Arbor Realty Trust (ABR) 10-Q 8 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	May 01, 2020
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
Document Transition Report	false
Entity File Number	001-32136
Entity Registrant Name	Arbor Realty Trust, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	20-0057959
Entity Address, Address Line One	333
Entity Address, Address Line Two	Earle Ovington Boulevard
Entity Address, Address Line Three	Suite 900
Entity Address, City or Town	Uniondale
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	11553
City Area Code	516
Local Phone Number	506-4200
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		110,251,395
Entity Central Index Key	0001253986
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common Stock
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	ABR
Security Exchange Name	NYSE
Series A Preferred Stock
Title of 12(b) Security	Preferred Stock, 8.25% Series A Cumulative Redeemable, par value $0.01 per share
Trading Symbol	ABR-PA
Security Exchange Name	NYSE
Series B Preferred Stock
Title of 12(b) Security	Preferred Stock, 7.75% Series B Cumulative Redeemable, par value $0.01 per share
Trading Symbol	ABR-PB
Security Exchange Name	NYSE
Series C Preferred Stock
Title of 12(b) Security	Preferred Stock, 8.50% Series C Cumulative Redeemable, par value $0.01 per share
Trading Symbol	ABR-PC
Security Exchange Name	NYSE

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Assets:
Cash and cash equivalents	$ 222,330	$ 299,687
Restricted cash	304,067	210,875
Loans and investments, net (allowance for credit losses of $142,252 and $71,069, respectively)	4,638,004	4,189,960
Loans held-for-sale, net	991,696	861,360
Capitalized mortgage servicing rights, net	288,954	286,420
Securities held-to-maturity, net (allowance for credit losses of $992 and $0, respectively)	84,406	88,699
Investments in equity affiliates	44,701	41,800
Real estate owned, net	13,270	13,220
Due from related party	13,821	10,651
Goodwill and other intangible assets	109,371	110,700
Other assets	224,030	125,788
Total assets	6,934,650	6,239,160
Liabilities and Equity:
Credit facilities and repurchase agreements	1,846,473	1,678,288
Collateralized loan obligations	2,513,096	2,130,121
Debt fund	68,717	68,629
Senior unsecured notes	591,854	319,799
Convertible senior unsecured notes, net	264,689	284,152
Junior subordinated notes to subsidiary trust issuing preferred securities	141,128	140,949
Due to related party	3,103	13,100
Due to borrowers	81,447	79,148
Allowance for loss-sharing obligations	70,752	34,648
Other liabilities	127,341	134,299
Total liabilities	5,708,600	4,883,133
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; 20,369,265 and 20,484,094 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	89,500	89,501
Common stock, $0.01 par value: 500,000,000 shares authorized; 110,608,903 and 109,706,214 shares issued and outstanding, respectively	1,106	1,097
Additional paid-in capital	1,163,161	1,154,932
Accumulated deficit	(177,589)	(60,920)
Total Arbor Realty Trust, Inc. stockholders' equity	1,076,178	1,184,610
Noncontrolling interest	149,872	171,417
Total equity	1,226,050	1,356,027
Total liabilities and equity	$ 6,934,650	$ 6,239,160

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
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)	110,608,903	109,706,214
Common stock, shares outstanding (in shares)	110,608,903	109,706,214
Assets	$ 6,934,650	$ 6,239,160
Liabilities	5,708,600	4,883,133
Loans and investments, net allowance for credit losses	142,252	71,069
Securities held-to-maturity, net allowance for credit losses	992	0
Consolidated variable interest entities
Assets	3,233,013	2,784,756
Liabilities	$ 2,585,588	$ 2,209,599
Special voting preferred shares
Preferred stock, shares issued (in shares)	20,369,265	20,484,094
Preferred stock, shares outstanding (in shares)	20,369,265	20,484,094
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 OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
CONSOLIDATED STATEMENTS OF OPERATIONS
Interest income	$ 88,526	$ 71,277
Interest expense	49,982	41,865
Net interest income	38,544	29,412
Other revenue:
Gain on sales, including fee-based services, net	14,305	16,389
Mortgage servicing rights	21,934	14,232
Servicing revenue, net	13,302	13,552
Property operating income	2,192	2,803
Loss on derivative instruments, net	(50,731)	(2,465)
Other income, net	1,303	337
Total other revenue	2,305	44,848
Other expenses:
Employee compensation and benefits	34,252	31,764
Selling and administrative	11,052	9,761
Property operating expenses	2,443	2,396
Depreciation and amortization	1,947	1,912
Provision for loss sharing (net of recoveries)	21,537	454
Provision for credit losses (net of recoveries)	54,382
Total other expenses	125,613	46,287
(Loss) income before extinguishment of debt, income from equity affiliates and income taxes	(84,764)	27,973
Loss on extinguishment of debt	(1,954)	(128)
Income from equity affiliates	3,992	2,151
Benefit for income taxes	14,370	10
Net (loss) income	(68,356)	30,006
Preferred stock dividends	1,888	1,888
Net (loss) income attributable to noncontrolling interest	(10,934)	5,468
Net (loss) attributable to common stockholders	$ (59,310)	$ 22,650
Basic (loss) earnings per common share (in dollars per share)	$ (0.54)	$ 0.27
Diluted (loss) earnings per common share (in dollars per share)	$ (0.54)	$ 0.26
Weighted average shares outstanding:
Basic (in shares)	110,792,412	85,151,878
Diluted (in shares)	131,217,199	107,869,511
Dividends declared per common share (in dollars per share)	$ 0.30	$ 0.27

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Total Arbor Realty Trust, Inc. Stockholders' Equity	Noncontrolling Interest	Total
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 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			(1,331)		(1,331)		(1,331)
Stock-based compensation		$ 4	3,752		3,756		3,756
Stock-based compensation (in shares)		440,174
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				(23,101)	(23,101)		(23,101)
Distributions - preferred stock				(1,888)	(1,888)		(1,888)
Distributions - preferred stock of private REIT				(5)	(5)		(5)
Distributions - noncontrolling interest						(5,566)	(5,566)
Redemption of operating partnership units	$ (3)	$ 3	2,935		2,935	(4,566)	(1,631)
Redemption of operating partnership units (in shares)	(387,706)	258,677
Net income (loss)				24,538	24,538	5,468	30,006
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
Change in accounting principal				(24,106)	(24,106)	(4,501)	(28,607)
Balance - January 1, 2020 (as adjusted for change in accounting principal	$ 89,501	$ 1,097	1,154,932	(85,026)	1,160,504	166,916	1,327,420
Balance at Dec. 31, 2019	$ 89,501	$ 1,097	1,154,932	(60,920)	1,184,610	171,417	1,356,027
Balance (in shares) at Dec. 31, 2019	24,195,594	109,706,214
Increase (Decrease) in Stockholders' Equity
Issuance of common stock		$ 14	19,410		19,424		19,424
Issuance of common stock (in shares)		1,350,000
Repurchase of common stock		$ (13)	(11,278)		(11,291)		(11,291)
Repurchase of common stock (in shares)		(1,249,777)
Net settlement on vesting of restricted stock		$ 1	(1,631)		(1,630)		(1,630)
Net settlement on vesting of restricted stock (in shares)		65,419
Issuance of common stock from convertible debt		$ 3	(186)		(183)		(183)
Issuance of common stock from convertible debt (in shares)		360,860
Stock-based compensation		$ 4	3,513		3,517		3,517
Stock-based compensation (in shares)		381,315
Forfeiture of unvested restricted stock (in shares)		(5,128)
Distributions - common stock				(33,249)	(33,249)		(33,249)
Distributions - preferred stock				(1,888)	(1,888)		(1,888)
Distributions - preferred stock of private REIT				(4)	(4)		(4)
Distributions - noncontrolling interest						(6,110)	(6,110)
Redemption of operating partnership units	$ (1)		(1,599)		(1,600)		(1,600)
Redemption of operating partnership units (in shares)	(114,829)
Net income (loss)				(57,422)	(57,422)	(10,934)	(68,356)
Balance at Mar. 31, 2020	$ 89,500	$ 1,106	$ 1,163,161	$ (177,589)	$ 1,076,178	$ 149,872	1,226,050
Balance (in shares) at Mar. 31, 2020	24,080,765	110,608,903
Increase (Decrease) in Stockholders' Equity
Change in accounting principal							$ 28,607

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Operating activities:
Net (loss) income	$ (68,356)	$ 30,006
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation and amortization	1,947	1,912
Stock-based compensation	3,517	3,756
Amortization and accretion of interest and fees, net	1,633	653
Amortization of capitalized mortgage servicing rights	11,822	12,282
Originations of loans held-for-sale	(1,088,699)	(746,315)
Proceeds from sales of loans held-for-sale, net of gain on sale	957,060	996,341
Mortgage servicing rights	(21,934)	(14,232)
Write-off of capitalized mortgage servicing rights from payoffs	5,920	4,458
Provision for loss sharing (net of recoveries)	21,537	454
Provision for credit losses (net of recoveries)	54,382
Net recoveries (charge-offs) for loss sharing obligations	160	(234)
Deferred tax benefit	(19,904)	(4,168)
Income from equity affiliates	(3,992)	(2,151)
Loss on extinguishment of debt	1,954	128
Changes in operating assets and liabilities	(90,282)	(14,501)
Net cash (used in) provided by operating activities	(233,235)	268,389
Investing Activities:
Loans and investments funded, originated and purchased, net	(815,501)	(403,756)
Payoffs and paydowns of loans and investments	298,701	280,819
Deferred fees	4,857	2,014
Investments in real estate, net	(230)	(202)
Contributions to equity affiliates	(60)	(6,030)
Purchases of securities held-to-maturity, net		(10,000)
Payoffs and paydowns of securities held-to-maturity	3,313	1,521
Due to borrowers and reserves	(1,834)	(2,763)
Net cash used in investing activities	(510,754)	(138,397)
Financing activities:
Proceeds from repurchase agreements and credit facilities	2,229,200	1,625,430
Paydowns and payoffs of repurchase agreements and credit facilities	(2,058,588)	(1,728,631)
Proceeds from issuance of collateralized loan obligations	668,000
Payoffs and paydowns of collateralized loan obligations	(282,874)
Proceeds from issuance of common stock	19,424
Settlements of convertible senior unsecured notes	(21,516)	(3,019)
Proceeds from issuance of senior unsecured notes	275,000	90,000
Redemption of operating partnership units	(1,600)	(1,631)
Payments of withholding taxes on net settlement of vested stock	(1,630)	(3,487)
Repurchase of common stock	(11,291)
Distributions paid on common stock	(33,249)	(23,101)
Distributions paid on noncontrolling interest	(6,110)	(5,566)
Distributions paid on preferred stock	(1,888)	(1,888)
Distributions paid on preferred stock of private REIT	(4)	(5)
Payment of deferred financing costs	(13,050)	(2,393)
Net cash provided by (used in) financing activities	759,824	(54,291)
Net increase in cash, cash equivalents and restricted cash	15,835	75,701
Cash, cash equivalents and restricted cash at beginning of period	510,562	340,669	$ 340,669
Cash, cash equivalents and restricted cash at end of period	526,397	416,370	510,562
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents at beginning of period	299,687	160,063	160,063
Restricted cash at beginning of period	210,875	180,606	180,606
Cash, cash equivalents and restricted cash at beginning of period	510,562	340,669	340,669
Cash and cash equivalents at end of period	222,330	124,505	299,687
Restricted cash at end of period	304,067	291,865	210,875
Cash, cash equivalents and restricted cash at end of period	526,397	416,370	510,562
Supplemental cash flow information:
Cash used to pay interest	42,666	39,180
Cash used to pay taxes	1,681	2,008
Supplemental schedule of non-cash investing and financing activities:
Cumulative-effect adjustment (Note 2)	(28,607)		$ 28,607
Issuance of common stock from convertible debt	4,595	2,507
Special dividend - common stock issued		10,079
Special dividend - special voting preferred stock and operating partnership units issued		2,478
Fair value of conversion feature of convertible senior unsecured notes	(183)	1,175
Settlements of convertible senior unsecured notes	(4,778)	(1,331)
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)	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
8.25% Series A preferred stock
Preferred stock, dividend rate (as a percent)	8.25%	8.25%	8.25%
7.75% Series B preferred stock
Preferred stock, dividend rate (as a percent)	7.75%	7.75%	7.75%
8.50% Series C preferred stock
Preferred stock, dividend rate (as a percent)	8.50%	8.50%	8.50%

Description of Business

Description of Business	3 Months Ended
	Mar. 31, 2020
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, or "Structured Business," and our Agency Loan Origination and Servicing Business, or "Agency Business." ​ Through our Structured Business, we invest in a diversified portfolio of structured finance assets in the multifamily , single-family rental 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 "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"). We retain the servicing rights and asset management responsibilities on substantially all loans we originate and sell under the GSE and HUD programs. We are an approved Fannie Mae Delegated Underwriting and Servicing ("DUS") lender nationally, a Freddie Mac Multifamily Conventional Loan lender, seller/servicer, in New York, New Jersey and Connecticut, a Freddie Mac affordable, manufactured housing, senior housing and small balance loan ("SBL") lender, seller/servicer, nationally and a HUD MAP and LEAN senior housing/healthcare lender nationally. We also originate and sell finance products through conduit/commercial mortgage-backed securities ("CMBS") programs and during the second half of 2019, we began to originate and service permanent financing loans underwritten using the guidelines of our existing agency loans sold to the GSEs, which we refer to as "Private Label" loans. We intend to pool and securitize the Private Label loans and sell certain securities in the securitizations to third-party investors, while retaining the highest risk bottom tranche bond referred to as the "B Piece." ​ 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. A REIT is generally not subject to federal income tax on that portion of its REIT-taxable income that is distributed to its stockholders, provided that at least 90% of taxable income is distributed and provided that certain other requirements are met. Certain of our assets that produce non-qualifying REIT 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. 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. See Note 17 for details.

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2020
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 ​ These 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 2019 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. Our VIEs are described in Note 15. All significant inter-company 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. During the first quarter of 2020, there was a global outbreak of a novel coronavirus ("COVID-19"), which has forced many countries, including the United States, to declare national emergencies, to institute "stay-at-home" orders, to close financial markets and to restrict operations of non-essential businesses. Such actions are creating significant disruptions in global supply chains, and adversely impacting many industries. COVID-19 could have a continued and prolonged adverse impact on economic and market conditions and could trigger a period of global economic slowdown. The impact of COVID-19 on companies is evolving rapidly, and the extent and duration of the economic fallout from this pandemic, both globally and to our business, remain unclear, making any estimate or assumption as of March 31, 2020 inherently less certain than they would be absent the current and potential impacts of COVID-19. Actual results could differ from those estimates. ​ Recently Adopted Accounting Pronouncements ​ Credit Losses ​ On January 1, 2020, we adopted Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which utilizes a current expected credit loss methodology (“CECL”) for the recognition of credit losses for our structured loans and investments, held-to-maturity debt securities and our loss-sharing obligations related to the Fannie Mae DUS program, at the time the financial asset is originated or acquired. The allowance for credit losses is adjusted each period for changes in expected credit losses. This methodology replaces the multiple existing impairment methods in GAAP and generally requires that a loss be incurred before it is recognized. We adopted ASU 2016-13 using the modified retrospective method, therefore, the results for reporting periods prior to January 1, 2020 have been unadjusted and reported in accordance with previously applicable GAAP. In connection with the adoption of ASU 2016-13, we recorded a $28.6 million increase to accumulated deficit,which is net of a deferred tax asset of $3.6 million as of January 1, 2020. ​ The following table illustrates the impact of adopting ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ January 1, 2020 ​ As Reported ​ ​ ​ Under As Reported Impact of ​ ASU 2016-13 Pre-Adoption Adoption Assets: ​ ​ ​ Allowance for credit losses: ​ ​ ​ Structured loans and investments (1) ​ $ 88,363 ​ $ 71,069 ​ $ 17,294 Held-to-maturity debt securities ​ 501 ​ ​ — ​ ​ 501 Deferred taxassets ​ ​ 27,307 ​ ​ 23,713 ​ ​ 3,594 Liabilities: ​ ​ ​ Allowance for loss-sharing obligations ​ 16,847 ​ 2,441 ​ 14,406 (1) See Note 3 for details by asset class. ​ Other Accounting Pronouncements Adopted ​ ​ ​ ​ ​ ​ Description Adoption Date Effect on Financial Statements In November 2018, the Financial Accounting Standards Board ("FASB") issued ASU 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities. This ASU amends the guidance for determining whether a decision-making fee is a variable interest and requires companies to consider indirect interests held through related parties under common control on a proportional basis rather than as the equivalent of a direct interest in its entirety (as currently required in GAAP). ​ First quarter of 2020 ​ The adoption of this guidance did not have a material impact on our consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820)—Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement, which makes a number of changes meant to add, modify or remove certain disclosure requirements associated with changes between hierarchy associated with Level 1, Level 2 and Level 3 fair value measurements. Early adoption is permitted upon issuance of the update. ​ First quarter of 2020 ​ The adoption of this guidance did not have a material impact on our consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, Intangibles—Goodwill and Other: Simplifying the Test for Goodwill Impairment. This ASU eliminates step two from the goodwill impairment test, which measures a goodwill impairment loss by comparing the implied fair value with the carrying amount of goodwill. ​ First quarter of 2020 ​ The adoption of this guidance did not have a material impact on our consolidated financial statements. ​ Recently Issued Accounting Pronouncements ​ Description Effective Date Effect on Financial Statements On March 12, 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848)—Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions that reference LIBOR or other reference rates expected to be discontinued because of reference rate reform. This ASU is effective as of March 12, 2020 through December 31, 2022. We have not adopted any of the optional expedients or exceptions through March 31, 2020, but will continue to evaluate the possible adoption of any such expedients or exceptions during the effective period as circumstances evolve. ​ Significant Accounting Policies ​ See Item 8 – Financial Statements and Supplementary Data in our 2019 Annual Report for a description of our significant accounting policies. Upon the adoption of ASU 2016-13 on January 1, 2020, we adjusted certain significant accounting policies, as follows: ​ Allowance for Credit Losses. given defaults (LGD) for similar loans with similar credit. These results require a significant amount of judgment applied in selecting inputs and analyzing the results produced by the models to determine the allowance for credit losses. Changes in such estimates can significantly affect our expected credit losses. ​ Our method for calculating the estimate of expected credit loss takes into account historical experience and current conditions for similar loans and reasonable and supportable forecasts about the future. The reasonable and supportable forecast period is determined based on our assessment of the most likely scenario of assumptions and plausible outcomes for the US economy, level of historical loss forecast estimates, material changes in growth and credit strategy and other factors that may affect our loss experience. We regularly evaluate the reasonable and supportable forecast period to determine if a change is needed. ​ Beyond our reasonable and supportable forecast period, we generally revert to historical loss information over the remaining loan/asset period, taken from a period that most accurately reflects the expectation of conditions expected to exist during the period of reversion. We may make adjustments to historical loss information for differences in risk that may not reflect the characteristics of our current portfolio, including but not limited to, loan-to-value and debt service coverage ratios, among other relevant factors. The method of reversion selected represents the best estimate of the collectability of the investments and is reevaluated each reporting period. We generally expect to use an average historical loss for reversion, utilizing an immediate or straight line method for the remaining life of the investments. ​ We also perform a qualitative assessment beyond model estimates, and apply qualitative adjustments as necessary. Our qualitative analysis includes a review of data that may directly impact our estimates including internal and external information about the loan or property including current market conditions, asset specific conditions, property operations or borrower/sponsor details (i.e. refinance, sale, bankruptcy) which allows us to more accurately and reasonably determine the amount of the expected loss for these investments. We also evaluate the contractual life of our assets to determine if changes are needed for contractual extension options, renewals, modifications and prepayments. ​ To the extent possible, we estimate our allowance for credit losses using a pooling approach for homogeneous assets with similar risk characteristics with the goal of enhancing the precision of their estimate. If particular assets no longer display risk characteristics that are similar to those of the pool, we may decide to revise our pools or perform an individual assessment of expected credit losses. If it is determined that a foreclosure is probable, or we expect repayment through the operation or sale of the collateral and the borrower is experiencing financial difficulty, we calculate expected credit losses based on the fair value of the collateral as of the reporting date. ​ During the loan review process, if we determine that it is probable that we will be unable to collect all amounts due for both principal and interest according to the contractual terms of a loan, we consider that loan impaired. We evaluate the capitalization and market discount rates, as well as the borrower's operating income and cash flows, in estimating the value of the underlying collateral when determining if a loan is impaired. We may also obtain a third party appraisal, which may value the collateral through an "as-is" or "stabilized value" methodology. Such appraisals may be used as an additional source of valuation information only and no adjustments are made to appraisals. If upon completion of the valuation, the fair value of the underlying collateral securing the impaired loan is less than the net carrying value of the loan, we record a specific allowance for credit losses with a corresponding charge to the provision for credit losses, and remove the impaired loan from the CECL analysis described above. If the loan modification constitutes a concession whereas we do not receive ample consideration in return for the modification, and the borrower is experiencing financial difficulties and cannot repay the loan under the current terms, then the modification is considered by us to be a troubled debt restructuring. We record interest on modified loans on an accrual basis to the extent the modified loan is contractually current. The allowance for credit losses on a troubled debt restructuring is measured using the same method as all other loans held for investment. Charge-offs to the allowance for credit losses occur when losses are confirmed through the receipt of cash or other consideration from the completion of a sale; when a modification or restructuring takes place in which we grant a concession to a borrower or agree to a discount in full or partial satisfaction of the loan; when we take ownership and control of the underlying collateral in full satisfaction of the loan; when loans are reclassified as other investments; or when significant collection efforts have ceased and it is highly likely that a loss has been realized. Loss on restructured loans is recorded when we have granted a concession to the borrower in the form of principal forgiveness related to the payoff or the substitution or addition of a new debtor for the original borrower or when we incur costs on behalf of the borrower related to the modification, payoff or the substitution or addition of a new debtor for the original borrower. When a loan is restructured, we record our investment at net realizable value, taking into account the cost of all concessions at the date of restructuring. In addition, a gain or loss may be recorded upon the sale of a loan to a third party in the consolidated statements of operations in the period in which the loan was sold.

Loans and Investments

Loans and Investments	3 Months Ended
	Mar. 31, 2020
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 ​ ​ ​ March 31, 2020 ​ Total ​ Count ​ Pay Rate (1) ​ Maturity ​ LTV Ratio (2) ​ LTV Ratio (3) ​ Bridge loans (4) ​ $ 4,342,335 ​ 90 % 234 5.50 % 18.4 1 % 77 % Preferred equity investments ​ 201,509 4 % 11 8.30 % 59.2 70 % 88 % Mezzanine loans ​ ​ 175,389 ​ 4 % 27 ​ 7.85 % 48.4 ​ 24 % 75 % Other (5) ​ 81,311 2 % 20 5.14 % 76.1 0 % 69 % ​ ​ 4,800,544 100 % 292 5.70 % 22.2 4 % 77 % Allowance for credit losses ​ ​ (142,252) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unearned revenue ​ (20,288) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans and investments, net ​ $ 4,638,004 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Wtd. Avg. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Remaining ​ Wtd. Avg. ​ Wtd. Avg. ​ ​ ​ ​ ​ ​ Percent of ​ Loan ​ Wtd. Avg. ​ Months to ​ First Dollar ​ Last Dollar ​ ​ December 31, 2019 Total Count Pay Rate (1) Maturity LTV Ratio (2) LTV Ratio (3) ​ Bridge loans (4) ​ $ 3,836,832 90 % 217 5.77 % 18.0 0 % 75 % Preferred equity investments ​ 181,058 4 % 10 7.62 % 68.8 69 % 89 % Mezzanine loans ​ ​ 191,575 ​ 4 % 24 ​ 9.70 % 36.7 ​ 22 % 73 % Other (5) ​ ​ 70,146 ​ 2 % 21 ​ 2.88 % 84.8 ​ 0 % 70 % ​ ​ 4,279,611 100 % 272 5.98 % 22.1 4 % 76 % Allowance for credit losses ​ (71,069) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unearned revenue ​ (18,582) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans and investments, net ​ $ 4,189,960 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) “Weighted Average Pay Rate” is a weighted average, based on the unpaid principal balance (“UPB”) of each loan in our portfolio, of the interest rate that is required to be paid monthly as stated in the individual loan agreements. Certain loans and investments that require an additional rate of interest “Accrual Rate” to be paid at maturity are not included in the weighted average pay rate as shown in the table. (2) The “First Dollar Loan-to-Value (“LTV”) Ratio” is calculated by comparing the total of our senior most dollar and all senior lien positions within the capital stack to the fair value of the underlying collateral to determine the point at which we will absorb a total loss of our position. (3) The “Last Dollar LTV Ratio” is calculated by comparing the total of the carrying value of our loan and all senior lien positions within the capital stack to the fair value of the underlying collateral to determine the point at which we will initially absorb a loss. (4) As of March 31, 2020 and December 31, 2019, bridge loans included 10 and 11, respectively, single-family rental loans with an aggregate UPB of $54.4 million and $66.7 million, respectively, of which $24.0 million and $30.0 million, respectively, was funded. (5) As of March 31, 2020 and December 31, 2019, other included 19 and 12 , respectively, single-family rental permanent loans with an aggregate UPB of $74.9 million and $41.6 million, respectively, and 1 and 9 , respectively, purchased loans with an aggregate UPB of $6.4 million and $28.6 million, respectively. ​ Concentration of Credit Risk ​ We are subject to concentration risk in that, at March 31, 2020, the UPB related to 25 loans with five different borrowers represented 13% of total assets. At December 31, 2019, the UPB related to 24 loans with five different borrowers represented 13% of total assets. During both the three months ended March 31, 2020 and the year ended December 31, 2019, no single loan or investment represented more than 10% of our total assets and no single investor group generated over 10% of our revenue. See Note 18 for details on our concentration of related party loans and investments. ​ 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. 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. ​ A summary of the loan portfolio’s internal risk ratings and LTV ratios by asset class is as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Wtd. Avg. Wtd. Avg. ​ ​ UPB by Origination Year ​ ​ ​ ​ First Dollar ​ Last Dollar ​ March 31,2020 ​ 2020 ​ 2019 ​ 2018 ​ 2017 ​ 2016 ​ Prior ​ Total ​ LTV Ratio ​ LTV Ratio ​ Multifamily: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk Rating: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ $ 425,994 ​ $ 758,705 ​ $ 75,000 ​ $ 32,500 ​ $ — ​ $ 350 ​ $ 1,292,549 ​ ​ ​ ​ Pass/Watch ​ 195,114 ​ ​ 903,609 ​ ​ 188,500 ​ ​ 22,100 ​ ​ — ​ ​ 17,685 ​ ​ 1,327,008 ​ ​ ​ ​ Special Mention ​ ​ 49,173 ​ ​ 616,097 ​ ​ 150,459 ​ ​ 288,800 ​ ​ — ​ ​ — ​ ​ 1,104,529 ​ ​ ​ ​ ​ Substandard ​ ​ 23,500 ​ ​ 10,594 ​ ​ 41,494 ​ ​ 86,020 ​ ​ 8,250 ​ ​ 28,800 ​ ​ 198,658 ​ ​ ​ ​ ​ Doubtful ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ​ ​ Total Multifamily ​ $ 693,781 ​ $ 2,289,005 ​ $ 455,453 ​ $ 429,420 ​ $ 8,250 ​ $ 46,835 ​ $ 3,922,744 ​ 4 % 76 % Land: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of portfolio ​ ​ 82 % ​ ​ ​ ​ Risk Rating: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ ​ ​ ​ ​ Pass/Watch ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ​ ​ ​ Special Mention ​ ​ 71,019 ​ ​ 19,523 ​ ​ — ​ ​ 19,975 ​ ​ — ​ ​ — ​ ​ 110,517 ​ ​ ​ ​ ​ Substandard ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 127,928 ​ ​ 127,928 ​ ​ ​ ​ ​ Doubtful ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ​ ​ ​ Total Land ​ $ 71,019 ​ $ 19,523 ​ $ — ​ $ 19,975 ​ $ — ​ $ 127,928 ​ $ 238,445 ​ 0 % 90 % Healthcare: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of portfolio ​ ​ 5 % ​ ​ ​ ​ Risk Rating: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ $ — ​ $ 21,350 ​ $ 10,000 ​ $ — ​ $ — ​ $ — ​ $ 31,350 ​ ​ ​ ​ Pass/Watch ​ ​ — ​ ​ 51,069 ​ ​ 66,500 ​ ​ 41,650 ​ ​ — ​ ​ — ​ ​ 159,219 ​ ​ ​ ​ ​ Special Mention ​ ​ — ​ ​ 8,500 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 8,500 ​ ​ ​ ​ ​ Substandard ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ​ ​ ​ Doubtful ​ ​ — ​ ​ — ​ ​ — ​ ​ 4,625 ​ ​ — ​ ​ — ​ ​ 4,625 ​ ​ ​ ​ ​ Total Healthcare ​ $ — ​ $ 80,919 ​ $ 76,500 ​ $ 46,275 ​ $ — ​ $ — ​ $ 203,694 ​ 0 % 78 % Office: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of portfolio ​ ​ 4 % ​ ​ ​ ​ Risk Rating: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ $ — ​ $ — ​ $ 5,000 ​ $ — ​ $ — ​ $ — ​ $ 5,000 ​ ​ ​ ​ ​ Pass/Watch ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ​ ​ ​ Special Mention ​ ​ — ​ ​ — ​ ​ — ​ ​ 43,151 ​ ​ — ​ ​ 9,961 ​ ​ 53,112 ​ ​ ​ ​ ​ Substandard ​ ​ — ​ ​ — ​ ​ 41,000 ​ ​ 34,000 ​ ​ — ​ ​ — ​ ​ 75,000 ​ ​ ​ ​ ​ Doubtful ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 880 ​ ​ 880 ​ ​ ​ ​ ​ Total Office ​ $ — ​ $ — ​ $ 46,000 ​ $ 77,151 ​ $ — ​ $ 10,841 ​ $ 133,992 ​ 3 % 69 % Single Family Rental: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of portfolio ​ ​ 3 % ​ ​ ​ ​ Risk Rating: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ $ 8,575 ​ $ 34,490 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 43,065 ​ ​ ​ ​ ​ Pass/Watch ​ ​ 17,570 ​ ​ 30,853 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 48,423 ​ ​ ​ ​ ​ Special Mention ​ ​ 7,287 ​ ​ 161 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 7,448 ​ ​ ​ ​ ​ Substandard ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ​ ​ ​ Doubtful ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ​ ​ ​ Total Single Family Rental ​ $ 33,432 ​ $ 65,504 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 98,936 ​ 0 % 70 % Hotel: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of portfolio ​ ​ 2 % ​ ​ ​ ​ Risk Rating: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ ​ ​ ​ ​ Pass/Watch ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ​ ​ ​ Special Mention ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ​ ​ ​ Substandard ​ ​ — ​ ​ 91,000 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 91,000 ​ ​ ​ ​ ​ Doubtful ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ​ ​ ​ Total Hotel ​ $ — ​ $ 91,000 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 91,000 ​ 32 % 100 % Other: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of portfolio ​ ​ 2 % ​ ​ ​ ​ Risk Rating: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ ​ ​ ​ ​ Pass/Watch ​ ​ — ​ ​ — ​ ​ — ​ ​ 3,574 ​ ​ — ​ ​ — ​ ​ 3,574 ​ ​ ​ ​ ​ Special Mention ​ ​ — ​ ​ — ​ ​ 51,300 ​ ​ 10,006 ​ ​ — ​ ​ — ​ ​ 61,306 ​ ​ ​ ​ ​ Substandard ​ ​ — ​ ​ — ​ ​ 41,600 ​ ​ — ​ ​ — ​ ​ 3,553 ​ ​ 45,153 ​ ​ ​ ​ ​ Doubtful ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,700 ​ ​ 1,700 ​ ​ ​ ​ ​ Total Other ​ $ — ​ $ — ​ $ 92,900 ​ $ 13,580 ​ $ — ​ $ 5,253 ​ $ 111,733 ​ 4 % 77 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of portfolio ​ ​ 2 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Grand Total ​ $ 798,232 ​ $ 2,545,951 ​ $ 670,853 ​ $ 586,401 ​ $ 8,250 ​ $ 190,857 ​ $ 4,800,544 ​ 4 % 77 % ​ Geographic Concentration Risk ​ As of March 31, 2020, 16% and 12% of the outstanding balance of our loan and investment portfolio had underlying properties in New York and Texas, respectively. As of December 31, 2019, 18% and 12% 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. ​ Allowance for Credit Losses ​ A summary of the changes in the allowance for credit losses is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2020 ​ Land ​ Multifamily ​ Retail ​ Hotel ​ Office ​ Healthcare ​ Other Total Allowance for credit losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance, prior to adoption of CECL ​ $ 67,869 ​ $ — ​ $ — ​ $ — ​ $ 1,500 ​ $ — ​ $ 1,700 ​ $ 71,069 Impact of adopting CECL - January 1, 2020 ​ ​ 77 ​ ​ 15,688 ​ ​ 333 ​ ​ 29 ​ ​ 287 ​ ​ 64 ​ ​ 816 ​ ​ 17,294 Provision for credit losses (net of recoveries) ​ 10,473 ​ ​ 16,585 ​ 10,983 ​ 7,500 ​ 4,310 ​ 3,870 ​ 168 ​ 53,889 Ending balance ​ $ 78,419 ​ $ 32,273 ​ $ 11,316 ​ $ 7,529 ​ $ 6,097 ​ $ 3,934 ​ $ 2,684 ​ $ 142,252 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance for credit losses ​ $ 67,869 ​ $ — ​ $ — ​ $ — ​ $ 1,500 ​ $ — ​ $ 1,700 ​ $ 71,069 ​ The increase in the provision for credit losses during the three months ended March 31, 2020 of $53.9 million, compared to the January 1, 2020 cumulative-effect adjustment upon adoption of CECL of $17.3 million, is primarily attributed to the significant adverse change in the economic outlook due to the COVID-19 pandemic. Our estimate of allowance for credit losses on our structured loans and investments including related unfunded loan commitments during the first quarter of 2020 was based on a reasonable and supportable forecast period that was adjusted for the expectations that the markets in which we operate will experience a decline in economic conditions, increases in unemployment rates and other market driven factors largely the result of the COVID-19 pandemic that will likely impact loan delinquencies, modifications and potential risk of loss. For the periods beyond the reasonable and supportable forecast, we reverted to our historical loss rate, which was adjusted to address for factors that are not present in our existing portfolio. During the quarter, we also made adjustments for loans that were anticipated to extend based on available extension options and timing of their maturities in relation to the current economic conditions. ​ The expected credit losses over the contractual period of our loans also include the obligation to extend credit through our unfunded loan commitments. Our CECL allowance for unfunded loan commitments are adjusted quarterly and correspond with the associated outstanding loans. As of March 31, 2020, we had outstanding unfunded commitments of $183.8 million that we are obligated to fund as borrowers meet certain requirements. ​ As of March 31, 2020, accrued interest receivable related to our loans totaling $37.7 million was excluded from the estimate of credit losses and is included in other assets on the consolidated balance sheet. ​ All of our structured loans and investments are collateral dependent, and as such, the measurement of credit losses may be based on the difference between the fair value of the underlying collateral and the carrying value of the assets as of the period end. A summary of our specific loans considered impaired by asset class is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Wtd. Avg. First ​ Wtd. Avg. Last ​ ​ ​ ​ ​ Carrying ​ Allowance for ​ Dollar LTV ​ Dollar LTV ​ Asset Class UPB Value Credit Losses Ratio Ratio Land ​ $ 134,215 ​ $ 126,800 ​ $ 77,869 ​ ​ 0 % ​ 97 % Hotel ​ 50,000 ​ 49,663 ​ 7,500 ​ 59 % 100 % Retail ​ 33,520 ​ 31,921 ​ 11,292 ​ 3 % 100 % Healthcare ​ 4,625 ​ 4,845 ​ 3,845 ​ 0 % 100 % Office ​ 2,211 ​ ​ 2,211 ​ 1,500 ​ 0 % 76 % Commercial ​ 1,700 ​ 1,700 ​ 1,700 ​ 63 % 63 % Total ​ $ 226,271 ​ $ 217,140 ​ $ 103,706 ​ ​ 14 % ​ 98 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ ​ ​ ​ ​ ​ ​ Wtd. Avg. First Wtd. Avg. Last ​ ​ ​ ​ Carrying ​ Allowance for ​ Dollar LTV ​ Dollar LTV ​ Asset Class ​ UPB (1) ​ Value ​ Credit Losses ​ Ratio ​ Ratio ​ Land $ 134,215 $ 126,800 $ 67,869 ​ 0 % ​ 97 % Office ​ 2,226 ​ 2,226 ​ 1,500 ​ 0 % 78 % Commercial ​ ​ 1,700 ​ ​ 1,700 ​ ​ 1,700 ​ ​ 63 % ​ 63 % Total ​ $ 138,141 ​ $ 130,726 ​ $ 71,069 ​ ​ 1 % ​ 96 % (1) Represents the UPB of nine and five impaired loans (less unearned revenue and other holdbacks and adjustments) by asset class at March 31, 2020 and December 31, 2019, respectively. ​ There were no loans for which the fair value of the collateral securing the loan was less than the carrying value of the loan for which we had not recorded a provision for credit loss as of March 31, 2020 and December 31, 2019. ​ At March 31, 2020, four loans with an aggregate net carrying value of $1.8 million, net of related loan loss reserves of $6.5 million, were classified as non-performing and, at December 31, 2019, three loans with an aggregate net carrying value of $1.8 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 ​ December 31, 2019 ​ ​ ​ ​ ​ Less Than ​ Greater Than ​ ​ ​ ​ Less Than ​ Greater Than ​ ​ ​ ​ 90 Days ​ 90 Days ​ ​ ​ 90 Days ​ 90 Days ​ UPB Past Due Past Due UPB Past Due Past Due Healthcare ​ $ 4,625 ​ $ — ​ $ 4,625 ​ $ — ​ $ — ​ $ — Commercial ​ ​ 1,700 ​ ​ — ​ ​ 1,700 ​ ​ 1,700 ​ ​ — ​ ​ 1,700 Retail ​ ​ 920 ​ ​ — ​ ​ 920 ​ ​ 1,000 ​ ​ — ​ ​ 1,000 Office ​ ​ 880 ​ ​ — ​ ​ 880 ​ ​ 880 ​ ​ — ​ ​ 880 Total ​ $ 8,125 ​ $ — ​ $ 8,125 ​ $ 3,580 ​ $ — ​ $ 3,580 ​ In addition, we have six loans with a carrying value totaling $120.3 million at March 31, 2020, that are collateralized by a land development project. These loans were scheduled to mature in March 2020 and were extended to September 2020. The loans do not carry a current pay rate of interest, however, five of the loans with a carrying value totaling $111.0 million entitle us to a weighted average accrual rate of interest of 8.38%. 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 March 31, 2020 and December 31, 2019, we had a cumulative allowance for credit losses of $71.4 million and $61.4 million, respectively, related to these loans. The loans are subject to certain risks associated with a development project including, but not limited to, availability of construction financing, increases in projected construction costs, demand for the development's outputs upon completion of the project, and litigation risk. Additionally, these loans were not classified as non-performing as the borrower is in compliance with all of the terms and conditions of the loans. ​ At both March 31, 2020 and December 31, 2019, we had no loans contractually past due 90 days or more that are still accruing interest. During both the three months ended March 31, 2020 and 2019, interest income recognized on nonaccrual loans was de minimis. ​ There were no loan modifications, refinancing's and/or extensions during both the three months ended March 31, 2020 and 2019 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 March 31, 2020 and December 31, 2019, we had total interest reserves of $51.1 million and $37.0 million, respectively, on 141 loans and 131 loans, respectively, with an aggregate UPB of $2.64 billion and $2.43 billion, respectively.

Loans Held-for-Sale, Net

Loans Held-for-Sale, Net	3 Months Ended
	Mar. 31, 2020
Loans Held-for-Sale, Net
Loans Held-for-Sale, Net	Note 4 — Loans Held-for-Sale, Net ​ Loans held-for-sale, net consists of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 December 31, 2019 Private Label ​ $ 683,526 ​ $ 401,207 Fannie Mae ​ ​ 236,459 ​ ​ 408,534 Freddie Mac ​ 56,311 ​ ​ 36,303 FHA ​ ​ 2,440 ​ ​ 1,082 ​ ​ 978,736 ​ ​ 847,126 Fair value of future MSR ​ ​ 15,254 ​ ​ 16,519 Unearned discount ​ (2,294) ​ ​ (2,285) Loans held-for-sale, net ​ $ 991,696 ​ $ 861,360 ​ Our GSE loans held-for-sale are typically sold within 60 days of loan origination, while our Private Label loans are generally expected to be sold and securitized within 180 days of loan origination. During the three months ended March 31, 2020 and 2019, we sold $957.1 million and $1.10 billion, respectively, of loans held-for-sale and recorded gain on sales of $13.2 million and $15.1 million, respectively. At March 31, 2020 and December 31, 2019, there were no loans held-for-sale that were 90 days or more past due, and there were no loans held-for-sale that were placed on a non-accrual status.

Capitalized Mortgage Servicing

Capitalized Mortgage Servicing Rights	3 Months Ended
	Mar. 31, 2020
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 or acquired MSRs. The discount rates used to determine the present value of our MSRs throughout the periods presented for all MSRs were between 8% - 15% (representing a weighted average discount rate of 13%) based on our best estimate of market discount rates. The weighted average estimated life remaining of our MSRs was 8.1 years and 8.0 years at March 31, 2020 and December 31, 2019, respectively. ​ A summary of our capitalized MSR activity is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2020 ​ Acquired Originated Total Balance at beginning of period ​ $ 64,519 ​ $ 221,901 ​ $ 286,420 Additions ​ ​ — ​ ​ 20,275 ​ ​ 20,275 Amortization ​ ​ (4,206) ​ ​ (7,615) ​ ​ (11,821) Write-downs and payoffs ​ ​ (1,736) ​ ​ (4,184) ​ ​ (5,920) Balance at end of period ​ $ 58,577 ​ $ 230,377 ​ $ 288,954 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2019 Balance at beginning of period ​ $ 97,084 ​ $ 176,686 ​ $ 273,770 Additions ​ ​ — ​ ​ 20,609 ​ ​ 20,609 Amortization ​ ​ (5,915) ​ ​ (6,367) ​ ​ (12,282) Write-downs and payoffs ​ ​ (3,140) ​ ​ (1,318) ​ ​ (4,458) Balance at end of period ​ $ 88,029 ​ $ 189,610 ​ $ 277,639 ​ We collected prepayment fees totaling $5.1 million and $4.9 million during the three months ended March 31, 2020 and 2019, respectively. Prepayment fees are included as a component of servicing revenue, net on the consolidated statements of operations. As of March 31, 2020 and December 31, 2019, we had ​ The expected amortization of capitalized MSRs recorded as of March 31, 2020 is as follows (in thousands): ​ ​ ​ ​ ​ Year Amortization 2020 (nine months ending 12/31/2020) ​ $ 34,716 2021 ​ 43,228 2022 ​ 38,728 2023 ​ 34,495 2024 ​ 30,481 2025 ​ ​ 27,573 Thereafter ​ 79,733 Total ​ $ 288,954 ​ Actual amortization may vary from these estimates.

Mortgage Servicing

Mortgage Servicing	3 Months Ended
	Mar. 31, 2020
Mortgage Servicing
Mortgage Servicing	Note 6 — Mortgage Servicing ​ Product and geographic concentrations that impact our servicing revenue are as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 ​ Product Concentrations ​ Geographic Concentrations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ UPB ​ ​ ​ ​ Percent of ​ Percentage Product ​ UPB (1) ​ Total ​ State ​ of Total ​ Fannie Mae ​ $ 14,946,922 ​ 74 % Texas ​ 18 % Freddie Mac ​ ​ 4,570,521 23 % North Carolina ​ 9 % FHA ​ ​ 679,685 3 % New York ​ 9 % Total ​ $ 20,197,128 ​ 100 % California ​ 8 % ​ ​ ​ ​ ​ ​ ​ Georgia ​ 6 % ​ ​ ​ ​ ​ ​ ​ Florida ​ 6 % ​ ​ ​ ​ ​ ​ ​ Other (2) ​ 44 % ​ ​ ​ ​ ​ ​ ​ Total ​ 100 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ Fannie Mae $ 14,832,844 74 % Texas 19 % Freddie Mac ​ ​ 4,534,714 ​ 23 % North Carolina ​ 9 % FHA ​ ​ 691,519 ​ 3 % New York ​ 9 % Total ​ $ 20,059,077 ​ 100 % California ​ 9 % ​ ​ ​ ​ ​ ​ ​ Florida ​ 6 % ​ ​ ​ ​ ​ ​ ​ Georgia ​ 6 % ​ ​ ​ ​ ​ ​ ​ Other (2) ​ 42 % ​ ​ ​ ​ ​ ​ ​ Total ​ 100 % (1) Excludes loans which we are not collecting a servicing fee. (2) No other individual state represented 4% or more of the total. ​ At March 31, 2020 and December 31, 2019, our weighted average servicing fee was 43.6 basis points and 43.8 basis points, respectively. At March 31, 2020 and December 31, 2019, we held total escrow balances of $957.1 million and $947.1 million, respectively, which is not reflected in our consolidated balance sheets. Of the total escrow balances, we held $545.6 million and $562.1 million at March 31, 2020 and December 31, 2019, 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 $3.1 million and $4.0 million during the three months ended March 31, 2020 and 2019, respectively, and is a component of servicing revenue, net in the consolidated statements of operations.

Securities Held-to-Maturity

Securities Held-to-Maturity	3 Months Ended
	Mar. 31, 2020
Securities Held-to-Maturity
Securities Held-to-Maturity	Note 7 — Securities Held-to-Maturity ​ Agency B Piece Bonds . ​ Structured Single -Family Rental Bonds (“SFR bonds”). ​ A summary of our securities held-to-maturity is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Carrying ​ Unrealized ​ Estimated ​ Allowance for ​ Face Value Value (Loss)/Gain Fair Value Credit Losses March 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ B Piece bonds ​ $ 86,484 ​ $ 64,406 ​ $ (2,143) ​ $ 62,263 ​ $ 992 SFR bonds ​ ​ 20,000 ​ ​ 20,000 ​ ​ (376) ​ ​ 19,624 ​ ​ — Total ​ $ 106,484 ​ $ 84,406 ​ $ (2,519) ​ $ 81,887 ​ $ 992 December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ B Piece bonds ​ $ 91,028 ​ $ 68,699 ​ $ 2,965 ​ $ 71,664 ​ $ — SFR bonds ​ ​ 20,000 ​ ​ 20,000 ​ ​ 74 ​ ​ 20,074 ​ ​ — Total ​ $ 111,028 ​ $ 88,699 ​ $ 3,039 ​ $ 91,738 ​ $ — ​ A summary of the changes in the allowance for credit losses for our securities held-to-maturity is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2020 ​ ​ B Piece Bonds ​ SFR Bonds ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance, prior to adoption of CECL ​ $ — ​ $ — ​ $ — Impact of adopting CECL - January 1, 2020 ​ 501 ​ — ​ 501 Provision for credit loss expense ​ 491 ​ — ​ 491 Ending balance ​ $ 992 ​ $ — ​ $ 992 ​ The allowance for credit losses on our held-to-maturity securities was estimated on a collective basis by major security type and was based on a reasonable and supportable forecast period and a historical loss reversion for similar securities. The issuers continue to make timely principal and interest payments and we continue to accrue interest on all our bonds. As of March 31, 2020, no other-than-temporary impairment was recorded on our held-to-maturity securities. ​ During the three months ended March 31, 2020 and 2019, we recorded interest income (including the amortization of discount) of $2.3 million and $2.1 million, respectively, related to these investments. As of March 31, 2020, accrued interest receivable related to these bonds totaling $0.1 million was excluded from the estimate of credit losses and is included in other assets on the consolidated balance sheet.

Investments in Equity Affiliate

Investments in Equity Affiliates	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 December 31, 2019 March 31, 2020 Arbor Residential Investor LLC ​ $ 29,452 ​ $ 26,520 ​ $ — AMAC Holdings III LLC ​ ​ 10,471 ​ ​ 10,520 ​ ​ 15,600 North Vermont Avenue ​ ​ 2,458 ​ ​ 2,440 ​ ​ — Lightstone Value Plus REIT L.P ​ ​ 1,895 ​ ​ 1,895 ​ ​ — JT Prime ​ 425 ​ 425 ​ — West Shore Café ​ ​ — ​ ​ — ​ ​ 1,688 Lexford Portfolio ​ ​ — ​ ​ — ​ ​ 1,390 East River Portfolio ​ — ​ — ​ — Total ​ $ 44,701 ​ $ 41,800 ​ $ 18,678 ​ Arbor Residential Investor LLC (“ARI”). income of $2.9 million and $0.8 million, respectively, to income from equity affiliates in our consolidated statements of operations. ​ Lexford Portfolio. ​ See Note 18 for details of certain investments described above.

Real Estate Owned

Real Estate Owned	3 Months Ended
	Mar. 31, 2020
Real Estate Owned
Real Estate Owned	Note 9 — Real Estate Owned ​ Our real estate assets at both March 31, 2020 and December 31, 2019 were comprised of a hotel property and an office building. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 ​ December 31, 2019 ​ 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 ​ 31,771 ​ ​ 2,010 ​ ​ 33,781 ​ 31,541 ​ 2,010 ​ 33,551 Less: ​ ​ (14,307) ​ ​ (2,500) ​ ​ (16,807) ​ ​ (14,307) ​ ​ (2,500) ​ ​ (16,807) Less: ​ (10,460) ​ ​ (1,047) ​ ​ (11,507) ​ (10,320) ​ (1,007) ​ (11,327) Real estate owned, net ​ $ 10,298 ​ $ 2,972 ​ $ 13,270 ​ $ 10,208 ​ $ 3,012 ​ $ 13,220 ​ During the three months ended March 31, 2020 and 2019, our hotel property had a weighted average occupancy rate of 41% and 53%, respectively, a weighted average daily rate of $154 and $130, respectively, and weighted average revenue per available room of $64 and $69, respectively. The operation of a hotel property is seasonal with the majority of revenues earned in the first two quarters of the calendar year. As a result of the COVID-19 pandemic, our hotel property has temporarily ceased operations beginning in April 2020. ​ Our office building was fully occupied by a single tenant until April 2017 when the lease expired. The building is currently vacant. ​ Our real estate owned assets had restricted cash balances due to escrow requirements totaling $0.4 million and $0.5 million at March 31, 2020 and December 31, 2019, respectively.

Debt Obligations

Debt Obligations	3 Months Ended
	Mar. 31, 2020
Debt Obligations
Debt Obligations	Note 10 — Debt Obligations ​ Credit Facilities and Repurchase Agreements ​ Borrowings under our credit facilities and repurchase agreements are as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 ​ December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt ​ Collateral ​ ​ ​ Debt ​ Collateral ​ ​ ​ ​ Current ​ Extended ​ ​ ​ ​ ​ ​ ​ Carrying ​ Carrying ​ Wtd. Avg. ​ Carrying ​ Carrying ​ Wtd. Avg. ​ ​ Maturity Maturity Note Rate Value (1) Value Note Rate Value (1) Value Note Rate Structured Business ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $500 million joint repurchase facility ​ Mar. 2022 ​ N/A ​ L + 1.75 % to 3.50 % $ 300,476 ​ $ 481,126 ​ ​ 3.22 % $ 224,658 ​ $ 339,378 ​ 4.06 % $400 million repurchase facility ​ Dec. 2020 ​ Mar. 2023 ​ L + 1.95 % ​ ​ ​ 214,647 ​ 289,961 ​ ​ 2.98 % 218,418 ​ 291,292 ​ 3.76 % $200 million repurchase facility ​ Feb. 2021 ​ (2) ​ L + 2.40 % ​ ​ ​ ​ 48,893 ​ ​ 55,682 ​ ​ 3.44 % ​ 40,530 ​ ​ 48,086 ​ 4.22 % $150 million credit facility (3) ​ May 2020 ​ May 2023 ​ L + 1.75 % to 2.50 % ​ 25,560 ​ ​ 31,790 ​ ​ 2.78 % ​ 4,570 ​ ​ 7,000 ​ 3.56 % $128.7 million loan specific credit facilities ​ May 2020 to May 2022 ​ June 2021 to Dec. 2021 ​ L + 2.10 % to 2.50 % 128,370 ​ 184,212 ​ ​ 3.35 % 128,274 ​ 184,116 ​ 4.13 % $100 million repurchase facility ​ June 2020 ​ June 2021 ​ L + 1.75 % to 1.95 % 50,247 ​ 66,486 ​ ​ 2.78 % 45,843 ​ 63,800 ​ 3.56 % $75 million credit facility ​ June 2020 ​ June 2023 ​ L + 1.75 % ​ ​ ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ — ​ $50 million credit facility ​ April 2020 ​ April 2022 ​ L + 2.00 % ​ ​ ​ — ​ — ​ ​ — ​ 14,933 ​ 17,650 ​ 3.81 % $50 million credit facility ​ Oct. 2022 ​ Oct. 2023 ​ L + 2.50 % ​ ​ ​ ​ 15,202 ​ ​ 22,817 ​ ​ 3.54 % ​ 12,191 ​ ​ 16,499 ​ 4.32 % $50 million credit facility ​ Sept. 2020 ​ Sept. 2021 ​ L + 2.50 % to 3.25 % ​ 5,264 ​ ​ 6,600 ​ ​ 3.54 % ​ 5,254 ​ ​ 6,600 ​ 4.32 % $25 million credit facility ​ June 2022 ​ June 2023 ​ L + 2.25 % ​ ​ ​ ​ 19,659 ​ ​ 30,900 ​ ​ 3.29 % ​ 19,651 ​ ​ 28,572 ​ 4.07 % $25 million working capital facility ​ Aug. 2020 ​ N/A ​ L + 2.25 % ​ ​ ​ ​ 25,000 ​ ​ — ​ ​ 3.29 % ​ — ​ ​ — ​ — ​ $2.8 million master security agreements ​ Dec. 2022 ​ N/A ​ ​ 2.97 % to 4.60 % ​ 2,761 ​ ​ — ​ ​ 4.10 % ​ 3,267 ​ ​ — ​ 4.08 % Repurchase facilities - securities (4) ​ N/A ​ N/A ​ L + 1.20 % to 2.75 % ​ 219,655 ​ ​ — ​ ​ 3.10 % ​ 217,105 ​ ​ — ​ 3.90 % Structured Business total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 1,055,734 ​ $ 1,169,574 ​ ​ 3.15 % $ 934,694 ​ $ 1,002,993 ​ 3.94 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Agency Business ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $750 million ASAP agreement (5) ​ N/A ​ N/A ​ L + 1.05 % ​ ​ ​ $ 81,451 ​ $ 81,451 ​ ​ 2.04 % $ 148,725 ​ $ 148,725 ​ 2.81 % $600 million joint repurchase facility ​ Mar. 2021 ​ Mar. 2022 ​ L + 1.50 % to 2.00 % ​ 497,692 ​ ​ 655,716 ​ ​ 2.56 % ​ 299,824 ​ ​ 300,446 ​ 3.26 % $300 million repurchase facility ​ Oct. 2020 ​ N/A ​ L + 1.15 % ​ ​ ​ ​ 104,261 ​ ​ 104,291 ​ ​ 2.14 % ​ 187,698 ​ ​ 187,742 ​ 2.91 % $150 million credit facility ​ Mar. 2021 ​ N/A ​ L + 1.15 % ​ ​ ​ ​ 71,474 ​ ​ 71,667 ​ ​ 2.14 % ​ 89,657 ​ ​ 89,673 ​ 2.91 % $150 million credit facility ​ July 2020 ​ N/A ​ L + 1.15 % ​ ​ ​ ​ 35,861 ​ ​ 35,912 ​ ​ 2.14 % ​ 17,690 ​ ​ 17,792 ​ 2.91 % $100 million credit facility ​ June 2020 ​ N/A ​ L + 1.15 % ​ ​ ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ — ​ Agency Business total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 790,739 ​ $ 949,037 ​ ​ 2.39 % $ 743,594 ​ $ 744,378 ​ 3.03 % Consolidated total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 1,846,473 ​ $ 2,118,611 ​ ​ 2.83 % $ 1,678,288 ​ $ 1,747,371 ​ 3.54 % (1) The debt carrying value for the Structured Business at March 31, 2020 and December 31, 2019 was net of unamortized deferred finance costs of $3.9 million and $2.1 million, respectively. The debt carrying value for the Agency Business at March 31, 2020 and December 31, 2019 was net of unamortized deferred finance costs of $1.4 million and $0.2 million, respectively. (2) This repurchase facility includes six-month extension options into perpetuity. (3) In February 2020, the committed amount under the facility was temporarily increased $75.0 million to $150.0 million, which expires on May 29, 2020. (4) These repurchase facilities are subject to margin call provisions associated with changes in interest spreads. As of March 31, 2020 and December 31, 2019, these facilities were collateralized by our CLO bonds retained and consolidated by us with a principal balance of $275.7 million and $234.9 million, respectively, B Piece bonds held-to-maturity with a carrying value of $64.4 million and $68.7 million, respectively, and SFR bonds with a carrying value of $20.0 million at both March 31, 2020 and December 31, 2019. At March 31, 2020, we had posted $54.7 million of cash collateral related to margin calls, which was used to reduce the UPB of the facilities in April 2020. We further reduced this debt in April 2020 to approximately $40.0 million through a debt restructuring and the use of proceeds from our senior notes issued in April 2020. (5) The note rate under this agreement is subject to a LIBOR Floor of 35 basis points. ​ Generally, our credit facilities and repurchase agreements have extension options that are at the discretion of the banking institutions in which we have long standing relationships with. These facilities typically renew annually and also include a "wind-down" feature. ​ Joint Repurchase Facility. ​ Structured Business ​ At March 31, 2020 and December 31, 2019, 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 3.55% and 4.39%, 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 69% and 71% at March 31, 2020 and December 31, 2019, respectively. ​ In March 2020, we amended a $300.0 million repurchase agreement, increasing the committed amount to $400.0 million. ​ Agency Business ​ In March 2020, we amended our $500.0 million repurchase facility reducing the committed amount to $300.0 million. ​ Collateralized Loan Obligations (“CLOs”) ​ We account for CLO transactions on our consolidated balance sheet as financing facilities. Our CLOs are VIEs for which we are the primary beneficiary and are consolidated in our financial statements. The investment grade tranches are treated as secured financings, and are non-recourse to us. ​ Borrowings and the corresponding collateral under our CLOs are as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Collateral (3) ​ ​ Debt ​ Loans ​ Cash ​ ​ Carrying Wtd. Avg. ​ Carrying Restricted March 31, 2020 ​ Face Value ​ Value (1) ​ Rate (2) ​ UPB ​ Value ​ Cash (4) CLO XIII ​ $ 668,000 ​ $ 662,918 ​ 2.44 % $ 665,381 ​ $ 662,287 ​ $ 100,777 CLO XII ​ ​ 534,193 ​ ​ 529,748 ​ 2.52 % ​ 613,317 ​ ​ 610,760 ​ ​ — CLO XI ​ ​ 533,000 ​ ​ 528,981 ​ 2.47 % ​ 640,272 ​ ​ 637,633 ​ ​ 2,208 CLO X ​ ​ 441,000 ​ ​ 437,652 ​ 2.48 % ​ 535,613 ​ ​ 533,588 ​ ​ 3,656 CLO IX ​ 356,400 ​ 353,797 ​ 2.39 % 410,558 ​ 409,403 ​ 60,854 Total CLOs ​ $ 2,532,593 ​ $ 2,513,096 ​ 2.46 % $ 2,865,141 ​ $ 2,853,671 ​ $ 167,495 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Collateral (3) ​ ​ Debt ​ Loans ​ Cash ​ ​ ​ Carrying Wtd. Avg. ​ Carrying Restricted December 31, 2019 Face Value ​ Value (1) ​ Rate (2) ​ UPB ​ Value ​ Cash (4) CLO XII ​ $ 534,193 ​ $ 529,448 ​ 3.30 % $ 596,366 ​ $ 593,652 ​ $ 17,800 CLO XI ​ ​ 533,000 ​ ​ 528,690 ​ 3.25 % ​ 624,443 ​ ​ 621,508 ​ ​ 15,550 CLO X ​ 441,000 ​ 437,391 ​ 3.26 % 509,887 ​ 507,854 ​ 37,287 CLO IX ​ ​ 356,400 ​ ​ 353,473 ​ 3.17 % ​ 407,696 ​ ​ 406,463 ​ ​ 47,230 CLO VIII ​ ​ 282,874 ​ ​ 281,119 ​ 3.12 % ​ 359,186 ​ ​ 357,914 ​ ​ 544 Total CLOs ​ $ 2,147,467 ​ $ 2,130,121 ​ 3.23 % $ 2,497,578 ​ $ 2,487,391 ​ $ 118,411 (1) Debt carrying value is net of $19.5 million and $17.3 million of deferred financing fees at March 31, 2020 and December 31, 2019, respectively. (2) At March 31, 2020 and December 31, 2019, the aggregate weighted average note rate for our CLOs, including certain fees and costs, was 2.87% and 3.63%, respectively. (3) As of March 31, 2020 and December 31, 2019, 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 totaling $89.1 million and $58.6 million at March 31, 2020 and December 31, 2019, respectively. ​ CLO XIII. 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 $159.5 million for the purpose of acquiring additional loan obligations for a period of up to 180 days from the CLO closing date (a majority of which was subsequently utilized ) which will result in the issuer owning loan obligations with a face value of $800.0 million, representing leverage of 84 %. We retained a residual interest in the portfolio with a notional amount of $132.0 million, including the $70.0 million below investment grade notes. The notes sold to third parties had an initial weighted average interest rate of 1.41% plus one-month LIBOR and interest payments on the notes are payable monthly. ​ CLO VIII. by CLO VIII, and expensed $1.5 million of deferred financing fees into loss on extinguishment of debt on the consolidated statements of operations. ​ Luxembourg Debt Fund ​ Our Luxembourg commercial real estate debt fund (“Debt Fund”) was a VIE for which we were the primary beneficiary and was consolidated in our financial statements. As previously planned, in April 2020 we completed the unwind of the Debt Fund and redeemed all the outstanding notes with a portion of the proceeds from our senior unsecured notes issued in March 2020 described below. ​ Borrowings and the corresponding collateral under our Debt Fund were as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Collateral (3) ​ ​ Debt ​ Loans ​ Cash ​ ​ Face ​ Carrying ​ Wtd. Avg. ​ ​ ​ Carrying ​ Restricted Period Value Value (1) Rate (2) UPB Value Cash (4) March 31, 2020 ​ $ 70,000 ​ $ 68,717 ​ ​ 5.21 % $ 57,795 ​ $ 57,586 ​ $ 42,205 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 $ 70,000 $ 68,629 ​ 5.99 % $ 70,755 $ 68,629 $ 29,245 (1) Debt carrying value is net of $1.3 million and $1.4 million of deferred financing fees at March 31, 2020 and December 31, 2019, respectively. (2) At March 31, 2020 and December 31, 2019, the aggregate weighted average note rate, including certain fees and costs, was 6.52% and 7.17% , respectively. (3) At both March 31, 2020 and December 31, 2019, 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 2020, we issued $275.0 million aggregate principal amount of 4.50% senior unsecured notes due in March 2027 (the "4.50% Notes") in a private placement. We received proceeds of $271.8 million from the issuance, after deducting the underwriting discount and other offering expenses. We used a significant portion of the net proceeds to repay secured indebtedness. The 4.50% Notes are unsecured and can be redeemed by us at any time prior to December 15, 2026, 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 4.50% Notes on or after December 15, 2026, at a redemption price equal to 100% of the aggregate principal amount, plus accrued and unpaid interest. The interest is paid semiannually in March and September starting in September 2020. At March 31, 2020, the debt carrying value of the 4.50% Notes was $271.8 million, net of $3.2 million of deferred financing fees, and the weighted average note rate, including certain fees and costs, was 4.69%. ​ In October 2019, we issued $110.0 million aggregate principal amount of 4.75% senior unsecured notes due in October 2024 (the "4.75% Notes") in a private placement. We received proceeds of $108.2 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 4.75% Notes are unsecured and can be redeemed by us at any time prior to October 15, 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 4.75% Notes on or after October 15, 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 April 2020. At both March 31, 2020 and December 31, 2019, the debt carrying value of the 4.75% Notes was $108.4 million, net of $1.6 million of deferred financing fees, and the weighted average note rate, including certain fees and costs, was 5.23%. ​ 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. At March 31, 2020 and December 31, 2019, the debt carrying value of the ​ 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 ​ Subsequent Event ​ In April 2020, we issued $40.5 million aggregate principal amount of 8.00% senior unsecured notes due in 2023 in a private offering, generating net proceeds of $39.8 million. A significant portion of the net proceeds were used to repay secured indebtedness that financed our securities with margin call exposure. ​ Convertible Senior Unsecured Notes ​ In 2019, we issued $264.0 million in aggregate principal amount of 4.75% convertible senior notes (the “4.75% Convertible Notes”) through a private placement offering, which includes the exercised purchaser’s total over-allotment option of $34.0 million. The 4.75% Convertible Notes pay interest semiannually in arrears and are scheduled to mature in November 2022, unless earlier converted or repurchased by the holders pursuant to their terms. The initial conversion rate and the conversion rate at December 31, 2019 was 56.1695 shares of common stock per $1,000 of principal representing a conversion price of $17.80 per share of common stock. We received proceeds totaling $256.5 million, 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 exchange of $228.7 million of our 5.25% convertible notes for a combination of $233.1 million in cash (which includes accrued interest) and 4,478,315 shares of our common stock. The remaining net proceeds were used for general corporate purposes. During 2019, we recorded a loss on extinguishment of debt of $7.3 million in connection with this exchange, which included an inducement charge of $1.1 million. As of March 31, 2020, the 4.75% Convertible Notes had conversion rates of 56.1695 shares, common stock per $1,000 of principal, which represented a conversion price of $17.80 per share of common stock. ​ In 2018, we completed a similar exchange where we used the net proceeds from two separate private placements of our 5.25% convertible senior notes (the "5.25% Convertible Notes") to initially exchange portions of our 5.375% convertible senior notes (the "5.375% Convertible Notes") and 6.50% convertible senior notes (the "6.50% Convertible Notes"). ​ At March 31, 2020, there were $0.5 million, $14.7 million and $0.2 million aggregate principal amount remaining of our 5.25% Convertible Notes issued on July 3, 2018, 5.25% Convertible Notes issued on July 20, 2018 and 5.375% Convertible Notes, respectively. The initial conversion rates of the 5.25% Convertible Notes issued on July 3, 2018, 5.25% Convertible Notes issued on July 20, 2018 and 5.375% Convertible Notes were 86.9943 shares, 77.8331 shares and 107.7122 shares, respectively, of common stock per $1,000 of principal, which represented a conversion price of $11.50 per share, $12.85 per share and ​ 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 2.51 years and 2.67 years at March 31, 2020 and December 31, 2019, 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 March 31, 2020 ​ $ 279,398 ​ $ 8,045 ​ $ 6,664 ​ $ 264,689 ​ $ 9,962 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ $ 300,914 ​ $ 9,235 ​ $ 7,527 ​ $ 284,152 ​ $ 9,962 ​ During the three months ended March 31, 2020, we incurred interest expense on the notes totaling $5.2 million, of which $3.4 million, $0.9 million and $0.9 million related to the cash coupon, the debt discount and amortization of the deferred financing fees, respectively. During the three months ended March 31, 2019, we incurred total interest expense on the notes of $5.2 million, of which $3.5 million, $0.9 million and $0.8 million related to the cash coupon, the debt discount and amortization of the deferred financing fees, respectively. Including the amortization of the deferred financing fees and debt discount, our weighted average total cost of the notes was 6.75% and 6.80% at March 31, 2020 and December 31, 2019, respectively. ​ Junior Subordinated Notes ​ The carrying values of borrowings under our junior subordinated notes were $141.1 million and $140.9 million at March 31, 2020 and December 31, 2019, respectively, which is net of a deferred amount of $11.3 million and $11.4 million, respectively, (which is amortized into interest expense over the life of the notes) and deferred financing fees of ​ Debt Covenants ​ Credit Facilities, Repurchase Agreements and Unsecured Debt. ​ CLOs. Our CLO vehicles contain interest coverage and asset overcollateralization covenants that must be met as of the waterfall distribution date in order for us to receive such payments. If we fail these covenants in any of our CLOs, all cash flows from the applicable CLO would be diverted to repay principal and interest on the outstanding CLO bonds and we would not receive any residual payments until that CLO regained compliance with such tests. Our CLOs were in compliance with all such covenants as of March 31, 2020, as well as on the most recent determination dates in April 2020. 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 April 2020 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash Flow Triggers CLO IX CLO X CLO XI ​ CLO XII ​ CLO XIII ​ Overcollateralization (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current 134.68 % 126.98 % 121.95 % 118.87 % 119.76 % Limit 133.68 % 125.98 % 120.95 % 117.87 % 118.76 % Pass / Fail Pass ​ Pass ​ Pass ​ Pass ​ Pass ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest Coverage (2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current 361.00 % 372.24 % 338.30 % 289.89 % 228.91 % 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 IX CLO X ​ CLO XI ​ CLO XII CLO XIII ​ April 2020 ​ 134.68 % 126.98 % 121.95 % 118.87 % 119.76 % January 2020 ​ 134.68 % 126.98 % 121.95 % 118.87 % — ​ October 2019 ​ 134.68 % 126.98 % 121.95 % — ​ — ​ July 2019 ​ 134.68 % 126.98 % 121.95 % — ​ — ​ April 2019 ​ 134.69 % 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	3 Months Ended
	Mar. 31, 2020
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 March 31, ​ ​ 2020 2019 ​ Beginning balance ​ $ 34,648 ​ $ 34,298 ​ Impact of adopting CECL - January 1, 2020 ​ ​ 14,406 ​ ​ — ​ Provisions for loss sharing ​ ​ 21,896 ​ ​ 879 ​ Provisions reversal for loan repayments ​ ​ (358) ​ ​ (425) ​ Recoveries (charge-offs), net ​ 160 ​ ​ (234) ​ Ending balance ​ $ 70,752 ​ $ 34,518 ​ ​ When a loan is sold under the Fannie Mae DUS program, we undertake an obligation to partially guarantee the performance of the loan. A liability is recognized for the fair value of the guarantee obligation undertaken for the non-contingent aspect of the guarantee and is removed only upon either the expiration or settlement of the guarantee. At March 31, 2020 and 2019, guarantee obligations of $32.4 million and $31.5 million, respectively, were included in the allowance for loss-sharing obligations. ​ In addition to and separately from the fair value of the guarantee, we estimate our allowance for loss-sharing under CECL over the contractual period in which we are exposed to credit risk. The current expected loss related to loss-sharing was based on a collective pooling basis with similar risk characteristics, a reasonable and supportable forecast and a reversion period based on our average historical losses through the remaining contractual term of the portfolio. The increase in the provision for credit losses during the three months ended March 31, 2020 of $21.9 million, compared to the January 1, 2020 cumulative-effect adjustment upon adoption of CECL of $14.4 million, is primarily attributed to the significant adverse change in the economic outlook due to the COVID-19 pandemic. ​ 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 March 31, 2020 and December 31, 2019, we had outstanding advances of $0.4 million and $0.5 million, respectively, which were netted against the allowance for loss-sharing obligations. ​ At March 31, 2020, our allowance for loss-sharing obligations, associated with expected losses under CECL was $38.4 million and represented 0.26% of the Fannie Mae servicing portfolio. ​ At March 31, 2020 and December 31, 2019, the maximum quantifiable liability associated with our guarantees under the Fannie Mae DUS agreement was $2.76 billion and $2.73 billion, respectively. The maximum quantifiable liability is not representative of the actual loss we would incur. We would be liable for this amount only if all of the loans we service for Fannie Mae, for which we retain some risk of loss, were to default and all of the collateral underlying these loans was determined to be without value at the time of settlement.

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2020
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 under the GSE programs, we enter into a forward sale commitment with the investor simultaneously 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 operations. 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 operations. During the three months ended March 31, 2020 and 2019, we recorded a net gain of $8.2 million and a net loss of $2.5 million, respectively, from changes in the fair value of these derivatives in loss on derivative instruments, net and $21.9 million and $14.2 million, respectively, of income from MSRs. See Note 13 for details. ​ Interest Rate Swap Futures. ​ During the three months ended March 31, 2020, we recorded realized losses of $2.6 million and unrealized losses of $0.4 million to our Structured Business and realized losses of ​ A summary of our non-qualifying derivative financial instruments is as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value ​ ​ ​ ​ ​ Notional ​ Balance Sheet ​ Derivative ​ Derivative ​ Derivative Count Value Location Assets Liabilities Agency Business ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rate Lock Commitments ​ 10 ​ $ 99,893 ​ Other Assets/Other Liabilities ​ $ 2,069 ​ $ (4,808) ​ Forward Sale Commitments ​ 59 ​ ​ 395,103 ​ Other Assets/Other Liabilities ​ ​ 10,614 ​ ​ (305) ​ Swap Futures ​ 6,307 ​ ​ 630,700 ​ ​ ​ ​ — ​ ​ — ​ ​ ​ ​ ​ $ 1,125,696 ​ ​ ​ $ 12,683 ​ $ (5,113) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Structured Business ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Swap Futures ​ 345 ​ $ 34,500 ​ ​ ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 Agency Business ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rate Lock Commitments ​ 5 ​ $ 37,657 ​ Other Assets/Other Liabilities ​ $ 1,066 ​ $ (202) Forward Sale Commitments ​ 79 ​ ​ 483,576 ​ Other Assets/Other Liabilities ​ ​ 369 ​ ​ (2,895) Swap Futures ​ 3,274 ​ ​ 327,400 ​ ​ ​ ​ — ​ ​ — ​ ​ ​ ​ $ 848,633 ​ ​ ​ $ 1,435 ​ $ (3,097) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Structured Business ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Swap Futures ​ 271 ​ $ 27,100 ​ ​ ​ ​ — ​ ​ — ​

Fair Value

Fair Value	3 Months Ended
	Mar. 31, 2020
Fair Value.
Fair Value	Note 13 — Fair Value ​ Fair value estimates are dependent upon subjective assumptions and involve significant uncertainties resulting in variability in estimates with changes in assumptions. The following table summarizes the principal amounts, carrying values and the estimated fair values of our financial instruments (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 ​ December 31, 2019 ​ ​ Principal / ​ Carrying ​ Estimated ​ Principal / ​ Carrying ​ Estimated ​ Notional Amount Value Fair Value Notional Amount Value Fair Value Financial assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans and investments, net ​ $ 4,800,544 ​ $ 4,638,004 ​ $ 4,679,039 ​ $ 4,279,611 ​ $ 4,189,960 ​ $ 4,228,071 Loans held-for-sale, net ​ ​ 978,736 ​ ​ 991,696 ​ ​ 1,001,224 ​ ​ 847,126 ​ ​ 861,360 ​ ​ 876,975 Capitalized mortgage servicing rights, net ​ ​ n/a ​ ​ 288,954 ​ ​ 320,052 ​ ​ n/a ​ ​ 286,420 ​ ​ 328,995 Securities held-to-maturity, net ​ ​ 106,484 ​ ​ 84,406 ​ ​ 81,887 ​ ​ 111,028 ​ ​ 88,699 ​ ​ 91,738 Derivative financial instruments ​ ​ 341,180 ​ 12,683 ​ 12,683 ​ ​ 173,532 ​ 1,435 ​ 1,435 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Credit and repurchase facilities ​ $ 1,851,758 ​ $ 1,846,473 ​ $ 1,848,149 ​ $ 1,681,146 ​ $ 1,678,288 ​ $ 1,677,658 Collateralized loan obligations ​ ​ 2,532,593 ​ 2,513,096 ​ 2,260,964 ​ ​ 2,147,467 ​ 2,130,121 ​ 2,147,944 Debt fund ​ ​ 70,000 ​ 68,717 ​ 70,115 ​ ​ 70,000 ​ ​ 68,629 ​ ​ 70,138 Senior unsecured notes ​ ​ 600,000 ​ 591,854 ​ 514,100 ​ ​ 325,000 ​ 319,799 ​ 331,225 Convertible senior unsecured notes, net ​ ​ 279,398 ​ ​ 264,689 ​ ​ 246,200 ​ ​ 300,914 ​ ​ 284,152 ​ ​ 310,778 Junior subordinated notes ​ ​ 154,336 ​ 141,128 ​ 98,143 ​ ​ 154,336 ​ 140,949 ​ 97,668 Derivative financial instruments ​ ​ 153,816 ​ 5,113 ​ 5,113 ​ ​ 347,701 ​ 3,097 ​ 3,097 ​ 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 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. ​ Loans held-for-sale, net. ​ Capitalized mortgage servicing rights, net. ​ Securities held-to-maturity, net. ​ Derivative financial instruments. ​ Credit facilities and repurchase agreements. ​ Collateralized loan obligations, Debt Fund and junior subordinated notes. ​ Senior unsecured notes. Fair values are estimated at current market quotes received from active markets when available (Level 1). If quotes from active markets are unavailable, then the fair values are estimated utilizing current market quotes received from inactive markets (Level 2). ​ Convertible senior unsecured notes, net. ​ We measure certain financial assets and financial liabilities at fair value on a recurring basis. The fair values of these financial assets and liabilities were determined using the following input levels as of March 31, 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements Using Fair ​ ​ Carrying ​ ​ ​ ​ Value Hierarchy ​ Value Fair Value Level 1 Level 2 Level 3 Financial assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative financial instruments ​ $ 12,683 ​ $ 12,683 ​ $ — ​ $ 10,614 ​ $ 2,069 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative financial instruments ​ $ 5,113 ​ $ 5,113 ​ $ — ​ $ 5,113 ​ $ — ​ 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 March 31, 2020 (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) ​ $ 113,434 ​ $ 113,434 ​ $ — ​ $ — ​ $ 113,434 (1) We had an allowance for loan losses of $103.7 million relating to nine impaired loans with an aggregate carrying value, before loan loss reserves, of $217.1 million at March 31, 2020. ​ Loan impairment assessments. ​ Quantitative information about Level 3 fair value measurements at March 31, 2020 were as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Valuation ​ ​ ​ ​ ​ Fair Value Techniques Significant Unobservable Inputs Financial assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Impaired loans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Land ​ $ 48,931 ​ Discounted cash flows Discount rate ​ 21.50 % ​ ​ ​ ​ ​ ​ Revenue growth rate ​ 3.00 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Hotel ​ ​ 42,163 Discounted cash flows / Discount rate ​ 11.50 % ​ ​ ​ ​ ​ direct capitalization Capitalization rate ​ 3.10 % ​ ​ ​ ​ ​ ​ Revenue growth rate ​ 25.00 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retail ​ ​ 20,629 ​ Discounted cash flows ​ Discount rate ​ 10.04 % ​ ​ ​ ​ ​ ​ ​ Capitalization rate ​ 9.25 % ​ ​ ​ ​ ​ ​ ​ Revenue growth rate ​ 1.55 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Healthcare ​ ​ 1,000 ​ Discounted cash flows ​ Capitalization rate ​ 14.30 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Office ​ ​ 711 ​ Discounted cash flows Discount rate ​ 11.00 % ​ ​ ​ ​ ​ ​ Capitalization rate ​ 9.00 % ​ ​ ​ ​ ​ ​ Revenue growth rate ​ 2.50 % Derivative financial instruments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rate lock commitments ​ ​ 2,069 ​ Discounted cash flows ​ W/A discount rate ​ 9.62 % ​ 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 March 31, ​ 2020 2019 Derivative assets and liabilities, net ​ ​ ​ ​ ​ ​ Balance at beginning of period ​ $ 1,066 ​ $ 324 Settlements ​ ​ (11,717) ​ ​ (14,157) Realized gains recorded in earnings ​ ​ 10,651 ​ ​ 13,833 Unrealized gains recorded in earnings ​ ​ 2,069 ​ ​ 400 Balance at end of period ​ $ 2,069 ​ $ 400 ​ 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 March 31, 2020 Principal Amount Servicing Rights Movement Effect Adjustment Rate lock commitments ​ $ 99,893 ​ $ 3,987 ​ $ (4,808) ​ $ (821) Forward sale commitments ​ ​ 395,103 ​ ​ — ​ ​ 4,808 ​ ​ 4,808 Loans held-for-sale, net (1) ​ ​ 978,735 ​ ​ 15,254 ​ ​ — ​ ​ 15,254 Total ​ ​ ​ ​ $ 19,241 ​ $ — ​ $ 19,241 (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 are determined using the following input levels as of March 31, 2020 (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 ​ $ 4,638,004 ​ $ 4,679,039 ​ $ — ​ $ — ​ $ 4,679,039 Loans held-for-sale, net ​ ​ 991,696 ​ ​ 1,001,224 ​ ​ — ​ ​ 985,970 ​ ​ 15,254 Capitalized mortgage servicing rights, net ​ ​ 288,954 ​ ​ 320,052 ​ ​ — ​ ​ — ​ ​ 320,052 Securities held-to-maturity, net ​ ​ 84,406 ​ ​ 81,887 ​ ​ — ​ ​ — ​ ​ 81,887 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Credit and repurchase facilities ​ $ 1,846,473 ​ $ 1,848,149 ​ $ — ​ $ 790,739 ​ $ 1,057,410 Collateralized loan obligations ​ 2,513,096 ​ 2,260,964 ​ — ​ — ​ 2,260,964 Debt fund ​ ​ 68,717 ​ ​ 70,115 ​ ​ — ​ ​ — ​ ​ 70,115 Senior unsecured notes ​ 591,854 ​ 514,100 ​ 514,100 ​ — ​ — Convertible senior unsecured notes, net ​ ​ 264,689 ​ ​ 246,200 ​ ​ — ​ ​ 246,200 ​ ​ — Junior subordinated notes ​ 141,128 ​ 98,143 ​ — ​ — ​ 98,143 ​

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies
Commitments and Contingencies	Note 14 — Commitments and Contingencies ​ Impact of COVID-19. ​ Agency Business Commitments. ​ As of March 31, 2020, we were required to maintain at least $14.8 million of liquid assets in one of our subsidiaries to meet our operational liquidity requirements for Fannie Mae and we had operational liquidity in excess of this requirement. ​ We are generally required to share the risk of any losses associated with loans sold under the Fannie Mae DUS program and are required to secure this obligation by assigning restricted cash balances and/or a letter of credit to Fannie Mae. The amount of collateral required by Fannie Mae is a formulaic calculation at the loan level by a Fannie Mae assigned tier which considers the loan balance, risk level of the loan, age of the loan and level of risk-sharing. Fannie Mae requires restricted liquidity for Tier 2 loans of 75 basis points, 15 basis points for Tier 3 loans and 5 basis points for Tier 4 loans, which is funded over a 48-month period that begins upon delivery of the loan to Fannie Mae. A significant portion of our Fannie Mae DUS serviced loans for which we have risk sharing are Tier 2 loans. As of March 31, 2020, we met the restricted liquidity requirement with a $45.0 million letter of credit and $2.6 million of cash collateral. ​ As of March 31, 2020, reserve requirements for the Fannie Mae DUS loan portfolio will require us to fund $37.1 million in additional restricted liquidity over the next 48 months, assuming no further principal paydowns, prepayments, or defaults within our at-risk portfolio. Fannie Mae periodically reassesses these collateral requirements and may make changes to these requirements in the future. We generate sufficient cash flow from our operations to meet these capital standards and do not expect any changes to have a material impact on our future operations; however, future changes to collateral requirements may adversely impact our available cash. ​ We are subject to various capital requirements in connection with seller/servicer agreements that we have entered into with secondary market investors. Failure to maintain minimum capital requirements could result in our inability to originate and service loans for the respective investor and, therefore, could have a direct material effect on our consolidated financial statements. As of March 31, 2020, 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 more detail in Note 12 and Note 13. ​ Debt Obligations and Operating Leases. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Minimum Annual ​ ​ ​ Debt Operating Lease ​ ​ Year Obligations Payments Total 2020 (nine months ending December 31, 2020) ​ $ 820,368 ​ $ 3,984 ​ $ 824,352 2021 ​ 409,457 ​ 3,124 ​ 412,581 2022 ​ 2,366,841 ​ 2,775 ​ 2,369,616 2023 ​ 781,235 ​ 2,052 ​ 783,287 2024 ​ 378,013 ​ 1,459 ​ 379,472 2025 ​ — ​ 1,503 ​ 1,503 Thereafter ​ 732,171 ​ 1,802 ​ 733,973 Total ​ $ 5,488,085 ​ $ 16,699 ​ $ 5,504,784 ​ During the three months ended March 31, 2020 and 2019, we recorded lease expense of $1.6 million and $1.5 million, respectively. ​ Unfunded Commitments. ​ Litigation. ​ 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. The next hearing on the case has been adjourned to May 19, 2020. ​ We have not made a loss accrual for this litigation because we believe that it is not probable that a loss has been incurred and an amount cannot be reasonably estimated. ​ Due to Borrowers. Due to borrowers represents borrowers’ funds held by us to fund certain expenditures or to be released at our discretion upon the occurrence of certain pre-specified events, and to serve as additional collateral for borrowers’ loans. While retained, these balances earn interest in accordance with the specific loan terms they are associated with.

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2020
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. ​ Our CLO and Debt Fund consolidated entities invest in real estate and real estate-related securities and are financed by the issuance of debt securities. We, or one of our affiliates, are named collateral manager, servicer, and special servicer for all collateral assets held in CLOs, which we believe gives us the power to direct the most significant economic activities of those entities. We also have exposure to losses to the extent of our equity interests and also have rights to waterfall payments in excess of required payments to bond investors. As a result of consolidation, equity interests have been eliminated, and the consolidated balance sheets reflect both the assets held and debt issued by the CLOs and Debt Fund to third parties. Our operating results and cash flows include the gross amounts related to CLO and Debt Fund assets and liabilities as opposed to our net economic interests in those entities. ​ The assets and liabilities related to these consolidated CLOs and Debt Fund are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 December 31, 2019 Assets: ​ ​ ​ ​ ​ ​ Restricted cash ​ $ 301,045 ​ $ 208,467 Loans and investments, net ​ ​ 2,911,257 ​ ​ 2,557,909 Other assets ​ ​ 20,711 ​ ​ 18,380 Total assets ​ $ 3,233,013 ​ $ 2,784,756 ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ Collateralized loan obligations ​ $ 2,513,096 ​ $ 2,130,121 Debt fund ​ ​ 68,717 ​ ​ 68,629 Due to related party ​ ​ 231 ​ ​ 6,734 Other liabilities ​ 3,544 ​ 4,115 Total liabilities ​ $ 2,585,588 ​ $ 2,209,599 ​ 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 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 ​ A summary of our variable interests in identified VIEs, of which we are not the primary beneficiary, as of March 31, 2020 is as follows (in thousands): ​ ​ ​ ​ ​ Type Carrying Amount Loans ​ $ 341,010 B Piece and SFR bonds ​ ​ 85,398 Equity investments ​ ​ 12,930 Agency interest only strips ​ ​ 2,424 Total ​ $ 441,762 (1) Represents the carrying amount of loans and investments before reserves. At March 31, 2020, $129.0 million of loans to VIEs had corresponding loan loss reserves of $79.4 million. The maximum loss exposure as of March 31, 2020 would not exceed the carrying amount of our investment. ​ These unconsolidated VIEs have exposure to real estate debt of approximately $4.21 billion at March 31, 2020.

Equity

Equity	3 Months Ended
	Mar. 31, 2020
Equity
Equity	Note 16 — Equity ​ Preferred Stock. ​ Common Stock. ​ We have an “At-The-Market” equity offering sales agreement with JMP Securities LLC (“JMP”) which entitles us to issue and sell up to 7,500,000 shares of our common stock through JMP by means of ordinary brokers' transactions or otherwise at market prices prevailing at the time of sale, or at negotiated prices. During the three months ended March 31, 2020, we sold 1,350,000 shares for net proceeds of $19.4 million. As of March 31, 2020, we had approximately 3,000,000 shares available under this agreement. ​ In March 2020, the Board of Directors authorized a share repurchase program providing for the repurchase of up to $100.0 million of our outstanding common stock. The repurchase of our common stock may be made from time to time in the open market, in privately negotiated transactions or in compliance with a Rule 10b5-1 plan based on our stock price, general market conditions, applicable legal requirements and other factors. The program may be discontinued or modified at any time. As of April 30, 2020, we repurchased 993,106 shares of our common stock under this program at a total cost of $3.9 million and an average cost of ​ During the three months ended March 31, 2020, we issued 319,259 and 41,601 shares in connection with the settlements of our 5.25% and 5.375% Convertible Notes, respectively. In February 2020, we also used a portion of the net proceeds from our public offering in December 2019 to purchase an aggregate of 747,500 shares of our common stock and OP Units from our chief executive officer and ACM at the same price the underwriters paid to purchase the shares. ​ As of March 31, 2020, we had $118.2 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 2016 (the "Acquisition"). Each of these OP Units are paired with ​ At March 31, 2020, there were 20,369,265 OP Units outstanding, which represented 15.6% of the voting power of our outstanding stock. ​ Distributions. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common Stock ​ Preferred Stock ​ ​ ​ ​ ​ ​ ​ Dividend (1) Declaration Date Dividend Declaration Date Series A Series B Series C February 13, 2020 ​ $ 0.30 ​ January 31, 2020 ​ $ 0.515625 ​ $ 0.484375 ​ $ 0.53125 (1) The dividend declared on January 31, 2020 was for December 1, 2019 through February 29, 2020. ​ Common Stock – On May 6, 2020, the Board of Directors declared a cash dividend of $0.30 per share of common stock. The dividend is payable on July 15, 2020 to common stockholders of record as of the close of business on June 30, 2020. ​ Preferred Stock ​ Deferred Compensation. one third one ​ In March 2020, we issued 45,928 shares of restricted common stock to our chief executive officer under his 2017 annual incentive agreement with a grant date fair value of $0.5 million. One first second third ​ During the first quarter of 2020, 143,096 shares were withheld by us from the net settlement of restricted common stock by employees for payment of withholding taxes. ​ Earnings Per Share. ​ A reconciliation of the numerator and denominator of our basic and diluted EPS computations ($ in thousands, except share and per share data) is as follows: ​ irad ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2020 ​ 2019 ​ Basic Diluted Basic Diluted Net (loss) income attributable to common stockholders (1) ​ $ (59,310) ​ $ (59,310) ​ $ 22,650 ​ $ 22,650 Net (loss) income attributable to noncontrolling interest (2) ​ ​ — ​ ​ (10,934) ​ ​ — ​ ​ 5,468 Net (loss) income attributable to common stockholders and noncontrolling interest ​ $ (59,310) ​ $ (70,244) ​ $ 22,650 ​ $ 28,118 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares outstanding ​ 110,792,412 ​ 110,792,412 ​ 85,151,878 ​ 85,151,878 Dilutive effect of OP Units (2) ​ ​ — ​ ​ 20,424,787 ​ ​ — ​ ​ 20,554,434 Dilutive effect of restricted stock units (3) ​ — ​ — ​ — ​ 1,376,514 Dilutive effect of convertible notes (4) ​ ​ — ​ ​ — ​ ​ — ​ ​ 786,685 Weighted average shares outstanding ​ 110,792,412 ​ 131,217,199 ​ 85,151,878 ​ 107,869,511 Net (loss) income per common share (1) ​ $ (0.54) ​ $ (0.54) ​ $ 0.27 ​ $ 0.26 (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, of which was antidilutive for March 31, 2020.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2020
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 months ended March 31, 2020 and 2019, we recorded a tax benefit of $14.4 million and less than $0.1 million, respectively. The tax benefit recorded in the three months ended March 31, 2020 consisted of a deferred tax benefit of ​ 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	3 Months Ended
	Mar. 31, 2020
Agreements and Transactions with Related Parties
Agreements and Transactions with Related Parties	Note 18 — Agreements and Transactions with Related Parties ​ Shared Services Agreement. ​ Other Related Party Transactions. ​ Due to related party was $3.1 million and $13.1 million at March 31, 2020 and December 31, 2019, respectively, and consisted of loan payoffs, holdbacks and escrows to be remitted to our affiliated servicing operations related to real estate transactions. ​ In certain instances our business requires our executives to charter privately-owned aircraft in furtherance of our business. In October 2019, we entered into an aircraft time sharing agreement with an entity controlled by our chief executive officer that owns private aircraft. Pursuant to the agreement, we reimburse the aircraft owner for the required costs under Federal Aviation Administration regulations for the flights our executives' charter. During the three months ended March 31, 2020, we reimbursed the aircraft owner $0.3 million for the flights chartered by our executives pursuant the agreement. ​ In the first quarter of 2019, we, along with ACM, certain executives of ours and a consortium of independent outside investors, formed AMAC Holdings III LLC ("AMAC III"), a multifamily-focused commercial real estate investment fund 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 $10.9 million was funded as of March 31, 2020) for an 18% interest in AMAC III. ​ In July 2019, AMAC III originated a $7.0 million mezzanine loan to a borrower with which we have an outstanding $34.0 million bridge loan. In connection with the AMAC III mezzanine loan, we entered into an inter-creditor agreement with AMAC III. In addition, we originated a $15.6 million Private Label loan in December 2019 to a borrower which is 100% owned by AMAC III, which bears interest at a fixed rate of 3.735% and matures in January 2030. We recorded income of less than $0.1 million in the three months ended March 31, 2020 related to this investment. Interest income recorded from our bridge and Private Label loans totaled $0.9 million for the three months ended March 31, 2020. ​ In 2018, we originated a $61.2 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 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. In the fourth quarter of 2019, the related party investors liquidated their equity investment. Interest income recorded from this loan totaled $0.3 million for the three months ended March 31, 2019. ​ In 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 $0.6 million and $0.7 million for the three months ended March 31, 2020 and 2019, respectively. ​ In 2018, we acquired a $19.5 million bridge loan originated by ACM. The loan was used to purchase several multifamily properties by a consortium of investors (which includes, among other unaffiliated investors, certain of our officers and our chief executive officer) which owns 85% of the borrowing entity. The loan has an interest rate of LIBOR plus 4.0% with a LIBOR floor of 2.125% and matures in July 2021. Interest income recorded from this loan totaled $0.3 million for both the three months ended March 31, 2020 and 2019. ​ In 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 had a fixed interest rate of 10% and was scheduled to mature in February 2020. In September 2019, the borrower made a partial paydown of principal totaling $4.7 million and the remaining balance was paid off in January 2020. Interest income recorded from this loan totaled $0.1 million and $0.5 million for the three months ended March 31, 2020 and 2019, respectively. ​ In 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 $0.4 million and $0.3 million for the three months ended March 31, 2020 and 2019, respectively. ​ In 2018, we acquired a $9.4 million bridge loan originated by ACM, of which $8.9 million was funded as of March 31, 2020. 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 for both the three months ended March 31, 2020 and 2019. ​ 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 had an interest rate of LIBOR plus 5.0% with a LIBOR floor of 1.13% and was scheduled to mature in June 2020. In October 2019, the borrower repaid this loan in full. Interest income recorded from this loan totaled $0.6 million for the three months ended March 31, 2019. ​ 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 had an interest rate of LIBOR plus 5.25% with LIBOR floors ranging from 1.24% to 1.54% and were scheduled to mature in the fourth quarter of 2020. The borrower refinanced these loans with a $31.1 million bridge loan we originated in November 2019 with an interest rate of LIBOR plus 4.0%, a LIBOR floor of 1.80% and a maturity date in October 2021. Interest income recorded from these loans totaled $0.5 million and $0.6 million for the three months ended March 31, 2020 and 2019, respectively. ​ 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 both the three months ended March 31, 2020 and 2019. ​ 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 March 31, 2020. We carry a maximum loss-sharing obligation with Fannie Mae on this loan of up to 20% of the original UPB. Upon the sale, we received a 1% loan assumption fee which was governed by existing loan agreements that were in place when the loan was originated in 2015, prior to such purchase. Servicing revenue recorded from this loan was less than $0.1 million for both the three months ended March 31, 2020 and 2019. ​ 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 had an interest rate of LIBOR plus 4.5% with a LIBOR floor of 0.25% and were scheduled to 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 converting to a mezzanine loan with a fixed interest rate of 10.0% and a January 2024 maturity. Interest income recorded from the remaining mezzanine loan totaled $0.1 million for both the three months ended March 31, 2020 and 2019. ​ 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 paid off in full in May 2019. In March 2020, we originated a $14.8 million Private Label loan and a $3.4 million mezzanine loan to the properties. The Private Label loan bears interest at a fixed rate of 3.10% and the mezzanine loan bears interest at a fixed rate of 9.00% and both loans mature in April 2030. Interest income recorded from these loans totaled less than $0.1 million and $0.4 million for the three months ended March 31, 2020 and 2019, respectively. ​ 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. We recorded income from these investments of $2.9 million and $0.8 million in the three months ended March 31, 2020 and 2019, 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. ​ 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 ​ 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 March 31, 2020, ACM holds 3,898,554 shares of our common stock and 14,669,101 OP Units, which represents 14.2% of the voting power of our outstanding stock. Our Board of Directors approved a resolution under our charter allowing our chief executive officer and ACM, (which our chief executive officer has a controlling equity interest in), to own more than the 5% ownership interest limit of our common stock as stated in our amended charter.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2020
Segment Information
Segment Information	Note 19 — Segment Information ​ The summarized statements of operations 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 March 31, 2020 ​ ​ Structured ​ Agency ​ Other / ​ ​ ​ ​ Business Business Eliminations (1) Consolidated Interest income ​ $ 78,477 ​ $ 10,049 ​ $ — ​ $ 88,526 Interest expense ​ ​ 43,399 ​ ​ 6,583 ​ ​ — ​ ​ 49,982 Net interest income ​ ​ 35,078 ​ ​ 3,466 ​ ​ — ​ ​ 38,544 Other revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain on sales, including fee-based services, net ​ ​ — ​ ​ 14,305 ​ ​ — ​ ​ 14,305 Mortgage servicing rights ​ ​ — ​ ​ 21,934 ​ ​ — ​ ​ 21,934 Servicing revenue ​ ​ — ​ ​ 25,124 ​ ​ — ​ ​ 25,124 Amortization of MSRs ​ ​ — ​ ​ (11,822) ​ ​ — ​ ​ (11,822) Property operating income ​ ​ 2,192 ​ ​ — ​ ​ — ​ ​ 2,192 Loss on derivative instruments, net ​ ​ (3,000) ​ ​ (47,731) ​ ​ — ​ ​ (50,731) Other income, net ​ ​ 1,303 ​ ​ — ​ ​ — ​ ​ 1,303 Total other revenue ​ ​ 495 ​ ​ 1,810 ​ ​ — ​ ​ 2,305 Other expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee compensation and benefits ​ ​ 10,846 ​ ​ 23,406 ​ ​ — ​ ​ 34,252 Selling and administrative ​ ​ 4,450 ​ ​ 6,602 ​ ​ — ​ 11,052 Property operating expenses ​ ​ 2,443 ​ ​ — ​ ​ — ​ ​ 2,443 Depreciation and amortization ​ ​ 620 ​ ​ 1,327 ​ ​ — ​ ​ 1,947 Provision for loss sharing (net of recoveries) ​ ​ — ​ ​ 21,537 ​ ​ — ​ ​ 21,537 Provision for credit losses (net of recoveries) ​ ​ 53,890 ​ ​ 492 ​ ​ — ​ ​ 54,382 Total other expenses ​ ​ 72,249 ​ ​ 53,364 ​ ​ — ​ ​ 125,613 Loss before extinguishment of debt, income from equity affiliates and income taxes ​ ​ (36,676) ​ ​ (48,088) ​ ​ — ​ ​ (84,764) Loss on extinguishment of debt ​ ​ (1,954) ​ ​ — ​ ​ — ​ ​ (1,954) Income from equity affiliates ​ ​ 3,992 ​ ​ — ​ ​ — ​ ​ 3,992 (Provision for) benefit from income taxes ​ ​ (83) ​ ​ 14,453 ​ ​ — ​ ​ 14,370 Net loss ​ ​ (34,721) ​ ​ (33,635) ​ ​ — ​ ​ (68,356) Preferred stock dividends ​ ​ 1,888 ​ ​ — ​ ​ — ​ ​ 1,888 Net loss attributable to noncontrolling interest ​ ​ — ​ ​ — ​ ​ (10,934) ​ ​ (10,934) Net loss attributable to common stockholders ​ $ (36,609) ​ $ (33,635) ​ $ 10,934 ​ $ (59,310) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2019 ​ ​ ​ Structured ​ ​ Agency ​ ​ Other / ​ ​ ​ ​ ​ Business ​ Business ​ Eliminations (1) ​ Consolidated Interest income ​ $ 65,809 ​ $ 5,468 ​ $ — ​ $ 71,277 Interest expense ​ ​ 38,257 ​ ​ 3,608 ​ ​ — ​ ​ 41,865 Net interest income ​ ​ 27,552 ​ ​ 1,860 ​ ​ — ​ ​ 29,412 Other revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain on sales, including fee-based services, net ​ ​ — ​ ​ 16,389 ​ ​ — ​ ​ 16,389 Mortgage servicing rights ​ ​ — ​ ​ 14,232 ​ ​ — ​ ​ 14,232 Servicing revenue ​ ​ — ​ ​ 25,834 ​ ​ — ​ ​ 25,834 Amortization of MSRs ​ ​ — ​ ​ (12,282) ​ ​ — ​ ​ (12,282) Property operating income ​ ​ 2,803 ​ ​ — ​ ​ — ​ ​ 2,803 Loss on derivative instruments, net ​ ​ — ​ ​ (2,465) ​ ​ — ​ ​ (2,465) Other income, net ​ ​ 337 ​ ​ — ​ ​ — ​ ​ 337 Total other revenue ​ ​ 3,140 ​ ​ 41,708 ​ ​ — ​ ​ 44,848 Other expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee compensation and benefits ​ ​ 8,464 ​ ​ 23,300 ​ ​ — ​ ​ 31,764 Selling and administrative ​ ​ 4,421 ​ ​ 5,340 ​ ​ — ​ ​ 9,761 Property operating expenses ​ ​ 2,396 ​ ​ — ​ ​ — ​ ​ 2,396 Depreciation and amortization ​ ​ 512 ​ ​ 1,400 ​ ​ — ​ ​ 1,912 Provision for loss sharing (net of recoveries) ​ ​ — ​ ​ 454 ​ ​ — ​ ​ 454 Total other expenses ​ ​ 15,793 ​ ​ 30,494 ​ ​ — ​ ​ 46,287 Income before extinguishment of debt, income from equity affiliates and income taxes ​ ​ 14,899 ​ ​ 13,074 ​ ​ — ​ ​ 27,973 Loss on extinguishment of debt ​ ​ (128) ​ ​ — ​ ​ — ​ ​ (128) Income from equity affiliates ​ ​ 2,151 ​ ​ — ​ ​ — ​ ​ 2,151 Benefit from income taxes ​ ​ — ​ ​ 10 ​ ​ — ​ ​ 10 Net income ​ ​ 16,922 ​ ​ 13,084 ​ ​ — ​ ​ 30,006 Preferred stock dividends ​ ​ 1,888 ​ ​ — ​ ​ — ​ ​ 1,888 Net income attributable to noncontrolling interest ​ ​ — ​ ​ — ​ ​ 5,468 ​ ​ 5,468 Net income attributable to common stockholders ​ $ 15,034 ​ $ 13,084 ​ $ (5,468) ​ $ 22,650 (1) Includes income allocated to the noncontrolling interest holders not allocated to the two reportable segments. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 ​ Structured Business Agency Business Consolidated Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 106,879 ​ $ 115,451 ​ $ 222,330 Restricted cash ​ ​ 301,468 ​ ​ 2,599 ​ ​ 304,067 Loans and investments, net ​ ​ 4,638,004 ​ ​ — ​ ​ 4,638,004 Loans held-for-sale, net ​ ​ — ​ ​ 991,696 ​ ​ 991,696 Capitalized mortgage servicing rights, net ​ ​ — ​ ​ 288,954 ​ ​ 288,954 Securities held-to-maturity, net ​ ​ 20,000 ​ ​ 64,406 ​ ​ 84,406 Investments in equity affiliates ​ ​ 44,701 ​ ​ — ​ ​ 44,701 Goodwill and other intangible assets ​ ​ 12,500 ​ ​ 96,871 ​ ​ 109,371 Other assets ​ ​ 174,409 ​ ​ 76,712 ​ ​ 251,121 Total assets ​ $ 5,297,961 ​ $ 1,636,689 ​ $ 6,934,650 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt obligations ​ $ 4,635,218 ​ $ 790,739 ​ $ 5,425,957 Allowance for loss-sharing obligations ​ ​ — ​ ​ 70,752 ​ ​ 70,752 Other liabilities ​ ​ 155,383 ​ ​ 56,508 ​ ​ 211,891 Total liabilities ​ $ 4,790,601 ​ $ 917,999 ​ $ 5,708,600 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 264,468 ​ $ 35,219 ​ $ 299,687 Restricted cash ​ 208,926 ​ 1,949 ​ 210,875 Loans and investments, net ​ 4,189,960 ​ — ​ 4,189,960 Loans held-for-sale, net ​ ​ — ​ ​ 861,360 ​ ​ 861,360 Capitalized mortgage servicing rights, net ​ ​ — ​ ​ 286,420 ​ ​ 286,420 Securities held-to-maturity, net ​ ​ 20,000 ​ ​ 68,699 ​ ​ 88,699 Investments in equity affiliates ​ 41,800 ​ — ​ 41,800 Goodwill and other intangible assets ​ ​ 12,500 ​ ​ 98,200 ​ ​ 110,700 Other assets ​ 118,175 ​ 31,484 ​ 149,659 Total assets ​ $ 4,855,829 ​ $ 1,383,331 ​ $ 6,239,160 ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ Debt obligations ​ $ 3,878,343 ​ $ 743,595 ​ $ 4,621,938 Allowance for loss-sharing obligations ​ ​ — ​ ​ 34,648 ​ ​ 34,648 Other liabilities ​ 171,004 ​ 55,543 ​ 226,547 Total liabilities ​ $ 4,049,347 ​ $ 833,786 ​ $ 4,883,133 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2020 2019 Origination Data: ​ ​ ​ ​ ​ ​ Structured Business ​ ​ ​ ​ ​ ​ New loan originations ​ $ 856,229 ​ $ 416,295 Loan payoffs / paydowns ​ ​ 275,292 ​ ​ 279,471 ​ ​ ​ ​ ​ ​ ​ Agency Business ​ ​ ​ ​ ​ ​ Origination Volumes by Investor: ​ ​ ​ ​ ​ ​ Fannie Mae ​ $ 581,973 ​ $ 546,886 Private Label ​ ​ 282,345 ​ ​ — Freddie Mac ​ ​ 199,711 ​ ​ 192,492 FHA ​ ​ 17,944 ​ ​ 1,110 CMBS/Conduit ​ ​ — ​ ​ 105,425 Total ​ $ 1,081,973 ​ $ 845,913 Total loan commitment volume ​ $ 1,267,219 ​ $ 846,963 ​ ​ ​ ​ ​ ​ ​ Loan Sales Data: ​ ​ ​ ​ ​ ​ Agency Business ​ ​ ​ ​ ​ ​ Fannie Mae ​ $ 754,044 ​ $ 746,937 Freddie Mac ​ ​ 179,703 ​ ​ 223,773 FHA ​ ​ 23,313 ​ ​ 25,631 CMBS/Conduit ​ ​ — ​ ​ 105,425 Total ​ $ 957,060 ​ $ 1,101,766 Sales margin (fee-based services as a % of loan sales) ​ ​ 1.49 % ​ 1.49% MSR rate (MSR income as a % of loan commitments) ​ ​ 1.73 % ​ 1.68% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 ​ ​ ​ ​ ​ 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 ​ $ 14,946,922 ​ 49.3 ​ 8.0 Freddie Mac ​ ​ 4,570,521 ​ 29.4 ​ 10.6 FHA ​ ​ 679,685 ​ 15.2 ​ 19.1 Total ​ $ 20,197,128 ​ 43.6 ​ 8.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 Fannie Mae $ 14,832,844 49.3 7.8 Freddie Mac ​ ​ 4,534,714 ​ 30.0 ​ 10.6 FHA ​ ​ 691,519 ​ 15.4 ​ 18.7 Total ​ $ 20,059,077 ​ 43.8 ​ 8.8 ​

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
Basis of Presentation and Significant Accounting Policies
Basis of Presentation	Basis of Presentation ​ These 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 2019 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. Our VIEs are described in Note 15. All significant inter-company 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. During the first quarter of 2020, there was a global outbreak of a novel coronavirus ("COVID-19"), which has forced many countries, including the United States, to declare national emergencies, to institute "stay-at-home" orders, to close financial markets and to restrict operations of non-essential businesses. Such actions are creating significant disruptions in global supply chains, and adversely impacting many industries. COVID-19 could have a continued and prolonged adverse impact on economic and market conditions and could trigger a period of global economic slowdown. The impact of COVID-19 on companies is evolving rapidly, and the extent and duration of the economic fallout from this pandemic, both globally and to our business, remain unclear, making any estimate or assumption as of March 31, 2020 inherently less certain than they would be absent the current and potential impacts of COVID-19. Actual results could differ from those estimates.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements ​ Credit Losses ​ On January 1, 2020, we adopted Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which utilizes a current expected credit loss methodology (“CECL”) for the recognition of credit losses for our structured loans and investments, held-to-maturity debt securities and our loss-sharing obligations related to the Fannie Mae DUS program, at the time the financial asset is originated or acquired. The allowance for credit losses is adjusted each period for changes in expected credit losses. This methodology replaces the multiple existing impairment methods in GAAP and generally requires that a loss be incurred before it is recognized. We adopted ASU 2016-13 using the modified retrospective method, therefore, the results for reporting periods prior to January 1, 2020 have been unadjusted and reported in accordance with previously applicable GAAP. In connection with the adoption of ASU 2016-13, we recorded a $28.6 million increase to accumulated deficit,which is net of a deferred tax asset of $3.6 million as of January 1, 2020. ​ The following table illustrates the impact of adopting ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ January 1, 2020 ​ As Reported ​ ​ ​ Under As Reported Impact of ​ ASU 2016-13 Pre-Adoption Adoption Assets: ​ ​ ​ Allowance for credit losses: ​ ​ ​ Structured loans and investments (1) ​ $ 88,363 ​ $ 71,069 ​ $ 17,294 Held-to-maturity debt securities ​ 501 ​ ​ — ​ ​ 501 Deferred taxassets ​ ​ 27,307 ​ ​ 23,713 ​ ​ 3,594 Liabilities: ​ ​ ​ Allowance for loss-sharing obligations ​ 16,847 ​ 2,441 ​ 14,406 (1) See Note 3 for details by asset class. ​ Other Accounting Pronouncements Adopted ​ ​ ​ ​ ​ ​ Description Adoption Date Effect on Financial Statements In November 2018, the Financial Accounting Standards Board ("FASB") issued ASU 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities. This ASU amends the guidance for determining whether a decision-making fee is a variable interest and requires companies to consider indirect interests held through related parties under common control on a proportional basis rather than as the equivalent of a direct interest in its entirety (as currently required in GAAP). ​ First quarter of 2020 ​ The adoption of this guidance did not have a material impact on our consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820)—Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement, which makes a number of changes meant to add, modify or remove certain disclosure requirements associated with changes between hierarchy associated with Level 1, Level 2 and Level 3 fair value measurements. Early adoption is permitted upon issuance of the update. ​ First quarter of 2020 ​ The adoption of this guidance did not have a material impact on our consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, Intangibles—Goodwill and Other: Simplifying the Test for Goodwill Impairment. This ASU eliminates step two from the goodwill impairment test, which measures a goodwill impairment loss by comparing the implied fair value with the carrying amount of goodwill. ​ First quarter of 2020 ​ The adoption of this guidance did not have a material impact on our consolidated financial statements. ​ Recently Issued Accounting Pronouncements ​ Description Effective Date Effect on Financial Statements On March 12, 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848)—Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions that reference LIBOR or other reference rates expected to be discontinued because of reference rate reform. This ASU is effective as of March 12, 2020 through December 31, 2022. We have not adopted any of the optional expedients or exceptions through March 31, 2020, but will continue to evaluate the possible adoption of any such expedients or exceptions during the effective period as circumstances evolve. ​ Significant Accounting Policies ​ See Item 8 – Financial Statements and Supplementary Data in our 2019 Annual Report for a description of our significant accounting policies. Upon the adoption of ASU 2016-13 on January 1, 2020, we adjusted certain significant accounting policies, as follows: ​ Allowance for Credit Losses. given defaults (LGD) for similar loans with similar credit. These results require a significant amount of judgment applied in selecting inputs and analyzing the results produced by the models to determine the allowance for credit losses. Changes in such estimates can significantly affect our expected credit losses. ​ Our method for calculating the estimate of expected credit loss takes into account historical experience and current conditions for similar loans and reasonable and supportable forecasts about the future. The reasonable and supportable forecast period is determined based on our assessment of the most likely scenario of assumptions and plausible outcomes for the US economy, level of historical loss forecast estimates, material changes in growth and credit strategy and other factors that may affect our loss experience. We regularly evaluate the reasonable and supportable forecast period to determine if a change is needed. ​ Beyond our reasonable and supportable forecast period, we generally revert to historical loss information over the remaining loan/asset period, taken from a period that most accurately reflects the expectation of conditions expected to exist during the period of reversion. We may make adjustments to historical loss information for differences in risk that may not reflect the characteristics of our current portfolio, including but not limited to, loan-to-value and debt service coverage ratios, among other relevant factors. The method of reversion selected represents the best estimate of the collectability of the investments and is reevaluated each reporting period. We generally expect to use an average historical loss for reversion, utilizing an immediate or straight line method for the remaining life of the investments. ​ We also perform a qualitative assessment beyond model estimates, and apply qualitative adjustments as necessary. Our qualitative analysis includes a review of data that may directly impact our estimates including internal and external information about the loan or property including current market conditions, asset specific conditions, property operations or borrower/sponsor details (i.e. refinance, sale, bankruptcy) which allows us to more accurately and reasonably determine the amount of the expected loss for these investments. We also evaluate the contractual life of our assets to determine if changes are needed for contractual extension options, renewals, modifications and prepayments. ​ To the extent possible, we estimate our allowance for credit losses using a pooling approach for homogeneous assets with similar risk characteristics with the goal of enhancing the precision of their estimate. If particular assets no longer display risk characteristics that are similar to those of the pool, we may decide to revise our pools or perform an individual assessment of expected credit losses. If it is determined that a foreclosure is probable, or we expect repayment through the operation or sale of the collateral and the borrower is experiencing financial difficulty, we calculate expected credit losses based on the fair value of the collateral as of the reporting date. ​ During the loan review process, if we determine that it is probable that we will be unable to collect all amounts due for both principal and interest according to the contractual terms of a loan, we consider that loan impaired. We evaluate the capitalization and market discount rates, as well as the borrower's operating income and cash flows, in estimating the value of the underlying collateral when determining if a loan is impaired. We may also obtain a third party appraisal, which may value the collateral through an "as-is" or "stabilized value" methodology. Such appraisals may be used as an additional source of valuation information only and no adjustments are made to appraisals. If upon completion of the valuation, the fair value of the underlying collateral securing the impaired loan is less than the net carrying value of the loan, we record a specific allowance for credit losses with a corresponding charge to the provision for credit losses, and remove the impaired loan from the CECL analysis described above. If the loan modification constitutes a concession whereas we do not receive ample consideration in return for the modification, and the borrower is experiencing financial difficulties and cannot repay the loan under the current terms, then the modification is considered by us to be a troubled debt restructuring. We record interest on modified loans on an accrual basis to the extent the modified loan is contractually current. The allowance for credit losses on a troubled debt restructuring is measured using the same method as all other loans held for investment. Charge-offs to the allowance for credit losses occur when losses are confirmed through the receipt of cash or other consideration from the completion of a sale; when a modification or restructuring takes place in which we grant a concession to a borrower or agree to a discount in full or partial satisfaction of the loan; when we take ownership and control of the underlying collateral in full satisfaction of the loan; when loans are reclassified as other investments; or when significant collection efforts have ceased and it is highly likely that a loss has been realized. Loss on restructured loans is recorded when we have granted a concession to the borrower in the form of principal forgiveness related to the payoff or the substitution or addition of a new debtor for the original borrower or when we incur costs on behalf of the borrower related to the modification, payoff or the substitution or addition of a new debtor for the original borrower. When a loan is restructured, we record our investment at net realizable value, taking into account the cost of all concessions at the date of restructuring. In addition, a gain or loss may be recorded upon the sale of a loan to a third party in the consolidated statements of operations in the period in which the loan was sold.

Basis of Presentation and Sig_3

Basis of Presentation and Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2020
Basis of Presentation and Significant Accounting Policies
Schedule of impact of adopting ASU 2016-13	The following table illustrates the impact of adopting ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ January 1, 2020 ​ As Reported ​ ​ ​ Under As Reported Impact of ​ ASU 2016-13 Pre-Adoption Adoption Assets: ​ ​ ​ Allowance for credit losses: ​ ​ ​ Structured loans and investments (1) ​ $ 88,363 ​ $ 71,069 ​ $ 17,294 Held-to-maturity debt securities ​ 501 ​ ​ — ​ ​ 501 Deferred taxassets ​ ​ 27,307 ​ ​ 23,713 ​ ​ 3,594 Liabilities: ​ ​ ​ Allowance for loss-sharing obligations ​ 16,847 ​ 2,441 ​ 14,406 (1) See Note 3 for details by asset class.
Schedules of Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements	​ ​ ​ ​ ​ ​ Description Adoption Date Effect on Financial Statements In November 2018, the Financial Accounting Standards Board ("FASB") issued ASU 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities. This ASU amends the guidance for determining whether a decision-making fee is a variable interest and requires companies to consider indirect interests held through related parties under common control on a proportional basis rather than as the equivalent of a direct interest in its entirety (as currently required in GAAP). ​ First quarter of 2020 ​ The adoption of this guidance did not have a material impact on our consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820)—Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement, which makes a number of changes meant to add, modify or remove certain disclosure requirements associated with changes between hierarchy associated with Level 1, Level 2 and Level 3 fair value measurements. Early adoption is permitted upon issuance of the update. ​ First quarter of 2020 ​ The adoption of this guidance did not have a material impact on our consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, Intangibles—Goodwill and Other: Simplifying the Test for Goodwill Impairment. This ASU eliminates step two from the goodwill impairment test, which measures a goodwill impairment loss by comparing the implied fair value with the carrying amount of goodwill. ​ First quarter of 2020 ​ The adoption of this guidance did not have a material impact on our consolidated financial statements. ​ Recently Issued Accounting Pronouncements ​ Description Effective Date Effect on Financial Statements On March 12, 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848)—Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions that reference LIBOR or other reference rates expected to be discontinued because of reference rate reform. This ASU is effective as of March 12, 2020 through December 31, 2022. We have not adopted any of the optional expedients or exceptions through March 31, 2020, but will continue to evaluate the possible adoption of any such expedients or exceptions during the effective period as circumstances evolve. ​

Loans and Investments (Tables)

Loans and Investments (Tables)	3 Months Ended
	Mar. 31, 2020
Loans and Investments
Schedule of 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 ​ ​ ​ March 31, 2020 ​ Total ​ Count ​ Pay Rate (1) ​ Maturity ​ LTV Ratio (2) ​ LTV Ratio (3) ​ Bridge loans (4) ​ $ 4,342,335 ​ 90 % 234 5.50 % 18.4 1 % 77 % Preferred equity investments ​ 201,509 4 % 11 8.30 % 59.2 70 % 88 % Mezzanine loans ​ ​ 175,389 ​ 4 % 27 ​ 7.85 % 48.4 ​ 24 % 75 % Other (5) ​ 81,311 2 % 20 5.14 % 76.1 0 % 69 % ​ ​ 4,800,544 100 % 292 5.70 % 22.2 4 % 77 % Allowance for credit losses ​ ​ (142,252) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unearned revenue ​ (20,288) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans and investments, net ​ $ 4,638,004 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Wtd. Avg. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Remaining ​ Wtd. Avg. ​ Wtd. Avg. ​ ​ ​ ​ ​ ​ Percent of ​ Loan ​ Wtd. Avg. ​ Months to ​ First Dollar ​ Last Dollar ​ ​ December 31, 2019 Total Count Pay Rate (1) Maturity LTV Ratio (2) LTV Ratio (3) ​ Bridge loans (4) ​ $ 3,836,832 90 % 217 5.77 % 18.0 0 % 75 % Preferred equity investments ​ 181,058 4 % 10 7.62 % 68.8 69 % 89 % Mezzanine loans ​ ​ 191,575 ​ 4 % 24 ​ 9.70 % 36.7 ​ 22 % 73 % Other (5) ​ ​ 70,146 ​ 2 % 21 ​ 2.88 % 84.8 ​ 0 % 70 % ​ ​ 4,279,611 100 % 272 5.98 % 22.1 4 % 76 % Allowance for credit losses ​ (71,069) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unearned revenue ​ (18,582) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans and investments, net ​ $ 4,189,960 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) “Weighted Average Pay Rate” is a weighted average, based on the unpaid principal balance (“UPB”) of each loan in our portfolio, of the interest rate that is required to be paid monthly as stated in the individual loan agreements. Certain loans and investments that require an additional rate of interest “Accrual Rate” to be paid at maturity are not included in the weighted average pay rate as shown in the table. (2) The “First Dollar Loan-to-Value (“LTV”) Ratio” is calculated by comparing the total of our senior most dollar and all senior lien positions within the capital stack to the fair value of the underlying collateral to determine the point at which we will absorb a total loss of our position. (3) The “Last Dollar LTV Ratio” is calculated by comparing the total of the carrying value of our loan and all senior lien positions within the capital stack to the fair value of the underlying collateral to determine the point at which we will initially absorb a loss. (4) As of March 31, 2020 and December 31, 2019, bridge loans included 10 and 11, respectively, single-family rental loans with an aggregate UPB of $54.4 million and $66.7 million, respectively, of which $24.0 million and $30.0 million, respectively, was funded. (5) As of March 31, 2020 and December 31, 2019, other included 19 and 12 , respectively, single-family rental permanent loans with an aggregate UPB of $74.9 million and $41.6 million, respectively, and 1 and 9 , respectively, purchased loans with an aggregate UPB of $6.4 million and $28.6 million, respectively. ​
Summary of the loan portfolio's internal risk ratings and LTV ratios by asset class	A summary of the loan portfolio’s internal risk ratings and LTV ratios by asset class is as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Wtd. Avg. Wtd. Avg. ​ ​ UPB by Origination Year ​ ​ ​ ​ First Dollar ​ Last Dollar ​ March 31,2020 ​ 2020 ​ 2019 ​ 2018 ​ 2017 ​ 2016 ​ Prior ​ Total ​ LTV Ratio ​ LTV Ratio ​ Multifamily: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk Rating: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ $ 425,994 ​ $ 758,705 ​ $ 75,000 ​ $ 32,500 ​ $ — ​ $ 350 ​ $ 1,292,549 ​ ​ ​ ​ Pass/Watch ​ 195,114 ​ ​ 903,609 ​ ​ 188,500 ​ ​ 22,100 ​ ​ — ​ ​ 17,685 ​ ​ 1,327,008 ​ ​ ​ ​ Special Mention ​ ​ 49,173 ​ ​ 616,097 ​ ​ 150,459 ​ ​ 288,800 ​ ​ — ​ ​ — ​ ​ 1,104,529 ​ ​ ​ ​ ​ Substandard ​ ​ 23,500 ​ ​ 10,594 ​ ​ 41,494 ​ ​ 86,020 ​ ​ 8,250 ​ ​ 28,800 ​ ​ 198,658 ​ ​ ​ ​ ​ Doubtful ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ​ ​ Total Multifamily ​ $ 693,781 ​ $ 2,289,005 ​ $ 455,453 ​ $ 429,420 ​ $ 8,250 ​ $ 46,835 ​ $ 3,922,744 ​ 4 % 76 % Land: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of portfolio ​ ​ 82 % ​ ​ ​ ​ Risk Rating: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ ​ ​ ​ ​ Pass/Watch ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ​ ​ ​ Special Mention ​ ​ 71,019 ​ ​ 19,523 ​ ​ — ​ ​ 19,975 ​ ​ — ​ ​ — ​ ​ 110,517 ​ ​ ​ ​ ​ Substandard ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 127,928 ​ ​ 127,928 ​ ​ ​ ​ ​ Doubtful ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ​ ​ ​ Total Land ​ $ 71,019 ​ $ 19,523 ​ $ — ​ $ 19,975 ​ $ — ​ $ 127,928 ​ $ 238,445 ​ 0 % 90 % Healthcare: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of portfolio ​ ​ 5 % ​ ​ ​ ​ Risk Rating: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ $ — ​ $ 21,350 ​ $ 10,000 ​ $ — ​ $ — ​ $ — ​ $ 31,350 ​ ​ ​ ​ Pass/Watch ​ ​ — ​ ​ 51,069 ​ ​ 66,500 ​ ​ 41,650 ​ ​ — ​ ​ — ​ ​ 159,219 ​ ​ ​ ​ ​ Special Mention ​ ​ — ​ ​ 8,500 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 8,500 ​ ​ ​ ​ ​ Substandard ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ​ ​ ​ Doubtful ​ ​ — ​ ​ — ​ ​ — ​ ​ 4,625 ​ ​ — ​ ​ — ​ ​ 4,625 ​ ​ ​ ​ ​ Total Healthcare ​ $ — ​ $ 80,919 ​ $ 76,500 ​ $ 46,275 ​ $ — ​ $ — ​ $ 203,694 ​ 0 % 78 % Office: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of portfolio ​ ​ 4 % ​ ​ ​ ​ Risk Rating: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ $ — ​ $ — ​ $ 5,000 ​ $ — ​ $ — ​ $ — ​ $ 5,000 ​ ​ ​ ​ ​ Pass/Watch ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ​ ​ ​ Special Mention ​ ​ — ​ ​ — ​ ​ — ​ ​ 43,151 ​ ​ — ​ ​ 9,961 ​ ​ 53,112 ​ ​ ​ ​ ​ Substandard ​ ​ — ​ ​ — ​ ​ 41,000 ​ ​ 34,000 ​ ​ — ​ ​ — ​ ​ 75,000 ​ ​ ​ ​ ​ Doubtful ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 880 ​ ​ 880 ​ ​ ​ ​ ​ Total Office ​ $ — ​ $ — ​ $ 46,000 ​ $ 77,151 ​ $ — ​ $ 10,841 ​ $ 133,992 ​ 3 % 69 % Single Family Rental: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of portfolio ​ ​ 3 % ​ ​ ​ ​ Risk Rating: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ $ 8,575 ​ $ 34,490 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 43,065 ​ ​ ​ ​ ​ Pass/Watch ​ ​ 17,570 ​ ​ 30,853 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 48,423 ​ ​ ​ ​ ​ Special Mention ​ ​ 7,287 ​ ​ 161 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 7,448 ​ ​ ​ ​ ​ Substandard ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ​ ​ ​ Doubtful ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ​ ​ ​ Total Single Family Rental ​ $ 33,432 ​ $ 65,504 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 98,936 ​ 0 % 70 % Hotel: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of portfolio ​ ​ 2 % ​ ​ ​ ​ Risk Rating: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ ​ ​ ​ ​ Pass/Watch ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ​ ​ ​ Special Mention ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ​ ​ ​ Substandard ​ ​ — ​ ​ 91,000 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 91,000 ​ ​ ​ ​ ​ Doubtful ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ​ ​ ​ Total Hotel ​ $ — ​ $ 91,000 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 91,000 ​ 32 % 100 % Other: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of portfolio ​ ​ 2 % ​ ​ ​ ​ Risk Rating: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ ​ ​ ​ ​ Pass/Watch ​ ​ — ​ ​ — ​ ​ — ​ ​ 3,574 ​ ​ — ​ ​ — ​ ​ 3,574 ​ ​ ​ ​ ​ Special Mention ​ ​ — ​ ​ — ​ ​ 51,300 ​ ​ 10,006 ​ ​ — ​ ​ — ​ ​ 61,306 ​ ​ ​ ​ ​ Substandard ​ ​ — ​ ​ — ​ ​ 41,600 ​ ​ — ​ ​ — ​ ​ 3,553 ​ ​ 45,153 ​ ​ ​ ​ ​ Doubtful ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,700 ​ ​ 1,700 ​ ​ ​ ​ ​ Total Other ​ $ — ​ $ — ​ $ 92,900 ​ $ 13,580 ​ $ — ​ $ 5,253 ​ $ 111,733 ​ 4 % 77 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of portfolio ​ ​ 2 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Grand Total ​ $ 798,232 ​ $ 2,545,951 ​ $ 670,853 ​ $ 586,401 ​ $ 8,250 ​ $ 190,857 ​ $ 4,800,544 ​ 4 % 77 % ​
Summary of the changes in the allowance for credit losses for our loan portfolio	A summary of the changes in the allowance for credit losses is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2020 ​ Land ​ Multifamily ​ Retail ​ Hotel ​ Office ​ Healthcare ​ Other Total Allowance for credit losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance, prior to adoption of CECL ​ $ 67,869 ​ $ — ​ $ — ​ $ — ​ $ 1,500 ​ $ — ​ $ 1,700 ​ $ 71,069 Impact of adopting CECL - January 1, 2020 ​ ​ 77 ​ ​ 15,688 ​ ​ 333 ​ ​ 29 ​ ​ 287 ​ ​ 64 ​ ​ 816 ​ ​ 17,294 Provision for credit losses (net of recoveries) ​ 10,473 ​ ​ 16,585 ​ 10,983 ​ 7,500 ​ 4,310 ​ 3,870 ​ 168 ​ 53,889 Ending balance ​ $ 78,419 ​ $ 32,273 ​ $ 11,316 ​ $ 7,529 ​ $ 6,097 ​ $ 3,934 ​ $ 2,684 ​ $ 142,252 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance for credit losses ​ $ 67,869 ​ $ — ​ $ — ​ $ — ​ $ 1,500 ​ $ — ​ $ 1,700 ​ $ 71,069
Summary of our loans considered impaired by asset class	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Wtd. Avg. First ​ Wtd. Avg. Last ​ ​ ​ ​ ​ Carrying ​ Allowance for ​ Dollar LTV ​ Dollar LTV ​ Asset Class UPB Value Credit Losses Ratio Ratio Land ​ $ 134,215 ​ $ 126,800 ​ $ 77,869 ​ ​ 0 % ​ 97 % Hotel ​ 50,000 ​ 49,663 ​ 7,500 ​ 59 % 100 % Retail ​ 33,520 ​ 31,921 ​ 11,292 ​ 3 % 100 % Healthcare ​ 4,625 ​ 4,845 ​ 3,845 ​ 0 % 100 % Office ​ 2,211 ​ ​ 2,211 ​ 1,500 ​ 0 % 76 % Commercial ​ 1,700 ​ 1,700 ​ 1,700 ​ 63 % 63 % Total ​ $ 226,271 ​ $ 217,140 ​ $ 103,706 ​ ​ 14 % ​ 98 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ ​ ​ ​ ​ ​ ​ Wtd. Avg. First Wtd. Avg. Last ​ ​ ​ ​ Carrying ​ Allowance for ​ Dollar LTV ​ Dollar LTV ​ Asset Class ​ UPB (1) ​ Value ​ Credit Losses ​ Ratio ​ Ratio ​ Land $ 134,215 $ 126,800 $ 67,869 ​ 0 % ​ 97 % Office ​ 2,226 ​ 2,226 ​ 1,500 ​ 0 % 78 % Commercial ​ ​ 1,700 ​ ​ 1,700 ​ ​ 1,700 ​ ​ 63 % ​ 63 % Total ​ $ 138,141 ​ $ 130,726 ​ $ 71,069 ​ ​ 1 % ​ 96 % (1) Represents the UPB of nine and five impaired loans (less unearned revenue and other holdbacks and adjustments) by asset class at March 31, 2020 and December 31, 2019, respectively. ​
Summary of our non-performing loans by asset class	A summary of our non-performing loans by asset class is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 ​ December 31, 2019 ​ ​ ​ ​ ​ Less Than ​ Greater Than ​ ​ ​ ​ Less Than ​ Greater Than ​ ​ ​ ​ 90 Days ​ 90 Days ​ ​ ​ 90 Days ​ 90 Days ​ UPB Past Due Past Due UPB Past Due Past Due Healthcare ​ $ 4,625 ​ $ — ​ $ 4,625 ​ $ — ​ $ — ​ $ — Commercial ​ ​ 1,700 ​ ​ — ​ ​ 1,700 ​ ​ 1,700 ​ ​ — ​ ​ 1,700 Retail ​ ​ 920 ​ ​ — ​ ​ 920 ​ ​ 1,000 ​ ​ — ​ ​ 1,000 Office ​ ​ 880 ​ ​ — ​ ​ 880 ​ ​ 880 ​ ​ — ​ ​ 880 Total ​ $ 8,125 ​ $ — ​ $ 8,125 ​ $ 3,580 ​ $ — ​ $ 3,580

Loans Held-for-Sale, Net (Table

Loans Held-for-Sale, Net (Tables)	3 Months Ended
	Mar. 31, 2020
Loans Held-for-Sale, Net
Summary of loans held-for-sale, net	​ Loans held-for-sale, net consists of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 December 31, 2019 Private Label ​ $ 683,526 ​ $ 401,207 Fannie Mae ​ ​ 236,459 ​ ​ 408,534 Freddie Mac ​ 56,311 ​ ​ 36,303 FHA ​ ​ 2,440 ​ ​ 1,082 ​ ​ 978,736 ​ ​ 847,126 Fair value of future MSR ​ ​ 15,254 ​ ​ 16,519 Unearned discount ​ (2,294) ​ ​ (2,285) Loans held-for-sale, net ​ $ 991,696 ​ $ 861,360 ​

Capitalized Mortgage Servicin_2

Capitalized Mortgage Servicing Rights (Tables)	3 Months Ended
	Mar. 31, 2020
Capitalized Mortgage Servicing Rights
Summary of capitalized MSR activity	A summary of our capitalized MSR activity is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2020 ​ Acquired Originated Total Balance at beginning of period ​ $ 64,519 ​ $ 221,901 ​ $ 286,420 Additions ​ ​ — ​ ​ 20,275 ​ ​ 20,275 Amortization ​ ​ (4,206) ​ ​ (7,615) ​ ​ (11,821) Write-downs and payoffs ​ ​ (1,736) ​ ​ (4,184) ​ ​ (5,920) Balance at end of period ​ $ 58,577 ​ $ 230,377 ​ $ 288,954 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2019 Balance at beginning of period ​ $ 97,084 ​ $ 176,686 ​ $ 273,770 Additions ​ ​ — ​ ​ 20,609 ​ ​ 20,609 Amortization ​ ​ (5,915) ​ ​ (6,367) ​ ​ (12,282) Write-downs and payoffs ​ ​ (3,140) ​ ​ (1,318) ​ ​ (4,458) Balance at end of period ​ $ 88,029 ​ $ 189,610 ​ $ 277,639 ​
Schedule of expected amortization of capitalized MSRs recorded	The expected amortization of capitalized MSRs recorded as of March 31, 2020 is as follows (in thousands): ​ ​ ​ ​ ​ Year Amortization 2020 (nine months ending 12/31/2020) ​ $ 34,716 2021 ​ 43,228 2022 ​ 38,728 2023 ​ 34,495 2024 ​ 30,481 2025 ​ ​ 27,573 Thereafter ​ 79,733 Total ​ $ 288,954 ​

Mortgage Servicing (Tables)

Mortgage Servicing (Tables)	3 Months Ended
	Mar. 31, 2020
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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 ​ Product Concentrations ​ Geographic Concentrations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ UPB ​ ​ ​ ​ Percent of ​ Percentage Product ​ UPB (1) ​ Total ​ State ​ of Total ​ Fannie Mae ​ $ 14,946,922 ​ 74 % Texas ​ 18 % Freddie Mac ​ ​ 4,570,521 23 % North Carolina ​ 9 % FHA ​ ​ 679,685 3 % New York ​ 9 % Total ​ $ 20,197,128 ​ 100 % California ​ 8 % ​ ​ ​ ​ ​ ​ ​ Georgia ​ 6 % ​ ​ ​ ​ ​ ​ ​ Florida ​ 6 % ​ ​ ​ ​ ​ ​ ​ Other (2) ​ 44 % ​ ​ ​ ​ ​ ​ ​ Total ​ 100 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ Fannie Mae $ 14,832,844 74 % Texas 19 % Freddie Mac ​ ​ 4,534,714 ​ 23 % North Carolina ​ 9 % FHA ​ ​ 691,519 ​ 3 % New York ​ 9 % Total ​ $ 20,059,077 ​ 100 % California ​ 9 % ​ ​ ​ ​ ​ ​ ​ Florida ​ 6 % ​ ​ ​ ​ ​ ​ ​ Georgia ​ 6 % ​ ​ ​ ​ ​ ​ ​ Other (2) ​ 42 % ​ ​ ​ ​ ​ ​ ​ Total ​ 100 % (1) Excludes loans which we are not collecting a servicing fee. (2) No other individual state represented 4% or more of the total. ​

Securities Held-to-Maturity (Ta

Securities Held-to-Maturity (Tables)	3 Months Ended
	Mar. 31, 2020
Securities Held-to-Maturity
Summary of securities held-to-maturity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Carrying ​ Unrealized ​ Estimated ​ Allowance for ​ Face Value Value (Loss)/Gain Fair Value Credit Losses March 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ B Piece bonds ​ $ 86,484 ​ $ 64,406 ​ $ (2,143) ​ $ 62,263 ​ $ 992 SFR bonds ​ ​ 20,000 ​ ​ 20,000 ​ ​ (376) ​ ​ 19,624 ​ ​ — Total ​ $ 106,484 ​ $ 84,406 ​ $ (2,519) ​ $ 81,887 ​ $ 992 December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ B Piece bonds ​ $ 91,028 ​ $ 68,699 ​ $ 2,965 ​ $ 71,664 ​ $ — SFR bonds ​ ​ 20,000 ​ ​ 20,000 ​ ​ 74 ​ ​ 20,074 ​ ​ — Total ​ $ 111,028 ​ $ 88,699 ​ $ 3,039 ​ $ 91,738 ​ $ —
Summary of the changes in the allowance for credit losses	A summary of the changes in the allowance for credit losses for our securities held-to-maturity is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2020 ​ ​ B Piece Bonds ​ SFR Bonds ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance, prior to adoption of CECL ​ $ — ​ $ — ​ $ — Impact of adopting CECL - January 1, 2020 ​ 501 ​ — ​ 501 Provision for credit loss expense ​ 491 ​ — ​ 491 Ending balance ​ $ 992 ​ $ — ​ $ 992 ​

Investments in Equity Affilia_2

Investments in Equity Affiliates (Tables)	3 Months Ended
	Mar. 31, 2020
Investments in Equity Affiliates
Summary of the company's investments in equity affiliates	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ UPB of Loans to ​ ​ Investments in Equity Affiliates at ​ Equity Affiliates at Equity Affiliates March 31, 2020 December 31, 2019 March 31, 2020 Arbor Residential Investor LLC ​ $ 29,452 ​ $ 26,520 ​ $ — AMAC Holdings III LLC ​ ​ 10,471 ​ ​ 10,520 ​ ​ 15,600 North Vermont Avenue ​ ​ 2,458 ​ ​ 2,440 ​ ​ — Lightstone Value Plus REIT L.P ​ ​ 1,895 ​ ​ 1,895 ​ ​ — JT Prime ​ 425 ​ 425 ​ — West Shore Café ​ ​ — ​ ​ — ​ ​ 1,688 Lexford Portfolio ​ ​ — ​ ​ — ​ ​ 1,390 East River Portfolio ​ — ​ — ​ — Total ​ $ 44,701 ​ $ 41,800 ​ $ 18,678 ​

Real Estate Owned (Tables)

Real Estate Owned (Tables)	3 Months Ended
	Mar. 31, 2020
Real Estate Owned
Schedule of real estate owned	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 ​ December 31, 2019 ​ 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 ​ 31,771 ​ ​ 2,010 ​ ​ 33,781 ​ 31,541 ​ 2,010 ​ 33,551 Less: ​ ​ (14,307) ​ ​ (2,500) ​ ​ (16,807) ​ ​ (14,307) ​ ​ (2,500) ​ ​ (16,807) Less: ​ (10,460) ​ ​ (1,047) ​ ​ (11,507) ​ (10,320) ​ (1,007) ​ (11,327) Real estate owned, net ​ $ 10,298 ​ $ 2,972 ​ $ 13,270 ​ $ 10,208 ​ $ 3,012 ​ $ 13,220 ​

Debt Obligations (Tables)

Debt Obligations (Tables)	3 Months Ended
	Mar. 31, 2020
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 were 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) March 31, 2020 ​ $ 70,000 ​ $ 68,717 ​ ​ 5.21 % $ 57,795 ​ $ 57,586 ​ $ 42,205 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 $ 70,000 $ 68,629 ​ 5.99 % $ 70,755 $ 68,629 $ 29,245 (1) Debt carrying value is net of $1.3 million and $1.4 million of deferred financing fees at March 31, 2020 and December 31, 2019, respectively. (2) At March 31, 2020 and December 31, 2019, the aggregate weighted average note rate, including certain fees and costs, was 6.52% and 7.17% , respectively. (3) At both March 31, 2020 and December 31, 2019, 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 March 31, 2020 ​ $ 279,398 ​ $ 8,045 ​ $ 6,664 ​ $ 264,689 ​ $ 9,962 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ $ 300,914 ​ $ 9,235 ​ $ 7,527 ​ $ 284,152 ​ $ 9,962 ​
Credit Facilities and Repurchase Agreements
Debt Obligations
Schedule of borrowings	Borrowings under our credit facilities and repurchase agreements are as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 ​ December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt ​ Collateral ​ ​ ​ Debt ​ Collateral ​ ​ ​ ​ Current ​ Extended ​ ​ ​ ​ ​ ​ ​ Carrying ​ Carrying ​ Wtd. Avg. ​ Carrying ​ Carrying ​ Wtd. Avg. ​ ​ Maturity Maturity Note Rate Value (1) Value Note Rate Value (1) Value Note Rate Structured Business ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $500 million joint repurchase facility ​ Mar. 2022 ​ N/A ​ L + 1.75 % to 3.50 % $ 300,476 ​ $ 481,126 ​ ​ 3.22 % $ 224,658 ​ $ 339,378 ​ 4.06 % $400 million repurchase facility ​ Dec. 2020 ​ Mar. 2023 ​ L + 1.95 % ​ ​ ​ 214,647 ​ 289,961 ​ ​ 2.98 % 218,418 ​ 291,292 ​ 3.76 % $200 million repurchase facility ​ Feb. 2021 ​ (2) ​ L + 2.40 % ​ ​ ​ ​ 48,893 ​ ​ 55,682 ​ ​ 3.44 % ​ 40,530 ​ ​ 48,086 ​ 4.22 % $150 million credit facility (3) ​ May 2020 ​ May 2023 ​ L + 1.75 % to 2.50 % ​ 25,560 ​ ​ 31,790 ​ ​ 2.78 % ​ 4,570 ​ ​ 7,000 ​ 3.56 % $128.7 million loan specific credit facilities ​ May 2020 to May 2022 ​ June 2021 to Dec. 2021 ​ L + 2.10 % to 2.50 % 128,370 ​ 184,212 ​ ​ 3.35 % 128,274 ​ 184,116 ​ 4.13 % $100 million repurchase facility ​ June 2020 ​ June 2021 ​ L + 1.75 % to 1.95 % 50,247 ​ 66,486 ​ ​ 2.78 % 45,843 ​ 63,800 ​ 3.56 % $75 million credit facility ​ June 2020 ​ June 2023 ​ L + 1.75 % ​ ​ ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ — ​ $50 million credit facility ​ April 2020 ​ April 2022 ​ L + 2.00 % ​ ​ ​ — ​ — ​ ​ — ​ 14,933 ​ 17,650 ​ 3.81 % $50 million credit facility ​ Oct. 2022 ​ Oct. 2023 ​ L + 2.50 % ​ ​ ​ ​ 15,202 ​ ​ 22,817 ​ ​ 3.54 % ​ 12,191 ​ ​ 16,499 ​ 4.32 % $50 million credit facility ​ Sept. 2020 ​ Sept. 2021 ​ L + 2.50 % to 3.25 % ​ 5,264 ​ ​ 6,600 ​ ​ 3.54 % ​ 5,254 ​ ​ 6,600 ​ 4.32 % $25 million credit facility ​ June 2022 ​ June 2023 ​ L + 2.25 % ​ ​ ​ ​ 19,659 ​ ​ 30,900 ​ ​ 3.29 % ​ 19,651 ​ ​ 28,572 ​ 4.07 % $25 million working capital facility ​ Aug. 2020 ​ N/A ​ L + 2.25 % ​ ​ ​ ​ 25,000 ​ ​ — ​ ​ 3.29 % ​ — ​ ​ — ​ — ​ $2.8 million master security agreements ​ Dec. 2022 ​ N/A ​ ​ 2.97 % to 4.60 % ​ 2,761 ​ ​ — ​ ​ 4.10 % ​ 3,267 ​ ​ — ​ 4.08 % Repurchase facilities - securities (4) ​ N/A ​ N/A ​ L + 1.20 % to 2.75 % ​ 219,655 ​ ​ — ​ ​ 3.10 % ​ 217,105 ​ ​ — ​ 3.90 % Structured Business total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 1,055,734 ​ $ 1,169,574 ​ ​ 3.15 % $ 934,694 ​ $ 1,002,993 ​ 3.94 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Agency Business ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $750 million ASAP agreement (5) ​ N/A ​ N/A ​ L + 1.05 % ​ ​ ​ $ 81,451 ​ $ 81,451 ​ ​ 2.04 % $ 148,725 ​ $ 148,725 ​ 2.81 % $600 million joint repurchase facility ​ Mar. 2021 ​ Mar. 2022 ​ L + 1.50 % to 2.00 % ​ 497,692 ​ ​ 655,716 ​ ​ 2.56 % ​ 299,824 ​ ​ 300,446 ​ 3.26 % $300 million repurchase facility ​ Oct. 2020 ​ N/A ​ L + 1.15 % ​ ​ ​ ​ 104,261 ​ ​ 104,291 ​ ​ 2.14 % ​ 187,698 ​ ​ 187,742 ​ 2.91 % $150 million credit facility ​ Mar. 2021 ​ N/A ​ L + 1.15 % ​ ​ ​ ​ 71,474 ​ ​ 71,667 ​ ​ 2.14 % ​ 89,657 ​ ​ 89,673 ​ 2.91 % $150 million credit facility ​ July 2020 ​ N/A ​ L + 1.15 % ​ ​ ​ ​ 35,861 ​ ​ 35,912 ​ ​ 2.14 % ​ 17,690 ​ ​ 17,792 ​ 2.91 % $100 million credit facility ​ June 2020 ​ N/A ​ L + 1.15 % ​ ​ ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ — ​ Agency Business total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 790,739 ​ $ 949,037 ​ ​ 2.39 % $ 743,594 ​ $ 744,378 ​ 3.03 % Consolidated total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 1,846,473 ​ $ 2,118,611 ​ ​ 2.83 % $ 1,678,288 ​ $ 1,747,371 ​ 3.54 % (1) The debt carrying value for the Structured Business at March 31, 2020 and December 31, 2019 was net of unamortized deferred finance costs of $3.9 million and $2.1 million, respectively. The debt carrying value for the Agency Business at March 31, 2020 and December 31, 2019 was net of unamortized deferred finance costs of $1.4 million and $0.2 million, respectively. (2) This repurchase facility includes six-month extension options into perpetuity. (3) In February 2020, the committed amount under the facility was temporarily increased $75.0 million to $150.0 million, which expires on May 29, 2020. (4) These repurchase facilities are subject to margin call provisions associated with changes in interest spreads. As of March 31, 2020 and December 31, 2019, these facilities were collateralized by our CLO bonds retained and consolidated by us with a principal balance of $275.7 million and $234.9 million, respectively, B Piece bonds held-to-maturity with a carrying value of $64.4 million and $68.7 million, respectively, and SFR bonds with a carrying value of $20.0 million at both March 31, 2020 and December 31, 2019. At March 31, 2020, we had posted $54.7 million of cash collateral related to margin calls, which was used to reduce the UPB of the facilities in April 2020. We further reduced this debt in April 2020 to approximately $40.0 million through a debt restructuring and the use of proceeds from our senior notes issued in April 2020. (5) The note rate under this agreement is subject to a LIBOR Floor of 35 basis points.
CLOs
Debt Obligations
Schedule of borrowings	Borrowings and the corresponding collateral under our CLOs are as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Collateral (3) ​ ​ Debt ​ Loans ​ Cash ​ ​ Carrying Wtd. Avg. ​ Carrying Restricted March 31, 2020 ​ Face Value ​ Value (1) ​ Rate (2) ​ UPB ​ Value ​ Cash (4) CLO XIII ​ $ 668,000 ​ $ 662,918 ​ 2.44 % $ 665,381 ​ $ 662,287 ​ $ 100,777 CLO XII ​ ​ 534,193 ​ ​ 529,748 ​ 2.52 % ​ 613,317 ​ ​ 610,760 ​ ​ — CLO XI ​ ​ 533,000 ​ ​ 528,981 ​ 2.47 % ​ 640,272 ​ ​ 637,633 ​ ​ 2,208 CLO X ​ ​ 441,000 ​ ​ 437,652 ​ 2.48 % ​ 535,613 ​ ​ 533,588 ​ ​ 3,656 CLO IX ​ 356,400 ​ 353,797 ​ 2.39 % 410,558 ​ 409,403 ​ 60,854 Total CLOs ​ $ 2,532,593 ​ $ 2,513,096 ​ 2.46 % $ 2,865,141 ​ $ 2,853,671 ​ $ 167,495 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Collateral (3) ​ ​ Debt ​ Loans ​ Cash ​ ​ ​ Carrying Wtd. Avg. ​ Carrying Restricted December 31, 2019 Face Value ​ Value (1) ​ Rate (2) ​ UPB ​ Value ​ Cash (4) CLO XII ​ $ 534,193 ​ $ 529,448 ​ 3.30 % $ 596,366 ​ $ 593,652 ​ $ 17,800 CLO XI ​ ​ 533,000 ​ ​ 528,690 ​ 3.25 % ​ 624,443 ​ ​ 621,508 ​ ​ 15,550 CLO X ​ 441,000 ​ 437,391 ​ 3.26 % 509,887 ​ 507,854 ​ 37,287 CLO IX ​ ​ 356,400 ​ ​ 353,473 ​ 3.17 % ​ 407,696 ​ ​ 406,463 ​ ​ 47,230 CLO VIII ​ ​ 282,874 ​ ​ 281,119 ​ 3.12 % ​ 359,186 ​ ​ 357,914 ​ ​ 544 Total CLOs ​ $ 2,147,467 ​ $ 2,130,121 ​ 3.23 % $ 2,497,578 ​ $ 2,487,391 ​ $ 118,411 (1) Debt carrying value is net of $19.5 million and $17.3 million of deferred financing fees at March 31, 2020 and December 31, 2019, respectively. (2) At March 31, 2020 and December 31, 2019, the aggregate weighted average note rate for our CLOs, including certain fees and costs, was 2.87% and 3.63%, respectively. (3) As of March 31, 2020 and December 31, 2019, 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 totaling $89.1 million and $58.6 million at March 31, 2020 and December 31, 2019, respectively.
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 April 2020 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash Flow Triggers CLO IX CLO X CLO XI ​ CLO XII ​ CLO XIII ​ Overcollateralization (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current 134.68 % 126.98 % 121.95 % 118.87 % 119.76 % Limit 133.68 % 125.98 % 120.95 % 117.87 % 118.76 % Pass / Fail Pass ​ Pass ​ Pass ​ Pass ​ Pass ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest Coverage (2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current 361.00 % 372.24 % 338.30 % 289.89 % 228.91 % 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 IX CLO X ​ CLO XI ​ CLO XII CLO XIII ​ April 2020 ​ 134.68 % 126.98 % 121.95 % 118.87 % 119.76 % January 2020 ​ 134.68 % 126.98 % 121.95 % 118.87 % — ​ October 2019 ​ 134.68 % 126.98 % 121.95 % — ​ — ​ July 2019 ​ 134.68 % 126.98 % 121.95 % — ​ — ​ April 2019 ​ 134.69 % 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)	3 Months Ended
	Mar. 31, 2020
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 March 31, ​ ​ 2020 2019 ​ Beginning balance ​ $ 34,648 ​ $ 34,298 ​ Impact of adopting CECL - January 1, 2020 ​ ​ 14,406 ​ ​ — ​ Provisions for loss sharing ​ ​ 21,896 ​ ​ 879 ​ Provisions reversal for loan repayments ​ ​ (358) ​ ​ (425) ​ Recoveries (charge-offs), net ​ 160 ​ ​ (234) ​ Ending balance ​ $ 70,752 ​ $ 34,518 ​

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2020
Agency Business
Schedule of non-qualifying derivative financial instruments	A summary of our non-qualifying derivative financial instruments is as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value ​ ​ ​ ​ ​ Notional ​ Balance Sheet ​ Derivative ​ Derivative ​ Derivative Count Value Location Assets Liabilities Agency Business ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rate Lock Commitments ​ 10 ​ $ 99,893 ​ Other Assets/Other Liabilities ​ $ 2,069 ​ $ (4,808) ​ Forward Sale Commitments ​ 59 ​ ​ 395,103 ​ Other Assets/Other Liabilities ​ ​ 10,614 ​ ​ (305) ​ Swap Futures ​ 6,307 ​ ​ 630,700 ​ ​ ​ ​ — ​ ​ — ​ ​ ​ ​ ​ $ 1,125,696 ​ ​ ​ $ 12,683 ​ $ (5,113) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Structured Business ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Swap Futures ​ 345 ​ $ 34,500 ​ ​ ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 Agency Business ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rate Lock Commitments ​ 5 ​ $ 37,657 ​ Other Assets/Other Liabilities ​ $ 1,066 ​ $ (202) Forward Sale Commitments ​ 79 ​ ​ 483,576 ​ Other Assets/Other Liabilities ​ ​ 369 ​ ​ (2,895) Swap Futures ​ 3,274 ​ ​ 327,400 ​ ​ ​ ​ — ​ ​ — ​ ​ ​ ​ $ 848,633 ​ ​ ​ $ 1,435 ​ $ (3,097) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Structured Business ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Swap Futures ​ 271 ​ $ 27,100 ​ ​ ​ ​ — ​ ​ —

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended
	Mar. 31, 2020
Fair Value.
Summary of the principal amounts, carrying values and the estimated fair values of the Company's financial instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 ​ December 31, 2019 ​ ​ Principal / ​ Carrying ​ Estimated ​ Principal / ​ Carrying ​ Estimated ​ Notional Amount Value Fair Value Notional Amount Value Fair Value Financial assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans and investments, net ​ $ 4,800,544 ​ $ 4,638,004 ​ $ 4,679,039 ​ $ 4,279,611 ​ $ 4,189,960 ​ $ 4,228,071 Loans held-for-sale, net ​ ​ 978,736 ​ ​ 991,696 ​ ​ 1,001,224 ​ ​ 847,126 ​ ​ 861,360 ​ ​ 876,975 Capitalized mortgage servicing rights, net ​ ​ n/a ​ ​ 288,954 ​ ​ 320,052 ​ ​ n/a ​ ​ 286,420 ​ ​ 328,995 Securities held-to-maturity, net ​ ​ 106,484 ​ ​ 84,406 ​ ​ 81,887 ​ ​ 111,028 ​ ​ 88,699 ​ ​ 91,738 Derivative financial instruments ​ ​ 341,180 ​ 12,683 ​ 12,683 ​ ​ 173,532 ​ 1,435 ​ 1,435 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Credit and repurchase facilities ​ $ 1,851,758 ​ $ 1,846,473 ​ $ 1,848,149 ​ $ 1,681,146 ​ $ 1,678,288 ​ $ 1,677,658 Collateralized loan obligations ​ ​ 2,532,593 ​ 2,513,096 ​ 2,260,964 ​ ​ 2,147,467 ​ 2,130,121 ​ 2,147,944 Debt fund ​ ​ 70,000 ​ 68,717 ​ 70,115 ​ ​ 70,000 ​ ​ 68,629 ​ ​ 70,138 Senior unsecured notes ​ ​ 600,000 ​ 591,854 ​ 514,100 ​ ​ 325,000 ​ 319,799 ​ 331,225 Convertible senior unsecured notes, net ​ ​ 279,398 ​ ​ 264,689 ​ ​ 246,200 ​ ​ 300,914 ​ ​ 284,152 ​ ​ 310,778 Junior subordinated notes ​ ​ 154,336 ​ 141,128 ​ 98,143 ​ ​ 154,336 ​ 140,949 ​ 97,668 Derivative financial instruments ​ ​ 153,816 ​ 5,113 ​ 5,113 ​ ​ 347,701 ​ 3,097 ​ 3,097 ​
Schedule of certain financial assets and financial liabilities measured at fair value on a recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements Using Fair ​ ​ Carrying ​ ​ ​ ​ Value Hierarchy ​ Value Fair Value Level 1 Level 2 Level 3 Financial assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative financial instruments ​ $ 12,683 ​ $ 12,683 ​ $ — ​ $ 10,614 ​ $ 2,069 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative financial instruments ​ $ 5,113 ​ $ 5,113 ​ $ — ​ $ 5,113 ​ $ — ​
Schedule of certain financial assets and financial liabilities measured at fair value on a nonrecurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements Using Fair ​ ​ Net Carrying ​ ​ ​ Value Hierarchy ​ Value Fair Value Level 1 Level 2 Level 3 Financial assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Impaired loans, net (1) ​ $ 113,434 ​ $ 113,434 ​ $ — ​ $ — ​ $ 113,434 (1) We had an allowance for loan losses of $103.7 million relating to nine impaired loans with an aggregate carrying value, before loan loss reserves, of $217.1 million at March 31, 2020. ​
Schedule of quantitative information about Level 3 fair value measurements	Quantitative information about Level 3 fair value measurements at March 31, 2020 were as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Valuation ​ ​ ​ ​ ​ Fair Value Techniques Significant Unobservable Inputs Financial assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Impaired loans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Land ​ $ 48,931 ​ Discounted cash flows Discount rate ​ 21.50 % ​ ​ ​ ​ ​ ​ Revenue growth rate ​ 3.00 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Hotel ​ ​ 42,163 Discounted cash flows / Discount rate ​ 11.50 % ​ ​ ​ ​ ​ direct capitalization Capitalization rate ​ 3.10 % ​ ​ ​ ​ ​ ​ Revenue growth rate ​ 25.00 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retail ​ ​ 20,629 ​ Discounted cash flows ​ Discount rate ​ 10.04 % ​ ​ ​ ​ ​ ​ ​ Capitalization rate ​ 9.25 % ​ ​ ​ ​ ​ ​ ​ Revenue growth rate ​ 1.55 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Healthcare ​ ​ 1,000 ​ Discounted cash flows ​ Capitalization rate ​ 14.30 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Office ​ ​ 711 ​ Discounted cash flows Discount rate ​ 11.00 % ​ ​ ​ ​ ​ ​ Capitalization rate ​ 9.00 % ​ ​ ​ ​ ​ ​ Revenue growth rate ​ 2.50 % Derivative financial instruments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rate lock commitments ​ ​ 2,069 ​ Discounted cash flows ​ W/A discount rate ​ 9.62 % ​
Schedule of roll forward of Level 3 derivative instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements Using Significant Unobservable Inputs ​ ​ Three Months Ended March 31, ​ 2020 2019 Derivative assets and liabilities, net ​ ​ ​ ​ ​ ​ Balance at beginning of period ​ $ 1,066 ​ $ 324 Settlements ​ ​ (11,717) ​ ​ (14,157) Realized gains recorded in earnings ​ ​ 10,651 ​ ​ 13,833 Unrealized gains recorded in earnings ​ ​ 2,069 ​ ​ 400 Balance at end of period ​ $ 2,069 ​ $ 400 ​
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 March 31, 2020 Principal Amount Servicing Rights Movement Effect Adjustment Rate lock commitments ​ $ 99,893 ​ $ 3,987 ​ $ (4,808) ​ $ (821) Forward sale commitments ​ ​ 395,103 ​ ​ — ​ ​ 4,808 ​ ​ 4,808 Loans held-for-sale, net (1) ​ ​ 978,735 ​ ​ 15,254 ​ ​ — ​ ​ 15,254 Total ​ ​ ​ ​ $ 19,241 ​ $ — ​ $ 19,241 (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	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements Using Fair Value Hierarchy ​ Carrying Value Fair Value Level 1 Level 2 Level 3 Financial assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans and investments, net ​ $ 4,638,004 ​ $ 4,679,039 ​ $ — ​ $ — ​ $ 4,679,039 Loans held-for-sale, net ​ ​ 991,696 ​ ​ 1,001,224 ​ ​ — ​ ​ 985,970 ​ ​ 15,254 Capitalized mortgage servicing rights, net ​ ​ 288,954 ​ ​ 320,052 ​ ​ — ​ ​ — ​ ​ 320,052 Securities held-to-maturity, net ​ ​ 84,406 ​ ​ 81,887 ​ ​ — ​ ​ — ​ ​ 81,887 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Credit and repurchase facilities ​ $ 1,846,473 ​ $ 1,848,149 ​ $ — ​ $ 790,739 ​ $ 1,057,410 Collateralized loan obligations ​ 2,513,096 ​ 2,260,964 ​ — ​ — ​ 2,260,964 Debt fund ​ ​ 68,717 ​ ​ 70,115 ​ ​ — ​ ​ — ​ ​ 70,115 Senior unsecured notes ​ 591,854 ​ 514,100 ​ 514,100 ​ — ​ — Convertible senior unsecured notes, net ​ ​ 264,689 ​ ​ 246,200 ​ ​ — ​ ​ 246,200 ​ ​ — Junior subordinated notes ​ 141,128 ​ 98,143 ​ — ​ — ​ 98,143

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2020
Commitments and Contingencies
Schedule of maturities of operating lease liabilities	Debt Obligations and Operating Leases. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Minimum Annual ​ ​ ​ Debt Operating Lease ​ ​ Year Obligations Payments Total 2020 (nine months ending December 31, 2020) ​ $ 820,368 ​ $ 3,984 ​ $ 824,352 2021 ​ 409,457 ​ 3,124 ​ 412,581 2022 ​ 2,366,841 ​ 2,775 ​ 2,369,616 2023 ​ 781,235 ​ 2,052 ​ 783,287 2024 ​ 378,013 ​ 1,459 ​ 379,472 2025 ​ — ​ 1,503 ​ 1,503 Thereafter ​ 732,171 ​ 1,802 ​ 733,973 Total ​ $ 5,488,085 ​ $ 16,699 ​ $ 5,504,784

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	3 Months Ended
	Mar. 31, 2020
Variable Interest Entities
Schedule of the assets and liabilities related to the consolidated CLOs and Debt Fund	The assets and liabilities related to these consolidated CLOs and Debt Fund are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 December 31, 2019 Assets: ​ ​ ​ ​ ​ ​ Restricted cash ​ $ 301,045 ​ $ 208,467 Loans and investments, net ​ ​ 2,911,257 ​ ​ 2,557,909 Other assets ​ ​ 20,711 ​ ​ 18,380 Total assets ​ $ 3,233,013 ​ $ 2,784,756 ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ Collateralized loan obligations ​ $ 2,513,096 ​ $ 2,130,121 Debt fund ​ ​ 68,717 ​ ​ 68,629 Due to related party ​ ​ 231 ​ ​ 6,734 Other liabilities ​ 3,544 ​ 4,115 Total liabilities ​ $ 2,585,588 ​ $ 2,209,599
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 March 31, 2020 is as follows (in thousands): ​ ​ ​ ​ ​ Type Carrying Amount Loans ​ $ 341,010 B Piece and SFR bonds ​ ​ 85,398 Equity investments ​ ​ 12,930 Agency interest only strips ​ ​ 2,424 Total ​ $ 441,762 (1) Represents the carrying amount of loans and investments before reserves. At March 31, 2020, $129.0 million of loans to VIEs had corresponding loan loss reserves of $79.4 million. The maximum loss exposure as of March 31, 2020 would not exceed the carrying amount of our investment. ​

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2020
Equity
Schedule of dividends declared by the Company (on a per share basis)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common Stock ​ Preferred Stock ​ ​ ​ ​ ​ ​ ​ Dividend (1) Declaration Date Dividend Declaration Date Series A Series B Series C February 13, 2020 ​ $ 0.30 ​ January 31, 2020 ​ $ 0.515625 ​ $ 0.484375 ​ $ 0.53125 (1) The dividend declared on January 31, 2020 was for December 1, 2019 through February 29, 2020. ​
Schedule of reconciliation of the numerator and denominator of the basic and diluted EPS computations	​ irad ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ ​ 2020 ​ 2019 ​ Basic Diluted Basic Diluted Net (loss) income attributable to common stockholders (1) ​ $ (59,310) ​ $ (59,310) ​ $ 22,650 ​ $ 22,650 Net (loss) income attributable to noncontrolling interest (2) ​ ​ — ​ ​ (10,934) ​ ​ — ​ ​ 5,468 Net (loss) income attributable to common stockholders and noncontrolling interest ​ $ (59,310) ​ $ (70,244) ​ $ 22,650 ​ $ 28,118 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares outstanding ​ 110,792,412 ​ 110,792,412 ​ 85,151,878 ​ 85,151,878 Dilutive effect of OP Units (2) ​ ​ — ​ ​ 20,424,787 ​ ​ — ​ ​ 20,554,434 Dilutive effect of restricted stock units (3) ​ — ​ — ​ — ​ 1,376,514 Dilutive effect of convertible notes (4) ​ ​ — ​ ​ — ​ ​ — ​ ​ 786,685 Weighted average shares outstanding ​ 110,792,412 ​ 131,217,199 ​ 85,151,878 ​ 107,869,511 Net (loss) income per common share (1) ​ $ (0.54) ​ $ (0.54) ​ $ 0.27 ​ $ 0.26 (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, of which was antidilutive for March 31, 2020.

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2020
Segment Information
Schedule of statement of income and balance sheet by segment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2020 ​ ​ Structured ​ Agency ​ Other / ​ ​ ​ ​ Business Business Eliminations (1) Consolidated Interest income ​ $ 78,477 ​ $ 10,049 ​ $ — ​ $ 88,526 Interest expense ​ ​ 43,399 ​ ​ 6,583 ​ ​ — ​ ​ 49,982 Net interest income ​ ​ 35,078 ​ ​ 3,466 ​ ​ — ​ ​ 38,544 Other revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain on sales, including fee-based services, net ​ ​ — ​ ​ 14,305 ​ ​ — ​ ​ 14,305 Mortgage servicing rights ​ ​ — ​ ​ 21,934 ​ ​ — ​ ​ 21,934 Servicing revenue ​ ​ — ​ ​ 25,124 ​ ​ — ​ ​ 25,124 Amortization of MSRs ​ ​ — ​ ​ (11,822) ​ ​ — ​ ​ (11,822) Property operating income ​ ​ 2,192 ​ ​ — ​ ​ — ​ ​ 2,192 Loss on derivative instruments, net ​ ​ (3,000) ​ ​ (47,731) ​ ​ — ​ ​ (50,731) Other income, net ​ ​ 1,303 ​ ​ — ​ ​ — ​ ​ 1,303 Total other revenue ​ ​ 495 ​ ​ 1,810 ​ ​ — ​ ​ 2,305 Other expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee compensation and benefits ​ ​ 10,846 ​ ​ 23,406 ​ ​ — ​ ​ 34,252 Selling and administrative ​ ​ 4,450 ​ ​ 6,602 ​ ​ — ​ 11,052 Property operating expenses ​ ​ 2,443 ​ ​ — ​ ​ — ​ ​ 2,443 Depreciation and amortization ​ ​ 620 ​ ​ 1,327 ​ ​ — ​ ​ 1,947 Provision for loss sharing (net of recoveries) ​ ​ — ​ ​ 21,537 ​ ​ — ​ ​ 21,537 Provision for credit losses (net of recoveries) ​ ​ 53,890 ​ ​ 492 ​ ​ — ​ ​ 54,382 Total other expenses ​ ​ 72,249 ​ ​ 53,364 ​ ​ — ​ ​ 125,613 Loss before extinguishment of debt, income from equity affiliates and income taxes ​ ​ (36,676) ​ ​ (48,088) ​ ​ — ​ ​ (84,764) Loss on extinguishment of debt ​ ​ (1,954) ​ ​ — ​ ​ — ​ ​ (1,954) Income from equity affiliates ​ ​ 3,992 ​ ​ — ​ ​ — ​ ​ 3,992 (Provision for) benefit from income taxes ​ ​ (83) ​ ​ 14,453 ​ ​ — ​ ​ 14,370 Net loss ​ ​ (34,721) ​ ​ (33,635) ​ ​ — ​ ​ (68,356) Preferred stock dividends ​ ​ 1,888 ​ ​ — ​ ​ — ​ ​ 1,888 Net loss attributable to noncontrolling interest ​ ​ — ​ ​ — ​ ​ (10,934) ​ ​ (10,934) Net loss attributable to common stockholders ​ $ (36,609) ​ $ (33,635) ​ $ 10,934 ​ $ (59,310) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2019 ​ ​ ​ Structured ​ ​ Agency ​ ​ Other / ​ ​ ​ ​ ​ Business ​ Business ​ Eliminations (1) ​ Consolidated Interest income ​ $ 65,809 ​ $ 5,468 ​ $ — ​ $ 71,277 Interest expense ​ ​ 38,257 ​ ​ 3,608 ​ ​ — ​ ​ 41,865 Net interest income ​ ​ 27,552 ​ ​ 1,860 ​ ​ — ​ ​ 29,412 Other revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain on sales, including fee-based services, net ​ ​ — ​ ​ 16,389 ​ ​ — ​ ​ 16,389 Mortgage servicing rights ​ ​ — ​ ​ 14,232 ​ ​ — ​ ​ 14,232 Servicing revenue ​ ​ — ​ ​ 25,834 ​ ​ — ​ ​ 25,834 Amortization of MSRs ​ ​ — ​ ​ (12,282) ​ ​ — ​ ​ (12,282) Property operating income ​ ​ 2,803 ​ ​ — ​ ​ — ​ ​ 2,803 Loss on derivative instruments, net ​ ​ — ​ ​ (2,465) ​ ​ — ​ ​ (2,465) Other income, net ​ ​ 337 ​ ​ — ​ ​ — ​ ​ 337 Total other revenue ​ ​ 3,140 ​ ​ 41,708 ​ ​ — ​ ​ 44,848 Other expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee compensation and benefits ​ ​ 8,464 ​ ​ 23,300 ​ ​ — ​ ​ 31,764 Selling and administrative ​ ​ 4,421 ​ ​ 5,340 ​ ​ — ​ ​ 9,761 Property operating expenses ​ ​ 2,396 ​ ​ — ​ ​ — ​ ​ 2,396 Depreciation and amortization ​ ​ 512 ​ ​ 1,400 ​ ​ — ​ ​ 1,912 Provision for loss sharing (net of recoveries) ​ ​ — ​ ​ 454 ​ ​ — ​ ​ 454 Total other expenses ​ ​ 15,793 ​ ​ 30,494 ​ ​ — ​ ​ 46,287 Income before extinguishment of debt, income from equity affiliates and income taxes ​ ​ 14,899 ​ ​ 13,074 ​ ​ — ​ ​ 27,973 Loss on extinguishment of debt ​ ​ (128) ​ ​ — ​ ​ — ​ ​ (128) Income from equity affiliates ​ ​ 2,151 ​ ​ — ​ ​ — ​ ​ 2,151 Benefit from income taxes ​ ​ — ​ ​ 10 ​ ​ — ​ ​ 10 Net income ​ ​ 16,922 ​ ​ 13,084 ​ ​ — ​ ​ 30,006 Preferred stock dividends ​ ​ 1,888 ​ ​ — ​ ​ — ​ ​ 1,888 Net income attributable to noncontrolling interest ​ ​ — ​ ​ — ​ ​ 5,468 ​ ​ 5,468 Net income attributable to common stockholders ​ $ 15,034 ​ $ 13,084 ​ $ (5,468) ​ $ 22,650 (1) Includes income allocated to the noncontrolling interest holders not allocated to the two reportable segments. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 ​ Structured Business Agency Business Consolidated Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 106,879 ​ $ 115,451 ​ $ 222,330 Restricted cash ​ ​ 301,468 ​ ​ 2,599 ​ ​ 304,067 Loans and investments, net ​ ​ 4,638,004 ​ ​ — ​ ​ 4,638,004 Loans held-for-sale, net ​ ​ — ​ ​ 991,696 ​ ​ 991,696 Capitalized mortgage servicing rights, net ​ ​ — ​ ​ 288,954 ​ ​ 288,954 Securities held-to-maturity, net ​ ​ 20,000 ​ ​ 64,406 ​ ​ 84,406 Investments in equity affiliates ​ ​ 44,701 ​ ​ — ​ ​ 44,701 Goodwill and other intangible assets ​ ​ 12,500 ​ ​ 96,871 ​ ​ 109,371 Other assets ​ ​ 174,409 ​ ​ 76,712 ​ ​ 251,121 Total assets ​ $ 5,297,961 ​ $ 1,636,689 ​ $ 6,934,650 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt obligations ​ $ 4,635,218 ​ $ 790,739 ​ $ 5,425,957 Allowance for loss-sharing obligations ​ ​ — ​ ​ 70,752 ​ ​ 70,752 Other liabilities ​ ​ 155,383 ​ ​ 56,508 ​ ​ 211,891 Total liabilities ​ $ 4,790,601 ​ $ 917,999 ​ $ 5,708,600 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 264,468 ​ $ 35,219 ​ $ 299,687 Restricted cash ​ 208,926 ​ 1,949 ​ 210,875 Loans and investments, net ​ 4,189,960 ​ — ​ 4,189,960 Loans held-for-sale, net ​ ​ — ​ ​ 861,360 ​ ​ 861,360 Capitalized mortgage servicing rights, net ​ ​ — ​ ​ 286,420 ​ ​ 286,420 Securities held-to-maturity, net ​ ​ 20,000 ​ ​ 68,699 ​ ​ 88,699 Investments in equity affiliates ​ 41,800 ​ — ​ 41,800 Goodwill and other intangible assets ​ ​ 12,500 ​ ​ 98,200 ​ ​ 110,700 Other assets ​ 118,175 ​ 31,484 ​ 149,659 Total assets ​ $ 4,855,829 ​ $ 1,383,331 ​ $ 6,239,160 ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ Debt obligations ​ $ 3,878,343 ​ $ 743,595 ​ $ 4,621,938 Allowance for loss-sharing obligations ​ ​ — ​ ​ 34,648 ​ ​ 34,648 Other liabilities ​ 171,004 ​ 55,543 ​ 226,547 Total liabilities ​ $ 4,049,347 ​ $ 833,786 ​ $ 4,883,133
Schedule of origination data and loan sales data	​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2020 2019 Origination Data: ​ ​ ​ ​ ​ ​ Structured Business ​ ​ ​ ​ ​ ​ New loan originations ​ $ 856,229 ​ $ 416,295 Loan payoffs / paydowns ​ ​ 275,292 ​ ​ 279,471 ​ ​ ​ ​ ​ ​ ​ Agency Business ​ ​ ​ ​ ​ ​ Origination Volumes by Investor: ​ ​ ​ ​ ​ ​ Fannie Mae ​ $ 581,973 ​ $ 546,886 Private Label ​ ​ 282,345 ​ ​ — Freddie Mac ​ ​ 199,711 ​ ​ 192,492 FHA ​ ​ 17,944 ​ ​ 1,110 CMBS/Conduit ​ ​ — ​ ​ 105,425 Total ​ $ 1,081,973 ​ $ 845,913 Total loan commitment volume ​ $ 1,267,219 ​ $ 846,963 ​ ​ ​ ​ ​ ​ ​ Loan Sales Data: ​ ​ ​ ​ ​ ​ Agency Business ​ ​ ​ ​ ​ ​ Fannie Mae ​ $ 754,044 ​ $ 746,937 Freddie Mac ​ ​ 179,703 ​ ​ 223,773 FHA ​ ​ 23,313 ​ ​ 25,631 CMBS/Conduit ​ ​ — ​ ​ 105,425 Total ​ $ 957,060 ​ $ 1,101,766 Sales margin (fee-based services as a % of loan sales) ​ ​ 1.49 % ​ 1.49% MSR rate (MSR income as a % of loan commitments) ​ ​ 1.73 % ​ 1.68%
Schedule of key servicing metrics for Agency Business	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2020 ​ ​ ​ ​ ​ 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 ​ $ 14,946,922 ​ 49.3 ​ 8.0 Freddie Mac ​ ​ 4,570,521 ​ 29.4 ​ 10.6 FHA ​ ​ 679,685 ​ 15.2 ​ 19.1 Total ​ $ 20,197,128 ​ 43.6 ​ 8.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 Fannie Mae $ 14,832,844 49.3 7.8 Freddie Mac ​ ​ 4,534,714 ​ 30.0 ​ 10.6 FHA ​ ​ 691,519 ​ 15.4 ​ 18.7 Total ​ $ 20,059,077 ​ 43.8 ​ 8.8

Description of Business (Detail

Description of Business (Details)	3 Months Ended
	Mar. 31, 2020segment
Description of Business
Number of business segments	2

Basis of Presentation and Sig_4

Basis of Presentation and Significant Accounting Policies, Credit Losses (Details) - USD ($) $ in Thousands		Mar. 31, 2020	Jan. 01, 2020	Dec. 31, 2019
Schedule of impact of adopting ASU 2016-13
Accumulated deficit		$ 177,589		$ 60,920
Allowance for credit losses:
Held-to-maturity debt securities		84,406		88,699
Liabilities:
Allowance for loss-sharing obligations		$ 70,752		$ 34,648
ASU 2016-13
Schedule of impact of adopting ASU 2016-13
Accumulated deficit			$ 28,600
Allowance for credit losses:
Structured loans and investments (1)	[1]		88,363
Held-to-maturity debt securities			501
Deferred tax asset			27,307
Liabilities:
Allowance for loss-sharing obligations			16,847
As Reported Pre-Adoption
Allowance for credit losses:
Structured loans and investments (1)	[1]		71,069
Deferred tax asset			23,713
Liabilities:
Allowance for loss-sharing obligations			2,441
Impact of Adoption
Allowance for credit losses:
Structured loans and investments (1)	[1]		17,294
Held-to-maturity debt securities			501
Deferred tax asset			3,594
Liabilities:
Allowance for loss-sharing obligations			$ 14,406
Transition method			Modified Retrospective
Impact of Adoption | ASU 2016-13
Allowance for credit losses:
Deferred tax asset			$ 3,600
[1]	See Note 3 for details by asset class.

Loans and Investments - Investm

Loans and Investments - Investment Portfolio and Concentration of Credit Risk (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020USD ($)loanborrower	Dec. 31, 2019USD ($)loanborrower	Mar. 31, 2019USD ($)
Loans and Investments
Loans and investments, gross	$ 4,800,544	$ 4,279,611
Unearned revenue	(20,288)	(18,582)
Loans and investments, net	4,638,004	4,189,960
Allowance for credit losses	$ (142,252)	$ (71,069)	$ (71,069)
Percent of Total	100.00%	100.00%
Loan Count | loan	292	272
Wtd. Avg. Pay Rate (as a percent)	5.70%	5.98%
Wtd. Avg. Remaining Months to Maturity	22 months 6 days	22 months 3 days
Wtd. Avg. First Dollar LTV Ratio (as percent)	4.00%	4.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	77.00%	76.00%
Credit risk concentration
Loans and Investments
Amortized cost basis	$ 4,800,544
Allowance for credit losses - CECL	$ 4,800,544
Wtd. Avg. First Dollar LTV Ratio (as percent)	4.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	77.00%
Credit risk concentration | Single-Family Rental
Loans and Investments
Amortized cost basis	$ 98,936
Allowance for credit losses - CECL	$ 98,936
Percent of Total	2.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	0.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	70.00%
Total assets | Credit risk concentration
Loans and Investments
Loan Count | loan	25	24
Number of different borrowers | borrower	5	5
Concentration risk, percentage	13.00%	13.00%
Bridge loans
Loans and Investments
Loans and investments, gross	$ 4,342,335	$ 3,836,832
Percent of Total	90.00%	90.00%
Loan Count | loan	234	217
Wtd. Avg. Pay Rate (as a percent)	5.50%	5.77%
Wtd. Avg. Remaining Months to Maturity	18 months 12 days	18 months
Wtd. Avg. First Dollar LTV Ratio (as percent)	1.00%	0.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	77.00%	75.00%
Bridge loans | Single-Family Rental
Loans and Investments
Number of loans under the loan portfolio | loan	10	11
Total loan commitment	$ 54,400	$ 66,700
Preferred equity investments
Loans and Investments
Loans and investments, gross	$ 201,509	$ 181,058
Percent of Total	4.00%	4.00%
Loan Count | loan	11	10
Wtd. Avg. Pay Rate (as a percent)	8.30%	7.62%
Wtd. Avg. Remaining Months to Maturity	59 months 6 days	68 months 24 days
Wtd. Avg. First Dollar LTV Ratio (as percent)	70.00%	69.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	88.00%	89.00%
Mezzanine loans
Loans and Investments
Loans and investments, gross	$ 175,389	$ 191,575
Percent of Total	4.00%	4.00%
Loan Count | loan	27	24
Wtd. Avg. Pay Rate (as a percent)	7.85%	9.70%
Wtd. Avg. Remaining Months to Maturity	48 months 12 days	36 months 21 days
Wtd. Avg. First Dollar LTV Ratio (as percent)	24.00%	22.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	75.00%	73.00%
Other
Loans and Investments
Loans and investments, gross	$ 81,311	$ 70,146
Percent of Total	2.00%	2.00%
Loan Count | loan	20	21
Wtd. Avg. Pay Rate (as a percent)	5.14%	2.88%
Wtd. Avg. Remaining Months to Maturity	76 months 3 days	84 months 24 days
Wtd. Avg. First Dollar LTV Ratio (as percent)	0.00%	0.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	69.00%	70.00%
Other | Single-Family Rental
Loans and Investments
Number of loans under the loan portfolio | loan	19	12
Total loan commitment	$ 74,900	$ 41,600
Unpaid principal balance, funded	$ 24,000	$ 30,000
Other | Purchased Loans [Member]
Loans and Investments
Number of loans under the loan portfolio | loan	1	9
Total loan commitment	$ 6,400	$ 28,600

Loans and Investments - Risk Ra

Loans and Investments - Risk Ratings and LTV Ratios (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Loans and Investments
Percentage of Portfolio	100.00%	100.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	4.00%	4.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	77.00%	76.00%
Credit risk concentration
Loans and Investments
Origination Year 2020	$ 798,232
Origination Year 2019	2,545,951
Origination Year 2018	670,853
Origination Year 2017	586,401
Origination Year 2016	8,250
Origination Year Prior	190,857
Amortized cost basis	$ 4,800,544
Wtd. Avg. First Dollar LTV Ratio (as percent)	4.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	77.00%
Credit risk concentration | Loans and investments portfolio | New York
Loans and Investments
Concentration risk, percentage	16.00%	18.00%
Credit risk concentration | Loans and investments portfolio | Texas
Loans and Investments
Concentration risk, percentage	12.00%	12.00%
Credit risk concentration | Multifamily
Loans and Investments
Origination Year 2020	$ 693,781
Origination Year 2019	2,289,005
Origination Year 2018	455,453
Origination Year 2017	429,420
Origination Year 2016	8,250
Origination Year Prior	46,835
Amortized cost basis	$ 3,922,744
Percentage of Portfolio	82.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	4.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	76.00%
Credit risk concentration | Multifamily | Pass
Loans and Investments
Origination Year 2020	$ 425,994
Origination Year 2019	758,705
Origination Year 2018	75,000
Origination Year 2017	32,500
Origination Year Prior	350
Amortized cost basis	1,292,549
Credit risk concentration | Multifamily | Pass/watch
Loans and Investments
Origination Year 2020	195,114
Origination Year 2019	903,609
Origination Year 2018	188,500
Origination Year 2017	22,100
Origination Year Prior	17,685
Amortized cost basis	1,327,008
Credit risk concentration | Multifamily | Special mention
Loans and Investments
Origination Year 2020	49,173
Origination Year 2019	616,097
Origination Year 2018	150,459
Origination Year 2017	288,800
Amortized cost basis	1,104,529
Credit risk concentration | Multifamily | Substandard
Loans and Investments
Origination Year 2020	23,500
Origination Year 2019	10,594
Origination Year 2018	41,494
Origination Year 2017	86,020
Origination Year 2016	8,250
Origination Year Prior	28,800
Amortized cost basis	198,658
Credit risk concentration | Land
Loans and Investments
Origination Year 2020	71,019
Origination Year 2019	19,523
Origination Year 2017	19,975
Origination Year Prior	127,928
Amortized cost basis	$ 238,445
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
Origination Year 2020	$ 71,019
Origination Year 2019	19,523
Origination Year 2017	19,975
Amortized cost basis	110,517
Credit risk concentration | Land | Substandard
Loans and Investments
Origination Year Prior	127,928
Amortized cost basis	127,928
Credit risk concentration | Healthcare
Loans and Investments
Origination Year 2019	80,919
Origination Year 2018	76,500
Origination Year 2017	46,275
Amortized cost basis	$ 203,694
Percentage of Portfolio	4.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	0.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	78.00%
Credit risk concentration | Healthcare | Pass
Loans and Investments
Origination Year 2019	$ 21,350
Origination Year 2018	10,000
Amortized cost basis	31,350
Credit risk concentration | Healthcare | Pass/watch
Loans and Investments
Origination Year 2019	51,069
Origination Year 2018	66,500
Origination Year 2017	41,650
Amortized cost basis	159,219
Credit risk concentration | Healthcare | Special mention
Loans and Investments
Origination Year 2019	8,500
Amortized cost basis	8,500
Credit risk concentration | Healthcare | Doubtful
Loans and Investments
Origination Year 2017	4,625
Amortized cost basis	4,625
Credit risk concentration | Office
Loans and Investments
Origination Year 2018	46,000
Origination Year 2017	77,151
Origination Year Prior	10,841
Amortized cost basis	$ 133,992
Percentage of Portfolio	3.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	3.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	69.00%
Credit risk concentration | Office | Pass
Loans and Investments
Origination Year 2018	$ 5,000
Amortized cost basis	5,000
Credit risk concentration | Office | Special mention
Loans and Investments
Origination Year 2017	43,151
Origination Year Prior	9,961
Amortized cost basis	53,112
Credit risk concentration | Office | Substandard
Loans and Investments
Origination Year 2018	41,000
Origination Year 2017	34,000
Amortized cost basis	75,000
Credit risk concentration | Office | Doubtful
Loans and Investments
Origination Year Prior	880
Amortized cost basis	880
Credit risk concentration | Single-Family Rental
Loans and Investments
Origination Year 2020	33,432
Origination Year 2019	65,504
Amortized cost basis	$ 98,936
Percentage of Portfolio	2.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	0.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	70.00%
Credit risk concentration | Single-Family Rental | Pass
Loans and Investments
Origination Year 2020	$ 8,575
Origination Year 2019	34,490
Amortized cost basis	43,065
Credit risk concentration | Single-Family Rental | Pass/watch
Loans and Investments
Origination Year 2020	17,570
Origination Year 2019	30,853
Amortized cost basis	48,423
Credit risk concentration | Single-Family Rental | Special mention
Loans and Investments
Origination Year 2020	7,287
Origination Year 2019	161
Amortized cost basis	7,448
Credit risk concentration | Hotel
Loans and Investments
Origination Year 2019	91,000
Amortized cost basis	$ 91,000
Percentage of Portfolio	2.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	32.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	100.00%
Credit risk concentration | Hotel | Substandard
Loans and Investments
Origination Year 2019	$ 91,000
Amortized cost basis	91,000
Credit risk concentration | Other
Loans and Investments
Origination Year 2018	92,900
Origination Year 2017	13,580
Origination Year Prior	5,253
Amortized cost basis	$ 111,733
Percentage of Portfolio	2.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	4.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	77.00%
Credit risk concentration | Other | Pass/watch
Loans and Investments
Origination Year 2017	$ 3,574
Amortized cost basis	3,574
Credit risk concentration | Other | Special mention
Loans and Investments
Origination Year 2018	51,300
Origination Year 2017	10,006
Amortized cost basis	61,306
Credit risk concentration | Other | Substandard
Loans and Investments
Origination Year 2018	41,600
Origination Year Prior	3,553
Amortized cost basis	45,153
Credit risk concentration | Other | Doubtful
Loans and Investments
Origination Year Prior	1,700
Amortized cost basis	$ 1,700

Loans and Investments - Allowan

Loans and Investments - Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2018
Changes in allowance for loan losses
Allowance at beginning of period	$ 71,069
Provision for credit loss expense	53,889
Allowance at end of period	142,252
Accrued interest receivable related to loans	37,700
Allowance for credit losses	71,069	$ 142,252	$ 71,069
Unfunded commitments related to structured loans and investments		183,800
As Reported Pre-Adoption | ASU 2016-13
Changes in allowance for loan losses
Allowance for credit losses				$ 71,069
Impact of Adoption | ASU 2016-13
Changes in allowance for loan losses
Allowance at end of period	17,294
Allowance for credit losses	17,294	17,294
Land
Changes in allowance for loan losses
Provision for credit loss expense	16,585
Allowance at end of period	32,273
Allowance for credit losses	32,273	32,273
Land | Impact of Adoption | ASU 2016-13
Changes in allowance for loan losses
Allowance at end of period	15,688
Allowance for credit losses	15,688	15,688
Multifamily
Changes in allowance for loan losses
Provision for credit loss expense	10,473
Allowance at end of period	78,419
Allowance for credit losses	78,419	78,419	67,869
Multifamily | As Reported Pre-Adoption | ASU 2016-13
Changes in allowance for loan losses
Allowance at beginning of period	67,869
Allowance for credit losses	67,869
Multifamily | Impact of Adoption | ASU 2016-13
Changes in allowance for loan losses
Allowance at end of period	77
Allowance for credit losses	77	77
Retail
Changes in allowance for loan losses
Provision for credit loss expense	10,983
Allowance at end of period	11,316
Allowance for credit losses	11,316	11,316
Retail | Impact of Adoption | ASU 2016-13
Changes in allowance for loan losses
Allowance at end of period	333
Allowance for credit losses	333	333
Hotel
Changes in allowance for loan losses
Provision for credit loss expense	7,500
Allowance at end of period	7,529
Allowance for credit losses	7,529	7,529
Hotel | Impact of Adoption | ASU 2016-13
Changes in allowance for loan losses
Allowance at end of period	29
Allowance for credit losses	29	29
Office
Changes in allowance for loan losses
Provision for credit loss expense	4,310
Allowance at end of period	6,097
Allowance for credit losses	6,097	6,097	1,500
Office | As Reported Pre-Adoption | ASU 2016-13
Changes in allowance for loan losses
Allowance at beginning of period	1,500
Allowance for credit losses	1,500
Office | Impact of Adoption | ASU 2016-13
Changes in allowance for loan losses
Allowance at end of period	287
Allowance for credit losses	287	287
Healthcare
Changes in allowance for loan losses
Provision for credit loss expense	3,870
Allowance at end of period	3,934
Allowance for credit losses	3,934	3,934
Healthcare | Impact of Adoption | ASU 2016-13
Changes in allowance for loan losses
Allowance at end of period	64
Allowance for credit losses	64	64
Other
Changes in allowance for loan losses
Provision for credit loss expense	168
Allowance at end of period	2,684
Allowance for credit losses	2,684	2,684	$ 1,700
Other | As Reported Pre-Adoption | ASU 2016-13
Changes in allowance for loan losses
Allowance at beginning of period	1,700
Allowance for credit losses	1,700
Other | Impact of Adoption | ASU 2016-13
Changes in allowance for loan losses
Allowance at end of period	816
Allowance for credit losses	$ 816	$ 816

Loans and Investments - Charge-

Loans and Investments - Charge-offs and Recoveries Narratives (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)loan	Dec. 31, 2019USD ($)	Mar. 31, 2019USD ($)loan
Loans and Investments
Provision for credit loss expense	$ 53,889
Number of loans for which no provision for loan loss made | loan	0		0
Allowance for credit losses	$ 142,252	$ 71,069	$ 71,069
Six loans collateralized by a land development project | Maturity date of March 2020
Loans and Investments
Number of loans with unpaid principal balance | loan	6
Unpaid principal balance on loans	$ 120,300
Five loans collateralized by a land development project | Maturity date of March 2020
Loans and Investments
Number of loans with unpaid principal balance | loan	5
Unpaid principal balance on loans	$ 111,000
Weighted average accrual rate of interest (as a percent)	8.38%
Allowance for credit losses	$ 71,400	$ 61,400
Office
Loans and Investments
Provision for credit loss expense	4,310
Allowance for credit losses	6,097		$ 1,500
Hotel
Loans and Investments
Provision for credit loss expense	7,500
Allowance for credit losses	$ 7,529

Loans and Investments - Summary

Loans and Investments - Summary of impaired loans (Details)	3 Months Ended
	Mar. 31, 2020USD ($)	Mar. 31, 2019	Dec. 31, 2019USD ($)
Loans and Investments
Amortized cost basis	$ 226,271,000		$ 138,141,000
Carrying Value	217,140,000		130,726,000
Allowance for Loan Losses	$ 103,706,000		71,069,000
Wtd. Avg. First Dollar LTV Ratio	0.14	0.01
Wtd. Avg. Last Dollar LTV Ratio		0.96
Interest Income Recognized	$ 0.98
Land
Loans and Investments
Amortized cost basis	134,215,000		134,215,000
Carrying Value	126,800,000		126,800,000
Allowance for Loan Losses	$ 77,869,000		67,869,000
Wtd. Avg. First Dollar LTV Ratio	0	0
Wtd. Avg. Last Dollar LTV Ratio		0.97
Interest Income Recognized	$ 97
Hotel
Loans and Investments
Amortized cost basis	50,000,000
Carrying Value	49,663,000
Allowance for Loan Losses	$ 7,500,000
Wtd. Avg. First Dollar LTV Ratio	0.59
Interest Income Recognized	$ 100
Retail
Loans and Investments
Amortized cost basis	33,520,000
Carrying Value	31,921,000
Allowance for Loan Losses	$ 11,292,000
Wtd. Avg. First Dollar LTV Ratio	0.03
Interest Income Recognized	$ 100
Healthcare
Loans and Investments
Amortized cost basis	4,625,000
Carrying Value	4,845,000
Allowance for Loan Losses	$ 3,845,000
Wtd. Avg. First Dollar LTV Ratio	0
Interest Income Recognized	$ 100
Office
Loans and Investments
Amortized cost basis	2,211,000		2,226,000
Carrying Value	2,211,000		2,226,000
Allowance for Loan Losses	$ 1,500,000		1,500,000
Wtd. Avg. First Dollar LTV Ratio	0	0
Wtd. Avg. Last Dollar LTV Ratio		0.78
Interest Income Recognized	$ 76
Commercial
Loans and Investments
Amortized cost basis	1,700,000		1,700,000
Carrying Value	1,700,000		1,700,000
Allowance for Loan Losses	$ 1,700,000		$ 1,700,000
Wtd. Avg. First Dollar LTV Ratio	0.63	0.63
Wtd. Avg. Last Dollar LTV Ratio		0.63
Interest Income Recognized	$ 63

Loans and Investments - Non-per

Loans and Investments - Non-performing Loans (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020USD ($)loan	Dec. 31, 2019USD ($)loan
Non-performing loans by asset class
Number of loans | loan	292	272
Unpaid principal balance	$ 226,271	$ 138,141
Non-performing loans
Non-performing loans by asset class
Number of loans | loan	4	3
Carrying value of loans	$ 1,800	$ 1,800
Loan loss reserves	6,500	1,700
Unpaid principal balance	8,125	3,580
Greater than 89 Days Past Due
Non-performing loans by asset class
Interest income recognized on nonaccrual loans	0	0
Past Due	0	0
Greater than 89 Days Past Due | Non-performing loans
Non-performing loans by asset class
Interest income recognized on nonaccrual loans	8,125	3,580
Past Due	8,125	3,580
Land
Non-performing loans by asset class
Unpaid principal balance	134,215	134,215
Healthcare
Non-performing loans by asset class
Unpaid principal balance	4,625
Healthcare | Non-performing loans
Non-performing loans by asset class
Unpaid principal balance	4,625
Healthcare | Greater than 89 Days Past Due | Non-performing loans
Non-performing loans by asset class
Interest income recognized on nonaccrual loans	4,625
Past Due	4,625
Commercial
Non-performing loans by asset class
Unpaid principal balance	1,700	1,700
Commercial | Non-performing loans
Non-performing loans by asset class
Unpaid principal balance	1,700	1,700
Commercial | Greater than 89 Days Past Due | Non-performing loans
Non-performing loans by asset class
Interest income recognized on nonaccrual loans	1,700	1,700
Past Due	1,700	1,700
Retail
Non-performing loans by asset class
Unpaid principal balance	33,520
Retail | Non-performing loans
Non-performing loans by asset class
Unpaid principal balance	920	1,000
Retail | Greater than 89 Days Past Due | Non-performing loans
Non-performing loans by asset class
Interest income recognized on nonaccrual loans	920	1,000
Past Due	920	1,000
Hotel
Non-performing loans by asset class
Unpaid principal balance	50,000
Office
Non-performing loans by asset class
Unpaid principal balance	2,211	2,226
Office | Non-performing loans
Non-performing loans by asset class
Unpaid principal balance	880	880
Office | Greater than 89 Days Past Due | Non-performing loans
Non-performing loans by asset class
Interest income recognized on nonaccrual loans	880	880
Past Due	$ 880	$ 880

Loans and Investments - Nonaccr

Loans and Investments - Nonaccrual Status Aging (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2020USD ($)loan	Mar. 31, 2019loan	Dec. 31, 2019USD ($)loan
Financing Receivable, Recorded Investment, Past Due [Line Items]
Total	$ 4,638,004		$ 4,189,960
Troubled debt restructurings, number | loan	0	0
Interest Reserves
Interest reserve held	$ 51,100		$ 37,000
Number of loans covered under interest reserve | loan	141		131
Aggregate UPB covered under interest reserve	$ 2,640,000		$ 2,430,000
Greater than 89 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past Due	0		0
Loans past due 90 days or more still accruing interest	$ 0		$ 0

Loans Held-for-Sale, Net (Detai

Loans Held-for-Sale, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Loans Held-for-Sale, Net
Loans held-for-sale	$ 978,736		$ 847,126
Fair value of future MSR	15,254		16,519
Unearned discount	(2,294)		(2,285)
Loans held-for-sale, net	991,696		861,360
Sale of loans held-for-sale	957,060	$ 996,341
Sale of loans held-for-sale excluding acquired loans	957,100	1,100,000
Gain on sale of loans held-for-sale	$ 13,200	$ 15,100
Minimum
Loans Held-for-Sale, Net
Period of loans held for sale sold	60 days
Maximum
Loans Held-for-Sale, Net
Period of loans held for sale sold	180 days
Greater than 89 Days Past Due
Loans Held-for-Sale, Net
Past Due	$ 0		0
Private Label
Loans Held-for-Sale, Net
Loans held-for-sale, net	683,526		401,207
Fannie Mae
Loans Held-for-Sale, Net
Loans held-for-sale, net	236,459		408,534
Freddie Mac
Loans Held-for-Sale, Net
Loans held-for-sale, net	56,311		36,303
FHA
Loans Held-for-Sale, Net
Loans held-for-sale, net	$ 2,440		$ 1,082

Capitalized Mortgage Servicin_3

Capitalized Mortgage Servicing Rights (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Capitalized Mortgage Servicing Rights
Balance at beginning of period	$ 286,420
Balance at end of period	288,954		$ 286,420
MSRs
Capitalized Mortgage Servicing Rights
Balance at beginning of period	286,420	$ 273,770	273,770
Additions	20,275	20,609
Amortization	(11,821)	(12,282)
Write-downs and payoffs	(5,920)	(4,458)
Balance at end of period	288,954	277,639	286,420
Prepayment fees collected	5,100	4,900
Valuation allowance	0		$ 0
Expected amortization of capitalized MSRs balances
2020 (nine months ending 12/31/2020)	34,716
2021	43,228
2022	38,728
2023	34,495
2024	30,481
2025	27,573
Thereafter	79,733
Total	$ 288,954
MSRs | Minimum
Capitalized Mortgage Servicing Rights
Percentage of MSRs discount rate	8.00%
MSRs | Maximum
Capitalized Mortgage Servicing Rights
Percentage of MSRs discount rate	15.00%
MSRs | Weighted average
Capitalized Mortgage Servicing Rights
Percentage of MSRs discount rate	13.00%
Estimated life remaining	8 years 1 month 6 days		8 years
Acquired MSRs
Capitalized Mortgage Servicing Rights
Balance at beginning of period	$ 64,519	97,084	$ 97,084
Amortization	(4,206)	(5,915)
Write-downs and payoffs	(1,736)	(3,140)
Balance at end of period	58,577	88,029	64,519
Originated MSRs
Capitalized Mortgage Servicing Rights
Balance at beginning of period	221,901	176,686	176,686
Additions	20,275	20,609
Amortization	(7,615)	(6,367)
Write-downs and payoffs	(4,184)	(1,318)
Balance at end of period	$ 230,377	$ 189,610	$ 221,901

Mortgage Servicing (Details)

Mortgage Servicing (Details) - MSRs - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Mortgage Servicing
Unpaid principal balance of loans serviced	$ 20,197,128		$ 20,059,077
Weighted average servicing fee (as a percent)	0.436%		0.438%
Interest earned on total escrows	$ 3,100	$ 4,000
Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total	100.00%		100.00%
Escrow Deposit	$ 957,100		$ 947,100
Fee-based servicing portfolio | Agency Business
Mortgage Servicing
Escrow Deposit	$ 545,600		$ 562,100
Texas | Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total	18.00%		19.00%
North Carolina | Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total	9.00%		9.00%
New York | Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total	9.00%		9.00%
California | Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total	8.00%		9.00%
Georgia | Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total	6.00%		6.00%
Florida | Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total	6.00%		6.00%
Other | Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total	44.00%		42.00%
Fannie Mae
Mortgage Servicing
Unpaid principal balance of loans serviced	$ 14,946,922		$ 14,832,844
Fannie Mae | Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total	74.00%		74.00%
Freddie Mac
Mortgage Servicing
Unpaid principal balance of loans serviced	$ 4,570,521		$ 4,534,714
Freddie Mac | Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total	23.00%		23.00%
FHA
Mortgage Servicing
Unpaid principal balance of loans serviced	$ 679,685		$ 691,519
FHA | 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
	Mar. 31, 2020USD ($)item	Dec. 31, 2019USD ($)
Held-to-Maturity
Face Value	$ 106,484	$ 111,028
Net Carrying value	84,406	88,699
Unrealized Gain		3,039
Unrealized Loss	(2,519)
Estimated Fair Value	81,887	91,738
Allowance for Credit Losses	992	0
B Piece bonds
Held-to-Maturity
Face Value	86,484	91,028
Net Carrying value	64,406	68,699
Unrealized Gain		2,965
Unrealized Loss	(2,143)
Estimated Fair Value	62,263	$ 71,664
Allowance for Credit Losses	992
Seven B Piece Bonds | Held-to-Maturity
Held-to-Maturity
Face Value	$ 106,200
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%
Agency B Piece Bonds | Held-to-Maturity
Held-to-Maturity
Weighted average variable interest rate (as a percent)	3.74%
Estimated weighted average remaining maturity period	5 years 7 months 6 days
Weighted average effective interest rate (as a percent)	10.91%	10.85%
Held-to-maturity securities, estimated fiscal year
Within one year	$ 13,500
After one year through five years	38,700
After five years through ten years	19,600
After ten years	14,700
SFR bonds
Held-to-Maturity
Face Value	20,000	$ 20,000
Net Carrying value	20,000	20,000
Unrealized Gain		74
Unrealized Loss	(376)
Estimated Fair Value	$ 19,624	$ 20,074
SFR bonds | Held-to-Maturity
Held-to-Maturity
Estimated weighted average remaining maturity period	6 months
Initial face value of bonds purchased	$ 20,000
Securities maturity term	3 years
Weighted average fixed interest rate	4.58%
Held-to-maturity securities, estimated fiscal year
Within one year	$ 18,200
After one year through five years	$ 1,800

Securities Held-to-Maturity Rol

Securities Held-to-Maturity Rollforward of Allowance (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward]
Allowance for credit loss	$ 0
Provision for credit loss expense	491
Allowance for credit loss, ending balance	992
Accrued interest, held-to-maturity securities	100
Held-to-Maturity
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward]
Investment Income, Interest	2,300	$ 2,100
B Piece bonds
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward]
Provision for credit loss expense	491
Allowance for credit loss, ending balance	992
ASU 2016-13 | Impact of Adoption
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward]
Allowance for credit loss, ending balance	501
ASU 2016-13 | Impact of Adoption | B Piece bonds
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward]
Allowance for credit loss, ending balance	$ 501

Investments in Equity Affilia_3

Investments in Equity Affiliates, Summary (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Investment in Equity Affiliates
Investment in Equity Affiliates	$ 44,701	$ 41,800
UPB of Loans to Equity Affiliates	18,678
Arbor Residential Investor LLC
Investment in Equity Affiliates
Investment in Equity Affiliates	29,452	26,520
AMAC Holdings III LLC
Investment in Equity Affiliates
Investment in Equity Affiliates	10,471	10,520
UPB of Loans to Equity Affiliates	15,600
North Vermont Avenue
Investment in Equity Affiliates
Investment in Equity Affiliates	2,458	2,440
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	$ 1,390

Investments in Equity Affilia_4

Investments in Equity Affiliates, Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Investment in Equity Affiliates
Income from equity affiliates	$ 3,992	$ 2,151
Arbor Residential Investor LLC | Residential Mortgage Banking Company
Investment in Equity Affiliates
Income from equity affiliates	2,900	800
Lexford Portfolio
Investment in Equity Affiliates
Distribution received	$ 1,100	$ 1,300

Real Estate Owned (Details)

Real Estate Owned (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018
Real Estate Owned
Real estate owned, net	$ 13,270,000		$ 13,220,000
Restricted cash due to escrow requirement	304,067,000	$ 291,865,000	210,875,000	$ 180,606,000
Real Estate Owned
Real Estate Owned
Less: Impairment loss	(16,807,000)		(16,807,000)
Less: Accumulated depreciation and amortization	(11,507,000)		(11,327,000)
Real estate owned, net	13,270,000		13,220,000
Restricted cash due to escrow requirement	400,000		500,000
Real Estate Owned | Hotel
Real Estate Owned
Less: Impairment loss	(14,307,000)		(14,307,000)
Less: Accumulated depreciation and amortization	(10,460,000)		(10,320,000)
Real estate owned, net	$ 10,298,000		10,208,000
Weighted average occupancy rate of properties (as a percent)	41.00%	53.00%
Amount of weighted average daily rate of properties	$ 154	$ 130
Amount of weighted average daily revenue of properties	64	$ 69
Real Estate Owned | Office
Real Estate Owned
Less: Impairment loss	(2,500,000)		(2,500,000)
Less: Accumulated depreciation and amortization	(1,047,000)		(1,007,000)
Real estate owned, net	2,972,000		3,012,000
Real Estate Owned | Land
Real Estate Owned
Real estate owned, gross	7,803,000		7,803,000
Real Estate Owned | Land | Hotel
Real Estate Owned
Real estate owned, gross	3,294,000		3,294,000
Real Estate Owned | Land | Office
Real Estate Owned
Real estate owned, gross	4,509,000		4,509,000
Real Estate Owned | Building and intangible assets
Real Estate Owned
Real estate owned, gross	33,781,000		33,551,000
Real Estate Owned | Building and intangible assets | Hotel
Real Estate Owned
Real estate owned, gross	31,771,000		31,541,000
Real Estate Owned | Building and intangible assets | Office
Real Estate Owned
Real estate owned, gross	$ 2,010,000		$ 2,010,000

Debt Obligations, Credit Facili

Debt Obligations, Credit Facilities and Repurchase Agreements (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended	12 Months Ended
	Jan. 31, 2020	Oct. 31, 2019	Mar. 31, 2020	Dec. 31, 2019	Apr. 30, 2020	Feb. 29, 2020	Mar. 31, 2019
Debt Obligations
UPB			$ 1,851,758	$ 1,681,146
Debt Carrying Value			1,846,473	1,678,288
Collateral Carrying Value			$ 2,118,611	$ 1,747,371
Weighted Average Note Rate (as a percent)			2.83%	3.54%
Repurchase facility - securities
Debt Obligations
Cash collateral related to margin calls			$ 54,700
Repurchase facility - securities | CLOs
Debt Obligations
Collateral Carrying Value			275,700	$ 234,900
Repurchase facility - securities | B Piece bonds
Debt Obligations
Collateral Carrying Value			64,400	68,700
Repurchase facility - securities | SFR bonds
Debt Obligations
Debt Instrument, Collateral Amount			20,000	20,000
Structured Business
Debt Obligations
Debt Carrying Value			1,055,734	934,694
Collateral Carrying Value			$ 1,169,574	$ 1,002,993
Weighted Average Note Rate (as a percent)			3.15%	3.94%
Weighted average note rate including certain fees and costs (as a percent)			3.55%	4.39%
Unamortized deferred finance costs			$ 3,900	$ 2,100
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)			69.00%	71.00%
Structured Business | $150 million repurchase facility | Minimum
Debt Obligations
Maximum borrowing capacity						$ 75,000
Structured Business | $150 million repurchase facility | Maximum
Debt Obligations
Maximum borrowing capacity						150,000
Structured Business | $300 million repurchase facility
Debt Obligations
Maximum borrowing capacity			$ 300,000
Structured Business | $128.7 million loan specific credit facilities
Debt Obligations
Debt Carrying Value			128,370	$ 128,274
Collateral Carrying Value			$ 184,212	$ 184,116
Weighted Average Note Rate (as a percent)			3.35%	4.13%
Maximum borrowing capacity			$ 128,700	$ 128,700
Structured Business | $128.7 million loan specific credit facilities | Minimum | LIBOR
Debt Obligations
Variable rate, spread (as a percent)			2.10%
Structured Business | $128.7 million loan specific credit facilities | Maximum | LIBOR
Debt Obligations
Variable rate, spread (as a percent)			2.50%
Structured Business | $100 million repurchase facility
Debt Obligations
Debt Carrying Value			$ 50,247	45,843
Collateral Carrying Value			$ 66,486	$ 63,800
Weighted Average Note Rate (as a percent)			2.78%	3.56%
Maximum borrowing capacity			$ 100,000	$ 100,000
Structured Business | $100 million repurchase facility | Minimum | LIBOR
Debt Obligations
Variable rate, spread (as a percent)			1.75%
Structured Business | $100 million repurchase facility | Maximum
Debt Obligations
Variable rate, spread (as a percent)			1.95%
Structured Business | $75 million credit facility - One
Debt Obligations
Maximum borrowing capacity			$ 75,000
Structured Business | $75 million credit facility - One | LIBOR
Debt Obligations
Variable rate, spread (as a percent)			1.75%
Structured Business | $50 million credit facility - one
Debt Obligations
Debt Carrying Value				14,933
Collateral Carrying Value				$ 17,650
Weighted Average Note Rate (as a percent)				3.81%
Maximum borrowing capacity			$ 50,000	$ 50,000
Structured Business | $50 million credit facility - one | LIBOR
Debt Obligations
Variable rate, spread (as a percent)			2.00%
Structured Business | $50 million credit facility - two
Debt Obligations
Debt Carrying Value			$ 15,202	12,191
Collateral Carrying Value			$ 22,817	$ 16,499
Weighted Average Note Rate (as a percent)			3.54%	4.32%
Structured Business | $50 million credit facility - two | LIBOR
Debt Obligations
Variable rate, spread (as a percent)			2.50%
Structured Business | $50 million credit facility - three
Debt Obligations
Debt Carrying Value			$ 5,264	$ 5,254
Collateral Carrying Value			$ 6,600	$ 6,600
Weighted Average Note Rate (as a percent)			3.54%	4.32%
Structured Business | $50 million credit facility - three | Minimum | LIBOR
Debt Obligations
Variable rate, spread (as a percent)			2.50%
Structured Business | $50 million credit facility - three | Maximum | LIBOR
Debt Obligations
Variable rate, spread (as a percent)			3.25%
Structured Business | $25 million credit facility
Debt Obligations
Debt Carrying Value			$ 19,659	$ 19,651
Collateral Carrying Value			$ 30,900	$ 28,572
Weighted Average Note Rate (as a percent)			3.29%	4.07%
Maximum borrowing capacity			$ 25,000	$ 25,000
Structured Business | $25 million credit facility | LIBOR
Debt Obligations
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)			3.29%
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 | $3.3 million master security agreement
Debt Obligations
Debt Carrying Value			$ 2,761	$ 3,267
Weighted Average Note Rate (as a percent)			4.10%	4.08%
Maximum borrowing capacity			$ 2,800	$ 2,800
Structured Business | $3.3 million master security agreement | Minimum | LIBOR
Debt Obligations
Variable rate, spread (as a percent)			2.97%
Structured Business | $3.3 million master security agreement | Maximum | LIBOR
Debt Obligations
Variable rate, spread (as a percent)			4.60%
Structured Business | Repurchase facility - securities
Debt Obligations
Debt Carrying Value			$ 219,655	$ 217,105
Weighted Average Note Rate (as a percent)			3.10%	3.90%
Structured Business | Repurchase facility - securities | Minimum | LIBOR
Debt Obligations
Variable rate, spread (as a percent)			1.20%
Structured Business | Repurchase facility - securities | Maximum | LIBOR
Debt Obligations
Variable rate, spread (as a percent)			2.75%
Structured Business | $500 million repurchase facility
Debt Obligations
Maximum borrowing capacity			$ 400,000
Structured Business | $150 million credit facility - one
Debt Obligations
Debt Carrying Value			25,560	$ 4,570
Collateral Carrying Value			$ 31,790	$ 7,000
Weighted Average Note Rate (as a percent)			2.78%	3.56%
Maximum borrowing capacity			$ 150,000	$ 150,000
Structured Business | $150 million credit facility - one | Minimum | LIBOR
Debt Obligations
Variable rate, spread (as a percent)			1.75%
Structured Business | $150 million credit facility - one | Maximum | LIBOR
Debt Obligations
Variable rate, spread (as a percent)			2.50%
Structured Business | $200 million repurchase facility
Debt Obligations
Debt Carrying Value			$ 48,893	40,530
Collateral Carrying Value			$ 55,682	$ 48,086
Weighted Average Note Rate (as a percent)			3.44%	4.22%
Maximum borrowing capacity			$ 200,000	$ 200,000
Structured Business | $200 million repurchase facility | LIBOR
Debt Obligations
Variable rate, spread (as a percent)			2.40%
Structured Business | $400 million repurchase facility
Debt Obligations
Debt Carrying Value			$ 214,647	218,418
Collateral Carrying Value			$ 289,961	$ 291,292
Weighted Average Note Rate (as a percent)			2.98%	3.76%
Maximum borrowing capacity			$ 400,000	$ 400,000
Structured Business | $400 million repurchase facility | LIBOR
Debt Obligations
Variable rate, spread (as a percent)			1.95%
Structured Business | $40.5 million credit facility
Debt Obligations
Maximum borrowing capacity			$ 50,000				$ 50,000
Structured Business | $500 million joint repurchase facility
Debt Obligations
Debt Carrying Value			300,476	224,658
Collateral Carrying Value			$ 481,126	$ 339,378
Weighted Average Note Rate (as a percent)			3.22%	4.06%
Maximum borrowing capacity			$ 500,000	$ 500,000
Structured Business | $500 million joint repurchase facility | Minimum | LIBOR
Debt Obligations
Variable rate, spread (as a percent)			1.75%
Structured Business | $500 million joint repurchase facility | Maximum | LIBOR
Debt Obligations
Variable rate, spread (as a percent)			3.50%
Structured Business | Subsequent Event | Repurchase facility - securities
Debt Obligations
Debt Carrying Value					$ 40,000
Agency Business
Debt Obligations
Debt Carrying Value			$ 790,739	743,594
Collateral Carrying Value			$ 949,037	$ 744,378
Weighted Average Note Rate (as a percent)			2.39%	3.03%
Unamortized deferred finance costs			$ 1,400	$ 200
Agency Business | $300 million repurchase facility
Debt Obligations
Debt Carrying Value			104,261	187,698
Collateral Carrying Value			$ 104,291	$ 187,742
Weighted Average Note Rate (as a percent)			2.14%	2.91%
Maximum borrowing capacity			$ 300,000	$ 300,000
Agency Business | $300 million repurchase facility | Minimum | LIBOR
Debt Obligations
Variable rate, spread (as a percent)			1.15%
Agency Business | $750 million ASAP agreement
Debt Obligations
Debt Carrying Value			$ 81,451	148,725
Collateral Carrying Value			$ 81,451	$ 148,725
Weighted Average Note Rate (as a percent)			2.04%	2.81%
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 repurchase facility
Debt Obligations
Maximum borrowing capacity			$ 300,000			$ 500,000
Committed amount			500,000
Agency Business | $500 million repurchase facility | LIBOR
Debt Obligations
Variable rate, spread (as a percent)		6.00%
Agency Business | $500 million repurchase facility | Minimum
Debt Obligations
Committed amount			400,000
Agency Business | $500 million repurchase facility | Maximum
Debt Obligations
Committed amount			1,100,000
Agency Business | $250 million credit facility
Debt Obligations
Committed amount	$ 800,000
Agency Business | $150 million credit facility - one
Debt Obligations
Debt Carrying Value			71,474	$ 89,657
Collateral Carrying Value			$ 71,667	$ 89,673
Weighted Average Note Rate (as a percent)			2.14%	2.91%
Maximum borrowing capacity			$ 150,000	$ 150,000
Agency Business | $150 million credit facility - one | LIBOR
Debt Obligations
Variable rate, spread (as a percent)			1.15%
Agency Business | $150 million credit facility - two
Debt Obligations
Debt Carrying Value			$ 35,861	17,690
Collateral Carrying Value			$ 35,912	$ 17,792
Weighted Average Note Rate (as a percent)			2.14%	2.91%
Maximum borrowing capacity			$ 150,000	$ 150,000
Agency Business | $150 million credit facility - two | LIBOR
Debt Obligations
Variable rate, spread (as a percent)			1.15%
Agency Business | $100 million credit facility
Debt Obligations
Maximum borrowing capacity			$ 100,000
Agency Business | $100 million credit facility | LIBOR
Debt Obligations
Variable rate, spread (as a percent)			1.15%
Agency Business | $600 million joint repurchase facility
Debt Obligations
Debt Carrying Value			$ 497,692	299,824
Collateral Carrying Value			$ 655,716	$ 300,446
Weighted Average Note Rate (as a percent)			2.56%	3.26%
Variable rate, spread (as a percent)			2.00%
Maximum borrowing capacity			$ 600,000	$ 600,000
Agency Business | $600 million joint repurchase facility | LIBOR
Debt Obligations
Variable rate, spread (as a percent)			1.50%

Debt Obligations, Collateralize

Debt Obligations, Collateralized Loan Obligations (Details) $ in Thousands	1 Months Ended		3 Months Ended
	Mar. 31, 2020USD ($)tranche	Jun. 30, 2019	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Debt Obligations
Proceeds from issuance of collateralized loan obligations			$ 668,000
Debt, Carrying Value	$ 2,513,096		$ 2,513,096	$ 2,130,121
Weighted average note rate (as a percent)	2.83%		2.83%	3.54%
Restricted cash related to interest payments, delayed fundings and expenses				$ 89,100	$ 58,600
Payoffs and paydowns of collateralized loan obligations			$ 282,874
CLOs
Debt Obligations
Debt, Face Value	$ 2,532,593		2,532,593	2,147,467
Debt, Carrying Value	$ 2,513,096		$ 2,513,096	$ 2,130,121
Weighted average note rate (as a percent)	2.46%		2.46%	3.23%
Collateral Loans, Unpaid Principal	$ 2,865,141		$ 2,865,141	$ 2,497,578
Collateral Loans, Carrying Value	2,853,671		2,853,671	2,487,391
Cash, Restricted Cash	167,495		167,495	118,411
Deferred financing fees	$ 19,500		$ 19,500	$ 17,300
Weighted average note rate including certain fees and costs (as a percent)	2.87%		2.87%	3.63%
Collateral at risk	$ 0		$ 0	$ 0
CLO XIII
Debt Obligations
Number of tranches of CLO notes issued | tranche	8
Value of the tranches issued	$ 738,000		738,000
Debt, Face Value	668,000		668,000
Debt, Carrying Value	$ 662,918		$ 662,918
Weighted average note rate (as a percent)	2.44%		2.44%
Collateral Loans, Unpaid Principal	$ 665,381		$ 665,381
Collateral Loans, Carrying Value	662,287		662,287
Cash, Restricted Cash	100,777		100,777
Proceeds from issuance of collateralized loan obligations for acquiring additional loan obligations	159,500
Notional amount of residual interest retained	132,000		132,000
Value of portfolio loans as collateral	640,500		640,500
Face value of loan obligations will be owned by the issuer	$ 800,000		$ 800,000
Leverage (as a percent)	84.00%		84.00%
CLO XIII | One-month LIBOR
Debt Obligations
Weighted average note rate including certain fees and costs (as a percent)	1.41%		1.41%
CLO XIII | Investment grade
Debt Obligations
Debt, Face Value	$ 668,000		$ 668,000
CLO XIII | Below investment grade
Debt Obligations
Debt, Carrying Value	70,000		70,000
Notional amount of residual interest retained	70,000		70,000
CLO XII
Debt Obligations
Debt, Face Value	534,193		534,193	534,193
Debt, Carrying Value	$ 529,748		$ 529,748	$ 529,448
Weighted average note rate (as a percent)	2.52%		2.52%	3.30%
Collateral Loans, Unpaid Principal	$ 613,317		$ 613,317	$ 596,366
Collateral Loans, Carrying Value	610,760		610,760	593,652
Cash, Restricted Cash				17,800
CLO XI
Debt Obligations
Debt, Face Value	533,000		533,000	533,000
Debt, Carrying Value	$ 528,981		$ 528,981	$ 528,690
Weighted average note rate (as a percent)	2.47%		2.47%	3.25%
Collateral Loans, Unpaid Principal	$ 640,272		$ 640,272	$ 624,443
Collateral Loans, Carrying Value	637,633		637,633	621,508
Cash, Restricted Cash	2,208		2,208	15,550
Replacement period		3 years
Maximum period to acquire additional loan obligations		180 days
CLO X
Debt Obligations
Debt, Face Value	441,000		441,000	441,000
Debt, Carrying Value	$ 437,652		$ 437,652	$ 437,391
Weighted average note rate (as a percent)	2.48%		2.48%	3.26%
Collateral Loans, Unpaid Principal	$ 535,613		$ 535,613	$ 509,887
Collateral Loans, Carrying Value	533,588		533,588	507,854
Cash, Restricted Cash	3,656		3,656	37,287
CLO IX
Debt Obligations
Debt, Face Value	356,400		356,400	356,400
Debt, Carrying Value	$ 353,797		$ 353,797	$ 353,473
Weighted average note rate (as a percent)	2.39%		2.39%	3.17%
Collateral Loans, Unpaid Principal	$ 410,558		$ 410,558	$ 407,696
Collateral Loans, Carrying Value	409,403		409,403	406,463
Cash, Restricted Cash	60,854		$ 60,854	47,230
CLO VIII
Debt Obligations
Debt, Face Value				282,874
Debt, Carrying Value				$ 281,119
Weighted average note rate (as a percent)				3.12%
Collateral Loans, Unpaid Principal				$ 359,186
Collateral Loans, Carrying Value				357,914
Cash, Restricted Cash				$ 544
Payoffs and paydowns of collateralized loan obligations	282,900
Deferred fees expensed as interest expense	$ 1,500

Debt Obligations, Luxembourg De

Debt Obligations, Luxembourg Debt Fund (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Debt Obligations
Debt, Carrying Value	$ 2,513,096	$ 2,130,121
Weighted Average Note Rate (as a percent)	2.83%	3.54%
Luxembourg debt fund
Debt Obligations
Debt, Face Value	$ 70,000	$ 70,000
Debt, Carrying Value	$ 68,717	$ 68,629
Weighted Average Note Rate (as a percent)	5.21%	5.99%
Collateral Loans, UPB	$ 57,795	$ 70,755
Collateral Loans, Carrying Value	57,586	68,629
Cash, Restricted Cash	42,205	29,245
Deferred financing fees	$ 1,300	$ 1,400
Weighted average note rate including certain fees and costs (as a percent)	6.52%	7.17%
Collateral at risk	$ 0	$ 0

Debt Obligations, Senior Unsecu

Debt Obligations, Senior Unsecured Notes (Details) - USD ($) $ in Thousands	1 Months Ended						3 Months Ended	12 Months Ended
	Apr. 30, 2020	Mar. 31, 2020	Oct. 31, 2019	Mar. 31, 2019	May 31, 2018	Mar. 31, 2018	Mar. 31, 2020	Dec. 31, 2018	Dec. 31, 2019
Debt Obligations
Proceeds from issued debt			$ 108,200
Senior notes carrying value		$ 591,854					$ 591,854		$ 319,799
Senior Unsecured Notes
Debt Obligations
Principal amount		$ 600,000	$ 110,000				$ 600,000		$ 325,000
Interest rate (as a percent)		4.50%	4.75%				4.50%		4.75%
Proceeds from issued debt		$ 271,800
Redemption of aggregate principal amount (as a percent)		100.00%
Senior notes carrying value		$ 271,800					$ 271,800
Deferred financing fees		$ 3,200					$ 3,200
Weighted average note rate including certain fees and costs (as a percent)		4.69%					4.69%
6.50% Convertible Notes
Debt Obligations
Interest rate (as a percent)								6.50%
Proceeds from issued debt							$ 200
5.625% Notes
Debt Obligations
Principal amount					$ 125,000	$ 100,000
Interest rate (as a percent)		5.625%				5.625%	5.625%		5.625%
Proceeds from issued debt					$ 25,000			$ 122,300
Redemption of aggregate principal amount (as a percent)						100.00%
Senior notes carrying value		$ 123,200					$ 123,200		$ 123,100
Deferred financing fees		$ 1,800					$ 1,800		$ 1,900
Weighted average note rate including certain fees and costs (as a percent)		6.08%					6.08%		6.08%
5.75% Notes
Debt Obligations
Principal amount				$ 90,000
Interest rate (as a percent)		5.75%		5.75%			5.75%		5.75%
Proceeds from issued debt				$ 88,200
Redemption of aggregate principal amount (as a percent)				100.00%
Senior notes carrying value		$ 88,500					$ 88,500		$ 88,400
Deferred financing fees		$ 1,500					$ 1,500		$ 1,600
Weighted average note rate including certain fees and costs (as a percent)		6.18%					6.18%		6.18%
7.375% Convertible Notes
Debt Obligations
Interest rate (as a percent)					7.375%
Debt instrument redemption value					$ 97,900
4.75% Notes
Debt Obligations
Redemption of aggregate principal amount (as a percent)			100.00%	100.00%
Senior notes carrying value		$ 108,400					$ 108,400		$ 108,400
Deferred financing fees		$ 1,600					$ 1,600		$ 1,600
Weighted average note rate including certain fees and costs (as a percent)		5.23%					5.23%		5.23%
4.50% Notes
Debt Obligations
Principal amount		$ 275,000					$ 275,000
Interest rate (as a percent)		4.50%					4.50%
8.00% Notes | Subsequent Event
Debt Obligations
Principal amount	$ 40,500
Interest rate (as a percent)	8.00%
Proceeds from issued debt	$ 39,800

Debt Obligations, Convertible S

Debt Obligations, Convertible Senior Unsecured Notes (Details) $ / shares in Units, shares in Millions	1 Months Ended	3 Months Ended		12 Months Ended
	Sep. 30, 2018	Mar. 31, 2020USD ($)$ / sharesshares	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)$ / shares	Dec. 31, 2016	Jan. 31, 2020$ / shares	Dec. 31, 2018	Jul. 20, 2018	Jul. 03, 2018
Debt Obligations
Cash paid for the exchange of convertible notes		$ 21,516,000	$ 3,019,000
Loss on extinguishment of debt		(1,954,000)	$ (128,000)
Total		5,488,085,000
Convertible Senior Unsecured Notes
Debt Obligations
Principal amount		$ 279,398,000		$ 300,914,000
Proceeds received, net of estimated issuance costs				34,000,000
Loss on extinguishment of debt				7,300,000
Inducement charge				$ 1,100,000
Percentage of the Notes required to be repurchased if the agreement is fundamentally changed					100.00%
Maturity period (in years)		2 years 6 months 3 days		2 years 8 months 1 day
Unamortized Debt Discount		$ 8,045,000		$ 9,235,000
Unamortized Deferred Financing Fees		6,664,000		7,527,000
Total		264,689,000		284,152,000
Net Carrying Value, Equity Component		9,962,000		9,962,000
Interest expense		5,200,000		5,200,000
Interest expense related to cash coupon		3,400,000		3,500,000
Debt discount		900,000		900,000
Deferred fees expensed as interest expense		$ 900,000		$ 800,000
Cost of the notes (as a percent)		6.75%		6.80%
5.375% Convertible Notes
Debt Obligations
Principal amount		$ 500,000
Interest rate (as a percent)		5.375%					5.375%
Conversion rate of the notes to common stock, per $1,000 principal amount of notes	89.6066
6.50% Convertible Notes
Debt Obligations
Interest rate (as a percent)							6.50%
5.25% Convertible Notes
Debt Obligations
Principal amount		$ 14,700,000
Interest rate (as a percent)		5.25%		5.25%			5.25%	5.25%	5.25%
Cash paid for the exchange of convertible notes		$ 233,100,000		$ 228,700,000
Common stock exchanged (in shares) | shares		4,478,315
4.75% Convertible Notes
Debt Obligations
Principal amount		$ 1,000		$ 264,000,000
Interest rate (as a percent)		4.75%		4.75%
Proceeds received, net of estimated issuance costs				$ 256,500,000
Conversion rate of the notes to common stock, per $1,000 principal amount of notes		56.1695
Conversion price per share of common stock | $ / shares		$ 17.80
4.75% Convertible Notes | First Offering
Debt Obligations
Principal amount				$ 1,000
Conversion rate of the notes to common stock, per $1,000 principal amount of notes				56.1695
Conversion price per share of common stock | $ / shares				$ 17.80
Junior subordinated notes
Debt Obligations
Principal amount		$ 154,336,000		$ 154,336,000
Deferred fees expensed as interest expense		1,900,000		$ 2,000,000
Issued on July 3, 2018 | 5.375% Convertible Notes | First Offering
Debt Obligations
Principal amount		$ 1,000
Conversion price per share of common stock | $ / shares		$ 11.50
Issued on July 3, 2018 | 6.50% Convertible Notes | First Offering
Debt Obligations
Conversion price per share of common stock | $ / shares		9.28
Issued on July 3, 2018 | 5.25% Convertible Notes | First Offering
Debt Obligations
Conversion price per share of common stock | $ / shares		$ 12.85
Issued on July 20, 2018 | 5.375% Convertible Notes | First Offering
Debt Obligations
Conversion rate of the notes to common stock, per $1,000 principal amount of notes		86.9943
Issued on July 20, 2018 | 5.375% Convertible Notes | Second Offering
Debt Obligations
Conversion rate of the notes to common stock, per $1,000 principal amount of notes		80.1703
Conversion price per share of common stock | $ / shares		$ 11.16
Issued on July 20, 2018 | 6.50% Convertible Notes | First Offering
Debt Obligations
Conversion rate of the notes to common stock, per $1,000 principal amount of notes		107.7122
Issued on July 20, 2018 | 6.50% Convertible Notes | Second Offering
Debt Obligations
Conversion rate of the notes to common stock, per $1,000 principal amount of notes		115.5849
Conversion price per share of common stock | $ / shares		$ 8.65
Issued on July 20, 2018 | 5.25% Convertible Notes | First Offering
Debt Obligations
Conversion rate of the notes to common stock, per $1,000 principal amount of notes		77.8331
Issued on July 20, 2018 | 5.25% Convertible Notes | Second Offering
Debt Obligations
Principal amount		$ 1,000
Conversion rate of the notes to common stock, per $1,000 principal amount of notes		89.6066
Conversion price per share of common stock | $ / shares						$ 12.47

Debt Obligations, Junior Subord

Debt Obligations, Junior Subordinated Notes (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Debt Obligations
Debt carrying value	$ 141,128	$ 140,949
Weighted average note rate (as a percent)	2.83%	3.54%
Junior subordinated notes
Debt Obligations
Debt carrying value	$ 141,100	$ 140,900
Deferred amount Due at maturity	11,300	11,400
Deferred fees expensed as interest expense	$ 1,900	$ 2,000
Weighted average note rate (as a percent)	4.28%	4.75%
Weighted average note rate including certain fees and costs (as a percent)	4.37%	4.83%

Debt Obligations, Debt Covenant

Debt Obligations, Debt Covenants (Details) - USD ($)	1 Months Ended	3 Months Ended
	Apr. 30, 2020	Apr. 30, 2020	Jan. 31, 2020	Oct. 31, 2019	Jul. 31, 2019	Apr. 30, 2019	Mar. 31, 2020
CLO IX
Debt Covenants
Current overcollateralization ratio (as a percent)	134.68%	134.68%	134.68%	134.68%	134.68%	134.69%
Limit overcollateralization ratio (as a percent)	133.68%
Current interest coverage ratio (as a percent)	361.00%
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%	126.98%
Limit overcollateralization ratio (as a percent)	125.98%
Current interest coverage ratio (as a percent)	372.24%
Limit interest coverage ratio (as a percent)	120.00%
CLO XI
Debt Covenants
Current overcollateralization ratio (as a percent)	121.95%	121.95%	121.95%	121.95%	121.95%
Limit overcollateralization ratio (as a percent)	120.95%
Current interest coverage ratio (as a percent)	338.30%
Limit interest coverage ratio (as a percent)	120.00%
CLO XII
Debt Covenants
Current overcollateralization ratio (as a percent)	118.87%	118.87%	118.87%
Limit overcollateralization ratio (as a percent)	117.87%
Current interest coverage ratio (as a percent)	289.89%
Limit interest coverage ratio (as a percent)	120.00%
CLO XIII
Debt Covenants
Current overcollateralization ratio (as a percent)	119.76%	119.76%
Limit overcollateralization ratio (as a percent)	118.76%
Current interest coverage ratio (as a percent)	228.91%
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
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Roll forward of loss contingency accrual
Provisions for loss sharing	$ 21,537	$ 454
Guarantee obligations	32,400	31,500
Fannie Mae
Roll forward of loss contingency accrual
Allowance for loss sharing obligations	$ 38,400
Loss-sharing obligations (as a percent)	0.26%
Loss-Sharing Obligation
Roll forward of loss contingency accrual
Outstanding advances under the Fannie Mae DUS program	$ 400		$ 500
Loss-Sharing Obligation | Fannie Mae
Roll forward of loss contingency accrual
Beginning balance of the period	34,648	34,298
Impact of adopting CECL	14,406
Provisions for loss sharing	21,896	879
Provisions reversal for loan repayments	(358)	(425)
Recoveries (charge-offs) , net	160	(234)
Ending balance of the period	70,752	$ 34,518
Maximum quantifiable liability	$ 2,760,000		$ 2,730,000

Derivative Financial Instrume_3

Derivative Financial Instruments, Agency Business (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)item	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)item
Derivative Financial Instruments
Notional Value, classified in Other Assets	$ 341,180		$ 173,532
Notional Value, classified in Other Liabilities	153,816		347,701
Net gains (losses) from changes in the fair value of derivatives	8,200	$ (2,500)
Gain (loss) on derivative instruments	(50,731)	(2,465)
Income from mortgage servicing rights	21,934	14,232
Other Income
Derivative Financial Instruments
Gain (loss) on derivative instruments	$ 21,900	$ 14,200
Swap Futures
Derivative Financial Instruments
Derivative, maturity term	3 months
Swap Futures | Minimum
Derivative Financial Instruments
Derivative Swap Rate Period	5 years
Swap Futures | Maximum
Derivative Financial Instruments
Derivative Swap Rate Period	10 years
Swap Futures | Agency Business | Other Income
Derivative Financial Instruments
Realized gain (loss) on derivatives	$ 46,000
Unrealized gain (loss) on derivatives	(9,800)
Swap Futures | Structured Business | Other Income
Derivative Financial Instruments
Realized gain (loss) on derivatives	(2,600)
Unrealized gain (loss) on derivatives	(400)
Non-Qualifying | Agency Business
Derivative Financial Instruments
Notional Value, classified in Other Assets	1,125,696		848,633
Fair Value, classified in Other Assets	12,683		1,435
Fair Value, classified in Other Liabilities	$ (5,113)		$ (3,097)
Non-Qualifying | Rate lock commitments | Agency Business
Derivative Financial Instruments
Count | item	10		5
Notional Value, classified in Other Assets	$ 99,893		$ 37,657
Fair Value, classified in Other Assets	2,069		1,066
Fair Value, classified in Other Liabilities	$ (4,808)		$ (202)
Non-Qualifying | Forward Sale Commitments | Agency Business
Derivative Financial Instruments
Count | item	59		79
Notional Value, classified in Other Assets	$ 395,103		$ 483,576
Fair Value, classified in Other Assets	10,614		369
Fair Value, classified in Other Liabilities	$ (305)		$ (2,895)
Non-Qualifying | Swap Futures | Agency Business
Derivative Financial Instruments
Count | item	6,307		3,274
Notional Value, classified in Other Assets	$ 630,700		$ 327,400
Non-Qualifying | Swap Futures | Structured Business
Derivative Financial Instruments
Count | item	345		271
Notional Value, classified in Other Assets	$ 34,500		$ 27,100

Fair Value, Carrying Value and

Fair Value, Carrying Value and Estimated Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Oct. 31, 2019
Financial assets:
Loans and investments, net - Principal/Notional Amount	$ 4,800,544	$ 4,279,611
Total	4,638,004	4,189,960
Loans held-for-sale, net - Principal/Notional Amount	978,736	847,126
Loans held-for-sale, net	978,736	847,126
Securities, held-to-maturity, net - Principal/Notional Amount	106,484	111,028
Held-to-maturity debt securities	84,406	88,699
Derivative financial instruments - Principal/Notional Amount	341,180	173,532
Financial liabilities:
Credit and repurchase facilities, Principal/Notional Amount	1,851,758	1,681,146
Credit and repurchase facilities, Carrying value	1,846,473	1,678,288
Collateralized loan obligations	2,513,096	2,130,121
Debt fund	68,717	68,629
Senior unsecured notes	591,854	319,799
Convertible senior unsecured notes, net	264,689	284,152
Junior subordinated notes	141,128	140,949
Derivative financial instruments - Principal/Notional Amount	$ 153,816	347,701
Minimum
Financial liabilities:
Period of loans held for sale sold	60 days
Maximum
Financial liabilities:
Period of loans held for sale sold	180 days
Carrying Value
Financial assets:
Total	$ 4,638,004	4,189,960
Loans held-for-sale, net	991,696	861,360
Capitalized mortgage servicing rights, net	288,954	286,420
Held-to-maturity debt securities	84,406	88,699
Derivative financial instruments	12,683	1,435
Financial liabilities:
Credit and repurchase facilities, Carrying value	1,846,473	1,678,288
Collateralized loan obligations	2,513,096	2,130,121
Debt fund	68,717	68,629
Senior unsecured notes	591,854	319,799
Convertible senior unsecured notes, net	264,689	284,152
Junior subordinated notes	141,128	140,949
Derivative financial instruments	5,113	3,097
Fair Value
Financial assets:
Total	4,679,039	4,228,071
Loans held-for-sale, net	1,001,224	876,975
Capitalized mortgage servicing rights, net	320,052	328,995
Held-to-maturity debt securities	81,887	91,738
Derivative financial instruments	12,683	1,435
Financial liabilities:
Credit and repurchase facilities, Carrying value	1,848,149	1,677,658
Collateralized loan obligations	2,260,964	2,147,944
Debt fund	70,115	70,138
Senior unsecured notes	514,100	331,225
Convertible senior unsecured notes, net	246,200	310,778
Junior subordinated notes	98,143	97,668
Derivative financial instruments	5,113	3,097
CLOs
Financial liabilities:
Debt instrument - Principal/Notional Amount	2,532,593	2,147,467
Collateralized loan obligations	2,513,096	2,130,121
Debt Fund
Financial liabilities:
Debt instrument - Principal/Notional Amount	70,000	70,000
Senior Unsecured Notes
Financial liabilities:
Debt instrument - Principal/Notional Amount	600,000	325,000	$ 110,000
Senior unsecured notes	271,800
Convertible Senior Unsecured Notes
Financial liabilities:
Debt instrument - Principal/Notional Amount	279,398	300,914
Junior subordinated notes
Financial liabilities:
Debt instrument - Principal/Notional Amount	154,336	154,336
Junior subordinated notes	$ 141,100	$ 140,900

Fair Value, Measurement on Recu

Fair Value, Measurement on Recurring and Nonrecurring Basis (Details) $ in Thousands	Mar. 31, 2020USD ($)item	Dec. 31, 2019USD ($)	Mar. 31, 2019USD ($)
Financial assets:
Impaired loans, net	$ 217,140	$ 130,726
Allowance for impaired loan losses	103,706	71,069
Loans and Leases Receivable, Allowance	142,252	71,069	$ 71,069
Non-financial assets:
Real Estate Investment Property, Net	$ 13,270	13,220
Nine impaired loans
Financial assets:
Number of impaired loans | item	9
Loans and Leases Receivable, Allowance	$ 103,700
Real Estate Owned
Non-financial assets:
Real Estate Investment Property, Net	13,270	13,220
Carrying Value
Financial assets:
Derivative financial instruments	12,683	1,435
Financial liabilities:
Derivative financial instruments	5,113	3,097
Carrying Value | Nine impaired loans
Financial assets:
Aggregate carrying value of impaired loans before loan loss reserves	217,100
Fair Value
Financial assets:
Derivative financial instruments	12,683	1,435
Financial liabilities:
Derivative financial instruments	5,113	$ 3,097
Recurring basis | Carrying Value
Financial assets:
Derivative financial instruments	12,683
Financial liabilities:
Derivative financial instruments	5,113
Recurring basis | Fair Value
Financial assets:
Derivative financial instruments	12,683
Financial liabilities:
Derivative financial instruments	5,113
Nonrecurring basis | Carrying Value
Financial assets:
Impaired loans, net	113,434
Nonrecurring basis | Fair Value
Financial assets:
Impaired loans, net	113,434
Level 2 | Recurring basis
Financial assets:
Derivative financial instruments	10,614
Financial liabilities:
Derivative financial instruments	5,113
Level 3 | Recurring basis
Financial assets:
Derivative financial instruments	2,069
Level 3 | Nonrecurring basis
Financial assets:
Impaired loans, net	$ 113,434

Fair Value, Level 3 Inputs (Det

Fair Value, Level 3 Inputs (Details) - Level 3 $ in Thousands	Mar. 31, 2020USD ($)item
Land
Quantitative information about Level 3 fair value measurements
Impaired loans, fair value | $	$ 48,931
Land | Discount rate
Quantitative information about Level 3 fair value measurements
Impaired loans, measurement input	0.2150
Land | Revenue growth rate
Quantitative information about Level 3 fair value measurements
Impaired loans, measurement input	0.0300
Hotel
Quantitative information about Level 3 fair value measurements
Impaired loans, fair value | $	$ 42,163
Hotel | Discount rate
Quantitative information about Level 3 fair value measurements
Impaired loans, measurement input	0.1150
Hotel | Capitalization rate
Quantitative information about Level 3 fair value measurements
Impaired loans, measurement input	0.0310
Hotel | Revenue growth rate
Quantitative information about Level 3 fair value measurements
Impaired loans, measurement input	0.2500
Retail
Quantitative information about Level 3 fair value measurements
Impaired loans, fair value | $	$ 20,629
Retail | Discount rate
Quantitative information about Level 3 fair value measurements
Impaired loans, measurement input	0.1004
Retail | Capitalization rate
Quantitative information about Level 3 fair value measurements
Impaired loans, measurement input	0.0925
Retail | Revenue growth rate
Quantitative information about Level 3 fair value measurements
Impaired loans, measurement input	0.0155
Healthcare
Quantitative information about Level 3 fair value measurements
Impaired loans, fair value | $	$ 1,000
Healthcare | Capitalization rate
Quantitative information about Level 3 fair value measurements
Impaired loans, measurement input	0.1430
Office
Quantitative information about Level 3 fair value measurements
Impaired loans, fair value | $	$ 711
Office | Discount rate
Quantitative information about Level 3 fair value measurements
Impaired loans, measurement input	0.1100
Office | Capitalization rate
Quantitative information about Level 3 fair value measurements
Impaired loans, measurement input	0.0900
Office | Revenue growth rate
Quantitative information about Level 3 fair value measurements
Impaired loans, measurement input	0.0250
Rate lock commitments
Quantitative information about Level 3 fair value measurements
Derivative financial instruments | $	$ 2,069
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	0.0962

Fair Value, Level 3 Derivative

Fair Value, Level 3 Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Derivative assets
Balance at beginning of period	$ 1,066	$ 324
Settlements	(11,717)	(14,157)
Realized gains recorded in earnings	10,651	13,833
Unrealized gains recorded in earnings	2,069	400
Balance at end of period	$ 2,069	$ 400

Fair Value, Components of fair

Fair Value, Components of fair value and other relevant information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Fair Value of Servicing Rights	$ 19,241
Total Fair Value Adjustment	19,241
Rate lock commitments
Notional/Principal Amount	99,893
Fair Value of Servicing Rights	3,987
Interest Rate Movement Effect	(4,808)
Total Fair Value Adjustment	(821)
Forward Sale Commitments
Notional/Principal Amount	395,103
Interest Rate Movement Effect	4,808
Total Fair Value Adjustment	4,808
Loans held-for-sale, net
Notional/Principal Amount	978,735
Fair Value of Servicing Rights	15,254
Total Fair Value Adjustment	$ 15,254

Fair Value, Financial Assets an

Fair Value, Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Financial assets:
Total	$ 4,638,004	$ 4,189,960
Loans held-for-sale, net	978,736	847,126
Securities held-to-maturity, net (allowance for credit losses of $992 and $0, respectively)	84,406	88,699
Financial liabilities:
Credit and repurchase facilities, Carrying value	1,846,473	1,678,288
Collateralized loan obligations	2,513,096	2,130,121
Debt fund	68,717	68,629
Senior unsecured notes	591,854	319,799
Convertible senior unsecured notes, net	264,689	284,152
Junior subordinated notes	141,128	140,949
Level 1
Financial liabilities:
Senior unsecured notes	514,100
Level 2
Financial assets:
Loans held-for-sale, net	985,970
Financial liabilities:
Credit and repurchase facilities, Carrying value	790,739
Convertible senior unsecured notes, net	246,200
Level 3
Financial assets:
Total	4,679,039
Loans held-for-sale, net	15,254
Capitalized mortgage servicing rights, net	320,052
Securities held-to-maturity, net (allowance for credit losses of $992 and $0, respectively)	81,887
Financial liabilities:
Credit and repurchase facilities, Carrying value	1,057,410
Collateralized loan obligations	2,260,964
Debt fund	70,115
Junior subordinated notes	98,143
Carrying Value
Financial assets:
Total	4,638,004	4,189,960
Loans held-for-sale, net	991,696	861,360
Capitalized mortgage servicing rights, net	288,954
Securities held-to-maturity, net (allowance for credit losses of $992 and $0, respectively)	84,406	88,699
Financial liabilities:
Credit and repurchase facilities, Carrying value	1,846,473	1,678,288
Collateralized loan obligations	2,513,096	2,130,121
Debt fund	68,717	68,629
Senior unsecured notes	591,854	319,799
Convertible senior unsecured notes, net	264,689	284,152
Junior subordinated notes	141,128	140,949
Fair Value
Financial assets:
Total	4,679,039	4,228,071
Loans held-for-sale, net	1,001,224	876,975
Capitalized mortgage servicing rights, net	320,052
Securities held-to-maturity, net (allowance for credit losses of $992 and $0, respectively)	81,887	91,738
Financial liabilities:
Credit and repurchase facilities, Carrying value	1,848,149	1,677,658
Collateralized loan obligations	2,260,964	2,147,944
Debt fund	70,115	70,138
Senior unsecured notes	514,100	331,225
Convertible senior unsecured notes, net	246,200	310,778
Junior subordinated notes	$ 98,143	$ 97,668

Commitments and Contingencies,

Commitments and Contingencies, Contractual Commitments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Dec. 31, 2018
Agency Business Commitments
Cash collateral	$ 304,067	$ 291,865	$ 210,875	$ 180,606
Debt Obligations
2020 (nine months ending December 31, 2020)	820,368
2021	409,457
2022	2,366,841
2023	781,235
2024	378,013
Thereafter	732,171
Total	5,488,085
Minimum Annual Operating Lease Payments
2020 (nine months ending December 31, 2020)	3,984
2021	3,124
2022	2,775
2023	2,052
2024	1,459
2025	1,503
Thereafter	1,802
Total	16,699
Total
2020 (nine months ending December 31, 2020)	824,352
2021	412,581
2022	2,369,616
2023	783,287
2024	379,472
2025	1,503
Thereafter	733,973
Total	5,504,784
Operating lease expense	1,600	$ 1,500
Unfunded CLO Commitments
Unfunded commitments related to structured loans and investments	183,800
Fannie Mae
Agency Business Commitments
Minimum liquid assets to be maintained to meet operational liquidity requirements	$ 14,800
Period of funding for collateral requirement	48 months
Forward Contracts
Agency Business Commitments
Period of contractual commitment	60 days
Restricted liquidity arrangement - loans sold under the Fannie Mae DUS program | Fannie Mae
Agency Business Commitments
Letter of credit assigned	$ 45,000
Cash collateral	2,600
Reserve required to fund additional restricted liquidity over the next 48 months	$ 37,100
Period of additional funding for collateral requirement	48 months
Cash collateral arrangement - purchase and loss obligations under Freddie Mac's SBL Program
Agency Business Commitments
Cash collateral per securitization	$ 5,000
Outstanding letters of credit	$ 5,000

Commitments and Contingencies_2

Commitments and Contingencies, Litigation (Details) $ in Millions	Jun. 15, 2011USD ($)defendantlawsuit	Jun. 30, 2013USD ($)lawsuitdefendant	Jun. 30, 2011defendantlawsuit
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) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)item	Dec. 31, 2019USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Variable Interest Entities
Loan loss reserves related to VIEs	$ 142,252	$ 71,069	$ 71,069
Assets:
Restricted cash	304,067	210,875	$ 291,865	$ 180,606
Loans and investments, net (allowance for credit losses of $142,252 and $71,069, respectively)	4,638,004	4,189,960
Other assets	224,030	125,788
Total assets	6,934,650	6,239,160
Liabilities:
Collateralized loan obligations	2,513,096	2,130,121
Debt fund	68,717	68,629
Other liabilities	127,341	134,299
Total liabilities	5,708,600	4,883,133
Consolidated variable interest entities
Assets:
Restricted cash	301,045	208,467
Loans and investments, net (allowance for credit losses of $142,252 and $71,069, respectively)	2,911,257	2,557,909
Other assets	20,711	18,380
Total assets	3,233,013	2,784,756
Liabilities:
Collateralized loan obligations	2,513,096	2,130,121
Debt fund	68,717	68,629
Due to related party	231	6,734
Other liabilities	3,544	4,115
Total liabilities	$ 2,585,588	$ 2,209,599
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	$ 441,762
Carrying amount of loans and investments before reserves related to VIEs	129,000
Loan loss reserves related to VIEs	79,400
Exposure to real estate debt	4,210,000
Unconsolidated VIEs | Loans
Variable Interest Entities
Carrying Amount	341,010
Unconsolidated VIEs | B Piece and SFR bonds
Variable Interest Entities
Carrying Amount	85,398
Unconsolidated VIEs | Equity investments
Variable Interest Entities
Carrying Amount	12,930
Unconsolidated VIEs | Agency interest only strips
Variable Interest Entities
Carrying Amount	$ 2,424

Equity (Details)

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

Apr. 29, 2020$ / shares

Feb. 13, 2019$ / shares

Feb. 01, 2019$ / shares

Feb. 29, 2020shares

Mar. 31, 2020USD ($)Vote$ / sharesshares

Mar. 31, 2019USD ($)$ / shares

Dec. 31, 2019$ / shares

Oct. 25, 2019shares

Aug. 31, 2019shares

Dec. 31, 2018

Jul. 20, 2018

Jul. 03, 2018

Jun. 30, 2018USD ($)

Common stock

Proceeds from issuance of shares under public offering | $

$ 19,424

Number of shares purchased

747,500

Repurchase of common stock | $

$ 11,291

Noncontrolling Interest

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

$ 0.01

$ 0.01

OP Units redeemed by cash | $

$ 1,600

$ 1,631

Number of shares purchased

747,500

Distributions

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

$ 0.30

$ 0.27

Employee compensation and benefits

Deferred Compensation

Share-based compensation expense | $

$ 143,096,000

Restricted common stock | Certain employees of ours

Deferred Compensation

Number of fully vested shares issued

298,991

Total grant date fair value | $

$ 3,200

Restricted common stock | Chief executive officer

Deferred Compensation

Number of fully vested shares issued

45,928

Total grant date fair value | $

$ 500

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 | Employees

Deferred Compensation

Vesting percentage

33.00%

Restricted common stock | Employees | March 2020

Deferred Compensation

Vesting percentage

33.00%

Performance-based restricted stock

Deferred Compensation

Restricted stock with fully vested of date (in shares)

421,348

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

215,014

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)

275,569

Vesting period (in years)

4 years

4 years

Total grant date fair value | $

$ 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

Number of common stock sold (in shares)

1,350,000

Value of common stock available under shelf registration statement | $

$ 118,200

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

$ 500,000

Number of shares purchased

1,249,777

Repurchase of common stock | $

$ 13

Noncontrolling Interest

Number of shares purchased

1,249,777

Distributions

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

$ 0.30

$ 0.30

Common Stock | Board of Directors

Common stock

Number of common stock sold (in shares)

100,000,000

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

Deferred Compensation

Number of fully vested shares issued

36,396

Total grant date fair value | $

$ 400

Preferred Stock | 8.25% Series A preferred stock

Distributions

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

$ 0.515625

$ 0.515625

Preferred Stock

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

8.25%

Preferred Stock | 7.75% Series B preferred stock

Distributions

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

$ 0.484375

0.484375

Preferred Stock

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

7.75%

Preferred Stock | 8.50% Series C preferred stock

Distributions

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

$ 0.53125

$ 0.53125

Preferred Stock

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

8.50%

Operating Partnership Units

Noncontrolling Interest

Conversion ratio for operating partnership units to common stock shares

1

Operating Partnership Units | Special voting preferred shares

Noncontrolling Interest

Number of preferred stock shares paired with each OP units

1

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

$ 0.01

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

1

OP units outstanding (in shares)

20,369,265

Voting power of outstanding stock (as a percent)

15.60%

5.25% Convertible Notes

Common stock

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

319,259

Interest rate (as a percent)

5.25%

5.25%

5.25%

5.25%

5.25%

5.375% Convertible Notes

Common stock

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

41,601

Interest rate (as a percent)

5.375%

5.375%

6.50% Convertible Notes

Common stock

Interest rate (as a percent)

6.50%

Share repurchase | Common Stock

Common stock

Number of shares purchased

993,106

Repurchase of common stock | $

$ 3,900

Noncontrolling Interest

Number of shares purchased

993,106

At-The-Market | Common Stock

Common stock

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

3,000,000

3.98

7,500,000

Number of common stock sold (in shares)

1,350,000

Proceeds from issuance of shares under public offering | $

$ 19,400

Equity, Earnings Per Share ("EP

Equity, Earnings Per Share ("EPS") (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Basic
Net (loss) income attributable to common stockholders	$ (59,310)	$ 22,650
Weighted average shares outstanding (in shares)	110,792,412	85,151,878
Net (loss) income per common share (in dollars per share)	$ (0.54)	$ 0.27
Diluted
Net (loss) income attributable to noncontrolling interest	$ (10,934)	$ 5,468
Net (loss) income attributable to common stockholders and noncontrolling interest	$ (70,244)	$ 28,118
Weighted average shares outstanding (in shares)	110,792,412	85,151,878
Dilutive effect of OP units (in shares)	20,424,787	20,554,434
Dilutive effect of restricted stock units (in shares)		1,376,514
Dilutive effect of convertible notes (in shares)		786,685
Weighted average shares outstanding ( in shares)	131,217,199	107,869,511
Net (loss) income per common share (in dollars per share)	$ (0.54)	$ 0.26
Chief executive officer | Performance-based restricted stock
Diluted
Vesting period (in years)	4 years	4 years

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Federal income tax rate (as a percent)	90.00%
Benefit for income taxes	$ 14,370	$ 10
Deferred tax benefit	19,904	4,168
Current tax provision	5,500
Maximum
Benefit for income taxes	$ 14,400	100
Preferred equity interest financing agreement | ACM / Our "Former Manager"
Repayment of debt		$ 4,200

Agreements and Transactions w_2

Agreements and Transactions with Related Parties, Shared Services Agreement (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Former manager | Support Services
Agreements and transactions with related parties
Costs for services to related party	$ 0.7	$ 0.9

Agreements and Transactions w_3

Agreements and Transactions with Related Parties, Other Related Party (Details) $ in Thousands

1 Months Ended

3 Months Ended

12 Months Ended

Mar. 31, 2020USD ($)shares

Sep. 30, 2019USD ($)

Jan. 31, 2019USD ($)

Oct. 31, 2018USD ($)

Aug. 31, 2018USD ($)

Jun. 30, 2018USD ($)propertyloan

Apr. 30, 2018

Mar. 31, 2020USD ($)shares

Mar. 31, 2019USD ($)

Dec. 31, 2019USD ($)loan

Dec. 31, 2018USD ($)

Dec. 31, 2017USD ($)itemloanproperty

Dec. 31, 2016USD ($)propertyshares

Dec. 31, 2015USD ($)

Jul. 31, 2019USD ($)

Agreements and transactions with related parties

Due to related party

$ 3,103

$ 3,103

$ 13,100

Due from Related Parties

13,821

13,821

$ 10,651

Income from equity affiliates

3,992

$ 2,151

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%

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

AMAC III

Agreements and transactions with related parties

Cash distribution received

100

Lexford Portfolio | Bridge loans | Maturity Date of June 2021

Agreements and transactions with related parties

Paydowns of principal made by borrower

250,000

Base spread (as a percent)

4.00%

Unsecured financing provided by an unsecured lender to certain parent entities of the property owners

50,000

50,000

Lexford Portfolio | Private Label | Maturity date of March 2030

Agreements and transactions with related parties

Principal amount

$ 34,600

34,600

Fixed rate of interest (as a percent)

3.30%

ACM, Certain executives and Consortium of independent outside investors | Mezzanine loans | Mature date of April 2030

Agreements and transactions with related parties

Principal amount

$ 3,400

3,400

Fixed rate of interest (as a percent)

9.00%

ACM, Certain executives and Consortium of independent outside investors | Private Label | Mature date of April 2030

Agreements and transactions with related parties

Principal amount

$ 14,800

14,800

Fixed rate of interest (as a percent)

3.10%

ACM, Certain executives and Consortium of independent outside investors | AMAC III

Agreements and transactions with related parties

Amount invested

$ 10,900

10,900

$ 30,000

Ownership interest (as a percent)

18.00%

ACM, Certain executives and Consortium of independent outside investors | AMAC III | Private Label

Agreements and transactions with related parties

Percentage of ownership interest of related party in the entity

100.00%

Interest income recorded

900

Fixed rate of interest (as a percent)

3.735%

Amount of loan to related party

$ 15,600

Unaffiliated borrower | Bridge loans

Agreements and transactions with related parties

Principal amount

$ 13,100

Unaffiliated borrower | AMAC III | Mezzanine loans

Agreements and transactions with related parties

Refinanced loan amount

300

ACM / Our "Former Manager" | Residential Mortgage Banking Company

Agreements and transactions with related parties

Noncontrolling interest in equity method investment acquired (as a percent)

50.00%

Indirect ownership percentage

22.5%

Acquisition purchase price

$ 9,600

Income from equity affiliates

$ 2,900

$ 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

3,898,554

3,898,554

OP units hold as part of acquisition | shares

14,669,101

Percentage of voting power held by related party

14.20%

14.20%

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

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

$ 34,000

34,000

$ 61,200

Percentage of ownership interest of related party in the entity

10.00%

Interest income recorded

300

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 | Bridge loan, one multifamily property

Agreements and transactions with related parties

Principal amount

$ 7,000

Consortium of investors including an immediate family member of our officers | Fannie Mae loan on a multifamily property

Agreements and transactions with related parties

Percentage of maximum loss-sharing obligation unpaid principal balance

5.00%

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

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

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 loan, several multifamily properties | Maturity Date of January 2021

Agreements and transactions with related parties

Due to related party

$ 9,400

Principal amount

$ 8,900

8,900

Percentage of ownership interest of related party in the entity

75.00%

Interest income recorded

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

Certain certain officers, chief executive officer, and other unaffiliated investors | Bridge loan, two multifamily properties

Agreements and transactions with related parties

Interest income recorded

100

400

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

500

600

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, two multifamily properties | Maturity date of October 2021

Agreements and transactions with related parties

Principal amount

$ 31,100

LIBOR floor (as a percentage)

1.80%

Certain certain officers, chief executive officer, and other unaffiliated investors | Bridge loan, two multifamily properties | Maturity date of October 2021 | LIBOR

Agreements and transactions with related parties

Base spread (as a percent)

4.00%

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

Percentage of ownership interest of related party in the entity

75.00%

Interest income recorded

$ 400

300

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%

LIBOR floor (as a percentage)

1.25%

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%

Board of Directors | 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

Paydowns of principal made by borrower

$ 4,700

Percentage of ownership interest of related party in the entity

10.80%

Interest income recorded

$ 100

500

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

600

700

Lexford Portfolio | Preferred equity investments

Agreements and transactions with related parties

Income from equity affiliates

1,100

1,300

Lexford Portfolio | Bridge loans | Maturity Date of June 2021

Agreements and transactions with related parties

Principal amount

$ 280,500

Interest income recorded

200

4,500

Maximum exposure under guaranty

$ 616,500

$ 616,500

Number of bridge loans originated | loan

12

Number of multifamily properties renovated | property

72

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
	Mar. 31, 2020	Mar. 31, 2019
Segment Information
Interest income	$ 88,526	$ 71,277
Interest expense	49,982	41,865
Net interest income	38,544	29,412
Other revenue:
Gain on sales, including fee-based services, net	14,305	16,389
Mortgage servicing rights	21,934	14,232
Servicing revenue	25,124	25,834
Amortization of MSRs	(11,822)	(12,282)
Property operating income	2,192	2,803
Loss on derivative instruments, net	(50,731)	(2,465)
Other income, net	1,303	337
Total other revenue	2,305	44,848
Other expenses:
Employee compensation and benefits	34,252	31,764
Selling and administrative	11,052	9,761
Property operating expenses	2,443	2,396
Depreciation and amortization	1,947	1,912
Provision for loss sharing (net of recoveries)	21,537	454
Provision for loan losses (net of recoveries)	54,382
Total other expenses	125,613	46,287
Loss before extinguishment of debt, income from equity affiliates and income taxes	(84,764)	27,973
Loss on extinguishment of debt	1,954	128
Income from equity affiliates	3,992	2,151
(Provision) benefit for income taxes	14,370	10
Net (loss) income	(68,356)	30,006
Preferred stock dividends	1,888	1,888
Net (loss) income attributable to noncontrolling interest	(10,934)	5,468
Net (loss) attributable to common stockholders	(59,310)	22,650
Operating segments | Structured Business
Segment Information
Interest income	78,477	65,809
Interest expense	43,399	38,257
Net interest income	35,078	27,552
Other revenue:
Property operating income	2,192	2,803
Loss on derivative instruments, net	(3,000)
Other income, net	1,303	337
Total other revenue	495	3,140
Other expenses:
Employee compensation and benefits	10,846	8,464
Selling and administrative	4,450	4,421
Property operating expenses	2,443	2,396
Depreciation and amortization	620	512
Provision for loan losses (net of recoveries)	53,890
Total other expenses	72,249	15,793
Loss before extinguishment of debt, income from equity affiliates and income taxes	(36,676)	14,899
Loss on extinguishment of debt	1,954	128
Income from equity affiliates	3,992	2,151
(Provision) benefit for income taxes	(83)
Net (loss) income	(34,721)	16,922
Preferred stock dividends	1,888	1,888
Net (loss) attributable to common stockholders	(36,609)	15,034
Operating segments | Agency Business
Segment Information
Interest income	10,049	5,468
Interest expense	6,583	3,608
Net interest income	3,466	1,860
Other revenue:
Gain on sales, including fee-based services, net	14,305	16,389
Mortgage servicing rights	21,934	14,232
Servicing revenue	25,124	25,834
Amortization of MSRs	(11,822)	(12,282)
Loss on derivative instruments, net	(47,731)	(2,465)
Total other revenue	1,810	41,708
Other expenses:
Employee compensation and benefits	23,406	23,300
Selling and administrative	6,602	5,340
Depreciation and amortization	1,327	1,400
Provision for loss sharing (net of recoveries)	21,537	454
Provision for loan losses (net of recoveries)	492
Total other expenses	53,364	30,494
Loss before extinguishment of debt, income from equity affiliates and income taxes	(48,088)	13,074
(Provision) benefit for income taxes	14,453	10
Net (loss) income	(33,635)	13,084
Net (loss) attributable to common stockholders	(33,635)	13,084
Other / Eliminations
Other expenses:
Net (loss) income attributable to noncontrolling interest	(10,934)	5,468
Net (loss) attributable to common stockholders	$ 10,934	$ (5,468)

Segment Information - Balance S

Segment Information - Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Assets:
Cash and cash equivalents	$ 222,330	$ 299,687	$ 124,505	$ 160,063
Restricted cash	304,067	210,875	$ 291,865	$ 180,606
Loans and investments, net (allowance for credit losses of $142,252 and $71,069, respectively)	4,638,004	4,189,960
Loans held-for-sale, net	991,696	861,360
Capitalized mortgage servicing rights, net	288,954	286,420
Held-to-maturity debt securities	84,406	88,699
Investments in equity affiliates	44,701	41,800
Goodwill and other intangible assets	109,371	110,700
Other assets	251,121	149,659
Total assets	6,934,650	6,239,160
Liabilities:
Debt obligations	5,425,957	4,621,938
Allowance for loss-sharing obligations	70,752	34,648
Other liabilities	211,891	226,547
Total liabilities	5,708,600	4,883,133
Structured Business | Operating segments
Assets:
Cash and cash equivalents	106,879	264,468
Restricted cash	301,468	208,926
Loans and investments, net (allowance for credit losses of $142,252 and $71,069, respectively)	4,638,004	4,189,960
Held-to-maturity debt securities	20,000	20,000
Investments in equity affiliates	44,701	41,800
Goodwill and other intangible assets	12,500	12,500
Other assets	174,409	118,175
Total assets	5,297,961	4,855,829
Liabilities:
Debt obligations	4,635,218	3,878,343
Other liabilities	155,383	171,004
Total liabilities	4,790,601	4,049,347
Agency Business | Operating segments
Assets:
Cash and cash equivalents	115,451	35,219
Restricted cash	2,599	1,949
Loans held-for-sale, net	991,696	861,360
Capitalized mortgage servicing rights, net	288,954	286,420
Held-to-maturity debt securities	64,406	68,699
Goodwill and other intangible assets	96,871	98,200
Other assets	76,712	31,484
Total assets	1,636,689	1,383,331
Liabilities:
Debt obligations	790,739	743,595
Allowance for loss-sharing obligations	70,752	34,648
Other liabilities	56,508	55,543
Total liabilities	$ 917,999	$ 833,786

Segment Information - Originati

Segment Information - Origination Data (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Segment Information
Origination Volumes	$ 1,267,219	$ 846,963
Loan Sales Data:
Sales margin (fee-based services as a % of loan sales)	1.49%	1.49%
MSR rate (MSR income as a % of loan commitments)	1.73%	1.68%
Structured Business
Segment Information
New loan originations	$ 856,229	$ 416,295
Loan payoffs / paydowns	275,292	279,471
Agency Business
Segment Information
Origination Volumes	1,081,973	845,913
Loan Sales Data:
Loan Sales	957,060	1,101,766
Agency Business | Fannie Mae
Segment Information
Origination Volumes	581,973	546,886
Loan Sales Data:
Loan Sales	754,044	746,937
Agency Business | Private Label
Segment Information
Origination Volumes	282,345
Agency Business | Freddie Mac
Segment Information
Origination Volumes	199,711	192,492
Loan Sales Data:
Loan Sales	179,703	223,773
Agency Business | FHA
Segment Information
Origination Volumes	17,944	1,110
Loan Sales Data:
Loan Sales	$ 23,313	25,631
Agency Business | CMBS/Conduit
Segment Information
Origination Volumes		105,425
Loan Sales Data:
Loan Sales		$ 105,425

Segment Information - Key Servi

Segment Information - Key Servicing Metrics (Details) - Agency Business - MSRs - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Segment Information
UPB of Servicing Portfolio	$ 20,197,128	$ 20,059,077
Wtd. Avg. Servicing Fee Rate (basis points)	0.436%	0.438%
Wtd. Avg. Life of Servicing Portfolio (in years)	8 years 10 months 24 days	8 years 9 months 18 days
Fannie Mae
Segment Information
UPB of Servicing Portfolio	$ 14,946,922	$ 14,832,844
Wtd. Avg. Servicing Fee Rate (basis points)	0.493%	0.493%
Wtd. Avg. Life of Servicing Portfolio (in years)	8 years	7 years 9 months 18 days
Freddie Mac
Segment Information
UPB of Servicing Portfolio	$ 4,570,521	$ 4,534,714
Wtd. Avg. Servicing Fee Rate (basis points)	0.294%	0.30%
Wtd. Avg. Life of Servicing Portfolio (in years)	10 years 7 months 6 days	10 years 7 months 6 days
FHA
Segment Information
UPB of Servicing Portfolio	$ 679,685	$ 691,519
Wtd. Avg. Servicing Fee Rate (basis points)	0.152%	0.154%
Wtd. Avg. Life of Servicing Portfolio (in years)	19 years 1 month 6 days	18 years 8 months 12 days