Arbor Realty Trust (ABR) 10-Q30 Jul 212021 Q2 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2021	Jul. 23, 2021
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
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 Earle Ovington Boulevard
Entity Address, Address Line Two	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		142,156,441
Entity Central Index Key	0001253986
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
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
Series D Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	Preferred Stock, 6.375% Series D Cumulative Redeemable, par value $0.01 per share
Trading Symbol	ABR-PD
Security Exchange Name	NYSE

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Assets:
Cash and cash equivalents	$ 215,658	$ 339,528
Restricted cash	249,090	197,470
Loans and investments, net (allowance for credit losses: $138,447 and $148,329, respectively)	7,213,915	5,285,868
Loans held-for-sale, net	457,647	986,919
Capitalized mortgage servicing rights, net	418,653	379,974
Securities held-to-maturity, net (allowance for credit losses: $2,115 and $1,644, respectively)	114,696	95,524
Investments in equity affiliates	86,253	74,274
Due from related party	11,084	12,449
Goodwill and other intangible assets	103,106	105,451
Other assets	190,698	183,529
Total assets	9,060,800	7,660,986
Liabilities and Equity:
Credit and repurchase facilities	2,015,188	2,234,883
Collateralized loan obligations	3,484,088	2,517,309
Senior unsecured notes	836,074	662,843
Convertible senior unsecured notes, net	270,917	267,973
Junior subordinated notes to subsidiary trust issuing preferred securities	142,013	141,656
Due to related party	6,184	2,365
Due to borrowers	68,384	89,325
Allowance for loss-sharing obligations	65,645	64,303
Other liabilities	215,540	197,644
Total liabilities	7,104,033	6,178,301
Commitments and contingencies (Note 13)
Arbor Realty Trust, Inc. stockholders' equity:
Preferred Stock, Value, Issued	222,627	89,472
Common stock, $0.01 par value: 500,000,000 shares authorized - 141,738,609 and 123,181,173 shares issued and outstanding, respectively	1,417	1,232
Additional paid-in capital	1,620,898	1,317,109
Accumulated deficit	(12,084)	(63,442)
Total Arbor Realty Trust, Inc. stockholders' equity	1,832,858	1,344,371
Noncontrolling interest	123,909	138,314
Total equity	1,956,767	1,482,685
Total liabilities and equity	$ 9,060,800	$ 7,660,986

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Loans and investments, net allowance for credit losses	$ 138,447	$ 138,447	$ 148,329
Securities held-to-maturity, net allowance for credit losses	$ 2,115	$ 2,115	$ 1,644
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000	100,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000	500,000,000
Common stock, shares issued (in shares)	141,738,609	141,738,609	123,181,173
Common stock, shares outstanding (in shares)	141,738,609	141,738,609	123,181,173
Assets	$ 9,060,800	$ 9,060,800	$ 7,660,986
Liabilities	7,104,033	7,104,033	6,178,301
Consolidated variable interest entities
Assets	4,250,848	4,250,848	3,134,447
Liabilities	$ 3,488,040	$ 3,488,040	$ 2,520,064
Special voting preferred shares
Preferred stock, shares issued (in shares)	16,352,233	16,352,233	17,560,633
Preferred stock, shares outstanding (in shares)	16,352,233	16,352,233	17,560,633
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	$ 38,788
Preferred stock, shares issued (in shares)	0	0	1,551,500
Preferred stock, shares outstanding (in shares)	0	0	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	$ 31,500
Preferred stock, shares issued (in shares)	0	0	1,260,000
Preferred stock, shares outstanding (in shares)	0	0	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	$ 22,500
Preferred stock, shares issued (in shares)	0	0	900,000
Preferred stock, shares outstanding (in shares)	0	0	900,000
6.375% Series D preferred stock
Preferred stock, dividend rate (as a percent)	6.375%	6.375%	6.375%
Preferred stock, aggregate liquidation preference	$ 230,000	$ 230,000	$ 230,000
Preferred stock, shares issued (in shares)	9,200,000	9,200,000	0
Preferred stock, shares outstanding (in shares)	9,200,000	9,200,000	0

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
Interest income	$ 105,148	$ 83,080	$ 196,292	$ 171,606
Interest expense	46,378	41,302	88,562	91,284
Net interest income	58,770	41,778	107,730	80,322
Other revenue:
Gain on sales, including fee-based services, net	40,901	26,366	69,768	40,671
Mortgage servicing rights	26,299	32,417	63,235	54,351
Servicing revenue, net	15,315	13,506	30,850	26,809
Property operating income		751		2,943
Loss on derivative instruments, net	(2,607)	(7,368)	(5,828)	(58,099)
Other income, net	1,263	1,049	1,943	2,351
Total other revenue	81,171	66,721	159,968	69,026
Other expenses:
Employee compensation and benefits	43,700	34,438	86,674	68,690
Selling and administrative	11,133	8,606	21,947	19,658
Property operating expenses	129	1,035	272	3,478
Depreciation and amortization	1,788	1,961	3,543	3,908
Provision for loss sharing (net of recoveries)	549	2,395	2,201	23,932
Provision for credit losses (net of recoveries)	(7,815)	12,714	(8,890)	67,096
Total other expenses	49,484	61,149	105,747	186,762
Income (loss) before extinguishment of debt, sale of real estate, income from equity affiliates and income taxes	90,457	47,350	161,951	(37,414)
Loss on extinguishment of debt		(1,592)	(1,370)	(3,546)
Gain on sale of real estate			1,228
Income from equity affiliates	4,759	20,408	27,010	24,401
(Provision for) benefit from income taxes	(10,959)	(12,077)	(23,451)	2,293
Net income (loss)	84,257	54,089	165,368	(14,266)
Preferred stock dividends	6,414	1,888	8,303	3,777
Net income (loss) attributable to noncontrolling interest	8,717	8,110	18,459	(2,824)
Net income (loss) attributable to common stockholders	$ 69,126	$ 44,091	$ 138,606	$ (15,219)
Basic earnings (loss) per common share	$ 0.51	$ 0.40	$ 1.06	$ (0.14)
Diluted earnings (loss) per common share	$ 0.51	$ 0.40	$ 1.06	$ (0.14)
Weighted average shares outstanding:
Basic	135,262,197	110,745,572	130,276,499	110,768,992
Diluted	153,616,591	131,882,398	148,818,030	131,166,018
Dividends declared per common share (in dollars per share)	$ 0.34	$ 0.30	$ 0.67	$ 0.60

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) - USD ($) $ in Thousands	Preferred Stock6.375% Series D preferred stock	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' Equity6.375% Series D preferred stock	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	6.375% Series D preferred stock	Cumulative-effect adjustment	Balance as adjusted for the adoption of ASU 2016-13	Total
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 stock					$ 33		37,975							38,008							38,008
Issuance of 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				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 stock					$ 19		18,565							18,584							18,584
Issuance of 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 from convertible debt							276							276							276
Issuance of common stock from convertible debt (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				1,257,776
Balance (in shares) at Jun. 30, 2020			24,080,765		112,211,461
Balance at Dec. 31, 2020			$ 89,472		$ 1,232		1,317,109			(63,442)				1,344,371			138,314				1,482,685
Balance (in shares) at Dec. 31, 2020			21,272,133		123,181,173
Increase (Decrease) in Stockholders' Equity
Issuance of stock	$ 222,463				$ 194		327,820				$ 222,463			328,014				$ 222,463			328,014
Issuance of stock (in shares)	9,200,000				19,422,879
Repurchase of common stock					$ (14)		(23,446)							(23,460)							(23,460)
Repurchase of common stock (in shares)					(1,399,999)
Redemption of preferred stock			$ (89,296)											(89,296)							(89,296)
Redemption of preferred stock (in shares)			(3,711,500)
Stock-based compensation, net					$ 5		(585)							(580)							(580)
Stock-based compensation, net (in shares)					534,556
Distributions - common stock										(87,240)				(87,240)							(87,240)
Distributions - preferred stock										(8,311)				(8,311)							(8,311)
Distributions - noncontrolling interest																	(11,766)				(11,766)
Redemption of operating partnership units			$ (12)											(12)			(21,098)				(21,110)
Redemption of operating partnership units (in shares)			(1,208,400)
Net income (loss)										146,909				146,909			18,459				165,368
Balance at Jun. 30, 2021			$ 222,627		$ 1,417		1,620,898			(12,084)				1,832,858			123,909				1,956,767
Balance (in shares) at Jun. 30, 2021			25,552,233		141,738,609
Balance at Mar. 31, 2021			$ 89,472		$ 1,337		1,473,120			(35,498)				1,528,431			142,261				1,670,692
Balance (in shares) at Mar. 31, 2021			21,272,133		133,690,060
Increase (Decrease) in Stockholders' Equity
Issuance of stock	$ 222,463				$ 93		169,488				$ 222,463			169,581				$ 222,463			169,581
Issuance of stock (in shares)	9,200,000				9,282,479
Repurchase of common stock					$ (14)		(23,446)							(23,460)							(23,460)
Repurchase of common stock (in shares)					(1,399,999)
Redemption of preferred stock			$ (89,296)											(89,296)							(89,296)
Redemption of preferred stock (in shares)			(3,711,500)
Stock-based compensation, net					$ 1		1,736							1,737							1,737
Stock-based compensation, net (in shares)					166,069
Distributions - common stock										(45,710)				(45,710)							(45,710)
Distributions - preferred stock										(6,416)				(6,416)							(6,416)
Distributions - noncontrolling interest																	(5,971)				(5,971)
Redemption of operating partnership units			$ (12)											(12)			(21,098)				(21,110)
Redemption of operating partnership units (in shares)			(1,208,400)
Net income (loss)										75,540				75,540			8,717				84,257
Balance at Jun. 30, 2021			$ 222,627		$ 1,417		$ 1,620,898			$ (12,084)				$ 1,832,858			$ 123,909				$ 1,956,767
Balance (in shares) at Jun. 30, 2021			25,552,233		141,738,609

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) (Parenthetical)	3 Months Ended	6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
6.375% Series D preferred stock
Preferred stock, dividend rate (as a percent)	6.375%	6.375%	6.375%	6.375%

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Operating activities:
Net income (loss)	$ 54,089	$ 165,368	$ (14,266)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	1,961	3,543	3,908
Stock-based compensation		5,375	3,801
Amortization and accretion of interest and fees, net		354	3,007
Amortization of capitalized mortgage servicing rights	11,891	28,871	23,713
Originations of loans held-for-sale		(2,741,453)	(2,452,745)
Proceeds from sales of loans held-for-sale, net of gain on sale		3,324,001	2,949,949
Mortgage servicing rights	(32,417)	(63,235)	(54,351)
Write-off of capitalized mortgage servicing rights from payoffs		9,459	9,570
Provision for loss sharing (net of recoveries)	2,395	2,201	23,932
Provision for credit losses (net of recoveries)	12,714	(8,890)	67,096
Net recoveries (charge-offs) for loss sharing obligations		(859)	233
Deferred tax provision (benefit)	10,900	4,439	(9,025)
Income from equity affiliates	(20,408)	(27,010)	(24,401)
Distributions from equity affiliates		18,923	1,192
Loss on extinguishment of debt	1,592	1,370	3,546
Payoffs and paydowns of loans held-for-sale		2,322	62
Changes in operating assets and liabilities		2,802	(1,489)
Net cash provided by operating activities		727,581	533,732
Investing Activities:
Loans and investments funded, originated and purchased, net		(2,814,170)	(1,117,004)
Payoffs and paydowns of loans and investments		773,163	459,489
Proceeds from sale of loans and investments		110,000
Deferred fees		20,141	5,835
Investments in real estate, net			(129)
Contributions to equity affiliates		(21,074)	(60)
Distributions from equity affiliates		17,181	77
Purchase of securities held-to-maturity, net		(23,747)	(37,927)
Payoffs and paydowns of securities held-to-maturity		5,487	5,823
Due to borrowers and reserves		(80,986)	(44,028)
Net cash used in investing activities		(2,014,005)	(727,924)
Financing activities:
Proceeds from credit facilities and repurchase agreements		6,393,023	4,781,801
Paydowns and payoffs of credit facilities and repurchase agreements		(6,610,333)	(5,222,038)
Proceeds from issuance of collateralized loan obligations		1,329,887	668,000
Payoffs and paydowns of collateralized loan obligations		(356,150)	(282,874)
Payoffs and paydowns of debt fund			(70,000)
Proceeds from issuance of common stock		328,014	38,008
Proceeds from issuance of preferred stock		222,463
Settlements of convertible senior unsecured notes			(22,145)
Proceeds from issuance of senior unsecured notes		175,000	345,750
Redemption of preferred stock		(89,296)
Redemption of operating partnership units		(21,110)	(1,600)
Payments of withholding taxes on net settlement of vested stock		(5,955)
Repurchase of common stock		(23,460)	(12,761)
Distributions to stockholders		(107,317)	(43,140)
Payment of deferred financing costs		(20,592)	(16,342)
Net cash provided by financing activities		1,214,174	162,659
Net decrease in cash, cash equivalents and restricted cash		(72,250)	(31,533)
Cash, cash equivalents and restricted cash at beginning of period		536,998	510,562
Cash, cash equivalents and restricted cash at end of period	479,029	464,748	479,029
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents at beginning of period		339,528	299,687
Restricted cash at beginning of period		197,470	210,875
Cash, cash equivalents and restricted cash at beginning of period		536,998	510,562
Cash and cash equivalents at end of period	384,182	215,658	384,182
Restricted cash at end of period	94,847	249,090	94,847
Cash, cash equivalents and restricted cash at end of period	479,029	464,748	479,029
Supplemental cash flow information:
Cash used to pay interest		75,568	76,294
Cash used to pay taxes		25,739	2,832
Supplemental schedule of non-cash investing and financing activities:
Loans transferred from loans and investment, net to loans held-for-sale		65,204
Dividends declared on common stock and operating partnership units	39,778		39,778
Cummulative-effect adjustment (for adoption of credit loss standard)			28,607
Issuance of common stock from convertible debt			93
Settlements of convertible senior unsecured notes			4,778
Fair value of conversion feature of convertible senior unsecured notes	$ (185)		(185)
8.25% Series A preferred stock
Supplemental schedule of non-cash investing and financing activities:
Distributions accrued on preferred stock			267
7.75% Series B preferred stock
Supplemental schedule of non-cash investing and financing activities:
Distributions accrued on preferred stock			203
8.50% Series C preferred stock
Supplemental schedule of non-cash investing and financing activities:
Distributions accrued on preferred stock			$ 159
6.375% Series D preferred stock
Supplemental schedule of non-cash investing and financing activities:
Distributions accrued on preferred stock		$ 1,181

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Parenthetical)	3 Months Ended	6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
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%
6.375% Series D preferred stock
Preferred stock, dividend rate (as a percent)	6.375%	6.375%	6.375%	6.375%

Description of Business

Description of Business	6 Months Ended
Description of Business	Jun. 30, 2021
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 (“SFR”) and commercial real estate markets, primarily consisting of bridge and mezzanine loans, including junior participating interests in first mortgages and preferred and direct equity. We also invest in real estate-related joint ventures and may 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 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, and originate and sell finance products through conduit/commercial mortgage-backed securities (“CMBS”) programs. We pool and securitize the Private Label loans and sell certificates in the securitizations to third-party investors, while retaining the servicing rights and the highest risk bottom tranche certificate of the securitization (“APL certificates”). Substantially all of our operations are conducted through our operating partnership, Arbor Realty Limited Partnership (“ARLP”), for which we serve as the indirect 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 are part of our TRS consolidated group (the “TRS Consolidated Group”) and are 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.

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	6 Months Ended
Basis of Presentation and Significant Accounting Policies	Jun. 30, 2021
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 2020 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 14. All significant intercompany transactions and balances have been eliminated in consolidation. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that could materially affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Beginning early 2020, there has been a global outbreak of 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 have created significant disruptions in global supply chains, and adversely impacted many industries. COVID-19 could have a continued and prolonged adverse impact on economic and market conditions, which could continue a period of global economic slowdown. The impact of COVID-19 on companies continues to evolve, 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, 2021 inherently less certain than they would be absent the current and potential impacts of COVID-19. Reclassification Certain amounts in the prior period financial statements have been reclassified to conform to the presentation of the current period financial statements. Our real estate owned assets previously recorded to real estate owned, net on our consolidated balance sheets are now recorded to other assets for all periods presented. Recently Adopted Accounting Pronouncements Description Adoption Date Effect on Financial Statements In December 2019, the Financial Accounting Standards Board issued Accounting Standard Update 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. First quarter of 2021 The adoption of this guidance did not have a material impact on our consolidated financial statements. Significant Accounting Policies See Item 8 – Financial Statements and Supplementary Data in our 2020 Annual Report for a description of our significant accounting policies. There have been no significant changes to our significant accounting policies since December 31, 2020.

Loans and Investments

Loans and Investments	6 Months Ended
Loans and Investments	Jun. 30, 2021
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, 2021 Total Count Pay Rate (1) Maturity LTV Ratio (2) LTV Ratio (3) Bridge loans (4) $ 6,907,594 94 % 360 4.75 % 18.6 0 % 75 % Preferred equity investments 224,814 3 % 14 6.39 % 44.7 64 % 90 % Mezzanine loans 224,107 3 % 29 6.61 % 36.2 27 % 83 % Other loans (5) 29,414 <1 % 2 4.63 % 54.2 0 % 69 % 7,385,929 100 % 405 4.85 % 20.1 3 % 76 % Allowance for credit losses (138,447) Unearned revenue (33,567) Loans and investments, net $ 7,213,915 December 31, 2020 Bridge loans (4) $ 5,022,509 92 % 263 5.09 % 16.2 0 % 76 % Preferred equity investments 224,928 4 % 14 7.07 % 49.8 64 % 89 % Mezzanine loans 159,242 3 % 29 7.40 % 45.0 32 % 82 % Other loans (5) 68,403 1 % 22 4.95 % 74.8 0 % 69 % 5,475,082 100 % 328 5.23 % 19.2 4 % 77 % Allowance for credit losses (148,329) Unearned revenue (40,885) Loans and investments, net $ 5,285,868 (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 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, 2021 and December 31, 2020, bridge loans included 77 and 38, respectively, SFR loans with an aggregate UPB of $533.9 million and $309.2 million, respectively, of which $191.5 million and $88.1 million, respectively, was funded. (5) As of June 30, 2021, other loans included 2 variable rate SFR permanent loans and as of December 31, 2020, other loans included 22 SFR permanent loans. During the first quarter of 2021, the Structured Business transferred 21 fixed rate SFR permanent loans with a UPB of $65.2 million to the Agency Business, which represents all fixed rate SFR permanent loans originated. Fixed rate SFR permanent loans are reported through the Agency Business beginning in 2021 and classified as held-for-sale. See Note 4 for further details. Concentration of Credit Risk We are subject to concentration risk in that, at June 30, 2021, the UPB related to 21 loans with five different borrowers represented 12% of total assets. At December 31, 2020, the UPB related to 22 loans with five different borrowers represented 12% of total assets. During both the six months ended June 30, 2021 and the year ended December 31, 2020, 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 17 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, 2021 is as follows ($ in thousands): Wtd. Avg. Wtd. Avg. UPB by Origination Year First Dollar Last Dollar Asset Class / Risk Rating 2021 2020 2019 2018 2017 Prior Total LTV Ratio LTV Ratio Multifamily: Pass $ 1,852,008 $ 753,955 $ 44,035 $ — $ — $ 335 $ 2,650,333 Pass/Watch 699,139 817,032 468,975 121,555 36,000 29,150 2,171,851 Special Mention 50,537 415,935 697,673 111,483 98,138 — 1,373,766 Substandard — 18,840 120,530 16,925 16,500 8,250 181,045 Doubtful — — — — 17,700 — 17,700 Total Multifamily $ 2,601,684 $ 2,005,762 $ 1,331,213 $ 249,963 $ 168,338 $ 37,735 $ 6,394,695 3 % 76 % Land: Percentage of portfolio 87 % Special Mention $ — $ 8,100 $ — $ — $ — $ — $ 8,100 Substandard — 71,018 19,523 — 19,975 127,928 238,444 Total Land $ — $ 79,118 $ 19,523 $ — $ 19,975 $ 127,928 $ 246,544 0 % 94 % Single-Family Rental: Percentage of portfolio 3 % Pass $ 37,023 $ 8,375 $ 31,812 $ — $ — $ — $ 77,210 Pass/Watch 78,882 47,650 8,243 — — — 134,775 Special Mention 2,228 6,732 — — — — 8,960 Total Single-Family Rental $ 118,133 $ 62,757 $ 40,055 $ — $ — $ — $ 220,945 0 % 63 % Healthcare: Percentage of portfolio 3 % Pass $ — $ — $ 6,600 $ — $ — $ — $ 6,600 Pass/Watch — — — 26,850 — — 26,850 Special Mention — — 65,819 14,650 39,650 — 120,119 Doubtful — — — — 4,625 — 4,625 Total Healthcare $ — $ — $ 72,419 $ 41,500 $ 44,275 $ — $ 158,194 0 % 75 % Office: Percentage of portfolio 2 % Special Mention $ — $ 35,410 $ — $ 42,799 $ 43,151 $ 9,636 $ 130,996 Doubtful — — — — — 880 880 Total Office $ — $ 35,410 $ — $ 42,799 $ 43,151 $ 10,516 $ 131,876 0 % 82 % Student Housing: Percentage of portfolio 2 % Pass $ 25,700 $ — $ — $ — $ — $ — $ 25,700 Pass/Watch — — 31,100 — — — 31,100 Substandard — 23,500 — 13,000 24,050 — 60,550 Total Student Housing $ 25,700 $ 23,500 $ 31,100 $ 13,000 $ 24,050 $ — $ 117,350 15 % 74 % Hotel: Percentage of portfolio 2 % Pass/Watch $ — $ 26,000 $ — $ — $ — $ — $ 26,000 Special Mention — — 41,000 — — — 41,000 Total Hotel $ — $ 26,000 $ 41,000 $ — $ — $ — $ 67,000 0 % 85 % Retail: Percentage of portfolio 1 % Pass $ — $ — $ 4,000 $ — $ — $ — $ 4,000 Special Mention — — — 26,600 — — 26,600 Substandard — — — — — 3,445 3,445 Total Retail $ — $ — $ 4,000 $ 26,600 $ — $ 3,445 $ 34,045 9 % 72 % Other: Percentage of portfolio < 1 % Pass $ — $ — $ — $ — $ 13,580 $ — $ 13,580 Doubtful — — — — — 1,700 1,700 Total Other $ — $ — $ — $ — $ 13,580 $ 1,700 $ 15,280 7 % 53 % Percentage of portfolio < 1 % Grand Total $ 2,745,517 $ 2,232,547 $ 1,539,310 $ 373,862 $ 313,369 $ 181,324 $ 7,385,929 3 % 76 % Geographic Concentration Risk As of June 30, 2021, 18% and 16% of the outstanding balance of our loan and investment portfolio had underlying properties in New York and Texas, respectively. As of December 31, 2020, 19% and 11% 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, 2021 Land Multifamily Retail Office Healthcare Student Housing Hotel Other Total Allowance for credit losses: Beginning balance $ 78,096 $ 30,029 $ 13,848 $ 8,051 $ 3,872 $ 3,498 $ 7,754 $ 2,152 $ 147,300 Provision for credit losses (net of recoveries) (39) 131 (29) (229) (6) (1,133) (7,529) (19) (8,853) Ending balance $ 78,057 $ 30,160 $ 13,819 $ 7,822 $ 3,866 $ 2,365 $ 225 $ 2,133 $ 138,447 Three Months Ended June 30, 2020 Allowance for credit losses: Beginning balance $ 78,418 $ 31,891 $ 11,322 $ 6,096 $ 3,934 $ 1,142 $ 7,528 $ 1,921 $ 142,252 Provision for credit losses (net of recoveries) (324) 2,715 2,659 2,436 (4) 2,968 144 (35) 10,559 Ending balance $ 78,094 $ 34,606 $ 13,981 $ 8,532 $ 3,930 $ 4,110 $ 7,672 $ 1,886 $ 152,811 Six Months Ended June 30, 2021 Allowance for credit losses: Beginning balance $ 78,150 $ 36,468 $ 13,861 $ 1,846 $ 3,880 $ 4,078 $ 7,759 $ 2,287 $ 148,329 Provision for credit losses (net of recoveries) (93) (6,308) (42) 5,976 (14) (1,713) (7,534) (154) (9,882) Ending balance $ 78,057 $ 30,160 $ 13,819 $ 7,822 $ 3,866 $ 2,365 $ 225 $ 2,133 $ 138,447 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 64 68 29 112 17,294 Provision for credit losses (net of recoveries) 10,148 18,284 13,646 6,745 3,866 4,042 7,643 74 64,448 Ending balance $ 78,094 $ 34,606 $ 13,981 $ 8,532 $ 3,930 $ 4,110 $ 7,672 $ 1,886 $ 152,811 Our estimate of allowance for credit losses on our structured loans and investments, including related unfunded loan commitments, was based on a reasonable and supportable forecast period that was adjusted for the expectations that the markets we operate in will experience moderate improvements in economic conditions, decreases in unemployment rates, continued low interest rates and other market factors including positive developments in the COVID-19 pandemic. The expected credit losses over the contractual period of our loans also include the obligation to extend credit through our unfunded loan commitments. Our current expected credit loss (“CECL”) allowance for unfunded loan commitments are adjusted quarterly and correspond with the associated outstanding loans. As of June 30, 2021 and December 31, 2020, we had outstanding unfunded commitments of $524.7 million and $353.8 million, respectively, that we are obligated to fund as borrowers meet certain requirements. As of June 30, 2021 and December 31, 2020, accrued interest receivable related to our loans totaling $52.9 million and $41.6 million, respectively, was excluded from the estimate of credit losses and is included in other assets on the consolidated balance sheets. All of our structured loans and investments are secured by real estate assets or by interests in real estate assets, 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, 2021 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 $ 127,829 $ 77,868 0 % 99 % Retail 30,045 29,328 13,818 10 % 77 % Healthcare 4,625 4,673 3,845 0 % 83 % Office 2,136 2,136 1,500 0 % 68 % Commercial 1,700 1,700 1,700 63 % 63 % Total $ 172,721 $ 165,666 $ 98,731 2 % 94 % December 31, 2020 Land $ 134,215 $ 127,829 $ 77,869 0 % 99 % Hotel 110,000 89,613 7,500 0 % 94 % Retail 30,079 28,957 13,851 10 % 75 % Healthcare 4,625 4,673 3,845 0 % 83 % Office 2,166 2,166 1,500 0 % 71 % Commercial 1,700 1,700 1,700 63 % 63 % Total $ 282,785 $ 254,938 $ 106,265 1 % 94 % (1) Represents the UPB of nine and ten impaired loans (less unearned revenue and other holdbacks and adjustments) by asset class at June 30, 2021 and December 31, 2020, 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, 2021 and December 31, 2020. At June 30, 2021, eight loans with an aggregate net carrying value of $77.5 million, net of related loan loss reserves of $6.5 million, were classified as non-performing and, at December 31, 2020, seven loans with an aggregate net carrying value of $53.8 million, net of related loan loss reserves of $6.5 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, 2021 December 31, 2020 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 Student Housing $ 60,550 $ — $ 60,550 $ 36,500 $ — $ 36,500 Multifamily 17,700 — 17,700 17,700 — 17,700 Healthcare 4,625 — 4,625 4,625 — 4,625 Commercial 1,700 — 1,700 1,700 — 1,700 Retail 920 — 920 920 — 920 Office 880 — 880 880 — 880 Total $ 86,375 $ — $ 86,375 $ 62,325 $ — $ 62,325 In addition, we have six loans with a carrying value totaling $121.3 million at June 30, 2021, that are collateralized by a land development project. The loans do not carry a current pay rate of interest, however, five of the loans with a carrying value totaling $112.0 million entitle us to a weighted average accrual rate of interest of 7.91%. In 2008, we suspended the recording of the accrual rate of interest on these loans, as they were impaired and we deemed the collection of this interest to be doubtful. At both June 30, 2021 and December 31, 2020, we had a cumulative allowance for credit losses of $71.4 million related to these loans. The loans are subject to certain risks associated with a development project including, but not limited to, availability of construction financing, increases in projected construction costs, demand for the development's outputs upon completion of the project, and litigation risk. Additionally, these loans were not classified as non-performing as the borrower is in compliance with all of the terms and conditions of the loans. At both June 30, 2021 and December 31, 2020, 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, 2021 and 2020 In 2019, we purchased $50.0 million of a $110.0 million bridge loan, which is collateralized by a hotel property and scheduled to mature in December 2022. In the first quarter of 2020, we recorded a $7.5 million allowance for credit losses due to a reduction in the appraised value of the property. In August 2020, we purchased the remaining $60.0 million bridge loan at a discount for $39.9 million, which we determined had experienced a more than insignificant deterioration in credit quality since origination and, therefore, deemed to be a purchased loan with credit deterioration. The total discount received of $20.1 million was classified as a noncredit discount and no portion of the discount was allocated to allowance for credit losses at the date of purchase since the appraised value of the property was greater than the purchase price. Shortly after the purchase, we entered into a forbearance agreement with the borrower to temporarily reduce the interest rate from LIBOR plus 3.00% with a 1.50% LIBOR floor to a pay rate of 1.00% and to include a $10.0 million principal reduction if the loan is paid off by March 2, 2021. In January 2021, we entered into a second forbearance agreement which temporarily eliminated the pay rate, extended the principal reduction payoff deadline to June 30, 2021 and increased the interest rate to an unaccrued default rate of 9.50%, which is deferred to payoff. In June 2021, we received $95.0 million for full satisfaction of these loans, reversed the $7.5 million allowance for credit losses and recorded interest income of $3.5 million. In August 2020, we entered into a loan modification agreement on a $26.5 million bridge loan with an interest rate of LIBOR plus 6.00% with a 2.375% LIBOR floor and a $6.1 million mezzanine loan with a fixed rate of 12% collateralized by a retail property to: (1) reduce the interest rate on both loans to the greater of: (i) LIBOR plus 5.50% and (ii) 6.50%, and (2) to extend the maturity three years to December 2024. A portion of the foregoing interest equal to 2.00% will be deferred to payoff and will be waived if the loan is paid off by December 31, 2022. The loan modification agreement also includes a $6.0 million required principal paydown, which occurred at the closing of the modification transaction, and an $8.0 million principal reduction once the borrower deposits an additional reserve deposit of approximately $4.6 million by December 31, 2021. We have the ability to potentially recapture up to $8.0 million of the principal reduction to the extent that the property is sold or refinanced in excess of the debt. These two loan modifications were deemed troubled debt restructurings. There were no other loan modifications, refinancing's and/or extensions during the six months ended June 30, 2021 and 2020 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, 2021 and December 31, 2020, we had total interest reserves of $84.4 million and $78.3 million, respectively, on 262 loans and 186 loans, respectively, with an aggregate UPB of $4.69 billion and $3.60 billion, respectively.

Loans Held-for-Sale, Net

Loans Held-for-Sale, Net	6 Months Ended
Loans Held-for-Sale, Net	Jun. 30, 2021
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, 2021 December 31, 2020 Fannie Mae $ 220,944 $ 679,342 Private Label 135,934 56,186 FHA 50,770 53,063 Freddie Mac 39,806 180,004 SFR - Fixed Rate 1,486 — 448,940 968,595 Fair value of future MSR 9,669 21,600 Unearned discount (962) (3,276) Loans held-for-sale, net $ 457,647 $ 986,919 During the three and six months ended June 30, 2021, we sold $1.48 billion and $3.32 billion, respectively, of loans held-for-sale and recorded gain on sales, including fees, of $40.9 million and $69.8 million, respectively. 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, including fees, of $26.4 million and $40.7 million, respectively. Included in the total loans sold during 2021 and 2020 were Private Label loans totaling $449.9 million and $727.2 million, respectively, which were sold to unconsolidated affiliates of ours who pooled and securitized the loans. We retained the most subordinate class of certificates in the 2021 and 2020 securitizations totaling $38.2 million and $63.6 million, respectively, in satisfaction of credit risk retention requirements (see Note 7 for details), and we are also the primary servicer of the mortgage loans. In addition, the total loans sold during 2021 included 23 fixed rate SFR permanent loans totaling $75.3 million which resulted in a gain on sale of $2.8 million. At June 30, 2021 and December 31, 2020, 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
Capitalized Mortgage Servicing Rights	Jun. 30, 2021
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% - 13% (representing a weighted average discount rate of 10%) based on our best estimate of market discount rates. The weighted average estimated life remaining of our MSRs was 8.6 years at both June 30, 2021 and December 31, 2020. A summary of our capitalized MSR activity is as follows (in thousands): Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 Originated Acquired Total Originated Acquired Total Beginning balance $ 367,428 $ 39,552 $ 406,980 $ 336,466 $ 43,508 $ 379,974 Additions 31,971 — 31,971 77,009 — 77,009 Amortization (11,796) (2,871) (14,667) (22,875) (5,996) (28,871) Write-downs and payoffs (4,540) (1,091) (5,631) (7,537) (1,922) (9,459) Ending balance $ 383,063 $ 35,590 $ 418,653 $ 383,063 $ 35,590 $ 418,653 Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 Beginning balance $ 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) Ending balance $ 260,452 $ 52,836 $ 313,288 $ 260,452 $ 52,836 $ 313,288 We collected prepayment fees totaling $4.2 million and $6.9 million during the three and six months ended June 30, 2021, respectively, and $3.0 million and $8.1 million during the three and six months ended June 30, 2020, respectively. Prepayment fees are included as a component of servicing revenue, net on the consolidated statements of operations. As of June 30, 2021 and December 31, 2020, we had The expected amortization of capitalized MSRs recorded as of June 30, 2021 is as follows (in thousands): Year Amortization 2021 (six months ending 12/31/2021) $ 29,936 2022 57,277 2023 53,613 2024 49,872 2025 46,778 2026 42,711 Thereafter 138,466 Total $ 418,653 Actual amortization may vary from these estimates.

Mortgage Servicing

Mortgage Servicing	6 Months Ended
Mortgage Servicing	Jun. 30, 2021
Mortgage Servicing
Mortgage Servicing	Note 6 — Mortgage Servicing Product and geographic concentrations that impact our servicing revenue are as follows ($ in thousands): June 30, 2021 Product Concentrations Geographic Concentrations UPB Percent of Percentage Product UPB (1) Total State of Total Fannie Mae $ 19,191,969 74 % Texas 15 % Freddie Mac 4,708,457 18 % New York 11 % Private Label (2) 1,176,627 5 % North Carolina 9 % FHA 882,899 3 % California 8 % SFR - Fixed Rate 75,103 < 1 % Florida 6 % Total $ 26,035,055 100 % Georgia 6 % New Jersey 5 % Other (3) 40 % Total 100 % December 31, 2020 Fannie Mae $ 18,268,268 74 % Texas 16 % Freddie Mac 4,881,080 20 % New York 9 % FHA 752,116 3 % North Carolina 9 % Private Label 726,992 3 % California 9 % Total $ 24,628,456 100 % Florida 7 % Georgia 6 % New Jersey 4 % Other (3) 40 % Total 100 % (1) Excludes loans which we are not collecting a servicing fee. (2) Represents loans we service in connection with our Private Label securitizations (see Note 4 for details). (3) No other individual state represented 4% or more of the total. At June 30, 2021 and December 31, 2020, our weighted average servicing fee was 45.9 basis points and 45.4 basis points, respectively. At June 30, 2021 and December 31, 2020, we held total escrow balances of $1.53 billion and $1.29 billion, respectively, which is not reflected in our consolidated balance sheets. Of the total escrow balances, we held $810.2 million and $867.6 million at June 30, 2021 and December 31, 2020, 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 $1.1 million and $2.2 million during the three and six months ended June 30, 2021, respectively, and $1.4 million and $4.5 million during the three and six months ended June 30, 2020, 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
Securities Held-to-Maturity	Jun. 30, 2021
Securities Held-to-Maturity
Securities Held-to-Maturity	Note 7 — Securities Held-to-Maturity Agency Private Label Certificates (“APL certificates”). Agency B Piece 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, 2021 APL certificates $ 101,868 $ 61,600 $ 6,368 $ 67,968 $ 1,568 B Piece bonds 69,133 53,096 3,939 57,035 547 Total $ 171,001 $ 114,696 $ 10,307 $ 125,003 $ 2,115 December 31, 2020 APL certificates $ 63,627 $ 37,685 $ (2,105) $ 35,580 $ 1,023 B Piece bonds 76,497 57,839 709 58,548 621 Total $ 140,124 $ 95,524 $ (1,396) $ 94,128 $ 1,644 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, 2021 APL B Piece Certificates Bonds Total Beginning balance $ 991 $ 606 $ 1,597 Provision for credit loss expense 577 (59) 518 Ending balance $ 1,568 $ 547 $ 2,115 Six Months Ended June 30, 2021 Beginning balance $ 1,023 $ 621 $ 1,644 Provision for credit loss expense 545 (74) 471 Ending balance $ 1,568 $ 547 $ 2,115 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, 2021, 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 $3.1 million and $6.0 million during the three and six months ended June 30, 2021, respectively, and $1.7 million and $4.0 million during the three and six months ended June 30, 2020, respectively.

Investments in Equity Affiliate

Investments in Equity Affiliates	6 Months Ended
Investments in Equity Affiliates	Jun. 30, 2021
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 these investments is as follows (in thousands): UPB of Loans to Investments in Equity Affiliates at Equity Affiliates at Equity Affiliates June 30, 2021 December 31, 2020 June 30, 2021 Arbor Residential Investor LLC $ 67,717 $ 59,150 $ — AMAC Holdings III LLC 13,795 10,308 — North Vermont Avenue 2,421 2,496 — Lightstone Value Plus REIT L.P. 1,895 1,895 — JT Prime 425 425 — West Shore Café — — 1,687 Lexford Portfolio — — — East River Portfolio — — — Total $ 86,253 $ 74,274 $ 1,687 Arbor Residential Investor LLC (“ARI”). $4.8 million and $27.3 million, respectively, and during the three and six months ended June 30, 2020, we recorded income of $20.9 million and $23.8 million, respectively, to income from equity affiliates in our consolidated statements of operations. During the three and six months ended June 30, 2021, we also received cash distributions totaling 12.3% . The allocation of income is based on the underlying agreements, which may be different than our indirect interest, and was 9.2% as of June 30, 2021. Summarized statements of income for Wakefield Investment Holdings LLC, the third-party entity formed to hold the underlying residential mortgage banking business, are as follows (in thousands): Six Months Ended June 30, 2021 2020 Statements of Income: Total revenues $ 630,400 $ 689,728 Total expenses 476,710 506,259 Net income $ 153,690 $ 183,469 AMAC Holdings III LLC (“AMAC III”). During the first quarter of 2021, we funded an additional $4.0 million of a total committed investment of $30.0 million, which brings the total funded investment to $15.7 million at June 30, 2021. During the three and six months ended June 30, 2021 the loss recorded from this investment was $0.3 million and $0.5 million, respectively. Century Summerfield Apartments. During the first quarter of 2021, we funded $17.0 million of a total committed investment of $20.0 million for a 50% equity interest in a joint venture with a third party that was formed to invest in an apartment community. During the second quarter of 2021, this joint venture was dissolved and we received distributions totaling $17.2 million and recorded a $0.2 million gain. See Note 17 for details of certain investments described above.

Debt Obligations

Debt Obligations	6 Months Ended
Debt Obligations	Jun. 30, 2021
Debt Obligations
Debt Obligations	Note 9 — Debt Obligations Credit and Repurchase Facilities Borrowings under our credit and repurchase facilities are as follows ($ in thousands): June 30, 2021 December 31, 2020 Note Debt Collateral Debt Collateral Current Extended Rate Carrying Carrying Wtd. Avg. Carrying Carrying Maturity Maturity Type Value (1) Value Note Rate Value (1) Value Structured Business $1.8B joint repurchase facility Mar. 2022 Mar. 2023 V $ 660,685 $ 947,249 2.51 % $ 681,006 $ 1,054,562 $725M repurchase facility June 2022 Mar. 2023 V 335,477 466,109 2.10 % 191,622 259,559 $250M repurchase facility Mar. 2023 Mar. 2026 V 104,251 260,922 1.87 % — — $198.7M repurchase facility (2) Dec. 2021 N/A V 139,441 164,583 3.04 % 71,627 87,242 $187.3M loan specific credit facilities Aug. 2021 to Jan. 2024 N/A V/F 187,059 251,550 3.04 % 148,615 198,550 $150M credit facility Oct. 2022 Oct. 2023 V 8,576 15,132 3.90 % 23,606 31,809 $100M credit facility Aug. 2021 N/A V 58,625 83,800 1.88 % 39,346 47,912 $100M credit facility Oct. 2022 N/A V 9,936 13,773 4.06 % — — $100M repurchase facility Sept. 2021 N/A V 48,847 61,211 1.88 % 31,780 40,551 $50M credit facility April 2022 N/A V 22,407 28,009 2.13 % 15,992 21,300 $30M working capital facility Nov. 2021 N/A V — — — 30,000 — $25M credit facility June 2022 June 2023 V 12,583 18,314 2.38 % 9,323 14,340 $1M master security agreements Dec. 2022 N/A F 944 — 4.01 % 1,441 — Repurchase facilities - securities (3) N/A N/A V 34,567 — 3.55 % 38,487 — Structured Business total $ 1,623,398 $ 2,310,652 2.48 % $ 1,282,845 $ 1,755,825 Agency Business $750M ASAP agreement N/A N/A V $ 76,943 $ 76,943 1.40 % $ 301,455 $ 302,491 $400M repurchase facility Oct. 2021 N/A V 119,382 119,398 1.60 % 174,515 174,555 $200M joint repurchase facility Mar. 2022 N/A V 104,876 135,934 1.85 % 42,808 56,186 $200M credit facility Mar. 2022 N/A V 71,656 95,575 1.60 % 294,732 296,698 $150M credit facility Aug 2021 N/A V 15,073 15,073 1.65 % 49,632 49,754 $100M credit facility Aug. 2021 N/A V 2,592 2,600 1.65 % 88,896 88,911 $1.3M repurchase facility (2) Dec. 2021 N/A V 1,268 1,487 3.00 % — — Agency Business total $ 391,790 $ 447,010 1.64 % $ 952,038 $ 968,595 Consolidated total $ 2,015,188 $ 2,757,662 2.32 % $ 2,234,883 $ 2,724,420 V = ; F = Fixed Note Rate (1) The debt carrying value for the Structured Business at June 30, 2021 and December 31, 2020 was net of unamortized deferred finance costs of $4.0 million and $3.3 million, respectively. The debt carrying value for the Agency Business at June 30, 2021 and December 31, 2020 was net of unamortized deferred finance costs of $2.2 million and $0.6 million, respectively. (2) A portion of this repurchase facility was used to finance a fixed rate SFR permanent loan reported through our Agency Business. (3) These repurchase facilities are subject to margin call provisions associated with changes in interest spreads. As of June 30, 2021 and December 31, 2020, these facilities were collateralized by our B Piece bonds with a carrying value of $53.1 million and $58.5 million, respectively, and an SFR bond with a carrying value of $10.0 million at December 31, 2020. Generally, our credit and repurchase facilities 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, 2021 and December 31, 2020, the weighted average interest rate for the credit and repurchase facilities of our Structured Business, including certain fees and costs, such as structuring, commitment, non-use and warehousing fees, was 2.73% and 2.97%, respectively. The leverage on our loan and investment portfolio financed through our credit and repurchase facilities, excluding the securities repurchase facilities, working capital facility and the master security agreements, was 69% at both June 30, 2021 and December 31, 2020. During the second quarter of 2021, we amended our $400.0 million credit facility twice to increase the facility size to $725.0 million and extend the maturity to June 2022. In May 2021, we amended our $200.0 million credit facility increasing the facility size to $250.0 million. In March 2021, we entered into a $200.0 million repurchase facility to finance bridge loans that has interest rates of LIBOR plus 1.75% - 2.75% and matures in March 2023. The facility has a maximum advance rate of 80%. In March 2021, we amended our $50.0 million credit facility increasing the facility size to $150.0 million and decreased the all in floor rate 0.15%. In March 2021, we entered into an $18.2 million credit facility used to finance a hotel bridge loan. The facility bears interest at the prime rate with a 3.25% floor and matures in December 2022. In February 2021, we entered into a $21.6 million credit facility used to finance a multifamily bridge loan. The facility bears interest at a 3.00% fixed rate and matures in January 2024. In January 2021, we amended our $400.0 million repurchase facility to extend the maturity to December 2021. The interest rate on new loans in 2021 is LIBOR plus 1.75% with a 0.35% LIBOR floor if utilization is above $250.0 million and LIBOR plus 2.00% with a 0.35% LIBOR floor if utilization is below $250.0 million. For existing loans, the interest rate will remain at LIBOR plus 2.00% to 2.20% with a LIBOR floor reduced to 0.35%. Agency Business In March 2021, we amended our $150.0 million credit facility to increase the facility size to $200.0 million, extend the maturity to March 2022, increase the interest rate 0.20% and add a 0.25% LIBOR floor. Collateralized Loan Obligations (“CLOs”) We account for CLO transactions on our consolidated balance sheet as financing facilities. Our CLOs are VIEs for which we are the primary beneficiary and are consolidated in our financial statements. The investment grade tranches are treated as secured financings, and are non-recourse to us. Borrowings and the corresponding collateral under our CLOs are as follows ($ in thousands): Debt Collateral (3) Loans Cash Carrying Wtd. Avg. Carrying Restricted June 30, 2021 Face Value Value (1) Rate (2) UPB Value Cash (4) CLO XV $ 674,412 $ 668,823 1.42 % $ 674,753 $ 674,753 $ 128,015 CLO XIV 655,475 650,116 1.45 % 766,872 766,872 — CLO XIII 668,000 664,396 1.54 % 770,086 770,086 17,749 CLO XII 534,193 531,295 1.62 % 614,751 614,751 15,412 CLO XI 533,000 530,470 1.56 % 643,450 643,450 884 CLO X 441,000 438,988 1.57 % 534,261 534,261 16,000 Total CLOs $ 3,506,080 $ 3,484,088 1.52 % $ 4,004,173 $ 4,004,173 $ 178,060 December 31, 2020 CLO XIII $ 668,000 $ 663,804 1.58 % $ 768,664 $ 768,664 $ 43 CLO XII 534,193 530,673 1.66 % 628,935 628,935 2,005 CLO XI 533,000 529,859 1.61 % 555,157 555,157 92,395 CLO X 441,000 438,442 1.61 % 522,132 522,132 25,537 CLO IX 356,150 354,531 1.53 % 457,903 457,903 18,703 Total CLOs $ 2,532,343 $ 2,517,309 1.60 % $ 2,932,791 $ 2,932,791 $ 138,683 (1) Debt carrying value is net of $22.0 million and $15.0 million of deferred financing fees at June 30, 2021 and December 31, 2020, respectively. (2) At June 30, 2021 and December 31, 2020, the aggregate weighted average note rate for our CLOs, including certain fees and costs, was 1.80% and 1.93%, respectively. (3) As of June 30, 2021 and December 31, 2020, there were no collateral deemed a “credit risk” as defined by the CLO indentures. (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 $38.1 million and $49.5 million at June 30, 2021 and December 31, 2020, respectively. CLO XV. two-and-a-half-year CLO XIV. two-and-a-half- year CLO IX. Senior Unsecured Notes A summary of our senior unsecured notes is as follows (in thousands): Senior June 30, 2021 December 31, 2020 Unsecured Issuance Carrying Wtd. Avg. Carrying Wtd. Avg. Notes Date Maturity UPB Value (1) Rate (2) UPB Value (1) Rate (2) 5.00% Notes (3) Apr. 2021 Apr. 2026 $ 175,000 $ 172,130 5.00 % $ — $ — — % 8.00% Notes (3) Apr. 2020 Apr. 2023 70,750 69,997 8.00 % 70,750 69,793 8.00 % 4.50% Notes (3) Mar. 2020 Mar. 2027 275,000 272,234 4.50 % 275,000 271,994 4.50 % 4.75% Notes (4) Oct. 2019 Oct. 2024 110,000 108,842 4.75 % 110,000 108,668 4.75 % 5.75% Notes (4) Mar. 2019 Apr. 2024 90,000 88,942 5.75 % 90,000 88,751 5.75 % 5.625% Notes (4) Mar. 2018 May 2023 125,000 123,929 5.63 % 125,000 123,637 5.63 % $ 845,750 $ 836,074 5.23 % $ 670,750 $ 662,843 5.29 % (1) At June 30, 2021 and December 31, 2020, the carrying value is net of deferred financing fees of $9.7 million and $7.9 million, respectively. (2) At June 30, 2021 and December 31, 2020, the aggregate weighted average note rate, including certain fees and costs, was 5.56% and 5.65% , respectively. (3) These notes can be redeemed by us prior to three months before the maturity 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 three months prior to or after the maturity date, at a redemption price equal to 100% of the aggregate principal amount, plus accrued and unpaid interest. (4) These notes can be redeemed by us at any time prior to the maturity 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 maturity date, at a redemption price equal to 100% of the aggregate principal amount, plus accrued and unpaid interest. In April 2021, we issued $175.0 million aggregate principal amount of 5.00% senior unsecured notes due in 2026 in a private offering. We received net proceeds of $172.3 million from the issuance, after deducting the underwriting discount and other offering expenses. We are using the net proceeds to make investments related to our business and for general corporate purposes. 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 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 senior notes (the “5.25% Convertible Notes”) for a combination of $233.1 million in cash (which included accrued interest) and 4,478,315 shares of our common stock. The remaining net proceeds were used for general corporate purposes. As of June 30, 2021, the 4.75% Convertible Notes had a conversion rate of 56.5332 shares of common stock per $1,000 of principal, which represented a conversion price of $17.69 per share of common stock. At June 30, 2021, there were $0.5 million and $13.8 million aggregate principal amount remaining of our 5.25% Convertible Notes issued on July 3, 2018 and 5.25% Convertible Notes issued on July 20, 2018, respectively. At June 30, 2021, the conversion rates of the 5.25% Convertible Notes issued on July 3, 2018 and 5.25% Convertible Notes issued on July 20, 2018 were 91.9605 shares and 82.2763 shares, respectively, of common stock per $1,000 of principal, which represented a conversion price of $10.87 per share and $12.15 per share of common stock, respectively. On July 1, 2021, the 5.25% Convertible Notes matured and were fully settled with cash totaling $14.3 million and 386,459 shares of common stock. 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 1.27 years and 1.77 years at June 30, 2021 and December 31, 2020, respectively, on a weighted average basis. The UPB, unamortized discount and net carrying amount of the liability and equity components of our convertible notes are 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, 2021 $ 278,300 $ 4,031 $ 3,352 $ 270,917 $ 9,962 December 31, 2020 $ 278,300 $ 5,636 $ 4,691 $ 267,973 $ 9,962 During both the three months ended June 30, 2021 and 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, 2021, we incurred total interest expense on the notes of $9.6 million, of which $6.6 million, $1.6 million and $1.4 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. Including the amortization of the deferred financing fees and debt discount, our weighted average total cost of the notes was 6.75% at both June 30, 2021 and December 31, 2020. Junior Subordinated Notes The carrying values of borrowings under our junior subordinated notes were $142.0 million and $141.7 million at June 30, 2021 and December 31, 2020, respectively, which is net of a deferred amount of $10.5 million and $10.8 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. 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 2021 are as follows: Cash Flow Triggers CLO X CLO XI CLO XII CLO XIII CLO XIV CLO XV Overcollateralization (1) Current 126.98 % 121.95 % 118.87 % 119.76 % 119.76 % 120.85 % Limit 125.98 % 120.95 % 117.87 % 118.76 % 118.76 % 119.85 % Pass / Fail Pass Pass Pass Pass Pass Pass Interest Coverage (2) Current 449.62 % 370.22 % 355.36 % 389.99 % 434.76 % 240.42 % Limit 120.00 % 120.00 % 120.00 % 120.00 % 120.00 % 120.00 % Pass / Fail Pass 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 X CLO XI CLO XII CLO XIII CLO XIV CLO XV July 2021 126.98 % 121.95 % 118.87 % 119.76 % 119.76 % 120.85 % April 2021 126.98 % 121.95 % 118.87 % 119.76 % 119.76 % — January 2021 126.98 % 121.95 % 118.87 % 119.76 % — — October 2020 126.98 % 121.95 % 118.87 % 119.76 % — — July 2020 126.98 % 121.95 % 118.87 % 119.76 % — — (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
Allowance for Loss-Sharing Obligations	Jun. 30, 2021
Allowance for Loss-Sharing Obligations
Allowance for Loss-Sharing Obligations	Note 10 — 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, 2021 2020 2021 2020 Beginning balance $ 65,893 $ 70,752 $ 64,303 $ 34,648 Impact of adopting CECL - January 1, 2020 — — — 14,406 Provisions for loss sharing 716 2,673 2,464 24,569 Provisions reversal for loan repayments (167) (277) (263) (636) Recoveries (charge-offs), net (797) 72 (859) 233 Ending balance $ 65,645 $ 73,220 $ 65,645 $ 73,220 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, 2021 and 2020, guarantee obligations of $34.5 million and $32.8 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. 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, 2021 and December 31, 2020, we had outstanding advances of $0.5 million and $0.1 million, respectively, which were netted against the allowance for loss-sharing obligations. At June 30, 2021 and December 31, 2020, our allowance for loss-sharing obligations, associated with expected losses under CECL, was $31.2 million and $30.3 million, respectively, and represented 0.16% and 0.17%, respectively, of the Fannie Mae servicing portfolio. At June 30, 2021 and December 31, 2020, the maximum quantifiable liability associated with our guarantees under the Fannie Mae DUS agreement was $3.61 billion and $3.41 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
Derivative Financial Instruments	Jun. 30, 2021
Derivative Financial Instruments
Derivative Financial Instruments	Note 11 — 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. 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 loss on derivative instruments, 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 30,2021, we recorded net gains of $9.9 million and $1.2 million, respectively, from changes in the fair value of these derivatives and $26.3 million and $63.2 million, respectively, of income from MSRs. 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 and $32.4 million and $54.4 million, respectively, of income from MSRs. The gains and losses are recorded in loss on derivative instruments, net on our consolidated statements of operations. See Note 12 for details. Interest Rate Swap Futures. During the three months ended June 30, 2021, we recorded realized and unrealized losses of $9.4 million and $3.0 million, respectively, to our Agency Business related to our Swap Futures. During the six months ended June 30, 2021, we recorded realized and unrealized losses of million and A summary of our non-qualifying derivative financial instruments is as follows ($ in thousands): June 30, 2021 Fair Value Notional Balance Sheet Derivative Derivative Derivative Count Value Location Assets Liabilities Agency Business Rate Lock Commitments 5 $ 16,550 Other Assets/Other Liabilities $ 124 $ (127) Forward Sale Commitments 43 328,069 Other Assets/Other Liabilities 2,263 (266) Swap Futures 2,196 219,600 — — $ 564,219 $ 2,387 $ (393) December 31, 2020 Agency Business Rate Lock Commitments 7 $ 136,354 Other Assets/Other Liabilities $ 1,967 $ (231) Forward Sale Commitments 114 1,048,763 Other Assets/Other Liabilities 1,925 (990) Swap Futures 453 45,300 — — $ 1,230,417 $ 3,892 $ (1,221)

Fair Value

Fair Value	6 Months Ended
Fair Value	Jun. 30, 2021
Fair Value
Fair Value	Note 12 — 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, 2021 December 31, 2020 Principal / Carrying Estimated Principal / Carrying Estimated Notional Amount Value Fair Value Notional Amount Value Fair Value Financial assets: Loans and investments, net $ 7,385,929 $ 7,213,915 $ 7,421,181 $ 5,475,082 $ 5,285,868 $ 5,428,141 Loans held-for-sale, net 448,940 457,647 469,195 968,595 986,919 1,007,294 Capitalized mortgage servicing rights, net n/a 418,653 471,275 n/a 379,974 415,495 Securities held-to-maturity, net 171,001 114,696 125,003 140,124 95,524 94,128 Derivative financial instruments 308,421 2,387 2,387 865,975 3,892 3,892 Financial liabilities: Credit and repurchase facilities $ 2,021,412 $ 2,015,188 $ 2,016,291 $ 2,238,722 $ 2,234,883 $ 2,235,668 Collateralized loan obligations 3,506,080 3,484,088 3,506,460 2,532,343 2,517,309 2,495,195 Senior unsecured notes 845,750 836,074 853,814 670,750 662,843 670,117 Convertible senior unsecured notes, net 278,300 270,917 304,689 278,300 267,973 280,636 Junior subordinated notes 154,336 142,013 100,650 154,336 141,656 99,594 Derivative financial instruments 36,198 393 393 319,142 1,221 1,221 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. Determining which category an asset or liability falls within the hierarchy requires judgment and we evaluate our hierarchy disclosures each quarter. 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. 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 and repurchase facilities. Collateralized loan obligations and junior subordinated notes. Senior unsecured notes. 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 are determined using the following input levels as of June 30, 2021 (in thousands): Fair Value Measurements Using Fair Carrying Value Hierarchy Value Fair Value Level 1 Level 2 Level 3 Financial assets: Derivative financial instruments $ 2,387 $ 2,387 $ — $ 2,263 $ 124 Financial liabilities: Derivative financial instruments $ 393 $ 393 $ — $ 393 $ — 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, are determined using the following input levels as of June 30, 2021 (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) $ 66,935 $ 66,935 $ — $ — $ 66,935 (1) We had an allowance for credit losses of $98.7 million relating to nine impaired loans with an aggregate carrying value, before loan loss reserves, of $165.7 million at June 30, 2021. Loan impairment assessments. Quantitative information about Level 3 fair value measurements at June 30, 2021 is as follows ($ in thousands): Valuation Fair Value Techniques Significant Unobservable Inputs Financial assets: Impaired loans: Land $ 49,960 Discounted cash flows Discount rate 21.50 % Revenue growth rate 3.00 % Discount rate 10.15 % Retail 15,511 Discounted cash flows Capitalization rate 9.25 % Revenue growth rate 1.68 % Healthcare 828 Discounted cash flows Capitalization rate 14.30 % Discount rate 11.00 % Office 636 Discounted cash flows Capitalization rate 9.00 % Revenue growth rate 2.50 % Derivative financial instruments: Rate lock commitments 124 Discounted cash flows W/A discount rate 8.44 % 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 is 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, 2021 2020 2021 2020 Derivative assets and liabilities, net Beginning balance $ 1,439 $ 2,069 $ 1,967 $ 1,066 Settlements (23,045) (33,936) (58,074) (54,867) Realized gains recorded in earnings 21,606 31,867 56,107 53,801 Unrealized gains recorded in earnings 124 549 124 549 Ending balance $ 124 $ 549 $ 124 $ 549 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 are as follows (in thousands): Notional/ Fair Value of Interest Rate Total Fair Value June 30, 2021 Principal Amount Servicing Rights Movement Effect Adjustment Rate lock commitments $ 16,550 $ 124 $ 127 $ 251 Forward sale commitments 328,069 — (127) (127) Loans held-for-sale, net (1) 448,940 9,669 — 9,669 Total $ 9,793 $ — $ 9,793 (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, 2021 (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 $ 7,213,915 $ 7,421,181 $ — $ — $ 7,421,181 Loans held-for-sale, net 457,647 469,195 — 459,526 9,669 Capitalized mortgage servicing rights, net 418,653 471,275 — — 471,275 Securities held-to-maturity, net 114,696 125,003 — — 125,003 Financial liabilities: Credit and repurchase facilities $ 2,015,188 $ 2,016,291 $ — $ 391,790 $ 1,624,501 Collateralized loan obligations 3,484,088 3,506,460 — — 3,506,460 Senior unsecured notes 836,074 853,814 853,814 — — Convertible senior unsecured notes, net 270,917 304,689 — 304,689 — Junior subordinated notes 142,013 100,650 — — 100,650

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2021
Commitments and Contingencies
Commitments and Contingencies	Note 13 — Commitments and Contingencies Impact of COVID-19. Agency Business Commitments. As of June 30, 2021, we were required to maintain at least $19.1 million of liquid assets in one of our subsidiaries to meet our operational liquidity requirements for Fannie Mae and we had operational liquidity in excess of this requirement. We are generally required to share the risk of any losses associated with loans sold under the Fannie Mae DUS program and are required to secure this obligation by assigning restricted cash balances and/or a letter of credit to Fannie Mae. The amount of collateral required by Fannie Mae is a formulaic calculation at the loan level by a Fannie Mae assigned tier, which considers the loan balance, risk level of the loan, age of the loan and level of risk-sharing. Fannie Mae requires restricted liquidity for Tier 2 loans of 75 basis points, 15 basis points for Tier 3 loans and 5 basis points for Tier 4 loans, which is funded over a 48-month period that begins upon delivery of the loan to Fannie Mae. A significant portion of our Fannie Mae DUS serviced loans for which we have risk sharing are Tier 2 loans. As of June 30, 2021, we met the restricted liquidity requirement with a $45.0 million letter of credit and $14.6 million of cash collateral. As of June 30, 2021, reserve requirements for the Fannie Mae DUS loan portfolio will require us to fund $47.7 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, 2021, 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 and FHA, as 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 11 and Note 12. Debt Obligations and Operating Leases. Minimum Annual Debt Operating Lease Year Obligations Payments Total 2021 (six months ending December 31, 2021) $ 859,768 $ 3,408 $ 863,176 2022 2,496,580 8,257 2,504,837 2023 1,371,081 8,031 1,379,112 2024 1,017,797 7,926 1,025,723 2025 256,723 7,978 264,701 2026 340,026 8,282 348,308 Thereafter 463,903 26,098 490,001 Total $ 6,805,878 $ 69,980 $ 6,875,858 During the three months ended June 30, 2021 and 2020, we recorded lease expense of 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 was removed to the Bankruptcy Court. Currently, there is just a single case in Bankruptcy Court. The lawsuits all alleged, 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 named 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, 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. The Trust also alleges 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, 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 from the lawsuits, none of whom are related to us, 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 Trust’s 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 to amend 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 moved to dismiss the referenced remaining actions in December 2013. After supplemental briefing and multiple adjourned conferences, in August 2020, the Court issued a decision granting our motion to dismiss in part, dismissing 9 of the 17 counts. The Court permitted claims against director designees to proceed on theories of authorization of illegal dividends and breach of fiduciary duty. The Court permitted claims against the defendant entities, including our affiliated entities, to proceed on theories of constructive fraudulent transfer and fraudulent transfer under state and federal law. Moreover, the Court affirmatively dismissed four counts against the defendant entities to the extent they are based on distributions from certain so-called LIBOR Floor Certificates. According to the amended complaint, the total LIBOR Floor Certificate transfers were $74.0 million in value. As a result, with what remains of the amended complaint, total possible liability against the affiliated entities has correspondingly fallen, whereas total possible liability against the director designees remains at approximately $139.0 million. The parties have stipulated to a schedule for discovery and we intend to vigorously defend against the remaining claims. 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
Variable Interest Entities	Jun. 30, 2021
Variable Interest Entities
Variable Interest Entities	Note 14 — 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, prior to the unwind. Our operating results and cash flows include the gross asset and liability amounts related to the CLOs as opposed to our net economic interests in those entities. The assets and liabilities related to these consolidated CLOs are as follows (in thousands): June 30, 2021 December 31, 2020 Assets: Restricted cash $ 233,473 $ 188,226 Loans and investments, net 3,990,518 2,923,634 Other assets 26,857 22,587 Total assets $ 4,250,848 $ 3,134,447 Liabilities: Collateralized loan obligations $ 3,484,088 $ 2,517,309 Other liabilities 3,952 2,755 Total liabilities $ 3,488,040 $ 2,520,064 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 9 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, 2021 is as follows (in thousands): Type Carrying Amount (1) Loans $ 495,347 B Piece bonds 53,643 APL certificates 63,168 Equity investments 16,216 Agency interest only strips 792 Total $ 629,166 (1) Represents the carrying amount of loans and investments before reserves. At June 30, 2021, $130.0 million of loans to VIEs had corresponding specific loan loss reserves of $79.4 million. The maximum loss exposure as of June 30, 2021 would not exceed the carrying amount of our investment. These unconsolidated VIEs have exposure to real estate debt of approximately $4.30 billion at June 30, 2021.

Equity

Equity	6 Months Ended
Equity	Jun. 30, 2021
Equity
Equity	Note 15 — Equity Preferred Stock. Common Stock. In June 2021, we completed a public offering in which we sold 6,000,000 shares of our common stock for $18.46 per share and received net proceeds of $110.6 million after deducting the underwriter's discount and other offering expenses. The proceeds are being used to make investments related to our business and for general corporate purposes. We also used $11.1 million of the net proceeds from this offering to purchase 600,000 shares of our common stock from ACM at the same price the underwriters paid to purchase the shares. During the six months ended June 30, 2021, we sold 6,422,879 shares of our common stock for net proceeds of $109.2 million through an “At-The-Market” equity offering sales agreement with JMP Securities LLC (“JMP”). We used $21.1 million of the net proceeds to redeem OP Units from two of ACM's members for their membership interest in ACM. 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 Series D February 17, 2021 $ 0.33 February 1, 2021 $ 0.515625 $ 0.484375 $ 0.53125 N/A May 5, 2021 $ 0.34 April 30, 2021 $ 0.515625 $ 0.484375 $ 0.53125 N/A (1) The dividend declared on April 30, 2021 was for March 1, 2021 through May 31, 2021 and the dividend declared on February 1, 2021 was for December 1, 2020 through February 28, 2021. As mentioned above, we used a portion of the proceeds from our Series D preferred stock to fully redeem our Series A, B and C preferred stock in June 2021. Common Stock – On July 28, 2021, the Board of Directors declared a cash dividend of $0.35 per share of common stock. The dividend is payable on August 31, 2021 to common stockholders of record as of the close of business on August 16, 2021. Preferred Stock Deferred Compensation. one third one third one fifth one fifth second During the first quarter of 2021, 448,980 shares of performance-based restricted stock units previously granted to our chief executive officer fully vested and were net settled for 229,083 common shares. During the first quarter of 2021, we withheld 140,744 shares from the net settlement of restricted common stock by employees for payment of withholding taxes on shares that vested. In April 2021, we entered into a second amended and restated annual incentive agreement (the “2021 annual incentive agreement”) with our chief executive officer, effective January 1, 2021. The terms of the 2021 annual incentive agreement provide for: (1) an annual base salary of $1.2 million; (2) an annual cash payment of $0.8 million; and (3) annual performance cash bonus target opportunities of $2.9 million at target performance, $1.5 million at threshold performance and $4.4 million at maximum performance, with the opportunity to earn an additional $0.7 million annually in the event of extraordinary performance with respect to corporate capital growth goals. The 2021 annual incentive agreement also provides for: (1) a grant with a value of $3.0 million to be made in July 2021, dependent on reaching certain goals relating to the integration of the Acquisition (“Acquisition Related Grant”), which represents the last Acquisition Related Grant; and (2) at our chief executive officer’s option, to be exercised annually for the remainder of the term of the 2021 annual incentive agreement, either (i) a grant with a value of $3.0 million, which will vest in full three years from the date of the grant (“Time Based Vesting Equity Award”) or (ii) a performance based award of restricted stock (“Performance-Based TSR Equity Award”) with an annual value at grant of $12.0 million, relating to our total stockholder return objectives. The Acquisition Related Grant will vest in full on the third In April 2021, our chief executive officer elected to receive the Time Based Vesting Equity Award option in connection with the 2021 annual incentive agreement; therefore, we granted our chief executive officer 184,729 shares of restricted common stock with a grant date fair value of $3.1 million that vest in full in April 2024. Earnings Per Share. A reconciliation of the numerator and denominator of our basic and diluted EPS computations ($ in thousands, except share and per share data) is as follows: Three Months Ended June 30, 2021 2020 Basic Diluted Basic Diluted Net income attributable to common stockholders (1) $ 69,126 $ 69,126 $ 44,091 $ 44,091 Net income attributable to noncontrolling interest (2) — 8,717 — 8,110 Net income attributable to common stockholders and noncontrolling interest $ 69,126 $ 77,843 $ 44,091 $ 52,201 Weighted average shares outstanding 135,262,197 135,262,197 110,745,572 110,745,572 Dilutive effect of OP Units (2) — 17,056,229 — 20,369,265 Dilutive effect of restricted stock units (3) — 929,734 — 767,561 Dilutive effect of convertible notes (4) — 368,431 — — Weighted average shares outstanding 135,262,197 153,616,591 110,745,572 131,882,398 Net income per common share (1) $ 0.51 $ 0.51 $ 0.40 $ 0.40 Six Months Ended June 30, 2021 2020 Net income (loss) attributable to common stockholders (1) $ 138,606 $ 138,606 $ (15,219) $ (15,219) Net income (loss) attributable to noncontrolling interest (2) — 18,459 — (2,824) Net income (loss) attributable to common stockholders and noncontrolling interest $ 138,606 $ 157,065 $ (15,219) $ (18,043) Weighted average shares outstanding 130,276,499 130,276,499 110,768,992 110,768,992 Dilutive effect of OP Units (2) — 17,307,037 — 20,397,026 Dilutive effect of restricted stock units (3) — 921,187 — — Dilutive effect of convertible notes (4) — 313,307 — — Weighted average shares outstanding 130,276,499 148,818,030 110,768,992 131,166,018 Net income (loss) per common share (1) $ 1.06 $ 1.06 $ (0.14) $ (0.14) (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) Our chief executive officer is granted restricted stock units annually, which vest at the end of a four-year performance period based upon our achievement of total stockholder return objectives. (4) The convertible senior unsecured notes impact diluted earnings per share if the average price of our common stock exceeds the conversion price, as calculated in accordance with the terms of the indenture.

Income Taxes

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2021
Income Taxes
Income Taxes	Note 16 — 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, 2021, we recorded a tax provision of $11.0 million and $23.5 million, respectively. 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.The tax provision recorded in the three months ended June 30, 2021 consisted of a current tax provision of $11.0 million and a deferred tax benefit of less than $0.1 million. The tax provision recorded in the six months ended June 30, 2021 consisted of a current and deferred tax provision of $19.0 million and $4.5 million. 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 $9.0 million and a current tax provision of $6.7 million. 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
Agreements and Transactions with Related Parties	Jun. 30, 2021
Agreements and Transactions with Related Parties
Agreements and Transactions with Related Parties	Note 17 — Agreements and Transactions with Related Parties Support Agreement and Employee Secondment Agreement. Other Related Party Transactions. Due to related party was $6.2 million and $2.4 million at June 30, 2021 and December 31, 2020, respectively, and consisted of loan payoffs, holdbacks and escrows to be remitted to our affiliated servicing operations related to real estate transactions. In March 2021, we originated a $63.4 million bridge loan to a third-party to purchase a multifamily property from a multifamily-focused commercial real estate investment fund sponsored and managed by our chief executive officer and one of his immediate family members, which fund has no continued involvement with the property following the purchase. The loan has an interest rate of LIBOR plus 3.75% with a LIBOR floor of 0.25% and matures in March 2024. Interest income recorded from this loan was $0.7 million for both the three and six months ended June 30, 2021. In December 2020, we committed to fund a $32.5 million bridge loan (of which $1.5 million was funded as of June 30, 2021) and made a $3.5 million preferred equity investment in a SFR build-to-rent construction project. An entity owned by an immediate family member of our chief executive officer also made an equity investment in the project and owns a 21.8% equity interest in the borrowing entity. The bridge loan has an interest rate of LIBOR plus In October 2020, we committed to fund a $30.5 million bridge loan and made a $4.6 million preferred equity investment in a SFR build-to-rent construction project. ACM and an entity owned by an immediate family member of our chief executive officer also made equity investments in the project and own an 18.9% equity interest in the borrowing entity. The bridge loan, which was not funded as of June 30, 2021, has an interest rate of LIBOR plus 5.50% with a LIBOR floor of 0.75% and matures in May 2023 and the preferred equity investment has a fixed rate of 12% and matures in April 2023. Interest income recorded from the preferred equity investment was $0.2 million and $0.3 million for the three and six months ended June 30, 2021, respectively. 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. Interest income recorded from these loans was $0.3 million and $0.7 million for the three and six months ended June 30, 2021, respectively, and $0.6 million and $1.4 million for the three and six months ended June 30, 2020, respectively. In certain instances, our business requires our executives to charter privately owned aircraft in furtherance of our business. In 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, 2021 and 2020, we reimbursed the aircraft owner $0.1 million and $0.3 million, respectively, for the flights chartered by our executives pursuant the agreement. In 2019, we, along with ACM, certain executives of ours and a consortium of independent outside investors, formed 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 $15.7 million was funded as of June 30, 2021) for an 18% interest in AMAC III. During both the three and six months ended June 30, 2021, the loss recorded from this investment was de minimis. During the three and six months ended June 30, 2020, we recorded a loss of $0.5 million and $0.6 million, 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 June 2020, for full satisfaction of the mezzanine loan, AMAC III became the owner of the property. In August 2020, the $34.0 million bridge loan was refinanced with a $35.4 million bridge loan, which bears interest at a rate of LIBOR plus 3.50% and matures in August 2022. We also 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 these loans totaled $0.3 million and $0.6 million for the three and six months ended June 30, 2021, respectively, and $0.7 million and $1.6 million for the three and six months ended June 30, 2020, respectively. In 2018, we originated a $37.5 million bridge loan, which was used to purchase several multifamily properties. In 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 was $0.8 million and $1.4 million for the three and six months ended June 30, 2020, 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 had an interest rate of LIBOR plus 4.0% with a LIBOR floor of 2.125% and was scheduled to mature in July 2021. In January 2021, the borrower repaid this loan in full. Interest income recorded from this loan was $0.3 million and $0.6 million for the three and six months ended June 30, 2020, 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 owns a 10.8% interest in the borrowing entity. The loan was used to purchase several undeveloped parcels of land. The loan has a fixed interest rate of 10% and was scheduled to mature in 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 was $0.1 million for the six months ended June 30, 2020. 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 was scheduled to mature in June 2021, which was extended to August 2021. Interest income recorded from this loan was $0.3 million for both the three months ended June 30, 2021 and 2020, and $0.7 million for both the six months ended June 30, 2021 and 2020. In 2018, we acquired a $9.4 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 75% of the borrowing entity. The loan has an interest rate of LIBOR plus 5.0% with a LIBOR floor of 1.25% and was scheduled to mature in January 2021. In January 2021, the maturity date of this loan was extended to January 2022. Interest income recorded from this loan was $0.1 million for both the three months ended June 30, 2021 and 2020, and $0.3 million for both the six months ended June 30, 2021 and 2020. 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 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 this loan was $0.5 million for both the three months ended June 30, 2021 and 2020, and $1.0 million for both the six months ended June 30, 2021 and 2020. 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, 2021. 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 all periods presented. In March 2020, we originated a $14.8 million Private Label loan and a $3.4 million mezzanine loan 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 Private Label loan bears interest at a fixed rate of 3.1% and the mezzanine loan bears interest at a fixed rate of 9.0% 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 $0.1 million for both the three and six months ended June 30, 2021 and $0.2 million for both the three and six months ended June 30, 2020. 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. In January 2021, an equity investor in the underlying residential mortgage banking business exercised their right to purchase an additional interest in this investment, which decreased our indirect interest to 12.3%. We recorded income from equity affiliates related to this investment of $4.8 million and $27.3 million in the three and six months ended June 30, 2021, respectively, and $20.9 million and $23.8 million in the three and six months ended June 30, 2020, respectively. During the three and six months ended June 30, 2021, we also received cash distributions totaling $5.6 million and $18.7 million from this investment, respectively, which were classified as returns of capital. We, along with an executive officer of ours and a consortium of independent outside investors, hold equity investments in a portfolio of multifamily properties referred to as the “Lexford” portfolio, which is managed by an entity owned primarily by a consortium of affiliated investors, including our chief executive officer and an executive officer of ours. Based on the terms of the management contract, the management company is entitled to 4.75% of gross revenues of the underlying properties, along with the potential to share in the proceeds of a sale or restructuring of the debt. In June 2018, the owners of Lexford restructured part of its debt and we originated twelve bridge loans totaling $280.5 million, which were used to repay in full certain existing mortgage debt and to renovate 72 multifamily properties included in the portfolio. The loans were originated in June 2018, had interest rates of LIBOR plus 4.0% and were scheduled to mature in June 2021. During 2019, the borrower made payoffs and partial paydowns of principal totaling $250.0 million and in March 2020, the remaining balance of the loans were refinanced with a $34.6 million Private Label loan, which bears interest at a fixed rate of 3.30% and matures in March 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 during both the three and six months ended June 30, 2020. Further, as part of this June 2018 restructuring, $50.0 million in unsecured financing was provided by an unsecured lender to certain parent entities of the property owners. ACM owns slightly less than half of the unsecured lender entity and, therefore, provided slightly less than half of the unsecured lender financing. In addition, in connection with our equity investment, we received a distribution of $0.2 million during both the three and six months ended June 30, 2020, which was recorded as income from equity affiliates. Separate from the loans we originated in June 2018, we provide limited (“bad boy”) guarantees for certain other debt controlled by Lexford. The bad boy guarantees may become a liability for us upon standard “bad” acts such as fraud or a material misrepresentation by Lexford or us. At June 30, 2021, this debt had an aggregate outstanding balance of $609.3 million and is scheduled to mature between 2021 and 2029. Several of our executives, including our chief financial officer, senior 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 35% 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, 2021, ACM holds 2,828,629 shares of our common stock and 10,692,668 OP Units, which in the aggregate represents 8.6% of the voting power of our outstanding stock. Our Board of Directors approved a resolution under our charter allowing our chief executive officer and ACM (in 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
Segment Information	Jun. 30, 2021
Segment Information
Segment Information	Note 18 — 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, 2021 Structured Agency Other / Business Business Eliminations (1) Consolidated Interest income $ 96,498 $ 8,650 $ — $ 105,148 Interest expense 42,748 3,630 — 46,378 Net interest income 53,750 5,020 — 58,770 Other revenue: Gain on sales, including fee-based services, net — 40,901 — 40,901 Mortgage servicing rights — 26,299 — 26,299 Servicing revenue — 29,982 — 29,982 Amortization of MSRs — (14,667) — (14,667) Loss on derivative instruments, net — (2,607) — (2,607) Other income, net 1,255 8 — 1,263 Total other revenue 1,255 79,916 — 81,171 Other expenses: Employee compensation and benefits 11,907 31,793 — 43,700 Selling and administrative 5,248 5,885 — 11,133 Property operating expenses 129 — — 129 Depreciation and amortization 615 1,173 — 1,788 Provision for loss sharing (net of recoveries) — 549 — 549 Provision for credit losses (net of recoveries) (8,333) 518 — (7,815) Total other expenses 9,566 39,918 — 49,484 Income before income from equity affiliates and income taxes 45,439 45,018 — 90,457 Income from equity affiliates 4,759 — — 4,759 Provision for income taxes (682) (10,277) — (10,959) Net income 49,516 34,741 — 84,257 Preferred stock dividends 6,414 — — 6,414 Net income attributable to noncontrolling interest — — 8,717 8,717 Net income attributable to common stockholders $ 43,102 $ 34,741 $ (8,717) $ 69,126 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 Six Months Ended June 30, 2021 Structured Agency Other / Business Business Eliminations (1) Consolidated Interest income $ 179,708 $ 16,584 $ — $ 196,292 Interest expense 80,972 7,590 — 88,562 Net interest income 98,736 8,994 — 107,730 Other revenue: Gain on sales, including fee-based services, net — 69,768 — 69,768 Mortgage servicing rights — 63,235 — 63,235 Servicing revenue — 59,721 — 59,721 Amortization of MSRs — (28,871) — (28,871) Loss on derivative instruments, net — (5,828) — (5,828) Other income, net 1,935 8 — 1,943 Total other revenue 1,935 158,033 — 159,968 Other expenses: Employee compensation and benefits 23,484 63,190 — 86,674 Selling and administrative 9,761 12,186 — 21,947 Property operating expenses 272 — — 272 Depreciation and amortization 1,197 2,346 — 3,543 Provision for loss sharing (net of recoveries) — 2,201 — 2,201 Provision for credit losses (net of recoveries) (9,362) 472 — (8,890) Total other expenses 25,352 80,395 — 105,747 Income before extinguishment of debt, sale of real estate, income from equity affiliates and income taxes 75,319 86,632 — 161,951 Loss on extinguishment of debt (1,370) — — (1,370) Gain on sale of real estate — 1,228 — 1,228 Income from equity affiliates 27,010 — — 27,010 Provision for income taxes (5,665) (17,786) — (23,451) Net income 95,294 70,074 — 165,368 Preferred stock dividends 8,303 — — 8,303 Net income attributable to noncontrolling interest — — 18,459 18,459 Net income attributable to common stockholders $ 86,991 $ 70,074 $ (18,459) $ 138,606 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) (1) Includes income allocated to the noncontrolling interest holders not allocated to the two reportable segments. June 30, 2021 Structured Business Agency Business Consolidated Assets: Cash and cash equivalents $ 40,353 $ 175,305 $ 215,658 Restricted cash 233,474 15,616 249,090 Loans and investments, net 7,213,915 — 7,213,915 Loans held-for-sale, net — 457,647 457,647 Capitalized mortgage servicing rights, net — 418,653 418,653 Securities held-to-maturity, net — 114,696 114,696 Investments in equity affiliates 86,253 — 86,253 Goodwill and other intangible assets 12,500 90,606 103,106 Other assets 124,328 77,454 201,782 Total assets $ 7,710,823 $ 1,349,977 $ 9,060,800 Liabilities: Debt obligations $ 6,356,490 $ 391,790 $ 6,748,280 Allowance for loss-sharing obligations — 65,645 65,645 Other liabilities 178,934 111,174 290,108 Total liabilities $ 6,535,424 $ 568,609 $ 7,104,033 December 31, 2020 Assets: Cash and cash equivalents $ 172,568 $ 166,960 $ 339,528 Restricted cash 188,226 9,244 197,470 Loans and investments, net 5,285,868 — 5,285,868 Loans held-for-sale, net — 986,919 986,919 Capitalized mortgage servicing rights, net — 379,974 379,974 Securities held-to-maturity, net — 95,524 95,524 Investments in equity affiliates 74,274 — 74,274 Goodwill and other intangible assets 12,500 92,951 105,451 Other assets 142,844 53,134 195,978 Total assets $ 5,876,280 $ 1,784,706 $ 7,660,986 Liabilities: Debt obligations $ 4,872,626 $ 952,038 $ 5,824,664 Allowance for loss-sharing obligations — 64,303 64,303 Other liabilities 203,554 85,780 289,334 Total liabilities $ 5,076,180 $ 1,102,121 $ 6,178,301 Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Origination Data: Structured Business Bridge loans (1) $ 1,800,688 $ 298,934 $ 2,806,376 $ 1,084,056 Mezzanine loans 38,257 1,547 94,257 15,722 Preferred equity investments — — — 23,500 Other loans (2) — — 26,238 33,432 Total new loan originations $ 1,838,945 $ 300,481 $ 2,926,871 $ 1,156,710 (1) The three and six months ended June 30, 2021 includes 25 and 43 SFR loans with a UPB of $70.9 million and $114.2 million, respectively. During the three and six months ended June 30, 2021, we committed to fund one and four SFR build-to-rent bridge loans totaling $40.0 million and $138.4 million, respectively. (2) The six months ended June 30, 2021 and 2020 includes 1 and 7 SFR permanent loans with a UPB of $26.2 million and $32.3 million, respectively. Loan payoffs / paydowns $ 662,940 $ 159,174 $ 895,968 $ 434,466 Agency Business Origination Volumes by Investor: Fannie Mae $ 637,494 $ 1,140,181 $ 1,701,477 $ 1,722,154 Private Label 377,184 49,122 529,638 331,467 Freddie Mac 155,914 135,720 270,631 335,431 FHA 130,764 75,533 197,244 93,476 SFR - Fixed Rate 11,996 — 11,996 — Total $ 1,313,352 $ 1,400,556 $ 2,710,986 $ 2,482,528 Total loan commitment volume $ 1,194,344 $ 1,206,723 $ 2,654,479 $ 2,473,941 Loan Sales Data: Agency Business Fannie Mae $ 722,499 $ 1,063,923 $ 2,159,865 $ 1,817,967 Private Label 449,890 727,154 449,890 727,154 FHA 163,602 30,124 230,005 53,437 Freddie Mac 134,122 171,688 408,946 351,391 SFR - Fixed Rate 11,996 — 75,294 — Total $ 1,482,109 $ 1,992,889 $ 3,324,000 $ 2,949,949 Sales margin (fee-based services as a % of loan sales) 2.76 % 1.32 % 2.10 % 1.38 % MSR rate (MSR income as a % of loan commitments) 2.20 % 2.69 % 2.38 % 2.20 % June 30, 2021 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 $ 19,191,969 53.2 8.3 Freddie Mac 4,708,457 28.5 9.8 Private Label 1,176,627 20.0 9.0 FHA 882,899 15.7 21.0 SFR - Fixed Rate 75,103 20.0 5.9 Total $ 26,035,055 45.9 9.0 December 31, 2020 Fannie Mae $ 18,268,268 52.3 8.2 Freddie Mac 4,881,080 27.9 9.9 FHA 752,116 16.3 20.3 Private Label 726,992 20.0 8.7 Total $ 24,628,456 45.4 8.9

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2021
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 2020 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 14. All significant intercompany transactions and balances have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that could materially affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Beginning early 2020, there has been a global outbreak of 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 have created significant disruptions in global supply chains, and adversely impacted many industries. COVID-19 could have a continued and prolonged adverse impact on economic and market conditions, which could continue a period of global economic slowdown. The impact of COVID-19 on companies continues to evolve, 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, 2021 inherently less certain than they would be absent the current and potential impacts of COVID-19.
Reclassification	Reclassification Certain amounts in the prior period financial statements have been reclassified to conform to the presentation of the current period financial statements. Our real estate owned assets previously recorded to real estate owned, net on our consolidated balance sheets are now recorded to other assets for all periods presented.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements Description Adoption Date Effect on Financial Statements In December 2019, the Financial Accounting Standards Board issued Accounting Standard Update 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. First quarter of 2021 The adoption of this guidance did not have a material impact on our consolidated financial statements. Significant Accounting Policies See Item 8 – Financial Statements and Supplementary Data in our 2020 Annual Report for a description of our significant accounting policies. There have been no significant changes to our significant accounting policies since December 31, 2020.

Basis of Presentation and Sig_3

Basis of Presentation and Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2021
Basis of Presentation and Significant Accounting Policies
Schedules of Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements	Description Adoption Date Effect on Financial Statements In December 2019, the Financial Accounting Standards Board issued Accounting Standard Update 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. First quarter of 2021 The adoption of this guidance did not have a material impact on our consolidated financial statements.

Loans and Investments (Tables)

Loans and Investments (Tables)	6 Months Ended
Loans and Investments (Tables)	Jun. 30, 2021
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, 2021 Total Count Pay Rate (1) Maturity LTV Ratio (2) LTV Ratio (3) Bridge loans (4) $ 6,907,594 94 % 360 4.75 % 18.6 0 % 75 % Preferred equity investments 224,814 3 % 14 6.39 % 44.7 64 % 90 % Mezzanine loans 224,107 3 % 29 6.61 % 36.2 27 % 83 % Other loans (5) 29,414 <1 % 2 4.63 % 54.2 0 % 69 % 7,385,929 100 % 405 4.85 % 20.1 3 % 76 % Allowance for credit losses (138,447) Unearned revenue (33,567) Loans and investments, net $ 7,213,915 December 31, 2020 Bridge loans (4) $ 5,022,509 92 % 263 5.09 % 16.2 0 % 76 % Preferred equity investments 224,928 4 % 14 7.07 % 49.8 64 % 89 % Mezzanine loans 159,242 3 % 29 7.40 % 45.0 32 % 82 % Other loans (5) 68,403 1 % 22 4.95 % 74.8 0 % 69 % 5,475,082 100 % 328 5.23 % 19.2 4 % 77 % Allowance for credit losses (148,329) Unearned revenue (40,885) Loans and investments, net $ 5,285,868 (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 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, 2021 and December 31, 2020, bridge loans included 77 and 38, respectively, SFR loans with an aggregate UPB of $533.9 million and $309.2 million, respectively, of which $191.5 million and $88.1 million, respectively, was funded. (5) As of June 30, 2021, other loans included 2 variable rate SFR permanent loans and as of December 31, 2020, other loans included 22 SFR permanent loans.
Summary of the loan portfolio's internal risk ratings and LTV ratios by asset class	A summary of the loan portfolio’s internal risk ratings and LTV ratios by asset class as of June 30, 2021 is as follows ($ in thousands): Wtd. Avg. Wtd. Avg. UPB by Origination Year First Dollar Last Dollar Asset Class / Risk Rating 2021 2020 2019 2018 2017 Prior Total LTV Ratio LTV Ratio Multifamily: Pass $ 1,852,008 $ 753,955 $ 44,035 $ — $ — $ 335 $ 2,650,333 Pass/Watch 699,139 817,032 468,975 121,555 36,000 29,150 2,171,851 Special Mention 50,537 415,935 697,673 111,483 98,138 — 1,373,766 Substandard — 18,840 120,530 16,925 16,500 8,250 181,045 Doubtful — — — — 17,700 — 17,700 Total Multifamily $ 2,601,684 $ 2,005,762 $ 1,331,213 $ 249,963 $ 168,338 $ 37,735 $ 6,394,695 3 % 76 % Land: Percentage of portfolio 87 % Special Mention $ — $ 8,100 $ — $ — $ — $ — $ 8,100 Substandard — 71,018 19,523 — 19,975 127,928 238,444 Total Land $ — $ 79,118 $ 19,523 $ — $ 19,975 $ 127,928 $ 246,544 0 % 94 % Single-Family Rental: Percentage of portfolio 3 % Pass $ 37,023 $ 8,375 $ 31,812 $ — $ — $ — $ 77,210 Pass/Watch 78,882 47,650 8,243 — — — 134,775 Special Mention 2,228 6,732 — — — — 8,960 Total Single-Family Rental $ 118,133 $ 62,757 $ 40,055 $ — $ — $ — $ 220,945 0 % 63 % Healthcare: Percentage of portfolio 3 % Pass $ — $ — $ 6,600 $ — $ — $ — $ 6,600 Pass/Watch — — — 26,850 — — 26,850 Special Mention — — 65,819 14,650 39,650 — 120,119 Doubtful — — — — 4,625 — 4,625 Total Healthcare $ — $ — $ 72,419 $ 41,500 $ 44,275 $ — $ 158,194 0 % 75 % Office: Percentage of portfolio 2 % Special Mention $ — $ 35,410 $ — $ 42,799 $ 43,151 $ 9,636 $ 130,996 Doubtful — — — — — 880 880 Total Office $ — $ 35,410 $ — $ 42,799 $ 43,151 $ 10,516 $ 131,876 0 % 82 % Student Housing: Percentage of portfolio 2 % Pass $ 25,700 $ — $ — $ — $ — $ — $ 25,700 Pass/Watch — — 31,100 — — — 31,100 Substandard — 23,500 — 13,000 24,050 — 60,550 Total Student Housing $ 25,700 $ 23,500 $ 31,100 $ 13,000 $ 24,050 $ — $ 117,350 15 % 74 % Hotel: Percentage of portfolio 2 % Pass/Watch $ — $ 26,000 $ — $ — $ — $ — $ 26,000 Special Mention — — 41,000 — — — 41,000 Total Hotel $ — $ 26,000 $ 41,000 $ — $ — $ — $ 67,000 0 % 85 % Retail: Percentage of portfolio 1 % Pass $ — $ — $ 4,000 $ — $ — $ — $ 4,000 Special Mention — — — 26,600 — — 26,600 Substandard — — — — — 3,445 3,445 Total Retail $ — $ — $ 4,000 $ 26,600 $ — $ 3,445 $ 34,045 9 % 72 % Other: Percentage of portfolio < 1 % Pass $ — $ — $ — $ — $ 13,580 $ — $ 13,580 Doubtful — — — — — 1,700 1,700 Total Other $ — $ — $ — $ — $ 13,580 $ 1,700 $ 15,280 7 % 53 % Percentage of portfolio < 1 % Grand Total $ 2,745,517 $ 2,232,547 $ 1,539,310 $ 373,862 $ 313,369 $ 181,324 $ 7,385,929 3 % 76 %
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, 2021 Land Multifamily Retail Office Healthcare Student Housing Hotel Other Total Allowance for credit losses: Beginning balance $ 78,096 $ 30,029 $ 13,848 $ 8,051 $ 3,872 $ 3,498 $ 7,754 $ 2,152 $ 147,300 Provision for credit losses (net of recoveries) (39) 131 (29) (229) (6) (1,133) (7,529) (19) (8,853) Ending balance $ 78,057 $ 30,160 $ 13,819 $ 7,822 $ 3,866 $ 2,365 $ 225 $ 2,133 $ 138,447 Three Months Ended June 30, 2020 Allowance for credit losses: Beginning balance $ 78,418 $ 31,891 $ 11,322 $ 6,096 $ 3,934 $ 1,142 $ 7,528 $ 1,921 $ 142,252 Provision for credit losses (net of recoveries) (324) 2,715 2,659 2,436 (4) 2,968 144 (35) 10,559 Ending balance $ 78,094 $ 34,606 $ 13,981 $ 8,532 $ 3,930 $ 4,110 $ 7,672 $ 1,886 $ 152,811 Six Months Ended June 30, 2021 Allowance for credit losses: Beginning balance $ 78,150 $ 36,468 $ 13,861 $ 1,846 $ 3,880 $ 4,078 $ 7,759 $ 2,287 $ 148,329 Provision for credit losses (net of recoveries) (93) (6,308) (42) 5,976 (14) (1,713) (7,534) (154) (9,882) Ending balance $ 78,057 $ 30,160 $ 13,819 $ 7,822 $ 3,866 $ 2,365 $ 225 $ 2,133 $ 138,447 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 64 68 29 112 17,294 Provision for credit losses (net of recoveries) 10,148 18,284 13,646 6,745 3,866 4,042 7,643 74 64,448 Ending balance $ 78,094 $ 34,606 $ 13,981 $ 8,532 $ 3,930 $ 4,110 $ 7,672 $ 1,886 $ 152,811
Summary of our loans considered impaired by asset class	June 30, 2021 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 $ 127,829 $ 77,868 0 % 99 % Retail 30,045 29,328 13,818 10 % 77 % Healthcare 4,625 4,673 3,845 0 % 83 % Office 2,136 2,136 1,500 0 % 68 % Commercial 1,700 1,700 1,700 63 % 63 % Total $ 172,721 $ 165,666 $ 98,731 2 % 94 % December 31, 2020 Land $ 134,215 $ 127,829 $ 77,869 0 % 99 % Hotel 110,000 89,613 7,500 0 % 94 % Retail 30,079 28,957 13,851 10 % 75 % Healthcare 4,625 4,673 3,845 0 % 83 % Office 2,166 2,166 1,500 0 % 71 % Commercial 1,700 1,700 1,700 63 % 63 % Total $ 282,785 $ 254,938 $ 106,265 1 % 94 % (1) Represents the UPB of nine and ten impaired loans (less unearned revenue and other holdbacks and adjustments) by asset class at June 30, 2021 and December 31, 2020, 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, 2021 December 31, 2020 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 Student Housing $ 60,550 $ — $ 60,550 $ 36,500 $ — $ 36,500 Multifamily 17,700 — 17,700 17,700 — 17,700 Healthcare 4,625 — 4,625 4,625 — 4,625 Commercial 1,700 — 1,700 1,700 — 1,700 Retail 920 — 920 920 — 920 Office 880 — 880 880 — 880 Total $ 86,375 $ — $ 86,375 $ 62,325 $ — $ 62,325

Loans Held-for-Sale, Net (Table

Loans Held-for-Sale, Net (Tables)	6 Months Ended
Loans Held-for-Sale, Net (Tables)	Jun. 30, 2021
Loans Held-for-Sale, Net
Summary of loans held-for-sale, net	June 30, 2021 December 31, 2020 Fannie Mae $ 220,944 $ 679,342 Private Label 135,934 56,186 FHA 50,770 53,063 Freddie Mac 39,806 180,004 SFR - Fixed Rate 1,486 — 448,940 968,595 Fair value of future MSR 9,669 21,600 Unearned discount (962) (3,276) Loans held-for-sale, net $ 457,647 $ 986,919

Capitalized Mortgage Servicin_2

Capitalized Mortgage Servicing Rights (Tables)	6 Months Ended
Capitalized Mortgage Servicing Rights (Tables)	Jun. 30, 2021
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, 2021 Six Months Ended June 30, 2021 Originated Acquired Total Originated Acquired Total Beginning balance $ 367,428 $ 39,552 $ 406,980 $ 336,466 $ 43,508 $ 379,974 Additions 31,971 — 31,971 77,009 — 77,009 Amortization (11,796) (2,871) (14,667) (22,875) (5,996) (28,871) Write-downs and payoffs (4,540) (1,091) (5,631) (7,537) (1,922) (9,459) Ending balance $ 383,063 $ 35,590 $ 418,653 $ 383,063 $ 35,590 $ 418,653 Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 Beginning balance $ 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) Ending balance $ 260,452 $ 52,836 $ 313,288 $ 260,452 $ 52,836 $ 313,288
Schedule of expected amortization of capitalized MSRs recorded	The expected amortization of capitalized MSRs recorded as of June 30, 2021 is as follows (in thousands): Year Amortization 2021 (six months ending 12/31/2021) $ 29,936 2022 57,277 2023 53,613 2024 49,872 2025 46,778 2026 42,711 Thereafter 138,466 Total $ 418,653

Mortgage Servicing (Tables)

Mortgage Servicing (Tables)	6 Months Ended
Mortgage Servicing (Tables)	Jun. 30, 2021
MSRs
Product and geographic concentrations
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, 2021 Product Concentrations Geographic Concentrations UPB Percent of Percentage Product UPB (1) Total State of Total Fannie Mae $ 19,191,969 74 % Texas 15 % Freddie Mac 4,708,457 18 % New York 11 % Private Label (2) 1,176,627 5 % North Carolina 9 % FHA 882,899 3 % California 8 % SFR - Fixed Rate 75,103 < 1 % Florida 6 % Total $ 26,035,055 100 % Georgia 6 % New Jersey 5 % Other (3) 40 % Total 100 % December 31, 2020 Fannie Mae $ 18,268,268 74 % Texas 16 % Freddie Mac 4,881,080 20 % New York 9 % FHA 752,116 3 % North Carolina 9 % Private Label 726,992 3 % California 9 % Total $ 24,628,456 100 % Florida 7 % Georgia 6 % New Jersey 4 % Other (3) 40 % Total 100 % (1) Excludes loans which we are not collecting a servicing fee. (2) Represents loans we service in connection with our Private Label securitizations (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
Securities Held-to-Maturity (Tables)	Jun. 30, 2021
Securities Held-to-Maturity
Schedule 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, 2021 APL certificates $ 101,868 $ 61,600 $ 6,368 $ 67,968 $ 1,568 B Piece bonds 69,133 53,096 3,939 57,035 547 Total $ 171,001 $ 114,696 $ 10,307 $ 125,003 $ 2,115 December 31, 2020 APL certificates $ 63,627 $ 37,685 $ (2,105) $ 35,580 $ 1,023 B Piece bonds 76,497 57,839 709 58,548 621 Total $ 140,124 $ 95,524 $ (1,396) $ 94,128 $ 1,644
Schedule of 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, 2021 APL B Piece Certificates Bonds Total Beginning balance $ 991 $ 606 $ 1,597 Provision for credit loss expense 577 (59) 518 Ending balance $ 1,568 $ 547 $ 2,115 Six Months Ended June 30, 2021 Beginning balance $ 1,023 $ 621 $ 1,644 Provision for credit loss expense 545 (74) 471 Ending balance $ 1,568 $ 547 $ 2,115

Investments in Equity Affilia_2

Investments in Equity Affiliates (Tables)	6 Months Ended
Investments in Equity Affiliates (Tables)	Jun. 30, 2021
Investments in Equity Affiliates
Summary of the company's investments in equity affiliates	We account for all investments in equity affiliates under the equity method. A summary of these investments is as follows (in thousands): UPB of Loans to Investments in Equity Affiliates at Equity Affiliates at Equity Affiliates June 30, 2021 December 31, 2020 June 30, 2021 Arbor Residential Investor LLC $ 67,717 $ 59,150 $ — AMAC Holdings III LLC 13,795 10,308 — North Vermont Avenue 2,421 2,496 — Lightstone Value Plus REIT L.P. 1,895 1,895 — JT Prime 425 425 — West Shore Café — — 1,687 Lexford Portfolio — — — East River Portfolio — — — Total $ 86,253 $ 74,274 $ 1,687
Summary of statements of income for the Company's investment in residential mortgage banking business	Summarized statements of income for Wakefield Investment Holdings LLC, the third-party entity formed to hold the underlying residential mortgage banking business, are as follows (in thousands): Six Months Ended June 30, 2021 2020 Statements of Income: Total revenues $ 630,400 $ 689,728 Total expenses 476,710 506,259 Net income $ 153,690 $ 183,469

Debt Obligations (Tables)

Debt Obligations (Tables)	6 Months Ended
Debt Obligations (Tables)	Jun. 30, 2021
Debt Obligations
Schedule of senior unsecured notes	A summary of our senior unsecured notes is as follows (in thousands): Senior June 30, 2021 December 31, 2020 Unsecured Issuance Carrying Wtd. Avg. Carrying Wtd. Avg. Notes Date Maturity UPB Value (1) Rate (2) UPB Value (1) Rate (2) 5.00% Notes (3) Apr. 2021 Apr. 2026 $ 175,000 $ 172,130 5.00 % $ — $ — — % 8.00% Notes (3) Apr. 2020 Apr. 2023 70,750 69,997 8.00 % 70,750 69,793 8.00 % 4.50% Notes (3) Mar. 2020 Mar. 2027 275,000 272,234 4.50 % 275,000 271,994 4.50 % 4.75% Notes (4) Oct. 2019 Oct. 2024 110,000 108,842 4.75 % 110,000 108,668 4.75 % 5.75% Notes (4) Mar. 2019 Apr. 2024 90,000 88,942 5.75 % 90,000 88,751 5.75 % 5.625% Notes (4) Mar. 2018 May 2023 125,000 123,929 5.63 % 125,000 123,637 5.63 % $ 845,750 $ 836,074 5.23 % $ 670,750 $ 662,843 5.29 % (1) At June 30, 2021 and December 31, 2020, the carrying value is net of deferred financing fees of $9.7 million and $7.9 million, respectively. (2) At June 30, 2021 and December 31, 2020, the aggregate weighted average note rate, including certain fees and costs, was 5.56% and 5.65% , respectively. (3) These notes can be redeemed by us prior to three months before the maturity 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 three months prior to or after the maturity date, at a redemption price equal to 100% of the aggregate principal amount, plus accrued and unpaid interest. (4) These notes can be redeemed by us at any time prior to the maturity 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 maturity date, at a redemption price equal to 100% of the aggregate principal amount, plus accrued and unpaid interest.
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 are 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, 2021 $ 278,300 $ 4,031 $ 3,352 $ 270,917 $ 9,962 December 31, 2020 $ 278,300 $ 5,636 $ 4,691 $ 267,973 $ 9,962
Credit and Repurchase Facilities
Debt Obligations
Schedule of borrowings	Borrowings under our credit and repurchase facilities are as follows ($ in thousands): June 30, 2021 December 31, 2020 Note Debt Collateral Debt Collateral Current Extended Rate Carrying Carrying Wtd. Avg. Carrying Carrying Maturity Maturity Type Value (1) Value Note Rate Value (1) Value Structured Business $1.8B joint repurchase facility Mar. 2022 Mar. 2023 V $ 660,685 $ 947,249 2.51 % $ 681,006 $ 1,054,562 $725M repurchase facility June 2022 Mar. 2023 V 335,477 466,109 2.10 % 191,622 259,559 $250M repurchase facility Mar. 2023 Mar. 2026 V 104,251 260,922 1.87 % — — $198.7M repurchase facility (2) Dec. 2021 N/A V 139,441 164,583 3.04 % 71,627 87,242 $187.3M loan specific credit facilities Aug. 2021 to Jan. 2024 N/A V/F 187,059 251,550 3.04 % 148,615 198,550 $150M credit facility Oct. 2022 Oct. 2023 V 8,576 15,132 3.90 % 23,606 31,809 $100M credit facility Aug. 2021 N/A V 58,625 83,800 1.88 % 39,346 47,912 $100M credit facility Oct. 2022 N/A V 9,936 13,773 4.06 % — — $100M repurchase facility Sept. 2021 N/A V 48,847 61,211 1.88 % 31,780 40,551 $50M credit facility April 2022 N/A V 22,407 28,009 2.13 % 15,992 21,300 $30M working capital facility Nov. 2021 N/A V — — — 30,000 — $25M credit facility June 2022 June 2023 V 12,583 18,314 2.38 % 9,323 14,340 $1M master security agreements Dec. 2022 N/A F 944 — 4.01 % 1,441 — Repurchase facilities - securities (3) N/A N/A V 34,567 — 3.55 % 38,487 — Structured Business total $ 1,623,398 $ 2,310,652 2.48 % $ 1,282,845 $ 1,755,825 Agency Business $750M ASAP agreement N/A N/A V $ 76,943 $ 76,943 1.40 % $ 301,455 $ 302,491 $400M repurchase facility Oct. 2021 N/A V 119,382 119,398 1.60 % 174,515 174,555 $200M joint repurchase facility Mar. 2022 N/A V 104,876 135,934 1.85 % 42,808 56,186 $200M credit facility Mar. 2022 N/A V 71,656 95,575 1.60 % 294,732 296,698 $150M credit facility Aug 2021 N/A V 15,073 15,073 1.65 % 49,632 49,754 $100M credit facility Aug. 2021 N/A V 2,592 2,600 1.65 % 88,896 88,911 $1.3M repurchase facility (2) Dec. 2021 N/A V 1,268 1,487 3.00 % — — Agency Business total $ 391,790 $ 447,010 1.64 % $ 952,038 $ 968,595 Consolidated total $ 2,015,188 $ 2,757,662 2.32 % $ 2,234,883 $ 2,724,420 V = ; F = Fixed Note Rate (1) The debt carrying value for the Structured Business at June 30, 2021 and December 31, 2020 was net of unamortized deferred finance costs of $4.0 million and $3.3 million, respectively. The debt carrying value for the Agency Business at June 30, 2021 and December 31, 2020 was net of unamortized deferred finance costs of $2.2 million and $0.6 million, respectively. (2) A portion of this repurchase facility was used to finance a fixed rate SFR permanent loan reported through our Agency Business. (3) These repurchase facilities are subject to margin call provisions associated with changes in interest spreads. As of June 30, 2021 and December 31, 2020, these facilities were collateralized by our B Piece bonds with a carrying value of $53.1 million and $58.5 million, respectively, and an SFR bond with a carrying value of $10.0 million at December 31, 2020.
CLOs
Debt Obligations
Schedule of borrowings	Borrowings and the corresponding collateral under our CLOs are as follows ($ in thousands): Debt Collateral (3) Loans Cash Carrying Wtd. Avg. Carrying Restricted June 30, 2021 Face Value Value (1) Rate (2) UPB Value Cash (4) CLO XV $ 674,412 $ 668,823 1.42 % $ 674,753 $ 674,753 $ 128,015 CLO XIV 655,475 650,116 1.45 % 766,872 766,872 — CLO XIII 668,000 664,396 1.54 % 770,086 770,086 17,749 CLO XII 534,193 531,295 1.62 % 614,751 614,751 15,412 CLO XI 533,000 530,470 1.56 % 643,450 643,450 884 CLO X 441,000 438,988 1.57 % 534,261 534,261 16,000 Total CLOs $ 3,506,080 $ 3,484,088 1.52 % $ 4,004,173 $ 4,004,173 $ 178,060 December 31, 2020 CLO XIII $ 668,000 $ 663,804 1.58 % $ 768,664 $ 768,664 $ 43 CLO XII 534,193 530,673 1.66 % 628,935 628,935 2,005 CLO XI 533,000 529,859 1.61 % 555,157 555,157 92,395 CLO X 441,000 438,442 1.61 % 522,132 522,132 25,537 CLO IX 356,150 354,531 1.53 % 457,903 457,903 18,703 Total CLOs $ 2,532,343 $ 2,517,309 1.60 % $ 2,932,791 $ 2,932,791 $ 138,683 (1) Debt carrying value is net of $22.0 million and $15.0 million of deferred financing fees at June 30, 2021 and December 31, 2020, respectively. (2) At June 30, 2021 and December 31, 2020, the aggregate weighted average note rate for our CLOs, including certain fees and costs, was 1.80% and 1.93%, respectively. (3) As of June 30, 2021 and December 31, 2020, there were no collateral deemed a “credit risk” as defined by the CLO indentures. (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 $38.1 million and $49.5 million at June 30, 2021 and December 31, 2020, respectively.
Schedule of 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 2021 are as follows: Cash Flow Triggers CLO X CLO XI CLO XII CLO XIII CLO XIV CLO XV Overcollateralization (1) Current 126.98 % 121.95 % 118.87 % 119.76 % 119.76 % 120.85 % Limit 125.98 % 120.95 % 117.87 % 118.76 % 118.76 % 119.85 % Pass / Fail Pass Pass Pass Pass Pass Pass Interest Coverage (2) Current 449.62 % 370.22 % 355.36 % 389.99 % 434.76 % 240.42 % Limit 120.00 % 120.00 % 120.00 % 120.00 % 120.00 % 120.00 % Pass / Fail Pass 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.
Schedule of company's CLO overcollateralization ratios	Determination (1) CLO X CLO XI CLO XII CLO XIII CLO XIV CLO XV July 2021 126.98 % 121.95 % 118.87 % 119.76 % 119.76 % 120.85 % April 2021 126.98 % 121.95 % 118.87 % 119.76 % 119.76 % — January 2021 126.98 % 121.95 % 118.87 % 119.76 % — — October 2020 126.98 % 121.95 % 118.87 % 119.76 % — — July 2020 126.98 % 121.95 % 118.87 % 119.76 % — — (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
Allowance for Loss-Sharing Obligations (Tables)	Jun. 30, 2021
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, 2021 2020 2021 2020 Beginning balance $ 65,893 $ 70,752 $ 64,303 $ 34,648 Impact of adopting CECL - January 1, 2020 — — — 14,406 Provisions for loss sharing 716 2,673 2,464 24,569 Provisions reversal for loan repayments (167) (277) (263) (636) Recoveries (charge-offs), net (797) 72 (859) 233 Ending balance $ 65,645 $ 73,220 $ 65,645 $ 73,220

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	6 Months Ended
Derivative Financial Instruments (Tables)	Jun. 30, 2021
Agency Business
Derivatives, Fair Value [Line Items]
Schedule of non-qualifying derivative financial instruments	A summary of our non-qualifying derivative financial instruments is as follows ($ in thousands): June 30, 2021 Fair Value Notional Balance Sheet Derivative Derivative Derivative Count Value Location Assets Liabilities Agency Business Rate Lock Commitments 5 $ 16,550 Other Assets/Other Liabilities $ 124 $ (127) Forward Sale Commitments 43 328,069 Other Assets/Other Liabilities 2,263 (266) Swap Futures 2,196 219,600 — — $ 564,219 $ 2,387 $ (393) December 31, 2020 Agency Business Rate Lock Commitments 7 $ 136,354 Other Assets/Other Liabilities $ 1,967 $ (231) Forward Sale Commitments 114 1,048,763 Other Assets/Other Liabilities 1,925 (990) Swap Futures 453 45,300 — — $ 1,230,417 $ 3,892 $ (1,221)

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
Fair Value (Tables)	Jun. 30, 2021
Fair Value
Schedule of the principal amounts, carrying values and the estimated fair values of the Company's financial instruments	June 30, 2021 December 31, 2020 Principal / Carrying Estimated Principal / Carrying Estimated Notional Amount Value Fair Value Notional Amount Value Fair Value Financial assets: Loans and investments, net $ 7,385,929 $ 7,213,915 $ 7,421,181 $ 5,475,082 $ 5,285,868 $ 5,428,141 Loans held-for-sale, net 448,940 457,647 469,195 968,595 986,919 1,007,294 Capitalized mortgage servicing rights, net n/a 418,653 471,275 n/a 379,974 415,495 Securities held-to-maturity, net 171,001 114,696 125,003 140,124 95,524 94,128 Derivative financial instruments 308,421 2,387 2,387 865,975 3,892 3,892 Financial liabilities: Credit and repurchase facilities $ 2,021,412 $ 2,015,188 $ 2,016,291 $ 2,238,722 $ 2,234,883 $ 2,235,668 Collateralized loan obligations 3,506,080 3,484,088 3,506,460 2,532,343 2,517,309 2,495,195 Senior unsecured notes 845,750 836,074 853,814 670,750 662,843 670,117 Convertible senior unsecured notes, net 278,300 270,917 304,689 278,300 267,973 280,636 Junior subordinated notes 154,336 142,013 100,650 154,336 141,656 99,594 Derivative financial instruments 36,198 393 393 319,142 1,221 1,221
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 $ 2,387 $ 2,387 $ — $ 2,263 $ 124 Financial liabilities: Derivative financial instruments $ 393 $ 393 $ — $ 393 $ —
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) $ 66,935 $ 66,935 $ — $ — $ 66,935 (1) We had an allowance for credit losses of $98.7 million relating to nine impaired loans with an aggregate carrying value, before loan loss reserves, of $165.7 million at June 30, 2021.
Schedule of quantitative information about Level 3 fair value measurements	Quantitative information about Level 3 fair value measurements at June 30, 2021 is as follows ($ in thousands): Valuation Fair Value Techniques Significant Unobservable Inputs Financial assets: Impaired loans: Land $ 49,960 Discounted cash flows Discount rate 21.50 % Revenue growth rate 3.00 % Discount rate 10.15 % Retail 15,511 Discounted cash flows Capitalization rate 9.25 % Revenue growth rate 1.68 % Healthcare 828 Discounted cash flows Capitalization rate 14.30 % Discount rate 11.00 % Office 636 Discounted cash flows Capitalization rate 9.00 % Revenue growth rate 2.50 % Derivative financial instruments: Rate lock commitments 124 Discounted cash flows W/A discount rate 8.44 %
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, 2021 2020 2021 2020 Derivative assets and liabilities, net Beginning balance $ 1,439 $ 2,069 $ 1,967 $ 1,066 Settlements (23,045) (33,936) (58,074) (54,867) Realized gains recorded in earnings 21,606 31,867 56,107 53,801 Unrealized gains recorded in earnings 124 549 124 549 Ending balance $ 124 $ 549 $ 124 $ 549
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 are as follows (in thousands): Notional/ Fair Value of Interest Rate Total Fair Value June 30, 2021 Principal Amount Servicing Rights Movement Effect Adjustment Rate lock commitments $ 16,550 $ 124 $ 127 $ 251 Forward sale commitments 328,069 — (127) (127) Loans held-for-sale, net (1) 448,940 9,669 — 9,669 Total $ 9,793 $ — $ 9,793 (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 $ 7,213,915 $ 7,421,181 $ — $ — $ 7,421,181 Loans held-for-sale, net 457,647 469,195 — 459,526 9,669 Capitalized mortgage servicing rights, net 418,653 471,275 — — 471,275 Securities held-to-maturity, net 114,696 125,003 — — 125,003 Financial liabilities: Credit and repurchase facilities $ 2,015,188 $ 2,016,291 $ — $ 391,790 $ 1,624,501 Collateralized loan obligations 3,484,088 3,506,460 — — 3,506,460 Senior unsecured notes 836,074 853,814 853,814 — — Convertible senior unsecured notes, net 270,917 304,689 — 304,689 — Junior subordinated notes 142,013 100,650 — — 100,650

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
Commitments and Contingencies (Tables)	Jun. 30, 2021
Commitments and Contingencies
Schedule of maturities of operating lease liabilities	Debt Obligations and Operating Leases. Minimum Annual Debt Operating Lease Year Obligations Payments Total 2021 (six months ending December 31, 2021) $ 859,768 $ 3,408 $ 863,176 2022 2,496,580 8,257 2,504,837 2023 1,371,081 8,031 1,379,112 2024 1,017,797 7,926 1,025,723 2025 256,723 7,978 264,701 2026 340,026 8,282 348,308 Thereafter 463,903 26,098 490,001 Total $ 6,805,878 $ 69,980 $ 6,875,858

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	6 Months Ended
Variable Interest Entities (Tables)	Jun. 30, 2021
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 are as follows (in thousands): June 30, 2021 December 31, 2020 Assets: Restricted cash $ 233,473 $ 188,226 Loans and investments, net 3,990,518 2,923,634 Other assets 26,857 22,587 Total assets $ 4,250,848 $ 3,134,447 Liabilities: Collateralized loan obligations $ 3,484,088 $ 2,517,309 Other liabilities 3,952 2,755 Total liabilities $ 3,488,040 $ 2,520,064
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, 2021 is as follows (in thousands): Type Carrying Amount (1) Loans $ 495,347 B Piece bonds 53,643 APL certificates 63,168 Equity investments 16,216 Agency interest only strips 792 Total $ 629,166 (1) Represents the carrying amount of loans and investments before reserves. At June 30, 2021, $130.0 million of loans to VIEs had corresponding specific loan loss reserves of $79.4 million. The maximum loss exposure as of June 30, 2021 would not exceed the carrying amount of our investment.

Equity (Tables)

Equity (Tables)	6 Months Ended
Equity (Tables)	Jun. 30, 2021
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 Series D February 17, 2021 $ 0.33 February 1, 2021 $ 0.515625 $ 0.484375 $ 0.53125 N/A May 5, 2021 $ 0.34 April 30, 2021 $ 0.515625 $ 0.484375 $ 0.53125 N/A (1) The dividend declared on April 30, 2021 was for March 1, 2021 through May 31, 2021 and the dividend declared on February 1, 2021 was for December 1, 2020 through February 28, 2021. As mentioned above, we used a portion of the proceeds from our Series D preferred stock to fully redeem our Series A, B and C preferred stock in June 2021.
Schedule of reconciliation of the numerator and denominator of the basic and diluted EPS computations	Three Months Ended June 30, 2021 2020 Basic Diluted Basic Diluted Net income attributable to common stockholders (1) $ 69,126 $ 69,126 $ 44,091 $ 44,091 Net income attributable to noncontrolling interest (2) — 8,717 — 8,110 Net income attributable to common stockholders and noncontrolling interest $ 69,126 $ 77,843 $ 44,091 $ 52,201 Weighted average shares outstanding 135,262,197 135,262,197 110,745,572 110,745,572 Dilutive effect of OP Units (2) — 17,056,229 — 20,369,265 Dilutive effect of restricted stock units (3) — 929,734 — 767,561 Dilutive effect of convertible notes (4) — 368,431 — — Weighted average shares outstanding 135,262,197 153,616,591 110,745,572 131,882,398 Net income per common share (1) $ 0.51 $ 0.51 $ 0.40 $ 0.40 Six Months Ended June 30, 2021 2020 Net income (loss) attributable to common stockholders (1) $ 138,606 $ 138,606 $ (15,219) $ (15,219) Net income (loss) attributable to noncontrolling interest (2) — 18,459 — (2,824) Net income (loss) attributable to common stockholders and noncontrolling interest $ 138,606 $ 157,065 $ (15,219) $ (18,043) Weighted average shares outstanding 130,276,499 130,276,499 110,768,992 110,768,992 Dilutive effect of OP Units (2) — 17,307,037 — 20,397,026 Dilutive effect of restricted stock units (3) — 921,187 — — Dilutive effect of convertible notes (4) — 313,307 — — Weighted average shares outstanding 130,276,499 148,818,030 110,768,992 131,166,018 Net income (loss) per common share (1) $ 1.06 $ 1.06 $ (0.14) $ (0.14) (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) Our chief executive officer is granted restricted stock units annually, which vest at the end of a four-year performance period based upon our achievement of total stockholder return objectives. (4) The convertible senior unsecured notes impact diluted earnings per share if the average price of our common stock exceeds the conversion price, as calculated in accordance with the terms of the indenture.

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
Segment Information (Tables)	Jun. 30, 2021
Segment Information
Schedule of statement of income and balance sheet by segment	Three Months Ended June 30, 2021 Structured Agency Other / Business Business Eliminations (1) Consolidated Interest income $ 96,498 $ 8,650 $ — $ 105,148 Interest expense 42,748 3,630 — 46,378 Net interest income 53,750 5,020 — 58,770 Other revenue: Gain on sales, including fee-based services, net — 40,901 — 40,901 Mortgage servicing rights — 26,299 — 26,299 Servicing revenue — 29,982 — 29,982 Amortization of MSRs — (14,667) — (14,667) Loss on derivative instruments, net — (2,607) — (2,607) Other income, net 1,255 8 — 1,263 Total other revenue 1,255 79,916 — 81,171 Other expenses: Employee compensation and benefits 11,907 31,793 — 43,700 Selling and administrative 5,248 5,885 — 11,133 Property operating expenses 129 — — 129 Depreciation and amortization 615 1,173 — 1,788 Provision for loss sharing (net of recoveries) — 549 — 549 Provision for credit losses (net of recoveries) (8,333) 518 — (7,815) Total other expenses 9,566 39,918 — 49,484 Income before income from equity affiliates and income taxes 45,439 45,018 — 90,457 Income from equity affiliates 4,759 — — 4,759 Provision for income taxes (682) (10,277) — (10,959) Net income 49,516 34,741 — 84,257 Preferred stock dividends 6,414 — — 6,414 Net income attributable to noncontrolling interest — — 8,717 8,717 Net income attributable to common stockholders $ 43,102 $ 34,741 $ (8,717) $ 69,126 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 Six Months Ended June 30, 2021 Structured Agency Other / Business Business Eliminations (1) Consolidated Interest income $ 179,708 $ 16,584 $ — $ 196,292 Interest expense 80,972 7,590 — 88,562 Net interest income 98,736 8,994 — 107,730 Other revenue: Gain on sales, including fee-based services, net — 69,768 — 69,768 Mortgage servicing rights — 63,235 — 63,235 Servicing revenue — 59,721 — 59,721 Amortization of MSRs — (28,871) — (28,871) Loss on derivative instruments, net — (5,828) — (5,828) Other income, net 1,935 8 — 1,943 Total other revenue 1,935 158,033 — 159,968 Other expenses: Employee compensation and benefits 23,484 63,190 — 86,674 Selling and administrative 9,761 12,186 — 21,947 Property operating expenses 272 — — 272 Depreciation and amortization 1,197 2,346 — 3,543 Provision for loss sharing (net of recoveries) — 2,201 — 2,201 Provision for credit losses (net of recoveries) (9,362) 472 — (8,890) Total other expenses 25,352 80,395 — 105,747 Income before extinguishment of debt, sale of real estate, income from equity affiliates and income taxes 75,319 86,632 — 161,951 Loss on extinguishment of debt (1,370) — — (1,370) Gain on sale of real estate — 1,228 — 1,228 Income from equity affiliates 27,010 — — 27,010 Provision for income taxes (5,665) (17,786) — (23,451) Net income 95,294 70,074 — 165,368 Preferred stock dividends 8,303 — — 8,303 Net income attributable to noncontrolling interest — — 18,459 18,459 Net income attributable to common stockholders $ 86,991 $ 70,074 $ (18,459) $ 138,606 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) (1) Includes income allocated to the noncontrolling interest holders not allocated to the two reportable segments. June 30, 2021 Structured Business Agency Business Consolidated Assets: Cash and cash equivalents $ 40,353 $ 175,305 $ 215,658 Restricted cash 233,474 15,616 249,090 Loans and investments, net 7,213,915 — 7,213,915 Loans held-for-sale, net — 457,647 457,647 Capitalized mortgage servicing rights, net — 418,653 418,653 Securities held-to-maturity, net — 114,696 114,696 Investments in equity affiliates 86,253 — 86,253 Goodwill and other intangible assets 12,500 90,606 103,106 Other assets 124,328 77,454 201,782 Total assets $ 7,710,823 $ 1,349,977 $ 9,060,800 Liabilities: Debt obligations $ 6,356,490 $ 391,790 $ 6,748,280 Allowance for loss-sharing obligations — 65,645 65,645 Other liabilities 178,934 111,174 290,108 Total liabilities $ 6,535,424 $ 568,609 $ 7,104,033 December 31, 2020 Assets: Cash and cash equivalents $ 172,568 $ 166,960 $ 339,528 Restricted cash 188,226 9,244 197,470 Loans and investments, net 5,285,868 — 5,285,868 Loans held-for-sale, net — 986,919 986,919 Capitalized mortgage servicing rights, net — 379,974 379,974 Securities held-to-maturity, net — 95,524 95,524 Investments in equity affiliates 74,274 — 74,274 Goodwill and other intangible assets 12,500 92,951 105,451 Other assets 142,844 53,134 195,978 Total assets $ 5,876,280 $ 1,784,706 $ 7,660,986 Liabilities: Debt obligations $ 4,872,626 $ 952,038 $ 5,824,664 Allowance for loss-sharing obligations — 64,303 64,303 Other liabilities 203,554 85,780 289,334 Total liabilities $ 5,076,180 $ 1,102,121 $ 6,178,301
Schedule of origination data and loan sales data	Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Origination Data: Structured Business Bridge loans (1) $ 1,800,688 $ 298,934 $ 2,806,376 $ 1,084,056 Mezzanine loans 38,257 1,547 94,257 15,722 Preferred equity investments — — — 23,500 Other loans (2) — — 26,238 33,432 Total new loan originations $ 1,838,945 $ 300,481 $ 2,926,871 $ 1,156,710 (1) The three and six months ended June 30, 2021 includes 25 and 43 SFR loans with a UPB of $70.9 million and $114.2 million, respectively. During the three and six months ended June 30, 2021, we committed to fund one and four SFR build-to-rent bridge loans totaling $40.0 million and $138.4 million, respectively. (2) The six months ended June 30, 2021 and 2020 includes 1 and 7 SFR permanent loans with a UPB of $26.2 million and $32.3 million, respectively. Loan payoffs / paydowns $ 662,940 $ 159,174 $ 895,968 $ 434,466 Agency Business Origination Volumes by Investor: Fannie Mae $ 637,494 $ 1,140,181 $ 1,701,477 $ 1,722,154 Private Label 377,184 49,122 529,638 331,467 Freddie Mac 155,914 135,720 270,631 335,431 FHA 130,764 75,533 197,244 93,476 SFR - Fixed Rate 11,996 — 11,996 — Total $ 1,313,352 $ 1,400,556 $ 2,710,986 $ 2,482,528 Total loan commitment volume $ 1,194,344 $ 1,206,723 $ 2,654,479 $ 2,473,941 Loan Sales Data: Agency Business Fannie Mae $ 722,499 $ 1,063,923 $ 2,159,865 $ 1,817,967 Private Label 449,890 727,154 449,890 727,154 FHA 163,602 30,124 230,005 53,437 Freddie Mac 134,122 171,688 408,946 351,391 SFR - Fixed Rate 11,996 — 75,294 — Total $ 1,482,109 $ 1,992,889 $ 3,324,000 $ 2,949,949 Sales margin (fee-based services as a % of loan sales) 2.76 % 1.32 % 2.10 % 1.38 % MSR rate (MSR income as a % of loan commitments) 2.20 % 2.69 % 2.38 % 2.20 %
Schedule of key servicing metrics for Agency Business	June 30, 2021 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 $ 19,191,969 53.2 8.3 Freddie Mac 4,708,457 28.5 9.8 Private Label 1,176,627 20.0 9.0 FHA 882,899 15.7 21.0 SFR - Fixed Rate 75,103 20.0 5.9 Total $ 26,035,055 45.9 9.0 December 31, 2020 Fannie Mae $ 18,268,268 52.3 8.2 Freddie Mac 4,881,080 27.9 9.9 FHA 752,116 16.3 20.3 Private Label 726,992 20.0 8.7 Total $ 24,628,456 45.4 8.9

Description of Business (Detail

Description of Business (Details)	6 Months Ended
Description of Business (Details)	Jun. 30, 2021segment
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	Jun. 30, 2021	Dec. 31, 2020
Basis of Presentation and Significant Accounting Policies
Increase to accumulated deficit	$ 12,084	$ 63,442
Allowance for credit losses:
Securities held-to-maturity, net	114,696	95,524
Liabilities:
Allowance for loss-sharing obligations	$ 65,645	$ 64,303

Loans and Investments - Investm

Loans and Investments - Investment Portfolio and Concentration of Credit Risk (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2021USD ($)loanborrower	Dec. 31, 2020USD ($)borrowerloan	Mar. 31, 2021USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Sep. 30, 2019USD ($)
Loans and Investments
Loans and investments, gross	$ 7,385,929,000	$ 5,475,082,000
Allowance for credit losses	(138,447,000)	(148,329,000)	$ (147,300,000)	$ (152,811,000)	$ (142,252,000)	$ (152,811,000)
Unearned revenue	(33,567,000)	(40,885,000)
Loans and investments, net	$ 7,213,915,000	$ 5,285,868,000
Percent of Total	100.00%	100.00%
Loan Count \| loan	405	328
Wtd. Avg. Pay Rate (as a percent)	4.85%	5.23%
Wtd. Avg. Remaining Months to Maturity	20 months 3 days	19 months 6 days
Wtd. Avg. First Dollar LTV Ratio (as percent)	3.00%	4.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	76.00%	77.00%
Credit risk concentration
Loans and Investments
Wtd. Avg. First Dollar LTV Ratio (as percent)	3.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	76.00%
Credit risk concentration \| Single-Family Rental
Loans and Investments
Percent of Total	3.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	0.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	63.00%
Total assets \| Credit risk concentration
Loans and Investments
Loan Count \| loan	21	22
Number of different borrowers \| borrower	5	5
Total assets \| Credit risk concentration \| Five Borrowers
Loans and Investments
Concentration risk, percentage	12.00%	12.00%
Bridge loans
Loans and Investments
Loans and investments, gross	$ 6,907,594,000	$ 5,022,509,000
Percent of Total	94.00%	92.00%
Loan Count \| loan	360	263
Wtd. Avg. Pay Rate (as a percent)	4.75%	5.09%
Wtd. Avg. Remaining Months to Maturity	18 months 18 days	16 months 6 days
Wtd. Avg. First Dollar LTV Ratio (as percent)	0.00%	0.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	75.00%	76.00%
Bridge loans \| Single-Family Rental
Loans and Investments
Number of loans under the loan portfolio \| loan	77	38
Total loan commitment	$ 533,900,000	$ 309,200,000
Preferred equity investments
Loans and Investments
Loans and investments, gross	$ 224,814,000	$ 224,928,000
Percent of Total	3.00%	4.00%
Loan Count \| loan	14	14
Wtd. Avg. Pay Rate (as a percent)	6.39%	7.07%
Wtd. Avg. Remaining Months to Maturity	44 months 21 days	49 months 24 days
Wtd. Avg. First Dollar LTV Ratio (as percent)	64.00%	64.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	90.00%	89.00%
Mezzanine loans
Loans and Investments
Loans and investments, gross	$ 224,107,000	$ 159,242,000
Percent of Total	3.00%	3.00%
Loan Count \| loan	29	29
Wtd. Avg. Pay Rate (as a percent)	6.61%	7.40%
Wtd. Avg. Remaining Months to Maturity	36 months 6 days	45 months
Wtd. Avg. First Dollar LTV Ratio (as percent)	27.00%	32.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	83.00%	82.00%
Other loans
Loans and Investments
Loans and investments, gross	$ 29,414,000	$ 68,403,000
Percent of Total	1.00%	1.00%
Loan Count \| loan	2	22
Wtd. Avg. Pay Rate (as a percent)	4.63%	4.95%
Wtd. Avg. Remaining Months to Maturity	54 months 6 days	74 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%	69.00%
Other loans \| Single-Family Rental
Loans and Investments
Number of loans under the loan portfolio \| loan	2	22
Unpaid principal balance, funded	$ 191,500,000	$ 88,100,000
Transfer of fixed rate SFR from Structured Business to Agency Business			21
Transfer of UPB from Structured Business To Agency Business			$ 65,200,000

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, 2021	Dec. 31, 2020
Loans and Investments
Percentage of Portfolio	100.00%	100.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	3.00%	4.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	76.00%	77.00%
Credit risk concentration
Loans and Investments
Origination Year 2021	$ 2,745,517
Origination Year 2020	2,232,547
Origination Year 2019	1,539,310
Origination Year 2018	373,862
Origination Year 2017	313,369
Origination Year Prior	181,324
Amortized cost basis	$ 7,385,929
Wtd. Avg. First Dollar LTV Ratio (as percent)	3.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	76.00%
Credit risk concentration \| Loans and investments portfolio \| New York
Loans and Investments
Concentration risk, percentage	18.00%	19.00%
Credit risk concentration \| Loans and investments portfolio \| Texas
Loans and Investments
Concentration risk, percentage	16.00%	11.00%
Credit risk concentration \| Multifamily
Loans and Investments
Origination Year 2021	$ 2,601,684
Origination Year 2020	2,005,762
Origination Year 2019	1,331,213
Origination Year 2018	249,963
Origination Year 2017	168,338
Origination Year Prior	37,735
Amortized cost basis	$ 6,394,695
Percentage of Portfolio	87.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	3.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	76.00%
Credit risk concentration \| Multifamily \| Pass
Loans and Investments
Origination Year 2021	$ 1,852,008
Origination Year 2020	753,955
Origination Year 2019	44,035
Origination Year 2018	121,555
Origination Year Prior	335
Amortized cost basis	2,650,333
Credit risk concentration \| Multifamily \| Pass/Watch
Loans and Investments
Origination Year 2021	699,139
Origination Year 2020	817,032
Origination Year 2019	468,975
Origination Year 2018	111,483
Origination Year 2017	36,000
Origination Year Prior	29,150
Amortized cost basis	2,171,851
Credit risk concentration \| Multifamily \| Special Mention
Loans and Investments
Origination Year 2021	50,537
Origination Year 2020	415,935
Origination Year 2019	697,673
Origination Year 2018	16,925
Origination Year 2017	98,138
Origination Year Prior	8,250
Amortized cost basis	1,373,766
Credit risk concentration \| Multifamily \| Substandard
Loans and Investments
Origination Year 2020	18,840
Origination Year 2019	120,530
Origination Year 2017	16,500
Amortized cost basis	181,045
Credit risk concentration \| Multifamily \| Doubtful
Loans and Investments
Origination Year 2017	17,700
Amortized cost basis	17,700
Credit risk concentration \| Land
Loans and Investments
Origination Year 2020	79,118
Origination Year 2019	19,523
Origination Year 2017	19,975
Origination Year Prior	127,928
Amortized cost basis	$ 246,544
Percentage of Portfolio	3.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	0.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	94.00%
Credit risk concentration \| Land \| Special Mention
Loans and Investments
Origination Year 2020	$ 8,100
Amortized cost basis	8,100
Credit risk concentration \| Land \| Substandard
Loans and Investments
Origination Year 2020	71,018
Origination Year 2019	19,523
Origination Year 2017	19,975
Origination Year Prior	127,928
Amortized cost basis	238,444
Credit risk concentration \| Healthcare
Loans and Investments
Origination Year 2019	72,419
Origination Year 2018	41,500
Origination Year 2017	44,275
Amortized cost basis	$ 158,194
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 \| Healthcare \| Pass
Loans and Investments
Origination Year 2019	$ 6,600
Amortized cost basis	6,600
Credit risk concentration \| Healthcare \| Special Mention
Loans and Investments
Origination Year 2019	65,819
Origination Year 2018	14,650
Origination Year 2017	39,650
Amortized cost basis	120,119
Credit risk concentration \| Healthcare \| Substandard
Loans and Investments
Origination Year 2018	26,850
Amortized cost basis	26,850
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 2021	25,700
Origination Year 2020	23,500
Origination Year 2019	31,100
Origination Year 2018	13,000
Origination Year 2017	24,050
Amortized cost basis	$ 117,350
Percentage of Portfolio	2.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	15.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	74.00%
Credit risk concentration \| Student Housing \| Pass
Loans and Investments
Origination Year 2021	$ 25,700
Amortized cost basis	25,700
Credit risk concentration \| Student Housing \| Pass/Watch
Loans and Investments
Origination Year 2019	31,100
Amortized cost basis	31,100
Credit risk concentration \| Student Housing \| Special Mention
Loans and Investments
Amortized cost basis	26,600
Credit risk concentration \| Student Housing \| Substandard
Loans and Investments
Origination Year 2020	23,500
Origination Year 2018	13,000
Origination Year 2017	24,050
Amortized cost basis	60,550
Credit risk concentration \| Office
Loans and Investments
Origination Year 2020	35,410
Origination Year 2018	42,799
Origination Year 2017	43,151
Origination Year Prior	10,516
Amortized cost basis	$ 131,876
Percentage of Portfolio	2.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	0.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	82.00%
Credit risk concentration \| Office \| Special Mention
Loans and Investments
Origination Year 2020	$ 35,410
Origination Year 2018	42,799
Origination Year 2017	43,151
Origination Year Prior	9,636
Amortized cost basis	130,996
Credit risk concentration \| Office \| Doubtful
Loans and Investments
Origination Year Prior	880
Amortized cost basis	880
Credit risk concentration \| Retail
Loans and Investments
Origination Year 2019	4,000
Origination Year 2018	26,600
Origination Year Prior	3,445
Amortized cost basis	$ 34,045
Percentage of Portfolio	1.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	9.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	72.00%
Credit risk concentration \| Retail \| Pass
Loans and Investments
Origination Year 2019	$ 4,000
Amortized cost basis	4,000
Credit risk concentration \| Retail \| Special Mention
Loans and Investments
Origination Year 2018	26,600
Credit risk concentration \| Retail \| Substandard
Loans and Investments
Origination Year Prior	3,445
Amortized cost basis	3,445
Credit risk concentration \| Single-Family Rental
Loans and Investments
Origination Year 2021	118,133
Origination Year 2020	62,757
Origination Year 2019	40,055
Amortized cost basis	$ 220,945
Percentage of Portfolio	3.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	0.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	63.00%
Credit risk concentration \| Single-Family Rental \| Pass
Loans and Investments
Origination Year 2021	$ 37,023
Origination Year 2020	8,375
Origination Year 2019	31,812
Amortized cost basis	77,210
Credit risk concentration \| Single-Family Rental \| Pass/Watch
Loans and Investments
Origination Year 2021	78,882
Origination Year 2020	47,650
Origination Year 2019	8,243
Amortized cost basis	134,775
Credit risk concentration \| Single-Family Rental \| Special Mention
Loans and Investments
Origination Year 2021	2,228
Origination Year 2020	6,732
Amortized cost basis	8,960
Credit risk concentration \| Hotel
Loans and Investments
Origination Year 2020	26,000
Origination Year 2019	41,000
Amortized cost basis	$ 67,000
Percentage of Portfolio	1.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	0.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	85.00%
Credit risk concentration \| Hotel \| Pass/Watch
Loans and Investments
Origination Year 2020	$ 26,000
Amortized cost basis	26
Credit risk concentration \| Hotel \| Special Mention
Loans and Investments
Origination Year 2019	41,000
Amortized cost basis	41,000
Credit risk concentration \| Other
Loans and Investments
Origination Year 2017	13,580
Origination Year Prior	1,700
Amortized cost basis	$ 15,280
Percentage of Portfolio	1.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	7.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	53.00%
Credit risk concentration \| Other \| Pass
Loans and Investments
Origination Year 2017	$ 13,580
Amortized cost basis	13,580
Credit risk concentration \| Other \| Doubtful
Loans and Investments
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, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Sep. 30, 2019
Changes in allowance for loan losses
Allowance at beginning of period	$ 147,300	$ 142,252	$ 148,329
Provision for loan losses (net of recoveries)	(8,853)	10,559	(9,882)	$ 64,448
Allowance at end of period	138,447	152,811	138,447	152,811
Allowance for credit losses	138,447	152,811	138,447	152,811	$ 148,329	$ 152,811
Accrued interest receivable related to loans	52,900		52,900		41,600
As Reported Pre-Adoption
Changes in allowance for loan losses
Allowance at beginning of period				71,069
Allowance for credit losses
Impact of adopting CECL
Changes in allowance for loan losses
Allowance at beginning of period				17,294
Allowance for credit losses
Land
Changes in allowance for loan losses
Allowance at beginning of period	78,096	78,418	78,150
Provision for loan losses (net of recoveries)	(39)	(324)	(93)	10,148
Allowance at end of period	78,057	78,094	78,057	78,094
Allowance for credit losses	78,057	78,094	78,057	78,094	78,150
Land \| As Reported Pre-Adoption
Changes in allowance for loan losses
Allowance at beginning of period				67,869
Allowance for credit losses
Land \| Impact of adopting CECL
Changes in allowance for loan losses
Allowance at beginning of period				77
Allowance for credit losses
Multifamily
Changes in allowance for loan losses
Allowance at beginning of period	30,029	31,891	36,468
Provision for loan losses (net of recoveries)	131	2,715	(6,308)	18,284
Allowance at end of period	30,160	34,606	30,160	34,606
Allowance for credit losses	30,160	34,606	30,160	34,606	36,468
Multifamily \| Impact of adopting CECL
Changes in allowance for loan losses
Allowance at beginning of period				16,322
Allowance for credit losses
Retail
Changes in allowance for loan losses
Allowance at beginning of period	13,848	11,322	13,861
Provision for loan losses (net of recoveries)	(29)	2,659	(42)	13,646
Allowance at end of period	13,819	13,981	13,819	13,981
Allowance for credit losses	13,819	13,981	13,819	13,981	13,861
Retail \| Impact of adopting CECL
Changes in allowance for loan losses
Allowance at beginning of period				335
Allowance for credit losses
Office
Changes in allowance for loan losses
Allowance at beginning of period	8,051	6,096	1,846
Provision for loan losses (net of recoveries)	(229)	2,436	5,976	6,745
Allowance at end of period	7,822	8,532	7,822	8,532
Allowance for credit losses	7,822	8,532	7,822	8,532	1,846
Office \| As Reported Pre-Adoption
Changes in allowance for loan losses
Allowance at beginning of period				1,500
Allowance for credit losses
Office \| Impact of adopting CECL
Changes in allowance for loan losses
Allowance at beginning of period				287
Allowance for credit losses
Healthcare
Changes in allowance for loan losses
Allowance at beginning of period	3,872	3,934	3,880
Provision for loan losses (net of recoveries)	(6)	(4)	(14)	3,866
Allowance at end of period	3,866	3,930	3,866	3,930
Allowance for credit losses	3,866	3,930	3,866	3,930	3,880
Healthcare \| Impact of adopting CECL
Changes in allowance for loan losses
Allowance at beginning of period				64
Allowance for credit losses
Student Housing
Changes in allowance for loan losses
Allowance at beginning of period	3,498	1,142	4,078
Provision for loan losses (net of recoveries)	(1,133)	2,968	(1,713)	4,042
Allowance at end of period	2,365	4,110	2,365	4,110
Allowance for credit losses	2,365	4,110	2,365	4,110	4,078
Student Housing \| Impact of adopting CECL
Changes in allowance for loan losses
Allowance at beginning of period				68
Allowance for credit losses
Hotel
Changes in allowance for loan losses
Allowance at beginning of period	7,754	7,528	7,759
Provision for loan losses (net of recoveries)	(7,529)	144	(7,534)	7,643
Allowance at end of period	225	7,672	225	7,672
Allowance for credit losses	225	7,672	225	7,672	7,759
Hotel \| Impact of adopting CECL
Changes in allowance for loan losses
Allowance at beginning of period				29
Allowance for credit losses
Other
Changes in allowance for loan losses
Allowance at beginning of period	2,152	1,921	2,287
Provision for loan losses (net of recoveries)	(19)	(35)	(154)	74
Allowance at end of period	2,133	1,886	2,133	1,886
Allowance for credit losses	$ 2,133	1,886	$ 2,133	1,886	$ 2,287
Other \| As Reported Pre-Adoption
Changes in allowance for loan losses
Allowance at beginning of period				1,700
Allowance for credit losses
Other \| Impact of adopting CECL
Changes in allowance for loan losses
Allowance at beginning of period				$ 112
Allowance for credit losses
Bridge loans \| Hotel
Changes in allowance for loan losses
Allowance at beginning of period		$ 7,500
Allowance for credit losses

Loans and Investments - Summary

Loans and Investments - Summary of impaired loans (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021USD ($)item	Dec. 31, 2020USD ($)
Loans and Investments
UPB	$ 172,721	$ 282,785
Carrying Value	165,666	254,938
Allowance for Credit Losses	$ 98,731	$ 106,265
Wtd. Avg. First Dollar LTV Ratio	2	1
Wtd. Avg. Last Dollar LTV Ratio	94	94
Number of impaired loans (less unearned revenue and other holdbacks and adjustments) by asset class	9	10
Land
Loans and Investments
UPB	$ 134,215	$ 134,215
Carrying Value	127,829	127,829
Allowance for Credit Losses	$ 77,868	$ 77,869
Wtd. Avg. First Dollar LTV Ratio	0	0
Wtd. Avg. Last Dollar LTV Ratio	99	99
Hotel
Loans and Investments
UPB		$ 110,000
Carrying Value		89,613
Allowance for Credit Losses		$ 7,500
Wtd. Avg. First Dollar LTV Ratio		0
Wtd. Avg. Last Dollar LTV Ratio		94
Retail
Loans and Investments
UPB	$ 30,045	$ 30,079
Carrying Value	29,328	28,957
Allowance for Credit Losses	$ 13,818	$ 13,851
Wtd. Avg. First Dollar LTV Ratio	10	10
Wtd. Avg. Last Dollar LTV Ratio	77	75
Healthcare
Loans and Investments
UPB	$ 4,625	$ 4,625
Carrying Value	4,673	4,673
Allowance for Credit Losses	$ 3,845	$ 3,845
Wtd. Avg. First Dollar LTV Ratio	0	0
Wtd. Avg. Last Dollar LTV Ratio	83	83
Office
Loans and Investments
UPB	$ 2,136	$ 2,166
Carrying Value	2,136	2,166
Allowance for Credit Losses	$ 1,500	$ 1,500
Wtd. Avg. First Dollar LTV Ratio	0	0
Wtd. Avg. Last Dollar LTV Ratio	68	71
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, 2021USD ($)loan	Dec. 31, 2020USD ($)loan
Non-performing loans by asset class
Number of loans \| loan	405	328
Amortized cost of loans on nonaccrual status		$ 0
UPB	$ 172,721	$ 282,785
Non-performing loans
Non-performing loans by asset class
Number of loans	8	7
Carrying value of loans	$ 77,500	$ 53,800
Loan loss reserves	6,500	6,500
UPB	86,375	62,325
Greater than 90 Days Past Due
Non-performing loans by asset class
Past Due	0
Greater than 90 Days Past Due \| Non-performing loans
Non-performing loans by asset class
Past Due	86,375	62,325
Student Housing \| Non-performing loans
Non-performing loans by asset class
UPB	60,550	36,500
Student Housing \| Greater than 90 Days Past Due \| Non-performing loans
Non-performing loans by asset class
Past Due	60,550	36,500
Multifamily \| Non-performing loans
Non-performing loans by asset class
UPB	17,700	17,700
Multifamily \| Greater than 90 Days Past Due \| Non-performing loans
Non-performing loans by asset class
Past Due	17,700	17,700
Healthcare
Non-performing loans by asset class
UPB	4,625	4,625
Healthcare \| Non-performing loans
Non-performing loans by asset class
UPB	4,625	4,625
Healthcare \| Greater than 90 Days Past Due \| Non-performing loans
Non-performing loans by asset class
Past Due	4,625	4,625
Retail
Non-performing loans by asset class
UPB	30,045	30,079
Retail \| Non-performing loans
Non-performing loans by asset class
UPB	920	920
Retail \| Greater than 90 Days Past Due \| Non-performing loans
Non-performing loans by asset class
Past Due	920	920
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
Past Due	1,700	1,700
Office
Non-performing loans by asset class
UPB	2,136	2,166
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
Past Due	$ 880	$ 880

Loans and Investments - Charge-

Loans and Investments - Charge-offs and Recoveries Narratives (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)loan	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)loan	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Sep. 30, 2019USD ($)
Loans and Investments
Number of loans for which no provision for loan loss made \| loan	0		0
Allowance for credit losses	$ 138,447	$ 147,300	$ 148,329	$ 152,811	$ 142,252	$ 152,811
Unfunded commitments related to structured loans and investments	$ 524,700		353,800
Six loans collateralized by a land development project \| Maturity date of March 2020
Loans and Investments
Number of loans with unpaid principal balance \| loan	6
Unpaid principal balance on loans	$ 121,300
Five loans collateralized by a land development project \| Maturity date of March 2020
Loans and Investments
Number of loans with unpaid principal balance \| loan	5
Unpaid principal balance on loans	$ 112,000
Weighted average accrual rate of interest (as a percent)	7.91%
Allowance for credit losses	$ 71,400		71,400
Hotel
Loans and Investments
Allowance for credit losses	$ 225	$ 7,754	$ 7,759	$ 7,672	$ 7,528

Loans and Investments - Purchas

Loans and Investments - Purchased Credit Deterioration and Troubled Debt Restructurings (Details) $ in Thousands	1 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2021USD ($)loan	Jan. 31, 2021	Aug. 31, 2020USD ($)	Jun. 30, 2021USD ($)itemloan	Jun. 30, 2020USD ($)item	Dec. 31, 2020USD ($)loan	Dec. 31, 2019USD ($)	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)	Sep. 30, 2019USD ($)
Financing Receivable, Recorded Investment, Past Due [Line Items]
Purchase of loan				$ 2,814,170	$ 1,117,004
Allowance for credit losses	$ 138,447			$ 138,447	$ 152,811	$ 148,329		$ 147,300	$ 142,252	$ 152,811
Troubled debt restructurings, number \| item				2
Other loans modification \| item				0	0
Interest reserve				$ 84,400		$ 78,300
Number of loans covered under interest reserve \| loan	262			262		186
Aggregate UPB covered under interest reserve	$ 4,690,000			$ 4,690,000		$ 3,600,000
Proceeds from full satisfaction of loans	95,000
Reversal of allowance for credit losses	7,500			7,500
Interest income from loans	3,500
Hotel
Financing Receivable, Recorded Investment, Past Due [Line Items]
Allowance for credit losses	225			225	$ 7,672	7,759		7,754	7,528
Hotel \| Forbearance agreement
Financing Receivable, Recorded Investment, Past Due [Line Items]
Pay rate (as a percent)			1.00%
Mortgage Loans on Real Estate Fixed Interest Rate		9.50%
Fixed rate of interest (as a percent)		9.50%
Principal reduction			$ (10,000)
Hotel \| Forbearance agreement \| LIBOR
Financing Receivable, Recorded Investment, Past Due [Line Items]
Variable rate, spread (as a percent)			3.00%
LIBOR Floor rate			1.50%
Retail
Financing Receivable, Recorded Investment, Past Due [Line Items]
Allowance for credit losses	13,819			13,819	$ 13,981	13,861		$ 13,848	11,322
Retail \| Loan modification agreement
Financing Receivable, Recorded Investment, Past Due [Line Items]
Maturity period (in years)			3 years
Percentage of interest foregone			2
Principal paydowns			$ 6,000
Principal reduction			(8,000)
Additional reserve deposit			4,600
Charge-offs			$ 8,000
Retail \| Loan modification agreement \| LIBOR
Financing Receivable, Recorded Investment, Past Due [Line Items]
Variable rate, spread (as a percent)			5.50%
LIBOR Floor rate			6.50%
Bridge loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Principal amount	35,000			35,000
Bridge loans \| Hotel
Financing Receivable, Recorded Investment, Past Due [Line Items]
Purchase of loan			$ 60,000				$ 50,000
Principal amount							$ 110,000
Allowance for credit losses									$ 7,500
Loan discount			39,900
Total discount received			20,100
Bridge loans \| Retail \| Loan modification agreement
Financing Receivable, Recorded Investment, Past Due [Line Items]
Principal amount			$ 26,500
Bridge loans \| Retail \| Loan modification agreement \| LIBOR
Financing Receivable, Recorded Investment, Past Due [Line Items]
Variable rate, spread (as a percent)			6.00%
LIBOR Floor rate			2.375%
Mezzanine loans \| Retail \| Loan modification agreement
Financing Receivable, Recorded Investment, Past Due [Line Items]
Principal amount			$ 6,100
Mortgage Loans on Real Estate Fixed Interest Rate			12.00%
Fixed rate of interest (as a percent)			12.00%
Greater than 90 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
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) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
Loans Held-for-Sale, Net (Details) $ in Thousands	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)loan	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)loan
Loans Held-for-Sale, Net
Loans held-for-sale	$ 448,940		$ 448,940		$ 968,595
Fair value of future MSR	9,669		9,669		21,600
Unearned discount	(962)		(962)		(3,276)
Loans held-for-sale, net	457,647		457,647		$ 986,919
Gain on sale of loans held-for-sale, including fees	40,900	$ 26,400	$ 69,800	$ 40,700
Number of loans \| loan			405		328
Proceeds from Sale of Loans Held-for-sale, Excluding Acquisition	1,480,000	1,990,000	$ 3,320,000	2,950,000
Subordinate class of certificates retained	171,001	$ 63,600	171,001	$ 63,600	$ 140,124
Amortized cost of loans on nonaccrual status					0
APL certificates
Loans Held-for-Sale, Net
Subordinate class of certificates retained	101,868		101,868		63,627
APL certificates \| Held-to-Maturity
Loans Held-for-Sale, Net
Subordinate class of certificates retained	101,900		101,900
Greater than 90 Days Past Due
Loans Held-for-Sale, Net
Past Due	0		$ 0
US Government Sponsored-Enterprise Insured Loans [Member]
Loans Held-for-Sale, Net
Period of loans held for sale sold			60 days
Fannie Mae
Loans Held-for-Sale, Net
Loans held-for-sale, net	220,944		$ 220,944		679,342
Private Label
Loans Held-for-Sale, Net
Loans held-for-sale, net	135,934		$ 135,934		56,186
Period of loans held for sale sold			180 days
Proceeds from Sale of Loans Held-for-sale, Excluding Acquisition			$ 449,900		727,200
FHA
Loans Held-for-Sale, Net
Loans held-for-sale, net	50,770		50,770		53,063
Freddie Mac
Loans Held-for-Sale, Net
Loans held-for-sale, net	39,806		39,806		$ 180,004
SFR - Fixed Rate
Loans Held-for-Sale, Net
Loans held-for-sale, net	1,486		1,486
Gain on sale of loans held-for-sale, including fees			$ 2,800
Number of loans			23
Proceeds from Sale of Loans Held-for-sale, Excluding Acquisition			$ 75,300
Subordinate class of certificates retained	$ 38,200		$ 38,200

Capitalized Mortgage Servicin_3

Capitalized Mortgage Servicing Rights (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Capitalized Mortgage Servicing Rights
Balance at beginning of the year			$ 379,974
Balance at end of the year	$ 418,653		418,653		$ 379,974
MSRs
Capitalized Mortgage Servicing Rights
Balance at beginning of the year	406,980	$ 288,954	379,974	$ 286,420	286,420
Additions	31,971	39,875	77,009	60,151
Amortization	(14,667)	(11,891)	(28,871)	(23,713)
Write-downs and payoffs	(5,631)	(3,650)	(9,459)	(9,570)
Balance at end of the year	418,653	313,288	418,653	313,288	379,974
Prepayment fees collected	4,200	3,000	6,900	8,100
Valuation allowance	0		0		$ 0
Expected amortization of capitalized MSRs balances
2021 (six months ending 12/31/2021)	29,936		29,936
2022	57,277		57,277
2023	53,613		53,613
2024	49,872		49,872
2025	46,778		46,778
2026	42,711		42,711
Thereafter	138,466		138,466
Total	418,653		$ 418,653
MSRs \| Minimum
Capitalized Mortgage Servicing Rights
Percentage of MSRs discount rate			8.00%
MSRs \| Maximum
Capitalized Mortgage Servicing Rights
Percentage of MSRs discount rate			13.00%
MSRs \| Weighted average
Capitalized Mortgage Servicing Rights
Estimated life remaining			8 years 7 months 6 days		8 years 7 months 6 days
Percentage of MSRs discount rate			10.00%
Originated MSRs
Capitalized Mortgage Servicing Rights
Balance at beginning of the year	367,428	230,377	$ 336,466	221,901	$ 221,901
Additions	31,971	39,875	77,009	60,151
Amortization	(11,796)	(7,998)	(22,875)	(15,614)
Write-downs and payoffs	(4,540)	(1,802)	(7,537)	(5,986)
Balance at end of the year	383,063	260,452	383,063	260,452	336,466
Acquired MSRs
Capitalized Mortgage Servicing Rights
Balance at beginning of the year	39,552	58,577	43,508	64,519	64,519
Amortization	(2,871)	(3,893)	(5,996)	(8,099)
Write-downs and payoffs	(1,091)	(1,848)	(1,922)	(3,584)
Balance at end of the year	$ 35,590	$ 52,836	$ 35,590	$ 52,836	$ 43,508

Mortgage Servicing (Details)

Mortgage Servicing (Details) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
Mortgage Servicing (Details) $ in Thousands	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)state	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)state
Fee-based servicing portfolio
Mortgage Servicing
Escrow Deposit	$ 1,530,000		$ 1,530,000		$ 1,290,000
MSRs
Mortgage Servicing
Unpaid principal balance of loans serviced	26,035,055		$ 26,035,055		$ 24,628,456
UPB Percentage of Total			100.00%
Weighted average servicing fee (as a percent)			0.459%		0.454%
Interest earned on total escrows	1,100	$ 1,400	$ 2,200	$ 4,500
MSRs \| 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	810,200		$ 810,200		$ 867,600
Texas \| MSRs \| Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total			15.00%		16.00%
New York \| MSRs \| Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total			11.00%		9.00%
North Carolina \| MSRs \| Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total			9.00%		9.00%
California \| MSRs \| Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total			8.00%		9.00%
Florida \| MSRs \| Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total			6.00%		7.00%
Georgia \| MSRs \| Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total			6.00%		6.00%
New Jersey \| MSRs \| Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total			5.00%		4.00%
Other \| MSRs \| Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total			40.00%		40.00%
Fannie Mae
Mortgage Servicing
UPB Percentage of Total			74.00%
Fannie Mae \| MSRs
Mortgage Servicing
Unpaid principal balance of loans serviced	19,191,969		$ 19,191,969		$ 18,268,268
Fannie Mae \| MSRs \| Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total					74.00%
Freddie Mac
Mortgage Servicing
UPB Percentage of Total			18.00%
Freddie Mac \| MSRs
Mortgage Servicing
Unpaid principal balance of loans serviced	4,708,457		$ 4,708,457		$ 4,881,080
Freddie Mac \| MSRs \| Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total					20.00%
FHA
Mortgage Servicing
UPB Percentage of Total			3.00%
FHA \| MSRs
Mortgage Servicing
Unpaid principal balance of loans serviced	882,899		$ 882,899		$ 752,116
FHA \| MSRs \| Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total					3.00%
Private Label
Mortgage Servicing
UPB Percentage of Total			5.00%
Private Label \| MSRs
Mortgage Servicing
Unpaid principal balance of loans serviced	1,176,627		$ 1,176,627		$ 726,992
Private Label \| MSRs \| Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total					3.00%
SFR - Fixed Rate
Mortgage Servicing
UPB Percentage of Total			1.00%
SFR - Fixed Rate \| MSRs
Mortgage Servicing
Unpaid principal balance of loans serviced	$ 75,103		$ 75,103

Securities Held-to-Maturity (De

Securities Held-to-Maturity (Details) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
Securities Held-to-Maturity (Details) $ in Thousands	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)item	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)	Mar. 31, 2021USD ($)
Held-to-Maturity
Face Value	$ 171,001	$ 63,600	$ 171,001	$ 63,600	$ 140,124
Net Carrying Value	114,696		114,696		95,524
Unrealized Gain	10,307		10,307
Unrealized Loss					(1,396)
Estimated Fair Value	125,003		125,003		94,128
Allowance for Credit Losses	2,115		2,115		1,644	$ 1,597
Sale of loans held-for-sale excluding acquired loans	1,480,000	$ 1,990,000	3,320,000	$ 2,950,000
Private Label
Held-to-Maturity
Sale of loans held-for-sale excluding acquired loans			449,900		727,200
B Piece bonds
Held-to-Maturity
Face Value	69,133		69,133		76,497
Net Carrying Value	53,096		53,096		57,839
Unrealized Gain	3,939		3,939		709
Estimated Fair Value	57,035		57,035		58,548
Allowance for Credit Losses	547		$ 547		$ 621	606
B Piece bonds \| Held-to-Maturity
Held-to-Maturity
Estimated weighted average remaining maturity period			6 years
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%		10.85%
Weighted average effective interest rate (as a percent)	11.12%		11.12%
Held-to-maturity securities, estimated fiscal year
Within one year	$ 12,100		$ 12,100
After one year through five years	31,900		31,900
After five years through ten years	8,700		8,700
After ten years	16,400		16,400
APL certificates
Held-to-Maturity
Face Value	101,868		101,868		$ 63,627
Net Carrying Value	61,600		61,600		37,685
Unrealized Gain	6,368		6,368
Unrealized Loss					(2,105)
Estimated Fair Value	67,968		67,968		35,580
Allowance for Credit Losses	1,568		1,568		$ 1,023	$ 991
APL certificates \| Held-to-Maturity
Held-to-Maturity
Face Value	101,900		101,900
Net Carrying Value	$ 61,700		$ 61,700
Weighted average variable interest rate (as a percent)	4.51%		4.51%
Estimated weighted average remaining maturity period			8 years 10 months 24 days
Securities maturity term			10 years
Weighted average fixed interest rate			10.09%		10.15%
Held-to-maturity securities, estimated fiscal year
After five years through ten years	$ 101,900		$ 101,900

Securities Held-to-Maturity Rol

Securities Held-to-Maturity Rollforward of Allowance (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Changes in the allowance for credit losses
Allowance for credit loss, Beginning balance	$ 1,597		$ 1,644
Provision for credit loss expense	518		471
Allowance for credit loss, Ending balance	2,115		2,115
Impairment of held-to maturity securities			0
Held-to-Maturity
Changes in the allowance for credit losses
Interest income (including the amortization of discount)	3,100	$ 1,700	6,000	$ 4,000
APL certificates
Changes in the allowance for credit losses
Allowance for credit loss, Beginning balance	991		1,023
Provision for credit loss expense	577		545
Allowance for credit loss, Ending balance	1,568		1,568
B Piece bonds
Changes in the allowance for credit losses
Allowance for credit loss, Beginning balance	606		621
Provision for credit loss expense	(59)		(74)
Allowance for credit loss, Ending balance	$ 547		$ 547

Investments in Equity Affilia_3

Investments in Equity Affiliates, Summary (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Investment in Equity Affiliates
Investment in Equity Affiliates	$ 86,253	$ 74,274
UPB of Loans to Equity Affiliates	1,687
Arbor Residential Investor LLC
Investment in Equity Affiliates
Investment in Equity Affiliates	67,717	59,150
AMAC Holdings III LLC
Investment in Equity Affiliates
Investment in Equity Affiliates	13,795	10,308
North Vermont Avenue
Investment in Equity Affiliates
Investment in Equity Affiliates	2,421	2,496
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	$ 1,687

Investments in Equity Affilia_4

Investments in Equity Affiliates, All Investments (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended			6 Months Ended
	Jan. 31, 2021	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2020
Investment in Equity Affiliates
Indirect ownership percentage					9.20%
Income from equity affiliates		$ 4,759		$ 20,408	$ 27,010	$ 24,401
Noncontrolling interest invested					21,074	60
Arbor Residential Investor LLC
Investment in Equity Affiliates
Indirect ownership percentage	12.30%
Income from equity affiliates		4,800		$ 20,900	27,300	$ 23,800
Distribution received		5,600			18,700
Century Summerfield Apartments
Investment in Equity Affiliates
Equity Investment			$ 17,000				$ 20,000
Percentage of ownership interest of related party in the entity			50.00%
Income from equity affiliates		200
Distribution received		17,200
AMAC Holdings III LLC
Investment in Equity Affiliates
Equity Investment		$ 15,700			15,700
Noncontrolling interest			$ 30,000
Equity investment made			30,000
Income from equity affiliates			300		$ 500
Lexford Portfolio
Investment in Equity Affiliates
Noncontrolling interest			4,000
Equity investment made			$ 4,000

Investments in Equity Affilia_5

Investments in Equity Affiliates, Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statements of Income:
Total revenues	$ 81,171	$ 66,721	$ 159,968	$ 69,026
Total expenses	49,484	61,149	105,747	186,762
Net income (loss)	$ 84,257	$ 54,089	165,368	(14,266)
Arbor Residential Investor LLC
Statements of Income:
Total revenues			630,400	689,728
Total expenses			476,710	506,259
Net income (loss)			$ 153,690	$ 183,469

Debt Obligations, Credit and Re

Debt Obligations, Credit and Repurchase Facilities (Details) - USD ($)	Mar. 31, 2021	Feb. 28, 2021	Jan. 31, 2021	Mar. 31, 2021	Jan. 31, 2021	Jun. 30, 2021	May 31, 2021	Dec. 31, 2020
Debt Obligations
Debt Carrying Value						$ 2,015,188,000		$ 2,234,883,000
Collateral Carrying Value						$ 2,757,662,000		2,724,420,000
Weighted Average Note Rate (as a percent)						2.32%
Joint Repurchase Facility
Debt Obligations
Maximum borrowing capacity						$ 2,000,000,000
Committed amount						50,000,000
Matures in March 2021						$ 5.75
Maximum advance rate						80.00%
$400M repurchase facility
Debt Obligations
Line of Credit Facility, Interest Rate at Period End			1.75%		1.75%
Repurchase facility - securities \| B Piece bonds
Debt Obligations
Collateral Carrying Value						$ 53,100,000		58,500,000
$400 million credit facility
Debt Obligations
Debt Carrying Value						400,000,000
Collateral Carrying Value						725,000,000
$200M credit facility
Debt Obligations
Debt Carrying Value							$ 200,000,000
Collateral Carrying Value							$ 250,000,000
Structured Business
Debt Obligations
Debt Carrying Value						1,623,398,000		1,282,845,000
Collateral Carrying Value						$ 2,310,652,000		$ 1,755,825,000
Weighted Average Note Rate (as a percent)						2.48%
Weighted average note rate including certain fees and costs (as a percent)						2.73%		2.97%
Unamortized deferred finance costs						$ 4,000,000		$ 3,300,000
Leverage on loans and investment portfolio financed through credit facilities and repurchase agreements, excluding securities repurchase facility, working capital line of credit and security agreements used to finance leasehold and capital expenditure improvements at corporate office (as a percent)								69.00%
Structured Business \| $1.8B joint repurchase facility
Debt Obligations
Debt Carrying Value						660,685,000		$ 681,006,000
Collateral Carrying Value						$ 947,249,000		1,054,562,000
Weighted Average Note Rate (as a percent)						2.51%
Maximum borrowing capacity						$ 1,800,000,000		1,800,000,000
Structured Business \| $400M repurchase facility
Debt Obligations
Variable rate, spread (as a percent)					1.75%
LIBOR Floor rate			0.35%		0.35%
Maximum borrowing capacity			$ 400,000,000		$ 400,000,000
Decrease in interest rate (as a percent)			2.00%
Utilization of credit facility			$ 250,000,000		$ 250,000,000
Structured Business \| $400M repurchase facility \| Minimum
Debt Obligations
Variable rate, spread (as a percent)					2.00%
Structured Business \| $400M repurchase facility \| Maximum
Debt Obligations
Variable rate, spread (as a percent)					2.20%
Structured Business \| $725M repurchase facility
Debt Obligations
Debt Carrying Value						335,477,000		191,622,000
Collateral Carrying Value						$ 466,109,000		259,559,000
Weighted Average Note Rate (as a percent)						2.10%
Maximum borrowing capacity						$ 725,000,000		725,000,000
Structured Business \| $200 million repurchase facility
Debt Obligations
Maximum borrowing capacity	$ 200,000,000			$ 200,000,000
Structured Business \| $200 million repurchase facility \| LIBOR
Debt Obligations
Maximum advance rate				80.00%
Structured Business \| $200 million repurchase facility \| Minimum \| LIBOR
Debt Obligations
Fixed interest rate (as a percent)	1.75%			1.75%
Structured Business \| $200 million repurchase facility \| Maximum \| LIBOR
Debt Obligations
Fixed interest rate (as a percent)	2.75%			2.75%
Structured Business \| $250M repurchase facility
Debt Obligations
Debt Carrying Value						104,251,000
Collateral Carrying Value						$ 260,922,000
Weighted Average Note Rate (as a percent)						1.87%
Maximum borrowing capacity						$ 250,000,000		250,000,000
Structured Business \| $198.7M repurchase facility
Debt Obligations
Debt Carrying Value						139,441,000		71,627,000
Collateral Carrying Value						$ 164,583,000		87,242,000
Weighted Average Note Rate (as a percent)						3.04%
Maximum borrowing capacity						$ 198,700,000		198,700,000
Structured Business \| $187.3M loan specific credit facilities
Debt Obligations
Debt Carrying Value						187,059,000		148,615,000
Collateral Carrying Value						$ 251,550,000		198,550,000
Weighted Average Note Rate (as a percent)						3.04%
Maximum borrowing capacity						$ 187,300,000		187,300,000
Structured Business \| $150M credit facility
Debt Obligations
Debt Carrying Value						8,576,000		23,606,000
Collateral Carrying Value	$ 150,000,000			$ 150,000,000		$ 15,132,000		31,809,000
Weighted Average Note Rate (as a percent)						3.90%
LIBOR Floor rate	0.15%
Maximum borrowing capacity						$ 150,000,000		150,000,000
Structured Business \| $100 million credit facility
Debt Obligations
Maximum borrowing capacity						100,000,000		100,000,000
Structured Business \| $100 million credit facility - one
Debt Obligations
Debt Carrying Value						58,625,000		39,346,000
Collateral Carrying Value						$ 83,800,000		47,912,000
Weighted Average Note Rate (as a percent)						1.88%
Maximum borrowing capacity						$ 100,000,000		100,000,000
Structured Business \| $100 million credit facility - two
Debt Obligations
Debt Carrying Value						9,936,000
Collateral Carrying Value						$ 13,773,000
Weighted Average Note Rate (as a percent)						4.06%
Structured Business \| $100 million repurchase facility
Debt Obligations
Debt Carrying Value						$ 48,847,000		31,780,000
Collateral Carrying Value						$ 61,211,000		40,551,000
Weighted Average Note Rate (as a percent)						1.88%
Maximum borrowing capacity						$ 100,000,000		100,000,000
Structured Business \| $50 million credit facility - one
Debt Obligations
Debt Carrying Value						22,407,000		15,992,000
Collateral Carrying Value						$ 28,009,000		21,300,000
Weighted Average Note Rate (as a percent)						2.13%
Maximum borrowing capacity						$ 50,000,000		50,000,000
Structured Business \| $30M working capital facility
Debt Obligations
Debt Carrying Value								30,000,000
Maximum borrowing capacity						30,000,000		30,000,000
Structured Business \| $50 million credit facility - two
Debt Obligations
Debt Carrying Value	$ 50,000,000			50,000,000
Structured Business \| $25 million credit facility
Debt Obligations
Debt Carrying Value						12,583,000		9,323,000
Collateral Carrying Value						$ 18,314,000		14,340,000
Weighted Average Note Rate (as a percent)						2.38%
Maximum borrowing capacity						$ 25,000,000		25,000,000
Structured Business \| $1M master security agreements
Debt Obligations
Debt Carrying Value						$ 944,000		1,441,000
Weighted Average Note Rate (as a percent)						4.01%
Maximum borrowing capacity						$ 1,000,000		1,000,000
Structured Business \| Repurchase facilities - securities (3)
Debt Obligations
Debt Carrying Value						$ 34,567,000		38,487,000
Weighted Average Note Rate (as a percent)						3.55%
Structured Business \| Repurchase facility - securities
Debt Obligations
Debt Carrying Value								10,000,000
Structured Business \| $21.6 million credit facility
Debt Obligations
Fixed interest rate (as a percent)		3.00%
Committed amount		$ 21,600,000
Structured Business \| 18.2 million credit facility
Debt Obligations
Maximum borrowing capacity	$ 18,200,000			$ 18,200,000
Structured Business \| 18.2 million credit facility \| Prime Rate
Debt Obligations
LIBOR Floor rate				3.25%
Agency Business
Debt Obligations
Debt Carrying Value						$ 391,790,000		952,038,000
Collateral Carrying Value						$ 447,010,000		968,595,000
Weighted Average Note Rate (as a percent)						1.64%
Unamortized deferred finance costs						$ 2,200,000		600,000
Agency Business \| $400M repurchase facility
Debt Obligations
Debt Carrying Value						119,382,000		174,515,000
Collateral Carrying Value						$ 119,398,000		174,555,000
Weighted Average Note Rate (as a percent)						1.60%
Maximum borrowing capacity						$ 400,000,000		400,000,000
Agency Business \| $150M credit facility
Debt Obligations
Debt Carrying Value						15,073,000		49,632,000
Collateral Carrying Value						$ 15,073,000		49,754,000
Weighted Average Note Rate (as a percent)						1.65%
Variable rate, spread (as a percent)	0.002%
LIBOR Floor rate	0.0025%
Maximum borrowing capacity	$ 150,000,000			$ 150,000,000		$ 150,000,000		150,000,000
Additional borrowing capacity	$ 200,000,000			$ 200,000,000
Agency Business \| $100 million credit facility
Debt Obligations
Debt Carrying Value						2,592,000		88,896,000
Collateral Carrying Value						$ 2,600,000		88,911,000
Weighted Average Note Rate (as a percent)						1.65%
Maximum borrowing capacity						$ 100,000,000		100,000,000
Agency Business \| $750M ASAP agreement
Debt Obligations
Debt Carrying Value						76,943,000		301,455,000
Collateral Carrying Value						$ 76,943,000		302,491,000
Weighted Average Note Rate (as a percent)						1.40%
Maximum borrowing capacity						$ 750,000,000		750,000,000
Agency Business \| $200M joint repurchase facility
Debt Obligations
Debt Carrying Value						104,876,000		42,808,000
Collateral Carrying Value						$ 135,934,000		56,186,000
Weighted Average Note Rate (as a percent)						1.85%
Maximum borrowing capacity						$ 200,000,000		200,000,000
Agency Business \| $200M credit facility
Debt Obligations
Debt Carrying Value						71,656,000		294,732,000
Collateral Carrying Value						$ 95,575,000		296,698,000
Weighted Average Note Rate (as a percent)						1.60%
Maximum borrowing capacity						$ 200,000,000		200,000,000
Agency Business \| $1.3 million repurchase facility
Debt Obligations
Debt Carrying Value						1,268,000
Collateral Carrying Value						$ 1,487,000
Weighted Average Note Rate (as a percent)						3.00%
Maximum borrowing capacity						$ 1,300,000		$ 1,300,000

Debt Obligations, Collateralize

Debt Obligations, Collateralized Loan Obligations (Details) $ in Thousands	Jun. 30, 2021USD ($)itemtranche	Mar. 31, 2021USD ($)trancheitem	Mar. 31, 2021USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Debt Obligations
Debt, Carrying Value	$ 3,484,088			$ 3,484,088		$ 2,517,309
Weighted average note rate (as a percent)	2.32%			2.32%
Payoffs and paydowns of collateralized loan obligations				$ 356,150	$ 282,874
CLOs
Debt Obligations
Debt, Face Value	$ 3,506,080			3,506,080		2,532,343
Debt, Carrying Value	$ 3,484,088			$ 3,484,088		$ 2,517,309
Weighted average note rate (as a percent)	1.52%			1.52%		1.60%
Restricted cash related to interest payments, delayed funding and expenses	$ 38,100			$ 38,100		$ 49,500
Collateral Loans, Unpaid Principal	4,004,173			4,004,173		2,932,791
Collateral Loans, Carrying Value	4,004,173			4,004,173		2,932,791
Cash, Restricted Cash	178,060			178,060		138,683
Deferred financing fees	$ 22,000			$ 22,000		$ 15,000
Weighted average note rate including certain fees and costs (as a percent)	1.80%			1.80%		1.93%
CLO XV
Debt Obligations
Number of tranches of CLO notes issued \| tranche	8
Number of newly-formed wholly-owned subsidiaries \| item	2
Value of the tranches issued	$ 747,800			$ 747,800
Debt, Face Value	674,412			674,412
Debt, Carrying Value	$ 668,823			$ 668,823
Weighted average note rate (as a percent)	1.42%			1.42%
Collateral Loans, Unpaid Principal	$ 674,753			$ 674,753
Collateral Loans, Carrying Value	674,753			674,753
Cash, Restricted Cash	128,015			$ 128,015
Replacement period				2 years 6 months
Proceeds from issuance of collateralized loan obligations for acquiring additional loan obligations	$ 162,000
Maximum period to acquire additional loan obligations	180 days
Notional amount of residual interest retained	$ 140,600			$ 140,600
Value of portfolio loans as collateral	653,000			653,000
Face value of loan obligations will be owned by the issuer	$ 815,000			$ 815,000
Leverage (as a percent)	83.00%			83.00%
CLO XV \| One-month LIBOR
Debt Obligations
Weighted average note rate including certain fees and costs (as a percent)	1.37%			1.37%
CLO XV \| Investment grade
Debt Obligations
Debt, Face Value	$ 674,400			$ 674,400
CLO XV \| Below investment grade
Debt Obligations
Debt, Carrying Value	73,400			73,400
Notional amount of residual interest retained	73,400			73,400
CLO XIV
Debt Obligations
Number of tranches of CLO notes issued \| tranche		8
Number of newly-formed wholly-owned subsidiaries \| item		2
Value of the tranches issued		$ 724,200	$ 724,200
Debt, Face Value	655,475			655,475
Debt, Carrying Value	$ 650,116			$ 650,116
Weighted average note rate (as a percent)	1.45%			1.45%
Collateral Loans, Unpaid Principal	$ 766,872			$ 766,872
Collateral Loans, Carrying Value	766,872			766,872
Replacement period			2 years 6 months
Proceeds from issuance of collateralized loan obligations for acquiring additional loan obligations		$ 149,800
Maximum period to acquire additional loan obligations		180 days
Notional amount of residual interest retained		$ 129,500	$ 129,500
Value of portfolio loans as collateral		635,200	635,200
Face value of loan obligations will be owned by the issuer		$ 785,000	$ 785,000
Leverage (as a percent)		84.00%	84.00%
CLO XIV \| One-month LIBOR
Debt Obligations
Weighted average note rate including certain fees and costs (as a percent)		1.33%	1.33%
CLO XIV \| Investment grade
Debt Obligations
Debt, Face Value		$ 655,500	$ 655,500
CLO XIV \| Below investment grade
Debt Obligations
Debt, Carrying Value		68,700	68,700
Notional amount of residual interest retained		$ 68,700	68,700
CLO XIII
Debt Obligations
Debt, Face Value	668,000			668,000		$ 668,000
Debt, Carrying Value	$ 664,396			$ 664,396		$ 663,804
Weighted average note rate (as a percent)	1.54%			1.54%		1.58%
Collateral Loans, Unpaid Principal	$ 770,086			$ 770,086		$ 768,664
Collateral Loans, Carrying Value	770,086			770,086		768,664
Cash, Restricted Cash	17,749			17,749		43
CLO XII
Debt Obligations
Debt, Face Value	534,193			534,193		534,193
Debt, Carrying Value	$ 531,295			$ 531,295		$ 530,673
Weighted average note rate (as a percent)	1.62%			1.62%		1.66%
Collateral Loans, Unpaid Principal	$ 614,751			$ 614,751		$ 628,935
Collateral Loans, Carrying Value	614,751			614,751		628,935
Cash, Restricted Cash	15,412			15,412		2,005
CLO XI
Debt Obligations
Debt, Face Value	533,000			533,000		533,000
Debt, Carrying Value	$ 530,470			$ 530,470		$ 529,859
Weighted average note rate (as a percent)	1.56%			1.56%		1.61%
Collateral Loans, Unpaid Principal	$ 643,450			$ 643,450		$ 555,157
Collateral Loans, Carrying Value	643,450			643,450		555,157
Cash, Restricted Cash	884			884		92,395
CLO X
Debt Obligations
Debt, Face Value	441,000			441,000		441,000
Debt, Carrying Value	$ 438,988			$ 438,988		$ 438,442
Weighted average note rate (as a percent)	1.57%			1.57%		1.61%
Collateral Loans, Unpaid Principal	$ 534,261			$ 534,261		$ 522,132
Collateral Loans, Carrying Value	534,261			534,261		522,132
Cash, Restricted Cash	$ 16,000			$ 16,000		25,537
CLO IX
Debt Obligations
Debt, Face Value						356,150
Debt, Carrying Value						$ 354,531
Weighted average note rate (as a percent)						1.53%
Collateral Loans, Unpaid Principal						$ 457,903
Collateral Loans, Carrying Value						457,903
Cash, Restricted Cash						$ 18,703
Payoffs and paydowns of collateralized loan obligations			356,200
Deferred fees expensed as interest expense			$ 1,400

Debt Obligations, Senior Unsecu

Debt Obligations, Senior Unsecured Notes, Summary (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Apr. 30, 2021	Dec. 31, 2020
Debt Obligations
Wtd. Avg Rate	2.32%
Senior Unsecured Notes
Debt Obligations
UPB	$ 845,750		$ 670,750
Carrying value	$ 836,074		$ 662,843
Wtd. Avg Rate	5.23%		5.29%
Deferred financing fees	$ 9,700		$ 7,900
Weighted average note rate including certain fees and costs (as a percent)	5.56%		5.65%
8.00% Notes and 4.50% Notes \| Redeemed prior to three months before the maturity date
Debt Obligations
Redemption of aggregate principal amount (as a percent)	100.00%
8.00% Notes and 4.50% Notes \| Redeemed three months prior to or after the maturity date
Debt Obligations
Redemption of aggregate principal amount (as a percent)	100.00%
8.00% Convertible Notes
Debt Obligations
UPB	$ 70,750		$ 70,750
Carrying value	$ 69,997		$ 69,793
Wtd. Avg Rate	8.00%		8.00%
Interest rate (as a percent)	8.00%		8.00%
4.50% Convertible Notes
Debt Obligations
UPB	$ 275,000		$ 275,000
Carrying value	$ 272,234		$ 271,994
Wtd. Avg Rate	4.50%		4.50%
Interest rate (as a percent)	4.50%		4.50%
Senior Unsecured 4.75% Notes, 5.75% Notes and 5.625% Notes \| Redeemed at any time prior to the redemption date, at a maturity price
Debt Obligations
Redemption of aggregate principal amount (as a percent)	100.00%
Senior Unsecured 4.75% Notes, 5.75% Notes and 5.625% Notes \| Redeemed on or after the maturity date
Debt Obligations
Redemption of aggregate principal amount (as a percent)	100.00%
4.75% Notes
Debt Obligations
UPB	$ 110,000		$ 110,000
Carrying value	$ 108,842		$ 108,668
Wtd. Avg Rate	4.75%		4.75%
Interest rate (as a percent)	4.75%		4.75%
5.75% Convertible Notes
Debt Obligations
UPB	$ 90,000		$ 90,000
Carrying value	$ 88,942		$ 88,751
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	$ 123,929		$ 123,637
Wtd. Avg Rate	5.63%		5.63%
Interest rate (as a percent)	5.625%		5.625%
5.00% senior unsecured notes
Debt Obligations
UPB	$ 175,000	$ 175,000
Carrying value	$ 172,130
Wtd. Avg Rate	5.00%
Interest rate (as a percent)	5.00%	5.00%	5.00%

Debt Obligations, Convertible S

Debt Obligations, Convertible Senior Unsecured Notes (Details)	Jul. 01, 2021USD ($)shares	Jul. 20, 2018	Apr. 30, 2021USD ($)	Jun. 30, 2021USD ($)$ / shares	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)$ / sharesshares	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)$ / shares	Mar. 31, 2021	Jul. 03, 2018
Debt Obligations
Cash paid for the exchange of convertible notes							$ 22,145,000
Loss on extinguishment of debt					$ (1,592,000)	$ (1,370,000)	(3,546,000)
Total				$ 6,805,878,000		6,805,878,000
Convertible Senior Unsecured Notes
Debt Obligations
Junior subordinated notes				278,300,000		$ 278,300,000		$ 278,300,000
Proceeds received, net of estimated issuance costs									$ 34,000,000
Percentage of the Notes required to be repurchased if the agreement is fundamentally changed						100.00%
Maturity period (in years)						1 year 3 months 7 days		1 year 9 months 7 days
Unamortized Debt Discount				4,031,000		$ 4,031,000		$ 5,636,000
Unamortized Deferred Financing Fees				3,352,000		3,352,000		4,691,000
Total				270,917,000		270,917,000		267,973,000
Net Carrying Value, Equity Component						9,962,000		$ 9,962,000
Interest expense				4,800,000		9,600,000	10,000,000
Interest expense related to cash coupon				3,300,000		6,600,000	6,700,000
Debt discount				800,000		1,600,000	1,700,000
Deferred fees expensed as interest expense				700,000		1,400,000	1,600,000
Cost of the notes (as a percent)								6.75%		6.75%
8.00% Convertible Notes
Debt Obligations
Junior subordinated notes				$ 70,750,000		$ 70,750,000		$ 70,750,000
Interest rate (as a percent)				8.00%		8.00%		8.00%
4.50% Convertible Notes
Debt Obligations
Junior subordinated notes				$ 275,000,000		$ 275,000,000		$ 275,000,000
Interest rate (as a percent)				4.50%		4.50%		4.50%
5.25% Convertible Notes
Debt Obligations
Interest rate (as a percent)		5.25%							5.25%		5.25%
Cash paid for the exchange of convertible notes	$ 14,300,000					$ 233,100,000			$ 228,700,000
Common stock exchanged (in shares) \| shares	386,459					4,478,315
4.75% Convertible Notes
Debt Obligations
Junior subordinated notes				$ 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						56.5332
Conversion price per share of common stock \| $ / shares				$ 17.69		$ 17.69
4.75% Convertible Notes \| First Offering
Debt Obligations
Junior subordinated notes									$ 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
5.75% Convertible Notes
Debt Obligations
Junior subordinated notes				$ 90,000,000		$ 90,000,000		$ 90,000,000
Interest rate (as a percent)				5.75%		5.75%		5.75%
5.00% Convertible Notes
Debt Obligations
Proceeds from issued debt			$ 172,300,000
Junior subordinated notes
Debt Obligations
Junior subordinated notes				$ 154,336,000		$ 154,336,000		$ 154,336,000
Deferred fees expensed as interest expense						1,800,000		$ 1,800,000
Issued on July 3, 2018 \| 5.25% Convertible Notes
Debt Obligations
Junior subordinated notes				500,000		500,000
Issued on July 3, 2018 \| 5.25% Convertible Notes \| First Offering
Debt Obligations
Junior subordinated notes				$ 1,000		$ 1,000
Conversion rate of the notes to common stock, per $1,000 principal amount of notes		91.9605
Conversion price per share of common stock \| $ / shares				$ 10.87		$ 10.87
Issued on July 20, 2018 \| 5.25% Convertible Notes
Debt Obligations
Junior subordinated notes					$ 13,800,000		$ 13,800,000
Issued on July 20, 2018 \| 5.25% Convertible Notes \| Second Offering
Debt Obligations
Conversion rate of the notes to common stock, per $1,000 principal amount of notes						82.2763
Conversion price per share of common stock \| $ / shares				$ 12.15		$ 12.15

Debt Obligations, Junior Subord

Debt Obligations, Junior Subordinated Notes (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Debt Obligations
Debt carrying value	$ 142,013	$ 141,656
Weighted average note rate (as a percent)	2.32%
Junior subordinated notes
Debt Obligations
Debt carrying value	$ 142,000	141,700
Deferred amount Due at maturity	10,500	10,800
Deferred fees expensed as interest expense	$ 1,800	$ 1,800
Weighted average note rate (as a percent)	2.96%	3.06%
Weighted average note rate including certain fees and costs (as a percent)	3.04%	3.15%

Debt Obligations, Debt Covenant

Debt Obligations, Debt Covenants (Details) - USD ($)	1 Months Ended					6 Months Ended
Debt Obligations, Debt Covenants (Details) - USD ($)	Jul. 31, 2021	Apr. 30, 2021	Jan. 31, 2021	Oct. 31, 2020	Jul. 31, 2020	Jun. 30, 2021
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)						449.62%
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)						370.22%
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%	118.87%	118.87%
Limit overcollateralization ratio (as a percent)						117.87%
Current interest coverage ratio (as a percent)						355.36%
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%	119.76%	119.76%	119.76%
Limit overcollateralization ratio (as a percent)						118.76%
Current interest coverage ratio (as a percent)						389.99%
Limit interest coverage ratio (as a percent)						120.00%
CLO XIV
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)						434.76%
Limit interest coverage ratio (as a percent)						120.00%
CLO XV
Debt Covenants
Current overcollateralization ratio (as a percent)	120.85%					120.85%
Limit overcollateralization ratio (as a percent)						119.85%
Current interest coverage ratio (as a percent)						240.42%
Limit interest coverage ratio (as a percent)						120.00%
Junior subordinated notes
Debt Covenants
Amount payable on default of senior debt						$ 0

Allowance for Loss-Sharing Ob_3

Allowance for Loss-Sharing Obligations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Roll forward of loss contingency accrual
Provisions for loss sharing	$ 549	$ 2,395	$ 2,201	$ 23,932
Guarantee obligations	34,500	32,800	34,500	32,800
Fannie Mae
Roll forward of loss contingency accrual
Allowance for loss sharing obligations	31,200		$ 31,200		$ 30,300
Loss-sharing obligations (as a percent)			0.16%		0.17%
Loss-Sharing Obligation
Roll forward of loss contingency accrual
Outstanding advances under the Fannie Mae DUS program	500		$ 500		$ 100
Loss-Sharing Obligation \| Fannie Mae
Roll forward of loss contingency accrual
Beginning balance of the period	65,893	70,752	64,303	34,648	34,648
Provisions for loss sharing	716	2,673	2,464	24,569
Provisions reversal for loan repayments	(167)	(277)	(263)	(636)
Recoveries (charge-offs) , net	(797)	72	(859)	233
Ending balance of the period	65,645	$ 73,220	65,645	73,220	64,303
Maximum quantifiable liability	$ 3,610,000		$ 3,610,000		3,410,000
Loss-Sharing Obligation \| Fannie Mae \| Impact of adopting CECL
Roll forward of loss contingency accrual
Beginning balance of the period				$ 14,406	$ 14,406

Derivative Financial Instrume_3

Derivative Financial Instruments, Agency Business (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)item	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)item	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)item
Derivative Financial Instruments
Notional Value, classified in Other Assets	$ 308,421		$ 308,421		$ 865,975
Notional Value, classified in Other Liabilities	36,198		36,198		319,142
Net (losses) gains from changes in the fair value of derivatives	(9,900)	$ 4,100	1,200	$ 4,200
(Loss) gain on derivative instruments	(2,607)	(7,368)	(5,828)	(58,099)
Other Income
Derivative Financial Instruments
(Loss) gain on derivative instruments	26,300	32,400	$ 63,200	54,400
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	9,400	11,200	$ (200)	57,300
Unrealized gain on derivatives	3,000	8,200		1,600
Swap Futures \| Structured Business \| Other Income
Derivative Financial Instruments
Realized gain (loss) on derivatives			(6,500)	2,800
Unrealized gain on derivatives		$ 100	(400)	$ 500
Non-Qualifying \| Agency Business
Derivative Financial Instruments
Notional Value, classified in Other Assets	564,219		564,219		1,230,417
Fair Value, classified in Other Assets	2,387		2,387		3,892
Fair Value, classified in Other Liabilities	$ (393)		$ (393)		$ (1,221)
Non-Qualifying \| Rate lock commitments \| Agency Business
Derivative Financial Instruments
Count \| item	5		5		7
Notional Value, classified in Other Assets	$ 16,550		$ 16,550		$ 136,354
Fair Value, classified in Other Assets	124		124		1,967
Fair Value, classified in Other Liabilities	$ (127)		$ (127)		$ (231)
Non-Qualifying \| Forward Sale Commitments \| Agency Business
Derivative Financial Instruments
Count \| item	43		43		114
Notional Value, classified in Other Assets	$ 328,069		$ 328,069		$ 1,048,763
Fair Value, classified in Other Assets	2,263		2,263		1,925
Fair Value, classified in Other Liabilities	$ (266)		$ (266)		$ (990)
Non-Qualifying \| Swap Futures \| Agency Business
Derivative Financial Instruments
Count \| item	2,196		2,196		453
Notional Value, classified in Other Assets	$ 219,600		$ 219,600		$ 45,300

Fair Value, Carrying Value and

Fair Value, Carrying Value and Estimated Fair Value (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Financial assets:
Loans and investments, net - Principal/Notional Amount	$ 7,385,929	$ 5,475,082
Loans and investments, net	7,213,915	5,285,868
Loans held-for-sale, net - Principal/Notional Amount	448,940	968,595
Loans held-for-sale, net	448,940	968,595
Securities, held-to-maturity, net - Principal/Notional Amount	171,001	140,124
Securities held-to-maturity, net	114,696	95,524
Derivative financial instruments - Principal/Notional Amount	308,421	865,975
Financial liabilities:
Credit and repurchase facilities, Principal/Notional Amount	2,021,412	2,238,722
Credit and repurchase facilities, Carrying value	2,015,188	2,234,883
Collateralized loan obligations	3,484,088	2,517,309
Senior unsecured notes	836,074	662,843
Convertible senior unsecured notes, net	270,917	267,973
Junior subordinated notes	142,013	141,656
Derivative financial instruments - Principal/Notional Amount	$ 36,198	319,142
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	$ 7,213,915	5,285,868
Loans held-for-sale, net	457,647	986,919
Capitalized mortgage servicing rights, net	418,653	379,974
Securities held-to-maturity, net	114,696	95,524
Derivative financial instruments	2,387	3,892
Financial liabilities:
Credit and repurchase facilities, Carrying value	2,015,188	2,234,883
Collateralized loan obligations	3,484,088
Senior unsecured notes	836,074
Convertible senior unsecured notes, net	270,917
Junior subordinated notes	142,013
Derivative financial instruments	393	1,221
Fair Value
Financial assets:
Loans and investments, net	7,421,181	5,428,141
Loans held-for-sale, net	469,195	1,007,294
Capitalized mortgage servicing rights, net	471,275	415,495
Securities held-to-maturity, net	125,003	94,128
Derivative financial instruments	2,387	3,892
Financial liabilities:
Credit and repurchase facilities, Carrying value	2,016,291	2,235,668
Collateralized loan obligations	3,506,460
Senior unsecured notes	853,814
Convertible senior unsecured notes, net	304,689
Junior subordinated notes	100,650
Derivative financial instruments	393	1,221
CLOs
Financial liabilities:
Collateralized loan obligations	3,484,088	2,517,309
Debt instrument - Principal/Notional Amount	3,506,080	2,532,343
Collateralized Debt Obligations \| Carrying Value
Financial liabilities:
Collateralized loan obligations	3,484,088	2,517,309
Collateralized Debt Obligations \| Fair Value
Financial liabilities:
Collateralized loan obligations	3,506,460	2,495,195
Senior Unsecured Notes
Financial liabilities:
Debt instrument - Principal/Notional Amount	845,750	670,750
Senior Unsecured Notes \| Carrying Value
Financial liabilities:
Debt instrument - Principal/Notional Amount	836,074	662,843
Senior Unsecured Notes \| Fair Value
Financial liabilities:
Debt instrument - Principal/Notional Amount	853,814	670,117
Convertible Senior Unsecured Notes
Financial liabilities:
Debt instrument - Principal/Notional Amount	278,300	278,300
Convertible Senior Unsecured Notes \| Carrying Value
Financial liabilities:
Debt instrument - Principal/Notional Amount	270,917	267,973
Convertible Senior Unsecured Notes \| Fair Value
Financial liabilities:
Debt instrument - Principal/Notional Amount	304,689	280,636
Junior subordinated notes
Financial liabilities:
Junior subordinated notes	142,000	141,700
Debt instrument - Principal/Notional Amount	154,336	154,336
Junior subordinated notes \| Carrying Value
Financial liabilities:
Debt instrument - Principal/Notional Amount	142,013	141,656
Junior subordinated notes \| Fair Value
Financial liabilities:
Debt instrument - Principal/Notional Amount	$ 100,650	$ 99,594

Fair Value, Measurement on Recu

Fair Value, Measurement on Recurring and Nonrecurring Basis (Details) $ in Thousands, shares in Millions	Jun. 30, 2021USD ($)itemshares	Dec. 31, 2020USD ($)
Financial assets:
Impaired loans, net	$ 165,666	$ 254,938
Allowance for credit losses on impaired loans	$ 98,731	106,265
Number of impaired loans \| item	9
Aggregate carrying value, before reserves \| shares	165.7
Carrying Value
Financial assets:
Derivative financial instruments	$ 2,387	3,892
Financial liabilities:
Derivative financial instruments	393	1,221
Fair Value
Financial assets:
Derivative financial instruments	2,387	3,892
Financial liabilities:
Derivative financial instruments	393	$ 1,221
Recurring basis \| Carrying Value
Financial assets:
Derivative financial instruments	2,387
Financial liabilities:
Derivative financial instruments	393
Recurring basis \| Fair Value
Financial assets:
Derivative financial instruments	2,387
Financial liabilities:
Derivative financial instruments	393
Nonrecurring basis \| Carrying Value
Financial assets:
Impaired loans, net	66,935
Nonrecurring basis \| Fair Value
Financial assets:
Impaired loans, net	66,935
Level 2 \| Recurring basis
Financial assets:
Derivative financial instruments	2,263
Financial liabilities:
Derivative financial instruments	393
Level 3 \| Recurring basis
Financial assets:
Derivative financial instruments	124
Level 3 \| Nonrecurring basis
Financial assets:
Impaired loans, net	$ 66,935

Fair Value, Level 3 Inputs (Det

Fair Value, Level 3 Inputs (Details) - Level 3 $ in Thousands	Jun. 30, 2021USD ($)item
Land
Quantitative information about Level 3 fair value measurements
Impaired loans, fair value \| $	$ 49,960
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
Retail
Quantitative information about Level 3 fair value measurements
Impaired loans, fair value \| $	$ 15,511
Retail \| Discount rate
Quantitative information about Level 3 fair value measurements
Impaired loans, measurement input	0.1015
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	0.0168
Healthcare
Quantitative information about Level 3 fair value measurements
Impaired loans, fair value \| $	$ 828
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 \| $	$ 636
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 \| $	$ 124
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	0.0844

Fair Value, Level 3 Derivative

Fair Value, Level 3 Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Derivative assets
Beginning balance	$ 1,439	$ 2,069	$ 1,967	$ 1,066
Settlements	(23,045)	(33,936)	(58,074)	(54,867)
Realized gains recorded in earnings	21,606	31,867	56,107	53,801
Unrealized gains recorded in earnings	124	549	124	549
Ending balance	$ 124	$ 549	$ 124	$ 549

Fair Value, Components of fair

Fair Value, Components of fair value and other relevant information (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value of Servicing Rights	$ 9,793
Total Fair Value Adjustment	9,793
Rate lock commitments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Notional/Principal Amount	16,550
Fair Value of Servicing Rights	124
Interest Rate Movement Effect	127
Total Fair Value Adjustment	251
Forward Sale Commitments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Notional/Principal Amount	328,069
Interest Rate Movement Effect	(127)
Total Fair Value Adjustment	(127)
Loans held-for-sale, net
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Notional/Principal Amount	448,940
Fair Value of Servicing Rights	9,669
Total Fair Value Adjustment	$ 9,669

Fair Value, Financial Assets an

Fair Value, Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Financial assets:
Loans and investments, net	$ 7,213,915	$ 5,285,868
Loans held-for-sale, net	448,940	968,595
Securities held-to-maturity, net	114,696	95,524
Financial liabilities:
Credit and repurchase facilities, Carrying value	2,015,188	2,234,883
Collateralized loan obligations	3,484,088	2,517,309
Senior unsecured notes	836,074	662,843
Convertible senior unsecured notes, net	270,917	267,973
Junior subordinated notes	142,013	141,656
Level 1
Financial liabilities:
Senior unsecured notes	853,814
Level 2
Financial assets:
Loans held-for-sale, net	459,526
Financial liabilities:
Credit and repurchase facilities, Carrying value	391,790
Convertible senior unsecured notes, net	304,689
Level 3
Financial assets:
Loans and investments, net	7,421,181
Loans held-for-sale, net	9,669
Capitalized mortgage servicing rights, net	471,275
Securities held-to-maturity, net	125,003
Financial liabilities:
Credit and repurchase facilities, Carrying value	1,624,501
Collateralized loan obligations	3,506,460
Junior subordinated notes	100,650
Carrying Value
Financial assets:
Loans and investments, net	7,213,915	5,285,868
Loans held-for-sale, net	457,647	986,919
Capitalized mortgage servicing rights, net	418,653
Securities held-to-maturity, net	114,696	95,524
Financial liabilities:
Credit and repurchase facilities, Carrying value	2,015,188	2,234,883
Collateralized loan obligations	3,484,088
Senior unsecured notes	836,074
Convertible senior unsecured notes, net	270,917
Junior subordinated notes	142,013
Fair Value
Financial assets:
Loans and investments, net	7,421,181	5,428,141
Loans held-for-sale, net	469,195	1,007,294
Capitalized mortgage servicing rights, net	471,275
Securities held-to-maturity, net	125,003	94,128
Financial liabilities:
Credit and repurchase facilities, Carrying value	2,016,291	$ 2,235,668
Collateralized loan obligations	3,506,460
Senior unsecured notes	853,814
Convertible senior unsecured notes, net	304,689
Junior subordinated notes	$ 100,650

Commitments and Contingencies,

Commitments and Contingencies, Contractual Commitments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Agency Business Commitments
Cash collateral	$ 249,090	$ 94,847	$ 249,090	$ 94,847	$ 197,470	$ 210,875
Debt Obligations
2021 (six months ending December 31, 2021)	859,768		859,768
2022	2,496,580		2,496,580
2023	1,371,081		1,371,081
2024	1,017,797		1,017,797
2025	256,723		256,723
2026	340,026		340,026
Thereafter	463,903		463,903
Total	6,805,878		6,805,878
Minimum Annual Operating Lease Payments
2021 (six months ending December 31, 2021)	3,408		3,408
2022	8,257		8,257
2023	8,031		8,031
2024	7,926		7,926
2025	7,978		7,978
2026	8,282		8,282
Thereafter	26,098		26,098
Total	69,980		69,980
Total
2021	863,176		863,176
2022	2,504,837		2,504,837
2023	1,379,112		1,379,112
2024	1,025,723		1,025,723
2025	264,701		264,701
2026	348,308		348,308
Thereafter	490,001		490,001
Total	6,875,858		6,875,858
Operating lease expense	2,400	$ 1,500	4,700	$ 3,100
Unfunded CLO Commitments
Unfunded commitments related to structured loans and investments	524,700		524,700		$ 353,800
Fannie Mae
Agency Business Commitments
Minimum liquid assets to be maintained to meet operational liquidity requirements	19,100		$ 19,100
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	14,600		14,600
Reserve required to fund additional restricted liquidity over the next 48 months	47,700		$ 47,700
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 ($)lawsuitdefendant	Aug. 31, 2020USD ($)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
Number of counts dismissed \| lawsuit		9
Number of counts dismissed against defendant entities		4
Total LIBOR Floor Certificate transfers \| $		$ 74
Total possible liability against directors \| $		$ 139
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 who are corporate and partnership entities			16
Number of defendants named in a legal action who are individuals			10
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 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
Lawsuits filed by Extended Stay Litigation Trust (the Trust) \| Arbor ESH II, LLC
Litigation
Number of lawsuits or complaints filed \| lawsuit	1

Variable Interest Entity (Detai

Variable Interest Entity (Details) $ in Thousands	6 Months Ended
Variable Interest Entity (Details) $ in Thousands	Jun. 30, 2021USD ($)item	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Sep. 30, 2019USD ($)
Assets:
Restricted cash	$ 249,090		$ 197,470	$ 94,847		$ 210,875
Loans and investments, net	7,213,915		5,285,868
Other assets	190,698		183,529
Total assets	9,060,800		7,660,986
Liabilities:
Collateralized loan obligations	3,484,088		2,517,309
Other liabilities	215,540		197,644
Total liabilities	7,104,033		6,178,301
Loan loss reserves related to VIEs	138,447	$ 147,300	148,329	$ 152,811	$ 142,252		$ 152,811
Consolidated variable interest entities
Assets:
Total assets	4,250,848		3,134,447
Liabilities:
Total liabilities	$ 3,488,040		2,520,064
Unconsolidated VIEs
Liabilities:
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	$ 629,166
Exposure to real estate debt	4,300,000
CLOs \| Consolidated variable interest entities
Assets:
Restricted cash	233,473		188,226
Loans and investments, net	3,990,518		2,923,634
Other assets	26,857		22,587
Total assets	4,250,848		3,134,447
Liabilities:
Collateralized loan obligations	3,484,088		2,517,309
Other liabilities	3,952		2,755
Total liabilities	3,488,040		$ 2,520,064
Loans \| Unconsolidated VIEs
Liabilities:
Carrying amount of loans and investments before reserves related to VIEs	495,347
Carrying amount of loans and investments related to VIE's	130,000
Loan loss reserves related to VIEs	79,400
B Piece bonds \| Unconsolidated VIEs
Liabilities:
Carrying amount of loans and investments before reserves related to VIEs	53,643
APL certificates \| Unconsolidated VIEs
Liabilities:
Carrying amount of loans and investments before reserves related to VIEs	63,168
Equity investments \| Unconsolidated VIEs
Liabilities:
Carrying amount of loans and investments before reserves related to VIEs	16,216
Agency interest only strips \| Unconsolidated VIEs
Liabilities:
Carrying amount of loans and investments before reserves related to VIEs	$ 792

Equity (Details)

Equity (Details) $ / shares in Units, $ in Thousands	Jul. 30, 2021$ / shares	Jul. 02, 2021$ / shares	May 05, 2021$ / shares	Apr. 30, 2021$ / shares	Feb. 17, 2021$ / shares	Feb. 01, 2021$ / shares	Jun. 30, 2021USD ($)Vote$ / sharesshares	Apr. 30, 2021USD ($)shares	Mar. 31, 2021USD ($)$ / sharesshares	Sep. 30, 2021USD ($)	Jun. 30, 2021USD ($)Vote$ / sharesshares	Mar. 31, 2021$ / sharesshares	Jun. 30, 2020USD ($)$ / sharesshares	Mar. 31, 2020USD ($)	Jun. 30, 2021USD ($)itemVote$ / sharesshares	Jun. 30, 2020USD ($)$ / sharesshares	Dec. 31, 2020$ / shares	Dec. 31, 2019	Jul. 20, 2018	Jul. 03, 2018
Common stock
Proceeds from issuance of shares under public offering															$ 328,014	$ 38,008
Repurchase of common stock											$ 23,460		$ 1,470		23,460	12,761
Redemption of operating partnership units															$ 21,110	$ 1,600
Noncontrolling Interest
Preferred stock, par value (in dollars per share) \| $ / shares							$ 0.01				$ 0.01				$ 0.01		$ 0.01
Distributions
Cash dividend declared (in dollars per share) \| $ / shares											0.34		$ 0.30		$ 0.67	$ 0.60
Preferred Stock
Proceeds from issuance of preferred stock															$ 222,463
Chief Executive Officer \| 2021 Annual incentive agreement
Subsequent event
Annual base salary								$ 1,200
Annual cash payment								800
Annual performance cash bonus at target performance								2,900
Annual performance cash bonus at threshold performance								1,500
Annual performance cash bonus at maximum performance.								4,400
Additional annual performance cash bonus in the event of extraordinary performance								700
Restricted common stock
Deferred Compensation
Shares withheld for taxes \| shares												140,744
Restricted common stock \| Board of Directors
Deferred Compensation
Grants during the period (in shares) \| shares									27,864
Restricted common stock \| Employees
Deferred Compensation
Grants during the period (in shares) \| shares									257,726
Total grant date fair value														$ 4,100
Vesting percentage									0.20%					33.00%
Restricted common stock \| Employees \| 2020 Plan
Deferred Compensation
Vesting percentage									33.00%
Restricted common stock \| Employees \| First anniversaries
Deferred Compensation
Vesting percentage									0.20%
Restricted common stock \| Employees \| First anniversaries \| 2020 Plan
Deferred Compensation
Vesting percentage									33.00%
Restricted common stock \| Employees \| Second anniversaries
Deferred Compensation
Vesting percentage									0.20%
Restricted common stock \| Employees \| Second anniversaries \| 2020 Plan
Deferred Compensation
Vesting percentage									0.33%
Performance-based restricted stock \| Chief Executive Officer
Deferred Compensation
Restricted stock vested during period (in shares) \| shares												448,980
Number of shares issued in net settlement \| shares												229,083
Acquisition Related Grant \| Chief Executive Officer \| 2021 Annual incentive agreement
Subsequent event
Grant value								$ 3,000
Acquisition Related Grant \| Chief Executive Officer \| Third anniversaries \| 2021 Annual incentive agreement
Deferred Compensation
Vesting percentage								100.00%
Time Based Vesting Equity Award \| Chief Executive Officer \| 2021 Annual incentive agreement
Deferred Compensation
Grants during the period (in shares) \| shares								184,729
Total grant date fair value								$ 3,100
Vesting period (in years)								3 years
Subsequent event
Grant value								$ 3,000
Performance Based TSR Equity Award \| Chief Executive Officer \| 2021 Annual incentive agreement
Deferred Compensation
Vesting period (in years)								5 years
Subsequent event
Grant value								$ 12,000
8.25% Series A preferred stock
Preferred Stock
Return on the preferred shares issued to third parties by its subsidiary REIT (as a percent)															8.25%	8.25%	8.25%
7.75% Series B preferred stock
Preferred Stock
Return on the preferred shares issued to third parties by its subsidiary REIT (as a percent)															7.75%	7.75%	7.75%
8.50% Series C preferred stock
Preferred Stock
Return on the preferred shares issued to third parties by its subsidiary REIT (as a percent)															8.50%	8.50%	8.50%
Common Stock
Common stock
Issued price per share (in dollars per share) \| $ / shares							$ 18.46		$ 15.48		$ 18.46	$ 15.48			$ 18.46
Number of common stock sold (in shares) \| shares											9,282,479		1,958,008		19,422,879	3,308,008
Proceeds from issuance of shares under public offering									$ 12,400
Number of shares purchased \| shares								600,000			1,399,999		376,000		1,399,999	1,625,777
Repurchase of common stock										$ 11,100	$ 14		$ 3		$ 14	$ 16
Distributions
Cash dividend declared (in dollars per share) \| $ / shares	$ 0.35		$ 0.34		$ 0.33
Common Stock \| Chief Executive Officer
Common stock
Number of shares purchased \| shares								800,000
Common Stock \| Board of Directors
Deferred Compensation
Total grant date fair value									$ 400
Preferred Stock \| 8.25% Series A preferred stock
Distributions
Cash dividend declared on redeemable preferred stock (in dollars per share) \| $ / shares				$ 0.515625		$ 0.515625
Preferred Stock \| 7.75% Series B preferred stock
Distributions
Cash dividend declared on redeemable preferred stock (in dollars per share) \| $ / shares				0.484375		0.484375
Preferred Stock \| 8.50% Series C preferred stock
Distributions
Cash dividend declared on redeemable preferred stock (in dollars per share) \| $ / shares				$ 0.53125		$ 0.53125
Preferred Stock \| 6.375% Series D preferred stock
Common stock
Interest rate (as a percent)		6.375%
Distributions
Cash dividend declared on redeemable preferred stock (in dollars per share) \| $ / shares		$ 0.256771
Preferred Stock
Return on the preferred shares issued to third parties by its subsidiary REIT (as a percent)	6.375%
Preferred stock, redemption amount							$ 93,300				93,300				93,300
Total Arbor Realty Trust, Inc. Stockholders' Equity
Common stock
Repurchase of common stock											$ 23,460		$ 1,470		$ 23,460	$ 12,761
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
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) \| shares							16,352,233				16,352,233				16,352,233
Voting power of outstanding stock (as a percent)															10.30%
5.25% Convertible Notes
Common stock
Interest rate (as a percent)																		5.25%	5.25%	5.25%
Public offering \| Common Stock
Common stock
Number of common stock sold (in shares) \| shares							6,000,000		7,000,000
Proceeds from issuance of shares under public offering							$ 110,600		$ 108,200
Public offering \| Preferred Stock \| 6.375% Series D preferred stock
Preferred Stock
Issuance of preferred stock (in shares) \| shares							9,200,000
Return on the preferred shares issued to third parties by its subsidiary REIT (as a percent)							6.375%
Preferred stock, liquidation preference (in dollars per share) \| $ / shares							$ 25				$ 25				$ 25
Proceeds from issuance of preferred stock							$ 222,600
At-The-Market \| Common Stock
Common stock
Number of common stock sold (in shares) \| shares															6,422,879
Proceeds from issuance of shares under public offering															$ 109,200
Redemption of operating partnership units															$ 21,100
Number of ACM's members from whom the OP units redeemed \| item															2

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, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Basic
Net income (loss) attributable to common stockholders (1)	$ 69,126	$ 44,091	$ 138,606	$ (15,219)
Weighted average shares outstanding (in shares)	135,262,197	110,745,572	130,276,499	110,768,992
Net (loss) income per common share (in dollars per share)	$ 0.51	$ 0.40	$ 1.06	$ (0.14)
Diluted
Net income (loss) attributable to noncontrolling interest	$ 8,717	$ 8,110	$ 18,459	$ (2,824)
Net income (loss) attributable to common stockholders and noncontrolling interest	$ 77,843	$ 52,201	$ 157,065	$ (18,043)
Weighted average shares outstanding (in shares)	135,262,197	110,745,572	130,276,499	110,768,992
Dilutive effect of OP Units (in shares)	17,056,229	20,369,265	17,307,037	20,397,026
Dilutive effect of restricted stock units (in shares)	929,734	767,561	921,187
Dilutive effect of convertible notes (in shares)	368,431		313,307
Weighted average shares outstanding ( in shares)	153,616,591	131,882,398	148,818,030	131,166,018
Net income (loss) per common share	$ 0.51	$ 0.40	$ 1.06	$ (0.14)
Mr. Ivan Kaufman \| Performance-based restricted stock
Diluted
Vesting period (in years)	4 years	4 years	4 years	4 years

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Tax Contingency [Line Items]
Provision for (benefit) from income taxes	$ 10,959	$ 12,077	$ 23,451	$ (2,293)
Deferred tax provision (benefit)		10,900	4,439	(9,025)
Current tax provision	11,000	$ 1,200	19,000	$ 6,700
Maximum
Income Tax Contingency [Line Items]
Deferred tax provision (benefit)	$ (100)		$ 4,500
Minimum
Income Tax Contingency [Line Items]
Federal income tax rate (as a percent)			90.00%

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, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Former manager \| Support Services and Seconded Employees
Agreements and transactions with related parties
Costs for services to related party	$ 0.8	$ 0.7	$ 1.6	$ 1.2

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
	Jun. 30, 2021USD ($)itemshares	Mar. 31, 2021USD ($)	Jan. 31, 2021	Dec. 31, 2020USD ($)	Oct. 31, 2020USD ($)	Aug. 31, 2020USD ($)	Mar. 31, 2020USD ($)property	Sep. 30, 2019USD ($)	Jan. 31, 2019USD ($)	Jun. 30, 2018USD ($)propertyloan	Jun. 30, 2021USD ($)itemshares	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)itemshares	Jun. 30, 2020USD ($)	Dec. 31, 2019USD ($)loan	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)loanpropertyitem	Dec. 31, 2016USD ($)propertyshares	Dec. 31, 2015USD ($)	Jul. 31, 2019USD ($)	Jun. 30, 2019USD ($)
Agreements and transactions with related parties
Due to related party	$ 6,184			$ 2,365							$ 6,184		$ 6,184
Due from related parties	11,084			12,449							11,084		11,084
Entitled to annual fee	$ 300										$ 300		$ 300
Equity participation interest (as a percentage)	33.00%										33.00%		33.00%
Investment made													$ 2,814,170	$ 1,117,004
Indirect ownership percentage													9.20%
(Income) loss from equity affiliates											$ (4,759)	$ (20,408)	$ (27,010)	(24,401)
Single-Family Rental
Agreements and transactions with related parties
Investment made				3,500
Operating Partnership Units \| Special voting preferred shares
Agreements and transactions with related parties
Number of preferred stock shares paired with each OP units \| shares													1
Preferred equity investments
Agreements and transactions with related parties
Equity investment	$ 7,800										7,800		$ 7,800
Preferred equity investments \| Single-Family Rental
Agreements and transactions with related parties
Investment made					$ 4,600
Bridge loans
Agreements and transactions with related parties
Principal amount	35,000										35,000		35,000
Bridge loans \| Single-Family Rental
Agreements and transactions with related parties
Loan committed	1,500			$ 32,500	$ 30,500
Bridge loans \| Preferred equity interest financing agreement
Agreements and transactions with related parties
Interest income recorded											300	600	700	1,400
Bridge Loan Several Multifamily Properties [Member]
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 [Member]
Agreements and transactions with related parties
UPB converted to a mezzanine loan									$ 2,000
Bridge Loan Six Multifamily Properties [Member] \| Maturity Date September 2019 [Member]
Agreements and transactions with related parties
Principal amount																		$ 12,900
Lexford Portfolio \| Maturity date of March 2030 \| Private Label
Agreements and transactions with related parties
Principal amount							$ 34,600
Fixed rate of interest (as a percent)							3.30%
Lexford Portfolio \| Bridge loans \| Maturity Date Of June 2021 [Member]
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		50,000
ACM, Certain executives and Consortium of independent outside investors \| Mature date of April 2030 \| Private Label
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 \| Mezzanine loans \| Mature date of April 2030
Agreements and transactions with related parties
Number of properties owned \| property							2
Percentage of ownership interest of related party in the entity							50.00%
Interest income recorded											100		100
Equity investment							$ 3,400
Fixed rate of interest (as a percent)							9.00%
ACM, Certain executives and Consortium of independent outside investors \| Mezzanine loans \| Maturity date of March 2030
Agreements and transactions with related parties
Interest income recorded												200		200
ACM, Certain executives and Consortium of independent outside investors \| AMAC III
Agreements and transactions with related parties
Amount invested	$ 15,700										15,700		15,700								$ 30,000
Ownership interest (as a percent)																					18.00%
Interest income recorded											300	700	600	1,600
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%
Fixed rate of interest (as a percent)															3.735%
Amount of loan to related party															$ 15,600
ACM / Our "Former Manager" \| Residential Mortgage Banking Company
Agreements and transactions with related parties
Interest income recorded											4,800	20,900	27,300	23,800
Noncontrolling interest in equity method investment acquired (as a percent)																			50.00%
Indirect ownership percentage			12.30%																22.50%
Acquisition purchase price																			$ 9,600
Cash distribution received											$ 5,600		$ 18,700
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	2,828,629										2,828,629		2,828,629
OP units hold as part of acquisition \| shares													10,692,668
Aggregate percentage of voting power held by related party	8.60%										8.60%		8.60%
Consortium of investors including other unaffiliated investors, certain of officers and chief executive officer \| Bridge Loan Several Multifamily Properties [Member]
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 [Member] \| 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 [Member] \| Multifamily
Agreements and transactions with related parties
Interest income recorded												300
Consortium of investors including other unaffiliated investors, certain of officers and chief executive officer \| Bridge Loan One Multifamily Property [Member]
Agreements and transactions with related parties
Principal amount	$ 34,000										$ 34,000		34,000
Consortium of investors including other unaffiliated investors, certain of officers and chief executive officer \| Bridge Loan One Multifamily Property [Member] \| Maturity Date Of August 2022
Agreements and transactions with related parties
Principal amount	$ 34,000					$ 35,400					34,000		34,000
Consortium of investors including other unaffiliated investors, certain of officers and chief executive officer \| Bridge Loan One Multifamily Property [Member] \| Maturity Date Of August 2022 \| LIBOR
Agreements and transactions with related parties
Variable rate, spread (as a percent)						3.50%
Consortium of investors including an immediate family member of our officers \| Multifamily \| Fannie Mae
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 \| Maximum \| Multifamily \| Fannie Mae
Agreements and transactions with related parties
Interest income recorded													100
Consortium of investors including an immediate family member of our officers \| Bridge Loan Several Multifamily Properties [Member] \| Multifamily
Agreements and transactions with related parties
Interest income recorded														600
Consortium of investors including an immediate family member of our officers \| Bridge Loan One Multifamily Property [Member]
Agreements and transactions with related parties
Principal amount																				$ 7,000
Certain certain officers, chief executive officer, and other unaffiliated investors \| Bridge Loan Several Multifamily Properties [Member] \| Maturity Date Of January 2021 [Member]
Agreements and transactions with related parties
Due to related party																$ 9,400
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 [Member] \| Maturity Date Of January 2021 [Member] \| LIBOR
Agreements and transactions with related parties
Base spread (as a percent)																5.00%
Certain certain officers, chief executive officer, and other unaffiliated investors \| Bridge Loan Several Multifamily Properties [Member] \| Maturity Date Of January 2021 [Member] \| Minimum \| LIBOR
Agreements and transactions with related parties
Base spread (as a percent)																1.25%
Certain certain officers, chief executive officer, and other unaffiliated investors \| Bridge Loan One Multifamily Property [Member] \| Maturity Date Of June 2021 [Member]
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	700
Certain certain officers, chief executive officer, and other unaffiliated investors \| Bridge Loan One Multifamily Property [Member] \| Maturity Date Of June 2021 [Member] \| LIBOR
Agreements and transactions with related parties
Base spread (as a percent)																4.75%
Certain certain officers, chief executive officer, and other unaffiliated investors \| Bridge Loan One Multifamily Property [Member] \| Maturity Date Of June 2021 [Member] \| Minimum \| LIBOR
Agreements and transactions with related parties
Base spread (as a percent)																1.25%
Certain certain officers, chief executive officer, and other unaffiliated investors \| Bridge Loan Two Multifamily Properties [Member] \| Maturity date of October 2021
Agreements and transactions with related parties
Principal amount																	$ 31,100
Certain certain officers, chief executive officer, and other unaffiliated investors \| Bridge Loan Two Multifamily Properties [Member] \| 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 Two Multifamily Properties [Member] \| Maturity date of October 2021 \| Minimum
Agreements and transactions with related parties
Base spread (as a percent)																	1.80%
Certain certain officers, chief executive officer, and other unaffiliated investors \| Bridge Loan Two Multifamily Properties [Member] \| Maturity Date Of Fourth Quarter 2020 [Member]
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	500	$ 1,000	1,000
Number of bridge loans originated \| item																	2
Certain certain officers, chief executive officer, and other unaffiliated investors \| Bridge Loan Two Multifamily Properties [Member] \| Maturity Date Of Fourth Quarter 2020 [Member] \| 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 [Member] \| Maturity Date Of Fourth Quarter 2020 [Member] \| Maximum
Agreements and transactions with related parties
LIBOR floor (as a percentage)																	1.54%
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%		5.00%
Mr. Ivan Kaufman
Agreements and transactions with related parties
Percentage of our Former Manager's outstanding membership interest of related party in another related party	35.00%										35.00%		35.00%
Board of Directors
Agreements and transactions with related parties
Number of portfolios of multifamily properties \| item	2										2		2
Board of Directors \| Ginkgo Investment Company LLC [Member]
Agreements and transactions with related parties
Percentage of managing member																	33.00%
Immediate family member of chief executive officer \| Matures in October 2023 [Member] \| Preferred equity interest financing agreement
Agreements and transactions with related parties
Interest income recorded											$ 100		$ 200
Immediate family member of chief executive officer \| Matures in May 2023 [Member] \| Preferred equity interest financing agreement
Agreements and transactions with related parties
Interest income recorded											200		300
Immediate family member of chief executive officer \| Preferred equity investments \| Matures in October 2023 [Member]
Agreements and transactions with related parties
Fixed rate of interest (as a percent)				12.00%
Immediate family member of chief executive officer \| Preferred equity investments \| Matures in May 2023 [Member]
Agreements and transactions with related parties
Fixed rate of interest (as a percent)					12.00%
Immediate family member of chief executive officer \| Bridge loans
Agreements and transactions with related parties
Equity participation interest (as a percentage)				21.80%	18.90%
Immediate family member of chief executive officer \| Bridge loans \| Land
Agreements and transactions with related parties
Principal amount																$ 17,700
Paydowns of principal made by borrower								$ 4,700
Percentage of ownership interest of related party in the entity																10.80%
Interest income recorded														100
Fixed rate of interest (as a percent)																10.00%
Immediate family member of chief executive officer \| Bridge loans \| Matures in October 2023 [Member] \| LIBOR
Agreements and transactions with related parties
Base spread (as a percent)				5.50%
LIBOR floor (as a percentage)				0.75%
Immediate family member of chief executive officer \| Bridge loans \| Matures in May 2023 [Member]
Agreements and transactions with related parties
Base spread (as a percent)					5.50%
LIBOR floor (as a percentage)					0.75%
Immediate family member of chief executive officer \| Bridge Loan Several Multifamily Properties [Member]
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		1,400
Immediate family member of chief executive officer \| Bridge Loan Several Multifamily Properties [Member] \| 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) loss from equity affiliates												$ 200		200
Lexford Portfolio \| Bridge loans \| Maturity Date Of June 2021 [Member]
Agreements and transactions with related parties
Principal amount										$ 280,500
Interest income recorded													200
Maximum exposure under guaranty	$ 609,300										609,300		609,300
Number of bridge loans originated \| loan										12
Number of multifamily properties renovated \| property										72
Entity controlled by our chief executive officer
Agreements and transactions with related parties
Reimbursement for flights chartered by the company's executives													100	$ 300
Certain Officers And Managers [Member] \| Mezzanine loans \| Maturity Date January 2024 [Member]
Agreements and transactions with related parties
Fixed rate of interest (as a percent)									10.00%
Certain Officers And Managers [Member] \| Bridge Loan Six Multifamily Properties [Member] \| Maturity Date September 2019 [Member]
Agreements and transactions with related parties
Principal amount																		$ 48,000
Number of properties owned \| property																		6
Base spread (as a percent)																		4.50%
Interest income recorded													$ 100
Number of bridge loans paid off \| loan															4		1
Proceeds from repayment in full									$ 10,900						$ 28,300		$ 6,800
Certain Officers And Managers [Member] \| Bridge Loan Six Multifamily Properties [Member] \| Maturity Date September 2019 [Member] \| Minimum
Agreements and transactions with related parties
Percentage of ownership interest of related party in the entity																		10.50%
Base spread (as a percent)																		0.25%
Certain Officers And Managers [Member] \| Bridge Loan Six Multifamily Properties [Member] \| Maturity Date September 2019 [Member] \| Maximum
Agreements and transactions with related parties
Percentage of ownership interest of related party in the entity																		12.00%
Ginkgo Investment Company LLC [Member] \| 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 Investment Company LLC [Member] \| Maximum \| Fannie Mae
Agreements and transactions with related parties
Servicing revenue													$ 100
Consortium Of Affiliated Investors [Member] \| Lexford Portfolio
Agreements and transactions with related parties
Management fee, percentage of gross revenues of underlying properties													4.75%
Real estate investment fund sponsored and managed by Chief executive officer and imediate family member of chief executive officer \| Bridge loans \| Maturity date of March 2024
Agreements and transactions with related parties
Principal amount		$ 63,400
Interest income recorded											$ 700		$ 700
Real estate investment fund sponsored and managed by Chief executive officer and imediate family member of chief executive officer \| Bridge loans \| Maturity date of March 2024 \| LIBOR
Agreements and transactions with related parties
Base spread (as a percent)		3.75%
LIBOR floor (as a percentage)		0.25%

Segment Information - Statement

Segment Information - Statements of Income (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)item	Jun. 30, 2020USD ($)
Segment Information
Interest income	$ 105,148	$ 83,080	$ 196,292	$ 171,606
Interest expense	46,378	41,302	88,562	91,284
Net interest income	58,770	41,778	107,730	80,322
Other revenue:
Gain on sales, including fee-based services, net	40,901	26,366	69,768	40,671
Mortgage servicing rights	26,299	32,417	63,235	54,351
Servicing revenue	29,982	25,397	59,721	50,522
Amortization of MSRs	(14,667)	(11,891)	(28,871)	(23,713)
Property operating income		751		2,943
Loss on derivative instruments, net	(2,607)	(7,368)	(5,828)	(58,099)
Other income, net	1,263	1,049	1,943	2,351
Total other revenue	81,171	66,721	159,968	69,026
Other expenses:
Employee compensation and benefits	43,700	34,438	86,674	68,690
Selling and administrative	11,133	8,606	21,947	19,658
Property operating expenses	129	1,035	272	3,478
Depreciation and amortization	1,788	1,961	3,543	3,908
Provision for loss sharing (net of recoveries)	549	2,395	2,201	23,932
Provision for credit losses (net of recoveries)	(7,815)	12,714	(8,890)	67,096
Total other expenses	49,484	61,149	105,747	186,762
Income (loss) before sale of real estate, income from equity affiliates and income taxes	90,457	47,350	161,951	(37,414)
Loss on extinguishment of debt		(1,592)	(1,370)	(3,546)
Gain on sale of real estate			1,228
Income from equity affiliates	4,759	20,408	27,010	24,401
(Provision for) benefit from income taxes	(10,959)	(12,077)	(23,451)	2,293
Net income (loss)	84,257	54,089	165,368	(14,266)
Preferred stock dividends	6,414	1,888	8,303	3,777
Net income (loss) attributable to noncontrolling interest	8,717	8,110	18,459	(2,824)
Net income (loss) attributable to common stockholders	69,126	44,091	$ 138,606	(15,219)
Reporting segments \| item			2
Operating segments \| Structured Business
Segment Information
Interest income	96,498	74,295	$ 179,708	152,772
Interest expense	42,748	36,739	80,972	80,138
Net interest income	53,750	37,556	98,736	72,634
Other revenue:
Property operating income		751		2,943
Loss on derivative instruments, net		(294)		(3,294)
Other income, net	1,255	990	1,935	2,293
Total other revenue	1,255	1,447	1,935	1,942
Other expenses:
Employee compensation and benefits	11,907	9,161	23,484	20,007
Selling and administrative	5,248	3,533	9,761	7,983
Property operating expenses	129	1,035	272	3,478
Depreciation and amortization	615	629	1,197	1,248
Provision for credit losses (net of recoveries)	(8,333)	10,558	(9,362)	64,448
Total other expenses	9,566	24,916	25,352	97,164
Income (loss) before sale of real estate, income from equity affiliates and income taxes	45,439	14,087	75,319	(22,588)
Loss on extinguishment of debt		(1,592)	(1,370)	(3,546)
Income from equity affiliates	4,759	20,408	27,010	24,401
(Provision for) benefit from income taxes	(682)	(164)	(5,665)	(248)
Net income (loss)	49,516	32,739	95,294	(1,981)
Preferred stock dividends	6,414	1,888	8,303	3,777
Net income (loss) attributable to common stockholders	43,102	30,851	86,991	(5,758)
Operating segments \| Agency Business
Segment Information
Interest income	8,650	8,785	16,584	18,834
Interest expense	3,630	4,563	7,590	11,146
Net interest income	5,020	4,222	8,994	7,688
Other revenue:
Gain on sales, including fee-based services, net	40,901	26,366	69,768	40,671
Mortgage servicing rights	26,299	32,417	63,235	54,351
Servicing revenue	29,982	25,397	59,721	50,522
Amortization of MSRs	(14,667)	(11,891)	(28,871)	(23,713)
Loss on derivative instruments, net	(2,607)	(7,074)	(5,828)	(54,805)
Other income, net	8	59	8	58
Total other revenue	79,916	65,274	158,033	67,084
Other expenses:
Employee compensation and benefits	31,793	25,277	63,190	48,683
Selling and administrative	5,885	5,073	12,186	11,675
Depreciation and amortization	1,173	1,332	2,346	2,660
Provision for loss sharing (net of recoveries)	549	2,395	2,201	23,932
Provision for credit losses (net of recoveries)	518	2,156	472	2,648
Total other expenses	39,918	36,233	80,395	89,598
Income (loss) before sale of real estate, income from equity affiliates and income taxes	45,018	33,263	86,632	(14,826)
Gain on sale of real estate			1,228
(Provision for) benefit from income taxes	(10,277)	(11,913)	(17,786)	2,541
Net income (loss)	34,741	21,350	70,074	(12,285)
Net income (loss) attributable to common stockholders	34,741	21,350	70,074	(12,285)
Other / Eliminations
Other expenses:
Net income (loss) attributable to noncontrolling interest	8,717	8,110	18,459	(2,824)
Net income (loss) attributable to common stockholders	$ (8,717)	$ (8,110)	$ (18,459)	$ 2,824

Segment Information - Balance S

Segment Information - Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Assets:
Cash and cash equivalents	$ 215,658	$ 339,528	$ 384,182	$ 299,687
Restricted cash	249,090	197,470	$ 94,847	$ 210,875
Loans and investments, net	7,213,915	5,285,868
Loans held-for-sale, net	457,647	986,919
Capitalized mortgage servicing rights, net	418,653	379,974
Securities held-to-maturity, net	114,696	95,524
Investments in equity affiliates	86,253	74,274
Goodwill and other intangible assets	103,106	105,451
Other assets	201,782	195,978
Total assets	9,060,800	7,660,986
Liabilities:
Debt obligations	6,748,280	5,824,664
Allowance for loss-sharing obligations	65,645	64,303
Other liabilities	290,108	289,334
Total liabilities	7,104,033	6,178,301
Structured Business \| Operating segments
Assets:
Cash and cash equivalents	40,353	172,568
Restricted cash	233,474	188,226
Loans and investments, net	7,213,915	5,285,868
Investments in equity affiliates	86,253	74,274
Goodwill and other intangible assets	12,500	12,500
Other assets	124,328	142,844
Total assets	7,710,823	5,876,280
Liabilities:
Debt obligations	6,356,490	4,872,626
Other liabilities	178,934	203,554
Total liabilities	6,535,424	5,076,180
Agency Business \| Operating segments
Assets:
Cash and cash equivalents	175,305	166,960
Restricted cash	15,616	9,244
Loans held-for-sale, net	457,647	986,919
Capitalized mortgage servicing rights, net	418,653	379,974
Securities held-to-maturity, net	114,696	95,524
Goodwill and other intangible assets	90,606	92,951
Other assets	77,454	53,134
Total assets	1,349,977	1,784,706
Liabilities:
Debt obligations	391,790	952,038
Allowance for loss-sharing obligations	65,645	64,303
Other liabilities	111,174	85,780
Total liabilities	$ 568,609	$ 1,102,121

Segment Information - Originati

Segment Information - Origination Data (Details)	3 Months Ended		6 Months Ended
Segment Information - Origination Data (Details)	Jun. 30, 2021USD ($)loan	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)loan	Jun. 30, 2020USD ($)loan
Segment Information
Origination Volumes	$ 1,194,344,000	$ 1,206,723,000	$ 2,654,479,000	$ 2,473,941,000
Loan Sales Data:
Loan Sales	$ 1,482,109,000	$ 1,992,889,000	$ 3,324,000,000	$ 2,949,949,000
Sales margin (fee-based services as a % of loan sales)	2.76%	1.32%	2.10%	1.38%
MSR rate (MSR income as a % of loan commitments)	2.20%	2.69%	2.38%	2.20%
Structured Business
Segment Information
Total new loan originations	$ 1,838,945,000	$ 300,481,000	$ 2,926,871,000	$ 1,156,710,000
Loan payoffs / paydowns	662,940,000	159,174,000	895,968,000	434,466,000
Structured Business \| Bridge loans
Segment Information
Total new loan originations	1,800,688,000	298,934,000	2,806,376,000	1,084,056,000
Structured Business \| Mezzanine loans
Segment Information
Total new loan originations	$ 38,257,000	1,547,000	94,257,000	15,722,000
Structured Business \| Preferred equity investments
Segment Information
Total new loan originations				23,500,000
Structured Business \| Other loans
Segment Information
Total new loan originations			$ 26,238,000	$ 33,432,000
Structured Business \| SFR - Fixed Rate \| Bridge loans
Segment Information
Number of loans committed by Entity \| loan	1		4
Loans committed	$ 40,000,000		$ 138,400,000
Number of loans under the loan portfolio	25		43
Total loan commitment	$ 70,900,000		$ 114,200,000
Structured Business \| SFR - Fixed Rate \| Other loans
Segment Information
Number of loans under the loan portfolio \| loan			1	7
Total loan commitment			$ 26,200,000	$ 32,300,000
Agency Business
Segment Information
Origination Volumes	1,313,352,000	1,400,556,000	2,710,986,000	2,482,528,000
Agency Business \| SFR - Fixed Rate
Segment Information
Origination Volumes	11,996,000		11,996,000
Loan Sales Data:
Loan Sales	11,996,000		75,294,000
Agency Business \| Fannie Mae
Segment Information
Origination Volumes	637,494,000	1,140,181,000	1,701,477,000	1,722,154,000
Loan Sales Data:
Loan Sales	722,499,000	1,063,923,000	2,159,865,000	1,817,967,000
Agency Business \| Private Label
Segment Information
Origination Volumes	377,184,000	49,122,000	529,638,000	331,467,000
Loan Sales Data:
Loan Sales	449,890,000	727,154,000	449,890,000	727,154,000
Agency Business \| Freddie Mac
Segment Information
Origination Volumes	155,914,000	135,720,000	270,631,000	335,431,000
Loan Sales Data:
Loan Sales	134,122,000	171,688,000	408,946,000	351,391,000
Agency Business \| FHA
Segment Information
Origination Volumes	130,764,000	75,533,000	197,244,000	93,476,000
Loan Sales Data:
Loan Sales	$ 163,602,000	$ 30,124,000	$ 230,005,000	$ 53,437,000

Segment Information - Key Servi

Segment Information - Key Servicing Metrics (Details) - Agency Business - MSRs - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Segment Information
UPB of Servicing Portfolio	$ 26,035,055	$ 24,628,456
Wtd. Avg. Servicing Fee Rate (basis points)	0.459%	45.40%
Wtd. Avg. Life of Servicing Portfolio (in years)	9 years	8 years 10 months 24 days
SFR - Fixed Rate
Segment Information
UPB of Servicing Portfolio	$ 75,103
Wtd. Avg. Servicing Fee Rate (basis points)	20.00%
Wtd. Avg. Life of Servicing Portfolio (in years)	5 years 10 months 24 days
Fannie Mae
Segment Information
UPB of Servicing Portfolio	$ 19,191,969	$ 18,268,268
Wtd. Avg. Servicing Fee Rate (basis points)	53.20%	52.30%
Wtd. Avg. Life of Servicing Portfolio (in years)	8 years 3 months 18 days	8 years 2 months 12 days
Freddie Mac
Segment Information
UPB of Servicing Portfolio	$ 4,708,457	$ 4,881,080
Wtd. Avg. Servicing Fee Rate (basis points)	28.50%	27.90%
Wtd. Avg. Life of Servicing Portfolio (in years)	9 years 9 months 18 days	9 years 10 months 24 days
Private Label
Segment Information
UPB of Servicing Portfolio	$ 1,176,627	$ 726,992
Wtd. Avg. Servicing Fee Rate (basis points)	20.00%	20.00%
Wtd. Avg. Life of Servicing Portfolio (in years)	9 years	8 years 8 months 12 days
FHA
Segment Information
UPB of Servicing Portfolio	$ 882,899	$ 752,116
Wtd. Avg. Servicing Fee Rate (basis points)	15.70%	16.30%
Wtd. Avg. Life of Servicing Portfolio (in years)	21 years	20 years 3 months 18 days