Arbor Realty Trust (ABR) 10-Q 31 Jul 20 2020 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2020	Jul. 24, 2020
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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		112,213,035
Entity Central Index Key	0001253986
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Amendment Flag	false
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	ABR
Security Exchange Name	NYSE
Series A Preferred Stock
Document Information [Line Items]
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
Document Information [Line Items]
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
Document Information [Line Items]
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	Jun. 30, 2020	Dec. 31, 2019
Assets:
Cash and cash equivalents	$ 384,182	$ 299,687
Restricted cash	94,847	210,875
Loans and investments, net (allowance for credit losses of $152,811 and $71,069, respectively)	4,800,176	4,189,960
Loans held-for-sale, net	360,372	861,360
Capitalized mortgage servicing rights, net	313,288	286,420
Securities held-to-maturity, net (allowance for credit losses of $3,148 and $0, respectively)	119,019	88,699
Investments in equity affiliates	64,991	41,800
Real estate owned, net	12,990	13,220
Due from related party	8,416	10,651
Goodwill and other intangible assets	108,040	110,700
Other assets	123,803	125,788
Total assets	6,390,124	6,239,160
Liabilities and Equity:
Credit facilities and repurchase agreements	1,235,613	1,678,288
Collateralized loan obligations	2,514,524	2,130,121
Debt fund		68,629
Senior unsecured notes	661,757	319,799
Convertible senior unsecured notes, net	265,244	284,152
Junior subordinated notes to subsidiary trust issuing preferred securities	141,295	140,949
Due to related party	584	13,100
Due to borrowers	70,132	79,148
Allowance for loss-sharing obligations	73,220	34,648
Other liabilities	169,979	134,299
Total liabilities	5,132,348	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 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; 112,211,461 and 109,706,214 shares issued and outstanding, respectively	1,122	1,097
Additional paid-in capital	1,182,449	1,154,932
Accumulated deficit	(167,165)	(60,920)
Total Arbor Realty Trust, Inc. stockholders' equity	1,105,906	1,184,610
Noncontrolling interest	151,870	171,417
Total equity	1,257,776	1,356,027
Total liabilities and equity	$ 6,390,124	$ 6,239,160

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 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)	112,211,461	109,706,214
Common stock, shares outstanding (in shares)	109,306,214	109,706,214
Assets	$ 6,390,124	$ 6,239,160
Liabilities	5,132,348	4,883,133
Loans and investments, net allowance for credit losses	152,811	71,069
Securities held-to-maturity, net allowance for credit losses	3,148	0
Consolidated variable interest entities
Assets	3,127,169	2,784,756
Liabilities	$ 2,517,315	$ 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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
CONSOLIDATED STATEMENTS OF OPERATIONS
Interest income	$ 83,080	$ 82,171	$ 171,606	$ 153,448
Interest expense	41,302	48,284	91,284	90,149
Net interest income	41,778	33,887	80,322	63,299
Other revenue:
Gain on sales, including fee-based services, net	26,366	14,211	40,671	30,600
Mortgage servicing rights	32,417	18,709	54,351	32,941
Servicing revenue, net	13,506	12,612	26,809	26,164
Property operating income	751	3,147	2,943	5,950
(Loss) gain on derivative instruments, net	(7,368)	742	(58,099)	(1,723)
Other income, net	1,049	651	2,351	989
Total other revenue	66,721	50,072	69,026	94,921
Other expenses:
Employee compensation and benefits	34,438	29,022	68,690	60,786
Selling and administrative	8,606	10,481	19,658	20,242
Property operating expense	1,035	2,691	3,478	5,086
Depreciation and amortization	1,961	1,909	3,908	3,821
Impairment loss on real estate owned		1,000		1,000
Provision for loss sharing (net of recoveries)	2,395	368	23,932	822
Provision for credit losses (net of recoveries)	12,714		67,096
Total other expenses	61,149	45,471	186,762	91,757
Income (loss) before extinguishment of debt, income from equity affiliates and income taxes	47,350	38,488	(37,414)	66,463
Loss on extinguishment of debt	(1,592)		(3,546)	(128)
Income from equity affiliates	20,408	3,264	24,401	5,415
(Provision for) benefit from income taxes	(12,077)	(4,350)	2,293	(4,341)
Net income (loss)	54,089	37,402	(14,266)	67,409
Preferred stock dividends	1,888	1,888	3,777	3,777
Net income (loss) attributable to noncontrolling interest	8,110	6,598	(2,824)	12,066
Net income (loss) attributable to common stockholders	$ 44,091	$ 28,916	$ (15,219)	$ 51,566
Basic earnings (loss) per common share (in dollars per share)	$ 0.40	$ 0.32	$ (0.14)	$ 0.59
Diluted earnings (loss) per common share (in dollars per share)	$ 0.40	$ 0.31	$ (0.14)	$ 0.57
Weighted average shares outstanding:
Basic (in shares)	110,745,572	89,955,923	110,768,992	87,567,171
Diluted (in shares)	131,882,398	113,624,384	131,166,018	110,779,680
Dividends declared per common share (in dollars per share)	$ 0.30	$ 0.28	$ 0.60	$ 0.55

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Preferred StockBalance as adjusted for the adoption of ASU 2016-13	Preferred Stock	Common StockBalance as adjusted for the adoption of ASU 2016-13	Common Stock	Additional Paid-in CapitalBalance as adjusted for the adoption of ASU 2016-13	Additional Paid-in Capital	Accumulated DeficitCumulative-effect adjustment	Accumulated DeficitBalance as adjusted for the adoption of ASU 2016-13	Accumulated Deficit	Total Arbor Realty Trust, Inc. Stockholders' EquityCumulative-effect adjustment	Total Arbor Realty Trust, Inc. Stockholders' EquityBalance as adjusted for the adoption of ASU 2016-13	Total Arbor Realty Trust, Inc. Stockholders' Equity	Noncontrolling InterestCumulative-effect adjustment	Noncontrolling InterestBalance as adjusted for the adoption of ASU 2016-13	Noncontrolling Interest	Cumulative-effect adjustment	Balance as adjusted for the adoption of ASU 2016-13	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				$ 91		115,494						115,585						115,585
Issuance of common stock (in shares)				9,200,000
Repurchase of common stock				$ (9)		(11,565)						(11,574)						(11,574)
Repurchase of common stock (in shares)				(920,000)
Issuance of common stock upon vesting of restricted stock units				$ 2		(2,904)						(2,902)						(2,902)
Issuance of common stock upon vesting of restricted stock units (in shares)				203,492
Issuance of common stock from convertible debt				$ 2		2,505						2,507						2,507
Issuance of common stock from convertible debt (in shares)				210,466
Extinguishment of convertible senior unsecured notes						(1,337)						(1,337)						(1,337)
Stock-based compensation, net				$ 4		4,669						4,673						4,673
Stock-based compensation, net (in shares)				383,793
Issuance of common stock from special dividend				$ 9		10,070						10,079						10,079
Issuance of common stock from special dividend (in shares)				901,432
Issuance of operating partnership units and special voting preferred stock from special dividend		$ 2										2			2,476			2,478
Issuance of operating partnership units and special voting preferred stock from special dividend (in shares)		221,666
Distributions - common stock									(49,746)			(49,746)						(49,746)
Distributions - preferred stock									(3,785)			(3,785)						(3,785)
Distributions - noncontrolling interest															(11,302)			(11,302)
Redemption of operating partnership units		$ (3)		$ 3		2,936						2,936			(4,609)			(1,673)
Redemption of operating partnership units (in shares)		(387,706)		258,677
Net income (loss)									55,343			55,343			12,066			67,409
Balance at Jun. 30, 2019		$ 89,501		$ 942		998,897			(72,321)			1,017,019			168,959			1,185,978
Balance (in shares) at Jun. 30, 2019		24,199,044		94,225,567
Balance at Mar. 31, 2019		$ 89,501		$ 860		893,471			(74,589)			909,243			168,140			1,077,383
Balance (in shares) at Mar. 31, 2019		24,199,044		85,955,995
Increase (Decrease) in Stockholders' Equity
Issuance of common stock				$ 91		115,494						115,585						115,585
Issuance of common stock (in shares)				9,200,000
Repurchase of common stock				$ (9)		(11,565)						(11,574)						(11,574)
Repurchase of common stock (in shares)				(920,000)
Extinguishment of convertible senior unsecured notes						(6)						(6)						(6)
Stock-based compensation, net						1,503						1,503						1,503
Stock-based compensation, net (in shares)				(10,428)
Distributions - common stock									(26,645)			(26,645)						(26,645)
Distributions - preferred stock									(1,891)			(1,891)						(1,891)
Distributions - noncontrolling interest															(5,736)			(5,736)
Redemption of operating partnership units															(43)			(43)
Net income (loss)									30,804			30,804			6,598			37,402
Balance at Jun. 30, 2019		$ 89,501		$ 942		998,897			(72,321)			1,017,019			168,959			1,185,978
Balance (in shares) at Jun. 30, 2019		24,199,044		94,225,567
Balance at Dec. 31, 2019	$ 89,501	$ 89,501	$ 1,097	$ 1,097	$ 1,154,932	1,154,932	$ (24,106)	$ (85,026)	(60,920)	$ (24,106)	$ 1,160,504	1,184,610	$ (4,501)	$ 166,916	171,417	$ (28,607)	$ 1,327,420	1,356,027
Balance (in shares) at Dec. 31, 2019	24,195,594	24,195,594	109,706,214	109,706,214
Increase (Decrease) in Stockholders' Equity
Issuance of common stock				$ 33		37,975						38,008						38,008
Issuance of common stock (in shares)				3,308,008
Repurchase of common stock				$ (16)		(12,745)						(12,761)						(12,761)
Repurchase of common stock (in shares)				(1,625,777)
Issuance of common stock from convertible debt				$ 3		90						93						93
Issuance of common stock from convertible debt (in shares)				363,013
Stock-based compensation, net				$ 5		3,796						3,801						3,801
Stock-based compensation, net (in shares)				460,003
Distributions - common stock									(66,920)			(66,920)						(66,920)
Distributions - preferred stock									(3,777)			(3,777)						(3,777)
Distributions - noncontrolling interest															(12,222)			(12,222)
Redemption of operating partnership units		$ (1)				(1,599)						(1,600)						(1,600)
Redemption of operating partnership units (in shares)		(114,829)
Net income (loss)									(11,442)			(11,442)			(2,824)			(14,266)
Balance at Jun. 30, 2020		$ 89,500		$ 1,122		1,182,449			(167,165)			1,105,906			151,870	(28,607)		1,257,776
Balance (in shares) at Jun. 30, 2020		24,080,765		112,211,461
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
Issuance of common stock				$ 19		18,565						18,584						18,584
Issuance of common stock (in shares)				1,958,008
Repurchase of common stock				$ (3)		(1,467)						(1,470)						(1,470)
Repurchase of common stock (in shares)				(376,000)
Issuance of common stock upon vesting of restricted stock units						276						276						276
Issuance of common stock upon vesting of restricted stock units (in shares)				2,153
Stock-based compensation, net						1,914						1,914						1,914
Stock-based compensation, net (in shares)				18,397
Distributions - common stock									(33,671)			(33,671)						(33,671)
Distributions - preferred stock									(1,884)			(1,884)						(1,884)
Distributions - noncontrolling interest															(6,112)			(6,112)
Net income (loss)									45,979			45,979			8,110			54,089
Balance at Jun. 30, 2020		$ 89,500		$ 1,122		$ 1,182,449			$ (167,165)			$ 1,105,906			$ 151,870	$ (28,607)		$ 1,257,776
Balance (in shares) at Jun. 30, 2020		24,080,765		112,211,461

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Operating activities:
Net (loss) income	$ 54,089	$ 37,402	$ (14,266)	$ 67,409
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation and amortization	1,961	1,909	3,908	3,821
Stock-based compensation			3,801	5,258
Amortization and accretion of interest and fees, net			3,007	2,092
Amortization of capitalized mortgage servicing rights	11,891	12,324	23,713	24,606
Originations of loans held-for-sale			(2,452,745)	(1,971,876)
Proceeds from sales of loans held-for-sale, net of gain on sale			2,949,949	1,847,488
Payoffs and paydowns of loans held-for-sale			62	66
Mortgage servicing rights	(32,417)	(18,709)	(54,351)	(32,941)
Write-off of capitalized mortgage servicing rights from payoffs			9,570	9,048
Impairment loss on real estate owned		1,000		1,000
Provision for loss sharing (net of recoveries)	2,395	368	23,932	822
Provision for credit losses (net of recoveries)	12,714		67,096
Net recoveries (charge-offs) for loss sharing obligations			233	(703)
Deferred tax benefit	(10,900)	(900)	(9,025)	(3,250)
Income from equity affiliates	(20,408)	(3,264)	(24,401)	(5,415)
Loss on extinguishment of debt	1,592		3,546	128
Changes in operating assets and liabilities			(297)	(25,251)
Net cash provided by (used in) operating activities			533,732	(77,698)
Investing Activities:
Loans and investments funded, originated and purchased, net			(1,117,004)	(1,398,834)
Payoffs and paydowns of loans and investments			459,489	796,652
Deferred fees			5,835	11,505
Investments in real estate, net			(129)	(287)
Contributions to equity affiliates			(60)	(6,105)
Distributions from equity affiliates			77
Purchase of securities held-to-maturity, net			(37,927)	(10,000)
Payoffs and paydowns of securities held-to-maturity			5,823	2,679
Due to borrowers and reserves			(44,028)	(24,052)
Net cash used in investing activities			(727,924)	(628,442)
Financing activities:
Proceeds from repurchase agreements and credit facilities			4,781,801	4,126,430
Paydowns and payoffs of repurchase agreements and credit facilities			(5,222,038)	(3,640,107)
Proceeds from issuance of collateralized loan obligations			668,000	533,000
Payoffs and paydowns of collateralized loan obligations			(282,874)	(250,250)
Payoffs and paydowns of debt fund			(70,000)
Proceeds from issuance of common stock			38,008	115,736
Settlements of convertible senior unsecured notes			(22,145)	(3,037)
Proceeds from issuance of senior unsecured notes			345,750	90,000
Redemption of operating partnership units			(1,600)	(1,673)
Payments of withholding taxes on net settlement of vested stock				(3,487)
Repurchase of common stock			(12,761)	(11,574)
Distributions paid on common stock			(33,249)	(49,746)
Distributions paid on noncontrolling interest			(6,110)	(11,302)
Distributions paid on preferred stock			(3,781)	(3,785)
Payment of deferred financing costs			(16,342)	(9,362)
Net cash provided by financing activities			162,659	880,843
Net (decrease) increase in cash, cash equivalents and restricted cash			(31,533)	174,703
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	479,029	515,372	479,029	515,372	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	384,182	198,917	384,182	198,917	299,687
Restricted cash at end of period	94,847	316,455	94,847	316,455	210,875
Cash, cash equivalents and restricted cash at end of period	479,029	515,372	479,029	515,372	510,562
Supplemental cash flow information:
Cash used to pay interest			76,294	85,776
Cash used to pay taxes			2,832	13,186
Supplemental schedule of non-cash investing and financing activities:
Dividends declare on common stock and operating partnership units	39,778		39,778
Cumulative-effect adjustment (Note 2)	(1,257,776)	$ (1,185,978)	(1,257,776)	(1,185,978)	(1,356,027)
Issuance of common stock from convertible debt			93	2,507
Settlements of convertible senior unsecured notes			(4,778)	(1,337)
Fair value of conversion feature of convertible senior unsecured notes			(185)	1,175
Special dividend - common stock issued				10,079
Special dividend - special voting preferred stock and operating partnership units issued				2,478
Cumulative-effect adjustment
Supplemental schedule of non-cash investing and financing activities:
Cumulative-effect adjustment (Note 2)	$ 28,607		28,607		$ 28,607
8.25% Series A preferred stock
Supplemental schedule of non-cash investing and financing activities:
Distributions accrued on preferred stock			267	267
7.75% Series B preferred stock
Supplemental schedule of non-cash investing and financing activities:
Distributions accrued on preferred stock			203	203
8.50% Series C preferred stock
Supplemental schedule of non-cash investing and financing activities:
Distributions accrued on preferred stock			$ 159	$ 159

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical)	6 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 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	6 Months Ended
	Jun. 30, 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 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 certificate. ​ 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	6 Months Ended
	Jun. 30, 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 half of 2020, there has been 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 June 30, 2020 inherently less certain than they would be absent the current and potential impacts of COVID-19. Actual results could differ from those estimates. ​ Reclassification ​ Certain amounts in the prior period financial statements have been reclassified to conform to the presentation of the current period financial statements. The net gain/loss from changes in fair value of derivative instruments previously recorded to other income, net is now recorded to (loss) gain on derivative instruments, net. These reclassifications had no effect on the previously reported net income. ​ 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 tax assets ​ ​ 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 under 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 June 30, 2020 ​ 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. ​ 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	6 Months Ended
	Jun. 30, 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 ​ ​ ​ June 30, 2020 ​ Total ​ Count ​ Pay Rate (1) ​ Maturity ​ LTV Ratio (2) ​ LTV Ratio (3) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bridge loans (4) ​ $ 4,504,232 ​ 91 % 234 5.37 % 16.6 1 % 77 % Preferred equity investments ​ 216,934 4 % 12 8.33 % 53.3 67 % 89 % Mezzanine loans ​ ​ 170,917 ​ 3 % 28 ​ 7.78 % 46.9 ​ 28 % 78 % Other (5) ​ 80,055 2 % 20 5.10 % 73.8 0 % 69 % ​ ​ 4,972,138 100 % 294 5.57 % 20.2 4 % 78 % Allowance for credit losses ​ ​ (152,811) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unearned revenue ​ (19,151) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans and investments, net ​ $ 4,800,176 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 June 30, 2020 and December 31, 2019, bridge loans included 5 and 11, respectively, single-family rental loans with an aggregate UPB of $53.4 million and $66.7 million, respectively, of which $28.3 million and $30.0 million, respectively, was funded. (5) As of June 30, 2020 and December 31, 2019, other included 19 and 12 , respectively, single-family rental permanent loans with an aggregate UPB of $73.7 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 June 30, 2020, the UPB related to 23 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 six months ended June 30, 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 as of June 30, 2020 is as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Wtd. Avg. Wtd. Avg. ​ ​ UPB by Origination Year ​ ​ ​ ​ First Dollar ​ Last Dollar ​ Asset Class / Risk Rating ​ 2020 ​ 2019 ​ 2018 ​ 2017 ​ 2016 ​ Prior ​ Total ​ LTV Ratio ​ LTV Ratio ​ Multifamily: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ $ 487,598 ​ $ 454,747 ​ $ 19,300 ​ $ 32,500 ​ $ — ​ $ 905 ​ $ 995,050 ​ ​ ​ ​ Pass/Watch ​ 454,466 ​ ​ 1,131,309 ​ ​ 187,805 ​ ​ 173,600 ​ ​ — ​ ​ 28,800 ​ ​ 1,975,980 ​ ​ ​ ​ Special Mention ​ ​ 24,925 ​ ​ 572,887 ​ ​ 160,749 ​ ​ 134,300 ​ ​ — ​ ​ 17,080 ​ ​ 909,941 ​ ​ ​ ​ ​ Substandard ​ ​ — ​ ​ 35,379 ​ ​ 42,927 ​ ​ 17,700 ​ ​ 8,250 ​ ​ — ​ ​ 104,256 ​ ​ ​ ​ ​ Total Multifamily ​ $ 966,989 ​ $ 2,194,322 ​ $ 410,781 ​ $ 358,100 ​ $ 8,250 ​ $ 46,785 ​ $ 3,985,227 ​ 4 % 77 % Land: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of portfolio ​ ​ 80 % ​ ​ ​ ​ Special Mention ​ $ 71,018 ​ $ 19,524 ​ $ — ​ $ 19,975 ​ $ — ​ $ — ​ $ 110,517 ​ ​ ​ ​ ​ Substandard ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 127,928 ​ ​ 127,928 ​ ​ ​ ​ ​ Total Land ​ $ 71,018 ​ $ 19,524 ​ $ — ​ $ 19,975 ​ $ — ​ $ 127,928 ​ $ 238,445 ​ 0 % 91 % Healthcare: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of portfolio ​ ​ 5 % ​ ​ ​ ​ Pass ​ $ — ​ $ 6,600 ​ $ 10,000 ​ $ — ​ $ — ​ $ — ​ $ 16,600 ​ ​ ​ ​ Pass/Watch ​ ​ — ​ ​ 14,750 ​ ​ 51,500 ​ ​ 41,650 ​ ​ — ​ ​ — ​ ​ 107,900 ​ ​ ​ ​ ​ Special Mention ​ ​ — ​ ​ 59,569 ​ ​ 15,000 ​ ​ — ​ ​ — ​ ​ — ​ ​ 74,569 ​ ​ ​ ​ ​ Doubtful ​ ​ — ​ ​ — ​ ​ — ​ ​ 4,625 ​ ​ — ​ ​ — ​ ​ 4,625 ​ ​ ​ ​ ​ Total Healthcare ​ $ — ​ $ 80,919 ​ $ 76,500 ​ $ 46,275 ​ $ — ​ $ — ​ $ 203,694 ​ 0 % 78 % Student Housing: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of portfolio ​ ​ 4 % ​ ​ ​ ​ Special Mention ​ $ — ​ $ 44,500 ​ $ 3,350 ​ $ — ​ $ — ​ $ — ​ $ 47,850 ​ ​ ​ ​ ​ Substandard ​ ​ 23,500 ​ ​ — ​ ​ 13,000 ​ ​ 67,250 ​ ​ — ​ ​ — ​ ​ 103,750 ​ ​ ​ ​ ​ Total Student Housing ​ $ 23,500 ​ $ 44,500 ​ $ 16,350 ​ $ 67,250 ​ $ — ​ $ — ​ $ 151,600 ​ 12 % 76 % Office: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of portfolio ​ ​ 3 % ​ ​ ​ ​ Pass ​ $ — ​ $ — ​ $ 5,000 ​ $ — ​ $ — ​ $ — ​ $ 5,000 ​ ​ ​ ​ ​ Pass/Watch ​ ​ — ​ ​ — ​ ​ — ​ ​ 34,000 ​ ​ — ​ ​ — ​ ​ 34,000 ​ ​ ​ ​ ​ Special Mention ​ ​ — ​ ​ — ​ ​ — ​ ​ 43,151 ​ ​ — ​ ​ 9,946 ​ ​ 53,097 ​ ​ ​ ​ ​ Substandard ​ ​ — ​ ​ — ​ ​ 42,799 ​ ​ — ​ ​ — ​ ​ — ​ ​ 42,799 ​ ​ ​ ​ ​ Doubtful ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 880 ​ ​ 880 ​ ​ ​ ​ ​ Total Office ​ $ — ​ $ — ​ $ 47,799 ​ $ 77,151 ​ $ — ​ $ 10,826 ​ $ 135,776 ​ 3 % 76 % Single-Family Rental: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of portfolio ​ ​ 3 % ​ ​ ​ ​ Pass ​ $ 8,565 ​ $ 34,607 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 43,172 ​ ​ ​ ​ ​ Pass/Watch ​ ​ 104 ​ ​ 34,753 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 34,857 ​ ​ ​ ​ ​ Special Mention ​ ​ 23,773 ​ ​ 161 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 23,934 ​ ​ ​ ​ ​ Total Single-Family Rental ​ $ 32,442 ​ $ 69,521 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 101,963 ​ 0 % 75 % Hotel: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of portfolio ​ ​ 2 % ​ ​ ​ ​ Substandard ​ $ — ​ $ 91,000 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 91,000 ​ ​ ​ ​ ​ Total Hotel ​ $ — ​ $ 91,000 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 91,000 ​ 32 % 91 % Other: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of portfolio ​ ​ 2 % ​ ​ ​ ​ Pass ​ $ — ​ $ 4,000 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 4,000 ​ ​ ​ ​ ​ Pass/Watch ​ ​ — ​ ​ — ​ ​ 9,000 ​ ​ 13,580 ​ ​ — ​ ​ — ​ ​ 22,580 ​ ​ ​ ​ ​ Substandard ​ ​ — ​ ​ — ​ ​ 32,600 ​ ​ — ​ ​ — ​ ​ 3,553 ​ ​ 36,153 ​ ​ ​ ​ ​ Doubtful ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,700 ​ ​ 1,700 ​ ​ ​ ​ ​ Total Other ​ $ — ​ $ 4,000 ​ $ 41,600 ​ $ 13,580 ​ $ — ​ $ 5,253 ​ $ 64,433 ​ 7 % 79 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of portfolio ​ ​ 1 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Grand Total ​ $ 1,093,949 ​ $ 2,503,786 ​ $ 593,030 ​ $ 582,331 ​ $ 8,250 ​ $ 190,792 ​ $ 4,972,138 ​ 4 % 78 % ​ Geographic Concentration Risk ​ As of June 30, 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 June 30, 2020 ​ Land Multifamily Retail Office Hotel Student Housing Healthcare Other Total Allowance for credit losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance ​ $ 78,418 ​ $ 31,891 ​ $ 11,322 ​ $ 6,096 ​ $ 7,528 ​ $ 1,142 ​ $ 3,934 ​ $ 1,921 ​ $ 142,252 Provision for credit losses (net of recoveries) ​ (324) ​ 2,715 ​ 2,659 ​ 2,436 ​ 144 ​ ​ 2,968 ​ (4) ​ (35) ​ 10,559 Charge-offs ​ — ​ — ​ — ​ — ​ — ​ ​ ​ ​ — ​ — ​ — Recoveries of reserves ​ — ​ — ​ — ​ — ​ — ​ ​ ​ ​ — ​ — ​ — Ending balance ​ $ 78,094 ​ $ 34,606 ​ $ 13,981 ​ $ 8,532 ​ $ 7,672 ​ $ 4,110 ​ $ 3,930 ​ $ 1,886 ​ $ 152,811 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2019 Allowance for credit losses ​ $ 67,869 ​ $ — ​ $ — ​ $ 1,500 ​ $ — ​ $ — ​ $ — ​ $ 1,700 ​ $ 71,069 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2020 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 ​ ​ 16,322 ​ ​ 335 ​ ​ 287 ​ ​ 29 ​ ​ 68 ​ ​ 64 ​ ​ 112 ​ ​ 17,294 Provision for credit losses (net of recoveries) ​ ​ 10,148 ​ ​ 18,284 ​ ​ 13,646 ​ ​ 6,745 ​ ​ 7,643 ​ ​ 4,042 ​ ​ 3,866 ​ ​ 74 ​ ​ 64,448 Charge-offs ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Recoveries of reserves ​ — ​ ​ — ​ — ​ — ​ — ​ — ​ — ​ ​ — ​ — Ending balance ​ $ 78,094 ​ $ 34,606 ​ $ 13,981 ​ $ 8,532 ​ $ 7,672 ​ $ 4,110 ​ $ 3,930 ​ $ 1,886 ​ $ 152,811 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2019 Allowance for credit losses ​ $ 67,869 ​ $ — ​ $ — ​ $ 1,500 ​ $ — ​ $ — ​ $ — ​ $ 1,700 ​ $ 71,069 ​ The increase in the provision for credit losses during the three and six months ended June 30, 2020 of $10.6 million and $64.4 million, respectively, 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 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. We also made adjustments for loans that are expected to extend based on available extension options and the 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 June 30, 2020, we had outstanding unfunded commitments of $150.9 million that we are obligated to fund as borrowers meet certain requirements. ​ As of June 30, 2020, accrued interest receivable related to our loans totaling $36.2 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ $ 127,168 ​ $ 77,869 ​ 0 % ​ 97 % Hotel ​ 50,000 ​ 49,691 ​ 7,500 59 % 100 % Retail ​ 36,154 ​ 35,221 ​ 13,926 9 % 99 % Healthcare ​ 4,625 ​ 4,730 ​ 3,845 0 % 89 % Office ​ 2,196 ​ ​ 2,196 ​ 1,500 0 % 75 % Commercial ​ 1,700 ​ 1,700 ​ 1,700 63 % 63 % Total ​ $ 228,890 ​ $ 220,706 ​ $ 106,340 ​ 14 % ​ 98 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ 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 ten and five impaired loans (less unearned revenue and other holdbacks and adjustments) by asset class at June 30, 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 June 30, 2020 and December 31, 2019. ​ At June 30, 2020, six loans with an aggregate net carrying value of $43.9 million, net of related loan loss reserves of $16.6 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 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 Hotel ​ $ 50,000 ​ $ 50,000 ​ $ — ​ $ — ​ $ — ​ $ — Healthcare ​ ​ 4,625 ​ ​ — ​ ​ 4,625 ​ ​ — ​ ​ — ​ ​ — Retail ​ ​ 3,553 ​ ​ — ​ ​ 3,553 ​ ​ 1,000 ​ ​ — ​ ​ 1,000 Commercial ​ ​ 1,700 ​ ​ — ​ ​ 1,700 ​ ​ 1,700 ​ ​ — ​ ​ 1,700 Office ​ ​ 880 ​ ​ — ​ ​ 880 ​ ​ 880 ​ ​ — ​ ​ 880 Total ​ $ 60,758 ​ $ 50,000 ​ $ 10,758 ​ $ 3,580 ​ $ — ​ $ 3,580 ​ In addition, we have six loans with a carrying value totaling $120.7 million at June 30, 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 $111.3 million entitle us to a weighted average accrual rate of interest of 7.98%. 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 June 30, 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 June 30, 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 and six months ended June 30, 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 six months ended June 30, 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 June 30, 2020 and December 31, 2019, we had total interest reserves of $54.4 million and $37.0 million, respectively, on 151 loans and 131 loans, respectively, with an aggregate UPB of $2.85 billion and $2.43 billion, respectively.

Loans Held-for-Sale, Net

Loans Held-for-Sale, Net	6 Months Ended
	Jun. 30, 2020
Loans Held-for-Sale, Net
Loans Held-for-Sale, Net	Note 4 — Loans Held-for-Sale, Net ​ 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. Loans held-for-sale, net consists of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2020 December 31, 2019 ​ Fannie Mae ​ $ 312,717 ​ $ 408,534 ​ Freddie Mac ​ 20,343 ​ ​ 36,303 ​ FHA ​ ​ 11,338 ​ ​ 1,082 ​ Private Label ​ ​ 5,462 ​ ​ 401,207 ​ ​ ​ 349,860 ​ ​ 847,126 ​ Fair value of future MSR ​ ​ 11,234 ​ ​ 16,519 ​ Unearned discount ​ (722) ​ ​ (2,285) ​ Loans held-for-sale, net ​ $ 360,372 ​ $ 861,360 ​ ​ During the three and six months ended June 30, 2020, we sold $1.99 billion and $2.95 billion, respectively, of loans held-for-sale and recorded gain on sales of $24.9 million and $38.2 million, respectively. Included in the total loans sold in the second quarter of 2020 were Private Label loans totaling $727.2 million, which were sold to an unconsolidated affiliate of ours who pooled and securitized the loans in May 2020. We retained the most subordinate class of certificates in the securitization totaling $63.6 million in satisfaction of credit risk retention requirements (see Note 7 for details), and are the primary servicer of the mortgage loans. ​ During the three and six months ended June 30, 2019, we sold $923.0 million and $2.02 billion, respectively, of loans held-for-sale and recorded gain on sales of $12.9 million and $28.0 million, respectively. At June 30, 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	6 Months Ended
	Jun. 30, 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 8.2 years and 8.0 years at June 30, 2020 and December 31, 2019, respectively. ​ A summary of our capitalized MSR activity is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2020 ​ Six Months Ended June 30, 2020 ​ Originated Acquired Total Originated Acquired Total Balance at beginning of period ​ $ 230,377 ​ $ 58,577 ​ $ 288,954 ​ $ 221,901 ​ $ 64,519 ​ $ 286,420 Additions ​ ​ 39,875 ​ ​ — ​ ​ 39,875 ​ ​ 60,151 ​ ​ — ​ ​ 60,151 Amortization ​ ​ (7,998) ​ ​ (3,893) ​ ​ (11,891) ​ ​ (15,614) ​ ​ (8,099) ​ ​ (23,713) Write-downs and payoffs ​ ​ (1,802) ​ ​ (1,848) ​ ​ (3,650) ​ ​ (5,986) ​ ​ (3,584) ​ ​ (9,570) Balance at end of period ​ $ 260,452 ​ $ 52,836 ​ $ 313,288 ​ $ 260,452 ​ $ 52,836 ​ $ 313,288 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2019 ​ Six Months Ended June 30, 2019 Balance at beginning of period ​ $ 189,610 ​ $ 88,029 ​ $ 277,639 ​ $ 176,686 ​ $ 97,084 ​ $ 273,770 Additions ​ ​ 15,923 ​ ​ — ​ ​ 15,923 ​ ​ 36,532 ​ ​ — ​ ​ 36,532 Amortization ​ ​ (6,778) ​ ​ (5,546) ​ ​ (12,324) ​ ​ (13,145) ​ ​ (11,461) ​ ​ (24,606) Write-downs and payoffs ​ ​ (1,599) ​ ​ (2,991) ​ ​ (4,590) ​ ​ (2,917) ​ ​ (6,131) ​ ​ (9,048) Balance at end of period ​ $ 197,156 ​ $ 79,492 ​ $ 276,648 ​ $ 197,156 ​ $ 79,492 ​ $ 276,648 ​ We collected prepayment fees totaling $3.0 million and $8.1 million during the three and six months ended June 30, 2020, respectively, and $3.5 million and $8.5 million during the three and six months ended June 30, 2019, respectively. Prepayment fees are included as a component of servicing revenue, net on the consolidated statements of operations. As of June 30, 2020 and December 31, 2019, we had ​ The expected amortization of capitalized MSRs recorded as of June 30, 2020 is as follows (in thousands): ​ ​ ​ ​ ​ Year Amortization 2020 (six months ending 12/31/2020) ​ $ 24,372 2021 ​ 46,434 2022 ​ 42,337 2023 ​ 38,209 2024 ​ ​ 34,141 2025 ​ ​ 31,015 Thereafter ​ 96,780 Total ​ $ 313,288 ​ Actual amortization may vary from these estimates.

Mortgage Servicing

Mortgage Servicing	6 Months Ended
	Jun. 30, 2020
Mortgage Servicing
Mortgage Servicing	Note 6 — Mortgage Servicing ​ Product and geographic concentrations that impact our servicing revenue are as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2020 ​ Product Concentrations ​ Geographic Concentrations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ UPB ​ ​ ​ ​ Percent of ​ Percentage Product ​ UPB (1) ​ Total ​ State ​ of Total ​ Fannie Mae ​ $ 15,672,931 ​ 73 % Texas ​ 18 % Freddie Mac ​ ​ 4,560,382 21 % New York ​ 9 % Private Label (2) ​ ​ 727,132 ​ 3 % North Carolina ​ 9 % FHA ​ ​ 621,487 3 % California ​ 8 % Total ​ $ 21,581,932 ​ 100 % Florida ​ 7 % ​ ​ ​ ​ ​ ​ ​ Georgia ​ 6 % ​ ​ ​ ​ ​ ​ ​ Other (3) ​ 43 % ​ ​ ​ ​ ​ ​ ​ 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 (3) ​ 42 % ​ ​ ​ ​ ​ ​ ​ Total ​ 100 % (1) Excludes loans which we are not collecting a servicing fee. (2) Represents loans we service in connection with our Private Label securitization in May 2020 (see Note 4 for details). (3) No other individual state represented 4% or more of the total. ​ At June 30, 2020 and December 31, 2019, our weighted average servicing fee was 44.1 basis points and 43.8 basis points, respectively. At June 30, 2020 and December 31, 2019, we held total escrow balances of $1.02 billion and $947.1 million, respectively, which is not reflected in our consolidated balance sheets. Of the total escrow balances, we held $635.4 million and $562.1 million at June 30, 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 $1.4 million and $4.5 million during the three and six months ended June 30, 2020, respectively, and $4.1 million and $8.1 million during the three and six months ended June 30, 2019, respectively, and is a component of servicing revenue, net in the consolidated statements of operations.

Securities Held-to-Maturity

Securities Held-to-Maturity	6 Months Ended
	Jun. 30, 2020
Securities Held-to-Maturity
Securities Held-to-Maturity	Note 7 — Securities Held-to-Maturity ​ Agency B Piece Bonds. ​ Agency Private Label Certificates. 9.5 ​ 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 Gain/(Loss) Fair Value Credit Losses June 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ B Piece bonds ​ $ 84,830 ​ $ 63,171 ​ $ 1,296 ​ $ 64,467 ​ $ 1,069 APL certificates ​ ​ 63,627 ​ ​ 35,848 ​ ​ 2,079 ​ ​ 37,927 ​ ​ 2,079 SFR bonds ​ ​ 20,000 ​ ​ 20,000 ​ ​ (2,513) ​ ​ 17,487 ​ ​ — Total ​ $ 168,457 ​ $ 119,019 ​ $ 862 ​ $ 119,881 ​ $ 3,148 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 June 30, 2020 ​ ​ APL ​ B Piece ​ ​ ​ Certificates Bonds Total Beginning balance ​ $ — ​ $ 992 ​ $ 992 Provision for credit loss expense ​ 2,079 ​ 77 ​ 2,156 Ending balance ​ $ 2,079 ​ $ 1,069 ​ $ 3,148 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2020 ​ ​ APL Certificates ​ B Piece Bonds ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance, prior to adoption of CECL ​ $ — ​ $ — ​ $ — Impact of adopting CECL - January 1, 2020 ​ — ​ 501 ​ 501 Provision for credit loss expense ​ 2,079 ​ 568 ​ 2,647 Ending balance ​ $ 2,079 ​ $ 1,069 ​ $ 3,148 ​ 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 securities. As of June 30, 2020, no other-than-temporary impairment was recorded on our held-to-maturity securities. ​ We recorded interest income (including the amortization of discount) related to these investments of $1.7 million and $4.0 million during the three and six months ended June 30, 2020, respectively, and $2.3 million and $4.4 million during the three and six months ended June 30, 2019, respectively. As of June 30, 2020, accrued interest receivable related to these bonds totaling $0.6 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	6 Months Ended
	Jun. 30, 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 June 30, 2020 December 31, 2019 June 30, 2020 Arbor Residential Investor LLC ​ $ 50,355 ​ $ 26,520 ​ $ — AMAC Holdings III LLC ​ ​ 9,857 ​ ​ 10,520 ​ ​ — North Vermont Avenue ​ ​ 2,459 ​ ​ 2,440 ​ ​ — Lightstone Value Plus REIT L.P ​ ​ 1,895 ​ ​ 1,895 ​ ​ — JT Prime ​ 425 ​ 425 ​ — West Shore Café ​ ​ — ​ ​ — ​ ​ 1,688 Lexford Portfolio ​ ​ — ​ ​ — ​ ​ — East River Portfolio ​ — ​ — ​ — Total ​ $ 64,991 ​ $ 41,800 ​ $ 1,688 ​ Arbor Residential Investor LLC (“ARI”). income of $20.9 million and $23.8 million, respectively, and to income from equity affiliates in our consolidated statements of operations. ​ Summarized statements of income for our investment in ARI are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ 2020 2019 Statements of Operations: ​ ​ Total revenues ​ $ 548,046 $ 192,144 Total expenses ​ 383,556 ​ 174,696 Net income ​ $ 164,490 $ 17,448 ​ Lexford Portfolio. ​ See Note 18 for details of certain investments described above.

Real Estate Owned

Real Estate Owned	6 Months Ended
	Jun. 30, 2020
Real Estate Owned
Real Estate Owned	Note 9 — Real Estate Owned ​ Our real estate assets at both June 30, 2020 and December 31, 2019 were comprised of a hotel property and an office building. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 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 ​ 31,670 ​ ​ 2,010 ​ ​ 33,680 ​ 31,541 ​ 2,010 ​ 33,551 Less: ​ ​ (14,307) ​ ​ (2,500) ​ ​ (16,807) ​ ​ (14,307) ​ ​ (2,500) ​ ​ (16,807) Less: ​ (10,600) ​ ​ (1,086) ​ ​ (11,686) ​ (10,320) ​ (1,007) ​ (11,327) Real estate owned, net ​ $ 10,057 ​ $ 2,933 ​ $ 12,990 ​ $ 10,208 ​ $ 3,012 ​ $ 13,220 ​ During the six months ended June 30, 2020 and 2019, our hotel property had a weighted average occupancy rate of ​ 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 June 30, 2020 and December 31, 2019, respectively.

Debt Obligations

Debt Obligations	6 Months Ended
	Jun. 30, 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 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 % $ 321,553 ​ $ 480,258 ​ ​ 2.74 % $ 224,658 ​ $ 339,378 ​ 4.06 % $400 million repurchase facility ​ June 2021 ​ Mar. 2023 ​ L + 2.20 %; ​ L floor 0.75 % 199,901 ​ 279,130 ​ ​ 2.99 % 218,418 ​ 291,292 ​ 3.76 % $200 million repurchase facility ​ Feb. 2021 ​ N/A ​ L + 2.40 % ​ ​ ​ ​ ​ 48,448 ​ ​ 57,169 ​ ​ 2.60 % ​ 40,530 ​ ​ 48,086 ​ 4.22 % $144.3 million loan specific credit facilities ​ Nov. 2020 to May 2022 ​ June 2021 to Dec. 2021 ​ L + 2.10 % to ​ 2.50 % 144,048 ​ 193,209 ​ ​ 2.69 % 128,274 ​ 184,116 ​ 4.13 % $125 million credit facility ​ Aug. 2020 ​ May 2023 ​ L+ 2.30 % to 3.00%; L 0.50 % ​ 25,613 ​ ​ 31,790 ​ ​ 2.84 % ​ 4,570 ​ ​ 7,000 ​ 3.56 % $100 million repurchase facility (2) ​ Aug. 2020 ​ June 2021 ​ L + 1.75 % to ​ 1.95 % 50,297 ​ 66,486 ​ ​ 1.94 % 45,843 ​ 63,800 ​ 3.56 % $50 million credit facility ​ April 2021 ​ April 2022 ​ L + 2.00 % ​ ​ ​ ​ 8,800 ​ 11,000 ​ ​ 2.19 % 14,933 ​ 17,650 ​ 3.81 % $50 million credit facility ​ Oct. 2022 ​ Oct. 2023 ​ L + 2.50 % ​ ​ ​ ​ ​ 19,345 ​ ​ 28,042 ​ ​ 4.06 % ​ 12,191 ​ ​ 16,499 ​ 4.32 % $50 million credit facility ​ Sept. 2020 ​ Sept. 2021 ​ L + 2.50 % to ​ 3.25 % ​ 5,274 ​ ​ 6,600 ​ ​ 2.70 % ​ 5,254 ​ ​ 6,600 ​ 4.32 % $25 million credit facility ​ June 2022 ​ June 2023 ​ L + 2.25 % ​ ​ ​ ​ ​ 19,644 ​ ​ 30,900 ​ ​ 2.45 % ​ 19,651 ​ ​ 28,572 ​ 4.07 % $25 million working capital facility ​ Aug. 2020 ​ N/A ​ L + 2.25 % ​ ​ ​ ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ — ​ $2.8 million master security agreements ​ Dec. 2022 ​ N/A ​ ​ 2.97 % to ​ 4.60 % ​ 2,249 ​ ​ — ​ ​ 4.12 % ​ 3,267 ​ ​ — ​ 4.08 % Repurchase facilities - securities (3) ​ N/A ​ N/A ​ L + 2.25 % to ​ 5.00 % ​ 56,968 ​ ​ — ​ ​ 5.11 % ​ 217,105 ​ ​ — ​ 3.90 % Structured Business total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 902,140 ​ $ 1,184,584 ​ ​ 2.91 % $ 934,694 ​ $ 1,002,993 ​ 3.94 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Agency Business ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $750 million ASAP agreement ​ N/A ​ N/A ​ L + 1.05 %; ​ L floor 0.35 % $ 41,553 ​ $ 41,553 ​ ​ 1.40 % $ 148,725 ​ $ 148,725 ​ 2.81 % $600 million joint repurchase facility ​ Mar. 2021 ​ Mar. 2022 ​ L + 1.50 % to ​ 2.75 % ​ 2,464 ​ ​ 5,462 ​ ​ 2.91 % ​ 299,824 ​ ​ 300,446 ​ 3.26 % $300 million repurchase facility ​ Oct. 2020 ​ N/A ​ L + 1.15 % ​ ​ ​ ​ ​ 75,905 ​ ​ 75,925 ​ ​ 1.31 % ​ 187,698 ​ ​ 187,742 ​ 2.91 % $150 million credit facility ​ Mar. 2021 ​ N/A ​ L + 1.15 % ​ ​ ​ ​ ​ 85,770 ​ ​ 85,913 ​ ​ 1.31 % ​ 89,657 ​ ​ 89,673 ​ 2.91 % $150 million credit facility ​ Aug. 2020 ​ N/A ​ L + 1.15 % ​ ​ ​ ​ ​ 95,761 ​ ​ 95,761 ​ ​ 1.31 % ​ 17,690 ​ ​ 17,792 ​ 2.91 % $100 million credit facility ​ June 2021 ​ N/A ​ L + 1.15 %; ​ L floor 0.50 % ​ 32,020 ​ ​ 32,020 ​ ​ 1.65 % ​ — ​ ​ — ​ — ​ Agency Business total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 333,473 ​ $ 336,634 ​ ​ 1.37 % $ 743,594 ​ $ 744,378 ​ 3.03 % Consolidated total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 1,235,613 ​ $ 1,521,218 ​ ​ 2.49 % $ 1,678,288 ​ $ 1,747,371 ​ 3.54 % (1) The debt carrying value for the Structured Business at June 30, 2020 and December 31, 2019 was net of unamortized deferred finance costs of $4.0 million and $2.1 million, respectively. The debt carrying value for the Agency Business at June 30, 2020 and December 31, 2019 was net of unamortized deferred finance costs of $1.2 million and $0.2 million, respectively. (2) This facility was scheduled to mature in July 2020, which was extended to August 2020, and we are currently in negotiations with this lender to renew this facility, which could reflect changes in facility size, pricing and advance rates. (3) These repurchase facilities are subject to margin call provisions associated with changes in interest spreads. As of June 30, 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 $63.2 million and $68.7 million, respectively, and SFR bonds with a carrying value of $20.0 million at both June 30, 2020 and December 31, 2019. During the six months ended June 30, 2020, we significantly reduced the UPB of these facilities by $160.1 million through a debt restructuring and the use of proceeds from our senior notes issued in the second quarter of 2020 and have further reduced this debt to approximately $42.0 million in July 2020. ​ 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 June 30, 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 3.33% 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 71% at both June 30, 2020 and December 31, 2019. ​ In June 2020, we entered into a $23.0 million credit facility used to finance a multifamily bridge loan. The facility bears interest at a fixed rate of 3.50% and matures in September 2021. ​ In March 2020, we amended a $300.0 million repurchase agreement, increasing the committed amount to $400.0 million. In June 2020, we further amended this repurchase agreement extending the maturity date to June 2021 and increasing the interest rate by 25 basis points with a LIBOR floor of 75 ​ In February 2020, we amended one of our $75.0 million credit facilities to temporarily increase the committed amount under the facility by $75.0 million to $150.0 million, which was scheduled to expire in May 2020. In May 2020, we further amended this facility which now has a total permanent committed amount of $125.0 million, an interest rate range of 230 300 50 ​ Agency Business ​ In July 2020, we amended one of our $150.0 million credit facilities to include a $50.0 million sublimit for principal and interest advances we make as the primary servicer to Fannie Mae in connection with potential delinquent loans under the Fannie Mae forbearance program. The sublimit bears interest at a rate of 200 basis points over LIBOR, with a LIBOR floor of 25 basis points. ​ 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt ​ Collateral (3) ​ ​ ​ ​ Loans ​ Cash ​ ​ Carrying Wtd. Avg. ​ Carrying Restricted June 30, 2020 ​ Face Value ​ Value (1) ​ Rate (2) ​ UPB ​ Value ​ Cash (4) CLO XIII ​ $ 668,000 ​ $ 663,209 ​ 1.60 % $ 760,567 ​ $ 756,806 ​ $ — CLO XII ​ ​ 534,193 ​ ​ 530,052 ​ 1.68 % ​ 621,887 ​ ​ 619,639 ​ ​ — CLO XI ​ ​ 533,000 ​ ​ 529,258 ​ 1.63 % ​ 641,273 ​ ​ 639,020 ​ ​ 4,632 CLO X ​ ​ 441,000 ​ ​ 437,899 ​ 1.63 % ​ 540,012 ​ ​ 538,165 ​ ​ 4,256 CLO IX ​ 356,400 ​ 354,106 ​ 1.55 % 462,387 ​ 461,126 ​ 10,049 Total CLOs ​ $ 2,532,593 ​ $ 2,514,524 ​ 1.62 % $ 3,026,126 ​ $ 3,014,756 ​ $ 18,937 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt ​ Collateral (3) ​ ​ ​ ​ 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 $18.1 million and $17.3 million of deferred financing fees at June 30, 2020 and December 31, 2019, respectively. (2) At June 30, 2020 and December 31, 2019, the aggregate weighted average note rate for our CLOs, including certain fees and costs, was 1.97% and 3.63%, respectively. (3) As of June 30, 2020, there was one loan with a UPB of $46.5 million deemed at risk of default or a “credit risk” as defined by the CLO indenture, which we repurchased from the respective CLOs in July 2020. As of December 31, 2019, there was no collateral deemed a credit risk. (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 $71.1 million and $58.6 million at June 30, 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. ​ 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. 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 and recorded a loss on extinguishment of debt of $1.6 million, which was primarily comprised of deferred financing fees. ​ Senior Unsecured Notes ​ A summary of our senior unsecured notes is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Senior ​ ​ ​ ​ ​ June 30, 2020 ​ ​ December 31, 2019 Unsecured ​ Issuance ​ ​ ​ ​ ​ ​ Carrying ​ Wtd. Avg. ​ ​ ​ ​ ​ Carrying ​ Wtd. Avg. Notes Date Maturity UPB Value (1) Rate (2) ​ UPB Value (1) Rate (2) 8.00% Notes Apr. 2020 Apr. 2023 $ 70,750 ​ $ 69,593 8.00 % ​ $ — ​ $ — — ​ 4.50% Notes Mar. 2020 Mar. 2027 275,000 ​ 271,763 4.50 % ​ — ​ — — ​ 4.75% Notes Oct. 2019 Oct. 2024 110,000 ​ 108,492 4.75 % ​ 110,000 ​ 108,370 4.75 % 5.75% Notes Mar. 2019 Apr. 2024 90,000 ​ 88,559 5.75 % ​ 90,000 ​ 88,369 5.75 % 5.625% Notes Mar. 2018 May 2023 125,000 ​ 123,350 5.63 % ​ 125,000 ​ 123,060 5.63 % ​ ​ ​ ​ ​ ​ $ 670,750 ​ $ 661,757 5.36 % ​ $ 325,000 ​ $ 319,799 5.44 % (1) At June 30, 2020 and December 31, 2019, the carrying value is net of deferred financing fees of $9.0 million and $5.2 million, respectively. (2) At June 30, 2020 and December 31, 2019, the aggregate weighted average note rate, including certain fees and costs, was 5.65% and 5.82% , respectively. ​ In April 2020, we issued $40.5 million aggregate principal amount of 8.00% senior unsecured notes due in April 2023 (the "Initial Notes") in a private placement, and, in June 2020, we issued an additional $30.3 million (the "Reopened Notes" and, together with the Initial Notes, the "8.00% Notes,") which brought the aggregate outstanding principal amount to $70.8 million. The Reopened Notes are fully fungible with, and rank equally in right of payment with the Initial Notes. We have the right to redeem the 8.00% Notes on or after January 15, 2023. We received total proceeds of $69.6 million from the issuances, after deducting the underwriting discount and other offering expenses. We used the net proceeds from the issuances to repay secured indebtedness, make investments relating to our business and for general corporate purposes. ​ Our senior unsecured notes can be redeemed by us at any time prior to the redemption date, 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 notes on or after the redemption date, at a redemption price equal to 100% of the aggregate principal amount, plus accrued and unpaid interest. ​ 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 June 30, 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 June 30, 2020, there were $0.5 million, $13.8 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 2.27 years and 2.67 years at June 30, 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 June 30, 2020 ​ $ 278,490 ​ $ 7,242 ​ $ 6,004 ​ $ 265,244 ​ $ 9,962 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ $ 300,914 ​ $ 9,235 ​ $ 7,527 ​ $ 284,152 ​ $ 9,962 ​ During the three months ended June 30, 2020, we incurred interest expense on the notes totaling $4.8 million, of which $3.3 million, $0.8 million and $0.7 million related to the cash coupon, amortization of the debt discount and of the deferred financing fees, respectively. During the six months ended June 30, 2020, we incurred interest expense on the notes totaling $10.0 million, of which $6.7 million, $1.7 million and $1.6 million related to the cash coupon, amortization of the debt discount and of the deferred financing fees, respectively. During the three months ended June 30, 2019, we incurred total interest expense on the notes of $4.9 million, of which $3.4 million, $0.8 million and $0.7 million related to the cash coupon, amortization of the debt discount and of the deferred financing fees, respectively. During the six months ended June 30, 2019, we incurred total interest expense on the notes of $10.2 million, of which $6.9 million, $1.7 million and $1.5 million related to the cash coupon, amortization of the debt discount and 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 June 30, 2020 and December 31, 2019, respectively. ​ Junior Subordinated Notes ​ The carrying values of borrowings under our junior subordinated notes were $141.3 million and $140.9 million at June 30, 2020 and December 31, 2019, respectively, which is net of a deferred amount of $11.1 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 June 30, 2020, as well as on the most recent determination dates in July 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 July 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 474.64 % 459.96 % 402.23 % 380.51 % 363.03 % 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 ​ July 2020 ​ 134.68 % 126.98 % 121.95 % 118.87 % 119.76 % 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 % — ​ — ​ (1) The table above represents the quarterly trend of our overcollateralization ratio, however, the CLO determination dates are monthly and we were in compliance with this test for all periods presented. ​ The ratio will fluctuate based on the performance of the underlying assets, transfers of assets into the CLOs prior to the expiration of their respective replenishment dates, purchase or disposal of other investments, and loan payoffs. No payment due under the junior subordinated indentures may be paid if there is a default under any senior debt and the senior lender has sent notice to the trustee. The junior subordinated indentures are also cross-defaulted with each other.

Allowance for Loss-Sharing Obli

Allowance for Loss-Sharing Obligations	6 Months Ended
	Jun. 30, 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 June 30, ​ Six Months Ended June 30, ​ ​ 2020 2019 ​ 2020 2019 ​ Beginning balance ​ $ 70,752 ​ $ 34,518 ​ $ 34,648 ​ $ 34,298 ​ Impact of adopting CECL - January 1, 2020 ​ ​ — ​ ​ — ​ ​ 14,406 ​ ​ — ​ Provisions for loss sharing ​ ​ 2,673 ​ ​ 1,675 ​ ​ 24,569 ​ ​ 2,554 ​ Provisions reversal for loan repayments ​ ​ (277) ​ ​ (1,307) ​ ​ (636) ​ ​ (1,732) ​ Recoveries (charge-offs), net ​ 72 ​ ​ (469) ​ 233 ​ ​ (703) ​ Ending balance ​ $ 73,220 ​ $ 34,417 ​ $ 73,220 ​ $ 34,417 ​ ​ 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 June 30, 2020 and 2019, guarantee obligations of $32.8 million and $31.6 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 six months ended June 30, 2020 of $24.6 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 June 30, 2020 and December 31, 2019, we had outstanding advances of $0.3 million and $0.5 million, respectively, which were netted against the allowance for loss-sharing obligations. ​ At June 30, 2020, our allowance for loss-sharing obligations, associated with expected losses under CECL was $40.4 million and represented 0.26% of the Fannie Mae servicing portfolio. ​ At June 30, 2020 and December 31, 2019, the maximum quantifiable liability associated with our guarantees under the Fannie Mae DUS agreement was $2.91 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	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2020, we recorded a net loss of $4.1 million and a net gain of $4.2 million, respectively, from changes in the fair value of these derivatives in (loss) gain on derivative instruments, net and $32.4 million and $54.4 million, respectively, of income from MSRs. During the three and six months ended June 30, 2019, we recorded a net gain of $1.1 million and a net loss of $1.4 million, respectively, from changes in the fair value of these derivatives in (loss) gain on derivative instruments, net and $18.7 million and $32.9 million, respectively, of income from MSRs. See Note 13 for details. ​ Interest Rate Swap Futures. ​ During the three months ended June 30, 2020, we recorded realized losses of $0.2 million and unrealized losses of $0.1 million to our Structured Business and realized losses of ​ A summary of our non-qualifying derivative financial instruments is as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value ​ ​ ​ ​ Notional ​ Balance Sheet ​ Derivative ​ Derivative Derivative Count Value Location Assets Liabilities Agency Business ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rate Lock Commitments ​ 5 ​ $ 29,070 ​ Other Assets/Other Liabilities ​ $ 549 ​ $ (128) Forward Sale Commitments ​ 54 ​ ​ 373,468 ​ Other Assets/Other Liabilities ​ ​ 1,665 ​ ​ (91) Swap Futures ​ 40 ​ ​ 4,000 ​ ​ ​ ​ — ​ ​ — ​ ​ ​ ​ $ 406,538 ​ ​ ​ $ 2,214 ​ $ (219) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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	6 Months Ended
	Jun. 30, 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 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 ​ $ 4,972,138 ​ $ 4,800,176 ​ $ 4,972,258 ​ $ 4,279,611 ​ $ 4,189,960 ​ $ 4,228,071 Loans held-for-sale, net ​ ​ 349,860 ​ ​ 360,372 ​ ​ 366,343 ​ ​ 847,126 ​ ​ 861,360 ​ ​ 876,975 Capitalized mortgage servicing rights, net ​ ​ n/a ​ ​ 313,288 ​ ​ 333,374 ​ ​ n/a ​ ​ 286,420 ​ ​ 328,995 Securities held-to-maturity, net ​ ​ 168,457 ​ ​ 119,019 ​ ​ 119,881 ​ ​ 111,028 ​ ​ 88,699 ​ ​ 91,738 Derivative financial instruments ​ ​ 290,081 ​ 2,214 ​ 2,214 ​ ​ 173,532 ​ 1,435 ​ 1,435 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Credit and repurchase facilities ​ $ 1,240,910 ​ $ 1,235,613 ​ $ 1,238,062 ​ $ 1,681,146 ​ $ 1,678,288 ​ $ 1,677,658 Collateralized loan obligations ​ ​ 2,532,593 ​ 2,514,524 ​ 2,410,954 ​ ​ 2,147,467 ​ 2,130,121 ​ 2,147,944 Senior unsecured notes ​ ​ 670,750 ​ 661,757 ​ 552,038 ​ ​ 325,000 ​ 319,799 ​ 331,225 Convertible senior unsecured notes, net ​ ​ 278,490 ​ ​ 265,244 ​ ​ 253,359 ​ ​ 300,914 ​ ​ 284,152 ​ ​ 310,778 Junior subordinated notes ​ ​ 154,336 ​ 141,295 ​ 98,628 ​ ​ 154,336 ​ 140,949 ​ 97,668 Derivative financial instruments ​ ​ 112,458 ​ 219 ​ 219 ​ ​ 347,701 ​ 3,097 ​ 3,097 Debt fund ​ ​ — ​ — ​ — ​ ​ 70,000 ​ ​ 68,629 ​ ​ 70,138 ​ 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, junior subordinated notes and Debt Fund. ​ 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 June 30, 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 ​ $ 2,214 ​ $ 2,214 ​ $ — ​ $ 1,665 ​ $ 549 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative financial instruments ​ $ 219 ​ $ 219 ​ $ — ​ $ 219 ​ $ — ​ We measure certain financial and non-financial assets at fair value on a nonrecurring basis. The fair values of these financial and non-financial assets, if applicable, were determined using the following input levels as of June 30, 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) ​ $ 114,366 ​ $ 114,366 ​ $ — ​ $ — ​ $ 114,366 (1) We had an allowance for loan losses of $106.3 million relating to ten impaired loans with an aggregate carrying value, before loan loss reserves, of $220.7 million at June 30, 2020. ​ Loan impairment assessments. ​ Quantitative information about Level 3 fair value measurements at June 30, 2020 were as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Valuation ​ ​ ​ ​ ​ Fair Value Techniques Significant Unobservable Inputs Financial assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Impaired loans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Land ​ $ 49,299 ​ Discounted cash flows Discount rate ​ 21.50 % ​ ​ ​ ​ ​ ​ Revenue growth rate ​ 3.00 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Hotel ​ ​ 42,191 Discounted cash flows / Discount rate ​ 11.50 % ​ ​ ​ ​ ​ direct capitalization Capitalization rate ​ 3.10 % ​ ​ ​ ​ ​ ​ Revenue growth rate ​ 25.00 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retail ​ ​ 21,295 ​ Discounted cash flows ​ Discount rate ​ 10.13 % ​ ​ ​ ​ ​ ​ ​ Capitalization rate ​ 9.25 % ​ ​ ​ ​ ​ ​ ​ Revenue growth rate ​ 1.65 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Healthcare ​ ​ 885 ​ Discounted cash flows ​ Capitalization rate ​ 14.30 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Office ​ ​ 696 ​ Discounted cash flows Discount rate ​ 11.00 % ​ ​ ​ ​ ​ ​ Capitalization rate ​ 9.00 % ​ ​ ​ ​ ​ ​ Revenue growth rate ​ 2.50 % Derivative financial instruments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rate lock commitments ​ ​ 549 ​ Discounted cash flows ​ W/A discount rate ​ 11.98 % ​ 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 ​ Fair Value Measurements Using ​ ​ ​ Significant Unobservable Inputs ​ Significant Unobservable Inputs ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ 2020 2019 2020 ​ 2019 ​ Derivative assets and liabilities, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at beginning of period ​ $ 2,069 ​ $ 400 ​ $ 1,066 ​ $ 324 ​ Settlements ​ ​ (33,936) ​ ​ (18,364) ​ ​ (54,867) ​ ​ (32,521) ​ Realized gains recorded in earnings ​ ​ 31,867 ​ ​ 17,964 ​ ​ 53,801 ​ ​ 32,197 ​ Unrealized gains recorded in earnings ​ ​ 549 ​ ​ 745 ​ ​ 549 ​ ​ 745 ​ Balance at end of period ​ $ 549 ​ $ 745 ​ $ 549 ​ $ 745 ​ ​ 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 June 30, 2020 Principal Amount Servicing Rights Movement Effect Adjustment Rate lock commitments ​ $ 29,070 ​ $ 549 ​ $ (128) ​ $ 421 Forward sale commitments ​ ​ 373,468 ​ ​ — ​ ​ 128 ​ ​ 128 Loans held-for-sale, net (1) ​ ​ 349,860 ​ ​ 11,234 ​ ​ — ​ ​ 11,234 Total ​ ​ ​ ​ $ 11,783 ​ $ — ​ $ 11,783 (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 June 30, 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 ​ $ 4,800,176 ​ $ 4,972,258 ​ $ — ​ $ — ​ $ 4,972,258 Loans held-for-sale, net ​ ​ 360,372 ​ ​ 366,343 ​ ​ — ​ ​ 355,109 ​ ​ 11,234 Capitalized mortgage servicing rights, net ​ ​ 313,288 ​ ​ 333,374 ​ ​ — ​ ​ — ​ ​ 333,374 Securities held-to-maturity, net ​ ​ 119,019 ​ ​ 119,881 ​ ​ — ​ ​ — ​ ​ 119,881 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Credit and repurchase facilities ​ $ 1,235,613 ​ $ 1,238,062 ​ $ — ​ $ 333,473 ​ $ 904,589 Collateralized loan obligations ​ 2,514,524 ​ 2,410,954 ​ — ​ — ​ 2,410,954 Senior unsecured notes ​ 661,757 ​ 552,038 ​ 552,038 ​ — ​ — Convertible senior unsecured notes, net ​ ​ 265,244 ​ ​ 253,359 ​ ​ — ​ ​ 253,359 ​ ​ — Junior subordinated notes ​ 141,295 ​ 98,628 ​ — ​ — ​ 98,628 ​

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies
Commitments and Contingencies	Note 14 — Commitments and Contingencies ​ Impact of COVID-19. ​ Agency Business Commitments. ​ As of June 30, 2020, we were required to maintain at least $15.4 million of liquid assets in one of our subsidiaries to meet our operational liquidity requirements for Fannie Mae and we had operational liquidity in excess of this requirement. ​ We are generally required to share the risk of any losses associated with loans sold under the Fannie Mae DUS program and are required to secure this obligation by assigning restricted cash balances and/or a letter of credit to Fannie Mae. The amount of collateral required by Fannie Mae is a formulaic calculation at the loan level by a Fannie Mae assigned tier, which considers the loan balance, risk level of the loan, age of the loan and level of risk-sharing. Fannie Mae requires restricted liquidity for Tier 2 loans of 75 basis points, 15 basis points for Tier 3 loans and 5 basis points for Tier 4 loans, which is funded over a 48-month period that begins upon delivery of the loan to Fannie Mae. A significant portion of our Fannie Mae DUS serviced loans for which we have risk sharing are Tier 2 loans. As of June 30, 2020, we met the restricted liquidity requirement with a $45.0 million letter of credit and $4.4 million of cash collateral. ​ As of June 30, 2020, reserve requirements for the Fannie Mae DUS loan portfolio will require us to fund $37.7 million in additional restricted liquidity over the next 48 months, assuming no further principal paydowns, prepayments, or defaults within our at-risk portfolio. Fannie Mae periodically reassesses these collateral requirements and may make changes to these requirements in the future. We generate sufficient cash flow from our operations to meet these capital standards and do not expect any changes to have a material impact on our future operations; however, future changes to collateral requirements may adversely impact our available cash. ​ We are subject to various capital requirements in connection with seller/servicer agreements that we have entered into with secondary market investors. Failure to maintain minimum capital requirements could result in our inability to originate and service loans for the respective investor and, therefore, could have a direct material effect on our consolidated financial statements. As of June 30, 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 (six months ending December 31, 2020) ​ $ 802,105 ​ $ 2,547 ​ $ 804,652 2021 ​ 442,395 ​ 3,124 ​ 445,519 2022 ​ 1,821,154 ​ 2,775 ​ 1,823,929 2023 ​ 926,676 ​ 2,052 ​ 928,728 2024 ​ 382,904 ​ 1,459 ​ 384,363 2025 ​ ​ — ​ ​ 1,503 ​ ​ 1,503 Thereafter ​ 501,845 ​ 1,802 ​ 503,647 Total ​ $ 4,877,079 ​ $ 15,262 ​ $ 4,892,341 ​ During the both the three months ended June 30, 2020 and 2019, we recorded lease expense of $1.5 million, and during the six months ended June 30, 2020 and 2019, we recorded lease expense of $3.1 million and $2.9 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 August 11, 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	6 Months Ended
	Jun. 30, 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 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 to third parties by the CLOs and Debt Fund, prior to the unwind. Our operating results and cash flows include the gross asset and liability amounts related to the CLOs and Debt Fund, prior to the unwind, as opposed to our net economic interests in those entities. ​ The assets and liabilities related to these consolidated CLOs and Debt Fund are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2020 December 31, 2019 ​ Assets: ​ ​ ​ ​ ​ ​ ​ Restricted cash ​ $ 90,034 ​ $ 208,467 ​ Loans and investments, net ​ ​ 3,014,756 ​ ​ 2,557,909 ​ Other assets ​ ​ 22,379 ​ ​ 18,380 ​ Total assets ​ $ 3,127,169 ​ $ 2,784,756 ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ Collateralized loan obligations ​ $ 2,514,524 ​ $ 2,130,121 ​ Debt fund ​ ​ — ​ ​ 68,629 ​ Due to related party ​ ​ 13 ​ ​ 6,734 ​ Other liabilities ​ 2,778 ​ 4,115 ​ Total liabilities ​ $ 2,517,315 ​ $ 2,209,599 ​ ​ Assets held by the CLOs are restricted and can only be used to settle obligations of the CLOs. The liabilities of the CLOs 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. ​ Unconsolidated VIEs ​ A summary of our variable interests in identified VIEs, of which we are not the primary beneficiary, as of June 30, 2020 is as follows (in thousands): ​ ​ ​ ​ ​ Type Carrying Amount (1) Loans ​ $ 391,668 B Piece and SFR bonds ​ ​ 84,240 APL certificates ​ ​ 37,927 Equity investments ​ ​ 12,316 Agency interest only strips ​ ​ 2,235 Total ​ $ 528,386 (1) Represents the carrying amount of loans and investments before reserves. At June 30, 2020, $129.4 million of loans to VIEs had corresponding specific loan loss reserves of $79.4 million. The maximum loss exposure as of June 30, 2020 would not exceed the carrying amount of our investment. ​ These unconsolidated VIEs have exposure to real estate debt of approximately $4.86 billion at June 30, 2020.

Equity

Equity	6 Months Ended
	Jun. 30, 2020
Equity
Equity	Note 16 — Equity ​ Preferred Stock. ​ Common Stock. ​ 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 June 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 six months ended June 30, 2020, we issued 363,013 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 June 30, 2020, we had $99.4 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 ​ 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 May 6, 2020 ​ $ 0.30 ​ May 1, 2020 ​ $ 0.515625 ​ $ 0.484375 ​ $ 0.53125 (1) The dividend declared on May 1, 2020 was for March 1, 2020 through May 31, 2020 and the dividend declared on January 31, 2020 was for December 1, 2019 through February 29, 2020. ​ Common Stock – On July 29, 2020, the Board of Directors declared a cash dividend of $0.31 per share of common stock. The dividend is payable on August 31, 2020 to common stockholders of record as of the close of business on August 17, 2020. ​ Preferred Stock ​ Deferred Compensation. one third one ​ In the first quarter of 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 $0.5 million. One first second third ​ During the first quarter of 2020, we withheld 149,595 shares from the net settlement of restricted common stock by employees for payment of withholding taxes. ​ Earnings Per Share. ​ A reconciliation of the numerator and denominator of our basic and diluted EPS computations ($ in thousands, except share and per share data) is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ ​ 2020 ​ 2019 ​ Basic Diluted Basic ​ Diluted Net income attributable to common stockholders (1) ​ $ 44,091 ​ $ 44,091 ​ $ 28,916 ​ $ 28,916 Net income attributable to noncontrolling interest (2) ​ ​ — ​ ​ 8,110 ​ ​ — ​ ​ 6,598 Net income attributable to common stockholders and noncontrolling interest ​ $ 44,091 ​ $ 52,201 ​ $ 28,916 ​ $ 35,514 Weighted average shares outstanding ​ 110,745,572 ​ 110,745,572 ​ 89,955,923 ​ 89,955,923 Dilutive effect of OP Units (2) ​ ​ — ​ ​ 20,369,265 ​ ​ — ​ ​ 20,486,862 Dilutive effect of restricted stock units (3) ​ — ​ 767,561 ​ — ​ 1,412,925 Dilutive effect of convertible notes (4) ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,768,674 Weighted average shares outstanding ​ 110,745,572 ​ 131,882,398 ​ 89,955,923 ​ 113,624,384 Net income per common share (1) ​ $ 0.40 ​ $ 0.40 ​ $ 0.32 ​ $ 0.31 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ ​ 2020 ​ 2019 ​ ​ Basic Diluted Basic Diluted ​ Net (loss) income attributable to common stockholders (1) ​ $ (15,219) ​ $ (15,219) ​ $ 51,566 ​ $ 51,566 ​ Net (loss) income attributable to noncontrolling interest (2) ​ ​ — ​ ​ (2,824) ​ ​ — ​ ​ 12,066 ​ Net (loss) income attributable to common stockholders and noncontrolling interest ​ $ (15,219) ​ $ (18,043) ​ $ 51,566 ​ $ 63,632 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares outstanding ​ 110,768,992 ​ 110,768,992 ​ 87,567,171 ​ 87,567,171 ​ Dilutive effect of OP Units (2) ​ ​ — ​ ​ 20,397,026 ​ ​ — ​ ​ 20,520,461 ​ Dilutive effect of restricted stock units (3) ​ — ​ — ​ — ​ 1,394,821 ​ Dilutive effect of convertible notes (4) ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,297,227 ​ Weighted average shares outstanding ​ 110,768,992 ​ 131,166,018 ​ 87,567,171 ​ 110,779,680 ​ Net (loss) income per common share (1) ​ $ (0.14) ​ $ (0.14) ​ $ 0.59 ​ $ 0.57 ​ (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 at June 30, 2020.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2020, we recorded a tax provision of $12.1 million and a tax benefit of $2.3 million, respectively. In the three and six months ended June 30, 2019, we recorded a tax provision of $4.4 million and $4.3 million, respectively. The tax provision recorded in the three months ended June 30, 2020 consisted of a deferred tax provision of $10.9 million and a current tax provision of $1.2 million. The tax benefit recorded in the six months ended June 30, 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	6 Months Ended
	Jun. 30, 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 $0.6 million and $13.1 million at June 30, 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. ​ We have a $35.0 million bridge loan and a $7.8 million preferred equity interest on an office building in New York City. The property is controlled by a third party and, beginning in June 2020, its day-to-day operations are managed by an entity owned by an immediate family member of our chief executive officer, which is entitled to an annual fee of $0.3 million and a 33% equity participation interest. ​ 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 six months ended June 30, 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 June 30, 2020) for an 18% interest in AMAC III. We recorded a loss of $0.5 million and $0.6 million in the three and six months ended June 30, 2020, respectively, related to this investment. 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. In May 2020, we sold the Private Label loan to an unconsolidated affiliate of ours. Interest income recorded from our bridge and Private Label loans totaled $0.7 million and $1.6 million for the three and six months ended June 30, 2020, respectively. ​ 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 and $0.6 million for the three and six months ended June 30, 2019, respectively. ​ 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 had an interest rate of LIBOR plus 4.25% with a LIBOR floor of 2.375% and was scheduled to mature in October 2020. In May 2020, the borrower repaid this loan in full. Interest income recorded from this loan totaled $0.8 million and $1.4 million for the three and six months ended June 30, 2020 , respectively, and $0.7 million and $1.4 million for the three and six months ended June 30, 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 and $0.6 million for the three and six months ended June 30, 2020, respectively, and $0.3 million and $0.7 million for the three and six months ended June 30, 2019, respectively. ​ 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 owned 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 for the six months ended June 30, 2020 and $0.5 million and $1.1 million for the three and six months ended June 30, 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 $0.3 million and $0.7 million for the three and six months ended June 30, 2020, respectively, and $0.3 million and $0.6 million for the three and six months ended June 30,2019, respectively. ​ In 2018, we acquired a $9.4 million bridge loan originated by ACM, of which $9.1 million was funded as of June 30, 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 and $0.3 million for the three and six months ended June 30, 2020, respectively, and $0.1 million and $0.3 million for the three and six months ended June 30, 2019, respectively. ​ 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 owned 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 and $1.2 million for the three and six months ended June 30, 2019, respectively. ​ In 2017, we originated two bridge loans totaling $28.0 million on two multifamily properties owned in part by a consortium of investors (which includes, among other unaffiliated investors, certain of our officers and our chief executive officer) which owns 45% of the borrowing entity. The loans 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 $1.0 million for the three and six months ended June 30, 2020, respectively, and $0.6 million and $1.1 million for the three and six months ended June 30, 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 all periods presented. ​ In 2017, Ginkgo Investment Company LLC (“Ginkgo”), of which one of our directors is a 33% managing member, purchased a multifamily apartment complex which assumed an existing $8.3 million Fannie Mae loan that we service. Ginkgo subsequently sold the majority of its interest in this property and owned a 3.6% interest at June 30, 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 all periods presented. ​ In 2016, we originated $48.0 million of bridge loans on six multifamily properties owned in part by a consortium of investors (which includes, among other unaffiliated investors, certain of our officers and our chief executive officer) which owns interests ranging from 10.5% to 12.0% in the borrowing entities. The loans 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 was $0.1 million for both the three and six months ended June 30, 2020 and $0.1 million and $0.2 million for the three and six months ended June 30,2019, respectively. ​ In 2016, we originated a $12.7 million bridge loan and a $5.2 million preferred equity investment on two multifamily properties owned in part by a consortium of investors (which includes, among other unaffiliated investors, certain of our officers and our chief executive officer) which owns a 50% interest in the borrowing entity. The bridge loan had an interest rate of LIBOR plus 4.5% with a LIBOR floor of 0.25% and the preferred equity investment had 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. In May 2020, we sold the Private Label loan to an unconsolidated affiliate of ours. Interest income recorded from these loans totaled $0.2 million for both the three and six months ended June 30, 2020 and $0.2 million and $0.6 million for the three and six months ended June 30, 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 $20.9 million and $23.8 million in the three and six months ended June 30, 2020, respectively, and $2.7 million and $3.5 million in the three and six months ended June 30, 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 33% of the outstanding membership interests of ACM and certain of our employees and directors also hold an ownership interest in ACM. Furthermore, one of our directors serves as the trustee and co-trustee of two of the Kaufman Entities that hold membership interests in ACM. Upon the closing of the Acquisition in 2016, we issued OP Units, each paired with one share of our special voting preferred shares. At June 30, 2020, ACM holds 3,898,554 shares of our common stock and 14,669,101 OP Units, which represents 14.0% of the voting power of our outstanding stock. Our Board of Directors approved a resolution under our charter allowing our chief executive officer and ACM, (which our chief executive officer has a controlling equity interest in), to own more than the 5% ownership interest limit of our common stock as stated in our amended charter.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 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 June 30, 2020 ​ ​ Structured ​ Agency ​ Other / ​ ​ ​ ​ Business Business Eliminations (1) Consolidated Interest income ​ $ 74,295 ​ $ 8,785 ​ $ — ​ $ 83,080 Interest expense ​ ​ 36,739 ​ ​ 4,563 ​ ​ — ​ ​ 41,302 Net interest income ​ ​ 37,556 ​ ​ 4,222 ​ ​ — ​ ​ 41,778 Other revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain on sales, including fee-based services, net ​ ​ — ​ ​ 26,366 ​ ​ — ​ ​ 26,366 Mortgage servicing rights ​ ​ — ​ ​ 32,417 ​ ​ — ​ ​ 32,417 Servicing revenue ​ ​ — ​ ​ 25,397 ​ ​ — ​ ​ 25,397 Amortization of MSRs ​ ​ — ​ ​ (11,891) ​ ​ — ​ ​ (11,891) Property operating income ​ ​ 751 ​ ​ — ​ ​ — ​ ​ 751 Loss on derivative instruments, net ​ ​ (294) ​ ​ (7,074) ​ ​ — ​ ​ (7,368) Other income, net ​ ​ 990 ​ ​ 59 ​ ​ — ​ ​ 1,049 Total other revenue ​ ​ 1,447 ​ ​ 65,274 ​ ​ — ​ ​ 66,721 Other expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee compensation and benefits ​ ​ 9,161 ​ ​ 25,277 ​ ​ — ​ ​ 34,438 Selling and administrative ​ ​ 3,533 ​ ​ 5,073 ​ ​ — ​ 8,606 Property operating expenses ​ ​ 1,035 ​ ​ — ​ ​ — ​ ​ 1,035 Depreciation and amortization ​ ​ 629 ​ ​ 1,332 ​ ​ — ​ ​ 1,961 Provision for loss sharing (net of recoveries) ​ ​ — ​ ​ 2,395 ​ ​ — ​ ​ 2,395 Provision for credit losses (net of recoveries) ​ ​ 10,558 ​ ​ 2,156 ​ ​ — ​ ​ 12,714 Total other expenses ​ ​ 24,916 ​ ​ 36,233 ​ ​ — ​ ​ 61,149 Income before extinguishment of debt, income from equity affiliates and income taxes ​ ​ 14,087 ​ ​ 33,263 ​ ​ — ​ ​ 47,350 Loss on extinguishment of debt ​ ​ (1,592) ​ ​ — ​ ​ — ​ ​ (1,592) Income from equity affiliates ​ ​ 20,408 ​ ​ — ​ ​ — ​ ​ 20,408 Provision for income taxes ​ ​ (164) ​ ​ (11,913) ​ ​ — ​ ​ (12,077) Net income ​ ​ 32,739 ​ ​ 21,350 ​ ​ — ​ ​ 54,089 Preferred stock dividends ​ ​ 1,888 ​ ​ — ​ ​ — ​ ​ 1,888 Net income attributable to noncontrolling interest ​ ​ — ​ ​ — ​ ​ 8,110 ​ ​ 8,110 Net income attributable to common stockholders ​ $ 30,851 ​ $ 21,350 ​ $ (8,110) ​ $ 44,091 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2019 ​ ​ Structured ​ Agency ​ Other / ​ ​ ​ Business Business Eliminations (1) Consolidated Interest income $ 76,144 $ 6,027 $ — $ 82,171 Interest expense ​ ​ 44,716 ​ ​ 3,568 ​ ​ — ​ ​ 48,284 Net interest income ​ ​ 31,428 ​ ​ 2,459 ​ ​ — ​ ​ 33,887 Other revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain on sales, including fee-based services, net ​ ​ — ​ ​ 14,211 ​ ​ — ​ ​ 14,211 Mortgage servicing rights ​ ​ — ​ ​ 18,709 ​ ​ — ​ ​ 18,709 Servicing revenue ​ ​ — ​ ​ 24,936 ​ ​ — ​ ​ 24,936 Amortization of MSRs ​ ​ — ​ ​ (12,324) ​ ​ — ​ ​ (12,324) Property operating income ​ ​ 3,147 ​ ​ — ​ ​ — ​ ​ 3,147 (Loss) gain on derivative instruments, net ​ ​ (361) ​ ​ 1,103 ​ ​ — ​ ​ 742 Other income, net ​ ​ 651 ​ ​ — ​ ​ — ​ ​ 651 Total other revenue ​ ​ 3,437 ​ ​ 46,635 ​ ​ — ​ ​ 50,072 Other expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee compensation and benefits ​ ​ 6,815 ​ ​ 22,207 ​ ​ — ​ ​ 29,022 Selling and administrative ​ ​ 5,328 ​ ​ 5,153 ​ ​ — ​ 10,481 Property operating expenses ​ ​ 2,691 ​ ​ — ​ ​ — ​ ​ 2,691 Depreciation and amortization ​ ​ 509 ​ ​ 1,400 ​ ​ — ​ ​ 1,909 Impairment loss on real estate owned ​ ​ 1,000 ​ ​ — ​ ​ — ​ ​ 1,000 Provision for loss sharing (net of recoveries) ​ ​ — ​ ​ 368 ​ ​ — ​ ​ 368 Total other expenses ​ ​ 16,343 ​ ​ 29,128 ​ ​ — ​ ​ 45,471 Income before extinguishment of debt, income from equity affiliates and income taxes ​ ​ 18,522 ​ ​ 19,966 ​ ​ — ​ ​ 38,488 Income from equity affiliates ​ ​ 3,264 ​ ​ — ​ ​ — ​ ​ 3,264 Provision for income taxes ​ ​ — ​ ​ (4,350) ​ ​ — ​ ​ (4,350) Net income ​ ​ 21,786 ​ ​ 15,616 ​ ​ — ​ ​ 37,402 Preferred stock dividends ​ ​ 1,888 ​ ​ — ​ ​ — ​ ​ 1,888 Net income attributable to noncontrolling interest ​ ​ — ​ ​ — ​ ​ 6,598 ​ ​ 6,598 Net income attributable to common stockholders $ 19,898 $ 15,616 $ (6,598) $ 28,916 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2020 ​ ​ ​ Structured ​ ​ Agency ​ ​ Other / ​ ​ ​ ​ ​ Business ​ Business ​ Eliminations (1) ​ Consolidated Interest income ​ $ 152,772 ​ $ 18,834 ​ $ — ​ $ 171,606 Interest expense ​ ​ 80,138 ​ ​ 11,146 ​ ​ — ​ ​ 91,284 Net interest income ​ ​ 72,634 ​ ​ 7,688 ​ ​ — ​ ​ 80,322 Other revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain on sales, including fee-based services, net ​ ​ — ​ ​ 40,671 ​ ​ — ​ ​ 40,671 Mortgage servicing rights ​ ​ — ​ ​ 54,351 ​ ​ — ​ ​ 54,351 Servicing revenue ​ ​ — ​ ​ 50,522 ​ ​ — ​ ​ 50,522 Amortization of MSRs ​ ​ — ​ ​ (23,713) ​ ​ — ​ ​ (23,713) Property operating income ​ ​ 2,943 ​ ​ — ​ ​ — ​ ​ 2,943 Loss on derivative instruments, net ​ ​ (3,294) ​ ​ (54,805) ​ ​ — ​ ​ (58,099) Other income, net ​ ​ 2,293 ​ ​ 58 ​ ​ — ​ ​ 2,351 Total other revenue ​ ​ 1,942 ​ ​ 67,084 ​ ​ — ​ ​ 69,026 Other expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee compensation and benefits ​ ​ 20,007 ​ ​ 48,683 ​ ​ — ​ ​ 68,690 Selling and administrative ​ ​ 7,983 ​ ​ 11,675 ​ ​ — ​ ​ 19,658 Property operating expenses ​ ​ 3,478 ​ ​ — ​ ​ — ​ ​ 3,478 Depreciation and amortization ​ ​ 1,248 ​ ​ 2,660 ​ ​ — ​ ​ 3,908 Provision for loss sharing (net of recoveries) ​ ​ — ​ ​ 23,932 ​ ​ — ​ ​ 23,932 Provision for credit losses (net of recoveries) ​ ​ 64,448 ​ ​ 2,648 ​ ​ — ​ ​ 67,096 Total other expenses ​ ​ 97,164 ​ ​ 89,598 ​ ​ — ​ ​ 186,762 Loss before extinguishment of debt, income from equity affiliates and income taxes ​ ​ (22,588) ​ ​ (14,826) ​ ​ — ​ ​ (37,414) Loss on extinguishment of debt ​ ​ (3,546) ​ ​ — ​ ​ — ​ ​ (3,546) Income from equity affiliates ​ ​ 24,401 ​ ​ — ​ ​ — ​ ​ 24,401 (Provision for) benefit from income taxes ​ ​ (248) ​ ​ 2,541 ​ ​ — ​ ​ 2,293 Net loss ​ ​ (1,981) ​ ​ (12,285) ​ ​ — ​ ​ (14,266) Preferred stock dividends ​ ​ 3,777 ​ ​ — ​ ​ — ​ ​ 3,777 Net loss attributable to noncontrolling interest ​ ​ — ​ ​ — ​ ​ (2,824) ​ ​ (2,824) Net loss attributable to common stockholders ​ $ (5,758) ​ $ (12,285) ​ $ 2,824 ​ $ (15,219) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2019 ​ ​ Structured ​ Agency ​ Other / ​ ​ ​ Business Business Eliminations (1) Consolidated Interest income $ 141,953 $ 11,495 $ — $ 153,448 Interest expense ​ ​ 82,973 ​ ​ 7,176 ​ ​ — ​ ​ 90,149 Net interest income ​ ​ 58,980 ​ ​ 4,319 ​ ​ — ​ ​ 63,299 Other revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain on sales, including fee-based services, net ​ ​ — ​ ​ 30,600 ​ ​ — ​ ​ 30,600 Mortgage servicing rights ​ ​ — ​ ​ 32,941 ​ ​ — ​ ​ 32,941 Servicing revenue ​ ​ — ​ ​ 50,770 ​ ​ — ​ ​ 50,770 Amortization of MSRs ​ ​ — ​ ​ (24,606) ​ ​ — ​ ​ (24,606) Property operating income ​ ​ 5,950 ​ ​ — ​ ​ — ​ ​ 5,950 Loss on derivative instruments, net ​ ​ (362) ​ ​ (1,361) ​ ​ — ​ ​ (1,723) Other income, net ​ ​ 989 ​ ​ — ​ ​ — ​ ​ 989 Total other revenue ​ ​ 6,577 ​ ​ 88,344 ​ ​ — ​ ​ 94,921 Other expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee compensation and benefits ​ ​ 15,279 ​ ​ 45,507 ​ ​ — ​ ​ 60,786 Selling and administrative ​ ​ 9,749 ​ ​ 10,493 ​ ​ — ​ 20,242 Property operating expenses ​ ​ 5,086 ​ ​ — ​ ​ — ​ ​ 5,086 Depreciation and amortization ​ ​ 1,020 ​ ​ 2,801 ​ ​ — ​ ​ 3,821 Impairment loss on real estate owned ​ ​ 1,000 ​ ​ — ​ ​ — ​ ​ 1,000 Provision for loss sharing (net of recoveries) ​ ​ — ​ ​ 822 ​ ​ — ​ ​ 822 Total other expenses ​ ​ 32,134 ​ ​ 59,623 ​ ​ — ​ ​ 91,757 Income before extinguishment of debt, income from equity affiliates and income taxes ​ ​ 33,423 ​ ​ 33,040 ​ ​ — ​ ​ 66,463 Loss on extinguishment of debt ​ ​ (128) ​ ​ — ​ ​ — ​ ​ (128) Income from equity affiliates ​ ​ 5,415 ​ ​ — ​ ​ — ​ ​ 5,415 Provision for income taxes ​ ​ — ​ ​ (4,341) ​ ​ — ​ ​ (4,341) Net income ​ ​ 38,710 ​ ​ 28,699 ​ ​ — ​ ​ 67,409 Preferred stock dividends ​ ​ 3,777 ​ ​ — ​ ​ — ​ ​ 3,777 Net income attributable to noncontrolling interest ​ ​ — ​ ​ — ​ ​ 12,066 ​ ​ 12,066 Net income attributable to common stockholders $ 34,933 $ 28,699 $ (12,066) $ 51,566 (1) Includes income allocated to the noncontrolling interest holders not allocated to the two reportable segments. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2020 ​ Structured Business Agency Business Consolidated Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 268,467 ​ $ 115,715 ​ $ 384,182 Restricted cash ​ ​ 90,457 ​ ​ 4,390 ​ ​ 94,847 Loans and investments, net ​ ​ 4,800,176 ​ ​ — ​ ​ 4,800,176 Loans held-for-sale, net ​ ​ — ​ ​ 360,372 ​ ​ 360,372 Capitalized mortgage servicing rights, net ​ ​ — ​ ​ 313,288 ​ ​ 313,288 Securities held-to-maturity, net ​ ​ 20,000 ​ ​ 99,019 ​ ​ 119,019 Investments in equity affiliates ​ ​ 64,991 ​ ​ — ​ ​ 64,991 Goodwill and other intangible assets ​ ​ 12,500 ​ ​ 95,540 ​ ​ 108,040 Other assets ​ ​ 107,134 ​ ​ 38,075 ​ ​ 145,209 Total assets ​ $ 5,363,725 ​ $ 1,026,399 ​ $ 6,390,124 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt obligations ​ $ 4,484,961 ​ $ 333,472 ​ $ 4,818,433 Allowance for loss-sharing obligations ​ ​ — ​ ​ 73,220 ​ ​ 73,220 Other liabilities ​ ​ 185,378 ​ ​ 55,317 ​ ​ 240,695 Total liabilities ​ $ 4,670,339 ​ $ 462,009 ​ $ 5,132,348 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 June 30, ​ Six Months Ended June 30, ​ ​ ​ ​ 2020 2019 2020 2019 ​ Origination Data: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Structured Business ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ New loan originations ​ $ 300,481 ​ $ 1,014,103 ​ $ 1,156,710 ​ $ 1,430,398 ​ ​ Loan payoffs / paydowns ​ ​ 159,174 ​ ​ 503,130 ​ ​ 434,466 ​ ​ 782,601 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Agency Business ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Origination Volumes by Investor: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fannie Mae ​ $ 1,140,181 ​ $ 937,977 ​ $ 1,722,154 ​ $ 1,484,863 ​ ​ Freddie Mac ​ ​ 135,720 ​ ​ 234,851 ​ ​ 335,431 ​ ​ 427,343 ​ ​ FHA ​ ​ 75,533 ​ ​ 43,558 ​ ​ 93,476 ​ ​ 44,668 ​ ​ Private Label ​ ​ 49,122 ​ ​ — ​ ​ 331,467 ​ ​ — ​ ​ CMBS/Conduit ​ ​ — ​ ​ 71,900 ​ ​ — ​ ​ 177,325 ​ ​ Total ​ $ 1,400,556 ​ $ 1,288,286 ​ $ 2,482,528 ​ $ 2,134,199 ​ ​ Total loan commitment volume ​ $ 1,206,723 ​ $ 1,302,128 ​ $ 2,473,941 ​ $ 2,149,091 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loan Sales Data: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Agency Business ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fannie Mae ​ $ 1,063,923 ​ $ 668,063 ​ $ 1,817,967 ​ $ 1,415,001 ​ ​ Private Label ​ ​ 727,154 ​ ​ — ​ ​ 727,154 ​ ​ — ​ ​ Freddie Mac ​ ​ 171,688 ​ ​ 176,544 ​ ​ 351,391 ​ ​ 400,317 ​ ​ FHA ​ ​ 30,124 ​ ​ 6,539 ​ ​ 53,437 ​ ​ 32,170 ​ ​ CMBS/Conduit ​ ​ — ​ ​ 71,900 ​ ​ — ​ ​ 177,325 ​ ​ Total ​ $ 1,992,889 ​ $ 923,046 ​ $ 2,949,949 ​ $ 2,024,813 ​ ​ Sales margin (fee-based services as a % of loan sales) ​ ​ 1.32 % ​ 1.54 % ​ 1.38 % ​ 1.51 % ​ MSR rate (MSR income as a % of loan commitments) ​ ​ 2.69 % ​ 1.44 % ​ 2.20 % ​ 1.53 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 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 ​ $ 15,672,931 ​ 50.5 ​ 8.2 Freddie Mac ​ ​ 4,560,382 ​ 29.5 ​ 10.6 Private Label ​ ​ 727,132 ​ 20.0 ​ 9.5 FHA ​ ​ 621,487 ​ 15.4 ​ 19.6 Total ​ $ 21,581,932 ​ 44.1 ​ 9.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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)	6 Months Ended
	Jun. 30, 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 half of 2020, there has been 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 June 30, 2020 inherently less certain than they would be absent the current and potential impacts of COVID-19. Actual results could differ from those estimates.
Reclassification	Reclassification ​ Certain amounts in the prior period financial statements have been reclassified to conform to the presentation of the current period financial statements. The net gain/loss from changes in fair value of derivative instruments previously recorded to other income, net is now recorded to (loss) gain on derivative instruments, net. These reclassifications had no effect on the previously reported net income.
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 tax assets ​ ​ 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 under 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 June 30, 2020 ​ 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. ​ 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)	6 Months Ended
	Jun. 30, 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 tax assets ​ ​ 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 under 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 June 30, 2020 ​

Loans and Investments (Tables)

Loans and Investments (Tables)	6 Months Ended
	Jun. 30, 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 ​ ​ ​ June 30, 2020 ​ Total ​ Count ​ Pay Rate (1) ​ Maturity ​ LTV Ratio (2) ​ LTV Ratio (3) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bridge loans (4) ​ $ 4,504,232 ​ 91 % 234 5.37 % 16.6 1 % 77 % Preferred equity investments ​ 216,934 4 % 12 8.33 % 53.3 67 % 89 % Mezzanine loans ​ ​ 170,917 ​ 3 % 28 ​ 7.78 % 46.9 ​ 28 % 78 % Other (5) ​ 80,055 2 % 20 5.10 % 73.8 0 % 69 % ​ ​ 4,972,138 100 % 294 5.57 % 20.2 4 % 78 % Allowance for credit losses ​ ​ (152,811) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unearned revenue ​ (19,151) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans and investments, net ​ $ 4,800,176 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 June 30, 2020 and December 31, 2019, bridge loans included 5 and 11, respectively, single-family rental loans with an aggregate UPB of $53.4 million and $66.7 million, respectively, of which $28.3 million and $30.0 million, respectively, was funded. (5) As of June 30, 2020 and December 31, 2019, other included 19 and 12 , respectively, single-family rental permanent loans with an aggregate UPB of $73.7 million and $41.6 million, respectively, and 1 and 9 , respectively, purchased loans with an aggregate UPB of $6.4 million and $28.6 million, respectively. ​
Summary of the loan portfolio's internal risk ratings and LTV ratios by asset class	A summary of the loan portfolio’s internal risk ratings and LTV ratios by asset class as of June 30, 2020 is as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Wtd. Avg. Wtd. Avg. ​ ​ UPB by Origination Year ​ ​ ​ ​ First Dollar ​ Last Dollar ​ Asset Class / Risk Rating ​ 2020 ​ 2019 ​ 2018 ​ 2017 ​ 2016 ​ Prior ​ Total ​ LTV Ratio ​ LTV Ratio ​ Multifamily: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ $ 487,598 ​ $ 454,747 ​ $ 19,300 ​ $ 32,500 ​ $ — ​ $ 905 ​ $ 995,050 ​ ​ ​ ​ Pass/Watch ​ 454,466 ​ ​ 1,131,309 ​ ​ 187,805 ​ ​ 173,600 ​ ​ — ​ ​ 28,800 ​ ​ 1,975,980 ​ ​ ​ ​ Special Mention ​ ​ 24,925 ​ ​ 572,887 ​ ​ 160,749 ​ ​ 134,300 ​ ​ — ​ ​ 17,080 ​ ​ 909,941 ​ ​ ​ ​ ​ Substandard ​ ​ — ​ ​ 35,379 ​ ​ 42,927 ​ ​ 17,700 ​ ​ 8,250 ​ ​ — ​ ​ 104,256 ​ ​ ​ ​ ​ Total Multifamily ​ $ 966,989 ​ $ 2,194,322 ​ $ 410,781 ​ $ 358,100 ​ $ 8,250 ​ $ 46,785 ​ $ 3,985,227 ​ 4 % 77 % Land: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of portfolio ​ ​ 80 % ​ ​ ​ ​ Special Mention ​ $ 71,018 ​ $ 19,524 ​ $ — ​ $ 19,975 ​ $ — ​ $ — ​ $ 110,517 ​ ​ ​ ​ ​ Substandard ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 127,928 ​ ​ 127,928 ​ ​ ​ ​ ​ Total Land ​ $ 71,018 ​ $ 19,524 ​ $ — ​ $ 19,975 ​ $ — ​ $ 127,928 ​ $ 238,445 ​ 0 % 91 % Healthcare: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of portfolio ​ ​ 5 % ​ ​ ​ ​ Pass ​ $ — ​ $ 6,600 ​ $ 10,000 ​ $ — ​ $ — ​ $ — ​ $ 16,600 ​ ​ ​ ​ Pass/Watch ​ ​ — ​ ​ 14,750 ​ ​ 51,500 ​ ​ 41,650 ​ ​ — ​ ​ — ​ ​ 107,900 ​ ​ ​ ​ ​ Special Mention ​ ​ — ​ ​ 59,569 ​ ​ 15,000 ​ ​ — ​ ​ — ​ ​ — ​ ​ 74,569 ​ ​ ​ ​ ​ Doubtful ​ ​ — ​ ​ — ​ ​ — ​ ​ 4,625 ​ ​ — ​ ​ — ​ ​ 4,625 ​ ​ ​ ​ ​ Total Healthcare ​ $ — ​ $ 80,919 ​ $ 76,500 ​ $ 46,275 ​ $ — ​ $ — ​ $ 203,694 ​ 0 % 78 % Student Housing: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of portfolio ​ ​ 4 % ​ ​ ​ ​ Special Mention ​ $ — ​ $ 44,500 ​ $ 3,350 ​ $ — ​ $ — ​ $ — ​ $ 47,850 ​ ​ ​ ​ ​ Substandard ​ ​ 23,500 ​ ​ — ​ ​ 13,000 ​ ​ 67,250 ​ ​ — ​ ​ — ​ ​ 103,750 ​ ​ ​ ​ ​ Total Student Housing ​ $ 23,500 ​ $ 44,500 ​ $ 16,350 ​ $ 67,250 ​ $ — ​ $ — ​ $ 151,600 ​ 12 % 76 % Office: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of portfolio ​ ​ 3 % ​ ​ ​ ​ Pass ​ $ — ​ $ — ​ $ 5,000 ​ $ — ​ $ — ​ $ — ​ $ 5,000 ​ ​ ​ ​ ​ Pass/Watch ​ ​ — ​ ​ — ​ ​ — ​ ​ 34,000 ​ ​ — ​ ​ — ​ ​ 34,000 ​ ​ ​ ​ ​ Special Mention ​ ​ — ​ ​ — ​ ​ — ​ ​ 43,151 ​ ​ — ​ ​ 9,946 ​ ​ 53,097 ​ ​ ​ ​ ​ Substandard ​ ​ — ​ ​ — ​ ​ 42,799 ​ ​ — ​ ​ — ​ ​ — ​ ​ 42,799 ​ ​ ​ ​ ​ Doubtful ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 880 ​ ​ 880 ​ ​ ​ ​ ​ Total Office ​ $ — ​ $ — ​ $ 47,799 ​ $ 77,151 ​ $ — ​ $ 10,826 ​ $ 135,776 ​ 3 % 76 % Single-Family Rental: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of portfolio ​ ​ 3 % ​ ​ ​ ​ Pass ​ $ 8,565 ​ $ 34,607 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 43,172 ​ ​ ​ ​ ​ Pass/Watch ​ ​ 104 ​ ​ 34,753 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 34,857 ​ ​ ​ ​ ​ Special Mention ​ ​ 23,773 ​ ​ 161 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 23,934 ​ ​ ​ ​ ​ Total Single-Family Rental ​ $ 32,442 ​ $ 69,521 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 101,963 ​ 0 % 75 % Hotel: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of portfolio ​ ​ 2 % ​ ​ ​ ​ Substandard ​ $ — ​ $ 91,000 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 91,000 ​ ​ ​ ​ ​ Total Hotel ​ $ — ​ $ 91,000 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 91,000 ​ 32 % 91 % Other: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of portfolio ​ ​ 2 % ​ ​ ​ ​ Pass ​ $ — ​ $ 4,000 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 4,000 ​ ​ ​ ​ ​ Pass/Watch ​ ​ — ​ ​ — ​ ​ 9,000 ​ ​ 13,580 ​ ​ — ​ ​ — ​ ​ 22,580 ​ ​ ​ ​ ​ Substandard ​ ​ — ​ ​ — ​ ​ 32,600 ​ ​ — ​ ​ — ​ ​ 3,553 ​ ​ 36,153 ​ ​ ​ ​ ​ Doubtful ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,700 ​ ​ 1,700 ​ ​ ​ ​ ​ Total Other ​ $ — ​ $ 4,000 ​ $ 41,600 ​ $ 13,580 ​ $ — ​ $ 5,253 ​ $ 64,433 ​ 7 % 79 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of portfolio ​ ​ 1 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Grand Total ​ $ 1,093,949 ​ $ 2,503,786 ​ $ 593,030 ​ $ 582,331 ​ $ 8,250 ​ $ 190,792 ​ $ 4,972,138 ​ 4 % 78 % ​
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 June 30, 2020 ​ Land Multifamily Retail Office Hotel Student Housing Healthcare Other Total Allowance for credit losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance ​ $ 78,418 ​ $ 31,891 ​ $ 11,322 ​ $ 6,096 ​ $ 7,528 ​ $ 1,142 ​ $ 3,934 ​ $ 1,921 ​ $ 142,252 Provision for credit losses (net of recoveries) ​ (324) ​ 2,715 ​ 2,659 ​ 2,436 ​ 144 ​ ​ 2,968 ​ (4) ​ (35) ​ 10,559 Charge-offs ​ — ​ — ​ — ​ — ​ — ​ ​ ​ ​ — ​ — ​ — Recoveries of reserves ​ — ​ — ​ — ​ — ​ — ​ ​ ​ ​ — ​ — ​ — Ending balance ​ $ 78,094 ​ $ 34,606 ​ $ 13,981 ​ $ 8,532 ​ $ 7,672 ​ $ 4,110 ​ $ 3,930 ​ $ 1,886 ​ $ 152,811 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2019 Allowance for credit losses ​ $ 67,869 ​ $ — ​ $ — ​ $ 1,500 ​ $ — ​ $ — ​ $ — ​ $ 1,700 ​ $ 71,069 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2020 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 ​ ​ 16,322 ​ ​ 335 ​ ​ 287 ​ ​ 29 ​ ​ 68 ​ ​ 64 ​ ​ 112 ​ ​ 17,294 Provision for credit losses (net of recoveries) ​ ​ 10,148 ​ ​ 18,284 ​ ​ 13,646 ​ ​ 6,745 ​ ​ 7,643 ​ ​ 4,042 ​ ​ 3,866 ​ ​ 74 ​ ​ 64,448 Charge-offs ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — Recoveries of reserves ​ — ​ ​ — ​ — ​ — ​ — ​ — ​ — ​ ​ — ​ — Ending balance ​ $ 78,094 ​ $ 34,606 ​ $ 13,981 ​ $ 8,532 ​ $ 7,672 ​ $ 4,110 ​ $ 3,930 ​ $ 1,886 ​ $ 152,811 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2019 Allowance for credit losses ​ $ 67,869 ​ $ — ​ $ — ​ $ 1,500 ​ $ — ​ $ — ​ $ — ​ $ 1,700 ​ $ 71,069
Summary of our loans considered impaired by asset class	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ $ 127,168 ​ $ 77,869 ​ 0 % ​ 97 % Hotel ​ 50,000 ​ 49,691 ​ 7,500 59 % 100 % Retail ​ 36,154 ​ 35,221 ​ 13,926 9 % 99 % Healthcare ​ 4,625 ​ 4,730 ​ 3,845 0 % 89 % Office ​ 2,196 ​ ​ 2,196 ​ 1,500 0 % 75 % Commercial ​ 1,700 ​ 1,700 ​ 1,700 63 % 63 % Total ​ $ 228,890 ​ $ 220,706 ​ $ 106,340 ​ 14 % ​ 98 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ 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 ten and five impaired loans (less unearned revenue and other holdbacks and adjustments) by asset class at June 30, 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 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 Hotel ​ $ 50,000 ​ $ 50,000 ​ $ — ​ $ — ​ $ — ​ $ — Healthcare ​ ​ 4,625 ​ ​ — ​ ​ 4,625 ​ ​ — ​ ​ — ​ ​ — Retail ​ ​ 3,553 ​ ​ — ​ ​ 3,553 ​ ​ 1,000 ​ ​ — ​ ​ 1,000 Commercial ​ ​ 1,700 ​ ​ — ​ ​ 1,700 ​ ​ 1,700 ​ ​ — ​ ​ 1,700 Office ​ ​ 880 ​ ​ — ​ ​ 880 ​ ​ 880 ​ ​ — ​ ​ 880 Total ​ $ 60,758 ​ $ 50,000 ​ $ 10,758 ​ $ 3,580 ​ $ — ​ $ 3,580

Loans Held-for-Sale, Net (Table

Loans Held-for-Sale, Net (Tables)	6 Months Ended
	Jun. 30, 2020
Loans Held-for-Sale, Net
Summary of loans held-for-sale, net	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2020 December 31, 2019 ​ Fannie Mae ​ $ 312,717 ​ $ 408,534 ​ Freddie Mac ​ 20,343 ​ ​ 36,303 ​ FHA ​ ​ 11,338 ​ ​ 1,082 ​ Private Label ​ ​ 5,462 ​ ​ 401,207 ​ ​ ​ 349,860 ​ ​ 847,126 ​ Fair value of future MSR ​ ​ 11,234 ​ ​ 16,519 ​ Unearned discount ​ (722) ​ ​ (2,285) ​ Loans held-for-sale, net ​ $ 360,372 ​ $ 861,360 ​ ​

Capitalized Mortgage Servicin_2

Capitalized Mortgage Servicing Rights (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2020 ​ Six Months Ended June 30, 2020 ​ Originated Acquired Total Originated Acquired Total Balance at beginning of period ​ $ 230,377 ​ $ 58,577 ​ $ 288,954 ​ $ 221,901 ​ $ 64,519 ​ $ 286,420 Additions ​ ​ 39,875 ​ ​ — ​ ​ 39,875 ​ ​ 60,151 ​ ​ — ​ ​ 60,151 Amortization ​ ​ (7,998) ​ ​ (3,893) ​ ​ (11,891) ​ ​ (15,614) ​ ​ (8,099) ​ ​ (23,713) Write-downs and payoffs ​ ​ (1,802) ​ ​ (1,848) ​ ​ (3,650) ​ ​ (5,986) ​ ​ (3,584) ​ ​ (9,570) Balance at end of period ​ $ 260,452 ​ $ 52,836 ​ $ 313,288 ​ $ 260,452 ​ $ 52,836 ​ $ 313,288 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2019 ​ Six Months Ended June 30, 2019 Balance at beginning of period ​ $ 189,610 ​ $ 88,029 ​ $ 277,639 ​ $ 176,686 ​ $ 97,084 ​ $ 273,770 Additions ​ ​ 15,923 ​ ​ — ​ ​ 15,923 ​ ​ 36,532 ​ ​ — ​ ​ 36,532 Amortization ​ ​ (6,778) ​ ​ (5,546) ​ ​ (12,324) ​ ​ (13,145) ​ ​ (11,461) ​ ​ (24,606) Write-downs and payoffs ​ ​ (1,599) ​ ​ (2,991) ​ ​ (4,590) ​ ​ (2,917) ​ ​ (6,131) ​ ​ (9,048) Balance at end of period ​ $ 197,156 ​ $ 79,492 ​ $ 276,648 ​ $ 197,156 ​ $ 79,492 ​ $ 276,648 ​
Schedule of expected amortization of capitalized MSRs recorded	The expected amortization of capitalized MSRs recorded as of June 30, 2020 is as follows (in thousands): ​ ​ ​ ​ ​ Year Amortization 2020 (six months ending 12/31/2020) ​ $ 24,372 2021 ​ 46,434 2022 ​ 42,337 2023 ​ 38,209 2024 ​ ​ 34,141 2025 ​ ​ 31,015 Thereafter ​ 96,780 Total ​ $ 313,288 ​

Mortgage Servicing (Tables)

Mortgage Servicing (Tables)	6 Months Ended
	Jun. 30, 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2020 ​ Product Concentrations ​ Geographic Concentrations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ UPB ​ ​ ​ ​ Percent of ​ Percentage Product ​ UPB (1) ​ Total ​ State ​ of Total ​ Fannie Mae ​ $ 15,672,931 ​ 73 % Texas ​ 18 % Freddie Mac ​ ​ 4,560,382 21 % New York ​ 9 % Private Label (2) ​ ​ 727,132 ​ 3 % North Carolina ​ 9 % FHA ​ ​ 621,487 3 % California ​ 8 % Total ​ $ 21,581,932 ​ 100 % Florida ​ 7 % ​ ​ ​ ​ ​ ​ ​ Georgia ​ 6 % ​ ​ ​ ​ ​ ​ ​ Other (3) ​ 43 % ​ ​ ​ ​ ​ ​ ​ 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 (3) ​ 42 % ​ ​ ​ ​ ​ ​ ​ Total ​ 100 % (1) Excludes loans which we are not collecting a servicing fee. (2) Represents loans we service in connection with our Private Label securitization in May 2020 (see Note 4 for details). (3) No other individual state represented 4% or more of the total. ​

Securities Held-to-Maturity (Ta

Securities Held-to-Maturity (Tables)	6 Months Ended
	Jun. 30, 2020
Securities Held-to-Maturity
Summary of securities held-to-maturity	A summary of our securities held-to-maturity is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Carrying ​ Unrealized ​ Estimated ​ Allowance for ​ Face Value Value Gain/(Loss) Fair Value Credit Losses June 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ B Piece bonds ​ $ 84,830 ​ $ 63,171 ​ $ 1,296 ​ $ 64,467 ​ $ 1,069 APL certificates ​ ​ 63,627 ​ ​ 35,848 ​ ​ 2,079 ​ ​ 37,927 ​ ​ 2,079 SFR bonds ​ ​ 20,000 ​ ​ 20,000 ​ ​ (2,513) ​ ​ 17,487 ​ ​ — Total ​ $ 168,457 ​ $ 119,019 ​ $ 862 ​ $ 119,881 ​ $ 3,148 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 June 30, 2020 ​ ​ APL ​ B Piece ​ ​ ​ Certificates Bonds Total Beginning balance ​ $ — ​ $ 992 ​ $ 992 Provision for credit loss expense ​ 2,079 ​ 77 ​ 2,156 Ending balance ​ $ 2,079 ​ $ 1,069 ​ $ 3,148 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2020 ​ ​ APL Certificates ​ B Piece Bonds ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance, prior to adoption of CECL ​ $ — ​ $ — ​ $ — Impact of adopting CECL - January 1, 2020 ​ — ​ 501 ​ 501 Provision for credit loss expense ​ 2,079 ​ 568 ​ 2,647 Ending balance ​ $ 2,079 ​ $ 1,069 ​ $ 3,148 ​

Investments in Equity Affilia_2

Investments in Equity Affiliates (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2020 December 31, 2019 June 30, 2020 Arbor Residential Investor LLC ​ $ 50,355 ​ $ 26,520 ​ $ — AMAC Holdings III LLC ​ ​ 9,857 ​ ​ 10,520 ​ ​ — North Vermont Avenue ​ ​ 2,459 ​ ​ 2,440 ​ ​ — Lightstone Value Plus REIT L.P ​ ​ 1,895 ​ ​ 1,895 ​ ​ — JT Prime ​ 425 ​ 425 ​ — West Shore Café ​ ​ — ​ ​ — ​ ​ 1,688 Lexford Portfolio ​ ​ — ​ ​ — ​ ​ — East River Portfolio ​ — ​ — ​ — Total ​ $ 64,991 ​ $ 41,800 ​ $ 1,688 ​
Summary of statements of operations for the Company's investment in ARI	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ 2020 2019 Statements of Operations: ​ ​ Total revenues ​ $ 548,046 $ 192,144 Total expenses ​ 383,556 ​ 174,696 Net income ​ $ 164,490 $ 17,448

Real Estate Owned (Tables)

Real Estate Owned (Tables)	6 Months Ended
	Jun. 30, 2020
Real Estate Owned
Schedule of real estate owned	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 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 ​ 31,670 ​ ​ 2,010 ​ ​ 33,680 ​ 31,541 ​ 2,010 ​ 33,551 Less: ​ ​ (14,307) ​ ​ (2,500) ​ ​ (16,807) ​ ​ (14,307) ​ ​ (2,500) ​ ​ (16,807) Less: ​ (10,600) ​ ​ (1,086) ​ ​ (11,686) ​ (10,320) ​ (1,007) ​ (11,327) Real estate owned, net ​ $ 10,057 ​ $ 2,933 ​ $ 12,990 ​ $ 10,208 ​ $ 3,012 ​ $ 13,220 ​

Debt Obligations (Tables)

Debt Obligations (Tables)	6 Months Ended
	Jun. 30, 2020
Debt Obligations
Schedule of face value, unamortized discount and net carrying value of the liability and equity components	The UPB, unamortized discount and net carrying amount of the liability and equity components of our convertible notes were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liability ​ Equity ​ ​ Component ​ Component ​ ​ ​ ​ Unamortized Debt ​ Unamortized Deferred ​ Net Carrying ​ Net Carrying Period UPB Discount Financing Fees Value Value June 30, 2020 ​ $ 278,490 ​ $ 7,242 ​ $ 6,004 ​ $ 265,244 ​ $ 9,962 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ $ 300,914 ​ $ 9,235 ​ $ 7,527 ​ $ 284,152 ​ $ 9,962 ​
Summary of senior unsecured notes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Senior ​ ​ ​ ​ ​ June 30, 2020 ​ ​ December 31, 2019 Unsecured ​ Issuance ​ ​ ​ ​ ​ ​ Carrying ​ Wtd. Avg. ​ ​ ​ ​ ​ Carrying ​ Wtd. Avg. Notes Date Maturity UPB Value (1) Rate (2) ​ UPB Value (1) Rate (2) 8.00% Notes Apr. 2020 Apr. 2023 $ 70,750 ​ $ 69,593 8.00 % ​ $ — ​ $ — — ​ 4.50% Notes Mar. 2020 Mar. 2027 275,000 ​ 271,763 4.50 % ​ — ​ — — ​ 4.75% Notes Oct. 2019 Oct. 2024 110,000 ​ 108,492 4.75 % ​ 110,000 ​ 108,370 4.75 % 5.75% Notes Mar. 2019 Apr. 2024 90,000 ​ 88,559 5.75 % ​ 90,000 ​ 88,369 5.75 % 5.625% Notes Mar. 2018 May 2023 125,000 ​ 123,350 5.63 % ​ 125,000 ​ 123,060 5.63 % ​ ​ ​ ​ ​ ​ $ 670,750 ​ $ 661,757 5.36 % ​ $ 325,000 ​ $ 319,799 5.44 % (1) At June 30, 2020 and December 31, 2019, the carrying value is net of deferred financing fees of $9.0 million and $5.2 million, respectively. (2) At June 30, 2020 and December 31, 2019, the aggregate weighted average note rate, including certain fees and costs, was 5.65% and 5.82% , respectively.
Credit Facilities and Repurchase Agreements
Debt Obligations
Schedule of borrowings	Borrowings under our credit facilities and repurchase agreements are as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 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 % $ 321,553 ​ $ 480,258 ​ ​ 2.74 % $ 224,658 ​ $ 339,378 ​ 4.06 % $400 million repurchase facility ​ June 2021 ​ Mar. 2023 ​ L + 2.20 %; ​ L floor 0.75 % 199,901 ​ 279,130 ​ ​ 2.99 % 218,418 ​ 291,292 ​ 3.76 % $200 million repurchase facility ​ Feb. 2021 ​ N/A ​ L + 2.40 % ​ ​ ​ ​ ​ 48,448 ​ ​ 57,169 ​ ​ 2.60 % ​ 40,530 ​ ​ 48,086 ​ 4.22 % $144.3 million loan specific credit facilities ​ Nov. 2020 to May 2022 ​ June 2021 to Dec. 2021 ​ L + 2.10 % to ​ 2.50 % 144,048 ​ 193,209 ​ ​ 2.69 % 128,274 ​ 184,116 ​ 4.13 % $125 million credit facility ​ Aug. 2020 ​ May 2023 ​ L+ 2.30 % to 3.00%; L 0.50 % ​ 25,613 ​ ​ 31,790 ​ ​ 2.84 % ​ 4,570 ​ ​ 7,000 ​ 3.56 % $100 million repurchase facility (2) ​ Aug. 2020 ​ June 2021 ​ L + 1.75 % to ​ 1.95 % 50,297 ​ 66,486 ​ ​ 1.94 % 45,843 ​ 63,800 ​ 3.56 % $50 million credit facility ​ April 2021 ​ April 2022 ​ L + 2.00 % ​ ​ ​ ​ 8,800 ​ 11,000 ​ ​ 2.19 % 14,933 ​ 17,650 ​ 3.81 % $50 million credit facility ​ Oct. 2022 ​ Oct. 2023 ​ L + 2.50 % ​ ​ ​ ​ ​ 19,345 ​ ​ 28,042 ​ ​ 4.06 % ​ 12,191 ​ ​ 16,499 ​ 4.32 % $50 million credit facility ​ Sept. 2020 ​ Sept. 2021 ​ L + 2.50 % to ​ 3.25 % ​ 5,274 ​ ​ 6,600 ​ ​ 2.70 % ​ 5,254 ​ ​ 6,600 ​ 4.32 % $25 million credit facility ​ June 2022 ​ June 2023 ​ L + 2.25 % ​ ​ ​ ​ ​ 19,644 ​ ​ 30,900 ​ ​ 2.45 % ​ 19,651 ​ ​ 28,572 ​ 4.07 % $25 million working capital facility ​ Aug. 2020 ​ N/A ​ L + 2.25 % ​ ​ ​ ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ — ​ $2.8 million master security agreements ​ Dec. 2022 ​ N/A ​ ​ 2.97 % to ​ 4.60 % ​ 2,249 ​ ​ — ​ ​ 4.12 % ​ 3,267 ​ ​ — ​ 4.08 % Repurchase facilities - securities (3) ​ N/A ​ N/A ​ L + 2.25 % to ​ 5.00 % ​ 56,968 ​ ​ — ​ ​ 5.11 % ​ 217,105 ​ ​ — ​ 3.90 % Structured Business total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 902,140 ​ $ 1,184,584 ​ ​ 2.91 % $ 934,694 ​ $ 1,002,993 ​ 3.94 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Agency Business ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $750 million ASAP agreement ​ N/A ​ N/A ​ L + 1.05 %; ​ L floor 0.35 % $ 41,553 ​ $ 41,553 ​ ​ 1.40 % $ 148,725 ​ $ 148,725 ​ 2.81 % $600 million joint repurchase facility ​ Mar. 2021 ​ Mar. 2022 ​ L + 1.50 % to ​ 2.75 % ​ 2,464 ​ ​ 5,462 ​ ​ 2.91 % ​ 299,824 ​ ​ 300,446 ​ 3.26 % $300 million repurchase facility ​ Oct. 2020 ​ N/A ​ L + 1.15 % ​ ​ ​ ​ ​ 75,905 ​ ​ 75,925 ​ ​ 1.31 % ​ 187,698 ​ ​ 187,742 ​ 2.91 % $150 million credit facility ​ Mar. 2021 ​ N/A ​ L + 1.15 % ​ ​ ​ ​ ​ 85,770 ​ ​ 85,913 ​ ​ 1.31 % ​ 89,657 ​ ​ 89,673 ​ 2.91 % $150 million credit facility ​ Aug. 2020 ​ N/A ​ L + 1.15 % ​ ​ ​ ​ ​ 95,761 ​ ​ 95,761 ​ ​ 1.31 % ​ 17,690 ​ ​ 17,792 ​ 2.91 % $100 million credit facility ​ June 2021 ​ N/A ​ L + 1.15 %; ​ L floor 0.50 % ​ 32,020 ​ ​ 32,020 ​ ​ 1.65 % ​ — ​ ​ — ​ — ​ Agency Business total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 333,473 ​ $ 336,634 ​ ​ 1.37 % $ 743,594 ​ $ 744,378 ​ 3.03 % Consolidated total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 1,235,613 ​ $ 1,521,218 ​ ​ 2.49 % $ 1,678,288 ​ $ 1,747,371 ​ 3.54 % (1) The debt carrying value for the Structured Business at June 30, 2020 and December 31, 2019 was net of unamortized deferred finance costs of $4.0 million and $2.1 million, respectively. The debt carrying value for the Agency Business at June 30, 2020 and December 31, 2019 was net of unamortized deferred finance costs of $1.2 million and $0.2 million, respectively. (2) This facility was scheduled to mature in July 2020, which was extended to August 2020, and we are currently in negotiations with this lender to renew this facility, which could reflect changes in facility size, pricing and advance rates. (3) These repurchase facilities are subject to margin call provisions associated with changes in interest spreads. As of June 30, 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 $63.2 million and $68.7 million, respectively, and SFR bonds with a carrying value of $20.0 million at both June 30, 2020 and December 31, 2019. During the six months ended June 30, 2020, we significantly reduced the UPB of these facilities by $160.1 million through a debt restructuring and the use of proceeds from our senior notes issued in the second quarter of 2020 and have further reduced this debt to approximately $42.0 million in July 2020.
CLOs
Debt Obligations
Schedule of borrowings	Borrowings and the corresponding collateral under our CLOs are as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt ​ Collateral (3) ​ ​ ​ ​ Loans ​ Cash ​ ​ Carrying Wtd. Avg. ​ Carrying Restricted June 30, 2020 ​ Face Value ​ Value (1) ​ Rate (2) ​ UPB ​ Value ​ Cash (4) CLO XIII ​ $ 668,000 ​ $ 663,209 ​ 1.60 % $ 760,567 ​ $ 756,806 ​ $ — CLO XII ​ ​ 534,193 ​ ​ 530,052 ​ 1.68 % ​ 621,887 ​ ​ 619,639 ​ ​ — CLO XI ​ ​ 533,000 ​ ​ 529,258 ​ 1.63 % ​ 641,273 ​ ​ 639,020 ​ ​ 4,632 CLO X ​ ​ 441,000 ​ ​ 437,899 ​ 1.63 % ​ 540,012 ​ ​ 538,165 ​ ​ 4,256 CLO IX ​ 356,400 ​ 354,106 ​ 1.55 % 462,387 ​ 461,126 ​ 10,049 Total CLOs ​ $ 2,532,593 ​ $ 2,514,524 ​ 1.62 % $ 3,026,126 ​ $ 3,014,756 ​ $ 18,937 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt ​ Collateral (3) ​ ​ ​ ​ 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 $18.1 million and $17.3 million of deferred financing fees at June 30, 2020 and December 31, 2019, respectively. (2) At June 30, 2020 and December 31, 2019, the aggregate weighted average note rate for our CLOs, including certain fees and costs, was 1.97% and 3.63%, respectively. (3) As of June 30, 2020, there was one loan with a UPB of $46.5 million deemed at risk of default or a “credit risk” as defined by the CLO indenture, which we repurchased from the respective CLOs in July 2020. As of December 31, 2019, there was no collateral deemed a credit risk. (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 $71.1 million and $58.6 million at June 30, 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 July 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 474.64 % 459.96 % 402.23 % 380.51 % 363.03 % 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 ​ July 2020 ​ 134.68 % 126.98 % 121.95 % 118.87 % 119.76 % 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 % — ​ — ​ (1) The table above represents the quarterly trend of our overcollateralization ratio, however, the CLO determination dates are monthly and we were in compliance with this test for all periods presented. ​

Allowance for Loss-Sharing Ob_2

Allowance for Loss-Sharing Obligations (Tables)	6 Months Ended
	Jun. 30, 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 June 30, ​ Six Months Ended June 30, ​ ​ 2020 2019 ​ 2020 2019 ​ Beginning balance ​ $ 70,752 ​ $ 34,518 ​ $ 34,648 ​ $ 34,298 ​ Impact of adopting CECL - January 1, 2020 ​ ​ — ​ ​ — ​ ​ 14,406 ​ ​ — ​ Provisions for loss sharing ​ ​ 2,673 ​ ​ 1,675 ​ ​ 24,569 ​ ​ 2,554 ​ Provisions reversal for loan repayments ​ ​ (277) ​ ​ (1,307) ​ ​ (636) ​ ​ (1,732) ​ Recoveries (charge-offs), net ​ 72 ​ ​ (469) ​ 233 ​ ​ (703) ​ Ending balance ​ $ 73,220 ​ $ 34,417 ​ $ 73,220 ​ $ 34,417 ​

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2020
Agency Business
Schedule of non-qualifying derivative financial instruments	A summary of our non-qualifying derivative financial instruments is as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value ​ ​ ​ ​ Notional ​ Balance Sheet ​ Derivative ​ Derivative Derivative Count Value Location Assets Liabilities Agency Business ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rate Lock Commitments ​ 5 ​ $ 29,070 ​ Other Assets/Other Liabilities ​ $ 549 ​ $ (128) Forward Sale Commitments ​ 54 ​ ​ 373,468 ​ Other Assets/Other Liabilities ​ ​ 1,665 ​ ​ (91) Swap Futures ​ 40 ​ ​ 4,000 ​ ​ ​ ​ — ​ ​ — ​ ​ ​ ​ $ 406,538 ​ ​ ​ $ 2,214 ​ $ (219) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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)	6 Months Ended
	Jun. 30, 2020
Fair Value.
Summary of the principal amounts, carrying values and the estimated fair values of the Company's financial instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 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 ​ $ 4,972,138 ​ $ 4,800,176 ​ $ 4,972,258 ​ $ 4,279,611 ​ $ 4,189,960 ​ $ 4,228,071 Loans held-for-sale, net ​ ​ 349,860 ​ ​ 360,372 ​ ​ 366,343 ​ ​ 847,126 ​ ​ 861,360 ​ ​ 876,975 Capitalized mortgage servicing rights, net ​ ​ n/a ​ ​ 313,288 ​ ​ 333,374 ​ ​ n/a ​ ​ 286,420 ​ ​ 328,995 Securities held-to-maturity, net ​ ​ 168,457 ​ ​ 119,019 ​ ​ 119,881 ​ ​ 111,028 ​ ​ 88,699 ​ ​ 91,738 Derivative financial instruments ​ ​ 290,081 ​ 2,214 ​ 2,214 ​ ​ 173,532 ​ 1,435 ​ 1,435 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Credit and repurchase facilities ​ $ 1,240,910 ​ $ 1,235,613 ​ $ 1,238,062 ​ $ 1,681,146 ​ $ 1,678,288 ​ $ 1,677,658 Collateralized loan obligations ​ ​ 2,532,593 ​ 2,514,524 ​ 2,410,954 ​ ​ 2,147,467 ​ 2,130,121 ​ 2,147,944 Senior unsecured notes ​ ​ 670,750 ​ 661,757 ​ 552,038 ​ ​ 325,000 ​ 319,799 ​ 331,225 Convertible senior unsecured notes, net ​ ​ 278,490 ​ ​ 265,244 ​ ​ 253,359 ​ ​ 300,914 ​ ​ 284,152 ​ ​ 310,778 Junior subordinated notes ​ ​ 154,336 ​ 141,295 ​ 98,628 ​ ​ 154,336 ​ 140,949 ​ 97,668 Derivative financial instruments ​ ​ 112,458 ​ 219 ​ 219 ​ ​ 347,701 ​ 3,097 ​ 3,097 Debt fund ​ ​ — ​ — ​ — ​ ​ 70,000 ​ ​ 68,629 ​ ​ 70,138 ​
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 ​ $ 2,214 ​ $ 2,214 ​ $ — ​ $ 1,665 ​ $ 549 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative financial instruments ​ $ 219 ​ $ 219 ​ $ — ​ $ 219 ​ $ — ​
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) ​ $ 114,366 ​ $ 114,366 ​ $ — ​ $ — ​ $ 114,366 (1) We had an allowance for loan losses of $106.3 million relating to ten impaired loans with an aggregate carrying value, before loan loss reserves, of $220.7 million at June 30, 2020. ​
Schedule of quantitative information about Level 3 fair value measurements	Quantitative information about Level 3 fair value measurements at June 30, 2020 were as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Valuation ​ ​ ​ ​ ​ Fair Value Techniques Significant Unobservable Inputs Financial assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Impaired loans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Land ​ $ 49,299 ​ Discounted cash flows Discount rate ​ 21.50 % ​ ​ ​ ​ ​ ​ Revenue growth rate ​ 3.00 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Hotel ​ ​ 42,191 Discounted cash flows / Discount rate ​ 11.50 % ​ ​ ​ ​ ​ direct capitalization Capitalization rate ​ 3.10 % ​ ​ ​ ​ ​ ​ Revenue growth rate ​ 25.00 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retail ​ ​ 21,295 ​ Discounted cash flows ​ Discount rate ​ 10.13 % ​ ​ ​ ​ ​ ​ ​ Capitalization rate ​ 9.25 % ​ ​ ​ ​ ​ ​ ​ Revenue growth rate ​ 1.65 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Healthcare ​ ​ 885 ​ Discounted cash flows ​ Capitalization rate ​ 14.30 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Office ​ ​ 696 ​ Discounted cash flows Discount rate ​ 11.00 % ​ ​ ​ ​ ​ ​ Capitalization rate ​ 9.00 % ​ ​ ​ ​ ​ ​ Revenue growth rate ​ 2.50 % Derivative financial instruments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rate lock commitments ​ ​ 549 ​ Discounted cash flows ​ W/A discount rate ​ 11.98 % ​
Schedule of roll forward of Level 3 derivative instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements Using ​ Fair Value Measurements Using ​ ​ ​ Significant Unobservable Inputs ​ Significant Unobservable Inputs ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ 2020 2019 2020 ​ 2019 ​ Derivative assets and liabilities, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at beginning of period ​ $ 2,069 ​ $ 400 ​ $ 1,066 ​ $ 324 ​ Settlements ​ ​ (33,936) ​ ​ (18,364) ​ ​ (54,867) ​ ​ (32,521) ​ Realized gains recorded in earnings ​ ​ 31,867 ​ ​ 17,964 ​ ​ 53,801 ​ ​ 32,197 ​ Unrealized gains recorded in earnings ​ ​ 549 ​ ​ 745 ​ ​ 549 ​ ​ 745 ​ Balance at end of period ​ $ 549 ​ $ 745 ​ $ 549 ​ $ 745 ​ ​
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 June 30, 2020 Principal Amount Servicing Rights Movement Effect Adjustment Rate lock commitments ​ $ 29,070 ​ $ 549 ​ $ (128) ​ $ 421 Forward sale commitments ​ ​ 373,468 ​ ​ — ​ ​ 128 ​ ​ 128 Loans held-for-sale, net (1) ​ ​ 349,860 ​ ​ 11,234 ​ ​ — ​ ​ 11,234 Total ​ ​ ​ ​ $ 11,783 ​ $ — ​ $ 11,783 (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 ​ $ 4,800,176 ​ $ 4,972,258 ​ $ — ​ $ — ​ $ 4,972,258 Loans held-for-sale, net ​ ​ 360,372 ​ ​ 366,343 ​ ​ — ​ ​ 355,109 ​ ​ 11,234 Capitalized mortgage servicing rights, net ​ ​ 313,288 ​ ​ 333,374 ​ ​ — ​ ​ — ​ ​ 333,374 Securities held-to-maturity, net ​ ​ 119,019 ​ ​ 119,881 ​ ​ — ​ ​ — ​ ​ 119,881 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Credit and repurchase facilities ​ $ 1,235,613 ​ $ 1,238,062 ​ $ — ​ $ 333,473 ​ $ 904,589 Collateralized loan obligations ​ 2,514,524 ​ 2,410,954 ​ — ​ — ​ 2,410,954 Senior unsecured notes ​ 661,757 ​ 552,038 ​ 552,038 ​ — ​ — Convertible senior unsecured notes, net ​ ​ 265,244 ​ ​ 253,359 ​ ​ — ​ ​ 253,359 ​ ​ — Junior subordinated notes ​ 141,295 ​ 98,628 ​ — ​ — ​ 98,628

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 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 (six months ending December 31, 2020) ​ $ 802,105 ​ $ 2,547 ​ $ 804,652 2021 ​ 442,395 ​ 3,124 ​ 445,519 2022 ​ 1,821,154 ​ 2,775 ​ 1,823,929 2023 ​ 926,676 ​ 2,052 ​ 928,728 2024 ​ 382,904 ​ 1,459 ​ 384,363 2025 ​ ​ — ​ ​ 1,503 ​ ​ 1,503 Thereafter ​ 501,845 ​ 1,802 ​ 503,647 Total ​ $ 4,877,079 ​ $ 15,262 ​ $ 4,892,341

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	6 Months Ended
	Jun. 30, 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2020 December 31, 2019 ​ Assets: ​ ​ ​ ​ ​ ​ ​ Restricted cash ​ $ 90,034 ​ $ 208,467 ​ Loans and investments, net ​ ​ 3,014,756 ​ ​ 2,557,909 ​ Other assets ​ ​ 22,379 ​ ​ 18,380 ​ Total assets ​ $ 3,127,169 ​ $ 2,784,756 ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ Collateralized loan obligations ​ $ 2,514,524 ​ $ 2,130,121 ​ Debt fund ​ ​ — ​ ​ 68,629 ​ Due to related party ​ ​ 13 ​ ​ 6,734 ​ Other liabilities ​ 2,778 ​ 4,115 ​ Total liabilities ​ $ 2,517,315 ​ $ 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 June 30, 2020 is as follows (in thousands): ​ ​ ​ ​ ​ Type Carrying Amount (1) Loans ​ $ 391,668 B Piece and SFR bonds ​ ​ 84,240 APL certificates ​ ​ 37,927 Equity investments ​ ​ 12,316 Agency interest only strips ​ ​ 2,235 Total ​ $ 528,386 (1) Represents the carrying amount of loans and investments before reserves. At June 30, 2020, $129.4 million of loans to VIEs had corresponding specific loan loss reserves of $79.4 million. The maximum loss exposure as of June 30, 2020 would not exceed the carrying amount of our investment. ​

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 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 May 6, 2020 ​ $ 0.30 ​ May 1, 2020 ​ $ 0.515625 ​ $ 0.484375 ​ $ 0.53125 (1) The dividend declared on May 1, 2020 was for March 1, 2020 through May 31, 2020 and 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	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ ​ 2020 ​ 2019 ​ Basic Diluted Basic ​ Diluted Net income attributable to common stockholders (1) ​ $ 44,091 ​ $ 44,091 ​ $ 28,916 ​ $ 28,916 Net income attributable to noncontrolling interest (2) ​ ​ — ​ ​ 8,110 ​ ​ — ​ ​ 6,598 Net income attributable to common stockholders and noncontrolling interest ​ $ 44,091 ​ $ 52,201 ​ $ 28,916 ​ $ 35,514 Weighted average shares outstanding ​ 110,745,572 ​ 110,745,572 ​ 89,955,923 ​ 89,955,923 Dilutive effect of OP Units (2) ​ ​ — ​ ​ 20,369,265 ​ ​ — ​ ​ 20,486,862 Dilutive effect of restricted stock units (3) ​ — ​ 767,561 ​ — ​ 1,412,925 Dilutive effect of convertible notes (4) ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,768,674 Weighted average shares outstanding ​ 110,745,572 ​ 131,882,398 ​ 89,955,923 ​ 113,624,384 Net income per common share (1) ​ $ 0.40 ​ $ 0.40 ​ $ 0.32 ​ $ 0.31 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ ​ 2020 ​ 2019 ​ ​ Basic Diluted Basic Diluted ​ Net (loss) income attributable to common stockholders (1) ​ $ (15,219) ​ $ (15,219) ​ $ 51,566 ​ $ 51,566 ​ Net (loss) income attributable to noncontrolling interest (2) ​ ​ — ​ ​ (2,824) ​ ​ — ​ ​ 12,066 ​ Net (loss) income attributable to common stockholders and noncontrolling interest ​ $ (15,219) ​ $ (18,043) ​ $ 51,566 ​ $ 63,632 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares outstanding ​ 110,768,992 ​ 110,768,992 ​ 87,567,171 ​ 87,567,171 ​ Dilutive effect of OP Units (2) ​ ​ — ​ ​ 20,397,026 ​ ​ — ​ ​ 20,520,461 ​ Dilutive effect of restricted stock units (3) ​ — ​ — ​ — ​ 1,394,821 ​ Dilutive effect of convertible notes (4) ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,297,227 ​ Weighted average shares outstanding ​ 110,768,992 ​ 131,166,018 ​ 87,567,171 ​ 110,779,680 ​ Net (loss) income per common share (1) ​ $ (0.14) ​ $ (0.14) ​ $ 0.59 ​ $ 0.57 ​ (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 at June 30, 2020.

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2020
Segment Information
Schedule of statement of income and balance sheet by segment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2020 ​ ​ Structured ​ Agency ​ Other / ​ ​ ​ ​ Business Business Eliminations (1) Consolidated Interest income ​ $ 74,295 ​ $ 8,785 ​ $ — ​ $ 83,080 Interest expense ​ ​ 36,739 ​ ​ 4,563 ​ ​ — ​ ​ 41,302 Net interest income ​ ​ 37,556 ​ ​ 4,222 ​ ​ — ​ ​ 41,778 Other revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain on sales, including fee-based services, net ​ ​ — ​ ​ 26,366 ​ ​ — ​ ​ 26,366 Mortgage servicing rights ​ ​ — ​ ​ 32,417 ​ ​ — ​ ​ 32,417 Servicing revenue ​ ​ — ​ ​ 25,397 ​ ​ — ​ ​ 25,397 Amortization of MSRs ​ ​ — ​ ​ (11,891) ​ ​ — ​ ​ (11,891) Property operating income ​ ​ 751 ​ ​ — ​ ​ — ​ ​ 751 Loss on derivative instruments, net ​ ​ (294) ​ ​ (7,074) ​ ​ — ​ ​ (7,368) Other income, net ​ ​ 990 ​ ​ 59 ​ ​ — ​ ​ 1,049 Total other revenue ​ ​ 1,447 ​ ​ 65,274 ​ ​ — ​ ​ 66,721 Other expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee compensation and benefits ​ ​ 9,161 ​ ​ 25,277 ​ ​ — ​ ​ 34,438 Selling and administrative ​ ​ 3,533 ​ ​ 5,073 ​ ​ — ​ 8,606 Property operating expenses ​ ​ 1,035 ​ ​ — ​ ​ — ​ ​ 1,035 Depreciation and amortization ​ ​ 629 ​ ​ 1,332 ​ ​ — ​ ​ 1,961 Provision for loss sharing (net of recoveries) ​ ​ — ​ ​ 2,395 ​ ​ — ​ ​ 2,395 Provision for credit losses (net of recoveries) ​ ​ 10,558 ​ ​ 2,156 ​ ​ — ​ ​ 12,714 Total other expenses ​ ​ 24,916 ​ ​ 36,233 ​ ​ — ​ ​ 61,149 Income before extinguishment of debt, income from equity affiliates and income taxes ​ ​ 14,087 ​ ​ 33,263 ​ ​ — ​ ​ 47,350 Loss on extinguishment of debt ​ ​ (1,592) ​ ​ — ​ ​ — ​ ​ (1,592) Income from equity affiliates ​ ​ 20,408 ​ ​ — ​ ​ — ​ ​ 20,408 Provision for income taxes ​ ​ (164) ​ ​ (11,913) ​ ​ — ​ ​ (12,077) Net income ​ ​ 32,739 ​ ​ 21,350 ​ ​ — ​ ​ 54,089 Preferred stock dividends ​ ​ 1,888 ​ ​ — ​ ​ — ​ ​ 1,888 Net income attributable to noncontrolling interest ​ ​ — ​ ​ — ​ ​ 8,110 ​ ​ 8,110 Net income attributable to common stockholders ​ $ 30,851 ​ $ 21,350 ​ $ (8,110) ​ $ 44,091 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2019 ​ ​ Structured ​ Agency ​ Other / ​ ​ ​ Business Business Eliminations (1) Consolidated Interest income $ 76,144 $ 6,027 $ — $ 82,171 Interest expense ​ ​ 44,716 ​ ​ 3,568 ​ ​ — ​ ​ 48,284 Net interest income ​ ​ 31,428 ​ ​ 2,459 ​ ​ — ​ ​ 33,887 Other revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain on sales, including fee-based services, net ​ ​ — ​ ​ 14,211 ​ ​ — ​ ​ 14,211 Mortgage servicing rights ​ ​ — ​ ​ 18,709 ​ ​ — ​ ​ 18,709 Servicing revenue ​ ​ — ​ ​ 24,936 ​ ​ — ​ ​ 24,936 Amortization of MSRs ​ ​ — ​ ​ (12,324) ​ ​ — ​ ​ (12,324) Property operating income ​ ​ 3,147 ​ ​ — ​ ​ — ​ ​ 3,147 (Loss) gain on derivative instruments, net ​ ​ (361) ​ ​ 1,103 ​ ​ — ​ ​ 742 Other income, net ​ ​ 651 ​ ​ — ​ ​ — ​ ​ 651 Total other revenue ​ ​ 3,437 ​ ​ 46,635 ​ ​ — ​ ​ 50,072 Other expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee compensation and benefits ​ ​ 6,815 ​ ​ 22,207 ​ ​ — ​ ​ 29,022 Selling and administrative ​ ​ 5,328 ​ ​ 5,153 ​ ​ — ​ 10,481 Property operating expenses ​ ​ 2,691 ​ ​ — ​ ​ — ​ ​ 2,691 Depreciation and amortization ​ ​ 509 ​ ​ 1,400 ​ ​ — ​ ​ 1,909 Impairment loss on real estate owned ​ ​ 1,000 ​ ​ — ​ ​ — ​ ​ 1,000 Provision for loss sharing (net of recoveries) ​ ​ — ​ ​ 368 ​ ​ — ​ ​ 368 Total other expenses ​ ​ 16,343 ​ ​ 29,128 ​ ​ — ​ ​ 45,471 Income before extinguishment of debt, income from equity affiliates and income taxes ​ ​ 18,522 ​ ​ 19,966 ​ ​ — ​ ​ 38,488 Income from equity affiliates ​ ​ 3,264 ​ ​ — ​ ​ — ​ ​ 3,264 Provision for income taxes ​ ​ — ​ ​ (4,350) ​ ​ — ​ ​ (4,350) Net income ​ ​ 21,786 ​ ​ 15,616 ​ ​ — ​ ​ 37,402 Preferred stock dividends ​ ​ 1,888 ​ ​ — ​ ​ — ​ ​ 1,888 Net income attributable to noncontrolling interest ​ ​ — ​ ​ — ​ ​ 6,598 ​ ​ 6,598 Net income attributable to common stockholders $ 19,898 $ 15,616 $ (6,598) $ 28,916 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2020 ​ ​ ​ Structured ​ ​ Agency ​ ​ Other / ​ ​ ​ ​ ​ Business ​ Business ​ Eliminations (1) ​ Consolidated Interest income ​ $ 152,772 ​ $ 18,834 ​ $ — ​ $ 171,606 Interest expense ​ ​ 80,138 ​ ​ 11,146 ​ ​ — ​ ​ 91,284 Net interest income ​ ​ 72,634 ​ ​ 7,688 ​ ​ — ​ ​ 80,322 Other revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain on sales, including fee-based services, net ​ ​ — ​ ​ 40,671 ​ ​ — ​ ​ 40,671 Mortgage servicing rights ​ ​ — ​ ​ 54,351 ​ ​ — ​ ​ 54,351 Servicing revenue ​ ​ — ​ ​ 50,522 ​ ​ — ​ ​ 50,522 Amortization of MSRs ​ ​ — ​ ​ (23,713) ​ ​ — ​ ​ (23,713) Property operating income ​ ​ 2,943 ​ ​ — ​ ​ — ​ ​ 2,943 Loss on derivative instruments, net ​ ​ (3,294) ​ ​ (54,805) ​ ​ — ​ ​ (58,099) Other income, net ​ ​ 2,293 ​ ​ 58 ​ ​ — ​ ​ 2,351 Total other revenue ​ ​ 1,942 ​ ​ 67,084 ​ ​ — ​ ​ 69,026 Other expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee compensation and benefits ​ ​ 20,007 ​ ​ 48,683 ​ ​ — ​ ​ 68,690 Selling and administrative ​ ​ 7,983 ​ ​ 11,675 ​ ​ — ​ ​ 19,658 Property operating expenses ​ ​ 3,478 ​ ​ — ​ ​ — ​ ​ 3,478 Depreciation and amortization ​ ​ 1,248 ​ ​ 2,660 ​ ​ — ​ ​ 3,908 Provision for loss sharing (net of recoveries) ​ ​ — ​ ​ 23,932 ​ ​ — ​ ​ 23,932 Provision for credit losses (net of recoveries) ​ ​ 64,448 ​ ​ 2,648 ​ ​ — ​ ​ 67,096 Total other expenses ​ ​ 97,164 ​ ​ 89,598 ​ ​ — ​ ​ 186,762 Loss before extinguishment of debt, income from equity affiliates and income taxes ​ ​ (22,588) ​ ​ (14,826) ​ ​ — ​ ​ (37,414) Loss on extinguishment of debt ​ ​ (3,546) ​ ​ — ​ ​ — ​ ​ (3,546) Income from equity affiliates ​ ​ 24,401 ​ ​ — ​ ​ — ​ ​ 24,401 (Provision for) benefit from income taxes ​ ​ (248) ​ ​ 2,541 ​ ​ — ​ ​ 2,293 Net loss ​ ​ (1,981) ​ ​ (12,285) ​ ​ — ​ ​ (14,266) Preferred stock dividends ​ ​ 3,777 ​ ​ — ​ ​ — ​ ​ 3,777 Net loss attributable to noncontrolling interest ​ ​ — ​ ​ — ​ ​ (2,824) ​ ​ (2,824) Net loss attributable to common stockholders ​ $ (5,758) ​ $ (12,285) ​ $ 2,824 ​ $ (15,219) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, 2019 ​ ​ Structured ​ Agency ​ Other / ​ ​ ​ Business Business Eliminations (1) Consolidated Interest income $ 141,953 $ 11,495 $ — $ 153,448 Interest expense ​ ​ 82,973 ​ ​ 7,176 ​ ​ — ​ ​ 90,149 Net interest income ​ ​ 58,980 ​ ​ 4,319 ​ ​ — ​ ​ 63,299 Other revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain on sales, including fee-based services, net ​ ​ — ​ ​ 30,600 ​ ​ — ​ ​ 30,600 Mortgage servicing rights ​ ​ — ​ ​ 32,941 ​ ​ — ​ ​ 32,941 Servicing revenue ​ ​ — ​ ​ 50,770 ​ ​ — ​ ​ 50,770 Amortization of MSRs ​ ​ — ​ ​ (24,606) ​ ​ — ​ ​ (24,606) Property operating income ​ ​ 5,950 ​ ​ — ​ ​ — ​ ​ 5,950 Loss on derivative instruments, net ​ ​ (362) ​ ​ (1,361) ​ ​ — ​ ​ (1,723) Other income, net ​ ​ 989 ​ ​ — ​ ​ — ​ ​ 989 Total other revenue ​ ​ 6,577 ​ ​ 88,344 ​ ​ — ​ ​ 94,921 Other expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee compensation and benefits ​ ​ 15,279 ​ ​ 45,507 ​ ​ — ​ ​ 60,786 Selling and administrative ​ ​ 9,749 ​ ​ 10,493 ​ ​ — ​ 20,242 Property operating expenses ​ ​ 5,086 ​ ​ — ​ ​ — ​ ​ 5,086 Depreciation and amortization ​ ​ 1,020 ​ ​ 2,801 ​ ​ — ​ ​ 3,821 Impairment loss on real estate owned ​ ​ 1,000 ​ ​ — ​ ​ — ​ ​ 1,000 Provision for loss sharing (net of recoveries) ​ ​ — ​ ​ 822 ​ ​ — ​ ​ 822 Total other expenses ​ ​ 32,134 ​ ​ 59,623 ​ ​ — ​ ​ 91,757 Income before extinguishment of debt, income from equity affiliates and income taxes ​ ​ 33,423 ​ ​ 33,040 ​ ​ — ​ ​ 66,463 Loss on extinguishment of debt ​ ​ (128) ​ ​ — ​ ​ — ​ ​ (128) Income from equity affiliates ​ ​ 5,415 ​ ​ — ​ ​ — ​ ​ 5,415 Provision for income taxes ​ ​ — ​ ​ (4,341) ​ ​ — ​ ​ (4,341) Net income ​ ​ 38,710 ​ ​ 28,699 ​ ​ — ​ ​ 67,409 Preferred stock dividends ​ ​ 3,777 ​ ​ — ​ ​ — ​ ​ 3,777 Net income attributable to noncontrolling interest ​ ​ — ​ ​ — ​ ​ 12,066 ​ ​ 12,066 Net income attributable to common stockholders $ 34,933 $ 28,699 $ (12,066) $ 51,566 (1) Includes income allocated to the noncontrolling interest holders not allocated to the two reportable segments. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2020 ​ Structured Business Agency Business Consolidated Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 268,467 ​ $ 115,715 ​ $ 384,182 Restricted cash ​ ​ 90,457 ​ ​ 4,390 ​ ​ 94,847 Loans and investments, net ​ ​ 4,800,176 ​ ​ — ​ ​ 4,800,176 Loans held-for-sale, net ​ ​ — ​ ​ 360,372 ​ ​ 360,372 Capitalized mortgage servicing rights, net ​ ​ — ​ ​ 313,288 ​ ​ 313,288 Securities held-to-maturity, net ​ ​ 20,000 ​ ​ 99,019 ​ ​ 119,019 Investments in equity affiliates ​ ​ 64,991 ​ ​ — ​ ​ 64,991 Goodwill and other intangible assets ​ ​ 12,500 ​ ​ 95,540 ​ ​ 108,040 Other assets ​ ​ 107,134 ​ ​ 38,075 ​ ​ 145,209 Total assets ​ $ 5,363,725 ​ $ 1,026,399 ​ $ 6,390,124 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt obligations ​ $ 4,484,961 ​ $ 333,472 ​ $ 4,818,433 Allowance for loss-sharing obligations ​ ​ — ​ ​ 73,220 ​ ​ 73,220 Other liabilities ​ ​ 185,378 ​ ​ 55,317 ​ ​ 240,695 Total liabilities ​ $ 4,670,339 ​ $ 462,009 ​ $ 5,132,348 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 June 30, ​ Six Months Ended June 30, ​ ​ ​ ​ 2020 2019 2020 2019 ​ Origination Data: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Structured Business ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ New loan originations ​ $ 300,481 ​ $ 1,014,103 ​ $ 1,156,710 ​ $ 1,430,398 ​ ​ Loan payoffs / paydowns ​ ​ 159,174 ​ ​ 503,130 ​ ​ 434,466 ​ ​ 782,601 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Agency Business ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Origination Volumes by Investor: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fannie Mae ​ $ 1,140,181 ​ $ 937,977 ​ $ 1,722,154 ​ $ 1,484,863 ​ ​ Freddie Mac ​ ​ 135,720 ​ ​ 234,851 ​ ​ 335,431 ​ ​ 427,343 ​ ​ FHA ​ ​ 75,533 ​ ​ 43,558 ​ ​ 93,476 ​ ​ 44,668 ​ ​ Private Label ​ ​ 49,122 ​ ​ — ​ ​ 331,467 ​ ​ — ​ ​ CMBS/Conduit ​ ​ — ​ ​ 71,900 ​ ​ — ​ ​ 177,325 ​ ​ Total ​ $ 1,400,556 ​ $ 1,288,286 ​ $ 2,482,528 ​ $ 2,134,199 ​ ​ Total loan commitment volume ​ $ 1,206,723 ​ $ 1,302,128 ​ $ 2,473,941 ​ $ 2,149,091 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loan Sales Data: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Agency Business ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fannie Mae ​ $ 1,063,923 ​ $ 668,063 ​ $ 1,817,967 ​ $ 1,415,001 ​ ​ Private Label ​ ​ 727,154 ​ ​ — ​ ​ 727,154 ​ ​ — ​ ​ Freddie Mac ​ ​ 171,688 ​ ​ 176,544 ​ ​ 351,391 ​ ​ 400,317 ​ ​ FHA ​ ​ 30,124 ​ ​ 6,539 ​ ​ 53,437 ​ ​ 32,170 ​ ​ CMBS/Conduit ​ ​ — ​ ​ 71,900 ​ ​ — ​ ​ 177,325 ​ ​ Total ​ $ 1,992,889 ​ $ 923,046 ​ $ 2,949,949 ​ $ 2,024,813 ​ ​ Sales margin (fee-based services as a % of loan sales) ​ ​ 1.32 % ​ 1.54 % ​ 1.38 % ​ 1.51 % ​ MSR rate (MSR income as a % of loan commitments) ​ ​ 2.69 % ​ 1.44 % ​ 2.20 % ​ 1.53 % ​
Schedule of key servicing metrics for Agency Business	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 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 ​ $ 15,672,931 ​ 50.5 ​ 8.2 Freddie Mac ​ ​ 4,560,382 ​ 29.5 ​ 10.6 Private Label ​ ​ 727,132 ​ 20.0 ​ 9.5 FHA ​ ​ 621,487 ​ 15.4 ​ 19.6 Total ​ $ 21,581,932 ​ 44.1 ​ 9.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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)	6 Months Ended
	Jun. 30, 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		Jan. 01, 2020	Jun. 30, 2020	Dec. 31, 2019
Schedule of impact of adopting ASU 2016-13
Accumulated deficit			$ 167,165	$ 60,920
Allowance for credit losses:
Securities held-to-maturity, net			119,019	88,699
Liabilities:
Allowance for loss-sharing obligations			$ 73,220	$ 34,648
Impact of adopting CECL
Schedule of impact of adopting ASU 2016-13
Accumulated deficit		$ 28,600
Allowance for credit losses:
Structured loans and investments (1)	[1]	88,363
Securities held-to-maturity, net		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
Securities held-to-maturity, net		501
Deferred tax asset		3,594
Liabilities:
Allowance for loss-sharing obligations		$ 14,406
Change in Accounting Principle, Accounting Standards Update, Transition Option Elected [Fixed List]		us-gaap:ModifiedRetrospective
Impact of Adoption | Impact of adopting CECL
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	6 Months Ended	12 Months Ended
	Jun. 30, 2020USD ($)loanborrower	Dec. 31, 2019USD ($)loanborrower	Mar. 31, 2020USD ($)	Jun. 30, 2019USD ($)
Loans and Investments
Loans and investments, gross	$ 4,972,138	$ 4,279,611
Unearned revenue	(19,151)	(18,582)
Loans and investments, net	4,800,176	4,189,960
Allowance for credit losses	$ (152,811)	$ (71,069)	$ (142,252)	$ (71,069)
Percent of Total	100.00%	100.00%
Loan Count | loan	294	272
Wtd. Avg. Pay Rate (as a percent)	5.57%	5.98%
Wtd. Avg. Remaining Months to Maturity	20 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)	78.00%	76.00%
Credit risk concentration
Loans and Investments
Amortized cost basis	$ 4,972,138
Allowance for credit losses - CECL	$ 4,972,138
Wtd. Avg. First Dollar LTV Ratio (as percent)	4.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	78.00%
Credit risk concentration | Single-Family Rental
Loans and Investments
Amortized cost basis	$ 101,963
Allowance for credit losses - CECL	$ 101,963
Percent of Total	2.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	0.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	75.00%
Total assets | Credit risk concentration
Loans and Investments
Loan Count | loan	23	24
Number of different borrowers | borrower	5	5
Concentration risk, percentage	13.00%	13.00%
Bridge loans
Loans and Investments
Loans and investments, gross	$ 4,504,232	$ 3,836,832
Percent of Total	91.00%	90.00%
Loan Count | loan	234	217
Wtd. Avg. Pay Rate (as a percent)	5.37%	5.77%
Wtd. Avg. Remaining Months to Maturity	16 months 18 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	5	11
Total loan commitment	$ 53,400	$ 66,700
Preferred equity investments
Loans and Investments
Loans and investments, gross	$ 216,934	$ 181,058
Percent of Total	4.00%	4.00%
Loan Count | loan	12	10
Wtd. Avg. Pay Rate (as a percent)	8.33%	7.62%
Wtd. Avg. Remaining Months to Maturity	53 months 9 days	68 months 24 days
Wtd. Avg. First Dollar LTV Ratio (as percent)	67.00%	69.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	89.00%	89.00%
Mezzanine loans
Loans and Investments
Loans and investments, gross	$ 170,917	$ 191,575
Percent of Total	3.00%	4.00%
Loan Count | loan	28	24
Wtd. Avg. Pay Rate (as a percent)	7.78%	9.70%
Wtd. Avg. Remaining Months to Maturity	46 months 27 days	36 months 21 days
Wtd. Avg. First Dollar LTV Ratio (as percent)	28.00%	22.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	78.00%	73.00%
Other
Loans and Investments
Loans and investments, gross	$ 80,055	$ 70,146
Percent of Total	2.00%	2.00%
Loan Count | loan	20	21
Wtd. Avg. Pay Rate (as a percent)	5.10%	2.88%
Wtd. Avg. Remaining Months to Maturity	73 months 24 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	$ 73,700	$ 41,600
Unpaid principal balance, funded	$ 28,300	$ 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	6 Months Ended	12 Months Ended
	Jun. 30, 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)	78.00%	76.00%
Credit risk concentration
Loans and Investments
Origination Year 2020	$ 1,093,949
Origination Year 2019	2,503,786
Origination Year 2018	593,030
Origination Year 2017	582,331
Origination Year 2016	8,250
Origination Year Prior	190,792
Amortized cost basis	$ 4,972,138
Wtd. Avg. First Dollar LTV Ratio (as percent)	4.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	78.00%
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	$ 966,989
Origination Year 2019	2,194,322
Origination Year 2018	410,781
Origination Year 2017	358,100
Origination Year 2016	8,250
Origination Year Prior	46,785
Amortized cost basis	$ 3,985,227
Percentage of Portfolio	80.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	4.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	77.00%
Credit risk concentration | Multifamily | Pass
Loans and Investments
Origination Year 2020	$ 487,598
Origination Year 2019	454,747
Origination Year 2018	19,300
Origination Year 2017	32,500
Origination Year Prior	905
Amortized cost basis	995,050
Credit risk concentration | Multifamily | Pass/watch
Loans and Investments
Origination Year 2020	454,466
Origination Year 2019	1,131,309
Origination Year 2018	187,805
Origination Year 2017	173,600
Origination Year Prior	28,800
Amortized cost basis	1,975,980
Credit risk concentration | Multifamily | Special mention
Loans and Investments
Origination Year 2020	24,925
Origination Year 2019	572,887
Origination Year 2018	160,749
Origination Year 2017	134,300
Origination Year Prior	17,080
Amortized cost basis	909,941
Credit risk concentration | Multifamily | Substandard
Loans and Investments
Origination Year 2019	35,379
Origination Year 2018	42,927
Origination Year 2017	17,700
Origination Year 2016	8,250
Amortized cost basis	104,256
Credit risk concentration | Land
Loans and Investments
Origination Year 2020	71,018
Origination Year 2019	19,524
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)	91.00%
Credit risk concentration | Land | Special mention
Loans and Investments
Origination Year 2020	$ 71,018
Origination Year 2019	19,524
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	3.00%
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	$ 6,600
Origination Year 2018	10,000
Amortized cost basis	16,600
Credit risk concentration | Healthcare | Pass/watch
Loans and Investments
Origination Year 2019	14,750
Origination Year 2018	51,500
Origination Year 2017	41,650
Amortized cost basis	107,900
Credit risk concentration | Healthcare | Special mention
Loans and Investments
Origination Year 2019	59,569
Origination Year 2018	15,000
Amortized cost basis	74,569
Credit risk concentration | Healthcare | Doubtful
Loans and Investments
Origination Year 2017	4,625
Amortized cost basis	4,625
Credit risk concentration | Student Housing
Loans and Investments
Origination Year 2020	23,500
Origination Year 2019	44,500
Origination Year 2018	16,350
Origination Year 2017	67,250
Amortized cost basis	$ 151,600
Percentage of Portfolio	4.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	12.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	76.00%
Credit risk concentration | Student Housing | Special mention
Loans and Investments
Origination Year 2019	$ 44,500
Origination Year 2018	3,350
Amortized cost basis	47,850
Credit risk concentration | Student Housing | Substandard
Loans and Investments
Origination Year 2020	23,500
Origination Year 2018	13,000
Origination Year 2017	67,250
Amortized cost basis	103,750
Credit risk concentration | Office
Loans and Investments
Origination Year 2018	47,799
Origination Year 2017	77,151
Origination Year Prior	10,826
Amortized cost basis	$ 135,776
Percentage of Portfolio	3.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	3.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	76.00%
Credit risk concentration | Office | Pass
Loans and Investments
Origination Year 2018	$ 5,000
Amortized cost basis	5,000
Credit risk concentration | Office | Pass/watch
Loans and Investments
Origination Year 2017	34,000
Amortized cost basis	34,000
Credit risk concentration | Office | Special mention
Loans and Investments
Origination Year 2017	43,151
Origination Year Prior	9,946
Amortized cost basis	53,097
Credit risk concentration | Office | Substandard
Loans and Investments
Origination Year 2018	42,799
Amortized cost basis	42,799
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	32,442
Origination Year 2019	69,521
Amortized cost basis	$ 101,963
Percentage of Portfolio	2.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	0.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	75.00%
Credit risk concentration | Single-Family Rental | Pass
Loans and Investments
Origination Year 2020	$ 8,565
Origination Year 2019	34,607
Amortized cost basis	43,172
Credit risk concentration | Single-Family Rental | Pass/watch
Loans and Investments
Origination Year 2020	104
Origination Year 2019	34,753
Amortized cost basis	34,857
Credit risk concentration | Single-Family Rental | Special mention
Loans and Investments
Origination Year 2020	23,773
Origination Year 2019	161
Amortized cost basis	23,934
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)	91.00%
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 2019	4,000
Origination Year 2018	41,600
Origination Year 2017	13,580
Origination Year Prior	5,253
Amortized cost basis	$ 64,433
Percentage of Portfolio	1.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	7.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	79.00%
Credit risk concentration | Other | Pass
Loans and Investments
Origination Year 2019	$ 4,000
Amortized cost basis	4,000
Credit risk concentration | Other | Pass/watch
Loans and Investments
Origination Year 2018	9,000
Origination Year 2017	13,580
Amortized cost basis	22,580
Credit risk concentration | Other | Substandard
Loans and Investments
Origination Year 2018	32,600
Origination Year Prior	3,553
Amortized cost basis	36,153
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	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020	Jun. 30, 2020	Jun. 30, 2019
Changes in allowance for loan losses
Allowance at beginning of period	$ 142,252	$ 71,069
Provision for credit loss expense	10,559	64,400
Allowance at end of period	152,811	152,811
Allowance for credit losses	142,252	71,069	$ 152,811	$ 71,069
Accrued interest receivable related to loans			36,200
Unfunded commitments related to structured loans and investments			150,900
As Reported Pre-Adoption
Changes in allowance for loan losses
Allowance at beginning of period		71,069
Provision for credit loss expense		64,448
Allowance at end of period	152,811	152,811
Allowance for credit losses	152,811	152,811	152,811	71,069
Impact of Adoption | Impact of adopting CECL
Changes in allowance for loan losses
Allowance at beginning of period		17,294
Allowance at end of period	17,300	17,300
Allowance for credit losses	17,300	17,300	17,300
Land
Changes in allowance for loan losses
Allowance at beginning of period	78,418
Provision for credit loss expense	(324)	10,148
Allowance at end of period	78,094	78,094
Allowance for credit losses	78,094	78,094	78,094	67,869
Land | As Reported Pre-Adoption
Changes in allowance for loan losses
Allowance at beginning of period		67,869
Allowance for credit losses		67,869
Land | Impact of Adoption | Impact of adopting CECL
Changes in allowance for loan losses
Allowance at beginning of period		77
Allowance for credit losses		77
Multifamily
Changes in allowance for loan losses
Allowance at beginning of period	31,891
Provision for credit loss expense	2,715	18,284
Allowance at end of period	34,606	34,606
Allowance for credit losses	34,606	34,606	34,606
Multifamily | Impact of Adoption | Impact of adopting CECL
Changes in allowance for loan losses
Allowance at beginning of period		16,322
Allowance for credit losses		16,322
Retail
Changes in allowance for loan losses
Allowance at beginning of period	11,322
Provision for credit loss expense	2,659	13,646
Allowance at end of period	13,981	13,981
Allowance for credit losses	13,981	13,981	13,981
Retail | Impact of Adoption | Impact of adopting CECL
Changes in allowance for loan losses
Allowance at beginning of period		335
Allowance for credit losses		335
Office
Changes in allowance for loan losses
Allowance at beginning of period	6,096
Provision for credit loss expense	2,436	6,745
Allowance at end of period	8,532	8,532
Allowance for credit losses	8,532	8,532	8,532	1,500
Office | As Reported Pre-Adoption
Changes in allowance for loan losses
Allowance at beginning of period		1,500
Allowance for credit losses		1,500
Office | Impact of Adoption | Impact of adopting CECL
Changes in allowance for loan losses
Allowance at beginning of period		287
Allowance for credit losses		287
Hotel
Changes in allowance for loan losses
Allowance at beginning of period	7,528
Provision for credit loss expense	144	7,643
Allowance at end of period	7,672	7,672
Allowance for credit losses	7,672	7,672	7,672
Hotel | Impact of Adoption | Impact of adopting CECL
Changes in allowance for loan losses
Allowance at beginning of period		29
Allowance for credit losses		29
Student Housing
Changes in allowance for loan losses
Allowance at beginning of period	1,142
Provision for credit loss expense	2,968	4,042
Allowance at end of period	4,110	4,110
Allowance for credit losses	4,110	4,110	4,110
Student Housing | Impact of Adoption | Impact of adopting CECL
Changes in allowance for loan losses
Allowance at beginning of period		68
Allowance for credit losses		68
Healthcare
Changes in allowance for loan losses
Allowance at beginning of period	3,934
Provision for credit loss expense	(4)	3,866
Allowance at end of period	3,930	3,930
Allowance for credit losses	3,930	3,930	3,930
Healthcare | Impact of Adoption | Impact of adopting CECL
Changes in allowance for loan losses
Allowance at beginning of period		64
Allowance for credit losses		64
Other
Changes in allowance for loan losses
Allowance at beginning of period	1,921
Provision for credit loss expense	(35)	74
Allowance at end of period	1,886	1,886
Allowance for credit losses	$ 1,886	1,886	$ 1,886	$ 1,700
Other | As Reported Pre-Adoption
Changes in allowance for loan losses
Allowance at beginning of period		1,700
Allowance for credit losses		1,700
Other | Impact of Adoption | Impact of adopting CECL
Changes in allowance for loan losses
Allowance at beginning of period		112
Allowance for credit losses		$ 112

Loans and Investments - Charge-

Loans and Investments - Charge-offs and Recoveries Narratives (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2020USD ($)loan	Jun. 30, 2020USD ($)loan	Mar. 31, 2020USD ($)loan	Dec. 31, 2019USD ($)	Jun. 30, 2019USD ($)	Mar. 31, 2019loan
Loans and Investments
Provision for credit loss expense	$ 10,559	$ 64,400
Number of loans for which no provision for loan loss made | loan			0			0
Allowance for credit losses	$ 152,811	$ 152,811	$ 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	6
Unpaid principal balance on loans	$ 120,700	$ 120,700
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	5
Unpaid principal balance on loans	$ 111,300	$ 111,300
Weighted average accrual rate of interest (as a percent)		7.98%
Allowance for credit losses	71,400	$ 71,400		$ 61,400
Office
Loans and Investments
Provision for credit loss expense	2,436	6,745
Allowance for credit losses	8,532	8,532	6,096		$ 1,500
Hotel
Loans and Investments
Provision for credit loss expense	144	7,643
Allowance for credit losses	$ 7,672	$ 7,672	$ 7,528

Loans and Investments - Summary

Loans and Investments - Summary of impaired loans (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2020USD ($)	Dec. 31, 2019USD ($)
Loans and Investments
UPB	$ 228,890	$ 138,141
Carrying Value	220,706	130,726
Allowance for Credit Losses	$ 106,340	$ 71,069
Wtd. Avg. First Dollar LTV Ratio	14	1
Wtd. Avg. Last Dollar LTV Ratio	98	96
Land
Loans and Investments
UPB	$ 134,215	$ 134,215
Carrying Value	127,168	126,800
Allowance for Credit Losses	$ 77,869	$ 67,869
Wtd. Avg. First Dollar LTV Ratio	0	0
Wtd. Avg. Last Dollar LTV Ratio	97	97
Hotel
Loans and Investments
UPB	$ 50,000
Carrying Value	49,691
Allowance for Credit Losses	$ 7,500
Wtd. Avg. First Dollar LTV Ratio	59
Wtd. Avg. Last Dollar LTV Ratio	100
Retail
Loans and Investments
UPB	$ 36,154
Carrying Value	35,221
Allowance for Credit Losses	$ 13,926
Wtd. Avg. First Dollar LTV Ratio	9
Wtd. Avg. Last Dollar LTV Ratio	99
Healthcare
Loans and Investments
UPB	$ 4,625
Carrying Value	4,730
Allowance for Credit Losses	$ 3,845
Wtd. Avg. First Dollar LTV Ratio	0
Wtd. Avg. Last Dollar LTV Ratio	89
Office
Loans and Investments
UPB	$ 2,196	$ 2,226
Carrying Value	2,196	2,226
Allowance for Credit Losses	$ 1,500	$ 1,500
Wtd. Avg. First Dollar LTV Ratio	0	0
Wtd. Avg. Last Dollar LTV Ratio	75	78
Commercial
Loans and Investments
UPB	$ 1,700	$ 1,700
Carrying Value	1,700	1,700
Allowance for Credit Losses	$ 1,700	$ 1,700
Wtd. Avg. First Dollar LTV Ratio	63	63
Wtd. Avg. Last Dollar LTV Ratio	63	63

Loans and Investments - Non-per

Loans and Investments - Non-performing Loans (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2020USD ($)loanitem	Dec. 31, 2019USD ($)loanitem
Non-performing loans by asset class
Number of loans | loan	294	272
Number of impaired loans (less unearned revenue and other holdbacks and adjustments) by asset class | item	10	5
UPB	$ 228,890	$ 138,141
Non-performing loans
Non-performing loans by asset class
Number of loans | loan	6	3
Carrying value of loans	$ 43,900	$ 1,800
Loan loss reserves	16,600	1,700
UPB	60,758	3,580
Less Than 90 Days Past Due | Non-performing loans
Non-performing loans by asset class
Interest income recognized on nonaccrual loans	50,000
Past Due	50,000
Greater than 90 Days Past Due
Non-performing loans by asset class
Interest income recognized on nonaccrual loans	0	0
Past Due	0	0
Greater than 90 Days Past Due | Non-performing loans
Non-performing loans by asset class
Interest income recognized on nonaccrual loans	10,758	3,580
Past Due	10,758	3,580
Land
Non-performing loans by asset class
UPB	134,215	134,215
Hotel
Non-performing loans by asset class
UPB	50,000
Hotel | Non-performing loans
Non-performing loans by asset class
UPB	50,000
Hotel | Less Than 90 Days Past Due | Non-performing loans
Non-performing loans by asset class
Interest income recognized on nonaccrual loans	50,000
Past Due	50,000
Healthcare
Non-performing loans by asset class
UPB	4,625
Healthcare | Non-performing loans
Non-performing loans by asset class
UPB	4,625
Healthcare | Greater than 90 Days Past Due | Non-performing loans
Non-performing loans by asset class
Interest income recognized on nonaccrual loans	4,625
Past Due	4,625
Retail
Non-performing loans by asset class
UPB	36,154
Retail | Non-performing loans
Non-performing loans by asset class
UPB	3,553	1,000
Retail | Greater than 90 Days Past Due | Non-performing loans
Non-performing loans by asset class
Interest income recognized on nonaccrual loans	3,553	1,000
Past Due	3,553	1,000
Commercial
Non-performing loans by asset class
UPB	1,700	1,700
Commercial | Non-performing loans
Non-performing loans by asset class
UPB	1,700	1,700
Commercial | Greater than 90 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
Office
Non-performing loans by asset class
UPB	2,196	2,226
Office | Non-performing loans
Non-performing loans by asset class
UPB	880	880
Office | Greater than 90 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		6 Months Ended		12 Months Ended
	Jun. 30, 2020USD ($)loan	Jun. 30, 2019loan	Jun. 30, 2020USD ($)loan	Jun. 30, 2019loan	Dec. 31, 2019USD ($)loan
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans and investments, net	$ 4,800,176		$ 4,800,176		$ 4,189,960
Troubled debt restructurings, number | loan	0	0	0	0
Interest Reserves
Interest reserve held			$ 54,400		$ 37,000
Number of loans covered under interest reserve | loan	151		151		131
Aggregate UPB covered under interest reserve	$ 2,850,000		$ 2,850,000		$ 2,430,000
Greater than 90 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Past Due	0		0		0
Loans past due 90 days or more still accruing interest	$ 0		$ 0		$ 0

Loans Held-for-Sale, Net (Detai

Loans Held-for-Sale, Net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Loans Held-for-Sale, Net
Loans held-for-sale	$ 349,860		$ 349,860		$ 847,126
Fair value of future MSR	11,234		11,234		16,519
Unearned discount	(722)		(722)		(2,285)
Loans held-for-sale, net	360,372		360,372		861,360
Sale of loans held-for-sale			2,949,949	$ 1,847,488
Sale of loans held-for-sale excluding acquired loans	1,990,000	$ 923,000	2,950,000	2,020,000
Gain on sale of loans held-for-sale	24,900	$ 12,900	38,200	$ 28,000
Subordinate class of certificates retained	168,457		168,457		111,028
APL certificates
Loans Held-for-Sale, Net
Subordinate class of certificates retained	63,627		63,627
APL certificates | Held-to-Maturity
Loans Held-for-Sale, Net
Subordinate class of certificates retained	63,600		$ 63,600
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 90 Days Past Due
Loans Held-for-Sale, Net
Past Due	0		$ 0		0
Fannie Mae
Loans Held-for-Sale, Net
Loans held-for-sale, net	312,717		312,717		408,534
Freddie Mac
Loans Held-for-Sale, Net
Loans held-for-sale, net	20,343		20,343		36,303
FHA
Loans Held-for-Sale, Net
Loans held-for-sale, net	11,338		11,338		1,082
Private Label
Loans Held-for-Sale, Net
Loans held-for-sale, net	5,462		$ 5,462		$ 401,207
Sale of loans held-for-sale excluding acquired loans	727,200
Private Label | Held-to-Maturity
Loans Held-for-Sale, Net
Sale of loans held-for-sale excluding acquired loans	$ 727,200

Capitalized Mortgage Servicin_3

Capitalized Mortgage Servicing Rights (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Capitalized Mortgage Servicing Rights
Balance at beginning of period			$ 286,420
Balance at end of period	$ 313,288		313,288		$ 286,420
MSRs
Capitalized Mortgage Servicing Rights
Balance at beginning of period	288,954	$ 277,639	286,420	$ 273,770	273,770
Additions	39,875	15,923	60,151	36,532
Amortization	(11,891)	(12,324)	(23,713)	(24,606)
Write-downs and payoffs	(3,650)	(4,590)	(9,570)	(9,048)
Balance at end of period	313,288	276,648	313,288	276,648	286,420
Prepayment fees collected	3,000	3,500	8,100	8,500
Valuation allowance	0		0		$ 0
Expected amortization of capitalized MSRs balances
2020 (six months ending 12/31/2020)	24,372		24,372
2021	46,434		46,434
2022	42,337		42,337
2023	38,209		38,209
2024	34,141		34,141
2025	31,015		31,015
Thereafter	96,780		96,780
Total	313,288		$ 313,288
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 2 months 12 days		8 years
Acquired MSRs
Capitalized Mortgage Servicing Rights
Balance at beginning of period	58,577	88,029	$ 64,519	97,084	$ 97,084
Amortization	(3,893)	(5,546)	(8,099)	(11,461)
Write-downs and payoffs	(1,848)	(2,991)	(3,584)	(6,131)
Balance at end of period	52,836	79,492	52,836	79,492	64,519
Originated MSRs
Capitalized Mortgage Servicing Rights
Balance at beginning of period	230,377	189,610	221,901	176,686	176,686
Additions	39,875	15,923	60,151	36,532
Amortization	(7,998)	(6,778)	(15,614)	(13,145)
Write-downs and payoffs	(1,802)	(1,599)	(5,986)	(2,917)
Balance at end of period	$ 260,452	$ 197,156	$ 260,452	$ 197,156	$ 221,901

Mortgage Servicing (Details)

Mortgage Servicing (Details) - MSRs $ in Thousands		3 Months Ended		6 Months Ended		12 Months Ended
		Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)state	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)state
Mortgage Servicing
Unpaid principal balance of loans serviced	[1]	$ 21,581,932		$ 21,581,932		$ 20,059,077
Weighted average servicing fee (as a percent)				0.441%		0.438%
Interest earned on total escrows		1,400	$ 4,100	$ 4,500	$ 8,100
Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total				100.00%		100.00%
Number of states accounted for more than 4% of UPB and related servicing revenues | state				0		0
Escrow Deposit		1,020,000		$ 1,020,000		$ 947,100
Fee-based servicing portfolio | Agency Business
Mortgage Servicing
Escrow Deposit		635,400		$ 635,400		$ 562,100
Texas | Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total				18.00%		19.00%
New York | Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total				9.00%		9.00%
North Carolina | 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%
Florida | Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total				7.00%		6.00%
Georgia | 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	[2]			43.00%		42.00%
Fannie Mae
Mortgage Servicing
Unpaid principal balance of loans serviced	[1]	15,672,931		$ 15,672,931		$ 14,832,844
Fannie Mae | Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total				73.00%		74.00%
Freddie Mac
Mortgage Servicing
Unpaid principal balance of loans serviced	[1]	4,560,382		$ 4,560,382		$ 4,534,714
Freddie Mac | Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total				21.00%		23.00%
Private Label
Mortgage Servicing
Unpaid principal balance of loans serviced	[1]	727,132		$ 727,132
Private Label | Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total				3.00%
FHA
Mortgage Servicing
Unpaid principal balance of loans serviced	[1]	$ 621,487		$ 621,487		$ 691,519
FHA | Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total				3.00%		3.00%
[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 (De

Securities Held-to-Maturity (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)item	Jun. 30, 2019USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Held-to-Maturity
Face Value	$ 168,457		$ 168,457			$ 111,028
Net Carrying value	119,019		119,019			88,699
Unrealized Gain	862		862			3,039
Estimated Fair Value	119,881		119,881			91,738
Allowance for Credit Losses	3,148		3,148		$ 992	0
Sale of loans held-for-sale excluding acquired loans	1,990,000	$ 923,000	2,950,000	$ 2,020,000
Private Label
Held-to-Maturity
Sale of loans held-for-sale excluding acquired loans	727,200
Private Label | Held-to-Maturity
Held-to-Maturity
Sale of loans held-for-sale excluding acquired loans	727,200
B Piece bonds
Held-to-Maturity
Face Value	84,830		84,830			91,028
Net Carrying value	63,171		63,171			68,699
Unrealized Gain	1,296		1,296			2,965
Estimated Fair Value	64,467		64,467			$ 71,664
Allowance for Credit Losses	1,069		$ 1,069		$ 992
B Piece bonds | Held-to-Maturity
Held-to-Maturity
Estimated weighted average remaining maturity period			5 years 10 months 24 days
Seven B Piece Bonds | Held-to-Maturity
Held-to-Maturity
Face Value	$ 106,200		$ 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%		51.00%
Agency B Piece Bonds | Held-to-Maturity
Held-to-Maturity
Weighted average variable interest rate (as a percent)	3.74%		3.74%
Weighted average effective interest rate (as a percent)	10.66%		10.66%			10.85%
Held-to-maturity securities, estimated fiscal year
Within one year	$ 13,400		$ 13,400
After one year through five years	39,600		39,600
After five years through ten years	15,200		15,200
After ten years	16,600		16,600
APL certificates
Held-to-Maturity
Face Value	63,627		63,627
Net Carrying value	35,848		35,848
Unrealized Gain	2,079		2,079
Estimated Fair Value	37,927		37,927
Allowance for Credit Losses	2,079		2,079
APL certificates | Held-to-Maturity
Held-to-Maturity
Face Value	63,600		$ 63,600
Discounted value of bonds purchased	$ 37,900
Weighted average variable interest rate (as a percent)	4.95%		4.95%
Estimated weighted average remaining maturity period	9 years 7 months 6 days
Weighted average effective interest rate (as a percent)	11.50%		11.50%
Estimated weighted average maturity period	10 years
Held-to-maturity securities, estimated fiscal year
After ten years	$ 63,600		$ 63,600
SFR bonds
Held-to-Maturity
Face Value	20,000		20,000			$ 20,000
Net Carrying value	20,000		20,000			20,000
Unrealized Gain						74
Unrealized Loss	(2,513)		(2,513)
Estimated Fair Value	17,487		$ 17,487			$ 20,074
SFR bonds | Held-to-Maturity
Held-to-Maturity
Estimated weighted average remaining maturity period			4 months 24 days
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	18,400		$ 18,400
After one year through five years	$ 1,600		$ 1,600

Securities Held-to-Maturity Rol

Securities Held-to-Maturity Rollforward of Allowance (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward]
Allowance for credit loss	$ 992		$ 0
Provision for credit loss expense	2,156		2,647
Allowance for credit loss, ending balance	3,148		3,148
Impairment of held-to maturity securities			0
Accrued interest, held-to-maturity securities	600		600
Held-to-Maturity
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward]
Investment Income, Interest	1,700	$ 2,300	4,000	$ 4,400
APL certificates
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward]
Provision for credit loss expense	2,079		2,079
Allowance for credit loss, ending balance	2,079		2,079
B Piece bonds
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward]
Allowance for credit loss	992
Provision for credit loss expense	77		568
Allowance for credit loss, ending balance	1,069		1,069
Impact of adopting CECL | Impact of Adoption
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward]
Allowance for credit loss, ending balance	501		501
Impact of adopting CECL | Impact of Adoption | B Piece bonds
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward]
Allowance for credit loss, ending balance	$ 501		$ 501

Investments in Equity Affilia_3

Investments in Equity Affiliates, Summary (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Investment in Equity Affiliates
Investment in Equity Affiliates	$ 64,991	$ 41,800
UPB of Loans to Equity Affiliates	1,688
Arbor Residential Investor LLC
Investment in Equity Affiliates
Investment in Equity Affiliates	50,355	26,520
AMAC Holdings III LLC
Investment in Equity Affiliates
Investment in Equity Affiliates	9,857	10,520
North Vermont Avenue
Investment in Equity Affiliates
Investment in Equity Affiliates	2,459	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

Investments in Equity Affilia_4

Investments in Equity Affiliates, Operations (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statements of Operations:
Total revenues	$ 66,721		$ 50,072	$ 69,026	$ 94,921
Total expenses	61,149		45,471	186,762	91,757
Net income (loss)	54,089		37,402	(14,266)	67,409
Income from equity affiliates	20,408		3,264	24,401	5,415
Arbor Residential Investor LLC
Statements of Operations:
Total revenues				548,046	192,144
Total expenses				383,556	174,696
Net income (loss)				164,490	17,448
Arbor Residential Investor LLC | Residential Mortgage Banking Company
Statements of Operations:
Income from equity affiliates	$ 20,900		2,700	$ 23,800	3,500
Lexford Portfolio
Statements of Operations:
Distribution received		$ 1,100	$ 600		$ 1,900

Real Estate Owned (Details)

Real Estate Owned (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Real Estate Owned
Real estate owned, net		$ 12,990,000		$ 13,220,000
Impairment loss on real estate owned	$ 1,000,000		$ 1,000,000
Restricted cash due to escrow requirement	$ 316,455,000	94,847,000	316,455,000	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		(11,686,000)		(11,327,000)
Real estate owned, net		12,990,000		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		(10,600,000)		(10,320,000)
Real estate owned, net		$ 10,057,000		$ 10,208,000
Weighted average occupancy rate of properties (as a percent)		20.00%		62.00%
Amount of weighted average daily rate of properties		$ 134	111
Amount of weighted average daily revenue of properties		27	$ 69
Impairment loss on real estate owned		1,000,000
Real Estate Owned | Office
Real Estate Owned
Less: Impairment loss		(2,500,000)		$ (2,500,000)
Less: Accumulated depreciation and amortization		(1,086,000)		(1,007,000)
Real estate owned, net		2,933,000		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		33,680,000		33,551,000
Real Estate Owned | Building and intangible assets | Hotel
Real Estate Owned
Real estate owned, gross		31,670,000		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	Jul. 31, 2020	May 31, 2020	Mar. 31, 2020	Feb. 29, 2020	Jan. 31, 2020	Mar. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Debt Obligations
UPB							$ 1,240,910	$ 1,681,146
Debt Carrying Value							1,235,613	1,678,288
Collateral Carrying Value							$ 1,521,218	$ 1,747,371
Weighted Average Note Rate (as a percent)							2.49%	3.54%
LIBOR Floor rate		0.005%	0.0075%
Minimum
Debt Obligations
Variable rate, spread (as a percent)		0.023%
Maximum
Debt Obligations
Variable rate, spread (as a percent)		0.03%
Joint Repurchase Facility
Debt Obligations
Committed amount						$ 1,100,000
Matures in March 2021			$ 600,000			600,000
Matures in March 2022			500,000			$ 500,000
Extension of maturity date (in years)						1 year
Credit facility, sublimit			800,000			$ 800,000
Reduced sublimit unless that portion of the facility is extended through March 2022						500,000
$400 million repurchase facility
Debt Obligations
Additional borrowing capacity			400,000			400,000
$75 million credit facility - One
Debt Obligations
Decrease in borrowing capacity		$ 125,000
Additional borrowing capacity				$ 75,000
Committed amount				150,000	$ 75,000
Repurchase facility - securities | CLOs
Debt Obligations
Collateral Carrying Value							$ 275,700	$ 234,900
Repurchase facility - securities | B Piece bonds
Debt Obligations
Collateral Carrying Value							63,200	68,700
Repurchase facility - securities | SFR bonds
Debt Obligations
Debt Instrument, Collateral Amount							20,000	20,000
$23.0 million credit facility
Debt Obligations
Maximum borrowing capacity							$ 23,000
Fixed interest rates							3.50%
Subsequent Event
Debt Obligations
Variable rate, spread (as a percent)	2.00%
LIBOR Floor rate	0.25%
Structured Business
Debt Obligations
Debt Carrying Value							$ 902,140	934,694
Collateral Carrying Value							$ 1,184,584	$ 1,002,993
Weighted Average Note Rate (as a percent)							2.91%	3.94%
Weighted average note rate including certain fees and costs (as a percent)							3.33%	4.39%
Unamortized deferred finance costs							$ 4,000	$ 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)							71.00%	71.00%
Structured Business | $500 million joint repurchase facility
Debt Obligations
Debt Carrying Value							$ 321,553	$ 224,658
Collateral Carrying Value							$ 480,258	$ 339,378
Weighted Average Note Rate (as a percent)							2.74%	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 | $400 million repurchase facility
Debt Obligations
Debt Carrying Value							$ 199,901	218,418
Collateral Carrying Value							$ 279,130	$ 291,292
Weighted Average Note Rate (as a percent)							2.99%	3.76%
Maximum borrowing capacity			$ 400,000			400,000	$ 400,000	$ 400,000
Decrease in interest rate (as a percent)			25.00%
Structured Business | $400 million repurchase facility | LIBOR
Debt Obligations
Variable rate, spread (as a percent)							2.20%
Structured Business | $400 million repurchase facility | Maximum
Debt Obligations
Variable rate, spread (as a percent)							0.75%
Structured Business | $200 million repurchase facility
Debt Obligations
Debt Carrying Value							$ 48,448	40,530
Collateral Carrying Value							$ 57,169	$ 48,086
Weighted Average Note Rate (as a percent)							2.60%	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 | $144.3 million loan specific credit facilities
Debt Obligations
Debt Carrying Value							$ 144,048	128,274
Collateral Carrying Value							$ 193,209	$ 184,116
Weighted Average Note Rate (as a percent)							2.69%	4.13%
Maximum borrowing capacity							$ 144,300	$ 144,300
Structured Business | $144.3 million loan specific credit facilities | Minimum | LIBOR
Debt Obligations
Variable rate, spread (as a percent)							2.10%
Structured Business | $144.3 million loan specific credit facilities | Maximum | LIBOR
Debt Obligations
Variable rate, spread (as a percent)							2.50%
Structured Business | $125 million credit facility
Debt Obligations
Debt Carrying Value							$ 25,613	4,570
Collateral Carrying Value							$ 31,790	$ 7,000
Weighted Average Note Rate (as a percent)							2.84%	3.56%
Maximum borrowing capacity							$ 125,000	$ 125,000
Structured Business | $125 million credit facility | Minimum | LIBOR
Debt Obligations
Variable rate, spread (as a percent)							2.30%
Structured Business | $125 million credit facility | Maximum
Debt Obligations
Variable rate, spread (as a percent)							0.50%
Structured Business | $100 million repurchase facility
Debt Obligations
Debt Carrying Value							$ 50,297	45,843
Collateral Carrying Value							$ 66,486	$ 63,800
Weighted Average Note Rate (as a percent)							1.94%	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 | $50 million credit facility - one
Debt Obligations
Debt Carrying Value							$ 8,800	14,933
Collateral Carrying Value							$ 11,000	$ 17,650
Weighted Average Note Rate (as a percent)							2.19%	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							$ 19,345	12,191
Collateral Carrying Value							$ 28,042	$ 16,499
Weighted Average Note Rate (as a percent)							4.06%	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							$ 5,274	$ 5,254
Collateral Carrying Value							$ 6,600	$ 6,600
Weighted Average Note Rate (as a percent)							2.70%	4.32%
Maximum borrowing capacity							$ 50,000
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							$ 19,644	$ 19,651
Collateral Carrying Value							$ 30,900	$ 28,572
Weighted Average Note Rate (as a percent)							2.45%	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
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 | $2.8 million master security agreements
Debt Obligations
Debt Carrying Value							$ 2,249	$ 3,267
Weighted Average Note Rate (as a percent)							4.12%	4.08%
Maximum borrowing capacity							$ 2,800	$ 2,800
Structured Business | $2.8 million master security agreements | Minimum | LIBOR
Debt Obligations
Variable rate, spread (as a percent)							2.97%
Structured Business | $2.8 million master security agreements | Maximum | LIBOR
Debt Obligations
Variable rate, spread (as a percent)							4.60%
Structured Business | Repurchase facility - securities
Debt Obligations
Debt Carrying Value	$ 42,000						$ 56,968	$ 217,105
Weighted Average Note Rate (as a percent)							5.11%	3.90%
Reduction in principal amount							$ 160,100
Structured Business | Repurchase facility - securities | Minimum | LIBOR
Debt Obligations
Variable rate, spread (as a percent)							2.25%
Structured Business | Repurchase facility - securities | Maximum | LIBOR
Debt Obligations
Variable rate, spread (as a percent)							5.00%
Structured Business | $300 million repurchase facility
Debt Obligations
Maximum borrowing capacity			$ 300,000			300,000
Agency Business
Debt Obligations
Debt Carrying Value							$ 333,473	$ 743,594
Collateral Carrying Value							$ 336,634	$ 744,378
Weighted Average Note Rate (as a percent)							1.37%	3.03%
Unamortized deferred finance costs							$ 1,200	$ 200
Agency Business | $600 million joint repurchase facility
Debt Obligations
Debt Carrying Value							2,464	299,824
Collateral Carrying Value							$ 5,462	$ 300,446
Weighted Average Note Rate (as a percent)							2.91%	3.26%
Variable rate, spread (as a percent)							2.75%
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%
Agency Business | $750 million ASAP agreement
Debt Obligations
Debt Carrying Value							$ 41,553	148,725
Collateral Carrying Value							$ 41,553	$ 148,725
Weighted Average Note Rate (as a percent)							1.40%	2.81%
Variable rate, spread (as a percent)							0.35%
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 | $300 million repurchase facility
Debt Obligations
Debt Carrying Value							$ 75,905	187,698
Collateral Carrying Value							$ 75,925	$ 187,742
Weighted Average Note Rate (as a percent)							1.31%	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 | $150 million credit facility - one
Debt Obligations
Debt Carrying Value							$ 85,770	89,657
Collateral Carrying Value							$ 85,913	$ 89,673
Weighted Average Note Rate (as a percent)							1.31%	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							$ 95,761	17,690
Collateral Carrying Value							$ 95,761	$ 17,792
Weighted Average Note Rate (as a percent)							1.31%	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
Debt Carrying Value							$ 32,020
Collateral Carrying Value							$ 32,020
Weighted Average Note Rate (as a percent)							1.65%
Variable rate, spread (as a percent)							0.50%
Maximum borrowing capacity							$ 100,000
Agency Business | $100 million credit facility | LIBOR
Debt Obligations
Variable rate, spread (as a percent)							1.15%
Agency Business | $500 million repurchase facility
Debt Obligations
Maximum borrowing capacity			$ 300,000	$ 500,000		$ 300,000
Agency Business | Subsequent Event | $50 million credit facility - one
Debt Obligations
Principal and interest advances	50,000
Agency Business | Subsequent Event | $150 million credit facility - one
Debt Obligations
Maximum borrowing capacity	$ 150,000

Debt Obligations, Collateralize

Debt Obligations, Collateralized Loan Obligations (Details) $ in Thousands	1 Months Ended		6 Months Ended
	Mar. 31, 2020USD ($)tranche	Jun. 30, 2019	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Debt Obligations
Proceeds from issuance of collateralized loan obligations			$ 668,000	$ 533,000
Debt, Carrying Value			$ 2,514,524		$ 2,130,121
Weighted average note rate (as a percent)			2.49%		3.54%
Payoffs and paydowns of collateralized loan obligations			$ 282,874	$ 250,250
CLOs
Debt Obligations
Debt, Face Value			2,532,593		$ 2,147,467
Debt, Carrying Value			$ 2,514,524		$ 2,130,121
Weighted average note rate (as a percent)			1.62%		3.23%
Restricted cash related to interest payments, delayed fundings and expenses			$ 71,100		$ 58,600
Collateral Loans, Unpaid Principal			3,026,126		2,497,578
Collateral Loans, Carrying Value			3,014,756		2,487,391
Cash, Restricted Cash			18,937		118,411
Deferred financing fees			$ 18,100		$ 17,300
Weighted average note rate including certain fees and costs (as a percent)			1.97%		3.63%
Collateral at risk			$ 46,500		$ 0
CLO XIII
Debt Obligations
Number of tranches of CLO notes issued | tranche	8
Value of the tranches issued	$ 738,000
Debt, Face Value			668,000
Debt, Carrying Value			$ 663,209
Weighted average note rate (as a percent)			1.60%
Collateral Loans, Unpaid Principal			$ 760,567
Collateral Loans, Carrying Value			756,806
Proceeds from issuance of collateralized loan obligations for acquiring additional loan obligations	159,500
Notional amount of residual interest retained	132,000
Value of portfolio loans as collateral	640,500
Face value of loan obligations will be owned by the issuer	$ 800,000
Leverage (as a percent)	84.00%
CLO XIII | One-month LIBOR
Debt Obligations
Weighted average note rate including certain fees and costs (as a percent)	1.41%
CLO XIII | Investment grade
Debt Obligations
Debt, Face Value	$ 668,000
CLO XIII | Below investment grade
Debt Obligations
Debt, Carrying Value	70,000
Notional amount of residual interest retained	70,000
CLO XII
Debt Obligations
Debt, Face Value			534,193		534,193
Debt, Carrying Value			$ 530,052		$ 529,448
Weighted average note rate (as a percent)			1.68%		3.30%
Collateral Loans, Unpaid Principal			$ 621,887		$ 596,366
Collateral Loans, Carrying Value			619,639		593,652
Cash, Restricted Cash					17,800
CLO XI
Debt Obligations
Debt, Face Value			533,000		533,000
Debt, Carrying Value			$ 529,258		$ 528,690
Weighted average note rate (as a percent)			1.63%		3.25%
Collateral Loans, Unpaid Principal			$ 641,273		$ 624,443
Collateral Loans, Carrying Value			639,020		621,508
Cash, Restricted Cash			4,632		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
Debt, Carrying Value			$ 437,899		$ 437,391
Weighted average note rate (as a percent)			1.63%		3.26%
Collateral Loans, Unpaid Principal			$ 540,012		$ 509,887
Collateral Loans, Carrying Value			538,165		507,854
Cash, Restricted Cash			4,256		37,287
CLO IX
Debt Obligations
Debt, Face Value			356,400		356,400
Debt, Carrying Value			$ 354,106		$ 353,473
Weighted average note rate (as a percent)			1.55%		3.17%
Collateral Loans, Unpaid Principal			$ 462,387		$ 407,696
Collateral Loans, Carrying Value			461,126		406,463
Cash, Restricted Cash			$ 10,049		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	1 Months Ended	3 Months Ended	6 Months Ended
	Apr. 30, 2020	Jun. 30, 2020	Jun. 30, 2020	Jun. 30, 2019
Debt Obligations
Loss on extinguishment of debt		$ (1,592)	$ (3,546)	$ (128)
Luxembourg debt fund
Debt Obligations
Loss on extinguishment of debt	$ 1,600

Debt Obligations, Senior Unsecu

Debt Obligations, Senior Unsecured Notes (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020	Jun. 30, 2020	Apr. 30, 2020	Dec. 31, 2019
Debt Obligations
Redemption of aggregate principal amount (as a percent)			100.00%
Senior notes carrying value	$ 661,757	$ 661,757	$ 661,757		$ 319,799
Senior Unsecured Notes
Debt Obligations
Principal amount	670,750	670,750	670,750		$ 325,000
8.00% Notes
Debt Obligations
Principal amount	$ 70,750	$ 70,750	$ 70,750	$ 40,500
Interest rate (as a percent)	8.00%	8.00%	8.00%	8.00%	8.00%
Proceeds from issued debt	$ 30,300	$ 69,600

Debt Obligations, Senior Unse_2

Debt Obligations, Senior Unsecured Notes, Summary (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Apr. 30, 2020	Dec. 31, 2019
Debt Obligations
Wtd. Avg Rate	2.49%		3.54%
Redemption of aggregate principal amount (as a percent)	100.00%
Senior Unsecured Notes
Debt Obligations
UPB	$ 670,750		$ 325,000
Carrying value	$ 661,757		$ 319,799
Wtd. Avg Rate	5.36%		5.44%
Deferred financing fees	$ 9,000		$ 5,200
Weighted average note rate including certain fees and costs (as a percent)	5.65%		5.82%
8.00% Notes
Debt Obligations
UPB	$ 70,750	$ 40,500
Carrying value	$ 69,593
Wtd. Avg Rate	8.00%
Interest rate (as a percent)	8.00%	8.00%	8.00%
4.50% Notes
Debt Obligations
UPB	$ 275,000
Carrying value	$ 271,763
Wtd. Avg Rate	4.50%
Interest rate (as a percent)	4.50%		4.50%
4.75% Notes
Debt Obligations
UPB	$ 110,000		$ 110,000
Carrying value	$ 108,492		$ 108,370
Wtd. Avg Rate	4.75%		4.75%
Interest rate (as a percent)	4.75%		4.75%
5.75% Notes
Debt Obligations
UPB	$ 90,000		$ 90,000
Carrying value	$ 88,559		$ 88,369
Wtd. Avg Rate	5.75%		5.75%
Interest rate (as a percent)	5.75%		5.75%
5.625% Notes
Debt Obligations
UPB	$ 125,000		$ 125,000
Carrying value	$ 123,350		$ 123,060
Wtd. Avg Rate	5.63%		5.63%
Interest rate (as a percent)	5.625%

Debt Obligations, Convertible S

Debt Obligations, Convertible Senior Unsecured Notes (Details)	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Sep. 30, 2018	Jun. 30, 2020USD ($)$ / shares	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)$ / sharesshares	Jun. 30, 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				$ 22,145,000	$ 3,037,000
Loss on extinguishment of debt		$ (1,592,000)		(3,546,000)	(128,000)
Total		4,877,079,000		4,877,079,000
Convertible Senior Unsecured Notes
Debt Obligations
Principal amount		278,490,000		$ 278,490,000		$ 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 3 months 7 days		2 years 8 months 1 day
Unamortized Debt Discount		7,242,000		$ 7,242,000		$ 9,235,000
Unamortized Deferred Financing Fees		6,004,000		6,004,000		7,527,000
Total		265,244,000		265,244,000		284,152,000
Net Carrying Value, Equity Component				9,962,000		$ 9,962,000
Interest expense		4,800,000	$ 4,900,000	10,000,000	10,200,000
Interest expense related to cash coupon		3,300,000	3,400,000	6,700,000	6,900,000
Debt discount		800,000	800,000	1,700,000	1,700,000
Deferred fees expensed as interest expense		$ 700,000	$ 700,000	$ 1,600,000	$ 1,500,000
Cost of the notes (as a percent)		6.75%		6.75%		6.80%
5.375% Convertible Notes
Debt Obligations
Interest rate (as a percent)		5.375%		5.375%					5.375%
Conversion rate of the notes to common stock, per $1,000 principal amount of notes	90.093
6.50% Convertible Notes
Debt Obligations
Proceeds from issued debt				$ 200,000
Interest rate (as a percent)									6.50%
5.25% Convertible Notes
Debt Obligations
Interest rate (as a percent)		5.25%		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		$ 1,000		$ 264,000,000
Interest rate (as a percent)		4.75%		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		$ 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		$ 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		$ 1,000
Conversion price per share of common stock | $ / shares		$ 11.50		$ 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		$ 9.28
Issued on July 3, 2018 | 5.25% Convertible Notes
Debt Obligations
Principal amount		$ 500,000		$ 500,000
Issued on July 3, 2018 | 5.25% Convertible Notes | First Offering
Debt Obligations
Conversion price per share of common stock | $ / shares		$ 12.85		$ 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				80.6055
Conversion price per share of common stock | $ / shares		11.10		$ 11.10
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				116.9744
Conversion price per share of common stock | $ / shares		$ 8.55		$ 8.55
Issued on July 20, 2018 | 5.25% Convertible Notes
Debt Obligations
Principal amount		$ 13,800,000		$ 13,800,000
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		$ 1,000
Conversion rate of the notes to common stock, per $1,000 principal amount of notes				90.093
Conversion price per share of common stock | $ / shares								$ 12.41

Debt Obligations, Junior Subord

Debt Obligations, Junior Subordinated Notes (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Debt Obligations
Debt carrying value	$ 141,295	$ 140,949
Weighted average note rate (as a percent)	2.49%	3.54%
Junior subordinated notes
Debt Obligations
Debt carrying value	$ 141,300	$ 140,900
Deferred amount Due at maturity	11,100	11,400
Deferred fees expensed as interest expense	$ 1,900	$ 2,000
Weighted average note rate (as a percent)	3.12%	4.75%
Weighted average note rate including certain fees and costs (as a percent)	3.21%	4.83%

Debt Obligations, Debt Covenant

Debt Obligations, Debt Covenants (Details) - USD ($)	1 Months Ended	3 Months Ended
	Jul. 31, 2020	Jul. 31, 2020	Apr. 30, 2020	Jan. 31, 2020	Oct. 31, 2019	Jul. 31, 2019	Jun. 30, 2020
CLO IX
Debt Covenants
Current overcollateralization ratio (as a percent)	134.68%	134.68%	134.68%	134.68%	134.68%	134.68%
Limit overcollateralization ratio (as a percent)	133.68%
Current interest coverage ratio (as a percent)	474.64%
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)	459.96%
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%	121.95%
Limit overcollateralization ratio (as a percent)	120.95%
Current interest coverage ratio (as a percent)	402.23%
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%	118.87%
Limit overcollateralization ratio (as a percent)	117.87%
Current interest coverage ratio (as a percent)	380.51%
Limit interest coverage ratio (as a percent)	120.00%
CLO XIII
Debt Covenants
Current overcollateralization ratio (as a percent)	119.76%	119.76%	119.76%
Limit overcollateralization ratio (as a percent)	118.76%
Current interest coverage ratio (as a percent)	363.03%
Limit interest coverage ratio (as a percent)	120.00%
Junior subordinated notes
Debt Covenants
Amount payable on default of senior debt							$ 0

Allowance for Loss-Sharing Ob_3

Allowance for Loss-Sharing Obligations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Roll forward of loss contingency accrual
Provisions for loss sharing	$ 2,395	$ 368	$ 23,932	$ 822
Guarantee obligations	32,800	31,600	32,800	31,600
Fannie Mae
Roll forward of loss contingency accrual
Allowance for loss sharing obligations	40,400		$ 40,400
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	300		$ 300		$ 500
Loss-Sharing Obligation | Fannie Mae
Roll forward of loss contingency accrual
Beginning balance of the period	70,752	34,518	34,648	34,298
Impact of adopting CECL			14,400
Provisions for loss sharing	2,673	1,675	24,569	2,554
Provisions reversal for loan repayments	(277)	(1,307)	(636)	(1,732)
Recoveries (charge-offs) , net	72	(469)	233	(703)
Ending balance of the period	73,220	$ 34,417	73,220	$ 34,417
Maximum quantifiable liability	$ 2,910,000		2,910,000		$ 2,730,000
Loss-Sharing Obligation | Fannie Mae | Impact of adopting CECL
Roll forward of loss contingency accrual
Beginning balance of the period			$ 14,406

Derivative Financial Instrume_3

Derivative Financial Instruments, Agency Business (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)item	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)item	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)item
Derivative Financial Instruments
Notional Value, classified in Other Assets	$ 290,081		$ 290,081		$ 173,532
Notional Value, classified in Other Liabilities	112,458		112,458		347,701
Net (losses) gains from changes in the fair value of derivatives	4,100	$ 1,100	(4,200)	$ (1,400)
(Loss) gain on derivative instruments	(7,368)	742	(58,099)	(1,723)
Income from mortgage servicing rights	32,417	18,709	54,351	32,941
Other Income
Derivative Financial Instruments
(Loss) gain on derivative instruments	32,400	18,700	$ 54,400	32,900
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	(11,200)		$ (57,300)
Unrealized gain (loss) on derivatives	(8,200)		(1,600)
Swap Futures | Structured Business | Other Income
Derivative Financial Instruments
Realized gain (loss) on derivatives	(200)	(300)	(2,800)	(300)
Unrealized gain (loss) on derivatives	(100)	$ (100)	(500)	$ (100)
Non-Qualifying | Agency Business
Derivative Financial Instruments
Notional Value, classified in Other Assets	406,538		406,538		848,633
Fair Value, classified in Other Assets	2,214		2,214		1,435
Fair Value, classified in Other Liabilities	$ (219)		$ (219)		$ (3,097)
Non-Qualifying | Rate lock commitments | Agency Business
Derivative Financial Instruments
Count | item	5		5		5
Notional Value, classified in Other Assets	$ 29,070		$ 29,070		$ 37,657
Fair Value, classified in Other Assets	549		549		1,066
Fair Value, classified in Other Liabilities	$ (128)		$ (128)		$ (202)
Non-Qualifying | Forward Sale Commitments | Agency Business
Derivative Financial Instruments
Count | item	54		54		79
Notional Value, classified in Other Assets	$ 373,468		$ 373,468		$ 483,576
Fair Value, classified in Other Assets	1,665		1,665		369
Fair Value, classified in Other Liabilities	$ (91)		$ (91)		$ (2,895)
Non-Qualifying | Swap Futures | Agency Business
Derivative Financial Instruments
Count | item	40		40		3,274
Notional Value, classified in Other Assets	$ 4,000		$ 4,000		$ 327,400
Non-Qualifying | Swap Futures | Structured Business
Derivative Financial Instruments
Count | item	345		345		271
Notional Value, classified in Other Assets	$ 34,500		$ 34,500		$ 27,100

Fair Value, Carrying Value and

Fair Value, Carrying Value and Estimated Fair Value (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Financial assets:
Loans and investments, net - Principal/Notional Amount	$ 4,972,138	$ 4,279,611
Loans and investments, net	4,800,176	4,189,960
Loans held-for-sale, net - Principal/Notional Amount	349,860	847,126
Loans held-for-sale, net	349,860	847,126
Securities, held-to-maturity, net - Principal/Notional Amount	168,457	111,028
Securities held-to-maturity, net	119,019	88,699
Derivative financial instruments - Principal/Notional Amount	290,081	173,532
Financial liabilities:
Credit and repurchase facilities, Principal/Notional Amount	1,240,910	1,681,146
Credit and repurchase facilities, Carrying value	1,235,613	1,678,288
Collateralized loan obligations	2,514,524	2,130,121
Senior unsecured notes	661,757	319,799
Convertible senior unsecured notes, net	265,244	284,152
Junior subordinated notes	141,295	140,949
Derivative financial instruments - Principal/Notional Amount	$ 112,458	347,701
Debt fund		68,629
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:
Loans and investments, net	$ 4,800,176	4,189,960
Loans held-for-sale, net	360,372	861,360
Capitalized mortgage servicing rights, net	313,288	286,420
Securities held-to-maturity, net	119,019	88,699
Derivative financial instruments	2,214	1,435
Financial liabilities:
Credit and repurchase facilities, Carrying value	1,235,613	1,678,288
Collateralized loan obligations	2,514,524	2,130,121
Senior unsecured notes	661,757	319,799
Convertible senior unsecured notes, net	265,244	284,152
Junior subordinated notes	141,295	140,949
Derivative financial instruments	219	3,097
Debt fund		68,629
Fair Value
Financial assets:
Loans and investments, net	4,972,258	4,228,071
Loans held-for-sale, net	366,343	876,975
Capitalized mortgage servicing rights, net	333,374	328,995
Securities held-to-maturity, net	119,881	91,738
Derivative financial instruments	2,214	1,435
Financial liabilities:
Credit and repurchase facilities, Carrying value	1,238,062	1,677,658
Collateralized loan obligations	2,410,954	2,147,944
Senior unsecured notes	552,038	331,225
Convertible senior unsecured notes, net	253,359	310,778
Junior subordinated notes	98,628	97,668
Derivative financial instruments	219	3,097
Debt fund		70,138
CLOs
Financial liabilities:
Debt instrument - Principal/Notional Amount	2,532,593	2,147,467
Collateralized loan obligations	2,514,524	2,130,121
Debt Fund
Financial liabilities:
Debt instrument - Principal/Notional Amount		70,000
Senior Unsecured Notes
Financial liabilities:
Debt instrument - Principal/Notional Amount	670,750	325,000
Convertible Senior Unsecured Notes
Financial liabilities:
Debt instrument - Principal/Notional Amount	278,490	300,914
Junior subordinated notes
Financial liabilities:
Debt instrument - Principal/Notional Amount	154,336	154,336
Junior subordinated notes	$ 141,300	$ 140,900

Fair Value, Measurement on Recu

Fair Value, Measurement on Recurring and Nonrecurring Basis (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)item	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Financial assets:
Impaired loans, net			$ 220,706		$ 130,726
Allowance for impaired loan losses			106,340		71,069
Loans and Leases Receivable, Allowance	$ 71,069	$ 71,069	152,811	$ 142,252	71,069
Impairment loss on real estate owned	$ 1,000	$ 1,000
Non-financial assets:
Real Estate Investment Property, Net			$ 12,990		13,220
Nine impaired loans
Financial assets:
Number of impaired loans | item			10
Loans and Leases Receivable, Allowance			$ 106,300
Real Estate Owned
Non-financial assets:
Real Estate Investment Property, Net			12,990		13,220
Carrying Value
Financial assets:
Derivative financial instruments			2,214		1,435
Financial liabilities:
Derivative financial instruments			219		3,097
Carrying Value | Nine impaired loans
Financial assets:
Aggregate carrying value of impaired loans before loan loss reserves			220,700
Fair Value
Financial assets:
Derivative financial instruments			2,214		1,435
Financial liabilities:
Derivative financial instruments			219		$ 3,097
Recurring basis | Carrying Value
Financial assets:
Derivative financial instruments			2,214
Financial liabilities:
Derivative financial instruments			219
Recurring basis | Fair Value
Financial assets:
Derivative financial instruments			2,214
Financial liabilities:
Derivative financial instruments			219
Nonrecurring basis | Carrying Value
Financial assets:
Impaired loans, net			114,366
Nonrecurring basis | Fair Value
Financial assets:
Impaired loans, net			114,366
Level 2 | Recurring basis
Financial assets:
Derivative financial instruments			1,665
Financial liabilities:
Derivative financial instruments			219
Level 3 | Recurring basis
Financial assets:
Derivative financial instruments			549
Level 3 | Nonrecurring basis
Financial assets:
Impaired loans, net			$ 114,366

Fair Value, Level 3 Inputs (Det

Fair Value, Level 3 Inputs (Details) - Level 3 $ in Thousands	Jun. 30, 2020USD ($)item
Land
Quantitative information about Level 3 fair value measurements
Impaired loans, fair value | $	$ 49,299
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 | $	$ 42,191
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 | $	$ 21,295
Retail | Discount rate
Quantitative information about Level 3 fair value measurements
Impaired loans, measurement input	0.1013
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	0.0165
Healthcare
Quantitative information about Level 3 fair value measurements
Impaired loans, fair value | $	$ 885
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 | $	$ 696
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 | $	$ 549
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	0.1198

Fair Value, Level 3 Derivative

Fair Value, Level 3 Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Derivative assets
Balance at beginning of period	$ 2,069	$ 400	$ 1,066	$ 324
Settlements	(33,936)	(18,364)	(54,867)	(32,521)
Realized gains recorded in earnings	31,867	17,964	53,801	32,197
Unrealized gains recorded in earnings	549	745	549	745
Balance at end of period	$ 549	$ 745	$ 549	$ 745

Fair Value, Components of fair

Fair Value, Components of fair value and other relevant information (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)
Fair Value of Servicing Rights	$ 11,783
Total Fair Value Adjustment	11,783
Rate lock commitments
Notional/Principal Amount	29,070
Fair Value of Servicing Rights	549
Interest Rate Movement Effect	(128)
Total Fair Value Adjustment	421
Forward Sale Commitments
Notional/Principal Amount	373,468
Interest Rate Movement Effect	128
Total Fair Value Adjustment	128
Loans held-for-sale, net
Notional/Principal Amount	349,860
Fair Value of Servicing Rights	11,234
Total Fair Value Adjustment	$ 11,234

Fair Value, Financial Assets an

Fair Value, Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Financial assets:
Loans and investments, net	$ 4,800,176	$ 4,189,960
Loans held-for-sale, net	349,860	847,126
Securities held-to-maturity, net (allowance for credit losses of $3,148 and $0, respectively)	119,019	88,699
Financial liabilities:
Credit and repurchase facilities, Carrying value	1,235,613	1,678,288
Collateralized loan obligations	2,514,524	2,130,121
Debt fund		68,629
Senior unsecured notes	661,757	319,799
Convertible senior unsecured notes, net	265,244	284,152
Junior subordinated notes	141,295	140,949
Level 1
Financial liabilities:
Senior unsecured notes	552,038
Level 2
Financial assets:
Loans held-for-sale, net	355,109
Financial liabilities:
Credit and repurchase facilities, Carrying value	333,473
Convertible senior unsecured notes, net	253,359
Level 3
Financial assets:
Loans and investments, net	4,972,258
Loans held-for-sale, net	11,234
Capitalized mortgage servicing rights, net	333,374
Securities held-to-maturity, net (allowance for credit losses of $3,148 and $0, respectively)	119,881
Financial liabilities:
Credit and repurchase facilities, Carrying value	904,589
Collateralized loan obligations	2,410,954
Junior subordinated notes	98,628
Carrying Value
Financial assets:
Loans and investments, net	4,800,176	4,189,960
Loans held-for-sale, net	360,372	861,360
Capitalized mortgage servicing rights, net	313,288
Securities held-to-maturity, net (allowance for credit losses of $3,148 and $0, respectively)	119,019	88,699
Financial liabilities:
Credit and repurchase facilities, Carrying value	1,235,613	1,678,288
Collateralized loan obligations	2,514,524	2,130,121
Debt fund		68,629
Senior unsecured notes	661,757	319,799
Convertible senior unsecured notes, net	265,244	284,152
Junior subordinated notes	141,295	140,949
Fair Value
Financial assets:
Loans and investments, net	4,972,258	4,228,071
Loans held-for-sale, net	366,343	876,975
Capitalized mortgage servicing rights, net	333,374
Securities held-to-maturity, net (allowance for credit losses of $3,148 and $0, respectively)	119,881	91,738
Financial liabilities:
Credit and repurchase facilities, Carrying value	1,238,062	1,677,658
Collateralized loan obligations	2,410,954	2,147,944
Debt fund		70,138
Senior unsecured notes	552,038	331,225
Convertible senior unsecured notes, net	253,359	310,778
Junior subordinated notes	$ 98,628	$ 97,668

Commitments and Contingencies,

Commitments and Contingencies, Contractual Commitments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Agency Business Commitments
Cash collateral	$ 94,847	$ 316,455	$ 94,847	$ 316,455	$ 210,875	$ 180,606
Debt Obligations
2020 (six months ending December 31, 2020)	802,105		802,105
2021	442,395		442,395
2022	1,821,154		1,821,154
2023	926,676		926,676
2024	382,904		382,904
Thereafter	501,845		501,845
Total	4,877,079		4,877,079
Minimum Annual Operating Lease Payments
2020 (six months ending December 31, 2020)	2,547		2,547
2021	3,124		3,124
2022	2,775		2,775
2023	2,052		2,052
2024	1,459		1,459
2025	1,503		1,503
Thereafter	1,802		1,802
Total	15,262		15,262
Total
2020 (six months ending December 31, 2020)	804,652		804,652
2021	445,519		445,519
2022	1,823,929		1,823,929
2023	928,728		928,728
2024	384,363		384,363
2025	1,503		1,503
Thereafter	503,647		503,647
Total	4,892,341		4,892,341
Operating lease expense	1,500	$ 1,500	3,100	$ 2,900
Unfunded CLO Commitments
Unfunded commitments related to structured loans and investments	150,900		150,900
Fannie Mae
Agency Business Commitments
Minimum liquid assets to be maintained to meet operational liquidity requirements	15,400		$ 15,400
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		$ 45,000
Cash collateral	4,400		4,400
Reserve required to fund additional restricted liquidity over the next 48 months	37,700		$ 37,700
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		$ 5,000
Outstanding letters of credit	$ 5,000		$ 5,000

Commitments and Contingencies_2

Commitments and Contingencies, Litigation (Details) $ in Millions	Jun. 15, 2011USD ($)lawsuitdefendant	Jun. 30, 2013USD ($)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	6 Months Ended
	Jun. 30, 2020USD ($)item	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Jun. 30, 2019USD ($)	Dec. 31, 2018USD ($)
Variable Interest Entities
Loan loss reserves related to VIEs	$ 152,811	$ 142,252	$ 71,069	$ 71,069
Assets:
Restricted cash	94,847		210,875	$ 316,455	$ 180,606
Loans and investments, net (allowance for credit losses of $152,811 and $71,069, respectively)	4,800,176		4,189,960
Other assets	123,803		125,788
Total assets	6,390,124		6,239,160
Liabilities:
Collateralized loan obligations	2,514,524		2,130,121
Debt fund			68,629
Other liabilities	169,979		134,299
Total liabilities	5,132,348		4,883,133
Loans and investments, net	4,800,176		4,189,960
Consolidated variable interest entities
Assets:
Restricted cash	90,034		208,467
Loans and investments, net (allowance for credit losses of $152,811 and $71,069, respectively)	3,014,756		2,557,909
Other assets	22,379		18,380
Total assets	3,127,169		2,784,756
Liabilities:
Collateralized loan obligations	2,514,524		2,130,121
Debt fund			68,629
Due to related party	13		6,734
Other liabilities	2,778		4,115
Total liabilities	2,517,315		2,209,599
Loans and investments, net	$ 3,014,756		$ 2,557,909
Unconsolidated VIEs
Variable Interest Entities
Number of VIEs where the reporting entity is not VIE's primary beneficiary and VIEs have variable interest | item	31
Carrying amount of loans and investments before reserves related to VIEs	$ 129,400
Loan loss reserves related to VIEs	79,400
Exposure to real estate debt	4,860,000
Unconsolidated VIEs | Unconsolidated VIEs
Assets:
Loans and investments, net (allowance for credit losses of $152,811 and $71,069, respectively)	528,386
Liabilities:
Loans and investments, net	528,386
Loans | Unconsolidated VIEs | Unconsolidated VIEs
Assets:
Loans and investments, net (allowance for credit losses of $152,811 and $71,069, respectively)	391,668
Liabilities:
Loans and investments, net	391,668
B Piece and SFR bonds | Unconsolidated VIEs | Unconsolidated VIEs
Assets:
Loans and investments, net (allowance for credit losses of $152,811 and $71,069, respectively)	84,240
Liabilities:
Loans and investments, net	84,240
APL certificates | Unconsolidated VIEs | Unconsolidated VIEs
Assets:
Loans and investments, net (allowance for credit losses of $152,811 and $71,069, respectively)	37,927
Liabilities:
Loans and investments, net	37,927
Equity investments | Unconsolidated VIEs | Unconsolidated VIEs
Assets:
Loans and investments, net (allowance for credit losses of $152,811 and $71,069, respectively)	12,316
Liabilities:
Loans and investments, net	12,316
Agency interest only strips | Unconsolidated VIEs | Unconsolidated VIEs
Assets:
Loans and investments, net (allowance for credit losses of $152,811 and $71,069, respectively)	2,235
Liabilities:
Loans and investments, net	$ 2,235

Equity (Details)

Equity (Details) $ / shares in Units, $ in Thousands	Jul. 29, 2020$ / shares	May 06, 2020$ / shares	May 01, 2020$ / shares	Feb. 13, 2020$ / shares	Jan. 31, 2020$ / shares	Jun. 30, 2020USD ($)Vote$ / sharesshares	Mar. 31, 2020shares	Feb. 29, 2020shares	Jun. 30, 2020USD ($)Vote$ / sharesshares	Mar. 31, 2020USD ($)shares	Jun. 30, 2019USD ($)$ / sharesshares	Mar. 31, 2019	Jun. 30, 2020USD ($)Vote$ / sharesshares	Jun. 30, 2019USD ($)$ / sharesshares	Dec. 31, 2019$ / shares	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 | $													$ 38,008	$ 115,736
Number of shares purchased								747,500
Repurchase of common stock | $									$ 1,470		$ 11,574		$ 12,761	11,574
Noncontrolling Interest
Preferred stock, par value (in dollars per share) | $ / shares						$ 0.01			$ 0.01				$ 0.01		$ 0.01
OP Units redeemed by cash | $													$ 1,600	$ 1,673
Number of shares purchased								747,500
Distributions
Cash dividend declared (in dollars per share) | $ / shares									$ 0.30		$ 0.28		$ 0.60	$ 0.55
Employee compensation and benefits
Deferred Compensation
Share-based compensation expense | $										$ 149,595,000
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)									1,958,008		9,200,000		3,308,008	9,200,000
Value of common stock available under shelf registration statement | $						$ 99,400			$ 99,400				$ 99,400
Aggregate amount of debt securities, common stock, preferred stock, depositary shares and warrants filed under shelf registration statement | $																				$ 500,000
Number of shares purchased									376,000		920,000		1,625,777	920,000
Repurchase of common stock | $									$ 3		$ 9		$ 16	$ 9
Noncontrolling Interest
Number of shares purchased									376,000		920,000		1,625,777	920,000
Distributions
Cash dividend declared (in dollars per share) | $ / shares	$ 0.31	$ 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		$ 0.515625
Preferred Stock
Return on the preferred shares issued to third parties by its subsidiary REIT (as a percent)	8.25%
Preferred Stock | 7.75% Series B preferred stock
Distributions
Cash dividend declared on redeemable preferred stock (in dollars per share) | $ / shares	$ 0.484375		0.484375		0.484375
Preferred Stock
Return on the preferred shares issued to third parties by its subsidiary REIT (as a percent)	7.75%
Preferred Stock | 8.50% Series C preferred stock
Distributions
Cash dividend declared on redeemable preferred stock (in dollars per share) | $ / shares	$ 0.53125		$ 0.53125		$ 0.53125
Preferred Stock
Return on the preferred shares issued to third parties by its subsidiary REIT (as a percent)	8.50%
Operating Partnership Units
Noncontrolling Interest
Conversion ratio for operating partnership units to common stock shares													1
Operating Partnership Units | Special voting preferred shares
Noncontrolling Interest
Number of preferred stock shares paired with each OP units													1
Preferred stock, par value (in dollars per share) | $ / shares						$ 0.01			$ 0.01				$ 0.01
Number of vote per share of Special Voting Preferred Shares | Vote						1			1				1
OP units outstanding (in shares)						20,369,265			20,369,265				20,369,265
Voting power of outstanding stock (as a percent)													15.40%
5.25% Convertible Notes
Common stock
Shares issued in connection with exchange of convertible debt notes (in shares)													363,013
Interest rate (as a percent)						5.25%			5.25%				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%				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						1,000,000			1,000,000				1,000,000			7,500,000
Issued price per share (in dollars per share) | $ / shares						$ 3.98			$ 3.98				$ 3.98
Number of common stock sold (in shares)													3,308,008
Proceeds from issuance of shares under public offering | $													$ 38,000

Equity, Earnings Per Share ("EP

Equity, Earnings Per Share ("EPS") (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
Basic
Net (loss) income attributable to common stockholders	$ 44,091		$ 28,916		$ (15,219)	$ 51,566
Weighted average shares outstanding (in shares)	110,745,572		89,955,923		110,768,992	87,567,171
Net (loss) income per common share (in dollars per share)	$ 0.40		$ 0.32		$ (0.14)	$ 0.59
Diluted
Net income (loss) attributable to noncontrolling interest	$ 8,110		$ 6,598		$ (2,824)	$ 12,066
Net (loss) income attributable to common stockholders and noncontrolling interest	$ 52,201		$ 35,514		$ (18,043)	$ 63,632
Weighted average shares outstanding (in shares)	110,745,572		89,955,923		110,768,992	87,567,171
Dilutive effect of OP units (in shares)	20,369,265		20,486,862		20,397,026	20,520,461
Dilutive effect of restricted stock units (in shares)	767,561		1,412,925			1,394,821
Dilutive effect of convertible notes (in shares)			1,768,674			1,297,227
Weighted average shares outstanding ( in shares)	131,882,398		113,624,384		131,166,018	110,779,680
Net (loss) income per common share (in dollars per share)	$ 0.40		$ 0.31		$ (0.14)	$ 0.57
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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Federal income tax rate (as a percent)			90.00%
Provision from income taxes	$ 12,077	$ 4,350	$ (2,293)	$ 4,341
Deferred tax benefit	10,900	900	9,025	3,250
Current tax provision	1,200	$ 3,500	6,700	$ 7,600
Maximum
Provision from income taxes	$ (12,100)		$ (2,300)

Agreements and Transactions w_2

Agreements and Transactions with Related Parties, Shared Services Agreement (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Former manager | Support Services
Agreements and transactions with related parties
Costs for services to related party	$ 0.7	$ 0.5	$ 1.2	$ 1.5

Agreements and Transactions w_3

Agreements and Transactions with Related Parties, Other Related Party (Details) $ in Thousands	1 Months Ended				3 Months Ended		6 Months Ended		12 Months Ended
	Mar. 31, 2020USD ($)	Sep. 30, 2019USD ($)	Jan. 31, 2019USD ($)	Jun. 30, 2018USD ($)loanproperty	Jun. 30, 2020USD ($)shares	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)shares	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)loan	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)propertyitemloan	Dec. 31, 2016USD ($)propertyshares	Dec. 31, 2015USD ($)	Jul. 31, 2019USD ($)	Mar. 31, 2019USD ($)
Agreements and transactions with related parties
Due to related party					$ 584		$ 584		$ 13,100
Due from Related Parties					8,416		8,416		10,651
Entitled to annual fee					$ 300		$ 300
Equity participation interest (as a percentage)					33.00%		33.00%
Income from equity affiliates					$ 20,408	$ 3,264	$ 24,401	$ 5,415
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%
Preferred equity investments
Agreements and transactions with related parties
Equity investment					7,800		7,800
Bridge loans
Agreements and transactions with related parties
Principal amount					35,000		35,000
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
Lexford Portfolio | Preferred equity investments
Agreements and transactions with related parties
Income from equity affiliates								1,900
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
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
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
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%
Loss on investment					500		600
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					700		1,600
Fixed rate of interest (as a percent)									3.735%
Amount of loan to related party									$ 15,600
Unaffiliated borrower | AMAC III | Mezzanine loans
Agreements and transactions with related parties
Refinanced loan amount					300		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					$ 20,900	2,700	$ 23,800	3,500
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					14.00%		14.00%
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							$ 600
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, several multifamily properties | Multifamily
Agreements and transactions with related parties
Interest income recorded					$ 300	300	600	700
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
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	100	100	200
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					9,100		9,100
Percentage of ownership interest of related party in the entity										75.00%
Interest income recorded					100	100	300	300
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		1,200
Certain certain officers, chief executive officer, and other unaffiliated investors | Bridge loan, two multifamily properties
Agreements and transactions with related parties
Interest income recorded						200	200	600
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	1,000	1,100
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					$ 300	300	$ 700	600
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					33.00%		33.00%
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						500	$ 100	1,100
Fixed rate of interest (as a percent)										10.00%
Immediate family member of chief executive officer | Bridge loan, several multifamily properties
Agreements and transactions with related parties
Percentage of ownership interest of related party in the entity			23.90%
LIBOR floor (as a percentage)			2.375%
Interest income recorded					$ 800	700	1,400	1,400
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%
Lexford Portfolio | Preferred equity investments
Agreements and transactions with related parties
Income from equity affiliates						600	1,100
Lexford Portfolio | Bridge loans | Maturity Date of June 2021
Agreements and transactions with related parties
Principal amount				$ 280,500
Interest income recorded					200	$ 3,500	200	$ 8,000
Maximum exposure under guaranty					$ 615,200		$ 615,200
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

Segment Information - Statement

Segment Information - Statements of Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Segment Information
Interest income	$ 83,080	$ 82,171	$ 171,606	$ 153,448
Interest expense	41,302	48,284	91,284	90,149
Net interest income	41,778	33,887	80,322	63,299
Other revenue:
Gain on sales, including fee-based services, net	26,366	14,211	40,671	30,600
Mortgage servicing rights	32,417	18,709	54,351	32,941
Servicing revenue	25,397	24,936	50,522	50,770
Amortization of MSRs	(11,891)	(12,324)	(23,713)	(24,606)
Property operating income	751	3,147	2,943	5,950
(Loss) gain on derivative instruments, net	(7,368)	742	(58,099)	(1,723)
Other income, net	1,049	651	2,351	989
Total other revenue	66,721	50,072	69,026	94,921
Other expenses:
Employee compensation and benefits	34,438	29,022	68,690	60,786
Selling and administrative	8,606	10,481	19,658	20,242
Property operating expenses	1,035	2,691	3,478	5,086
Depreciation and amortization	1,961	1,909	3,908	3,821
Impairment loss on real estate owned		1,000		1,000
Provision for loss sharing (net of recoveries)	2,395	368	23,932	822
Provision for credit losses (net of recoveries)	12,714		67,096
Total other expenses	61,149	45,471	186,762	91,757
Income before extinguishment of debt, income from equity affiliates and income taxes	47,350	38,488	(37,414)	66,463
Loss on extinguishment of debt	(1,592)		(3,546)	(128)
Income from equity affiliates	20,408	3,264	24,401	5,415
Provision for income taxes	(12,077)	(4,350)	2,293	(4,341)
Net income (loss)	54,089	37,402	(14,266)	67,409
Preferred stock dividends	1,888	1,888	3,777	3,777
Net income (loss) attributable to noncontrolling interest	8,110	6,598	(2,824)	12,066
Net income (loss) attributable to common stockholders	44,091	28,916	(15,219)	51,566
Operating segments | Structured Business
Segment Information
Interest income	74,295	76,144	152,772	141,953
Interest expense	36,739	44,716	80,138	82,973
Net interest income	37,556	31,428	72,634	58,980
Other revenue:
Property operating income	751	3,147	2,943	5,950
(Loss) gain on derivative instruments, net	(294)	(361)	(3,294)	(362)
Other income, net	990	651	2,293	989
Total other revenue	1,447	3,437	1,942	6,577
Other expenses:
Employee compensation and benefits	9,161	6,815	20,007	15,279
Selling and administrative	3,533	5,328	7,983	9,749
Property operating expenses	1,035	2,691	3,478	5,086
Depreciation and amortization	629	509	1,248	1,020
Impairment loss on real estate owned		1,000		1,000
Provision for credit losses (net of recoveries)	10,558		64,448
Total other expenses	24,916	16,343	97,164	32,134
Income before extinguishment of debt, income from equity affiliates and income taxes	14,087	18,522	(22,588)	33,423
Loss on extinguishment of debt	(1,592)		(3,546)	(128)
Income from equity affiliates	20,408	3,264	24,401	5,415
Provision for income taxes	(164)		(248)
Net income (loss)	32,739	21,786	(1,981)	38,710
Preferred stock dividends	1,888	1,888	3,777	3,777
Net income (loss) attributable to common stockholders	30,851	19,898	(5,758)	34,933
Operating segments | Agency Business
Segment Information
Interest income	8,785	6,027	18,834	11,495
Interest expense	4,563	3,568	11,146	7,176
Net interest income	4,222	2,459	7,688	4,319
Other revenue:
Gain on sales, including fee-based services, net	26,366	14,211	40,671	30,600
Mortgage servicing rights	32,417	18,709	54,351	32,941
Servicing revenue	25,397	24,936	50,522	50,770
Amortization of MSRs	(11,891)	(12,324)	(23,713)	(24,606)
(Loss) gain on derivative instruments, net	(7,074)	1,103	(54,805)	(1,361)
Other income, net	59		58
Total other revenue	65,274	46,635	67,084	88,344
Other expenses:
Employee compensation and benefits	25,277	22,207	48,683	45,507
Selling and administrative	5,073	5,153	11,675	10,493
Depreciation and amortization	1,332	1,400	2,660	2,801
Provision for loss sharing (net of recoveries)	2,395	368	23,932	822
Provision for credit losses (net of recoveries)	2,156		2,648
Total other expenses	36,233	29,128	89,598	59,623
Income before extinguishment of debt, income from equity affiliates and income taxes	33,263	19,966	(14,826)	33,040
Provision for income taxes	(11,913)	(4,350)	2,541	(4,341)
Net income (loss)	21,350	15,616	(12,285)	28,699
Net income (loss) attributable to common stockholders	21,350	15,616	(12,285)	28,699
Other / Eliminations
Other expenses:
Net income (loss) attributable to noncontrolling interest	8,110	6,598	(2,824)	12,066
Net income (loss) attributable to common stockholders	$ (8,110)	$ (6,598)	$ 2,824	$ (12,066)

Segment Information - Balance S

Segment Information - Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Assets:
Cash and cash equivalents	$ 384,182	$ 299,687	$ 198,917	$ 160,063
Restricted cash	94,847	210,875	$ 316,455	$ 180,606
Loans and investments, net	4,800,176	4,189,960
Loans held-for-sale, net	360,372	861,360
Capitalized mortgage servicing rights, net	313,288	286,420
Securities held-to-maturity, net	119,019	88,699
Investments in equity affiliates	64,991	41,800
Goodwill and other intangible assets	108,040	110,700
Other assets	145,209	149,659
Total assets	6,390,124	6,239,160
Liabilities:
Debt obligations	4,818,433	4,621,938
Allowance for loss-sharing obligations	73,220	34,648
Other liabilities	240,695	226,547
Total liabilities	5,132,348	4,883,133
Structured Business | Operating segments
Assets:
Cash and cash equivalents	268,467	264,468
Restricted cash	90,457	208,926
Loans and investments, net	4,800,176	4,189,960
Securities held-to-maturity, net	20,000	20,000
Investments in equity affiliates	64,991	41,800
Goodwill and other intangible assets	12,500	12,500
Other assets	107,134	118,175
Total assets	5,363,725	4,855,829
Liabilities:
Debt obligations	4,484,961	3,878,343
Other liabilities	185,378	171,004
Total liabilities	4,670,339	4,049,347
Agency Business | Operating segments
Assets:
Cash and cash equivalents	115,715	35,219
Restricted cash	4,390	1,949
Loans held-for-sale, net	360,372	861,360
Capitalized mortgage servicing rights, net	313,288	286,420
Securities held-to-maturity, net	99,019	68,699
Goodwill and other intangible assets	95,540	98,200
Other assets	38,075	31,484
Total assets	1,026,399	1,383,331
Liabilities:
Debt obligations	333,472	743,595
Allowance for loss-sharing obligations	73,220	34,648
Other liabilities	55,317	55,543
Total liabilities	$ 462,009	$ 833,786

Segment Information - Originati

Segment Information - Origination Data (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Segment Information
Origination Volumes	$ 1,206,723	$ 1,302,128	$ 2,473,941	$ 2,149,091
Loan Sales Data:
Sales margin (fee-based services as a % of loan sales)	1.32%	1.54%	1.38%	1.51%
MSR rate (MSR income as a % of loan commitments)	2.69%	1.44%	2.20%	1.53%
Structured Business
Segment Information
New loan originations	$ 300,481	$ 1,014,103	$ 1,156,710	$ 1,430,398
Loan payoffs / paydowns	159,174	503,130	434,466	782,601
Agency Business
Segment Information
Origination Volumes	1,400,556	1,288,286	2,482,528	2,134,199
Loan Sales Data:
Loan Sales	1,992,889	923,046	2,949,949	2,024,813
Agency Business | Fannie Mae
Segment Information
Origination Volumes	1,140,181	937,977	1,722,154	1,484,863
Loan Sales Data:
Loan Sales	1,063,923	668,063	1,817,967	1,415,001
Agency Business | Private Label
Segment Information
Origination Volumes	49,122		331,467
Loan Sales Data:
Loan Sales	727,154		727,154
Agency Business | Freddie Mac
Segment Information
Origination Volumes	135,720	234,851	335,431	427,343
Loan Sales Data:
Loan Sales	171,688	176,544	351,391	400,317
Agency Business | FHA
Segment Information
Origination Volumes	75,533	43,558	93,476	44,668
Loan Sales Data:
Loan Sales	$ 30,124	6,539	$ 53,437	32,170
Agency Business | CMBS/Conduit
Segment Information
Origination Volumes		71,900		177,325
Loan Sales Data:
Loan Sales		$ 71,900		$ 177,325

Segment Information - Key Servi

Segment Information - Key Servicing Metrics (Details) - Agency Business - MSRs - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Segment Information
UPB of Servicing Portfolio	$ 21,581,932	$ 20,059,077
Wtd. Avg. Servicing Fee Rate (basis points)	0.441%	0.438%
Wtd. Avg. Life of Servicing Portfolio (in years)	9 years 1 month 6 days	8 years 9 months 18 days
Fannie Mae
Segment Information
UPB of Servicing Portfolio	$ 15,672,931	$ 14,832,844
Wtd. Avg. Servicing Fee Rate (basis points)	0.505%	0.493%
Wtd. Avg. Life of Servicing Portfolio (in years)	8 years 2 months 12 days	7 years 9 months 18 days
Freddie Mac
Segment Information
UPB of Servicing Portfolio	$ 4,560,382	$ 4,534,714
Wtd. Avg. Servicing Fee Rate (basis points)	0.295%	0.30%
Wtd. Avg. Life of Servicing Portfolio (in years)	10 years 7 months 6 days	10 years 7 months 6 days
Private Label
Segment Information
UPB of Servicing Portfolio	$ 727,132
Wtd. Avg. Servicing Fee Rate (basis points)	0.20%
Wtd. Avg. Life of Servicing Portfolio (in years)	9 years 6 months
FHA
Segment Information
UPB of Servicing Portfolio	$ 621,487	$ 691,519
Wtd. Avg. Servicing Fee Rate (basis points)	0.154%	0.154%
Wtd. Avg. Life of Servicing Portfolio (in years)	19 years 7 months 6 days	18 years 8 months 12 days