Arbor Realty Trust (ABR) 10-Q 2 Aug 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2019	Jul. 26, 2019
Document and Entity Information
Document Type	10-Q
Document Period End Date	Jun. 30, 2019
Entity Registrant Name	ARBOR REALTY TRUST INC
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		94,341,082
Entity Central Index Key	0001253986
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Assets:
Cash and cash equivalents	$ 198,917	$ 160,063
Restricted cash	316,455	180,606
Loans and investments, net	3,836,554	3,200,145
Loans held-for-sale, net	601,827	481,664
Capitalized mortgage servicing rights, net	276,648	273,770
Securities held-to-maturity, net	86,017	76,363
Investments in equity affiliates	31,159	21,580
Real estate owned, net	13,382	14,446
Due from related party	16,986	1,287
Goodwill and other intangible assets	113,364	116,165
Other assets	110,421	86,086
Total assets	5,601,730	4,612,175
Liabilities and Equity:
Credit facilities and repurchase agreements	1,621,678	1,135,627
Collateralized loan obligations	1,875,444	1,593,548
Debt fund	68,422	68,183
Senior unsecured notes	210,963	122,484
Convertible senior unsecured notes, net	253,729	254,768
Junior subordinated notes to subsidiary trust issuing preferred securities	140,587	140,259
Due to related party	7,219
Due to borrowers	92,296	78,662
Allowance for loss-sharing obligations	34,417	34,298
Other liabilities	110,997	118,780
Total liabilities	4,415,752	3,546,609
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; 20,484,094 and 20,653,584 shares issued and outstanding, respectively; 8.25% Series A, $38,788 aggregate liquidation preference; 1,551,500 shares issued and outstanding; 7.75% Series B, $31,500 aggregate liquidation preference; 1,260,000 shares issued and outstanding; 8.50% Series C, $22,500 aggregate liquidation preference; 900,000 shares issued and outstanding	89,501	89,502
Common stock, $0.01 par value: 500,000,000 shares authorized; 94,225,567 and 83,987,707 shares issued and outstanding, respectively	942	840
Additional paid-in capital	998,897	879,029
Accumulated deficit	(72,321)	(74,133)
Total Arbor Realty Trust, Inc. stockholders' equity	1,017,019	895,238
Noncontrolling interest	168,959	170,328
Total equity	1,185,978	1,065,566
Total liabilities and equity	$ 5,601,730	$ 4,612,175

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
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)	94,225,567	83,987,707
Common stock, shares outstanding (in shares)	94,225,567	83,987,707
Assets	$ 5,601,730	$ 4,612,175
Liabilities	4,415,752	3,546,609
Consolidated variable interest entities
Assets	2,519,392	2,198,096
Liabilities	$ 1,948,555	$ 1,665,139
Special voting preferred shares
Preferred stock, shares issued (in shares)	20,484,094	20,653,584
Preferred stock, shares outstanding (in shares)	20,484,094	20,653,584
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 - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
CONSOLIDATED STATEMENTS OF INCOME
Interest income	$ 82,171	$ 59,295	$ 153,448	$ 110,908
Interest expense	48,284	37,884	90,149	71,271
Net interest income	33,887	21,411	63,299	39,637
Other revenue:
Gain on sales, including fee-based services, net	14,211	15,622	30,600	33,815
Mortgage servicing rights	18,709	17,936	32,941	37,571
Servicing revenue, net	12,612	10,871	26,164	20,418
Property operating income	3,147	2,964	5,950	5,874
Other income, net	1,393	(470)	(734)	2,408
Total other revenue	50,072	46,923	94,921	100,086
Other expenses:
Employee compensation and benefits	29,022	26,815	60,786	56,309
Selling and administrative	10,481	8,873	20,242	17,789
Property operating expenses	2,691	2,856	5,086	5,652
Depreciation and amortization	1,909	1,845	3,821	3,691
Impairment loss on real estate owned	1,000	2,000	1,000	2,000
Provision for loss sharing (net of recoveries)	368	348	822	821
Provision for loan losses (net of recoveries)		(2,127)		(1,802)
Total other expenses	45,471	40,610	91,757	84,460
Income before extinguishment of debt, income from equity affiliates and income taxes	38,488	27,724	66,463	55,263
Loss on extinguishment of debt			(128)
Income from equity affiliates	3,264	1,387	5,415	2,132
(Provision for) benefit from income taxes	(4,350)	(4,499)	(4,341)	4,285
Net income	37,402	24,612	67,409	61,680
Preferred stock dividends	1,888	1,888	3,777	3,777
Net income attributable to noncontrolling interest	6,598	5,557	12,066	14,547
Net income attributable to common stockholders	$ 28,916	$ 17,167	$ 51,566	$ 43,356
Basic earnings per common share (in dollars per share)	$ 0.32	$ 0.26	$ 0.59	$ 0.68
Diluted earnings per common share (in dollars per share)	$ 0.31	$ 0.25	$ 0.57	$ 0.66
Weighted average shares outstanding:
Basic (in shares)	89,955,923	65,683,057	87,567,171	63,773,306
Diluted (in shares)	113,624,384	90,055,170	110,779,680	87,420,543
Dividends declared per common share (in dollars per share)	$ 0.28	$ 0.25	$ 0.55	$ 0.46

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 37,402	$ 24,612	$ 67,409	$ 61,680
Reclassification of net unrealized gains on available-for-sale securities into accumulated deficit				(176)
Comprehensive income	37,402	24,612	67,409	61,504
Less:
Comprehensive income attributable to noncontrolling interest	6,598	5,557	12,066	14,504
Preferred stock dividends	1,888	1,888	3,777	3,777
Comprehensive income attributable to common stockholders	$ 28,916	$ 17,167	$ 51,566	$ 43,223

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated DeficitPreferred stock of private REIT	Accumulated Deficit	Accumulated Other Comprehensive Income	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		$ 65	55,842					55,907			55,907
Issuance of common stock (in shares)		6,452,700
Stock-based compensation		$ 4	3,641					3,645			3,645
Stock-based compensation (in shares)		396,030
Forfeiture of unvested restricted stock (in shares)		(1,500)
Distributions - common stock					(28,727)			(28,727)			(28,727)
Distributions - preferred stock					(3,777)			(3,777)			(3,777)
Distributions - preferred stock of private REIT				$ (7)			$ (7)			$ (7)
Distributions - noncontrolling interest									(9,765)		(9,765)
Net income					47,133			47,133	14,547		61,680
Reclassification of net unrealized gains on available-for-sale securities into accumulated deficit					176	$ (176)					(176)
Balance at Jun. 30, 2018	$ 89,508	$ 686	766,933		(87,128)			769,999	173,513		943,512
Balance (in shares) at Jun. 30, 2018	24,942,269	68,570,617
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
Increase (Decrease) in Stockholders' Equity
Issuance of common stock		$ 61	52,832					52,893			52,893
Issuance of common stock (in shares)		6,092,700
Stock-based compensation			1,100					1,100			1,100
Stock-based compensation (in shares)		8,382
Distributions - common stock					(15,765)			(15,765)			(15,765)
Distributions - preferred stock					(1,888)			(1,888)			(1,888)
Distributions - preferred stock of private REIT				(3)			(3)			(3)
Distributions - noncontrolling interest									(5,307)		(5,307)
Net income					19,056			19,056	5,556		24,612
Balance at Jun. 30, 2018	$ 89,508	$ 686	766,933		(87,128)			769,999	173,513		943,512
Balance (in shares) at Jun. 30, 2018	24,942,269	68,570,617
Balance at Dec. 31, 2018	$ 89,502	$ 840	879,029		(74,133)			895,238	170,328		1,065,566
Balance (in shares) at Dec. 31, 2018	24,365,084	83,987,707
Increase (Decrease) in Stockholders' Equity
Issuance of common stock		$ 91	115,494					115,585			115,585
Issuance of common stock (in shares)		9,200,000
Repurchase of common stock		$ (9)	(11,565)					(11,574)			(11,574)
Repurchase of common stock (in shares)		(920,000)
Issuance of common stock upon vesting of restricted stock units		$ 2	(2,904)					(2,902)			(2,902)
Issuance of common stock upon vesting of restricted stock units (in shares)		203,492
Net settlement on vesting of restricted stock			(585)					(585)			(585)
Net settlement on vesting of restricted stock (in shares)		(45,953)
Issuance of common stock from convertible debt		$ 2	2,505					2,507			2,507
Issuance of common stock from convertible debt (in shares)		210,466
Extinguishment of convertible senior unsecured notes			(1,337)					(1,337)			(1,337)
Stock-based compensation		$ 4	5,254					5,258			5,258
Stock-based compensation (in shares)		447,866
Forfeiture of unvested restricted stock (in shares)		(18,120)
Issuance of common stock from special dividend		$ 9	10,070					10,079			10,079
Issuance of common stock from special dividend (in shares)		901,432
Issuance of operating partnership units and special voting preferred stock from special dividend	$ 2							2	2,476		2,478
Issuance of operating partnership units and special voting preferred stock from special dividend (in shares)	221,666
Distributions - common stock					(49,746)			(49,746)			(49,746)
Distributions - preferred stock					(3,777)			(3,777)			(3,777)
Distributions - preferred stock of private REIT				(8)			(8)			(8)
Distributions - noncontrolling interest									(11,302)		(11,302)
Redemption of operating partnership units	$ (3)	$ 3	2,936					2,936	(4,609)		(1,673)
Redemption of operating partnership units (in shares)	(387,706)	258,677
Net income					55,343			55,343	12,066		67,409
Balance at Jun. 30, 2019	$ 89,501	$ 942	998,897		(72,321)			1,017,019	168,959		1,185,978
Balance (in shares) at Jun. 30, 2019	24,199,044	94,225,567
Balance at Mar. 31, 2019	$ 89,501	$ 860	893,471		(74,589)			909,243	168,140		1,077,383
Balance (in shares) at Mar. 31, 2019	24,199,044	85,955,995
Increase (Decrease) in Stockholders' Equity
Issuance of common stock		$ 91	115,494					115,585			115,585
Issuance of common stock (in shares)		9,200,000
Repurchase of common stock		$ (9)	(11,565)					(11,574)			(11,574)
Repurchase of common stock (in shares)		(920,000)
Extinguishment of convertible senior unsecured notes			(6)					(6)			(6)
Stock-based compensation			1,503					1,503			1,503
Stock-based compensation (in shares)		7,692
Forfeiture of unvested restricted stock (in shares)		(18,120)
Distributions - common stock					(26,645)			(26,645)			(26,645)
Distributions - preferred stock					(1,888)			(1,888)			(1,888)
Distributions - preferred stock of private REIT				$ (3)			$ (3)			$ (3)
Distributions - noncontrolling interest									(5,736)		(5,736)
Redemption of operating partnership units									(43)		(43)
Net income					30,804			30,804	6,598		37,402
Balance at Jun. 30, 2019	$ 89,501	$ 942	$ 998,897		$ (72,321)			$ 1,017,019	$ 168,959		$ 1,185,978
Balance (in shares) at Jun. 30, 2019	24,199,044	94,225,567

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Operating activities:
Net income	$ 67,409	$ 61,680
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization	3,821	3,691
Stock-based compensation	5,258	3,645
Amortization and accretion of interest and fees, net	2,092	7,658
Amortization of capitalized mortgage servicing rights	24,606	23,802
Originations of loans held-for-sale	(1,971,876)	(2,080,393)
Proceeds from sales of loans held-for-sale, net of gain on sale	1,847,488	2,064,486
Payoffs and paydowns of loans held-for-sale	66	22
Mortgage servicing rights	(32,941)	(37,571)
Write-off of capitalized mortgage servicing rights from payoffs	9,048	10,078
Impairment loss on real estate owned	1,000	2,000
Provision for loss sharing (net of recoveries)	822	821
(Charge-offs) recoveries for loss-sharing obligations, net	(703)	70
Provision for loan losses (net of recoveries)		(1,802)
Deferred tax benefit	(3,250)	(13,135)
Income from equity affiliates	(5,415)	(2,132)
Loss on extinguishment of debt	128
Changes in operating assets and liabilities	(25,251)	(24,307)
Net cash (used in) provided by operating activities	(77,698)	18,613
Investing Activities:
Loans and investments funded and originated, net	(1,398,834)	(875,212)
Payoffs and paydowns of loans and investments	796,652	429,133
Deferred fees	11,505	6,309
Investments in real estate, net	(287)	(220)
Contributions to equity affiliates	(6,105)	(2,460)
Distributions from equity affiliates		2,807
Purchases of securities held-to-maturity, net	(10,000)	(21,637)
Payoffs and paydowns of securities held-to-maturity	2,679	519
Proceeds from insurance settlements, net		1,294
Due to borrowers and reserves	(24,052)	(58,585)
Net cash used in investing activities	(628,442)	(518,052)
Financing activities:
Proceeds from repurchase agreements and credit facilities	4,126,430	3,971,279
Payoffs and paydowns of repurchase agreements and credit facilities	(3,640,107)	(3,588,443)
Payoffs and paydowns of collateralized loan obligations	(250,250)	(267,750)
Settlements of convertible senior unsecured notes	(3,037)
Payoffs of senior unsecured notes		(97,860)
Payoff of related party financing		(50,000)
Proceeds from issuance of collateralized loan obligations	533,000	441,000
Proceeds from issuance of senior unsecured notes	90,000	125,000
Redemption of operating partnership units	(1,673)
Payments of withholding taxes on net settlement of vested stock	(3,487)
Proceeds from issuance of common stock	115,736	55,907
Distribution for the repurchase of common stock	(11,574)
Distributions paid on common stock	(49,746)	(28,727)
Distributions paid on noncontrolling interest	(11,302)	(9,765)
Distributions paid on preferred stock	(3,777)	(3,777)
Distributions paid on preferred stock of private REIT	(8)	(7)
Payment of deferred financing costs	(9,362)	(10,536)
Net cash provided by financing activities	880,843	536,321
Net increase in cash, cash equivalents and restricted cash	174,703	36,882
Cash, cash equivalents and restricted cash at beginning of period	340,669	243,772
Cash, cash equivalents and restricted cash at end of period	515,372	280,654
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents at beginning of period	160,063	104,374
Restricted cash at beginning of period	180,606	139,398
Cash, cash equivalents and restricted cash at beginning of period	340,669	243,772
Cash and cash equivalents at end of period	198,917	106,968
Restricted cash at end of period	316,455	173,686
Cash, cash equivalents and restricted cash at end of period	515,372	280,654
Supplemental cash flow information:
Cash used to pay interest	85,776	58,675
Cash used to pay taxes	13,186	10,698
Supplemental schedule of non-cash investing and financing activities:
Special dividend - common stock issued	10,079
Special dividend - special voting preferred stock and operating partnership units issued	2,478
Issuance of common stock from convertible debt	2,507
Settlements of convertible senior unsecured notes	(1,337)
Fair value of conversion feature of convertible senior unsecured notes	1,175
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 CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical)	6 Months Ended		12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
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	6 Months Ended
	Jun. 30, 2019
Description of Business
Description of Business	Note 1 — Description of Business Arbor Realty Trust, Inc. (“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. 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	6 Months Ended
	Jun. 30, 2019
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 2018 Annual Report. 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 See Item 8 — Financial Statements and Supplementary Data in our 2018 Annual Report for a description of our significant accounting policies. Upon the adoption of Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842) in the first quarter of 2019, we adopted the following significant accounting policy: Leases. We determine if an arrangement is a lease at inception. Our right to use an underlying asset for the lease term is recorded as operating lease right-of-use (“ROU”) assets and our obligation to make lease payments arising from the lease are recorded as lease liabilities. The operating lease ROU assets and lease liabilities are included in other assets and other liabilities, respectively, in our consolidated balance sheets. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Our leases do not provide an implicit rate; therefore, we use our incremental borrowing rate in determining the present value of lease payments. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. At the adoption date, we made an accounting policy election to exclude leases with an initial term of twelve months or less. Recently Adopted Accounting Pronouncements Description Adoption Date Effect on Financial Statements In February 2016, the Financial Accounting Standards Board ("FASB") issued ASU 2016-02, Leases (Topic 842). This ASU requires lessees to record most leases on their balance sheet through operating and finance lease liabilities and corresponding ROU assets, as well as adding additional footnote disclosures of key information about those arrangements. In July 2018, the FASB also issued ASU 2018-11, Leases (Topic 842) - Targeted Improvements, which provides transition relief on comparative period reporting through a cumulative-effect adjustment at the beginning of the period of adoption ("Effective Date Method"). First quarter of 2019 We adopted this guidance using the optional Effective Date Method and elected the group of optional practical expedients, therefore, comparative reporting periods have not been adjusted and are reported under the previous accounting guidance. Upon adoption, we recorded an operating lease ROU asset and corresponding lease liability of $20.1 million, which are included as other assets and other liabilities in our consolidated balance sheets. In addition, we added the required footnote disclosures in Note 14 - Commitments and Contingencies. In June 2018, the FASB issued ASU 2018-07, Compensation— Stock Compensation to expand the scope of ASC Topic 718, Compensation—Stock Compensation, to include share-based payment transactions for acquiring goods and services from nonemployees. First quarter of 2019 The adoption of this guidance did not have a material impact on our consolidated financial statements. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities. This ASU better aligns risk management activities and financial reporting for hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. Among other amendments, the update allows entities to designate the variability in cash flows attributable to changes in a contractually specified component stated in the contract as the hedged risk in a cash flow hedge of a forecasted purchase or sale of a nonfinancial asset. First quarter of 2019 The adoption of this guidance did not have a material impact on our consolidated financial statements. We will apply this guidance to any future hedging activities. Recently Issued Accounting Pronouncements Description Effective Date Effect on Financial Statements In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments. This ASU requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Entities will be required to use forward-looking information to better form their credit loss estimates. This ASU also requires enhanced disclosures to help financial statement users better understand significant estimates and judgments used in estimating credit losses. First quarter of 2020 with early adoption permitted beginning in the first quarter of 2019 We continue to evaluate the impact the adoption of this guidance will have on our consolidated financial statements and disclosures. As part of our evaluation process, we have established a task force that includes individuals from various functional areas to implement this new accounting standard. The standard applies to: (1) financial assets subject to credit losses and measured at amortized cost, and (2) certain off-balance sheet credit exposures. This currently includes our Structured Business loan and investment portfolio, held-to-maturity debt securities and loss-sharing obligations related to the Fannie Mae DUS program. Our preliminary evaluation indicates this standard is expected to impact our consolidated financial statements, in particular the level of credit losses.

Loans and Investments

Loans and Investments	6 Months Ended
	Jun. 30, 2019
Loans and Investments
Loans and Investments	Note 3 — Loans and Investments Our Structured Business loan and investment portfolio consists of ($ in thousands): Wtd. Avg. Remaining Wtd. Avg. Wtd. Avg. Percent of Loan Wtd. Avg. Months to First Dollar Last Dollar June 30, 2019 Total Count Pay Rate (1) Maturity LTV Ratio (2) LTV Ratio (3) Bridge loans $ 3,488,103 89 % 183 6.39 % 17.7 0 % 75 % Mezzanine loans 216,304 6 % 23 10.28 % 29.1 23 % 77 % Preferred equity investments 185,255 5 % 11 8.05 % 72.3 68 % 90 % Other 33,547 <1 % 9 2.05 % 70.6 0 % 71 % 3,923,209 100 % 226 6.64 % 21.4 4 % 75 % Allowance for loan losses (71,069) Unearned revenue (15,586) Loans and investments, net $ 3,836,554 December 31, 2018 Bridge loans $ 2,992,814 91 % 167 6.84 % 18.5 0 % 74 % Mezzanine loans 108,867 3 % 13 10.57 % 22.1 28 % 72 % Preferred equity investments 181,661 6 % 10 7.97 % 78.0 66 % 89 % 3,283,342 100 % 190 7.02 % 22.0 5 % 75 % Allowance for loan losses (71,069) Unearned revenue (12,128) Loans and investments, net $ 3,200,145 (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 June 30, 2019, the UPB related to 34 loans with five different borrowers represented 19% of total assets. At December 31, 2018, the UPB related to 45 loans with five different borrowers represented 22% of total assets. During both the six months ended June 30, 2019 and the year ended December 31, 2018, no single loan or investment represented more than 10% of our total assets and no single investor group generated over 10% of our revenue. For details on our concentration of related party loans and investments, see Note 18 – Agreements and Transactions with Related Parties. We assign a credit risk rating of pass, pass/watch, special mention, substandard or doubtful to each loan and investment, with a pass rating being the lowest risk and a doubtful rating being the highest risk. Each credit risk rating has benchmark guidelines that pertain to debt-service coverage ratios, LTV ratios, borrower strength, asset quality, and funded cash reserves. Other factors such as guarantees, market strength, and remaining loan term and borrower equity are also reviewed and factored into determining the credit risk rating assigned to each loan. This metric provides a helpful snapshot of portfolio quality and credit risk. All portfolio assets are subject to, at a minimum, a thorough quarterly financial evaluation in which historical operating performance and forward-looking projections are reviewed, however, we maintain a higher level of scrutiny and focus on loans that we consider “high risk” and that possess deteriorating credit quality. Generally speaking, given our typical loan profile, risk ratings of pass, pass/watch and special mention suggest that we expect the loan to make both principal and interest payments according to the contractual terms of the loan agreement, and is not considered impaired. A risk rating of substandard indicates we anticipate the loan may require a modification of some kind. A risk rating of doubtful indicates we expect the loan to underperform over its term, and there could be loss of interest and/or principal. Further, while the above are the primary guidelines used in determining a certain risk rating, subjective items such as borrower strength, market strength or asset quality may result in a rating that is higher or lower than might be indicated by any risk rating matrix. As a result of the loan review process, at June 30, 2019 and December 31, 2018, we identified eight loans and investments that we consider higher-risk loans that had a carrying value, before loan loss reserves, of $128.2 million and $128.7 million, respectively, and a weighted average last dollar LTV ratio of 99% for both periods. A summary of the loan portfolio’s weighted average internal risk ratings and LTV ratios by asset class is as follows ($ in thousands): June 30, 2019 Wtd. Avg. Wtd. Avg. Wtd. Avg. Percentage Internal Risk First Dollar Last Dollar Asset Class UPB of Portfolio Rating LTV Ratio LTV Ratio Multifamily $ 3,010,082 77 % pass/watch 5 % 76 % Self Storage 246,209 6 % special mention 3 % 72 % Land 232,228 6 % special mention 0 % 86 % Healthcare 146,025 4 % pass/watch 0 % 79 % Office 132,032 3 % special mention 3 % 71 % Hotel 92,300 2 % pass/watch 0 % 61 % Retail 49,308 1 % pass/watch 6 % 62 % Other 15,025 < 1 % pass/watch 7 % 72 % Total $ 3,923,209 100 % pass/watch 4 % 75 % December 31, 2018 Wtd. Avg. Wtd. Avg. Wtd. Avg. Percentage Internal Risk First Dollar Last Dollar Asset Class UPB of Portfolio Rating LTV Ratio LTV Ratio Multifamily $ 2,427,920 % pass/watch 5 % 75 % Self Storage 301,830 % pass/watch 0 % 72 % Land 151,628 % substandard 0 % 90 % Healthcare 122,775 % pass/watch 0 % 77 % Office 132,047 % special mention 3 % 68 % Hotel 100,075 % pass/watch 13 % 66 % Retail 45,367 % pass/watch 6 % 65 % Other 1,700 <1 % doubtful 63 % 63 % Total $ 3,283,342 % pass/watch 5 % 75 % Geographic Concentration Risk As of June 30, 2019, 22% and 14% of the outstanding balance of our loan and investment portfolio had underlying properties in New York and Texas, respectively. As of December 31, 2018, 23% and 18% of the outstanding balance of our loan and investment portfolio had underlying properties in New York and Texas, respectively. No other states represented 10% or more of the total loan and investment portfolio. Impaired Loans and Allowance for Loan Losses A summary of the changes in the allowance for loan losses is as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Allowance at beginning of period $ 71,069 $ 63,108 $ 71,069 $ 62,783 Provision for loan losses — 1,325 — 1,650 Charge-offs — (3,173) — (3,173) Recoveries of reserves — (2,527) — (2,527) Allowance at end of period $ 71,069 $ 58,733 $ 71,069 $ 58,733 During the three and six months ended June 30, 2018, we determined that the fair value of the underlying collateral (land development project) securing six loans with a carrying value of $120.9 million was less than the net carrying value of the loans, which resulted in a provision for loan losses of $1.3 million and $1.7 million, respectively. During the three and six months ended June 30, 2018, we settled, for $31.6 million, a non-performing preferred equity investment in a hotel property with a net carrying value of $29.1 million, resulting in a reserve recovery of $2.5 million and a charge-off of $3.2 million. In addition, we received a payment and recorded a recovery of $0.9 million related to a written-off junior participation interest in an office building. The ratios of net recoveries to the average loans and investments outstanding were de minimus for the three and six months ended June 30, 2018. 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 June 30, 2019 and 2018. We have six loans with a carrying value totaling $120.9 million at June 30, 2019 that are collateralized by a land development project that are scheduled to mature in September 2019. The loans do not carry a current pay rate of interest, however, five of the loans with a carrying value totaling $111.5 million entitle us to a weighted average accrual rate of interest of 9.04%. 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 June 30, 2019 and December 31, 2018, we had cumulative allowances for loan losses of $61.4 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): June 30, 2019 Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Carrying Allowance for Average Recorded Interest Income Average Recorded Interest Income Asset Class UPB Value (1) Loan Losses Investment (2) Recognized Investment (2) Recognized Land $ 134,215 $ 127,386 $ 67,869 $ 134,215 $ 28 $ 134,215 $ 55 Office 2,251 2,251 1,500 2,255 34 2,259 68 Commercial 1,700 1,700 1,700 1,700 — 1,700 — Total $ 138,166 $ 131,337 $ 71,069 $ 138,170 $ 62 $ 138,174 $ 123 December 31, 2018 Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 Land $ 134,215 $ 127,869 $ 67,869 $ 131,985 $ — $ 131,823 $ — Hotel — — — 17,375 — 17,375 — Office 2,266 2,266 1,500 2,281 31 2,284 60 Commercial 1,700 1,700 1,700 1,700 — 1,700 — Total $ 138,181 $ 131,835 $ 71,069 $ 153,341 $ 31 $ 153,182 $ 60 (1) Represents the UPB of five impaired loans (less unearned revenue and other holdbacks and adjustments) by asset class at both June 30, 2019 and December 31, 2018. (2) Represents an average of the beginning and ending UPB of each asset class. At both June 30, 2019 and December 31, 2018, two loans with an aggregate net carrying value of $0.8 million, net of related loan loss reserves of $1.7 million, were classified as non-performing. 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): June 30, 2019 December 31, 2018 Greater Less Than 90 Greater Than Carrying Less Than 90 Than 90 Days Carrying Days Past 90 Days Past Asset Class Value Days Past Due Past Due Value Due Due Commercial $ 1,700 $ — $ 1,700 $ 1,700 $ — $ 1,700 Office 832 — 832 832 — 832 Total $ 2,532 $ — $ 2,532 $ 2,532 $ — $ 2,532 At both June 30, 2019 and December 31, 2018, there were no loans contractually past due 90 days or more that were still accruing interest. There were no loan modifications, refinancing's and/or extensions during both the six months ended June 30, 2019 and 2018 that were 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. At June 30, 2019 and December 31, 2018, we had total interest reserves of $61.4 million and $48.9 million, respectively, on 132 loans and 110 loans, respectively, with an aggregate UPB of $2.49 billion and $2.22 billion, respectively.

Loans Held-for-Sale, Net

Loans Held-for-Sale, Net	6 Months Ended
	Jun. 30, 2019
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): June 30, 2019 December 31, 2018 Fannie Mae $ 428,648 $ 358,790 Freddie Mac 122,013 95,004 FHA 46,625 19,170 597,286 472,964 Fair value of future MSR 6,243 10,253 Unearned discount (1,702) (1,553) Loans held-for-sale, net $ 601,827 $ 481,664 Our loans held-for-sale, net are typically sold within 60 days of loan origination and the gain on sales are included in gain on sales, including fee-based services, net in the consolidated statements of income. During the three and six months ended June 30, 2019, we sold $923.0 million and $2.02 billion, respectively, of loans held-for-sale and recorded gain on sales of $12.9 million and $28.0 million , respectively. During the three and six months ended June 30, 2018, we sold $1.02 billion and $2.08 billion, respectively, of loans held-for-sale and recorded gain on sales of $14.8 million and $32.2 million, respectively. At June 30, 2019 and December 31, 2018, 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	6 Months Ended
	Jun. 30, 2019
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 7.7 years and 7.6 years at June 30, 2019 and December 31, 2018, respectively. A summary of our capitalized MSR activity is as follows (in thousands): Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Acquired Originated Total Acquired Originated Total Balance at beginning of period $ 88,029 $ 189,610 $ 277,639 $ 97,084 $ 176,686 $ 273,770 Additions — 15,923 15,923 — 36,532 36,532 Amortization (5,546) (6,778) (12,324) (11,461) (13,145) (24,606) Write-downs and payoffs (2,991) (1,599) (4,590) (6,131) (2,917) (9,048) Balance at end of period $ 79,492 $ 197,156 $ 276,648 $ 79,492 $ 197,156 $ 276,648 Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 Balance at beginning of period $ 131,934 $ 123,798 $ 255,732 $ 143,270 $ 109,338 $ 252,608 Additions — 18,493 18,493 — 38,293 38,293 Amortization (7,517) (4,420) (11,937) (15,512) (8,290) (23,802) Write-downs and payoffs (4,400) (867) (5,267) (7,741) (2,337) (10,078) Balance at end of period $ 120,017 $ 137,004 $ 257,021 $ 120,017 $ 137,004 $ 257,021 We collected prepayment fees totaling $3.5 million and $8.5 million during the three and six months ended June 30, 2019, respectively, and $4.9 million and $8.7 million during the three and six months ended June 30, 2018, respectively. Prepayment fees are included as a component of servicing revenue, net on the consolidated statements of income. As of June 30, 2019 and December 31, 2018, we had no valuation allowance recorded on any of our MSRs. The expected amortization of capitalized MSRs recorded as of June 30, 2019 is as follows (in thousands): Year Amortization 2019 (six months ending 12/31/2019) $ 24,388 2020 45,925 2021 40,855 2022 34,531 2023 29,583 2024 25,205 Thereafter 76,161 Total $ 276,648 Actual amortization may vary from these estimates.

Mortgage Servicing

Mortgage Servicing	6 Months Ended
	Jun. 30, 2019
Mortgage Servicing
Mortgage Servicing	Note 6 — Mortgage Servicing Product and geographic concentrations that impact our servicing revenue are as follows ($ in thousands): June 30, 2019 Product Concentrations Geographic Concentrations UPB Percent of Percentage Product UPB Total State of Total Fannie Mae $ 14,122,916 73 % Texas 20 % Freddie Mac 4,657,097 24 % North Carolina 9 % FHA 684,527 3 % New York 9 % Total $ 19,464,540 100 % California 8 % Georgia 6 % Florida 6 % Other (1) 42 % Total 100 % December 31, 2018 Fannie Mae $ 13,562,667 73 % Texas 20 % Freddie Mac 4,394,287 24 % North Carolina 10 % FHA 644,687 3 % New York 8 % Total $ 18,601,641 100 % California 8 % Georgia 6 % Florida 6 % Other (1) 42 % Total 100 % (1) No other individual state represented 4% or more of the total. At June 30, 2019 and December 31, 2018, our weighted average servicing fee was 43.6 basis points and 45.2 basis points, respectively. At June 30, 2019 and December 31, 2018, we held total escrow balances of $884.4 million and $824.1 million, respectively, which is not reflected in our consolidated balance sheets. Of the total escrow balances, we held $525.1 million and $521.2 million at June 30, 2019 and December 31, 2018, respectively, related to loans we are servicing within our Agency Business. These escrows are maintained in separate accounts at several federally insured depository institutions, which may exceed FDIC insured limits. We earn interest income on the total escrow deposits, generally based on a market rate of interest negotiated with the financial institutions that hold the escrow deposits. Interest earned on total escrows, net of interest paid to the borrower, was $4.1 million and $8.1 million during the three and six months ended June 30, 2019, respectively, and $2.7 million and $4.9 million during the three and six months ended June 30, 2018, respectively, and is a component of servicing revenue, net in the consolidated statements of income.

Securities Held-to-Maturity

Securities Held-to-Maturity	6 Months Ended
	Jun. 30, 2019
Securities Held-to-Maturity
Securities Held-to-Maturity	Note 7 — Securities Held-to-Maturity Agency B Piece Bonds . Freddie Mac may choose to hold, sell or securitize loans we sell to them under the Freddie Mac SBL program. As part of the securitizations under the SBL program, we have the option to purchase through a bidding process the bottom tranche bond, generally referred to as the “B Piece,” that represents the bottom 10%, or highest risk, of the securitization. As of June 30, 2019, we retained 49%, or $106.2 million initial face value, of seven B Piece bonds, which were purchased at a discount for $74.7 million, and sold the remaining 51% to a third-party at par. These securities are collateralized by a pool of multifamily mortgage loans, bear interest at an initial weighted average variable rate of 3.74% and have an estimated weighted average maturity of 5.7 years. The weighted average effective interest rate was 10.71% and 10.94% at June 30, 2019 and December 31, 2018, respectively, including the accretion of discount. Approximately $16.6 million is estimated to mature within one year, $44.1 million is estimated to mature after one year through five years, $25.0 million is estimated to mature after five years through ten years and $15.1 million is estimated to mature after ten years. Single Family Rental Bonds ("SFR bonds"). During the first quarter of 2019, we purchased $10.0 million initial face value of Class A2 securitized SFR bonds at par. The securities have a three-year maturity, bear interest at a fixed interest rate of 4.95% and are collateralized by a pool of single family rental properties. Approximately $8.6 million is estimated to mature within one year and $1.4 million is estimated to mature after one year through five years. A summary of our securities held-to-maturity is as follows (in thousands): Carrying Unrealized Estimated Period Face Value Value Gain Fair Value June 30, 2019 $ 110,836 $ 86,017 $ 3,153 $ 89,170 December 31, 2018 $ 103,515 $ 76,363 $ 2,734 $ 79,097 As of June 30, 2019, no impairment was recorded on our held-to-maturity securities. During the three and six months ended June 30, 2019, we recorded interest income (including the amortization of discount) of $2.3 million and $4.4 million, respectively and, during the three and six months ended June 30, 2018, we recorded interest income of $1.3 million and $2.4 million, respectively, related to these investments.

Investments in Equity Affiliate

Investments in Equity Affiliates	6 Months Ended
	Jun. 30, 2019
Investments in Equity Affiliates
Investments in Equity Affiliates	Note 8 — Investments in Equity Affiliates We account for all investments in equity affiliates under the equity method. A summary of our investments in equity affiliates is as follows (in thousands): UPB of Loans to Investments in Equity Affiliates at Equity Affiliates at Equity Affiliates June 30, 2019 December 31, 2018 June 30, 2019 Arbor Residential Investor LLC $ 22,856 $ 19,260 $ — AMAC Holdings III LLC 5,983 — — Lightstone Value Plus REIT L.P 1,895 1,895 — JT Prime 425 425 — West Shore Café — — 1,688 Lexford Portfolio — — 170,730 East River Portfolio — — — Total $ 31,159 $ 21,580 $ 172,418 Arbor Residential Investor LLC (“ARI”). During the three and six months ended June 30, 2019, we recorded income of $2.7 million and $3.5 million, respectively, and during the three and six months ended June 30, 2018, we recorded income of $0.7 million and $0.8 million, respectively, to income from equity affiliates in our consolidated statements of income. During the first quarter of 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 second quarter of 2018, we received cash distributions totaling $0.4 million (which were classified as returns of capital) in connection with a joint venture that invests in non-qualified residential mortgages purchased from ARI’s origination platform. AMAC Holdings III LLC ("AMAC III"). In the first quarter of 2019, we committed to a $30.0 million investment (of which $6.0 million was funded during the six months ended June 30, 2019) for an 18% interest in a multifamily-focused commercial real estate investment fund that is sponsored and managed by our chief executive officer and one of his immediate family members. Lexford Portfolio. During the three and six months ended June 30, 2019, we received distributions of $0.6 million and $1.9 million, respectively, and during the three and six months ended June 30, 2018, we received distributions of $0.6 million and $1.2 million, respectively, from this equity investment, which was recognized as income. See Note 18 – Agreements and Transactions with Related Parties for details about the investments described above.

Real Estate Owned

Real Estate Owned	6 Months Ended
	Jun. 30, 2019
Real Estate Owned
Real Estate Owned	Note 9 — Real Estate Owned Real Estate Owned . Our real estate assets at both June 30, 2019 and December 31, 2018 were comprised of a hotel property and an office building. June 30, 2019 December 31, 2018 Hotel Office Hotel Office (in thousands) Property Building Total Property Building Total Land $ 3,294 $ 4,509 $ 7,803 $ 3,294 $ 4,509 $ 7,803 Building and intangible assets 31,352 2,009 33,361 31,066 2,010 33,076 Less: Impairment loss (14,307) (2,500) (16,807) (13,307) (2,500) (15,807) Less: Accumulated depreciation and amortization (10,048) (927) (10,975) (9,778) (848) (10,626) Real estate owned, net $ 10,291 $ 3,091 $ 13,382 $ 11,275 $ 3,171 $ 14,446 For the six months ended June 30, 2019 and 2018, our hotel property had a weighted average occupancy rate of 62% and 58%, respectively, a weighted average daily rate of $111 and $116, respectively, and weighted average revenue per available room of $69 and $67, respectively. The operation of a hotel property is seasonal with the majority of revenues earned in the first two quarters of the calendar year. During the second quarter of 2019, based on discussions with market participants, we determined that the hotel property exhibited indicators of impairment and performed an impairment analysis. As a result of this analysis, we recorded an impairment loss of $1.0 million. Our office building was fully occupied by a single tenant until April 2017 when the lease expired. The building is currently vacant. During the second quarter of 2018, based on discussions with market participants, we determined that the office building exhibited indicators of impairment and performed an impairment analysis. As a result of this analysis, we recorded an impairment loss of $2.0 million. Our real estate owned assets had restricted cash balances totaling $0.6 million and $0.5 million at June 30, 2019 and December 31, 2018, respectively, due to escrow requirements.

Debt Obligations

Debt Obligations	6 Months Ended
	Jun. 30, 2019
Debt Obligations
Debt Obligations	Note 10 — Debt Obligations Credit Facilities and Repurchase Agreements and repurchase agreements are as follows ($ in thousands): June 30, 2019 December 31, 2018 Debt Collateral Debt Collateral Current Extended Carrying Carrying Wtd. Avg. Carrying Carrying Wtd. Avg. Structured Business Maturity Maturity Note Rate Value (1) Value Note Rate Value (1) Value Note Rate $550 million repurchase facility Mar. 2020 Mar. 2021 L+ 1.75 % to 3.50 % $ 299,480 $ 413,805 4.91 % $ 334,696 $ 467,680 4.75 % $300 million repurchase facility June 2020 Mar. 2023 L+ 1.95 % 240,280 324,583 4.41 % — — — $100 million repurchase facility Aug. 2019 June 2020 L+ 1.75 % to 2.00 % 53,434 74,451 4.21 % 70,837 98,597 4.31 % $75 million credit facility Aug. 2019 N/A L+ 1.75 % to 2.50 % 34,875 58,586 4.21 % 10,237 16,889 4.31 % $75 million credit facility June 2020 N/A L+ 1.75 % — — — — — — $50 million credit facility April 2020 April 2022 L+ 2.00 % 16,778 19,498 4.46 % 14,159 17,700 4.57 % $50 million credit facility Sept. 2019 Sept. 2021 L+ 2.50 % to 3.25 % — — — — — — $40.5 million credit facility May 2022 N/A L+ 2.20 % 40,373 54,000 4.66 % — — — $35.9 million credit facility May 2020 Nov. 2020 L+ 2.30 % 30,758 51,300 4.76 % 30,512 44,100 4.87 % $25.5 million credit facility Oct. 2019 N/A L+ 2.50 % 23,912 34,000 4.97 % 18,552 34,000 5.07 % $25 million credit facility June 2022 June 2023 L+ 2.25 % 13,126 20,222 4.71 % — — — $25 million working capital facility Aug. 2019 N/A L+ 2.25 % 25,000 — 4.71 % — — — $23.2 million credit facility Feb. 2020 Feb. 2021 L+ 2.30 % 23,102 30,900 4.76 % 23,175 30,900 4.87 % $20 million credit facility Mar. 2020 Mar. 2021 L+ 2.50 % 17,960 41,650 4.97 % 19,912 41,650 5.07 % $17.4 million credit facility June 2020 June 2021 L+ 2.40 % 13,022 21,700 4.86 % 12,462 15,844 4.97 % $11.9 million credit facility April 2022 N/A L+ 2.10 % 11,821 15,190 4.56 % — — — $8 million credit facility Aug. 2021 N/A L+ 2.50 % — — — 7,946 10,000 5.07 % $3.3 million master security agreement Oct. 2020 N/A 2.96 % to 3.42 % 827 — 3.19 % 1,168 — 3.19 % $2.2 million master security agreement Mar. 2021 N/A 4.60 % 1,320 — 4.66 % 1,678 — 4.66 % Repurchase facilities - securities (2) N/A N/A L+ 1.25 % to 2.60 % 178,446 — 4.60 % 118,112 — 5.07 % Structured Business total 1,024,514 1,159,885 4.64 % 663,446 777,360 4.78 % Agency Business $750 million ASAP agreement (3) N/A N/A L+ 1.05 % 93,785 93,785 3.45 % 104,619 104,619 3.55 % $500 million repurchase facility (4) Aug. 2019 N/A L+ 1.275 % 293,260 293,263 3.67 % 130,906 130,917 3.78 % $150 million credit facility Jan. 2020 N/A L+ 1.20 % 127,979 128,093 3.60 % 113,666 113,685 3.80 % $150 million credit facility July 2020 N/A L+ 1.15 % 70,051 70,056 3.70 % 96,339 96,419 3.80 % $100 million credit facility (5) June 2020 N/A L+ 1.15 % 12,089 12,089 3.55 % 26,651 26,651 3.75 % Agency Business total 597,164 597,286 3.62 % 472,181 472,291 3.74 % Consolidated total $ 1,621,678 $ 1,757,171 4.27 % $ 1,135,627 $ 1,249,651 4.35 % (1) The debt carrying value for the Structured Business at June 30, 2019 and December 31, 2018 was net of unamortized deferred finance costs of $2.7 million and $2.4 million, respectively. The debt carrying value for the Agency Business at June 30, 2019 and December 31, 2018 was net of unamortized deferred finance costs of $0.1 million for both periods. (2) As of June 30, 2019 and December 31, 2018, these facilities were collateralized by CLO bonds retained by us with a principal balance of $183.3 million and $114.2 million, respectively, B Piece bonds with a carrying value of $76.0 million and $76.4 million, respectively, and SFR bonds with a carrying value of $10.0 million at June 30, 2019. (3) The note rate under this agreement is subject to a LIBOR Floor of 35 basis points. (4) This facility includes an accordion feature to increase the committed amount to $750.0 million, which is available through the maturity date. (5) The committed amount under the facility was temporarily increased $150.0 million to $250.0 million, which expired in January 2019. Structured Business At June 30, 2019 and December 31, 2018, 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 4.96% and 5.07%, respectively. The leverage on our loan and investment portfolio financed through our credit facilities and repurchase agreements, excluding the securities repurchase facilities, working capital facility and the master security agreements used to finance leasehold and capital expenditure improvements at our corporate office, was 71% and 70% at June 30, 2019 and December 31, 2018, respectively. During the six months ended June 30, 2019, we amended a $300.0 million repurchase agreement on two separate occasions permanently increasing the committed amount to $500.0 million. In addition, the amendment provided for a temporary over advance of $50.0 million, which expires in October 2019. In March 2019, we entered into a $150.0 million repurchase agreement used to finance loans that bears interest at a rate of 195 basis points over LIBOR and was scheduled to mature in March 2020. In June 2019, we amended this facility increasing the committed amount to $300.0 million and extending the maturity date to June 2020, with quarterly extension options with an extended maturity date no later than March 2023. In April 2019, we entered into an $11.9 million credit facility used to finance a multifamily bridge loan. The facility bears interest at a rate of 210 basis points over LIBOR and matures in April 2022. In May 2019, we entered into an uncommitted repurchase facility that is used to finance securities retained in connection with our CLO issuances and our purchases of the B Piece bonds from SBL program securitizations and SFR bonds. The facility bears interest at a rate of 125 basis points over LIBOR and has no stated maturity date. In June 2019, we entered into a $40.5 million credit facility used to finance a multifamily bridge loan. The facility bears interest at a rate of 220 basis points over LIBOR and matures in May 2022. In June 2019, we entered into a $25.0 million credit facility used to purchase loans. The facility bears interest at a rate of 225 basis points over LIBOR and matures in June 2022, with a one-year extension option. Agency Business In the first half of 2019, we amended two of our credit facilities by reducing the interest rate on each facility by 10 basis points and we amended another facility by reducing the interest rate by 15 basis points. Collateralized Loan Obligations (“CLOs”) We account for CLO transactions on our consolidated balance sheet as financing facilities. Our CLOs are VIEs for which we are the primary beneficiary and are consolidated in our financial statements. The investment grade tranches are treated as secured financings, and are non-recourse to us. Borrowings and the corresponding collateral under our CLOs are as follows ($ in thousands): Collateral (3) Debt Loans Cash Carrying Wtd. Avg. Carrying Restricted June 30, 2019 Face Value Value (1) Rate (2) UPB Value Cash (4) CLO XI $ 533,000 $ 528,135 3.89 % $ 589,363 $ 586,074 $ 43,980 CLO X 441,000 436,884 3.90 % 477,294 475,598 75,227 CLO IX 356,400 352,842 3.81 % 437,050 436,170 22,660 CLO VIII 282,874 280,466 3.76 % 349,448 348,411 12,192 CLO VII 279,000 277,117 4.45 % 256,561 255,897 88,858 Total CLOs $ 1,892,274 $ 1,875,444 3.94 % $ 2,109,716 $ 2,102,150 $ 242,917 December 31, 2018 CLO X $ 441,000 $ 436,384 4.01 % $ 539,007 $ 536,869 $ 20,993 CLO IX 356,400 352,244 3.92 % 440,906 439,691 20,094 CLO VIII 282,874 279,857 3.87 % 354,713 353,574 10,287 CLO VII 279,000 276,527 4.56 % 325,057 324,195 30,725 CLO VI 250,250 248,536 5.05 % 279,348 278,364 41,404 Total CLOs $ 1,609,524 $ 1,593,548 4.22 % $ 1,939,031 $ 1,932,693 $ 123,503 (1) Debt carrying value is net of $16.8 million and $16.0 million of deferred financing fees at June 30, 2019 and December 31, 2018, respectively. (2) At both June 30, 2019 and December 31, 2018, the aggregate weighted average note rate for our CLOs, including certain fees and costs, was 4.37%. (3) As of June 30, 2019 and December 31, 2018, there was no collateral at risk of default or deemed to be a “credit risk” as defined by the CLO indenture. (4) Represents restricted cash held for principal repayments as well as for reinvestment in the CLOs. Does not include restricted cash related to interest payments, delayed fundings and expenses. CLO XI — In June 2019, we completed a collateralized securitization vehicle (“CLO XI”), issuing eight tranches of CLO notes through two newly-formed wholly-owned subsidiaries totaling $602.1 million. Of the total CLO notes issued, $533.0 million were investment grade notes issued to third party investors and $69.1 million were below investment grade notes retained by us. As of the CLO closing date, the notes were secured by a portfolio of loan obligations with a face value of $520.4 million, consisting primarily of bridge loans that were contributed from our existing loan portfolio. The financing has a three-year replacement period that allows the principal proceeds and sale proceeds (if any) of the loan obligations to be reinvested in qualifying replacement loan obligations, subject to the satisfaction of certain conditions set forth in the indenture. Thereafter, the outstanding debt balance will be reduced as loans are repaid. Initially, the proceeds of the issuance of the securities also included $129.6 million for the purpose of acquiring additional loan obligations for a period of up to 120 days from the CLO closing date. Subsequently, the issuer will own loan obligations with a face value of $650.0 million, representing leverage of 82%. We retained a residual interest in the portfolio with a notional amount of $117.0 million, including the $69.1 million below investment grade notes. The notes had an initial weighted average interest rate of 1.44% plus one-month LIBOR and interest payments on the notes are payable monthly. CLO VI — In June 2019, we completed the unwind of CLO VI, redeeming $250.3 million of outstanding notes, which were repaid primarily from the refinancing of the remaining assets primarily within CLO XI, as well as with cash held by CLO VI, and expensed $1.2 million of deferred financing fees into interest expense on the consolidated statements of income. Luxembourg Debt Fund In 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 and cash with a face value of $100.0 million, which includes first mortgage bridge loans, senior and subordinate participation interests in first mortgage bridge loans and participation interests in mezzanine loans. The Debt Fund allows, for a period of three years, principal proceeds from portfolio assets to be reinvested in qualifying replacement assets, subject to certain conditions. Borrowings and the corresponding collateral under our Debt Fund are as follows ($ in thousands): Collateral (3) Debt Loans Cash Face Carrying Wtd. Avg. Carrying Restricted Period Value Value (1) Rate (2) UPB Value Cash (4) June 30, 2019 $ 70,000 $ 68,422 6.64 % $ 78,375 $ 78,075 $ 21,625 December 31, 2018 $ 70,000 $ 68,183 6.75 % $ 69,186 $ 68,924 $ 30,814 (1) Debt carrying value is net of $1.6 million and $1.8 million of deferred financing fees at June 30, 2019 and December 31, 2018 , respectively. (2) At June 30, 2019 and December 31, 2018, the aggregate weighted average note rate, including certain fees and costs, was 7.55% and 7.49%, respectively. (3) At both June 30, 2019 and December 31, 2018, there was no collateral at risk of default or deemed to be a “credit risk.” (4) Represents restricted cash held for reinvestment. Excludes restricted cash related to interest payments, delayed fundings and expenses. Senior Unsecured Notes In March 2019, we issued $90.0 million aggregate principal amount of 5.75% senior unsecured notes due in April 2024 (the "5.75% Notes") in a private placement. We received proceeds of $88.2 million from the issuances, after deducting the underwriting discount and other offering expenses. We used the net proceeds to make investments and for general corporate purposes. The 5.75% Notes are unsecured and can be redeemed by us at any time prior to April 1, 2024, at a redemption price equal to 100% of the aggregate principal amount, plus a "make-whole" premium and accrued and unpaid interest. We have the right to redeem the 5.75% Notes on or after April 1, 2024, at a redemption price equal to 100% of the aggregate principal amount, plus accrued and unpaid interest. The interest is paid semiannually in April and October starting in October 2019. At June 30, 2019, the debt carrying value of the 5.75% Notes was $88.2 million, which was net of $1.8 million of deferred financing fees. At June 30, 2019, the weighted average note rate was 6.11%, including certain fees and costs. In March 2018, we issued $100.0 million aggregate principal amount of 5.625% senior unsecured notes due in May 2023 (the "Initial Notes") in a private placement, and, in May 2018, we issued an additional $25.0 million (the "Reopened Notes" and, together with the Initial Notes, the "5.625% Notes,") which brought the aggregate outstanding principal amount to $125.0 million. The Reopened Notes are fully fungible with, and rank equally in right of payment with the Initial Notes. We received total proceeds of $122.3 million from the issuances, after deducting the underwriting discount and other offering expenses. We used the net proceeds from the Initial Notes to fully redeem our 7.375% senior unsecured notes due in 2021 (the “7.375% Notes”) totaling $97.9 million and the net proceeds from the Reopened Notes to make investments and for general corporate purposes. The 5.625% Notes are unsecured and can be redeemed by us at any time prior to April 1, 2023, at a redemption price equal to 100% of the aggregate principal amount, plus a "make- whole" premium and accrued and unpaid interest. We have the right to redeem the 5.625% Notes on or after April 1, 2023, at a redemption price equal to 100% of the aggregate principal amount, plus accrued and unpaid interest. The interest is paid semiannually in May and November. At June 30, 2019 and December 31, 2018, the debt carrying value of the 5.625% Notes was $122.8 million and $122.5 million, respectively, which was net of $2.2 million and $2.5 million, respectively, of deferred financing fees. At both June 30, 2019 and December 31, 2018, the weighted average note rate was 6.08%, including certain fees and costs. Convertible Senior Unsecured Notes In July 2018, we issued $264.5 million in aggregate principal amount of 5.25% convertible senior notes (the “5.25% Convertible Notes”) through two separate private placement offerings, which included the exercised purchaser’s total over-allotment option of $34.5 million. The 5.25% Convertible Notes pay interest semiannually in arrears and are scheduled to mature in July 2021, unless earlier converted or repurchased by the holders pursuant to their terms. The initial conversion rates of the two offerings ($115.0 million issued on July 3, 2018 and $149.5 million issued on July 20, 2018) were 86.9943 shares and 77.8331 shares of common stock per $1,000 of principal, respectively, representing a conversion price of $11.50 per share and $12.85 per share of common stock, respectively. At June 30, 2019, the conversion rates of the two offerings ($115.0 million and $149.5 million) were 88.7027 shares and 79.3616 shares of common stock per $1,000 of principal, respectively, representing a conversion price of $11.27 per share and $12.60 per share of common stock, respectively. We received proceeds totaling $256.1 million from the offerings of our 5.25% Convertible Notes, net of the underwriter’s discount and fees, which is being amortized through interest expense over the life of such notes. We used the net proceeds from the issuance primarily for the initial exchange of $127.6 million of our 5.375% convertible senior unsecured notes (the “5.375% Convertible Notes”) and $99.8 million of our 6.50% convertible senior unsecured notes (the “6.50% Convertible Notes”) for a combination of $219.8 million in cash (which includes accrued interest) and 6,820,196 shares of our common stock. The remaining net proceeds were used for general corporate purposes. At June 30, 2019, there were $1.2 million and $0.1 million aggregate principal amounts remaining of our 5.375% Convertible Notes and 6.50% Convertible Notes, respectively. The initial conversion rates of the 5.375% Convertible Notes and 6.50% Convertible Notes were 107.7122 shares and 119.3033 shares, respectively, of common stock per $1,000 of principal, which represented a conversion price of $9.28 per share and $8.38 per share of common stock, respectively. At June 30, 2019, the 5.375% Convertible Notes and 6.50% Convertible Notes had conversion rates of 112.9222 shares and 128.3616 shares, respectively, of common stock per $1,000 of principal, which represented a conversion price of $8.86 per share and $7.79 per share of common stock, respectively. The 5.375% Convertible Notes and 6.50% Convertible Notes pay interest semiannually in arrears and have scheduled maturity dates in November 2020 and October 2019, respectively, unless earlier converted or repurchased by the holders pursuant to their terms. Since the closing stock price of our common stock on June 30, 2019 exceeded the conversion prices of certain of our convertible notes, the if-converted value of the convertible notes exceeded their principal amounts by $9.1 million at June 30, 2019. Our convertible senior unsecured notes are not redeemable by us prior to their maturities and are convertible by the holder into, at our election, cash, shares of our common stock or a combination of both, subject to the satisfaction of certain conditions and during specified periods. The conversion rates are subject to adjustment upon the occurrence of certain specified events and the holders may require us to repurchase all, or any portion, of their notes for cash equal to 100% of the principal amount, plus accrued and unpaid interest, if we undergo a fundamental change specified in the agreements. We intend to settle the principal balance of our convertible debt in cash and have not assumed share settlement of the principal balance for purposes of computing earnings per share (“EPS”). At the time of issuance, there was no precedent or policy that would indicate that we would settle the principal in shares or the conversion spread in cash. Accounting guidance requires that convertible debt instruments with cash settlement features, including partial cash settlement, account for the liability component and equity component (conversion feature) of the instrument separately. The initial value of the liability component reflects the present value of the discounted cash flows using the nonconvertible debt borrowing rate at the time of the issuance. The debt discount represents the difference between the proceeds received from the issuance and the initial carrying value of the liability component, which is accreted back to the notes principal amount through interest expense over the term of the notes, which was 2.00 years and 2.49 years at June 30, 2019 and December 31, 2018, respectively, on a weighted average basis. The UPB, unamortized discount and net carrying amount of the liability and equity components of our convertible notes were as follows (in thousands): Liability Equity Component Component Unamortized Debt Unamortized Deferred Net Carrying Net Carrying Period UPB Discount Financing Fees Value Value June 30, 2019 $ 265,817 $ 6,514 $ 5,574 $ 253,729 $ 9,436 December 31, 2018 $ 270,057 $ 8,229 $ 7,060 $ 254,768 $ 9,436 During the three months ended June 30, 2019, we incurred interest expense on the notes totaling $4.9 million, of which $3.4 million, $0.7 million and $0.8 million related to the cash coupon, amortization of the deferred financing fees and of the debt discount, respectively. During the six months ended June 30, 2019, we incurred total interest expense on the notes of $10.2 million, of which $6.9 million, $1.5 million and $1.7 million related to the cash coupon, amortization of the deferred financing fees and of the debt discount, respectively. During the three months ended June 30, 2018, we incurred total interest expense on the notes of $6.1 million, of which $3.2 million, $2.3 million and $0.6 million related to the cash coupon, amortization of the deferred financing fees and of the debt discount, respectively. During the six months ended June 30, 2018, we incurred total interest expense on the notes of $11.0 million, of which $6.8 million, $3.0 million and $1.2 million related to the cash coupon, amortization of the deferred financing fees and of the debt discount, respectively. Including the amortization of the deferred financing fees and debt discount, our weighted average total cost of the notes was 7.45% per annum at both June 30, 2019 and December 31, 2018. Junior Subordinated Notes The carrying value of borrowings under our junior subordinated notes were $140.6 million and $140.3 million at June 30, 2019 and December 31, 2018, respectively, which is net of a deferred amount of $11.7 million and $12.0 million, respectively, (which is amortized into interest expense over the life of the notes) and deferred financing fees of $2.0 million and $2.1 million, respectively. 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 5.17% and 5.66% at June 30, 2019 and December 31, 2018, respectively. Including certain fees and costs, the weighted average note rate was 5.25% and 5.75% at June 30, 2019 and December 31, 2018, 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 June 30, 2019. 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 June 30, 2019, as well as on the most recent determination dates in July 2019. 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. Our CLO compliance tests as of the most recent determination dates in July 2019 were as follows: Cash Flow Triggers CLO VII CLO VIII CLO IX CLO X CLO XI Overcollateralization (1) Current 129.03 % 129.03 % 134.68 % 126.98 % 121.95 % Limit 128.03 % 128.03 % 133.68 % 125.98 % 120.95 % Pass / Fail Pass Pass Pass Pass Pass Interest Coverage (2) Current 204.96 % 277.10 % 255.11 % 232.36 % 185.62 % Limit 120.00 % 120.00 % 120.00 % 120.00 % 120.00 % Pass / Fail Pass Pass Pass Pass Pass (1) The overcollateralization ratio divides the total principal balance of all collateral in the CLO by the total principal balance of the bonds associated with the applicable ratio. To the extent an asset is considered a defaulted security, the asset’s principal balance for purposes of the overcollateralization test is the lesser of the asset’s market value or the principal balance of the defaulted asset multiplied by the asset’s recovery rate which is determined by the rating agencies. Rating downgrades of CLO collateral will generally not have a direct impact on the principal balance of a CLO asset for purposes of calculating the CLO overcollateralization test unless the rating downgrade is below a significantly low threshold (e.g. CCC-) as defined in each CLO vehicle. (2) The interest coverage ratio divides interest income by interest expense for the classes senior to those retained by us. Our CLO overcollateralization ratios as of the determination dates subsequent to each quarter are as follows: Determination (1) CLO VII CLO VIII CLO IX CLO X CLO XI July 2019 129.03 % 129.03 % 134.68 % 126.98 % 121.95 % April 2019 129.03 % 129.03 % 134.68 % 126.98 % — January 2019 129.03 % 129.03 % 134.68 % 126.98 % — October 2018 129.03 % 129.03 % 134.68 % 126.98 % — July 2018 129.03 % 129.03 % 134.68 % 126.98 % — (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	6 Months Ended
	Jun. 30, 2019
Allowance for Loss-Sharing Obligations
Allowance for Loss-Sharing Obligations	Note 11 — Allowance for Loss-Sharing Obligations Our allowance for loss-sharing obligations related to the Fannie Mae DUS program is as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Beginning balance $ 34,518 $ 31,097 $ 34,298 $ 30,511 Provisions for loss sharing 1,675 1,134 2,554 2,339 Provisions reversal for loan repayments (1,307) (785) (1,732) (1,518) (Charge-offs) recoveries, net (469) (44) (703) 70 Ending balance $ 34,417 $ 31,402 $ 34,417 $ 31,402 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 June 30, 2019 and December 31, 2018, we had outstanding advances of $0.5 million and $0.1 million, respectively, which were netted against the allowance for loss-sharing obligations. At June 30, 2019 and December 31, 2018, our allowance for loss-sharing obligations represented 0.24% and 0.25%, respectively, of the Fannie Mae servicing portfolio. At June 30, 2019 and December 31, 2018, the maximum quantifiable liability associated with our guarantees under the Fannie Mae DUS agreement was $2.59 billion and $2.46 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	6 Months Ended
	Jun. 30, 2019
Derivative Financial Instruments
Derivative Financial Instruments	Note 12 — Derivative Financial Instruments We enter into derivative financial instruments to manage exposures that arise from business activities resulting in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. We do not use these derivatives for speculative purposes, but are instead using them to manage our exposure to interest rate risk. Agency Rate Lock and Forward Sale Commitments. We enter into contractual commitments to originate and sell mortgage loans at fixed prices with fixed expiration dates. The commitments become effective when the borrower "rate locks" a specified interest rate within time frames established by us. All potential borrowers are evaluated for creditworthiness prior to the extension of the commitment. Market risk arises if interest rates move adversely between the time of the rate lock by the borrower and the sale date of the loan to an investor. To mitigate the effect of the interest rate risk inherent in providing rate lock commitments to borrowers, we enter into a forward sale commitment with the investor simultaneous with the rate lock commitment with the borrower. The forward sale contract locks in an interest rate and price for the sale of the loan. The terms of the contract with the investor and the rate lock with the borrower are matched in substantially all respects, with the objective of eliminating interest rate risk to the extent practical. Sale commitments with the investors have an expiration date that is longer than our related commitments to the borrower to allow, among other things, for closing of the loan and processing of paperwork to deliver the loan into the sale commitment. These commitments meet the definition of a derivative and are recorded at fair value, including the effects of interest rate movements which are reflected as a component of other income, net in the consolidated statements of income. The estimated fair value of rate lock commitments also includes the fair value of the expected net cash flows associated with the servicing of the loan which is recorded as income from MSRs in the consolidated statements of income. During the three and six months ended June 30, 2019, we recorded a net gain of $1.1 million and a net loss of $1.4 million, respectively, from changes in the fair value of these derivatives in other income, net and $18.7 million and $32.9 million, respectively, of income from MSRs. During the three and six months ended June 30, 2018, we recorded a net loss of $0.6 million and a net gain of $2.1 million, respectively, from changes in the fair value of these derivatives in other income, net and $17.9 million and $37.6 million, respectively, of income from MSRs. See Note 13-Fair Value for details. Structured Interest Rate Swap Futures. During the second quarter of 2019, we entered into over-the-counter interest rate swap futures (“Swap Futures”) which do not meet the criteria for hedge accounting. Our Swap Futures typically have a three-month maturity and are tied to the five-year and ten-year swap rates which hedge our exposure to rising interest rates inherent in our SFR loans originated from the time the loans are originated until the time they can be financed with match term fixed rate debt. Our Swap Futures are cleared by a central clearing house and variation margin payments, made in cash, are treated as a legal settlement of the derivative itself as opposed to a pledge of collateral. During the second quarter of 2019, we recorded a realized loss of $0.3 million and an unrealized loss of $0.1 million in other income, net from our Swap Futures. A summary of our non-qualifying derivative financial instruments is as follows ($ in thousands): June 30, 2019 Fair Value Notional Balance Sheet Derivative Derivative Derivative Count Value Location Assets Liabilities Rate Lock Commitments 6 $ 33,053 Other Assets/Other Liabilities $ 745 $ (35) Forward Sale Commitments 86 630,339 Other Assets/Other Liabilities 3,823 (93) Interest Rate Swap Futures 2 11,700 Other Assets/Other Liabilities — — $ 675,092 $ 4,568 $ (128) December 31, 2018 Rate Lock Commitments 4 $ 18,161 Other Assets/Other Liabilities $ 324 $ (95) Forward Sale Commitments 90 491,125 Other Assets/Other Liabilities 5,789 (637) $ 509,286 $ 6,113 $ (732)

Fair Value

Fair Value	6 Months Ended
	Jun. 30, 2019
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): June 30, 2019 December 31, 2018 Principal / Carrying Estimated Principal / Carrying Estimated Notional Amount Value Fair Value Notional Amount Value Fair Value Financial assets: Loans and investments, net $ 3,923,209 $ 3,836,554 $ 3,866,693 $ 3,283,342 $ 3,200,145 $ 3,249,499 Loans held-for-sale, net 597,286 601,827 611,587 472,964 481,664 489,546 Capitalized mortgage servicing rights, net n/a 276,648 317,714 n/a 273,770 322,463 Securities held-to-maturity, net 110,836 86,017 89,170 103,515 76,363 79,097 Derivative financial instruments 550,414 4,568 4,568 400,661 6,113 6,113 Financial liabilities: Credit and repurchase facilities $ 1,624,457 $ 1,621,678 $ 1,621,127 $ 1,138,135 $ 1,135,627 $ 1,135,774 Collateralized loan obligations 1,892,274 1,875,444 1,895,501 1,609,524 1,593,548 1,588,989 Debt fund 70,000 68,422 70,127 70,000 68,183 70,154 Senior unsecured notes 215,000 210,963 215,469 125,000 122,484 123,750 Convertible senior unsecured notes, net 265,817 253,729 284,018 270,057 254,768 267,324 Junior subordinated notes 154,336 140,587 96,777 154,336 140,259 95,873 Derivative financial instruments 112,978 128 128 108,625 732 732 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 plans 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 and junior subordinated notes. 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 June 30, 2019 (in thousands): Fair Value Measurements Using Fair Carrying Value Hierarchy Value Fair Value Level 1 Level 2 Level 3 Financial assets: Derivative financial instruments $ 4,568 $ 4,568 $ — $ 3,823 $ 745 Financial liabilities: Derivative financial instruments $ 128 $ 128 $ — $ 128 $ — 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, if applicable, were determined using the following input levels as of June 30, 2019 (in thousands): Fair Value Measurements Using Fair Net Carrying Value Hierarchy Value Fair Value Level 1 Level 2 Level 3 Financial assets: Impaired loans, net (1) $ 60,275 $ 60,275 $ — $ — $ 60,275 Non-financial assets: Long-lived assets (2) $ $ $ — $ — $ (1) We had an allowance for loan losses of $71.1 million relating to five loans with an aggregate carrying value, before loan loss reserves, of $131.3 million at June 30, 2019. (2) We recorded a $1.0 million impairment loss during the three months ended June 30, 2019 on the hotel property we own. See Note 9 – Real Estate Owned for details. Loan impairment assessments. Loans held for investment are intended to be held to maturity and, accordingly, are carried at cost, net of unamortized loan origination costs and fees, loan purchase discounts, and net of the allowance for loan losses, when such loan or investment is deemed to be impaired. We consider a loan impaired when, based upon current information, it is probable that we will be unable to collect all amounts due for both principal and interest according to the contractual terms of the loan agreement. We evaluate our loans to determine if the value of the underlying collateral securing the impaired loan is less than the net carrying value of the loan, which may result in an allowance and corresponding charge to the provision for loan losses. These valuations require significant judgments, which include assumptions regarding capitalization and discount rates, revenue growth rates, creditworthiness of major tenants, occupancy rates, availability of financing, exit plan and other factors. The table above and below includes all impaired loans, regardless of the period in which the impairment was recognized. Long-lived assets. We review our real estate owned assets when events or circumstances change, indicating that the carrying amount of an asset may not be partially or fully recoverable. In the evaluation of a real estate owned asset for impairment, many factors are considered, including broker quotes, estimated current and expected operating cash flows from the asset during the projected holding period, costs necessary to extend the life or improve the asset, expected capitalization rates, projected stabilized net operating income, selling costs, and the ability to hold and dispose of the asset in the ordinary course of business. We first compare the undiscounted cash flows to be generated by the asset to the carrying value of such asset. If the undiscounted cash flows are less than the carrying value, we recognize an impairment loss by comparing the carrying value of the asset to its fair value. Quantitative information about Level 3 fair value measurements at June 30, 2019 were as follows ($ in thousands): Valuation Fair Value Techniques Significant Unobservable Inputs Financial assets: Impaired loans: Land $ 59,517 Discounted cash flows Discount rate 23.00 % Revenue growth rate 3.00 % Office 758 Discounted cash flows Discount rate 11.00 % Capitalization rate 9.00 % Revenue growth rate 2.50 % Derivative financial instruments: Rate lock commitments 745 Discounted cash flows W/A discount rate 12.66 % Long-lived assets: Hotel property 10,291 Broker quotes N/A N/A The derivative financial instruments using Level 3 inputs are outstanding for short periods of time (generally less than 60 days). A roll-forward of Level 3 derivative instruments were as follows (in thousands): Fair Value Measurements Using Significant Unobservable Inputs Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Derivative assets and liabilities, net Balance at beginning of period $ 400 $ 717 $ 324 $ 276 Settlements (18,364) (18,047) (32,521) (37,240) Realized gains recorded in earnings 17,964 17,330 32,197 36,964 Unrealized gains recorded in earnings 745 606 745 606 Balance at end of period $ 745 $ 606 $ 745 $ 606 The components of fair value and other relevant information associated with our rate lock commitments, forward sales commitments and the estimated fair value of cash flows from servicing on loans held-for-sale were as follows (in thousands): Notional/ Fair Value of Interest Rate Total Fair Value Principal Amount Servicing Rights Movement Effect Adjustment June 30, 2019 Rate lock commitments $ 33,053 $ 745 $ (35) $ 710 Forward sale commitments 630,339 — 35 35 Loans held-for-sale, net (1) 597,286 6,243 — 6,243 Total $ 6,988 $ — $ 6,988 (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 June 30, 2019 (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 $ 3,836,554 $ 3,866,693 $ — $ — $ 3,866,693 Loans held-for-sale, net 601,827 611,587 — 605,344 6,243 Capitalized mortgage servicing rights, net 276,648 317,714 — — 317,714 Securities held-to-maturity, net 86,017 89,170 — — 89,170 Financial liabilities: Credit and repurchase facilities $ 1,621,678 $ 1,621,127 $ — $ 597,164 $ 1,023,963 Collateralized loan obligations 1,875,444 1,895,501 — — 1,895,501 Debt fund 68,422 70,127 — — 70,127 Senior unsecured notes 210,963 215,469 215,469 — — Convertible senior unsecured notes, net 253,729 284,018 — 284,018 — Junior subordinated notes 140,587 96,777 — — 96,777

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2019
Commitments and Contingencies
Commitments and Contingencies	Note 14 — Commitments and Contingencies Debt Obligations. Our debt obligations have maturities of $894.0 million for the remainder of 2019, $1.17 billion in 2020, $746.6 million in 2021, $683.8 million in 2022, $268.4 million in 2023, $139.2 million in 2024 and $324.8 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 June 30, 2019, we were required to maintain at least $13.9 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 June 30, 2019, we met the restricted liquidity requirement with a $44.0 million letter of credit and $1.3 million of cash collateral. As of June 30, 2019, reserve requirements for the Fannie Mae DUS loan portfolio will require us to fund $33.2 million in additional restricted liquidity over the next 48 months, assuming no further principal paydowns, prepayments, or defaults within our at-risk portfolio. Fannie Mae periodically reassesses these collateral requirements and may make changes to these requirements in the future. We generate sufficient cash flow from our operations to meet these capital standards and do not expect any changes to have a material impact on our future operations; however, future changes to collateral requirements may adversely impact our available cash. We are subject to various capital requirements in connection with seller/servicer agreements that we have entered into with secondary market investors. Failure to maintain minimum capital requirements could result in our inability to originate and service loans for the respective investor and, therefore, could have a direct material effect on our consolidated financial statements. As of June 30, 2019, 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 is satisfied with a $5.0 million letter of credit. We enter into contractual commitments with borrowers providing rate lock commitments while simultaneously entering into forward sale commitments with investors. These commitments are outstanding for short periods of time (generally less than 60 days) and are described in Note 12 - Derivative Financial Instruments. Operating Leases. We have operating leases for office space and certain office equipment. Some of our leases include payment escalations throughout their lease terms. As of June 30, 2019, our leases had remaining lease terms of 0.2 - 7.7 years with a weighted average remaining lease term of 5.4 years and a weighted average discount rate of 5.0%. We recorded lease expense of $1.5 million and $2.9 million during the three and six months ended June 30, 2019. The maturities of our operating lease liabilities at June 30, 2019 are as follows (in thousands): Year 2019 (six months ending December 31, 2019) $ 2020 2021 2022 2023 2024 Thereafter Total $ Unfunded Commitments. In accordance with certain structured loans and investments, we have outstanding unfunded commitments of $145.0 million as of June 30, 2019 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, Arbor Commercial Mortgage, 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	6 Months Ended
	Jun. 30, 2019
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): June 30, 2019 December 31, 2018 Assets: Restricted cash $ 314,626 $ 179,855 Loans and investments, net 2,180,225 2,001,617 Due from related party 8,764 — Other assets 15,777 16,624 Total assets $ 2,519,392 $ 2,198,096 Liabilities: Collateralized loan obligations $ 1,875,444 $ 1,593,548 Debt fund 68,422 68,183 Due to related party 1,013 — Other liabilities 3,676 3,408 Total liabilities $ 1,948,555 $ 1,665,139 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 28 VIEs in which we have a variable interest as of June 30, 2019 because we do not have the ability to direct the activities of the VIEs that most significantly impact each entity’s economic performance. A summary of our variable interests in identified VIEs, of which we are not the primary beneficiary, as of June 30, 2019 is as follows (in thousands): Type Carrying Amount (1) Loans $ 429,642 B Piece and SFR bonds 86,017 Equity investments 5,983 Agency interest only strips 2,989 Total $ 524,631 (1) Represents the carrying amount of loans and investments before reserves. At June 30, 2019, $129.6 million of loans to VIEs had corresponding loan loss reserves of $69.4 million. See Note 3 - Loans and Investments for details. In addition, the maximum loss exposure as of June 30, 2019 would not exceed the carrying amount of our investment. These unconsolidated VIEs have exposure to real estate debt of approximately $4.42 billion at June 30, 2019.

Equity

Equity	6 Months Ended
	Jun. 30, 2019
Equity
Equity	Note 16 — Equity Preferred Stock. The Series A, B and C preferred stock outstanding are redeemable by us. Common Stock. In May 2019, we completed a public offering in which we sold 9,200,000 shares of our common stock (which includes the underwriter’s exercised over-allotment option of 1,200,000 shares) for $12.58 per share, and received net proceeds of $115.6 million after deducting the underwriter’s discount and other offering expenses. The proceeds were used to make investments related to our business and for general corporate purposes. We also used a portion of the net proceeds to purchase an aggregate of 920,000 shares of our common stock from our chief executive officer and ACM at the same price the underwriters paid to purchase the shares. In December 2018, our Board of Directors declared a special dividend of $0.15 per common share, which was paid in January 2019 with a combination of $2.5 million of cash and 901,432 common shares. During the six months ended June 30, 2019, we issued 210,466 shares in connection with the settlements of our 5.375% Convertible Notes. During the six months ended June 30, 2018, we sold 952,700 shares for net proceeds of $8.1 million through an “At-The-Market” equity offering sales agreement we have with JMP Securities LLC. As of June 30, 2019, we had $283.6 million available under our $500.0 million shelf registration statement that was declared effective by the SEC in June 2018. Noncontrolling Interest. Noncontrolling interest relates to the operating partnership units (“OP Units”) issued to satisfy a portion of the purchase price in connection with the acquisition of the agency platform of ACM in the third quarter of 2016 (the "Acquisition"). 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. 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. In the six months ended June 30, 2019, we redeemed 391,156 OP Units with a combination of cash totaling $1.7 million and 258,677 common shares. In addition, our Board of Directors declared a special dividend of $0.15 per common share in December 2018, which was paid to the OP Unit holders in a combination of $0.6 million of cash and 221,666 OP Units in January 2019. At June 30, 2019, there were 20,484,094 OP Units outstanding, which represented 17.9% of the voting power of our outstanding stock. Distributions. Dividends declared (on a per share basis) during the three months ended June 30, 2019 were as follows: Common Stock Preferred Stock Dividend (1) Declaration Date Dividend Declaration Date Series A Series B Series C February 13, 2019 $ 0.27 February 1, 2019 $ 0.515625 $ 0.484375 $ 0.53125 May 1, 2019 $ 0.28 May 1, 2019 $ 0.515625 $ 0.484375 $ 0.53125 (1) The dividend declared on May 1, 2019 was for March 1, 2019 through May 31, 2019 and the dividend declared on February 1, 2019 was for December 1, 2018 through February 28, 2019. Common Stock – On July 31, 2019, the Board of Directors declared a cash dividend of $0.29 per share of common stock. The dividend is payable on September 3, 2019 to common stockholders of record as of the close of business on August 15, 2019. Preferred Stock – On July 31, 2019, the Board of Directors declared a cash dividend of $0.515625 per share of 8.25% Series A preferred stock; a cash dividend of $0.484375 per share of 7.75% Series B preferred stock; and a cash dividend of $0.53125 per share of 8.50% Series C preferred stock. These amounts reflect dividends from June 1, 2019 through August 31, 2019 and are payable on September 3, 2019 to preferred stockholders of record on August 15, 2019. Deferred Compensation. In March 2019, we issued 326,192 shares of restricted common stock under the 2017 Amended Omnibus Stock Incentive Plan (the “2017 Plan”) to employees with a total grant date fair value of $4.1 million and recorded $1.4 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 2020, and the remaining third will vest in March 2021. In March 2019, we also issued 55,244 shares of fully vested common stock to the independent members of the Board of Directors under the 2017 Plan and recorded $0.7 million to selling and administrative expense in our consolidated statements of income. During the first quarter of 2019, we issued 58,738 shares of restricted common stock to our chief executive officer under his 2017 annual incentive agreement with a grant date fair value of $0.7 million and recorded $0.2 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 352,427 performance-based restricted stock units that vest at the end of a four-year performance period based on our achievement of certain total stockholder return objectives. The restricted stock units had a grant date fair value of $1.7 million and we recorded less than $0.1 million to employee compensation and benefits in our consolidated statements of income. During the first quarter of 2019, 445,765 shares of previously granted performance-based restricted stock units fully vested, which were net settled for 203,492 common shares. Earnings Per Share. Basic EPS is calculated by dividing net income attributable to common stockholders by the weighted average number of shares of common stock outstanding during each period inclusive of unvested restricted stock with full dividend participation rights. Diluted EPS is calculated by dividing net income by the weighted average number of shares of common stock outstanding plus the additional dilutive effect of common stock equivalents during each period using the treasury stock method. Our common stock equivalents include the weighted average dilutive effect of performance-based restricted stock units granted to our chief executive officer, OP Units and convertible senior unsecured notes. A reconciliation of the numerator and denominator of our basic and diluted EPS computations ($ in thousands, except share and per share data) is as follows: Three Months Ended June 30, 2019 2018 Basic Diluted Basic Diluted Net income attributable to common stockholders (1) $ 28,916 $ 28,916 $ 17,167 $ 17,167 Net income attributable to noncontrolling interest (2) — 6,598 — 5,557 Net income attributable to common stockholders and noncontrolling interest $ 28,916 $ 35,514 $ 17,167 $ 22,724 Weighted average shares outstanding 89,955,923 89,955,923 65,683,057 65,683,057 Dilutive effect of OP Units (2) — 20,486,862 — 21,230,769 Dilutive effect of restricted stock units (3) — 1,412,925 — 1,499,921 Dilutive effect of convertible notes (4) — 1,768,674 — 1,641,423 Weighted average shares outstanding 89,955,923 113,624,384 65,683,057 90,055,170 Net income per common share (1) $ 0.32 $ 0.31 $ 0.26 $ 0.25 Six Months Ended June 30, 2019 2018 Net income attributable to common stockholders (1) $ 51,566 $ 51,566 $ 43,356 $ 43,356 Net income attributable to noncontrolling interest (2) — 12,066 — 14,547 Net income attributable to common stockholders and noncontrolling interest $ 51,566 $ 63,632 $ 43,356 $ 57,903 Weighted average shares outstanding 87,567,171 87,567,171 63,773,306 63,773,306 Dilutive effect of OP Units (2) — 20,520,461 — 21,230,769 Dilutive effect of restricted stock units (3) — 1,394,821 — 1,381,310 Dilutive effect of convertible notes (4) — 1,297,227 — 1,035,158 Weighted average shares outstanding 87,567,171 110,779,680 63,773,306 87,420,543 Net income per common share (1) $ 0.59 $ 0.57 $ 0.68 $ 0.66 (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	6 Months Ended
	Jun. 30, 2019
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. In the three and six months ended June 30, 2019, we recorded a tax provision of $4.4 million and $4.3 million, respectively. In the three and six months ended June 30, 2018, we recorded a tax provision of $4.5 million and a tax benefit of $4.3 million, respectively. The tax provision recorded in the three months ended June 30, 2019 consisted of a current tax provision of $3.5 million and a deferred tax provision of $0.9 million. The tax provision recorded in the six months ended June 30, 2019 consisted of a current tax provision of $7.6 million and a deferred tax benefit of $3.3 million. The tax provision recorded in the three months ended June 30, 2018 consisted of a current tax provision of $4.3 million and a deferred tax provision of $0.2 million. The tax benefit recorded in the six months ended June 30, 2018 consisted of a current tax provision of $8.8 million and a deferred tax benefit of $13.1 million. The deferred tax benefit recorded in the six months ended June 30, 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. Current and deferred taxes are primarily 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	6 Months Ended
	Jun. 30, 2019
Agreements and Transactions with Related Parties
Agreements and Transactions with Related Parties	Note 18 — Agreements and Transactions with Related Parties Shared Services Agreement. We have a shared services agreement with ACM where we provide limited support services to ACM and they reimburse us for the costs of performing such services, which are included in due from related party on the consolidated balance sheets. During the three and six months ended June 30, 2019, we incurred $0.5 million and $1.5 million, respectively, and, during the three and six months ended June 30, 2018, we incurred $0.3 million and $0.6 million, respectively, of costs for services provided to ACM. Other Related Party Transactions. Due from related party was $17.0 million and $1.3 million at June 30, 2019 and December 31, 2018, respectively, which consisted primarily of amounts due from our affiliated servicing operations related to real estate transactions closing at the end of the second quarter of 2019 and amounts due from ACM for costs incurred in connection with the shared services agreement described above. Due to related party was $7.2 million at June 30, 2019 and consisted of loan payoffs, holdbacks and escrows to be remitted to our affiliated servicing operations related to real estate transactions. In the first quarter of 2019, we, along with ACM, certain executives of ours and a consortium of independent outside investors, formed a multifamily-focused commercial real estate investment fund referred to as AMAC III, which is sponsored and managed by our chief executive officer and one of his immediate family members. We committed to a $30.0 million investment (of which $6.0 million was funded as of June 30, 2019) for an 18% interest in AMAC III. In November 2018, we originated a $61.2 million bridge loan (which $17.1 million was funded as of June 30, 2019) on a multifamily property owned in part by a consortium of investors (which includes, among other unaffiliated investors, certain of our officers and our chief executive officer) which owns 10% of the borrowing entity. The loan has an interest rate of LIBOR plus 4.50% with a LIBOR floor of 2.00% and matures in October 2021. Interest income recorded from this loan totaled $0.3 million and $0.6 million for the three and six months ended June 30, 2019, respectively. In October 2018, we originated a $37.5 million bridge loan, which was used to purchase several multifamily properties. In January 2019, an entity owned, in part, by an immediate family member of our chief executive officer, purchased a 23.9% interest in the borrowing entity. The loan has an interest rate of LIBOR plus 4.25% with a LIBOR floor of 2.375% and matures in October 2020. Interest income recorded from this loan totaled $0.7 million and $1.4 million for the three and six months ended June 30, 2019, respectively. In October 2018, we acquired a $19.5 million bridge loan originated by ACM. The loan was used to purchase several multifamily properties by a consortium of investors (which includes, among other unaffiliated investors, certain of our officers and our chief executive officer) which owns 85% of the borrowing entity. The loan has an interest rate of LIBOR plus 4.0% with a LIBOR floor of 2.125% and matures in July 2021. Interest income recorded from this loan totaled $0.3 million and $0.7 million for the three and six months ended June 30, 2019, respectively. In August 2018, we originated a $17.7 million bridge loan to an entity owned, in part, by an immediate family member of our chief executive officer, who owns a 10.8% interest in the borrowing entity. The loan was used to purchase several undeveloped parcels of land. The loan has a fixed interest rate of 10% and was scheduled to mature in May 2019, which was extended to August 2019. Interest income recorded from this loan totaled $0.5 million and $1.1 million for the three and six months ended June 30, 2019, respectively. In June 2018, we originated a $21.7 million bridge loan on a multifamily property owned in part by a consortium of investors (which includes, among other unaffiliated investors, certain of our officers and our chief executive officer) which owns 75% in the borrowing entity. The loan has an interest rate of LIBOR plus 4.75% with a LIBOR floor of 1.25% and matures in June 2021. Interest income recorded from this loan totaled $0.3 million and $0.6 million for the three and six months ended June 30, 2019, respectively, and $0.1 million for both the three and six months ended June 30, 2018. In April 2018, we acquired a $9.4 million bridge loan originated by ACM, of which $7.8 million was funded as of June 30, 2019. The loan was used to purchase several multifamily properties by a consortium of investors (which includes, among other unaffiliated investors, certain of our officers and our chief executive officer) which owns 75% of the borrowing entity. The loan has an interest rate of LIBOR plus 5.0% with a LIBOR floor of 1.25% and matures in January 2021. Interest income recorded from this loan totaled $0.1 million and $0.3 million for the three and six months ended June 30, 2019, respectively, and $0.1 million for both the three and six months ended June 30, 2018. In January 2018, we paid $50.0 million in full satisfaction of the related party financing we entered into with ACM to finance a portion of the Acquisition purchase price. We incurred interest expense related to this financing of $0.3 million during the first quarter of 2018. In 2017, we acquired a $32.8 million bridge loan originated by ACM. The loan was used to purchase several multifamily properties by a consortium of investors (which includes, among other unaffiliated investors, certain of our officers and our chief executive officer) which owns 90% of the borrowing entity. The loan has an interest rate of LIBOR plus 5.0% with a LIBOR floor of 1.13% and matures in June 2020. Interest income recorded from this loan totaled $0.6 million and $1.2 million for the three and six months ended June 30, 2019, respectively, and $0.6 million and $1.1 million for the three and six months ended June 30, 2018, respectively. In 2017, we originated two bridge loans totaling $28.0 million on two multifamily properties owned in part by a consortium of investors (which includes, among other unaffiliated investors, certain of our officers and our chief executive officer) which owns 45% of the borrowing entity. The loans have an interest rate of LIBOR plus 5.25% with LIBOR floors ranging from 1.24% to 1.54% and mature in the fourth quarter of 2020. Interest income recorded from these loans totaled $0.6 million and $1.1 million for the three and six months ended June 30, 2019, respectively, and $0.5 million and $1.0 million for the three and six months ended June 30, 2018, respectively. In 2017, we originated a $36.0 million bridge loan on a multifamily property owned in part by a consortium of investors (which includes, among other unaffiliated investors, certain of our officers and our chief executive officer) which owns a 95% interest in the borrowing entity. The loan had an interest rate of LIBOR plus 4.5% with a LIBOR floor of 1% and was scheduled to mature in July 2020. This loan was repaid in full in August 2018. Interest income recorded from this loan totaled $0.6 million and $1.2 million for the three and six months ended June 30, 2018. In 2017, we originated a $46.9 million Fannie Mae loan on a multifamily property owned in part by a consortium of investors (which includes, among other unaffiliated investors, certain of our officers) which owns a 17.6% interest in the borrowing entity. We carry a maximum loss-sharing obligation with Fannie Mae on this loan of up to 5% of the original UPB. Servicing revenue recorded from this loan was less than $0.1 million for all periods presented. In 2017, a consortium of investors (which includes, among other unaffiliated investors, our chief executive officer and ACM) invested $2.0 million for a 26.1% ownership interest in two portfolios of multifamily properties which has two bridge loans totaling $14.8 million originated by us in 2016. The loans had an interest rate of LIBOR plus 5.25% with a LIBOR floor of 0.5% and were scheduled to mature in November 2018. One of the loans was repaid in full in the fourth quarter of 2017 and the remaining loan paid off in June 2018. Interest income recorded from these loans totaled $0.2 million and $0.3 million for the three and six months ended June 30, 2018, respectively. In 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 June 30, 2019. 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 all periods presented. In 2016, we originated $48.0 million of bridge loans on six multifamily properties owned in part by a consortium of investors (which includes, among other unaffiliated investors, certain of our officers and our chief executive officer) which owns interests ranging from 10.5% to 12.0% in the borrowing entities. The loans have an interest rate of LIBOR plus 4.5% with a LIBOR floor of 0.25% and mature in September 2019. In 2017, a $6.8 million loan on one property paid off in full and in 2018 four additional loans totaling $28.3 million paid off in full. In January 2019, $10.9 million of the $12.9 million remaining bridge loan paid off, with the $2.0 million remaining UPB converted to a mezzanine loan with a fixed interest rate of 10.0% and a January 2024 maturity. Interest income recorded from these loans totaled $0.1 million and $0.2 million for the three and six months ended June 30, 2019, respectively, and $0.6 million and $1.3 million for the three and six months ended June 30, 2018, respectively. In 2016, we originated a $12.7 million bridge loan and a $5.2 million preferred equity investment on two multifamily properties owned in part by a consortium of investors (which includes, among other unaffiliated investors, certain of our officers and our chief executive officer) which owns a 50% interest in the borrowing entity. The bridge loan has an interest rate of LIBOR plus 4.5% with a LIBOR floor of 0.25% and the preferred equity investment has a fixed interest rate of 10%. The bridge loan and the preferred equity investment matured in May 2019 and paid off in full at maturity. Interest income recorded from these loans totaled $0.2 million and $0.6 million for the three and six months ended June 30, 2018, respectively, and $0.3 million and $0.7 million for the three and six months ended June 30, 2018, respectively. In 2016, we originated a $19.0 million bridge loan on a multifamily property owned in part by a consortium of investors (which includes, among other unaffiliated investors, certain of our officers and our chief executive officer) which owns a 7.5% interest in the borrowing entity. The loan had an interest rate of LIBOR plus 4.5% with a LIBOR floor of 0.25% and was scheduled to mature in January 2019. In January 2018, this loan paid off in full. Interest income recorded from this loan totaled $0.3 million for the six months ended June 30, 2018. In 2015, we originated two bridge loans totaling $16.7 million secured by multifamily properties acquired by a third-party investor. The properties were owned and were sold in part by a consortium of investors (which includes, among other unaffiliated investors, certain of our officers, our chief executive officer and certain other related parties). The loans have an interest rate of LIBOR plus 5% with a LIBOR floor of 0.25% and were scheduled to mature in October 2018. These loans both paid off in full during the third and four quarters of 2018. Interest income recorded from these loans totaled $0.3 million and $0.7 million for the three and six months ended June 30, 2018, respectively. In 2015, we originated a $3.0 million mezzanine loan on a multifamily property that had a $47.0 million first mortgage initially originated by ACM. The loan bore interest at a fixed rate of 12.5% and was scheduled to mature in April 2025. In January 2018, this loan paid off in full. Interest income recorded from this loan totaled $0.1 million for the six months ended June 30, 2018. In 2015, we invested $9.6 million for 50% of ACM's indirect interest in a joint venture with a third-party that was formed to invest in a residential mortgage banking business. As a result of this transaction, we had an initial indirect interest of 22.5% in this entity. Since the initial investment, we invested an additional $16.1 million through this joint venture in non-qualified residential mortgages purchased from the mortgage banking business’s origination platform and we received cash distributions totaling $16.9 million (that were classified as returns of capital) as a result of the joint venture selling most of its non-qualified mortgage assets. We recorded income from these investments of $2.7 million and $3.5 million in the three and six months ended June 30, 2019, respectively, and $0.7 million and $0.8 million in the three and six months ended June 30, 2018, respectively . In connection with a litigation settlement related to this investment, we provided a guaranty of up to 50% of any amounts payable in connection with the settlement. ACM has also provided us with a guaranty to pay up to 50% of any amounts we may pay under this guaranty. As of June 30, 2019, our maximum exposure under this guaranty totaled $1.2 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, 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 LIBOR plus 4.8%. 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 less than $0.1 million and $0.2 million for the three and six months ended June 30, 2018, respectively. We, along with an executive officer of ours and a consortium of independent outside investors, hold equity investments in a portfolio of multifamily properties referred to as the “Lexford” portfolio, which is managed by an entity owned primarily by a consortium of affiliated investors, including our chief executive officer and an executive officer of ours. Based on the terms of the management contract, the management company is entitled to 4.75% of gross revenues of the underlying properties, along with the potential to share in the proceeds of a sale or restructuring of the debt. In June 2018, the owners of Lexford restructured part of its debt and we originated twelve bridge loans totaling $280.5 million, which were used to repay in full certain existing mortgage debt and to renovate 72 multifamily properties included in the portfolio. The loans, which we originated in June 2018, have interest rates of LIBOR plus 4.0% and mature in June 2021 (with 2 one-year extension options). During the six months ended June 30, 2019, the borrower made partial paydowns of principal totaling $109.8 million. In addition, the borrower made additional paydowns of principal totaling $140.3 million in July 2019. Interest income recorded from these loans totaled $3.5 million and $8.0 million for the three and six months ended June 30, 2019, respectively, and $1.1 million in both the three and six months ended June 30, 2018. Further, as part of this June 2018 restructuring, $50.0 million in unsecured financing was provided by an unsecured lender to certain parent entities of the property owners. ACM owns slightly less than half of the unsecured lender entity and, therefore, provided slightly less than half of the unsecured lender financing. In addition, in connection with our equity investment, we received distributions totaling $0.6 million during both the three months ended June 30, 2019 and 2018, and $1.9 million and $1.2 million during the six months ended June 30, 2019 and 2018, respectively, which were recorded as income from equity affiliates. Separate from the loans we originated in June 2018, we provide limited ("bad boy") guarantees for certain other debt controlled by Lexford. The bad boy guarantees may become a liability for us upon standard "bad" acts such as fraud or a material misrepresentation by Lexford or us. At June 30, 2019, this debt had an aggregate outstanding balance of $442.9 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 31% 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 OP Units, each paired with one share of our special voting preferred shares. At June 30, 2019, ACM holds 4,285,694 shares of our common stock and 14,772,918 OP Units, which represents 16.6% 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	6 Months Ended
	Jun. 30, 2019
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 and stock-based compensation. Three Months Ended June 30, 2019 Structured Agency Other / Business Business Eliminations (1) Consolidated Interest income $ 76,144 $ 6,027 $ — $ 82,171 Interest expense 44,716 3,568 — 48,284 Net interest income 31,428 2,459 — 33,887 Other revenue: Gain on sales, including fee-based services, net — 14,211 — 14,211 Mortgage servicing rights — 18,709 — 18,709 Servicing revenue — 24,936 — 24,936 Amortization of MSRs — (12,324) — (12,324) Property operating income 3,147 — — 3,147 Other income, net 290 1,103 — 1,393 Total other revenue 3,437 46,635 — 50,072 Other expenses: Employee compensation and benefits 6,815 22,207 — 29,022 Selling and administrative 5,328 5,153 — 10,481 Property operating expenses 2,691 — — 2,691 Depreciation and amortization 509 1,400 — 1,909 Impairment loss on real estate owned 1,000 — — 1,000 Provision for loss sharing (net of recoveries) — 368 — 368 Total other expenses 16,343 29,128 — 45,471 Income before income from equity affiliates and income taxes 18,522 19,966 — 38,488 Income from equity affiliates 3,264 — — 3,264 Provision for income taxes — (4,350) — (4,350) Net income 21,786 15,616 — 37,402 Preferred stock dividends 1,888 — — 1,888 Net income attributable to noncontrolling interest — — 6,598 6,598 Net income attributable to common stockholders $ 19,898 $ 15,616 $ (6,598) $ 28,916 Three Months Ended June 30, 2018 Structured Agency Other / Business Business Eliminations (1) Consolidated Interest income $ 54,177 $ 5,118 $ — $ 59,295 Interest expense 34,612 3,272 — 37,884 Net interest income 19,565 1,846 — 21,411 Other revenue: Gain on sales, including fee-based services, net — 15,622 — 15,622 Mortgage servicing rights — 17,936 — 17,936 Servicing revenue — 22,808 — 22,808 Amortization of MSRs — (11,937) — (11,937) Property operating income 2,964 — — 2,964 Other income, net 117 (587) — (470) Total other revenue 3,081 43,842 — 46,923 Other expenses: Employee compensation and benefits 6,749 20,066 — 26,815 Selling and administrative 3,497 5,376 — 8,873 Property operating expenses 2,856 — — 2,856 Depreciation and amortization 444 1,401 — 1,845 Impairment loss on real estate owned 2,000 — — 2,000 Provision for loss sharing (net of recoveries) — 348 — 348 Provision for loan losses (net of recoveries) (2,127) — — (2,127) Total other expenses 13,419 27,191 — 40,610 Income before income from equity affiliates and income taxes 9,227 18,497 — 27,724 Income from equity affiliates 1,387 — — 1,387 Benefit from (provision for) income taxes 500 (4,999) — (4,499) Net income 11,114 13,498 — 24,612 Preferred stock dividends 1,888 — — 1,888 Net income attributable to noncontrolling interest — — 5,557 5,557 Net income attributable to common stockholders $ 9,226 $ 13,498 $ (5,557) $ 17,167 Six Months Ended June 30, 2019 Structured Agency Other / Business Business Eliminations (1) Consolidated Interest income $ 141,953 $ 11,495 $ — $ 153,448 Interest expense 82,973 7,176 — 90,149 Net interest income 58,980 4,319 — 63,299 Other revenue: Gain on sales, including fee-based services, net — 30,600 — 30,600 Mortgage servicing rights — 32,941 — 32,941 Servicing revenue — 50,770 — 50,770 Amortization of MSRs — (24,606) — (24,606) Property operating income 5,950 — — 5,950 Other income, net 627 (1,361) — (734) Total other revenue 6,577 88,344 — 94,921 Other expenses: Employee compensation and benefits 15,279 45,507 — 60,786 Selling and administrative 9,749 10,493 — 20,242 Property operating expenses 5,086 — — 5,086 Depreciation and amortization 1,020 2,801 — 3,821 Impairment loss on real estate owned 1,000 — — 1,000 Provision for loss sharing (net of recoveries) — 822 — 822 Total other expenses 32,134 59,623 — 91,757 Income before extinguishment of debt, income from equity affiliates and income taxes 33,423 33,040 — 66,463 Loss on extinguishment of debt (128) — — (128) Income from equity affiliates 5,415 — — 5,415 Provision for income taxes — (4,341) — (4,341) Net income 38,710 28,699 — 67,409 Preferred stock dividends 3,777 — — 3,777 Net income attributable to noncontrolling interest — — 12,066 12,066 Net income attributable to common stockholders $ 34,933 $ 28,699 $ (12,066) $ 51,566 Six Months Ended June 30, 2018 Structured Agency Other / Business Business Eliminations (1) Consolidated Interest income $ 101,413 $ 9,495 $ — $ 110,908 Interest expense 64,817 6,125 329 71,271 Net interest income 36,596 3,370 (329) 39,637 Other revenue: Gain on sales, including fee-based services, net — 33,815 — 33,815 Mortgage servicing rights — 37,571 — 37,571 Servicing revenue — 44,220 — 44,220 Amortization of MSRs — (23,802) — (23,802) Property operating income 5,874 — — 5,874 Other income, net 351 2,057 — 2,408 Total other revenue 6,225 93,861 — 100,086 Other expenses: Employee compensation and benefits 14,336 41,973 — 56,309 Selling and administrative 7,034 10,755 — 17,789 Property operating expenses 5,652 — — 5,652 Depreciation and amortization 890 2,801 — 3,691 Impairment loss on real estate owned 2,000 — — 2,000 Provision for loss sharing (net of recoveries) — 821 — 821 Provision for loan losses (net of recoveries) (1,802) — — (1,802) Total other expenses 28,110 56,350 — 84,460 Income before income from equity affiliates and income taxes 14,711 40,881 (329) 55,263 Income from equity affiliates 2,132 — — 2,132 Benefit from income taxes 500 3,785 — 4,285 Net income 17,343 44,666 (329) 61,680 Preferred stock dividends 3,777 — — 3,777 Net income attributable to noncontrolling interest — — 14,547 14,547 Net income attributable to common stockholders $ 13,566 $ 44,666 $ (14,876) $ 43,356 (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. June 30, 2019 Structured Business Agency Business Consolidated Assets: Cash and cash equivalents $ 116,282 $ 82,635 $ 198,917 Restricted cash 315,195 1,260 316,455 Loans and investments, net 3,836,554 — 3,836,554 Loans held-for-sale, net — 601,827 601,827 Capitalized mortgage servicing rights, net — 276,648 276,648 Securities held to maturity 10,000 76,017 86,017 Investments in equity affiliates 31,159 — 31,159 Goodwill and other intangible assets 12,500 100,864 113,364 Other assets 110,205 30,584 140,789 Total assets $ 4,431,895 $ 1,169,835 $ 5,601,730 Liabilities: Debt obligations $ 3,573,659 $ 597,164 $ 4,170,823 Allowance for loss-sharing obligations — 34,417 34,417 Other liabilities 162,859 47,653 210,512 Total liabilities $ 3,736,518 $ 679,234 $ 4,415,752 December 31, 2018 Structured Business Agency Business Consolidated Assets: Cash and cash equivalents $ 89,457 $ 70,606 $ 160,063 Restricted cash 180,606 — 180,606 Loans and investments, net 3,200,145 — 3,200,145 Loans held-for-sale, net — 481,664 481,664 Capitalized mortgage servicing rights, net — 273,770 273,770 Securities held-to-maturity, net — 76,363 76,363 Investments in equity affiliates 21,580 — 21,580 Goodwill and other intangible assets 12,500 103,665 116,165 Other assets 81,494 20,325 101,819 Total assets $ 3,585,782 $ 1,026,393 $ 4,612,175 Liabilities: Debt obligations $ 2,842,688 $ 472,181 $ 3,314,869 Allowance for loss-sharing obligations — 34,298 34,298 Other liabilities 159,413 38,029 197,442 Total liabilities $ 3,002,101 $ 544,508 $ 3,546,609 Three Months Ended June 30, Six Months Ended June 30, Origination Data: 2019 2018 2019 2018 Structured Business New loan originations $ 1,014,103 $ 606,855 $ 1,430,398 $ 921,070 Loan payoffs / paydowns 503,130 238,026 782,601 428,641 Agency Business Origination Volumes by Investor: Fannie Mae $ 937,977 $ 606,287 $ 1,484,863 $ 1,269,208 Freddie Mac 234,851 434,789 427,343 742,940 FHA 43,558 — 44,668 60,738 CMBS/Conduit 71,900 — 177,325 16,233 Total $ 1,288,286 $ 1,041,076 $ 2,134,199 $ 2,089,119 Total loan commitment volume $ 1,302,128 $ 1,079,478 $ 2,149,091 $ 2,123,193 Loan Sales Data: Agency Business Fannie Mae $ 668,063 $ 579,851 $ 1,415,001 $ 1,308,246 Freddie Mac 176,544 409,612 400,317 688,128 FHA 6,539 28,820 32,170 68,113 CMBS/Conduit 71,900 — 177,325 16,233 Total $ 923,046 $ 1,018,283 $ 2,024,813 $ 2,080,720 Sales margin (fee-based services as a % of loan sales) 1.54 % 1.53 % 1.51 % 1.63 % MSR rate (MSR income as a % of loan commitments) 1.44 % 1.66 % 1.53 % 1.77 % June 30, 2019 Wtd. Avg. Servicing Wtd. Avg. Life of UPB of Servicing Fee Rate Servicing Portfolio Key Servicing Metrics for Agency Business: Portfolio (basis points) (in years) Fannie Mae $ 14,122,916 49.5 7.8 Freddie Mac 4,657,097 30.1 10.9 FHA 684,527 15.3 19.1 Total $ 19,464,540 43.6 9.0 December 31, 2018 Fannie Mae $ 13,562,667 51.3 7.4 Freddie Mac 4,394,287 30.8 10.8 FHA 644,687 15.5 19.6 Total $ 18,601,641 45.2 8.6

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2019
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 2018 Annual Report.
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.
Leases	Leases. We determine if an arrangement is a lease at inception. Our right to use an underlying asset for the lease term is recorded as operating lease right-of-use (“ROU”) assets and our obligation to make lease payments arising from the lease are recorded as lease liabilities. The operating lease ROU assets and lease liabilities are included in other assets and other liabilities, respectively, in our consolidated balance sheets. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Our leases do not provide an implicit rate; therefore, we use our incremental borrowing rate in determining the present value of lease payments. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. At the adoption date, we made an accounting policy election to exclude leases with an initial term of twelve months or less.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements Description Adoption Date Effect on Financial Statements In February 2016, the Financial Accounting Standards Board ("FASB") issued ASU 2016-02, Leases (Topic 842). This ASU requires lessees to record most leases on their balance sheet through operating and finance lease liabilities and corresponding ROU assets, as well as adding additional footnote disclosures of key information about those arrangements. In July 2018, the FASB also issued ASU 2018-11, Leases (Topic 842) - Targeted Improvements, which provides transition relief on comparative period reporting through a cumulative-effect adjustment at the beginning of the period of adoption ("Effective Date Method"). First quarter of 2019 We adopted this guidance using the optional Effective Date Method and elected the group of optional practical expedients, therefore, comparative reporting periods have not been adjusted and are reported under the previous accounting guidance. Upon adoption, we recorded an operating lease ROU asset and corresponding lease liability of $20.1 million, which are included as other assets and other liabilities in our consolidated balance sheets. In addition, we added the required footnote disclosures in Note 14 - Commitments and Contingencies. In June 2018, the FASB issued ASU 2018-07, Compensation— Stock Compensation to expand the scope of ASC Topic 718, Compensation—Stock Compensation, to include share-based payment transactions for acquiring goods and services from nonemployees. First quarter of 2019 The adoption of this guidance did not have a material impact on our consolidated financial statements. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities. This ASU better aligns risk management activities and financial reporting for hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. Among other amendments, the update allows entities to designate the variability in cash flows attributable to changes in a contractually specified component stated in the contract as the hedged risk in a cash flow hedge of a forecasted purchase or sale of a nonfinancial asset. First quarter of 2019 The adoption of this guidance did not have a material impact on our consolidated financial statements. We will apply this guidance to any future hedging activities. Recently Issued Accounting Pronouncements Description Effective Date Effect on Financial Statements In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments. This ASU requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Entities will be required to use forward-looking information to better form their credit loss estimates. This ASU also requires enhanced disclosures to help financial statement users better understand significant estimates and judgments used in estimating credit losses. First quarter of 2020 with early adoption permitted beginning in the first quarter of 2019 We continue to evaluate the impact the adoption of this guidance will have on our consolidated financial statements and disclosures. As part of our evaluation process, we have established a task force that includes individuals from various functional areas to implement this new accounting standard. The standard applies to: (1) financial assets subject to credit losses and measured at amortized cost, and (2) certain off-balance sheet credit exposures. This currently includes our Structured Business loan and investment portfolio, held-to-maturity debt securities and loss-sharing obligations related to the Fannie Mae DUS program. Our preliminary evaluation indicates this standard is expected to impact our consolidated financial statements, in particular the level of credit losses.

Basis of Presentation and Sig_3

Basis of Presentation and Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2019
Basis of Presentation and Significant Accounting Policies
Schedules of Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements	Recently Adopted Accounting Pronouncements Description Adoption Date Effect on Financial Statements In February 2016, the Financial Accounting Standards Board ("FASB") issued ASU 2016-02, Leases (Topic 842). This ASU requires lessees to record most leases on their balance sheet through operating and finance lease liabilities and corresponding ROU assets, as well as adding additional footnote disclosures of key information about those arrangements. In July 2018, the FASB also issued ASU 2018-11, Leases (Topic 842) - Targeted Improvements, which provides transition relief on comparative period reporting through a cumulative-effect adjustment at the beginning of the period of adoption ("Effective Date Method"). First quarter of 2019 We adopted this guidance using the optional Effective Date Method and elected the group of optional practical expedients, therefore, comparative reporting periods have not been adjusted and are reported under the previous accounting guidance. Upon adoption, we recorded an operating lease ROU asset and corresponding lease liability of $20.1 million, which are included as other assets and other liabilities in our consolidated balance sheets. In addition, we added the required footnote disclosures in Note 14 - Commitments and Contingencies. In June 2018, the FASB issued ASU 2018-07, Compensation— Stock Compensation to expand the scope of ASC Topic 718, Compensation—Stock Compensation, to include share-based payment transactions for acquiring goods and services from nonemployees. First quarter of 2019 The adoption of this guidance did not have a material impact on our consolidated financial statements. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities. This ASU better aligns risk management activities and financial reporting for hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. Among other amendments, the update allows entities to designate the variability in cash flows attributable to changes in a contractually specified component stated in the contract as the hedged risk in a cash flow hedge of a forecasted purchase or sale of a nonfinancial asset. First quarter of 2019 The adoption of this guidance did not have a material impact on our consolidated financial statements. We will apply this guidance to any future hedging activities. Recently Issued Accounting Pronouncements Description Effective Date Effect on Financial Statements In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments. This ASU requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Entities will be required to use forward-looking information to better form their credit loss estimates. This ASU also requires enhanced disclosures to help financial statement users better understand significant estimates and judgments used in estimating credit losses. First quarter of 2020 with early adoption permitted beginning in the first quarter of 2019 We continue to evaluate the impact the adoption of this guidance will have on our consolidated financial statements and disclosures. As part of our evaluation process, we have established a task force that includes individuals from various functional areas to implement this new accounting standard. The standard applies to: (1) financial assets subject to credit losses and measured at amortized cost, and (2) certain off-balance sheet credit exposures. This currently includes our Structured Business loan and investment portfolio, held-to-maturity debt securities and loss-sharing obligations related to the Fannie Mae DUS program. Our preliminary evaluation indicates this standard is expected to impact our consolidated financial statements, in particular the level of credit losses.

Loans and Investments (Tables)

Loans and Investments (Tables)	6 Months Ended
	Jun. 30, 2019
Loans and Investments
Schedule of composition of company's structured business loan and investment portfolio	Our Structured Business loan and investment portfolio consists of ($ in thousands): Wtd. Avg. Remaining Wtd. Avg. Wtd. Avg. Percent of Loan Wtd. Avg. Months to First Dollar Last Dollar June 30, 2019 Total Count Pay Rate (1) Maturity LTV Ratio (2) LTV Ratio (3) Bridge loans $ 3,488,103 89 % 183 6.39 % 17.7 0 % 75 % Mezzanine loans 216,304 6 % 23 10.28 % 29.1 23 % 77 % Preferred equity investments 185,255 5 % 11 8.05 % 72.3 68 % 90 % Other 33,547 <1 % 9 2.05 % 70.6 0 % 71 % 3,923,209 100 % 226 6.64 % 21.4 4 % 75 % Allowance for loan losses (71,069) Unearned revenue (15,586) Loans and investments, net $ 3,836,554 December 31, 2018 Bridge loans $ 2,992,814 91 % 167 6.84 % 18.5 0 % 74 % Mezzanine loans 108,867 3 % 13 10.57 % 22.1 28 % 72 % Preferred equity investments 181,661 6 % 10 7.97 % 78.0 66 % 89 % 3,283,342 100 % 190 7.02 % 22.0 5 % 75 % Allowance for loan losses (71,069) Unearned revenue (12,128) Loans and investments, net $ 3,200,145 (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): June 30, 2019 Wtd. Avg. Wtd. Avg. Wtd. Avg. Percentage Internal Risk First Dollar Last Dollar Asset Class UPB of Portfolio Rating LTV Ratio LTV Ratio Multifamily $ 3,010,082 77 % pass/watch 5 % 76 % Self Storage 246,209 6 % special mention 3 % 72 % Land 232,228 6 % special mention 0 % 86 % Healthcare 146,025 4 % pass/watch 0 % 79 % Office 132,032 3 % special mention 3 % 71 % Hotel 92,300 2 % pass/watch 0 % 61 % Retail 49,308 1 % pass/watch 6 % 62 % Other 15,025 < 1 % pass/watch 7 % 72 % Total $ 3,923,209 100 % pass/watch 4 % 75 % December 31, 2018 Wtd. Avg. Wtd. Avg. Wtd. Avg. Percentage Internal Risk First Dollar Last Dollar Asset Class UPB of Portfolio Rating LTV Ratio LTV Ratio Multifamily $ 2,427,920 % pass/watch 5 % 75 % Self Storage 301,830 % pass/watch 0 % 72 % Land 151,628 % substandard 0 % 90 % Healthcare 122,775 % pass/watch 0 % 77 % Office 132,047 % special mention 3 % 68 % Hotel 100,075 % pass/watch 13 % 66 % Retail 45,367 % pass/watch 6 % 65 % Other 1,700 <1 % doubtful 63 % 63 % Total $ 3,283,342 % pass/watch 5 % 75 %
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 June 30, Six Months Ended June 30, 2019 2018 2019 2018 Allowance at beginning of period $ 71,069 $ 63,108 $ 71,069 $ 62,783 Provision for loan losses — 1,325 — 1,650 Charge-offs — (3,173) — (3,173) Recoveries of reserves — (2,527) — (2,527) Allowance at end of period $ 71,069 $ 58,733 $ 71,069 $ 58,733
Summary of the company's impaired loans by asset class	A summary of our impaired loans by asset class is as follows (in thousands): June 30, 2019 Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Carrying Allowance for Average Recorded Interest Income Average Recorded Interest Income Asset Class UPB Value (1) Loan Losses Investment (2) Recognized Investment (2) Recognized Land $ 134,215 $ 127,386 $ 67,869 $ 134,215 $ 28 $ 134,215 $ 55 Office 2,251 2,251 1,500 2,255 34 2,259 68 Commercial 1,700 1,700 1,700 1,700 — 1,700 — Total $ 138,166 $ 131,337 $ 71,069 $ 138,170 $ 62 $ 138,174 $ 123 December 31, 2018 Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 Land $ 134,215 $ 127,869 $ 67,869 $ 131,985 $ — $ 131,823 $ — Hotel — — — 17,375 — 17,375 — Office 2,266 2,266 1,500 2,281 31 2,284 60 Commercial 1,700 1,700 1,700 1,700 — 1,700 — Total $ 138,181 $ 131,835 $ 71,069 $ 153,341 $ 31 $ 153,182 $ 60 (1) Represents the UPB of five impaired loans (less unearned revenue and other holdbacks and adjustments) by asset class at both June 30, 2019 and December 31, 2018. (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): June 30, 2019 December 31, 2018 Greater Less Than 90 Greater Than Carrying Less Than 90 Than 90 Days Carrying Days Past 90 Days Past Asset Class Value Days Past Due Past Due Value Due Due Commercial $ 1,700 $ — $ 1,700 $ 1,700 $ — $ 1,700 Office 832 — 832 832 — 832 Total $ 2,532 $ — $ 2,532 $ 2,532 $ — $ 2,532

Loans Held-for-Sale, Net (Table

Loans Held-for-Sale, Net (Tables)	6 Months Ended
	Jun. 30, 2019
Loans Held-for-Sale, Net
Summary of loans held-for-sale, net	Loans held-for-sale, net consists of the following (in thousands): June 30, 2019 December 31, 2018 Fannie Mae $ 428,648 $ 358,790 Freddie Mac 122,013 95,004 FHA 46,625 19,170 597,286 472,964 Fair value of future MSR 6,243 10,253 Unearned discount (1,702) (1,553) Loans held-for-sale, net $ 601,827 $ 481,664

Capitalized Mortgage Servicin_2

Capitalized Mortgage Servicing Rights (Tables)	6 Months Ended
	Jun. 30, 2019
Capitalized Mortgage Servicing Rights
Summary of capitalized MSR activity	A summary of our capitalized MSR activity is as follows (in thousands): Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Acquired Originated Total Acquired Originated Total Balance at beginning of period $ 88,029 $ 189,610 $ 277,639 $ 97,084 $ 176,686 $ 273,770 Additions — 15,923 15,923 — 36,532 36,532 Amortization (5,546) (6,778) (12,324) (11,461) (13,145) (24,606) Write-downs and payoffs (2,991) (1,599) (4,590) (6,131) (2,917) (9,048) Balance at end of period $ 79,492 $ 197,156 $ 276,648 $ 79,492 $ 197,156 $ 276,648 Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 Balance at beginning of period $ 131,934 $ 123,798 $ 255,732 $ 143,270 $ 109,338 $ 252,608 Additions — 18,493 18,493 — 38,293 38,293 Amortization (7,517) (4,420) (11,937) (15,512) (8,290) (23,802) Write-downs and payoffs (4,400) (867) (5,267) (7,741) (2,337) (10,078) Balance at end of period $ 120,017 $ 137,004 $ 257,021 $ 120,017 $ 137,004 $ 257,021
Schedule of expected amortization of capitalized MSRs recorded	The expected amortization of capitalized MSRs recorded as of June 30, 2019 is as follows (in thousands): Year Amortization 2019 (six months ending 12/31/2019) $ 24,388 2020 45,925 2021 40,855 2022 34,531 2023 29,583 2024 25,205 Thereafter 76,161 Total $ 276,648

Mortgage Servicing (Tables)

Mortgage Servicing (Tables)	6 Months Ended
	Jun. 30, 2019
MSRs
Mortgage Servicing
Schedule of product and geographic concentrations in servicing revenue	Product and geographic concentrations that impact our servicing revenue are as follows ($ in thousands): June 30, 2019 Product Concentrations Geographic Concentrations UPB Percent of Percentage Product UPB Total State of Total Fannie Mae $ 14,122,916 73 % Texas 20 % Freddie Mac 4,657,097 24 % North Carolina 9 % FHA 684,527 3 % New York 9 % Total $ 19,464,540 100 % California 8 % Georgia 6 % Florida 6 % Other (1) 42 % Total 100 % December 31, 2018 Fannie Mae $ 13,562,667 73 % Texas 20 % Freddie Mac 4,394,287 24 % North Carolina 10 % FHA 644,687 3 % New York 8 % Total $ 18,601,641 100 % California 8 % Georgia 6 % Florida 6 % Other (1) 42 % Total 100 % (1) No other individual state represented 4% or more of the total.

Securities Held-to-Maturity (Ta

Securities Held-to-Maturity (Tables)	6 Months Ended
	Jun. 30, 2019
Securities Held-to-Maturity
Summary of securities held-to-maturity	Carrying Unrealized Estimated Period Face Value Value Gain Fair Value June 30, 2019 $ 110,836 $ 86,017 $ 3,153 $ 89,170 December 31, 2018 $ 103,515 $ 76,363 $ 2,734 $ 79,097

Investments in Equity Affilia_2

Investments in Equity Affiliates (Tables)	6 Months Ended
	Jun. 30, 2019
Investments in Equity Affiliates
Summary of the company's investments in equity affiliates	A summary of our investments in equity affiliates is as follows (in thousands): UPB of Loans to Investments in Equity Affiliates at Equity Affiliates at Equity Affiliates June 30, 2019 December 31, 2018 June 30, 2019 Arbor Residential Investor LLC $ 22,856 $ 19,260 $ — AMAC Holdings III LLC 5,983 — — Lightstone Value Plus REIT L.P 1,895 1,895 — JT Prime 425 425 — West Shore Café — — 1,688 Lexford Portfolio — — 170,730 East River Portfolio — — — Total $ 31,159 $ 21,580 $ 172,418

Real Estate Owned (Tables)

Real Estate Owned (Tables)	6 Months Ended
	Jun. 30, 2019
Real Estate Owned
Schedule of real estate owned	June 30, 2019 December 31, 2018 Hotel Office Hotel Office (in thousands) Property Building Total Property Building Total Land $ 3,294 $ 4,509 $ 7,803 $ 3,294 $ 4,509 $ 7,803 Building and intangible assets 31,352 2,009 33,361 31,066 2,010 33,076 Less: Impairment loss (14,307) (2,500) (16,807) (13,307) (2,500) (15,807) Less: Accumulated depreciation and amortization (10,048) (927) (10,975) (9,778) (848) (10,626) Real estate owned, net $ 10,291 $ 3,091 $ 13,382 $ 11,275 $ 3,171 $ 14,446

Debt Obligations (Tables)

Debt Obligations (Tables)	6 Months Ended
	Jun. 30, 2019
Debt Obligations
Schedule of face amount and gain on extinguishment of the company's CDO bonds repurchased by bond class	Borrowings and the corresponding collateral under our Debt Fund are as follows ($ in thousands): Collateral (3) Debt Loans Cash Face Carrying Wtd. Avg. Carrying Restricted Period Value Value (1) Rate (2) UPB Value Cash (4) June 30, 2019 $ 70,000 $ 68,422 6.64 % $ 78,375 $ 78,075 $ 21,625 December 31, 2018 $ 70,000 $ 68,183 6.75 % $ 69,186 $ 68,924 $ 30,814 (1) Debt carrying value is net of $1.6 million and $1.8 million of deferred financing fees at June 30, 2019 and December 31, 2018 , respectively. (2) At June 30, 2019 and December 31, 2018, the aggregate weighted average note rate, including certain fees and costs, was 7.55% and 7.49%, respectively. (3) At both June 30, 2019 and December 31, 2018, there was no collateral at risk of default or deemed to be a “credit risk.” (4) Represents restricted cash held for reinvestment. Excludes restricted cash related to interest payments, delayed fundings and expenses.
Schedule of face value, unamortized discount and net carrying value of the liability and equity components	The UPB, unamortized discount and net carrying amount of the liability and equity components of our convertible notes were as follows (in thousands): Liability Equity Component Component Unamortized Debt Unamortized Deferred Net Carrying Net Carrying Period UPB Discount Financing Fees Value Value June 30, 2019 $ 265,817 $ 6,514 $ 5,574 $ 253,729 $ 9,436 December 31, 2018 $ 270,057 $ 8,229 $ 7,060 $ 254,768 $ 9,436
Credit Facilities and Repurchase Agreements
Debt Obligations
Schedule of borrowings	and repurchase agreements are as follows ($ in thousands): June 30, 2019 December 31, 2018 Debt Collateral Debt Collateral Current Extended Carrying Carrying Wtd. Avg. Carrying Carrying Wtd. Avg. Structured Business Maturity Maturity Note Rate Value (1) Value Note Rate Value (1) Value Note Rate $550 million repurchase facility Mar. 2020 Mar. 2021 L+ 1.75 % to 3.50 % $ 299,480 $ 413,805 4.91 % $ 334,696 $ 467,680 4.75 % $300 million repurchase facility June 2020 Mar. 2023 L+ 1.95 % 240,280 324,583 4.41 % — — — $100 million repurchase facility Aug. 2019 June 2020 L+ 1.75 % to 2.00 % 53,434 74,451 4.21 % 70,837 98,597 4.31 % $75 million credit facility Aug. 2019 N/A L+ 1.75 % to 2.50 % 34,875 58,586 4.21 % 10,237 16,889 4.31 % $75 million credit facility June 2020 N/A L+ 1.75 % — — — — — — $50 million credit facility April 2020 April 2022 L+ 2.00 % 16,778 19,498 4.46 % 14,159 17,700 4.57 % $50 million credit facility Sept. 2019 Sept. 2021 L+ 2.50 % to 3.25 % — — — — — — $40.5 million credit facility May 2022 N/A L+ 2.20 % 40,373 54,000 4.66 % — — — $35.9 million credit facility May 2020 Nov. 2020 L+ 2.30 % 30,758 51,300 4.76 % 30,512 44,100 4.87 % $25.5 million credit facility Oct. 2019 N/A L+ 2.50 % 23,912 34,000 4.97 % 18,552 34,000 5.07 % $25 million credit facility June 2022 June 2023 L+ 2.25 % 13,126 20,222 4.71 % — — — $25 million working capital facility Aug. 2019 N/A L+ 2.25 % 25,000 — 4.71 % — — — $23.2 million credit facility Feb. 2020 Feb. 2021 L+ 2.30 % 23,102 30,900 4.76 % 23,175 30,900 4.87 % $20 million credit facility Mar. 2020 Mar. 2021 L+ 2.50 % 17,960 41,650 4.97 % 19,912 41,650 5.07 % $17.4 million credit facility June 2020 June 2021 L+ 2.40 % 13,022 21,700 4.86 % 12,462 15,844 4.97 % $11.9 million credit facility April 2022 N/A L+ 2.10 % 11,821 15,190 4.56 % — — — $8 million credit facility Aug. 2021 N/A L+ 2.50 % — — — 7,946 10,000 5.07 % $3.3 million master security agreement Oct. 2020 N/A 2.96 % to 3.42 % 827 — 3.19 % 1,168 — 3.19 % $2.2 million master security agreement Mar. 2021 N/A 4.60 % 1,320 — 4.66 % 1,678 — 4.66 % Repurchase facilities - securities (2) N/A N/A L+ 1.25 % to 2.60 % 178,446 — 4.60 % 118,112 — 5.07 % Structured Business total 1,024,514 1,159,885 4.64 % 663,446 777,360 4.78 % Agency Business $750 million ASAP agreement (3) N/A N/A L+ 1.05 % 93,785 93,785 3.45 % 104,619 104,619 3.55 % $500 million repurchase facility (4) Aug. 2019 N/A L+ 1.275 % 293,260 293,263 3.67 % 130,906 130,917 3.78 % $150 million credit facility Jan. 2020 N/A L+ 1.20 % 127,979 128,093 3.60 % 113,666 113,685 3.80 % $150 million credit facility July 2020 N/A L+ 1.15 % 70,051 70,056 3.70 % 96,339 96,419 3.80 % $100 million credit facility (5) June 2020 N/A L+ 1.15 % 12,089 12,089 3.55 % 26,651 26,651 3.75 % Agency Business total 597,164 597,286 3.62 % 472,181 472,291 3.74 % Consolidated total $ 1,621,678 $ 1,757,171 4.27 % $ 1,135,627 $ 1,249,651 4.35 % (1) The debt carrying value for the Structured Business at June 30, 2019 and December 31, 2018 was net of unamortized deferred finance costs of $2.7 million and $2.4 million, respectively. The debt carrying value for the Agency Business at June 30, 2019 and December 31, 2018 was net of unamortized deferred finance costs of $0.1 million for both periods. (2) As of June 30, 2019 and December 31, 2018, these facilities were collateralized by CLO bonds retained by us with a principal balance of $183.3 million and $114.2 million, respectively, B Piece bonds with a carrying value of $76.0 million and $76.4 million, respectively, and SFR bonds with a carrying value of $10.0 million at June 30, 2019. (3) The note rate under this agreement is subject to a LIBOR Floor of 35 basis points. (4) This facility includes an accordion feature to increase the committed amount to $750.0 million, which is available through the maturity date. (5) The committed amount under the facility was temporarily increased $150.0 million to $250.0 million, which expired in January 2019.
CLOs
Debt Obligations
Schedule of borrowings	Borrowings and the corresponding collateral under our CLOs are as follows ($ in thousands): Collateral (3) Debt Loans Cash Carrying Wtd. Avg. Carrying Restricted June 30, 2019 Face Value Value (1) Rate (2) UPB Value Cash (4) CLO XI $ 533,000 $ 528,135 3.89 % $ 589,363 $ 586,074 $ 43,980 CLO X 441,000 436,884 3.90 % 477,294 475,598 75,227 CLO IX 356,400 352,842 3.81 % 437,050 436,170 22,660 CLO VIII 282,874 280,466 3.76 % 349,448 348,411 12,192 CLO VII 279,000 277,117 4.45 % 256,561 255,897 88,858 Total CLOs $ 1,892,274 $ 1,875,444 3.94 % $ 2,109,716 $ 2,102,150 $ 242,917 December 31, 2018 CLO X $ 441,000 $ 436,384 4.01 % $ 539,007 $ 536,869 $ 20,993 CLO IX 356,400 352,244 3.92 % 440,906 439,691 20,094 CLO VIII 282,874 279,857 3.87 % 354,713 353,574 10,287 CLO VII 279,000 276,527 4.56 % 325,057 324,195 30,725 CLO VI 250,250 248,536 5.05 % 279,348 278,364 41,404 Total CLOs $ 1,609,524 $ 1,593,548 4.22 % $ 1,939,031 $ 1,932,693 $ 123,503 (1) Debt carrying value is net of $16.8 million and $16.0 million of deferred financing fees at June 30, 2019 and December 31, 2018, respectively. (2) At both June 30, 2019 and December 31, 2018, the aggregate weighted average note rate for our CLOs, including certain fees and costs, was 4.37%. (3) As of June 30, 2019 and December 31, 2018, 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	Our CLO compliance tests as of the most recent determination dates in July 2019 were as follows: Cash Flow Triggers CLO VII CLO VIII CLO IX CLO X CLO XI Overcollateralization (1) Current 129.03 % 129.03 % 134.68 % 126.98 % 121.95 % Limit 128.03 % 128.03 % 133.68 % 125.98 % 120.95 % Pass / Fail Pass Pass Pass Pass Pass Interest Coverage (2) Current 204.96 % 277.10 % 255.11 % 232.36 % 185.62 % Limit 120.00 % 120.00 % 120.00 % 120.00 % 120.00 % Pass / Fail Pass Pass Pass Pass Pass (1) The overcollateralization ratio divides the total principal balance of all collateral in the CLO by the total principal balance of the bonds associated with the applicable ratio. To the extent an asset is considered a defaulted security, the asset’s principal balance for purposes of the overcollateralization test is the lesser of the asset’s market value or the principal balance of the defaulted asset multiplied by the asset’s recovery rate which is determined by the rating agencies. Rating downgrades of CLO collateral will generally not have a direct impact on the principal balance of a CLO asset for purposes of calculating the CLO overcollateralization test unless the rating downgrade is below a significantly low threshold (e.g. CCC-) as defined in each CLO vehicle. (2) The interest coverage ratio divides interest income by interest expense for the classes senior to those retained by us.
Summary of the Company's CLO overcollateralization ratios	Determination (1) CLO VII CLO VIII CLO IX CLO X CLO XI July 2019 129.03 % 129.03 % 134.68 % 126.98 % 121.95 % April 2019 129.03 % 129.03 % 134.68 % 126.98 % — January 2019 129.03 % 129.03 % 134.68 % 126.98 % — October 2018 129.03 % 129.03 % 134.68 % 126.98 % — July 2018 129.03 % 129.03 % 134.68 % 126.98 % — (1) The table above represents the quarterly trend of our overcollateralization ratio, however, the CLO determination dates are monthly and we were in compliance with this test for all periods presented.

Allowance for Loss-Sharing Ob_2

Allowance for Loss-Sharing Obligations (Tables)	6 Months Ended
	Jun. 30, 2019
Allowance for Loss-Sharing Obligations
Schedule of allowance for loss-sharing obligations related to Fannie Mae DUS program	Our allowance for loss-sharing obligations related to the Fannie Mae DUS program is as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Beginning balance $ 34,518 $ 31,097 $ 34,298 $ 30,511 Provisions for loss sharing 1,675 1,134 2,554 2,339 Provisions reversal for loan repayments (1,307) (785) (1,732) (1,518) (Charge-offs) recoveries, net (469) (44) (703) 70 Ending balance $ 34,417 $ 31,402 $ 34,417 $ 31,402

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2019
Agency Business
Schedule of non-qualifying derivative financial instruments	A summary of our non-qualifying derivative financial instruments is as follows ($ in thousands): June 30, 2019 Fair Value Notional Balance Sheet Derivative Derivative Derivative Count Value Location Assets Liabilities Rate Lock Commitments 6 $ 33,053 Other Assets/Other Liabilities $ 745 $ (35) Forward Sale Commitments 86 630,339 Other Assets/Other Liabilities 3,823 (93) Interest Rate Swap Futures 2 11,700 Other Assets/Other Liabilities — — $ 675,092 $ 4,568 $ (128) December 31, 2018 Rate Lock Commitments 4 $ 18,161 Other Assets/Other Liabilities $ 324 $ (95) Forward Sale Commitments 90 491,125 Other Assets/Other Liabilities 5,789 (637) $ 509,286 $ 6,113 $ (732)

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	Jun. 30, 2019
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): June 30, 2019 December 31, 2018 Principal / Carrying Estimated Principal / Carrying Estimated Notional Amount Value Fair Value Notional Amount Value Fair Value Financial assets: Loans and investments, net $ 3,923,209 $ 3,836,554 $ 3,866,693 $ 3,283,342 $ 3,200,145 $ 3,249,499 Loans held-for-sale, net 597,286 601,827 611,587 472,964 481,664 489,546 Capitalized mortgage servicing rights, net n/a 276,648 317,714 n/a 273,770 322,463 Securities held-to-maturity, net 110,836 86,017 89,170 103,515 76,363 79,097 Derivative financial instruments 550,414 4,568 4,568 400,661 6,113 6,113 Financial liabilities: Credit and repurchase facilities $ 1,624,457 $ 1,621,678 $ 1,621,127 $ 1,138,135 $ 1,135,627 $ 1,135,774 Collateralized loan obligations 1,892,274 1,875,444 1,895,501 1,609,524 1,593,548 1,588,989 Debt fund 70,000 68,422 70,127 70,000 68,183 70,154 Senior unsecured notes 215,000 210,963 215,469 125,000 122,484 123,750 Convertible senior unsecured notes, net 265,817 253,729 284,018 270,057 254,768 267,324 Junior subordinated notes 154,336 140,587 96,777 154,336 140,259 95,873 Derivative financial instruments 112,978 128 128 108,625 732 732
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 June 30, 2019 (in thousands): Fair Value Measurements Using Fair Carrying Value Hierarchy Value Fair Value Level 1 Level 2 Level 3 Financial assets: Derivative financial instruments $ 4,568 $ 4,568 $ — $ 3,823 $ 745 Financial liabilities: Derivative financial instruments $ 128 $ 128 $ — $ 128 $ —
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, if applicable, were determined using the following input levels as of June 30, 2019 (in thousands): Fair Value Measurements Using Fair Net Carrying Value Hierarchy Value Fair Value Level 1 Level 2 Level 3 Financial assets: Impaired loans, net (1) $ 60,275 $ 60,275 $ — $ — $ 60,275 Non-financial assets: Long-lived assets (2) $ $ $ — $ — $ (1) We had an allowance for loan losses of $71.1 million relating to five loans with an aggregate carrying value, before loan loss reserves, of $131.3 million at June 30, 2019. (2) We recorded a $1.0 million impairment loss during the three months ended June 30, 2019 on the hotel property we own. See Note 9 – Real Estate Owned for details.
Schedule of quantitative information about Level 3 fair value measurements	Quantitative information about Level 3 fair value measurements at June 30, 2019 were as follows ($ in thousands): Valuation Fair Value Techniques Significant Unobservable Inputs Financial assets: Impaired loans: Land $ 59,517 Discounted cash flows Discount rate 23.00 % Revenue growth rate 3.00 % Office 758 Discounted cash flows Discount rate 11.00 % Capitalization rate 9.00 % Revenue growth rate 2.50 % Derivative financial instruments: Rate lock commitments 745 Discounted cash flows W/A discount rate 12.66 % Long-lived assets: Hotel property 10,291 Broker quotes N/A N/A
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 Significant Unobservable Inputs Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Derivative assets and liabilities, net Balance at beginning of period $ 400 $ 717 $ 324 $ 276 Settlements (18,364) (18,047) (32,521) (37,240) Realized gains recorded in earnings 17,964 17,330 32,197 36,964 Unrealized gains recorded in earnings 745 606 745 606 Balance at end of period $ 745 $ 606 $ 745 $ 606
Schedule of components of fair value and other relevant information	The components of fair value and other relevant information associated with our rate lock commitments, forward sales commitments and the estimated fair value of cash flows from servicing on loans held-for-sale were as follows (in thousands): Notional/ Fair Value of Interest Rate Total Fair Value Principal Amount Servicing Rights Movement Effect Adjustment June 30, 2019 Rate lock commitments $ 33,053 $ 745 $ (35) $ 710 Forward sale commitments 630,339 — 35 35 Loans held-for-sale, net (1) 597,286 6,243 — 6,243 Total $ 6,988 $ — $ 6,988 (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 June 30, 2019 (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 $ 3,836,554 $ 3,866,693 $ — $ — $ 3,866,693 Loans held-for-sale, net 601,827 611,587 — 605,344 6,243 Capitalized mortgage servicing rights, net 276,648 317,714 — — 317,714 Securities held-to-maturity, net 86,017 89,170 — — 89,170 Financial liabilities: Credit and repurchase facilities $ 1,621,678 $ 1,621,127 $ — $ 597,164 $ 1,023,963 Collateralized loan obligations 1,875,444 1,895,501 — — 1,895,501 Debt fund 68,422 70,127 — — 70,127 Senior unsecured notes 210,963 215,469 215,469 — — Convertible senior unsecured notes, net 253,729 284,018 — 284,018 — Junior subordinated notes 140,587 96,777 — — 96,777

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2019
Commitments and Contingencies
Schedule of maturities of operating lease liabilities	The maturities of our operating lease liabilities at June 30, 2019 are as follows (in thousands): Year 2019 (six months ending December 31, 2019) $ 2020 2021 2022 2023 2024 Thereafter Total $

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	6 Months Ended
	Jun. 30, 2019
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): June 30, 2019 December 31, 2018 Assets: Restricted cash $ 314,626 $ 179,855 Loans and investments, net 2,180,225 2,001,617 Due from related party 8,764 — Other assets 15,777 16,624 Total assets $ 2,519,392 $ 2,198,096 Liabilities: Collateralized loan obligations $ 1,875,444 $ 1,593,548 Debt fund 68,422 68,183 Due to related party 1,013 — Other liabilities 3,676 3,408 Total liabilities $ 1,948,555 $ 1,665,139
Summary of the Company's variable interests in identified VIEs, of which the company is not the primary beneficiary	A summary of our variable interests in identified VIEs, of which we are not the primary beneficiary, as of June 30, 2019 is as follows (in thousands): Type Carrying Amount (1) Loans $ 429,642 B Piece and SFR bonds 86,017 Equity investments 5,983 Agency interest only strips 2,989 Total $ 524,631 (1) Represents the carrying amount of loans and investments before reserves. At June 30, 2019, $129.6 million of loans to VIEs had corresponding loan loss reserves of $69.4 million. See Note 3 - Loans and Investments for details. In addition, the maximum loss exposure as of June 30, 2019 would not exceed the carrying amount of our investment.

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 2019
Equity
Schedule of dividends declared by the Company (on a per share basis)	Dividends declared (on a per share basis) during the three months ended June 30, 2019 were as follows: Common Stock Preferred Stock Dividend (1) Declaration Date Dividend Declaration Date Series A Series B Series C February 13, 2019 $ 0.27 February 1, 2019 $ 0.515625 $ 0.484375 $ 0.53125 May 1, 2019 $ 0.28 May 1, 2019 $ 0.515625 $ 0.484375 $ 0.53125 (1) The dividend declared on May 1, 2019 was for March 1, 2019 through May 31, 2019 and the dividend declared on February 1, 2019 was for December 1, 2018 through February 28, 2019.
Schedule of reconciliation of the numerator and denominator of the basic and diluted EPS computations	A reconciliation of the numerator and denominator of our basic and diluted EPS computations ($ in thousands, except share and per share data) is as follows: Three Months Ended June 30, 2019 2018 Basic Diluted Basic Diluted Net income attributable to common stockholders (1) $ 28,916 $ 28,916 $ 17,167 $ 17,167 Net income attributable to noncontrolling interest (2) — 6,598 — 5,557 Net income attributable to common stockholders and noncontrolling interest $ 28,916 $ 35,514 $ 17,167 $ 22,724 Weighted average shares outstanding 89,955,923 89,955,923 65,683,057 65,683,057 Dilutive effect of OP Units (2) — 20,486,862 — 21,230,769 Dilutive effect of restricted stock units (3) — 1,412,925 — 1,499,921 Dilutive effect of convertible notes (4) — 1,768,674 — 1,641,423 Weighted average shares outstanding 89,955,923 113,624,384 65,683,057 90,055,170 Net income per common share (1) $ 0.32 $ 0.31 $ 0.26 $ 0.25 Six Months Ended June 30, 2019 2018 Net income attributable to common stockholders (1) $ 51,566 $ 51,566 $ 43,356 $ 43,356 Net income attributable to noncontrolling interest (2) — 12,066 — 14,547 Net income attributable to common stockholders and noncontrolling interest $ 51,566 $ 63,632 $ 43,356 $ 57,903 Weighted average shares outstanding 87,567,171 87,567,171 63,773,306 63,773,306 Dilutive effect of OP Units (2) — 20,520,461 — 21,230,769 Dilutive effect of restricted stock units (3) — 1,394,821 — 1,381,310 Dilutive effect of convertible notes (4) — 1,297,227 — 1,035,158 Weighted average shares outstanding 87,567,171 110,779,680 63,773,306 87,420,543 Net income per common share (1) $ 0.59 $ 0.57 $ 0.68 $ 0.66 (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)	6 Months Ended
	Jun. 30, 2019
Segment Information
Schedule of statement of income and balance sheet by segment	Three Months Ended June 30, 2019 Structured Agency Other / Business Business Eliminations (1) Consolidated Interest income $ 76,144 $ 6,027 $ — $ 82,171 Interest expense 44,716 3,568 — 48,284 Net interest income 31,428 2,459 — 33,887 Other revenue: Gain on sales, including fee-based services, net — 14,211 — 14,211 Mortgage servicing rights — 18,709 — 18,709 Servicing revenue — 24,936 — 24,936 Amortization of MSRs — (12,324) — (12,324) Property operating income 3,147 — — 3,147 Other income, net 290 1,103 — 1,393 Total other revenue 3,437 46,635 — 50,072 Other expenses: Employee compensation and benefits 6,815 22,207 — 29,022 Selling and administrative 5,328 5,153 — 10,481 Property operating expenses 2,691 — — 2,691 Depreciation and amortization 509 1,400 — 1,909 Impairment loss on real estate owned 1,000 — — 1,000 Provision for loss sharing (net of recoveries) — 368 — 368 Total other expenses 16,343 29,128 — 45,471 Income before income from equity affiliates and income taxes 18,522 19,966 — 38,488 Income from equity affiliates 3,264 — — 3,264 Provision for income taxes — (4,350) — (4,350) Net income 21,786 15,616 — 37,402 Preferred stock dividends 1,888 — — 1,888 Net income attributable to noncontrolling interest — — 6,598 6,598 Net income attributable to common stockholders $ 19,898 $ 15,616 $ (6,598) $ 28,916 Three Months Ended June 30, 2018 Structured Agency Other / Business Business Eliminations (1) Consolidated Interest income $ 54,177 $ 5,118 $ — $ 59,295 Interest expense 34,612 3,272 — 37,884 Net interest income 19,565 1,846 — 21,411 Other revenue: Gain on sales, including fee-based services, net — 15,622 — 15,622 Mortgage servicing rights — 17,936 — 17,936 Servicing revenue — 22,808 — 22,808 Amortization of MSRs — (11,937) — (11,937) Property operating income 2,964 — — 2,964 Other income, net 117 (587) — (470) Total other revenue 3,081 43,842 — 46,923 Other expenses: Employee compensation and benefits 6,749 20,066 — 26,815 Selling and administrative 3,497 5,376 — 8,873 Property operating expenses 2,856 — — 2,856 Depreciation and amortization 444 1,401 — 1,845 Impairment loss on real estate owned 2,000 — — 2,000 Provision for loss sharing (net of recoveries) — 348 — 348 Provision for loan losses (net of recoveries) (2,127) — — (2,127) Total other expenses 13,419 27,191 — 40,610 Income before income from equity affiliates and income taxes 9,227 18,497 — 27,724 Income from equity affiliates 1,387 — — 1,387 Benefit from (provision for) income taxes 500 (4,999) — (4,499) Net income 11,114 13,498 — 24,612 Preferred stock dividends 1,888 — — 1,888 Net income attributable to noncontrolling interest — — 5,557 5,557 Net income attributable to common stockholders $ 9,226 $ 13,498 $ (5,557) $ 17,167 Six Months Ended June 30, 2019 Structured Agency Other / Business Business Eliminations (1) Consolidated Interest income $ 141,953 $ 11,495 $ — $ 153,448 Interest expense 82,973 7,176 — 90,149 Net interest income 58,980 4,319 — 63,299 Other revenue: Gain on sales, including fee-based services, net — 30,600 — 30,600 Mortgage servicing rights — 32,941 — 32,941 Servicing revenue — 50,770 — 50,770 Amortization of MSRs — (24,606) — (24,606) Property operating income 5,950 — — 5,950 Other income, net 627 (1,361) — (734) Total other revenue 6,577 88,344 — 94,921 Other expenses: Employee compensation and benefits 15,279 45,507 — 60,786 Selling and administrative 9,749 10,493 — 20,242 Property operating expenses 5,086 — — 5,086 Depreciation and amortization 1,020 2,801 — 3,821 Impairment loss on real estate owned 1,000 — — 1,000 Provision for loss sharing (net of recoveries) — 822 — 822 Total other expenses 32,134 59,623 — 91,757 Income before extinguishment of debt, income from equity affiliates and income taxes 33,423 33,040 — 66,463 Loss on extinguishment of debt (128) — — (128) Income from equity affiliates 5,415 — — 5,415 Provision for income taxes — (4,341) — (4,341) Net income 38,710 28,699 — 67,409 Preferred stock dividends 3,777 — — 3,777 Net income attributable to noncontrolling interest — — 12,066 12,066 Net income attributable to common stockholders $ 34,933 $ 28,699 $ (12,066) $ 51,566 Six Months Ended June 30, 2018 Structured Agency Other / Business Business Eliminations (1) Consolidated Interest income $ 101,413 $ 9,495 $ — $ 110,908 Interest expense 64,817 6,125 329 71,271 Net interest income 36,596 3,370 (329) 39,637 Other revenue: Gain on sales, including fee-based services, net — 33,815 — 33,815 Mortgage servicing rights — 37,571 — 37,571 Servicing revenue — 44,220 — 44,220 Amortization of MSRs — (23,802) — (23,802) Property operating income 5,874 — — 5,874 Other income, net 351 2,057 — 2,408 Total other revenue 6,225 93,861 — 100,086 Other expenses: Employee compensation and benefits 14,336 41,973 — 56,309 Selling and administrative 7,034 10,755 — 17,789 Property operating expenses 5,652 — — 5,652 Depreciation and amortization 890 2,801 — 3,691 Impairment loss on real estate owned 2,000 — — 2,000 Provision for loss sharing (net of recoveries) — 821 — 821 Provision for loan losses (net of recoveries) (1,802) — — (1,802) Total other expenses 28,110 56,350 — 84,460 Income before income from equity affiliates and income taxes 14,711 40,881 (329) 55,263 Income from equity affiliates 2,132 — — 2,132 Benefit from income taxes 500 3,785 — 4,285 Net income 17,343 44,666 (329) 61,680 Preferred stock dividends 3,777 — — 3,777 Net income attributable to noncontrolling interest — — 14,547 14,547 Net income attributable to common stockholders $ 13,566 $ 44,666 $ (14,876) $ 43,356 (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. June 30, 2019 Structured Business Agency Business Consolidated Assets: Cash and cash equivalents $ 116,282 $ 82,635 $ 198,917 Restricted cash 315,195 1,260 316,455 Loans and investments, net 3,836,554 — 3,836,554 Loans held-for-sale, net — 601,827 601,827 Capitalized mortgage servicing rights, net — 276,648 276,648 Securities held to maturity 10,000 76,017 86,017 Investments in equity affiliates 31,159 — 31,159 Goodwill and other intangible assets 12,500 100,864 113,364 Other assets 110,205 30,584 140,789 Total assets $ 4,431,895 $ 1,169,835 $ 5,601,730 Liabilities: Debt obligations $ 3,573,659 $ 597,164 $ 4,170,823 Allowance for loss-sharing obligations — 34,417 34,417 Other liabilities 162,859 47,653 210,512 Total liabilities $ 3,736,518 $ 679,234 $ 4,415,752 December 31, 2018 Structured Business Agency Business Consolidated Assets: Cash and cash equivalents $ 89,457 $ 70,606 $ 160,063 Restricted cash 180,606 — 180,606 Loans and investments, net 3,200,145 — 3,200,145 Loans held-for-sale, net — 481,664 481,664 Capitalized mortgage servicing rights, net — 273,770 273,770 Securities held-to-maturity, net — 76,363 76,363 Investments in equity affiliates 21,580 — 21,580 Goodwill and other intangible assets 12,500 103,665 116,165 Other assets 81,494 20,325 101,819 Total assets $ 3,585,782 $ 1,026,393 $ 4,612,175 Liabilities: Debt obligations $ 2,842,688 $ 472,181 $ 3,314,869 Allowance for loss-sharing obligations — 34,298 34,298 Other liabilities 159,413 38,029 197,442 Total liabilities $ 3,002,101 $ 544,508 $ 3,546,609
Schedule of origination data and loan sales data	Three Months Ended June 30, Six Months Ended June 30, Origination Data: 2019 2018 2019 2018 Structured Business New loan originations $ 1,014,103 $ 606,855 $ 1,430,398 $ 921,070 Loan payoffs / paydowns 503,130 238,026 782,601 428,641 Agency Business Origination Volumes by Investor: Fannie Mae $ 937,977 $ 606,287 $ 1,484,863 $ 1,269,208 Freddie Mac 234,851 434,789 427,343 742,940 FHA 43,558 — 44,668 60,738 CMBS/Conduit 71,900 — 177,325 16,233 Total $ 1,288,286 $ 1,041,076 $ 2,134,199 $ 2,089,119 Total loan commitment volume $ 1,302,128 $ 1,079,478 $ 2,149,091 $ 2,123,193 Loan Sales Data: Agency Business Fannie Mae $ 668,063 $ 579,851 $ 1,415,001 $ 1,308,246 Freddie Mac 176,544 409,612 400,317 688,128 FHA 6,539 28,820 32,170 68,113 CMBS/Conduit 71,900 — 177,325 16,233 Total $ 923,046 $ 1,018,283 $ 2,024,813 $ 2,080,720 Sales margin (fee-based services as a % of loan sales) 1.54 % 1.53 % 1.51 % 1.63 % MSR rate (MSR income as a % of loan commitments) 1.44 % 1.66 % 1.53 % 1.77 %
Schedule of key servicing metrics for Agency Business	June 30, 2019 Wtd. Avg. Servicing Wtd. Avg. Life of UPB of Servicing Fee Rate Servicing Portfolio Key Servicing Metrics for Agency Business: Portfolio (basis points) (in years) Fannie Mae $ 14,122,916 49.5 7.8 Freddie Mac 4,657,097 30.1 10.9 FHA 684,527 15.3 19.1 Total $ 19,464,540 43.6 9.0 December 31, 2018 Fannie Mae $ 13,562,667 51.3 7.4 Freddie Mac 4,394,287 30.8 10.8 FHA 644,687 15.5 19.6 Total $ 18,601,641 45.2 8.6

Description of Business (Detail

Description of Business (Details)	6 Months Ended
	Jun. 30, 2019segment
Description of Business
Number of Operating Segments	2

Basis of Presentation and Sig_4

Basis of Presentation and Significant Accounting Policies, Recently Adopted Accounting Pronouncements (Details) - ASU 2016-02 $ in Millions	6 Months Ended
	Jun. 30, 2019USD ($)
Recently Adopted Accounting Pronouncements
Election of practical expedients	true
Operating lease liabilities	$ 20.1

Loans and Investments, Investme

Loans and Investments, Investment Portfolio and Concentration of Credit Risk (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2019USD ($)borrowerloan	Dec. 31, 2018USD ($)borrowerloan	Mar. 31, 2019USD ($)	Jun. 30, 2018USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Loans and Investments
Loans and investments, gross	$ 3,923,209	$ 3,283,342
Allowance for loan losses	(71,069)	(71,069)	$ (71,069)	$ (58,733)	$ (63,108)	$ (62,783)
Unearned revenue	(15,586)	(12,128)
Loans and investments, net	$ 3,836,554	$ 3,200,145
Percent of Total	100.00%	100.00%
Loan Count | loan	226	190
Wtd. Avg. Pay Rate (as a percent)	6.64%	7.02%
Wtd. Avg. Remaining Months to Maturity	21 months 12 days	22 months
Wtd. Avg. First Dollar LTV Ratio (as percent)	4.00%	5.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	75.00%	75.00%
Number of loans and investments | loan	8	8
Higher-risk
Loans and Investments
Wtd. Avg. Last Dollar LTV Ratio (as percent)	99.00%	99.00%
Carrying value of loans	$ 128,200	$ 128,700
Total assets | Credit risk concentration
Loans and Investments
Loan Count | loan	34	45
Number of different borrowers | borrower	5	5
Concentration risk, percentage	19.00%	22.00%
Bridge loans
Loans and Investments
Loans and investments, gross	$ 3,488,103	$ 2,992,814
Percent of Total	89.00%	91.00%
Loan Count | loan	183	167
Wtd. Avg. Pay Rate (as a percent)	6.39%	6.84%
Wtd. Avg. Remaining Months to Maturity	17 months 21 days	18 months 15 days
Wtd. Avg. First Dollar LTV Ratio (as percent)	0.00%	0.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	75.00%	74.00%
Mezzanine loans
Loans and Investments
Loans and investments, gross	$ 216,304	$ 108,867
Percent of Total	6.00%	3.00%
Loan Count | loan	23	13
Wtd. Avg. Pay Rate (as a percent)	10.28%	10.57%
Wtd. Avg. Remaining Months to Maturity	29 months 3 days	22 months 3 days
Wtd. Avg. First Dollar LTV Ratio (as percent)	23.00%	28.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	77.00%	72.00%
Preferred equity investments
Loans and Investments
Loans and investments, gross	$ 185,255	$ 181,661
Percent of Total	5.00%	6.00%
Loan Count | loan	11	10
Wtd. Avg. Pay Rate (as a percent)	8.05%	7.97%
Wtd. Avg. Remaining Months to Maturity	72 months 9 days	78 months
Wtd. Avg. First Dollar LTV Ratio (as percent)	68.00%	66.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	90.00%	89.00%
Other
Loans and Investments
Loans and investments, gross	$ 33,547
Percent of Total	1.00%
Loan Count | loan	9
Wtd. Avg. Pay Rate (as a percent)	2.05%
Wtd. Avg. Remaining Months to Maturity	70 months 18 days
Wtd. Avg. First Dollar LTV Ratio (as percent)	0.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	71.00%

Loans and Investments, Risk Rat

Loans and Investments, Risk Ratings and LTV Ratios (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Loans and Investments
Percentage of Portfolio	100.00%	100.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	4.00%	5.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	75.00%	75.00%
Credit risk concentration | Pass/watch
Loans and Investments
Unpaid Principal Balance (UPB)	$ 3,923,209	$ 3,283,342
Percentage of Portfolio	100.00%	100.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	4.00%	5.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	75.00%	75.00%
Credit risk concentration | Loans and investments portfolio | New York
Loans and Investments
Concentration risk, percentage	22.00%	23.00%
Credit risk concentration | Loans and investments portfolio | Texas
Loans and Investments
Concentration risk, percentage	14.00%	18.00%
Credit risk concentration | Multifamily | Pass/watch
Loans and Investments
Unpaid Principal Balance (UPB)	$ 3,010,082	$ 2,427,920
Percentage of Portfolio	77.00%	74.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	5.00%	5.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	76.00%	75.00%
Credit risk concentration | Self Storage | Pass/watch
Loans and Investments
Unpaid Principal Balance (UPB)		$ 301,830
Percentage of Portfolio		9.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)		0.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)		72.00%
Credit risk concentration | Self Storage | Special mention
Loans and Investments
Unpaid Principal Balance (UPB)	$ 246,209
Percentage of Portfolio	6.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	3.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	72.00%
Credit risk concentration | Land | Substandard
Loans and Investments
Unpaid Principal Balance (UPB)		$ 151,628
Percentage of Portfolio		5.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)		0.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)		90.00%
Credit risk concentration | Land | Special mention
Loans and Investments
Unpaid Principal Balance (UPB)	$ 232,228
Percentage of Portfolio	6.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	0.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	86.00%
Credit risk concentration | Office | Special mention
Loans and Investments
Unpaid Principal Balance (UPB)	$ 132,032	$ 132,047
Percentage of Portfolio	3.00%	4.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	3.00%	3.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	71.00%	68.00%
Credit risk concentration | Healthcare | Pass/watch
Loans and Investments
Unpaid Principal Balance (UPB)	$ 146,025	$ 122,775
Percentage of Portfolio	4.00%	4.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	0.00%	0.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	79.00%	77.00%
Credit risk concentration | Hotel | Pass/watch
Loans and Investments
Unpaid Principal Balance (UPB)	$ 92,300	$ 100,075
Percentage of Portfolio	2.00%	3.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	0.00%	13.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	61.00%	66.00%
Credit risk concentration | Retail | Pass/watch
Loans and Investments
Unpaid Principal Balance (UPB)	$ 49,308	$ 45,367
Percentage of Portfolio	1.00%	1.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	6.00%	6.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	62.00%	65.00%
Credit risk concentration | Other | Pass/watch
Loans and Investments
Unpaid Principal Balance (UPB)	$ 15,025
Percentage of Portfolio	1.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	7.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	72.00%
Credit risk concentration | Other | Doubtful
Loans and Investments
Unpaid Principal Balance (UPB)		$ 1,700
Percentage of Portfolio		1.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)		63.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)		63.00%

Loans and Investments, Impaired

Loans and Investments, Impaired Loans and Allowance for Loan Losses (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2018
Changes in allowance for loan losses
Allowance at beginning of period	$ 63,108	$ 62,783
Provision for loan losses	1,325	1,650
Charge-offs	(3,173)	(3,173)
Recoveries of reserves	(2,527)	(2,527)
Allowance at end of period	$ 58,733	$ 58,733

Loans and Investments, Charge-o

Loans and Investments, Charge-offs and Recoveries Narratives (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2018USD ($)loan	Jun. 30, 2019USD ($)loan	Jun. 30, 2018USD ($)loan	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Loans and Investments
Number of loans for which no provision for loan loss made | loan	0	0	0
Cumulative allowances for loan losses	$ 58,733	$ 71,069	$ 58,733	$ 71,069	$ 71,069	$ 63,108	$ 62,783
Six loans collateralized by a land development project | Maturity date of September 2018
Loans and Investments
Number of loans with unpaid principal balance | loan		6
Unpaid principal balance on loans		$ 120,900
Five loans collateralized by a land development project | Maturity date of September 2018
Loans and Investments
Number of loans with unpaid principal balance | loan		5
Unpaid principal balance on loans		$ 111,500
Weighted average accrual rate of interest (as a percent)		9.04%
Cumulative allowances for loan losses		$ 61,400			$ 61,400
Office | Junior participating loans
Loans and Investments
Proceeds from previously written-off loans and investments	900		900
Hotel
Loans and Investments
Proceed from payment for full satisfaction of a preferred equity investment	31,600		31,600
Net carrying value of loans sold			29,100
Charge-off	3,200		3,200
Recoveries of reserves	2,500		2,500
Hotel | Six loans collateralized by a land development project
Loans and Investments
Net carrying value of loans sold	$ 120,900		$ 120,900

Loans and Investments, Summary

Loans and Investments, Summary of impaired loans (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019USD ($)loan	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)loan	Jun. 30, 2018USD ($)	Dec. 31, 2018USD ($)loan
Loans and Investments
Unpaid Principal Balance (UPB)	$ 138,166		$ 138,166		$ 138,181
Carrying Value	131,337		131,337		131,835
Allowance for Loan Losses	71,069		71,069		$ 71,069
Average Recorded Investment	138,170	$ 153,341	138,174	$ 153,182
Interest Income Recognized	$ 62	31	$ 123	60
Number of impaired loans | loan	5		5		5
Land
Loans and Investments
Unpaid Principal Balance (UPB)	$ 134,215		$ 134,215		$ 134,215
Carrying Value	127,386		127,386		127,869
Allowance for Loan Losses	67,869		67,869		67,869
Average Recorded Investment	134,215	131,985	134,215	131,823
Interest Income Recognized	28		55
Office
Loans and Investments
Unpaid Principal Balance (UPB)	2,251		2,251		2,266
Carrying Value	2,251		2,251		2,266
Allowance for Loan Losses	1,500		1,500		1,500
Average Recorded Investment	2,255	2,281	2,259	2,284
Interest Income Recognized	34	31	68	60
Hotel
Loans and Investments
Average Recorded Investment		17,375		17,375
Commercial
Loans and Investments
Unpaid Principal Balance (UPB)	1,700		1,700		1,700
Carrying Value	1,700		1,700		1,700
Allowance for Loan Losses	1,700		1,700		$ 1,700
Average Recorded Investment	$ 1,700	$ 1,700	$ 1,700	$ 1,700

Loans and Investments, Non-perf

Loans and Investments, Non-performing Loans (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2019USD ($)loan	Dec. 31, 2018USD ($)loan
Non-performing loans by asset class
Number of loans | loan	226	190
Carrying Value	$ 0	$ 0
Non-performing loans
Non-performing loans by asset class
Number of loans | loan	2	2
Carrying value of loans	$ 800
Loan loss reserves	1,700	$ 1,700
Carrying Value	2,532	2,532
Greater Than 90 Days Past Due
Non-performing loans by asset class
Past Due, Non-performing Loans	0	0
Accruing interest	0	0
Greater Than 90 Days Past Due | Non-performing loans
Non-performing loans by asset class
Past Due, Non-performing Loans	2,532	2,532
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
Office | Non-performing loans
Non-performing loans by asset class
Carrying Value	832	832
Office | Greater Than 90 Days Past Due | Non-performing loans
Non-performing loans by asset class
Past Due, Non-performing Loans	$ 832	$ 832

Loans and Investments, Interest

Loans and Investments, Interest Reserves (Details) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2019USD ($)loan	Dec. 31, 2018USD ($)loan
Loans and Investments
Interest reserve held	$ 61.4	$ 48.9
Number of loans covered under interest reserve | loan	132	110
Aggregate UPB covered under interest reserve	$ 2,490	$ 2,220

Loans Held-for-Sale, Net (Detai

Loans Held-for-Sale, Net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Loans Held-for-Sale, Net
Loans held-for-sale	$ 597,286		$ 597,286		$ 472,964
Fair value of future MSR	6,243		6,243		10,253
Unearned discount	(1,702)		(1,702)		(1,553)
Loans held-for-sale, net	601,827		$ 601,827		481,664
Maximum number of days held-for-sale loans are typically sold			60 days
Sale of loans held-for-sale			$ 1,847,488	$ 2,064,486
Sale of loans held-for-sale excluding acquired loans	923,000	$ 1,020,000	2,020,000	2,080,000
Gain on sale of loans held-for-sale	12,900	$ 14,800	28,000	$ 32,200
Loans with non-accrual status	0		0		0
Fannie Mae
Loans Held-for-Sale, Net
Loans held-for-sale, net	428,648		428,648		358,790
Freddie Mac
Loans Held-for-Sale, Net
Loans held-for-sale, net	122,013		122,013		95,004
FHA
Loans Held-for-Sale, Net
Loans held-for-sale, net	$ 46,625		$ 46,625		$ 19,170

Capitalized Mortgage Servicin_3

Capitalized Mortgage Servicing Rights (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Capitalized Mortgage Servicing Rights
Balance at beginning of period			$ 273,770
Balance at end of period	$ 276,648		276,648		$ 273,770
Valuation allowance	0		0		0
MSRs
Capitalized Mortgage Servicing Rights
Balance at beginning of period	277,639	$ 255,732	273,770	$ 252,608	252,608
Additions	15,923	18,493	36,532	38,293
Amortization	(12,324)	(11,937)	(24,606)	(23,802)
Write-downs and payoffs	(4,590)	(5,267)	(9,048)	(10,078)
Balance at end of period	276,648	257,021	276,648	257,021	$ 273,770
Prepayment fees collected	3,500	4,900	8,500	8,700
Expected amortization of capitalized MSRs balances
2019 (nine months ending 12/31/2019)	24,388		24,388
2020	45,925		45,925
2021	40,855		40,855
2022	34,531		34,531
2023	29,583		29,583
2024	25,205		25,205
Thereafter	76,161		76,161
Total	276,648		$ 276,648
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 8 months 12 days		7 years 7 months 6 days
Acquired MSRs
Capitalized Mortgage Servicing Rights
Balance at beginning of period	88,029	131,934	$ 97,084	143,270	$ 143,270
Amortization	(5,546)	(7,517)	(11,461)	(15,512)
Write-downs and payoffs	(2,991)	(4,400)	(6,131)	(7,741)
Balance at end of period	79,492	120,017	79,492	120,017	97,084
Originated MSRs
Capitalized Mortgage Servicing Rights
Balance at beginning of period	189,610	123,798	176,686	109,338	109,338
Additions	15,923	18,493	36,532	38,293
Amortization	(6,778)	(4,420)	(13,145)	(8,290)
Write-downs and payoffs	(1,599)	(867)	(2,917)	(2,337)
Balance at end of period	$ 197,156	$ 137,004	$ 197,156	$ 137,004	$ 176,686

Mortgage Servicing (Details)

Mortgage Servicing (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Mortgage Servicing
Interest earned on total escrows		$ 2,700		$ 4,900
MSRs
Mortgage Servicing
Unpaid principal balance of loans serviced	$ 19,464,540		$ 19,464,540		$ 18,601,641
Weighted average servicing fee (as a percent)			0.436%		0.452%
Interest earned on total escrows	4,100		$ 8,100
MSRs | Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total			100.00%		100.00%
Escrow Deposit	884,400		$ 884,400		$ 824,100
MSRs | Fee-based servicing portfolio | Agency Business
Mortgage Servicing
Escrow Deposit	525,100		$ 525,100		$ 521,200
Texas | MSRs | Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total			20.00%		20.00%
North Carolina | MSRs | Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total			9.00%		10.00%
New York | MSRs | Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total			9.00%		8.00%
California | MSRs | Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total			8.00%		8.00%
Georgia | MSRs | Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total			6.00%		6.00%
Florida | MSRs | Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total			6.00%		6.00%
Other | MSRs | Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total			42.00%		42.00%
Fannie Mae | MSRs
Mortgage Servicing
Unpaid principal balance of loans serviced	14,122,916		$ 14,122,916		$ 13,562,667
Fannie Mae | MSRs | Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total			73.00%		73.00%
Freddie Mac | MSRs
Mortgage Servicing
Unpaid principal balance of loans serviced	4,657,097		$ 4,657,097		$ 4,394,287
Freddie Mac | MSRs | Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total			24.00%		24.00%
FHA | MSRs
Mortgage Servicing
Unpaid principal balance of loans serviced	$ 684,527		$ 684,527		$ 644,687
FHA | MSRs | Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total			3.00%		3.00%

Securities Held-to-Maturity (De

Securities Held-to-Maturity (Details) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)item	Jun. 30, 2018USD ($)	Dec. 31, 2018USD ($)
Held-to-Maturity
Carrying Value	$ 86,017			$ 86,017		$ 76,363
Held-to-Maturity
Held-to-Maturity
Face Value	110,836			110,836		103,515
Carrying Value	86,017			86,017		76,363
Unrealized Gain	3,153			3,153		2,734
Estimated Fair Value	89,170			89,170		$ 79,097
Impairment charges				0
Interest income	$ 2,300		$ 1,300	$ 4,400	$ 2,400
Held-to-Maturity | Seven B Piece Bonds
Held-to-Maturity
Bonds retained percentage				49.00%
Number of B Piece bonds | item				7
Discounted value of bonds purchased				$ 74,700
Remaining of B Piece bond sold to the third party at par	51.00%			51.00%
Held-to-Maturity | Agency B Piece Bonds
Held-to-Maturity
Weighted average variable interest rate (as a percent)	3.74%			3.74%
Estimated weighted average maturity period				5 years 8 months 12 days
Weighted average effective interest rate (as a percent)	10.71%			10.71%		10.94%
Held-to-maturity securities, estimated fiscal year
Within one year	$ 16,600			$ 16,600
After one year through five years	44,100			44,100
After five years through ten years	25,000			25,000
After ten years	$ 15,100			$ 15,100
Held-to-Maturity | SFR bonds
Held-to-Maturity
Initial face value of bonds purchased		$ 10,000
Securities maturity term		3 years
Fixed interest rate		4.95%
Held-to-maturity securities, estimated fiscal year
Within one year		$ 8,600
After one year through five years		$ 1,400

Investments in Equity Affilia_3

Investments in Equity Affiliates, Summary (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Investment in Equity Affiliates
Investment in Equity Affiliates	$ 31,159	$ 21,580
UPB of Loans to Equity Affiliates	172,418
Arbor Residential Investor LLC
Investment in Equity Affiliates
Investment in Equity Affiliates	22,856	19,260
AMAC Holdings III LLC
Investment in Equity Affiliates
Investment in Equity Affiliates	5,983
Lightstone Value Plus REIT L.P
Investment in Equity Affiliates
Investment in Equity Affiliates	1,895	1,895
JT Prime
Investment in Equity Affiliates
Investment in Equity Affiliates	425	$ 425
West Shore Cafe
Investment in Equity Affiliates
UPB of Loans to Equity Affiliates	1,688
Lexford Portfolio
Investment in Equity Affiliates
UPB of Loans to Equity Affiliates	$ 170,730

Investments in Equity Affilia_4

Investments in Equity Affiliates, Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Investment in Equity Affiliates
Income from equity affiliates	$ 3,264		$ 1,387		$ 5,415	$ 2,132
Arbor Residential Investor LLC | Non-qualified Residential Mortgages
Investment in Equity Affiliates
Distributions from equity affiliates			400
Arbor Residential Investor LLC | Residential Mortgage Banking Company
Investment in Equity Affiliates
Income from equity affiliates	2,700		700		3,500	800
Charge for proportionate share of litigation settlement recorded				$ 2,400
AMAC Holdings III LLC
Investment in Equity Affiliates
Investment in real estate	6,000	$ 30,000			6,000
Interest in a real estate investment (as a percent)		18.00%
Lexford Portfolio
Investment in Equity Affiliates
Distribution received	$ 600		$ 600		$ 1,900	$ 1,200

Real Estate Owned (Details)

Real Estate Owned (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018	Dec. 31, 2017
Real Estate Owned
Real estate owned, net	$ 13,382,000		$ 13,382,000		$ 14,446,000
Impairment loss on real estate owned	1,000,000	$ 2,000,000	1,000,000	$ 2,000,000
Restricted cash due to escrow requirement	316,455,000	$ 173,686,000	316,455,000	$ 173,686,000	180,606,000	$ 139,398,000
Real Estate Owned
Real Estate Owned
Less: Impairment loss	(16,807,000)		(16,807,000)		(15,807,000)
Less: Accumulated depreciation and amortization	(10,975,000)		(10,975,000)		(10,626,000)
Real estate owned, net	13,382,000		13,382,000		14,446,000
Restricted cash due to escrow requirement	600,000		600,000		500,000
Real Estate Owned | Hotel
Real Estate Owned
Less: Impairment loss	(14,307,000)		(14,307,000)		(13,307,000)
Less: Accumulated depreciation and amortization	(10,048,000)		(10,048,000)		(9,778,000)
Real estate owned, net	$ 10,291,000		$ 10,291,000		11,275,000
Weighted average occupancy rate of properties (as a percent)	62.00%	58.00%	62.00%	58.00%
Amount of weighted average daily rate of properties			$ 111	$ 116
Amount of weighted average daily revenue of properties			69	$ 67
Real Estate Owned | Office
Real Estate Owned
Less: Impairment loss	$ (2,500,000)		(2,500,000)		(2,500,000)
Less: Accumulated depreciation and amortization	(927,000)		(927,000)		(848,000)
Real estate owned, net	3,091,000		3,091,000		3,171,000
Real Estate Owned | Land
Real Estate Owned
Real estate owned, gross	7,803,000		7,803,000		7,803,000
Real Estate Owned | Land | Hotel
Real Estate Owned
Real estate owned, gross	3,294,000		3,294,000		3,294,000
Real Estate Owned | Land | Office
Real Estate Owned
Real estate owned, gross	4,509,000		4,509,000		4,509,000
Real Estate Owned | Building and intangible assets
Real Estate Owned
Real estate owned, gross	33,361,000		33,361,000		33,076,000
Real Estate Owned | Building and intangible assets | Hotel
Real Estate Owned
Real estate owned, gross	31,352,000		31,352,000		31,066,000
Real Estate Owned | Building and intangible assets | Office
Real Estate Owned
Real estate owned, gross	$ 2,009,000		$ 2,009,000		$ 2,010,000

Debt Obligations, Credit Facili

Debt Obligations, Credit Facilities and Repurchase Agreements (Details) $ in Thousands	1 Months Ended				3 Months Ended	6 Months Ended	12 Months Ended
	May 31, 2019USD ($)	Apr. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Jan. 31, 2019USD ($)	Mar. 31, 2019USD ($)	Jun. 30, 2019USD ($)item	Dec. 31, 2018USD ($)
Debt Obligations
Debt Carrying Value						$ 1,621,678	$ 1,135,627
Collateral Carrying Value						$ 1,757,171	$ 1,249,651
Weighted Average Note Rate (as a percent)						4.27%	4.35%
CLOs
Debt Obligations
Weighted average note rate including certain fees and costs (as a percent)						4.37%	4.37%
Repurchase facility - securities | CLOs
Debt Obligations
Collateral Carrying Value						$ 183,300	$ 114,200
Repurchase facility - securities | B Piece bonds
Debt Obligations
Collateral Carrying Value						76,000	76,400
Repurchase facility - securities | SFR bonds
Debt Obligations
Debt Instrument, Collateral Amount						10,000
Structured Business
Debt Obligations
Debt Carrying Value						1,024,514	663,446
Collateral Carrying Value						$ 1,159,885	$ 777,360
Weighted Average Note Rate (as a percent)						4.64%	4.78%
Weighted average note rate including certain fees and costs (as a percent)						4.96%	5.07%
Unamortized deferred finance costs						$ 2,700	$ 2,400
Leverage on loans and investment portfolio financed through credit facilities and repurchase agreements, excluding securities repurchase facility, working capital line of credit and security agreements used to finance leasehold and capital expenditure improvements at corporate office (as a percent)						71.00%	70.00%
Structured Business | $550 million repurchase facility
Debt Obligations
Debt Carrying Value						$ 299,480	$ 334,696
Collateral Carrying Value						$ 413,805	$ 467,680
Weighted Average Note Rate (as a percent)						4.91%	4.75%
Maximum borrowing capacity						$ 550,000	$ 550,000
Structured Business | $550 million repurchase facility | Minimum | LIBOR
Debt Obligations
Variable rate, spread (as a percent)						1.75%
Structured Business | $550 million repurchase facility | Maximum | LIBOR
Debt Obligations
Variable rate, spread (as a percent)						3.50%
Structured Business | $300 million repurchase facility
Debt Obligations
Debt Carrying Value						$ 240,280
Collateral Carrying Value						$ 324,583
Weighted Average Note Rate (as a percent)						4.41%
Maximum borrowing capacity						$ 300,000
Structured Business | $300 million repurchase facility | Minimum | LIBOR
Debt Obligations
Variable rate, spread (as a percent)						1.95%
Structured Business | $150 million repurchase facility
Debt Obligations
Maximum borrowing capacity			$ 150,000		$ 150,000
Structured Business | $150 million repurchase facility | LIBOR
Debt Obligations
Variable rate, spread (as a percent)			1.95%
Structured Business | $100 million repurchase facility
Debt Obligations
Debt Carrying Value						$ 53,434	70,837
Collateral Carrying Value						$ 74,451	$ 98,597
Weighted Average Note Rate (as a percent)						4.21%	4.31%
Maximum borrowing capacity						$ 100,000	$ 100,000
Structured Business | $100 million repurchase facility | Minimum
Debt Obligations
Variable rate, spread (as a percent)						1.75%
Structured Business | $100 million repurchase facility | Maximum
Debt Obligations
Variable rate, spread (as a percent)						2.00%
Structured Business | $75 million credit facility - One
Debt Obligations
Debt Carrying Value						$ 34,875	10,237
Collateral Carrying Value						$ 58,586	$ 16,889
Weighted Average Note Rate (as a percent)						4.21%	4.31%
Maximum borrowing capacity						$ 75,000	$ 75,000
Structured Business | $75 million credit facility - One | Minimum | LIBOR
Debt Obligations
Variable rate, spread (as a percent)						1.75%
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
Maximum borrowing capacity						$ 75,000	75,000
Structured Business | $75 million credit facility - two | LIBOR
Debt Obligations
Variable rate, spread (as a percent)						1.75%
Structured Business | $50 million credit facility - one
Debt Obligations
Debt Carrying Value						$ 16,778	14,159
Collateral Carrying Value						$ 19,498	$ 17,700
Weighted Average Note Rate (as a percent)						4.46%	4.57%
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 | 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 | $40.5 million credit facility
Debt Obligations
Debt Carrying Value						$ 40,373
Collateral Carrying Value						$ 54,000
Weighted Average Note Rate (as a percent)						4.66%
Maximum borrowing capacity						$ 40,500	40,500
Structured Business | $40.5 million credit facility | LIBOR
Debt Obligations
Variable rate, spread (as a percent)						2.20%
Structured Business | $40.5 million credit facility | Maximum | LIBOR
Debt Obligations
Maximum borrowing capacity	$ 40,500
Structured Business | $35.9 million credit facility
Debt Obligations
Debt Carrying Value						$ 30,758	30,512
Collateral Carrying Value						$ 51,300	$ 44,100
Weighted Average Note Rate (as a percent)						4.76%	4.87%
Maximum borrowing capacity						$ 35,900	$ 35,900
Structured Business | $35.9 million credit facility | LIBOR
Debt Obligations
Variable rate, spread (as a percent)						2.30%
Structured Business | $25.5 million credit facility
Debt Obligations
Debt Carrying Value						$ 23,912	18,552
Collateral Carrying Value						$ 34,000	$ 34,000
Weighted Average Note Rate (as a percent)						4.97%	5.07%
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 | $25 million credit facility
Debt Obligations
Debt Carrying Value						$ 13,126
Collateral Carrying Value						$ 20,222
Weighted Average Note Rate (as a percent)						4.71%
Variable rate, spread (as a percent)						2.25%
Structured Business | $25 million working capital facility
Debt Obligations
Debt Carrying Value						$ 25,000
Weighted Average Note Rate (as a percent)						4.71%
Maximum borrowing capacity						$ 25,000	$ 25,000
Structured Business | $25 million working capital facility | LIBOR
Debt Obligations
Variable rate, spread (as a percent)						2.25%
Structured Business | $23.2 million credit facility
Debt Obligations
Debt Carrying Value						$ 23,102	23,175
Collateral Carrying Value						$ 30,900	$ 30,900
Weighted Average Note Rate (as a percent)						4.76%	4.87%
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						$ 17,960	19,912
Collateral Carrying Value						$ 41,650	$ 41,650
Weighted Average Note Rate (as a percent)						4.97%	5.07%
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 | $17.4 million credit facility
Debt Obligations
Debt Carrying Value						$ 13,022	12,462
Collateral Carrying Value						$ 21,700	$ 15,844
Weighted Average Note Rate (as a percent)						4.86%	4.97%
Maximum borrowing capacity						$ 17,400
Structured Business | $17.4 million credit facility | LIBOR
Debt Obligations
Variable rate, spread (as a percent)						2.40%
Structured Business | $11.9 million credit facility
Debt Obligations
Debt Carrying Value						$ 11,821
Collateral Carrying Value						$ 15,190
Weighted Average Note Rate (as a percent)						4.56%
Maximum borrowing capacity		$ 11,900				$ 11,900	$ 11,900
Structured Business | $11.9 million credit facility | LIBOR
Debt Obligations
Variable rate, spread (as a percent)		2.10%				2.10%
Structured Business | $8 million credit facility
Debt Obligations
Debt Carrying Value							7,946
Collateral Carrying Value							$ 10,000
Weighted Average Note Rate (as a percent)							5.07%
Maximum borrowing capacity						$ 8,000	$ 8,000
Structured Business | $8 million credit facility | LIBOR
Debt Obligations
Variable rate, spread (as a percent)						2.50%
Structured Business | Repurchase facility - securities
Debt Obligations
Debt Carrying Value						$ 178,446	$ 118,112
Weighted Average Note Rate (as a percent)						4.60%	5.07%
Structured Business | Repurchase facility - securities | LIBOR
Debt Obligations
Variable rate, spread (as a percent)	1.25%
Structured Business | Repurchase facility - securities | Minimum
Debt Obligations
Variable rate, spread (as a percent)						1.25%
Structured Business | Repurchase facility - securities | Maximum
Debt Obligations
Variable rate, spread (as a percent)						2.60%
Structured Business | $3.3 million master security agreement
Debt Obligations
Debt Carrying Value						$ 827	$ 1,168
Weighted Average Note Rate (as a percent)						3.19%	3.19%
Maximum borrowing capacity						$ 3,300	$ 3,300
Structured Business | $3.3 million master security agreement | Minimum
Debt Obligations
Variable rate, spread (as a percent)						2.96%
Structured Business | $3.3 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						$ 1,320	$ 1,678
Weighted Average Note Rate (as a percent)						4.66%	4.66%
Variable rate, spread (as a percent)						4.60%
Maximum borrowing capacity						$ 2,200	$ 2,200
Structured Business | $25.0 million credit facility
Debt Obligations
Maximum borrowing capacity		$ 25,000
Structured Business | $25.0 million credit facility | LIBOR
Debt Obligations
Variable rate, spread (as a percent)						2.25%
Structured Business | $500 million repurchase facility
Debt Obligations
Maximum borrowing capacity						$ 500,000
Temporary additional borrowing capacity expires in October 2019						50,000
Structured Business | $50 million credit facility
Debt Obligations
Extended maturity period		1 year
Agency Business
Debt Obligations
Debt Carrying Value						597,164	472,181
Collateral Carrying Value						$ 597,286	$ 472,291
Weighted Average Note Rate (as a percent)						3.62%	3.74%
Number of credit facility | item						2
Unamortized deferred finance costs						$ 100	$ 100
Agency Business | $750 million ASAP agreement
Debt Obligations
Debt Carrying Value						93,785	104,619
Collateral Carrying Value						$ 93,785	$ 104,619
Weighted Average Note Rate (as a percent)						3.45%	3.55%
Maximum borrowing capacity						$ 750,000	$ 750,000
Agency Business | $750 million ASAP agreement | LIBOR
Debt Obligations
Variable rate, spread (as a percent)						1.05%
Agency Business | $750 million ASAP agreement | Minimum | LIBOR
Debt Obligations
Variable rate, spread (as a percent)						0.35%	0.35%
Agency Business | $500 million multifamily ASAP agreement
Debt Obligations
Maximum borrowing capacity						$ 500,000	$ 500,000
Agency Business | $500 million repurchase facility
Debt Obligations
Debt Carrying Value						293,260	130,906
Collateral Carrying Value						$ 293,263	$ 130,917
Weighted Average Note Rate (as a percent)						3.67%	3.78%
Committed amount					$ 750,000		$ 750,000
Agency Business | $500 million repurchase facility | LIBOR
Debt Obligations
Variable rate, spread (as a percent)						1.275%
Agency Business | $150 million credit facility - one
Debt Obligations
Debt Carrying Value						$ 127,979	113,666
Collateral Carrying Value						$ 128,093	$ 113,685
Weighted Average Note Rate (as a percent)						3.60%	3.80%
Maximum borrowing capacity						$ 150,000	$ 150,000
Agency Business | $150 million credit facility - one | LIBOR
Debt Obligations
Variable rate, spread (as a percent)						1.20%
Agency Business | $150 million credit facility - two
Debt Obligations
Debt Carrying Value						$ 70,051	96,339
Collateral Carrying Value						$ 70,056	$ 96,419
Weighted Average Note Rate (as a percent)						3.70%	3.80%
Maximum borrowing capacity						$ 150,000	$ 150,000
Agency Business | $150 million credit facility - two | LIBOR
Debt Obligations
Variable rate, spread (as a percent)						1.15%
Agency Business | $100 million credit facility
Debt Obligations
Debt Carrying Value						$ 12,089	26,651
Collateral Carrying Value						$ 12,089	$ 26,651
Weighted Average Note Rate (as a percent)						3.55%	3.75%
Maximum borrowing capacity						$ 100,000	$ 100,000
Committed amount				$ 250,000		$ 150,000	$ 150,000
Agency Business | $100 million credit facility | LIBOR
Debt Obligations
Variable rate, spread (as a percent)						1.15%
Agency Business | Credit Facility One
Debt Obligations
Variable rate, spread (as a percent)						0.10%
Agency Business | Credit Facility Two
Debt Obligations
Variable rate, spread (as a percent)						0.15%

Debt Obligations, Collateralize

Debt Obligations, Collateralized Loan Obligations (Details) $ in Thousands	1 Months Ended	6 Months Ended
	Jun. 30, 2019USD ($)tranche	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Dec. 31, 2018USD ($)
Debt Obligations
Proceeds From Issuance Of Collateralized Loan Obligations		$ 533,000	$ 441,000
Debt, Carrying Value	$ 1,875,444	$ 1,875,444		$ 1,593,548
Weighted average note rate (as a percent)	4.27%	4.27%		4.35%
Payoffs and paydowns of collateralized loan obligations		$ 250,250	$ 267,750
CLOs
Debt Obligations
Debt, Face Value	$ 1,892,274	1,892,274		$ 1,609,524
Debt, Carrying Value	$ 1,875,444	$ 1,875,444		$ 1,593,548
Weighted average note rate (as a percent)	3.94%	3.94%		4.22%
Collateral Loans, Unpaid Principal	$ 2,109,716	$ 2,109,716		$ 1,939,031
Collateral Loans, Carrying Value	2,102,150	2,102,150		1,932,693
Cash collateral	242,917	242,917		123,503
Deferred financing fees	16,800	16,800		$ 16,000
Weighted average note rate including certain fees and costs (as a percent)				37.00%
Collateral at risk	$ 0	0		$ 0
CLO XI
Debt Obligations
Number of tranches of CLO notes issued | tranche	8
Value of the tranches issued	$ 602,100	602,100
Debt, Face Value	533,000	533,000
Debt, Carrying Value	$ 528,135	$ 528,135
Weighted average note rate (as a percent)	3.89%	3.89%
Collateral Loans, Unpaid Principal	$ 589,363	$ 589,363
Collateral Loans, Carrying Value	586,074	586,074
Cash collateral	$ 43,980	43,980
Replacement period	3 years
Proceeds from issuance of collateralized loan obligations for acquiring additional loan obligations	$ 129,600
Maximum period to acquire additional loan obligations	120 days
Notional amount of residual interest retained	$ 117,000	117,000
Value of portfolio loans as collateral	520,400	520,400
Face value of loan obligations will be owned by the issuer	$ 650,000	$ 650,000
Leverage (as a percent)	82.00%	82.00%
CLO XI | One-month LIBOR
Debt Obligations
Weighted average note rate including certain fees and costs (as a percent)	1.44%	1.44%
CLO XI | Investment grade
Debt Obligations
Debt, Face Value	$ 533,000	$ 533,000
CLO XI | Below investment grade
Debt Obligations
Debt, Carrying Value	69,100	69,100
Notional amount of residual interest retained	69,100	69,100
CLO X
Debt Obligations
Debt, Face Value	441,000	441,000
Debt, Carrying Value	$ 436,884	$ 436,884
Weighted average note rate (as a percent)	3.90%	3.90%
Collateral Loans, Unpaid Principal	$ 477,294	$ 477,294
Collateral Loans, Carrying Value	475,598	475,598
Cash collateral	75,227	75,227
CLO IX
Debt Obligations
Debt, Face Value	356,400	356,400		441,000
Debt, Carrying Value	$ 352,842	$ 352,842		$ 436,384
Weighted average note rate (as a percent)	3.81%	3.81%		4.01%
Collateral Loans, Unpaid Principal	$ 437,050	$ 437,050		$ 539,007
Collateral Loans, Carrying Value	436,170	436,170		536,869
Cash collateral	22,660	22,660		20,993
CLO VIII
Debt Obligations
Debt, Face Value	282,874	282,874		356,400
Debt, Carrying Value	$ 280,466	$ 280,466		$ 352,244
Weighted average note rate (as a percent)	3.76%	3.76%		3.92%
Collateral Loans, Unpaid Principal	$ 349,448	$ 349,448		$ 440,906
Collateral Loans, Carrying Value	348,411	348,411		439,691
Cash collateral	12,192	12,192		20,094
CLO VII
Debt Obligations
Debt, Face Value	279,000	279,000		282,874
Debt, Carrying Value	$ 277,117	$ 277,117		$ 279,857
Weighted average note rate (as a percent)	4.45%	4.45%		3.87%
Collateral Loans, Unpaid Principal	$ 256,561	$ 256,561		$ 354,713
Collateral Loans, Carrying Value	255,897	255,897		353,574
Cash collateral	88,858	$ 88,858		10,287
CLO VI
Debt Obligations
Debt, Face Value				279,000
Debt, Carrying Value				$ 276,527
Weighted average note rate (as a percent)				4.56%
Collateral Loans, Unpaid Principal				$ 325,057
Collateral Loans, Carrying Value				324,195
Cash collateral				30,725
Payoffs and paydowns of collateralized loan obligations	250,300
Deferred fees expensed as interest expense	$ 1,200
CLO V
Debt Obligations
Debt, Face Value				250,250
Debt, Carrying Value				$ 248,536
Weighted average note rate (as a percent)				5.05%
Collateral Loans, Unpaid Principal				$ 279,348
Collateral Loans, Carrying Value				278,364
Cash collateral				$ 41,404

Debt Obligations, Luxembourg De

Debt Obligations, Luxembourg Debt Fund (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Jun. 30, 2019	Dec. 31, 2018
Debt Obligations
Debt, Carrying Value		$ 1,875,444	$ 1,593,548
Weighted Average Note Rate (as a percent)		4.27%	4.35%
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		$ 68,422	$ 68,183
Weighted Average Note Rate (as a percent)		6.64%	6.75%
Collateral Loans, UPB		$ 78,375	$ 69,186
Collateral Loans, Carrying Value		78,075	68,924
Cash collateral		21,625	30,814
Deferred financing fees		$ 1,600	$ 1,800
Weighted average note rate including certain fees and costs (as a percent)		7.55%	7.49%
Collateral at risk		$ 0	$ 0
One-month LIBOR | Luxembourg debt fund
Debt Obligations
Variable rate, spread (as a percent)	4.15%
Debt Fund
Debt Obligations
Equity formed	$ 100,000
Equity interest retained	$ 30,000
Reinvested period allowed	3 years

Debt Obligations, Senior Unsecu

Debt Obligations, Senior Unsecured Notes (Details) - USD ($) $ in Thousands	1 Months Ended			6 Months Ended
	Mar. 31, 2019	May 31, 2018	Mar. 31, 2018	Jun. 30, 2019	Dec. 31, 2018
Debt Obligations
Senior notes carrying value				$ 210,963	$ 122,484
Senior Unsecured Notes
Debt Obligations
Principal amount				$ 215,000	125,000
6.50% Convertible Notes
Debt Obligations
Interest rate (as a percent)				6.50%
Proceeds from issued debt				$ 100
5.625% Notes
Debt Obligations
Principal amount		$ 125,000	$ 100,000
Interest rate (as a percent)			5.625%
Proceeds from issued debt		$ 25,000	$ 122,300
Redemption of aggregate principal amount (as a percent)			100.00%
Senior notes carrying value				122,800	122,500
Deferred financing fees				$ 2,200	$ 2,500
Weighted average note rate including certain fees and costs (as a percent)				6.08%
5.75% Notes
Debt Obligations
Principal amount	$ 90,000
Interest rate (as a percent)	5.75%
Proceeds from issued debt	$ 88,200
Redemption of aggregate principal amount (as a percent)	100.00%
Senior notes carrying value				$ 88,200
Deferred financing fees				$ 1,800
Weighted average note rate including certain fees and costs (as a percent)				6.11%
7.375% Convertible Notes
Debt Obligations
Interest rate (as a percent)			7.375%
Debt instrument redemption value			$ 97,900

Debt Obligations, Convertible S

Debt Obligations, Convertible Senior Unsecured Notes (Details) $ / shares in Units, $ in Thousands, shares in Millions	1 Months Ended			3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2019USD ($)$ / shares	Sep. 30, 2018	Jul. 31, 2018USD ($)$ / shares	Jun. 30, 2019USD ($)$ / shares	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)$ / sharesshares	Jun. 30, 2018USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2016$ / shares	Mar. 31, 2019	Nov. 30, 2017$ / shares
Debt Obligations
Cash paid for the exchange of convertible notes						$ 3,037
Loss on extinguishment of debt						(128)
Amount of the if-converted value of the convertible notes exceeded their principal amounts						9,100
Convertible Senior Unsecured Notes
Debt Obligations
Principal amount	$ 265,817			$ 265,817		$ 265,817		$ 270,057
Proceeds received, net of estimated issuance costs			$ 34,500
Percentage of the Notes required to be repurchased if the agreement is fundamentally changed									100.00%
Maturity period (in years)						2 years		2 years 5 months 27 days
Unamortized Debt Discount	6,514			6,514		$ 6,514		$ 8,229
Unamortized Deferred Financing Fees	5,574			5,574		5,574		7,060
Net Carrying Value, Liability Component	253,729			253,729		253,729		254,768
Net Carrying Value, Equity Component						9,436		$ 9,436
Interest expense				4,900	$ 6,100	10,200	$ 11,000
Interest expense related to cash coupon				3,400	3,200	6,900	6,800
Deferred fees expensed as interest expense				700	2,300	1,500	3,000
Debt discount				800	$ 600	1,700	$ 1,200
Cost of the notes (as a percent)								7.45%		7.45%
5.375% Convertible Notes
Debt Obligations
Principal amount	$ 1,200			$ 1,200		$ 1,200
Interest rate (as a percent)	5.375%			5.375%		5.375%
Cash paid for the exchange of convertible notes						$ 127,600
Conversion rate of the notes to common stock, per $1,000 principal amount of notes	107.7122	112.9222
Conversion price per share of common stock | $ / shares	$ 8.86			$ 8.86		$ 8.86					$ 9.28
5.375% Convertible Notes | Issued on July 3, 2018 | First Offering
Debt Obligations
Principal amount	$ 115,000			$ 115,000		$ 115,000
6.50% Convertible Notes
Debt Obligations
Interest rate (as a percent)	6.50%			6.50%		6.50%
Cash paid for the exchange of convertible notes						$ 99,800
Conversion rate of the notes to common stock, per $1,000 principal amount of notes						128.3616			119.3033
Conversion price per share of common stock | $ / shares	$ 7.79			$ 7.79		$ 7.79			$ 8.38
5.25% Convertible Notes
Debt Obligations
Principal amount			$ 264,500
Interest rate (as a percent)			5.25%
Proceeds received, net of estimated issuance costs						$ 256,100
5.25% Convertible Notes | Issued on July 3, 2018 | First Offering
Debt Obligations
Principal amount			$ 115,000
Conversion rate of the notes to common stock, per $1,000 principal amount of notes	88.7027		86.9943
Conversion price per share of common stock | $ / shares	$ 11.27		$ 11.50	$ 11.27		$ 11.27
5.25% Convertible Notes | Issued on July 20, 2018 | Second Offering
Debt Obligations
Principal amount	$ 149,500		$ 149,500	$ 149,500		$ 149,500
Conversion rate of the notes to common stock, per $1,000 principal amount of notes	79.3616		77.8331
Conversion price per share of common stock | $ / shares	$ 12.60		$ 12.85	$ 12.60		$ 12.60
5.375% and 6.50% Convertible Notes
Debt Obligations
Cash paid for the exchange of convertible notes						$ 219,800
Common stock exchanged (in shares) | shares						6,820,196

Debt Obligations, Junior Subord

Debt Obligations, Junior Subordinated Notes (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Debt Obligations
Debt carrying value	$ 140,587	$ 140,259
Weighted average note rate (as a percent)	4.27%	4.35%
Junior subordinated notes
Debt Obligations
Debt carrying value	$ 140,600	$ 140,300
Deferred amount Due at maturity	11,700	12,000
Deferred fees expensed as interest expense	$ 2,000	$ 2,100
Weighted average note rate (as a percent)	5.17%	5.66%
Weighted average note rate including certain fees and costs (as a percent)	5.25%	5.75%

Debt Obligations, Debt Covenant

Debt Obligations, Debt Covenants (Details) - USD ($)	1 Months Ended
	Jul. 31, 2019	Apr. 30, 2019	Jan. 31, 2019	Oct. 31, 2018	Jul. 31, 2018	Jun. 30, 2019
CLO VII
Debt Covenants
Current overcollateralization ratio (as a percent)	129.03%	129.03%	129.03%	129.03%	129.03%
Limit overcollateralization ratio (as a percent)	128.03%
Current interest coverage ratio (as a percent)	204.96%
Limit interest coverage ratio (as a percent)	120.00%
CLO VIII
Debt Covenants
Current overcollateralization ratio (as a percent)	129.03%	129.03%	129.03%	129.03%	129.03%
Limit overcollateralization ratio (as a percent)	128.03%
Current interest coverage ratio (as a percent)	277.10%
Limit interest coverage ratio (as a percent)	120.00%
CLO IX
Debt Covenants
Current overcollateralization ratio (as a percent)	134.68%	134.68%	134.68%	134.68%	134.68%
Limit overcollateralization ratio (as a percent)	133.68%
Current interest coverage ratio (as a percent)	255.11%
Limit interest coverage ratio (as a percent)	120.00%
CLO X
Debt Covenants
Current overcollateralization ratio (as a percent)	126.98%	126.98%	126.98%	126.98%	126.98%
Limit overcollateralization ratio (as a percent)	125.98%
Current interest coverage ratio (as a percent)	232.36%
Limit interest coverage ratio (as a percent)	120.00%
CLO XI
Debt Covenants
Current overcollateralization ratio (as a percent)	121.95%
Limit overcollateralization ratio (as a percent)	120.95%
Current interest coverage ratio (as a percent)	185.62%
Limit interest coverage ratio (as a percent)	120.00%
Junior subordinated notes
Debt Covenants
Amount payable on default of senior debt						$ 0

Allowance for Loss-Sharing Ob_3

Allowance for Loss-Sharing Obligations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Roll forward of loss contingency accrual
(Charge-offs) recoveries, net			$ (703)	$ 70
Fannie Mae
Roll forward of loss contingency accrual
Loss-sharing obligations (as a percent)			0.24%		0.25%
Loss-Sharing Obligation
Roll forward of loss contingency accrual
Outstanding advances under the Fannie Mae DUS program	$ 500		$ 500		$ 100
Loss-Sharing Obligation | Fannie Mae
Roll forward of loss contingency accrual
Beginning balance of the period	34,518	$ 31,097	34,298	30,511	30,511
Provisions for loss sharing	1,675	1,134	2,554	2,339
Provisions reversal for loan repayments	(1,307)	(785)	(1,732)	(1,518)
(Charge-offs) recoveries, net	(469)	(44)	(703)	70
Ending balance of the period	34,417	$ 31,402	34,417	$ 31,402	34,298
Maximum quantifiable liability	$ 2,590,000		$ 2,590,000		$ 2,460,000

Derivative Financial Instrume_3

Derivative Financial Instruments, Agency Business (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019USD ($)item	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)item	Jun. 30, 2018USD ($)	Dec. 31, 2018USD ($)item
Derivative Financial Instruments
Notional Value, classified in Other Assets	$ 550,414		$ 550,414		$ 400,661
Notional Value, classified in Other Liabilities	112,978		112,978		108,625
Net gains (losses) from changes in the fair value of derivatives	1,100	$ (600)	(1,400)	$ 2,100
Income from mortgage servicing rights	18,709	$ 17,936	32,941	$ 37,571
Agency Business
Derivative Financial Instruments
Notional Value, classified in Other Assets	675,092		675,092		509,286
Fair Value, classified in Other Assets	4,568		4,568		6,113
Fair Value, classified in Other Liabilities	$ (128)		$ (128)		$ (732)
Interest Rate Swap Futures
Derivative Financial Instruments
Derivative, maturity term	3 months
Interest Rate Swap Futures | Other Income
Derivative Financial Instruments
Realized loss on derivatives	$ (300)
Unrealized loss on derivatives	$ (100)
Interest Rate Swap Futures | Minimum
Derivative Financial Instruments
Derivative Swap Rate Period	5 years
Interest Rate Swap Futures | Maximum
Derivative Financial Instruments
Derivative Swap Rate Period	10 years
Non-Qualifying | Rate lock commitments | Agency Business
Derivative Financial Instruments
Count | item	6		6		4
Notional Value, classified in Other Assets	$ 33,053		$ 33,053		$ 18,161
Fair Value, classified in Other Assets	745		745		324
Fair Value, classified in Other Liabilities	$ (35)		$ (35)		$ (95)
Non-Qualifying | Forward Sale Commitments | Agency Business
Derivative Financial Instruments
Count | item	86		86		90
Notional Value, classified in Other Assets	$ 630,339		$ 630,339		$ 491,125
Fair Value, classified in Other Assets	3,823		3,823		5,789
Fair Value, classified in Other Liabilities	$ (93)		$ (93)		$ (637)
Non-Qualifying | Interest Rate Swap Futures | Agency Business
Derivative Financial Instruments
Count | item	2		2
Notional Value, classified in Other Assets	$ 11,700		$ 11,700

Fair Value, Carrying Value and

Fair Value, Carrying Value and Estimated Fair Value (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Financial assets:
Loans and investments, net - Principal/Notional Amount	$ 3,923,209	$ 3,283,342
Loans and investments, net	3,836,554	3,200,145
Loans held-for-sale, net - Principal/Notional Amount	597,286	472,964
Securities, held-to-maturity, net - Principal/Notional Amount	110,836	103,515
Securities held-to-maturity, net	86,017	76,363
Derivative financial instruments - Principal/Notional Amount	550,414	400,661
Financial liabilities:
Credit and repurchase facilities, Principal/Notional Amount	1,624,457	1,138,135
Credit and repurchase facilities, Carrying value	1,621,678	1,135,627
Collateralized loan obligations	1,875,444	1,593,548
Debt fund	68,422	68,183
Senior unsecured notes	210,963	122,484
Convertible senior unsecured notes, net	253,729	254,768
Junior subordinated notes	140,587	140,259
Derivative financial instruments - Principal/Notional Amount	$ 112,978	108,625
Maximum number of days held-for-sale loans are typically sold	60 days
Carrying Value
Financial assets:
Loans and investments, net	$ 3,836,554	3,200,145
Loans held-for-sale, net	601,827	481,664
Capitalized mortgage servicing rights, net	276,648	273,770
Securities held-to-maturity, net	86,017	76,363
Derivative financial instruments	4,568	6,113
Financial liabilities:
Credit and repurchase facilities, Carrying value	1,621,678	1,135,627
Collateralized loan obligations	1,875,444	1,593,548
Debt fund	68,422	68,183
Senior unsecured notes	210,963	122,484
Convertible senior unsecured notes, net	253,729	254,768
Junior subordinated notes	140,587	140,259
Derivative financial instruments	128	732
Fair Value
Financial assets:
Loans and investments, net	3,866,693	3,249,499
Loans held-for-sale, net	611,587	489,546
Capitalized mortgage servicing rights, net	317,714	322,463
Securities held-to-maturity, net	89,170	79,097
Derivative financial instruments	4,568	6,113
Financial liabilities:
Credit and repurchase facilities, Carrying value	1,621,127	1,135,774
Collateralized loan obligations	1,895,501	1,588,989
Debt fund	70,127	70,154
Senior unsecured notes	215,469	123,750
Convertible senior unsecured notes, net	284,018	267,324
Junior subordinated notes	96,777	95,873
Derivative financial instruments	128	732
CLOs
Financial liabilities:
Debt instrument - Principal/Notional Amount	1,892,274	1,609,524
Collateralized loan obligations	1,875,444	1,593,548
Debt Fund
Financial liabilities:
Debt instrument - Principal/Notional Amount	70,000	70,000
Senior Unsecured Notes
Financial liabilities:
Debt instrument - Principal/Notional Amount	215,000	125,000
Convertible Senior Unsecured Notes
Financial liabilities:
Debt instrument - Principal/Notional Amount	265,817	270,057
Junior subordinated notes
Financial liabilities:
Debt instrument - Principal/Notional Amount	154,336	154,336
Junior subordinated notes	$ 140,600	$ 140,300

Fair Value, Measurement on Recu

Fair Value, Measurement on Recurring and Nonrecurring Basis (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019USD ($)item	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)item	Jun. 30, 2018USD ($)	Dec. 31, 2018USD ($)
Financial assets:
Allowance for impaired loan losses	$ 71,069		$ 71,069		$ 71,069
Number of impaired loans | item	5		5
Impairment loss on real estate owned	$ 1,000	$ 2,000	$ 1,000	$ 2,000
Non-financial assets:
Long-lived assets	13,382		13,382		14,446
Real Estate Owned
Non-financial assets:
Long-lived assets	13,382		13,382		14,446
Carrying Value
Financial assets:
Derivative financial instruments	4,568		4,568		6,113
Aggregate carrying value of impaired loans before loan loss reserves	131,300		131,300
Financial liabilities:
Derivative financial instruments	128		128		732
Fair Value
Financial assets:
Derivative financial instruments	4,568		4,568		6,113
Financial liabilities:
Derivative financial instruments	128		128		$ 732
Recurring basis | Carrying Value
Financial assets:
Derivative financial instruments	4,568		4,568
Financial liabilities:
Derivative financial instruments	128		128
Recurring basis | Fair Value
Financial assets:
Derivative financial instruments	4,568		4,568
Financial liabilities:
Derivative financial instruments	128		128
Nonrecurring basis | Carrying Value
Financial assets:
Impaired loans, net	60,275		60,275
Non-financial assets:
Long-lived assets	13,382		13,382
Nonrecurring basis | Fair Value
Financial assets:
Impaired loans, net	60,275		60,275
Non-financial assets:
Long-lived assets	13,382		13,382
Level 2 | Recurring basis
Financial assets:
Derivative financial instruments	3,823		3,823
Financial liabilities:
Derivative financial instruments	128		128
Level 3 | Recurring basis
Financial assets:
Derivative financial instruments	745		745
Level 3 | Nonrecurring basis
Financial assets:
Impaired loans, net	60,275		60,275
Non-financial assets:
Long-lived assets	$ 13,382		$ 13,382

Fair Value, Level 3 Inputs (Det

Fair Value, Level 3 Inputs (Details) - Level 3 $ in Thousands	Jun. 30, 2019USD ($)item
Land
Quantitative information about Level 3 fair value measurements
Impaired loans, fair value | $	$ 59,517
Land | Discount rate
Quantitative information about Level 3 fair value measurements
Impaired loans, measurement input	0.2300
Land | Revenue growth rate
Quantitative information about Level 3 fair value measurements
Impaired loans, measurement input	0.0300
Office
Quantitative information about Level 3 fair value measurements
Impaired loans, fair value | $	$ 758
Office | Discount rate
Quantitative information about Level 3 fair value measurements
Impaired loans, measurement input	0.1100
Office | Capitalization rate
Quantitative information about Level 3 fair value measurements
Impaired loans, measurement input	0.0900
Office | Revenue growth rate
Quantitative information about Level 3 fair value measurements
Impaired loans, measurement input	0.0250
Hotel
Quantitative information about Level 3 fair value measurements
Long-lived assets, fair value | $	$ 10,291
Rate lock commitments
Quantitative information about Level 3 fair value measurements
Derivative financial instruments | $	$ 745
Derivative Asset, Valuation Technique [Extensible List]	us-gaap:ValuationTechniqueDiscountedCashFlowMember
Derivative Asset, Measurement Input [Extensible List]	Discount rate
Rate lock commitments | Discount rate
Quantitative information about Level 3 fair value measurements
Derivative financial instruments measurement input	0.1266

Fair Value, Level 3 Derivative

Fair Value, Level 3 Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Derivative assets
Balance at beginning of period	$ 400	$ 717	$ 324	$ 276
Settlements	(18,364)	(18,047)	(32,521)	(37,240)
Realized gains recorded in earnings	17,964	17,330	32,197	36,964
Unrealized gains recorded in earnings	745	606	745	606
Balance at end of period	$ 745	$ 606	$ 745	$ 606

Fair Value, Components of fair

Fair Value, Components of fair value and other relevant information (Details)	6 Months Ended
	Jun. 30, 2019USD ($)
Fair Value of Servicing Rights	$ 6,988
Total Fair Value Adjustment	6,988
Rate lock commitments
Notional/Principal Amount	33,053
Fair Value of Servicing Rights	745
Interest Rate Movement Effect	(35)
Total Fair Value Adjustment	710
Forward Sale Commitments
Notional/Principal Amount	630,339
Interest Rate Movement Effect	35
Total Fair Value Adjustment	35
Loans held-for-sale, net
Notional/Principal Amount	597,286
Fair Value of Servicing Rights	6,243
Total Fair Value Adjustment	$ 6,243

Fair Value, Financial Assets an

Fair Value, Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Financial assets:
Loans and investments, net	$ 3,836,554	$ 3,200,145
Securities held-to-maturity, net	86,017	76,363
Financial liabilities:
Credit and repurchase facilities, Carrying value	1,621,678	1,135,627
Collateralized loan obligations	1,875,444	1,593,548
Debt fund	68,422	68,183
Senior unsecured notes	210,963	122,484
Convertible senior unsecured notes, net	253,729	254,768
Junior subordinated notes	140,587	140,259
Level 1
Financial liabilities:
Senior unsecured notes	215,469
Level 2
Financial assets:
Loans held-for-sale, net	605,344
Financial liabilities:
Credit and repurchase facilities, Carrying value	597,164
Convertible senior unsecured notes, net	284,018
Level 3
Financial assets:
Loans and investments, net	3,866,693
Loans held-for-sale, net	6,243
Capitalized mortgage servicing rights, net	317,714
Securities held-to-maturity, net	89,170
Financial liabilities:
Credit and repurchase facilities, Carrying value	1,023,963
Collateralized loan obligations	1,895,501
Debt fund	70,127
Junior subordinated notes	96,777
Carrying Value
Financial assets:
Loans and investments, net	3,836,554	3,200,145
Loans held-for-sale, net	601,827	481,664
Capitalized mortgage servicing rights, net	276,648
Securities held-to-maturity, net	86,017	76,363
Financial liabilities:
Credit and repurchase facilities, Carrying value	1,621,678	1,135,627
Collateralized loan obligations	1,875,444	1,593,548
Debt fund	68,422	68,183
Senior unsecured notes	210,963	122,484
Convertible senior unsecured notes, net	253,729	254,768
Junior subordinated notes	140,587	140,259
Fair Value
Financial assets:
Loans and investments, net	3,866,693	3,249,499
Loans held-for-sale, net	611,587	489,546
Capitalized mortgage servicing rights, net	317,714
Securities held-to-maturity, net	89,170	79,097
Financial liabilities:
Credit and repurchase facilities, Carrying value	1,621,127	1,135,774
Collateralized loan obligations	1,895,501	1,588,989
Debt fund	70,127	70,154
Senior unsecured notes	215,469	123,750
Convertible senior unsecured notes, net	284,018	267,324
Junior subordinated notes	$ 96,777	$ 95,873

Commitments and Contingencies,

Commitments and Contingencies, Contractual Commitments (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018	Dec. 31, 2017
Agency Business Commitments
Cash collateral	$ 316,455	$ 316,455	$ 180,606	$ 173,686	$ 139,398
Debt Obligations
Remainder of 2019	894,000	894,000
2020	1,170,000	1,170,000
2021	746,600	746,600
2022	683,800	683,800
2023	268,400	268,400
2024	139,200	139,200
Thereafter	324,800	324,800
Unfunded commitments related to structured loans and investments	$ 145,000	$ 145,000
Operating Leases
Operating Lease, Weighted average remaining lease term (in years)	5 years 4 months 24 days	5 years 4 months 24 days
Operating Lease, Weighted average discount rate (as a percent)	5.00%	5.00%
Operating lease expense	$ 1,500	$ 2,900
Maturities of operating lease liabilities
2019 (nine months ending December 31, 2019)	2,766	2,766
2020	5,210	5,210
2021	2,953	2,953
2022	2,703	2,703
2023	2,051	2,051
2024	1,459	1,459
Thereafter	3,305	3,305
Total	$ 20,447	$ 20,447
Maximum
Operating Leases
Remaining lease term	7 years 8 months 12 days	7 years 8 months 12 days
Minimum
Operating Leases
Remaining lease term	2 months 12 days	2 months 12 days
Cash collateral arrangement - purchase and loss obligations under Freddie Mac's SBL Program
Agency Business Commitments
Cash collateral per securitization	$ 5,000	$ 5,000
Outstanding letters of credit	5,000	$ 5,000
Forward Contracts
Agency Business Commitments
Period of contractual commitment		60 days
Fannie Mae
Agency Business Commitments
Minimum liquid assets to be maintained to meet operational liquidity requirements	13,900	$ 13,900
Period of funding for collateral requirement		48 months
Fannie Mae | Restricted liquidity arrangement - loans sold under the Fannie Mae DUS program
Agency Business Commitments
Letter of credit assigned	44,000	$ 44,000
Reserve required to fund additional restricted liquidity over the next 48 months	33,200	$ 33,200
Period of additional funding for collateral requirement		48 months
Cash collateral	$ 1,300	$ 1,300

Commitments and Contingencies_2

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)	6 Months Ended
	Jun. 30, 2019USD ($)item	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Jun. 30, 2018USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Variable Interest Entities
Loan loss reserves related to VIEs	$ 71,069,000	$ 71,069,000	$ 71,069,000	$ 58,733,000	$ 63,108,000	$ 62,783,000
Assets:
Restricted cash	316,455,000		180,606,000	$ 173,686,000		$ 139,398,000
Loans and investments, net	3,836,554,000		3,200,145,000
Due from Related Parties	16,986,000		1,287,000
Other assets	110,421,000		86,086,000
Total assets	5,601,730,000		4,612,175,000
Liabilities:
Collateralized loan obligations	1,875,444,000		1,593,548,000
Debt fund	68,422,000		68,183,000
Other liabilities	110,997,000		118,780,000
Total liabilities	4,415,752,000		3,546,609,000
Consolidated variable interest entities
Assets:
Total assets	2,519,392,000		2,198,096,000
Liabilities:
Total liabilities	1,948,555,000		1,665,139,000
CLOs and Debt Fund
Assets:
Restricted cash	314,626,000		179,855,000
Loans and investments, net	2,180,225,000		2,001,617,000
Due from Related Parties	8,764,000
Other assets	15,777,000		16,624,000
Total assets	2,519,392,000		2,198,096,000
Liabilities:
Collateralized loan obligations	1,875,444,000		1,593,548,000
Debt fund	68,422,000		68,183,000
Due to related party	1,013,000
Other liabilities	3,676,000		3,408,000
Total liabilities	$ 1,948,555,000		$ 1,665,139,000
Unconsolidated VIEs
Variable Interest Entities
Number of VIEs where the reporting entity is not VIE's primary beneficiary and VIEs have variable interest | item	28
Carrying Amount	$ 524,631
Carrying amount of loans and investments before reserves related to VIEs	129,600,000
Loan loss reserves related to VIEs	69,400,000
Exposure to real estate debt	4,420,000,000
Unconsolidated VIEs | Loans
Variable Interest Entities
Carrying Amount	429,642,000
Unconsolidated VIEs | B Piece and SFR bonds
Variable Interest Entities
Carrying Amount	86,017,000
Unconsolidated VIEs | Equity investments
Variable Interest Entities
Carrying Amount	5,983,000
Unconsolidated VIEs | Agency interest only strips
Variable Interest Entities
Carrying Amount	$ 2,989,000

Equity (Details)

Equity (Details) $ / shares in Units, $ in Thousands

Jul. 31, 2019$ / shares

May 01, 2019$ / shares

Feb. 13, 2019$ / shares

Feb. 01, 2019$ / shares

May 31, 2019USD ($)$ / sharesshares

Mar. 31, 2019USD ($)shares

Jan. 31, 2019USD ($)shares

Dec. 31, 2018$ / shares

Jun. 30, 2019USD ($)Vote$ / sharesshares

Mar. 31, 2019USD ($)shares

Jun. 30, 2018USD ($)$ / sharesshares

Jun. 30, 2019USD ($)Vote$ / sharesshares

Jun. 30, 2018USD ($)$ / sharesshares

Sep. 30, 2018

Dec. 31, 2018$ / shares

Dec. 31, 2017

Dec. 31, 2016

Dec. 31, 2015

Common stock

Proceeds from issuance of shares under public offering | $

$ 115,736

$ 55,907

Noncontrolling Interest

Preferred stock, par value (in dollars per share) | $ / shares

$ 0.01

$ 0.01

$ 0.01

$ 0.01

OP Units redeemed by cash | $

$ (1,673)

Distributions

Cash dividend declared (in dollars per share) | $ / shares

$ 0.28

$ 0.25

$ 0.55

$ 0.46

Restricted common stock | Certain employees of ours

Deferred Compensation

Number of fully vested shares issued

326,192

Total grant date fair value | $

$ 4,100

Restricted common stock | Chief executive officer

Deferred Compensation

Number of fully vested shares issued

58,738

Total grant date fair value | $

$ 700

Vesting percentage

25.00%

Restricted common stock | Chief executive officer | First Anniversaries

Deferred Compensation

Vesting percentage

25.00%

Restricted common stock | Chief executive officer | Second Anniversaries

Deferred Compensation

Vesting percentage

25.00%

Restricted common stock | Chief executive officer | Third Anniversaries

Deferred Compensation

Vesting percentage

25.00%

Restricted common stock | Chief executive officer | Employee compensation and benefits

Deferred Compensation

Share-based compensation expense | $

$ 200

Restricted common stock | Employees

Deferred Compensation

Vesting percentage

33.00%

Restricted common stock | Employees | March 2020

Deferred Compensation

Vesting percentage

33.00%

Restricted common stock | Employees | March 2021

Deferred Compensation

Vesting percentage

33.00%

Restricted common stock | Employees | Employee compensation and benefits

Deferred Compensation

Share-based compensation expense | $

$ 1,400

Performance-based restricted stock

Deferred Compensation

Restricted stock with fully vested of date (in shares)

445,765

Restricted stock with fully vested net settled of date (in shares)

203,492

Performance-based restricted stock | Chief executive officer

Deferred Compensation

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

352,427

Vesting period (in years)

4 years

4 years

4 years

4 years

Total grant date fair value | $

$ 1,700

Performance-based restricted stock | Chief executive officer | Employee compensation and benefits | Maximum

Deferred Compensation

Share-based compensation expense | $

$ 100

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

Shares issued in connection with exchange of convertible debt notes (in shares)

210,466

Number of common stock sold (in shares)

9,200,000

6,092,700

9,200,000

6,452,700

Value of common stock available under shelf registration statement | $

$ 283,600

$ 283,600

Aggregate amount of debt securities, common stock, preferred stock, depositary shares and warrants filed under shelf registration statement | $

$ 500,000

$ 500,000

Number of shares purchased

920,000

920,000

Distributions

Cash dividend declared (in dollars per share) | $ / shares

$ 0.29

$ 0.28

$ 0.27

$ 0.15

Dividend declared in cash | $

$ 2,500

Dividend declared in shares

901,432

Tax Treatment for Dividends Paid

Total dividends paid | $

$ 2,500

Common Stock | Chief executive officer

Common stock

Number of shares purchased

920,000

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

Deferred Compensation

Number of fully vested shares issued

55,244

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

Deferred Compensation

Share-based compensation expense | $

$ 700

Preferred Stock | 8.25% Series A preferred stock

Distributions

Cash dividend declared on redeemable preferred stock (in dollars per share) | $ / shares

$ 0.515625

0.515625

$ 0.515625

Preferred Stock

Return on the preferred shares issued to third parties by its subsidiary REIT (as a percent)

8.25%

Preferred Stock | 7.75% Series B preferred stock

Distributions

Cash dividend declared on redeemable preferred stock (in dollars per share) | $ / shares

$ 0.484375

0.484375

0.484375

Preferred Stock

Return on the preferred shares issued to third parties by its subsidiary REIT (as a percent)

7.75%

Preferred Stock | 8.50% Series C preferred stock

Distributions

Cash dividend declared on redeemable preferred stock (in dollars per share) | $ / shares

$ 0.53125

$ 0.53125

$ 0.53125

Preferred Stock

Return on the preferred shares issued to third parties by its subsidiary REIT (as a percent)

8.50%

Operating Partnership Units

Noncontrolling Interest

Conversion ratio for operating partnership units to common stock shares

1

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

391,156

OP Units redeemed by cash | $

$ 1,700

Common stock, shares issued (in shares)

258,677

Distributions

Dividend declared in cash | $

$ 600

Dividend declared in shares

221,666

Tax Treatment for Dividends Paid

Total dividends paid | $

$ 600

Operating Partnership Units | Special voting preferred shares

Noncontrolling Interest

Number of preferred stock shares paired with each OP units

1

Preferred stock, par value (in dollars per share) | $ / shares

$ 0.01

$ 0.01

Number of vote per share of Special Voting Preferred Shares | Vote

1

1

OP units outstanding (in shares)

20,484,094

20,484,094

Voting power of outstanding stock (as a percent)

17.90%

5.375% Convertible Notes

Common stock

Interest rate (as a percent)

5.375%

5.375%

6.50% Convertible Notes

Common stock

Interest rate (as a percent)

6.50%

6.50%

Public offering | Common Stock

Common stock

Number of common stock sold (in shares)

9,200,000

Proceeds from issuance of shares under public offering | $

$ 115,600

Issued price per share (in dollars per share) | $ / shares

$ 12.58

At-The-Market | Common Stock

Common stock

Number of common stock sold (in shares)

952,700

Proceeds from issuance of shares under public offering | $

$ 8,100

Over-Allotment Option | Common Stock

Common stock

Number of common stock sold (in shares)

1,200,000

Equity, Earnings Per Share ("EP

Equity, Earnings Per Share ("EPS") (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended		9 Months Ended	12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Sep. 30, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Basic
Net income attributable to common stockholders	$ 28,916	$ 17,167	$ 51,566	$ 43,356
Weighted average shares outstanding (in shares)	89,955,923	65,683,057	87,567,171	63,773,306
Net income per common share (in dollars per share)	$ 0.32	$ 0.26	$ 0.59	$ 0.68
Diluted
Net income attributable to noncontrolling interest	$ 6,598	$ 5,557	$ 12,066	$ 14,547
Net income attributable to common stockholders and noncontrolling interest	$ 35,514	$ 22,724	$ 63,632	$ 57,903
Weighted average shares outstanding (in shares)	89,955,923	65,683,057	87,567,171	63,773,306
Dilutive effect of OP units (in shares)	20,486,862	21,230,769	20,520,461	21,230,769
Dilutive effect of restricted stock units (in shares)	1,412,925	1,499,921	1,394,821	1,381,310
Dilutive effect of convertible notes (in shares)	1,768,674	1,641,423	1,297,227	1,035,158
Weighted average shares outstanding ( in shares)	113,624,384	90,055,170	110,779,680	87,420,543
Net income per common share (in dollars per share)	$ 0.31	$ 0.25	$ 0.57	$ 0.66
Chief executive officer | Performance-based restricted stock
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		6 Months Ended
	Jan. 31, 2018	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Provision from income taxes		$ 4,350	$ 4,499	$ 4,341	$ (4,285)
Deferred tax benefit (provision)		900	(200)	(3,250)	(13,135)
Current tax provision		3,500	$ 4,300	7,600	8,800
Repayment of debt					$ 50,000
Maximum
Provision from income taxes		$ 4,400		$ 4,300
Preferred equity interest financing agreement | ACM / Our "Former Manager"
Repayment of debt	$ 50,000

Agreements and Transactions w_2

Agreements and Transactions with Related Parties, Shared Services Agreement (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Former manager | Support Services
Agreements and transactions with related parties
Costs for services to related party	$ 0.5	$ 0.3	$ 1.5	$ 0.6

Agreements and Transactions w_3

Agreements and Transactions with Related Parties, Other Related Party (Details) $ in Thousands	1 Months Ended							3 Months Ended				6 Months Ended			12 Months Ended					42 Months Ended
	Jul. 31, 2019USD ($)	Jan. 31, 2019USD ($)	Nov. 30, 2018USD ($)	Oct. 31, 2018USD ($)	Aug. 31, 2018USD ($)	Jun. 30, 2018USD ($)propertyloanitem	Apr. 30, 2018USD ($)	Jun. 30, 2019USD ($)shares	Mar. 31, 2019USD ($)	Jun. 30, 2018USD ($)	Mar. 31, 2018USD ($)	Jun. 30, 2019USD ($)shares	Dec. 31, 2018USD ($)loan	Jun. 30, 2018USD ($)	Dec. 31, 2018USD ($)loan	Dec. 31, 2017USD ($)propertyloanitem	Dec. 31, 2016USD ($)propertyshares	Dec. 31, 2015USD ($)loan	Dec. 31, 2014USD ($)loan	Jun. 30, 2018USD ($)	Jan. 31, 2018USD ($)	Mar. 31, 2016USD ($)
Agreements and transactions with related parties
Due to related party								$ 7,219				$ 7,219
Due from Related Parties								16,986				16,986	$ 1,287		$ 1,287
Loss from equity affiliates								3,264		$ 1,387		5,415		$ 2,132
Residential Mortgage Banking Company
Agreements and transactions with related parties
Maximum percentage of guaranty provided by the Company in relation to the settlement																		50.00%
Maximum exposure under guaranty								1,200				1,200
Bridge loan, several multifamily properties
Agreements and transactions with related parties
Principal amount				$ 37,500
Percentage of ownership interest of related party in the entity				85.00%
Bridge loan, six multifamily properties
Agreements and transactions with related parties
UPB converted to a mezzanine loan		$ 2,000
Bridge loan, six multifamily properties | Maturity date of September 2019
Agreements and transactions with related parties
Principal amount																	$ 12,900
Mezzanine loans
Agreements and transactions with related parties
Interest income recorded														$ 100
Fixed rate of interest (as a percent)																		12.50%
Amount of loan to related party																		$ 3,000
Lexford Portfolio | Bridge loans | Maturity Date of June 2021
Agreements and transactions with related parties
Paydowns of principal made by borrower	$ 140,300											109,800
Base spread (as a percent)						4.00%				4.00%				4.00%						4.00%
Unsecured financing provided by an unsecured lender to certain parent entities of the property owners								50,000				50,000
ACM, Certain executives and Consortium of independent outside investors | AMAC III
Agreements and transactions with related parties
Amount invested								6,000	$ 30,000			6,000
Ownership interest (as a percent)									18.00%
ACM / Our "Former Manager"
Agreements and transactions with related parties
Related party financing																					$ 50,000
Interest expense on related party loan														$ 300
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
Loss from equity affiliates								$ 2,700		$ 700		$ 3,500		800
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								4,285,694				4,285,694
OP units hold as part of acquisition | shares												14,772,918
Percentage of voting power held by related party								16.60%				16.60%
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
Proceeds from sale of available-for-sale securities																				16,900
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" | Mortgage loans | Maturity date of April 2016, extended to April 2018
Agreements and transactions with related parties
Base spread (as a percent)																			4.80%
Interest income recorded										100				200
Number of mortgage loans secured by property purchased from related party | loan																			2
ACM / Our "Former Manager" | Mortgage loans | Maturity date of April 2016, extended to April 2018 | 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" | Mortgage loans | Maturity date of April 2016, extended to April 2018 | 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" | Mortgage loans | Maturity date April 2018, extended from April 2016 | 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 other unaffiliated investors, certain of officers and chief executive officer | Bridge loan, several multifamily properties
Agreements and transactions with related parties
Principal amount				$ 19,500
Base spread (as a percent)				4.00%
Interest income recorded								$ 300				$ 700
Consortium of investors including other unaffiliated investors, certain of officers and chief executive officer | Bridge loan, several multifamily properties | LIBOR
Agreements and transactions with related parties
Base spread (as a percent)				2.125%
Consortium of investors including other unaffiliated investors, certain of officers and chief executive officer | Bridge loan, one multifamily property
Agreements and transactions with related parties
Principal amount			$ 61,200					17,100				17,100
Percentage of ownership interest of related party in the entity			10.00%
Interest income recorded								300				600
Consortium of investors including other unaffiliated investors, certain of officers and chief executive officer | Bridge loan, one multifamily property | LIBOR
Agreements and transactions with related parties
Base spread (as a percent)			4.50%
LIBOR floor (as a percentage)			2.00%
Consortium of investors including 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																17.60%
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
Interest income recorded									$ 100		$ 100
Consortium of Investors, including our Chief Executive Officer and our Former Manager
Agreements and transactions with related parties
Amount invested																$ 2,000
Ownership interest (as a percent)																26.10%
Number of portfolios of multifamily properties | item																2
Consortium of Investors, including our Chief Executive Officer and our Former Manager | Two portfolios of multifamily properties | Bridge loans | Maturity date of November 2018
Agreements and transactions with related parties
Principal amount																$ 14,800
Base spread (as a percent)																5.25%
LIBOR floor (as a percentage)																0.50%
Interest income recorded										200				300
Number of bridge loans originated | item																2
Certain officers, including our Chief Executive Officer and our Former Manager | Bridge loans | Maturity Date of October 2018
Agreements and transactions with related parties
Base spread (as a percent)																		5.00%
LIBOR floor (as a percentage)																		0.25%
Interest income recorded										300				700
Number of bridge loans paid off | loan													2
Number of mortgage loans secured by property purchased from related party | loan																		2
Loan due from related party																		$ 16,700
Certain officers, including our Chief Executive Officer and our Former Manager | Bridge loan, six multifamily properties | Maturity date of September 2019
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								100		600		200		1,300
Number of bridge loans paid off | loan															4	1
Proceeds from repayment in full		$ 10,900													$ 28,300	$ 6,800
Certain officers, including our Chief Executive Officer and our Former Manager | Bridge loan, six multifamily properties | Maturity date of September 2019 | 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 | Bridge loan, six multifamily properties | Maturity date of September 2019 | 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 | Mezzanine loans | Maturity date of January 2024
Agreements and transactions with related parties
Fixed rate of interest (as a percent)		10.00%
Certain certain officers, chief executive officer, and other unaffiliated investors | Preferred equity investments | Maturity date November 2018, extended from May 2018 | Multifamily
Agreements and transactions with related parties
Equity investment																	$ 5,200
Fixed rate of interest (as a percent)																	10.00%
Certain certain officers, chief executive officer, and other unaffiliated investors | Bridge loans | Maturity date of November 2018
Agreements and transactions with related parties
Percentage of ownership interest of related party in the entity																	7.50%
Interest income recorded														300
Amount of loan to related party																	$ 19,000
Certain certain officers, chief executive officer, and other unaffiliated investors | Bridge loans | Maturity date of November 2018 | LIBOR
Agreements and transactions with related parties
Base spread (as a percent)																	4.50%
LIBOR floor (as a percentage)																	0.25%
Certain certain officers, chief executive officer, and other unaffiliated investors | Bridge loan, several multifamily properties | Maturity Date of January 2021
Agreements and transactions with related parties
Due to related party							$ 9,400
Principal amount								7,800				7,800
Percentage of ownership interest of related party in the entity							75.00%
Interest income recorded								100		100		300		100
Certain certain officers, chief executive officer, and other unaffiliated investors | Bridge loan, several multifamily properties | Maturity Date of January 2021 | LIBOR
Agreements and transactions with related parties
Base spread (as a percent)							5.00%
LIBOR floor (as a percentage)							1.25%
Certain certain officers, chief executive officer, and other unaffiliated investors | Bridge loan, several multifamily properties | Maturity date of June 2020
Agreements and transactions with related parties
Due to related party																$ 32,800
Percentage of ownership after transaction																90.00%
Base spread (as a percent)																5.00%
LIBOR floor (as a percentage)																1.13%
Interest income recorded								600		600		1,200		1,100
Certain certain officers, chief executive officer, and other unaffiliated investors | Bridge loan, two multifamily properties | Maturity date of fourth quarter 2020
Agreements and transactions with related parties
Principal amount																$ 28,000
Number of properties owned | property																2
Percentage of ownership interest of related party in the entity																45.00%
Base spread (as a percent)																5.25%
Interest income recorded								600		500		1,100		1,000
Number of bridge loans originated | item																2
Certain certain officers, chief executive officer, and other unaffiliated investors | Bridge loan, two multifamily properties | Maturity date of fourth quarter 2020 | Minimum
Agreements and transactions with related parties
LIBOR floor (as a percentage)																1.24%
Certain certain officers, chief executive officer, and other unaffiliated investors | Bridge loan, two multifamily properties | Maturity date of fourth quarter 2020 | Maximum
Agreements and transactions with related parties
LIBOR floor (as a percentage)																1.54%
Certain certain officers, chief executive officer, and other unaffiliated investors | Bridge loan, two multifamily properties | Maturity date of January 2019
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%
Certain certain officers, chief executive officer, and other unaffiliated investors | Bridge loan, one multifamily property | Maturity Date of June 2021
Agreements and transactions with related parties
Principal amount						$ 21,700				21,700				21,700						$ 21,700
Percentage of ownership interest of related party in the entity						75.00%
Interest income recorded								300		$ 100		600		$ 100
Certain certain officers, chief executive officer, and other unaffiliated investors | Bridge loan, one multifamily property | Maturity Date of June 2021 | LIBOR
Agreements and transactions with related parties
Base spread (as a percent)						4.75%				4.75%				4.75%						4.75%
LIBOR floor (as a percentage)						1.25%
Certain certain officers, chief executive officer, and other unaffiliated investors | Bridge loan, one multifamily property | Maturity date of July 2020
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				$ 1,200
Certain certain officers, chief executive officer, and other unaffiliated investors | Bridge loan, one multifamily property | Maturity date of January 2019
Agreements and transactions with related parties
Interest income recorded								$ 200		300		$ 600		700
Chief executive officer | Minimum
Agreements and transactions with related parties
Ownership interest limit of our common stock under company charter (as a percent)								5.00%				5.00%
Kaufman Entities
Agreements and transactions with related parties
Percentage of our Former Manager's outstanding membership interest of related party in another related party								31.00%				31.00%
Director | Ginkgo
Agreements and transactions with related parties
Percentage of managing member																33.00%
Consortium of affiliated investors | Lexford Portfolio
Agreements and transactions with related parties
Management fee, percentage of gross revenues of underlying properties												4.75%
Immediate family member of chief executive officer | Bridge Loan, several undeveloped parcels of land
Agreements and transactions with related parties
Principal amount					$ 17,700
Percentage of ownership interest of related party in the entity					10.80%
Interest income recorded								$ 500				$ 1,100
Fixed rate of interest (as a percent)					10.00%
Immediate family member of chief executive officer | Bridge loan, several multifamily properties
Agreements and transactions with related parties
Percentage of ownership interest of related party in the entity		23.90%
LIBOR floor (as a percentage)		2.375%
Immediate family member of chief executive officer | Bridge loan, several multifamily properties | LIBOR
Agreements and transactions with related parties
Base spread (as a percent)		4.25%
Interest income recorded								700				1,400
Lexford Portfolio | Preferred equity investments
Agreements and transactions with related parties
Loss from equity affiliates								600		600		1,900		1,200
Lexford Portfolio | Bridge loans | Maturity Date of June 2021
Agreements and transactions with related parties
Principal amount						$ 280,500				280,500				280,500						$ 280,500
Interest income recorded								3,500		$ 1,100		8,000		1,100
Maximum exposure under guaranty								$ 442,900				$ 442,900
Number of bridge loans originated | loan						12
Number of multifamily properties renovated | property						72
Number of one-year extension options | item						2
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

Segment Information - Statement

Segment Information - Statements of Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Segment Information
Interest income	$ 82,171	$ 59,295	$ 153,448	$ 110,908
Interest expense	48,284	37,884	90,149	71,271
Net interest income	33,887	21,411	63,299	39,637
Other revenue:
Gain on sales, including fee-based services, net	14,211	15,622	30,600	33,815
Mortgage servicing rights	18,709	17,936	32,941	37,571
Servicing revenue	24,936	22,808	50,770	44,220
Amortization of MSRs	(12,324)	(11,937)	(24,606)	(23,802)
Property operating income	3,147	2,964	5,950	5,874
Other income, net	1,393	(470)	(734)	2,408
Total other revenue	50,072	46,923	94,921	100,086
Other expenses:
Employee compensation and benefits	29,022	26,815	60,786	56,309
Selling and administrative	10,481	8,873	20,242	17,789
Property operating expenses	2,691	2,856	5,086	5,652
Depreciation and amortization	1,909	1,845	3,821	3,691
Impairment loss on real estate owned	1,000	2,000	1,000	2,000
Provision for loss sharing (net of recoveries)	368	348	822	821
Provision for loan losses (net of recoveries)		(2,127)		(1,802)
Total other expenses	45,471	40,610	91,757	84,460
Income before extinguishment of debt, sale of real estate, income from equity affiliates and income taxes	38,488	27,724	66,463	55,263
Loss on extinguishment of debt			(128)
Income from equity affiliates	3,264	1,387	5,415	2,132
Benefit from (provision for) income taxes	(4,350)	(4,499)	(4,341)	4,285
Net income	37,402	24,612	67,409	61,680
Preferred stock dividends	1,888	1,888	3,777	3,777
Net income attributable to noncontrolling interest	6,598	5,557	12,066	14,547
Net income attributable to common stockholders	28,916	17,167	51,566	43,356
Operating segments | Structured Business
Segment Information
Interest income	76,144	54,177	141,953	101,413
Interest expense	44,716	34,612	82,973	64,817
Net interest income	31,428	19,565	58,980	36,596
Other revenue:
Property operating income	3,147	2,964	5,950	5,874
Other income, net	290	117	627	351
Total other revenue	3,437	3,081	6,577	6,225
Other expenses:
Employee compensation and benefits	6,815	6,749	15,279	14,336
Selling and administrative	5,328	3,497	9,749	7,034
Property operating expenses	2,691	2,856	5,086	5,652
Depreciation and amortization	509	444	1,020	890
Impairment loss on real estate owned	1,000	2,000	1,000	2,000
Provision for loan losses (net of recoveries)		(2,127)		(1,802)
Total other expenses	16,343	13,419	32,134	28,110
Income before extinguishment of debt, sale of real estate, income from equity affiliates and income taxes	18,522	9,227	33,423	14,711
Loss on extinguishment of debt			(128)
Income from equity affiliates	3,264	1,387	5,415	2,132
Benefit from (provision for) income taxes		500		500
Net income	21,786	11,114	38,710	17,343
Preferred stock dividends	1,888	1,888	3,777	3,777
Net income attributable to common stockholders	19,898	9,226	34,933	13,566
Operating segments | Agency Business
Segment Information
Interest income	6,027	5,118	11,495	9,495
Interest expense	3,568	3,272	7,176	6,125
Net interest income	2,459	1,846	4,319	3,370
Other revenue:
Gain on sales, including fee-based services, net	14,211	15,622	30,600	33,815
Mortgage servicing rights	18,709	17,936	32,941	37,571
Servicing revenue	24,936	22,808	50,770	44,220
Amortization of MSRs	(12,324)	(11,937)	(24,606)	(23,802)
Other income, net	1,103	(587)	(1,361)	2,057
Total other revenue	46,635	43,842	88,344	93,861
Other expenses:
Employee compensation and benefits	22,207	20,066	45,507	41,973
Selling and administrative	5,153	5,376	10,493	10,755
Depreciation and amortization	1,400	1,401	2,801	2,801
Provision for loss sharing (net of recoveries)	368	348	822	821
Total other expenses	29,128	27,191	59,623	56,350
Income before extinguishment of debt, sale of real estate, income from equity affiliates and income taxes	19,966	18,497	33,040	40,881
Benefit from (provision for) income taxes	(4,350)	(4,999)	(4,341)	3,785
Net income	15,616	13,498	28,699	44,666
Net income attributable to common stockholders	15,616	13,498	28,699	44,666
Other / Eliminations
Segment Information
Interest expense				329
Net interest income				(329)
Other expenses:
Income before extinguishment of debt, sale of real estate, income from equity affiliates and income taxes				(329)
Net income				(329)
Net income attributable to noncontrolling interest	6,598	5,557	12,066	14,547
Net income attributable to common stockholders	$ (6,598)	$ (5,557)	$ (12,066)	$ (14,876)

Segment Information - Balance S

Segment Information - Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018	Dec. 31, 2017
Assets:
Cash and cash equivalents	$ 198,917	$ 160,063	$ 106,968	$ 104,374
Restricted cash	316,455	180,606	$ 173,686	$ 139,398
Loans and investments, net	3,836,554	3,200,145
Loans held-for-sale, net	601,827	481,664
Capitalized mortgage servicing rights, net	276,648	273,770
Securities held-to-maturity, net	86,017	76,363
Investments in equity affiliates	31,159	21,580
Goodwill and other intangible assets	113,364	116,165
Other assets	140,789	101,819
Total assets	5,601,730	4,612,175
Liabilities:
Debt obligations	4,170,823	3,314,869
Allowance for loss-sharing obligations	34,417	34,298
Other liabilities	210,512	197,442
Total liabilities	4,415,752	3,546,609
Structured Business | Operating segments
Assets:
Cash and cash equivalents	116,282	89,457
Restricted cash	315,195	180,606
Loans and investments, net	3,836,554	3,200,145
Securities held-to-maturity, net	10,000
Investments in equity affiliates	31,159	21,580
Goodwill and other intangible assets	12,500	12,500
Other assets	110,205	81,494
Total assets	4,431,895	3,585,782
Liabilities:
Debt obligations	3,573,659	2,842,688
Other liabilities	162,859	159,413
Total liabilities	3,736,518	3,002,101
Agency Business | Operating segments
Assets:
Cash and cash equivalents	82,635	70,606
Restricted cash	1,260
Loans held-for-sale, net	601,827	481,664
Capitalized mortgage servicing rights, net	276,648	273,770
Securities held-to-maturity, net	76,017	76,363
Goodwill and other intangible assets	100,864	103,665
Other assets	30,584	20,325
Total assets	1,169,835	1,026,393
Liabilities:
Debt obligations	597,164	472,181
Allowance for loss-sharing obligations	34,417	34,298
Other liabilities	47,653	38,029
Total liabilities	$ 679,234	$ 544,508

Segment Information - Originati

Segment Information - Origination Data (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Segment Information
Origination Volumes	$ 1,302,128	$ 1,079,478	$ 2,149,091	$ 2,123,193
Loan Sales Data:
Sales margin (fee-based services as a % of loan sales)	1.54%	1.53%	1.51%	1.63%
MSR rate (MSR income as a % of loan commitments)	1.44%	1.66%	1.53%	1.77%
Structured Business
Segment Information
New loan originations	$ 1,014,103	$ 606,855	$ 1,430,398	$ 921,070
Loan payoffs / paydowns	503,130	238,026	782,601	428,641
Agency Business
Segment Information
Origination Volumes	1,288,286	1,041,076	2,134,199	2,089,119
Loan Sales Data:
Loan Sales	923,046	1,018,283	2,024,813	2,080,720
Fannie Mae | Agency Business
Segment Information
Origination Volumes	937,977	606,287	1,484,863	1,269,208
Loan Sales Data:
Loan Sales	668,063	579,851	1,415,001	1,308,246
Freddie Mac | Agency Business
Segment Information
Origination Volumes	234,851	434,789	427,343	742,940
Loan Sales Data:
Loan Sales	176,544	409,612	400,317	688,128
FHA | Agency Business
Segment Information
Origination Volumes	43,558		44,668	60,738
Loan Sales Data:
Loan Sales	6,539	$ 28,820	32,170	68,113
CMBS/Conduit | Agency Business
Segment Information
Origination Volumes	71,900		177,325	16,233
Loan Sales Data:
Loan Sales	$ 71,900		$ 177,325	$ 16,233

Segment Information - Key Servi

Segment Information - Key Servicing Metrics (Details) - Agency Business - MSRs - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Segment Information
UPB of Servicing Portfolio	$ 19,464,540	$ 18,601,641
Wtd. Avg. Servicing Fee Rate (basis points)	0.436%	0.452%
Wtd. Avg. Life of Servicing Portfolio (in years)	9 years	8 years 7 months 6 days
Fannie Mae
Segment Information
UPB of Servicing Portfolio	$ 14,122,916	$ 13,562,667
Wtd. Avg. Servicing Fee Rate (basis points)	0.495%	0.513%
Wtd. Avg. Life of Servicing Portfolio (in years)	7 years 9 months 18 days	7 years 4 months 24 days
Freddie Mac
Segment Information
UPB of Servicing Portfolio	$ 4,657,097	$ 4,394,287
Wtd. Avg. Servicing Fee Rate (basis points)	0.301%	0.308%
Wtd. Avg. Life of Servicing Portfolio (in years)	10 years 10 months 24 days	10 years 9 months 18 days
FHA
Segment Information
UPB of Servicing Portfolio	$ 684,527	$ 644,687
Wtd. Avg. Servicing Fee Rate (basis points)	0.153%	0.155%
Wtd. Avg. Life of Servicing Portfolio (in years)	19 years 1 month 6 days	19 years 7 months 6 days