, 2017, we identified eight loans and investments that we consider higher-risk loans that had a carrying value, before loan loss reserves, of $126.9 million and $126.5 million, respectively, and a weighted average last dollar LTV ratio of 93% for both periods. A summary of the loan portfolio’s weighted average internal risk ratings and LTV ratios by asset class is as follows ($ in thousands): March 31, 2018 Asset Class UPB Percentage of Wtd. Avg. Wtd. Avg. Wtd. Avg. Multifamily $ % pass/watch % % Self Storage % pass/watch % % Land % substandard % % Office % special mention % % Hotel % pass/watch % % Healthcare % pass/watch % % Retail % pass/watch % % Commercial <1 % doubtful % % Total $ % pass/watch % % December 31, 2017 Multifamily $ % pass/watch % % Self Storage % pass % % Land % substandard % % Office % pass/watch % % Hotel % special mention % % Healthcare % pass/watch % % Retail % pass/watch % % Commercial <1 % doubtful % % Total $ % pass/watch % % Geographic Concentration Risk As of March 31, 2018, 21%, 21% and 11% of the outstanding balance of our loan and investment portfolio had underlying properties in New York, Texas and California, respectively. As of December 31, 2017, 23%, 21% and 11% of the outstanding balance of our loan and investment portfolio had underlying properties in Texas, New York and California, respectively. Impaired Loans and Allowance for Loan Losses A summary of the changes in the allowance for loan losses is as follows (in thousands): Three Months Ended March 31, 2018 2017 Allowance at beginning of period $ $ Provision for loan losses — Recoveries of reserves — ) Allowance at end of period $ $ The recoveries of reserves recorded in the first quarter of 2017 related to multifamily loans and the ratio of net recoveries to the average loans and investments outstanding was de minimus. 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 March 31, 2018 and 2017. We have six loans with a carrying value totaling $120.4 million at March 31, 2018, which mature in September 2018, that are collateralized by a land development project. The loans do not carry a current pay rate of interest, but five of the loans with a carrying value totaling $111.0 million entitle us to a weighted average accrual rate of interest of 8.80%. In 2008, we suspended the recording of the accrual rate of interest on these loans, as they were impaired and we deemed the collection of this interest to be doubtful. At both March 31, 2018 and December 31, 2017, we had cumulative allowances for loan losses of $49.4 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 (in thousands): March 31, 2018 Three Months Ended March 31, 2018 Asset Class UPB Carrying Value (1) Allowance for Average Recorded Interest Income Land $ $ $ $ $ — Hotel — Office Commercial — Total $ $ $ $ $ December 31, 2017 Three Months Ended March 31, 2017 Land $ $ $ $ $ — Hotel Office Commercial — Multifamily — — — Total $ $ $ $ $ (1) Represents the UPB of five impaired loans (less unearned revenue and other holdbacks and adjustments) by asset class at both March 31, 2018 and December 31, 2017. (2) Represents an average of the beginning and ending UPB of each asset class. At both March 31, 2018 and December 31, 2017, two loans with an aggregate net carrying value of $29.1 million, net of related loan loss reserves of $7.4 million, were classified as non-performing. Income from non-performing loans is generally recognized on a cash basis when it is received. Full income recognition will resume when the loan becomes contractually current and performance has recommenced. A summary of our non-performing loans by asset class is as follows (in thousands): March 31, 2018 December 31, 2017 Asset Class Carrying Value Less Than 90 Greater Than Carrying Less Than 90 Greater Than Hotel $ $ — $ $ $ — $ Commercial — — Total $ $ — $ $ $ — $ At March 31, 2018 and December 31, 2017, we did not have any loans contractually past due 90 days or more that were still accruing interest. There were no loan modifications, refinancings and/or extensions during the three months ended March 31, 2018 and 2017 that we considered troubled debt restructurings. 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 March 31, 2018, we had total interest reserves of $46.3 million on 84 loans with an aggregate UPB of $1.66 billion. As of December 31, 2017, we had total interest reserves of $52.5 million on 81 loans with an aggregate UPB of $1.57 billion.

Loans Held-for-Sale, Net

Loans Held-for-Sale, Net	3 Months Ended
	Mar. 31, 2018
Loans Held-for-Sale, Net
Loans Held-for-Sale, Net	Note 4 — Loans Held-for-Sale, Net Loans held-for-sale, net consists of the following (in thousands): March 31, 2018 December 31, 2017 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 months ended March 31, 2018 and 2017, we sold $1.06 billion and $1.36 billion, respectively, of loans held-for-sale and recorded gain on sales of $17.4 million and $18.1 million, respectively. At March 31, 2018 and December 31, 2017, 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	3 Months Ended
	Mar. 31, 2018
Capitalized Mortgage Servicing Rights
Capitalized Mortgage Servicing Rights	Note 5 — 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 12%) based on our best estimate of market discount rates. The weighted average estimated life remaining of our MSRs was 7.2 years at both March 31, 2018 and December 31, 2017. A summary of our capitalized MSR activity is as follows (in thousands): Three Months Ended March 31, 2018 Acquired Originated Total Balance at beginning of period $ $ $ Additions — Amortization ) ) ) Write-downs and payoffs ) ) ) Balance at end of period $ $ $ Three Months Ended March 31, 2017 Balance at beginning of period $ $ $ Additions — Amortization ) ) ) Write-downs and payoffs ) — ) Balance at end of period $ $ $ We collected prepayment fees of $3.7 million and $2.0 million during the three months ended March 31, 2018 and 2017, respectively, which are included as a component of servicing revenue, net on the consolidated statements of income. As of March 31, 2018 and December 31, 2017, we had no valuation allowance recorded on any of our MSRs. The expected amortization of capitalized MSRs recorded as of March 31, 2018 is shown in the table below. Actual amortization may vary from these estimates (in thousands). Year Amortization 2018 (nine months ending 12/31/2018) $ 2019 2020 2021 2022 2023 Thereafter Total $

Mortgage Servicing

Mortgage Servicing	3 Months Ended
	Mar. 31, 2018
Mortgage Servicing
Mortgage Servicing	Note 6 — Mortgage Servicing An analysis of the product and geographic concentrations that impact our servicing revenue is as follows ($ in thousands): March 31, 2018 Product Concentrations Geographic Concentrations Percent of UPB Product UPB Total State of Total Fannie Mae $ % Texas % Freddie Mac % North Carolina % FHA % California % Total $ % New York % Georgia % Florida % Other (1) % Total % December 31, 2017 Product Concentrations Geographic Concentrations Percent of UPB Product UPB Total State of Total Fannie Mae $ % Texas % Freddie Mac % North Carolina % FHA % California % Total $ % New York % Georgia % Florida % Other (1) % Total % (1) No other individual state represented 4% or more of the total. At March 31, 2018 and December 31, 2017, our weighted average servicing fee was 47.5 basis points and 47.7 basis points, respectively. We held cash in escrow for these loans totaling $443.2 million and $477.9 million at March 31, 2018 and December 31, 2017, respectively, which is not reflected in our consolidated balance sheets. These escrows are maintained in separate accounts at several federally insured depository institutions, which may exceed FDIC insured limits. We earn interest income on these escrow deposits, generally based on a market rate of interest negotiated with the financial institutions that hold the escrow deposits. Interest earned on escrows, net of interest paid to the borrower, was $2.2 million and $0.7 million during the three months ended March 31, 2018 and 2017, respectively, and is a component of servicing revenue, net in the consolidated statements of income.

Securities Held-to-Maturity

Securities Held-to-Maturity	3 Months Ended
	Mar. 31, 2018
Securities Held-to-Maturity
Securities Held-to-Maturity	Note 7 — Securities Held-to-Maturity Freddie Mac may choose to hold, sell or securitize loans we sell to them under the Freddie Mac SBL program. As part of the securitizations under the SBL program, we 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 three months ended March 31, 2018, we purchased a B Piece bond with an initial face value of $12.3 million, at a discount, for $8.4 million. As of March 31, 2018, we retained 49%, or $53.3 million initial face value, of four B Piece bonds, at a discount, for $35.6 million and sold the remaining 51% to a third party 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 3.64% and have an estimated weighted average maturity of 5.7 years. The weighted average effective interest rate was 11.43% and 12.97% at March 31, 2018 and December 31, 2017, respectively, including the accretion of discount. Approximately $8.0 million is estimated to mature within one year, $25.4 million is estimated to mature after one year through five years, $12.3 million is estimated to mature after five years through ten years and $7.0 million is estimated to mature after ten years. The following is a summary of the held-to-maturity securities we held (in thousands): March 31, 2018 Face Value Carrying Value Unrealized Estimated Fair B Piece bonds $ $ $ $ December 31, 2017 B Piece bonds $ $ $ $ As of March 31, 2018, no impairment was recorded on these held-to-maturity securities. During the three months ended March 31, 2018 and 2017, we recorded interest income of $0.6 million and less than $0.1 million, respectively, related to these investments.

Investments in Equity Affiliate

Investments in Equity Affiliates	3 Months Ended
	Mar. 31, 2018
Investments in Equity Affiliates
Investments in Equity Affiliates	Note 8 — Investments in Equity Affiliates We account for all investments in equity affiliates under the equity method. The following is a summary of our investments in equity affiliates (in thousands): Investments in Equity Affiliates at UPB of Loans to Equity Affiliates March 31, 2018 December 31, 2017 March 31, 2018 Arbor Residential Investor LLC $ $ $ — West Shore Café Lightstone Value Plus REIT L.P. — JT Prime — East River Portfolio — — — Lexford Portfolio — — — Total $ $ $ Arbor Residential Investor LLC (“ARI”) . During both the three months ended March 31, 2018 and 2017, we recorded income of $0.1 million to income from equity affiliates in our consolidated statements of income related to our investment in this residential mortgage banking business. In addition, during the three months ended March 31, 2018, we made a $2.4 million payment for our proportionate share of a litigation settlement related to this investment, which was distributed back to us by our equity affiliate. During the three months ended March 31, 2018, we received a $0.2 million cash distribution, which was classified as a return of capital, in connection with a joint venture that invests in non-qualified residential mortgages purchased from ARI’s origination platform. During both the three months ended March 31, 2018 and 2017, we recorded income of less than $0.1 million to income from equity affiliates in our consolidated statements of income related to this investment. Lexford Portfolio. In the three months ended March 31, 2018 and 2017, we received distributions of $0.6 million and $0.7 million, respectively, from this equity investment which was recognized as income. See Note 18 — Agreements and Transactions with Related Parties for details.

Real Estate Owned

Real Estate Owned	3 Months Ended
	Mar. 31, 2018
Real Estate Owned
Real Estate Owned	Note 9 — Real Estate Owned Our real estate assets at both March 31, 2018 and December 31, 2017 were comprised of a hotel property and an office building. Real Estate Owned March 31, 2018 December 31, 2017 (in thousands) Hotel Office Total Hotel Office Total Land $ $ $ $ $ $ Building and intangible assets Less: Impairment loss ) ) ) ) ) ) Less: Accumulated depreciation and amortization ) ) ) ) ) ) Real estate owned, net $ $ $ $ $ $ For the three months ended March 31, 2018 and 2017, our hotel property had a weighted average occupancy rate of 58% and 55%, respectively, a weighted average daily rate of $128 and $134, respectively, and weighted average revenue per available room of $75 and $73, respectively. The operation of a hotel property is seasonal with the majority of revenues earned in the first two quarters of the calendar year. Our office building was fully occupied by a single tenant until April 2017 when the lease expired. The building is currently vacant. Our real estate owned assets had restricted cash balances totaling $0.6 million and $0.7 million at March 31, 2018 and December 31, 2017, respectively, due to escrow requirements.

Debt Obligations

Debt Obligations	3 Months Ended
	Mar. 31, 2018
Debt Obligations
Debt Obligations	Note 10 — Debt Obligations Credit Facilities and Repurchase Agreements The following table outlines borrowings under our credit facilities and repurchase agreements ($ in thousands): March 31, 2018 December 31, 2017 Current Extended Note Rate Debt Carrying Collateral Wtd. Debt Carrying Collateral Wtd. Avg. Structured Business $300 million repurchase facility Mar. 2020 Mar. 2021 L + 1.75% $ $ % $ $ % $100 million repurchase facility June 2019 N/A L + 2.00% % % $75 million credit facility Dec. 2018 N/A L + 2.00% % — — — $75 million credit facility June 2018 N/A L + 2.00% % % $50 million credit facility Feb. 2019 N/A 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% % % $23.2 million credit facility Feb. 2020 Feb. 2021 L + 2.30% % — — — $20 million credit facility Mar. 2020 Mar. 2021 L + 2.50% % — — — $10 million working capital facility June 2018 N/A L + 2.50% — — — — % $7.5 million credit facility Aug. 2018 N/A L + 2.75% % % Repurchase facility - securities N/A N/A L + 2.50% — % — % $3 million master security agreement Oct. 2020 N/A 2.96% to 3.42% — % — % $2.2 million master security agreement Mar. 2021 N/A 4.60% — % — — — Structured Business total $ $ % $ $ % Agency Business $500 million ASAP agreement (2) N/A N/A L + 1.05% $ $ % $ $ % $150 million credit facility Jan. 2019 N/A L + 1.30% % % $150 million credit facility July 2018 N/A L + 1.35% % % $100 million credit facility (3) June 2018 N/A L + 1.30% % % $100 million repurchase facility Aug. 2018 N/A L + 1.35% % % Agency Business total $ $ % $ $ % Consolidated total $ $ % $ $ % (1) The debt carrying value for the Structured Business at March 31, 2018 and December 31, 2017 was net of unamortized deferred finance costs of $3.4 million and $2.2 million, respectively. The debt carrying value for the Agency Business at March 31, 2018 and December 31, 2017 was net of unamortized deferred finance costs of $0.3 million and $0.2 million, respectively. (2) The note rate under this agreement is subject to a LIBOR Floor of 35 basis points. (3) The committed amount under the facility was temporarily increased to $250.0 million, which expired in January 2018. Structured Business At March 31, 2018 and December 31, 2017, the weighted average interest rate for the credit facilities and repurchase agreements of our Structured Business, including certain fees and costs, such as structuring, commitment, non-use and warehousing fees, was 4.55% and 4.51%, respectively. The leverage on our loans and investment portfolio financed through our credit facilities and repurchase agreements, excluding the securities repurchase facility, working capital line of credit and the security agreements used to finance leasehold and capital expenditure improvements at our corporate office, was 71% and 72% at March 31, 2018 and December 31, 2017, respectively. In March 2018, we amended our $225.0 million repurchase facility to increase the committed amount by $75.0 million to $300.0 million, reduce the interest rates by 50 basis points and extend the maturity date to March 2020 with a one year extension option. In March 2018, we entered into a $20.0 million credit facility to finance a healthcare facility bridge loan. The facility bears interest at a rate of 250 basis points over LIBOR and matures in March 2020, with a one year extension option. In March 2018, we entered into a master security agreement that was used to finance certain capital expenditures. We have a $2.2 million note payable under this agreement which bears interest at a fixed rate of 4.60%, requires monthly amortization payments and matures in 2021. In March 2018, we amended our $10.0 million credit facility extending the maturity date to June 2018. In February 2018, we entered into a $23.2 million credit facility to finance a self storage bridge loan. The facility bears interest at a rate of 230 basis points over LIBOR and matures in February 2020, with a one year extension option. Agency Business In January 2018, we amended our $150.0 million warehouse facility reducing the interest rate 10 basis points to 130 basis points over LIBOR and extending the maturity date one year to January 2019. Collateralized Loan Obligations (“CLOs”) We account for our CLO transactions on our consolidated balance sheet as financing facilities. Our CLOs are VIEs for which we are the primary beneficiary and are consolidated in our financial statements. The investment grade tranches are treated as secured financings, and are non-recourse to us. The following table outlines borrowings and the corresponding collateral under our CLOs ($ in thousands): Debt Collateral (3) Loans Cash March 31, 2018 Face Value Carrying Value Wtd. Avg. UPB Carrying Value Restricted CLO IX $ $ % $ $ $ — CLO VIII % CLO VII % CLO VI % CLO V % Total CLOs $ $ % $ $ $ December 31, 2017 CLO IX $ $ % $ $ $ CLO VIII % CLO VII % CLO VI % CLO V % Total CLOs $ $ % $ $ $ (1) Debt carrying value is net of $16.4 million and $17.9 million of deferred financing fees at March 31, 2018 and December 31, 2017, respectively. (2) At March 31, 2018 and December 31, 2017, the aggregate weighted average note rate for our CLOs, including certain fees and costs, was 4.37% and 4.08%, respectively. (3) As of March 31, 2018 and December 31, 2017, there was no collateral at risk of default or deemed to be a “credit risk” as defined by the CLO indenture. (4) Represents restricted cash held for principal repayments as well as for reinvestment in the CLOs. Does not include restricted cash related to interest payments, delayed fundings and expenses. Luxembourg Debt Fund In November 2017, we formed a $100.0 million Luxembourg commercial real estate debt fund (“Debt Fund”) and issued $70.0 million of floating rate notes to third party investors which bear an initial interest rate of 4.15% over LIBOR. The notes mature in 2025 and we retained a $30.0 million equity interest in the Debt Fund. The Debt Fund is a VIE for which we are the primary beneficiary and is consolidated in our financial statements. The Debt Fund is secured by a portfolio of loan obligations with a face value of $100.0 million, which includes first mortgage bridge loans, senior participation interests in first mortgage bridge loans, subordinate participation interest in first mortgage bridge loans and participation interests in mezzanine loans. The Debt Fund allows, for a period of three years, principal proceeds from portfolio assets to be reinvested in qualifying replacement assets, subject to certain conditions. Borrowings and the corresponding collateral under our Debt Fund are as follows ($ in thousands): March 31, 2018 Debt Collateral (3) Loans Cash Face Value Carrying Wtd. Avg. UPB Carrying Value Restricted $ $ % $ $ $ — December 31, 2017 $ $ % $ $ $ (1) Debt carrying value is net of $1.8 million and $1.9 million of deferred financing fees at March 31, 2018 and December 31, 2017, respectively. (2) At March 31, 2018 and December 31, 2017, the aggregate weighted average note rate, including certain fees and costs, was 6.51% and 6.05%, respectively. (3) At both March 31, 2018 and December 31, 2017, there was no collateral at risk of default or deemed to be a “credit risk.” (4) Represents restricted cash held for reinvestment. Does not include restricted cash related to interest payments, delayed fundings and expenses. Senior Unsecured Notes In March 2018, we issued $100.0 million aggregate principal amount of 5.625% senior unsecured notes due in May 2023 (the “2023 Notes”) in a private offering, generating net proceeds of $97.8 million, after deducting the underwriting discount and other offering expenses. We used the net proceeds from the offering to fund the redemption of our outstanding 7.375% senior unsecured notes due in 2021(the “2021 Notes”). The 2023 Notes are unsecured and can be redeemed by us at any time prior to April 1, 2023, at a redemption price equal to 100% of the aggregate principal amount, plus a “make-whole” premium and accrued and unpaid interest. We have the right to redeem the 2023 Notes on or after April 1, 2023, at a redemption price equal to 100% of the aggregate principal amount, plus accrued and unpaid interest. The interest is paid semiannual in May and November starting in November 2018. At March 31, 2018, the debt carrying value of the 2023 Notes was $98.2 million, net of $1.8 million of deferred financing fees, and the weighted average note rate was 6.08%, including certain fees and costs. The debt carrying value of our 2021 Notes at March 31, 2018 and December 31, 2017 was $97.9 million and $95.3 million, respectively. The debt carrying value at December 31, 2017 was net of $2.6 million of deferred financing fees, which were expensed into interest expense on the consolidated statements of income. Including certain fees and costs, the weighted average note rate was 8.16% at both March 31, 2018 and December 31, 2017. Convertible Senior Unsecured Notes In November 2017, we issued $143.8 million aggregate principal amount of 5.375% convertible senior unsecured notes, which included the underwriter’s exercise of the over-allotment option of $18.8 million. The notes pay interest semiannually in arrears. We received total proceeds of $139.2 million from the offering, net of deferred financing fees, which is being amortized through interest expense over the life of the notes. The notes mature in November 2020, unless earlier converted or repurchased by the holders pursuant to their terms. The initial conversion rate was 107.7122 shares of common stock per $1,000 principal amount of notes and represents a conversion price of $9.28 per share of common stock. At March 31, 2018, the notes had a conversion rate of 107.9604 shares of common stock per $1,000 principal amount of notes, which represented a conversion price of $9.26 per share of common stock. In 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 in October 2019, unless earlier converted or repurchased by the holders pursuant to their terms. 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 March 31, 2018, the notes had a conversion rate of 121.1613 shares of common stock per $1,000 principal amount of notes, which represented a conversion price of $8.25 per share of common stock. Our convertible senior unsecured notes are not redeemable by us prior to their maturities and are convertible into, at our election, cash, shares of our common stock or a combination of both, subject to the satisfaction of certain conditions and during specified periods. The conversion rates are subject to adjustment upon the occurrence of certain specified events and the holders may require us to repurchase all or any portion of their notes for cash equal to 100% of the principal amount of the notes, plus accrued and unpaid interest, if we undergo a fundamental change as specified in the agreements. Accounting guidance requires that convertible debt instruments with cash settlement features, including partial cash settlement, account for the liability component and equity component (conversion feature) of the instrument separately. The initial value of the liability component reflects the present value of the discounted cash flows using the nonconvertible debt borrowing rate at the time of the issuance. The debt discount represents the difference between the proceeds received from the issuance and the initial carrying value of the liability component, which is being accreted back to the notes principal amount through interest expense over the term of the notes, which was 2.17 years and 2.41 years at March 31, 2018 and December 31, 2017, respectively, on a weighted average basis. The UPB, unamortized discount and net carrying amount of the liability and equity components of the notes were as follows (in thousands): Liability Equity Component Component Period UPB Unamortized Debt Unamortized Deferred Net Carrying Net Carrying March 31, 2018 $ $ $ $ $ December 31, 2017 $ $ $ $ $ During the three months ended March 31, 2018, we incurred total interest expense on the notes of $4.9 million, of which $3.6 million, $0.7 million and $0.6 million related to the cash coupons, accretion of the deferred financing fees and of the debt discount, respectively. During the three months ended March 31, 2017, we incurred total interest expense on the notes of $2.1 million, of which $1.6 million, $0.3 million and $0.2 million related to the 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 weighted average total cost of the notes is 7.96% per annum. 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 $139.8 million and $139.6 million at March 31, 2018 and December 31, 2017, respectively, which is net of a deferred amount of $12.4 million and $12.5 million, respectively, (which is being amortized into interest expense over the life of the notes) and $2.2 million of deferred financing fees at both March 31, 2018 and December 31, 2017. 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 LIBOR. The current weighted average note rate was 5.16% and 4.53% at March 31, 2018 and December 31, 2017, respectively. Including certain fees and costs, the weighted average note rate was 5.25% and 4.63% at March 31, 2018 and December 31, 2017, respectively. Related Party Financing In connection with the Acquisition, we entered into a five year $50.0 million preferred equity interest financing agreement with ACM to finance a portion of the aggregate purchase price. In January 2018, we paid $50.0 million in full satisfaction of this debt. At December 31, 2017, the outstanding principal balance was $50.0 million and, during the three months ended March 31, 2018 and 2017, we recorded interest expense of $0.3 million and $1.0 million, respectively. 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 March 31, 2018. 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 of our CLOs, all cash flows from the applicable 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 March 31, 2018, as well as on the most recent determination dates in April 2018. 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 April 2018 is as follows: Cash Flow Triggers CLO V CLO VI CLO VII CLO VIII CLO IX Overcollateralization (1) Current % % % % % Limit % % % % % Pass / Fail Pass Pass Pass Pass Pass Interest Coverage (2) Current % % % % % Limit % % % % % Pass / Fail Pass Pass Pass Pass Pass (1) The overcollateralization ratio divides the total principal balance of all collateral in the CLO by the total principal balance of the bonds associated with the applicable ratio. To the extent an asset is considered a defaulted security, the asset’s principal balance for purposes of the overcollateralization test is the lesser of the asset’s market value or the principal balance of the defaulted asset multiplied by the asset’s recovery rate which is determined by the rating agencies. Rating downgrades of CLO collateral will generally not have a direct impact on the principal balance of a CLO asset for purposes of calculating the CLO overcollateralization test unless the rating downgrade is below a significantly low threshold (e.g. CCC-) as defined in each CLO vehicle. (2) The interest coverage ratio divides interest income by interest expense for the classes senior to those retained by us. 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 CLO IX April 2018 % % % % % January 2018 % % % % % October 2017 % % % % — July 2017 % % % — — April 2017 % % — — — (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	3 Months Ended
	Mar. 31, 2018
Allowance for Loss-Sharing Obligations
Allowance for Loss-Sharing Obligations	Note 11 — Allowance for Loss-Sharing Obligations A summary of our allowance for loss-sharing obligations related to the Fannie Mae DUS program is as follows (in thousands): Three Months Ended March 31, 2018 2017 Beginning balance $ $ Provisions for loss sharing Provisions reversal for loan repayments ) ) 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 December 31, 2017, we had outstanding advances of $0.1 million, which were netted against the allowance for loss-sharing obligations. At March 31, 2018 and December 31, 2017, the maximum quantifiable liability associated with our guarantees under the Fannie Mae DUS agreement was $2.29 billion and $2.24 billion, respectively. The maximum quantifiable liability is not representative of the actual loss we would incur. We would be liable for this amount only if all of the loans we service for Fannie Mae, for which we retain some risk of loss, were to default and all of the collateral underlying these loans was determined to be without value at the time of settlement.

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2018
Derivative Financial Instruments
Derivative Financial Instruments	Note 12 — Derivative Financial Instruments The following is a summary of our non-qualifying derivative financial instruments held by our Agency Business ($ in thousands): March 31, 2018 Fair Value Derivative Count Notional Balance Sheet Derivative Derivative Rate Lock Commitments 8 $ Other Assets/ Other Liabilities $ $ ) Forward Sale Commitments 63 Other Assets/ Other Liabilities ) $ $ $ ) December 31, 2017 Rate Lock Commitments 3 $ Other Assets/ Other Liabilities $ $ ) Forward Sale Commitments 75 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 months ended March 31, 2018 and 2017, we recorded net gains of $2.6 million and net losses of $1.0 million, respectively, from changes in the fair value of these derivatives in other income, net and $19.6 million and $20.0 million, respectively, of income from MSRs. See Note 13 — Fair Value for details.

Fair Value

Fair Value	3 Months Ended
	Mar. 31, 2018
Fair Value
Fair Value	Note 13 — Fair Value Fair value estimates are dependent upon subjective assumptions and involve significant uncertainties resulting in variability in estimates with changes in assumptions. The following table summarizes the principal amounts, carrying values and the estimated fair values of our financial instruments (in thousands): March 31, 2018 December 31, 2017 Principal / Carrying Estimated Principal / Carrying Estimated Financial assets: Loans and investments, net $ $ $ $ $ $ Loans held-for-sale, net Capitalized mortgage servicing rights, net n/a n/a Securities held-to-maturity, net Derivative financial instuments Financial liabilities: Credit and repurchase facilities $ $ $ $ $ $ Collateralized loan obligations Debt fund 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. Securities held-to-maturity, net. Fair values are approximated using Level 3 inputs based on current market quotes received from financial sources that trade such securities and are based on prevailing market data and, in some cases, are derived from third party proprietary models based on well recognized financial principles and reasonable estimates about relevant future market conditions. Derivative financial instruments. The fair values of rate lock and forward sale commitments are estimated using valuation techniques, which include internally-developed models developed based on changes in the U.S. Treasury rate and other observable market data (Level 2). The fair value of rate lock commitments includes the fair value of the expected net cash flows associated with the servicing of the loans, see capitalized mortgage servicing rights, net above for details on the applicable valuation technique (Level 3). We also consider the impact of counterparty non-performance risk when measuring the fair value of these derivatives. Given the credit quality of our counterparties, the short duration of interest rate lock commitments and forward sale contracts, and our historical experience, the risk of nonperformance by our counterparties is not significant. Credit facilities and repurchase agreements. Fair values for credit facilities and repurchase agreements of the Structured Business are estimated at Level 3 using discounted cash flow methodology, using discount rates, which, in our opinion, best reflect current market interest rates for financing with similar characteristics and credit quality. The majority of our credit facilities and repurchase agreement for the Agency Business bear interest at rates that are similar to those available in the market currently and the fair values are estimated using Level 2 inputs. For these facilities, the fair values approximate their carrying values. Collateralized loan obligations, Debt Fund, junior subordinated notes and related party financing. Fair values are estimated at Level 3 based on broker quotations, representing the discounted expected future cash flows at a yield that reflects current market interest rates and credit spreads. Senior unsecured notes. Fair values are estimated at Level 1 when current market quotes received from active markets are available. If quotes from active markets are unavailable, then the fair values are estimated at Level 2 utilizing current market quotes received from inactive markets. Convertible senior unsecured notes, net. Fair values are estimated at Level 2 based on current market quotes received from inactive markets. We measure certain financial assets and financial liabilities at fair value on a recurring basis. The fair values of these financial assets and liabilities were determined using the following input levels as of March 31, 2018 (in thousands): Fair Value Measurements Using Fair Carrying Fair Value Level 1 Level 2 Level 3 Financial assets: Derivative financial instruments $ $ $ — $ $ Financial liabilities: Derivative financial instruments $ $ $ — $ $ — 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 March 31, 2018 (in thousands): Fair Value Measurements Using Fair Net Carrying Fair Value Level 1 Level 2 Level 3 Financial assets: Impaired loans, net (1 ) $ $ $ — $ — $ (1) We had an allowance for loan losses of $63.1 million relating to five loans with an aggregate carrying value, before loan loss reserves, of $163.9 million at March 31, 2018. Loan impairment assessments. Loans held for investment are intended to be held to maturity and, accordingly, are carried at cost, net of unamortized loan origination costs and fees, loan purchase discounts, and net of the allowance for loan losses, when such loan or investment is deemed to be impaired. We consider a loan impaired when, based upon current information, it is probable that we will be unable to collect all amounts due for both principal and interest according to the contractual terms of the loan agreement. We evaluate our loans to determine if the value of the underlying collateral securing the impaired loan is less than the net carrying value of the loan, which may result in an allowance and corresponding charge to the provision for loan losses. These valuations require significant judgments, which include assumptions regarding capitalization and discount rates, revenue growth rates, creditworthiness of major tenants, occupancy rates, availability of financing, exit plan and other factors. The table above and below includes all impaired loans, regardless of the period in which the impairment was recognized. Quantitative information about Level 3 fair value measurements at March 31, 2018 were as follows ($ in thousands): Valuation Fair Value Techniques Significant Unobservable Inputs Financial assets: Impaired loans: Discount rate % Land $ Discounted cash flows Capitalization rate % Revenue growth rate % Discount rate % Hotel Discounted cash flows Capitalization rate % Revenue growth rate % Discount rate % Office Discounted cash flows Capitalization rate % Revenue growth rate % Derivative financial instruments: Rate lock commitments Discounted cash flows W/A discount rate % The derivative financial instruments using Level 3 inputs are outstanding for short periods of time (generally less than 60 days). A roll-forward of Level 3 derivative instruments were as follows (in thousands): Fair Value Measurements Using Three Months Ended March 31, 2018 2017 Derivative assets and liabilities, net Balance at beginning of period $ $ 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 (in thousands): March 31, 2018 Notional/ Fair Value of Interest Rate Total Fair Value 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 MSRs. 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 March 31, 2018 (in thousands): 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 — — Debt fund — — Senior unsecured notes — Convertible senior unsecured notes, net — — Junior subordinated notes — —

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2018
Commitments and Contingencies
Commitments and Contingencies	Note 14 — Commitments and Contingencies Debt Obligations. Our debt obligations have maturities of $477.8 million for the remainder of 2018, $554.7 million in 2019, $925.7 million in 2020, $387.9 million in 2021, $71.0 million in 2022 and $314.7 million thereafter. Agency Business Commitments. Our Agency Business is subject to supervision by certain regulatory agencies. Among other things, these agencies require us to meet certain minimum net worth, operational liquidity and restricted liquidity collateral requirements, and compliance with reporting requirements. Our adjusted net worth and liquidity required by the agencies for all periods presented exceeded these requirements. As of March 31, 2018, we were required to maintain at least $12.6 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 March 31, 2018, we met the restricted liquidity requirement with a $42.0 million letter of credit and $0.4 million of cash collateral. As of March 31, 2018, reserve requirements for the Fannie Mae DUS loan portfolio will require us to fund $28.4 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 March 31, 2018, we met all of Fannie Mae’s quarterly capital requirements and our Fannie Mae adjusted net worth was in excess of the required net worth. We are 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 to ensure that we are able to meet certain purchase and loss obligations required by this program. Under the SBL program, we are required to post collateral equal to $5.0 million, which we utilize letters of credit to fund. At March 31, 2018, we had an outstanding letter of credit of $5.0 million in satisfaction of our requirements under this program. 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 12—Derivative Financial Instruments and Note 13—Fair Value. Unfunded Commitments. In accordance with certain structured loans and investments, we have outstanding unfunded commitments of $66.9 million as of March 31, 2018 that we are obligated to fund as borrowers meet certain requirements. Specific requirements include, but are not limited to, property renovations, building construction and conversions based on criteria met by the borrower in accordance with the loan agreements. Litigation. We are currently neither subject to any material litigation nor, to the best of our knowledge, threatened by any material litigation other than the following: In June 2011, three related lawsuits were filed by the Extended Stay Litigation Trust (the “Trust”), a post-bankruptcy litigation trust alleged to have standing to pursue claims that previously had been held by Extended Stay, Inc. and the Homestead Village L.L.C. family of companies (together “ESI”) (formerly Chapter 11 debtors, together the “Debtors”) that have emerged from bankruptcy. Two of the lawsuits were filed in the U.S. Bankruptcy Court for the Southern District of New York, and the third in the Supreme Court of the State of New York, New York County. There were 73 defendants in the three lawsuits, including 55 corporate and partnership entities and 18 individuals. A subsidiary of ours and certain other entities that are affiliates of ours are included as defendants. The New York State Court action has been removed to the Bankruptcy Court. Our affiliates filed a motion to dismiss the three lawsuits. The lawsuits all allege, as a factual basis and background certain facts surrounding the June 2007 leveraged buyout of ESI from affiliates of Blackstone Capital. Our subsidiary, Arbor ESH II, LLC, had a $115.0 million investment in the Series A1 Preferred Units of a holding company of Extended Stay, Inc. The New York State Court action and one of the two federal court actions name as defendants, Arbor ESH II, LLC, ACM and ABT-ESI LLC, an entity in which we have a membership interest, among the broad group of defendants. These two actions were commenced by substantially identical complaints. The defendants are alleged in these complaints, among other things, to have breached fiduciary and contractual duties by causing or allowing the Debtors to pay illegal dividends or other improper distributions of value at a time when the Debtors were insolvent. These two complaints also allege that the defendants aided and abetted, induced, or participated in breaches of fiduciary duty, waste, and unjust enrichment (“Fiduciary Duty Claims”) and name a director of ours, and a former general counsel of ACM, each of whom had served on the Board of Directors of ESI for a period of time. We are defending these two defendants and paying the costs of such defense. On the basis of the foregoing allegations, the Trust has asserted claims under a number of common law theories, seeking the return of assets transferred by the Debtors prior to the Debtors’ bankruptcy filing. In the third action, filed in Bankruptcy Court, the same plaintiff, the Trust, has named ACM and ABT-ESI LLC, together with a number of other defendants and asserts claims, including constructive and fraudulent conveyance claims under state and federal statutes, as well as a claim under the Federal Debt Collection Procedure Act. In June 2013, the Trust filed a motion to amend the lawsuits, to, among other things, (i) consolidate the lawsuits into one lawsuit, (ii) remove 47 defendants, none of whom are related to us, from the lawsuits so that there are 26 remaining defendants, including 16 corporate and partnership entities and 10 individuals, and (iii) reduce the counts within the lawsuits from over 100 down to 17. The remaining counts in the amended complaint against our affiliates are principally state law claims for breach of fiduciary duties, waste, unlawful dividends and unjust enrichment, and claims under the Bankruptcy Code for avoidance and recovery actions, among others. The bankruptcy court granted the motion and the amended complaint has been filed. The amended complaint seeks approximately $139.0 million in the aggregate, plus interest from the date of the alleged unlawful transfers, from director designees, portions of which are also sought from our affiliates as well as from unaffiliated defendants. We have moved to dismiss the referenced actions and intend to vigorously defend against the claims asserted therein. During a status conference held in March 2014, the Court heard oral argument on the motion to dismiss and adjourned the case pending a ruling. Subsequent to that hearing, a new judge was assigned to the case and, in November 2016, the new judge entered an order directing the parties to file supplemental briefs addressing new cases decided since the last round of briefing. Oral arguments regarding the motion to dismiss were heard at a hearing held in January 2017. The Court reserved decision at that hearing. We have not made a loss accrual for this litigation because we believe that it is not probable that a loss has been incurred and an amount cannot be reasonably estimated. 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	3 Months Ended
	Mar. 31, 2018
Variable Interest Entities
Variable Interest Entities	Note 15 — Variable Interest Entities Our involvement with VIEs primarily affects our financial performance and cash flows through amounts recorded in interest income, interest expense, provision for loan losses and through activity associated with our derivative instruments. Consolidated VIEs. We have determined that our operating partnership, ARLP, and our CLO and Debt Fund entities, which we consolidate, are VIEs. ARLP is already consolidated in our financial statements, therefore, the identification of this entity as a VIE had no impact on our consolidated financial statements. Our CLO and Debt Fund consolidated entities invest in real estate and real estate-related securities and are financed by the issuance of debt securities. We, or one of our affiliates, are named collateral manager, servicer, and special servicer for all collateral assets held in CLOs, which we believe gives us the power to direct the most significant economic activities of those entities. We also have exposure to losses to the extent of our equity interests and also have rights to waterfall payments in excess of required payments to bond investors. As a result of consolidation, equity interests have been eliminated, and the consolidated balance sheets reflect both the assets held and debt issued by the CLOs and Debt Fund to third parties. Our operating results and cash flows include the gross amounts related to CLO and Debt Fund assets and liabilities as opposed to our net economic interests in those entities. The assets and liabilities related to these consolidated CLOs and Debt Fund are as follows (in thousands): March 31, 2018 December 31, 2017 Assets: Restricted cash $ $ Loans and investments, net Other assets Total assets $ $ Liabilities: Collateralized loan obligations $ $ Debt fund Other liabilities Total liabilities $ $ Assets held by the CLOs and Debt Fund are restricted and can only be used to settle obligations of the CLOs and Debt Fund, respectively. The liabilities of the CLOs and Debt Fund are non-recourse to us and can only be satisfied from each respective asset pool. See Note 10—Debt Obligations for details. We are not obligated to provide, have not provided, and do not intend to provide financial support to any of the consolidated CLOs or Debt Fund. Unconsolidated VIEs . We determined that we are not the primary beneficiary of 22 VIEs in which we have a variable interest as of March 31, 2018 because we do not have the ability to direct the activities of the VIEs that most significantly impact each entity’s economic performance. The following is a summary of our variable interests in identified VIEs, of which we are not the primary beneficiary, as of March 31, 2018 (in thousands): Type Carrying Amount (1) Loans $ B Piece bonds Agency interest only strips Equity investments Total $ (1) Represents the carrying amount of loans and investments before reserves. At March 31, 2018, $162.2 million of loans to VIEs had corresponding loan loss reserves of $61.4 million. See Note 3 — Loans and Investments for details. In addition, the maximum loss exposure as of March 31, 2018 would not exceed the carrying amount of our investment. These unconsolidated VIEs have exposure to real estate debt of approximately $2.64 billion at March 31, 2018.

Equity

Equity	3 Months Ended
	Mar. 31, 2018
Equity
Equity	Note 16 — Equity Preferred Stock. The Series A preferred stock became redeemable by us in February 2018. The Series B and C preferred stock may not be redeemed by us before May 2018 and February 2019, respectively. Common Stock. We have an “At-The-Market” equity offering sales agreement with JMP Securities LLC (“JMP,”) which entitles us to issue and sell up to 7,500,000 shares of our common stock through JMP. Sales of the shares are made by means of ordinary brokers’ transactions or otherwise at market prices prevailing at the time of sale, or at negotiated prices. During the first quarter of 2018, we sold 360,000 shares for net proceeds of $3.0 million. As of March 31, 2018, we had 7,140,000 shares available under this agreement. As of March 31, 2018, we had $176.6 million available under our $500.0 million shelf registration statement that was declared effective by the SEC in July 2016. Noncontrolling Interest. Noncontrolling interest relates to the 21,230,769 operating partnership units (“OP Units”) issued 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 25.4% of the voting power of our outstanding stock at March 31, 2018. 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 three months ended March 31, 2018: Common Stock Preferred Stock Dividend (1) Declaration Date Dividend Declaration Date Series A Series B Series C February 21, 2018 $ February 2, 2018 $ $ $ (1) The dividend declared on February 2, 2018 was for December 1, 2017 through February 28, 2018. Common Stock — On May 2, 2018, the Board of Directors declared a cash dividend of $0.25 per share of common stock. The dividend is payable on May 31, 2018 to common stockholders of record as of the close of business on May 15, 2018. Preferred Stock — On May 2, 2018, 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 March 1, 2018 through May 31, 2018 and are payable on May 31, 2018 to preferred stockholders of record on May 15, 2018. Deferred Compensation. In March 2018, we issued 265,444 shares of restricted common stock under the 2017 Amended Omnibus Stock Incentive Plan (the “2017 Plan”) to certain employees of ours with a total grant date fair value of $2.3 million and recorded $0.8 million to employee compensation and benefits in our consolidated statements of income. One third of the shares vested as of the grant date, one third will vest in March 2019, and the remaining third will vest in March 2020. In March 2018, we also issued 58,620 shares of fully vested common stock to the independent members of the Board of Directors under the 2017 Plan and recorded $0.5 million to selling and administrative expense in our consolidated statements of income. During the first quarter of 2018, we issued 63,584 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 grant date and one quarter will vest on each of the first, second and third anniversaries of the grant date. Our chief executive officer was also granted up to 381,503 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 $0.8 million and, during the three months ended March 31, 2018, we recorded less than $0.1 million to employee compensation and benefits in our consolidated statements of income. Earnings Per Share (“EPS”). Basic EPS is calculated by dividing net income attributable to common stockholders by the weighted average number of shares of common stock outstanding during each period inclusive of unvested restricted stock with full dividend participation rights. Diluted EPS is calculated by dividing net income by the weighted average number of shares of common stock outstanding plus the additional dilutive effect of common stock equivalents during each period using the treasury stock method. Our common stock equivalents include the weighted average dilutive effect of performance-based restricted stock units granted to our chief executive officer, OP Units and convertible senior unsecured notes. The following tables reconcile the numerator and denominator of our basic and diluted EPS computations ($ in thousands, except share and per share data): Three Months Ended March 31, 2018 2017 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 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 holders have voting rights, the right to distributions and the right to redeem the OP Units for the cash value of a corresponding number of shares of common stock or a corresponding number of shares of common stock, at our election. (3) Mr. Kaufman is granted restricted stock units annually, 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	3 Months Ended
	Mar. 31, 2018
Income Taxes
Income Taxes	Note 17 — 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. The Tax Reform was signed into law on December 22, 2017. Among numerous provisions included in the new tax law was the reduction of the corporate federal income tax rate from 35% to 21%. Our provision for income taxes for the first quarter of 2018 reflects the newly enacted corporate federal income tax rate of 21%. The final impact of the Tax Reform may differ due to, and among other things, changes in interpretations, assumptions made by us, the issuance of additional guidance and actions we may take as a result of the Tax Reform. In the three months ended March 31, 2018 and 2017, we recorded a tax benefit of $8.8 million and a tax provision of $6.1 million, respectively. The benefit from income taxes in the three months ended March 31, 2018 consisted of a deferred tax benefit of $13.3 million and a current tax provision of $4.5 million. The deferred tax benefit recorded in the three months ended March 31, 2018 was due primarily to our payoff in January 2018 of the $50.0 million preferred equity interest entered into with ACM to finance a portion of the Acquisition purchase price. See Note 10 — Debt Obligations for details. The provision for income taxes in the three months ended March 31, 2017 consisted of a current tax provision of $4.3 million and a deferred tax provision of $1.8 million 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	3 Months Ended
	Mar. 31, 2018
Agreements and Transactions with Related Parties
Agreements and Transactions with Related Parties	Note 18 — Agreements and Transactions with Related Parties Management Agreement. Prior to May 31, 2017, we had a management agreement with ACM, pursuant to which ACM provided us with a variety of professional and advisory services vital to our operations, including underwriting, accounting and treasury, compliance, marketing, information technology and human resources. Pursuant to the terms of the management agreement, we reimbursed ACM for its actual costs incurred in connection with managing our business through a base management fee, and, under certain circumstances, an annual incentive fee. In May 2017, we exercised our option to fully internalize our management team and terminate the existing management agreement. In the first quarter of 2017, we incurred a base management fee of $4.0 million. We have entered into a shared services agreement with ACM where we provide limited support services to ACM and they reimburse us for the costs of performing such services. During the three months ended March 31, 2018, we have incurred $0.3 million of costs for services provided to ACM which are included in due from related party on the consolidated balance sheet. Other Related Party Transactions. Due from related party was $3.7 million and $0.7 million at March 31, 2018 and December 31, 2017, respectively. The increase was primarily due to payoffs to be remitted by our affiliated servicing operations related to real estate transactions. Due to related party was $1.6 million at March 31, 2018 and consisted of loan payoffs, holdbacks and escrows to be remitted to our affiliated servicing operations related to real estate transactions. In April 2018, we acquired a $9.4 million bridge loan which was originated by ACM. The loan was used to purchase several multifamily properties by a consortium of investors, which consisted of certain of our officers, including our chief executive officer, who together own 75% of the borrowing entity. The loan has an interest rate of LIBOR plus 5.0% with a LIBOR floor of 1.25% and matures in January 2021. In January 2018, we paid $50.0 million in full satisfaction of the related party financing we entered into with ACM to finance a portion of the Acquisition purchase price. We incurred interest expense related to this financing of $0.3 million and $1.0 million in the three months ended March 31, 2018 and 2017, respectively. In December 2017, we acquired a $32.8 million bridge loan which was originated by ACM. The loan was used to purchase several multifamily properties by a consortium of investors, which consisted of certain of our officers, including our chief executive officer, who together own 90% of the borrowing entity. The loan has an interest rate of LIBOR plus 5.0% with a LIBOR floor of 1.13% and matures in June 2020. Interest income recorded from this loan totaled $0.5 million for the three months ended March 31, 2018. In the fourth quarter of 2017, we originated two bridge loans totaling $28.0 million on two multifamily properties owned by a consortium of investors, consisting of certain of our officers, including our chief executive officer, who together own 45% in the borrowing entity. The loans have an interest rate of LIBOR plus 5.25% with LIBOR floors ranging from 1.24% to 1.54% and mature in the fourth quarter of 2020. Interest income recorded from these loans totaled $0.5 million for the three months ended March 31, 2018. 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 our chief executive officer, who own an interest of 95% in the borrowing entity. The loan has an interest rate of LIBOR plus 4.5% with a LIBOR floor of 1% and matures in July 2020. Interest income recorded from this loan totaled $0.6 million for the three months ended March 31, 2018. In May 2017, we originated a $46.9 million Fannie Mae loan on a multifamily property owned by a consortium of investors, including certain of our officers, who together own an interest of 21.4% in the borrowing entity. We carry a maximum loss-sharing obligation with Fannie Mae on this loan of up to 5% of the original UPB. Servicing revenue recorded from this loan was less than $0.1 million for the three months ended March 31, 2018. In March 2017, a consortium of investors, including our chief executive officer and ACM, invested $2.0 million for a 26.1% ownership interest in two portfolios of multifamily properties which has two bridge loans totaling $14.8 million originated by us in 2016. The loans have an interest rate of LIBOR plus 5.25% with a LIBOR floor of 0.5% and mature in November 2018. One of the loans was repaid in full in the fourth quarter of 2017 and we received proceeds of $6.5 million. Interest income recorded from these loans totaled $0.2 million for both the three months ended March 31, 2018 and 2017. 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 had a fixed interest rate of 11% and was scheduled to mature in January 2020, however, it was repaid in full in the fourth quarter of 2017. We also entered into an agreement with a consortium of investors consisting of certain of our officers, including our chief executive officer, which admitted them as a member to fund the remaining $5.0 million preferred equity investment, which was generally subordinate to our investment. Interest income recorded from our investment totaled $0.2 million in the three months ended March 31, 2017. In January 2017, Ginkgo Investment Company LLC (“Ginkgo”), of which one of our directors is a 33% managing member, purchased a multifamily apartment complex which assumed an existing $8.3 million Fannie Mae loan that we service. Ginkgo subsequently sold the majority of its interest in this property and owned a 3.6% interest at March 31, 2018. We carry a maximum loss-sharing obligation with Fannie Mae on this loan of up to 20% of the original UPB. Upon the sale, we received a 1% loan assumption fee which was governed by existing loan agreements that were in place when the loan was originated in 2015, prior to such purchase. Servicing revenue recorded from this loan was less than $0.1 million for both the three months ended March 31, 2018 and 2017. In 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 our chief executive officer, who together own interests ranging from 10.5% to 12.0% in the borrowing entities. The loans have an interest rate of LIBOR plus 4.5% with a LIBOR floor of 0.25% and mature in September 2019. In August 2017, a $6.8 million loan on one of the properties paid off in full. Interest income recorded from these loans totaled $0.6 million and $0.7 million for the three months ended March 31, 2018 and 2017, respectively. In 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 our chief executive officer, who together own an interest of 50% in the borrowing entity. The loan has an interest rate of 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 a maturity date extended to May 2018. Interest income recorded from these loans totaled $0.3 million for both the three months ended March 31, 2018 and 2017. In 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 our chief executive officer, who together own an interest of 7.5% in the borrowing entity. The loan had an interest rate of LIBOR plus 4.5% with a LIBOR floor of 0.25% and was scheduled to mature in January 2019. In January 2018, this loan paid off in full. Interest income recorded from this loan totaled $0.3 million for both the three months ended March 31, 2018 and 2017. 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 our chief executive officer, who together own an interest of 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 the three months ended March 31, 2017. 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 our chief executive officer, 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 March 31, 2018 and 2017. 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 ACM. The loan bore interest at a fixed rate of 12.5% and was scheduled to mature in April 2025. In January 2018, this loan paid off in full. Interest income recorded from this loan totaled $0.1 million for both the three months ended March 31, 2018 and 2017. In 2015, we invested $9.6 million for 50% of ACM’s indirect interest in a joint venture with a third party that was formed to invest in a residential mortgage banking business. As a result of this transaction, we had an initial indirect interest of 22.5% in this entity. Since the initial investment, we invested an additional $16.1 million through this joint venture in non-qualified residential mortgages purchased from the mortgage banking business’s origination platform and we received cash distributions totaling $16.4 million (that were classified as returns of capital) as a result of the joint venture selling most of its mortgage assets (which $0.2 million was received in the three months ended March 31, 2018). We recorded income from these investments of $0.1 million in both the three months ended March 31, 2018 and 2017. In connection with a litigation settlement related to this investment, we provided a guaranty of up to 50% of any amounts payable in connection with the settlement. ACM has also provided us with a guaranty to pay up to 50% of any amounts we may pay under this guaranty. Our maximum exposure under this guaranty totals $3.1 million. We have not accrued this amount as we do not believe that we will be required to make any nonrefundable payments under this guaranty. See Note 8—Investments in Equity Affiliates for details. 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 our chief executive officer, and other related parties, who together own an interest of 95%. We had a $1.7 million bridge loan to the joint venture with an interest rate of 5.5% over LIBOR. The loan was repaid in full in the fourth quarter of 2017. Interest income recorded from this loan was less than $0.1 million for the three months ended March 31, 2017. In 2014, we originated a $30.4 million bridge loan for an office property owned by a consortium of investors, including our chief executive officer and his affiliates, who together owned an interest of 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 LIBOR with a LIBOR floor of 1.23% and an August 2020 maturity date. We also originated a $4.6 million mezzanine loan in 2016 to this entity that had a fixed interest rate of 12%, which was repaid in full at maturity in August 2017. In the fourth quarter of 2017, the consortium of investors sold their ownership interest in the borrowing entity. Interest income recorded from these loans totaled $0.8 million for the three months ended March 31, 2017. In 2014, ACM 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 2016, the $5.1 million second mortgage was repaid in full and the $14.6 million first mortgage was extended to April 2018 and paid off at maturity. Interest income recorded from these loans totaled $0.2 million for both the three months ended March 31, 2018 and 2017. In 2011, we restructured a preferred equity investment in 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 2015. As a result of the direct equity investment, we received distributions totaling $0.6 million and $0.7 million for the three months ended March 31, 2018 and 2017, respectively, which were recorded in 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 our chief executive officer 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 March 31, 2018, this debt had an aggregate outstanding balance of $310.3 million and is scheduled to mature between 2019 and 2025. Several of our executives, including our chief financial officer, general counsel and our chairman, chief executive officer and president, hold similar positions for ACM. Our chief executive officer and his affiliated entities (“the Kaufman Entities”) together beneficially own approximately 75% of the outstanding membership interests of ACM and certain of our employees and directors also hold an ownership interest in ACM. Furthermore, one of our directors serves as the trustee and co-trustee of two of the Kaufman Entities that hold membership interests in ACM. Upon the closing of the Acquisition in 2016, we issued 21,230,769 OP Units, each paired with one share of our Special Voting Preferred Shares. In December 2017, ACM distributed 5,780,348 OP Units to its members, which includes the Kaufman Entities and certain of our officers and employees. At March 31, 2018, ACM holds 5,349,053 shares of our common stock and 15,450,421 OP Units, which represents 24.8% of the voting power of our outstanding stock. Our Board of Directors approved a resolution under our charter allowing our chief executive officer and ACM, (which our chief executive officer has a controlling equity interest in), to own more than the 5% ownership interest limit of our common stock as stated in our amended charter.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2018
Segment Information
Segment Information	Note 19 — Segment Information The summarized statements of income and balance sheet data, as well as certain other data, by segment are included in the following tables ($ in thousands). Specifically identifiable costs are recorded directly to each business segment. For items not specifically identifiable, costs have been allocated between the business segments using the most meaningful allocation methodologies, which was predominately direct labor costs (i.e., time spent working on each business segment). Such costs include, but are not limited to, compensation and employee related costs, selling and administrative expenses, management fees (through May 31, 2017 — effective date of the full internalization of our management team and termination of the existing management agreement with ACM) and stock-based compensation. Three Months Ended March 31, 2018 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 income taxes ) Income from equity affiliates — — Benefit from income taxes — — Net income ) Preferred stock dividends — — Net income attributable to noncontrolling interest — — Net income attributable to common stockholders $ $ $ ) $ Three Months Ended March 31, 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 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 $ $ $ ) $ (1) Includes certain corporate expenses not allocated to the two reportable segments, such as financing costs associated with the Acquisition, as well as income allocated to the noncontrolling interest holders. March 31, 2018 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, 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, 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 March 31, 2018 2017 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) % % March 31, 2018 Key Servicing Metrics for Agency Business: UPB of Servicing Wtd. Avg. Servicing Wtd. Avg. Life of Fannie Mae $ Freddie Mac FHA Total $ December 31, 2017 Fannie Mae $ Freddie Mac FHA Total $

Basis of Presentation and Sig28

Basis of Presentation and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2018
Basis of Presentation and Significant Accounting Policies
Basis of Presentation	Basis of Presentation Our interim 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. 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 2017 Annual Report.
Reclassification	Reclassification Certain prior period amounts have been reclassified to conform to the current period presentation. See the following “Recently Adopted Accounting Pronouncements” section for the cash flows impact of the retrospective adoption of Accounting Standards Update (“ASU”) 2016-18, Statement of Cash Flows: Restricted Cash and ASU 2016-15, Statement of Cash Flows.
Principles of Consolidation	Principles of Consolidation These 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 15 — Variable Interest Entities for information about our VIEs. All significant intercompany transactions and balances have been eliminated in consolidation.
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 Since 2014, the Financial Accounting Standards Board (“FASB”) has issued several amendments to its guidance on revenue recognition. The amended guidance, among other things, introduces a new framework for a single comprehensive model that can be used when accounting for revenue and supersedes most current revenue recognition guidance, including that which pertains to specific industries. The core principle states that an entity should recognize revenue to depict the transfer of promised goods or services in an amount that reflects the consideration to which the entity expects to be entitled in exchange for such goods and services. It also requires expanded quantitative and qualitative disclosures that will enable financial statement users to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. Most revenue associated with financial instruments, including interest and loan origination fees, along with gains and losses on investment securities, derivatives and sales of financial instruments are excluded from the scope of the guidance. First quarter of 2018. The adoption of this guidance did not have a material impact on our consolidated financial statements. This standard may impact the timing of gains on certain future sales of real estate. In May 2017, the FASB issued ASU 2017-09, Compensation - Stock Compensation: Scope of Modification Accounting. This ASU clarifies when changes to the terms or conditions of a share-based payment award must be accounted for as modifications. Many entities today apply the modification accounting guidance when any of the terms or conditions of an award are changed, even if the changes are not substantive. Under the new guidance, modification accounting will not apply to a share-based payment award if all of the following are the same immediately before and after the change; (1) the award’s fair value; (2) the award’s vesting conditions; and (3) the award’s classification as an equity or liability instrument. First quarter of 2018. This ASU required prospective adoption, therefore, any future award changes will be evaluated under the amended guidance. In January 2017, the FASB issued ASU 2017-01, Business Combinations: Clarifying the Definition of a Business. This ASU changes the definition of a business to assist with evaluating when a set of transferred assets and activities constitutes a business. The guidance requires an entity to evaluate if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets; if so, the set of transferred assets and activities is not a business. The guidance also requires a business to include at least one substantive process and narrows the definition of outputs. First quarter of 2018. This ASU required prospective adoption, therefore, any future acquisitions will be evaluated under the amended guidance. Description Adoption Date Effect on Financial Statements In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows: Restricted Cash. This ASU requires changes in the total of cash, cash equivalents, restricted cash, and restricted cash equivalents to be shown in the statement of cash flows. Previous guidance required the change in cash and cash equivalents be shown on the statement of cash flows, with cash used to fund restricted cash and restricted cash equivalents shown as a component of operating, investing, or financing activities. Entities are now also required to reconcile the total of cash, cash equivalents, restricted cash, and restricted cash equivalents as presented in the statement of cash flows to the related captions in the balance sheet when these balances are presented separately in the balance sheet. First quarter of 2018. This guidance required retrospective adoption, therefore, we adjusted the cash flow statement for the comparable prior period. The following table shows the impact of the adoption of this gyuidance, as well as the adoption of ASU 2016-15 described below. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows. This ASU provides eight targeted changes to how cash receipts and cash payments are presented and classified in the statement of cash flows. First quarter of 2018. This guidance required retrospective adoption, therefore, we reclassified $0.6 million of proceeds from insurance settlements from net cash provided by operating activities to net cash (used in) provided by investing activities for the three months ended March 31, 2017. In addition, we chose the cummulative earnings approach for distributions received from equity method investees, which did not result in any changes in the way we account for such distributions. The following table shows the impact of the adoption of this guidance, as well as the adoption of ASU 2016-18 described above. (in thousands) Three Months Ended As previously reported under GAAP applicable at the time Cash and cash equivalents at beginning of period $ Net decrease in cash and cash equivalents ) Cash and cash equivalents at end of period Net cash provided by operating activities: changes in operating assets and liabilities ) Net cash (used in) provided by investing activities Net cash provided by (used in) financing activities ) As currently reported under ASU 2016-18 and ASU 2016-15 Cash, cash equivalents and restricted cash at beginning of period $ Net increase in cash, cash equivalents and restricted cash Cash, cash equivalents and restricted cash at end of period Net cash provided by operating activities: changes in operating assets and liabilities ) Net cash (used in) provided by investing activities Net cash provided by (used in) financing activities ) In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall: Consensuses of the FASB Emerging Issues Task Force. This ASU requires that unconsolidated equity investments not accounted for under the equity method be recorded at fair value, with changes in fair value recorded through net income. The accounting principles that permitted available-for-sale classification with unrealized holding gains and losses recorded in other comprehensive income for equity securities will no longer be applicable. In addition, financial liabilities measured using the fair value option will need to present any change in fair value caused by a change in instrument-specific credit risk separately in other comprehensive income. First quarter of 2018. The adoption of this guidance did not have a material impact on our consolidated financial statements. In connection with the adoption of this ASU, we reclassified $0.2 million of unrealized gains on available-for-sale securities from accumulated other comprehensive income to accumulated deficit. Recently Issued Accounting Pronouncements 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 2017 Annual Report. Description Effective Date Effect on Financial Statements In March 2018, the FASB issued ASU 2018-05, Income Taxes: Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118 which allowed SEC registrants to record provisional amounts in earnings for the year ended December 31, 2017 due to complexities involved in accounting for the enacted Tax Cuts and Jobs Act (“Tax Reform”). N/A We recognized the estimated impact of the Tax Reform in our consolidated financial statements for the year ended December 31, 2017.

Basis of Presentation and Sig29

Basis of Presentation and Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2018
Basis of Presentation and Significant Accounting Policies
Schedules of Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements	Recently Adopted Accounting Pronouncements Description Adoption Date Effect on Financial Statements Since 2014, the Financial Accounting Standards Board (“FASB”) has issued several amendments to its guidance on revenue recognition. The amended guidance, among other things, introduces a new framework for a single comprehensive model that can be used when accounting for revenue and supersedes most current revenue recognition guidance, including that which pertains to specific industries. The core principle states that an entity should recognize revenue to depict the transfer of promised goods or services in an amount that reflects the consideration to which the entity expects to be entitled in exchange for such goods and services. It also requires expanded quantitative and qualitative disclosures that will enable financial statement users to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. Most revenue associated with financial instruments, including interest and loan origination fees, along with gains and losses on investment securities, derivatives and sales of financial instruments are excluded from the scope of the guidance. First quarter of 2018. The adoption of this guidance did not have a material impact on our consolidated financial statements. This standard may impact the timing of gains on certain future sales of real estate. In May 2017, the FASB issued ASU 2017-09, Compensation - Stock Compensation: Scope of Modification Accounting. This ASU clarifies when changes to the terms or conditions of a share-based payment award must be accounted for as modifications. Many entities today apply the modification accounting guidance when any of the terms or conditions of an award are changed, even if the changes are not substantive. Under the new guidance, modification accounting will not apply to a share-based payment award if all of the following are the same immediately before and after the change; (1) the award’s fair value; (2) the award’s vesting conditions; and (3) the award’s classification as an equity or liability instrument. First quarter of 2018. This ASU required prospective adoption, therefore, any future award changes will be evaluated under the amended guidance. In January 2017, the FASB issued ASU 2017-01, Business Combinations: Clarifying the Definition of a Business. This ASU changes the definition of a business to assist with evaluating when a set of transferred assets and activities constitutes a business. The guidance requires an entity to evaluate if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets; if so, the set of transferred assets and activities is not a business. The guidance also requires a business to include at least one substantive process and narrows the definition of outputs. First quarter of 2018. This ASU required prospective adoption, therefore, any future acquisitions will be evaluated under the amended guidance. Description Adoption Date Effect on Financial Statements In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows: Restricted Cash. This ASU requires changes in the total of cash, cash equivalents, restricted cash, and restricted cash equivalents to be shown in the statement of cash flows. Previous guidance required the change in cash and cash equivalents be shown on the statement of cash flows, with cash used to fund restricted cash and restricted cash equivalents shown as a component of operating, investing, or financing activities. Entities are now also required to reconcile the total of cash, cash equivalents, restricted cash, and restricted cash equivalents as presented in the statement of cash flows to the related captions in the balance sheet when these balances are presented separately in the balance sheet. First quarter of 2018. This guidance required retrospective adoption, therefore, we adjusted the cash flow statement for the comparable prior period. The following table shows the impact of the adoption of this gyuidance, as well as the adoption of ASU 2016-15 described below. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows. This ASU provides eight targeted changes to how cash receipts and cash payments are presented and classified in the statement of cash flows. First quarter of 2018. This guidance required retrospective adoption, therefore, we reclassified $0.6 million of proceeds from insurance settlements from net cash provided by operating activities to net cash (used in) provided by investing activities for the three months ended March 31, 2017. In addition, we chose the cummulative earnings approach for distributions received from equity method investees, which did not result in any changes in the way we account for such distributions. The following table shows the impact of the adoption of this guidance, as well as the adoption of ASU 2016-18 described above. (in thousands) Three Months Ended As previously reported under GAAP applicable at the time Cash and cash equivalents at beginning of period $ Net decrease in cash and cash equivalents ) Cash and cash equivalents at end of period Net cash provided by operating activities: changes in operating assets and liabilities ) Net cash (used in) provided by investing activities Net cash provided by (used in) financing activities ) As currently reported under ASU 2016-18 and ASU 2016-15 Cash, cash equivalents and restricted cash at beginning of period $ Net increase in cash, cash equivalents and restricted cash Cash, cash equivalents and restricted cash at end of period Net cash provided by operating activities: changes in operating assets and liabilities ) Net cash (used in) provided by investing activities Net cash provided by (used in) financing activities ) In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall: Consensuses of the FASB Emerging Issues Task Force. This ASU requires that unconsolidated equity investments not accounted for under the equity method be recorded at fair value, with changes in fair value recorded through net income. The accounting principles that permitted available-for-sale classification with unrealized holding gains and losses recorded in other comprehensive income for equity securities will no longer be applicable. In addition, financial liabilities measured using the fair value option will need to present any change in fair value caused by a change in instrument-specific credit risk separately in other comprehensive income. First quarter of 2018. The adoption of this guidance did not have a material impact on our consolidated financial statements. In connection with the adoption of this ASU, we reclassified $0.2 million of unrealized gains on available-for-sale securities from accumulated other comprehensive income to accumulated deficit. Recently Issued Accounting Pronouncements Description Effective Date Effect on Financial Statements In March 2018, the FASB issued ASU 2018-05, Income Taxes: Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118 which allowed SEC registrants to record provisional amounts in earnings for the year ended December 31, 2017 due to complexities involved in accounting for the enacted Tax Cuts and Jobs Act (“Tax Reform”). N/A We recognized the estimated impact of the Tax Reform in our consolidated financial statements for the year ended December 31, 2017.

Loans and Investments (Tables)

Loans and Investments (Tables)	3 Months Ended
	Mar. 31, 2018
Loans and Investments
Schedule of composition of company's structured business loan and investment portfolio	The following tables set forth the composition of our Structured Business loan and investment portfolio ($ in thousands): March 31, 2018 Percent of Loan Wtd. Avg. Wtd. Avg. Wtd. Avg. Wtd. Avg. Bridge loans $ % % % % Preferred equity investments % % % % Mezzanine loans % % % % % % % % Allowance for loan losses ) Unearned revenue ) Loans and investments, net $ December 31, 2017 Bridge loans $ % % % % Preferred equity investments % % % % Mezzanine 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.
Summary of the loan portfolio's weighted average internal risk ratings and LTV ratios by asset class	A summary of the loan portfolio’s weighted average internal risk ratings and LTV ratios by asset class is as follows ($ in thousands): March 31, 2018 Asset Class UPB Percentage of Wtd. Avg. Wtd. Avg. Wtd. Avg. Multifamily $ % pass/watch % % Self Storage % pass/watch % % Land % substandard % % Office % special mention % % Hotel % pass/watch % % Healthcare % pass/watch % % Retail % pass/watch % % Commercial <1 % doubtful % % Total $ % pass/watch % % December 31, 2017 Multifamily $ % pass/watch % % Self Storage % pass % % Land % substandard % % Office % pass/watch % % Hotel % special mention % % Healthcare % pass/watch % % Retail % pass/watch % % Commercial <1 % doubtful % % Total $ % pass/watch % %
Summary of the changes in the allowance for loan losses	A summary of the changes in the allowance for loan losses is as follows (in thousands): Three Months Ended March 31, 2018 2017 Allowance at beginning of period $ $ Provision for loan losses — Recoveries of reserves — ) Allowance at end of period $ $
Summary of the company's impaired loans by asset class	A summary of our impaired loans by asset class is as follows (in thousands): March 31, 2018 Three Months Ended March 31, 2018 Asset Class UPB Carrying Value (1) Allowance for Average Recorded Interest Income Land $ $ $ $ $ — Hotel — Office Commercial — Total $ $ $ $ $ December 31, 2017 Three Months Ended March 31, 2017 Land $ $ $ $ $ — Hotel Office Commercial — Multifamily — — — Total $ $ $ $ $ (1) Represents the UPB of five impaired loans (less unearned revenue and other holdbacks and adjustments) by asset class at both March 31, 2018 and December 31, 2017. (2) Represents an average of the beginning and ending UPB of each asset class.
Summary of the company's non-performing loans by asset class	A summary of our non-performing loans by asset class is as follows (in thousands): March 31, 2018 December 31, 2017 Asset Class Carrying Value Less Than 90 Greater Than Carrying Less Than 90 Greater Than Hotel $ $ — $ $ $ — $ Commercial — — Total $ $ — $ $ $ — $

Loans Held-for-Sale, Net (Table

Loans Held-for-Sale, Net (Tables)	3 Months Ended
	Mar. 31, 2018
Loans Held-for-Sale, Net
Summary of loans held-for-sale, net	Loans held-for-sale, net consists of the following (in thousands): March 31, 2018 December 31, 2017 Fannie Mae $ $ Freddie Mac FHA Fair value of future MSR Unearned discount ) ) Loans held-for-sale, net $ $

Capitalized Mortgage Servicin32

Capitalized Mortgage Servicing Rights (Tables) - MSRs	3 Months Ended
	Mar. 31, 2018
Capitalized Mortgage Servicing Rights
Summary of capitalized MSR activity	A summary of our capitalized MSR activity is as follows (in thousands): Three Months Ended March 31, 2018 Acquired Originated Total Balance at beginning of period $ $ $ Additions — Amortization ) ) ) Write-downs and payoffs ) ) ) Balance at end of period $ $ $ Three Months Ended March 31, 2017 Balance at beginning of period $ $ $ Additions — Amortization ) ) ) Write-downs and payoffs ) — ) Balance at end of period $ $ $
Schedule of expected amortization of capitalized MSRs recorded	Actual amortization may vary from these estimates (in thousands). Year Amortization 2018 (nine months ending 12/31/2018) $ 2019 2020 2021 2022 2023 Thereafter Total $

Mortgage Servicing (Tables)

Mortgage Servicing (Tables)	3 Months Ended
	Mar. 31, 2018
MSRs
Mortgage Servicing
Schedule of product and geographic concentrations in servicing revenue	An analysis of the product and geographic concentrations that impact our servicing revenue is as follows ($ in thousands): March 31, 2018 Product Concentrations Geographic Concentrations Percent of UPB Product UPB Total State of Total Fannie Mae $ % Texas % Freddie Mac % North Carolina % FHA % California % Total $ % New York % Georgia % Florida % Other (1) % Total % December 31, 2017 Product Concentrations Geographic Concentrations Percent of UPB Product UPB Total State of Total Fannie Mae $ % Texas % Freddie Mac % North Carolina % FHA % California % Total $ % New York % Georgia % Florida % Other (1) % Total % (1) No other individual state represented 4% or more of the total.

Securities Held-to-Maturity (Ta

Securities Held-to-Maturity (Tables)	3 Months Ended
	Mar. 31, 2018
Securities Held-to-Maturity
Summary of the held-to-maturity securities	The following is a summary of the held-to-maturity securities we held (in thousands): March 31, 2018 Face Value Carrying Value Unrealized Estimated Fair B Piece bonds $ $ $ $ December 31, 2017 B Piece bonds $ $ $ $

Investments in Equity Affilia35

Investments in Equity Affiliates (Tables)	3 Months Ended
	Mar. 31, 2018
Investments in Equity Affiliates
Summary of the company's investments in equity affiliates	The following is a summary of our investments in equity affiliates (in thousands): Investments in Equity Affiliates at UPB of Loans to Equity Affiliates March 31, 2018 December 31, 2017 March 31, 2018 Arbor Residential Investor LLC $ $ $ — West Shore Café Lightstone Value Plus REIT L.P. — JT Prime — East River Portfolio — — — Lexford Portfolio — — — Total $ $ $

Real Estate Owned and Held-For-

Real Estate Owned and Held-For-Sale (Tables)	3 Months Ended
	Mar. 31, 2018
Real Estate Owned
Schedule of real estate owned	March 31, 2018 December 31, 2017 (in thousands) Hotel Office Total Hotel Office Total Land $ $ $ $ $ $ Building and intangible assets Less: Impairment loss ) ) ) ) ) ) Less: Accumulated depreciation and amortization ) ) ) ) ) ) Real estate owned, net $ $ $ $ $ $

Debt Obligations (Tables)

Debt Obligations (Tables)	3 Months Ended
	Mar. 31, 2018
Debt Obligations
Schedule of face amount and gain on extinguishment of the company's CDO bonds repurchased by bond class	Borrowings and the corresponding collateral under our Debt Fund are as follows ($ in thousands): March 31, 2018 Debt Collateral (3) Loans Cash Face Value Carrying Wtd. Avg. UPB Carrying Value Restricted $ $ % $ $ $ — December 31, 2017 $ $ % $ $ $ (1) Debt carrying value is net of $1.8 million and $1.9 million of deferred financing fees at March 31, 2018 and December 31, 2017, respectively. (2) At March 31, 2018 and December 31, 2017, the aggregate weighted average note rate, including certain fees and costs, was 6.51% and 6.05%, respectively. (3) At both March 31, 2018 and December 31, 2017, there was no collateral at risk of default or deemed to be a “credit risk.” (4) Represents restricted cash held for reinvestment. Does not include restricted cash related to interest payments, delayed fundings and expenses.
Schedule of face value, unamortized discount and net carrying value of the liability and equity components	The UPB, unamortized discount and net carrying amount of the liability and equity components of the notes were as follows (in thousands): Liability Equity Component Component Period UPB Unamortized Debt Unamortized Deferred Net Carrying Net Carrying March 31, 2018 $ $ $ $ $ December 31, 2017 $ $ $ $ $
Credit Facilities and Repurchase Agreements
Debt Obligations
Schedule of borrowings	The following table outlines borrowings under our credit facilities and repurchase agreements ($ in thousands): March 31, 2018 December 31, 2017 Current Extended Note Rate Debt Carrying Collateral Wtd. Debt Carrying Collateral Wtd. Avg. Structured Business $300 million repurchase facility Mar. 2020 Mar. 2021 L + 1.75% $ $ % $ $ % $100 million repurchase facility June 2019 N/A L + 2.00% % % $75 million credit facility Dec. 2018 N/A L + 2.00% % — — — $75 million credit facility June 2018 N/A L + 2.00% % % $50 million credit facility Feb. 2019 N/A 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% % % $23.2 million credit facility Feb. 2020 Feb. 2021 L + 2.30% % — — — $20 million credit facility Mar. 2020 Mar. 2021 L + 2.50% % — — — $10 million working capital facility June 2018 N/A L + 2.50% — — — — % $7.5 million credit facility Aug. 2018 N/A L + 2.75% % % Repurchase facility - securities N/A N/A L + 2.50% — % — % $3 million master security agreement Oct. 2020 N/A 2.96% to 3.42% — % — % $2.2 million master security agreement Mar. 2021 N/A 4.60% — % — — — Structured Business total $ $ % $ $ % Agency Business $500 million ASAP agreement (2) N/A N/A L + 1.05% $ $ % $ $ % $150 million credit facility Jan. 2019 N/A L + 1.30% % % $150 million credit facility July 2018 N/A L + 1.35% % % $100 million credit facility (3) June 2018 N/A L + 1.30% % % $100 million repurchase facility Aug. 2018 N/A L + 1.35% % % Agency Business total $ $ % $ $ % Consolidated total $ $ % $ $ % (1) The debt carrying value for the Structured Business at March 31, 2018 and December 31, 2017 was net of unamortized deferred finance costs of $3.4 million and $2.2 million, respectively. The debt carrying value for the Agency Business at March 31, 2018 and December 31, 2017 was net of unamortized deferred finance costs of $0.3 million and $0.2 million, respectively. (2) The note rate under this agreement is subject to a LIBOR Floor of 35 basis points. (3) The committed amount under the facility was temporarily increased to $250.0 million, which expired in January 2018.
CLOs
Debt Obligations
Schedule of borrowings	The following table outlines borrowings and the corresponding collateral under our CLOs ($ in thousands): Debt Collateral (3) Loans Cash March 31, 2018 Face Value Carrying Value Wtd. Avg. UPB Carrying Value Restricted CLO IX $ $ % $ $ $ — CLO VIII % CLO VII % CLO VI % CLO V % Total CLOs $ $ % $ $ $ December 31, 2017 CLO IX $ $ % $ $ $ CLO VIII % CLO VII % CLO VI % CLO V % Total CLOs $ $ % $ $ $ (1) Debt carrying value is net of $16.4 million and $17.9 million of deferred financing fees at March 31, 2018 and December 31, 2017, respectively. (2) At March 31, 2018 and December 31, 2017, the aggregate weighted average note rate for our CLOs, including certain fees and costs, was 4.37% and 4.08%, respectively. (3) As of March 31, 2018 and December 31, 2017, there was no collateral at risk of default or deemed to be a “credit risk” as defined by the CLO indenture. (4) Represents restricted cash held for principal repayments as well as for reinvestment in the CLOs. Does not include restricted cash related to interest payments, delayed fundings and expenses.
Summary of the company's CLO compliance tests as of the most recent determination dates	A summary of our CLO compliance tests as of the most recent determination dates in April 2018 is as follows: Cash Flow Triggers CLO V CLO VI CLO VII CLO VIII CLO IX Overcollateralization (1) Current % % % % % Limit % % % % % Pass / Fail Pass Pass Pass Pass Pass Interest Coverage (2) Current % % % % % Limit % % % % % Pass / Fail Pass Pass Pass Pass Pass (1) The overcollateralization ratio divides the total principal balance of all collateral in the CLO by the total principal balance of the bonds associated with the applicable ratio. To the extent an asset is considered a defaulted security, the asset’s principal balance for purposes of the overcollateralization test is the lesser of the asset’s market value or the principal balance of the defaulted asset multiplied by the asset’s recovery rate which is determined by the rating agencies. Rating downgrades of CLO collateral will generally not have a direct impact on the principal balance of a CLO asset for purposes of calculating the CLO overcollateralization test unless the rating downgrade is below a significantly low threshold (e.g. CCC-) as defined in each CLO vehicle. (2) The interest coverage ratio divides interest income by interest expense for the classes senior to those retained by us.
Summary of the Company's CLO overcollateralization ratios	Determination (1) CLO V CLO VI CLO VII CLO VIII CLO IX April 2018 % % % % % January 2018 % % % % % October 2017 % % % % — July 2017 % % % — — April 2017 % % — — — (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 Ob38

Allowance for Loss-Sharing Obligations (Tables)	3 Months Ended
	Mar. 31, 2018
Allowance for Loss-Sharing Obligations
Summary of allowance for loss-sharing obligations related to Fannie Mae DUS program	A summary of our allowance for loss-sharing obligations related to the Fannie Mae DUS program is as follows (in thousands): Three Months Ended March 31, 2018 2017 Beginning balance $ $ Provisions for loss sharing Provisions reversal for loan repayments ) ) Charge-offs, net ) Ending balance $ $

Derivative Financial Instrume39

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2018
Agency Business
Schedule of non-qualifying derivative financial instruments	The following is a summary of our non-qualifying derivative financial instruments held by our Agency Business ($ in thousands): March 31, 2018 Fair Value Derivative Count Notional Balance Sheet Derivative Derivative Rate Lock Commitments 8 $ Other Assets/ Other Liabilities $ $ ) Forward Sale Commitments 63 Other Assets/ Other Liabilities ) $ $ $ ) December 31, 2017 Rate Lock Commitments 3 $ Other Assets/ Other Liabilities $ $ ) Forward Sale Commitments 75 Other Assets/ Other Liabilities ) $ $ $ )

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended
	Mar. 31, 2018
Fair Value
Summary of the principal amounts, carrying values and the estimated fair values of the Company's financial instruments	The following table summarizes the principal amounts, carrying values and the estimated fair values of our financial instruments (in thousands): March 31, 2018 December 31, 2017 Principal / Carrying Estimated Principal / Carrying Estimated Financial assets: Loans and investments, net $ $ $ $ $ $ Loans held-for-sale, net Capitalized mortgage servicing rights, net n/a n/a Securities held-to-maturity, net Derivative financial instuments Financial liabilities: Credit and repurchase facilities $ $ $ $ $ $ Collateralized loan obligations Debt fund 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 values of these financial assets and liabilities were determined using the following input levels as of March 31, 2018 (in thousands): Fair Value Measurements Using Fair Carrying Fair Value Level 1 Level 2 Level 3 Financial assets: 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 March 31, 2018 (in thousands): Fair Value Measurements Using Fair Net Carrying Fair Value Level 1 Level 2 Level 3 Financial assets: Impaired loans, net (1 ) $ $ $ — $ — $ (1) We had an allowance for loan losses of $63.1 million relating to five loans with an aggregate carrying value, before loan loss reserves, of $163.9 million at March 31, 2018.
Schedule of quantitative information about Level 3 fair value measurements	Quantitative information about Level 3 fair value measurements at March 31, 2018 were as follows ($ in thousands): Valuation Fair Value Techniques Significant Unobservable Inputs Financial assets: Impaired loans: Discount rate % Land $ Discounted cash flows Capitalization rate % Revenue growth rate % Discount rate % Hotel Discounted cash flows Capitalization rate % Revenue growth rate % Discount rate % Office Discounted cash flows Capitalization rate % Revenue growth rate % Derivative financial instruments: Rate lock commitments Discounted cash flows W/A discount rate %
Schedule of roll forward of Level 3 derivative instruments	A roll-forward of Level 3 derivative instruments were as follows (in thousands): Fair Value Measurements Using Three Months Ended March 31, 2018 2017 Derivative assets and liabilities, net Balance at beginning of period $ $ 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	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 (in thousands): March 31, 2018 Notional/ Fair Value of Interest Rate Total Fair Value 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 MSRs.
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 March 31, 2018 (in thousands): 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 — — Debt fund — — Senior unsecured notes — Convertible senior unsecured notes, net — — Junior subordinated notes — —

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	3 Months Ended
	Mar. 31, 2018
Variable Interest Entities
Schedule of the assets and liabilities related to the consolidated CLOs and Debt Fund	The assets and liabilities related to these consolidated CLOs and Debt Fund are as follows (in thousands): March 31, 2018 December 31, 2017 Assets: Restricted cash $ $ Loans and investments, net Other assets Total assets $ $ Liabilities: Collateralized loan obligations $ $ Debt fund 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 March 31, 2018 (in thousands): Type Carrying Amount (1) Loans $ B Piece bonds Agency interest only strips Equity investments Total $ (1) Represents the carrying amount of loans and investments before reserves. At March 31, 2018, $162.2 million of loans to VIEs had corresponding loan loss reserves of $61.4 million. See Note 3 — Loans and Investments for details. In addition, the maximum loss exposure as of March 31, 2018 would not exceed the carrying amount of our investment.

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2018
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 three months ended March 31, 2018: Common Stock Preferred Stock Dividend (1) Declaration Date Dividend Declaration Date Series A Series B Series C February 21, 2018 $ February 2, 2018 $ $ $ (1) The dividend declared on February 2, 2018 was for December 1, 2017 through February 28, 2018.
Schedule of reconciliation of the numerator and denominator of the basic and diluted EPS computations	The following tables reconcile the numerator and denominator of our basic and diluted EPS computations ($ in thousands, except share and per share data): Three Months Ended March 31, 2018 2017 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 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 holders have voting rights, the right to distributions and the right to redeem the OP Units for the cash value of a corresponding number of shares of common stock or a corresponding number of shares of common stock, at our election. (3) Mr. Kaufman is granted restricted stock units annually, 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.

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2018
Segment Information
Schedule of statement of income and balance sheet by segment	Three Months Ended March 31, 2018 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 income taxes ) Income from equity affiliates — — Benefit from income taxes — — Net income ) Preferred stock dividends — — Net income attributable to noncontrolling interest — — Net income attributable to common stockholders $ $ $ ) $ Three Months Ended March 31, 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 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 $ $ $ ) $ (1) Includes certain corporate expenses not allocated to the two reportable segments, such as financing costs associated with the Acquisition, as well as income allocated to the noncontrolling interest holders. March 31, 2018 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, 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, 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 March 31, 2018 2017 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) % %
Schedule of key servicing metrics for Agency Business	March 31, 2018 Key Servicing Metrics for Agency Business: UPB of Servicing Wtd. Avg. Servicing Wtd. Avg. Life of Fannie Mae $ Freddie Mac FHA Total $ December 31, 2017 Fannie Mae $ Freddie Mac FHA Total $

Description of Business (Detail

Description of Business (Details)	3 Months Ended
	Mar. 31, 2018segment
Description of Business
Number of business segments	2

Basis of Presentation and Sig45

Basis of Presentation and Significant Accounting Policies, Recently Adopted Accounting Pronouncements (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Recently Adopted Accounting Pronouncements
Proceeds from insurance settlements from net cash provided by operating activities	$ 2,278	$ 647
Cash and cash equivalents at beginning of period	104,374
Cash, cash equivalents and restricted cash at beginning of period	243,772	167,960
Net increase in cash, cash equivalents and restricted cash	(9,565)	52,146
Cash and cash equivalents at end of period	102,548
Cash, cash equivalents and restricted cash at end of period	234,207	220,106
Net cash provided by operating activities: change in operating assets and liabilities	(18,961)	(42,967)
Net cash (used in) provided by investing activities	(158,974)	45,003
Net cash provided by (used in) financing activities	128,612	(65,430)
Reclassification of net unrealized gains on available-for-sale securities into accumulated deficit		29
Accumulated deficit	(88,528)		$ (101,926)
ASU 2016-15
Recently Adopted Accounting Pronouncements
Proceeds from insurance settlements from net cash provided by operating activities		600
Net cash (used in) provided by investing activities		(600)
Previously reported under GAAP
Recently Adopted Accounting Pronouncements
Cash and cash equivalents at beginning of period		138,645
Net decrease in cash and cash equivalents		(33,802)
Cash and cash equivalents at end of period		104,843
Net cash provided by operating activities: change in operating assets and liabilities		(42,461)
Net cash (used in) provided by investing activities		44,356
Net cash provided by (used in) financing activities		(151,398)
ASU 2016-18 and ASU 2016-15
Recently Adopted Accounting Pronouncements
Cash, cash equivalents and restricted cash at beginning of period		167,960
Net increase in cash, cash equivalents and restricted cash		52,146
Cash, cash equivalents and restricted cash at end of period		220,106
Net cash provided by operating activities: change in operating assets and liabilities		(42,967)
Net cash (used in) provided by investing activities		45,003
Net cash provided by (used in) financing activities		$ (65,430)
ASU 2016-01
Recently Adopted Accounting Pronouncements
Reclassification of net unrealized gains on available-for-sale securities into accumulated deficit	(200)
Accumulated deficit	$ 200

Loans and Investments (Details)

Loans and Investments (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2018USD ($)borrowerloan	Dec. 31, 2017USD ($)borrowerloan	Mar. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Loans and Investments
Loans and investments, gross	$ 2,776,422	$ 2,652,538
Unearned revenue	(11,217)	(10,628)
Allowance for loan losses	(63,108)	(62,783)	$ (83,016)	$ (83,712)
Loans and investments, net	$ 2,702,097	$ 2,579,127
Percent of Total	100.00%	100.00%
Loan Count | loan	173	170
Wtd. Avg. Pay Rate (as a percent)	6.57%	6.28%
Wtd. Avg. Remaining Months to Maturity	22 months 18 days	23 months 18 days
Wtd. Avg. First Dollar LTV Ratio (as percent)	5.00%	4.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	73.00%	73.00%
Number of loans and investments | loan	8	8
Higher-risk
Loans and Investments
Wtd. Avg. Last Dollar LTV Ratio (as percent)	93.00%	93.00%
Carrying value of loans	$ 126,900	$ 126,500
Total assets | Credit risk concentration
Loans and Investments
Loan Count | loan	41	42
Number of different borrowers | borrower	5	5
Concentration risk, percentage	23.00%	24.00%
Bridge loans
Loans and Investments
Loans and investments, gross	$ 2,502,574	$ 2,422,105
Percent of Total	90.00%	91.00%
Loan Count | loan	153	150
Wtd. Avg. Pay Rate (as a percent)	6.41%	6.10%
Wtd. Avg. Remaining Months to Maturity	19 months 18 days	20 months 27 days
Wtd. Avg. First Dollar LTV Ratio (as percent)	0.00%	0.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	72.00%	72.00%
Preferred equity investments
Loans and Investments
Loans and investments, gross	$ 188,872	$ 142,892
Percent of Total	7.00%	6.00%
Loan Count | loan	13	12
Wtd. Avg. Pay Rate (as a percent)	6.77%	6.47%
Wtd. Avg. Remaining Months to Maturity	63 months 15 days	68 months 21 days
Wtd. Avg. First Dollar LTV Ratio (as percent)	58.00%	64.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	88.00%	90.00%
Mezzanine loans
Loans and Investments
Loans and investments, gross	$ 84,976	$ 87,541
Percent of Total	3.00%	3.00%
Loan Count | loan	7	8
Wtd. Avg. Pay Rate (as a percent)	10.81%	10.78%
Wtd. Avg. Remaining Months to Maturity	19 months 27 days	24 months 24 days
Wtd. Avg. First Dollar LTV Ratio (as percent)	20.00%	20.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	66.00%	63.00%

Loans and Investments, Risk Rat

Loans and Investments, Risk Ratings and LTV Ratios (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Loans and Investments
Percentage of Portfolio	100.00%	100.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	5.00%	4.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	73.00%	73.00%
Credit risk concentration | Pass/watch
Loans and Investments
Unpaid Principal Balance (UPB)	$ 2,776,422	$ 2,652,538
Percentage of Portfolio	100.00%	100.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	5.00%	4.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	73.00%	73.00%
Credit risk concentration | Loans and investments portfolio | New York
Loans and Investments
Concentration risk, percentage	21.00%	21.00%
Credit risk concentration | Loans and investments portfolio | California
Loans and Investments
Concentration risk, percentage	11.00%	11.00%
Credit risk concentration | Loans and investments portfolio | Texas
Loans and Investments
Concentration risk, percentage	21.00%	23.00%
Credit risk concentration | Multifamily | Pass/watch
Loans and Investments
Unpaid Principal Balance (UPB)	$ 2,049,398	$ 1,925,529
Percentage of Portfolio	74.00%	73.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	4.00%	4.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	72.00%	72.00%
Credit risk concentration | Self Storage | Pass
Loans and Investments
Unpaid Principal Balance (UPB)		$ 301,830
Percentage of Portfolio		11.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)		0.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)		71.00%
Credit risk concentration | Self Storage | Pass/watch
Loans and Investments
Unpaid Principal Balance (UPB)	$ 301,830
Percentage of Portfolio	11.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	0.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	71.00%
Credit risk concentration | Land | Substandard
Loans and Investments
Unpaid Principal Balance (UPB)	$ 132,903	$ 132,828
Percentage of Portfolio	5.00%	5.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	0.00%	0.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	91.00%	90.00%
Credit risk concentration | Office | Pass/watch
Loans and Investments
Unpaid Principal Balance (UPB)		$ 107,853
Percentage of Portfolio		4.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)		1.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)		64.00%
Credit risk concentration | Office | Special mention
Loans and Investments
Unpaid Principal Balance (UPB)	$ 107,818
Percentage of Portfolio	4.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	1.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	65.00%
Credit risk concentration | Hotel | Pass/watch
Loans and Investments
Unpaid Principal Balance (UPB)	$ 90,725
Percentage of Portfolio	3.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	35.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	79.00%
Credit risk concentration | Hotel | Special mention
Loans and Investments
Unpaid Principal Balance (UPB)		$ 90,725
Percentage of Portfolio		3.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)		37.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)		81.00%
Credit risk concentration | Healthcare | Pass/watch
Loans and Investments
Unpaid Principal Balance (UPB)	$ 55,615	$ 55,615
Percentage of Portfolio	2.00%	2.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	0.00%	0.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	77.00%	74.00%
Credit risk concentration | Retail | Pass/watch
Loans and Investments
Unpaid Principal Balance (UPB)	$ 36,433	$ 36,458
Percentage of Portfolio	1.00%	1.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	8.00%	8.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	66.00%	66.00%
Credit risk concentration | Commercial | Doubtful
Loans and Investments
Unpaid Principal Balance (UPB)	$ 1,700	$ 1,700
Percentage of Portfolio	1.00%	1.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	63.00%	63.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	63.00%	63.00%

Loans and Investments, Impaired

Loans and Investments, Impaired Loans and Allowance for Loan Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Changes in allowance for loan losses
Allowance at beginning of period	$ 62,783	$ 83,712
Provision for loan losses	325
Recoveries of reserves		(696)
Allowance at end of period	$ 63,108	$ 83,016

Loans and Investments, Charge-o

Loans and Investments, Charge-offs and Recoveries Narratives (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)loan	Dec. 31, 2017USD ($)	Mar. 31, 2017USD ($)loan	Dec. 31, 2016USD ($)
Loans and Investments
Number of loans for which no provision for loan loss made | loan	0		0
Provision for loan losses	$ 63,108	$ 62,783	$ 83,016	$ 83,712
Six loans collateralized by a land development project | Maturity date of September 2018
Loans and Investments
Unpaid principal balance on loans	$ 120,400
Number of loans with unpaid principal balance | loan	6
Five loans collateralized by a land development project | Maturity date of September 2018
Loans and Investments
Unpaid principal balance on loans	$ 111,000
Weighted average accrual rate of interest (as a percent)	8.80%
Provision for loan losses	$ 49,400	$ 49,400
Number of loans with unpaid principal balance | loan	5

Loans and Investments, Summary

Loans and Investments, Summary of impaired loans (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)loan	Mar. 31, 2017USD ($)	Dec. 31, 2017USD ($)loan
Loans and Investments
Unpaid Principal Balance (UPB)	$ 170,144		$ 169,824
Carrying Value	163,907		163,550
Allowance for Loan Losses	63,108		$ 62,783
Average Recorded Investment	169,985	$ 197,247
Interest Income Recognized	$ 29	357
Number of impaired loans | loan	5		5
Land
Loans and Investments
Unpaid Principal Balance (UPB)	$ 131,411		$ 131,086
Carrying Value	125,174		124,812
Allowance for Loan Losses	54,208		53,883
Average Recorded Investment	131,249	131,086
Hotel
Loans and Investments
Unpaid Principal Balance (UPB)	34,750		34,750
Carrying Value	34,750		34,750
Allowance for Loan Losses	5,700		5,700
Average Recorded Investment	34,750	34,750
Interest Income Recognized		310
Office
Loans and Investments
Unpaid Principal Balance (UPB)	2,283		2,288
Carrying Value	2,283		2,288
Allowance for Loan Losses	1,500		1,500
Average Recorded Investment	2,286	27,560
Interest Income Recognized	29	25
Commercial
Loans and Investments
Unpaid Principal Balance (UPB)	1,700		1,700
Carrying Value	1,700		1,700
Allowance for Loan Losses	1,700		$ 1,700
Average Recorded Investment	$ 1,700	1,700
Multifamily
Loans and Investments
Average Recorded Investment		2,151
Interest Income Recognized		$ 22

Loans and Investments, Non-perf

Loans and Investments, Non-performing Loans (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2018USD ($)loan	Dec. 31, 2017USD ($)loan
Non-performing loans by asset class
Number of loans | loan	173	170
Carrying Value	$ 0	$ 0
Non-performing loans
Non-performing loans by asset class
Number of loans | loan	2	2
Carrying value of loans	$ 29,100	$ 29,100
Loan loss reserves	7,400	7,400
Carrying Value	36,450	36,450
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	36,450	36,450
Hotel | Non-performing loans
Non-performing loans by asset class
Carrying Value	34,750	34,750
Hotel | Greater Than 90 Days Past Due | Non-performing loans
Non-performing loans by asset class
Past Due, Non-performing Loans	34,750	34,750
Commercial | Non-performing loans
Non-performing loans by asset class
Carrying Value	1,700	1,700
Commercial | Greater Than 90 Days Past Due | Non-performing loans
Non-performing loans by asset class
Past Due, Non-performing Loans	$ 1,700	$ 1,700

Loans and Investments, Interest

Loans and Investments, Interest Reserves (Details) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2018USD ($)loan	Dec. 31, 2017USD ($)loan
Loans and Investments
Interest reserve held	$ 46.3	$ 52.5
Number of loans covered under interest reserve | loan	84	81
Aggregate UPB covered under interest reserve	$ 1,660	$ 1,570

Loans Held-for-Sale, Net (Detai

Loans Held-for-Sale, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Loans Held-for-Sale, Net
Loans held-for-sale	$ 281,761		$ 292,249
Fair value of future MSR	5,200		5,806
Unearned discount	(636)		(612)
Loans held-for-sale, net	$ 286,325		297,443
Maximum number of days held-for-sale loans are typically sold	60 days
Loans with non-accrual status	$ 0		0
Sale of loans held-for-sale excluding acquired loans	1,060,000	$ 1,360,000
Gain on sale of loans held-for-sale	17,400	$ 18,100
Greater Than 90 Days Past Due
Loans Held-for-Sale, Net
Loans past due	0		0
Fannie Mae
Loans Held-for-Sale, Net
Loans held-for-sale, net	178,222		243,717
Freddie Mac
Loans Held-for-Sale, Net
Loans held-for-sale, net	77,180		47,545
FHA
Loans Held-for-Sale, Net
Loans held-for-sale, net	$ 26,359		$ 987

Capitalized Mortgage Servicin54

Capitalized Mortgage Servicing Rights (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Capitalized Mortgage Servicing Rights
Balance at beginning of period	$ 252,608
Balance at end of period	255,732		$ 252,608
Valuation allowance	0		0
MSRs
Capitalized Mortgage Servicing Rights
Balance at beginning of period	252,608	$ 227,743	227,743
Additions	19,800	26,469
Amortization	(11,865)	(11,888)
Write-downs and payoffs	(4,811)	(3,393)
Balance at end of period	255,732	238,931	$ 252,608
Prepayment fees	3,700	2,000
Expected amortization of capitalized MSRs balances
2018 (nine months ending 12/31/2018)	35,767
2,019	44,539
2,020	39,231
2,021	31,900
2,022	25,314
2,023	20,802
Thereafter	58,179
Finite-lived intangible assets, net	$ 255,732
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	12.00%
Estimated life remaining	7 years 2 months 12 days		7 years 2 months 12 days
Acquired MSRs
Capitalized Mortgage Servicing Rights
Balance at beginning of period	$ 143,270	194,801	$ 194,801
Amortization	(7,995)	(10,462)
Write-downs and payoffs	(3,341)	(3,393)
Balance at end of period	131,934	180,946	143,270
Originated MSRs
Capitalized Mortgage Servicing Rights
Balance at beginning of period	109,338	32,942	32,942
Additions	19,800	26,469
Amortization	(3,870)	(1,426)
Write-downs and payoffs	(1,470)
Balance at end of period	$ 123,798	$ 57,985	$ 109,338

Mortgage Servicing (Details)

Mortgage Servicing (Details) - MSRs - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Mortgage Servicing
Unpaid principal balance of loans serviced	$ 16,690,006		$ 16,206,315
Weighted average servicing fee (as a percent)	0.475%		0.477%
Interest earned on escrows	$ 2,200	$ 700
Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total	100.00%		100.00%
Escrow Deposit	$ 443,200		$ 477,900
Fee-based servicing portfolio | Texas
Mortgage Servicing
UPB Percentage of Total	22.00%		22.00%
Fee-based servicing portfolio | North Carolina
Mortgage Servicing
UPB Percentage of Total	10.00%		10.00%
Fee-based servicing portfolio | California
Mortgage Servicing
UPB Percentage of Total	8.00%		8.00%
Fee-based servicing portfolio | New York
Mortgage Servicing
UPB Percentage of Total	8.00%		8.00%
Fee-based servicing portfolio | Georgia
Mortgage Servicing
UPB Percentage of Total	6.00%		6.00%
Fee-based servicing portfolio | Florida
Mortgage Servicing
UPB Percentage of Total	6.00%		6.00%
Fee-based servicing portfolio | Other
Mortgage Servicing
UPB Percentage of Total	40.00%		40.00%
Fannie Mae
Mortgage Servicing
Unpaid principal balance of loans serviced	$ 12,700,635		$ 12,502,699
Fannie Mae | Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total	76.00%		77.00%
Freddie Mac
Mortgage Servicing
Unpaid principal balance of loans serviced	$ 3,397,535		$ 3,166,134
Freddie Mac | Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total	20.00%		20.00%
FHA
Mortgage Servicing
Unpaid principal balance of loans serviced	$ 591,836		$ 537,482
FHA | Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total	4.00%		3.00%

Securities Held-to-Maturity (De

Securities Held-to-Maturity (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2018USD ($)item	Mar. 31, 2017USD ($)	Dec. 31, 2017USD ($)
Held-to-Maturity
Carrying Value	$ 36,764		$ 27,837
Held-to-Maturity | B Piece bonds
Held-to-Maturity
Initial face value of bonds purchased	12,300
Discounted value of bonds purchased	$ 8,400
B Piece retained percentage	49.00%
Number of B Piece bonds retained | item	4
Discount value	$ 35,600
Remaining of B Piece bond sold to the third party at par	51.00%
Weighted average variable interest rate (as a percent)	3.64%
Estimated weighted average maturity period	5 years 8 months 12 days
Weighted average effective interest rate (as a percent)	11.43%		12.97%
Face Value	$ 52,673		$ 40,566
Carrying Value	36,764		27,837
Unrealized Gain	509		602
Estimated Fair Value	37,273		$ 28,439
Impairment charges	0
Interest income	600	$ 100
Held-to-maturity securities, estimated fiscal year
Within one year	8,000
After one year through five years	25,400
After five years through ten years	12,300
After ten years	$ 7,000

Investments in Equity Affilia57

Investments in Equity Affiliates, Summary (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Investment in Equity Affiliates
Investment in Equity Affiliates	$ 23,625	$ 23,653
UPB of Loans to Equity Affiliates	1,688
Arbor Residential Investor LLC
Investment in Equity Affiliates
Investment in Equity Affiliates	19,137	19,193
West Shore Cafe
Investment in Equity Affiliates
Investment in Equity Affiliates	2,168	2,140
UPB of Loans to Equity Affiliates	1,688
Lightstone Value Plus REIT L.P
Investment in Equity Affiliates
Investment in Equity Affiliates	1,895	1,895
JT Prime
Investment in Equity Affiliates
Investment in Equity Affiliates	$ 425	$ 425

Investments in Equity Affilia58

Investments in Equity Affiliates, Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Investment in Equity Affiliates
(Loss) income from equity affiliates	$ 746	$ 763
Arbor Residential Investor LLC | Non-qualified Residential Mortgages
Investment in Equity Affiliates
Distributions received	200
Arbor Residential Investor LLC | Non Qualified and Additional Residential Mortgages | Maximum
Investment in Equity Affiliates
(Loss) income from equity affiliates	100	100
Arbor Residential Investor LLC | Residential Mortgage Banking Company
Investment in Equity Affiliates
(Loss) income from equity affiliates	100	100
Charge for proportionate share of litigation settlement recorded	2,400
Lexford Portfolio
Investment in Equity Affiliates
(Loss) income from equity affiliates	$ 600	$ 700

Real Estate Owned, Portfolio (D

Real Estate Owned, Portfolio (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Real Estate Owned
Real estate owned, net	$ 16,675,000		$ 16,787,000
Impairment loss on real estate owned		$ 1,200,000
Restricted cash due to escrow requirement	131,659,000		139,398,000
Real Estate Owned
Real Estate Owned
Less: Impairment loss	(13,807,000)		(13,807,000)
Less: Accumulated depreciation and amortization	(10,096,000)		(9,918,000)
Real estate owned, net	16,675,000		16,787,000
Restricted cash due to escrow requirement	600,000		700,000
Real Estate Owned | Hotel
Real Estate Owned
Less: Impairment loss	(13,307,000)		(13,307,000)
Less: Accumulated depreciation and amortization	(9,367,000)		(9,228,000)
Real estate owned, net	$ 11,385,000		11,458,000
Weighted average occupancy rate of properties (as a percent)	58.00%	55.00%
Amount of weighted average daily rate of properties	$ 128	$ 134
Amount of weighted average daily revenue of properties	75	$ 73
Real Estate Owned | Office
Real Estate Owned
Less: Impairment loss	(500,000)		(500,000)
Less: Accumulated depreciation and amortization	(729,000)		(690,000)
Real estate owned, net	5,290,000		5,329,000
Real Estate Owned | Land
Real Estate Owned
Real estate owned, gross	7,803,000		7,803,000
Real Estate Owned | Land | Hotel
Real Estate Owned
Real estate owned, gross	3,294,000		3,294,000
Real Estate Owned | Land | Office
Real Estate Owned
Real estate owned, gross	4,509,000		4,509,000
Real Estate Owned | Building and intangible assets
Real Estate Owned
Real estate owned, gross	32,775,000		32,709,000
Real Estate Owned | Building and intangible assets | Hotel
Real Estate Owned
Real estate owned, gross	30,765,000		30,699,000
Real Estate Owned | Building and intangible assets | Office
Real Estate Owned
Real estate owned, gross	$ 2,010,000		$ 2,010,000

Debt Obligations, Credit Facili

Debt Obligations, Credit Facilities and Repurchase Agreements (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
	Jan. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Debt Obligations
Debt Carrying Value		$ 626,063	$ 528,573
Collateral Carrying Value		$ 684,016	$ 533,584
Weighted Average Note Rate (as a percent)		3.74%	3.34%
Structured Business
Debt Obligations
Debt Carrying Value		$ 344,725	$ 237,037
Collateral Carrying Value		$ 402,395	$ 241,868
Weighted Average Note Rate (as a percent)		4.21%	4.02%
Weighted average note rate including certain fees and costs (as a percent)		4.55%	4.51%
Unamortized deferred finance costs		$ 3,400	$ 2,200
Leverage on loans and investment portfolio, excluding the $3.0 million and $2.2 million master security agreement used to finance leasehold and capital expenditure improvements to corporate office (as a percent)		71.00%	72.00%
Maximum borrowing capacity		$ 2,200
Fixed interest rate (as a percent)		4.60%
Structured Business | $300 million repurchase facility
Debt Obligations
Debt Carrying Value		$ 115,226	$ 102,350
Collateral Carrying Value		$ 163,000	$ 145,850
Weighted Average Note Rate (as a percent)		3.96%	3.90%
Maximum borrowing capacity		$ 300,000	$ 300,000
Structured Business | $300 million repurchase facility | Minimum | LIBOR
Debt Obligations
Variable rate, spread (as a percent)		1.75%
Structured Business | $300 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		$ 37,871	2,445
Collateral Carrying Value		$ 50,827	$ 6,600
Weighted Average Note Rate (as a percent)		3.94%	3.61%
Maximum borrowing capacity		$ 100,000	$ 100,000
Structured Business | $100 million repurchase facility | LIBOR
Debt Obligations
Variable rate, spread (as a percent)		2.00%
Structured Business | $75 million credit facility - One
Debt Obligations
Debt Carrying Value		$ 13,212
Collateral Carrying Value		$ 18,500
Weighted Average Note Rate (as a percent)		4.06%
Maximum borrowing capacity		$ 75,000	75,000
Structured Business | $75 million credit facility - One | Minimum | LIBOR
Debt Obligations
Variable rate, spread (as a percent)		2.00%
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		$ 9,000	8,999
Collateral Carrying Value		$ 16,000	$ 16,000
Weighted Average Note Rate (as a percent)		3.94%	3.61%
Maximum borrowing capacity		$ 75,000	$ 75,000
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		$ 38,027	32,538
Collateral Carrying Value		$ 48,800	$ 40,700
Weighted Average Note Rate (as a percent)		3.94%	3.61%
Maximum borrowing capacity		$ 50,000	$ 50,000
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		$ 3,599	3,581
Collateral Carrying Value		$ 4,625	$ 4,625
Weighted Average Note Rate (as a percent)		5.20%	4.88%
Maximum borrowing capacity		$ 50,000	$ 50,000
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		$ 13,940	13,920
Collateral Carrying Value		$ 18,753	$ 18,753
Weighted Average Note Rate (as a percent)		4.44%	4.12%
Maximum borrowing capacity		$ 25,500
Structured Business | $25.5 million credit facility | LIBOR
Debt Obligations
Variable rate, spread (as a percent)		2.50%
Structured Business | $23.2 million credit facility
Debt Obligations
Debt Carrying Value		$ 23,072
Collateral Carrying Value		$ 30,900
Weighted Average Note Rate (as a percent)		4.24%
Maximum borrowing capacity		$ 23,200	$ 23,200
Structured Business | $23.2 million credit facility | LIBOR
Debt Obligations
Variable rate, spread (as a percent)		2.30%
Structured Business | $20.0 million credit facility
Debt Obligations
Debt Carrying Value		$ 19,884
Collateral Carrying Value		$ 41,650
Weighted Average Note Rate (as a percent)		4.44%
Variable rate, spread (as a percent)		2.50%
Maximum borrowing capacity		$ 20,000	20,000
Structured Business | $20.0 million credit facility | LIBOR
Debt Obligations
Variable rate, spread (as a percent)		2.50%
Structured Business | $10 million working capital facility
Debt Obligations
Debt Carrying Value			$ 10,000
Weighted Average Note Rate (as a percent)			4.12%
Maximum borrowing capacity		$ 10,000	$ 10,000
Structured Business | $10 million working capital facility | LIBOR
Debt Obligations
Variable rate, spread (as a percent)		2.50%
Structured Business | $10 million credit facility
Debt Obligations
Maximum borrowing capacity			10,000
Structured Business | $7.5 million credit facility
Debt Obligations
Debt Carrying Value		$ 7,444	7,432
Collateral Carrying Value		$ 9,340	$ 9,340
Weighted Average Note Rate (as a percent)		4.70%	4.37%
Maximum borrowing capacity		$ 7,500	$ 7,500
Structured Business | $7.5 million credit facility | Minimum | LIBOR
Debt Obligations
Variable rate, spread (as a percent)		2.75%
Structured Business | Repurchase facility
Debt Obligations
Debt Carrying Value		$ 60,390	$ 53,938
Weighted Average Note Rate (as a percent)		4.84%	4.45%
Structured Business | Repurchase facility | Minimum | LIBOR
Debt Obligations
Variable rate, spread (as a percent)		2.50%
Structured Business | Repurchase facility | Maximum | LIBOR
Debt Obligations
Variable rate, spread (as a percent)		3.50%
Structured Business | $3 million master security agreement
Debt Obligations
Debt Carrying Value		$ 1,670	$ 1,834
Weighted Average Note Rate (as a percent)		3.20%	3.21%
Maximum borrowing capacity		$ 3,000	$ 3,000
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%
Structured Business | $2.2 million master security agreement
Debt Obligations
Debt Carrying Value		$ 1,390
Weighted Average Note Rate (as a percent)		4.66%
Variable rate, spread (as a percent)		4.60%
Maximum borrowing capacity		$ 2,200	2,200
Structured Business | $225 million repurchase facility
Debt Obligations
Variable rate, spread (as a percent)		0.50%
Maximum borrowing capacity		$ 300,000	225,000
Additional borrowing capacity		75,000
Agency Business
Debt Obligations
Debt Carrying Value		281,338	291,536
Collateral Carrying Value		$ 281,621	$ 291,716
Weighted Average Note Rate (as a percent)		3.16%	2.78%
Variable rate, spread (as a percent)		0.35%	0.35%
Unamortized deferred finance costs		$ 300	$ 200
Agency Business | $100 million repurchase facility
Debt Obligations
Debt Carrying Value		19,961	24,827
Collateral Carrying Value		$ 19,990	$ 24,873
Weighted Average Note Rate (as a percent)		3.23%	2.91%
Agency Business | $100 million repurchase facility | LIBOR
Debt Obligations
Variable rate, spread (as a percent)		1.35%
Agency Business | $500 million multifamily ASAP agreement
Debt Obligations
Debt Carrying Value		$ 40,470	$ 121,880
Collateral Carrying Value		$ 40,470	$ 121,880
Weighted Average Note Rate (as a percent)		2.93%	2.61%
Maximum borrowing capacity		$ 500,000	$ 500,000
Agency Business | $500 million multifamily ASAP agreement | LIBOR
Debt Obligations
Variable rate, spread (as a percent)		1.05%
Agency Business | $150 million credit facility - one
Debt Obligations
Debt Carrying Value		$ 139,763	21,802
Collateral Carrying Value		$ 139,955	$ 21,821
Weighted Average Note Rate (as a percent)		3.18%	2.96%
Maximum borrowing capacity	$ 150,000	$ 150,000	$ 150,000
Decrease in interest rate (as a percent)	0.10%
Agency Business | $150 million credit facility - one | LIBOR
Debt Obligations
Variable rate, spread (as a percent)	1.35%	1.30%
Agency Business | $150 million credit facility - two
Debt Obligations
Debt Carrying Value		$ 76,144	99,242
Collateral Carrying Value		$ 76,206	$ 99,357
Weighted Average Note Rate (as a percent)		3.23%	2.91%
Maximum borrowing capacity		$ 150,000	$ 150,000
Agency Business | $150 million credit facility - two | LIBOR
Debt Obligations
Variable rate, spread (as a percent)		1.35%
Agency Business | $100 million credit facility - two
Debt Obligations
Debt Carrying Value		$ 5,000	23,785
Collateral Carrying Value		$ 5,000	$ 23,785
Weighted Average Note Rate (as a percent)		3.18%	2.86%
Maximum borrowing capacity	$ 250,000	$ 100,000	$ 100,000
Agency Business | $100 million credit facility - two | LIBOR
Debt Obligations
Variable rate, spread (as a percent)		1.30%

Debt Obligations, Collateralize

Debt Obligations, Collateralized Loan Obligations (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Debt Obligations
Debt, Carrying Value	$ 1,419,838	$ 1,418,422
Weighted Average Note Rate (as a percent)	3.74%	3.34%
CLOs
Debt Obligations
Debt, Face Value	$ 1,436,274	$ 1,436,274
Debt, Carrying Value	$ 1,419,838	$ 1,418,422
Weighted Average Note Rate (as a percent)	3.81%	3.48%
Collateral Loans, Unpaid Principal	$ 1,747,203	$ 1,745,891
Collateral Loans, Carrying Value	1,741,603	1,740,180
Cash collateral	107,767	115,109
Deferred financing fees	$ 16,400	$ 17,900
Weighted average note rate including certain fees and costs (as a percent)	4.37%	4.08%
Collateral at risk	$ 0	$ 0
CLO IX
Debt Obligations
Debt, Face Value	356,400	356,400
Debt, Carrying Value	$ 351,323	$ 351,042
Weighted Average Note Rate (as a percent)	3.29%	2.97%
Collateral Loans, Unpaid Principal	$ 461,000	$ 372,350
Collateral Loans, Carrying Value	459,526	371,236
Cash collateral		88,650
CLO VIII
Debt Obligations
Debt, Face Value	282,874	282,874
Debt, Carrying Value	$ 278,910	$ 278,606
Weighted Average Note Rate (as a percent)	3.24%	2.92%
Collateral Loans, Unpaid Principal	$ 314,564	$ 364,838
Collateral Loans, Carrying Value	313,405	363,339
Cash collateral	47,586	162
CLO VII
Debt Obligations
Debt, Face Value	279,000	279,000
Debt, Carrying Value	$ 275,622	$ 275,331
Weighted Average Note Rate (as a percent)	3.93%	3.61%
Collateral Loans, Unpaid Principal	$ 323,578	$ 346,524
Collateral Loans, Carrying Value	322,438	345,220
Cash collateral	35,617	13,476
CLO VI
Debt Obligations
Debt, Face Value	250,250	250,250
Debt, Carrying Value	$ 247,730	$ 247,470
Weighted Average Note Rate (as a percent)	4.42%	4.10%
Collateral Loans, Unpaid Principal	$ 306,140	$ 314,382
Collateral Loans, Carrying Value	305,175	313,582
Cash collateral	16,485	10,618
CLO V
Debt Obligations
Debt, Face Value	267,750	267,750
Debt, Carrying Value	$ 266,253	$ 265,973
Weighted Average Note Rate (as a percent)	4.38%	4.06%
Collateral Loans, Unpaid Principal	$ 341,921	$ 347,797
Collateral Loans, Carrying Value	341,059	346,803
Cash collateral	$ 8,079	$ 2,203

Debt Obligations, Luxembourg De

Debt Obligations, Luxembourg Debt Fund (Details) - USD ($) $ in Thousands	1 Months Ended
	Nov. 30, 2017	Mar. 31, 2018	Dec. 31, 2017
Debt Obligations
Debt, Carrying Value		$ 1,419,838	$ 1,418,422
Weighted Average Note Rate (as a percent)		3.74%	3.34%
Luxembourg debt fund
Debt Obligations
Value of portfolio loans as collateral	$ 100,000
Debt, Face Value	$ 70,000	$ 70,000	$ 70,000
Debt, Carrying Value		$ 68,176	$ 68,084
Weighted Average Note Rate (as a percent)		6.12%	5.79%
Collateral Loans, UPB		$ 97,700	$ 96,995
Collateral Loans, Carrying Value		97,256	96,564
Cash collateral			3,005
Deferred financing fees		$ 1,800	$ 1,900
Weighted average note rate including certain fees and costs (as a percent)		6.51%	6.05%
Collateral at risk		$ 0	$ 0
One-month LIBOR | Luxembourg debt fund
Debt Obligations
Variable rate, spread (as a percent)	4.15%
Luxembourg commercial real estate debt fund
Debt Obligations
Equity formed	$ 100,000
Equity interest retained	$ 30,000
Reinvested period allowed	3 years

Debt Obligations, Senior Unsecu

Debt Obligations, Senior Unsecured Notes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Debt Obligations
Senior notes carrying value	$ 196,090	$ 95,280
Senior unsecured notes due in May 2023
Debt Obligations
Principal amount	$ 100,000
Interest rate (as a percent)	5.625%
Net proceeds	$ 97,800
Redemption of aggregate principal amount (as a percent)	100.00%
Senior notes carrying value	$ 98,200
Deferred financing fees	$ 1,800
Weighted average note rate including certain fees and costs (as a percent)	6.08%
Senior unsecured notes due in 2021
Debt Obligations
Interest rate (as a percent)	7.375%
Senior notes carrying value	$ 97,900	95,300
Deferred financing fees		$ 2,600
Weighted average note rate including certain fees and costs (as a percent)	8.16%	8.16%

Debt Obligations, Convertible S

Debt Obligations, Convertible Senior Unsecured Notes (Details) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
	Nov. 30, 2017USD ($)$ / shares	Mar. 31, 2018USD ($)$ / shares	Mar. 31, 2017USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)$ / shares	Jan. 31, 2017USD ($)
Convertible Senior Unsecured Notes
Debt Obligations
Principal amount	$ 143,800	$ 243,750		$ 243,750	$ 86,300	$ 100,000
Additional principal amount						$ 13,800
Interest rate (as a percent)	5.375%				6.50%
Proceeds received, net of estimated issuance costs	$ 139,200				$ 95,800
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	107.7122				119.3033
Conversion price per share of common stock | $ / shares	$ 9.28				$ 8.38
Maturity period (in years)		2 years 2 months 1 day		2 years 4 months 28 days
Unamortized Debt Discount		$ 5,155		$ 5,742
Unamortized Deferred Financing Fees		6,018		6,721
Net Carrying Value, Liability Component		232,577		231,287
Net Carrying Value, Equity Component		6,733		$ 6,733
Total interest expense		4,900	$ 2,100
Interest expense related to cash coupon		3,600	1,600
Deferred fees expensed as interest expense		700	300
Debt discount		$ 600	$ 200
Cost of the notes (as a percent)		7.96%	7.96%
Convertible Senior Unsecured Notes | Over-Allotment Option
Debt Obligations
Principal amount	$ 18,800				$ 11,300
5.375% convertible senior unsecured notes
Debt Obligations
Conversion rate of the notes to common stock, per $1,000 principal amount of notes		107.9604
Conversion price per share of common stock | $ / shares		$ 9.26
6.50% convertible senior unsecured notes
Debt Obligations
Conversion rate of the notes to common stock, per $1,000 principal amount of notes		121.1613
Conversion price per share of common stock | $ / shares		$ 8.25

Debt Obligations, Junior Subord

Debt Obligations, Junior Subordinated Notes (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Debt Obligations
Gain on extinguishment of debt		$ 7,116
Debt carrying value	$ 139,760		$ 139,590
Weighted average note rate (as a percent)	3.74%		3.34%
Junior subordinated notes
Debt Obligations
Junior Subordinated, Face Value		20,900
Debt carrying value purchased		19,800
Gain on extinguishment of debt		7,100
Extinguishment of notes		$ 21,500
Debt carrying value	$ 139,800		$ 139,600
Deferred amount Due at maturity	12,400		12,500
Deferred fees expensed as interest expense	$ 2,200		$ 2,200
Weighted average note rate (as a percent)	5.16%		4.53%
Weighted average note rate including certain fees and costs (as a percent)	5.25%		4.63%

Debt Obligations, Related Party

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

Debt Obligations, Debt Covenant

Debt Obligations, Debt Covenants (Details) - USD ($)	1 Months Ended
	Apr. 30, 2018	Jan. 31, 2018	Oct. 31, 2017	Jul. 31, 2017	Apr. 30, 2017	Mar. 31, 2018
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)	190.24%
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)	203.07%
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%	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)	211.84%
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%	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)	329.34%
Limit interest coverage ratio for cash flow triggers (as a percent)	120.00%
CLO IX
Debt Covenants
Current overcollateralization ratio for cash flow triggers (as a percent)	134.69%	134.68%
Limit overcollateralization ratio for cash flow triggers (as a percent)	133.68%
Current interest coverage ratio for cash flow triggers (as a percent)	259.18%
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 Ob68

Allowance for Loss-Sharing Obligations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Roll forward of loss contingency accrual
Charge-offs, net	$ 113	$ (1,867)
Loss-Sharing Obligation
Roll forward of loss contingency accrual
Outstanding advances under the Fannie Mae DUS program			$ 100
Loss-Sharing Obligation | Fannie Mae
Roll forward of loss contingency accrual
Beginning balance of the period	30,511	32,408
Provisions for loss sharing	1,205	2,254
Provisions reversal for loan repayments	(732)	(575)
Charge-offs, net	113	(1,867)
Ending balance of the period	31,097	$ 32,220
Maximum quantifiable liability	$ 2,290,000		$ 2,240,000

Derivative Financial Instrume69

Derivative Financial Instruments, Agency Business (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)item	Mar. 31, 2017USD ($)	Dec. 31, 2017USD ($)item
Derivative Financial Instruments
Notional Value, classified in Other Assets	$ 292,411		$ 77,984
Notional Value, classified in Other Liabilities	57,850		291,421
Net gains (losses) from changes in the fair value of derivatives	2,600	$ (1,000)
Income from mortgage servicing rights	19,634	$ 20,030
Agency Business
Derivative Financial Instruments
Notional Value, classified in Other Assets	350,261		369,405
Fair Value, classified in Other Assets	2,763		684
Fair Value, classified in Other Liabilities	$ (300)		$ (1,306)
Non-Qualifying | Rate Lock Commitments | Agency Business
Derivative Financial Instruments
Count | item	8		3
Notional Value, classified in Other Assets	$ 34,250		$ 38,578
Fair Value, classified in Other Assets	717		276
Fair Value, classified in Other Liabilities	$ (218)		$ (278)
Non-Qualifying | Forward Sale Commitments | Agency Business
Derivative Financial Instruments
Count | item	63		75
Notional Value, classified in Other Assets	$ 316,011		$ 330,827
Fair Value, classified in Other Assets	2,046		408
Fair Value, classified in Other Liabilities	$ (82)		$ (1,028)

Fair Value, Carrying Value and

Fair Value, Carrying Value and Estimated Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Nov. 30, 2017	Jan. 31, 2017	Dec. 31, 2016
Financial assets:
Loans and investments, net - Principal/Notional Amount	$ 2,776,422	$ 2,652,538
Loans and investments, net	2,702,097	2,579,127
Loans held-for-sale, net - Principal/Notional Amount	281,761	292,249
Securities, held-to-maturity, net - Principal/Notional Amount	52,673	40,566
Securities held-to-maturity, net	36,764	27,837
Derivative financial instruments - Principal/Notional Amount	292,411	77,984
Financial liabilities:
Credit and repurchase facilities, Principal/Notional Amount	629,724	530,938
Credit and repurchase facilities, Carrying value	626,063	528,573
Collateralized loan obligations	1,419,838	1,418,422
Debt fund	68,176	68,084
Senior unsecured notes	196,090	95,280
Convertible senior unsecured notes, net	232,577	231,287
Junior subordinated notes	139,760	139,590
Related party financing		50,000
Derivative financial instruments - Principal/Notional Amount	$ 57,850	291,421
Loans held-for-sale, net
Maximum number of days held-for-sale loans are typically sold	60 days
Carrying Value
Financial assets:
Loans and investments, net	$ 2,702,097	2,579,127
Loans held-for-sale, net	286,325	297,443
Capitalized mortgage servicing rights, net	255,732	252,608
Securities held-to-maturity, net	36,764	27,837
Derivative financial instruments	2,763	684
Financial liabilities:
Credit and repurchase facilities, Carrying value	626,063	528,573
Collateralized loan obligations	1,419,838	1,418,422
Debt fund	68,176	68,084
Senior unsecured notes	196,090	95,280
Convertible senior unsecured notes, net	232,577	231,287
Junior subordinated notes	139,760	139,590
Related party financing		50,000
Derivative financial instruments	300	1,306
Fair Value
Financial assets:
Loans and investments, net	2,774,333	2,652,520
Loans held-for-sale, net	292,153	302,883
Capitalized mortgage servicing rights, net	299,392	286,073
Securities held-to-maturity, net	37,273	28,439
Derivative financial instruments	2,763	684
Financial liabilities:
Credit and repurchase facilities, Carrying value	628,510	529,992
Collateralized loan obligations	1,438,567	1,436,871
Debt fund	70,139	70,000
Senior unsecured notes	198,995	99,582
Convertible senior unsecured notes, net	254,727	254,335
Junior subordinated notes	94,638	94,215
Related party financing		49,682
Derivative financial instruments	300	1,306
CLOs
Financial liabilities:
Debt instrument - Principal/Notional Amount	1,436,274	1,436,274
Collateralized loan obligations	1,419,838	1,418,422
Debt Fund
Financial liabilities:
Debt instrument - Principal/Notional Amount	70,000	70,000
Senior Unsecured Notes
Financial liabilities:
Debt instrument - Principal/Notional Amount	197,860	97,860
Convertible Senior Unsecured Notes
Financial liabilities:
Debt instrument - Principal/Notional Amount	243,750	243,750	$ 143,800	$ 100,000	$ 86,300
Junior subordinated notes
Financial liabilities:
Debt instrument - Principal/Notional Amount	154,336	154,336
Junior subordinated notes	$ 139,800	$ 139,600

Fair Value, Measurement on Recu

Fair Value, Measurement on Recurring and Nonrecurring Basis (Details) $ in Thousands	Mar. 31, 2018USD ($)item	Dec. 31, 2017USD ($)
Financial assets:
Allowance for impaired loan losses	$ 63,108	$ 62,783
Number of impaired loans | item	5
Hotel
Financial assets:
Allowance for impaired loan losses	$ 5,700	5,700
Carrying Value
Financial assets:
Derivative financial instruments	2,763	684
Aggregate carrying value of impaired loans before loan loss reserves	163,900
Financial liabilities:
Derivative financial instruments	300	1,306
Fair Value
Financial assets:
Derivative financial instruments	2,763	684
Financial liabilities:
Derivative financial instruments	300	$ 1,306
Recurring basis | Carrying Value
Financial assets:
Derivative financial instruments	2,763
Financial liabilities:
Derivative financial instruments	300
Recurring basis | Fair Value
Financial assets:
Derivative financial instruments	2,763
Financial liabilities:
Derivative financial instruments	300
Nonrecurring basis | Carrying Value
Financial assets:
Impaired loans, net	100,798
Nonrecurring basis | Fair Value
Financial assets:
Impaired loans, net	100,798
Level 2 | Recurring basis
Financial assets:
Derivative financial instruments	2,046
Financial liabilities:
Derivative financial instruments	300
Level 3 | Recurring basis
Financial assets:
Derivative financial instruments	717
Level 3 | Nonrecurring basis
Financial assets:
Impaired loans, net	$ 100,798

Fair Value, Level 3 Inputs (Det

Fair Value, Level 3 Inputs (Details) - Level 3 - Discounted cash flows $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)
Land
Financial assets:
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:
Discount rate (as a percent)	9.00%
Capitalization rate (as a percent)	7.00%
Revenue growth rate (as a percent)	6.50%
Office
Financial assets:
Discount rate (as a percent)	11.00%
Capitalization rate (as a percent)	9.00%
Revenue growth rate (as a percent)	2.50%
Commercial | Rate Lock Commitments | Weighted average
Financial assets:
Discount rate (as a percent)	10.19%
Fair Value | Land
Financial assets:
Impaired loans	$ 70,965
Fair Value | Hotel
Financial assets:
Impaired loans	29,050
Fair Value | Office
Financial assets:
Impaired loans	783
Fair Value | Commercial | Rate Lock Commitments
Financial assets:
Derivative financial instrument	$ 717

Fair Value, Level 3 Derivative

Fair Value, Level 3 Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Derivative assets
Balance at beginning of period	$ 276	$ 2,816
Settlements	(19,193)	(19,649)
Realized gains recorded in earnings	18,917	16,833
Unrealized gains recorded in earnings	717	381
Balance at end of period	$ 717	$ 381

Fair Value, Components of fair

Fair Value, Components of fair value and other relevant information (Details)	3 Months Ended
	Mar. 31, 2018USD ($)
Fair Value of Servicing Rights	$ 5,917
Total Fair Value Adjustment	5,917
Rate Lock Commitments
Notional/Principal Amount	34,250
Fair Value of Servicing Rights	717
Interest Rate Movement Effect	(278)
Total Fair Value Adjustment	439
Forward Sale Commitments
Notional/Principal Amount	316,011
Interest Rate Movement Effect	278
Total Fair Value Adjustment	278
Loans held-for-sale, net
Notional/Principal Amount	281,761
Fair Value of Servicing Rights	5,200
Total Fair Value Adjustment	$ 5,200

Fair Value, Financial Assets an

Fair Value, Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Financial assets:
Loans and investments, net	$ 2,702,097	$ 2,579,127
Securities held-to-maturity, net	36,764	27,837
Financial liabilities:
Credit and repurchase facilities, Carrying value	626,063	528,573
Collateralized loan obligations	1,419,838	1,418,422
Debt fund	68,176	68,084
Senior unsecured notes	196,090	95,280
Convertible senior unsecured notes, net	232,577	231,287
Junior subordinated notes	139,760	139,590
Level 1
Financial liabilities:
Senior unsecured notes	98,995
Level 2
Financial assets:
Loans held-for-sale, net	286,953
Financial liabilities:
Credit and repurchase facilities, Carrying value	281,338
Senior unsecured notes	100,000
Convertible senior unsecured notes, net	254,727
Level 3
Financial assets:
Loans and investments, net	2,774,333
Loans held-for-sale, net	5,200
Capitalized mortgage servicing rights, net	299,392
Securities held-to-maturity, net	37,273
Financial liabilities:
Credit and repurchase facilities, Carrying value	347,172
Collateralized loan obligations	1,438,567
Debt fund	70,139
Junior subordinated notes	94,638
Carrying Value
Financial assets:
Loans and investments, net	2,702,097	2,579,127
Loans held-for-sale, net	286,325	297,443
Capitalized mortgage servicing rights, net	255,732
Securities held-to-maturity, net	36,764	27,837
Financial liabilities:
Credit and repurchase facilities, Carrying value	626,063	528,573
Collateralized loan obligations	1,419,838	1,418,422
Debt fund	68,176	68,084
Senior unsecured notes	196,090	95,280
Convertible senior unsecured notes, net	232,577	231,287
Junior subordinated notes	139,760	139,590
Fair Value
Financial assets:
Loans and investments, net	2,774,333	2,652,520
Loans held-for-sale, net	292,153	302,883
Capitalized mortgage servicing rights, net	299,392
Securities held-to-maturity, net	37,273	28,439
Financial liabilities:
Credit and repurchase facilities, Carrying value	628,510	529,992
Collateralized loan obligations	1,438,567	1,436,871
Debt fund	70,139	70,000
Senior unsecured notes	198,995	99,582
Convertible senior unsecured notes, net	254,727	254,335
Junior subordinated notes	$ 94,638	$ 94,215

Commitments and Contingencies,

Commitments and Contingencies, Contractual Commitments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Agency Business Commitments
Cash collateral	$ 131,659	$ 139,398
Debt Obligations
Remainder of 2018	477,800
2,019	554,700
2,020	925,700
2,021	387,900
2,022	71,000
Thereafter	314,700
Unfunded CLO Commitments
Unfunded commitments related to structured loans and investments	66,900
Cash collateral arrangement - purchase and loss obligations under Freddie Mac's SBL Program
Agency Business Commitments
Cash collateral per securitization	5,000
Outstanding letters of credit	$ 5,000
Forward Contracts
Agency Business Commitments
Period of contractual commitment	60 days
Fannie Mae
Agency Business Commitments
Minimum liquid assets to be maintained to meet operational liquidity requirements	$ 12,600
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	$ 42,000
Cash collateral	400
Reserve required to fund additional restricted liquidity over the next 48 months	$ 28,400
Period of additional funding for collateral requirement	48 months

Commitments and Contingencies77

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)	3 Months Ended
	Mar. 31, 2018USD ($)item	Dec. 31, 2017USD ($)	Mar. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Variable Interest Entities
Loan loss reserves related to VIEs	$ 63,108,000	$ 62,783,000	$ 83,016,000	$ 83,712,000
Assets:
Restricted cash	131,659,000	139,398,000
Loans and investments, net	2,702,097,000	2,579,127,000
Other assets	69,258,000	62,264,000
Total assets	3,748,768,000	3,625,945,000
Liabilities:
Collateralized loan obligations	1,419,838,000	1,418,422,000
Debt fund	68,176,000	68,084,000
Other liabilities	77,881,000	99,813,000
Total liabilities	2,860,898,000	2,761,389,000
Consolidated VIEs | CLOs
Assets:
Restricted cash	130,656,000	138,736,000
Loans and investments, net	1,838,860,000	1,836,744,000
Other assets	15,211,000	14,011,000
Total assets	1,984,727,000	1,989,491,000
Liabilities:
Collateralized loan obligations	1,419,838,000	1,418,422,000
Debt fund	68,176,000	68,084,000
Other liabilities	3,187,000	2,046,000
Total liabilities	$ 1,491,201,000	$ 1,488,552,000
Unconsolidated VIEs
Variable Interest Entities
Number of VIEs where the reporting entity is not VIE's primary beneficiary and VIEs have variable interest | item	22
Carrying Amount	$ 397,880
Carrying amount of loans and investments before reserves related to VIEs	162,200,000
Loan loss reserves related to VIEs	61,400,000
Exposure to real estate debt	2,640,000,000
Unconsolidated VIEs | Loans
Variable Interest Entities
Carrying Amount	355,086,000
Unconsolidated VIEs | B Piece bonds
Variable Interest Entities
Carrying Amount	36,764,000
Unconsolidated VIEs | Agency interest only strips
Variable Interest Entities
Carrying Amount	3,862,000
Unconsolidated VIEs | Equity investments
Variable Interest Entities
Carrying Amount	$ 2,168,000

Equity (Details)

Equity (Details) $ / shares in Units, $ in Thousands	May 02, 2018$ / shares	Feb. 21, 2018$ / shares	Feb. 02, 2018$ / shares	Jul. 14, 2016USD ($)shares	Mar. 31, 2018USD ($)$ / sharesshares	Mar. 31, 2018USD ($)$ / sharesshares	Mar. 31, 2017$ / shares	Dec. 31, 2017$ / sharesshares	Dec. 31, 2016shares	Dec. 31, 2015
Common stock
Proceeds from issuance of shares under public offering						$ 3,014
Noncontrolling Interest
Preferred stock, par value (in dollars per share) | $ / shares					$ 0.01	$ 0.01		$ 0.01
Distributions
Cash dividend declared (in dollars per share) | $ / shares						$ 0.21	$ 0.17
Common Stock
Common stock
Number of shares available under an "At-The-Market" equity offering with JMP Securities LLC | shares					7,140,000	7,140,000
Chief executive officer | Restricted common stock
Deferred Compensation
Number of fully vested shares issued | shares						63,584
Total grant date fair value						$ 600
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) | shares						381,503
Vesting period (in years)						4 years		4 years	4 years	4 years
Total grant date fair value						$ 800
Chief executive officer | Employee compensation and benefits | Restricted common stock
Deferred Compensation
Share-based compensation expense						100
Chief executive officer | Employee compensation and benefits | Performance | Maximum
Deferred Compensation
Share-based compensation expense						$ 100
Employees | Restricted common stock
Deferred Compensation
Number of fully vested shares issued | shares					265,444
Total grant date fair value					$ 2,300
Vesting percentage					33.00%
Employees | Restricted common stock | March, 2019
Deferred Compensation
Vesting percentage					33.00%
Employees | Restricted common stock | March 2020
Deferred Compensation
Vesting percentage					33.00%
Employees | Employee compensation and benefits | Restricted common stock
Deferred Compensation
Share-based compensation expense					$ 800
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 shares to be issued under the equity offering sales agreement | shares					7,500,000	7,500,000
Number of common stock sold under public offering (in shares) | shares						360,000
Proceeds from issuance of shares under public offering						$ 3,000
Value of common stock available under shelf registration statement					$ 176,600	176,600
Aggregate amount of securities filed under shelf registration statement					$ 500,000	$ 500,000
Distributions
Cash dividend declared (in dollars per share) | $ / shares	$ 0.25	$ 0.21
Common Stock | Non-management members of the Board of Directors
Deferred Compensation
Number of fully vested shares issued | shares					58,620
Common Stock | Non-management members of the Board of Directors | Selling and administrative expense
Deferred Compensation
Share-based compensation expense					$ 500
Preferred Stock | 8.25% Series A preferred stock
Distributions
Cash dividend declared on redeemable preferred stock (in dollars per share) | $ / shares	$ 0.515625		$ 0.515625
Preferred Stock
Return on the preferred shares issued to third parties by its subsidiary REIT (as a percent)	8.25%
Preferred Stock | 7.75% Series B preferred stock
Distributions
Cash dividend declared on redeemable preferred stock (in dollars per share) | $ / shares	$ 0.484375		0.484375
Preferred Stock
Return on the preferred shares issued to third parties by its subsidiary REIT (as a percent)	7.75%
Preferred Stock | 8.50% Series C preferred stock
Distributions
Cash dividend declared on redeemable preferred stock (in dollars per share) | $ / shares	$ 0.53125		$ 0.53125
Preferred Stock
Return on the preferred shares issued to third parties by its subsidiary REIT (as a percent)	8.50%
ACM Acquisition | ACM / Our "Former Manager"
Noncontrolling Interest
Consideration in stock to be paid with operating partnership units (in shares) | shares						15,450,421		5,780,348	21,230,769
Number of preferred stock shares paired with each OP units | shares									1
Operating Partnership Units
Noncontrolling Interest
Consideration in stock to be paid with operating partnership units (in shares) | shares				21,230,769
Value of operating partnership units issues as consideration				$ 154,800
Conversion ratio for operating partnership units to common stock shares						1
Operating Partnership Units | Special voting preferred shares
Noncontrolling Interest
Number of preferred stock shares paired with each OP units | shares						1
Preferred stock, par value (in dollars per share) | $ / shares					$ 0.01	$ 0.01
Voting power of outstanding stock (as a percent)						25.40%

Equity, Earnings Per Share ("EP

Equity, Earnings Per Share ("EPS") (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Basic
Net income attributable to common stockholders	$ 26,189	$ 15,614
Weighted average shares outstanding (in shares)	61,842,336	51,461,156
Net income per common share (in dollars per share)	$ 0.42	$ 0.30
Diluted
Net income attributable to noncontrolling interest	$ 8,991	$ 6,442
Net income attributable to common stockholders and noncontrolling interest	$ 35,180	$ 22,056
Weighted average shares outstanding (in shares)	61,842,336	51,461,156
Dilutive effect of OP units (in shares)	21,230,769	21,230,769
Dilutive effect of restricted stock units (in shares)	1,261,382	1,038,143
Dilutive effect of convertible notes (in shares)	365,248
Weighted average shares outstanding ( in shares)	84,699,735	73,730,068
Net income per common share (in dollars per share)	$ 0.42	$ 0.30
Chief executive officer | Performance
Diluted
Vesting period (in years)	4 years		4 years	4 years	4 years

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
	Jan. 31, 2018	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Federal income tax rate (as a percent)		21.00%		35.00%
Benefit from (provision for) income taxes		$ 8,784	$ (6,101)
Deferred tax (benefit) provision		(13,320)	1,827
Current tax provision		4,500	$ 4,300
Repayment of debt		$ 50,000
Preferred equity interest financing agreement | ACM / Our "Former Manager"
Repayment of debt	$ 50,000

Agreements and Transactions w82

Agreements and Transactions with Related Parties, Management Agreement (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Management Fees:
Base management fee incurred		$ 4
Former manager | Support Services
Agreements and transactions with related parties
Costs for services to related party	$ 0.3

Agreements and Transactions w83

Agreements and Transactions with Related Parties, Other (Details) $ in Thousands	1 Months Ended							3 Months Ended			12 Months Ended
	Apr. 30, 2018USD ($)	Dec. 31, 2017USD ($)property	Aug. 31, 2017USD ($)	Jul. 31, 2017USD ($)	May 31, 2017USD ($)	Mar. 31, 2017USD ($)item	Jan. 31, 2017USD ($)	Mar. 31, 2018USD ($)shares	Dec. 31, 2017USD ($)propertyitem	Mar. 31, 2017USD ($)item	Dec. 31, 2017USD ($)propertyshares	Dec. 31, 2016USD ($)propertyshares	Dec. 31, 2015USD ($)loan	Dec. 31, 2014USD ($)loanitem	Jan. 31, 2018USD ($)	Mar. 31, 2016USD ($)
Agreements and transactions with related parties
Due from related party		$ 688						$ 3,719	$ 688		$ 688
Due to related party								1,558
Related party financing		50,000							50,000		50,000
Outstanding principal balance of related party financing		50,000							50,000		50,000
Income from equity affiliates								746		$ 763
Investments in equity affiliates		23,653						23,625	23,653		23,653
Residential Mortgage Banking Company
Agreements and transactions with related parties
Maximum percentage of guaranty provided by the Company in relation to the settlement													50.00%
Maximum exposure under this guaranty													$ 3,100
Preferred equity investments
Agreements and transactions with related parties
Principal amount		5,000					$ 15,000		5,000		5,000
Commitment to fund additional investment							$ 5,000
Interest income recorded										200
Fixed rate of interest (as a percent)							11.00%
Amount of ownership interest of related party in the entity							$ 5,000
Mezzanine loans
Agreements and transactions with related parties
Interest income recorded								100		100
Fixed rate of interest (as a percent)													12.50%
Amount of loan to related party													$ 3,000
ACM / Our "Former Manager"
Agreements and transactions with related parties
Due from related party		700						3,700	700		$ 700
Due to related party								1,600
Related party financing															$ 50,000
Interest expense on related party loan								300		1,000
Outstanding principal balance of related party financing															$ 50,000
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
Income from equity affiliates								$ 100		100
Maximum percentage of guaranty provided by the Company in relation to the settlement													50.00%
ACM / Our "Former Manager" | ACM Acquisition
Agreements and transactions with related parties
Number of preferred stock shares paired with each OP units | shares												1
Number of shares held by related party | shares								5,349,053
OP units hold as part of acquisition | shares								15,450,421			5,780,348	21,230,769
Percentage of voting power held by related party												24.80%
ACM / Our "Former Manager" | Non-qualified Residential Mortgages | Residential Mortgage Banking Company
Agreements and transactions with related parties
Additional investment made by the company along with a consortium of independent outside investors													$ 16,100
Distributions received								$ 200					16,400
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
ACM / Our "Former Manager" | Preferred equity interest financing agreement
Agreements and transactions with related parties
Related party financing		50,000							50,000		$ 50,000
Interest expense on related party loan								300		1,000
Outstanding principal balance of related party financing		50,000							50,000		50,000
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		200
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
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
Amount of mortgage loan secured by property, purchased by related party														$ 5,100
ACM / Our "Former Manager" | Maturity date April 2018, extended from 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
Consortium of investors including an immediate family member of our officers | Fannie Mae loan on a multifamily property
Agreements and transactions with related parties
Percentage of maximum loss-sharing obligation unpaid principal balance					5.00%
Principal amount					$ 46,900
Percentage of ownership interest of related party in the entity					21.40%
Consortium of investors including an immediate family member of our officers | Fannie Mae loan on a multifamily property | Maximum
Agreements and transactions with related parties
Servicing revenue								100
Consortium of Investors, including our Chief Executive Officer and our Former Manager
Agreements and transactions with related parties
Amount invested						$ 2,000				$ 2,000
Ownership interest (as a percent)						26.10%				26.10%
Number of portfolios of multifamily properties | item						2				2
Certain officers, including our Chief Executive Officer and our Former Manager | Maturity Date of January 2021 | Bridge loan, several multifamily properties
Agreements and transactions with related parties
Due to related party	$ 9,400
Percentage of ownership interest of related party in the entity	75.00%
Base spread (as a percent)	5.00%
LIBOR floor (as a percentage)	1.25%
Certain officers, including our Chief Executive Officer and our Former Manager | Maturity date of September 2019 | Bridge loan, six multifamily properties
Agreements and transactions with related parties
Principal amount												$ 48,000
Number of properties owned | property												6
Base spread (as a percent)												4.50%
LIBOR floor (as a percentage)												0.25%
Interest income recorded								600		$ 700
Proceeds from repayment in full			$ 6,800
Certain officers, including our Chief Executive Officer and our Former Manager | Maturity date of September 2019 | Bridge loan, six multifamily properties | Minimum
Agreements and transactions with related parties
Percentage of ownership interest of related party in the entity												10.50%
Certain officers, including our Chief Executive Officer and our Former Manager | Maturity date of September 2019 | Bridge loan, six multifamily properties | Maximum
Agreements and transactions with related parties
Percentage of ownership interest of related party in the entity												12.00%
Certain officers, including our Chief Executive Officer and our Former Manager | Maturity Date of October 2018 | Bridge loans
Agreements and transactions with related parties
Base spread (as a percent)													5.00%
LIBOR floor (as a percentage)													0.25%
Interest income recorded								300		300
Number of mortgage loans secured by property purchased from related party | loan													2
Loan due from related party													$ 16,700
Certain Officers | Maturity date of June 2020 | Bridge loan, several multifamily properties
Agreements and transactions with related parties
Due to related party		$ 32,800							$ 32,800		$ 32,800
Percentage of ownership after transaction		90.00%
Base spread (as a percent)		5.00%							5.00%		5.00%
LIBOR floor (as a percentage)		1.13%
Interest income recorded								500
Certain Officers | Maturity date of fourth quarter 2020 | Bridge loan, two multifamily properties
Agreements and transactions with related parties
Principal amount		$ 28,000							$ 28,000		$ 28,000
Number of properties owned | property		2							2		2
Percentage of ownership interest of related party in the entity									45.00%
Base spread (as a percent)		5.25%							5.25%		5.25%
Interest income recorded								500
Number of bridge loans originated | item									2
Certain Officers | Maturity date of fourth quarter 2020 | Bridge loan, two multifamily properties | Minimum
Agreements and transactions with related parties
LIBOR floor (as a percentage)									1.24%
Certain Officers | Maturity date of fourth quarter 2020 | Bridge loan, two multifamily properties | Maximum
Agreements and transactions with related parties
LIBOR floor (as a percentage)									1.54%
Certain Officers | Maturity date of July 2020 | Bridge loan, one multifamily property
Agreements and transactions with related parties
Principal amount				$ 36,000
Percentage of ownership interest of related party in the entity				95.00%
Base spread (as a percent)				4.50%
LIBOR floor (as a percentage)				1.00%
Interest income recorded								600
Certain Officers | Maturity date of January 2019 | Bridge loan, two multifamily properties
Agreements and transactions with related parties
Principal amount												$ 12,700
Number of properties owned | property												2
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		300
Certain Officers | Maturity date of January 2019 | Bridge loan, one multifamily property
Agreements and transactions with related parties
Principal amount												$ 19,000
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		300
Certain Officers | Maturity date May 2018, extended from November 2017 | Preferred equity investments | Multifamily
Agreements and transactions with related parties
Equity investment												$ 5,200
Fixed rate of interest (as a percent)												10.00%
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
Amount of loan to related party													$ 7,100
Chief executive officer | Minimum
Agreements and transactions with related parties
Ownership interest allowed under company charter (as a percent)								5.00%
Chief executive officer | 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
Amount of loan to related party														$ 1,700
Investments in equity affiliates														$ 100
Ownership interest (as a percent)														5.00%
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
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
Mr. Ivan Kaufman and his affiliates | Maturity date of August 2017 | Mezzanine loans
Agreements and transactions with related parties
Interest income recorded										800
Fixed rate of interest (as a percent)												12.00%
Amount of mortgage loan secured by property, purchased by related party												$ 4,600
Kaufman Entities
Agreements and transactions with related parties
Percentage of our Former Manager's outstanding membership interest of related party in another related party								75.00%
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								$ 310,300
Lexford Portfolio | Preferred equity investments
Agreements and transactions with related parties
Income from equity affiliates								$ 600		700
Ginkgo | Fannie Mae
Agreements and transactions with related parties
Loan purchased a multifamily apartment complex which assumed							$ 8,300
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%
Ginkgo | Maximum | Fannie Mae
Agreements and transactions with related parties
Servicing revenue								$ 100		100
Lexford Portfolio
Agreements and transactions with related parties
Income from equity affiliates								600		700
Two portfolios of multifamily properties | Consortium of Investors, including our Chief Executive Officer and our Former Manager | Maturity date of November 2018 | Bridge loans
Agreements and transactions with related parties
Principal amount						$ 14,800				$ 14,800
Base spread (as a percent)						5.25%				5.25%
LIBOR floor (as a percentage)						0.50%
Interest income recorded								$ 200		$ 200
Number of bridge loans originated | item						2
Two portfolios of multifamily properties | Certain officers, including our Chief Executive Officer and our Former Manager | Maturity date of November 2018 | Mortgage loans
Agreements and transactions with related parties
Proceeds from repayment of debt									$ 6,500
Ginkgo | Director
Agreements and transactions with related parties
Percentage of managing member							33.00%

Segment Information - Statement

Segment Information - Statements of Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Segment Information
Interest income	$ 51,612	$ 33,525
Interest expense	33,387	19,437
Net interest income	18,225	14,088
Other revenue:
Gain on sales, including fee-based services, net	18,193	19,171
Mortgage servicing rights	19,634	20,030
Servicing revenue	21,412	16,682
Amortization of MSRs	(11,865)	(11,888)
Property operating income	2,910	3,223
Other income, net	2,878	(886)
Total other revenue	53,162	46,332
Other expenses:
Employee compensation and benefits	29,494	19,841
Selling and administrative	8,915	7,695
Property operating expenses	2,796	2,638
Depreciation and amortization	1,846	1,897
Impairment loss on real estate owned		1,200
Provision for loss sharing (net of recoveries)	473	1,679
Provision for loan losses (net of recoveries)	325	(696)
Management fee - related party		4,000
Total other expenses	43,849	38,254
Income before gain on extinguishment of debt income from equity affiliates and income taxes	27,538	22,166
Gain on extinguishment of debt		7,116
Income from equity affiliates	746	763
Benefit from (provision for) income taxes	8,784	(6,101)
Net income	37,068	23,944
Preferred stock dividends	1,888	1,888
Net income attributable to noncontrolling interest	8,991	6,442
Net income attributable to common stockholders	26,189	15,614
Operating segments | Structured Business
Segment Information
Interest income	47,236	28,509
Interest expense	30,205	15,241
Net interest income	17,031	13,268
Other revenue:
Property operating income	2,910	3,223
Other income, net	233	111
Total other revenue	3,143	3,334
Other expenses:
Employee compensation and benefits	7,586	3,832
Selling and administrative	3,538	3,082
Property operating expenses	2,796	2,638
Depreciation and amortization	446	497
Impairment loss on real estate owned		1,200
Provision for loan losses (net of recoveries)	325	(696)
Management fee - related party		1,975
Total other expenses	14,691	12,528
Income before gain on extinguishment of debt income from equity affiliates and income taxes	5,483	4,074
Gain on extinguishment of debt		7,116
Income from equity affiliates	746	763
Net income	6,229	11,953
Preferred stock dividends	1,888	1,888
Net income attributable to common stockholders	4,341	10,065
Operating segments | Agency Business
Segment Information
Interest income	4,376	5,016
Interest expense	2,853	3,234
Net interest income	1,523	1,782
Other revenue:
Gain on sales, including fee-based services, net	18,193	19,171
Mortgage servicing rights	19,634	20,030
Servicing revenue	21,412	16,682
Amortization of MSRs	(11,865)	(11,888)
Other income, net	2,645	(997)
Total other revenue	50,019	42,998
Other expenses:
Employee compensation and benefits	21,908	16,009
Selling and administrative	5,377	4,613
Depreciation and amortization	1,400	1,400
Provision for loss sharing (net of recoveries)	473	1,679
Management fee - related party		2,025
Total other expenses	29,158	25,726
Income before gain on extinguishment of debt income from equity affiliates and income taxes	22,384	19,054
Benefit from (provision for) income taxes	8,784	(6,101)
Net income	31,168	12,953
Net income attributable to common stockholders	31,168	12,953
Other / Eliminations
Segment Information
Interest expense	329	962
Net interest income	(329)	(962)
Other expenses:
Income before gain on extinguishment of debt income from equity affiliates and income taxes	(329)	(962)
Net income	(329)	(962)
Net income attributable to noncontrolling interest	8,991	6,442
Net income attributable to common stockholders	$ (9,320)	$ (7,404)

Segment Information - Balance S

Segment Information - Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Assets:
Cash and cash equivalents	$ 102,548	$ 104,374
Restricted cash	131,659	139,398
Loans and investments, net	2,702,097	2,579,127
Loans held-for-sale, net	286,325	297,443
Capitalized mortgage servicing rights, net	255,732	252,608
Securities held-to-maturity, net	36,764	27,837
Investments in equity affiliates	23,625	23,653
Goodwill and other intangible assets	120,366	121,766
Other assets	89,652	79,739
Total assets	3,748,768	3,625,945
Liabilities:
Debt obligations	2,682,504	2,531,236
Allowance for loss-sharing obligations	31,097	30,511
Other liabilities	147,297	199,642
Total liabilities	2,860,898	2,761,389
Other / Eliminations
Liabilities:
Debt obligations		50,000
Other liabilities		1,009
Total liabilities		51,009
Structured Business | Operating segments
Assets:
Cash and cash equivalents	82,051	37,056
Restricted cash	131,264	139,398
Loans and investments, net	2,702,097	2,579,127
Investments in equity affiliates	23,625	23,653
Goodwill and other intangible assets	12,500	12,500
Other assets	72,593	66,227
Total assets	3,024,130	2,857,961
Liabilities:
Debt obligations	2,401,166	2,189,700
Other liabilities	120,095	155,814
Total liabilities	2,521,261	2,345,514
Agency Business | Operating segments
Assets:
Cash and cash equivalents	20,497	67,318
Restricted cash	395
Loans held-for-sale, net	286,325	297,443
Capitalized mortgage servicing rights, net	255,732	252,608
Securities held-to-maturity, net	36,764	27,837
Goodwill and other intangible assets	107,866	109,266
Other assets	17,059	13,512
Total assets	724,638	767,984
Liabilities:
Debt obligations	281,338	291,536
Allowance for loss-sharing obligations	31,097	30,511
Other liabilities	27,202	42,819
Total liabilities	$ 339,637	$ 364,866

Segment Information - Originati

Segment Information - Origination Data (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Segment Information
Origination Volumes	$ 1,043,715	$ 1,151,944
Loan Sales Data:
Sales margin (fee-based services as a % of loan sales)	1.71%	1.40%
MSR rate (MSR income as a % of loan commitments)	1.88%	1.74%
Structured Business
Segment Information
New loan originations	$ 314,215	$ 145,918
Loan payoffs / paydowns	190,615	190,409
Agency Business
Segment Information
Origination Volumes	1,048,043	1,290,887
Loan Sales Data:
Loan Sales	1,062,437	1,364,850
Fannie Mae | Agency Business
Segment Information
Origination Volumes	662,921	896,549
Loan Sales Data:
Loan Sales	728,395	1,073,347
Freddie Mac | Agency Business
Segment Information
Origination Volumes	308,151	235,032
Loan Sales Data:
Loan Sales	278,516	210,238
FHA | Agency Business
Segment Information
Origination Volumes	60,738	137,936
Loan Sales Data:
Loan Sales	39,293	59,895
CMBS/Conduit | Agency Business
Segment Information
Origination Volumes	16,233	21,370
Loan Sales Data:
Loan Sales	$ 16,233	$ 21,370

Segment Information - Key Servi

Segment Information - Key Servicing Metrics (Details) - Agency Business - MSRs - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Segment Information
UPB of Servicing Portfolio	$ 16,690,006	$ 16,206,315
Wtd. Avg. Servicing Fee Rate (basis points)	0.475%	0.477%
Wtd. Avg. Life of Servicing Portfolio (in years)	8 years 4 months 24 days	8 years 1 month 6 days
Fannie Mae
Segment Information
UPB of Servicing Portfolio	$ 12,700,635	$ 12,502,699
Wtd. Avg. Servicing Fee Rate (basis points)	0.535%	0.536%
Wtd. Avg. Life of Servicing Portfolio (in years)	7 years 2 months 12 days	6 years 10 months 24 days
Freddie Mac
Segment Information
UPB of Servicing Portfolio	$ 3,397,535	$ 3,166,134
Wtd. Avg. Servicing Fee Rate (basis points)	0.304%	0.295%
Wtd. Avg. Life of Servicing Portfolio (in years)	10 years 8 months 12 days	10 years 6 months
FHA
Segment Information
UPB of Servicing Portfolio	$ 591,836	$ 537,482
Wtd. Avg. Servicing Fee Rate (basis points)	0.162%	0.165%
Wtd. Avg. Life of Servicing Portfolio (in years)	20 years	19 years 7 months 6 days