Arbor Realty Trust (ABR) 10-K 18 Feb 22 2021 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Feb. 11, 2022	Jun. 30, 2021
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Entity Common Stock, Shares Outstanding		152,112,931
Entity Central Index Key	0001253986
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Public Float			$ 2,430
Auditor Name	Ernst & Young LLP
Auditor Location	New York
Auditor Firm ID	42
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 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
Series E Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	Preferred Stock, 6.25% Series E Cumulative Redeemable, par value $0.01 per share
Trading Symbol	ABR-PE
Security Exchange Name	NYSE
Series F Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	Preferred Stock, 6.25% Series F Fixed-to-Floating Rate Cumulative Redeemable, par value $0.01 per share
Trading Symbol	ABR-PF
Security Exchange Name	NYSE

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Assets:
Cash and cash equivalents	$ 404,580	$ 339,528
Restricted cash	486,690	197,470
Loans and investments, net (allowance for credit losses of $113,241 and $148,329)	11,981,048	5,285,868
Loans held-for-sale, net	1,093,609	986,919
Capitalized mortgage servicing rights, net	422,734	379,974
Securities held-to-maturity, net (allowance for credit losses of $1,753 and $1,644)	140,484	95,524
Investments in equity affiliates	89,676	74,274
Due from related party	84,318	12,449
Goodwill and other intangible assets	100,760	105,451
Other assets	269,946	183,529
Total assets	15,073,845	7,660,986
Liabilities and Equity:
Credit and repurchase facilities	4,481,579	2,234,883
Collateralized loan obligations	5,892,810	2,517,309
Senior unsecured notes	1,280,545	662,843
Convertible senior unsecured notes, net	259,385	267,973
Junior subordinated notes to subsidiary trust issuing preferred securities	142,382	141,656
Due to related party	26,570	2,365
Due to borrowers	96,641	89,325
Allowance for loss-sharing obligations	56,064	64,303
Other liabilities	287,885	197,644
Total liabilities	12,523,861	6,178,301
Commitments and contingencies (Note 14)
Arbor Realty Trust, Inc. stockholders' equity:
Preferred stock, cumulative, redeemable, $0.01 par value: 100,000,000 shares authorized, shares issued and outstanding by period, respectively: Special voting preferred shares, 16,325,095 and 17,560,633 shares 8.25% Series A, 0 and 1,551,500 shares 7.75% Series B, 0 and 1,260,000 shares 8.50% Series C, 0 and 900,000 shares 6.375% Series D, 9,200,000 and 0 shares 6.25% Series E, 5,750,000 and 0 shares 6.25% Series F, 8,050,000 and 0 shares	556,163	89,472
Common stock, $0.01 par value: 500,000,000 shares authorized - 143,007,036 and 123,181,173 shares issued and outstanding, respectively	1,514	1,232
Additional paid-in capital	1,797,913	1,317,109
Retained earnings (accumulated deficit)	62,532	(63,442)
Total Arbor Realty Trust, Inc. stockholders' equity	2,418,122	1,344,371
Noncontrolling interest	131,862	138,314
Total equity	2,549,984	1,482,685
Total liabilities and equity	$ 15,073,845	$ 7,660,986

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Loans and investments, net allowance for credit losses	$ 113,241	$ 148,329
Securities held-to-maturity, net allowance for credit losses	$ 1,753	$ 1,644
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	151,362,181	123,181,173
Common stock, shares outstanding (in shares)	151,362,181	123,181,173
Assets	$ 15,073,845	$ 7,660,986
Liabilities	12,523,861	6,178,301
Consolidated VIEs
Assets	7,144,806	3,134,447
Liabilities	$ 5,902,623	$ 2,520,064
Special voting preferred shares
Preferred stock, shares issued (in shares)	16,325,095	17,560,633
Preferred stock, shares outstanding (in shares)	16,325,095	17,560,633
8.25% Series A cumulative redeemable preferred stock
Preferred stock, dividend rate (as a percent)	8.25%	8.25%
Preferred stock, shares issued (in shares)	0
Preferred stock, shares outstanding (in shares)		1,551,500
7.75% Series B cumulative redeemable preferred stock
Preferred stock, dividend rate (as a percent)	7.75%	7.75%
Preferred stock, shares issued (in shares)	0
Preferred stock, shares outstanding (in shares)		1,260,000
8.50% Series C preferred stock
Preferred stock, dividend rate (as a percent)	8.50%	8.50%
Preferred stock, shares issued (in shares)	0	900,000
6.375% Series D preferred stock
Preferred stock, dividend rate (as a percent)	6.375%	6.375%
Preferred stock, shares issued (in shares)	9,200,000
Preferred stock, shares outstanding (in shares)		0
6.25% Series E preferred stock
Preferred stock, dividend rate (as a percent)	6.25%
Preferred stock, shares issued (in shares)	5,750,000
Preferred stock, shares outstanding (in shares)		0
6.25% Series F preferred stock
Preferred stock, dividend rate (as a percent)	6.25%	6.25%
Preferred stock, shares issued (in shares)	8,050,000	0

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
CONSOLIDATED STATEMENTS OF INCOME
Interest income	$ 466,087	$ 339,465	$ 315,940
Interest expense	212,005	169,216	186,399
Net interest income	254,082	170,249	129,541
Other revenue:
Gain on sales, including fee-based services, net	123,037	94,607	65,652
Mortgage servicing rights	130,230	165,517	90,761
Servicing revenue, net	74,814	54,385	54,542
Property operating income	185	3,976	9,674
Loss on derivative instruments, net	(2,684)	(58,335)	(1,962)
Other income, net	7,566	4,109	1,178
Total other revenue	333,148	264,259	219,845
Other expenses:
Employee compensation and benefits	171,796	144,380	122,102
Selling and administrative	45,575	37,348	40,329
Property operating expenses	718	4,898	10,220
Depreciation and amortization	7,215	7,640	7,510
Impairment loss on real estate owned			1,000
Provision for loss sharing (net of recoveries)	(6,167)	14,822	1,147
Provision for credit losses (net of recoveries)	(21,113)	61,110
Total other expenses	198,024	270,198	182,308
Income before extinguishment of debt, gain (loss) on real estate, income from equity affiliates and income taxes	389,206	164,310	167,078
Gain (loss) on real estate	(3,374)	(3,546)	(7,439)
Loss on sale of real estate	3,693	(375)
Income from equity affiliates	34,567	76,161	10,635
Provision for income taxes	(46,285)	(40,393)	(15,036)
Net income	377,807	196,157	155,238
Preferred stock dividends	21,888	7,554	7,554
Net income attributable to noncontrolling interest	38,507	25,208	26,610
Net income attributable to common stockholders	$ 317,412	$ 163,395	$ 121,074
Basic earnings per common share	$ 2.30	$ 1.44	$ 1.30
Diluted earnings per common share	$ 2.28	$ 1.41	$ 1.27
Weighted average shares outstanding:
Basic	137,830,691	113,811,471	92,851,327
Diluted	156,089,595	133,969,296	116,192,951

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($)	Preferred Stock6.375% Series D preferred stock	Preferred Stock6.25% Series E preferred stock	Preferred Stock6.25% Series F 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' Equity6.25% Series E preferred stock	Total Arbor Realty Trust, Inc. Stockholders' Equity6.25% Series F 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	Non-controlling InterestCumulative-effect adjustment	Non-controlling InterestBalance as adjusted for the adoption of ASU 2016-13	Non-controlling Interest	6.375% Series D preferred stock	6.25% Series E preferred stock	6.25% Series F preferred stock	Cumulative-effect adjustment	Balance as adjusted for the adoption of ASU 2016-13	Total
Balance at Dec. 31, 2018					$ 89,502,000		$ 840,000		$ 879,029,000			$ (74,133,000)						$ 895,238,000			$ 170,328,000						$ 1,065,566,000
Balance (in shares) at Dec. 31, 2018					24,365,084		83,987,707
Increase (Decrease) in Stockholders' Equity
Issuance of common stock							$ 198,000		260,185,000									260,383,000									260,383,000
Issuance of common stock (in shares)							19,837,000
Repurchase of common stock							$ (9,000)		(11,565,000)									(11,574,000)									(11,574,000)
Repurchase of common stock (in shares)							(920,000)
Issuance of common stock from convertible debt							$ 47,000		69,232,000									69,279,000									69,279,000
Issuance of common stock from convertible debt (in shares)							4,695,653
Issuance of convertible senior unsecured notes, net					$ 0		$ 0		8,684,000			0						8,684,000			0						8,684,000
Extinguishment of convertible senior unsecured notes									(69,510,000)									(69,510,000)									(69,510,000)
Stock-based compensation, net							$ 9,000		5,871,000									5,880,000									5,880,000
Stock-based compensation, net (in shares)							945,745
Issuance of common stock from special dividend							$ 9,000		10,070,000									10,079,000									10,079,000
Issuance of common stock from special dividend (in shares)							901,432
Issuance of operating partnership units and special voting preferred stock from special dividend					$ 2,000													2,000			2,476,000						2,478,000
Issuance of operating partnership units and special voting preferred stock from special dividend (in shares)					221,666
Distributions - common stock												(107,846,000)						(107,846,000)									(107,846,000)
Distributions - preferred stock												(7,569,000)						(7,569,000)									(7,569,000)
Distributions - noncontrolling interest					$ 0		$ 0		0			0						0			(23,387,000)						(23,387,000)
Redemption of operating partnership units					$ (3,000)		$ 3,000		2,936,000									2,936,000			(4,610,000)						(1,674,000)
Redemption of operating partnership units (in shares)					391,156		258,677
Net income												128,628,000						128,628,000			26,610,000						155,238,000
Balance at Dec. 31, 2019					$ 89,501,000		$ 1,097,000		1,154,932,000			(60,920,000)						1,184,610,000			171,417,000						1,356,027,000
Balance (in shares) at Dec. 31, 2019					24,195,594		109,706,214
Increase (Decrease) in Stockholders' Equity
Issuance of common stock							$ 148,000		183,287,000									183,435,000									183,435,000
Issuance of common stock (in shares)							14,790,121
Repurchase of common stock							$ (23,000)		(21,508,000)									(21,531,000)									(21,531,000)
Repurchase of common stock (in shares)							(2,285,178)
Issuance of common stock from convertible debt							$ 4,000		90,000									94,000									94,000
Issuance of common stock from convertible debt (in shares)							368,498
Stock-based compensation, net							$ 6,000		2,446,000									2,452,000									2,452,000
Stock-based compensation, net (in shares)							601,518
Distributions - common stock												(141,801,000)						(141,801,000)									(141,801,000)
Distributions - preferred stock												(7,564,000)						(7,564,000)									(7,564,000)
Distributions - noncontrolling interest																					(23,744,000)						(23,744,000)
Redemption of operating partnership units					$ (29,000)				(2,138,000)									(2,167,000)			(30,066,000)						(32,233,000)
Redemption of operating partnership units (in shares)					2,923,461
Net income												170,949,000						170,949,000			25,208,000						196,157,000
Balance at Dec. 31, 2020				$ 89,501,000	$ 89,472,000	$ 1,097,000	$ 1,232,000	$ 1,154,932,000	1,317,109,000	$ (24,106,000)	$ (85,026,000)	(63,442,000)				$ (24,106,000)	$ 1,160,504,000	1,344,371,000	$ (4,501,000)	$ 166,916,000	138,314,000				$ (28,607,000)	$ 1,327,420,000	1,482,685,000
Balance (in shares) at Dec. 31, 2020				24,195,594	21,272,133	109,706,214	123,181,173
Increase (Decrease) in Stockholders' Equity
Issuance of common stock	$ 222,438,000	$ 138,886,000	$ 194,675,000				$ 291,000		514,302,000				$ 222,438,000	$ 138,886,000	$ 194,675,000			514,593,000				$ 222,438,000	$ 138,886,000	$ 194,675,000			514,593,000
Issuance of common stock (in shares)	9,200,000	5,750,000	8,050,000				29,140,369
Repurchase of common stock							$ (19,000)		(34,385,000)									(34,404,000)									(34,404,000)
Repurchase of common stock (in shares)							(1,962,499)
Redemption of preferred stock					$ (89,296,000)							(3,493,000)						(92,789,000)									(92,789,000)
Redemption of preferred stock (in shares)					(3,711,500)
Issuance of common stock from convertible debt							$ 4,000		(4,000)
Issuance of common stock from convertible debt (in shares)							386,459
Stock-based compensation, net							$ 6,000		891,000									897,000									897,000
Stock-based compensation, net (in shares)							616,679
Distributions - common stock												(191,423,000)						(191,423,000)									(191,423,000)
Distributions - preferred stock												(18,410,000)						(18,410,000)									(18,410,000)
Distributions - noncontrolling interest																					(23,366,000)						(23,366,000)
Redemption of operating partnership units					$ (12,000)													(12,000)			(21,593,000)						(21,605,000)
Redemption of operating partnership units (in shares)					(1,235,538)
Net income												339,300,000						339,300,000			38,507,000						377,807,000
Balance at Dec. 31, 2021					$ 556,163,000		$ 1,514,000		$ 1,797,913,000			$ 62,532,000						$ 2,418,122,000			$ 131,862,000						$ 2,549,984,000
Balance (in shares) at Dec. 31, 2021					39,325,095		151,362,181

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
6.375% Series D preferred stock
Preferred stock, dividend rate (as a percent)	6.375%	6.375%
6.25% Series E preferred stock
Preferred stock, dividend rate (as a percent)	6.25%
6.25% Series F preferred stock
Preferred stock, dividend rate (as a percent)	6.25%	6.25%

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating activities:
Net income	$ 377,807	$ 196,157	$ 155,238
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	7,215	7,640	7,510
Stock-based compensation	9,929	9,046	9,515
Amortization and accretion of interest and fees, net	(2,487)	2,964	5,045
Amortization of capitalized mortgage servicing rights	58,615	49,222	48,681
Impairment loss on real estate owned			1,000
Originations of loans held-for-sale	(6,461,023)	(6,709,375)	(4,564,032)
Proceeds from sales of loans held-for-sale, net of gain on sale	6,415,169	6,587,728	4,189,787
(Gain) loss on real estate	(3,693)	375
Mortgage servicing rights	(130,230)	(165,517)	(90,761)
Write-off of capitalized mortgage servicing rights from payoffs	32,741	16,757	22,425
Provision for loss sharing (net of recoveries)	(6,167)	14,822	1,147
Provision for credit losses (net of recoveries)	(21,113)	61,110
Net (charge-offs) recoveries for loss sharing obligations	(2,072)	427	(797)
Deferred tax provision	10,892	4,726	150
Income from equity affiliates	(34,567)	(76,161)	(10,635)
Distributions from equity affiliates	32,953	44,579	3,724
Loss on extinguishment of debt	3,374	3,546	7,439
Payoffs and paydowns of loans held-for-sale	2,425	179	84
Changes in operating assets and liabilities	(72,921)	6,940	(12,057)
Net cash provided by (used in) operating activities	216,847	55,165	(226,537)
Investing Activities:
Loans and investments funded, originated and purchased, net	(9,209,475)	(2,376,233)	(2,712,354)
Payoffs and paydowns of loans and investments	2,370,570	1,243,694	1,753,691
Proceeds from sale of loans and investments	127,700
Deferred fees	72,182	18,766	22,340
Investments in real estate, net		(131)	(475)
Proceeds from sale of real estate, net		8,870
Proceeds from sale of available-for-sale securities		9,995
Contributions to equity affiliates	(48,071)	(892)	(13,522)
Distributions from equity affiliates	34,283		213
Purchase of securities held-to-maturity, net	(53,511)	(37,926)	(20,000)
Payoffs and paydowns of securities held-to-maturity	13,317	10,158	12,488
Due to borrowers and reserves	(57,249)	(32,925)	(37,121)
Net cash used in investing activities	(6,750,254)	(1,156,624)	(994,740)
Financing activities:
Proceeds from credit and repurchase facilities	15,688,353	12,986,256	8,986,286
Paydowns and payoffs of credit and repurchase facilities	(13,433,376)	(12,428,681)	(8,443,275)
Proceeds from issuance of collateralized loan obligations	4,281,512	668,000	1,067,193
Payoffs and paydowns of collateralized loan obligations	(889,150)	(283,125)	(529,250)
Payoff of debt fund		(70,000)
Proceeds from issuance of common stock	514,593	183,585	260,383
Proceeds from issuance of preferred stock	555,999
Proceeds from issuance of senior unsecured notes	625,000	345,750	200,000
Proceeds from issuance of convertible senior unsecured notes			264,000
Extinguishment of convertible senior unsecured notes	(14,300)		(231,940)
Settlements of convertible senior unsecured notes		(22,336)
Redemption of preferred stock	(92,789)
Redemption of OP Units	(21,605)	(32,233)	(1,674)
Payments of withholding taxes on net settlement of vested stock	(9,032)	(6,594)	(3,634)
Repurchase of common stock	(34,404)	(21,531)	(11,574)
Distributions to stockholders	(227,062)	(173,109)	(138,802)
Payment of deferred financing costs	(56,060)	(18,087)	(26,543)
Net cash provided by financing activities	6,887,679	1,127,895	1,391,170
Net increase (decrease) in cash, cash equivalents and restricted cash	354,272	26,436	169,893
Cash, cash equivalents and restricted cash at beginning of period	536,998	510,562	340,669
Cash, cash equivalents and restricted cash at end of period	891,270	536,998	510,562
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents at beginning of period	339,528	299,687	160,063
Restricted cash at beginning of period	197,470	210,875	180,606
Cash, cash equivalents and restricted cash at beginning of period	536,998	510,562	340,669
Cash and cash equivalents at end of period	404,580	339,528	299,687
Restricted cash at end of period	486,690	197,470	210,875
Cash, cash equivalents and restricted cash at end of period	891,270	536,998	510,562
Supplemental cash flow information:
Cash used to pay interest	175,912	144,968	167,581
Cash used to pay taxes	37,797	35,282	19,611
Supplemental schedule of non-cash investing and financing activities:
Loans transferred from loans and investment, net to loans held-for-sale	65,144
Distributions accrued on preferred stock	$ 6,767	629	629
Cummulative-effect adjustment (for adoption of credit loss standard)		28,607
Settlements of convertible senior unsecured notes		4,778
Fair value of conversion feature of convertible senior unsecured notes		94	8,453
Special dividend - common stock issued			10,079
Issuance of common stock from convertible debt		$ 90	69,232
Extinguishment of convertible senior unsecured notes			(69,510)
Redemption of OP Units for common stock			2,939
Special dividend - special voting preferred stock and OP Units issued			$ 2,478

Description of Business

Description of Business	12 Months Ended
	Dec. 31, 2021
Description of Business
Description of Business	Note 1 — Description of Business Arbor is a Maryland corporation formed in 2003. Through our Structured Business, we invest in a diversified portfolio of structured finance assets in the multifamily, 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 Fannie Mae and Freddie Mac, Ginnie Mae, FHA and 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 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 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 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. Substantially all of our operations are conducted through our operating partnership, ARLP, for which we serve as the indirect general partner, and ARLP’s subsidiaries. We are organized to qualify as a REIT for U.S. federal income tax purposes. Certain of our assets that produce non-qualifying REIT income, primarily within the Agency Business, are operated through TRS entities, which are part of our 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	12 Months Ended
	Dec. 31, 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 The consolidated financial statements and accompanying notes have been prepared in accordance with GAAP. 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. Principles of Consolidation The consolidated financial statements include our financial statements and the financial statements of our wholly owned subsidiaries, partnerships and other joint ventures in which we own a controlling interest, including variable interest entities (“VIEs”) of which we are the primary beneficiary. Entities in which we have a significant influence are accounted for under the equity method. Our VIEs are described in Note 15. All significant 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 in early 2020, there has been a global outbreak of COVID-19, which had 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 has had, and may continue to 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 December 31, 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 is now recorded in other assets for all periods presented. Significant Accounting Policies Cash and Cash Equivalents . Loans, Investments and Securities. At the time of purchase, we designate a debt security as available-for-sale, held-to-maturity, or trading depending on our ability and intent for the security. Securities available-for-sale, which is included as a component of other assets in the consolidated balance sheets, is reported at fair value with the fluctuations in fair value recognized through earnings. Held-to-maturity securities are carried at cost net of any unamortized premiums or discounts, which are amortized or accreted over the life of the securities. For securities classified as held-to-maturity, an evaluation is performed as to whether a decline in fair value below the amortized cost basis is other-than-temporary. The determination of other-than-temporary impairment is a subjective process requiring judgments and assumptions and is not necessarily intended to indicate a permanent decline in value. The process includes, but is not limited to, assessment of recent market events and prospects for near-term recovery, assessment of cash flows, internal review of the underlying assets securing the investments, credit of the issuer and the rating of the security, as well as our ability and intent to hold the investment to maturity. We closely monitor market conditions on which we base such decisions. Allowance for Credit Losses. Our method for calculating the estimate of expected credit loss considers historical experience and current conditions for similar loans and reasonable and supportable forecasts about the future. The reasonable and supportable forecast period is determined based on our assessment of the most likely scenario of assumptions and plausible outcomes for the US economy, level of historical loss forecast estimates, material changes in growth and credit strategy and other factors that may affect our loss experience. We regularly evaluate the reasonable and supportable forecast period to determine if a change is needed. Beyond our reasonable and supportable forecast period, we generally revert to historical loss information over the remaining loan/asset period, taken from a period that most accurately reflects the expectation of conditions expected to exist during the period of reversion. We may adjust historical loss information for differences in risk that may not reflect the characteristics of our current portfolio, including but not limited to, loan-to-value and debt service coverage ratios, among other relevant factors. The method of reversion selected represents the best estimate of the collectability of the investments and is reevaluated each reporting period. We generally expect to use an average historical loss for reversion, utilizing an immediate or straight-line method for the remaining life of the investments. We also perform a qualitative assessment beyond model estimates and apply qualitative adjustments as necessary. Our qualitative analysis includes a review of data that may directly impact our estimates including internal and external information about the loan or property including current market conditions, asset specific conditions, property operations or borrower/sponsor details (i.e., refinance, sale, bankruptcy) which allows us to determine the amount of the expected loss more accurately and reasonably for these investments. We also evaluate the contractual life of our assets to determine if changes are needed for contractual extension options, renewals, modifications, and prepayments. To the extent possible, we estimate our allowance for credit losses using a pooling approach for homogeneous assets with similar risk characteristics with the goal of enhancing the precision of their estimate. If particular assets no longer display risk characteristics that are similar to those of the pool, we may decide to revise our pools or perform an individual assessment of expected credit losses. If it is determined that a foreclosure is probable, or we expect repayment through the operation or sale of the collateral and the borrower is experiencing financial difficulty, we calculate expected credit losses based on the fair value of the collateral as of the reporting date. During the loan review process, if we determine that it is probable that we will be unable to collect all amounts due for both principal and interest according to the contractual terms of a loan, we consider that loan impaired. We evaluate the capitalization and market discount rates, as well as the borrower's operating income and cash flows, in estimating the value of the underlying collateral when determining if a loan is impaired. We may also obtain a third-party appraisal, which may value the collateral through an “as-is” or “stabilized value” methodology. Such appraisals may be used as an additional source of valuation information only and no adjustments are made to appraisals. If upon completion of the valuation, the fair value of the underlying collateral securing the impaired loan is less than the net carrying value of the loan, we record a specific allowance for credit losses with a corresponding charge to the provision for credit losses, and remove the impaired loan from the CECL analysis described above. If a loan modification constitutes a concession whereas we do not receive ample consideration in return for the modification, and the borrower is experiencing financial difficulties and cannot repay the loan under the current terms, then the modification is considered by us to be a troubled debt restructuring. We record interest on modified loans on an accrual basis to the extent the modified loan is contractually current. The allowance for credit losses on a troubled debt restructuring is measured using the same method as all other loans held for investment. Charge-offs to the allowance for credit losses occur when losses are confirmed through the receipt of cash or other consideration from the completion of a sale; when a modification or restructuring takes place in which we grant a concession to a borrower or agree to a discount in full or partial satisfaction of the loan; when we take ownership and control of the underlying collateral in full satisfaction of the loan; when loans are reclassified as other investments; or when significant collection efforts have ceased and it is highly likely that a loss has been realized. Loss on restructured loans is recorded when we have granted a concession to the borrower in the form of principal forgiveness related to the payoff or the substitution or addition of a new debtor for the original borrower or when we incur costs on behalf of the borrower related to the modification, payoff or the substitution or addition of a new debtor for the original borrower. When a loan is restructured, we record our investment at net realizable value, taking into account the cost of all concessions at the date of restructuring. In addition, a gain or loss may be recorded upon the sale of a loan to a third-party in the consolidated statements of income in the period in which the loan was sold. We adopted ASU 2016-13, which utilizes the CECL methodology on January 1, 2020. We adopted ASU 2016-13 using the modified retrospective method, therefore, the results for reporting periods prior to January 1, 2020 are unadjusted and reported in accordance with previously applicable GAAP. In connection with the adoption of ASU 2016-13, we recorded a $28.6 million increase to accumulated deficit, which was net of a deferred tax asset of $3.6 million. Loans Held-for-Sale, Net. Loans held-for-sale, net represents our Agency Business commercial real estate loans originated and sold under the GSE and HUD programs, which are generally transferred or sold within 60 days of loan origination, as well as our Private Label loans, which are generally sold and securitized within 180 days of loan origination. Such loans are reported at the lower of cost or market on an aggregate basis and include the value allocated to the associated future MSRs. During the period prior to its sale, interest income on a loan held-for-sale is calculated in accordance with the terms of the individual loan and the loan origination fees and direct loan origination costs are deferred until the loan is sold. All of our held-for-sale loans are financed with matched borrowings from credit facilities contracted to finance such loans. Interest income and expense are earned or incurred after a loan is closed and before a loan is sold. Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated, put presumptively beyond the reach of the entity, even in bankruptcy, (2) the transferee (or if the transferee is an entity whose sole purpose is to engage in securitization and the entity is constrained from pledging or exchanging the assets it receives, each third-party holder of its beneficial interests) has the right to pledge or exchange the transferred financial assets, and (3) we or our agents do not maintain effective control over the transferred financial assets or third-party beneficial interest related to those transferred assets through an agreement to repurchase them before their maturity. We have determined that all loans sold have met these specific conditions and account for all transfers of mortgage loans as completed sales. Allowance for Loss-Sharing Obligations. At inception, a liability for the fair value of the obligation undertaken in issuing the guaranty is recognized. In determining the fair value of the guaranty obligation, we consider the risk profile of the collateral and the historical loss experience in our portfolio. The guaranty obligation is removed only upon either the expiration or settlement of the guaranty. We evaluate the allowance for loss-sharing obligations by monitoring the performance of each loss-sharing loan for events or conditions that may signal a potential default. Historically, initial loss recognition occurs at or before a loan becomes 60 days delinquent. In instances where payment under the guaranty on a loan is determined to be probable and estimable (as the loan is probable of, or is, in foreclosure), we record a liability for the estimated allowance for loss-sharing (a “specific reserve”) by transferring the guarantee obligation recorded on the loan to the specific reserve with any adjustments to this reserve amount recorded in provision for loss sharing in the statements of income. The amount of the allowance considers our assessment of the likelihood of repayment by the borrower or key principal(s), the risk characteristics of the loan, the loan's risk rating, historical loss experience, adverse situations affecting individual loans, the estimated disposition value of the underlying collateral, and the level of risk sharing. We regularly monitor the specific reserves and update loss estimates as current information is received. Capitalized Mortgage Servicing Rights. Key rates: Servicing Cost: Estimated Life: MSRs are initially recorded at fair value and are carried at amortized cost. The fair value of MRSs from loans we originate and sell are estimated considering market prices for similar MSRs, when available, and by estimating the present value of the future net cash flows of the capitalized MSRs, net of adequate compensation for servicing. Adequate compensation is based on the market rate of similar servicing contracts. The fair value of MSRs acquired approximate the purchase price paid. We evaluate the MSR portfolio for impairment on a quarterly basis based on the difference between the aggregate carrying amount of the MSRs and their aggregate fair value. We engage an independent third-party valuation expert to assist in determining an estimated fair value of our MSR portfolio on a quarterly basis. For purposes of impairment evaluation, the MSRs are stratified based on predominant risk characteristics of the underlying loans, which we have identified as loan type, note rate and yield maintenance provisions. To the extent that the carrying value of the MSRs exceeds fair value, a valuation allowance is established. We record write-offs of MSRs related to loans that were repaid prior to their expected maturity and loans that have defaulted and determined to be unrecoverable. When this occurs, the write-off is recorded as a direct write-down to the carrying value of MSRs and is included as a component of servicing revenue, net in the consolidated statements of income. This direct write-down permanently reduces the carrying value of the MSRs, precluding recognition of subsequent recoveries. For loans that payoff prior to maturity, we may collect a prepayment fee which is included as a component of servicing revenue, net. Investments in Equity Affiliates . Goodwill and Other Intangible Assets. We generally use an income-based valuation method to estimate the fair value of intangible assets, which discounts expected future cash flows to present value using estimates and assumptions we deem reasonable. Determining the estimated useful lives of intangible assets also requires judgment. Certain intangible assets, such as GSE licenses, have been deemed to have indefinite lives while other intangible assets, such as broker and borrower relationships and above/below market rent have been deemed to have finite lives. Our assessment as to which intangible assets are deemed to have finite or indefinite lives is based on several factors including economic barriers of entry for the acquired product lines, scarcity of available GSE licenses, retention trends and our operating plans, among other factors. Goodwill and indefinite-lived intangible assets are not amortized, while finite-lived intangible assets are amortized over their estimated useful lives on a straight-line basis. Indefinite-lived intangible assets, including goodwill, are tested for impairment whenever events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. In addition, with respect to goodwill, an impairment analysis is performed at least annually. We have elected to make the first day of our fiscal fourth quarter the annual impairment assessment date for goodwill. We first assess qualitative factors to determine whether it is more likely than not that the fair value is less than the carrying value. If, based on that assessment, we believe it is more likely than not that the fair value is less than the carrying value, then a two-step goodwill impairment test is performed. Based on the impairment analysis performed as of October 1, 2021, there were no indicators that the indefinite-lived intangible assets, including goodwill, were impaired and there were no events or changes in circumstances indicating impairment at December 31, 2021. Real Estate Owned and Held-For-Sale. We allocate the purchase price of our real estate acquisitions to land, building, tenant improvements, origination asset of the in-place leases, intangibles for the value of any above or below market leases at fair value and to any other identified intangible assets or liabilities. We amortize the value allocated to in-place leases over the remaining lease term, which is reported in depreciation and amortization expense on our consolidated statements of income. The value allocated to above or below market leases are amortized over the remaining lease term as an adjustment to rental income. Real estate assets are depreciated using the straight-line method over their estimated useful lives. Ordinary repairs and maintenance which are not reimbursed by the tenants are expensed as incurred. Major replacements and betterments which improve or extend the life of the asset are capitalized and depreciated over their estimated useful life. Our properties are reviewed for impairment each quarter, if events or circumstances change indicating that the carrying amount of an asset may not be recoverable. We recognize impairment if the undiscounted estimated cash flows to be generated by an asset is less than the carrying amount of such asset. Measurement of impairment is based on the asset’s estimated fair value. In evaluating for impairment, many factors are considered, including estimated current and expected operating cash flows from the property during the projected holding period, costs necessary to extend the life or improve the asset, expected capitalization rates, projected stabilized net operating income, selling costs, and the ability to hold and dispose of the asset in the ordinary course of business. Impairment charges may be necessary in the event discount rates, capitalization rates, lease-up periods, future economic conditions, and other relevant factors vary significantly from those assumed in valuing the property. Real estate is classified as held-for-sale when we commit to a plan of sale, the asset is available for immediate sale, there is an active program to locate a buyer, and it is probable the sale will be completed within one year . Real estate assets that are expected to be disposed of are valued at the lower of the asset’s carrying amount or its fair value less costs to sell. We recognize sales of real estate properties upon closing. Payments received from purchasers prior to closing are recorded as deposits. Gain on real estate sold is recognized when the collectability of the sale price is reasonably assured, we are not obligated to perform significant activities after the sale and when control of the asset transfers to the buyer. A gain may be deferred in whole or in part until collectability of the sales price is reasonably assured and the earnings process is complete. Hedging Activities and Derivatives . The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. These derivative instruments must be effective in reducing risk exposure to qualify for hedge accounting. When the terms of an underlying transaction are modified, or when the underlying hedged item ceases to exist, all changes in the fair value of the instrument are marked-to-market with changes in value included in net income for each period until the derivative instrument matures or is settled. Any derivative instrument used for risk management that does not meet the hedging criteria is marked-to-market with the changes in value included in earnings. In cases where a derivative instrument is terminated early, any gain or loss is generally amortized over the remaining life of the hedged item. We may also enter into derivative contracts that are intended to economically hedge certain risks, even though hedge accounting does not apply, or we elect not to apply hedge accounting. The ineffective portion of a derivative’s change in fair value is recognized immediately in earnings. In connection with our interest rate risk management, we may hedge a portion of our interest rate risk by entering into derivative instrument contracts to manage differences in the amount, timing, and duration of our expected cash receipts and our expected cash payments principally related to our investments and borrowings. Our objectives in using interest rate derivatives are to add stability to interest income and to manage our exposure to interest rate movements. To accomplish this objective, we have used, and may again in the future, use interest rate swaps as part of our interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for us making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Our rate lock and forward sales commitments associated with the Agency Business meet the definition of a derivative and are recorded at fair value. The estimated fair value of rate lock commitments includes the effects of interest rate movements as well as the fair value of the expected net cash flows associated with the servicing of the loan which is recorded as income from MSRs in the consolidated statements of income. The estimated fair value of forward sale commitments includes the effects of interest rate movements between the trade date and balance sheet date. Our Swaps associated with (1) our held-for-sale Agency Business Private Label loans, and (2) our Structured Business SFR loans, do not meet the criteria for hedge accounting and are tied to the five-year and ten-year swap rates. Our Swaps are cleared by a central clearing house and variation margin payments (made in cash) are treated as a legal settlement of the derivative itself, as opposed to a pledge of collateral. Realized and unrealized gains and losses related to our Swaps are recorded through earnings. Revenue Recognition. Several of our loans provide for accrual of interest at specified rates, which differ from current payment terms. Interest is recognized on such loans at the accrual rate subject to our determination that accrued interest and outstanding principal are ultimately collectible, based on the underlying collateral and operations of the asset. If we cannot make this determination, interest income above the current pay rate is recognized only upon actual receipt. 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. We will analyze these interest reserves on a periodic basis and determine if any additional interest reserves are needed. Recognition of income on loans with funded interest reserves are accounted for in the same manner as loans without funded interest reserves. We do not recognize interest income on loans in which the borrower has failed to make the contractual interest payment due or has not replenished the interest reserve account. Income from non-performing loans is generally recognized on a cash basis only to the extent it is received. Full income recognition will resume when the loan becomes contractually current and performance has recommenced. Additionally, interest income is recorded when earned from equity participation interests, referred to as equity kickers. These equity kickers have the potential to generate additional revenues to us as a result of excess cash flow distributions and/or as appreciated properties are sold or refinanced. Gain on sales, including fee-based services, net Property operating income Other income, net Leases. Stock-Based Compensation. Income Taxes. The Agency Business mainly operates through a TRS, which is a part of 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. Current and deferred taxes are recorded on the portion of earnings (losses) recognized by us with respect to our interest in TRSs. Deferred income tax assets and liabilities are calculated based on temporary differences between our GAAP consolidated financial statements and the federal, state, local tax basis of assets and liabilities as of the consolidated balance sheets. We evaluate the realizability of our deferred tax assets (e.g., net operating loss and capital loss carryforwards) and recognize a valuation allowance if, based on the available evidence, it is more likely than not that some portion or all our deferred tax assets will not be realized. When evaluating the realizability of our deferred tax assets, we consider estimates of expected future taxable income, existing and projected book/tax differences, tax planning strategies available and the general and industry specific economic outlook. We periodically evaluate tax positions to determine whether it is more likely than not that such positions would be sustained upon examination by a tax authority for all open tax years, as defined by the statute of limitations, based on their technical merits. We report interest and penalties related to tax uncertainties as a component of the income tax provision. Earnings Per Share. We present both basic and diluted earnings per share (“EPS”). Basic EPS excludes dilution and is computed by dividing net income available to common stockholders by the weighted average number of shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, where such exercise or conversion would result in a lower EPS amount. Recently Adopted Accounting Pronouncements Description Adoption Date Effect on Financial Statements In December 2019, the FASB issued Accounting Standard Update (“ASU”) 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. ​ ​ Recently Issued Accounting Pronouncements Description Effective Date Effect on Financial Statements In August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. This guidance reduces the number of accounting models for convertible debt instruments. Upon adoption of this guidance, convertible debt proceeds will no longer be allocated between debt and equity components, reducing the unamortized debt discount and lowering interest expense. This guidance also changes the method used to calculate diluted earnings per share when an instrument may be settled in cash or shares, if the effect is dilutive. ​ First quarter of 2022 with early adoption permitted beginning in the first quarter of 2021 ​ We adopted this guidance on January 1, 2022 using the modified retrospective method of transition. Upon adoption, we reclassified the remaining equity component from equity to our convertible senior unsecured notes liability and ceased the amortization of the debt discount through interest expense. Additionally, this guidance will require us to use the if-converted method for the diluted net income per share calculation for our convertible instruments, regardless of our settlement intent. The adoption of this guidance resulted in an aggregate decrease to our additional paid-in capital of approximately $8.7 million and an aggregate increase to our retained earnings of approximately $6.2 million at January 1, 2022. ​ ​ ​

Loans and Investments

Loans and Investments	12 Months Ended
	Dec. 31, 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 ​ ​ ​ December 31, 2021 ​ Total ​ Count ​ Pay Rate (1) ​ Maturity ​ LTV Ratio (2) ​ LTV Ratio (3) ​ Bridge loans (4) ​ $ 11,750,710 ​ 97 % 528 4.19 % 23.8 0 % 76 % Mezzanine loans ​ 223,378 2 % 39 7.32 % 56.3 34 % 84 % Preferred equity investments ​ ​ 155,513 ​ 1 % 11 ​ 5.57 % 38.0 ​ 58 % 87 % Other loans (5) ​ 29,394 <1 % 2 4.63 % 48.1 0 % 67 % ​ ​ 12,158,995 100 % 580 4.26 % 24.6 1 % 76 % Allowance for credit losses ​ ​ (113,241) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unearned revenue ​ (64,706) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans and investments, net ​ $ 11,981,048 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ ​ ​ ​ ​ ​ Bridge loans (4) ​ $ 5,022,509 92 % 263 5.09 % 16.2 0 % 76 % Mezzanine loans ​ 159,242 3 % 29 7.40 % 45.0 32 % 82 % Preferred equity investments ​ ​ 224,928 ​ 4 % 14 ​ 7.07 % 49.8 ​ 64 % 89 % 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 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 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 December 31, 2021 and 2020, bridge loans included 120 and 38 , respectively, of SFR loans with a total gross loan commitment amount of $804.6 million and $309.2 million, respectively, of which $408.2 million and $88.1 million, respectively, was funded. (5) As of December 31, 2021 and 2020, other loans included 2 variable rate SFR permanent loans and 22 SFR permanent loans, respectively. 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 (all of which were outstanding as of December 31, 2020), which represented all fixed rate SFR permanent loans originated prior to such transfer. 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 December 31, 2021, the UPB related to 31 loans with five different borrowers represented 11% of total assets. At December 31, 2020, the UPB related to 22 loans with five different borrowers represented 12% of total assets. During both 2021 and 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 18 for details on our concentration of related party loans and investments. We assign a credit risk rating of pass, pass/watch, special mention, substandard or doubtful to each loan and investment, with a pass rating being the lowest risk and a doubtful rating being the highest risk. Each credit risk rating has benchmark guidelines that pertain to debt-service coverage ratios, LTV ratios, borrower strength, asset quality, and funded cash reserves. Other factors such as guarantees, market strength, and remaining loan term and borrower equity are also reviewed and factored into determining the credit risk rating assigned to each loan. This metric provides a helpful snapshot of portfolio quality and credit risk. All portfolio assets are subject to, at a minimum, a thorough quarterly financial evaluation in which historical operating performance and forward-looking projections are reviewed, however, we maintain a higher level of scrutiny and focus on loans that we consider “high risk” and that possess deteriorating credit quality. Generally speaking, given our typical loan profile, risk ratings of pass, pass/watch and special mention suggest that we expect the loan to make both principal and interest payments according to the contractual terms of the loan agreement. A risk rating of substandard indicates we anticipate the loan may require a modification of some kind. A risk rating of doubtful indicates we expect the loan to underperform over its term, and there could be loss of interest and/or principal. Further, while the above are the primary guidelines used in determining a certain risk rating, subjective items such as borrower strength, market strength or asset quality may result in a rating that is higher or lower than might be indicated by any risk rating matrix. A summary of the loan portfolio’s internal risk ratings and LTV ratios by asset class as of December 31, 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 Ration ​ Multifamily: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ $ 6,025,731 ​ $ 562,885 ​ $ 176,281 ​ $ 6,305 ​ $ 20,300 ​ $ 214 ​ $ 6,791,716 ​ ​ ​ ​ ​ Pass/Watch ​ 2,120,458 ​ ​ 587,820 ​ ​ 194,698 ​ ​ 120,950 ​ ​ 32,500 ​ ​ 28,800 ​ ​ 3,085,226 ​ ​ ​ ​ ​ Special Mention ​ ​ 270,813 ​ ​ 321,031 ​ ​ 452,980 ​ ​ 42,500 ​ ​ — ​ ​ 350 ​ ​ 1,087,674 ​ ​ ​ ​ ​ Substandard ​ ​ — ​ ​ 18,827 ​ ​ 43,575 ​ ​ 15,533 ​ ​ 31,110 ​ ​ 8,250 ​ ​ 117,295 ​ ​ ​ ​ ​ Total Multifamily ​ $ 8,417,002 ​ $ 1,490,563 ​ $ 867,534 ​ $ 185,288 ​ $ 83,910 ​ $ 37,614 ​ $ 11,081,911 ​ 1 % 76 % Single-Family Rental: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of portfolio ​ ​ 91 % ​ ​ ​ ​ Pass ​ $ 69,992 ​ $ 18,339 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 88,331 ​ ​ ​ ​ ​ Pass/Watch ​ ​ 257,602 ​ ​ 24,927 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 282,529 ​ ​ ​ ​ ​ Special Mention ​ ​ 2,743 ​ ​ 48,481 ​ ​ 15,556 ​ ​ — ​ ​ — ​ ​ — ​ ​ 66,780 ​ ​ ​ ​ ​ Total Single-Family Rental ​ $ 330,337 ​ $ 91,747 ​ $ 15,556 ​ $ — ​ $ — ​ $ — ​ $ 437,640 ​ 0 % 65 % Land: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of portfolio ​ ​ 4 % ​ ​ ​ ​ Special Mention ​ $ — ​ $ 8,100 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 8,100 ​ ​ ​ ​ ​ Substandard ​ ​ — ​ ​ 71,018 ​ ​ 19,524 ​ ​ — ​ ​ 19,975 ​ ​ 127,928 ​ ​ 238,445 ​ ​ ​ ​ ​ Total Land ​ $ — ​ $ 79,118 ​ $ 19,524 ​ $ — ​ $ 19,975 ​ $ 127,928 ​ $ 246,545 ​ 0 % 96 % Healthcare: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of portfolio ​ ​ 2 % ​ ​ ​ ​ Pass/Watch ​ $ — ​ $ — ​ $ 14,750 ​ $ — ​ $ — ​ $ — ​ $ 14,750 ​ ​ ​ ​ ​ Special Mention ​ ​ — ​ ​ — ​ ​ 51,069 ​ ​ 41,500 ​ ​ — ​ ​ — ​ ​ 92,569 ​ ​ ​ ​ ​ Substandard ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 39,650 ​ ​ — ​ ​ 39,650 ​ ​ ​ ​ ​ Total Healthcare ​ $ — ​ $ — ​ $ 65,819 ​ $ 41,500 ​ $ 39,650 ​ $ — ​ $ 146,969 ​ 0 % 74 % Office: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of portfolio ​ ​ 1 % ​ ​ ​ ​ Special Mention ​ $ — ​ $ 35,410 ​ $ — ​ $ 43,199 ​ $ — ​ $ 1,980 ​ $ 80,589 ​ ​ ​ ​ ​ Total Office ​ $ — ​ $ 35,410 ​ $ — ​ $ 43,199 ​ $ — ​ $ 1,980 ​ $ 80,589 ​ 0 % 85 % Student Housing: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of portfolio ​ ​ 1 % ​ ​ ​ ​ Pass ​ $ 25,700 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 25,700 ​ ​ ​ ​ ​ Special Mention ​ ​ — ​ ​ — ​ ​ 31,100 ​ ​ — ​ ​ — ​ ​ — ​ ​ 31,100 ​ ​ ​ ​ ​ Substandard ​ ​ — ​ ​ 21,500 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 21,500 ​ ​ ​ ​ ​ Total Student Housing ​ $ 25,700 ​ $ 21,500 ​ $ 31,100 ​ $ — ​ $ — ​ $ — ​ $ 78,300 ​ 21 % 73 % Hotel: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of portfolio ​ ​ 1 % ​ ​ ​ ​ Pass/Watch ​ $ — ​ $ 4,716 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 4,716 ​ ​ ​ ​ ​ Special Mention ​ ​ — ​ ​ — ​ ​ 41,000 ​ ​ — ​ ​ — ​ ​ — ​ ​ 41,000 ​ ​ ​ ​ ​ Total Hotel ​ $ — ​ $ 4,716 ​ $ 41,000 ​ $ — ​ $ — ​ $ — ​ $ 45,716 ​ 0 % 66 % Retail: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of portfolio ​ ​ <1 % ​ ​ ​ ​ Pass ​ $ — ​ $ — ​ $ 4,000 ​ $ — ​ $ — ​ $ — ​ $ 4,000 ​ ​ ​ ​ ​ Special Mention ​ ​ — ​ ​ — ​ ​ — ​ ​ 18,600 ​ ​ — ​ ​ — ​ ​ 18,600 ​ ​ ​ ​ ​ Substandard ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 3,445 ​ ​ 3,445 ​ ​ ​ ​ ​ Total Retail ​ $ — ​ $ — ​ $ 4,000 ​ $ 18,600 ​ $ — ​ $ 3,445 ​ $ 26,045 ​ 12 % 33 % Other: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of portfolio ​ ​ < 1 % ​ ​ ​ ​ Pass/Watch ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 13,580 ​ $ — ​ $ 13,580 ​ ​ ​ ​ ​ Doubtful ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,700 ​ ​ 1,700 ​ ​ ​ ​ ​ Total Other ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 13,580 ​ $ 1,700 ​ $ 15,280 ​ 7 % 51 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of portfolio ​ ​ < 1 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Grand Total ​ $ 8,773,039 ​ $ 1,723,054 ​ $ 1,044,533 ​ $ 288,587 ​ $ 157,115 ​ $ 172,667 ​ $ 12,158,995 ​ 1 % 76 % ​ Geographic Concentration Risk As of December 31, 2021, 19% and 12% of the outstanding balance of our loan and investment portfolio had underlying properties in Texas and Florida, 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2021 ​ Land Multifamily Office Retail Student Housing Hotel Healthcare Other Total Allowance for credit losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance ​ $ 78,150 ​ $ 36,468 ​ $ 1,846 ​ $ 13,861 ​ $ 4,078 ​ $ 7,759 ​ $ 3,880 ​ $ 2,287 ​ $ 148,329 Provision for credit losses (net of recoveries) ​ (180) ​ (17,761) ​ 6,227 ​ ​ (42) ​ ​ (3,442) ​ ​ (7,751) ​ (1,099) ​ ​ (267) ​ ​ (24,315) Charge-offs ​ — ​ — ​ — ​ ​ (8,000) ​ — ​ ​ — ​ (2,773) ​ ​ — ​ ​ (10,773) Ending balance ​ $ 77,970 ​ $ 18,707 ​ $ 8,073 ​ $ 5,819 ​ $ 636 ​ $ 8 ​ $ 8 ​ $ 2,020 ​ $ 113,241 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 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 ​ ​ 287 ​ ​ 335 ​ ​ 68 ​ ​ 29 ​ ​ 64 ​ ​ 112 ​ ​ 17,294 Provision for credit losses (net of recoveries) ​ ​ 10,204 ​ ​ 20,146 ​ ​ 59 ​ ​ 13,526 ​ ​ 4,010 ​ ​ 7,730 ​ ​ 3,816 ​ ​ 475 ​ ​ 59,966 Ending balance ​ $ 78,150 ​ $ 36,468 ​ $ 1,846 ​ $ 13,861 ​ $ 4,078 ​ $ 7,759 ​ $ 3,880 ​ $ 2,287 ​ $ 148,329 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2019 Allowance for credit losses ​ $ 67,869 ​ $ — ​ $ 1,500 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 1,700 ​ $ 71,069 ​ 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 reflects an improving macroeconomic outlook based on recent observable data, including increasing property values, decreases in unemployment rates, low interest rates and other market factors, including continued optimism in the COVID-19 pandemic, partially offset by rising inflation. 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 December 31, 2021 and 2020, we had outstanding unfunded commitments of $975.2 million and $353.8 million, respectively, that we are obligated to fund as borrowers meet certain requirements. As of December 31, 2021 and 2020, accrued interest receivable related to our loans totaling $58.3 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 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 ​ $ 127,868 ​ $ 77,869 ​ ​ 0 % ​ 99 % Retail ​ ​ 22,045 ​ 17,291 ​ 5,817 ​ ​ 14 % 33 % Office ​ 1,980 ​ ​ 1,980 ​ 1,500 ​ 0 % 51 % Commercial ​ 1,700 ​ 1,700 ​ 1,700 ​ 63 % 63 % Total ​ $ 159,940 ​ $ 148,839 ​ $ 86,886 ​ ​ 3 % ​ 89 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 eight and ten impaired loans (less unearned revenue and other holdbacks and adjustments) by asset class at December 31, 2021 and 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 December 31, 2021, 2020 and 2019. At December 31, 2021, three loans with an aggregate net carrying value of $20.1 million, net of related loan loss reserves of $2.6 million, were classified as non-performing and, at December 31, 2020, A summary of our non-performing loans by asset class is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 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 ​ $ 21,500 ​ $ — ​ $ 21,500 ​ $ 36,500 ​ $ — ​ $ 36,500 Commercial ​ ​ 1,700 ​ ​ — ​ ​ 1,700 ​ ​ 1,700 ​ ​ — ​ ​ 1,700 Retail ​ ​ 920 ​ ​ — ​ ​ 920 ​ ​ 920 ​ ​ — ​ ​ 920 Multifamily ​ ​ — ​ ​ — ​ ​ — ​ ​ 17,700 ​ ​ — ​ ​ 17,700 Office ​ ​ — ​ ​ — ​ ​ — ​ ​ 880 ​ ​ — ​ ​ 880 Healthcare ​ ​ — ​ ​ — ​ ​ — ​ ​ 4,625 ​ ​ — ​ ​ 4,625 Total ​ $ 24,120 ​ $ — ​ $ 24,120 ​ $ 62,325 ​ $ — ​ $ 62,325 ​ In addition, we have six loans with a carrying value totaling $121.4 million at December 31, 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 December 31, 2021 and 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 December 31, 2021 and 2020, we had no loans contractually past due 90 days or more that are still accruing interest. During 2021, there was no interest income recognized on nonaccrual loans, and in 2020 the amount was de minimis. In 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 included 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 deposited an additional reserve of $4.6 million in December 31, 2021, which was charged-off against the previously recorded allowance for credit losses. In 2019, we purchased $50.0 million of a $110.0 million bridge loan, which was collateralized by a hotel property and scheduled to mature in December 2022. In 2020, we recorded a $7.5 million allowance for credit losses due to a reduction in the appraised value of the property. In 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 $20.1 million discount 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 was deferred till 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. These two loan modifications were deemed troubled debt restructurings. There were no other loan modifications, refinancing’s and/or extensions during 2021 or 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 December 31, 2021 and 2020, we had total interest reserves of $87.4 million and $78.3 million, respectively, on 328 loans and 186 loans, respectively,

Loans Held-for-Sale, Net

Loans Held-for-Sale, Net	12 Months Ended
	Dec. 31, 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 December 31, 2020 Private Label ​ ​ $ 507,918 ​ $ 56,186 Fannie Mae ​ ​ ​ 392,876 ​ ​ 679,342 Freddie Mac ​ ​ 112,561 ​ ​ 180,004 FHA ​ ​ ​ 54,532 ​ ​ 53,063 SFR - Fixed Rate ​ ​ ​ 9,352 ​ ​ — ​ ​ ​ 1,077,239 ​ ​ 968,595 Fair value of future MSR ​ ​ ​ 19,318 ​ ​ 21,600 Unearned discount ​ ​ (2,948) ​ ​ (3,276) Loans held-for-sale, net ​ ​ $ 1,093,609 ​ $ 986,919 ​ During 2021, 2020 and 2019, we sold $6.42 billion, $6.59 billion and $4.40 billion, respectively, of loans held-for-sale and recorded gain on sales, including fees, of $123.0 million, $94.6 million and $65.7 million, respectively. Included in the total loans sold during 2021 and 2020 were Private Label loans totaling $985.1 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 $85.7 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. At December 31, 2021 and 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. Subsequent Event.

Capitalized Mortgage Servicing

Capitalized Mortgage Servicing Rights	12 Months Ended
	Dec. 31, 2021
Capitalized Mortgage Servicing Rights
Capitalized Mortgage Servicing Rights	Note 5 — Capitalized Mortgage Servicing Rights Our capitalized MSRs reflect commercial real estate MSRs derived from loans sold in our Agency Business or acquired MSRs. The weighted average estimated life remaining of our MSRs was 8.5 years and 8.6 years at December 31, 2021 and 2020, respectively. A summary of our capitalized MSR activity is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2021 ​ Year Ended December 31, 2020 ​ Originated Acquired Total Originated Acquired Total Beginning balance ​ $ 336,466 ​ $ 43,508 ​ $ 379,974 ​ $ 221,901 ​ $ 64,519 ​ $ 286,420 Additions ​ ​ 134,116 ​ ​ — ​ ​ 134,116 ​ ​ 159,533 ​ ​ — ​ ​ 159,533 Amortization ​ ​ (47,845) ​ ​ (10,770) ​ ​ (58,615) ​ ​ (34,186) ​ ​ (15,036) ​ ​ (49,222) Write-downs and payoffs ​ ​ (27,164) ​ ​ (5,577) ​ ​ (32,741) ​ ​ (10,782) ​ ​ (5,975) ​ ​ (16,757) Ending balance ​ $ 395,573 ​ $ 27,161 ​ $ 422,734 ​ $ 336,466 ​ $ 43,508 ​ $ 379,974 ​ We collected prepayment fees totaling $38.2 million and $12.8 million during 2021 and 2020, respectively, which are included as a component of servicing revenue, net on the consolidated statements of income. As of December 31, 2021 and 2020, we had no valuation allowance recorded on any of our MSRs. The expected amortization of capitalized MSRs recorded as of December 31, 2021 is as follows (in thousands): ​ ​ ​ ​ ​ Year Amortization 2022 $ 58,814 2023 ​ 55,777 2024 ​ 53,179 2025 ​ 50,610 2026 ​ ​ 46,582 Thereafter ​ 157,772 Total ​ $ 422,734 ​ Actual amortization may vary from these estimates.

Mortgage Servicing

Mortgage Servicing	12 Months Ended
	Dec. 31, 2021
Mortgage Servicing
Mortgage Servicing	Note 6 – Mortgage Servicing Product and geographic concentrations that impact our servicing revenue are as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ Product Concentrations ​ Geographic Concentrations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ UPB ​ ​ ​ ​ ​ ​ Percent of ​ ​ ​ Percentage Product UPB (1) Total State of Total ​ Fannie Mae ​ $ 19,127,397 ​ 71 % Texas ​ 12 % Freddie Mac ​ ​ 4,943,905 18 % New York ​ 11 % Private Label ​ ​ 1,711,326 6 % North Carolina ​ 9 % FHA ​ ​ 985,063 ​ 4 % California ​ 8 % SFR - Fixed Rate ​ ​ 191,698 ​ 1 % Georgia ​ 6 % Total ​ $ 26,959,389 ​ 100 % Florida ​ 6 % ​ ​ ​ ​ ​ ​ ​ New Jersey ​ 6 % ​ ​ ​ ​ ​ ​ ​ Other (2) ​ 42 % ​ ​ ​ ​ ​ ​ ​ 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 (2) ​ 40 % ​ ​ ​ ​ ​ ​ ​ Total ​ 100 % (1) Excludes loans which we are not collecting a servicing fee. (2) No other individual state represented 4% or more of the total. At December 31, 2021 and 2020, our weighted average servicing fee was 44.9 basis points and 45.4 basis points, respectively. At December 31, 2021 and 2020, we held total escrow balances of $1.99 billion and $1.29 billion, respectively, which is not reflected in our consolidated balance sheets. Of the total escrow balances, we held $682.5 million and $867.6 million at December 31, 2021 and 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.

Securities Held-to-Maturity

Securities Held-to-Maturity	12 Months Ended
	Dec. 31, 2021
Securities Held-to-Maturity
Securities Held-to-Maturity	Note 7 – Securities Held-to-Maturity Agency Private Label Certificates. In connection with our Private Label securitizations, we retain the most subordinate class of the APL certificates in satisfaction of credit risk retention requirements. As of December 31, 2021, we retained APL certificates with an initial face value of $149.4 million, which were purchased at a discount for $91.4 million. These certificates are collateralized by 5-year to 10-year fixed rate first mortgage loans on multifamily properties, bear interest at an initial weighted average variable rate of 4.12% and have an estimated weighted average remaining maturity of 8.5 years. The weighted average effective interest rate was 9.11% and 10.15% at December 31, 2021 and 2020, respectively, including the accretion of a portion of the discount deemed collectible. Approximately $3.6 million is estimated to mature after one year through five years and $145.8 million is estimated to mature after five years through ten years. Agency B Piece Bonds. Freddie Mac may choose to hold, sell or securitize loans we sell to them under the Freddie Mac SBL program. As part of the securitizations under the SBL program, we have the ability to purchase the B Piece bond through a bidding process, which represents the bottom 10%, or highest risk, of the securitization. As of December 31, 2021, we retained 49% , or $106.2 million initial face value, of seven B Piece bonds, which were purchased at a discount for $74.7 million, and sold the remaining 51% to a third-party at par. These securities are collateralized by a pool of multifamily mortgage loans, bear interest at an initial weighted average variable rate of 3.74% and have an estimated weighted average remaining maturity of 6.2 years. The weighted average effective interest rate was 11.32% and 10.85% at December 31, 2021 and 2020, respectively, including the accretion of a portion of the discount deemed collectible. Approximately $11.2 million is estimated to mature within one year, $28.8 million is estimated to mature after one year through five years, $3.3 million is estimated to mature after five years through ten years and $18.1 million is estimated to mature after ten years. ​ 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 December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ APL certificates ​ $ 149,368 ​ $ 92,869 ​ $ 5,007 ​ $ 97,876 ​ $ 1,422 B Piece bonds ​ ​ 61,360 ​ ​ 47,615 ​ ​ 4,420 ​ ​ 52,035 ​ ​ 331 Total ​ $ 210,728 ​ $ 140,484 ​ $ 9,427 ​ $ 149,911 ​ $ 1,753 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2021 ​ ​ APL ​ B Piece ​ ​ ​ ​ Certificates ​ Bonds ​ Total Beginning balance ​ $ 1,023 ​ $ 621 ​ $ 1,644 Provision for credit loss expense/(reversal) ​ 399 ​ (290) ​ 109 Ending balance ​ $ 1,422 ​ $ 331 ​ $ 1,753 ​ 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 December 31, 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 $13.2 million, $9.7 million and $9.9 million during 2021, 2020 and 2019, respectively.

Investments in Equity Affiliate

Investments in Equity Affiliates	12 Months Ended
	Dec. 31, 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 December 31, 2021 December 31, 2020 December 31, 2021 Arbor Residential Investor LLC ​ $ 65,756 ​ $ 59,150 ​ $ — AMAC Holdings III LLC ​ ​ 13,772 ​ ​ 10,308 ​ ​ — Fifth Wall Ventures III ​ ​ 5,409 ​ ​ — ​ ​ — North Vermont Avenue ​ ​ 2,419 ​ ​ 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 ​ $ 89,676 ​ $ 74,274 ​ $ 1,687 ​ Arbor Residential Investor LLC (“ARI”). AMAC Holdings III LLC (“AMAC III”). Fifth Wall Ventures III. North Vermont Avenue. Lightstone Value Plus REIT L.P. / JT Prime. West Shore Café. Lexford Portfolio. East River Portfolio. Tapestry on the River. Emerson at Forney. Century Summerfield Apartments. See Note 18 for details of certain investments described above.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	12 Months Ended
	Dec. 31, 2021
Goodwill and Other Intangible Assets
Goodwill and Other Intangible Assets	Note 9 — Goodwill and Other Intangible Assets Goodwill. ​ Other Intangible Assets. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ ​ Gross ​ ​ ​ ​ ​ ​ ​ Gross ​ ​ ​ ​ ​ ​ ​ ​ Carrying ​ Accumulated ​ ​ ​ ​ Carrying ​ Accumulated ​ ​ ​ ​ Value Amortization Total Value Amortization Total Finite ‑ lived intangible assets: ​ ​ ​ ​ ​ ​ Broker relationships ​ $ 25,000 ​ $ (17,057) ​ $ 7,943 ​ $ 25,000 ​ $ (13,932) ​ $ 11,068 Borrower relationships ​ 14,400 ​ (7,860) ​ 6,540 ​ 14,400 ​ (6,420) ​ 7,980 Below market leases ​ 4,010 ​ (3,359) ​ 651 ​ 4,010 ​ (3,233) ​ 777 Infinite ‑ lived intangible assets: ​ ​ ​ ​ ​ ​ ​ ​ Fannie Mae DUS license ​ 17,100 ​ — ​ 17,100 ​ 17,100 ​ — ​ 17,100 Freddie Mac Program Plus license ​ 8,700 ​ — ​ 8,700 ​ 8,700 ​ — ​ 8,700 FHA license ​ 3,200 ​ — ​ 3,200 ​ 3,200 ​ — ​ 3,200 ​ ​ $ 72,410 ​ $ (28,276) ​ $ 44,134 ​ $ 72,410 ​ $ (23,585) ​ $ 48,825 ​ The amortization expense recorded for these intangible assets were $4.7 million, $5.3 million and $5.5 million during 2021, 2020 and 2019, respectively. At December 31, 2021, the weighted average remaining lives of our amortizable finite-lived intangible assets and the estimated amortization expense for each of the succeeding five years are as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated Amortization Expense for the ​ ​ ​ ​ Years Ending December 31, ​ ​ Wtd. Avg. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Remaining Life ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in years) 2022 2023 2024 2025 2026 Finite ‑ lived intangible assets: ​ ​ ​ ​ ​ Broker relationships 2.5 ​ $ 3,125 ​ $ 3,125 ​ $ 1,693 ​ $ — ​ $ — Borrower relationships 4.5 ​ 1,440 ​ 1,440 ​ 1,440 ​ 1,440 ​ 780 Below market leases 5.2 ​ 126 ​ 126 ​ 126 ​ 126 ​ 126 ​ 3.5 ​ $ 4,691 ​ $ 4,691 ​ $ 3,259 ​ $ 1,566 ​ $ 906 ​ See Note 20 for details of goodwill and other intangible assets by segment.

Debt Obligations

Debt Obligations	12 Months Ended
	Dec. 31, 2021
Debt Obligations
Debt Obligations	Note 10 — Debt Obligations Credit and Repurchase Facilities Borrowings under our credit and repurchase facilities are as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ ​ ​ ​ ​ Debt ​ Collateral ​ ​ ​ ​ ​ ​ Debt ​ Collateral ​ ​ ​ ​ ​ ​ ​ Carrying ​ Carrying ​ Wtd. Avg. ​ ​ ​ ​ Carrying ​ Carrying ​ Wtd. Avg. ​ UPB Value(1) Value Note Rate UPB Value(1) Value Note Rate Structured Business ​ ​ ​ ​ ​ ​ ​ ​ $2.00B joint repurchase facility ​ $ 1,490,434 ​ $ 1,486,380 ​ $ 1,877,930 ​ 2.56 % $ 682,958 ​ $ 681,006 ​ $ 1,054,562 ​ 2.55 % $1.00B repurchase facility ​ 676,608 ​ 675,415 ​ 937,880 ​ 2.04 % 192,193 ​ 191,622 ​ 259,559 ​ 2.99 % $450M repurchase facility ​ 397,842 ​ ​ 397,272 ​ ​ 511,269 ​ 1.89 % — ​ ​ — ​ ​ — ​ — ​ $398.7M repurchase facility (2) ​ 242,034 ​ 241,450 ​ 289,956 ​ 3.04 % 71,656 ​ 71,627 ​ 87,242 ​ 2.73 % $325M repurchase facility ​ 294,145 ​ ​ 293,700 ​ ​ 385,337 ​ 1.76 % 31,780 ​ ​ 31,780 ​ ​ 40,551 ​ 1.92 % $225M credit facility ​ 28,213 ​ ​ 27,826 ​ ​ 42,270 ​ 2.79 % 23,857 ​ ​ 23,606 ​ ​ 31,809 ​ 4.06 % $200M credit facility ​ 177,599 ​ 177,406 ​ 236,538 ​ 1.70 % 39,389 ​ 39,346 ​ 47,912 ​ 2.24 % $153.9M loan specific credit facilities ​ 153,937 ​ 153,727 ​ 214,300 ​ 3.14 % 148,798 ​ 148,615 ​ 198,550 ​ 3.03 % $50M credit facility ​ 29,200 ​ ​ 29,194 ​ ​ 36,500 ​ 2.13 % 16,002 ​ ​ 15,992 ​ ​ 21,300 ​ 2.17 % $30M working capital facility ​ — ​ ​ — ​ ​ — ​ — ​ 30,000 ​ ​ 30,000 ​ ​ — ​ 3.55 % $25M credit facility ​ 1,235 ​ ​ 1,235 ​ ​ 1,900 ​ 4.06 % — ​ ​ — ​ ​ — ​ — ​ $25M credit facility ​ ​ 10,285 ​ ​ 10,218 ​ ​ 14,773 ​ 2.38 % ​ 9,539 ​ ​ 9,323 ​ ​ 14,340 ​ 2.43 % $1M master security agreement ​ 635 ​ ​ 635 ​ ​ — ​ 4.01 % 1,441 ​ ​ 1,441 ​ ​ — ​ 4.10 % Repurchase facility - securities (3) ​ 30,849 ​ ​ 30,849 ​ ​ — ​ 3.40 % 38,487 ​ ​ 38,487 ​ ​ — ​ 3.47 % Structured Business total ​ $ 3,533,016 ​ $ 3,525,307 ​ $ 4,548,653 ​ 2.34 % $ 1,286,100 ​ $ 1,282,845 ​ $ 1,755,825 ​ 2.73 % Agency Business ​ ​ ​ ​ ​ ​ ​ $750M ASAP agreement ​ $ 182,130 ​ $ 182,130 ​ $ 182,140 ​ 1.40 % $ 301,455 ​ $ 301,455 ​ $ 302,491 ​ 1.40 % $500M joint repurchase facility ​ 399,470 ​ ​ 395,317 ​ ​ 475,360 ​ 2.11 % 43,132 ​ ​ 42,808 ​ ​ 56,186 ​ 2.07 % $500 M repurchase facility ​ 236,527 ​ ​ 236,429 ​ ​ 236,527 ​ 1.58 % 174,555 ​ ​ 174,515 ​ ​ 174,555 ​ 1.64 % $200M credit facility ​ 115,351 ​ ​ 115,304 ​ ​ 115,351 ​ 1.60 % 294,815 ​ ​ 294,732 ​ ​ 296,698 ​ 1.30 % $150M credit facility ​ 16,657 ​ ​ 16,544 ​ ​ 16,657 ​ 1.51 % 49,754 ​ ​ 49,632 ​ ​ 49,754 ​ 1.65 % $50M credit facility ​ ​ 9,295 ​ ​ 9,295 ​ ​ 9,295 ​ 1.40 % ​ 88,911 ​ ​ 88,896 ​ ​ 88,911 ​ 1.65 % $1.3M repurchase facility (2) ​ 1,253 ​ ​ 1,253 ​ ​ 1,477 ​ 3.00 % — ​ ​ — ​ ​ — ​ — ​ Agency Business total ​ $ 960,683 ​ $ 956,272 ​ $ 1,036,807 ​ 1.75 % $ 952,622 ​ $ 952,038 ​ $ 968,595 ​ 1.48 % Consolidated total ​ $ 4,493,699 ​ $ 4,481,579 ​ $ 5,585,460 ​ 2.21 % $ 2,238,722 ​ $ 2,234,883 ​ $ 2,724,420 ​ 2.20 % (1) The debt carrying value for the Structured Business at December 31, 2021 and 2020 was net of unamortized deferred finance costs of $7.7 million and $3.3 million, respectively. The debt carrying value for the Agency Business at December 31, 2021 and 2020 was net of unamortized deferred finance costs of $4.4 million and $0.6 million, respectively. (2) A portion of this repurchase facility was used to finance a $1.3 million 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 December 31, 2021 and 2020, these facilities were collateralized by B Piece bonds with a carrying value of $47.6 million and $57.8 million, respectively, and an SFR bond with a carrying value of $10.0 million at December 31, 2020, which are held by our Agency Business. Effective January 1, 2022, several of our credit and repurchase facilities, in both our Structured Business and Agency Business, converted from a LIBOR-based interest rate to a SOFR-based interest rate for new financings. Existing financings will continue to be at a LIBOR-based interest rate. 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. We have a $2.50 billion joint repurchase facility, which is shared between the Structured Business and the Agency Business, which matures in March 2024 with a one-year extension option. This facility is used to finance structured loans and Private Label loans. The interest rate under the facility is determined on a loan-by-loan basis and may include a floor equal to a pro rata share of the floors included in our originated loans. The facility has a maximum advance rate of 80% on structured loans and 85% on Private Label loans and has a $150.0 million over advance available that bears interest at a rate of the applicable benchmark plus 5.75% . The over advance is available through March 2022. If the estimated market value of the loans financed in this facility decrease, we may be required to pay down borrowings under this facility. Structured Business. At December 31, 2021 and 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 2.51% 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 agreement used to finance leasehold and capital expenditure improvements at our corporate office, was 77% and 69% at December 31, 2021 and 2020, respectively. We have a $1.00 billion We have a $450.0 million repurchase facility to finance bridge loans that bears an interest rate ranging from LIBOR plus 1.75% to 2.25% for multifamily and LIBOR plus 2.00% to 2.75% for non-multifamily. The facility matures in March 2023, with three one-year extension options through March 2026. We have a $400.0 million repurchase facility to finance SFR properties that bears interest at a rate ranging from SOFR plus 1.75% to 2.25% with a 0.25% SOFR floor, depending on the loan performance, and matures in December 2022. We have a $200.0 million repurchase facility to finance multifamily bridge loans that the interest rate is determined on a loan-by-loan basis and matures in October 2023, with a one-year extension option. The facility was temporarily increased to $325.0 million, which expires in April 2022. We have a $225.0 million credit facility to finance SFR properties that bears interest at a rate of LIBOR plus 2.50%, with an all-in floor rate range of 2.75% to 3.85%, depending on our deposit balance. The facility matures in October 2022, with a one-year extension option. We have a $200.0 million credit facility to finance bridge loans that matures in July 2022 and bears interest at a rate of SOFR plus 1.61% for multifamily, SOFR plus 2.31% for independent living and SOFR plus 2.56% for assisted living. This facility includes a $25.0 million sublimit to finance healthcare related loans. We have several loan specific credit facilities totaling $153.9 million used to finance individual bridge loans. The facilities bear interest at rates ranging from LIBOR plus 2.20% to 2.40%, fixed rates ranging from 3.00% to 4.00%, and the greater of the prime rate or 3.25% and mature between February 2022 and October 2024. We have a $50.0 million credit facility to finance multifamily loans that bears interest at a rate of LIBOR plus 2.00% and matures in April 2022. We have a $30.0 million unsecured working capital line of credit that bears interest at a rate of LIBOR plus 3.25% with a 0.25% LIBOR floor. This line matures in February 2022 and is typically renewed annually. We have a $25.0 million credit facility to finance SFR properties that bears interest at a rate of LIBOR plus 2.50%, with an all-in floor rate of 3.85%, and which matures in October 2022. We have a $25.0 million credit facility used to purchase loans that bears interest at a rate of SOFR plus 2.35% and matures in June 2022, with a one-year extension option. We have a note payable under a master security agreement that was used to finance capital expenditures. The note bears interest at a fixed rate of 4.01% and matures in December 2022. We have an uncommitted repurchase facility that is used to finance securities we retained in connection with our CLOs and our purchases of B Piece bonds from SBL program securitizations and SFR bonds. This facility bears interest at rate of LIBOR plus 3.25% with a 0.25% LIBOR floor and has no stated maturity date. Agency Business. We have a $750.0 million ASAP agreement with Fannie Mae providing us with a warehousing credit facility for mortgage loans that are to be sold to Fannie Mae and serviced under the Fannie Mae DUS program. The ASAP agreement is not a committed line, has no expiration date and bears interest at a rate of SOFR plus 1.26% with a 0.25% SOFR floor. We have a $500.0 million repurchase facility that bears interest at a rate of SOFR plus 1.48% and matures in November 2022. We have a $200.0 million credit facility that bears interest at a rate of LIBOR plus 1.35% with a 0.25% LIBOR floor and matures in March 2022. We have a $150.0 million credit facility that bears interest at a rate of SOFR plus 1.46% and matures in July 2022. This facility includes a $50.0 million sublimit for principal and interest advances we make as the primary servicer to Fannie Mae in connection with potential delinquent loans under the Fannie Mae forbearance program, which bears interest at a rate of SOFR plus 1.86%. We have a $50.0 million credit facility that bears interest at a rate of LIBOR plus 1.30% and matures in September 2022. We have a $50.0 million letter of credit facility with a financial institution to secure obligations under the Fannie Mae DUS program and the Freddie Mac SBL program. The facility bears interest at a fixed rate of 2.875%, matures in September 2023 and is primarily collateralized by our servicing revenue as approved by Fannie Mae and Freddie Mac. The facility includes a $5.0 million sublimit for an obligation under the Freddie Mac SBL program. At December 31, 2021, the letters of credit outstanding include $45.0 million for the Fannie Mae DUS program and $5.0 million for the Freddie Mac SBL program. CLOs We account for CLO transactions on our consolidated balance sheet as financing facilities. Our CLOs are VIEs for which we are the primary beneficiary and are consolidated in our financial statements. The investment grade tranches are treated as secured financings, and are non-recourse to us. Borrowings and the corresponding collateral under our CLOs are as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt ​ Collateral (3) ​ ​ ​ ​ Loans ​ Cash ​ ​ Carrying Wtd. Avg. ​ Carrying Restricted December 31, 2021 ​ Face Value ​ Value (1) ​ Rate (2) ​ UPB ​ Value ​ Cash (4) CLO 17 ​ $ 1,714,125 ​ $ 1,705,549 ​ 1.81 % $ 1,914,280 ​ $ 1,903,997 ​ $ 118,520 CLO 16 ​ ​ 1,237,500 ​ ​ 1,230,093 ​ 1.44 % ​ 1,444,573 ​ ​ 1,436,743 ​ ​ — CLO 15 ​ ​ 674,412 ​ ​ 669,723 ​ 1.49 % ​ 785,761 ​ ​ 782,682 ​ ​ 15,750 CLO 14 ​ ​ 655,475 ​ ​ 650,947 ​ 1.45 % ​ 717,396 ​ ​ 715,154 ​ ​ 53,342 CLO 13 ​ ​ 668,000 ​ ​ 665,006 ​ 1.54 % ​ 740,369 ​ ​ 738,265 ​ ​ 48,543 CLO 12 ​ ​ 534,193 ​ ​ 531,939 ​ 1.62 % ​ 557,249 ​ ​ 555,974 ​ ​ 35,635 CLO 10 ​ 441,000 ​ 439,553 ​ 1.57 % 485,460 ​ 483,995 ​ 57,706 Total CLOs ​ $ 5,924,705 ​ $ 5,892,810 ​ 1.59 % $ 6,645,088 ​ $ 6,616,810 ​ $ 329,496 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ ​ ​ ​ ​ CLO 13 ​ $ 668,000 ​ $ 663,804 ​ 1.58 % $ 768,664 ​ $ 765,923 ​ $ 43 CLO 12 ​ ​ 534,193 ​ ​ 530,673 ​ 1.66 % ​ 628,935 ​ ​ 627,262 ​ ​ 2,005 CLO 11 ​ 533,000 ​ 529,859 ​ 1.61 % 555,157 ​ 553,286 ​ 92,395 CLO 10 ​ ​ 441,000 ​ ​ 438,442 ​ 1.61 % ​ 522,132 ​ ​ 520,507 ​ ​ 25,537 CLO 9 ​ ​ 356,150 ​ ​ 354,531 ​ 1.53 % ​ 457,903 ​ ​ 456,656 ​ ​ 18,703 Total CLOs ​ $ 2,532,343 ​ $ 2,517,309 ​ 1.60 % $ 2,932,791 ​ $ 2,923,634 ​ $ 138,683 (1) Debt carrying value is net of $31.9 million and $15.0 million of deferred financing fees at December 31, 2021 and 2020, respectively. (2) At December 31, 2021 and 2020, the aggregate weighted average note rate for our CLOs, including certain fees and costs, was 1.86% and 1.93% , respectively. (3) As of December 31, 2021 and 2020, there was 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 $133.7 million and $49.5 million at December 31, 2021 and 2020, respectively. CLO 17. In December 2021, we completed CLO 17, issuing eight tranches of CLO notes through two wholly-owned subsidiaries totaling $1.91 billion. Of the total CLO notes issued, $1.71 billion were investment grade notes issued to third-party investors and $194.3 million were below investment grade notes retained by us. As of the CLO closing date, the notes were secured by a portfolio of loan obligations with a face value of $1.79 billion, consisting primarily of bridge loans that were contributed from our existing loan portfolio. The financing has an approximate two -and-a-half-year replacement period that allows the principal proceeds and sale proceeds (if any) of the loan obligations to be reinvested in qualifying replacement loan obligations, subject to the satisfaction of certain conditions set forth in the indenture. Thereafter, the outstanding debt balance will be reduced as loans are repaid. Initially, the proceeds of the issuance of the securities also included $315.0 million for the purpose of acquiring additional loan obligations for a period of up to 180 days from the CLO closing date, which we subsequently utilized, resulting in the issuer owning loan obligations with a face value of $2.10 billion, representing leverage of 82% . We retained a residual interest in the portfolio with a notional amount of $385.9 million, including the $194.3 million below investment grade notes. The notes sold to third parties had an initial weighted average interest rate of 1.68% plus one-month LIBOR and interest payments on the notes are payable monthly. CLO 16. In September 2021, we completed CLO 16, issuing eight tranches of CLO notes through two wholly-owned subsidiaries totaling $1.37 billion. Of the total CLO notes issued, $1.24 billion were investment grade notes issued to third-party investors and $135.0 million were below investment grade notes retained by us. As of the CLO closing date, the notes were secured by a portfolio of loan obligations with a face value of $1.19 billion, consisting primarily of bridge loans that were contributed from our existing loan portfolio. The financing has an approximate two -and-a-half-year replacement period that allows the principal proceeds and sale proceeds (if any) of the loan obligations to be reinvested in qualifying replacement loan obligations, subject to the satisfaction of certain conditions set forth in the indenture. Thereafter, the outstanding debt balance will be reduced as loans are repaid. Initially, the proceeds of the issuance of the securities also included $313.0 million for the purpose of acquiring additional loan obligations for a period of up to 180 days from the CLO closing date, which we subsequently utilized, resulting in the issuer owning loan obligations with a face value of $1.50 billion, representing leverage of 83% . We retained a residual interest in the portfolio with a notional amount of $262.5 million, including the $135.0 million below investment grade notes. The notes sold to third parties had an initial weighted average interest rate of 1.31% plus one-month LIBOR and interest payments on the notes are payable monthly. CLO 15. In June 2021, we completed CLO 15, issuing eight tranches of CLO notes through two wholly-owned subsidiaries totaling $747.8 million. Of the total CLO notes issued, $674.4 million were investment grade notes issued to third-party investors and $73.4 million were below investment grade notes retained by us. As of the CLO closing date, the notes were secured by a portfolio of loan obligations with a face value of $653.0 million, consisting primarily of bridge loans that were contributed from our existing loan portfolio. The financing has an approximate two -and-a-half-year replacement period that allows the principal proceeds and sale proceeds (if any) of the loan obligations to be reinvested in qualifying replacement loan obligations, subject to the satisfaction of certain conditions set forth in the indenture. Thereafter, the outstanding debt balance will be reduced as loans are repaid. Initially, the proceeds of the issuance of the securities also included $162.0 million for the purpose of acquiring additional loan obligations for a period of up to 180 days from the CLO closing date, which we subsequently utilized, resulting in the issuer owning loan obligations with a face value of $815.0 million, representing leverage of 83% . We retained a residual interest in the portfolio with a notional amount of $140.6 million, including the $73.4 million below investment grade notes. The notes sold to third parties had an initial weighted average interest rate of 1.37% plus one-month LIBOR and interest payments on the notes are payable monthly. CLO 14. In March 2021, we completed CLO 14, issuing eight tranches of CLO notes through two wholly-owned subsidiaries totaling $724.2 million. Of the total CLO notes issued, $655.5 million were investment grade notes issued to third-party investors and $68.7 million were below investment grade notes retained by us. As of the CLO closing date, the notes were secured by a portfolio of loan obligations with a face value of $635.2 million, consisting primarily of bridge loans that were contributed from our existing loan portfolio. The financing has a two -and-a-half-year replacement period that allows the principal proceeds and sale proceeds (if any) of the loan obligations to be reinvested in qualifying replacement loan obligations, subject to the satisfaction of certain conditions set forth in the indenture. Thereafter, the outstanding debt balance will be reduced as loans are repaid. Initially, the proceeds of the issuance of the securities also included $149.8 million for the purpose of acquiring additional loan obligations for a period of up to 180 days from the CLO closing date, which we subsequently utilized, resulting in the issuer owning loan obligations with a face value of $785.0 million, representing leverage of 84% . We retained a residual interest in the portfolio with a notional amount of $129.5 million, including the $68.7 million below investment grade notes. The notes sold to third parties had an initial weighted average interest rate of 1.33% plus one-month LIBOR and interest payments on the notes are payable monthly. CLO 13. In 2020, we completed CLO 13, issuing eight tranches of CLO notes through two wholly-owned subsidiaries totaling $738.0 million. Of the total CLO notes issued, $668.0 million were investment grade notes issued to third-party investors and $70.0 million were below investment grade notes retained by us. As of the CLO closing date, the notes were secured by a portfolio of loan obligations with a face value of $640.5 million, consisting primarily of bridge loans that were contributed from our existing loan portfolio. The financing has a three -year replacement period that allows the principal proceeds and sale proceeds (if any) of the loan obligations to be reinvested in qualifying replacement loan obligations, subject to the satisfaction of certain conditions set forth in the indenture. Thereafter, the outstanding debt balance will be reduced as loans are repaid. Initially, the proceeds of the issuance of the securities also included $159.5 million for the purpose of acquiring additional loan obligations for a period of up to 180 days from the CLO closing date, which we subsequently utilized, resulting in the issuer owning loan obligations with a face value of $800.0 million, representing leverage of 84% . We retained a residual interest in the portfolio with a notional amount of $132.0 million, including the $70.0 million below investment grade notes. The notes sold to third parties had an initial weighted average interest rate of 1.41% plus one-month LIBOR and interest payments on the notes are payable monthly. CLO 12. In 2019, we completed CLO 12, issuing eight tranches of CLO notes through two wholly-owned subsidiaries totaling $585.8 million. Of the total CLO notes issued, $534.2 million were investment grade notes issued to third-party investors and $51.6 million were below investment grade notes retained by us. As of the CLO closing date, the notes were secured by a portfolio of loan obligations with a face value of $510.9 million, consisting primarily of bridge loans that were contributed from our existing loan portfolio. The financing has a three -year replacement period that allows the principal proceeds and sale proceeds (if any) of the loan obligations to be reinvested in qualifying replacement loan obligations, subject to the satisfaction of certain conditions set forth in the indenture. Thereafter, the outstanding debt balance will be reduced as loans are repaid. Initially, the proceeds of the issuance of the securities also included $124.1 million for the purpose of acquiring additional loan obligations for a period of up to 180 days from the CLO closing date, which we subsequently utilized, resulting in the issuer owning loan obligations with a face value of $635.0 million, representing leverage of 84% . We retained a residual interest in the portfolio with a notional amount of $100.8 million, including the $51.6 million below investment grade notes. The notes had an initial weighted average interest rate of 1.50% plus one-month LIBOR and interest payments on the notes are payable monthly. CLO 10. In 2018, we completed CLO 10, issuing seven tranches of CLO notes through two wholly-owned subsidiaries totaling $494.2 million. Of the total CLO notes issued, $441.0 million were investment grade notes issued to third-party investors and $53.2 million were below investment grade notes retained by us. As of the CLO closing date, the notes were secured by a portfolio of loan obligations with a face value of $501.9 million, consisting primarily of bridge loans that were contributed from our existing loan portfolio. The financing has a stated maturity date in June 2028 and a four -year replacement period that allows the principal proceeds and sale proceeds (if any) of the loan obligations to be reinvested in qualifying replacement loan obligations, subject to the satisfaction of certain conditions set forth in the indenture. Thereafter, the outstanding debt balance will be reduced as loans are repaid. Initially, the proceeds of the issuance of the securities also included $58.1 million for the purpose of acquiring additional loan obligations for a period of up to 120 days from the CLO closing date, which we subsequently utilized, resulting in the issuer owning loan obligations with a face value of $560.0 million, representing leverage of 79% . We retained a residual interest in the portfolio with a notional amount of $119.0 million, including the $53.2 million below investment grade notes. The notes had an initial weighted average interest rate of 1.45% plus one-month LIBOR and interest payments on the notes are payable monthly. CLO 11 and CLO 9. CLO 8. CLO 7 and CLO 6. Subsequent Event. Luxembourg Debt Fund In 2020, we completed the unwind of the debt fund and redeemed all the outstanding notes with a portion of the proceeds from our senior unsecured notes issued in March 2020 described below and recorded a loss on extinguishment of debt of $1.6 million, which was primarily comprised of deferred financing fees. The debt fund was a VIE for which we were the primary beneficiary and was consolidated in our financial statements. Senior Unsecured Notes ​ A summary of our senior unsecured notes is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Senior ​ ​ ​ ​ ​ December 31, 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) ​ Dec. 2021 ​ Dec. 2028 ​ $ 180,000 ​ $ 177,105 ​ ​ 5.00 % $ — ​ $ — ​ ​ — % 4.50% Notes (3) ​ Aug. 2021 ​ Sept. 2026 ​ ​ 270,000 ​ ​ 266,090 ​ ​ 4.50 % ​ — ​ ​ — ​ ​ — % 5.00% Notes (3) ​ Apr. 2021 ​ Apr. 2026 ​ ​ 175,000 ​ ​ 172,302 ​ ​ 5.00 % ​ — ​ ​ — ​ ​ — % 8.00% Notes (3) ​ Apr. 2020 ​ Apr. 2023 ​ ​ 70,750 ​ ​ 70,202 ​ ​ 8.00 % ​ 70,750 ​ ​ 69,793 ​ ​ 8.00 % 4.50% Notes (3) ​ Mar. 2020 ​ Mar. 2027 ​ ​ 275,000 ​ ​ 272,477 ​ ​ 4.50 % ​ 275,000 ​ ​ 271,994 ​ ​ 4.50 % 4.75% Notes (4) ​ Oct. 2019 ​ Oct. 2024 ​ ​ 110,000 ​ ​ 109,018 ​ ​ 4.75 % ​ 110,000 ​ ​ 108,668 ​ ​ 4.75 % 5.75% Notes (4) ​ Mar. 2019 ​ Apr. 2024 ​ ​ 90,000 ​ ​ 89,135 ​ ​ 5.75 % ​ 90,000 ​ ​ 88,751 ​ ​ 5.75 % 5.625% Notes (4) ​ Mar. 2018 ​ May 2023 ​ ​ 125,000 ​ ​ 124,216 ​ ​ 5.63 % ​ 125,000 ​ ​ 123,637 ​ ​ 5.63 % ​ ​ ​ ​ ​ ​ $ 1,295,750 ​ $ 1,280,545 ​ ​ 5.05 % $ 670,750 ​ $ 662,843 ​ ​ 5.29 % (1) At December 31, 2021 and 2020, the carrying value is net of deferred financing fees of $15.2 million and $7.9 million, respectively. (2) At December 31, 2021 and 2020, the aggregate weighted average note rate, including certain fees and costs, was 5.34% 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 within three months prior to 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 the maturity date at a redemption price equal to 100% of the aggregate principal amount, plus accrued and unpaid interest. In December 2021, we issued $180.0 million aggregate principal amount of 5.00% senior unsecured notes due in 2028 in a private offering. We received net proceeds of $177.2 million from the issuance, after deducting the underwriting discount and other offering expenses. We used the net proceeds to make investments related to our business and for general corporate purposes. In August 2021, we issued $270.0 million aggregate principal amount of 4.50% senior unsecured notes due in 2026 in a private offering. We received net proceeds of $265.8 million from the issuance, after deducting the underwriting discount and other offering expenses. We used the net proceeds to make investments related to our business and for general corporate purposes. 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 used the net proceeds to make investments related to our business and for general corporate purposes. In 2020, we issued $40.5 million aggregate principal amount of 8.00% senior unsecured notes due in April 2023 (the “ 8.00% Initial Notes”) in a private placement, and, in June 2020, we issued an additional $30.3 million (the “8.00% Reopened Notes”) which brought the aggregate outstanding principal amount to $70.8 million. The 8.00% Reopened Notes are fully fungible, and rank equally in right of payment, with the 8.00% Initial Notes. We received total proceeds of $69.6 million from the issuances, after deducting the underwriting discount and other offering expenses. We used the net proceeds from the issuances to repay secured indebtedness, make investments relating to our business and for general corporate purposes. In 2020, we issued $275.0 million aggregate principal amount of 4.50% senior unsecured notes due in March 2027 in a private placement. We received proceeds of $271.8 million from the issuance, after deducting the underwriting discount and other offering expenses. We used a significant portion of the net proceeds to repay secured indebtedness. In 2019, we issued $110.0 million aggregate principal amount of 4.75% senior unsecured notes due in October 2024 in a private placement. We received proceeds of $108.2 million from the issuance, after deducting the underwriting discount and other offering expenses. We used the net proceeds to make investments and for general corporate purposes. In 2019, we issued $90.0 million aggregate principal amount of 5.75% senior unsecured notes due in April 2024 in a private placement. We received proceeds of $88.2 million from the issuance, after deducting the underwriting discount and other offering expenses. We used the net proceeds to make investments and for general corporate purposes. In 2018, we issued $100.0 million aggregate principal amount of 5.625% senior unsecured notes due in May 2023 (the “5.625% Initial Notes”) in a private placement, and, in May 2018, we issued an additional $25.0 million (the “5.625% Reopened Notes”) which brought the aggregate outstanding principal amount to $125.0 million. The 5.625% Reopened Notes are fully fungible, and rank equally in right of payment, with the 5.625% Initial Notes. We received total proceeds of $122.3 million from the issuances, after deducting the underwriting discount and other offering expenses. We used the net proceeds from the 5.625% Initial Notes to fully redeem 7.375% senior unsecured notes totaling $97.9 million and the net proceeds from the 5.625% Reopened Notes to make investments 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 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. During 2019, we recorded a loss on extinguishment of debt of $7.3 million in connection with this exchange, which included an inducement charge of $1.1 million. As of December 31, 2021, the 4.75% Convertible Notes had a conversion rate of 56.8560 shares, common stock per $1,000 of principal, which represented a conversion price of $17.59 per share of common stock. In July 2021, the remaining $14.3 million principal amount of our 5.25% Convertible Notes matured and were fully settled with $14.3 million of cash 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

Allowance for Loss-Sharing Obli

Allowance for Loss-Sharing Obligations	12 Months Ended
	Dec. 31, 2021
Allowance for Loss-Sharing Obligations
Allowance for Loss-Sharing Obligations	Note 11 — Allowance for Loss-Sharing Obligations Our allowance for loss-sharing obligations related to the Fannie Mae DUS program is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2021 2020 ​ Beginning balance ​ $ 64,303 ​ $ 34,648 ​ Impact of adopting CECL - January 1, 2020 ​ ​ — ​ ​ 14,406 ​ Provisions for loss sharing ​ ​ 44 ​ ​ 16,379 ​ Provisions reversal for loan repayments ​ ​ (6,211) ​ ​ (1,557) ​ Recoveries (charge-offs), net ​ (2,072) ​ ​ 427 ​ Ending balance ​ $ 56,064 ​ $ 64,303 ​ ​ 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 December 31, 2021 and 2020, guarantee obligations of $34.4 million and $34.0 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 December 31, 2021 and 2020, we had outstanding advances of less than $0.1 million and $0.1 million, respectively, which were netted against the allowance for loss-sharing obligations. At December 31, 2021 and 2020, our allowance for loss-sharing obligations, associated with expected losses under CECL, was $21.7 million and $30.3 million, respectively, and represented 0.11% and 0.17%, respectively, of the Fannie Mae servicing portfolio. At December 31, 2021 and 2020, the maximum quantifiable liability associated with our guarantees under the Fannie Mae DUS agreement was $3.60 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	12 Months Ended
	Dec. 31, 2021
Derivative Financial Instruments
Derivative Financial Instruments	Note 12 — Derivative Financial Instruments We enter into derivative financial instruments to manage exposures that arise from business activities resulting in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates and credit risk. We do not use these derivatives for speculative purposes, but are instead using them to manage our interest rate and credit risk exposure. 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 Interest Rate and Credit Default Swaps. securitization, and (2) our Agency Business SFR – fixed rate loans from the time the loans are originated until the time they can be financed with match term fixed rate securitized debt. Our interest rate swaps typically have a three -month maturity and are tied to the five-year and ten-year swap rates. Our credit default swaps typically have a five-year maturity, are tied to the credit spreads of the underlying bond issuers and we typically hold our position until we price our Private Label loan securitizations. The Swaps do not meet the criteria for hedge accounting, are cleared by a central clearing house and variation margin payments, made in cash, are treated as a legal settlement of the derivative itself as opposed to a pledge of collateral. During 2021, we recorded realized and unrealized losses of less than $0.1 million and $1.5 million, respectively, to our Agency Business related to our Swaps. During 2020, we recorded realized losses of $3.0 million and unrealized gains of $0.2 million to our Structured Business and realized losses of $57.1 million and unrealized losses of $1.7 million to our Agency Business related to our Swaps. During 2019, we recorded realized losses of $0.4 million and unrealized gains of $0.2 million to our Structured Business and realized gains of $4.6 million and unrealized gains of $1.5 million to our Agency Business related to our Swaps. The realized and unrealized gains and losses are recorded in loss on derivative instruments, net on our consolidated statements of income. A summary of our non-qualifying derivative financial instruments in our Agency Business is as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value ​ ​ ​ ​ Notional ​ Balance Sheet ​ Derivative ​ Derivative Derivative Count Value Location Assets Liabilities Rate Lock Commitments ​ 2 ​ $ 11,250 ​ Other Assets/Other Liabilities ​ $ 295 ​ $ (33) Forward Sale Commitments ​ 55 ​ ​ 571,220 ​ Other Assets/Other Liabilities ​ ​ 1,370 ​ ​ (1,449) Swaps ​ 3,882 ​ ​ 388,200 ​ ​ ​ ​ — ​ ​ — ​ ​ ​ ​ $ 970,670 ​ ​ ​ $ 1,665 ​ $ (1,482) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 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) Swaps ​ 453 ​ ​ 45,300 ​ ​ ​ ​ — ​ ​ — ​ ​ ​ ​ $ 1,230,417 ​ ​ ​ $ 3,892 ​ $ (1,221) ​

Fair Value

Fair Value	12 Months Ended
	Dec. 31, 2021
Fair Value
Fair Value	Note 13 — Fair Value Fair value estimates are dependent upon subjective assumptions and involve significant uncertainties resulting in variability in estimates with changes in assumptions. The following table summarizes the principal amounts, carrying values and the estimated fair values of our financial instruments (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 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 ​ $ 12,158,995 ​ $ 11,981,048 ​ $ 12,181,194 ​ $ 5,475,082 ​ $ 5,285,868 ​ $ 5,428,141 Loans held-for-sale, net ​ ​ 1,077,239 ​ ​ 1,093,609 ​ ​ 1,117,085 ​ ​ 968,595 ​ ​ 986,919 ​ ​ 1,007,294 Capitalized mortgage servicing rights, net ​ ​ n/a ​ ​ 422,734 ​ ​ 477,323 ​ ​ n/a ​ ​ 379,974 ​ ​ 415,495 Securities held-to-maturity, net ​ ​ 210,728 ​ ​ 140,484 ​ ​ 149,911 ​ ​ 140,124 ​ ​ 95,524 ​ ​ 94,128 Derivative financial instruments ​ ​ 280,654 ​ 1,665 ​ 1,665 ​ ​ 865,975 ​ 3,892 ​ 3,892 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Credit and repurchase facilities ​ $ 4,493,699 ​ $ 4,481,579 ​ $ 4,484,107 ​ $ 2,238,722 ​ $ 2,234,883 ​ $ 2,235,668 Collateralized loan obligations ​ ​ 5,924,705 ​ 5,892,810 ​ 5,914,453 ​ ​ 2,532,343 ​ 2,517,309 ​ 2,495,195 Senior unsecured notes ​ ​ 1,295,750 ​ 1,280,545 ​ 1,301,708 ​ ​ 670,750 ​ 662,843 ​ 670,117 Convertible senior unsecured notes, net ​ ​ 264,000 ​ ​ 259,385 ​ ​ 294,690 ​ ​ 278,300 ​ ​ 267,973 ​ ​ 280,636 Junior subordinated notes ​ ​ 154,336 ​ 142,382 ​ 101,698 ​ ​ 154,336 ​ 141,656 ​ 99,594 Derivative financial instruments ​ ​ 301,816 ​ 1,482 ​ 1,482 ​ ​ 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. Consists of originated loans that are generally expected to be transferred or sold within 60 days to 180 days of loan funding, and are valued using pricing models that incorporate observable inputs from current market assumptions or a hypothetical securitization model utilizing observable market data from recent securitization spreads and observable pricing of loans with similar characteristics (Level 2). Fair value includes the fair value allocated to the associated future MSRs and is calculated pursuant to the valuation techniques described below for capitalized mortgage servicing rights, net (Level 3). Capitalized mortgage servicing rights, net. 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 December 31, 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 ​ $ 1,665 ​ $ 1,665 ​ $ — ​ $ 1,370 ​ $ 295 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative financial instruments ​ $ 1,482 ​ $ 1,482 ​ $ — ​ $ 1,482 ​ $ — ​ We measure certain financial and non-financial assets at fair value on a nonrecurring basis. The fair values of these financial and non-financial assets, if applicable, were determined using the following input levels as of December 31, 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) ​ $ 61,953 ​ $ 61,953 ​ $ — ​ $ — ​ $ 61,953 (1) We had an allowance for credit losses of $86.9 million relating to eight impaired loans with an aggregate carrying value, before loan loss reserves, of $148.8 million at December 31, 2021. Loan impairment assessments. Quantitative information about Level 3 fair value measurements at December 31, 2021 is as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Valuation ​ ​ ​ ​ ​ Fair Value Techniques Significant Unobservable Inputs Financial assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Impaired loans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Land ​ $ 50,000 Discounted cash flows Discount rate ​ 21.50 % ​ ​ ​ ​ ​ ​ Revenue growth rate ​ 3.00 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Discount rate ​ 11.25 % Retail ​ ​ 11,473 ​ Discounted cash flows ​ Capitalization rate ​ 9.25 % ​ ​ ​ ​ ​ ​ ​ Revenue growth rate ​ 3.00 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Discount rate ​ 11.00 % Office ​ ​ 480 ​ Discounted cash flows Capitalization rate ​ 9.00 % ​ ​ ​ ​ ​ ​ Revenue growth rate ​ 2.50 % Derivative financial instruments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rate lock commitments ​ ​ 295 ​ Discounted cash flows ​ W/A discount rate ​ 13.31 % ​ 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 ​ ​ Significant Unobservable Inputs ​ ​ for the Year Ended December 31, ​ ​ 2021 2020 2019 Derivative assets and liabilities, net ​ ​ ​ ​ Beginning balance ​ $ 1,967 ​ $ 1,066 ​ $ 324 Settlements ​ (112,836) ​ (164,654) ​ (83,992) Realized gains recorded in earnings ​ 110,869 ​ 163,588 ​ 83,668 Unrealized gains recorded in earnings ​ 295 ​ 1,967 ​ 1,066 Ending balance ​ $ 295 ​ $ 1,967 ​ $ 1,066 ​ 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 December 31, 2021 Principal Amount Servicing Rights Movement Effect Adjustment Rate lock commitments ​ $ 11,250 ​ $ 295 ​ $ (29) ​ $ 266 Forward sale commitments ​ ​ 571,220 ​ ​ — ​ ​ 29 ​ ​ 29 Loans held-for-sale, net (1) ​ ​ 1,077,239 ​ ​ 19,386 ​ ​ — ​ ​ 19,386 Total ​ ​ ​ ​ $ 19,681 ​ $ — ​ $ 19,681 (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 values of these assets and liabilities are determined using the following input levels as of December 31, 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 ​ $ 11,981,048 ​ $ 12,181,194 ​ $ — ​ $ — ​ $ 12,181,194 Loans held-for-sale, net ​ ​ 1,093,609 ​ ​ 1,117,085 ​ ​ — ​ ​ 1,097,699 ​ ​ 19,386 Capitalized mortgage servicing rights, net ​ ​ 422,734 ​ ​ 477,323 ​ ​ — ​ ​ — ​ ​ 477,323 Securities held-to-maturity, net ​ ​ 140,484 ​ ​ 149,911 ​ ​ — ​ ​ — ​ ​ 149,911 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Credit and repurchase facilities ​ $ 4,481,579 ​ $ 4,484,107 ​ $ — ​ $ 956,272 ​ $ 3,527,835 Collateralized loan obligations ​ 5,892,810 ​ 5,914,453 ​ — ​ — ​ 5,914,453 Senior unsecured notes ​ 1,280,545 ​ 1,301,708 ​ 1,301,708 ​ — ​ — Convertible senior unsecured notes, net ​ ​ 259,385 ​ ​ 294,690 ​ ​ — ​ ​ 294,690 ​ ​ — Junior subordinated notes ​ 142,382 ​ 101,698 ​ — ​ — ​ 101,698 ​

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies
Commitments and Contingencies	Note 14 — Commitments and Contingencies Impact of COVID-19. The magnitude and duration of COVID-19 and its impact on our business and on our borrowers is uncertain and will mostly depend on future events, which cannot be predicted. As this pandemic continues and if economic conditions deteriorate, it may have long-term impacts on our financial position, results of operations and cash flows. See Item 1A. Risk Factors and Note 2 for further discussion of COVID-19. Agency Business Commitments. Our Agency Business is subject to supervision by certain regulatory agencies. Among other things, these agencies require us to meet certain minimum net worth, operational liquidity and restricted liquidity collateral requirements, and compliance with reporting requirements. Our adjusted net worth and liquidity required by the agencies for all periods presented exceeded these requirements. As of December 31, 2021, we were required to maintain at least $18.8 million of liquid assets in one of our subsidiaries to meet our operational liquidity requirements for Fannie Mae and we had operational liquidity in excess of this requirement. We are generally required to share the risk of any losses associated with loans sold under the Fannie Mae DUS program and are required to secure this obligation by assigning restricted cash balances and/or a letter of credit to Fannie Mae. The amount of collateral required by Fannie Mae is a formulaic calculation at the loan level by a Fannie Mae assigned tier, which considers the loan balance, risk level of the loan, age of the loan and level of risk-sharing. Fannie Mae requires restricted liquidity for Tier 2 loans of 75 basis points, 15 basis points for Tier 3 loans and 5 basis points for Tier 4 loans, which is funded over a 48 -month period that begins upon delivery of the loan to Fannie Mae. A significant portion of our Fannie Mae DUS serviced loans for which we have risk sharing are Tier 2 loans. As of December 31, 2021, we met the restricted liquidity requirement with a $45.0 million letter of credit and $18.7 million of cash collateral. As of December 31, 2021, reserve requirements for the Fannie Mae DUS loan portfolio will require us to fund $43.0 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 December 31, 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 also subject to capital requirements on an annual basis for Ginnie Mae and FHA, and we believe we have met all requirements as of December 31, 2021. As an approved designated seller/servicer under Freddie Mac’s SBL program, we are required to post collateral to ensure that we are able to meet certain purchase and loss obligations required by this program. Under the SBL program, we are required to post collateral equal to $5.0 million, which is satisfied with a $5.0 million letter of credit. We enter into contractual commitments with borrowers providing rate lock commitments while simultaneously entering into forward sale commitments with investors. These commitments are outstanding for short periods of time (generally less than 60 days ) and are described in more detail in Note 12 and Note 13. Debt Obligations and Operating Leases. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Minimum Annual ​ ​ ​ Debt Operating Lease ​ ​ Year Obligations Payments Total 2022 ​ $ 3,360,731 ​ $ 8,342 ​ $ 3,369,073 2023 ​ 1,886,918 ​ 8,067 ​ 1,894,985 2024 ​ 2,925,345 ​ 7,929 ​ 2,933,274 2025 ​ 1,109,257 ​ 7,978 ​ 1,117,235 2026 ​ 2,210,054 ​ 8,282 ​ 2,218,336 Thereafter ​ 640,185 ​ 26,098 ​ 666,283 Total ​ $ 12,132,490 ​ $ 66,696 ​ $ 12,199,186 ​ As of December 31, 2021 and 2020, our leases had remaining lease terms of 0.1 – 9.0 years and 0.5 – 10.0 years, respectively, with a weighted average remaining lease term of 8.2 years and 9.0 years, respectively, and a weighted average discount rate of 4.0% and 4.9% , respectively. We recorded lease expense of $9.3 million, $6.2 million and $6.1 million during 2021, 2020 and 2019, respectively. ​ Unfunded Commitments. million as of December 31, 2021 that we are obligated to fund as borrowers meet certain requirements. Specific requirements include, but are not limited to, property renovations, building construction and conversions based on criteria met by the borrower in accordance with the loan agreements. Litigation. 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, 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.

Variable Interest Entities

Variable Interest Entities	12 Months Ended
	Dec. 31, 2021
Variable Interest Entities
Variable Interest Entities	Note 15 — Variable Interest Entities Our involvement with VIEs primarily affects our financial performance and cash flows through amounts recorded in interest income, interest expense, provision for loan losses and through activity associated with our derivative instruments. Consolidated VIEs. Our CLO consolidated entities invest in real estate and real estate-related securities and are financed by the issuance of debt securities. We, or one of our affiliates, are named collateral manager, servicer, and special servicer for all collateral assets held in CLOs, which we believe gives us the power to direct the most significant economic activities of those entities. We also have exposure to losses to the extent of our equity interests and also have rights to waterfall payments in excess of required payments to bond investors. As a result of consolidation, equity interests have been eliminated, and the consolidated balance sheets reflect both the assets held and debt issued to third parties by the CLOs, 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 December 31, 2020 ​ Assets: ​ ​ ​ ​ ​ ​ ​ Restricted cash ​ $ 466,523 ​ $ 188,226 ​ Loans and investments, net ​ ​ 6,616,809 ​ ​ 2,923,634 ​ Other assets ​ ​ 61,474 ​ ​ 22,587 ​ Total assets ​ $ 7,144,806 ​ $ 3,134,447 ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ Collateralized loan obligations ​ $ 5,892,810 ​ $ 2,517,309 ​ Other liabilities ​ 9,813 ​ 2,755 ​ Total liabilities ​ $ 5,902,623 ​ $ 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 10 for details. We are not obligated to provide, have not provided, and do not intend to provide financial support to any of the consolidated CLOs. Unconsolidated VIEs A summary of our variable interests in identified VIEs, of which we are not the primary beneficiary, as of December 31, 2021 is as follows (in thousands): ​ ​ ​ ​ ​ Type Carrying Amount (1) Loans ​ $ 466,811 APL certificates ​ ​ 94,291 B Piece bonds ​ ​ 47,946 Equity investments ​ ​ 20,560 Agency interest only strips ​ ​ 542 Total ​ $ 630,150 (1) Represents the carrying amount of loans and investments before reserves. At December 31, 2021, $129.8 million of loans to VIEs had corresponding loan loss reserves of $79.4 million. The maximum loss exposure as of December 31, 2021 would not exceed the carrying amount of our investment. These unconsolidated VIEs have exposure to real estate debt of approximately $4.35 billion at December 31, 2021.

Equity

Equity	12 Months Ended
	Dec. 31, 2021
Equity
Equity	Note 16 — Equity Preferred Stock. In August 2021, we completed a public offering of 5,750,000 shares of 6.25% Series E cumulative redeemable preferred stock with a liquidation preference of $25.00 per share, generating net proceeds of $139.1 million after deducting the underwriting discount and other offering expenses. The proceeds were used to make investments related to our business and for general corporate purposes. The Series E preferred stock is not redeemable by us prior to August 11, 2026 except under circumstances intended to preserve our qualification as a REIT and except upon the occurrence of a change of control. In June 2021, we completed a public offering of 9,200,000 shares of 6.375% Series D cumulative redeemable preferred stock with a liquidation preference of $25.00 per share, generating net proceeds of $222.6 million after deducting the underwriting discount and other offering expenses. We used $93.3 million of the proceeds to fully redeem our Series A, B and C preferred stock. The Series D preferred stock is not redeemable by us prior to June 2, 2026 except under circumstances intended to preserve our qualification as a REIT and except upon the occurrence of a change of control. Subsequent Event. Common Stock. In August 2021, we amended the equity distribution agreement with JMP Securities LLC (“JMP”). In accordance with the terms of the amendment, we may offer and sell up to 20,000,000 shares of our common stock in “At-The-Market” equity offerings through JMP by means of ordinary brokers’ transactions or otherwise at market prices prevailing at the time of sale, or at negotiated prices. During 2021, we sold 8,230,369 shares of our common stock for net proceeds of $141.8 million. We used $21.1 million of the net proceeds to redeem OP Units from two ACM members. As of December 31, 2021, we had 18,192,510 shares available under the amended agreement. 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 were 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. In March 2021, we completed a public offering in which we sold 7,000,000 shares of our common stock for $15.48 per share and received net proceeds of $108.2 million after deducting the underwriter's discount and other offering expenses. The proceeds were used to make investments related to our business and for general corporate purposes. We also used $12.4 million of the net proceeds from this offering to purchase 800,000 shares of our common stock from our chief executive officer, ACM and certain other executive officers of ours at the same price the underwriters paid to purchase the shares. During 2021, we issued 386,459 shares in connection with the settlements of our 5.25% Convertible Notes. We maintain a share repurchase program providing for the repurchase of up to $100.0 million of our outstanding common stock. The repurchase of our common stock may be made from time to time in the open market, in privately negotiated transactions or in compliance with a Rule 10b5-1 plan based on our stock price, general market conditions, applicable legal requirements and other factors. The program may be discontinued or modified at any time. We did not repurchase shares of our common stock under this program during 2021. As of December 31, 2021, there was $96.1 million available for repurchase under this program. Noncontrolling Interest. Distributions. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common Stock ​ Preferred Stock ​ ​ ​ ​ ​ ​ ​ Dividend (1) Declaration Date Dividend Declaration Date Series A Series B Series C Series D Series E February 17, 2021 ​ $ 0.33 ​ February 1, 2021 ​ $ 0.515625 ​ $ 0.484375 ​ $ 0.53125 ​ ​ N/A ​ ​ N/A May 5, 2021 ​ $ 0.34 ​ April 30, 2021 ​ $ 0.515625 ​ $ 0.484375 ​ $ 0.53125 ​ ​ N/A ​ ​ N/A July 28, 2021 ​ $ 0.35 ​ July 2, 2021 ​ ​ N/A ​ ​ N/A ​ ​ N/A ​ $ 0.25677 ​ ​ N/A October 27, 2021 ​ $ 0.36 ​ October 1, 2021 ​ ​ N/A ​ ​ N/A ​ ​ N/A ​ $ 0.3984375 ​ $ 0.34288 (1) The dividend declared on October 1, 2021 for Series D and E were for July 30, 2021 through October 29, 2021 and August 11, 2021 (the date of issuance) through October 29, 2021, respectively. The dividend declared on July 2, 2021 was for June 2, 2021 through July 29, 2021, 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 fully redeemed our Series A, B and C preferred stock in June 2021. Common Stock Preferred Stock E dividends reflect accrued dividends from October 30, 2021 through January 29, 2022. The Series F dividend reflects accrued dividends from October 12, 2021 (the date of issuance) through January 29, 2022. The dividends are payable on January 31, 2022 to preferred stockholders of record on January 15, 2022. We have determined that 100% of the common stock and preferred stock dividends paid during 2021, 2020 and 2019 represented ordinary income to our stockholders for income tax purposes. For stockholders that may be required to report excess inclusion income to the Internal Revenue Service, we will not pass through any excess inclusion income to our stockholders for 2021. As a result, no portion of the 2021 dividends should be treated as excess inclusion income for federal income tax purposes. Deferred Compensation. In 2021, we issued 356,377 shares of restricted common stock to certain employees under the 2020 Amended Omnibus Stock Incentive Plan (the “2020 Plan”) with a total grant date fair value of $5.9 million, of which: (1) 116,570 shares with a grant date fair value of $1.9 million were fully vested on the grant date; (2) 101,475 shares with a grant date fair value of $1.7 million will vest on the first anniversary of the grant date; (3) 88,788 shares with a grant date fair value of $1.5 million will vest on the second anniversary of the grant date; (4) 25,479 shares with a grant date fair value of $0.4 million will vest on the third anniversary of the grant date; and (5) 24,065 shares with a grant date fair value of $0.4 million will vest on the fourth anniversary of the grant date. We also issued 28,381 shares of fully vested common stock to the independent members of the Board of Directors under the 2020 Plan with a grant date fair value of $0.5 million. In 2020 and 2019, we granted 314,957 shares and 333,884 shares, respectively, of restricted common stock with a total grant date fair value of $3.4 million and $4.2 million, respectively, to certain employees. One third of the shares vested as of the grant date and one third will vest on each of the first and second anniversaries of the grant date. In 2020 and 2019, we granted 52,735 shares and 55,244 shares, respectively, of fully vested common stock with a grant date fair value of $0.5 million and $0.7 million, respectively, to the independent members of our Board of Directors. 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 anniversary of the grant date. The Performance-Based TSR Equity Award will vest, in whole or in part, based on the attainment of total stockholder return goals over a five-year period. In April 2021, our chief executive officer elected to receive the Time Based Vesting Equity Award option for 2021; 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. In July 2021, we granted our chief executive officer 165,746 shares of performance based restricted stock with a grant date fair value of $3.0 million in connection with the Acquisition Related Grant, which vest in full in July 2024. In addition, 294,985 shares of performance-based restricted stock granted in 2018 vested in the third quarter of 2021, which were net settled for 150,530 common shares. In November 2021, in accordance with the terms of the 2021 annual incentive agreement, our chief executive officer elected to receive the Time Based Vesting Equity Award option for 2022, which he also elected to defer until March 2027, subject to section 409(a) of the Internal Revenue Code. The deferred Time Based Vesting Equity Award will be granted in the form of restricted stock units, will have no voting rights and is eligible to receive dividend equivalents equal to the dividends on our common stock as, and when, declared by our Board of Directors. In 2020 and 2019, we granted our chief executive officer 45,928 shares and 58,738 shares, respectively, of restricted common stock with a grant date fair value of $0.5 million and $0.7 million, respectively, and 275,569 and 352,427 , respectively, of performance-based restricted stock units with a grant date fair value of $0.1 million and $1.7 million, respectively. One quarter of the restricted common stock vest on the grant date and one quarter vest on each of the first, second and third anniversaries of the grant date. The performance-based restricted stock units vest at the end of a four-year performance period based on our achievement of certain total stockholder return objectives. In 2021 and 2020, previously granted performance-based restricted stock units of 448,980 and 421,348 units, respectively, fully vested based on achieving the performance objectives for the four-year periods ended December 31, 2020 and 2019, respectively. The 448,980 and 421,348 fully vested units were net settled for 229,083 and 215,014 , respectively, of common shares in 2021 and 2020, respectively. In 2020 and 2019, we also granted our chief executive officer 313,152 shares and 246,508 shares, respectively, of performance-based restricted stock with a grant date fair value of $2.9 million and $3.0 million, respectively, as a result of achieving goals related to the integration of the Acquisition. The performance-based restricted stock vest in full three years after the grant date. In 2020, we withheld 175,102 shares from the net settlement of previously granted performance-based restricted stock that vested in 2020 for payment of withholding taxes. During 2021, 2020 and 2019, we recorded total stock-based compensation expense of $9.3 million, $8.6 million and $8.8 million, respectively, to employee compensation and benefits and $0.6 million, $0.5 million and $0.7 million, respectively, to selling and administrative expense. During 2021, a total of 1,102,761 shares of restricted stock and restricted stock units vested with a grant date fair value of $9.6 million. As of December 31, 2021 and 2020, there were 1,257,199 shares and 1,300,568 shares, respectively, of unvested restricted common stock with a grant date fair value of $17.1 At December 31, 2021, total unrecognized compensation cost related to unvested restricted common stock was $8.9 million, which is expected to be recognized ratably over the remaining weighted-average vesting period of 1.9 years. Earnings Per Share. A reconciliation of the numerator and denominator of our basic and diluted EPS computations ($ in thousands, except share and per share data) is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ 2021 ​ 2020 ​ 2019 ​ ​ Basic Diluted Basic Diluted Basic Diluted ​ Net income attributable to common stockholders (1) ​ $ 317,412 ​ $ 317,412 ​ $ 163,395 ​ $ 163,395 ​ $ 121,074 ​ $ 121,074 ​ Net income attributable to noncontrolling interest (2) ​ ​ — ​ ​ 38,507 ​ ​ — ​ ​ 25,208 ​ ​ — ​ ​ 26,610 ​ Net income attributable to common stockholders and noncontrolling interest ​ $ 317,412 ​ $ 355,919 ​ $ 163,395 ​ $ 188,603 ​ $ 121,074 ​ $ 147,684 ​ Weighted average shares outstanding ​ 137,830,691 ​ 137,830,691 ​ ​ 113,811,471 ​ ​ 113,811,471 ​ ​ 92,851,327 ​ ​ 92,851,327 ​ Dilutive effect of OP Units (2) ​ ​ — ​ ​ 16,818,722 ​ ​ — ​ ​ 19,395,691 ​ ​ — ​ ​ 20,502,128 ​ Dilutive effect of restricted stock units (3) ​ — ​ 933,233 ​ — ​ 718,647 ​ — ​ 1,421,528 ​ Dilutive effect of convertible notes (4) ​ ​ — ​ ​ 506,949 ​ ​ — ​ ​ 43,487 ​ ​ — ​ ​ 1,417,968 ​ Weighted average shares outstanding ​ 137,830,691 ​ 156,089,595 ​ ​ 113,811,471 ​ ​ 133,969,296 ​ ​ 92,851,327 ​ ​ 116,192,951 ​ Net income per common share (1) ​ $ 2.30 ​ $ 2.28 ​ $ 1.44 ​ $ 1.41 ​ $ 1.30 ​ $ 1.27 ​ (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 was granted restricted stock units, 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. Our adoption of ASU 2020-06 on January 1, 2022 changes the way in which we account for our convertible debt, see Note 2 for details.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2021
Income Taxes
Income Taxes	Note 17 — Income Taxes We are organized and conduct our operations to qualify as a REIT and to comply with the provisions of the Internal Revenue Code. A REIT is generally not subject to federal income tax on taxable income which it distributes to its stockholders, provided that it distributes at least 90% of its REIT–taxable income and meets certain other requirements. Certain REIT income may be subject to state and local income taxes. We did not have any REIT–federal taxable income, net of dividends paid and net operating loss deductions, for 2021 and 2020, and therefore, have not provided for REIT federal income tax expense in either year. We have elected to retain excess inclusion income rather than passing it through to our stockholders. Consequently, we had REIT-federal taxable income, net of dividends paid deduction, for 2019, and therefore, have provided for REIT federal income tax expense of $0.6 million attributable to excess inclusion income. In 2021 and 2020, the REIT incurred no state income tax expense, while in 2019, the REIT incurred state income tax expense of $0.1 million. Certain of our assets and operations that would not otherwise comply with the REIT requirements, such as the Agency Business and our residential mortgage banking joint venture, are owned or conducted through our taxable REIT subsidiaries (the “TRS Consolidated Group”), the majority of the income of which is subject to U.S. federal, state and local income taxes. The TRS Consolidated Group had federal net operating losses from prior years which has been used against the income from the Agency Business subject to loss limitation rules. For 2021, 2020 and 2019, we recorded a provision for income taxes related to the assets held in the TRS Consolidated Group and the REIT in the amount of $46.3 million, $40.4 million and $15.0 million, respectively.In 2021, a $0.1 million valuation allowance previously recorded at the TRS Consolidated Group on the deferred tax assets subject to loss limitation rules was released. In 2020, the change in valuation allowance was due to the impact of state tax rate changes. In 2019, a $3.3 million valuation allowance previously recorded at the TRS Consolidated Group on the deferred tax assets subject to loss limitation rules was released. A summary of our pre-tax GAAP income is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 2019 Pre ‑ tax GAAP income: ​ ​ ​ REIT ​ $ 239,356 ​ $ 78,320 ​ $ 94,076 TRS Consolidated Group ​ 184,736 ​ 158,230 ​ 76,198 Total pre‑tax GAAP income ​ $ 424,092 ​ $ 236,550 ​ $ 170,274 ​ Our provision for income taxes is comprised as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 2019 Current tax provision: ​ ​ ​ Federal ​ $ 27,453 ​ $ 27,284 ​ $ 12,381 State ​ 7,939 ​ 8,383 ​ 2,505 Total ​ 35,392 ​ 35,667 ​ 14,886 Deferred tax provision : ​ ​ ​ Federal ​ $ 8,288 ​ $ 3,932 ​ $ 2,743 State ​ 2,744 ​ 780 ​ 688 Valuation allowance ​ (139) ​ 14 ​ (3,281) Total ​ 10,893 ​ 4,726 ​ 150 Total income tax expense ​ $ 46,285 ​ $ 40,393 ​ $ 15,036 ​ A reconciliation of our effective income tax rate as a percentage of pre-tax income to the U.S. federal statutory rate is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2021 2020 2019 U.S. federal statutory rate 21.0 % 21.0 % 21.0 % REIT non‑taxable income (11.9) (7.0) (11.3) ​ State and local income taxes, net of federal tax benefit 2.0 3.0 1.5 ​ Change in valuation allowance — — (1.9) ​ Other (0.2) — (0.5) ​ Effective income tax rate 10.9 % 17.0 % 8.8 % ​ The significant components of our deferred tax assets and liabilities of our TRS Consolidated Group are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 Deferred tax assets: ​ ​ Expenses not currently deductible ​ $ 25,542 ​ $ 24,603 Loan loss reserves ​ 7,110 ​ 7,047 Net operating and capital loss carryforwards ​ 468 ​ 691 Valuation allowance ​ (292) ​ (431) Other ​ ​ 372 ​ ​ 306 Deferred tax assets, net ​ $ 33,200 ​ $ 32,216 Deferred tax liabilities: ​ ​ Mortgage servicing rights ​ $ 28,672 ​ $ 23,628 Interest in equity affiliates—net ​ ​ 8,179 ​ ​ 589 Intangibles ​ 7,243 ​ 8,002 Deferred tax liabilities, net ​ $ 44,094 ​ $ 32,219 ​ At December 31, 2021, our TRS Consolidated Group, had $33.2 million of deferred tax assets, net of a $0.3 million valuation allowance. The deferred tax assets consist of expenses not currently deductible, loan loss reserves and net operating loss and capital loss carryforwards. Our TRS Consolidated Group’s deferred tax assets are offset by $44.1 million in deferred tax liabilities consisting of timing differences from mortgage servicing rights, investments in equity affiliates and intangibles. At December 31, 2020, our TRS Consolidated Group, had $32.2 million of deferred tax assets, net of a $0.4 million valuation allowance. The deferred tax assets consist of expenses not currently deductible, loan loss reserves and net operating loss and capital loss carryforwards. Our TRS Consolidated Group’s deferred tax assets are offset by $32.2 million in deferred tax liabilities consisting of timing differences from mortgage servicing rights, investments in equity affiliates and intangibles. As of both December 31, 2021 and 2020, the REIT (excluding the TRS Consolidated Group) had no federal net operating loss carryforwards and no capital loss carryforwards. At December 31, 2021, the TRS Consolidated Group had no federal net operating loss carryforwards remaining and capital loss carryforwards of $1.1 million, which will expire through 2023. At December 31, 2020, the TRS Consolidated Group had federal net operating loss carryforwards of $0.5 million and capital loss carryforwards of $1.1 million expiring through 2023. At December 31, 2021 and 2020, the TRS Consolidated Group had state net operating loss carryforwards of $0.2 million and $0.3 million, respectively, which will begin to expire in 2036. The TRS Consolidated Group is currently under audit in certain state and local jurisdictions for tax years 2017-2020. While the impact of the current income tax examinations was undetermined, it is not expected to be material to our consolidated financial statements. We have assessed our tax positions for all open years, which includes 2017-2021, and have concluded that there were no material uncertainties to be recognized. We have not recognized any interest and penalties related to tax uncertainties for the years ended 2017 through 2021.

Agreements and Transactions wit

Agreements and Transactions with Related Parties	12 Months Ended
	Dec. 31, 2021
Agreements and Transactions with Related Parties
Agreements and Transactions with Related Parties	Note 18 — Agreements and Transactions with Related Parties Support Agreement and Employee Secondment Agreement. and $2.7 million, respectively, of costs for services provided and employees seconded to the Service Recipients, all of which were reimbursed to us and included in due from related party on the consolidated balance sheets. Other Related Party Transactions. Due to related party was $26.6 million and $2.4 million at December 31, 2021 In December 2021, we invested $4.2 million for 49.3% interest in a limited liability company (“LLC”) which purchased a retail property for $32.5 million and assumed an existing $26.0 million CMBS loan. A portion of the property can potentially be converted to office space, of which we obtain the right to occupy, in part. An entity owned by an immediate family member of our chief executive officer also made an investment in the LLC for a 10.0% ownership, is the managing member and holds the right to purchase our interest in the LLC. In October 2021, we entered into a $40.0 million promissory note with ACM to fund a portion of a $67.0 million bridge loan we originated to a third-party to purchase a multifamily property. The promissory note has an interest rate of LIBOR plus 3.0% and was scheduled to mature in April 2022. In December 2021, the borrower repaid the bridge loan in full and we repaid the promissory note. In December 2021, the promissory note was amended to include the funding of an additional asset and the maturity date was extended to May 2022. As of December 31, 2021, we have no outstanding borrowings under the promissory note. Interest expense recorded from this promissory note was $0.2 million for 2021. 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 $2.1 million for 2021. In 2020, we committed to fund a $32.5 million bridge loan (of which $3.2 million was funded as of December 31, 2021) and made a $3.5 million preferred equity investment in an 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 5.5% with a LIBOR floor of 0.75% and matures in October 2023 and the preferred equity investment has a fixed rate of 12.0% and matures in October 2023. Interest income recorded from these loans was $0.5 million and less than $0.1 million for 2021 and 2020, respectively. In 2020, we committed to fund a $30.5 million bridge loan and we 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 (of which $3.5 million was funded as of December 31, 2021) has an interest rate of LIBOR plus 5.5% with a LIBOR floor of 0.75% and matures in May 2023 and the preferred equity investment has a fixed rate of 12.0% and matures in April 2023. Interest income recorded from these loans was $0.6 million and $0.1 million for 2021 and 2020, respectively. We have a $35.0 million bridge loan and a $8.2 million preferred equity interest on an office building. The property is controlled by a third party. The day-to-day operations were previously managed by an entity owned by an immediate family member of our chief executive officer. In September 2021, we entered into a forbearance agreement with the borrower on the outstanding bridge loan to defer all interest owed to payoff. Interest income recorded from these loans was $1.3 million and $1.6 million for 2021 and 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 a 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 2021, 2020 and 2019, we reimbursed the aircraft owner $0.2 million, $0.5 million and $0.1 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 $20.3 million was funded as of December 31, 2021) for an 18% interest in AMAC III. In 2018, we originated a $61.2 million bridge loan on a multifamily property owned in part by a consortium of investors (which includes, among other unaffiliated investors, certain of our officers and our chief executive officer) which owns 10% of the borrowing entity. The loan had an interest rate of LIBOR plus 4.5% with a LIBOR floor of 2.0% and was scheduled to mature in October 2021. In 2019, the related party investors liquidated their equity investment. Interest income recorded from this loan was $1.3 million for 2019. 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 $1.4 million and $2.7 million for 2020 and 2019, respectively. In 2018, we acquired a $19.5 million bridge loan originated by ACM. The loan was used to purchase several multifamily properties by a consortium of investors (which includes, among other unaffiliated investors, certain of our officers and our chief executive officer) which owns 85% of the borrowing entity. The loan has an interest rate of LIBOR plus 4.0% with a LIBOR floor of 2.125% and was scheduled to mature in July 2021. In January 2021, the borrower repaid this loan in full. Interest income recorded from this loan was less than $0.1 million and $1.3 million for 2021 and 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 10.0% and was scheduled to mature in February 2020. In 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 and $1.8 million for 2020 and 2019, respectively. In 2018, we originated a $21.7 million bridge loan on a multifamily property owned in part by a consortium of investors (which includes, among other unaffiliated investors, certain of our officers and our chief executive officer) which owns 75% in the borrowing entity. The loan has an interest rate of LIBOR plus 4.75% with a LIBOR floor of 1.25% and was scheduled to mature in June 2021, which was extended to August 2023. Interest income recorded from this loan was $1.3 million for 2021, and $1.4 million for both 2020 and 2019. 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, which was extended to January 2022 and, in September 2021, this loan paid off in full. Interest income recorded from this loan was $0.4 million for 2021, and $0.6 million for both 2020 and 2019. In 2017, we acquired a $32.8 million bridge loan originated by ACM. The loan was used to purchase several multifamily properties by a consortium of investors (which includes, among other unaffiliated investors, certain of our officers and our chief executive officer) which owned 90% of the borrowing entity. The loan had an interest rate of LIBOR plus 5.0% with a LIBOR floor of 1.13% and was scheduled to mature in June 2020. In 2019, the borrower repaid this loan in full. Interest income recorded from this loan was $1.7 million for 2019. In 2017, we originated two bridge loans totaling $28.0 million on two multifamily properties owned 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) 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 December 31, 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 2016, we originated a $12.7 million bridge loan and a $5.2 million preferred equity investment on two multifamily properties owned in part by a consortium of investors (which includes, among other unaffiliated investors, certain of our officers and our chief executive officer) which owns a 50% interest in the borrowing entity. The bridge loan had an interest rate of LIBOR plus 4.5% with a LIBOR floor of 0.25% and the preferred equity investment had a fixed interest rate of 10.0%. The bridge loan and the preferred equity investment paid off in full in May 2019. In 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 2020, we sold the Private Label loan to an unconsolidated affiliate of ours. Interest income recorded from these loans was $0.3 million for both 2021 and 2020, and $0.6 million for 2019. In 2015, we invested $9.6 million for 50% of ACM’s indirect interest in a joint venture with a third–party that was formed to invest in a residential mortgage banking business. As a result of this transaction, we had an initial indirect interest of 22.5% in this entity. We, 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 2018, the owners of Lexford restructured part of its debt and we originated 12 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 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 3.3% 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 $0.5 million and $9.6 million during 2020 and 2019, respectively. Further, as part of this 2018 restructuring, $50.0 million in unsecured financing was provided by an unsecured lender to certain parent entities of the property owners. ACM owns slightly less than half of the unsecured lender entity and, therefore, provided slightly less than half of the unsecured lender financing. In addition, in connection with our equity investment, we received distributions totaling $1.1 million and $3.5 million during 2020 and 2019, respectively, which were recorded as income from equity affiliates. Separate from the loans we originated in 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 December 31, 2021, this debt had an aggregate outstanding balance of $612.9 million and is scheduled to mature between through 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. At December 31, 2021, ACM holds 2,535,870 shares of our common stock and 10,665,530 OP Units, which represents

Employee Benefits

Employee Benefits	12 Months Ended
	Dec. 31, 2021
Employee Benefits
Employee Benefits	Note 19 — Employee Benefits 401(k). We have a 401(k) defined contribution plan (the “401(k) Plan”) which is available to all employees who have completed six months of continuous service. The 401(k) Plan matches 25% of the first 6% of each employee's contribution. We have the option to increase the employer match based on our operating results. In 2021, 2020 and 2019, we recorded $0.8 million, $0.8 million and $0.7 million, respectively, of expenses associated with the 401(k) Plan, which is included in employee compensation and benefits in our consolidated statements of income . Deferred Compensation. We have a non-qualified deferred compensation plan (the “Deferred Comp Plan") which is offered to certain full-time employees and is subject to the rules of section 409(a) of the Internal Revenue Code. The Deferred Comp Plan can be modified or discontinued at any time. All eligible participating employees may defer a portion of their compensation and, depending on the participant eligibility requirements met, we are contractually obligated to: (i) match the contribution, as specified in the Deferred Comp Plan, and fund such amounts upon vesting and an election by participants to redeem their interests; and/or (ii) supply additional life insurance benefits. All employee deferrals vest immediately and the matching contributions, where applicable, vest over a nine-year period beginning after year five. For 2021, 2020 and 2019, there were $2.2 million, $1.8 million and $1.6 million, respectively, of employee deferrals. At December 31, 2021 and 2020, we had recorded liabilities totaling $25.5 million and $18.7 million, respectively, and assets of $15.1 million and $14.1 million, respectively, related to the Deferred Comp Plan, which is included in other liabilities and other assets, respectively, in our consolidated balance sheets.

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2021
Segment Information
Segment Information	Note 20 — Segment Information The summarized statements of income and balance sheet data, as well as certain other data, by segment are included in the following tables ($ in thousands). Specifically identifiable costs are recorded directly to each business segment. For items not specifically identifiable, costs have been allocated between the business segments using the most meaningful allocation methodologies, which was predominately direct labor costs (i.e., time spent working on each business segment). Such costs include, but are not limited to, compensation and employee related costs, selling and administrative expenses and stock-based compensation. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2021 ​ ​ Structured ​ Agency ​ Other / ​ ​ ​ ​ Business Business Eliminations (1) Consolidated Interest income ​ $ 427,039 ​ $ 39,048 ​ $ — ​ $ 466,087 Interest expense ​ ​ 194,435 ​ ​ 17,570 ​ ​ — ​ ​ 212,005 Net interest income ​ ​ 232,604 ​ ​ 21,478 ​ ​ — ​ ​ 254,082 Other revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain on sales, including fee-based services, net ​ ​ — ​ ​ 123,037 ​ ​ — ​ ​ 123,037 Mortgage servicing rights ​ ​ — ​ ​ 130,230 ​ ​ — ​ ​ 130,230 Servicing revenue ​ ​ — ​ ​ 133,429 ​ ​ — ​ ​ 133,429 Amortization of MSRs ​ ​ — ​ ​ (58,615) ​ ​ — ​ ​ (58,615) Property operating income ​ ​ 185 ​ ​ — ​ ​ — ​ ​ 185 Loss on derivative instruments, net ​ ​ — ​ ​ (2,684) ​ ​ — ​ ​ (2,684) Other income, net ​ ​ 7,491 ​ ​ 75 ​ ​ — ​ ​ 7,566 Total other revenue ​ ​ 7,676 ​ ​ 325,472 ​ ​ — ​ ​ 333,148 Other expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee compensation and benefits ​ ​ 51,225 ​ ​ 120,571 ​ ​ — ​ ​ 171,796 Selling and administrative ​ ​ 21,064 ​ ​ 24,511 ​ ​ — ​ ​ 45,575 Property operating expenses ​ ​ 718 ​ ​ — ​ ​ — ​ ​ 718 Depreciation and amortization ​ ​ 2,524 ​ ​ 4,691 ​ ​ — ​ ​ 7,215 Provision for loss sharing (net of recoveries) ​ ​ — ​ ​ (6,167) ​ ​ — ​ ​ (6,167) Provision for credit losses (net of recoveries) ​ ​ (21,223) ​ ​ 110 ​ ​ — ​ ​ (21,113) Total other expenses ​ ​ 54,308 ​ ​ 143,716 ​ ​ — ​ ​ 198,024 Income before extinguishment of debt, gain on real estate, income from equity affiliates and income taxes ​ ​ 185,972 ​ ​ 203,234 ​ ​ — ​ ​ 389,206 Loss on extinguishment of debt ​ ​ (3,374) ​ ​ — ​ ​ — ​ ​ (3,374) Gain on real estate ​ ​ 2,466 ​ ​ 1,227 ​ ​ — ​ ​ 3,693 Income from equity affiliates ​ ​ 34,567 ​ ​ — ​ ​ — ​ ​ 34,567 Provision for income taxes ​ ​ (5,940) ​ ​ (40,345) ​ ​ — ​ ​ (46,285) Net income ​ ​ 213,691 ​ ​ 164,116 ​ ​ — ​ ​ 377,807 Preferred stock dividends ​ ​ 21,888 ​ ​ — ​ ​ — ​ ​ 21,888 Net income attributable to noncontrolling interest ​ ​ — ​ ​ — ​ ​ 38,507 ​ ​ 38,507 Net income attributable to common stockholders ​ $ 191,803 ​ $ 164,116 ​ $ (38,507) ​ $ 317,412 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2020 ​ ​ ​ Structured ​ ​ Agency ​ ​ Other / ​ ​ ​ ​ ​ Business ​ Business ​ Eliminations (1) ​ Consolidated Interest income ​ $ 305,893 $ 33,572 $ — $ 339,465 Interest expense ​ ​ 150,964 ​ ​ 18,252 ​ ​ — ​ ​ 169,216 Net interest income ​ ​ 154,929 ​ ​ 15,320 ​ ​ — ​ ​ 170,249 Other revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain on sales, including fee-based services, net ​ ​ — ​ ​ 94,607 ​ ​ — ​ ​ 94,607 Mortgage servicing rights ​ ​ — ​ ​ 165,517 ​ ​ — ​ ​ 165,517 Servicing revenue ​ ​ — ​ ​ 103,607 ​ ​ — ​ ​ 103,607 Amortization of MSRs ​ ​ — ​ ​ (49,222) ​ ​ — ​ ​ (49,222) Property operating income ​ ​ 3,976 ​ ​ — ​ ​ — ​ ​ 3,976 Loss on derivative instruments, net ​ ​ (2,859) ​ ​ (55,476) ​ ​ — ​ ​ (58,335) Other income, net ​ ​ 4,052 ​ ​ 57 ​ ​ — ​ ​ 4,109 Total other revenue ​ ​ 5,169 ​ ​ 259,090 ​ ​ — ​ ​ 264,259 Other expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee compensation and benefits ​ ​ 40,292 ​ ​ 104,088 ​ ​ — ​ ​ 144,380 Selling and administrative ​ ​ 15,706 ​ ​ 21,642 ​ ​ — ​ 37,348 Property operating expenses ​ ​ 4,898 ​ ​ — ​ ​ — ​ ​ 4,898 Depreciation and amortization ​ ​ 2,391 ​ ​ 5,249 ​ ​ — ​ ​ 7,640 Provision for loss sharing (net of recoveries) ​ ​ — ​ ​ 14,822 ​ ​ — ​ ​ 14,822 Provision for credit losses (net of recoveries) ​ ​ 59,967 ​ ​ 1,143 ​ ​ — ​ ​ 61,110 Total other expenses ​ ​ 123,254 ​ ​ 146,944 ​ ​ — ​ ​ 270,198 Income before extinguishment of debt, (loss) gain on real estate, income from equity affiliates and income taxes ​ ​ 36,844 ​ ​ 127,466 ​ ​ — ​ ​ 164,310 Loss on extinguishment of debt ​ ​ (3,546) ​ ​ — ​ ​ — ​ ​ (3,546) (Loss) gain on real estate ​ ​ (878) ​ ​ 503 ​ ​ — ​ ​ (375) Income from equity affiliates ​ ​ 76,161 ​ ​ — ​ ​ — ​ ​ 76,161 Provision for income taxes ​ ​ (14,303) ​ ​ (26,090) ​ ​ — ​ ​ (40,393) Net income ​ ​ 94,278 ​ ​ 101,879 ​ ​ — ​ ​ 196,157 Preferred stock dividends ​ ​ 7,554 ​ ​ — ​ ​ — ​ ​ 7,554 Net income attributable to noncontrolling interest ​ ​ — ​ ​ — ​ ​ 25,208 ​ ​ 25,208 Net income attributable to common stockholders ​ $ 86,724 $ 101,879 $ (25,208) $ 163,395 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2019 ​ ​ ​ Structured ​ ​ Agency ​ ​ Other / ​ ​ ​ ​ ​ Business ​ Business ​ Eliminations (1) ​ Consolidated Interest income ​ $ 289,841 ​ $ 26,099 ​ $ — ​ $ 315,940 Interest expense ​ ​ 169,802 ​ ​ 16,597 ​ ​ — ​ ​ 186,399 Net interest income ​ ​ 120,039 ​ ​ 9,502 ​ ​ — ​ ​ 129,541 Other revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain on sales, including fee-based services, net ​ ​ — ​ ​ 65,652 ​ ​ — ​ ​ 65,652 Mortgage servicing rights ​ ​ — ​ ​ 90,761 ​ ​ — ​ ​ 90,761 Servicing revenue ​ ​ — ​ ​ 103,223 ​ ​ — ​ ​ 103,223 Amortization of MSRs ​ ​ — ​ ​ (48,681) ​ ​ — ​ ​ (48,681) Property operating income ​ ​ 9,674 ​ ​ — ​ ​ — ​ ​ 9,674 Loss on derivative instruments, net ​ ​ (275) ​ ​ (1,687) ​ ​ — ​ ​ (1,962) Other income, net ​ ​ 1,178 ​ ​ — ​ ​ — ​ ​ 1,178 Total other revenue ​ ​ 10,577 ​ ​ 209,268 ​ ​ — ​ ​ 219,845 Other expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee compensation and benefits ​ ​ 31,264 ​ ​ 90,838 ​ ​ — ​ ​ 122,102 Selling and administrative ​ ​ 18,099 ​ ​ 22,230 ​ ​ — ​ ​ 40,329 Property operating expenses ​ ​ 10,220 ​ ​ — ​ ​ — ​ ​ 10,220 Depreciation and amortization ​ ​ 2,046 ​ ​ 5,464 ​ ​ — ​ ​ 7,510 Impairment loss on real estate owned ​ ​ 1,000 ​ ​ — ​ ​ — ​ ​ 1,000 Provision for loss sharing (net of recoveries) ​ ​ — ​ ​ 1,147 ​ ​ — ​ ​ 1,147 Total other expenses ​ ​ 62,629 ​ ​ 119,679 ​ ​ — ​ ​ 182,308 Income before extinguishment of debt, income from equity affiliates and income taxes ​ ​ 67,987 ​ ​ 99,091 ​ ​ — ​ ​ 167,078 Loss on extinguishment of debt ​ ​ (7,439) ​ ​ — ​ ​ — ​ ​ (7,439) Income from equity affiliates ​ ​ 10,635 ​ ​ — ​ ​ — ​ ​ 10,635 Provision for income taxes ​ ​ (668) ​ ​ (14,368) ​ ​ — ​ ​ (15,036) Net income ​ ​ 70,515 ​ ​ 84,723 ​ ​ — ​ ​ 155,238 Preferred stock dividends ​ ​ 7,554 ​ ​ — ​ ​ — ​ ​ 7,554 Net income attributable to noncontrolling interest ​ ​ — ​ ​ — ​ ​ 26,610 ​ ​ 26,610 Net income attributable to common stockholders ​ $ 62,961 ​ $ 84,723 ​ $ (26,610) ​ $ 121,074 (1) Includes income allocated to the noncontrolling interest holders not allocated to the two reportable segments. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ Structured Business Agency Business Consolidated Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 142,771 ​ $ 261,809 ​ $ 404,580 Restricted cash ​ ​ 468,013 ​ ​ 18,677 ​ ​ 486,690 Loans and investments, net ​ ​ 11,981,048 ​ ​ — ​ ​ 11,981,048 Loans held-for-sale, net ​ ​ — ​ ​ 1,093,609 ​ ​ 1,093,609 Capitalized mortgage servicing rights, net ​ ​ — ​ ​ 422,734 ​ ​ 422,734 Securities held-to-maturity, net ​ ​ — ​ ​ 140,484 ​ ​ 140,484 Investments in equity affiliates ​ ​ 89,676 ​ ​ — ​ ​ 89,676 Goodwill and other intangible assets ​ ​ 12,500 ​ ​ 88,260 ​ ​ 100,760 Other assets and due from related party ​ ​ 285,600 ​ ​ 68,664 ​ ​ 354,264 Total assets ​ $ 12,979,608 ​ $ 2,094,237 ​ $ 15,073,845 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt obligations ​ $ 11,100,429 ​ $ 956,272 ​ $ 12,056,701 Allowance for loss-sharing obligations ​ ​ — ​ ​ 56,064 ​ ​ 56,064 Other liabilities and due to related parties ​ ​ 278,726 ​ ​ 132,370 ​ ​ 411,096 Total liabilities ​ $ 11,379,155 ​ $ 1,144,706 ​ $ 12,523,861 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2021 2020 2019 ​ Origination Data: ​ ​ ​ ​ ​ Structured Business ​ ​ ​ ​ ​ Bridge loans (1) ​ $ 9,490,402 ​ $ 2,312,061 ​ $ 2,598,658 ​ Mezzanine loans ​ ​ 175,225 ​ ​ 45,122 ​ ​ 127,784 ​ Preferred equity investments ​ ​ 28,650 ​ ​ 31,600 ​ ​ 35,130 ​ Other loans (2) ​ ​ 26,238 ​ ​ 44,896 ​ ​ 41,679 ​ Total new loan originations ​ $ 9,720,515 ​ $ 2,433,679 ​ $ 2,803,251 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Bridge loans in 2021 includes 103 SFR loans with a UPB of $389.2 million. During 2021, 2020 and 2019, we committed to fund SFR loans totaling $729.5 million, $261.5 million and $63.2 million, respectively. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (2) Other loans in 2021 and 2020 includes 1 and 9 SFR permanent loans with a UPB of $26.2 million and $37.2 million, respectively. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loan payoffs / paydowns ​ $ 2,516,771 ​ $ 1,208,071 ​ $ 1,748,387 ​ ​ ​ ​ ​ ​ Agency Business ​ ​ ​ ​ Origination Volumes by Investor: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fannie Mae ​ $ 3,389,312 ​ $ 5,041,925 ​ $ 3,346,272 ​ Private Label ​ ​ 1,436,853 ​ ​ 382,191 ​ ​ 401,216 ​ Freddie Mac ​ 1,016,142 ​ 960,508 ​ 728,317 ​ FHA ​ 430,320 ​ 327,345 ​ 123,095 ​ SFR - Fixed Rate ​ 136,931 ​ — ​ — ​ CMBS/Conduit ​ ​ — ​ ​ — ​ ​ 211,325 ​ Total ​ $ 6,409,558 ​ $ 6,711,969 ​ $ 4,810,225 ​ Total loan commitment volume ​ $ 6,347,752 ​ $ 6,810,666 ​ $ 4,829,721 ​ ​ ​ ​ ​ ​ Loan Sales Data: ​ ​ ​ ​ Agency Business ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fannie Mae ​ $ 3,675,763 ​ $ 4,771,113 ​ $ 3,296,523 ​ Freddie Mac ​ ​ 1,081,702 ​ ​ 816,802 ​ ​ 786,993 ​ Private Label ​ ​ 985,094 ​ ​ 727,154 ​ ​ — ​ FHA ​ ​ 480,275 ​ ​ 272,659 ​ ​ 106,271 ​ SFR - Fixed Rate ​ 192,335 ​ — ​ — ​ CMBS/Conduit ​ — ​ — ​ 211,325 ​ Total ​ $ 6,415,169 ​ $ 6,587,728 ​ $ 4,401,112 ​ Sales margin (fee-based services as a % of loan sales) ​ 1.92 % 1.44 % 1.49 % MSR rate (MSR income as a % of loan commitments) ​ 2.05 % 2.43 % 1.88 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ ​ ​ ​ Wtd. Avg. Servicing ​ Wtd. Avg. Life of ​ ​ UPB of Servicing ​ Fee Rate ​ Servicing Portfolio Key Servicing Metrics for Agency Business: Portfolio (basis points) (years) Fannie Mae ​ $ 19,127,397 ​ 53.5 ​ 8.0 Freddie Mac ​ ​ 4,943,905 ​ 27.1 ​ 9.3 Private Label ​ ​ 1,711,326 ​ 20.0 ​ 8.3 FHA ​ ​ 985,063 ​ 15.4 ​ 21.0 SFR - Fixed Rate ​ ​ 191,698 ​ 20.0 ​ 6.5 Total ​ $ 26,959,389 ​ 44.9 ​ 8.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​

SCHEDULE IV - LOANS AND OTHER L

SCHEDULE IV - LOANS AND OTHER LENDING INVESTMENTS	12 Months Ended
	Dec. 31, 2021
SCHEDULE IV - LOANS AND OTHER LENDING INVESTMENTS
SCHEDULE IV - LOANS AND OTHER LENDING INVESTMENTS	l ARBOR REALTY TRUST, INC. AND SUBSIDIARIES Schedule IV — Loans and other Lending Investments DECEMBER 31, 2021 ($ in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount ​ ​ ​ ​ Periodic ​ ​ ​ Interest Pay ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Subject to ​ ​ Payment Maturity Rate ​ ​ Face ​ Carrying ​ Delinquent Type Location Terms (1) Date (2) Index (3) Prior Liens Amount (4) Amount (5) Interest Bridge Loans: ​ ​ ​ ​ Bridge loans less than 3% of carrying amount of total loans (6): ​ ​ ​ ​ Multifamily Various IO / PI 2022 ‑ 2026 L+ 2.50% to 6.75 % $ — ​ $ 10,800,896 ​ $ 10,733,582 ​ $ — ​ ​ ​ ​ ​ ​ ​ L Floor 0.10% to 2.50 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed 3.83% to 11.00 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Single‑Family Rental Various IO / PI 2022 ‑ 2025 L+ 3.50% to 6.75 % — ​ 408,246 ​ 400,998 ​ — ​ ​ ​ ​ ​ ​ ​ L Floor 0.25% to 2.25 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed 4.23% to 10.00 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Land Various IO 2022 - 2025 L+ 4.00% to 6.00 % — ​ 189,613 ​ 111,741 ​ — ​ ​ ​ ​ ​ ​ ​ L Floor 0.15% to 1.66 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed 0.00 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Healthcare Various IO / PI 2022 ‑ 2023 L+ 5.00% to 6.75 % — ​ 146,969 ​ 146,823 ​ — ​ ​ ​ ​ ​ ​ ​ L Floor 1.49% to 2.63 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Office Various IO / PI 2022 L+ 3.50 % — ​ 72,390 ​ 70,877 ​ — ​ ​ ​ ​ ​ ​ ​ Fixed 0.00 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Student Housing NC IO 2022 ‑ 2023 L+ 4.00% to 4.50 % — ​ 56,800 ​ 56,624 ​ — ​ ​ ​ ​ ​ ​ ​ L Floor 0.25% to 1.80 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Hotel Various IO / PI 2022 L+ 3.00% to 6.75 % — ​ 45,716 ​ 45,629 ​ — ​ ​ ​ ​ ​ ​ ​ L Floor 0.75 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retail Various IO 2024 L+ 3.50% to 4.00 % — ​ 16,500 ​ 14,105 ​ — ​ ​ ​ ​ ​ ​ ​ L Floor 1.00% to 2.50 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Self Storage MA IO 2022 L+ 3.90 % — ​ 13,580 ​ 13,579 ​ — ​ ​ ​ ​ ​ ​ ​ L Floor 1.23 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Bridge Loans less than 3% of carrying amount of total loans ​ ​ ​ ​ ​ ​ — ​ 11,750,710 ​ 11,593,958 ​ — Total Bridge Loans ​ ​ ​ ​ ​ ​ — ​ 11,750,710 ​ 11,593,958 ​ — ​ ARBOR REALTY TRUST, INC. AND SUBSIDIARIES Schedule IV — Loans and other Lending Investments ( Continued ) DECEMBER 31, 2021 ($ in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount ​ ​ ​ ​ Periodic ​ ​ ​ Interest Pay ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Subject to ​ ​ ​ ​ Payment ​ Maturity ​ Rate ​ ​ ​ ​ Face ​ Carrying ​ Delinquent Type ​ Location ​ Terms (1) ​ Date (2) ​ Index (3) ​ Prior Liens ​ Amount (4) ​ Amount (5) ​ Interest Mezzanine Loans: ​ ​ ​ ​ Mezzanine loans less than 3% of carrying amount of total loans (6): ​ ​ ​ ​ Multifamily Various IO / PI 2022 - 2031 Fixed 3.50% to 12.95 % 705,547 ​ 165,001 ​ 159,022 ​ — Land Various IO 2022 L+ 6.00 % — ​ 48,832 ​ 48,809 ​ — ​ ​ ​ ​ ​ ​ ​ ​ L Floor 1.66 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed 0.00 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retail Various IO / PI 2024 L+ 3.50 % 30,389 ​ 9,545 ​ 6,100 ​ — ​ ​ ​ ​ ​ ​ ​ L Floor 1.00 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed 12.00 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Mezzanine Loans ​ 735,936 ​ 223,378 ​ 213,931 ​ — Preferred Equity Investments: ​ ​ ​ ​ Preferred equity investments less than 3% of carrying amount of total loans (6): ​ ​ ​ ​ Multifamily Various IO / PI 2022 - 2029 Fixed 2.00% to 14.00 % 482,964 ​ 116,014 ​ 113,506 ​ — Student Housing AZ IO / PI 2022 Fixed 12.00 % 143,000 ​ 21,500 ​ 20,894 ​ — Office NY IO 2027 Fixed 0.00 % — ​ 8,199 ​ 1,640 ​ — Land TX IO 2023 Fixed 12.00 % — ​ 8,100 ​ 7,975 ​ — Commercial NY IO 2022 Fixed 6.00 % 29,792 ​ 1,700 ​ — ​ — Total Preferred Equity Investments ​ ​ ​ 655,756 ​ 155,513 ​ 144,015 ​ — Other Loans: ​ ​ ​ ​ ​ ​ Other loans less than 3% of carrying amount of total loans (6): ​ ​ ​ ​ ​ ​ Single‑Family Rental ​ Various IO / PI 2025 - 2026 L + 4.25% to 4.90 % — ​ 29,394 ​ 29,144 ​ — ​ ​ ​ ​ ​ ​ ​ ​ L Floor 0.25 % ​ — ​ 29,394 ​ 29,144 ​ — Total Loans ​ $ 1,391,692 ​ $ 12,158,995 ​ $ 11,981,048 ​ $ — (1) IO = Interest Only, PI = Principal and Interest, L = LIBOR. ​ (2) Maturity date does not include possible extensions. ​ (3) References to LIBOR are to one-month LIBOR unless specifically stated otherwise. ​ (4) During 2021, $1.24 billion of loans were extended. ​ (5) The federal income tax basis is approximately $12.16 billion. ​ (6) Individual loans each have a carrying value less than 3% of total loans. ​ ARBOR REALTY TRUST, INC. AND SUBSIDIARIES SCHEDULE IV – LOANS AND OTHER LENDING INVESTMENTS (Continued) DECEMBER 31, 2021 The following table reconciles our loans and investments carrying amounts for the periods indicated (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 2019 Balance at beginning of year ​ $ 5,285,868 ​ $ 4,189,960 ​ $ 3,200,145 Additions during period: ​ ​ ​ New loan originations ​ 9,720,515 ​ 2,433,679 ​ 2,831,822 Loan charge‑offs ​ 10,773 ​ — ​ — Funding of unfunded loan commitments (1) ​ 200,694 ​ 133,244 ​ 65,531 Accretion of unearned revenue ​ 25,618 ​ 13,590 ​ 12,083 Recoveries of reserves ​ 24,315 ​ 75 ​ — Deductions during period: ​ ​ ​ Loan payoffs and paydowns ​ (2,516,771) ​ (1,243,694) ​ (1,753,693) Reclassification to held-for-sale loans ​ ​ (65,144) ​ ​ — ​ ​ — Unfunded loan commitments (1) ​ (624,519) ​ (127,758) ​ (147,392) Use of loan charge‑offs ​ (10,773) ​ — ​ — Provision for loan losses ​ — ​ (77,335) ​ — Unearned revenue and costs ​ (69,528) ​ (35,893) ​ (18,536) Balance at end of year ​ $ 11,981,048 ​ $ 5,285,868 ​ $ 4,189,960 (1) In accordance with certain loans and investments, we have outstanding unfunded commitments that we are obligated to fund as the borrowers meet certain requirements. Specific requirements include, but are not limited to, property renovations, building construction and conversions based on criteria met by the borrower in accordance with the loan agreements.

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
Basis of Presentation and Significant Accounting Policies
Basis of Presentation	Basis of Presentation The consolidated financial statements and accompanying notes have been prepared in accordance with GAAP. 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.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include our financial statements and the financial statements of our wholly owned subsidiaries, partnerships and other joint ventures in which we own a controlling interest, including variable interest entities (“VIEs”) of which we are the primary beneficiary. Entities in which we have a significant influence are accounted for under the equity method. Our VIEs are described in Note 15. All significant 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 in early 2020, there has been a global outbreak of COVID-19, which had 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 has had, and may continue to 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 December 31, 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 is now recorded in other assets for all periods presented.
Cash and Cash Equivalents	Cash and Cash Equivalents .
Loans, Investments and Securities	Loans, Investments and Securities. At the time of purchase, we designate a debt security as available-for-sale, held-to-maturity, or trading depending on our ability and intent for the security. Securities available-for-sale, which is included as a component of other assets in the consolidated balance sheets, is reported at fair value with the fluctuations in fair value recognized through earnings. Held-to-maturity securities are carried at cost net of any unamortized premiums or discounts, which are amortized or accreted over the life of the securities. For securities classified as held-to-maturity, an evaluation is performed as to whether a decline in fair value below the amortized cost basis is other-than-temporary. The determination of other-than-temporary impairment is a subjective process requiring judgments and assumptions and is not necessarily intended to indicate a permanent decline in value. The process includes, but is not limited to, assessment of recent market events and prospects for near-term recovery, assessment of cash flows, internal review of the underlying assets securing the investments, credit of the issuer and the rating of the security, as well as our ability and intent to hold the investment to maturity. We closely monitor market conditions on which we base such decisions.
Allowance for Credit Losses	Allowance for Credit Losses. Our method for calculating the estimate of expected credit loss considers historical experience and current conditions for similar loans and reasonable and supportable forecasts about the future. The reasonable and supportable forecast period is determined based on our assessment of the most likely scenario of assumptions and plausible outcomes for the US economy, level of historical loss forecast estimates, material changes in growth and credit strategy and other factors that may affect our loss experience. We regularly evaluate the reasonable and supportable forecast period to determine if a change is needed. Beyond our reasonable and supportable forecast period, we generally revert to historical loss information over the remaining loan/asset period, taken from a period that most accurately reflects the expectation of conditions expected to exist during the period of reversion. We may adjust historical loss information for differences in risk that may not reflect the characteristics of our current portfolio, including but not limited to, loan-to-value and debt service coverage ratios, among other relevant factors. The method of reversion selected represents the best estimate of the collectability of the investments and is reevaluated each reporting period. We generally expect to use an average historical loss for reversion, utilizing an immediate or straight-line method for the remaining life of the investments. We also perform a qualitative assessment beyond model estimates and apply qualitative adjustments as necessary. Our qualitative analysis includes a review of data that may directly impact our estimates including internal and external information about the loan or property including current market conditions, asset specific conditions, property operations or borrower/sponsor details (i.e., refinance, sale, bankruptcy) which allows us to determine the amount of the expected loss more accurately and reasonably for these investments. We also evaluate the contractual life of our assets to determine if changes are needed for contractual extension options, renewals, modifications, and prepayments. To the extent possible, we estimate our allowance for credit losses using a pooling approach for homogeneous assets with similar risk characteristics with the goal of enhancing the precision of their estimate. If particular assets no longer display risk characteristics that are similar to those of the pool, we may decide to revise our pools or perform an individual assessment of expected credit losses. If it is determined that a foreclosure is probable, or we expect repayment through the operation or sale of the collateral and the borrower is experiencing financial difficulty, we calculate expected credit losses based on the fair value of the collateral as of the reporting date. During the loan review process, if we determine that it is probable that we will be unable to collect all amounts due for both principal and interest according to the contractual terms of a loan, we consider that loan impaired. We evaluate the capitalization and market discount rates, as well as the borrower's operating income and cash flows, in estimating the value of the underlying collateral when determining if a loan is impaired. We may also obtain a third-party appraisal, which may value the collateral through an “as-is” or “stabilized value” methodology. Such appraisals may be used as an additional source of valuation information only and no adjustments are made to appraisals. If upon completion of the valuation, the fair value of the underlying collateral securing the impaired loan is less than the net carrying value of the loan, we record a specific allowance for credit losses with a corresponding charge to the provision for credit losses, and remove the impaired loan from the CECL analysis described above. If a loan modification constitutes a concession whereas we do not receive ample consideration in return for the modification, and the borrower is experiencing financial difficulties and cannot repay the loan under the current terms, then the modification is considered by us to be a troubled debt restructuring. We record interest on modified loans on an accrual basis to the extent the modified loan is contractually current. The allowance for credit losses on a troubled debt restructuring is measured using the same method as all other loans held for investment. Charge-offs to the allowance for credit losses occur when losses are confirmed through the receipt of cash or other consideration from the completion of a sale; when a modification or restructuring takes place in which we grant a concession to a borrower or agree to a discount in full or partial satisfaction of the loan; when we take ownership and control of the underlying collateral in full satisfaction of the loan; when loans are reclassified as other investments; or when significant collection efforts have ceased and it is highly likely that a loss has been realized. Loss on restructured loans is recorded when we have granted a concession to the borrower in the form of principal forgiveness related to the payoff or the substitution or addition of a new debtor for the original borrower or when we incur costs on behalf of the borrower related to the modification, payoff or the substitution or addition of a new debtor for the original borrower. When a loan is restructured, we record our investment at net realizable value, taking into account the cost of all concessions at the date of restructuring. In addition, a gain or loss may be recorded upon the sale of a loan to a third-party in the consolidated statements of income in the period in which the loan was sold. We adopted ASU 2016-13, which utilizes the CECL methodology on January 1, 2020. We adopted ASU 2016-13 using the modified retrospective method, therefore, the results for reporting periods prior to January 1, 2020 are unadjusted and reported in accordance with previously applicable GAAP. In connection with the adoption of ASU 2016-13, we recorded a $28.6 million increase to accumulated deficit, which was net of a deferred tax asset of $3.6 million.
Loans Held-for-Sale, Net	Loans Held-for-Sale, Net. Loans held-for-sale, net represents our Agency Business commercial real estate loans originated and sold under the GSE and HUD programs, which are generally transferred or sold within 60 days of loan origination, as well as our Private Label loans, which are generally sold and securitized within 180 days of loan origination. Such loans are reported at the lower of cost or market on an aggregate basis and include the value allocated to the associated future MSRs. During the period prior to its sale, interest income on a loan held-for-sale is calculated in accordance with the terms of the individual loan and the loan origination fees and direct loan origination costs are deferred until the loan is sold. All of our held-for-sale loans are financed with matched borrowings from credit facilities contracted to finance such loans. Interest income and expense are earned or incurred after a loan is closed and before a loan is sold. Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated, put presumptively beyond the reach of the entity, even in bankruptcy, (2) the transferee (or if the transferee is an entity whose sole purpose is to engage in securitization and the entity is constrained from pledging or exchanging the assets it receives, each third-party holder of its beneficial interests) has the right to pledge or exchange the transferred financial assets, and (3) we or our agents do not maintain effective control over the transferred financial assets or third-party beneficial interest related to those transferred assets through an agreement to repurchase them before their maturity. We have determined that all loans sold have met these specific conditions and account for all transfers of mortgage loans as completed sales.
Allowance for Loss-Sharing Obligations	Allowance for Loss-Sharing Obligations. At inception, a liability for the fair value of the obligation undertaken in issuing the guaranty is recognized. In determining the fair value of the guaranty obligation, we consider the risk profile of the collateral and the historical loss experience in our portfolio. The guaranty obligation is removed only upon either the expiration or settlement of the guaranty. We evaluate the allowance for loss-sharing obligations by monitoring the performance of each loss-sharing loan for events or conditions that may signal a potential default. Historically, initial loss recognition occurs at or before a loan becomes 60 days delinquent. In instances where payment under the guaranty on a loan is determined to be probable and estimable (as the loan is probable of, or is, in foreclosure), we record a liability for the estimated allowance for loss-sharing (a “specific reserve”) by transferring the guarantee obligation recorded on the loan to the specific reserve with any adjustments to this reserve amount recorded in provision for loss sharing in the statements of income. The amount of the allowance considers our assessment of the likelihood of repayment by the borrower or key principal(s), the risk characteristics of the loan, the loan's risk rating, historical loss experience, adverse situations affecting individual loans, the estimated disposition value of the underlying collateral, and the level of risk sharing. We regularly monitor the specific reserves and update loss estimates as current information is received.
Capitalized Mortgage Servicing Rights	Capitalized Mortgage Servicing Rights. Key rates: Servicing Cost: Estimated Life: MSRs are initially recorded at fair value and are carried at amortized cost. The fair value of MRSs from loans we originate and sell are estimated considering market prices for similar MSRs, when available, and by estimating the present value of the future net cash flows of the capitalized MSRs, net of adequate compensation for servicing. Adequate compensation is based on the market rate of similar servicing contracts. The fair value of MSRs acquired approximate the purchase price paid. We evaluate the MSR portfolio for impairment on a quarterly basis based on the difference between the aggregate carrying amount of the MSRs and their aggregate fair value. We engage an independent third-party valuation expert to assist in determining an estimated fair value of our MSR portfolio on a quarterly basis. For purposes of impairment evaluation, the MSRs are stratified based on predominant risk characteristics of the underlying loans, which we have identified as loan type, note rate and yield maintenance provisions. To the extent that the carrying value of the MSRs exceeds fair value, a valuation allowance is established. We record write-offs of MSRs related to loans that were repaid prior to their expected maturity and loans that have defaulted and determined to be unrecoverable. When this occurs, the write-off is recorded as a direct write-down to the carrying value of MSRs and is included as a component of servicing revenue, net in the consolidated statements of income. This direct write-down permanently reduces the carrying value of the MSRs, precluding recognition of subsequent recoveries. For loans that payoff prior to maturity, we may collect a prepayment fee which is included as a component of servicing revenue, net.
Investments in Equity Affiliates	Investments in Equity Affiliates .
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets. We generally use an income-based valuation method to estimate the fair value of intangible assets, which discounts expected future cash flows to present value using estimates and assumptions we deem reasonable. Determining the estimated useful lives of intangible assets also requires judgment. Certain intangible assets, such as GSE licenses, have been deemed to have indefinite lives while other intangible assets, such as broker and borrower relationships and above/below market rent have been deemed to have finite lives. Our assessment as to which intangible assets are deemed to have finite or indefinite lives is based on several factors including economic barriers of entry for the acquired product lines, scarcity of available GSE licenses, retention trends and our operating plans, among other factors. Goodwill and indefinite-lived intangible assets are not amortized, while finite-lived intangible assets are amortized over their estimated useful lives on a straight-line basis. Indefinite-lived intangible assets, including goodwill, are tested for impairment whenever events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. In addition, with respect to goodwill, an impairment analysis is performed at least annually. We have elected to make the first day of our fiscal fourth quarter the annual impairment assessment date for goodwill. We first assess qualitative factors to determine whether it is more likely than not that the fair value is less than the carrying value. If, based on that assessment, we believe it is more likely than not that the fair value is less than the carrying value, then a two-step goodwill impairment test is performed. Based on the impairment analysis performed as of October 1, 2021, there were no indicators that the indefinite-lived intangible assets, including goodwill, were impaired and there were no events or changes in circumstances indicating impairment at December 31, 2021.
Real Estate Owned and Held-For-Sale	Real Estate Owned and Held-For-Sale. We allocate the purchase price of our real estate acquisitions to land, building, tenant improvements, origination asset of the in-place leases, intangibles for the value of any above or below market leases at fair value and to any other identified intangible assets or liabilities. We amortize the value allocated to in-place leases over the remaining lease term, which is reported in depreciation and amortization expense on our consolidated statements of income. The value allocated to above or below market leases are amortized over the remaining lease term as an adjustment to rental income. Real estate assets are depreciated using the straight-line method over their estimated useful lives. Ordinary repairs and maintenance which are not reimbursed by the tenants are expensed as incurred. Major replacements and betterments which improve or extend the life of the asset are capitalized and depreciated over their estimated useful life. Our properties are reviewed for impairment each quarter, if events or circumstances change indicating that the carrying amount of an asset may not be recoverable. We recognize impairment if the undiscounted estimated cash flows to be generated by an asset is less than the carrying amount of such asset. Measurement of impairment is based on the asset’s estimated fair value. In evaluating for impairment, many factors are considered, including estimated current and expected operating cash flows from the property during the projected holding period, costs necessary to extend the life or improve the asset, expected capitalization rates, projected stabilized net operating income, selling costs, and the ability to hold and dispose of the asset in the ordinary course of business. Impairment charges may be necessary in the event discount rates, capitalization rates, lease-up periods, future economic conditions, and other relevant factors vary significantly from those assumed in valuing the property. Real estate is classified as held-for-sale when we commit to a plan of sale, the asset is available for immediate sale, there is an active program to locate a buyer, and it is probable the sale will be completed within one year . Real estate assets that are expected to be disposed of are valued at the lower of the asset’s carrying amount or its fair value less costs to sell. We recognize sales of real estate properties upon closing. Payments received from purchasers prior to closing are recorded as deposits. Gain on real estate sold is recognized when the collectability of the sale price is reasonably assured, we are not obligated to perform significant activities after the sale and when control of the asset transfers to the buyer. A gain may be deferred in whole or in part until collectability of the sales price is reasonably assured and the earnings process is complete.
Hedging Activities and Derivatives	Hedging Activities and Derivatives . The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. These derivative instruments must be effective in reducing risk exposure to qualify for hedge accounting. When the terms of an underlying transaction are modified, or when the underlying hedged item ceases to exist, all changes in the fair value of the instrument are marked-to-market with changes in value included in net income for each period until the derivative instrument matures or is settled. Any derivative instrument used for risk management that does not meet the hedging criteria is marked-to-market with the changes in value included in earnings. In cases where a derivative instrument is terminated early, any gain or loss is generally amortized over the remaining life of the hedged item. We may also enter into derivative contracts that are intended to economically hedge certain risks, even though hedge accounting does not apply, or we elect not to apply hedge accounting. The ineffective portion of a derivative’s change in fair value is recognized immediately in earnings. In connection with our interest rate risk management, we may hedge a portion of our interest rate risk by entering into derivative instrument contracts to manage differences in the amount, timing, and duration of our expected cash receipts and our expected cash payments principally related to our investments and borrowings. Our objectives in using interest rate derivatives are to add stability to interest income and to manage our exposure to interest rate movements. To accomplish this objective, we have used, and may again in the future, use interest rate swaps as part of our interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for us making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Our rate lock and forward sales commitments associated with the Agency Business meet the definition of a derivative and are recorded at fair value. The estimated fair value of rate lock commitments includes the effects of interest rate movements as well as the fair value of the expected net cash flows associated with the servicing of the loan which is recorded as income from MSRs in the consolidated statements of income. The estimated fair value of forward sale commitments includes the effects of interest rate movements between the trade date and balance sheet date. Our Swaps associated with (1) our held-for-sale Agency Business Private Label loans, and (2) our Structured Business SFR loans, do not meet the criteria for hedge accounting and are tied to the five-year and ten-year swap rates. Our Swaps are cleared by a central clearing house and variation margin payments (made in cash) are treated as a legal settlement of the derivative itself, as opposed to a pledge of collateral. Realized and unrealized gains and losses related to our Swaps are recorded through earnings.
Revenue Recognition	Revenue Recognition. Several of our loans provide for accrual of interest at specified rates, which differ from current payment terms. Interest is recognized on such loans at the accrual rate subject to our determination that accrued interest and outstanding principal are ultimately collectible, based on the underlying collateral and operations of the asset. If we cannot make this determination, interest income above the current pay rate is recognized only upon actual receipt. 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. We will analyze these interest reserves on a periodic basis and determine if any additional interest reserves are needed. Recognition of income on loans with funded interest reserves are accounted for in the same manner as loans without funded interest reserves. We do not recognize interest income on loans in which the borrower has failed to make the contractual interest payment due or has not replenished the interest reserve account. Income from non-performing loans is generally recognized on a cash basis only to the extent it is received. Full income recognition will resume when the loan becomes contractually current and performance has recommenced. Additionally, interest income is recorded when earned from equity participation interests, referred to as equity kickers. These equity kickers have the potential to generate additional revenues to us as a result of excess cash flow distributions and/or as appreciated properties are sold or refinanced. Gain on sales, including fee-based services, net Property operating income Other income, net
Leases	Leases.
Stock-Based Compensation	Stock-Based Compensation.
Income Taxes	Income Taxes. The Agency Business mainly operates through a TRS, which is a part of 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. Current and deferred taxes are recorded on the portion of earnings (losses) recognized by us with respect to our interest in TRSs. Deferred income tax assets and liabilities are calculated based on temporary differences between our GAAP consolidated financial statements and the federal, state, local tax basis of assets and liabilities as of the consolidated balance sheets. We evaluate the realizability of our deferred tax assets (e.g., net operating loss and capital loss carryforwards) and recognize a valuation allowance if, based on the available evidence, it is more likely than not that some portion or all our deferred tax assets will not be realized. When evaluating the realizability of our deferred tax assets, we consider estimates of expected future taxable income, existing and projected book/tax differences, tax planning strategies available and the general and industry specific economic outlook. We periodically evaluate tax positions to determine whether it is more likely than not that such positions would be sustained upon examination by a tax authority for all open tax years, as defined by the statute of limitations, based on their technical merits. We report interest and penalties related to tax uncertainties as a component of the income tax provision.
Earnings Per Share	Earnings Per Share. We present both basic and diluted earnings per share (“EPS”). Basic EPS excludes dilution and is computed by dividing net income available to common stockholders by the weighted average number of shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, where such exercise or conversion would result in a lower EPS amount.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements Description Adoption Date Effect on Financial Statements In December 2019, the FASB issued Accounting Standard Update (“ASU”) 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. ​ ​ Recently Issued Accounting Pronouncements

Basis of Presentation and Sig_3

Basis of Presentation and Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2021
Basis of Presentation and Significant Accounting Policies
Schedules of Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements	Recently Adopted Accounting Pronouncements Description Adoption Date Effect on Financial Statements In December 2019, the FASB issued Accounting Standard Update (“ASU”) 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. ​ ​ Recently Issued Accounting Pronouncements Description Effective Date Effect on Financial Statements In August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. This guidance reduces the number of accounting models for convertible debt instruments. Upon adoption of this guidance, convertible debt proceeds will no longer be allocated between debt and equity components, reducing the unamortized debt discount and lowering interest expense. This guidance also changes the method used to calculate diluted earnings per share when an instrument may be settled in cash or shares, if the effect is dilutive. ​ First quarter of 2022 with early adoption permitted beginning in the first quarter of 2021 ​ We adopted this guidance on January 1, 2022 using the modified retrospective method of transition. Upon adoption, we reclassified the remaining equity component from equity to our convertible senior unsecured notes liability and ceased the amortization of the debt discount through interest expense. Additionally, this guidance will require us to use the if-converted method for the diluted net income per share calculation for our convertible instruments, regardless of our settlement intent. The adoption of this guidance resulted in an aggregate decrease to our additional paid-in capital of approximately $8.7 million and an aggregate increase to our retained earnings of approximately $6.2 million at January 1, 2022. ​ ​

Loans and Investments (Tables)

Loans and Investments (Tables)	12 Months Ended
	Dec. 31, 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 ​ ​ ​ December 31, 2021 ​ Total ​ Count ​ Pay Rate (1) ​ Maturity ​ LTV Ratio (2) ​ LTV Ratio (3) ​ Bridge loans (4) ​ $ 11,750,710 ​ 97 % 528 4.19 % 23.8 0 % 76 % Mezzanine loans ​ 223,378 2 % 39 7.32 % 56.3 34 % 84 % Preferred equity investments ​ ​ 155,513 ​ 1 % 11 ​ 5.57 % 38.0 ​ 58 % 87 % Other loans (5) ​ 29,394 <1 % 2 4.63 % 48.1 0 % 67 % ​ ​ 12,158,995 100 % 580 4.26 % 24.6 1 % 76 % Allowance for credit losses ​ ​ (113,241) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unearned revenue ​ (64,706) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans and investments, net ​ $ 11,981,048 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ ​ ​ ​ ​ ​ Bridge loans (4) ​ $ 5,022,509 92 % 263 5.09 % 16.2 0 % 76 % Mezzanine loans ​ 159,242 3 % 29 7.40 % 45.0 32 % 82 % Preferred equity investments ​ ​ 224,928 ​ 4 % 14 ​ 7.07 % 49.8 ​ 64 % 89 % 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 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 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 December 31, 2021 and 2020, bridge loans included 120 and 38 , respectively, of SFR loans with a total gross loan commitment amount of $804.6 million and $309.2 million, respectively, of which $408.2 million and $88.1 million, respectively, was funded. (5) As of December 31, 2021 and 2020, other loans included 2 variable rate SFR permanent loans and 22 SFR permanent loans, respectively.
Summary of the loan portfolio's internal risk ratings and LTV ratios by asset class	A summary of the loan portfolio’s internal risk ratings and LTV ratios by asset class as of December 31, 2021 is as follows ($ 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 Ration ​ Multifamily: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ $ 6,025,731 ​ $ 562,885 ​ $ 176,281 ​ $ 6,305 ​ $ 20,300 ​ $ 214 ​ $ 6,791,716 ​ ​ ​ ​ ​ Pass/Watch ​ 2,120,458 ​ ​ 587,820 ​ ​ 194,698 ​ ​ 120,950 ​ ​ 32,500 ​ ​ 28,800 ​ ​ 3,085,226 ​ ​ ​ ​ ​ Special Mention ​ ​ 270,813 ​ ​ 321,031 ​ ​ 452,980 ​ ​ 42,500 ​ ​ — ​ ​ 350 ​ ​ 1,087,674 ​ ​ ​ ​ ​ Substandard ​ ​ — ​ ​ 18,827 ​ ​ 43,575 ​ ​ 15,533 ​ ​ 31,110 ​ ​ 8,250 ​ ​ 117,295 ​ ​ ​ ​ ​ Total Multifamily ​ $ 8,417,002 ​ $ 1,490,563 ​ $ 867,534 ​ $ 185,288 ​ $ 83,910 ​ $ 37,614 ​ $ 11,081,911 ​ 1 % 76 % Single-Family Rental: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of portfolio ​ ​ 91 % ​ ​ ​ ​ Pass ​ $ 69,992 ​ $ 18,339 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 88,331 ​ ​ ​ ​ ​ Pass/Watch ​ ​ 257,602 ​ ​ 24,927 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 282,529 ​ ​ ​ ​ ​ Special Mention ​ ​ 2,743 ​ ​ 48,481 ​ ​ 15,556 ​ ​ — ​ ​ — ​ ​ — ​ ​ 66,780 ​ ​ ​ ​ ​ Total Single-Family Rental ​ $ 330,337 ​ $ 91,747 ​ $ 15,556 ​ $ — ​ $ — ​ $ — ​ $ 437,640 ​ 0 % 65 % Land: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of portfolio ​ ​ 4 % ​ ​ ​ ​ Special Mention ​ $ — ​ $ 8,100 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 8,100 ​ ​ ​ ​ ​ Substandard ​ ​ — ​ ​ 71,018 ​ ​ 19,524 ​ ​ — ​ ​ 19,975 ​ ​ 127,928 ​ ​ 238,445 ​ ​ ​ ​ ​ Total Land ​ $ — ​ $ 79,118 ​ $ 19,524 ​ $ — ​ $ 19,975 ​ $ 127,928 ​ $ 246,545 ​ 0 % 96 % Healthcare: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of portfolio ​ ​ 2 % ​ ​ ​ ​ Pass/Watch ​ $ — ​ $ — ​ $ 14,750 ​ $ — ​ $ — ​ $ — ​ $ 14,750 ​ ​ ​ ​ ​ Special Mention ​ ​ — ​ ​ — ​ ​ 51,069 ​ ​ 41,500 ​ ​ — ​ ​ — ​ ​ 92,569 ​ ​ ​ ​ ​ Substandard ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 39,650 ​ ​ — ​ ​ 39,650 ​ ​ ​ ​ ​ Total Healthcare ​ $ — ​ $ — ​ $ 65,819 ​ $ 41,500 ​ $ 39,650 ​ $ — ​ $ 146,969 ​ 0 % 74 % Office: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of portfolio ​ ​ 1 % ​ ​ ​ ​ Special Mention ​ $ — ​ $ 35,410 ​ $ — ​ $ 43,199 ​ $ — ​ $ 1,980 ​ $ 80,589 ​ ​ ​ ​ ​ Total Office ​ $ — ​ $ 35,410 ​ $ — ​ $ 43,199 ​ $ — ​ $ 1,980 ​ $ 80,589 ​ 0 % 85 % Student Housing: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of portfolio ​ ​ 1 % ​ ​ ​ ​ Pass ​ $ 25,700 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 25,700 ​ ​ ​ ​ ​ Special Mention ​ ​ — ​ ​ — ​ ​ 31,100 ​ ​ — ​ ​ — ​ ​ — ​ ​ 31,100 ​ ​ ​ ​ ​ Substandard ​ ​ — ​ ​ 21,500 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 21,500 ​ ​ ​ ​ ​ Total Student Housing ​ $ 25,700 ​ $ 21,500 ​ $ 31,100 ​ $ — ​ $ — ​ $ — ​ $ 78,300 ​ 21 % 73 % Hotel: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of portfolio ​ ​ 1 % ​ ​ ​ ​ Pass/Watch ​ $ — ​ $ 4,716 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 4,716 ​ ​ ​ ​ ​ Special Mention ​ ​ — ​ ​ — ​ ​ 41,000 ​ ​ — ​ ​ — ​ ​ — ​ ​ 41,000 ​ ​ ​ ​ ​ Total Hotel ​ $ — ​ $ 4,716 ​ $ 41,000 ​ $ — ​ $ — ​ $ — ​ $ 45,716 ​ 0 % 66 % Retail: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of portfolio ​ ​ <1 % ​ ​ ​ ​ Pass ​ $ — ​ $ — ​ $ 4,000 ​ $ — ​ $ — ​ $ — ​ $ 4,000 ​ ​ ​ ​ ​ Special Mention ​ ​ — ​ ​ — ​ ​ — ​ ​ 18,600 ​ ​ — ​ ​ — ​ ​ 18,600 ​ ​ ​ ​ ​ Substandard ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 3,445 ​ ​ 3,445 ​ ​ ​ ​ ​ Total Retail ​ $ — ​ $ — ​ $ 4,000 ​ $ 18,600 ​ $ — ​ $ 3,445 ​ $ 26,045 ​ 12 % 33 % Other: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of portfolio ​ ​ < 1 % ​ ​ ​ ​ Pass/Watch ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 13,580 ​ $ — ​ $ 13,580 ​ ​ ​ ​ ​ Doubtful ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,700 ​ ​ 1,700 ​ ​ ​ ​ ​ Total Other ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 13,580 ​ $ 1,700 ​ $ 15,280 ​ 7 % 51 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of portfolio ​ ​ < 1 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Grand Total ​ $ 8,773,039 ​ $ 1,723,054 ​ $ 1,044,533 ​ $ 288,587 ​ $ 157,115 ​ $ 172,667 ​ $ 12,158,995 ​ 1 % 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2021 ​ Land Multifamily Office Retail Student Housing Hotel Healthcare Other Total Allowance for credit losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance ​ $ 78,150 ​ $ 36,468 ​ $ 1,846 ​ $ 13,861 ​ $ 4,078 ​ $ 7,759 ​ $ 3,880 ​ $ 2,287 ​ $ 148,329 Provision for credit losses (net of recoveries) ​ (180) ​ (17,761) ​ 6,227 ​ ​ (42) ​ ​ (3,442) ​ ​ (7,751) ​ (1,099) ​ ​ (267) ​ ​ (24,315) Charge-offs ​ — ​ — ​ — ​ ​ (8,000) ​ — ​ ​ — ​ (2,773) ​ ​ — ​ ​ (10,773) Ending balance ​ $ 77,970 ​ $ 18,707 ​ $ 8,073 ​ $ 5,819 ​ $ 636 ​ $ 8 ​ $ 8 ​ $ 2,020 ​ $ 113,241 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 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 ​ ​ 287 ​ ​ 335 ​ ​ 68 ​ ​ 29 ​ ​ 64 ​ ​ 112 ​ ​ 17,294 Provision for credit losses (net of recoveries) ​ ​ 10,204 ​ ​ 20,146 ​ ​ 59 ​ ​ 13,526 ​ ​ 4,010 ​ ​ 7,730 ​ ​ 3,816 ​ ​ 475 ​ ​ 59,966 Ending balance ​ $ 78,150 ​ $ 36,468 ​ $ 1,846 ​ $ 13,861 ​ $ 4,078 ​ $ 7,759 ​ $ 3,880 ​ $ 2,287 ​ $ 148,329 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2019 Allowance for credit losses ​ $ 67,869 ​ $ — ​ $ 1,500 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 1,700 ​ $ 71,069
Summary of our loans considered impaired by asset class	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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 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 ​ $ 127,868 ​ $ 77,869 ​ ​ 0 % ​ 99 % Retail ​ ​ 22,045 ​ 17,291 ​ 5,817 ​ ​ 14 % 33 % Office ​ 1,980 ​ ​ 1,980 ​ 1,500 ​ 0 % 51 % Commercial ​ 1,700 ​ 1,700 ​ 1,700 ​ 63 % 63 % Total ​ $ 159,940 ​ $ 148,839 ​ $ 86,886 ​ ​ 3 % ​ 89 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 eight and ten impaired loans (less unearned revenue and other holdbacks and adjustments) by asset class at December 31, 2021 and 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 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 ​ $ 21,500 ​ $ — ​ $ 21,500 ​ $ 36,500 ​ $ — ​ $ 36,500 Commercial ​ ​ 1,700 ​ ​ — ​ ​ 1,700 ​ ​ 1,700 ​ ​ — ​ ​ 1,700 Retail ​ ​ 920 ​ ​ — ​ ​ 920 ​ ​ 920 ​ ​ — ​ ​ 920 Multifamily ​ ​ — ​ ​ — ​ ​ — ​ ​ 17,700 ​ ​ — ​ ​ 17,700 Office ​ ​ — ​ ​ — ​ ​ — ​ ​ 880 ​ ​ — ​ ​ 880 Healthcare ​ ​ — ​ ​ — ​ ​ — ​ ​ 4,625 ​ ​ — ​ ​ 4,625 Total ​ $ 24,120 ​ $ — ​ $ 24,120 ​ $ 62,325 ​ $ — ​ $ 62,325

Loans Held-for-Sale, Net (Table

Loans Held-for-Sale, Net (Tables)	12 Months Ended
	Dec. 31, 2021
Loans Held-for-Sale, Net
Summary of loans held-for-sale, net	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 December 31, 2020 Private Label ​ ​ $ 507,918 ​ $ 56,186 Fannie Mae ​ ​ ​ 392,876 ​ ​ 679,342 Freddie Mac ​ ​ 112,561 ​ ​ 180,004 FHA ​ ​ ​ 54,532 ​ ​ 53,063 SFR - Fixed Rate ​ ​ ​ 9,352 ​ ​ — ​ ​ ​ 1,077,239 ​ ​ 968,595 Fair value of future MSR ​ ​ ​ 19,318 ​ ​ 21,600 Unearned discount ​ ​ (2,948) ​ ​ (3,276) Loans held-for-sale, net ​ ​ $ 1,093,609 ​ $ 986,919

Capitalized Mortgage Servicin_2

Capitalized Mortgage Servicing Rights (Tables) - MSRs	12 Months Ended
	Dec. 31, 2021
Capitalized Mortgage Servicing Rights
Summary of capitalized MSR activity	A summary of our capitalized MSR activity is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2021 ​ Year Ended December 31, 2020 ​ Originated Acquired Total Originated Acquired Total Beginning balance ​ $ 336,466 ​ $ 43,508 ​ $ 379,974 ​ $ 221,901 ​ $ 64,519 ​ $ 286,420 Additions ​ ​ 134,116 ​ ​ — ​ ​ 134,116 ​ ​ 159,533 ​ ​ — ​ ​ 159,533 Amortization ​ ​ (47,845) ​ ​ (10,770) ​ ​ (58,615) ​ ​ (34,186) ​ ​ (15,036) ​ ​ (49,222) Write-downs and payoffs ​ ​ (27,164) ​ ​ (5,577) ​ ​ (32,741) ​ ​ (10,782) ​ ​ (5,975) ​ ​ (16,757) Ending balance ​ $ 395,573 ​ $ 27,161 ​ $ 422,734 ​ $ 336,466 ​ $ 43,508 ​ $ 379,974
Schedule of expected amortization of capitalized MSRs recorded	The expected amortization of capitalized MSRs recorded as of December 31, 2021 is as follows (in thousands): ​ ​ ​ ​ ​ Year Amortization 2022 $ 58,814 2023 ​ 55,777 2024 ​ 53,179 2025 ​ 50,610 2026 ​ ​ 46,582 Thereafter ​ 157,772 Total ​ $ 422,734

Mortgage Servicing (Tables)

Mortgage Servicing (Tables)	12 Months Ended
	Dec. 31, 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ Product Concentrations ​ Geographic Concentrations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ UPB ​ ​ ​ ​ ​ ​ Percent of ​ ​ ​ Percentage Product UPB (1) Total State of Total ​ Fannie Mae ​ $ 19,127,397 ​ 71 % Texas ​ 12 % Freddie Mac ​ ​ 4,943,905 18 % New York ​ 11 % Private Label ​ ​ 1,711,326 6 % North Carolina ​ 9 % FHA ​ ​ 985,063 ​ 4 % California ​ 8 % SFR - Fixed Rate ​ ​ 191,698 ​ 1 % Georgia ​ 6 % Total ​ $ 26,959,389 ​ 100 % Florida ​ 6 % ​ ​ ​ ​ ​ ​ ​ New Jersey ​ 6 % ​ ​ ​ ​ ​ ​ ​ Other (2) ​ 42 % ​ ​ ​ ​ ​ ​ ​ 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 (2) ​ 40 % ​ ​ ​ ​ ​ ​ ​ Total ​ 100 % (1) Excludes loans which we are not collecting a servicing fee. (2) No other individual state represented 4% or more of the total.

Securities Held-to-Maturity (Ta

Securities Held-to-Maturity (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ APL certificates ​ $ 149,368 ​ $ 92,869 ​ $ 5,007 ​ $ 97,876 ​ $ 1,422 B Piece bonds ​ ​ 61,360 ​ ​ 47,615 ​ ​ 4,420 ​ ​ 52,035 ​ ​ 331 Total ​ $ 210,728 ​ $ 140,484 ​ $ 9,427 ​ $ 149,911 ​ $ 1,753 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2021 ​ ​ APL ​ B Piece ​ ​ ​ ​ Certificates ​ Bonds ​ Total Beginning balance ​ $ 1,023 ​ $ 621 ​ $ 1,644 Provision for credit loss expense/(reversal) ​ 399 ​ (290) ​ 109 Ending balance ​ $ 1,422 ​ $ 331 ​ $ 1,753

Investments in Equity Affilia_2

Investments in Equity Affiliates (Tables)	12 Months Ended
	Dec. 31, 2021
Investments in Equity Affiliates
Summary of the company's investments in equity affiliates	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ UPB of Loans to ​ ​ Investments in Equity Affiliates at ​ Equity Affiliates at Equity Affiliates December 31, 2021 December 31, 2020 December 31, 2021 Arbor Residential Investor LLC ​ $ 65,756 ​ $ 59,150 ​ $ — AMAC Holdings III LLC ​ ​ 13,772 ​ ​ 10,308 ​ ​ — Fifth Wall Ventures III ​ ​ 5,409 ​ ​ — ​ ​ — North Vermont Avenue ​ ​ 2,419 ​ ​ 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 ​ $ 89,676 ​ $ 74,274 ​ $ 1,687

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables) - Other Intangible Assets	12 Months Ended
	Dec. 31, 2021
Goodwill and Other Intangible Assets
Schedule of other intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ ​ Gross ​ ​ ​ ​ ​ ​ ​ Gross ​ ​ ​ ​ ​ ​ ​ ​ Carrying ​ Accumulated ​ ​ ​ ​ Carrying ​ Accumulated ​ ​ ​ ​ Value Amortization Total Value Amortization Total Finite ‑ lived intangible assets: ​ ​ ​ ​ ​ ​ Broker relationships ​ $ 25,000 ​ $ (17,057) ​ $ 7,943 ​ $ 25,000 ​ $ (13,932) ​ $ 11,068 Borrower relationships ​ 14,400 ​ (7,860) ​ 6,540 ​ 14,400 ​ (6,420) ​ 7,980 Below market leases ​ 4,010 ​ (3,359) ​ 651 ​ 4,010 ​ (3,233) ​ 777 Infinite ‑ lived intangible assets: ​ ​ ​ ​ ​ ​ ​ ​ Fannie Mae DUS license ​ 17,100 ​ — ​ 17,100 ​ 17,100 ​ — ​ 17,100 Freddie Mac Program Plus license ​ 8,700 ​ — ​ 8,700 ​ 8,700 ​ — ​ 8,700 FHA license ​ 3,200 ​ — ​ 3,200 ​ 3,200 ​ — ​ 3,200 ​ ​ $ 72,410 ​ $ (28,276) ​ $ 44,134 ​ $ 72,410 ​ $ (23,585) ​ $ 48,825
Schedule of estimated amortization expense for each of the succeeding five years	At December 31, 2021, the weighted average remaining lives of our amortizable finite-lived intangible assets and the estimated amortization expense for each of the succeeding five years are as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated Amortization Expense for the ​ ​ ​ ​ Years Ending December 31, ​ ​ Wtd. Avg. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Remaining Life ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in years) 2022 2023 2024 2025 2026 Finite ‑ lived intangible assets: ​ ​ ​ ​ ​ Broker relationships 2.5 ​ $ 3,125 ​ $ 3,125 ​ $ 1,693 ​ $ — ​ $ — Borrower relationships 4.5 ​ 1,440 ​ 1,440 ​ 1,440 ​ 1,440 ​ 780 Below market leases 5.2 ​ 126 ​ 126 ​ 126 ​ 126 ​ 126 ​ 3.5 ​ $ 4,691 ​ $ 4,691 ​ $ 3,259 ​ $ 1,566 ​ $ 906

Debt Obligations (Tables)

Debt Obligations (Tables)	12 Months Ended
	Dec. 31, 2021
Debt Obligations
Schedule of senior unsecured notes	A summary of our senior unsecured notes is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Senior ​ ​ ​ ​ ​ December 31, 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) ​ Dec. 2021 ​ Dec. 2028 ​ $ 180,000 ​ $ 177,105 ​ ​ 5.00 % $ — ​ $ — ​ ​ — % 4.50% Notes (3) ​ Aug. 2021 ​ Sept. 2026 ​ ​ 270,000 ​ ​ 266,090 ​ ​ 4.50 % ​ — ​ ​ — ​ ​ — % 5.00% Notes (3) ​ Apr. 2021 ​ Apr. 2026 ​ ​ 175,000 ​ ​ 172,302 ​ ​ 5.00 % ​ — ​ ​ — ​ ​ — % 8.00% Notes (3) ​ Apr. 2020 ​ Apr. 2023 ​ ​ 70,750 ​ ​ 70,202 ​ ​ 8.00 % ​ 70,750 ​ ​ 69,793 ​ ​ 8.00 % 4.50% Notes (3) ​ Mar. 2020 ​ Mar. 2027 ​ ​ 275,000 ​ ​ 272,477 ​ ​ 4.50 % ​ 275,000 ​ ​ 271,994 ​ ​ 4.50 % 4.75% Notes (4) ​ Oct. 2019 ​ Oct. 2024 ​ ​ 110,000 ​ ​ 109,018 ​ ​ 4.75 % ​ 110,000 ​ ​ 108,668 ​ ​ 4.75 % 5.75% Notes (4) ​ Mar. 2019 ​ Apr. 2024 ​ ​ 90,000 ​ ​ 89,135 ​ ​ 5.75 % ​ 90,000 ​ ​ 88,751 ​ ​ 5.75 % 5.625% Notes (4) ​ Mar. 2018 ​ May 2023 ​ ​ 125,000 ​ ​ 124,216 ​ ​ 5.63 % ​ 125,000 ​ ​ 123,637 ​ ​ 5.63 % ​ ​ ​ ​ ​ ​ $ 1,295,750 ​ $ 1,280,545 ​ ​ 5.05 % $ 670,750 ​ $ 662,843 ​ ​ 5.29 % (1) At December 31, 2021 and 2020, the carrying value is net of deferred financing fees of $15.2 million and $7.9 million, respectively. (2) At December 31, 2021 and 2020, the aggregate weighted average note rate, including certain fees and costs, was 5.34% 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 within three months prior to 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 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 December 31, 2021 ​ $ 264,000 ​ $ 2,520 ​ $ 2,095 ​ $ 259,385 ​ $ 8,684 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ $ 278,300 ​ $ 5,636 ​ $ 4,691 ​ $ 267,973 ​ $ 9,962
Repurchase agreements and credit facilities
Debt Obligations
Schedule of borrowings	Borrowings under our credit and repurchase facilities are as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ December 31, 2020 ​ ​ ​ ​ ​ Debt ​ Collateral ​ ​ ​ ​ ​ ​ Debt ​ Collateral ​ ​ ​ ​ ​ ​ ​ Carrying ​ Carrying ​ Wtd. Avg. ​ ​ ​ ​ Carrying ​ Carrying ​ Wtd. Avg. ​ UPB Value(1) Value Note Rate UPB Value(1) Value Note Rate Structured Business ​ ​ ​ ​ ​ ​ ​ ​ $2.00B joint repurchase facility ​ $ 1,490,434 ​ $ 1,486,380 ​ $ 1,877,930 ​ 2.56 % $ 682,958 ​ $ 681,006 ​ $ 1,054,562 ​ 2.55 % $1.00B repurchase facility ​ 676,608 ​ 675,415 ​ 937,880 ​ 2.04 % 192,193 ​ 191,622 ​ 259,559 ​ 2.99 % $450M repurchase facility ​ 397,842 ​ ​ 397,272 ​ ​ 511,269 ​ 1.89 % — ​ ​ — ​ ​ — ​ — ​ $398.7M repurchase facility (2) ​ 242,034 ​ 241,450 ​ 289,956 ​ 3.04 % 71,656 ​ 71,627 ​ 87,242 ​ 2.73 % $325M repurchase facility ​ 294,145 ​ ​ 293,700 ​ ​ 385,337 ​ 1.76 % 31,780 ​ ​ 31,780 ​ ​ 40,551 ​ 1.92 % $225M credit facility ​ 28,213 ​ ​ 27,826 ​ ​ 42,270 ​ 2.79 % 23,857 ​ ​ 23,606 ​ ​ 31,809 ​ 4.06 % $200M credit facility ​ 177,599 ​ 177,406 ​ 236,538 ​ 1.70 % 39,389 ​ 39,346 ​ 47,912 ​ 2.24 % $153.9M loan specific credit facilities ​ 153,937 ​ 153,727 ​ 214,300 ​ 3.14 % 148,798 ​ 148,615 ​ 198,550 ​ 3.03 % $50M credit facility ​ 29,200 ​ ​ 29,194 ​ ​ 36,500 ​ 2.13 % 16,002 ​ ​ 15,992 ​ ​ 21,300 ​ 2.17 % $30M working capital facility ​ — ​ ​ — ​ ​ — ​ — ​ 30,000 ​ ​ 30,000 ​ ​ — ​ 3.55 % $25M credit facility ​ 1,235 ​ ​ 1,235 ​ ​ 1,900 ​ 4.06 % — ​ ​ — ​ ​ — ​ — ​ $25M credit facility ​ ​ 10,285 ​ ​ 10,218 ​ ​ 14,773 ​ 2.38 % ​ 9,539 ​ ​ 9,323 ​ ​ 14,340 ​ 2.43 % $1M master security agreement ​ 635 ​ ​ 635 ​ ​ — ​ 4.01 % 1,441 ​ ​ 1,441 ​ ​ — ​ 4.10 % Repurchase facility - securities (3) ​ 30,849 ​ ​ 30,849 ​ ​ — ​ 3.40 % 38,487 ​ ​ 38,487 ​ ​ — ​ 3.47 % Structured Business total ​ $ 3,533,016 ​ $ 3,525,307 ​ $ 4,548,653 ​ 2.34 % $ 1,286,100 ​ $ 1,282,845 ​ $ 1,755,825 ​ 2.73 % Agency Business ​ ​ ​ ​ ​ ​ ​ $750M ASAP agreement ​ $ 182,130 ​ $ 182,130 ​ $ 182,140 ​ 1.40 % $ 301,455 ​ $ 301,455 ​ $ 302,491 ​ 1.40 % $500M joint repurchase facility ​ 399,470 ​ ​ 395,317 ​ ​ 475,360 ​ 2.11 % 43,132 ​ ​ 42,808 ​ ​ 56,186 ​ 2.07 % $500 M repurchase facility ​ 236,527 ​ ​ 236,429 ​ ​ 236,527 ​ 1.58 % 174,555 ​ ​ 174,515 ​ ​ 174,555 ​ 1.64 % $200M credit facility ​ 115,351 ​ ​ 115,304 ​ ​ 115,351 ​ 1.60 % 294,815 ​ ​ 294,732 ​ ​ 296,698 ​ 1.30 % $150M credit facility ​ 16,657 ​ ​ 16,544 ​ ​ 16,657 ​ 1.51 % 49,754 ​ ​ 49,632 ​ ​ 49,754 ​ 1.65 % $50M credit facility ​ ​ 9,295 ​ ​ 9,295 ​ ​ 9,295 ​ 1.40 % ​ 88,911 ​ ​ 88,896 ​ ​ 88,911 ​ 1.65 % $1.3M repurchase facility (2) ​ 1,253 ​ ​ 1,253 ​ ​ 1,477 ​ 3.00 % — ​ ​ — ​ ​ — ​ — ​ Agency Business total ​ $ 960,683 ​ $ 956,272 ​ $ 1,036,807 ​ 1.75 % $ 952,622 ​ $ 952,038 ​ $ 968,595 ​ 1.48 % Consolidated total ​ $ 4,493,699 ​ $ 4,481,579 ​ $ 5,585,460 ​ 2.21 % $ 2,238,722 ​ $ 2,234,883 ​ $ 2,724,420 ​ 2.20 % (1) The debt carrying value for the Structured Business at December 31, 2021 and 2020 was net of unamortized deferred finance costs of $7.7 million and $3.3 million, respectively. The debt carrying value for the Agency Business at December 31, 2021 and 2020 was net of unamortized deferred finance costs of $4.4 million and $0.6 million, respectively. (2) A portion of this repurchase facility was used to finance a $1.3 million 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 December 31, 2021 and 2020, these facilities were collateralized by B Piece bonds with a carrying value of $47.6 million and $57.8 million, respectively, and an SFR bond with a carrying value of $10.0 million at December 31, 2020, which are held by our Agency Business.
Collateralized loan obligations
Debt Obligations
Schedule of borrowings	Borrowings and the corresponding collateral under our CLOs are as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt ​ Collateral (3) ​ ​ ​ ​ Loans ​ Cash ​ ​ Carrying Wtd. Avg. ​ Carrying Restricted December 31, 2021 ​ Face Value ​ Value (1) ​ Rate (2) ​ UPB ​ Value ​ Cash (4) CLO 17 ​ $ 1,714,125 ​ $ 1,705,549 ​ 1.81 % $ 1,914,280 ​ $ 1,903,997 ​ $ 118,520 CLO 16 ​ ​ 1,237,500 ​ ​ 1,230,093 ​ 1.44 % ​ 1,444,573 ​ ​ 1,436,743 ​ ​ — CLO 15 ​ ​ 674,412 ​ ​ 669,723 ​ 1.49 % ​ 785,761 ​ ​ 782,682 ​ ​ 15,750 CLO 14 ​ ​ 655,475 ​ ​ 650,947 ​ 1.45 % ​ 717,396 ​ ​ 715,154 ​ ​ 53,342 CLO 13 ​ ​ 668,000 ​ ​ 665,006 ​ 1.54 % ​ 740,369 ​ ​ 738,265 ​ ​ 48,543 CLO 12 ​ ​ 534,193 ​ ​ 531,939 ​ 1.62 % ​ 557,249 ​ ​ 555,974 ​ ​ 35,635 CLO 10 ​ 441,000 ​ 439,553 ​ 1.57 % 485,460 ​ 483,995 ​ 57,706 Total CLOs ​ $ 5,924,705 ​ $ 5,892,810 ​ 1.59 % $ 6,645,088 ​ $ 6,616,810 ​ $ 329,496 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ ​ ​ ​ ​ CLO 13 ​ $ 668,000 ​ $ 663,804 ​ 1.58 % $ 768,664 ​ $ 765,923 ​ $ 43 CLO 12 ​ ​ 534,193 ​ ​ 530,673 ​ 1.66 % ​ 628,935 ​ ​ 627,262 ​ ​ 2,005 CLO 11 ​ 533,000 ​ 529,859 ​ 1.61 % 555,157 ​ 553,286 ​ 92,395 CLO 10 ​ ​ 441,000 ​ ​ 438,442 ​ 1.61 % ​ 522,132 ​ ​ 520,507 ​ ​ 25,537 CLO 9 ​ ​ 356,150 ​ ​ 354,531 ​ 1.53 % ​ 457,903 ​ ​ 456,656 ​ ​ 18,703 Total CLOs ​ $ 2,532,343 ​ $ 2,517,309 ​ 1.60 % $ 2,932,791 ​ $ 2,923,634 ​ $ 138,683 (1) Debt carrying value is net of $31.9 million and $15.0 million of deferred financing fees at December 31, 2021 and 2020, respectively. (2) At December 31, 2021 and 2020, the aggregate weighted average note rate for our CLOs, including certain fees and costs, was 1.86% and 1.93% , respectively. (3) As of December 31, 2021 and 2020, there was 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 $133.7 million and $49.5 million at December 31, 2021 and 2020, respectively.
Schedule of company's CLO compliance tests as of the most recent determination dates	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash Flow Triggers CLO 10 CLO 12 CLO 13 CLO 14 CLO 15 ​ CLO 16 ​ CLO 17 Overcollateralization (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current 126.98 % 118.87 % 119.76 % 119.76 % 120.85 % 121.21 % 122.51 % Limit 125.98 % 117.87 % 118.76 % 118.76 % 119.85 % 120.21 % 121.51 % Pass / Fail Pass ​ Pass ​ Pass ​ Pass ​ Pass ​ Pass ​ Pass ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest Coverage (2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current 488.48 % 307.16 % 317.07 % 319.01 % 332.57 % 276.52 % 192.52 % Limit 120.00 % 120.00 % 120.00 % 120.00 % 120.00 % 120.00 % 120.00 % Pass / Fail Pass ​ 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 10 CLO 12 CLO 13 CLO 14 CLO 15 ​ CLO 16 ​ CLO 17 ​ January 2022 ​ 126.98 % 118.87 % 119.76 % 119.76 % 120.85 % 121.21 % 122.51 % October 2021 ​ 126.98 % 118.87 % 119.76 % 119.76 % 120.85 % 121.21 % — ​ July 2021 ​ 126.98 % 118.87 % 119.76 % 119.76 % 120.85 % — ​ — ​ April 2021 ​ 126.98 % 118.87 % 119.76 % 119.76 % — ​ — ​ — ​ January 2021 ​ 126.98 % 118.87 % 119.76 % — ​ — ​ — ​ — ​ (1) This table 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)	12 Months Ended
	Dec. 31, 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2021 2020 ​ Beginning balance ​ $ 64,303 ​ $ 34,648 ​ Impact of adopting CECL - January 1, 2020 ​ ​ — ​ ​ 14,406 ​ Provisions for loss sharing ​ ​ 44 ​ ​ 16,379 ​ Provisions reversal for loan repayments ​ ​ (6,211) ​ ​ (1,557) ​ Recoveries (charge-offs), net ​ (2,072) ​ ​ 427 ​ Ending balance ​ $ 56,064 ​ $ 64,303 ​

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2021
Agency Business
Derivatives, Fair Value [Line Items]
Schedule of non-qualifying derivative financial instruments	A summary of our non-qualifying derivative financial instruments in our Agency Business is as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value ​ ​ ​ ​ Notional ​ Balance Sheet ​ Derivative ​ Derivative Derivative Count Value Location Assets Liabilities Rate Lock Commitments ​ 2 ​ $ 11,250 ​ Other Assets/Other Liabilities ​ $ 295 ​ $ (33) Forward Sale Commitments ​ 55 ​ ​ 571,220 ​ Other Assets/Other Liabilities ​ ​ 1,370 ​ ​ (1,449) Swaps ​ 3,882 ​ ​ 388,200 ​ ​ ​ ​ — ​ ​ — ​ ​ ​ ​ $ 970,670 ​ ​ ​ $ 1,665 ​ $ (1,482) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 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) Swaps ​ 453 ​ ​ 45,300 ​ ​ ​ ​ — ​ ​ — ​ ​ ​ ​ $ 1,230,417 ​ ​ ​ $ 3,892 ​ $ (1,221)

Fair Value (Tables)

Fair Value (Tables)	12 Months Ended
	Dec. 31, 2021
Fair Value
Schedule of the principal amounts, carrying values and the estimated fair values of the Company's financial instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 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 ​ $ 12,158,995 ​ $ 11,981,048 ​ $ 12,181,194 ​ $ 5,475,082 ​ $ 5,285,868 ​ $ 5,428,141 Loans held-for-sale, net ​ ​ 1,077,239 ​ ​ 1,093,609 ​ ​ 1,117,085 ​ ​ 968,595 ​ ​ 986,919 ​ ​ 1,007,294 Capitalized mortgage servicing rights, net ​ ​ n/a ​ ​ 422,734 ​ ​ 477,323 ​ ​ n/a ​ ​ 379,974 ​ ​ 415,495 Securities held-to-maturity, net ​ ​ 210,728 ​ ​ 140,484 ​ ​ 149,911 ​ ​ 140,124 ​ ​ 95,524 ​ ​ 94,128 Derivative financial instruments ​ ​ 280,654 ​ 1,665 ​ 1,665 ​ ​ 865,975 ​ 3,892 ​ 3,892 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Credit and repurchase facilities ​ $ 4,493,699 ​ $ 4,481,579 ​ $ 4,484,107 ​ $ 2,238,722 ​ $ 2,234,883 ​ $ 2,235,668 Collateralized loan obligations ​ ​ 5,924,705 ​ 5,892,810 ​ 5,914,453 ​ ​ 2,532,343 ​ 2,517,309 ​ 2,495,195 Senior unsecured notes ​ ​ 1,295,750 ​ 1,280,545 ​ 1,301,708 ​ ​ 670,750 ​ 662,843 ​ 670,117 Convertible senior unsecured notes, net ​ ​ 264,000 ​ ​ 259,385 ​ ​ 294,690 ​ ​ 278,300 ​ ​ 267,973 ​ ​ 280,636 Junior subordinated notes ​ ​ 154,336 ​ 142,382 ​ 101,698 ​ ​ 154,336 ​ 141,656 ​ 99,594 Derivative financial instruments ​ ​ 301,816 ​ 1,482 ​ 1,482 ​ ​ 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 ​ $ 1,665 ​ $ 1,665 ​ $ — ​ $ 1,370 ​ $ 295 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative financial instruments ​ $ 1,482 ​ $ 1,482 ​ $ — ​ $ 1,482 ​ $ —
Schedule of certain financial assets and financial liabilities measured at fair value on a nonrecurring basis	We measure certain financial and non-financial assets at fair value on a nonrecurring basis. The fair values of these financial and non-financial assets, if applicable, were determined using the following input levels as of December 31, 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) ​ $ 61,953 ​ $ 61,953 ​ $ — ​ $ — ​ $ 61,953 (1) We had an allowance for credit losses of $86.9 million relating to eight impaired loans with an aggregate carrying value, before loan loss reserves, of $148.8 million at December 31, 2021.
Schedule of quantitative information about Level 3 fair value measurements	Quantitative information about Level 3 fair value measurements at December 31, 2021 is as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Valuation ​ ​ ​ ​ ​ Fair Value Techniques Significant Unobservable Inputs Financial assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Impaired loans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Land ​ $ 50,000 Discounted cash flows Discount rate ​ 21.50 % ​ ​ ​ ​ ​ ​ Revenue growth rate ​ 3.00 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Discount rate ​ 11.25 % Retail ​ ​ 11,473 ​ Discounted cash flows ​ Capitalization rate ​ 9.25 % ​ ​ ​ ​ ​ ​ ​ Revenue growth rate ​ 3.00 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Discount rate ​ 11.00 % Office ​ ​ 480 ​ Discounted cash flows Capitalization rate ​ 9.00 % ​ ​ ​ ​ ​ ​ Revenue growth rate ​ 2.50 % Derivative financial instruments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rate lock commitments ​ ​ 295 ​ Discounted cash flows ​ W/A discount rate ​ 13.31 % ​
Schedule of financial assets measured at fair value on a recurring basis using Level 3 inputs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements Using ​ ​ Significant Unobservable Inputs ​ ​ for the Year Ended December 31, ​ ​ 2021 2020 2019 Derivative assets and liabilities, net ​ ​ ​ ​ Beginning balance ​ $ 1,967 ​ $ 1,066 ​ $ 324 Settlements ​ (112,836) ​ (164,654) ​ (83,992) Realized gains recorded in earnings ​ 110,869 ​ 163,588 ​ 83,668 Unrealized gains recorded in earnings ​ 295 ​ 1,967 ​ 1,066 Ending balance ​ $ 295 ​ $ 1,967 ​ $ 1,066
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 December 31, 2021 Principal Amount Servicing Rights Movement Effect Adjustment Rate lock commitments ​ $ 11,250 ​ $ 295 ​ $ (29) ​ $ 266 Forward sale commitments ​ ​ 571,220 ​ ​ — ​ ​ 29 ​ ​ 29 Loans held-for-sale, net (1) ​ ​ 1,077,239 ​ ​ 19,386 ​ ​ — ​ ​ 19,386 Total ​ ​ ​ ​ $ 19,681 ​ $ — ​ $ 19,681 (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 ​ $ 11,981,048 ​ $ 12,181,194 ​ $ — ​ $ — ​ $ 12,181,194 Loans held-for-sale, net ​ ​ 1,093,609 ​ ​ 1,117,085 ​ ​ — ​ ​ 1,097,699 ​ ​ 19,386 Capitalized mortgage servicing rights, net ​ ​ 422,734 ​ ​ 477,323 ​ ​ — ​ ​ — ​ ​ 477,323 Securities held-to-maturity, net ​ ​ 140,484 ​ ​ 149,911 ​ ​ — ​ ​ — ​ ​ 149,911 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Credit and repurchase facilities ​ $ 4,481,579 ​ $ 4,484,107 ​ $ — ​ $ 956,272 ​ $ 3,527,835 Collateralized loan obligations ​ 5,892,810 ​ 5,914,453 ​ — ​ — ​ 5,914,453 Senior unsecured notes ​ 1,280,545 ​ 1,301,708 ​ 1,301,708 ​ — ​ — Convertible senior unsecured notes, net ​ ​ 259,385 ​ ​ 294,690 ​ ​ — ​ ​ 294,690 ​ ​ — Junior subordinated notes ​ 142,382 ​ 101,698 ​ — ​ — ​ 101,698

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies
Schedule of maturities of debt obligations and operating lease payments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Minimum Annual ​ ​ ​ Debt Operating Lease ​ ​ Year Obligations Payments Total 2022 ​ $ 3,360,731 ​ $ 8,342 ​ $ 3,369,073 2023 ​ 1,886,918 ​ 8,067 ​ 1,894,985 2024 ​ 2,925,345 ​ 7,929 ​ 2,933,274 2025 ​ 1,109,257 ​ 7,978 ​ 1,117,235 2026 ​ 2,210,054 ​ 8,282 ​ 2,218,336 Thereafter ​ 640,185 ​ 26,098 ​ 666,283 Total ​ $ 12,132,490 ​ $ 66,696 ​ $ 12,199,186

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	12 Months Ended
	Dec. 31, 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 December 31, 2020 ​ Assets: ​ ​ ​ ​ ​ ​ ​ Restricted cash ​ $ 466,523 ​ $ 188,226 ​ Loans and investments, net ​ ​ 6,616,809 ​ ​ 2,923,634 ​ Other assets ​ ​ 61,474 ​ ​ 22,587 ​ Total assets ​ $ 7,144,806 ​ $ 3,134,447 ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ Collateralized loan obligations ​ $ 5,892,810 ​ $ 2,517,309 ​ Other liabilities ​ 9,813 ​ 2,755 ​ Total liabilities ​ $ 5,902,623 ​ $ 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 December 31, 2021 is as follows (in thousands): ​ ​ ​ ​ ​ Type Carrying Amount (1) Loans ​ $ 466,811 APL certificates ​ ​ 94,291 B Piece bonds ​ ​ 47,946 Equity investments ​ ​ 20,560 Agency interest only strips ​ ​ 542 Total ​ $ 630,150 (1) Represents the carrying amount of loans and investments before reserves. At December 31, 2021, $129.8 million of loans to VIEs had corresponding loan loss reserves of $79.4 million. The maximum loss exposure as of December 31, 2021 would not exceed the carrying amount of our investment.

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 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 Series E February 17, 2021 ​ $ 0.33 ​ February 1, 2021 ​ $ 0.515625 ​ $ 0.484375 ​ $ 0.53125 ​ ​ N/A ​ ​ N/A May 5, 2021 ​ $ 0.34 ​ April 30, 2021 ​ $ 0.515625 ​ $ 0.484375 ​ $ 0.53125 ​ ​ N/A ​ ​ N/A July 28, 2021 ​ $ 0.35 ​ July 2, 2021 ​ ​ N/A ​ ​ N/A ​ ​ N/A ​ $ 0.25677 ​ ​ N/A October 27, 2021 ​ $ 0.36 ​ October 1, 2021 ​ ​ N/A ​ ​ N/A ​ ​ N/A ​ $ 0.3984375 ​ $ 0.34288 (1) The dividend declared on October 1, 2021 for Series D and E were for July 30, 2021 through October 29, 2021 and August 11, 2021 (the date of issuance) through October 29, 2021, respectively. The dividend declared on July 2, 2021 was for June 2, 2021 through July 29, 2021, 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 fully redeemed 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	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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ 2021 ​ 2020 ​ 2019 ​ ​ Basic Diluted Basic Diluted Basic Diluted ​ Net income attributable to common stockholders (1) ​ $ 317,412 ​ $ 317,412 ​ $ 163,395 ​ $ 163,395 ​ $ 121,074 ​ $ 121,074 ​ Net income attributable to noncontrolling interest (2) ​ ​ — ​ ​ 38,507 ​ ​ — ​ ​ 25,208 ​ ​ — ​ ​ 26,610 ​ Net income attributable to common stockholders and noncontrolling interest ​ $ 317,412 ​ $ 355,919 ​ $ 163,395 ​ $ 188,603 ​ $ 121,074 ​ $ 147,684 ​ Weighted average shares outstanding ​ 137,830,691 ​ 137,830,691 ​ ​ 113,811,471 ​ ​ 113,811,471 ​ ​ 92,851,327 ​ ​ 92,851,327 ​ Dilutive effect of OP Units (2) ​ ​ — ​ ​ 16,818,722 ​ ​ — ​ ​ 19,395,691 ​ ​ — ​ ​ 20,502,128 ​ Dilutive effect of restricted stock units (3) ​ — ​ 933,233 ​ — ​ 718,647 ​ — ​ 1,421,528 ​ Dilutive effect of convertible notes (4) ​ ​ — ​ ​ 506,949 ​ ​ — ​ ​ 43,487 ​ ​ — ​ ​ 1,417,968 ​ Weighted average shares outstanding ​ 137,830,691 ​ 156,089,595 ​ ​ 113,811,471 ​ ​ 133,969,296 ​ ​ 92,851,327 ​ ​ 116,192,951 ​ Net income per common share (1) ​ $ 2.30 ​ $ 2.28 ​ $ 1.44 ​ $ 1.41 ​ $ 1.30 ​ $ 1.27 ​ (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 was granted restricted stock units, 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. Our adoption of ASU 2020-06 on January 1, 2022 changes the way in which we account for our convertible debt, see Note 2 for details.

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2021
Income Taxes
Schedule of pre-tax GAAP income	A summary of our pre-tax GAAP income is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 2019 Pre ‑ tax GAAP income: ​ ​ ​ REIT ​ $ 239,356 ​ $ 78,320 ​ $ 94,076 TRS Consolidated Group ​ 184,736 ​ 158,230 ​ 76,198 Total pre‑tax GAAP income ​ $ 424,092 ​ $ 236,550 ​ $ 170,274
Schedule of provision for income taxes	Our provision for income taxes is comprised as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 2019 Current tax provision: ​ ​ ​ Federal ​ $ 27,453 ​ $ 27,284 ​ $ 12,381 State ​ 7,939 ​ 8,383 ​ 2,505 Total ​ 35,392 ​ 35,667 ​ 14,886 Deferred tax provision : ​ ​ ​ Federal ​ $ 8,288 ​ $ 3,932 ​ $ 2,743 State ​ 2,744 ​ 780 ​ 688 Valuation allowance ​ (139) ​ 14 ​ (3,281) Total ​ 10,893 ​ 4,726 ​ 150 Total income tax expense ​ $ 46,285 ​ $ 40,393 ​ $ 15,036
Schedule of reconciliation of effective income tax rate as a percentage of pretax income or loss to the U.S. federal statutory rate	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2021 2020 2019 U.S. federal statutory rate 21.0 % 21.0 % 21.0 % REIT non‑taxable income (11.9) (7.0) (11.3) ​ State and local income taxes, net of federal tax benefit 2.0 3.0 1.5 ​ Change in valuation allowance — — (1.9) ​ Other (0.2) — (0.5) ​ Effective income tax rate 10.9 % 17.0 % 8.8 %
Summary of significant components of deferred tax assets and liabilities of TRS Consolidated Group	The significant components of our deferred tax assets and liabilities of our TRS Consolidated Group are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 Deferred tax assets: ​ ​ Expenses not currently deductible ​ $ 25,542 ​ $ 24,603 Loan loss reserves ​ 7,110 ​ 7,047 Net operating and capital loss carryforwards ​ 468 ​ 691 Valuation allowance ​ (292) ​ (431) Other ​ ​ 372 ​ ​ 306 Deferred tax assets, net ​ $ 33,200 ​ $ 32,216 Deferred tax liabilities: ​ ​ Mortgage servicing rights ​ $ 28,672 ​ $ 23,628 Interest in equity affiliates—net ​ ​ 8,179 ​ ​ 589 Intangibles ​ 7,243 ​ 8,002 Deferred tax liabilities, net ​ $ 44,094 ​ $ 32,219

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2021
Segment Information
Schedule of statement of income and balance sheet by segment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2021 ​ ​ Structured ​ Agency ​ Other / ​ ​ ​ ​ Business Business Eliminations (1) Consolidated Interest income ​ $ 427,039 ​ $ 39,048 ​ $ — ​ $ 466,087 Interest expense ​ ​ 194,435 ​ ​ 17,570 ​ ​ — ​ ​ 212,005 Net interest income ​ ​ 232,604 ​ ​ 21,478 ​ ​ — ​ ​ 254,082 Other revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain on sales, including fee-based services, net ​ ​ — ​ ​ 123,037 ​ ​ — ​ ​ 123,037 Mortgage servicing rights ​ ​ — ​ ​ 130,230 ​ ​ — ​ ​ 130,230 Servicing revenue ​ ​ — ​ ​ 133,429 ​ ​ — ​ ​ 133,429 Amortization of MSRs ​ ​ — ​ ​ (58,615) ​ ​ — ​ ​ (58,615) Property operating income ​ ​ 185 ​ ​ — ​ ​ — ​ ​ 185 Loss on derivative instruments, net ​ ​ — ​ ​ (2,684) ​ ​ — ​ ​ (2,684) Other income, net ​ ​ 7,491 ​ ​ 75 ​ ​ — ​ ​ 7,566 Total other revenue ​ ​ 7,676 ​ ​ 325,472 ​ ​ — ​ ​ 333,148 Other expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee compensation and benefits ​ ​ 51,225 ​ ​ 120,571 ​ ​ — ​ ​ 171,796 Selling and administrative ​ ​ 21,064 ​ ​ 24,511 ​ ​ — ​ ​ 45,575 Property operating expenses ​ ​ 718 ​ ​ — ​ ​ — ​ ​ 718 Depreciation and amortization ​ ​ 2,524 ​ ​ 4,691 ​ ​ — ​ ​ 7,215 Provision for loss sharing (net of recoveries) ​ ​ — ​ ​ (6,167) ​ ​ — ​ ​ (6,167) Provision for credit losses (net of recoveries) ​ ​ (21,223) ​ ​ 110 ​ ​ — ​ ​ (21,113) Total other expenses ​ ​ 54,308 ​ ​ 143,716 ​ ​ — ​ ​ 198,024 Income before extinguishment of debt, gain on real estate, income from equity affiliates and income taxes ​ ​ 185,972 ​ ​ 203,234 ​ ​ — ​ ​ 389,206 Loss on extinguishment of debt ​ ​ (3,374) ​ ​ — ​ ​ — ​ ​ (3,374) Gain on real estate ​ ​ 2,466 ​ ​ 1,227 ​ ​ — ​ ​ 3,693 Income from equity affiliates ​ ​ 34,567 ​ ​ — ​ ​ — ​ ​ 34,567 Provision for income taxes ​ ​ (5,940) ​ ​ (40,345) ​ ​ — ​ ​ (46,285) Net income ​ ​ 213,691 ​ ​ 164,116 ​ ​ — ​ ​ 377,807 Preferred stock dividends ​ ​ 21,888 ​ ​ — ​ ​ — ​ ​ 21,888 Net income attributable to noncontrolling interest ​ ​ — ​ ​ — ​ ​ 38,507 ​ ​ 38,507 Net income attributable to common stockholders ​ $ 191,803 ​ $ 164,116 ​ $ (38,507) ​ $ 317,412 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2020 ​ ​ ​ Structured ​ ​ Agency ​ ​ Other / ​ ​ ​ ​ ​ Business ​ Business ​ Eliminations (1) ​ Consolidated Interest income ​ $ 305,893 $ 33,572 $ — $ 339,465 Interest expense ​ ​ 150,964 ​ ​ 18,252 ​ ​ — ​ ​ 169,216 Net interest income ​ ​ 154,929 ​ ​ 15,320 ​ ​ — ​ ​ 170,249 Other revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain on sales, including fee-based services, net ​ ​ — ​ ​ 94,607 ​ ​ — ​ ​ 94,607 Mortgage servicing rights ​ ​ — ​ ​ 165,517 ​ ​ — ​ ​ 165,517 Servicing revenue ​ ​ — ​ ​ 103,607 ​ ​ — ​ ​ 103,607 Amortization of MSRs ​ ​ — ​ ​ (49,222) ​ ​ — ​ ​ (49,222) Property operating income ​ ​ 3,976 ​ ​ — ​ ​ — ​ ​ 3,976 Loss on derivative instruments, net ​ ​ (2,859) ​ ​ (55,476) ​ ​ — ​ ​ (58,335) Other income, net ​ ​ 4,052 ​ ​ 57 ​ ​ — ​ ​ 4,109 Total other revenue ​ ​ 5,169 ​ ​ 259,090 ​ ​ — ​ ​ 264,259 Other expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee compensation and benefits ​ ​ 40,292 ​ ​ 104,088 ​ ​ — ​ ​ 144,380 Selling and administrative ​ ​ 15,706 ​ ​ 21,642 ​ ​ — ​ 37,348 Property operating expenses ​ ​ 4,898 ​ ​ — ​ ​ — ​ ​ 4,898 Depreciation and amortization ​ ​ 2,391 ​ ​ 5,249 ​ ​ — ​ ​ 7,640 Provision for loss sharing (net of recoveries) ​ ​ — ​ ​ 14,822 ​ ​ — ​ ​ 14,822 Provision for credit losses (net of recoveries) ​ ​ 59,967 ​ ​ 1,143 ​ ​ — ​ ​ 61,110 Total other expenses ​ ​ 123,254 ​ ​ 146,944 ​ ​ — ​ ​ 270,198 Income before extinguishment of debt, (loss) gain on real estate, income from equity affiliates and income taxes ​ ​ 36,844 ​ ​ 127,466 ​ ​ — ​ ​ 164,310 Loss on extinguishment of debt ​ ​ (3,546) ​ ​ — ​ ​ — ​ ​ (3,546) (Loss) gain on real estate ​ ​ (878) ​ ​ 503 ​ ​ — ​ ​ (375) Income from equity affiliates ​ ​ 76,161 ​ ​ — ​ ​ — ​ ​ 76,161 Provision for income taxes ​ ​ (14,303) ​ ​ (26,090) ​ ​ — ​ ​ (40,393) Net income ​ ​ 94,278 ​ ​ 101,879 ​ ​ — ​ ​ 196,157 Preferred stock dividends ​ ​ 7,554 ​ ​ — ​ ​ — ​ ​ 7,554 Net income attributable to noncontrolling interest ​ ​ — ​ ​ — ​ ​ 25,208 ​ ​ 25,208 Net income attributable to common stockholders ​ $ 86,724 $ 101,879 $ (25,208) $ 163,395 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2019 ​ ​ ​ Structured ​ ​ Agency ​ ​ Other / ​ ​ ​ ​ ​ Business ​ Business ​ Eliminations (1) ​ Consolidated Interest income ​ $ 289,841 ​ $ 26,099 ​ $ — ​ $ 315,940 Interest expense ​ ​ 169,802 ​ ​ 16,597 ​ ​ — ​ ​ 186,399 Net interest income ​ ​ 120,039 ​ ​ 9,502 ​ ​ — ​ ​ 129,541 Other revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain on sales, including fee-based services, net ​ ​ — ​ ​ 65,652 ​ ​ — ​ ​ 65,652 Mortgage servicing rights ​ ​ — ​ ​ 90,761 ​ ​ — ​ ​ 90,761 Servicing revenue ​ ​ — ​ ​ 103,223 ​ ​ — ​ ​ 103,223 Amortization of MSRs ​ ​ — ​ ​ (48,681) ​ ​ — ​ ​ (48,681) Property operating income ​ ​ 9,674 ​ ​ — ​ ​ — ​ ​ 9,674 Loss on derivative instruments, net ​ ​ (275) ​ ​ (1,687) ​ ​ — ​ ​ (1,962) Other income, net ​ ​ 1,178 ​ ​ — ​ ​ — ​ ​ 1,178 Total other revenue ​ ​ 10,577 ​ ​ 209,268 ​ ​ — ​ ​ 219,845 Other expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee compensation and benefits ​ ​ 31,264 ​ ​ 90,838 ​ ​ — ​ ​ 122,102 Selling and administrative ​ ​ 18,099 ​ ​ 22,230 ​ ​ — ​ ​ 40,329 Property operating expenses ​ ​ 10,220 ​ ​ — ​ ​ — ​ ​ 10,220 Depreciation and amortization ​ ​ 2,046 ​ ​ 5,464 ​ ​ — ​ ​ 7,510 Impairment loss on real estate owned ​ ​ 1,000 ​ ​ — ​ ​ — ​ ​ 1,000 Provision for loss sharing (net of recoveries) ​ ​ — ​ ​ 1,147 ​ ​ — ​ ​ 1,147 Total other expenses ​ ​ 62,629 ​ ​ 119,679 ​ ​ — ​ ​ 182,308 Income before extinguishment of debt, income from equity affiliates and income taxes ​ ​ 67,987 ​ ​ 99,091 ​ ​ — ​ ​ 167,078 Loss on extinguishment of debt ​ ​ (7,439) ​ ​ — ​ ​ — ​ ​ (7,439) Income from equity affiliates ​ ​ 10,635 ​ ​ — ​ ​ — ​ ​ 10,635 Provision for income taxes ​ ​ (668) ​ ​ (14,368) ​ ​ — ​ ​ (15,036) Net income ​ ​ 70,515 ​ ​ 84,723 ​ ​ — ​ ​ 155,238 Preferred stock dividends ​ ​ 7,554 ​ ​ — ​ ​ — ​ ​ 7,554 Net income attributable to noncontrolling interest ​ ​ — ​ ​ — ​ ​ 26,610 ​ ​ 26,610 Net income attributable to common stockholders ​ $ 62,961 ​ $ 84,723 ​ $ (26,610) ​ $ 121,074 (1) Includes income allocated to the noncontrolling interest holders not allocated to the two reportable segments. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ Structured Business Agency Business Consolidated Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 142,771 ​ $ 261,809 ​ $ 404,580 Restricted cash ​ ​ 468,013 ​ ​ 18,677 ​ ​ 486,690 Loans and investments, net ​ ​ 11,981,048 ​ ​ — ​ ​ 11,981,048 Loans held-for-sale, net ​ ​ — ​ ​ 1,093,609 ​ ​ 1,093,609 Capitalized mortgage servicing rights, net ​ ​ — ​ ​ 422,734 ​ ​ 422,734 Securities held-to-maturity, net ​ ​ — ​ ​ 140,484 ​ ​ 140,484 Investments in equity affiliates ​ ​ 89,676 ​ ​ — ​ ​ 89,676 Goodwill and other intangible assets ​ ​ 12,500 ​ ​ 88,260 ​ ​ 100,760 Other assets and due from related party ​ ​ 285,600 ​ ​ 68,664 ​ ​ 354,264 Total assets ​ $ 12,979,608 ​ $ 2,094,237 ​ $ 15,073,845 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt obligations ​ $ 11,100,429 ​ $ 956,272 ​ $ 12,056,701 Allowance for loss-sharing obligations ​ ​ — ​ ​ 56,064 ​ ​ 56,064 Other liabilities and due to related parties ​ ​ 278,726 ​ ​ 132,370 ​ ​ 411,096 Total liabilities ​ $ 11,379,155 ​ $ 1,144,706 ​ $ 12,523,861 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2021 2020 2019 ​ Origination Data: ​ ​ ​ ​ ​ Structured Business ​ ​ ​ ​ ​ Bridge loans (1) ​ $ 9,490,402 ​ $ 2,312,061 ​ $ 2,598,658 ​ Mezzanine loans ​ ​ 175,225 ​ ​ 45,122 ​ ​ 127,784 ​ Preferred equity investments ​ ​ 28,650 ​ ​ 31,600 ​ ​ 35,130 ​ Other loans (2) ​ ​ 26,238 ​ ​ 44,896 ​ ​ 41,679 ​ Total new loan originations ​ $ 9,720,515 ​ $ 2,433,679 ​ $ 2,803,251 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Bridge loans in 2021 includes 103 SFR loans with a UPB of $389.2 million. During 2021, 2020 and 2019, we committed to fund SFR loans totaling $729.5 million, $261.5 million and $63.2 million, respectively. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (2) Other loans in 2021 and 2020 includes 1 and 9 SFR permanent loans with a UPB of $26.2 million and $37.2 million, respectively. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loan payoffs / paydowns ​ $ 2,516,771 ​ $ 1,208,071 ​ $ 1,748,387 ​ ​ ​ ​ ​ ​ Agency Business ​ ​ ​ ​ Origination Volumes by Investor: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fannie Mae ​ $ 3,389,312 ​ $ 5,041,925 ​ $ 3,346,272 ​ Private Label ​ ​ 1,436,853 ​ ​ 382,191 ​ ​ 401,216 ​ Freddie Mac ​ 1,016,142 ​ 960,508 ​ 728,317 ​ FHA ​ 430,320 ​ 327,345 ​ 123,095 ​ SFR - Fixed Rate ​ 136,931 ​ — ​ — ​ CMBS/Conduit ​ ​ — ​ ​ — ​ ​ 211,325 ​ Total ​ $ 6,409,558 ​ $ 6,711,969 ​ $ 4,810,225 ​ Total loan commitment volume ​ $ 6,347,752 ​ $ 6,810,666 ​ $ 4,829,721 ​ ​ ​ ​ ​ ​ Loan Sales Data: ​ ​ ​ ​ Agency Business ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fannie Mae ​ $ 3,675,763 ​ $ 4,771,113 ​ $ 3,296,523 ​ Freddie Mac ​ ​ 1,081,702 ​ ​ 816,802 ​ ​ 786,993 ​ Private Label ​ ​ 985,094 ​ ​ 727,154 ​ ​ — ​ FHA ​ ​ 480,275 ​ ​ 272,659 ​ ​ 106,271 ​ SFR - Fixed Rate ​ 192,335 ​ — ​ — ​ CMBS/Conduit ​ — ​ — ​ 211,325 ​ Total ​ $ 6,415,169 ​ $ 6,587,728 ​ $ 4,401,112 ​ Sales margin (fee-based services as a % of loan sales) ​ 1.92 % 1.44 % 1.49 % MSR rate (MSR income as a % of loan commitments) ​ 2.05 % 2.43 % 1.88 %
Schedule of key servicing metrics for Agency Business	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ ​ ​ ​ Wtd. Avg. Servicing ​ Wtd. Avg. Life of ​ ​ UPB of Servicing ​ Fee Rate ​ Servicing Portfolio Key Servicing Metrics for Agency Business: Portfolio (basis points) (years) Fannie Mae ​ $ 19,127,397 ​ 53.5 ​ 8.0 Freddie Mac ​ ​ 4,943,905 ​ 27.1 ​ 9.3 Private Label ​ ​ 1,711,326 ​ 20.0 ​ 8.3 FHA ​ ​ 985,063 ​ 15.4 ​ 21.0 SFR - Fixed Rate ​ ​ 191,698 ​ 20.0 ​ 6.5 Total ​ $ 26,959,389 ​ 44.9 ​ 8.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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)	12 Months Ended
	Dec. 31, 2021segment
Description of Business
Number of business segments	2

Basis of Presentation and Sig_4

Basis of Presentation and Significant Accounting Policies (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)	Jan. 01, 2022USD ($)	Dec. 31, 2020USD ($)	Jan. 01, 2020USD ($)
Significant Accounting Policies
Retained Earnings (Accumulated Deficit)	$ 62,532		$ (63,442)
Allowance for Loss-Sharing Obligations
Period of a loan past due becomes delinquent	60 days
Real Estate Owned and Held-For-Sale
Period following acquisition in which the entity finalizes the purchase price allocation of the real estate properties acquired	1 year
Aggregate increase to retained earnings	$ 62,532		$ (63,442)
Fannie Mae
Allowance for Loss-Sharing Obligations
Percentage of loss obligation on UPB	5.00%
Percentage of additional loss obligation on UPB	5.00%
Obligated funding percentage of mortgage delinquencies	100.00%
Loss sharing funding percentage of advances until final settlement	25.00%
ASU 2020-20 | Cumulative-effect adjustment
Significant Accounting Policies
Retained Earnings (Accumulated Deficit)		$ 6,200
Real Estate Owned and Held-For-Sale
Aggregate increase to retained earnings		6,200
Aggregate decrease to additional paid-in capital		$ (8,700)
Impact of adopting CECL
Significant Accounting Policies
Retained Earnings (Accumulated Deficit)				$ 28,600
Deferred tax assets, net				3,600
Real Estate Owned and Held-For-Sale
Aggregate increase to retained earnings				$ 28,600
Minimum
Loans Held-for-Sale, Net
Maximum number of days held-for-sale loans are generally transferred or sold	60 days
Minimum | Interest Rate Swaps
Real Estate Owned and Held-For-Sale
Derivative Swap Rate Period	5 years
Maximum
Loans Held-for-Sale, Net
Maximum number of days held-for-sale loans are generally transferred or sold	180 days
Maximum | Fannie Mae
Allowance for Loss-Sharing Obligations
Percentage of loss obligation on UPB	20.00%
Maximum | Interest Rate Swaps
Real Estate Owned and Held-For-Sale
Derivative Swap Rate Period	10 years
Commercial Loans | MSRs
Capitalized Mortgage Servicing Rights
Inflation rate used for adequate compensation	3.00%
Commercial Loans | MSRs | Discount rate | Minimum
Capitalized Mortgage Servicing Rights
Discount rates to determine the present value of MSRs (as a percent)	8
Commercial Loans | MSRs | Discount rate | Maximum
Capitalized Mortgage Servicing Rights
Discount rates to determine the present value of MSRs (as a percent)	13
Commercial Loans | MSRs | Discount rate | Weighted average
Capitalized Mortgage Servicing Rights
Discount rates to determine the present value of MSRs (as a percent)	12

Loans and Investments - Investm

Loans and Investments - Investment Portfolio and Concentration of Credit Risk (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)loanproperty	Dec. 31, 2020USD ($)loanproperty	Mar. 31, 2021USD ($)loan	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Loans and Investments
Loans and investments, gross	$ 12,158,995	$ 5,475,082
Allowance for credit losses	(113,241)	(148,329)		$ (71,069)
Unearned revenue	(64,706)	(40,885)
Loans and investments, net	$ 11,981,048	$ 5,285,868		$ 4,189,960	$ 3,200,145
Percent of Total	100.00%	100.00%
Loan Count | loan	580	328
Wtd. Avg. Pay Rate (as a percent)	4.26%	5.23%
Wtd. Avg. Remaining Months to Maturity	24 months 18 days	19 months 6 days
Wtd. Avg. First Dollar LTV Ratio (as percent)	1.00%	4.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	76.00%	77.00%
Single-Family Rental
Loans and Investments
Transfer of fixed rate SFR from Structured Business to Agency Business | loan			21
Transfer of UPB from Structured Business To Agency Business			$ 65,200
Credit risk concentration
Loans and Investments
Wtd. Avg. First Dollar LTV Ratio (as percent)	1.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	76.00%
Credit risk concentration | Single-Family Rental
Loans and Investments
Percent of Total	4.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	0.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	65.00%
Total assets | Credit risk concentration
Loans and Investments
Loan Count | loan	31	22
Number of different borrowers | property	5	5
Concentration Risk Threshold Percentage	11	12
Bridge Loans
Loans and Investments
Loans and investments, gross	$ 11,750,710	$ 5,022,509
Percent of Total	97.00%	92.00%
Loan Count | loan	528	263
Wtd. Avg. Pay Rate (as a percent)	4.19%	5.09%
Wtd. Avg. Remaining Months to Maturity	23 months 24 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)	76.00%	76.00%
Bridge Loans | Single-Family Rental
Loans and Investments
Number of loans under the loan portfolio | loan	120	38
Total loan commitment	$ 804,600	$ 309,200
Mezzanine Loans
Loans and Investments
Loans and investments, gross	$ 223,378	$ 159,242
Percent of Total	2.00%	3.00%
Loan Count | loan	39	29
Wtd. Avg. Pay Rate (as a percent)	7.32%	7.40%
Wtd. Avg. Remaining Months to Maturity	56 months 9 days	45 months
Wtd. Avg. First Dollar LTV Ratio (as percent)	34.00%	32.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	84.00%	82.00%
Preferred equity investments
Loans and Investments
Loans and investments, gross	$ 155,513	$ 224,928
Percent of Total	1.00%	4.00%
Loan Count | loan	11	14
Wtd. Avg. Pay Rate (as a percent)	5.57%	7.07%
Wtd. Avg. Remaining Months to Maturity	38 months	49 months 24 days
Wtd. Avg. First Dollar LTV Ratio (as percent)	58.00%	64.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	87.00%	89.00%
Other loans
Loans and Investments
Loans and investments, gross	$ 29,394	$ 68,403
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	48 months 3 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)	67.00%	69.00%
Other loans | Single-Family Rental
Loans and Investments
Number of loans under the loan portfolio | loan	2	22
Unpaid principal balance, funded	$ 408,200	$ 88,100

Loans and Investments - Risk Ra

Loans and Investments - Risk Ratings and LTV Ratios (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Loans and Investments
Percentage of Portfolio	100.00%	100.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	1.00%	4.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	76.00%	77.00%
Credit risk concentration
Loans and Investments
Origination Year 2021	$ 8,773,039
Origination Year 2020	1,723,054
Origination Year 2019	1,044,533
Origination Year 2018	288,587
Origination Year 2017	157,115
Origination Year Prior	172,667
Amortized cost basis	$ 12,158,995
Wtd. Avg. First Dollar LTV Ratio (as percent)	1.00%
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	19.00%	19.00%
Credit risk concentration | Loans and investments portfolio | Texas
Loans and Investments
Concentration risk, percentage	12.00%	11.00%
Credit risk concentration | Multifamily Portfolio
Loans and Investments
Origination Year 2021	$ 8,417,002
Origination Year 2020	1,490,563
Origination Year 2019	867,534
Origination Year 2018	185,288
Origination Year 2017	83,910
Origination Year Prior	37,614
Amortized cost basis	$ 11,081,911
Percentage of Portfolio	91.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	1.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	76.00%
Credit risk concentration | Multifamily Portfolio | Pass
Loans and Investments
Origination Year 2021	$ 6,025,731
Origination Year 2020	562,885
Origination Year 2019	176,281
Origination Year 2018	6,305
Origination Year 2017	20,300
Origination Year Prior	214
Amortized cost basis	6,791,716
Credit risk concentration | Multifamily Portfolio | Pass/Watch
Loans and Investments
Origination Year 2021	2,120,458
Origination Year 2020	587,820
Origination Year 2019	194,698
Origination Year 2018	120,950
Origination Year 2017	32,500
Origination Year Prior	28,800
Amortized cost basis	3,085,226
Credit risk concentration | Multifamily Portfolio | Special Mention
Loans and Investments
Origination Year 2021	270,813
Origination Year 2020	321,031
Origination Year 2019	452,980
Origination Year 2018	42,500
Origination Year 2017	0
Origination Year Prior	350
Amortized cost basis	1,087,674
Credit risk concentration | Multifamily Portfolio | Substandard
Loans and Investments
Origination Year 2021	0
Origination Year 2020	18,827
Origination Year 2019	43,575
Origination Year 2018	15,533
Origination Year 2017	31,110
Origination Year Prior	8,250
Amortized cost basis	117,295
Credit risk concentration | Land
Loans and Investments
Origination Year 2021	0
Origination Year 2020	79,118
Origination Year 2019	19,524
Origination Year 2018	0
Origination Year 2017	19,975
Origination Year Prior	127,928
Amortized cost basis	$ 246,545
Percentage of Portfolio	2.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	0.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	96.00%
Credit risk concentration | Land | Special Mention
Loans and Investments
Origination Year 2021	$ 0
Origination Year 2020	8,100
Origination Year 2019	0
Origination Year 2018	0
Origination Year 2017	0
Origination Year Prior	0
Amortized cost basis	8,100
Credit risk concentration | Land | Substandard
Loans and Investments
Origination Year 2021	0
Origination Year 2020	71,018
Origination Year 2019	19,524
Origination Year 2018	0
Origination Year 2017	19,975
Origination Year Prior	127,928
Amortized cost basis	238,445
Credit risk concentration | Healthcare
Loans and Investments
Origination Year 2021	0
Origination Year 2020	0
Origination Year 2019	65,819
Origination Year 2018	41,500
Origination Year 2017	39,650
Origination Year Prior	0
Amortized cost basis	$ 146,969
Percentage of Portfolio	1.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	0.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	74.00%
Credit risk concentration | Healthcare | Pass/Watch
Loans and Investments
Origination Year 2021	$ 0
Origination Year 2020	0
Origination Year 2019	14,750
Origination Year 2018	0
Origination Year 2017	0
Origination Year Prior	0
Amortized cost basis	14,750
Credit risk concentration | Healthcare | Special Mention
Loans and Investments
Origination Year 2021	0
Origination Year 2020	0
Origination Year 2019	51,069
Origination Year 2018	41,500
Origination Year 2017	0
Origination Year Prior	0
Amortized cost basis	92,569
Credit risk concentration | Healthcare | Substandard
Loans and Investments
Origination Year 2021	0
Origination Year 2020	0
Origination Year 2019	0
Origination Year 2018	0
Origination Year 2017	39,650
Amortized cost basis	39,650
Credit risk concentration | Student Housing
Loans and Investments
Origination Year 2021	25,700
Origination Year 2020	21,500
Origination Year 2019	31,100
Origination Year 2018	0
Origination Year 2017	0
Origination Year Prior	0
Amortized cost basis	$ 78,300
Percentage of Portfolio	1.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	21.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	73.00%
Credit risk concentration | Student Housing | Pass
Loans and Investments
Origination Year 2021	$ 25,700
Origination Year 2020	0
Origination Year 2019	0
Origination Year 2018	0
Origination Year 2017	0
Origination Year Prior	0
Amortized cost basis	25,700
Credit risk concentration | Student Housing | Special Mention
Loans and Investments
Origination Year 2021	0
Origination Year 2020	0
Origination Year 2019	31,100
Origination Year 2018	0
Origination Year 2017	0
Origination Year Prior	0
Amortized cost basis	31,100
Credit risk concentration | Student Housing | Substandard
Loans and Investments
Origination Year 2021	0
Origination Year 2020	21,500
Origination Year 2019	0
Origination Year 2018	0
Origination Year 2017	0
Origination Year Prior	0
Amortized cost basis	21,500
Credit risk concentration | Office
Loans and Investments
Origination Year 2021	0
Origination Year 2020	35,410
Origination Year 2019	0
Origination Year 2018	43,199
Origination Year 2017	0
Origination Year Prior	1,980
Amortized cost basis	$ 80,589
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 | Office | Special Mention
Loans and Investments
Origination Year 2021	$ 0
Origination Year 2020	35,410
Origination Year 2019	0
Origination Year 2018	43,199
Origination Year 2017	0
Origination Year Prior	1,980
Amortized cost basis	80,589
Credit risk concentration | Retail
Loans and Investments
Origination Year 2021	0
Origination Year 2020	0
Origination Year 2019	4,000
Origination Year 2018	18,600
Origination Year 2017	0
Origination Year Prior	3,445
Amortized cost basis	$ 26,045
Percentage of Portfolio	1.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	12.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	33.00%
Credit risk concentration | Retail | Pass
Loans and Investments
Origination Year 2021	$ 0
Origination Year 2020	0
Origination Year 2019	4,000
Origination Year 2018	0
Origination Year 2017	0
Origination Year Prior	0
Amortized cost basis	4,000
Credit risk concentration | Retail | Special Mention
Loans and Investments
Origination Year 2021	0
Origination Year 2020	0
Origination Year 2019	0
Origination Year 2018	18,600
Origination Year 2017	0
Origination Year Prior	0
Amortized cost basis	18,600
Credit risk concentration | Retail | Substandard
Loans and Investments
Origination Year 2021	0
Origination Year 2020	0
Origination Year 2019	0
Origination Year 2018	0
Origination Year 2017	0
Origination Year Prior	3,445
Amortized cost basis	3,445
Credit risk concentration | Single-Family Rental
Loans and Investments
Origination Year 2021	330,337
Origination Year 2020	91,747
Origination Year 2019	15,556
Origination Year 2018	0
Origination Year 2017	0
Origination Year Prior	0
Amortized cost basis	$ 437,640
Percentage of Portfolio	4.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	0.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	65.00%
Credit risk concentration | Single-Family Rental | Pass
Loans and Investments
Origination Year 2021	$ 69,992
Origination Year 2020	18,339
Origination Year 2019	0
Origination Year 2018	0
Origination Year 2017	0
Origination Year Prior	0
Amortized cost basis	88,331
Credit risk concentration | Single-Family Rental | Pass/Watch
Loans and Investments
Origination Year 2021	257,602
Origination Year 2020	24,927
Origination Year 2019	0
Origination Year 2018	0
Origination Year 2017	0
Origination Year Prior	0
Amortized cost basis	282,529
Credit risk concentration | Single-Family Rental | Special Mention
Loans and Investments
Origination Year 2021	2,743
Origination Year 2020	48,481
Origination Year 2019	15,556
Origination Year 2018	0
Origination Year 2017	0
Origination Year Prior	0
Amortized cost basis	66,780
Credit risk concentration | Hotel Portfolio
Loans and Investments
Origination Year 2021	0
Origination Year 2020	4,716
Origination Year 2019	41,000
Origination Year 2018	0
Origination Year 2017	0
Origination Year Prior	0
Amortized cost basis	$ 45,716
Wtd. Avg. First Dollar LTV Ratio (as percent)	0.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	66.00%
Credit risk concentration | Hotel Portfolio | Pass/Watch
Loans and Investments
Origination Year 2021	$ 0
Origination Year 2020	4,716
Origination Year 2019	0
Origination Year 2018	0
Origination Year 2017	0
Origination Year Prior	0
Amortized cost basis	4,716
Credit risk concentration | Hotel Portfolio | Special Mention
Loans and Investments
Origination Year 2021	0
Origination Year 2020	0
Origination Year 2019	41,000
Origination Year 2018	0
Origination Year 2017	0
Origination Year Prior	0
Amortized cost basis	41,000
Credit risk concentration | Other Property
Loans and Investments
Origination Year 2021	0
Origination Year 2020	0
Origination Year 2019	0
Origination Year 2018	0
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)	51.00%
Credit risk concentration | Other Property | Pass/Watch
Loans and Investments
Origination Year 2021	$ 0
Origination Year 2020	0
Origination Year 2019	0
Origination Year 2018	0
Origination Year 2017	13,580
Origination Year Prior	0
Amortized cost basis	13,580
Credit risk concentration | Other Property | Doubtful
Loans and Investments
Origination Year 2021	0
Origination Year 2020	0
Origination Year 2019	0
Origination Year 2018	0
Origination Year 2017	0
Origination Year Prior	1,700
Amortized cost basis	$ 1,700

Loans and Investments - Allowan

Loans and Investments - Allowance for Credit Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Changes in allowance for loan losses
Allowance at beginning of period	$ 148,329	$ 71,069
Provision for credit losses (net of recoveries)	(24,315)	59,966
Charge-offs	(24,315)	(75)
Allowance at end of period	113,241	148,329
Unfunded commitments related to structured loans and investments	975,200
As Reported Pre-Adoption
Changes in allowance for loan losses
Allowance at beginning of period	148,329
Allowance at end of period		148,329
Impact of adopting CECL
Changes in allowance for loan losses
Allowance at beginning of period		17,294
Impact of adopting CECL | Impact of Adoption
Changes in allowance for loan losses
Charge-offs	(10,773)
Land
Changes in allowance for loan losses
Allowance at beginning of period	78,150	67,869
Provision for credit losses (net of recoveries)	(180)	10,204
Allowance at end of period	77,970	78,150
Land | As Reported Pre-Adoption
Changes in allowance for loan losses
Allowance at beginning of period	78,150
Allowance at end of period		78,150
Land | Impact of adopting CECL
Changes in allowance for loan losses
Allowance at beginning of period		77
Multifamily Portfolio
Changes in allowance for loan losses
Allowance at beginning of period	36,468
Provision for credit losses (net of recoveries)	(17,761)	20,146
Allowance at end of period	18,707	36,468
Multifamily Portfolio | As Reported Pre-Adoption
Changes in allowance for loan losses
Allowance at beginning of period	36,468
Allowance at end of period		36,468
Multifamily Portfolio | Impact of adopting CECL
Changes in allowance for loan losses
Allowance at beginning of period		16,322
Retail
Changes in allowance for loan losses
Allowance at beginning of period	13,861
Provision for credit losses (net of recoveries)	(42)	13,526
Allowance at end of period	5,819	13,861
Retail | As Reported Pre-Adoption
Changes in allowance for loan losses
Allowance at beginning of period	13,861
Allowance at end of period		13,861
Retail | Impact of adopting CECL
Changes in allowance for loan losses
Allowance at beginning of period		335
Retail | Impact of adopting CECL | Impact of Adoption
Changes in allowance for loan losses
Charge-offs	(8,000)
Office
Changes in allowance for loan losses
Allowance at beginning of period	1,846	1,500
Provision for credit losses (net of recoveries)	6,227	59
Allowance at end of period	8,073	1,846
Office | As Reported Pre-Adoption
Changes in allowance for loan losses
Allowance at beginning of period	1,846
Allowance at end of period		1,846
Office | Impact of adopting CECL
Changes in allowance for loan losses
Allowance at beginning of period		287
Healthcare
Changes in allowance for loan losses
Allowance at beginning of period	3,880
Provision for credit losses (net of recoveries)	(1,099)	3,816
Allowance at end of period	8	3,880
Healthcare | As Reported Pre-Adoption
Changes in allowance for loan losses
Allowance at beginning of period	3,880
Allowance at end of period		3,880
Healthcare | Impact of adopting CECL
Changes in allowance for loan losses
Allowance at beginning of period		64
Healthcare | Impact of adopting CECL | Impact of Adoption
Changes in allowance for loan losses
Charge-offs	(2,773)
Student Housing
Changes in allowance for loan losses
Allowance at beginning of period	4,078
Provision for credit losses (net of recoveries)	(3,442)	4,010
Allowance at end of period	636	4,078
Student Housing | As Reported Pre-Adoption
Changes in allowance for loan losses
Allowance at beginning of period	4,078
Allowance at end of period		4,078
Student Housing | Impact of adopting CECL
Changes in allowance for loan losses
Allowance at beginning of period		68
Hotel Portfolio
Changes in allowance for loan losses
Allowance at beginning of period	7,759
Provision for credit losses (net of recoveries)	(7,751)	7,730
Allowance at end of period	8	7,759
Hotel Portfolio | As Reported Pre-Adoption
Changes in allowance for loan losses
Allowance at beginning of period	7,759
Allowance at end of period		7,759
Hotel Portfolio | Impact of adopting CECL
Changes in allowance for loan losses
Allowance at beginning of period		29
Other Property
Changes in allowance for loan losses
Allowance at beginning of period	2,287	1,700
Provision for credit losses (net of recoveries)	(267)	475
Allowance at end of period	2,020	2,287
Other Property | As Reported Pre-Adoption
Changes in allowance for loan losses
Allowance at beginning of period	2,287
Allowance at end of period		2,287
Other Property | Impact of adopting CECL
Changes in allowance for loan losses
Allowance at beginning of period		112
Bridge Loans | Hotel Portfolio
Changes in allowance for loan losses
Allowance at beginning of period	$ 7,500
Allowance at end of period		$ 7,500

Loans and Investments - Summary

Loans and Investments - Summary of impaired loans (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)item	Dec. 31, 2020USD ($)item
Loans and Investments
UPB	$ 159,940	$ 282,785
Carrying Value	148,839	254,938
Allowance for Credit Losses	$ 86,886	$ 106,265
Wtd. Avg. First Dollar LTV Ratio	3	1
Wtd. Avg. Last Dollar LTV Ratio	89	94
Number of impaired loans (less unearned revenue and other holdbacks and adjustments) by asset class | item	8	10
Land
Loans and Investments
UPB	$ 134,215	$ 134,215
Carrying Value	127,868	127,829
Allowance for Credit Losses	$ 77,869	$ 77,869
Wtd. Avg. First Dollar LTV Ratio	0	0
Wtd. Avg. Last Dollar LTV Ratio	99	99
Hotel Portfolio
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	$ 22,045	$ 30,079
Carrying Value	17,291	28,957
Allowance for Credit Losses	$ 5,817	$ 13,851
Wtd. Avg. First Dollar LTV Ratio	14	10
Wtd. Avg. Last Dollar LTV Ratio	33	75
Healthcare
Loans and Investments
UPB		$ 4,625
Carrying Value		4,673
Allowance for Credit Losses		$ 3,845
Wtd. Avg. First Dollar LTV Ratio		0
Wtd. Avg. Last Dollar LTV Ratio		83
Office
Loans and Investments
UPB	$ 1,980	$ 2,166
Carrying Value	1,980	2,166
Allowance for Credit Losses	$ 1,500	$ 1,500
Wtd. Avg. First Dollar LTV Ratio	0	0
Wtd. Avg. Last Dollar LTV Ratio	51	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)	12 Months Ended
	Dec. 31, 2021USD ($)loan	Dec. 31, 2020USD ($)loan	Dec. 31, 2019loan
Non-performing loans by asset class
Number of loans for which no provision for loan loss made | loan	0	0	0
Number of loans | loan	580	328
Carrying value of loans	$ 12,158,995,000
Amortized cost of loans on nonaccrual status	0
UPB	159,940,000	$ 282,785,000
Financing Receivable, before Allowance for Credit Loss	$ 12,158,995,000	$ 5,475,082,000
Non-performing loans
Non-performing loans by asset class
Number of loans | loan	3	7
Carrying value of loans	$ 20,100,000	$ 53,800,000
Loan loss reserves	2,600,000	6,500,000
UPB	24,120,000	62,325,000
Interest Receivable	0
Greater than 90 Days Past Due
Non-performing loans by asset class
Past Due	0	0
Greater than 90 Days Past Due | Non-performing loans
Non-performing loans by asset class
Financing Receivable, before Allowance for Credit Loss	24,120,000	62,325,000
Interest Receivable	0	0
Student Housing | Non-performing loans
Non-performing loans by asset class
UPB	21,500,000	36,500,000
Student Housing | Greater than 90 Days Past Due | Non-performing loans
Non-performing loans by asset class
Financing Receivable, before Allowance for Credit Loss	21,500,000	36,500,000
Multifamily Portfolio | Non-performing loans
Non-performing loans by asset class
UPB		17,700,000
Multifamily Portfolio | Greater than 90 Days Past Due | Non-performing loans
Non-performing loans by asset class
Financing Receivable, before Allowance for Credit Loss		17,700,000
Healthcare
Non-performing loans by asset class
UPB		4,625,000
Healthcare | Non-performing loans
Non-performing loans by asset class
UPB		4,625,000
Healthcare | Greater than 90 Days Past Due | Non-performing loans
Non-performing loans by asset class
Financing Receivable, before Allowance for Credit Loss		4,625,000
Retail
Non-performing loans by asset class
UPB	22,045,000	30,079,000
Retail | Non-performing loans
Non-performing loans by asset class
UPB	920,000	920,000
Retail | Greater than 90 Days Past Due | Non-performing loans
Non-performing loans by asset class
Financing Receivable, before Allowance for Credit Loss	920,000	920,000
Commercial
Non-performing loans by asset class
UPB	1,700,000	1,700,000
Commercial | Non-performing loans
Non-performing loans by asset class
UPB	1,700,000	1,700,000
Commercial | Greater than 90 Days Past Due | Non-performing loans
Non-performing loans by asset class
Financing Receivable, before Allowance for Credit Loss	1,700,000	1,700,000
Office
Non-performing loans by asset class
UPB	$ 1,980,000	2,166,000
Office | Non-performing loans
Non-performing loans by asset class
UPB		880,000
Office | Greater than 90 Days Past Due | Non-performing loans
Non-performing loans by asset class
Financing Receivable, before Allowance for Credit Loss		$ 880,000

Loans and Investments - Charge-

Loans and Investments - Charge-offs and Recoveries Narratives (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)loan	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Loans and Investments
Allowance for credit losses	$ 113,241	$ 148,329	$ 71,069
Provision for loan losses		77,335
Recoveries of reserves	24,315	75
Six loans collateralized by a land development project
Loans and Investments
Unpaid principal balance on loans	$ 975,200
Provision for loan losses		353,800
Six loans collateralized by a land development project | Maturity date of September 2020
Loans and Investments
Number of loans with unpaid principal balance | loan	6
Unpaid principal balance on loans	$ 121,400
Five loans collateralized by a land development project | Maturity date of September 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
Hotel Portfolio
Loans and Investments
Unpaid principal balance on loans		41,600
Allowance for credit losses	8	$ 7,759
Proceed from payment for full satisfaction of a preferred equity investment	$ 58,300

Loans and Investments - Purchas

Loans and Investments - Purchased Credit Deterioration and Troubled Debt Restructurings (Details) $ in Thousands	1 Months Ended		12 Months Ended
	Jun. 30, 2021USD ($)	Aug. 31, 2020USD ($)	Dec. 31, 2021USD ($)loan	Dec. 31, 2020USD ($)loan	Dec. 31, 2019USD ($)	Dec. 31, 2016
Financing Receivable, Recorded Investment, Past Due [Line Items]
Principal paydowns			$ 2,516,771	$ 1,243,694	$ 1,753,693
Purchase of loan			9,209,475	2,376,233	2,712,354
Allowance for credit losses			$ 113,241	$ 148,329	71,069
Proceeds from full satisfaction of loans	$ 95,000
Reversal of allowance for credit losses	7,500
Interest income from loans	$ 3,500
Troubled debt restructurings, number | loan			2	0
Interest reserve			$ 87,400	$ 78,300
Number of loans covered under interest reserve | loan			328	186
Aggregate UPB covered under interest reserve			$ 5,750,000	$ 3,600,000
Hotel Portfolio
Financing Receivable, Recorded Investment, Past Due [Line Items]
Allowance for credit losses			8	7,759
Hotel Portfolio | Forbearance agreement
Financing Receivable, Recorded Investment, Past Due [Line Items]
Fixed rate of interest (as a percent)	9.50%
Principal reduction					$ (10,000)
Pay rate (as a percent)					1.00%
Hotel Portfolio | 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			5,819	$ 13,861
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
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
Fixed rate of interest (as a percent)						10.00%
Bridge Loans | Hotel Portfolio
Financing Receivable, Recorded Investment, Past Due [Line Items]
Principal amount					$ 110,000
Purchase of loan				$ 60,000	50,000
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
Fixed rate of interest (as a percent)				12.00%

Loans Held-for-Sale, Net (Detai

Loans Held-for-Sale, Net (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)loan	Dec. 31, 2020USD ($)loan	Dec. 31, 2019USD ($)	Feb. 28, 2022USD ($)
Loans Held-for-Sale, Net
Loans held-for-sale	$ 1,077,239	$ 968,595
Fair value of future MSR	19,318	21,600
Unearned discount	(2,948)	(3,276)
Loans held-for-sale, net	1,093,609	986,919
Sale of loans held-for-sale excluding acquired loans	6,420,000	6,590,000	$ 4,400,000
Gain on sale of loans held-for-sale, including fees	$ 123,000	$ 94,600	$ 65,700
Number of loans | loan	580	328
Subordinate class of certificates retained	$ 210,728	$ 140,124
Amortized cost of loans on nonaccrual status	0
Held-to-maturity securities
Loans Held-for-Sale, Net
Subordinate class of certificates retained	85,700
APL certificates
Loans Held-for-Sale, Net
Subordinate class of certificates retained	149,368	63,627
APL certificates | Held-to-maturity securities
Loans Held-for-Sale, Net
Subordinate class of certificates retained	149,400	63,600
Greater than 90 Days Past Due
Loans Held-for-Sale, Net
Past Due	$ 0	0
US Government Sponsored-Enterprise Insured Loans
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	$ 392,876	679,342
Private Label
Loans Held-for-Sale, Net
Loans held-for-sale, net	$ 507,918	56,186
Period of loans held for sale sold	180 days
Sale of loans held-for-sale excluding acquired loans	$ 985,100	727,200
Private Label | Subsequent Event [Member]
Loans Held-for-Sale, Net
Subordinate class of certificates retained				$ 489,300
Subordinate certificates | Subsequent Event [Member]
Loans Held-for-Sale, Net
Subordinate class of certificates retained				$ 43,400
Freddie Mac
Loans Held-for-Sale, Net
Loans held-for-sale, net	112,561	180,004
FHA
Loans Held-for-Sale, Net
Loans held-for-sale, net	54,532	$ 53,063
SFR - Fixed Rate.
Loans Held-for-Sale, Net
Loans held-for-sale, net	$ 9,352

Capitalized Mortgage Servicin_3

Capitalized Mortgage Servicing Rights (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Capitalized Mortgage Servicing Rights
Balance at beginning of the year	$ 379,974
Balance at end of the year	422,734	$ 379,974
MSRs
Capitalized Mortgage Servicing Rights
Balance at beginning of the year	379,974	286,420
Additions	134,116	159,533
Amortization	(58,615)	(49,222)
Write-downs and payoffs	(32,741)	(16,757)
Balance at end of the year	422,734	379,974
Prepayment fees collected	38,200	$ 12,800
Valuation allowance	0
Expected amortization of capitalized MSRs balances
2022	58,814
2023	55,777
2024	53,179
2025	50,610
2026	46,582
Thereafter	157,772
Total	$ 422,734
MSRs | Weighted average
Capitalized Mortgage Servicing Rights
Estimated life remaining	8 years 6 months	8 years 7 months 6 days
Originated MSRs
Capitalized Mortgage Servicing Rights
Balance at beginning of the year	$ 336,466	$ 221,901
Additions	134,116	159,533
Amortization	(47,845)	(34,186)
Write-downs and payoffs	(27,164)	(10,782)
Balance at end of the year	395,573	336,466
Acquired MSRs
Capitalized Mortgage Servicing Rights
Balance at beginning of the year	43,508	64,519
Amortization	(10,770)	(15,036)
Write-downs and payoffs	(5,577)	(5,975)
Balance at end of the year	$ 27,161	$ 43,508

Mortgage Servicing (Details)

Mortgage Servicing (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)state	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Mortgage Servicing
Interest earned on total escrows	$ 4,200	$ 7,100	$ 17,300
Fee-based servicing portfolio
Mortgage Servicing
Escrow Deposit	1,990,000	1,290,000
MSRs
Mortgage Servicing
Unpaid principal balance of loans serviced	$ 26,959,389	$ 24,628,456
Weighted average servicing fee (as a percent)	0.449%	0.454%
MSRs | Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total	100.00%	100.00%
Escrow Deposit	$ 682,500	$ 867,600
Texas | MSRs | Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total	12.00%	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	6.00%	4.00%
Other States | MSRs | Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total	42.00%	40.00%
Number of states accounted for more than 4% of UPB and related servicing revenues | state	0
Fannie Mae | MSRs
Mortgage Servicing
Unpaid principal balance of loans serviced	$ 19,127,397	$ 18,268,268
Fannie Mae | MSRs | Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total	71.00%	74.00%
Freddie Mac | MSRs
Mortgage Servicing
Unpaid principal balance of loans serviced	$ 4,943,905	$ 4,881,080
Freddie Mac | MSRs | Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total	18.00%	20.00%
Private Label | MSRs
Mortgage Servicing
Unpaid principal balance of loans serviced	$ 1,711,326	$ 726,992
Private Label | MSRs | Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total	6.00%	3.00%
FHA | MSRs
Mortgage Servicing
Unpaid principal balance of loans serviced	$ 985,063	$ 752,116
FHA | MSRs | Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total	4.00%	3.00%
SFR - Fixed Rate. | MSRs
Mortgage Servicing
Unpaid principal balance of loans serviced	$ 191,698
SFR - Fixed Rate. | MSRs | Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total	1.00%

Securities Held-to-Maturity (De

Securities Held-to-Maturity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Held-to-Maturity
Face Value	$ 210,728	$ 140,124
Net Carrying Value	140,484	95,524
Unrealized Gain	9,427
Unrealized Loss		(1,396)
Estimated Fair Value	149,911	94,128
Allowance for Credit Losses	1,753	1,644
Held-to-maturity securities
Held-to-Maturity
Face Value	85,700
B Piece bonds
Held-to-Maturity
Face Value	61,360	76,497
Net Carrying Value	47,615	57,839
Unrealized Gain	4,420	709
Estimated Fair Value	52,035	58,548
Allowance for Credit Losses	$ 331	$ 621
Seven B Piece Bonds | Held-to-maturity securities
Held-to-Maturity
Bonds retained percentage	49.00%
Discounted value of bonds purchased	$ 74,700
Remaining of B Piece bond sold to the third party at par	51.00%
Estimated weighted average remaining maturity period	6 years 2 months 12 days
Initial face value of bonds purchased	$ 106,200
Agency B Piece Bonds | Held-to-maturity securities
Held-to-Maturity
Weighted average variable interest rate (as a percent)	3.74%
Weighted average effective interest rate (as a percent)	11.32%	10.85%
Held-to-maturity securities, estimated fiscal year
Within one year	$ 11,200
After one year through five years	28,800
After five years through ten years	3,300
After ten years	18,100
APL certificates
Held-to-Maturity
Face Value	149,368	$ 63,627
Net Carrying Value	92,869	37,685
Unrealized Gain	5,007
Unrealized Loss		(2,105)
Estimated Fair Value	97,876	35,580
Allowance for Credit Losses	1,422	1,023
APL certificates | Held-to-maturity securities
Held-to-Maturity
Face Value	149,400	$ 63,600
Net Carrying Value	$ 91,400
Weighted average variable interest rate (as a percent)	4.12%
Estimated weighted average remaining maturity period	8 years 6 months
Weighted average fixed interest rate	9.11%	10.15%
Held-to-maturity securities, estimated fiscal year
After one year through five years	$ 3,600
After five years through ten years	$ 145,800
APL certificates | Held-to-maturity securities | Minimum
Held-to-Maturity
Securities maturity term	5 years
APL certificates | Held-to-maturity securities | Maximum
Held-to-Maturity
Securities maturity term	10 years

Securities Held-to-Maturity - R

Securities Held-to-Maturity - Rollforward of Allowance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Changes in the allowance for credit losses
Allowance for credit loss, Beginning balance	$ 1,644
Provision for credit loss expense/(reversal)	109
Allowance for credit loss, Ending balance	1,753	$ 1,644
Held-to-maturity securities
Changes in the allowance for credit losses
Impairment of held-to maturity securities	0
Interest income (including the amortization of discount)	13,200	9,700	$ 9,900
APL certificates
Changes in the allowance for credit losses
Allowance for credit loss, Beginning balance	1,023
Provision for credit loss expense/(reversal)	399
Allowance for credit loss, Ending balance	1,422	1,023
B Piece bonds
Changes in the allowance for credit losses
Allowance for credit loss, Beginning balance	621
Provision for credit loss expense/(reversal)	(290)
Allowance for credit loss, Ending balance	$ 331	$ 621

Investments in Equity Affilia_3

Investments in Equity Affiliates - Summary (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Investment in Equity Affiliates
Investment in Equity Affiliates	$ 89,676	$ 74,274
UPB of Loans to Equity Affiliates	1,687
Arbor Residential Investor LLC
Investment in Equity Affiliates
Investment in Equity Affiliates	65,756	59,150
AMAC Holdings III LLC
Investment in Equity Affiliates
Investment in Equity Affiliates	13,772	10,308
Fifth Wall Ventures III
Investment in Equity Affiliates
Investment in Equity Affiliates	5,409
North Vermont Avenue
Investment in Equity Affiliates
Investment in Equity Affiliates	2,419	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 - Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statements of Income:
Total revenues	$ 333,148	$ 264,259	$ 219,845
Total expenses	198,024	270,198	182,308
Net income	$ 377,807	$ 196,157	$ 155,238

Investments in Equity Affilia_5

Investments in Equity Affiliates - All Investments (Details)	1 Months Ended	3 Months Ended			12 Months Ended
	Jan. 31, 2021	Dec. 31, 2021USD ($)item	Jun. 30, 2021USD ($)	Mar. 31, 2021USD ($)	Dec. 31, 2021USD ($)item	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2015USD ($)	Sep. 30, 2021USD ($)
Investment in Equity Affiliates
Income from equity affiliates					$ 34,567,000	$ 76,161,000	$ 10,635,000
Indirect ownership percentage					9.20%
Noncontrolling interest invested					$ 48,071,000	892,000	13,522,000
Arbor Residential Investor LLC
Investment in Equity Affiliates
Income from equity affiliates					34,600,000	75,700,000		$ 7,200,000
Distribution received					28,000,000	43,200,000
Equity Investment									$ 9,600,000
Percentage of ownership interest of related party in the entity									50.00%
Arbor Residential Investor LLC | Minimum
Investment in Equity Affiliates
Indirect ownership percentage	12.30%
Arbor Residential Investor LLC | Maximum
Investment in Equity Affiliates
Indirect ownership percentage	16.30%
Arbor Residential Investor LLC | Wakefield Investment Holdings Llc [Member]
Investment in Equity Affiliates
Percentage of ownership interest of related party in the entity									50.00%
Residential mortgage banking business
Investment in Equity Affiliates
Indirect ownership percentage									(65.00%)
AMAC Holdings III LLC
Investment in Equity Affiliates
Income from equity affiliates					1,300,000	900,000
Distribution received					3,800,000	100,000
Investment in real estate committed						$ 30,000,000
Investment in real estate		$ 20,300,000			20,300,000
Interest in a real estate investment (as a percent)						18.00%
Fifth Wall Ventures III
Investment in Equity Affiliates
Investment in real estate committed		25,000,000
Investment in real estate		5,400,000			$ 5,400,000
Interest in a real estate investment (as a percent)					7.60%
Number of investments					2
North Vermont Avenue
Investment in Equity Affiliates
Noncontrolling interest invested						$ 2,400,000
Noncontrolling interest in equity method investment (as a percent)						85.00%
Lightstone Value Plus REIT L.P.
Investment in Equity Affiliates
Equity Investment		$ 1,900,000			$ 1,900,000
West Shore Cafe
Investment in Equity Affiliates
Ownership percentage		50.00%			50.00%
Provided first mortgage loan to an affiliated entity					$ 1,700,000
Variable rate, spread (as a percent)					4.00%
Other-than-temporary impairment recorded							2,200,000
Provision for loan loss recorded							$ 1,700,000
JT Prime
Investment in Equity Affiliates
Equity Investment		$ 400,000			$ 400,000
Noncontrolling interest in equity method investment (as a percent)					50.00%
Century Summerfield Apartments
Investment in Equity Affiliates
Income from equity affiliates			$ 200,000
Distribution received			$ 17,200,000
Investment in real estate committed				$ 20,000,000
Investment in real estate				$ 17,000,000
Ownership percentage				50.00%
Tapestry on the River
Investment in Equity Affiliates
Income from equity affiliates		700,000
Distribution received		14,700,000
Investment in real estate										$ 14,000,000
Ownership percentage										48.90%
Emerson at Forney
Investment in Equity Affiliates
Income from equity affiliates		200,000
Distribution received		$ 3,200,000
Investment in real estate										$ 3,000,000
Ownership percentage										11.10%
Lexford Portfolio
Investment in Equity Affiliates
Distribution received					$ 1,100,000	$ 3,500,000
Noncontrolling interest					100,000
East River Portfolio
Investment in Equity Affiliates
Equity investment made					$ 100,000
Ownership percentage		5.00%			5.00%
Number of Real Estate Properties | item		2			2
East River Portfolio | Chief executive officer and other related parties
Investment in Equity Affiliates
Percentage of ownership interest of related party in the entity					95.00%

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets, Goodwill (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Goodwill and Other Intangible Assets
Goodwill	$ 56.6	$ 56.6

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets, Other Intangibles Asset (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Finite-lived intangible assets:
Finite-lived intangible assets, Accumulated Amortization	$ (28,276)	$ (23,585)
Intangible assets
Intangible assets, Gross Carrying Value	72,410	72,410
Intangible assets, net	44,134	48,825
Amortization expense	4,700	5,300	$ 5,500
Fannie Mae DUS license
Infinite-lived intangible assets:
Infinite-lived intangible assets, Carrying Value	17,100	17,100
Freddie Mac Program Plus license
Infinite-lived intangible assets:
Infinite-lived intangible assets, Carrying Value	8,700	8,700
FHA License
Infinite-lived intangible assets:
Infinite-lived intangible assets, Carrying Value	3,200	3,200
Broker relationships
Finite-lived intangible assets:
Finite-lived intangible assets, Gross Carrying Value	25,000	25,000
Finite-lived intangible assets, Accumulated Amortization	(17,057)	(13,932)
Total	7,943	11,068
Borrower relationships
Finite-lived intangible assets:
Finite-lived intangible assets, Gross Carrying Value	14,400	14,400
Finite-lived intangible assets, Accumulated Amortization	(7,860)	(6,420)
Total	6,540	7,980
Below market leases
Finite-lived intangible assets:
Finite-lived intangible assets, Gross Carrying Value	4,010	4,010
Finite-lived intangible assets, Accumulated Amortization	(3,359)	(3,233)
Total	$ 651	$ 777

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets, Estimated Amortization Expense (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)
Finite-Lived Intangible Assets, Excluding Servicing Contracts [Member]
Finite-lived intangible assets:
Wtd. Avg. Remaining Life (in years)	3 years 6 months
2022	$ 4,691
2023	4,691
2024	3,259
2025	1,566
2026	$ 906
Broker relationships
Finite-lived intangible assets:
Wtd. Avg. Remaining Life (in years)	2 years 6 months
2022	$ 3,125
2023	3,125
2024	$ 1,693
Borrower relationships
Finite-lived intangible assets:
Wtd. Avg. Remaining Life (in years)	4 years 6 months
2022	$ 1,440
2023	1,440
2024	1,440
2025	1,440
2026	$ 780
Below market leases
Finite-lived intangible assets:
Wtd. Avg. Remaining Life (in years)	5 years 2 months 12 days
2022	$ 126
2023	126
2024	126
2025	126
2026	$ 126

Debt Obligations - Credit and R

Debt Obligations - Credit and Repurchase Facilities (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Oct. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Debt Obligations
UPB		$ 4,493,699	$ 2,238,722
Debt Carrying Value		4,481,579	2,234,883
Collateral Carrying Value		$ 5,585,460	$ 2,724,420
Weighted Average Note Rate (as a percent)		2.21%	2.20%
Utilization of credit facility	$ 67,000
Minimum
Debt Obligations
Maximum advance rate		75.00%
Maximum
Debt Obligations
Maximum advance rate		85.00%
$50M credit facility
Debt Obligations
UPB		$ 9,295	$ 88,911
Debt Carrying Value		9,295	88,896
Collateral Carrying Value		$ 9,295	$ 88,911
Weighted Average Note Rate (as a percent)		1.40%	1.65%
$25M credit facility.
Debt Obligations
UPB		$ 10,285	$ 9,539
Debt Carrying Value		10,218	9,323
Collateral Carrying Value		$ 14,773	$ 14,340
Weighted Average Note Rate (as a percent)		2.38%	2.43%
Joint Repurchase Facility
Debt Obligations
Maximum borrowing capacity		$ 2,500,000
Additional borrowing capacity		$ 150,000
Extension of maturity date (in years)		1 year
Joint Repurchase Facility | Private Label
Debt Obligations
Maximum advance rate		80.00%
Joint Repurchase Facility | Structured loans
Debt Obligations
Maximum advance rate		85.00%
Joint Repurchase Facility | LIBOR
Debt Obligations
Variable rate, spread (as a percent)		5.75%
Structured Transaction Business
Debt Obligations
UPB		$ 3,533,016	$ 1,286,100
Debt Carrying Value		3,525,307	1,282,845
Collateral Carrying Value		$ 4,548,653	$ 1,755,825
Weighted Average Note Rate (as a percent)		2.34%	2.73%
Unamortized deferred finance costs		$ 7,700	$ 3,300
Weighted average note rate including certain fees and costs (as a percent)		2.51%	2.97%
Leverage on loans and investment portfolio financed through credit facilities and repurchase agreements, excluding securities repurchase facility, working capital line of credit and security agreement used to finance leasehold and capital expenditure improvements at corporate office (as a percent)		77.00%	69.00%
Structured Transaction Business | LIBOR
Debt Obligations
LIBOR Floor rate		0.25%
Variable rate, spread (as a percent)		3.25%
Structured Transaction Business | B Piece bonds
Debt Obligations
Debt Instrument, Collateral Amount		$ 47,600	$ 57,800
Structured Transaction Business | SFR - Fixed Rate
Debt Obligations
Collateral Carrying Value		$ 10,000
Structured Transaction Business | Senior mortgage loans
Debt Obligations
Weighted Average Note Rate (as a percent)		4.01%
Structured Transaction Business | $2.00B joint repurchase facility
Debt Obligations
UPB		$ 1,490,434	682,958
Debt Carrying Value		1,486,380	681,006
Collateral Carrying Value		$ 1,877,930	$ 1,054,562
Weighted Average Note Rate (as a percent)		2.56%	2.55%
Maximum borrowing capacity		$ 2,000,000
Structured Transaction Business | $1.00B repurchase facility
Debt Obligations
UPB		676,608	$ 192,193
Debt Carrying Value		675,415	191,622
Collateral Carrying Value		$ 937,880	$ 259,559
Weighted Average Note Rate (as a percent)		2.04%	2.99%
Maximum borrowing capacity		$ 1,000,000
Structured Transaction Business | $1.00B repurchase facility | LIBOR
Debt Obligations
Maximum advance rate		75.00%
LIBOR Floor rate		0.35%
Decrease in interest rate (as a percent)		0.20%
Structured Transaction Business | $1.00B repurchase facility | Minimum | LIBOR
Debt Obligations
Maximum advance rate		2.00%
LIBOR Floor rate		0.35%
Line of Credit Facility, Interest Rate at Period End		2.00%
Utilization of credit facility		$ 250,000
Structured Transaction Business | $1.00B repurchase facility | Maximum | LIBOR
Debt Obligations
LIBOR Floor rate		0.35%
Variable rate, spread (as a percent)		1.75%
Line of Credit Facility, Interest Rate at Period End		2.20%
Utilization of credit facility		$ 250,000
Structured Transaction Business | $450M repurchase facility
Debt Obligations
UPB		397,842
Debt Carrying Value		397,272
Collateral Carrying Value		$ 511,269
Weighted Average Note Rate (as a percent)		1.89%
Maximum borrowing capacity		$ 450,000
Structured Transaction Business | $450M repurchase facility | Minimum
Debt Obligations
Variable rate, spread (as a percent)		2.00%
Structured Transaction Business | $450M repurchase facility | Minimum | Multifamily
Debt Obligations
Variable rate, spread (as a percent)		1.75%
Structured Transaction Business | $450M repurchase facility | Maximum | Multifamily
Debt Obligations
Variable rate, spread (as a percent)		2.25%
Structured Transaction Business | $450M repurchase facility | Maximum | LIBOR
Debt Obligations
Variable rate, spread (as a percent)		2.75%
Structured Transaction Business | $398.7M repurchase facility (2)
Debt Obligations
UPB		$ 242,034	$ 71,656
Debt Carrying Value		241,450	71,627
Collateral Carrying Value		$ 289,956	$ 87,242
Weighted Average Note Rate (as a percent)		3.04%	2.73%
Maximum borrowing capacity		$ 398,700
Structured Transaction Business | $325M repurchase facility
Debt Obligations
UPB		294,145	$ 31,780
Debt Carrying Value		293,700	31,780
Collateral Carrying Value		$ 385,337	$ 40,551
Weighted Average Note Rate (as a percent)		1.76%	1.92%
Maximum borrowing capacity		$ 325,000
Structured Transaction Business | $225M credit facility
Debt Obligations
UPB		28,213	$ 23,857
Debt Carrying Value		27,826	23,606
Collateral Carrying Value		$ 42,270	$ 31,809
Weighted Average Note Rate (as a percent)		2.79%	4.06%
Maximum borrowing capacity		$ 225,000
Structured Transaction Business | $225M credit facility | LIBOR
Debt Obligations
Variable rate, spread (as a percent)		2.50%
Structured Transaction Business | $225M credit facility | Minimum | SFR - Fixed Rate
Debt Obligations
LIBOR Floor rate		2.75%
Structured Transaction Business | $225M credit facility | Maximum | SFR - Fixed Rate
Debt Obligations
LIBOR Floor rate		3.85%
Structured Transaction Business | $200M credit facility
Debt Obligations
UPB		$ 177,599	$ 39,389
Debt Carrying Value		177,406	39,346
Collateral Carrying Value		$ 236,538	$ 47,912
Weighted Average Note Rate (as a percent)		1.70%	2.24%
Maximum borrowing capacity		$ 200,000
Structured Transaction Business | $200M credit facility | SOFR | Multifamily
Debt Obligations
Variable rate, spread (as a percent)		1.61%
Structured Transaction Business | $200M credit facility | SOFR | Independent living facilities
Debt Obligations
Variable rate, spread (as a percent)		2.31%
Structured Transaction Business | $200M credit facility | SOFR | Assisted living facilities
Debt Obligations
Variable rate, spread (as a percent)		2.56%
Structured Transaction Business | $200M credit facility | LIBOR
Debt Obligations
LIBOR Floor rate		0.25%
Variable rate, spread (as a percent)		1.35%
Structured Transaction Business | $200M credit facility | Healthcare Related Loans | SOFR | Assisted living facilities
Debt Obligations
Additional borrowing capacity		$ 25,000
Structured Transaction Business | $153.9M loan specific credit facilities
Debt Obligations
UPB		153,937	$ 148,798
Debt Carrying Value		153,727	148,615
Collateral Carrying Value		$ 214,300	$ 198,550
Weighted Average Note Rate (as a percent)		3.14%	3.03%
Maximum borrowing capacity		$ 153,900
Structured Transaction Business | $153.9M loan specific credit facilities | Prime Rate
Debt Obligations
Fixed interest rate (as a percent)		3.25%
Structured Transaction Business | $153.9M loan specific credit facilities | Minimum
Debt Obligations
Fixed interest rate (as a percent)		3.00%
Structured Transaction Business | $153.9M loan specific credit facilities | Minimum | LIBOR
Debt Obligations
Variable rate, spread (as a percent)		2.20%
Structured Transaction Business | $153.9M loan specific credit facilities | Maximum
Debt Obligations
Fixed interest rate (as a percent)		4.00%
Structured Transaction Business | $153.9M loan specific credit facilities | Maximum | LIBOR
Debt Obligations
Variable rate, spread (as a percent)		2.40%
Structured Transaction Business | $50M credit facility
Debt Obligations
UPB		$ 29,200	$ 16,002
Debt Carrying Value		29,194	15,992
Collateral Carrying Value		$ 36,500	$ 21,300
Weighted Average Note Rate (as a percent)		2.13%	2.17%
Maximum borrowing capacity		$ 50,000
Structured Transaction Business | $50M credit facility | LIBOR
Debt Obligations
Variable rate, spread (as a percent)		2.00%
Structured Transaction Business | $30M working capital facility
Debt Obligations
UPB			$ 30,000
Debt Carrying Value			$ 30,000
Weighted Average Note Rate (as a percent)			3.55%
Maximum borrowing capacity		$ 30,000
Structured Transaction Business | $30M working capital facility | LIBOR
Debt Obligations
LIBOR Floor rate		0.25%
Variable rate, spread (as a percent)		3.25%
Structured Transaction Business | $25M credit facility
Debt Obligations
UPB		$ 1,235
Debt Carrying Value		1,235
Collateral Carrying Value		$ 1,900
Weighted Average Note Rate (as a percent)		4.06%
Maximum borrowing capacity		$ 25,000
Structured Transaction Business | $25M credit facility | LIBOR
Debt Obligations
LIBOR Floor rate		3.85%
Variable rate, spread (as a percent)		2.50%
Structured Transaction Business | $25M credit facility.
Debt Obligations
Maximum borrowing capacity		$ 25,000
Structured Transaction Business | $25M credit facility. | SOFR
Debt Obligations
Variable rate, spread (as a percent)		2.35%
Structured Transaction Business | $1M master security agreement
Debt Obligations
UPB		$ 635	$ 1,441
Debt Carrying Value		$ 635	$ 1,441
Weighted Average Note Rate (as a percent)		4.01%	4.10%
Maximum borrowing capacity		$ 1,000
Structured Transaction Business | Repurchase facility - securities (3)
Debt Obligations
UPB		30,849	$ 38,487
Debt Carrying Value		$ 30,849	$ 38,487
Weighted Average Note Rate (as a percent)		3.40%	3.47%
Structured Transaction Business | $150M credit facility | SOFR
Debt Obligations
Maximum borrowing capacity		$ 150,000
Variable rate, spread (as a percent)		1.46%
Additional borrowing capacity		$ 50,000
Decrease in interest rate (as a percent)		1.86%
Structured Transaction Business | $400M repurchase facility
Debt Obligations
Maximum borrowing capacity		$ 400,000
Structured Transaction Business | $400M repurchase facility | SOFR
Debt Obligations
LIBOR Floor rate		0.25%
Structured Transaction Business | $400M repurchase facility | Minimum | SOFR
Debt Obligations
Variable rate, spread (as a percent)		1.75%
Structured Transaction Business | $400M repurchase facility | Maximum | SOFR
Debt Obligations
Variable rate, spread (as a percent)		2.25%
Structured Transaction Business | $200 million repurchase facility
Debt Obligations
Maximum borrowing capacity		$ 200,000
Additional borrowing capacity		325,000
Agency Business
Debt Obligations
UPB		960,683	$ 952,622
Debt Carrying Value		956,272	952,038
Collateral Carrying Value		$ 1,036,807	$ 968,595
Weighted Average Note Rate (as a percent)		1.75%	1.48%
Unamortized deferred finance costs		$ 4,400	$ 600
Agency Business | Fannie Mae Mortgage
Debt Obligations
Letters of Credit Outstanding, Amount		45,000
Agency Business | Freddie Mac Mortgage
Debt Obligations
Committed amount		5,000
Letters of Credit Outstanding, Amount		5,000
Agency Business | $200M credit facility
Debt Obligations
UPB		115,351	294,815
Debt Carrying Value		115,304	294,732
Collateral Carrying Value		$ 115,351	$ 296,698
Weighted Average Note Rate (as a percent)		1.60%	1.30%
Maximum borrowing capacity		$ 200,000
Agency Business | $50M credit facility
Debt Obligations
Maximum borrowing capacity		$ 50,000
Fixed interest rate (as a percent)		2.875%
Variable rate, spread (as a percent)		1.30%
Agency Business | $750M ASAP agreement
Debt Obligations
UPB		$ 182,130	$ 301,455
Debt Carrying Value		182,130	301,455
Collateral Carrying Value		$ 182,140	$ 302,491
Weighted Average Note Rate (as a percent)		1.40%	1.40%
Maximum borrowing capacity		$ 750,000
LIBOR Floor rate		0.25%
Debt Instrument, Reduced Basis Spread on Variable Rate		1.26%
Debt Instrument, Collateral Amount		$ 750,000
Agency Business | $500M joint repurchase facility
Debt Obligations
UPB		399,470	$ 43,132
Debt Carrying Value		395,317	42,808
Collateral Carrying Value		$ 475,360	$ 56,186
Weighted Average Note Rate (as a percent)		2.11%	2.07%
Maximum borrowing capacity		$ 500,000
Agency Business | $500M repurchase facility
Debt Obligations
UPB		236,527	$ 174,555
Debt Carrying Value		236,429	174,515
Collateral Carrying Value		$ 236,527	$ 174,555
Weighted Average Note Rate (as a percent)		1.58%	1.64%
Maximum borrowing capacity		$ 500,000
Agency Business | $150M credit facility
Debt Obligations
UPB		16,657	$ 49,754
Debt Carrying Value		16,544	49,632
Collateral Carrying Value		$ 16,657	$ 49,754
Weighted Average Note Rate (as a percent)		1.51%	1.65%
Maximum borrowing capacity		$ 150,000
Agency Business | $1.3M repurchase facility (2)
Debt Obligations
UPB		1,253
Debt Carrying Value		1,253
Collateral Carrying Value		$ 1,477
Weighted Average Note Rate (as a percent)		3.00%
Maximum borrowing capacity		$ 1,300
Agency Business | $400M repurchase facility | LIBOR
Debt Obligations
Maximum borrowing capacity		$ 500,000
Debt Instrument, Reduced Basis Spread on Variable Rate		1.48%

Debt Obligations - Collateraliz

Debt Obligations - Collateralized Loan Obligations (Details)	Sep. 30, 2021USD ($)trancheitem	Jun. 30, 2021USD ($)itemtranche	Feb. 28, 2022USD ($)	Sep. 30, 2021USD ($)	Jun. 30, 2021USD ($)	Mar. 31, 2021USD ($)itemtranche	Dec. 31, 2021USD ($)trancheitem	Dec. 31, 2020USD ($)trancheitem	Dec. 31, 2019USD ($)trancheitem	Dec. 31, 2018USD ($)trancheitem
Debt Obligations
Proceeds from issuance of collateralized loan obligations							$ 4,281,512,000	$ 668,000,000	$ 1,067,193,000
Debt, Carrying Value							$ 5,892,810,000	$ 2,517,309,000
Weighted average note rate (as a percent)							2.21%	2.20%
Payoffs and paydowns of collateralized loan obligations							$ 889,150,000	$ 283,125,000	$ 529,250,000
UPB							4,493,699,000	2,238,722,000
Collateralized loan obligations
Debt Obligations
Debt, Face Value							5,924,705,000	2,532,343,000
Debt, Carrying Value							$ 5,892,810,000	$ 2,517,309,000
Weighted average note rate (as a percent)							1.59%	1.60%
Collateral Loans, Unpaid Principal							$ 6,645,088,000	$ 2,932,791,000
Collateral Loans, Carrying Value							6,616,810,000	2,923,634,000
Cash, Restricted Cash							329,496,000	138,683,000
Deferred financing fees							$ 31,900,000	$ 15,000,000
Weighted average note rate including certain fees and costs (as a percent)							1.86%	1.93%
Collateral at risk							$ 0	$ 0
CLO 18 | Subsequent event
Debt Obligations
Proceeds from issuance of collateralized loan obligations for acquiring additional loan obligations			$ 2,050,000,000
Notional amount of residual interest retained			397,200,000
CLO 18 | Investment grade | Subsequent event
Debt Obligations
Proceeds from issuance of collateralized loan obligations for acquiring additional loan obligations			1,650,000,000
CLO 18 | Below investment grade | Subsequent event
Debt Obligations
Notional amount of residual interest retained			$ 210,100,000
CLO 17
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							$ 1,910,000,000
Debt, Face Value							1,714,125,000
Debt, Carrying Value							$ 1,705,549,000
Weighted average note rate (as a percent)							1.81%
Collateral Loans, Unpaid Principal							$ 1,914,280,000
Collateral Loans, Carrying Value							1,903,997,000
Cash, Restricted Cash							$ 118,520,000
Replacement period							2 years 6 months
Proceeds from issuance of collateralized loan obligations for acquiring additional loan obligations							$ 315,000,000
Maximum period to acquire additional loan obligations							180 days
Notional amount of residual interest retained							$ 385,900,000
Value of portfolio loans as collateral							1,790,000,000
Face value of loan obligations will be owned by the issuer							$ 2,100,000,000
Leverage (as a percent)							82.00%
UPB							$ 194,300,000
CLO 17 | One-month LIBOR
Debt Obligations
Weighted average note rate including certain fees and costs (as a percent)							1.68%
CLO 17 | Below investment grade
Debt Obligations
Notional amount of residual interest retained							$ 194,300,000
CLO 16
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	$ 1,370,000,000			$ 1,370,000,000
Debt, Face Value	1,240,000,000			1,240,000,000			1,237,500,000
Debt, Carrying Value	$ 135,000,000			$ 135,000,000			$ 1,230,093,000
Weighted average note rate (as a percent)	1.31%			1.31%			1.44%
Collateral Loans, Unpaid Principal							$ 1,444,573,000
Collateral Loans, Carrying Value							1,436,743,000
Replacement period				2 years 6 months
Proceeds from issuance of collateralized loan obligations for acquiring additional loan obligations	$ 313,000,000
Maximum period to acquire additional loan obligations	180 days
Notional amount of residual interest retained	$ 262,500,000			$ 262,500,000
Value of portfolio loans as collateral	1,190,000,000			1,190,000,000
Face value of loan obligations will be owned by the issuer	$ 1,500,000,000			$ 1,500,000,000
Leverage (as a percent)	83.00%			83.00%
CLO 16 | Below investment grade
Debt Obligations
Notional amount of residual interest retained	$ 135,000,000			$ 135,000,000
CLO 15
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		$ 747,800,000			$ 747,800,000
Debt, Face Value		674,400,000			674,400,000		674,412,000
Debt, Carrying Value		73,400,000			$ 73,400,000		$ 669,723,000
Weighted average note rate (as a percent)							1.49%
Collateral Loans, Unpaid Principal							$ 785,761,000
Collateral Loans, Carrying Value							782,682,000
Cash, Restricted Cash							15,750,000
Replacement period					2 years 6 months
Proceeds from issuance of collateralized loan obligations for acquiring additional loan obligations		$ 162,000,000
Maximum period to acquire additional loan obligations		180 days
Notional amount of residual interest retained		$ 140,600,000			$ 140,600,000
Weighted average note rate including certain fees and costs (as a percent)		1.37%			1.37%
Value of portfolio loans as collateral		$ 653,000,000			$ 653,000,000
Face value of loan obligations will be owned by the issuer		$ 815,000,000			$ 815,000,000
Leverage (as a percent)		83.00%			83.00%
CLO 15 | Below investment grade
Debt Obligations
Notional amount of residual interest retained		$ 73,400,000			$ 73,400,000
CLO 14
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						$ 724,200,000
Debt, Face Value						655,500,000	655,475,000
Debt, Carrying Value						$ 68,700,000	$ 650,947,000
Weighted average note rate (as a percent)							1.45%
Collateral Loans, Unpaid Principal							$ 717,396,000
Collateral Loans, Carrying Value							715,154,000
Cash, Restricted Cash							53,342,000
Replacement period						2 years 6 months
Proceeds from issuance of collateralized loan obligations for acquiring additional loan obligations						$ 149,800,000
Maximum period to acquire additional loan obligations						180 days
Notional amount of residual interest retained						$ 129,500,000
Value of portfolio loans as collateral						635,200,000
Face value of loan obligations will be owned by the issuer						$ 785,000,000
Leverage (as a percent)						84.00%
CLO 14 | One-month LIBOR
Debt Obligations
Weighted average note rate including certain fees and costs (as a percent)						1.33%
CLO 14 | Below investment grade
Debt Obligations
Notional amount of residual interest retained						$ 68,700,000
CLO 13
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								$ 738,000,000
Debt, Face Value							668,000,000	668,000,000
Debt, Carrying Value							$ 665,006,000	$ 663,804,000
Weighted average note rate (as a percent)							1.54%	1.58%
Collateral Loans, Unpaid Principal							$ 740,369,000	$ 768,664,000
Collateral Loans, Carrying Value							738,265,000	765,923,000
Cash, Restricted Cash							48,543,000	$ 43,000
Replacement period								3 years
Proceeds from issuance of collateralized loan obligations for acquiring additional loan obligations								$ 159,500,000
Maximum period to acquire additional loan obligations								180 days
Notional amount of residual interest retained								$ 132,000,000
Value of portfolio loans as collateral								640,500,000
Face value of loan obligations will be owned by the issuer								$ 800,000,000
Leverage (as a percent)								84.00%
UPB								$ 70,000,000
CLO 13 | One-month LIBOR
Debt Obligations
Weighted average note rate including certain fees and costs (as a percent)								1.41%
CLO 13 | Below investment grade
Debt Obligations
Notional amount of residual interest retained								$ 70,000,000
CLO 12
Debt Obligations
Number of tranches of CLO notes issued | tranche									8
Number of newly-formed wholly-owned subsidiaries | item									2
Proceeds from issuance of collateralized loan obligations									$ 124,100,000
Value of the tranches issued									585,800,000
Debt, Face Value							534,193,000	534,193,000	534,200,000
Debt, Carrying Value							$ 531,939,000	$ 530,673,000	$ 51,600,000
Weighted average note rate (as a percent)							1.62%	1.66%
Collateral Loans, Unpaid Principal							$ 557,249,000	$ 628,935,000
Collateral Loans, Carrying Value							555,974,000	627,262,000
Cash, Restricted Cash							35,635,000	2,005,000
Replacement period									3 years
Maximum period to acquire additional loan obligations									180 days
Notional amount of residual interest retained									$ 100,800,000
Value of portfolio loans as collateral									510,900,000
Face value of loan obligations will be owned by the issuer									$ 635,000,000
Leverage (as a percent)									84.00%
CLO 12 | One-month LIBOR
Debt Obligations
Weighted average note rate including certain fees and costs (as a percent)									1.50%
CLO 12 | Below investment grade
Debt Obligations
Notional amount of residual interest retained									$ 51,600,000
CLO 11
Debt Obligations
Debt, Face Value								533,000,000
Debt, Carrying Value								$ 529,859,000
Weighted average note rate (as a percent)								1.61%
Collateral Loans, Unpaid Principal								$ 555,157,000
Collateral Loans, Carrying Value								553,286,000
Cash, Restricted Cash								92,395,000
CLO 10
Debt Obligations
Number of tranches of CLO notes issued | tranche										7
Number of newly-formed wholly-owned subsidiaries | item										2
Proceeds from issuance of collateralized loan obligations										$ 58,100,000
Value of the tranches issued										494,200,000
Debt, Face Value							441,000,000	441,000,000		441,000,000
Debt, Carrying Value							$ 439,553,000	$ 438,442,000		$ 53,200,000
Weighted average note rate (as a percent)							1.57%	1.61%
Collateral Loans, Unpaid Principal							$ 485,460,000	$ 522,132,000
Collateral Loans, Carrying Value							483,995,000	520,507,000
Cash, Restricted Cash							57,706,000	25,537,000
Replacement period										4 years
Maximum period to acquire additional loan obligations										120 days
Notional amount of residual interest retained										$ 119,000,000
Value of portfolio loans as collateral										501,900,000
Face value of loan obligations will be owned by the issuer										$ 560,000,000
Leverage (as a percent)										79.00%
CLO 10 | One-month LIBOR
Debt Obligations
Weighted average note rate including certain fees and costs (as a percent)										1.45%
CLO 10 | Below investment grade
Debt Obligations
Notional amount of residual interest retained										$ 53,200,000
CLO 9
Debt Obligations
Debt, Face Value								356,150,000
Debt, Carrying Value								$ 354,531,000
Weighted average note rate (as a percent)								1.53%
Collateral Loans, Unpaid Principal								$ 457,903,000
Collateral Loans, Carrying Value								456,656,000
Cash, Restricted Cash								18,703,000
CLO 11 and CLO 9
Debt Obligations
Debt Instrument Redemption Value							889,200,000
Deferred fees expensed as interest expense							3,400,000
CLO 8
Debt Obligations
Debt Instrument Redemption Value								282,900,000
Deferred fees expensed as interest expense								1,500,000
CLO 7 and CLO 6
Debt Obligations
Debt Instrument Redemption Value									529,300,000
Deferred fees expensed as interest expense									$ 2,600,000
CLO VII
Debt Obligations
Proceeds from issuance of collateralized loan obligations for acquiring additional loan obligations							$ 133,700,000	$ 49,500,000

Debt Obligations - Luxembourg D

Debt Obligations - Luxembourg Debt Fund (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Apr. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Obligations
Secured Debt.		$ 5,892,810	$ 2,517,309
Debt, Weighted Average Interest Rate		2.21%	2.20%
Gain (loss) on real estate		$ (3,374)	$ (3,546)	$ (7,439)
Luxembourg debt fund
Debt Obligations
Debt Weighted Average Interest Rate Including Fees and Costs		5.34%	5.65%
Gain (loss) on real estate	$ 1,600

Debt Obligations - Senior Unsec

Debt Obligations - Senior Unsecured Notes (Details) - USD ($) $ in Thousands	1 Months Ended										12 Months Ended
	Dec. 31, 2021	Aug. 31, 2021	Apr. 30, 2021	Jun. 30, 2020	Apr. 30, 2020	Mar. 31, 2020	Oct. 31, 2019	Mar. 31, 2019	May 31, 2018	Mar. 31, 2018	Dec. 31, 2021	Dec. 31, 2020
Debt Obligations
Senior notes carrying value	$ 1,280,545										$ 1,280,545	$ 662,843
5.00% Convertible notes
Debt Obligations
Junior subordinated notes	$ 180,000										$ 180,000
Interest rate (as a percent)	5.00%										5.00%
Proceeds from issued debt	$ 177,200
4.50% Convertible Notes
Debt Obligations
Junior subordinated notes	$ 275,000	$ 270,000				$ 275,000					$ 275,000	275,000
Interest rate (as a percent)	4.50%	4.50%				4.50%					4.50%
Proceeds from issued debt		$ 265,800				$ 271,800
5.00% Convertible Notes
Debt Obligations
Junior subordinated notes	$ 175,000		$ 175,000								$ 175,000
Interest rate (as a percent)	5.00%		5.00%								5.00%
Proceeds from issued debt			$ 172,300
5.625% Notes
Debt Obligations
Junior subordinated notes	$ 125,000									$ 100,000	$ 125,000	125,000
Interest rate (as a percent)	5.625%									5.625%	5.625%
Proceeds from issued debt									$ 25,000	$ 122,300
4.75% Notes
Debt Obligations
Junior subordinated notes	$ 110,000										$ 110,000	110,000
Redemption of aggregate principal amount (as a percent)							100.00%				100.00%
5.75% Convertible Notes
Debt Obligations
Junior subordinated notes	$ 90,000							$ 90,000			$ 90,000	90,000
Interest rate (as a percent)	5.75%							5.75%			5.75%
Proceeds from issued debt								$ 88,200
Senior Unsecured Notes
Debt Obligations
Junior subordinated notes	$ 1,295,750										$ 1,295,750	670,750
8.00% Convertible Notes
Debt Obligations
Junior subordinated notes	$ 70,750				$ 40,500						$ 70,750	70,750
Interest rate (as a percent)	8.00%				8.00%						8.00%
Proceeds from issued debt				$ 30,300	$ 69,600
Collateralized debt obligations
Debt Obligations
Junior subordinated notes	$ 5,924,705										$ 5,924,705	$ 2,532,343

Debt Obligations - Senior Uns_2

Debt Obligations - Senior Unsecured Notes, Summary (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Oct. 31, 2019	Dec. 31, 2021	Aug. 31, 2021	Apr. 30, 2021	Dec. 31, 2020	Apr. 30, 2020	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Debt Obligations
Wtd. Avg Rate		2.21%			2.20%
Senior Unsecured Notes
Debt Obligations
UPB		$ 1,295,750			$ 670,750
Carrying value		$ 1,280,545			$ 662,843
Wtd. Avg Rate		5.05%			5.29%
Deferred financing fees		$ 15,200			$ 7,900
5.00% Convertible notes
Debt Obligations
UPB		180,000
Carrying value		$ 177,105
Wtd. Avg Rate		5.00%
Interest rate (as a percent)		5.00%
5.00% Convertible Notes
Debt Obligations
UPB		$ 175,000		$ 175,000
Carrying value		$ 172,302
Wtd. Avg Rate		5.00%
Interest rate (as a percent)		5.00%		5.00%
8.00% Convertible Notes
Debt Obligations
UPB		$ 70,750			70,750	$ 40,500
Carrying value		$ 70,202			$ 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	$ 270,000		$ 275,000		$ 275,000
Carrying value		$ 272,477			$ 271,994
Wtd. Avg Rate		4.50%			4.50%
Interest rate (as a percent)		4.50%	4.50%				4.50%
4.50% Senior Unsecured Notes
Debt Obligations
UPB		$ 270,000
Carrying value		$ 266,090
Wtd. Avg Rate		4.50%
4.75% Notes
Debt Obligations
UPB		$ 110,000			$ 110,000
Carrying value		$ 109,018			$ 108,668
Wtd. Avg Rate		4.75%			4.75%
Redemption of aggregate principal amount (as a percent)	100.00%	100.00%
5.75% Convertible Notes
Debt Obligations
UPB		$ 90,000			$ 90,000			$ 90,000
Carrying value		$ 89,135			$ 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				$ 100,000
Carrying value		$ 124,216			$ 123,637
Wtd. Avg Rate		5.63%			5.63%
Interest rate (as a percent)		5.625%							5.625%
Collateralized debt obligations
Debt Obligations
UPB		$ 5,924,705			$ 2,532,343

Debt Obligations - Convertible

Debt Obligations - Convertible Senior Unsecured Notes (Details)	1 Months Ended										12 Months Ended
	Aug. 31, 2021USD ($)	Jul. 31, 2021USD ($)shares	Apr. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Apr. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Oct. 31, 2019USD ($)	Mar. 31, 2019USD ($)	May 31, 2018USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2021USD ($)$ / sharesshares	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Nov. 30, 2019USD ($)$ / shares
Debt Obligations
Cash paid for the exchange of convertible notes												$ 22,336,000
Notes settled with cash											$ 14,300,000		$ 231,940,000
Gain (loss) on real estate											(3,374,000)	(3,546,000)	(7,439,000)
Total											12,132,490,000
Convertible Senior Unsecured Notes
Debt Obligations
Junior subordinated notes											$ 264,000,000	$ 278,300,000
Percentage of the Notes required to be repurchased if the agreement is fundamentally changed											100.00%
Maturity period (in years)											10 months 2 days	1 year 9 months 7 days
Unamortized Debt Discount											$ 2,520,000	$ 5,636,000
Unamortized Deferred Financing Fees											2,095,000	4,691,000
Total											259,385,000	267,973,000
Net Carrying Value, Equity Component											8,684,000	9,962,000
Interest expense											18,600,000	20,000,000	28,300,000
Interest expense related to cash coupon											12,800,000	13,400,000	13,500,000
Debt discount											3,200,000	3,000,000	6,800,000
Deferred fees expensed as interest expense											$ 2,600,000	$ 3,600,000	$ 7,900,000
Cost of the notes (as a percent)											6.71%	6.75%
Senior Unsecured Notes
Debt Obligations
Junior subordinated notes											$ 1,295,750,000	$ 670,750,000
Unamortized Deferred Financing Fees											15,200,000	7,900,000
8.00% Convertible Notes
Debt Obligations
Junior subordinated notes					$ 40,500,000						$ 70,750,000	70,750,000
Proceeds from issued debt				$ 30,300,000	$ 69,600,000
Interest rate (as a percent)					8.00%						8.00%
4.50% Convertible Notes
Debt Obligations
Junior subordinated notes	$ 270,000,000					$ 275,000,000					$ 275,000,000	275,000,000
Proceeds from issued debt	$ 265,800,000					$ 271,800,000
Interest rate (as a percent)	4.50%					4.50%					4.50%
5.25% Convertible Notes
Debt Obligations
Junior subordinated notes		$ 14,300,000
Interest rate (as a percent)		5.25%									5.25%
Notes settled with cash		$ 14,300,000									$ 228,700,000
Common stock exchanged (in shares) | shares		386,459
4.75% Convertible Notes
Debt Obligations
Junior subordinated notes							$ 110,000,000				$ 1,000	$ 1,000		$ 264,000,000
Proceeds from issued debt							$ 108,200,000
Interest rate (as a percent)							4.75%				4.75%			4.75%
Proceeds received, net of estimated issuance costs											$ 256,500,000
Common stock exchanged (in shares) | shares											56.8560
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											$ 17.59			$ 17.80
4.75% Convertible Notes | Over-Allotment Option
Debt Obligations
Junior subordinated notes														$ 34,000,000
5.75% Convertible Notes
Debt Obligations
Junior subordinated notes								$ 90,000,000			$ 90,000,000	$ 90,000,000
Proceeds from issued debt								$ 88,200,000
Interest rate (as a percent)								5.75%			5.75%
4.75% and 5.25% Convertible Notes
Debt Obligations
Notes and accrued interest settled											$ 233,100,000
Common stock exchanged (in shares) | shares											4,478,315
Gain (loss) on real estate												7,300,000
Inducement charge												1,100,000
5.625% Notes
Debt Obligations
Junior subordinated notes										$ 100,000,000	$ 125,000,000	125,000,000
Proceeds from issued debt									$ 25,000,000	$ 122,300,000
Interest rate (as a percent)										5.625%	5.625%
5.00% Convertible Notes
Debt Obligations
Junior subordinated notes			$ 175,000,000								$ 175,000,000
Proceeds from issued debt			$ 172,300,000
Interest rate (as a percent)			5.00%								5.00%
Junior subordinated notes
Debt Obligations
Junior subordinated notes											$ 154,336,000	154,336,000
Deferred fees expensed as interest expense											$ 1,700,000	$ 1,800,000

Debt Obligations - Junior Subor

Debt Obligations - Junior Subordinated Notes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Debt Obligations
Debt carrying value	$ 142,382	$ 141,656
Weighted average note rate (as a percent)	2.21%	2.20%
Junior subordinated notes
Debt Obligations
Debt carrying value	$ 142,400	$ 141,700
Deferred amount Due at maturity	10,200	10,800
Deferred fees expensed as interest expense	$ 1,700	$ 1,800
Weighted average note rate (as a percent)	3.03%	3.06%
Weighted average note rate including certain fees and costs (as a percent)	3.12%	3.15%

Debt Obligations - Debt Covenan

Debt Obligations - Debt Covenants (Details) - USD ($)	1 Months Ended				12 Months Ended
	Oct. 31, 2021	Jul. 31, 2021	Apr. 30, 2021	Jan. 31, 2021	Dec. 31, 2021
CLO 10
Debt Covenants
Current overcollateralization ratio (as a percent)					126.98%
Limit overcollateralization ratio (as a percent)					125.98%
Current interest coverage ratio (as a percent)	126.98%	126.98%	126.98%	126.98%	488.48%
Limit interest coverage ratio (as a percent)					120.00%
CLO 12
Debt Covenants
Current overcollateralization ratio (as a percent)					118.87%
Limit overcollateralization ratio (as a percent)					117.87%
Current interest coverage ratio (as a percent)	118.87%	118.87%	118.87%	118.87%	307.16%
Limit interest coverage ratio (as a percent)					120.00%
CLO 13
Debt Covenants
Current overcollateralization ratio (as a percent)					119.76%
Limit overcollateralization ratio (as a percent)					118.76%
Current interest coverage ratio (as a percent)	119.76%	119.76%	119.76%	119.76%	317.07%
Limit interest coverage ratio (as a percent)					120.00%
CLO 14
Debt Covenants
Current overcollateralization ratio (as a percent)					119.76%
Limit overcollateralization ratio (as a percent)					118.76%
Current interest coverage ratio (as a percent)	119.76%	119.76%	119.76%	119.76%	319.01%
Limit interest coverage ratio (as a percent)					120.00%
CLO 15
Debt Covenants
Current overcollateralization ratio (as a percent)					120.85%
Limit overcollateralization ratio (as a percent)					119.85%
Current interest coverage ratio (as a percent)	120.85%	120.85%	120.85%		332.57%
Limit interest coverage ratio (as a percent)					120.00%
CLO 16
Debt Covenants
Current overcollateralization ratio (as a percent)					121.21%
Limit overcollateralization ratio (as a percent)					120.21%
Current interest coverage ratio (as a percent)	121.21%	121.21%			276.52%
Limit interest coverage ratio (as a percent)					120.00%
Junior subordinated notes
Debt Covenants
Amount payable on default of senior debt					$ 0
CLO 17
Debt Covenants
Current overcollateralization ratio (as a percent)					122.51%
Limit overcollateralization ratio (as a percent)					121.51%
Current interest coverage ratio (as a percent)	122.51%				192.52%
Limit interest coverage ratio (as a percent)					120.00%

Allowance for Loss-Sharing Ob_3

Allowance for Loss-Sharing Obligations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Roll forward of loss contingency accrual
Provisions for loss sharing	$ (6,167)	$ 14,822	$ 1,147
Guarantee obligations	34,400	34,000
Fannie Mae Mortgage
Roll forward of loss contingency accrual
Allowance for loss sharing obligations	$ 21,700	$ 30,300
Loss-sharing obligations (as a percent)	0.11%	0.17%
Loss-Sharing Obligation
Roll forward of loss contingency accrual
Outstanding advances under the Fannie Mae DUS program	$ 100	$ 100
Loss-Sharing Obligation | Fannie Mae Mortgage
Roll forward of loss contingency accrual
Beginning balance of the period	64,303	34,648
Provisions for loss sharing	44	16,379
Provisions reversal for loan repayments	(6,211)	(1,557)
Recoveries (charge-offs) , net	(2,072)	427
Ending balance of the period	56,064	64,303	$ 34,648
Maximum quantifiable liability	3,600,000	3,410,000
Loss-Sharing Obligation | Fannie Mae Mortgage | Impact of Adoption | Impact of adopting CECL
Roll forward of loss contingency accrual
Beginning balance of the period	$ 14,406
Ending balance of the period		$ 14,406

Derivative Financial Instrume_3

Derivative Financial Instruments, Agency Business (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)item	Dec. 31, 2020USD ($)item	Dec. 31, 2019USD ($)
Derivative Financial Instruments
Net (losses) gains from changes in the fair value of derivatives	$ 800	$ 3,400	$ (7,800)
(Loss) gain on derivative instruments	(2,684)	(58,335)	(1,962)
Realized gain (loss) on derivatives	100
Unrealized gain (loss) on derivatives	1,500
Notional Value, classified in Other Assets	280,654	865,975
Other Income
Derivative Financial Instruments
(Loss) gain on derivative instruments	130,200	165,500	$ 90,800
Rate lock commitments
Derivative Financial Instruments
Notional value	11,250
Forward Sale Commitments
Derivative Financial Instruments
Notional value	$ 571,220
Interest Rate Swaps
Derivative Financial Instruments
Derivative, maturity term	3 months
Derivative swap default credit.	5 years
Interest Rate Swaps | Minimum
Derivative Financial Instruments
Derivative Swap Rate Period	5 years
Interest Rate Swaps | Maximum
Derivative Financial Instruments
Derivative Swap Rate Period	10 years
Interest Rate Swaps | Agency Business | Other Income
Derivative Financial Instruments
Realized gain (loss) on derivatives	$ (57,100)	4,600
Unrealized gain (loss) on derivatives	(1,700)	1,500
Interest Rate Swaps | Structured Business | Other Income
Derivative Financial Instruments
Realized gain (loss) on derivatives	(3,000)	(400)
Unrealized gain (loss) on derivatives	200	200
Non-Qualifying | Agency Business
Derivative Financial Instruments
Fair Value, classified in Other Assets	1,665	3,892
Fair Value, classified in Other Liabilities	(1,482)	(1,221)
Notional Value, classified in Other Assets	$ 970,670	$ 1,230,417
Non-Qualifying | Rate lock commitments | Agency Business
Derivative Financial Instruments
Count | item	2	7
Fair Value, classified in Other Assets	$ 295	$ 1,967
Fair Value, classified in Other Liabilities	(33)	(231)
Notional Value, classified in Other Assets	$ 11,250	$ 136,354
Non-Qualifying | Forward Sale Commitments | Agency Business
Derivative Financial Instruments
Count | item	55	114
Fair Value, classified in Other Assets	$ 1,370	$ 1,925
Fair Value, classified in Other Liabilities	(1,449)	(990)
Notional Value, classified in Other Assets	$ 571,220	$ 1,048,763
Non-Qualifying | Interest Rate Swaps | Agency Business
Derivative Financial Instruments
Count | item	3,882	453
Notional Value, classified in Other Assets	$ 388,200	$ 45,300

Fair Value, Carrying Value and

Fair Value, Carrying Value and Estimated Fair Value (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Financial assets:
Loans and investments, net - Principal/Notional Amount	$ 12,158,995,000	$ 5,475,082,000
Loans and investments, net	11,981,048,000	5,285,868,000	$ 4,189,960,000	$ 3,200,145,000
Loans held-for-sale, net - Principal/Notional Amount	1,077,239,000	968,595,000
Loans held-for-sale, net	1,077,239,000	968,595,000
Securities, held-to-maturity, net - Principal/Notional Amount	210,728,000	140,124,000
Securities held-to-maturity, net	140,484,000	95,524,000
Derivative financial instruments - Principal/Notional Amount	280,654,000	865,975,000
Financial liabilities:
Credit and repurchase facilities, Principal/Notional Amount	4,493,699,000	2,238,722,000
Credit and repurchase facilities, Carrying value	4,481,579,000	2,234,883,000
Collateralized loan obligations	5,892,810,000	2,517,309,000
Senior unsecured notes	1,280,545,000	662,843,000
Convertible senior unsecured notes, net	259,385,000	267,973,000
Junior subordinated notes	142,382,000	141,656,000
Related party financing	0
Derivative financial instruments - Principal/Notional Amount	$ 301,816,000	319,142,000
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	$ 11,981,048,000	5,285,868,000
Loans held-for-sale, net	1,093,609,000	986,919,000
Capitalized mortgage servicing rights, net	422,734,000	379,974,000
Securities held-to-maturity, net	140,484,000	95,524,000
Derivative financial instruments	1,665,000	3,892,000
Financial liabilities:
Credit and repurchase facilities, Carrying value	4,481,579,000	2,234,883,000
Collateralized loan obligations	5,892,810,000	2,517,309,000
Senior unsecured notes	1,280,545,000	662,843,000
Convertible senior unsecured notes, net	259,385,000	267,973,000
Junior subordinated notes	142,382,000	141,656,000
Derivative financial instruments	1,482,000	1,221,000
Estimated Fair Value Disclosure
Financial assets:
Loans and investments, net	12,181,194,000	5,428,141,000
Loans held-for-sale, net	1,117,085,000	1,007,294,000
Capitalized mortgage servicing rights, net	477,323,000	415,495,000
Securities held-to-maturity, net	149,911,000	94,128,000
Derivative financial instruments	1,665,000	3,892,000
Financial liabilities:
Credit and repurchase facilities, Carrying value	4,484,107,000	2,235,668,000
Collateralized loan obligations	5,914,453,000	2,495,195,000
Senior unsecured notes	1,301,708,000	670,117,000
Convertible senior unsecured notes, net	294,690,000	280,636,000
Junior subordinated notes	101,698,000	99,594,000
Derivative financial instruments	1,482,000	1,221,000
Collateralized loan obligations
Financial liabilities:
Collateralized loan obligations	5,892,810,000	2,517,309,000
Debt instrument - Principal/Notional Amount	5,924,705,000	2,532,343,000
Collateralized debt obligations
Financial liabilities:
Debt instrument - Principal/Notional Amount	5,924,705,000	2,532,343,000
Senior Unsecured Notes
Financial liabilities:
Debt instrument - Principal/Notional Amount	1,295,750,000	670,750,000
Convertible Senior Unsecured Notes
Financial liabilities:
Debt instrument - Principal/Notional Amount	264,000,000	278,300,000
Junior subordinated notes
Financial liabilities:
Junior subordinated notes	142,400,000	141,700,000
Debt instrument - Principal/Notional Amount	$ 154,336,000	$ 154,336,000

Fair Value, Measurement on Recu

Fair Value, Measurement on Recurring and Nonrecurring Basis (Details) $ in Thousands, shares in Millions	Dec. 31, 2021USD ($)itemshares	Dec. 31, 2020USD ($)
Financial assets:
Impaired loans, net	$ 148,839	$ 254,938
Allowance for credit losses on impaired loans	$ 86,886	106,265
Number of impaired loans | item	8
Aggregate carrying value, before reserves | shares	148.8
Carrying Value
Financial assets:
Derivative financial instruments	$ 1,665	3,892
Financial liabilities:
Derivative financial instruments	1,482	1,221
Estimated Fair Value Disclosure
Financial assets:
Derivative financial instruments	1,665	3,892
Financial liabilities:
Derivative financial instruments	1,482	$ 1,221
Recurring basis | Carrying Value
Financial assets:
Derivative financial instruments	1,665
Financial liabilities:
Derivative financial instruments	1,482
Recurring basis | Estimated Fair Value Disclosure
Financial assets:
Derivative financial instruments	1,665
Financial liabilities:
Derivative financial instruments	1,482
Nonrecurring basis | Carrying Value
Financial assets:
Impaired loans, net	61,953
Nonrecurring basis | Estimated Fair Value Disclosure
Financial assets:
Impaired loans, net	61,953
Level 2 | Recurring basis
Financial assets:
Derivative financial instruments	1,370
Financial liabilities:
Derivative financial instruments	1,482
Level 3 | Recurring basis
Financial assets:
Derivative financial instruments	295
Level 3 | Nonrecurring basis
Financial assets:
Impaired loans, net	$ 61,953

Fair Value, Level 3 Inputs (Det

Fair Value, Level 3 Inputs (Details) $ in Thousands	Dec. 31, 2021USD ($)item
Land | Measurement Input Discount Rate [Member]
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 | Measurement Input Discount Rate [Member]
Quantitative information about Level 3 fair value measurements
Impaired loans, measurement input	0.1125
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	0.0300
Office | Measurement Input Discount Rate [Member]
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 Asset, Valuation Technique [Extensible List]	us-gaap:ValuationTechniqueDiscountedCashFlowMember
Derivative Asset, Measurement Input [Extensible List]	Measurement Input Discount Rate [Member]
Rate lock commitments | Measurement Input Discount Rate [Member]
Quantitative information about Level 3 fair value measurements
Derivative financial instruments measurement input	0.1331
Level 3 | Land
Quantitative information about Level 3 fair value measurements
Derivative financial instruments | $	$ 50,000
Level 3 | Retail
Quantitative information about Level 3 fair value measurements
Derivative financial instruments | $	11,473
Level 3 | Office
Quantitative information about Level 3 fair value measurements
Derivative financial instruments | $	480
Level 3 | Rate lock commitments
Quantitative information about Level 3 fair value measurements
Derivative financial instruments | $	$ 295

Fair Value, Level 3 Derivative

Fair Value, Level 3 Derivative Instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Derivative assets
Beginning balance	$ 1,967	$ 1,066	$ 324
Settlements	(112,836)	(164,654)	(83,992)
Realized gains recorded in earnings	110,869	163,588	83,668
Unrealized gains recorded in earnings	295	1,967	1,066
Ending balance	$ 295	$ 1,967	$ 1,066

Fair Value, Components of fair

Fair Value, Components of fair value and other relevant information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value of Servicing Rights	$ 19,681
Total Fair Value Adjustment	19,681
Rate lock commitments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Notional/Principal Amount	11,250
Fair Value of Servicing Rights	295
Interest Rate Movement Effect	(29)
Total Fair Value Adjustment	266
Forward Sale Commitments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Notional/Principal Amount	571,220
Interest Rate Movement Effect	29
Total Fair Value Adjustment	29
Loans held-for-sale, net
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Notional/Principal Amount	1,077,239
Fair Value of Servicing Rights	19,386
Total Fair Value Adjustment	$ 19,386

Fair Value, Financial Assets an

Fair Value, Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Financial assets:
Loans and investments, net	$ 11,981,048	$ 5,285,868	$ 4,189,960	$ 3,200,145
Loans held-for-sale, net	1,077,239	968,595
Securities held-to-maturity, net	140,484	95,524
Financial liabilities:
Credit and repurchase facilities, Carrying value	4,481,579	2,234,883
Collateralized loan obligations	5,892,810	2,517,309
Senior unsecured notes	1,280,545	662,843
Convertible senior unsecured notes, net	259,385	267,973
Junior subordinated notes	142,382	141,656
Level 1
Financial liabilities:
Senior unsecured notes	1,301,708
Level 2
Financial assets:
Loans held-for-sale, net	1,097,699
Financial liabilities:
Credit and repurchase facilities, Carrying value	956,272
Convertible senior unsecured notes, net	294,690
Level 3
Financial assets:
Loans and investments, net	12,181,194
Loans held-for-sale, net	19,386
Capitalized mortgage servicing rights, net	477,323
Securities held-to-maturity, net	149,911
Financial liabilities:
Credit and repurchase facilities, Carrying value	3,527,835
Collateralized loan obligations	5,914,453
Junior subordinated notes	101,698
Carrying Value
Financial assets:
Loans and investments, net	11,981,048	5,285,868
Loans held-for-sale, net	1,093,609	986,919
Capitalized mortgage servicing rights, net	422,734
Securities held-to-maturity, net	140,484	95,524
Financial liabilities:
Credit and repurchase facilities, Carrying value	4,481,579	2,234,883
Collateralized loan obligations	5,892,810	2,517,309
Senior unsecured notes	1,280,545	662,843
Convertible senior unsecured notes, net	259,385	267,973
Junior subordinated notes	142,382	141,656
Estimated Fair Value Disclosure
Financial assets:
Loans and investments, net	12,181,194	5,428,141
Loans held-for-sale, net	1,117,085	1,007,294
Capitalized mortgage servicing rights, net	477,323
Securities held-to-maturity, net	149,911	94,128
Financial liabilities:
Credit and repurchase facilities, Carrying value	4,484,107	2,235,668
Collateralized loan obligations	5,914,453	2,495,195
Senior unsecured notes	1,301,708	670,117
Convertible senior unsecured notes, net	294,690	280,636
Junior subordinated notes	$ 101,698	$ 99,594

Commitments and Contingencies,

Commitments and Contingencies, Contractual Commitments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Agency Business Commitments
Cash collateral	$ 486,690	$ 197,470	$ 210,875	$ 180,606
Debt Obligations
2022	3,360,731
2023	1,886,918
2024	2,925,345
2025	1,109,257
2026	2,210,054
Thereafter	640,185
Total	12,132,490
Minimum Annual Operating Lease Payments
2022	8,342
2023	8,067
2024	7,929
2025	7,978
2026	8,282
Thereafter	26,098
Total	66,696
Total
2022	3,369,073
2023	1,894,985
2024	2,933,274
2025	1,117,235
2026	2,218,336
Thereafter	666,283
Total	$ 12,199,186
Operating Lease, Weighted average remaining lease term (in years)	8 years 2 months 12 days	9 years
Operating Lease, Weighted average discount rate (as a percent)	4.00%	4.90%
Operating lease expense	$ 9,300	$ 6,200	$ 6,100
Unfunded CLO Commitments
Unfunded commitments related to structured loans and investments	975,200
Fannie Mae Mortgage
Agency Business Commitments
Minimum liquid assets to be maintained to meet operational liquidity requirements	$ 18,800
Period of funding for collateral requirement	48 months
Forward Contracts
Agency Business Commitments
Period of contractual commitment	60 days
Minimum
Total
Remaining lease term	1 month 6 days	6 months
Maximum
Total
Remaining lease term	9 years	10 years
Restricted liquidity arrangement - loans sold under the Fannie Mae DUS program | Fannie Mae Mortgage
Agency Business Commitments
Letter of credit assigned	$ 45,000
Cash collateral	18,700
Reserve required to fund additional restricted liquidity over the next 48 months	$ 43,000
Period of additional funding for collateral requirement	48 months
Cash collateral arrangement - purchase and loss obligations under Freddie Mac's SBL Program
Agency Business Commitments
Cash collateral per securitization	$ 5,000
Outstanding letters of credit	$ 5,000

Commitments and Contingencies_2

Commitments and Contingencies, Litigation (Details) $ in Millions	Jun. 15, 2011USD ($)defendantlawsuit	Aug. 31, 2020USD ($)lawsuitdefendant	Jun. 30, 2013USD ($)defendantlawsuit	Jun. 30, 2011lawsuitdefendant
Arbor ESH II, LLC
Litigation
Investments in the Series A1 Preferred Units of a holding company of Extended Stay, Inc. | $	$ 115
Lawsuits filed by Extended Stay Litigation Trust (the Trust)
Litigation
Number of lawsuits or complaints filed | lawsuit				3
Number of lawsuits filed in United States Bankruptcy Court | lawsuit				2
Number of defendants				73
Number of defendants who are corporate and partnership entities				55
Number of defendants named in a legal action who are individuals				18
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	17
Aggregate amount which the Trust would be seeking from the affiliates of the entity | $			$ 139

Variable Interest Entity (Detai

Variable Interest Entity (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)item	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Assets:
Restricted cash	$ 486,690	$ 197,470	$ 210,875	$ 180,606
Other assets	269,946	183,529
Total assets	15,073,845	7,660,986
Liabilities:
Collateralized loan obligations	5,892,810	2,517,309
Other liabilities	287,885	197,644
Total liabilities	12,523,861	6,178,301
Carrying amount of loans and investments before reserves related to VIEs	12,158,995
Loan loss reserves related to VIEs	113,241	148,329	$ 71,069
Consolidated VIEs
Assets:
Loans and investments, net	6,616,809
Total assets	7,144,806	3,134,447
Liabilities:
Total liabilities	5,902,623	2,520,064
CLOs and Debt Fund
Assets:
Restricted cash	466,523	188,226
Loans and investments, net		2,923,634
Other assets	61,474	22,587
Total assets	7,144,806	3,134,447
Liabilities:
Collateralized loan obligations	5,892,810	2,517,309
Other liabilities	9,813	2,755
Total liabilities	5,902,623	$ 2,520,064
Unconsolidated VIEs
Assets:
Total assets	$ 630,150
Liabilities:
Number of VIEs where the reporting entity is not VIE's primary beneficiary and VIEs have variable interest | item	30
Carrying amount of loans and investments before reserves related to VIEs	$ 129,800
Loan loss reserves related to VIEs	79,400
Exposure to real estate debt	4,350,000
CDO bond and CMBS investments | Unconsolidated VIEs
Assets:
Total assets	466,811
APL certificates | Unconsolidated VIEs
Assets:
Total assets	94,291
B Piece bonds | Unconsolidated VIEs
Assets:
Total assets	47,946
Equity investments | Unconsolidated VIEs
Assets:
Total assets	20,560
Agency interest only strips | Unconsolidated VIEs
Assets:
Total assets	$ 542

Equity (Details)

Equity (Details) $ / shares in Units, $ in Thousands	Feb. 16, 2022$ / shares	Jan. 03, 2022$ / shares	Oct. 27, 2021$ / shares	Jul. 28, 2021$ / shares	May 05, 2021$ / shares	Feb. 17, 2021$ / shares	May 01, 2020$ / shares	Feb. 28, 2022USD ($)shares	Oct. 31, 2021USD ($)$ / sharesshares	Aug. 31, 2021USD ($)$ / sharesshares	Jul. 31, 2021USD ($)shares	Jun. 30, 2021USD ($)$ / sharesshares	Apr. 30, 2021USD ($)shares	Nov. 30, 2020USD ($)$ / sharesshares	Aug. 31, 2020USD ($)shares	Jun. 30, 2020USD ($)$ / sharesshares	Mar. 31, 2020USD ($)$ / sharesshares	Sep. 30, 2021shares	Dec. 31, 2021USD ($)Vote$ / sharesshares	Dec. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2019USD ($)shares	Dec. 31, 2021USD ($)Vote$ / sharesshares
Common stock
Proceeds from issuance of shares under public offering																			$ 514,593	$ 183,585	$ 260,383
Repurchase of common stock																			(34,404)	(21,531)	(11,574)
Redemption of operating partnership units																			$ 21,605	$ 32,233	1,674
Noncontrolling Interest
Preferred stock, par value (in dollars per share) | $ / shares																			$ 0.01	$ 0.01		$ 0.01
Amount available for repurchase																			$ 96,100			$ 96,100
Preferred Stock
Proceeds from issuance of preferred stock																			555,999
Percentage of dividend paid to common stock and preferred stock shareholders represented ordinary income to our stockholders																				100.00%		100.00%
Employee compensation and benefits
Deferred Compensation
Share-based compensation expense																			9,300	$ 8,600	8,800
Selling and administrative expense
Deferred Compensation
Share-based compensation expense																			600	500	700
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
Total grant date fair value																			$ 17,100	$ 14,400
Shares withheld for taxes | shares																			175,102
Unrecognized compensation cost																			$ 8,900
Remaining weighted-average vesting period																			1 year 10 months 24 days
Restricted stock vested with grant date fair value (in shares) | shares																			1,102,761
Unvested restricted common stock outstanding | shares																			1,257,199	1,300,568		1,257,199
Restricted stock vested during the period, grant date fair value																			$ 9,600
Restricted common stock | Chief executive officer
Deferred Compensation
Grants during the period (in shares) | shares																			45,928	58,738
Total grant date fair value																			$ 500	$ 700
Restricted common stock | Director | 2020 Plan
Deferred Compensation
Grants during the period (in shares) | shares																			28,381
Restricted common stock | Employees
Deferred Compensation
Grants during the period (in shares) | shares																			356,377
Total grant date fair value																			$ 5,900	$ 3,400	$ 4,200
Vesting percentage																			33.00%
Number of shares issued in net settlement | shares																			314,957	333,884
Restricted common stock | Employees | 2020 Plan
Deferred Compensation
Grants during the period (in shares) | shares																			116,570
Total grant date fair value																			$ 1,900
Restricted common stock | Employees | First anniversaries | 2020 Plan
Deferred Compensation
Grants during the period (in shares) | shares																			101,475
Total grant date fair value																			$ 1,700
Restricted common stock | Employees | Second anniversaries | 2020 Plan
Deferred Compensation
Grants during the period (in shares) | shares																			88,788
Total grant date fair value																			$ 1,500
Restricted common stock | Employees | Third anniversaries | 2020 Plan
Deferred Compensation
Grants during the period (in shares) | shares																			25,479
Total grant date fair value																			$ 400
Restricted common stock | Employees | Fourth anniversaries | 2020 Plan
Deferred Compensation
Grants during the period (in shares) | shares																			24,065
Total grant date fair value																			$ 400
Performance-based restricted stock | Chairman and Chief executive officer
Deferred Compensation
Vesting period (in years)																			4 years	4 years	4 years
Performance-based restricted stock | Chief executive officer
Deferred Compensation
Total grant date fair value																			$ 100	$ 1,700
Vesting period (in years)																			4 years
Restricted stock vested during period (in shares) | shares																			448,980	421,348	421,348
Restricted stock vested during period, net settled (in shares) | shares																			229,083	215,014
Performance-based restricted stock | Chief executive officer | Maximum
Deferred Compensation
Grants during the period (in shares) | shares																			275,569	352,427
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													3.00%
Time Based Vesting Equity Award | Chief executive officer | 2021 Annual incentive agreement
Deferred Compensation
Grants during the period (in shares) | shares											165,746		184,729
Total grant date fair value											$ 3,000		$ 3,100
Vesting period (in years)													3 years
Restricted stock vested during period (in shares) | shares																		294,985
Restricted stock vested during period, net settled (in shares) | shares																		150,530
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 cumulative redeemable preferred stock
Preferred Stock
Return on the preferred shares issued to third parties by its subsidiary REIT (as a percent)																			8.25%	8.25%
7.75% Series B cumulative redeemable preferred stock
Preferred Stock
Return on the preferred shares issued to third parties by its subsidiary REIT (as a percent)																			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%
6.25% Series E preferred stock
Preferred Stock
Return on the preferred shares issued to third parties by its subsidiary REIT (as a percent)																			6.25%
6.25% Series F preferred stock
Preferred Stock
Return on the preferred shares issued to third parties by its subsidiary REIT (as a percent)																			6.25%	6.25%
Common Stock
Common stock
Issued price per share (in dollars per share) | $ / shares														$ 19.46		$ 18.46	$ 15.48
Number of common stock sold (in shares) | shares																			29,140,369	14,790,121	19,837,000
Proceeds from issuance of shares under public offering														$ 10,900	$ 21,100	$ 11,100	$ 12,400
Number of shares purchased | shares														562,500		600,000			1,962,499	2,285,178	920,000
Repurchase of common stock																			$ (19)	$ (23)	$ (9)
Noncontrolling Interest
Amount authorized under the Stock repurchase program																	$ (100,000)
Distributions
Cash dividend declared (in dollars per share) | $ / shares	$ 0.37		$ 0.36	$ 0.35	$ 0.34	$ 0.33
Common Stock | Director
Common stock
Number of common stock sold (in shares) | shares																	108.2
Deferred Compensation
Total grant date fair value																			$ 500	$ 700
Number of shares issued in net settlement | shares																			52,735	55,244
Common Stock | Restricted common stock | Director | 2020 Plan
Deferred Compensation
Total grant date fair value																			$ 500
Preferred Stock | 8.25% Series A cumulative redeemable 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 cumulative redeemable 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 stocks
Distributions
Cash dividend declared on redeemable preferred stock (in dollars per share) | $ / shares		$ 0.3984375	0.3984375	$ 0.25677
Preferred Stock
Preferred stock, redemption amount												$ 93,300
Preferred Stock | 6.25% Series E preferred stock
Common stock
Number of common stock sold (in shares) | shares																			5,750,000
Distributions
Cash dividend declared on redeemable preferred stock (in dollars per share) | $ / shares		0.390625	$ 0.34288
Preferred Stock | 6.25% Series F preferred stock
Common stock
Number of common stock sold (in shares) | shares																			8,050,000
Distributions
Cash dividend declared on redeemable preferred stock (in dollars per share) | $ / shares		$ 0.46875
Preferred Stock
Preferred stock, liquidation preference (in dollars per share) | $ / shares									$ 25
Preferred stock dividend, fixed rate									6.125%
Total Arbor Realty Trust, Inc. Stockholders' Equity
Common stock
Repurchase of common stock																			$ (34,404)	$ (21,531)	(11,574)
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
Number of vote per share of Special Voting Preferred Shares | Vote																			1			1
OP units outstanding (in shares) | shares																			16,325,095			16,325,095
Voting power of outstanding stock (as a percent)																			9.70%
5.25% Convertible Notes
Common stock
Shares issued in connection with exchange of convertible debt notes (in shares) | shares																			386,459
Interest rate (as a percent)											5.25%								5.25%			5.25%
Share repurchase | Common Stock
Common stock
Number of shares purchased | shares																	800,000
ACM Acquisition | Performance-based restricted stock | Chief executive officer
Deferred Compensation
Grants during the period (in shares) | shares																			313,152	246,508
Total grant date fair value																			$ 2,900		$ 3,000
Vesting period (in years)																			3 years
Public offering | Common Stock
Common stock
Issued price per share (in dollars per share) | $ / shares														$ 19.48
Number of common stock sold (in shares) | shares														7,910,000		6,000,000	7,000,000
Proceeds from issuance of shares under public offering														$ 153,900		$ 110,600
Public offering | Preferred Stock | 6.375% Series D preferred stocks
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
Proceeds from issuance of preferred stock												$ 222,600
Public offering | Preferred Stock | 6.25% Series E preferred stock
Preferred Stock
Issuance of preferred stock (in shares) | shares										5,750,000
Return on the preferred shares issued to third parties by its subsidiary REIT (as a percent)										6.25%
Preferred stock, liquidation preference (in dollars per share) | $ / shares										$ 25
Proceeds from issuance of preferred stock										$ 139,100
Public offering | Preferred Stock | 6.25% Series F preferred stock
Preferred Stock
Issuance of preferred stock (in shares) | shares									8,050,000
Return on the preferred shares issued to third parties by its subsidiary REIT (as a percent)									6.25%
Preferred stock dividend, fixed rate									6.25%
Preferred stock dividend, spread on Floating rate									5.442%
Proceeds from issuance of preferred stock									$ 194,800
Public offering | Subsequent event | Preferred Stock | 6.25% Series F preferred stock
Preferred Stock
Preferred stock dividend, fixed rate								6.25%
Option exercised by underwriters (in shares) | shares								3,100,000
Additional net proceeds from exercise of option by underwriters								$ 72,600
At-The-Market | Common Stock
Common stock
Number of shares available under an "At-The-Market" equity offering with JMP Securities LLC | shares															20,000,000				18,192,510			18,192,510
Number of common stock sold (in shares) | shares																			8,230,369
Proceeds from issuance of shares under public offering																			$ 141,800

Equity - Earnings Per Share ("E

Equity - Earnings Per Share ("EPS") (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Basic
Net income attributable to common stockholders (1)	$ 317,412	$ 163,395	$ 121,074
Weighted average shares outstanding (in shares)	137,830,691	113,811,471	92,851,327
Net income per common share (in dollars per share)	$ 2.30	$ 1.44	$ 1.30
Diluted
Net income attributable to common stockholders	$ 355,919	$ 188,603	$ 147,684
Net income attributable to noncontrolling interest	$ 38,507	$ 25,208	$ 26,610
Dilutive effect of OP Units (in shares)	16,818,722	19,395,691	20,502,128
Dilutive effect of restricted stock units (in shares)	933,233	718,647	1,421,528
Dilutive effect of convertible notes (in shares)	506,949	43,487	1,417,968
Weighted average shares outstanding ( in shares)	156,089,595	133,969,296	116,192,951
Net income per common share (in dollars per share)	$ 2.28	$ 1.41	$ 1.27
Mr. Ivan Kaufman | Performance-based restricted stock
Diluted
Vesting period (in years)	4 years
Chairman and Chief executive officer | Performance-based restricted stock
Diluted
Vesting period (in years)	4 years	4 years	4 years

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Taxes
Pre-tax GAAP income	$ 424,092	$ 236,550	$ 170,274
Deferred tax benefit	(10,892)	(4,726)	(150)
Current tax provision:
Federal	27,453	27,284	12,381
State	7,939	8,383	2,505
Total	35,392	35,667	14,886
Deferred tax provision:
Federal	8,288	3,932	2,743
State	2,744	780	688
Valuation allowance	(139)	14	(3,281)
Total	10,893	4,726	150
Total income tax expense	$ 46,285	$ 40,393	$ 15,036
Reconciliation of effective income tax rate as a percentage of pretax income or loss to U.S. federal statutory rate
Federal income tax rate (as a percent)	21.00%	21.00%	21.00%
REIT non-taxable income (as a percent)	(11.90%)	(7.00%)	(11.30%)
State and local income taxes, net of federal tax benefit (as a percent)	2.00%	3.00%	1.50%
Change in valuation allowance (as a percent)			(1.90%)
Other (as a percent)	(0.20%)		(0.50%)
Effective income tax rate (as a percent)	10.90%	17.00%	8.80%
REIT subsidiaries
Income Taxes
Pre-tax GAAP income	$ 239,356	$ 78,320	$ 94,076
REIT federal income tax expense			600
State taxes for the entity's taxable REIT			100
TRS Consolidated Group
Income Taxes
Pre-tax GAAP income	184,736	158,230	$ 76,198
Deferred tax liabilities	44,094	32,219
Deferred tax assets:
Expenses not currently deductible	25,542	24,603
Loan loss reserve	7,110	7,047
Net operating and capital loss carryforwards	468	691
Valuation allowance	(292)	(431)
Other	372	306
Deferred tax assets, net	33,200	32,216
Deferred tax liabilities:
Mortgage servicing rights	28,672	23,628
Interest in equity affiliates - net	8,179	589
Intangibles	7,243	8,002
Deferred tax liabilities, net	$ 44,094	$ 32,219

Income Taxes, Operating Loss Ca

Income Taxes, Operating Loss Carryforwards (Details) - TRS Consolidated Group - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Income Taxes
Federal and state net operating loss carryforwards	$ 0	$ 0.5
Capital loss carryforwards	1.1	1.1
State
Income Taxes
Federal and state net operating loss carryforwards	$ 0.2	$ 0.3

Agreements and Transactions w_2

Agreements and Transactions with Related Parties - Shared Services Agreement (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
ACM | Support Services
Agreements and transactions with related parties
Costs for services to related party	$ 3.2	$ 2.4	$ 2.7

Agreements and Transactions w_3

Agreements and Transactions with Related Parties - Other Related Party (Details)	1 Months Ended										12 Months Ended							24 Months Ended
	Dec. 31, 2021USD ($)shares	Oct. 31, 2021USD ($)	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 ($)	Dec. 31, 2021USD ($)shares	Dec. 31, 2020USD ($)shares	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)propertyloan	Dec. 31, 2017USD ($)loanproperty	Dec. 31, 2016USD ($)property	Dec. 31, 2015USD ($)	Dec. 31, 2021USD ($)shares	Jul. 31, 2019USD ($)
Agreements and transactions with related parties
Due to related party	$ 26,570,000				$ 2,365,000						$ 26,570,000	$ 2,365,000						$ 26,570,000
Due from related parties	84,318,000				12,449,000						84,318,000	12,449,000						84,318,000
Related party financing	0										0							0
Interest expense on related party loan											200,000
Outstanding principal balance of related party financing	0										0							0
Proceeds from Bridge loan on a multi family property		$ 67,000,000
Entitled to annual fee	$ 1,300,000				1,600,000						1,300,000	1,600,000						$ 1,300,000
Paydowns of principal made by borrower											2,516,771,000	1,243,694,000	$ 1,753,693,000
Base spread (as a percent)		3.00%
Investment made											$ 9,209,475,000	2,376,233,000	2,712,354,000
Proceeds from repayment in full										$ 10,900,000
Indirect ownership percentage											9.20%
(Income) loss from equity affiliates											$ (34,567,000)	(76,161,000)	(10,635,000)
Percentage of our Former Manager's outstanding membership interest of related party in another related party	35.00%										35.00%							35.00%
Other Related Party Transactions
Agreements and transactions with related parties
Due from related parties	$ 84,300,000				12,400,000						$ 84,300,000	12,400,000						$ 84,300,000
CMBS/Conduit
Agreements and transactions with related parties
Loans assumed	$ 26,000,000
Chairman and Chief executive officer
Agreements and transactions with related parties
Reimbursement for flights chartered by the company's executives											$ 200,000
Ownership interest limit of our common stock under company charter (as a percent)	5.00%										5.00%							5.00%
ACM Acquisition
Agreements and transactions with related parties
Distribution received											$ 28,000,000	43,200,000
Retail property
Agreements and transactions with related parties
Property purchased	$ 32,500,000										32,500,000							$ 32,500,000
Maturity date of March 2030 | Private Label | Lexford Portfolio
Agreements and transactions with related parties
Principal amount								$ 34,600,000
Fixed rate of interest (as a percent)								3.30%
Preferred equity investments
Agreements and transactions with related parties
Equity investment	8,200,000										8,200,000							8,200,000
Preferred equity investments | Single-Family Rental
Agreements and transactions with related parties
Investment made						$ 4,600,000
Bridge Loans
Agreements and transactions with related parties
Principal amount	35,000,000										35,000,000							35,000,000
Fixed rate of interest (as a percent)																10.00%
Bridge Loans | LIBOR
Agreements and transactions with related parties
Base spread (as a percent)																4.50%
LIBOR floor (as a percentage)																0.25%
Bridge Loans | Single-Family Rental
Agreements and transactions with related parties
Loan committed					32,500,000	$ 30,500,000					3,200,000
Investment made					$ 3,500,000
Bridge Loan Several Multifamily Properties [Member]
Agreements and transactions with related parties
Principal amount														$ 37,500,000
Bridge Loan Several Multifamily Properties [Member] | Maturity Date Of January 2021 [Member] | Chairman and Chief executive officer
Agreements and transactions with related parties
Interest income recorded												600,000	600,000
Bridge Loan Six Multifamily Properties [Member]
Agreements and transactions with related parties
UPB converted to a mezzanine loan										2,000,000
Bridge Loan Six Multifamily Properties [Member] | Maturity Date September 2019 [Member]
Agreements and transactions with related parties
Principal amount										12,900,000
AMAC III
Agreements and transactions with related parties
Interest income recorded											1,300,000	1,900,000	3,300,000
(Income) loss from equity affiliates											1,300,000	900,000
Distribution received											3,800,000	100,000
Lexford Portfolio
Agreements and transactions with related parties
Distribution received											$ 1,100,000	3,500,000
Lexford Portfolio | Bridge Loans | Maturity Date Of June 2021 [Member]
Agreements and transactions with related parties
Paydowns of principal made by borrower										$ 250,000,000
Base spread (as a percent)														4.00%
Unsecured financing provided by an unsecured lender to certain parent entities of the property owners														$ 50,000,000
Two portfolios of multifamily properties
Agreements and transactions with related parties
Percentage of loan assumption fee																50.00%
Principal amount																$ 12,700,000
Equity investment																5,200,000
Ginkgo Investment Company LLC [Member] | Fannie Mae Mortgage
Agreements and transactions with related parties
Loan purchased a multifamily apartment complex which assumed															$ 8,300,000
Percentage of maximum loss-sharing obligation unpaid principal balance															20.00%
Servicing revenue															$ 100,000
Percentage of loan assumption fee															1.00%
Percentage of ownership after transaction											3.60%
ACM, Certain executives and Consortium of independent outside investors | Mature date of April 2030 | Private Label
Agreements and transactions with related parties
Fixed rate of interest (as a percent)								3.10%
ACM, Certain executives and Consortium of independent outside investors | Mature date of April 2030 | Mezzanine Loans
Agreements and transactions with related parties
Fixed rate of interest (as a percent)								9.00%
ACM, Certain executives and Consortium of independent outside investors | AMAC III
Agreements and transactions with related parties
Amount invested	$ 20,300,000										$ 20,300,000		$ 30,000,000					$ 20,300,000
Ownership interest (as a percent)													18.00%
ACM, Certain executives and Consortium of independent outside investors | AMAC III | Private Label
Agreements and transactions with related parties
Percentage of ownership interest of related party in the entity													100.00%
Fixed rate of interest (as a percent)													3.735%
Amount of loan to related party													$ 15,600,000
ACM, Certain executives and Consortium of independent outside investors | AMAC III | Bridge Loans
Agreements and transactions with related parties
Amount of loan to related party																			$ 34,000,000
Unaffiliated borrower | AMAC III | Mezzanine Loans
Agreements and transactions with related parties
Amount of loan to related party																			$ 7,000,000
ACM
Agreements and transactions with related parties
Percentage of ownership interest of related party in the entity																	50.00%
ACM | Residential Mortgage Banking Company
Agreements and transactions with related parties
Noncontrolling interest in equity method investment acquired (as a percent)																	50.00%
Indirect ownership percentage				12.30%													22.50%
Acquisition purchase price																	$ 9,600,000
(Income) loss from equity affiliates											$ 34,600,000		7,200,000
Distribution received												$ 75,700,000
ACM | ACM Acquisition
Agreements and transactions with related parties
Number of shares held by related party | shares	2,535,870										2,535,870							2,535,870
OP units hold as part of acquisition | shares												10,665,530
Aggregate percentage of voting power held by related party	8.00%										8.00%							8.00%
ACM | Preferred equity interest financing agreement
Agreements and transactions with related parties
Interest income recorded												$ 100,000	1,800,000
Consortium of investors including other unaffiliated investors, certain of officers and chief executive officer | Maturity Date January 2019 [Member] | Multifamily Portfolio
Agreements and transactions with related parties
Number of properties owned | property								2
Consortium of investors including other unaffiliated investors, certain of officers and chief executive officer | Preferred equity investments | Multifamily Portfolio
Agreements and transactions with related parties
Equity investment								$ 3,400,000
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														$ 61,200,000
Percentage of ownership interest of related party in the entity														10.00%
Interest income recorded													1,300,000
Consortium of investors including other unaffiliated investors, certain of officers and chief executive officer | Bridge Loan One Multifamily Property [Member] | LIBOR
Agreements and transactions with related parties
Base spread (as a percent)														4.50%
LIBOR floor (as a percentage)														2.00%
Consortium of investors including other unaffiliated investors, certain of officers and chief executive officer | Bridge Loan One Multifamily Property [Member] | Maturity Date Of August 2022 [Member]
Agreements and transactions with related parties
Principal amount	$ 34,000,000						$ 35,400,000				$ 34,000,000							$ 34,000,000
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 [Member] | LIBOR
Agreements and transactions with related parties
Variable rate, spread (as a percent)							3.50%
Consortium of investors including other unaffiliated investors, certain of officers and chief executive officer | Bridge Loan Two Multifamily Properties [Member] | Maturity Date January 2019 [Member]
Agreements and transactions with related parties
Principal amount								$ 14,800,000
Percentage of ownership interest of related party in the entity								50.00%
Consortium of investors including an immediate family member of our officers | Multifamily Portfolio | Fannie Mae Mortgage
Agreements and transactions with related parties
Percentage of maximum loss-sharing obligation unpaid principal balance															5.00%
Servicing revenue															$ 100,000
Principal amount															$ 46,900,000
Percentage of ownership interest of related party in the entity															17.60%
Certain certain officers, chief executive officer, and other unaffiliated investors | Bridge Loan Several Multifamily Properties [Member] | Maturity Date Of June 2021 [Member]
Agreements and transactions with related parties
Principal amount														$ 21,700,000
Percentage of ownership interest of related party in the entity														75.00%
Base spread (as a percent)														4.75%
LIBOR floor (as a percentage)														1.25%
Interest income recorded											1,300,000	1,400,000	1,400,000
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														$ 9,400,000
Percentage of ownership interest of related party in the entity														75.00%
Base spread (as a percent)														5.00%
LIBOR floor (as a percentage)														1.25%
Interest income recorded																		$ 400,000
Certain certain officers, chief executive officer, and other unaffiliated investors | Bridge Loan Several Multifamily Properties [Member] | Maturity Date Of June 2020 [Member]
Agreements and transactions with related parties
Due to related party															$ 32,800,000
Percentage of ownership interest of related party in the entity															90.00%
Base spread (as a percent)															5.00%
LIBOR floor (as a percentage)															1.13%
Interest income recorded													1,700,000
Certain certain officers, chief executive officer, and other unaffiliated investors | Bridge Loan Several Multifamily Properties [Member] | Maturity Date Of July 2021 [Member]
Agreements and transactions with related parties
Due to related party														$ 19,500,000
Percentage of ownership interest of related party in the entity														85.00%
Interest income recorded											100,000	1,300,000
Certain certain officers, chief executive officer, and other unaffiliated investors | Bridge Loan Several Multifamily Properties [Member] | Maturity Date Of July 2021 [Member] | LIBOR
Agreements and transactions with related parties
Base spread (as a percent)														4.00%
LIBOR floor (as a percentage)														2.125%
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
Interest income recorded												1,400,000	2,700,000
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															$ 31,100,000
LIBOR floor (as a percentage)															1.80%
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 Fourth Quarter 2020 [Member]
Agreements and transactions with related parties
Principal amount															$ 28,000,000
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											1,900,000	1,900,000	2,200,000
Number of mortgage loans secured by property purchased from related party | loan															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%
Certain certain officers, chief executive officer, and other unaffiliated investors | Bridge Loan Two Multifamily Properties [Member] | Maturity Date January 2019 [Member]
Agreements and transactions with related parties
Interest income recorded											$ 300,000	300,000	$ 600,000
Chairman and Chief executive officer
Agreements and transactions with related parties
Reimbursement for flights chartered by the company's executives												$ 500,000
Director | Ginkgo Investment Company LLC [Member]
Agreements and transactions with related parties
Percentage of managing member															33.00%
Immediate family member of chief executive officer
Agreements and transactions with related parties
Ownership interest (as a percent)	10.00%										10.00%							10.00%
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											$ 500,000
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 April 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%						21.80%
Immediate family member of chief executive officer | Bridge Loans | Land
Agreements and transactions with related parties
Principal amount														$ 17,700,000
Paydowns of principal made by borrower									$ 4,700,000
Percentage of ownership interest of related party in the entity														10.80%
Fixed rate of interest (as a percent)														10.00%
Immediate family member of chief executive officer | Bridge Loans | Matures in October 2023 [Member]
Agreements and transactions with related parties
Interest income recorded												$ 100,000
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%							5.50%
LIBOR floor (as a percentage)					0.75%
Immediate family member of chief executive officer | Bridge Loans | Matures in May 2023 [Member] | LIBOR
Agreements and transactions with related parties
Amount invested	$ 3,500,000										3,500,000							$ 3,500,000
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 April 2023 [Member]
Agreements and transactions with related parties
Interest income recorded												$ 100,000
Immediate family member of chief executive officer | Bridge Loans | Mature date of April 2030
Agreements and transactions with related parties
Interest income recorded											600,000
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%
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
Agreements and transactions with related parties
(Income) loss from equity affiliates												(1,100,000)	$ (3,500,000)
Maximum exposure under guaranty	612,900,000										612,900,000							612,900,000
Lexford Portfolio | Maturity Date Of June 2021 [Member]
Agreements and transactions with related parties
Interest income recorded												500,000	9,600,000
Lexford Portfolio | Bridge Loans | Maturity Date Of June 2021 [Member]
Agreements and transactions with related parties
Number of bridge loans originated | loan														12
Number of multifamily properties renovated | property														72
Lexford Portfolio | Bridge Loan Two Multifamily Properties [Member] | Maturity Date Of June 2021 [Member]
Agreements and transactions with related parties
Base spread (as a percent)														280.50%
Entity controlled by our chief executive officer
Agreements and transactions with related parties
Reimbursement for flights chartered by the company's executives													100,000
Certain Officers And Managers [Member] | Mezzanine Loans
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																$ 48,000,000
Number of properties owned | property																6
Base spread (as a percent)																4.50%
LIBOR floor (as a percentage)																0.25%
Interest income recorded											$ 200,000	$ 200,000	$ 300,000
Proceeds from repayment of debt														$ 28,300,000
Proceeds from repayment in full															$ 6,800,000
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%
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%
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 immediate family member of chief executive officer | Bridge Loans | Maturity date of March 2024
Agreements and transactions with related parties
Loan committed			$ 63,400,000
Interest income recorded											$ 2,100,000
Real estate investment fund sponsored and managed by Chief executive officer and immediate 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%
LLC
Agreements and transactions with related parties
Amount invested	$ 4,200,000										$ 4,200,000							$ 4,200,000
Ownership interest (as a percent)	49.30%										49.30%							49.30%
Promissory note with AMC
Agreements and transactions with related parties
Related party financing		$ 40,000,000
Outstanding principal balance of related party financing		$ 40,000,000

Employee Benefits - 401(k) Plan

Employee Benefits - 401(k) Plan (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Employee Benefits
Minimum period of continuous service required under 401(k) plan	6 months
Employer's match of the first 6% of employee's contributions (as a a percent)	25.00%
Percentage of eligible compensation, matched 25% by employer	6.00%
Employee compensation and benefits
Employee Benefits
Expense recorded under 401(k) plan	$ 0.8	$ 0.8	$ 0.7

Employee Benefits - Deferred Co

Employee Benefits - Deferred Comp Plan (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Deferred Comp Plan
Period over which matching contributions vest after year 5	9 years
Deferred compensation expense	$ 2.2	$ 1.8	$ 1.6
Other liabilities
Deferred Comp Plan
Liabilities related to Deferred Comp Plan	25.5	18.7
Other assets
Deferred Comp Plan
Assets related to Deferred Comp Plan	$ 15.1	$ 14.1

Segment Information - Statement

Segment Information - Statements of Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Information
Interest income	$ 466,087	$ 339,465	$ 315,940
Interest expense	212,005	169,216	186,399
Net interest income	254,082	170,249	129,541
Other revenue:
Gain on sales, including fee-based services, net	123,037	94,607	65,652
Mortgage servicing rights	130,230	165,517	90,761
Servicing revenue	133,429	103,607	103,223
Amortization of MSRs	(58,615)	(49,222)	(48,681)
Property operating income	185	3,976	9,674
Loss on derivative instruments, net	(2,684)	(58,335)	(1,962)
Other income, net	7,566	4,109	1,178
Total other revenue	333,148	264,259	219,845
Other expenses:
Employee compensation and benefits	171,796	144,380	122,102
Selling and administrative	45,575	37,348	40,329
Property operating expenses	718	4,898	10,220
Depreciation and amortization	7,215	7,640	7,510
Impairment loss on real estate owned			1,000
Provision for loss sharing (net of recoveries)	(6,167)	14,822	1,147
Provision for credit losses (net of recoveries)	(21,113)	61,110
Total other expenses	198,024	270,198	182,308
Income before extinguishment of debt, gain (loss) on real estate, income from equity affiliates and income taxes	389,206	164,310	167,078
Gain (loss) on real estate	(3,374)	(3,546)	(7,439)
(Loss) Gain on sale of real estate	3,693	(375)
Income from equity affiliates	34,567	76,161	10,635
Provision for income taxes	(46,285)	(40,393)	(15,036)
Net income	377,807	196,157	155,238
Preferred stock dividends	21,888	7,554	7,554
Net income attributable to noncontrolling interest	38,507	25,208	26,610
Net income attributable to common stockholders	317,412	163,395	121,074
Operating segments | Structured Transaction Business
Segment Information
Interest income	427,039	305,893	289,841
Interest expense	194,435	150,964	169,802
Net interest income	232,604	154,929	120,039
Other revenue:
Property operating income	185	3,976	9,674
Loss on derivative instruments, net		(2,859)	(275)
Other income, net	7,491	4,052	1,178
Total other revenue	7,676	5,169	10,577
Other expenses:
Employee compensation and benefits	51,225	40,292	31,264
Selling and administrative	21,064	15,706	18,099
Property operating expenses	718	4,898	10,220
Depreciation and amortization	2,524	2,391	2,046
Impairment loss on real estate owned			1,000
Provision for credit losses (net of recoveries)	(21,223)	59,967
Total other expenses	54,308	123,254	62,629
Income before extinguishment of debt, gain (loss) on real estate, income from equity affiliates and income taxes	185,972	36,844	67,987
Gain (loss) on real estate	(3,374)	(3,546)	(7,439)
(Loss) Gain on sale of real estate	2,466	(878)
Income from equity affiliates	34,567	76,161	10,635
Provision for income taxes	(5,940)	(14,303)	(668)
Net income	213,691	94,278	70,515
Preferred stock dividends	21,888	7,554	7,554
Net income attributable to common stockholders	191,803	86,724	62,961
Operating segments | Agency Business
Segment Information
Interest income	39,048	33,572	26,099
Interest expense	17,570	18,252	16,597
Net interest income	21,478	15,320	9,502
Other revenue:
Gain on sales, including fee-based services, net	123,037	94,607	65,652
Mortgage servicing rights	130,230	165,517	90,761
Servicing revenue	133,429	103,607	103,223
Amortization of MSRs	(58,615)	(49,222)	(48,681)
Loss on derivative instruments, net	(2,684)	(55,476)	(1,687)
Other income, net	75	57
Total other revenue	325,472	259,090	209,268
Other expenses:
Employee compensation and benefits	120,571	104,088	90,838
Selling and administrative	24,511	21,642	22,230
Depreciation and amortization	4,691	5,249	5,464
Provision for loss sharing (net of recoveries)	(6,167)	14,822	1,147
Provision for credit losses (net of recoveries)	110	1,143
Total other expenses	143,716	146,944	119,679
Income before extinguishment of debt, gain (loss) on real estate, income from equity affiliates and income taxes	203,234	127,466	99,091
(Loss) Gain on sale of real estate	1,227	503
Provision for income taxes	(40,345)	(26,090)	(14,368)
Net income	164,116	101,879	84,723
Net income attributable to common stockholders	164,116	101,879	84,723
Other / Eliminations
Other expenses:
Net income attributable to noncontrolling interest	38,507	25,208	26,610
Net income attributable to common stockholders	$ (38,507)	$ (25,208)	$ (26,610)

Segment Information - Balance S

Segment Information - Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Assets:
Cash and cash equivalents	$ 404,580	$ 339,528	$ 299,687	$ 160,063
Restricted cash	486,690	197,470	210,875	180,606
Loans and investments, net	11,981,048	5,285,868	$ 4,189,960	$ 3,200,145
Loans held-for-sale, net	1,093,609	986,919
Capitalized mortgage servicing rights, net	422,734	379,974
Securities held-to-maturity, net	140,484	95,524
Investments in equity affiliates	89,676	74,274
Goodwill and other intangible assets	100,760	105,451
Other assets and due from related party	354,264	195,978
Total assets	15,073,845	7,660,986
Liabilities:
Debt obligations	12,056,701	5,824,664
Allowance for loss-sharing obligations	56,064	64,303
Other liabilities and due to related parties	411,096	289,334
Total liabilities	12,523,861	6,178,301
Structured Transaction Business | Operating segments
Assets:
Cash and cash equivalents	142,771	172,568
Restricted cash	468,013	188,226
Loans and investments, net	11,981,048	5,285,868
Investments in equity affiliates	89,676	74,274
Goodwill and other intangible assets	12,500	12,500
Other assets and due from related party	285,600	142,844
Total assets	12,979,608	5,876,280
Liabilities:
Debt obligations	11,100,429	4,872,626
Other liabilities and due to related parties	278,726	203,554
Total liabilities	11,379,155	5,076,180
Agency Business | Operating segments
Assets:
Cash and cash equivalents	261,809	166,960
Restricted cash	18,677	9,244
Loans held-for-sale, net	1,093,609	986,919
Capitalized mortgage servicing rights, net	422,734	379,974
Securities held-to-maturity, net	140,484	95,524
Goodwill and other intangible assets	88,260	92,951
Other assets and due from related party	68,664	53,134
Total assets	2,094,237	1,784,706
Liabilities:
Debt obligations	956,272	952,038
Allowance for loss-sharing obligations	56,064	64,303
Other liabilities and due to related parties	132,370	85,780
Total liabilities	$ 1,144,706	$ 1,102,121

Segment Information - Originati

Segment Information - Origination Data (Details)	12 Months Ended
	Dec. 31, 2021USD ($)loan	Dec. 31, 2020USD ($)loan	Dec. 31, 2019USD ($)
Segment Information
Origination Volumes	$ 6,347,752,000	$ 6,810,666,000	$ 4,829,721,000
Loan Sales Data:
Sales margin (fee-based services as a % of loan sales)	1.92%	1.44%	1.49%
MSR rate (MSR income as a % of loan commitments)	2.05%	2.43%	1.88%
Structured Transaction Business
Segment Information
Total new loan originations	$ 9,720,515,000	$ 2,433,679,000	$ 2,803,251,000
Loan payoffs / paydowns	2,516,771,000	1,208,071,000	1,748,387,000
Structured Transaction Business | Bridge Loans
Segment Information
Total new loan originations	9,490,402,000	2,312,061,000	2,598,658,000
Structured Transaction Business | Mezzanine Loans
Segment Information
Total new loan originations	175,225,000	45,122,000	127,784,000
Structured Transaction Business | Preferred equity investments
Segment Information
Total new loan originations	28,650,000	31,600,000	35,130,000
Structured Transaction Business | Other loans
Segment Information
Total new loan originations	26,238,000	44,896,000	41,679,000
Structured Transaction Business | SFR - Fixed Rate | Bridge Loans
Segment Information
Loans committed	$ 729,500,000,000	$ 261,500,000	63,200,000
Number of loans under the loan portfolio	103
Structured Transaction Business | SFR - Fixed Rate | Other loans
Segment Information
Number of loans under the loan portfolio | loan	1	9
Total loan commitment	$ 26,200,000	$ 37,200,000
Agency Business
Segment Information
Origination Volumes	6,409,558,000	6,711,969,000	4,810,225,000
Loan Sales Data:
Loan Sales	6,415,169,000	6,587,728,000	4,401,112,000
Agency Business | SFR - Fixed Rate
Segment Information
Origination Volumes	136,931,000
Loan Sales Data:
Loan Sales	192,335,000
Agency Business | SFR - Fixed Rate | Bridge Loans
Segment Information
Total loan commitment	389,200,000
Agency Business | Fannie Mae
Segment Information
Origination Volumes	3,389,312,000	5,041,925,000	3,346,272,000
Loan Sales Data:
Loan Sales	3,675,763,000	4,771,113,000	3,296,523,000
Agency Business | Private Label
Segment Information
Origination Volumes	1,016,142,000	960,508,000	728,317,000
Loan Sales Data:
Loan Sales	985,094,000	727,154,000
Agency Business | Freddie Mac
Segment Information
Origination Volumes	1,436,853,000	382,191,000	401,216,000
Loan Sales Data:
Loan Sales	1,081,702,000	816,802,000	786,993,000
Agency Business | FHA
Segment Information
Origination Volumes	430,320,000	327,345,000	123,095,000
Loan Sales Data:
Loan Sales	$ 480,275,000	$ 272,659,000	106,271,000
Agency Business | CMBS/Conduit
Segment Information
Origination Volumes			211,325,000
Loan Sales Data:
Loan Sales			$ 211,325,000

Segment Information - Key Servi

Segment Information - Key Servicing Metrics (Details) - Agency Business - MSRs - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Segment Information
UPB of Servicing Portfolio	$ 26,959,389	$ 24,628,456
Wtd. Avg. Servicing Fee Rate (basis points)	44.90%	45.40%
Wtd. Avg. Life of Servicing Portfolio (in years)	8 years 9 months 18 days	8 years 10 months 24 days
SFR - Fixed Rate
Segment Information
UPB of Servicing Portfolio	$ 191,698
Wtd. Avg. Servicing Fee Rate (basis points)	20.00%
Wtd. Avg. Life of Servicing Portfolio (in years)	6 years 6 months
Fannie Mae
Segment Information
UPB of Servicing Portfolio	$ 19,127,397	$ 18,268,268
Wtd. Avg. Servicing Fee Rate (basis points)	53.50%	52.30%
Wtd. Avg. Life of Servicing Portfolio (in years)	8 years	8 years 2 months 12 days
Freddie Mac
Segment Information
UPB of Servicing Portfolio	$ 4,943,905	$ 4,881,080
Wtd. Avg. Servicing Fee Rate (basis points)	27.10%	27.90%
Wtd. Avg. Life of Servicing Portfolio (in years)	9 years 3 months 18 days	9 years 10 months 24 days
Private Label
Segment Information
UPB of Servicing Portfolio	$ 1,711,326	$ 726,992
Wtd. Avg. Servicing Fee Rate (basis points)	20.00%	20.00%
Wtd. Avg. Life of Servicing Portfolio (in years)	8 years 3 months 18 days	8 years 8 months 12 days
FHA
Segment Information
UPB of Servicing Portfolio	$ 985,063	$ 752,116
Wtd. Avg. Servicing Fee Rate (basis points)	15.40%	16.30%
Wtd. Avg. Life of Servicing Portfolio (in years)	21 years	20 years 3 months 18 days

SCHEDULE IV - LOANS AND OTHER_2

SCHEDULE IV - LOANS AND OTHER LENDING INVESTMENTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Oct. 31, 2021
Loans and Investments
Base spread (as a percent)			3.00%
Fixed interest rate (as a percent)	4.26%	5.23%
Prior Liens	$ 1,391,692
Secured amount of loan	12,158,995
Carrying Amount	11,981,048
Amount of loans extended	1,240,000
Federal income tax basis	$ 12,160,000
Threshold for reporting loans (as a percent)	3.00%
Bridge Loans
Loans and Investments
Fixed interest rate (as a percent)	4.19%	5.09%
Prior Liens	$ 0
Secured amount of loan	11,750,710
Carrying Amount	11,593,958
Carrying Amount Subject to Delinquent Interest	0
Bridge Loans | Loans less than 3%
Loans and Investments
Prior Liens	0
Secured amount of loan	11,750,710
Carrying Amount	11,593,958
Carrying Amount Subject to Delinquent Interest	$ 0
Mezzanine Loans
Loans and Investments
Fixed interest rate (as a percent)	7.32%	7.40%
Mezzanine Loans | Loans less than 3%
Loans and Investments
Prior Liens	$ 735,936
Secured amount of loan	223,378
Carrying Amount	$ 213,931
Preferred equity investments
Loans and Investments
Fixed interest rate (as a percent)	5.57%	7.07%
Preferred equity investments | Loans less than 3%
Loans and Investments
Prior Liens	$ 655,756
Secured amount of loan	155,513
Carrying Amount	144,015
Other Loans | Loans less than 3%
Loans and Investments
Secured amount of loan	29,394
Carrying Amount	29,144
Multifamily Portfolio | Bridge Loans | Loans less than 3%
Loans and Investments
Prior Liens	0
Secured amount of loan	10,800,896
Carrying Amount	10,733,582
Carrying Amount Subject to Delinquent Interest	$ 0
Multifamily Portfolio | Bridge Loans | Loans less than 3% | Minimum
Loans and Investments
Base spread (as a percent)	2.50%
LIBOR Floor rate (as a percent)	0.10%
Fixed interest rate (as a percent)	3.83%
Multifamily Portfolio | Bridge Loans | Loans less than 3% | Maximum
Loans and Investments
Base spread (as a percent)	6.75%
LIBOR Floor rate (as a percent)	2.50%
Fixed interest rate (as a percent)	11.00%
Multifamily Portfolio | Mezzanine Loans | Loans less than 3%
Loans and Investments
Prior Liens	$ 705,547
Secured amount of loan	165,001
Carrying Amount	$ 159,022
Multifamily Portfolio | Mezzanine Loans | Loans less than 3% | Minimum
Loans and Investments
Base spread (as a percent)	3.50%
Multifamily Portfolio | Mezzanine Loans | Loans less than 3% | Maximum
Loans and Investments
Base spread (as a percent)	12.95%
Multifamily Portfolio | Preferred equity investments | Loans less than 3%
Loans and Investments
Prior Liens	$ 482,964
Secured amount of loan	116,014
Carrying Amount	$ 113,506
Multifamily Portfolio | Preferred equity investments | Loans less than 3% | Minimum
Loans and Investments
Fixed interest rate (as a percent)	2.00%
Multifamily Portfolio | Preferred equity investments | Loans less than 3% | Maximum
Loans and Investments
Fixed interest rate (as a percent)	14.00%
Land | Bridge Loans | Loans less than 3%
Loans and Investments
Fixed interest rate (as a percent)	0.00%
Prior Liens	$ 0
Secured amount of loan	189,613
Carrying Amount	111,741
Carrying Amount Subject to Delinquent Interest	$ 0
Land | Bridge Loans | Loans less than 3% | Minimum
Loans and Investments
Base spread (as a percent)	4.00%
LIBOR Floor rate (as a percent)	0.15%
Land | Bridge Loans | Loans less than 3% | Maximum
Loans and Investments
Base spread (as a percent)	6.00%
LIBOR Floor rate (as a percent)	1.66%
Land | Mezzanine Loans | Loans less than 3%
Loans and Investments
Base spread (as a percent)	6.00%
LIBOR Floor rate (as a percent)	1.66%
Fixed interest rate (as a percent)	0.00%
Secured amount of loan	$ 48,832
Carrying Amount	$ 48,809
Land | Preferred equity investments | Loans less than 3%
Loans and Investments
Fixed interest rate (as a percent)	12.00%
Secured amount of loan	$ 8,100
Carrying Amount	7,975
Healthcare | Bridge Loans | Loans less than 3%
Loans and Investments
Prior Liens	0
Secured amount of loan	146,969
Carrying Amount	146,823
Carrying Amount Subject to Delinquent Interest	$ 0
Healthcare | Bridge Loans | Loans less than 3% | Minimum
Loans and Investments
Base spread (as a percent)	5.00%
LIBOR Floor rate (as a percent)	1.49%
Healthcare | Bridge Loans | Loans less than 3% | Maximum
Loans and Investments
Base spread (as a percent)	6.75%
LIBOR Floor rate (as a percent)	2.63%
Office | Bridge Loans | Loans less than 3%
Loans and Investments
Base spread (as a percent)	3.50%
Fixed interest rate (as a percent)	0.00%
Prior Liens	$ 0
Secured amount of loan	72,390
Carrying Amount	70,877
Carrying Amount Subject to Delinquent Interest	0
Office | Preferred equity investments | Loans less than 3%
Loans and Investments
Secured amount of loan	8,199
Carrying Amount	$ 1,640
Office | Preferred equity investments | Loans less than 3% | Minimum
Loans and Investments
Fixed interest rate (as a percent)	0.00%
Hotel Portfolio | Bridge Loans | Loans less than 3%
Loans and Investments
LIBOR Floor rate (as a percent)	0.75%
Prior Liens	$ 0
Secured amount of loan	45,716
Carrying Amount	45,629
Carrying Amount Subject to Delinquent Interest	$ 0
Hotel Portfolio | Bridge Loans | Loans less than 3% | Minimum
Loans and Investments
Base spread (as a percent)	3.00%
Hotel Portfolio | Bridge Loans | Loans less than 3% | Maximum
Loans and Investments
Base spread (as a percent)	6.75%
Real Estate Single-Family Rental | Bridge Loans | Loans less than 3%
Loans and Investments
Prior Liens	$ 0
Secured amount of loan	408,246
Carrying Amount	400,998
Carrying Amount Subject to Delinquent Interest	$ 0
Real Estate Single-Family Rental | Bridge Loans | Loans less than 3% | Minimum
Loans and Investments
Base spread (as a percent)	3.50%
LIBOR Floor rate (as a percent)	0.25%
Fixed interest rate (as a percent)	4.23%
Real Estate Single-Family Rental | Bridge Loans | Loans less than 3% | Maximum
Loans and Investments
Base spread (as a percent)	6.75%
LIBOR Floor rate (as a percent)	2.25%
Fixed interest rate (as a percent)	10.00%
Real Estate Single-Family Rental | Other Loans | Loans less than 3%
Loans and Investments
LIBOR Floor rate (as a percent)	0.25%
Secured amount of loan	$ 29,394
Carrying Amount	$ 29,144
Real Estate Single-Family Rental | Other Loans | Loans less than 3% | Minimum
Loans and Investments
Fixed interest rate (as a percent)	4.25%
Real Estate Single-Family Rental | Other Loans | Loans less than 3% | Maximum
Loans and Investments
Fixed interest rate (as a percent)	4.90%
Student Housing | Bridge Loans | Loans less than 3%
Loans and Investments
Prior Liens	$ 0
Secured amount of loan	56,800
Carrying Amount	56,624
Carrying Amount Subject to Delinquent Interest	$ 0
Student Housing | Bridge Loans | Loans less than 3% | Minimum
Loans and Investments
Base spread (as a percent)	4.00%
LIBOR Floor rate (as a percent)	0.25%
Student Housing | Bridge Loans | Loans less than 3% | Maximum
Loans and Investments
Base spread (as a percent)	4.50%
LIBOR Floor rate (as a percent)	1.80%
Student Housing | Preferred equity investments | Loans less than 3%
Loans and Investments
Fixed interest rate (as a percent)	12.00%
Prior Liens	$ 143,000
Secured amount of loan	21,500
Carrying Amount	20,894
Retail | Bridge Loans | Loans less than 3%
Loans and Investments
Prior Liens	0
Secured amount of loan	16,500
Carrying Amount	14,105
Carrying Amount Subject to Delinquent Interest	$ 0
Retail | Bridge Loans | Loans less than 3% | Minimum
Loans and Investments
Base spread (as a percent)	3.50%
LIBOR Floor rate (as a percent)	1.00%
Retail | Bridge Loans | Loans less than 3% | Maximum
Loans and Investments
Base spread (as a percent)	4.00%
LIBOR Floor rate (as a percent)	2.50%
Retail | Mezzanine Loans | Loans less than 3%
Loans and Investments
Base spread (as a percent)	3.50%
LIBOR Floor rate (as a percent)	1.00%
Fixed interest rate (as a percent)	12.00%
Prior Liens	$ 30,389
Secured amount of loan	9,545
Carrying Amount	$ 6,100
Self Storage | Bridge Loans | Loans less than 3%
Loans and Investments
Base spread (as a percent)	3.90%
LIBOR Floor rate (as a percent)	1.23%
Prior Liens	$ 0
Secured amount of loan	13,580
Carrying Amount	13,579
Carrying Amount Subject to Delinquent Interest	$ 0
Commercial | Preferred equity investments | Loans less than 3%
Loans and Investments
Fixed interest rate (as a percent)	6.00%
Prior Liens	$ 29,792
Secured amount of loan	$ 1,700

SCHEDULE IV - LOANS AND OTHER_3

SCHEDULE IV - LOANS AND OTHER LENDING INVESTMENTS, Loans and Investments Carrying Amounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of the Company's loans and investments carrying amounts
Balance at beginning of year	$ 5,285,868	$ 4,189,960	$ 3,200,145
Additions during period:
New loan originations	9,720,515	2,433,679	2,831,822
Loan charge-offs	10,773
Funding of unfunded loan commitments	200,694	133,244	65,531
Accretion of unearned revenue	25,618	13,590	12,083
Recoveries of reserves	24,315	75
Deductions during period:
Loan payoffs and paydowns	(2,516,771)	(1,243,694)	(1,753,693)
Reclassification to held-for-sale loans	(65,144)
Unfunded loan commitments	(624,519)	(127,758)	(147,392)
Use of loan charge-offs	(10,773)
Provision for loan losses		(77,335)
Unearned revenue and costs	(69,528)	(35,893)	(18,536)
Balance at end of year	$ 11,981,048	$ 5,285,868	$ 4,189,960