Arbor Realty Trust (ABR) 10-Q 4 Nov 22 2022 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2022	Oct. 28, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	001-32136
Entity Registrant Name	Arbor Realty Trust, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	20-0057959
Entity Address, Address Line One	333 Earle Ovington Boulevard
Entity Address, Address Line Two	Suite 900
Entity Address, City or Town	Uniondale
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	11553
City Area Code	516
Local Phone Number	506-4200
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		171,523,592
Entity Central Index Key	0001253986
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	ABR
Security Exchange Name	NYSE
Series D Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	Preferred Stock, 6.375% Series D CumulativeRedeemable, 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 CumulativeRedeemable, 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	Sep. 30, 2022	Dec. 31, 2021
Assets:
Cash and cash equivalents	$ 389,651	$ 404,580
Restricted cash	922,531	486,690
Loans and investments, net (allowance for credit losses of $121,331 and $113,241)	14,791,426	11,981,048
Loans held-for-sale, net	543,876	1,093,609
Capitalized mortgage servicing rights, net	403,886	422,734
Securities held-to-maturity, net (allowance for credit losses of $2,022 and $1,753)	157,818	140,484
Investments in equity affiliates	84,047	89,676
Due from related party	24,740	84,318
Goodwill and other intangible assets	97,242	100,760
Other assets	346,912	269,946
Total assets	17,762,129	15,073,845
Liabilities and Equity:
Credit and repurchase facilities	4,633,132	4,481,579
Collateralized loan obligations	7,971,996	5,892,810
Senior unsecured notes	1,283,527	1,280,545
Convertible senior unsecured notes, net	346,040	259,385
Junior subordinated notes to subsidiary trust issuing preferred securities	142,933	142,382
Due to related party	5,564	26,570
Due to borrowers	67,472	96,641
Allowance for loss-sharing obligations	53,511	56,064
Other liabilities	303,948	287,885
Total liabilities	14,808,123	12,523,861
Commitments and contingencies (Note 13)
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: Special voting preferred shares - 16,293,589 and 16,325,095 shares 6.375% Series D - 9,200,000 shares 6.25% Series E - 5,750,000 shares 6.25% Series F - 11,342,000 and 8,050,000 shares	633,684	556,163
Common stock, $0.01 par value: 500,000,000 shares authorized - 171,523,808 and 151,362,181 shares issued and outstanding	1,715	1,514
Additional paid-in capital	2,105,909	1,797,913
Retained earnings	79,531	62,532
Total Arbor Realty Trust, Inc. stockholders' equity	2,820,839	2,418,122
Noncontrolling interest	133,167	131,862
Total equity	2,954,006	2,549,984
Total liabilities and equity	$ 17,762,129	$ 15,073,845

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Loans and investments, net allowance for credit losses	$ 122,296	$ 113,241
Securities held-to-maturity, net allowance for credit losses	$ 2,090	$ 1,753
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)	171,523,808	151,362,181
Common stock, shares outstanding (in shares)	171,523,808	151,362,181
Assets	$ 17,762,129	$ 15,073,845
Liabilities	14,808,123	12,523,861
Consolidated VIEs
Assets	9,754,533	7,144,806
Liabilities	$ 7,989,263	$ 5,902,623
Special voting preferred shares
Preferred stock, shares issued (in shares)	16,293,589	16,325,095
Preferred stock, shares outstanding (in shares)	16,293,589	16,325,095
6.375% Series D preferred stock
Preferred stock, dividend rate (as a percent)	6.375%
Preferred stock, shares issued (in shares)	9,200,000
6.25% Series E preferred stock
Preferred stock, dividend rate (as a percent)	6.25%
Preferred stock, shares issued (in shares)	5,750,000
6.25% Series F preferred stock
Preferred stock, dividend rate (as a percent)	6.25%	6.25%
Preferred stock, shares issued (in shares)	11,342,000	8,050,000

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
Interest income	$ 259,778	$ 125,480	$ 627,804	$ 321,772
Interest expense	160,452	55,560	350,079	144,122
Net interest income	99,326	69,920	277,725	177,650
Other revenue:
Gain on sales, including fee-based services, net	14,360	16,334	32,526	86,102
Mortgage servicing rights	19,408	32,453	52,287	95,688
Servicing revenue, net	22,744	20,088	64,513	50,939
Property operating income	445		1,031
(Loss) gain on derivative instruments, net	(15,909)	(1,492)	10,083	(7,320)
Other income, net	(6,014)	2,195	(16,061)	4,140
Total other revenue	35,034	69,578	144,379	229,549
Other expenses:
Employee compensation and benefits	38,811	41,973	119,736	128,647
Selling and administrative	13,225	11,757	40,960	33,707
Property operating expenses	366	149	1,443	421
Depreciation and amortization	2,078	1,807	6,092	5,349
Provision for loss sharing (net of recoveries)	412	(3,272)	(2,199)	(1,070)
Provision for credit losses (net of recoveries)	2,274	(3,799)	9,700	(12,689)
Total other expenses	57,166	48,615	175,732	154,365
Income before extinguishment of debt, sale of real estate, income from equity affiliates and income taxes	77,194	90,883	246,372	252,834
Loss on extinguishment of debt	(3,262)		(4,612)	(1,370)
Gain on sale of real estate				1,228
Income from equity affiliates	4,748	5,086	18,507	32,095
Benefit from (provision for) income taxes	374	(9,905)	(13,166)	(33,356)
Net income	79,054	86,064	247,101	251,431
Preferred stock dividends	10,342	4,913	30,612	13,216
Net income attributable to noncontrolling interest	6,002	8,347	19,811	26,806
Net income attributable to common stockholders	$ 62,710	$ 72,804	$ 196,678	$ 211,409
Basic earnings per common share	$ 0.37	$ 0.51	$ 1.21	$ 1.57
Diluted earnings per common share	$ 0.36	$ 0.51	$ 1.18	$ 1.56
Weighted average shares outstanding:
Basic	170,227,553	142,624,300	162,292,235	134,437,663
Diluted	205,865,016	160,270,905	195,529,340	152,691,461
Dividends declared per common share	$ 0.39	$ 0.35	$ 1.14	$ 1.02

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) - USD ($)	Preferred Stock 6.375% Series D preferred stock	Preferred Stock 6.25% Series E preferred stock	Preferred Stock 6.25% Series F preferred stock	Preferred Stock Balance as adjusted for the adoption of ASU 2020-06	Preferred Stock	Common Stock Balance as adjusted for the adoption of ASU 2020-06	Common Stock	Additional Paid-in Capital 6.25% Series F preferred stock	Additional Paid-in Capital Cumulative-effect adjustment	Additional Paid-in Capital Balance as adjusted for the adoption of ASU 2020-06	Additional Paid-in Capital	Accumulated Deficit Cumulative-effect adjustment	Accumulated Deficit Balance as adjusted for the adoption of ASU 2020-06	Accumulated Deficit	Total Arbor Realty Trust, Inc. Stockholders' Equity 6.375% Series D preferred stock	Total Arbor Realty Trust, Inc. Stockholders' Equity 6.25% Series E preferred stock	Total Arbor Realty Trust, Inc. Stockholders' Equity 6.25% Series F preferred stock	Total Arbor Realty Trust, Inc. Stockholders' Equity Cumulative-effect adjustment	Total Arbor Realty Trust, Inc. Stockholders' Equity Balance as adjusted for the adoption of ASU 2020-06	Total Arbor Realty Trust, Inc. Stockholders' Equity	Noncontrolling Interest Cumulative-effect adjustment	Noncontrolling Interest Balance as adjusted for the adoption of ASU 2020-06	Noncontrolling 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 2020-06	Total
Balance at Dec. 31, 2020					$ 89,472,000		$ 1,232,000				$ 1,317,109,000			$ (63,442,000)						$ 1,344,371,000			$ 138,314,000						$ 1,482,685,000
Balance (in shares) at Dec. 31, 2020					21,272,133		123,181,173
Increase (Decrease) in Stockholders' Equity
Issuance of common stock	$ 222,463,000	$ 139,008,000					$ 202,000				342,416,000				$ 222,463,000	$ 139,008,000				342,618,000				$ 222,463,000	$ 139,008,000				342,618,000
Issuance of common stock (in shares)	9,200,000	5,750,000					20,222,879
Repurchase of common stock							$ (14,000)				(23,446,000)									(23,460,000)									(23,460,000)
Repurchase of common stock (in shares)							(1,399,999)
Redemption of preferred stock					$ (89,296,000)									(3,492,000)						(92,788,000)									(92,788,000)
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				(941,000)									(935,000)									(935,000)
Stock-based compensation, net (in shares)							616,524
Distributions - common stock														(137,282,000)						(137,282,000)									(137,282,000)
Distributions - preferred stock														(9,735,000)						(9,735,000)									(9,735,000)
Distributions - noncontrolling interest																							(17,488,000)						(17,488,000)
Redemption of operating partnership units					$ (12,000)															(12,000)			(21,098,000)						(21,110,000)
Redemption of operating partnership units (in shares)					(1,235,538)
Net income														224,625,000						224,625,000			26,806,000						251,431,000
Balance at Sep. 30, 2021					$ 361,635,000		$ 1,430,000				1,635,134,000			10,674,000						2,008,873,000			126,534,000						2,135,407,000
Balance (in shares) at Sep. 30, 2021					31,275,095		143,007,036
Balance at Jun. 30, 2021					$ 222,627,000		$ 1,417,000				1,620,898,000			(12,084,000)						1,832,858,000			123,909,000						1,956,767,000
Balance (in shares) at Jun. 30, 2021					25,552,233		141,738,609
Increase (Decrease) in Stockholders' Equity
Issuance of common stock		$ 139,008,000					$ 8,000				14,596,000					$ 139,008,000				14,604,000					$ 139,008,000				14,604,000
Issuance of common stock (in shares)		5,750,000					800,000
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							$ 1,000				(356,000)									(355,000)									(355,000)
Stock-based compensation, net (in shares)							81,968
Distributions - common stock														(50,043,000)						(50,043,000)									(50,043,000)
Distributions - preferred stock														(4,916,000)						(4,916,000)									(4,916,000)
Distributions - noncontrolling interest																							(5,722,000)						(5,722,000)
Redemption of operating partnership units (in shares)					(27,138)
Net income														77,717,000						77,717,000			8,347,000						86,064,000
Balance at Sep. 30, 2021					$ 361,635,000		$ 1,430,000				1,635,134,000			10,674,000						2,008,873,000			126,534,000						2,135,407,000
Balance (in shares) at Sep. 30, 2021					31,275,095		143,007,036
Balance at Dec. 31, 2021				$ 556,163,000	$ 556,163,000	$ 1,514,000	$ 1,514,000		$ (8,684,000)	$ 1,789,229,000	1,797,913,000	$ 5,612,000	$ 68,144,000	62,532,000				$ (3,072,000)	$ 2,415,050,000	2,418,122,000	$ 625,000	$ 132,487,000	131,862,000				$ (2,447,000)	$ 2,547,537,000	2,549,984,000
Balance (in shares) at Dec. 31, 2021				39,325,095	39,325,095	151,362,181	151,362,181
Increase (Decrease) in Stockholders' Equity
Issuance of common stock			$ 77,522,000				$ 196,000	$ (130,000)			312,570,000						$ 77,392,000			312,766,000						$ 77,392,000			312,766,000
Issuance of common stock (in shares)			3,292,000				19,625,788
Stock-based compensation, net							$ 5,000				4,240,000									4,245,000									4,245,000
Stock-based compensation, net (in shares)							535,839
Distributions - common stock														(185,285,000)						(185,285,000)									(185,285,000)
Distributions - preferred stock														(30,618,000)						(30,618,000)									(30,618,000)
Distributions - noncontrolling interest																							(18,586,000)						(18,586,000)
Redemption of operating partnership units					$ (1,000)															(1,000)			(545,000)						(546,000)
Redemption of operating partnership units (in shares)					31,506
Net income														227,290,000						227,290,000			19,811,000						247,101,000
Balance at Sep. 30, 2022					$ 633,684,000		$ 1,715,000				2,105,909,000			79,531,000						2,820,839,000			133,167,000						2,954,006,000
Balance (in shares) at Sep. 30, 2022					42,585,589		171,523,808
Balance at Jun. 30, 2022					$ 633,684,000		$ 1,685,000				2,060,837,000			83,271,000						2,779,477,000			133,519,000						2,912,996,000
Balance (in shares) at Jun. 30, 2022					42,585,589		168,454,805
Increase (Decrease) in Stockholders' Equity
Issuance of common stock							$ 31,000				44,491,000									44,522,000									44,522,000
Issuance of common stock (in shares)							3,170,688
Stock-based compensation, net							$ (1,000)				581,000									580,000									580,000
Stock-based compensation, net (in shares)							(101,685)
Distributions - common stock														(66,447,000)						(66,447,000)									(66,447,000)
Distributions - preferred stock														(10,345,000)						(10,345,000)									(10,345,000)
Distributions - noncontrolling interest																							(6,354,000)						(6,354,000)
Net income					$ 0		$ 0				0			73,052,000						73,052,000			6,002,000						79,054,000
Balance at Sep. 30, 2022					$ 633,684,000		$ 1,715,000				$ 2,105,909,000			$ 79,531,000						$ 2,820,839,000			$ 133,167,000						$ 2,954,006,000
Balance (in shares) at Sep. 30, 2022					42,585,589		171,523,808

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Operating activities:
Net income	$ 247,101	$ 251,431
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	6,092	5,349
Stock-based compensation	12,330	7,986
Amortization and accretion of interest and fees, net	(10,022)	119
Amortization of capitalized mortgage servicing rights	44,532	43,744
Originations of loans held-for-sale	(3,232,962)	(4,558,811)
Proceeds from sales of loans held-for-sale, net of gain on sale	3,699,555	4,330,959
Mortgage servicing rights	(52,287)	(95,688)
Write-off of capitalized mortgage servicing rights from payoffs	37,318	18,344
Provision for loss sharing (net of recoveries)	(2,199)	(1,070)
Provision for credit losses (net of recoveries)	9,700	(12,689)
Net charge-offs for loss sharing obligations	(354)	(411)
Deferred tax (benefit) provision	(7,833)	10,692
Income from equity affiliates	(18,507)	(32,095)
Distributions from operations of equity affiliates	16,546	25,450
Loss on extinguishment of debt	4,612	1,370
Payoffs and paydowns of loans held-for-sale	58,339	2,375
Loss on sale of loans	10,120
Change in fair value of held-for-sale loans	12,163
Changes in operating assets and liabilities	(23,138)	2,543
Net cash provided by (used in) operating activities	811,106	(402)
Investing Activities:
Loans and investments funded, originated and purchased, net	(5,418,113)	(5,174,313)
Payoffs and paydowns of loans and investments	2,302,874	1,345,559
Proceeds from sale of loans and investments	397,338	110,000
Deferred fees	50,385	41,475
Contributions to equity affiliates	(16,730)	(38,604)
Distributions from equity affiliates	24,321	27,675
Purchase of securities held-to-maturity, net	(27,598)	(23,747)
Payoffs and paydowns of securities held-to-maturity	16,676	9,760
Due to borrowers and reserves	(152,036)	(53,929)
Net cash used in investing activities	(2,822,883)	(3,756,124)
Financing activities:
Proceeds from credit and repurchase facilities	8,474,821	10,494,663
Paydowns and payoffs of credit and repurchase facilities	(8,325,608)	(9,328,154)
Proceeds from issuance of collateralized loan obligations	2,525,624	2,567,387
Payoffs and paydowns of collateralized loan obligations	(441,000)	(356,150)
Proceeds from issuance of common stock	312,766	342,618
Proceeds from issuance of preferred stock	77,392	361,471
Extinguishment of convertible senior unsecured notes	(200,662)
Proceeds from issuance of convertible senior unsecured notes	287,500
Proceeds from issuance of senior unsecured notes		445,000
Settlements of convertible senior unsecured notes		(14,300)
Redemption of preferred stock		(92,788)
Redemption of operating partnership units	(546)	(21,110)
Payments of withholding taxes on net settlement of vested stock	(8,085)	(8,921)
Repurchase of common stock		(23,460)
Distributions to stockholders	(234,246)	(161,404)
Payment of deferred financing costs	(35,267)	(34,666)
Net cash provided by financing activities	2,432,689	4,170,186
Net increase in cash, cash equivalents and restricted cash	420,912	413,660
Cash, cash equivalents and restricted cash at beginning of period	891,270	536,998
Cash, cash equivalents and restricted cash at end of period	1,312,182	950,658
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents at beginning of period	404,580	339,528
Restricted cash at beginning of period	486,690	197,470
Cash, cash equivalents and restricted cash at beginning of period	891,270	536,998
Cash and cash equivalents at end of period	389,651	380,730
Restricted cash at end of period	922,531	569,928
Cash, cash equivalents and restricted cash at end of period	1,312,182	950,658
Supplemental cash flow information:
Cash used to pay interest	306,671	119,978
Cash used to pay taxes	25,770	37,436
Supplemental schedule of non-cash investing and financing activities:
Distributions accrued on preferred stock	7,010	3,732
Cummulative-effect adjustment (Note 2)	$ 2,447
Loans transferred from loans and investment, net to loans held-for-sale		$ 65,204

Description of Business

Description of Business	9 Months Ended
	Sep. 30, 2022
Description of Business
Description of Business	Note 1 — Description of Business ​ Arbor Realty Trust, Inc. (“we,” “us,” or “our”) is a Maryland corporation formed in 2003. We are a nationwide REIT and direct lender, providing loan origination and servicing for commercial real estate assets. We operate through two business segments: our Structured Loan Origination and Investment Business, or “Structured Business,” and our Agency Loan Origination and Servicing Business, or “Agency Business.” ​ Through our Structured Business, we invest in a diversified portfolio of structured finance assets in the multifamily, single-family rental (“SFR”) and commercial real estate markets, primarily consisting of bridge and mezzanine loans, including junior participating interests in first mortgages and preferred and direct equity. We also invest in real estate-related joint ventures and may directly acquire real property and invest in real estate-related notes and certain mortgage-related securities. ​ Through our Agency Business, we originate, sell and service a range of multifamily finance products through the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac,” and together with Fannie Mae, the government-sponsored enterprises, or “GSEs”), the Government National Mortgage Association (“Ginnie Mae”), Federal Housing Authority (“FHA”) and the U.S. Department of Housing and Urban Development (together with Ginnie Mae and FHA, “HUD”). We retain the servicing rights and asset management responsibilities on substantially all loans we originate and sell under the GSE and HUD programs. We are an approved Fannie Mae Delegated Underwriting and Servicing (“DUS”) lender nationally, a Freddie Mac Multifamily Conventional Loan lender, seller/servicer, in New York, New Jersey and Connecticut, a Freddie Mac affordable, manufactured housing, senior housing and small balance loan (“SBL”) lender, seller/servicer, nationally and a HUD MAP and LEAN senior housing/healthcare lender nationally. We also originate and service permanent financing loans underwritten using the guidelines of our existing agency loans sold to the GSEs, which we refer to as “Private Label” loans, and originate and sell finance products through conduit/commercial mortgage-backed securities (“CMBS”) programs. We pool and securitize the Private Label loans and sell certificates in the securitizations to third-party investors, while retaining the servicing rights and the highest risk bottom tranche certificate of the securitization (“APL certificates”). ​ Substantially all of our operations are conducted through our operating partnership, Arbor Realty Limited Partnership (“ARLP”), for which we serve as the indirect general partner, and ARLP’s subsidiaries. We are organized to qualify as a real estate investment trust (“REIT”) for U.S. federal income tax purposes. A REIT is generally not subject to federal income tax on that portion of its REIT-taxable income that is distributed to its stockholders, provided that at least 90% of taxable income is distributed and provided that certain other requirements are met. Certain of our assets that produce non-qualifying REIT income, primarily within the Agency Business, are operated through taxable REIT subsidiaries (“TRS”), which are part of our TRS consolidated group (the “TRS Consolidated Group”) and are subject to U.S. federal, state and local income taxes. In general, our TRS entities may hold assets that the REIT cannot hold directly and may engage in real estate or non-real estate-related business.

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	9 Months Ended
	Sep. 30, 2022
Basis of Presentation and Significant Accounting Policies
Basis of Presentation and Significant Accounting Policies	Note 2 — Basis of Presentation and Significant Accounting Policies ​ Basis of Presentation ​ These consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”), for interim financial statements and the instructions to Form 10-Q. Accordingly, certain information and footnote disclosures normally included in the consolidated financial statements prepared under GAAP have been condensed or omitted. In our opinion, all adjustments considered necessary for a fair presentation of our financial position, results of operations and cash flows have been included and are of a normal and recurring nature. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These financial statements should be read in conjunction with our financial statements and notes thereto included in our 2021 Annual Report. ​ Principles of Consolidation ​ These consolidated financial statements include our financial statements and the financial statements of our wholly owned subsidiaries, partnerships and other joint ventures in which we own a controlling interest, including variable interest entities (“VIEs”) of which we are the primary beneficiary. Entities in which we have a significant influence are accounted for under the equity method. Our VIEs are described in Note 14. All significant intercompany transactions and balances have been eliminated in consolidation. ​ Use of Estimates ​ The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that could materially affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Since 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 created significant disruptions in global supply chains and caused labor shortages, adversely impacting many industries while adding to broader inflationary pressures. 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 ultimate impact of COVID-19 along with rising inflation and increasing interest rates on the economy, both globally and to our business, makes any estimate or assumption at September 30, 2022 inherently less certain. ​ Recently Adopted Accounting Pronouncements ​ Description Adoption Date Effect on Financial Statements In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 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 (“ASU 2020-06”). 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 ​ 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 amortization of the debt discount through interest expense. Additionally, this guidance and the adoption method chosen requires the use of the if-converted method for the diluted net income per share calculation for our convertible instruments on a retrospective basis, regardless of our settlement intent. The adoption of this guidance resulted in a $2.5 million increase to the carrying value of our convertible debt, an $8.7 million decrease to additional paid-in capital and a $5.6 million increase to retained earnings at January 1, 2022. Additionally, the adoption of this guidance has reduced our diluted earnings per share for the three and nine months ended September ​ Recently Issued Accounting Pronouncements ​ Description Effective Date Effect on Financial Statements In March 2022, the FASB issued ASU 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. This guidance eliminates the accounting guidance on troubled debt restructurings and amends existing disclosures, including the requirment to disclose current period gross write-offs by year of origination. The guidance also updates the requirements related to accounting for credit losses and adds enhanced disclosures for creditors with respect to loan refinancings and restructurings for borrowers experiencing financial difficulty. ​ First quarter of 2023, with early adoption permitted ​ We have not early adopted this guidance and will make all the necessary additional disclosure requirements once adopted. We are currently evaluating the impact the changes, other than the disclosure changes, will have on our consolidated financial statements. ​ Significant Accounting Policies ​ See Item 8 – Financial Statements and Supplementary Data in our 2021 Annual Report for a description of our significant accounting policies. Except for the adoption of ASU 2020-06 described above, there have been no significant changes to our significant accounting policies since December 31, 2021.

Loans and Investments

Loans and Investments	9 Months Ended
	Sep. 30, 2022
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 ​ ​ ​ September 30, 2022 ​ Total ​ Count ​ Pay Rate (1) ​ Maturity ​ LTV Ratio (2) ​ LTV Ratio (3) ​ Bridge loans (4) ​ $ 14,618,526 ​ 98 % 693 6.90 % 21.9 0 % 76 % Mezzanine loans ​ 187,388 1 % 37 7.86 % 60.0 40 % 80 % Preferred equity investments ​ ​ 147,615 ​ 1 % 9 ​ 5.51 % 32.4 ​ 58 % 87 % Other loans (5) ​ 36,114 <1 % 3 7.49 % 35.7 0 % 58 % ​ ​ 14,989,643 100 % 742 6.90 % 22.5 1 % 76 % Allowance for credit losses ​ ​ (122,296) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unearned revenue ​ (75,921) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans and investments, net ​ $ 14,791,426 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) “Weighted Average Pay Rate” is a weighted average, based on the unpaid principal balance (“UPB”) of each loan in our portfolio, of the interest rate required to be paid monthly as stated in the individual loan agreements. Certain loans and investments that require an additional rate of interest “accrual rate” to be paid at maturity are not included in the weighted average pay rate as shown in the table. (2) The “First Dollar Loan-to-Value (“LTV”) Ratio” is calculated by comparing the total of our senior most dollar and all senior lien positions within the capital stack to the fair value of the underlying collateral to determine the point at which we will absorb a total loss of our position. (3) The “Last Dollar LTV Ratio” is calculated by comparing the total of the carrying value of our loan and all senior lien positions within the capital stack to the fair value of the underlying collateral to determine the point at which we will initially absorb a loss. (4) At September 30, 2022 and December 31, 2021, bridge loans included 215 and 120 , respectively, of SFR loans with a total gross loan commitment of $1.42 billion and $804.6 million, respectively, of which $825.8 million and $408.2 million, respectively, was funded. (5) At September 30, 2022 and December 31, 2021, other loans included 3 and 2 variable rate SFR permanent loans , respectively. ​ Concentration of Credit Risk ​ We are subject to concentration risk in that, at September 30, 2022, the UPB related to 39 loans with five different borrowers represented 10% of total assets. At December 31, 2021, the UPB related to 31 loans with five different borrowers represented 11% of total assets. During both the nine months ended September 30, 2022 and the year ended December 31, 2021, no single loan or investment represented more than 10% of our total assets and no single investor group generated over 10% of our revenue. See Note 17 for details on our concentration of related party loans and investments. ​ We assign a credit risk rating of pass, pass/watch, special mention, substandard or doubtful to each loan and investment, with a pass rating being the lowest risk and a doubtful rating being the highest risk. Each credit risk rating has benchmark guidelines that pertain to debt-service coverage ratios, LTV ratios, borrower strength, asset quality, and funded cash reserves. Other factors such as guarantees, market strength, and remaining loan term and borrower equity are also reviewed and factored into determining the credit risk rating assigned to each loan. This metric provides a helpful snapshot of portfolio quality and credit risk. All portfolio assets are subject to, at a minimum, a thorough quarterly financial evaluation in which historical operating performance and forward-looking projections are reviewed, however, we maintain a higher level of scrutiny and focus on loans that we consider “high risk” and that possess deteriorating credit quality. ​ Generally speaking, given our typical loan profile, risk ratings of pass, pass/watch and special mention suggest that we expect the loan to make both principal and interest payments according to the contractual terms of the loan agreement. A risk rating of substandard indicates we anticipate the loan may require a modification of some kind. A risk rating of doubtful indicates we expect the loan to underperform over its term, and there could be loss of interest and/or principal. Further, while the above are the primary guidelines used in determining a certain risk rating, subjective items such as borrower strength, market strength or asset quality may result in a rating that is higher or lower than might be indicated by any risk rating matrix. ​ A summary of the loan portfolio’s internal risk ratings and LTV ratios by asset class at September 30, 2022 is as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Wtd. Avg. Wtd. Avg. ​ ​ UPB by Origination Year ​ ​ ​ ​ First Dollar ​ Last Dollar ​ Asset Class / Risk Rating ​ 2022 ​ 2021 ​ 2020 ​ 2019 ​ 2018 ​ Prior ​ Total ​ LTV Ratio ​ LTV Ratio ​ Multifamily: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ $ 278,255 ​ $ 302,181 ​ $ 5,935 ​ $ 38,375 ​ $ — ​ $ 20,300 ​ $ 645,046 ​ ​ ​ ​ Pass/Watch ​ ​ 3,208,311 ​ ​ 4,006,812 ​ ​ 599,665 ​ ​ 279,891 ​ ​ 41,650 ​ ​ — ​ ​ 8,136,329 ​ ​ ​ ​ Special Mention ​ 1,132,268 ​ ​ 3,354,479 ​ ​ 197,450 ​ ​ 91,917 ​ ​ 64,000 ​ ​ 7,594 ​ ​ 4,847,708 ​ ​ ​ ​ Substandard ​ ​ — ​ ​ 10,125 ​ ​ 52,350 ​ ​ 40,325 ​ ​ — ​ ​ — ​ ​ 102,800 ​ ​ ​ ​ ​ Total Multifamily ​ $ 4,618,834 ​ $ 7,673,597 ​ $ 855,400 ​ $ 450,508 ​ $ 105,650 ​ $ 27,894 ​ $ 13,731,883 ​ 1 % 77 % Single-Family Rental: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of portfolio ​ ​ 92 % ​ ​ ​ ​ Pass ​ $ 1,133 ​ $ 14,459 ​ $ 8,886 ​ $ — ​ $ — ​ $ — ​ $ 24,478 ​ ​ ​ ​ ​ Pass/Watch ​ ​ 341,478 ​ ​ 325,308 ​ ​ 121,458 ​ ​ 20,270 ​ ​ — ​ ​ — ​ ​ 808,514 ​ ​ ​ ​ ​ Special Mention ​ ​ — ​ ​ 5,336 ​ ​ 23,557 ​ ​ — ​ ​ — ​ ​ — ​ ​ 28,893 ​ ​ ​ ​ ​ Total Single-Family Rental ​ $ 342,611 ​ $ 345,103 ​ $ 153,901 ​ $ 20,270 ​ $ — ​ $ — ​ $ 861,885 ​ 0 % 63 % Land: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of portfolio ​ ​ 6 % ​ ​ ​ ​ Special Mention ​ $ — ​ $ — ​ $ 8,100 ​ $ — ​ $ — ​ $ — ​ $ 8,100 ​ ​ ​ ​ ​ Substandard ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 127,928 ​ ​ 127,928 ​ ​ ​ ​ ​ Total Land ​ $ — ​ $ — ​ $ 8,100 ​ $ — ​ $ — ​ $ 127,928 ​ $ 136,028 ​ 0 % 97 % Office: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of portfolio ​ ​ 1 % ​ ​ ​ ​ Pass/Watch ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 44,015 ​ $ — ​ $ 44,015 ​ ​ ​ ​ ​ Special Mention ​ ​ — ​ ​ — ​ ​ 35,410 ​ ​ — ​ ​ — ​ ​ — ​ ​ 35,410 ​ ​ ​ ​ ​ Total Office ​ $ — ​ $ — ​ $ 35,410 ​ $ — ​ $ 44,015 ​ $ — ​ $ 79,425 ​ 0 % 87 % Healthcare: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of portfolio ​ ​ 1 % ​ ​ ​ ​ Pass/Watch ​ $ — ​ $ — ​ $ — ​ $ 14,558 ​ $ — ​ $ — ​ $ 14,558 ​ ​ ​ ​ ​ Special Mention ​ ​ — ​ ​ — ​ ​ — ​ ​ 51,069 ​ ​ — ​ ​ — ​ ​ 51,069 ​ ​ ​ ​ ​ Total Healthcare ​ $ — ​ $ — ​ $ — ​ $ 65,627 ​ $ — ​ $ — ​ $ 65,627 ​ 0 % 77 % Student Housing: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of portfolio ​ ​ < 1 % ​ ​ ​ ​ Pass ​ $ — ​ $ 25,700 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 25,700 ​ ​ ​ ​ ​ Substandard ​ ​ — ​ ​ — ​ ​ 20,500 ​ ​ — ​ ​ — ​ ​ — ​ ​ 20,500 ​ ​ ​ ​ ​ Total Student Housing ​ $ — ​ $ 25,700 ​ $ 20,500 ​ $ — ​ $ — ​ $ — ​ $ 46,200 ​ 33 % 76 % Hotel: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of portfolio ​ ​ < 1 % ​ ​ ​ ​ Substandard ​ $ — ​ $ — ​ $ — ​ $ 40,850 ​ $ — ​ $ — ​ $ 40,850 ​ ​ ​ ​ ​ Total Hotel ​ $ — ​ $ — ​ $ — ​ $ 40,850 ​ $ — ​ $ — ​ $ 40,850 ​ 0 % 70 % Retail: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of portfolio ​ ​ < 1 % ​ ​ ​ ​ Pass ​ $ — ​ $ — ​ $ — ​ $ 4,000 ​ $ — ​ $ — ​ $ 4,000 ​ ​ ​ ​ Substandard ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 18,600 ​ ​ 3,445 ​ ​ 22,045 ​ ​ ​ ​ ​ Total Retail ​ $ — ​ $ — ​ $ — ​ $ 4,000 ​ $ 18,600 ​ $ 3,445 ​ $ 26,045 ​ 12 % 71 % Other: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of portfolio ​ ​ < 1 % ​ ​ ​ ​ Doubtful ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 1,700 ​ $ 1,700 ​ ​ ​ ​ ​ Total Other ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 1,700 ​ $ 1,700 ​ 63 % 63 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of portfolio ​ ​ < 1 % ​ ​ ​ ​ Grand Total ​ $ 4,961,445 ​ $ 8,044,400 ​ $ 1,073,311 ​ $ 581,255 ​ $ 168,265 ​ $ 160,967 ​ $ 14,989,643 ​ 1 % 76 % ​ Geographic Concentration Risk ​ At September 30, 2022, underlying properties in Texas and Florida represented 21% and 13%, respectively, of the outstanding balance of our loan and investment portfolio. At December 31, 2021, underlying properties in Texas and Florida represented 19% and 12%, respectively, of the outstanding balance of our loan and investment portfolio. No other states represented 10% or more of the total loan and investment portfolio. ​ Allowance for Credit Losses ​ A summary of the changes in the allowance for credit losses is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2022 ​ Land Multifamily Office Retail Student Housing Hotel Healthcare Other Total Allowance for credit losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance ​ $ 77,918 ​ $ 27,958 ​ $ 7,031 ​ $ 5,819 ​ $ 161 ​ $ 16 ​ $ 3 ​ $ 2,425 ​ $ 121,331 Provision for credit losses (net of recoveries) ​ ​ (8) ​ (675) ​ 306 ​ — ​ ​ 14 ​ 2 ​ 1 ​ 1,325 ​ 965 Ending balance ​ $ 77,910 ​ $ 27,283 ​ $ 7,337 ​ $ 5,819 ​ $ 175 ​ $ 18 ​ $ 4 ​ $ 3,750 ​ $ 122,296 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2021 Allowance for credit losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance ​ $ 78,057 ​ $ 30,160 ​ $ 7,822 ​ $ 13,819 ​ $ 2,365 ​ $ 225 ​ $ 3,866 ​ $ 2,133 ​ $ 138,447 Provision for credit losses (net of recoveries) ​ ​ (45) ​ (2,093) ​ (95) ​ — ​ ​ (542) ​ (209) ​ (3,851) ​ (78) ​ (6,913) Ending balance ​ $ 78,012 ​ $ 28,067 ​ $ 7,727 ​ $ 13,819 ​ $ 1,823 ​ $ 16 ​ $ 15 ​ $ 2,055 ​ $ 131,534 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, 2022 Allowance for credit losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance ​ $ 77,970 ​ $ 18,707 ​ $ 8,073 ​ $ 5,819 ​ $ 636 ​ $ 8 ​ $ 8 ​ $ 2,020 ​ $ 113,241 Provision for credit losses (net of recoveries) ​ ​ (60) ​ ​ 8,576 ​ ​ (736) ​ ​ — ​ ​ (461) ​ ​ 10 ​ ​ (4) ​ ​ 1,730 ​ ​ 9,055 Ending balance ​ $ 77,910 ​ $ 27,283 ​ $ 7,337 ​ $ 5,819 ​ $ 175 ​ $ 18 ​ $ 4 ​ $ 3,750 ​ $ 122,296 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, 2021 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) ​ ​ (138) ​ ​ (8,401) ​ ​ 5,881 ​ ​ (42) ​ ​ (2,255) ​ ​ (7,743) ​ ​ (3,865) ​ ​ (232) ​ ​ (16,795) Ending balance ​ $ 78,012 ​ $ 28,067 ​ $ 7,727 ​ $ 13,819 ​ $ 1,823 ​ $ 16 ​ $ 15 ​ $ 2,055 ​ $ 131,534 ​ During the three and nine months ended September 30, 2022, we recorded a $1.0 million and a $9.1 million provision for credit losses, which was net of a $1.5 million loan loss recovery for a loan that paid off during the second quarter of 2022. The increase in the provision for credit losses during the three months ended September 30, 2022 was primarily attributable to the impact of rising interest rates and inflation. The increase in the provision for credit losses during the nine months ended September 30, 2022 was primarily attributable to an increase in our loans and investments balance as a result of portfolio growth and the impact of rising interest rates, inflation and economic forecasts. 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 recent observable data, including an increase in interest rates, higher unemployment forecasts, and rising inflation, partially offset by increasing property values and other market factors, including continued optimism in the COVID-19 pandemic. ​ The expected credit losses over the contractual period of our loans also include the obligation to extend credit through our unfunded loan commitments. Our current expected credit loss (“CECL”) allowance for unfunded loan commitments is adjusted quarterly and corresponds with the associated outstanding loans. At September 30, 2022 and December 31, 2021, we had outstanding unfunded commitments of $1.25 billion and $975.2 million, respectively, that we are obligated to fund as borrowers meet certain requirements. ​ At September 30, 2022 and December 31, 2021, accrued interest receivable related to our loans totaling $97.8 million and $58.3 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ 17,563 ​ 5,817 14 % 79 % Commercial ​ 1,700 ​ 1,700 ​ 1,700 63 % 63 % Total ​ $ 157,960 ​ $ 147,131 ​ $ 85,386 ​ 3 % 96 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ Land $ 134,215 $ 127,868 $ 77,869 0 % 99 % Retail ​ ​ 22,045 ​ ​ 17,291 ​ ​ 5,817 ​ 14 % 77 % 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 % 95 % (1) Represents the UPB of seven and eight impaired loans (less unearned revenue and other holdbacks and adjustments) by asset class at September 30, 2022 and December 31, 2021, 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 at September 30, 2022 and December 31, 2021. ​ At September 30, 2022, four loans with an aggregate net carrying value of $19.1 million, net of related loan loss reserves of $5.1 million, were classified as non-performing and, 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. Income from non-performing loans is generally recognized on a cash basis when it is received. Full income recognition will resume when the loan becomes contractually current and performance has recommenced. ​ A summary of our non-performing loans by asset class is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 ​ December 31, 2021 ​ ​ ​ ​ ​ 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 ​ $ 20,500 ​ $ — ​ $ 20,500 ​ $ 21,500 ​ $ — ​ $ 21,500 Retail ​ ​ 3,445 ​ ​ — ​ ​ 3,445 ​ ​ 920 ​ ​ — ​ ​ 920 Commercial ​ ​ 1,700 ​ ​ — ​ ​ 1,700 ​ ​ 1,700 ​ ​ — ​ ​ 1,700 Total ​ $ 25,645 ​ $ — ​ $ 25,645 ​ $ 24,120 ​ $ — ​ $ 24,120 ​ In addition, we have six loans with a carrying value totaling $121.4 million at September 30, 2022, 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 $112.1 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 September 30, 2022 and December 31, 2021, 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 compliant with all of the terms and conditions of the loans. ​ At both September 30, 2022 and December 31, 2021, we had no loans contractually past due 90 days or more that are still accruing interest. During both the three and nine months ended September 30, 2022 and 2021 ​ In the third quarter of 2022, we sold 4 bridge loans with an aggregate UPB of $296.9 million at par less shared loan origination fees and selling costs totaling $2.0 million. The shared loan origination fees and selling costs were recorded as an unrealized impairment loss during the second quarter of 2022 and included in other income, net on the consolidated statements of income. ​ During the second quarter of 2022, we sold a bridge loan and mezzanine loans totaling $110.5 million, that were collateralized by a land development project, at a discount for $102.2 million. In connection with this transaction, we released $66.3 million of capital to be used for future investments and recorded a $9.2 million loss (including fees and expenses), which was included in other income, net on the consolidated statements of income. Additionally, we have the potential to recover up to $2.8 million depending on the future performance of the loan. ​ 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% was 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, which took place in 2021 and 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 2021, we entered into a second forbearance agreement that 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 until 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 the nine months ended September 30, 2022 and 2021 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 September 30, 2022 and December 31, 2021, we had total interest reserves of $123.9 million and $87.4 million, respectively, on 463 loans and 328 loans, respectively, with an aggregate UPB of $7.73 billion and $5.75 billion, respectively.

Loans Held-for-Sale, Net

Loans Held-for-Sale, Net	9 Months Ended
	Sep. 30, 2022
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 non-GSE loans are generally expected to be sold or securitized within 180 days of loan origination. Loans held-for-sale, net consists of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 December 31, 2021 Fannie Mae ​ $ 201,325 ​ $ 392,876 Freddie Mac ​ 160,718 ​ ​ 112,561 Private Label ​ ​ 127,106 ​ ​ 507,918 FHA ​ ​ 54,395 ​ ​ 54,532 SFR - Fixed Rate ​ ​ 8,762 ​ ​ 9,352 ​ ​ 552,306 ​ ​ 1,077,239 Fair value of future MSR ​ ​ 7,411 ​ ​ 19,318 Unrealized impairment loss ​ ​ (12,163) ​ ​ — Unearned discount ​ (3,678) ​ ​ (2,948) Loans held-for-sale, net ​ $ 543,876 ​ $ 1,093,609 ​ During the three and nine months ended September 30, 2022, we sold $1.08 billion and $3.70 billion of loans held-for-sale, respectively, and $1.01 billion and $4.33 billion during the three and nine months ended September 30, 2021, respectively. Included in the total loans sold during 2022 and 2021 were Private Label loans totaling $489.3 million and $449.9 million, respectively, which were sold to unconsolidated affiliates of ours who securitized the loans. We retained the most subordinate class of certificates in the 2022 and 2021 securitizations totaling $43.4 million and $38.2 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. ​ We determined that the fair value of certain loans held-for-sale were below their carrying values and, based on the fair value analysis performed, recorded unrealized impairment losses of $7.8 million and $12.2 million during the three and nine months ended September 30, 2022, respectively, which was included in other income, net on the consolidated statements of income. ​ At September 30, 2022 and December 31, 2021, there were no loans held-for-sale that were 90 days or more past due, and there were no loans held-for-sale that were placed on a non-accrual status.

Capitalized Mortgage Servicing

Capitalized Mortgage Servicing Rights	9 Months Ended
	Sep. 30, 2022
Capitalized Mortgage Servicing Rights
Capitalized Mortgage Servicing Rights	Note 5 — Capitalized Mortgage Servicing Rights ​ Our capitalized mortgage servicing rights (“MSRs”) reflect commercial real estate MSRs derived primarily from loans sold in our Agency Business or acquired MSRs. The discount rates used to determine the present value of all our MSRs throughout the periods presented were between 8% - 13% (representing a weighted average discount rate of 12%) based on our best estimate of market discount rates. The weighted average estimated life remaining of our MSRs was 8.9 years and 8.5 years at September 30, 2022 and December 31, 2021, respectively. ​ A summary of our capitalized MSR activity is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2022 ​ Nine Months Ended September 30, 2022 ​ Originated Acquired Total Originated Acquired Total Beginning balance ​ $ 391,397 ​ $ 20,137 ​ $ 411,534 ​ $ 395,573 ​ $ 27,161 ​ $ 422,734 Additions ​ ​ 18,907 ​ ​ — ​ ​ 18,907 ​ ​ 63,002 ​ ​ — ​ ​ 63,002 Amortization ​ ​ (13,355) ​ ​ (1,427) ​ ​ (14,782) ​ ​ (39,348) ​ ​ (5,184) ​ ​ (44,532) Write-downs and payoffs ​ ​ (9,957) ​ ​ (1,816) ​ ​ (11,773) ​ ​ (32,235) ​ ​ (5,083) ​ ​ (37,318) Ending balance ​ $ 386,992 ​ $ 16,894 ​ $ 403,886 ​ $ 386,992 ​ $ 16,894 ​ $ 403,886 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2021 ​ Nine Months Ended September 30, 2021 Beginning balance $ 383,063 $ 35,590 $ 418,653 $ 336,466 $ 43,508 $ 379,974 Additions ​ ​ 22,387 ​ ​ — ​ ​ 22,387 ​ ​ 99,397 ​ ​ — ​ ​ 99,397 Amortization ​ ​ (12,345) ​ ​ (2,527) ​ ​ (14,872) ​ ​ (35,221) ​ ​ (8,523) ​ ​ (43,744) Write-downs and payoffs ​ ​ (7,420) ​ ​ (1,465) ​ ​ (8,885) ​ ​ (14,957) ​ ​ (3,387) ​ ​ (18,344) Ending balance ​ $ 385,685 ​ $ 31,598 ​ $ 417,283 ​ $ 385,685 ​ $ 31,598 ​ $ 417,283 ​ We collected prepayment fees totaling $11.2 million and $42.6 million during the three and nine months ended September 30, 2022, respectively, and $11.2 million and $18.1 million during the three and nine months ended September 30, 2021, respectively. Prepayment fees are included as a component of servicing revenue, net on the consolidated statements of income. At September 30, 2022 and December 31, 2021, we had no valuation allowance recorded on any of our MSRs. ​ The expected amortization of capitalized MSRs recorded as of September 30, 2022 is as follows (in thousands): ​ ​ ​ ​ ​ Year Amortization 2022 (three months ending 12/31/2022) $ 14,858 2023 ​ 58,242 2024 ​ 56,127 2025 ​ 53,426 2026 ​ ​ 49,876 2027 ​ ​ 44,116 Thereafter ​ 127,241 Total ​ $ 403,886 ​ Based on scheduled maturities, actual amortization may vary from these estimates.

Mortgage Servicing

Mortgage Servicing	9 Months Ended
	Sep. 30, 2022
Mortgage Servicing
Mortgage Servicing	Note 6 — Mortgage Servicing ​ Product and geographic concentrations that impact our servicing revenue are as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 ​ Product Concentrations ​ Geographic Concentrations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ UPB ​ Product UPB (1) % of Total State % of Total ​ Fannie Mae ​ $ 18,331,457 ​ 68 % Texas ​ 11 % Freddie Mac ​ ​ 4,979,612 18 % New York ​ 11 % Private Label ​ ​ 2,075,791 8 % California ​ 8 % FHA ​ ​ 1,136,684 ​ 4 % North Carolina ​ 8 % Bridge (2) ​ ​ 299,696 ​ 1 % Georgia ​ 6 % SFR - Fixed Rate ​ ​ 241,887 ​ 1 % New Jersey ​ 6 % Total ​ $ 27,065,127 ​ 100 % Florida ​ 6 % ​ ​ ​ ​ ​ ​ ​ Other (3) ​ 44 % ​ ​ ​ ​ ​ ​ ​ Total ​ 100 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ 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 (3) ​ 42 % ​ ​ ​ ​ ​ ​ ​ Total ​ 100 % (1) Excludes loans which we are not collecting a servicing fee. (2) Represents four bridge loans sold by our Structured Business that we are servicing, see Note 3 for details. (3) No other individual state represented 4% or more of the total. ​ At September 30, 2022 and December 31, 2021, our weighted average servicing fee was 42.4 basis points and 44.9 basis points, respectively. At September 30, 2022 and December 31, 2021, we held total escrow balances of $1.88 billion and $1.40 billion, respectively, which is not reflected in our consolidated balance sheets. Of the total escrow balances, we held $666.6 million and $682.5 million at September 30, 2022 and December 31, 2021, respectively, related to loans we are servicing within our Agency Business. These escrows are maintained in separate accounts at several federally insured depository institutions, which may exceed FDIC insured limits. We earn interest income on the total escrow deposits, generally based on a market rate of interest negotiated with the financial institutions that hold the escrow deposits. Interest earned on total escrows, net of interest paid to the borrower, was $7.4 million and $10.1 million during the three and nine months ended September 30, 2022, respectively, and $1.0 million and $3.2 million during the three and nine months ended September 30, 2021, respectively, and is a component of servicing revenue, net in the consolidated statements of income.

Securities Held-to-Maturity

Securities Held-to-Maturity	9 Months Ended
	Sep. 30, 2022
Securities Held-to-Maturity
Securities Held-to-Maturity	Note 7 — Securities Held-to-Maturity ​ Agency Private Label Certificates (“APL certificates”). Agency B Piece Bonds. ​ A summary of our securities held-to-maturity is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Carrying ​ Unrealized ​ Estimated ​ Allowance for ​ Face Value Value Gain (Loss) Fair Value Credit Losses September 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ APL certificates ​ $ 192,791 ​ $ 123,291 ​ $ (9,786) ​ $ 113,505 ​ $ 1,803 B Piece bonds ​ ​ 43,921 ​ ​ 34,527 ​ ​ 1,995 ​ ​ 36,522 ​ ​ 287 Total ​ $ 236,712 ​ $ 157,818 ​ $ (7,791) ​ $ 150,027 ​ $ 2,090 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 ​ A summary of the changes in the allowance for credit losses for our securities held-to-maturity is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2022 ​ ​ APL ​ B Piece ​ ​ ​ ​ Certificates Bonds Total Beginning balance ​ $ 1,756 ​ $ 266 ​ $ 2,022 Provision for credit loss expense/(reversal) ​ 47 ​ 21 ​ 68 Ending balance ​ $ 1,803 ​ $ 287 ​ $ 2,090 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, 2022 Beginning balance ​ $ 1,422 ​ $ 331 ​ $ 1,753 Provision for credit loss expense/(reversal) ​ 381 ​ (44) ​ 337 Ending balance ​ $ 1,803 ​ $ 287 ​ $ 2,090 ​ 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. At September 30, 2022, no other-than-temporary impairment was recorded on our held-to-maturity securities. ​ We recorded interest income (including the amortization of discount) related to these investments of $3.7 million and $13.9 million during the three and nine months ended September 30, 2022, respectively, and $3.4 million and $9.4 million during the three and nine months ended September 30, 2021, respectively.

Investments in Equity Affiliate

Investments in Equity Affiliates	9 Months Ended
	Sep. 30, 2022
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 September 30, 2022 December 31, 2021 September 30, 2022 Arbor Residential Investor LLC ​ $ 49,937 ​ $ 65,756 ​ $ — AMAC Holdings III LLC ​ ​ 16,389 ​ ​ 13,772 ​ ​ — Fifth Wall Ventures ​ ​ 12,505 ​ ​ 5,409 ​ ​ — North Vermont Avenue ​ ​ 2,446 ​ ​ 2,419 ​ ​ — Lightstone Value Plus REIT L.P. ​ ​ 1,895 ​ ​ 1,895 ​ ​ — Docsumo Pte. Ltd. ​ ​ 450 ​ ​ — ​ ​ — JT Prime ​ 425 ​ 425 ​ — West Shore Café ​ ​ — ​ ​ — ​ ​ 1,688 Lexford Portfolio ​ ​ — ​ ​ — ​ ​ — East River Portfolio ​ — ​ — ​ — Total ​ $ 84,047 ​ $ 89,676 ​ $ 1,688 ​ Arbor Residential Investor LLC (“ARI”). $5.4 million and $32.7 million, respectively, to income from equity affiliates in our consolidated statements of income. During the three and nine months ended September 30, 2022, we also received cash distributions totaling 12.3% . The allocation of income is based on the underlying agreements, which may be different than our indirect interest, and was 9.2% at September 30, 2022. ​ AMAC Holdings III LLC (“AMAC III”). We funded an additional $4.9 million during 2022. During the three and nine months ended September 30, 2022, we recorded a loss associated with this investment of $0.7 million and $1.8 million, respectively, and during the three and nine months ended September 30, 2021, we recorded a loss of $0.4 million and $0.9 million, respectively. During the three and nine months ended September 30, 2022, we received cash distributions totaling $0.2 million and $0.4 million, respectively, and during the three months ended September 30, 2021, we received cash distributions totaling $1.7 million, which were classified as returns of capital. ​ Fifth Wall Ventures (“Fifth Wall”). We funded an additional $8.7 million during 2022. In addition, during the three and nine months ended September 30, 2022, we received distributions from this investment of $0.7 million and $1.6 million, respectively, which were classified as a return of capital. ​ Docsumo Pte. Ltd. (“Docsumo”). ​ Lexford Portfolio. ​ Equity Participation Interest. ​ See Note 17 for details of certain investments described above.

Debt Obligations

Debt Obligations	9 Months Ended
	Sep. 30, 2022
Debt Obligations
Debt Obligations	Note 9 — Debt Obligations ​ Credit and Repurchase Facilities ​ Borrowings under our credit and repurchase facilities are as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 ​ December 31, 2021 ​ ​ ​ ​ ​ ​ Note ​ Debt ​ Collateral ​ ​ ​ Debt ​ Collateral ​ ​ Current ​ Extended ​ Rate ​ Carrying ​ Carrying ​ Wtd. Avg. ​ Carrying ​ Carrying ​ Maturity Maturity Type Value (1) Value Note Rate Value (1) Value Structured Business ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $2.5B joint repurchase facility (2) ​ Mar. 2024 ​ Mar. 2025 ​ V ​ $ 1,826,527 ​ $ 2,353,627 ​ 5.60 % $ 1,486,380 ​ $ 1,877,930 $1B repurchase facility (2) ​ Aug. 2023 ​ N/A ​ V ​ 708,834 ​ 982,702 ​ 5.13 % 675,415 ​ ​ 937,880 $500M repurchase facility ​ (3) ​ N/A ​ V ​ ​ 108,373 ​ ​ 131,723 ​ 5.82 % ​ — ​ ​ — $450M repurchase facility ​ Mar. 2023 ​ Mar. 2026 ​ V ​ ​ 349,278 ​ ​ 455,727 ​ 5.08 % ​ 397,272 ​ ​ 511,269 $450M repurchase facility ​ Oct. 2023 ​ Oct. 2024 ​ V ​ ​ 250,358 ​ ​ 323,188 ​ 4.92 % ​ 293,700 ​ ​ 385,337 $400M credit facility ​ July 2023 ​ N/A ​ V ​ ​ 64,391 ​ ​ 82,500 ​ 4.66 % ​ 177,406 ​ ​ 236,538 $399M repurchase facility (2)(4) ​ Dec. 2022 ​ N/A ​ V ​ ​ 345,154 ​ ​ 465,188 ​ 5.30 % ​ 241,450 ​ ​ 289,956 $225M credit facility ​ Oct. 2023 ​ Oct. 2024 ​ V ​ 68,352 ​ ​ 108,881 ​ 5.58 % ​ 27,826 ​ ​ 42,270 $200M repurchase facility ​ Mar. 2024 ​ Mar. 2025 ​ V ​ ​ 21,365 ​ 33,157 ​ 5.61 % — ​ ​ — $200M repurchase facility ​ Jan. 2024 ​ Jan. 2025 ​ V ​ 179,471 ​ ​ 229,041 ​ 5.05 % ​ — ​ ​ — $140M loan specific credit facilities ​ May 2023 to Aug. 2025 ​ May 2023 to Aug. 2027 ​ V/F ​ ​ 139,641 ​ 198,700 ​ 3.57 % 153,727 ​ ​ 214,300 $50M credit facility ​ Apr. 2023 ​ Apr. 2025 ​ V ​ 29,190 ​ ​ 36,500 ​ 5.21 % ​ 29,194 ​ ​ 36,500 $35M working capital facility ​ Apr. 2023 ​ N/A ​ V ​ ​ — ​ ​ — ​ — ​ ​ — ​ ​ — $25M credit facility ​ Oct. 2024 ​ N/A ​ V ​ ​ 6,159 ​ ​ 7,745 ​ 5.72 % ​ 1,235 ​ ​ 1,900 $25M credit facility ​ Jan. 2023 ​ Jan. 2024 ​ V ​ ​ — ​ ​ — ​ — ​ ​ 10,218 ​ ​ 14,773 $1M master security agreement ​ Dec. 2022 ​ N/A ​ F ​ ​ 161 ​ ​ — ​ 4.01 % ​ 635 ​ ​ — Repurchase facility - securities (2)(5) ​ N/A ​ N/A ​ V ​ ​ 24,365 ​ ​ — ​ 5.74 % ​ 30,849 ​ ​ — Structured Business total ​ ​ ​ ​ ​ ​ ​ $ 4,121,619 ​ $ 5,408,679 ​ 5.36 % $ 3,525,307 ​ $ 4,548,653 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Agency Business ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $750M ASAP agreement ​ N/A ​ N/A ​ V ​ $ 46,210 ​ $ 46,505 ​ 3.61 % $ 182,130 ​ $ 182,140 $500M joint repurchase facility (2) ​ Mar. 2024 ​ Mar. 2025 ​ V ​ ​ 94,975 ​ ​ 121,452 ​ 5.14 % ​ 395,317 ​ ​ 475,360 $500M repurchase facility ​ Nov. 2022 ​ N/A ​ V ​ ​ 132,201 ​ ​ 132,219 ​ 4.52 % ​ 236,429 ​ ​ 236,527 $200M credit facility ​ Mar. 2023 ​ N/A ​ V ​ ​ 111,335 ​ ​ 111,431 ​ 4.44 % ​ 115,304 ​ ​ 115,351 $150M credit facility ​ July 2023 ​ N/A ​ V ​ ​ 103,549 ​ ​ 103,662 ​ 4.44 % ​ 16,544 ​ ​ 16,657 $50M credit facility ​ Sept. 2023 ​ N/A ​ V ​ ​ 22,621 ​ ​ 22,621 ​ 4.44 % ​ 9,295 ​ ​ 9,295 $1M repurchase facility (2)(4) ​ Dec. 2022 ​ N/A ​ V ​ ​ 622 ​ ​ 932 ​ 5.32 % ​ 1,253 ​ ​ 1,477 Agency Business total ​ ​ ​ ​ ​ ​ ​ $ 511,513 ​ $ 538,822 ​ 4.52 % $ 956,272 ​ $ 1,036,807 Consolidated total ​ ​ ​ ​ ​ ​ ​ $ 4,633,132 ​ $ 5,947,501 ​ 5.27 % $ 4,481,579 ​ $ 5,585,460 V = ; F = Fixed Note Rate ​ (1) The debt carrying value for the Structured Business at September 30, 2022 and December 31, 2021 was net of unamortized deferred finance costs of $9.2 million and $7.7 million, respectively. The debt carrying value for the Agency Business at September 30, 2022 and December 31, 2021 was net of unamortized deferred finance costs of $0.6 million and $4.4 million, respectively. (2) These facilities are subject to margin call provisions associated with changes in interest spreads. (3) The commitment amount under this repurchase facility expires six months after the lender provides written notice. We then have an additional six months to repurchase the underlying loans. (4) A portion of this facility was used to finance a $ 1.0 million fixed rate SFR permanent loan reported through our Agency Business. (5) At September 30, 2022 and December 31, 2021, this facility was collateralized by B Piece bonds with a carrying value of $34.5 million and $47.6 million, respectively. ​ During 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 generally remain at a LIBOR-based interest rate. ​ Joint Repurchase Facility. ​ Structured Business ​ At September 30, 2022 and December 31, 2021, 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 5.66% and 2.51%, 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 $1.0 million master security agreement was 76% and 77% at September 30, 2022 and December 31, 2021, respectively. In September 2022, we entered into a $42.7 million credit facility to finance a bridge loan that matures in August 2025, with two 1-year extension options, and has an interest rate of SOFR plus 2.20%. ​ In September 2022, we entered into a $24.4 million credit facility to finance a construction loan that matures in December 2024, with two 1-year extension options,and has an interest rate of SOFR plus 1.91%. ​ In July 2022, we amended a $200.0 million credit facility to increase the facility size to $400.0 million, extend the maturity to July 2023 and amend the interest rate on multifamily properties to SOFR plus 1.86%. ​ In July 2022, we amended a $50.0 million credit facility to extend the maturity to April 2023, with two 1-year extension options, and amend the interest rate to SOFR plus 2.10%. ​ In June 2022, we entered into a $500.0 million repurchase facility to finance SFR loans that has an interest rate of SOFR plus 2.76% and a maximum advance rate of 82.5%. ​ In April 2022, we amended a $325.0 million repurchase facility to increase the facility size to $450.0 million, extend the maturity to October 2023 and amend the interest rate for new loans after December 31, 2021 to daily SOFR or term SOFR at our election at loan inception. ​ In April 2022, we amended a $30.0 million working capital facility to increase the facility size to $35.0 million, extend the maturity to April 2023 and amend the interest rate from a LIBOR-based rate to SOFR plus 3.00%. ​ In March 2022, we entered into a $200.0 million repurchase facility that matures in March 2024, with a one year extension option. This facility has an interest rate of SOFR plus 2.55% and an advance rate equal to the lessor of: (1) 75% of the principal balance; (2) 60% of the project cost; or (3) 60% of the underlying property value. ​ In January 2022, we entered into a $150.0 million repurchase facility to finance bridge and construction loans that matures in January 2024, with a one year extension option. This facility has interest rates of SOFR plus 1.75% to 3.50% depending on the type of loan financed with a SOFR floor determined on a loan-by-loan basis and a maximum advance rate of 80%. In March 2022, we increased the facility by $50.0 million to $200.0 million. ​ Collateralized Loan Obligations (“CLOs”) ​ We account for CLO transactions on our consolidated balance sheet as financing facilities. Our CLOs are VIEs for which we are the primary beneficiary and are consolidated in our financial statements. The investment grade tranches are treated as secured financings and are non-recourse to us. ​ Borrowings and the corresponding collateral under our CLOs are as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt ​ Collateral (3) ​ ​ ​ ​ Loans ​ Cash ​ ​ Carrying Wtd. Avg. ​ Carrying Restricted September 30, 2022 ​ Face Value ​ Value (1) ​ Rate (2) ​ UPB ​ Value ​ Cash (4) CLO 19 ​ $ 872,812 ​ $ 866,167 ​ 5.41 % $ 1,011,208 ​ $ 1,005,469 ​ $ — CLO 18 ​ ​ 1,652,812 ​ ​ 1,645,166 ​ 4.85 % ​ 1,955,828 ​ ​ 1,946,621 ​ ​ 5,820 CLO 17 ​ ​ 1,714,125 ​ ​ 1,707,143 ​ 4.89 % ​ 1,965,875 ​ ​ 1,957,961 ​ ​ 79,316 CLO 16 ​ ​ 1,237,500 ​ ​ 1,231,414 ​ 4.52 % ​ 1,380,996 ​ ​ 1,375,305 ​ ​ 73,793 CLO 15 ​ ​ 674,412 ​ ​ 671,073 ​ 4.58 % ​ 705,978 ​ ​ 703,432 ​ ​ 98,361 CLO 14 ​ ​ 655,475 ​ ​ 652,194 ​ 4.53 % ​ 726,999 ​ ​ 724,512 ​ ​ 39,129 CLO 13 ​ ​ 668,000 ​ ​ 665,924 ​ 4.62 % ​ 577,034 ​ ​ 575,568 ​ ​ 214,042 CLO 12 ​ 534,193 ​ ​ 532,915 ​ 4.70 % ​ 502,703 ​ ​ 500,976 ​ ​ 117,167 Total CLOs ​ $ 8,009,329 ​ $ 7,971,996 ​ 4.79 % $ 8,826,621 ​ $ 8,789,844 ​ $ 627,628 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ ​ ​ ​ ​ 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 (1) Debt carrying value is net of $37.3 million and $31.9 million of deferred financing fees at September 30, 2022 and December 31, 2021, respectively. (2) At September 30, 2022 and December 31, 2021, the aggregate weighted average note rate for our CLOs, including certain fees and costs, was 4.99% and 1.86% , respectively. (3) At September 30, 2022 and December 31, 2021, there were no collateral deemed a “credit risk” as defined by the CLO indentures. (4) Represents restricted cash held for principal repayments as well as for reinvestment in the CLOs. Does not include restricted cash related to interest payments, delayed fundings and expenses totaling $274.3 million and $133.7 million at September 30, 2022 and December 31, 2021, respectively. ​ CLO 19. a two ​ CLO 18. two ​ CLO 10. ​ Senior Unsecured Notes ​ A summary of our senior unsecured notes is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Senior ​ ​ ​ ​ ​ September 30, 2022 ​ December 31, 2021 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 ​ $ 177,344 ​ 5.00 % $ 180,000 ​ $ 177,105 ​ 5.00 % 4.50% Notes (3) Aug. 2021 Sept. 2026 ​ 270,000 ​ ​ 266,718 ​ 4.50 % ​ 270,000 ​ ​ 266,090 ​ 4.50 % 5.00% Notes (3) Apr. 2021 Apr. 2026 175,000 ​ ​ 172,761 5.00 % ​ 175,000 ​ ​ 172,302 5.00 % 8.00% Notes (3) Apr. 2020 Apr. 2023 70,750 ​ 70,510 8.00 % 70,750 ​ 70,202 8.00 % 4.50% Notes (3) Mar. 2020 Mar. 2027 275,000 ​ 272,839 4.50 % 275,000 ​ 272,477 4.50 % 4.75% Notes (4) Oct. 2019 Oct. 2024 110,000 ​ 109,281 4.75 % 110,000 ​ 109,018 4.75 % 5.75% Notes (4) ​ Mar. 2019 ​ Apr. 2024 ​ ​ 90,000 ​ 89,417 5.75 % 90,000 ​ 89,135 5.75 % 5.625% Notes (4) ​ Mar. 2018 ​ May 2023 ​ ​ 125,000 ​ ​ 124,657 5.63 % ​ 125,000 ​ ​ 124,216 5.63 % ​ ​ ​ ​ ​ ​ $ 1,295,750 ​ $ 1,283,527 ​ 5.05 % $ 1,295,750 ​ $ 1,280,545 ​ 5.05 % (1) At September 30, 2022 and December 31, 2021, the carrying value is net of deferred financing fees of $12.2 million and $15.2 million, respectively. (2) At both September 30, 2022 and December 31, 2021, the aggregate weighted average note rate, including certain fees and costs, was 5.34% . (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. ​ Subsequent Event. ​ Convertible Senior Unsecured Notes ​ In August 2022, we issued $287.5 million in aggregate principal amount of 7.50% convertible senior notes (the “7.50% Convertible Notes”) through a private placement offering. The 7.50% Convertible Notes pay interest semiannually in arrears and are scheduled to mature in August 2025, unless earlier converted or repurchased by the holders pursuant to their terms. The initial conversion rate was 59.8480 shares of common stock per $1,000 of principal representing a conversion price of $16.71 per share of common stock. We received proceeds of $279.3 million, net of discounts and fees. We used $203.1 million of the net proceeds to repurchase a portion of our 4.75% convertible senior notes (the “4.75% Convertible Notes”), which included $5.2 million of accrued interest and repurchase premiums, and expensed $3.3 million of deferred financing fees into loss on extinguishment of debt on the consolidated statements of income. At September 30, 2022, the 7.50% Convertible Notes had a conversion rate of 59.8480 shares of common stock per $1,000 of principal, which represented a conversion price of $16.71 per share of common stock. ​ At September 30, 2022, we had a $66.1 million remaining aggregate principal amount of our 4.75% Convertible Notes after the August 2022 repurchase noted above. The remaining 4.75% Convertible Notes matured on November 1, 2022 and were fully settled. ​ 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. ​ On January 1, 2022, we adopted ASU 2020-06, see Note 2 for details, which no longer allows for the allocation of proceeds between debt and equity components, eliminates the amortization of the debt discount and requires the if-converted method to calculate diluted earnings per share, regardless of the settlement intent. ​ 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 September 30, 2022 ​ $ 353,608 ​ $ — ​ $ 7,568 ​ $ 346,040 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ $ 264,000 ​ $ 2,520 ​ $ 2,095 ​ $ 259,385 ​ $ 8,684 ​ During the three months ended September 30, 2022, we incurred interest expense on the notes totaling $5.8 million, of which $5.0 million and $0.8 million related to the cash coupon and deferred financing fees, respectively. During the nine months ended September 30, 2022, we incurred interest expense on the notes totaling $13.4 million, of which $11.3 million and $2.1 million related to the cash coupon and deferred financing fees, respectively. During the three months ended September 30, 2021, we incurred interest expense on the notes totaling $4.5 million, of which $3.1 million, $0.8 million and $0.6 million related to the cash coupon, amortization of the debt discount and of the deferred financing fees, respectively. During the nine months ended September 30, 2021, we incurred total interest expense on the notes of $14.1 million, of which $9.7 million, $2.4 million and $2.0 million related to the cash coupon, amortization of the debt discount and of the deferred financing fees, respectively. Including the amortization of the deferred financing fees and debt discount, our weighted average total cost of the notes was 7.92% and 6.71% at September 30, 2022 and December 31, 2021, respectively, or 5.73% at December 31, 2021 excluding the amortization of the debt discount (which ceased on January 1, 2022 with the adoption of ASU 2020-06). ​ Junior Subordinated Notes ​ The carrying values of borrowings under our junior subordinated notes were $142.9 million and $142.4 million at September 30, 2022 and December 31, 2021, respectively, which is net of a deferred amount of $9.8 million and $10.2 million, respectively, (which is amortized into interest expense over the life of the notes) and deferred financing fees of $1.6 million and $1.7 million, respectively. These notes have maturities ranging from March 2034 through April 2037 and pay interest quarterly at a floating rate based on LIBOR. The weighted average note rate was 6.62% and 3.03% at September 30, 2022 and December 31, 2021, respectively. Including certain fees and costs, the weighted average note rate was 6.70% and 3.12% at September 30, 2022 and December 31, 2021, respectively. ​ Debt Covenants ​ Credit and Repurchase Facilities and Unsecured Debt. ​ CLOs. ​ Our CLO compliance tests as of the most recent determination dates in October 2022 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash Flow Triggers CLO 12 CLO 13 CLO 14 CLO 15 CLO 16 CLO 17 CLO 18 CLO 19 ​ Overcollateralization (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current 118.87 % 119.76 % 119.76 % 120.85 % 121.21 % 122.51 % 124.03 % 120.30 % Limit 117.87 % 118.76 % 118.76 % 119.85 % 120.21 % 121.51 % 123.03 % 119.30 % Pass / Fail Pass ​ Pass ​ Pass ​ Pass ​ Pass ​ Pass ​ Pass Pass ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest Coverage (2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current 156.50 % 122.03 % 154.90 % 140.54 % 152.50 % 146.23 % 167.42 % 130.68 % Limit 120.00 % 120.00 % 120.00 % 120.00 % 120.00 % 120.00 % 120.00 % 120.00 % Pass / Fail Pass ​ 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. ​ Our CLO overcollateralization ratios as of the determination dates subsequent to each quarter are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Determination (1) CLO 12 CLO 13 CLO 14 CLO 15 CLO 16 CLO 17 CLO 18 CLO 19 ​ October 2022 ​ 118.87 % 119.76 % 119.76 % 120.85 % 121.21 % 122.51 % 124.03 % 120.30 % July 2022 ​ 118.87 % 119.76 % 119.76 % 120.85 % 121.21 % 122.51 % 124.03 % 120.30 % April 2022 ​ 118.87 % 119.76 % 119.76 % 120.85 % 121.21 % 122.51 % 124.03 % — ​ January 2022 ​ 118.87 % 119.76 % 119.76 % 120.85 % 121.21 % 122.51 % — ​ — ​ October 2021 ​ 118.87 % 119.76 % 119.76 % 120.85 % 121.21 % — ​ — ​ — ​ (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. ​ The ratio will fluctuate based on the performance of the underlying assets, transfers of assets into the CLOs prior to the expiration of their respective replenishment dates, purchase or disposal of other investments, and loan payoffs. No payment due under the junior subordinated indentures may be paid if there is a default under any senior debt and the senior lender has sent notice to the trustee. The junior subordinated indentures are also cross-defaulted with each other.

Allowance for Loss-Sharing Obli

Allowance for Loss-Sharing Obligations	9 Months Ended
	Sep. 30, 2022
Allowance for Loss-Sharing Obligations
Allowance for Loss-Sharing Obligations	Note 10 — Allowance for Loss-Sharing Obligations ​ Our allowance for loss-sharing obligations related to the Fannie Mae DUS program is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2022 2021 2022 2021 ​ Beginning balance ​ $ 53,053 ​ $ 65,645 ​ $ 56,064 ​ $ 64,303 ​ Provisions for loss sharing ​ ​ 2,346 ​ ​ (3,022) ​ ​ 2,593 ​ ​ (557) ​ Provisions reversal for loan repayments ​ ​ (1,934) ​ ​ (250) ​ ​ (4,792) ​ ​ (513) ​ Recoveries (charge-offs), net ​ 46 ​ ​ 455 ​ (354) ​ ​ (405) ​ Ending balance ​ $ 53,511 ​ $ 62,828 ​ $ 53,511 ​ $ 62,828 ​ ​ 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 September 30, 2022 and 2021, guarantee obligations of $34.2 million and $34.4 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 September 30, 2022 and December 31, 2021, we had outstanding advances of $0.4 million and less than $0.1 million, respectively, which were netted against the allowance for loss-sharing obligations. ​ At September 30, 2022 and December 31, 2021, our allowance for loss-sharing obligations, associated with expected losses under CECL, was $19.3 million and $21.7 million, respectively, and represented 0.11% of our Fannie Mae servicing portfolio for both periods. During the three and nine months ended September 30, 2022, we recorded a $0.6 million increase and a $2.4 million decrease, respectively, in CECL reserves, which included a $1.2 million recovery for a loan that paid off during the second quarter of 2022. ​ At September 30, 2022 and December 31, 2021, the maximum quantifiable liability associated with our guarantees under the Fannie Mae DUS agreement was $3.42 billion and $3.60 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	9 Months Ended
	Sep. 30, 2022
Derivative Financial Instruments
Derivative Financial Instruments	Note 11 — Derivative Financial Instruments ​ We enter into derivative financial instruments to manage exposures that arise from business activities resulting in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates 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 gain (loss) on derivative instruments, net in the consolidated statements of income. The estimated fair value of rate lock commitments also includes the fair value of the expected net cash flows associated with the servicing of the loan which is recorded as income from MSRs in the consolidated statements of income. During the three and nine months ended September 30, 2022, we recorded net losses of $22.9 million and $20.5 million, respectively, from changes in the fair value of these derivatives and $19.4 million and $52.3 million, respectively, of income from MSRs. During the three and nine months ended September 30,2021, we recorded net losses of $8.6 million and $7.5 million, respectively, from changes in the fair value of these derivatives and $32.5 million and $95.7 million, respectively, of income from MSRs. See Note 12 for details. ​ Interest Rate and Credit Default Swaps (“Swaps”). ​ During the three months ended September 30, 2022, we recorded realized and unrealized gains of $3.6 million and $3.4 million, respectively, and during the nine months ended September 30, 2022, we recorded realized and unrealized gains of $27.2 million and $3.4 million, respectively, to our Agency Business related to our Swaps. During the three months ended September 30, 2021, we recorded realized and unrealized gains of $5.4 million and $1.9 million, respectively, and during the nine months ended September 30, 2021, we recorded realized losses and unrealized gains of $1.1 million and $1.5 million, respectively, to our Agency Business related to our Swaps. The realized and unrealized gains and losses are recorded in (loss) gain on derivative instruments, net. A summary of our non-qualifying derivative financial instruments in our Agency Business is as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value ​ ​ ​ ​ Notional ​ Balance Sheet ​ Derivative ​ Derivative Derivative Count Value Location Assets Liabilities Rate lock commitments ​ 5 ​ $ 117,575 ​ Other assets/other liabilities ​ $ 1,554 ​ $ (2,454) Forward sale commitments ​ 46 ​ ​ 534,013 ​ Other assets/other liabilities ​ ​ 2,652 ​ ​ (20,785) Swaps ​ 1,163 ​ ​ 116,300 ​ ​ ​ ​ — ​ ​ — ​ ​ ​ ​ $ 767,888 ​ ​ ​ $ 4,206 ​ $ (23,239) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 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) ​

Fair Value

Fair Value	9 Months Ended
	Sep. 30, 2022
Fair Value.
Fair Value	Note 12 — Fair Value ​ Fair value estimates are dependent upon subjective assumptions and involve significant uncertainties resulting in variability in estimates with changes in assumptions. The following table summarizes the principal amounts, carrying values and the estimated fair values of our financial instruments (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 ​ December 31, 2021 ​ ​ Principal / ​ Carrying ​ Estimated ​ Principal / ​ Carrying ​ Estimated ​ Notional Amount Value Fair Value Notional Amount Value Fair Value Financial assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans and investments, net ​ $ 14,989,643 ​ $ 14,791,426 ​ $ 14,993,875 ​ $ 12,158,995 ​ $ 11,981,048 ​ $ 12,181,194 Loans held-for-sale, net ​ ​ 552,306 ​ ​ 543,876 ​ ​ 554,044 ​ ​ 1,077,239 ​ ​ 1,093,609 ​ ​ 1,117,085 Capitalized mortgage servicing rights, net ​ ​ n/a ​ ​ 403,886 ​ ​ 530,859 ​ ​ n/a ​ ​ 422,734 ​ ​ 477,323 Securities held-to-maturity, net ​ ​ 236,712 ​ ​ 157,818 ​ ​ 150,027 ​ ​ 210,728 ​ ​ 140,484 ​ ​ 149,911 Derivative financial instruments ​ ​ 187,082 ​ 4,206 ​ 4,206 ​ ​ 280,654 ​ 1,665 ​ 1,665 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Credit and repurchase facilities ​ $ 4,642,911 ​ $ 4,633,132 ​ $ 4,622,672 ​ $ 4,493,699 ​ $ 4,481,579 ​ $ 4,484,107 Collateralized loan obligations ​ ​ 8,009,329 ​ 7,971,996 ​ 7,800,210 ​ ​ 5,924,705 ​ 5,892,810 ​ 5,914,453 Senior unsecured notes ​ ​ 1,295,750 ​ 1,283,527 ​ 1,165,125 ​ ​ 1,295,750 ​ 1,280,545 ​ 1,301,708 Convertible senior unsecured notes, net ​ ​ 353,608 ​ ​ 346,040 ​ ​ 327,244 ​ ​ 264,000 ​ ​ 259,385 ​ ​ 294,690 Junior subordinated notes ​ ​ 154,336 ​ 142,933 ​ 103,402 ​ ​ 154,336 ​ 142,382 ​ 101,698 Derivative financial instruments ​ ​ 464,506 ​ 23,239 ​ 23,239 ​ ​ 301,816 ​ 1,482 ​ 1,482 ​ Assets and liabilities disclosed at fair value are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Determining which category an asset or liability falls within the hierarchy requires judgment and we evaluate our hierarchy disclosures each quarter. Hierarchical levels directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities are as follows: ​ Level 1—Inputs are unadjusted and quoted prices exist in active markets for identical assets or liabilities, such as government, agency and equity securities. ​ Level 2—Inputs (other than quoted prices included in Level 1) are observable for the asset or liability through correlation with market data. Level 2 inputs may include quoted market prices for a similar asset or liability, interest rates and credit risk. Examples include non-government securities, certain mortgage and asset-backed securities, certain corporate debt and certain derivative instruments. ​ Level 3—Inputs reflect our best estimate of what market participants would use in pricing the asset or liability and are based on significant unobservable inputs that require a considerable amount of judgment and assumptions. Examples include certain mortgage and asset-backed securities, certain corporate debt and certain derivative instruments. ​ The following is a description of the valuation techniques used to measure fair value and the general classification of these instruments pursuant to the fair value hierarchy. ​ Loans and investments, net. ​ Loans held-for-sale, net. ​ Capitalized mortgage servicing rights, net. ​ Securities held-to-maturity, net. ​ Derivative financial instruments. ​ Credit and repurchase facilities. ​ Collateralized loan obligations and junior subordinated notes. ​ Senior unsecured notes. Convertible senior unsecured notes, net. ​ We measure certain financial assets and financial liabilities at fair value on a recurring basis. The fair values of these financial assets and liabilities are determined using the following input levels at September 30, 2022 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements Using Fair ​ ​ Carrying ​ ​ ​ ​ Value Hierarchy ​ Value Fair Value Level 1 Level 2 Level 3 Financial assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative financial instruments ​ $ 4,206 ​ $ 4,206 ​ $ — ​ $ 2,652 ​ $ 1,554 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative financial instruments ​ $ 23,239 ​ $ 23,239 ​ $ — ​ $ 23,239 ​ $ — ​ We measure certain financial and non-financial assets at fair value on a nonrecurring basis. The fair values of these financial and non-financial assets, if applicable, are determined using the following input levels at September 30, 2022 (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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans held-for-investment (1) ​ $ 61,745 ​ $ 61,745 ​ $ — ​ $ — ​ $ 61,745 Loans held-for-sale (2) ​ ​ 123,705 ​ ​ 123,705 ​ ​ — ​ ​ 123,705 ​ ​ — ​ ​ $ 185,450 ​ $ 185,450 ​ $ — ​ $ 123,705 ​ $ 61,745 (1) We had an allowance for credit losses of $85.4 million relating to seven impaired loans with an aggregate carrying value, before loan loss reserves, of $147.1 million at September 30, 2022. (2) We recorded an impairment loss of $12.2 million related to 12 loans held-for-sale with an aggregate carrying value, before unrealized impairment losses, of $135.9 million. ​ Loan impairment assessments. ​ Loans held-for-sale are generally transferred and sold within 60 ​ The table above and below includes all impaired loans, regardless of the period in which the impairment was recognized. Quantitative information about Level 3 fair value measurements at September 30, 2022 is as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Valuation 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 ​ ​ 11,745 ​ Discounted cash flows ​ Capitalization rate ​ 9.25 % ​ ​ ​ ​ ​ ​ ​ Revenue growth rate ​ 3.00 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative financial instruments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rate lock commitments ​ ​ 1,554 ​ Discounted cash flows ​ W/A discount rate ​ 13.24 % ​ The derivative financial instruments using Level 3 inputs are outstanding for short periods of time (generally less than 60 days). A roll-forward of Level 3 derivative instruments is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements Using ​ Fair Value Measurements Using ​ ​ Significant Unobservable Inputs ​ Significant Unobservable Inputs ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ 2022 2021 2022 2021 Derivative assets and liabilities, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance ​ $ 1,035 ​ $ 124 ​ $ 295 ​ $ 1,967 Settlements ​ ​ (16,554) ​ ​ (23,412) ​ ​ (47,491) ​ ​ (81,486) Realized gains recorded in earnings ​ ​ 15,519 ​ ​ 23,288 ​ ​ 47,196 ​ ​ 79,519 Unrealized gains recorded in earnings ​ ​ 1,554 ​ ​ 707 ​ ​ 1,554 ​ ​ 707 Ending balance ​ $ 1,554 ​ $ 707 ​ $ 1,554 ​ $ 707 ​ 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrealized ​ ​ ​ ​ ​ Notional/ ​ Fair Value of ​ Interest Rate ​ Impairemnt ​ Total Fair Value September 30, 2022 Principal Amount Servicing Rights Movement Effect Loss Adjustment Rate lock commitments ​ $ 117,575 ​ $ 1,554 ​ $ (2,434) ​ $ — ​ $ (880) Forward sale commitments ​ ​ 534,013 ​ ​ — ​ ​ 2,434 ​ ​ — ​ ​ 2,434 Loans held-for-sale, net (1) ​ ​ 552,306 ​ ​ 7,411 ​ ​ — ​ ​ (12,163) ​ ​ (4,752) Total ​ ​ ​ ​ $ 8,965 ​ $ — ​ $ (12,163) ​ $ (3,198) (1) Loans held-for-sale, net are recorded at the lower of cost or market on an aggregate basis and includes fair value adjustments related to estimated cash flows from MSRs. ​ We measure certain assets and liabilities for which fair value is only disclosed. The fair value of these assets and liabilities are determined using the following input levels at September 30, 2022 (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 ​ $ 14,791,426 ​ $ 14,993,875 ​ $ — ​ $ — ​ $ 14,993,875 Loans held-for-sale, net ​ ​ 543,876 ​ ​ 554,044 ​ ​ — ​ ​ 546,633 ​ ​ 7,411 Capitalized mortgage servicing rights, net ​ ​ 403,886 ​ ​ 530,859 ​ ​ — ​ ​ — ​ ​ 530,859 Securities held-to-maturity, net ​ ​ 157,818 ​ ​ 150,027 ​ ​ — ​ ​ — ​ ​ 150,027 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Credit and repurchase facilities ​ $ 4,633,132 ​ $ 4,622,672 ​ $ — ​ $ 511,513 ​ $ 4,111,159 Collateralized loan obligations ​ 7,971,996 ​ 7,800,210 ​ — ​ — ​ 7,800,210 Senior unsecured notes ​ 1,283,527 ​ 1,165,125 ​ 1,165,125 ​ — ​ — Convertible senior unsecured notes, net ​ ​ 346,040 ​ ​ 327,244 ​ ​ — ​ ​ 327,244 ​ ​ — Junior subordinated notes ​ 142,933 ​ 103,402 ​ — ​ — ​ 103,402 ​

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies
Commitments and Contingencies	Note 13 — Commitments and Contingencies ​ Impact of COVID-19. ​ Agency Business Commitments. ​ At September 30, 2022, we were required to maintain at least $18.1 million of liquid assets in one of our subsidiaries to meet our operational liquidity requirements for Fannie Mae and we had operational liquidity in excess of this requirement. ​ We are generally required to share the risk of any losses associated with loans sold under the Fannie Mae DUS program and are required to secure this obligation by assigning restricted cash balances and/or a letter of credit to Fannie Mae. The amount of collateral required by Fannie Mae is a formulaic calculation at the loan level by a Fannie Mae assigned tier, which considers the loan balance, risk level of the loan, age of the loan and level of risk-sharing. Fannie Mae requires restricted liquidity for Tier 2 loans of 75 basis points, 15 basis points for Tier 3 loans and 5 basis points for Tier 4 loans, which is funded over a 48-month period that begins upon delivery of the loan to Fannie Mae. A significant portion of our Fannie Mae DUS serviced loans for which we have risk sharing are Tier 2 loans. At September 30, 2022, we met the restricted liquidity requirement with a $45.0 million letter of credit and $18.9 million of cash collateral. ​ At September 30, 2022, reserve requirements for the Fannie Mae DUS loan portfolio will require us to fund $37.6 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. At September 30, 2022, we met all of Fannie Mae’s quarterly capital requirements and our Fannie Mae adjusted net worth was in excess of the required net worth. We are not subject to capital requirements on a quarterly basis for Ginnie Mae and FHA, as requirements for these investors are only required on an annual basis. ​ As an approved designated seller/servicer under Freddie Mac’s SBL program, we are required to post collateral to ensure that we are able to meet certain purchase and loss obligations required by this program. Under the SBL program, we are required to post collateral equal to $5.0 million, which is satisfied with a $5.0 million letter of credit. ​ We enter into contractual commitments with borrowers providing rate lock commitments while simultaneously entering into forward sale commitments with investors. These commitments are outstanding for short periods of time (generally less than 60 days) and are described in more detail in Note 11 and Note 12. ​ Debt Obligations and Operating Leases. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Minimum Annual ​ ​ ​ ​ ​ Debt ​ Operating Lease ​ ​ ​ Year Obligations Payments Total 2022 (three months ending December 31, 2022) ​ $ 1,267,183 ​ $ 2,044 ​ $ 1,269,227 2023 ​ 2,152,200 ​ 8,914 ​ 2,161,114 2024 ​ 3,463,405 ​ 8,876 ​ 3,472,281 2025 ​ 2,098,991 ​ 9,003 ​ 2,107,994 2026 ​ 4,481,821 ​ 9,038 ​ 4,490,859 2027 ​ ​ 633,633 ​ ​ 7,597 ​ ​ 641,230 Thereafter ​ 358,701 ​ 27,706 ​ 386,407 Total ​ $ 14,455,934 ​ $ 73,178 ​ $ 14,529,112 ​ During both the three months ended September 30, 2022 and 2021, we recorded lease expense of $2.4 million, and during the nine months ended September 30, 2022 and 2021, we recorded lease expense of $7.2 million and $7.0 million, respectively. ​ Unfunded Commitments. ​ Litigation. ​ In June 2011, three related lawsuits were filed by the Extended Stay Litigation Trust (the “Trust”), a post-bankruptcy litigation trust alleged to have standing to pursue claims that previously had been held by Extended Stay, Inc. and the Homestead Village L.L.C. family of companies (together “ESI”) (formerly Chapter 11 debtors, together the “Debtors”) that have emerged from bankruptcy. Two of the lawsuits were filed in the U.S. Bankruptcy Court for the Southern District of New York, and the third in the Supreme Court of the State of New York, New York County. There were 73 defendants in the three lawsuits, including 55 corporate and partnership entities and 18 individuals. A subsidiary of ours and certain other entities that are affiliates of ours are included as defendants. The New York State Court action was removed to the Bankruptcy Court. Currently, there is just a single case in Bankruptcy Court. ​ The lawsuits all alleged, as a factual basis and background, certain facts surrounding the June 2007 leveraged buyout of ESI from affiliates of Blackstone Capital. Our subsidiary, Arbor ESH II, LLC, had a $115.0 million investment in the Series A1 Preferred Units of a holding company of Extended Stay, Inc. The New York State Court action and one of the two federal court actions named as defendants Arbor ESH II, LLC, Arbor Commercial Mortgage, LLC (“ACM”), and ABT-ESI LLC, an entity in which we have a membership interest, among the broad group of defendants. These two actions were commenced by substantially identical complaints. The defendants are alleged, among other things, to have breached fiduciary and contractual duties by causing or allowing the Debtors to pay illegal dividends or other improper distributions of value at a time when the Debtors were insolvent. The Trust also alleges that the defendants aided and abetted, induced, or participated in breaches of fiduciary duty, waste, and unjust enrichment (“Fiduciary Duty Claims”) and name a director of ours, and a former general counsel of ACM, each of whom had served on the Board of Directors of ESI for a period of time. We are defending these two defendants and paying the costs of such defense. On the basis of the foregoing allegations, the Trust has asserted claims under a number of common law theories, seeking the return of assets transferred by the Debtors prior to the Debtors’ bankruptcy filing. ​ In the third action, filed in Bankruptcy Court, the same plaintiff, the Trust, named ACM and ABT-ESI LLC, together with a number of other defendants, and asserts claims, including constructive and fraudulent conveyance claims, under state and federal statutes, as well as a claim under the Federal Debt Collection Procedure Act. ​ In June 2013, the Trust filed a motion to amend the lawsuits, to, among other things, (1) consolidate the lawsuits into one lawsuit, (2) 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 (3) 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	9 Months Ended
	Sep. 30, 2022
Variable Interest Entities
Variable Interest Entities	Note 14 — Variable Interest Entities ​ Our involvement with VIEs primarily affects our financial performance and cash flows through amounts recorded in interest income, interest expense, provision for loan losses and through activity associated with our derivative instruments. ​ Consolidated VIEs. ​ Our CLO consolidated entities invest in real estate and real estate-related securities and are financed by the issuance of debt securities. We, or one of our affiliates, are named collateral manager, servicer, and special servicer for all collateral assets held in CLOs, which we believe gives us the power to direct the most significant economic activities of those entities. We also have exposure to losses to the extent of our equity interests and also have rights to waterfall payments in excess of required payments to bond investors. As a result of consolidation, equity interests have been eliminated, and the consolidated balance sheets reflect both the assets held and debt issued to third parties by the CLOs, prior to the unwind. Our operating results and cash flows include the gross asset and liability amounts related to the CLOs as opposed to our net economic interests in those entities. ​ The assets and liabilities related to these consolidated CLOs are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 December 31, 2021 ​ Assets: ​ ​ ​ ​ ​ ​ ​ Restricted cash ​ $ 901,910 ​ $ 466,523 ​ Loans and investments, net ​ ​ 8,789,844 ​ ​ 6,616,809 ​ Other assets ​ ​ 62,779 ​ ​ 61,474 ​ Total assets ​ $ 9,754,533 ​ $ 7,144,806 ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ Collateralized loan obligations ​ $ 7,971,996 ​ $ 5,892,810 ​ Other liabilities ​ 17,267 ​ 9,813 ​ Total liabilities ​ $ 7,989,263 ​ $ 5,902,623 ​ ​ Assets held by the CLOs are restricted and can only be used to settle obligations of the CLOs. The liabilities of the CLOs are non-recourse to us and can only be satisfied from each respective asset pool. See Note 9 for details. We are not obligated to provide, have not provided, and do not intend to provide financial support to any of the consolidated CLOs. ​ Unconsolidated VIEs ​ A summary of our variable interests in identified VIEs, of which we are not the primary beneficiary, at September 30, 2022 is as follows (in thousands): ​ ​ ​ ​ ​ Type Carrying Amount (1) Loans ​ $ 480,240 APL certificates ​ ​ 125,094 B Piece bonds ​ ​ 34,814 Equity investments ​ ​ 23,203 Agency interest only strips ​ ​ 288 Total ​ $ 663,639 (1) Represents the carrying amount of loans and investments before reserves. At September 30, 2022, $127.9 million of loans to VIEs had corresponding specific loan loss reserves of $77.9 million. The maximum loss exposure at September 30, 2022 would not exceed the carrying amount of our investment. ​ These unconsolidated VIEs have exposure to real estate debt of approximately $4.33 billion at September 30, 2022.

Equity

Equity	9 Months Ended
	Sep. 30, 2022
Equity
Equity	Note 15 — Equity ​ Preferred Stock. ​ Common Stock. ​ In the first quarter of 2022, we completed a public offering of 7,475,000 shares of our common stock (including the full exercise of the overallotment) for $16.57 per share and received net proceeds of $123.7 million after deducting the underwriter’s discount and other offering expenses. ​ The proceeds from the offerings above were used to make investments related to our business and for general corporate purposes. ​ Noncontrolling Interest. ​ Distributions. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common Stock ​ Preferred Stock ​ ​ ​ ​ ​ ​ ​ Dividend Declaration Date Dividend Declaration Date Series D Series E Series F February 16, 2022 ​ $ 0.37 ​ January 3, 2022 ​ $ 0.3984375 ​ $ 0.390625 ​ $ 0.46875 May 4, 2022 ​ $ 0.38 ​ April 1, 2022 ​ $ 0.3984375 ​ $ 0.390625 ​ $ 0.390625 July 27, 2022 ​ $ 0.39 ​ July 1, 2022 ​ $ 0.3984375 ​ $ 0.390625 ​ $ 0.390625 ​ Common Stock ​ Preferred Stock preferred ​ Deferred Compensation. ​ During the first and third quarters of 2022, 381,503 shares of performance-based restricted stock units and 246,508 shares of restricted common stock, respectively, previously granted to our chief executive officer, fully vested and were net settled for 186,772 and 120,665 common shares, respectively. ​ During 2022, we withheld 162,785 shares from the net settlement of restricted common stock by employees for payment of withholding taxes on shares that vested. ​ Earnings Per Share (“EPS”). ​ A reconciliation of the numerator and denominator of our basic and diluted EPS computations ($ in thousands, except share and per share data) is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ ​ 2022 ​ 2021 ​ Basic Diluted Basic Diluted Net income attributable to common stockholders (1) ​ $ 62,710 ​ $ 62,710 ​ $ 72,804 ​ $ 72,804 Net income attributable to noncontrolling interest (2) ​ ​ — ​ ​ 6,002 ​ ​ — ​ ​ 8,347 Interest expense on convertible notes (3) ​ ​ — ​ ​ 5,797 ​ ​ — ​ ​ — Net income attributable to common stockholders and noncontrolling interest ​ $ 62,710 ​ $ 74,509 ​ $ 72,804 ​ $ 81,151 Weighted average shares outstanding ​ ​ 170,227,553 ​ 170,227,553 ​ 142,624,300 ​ 142,624,300 Dilutive effect of OP Units (2) ​ — ​ ​ 16,293,589 ​ ​ — ​ ​ 16,351,643 Dilutive effect of restricted stock units (4) ​ ​ — ​ 528,475 ​ — ​ 940,045 Dilutive effect of convertible notes (3) ​ ​ — ​ ​ 18,815,399 ​ ​ — ​ ​ 354,917 Weighted average shares outstanding ​ 170,227,553 ​ 205,865,016 ​ 142,624,300 ​ 160,270,905 Net income per common share (1) ​ $ 0.37 ​ $ 0.36 ​ $ 0.51 ​ $ 0.51 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, ​ 2022 2021 Net income attributable to common stockholders (1) ​ $ 196,678 ​ $ 196,678 ​ $ 211,409 ​ $ 211,409 Net income attributable to noncontrolling interest (2) ​ ​ — ​ ​ 19,811 ​ ​ — ​ ​ 26,806 Interest expense on convertible notes (3) ​ ​ — ​ ​ 13,786 ​ ​ — ​ ​ — Net income attributable to common stockholders and noncontrolling interest ​ $ 196,678 ​ $ 230,275 ​ $ 211,409 ​ $ 238,215 Weighted average shares outstanding ​ 162,292,235 ​ 162,292,235 ​ 134,437,663 ​ 134,437,663 Dilutive effect of OP Units (2) ​ ​ — ​ ​ 16,308,361 ​ ​ — ​ ​ 16,985,073 Dilutive effect of restricted stock units (4) ​ — ​ 558,216 ​ — ​ 927,542 Dilutive effect of convertible notes (3) ​ ​ — ​ ​ 16,370,528 ​ ​ — ​ ​ 341,183 Weighted average shares outstanding ​ 162,292,235 ​ 195,529,340 ​ 134,437,663 ​ 152,691,461 Net income per common share (1) ​ $ 1.21 ​ $ 1.18 ​ $ 1.57 ​ $ 1.56 (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) Beginning January 1, 2022, the effective date we adopted ASU 2020-06, we started utilizing the if-converted method of calculating EPS to reflect the impact of our convertible senior notes. For 2021, the convertible senior unsecured notes impacted diluted EPS if the average price of our common stock exceeded the conversion price, as calculated in accordance with the terms of the indenture. See Note 2 for details. (4) Our chief executive officer was granted restricted stock units during 2019 and 2020, which vest at the end of a four-year performance period based upon our achievement of total stockholder return objectives.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2022
Income Taxes
Income Taxes	Note 16 — Income Taxes ​ As a REIT, we are generally not subject to U.S. federal income tax to the extent of our distributions to stockholders and as long as certain asset, income, distribution, ownership and administrative tests are met. To maintain our qualification as a REIT, we must annually distribute at least 90% of our REIT-taxable income to our stockholders and meet certain other requirements. We may also be subject to certain state, local and franchise taxes. Under certain circumstances, federal income and excise taxes may be due on our undistributed taxable income. If we were to fail to meet these requirements, we would be subject to U.S. federal income tax, which could have a material adverse impact on our results of operations and amounts available for distributions to our stockholders. We believe that all of the criteria to maintain our REIT qualification have been met for the applicable periods, but there can be no assurance that these criteria will continue to be met in subsequent periods. ​ The Agency Business is operated through our TRS Consolidated Group and is subject to U.S. federal, state and local income taxes. In general, our TRS entities may hold assets that the REIT cannot hold directly and may engage in real estate or non-real estate-related business. ​ In the three and nine months ended September 30, 2022, we recorded a tax benefit of $0.4 million and a provision of $13.2 million, respectively. In the three and nine months ended September 30, 2021, we recorded a tax provision of $9.9 million and $33.4 million, respectively. The tax provision recorded in the three months ended September 30, 2022 consisted of a deferred tax benefit of $5.4 million and a current tax provision of $5.0 million. The tax provision recorded in the nine months ended September 30, 2022 consisted of a current tax provision of $21.0 million and a deferred tax benefit of $7.8 million. The tax provision recorded in the three months ended September 30, 2021 consisted of current and deferred tax provisions of

Agreements and Transactions wit

Agreements and Transactions with Related Parties	9 Months Ended
	Sep. 30, 2022
Agreements and Transactions with Related Parties
Agreements and Transactions with Related Parties	Note 17 — Agreements and Transactions with Related Parties ​ Support Agreement and Employee Secondment Agreement. ​ Other Related Party Transactions. ​ Due to related party was $5.6 million and $26.6 million at September 30, 2022 and December 31, 2021, respectively, and consisted of loan payoffs, holdbacks and escrows to be remitted to our affiliated servicing operations related to real estate transactions. ​ In July 2022, we purchased a $46.2 million bridge loan originated by ACM at par (none of which was funded at September 30, 2022) for an SFR build-to-rent construction project. A consortium of investors (which includes, among other unaffiliated investors, certain of our officers with a minority ownership interest) owns 70% of the borrowing entity and an entity indirectly owned and controlled by an immediate family member of our chief executive officer owns 10% of the borrowing entity. The loan has an interest rate of SOFR plus 5.50% and is scheduled to mature in March 2025. ​ In April 2022, we committed to fund a $67.1 million bridge loan (none of which was funded at September 30, 2022) 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 2.25% equity interest in the borrowing entity. The bridge loan has an interest rate of SOFR plus 4.625% with a SOFR floor of 0.25% and matures in May 2025. Interest income recorded from this loan was $0.1 million for both the three and nine months ended September 30, 2022. ​ In February 2022, we committed to fund a $39.4 million bridge loan (none of which was funded at September 30, 2022) 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 2.25% equity interest in the borrowing entity. The bridge loan has an interest rate of LIBOR plus 4.00% with a LIBOR floor of 0.25% and matures in March 2025. Interest income recorded from this loan was less than $0.1 million and $0.1 million for the three and nine months ended September 30, 2022, respectively. ​ 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, which matured in May 2022 without any additional funding. ​ 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 $1.0 million and $2.5 million for the three and nine months ended September 30, 2022, respectively, and $0.7 million and $1.4 million for the three and nine months ended September 30, 2021, respectively. ​ In 2020, we committed to fund a $32.5 million bridge loan, which was upsized to $41.5 million in September 2022, ($10.0 million was funded at September 30, 2022) 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%, the preferred equity investment has a 12.0% fixed rate, and both loans mature in October 2023. Interest income recorded from these loans was $0.3 million and $0.8 million for the three and nine months ended September 30, 2022, respectively, and $0.1 million and $0.4 million for the three and nine months ended September 30, 2021, respectively. ​ In 2020, we committed to fund a $30.5 million bridge loan, which was upsized to $38.8 million in September 2022, 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 ($13.6 million was funded at September 30, 2022) 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 12.0% fixed rate and matures in April 2023. Interest income recorded from these loans was $0.5 million and $1.0 million for the three and nine months ended September 30, 2022, respectively, and $0.1 million and $0.4 million for the three and nine months ended September 30, 2021, respectively. ​ 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 3.1% fixed rate and the mezzanine loan bears interest at a 9.0% fixed rate 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 the mezzanine loan was $0.1 million for both the three months ended September 30, 2022 and 2021 and $0.2 million for both the nine months ended September 30, 2022 and 2021. ​ We have a $35.0 million bridge loan and a $9.0 million preferred equity interest on an office building. The property is controlled by a third party. The day-to-day operations are currently being managed by an immediate family member, or one of his affiliated entities, 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 until maturity or early payoff. Interest income recorded from these loans was $0.3 million and $1.0 million for the three and nine months ended September 30, 2021, respectively. ​ In certain instances, our business requires our executives to charter privately owned aircraft in furtherance of our business. We have an aircraft time-sharing agreement with an entity controlled by our chief executive officer that owns private aircraft. Pursuant to the agreement, we reimburse the aircraft owner for the required costs under Federal Aviation Administration regulations for the flights our executives’ charter. During the nine months ended September 30, 2022 and 2021, we reimbursed the aircraft owner $1.0 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 ($25.2 million was funded at September 30, 2022) for an 18% interest in AMAC III. During the three and nine months ended September 30, 2022, we recorded a loss associated with this investment of $0.7 million and $1.8 million, respectively. In 2019, AMAC III originated a $7.0 million mezzanine loan to a borrower with which we have an outstanding $34.0 million bridge loan. In 2020, for full satisfaction of the mezzanine loan, AMAC III became the owner of the property. Also in 2020, the $34.0 million bridge loan was refinanced with a $35.4 million bridge loan, which bears interest at a rate of LIBOR plus 3.5% and was scheduled to mature in August 2022, which was extended to August 2023. We also originated a $15.6 million Private Label loan in 2019 to a borrower which is 100% owned by AMAC III, which bears interest at a 3.735% fixed rate and matures in January 2030. In 2020, we sold the Private Label loan to an unconsolidated affiliate of ours. Interest income recorded from the bridge loan was $0.5 million and $1.2 million for the three and nine months ended September 30, 2022, respectively, and $0.3 million and $0.9 million for the three and nine months ended September 30, 2021, 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 0.25% and was scheduled to mature in June 2021, which was extended to August 2023. Interest income recorded from this loan was $0.4 million and $1.0 million for the three and nine months ended September 30, 2022, respectively, and $0.3 million and $1.0 million for the three and nine months ended September 30, 2021, respectively. ​ 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 $0.3 million for the nine months ended September 30, 2021. ​ In 2017, we originated two bridge loans totaling $28.0 million on two multifamily properties owned in part by a consortium of investors (which includes, among other unaffiliated investors, certain of our officers and our chief executive officer) which owns 45% of the borrowing entity. The loans had an interest rate of LIBOR plus 5.25% with LIBOR floors ranging from 1.24% to 1.54% and were scheduled to mature in 2020. The borrower refinanced these loans with a $31.1 million bridge loan we originated in 2019 with an interest rate of LIBOR plus 4.0%, a LIBOR floor of 1.8% and a maturity date in October 2021, which was extended to October 2022 and, in May 2022, these loans paid off in full. Interest income recorded from this loan was $0.8 million for the nine months ended September 30, 2022 and $0.5 million and $1.4 million for the three and nine months ended September 30, 2021, respectively. ​ In 2017, we originated a $46.9 million Fannie Mae loan on a multifamily property owned in part by a consortium of investors (which includes, among other unaffiliated investors, certain of our officers) which owns a 17.6% interest in the borrowing entity. We carry a maximum loss-sharing obligation with Fannie Mae on this loan of up to 5% of the original UPB. Servicing revenue recorded from this loan was less than $0.1 million for all periods presented. ​ In 2017, Ginkgo Investment Company LLC (“Ginkgo”), of which one of our directors is a 33% managing member, purchased a multifamily apartment complex which assumed an existing $8.3 million Fannie Mae loan that we service. Ginkgo subsequently sold the majority of its interest in this property and owned a 3.6% interest at September 30, 2022. 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 2019. In 2017, a $6.8 million loan on one property paid off in full and in 2018 four additional loans totaling $28.3 million paid off in full. In 2019, $10.9 million of the $12.9 million remaining bridge loan paid off, with the $2.0 million remaining UPB converting to a mezzanine loan with a fixed interest rate of 10.0% and a January 2024 maturity. Interest income recorded from the mezzanine loan was $0.1 million for all periods presented. In 2015, we invested $9.6 million for 50% of ACM’s indirect interest in a joint venture with a third party that was formed to invest in a residential mortgage banking business. As a result of this transaction, we had an initial indirect interest of 22.5% in this entity. In January 2021, an equity investor in the underlying residential mortgage banking business exercised their right to purchase an additional interest in this investment, which decreased our indirect interest to 12.3%. We recorded income from equity affiliates related to this investment of $0.3 million and $6.4 million in the three and nine months ended September 30, 2022, respectively, and $5.4 million and $32.7 million in the three and nine months ended September 30, 2021, respectively. During the three and nine months ended September 30, 2022, we also received cash distributions totaling $7.3 million and $22.3 million from this investment, respectively, and $4.7 million and $23.4 million during the three and nine months ended September 30, 2021, respectively, which were classified as returns of capital. ​ We, along with an executive officer of ours and a consortium of independent outside investors, hold equity investments in a portfolio of multifamily properties referred to as the “Lexford” portfolio, which is managed by an entity owned primarily by a consortium of affiliated investors, including our chief executive officer and an executive officer of ours. Based on the terms of the management contract, the management company is entitled to 4.75% of gross revenues of the underlying properties, along with the potential to share in the proceeds of a sale or restructuring of the debt. In 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 2020, the remaining balance of the loans were refinanced with a $34.6 million Private Label loan, which bears interest at a 3.3% fixed rate and matures in March 2030. In 2020, we sold the Private Label loan to an unconsolidated affiliate of ours. 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 an $11.0 million distribution during the nine months ended September 30, 2022, which was 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 September 30, 2022, this debt had an aggregate outstanding balance of $606.9 million and is scheduled to mature 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 September 30, 2022, ACM holds 2,535,870 shares of our common stock and 10,634,024 OP Units, which represents 7.0% of the voting power of our outstanding stock. Our Board of Directors approved a resolution under our charter allowing our chief executive officer and ACM, (which our chief executive officer has a controlling equity interest in), to own more than the 5% ownership interest limit of our common stock as stated in our amended charter.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2022
Segment Information
Segment Information	Note 18 — Segment Information ​ The summarized statements of income and balance sheet data, as well as certain other data, by segment are included in the following tables ($ in thousands). Specifically identifiable costs are recorded directly to each business segment. For items not specifically identifiable, costs have been allocated between the business segments using the most meaningful allocation methodologies, which was predominately direct labor costs (i.e., time spent working on each business segment). Such costs include, but are not limited to, compensation and employee related costs, selling and administrative expenses and stock-based compensation. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2022 ​ ​ Structured ​ Agency ​ Other / ​ ​ ​ ​ Business Business Eliminations (1) Consolidated Interest income ​ $ 249,539 ​ $ 10,239 ​ $ — ​ $ 259,778 Interest expense ​ 157,325 ​ ​ 3,127 ​ ​ — ​ ​ 160,452 Net interest income ​ 92,214 ​ ​ 7,112 ​ ​ — ​ ​ 99,326 Other revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain on sales, including fee-based services, net ​ — ​ ​ 14,360 ​ ​ — ​ ​ 14,360 Mortgage servicing rights ​ — ​ ​ 19,408 ​ ​ — ​ ​ 19,408 Servicing revenue ​ ​ — ​ ​ 37,526 ​ ​ — ​ ​ 37,526 Amortization of MSRs ​ — ​ ​ (14,782) ​ ​ — ​ ​ (14,782) Property operating income ​ 445 ​ ​ — ​ ​ — ​ ​ 445 Loss on derivative instruments, net ​ — ​ ​ (15,909) ​ ​ — ​ ​ (15,909) Other income, net ​ 1,763 ​ ​ (7,777) ​ ​ — ​ ​ (6,014) Total other revenue ​ 2,208 ​ ​ 32,826 ​ ​ — ​ ​ 35,034 Other expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee compensation and benefits ​ 13,342 ​ ​ 25,469 ​ ​ — ​ ​ 38,811 Selling and administrative ​ 5,961 ​ ​ 7,264 ​ ​ — ​ ​ 13,225 Property operating expenses ​ 366 ​ ​ — ​ ​ — ​ ​ 366 Depreciation and amortization ​ ​ 906 ​ ​ 1,172 ​ ​ — ​ ​ 2,078 Provision for loss sharing (net of recoveries) ​ — ​ ​ 412 ​ ​ — ​ ​ 412 Provision for credit losses (net of recoveries) ​ 2,206 ​ ​ 68 ​ ​ — ​ ​ 2,274 Total other expenses ​ 22,781 ​ ​ 34,385 ​ ​ — ​ ​ 57,166 Income before extinguishment of debt, income from equity affiliates and income taxes ​ 71,641 ​ ​ 5,553 ​ ​ — ​ ​ 77,194 Loss on extinguishment of debt ​ (3,262) ​ ​ — ​ ​ — ​ ​ (3,262) Income from equity affiliates ​ 4,748 ​ ​ — ​ ​ — ​ ​ 4,748 Benefit from income taxes ​ 319 ​ ​ 55 ​ ​ — ​ ​ 374 Net income ​ 73,446 ​ ​ 5,608 ​ ​ — ​ ​ 79,054 Preferred stock dividends ​ 10,342 ​ ​ — ​ ​ — ​ ​ 10,342 Net income attributable to noncontrolling interest ​ — ​ ​ — ​ ​ 6,002 ​ ​ 6,002 Net income attributable to common stockholders ​ $ 63,104 ​ $ 5,608 ​ $ (6,002) ​ $ 62,710 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2021 ​ ​ Structured ​ Agency ​ Other / ​ ​ ​ Business Business Eliminations (1) Consolidated Interest income $ 114,710 $ 10,770 $ — $ 125,480 Interest expense ​ ​ 50,823 ​ ​ 4,737 ​ ​ — ​ ​ 55,560 Net interest income ​ ​ 63,887 ​ ​ 6,033 ​ ​ — ​ ​ 69,920 Other revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain on sales, including fee-based services, net ​ ​ — ​ ​ 16,334 ​ ​ — ​ ​ 16,334 Mortgage servicing rights ​ ​ — ​ ​ 32,453 ​ ​ — ​ ​ 32,453 Servicing revenue ​ ​ — ​ ​ 34,960 ​ ​ — ​ ​ 34,960 Amortization of MSRs ​ ​ — ​ ​ (14,872) ​ ​ — ​ ​ (14,872) Loss on derivative instruments, net ​ ​ — ​ ​ (1,492) ​ ​ — ​ ​ (1,492) Other income, net ​ ​ 2,168 ​ ​ 27 ​ ​ — ​ ​ 2,195 Total other revenue ​ ​ 2,168 ​ ​ 67,410 ​ ​ — ​ ​ 69,578 Other expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee compensation and benefits ​ ​ 14,082 ​ ​ 27,891 ​ ​ — ​ ​ 41,973 Selling and administrative ​ ​ 5,718 ​ ​ 6,039 ​ ​ — ​ 11,757 Property operating expenses ​ ​ 149 ​ ​ — ​ ​ — ​ ​ 149 Depreciation and amortization ​ ​ 634 ​ ​ 1,173 ​ ​ — ​ ​ 1,807 Provision for loss sharing (net of recoveries) ​ ​ — ​ ​ (3,272) ​ ​ — ​ ​ (3,272) Provision for credit losses (net of recoveries) ​ ​ (3,445) ​ ​ (354) ​ ​ — ​ ​ (3,799) Total other expenses ​ ​ 17,138 ​ ​ 31,477 ​ ​ — ​ ​ 48,615 Income before income from equity affiliates and income taxes ​ ​ 48,917 ​ ​ 41,966 ​ ​ — ​ ​ 90,883 Income from equity affiliates ​ ​ 5,086 ​ ​ — ​ ​ — ​ ​ 5,086 Provision for income taxes ​ ​ (622) ​ ​ (9,283) ​ ​ — ​ ​ (9,905) Net income ​ ​ 53,381 ​ ​ 32,683 ​ ​ — ​ ​ 86,064 Preferred stock dividends ​ ​ 4,913 ​ ​ — ​ ​ — ​ ​ 4,913 Net income attributable to noncontrolling interest ​ ​ — ​ ​ — ​ ​ 8,347 ​ ​ 8,347 Net income attributable to common stockholders $ 48,468 $ 32,683 $ (8,347) $ 72,804 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, 2022 ​ ​ Structured ​ Agency ​ Other / ​ ​ ​ ​ Business Business Eliminations (1) Consolidated Interest income ​ $ 597,847 ​ $ 29,957 ​ $ — ​ $ 627,804 Interest expense ​ ​ 338,692 ​ ​ 11,387 ​ ​ — ​ ​ 350,079 Net interest income ​ ​ 259,155 ​ ​ 18,570 ​ ​ — ​ ​ 277,725 Other revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain on sales, including fee-based services, net ​ ​ — ​ ​ 32,526 ​ ​ — ​ ​ 32,526 Mortgage servicing rights ​ ​ — ​ ​ 52,287 ​ ​ — ​ ​ 52,287 Servicing revenue ​ ​ — ​ ​ 109,045 ​ ​ — ​ ​ 109,045 Amortization of MSRs ​ ​ — ​ ​ (44,532) ​ ​ — ​ ​ (44,532) Property operating income ​ ​ 1,031 ​ ​ — ​ ​ — ​ ​ 1,031 Gain on derivative instruments, net ​ ​ — ​ ​ 10,083 ​ ​ — ​ ​ 10,083 Other income, net ​ ​ (4,370) ​ ​ (11,691) ​ ​ — ​ ​ (16,061) Total other revenue ​ ​ (3,339) ​ ​ 147,718 ​ ​ — ​ ​ 144,379 Other expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee compensation and benefits ​ ​ 42,694 ​ ​ 77,042 ​ ​ — ​ ​ 119,736 Selling and administrative ​ ​ 19,799 ​ ​ 21,161 ​ ​ — ​ ​ 40,960 Property operating expenses ​ ​ 1,443 ​ ​ — ​ ​ — ​ ​ 1,443 Depreciation and amortization ​ ​ 2,574 ​ ​ 3,518 ​ ​ — ​ ​ 6,092 Provision for loss sharing (net of recoveries) ​ ​ — ​ ​ (2,199) ​ ​ — ​ ​ (2,199) Provision for credit losses (net of recoveries) ​ ​ 9,363 ​ ​ 337 ​ ​ — ​ ​ 9,700 Total other expenses ​ ​ 75,873 ​ ​ 99,859 ​ ​ — ​ ​ 175,732 Income before extinguishment of debt, income from equity affiliates and income taxes ​ ​ 179,943 ​ ​ 66,429 ​ ​ — ​ ​ 246,372 Loss on extinguishment of debt ​ ​ (4,612) ​ ​ — ​ ​ — ​ ​ (4,612) Income from equity affiliates ​ ​ 18,507 ​ ​ — ​ ​ — ​ ​ 18,507 Provision for income taxes ​ ​ (1,368) ​ ​ (11,798) ​ ​ — ​ ​ (13,166) Net income ​ ​ 192,470 ​ ​ 54,631 ​ ​ — ​ ​ 247,101 Preferred stock dividends ​ ​ 30,612 ​ ​ — ​ ​ — ​ ​ 30,612 Net income attributable to noncontrolling interest ​ ​ — ​ ​ — ​ ​ 19,811 ​ ​ 19,811 Net income attributable to common stockholders ​ $ 161,858 ​ $ 54,631 ​ $ (19,811) ​ $ 196,678 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, 2021 ​ ​ ​ Structured ​ ​ Agency ​ ​ Other / ​ ​ ​ ​ ​ Business ​ Business ​ Eliminations (1) ​ Consolidated Interest income ​ $ 294,418 $ 27,354 $ — $ 321,772 Interest expense ​ ​ 131,795 ​ ​ 12,327 ​ ​ — ​ ​ 144,122 Net interest income ​ ​ 162,623 ​ ​ 15,027 ​ ​ — ​ ​ 177,650 Other revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain on sales, including fee-based services, net ​ ​ — ​ ​ 86,102 ​ ​ — ​ ​ 86,102 Mortgage servicing rights ​ ​ — ​ ​ 95,688 ​ ​ — ​ ​ 95,688 Servicing revenue ​ ​ — ​ ​ 94,683 ​ ​ — ​ ​ 94,683 Amortization of MSRs ​ ​ — ​ ​ (43,744) ​ ​ — ​ ​ (43,744) Loss on derivative instruments, net ​ ​ — ​ ​ (7,320) ​ ​ — ​ ​ (7,320) Other income, net ​ ​ 4,105 ​ ​ 35 ​ ​ — ​ ​ 4,140 Total other revenue ​ ​ 4,105 ​ ​ 225,444 ​ ​ — ​ ​ 229,549 Other expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee compensation and benefits ​ ​ 37,566 ​ ​ 91,081 ​ ​ — ​ ​ 128,647 Selling and administrative ​ ​ 15,477 ​ ​ 18,230 ​ ​ — ​ 33,707 Property operating expenses ​ ​ 421 ​ ​ — ​ ​ — ​ ​ 421 Depreciation and amortization ​ ​ 1,832 ​ ​ 3,517 ​ ​ — ​ ​ 5,349 Provision for loss sharing (net of recoveries) ​ ​ — ​ ​ (1,070) ​ ​ — ​ ​ (1,070) Provision for credit losses (net of recoveries) ​ ​ (12,807) ​ ​ 118 ​ ​ — ​ ​ (12,689) Total other expenses ​ ​ 42,489 ​ ​ 111,876 ​ ​ — ​ ​ 154,365 Income before extinguishment of debt, sale of real estate, income from equity affiliates and income taxes ​ ​ 124,239 ​ ​ 128,595 ​ ​ — ​ ​ 252,834 Loss on extinguishment of debt ​ ​ (1,370) ​ ​ — ​ ​ — ​ ​ (1,370) Gain on sale of real estate ​ ​ — ​ ​ 1,228 ​ ​ — ​ ​ 1,228 Income from equity affiliates ​ ​ 32,095 ​ ​ — ​ ​ — ​ ​ 32,095 Provision for income taxes ​ ​ (6,288) ​ ​ (27,068) ​ ​ — ​ ​ (33,356) Net income ​ ​ 148,676 ​ ​ 102,755 ​ ​ — ​ ​ 251,431 Preferred stock dividends ​ ​ 13,216 ​ ​ — ​ ​ — ​ ​ 13,216 Net income attributable to noncontrolling interest ​ ​ — ​ ​ — ​ ​ 26,806 ​ ​ 26,806 Net income attributable to common stockholders ​ $ 135,460 $ 102,755 $ (26,806) $ 211,409 (1) Includes income allocated to the noncontrolling interest holders not allocated to the two reportable segments. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 ​ Structured Business Agency Business Consolidated Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 119,793 ​ $ 269,858 ​ $ 389,651 Restricted cash ​ ​ 903,587 ​ ​ 18,944 ​ ​ 922,531 Loans and investments, net ​ ​ 14,791,426 ​ ​ — ​ ​ 14,791,426 Loans held-for-sale, net ​ ​ — ​ ​ 543,876 ​ ​ 543,876 Capitalized mortgage servicing rights, net ​ ​ — ​ ​ 403,886 ​ ​ 403,886 Securities held-to-maturity, net ​ ​ — ​ ​ 157,818 ​ ​ 157,818 Investments in equity affiliates ​ ​ 84,047 ​ ​ — ​ ​ 84,047 Goodwill and other intangible assets ​ ​ 12,500 ​ ​ 84,742 ​ ​ 97,242 Other assets and due from related party ​ ​ 293,252 ​ ​ 78,400 ​ ​ 371,652 Total assets ​ $ 16,204,605 ​ $ 1,557,524 ​ $ 17,762,129 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt obligations ​ $ 13,866,114 ​ $ 511,514 ​ $ 14,377,628 Allowance for loss-sharing obligations ​ ​ — ​ ​ 53,511 ​ ​ 53,511 Other liabilities and due to related parties ​ ​ 253,390 ​ ​ 123,594 ​ ​ 376,984 Total liabilities ​ $ 14,119,504 ​ $ 688,619 ​ $ 14,808,123 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2022 2021 2022 2021 ​ Origination Data: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Structured Business ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bridge loans (1) ​ $ 756,695 ​ $ 2,383,346 ​ $ 5,625,010 ​ $ 5,189,722 ​ Mezzanine / Preferred Equity ​ ​ 17,970 ​ ​ 91,307 ​ ​ 26,109 ​ ​ 185,564 ​ SFR - Permanent loans ​ ​ — ​ ​ — ​ ​ — ​ ​ 26,238 ​ Total new loan originations ​ $ 774,665 ​ $ 2,474,653 ​ $ 5,651,119 ​ $ 5,401,524 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) The three and nine months ended September 30, 2022 includes 31 and 102 SFR loans with a UPB of $163.8 million and $452.2 million, respectively. The three and nine months ended September 30, 2021 includes 25 and 68 SFR loans with a UPB of $105.3 million and $219.5 million, respectively. During the three and nine months ended September 30, 2022, we committed to fund SFR loans totaling $457.6 million and $726.1 million, respectively. During the three and nine months ended September 30, 2021, we committed to fund SFR loans totaling $17.6 million and $156.0 million, respectively. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loan runoff ​ $ 911,790 ​ $ 567,858 ​ $ 2,700,748 ​ $ 1,463,826 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Agency Business ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Origination Volumes by Investor: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fannie Mae ​ $ 629,610 ​ $ 719,730 ​ $ 1,744,739 ​ $ 2,421,206 ​ Freddie Mac ​ ​ 350,980 ​ ​ 307,664 ​ ​ 1,057,743 ​ ​ 578,295 ​ Private Label ​ ​ 35,671 ​ ​ 625,176 ​ ​ 191,913 ​ ​ 1,154,814 ​ FHA ​ ​ 78,382 ​ ​ 84,430 ​ ​ 168,736 ​ ​ 281,674 ​ SFR - Fixed Rate ​ ​ 16,678 ​ ​ 67,227 ​ ​ 55,883 ​ ​ 79,223 ​ Total ​ $ 1,111,321 ​ $ 1,804,227 ​ $ 3,219,014 ​ $ 4,515,212 ​ Total loan commitment volume ​ $ 1,464,235 ​ $ 1,856,474 ​ $ 3,623,649 ​ $ 4,510,953 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Agency Business Loan Sales Data: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fannie Mae ​ $ 700,690 ​ $ 660,693 ​ $ 1,936,282 ​ $ 2,820,558 ​ Freddie Mac ​ ​ 288,029 ​ ​ 238,880 ​ ​ 1,009,557 ​ ​ 647,827 ​ Private Label ​ ​ 14,567 ​ ​ — ​ ​ 515,086 ​ ​ 449,890 ​ FHA ​ ​ 35,838 ​ ​ 78,188 ​ ​ 182,755 ​ ​ 308,193 ​ SFR - Fixed Rate ​ ​ 43,012 ​ ​ 29,197 ​ ​ 55,874 ​ ​ 104,491 ​ Total ​ $ 1,082,136 ​ $ 1,006,958 ​ $ 3,699,554 ​ $ 4,330,959 ​ Sales margin (fee-based services as a % of loan sales) (1) ​ ​ 1.33 % ​ 1.62 % ​ 1.34 % ​ 1.99 % MSR rate (MSR income as a % of loan commitments) ​ ​ 1.33 % ​ 1.75 % ​ 1.44 % ​ 2.12 % (1) The nine months ended September 30, 2022 includes $17.1 million of gains recognized on our Swaps related to the Private Label loans sold in the three months ended March 31, 2022, which is included as a component of (loss) gain on derivative instruments, net in the consolidated statements of income. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 ​ ​ ​ ​ ​ Wtd. Avg. Servicing ​ Wtd. Avg. Life of ​ ​ Servicing ​ Fee Rate ​ Servicing Portfolio Key Servicing Metrics for Agency Business: Portfolio UPB (basis points) (years) Fannie Mae ​ $ 18,331,457 ​ 52.1 ​ 8.3 Freddie Mac ​ ​ 4,979,612 ​ 26.0 ​ 9.5 Private Label ​ ​ 2,075,791 ​ 20.0 ​ 8.2 FHA ​ ​ 1,136,684 ​ 14.9 ​ 19.8 Bridge ​ ​ 299,696 ​ 12.5 ​ 2.3 SFR - Fixed Rate ​ ​ 241,887 ​ 20.0 ​ 6.2 Total ​ $ 27,065,127 ​ 42.4 ​ 8.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 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 ​

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2022
Basis of Presentation and Significant Accounting Policies
Basis of Presentation	Basis of Presentation ​ These consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”), for interim financial statements and the instructions to Form 10-Q. Accordingly, certain information and footnote disclosures normally included in the consolidated financial statements prepared under GAAP have been condensed or omitted. In our opinion, all adjustments considered necessary for a fair presentation of our financial position, results of operations and cash flows have been included and are of a normal and recurring nature. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These financial statements should be read in conjunction with our financial statements and notes thereto included in our 2021 Annual Report. ​
Principles of Consolidation	Principles of Consolidation ​ These consolidated financial statements include our financial statements and the financial statements of our wholly owned subsidiaries, partnerships and other joint ventures in which we own a controlling interest, including variable interest entities (“VIEs”) of which we are the primary beneficiary. Entities in which we have a significant influence are accounted for under the equity method. Our VIEs are described in Note 14. All significant intercompany transactions and balances have been eliminated in consolidation.
Use of Estimates	Use of Estimates ​ The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that could materially affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Since 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 created significant disruptions in global supply chains and caused labor shortages, adversely impacting many industries while adding to broader inflationary pressures. 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 ultimate impact of COVID-19 along with rising inflation and increasing interest rates on the economy, both globally and to our business, makes any estimate or assumption at September 30, 2022 inherently less certain. ​
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements ​ Description Adoption Date Effect on Financial Statements In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 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 (“ASU 2020-06”). 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 ​ 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 amortization of the debt discount through interest expense. Additionally, this guidance and the adoption method chosen requires the use of the if-converted method for the diluted net income per share calculation for our convertible instruments on a retrospective basis, regardless of our settlement intent. The adoption of this guidance resulted in a $2.5 million increase to the carrying value of our convertible debt, an $8.7 million decrease to additional paid-in capital and a $5.6 million increase to retained earnings at January 1, 2022. Additionally, the adoption of this guidance has reduced our diluted earnings per share for the three and nine months ended September ​ Recently Issued Accounting Pronouncements ​ Description Effective Date Effect on Financial Statements In March 2022, the FASB issued ASU 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. This guidance eliminates the accounting guidance on troubled debt restructurings and amends existing disclosures, including the requirment to disclose current period gross write-offs by year of origination. The guidance also updates the requirements related to accounting for credit losses and adds enhanced disclosures for creditors with respect to loan refinancings and restructurings for borrowers experiencing financial difficulty. ​ First quarter of 2023, with early adoption permitted ​ We have not early adopted this guidance and will make all the necessary additional disclosure requirements once adopted. We are currently evaluating the impact the changes, other than the disclosure changes, will have on our consolidated financial statements. ​ Significant Accounting Policies ​ See Item 8 – Financial Statements and Supplementary Data in our 2021 Annual Report for a description of our significant accounting policies. Except for the adoption of ASU 2020-06 described above, there have been no significant changes to our significant accounting policies since December 31, 2021.

Basis of Presentation and Sig_3

Basis of Presentation and Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2022
Basis of Presentation and Significant Accounting Policies
Schedules of Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements	​ Description Adoption Date Effect on Financial Statements In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 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 (“ASU 2020-06”). 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 ​ 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 amortization of the debt discount through interest expense. Additionally, this guidance and the adoption method chosen requires the use of the if-converted method for the diluted net income per share calculation for our convertible instruments on a retrospective basis, regardless of our settlement intent. The adoption of this guidance resulted in a $2.5 million increase to the carrying value of our convertible debt, an $8.7 million decrease to additional paid-in capital and a $5.6 million increase to retained earnings at January 1, 2022. Additionally, the adoption of this guidance has reduced our diluted earnings per share for the three and nine months ended September ​ Recently Issued Accounting Pronouncements ​ Description Effective Date Effect on Financial Statements In March 2022, the FASB issued ASU 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. This guidance eliminates the accounting guidance on troubled debt restructurings and amends existing disclosures, including the requirment to disclose current period gross write-offs by year of origination. The guidance also updates the requirements related to accounting for credit losses and adds enhanced disclosures for creditors with respect to loan refinancings and restructurings for borrowers experiencing financial difficulty. ​ First quarter of 2023, with early adoption permitted ​ We have not early adopted this guidance and will make all the necessary additional disclosure requirements once adopted. We are currently evaluating the impact the changes, other than the disclosure changes, will have on our consolidated financial statements. ​

Loans and Investments (Tables)

Loans and Investments (Tables)	9 Months Ended
	Sep. 30, 2022
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 ​ ​ ​ September 30, 2022 ​ Total ​ Count ​ Pay Rate (1) ​ Maturity ​ LTV Ratio (2) ​ LTV Ratio (3) ​ Bridge loans (4) ​ $ 14,618,526 ​ 98 % 693 6.90 % 21.9 0 % 76 % Mezzanine loans ​ 187,388 1 % 37 7.86 % 60.0 40 % 80 % Preferred equity investments ​ ​ 147,615 ​ 1 % 9 ​ 5.51 % 32.4 ​ 58 % 87 % Other loans (5) ​ 36,114 <1 % 3 7.49 % 35.7 0 % 58 % ​ ​ 14,989,643 100 % 742 6.90 % 22.5 1 % 76 % Allowance for credit losses ​ ​ (122,296) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unearned revenue ​ (75,921) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans and investments, net ​ $ 14,791,426 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) “Weighted Average Pay Rate” is a weighted average, based on the unpaid principal balance (“UPB”) of each loan in our portfolio, of the interest rate required to be paid monthly as stated in the individual loan agreements. Certain loans and investments that require an additional rate of interest “accrual rate” to be paid at maturity are not included in the weighted average pay rate as shown in the table. (2) The “First Dollar Loan-to-Value (“LTV”) Ratio” is calculated by comparing the total of our senior most dollar and all senior lien positions within the capital stack to the fair value of the underlying collateral to determine the point at which we will absorb a total loss of our position. (3) The “Last Dollar LTV Ratio” is calculated by comparing the total of the carrying value of our loan and all senior lien positions within the capital stack to the fair value of the underlying collateral to determine the point at which we will initially absorb a loss. (4) At September 30, 2022 and December 31, 2021, bridge loans included 215 and 120 , respectively, of SFR loans with a total gross loan commitment of $1.42 billion and $804.6 million, respectively, of which $825.8 million and $408.2 million, respectively, was funded. (5) At September 30, 2022 and December 31, 2021, other loans included 3 and 2 variable rate SFR permanent loans , respectively.
Summary of the loan portfolio's internal risk ratings and LTV ratios by asset class	A summary of the loan portfolio’s internal risk ratings and LTV ratios by asset class at September 30, 2022 is as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Wtd. Avg. Wtd. Avg. ​ ​ UPB by Origination Year ​ ​ ​ ​ First Dollar ​ Last Dollar ​ Asset Class / Risk Rating ​ 2022 ​ 2021 ​ 2020 ​ 2019 ​ 2018 ​ Prior ​ Total ​ LTV Ratio ​ LTV Ratio ​ Multifamily: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pass ​ $ 278,255 ​ $ 302,181 ​ $ 5,935 ​ $ 38,375 ​ $ — ​ $ 20,300 ​ $ 645,046 ​ ​ ​ ​ Pass/Watch ​ ​ 3,208,311 ​ ​ 4,006,812 ​ ​ 599,665 ​ ​ 279,891 ​ ​ 41,650 ​ ​ — ​ ​ 8,136,329 ​ ​ ​ ​ Special Mention ​ 1,132,268 ​ ​ 3,354,479 ​ ​ 197,450 ​ ​ 91,917 ​ ​ 64,000 ​ ​ 7,594 ​ ​ 4,847,708 ​ ​ ​ ​ Substandard ​ ​ — ​ ​ 10,125 ​ ​ 52,350 ​ ​ 40,325 ​ ​ — ​ ​ — ​ ​ 102,800 ​ ​ ​ ​ ​ Total Multifamily ​ $ 4,618,834 ​ $ 7,673,597 ​ $ 855,400 ​ $ 450,508 ​ $ 105,650 ​ $ 27,894 ​ $ 13,731,883 ​ 1 % 77 % Single-Family Rental: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of portfolio ​ ​ 92 % ​ ​ ​ ​ Pass ​ $ 1,133 ​ $ 14,459 ​ $ 8,886 ​ $ — ​ $ — ​ $ — ​ $ 24,478 ​ ​ ​ ​ ​ Pass/Watch ​ ​ 341,478 ​ ​ 325,308 ​ ​ 121,458 ​ ​ 20,270 ​ ​ — ​ ​ — ​ ​ 808,514 ​ ​ ​ ​ ​ Special Mention ​ ​ — ​ ​ 5,336 ​ ​ 23,557 ​ ​ — ​ ​ — ​ ​ — ​ ​ 28,893 ​ ​ ​ ​ ​ Total Single-Family Rental ​ $ 342,611 ​ $ 345,103 ​ $ 153,901 ​ $ 20,270 ​ $ — ​ $ — ​ $ 861,885 ​ 0 % 63 % Land: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of portfolio ​ ​ 6 % ​ ​ ​ ​ Special Mention ​ $ — ​ $ — ​ $ 8,100 ​ $ — ​ $ — ​ $ — ​ $ 8,100 ​ ​ ​ ​ ​ Substandard ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 127,928 ​ ​ 127,928 ​ ​ ​ ​ ​ Total Land ​ $ — ​ $ — ​ $ 8,100 ​ $ — ​ $ — ​ $ 127,928 ​ $ 136,028 ​ 0 % 97 % Office: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of portfolio ​ ​ 1 % ​ ​ ​ ​ Pass/Watch ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 44,015 ​ $ — ​ $ 44,015 ​ ​ ​ ​ ​ Special Mention ​ ​ — ​ ​ — ​ ​ 35,410 ​ ​ — ​ ​ — ​ ​ — ​ ​ 35,410 ​ ​ ​ ​ ​ Total Office ​ $ — ​ $ — ​ $ 35,410 ​ $ — ​ $ 44,015 ​ $ — ​ $ 79,425 ​ 0 % 87 % Healthcare: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of portfolio ​ ​ 1 % ​ ​ ​ ​ Pass/Watch ​ $ — ​ $ — ​ $ — ​ $ 14,558 ​ $ — ​ $ — ​ $ 14,558 ​ ​ ​ ​ ​ Special Mention ​ ​ — ​ ​ — ​ ​ — ​ ​ 51,069 ​ ​ — ​ ​ — ​ ​ 51,069 ​ ​ ​ ​ ​ Total Healthcare ​ $ — ​ $ — ​ $ — ​ $ 65,627 ​ $ — ​ $ — ​ $ 65,627 ​ 0 % 77 % Student Housing: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of portfolio ​ ​ < 1 % ​ ​ ​ ​ Pass ​ $ — ​ $ 25,700 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 25,700 ​ ​ ​ ​ ​ Substandard ​ ​ — ​ ​ — ​ ​ 20,500 ​ ​ — ​ ​ — ​ ​ — ​ ​ 20,500 ​ ​ ​ ​ ​ Total Student Housing ​ $ — ​ $ 25,700 ​ $ 20,500 ​ $ — ​ $ — ​ $ — ​ $ 46,200 ​ 33 % 76 % Hotel: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of portfolio ​ ​ < 1 % ​ ​ ​ ​ Substandard ​ $ — ​ $ — ​ $ — ​ $ 40,850 ​ $ — ​ $ — ​ $ 40,850 ​ ​ ​ ​ ​ Total Hotel ​ $ — ​ $ — ​ $ — ​ $ 40,850 ​ $ — ​ $ — ​ $ 40,850 ​ 0 % 70 % Retail: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of portfolio ​ ​ < 1 % ​ ​ ​ ​ Pass ​ $ — ​ $ — ​ $ — ​ $ 4,000 ​ $ — ​ $ — ​ $ 4,000 ​ ​ ​ ​ Substandard ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 18,600 ​ ​ 3,445 ​ ​ 22,045 ​ ​ ​ ​ ​ Total Retail ​ $ — ​ $ — ​ $ — ​ $ 4,000 ​ $ 18,600 ​ $ 3,445 ​ $ 26,045 ​ 12 % 71 % Other: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of portfolio ​ ​ < 1 % ​ ​ ​ ​ Doubtful ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 1,700 ​ $ 1,700 ​ ​ ​ ​ ​ Total Other ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 1,700 ​ $ 1,700 ​ 63 % 63 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of portfolio ​ ​ < 1 % ​ ​ ​ ​ Grand Total ​ $ 4,961,445 ​ $ 8,044,400 ​ $ 1,073,311 ​ $ 581,255 ​ $ 168,265 ​ $ 160,967 ​ $ 14,989,643 ​ 1 % 76 % ​
Summary of the changes in the allowance for credit losses	A summary of the changes in the allowance for credit losses is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2022 ​ Land Multifamily Office Retail Student Housing Hotel Healthcare Other Total Allowance for credit losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance ​ $ 77,918 ​ $ 27,958 ​ $ 7,031 ​ $ 5,819 ​ $ 161 ​ $ 16 ​ $ 3 ​ $ 2,425 ​ $ 121,331 Provision for credit losses (net of recoveries) ​ ​ (8) ​ (675) ​ 306 ​ — ​ ​ 14 ​ 2 ​ 1 ​ 1,325 ​ 965 Ending balance ​ $ 77,910 ​ $ 27,283 ​ $ 7,337 ​ $ 5,819 ​ $ 175 ​ $ 18 ​ $ 4 ​ $ 3,750 ​ $ 122,296 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2021 Allowance for credit losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance ​ $ 78,057 ​ $ 30,160 ​ $ 7,822 ​ $ 13,819 ​ $ 2,365 ​ $ 225 ​ $ 3,866 ​ $ 2,133 ​ $ 138,447 Provision for credit losses (net of recoveries) ​ ​ (45) ​ (2,093) ​ (95) ​ — ​ ​ (542) ​ (209) ​ (3,851) ​ (78) ​ (6,913) Ending balance ​ $ 78,012 ​ $ 28,067 ​ $ 7,727 ​ $ 13,819 ​ $ 1,823 ​ $ 16 ​ $ 15 ​ $ 2,055 ​ $ 131,534 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, 2022 Allowance for credit losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance ​ $ 77,970 ​ $ 18,707 ​ $ 8,073 ​ $ 5,819 ​ $ 636 ​ $ 8 ​ $ 8 ​ $ 2,020 ​ $ 113,241 Provision for credit losses (net of recoveries) ​ ​ (60) ​ ​ 8,576 ​ ​ (736) ​ ​ — ​ ​ (461) ​ ​ 10 ​ ​ (4) ​ ​ 1,730 ​ ​ 9,055 Ending balance ​ $ 77,910 ​ $ 27,283 ​ $ 7,337 ​ $ 5,819 ​ $ 175 ​ $ 18 ​ $ 4 ​ $ 3,750 ​ $ 122,296 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, 2021 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) ​ ​ (138) ​ ​ (8,401) ​ ​ 5,881 ​ ​ (42) ​ ​ (2,255) ​ ​ (7,743) ​ ​ (3,865) ​ ​ (232) ​ ​ (16,795) Ending balance ​ $ 78,012 ​ $ 28,067 ​ $ 7,727 ​ $ 13,819 ​ $ 1,823 ​ $ 16 ​ $ 15 ​ $ 2,055 ​ $ 131,534 ​
Summary of our loans considered impaired by asset class	A summary of our specific loans considered impaired by asset class is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ 17,563 ​ 5,817 14 % 79 % Commercial ​ 1,700 ​ 1,700 ​ 1,700 63 % 63 % Total ​ $ 157,960 ​ $ 147,131 ​ $ 85,386 ​ 3 % 96 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ Land $ 134,215 $ 127,868 $ 77,869 0 % 99 % Retail ​ ​ 22,045 ​ ​ 17,291 ​ ​ 5,817 ​ 14 % 77 % 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 % 95 % (1) Represents the UPB of seven and eight impaired loans (less unearned revenue and other holdbacks and adjustments) by asset class at September 30, 2022 and December 31, 2021, 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 ​ December 31, 2021 ​ ​ ​ ​ ​ 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 ​ $ 20,500 ​ $ — ​ $ 20,500 ​ $ 21,500 ​ $ — ​ $ 21,500 Retail ​ ​ 3,445 ​ ​ — ​ ​ 3,445 ​ ​ 920 ​ ​ — ​ ​ 920 Commercial ​ ​ 1,700 ​ ​ — ​ ​ 1,700 ​ ​ 1,700 ​ ​ — ​ ​ 1,700 Total ​ $ 25,645 ​ $ — ​ $ 25,645 ​ $ 24,120 ​ $ — ​ $ 24,120

Loans Held-for-Sale, Net (Table

Loans Held-for-Sale, Net (Tables)	9 Months Ended
	Sep. 30, 2022
Loans Held-for-Sale, Net
Summary of loans held-for-sale, net	​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 December 31, 2021 Fannie Mae ​ $ 201,325 ​ $ 392,876 Freddie Mac ​ 160,718 ​ ​ 112,561 Private Label ​ ​ 127,106 ​ ​ 507,918 FHA ​ ​ 54,395 ​ ​ 54,532 SFR - Fixed Rate ​ ​ 8,762 ​ ​ 9,352 ​ ​ 552,306 ​ ​ 1,077,239 Fair value of future MSR ​ ​ 7,411 ​ ​ 19,318 Unrealized impairment loss ​ ​ (12,163) ​ ​ — Unearned discount ​ (3,678) ​ ​ (2,948) Loans held-for-sale, net ​ $ 543,876 ​ $ 1,093,609 ​

Capitalized Mortgage Servicin_2

Capitalized Mortgage Servicing Rights (Tables)	9 Months Ended
	Sep. 30, 2022
Capitalized Mortgage Servicing Rights
Summary of capitalized MSR activity	A summary of our capitalized MSR activity is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2022 ​ Nine Months Ended September 30, 2022 ​ Originated Acquired Total Originated Acquired Total Beginning balance ​ $ 391,397 ​ $ 20,137 ​ $ 411,534 ​ $ 395,573 ​ $ 27,161 ​ $ 422,734 Additions ​ ​ 18,907 ​ ​ — ​ ​ 18,907 ​ ​ 63,002 ​ ​ — ​ ​ 63,002 Amortization ​ ​ (13,355) ​ ​ (1,427) ​ ​ (14,782) ​ ​ (39,348) ​ ​ (5,184) ​ ​ (44,532) Write-downs and payoffs ​ ​ (9,957) ​ ​ (1,816) ​ ​ (11,773) ​ ​ (32,235) ​ ​ (5,083) ​ ​ (37,318) Ending balance ​ $ 386,992 ​ $ 16,894 ​ $ 403,886 ​ $ 386,992 ​ $ 16,894 ​ $ 403,886 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2021 ​ Nine Months Ended September 30, 2021 Beginning balance $ 383,063 $ 35,590 $ 418,653 $ 336,466 $ 43,508 $ 379,974 Additions ​ ​ 22,387 ​ ​ — ​ ​ 22,387 ​ ​ 99,397 ​ ​ — ​ ​ 99,397 Amortization ​ ​ (12,345) ​ ​ (2,527) ​ ​ (14,872) ​ ​ (35,221) ​ ​ (8,523) ​ ​ (43,744) Write-downs and payoffs ​ ​ (7,420) ​ ​ (1,465) ​ ​ (8,885) ​ ​ (14,957) ​ ​ (3,387) ​ ​ (18,344) Ending balance ​ $ 385,685 ​ $ 31,598 ​ $ 417,283 ​ $ 385,685 ​ $ 31,598 ​ $ 417,283 ​
Schedule of expected amortization of capitalized MSRs recorded	The expected amortization of capitalized MSRs recorded as of September 30, 2022 is as follows (in thousands): ​ ​ ​ ​ ​ Year Amortization 2022 (three months ending 12/31/2022) $ 14,858 2023 ​ 58,242 2024 ​ 56,127 2025 ​ 53,426 2026 ​ ​ 49,876 2027 ​ ​ 44,116 Thereafter ​ 127,241 Total ​ $ 403,886 ​

Mortgage Servicing (Tables)

Mortgage Servicing (Tables)	9 Months Ended
	Sep. 30, 2022
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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 ​ Product Concentrations ​ Geographic Concentrations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ UPB ​ Product UPB (1) % of Total State % of Total ​ Fannie Mae ​ $ 18,331,457 ​ 68 % Texas ​ 11 % Freddie Mac ​ ​ 4,979,612 18 % New York ​ 11 % Private Label ​ ​ 2,075,791 8 % California ​ 8 % FHA ​ ​ 1,136,684 ​ 4 % North Carolina ​ 8 % Bridge (2) ​ ​ 299,696 ​ 1 % Georgia ​ 6 % SFR - Fixed Rate ​ ​ 241,887 ​ 1 % New Jersey ​ 6 % Total ​ $ 27,065,127 ​ 100 % Florida ​ 6 % ​ ​ ​ ​ ​ ​ ​ Other (3) ​ 44 % ​ ​ ​ ​ ​ ​ ​ Total ​ 100 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ 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 (3) ​ 42 % ​ ​ ​ ​ ​ ​ ​ Total ​ 100 % (1) Excludes loans which we are not collecting a servicing fee. (2) Represents four bridge loans sold by our Structured Business that we are servicing, see Note 3 for details. (3) No other individual state represented 4% or more of the total.

Securities Held-to-Maturity (Ta

Securities Held-to-Maturity (Tables)	9 Months Ended
	Sep. 30, 2022
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 September 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ APL certificates ​ $ 192,791 ​ $ 123,291 ​ $ (9,786) ​ $ 113,505 ​ $ 1,803 B Piece bonds ​ ​ 43,921 ​ ​ 34,527 ​ ​ 1,995 ​ ​ 36,522 ​ ​ 287 Total ​ $ 236,712 ​ $ 157,818 ​ $ (7,791) ​ $ 150,027 ​ $ 2,090 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
Schedule of changes in the allowance for credit losses	A summary of the changes in the allowance for credit losses for our securities held-to-maturity is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2022 ​ ​ APL ​ B Piece ​ ​ ​ ​ Certificates Bonds Total Beginning balance ​ $ 1,756 ​ $ 266 ​ $ 2,022 Provision for credit loss expense/(reversal) ​ 47 ​ 21 ​ 68 Ending balance ​ $ 1,803 ​ $ 287 ​ $ 2,090 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, 2022 Beginning balance ​ $ 1,422 ​ $ 331 ​ $ 1,753 Provision for credit loss expense/(reversal) ​ 381 ​ (44) ​ 337 Ending balance ​ $ 1,803 ​ $ 287 ​ $ 2,090 ​

Investments in Equity Affilia_2

Investments in Equity Affiliates (Tables)	9 Months Ended
	Sep. 30, 2022
Investments in Equity Affiliates
Summary of the company's investments in equity affiliates	We account for all investments in equity affiliates under the equity method. A summary of these investments is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ UPB of Loans to ​ ​ Investments in Equity Affiliates at ​ Equity Affiliates at Equity Affiliates September 30, 2022 December 31, 2021 September 30, 2022 Arbor Residential Investor LLC ​ $ 49,937 ​ $ 65,756 ​ $ — AMAC Holdings III LLC ​ ​ 16,389 ​ ​ 13,772 ​ ​ — Fifth Wall Ventures ​ ​ 12,505 ​ ​ 5,409 ​ ​ — North Vermont Avenue ​ ​ 2,446 ​ ​ 2,419 ​ ​ — Lightstone Value Plus REIT L.P. ​ ​ 1,895 ​ ​ 1,895 ​ ​ — Docsumo Pte. Ltd. ​ ​ 450 ​ ​ — ​ ​ — JT Prime ​ 425 ​ 425 ​ — West Shore Café ​ ​ — ​ ​ — ​ ​ 1,688 Lexford Portfolio ​ ​ — ​ ​ — ​ ​ — East River Portfolio ​ — ​ — ​ — Total ​ $ 84,047 ​ $ 89,676 ​ $ 1,688

Debt Obligations (Tables)

Debt Obligations (Tables)	9 Months Ended
	Sep. 30, 2022
Debt Obligations
Schedule of senior unsecured notes	​ A summary of our senior unsecured notes is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Senior ​ ​ ​ ​ ​ September 30, 2022 ​ December 31, 2021 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 ​ $ 177,344 ​ 5.00 % $ 180,000 ​ $ 177,105 ​ 5.00 % 4.50% Notes (3) Aug. 2021 Sept. 2026 ​ 270,000 ​ ​ 266,718 ​ 4.50 % ​ 270,000 ​ ​ 266,090 ​ 4.50 % 5.00% Notes (3) Apr. 2021 Apr. 2026 175,000 ​ ​ 172,761 5.00 % ​ 175,000 ​ ​ 172,302 5.00 % 8.00% Notes (3) Apr. 2020 Apr. 2023 70,750 ​ 70,510 8.00 % 70,750 ​ 70,202 8.00 % 4.50% Notes (3) Mar. 2020 Mar. 2027 275,000 ​ 272,839 4.50 % 275,000 ​ 272,477 4.50 % 4.75% Notes (4) Oct. 2019 Oct. 2024 110,000 ​ 109,281 4.75 % 110,000 ​ 109,018 4.75 % 5.75% Notes (4) ​ Mar. 2019 ​ Apr. 2024 ​ ​ 90,000 ​ 89,417 5.75 % 90,000 ​ 89,135 5.75 % 5.625% Notes (4) ​ Mar. 2018 ​ May 2023 ​ ​ 125,000 ​ ​ 124,657 5.63 % ​ 125,000 ​ ​ 124,216 5.63 % ​ ​ ​ ​ ​ ​ $ 1,295,750 ​ $ 1,283,527 ​ 5.05 % $ 1,295,750 ​ $ 1,280,545 ​ 5.05 % (1) At September 30, 2022 and December 31, 2021, the carrying value is net of deferred financing fees of $12.2 million and $15.2 million, respectively. (2) At both September 30, 2022 and December 31, 2021, the aggregate weighted average note rate, including certain fees and costs, was 5.34% . (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 September 30, 2022 ​ $ 353,608 ​ $ — ​ $ 7,568 ​ $ 346,040 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ $ 264,000 ​ $ 2,520 ​ $ 2,095 ​ $ 259,385 ​ $ 8,684 ​
Repurchase agreements and credit facilities
Debt Obligations
Schedule of borrowings	Borrowings under our credit and repurchase facilities are as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 ​ December 31, 2021 ​ ​ ​ ​ ​ ​ Note ​ Debt ​ Collateral ​ ​ ​ Debt ​ Collateral ​ ​ Current ​ Extended ​ Rate ​ Carrying ​ Carrying ​ Wtd. Avg. ​ Carrying ​ Carrying ​ Maturity Maturity Type Value (1) Value Note Rate Value (1) Value Structured Business ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $2.5B joint repurchase facility (2) ​ Mar. 2024 ​ Mar. 2025 ​ V ​ $ 1,826,527 ​ $ 2,353,627 ​ 5.60 % $ 1,486,380 ​ $ 1,877,930 $1B repurchase facility (2) ​ Aug. 2023 ​ N/A ​ V ​ 708,834 ​ 982,702 ​ 5.13 % 675,415 ​ ​ 937,880 $500M repurchase facility ​ (3) ​ N/A ​ V ​ ​ 108,373 ​ ​ 131,723 ​ 5.82 % ​ — ​ ​ — $450M repurchase facility ​ Mar. 2023 ​ Mar. 2026 ​ V ​ ​ 349,278 ​ ​ 455,727 ​ 5.08 % ​ 397,272 ​ ​ 511,269 $450M repurchase facility ​ Oct. 2023 ​ Oct. 2024 ​ V ​ ​ 250,358 ​ ​ 323,188 ​ 4.92 % ​ 293,700 ​ ​ 385,337 $400M credit facility ​ July 2023 ​ N/A ​ V ​ ​ 64,391 ​ ​ 82,500 ​ 4.66 % ​ 177,406 ​ ​ 236,538 $399M repurchase facility (2)(4) ​ Dec. 2022 ​ N/A ​ V ​ ​ 345,154 ​ ​ 465,188 ​ 5.30 % ​ 241,450 ​ ​ 289,956 $225M credit facility ​ Oct. 2023 ​ Oct. 2024 ​ V ​ 68,352 ​ ​ 108,881 ​ 5.58 % ​ 27,826 ​ ​ 42,270 $200M repurchase facility ​ Mar. 2024 ​ Mar. 2025 ​ V ​ ​ 21,365 ​ 33,157 ​ 5.61 % — ​ ​ — $200M repurchase facility ​ Jan. 2024 ​ Jan. 2025 ​ V ​ 179,471 ​ ​ 229,041 ​ 5.05 % ​ — ​ ​ — $140M loan specific credit facilities ​ May 2023 to Aug. 2025 ​ May 2023 to Aug. 2027 ​ V/F ​ ​ 139,641 ​ 198,700 ​ 3.57 % 153,727 ​ ​ 214,300 $50M credit facility ​ Apr. 2023 ​ Apr. 2025 ​ V ​ 29,190 ​ ​ 36,500 ​ 5.21 % ​ 29,194 ​ ​ 36,500 $35M working capital facility ​ Apr. 2023 ​ N/A ​ V ​ ​ — ​ ​ — ​ — ​ ​ — ​ ​ — $25M credit facility ​ Oct. 2024 ​ N/A ​ V ​ ​ 6,159 ​ ​ 7,745 ​ 5.72 % ​ 1,235 ​ ​ 1,900 $25M credit facility ​ Jan. 2023 ​ Jan. 2024 ​ V ​ ​ — ​ ​ — ​ — ​ ​ 10,218 ​ ​ 14,773 $1M master security agreement ​ Dec. 2022 ​ N/A ​ F ​ ​ 161 ​ ​ — ​ 4.01 % ​ 635 ​ ​ — Repurchase facility - securities (2)(5) ​ N/A ​ N/A ​ V ​ ​ 24,365 ​ ​ — ​ 5.74 % ​ 30,849 ​ ​ — Structured Business total ​ ​ ​ ​ ​ ​ ​ $ 4,121,619 ​ $ 5,408,679 ​ 5.36 % $ 3,525,307 ​ $ 4,548,653 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Agency Business ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $750M ASAP agreement ​ N/A ​ N/A ​ V ​ $ 46,210 ​ $ 46,505 ​ 3.61 % $ 182,130 ​ $ 182,140 $500M joint repurchase facility (2) ​ Mar. 2024 ​ Mar. 2025 ​ V ​ ​ 94,975 ​ ​ 121,452 ​ 5.14 % ​ 395,317 ​ ​ 475,360 $500M repurchase facility ​ Nov. 2022 ​ N/A ​ V ​ ​ 132,201 ​ ​ 132,219 ​ 4.52 % ​ 236,429 ​ ​ 236,527 $200M credit facility ​ Mar. 2023 ​ N/A ​ V ​ ​ 111,335 ​ ​ 111,431 ​ 4.44 % ​ 115,304 ​ ​ 115,351 $150M credit facility ​ July 2023 ​ N/A ​ V ​ ​ 103,549 ​ ​ 103,662 ​ 4.44 % ​ 16,544 ​ ​ 16,657 $50M credit facility ​ Sept. 2023 ​ N/A ​ V ​ ​ 22,621 ​ ​ 22,621 ​ 4.44 % ​ 9,295 ​ ​ 9,295 $1M repurchase facility (2)(4) ​ Dec. 2022 ​ N/A ​ V ​ ​ 622 ​ ​ 932 ​ 5.32 % ​ 1,253 ​ ​ 1,477 Agency Business total ​ ​ ​ ​ ​ ​ ​ $ 511,513 ​ $ 538,822 ​ 4.52 % $ 956,272 ​ $ 1,036,807 Consolidated total ​ ​ ​ ​ ​ ​ ​ $ 4,633,132 ​ $ 5,947,501 ​ 5.27 % $ 4,481,579 ​ $ 5,585,460 V = ; F = Fixed Note Rate ​ (1) The debt carrying value for the Structured Business at September 30, 2022 and December 31, 2021 was net of unamortized deferred finance costs of $9.2 million and $7.7 million, respectively. The debt carrying value for the Agency Business at September 30, 2022 and December 31, 2021 was net of unamortized deferred finance costs of $0.6 million and $4.4 million, respectively. (2) These facilities are subject to margin call provisions associated with changes in interest spreads. (3) The commitment amount under this repurchase facility expires six months after the lender provides written notice. We then have an additional six months to repurchase the underlying loans. (4) A portion of this facility was used to finance a $ 1.0 million fixed rate SFR permanent loan reported through our Agency Business. (5) At September 30, 2022 and December 31, 2021, this facility was collateralized by B Piece bonds with a carrying value of $34.5 million and $47.6 million, respectively.
Collateralized loan obligations
Debt Obligations
Schedule of borrowings	Borrowings and the corresponding collateral under our CLOs are as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt ​ Collateral (3) ​ ​ ​ ​ Loans ​ Cash ​ ​ Carrying Wtd. Avg. ​ Carrying Restricted September 30, 2022 ​ Face Value ​ Value (1) ​ Rate (2) ​ UPB ​ Value ​ Cash (4) CLO 19 ​ $ 872,812 ​ $ 866,167 ​ 5.41 % $ 1,011,208 ​ $ 1,005,469 ​ $ — CLO 18 ​ ​ 1,652,812 ​ ​ 1,645,166 ​ 4.85 % ​ 1,955,828 ​ ​ 1,946,621 ​ ​ 5,820 CLO 17 ​ ​ 1,714,125 ​ ​ 1,707,143 ​ 4.89 % ​ 1,965,875 ​ ​ 1,957,961 ​ ​ 79,316 CLO 16 ​ ​ 1,237,500 ​ ​ 1,231,414 ​ 4.52 % ​ 1,380,996 ​ ​ 1,375,305 ​ ​ 73,793 CLO 15 ​ ​ 674,412 ​ ​ 671,073 ​ 4.58 % ​ 705,978 ​ ​ 703,432 ​ ​ 98,361 CLO 14 ​ ​ 655,475 ​ ​ 652,194 ​ 4.53 % ​ 726,999 ​ ​ 724,512 ​ ​ 39,129 CLO 13 ​ ​ 668,000 ​ ​ 665,924 ​ 4.62 % ​ 577,034 ​ ​ 575,568 ​ ​ 214,042 CLO 12 ​ 534,193 ​ ​ 532,915 ​ 4.70 % ​ 502,703 ​ ​ 500,976 ​ ​ 117,167 Total CLOs ​ $ 8,009,329 ​ $ 7,971,996 ​ 4.79 % $ 8,826,621 ​ $ 8,789,844 ​ $ 627,628 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ ​ ​ ​ ​ 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 (1) Debt carrying value is net of $37.3 million and $31.9 million of deferred financing fees at September 30, 2022 and December 31, 2021, respectively. (2) At September 30, 2022 and December 31, 2021, the aggregate weighted average note rate for our CLOs, including certain fees and costs, was 4.99% and 1.86% , respectively. (3) At September 30, 2022 and December 31, 2021, there were no collateral deemed a “credit risk” as defined by the CLO indentures. (4) Represents restricted cash held for principal repayments as well as for reinvestment in the CLOs. Does not include restricted cash related to interest payments, delayed fundings and expenses totaling $274.3 million and $133.7 million at September 30, 2022 and December 31, 2021, respectively.
Schedule of company's CLO compliance tests as of the most recent determination dates	Our CLO compliance tests as of the most recent determination dates in October 2022 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash Flow Triggers CLO 12 CLO 13 CLO 14 CLO 15 CLO 16 CLO 17 CLO 18 CLO 19 ​ Overcollateralization (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current 118.87 % 119.76 % 119.76 % 120.85 % 121.21 % 122.51 % 124.03 % 120.30 % Limit 117.87 % 118.76 % 118.76 % 119.85 % 120.21 % 121.51 % 123.03 % 119.30 % Pass / Fail Pass ​ Pass ​ Pass ​ Pass ​ Pass ​ Pass ​ Pass Pass ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest Coverage (2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current 156.50 % 122.03 % 154.90 % 140.54 % 152.50 % 146.23 % 167.42 % 130.68 % Limit 120.00 % 120.00 % 120.00 % 120.00 % 120.00 % 120.00 % 120.00 % 120.00 % Pass / Fail Pass ​ 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 12 CLO 13 CLO 14 CLO 15 CLO 16 CLO 17 CLO 18 CLO 19 ​ October 2022 ​ 118.87 % 119.76 % 119.76 % 120.85 % 121.21 % 122.51 % 124.03 % 120.30 % July 2022 ​ 118.87 % 119.76 % 119.76 % 120.85 % 121.21 % 122.51 % 124.03 % 120.30 % April 2022 ​ 118.87 % 119.76 % 119.76 % 120.85 % 121.21 % 122.51 % 124.03 % — ​ January 2022 ​ 118.87 % 119.76 % 119.76 % 120.85 % 121.21 % 122.51 % — ​ — ​ October 2021 ​ 118.87 % 119.76 % 119.76 % 120.85 % 121.21 % — ​ — ​ — ​ (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)	9 Months Ended
	Sep. 30, 2022
Allowance for Loss-Sharing Obligations
Schedule of allowance for loss-sharing obligations related to Fannie Mae DUS program	Our allowance for loss-sharing obligations related to the Fannie Mae DUS program is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2022 2021 2022 2021 ​ Beginning balance ​ $ 53,053 ​ $ 65,645 ​ $ 56,064 ​ $ 64,303 ​ Provisions for loss sharing ​ ​ 2,346 ​ ​ (3,022) ​ ​ 2,593 ​ ​ (557) ​ Provisions reversal for loan repayments ​ ​ (1,934) ​ ​ (250) ​ ​ (4,792) ​ ​ (513) ​ Recoveries (charge-offs), net ​ 46 ​ ​ 455 ​ (354) ​ ​ (405) ​ Ending balance ​ $ 53,511 ​ $ 62,828 ​ $ 53,511 ​ $ 62,828 ​

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2022
Derivative Financial Instruments
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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value ​ ​ ​ ​ Notional ​ Balance Sheet ​ Derivative ​ Derivative Derivative Count Value Location Assets Liabilities Rate lock commitments ​ 5 ​ $ 117,575 ​ Other assets/other liabilities ​ $ 1,554 ​ $ (2,454) Forward sale commitments ​ 46 ​ ​ 534,013 ​ Other assets/other liabilities ​ ​ 2,652 ​ ​ (20,785) Swaps ​ 1,163 ​ ​ 116,300 ​ ​ ​ ​ — ​ ​ — ​ ​ ​ ​ $ 767,888 ​ ​ ​ $ 4,206 ​ $ (23,239) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 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)

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Sep. 30, 2022
Fair Value.
Schedule of the principal amounts, carrying values and the estimated fair values of the Company's financial instruments	The following table summarizes the principal amounts, carrying values and the estimated fair values of our financial instruments (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 ​ December 31, 2021 ​ ​ Principal / ​ Carrying ​ Estimated ​ Principal / ​ Carrying ​ Estimated ​ Notional Amount Value Fair Value Notional Amount Value Fair Value Financial assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans and investments, net ​ $ 14,989,643 ​ $ 14,791,426 ​ $ 14,993,875 ​ $ 12,158,995 ​ $ 11,981,048 ​ $ 12,181,194 Loans held-for-sale, net ​ ​ 552,306 ​ ​ 543,876 ​ ​ 554,044 ​ ​ 1,077,239 ​ ​ 1,093,609 ​ ​ 1,117,085 Capitalized mortgage servicing rights, net ​ ​ n/a ​ ​ 403,886 ​ ​ 530,859 ​ ​ n/a ​ ​ 422,734 ​ ​ 477,323 Securities held-to-maturity, net ​ ​ 236,712 ​ ​ 157,818 ​ ​ 150,027 ​ ​ 210,728 ​ ​ 140,484 ​ ​ 149,911 Derivative financial instruments ​ ​ 187,082 ​ 4,206 ​ 4,206 ​ ​ 280,654 ​ 1,665 ​ 1,665 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Credit and repurchase facilities ​ $ 4,642,911 ​ $ 4,633,132 ​ $ 4,622,672 ​ $ 4,493,699 ​ $ 4,481,579 ​ $ 4,484,107 Collateralized loan obligations ​ ​ 8,009,329 ​ 7,971,996 ​ 7,800,210 ​ ​ 5,924,705 ​ 5,892,810 ​ 5,914,453 Senior unsecured notes ​ ​ 1,295,750 ​ 1,283,527 ​ 1,165,125 ​ ​ 1,295,750 ​ 1,280,545 ​ 1,301,708 Convertible senior unsecured notes, net ​ ​ 353,608 ​ ​ 346,040 ​ ​ 327,244 ​ ​ 264,000 ​ ​ 259,385 ​ ​ 294,690 Junior subordinated notes ​ ​ 154,336 ​ 142,933 ​ 103,402 ​ ​ 154,336 ​ 142,382 ​ 101,698 Derivative financial instruments ​ ​ 464,506 ​ 23,239 ​ 23,239 ​ ​ 301,816 ​ 1,482 ​ 1,482
Schedule of certain financial assets and financial liabilities measured at fair value on a recurring basis	The fair values of these financial assets and liabilities are determined using the following input levels at September 30, 2022 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements Using Fair ​ ​ Carrying ​ ​ ​ ​ Value Hierarchy ​ Value Fair Value Level 1 Level 2 Level 3 Financial assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative financial instruments ​ $ 4,206 ​ $ 4,206 ​ $ — ​ $ 2,652 ​ $ 1,554 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative financial instruments ​ $ 23,239 ​ $ 23,239 ​ $ — ​ $ 23,239 ​ $ —
Schedule of certain financial assets and financial liabilities measured at fair value on a nonrecurring basis	The fair values of these financial and non-financial assets, if applicable, are determined using the following input levels at September 30, 2022 (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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans held-for-investment (1) ​ $ 61,745 ​ $ 61,745 ​ $ — ​ $ — ​ $ 61,745 Loans held-for-sale (2) ​ ​ 123,705 ​ ​ 123,705 ​ ​ — ​ ​ 123,705 ​ ​ — ​ ​ $ 185,450 ​ $ 185,450 ​ $ — ​ $ 123,705 ​ $ 61,745 (1) We had an allowance for credit losses of $85.4 million relating to seven impaired loans with an aggregate carrying value, before loan loss reserves, of $147.1 million at September 30, 2022. (2) We recorded an impairment loss of $12.2 million related to 12 loans held-for-sale with an aggregate carrying value, before unrealized impairment losses, of $135.9 million.
Schedule of quantitative information about Level 3 fair value measurements	Quantitative information about Level 3 fair value measurements at September 30, 2022 is as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Valuation 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 ​ ​ 11,745 ​ Discounted cash flows ​ Capitalization rate ​ 9.25 % ​ ​ ​ ​ ​ ​ ​ Revenue growth rate ​ 3.00 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative financial instruments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Rate lock commitments ​ ​ 1,554 ​ Discounted cash flows ​ W/A discount rate ​ 13.24 % ​
Schedule of roll forward of Level 3 derivative instruments	A roll-forward of Level 3 derivative instruments is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements Using ​ Fair Value Measurements Using ​ ​ Significant Unobservable Inputs ​ Significant Unobservable Inputs ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ 2022 2021 2022 2021 Derivative assets and liabilities, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance ​ $ 1,035 ​ $ 124 ​ $ 295 ​ $ 1,967 Settlements ​ ​ (16,554) ​ ​ (23,412) ​ ​ (47,491) ​ ​ (81,486) Realized gains recorded in earnings ​ ​ 15,519 ​ ​ 23,288 ​ ​ 47,196 ​ ​ 79,519 Unrealized gains recorded in earnings ​ ​ 1,554 ​ ​ 707 ​ ​ 1,554 ​ ​ 707 Ending balance ​ $ 1,554 ​ $ 707 ​ $ 1,554 ​ $ 707 ​
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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrealized ​ ​ ​ ​ ​ Notional/ ​ Fair Value of ​ Interest Rate ​ Impairemnt ​ Total Fair Value September 30, 2022 Principal Amount Servicing Rights Movement Effect Loss Adjustment Rate lock commitments ​ $ 117,575 ​ $ 1,554 ​ $ (2,434) ​ $ — ​ $ (880) Forward sale commitments ​ ​ 534,013 ​ ​ — ​ ​ 2,434 ​ ​ — ​ ​ 2,434 Loans held-for-sale, net (1) ​ ​ 552,306 ​ ​ 7,411 ​ ​ — ​ ​ (12,163) ​ ​ (4,752) Total ​ ​ ​ ​ $ 8,965 ​ $ — ​ $ (12,163) ​ $ (3,198) (1) Loans held-for-sale, net are recorded at the lower of cost or market on an aggregate basis and includes fair value adjustments related to estimated cash flows from MSRs. ​
Schedule of fair value of assets and liabilities	The fair value of these assets and liabilities are determined using the following input levels at September 30, 2022 (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 ​ $ 14,791,426 ​ $ 14,993,875 ​ $ — ​ $ — ​ $ 14,993,875 Loans held-for-sale, net ​ ​ 543,876 ​ ​ 554,044 ​ ​ — ​ ​ 546,633 ​ ​ 7,411 Capitalized mortgage servicing rights, net ​ ​ 403,886 ​ ​ 530,859 ​ ​ — ​ ​ — ​ ​ 530,859 Securities held-to-maturity, net ​ ​ 157,818 ​ ​ 150,027 ​ ​ — ​ ​ — ​ ​ 150,027 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Credit and repurchase facilities ​ $ 4,633,132 ​ $ 4,622,672 ​ $ — ​ $ 511,513 ​ $ 4,111,159 Collateralized loan obligations ​ 7,971,996 ​ 7,800,210 ​ — ​ — ​ 7,800,210 Senior unsecured notes ​ 1,283,527 ​ 1,165,125 ​ 1,165,125 ​ — ​ — Convertible senior unsecured notes, net ​ ​ 346,040 ​ ​ 327,244 ​ ​ — ​ ​ 327,244 ​ ​ — Junior subordinated notes ​ 142,933 ​ 103,402 ​ — ​ — ​ 103,402

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies
Schedule of maturities of operating lease liabilities	Debt Obligations and Operating Leases. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Minimum Annual ​ ​ ​ ​ ​ Debt ​ Operating Lease ​ ​ ​ Year Obligations Payments Total 2022 (three months ending December 31, 2022) ​ $ 1,267,183 ​ $ 2,044 ​ $ 1,269,227 2023 ​ 2,152,200 ​ 8,914 ​ 2,161,114 2024 ​ 3,463,405 ​ 8,876 ​ 3,472,281 2025 ​ 2,098,991 ​ 9,003 ​ 2,107,994 2026 ​ 4,481,821 ​ 9,038 ​ 4,490,859 2027 ​ ​ 633,633 ​ ​ 7,597 ​ ​ 641,230 Thereafter ​ 358,701 ​ 27,706 ​ 386,407 Total ​ $ 14,455,934 ​ $ 73,178 ​ $ 14,529,112

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	9 Months Ended
	Sep. 30, 2022
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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 December 31, 2021 ​ Assets: ​ ​ ​ ​ ​ ​ ​ Restricted cash ​ $ 901,910 ​ $ 466,523 ​ Loans and investments, net ​ ​ 8,789,844 ​ ​ 6,616,809 ​ Other assets ​ ​ 62,779 ​ ​ 61,474 ​ Total assets ​ $ 9,754,533 ​ $ 7,144,806 ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ Collateralized loan obligations ​ $ 7,971,996 ​ $ 5,892,810 ​ Other liabilities ​ 17,267 ​ 9,813 ​ Total liabilities ​ $ 7,989,263 ​ $ 5,902,623 ​
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, at September 30, 2022 is as follows (in thousands): ​ ​ ​ ​ ​ Type Carrying Amount (1) Loans ​ $ 480,240 APL certificates ​ ​ 125,094 B Piece bonds ​ ​ 34,814 Equity investments ​ ​ 23,203 Agency interest only strips ​ ​ 288 Total ​ $ 663,639 (1) Represents the carrying amount of loans and investments before reserves. At September 30, 2022, $127.9 million of loans to VIEs had corresponding specific loan loss reserves of $77.9 million. The maximum loss exposure at September 30, 2022 would not exceed the carrying amount of our investment. ​

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 30, 2022
Equity
Schedule of dividends declared by the Company (on a per share basis)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Common Stock ​ Preferred Stock ​ ​ ​ ​ ​ ​ ​ Dividend Declaration Date Dividend Declaration Date Series D Series E Series F February 16, 2022 ​ $ 0.37 ​ January 3, 2022 ​ $ 0.3984375 ​ $ 0.390625 ​ $ 0.46875 May 4, 2022 ​ $ 0.38 ​ April 1, 2022 ​ $ 0.3984375 ​ $ 0.390625 ​ $ 0.390625 July 27, 2022 ​ $ 0.39 ​ July 1, 2022 ​ $ 0.3984375 ​ $ 0.390625 ​ $ 0.390625
Schedule of reconciliation of the numerator and denominator of the basic and diluted EPS computations	A reconciliation of the numerator and denominator of our basic and diluted EPS computations ($ in thousands, except share and per share data) is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ ​ 2022 ​ 2021 ​ Basic Diluted Basic Diluted Net income attributable to common stockholders (1) ​ $ 62,710 ​ $ 62,710 ​ $ 72,804 ​ $ 72,804 Net income attributable to noncontrolling interest (2) ​ ​ — ​ ​ 6,002 ​ ​ — ​ ​ 8,347 Interest expense on convertible notes (3) ​ ​ — ​ ​ 5,797 ​ ​ — ​ ​ — Net income attributable to common stockholders and noncontrolling interest ​ $ 62,710 ​ $ 74,509 ​ $ 72,804 ​ $ 81,151 Weighted average shares outstanding ​ ​ 170,227,553 ​ 170,227,553 ​ 142,624,300 ​ 142,624,300 Dilutive effect of OP Units (2) ​ — ​ ​ 16,293,589 ​ ​ — ​ ​ 16,351,643 Dilutive effect of restricted stock units (4) ​ ​ — ​ 528,475 ​ — ​ 940,045 Dilutive effect of convertible notes (3) ​ ​ — ​ ​ 18,815,399 ​ ​ — ​ ​ 354,917 Weighted average shares outstanding ​ 170,227,553 ​ 205,865,016 ​ 142,624,300 ​ 160,270,905 Net income per common share (1) ​ $ 0.37 ​ $ 0.36 ​ $ 0.51 ​ $ 0.51 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, ​ 2022 2021 Net income attributable to common stockholders (1) ​ $ 196,678 ​ $ 196,678 ​ $ 211,409 ​ $ 211,409 Net income attributable to noncontrolling interest (2) ​ ​ — ​ ​ 19,811 ​ ​ — ​ ​ 26,806 Interest expense on convertible notes (3) ​ ​ — ​ ​ 13,786 ​ ​ — ​ ​ — Net income attributable to common stockholders and noncontrolling interest ​ $ 196,678 ​ $ 230,275 ​ $ 211,409 ​ $ 238,215 Weighted average shares outstanding ​ 162,292,235 ​ 162,292,235 ​ 134,437,663 ​ 134,437,663 Dilutive effect of OP Units (2) ​ ​ — ​ ​ 16,308,361 ​ ​ — ​ ​ 16,985,073 Dilutive effect of restricted stock units (4) ​ — ​ 558,216 ​ — ​ 927,542 Dilutive effect of convertible notes (3) ​ ​ — ​ ​ 16,370,528 ​ ​ — ​ ​ 341,183 Weighted average shares outstanding ​ 162,292,235 ​ 195,529,340 ​ 134,437,663 ​ 152,691,461 Net income per common share (1) ​ $ 1.21 ​ $ 1.18 ​ $ 1.57 ​ $ 1.56 (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) Beginning January 1, 2022, the effective date we adopted ASU 2020-06, we started utilizing the if-converted method of calculating EPS to reflect the impact of our convertible senior notes. For 2021, the convertible senior unsecured notes impacted diluted EPS if the average price of our common stock exceeded the conversion price, as calculated in accordance with the terms of the indenture. See Note 2 for details. (4) Our chief executive officer was granted restricted stock units during 2019 and 2020, which vest at the end of a four-year performance period based upon our achievement of total stockholder return objectives.

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2022
Segment Information
Schedule of statement of income and balance sheet by segment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2022 ​ ​ Structured ​ Agency ​ Other / ​ ​ ​ ​ Business Business Eliminations (1) Consolidated Interest income ​ $ 249,539 ​ $ 10,239 ​ $ — ​ $ 259,778 Interest expense ​ 157,325 ​ ​ 3,127 ​ ​ — ​ ​ 160,452 Net interest income ​ 92,214 ​ ​ 7,112 ​ ​ — ​ ​ 99,326 Other revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain on sales, including fee-based services, net ​ — ​ ​ 14,360 ​ ​ — ​ ​ 14,360 Mortgage servicing rights ​ — ​ ​ 19,408 ​ ​ — ​ ​ 19,408 Servicing revenue ​ ​ — ​ ​ 37,526 ​ ​ — ​ ​ 37,526 Amortization of MSRs ​ — ​ ​ (14,782) ​ ​ — ​ ​ (14,782) Property operating income ​ 445 ​ ​ — ​ ​ — ​ ​ 445 Loss on derivative instruments, net ​ — ​ ​ (15,909) ​ ​ — ​ ​ (15,909) Other income, net ​ 1,763 ​ ​ (7,777) ​ ​ — ​ ​ (6,014) Total other revenue ​ 2,208 ​ ​ 32,826 ​ ​ — ​ ​ 35,034 Other expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee compensation and benefits ​ 13,342 ​ ​ 25,469 ​ ​ — ​ ​ 38,811 Selling and administrative ​ 5,961 ​ ​ 7,264 ​ ​ — ​ ​ 13,225 Property operating expenses ​ 366 ​ ​ — ​ ​ — ​ ​ 366 Depreciation and amortization ​ ​ 906 ​ ​ 1,172 ​ ​ — ​ ​ 2,078 Provision for loss sharing (net of recoveries) ​ — ​ ​ 412 ​ ​ — ​ ​ 412 Provision for credit losses (net of recoveries) ​ 2,206 ​ ​ 68 ​ ​ — ​ ​ 2,274 Total other expenses ​ 22,781 ​ ​ 34,385 ​ ​ — ​ ​ 57,166 Income before extinguishment of debt, income from equity affiliates and income taxes ​ 71,641 ​ ​ 5,553 ​ ​ — ​ ​ 77,194 Loss on extinguishment of debt ​ (3,262) ​ ​ — ​ ​ — ​ ​ (3,262) Income from equity affiliates ​ 4,748 ​ ​ — ​ ​ — ​ ​ 4,748 Benefit from income taxes ​ 319 ​ ​ 55 ​ ​ — ​ ​ 374 Net income ​ 73,446 ​ ​ 5,608 ​ ​ — ​ ​ 79,054 Preferred stock dividends ​ 10,342 ​ ​ — ​ ​ — ​ ​ 10,342 Net income attributable to noncontrolling interest ​ — ​ ​ — ​ ​ 6,002 ​ ​ 6,002 Net income attributable to common stockholders ​ $ 63,104 ​ $ 5,608 ​ $ (6,002) ​ $ 62,710 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2021 ​ ​ Structured ​ Agency ​ Other / ​ ​ ​ Business Business Eliminations (1) Consolidated Interest income $ 114,710 $ 10,770 $ — $ 125,480 Interest expense ​ ​ 50,823 ​ ​ 4,737 ​ ​ — ​ ​ 55,560 Net interest income ​ ​ 63,887 ​ ​ 6,033 ​ ​ — ​ ​ 69,920 Other revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain on sales, including fee-based services, net ​ ​ — ​ ​ 16,334 ​ ​ — ​ ​ 16,334 Mortgage servicing rights ​ ​ — ​ ​ 32,453 ​ ​ — ​ ​ 32,453 Servicing revenue ​ ​ — ​ ​ 34,960 ​ ​ — ​ ​ 34,960 Amortization of MSRs ​ ​ — ​ ​ (14,872) ​ ​ — ​ ​ (14,872) Loss on derivative instruments, net ​ ​ — ​ ​ (1,492) ​ ​ — ​ ​ (1,492) Other income, net ​ ​ 2,168 ​ ​ 27 ​ ​ — ​ ​ 2,195 Total other revenue ​ ​ 2,168 ​ ​ 67,410 ​ ​ — ​ ​ 69,578 Other expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee compensation and benefits ​ ​ 14,082 ​ ​ 27,891 ​ ​ — ​ ​ 41,973 Selling and administrative ​ ​ 5,718 ​ ​ 6,039 ​ ​ — ​ 11,757 Property operating expenses ​ ​ 149 ​ ​ — ​ ​ — ​ ​ 149 Depreciation and amortization ​ ​ 634 ​ ​ 1,173 ​ ​ — ​ ​ 1,807 Provision for loss sharing (net of recoveries) ​ ​ — ​ ​ (3,272) ​ ​ — ​ ​ (3,272) Provision for credit losses (net of recoveries) ​ ​ (3,445) ​ ​ (354) ​ ​ — ​ ​ (3,799) Total other expenses ​ ​ 17,138 ​ ​ 31,477 ​ ​ — ​ ​ 48,615 Income before income from equity affiliates and income taxes ​ ​ 48,917 ​ ​ 41,966 ​ ​ — ​ ​ 90,883 Income from equity affiliates ​ ​ 5,086 ​ ​ — ​ ​ — ​ ​ 5,086 Provision for income taxes ​ ​ (622) ​ ​ (9,283) ​ ​ — ​ ​ (9,905) Net income ​ ​ 53,381 ​ ​ 32,683 ​ ​ — ​ ​ 86,064 Preferred stock dividends ​ ​ 4,913 ​ ​ — ​ ​ — ​ ​ 4,913 Net income attributable to noncontrolling interest ​ ​ — ​ ​ — ​ ​ 8,347 ​ ​ 8,347 Net income attributable to common stockholders $ 48,468 $ 32,683 $ (8,347) $ 72,804 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, 2022 ​ ​ Structured ​ Agency ​ Other / ​ ​ ​ ​ Business Business Eliminations (1) Consolidated Interest income ​ $ 597,847 ​ $ 29,957 ​ $ — ​ $ 627,804 Interest expense ​ ​ 338,692 ​ ​ 11,387 ​ ​ — ​ ​ 350,079 Net interest income ​ ​ 259,155 ​ ​ 18,570 ​ ​ — ​ ​ 277,725 Other revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain on sales, including fee-based services, net ​ ​ — ​ ​ 32,526 ​ ​ — ​ ​ 32,526 Mortgage servicing rights ​ ​ — ​ ​ 52,287 ​ ​ — ​ ​ 52,287 Servicing revenue ​ ​ — ​ ​ 109,045 ​ ​ — ​ ​ 109,045 Amortization of MSRs ​ ​ — ​ ​ (44,532) ​ ​ — ​ ​ (44,532) Property operating income ​ ​ 1,031 ​ ​ — ​ ​ — ​ ​ 1,031 Gain on derivative instruments, net ​ ​ — ​ ​ 10,083 ​ ​ — ​ ​ 10,083 Other income, net ​ ​ (4,370) ​ ​ (11,691) ​ ​ — ​ ​ (16,061) Total other revenue ​ ​ (3,339) ​ ​ 147,718 ​ ​ — ​ ​ 144,379 Other expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee compensation and benefits ​ ​ 42,694 ​ ​ 77,042 ​ ​ — ​ ​ 119,736 Selling and administrative ​ ​ 19,799 ​ ​ 21,161 ​ ​ — ​ ​ 40,960 Property operating expenses ​ ​ 1,443 ​ ​ — ​ ​ — ​ ​ 1,443 Depreciation and amortization ​ ​ 2,574 ​ ​ 3,518 ​ ​ — ​ ​ 6,092 Provision for loss sharing (net of recoveries) ​ ​ — ​ ​ (2,199) ​ ​ — ​ ​ (2,199) Provision for credit losses (net of recoveries) ​ ​ 9,363 ​ ​ 337 ​ ​ — ​ ​ 9,700 Total other expenses ​ ​ 75,873 ​ ​ 99,859 ​ ​ — ​ ​ 175,732 Income before extinguishment of debt, income from equity affiliates and income taxes ​ ​ 179,943 ​ ​ 66,429 ​ ​ — ​ ​ 246,372 Loss on extinguishment of debt ​ ​ (4,612) ​ ​ — ​ ​ — ​ ​ (4,612) Income from equity affiliates ​ ​ 18,507 ​ ​ — ​ ​ — ​ ​ 18,507 Provision for income taxes ​ ​ (1,368) ​ ​ (11,798) ​ ​ — ​ ​ (13,166) Net income ​ ​ 192,470 ​ ​ 54,631 ​ ​ — ​ ​ 247,101 Preferred stock dividends ​ ​ 30,612 ​ ​ — ​ ​ — ​ ​ 30,612 Net income attributable to noncontrolling interest ​ ​ — ​ ​ — ​ ​ 19,811 ​ ​ 19,811 Net income attributable to common stockholders ​ $ 161,858 ​ $ 54,631 ​ $ (19,811) ​ $ 196,678 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, 2021 ​ ​ ​ Structured ​ ​ Agency ​ ​ Other / ​ ​ ​ ​ ​ Business ​ Business ​ Eliminations (1) ​ Consolidated Interest income ​ $ 294,418 $ 27,354 $ — $ 321,772 Interest expense ​ ​ 131,795 ​ ​ 12,327 ​ ​ — ​ ​ 144,122 Net interest income ​ ​ 162,623 ​ ​ 15,027 ​ ​ — ​ ​ 177,650 Other revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain on sales, including fee-based services, net ​ ​ — ​ ​ 86,102 ​ ​ — ​ ​ 86,102 Mortgage servicing rights ​ ​ — ​ ​ 95,688 ​ ​ — ​ ​ 95,688 Servicing revenue ​ ​ — ​ ​ 94,683 ​ ​ — ​ ​ 94,683 Amortization of MSRs ​ ​ — ​ ​ (43,744) ​ ​ — ​ ​ (43,744) Loss on derivative instruments, net ​ ​ — ​ ​ (7,320) ​ ​ — ​ ​ (7,320) Other income, net ​ ​ 4,105 ​ ​ 35 ​ ​ — ​ ​ 4,140 Total other revenue ​ ​ 4,105 ​ ​ 225,444 ​ ​ — ​ ​ 229,549 Other expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee compensation and benefits ​ ​ 37,566 ​ ​ 91,081 ​ ​ — ​ ​ 128,647 Selling and administrative ​ ​ 15,477 ​ ​ 18,230 ​ ​ — ​ 33,707 Property operating expenses ​ ​ 421 ​ ​ — ​ ​ — ​ ​ 421 Depreciation and amortization ​ ​ 1,832 ​ ​ 3,517 ​ ​ — ​ ​ 5,349 Provision for loss sharing (net of recoveries) ​ ​ — ​ ​ (1,070) ​ ​ — ​ ​ (1,070) Provision for credit losses (net of recoveries) ​ ​ (12,807) ​ ​ 118 ​ ​ — ​ ​ (12,689) Total other expenses ​ ​ 42,489 ​ ​ 111,876 ​ ​ — ​ ​ 154,365 Income before extinguishment of debt, sale of real estate, income from equity affiliates and income taxes ​ ​ 124,239 ​ ​ 128,595 ​ ​ — ​ ​ 252,834 Loss on extinguishment of debt ​ ​ (1,370) ​ ​ — ​ ​ — ​ ​ (1,370) Gain on sale of real estate ​ ​ — ​ ​ 1,228 ​ ​ — ​ ​ 1,228 Income from equity affiliates ​ ​ 32,095 ​ ​ — ​ ​ — ​ ​ 32,095 Provision for income taxes ​ ​ (6,288) ​ ​ (27,068) ​ ​ — ​ ​ (33,356) Net income ​ ​ 148,676 ​ ​ 102,755 ​ ​ — ​ ​ 251,431 Preferred stock dividends ​ ​ 13,216 ​ ​ — ​ ​ — ​ ​ 13,216 Net income attributable to noncontrolling interest ​ ​ — ​ ​ — ​ ​ 26,806 ​ ​ 26,806 Net income attributable to common stockholders ​ $ 135,460 $ 102,755 $ (26,806) $ 211,409 (1) Includes income allocated to the noncontrolling interest holders not allocated to the two reportable segments. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 ​ Structured Business Agency Business Consolidated Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 119,793 ​ $ 269,858 ​ $ 389,651 Restricted cash ​ ​ 903,587 ​ ​ 18,944 ​ ​ 922,531 Loans and investments, net ​ ​ 14,791,426 ​ ​ — ​ ​ 14,791,426 Loans held-for-sale, net ​ ​ — ​ ​ 543,876 ​ ​ 543,876 Capitalized mortgage servicing rights, net ​ ​ — ​ ​ 403,886 ​ ​ 403,886 Securities held-to-maturity, net ​ ​ — ​ ​ 157,818 ​ ​ 157,818 Investments in equity affiliates ​ ​ 84,047 ​ ​ — ​ ​ 84,047 Goodwill and other intangible assets ​ ​ 12,500 ​ ​ 84,742 ​ ​ 97,242 Other assets and due from related party ​ ​ 293,252 ​ ​ 78,400 ​ ​ 371,652 Total assets ​ $ 16,204,605 ​ $ 1,557,524 ​ $ 17,762,129 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt obligations ​ $ 13,866,114 ​ $ 511,514 ​ $ 14,377,628 Allowance for loss-sharing obligations ​ ​ — ​ ​ 53,511 ​ ​ 53,511 Other liabilities and due to related parties ​ ​ 253,390 ​ ​ 123,594 ​ ​ 376,984 Total liabilities ​ $ 14,119,504 ​ $ 688,619 ​ $ 14,808,123 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 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
Schedule of origination data and loan sales data	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2022 2021 2022 2021 ​ Origination Data: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Structured Business ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Bridge loans (1) ​ $ 756,695 ​ $ 2,383,346 ​ $ 5,625,010 ​ $ 5,189,722 ​ Mezzanine / Preferred Equity ​ ​ 17,970 ​ ​ 91,307 ​ ​ 26,109 ​ ​ 185,564 ​ SFR - Permanent loans ​ ​ — ​ ​ — ​ ​ — ​ ​ 26,238 ​ Total new loan originations ​ $ 774,665 ​ $ 2,474,653 ​ $ 5,651,119 ​ $ 5,401,524 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) The three and nine months ended September 30, 2022 includes 31 and 102 SFR loans with a UPB of $163.8 million and $452.2 million, respectively. The three and nine months ended September 30, 2021 includes 25 and 68 SFR loans with a UPB of $105.3 million and $219.5 million, respectively. During the three and nine months ended September 30, 2022, we committed to fund SFR loans totaling $457.6 million and $726.1 million, respectively. During the three and nine months ended September 30, 2021, we committed to fund SFR loans totaling $17.6 million and $156.0 million, respectively. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loan runoff ​ $ 911,790 ​ $ 567,858 ​ $ 2,700,748 ​ $ 1,463,826 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Agency Business ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Origination Volumes by Investor: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fannie Mae ​ $ 629,610 ​ $ 719,730 ​ $ 1,744,739 ​ $ 2,421,206 ​ Freddie Mac ​ ​ 350,980 ​ ​ 307,664 ​ ​ 1,057,743 ​ ​ 578,295 ​ Private Label ​ ​ 35,671 ​ ​ 625,176 ​ ​ 191,913 ​ ​ 1,154,814 ​ FHA ​ ​ 78,382 ​ ​ 84,430 ​ ​ 168,736 ​ ​ 281,674 ​ SFR - Fixed Rate ​ ​ 16,678 ​ ​ 67,227 ​ ​ 55,883 ​ ​ 79,223 ​ Total ​ $ 1,111,321 ​ $ 1,804,227 ​ $ 3,219,014 ​ $ 4,515,212 ​ Total loan commitment volume ​ $ 1,464,235 ​ $ 1,856,474 ​ $ 3,623,649 ​ $ 4,510,953 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Agency Business Loan Sales Data: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fannie Mae ​ $ 700,690 ​ $ 660,693 ​ $ 1,936,282 ​ $ 2,820,558 ​ Freddie Mac ​ ​ 288,029 ​ ​ 238,880 ​ ​ 1,009,557 ​ ​ 647,827 ​ Private Label ​ ​ 14,567 ​ ​ — ​ ​ 515,086 ​ ​ 449,890 ​ FHA ​ ​ 35,838 ​ ​ 78,188 ​ ​ 182,755 ​ ​ 308,193 ​ SFR - Fixed Rate ​ ​ 43,012 ​ ​ 29,197 ​ ​ 55,874 ​ ​ 104,491 ​ Total ​ $ 1,082,136 ​ $ 1,006,958 ​ $ 3,699,554 ​ $ 4,330,959 ​ Sales margin (fee-based services as a % of loan sales) (1) ​ ​ 1.33 % ​ 1.62 % ​ 1.34 % ​ 1.99 % MSR rate (MSR income as a % of loan commitments) ​ ​ 1.33 % ​ 1.75 % ​ 1.44 % ​ 2.12 % (1) The nine months ended September 30, 2022 includes $17.1 million of gains recognized on our Swaps related to the Private Label loans sold in the three months ended March 31, 2022, which is included as a component of (loss) gain on derivative instruments, net in the consolidated statements of income.
Schedule of key servicing metrics for Agency Business	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 ​ ​ ​ ​ ​ Wtd. Avg. Servicing ​ Wtd. Avg. Life of ​ ​ Servicing ​ Fee Rate ​ Servicing Portfolio Key Servicing Metrics for Agency Business: Portfolio UPB (basis points) (years) Fannie Mae ​ $ 18,331,457 ​ 52.1 ​ 8.3 Freddie Mac ​ ​ 4,979,612 ​ 26.0 ​ 9.5 Private Label ​ ​ 2,075,791 ​ 20.0 ​ 8.2 FHA ​ ​ 1,136,684 ​ 14.9 ​ 19.8 Bridge ​ ​ 299,696 ​ 12.5 ​ 2.3 SFR - Fixed Rate ​ ​ 241,887 ​ 20.0 ​ 6.2 Total ​ $ 27,065,127 ​ 42.4 ​ 8.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 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

Description of Business (Detail

Description of Business (Details)	9 Months Ended
	Sep. 30, 2022 segment
Description of Business
Number of business segments	2

Basis of Presentation and Sig_4

Basis of Presentation and Significant Accounting Policies (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Jan. 01, 2022	Dec. 31, 2021
Significant Accounting Policies
Aggregate increase to retained earnings	$ 79,531		$ 79,531			$ 62,532
Decrease in diluted earnings per share	$ 0.36	$ 0.51	$ 1.18	$ 1.56
ASU 2020-06 | Cumulative-effect adjustment
Significant Accounting Policies
Increase in convertible debt					$ 2,500
Aggregate decrease to additional paid-in capital					8,700
Aggregate increase to retained earnings					$ 5,600
Decrease in diluted earnings per share	$ 0.01		$ 0.03

Loans and Investments - Investm

Loans and Investments - Investment Portfolio and Concentration of Credit Risk (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022 USD ($) loan borrower	Dec. 31, 2021 USD ($) loan borrower	Jun. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Dec. 31, 2020 USD ($)
Loans and Investments
Loans and investments	$ 14,989,643	$ 12,158,995
Allowance for credit losses	(122,296)	(113,241)	$ (121,331)	$ (131,534)	$ (138,447)	$ (148,329)
Unearned revenue	(75,921)	(64,706)
Loans and investments, net	$ 14,791,426	$ 11,981,048
Percent of Total	100%	100%
Loan Count | loan	742	580
Wtd. Avg. Pay Rate (as a percent)	6.90%	4.26%
Wtd. Avg. Remaining Months to Maturity	22 months 15 days	24 months 18 days
Wtd. Avg. First Dollar LTV Ratio (as percent)	1%	1%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	76%	76%
Concentration of Credit Risk
Loans and Investments
Loans and investments	$ 14,989,643
Wtd. Avg. First Dollar LTV Ratio (as percent)	1%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	76%
Concentration of Credit Risk | Single-Family Rental
Loans and Investments
Loans and investments	$ 861,885
Percent of Total	6%
Wtd. Avg. First Dollar LTV Ratio (as percent)	0%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	63%
Total assets | Concentration of Credit Risk | Five Borrowers
Loans and Investments
Loan Count | loan	39	31
Number of different borrowers | borrower	5	5
Concentration risk, percentage	10%	11%
Bridge loans
Loans and Investments
Loans and investments	$ 14,618,526	$ 11,750,710
Percent of Total	98%	97%
Loan Count | loan	693	528
Wtd. Avg. Pay Rate (as a percent)	6.90%	4.19%
Wtd. Avg. Remaining Months to Maturity	21 months 27 days	23 months 24 days
Wtd. Avg. First Dollar LTV Ratio (as percent)	0%	0%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	76%	76%
Bridge loans | Single-Family Rental
Loans and Investments
Loan Count | loan	215	120
Total loan commitment	$ 1,420,000	$ 804,600
Unpaid principal balance, funded	825,800	408,200
Mezzanine loans
Loans and Investments
Loans and investments	$ 187,388	$ 223,378
Percent of Total	1%	2%
Loan Count | loan	37	39
Wtd. Avg. Pay Rate (as a percent)	7.86%	7.32%
Wtd. Avg. Remaining Months to Maturity	60 months	56 months 9 days
Wtd. Avg. First Dollar LTV Ratio (as percent)	40%	34%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	80%	84%
Preferred equity investments
Loans and Investments
Loans and investments	$ 147,615	$ 155,513
Percent of Total	1%	1%
Loan Count | loan	9	11
Wtd. Avg. Pay Rate (as a percent)	5.51%	5.57%
Wtd. Avg. Remaining Months to Maturity	32 months 12 days	38 months
Wtd. Avg. First Dollar LTV Ratio (as percent)	58%	58%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	87%	87%
Other loans
Loans and Investments
Loans and investments	$ 36,114	$ 29,394
Loan Count | loan	3	2
Wtd. Avg. Pay Rate (as a percent)	7.49%	4.63%
Wtd. Avg. Remaining Months to Maturity	35 months 21 days	48 months 3 days
Wtd. Avg. First Dollar LTV Ratio (as percent)	0%	0%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	58%	67%
Other loans | Single-Family Rental
Loans and Investments
Number of loans under the loan portfolio | loan	3	2

Loans and Investments - Risk Ra

Loans and Investments - Risk Ratings and LTV Ratios (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Loans and Investments
Loans and investments	$ 14,989,643	$ 12,158,995
Percentage of Portfolio	100%	100%
Wtd. Avg. First Dollar LTV Ratio (as percent)	1%	1%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	76%	76%
Concentration of Credit Risk
Loans and Investments
Origination Year 2022	$ 4,961,445
Origination Year 2021	8,044,400
Origination Year 2020	1,073,311
Origination Year 2019	581,255
Origination Year 2018	168,265
Origination Year Prior	160,967
Loans and investments	$ 14,989,643
Wtd. Avg. First Dollar LTV Ratio (as percent)	1%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	76%
Concentration of Credit Risk | Loans and investments portfolio | Texas
Loans and Investments
Concentration risk, percentage	21%	19%
Concentration of Credit Risk | Loans and investments portfolio | Florida
Loans and Investments
Concentration risk, percentage	13%	12%
Concentration of Credit Risk | Multifamily Portfolio
Loans and Investments
Origination Year 2022	$ 4,618,834
Origination Year 2021	7,673,597
Origination Year 2020	855,400
Origination Year 2019	450,508
Origination Year 2018	105,650
Origination Year Prior	27,894
Loans and investments	$ 13,731,883
Percentage of Portfolio	92%
Wtd. Avg. First Dollar LTV Ratio (as percent)	1%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	77%
Concentration of Credit Risk | Multifamily Portfolio | Pass
Loans and Investments
Origination Year 2022	$ 278,255
Origination Year 2021	302,181
Origination Year 2020	5,935
Origination Year 2019	38,375
Origination Year Prior	20,300
Loans and investments	645,046
Concentration of Credit Risk | Multifamily Portfolio | Pass/Watch
Loans and Investments
Origination Year 2022	3,208,311
Origination Year 2021	4,006,812
Origination Year 2020	599,665
Origination Year 2019	279,891
Origination Year 2018	41,650
Loans and investments	8,136,329
Concentration of Credit Risk | Multifamily Portfolio | Special Mention
Loans and Investments
Origination Year 2022	1,132,268
Origination Year 2021	3,354,479
Origination Year 2020	197,450
Origination Year 2019	91,917
Origination Year 2018	64,000
Origination Year Prior	7,594
Loans and investments	4,847,708
Concentration of Credit Risk | Multifamily Portfolio | Substandard
Loans and Investments
Origination Year 2021	10,125
Origination Year 2020	52,350
Origination Year 2019	40,325
Loans and investments	102,800
Concentration of Credit Risk | Single-Family Rental
Loans and Investments
Origination Year 2022	342,611
Origination Year 2021	345,103
Origination Year 2020	153,901
Origination Year 2019	20,270
Loans and investments	$ 861,885
Percentage of Portfolio	6%
Wtd. Avg. First Dollar LTV Ratio (as percent)	0%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	63%
Concentration of Credit Risk | Single-Family Rental | Pass
Loans and Investments
Origination Year 2022	$ 1,133
Origination Year 2021	14,459
Origination Year 2020	8,886
Loans and investments	24,478
Concentration of Credit Risk | Single-Family Rental | Pass/Watch
Loans and Investments
Origination Year 2022	341,478
Origination Year 2021	325,308
Origination Year 2020	121,458
Origination Year 2019	20,270
Loans and investments	808,514
Concentration of Credit Risk | Single-Family Rental | Special Mention
Loans and Investments
Origination Year 2021	5,336
Origination Year 2020	23,557
Loans and investments	28,893
Concentration of Credit Risk | Land
Loans and Investments
Origination Year 2020	8,100
Origination Year Prior	127,928
Loans and investments	$ 136,028
Percentage of Portfolio	1%
Wtd. Avg. First Dollar LTV Ratio (as percent)	0%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	97%
Concentration of Credit Risk | Land | Special Mention
Loans and Investments
Origination Year 2020	$ 8,100
Loans and investments	8,100
Concentration of Credit Risk | Land | Substandard
Loans and Investments
Origination Year Prior	127,928
Loans and investments	127,928
Concentration of Credit Risk | Office
Loans and Investments
Origination Year 2020	35,410
Origination Year 2018	44,015
Loans and investments	$ 79,425
Percentage of Portfolio	1%
Wtd. Avg. First Dollar LTV Ratio (as percent)	0%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	87%
Concentration of Credit Risk | Office | Pass/Watch
Loans and Investments
Origination Year 2018	$ 44,015
Loans and investments	44,015
Concentration of Credit Risk | Office | Special Mention
Loans and Investments
Origination Year 2020	35,410
Loans and investments	35,410
Concentration of Credit Risk | Healthcare
Loans and Investments
Origination Year 2019	65,627
Loans and investments	$ 65,627
Wtd. Avg. First Dollar LTV Ratio (as percent)	0%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	77%
Concentration of Credit Risk | Healthcare | Maximum
Loans and Investments
Percentage of Portfolio	1%
Concentration of Credit Risk | Healthcare | Pass/Watch
Loans and Investments
Origination Year 2019	$ 14,558
Loans and investments	14,558
Concentration of Credit Risk | Healthcare | Special Mention
Loans and Investments
Origination Year 2019	51,069
Loans and investments	51,069
Concentration of Credit Risk | Student Housing
Loans and Investments
Origination Year 2021	25,700
Origination Year 2020	20,500
Loans and investments	$ 46,200
Wtd. Avg. First Dollar LTV Ratio (as percent)	33%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	76%
Concentration of Credit Risk | Student Housing | Maximum
Loans and Investments
Percentage of Portfolio	1%
Concentration of Credit Risk | Student Housing | Pass
Loans and Investments
Origination Year 2021	$ 25,700
Loans and investments	25,700
Concentration of Credit Risk | Student Housing | Substandard
Loans and Investments
Origination Year 2020	20,500
Loans and investments	20,500
Concentration of Credit Risk | Hotel Portfolio
Loans and Investments
Origination Year 2019	40,850
Loans and investments	$ 40,850
Wtd. Avg. First Dollar LTV Ratio (as percent)	0%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	70%
Concentration of Credit Risk | Hotel Portfolio | Maximum
Loans and Investments
Percentage of Portfolio	1%
Concentration of Credit Risk | Hotel Portfolio | Substandard
Loans and Investments
Origination Year 2019	$ 40,850
Loans and investments	40,850
Concentration of Credit Risk | Retail
Loans and Investments
Origination Year 2019	4,000
Origination Year 2018	18,600
Origination Year Prior	3,445
Loans and investments	$ 26,045
Wtd. Avg. First Dollar LTV Ratio (as percent)	12%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	71%
Concentration of Credit Risk | Retail | Maximum
Loans and Investments
Percentage of Portfolio	1%
Concentration of Credit Risk | Retail | Pass
Loans and Investments
Origination Year 2019	$ 4,000
Loans and investments	4,000
Concentration of Credit Risk | Retail | Substandard
Loans and Investments
Origination Year 2018	18,600
Origination Year Prior	3,445
Loans and investments	22,045
Concentration of Credit Risk | Other Property
Loans and Investments
Origination Year Prior	1,700
Loans and investments	$ 1,700
Wtd. Avg. First Dollar LTV Ratio (as percent)	63%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	63%
Concentration of Credit Risk | Other Property | Maximum
Loans and Investments
Percentage of Portfolio	1%
Concentration of Credit Risk | Other Property | Doubtful
Loans and Investments
Origination Year Prior	$ 1,700
Loans and investments	$ 1,700

Loans and Investments - Allowan

Loans and Investments - Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Allowance at beginning of period	$ 121,331	$ 138,447	$ 113,241	$ 148,329
Provision for credit losses (net of recoveries)	965	(6,913)	9,055	(16,795)
Allowance at end of period	122,296	131,534	122,296	131,534
Amount of loan loss recovery	1,500
Outstanding unfunded commitments on loans	1,250,000		1,250,000		$ 975,200
Accrued interest receivable related to loans	97,800		97,800		$ 58,300
Land
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Allowance at beginning of period	77,918	78,057	77,970	78,150
Provision for credit losses (net of recoveries)	(8)	(45)	(60)	(138)
Allowance at end of period	77,910	78,012	77,910	78,012
Multifamily Portfolio
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Allowance at beginning of period	27,958	30,160	18,707	36,468
Provision for credit losses (net of recoveries)	(675)	(2,093)	8,576	(8,401)
Allowance at end of period	27,283	28,067	27,283	28,067
Office
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Allowance at beginning of period	7,031	7,822	8,073	1,846
Provision for credit losses (net of recoveries)	306	(95)	(736)	5,881
Allowance at end of period	7,337	7,727	7,337	7,727
Retail
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Allowance at beginning of period	5,819	13,819	5,819	13,861
Provision for credit losses (net of recoveries)				(42)
Allowance at end of period	5,819	13,819	5,819	13,819
Student Housing
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Allowance at beginning of period	161	2,365	636	4,078
Provision for credit losses (net of recoveries)	14	(542)	(461)	(2,255)
Allowance at end of period	175	1,823	175	1,823
Hotel Portfolio
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Allowance at beginning of period	16	225	8	7,759
Provision for credit losses (net of recoveries)	2	(209)	10	(7,743)
Allowance at end of period	18	16	18	16
Healthcare
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Allowance at beginning of period	3	3,866	8	3,880
Provision for credit losses (net of recoveries)	1	(3,851)	(4)	(3,865)
Allowance at end of period	4	15	4	15
Other Property
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Allowance at beginning of period	2,425	2,133	2,020	2,287
Provision for credit losses (net of recoveries)	1,325	(78)	1,730	(232)
Allowance at end of period	$ 3,750	$ 2,055	$ 3,750	$ 2,055

Loans and Investments - Summary

Loans and Investments - Summary of impaired loans (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022 USD ($) item	Dec. 31, 2021 USD ($) item
Loans and Investments
UPB	$ 157,960	$ 159,940
Carrying Value	147,131	148,839
Allowance for Credit Losses	$ 85,386	$ 86,886
Wtd. Avg. First Dollar LTV Ratio	3	3
Wtd. Avg. Last Dollar LTV Ratio	96	95
Number of impaired loans (less unearned revenue and other holdbacks and adjustments) by asset class | item	7	8
Land
Loans and Investments
UPB	$ 134,215	$ 134,215
Carrying Value	127,868	127,868
Allowance for Credit Losses	$ 77,869	$ 77,869
Wtd. Avg. First Dollar LTV Ratio	0	0
Wtd. Avg. Last Dollar LTV Ratio	99	99
Retail
Loans and Investments
UPB	$ 22,045	$ 22,045
Carrying Value	17,563	17,291
Allowance for Credit Losses	$ 5,817	$ 5,817
Wtd. Avg. First Dollar LTV Ratio	14	14
Wtd. Avg. Last Dollar LTV Ratio	79	77
Office
Loans and Investments
UPB		$ 1,980
Carrying Value		1,980
Allowance for Credit Losses		$ 1,500
Wtd. Avg. First Dollar LTV Ratio		0
Wtd. Avg. Last Dollar LTV Ratio		51
Commercial
Loans and Investments
UPB	$ 1,700	$ 1,700
Carrying Value	1,700	1,700
Allowance for Credit Losses	$ 1,700	$ 1,700
Wtd. Avg. First Dollar LTV Ratio	63	63
Wtd. Avg. Last Dollar LTV Ratio	63	63

Loans and Investments - Non-per

Loans and Investments - Non-performing Loans (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022 USD ($) loan	Dec. 31, 2021 USD ($) loan
Non-performing loans by asset class
Number of loans for which no provision for loan loss made | loan	0	0
Number of loans | loan	742	580
Amortized cost of loans on nonaccrual status	$ 0	$ 0
UPB	157,960	159,940
Loans and investments	$ 14,989,643	$ 12,158,995
Non-performing loans
Non-performing loans by asset class
Number of loans | loan	4	3
Carrying value of loans	$ 19,100	$ 20,100
Loan loss reserves	5,100	2,600
UPB	25,645	24,120
Less Than 90 Days Past Due | Non-performing loans
Non-performing loans by asset class
Loans and investments	0	0
Greater than 90 Days Past Due | Non-performing loans
Non-performing loans by asset class
Loans and investments	25,645	24,120
Student Housing | Non-performing loans
Non-performing loans by asset class
UPB	20,500	21,500
Student Housing | Less Than 90 Days Past Due | Non-performing loans
Non-performing loans by asset class
Loans and investments	0	0
Student Housing | Greater than 90 Days Past Due | Non-performing loans
Non-performing loans by asset class
Loans and investments	20,500	21,500
Retail
Non-performing loans by asset class
UPB	22,045	22,045
Retail | Non-performing loans
Non-performing loans by asset class
UPB	3,445	920
Retail | Less Than 90 Days Past Due | Non-performing loans
Non-performing loans by asset class
Loans and investments	0	0
Retail | Greater than 90 Days Past Due | Non-performing loans
Non-performing loans by asset class
Loans and investments	3,445	920
Commercial
Non-performing loans by asset class
UPB	1,700	1,700
Commercial | Non-performing loans
Non-performing loans by asset class
UPB	1,700	1,700
Commercial | Less Than 90 Days Past Due | Non-performing loans
Non-performing loans by asset class
Loans and investments	0	0
Commercial | Greater than 90 Days Past Due | Non-performing loans
Non-performing loans by asset class
Loans and investments	$ 1,700	$ 1,700

Loans and Investments - Charge-

Loans and Investments - Charge-offs and Recoveries Narratives (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($) loan	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)	Sep. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Dec. 31, 2020 USD ($)
Loans and Investments
Allowance for credit losses	$ 122,296	$ 121,331	$ 113,241	$ 131,534	$ 138,447	$ 148,329
Loans Collateralized By Land Development Project [Member]
Loans and Investments
Allowance for credit losses	$ 71,400		$ 71,400
Six loans collateralized by a land development project
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
Loans and Investments
Number of loans with unpaid principal balance | loan	5
Unpaid principal balance on loans	$ 112,100
Weighted average accrual rate of interest (as a percent)	7.91%

Loans and Investments - Purchas

Loans and Investments - Purchased Credit Deterioration and Troubled Debt Restructurings (Details) $ in Thousands	1 Months Ended	3 Months Ended			9 Months Ended		12 Months Ended
	Jun. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) loan	Jun. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) loan item	Sep. 30, 2021 USD ($) item	Dec. 31, 2021 USD ($) loan	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Financing Receivable, Recorded Investment, Past Due [Line Items]
Purchase of loan					$ 5,418,113	$ 5,174,313
Allowance for credit losses	$ 138,447	$ 122,296	$ 121,331	$ 131,534	$ 122,296	$ 131,534	$ 113,241	$ 148,329
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 | item					2
Other loans modification | item					0	0
Interest reserve					$ 123,900		$ 87,400
Number of loans covered under interest reserve | loan		463			463		328
Aggregate UPB covered under interest reserve		$ 7,730,000			$ 7,730,000		$ 5,750,000
Impairment loss on sale of loans		14,360		16,334	32,526	$ 86,102
Hotel Portfolio
Financing Receivable, Recorded Investment, Past Due [Line Items]
Allowance for credit losses	$ 225	18	16	16	18	16	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%
Hotel Portfolio | Forbearance agreement | LIBOR
Financing Receivable, Recorded Investment, Past Due [Line Items]
Variable rate, spread (as a percent)									3%
LIBOR floor rate									1.50%
Retail
Financing Receivable, Recorded Investment, Past Due [Line Items]
Allowance for credit losses	$ 13,819	$ 5,819	5,819	$ 13,819	5,819	$ 13,819	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]
Number of loans sold | loan		4
Unpaid principal balance on loans		$ 296,900			296,900
Impairment loss on sale of loans		2,000
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%
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%
Bridge loan and mezzanine loan
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loan discount			102,200
Total mortgage loans and mezzanine loan sold			110,500
Capital investment used to be future			66,300
Fees and expenses			9,200
Additional potential loan recover			$ 2,800
Greater than 90 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans past due 90 days or more still accruing interest		$ 0			$ 0		$ 0

Loans Held-for-Sale, Net (Detai

Loans Held-for-Sale, Net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Loans Held-for-Sale, Net
Loans held-for-sale	$ 552,306		$ 552,306		$ 1,077,239
Fair value of future MSR	7,411		7,411		19,318
Unrealized impairment loss	(12,163)		(12,163)
Unearned discount	(3,678)		(3,678)		(2,948)
Loans held-for-sale, net	543,876		543,876		1,093,609
Sale of loans held-for-sale excluding acquired loans	1,080,000	$ 1,010,000	3,700,000	$ 4,330,000
Amount of securitizations	43,400	$ 38,200	43,400	38,200
Unrealized impairment loss recorded	7,800		12,200
Amortized cost of loans on nonaccrual status	0		0		0
Greater than 90 Days Past Due
Loans Held-for-Sale, Net
Past Due	0		$ 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	201,325		$ 201,325		392,876
Freddie Mac
Loans Held-for-Sale, Net
Loans held-for-sale	160,718		$ 160,718		112,561
Private Label
Loans Held-for-Sale, Net
Period of loans held for sale sold			180 days
Loans held-for-sale, net	127,106		$ 127,106		507,918
Sale of loans held-for-sale excluding acquired loans			489,300	$ 449,900
FHA
Loans Held-for-Sale, Net
Loans held-for-sale	54,395		54,395		54,532
SFR - Fixed Rate
Loans Held-for-Sale, Net
Loans held-for-sale, net	$ 8,762		$ 8,762		$ 9,352

Capitalized Mortgage Servicin_3

Capitalized Mortgage Servicing Rights (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Capitalized Mortgage Servicing Rights
Beginning balance			$ 422,734
Ending balance	$ 403,886		403,886		$ 422,734
MSRs
Capitalized Mortgage Servicing Rights
Beginning balance	411,534	$ 418,653	422,734	$ 379,974	379,974
Additions	18,907	22,387	63,002	99,397
Amortization	(14,782)	(14,872)	(44,532)	(43,744)
Write-downs and payoffs	(11,773)	(8,885)	(37,318)	(18,344)
Ending balance	403,886	417,283	403,886	417,283	422,734
Prepayment fees collected	11,200	11,200	42,600	18,100
Valuation allowance	0		0		$ 0
Expected amortization of capitalized MSRs balances
2022 (three months ending 12/31/2022)	14,858		14,858
2023	58,242		58,242
2024	56,127		56,127
2025	53,426		53,426
2026	49,876		49,876
2027	44,116		44,116
Thereafter	127,241		127,241
Total	403,886		$ 403,886
MSRs | Minimum
Capitalized Mortgage Servicing Rights
Percentage of MSRs discount rate			8%
MSRs | Maximum
Capitalized Mortgage Servicing Rights
Percentage of MSRs discount rate			13%
MSRs | Weighted average
Capitalized Mortgage Servicing Rights
Percentage of MSRs discount rate			12%
Estimated life remaining			8 years 10 months 24 days		8 years 6 months
Originated
Capitalized Mortgage Servicing Rights
Beginning balance	391,397	383,063	$ 395,573	336,466	$ 336,466
Additions	18,907	22,387	63,002	99,397
Amortization	(13,355)	(12,345)	(39,348)	(35,221)
Write-downs and payoffs	(9,957)	(7,420)	(32,235)	(14,957)
Ending balance	386,992	385,685	386,992	385,685	395,573
Acquired
Capitalized Mortgage Servicing Rights
Beginning balance	20,137	35,590	27,161	43,508	43,508
Amortization	(1,427)	(2,527)	(5,184)	(8,523)
Write-downs and payoffs	(1,816)	(1,465)	(5,083)	(3,387)
Ending balance	$ 16,894	$ 31,598	$ 16,894	$ 31,598	$ 27,161

Mortgage Servicing (Details)

Mortgage Servicing (Details) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) state	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($) state
Mortgage Servicing
Interest earned on total escrows	$ 7,400	$ 1,000	$ 10,100	$ 3,200
Fee-based servicing portfolio
Mortgage Servicing
Escrow Deposit	1,880,000		1,880,000		$ 1,400,000
MSRs
Mortgage Servicing
Unpaid principal balance of loans serviced	27,065,127		$ 27,065,127		$ 26,959,389
Weighted average servicing fee (as a percent)			0.424%		0.449%
MSRs | Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total			100%		100%
Escrow Deposit	666,600		$ 666,600		$ 682,500
Texas | MSRs | Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total			11%		12%
New York | MSRs | Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total			11%		11%
North Carolina | MSRs | Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total			8%		9%
California | MSRs | Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total			8%		8%
Florida | MSRs | Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total			44%		6%
Georgia | MSRs | Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total			6%		6%
New Jersey | MSRs | Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total			6%		6%
Other States | MSRs | Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total			100%		42%
Number of states accounted for more than 4% of UPB and related servicing revenues | state			0		0
Fannie Mae | MSRs
Mortgage Servicing
Unpaid principal balance of loans serviced	18,331,457		$ 18,331,457		$ 19,127,397
Fannie Mae | MSRs | Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total			68%		71%
Freddie Mac | MSRs
Mortgage Servicing
Unpaid principal balance of loans serviced	4,979,612		$ 4,979,612		$ 4,943,905
Freddie Mac | MSRs | Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total			18%		18%
Bridge | MSRs
Mortgage Servicing
Unpaid principal balance of loans serviced	299,696		$ 299,696
Bridge | MSRs | Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total			1%
Private Label | MSRs
Mortgage Servicing
Unpaid principal balance of loans serviced	2,075,791		$ 2,075,791		$ 1,711,326
Private Label | MSRs | Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total			8%		6%
FHA | MSRs
Mortgage Servicing
Unpaid principal balance of loans serviced	1,136,684		$ 1,136,684		$ 985,063
FHA | MSRs | Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total			4%		4%
SFR - Fixed Rate. | MSRs
Mortgage Servicing
Unpaid principal balance of loans serviced	$ 241,887		$ 241,887		$ 191,698
SFR - Fixed Rate. | MSRs | Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total			1%		1%

Securities Held-to-Maturity (De

Securities Held-to-Maturity (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2022 USD ($) item	Dec. 31, 2021 USD ($)	Jun. 30, 2022 USD ($)
Held-to-Maturity
Face Value	$ 236,712,000	$ 210,728,000
Net Carrying Value	157,818,000	140,484,000
Unrealized Gain		9,427,000
Unrealized Loss	(7,791,000)
Estimated Fair Value	150,027,000	149,911,000
Allowance for Credit Losses	2,090,000	1,753,000	$ 2,022,000
B Piece bonds
Held-to-Maturity
Face Value	43,921,000	61,360,000
Net Carrying Value	34,527,000	47,615,000
Unrealized Gain	1,995,000	4,420,000
Estimated Fair Value	36,522,000	52,035,000
Allowance for Credit Losses	$ 287,000	$ 331,000	266,000
Seven B Piece Bonds | Held-to-Maturity Securities
Held-to-Maturity
Bonds retained percentage	49%
Number of B Piece bonds | item	7
Discounted value of bonds purchased	$ 74,700,000
Remaining of B Piece bond sold to the third party at par	51%
Estimated weighted average remaining maturity period	6 years
Initial face value of bonds purchased	$ 106,200,000
Agency B Piece Bonds
Held-to-Maturity
Weighted average variable interest rate (as a percent)		11.32%
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)	11.92%
Held-to-maturity securities, estimated fiscal year
Within one year	$ 7,500,000
After one year through five years	19,800,000
After five years through ten years	800,000
After ten years	15,800,000
APL certificates
Held-to-Maturity
Face Value	192,791,000	$ 149,368,000
Net Carrying Value	123,291,000	92,869,000
Unrealized Gain		5,007,000
Unrealized Loss	(9,786,000)
Estimated Fair Value	113,505,000	97,876,000
Allowance for Credit Losses	1,803,000	$ 1,422,000	$ 1,756,000
APL certificates | Held-to-Maturity Securities
Held-to-Maturity
Face Value	$ 192,800,000
Weighted average variable interest rate (as a percent)	3.94%
Estimated weighted average remaining maturity period	7 years 9 months 10 days
Amount purchased at a discount	$ 119,000,000
Weighted average fixed interest rate	8.85%	9.11%
Held-to-maturity securities, estimated fiscal year
After one year through five years	$ 6,800,000
After five years through ten years	$ 186,000,000
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	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Changes in the allowance for credit losses
Allowance for credit loss, Beginning balance	$ 2,022		$ 1,753
Provision for credit loss expense/(reversal)	68		337
Allowance for credit loss, Ending balance	2,090		2,090
Impairment of held-to maturity securities			0
Held-to-Maturity Securities
Changes in the allowance for credit losses
Interest income (including the amortization of discount)	3,700	$ 3,400	13,900	$ 9,400
APL certificates
Changes in the allowance for credit losses
Allowance for credit loss, Beginning balance	1,756		1,422
Provision for credit loss expense/(reversal)	47		381
Allowance for credit loss, Ending balance	1,803		1,803
B Piece bonds
Changes in the allowance for credit losses
Allowance for credit loss, Beginning balance	266		331
Provision for credit loss expense/(reversal)	21		(44)
Allowance for credit loss, Ending balance	$ 287		$ 287

Investments in Equity Affilia_3

Investments in Equity Affiliates - Summary (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Investment in Equity Affiliates
Investment in Equity Affiliates	$ 84,047	$ 89,676
UPB of Loans to Equity Affiliates	1,688
Arbor Residential Investor LLC
Investment in Equity Affiliates
Investment in Equity Affiliates	49,937	65,756
AMAC Holdings III LLC
Investment in Equity Affiliates
Investment in Equity Affiliates	16,389	13,772
Fifth Wall Ventures
Investment in Equity Affiliates
Investment in Equity Affiliates	12,505	5,409
North Vermont Avenue
Investment in Equity Affiliates
Investment in Equity Affiliates	2,446	2,419
Lightstone Value Plus REIT L.P.
Investment in Equity Affiliates
Investment in Equity Affiliates	1,895	1,895
Docsumo Pte. Ltd.
Investment in Equity Affiliates
Investment in Equity Affiliates	450
JT Prime
Investment in Equity Affiliates
Investment in Equity Affiliates	425	$ 425
West Shore Cafe
Investment in Equity Affiliates
UPB of Loans to Equity Affiliates	$ 1,688

Investments in Equity Affilia_4

Investments in Equity Affiliates - All Investments (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Jan. 31, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Mar. 31, 2022
Investment in Equity Affiliates
Income from equity affiliates		$ 4,748	$ 5,086	$ 18,507	$ 32,095
Distribution received		5,000		$ 11,000
Indirect ownership percentage				9.20%
Amount of provision for credit losses		965	(6,913)	$ 9,055	(16,795)
Equity investment distributions		5,000		11,000
Arbor Residential Investor LLC
Investment in Equity Affiliates
Income from equity affiliates		300	5,400	6,400	32,700
Distribution received		7,300	4,700	22,300	23,400
Indirect ownership percentage	12.30%
Equity investment distributions		7,300	4,700	22,300	23,400
AMAC Holdings III LLC
Investment in Equity Affiliates
Noncontrolling interest				4,900
Equity investment made				4,900
Loss on investment		700	400	1,800	900
Distribution from investment classified as return capital		200	$ 1,700	400	$ 1,700
Fifth Wall Ventures
Investment in Equity Affiliates
Noncontrolling interest				8,700
Equity investment made				8,700
Distribution from investment classified as return capital		700		1,600
Docsumo Pte. Ltd.
Investment in Equity Affiliates
Noncontrolling interest				500
Equity investment made				$ 500
Lexford Portfolio | Bridge loans | Maturity date of June 2021
Investment in Equity Affiliates
Distribution received		11,000
Equity investment distributions		$ 11,000
Equity Participation Interest
Investment in Equity Affiliates
Proceeds from sale						$ 2,600

Debt Obligations - Credit and R

Debt Obligations - Credit and Repurchase Facilities (Details) - USD ($) $ in Thousands		1 Months Ended							9 Months Ended
	Apr. 01, 2022	Sep. 30, 2022	Jul. 31, 2022	Jun. 30, 2022	Apr. 30, 2022	Mar. 31, 2022	Jan. 31, 2022	Oct. 31, 2021	Sep. 30, 2022	Dec. 31, 2021
Debt Obligations
Collateral Carrying Value		$ 5,947,501							$ 5,947,501	$ 5,585,460
Maximum borrowing capacity						$ 200,000
Carrying amount of equity component		$ 100,000							$ 100,000
Utilization of credit facility						$ 50,000		$ 67,000
Extension of maturity date (in years)						1 year	1 year
Weighted Average Note Rate (as a percent)		5.27%							5.27%
Debt Carrying Value		$ 4,633,132							$ 4,633,132	4,481,579
$325M repurchase facility
Debt Obligations
Total committed amount	$ 450,000					$ 325,000
$30M working capital facility
Debt Obligations
Weighted average note rate including certain fees and costs (as a percent)					3%
Total committed amount					$ 35,000	$ 30,000
Repurchase facility - securities (4) | B Piece bonds
Debt Obligations
Collateral Carrying Value		34,500							34,500	47,600
$35M working capital facility
Debt Obligations
Maximum borrowing capacity		35,000							35,000	35,000
$200 million repurchase facility. | SOFR
Debt Obligations
Decrease in interest rate (as a percent)						2.55%
Joint Repurchase Facility
Debt Obligations
Additional borrowing capacity		150,000							$ 150,000
Advance rate (as a percent)									80%
Joint Repurchase Facility | LIBOR
Debt Obligations
Variable rate, spread (as a percent)									7%
Joint Repurchase Facility | Minimum
Debt Obligations
Maximum borrowing capacity		2,500,000							$ 2,500,000
Joint Repurchase Facility | Maximum
Debt Obligations
Maximum borrowing capacity		3,000,000							3,000,000
Structured Transaction Business
Debt Obligations
Collateral Carrying Value		5,408,679							5,408,679	4,548,653
Unamortized deferred finance costs		$ 9,200							$ 9,200	$ 7,700
Weighted average note rate including certain fees and costs (as a percent)		5.66%							5.66%	2.51%
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%							77%	77%
Weighted Average Note Rate (as a percent)		5.36%							5.36%
Debt Carrying Value		$ 4,121,619							$ 4,121,619	$ 3,525,307
Maximum advance rate							80
Maximum advance rate, threshold percentage of Principal balance (as a percent)						75
Maximum advance rate, threshold percentage of Project cost (as a percent)						60
Maximum advance rate, threshold percentage of Underlying Property Value (as a percent)						60
Structured Transaction Business | Minimum | SOFR
Debt Obligations
Variable rate, spread (as a percent)							1.75%
Structured Transaction Business | Maximum | SOFR
Debt Obligations
Variable rate, spread (as a percent)							3.50%
Structured Transaction Business | $2.5B joint repurchase facility (2)
Debt Obligations
Collateral Carrying Value		2,353,627							2,353,627	1,877,930
Maximum borrowing capacity		$ 2,500,000							$ 2,500,000	2,500,000
Weighted Average Note Rate (as a percent)		5.60%							5.60%
Debt Carrying Value		$ 1,826,527							$ 1,826,527	1,486,380
Structured Transaction Business | $1B repurchase facility
Debt Obligations
Collateral Carrying Value		982,702							982,702	937,880
Maximum borrowing capacity		$ 1,000,000							$ 1,000,000	1,000,000
Weighted Average Note Rate (as a percent)		5.13%							5.13%
Debt Carrying Value		$ 708,834							$ 708,834	675,415
Structured Transaction Business | $500M repurchase facility
Debt Obligations
Collateral Carrying Value		131,723							131,723
Maximum borrowing capacity		$ 500,000							$ 500,000	500,000
Expiration period after the lender provides written notice									6 months
Additional period to repurchase the underlying loans									6 months
Weighted Average Note Rate (as a percent)		5.82%							5.82%
Debt Carrying Value		$ 108,373							$ 108,373
Structured Transaction Business | $450M repurchase facility.
Debt Obligations
Collateral Carrying Value		455,727							455,727	511,269
Maximum borrowing capacity		$ 450,000							$ 450,000	450,000
Weighted Average Note Rate (as a percent)		5.08%							5.08%
Debt Carrying Value		$ 349,278							$ 349,278	397,272
Structured Transaction Business | $450M repurchase facility
Debt Obligations
Collateral Carrying Value		323,188							323,188	385,337
Maximum borrowing capacity		$ 450,000							$ 450,000	450,000
Weighted Average Note Rate (as a percent)		4.92%							4.92%
Debt Carrying Value		$ 250,358							$ 250,358	293,700
Structured Transaction Business | $400 million credit facility
Debt Obligations
Collateral Carrying Value		82,500							82,500	236,538
Maximum borrowing capacity		$ 400,000							$ 400,000	400,000
Weighted Average Note Rate (as a percent)		4.66%							4.66%
Debt Carrying Value		$ 64,391							$ 64,391	177,406
Structured Transaction Business | 399 M repurchase facility (2)
Debt Obligations
Collateral Carrying Value		465,188							465,188	289,956
Maximum borrowing capacity		$ 399,000							$ 399,000	399,000
Weighted Average Note Rate (as a percent)		5.30%							5.30%
Debt Carrying Value		$ 345,154							$ 345,154	241,450
Structured Transaction Business | $225M credit facility
Debt Obligations
Collateral Carrying Value		108,881							108,881	42,270
Maximum borrowing capacity		$ 225,000							$ 225,000	225,000
Weighted Average Note Rate (as a percent)		5.58%							5.58%
Debt Carrying Value		$ 68,352							$ 68,352	27,826
Structured Transaction Business | $50M credit facility
Debt Obligations
Collateral Carrying Value		36,500							36,500	36,500
Maximum borrowing capacity		$ 50,000							$ 50,000	50,000
Weighted Average Note Rate (as a percent)		5.21%							5.21%
Debt Carrying Value		$ 29,190							$ 29,190	29,194
Structured Transaction Business | $25M credit facility
Debt Obligations
Collateral Carrying Value		7,745							7,745	1,900
Maximum borrowing capacity		$ 25,000							$ 25,000	25,000
Weighted Average Note Rate (as a percent)		5.72%							5.72%
Debt Carrying Value		$ 6,159							$ 6,159	1,235
Structured Transaction Business | $25M credit facility.
Debt Obligations
Collateral Carrying Value										14,773
Debt Carrying Value										10,218
Structured Transaction Business | $1M master security agreement
Debt Obligations
Weighted Average Note Rate (as a percent)		4.01%							4.01%
Debt Carrying Value		$ 161							$ 161	635
Structured Transaction Business | Repurchase facility - securities (4)
Debt Obligations
Weighted Average Note Rate (as a percent)		5.74%							5.74%
Debt Carrying Value		$ 24,365							$ 24,365	30,849
Structured Transaction Business | $140M loan specific credit facilities
Debt Obligations
Collateral Carrying Value		198,700							198,700	214,300
Maximum borrowing capacity		$ 140,000							$ 140,000	140,000
Weighted Average Note Rate (as a percent)		3.57%							3.57%
Debt Carrying Value		$ 139,641							$ 139,641	153,727
Structured Transaction Business | $35M working capital facility
Debt Obligations
Maximum borrowing capacity		35,000							35,000	35,000
Structured Transaction Business | $200 million repurchase facility.
Debt Obligations
Collateral Carrying Value		33,157							33,157
Maximum borrowing capacity		$ 200,000							$ 200,000	200,000
Weighted Average Note Rate (as a percent)		5.61%							5.61%
Debt Carrying Value		$ 21,365							$ 21,365
Structured Transaction Business | $150 million repurchase facility
Debt Obligations
Maximum borrowing capacity							$ 150,000
Structured Transaction Business | $200 million repurchase facility
Debt Obligations
Collateral Carrying Value		$ 229,041							$ 229,041
Weighted Average Note Rate (as a percent)		5.05%							5.05%
Debt Carrying Value		$ 179,471							$ 179,471
Structured Transaction Business | $200.0 million credit facility
Debt Obligations
Total committed amount			$ 200,000
Variable rate, spread (as a percent)			1.86%
Additional borrowing capacity			$ 400,000
Structured Transaction Business | $24.4 million credit facility
Debt Obligations
Total committed amount		$ 24,400
Variable rate, spread (as a percent)		1.91%
Structured Transaction Business | $42.7 million credit facility
Debt Obligations
Total committed amount		$ 42,700
Variable rate, spread (as a percent)		2.20%
Structured Transaction Business | $50.0 million credit facility
Debt Obligations
Total committed amount			$ 50,000
Variable rate, spread (as a percent)			2.10%
Structured Transaction Business | $500.0 million credit facility
Debt Obligations
Total committed amount				$ 500,000
Variable rate, spread (as a percent)				2.76%
Maximum advance rate				82.5
Agency Business
Debt Obligations
Collateral Carrying Value		$ 538,822							538,822	1,036,807
Unamortized deferred finance costs		$ 600							$ 600	4,400
Weighted Average Note Rate (as a percent)		4.52%							4.52%
Debt Carrying Value		$ 511,513							$ 511,513	956,272
Agency Business | $500M repurchase facility
Debt Obligations
Collateral Carrying Value		132,219							132,219	236,527
Maximum borrowing capacity		$ 500,000							$ 500,000	500,000
Weighted Average Note Rate (as a percent)		4.52%							4.52%
Debt Carrying Value		$ 132,201							$ 132,201	236,429
Agency Business | $200M credit facility
Debt Obligations
Collateral Carrying Value		111,431							111,431	115,351
Maximum borrowing capacity		$ 200,000							$ 200,000	200,000
Weighted Average Note Rate (as a percent)		4.44%							4.44%
Debt Carrying Value		$ 111,335							$ 111,335	115,304
Agency Business | $50M credit facility
Debt Obligations
Collateral Carrying Value		22,621							22,621	9,295
Maximum borrowing capacity		$ 50,000							$ 50,000	50,000
Weighted Average Note Rate (as a percent)		4.44%							4.44%
Debt Carrying Value		$ 22,621							$ 22,621	9,295
Agency Business | $750M ASAP agreement
Debt Obligations
Collateral Carrying Value		46,505							46,505	182,140
Maximum borrowing capacity		$ 750,000							$ 750,000	750,000
Weighted Average Note Rate (as a percent)		3.61%							3.61%
Debt Carrying Value		$ 46,210							$ 46,210	182,130
Agency Business | $500M joint repurchase facility
Debt Obligations
Collateral Carrying Value		121,452							121,452	475,360
Maximum borrowing capacity		$ 500,000							$ 500,000	500,000
Weighted Average Note Rate (as a percent)		5.14%							5.14%
Debt Carrying Value		$ 94,975							$ 94,975	395,317
Agency Business | $150M credit facility
Debt Obligations
Collateral Carrying Value		103,662							103,662	16,657
Maximum borrowing capacity		$ 150,000							$ 150,000	150,000
Weighted Average Note Rate (as a percent)		4.44%							4.44%
Debt Carrying Value		$ 103,549							$ 103,549	16,544
Agency Business | $1M repurchase facility (2)
Debt Obligations
Collateral Carrying Value		932							932	1,477
Maximum borrowing capacity		$ 1,000							$ 1,000
Weighted Average Note Rate (as a percent)		5.32%							5.32%
Debt Carrying Value		$ 622							$ 622	$ 1,253

Debt Obligations - Collateraliz

Debt Obligations - Collateralized Loan Obligations (Details) $ in Thousands	1 Months Ended		9 Months Ended		12 Months Ended
	May 31, 2022 USD ($) subsidiary tranche	Feb. 28, 2022 USD ($) tranche	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Debt Obligations
Proceeds from issuance of collateralized loan obligations			$ 2,525,624	$ 2,567,387
Debt, Carrying Value			$ 7,971,996		$ 5,892,810
Weighted average rate (as a percent)			5.27%
Payoffs and paydowns of collateralized loan obligations			$ 441,000	$ 356,150
Credit and repurchase facilities, Principal/Notional Amount			4,642,911		4,493,699
Collateralized loan obligations
Debt Obligations
Debt, Face Value (UPB)			8,009,329		5,924,705
Debt, Carrying Value			$ 7,971,996		$ 5,892,810
Weighted average rate (as a percent)			4.79%		1.59%
Collateral Loans, Unpaid Principal			$ 8,826,621		$ 6,645,088
Collateral Loans, Carrying Value			8,789,844		6,616,810
Cash, Restricted Cash			627,628		329,496
Deferred financing fees			37,300		31,900
Replacement period		2 years 6 months
Proceeds from issuance of collateralized loan obligations for acquiring additional loan obligations			$ 274,300		$ 133,700
Weighted average note rate including certain fees and costs (as a percent)			4.99%		1.86%
Collateral at risk			$ 0		$ 0
CLO 19
Debt Obligations
Number of tranches of CLO notes issued | tranche	9
Number of newly-formed wholly-owned subsidiaries | subsidiary	1
Value of the tranches issued	$ 1,050,000
Debt, Face Value (UPB)	$ 872,800		872,812
Debt, Carrying Value			$ 866,167
Weighted average rate (as a percent)			5.41%
Collateral Loans, Unpaid Principal			$ 1,011,208
Collateral Loans, Carrying Value			1,005,469
Replacement period	2 years
Proceeds from issuance of collateralized loan obligations for acquiring additional loan obligations	$ 73,100
Maximum period to acquire additional loan obligations	180 days
Weighted average note rate including certain fees and costs (as a percent)	2.36%
Value of portfolio loans as collateral	$ 976,900
Face value of loan obligations will be owned by the issuer	$ 1,050,000
Leverage (as a percent)	83%
Credit and repurchase facilities, Principal/Notional Amount	$ 177,200
CLO 18
Debt Obligations
Number of tranches of CLO notes issued | tranche		8
Number of newly-formed wholly-owned subsidiaries | tranche		2
Value of the tranches issued		$ 1,860,000
Debt, Face Value (UPB)		1,650,000	1,652,812
Debt, Carrying Value		210,100	$ 1,645,166
Weighted average rate (as a percent)			4.85%
Collateral Loans, Unpaid Principal			$ 1,955,828
Collateral Loans, Carrying Value			1,946,621
Cash, Restricted Cash			5,820
Proceeds from issuance of collateralized loan obligations for acquiring additional loan obligations		$ 347,300
Maximum period to acquire additional loan obligations		180 days
Notional amount of residual interest retained		$ 397,200
Value of portfolio loans as collateral		1,700,000
Face value of loan obligations will be owned by the issuer		$ 2,050,000
Leverage (as a percent)		81%
CLO 18 | One-month LIBOR
Debt Obligations
Weighted average note rate including certain fees and costs (as a percent)		1.81%
CLO 18 | Below investment grade
Debt Obligations
Notional amount of residual interest retained		$ 210,100
CLO 17
Debt Obligations
Debt, Face Value (UPB)			1,714,125		1,714,125
Debt, Carrying Value			$ 1,707,143		$ 1,705,549
Weighted average rate (as a percent)			4.89%		1.81%
Collateral Loans, Unpaid Principal			$ 1,965,875		$ 1,914,280
Collateral Loans, Carrying Value			1,957,961		1,903,997
Cash, Restricted Cash			79,316		118,520
CLO 16
Debt Obligations
Debt, Face Value (UPB)			1,237,500		1,237,500
Debt, Carrying Value			$ 1,231,414		$ 1,230,093
Weighted average rate (as a percent)			4.52%		1.44%
Collateral Loans, Unpaid Principal			$ 1,380,996		$ 1,444,573
Collateral Loans, Carrying Value			1,375,305		1,436,743
Cash, Restricted Cash			73,793
CLO 15
Debt Obligations
Debt, Face Value (UPB)			674,412		674,412
Debt, Carrying Value			$ 671,073		$ 669,723
Weighted average rate (as a percent)			4.58%		1.49%
Collateral Loans, Unpaid Principal			$ 705,978		$ 785,761
Collateral Loans, Carrying Value			703,432		782,682
Cash, Restricted Cash			98,361		15,750
CLO 14
Debt Obligations
Debt, Face Value (UPB)			655,475		655,475
Debt, Carrying Value			$ 652,194		$ 650,947
Weighted average rate (as a percent)			4.53%		1.45%
Collateral Loans, Unpaid Principal			$ 726,999		$ 717,396
Collateral Loans, Carrying Value			724,512		715,154
Cash, Restricted Cash			39,129		53,342
CLO 13
Debt Obligations
Debt, Face Value (UPB)			668,000		668,000
Debt, Carrying Value			$ 665,924		$ 665,006
Weighted average rate (as a percent)			4.62%		1.54%
Collateral Loans, Unpaid Principal			$ 577,034		$ 740,369
Collateral Loans, Carrying Value			575,568		738,265
Cash, Restricted Cash			214,042		48,543
CLO 12
Debt Obligations
Debt, Face Value (UPB)			534,193		534,193
Debt, Carrying Value			$ 532,915		$ 531,939
Weighted average rate (as a percent)			4.70%		1.62%
Collateral Loans, Unpaid Principal			$ 502,703		$ 557,249
Collateral Loans, Carrying Value			500,976		555,974
Cash, Restricted Cash			$ 117,167		35,635
CLO 10
Debt Obligations
Debt, Face Value (UPB)					441,000
Debt, Carrying Value					$ 439,553
Weighted average rate (as a percent)					1.57%
Collateral Loans, Unpaid Principal					$ 485,460
Collateral Loans, Carrying Value					483,995
Cash, Restricted Cash					$ 57,706
Payoffs and paydowns of collateralized loan obligations		441,000
Deferred fees expensed as interest expense		$ 1,400

Debt Obligations - Senior Unsec

Debt Obligations - Senior Unsecured Notes (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021	Oct. 31, 2021
Debt Obligations
Redemption of aggregate principal amount (as a percent)	100%
Senior notes carrying value	$ 1,283,527	$ 1,280,545
5.00% Convertible notes
Debt Obligations
Debt, Face Value (UPB)	$ 180,000	180,000
Interest rate (as a percent)	5%
4.50% Convertible Notes
Debt Obligations
Debt, Face Value (UPB)	$ 270,000	270,000
Interest rate (as a percent)	4.50%
5.00% Convertible Notes
Debt Obligations
Debt, Face Value (UPB)	$ 175,000	175,000
Interest rate (as a percent)	5%
5.625% Notes
Debt Obligations
Debt, Face Value (UPB)	$ 125,000	125,000
Interest rate (as a percent)	5.625%		5.625%
4.75% Notes
Debt Obligations
Debt, Face Value (UPB)	$ 110,000	110,000
Interest rate (as a percent)	4.75%
5.75% Convertible Notes
Debt Obligations
Debt, Face Value (UPB)	$ 90,000	90,000
Interest rate (as a percent)	5.75%
Senior Notes
Debt Obligations
Debt, Face Value (UPB)	$ 1,295,750	1,295,750
8.00% Convertible Notes
Debt Obligations
Debt, Face Value (UPB)	$ 70,750	$ 70,750
Interest rate (as a percent)	8%

Debt Obligations - Senior Uns_2

Debt Obligations - Senior Unsecured Notes, Summary (Details) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended
	Oct. 31, 2021	Sep. 30, 2022	Dec. 31, 2021
Debt Obligations
Weighted average rate (as a percent)		5.27%
Redemption of aggregate principal amount (as a percent)		100%
Senior Notes
Debt Obligations
Debt, Face Value (UPB)		$ 1,295,750	$ 1,295,750
Carrying value		$ 1,283,527	$ 1,280,545
Weighted average rate (as a percent)		5.05%	5.05%
Deferred financing fees		$ 12,200	$ 15,200
Weighted average note rate including certain fees and costs (as a percent)		5.34%	5.34%
5.00% Convertible notes
Debt Obligations
Debt, Face Value (UPB)		$ 180,000	$ 180,000
Carrying value		$ 177,344	$ 177,105
Weighted average rate (as a percent)		5%	5%
Interest rate (as a percent)		5%
5.00% Convertible Notes
Debt Obligations
Debt, Face Value (UPB)		$ 175,000	$ 175,000
Carrying value		$ 172,761	$ 172,302
Weighted average rate (as a percent)		5%	5%
Interest rate (as a percent)		5%
8.00% Convertible Notes
Debt Obligations
Debt, Face Value (UPB)		$ 70,750	$ 70,750
Carrying value		$ 70,510	$ 70,202
Weighted average rate (as a percent)		8%	8%
Interest rate (as a percent)		8%
4.50% Convertible Notes
Debt Obligations
Debt, Face Value (UPB)		$ 270,000	$ 270,000
Carrying value		$ 266,718	$ 266,090
Weighted average rate (as a percent)		4.50%	4.50%
Interest rate (as a percent)		4.50%
4.50% Senior Unsecured Notes
Debt Obligations
Debt, Face Value (UPB)		$ 275,000	$ 275,000
Carrying value		$ 272,839	$ 272,477
Weighted average rate (as a percent)		4.50%	4.50%
4.75% Notes
Debt Obligations
Debt, Face Value (UPB)		$ 110,000	$ 110,000
Carrying value		$ 109,281	$ 109,018
Weighted average rate (as a percent)		4.75%	4.75%
Interest rate (as a percent)		4.75%
8.50% Notes
Debt Obligations
Carrying value	$ 150,000
Interest rate (as a percent)	8.50%
Proceeds from issuance of unsecured notes	$ 147,500
5.75% Convertible Notes
Debt Obligations
Debt, Face Value (UPB)		$ 90,000	$ 90,000
Carrying value		$ 89,417	$ 89,135
Weighted average rate (as a percent)		5.75%	5.75%
Interest rate (as a percent)		5.75%
5.625% Notes
Debt Obligations
Debt, Face Value (UPB)		$ 125,000	$ 125,000
Carrying value		$ 124,657	$ 124,216
Weighted average rate (as a percent)		5.63%	5.63%
Interest rate (as a percent)	5.625%	5.625%
Amount utilized to repurchase a portion of unsecured notes	$ 47,500

Debt Obligations - Convertible

Debt Obligations - Convertible Senior Unsecured Notes (Details)	1 Months Ended		3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022 USD ($) $ / shares	Aug. 31, 2022 USD ($) $ / shares	Sep. 30, 2022 USD ($) $ / shares	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) $ / shares	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)	Oct. 31, 2021
Debt Obligations
Accrued interest and repurchase premiums		$ 5,200,000
Notes settled with cash						$ 14,300,000
Loss on extinguishment of debt			$ (3,262,000)		$ (4,612,000)	(1,370,000)
Total	$ 14,455,934,000		14,455,934,000		14,455,934,000
Convertible Senior Unsecured Notes
Debt Obligations
Junior subordinated notes	353,608,000		353,608,000		$ 353,608,000		$ 264,000,000
Percentage of the Notes required to be repurchased if the agreement is fundamentally changed					100%
Unamortized Debt Discount							2,520,000
Unamortized Deferred Financing Fees	7,568,000		7,568,000		$ 7,568,000		2,095,000
Total	$ 346,040,000		346,040,000		346,040,000		259,385,000
Net Carrying Value, Equity Component							$ 8,684,000
Interest expense			5,800,000	$ 4,500,000	13,400,000	14,100,000
Interest expense related to cash coupon			5,000,000	3,100,000	11,300,000	9,700,000
Debt discount				800,000	$ 2,100,000	2,000,000
Deferred fees expensed as interest expense			$ 800,000	$ 600,000		$ 2,400,000
Cost of the notes (as a percent)	7.92%		7.92%		7.92%		6.71%
Cost of the notes excluding the amortization of the debt discount (as a percent)							5.73%
7.50% convertible notes
Debt Obligations
Junior subordinated notes		$ 287,500,000
Interest rate (as a percent)	7.50%	7.50%	7.50%		7.50%
Proceeds received, net of estimated issuance costs		$ 279,300,000
Conversion rate of the notes to common stock, per $1,000 principal amount of notes	59.8480	59.8480
Conversion price per share of common stock | $ / shares	$ 16.71	$ 16.71	$ 16.71		$ 16.71
7.50% convertible notes | First Offering
Debt Obligations
Junior subordinated notes		$ 1,000
4.75% Convertible Notes
Debt Obligations
Junior subordinated notes	$ 66,100,000		$ 66,100,000		$ 66,100,000
Interest rate (as a percent)	4.75%	4.75%	4.75%		4.75%
Cash paid for the exchange of convertible notes		$ 203,100,000
Senior Notes
Debt Obligations
Junior subordinated notes	$ 1,295,750,000		$ 1,295,750,000		$ 1,295,750,000		$ 1,295,750,000
Unamortized Deferred Financing Fees	12,200,000		12,200,000		12,200,000		15,200,000
8.00% Convertible Notes
Debt Obligations
Junior subordinated notes	$ 70,750,000		$ 70,750,000		$ 70,750,000		70,750,000
Interest rate (as a percent)	8%		8%		8%
4.50% Convertible Notes
Debt Obligations
Junior subordinated notes	$ 270,000,000		$ 270,000,000		$ 270,000,000		270,000,000
Interest rate (as a percent)	4.50%		4.50%		4.50%
5.75% Convertible Notes
Debt Obligations
Junior subordinated notes	$ 90,000,000		$ 90,000,000		$ 90,000,000		90,000,000
Interest rate (as a percent)	5.75%		5.75%		5.75%
5.625% Notes
Debt Obligations
Junior subordinated notes	$ 125,000,000		$ 125,000,000		$ 125,000,000		125,000,000
Interest rate (as a percent)	5.625%		5.625%		5.625%			5.625%
5.00% Convertible Notes
Debt Obligations
Junior subordinated notes	$ 175,000,000		$ 175,000,000		$ 175,000,000		175,000,000
Interest rate (as a percent)	5%		5%		5%
Junior subordinated notes
Debt Obligations
Junior subordinated notes	$ 154,336,000		$ 154,336,000		$ 154,336,000		154,336,000
Deferred fees expensed as interest expense					$ 1,600,000		$ 1,700,000

Debt Obligations - Junior Subor

Debt Obligations - Junior Subordinated Notes (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021	Aug. 31, 2022
Debt Obligations
Junior subordinated notes	$ 142,933	$ 142,382
Weighted average rate (as a percent)	5.27%
Junior subordinated notes
Debt Obligations
Junior subordinated notes	$ 142,900	142,400
Deferred amount Due at maturity	9,800	10,200	$ 3,300
Deferred fees expensed as interest expense	$ 1,600	$ 1,700
Weighted average rate (as a percent)	6.62%	3.03%
Weighted average note rate including certain fees and costs (as a percent)	6.70%	3.12%

Debt Obligations - Debt Covenan

Debt Obligations - Debt Covenants (Details) - USD ($)	1 Months Ended					9 Months Ended
	Oct. 31, 2022	Jul. 31, 2022	Apr. 30, 2022	Jan. 31, 2022	Oct. 31, 2021	Sep. 30, 2022
CLO 12
Debt Covenants
Current overcollateralization ratio (as a percent)	118.87%	118.87%	118.87%	118.87%	118.87%	118.87%
Limit overcollateralization ratio (as a percent)						117.87%
Current interest coverage ratio (as a percent)						156.50%
Limit interest coverage ratio (as a percent)						120%
CLO 13
Debt Covenants
Current overcollateralization ratio (as a percent)	119.76%	119.76%	119.76%	119.76%	119.76%	119.76%
Limit overcollateralization ratio (as a percent)						118.76%
Current interest coverage ratio (as a percent)						122.03%
Limit interest coverage ratio (as a percent)						120%
CLO 14
Debt Covenants
Current overcollateralization ratio (as a percent)	119.76%	119.76%	119.76%	119.76%	119.76%	119.76%
Limit overcollateralization ratio (as a percent)						118.76%
Current interest coverage ratio (as a percent)						154.90%
Limit interest coverage ratio (as a percent)						120%
CLO 15
Debt Covenants
Current overcollateralization ratio (as a percent)	120.85%	120.85%	120.85%	120.85%	120.85%	120.85%
Limit overcollateralization ratio (as a percent)						119.85%
Current interest coverage ratio (as a percent)						140.54%
Limit interest coverage ratio (as a percent)						120%
CLO 16
Debt Covenants
Current overcollateralization ratio (as a percent)	121.21%	121.21%	121.21%	121.21%	121.21%	121.21%
Limit overcollateralization ratio (as a percent)						120.21%
Current interest coverage ratio (as a percent)						152.50%
Limit interest coverage ratio (as a percent)						120%
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%	122.51%	122.51%	122.51%		122.51%
Limit overcollateralization ratio (as a percent)						121.51%
Current interest coverage ratio (as a percent)						146.23%
Limit interest coverage ratio (as a percent)						120%
CLO 18
Debt Covenants
Current overcollateralization ratio (as a percent)	124.03%	124.03%	124.03%			124.03%
Limit overcollateralization ratio (as a percent)						123.03%
Current interest coverage ratio (as a percent)						167.42%
Limit interest coverage ratio (as a percent)						120%
CLO 19
Debt Covenants
Current overcollateralization ratio (as a percent)	120.30%	120.30%				120.30%
Limit overcollateralization ratio (as a percent)						119.30%
Current interest coverage ratio (as a percent)						130.68%
Limit interest coverage ratio (as a percent)						120%

Allowance for Loss - Sharing Ob

Allowance for Loss - Sharing Obligations (Details) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Roll forward of loss contingency accrual
Provisions for loss sharing	$ 412	$ (3,272)	$ (2,199)	$ (1,070)
Guarantee obligations	34,200	34,400	$ 34,200	34,400
Percentage of total Fannie Mae servicing portfolio			0.11		0.11
Allowance for loss sharing obligations	19,300		$ 19,300		$ 21,700
Impact of adopting CECL	600		2,400
Allowance for Loan and Lease Loss, Recovery of Bad Debts	1,200
Loss-Sharing Obligation
Roll forward of loss contingency accrual
Outstanding advances under the Fannie Mae DUS program	400		400		100
Loss-Sharing Obligation | Fannie Mae Mortgage
Roll forward of loss contingency accrual
Beginning balance	53,053	65,645	56,064	64,303	64,303
Provisions for loss sharing	2,346	(3,022)	2,593	(557)
Provisions reversal for loan repayments	(1,934)	(250)	(4,792)	(513)
Recoveries (charge-offs), net	46	455	(354)	(405)
Ending balance	53,511	$ 62,828	53,511	$ 62,828	56,064
Maximum quantifiable liability	$ 3,420,000		$ 3,420,000		$ 3,600,000

Derivative Financial Instrume_3

Derivative Financial Instruments (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($) item	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) item	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($) item
Derivative Financial Instruments
Net (losses) gains from changes in the fair value of derivatives	$ 22,900	$ 8,600	$ 20,500	$ 7,500
Mortgage servicing rights	19,408	32,453	52,287	95,688
Income from Mortgage Service Rights
Derivative Financial Instruments
Mortgage servicing rights	19,400	32,500	52,300	95,700
Rate lock commitments
Derivative Financial Instruments
Notional value	117,575		117,575
Forward sale commitments
Derivative Financial Instruments
Notional value	534,013		$ 534,013
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	3,600	5,400	$ 27,200	1,100
Unrealized gain (loss) on derivatives	3,400	$ 1,900	3,400	$ 1,500
Non-Qualifying | Agency Business
Derivative Financial Instruments
Notional value	767,888		767,888		$ 970,670
Fair Value, classified in Other Assets	4,206		4,206		1,665
Fair Value, classified in Other Liabilities	$ (23,239)		$ (23,239)		$ (1,482)
Non-Qualifying | Rate lock commitments | Agency Business
Derivative Financial Instruments
Count | item	5		5		2
Notional value	$ 117,575		$ 117,575		$ 11,250
Fair Value, classified in Other Assets	1,554		1,554		295
Fair Value, classified in Other Liabilities	$ (2,454)		$ (2,454)		$ (33)
Non-Qualifying | Forward sale commitments | Agency Business
Derivative Financial Instruments
Count | item	46		46		55
Notional value	$ 534,013		$ 534,013		$ 571,220
Fair Value, classified in Other Assets	2,652		2,652		1,370
Fair Value, classified in Other Liabilities	$ (20,785)		$ (20,785)		$ (1,449)
Non-Qualifying | Interest Rate Swaps | Agency Business
Derivative Financial Instruments
Count | item	1,163		1,163		3,882
Notional value	$ 116,300		$ 116,300		$ 388,200

Fair Value - Carrying Value and

Fair Value - Carrying Value and Estimated Fair Value (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Financial assets:
Loans and investments, net - Principal/Notional Amount	$ 14,989,643	$ 12,158,995
Loans and investments, net	14,791,426	11,981,048
Loans held-for-sale, net - Principal/Notional Amount	552,306	1,077,239
Loans held-for-sale, net	552,306	1,077,239
Securities, held-to-maturity, net - Principal/Notional Amount	236,712	210,728
Securities held-to-maturity, net	157,818	140,484
Derivative financial instruments - Principal/Notional Amount	187,082	280,654
Financial liabilities:
Credit and repurchase facilities, Principal/Notional Amount	4,642,911	4,493,699
Debt Carrying Value	4,633,132	4,481,579
Collateralized loan obligations	7,971,996	5,892,810
Senior unsecured notes	1,283,527	1,280,545
Convertible senior unsecured notes, net	346,040	259,385
Junior subordinated notes	142,933	142,382
Derivative financial instruments - Principal/Notional Amount	$ 464,506	301,816
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	$ 14,791,426	11,981,048
Loans held-for-sale, net	543,876	1,093,609
Capitalized mortgage servicing rights, net	403,886	422,734
Securities held-to-maturity, net	157,818	140,484
Derivative financial instruments	4,206	1,665
Financial liabilities:
Debt Carrying Value	4,633,132	4,481,579
Collateralized loan obligations	7,971,996	5,892,810
Senior unsecured notes	1,283,527	1,280,545
Convertible senior unsecured notes, net	346,040	259,385
Junior subordinated notes	142,933	142,382
Derivative financial instruments	23,239	1,482
Fair Value
Financial assets:
Loans and investments, net	14,993,875	12,181,194
Loans held-for-sale, net	554,044	1,117,085
Capitalized mortgage servicing rights, net	530,859	477,323
Securities held-to-maturity, net	150,027	149,911
Derivative financial instruments	4,206	1,665
Financial liabilities:
Debt Carrying Value	4,622,672	4,484,107
Collateralized loan obligations	7,800,210	5,914,453
Senior unsecured notes	1,165,125	1,301,708
Convertible senior unsecured notes, net	327,244	294,690
Junior subordinated notes	103,402	101,698
Derivative financial instruments	23,239	1,482
Collateralized loan obligations
Financial liabilities:
Debt instrument - Principal/Notional Amount	8,009,329	5,924,705
Collateralized loan obligations	7,971,996	5,892,810
Senior Notes
Financial liabilities:
Debt instrument - Principal/Notional Amount	1,295,750	1,295,750
Convertible Senior Unsecured Notes
Financial liabilities:
Debt instrument - Principal/Notional Amount	353,608	264,000
Junior subordinated notes
Financial liabilities:
Debt instrument - Principal/Notional Amount	154,336	154,336
Junior subordinated notes	$ 142,900	$ 142,400

Fair Value - Measurement on Rec

Fair Value - Measurement on Recurring and Nonrecurring Basis (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022 USD ($) loan	Dec. 31, 2021 USD ($)
Financial assets:
Impaired loans, net	$ 147,131	$ 148,839
Allowance for credit losses on impaired loans	$ 85,386	86,886
Number of impaired loans | loan	7
Aggregate carrying value of impaired loans before reserves	$ 147,100
Impairment loss	$ 12,200
Number of impaired loans held-for-sale | loan	12
Unrealized impairment losses	$ 135,900
Carrying Value
Financial assets:
Derivative financial instruments	4,206	1,665
Financial liabilities:
Derivative financial instruments	23,239	1,482
Fair Value
Financial assets:
Derivative financial instruments	4,206	1,665
Financial liabilities:
Derivative financial instruments	23,239	$ 1,482
Recurring basis | Carrying Value
Financial assets:
Derivative financial instruments	4,206
Financial liabilities:
Derivative financial instruments	23,239
Recurring basis | Fair Value
Financial assets:
Derivative financial instruments	4,206
Financial liabilities:
Derivative financial instruments	23,239
Nonrecurring basis | Carrying Value
Financial assets:
Loans held-for-investment	61,745
Loans held-for-sale	123,705
Impaired loans, net	185,450
Nonrecurring basis | Fair Value
Financial assets:
Loans held-for-investment	61,745
Loans held-for-sale	123,705
Impaired loans, net	185,450
Level 2 | Recurring basis
Financial assets:
Derivative financial instruments	2,652
Financial liabilities:
Derivative financial instruments	23,239
Level 2 | Nonrecurring basis
Financial assets:
Loans held-for-sale	123,705
Impaired loans, net	123,705
Level 3 | Recurring basis
Financial assets:
Derivative financial instruments	1,554
Level 3 | Nonrecurring basis
Financial assets:
Loans held-for-investment	61,745
Impaired loans, net	$ 61,745

Fair Value - Level 3 Inputs (De

Fair Value - Level 3 Inputs (Details) - Level 3 $ in Thousands	Sep. 30, 2022 USD ($)
Land
Quantitative information about Level 3 fair value measurements
Impaired loans, fair value	$ 50,000
Land | Discount rate
Quantitative information about Level 3 fair value measurements
Impaired loans, measurement input	21.50
Land | Revenue growth rate
Quantitative information about Level 3 fair value measurements
Impaired loans, measurement input	3
Retail
Quantitative information about Level 3 fair value measurements
Impaired loans, fair value	$ 11,745
Retail | Discount rate
Quantitative information about Level 3 fair value measurements
Impaired loans, measurement input	11.25
Retail | Capitalization rate
Quantitative information about Level 3 fair value measurements
Impaired loans, measurement input	9.25
Retail | Revenue growth rate
Quantitative information about Level 3 fair value measurements
Impaired loans, measurement input	3
Rate lock commitments
Quantitative information about Level 3 fair value measurements
Derivative financial instruments	$ 1,554
Derivative Asset, Valuation Technique [Extensible List]	us-gaap:ValuationTechniqueDiscountedCashFlowMember
Derivative Asset, Measurement Input [Extensible List]	Discount rate
Rate lock commitments | Discount rate
Quantitative information about Level 3 fair value measurements
Derivative financial instruments measurement input	13.24

Fair Value - Level 3 Derivative

Fair Value - Level 3 Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Derivative assets
Beginning balance	$ 1,035	$ 124	$ 295	$ 1,967
Settlements	(16,554)	(23,412)	(47,491)	(81,486)
Realized gains recorded in earnings	15,519	23,288	47,196	79,519
Unrealized gains recorded in earnings	1,554	707	1,554	707
Ending balance	$ 1,554	$ 707	$ 1,554	$ 707

Fair Value - Components of fair

Fair Value - Components of fair value and other relevant information (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value of Servicing Rights	$ 8,965
Unrealized Impairment Loss	(12,163)
Total Fair Value Adjustment	(3,198)
Rate lock commitments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Notional/Principal Amount	117,575
Fair Value of Servicing Rights	1,554
Interest Rate Movement Effect	(2,434)
Total Fair Value Adjustment	(880)
Forward sale commitments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Notional/Principal Amount	534,013
Interest Rate Movement Effect	2,434
Total Fair Value Adjustment	2,434
Loans held-for-sale, net
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Notional/Principal Amount	552,306
Fair Value of Servicing Rights	7,411
Unrealized Impairment Loss	(12,163)
Total Fair Value Adjustment	$ (4,752)

Fair Value - Financial Assets a

Fair Value - Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Financial assets:
Loans and investments, net	$ 14,791,426	$ 11,981,048
Loans held-for-sale, net	552,306	1,077,239
Securities held-to-maturity, net	157,818	140,484
Financial liabilities:
Debt Carrying Value	4,633,132	4,481,579
Collateralized loan obligations	7,971,996	5,892,810
Senior unsecured notes	1,283,527	1,280,545
Convertible senior unsecured notes, net	346,040	259,385
Junior subordinated notes	142,933	142,382
Level 1
Financial liabilities:
Senior unsecured notes	1,165,125
Level 2
Financial assets:
Loans held-for-sale, net	546,633
Financial liabilities:
Debt Carrying Value	511,513
Convertible senior unsecured notes, net	327,244
Level 3
Financial assets:
Loans and investments, net	14,993,875
Loans held-for-sale, net	7,411
Capitalized mortgage servicing rights, net	530,859
Securities held-to-maturity, net	150,027
Financial liabilities:
Debt Carrying Value	4,111,159
Collateralized loan obligations	7,800,210
Junior subordinated notes	103,402
Carrying Value
Financial assets:
Loans and investments, net	14,791,426	11,981,048
Loans held-for-sale, net	543,876	1,093,609
Capitalized mortgage servicing rights, net	403,886
Securities held-to-maturity, net	157,818	140,484
Financial liabilities:
Debt Carrying Value	4,633,132	4,481,579
Collateralized loan obligations	7,971,996	5,892,810
Senior unsecured notes	1,283,527	1,280,545
Convertible senior unsecured notes, net	346,040	259,385
Junior subordinated notes	142,933	142,382
Fair Value
Financial assets:
Loans and investments, net	14,993,875	12,181,194
Loans held-for-sale, net	554,044	1,117,085
Capitalized mortgage servicing rights, net	530,859
Securities held-to-maturity, net	150,027	149,911
Financial liabilities:
Debt Carrying Value	4,622,672	4,484,107
Collateralized loan obligations	7,800,210	5,914,453
Senior unsecured notes	1,165,125	1,301,708
Convertible senior unsecured notes, net	327,244	294,690
Junior subordinated notes	$ 103,402	$ 101,698

Commitments and Contingencies -

Commitments and Contingencies - Contractual Commitments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Agency Business Commitments
Cash collateral	$ 922,531	$ 569,928	$ 922,531	$ 569,928	$ 486,690	$ 197,470
Debt Obligations
2022 (three months ending December 31, 2022)	1,267,183		1,267,183
2023	2,152,200		2,152,200
2024	3,463,405		3,463,405
2025	2,098,991		2,098,991
2026	4,481,821		4,481,821
2027	633,633		633,633
Thereafter	358,701		358,701
Total	14,455,934		14,455,934
Minimum Annual Operating Lease Payments
2022 (three months ending December 31, 2022)	2,044		2,044
2023	8,914		8,914
2024	8,876		8,876
2025	9,003		9,003
2026	9,038		9,038
2027	7,597		7,597
Thereafter	27,706		27,706
Total	73,178		73,178
Total
2022 (three months ending December 31, 2022)	1,269,227		1,269,227
2023	2,161,114		2,161,114
2024	3,472,281		3,472,281
2025	2,107,994		2,107,994
2026	4,490,859		4,490,859
2027	641,230		641,230
Thereafter	386,407		386,407
Total	14,529,112		14,529,112
Operating lease expense	2,400	$ 2,400	7,200	$ 7,000
Unfunded CLO Commitments
Unfunded commitments related to structured loans and investments	1,250,000		1,250,000		$ 975,200
Fannie Mae Mortgage
Agency Business Commitments
Minimum liquid assets to be maintained to meet operational liquidity requirements	18,100		$ 18,100
Period of funding for collateral requirement			48 months
Forward Contracts
Agency Business Commitments
Period of contractual commitment			60 days
Restricted liquidity arrangement - loans sold under the Fannie Mae DUS program | Fannie Mae Mortgage
Agency Business Commitments
Letter of credit assigned	45,000		$ 45,000
Cash collateral	18,900		18,900
Reserve required to fund additional restricted liquidity over the next 48 months	37,600		$ 37,600
Period of additional funding for collateral requirement			48 months
Cash collateral arrangement - purchase and loss obligations under Freddie Mac's SBL Program
Agency Business Commitments
Cash collateral per securitization	5,000		$ 5,000
Outstanding letters of credit	$ 5,000		$ 5,000

Commitments and Contingencies_2

Commitments and Contingencies - Litigation (Details) $ in Millions		1 Months Ended
	Jun. 15, 2011 USD ($) lawsuit defendant	Aug. 31, 2020 USD ($) lawsuit defendant	Jun. 30, 2013 USD ($) defendant lawsuit	Jun. 30, 2011 defendant lawsuit
Arbor ESH II, LLC
Litigation
Investments in the Series A1 Preferred Units of a holding company of Extended Stay, Inc. | $	$ 115
Lawsuits filed by Extended Stay Litigation Trust (the Trust)
Litigation
Number of lawsuits or complaints filed | lawsuit				3
Number of lawsuits filed in United States Bankruptcy Court | lawsuit				2
Number of defendants				73
Number of defendants who are corporate and partnership entities				55
Number of defendants named in a legal action who are individuals				18
Number of counts dismissed | lawsuit		9
Number of counts dismissed against defendant entities		4
Total LIBOR Floor Certificate transfers | $		$ 74
Total possible liability against directors | $		$ 139
Lawsuits filed by Extended Stay Litigation Trust (the Trust) | Fiduciary Duty Claims
Litigation
Number of lawsuits or complaints filed | lawsuit	2
Number of defendants	2
Lawsuits filed by Extended Stay Litigation Trust (the Trust) | Motion to amend the lawsuits
Litigation
Number of lawsuits consolidated | lawsuit			1
Number of defendants who are corporate and partnership entities			16
Number of defendants named in a legal action who are individuals			10
Number of defendants removed due to consolidation of lawsuits			47
Number of defendants related to the entity			0
Number of defendants remaining due to consolidation of lawsuits			26
Number of lawsuits before amendment | lawsuit			100
Number of lawsuits after amendment | lawsuit			17
Aggregate amount which the Trust would be seeking from the affiliates of the entity | $			$ 139
Lawsuits filed by Extended Stay Litigation Trust (the Trust) | Arbor ESH II, LLC
Litigation
Number of lawsuits or complaints filed | lawsuit	1

Variable Interest Entity (Detai

Variable Interest Entity (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($) item	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)	Sep. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Dec. 31, 2020 USD ($)
Assets:
Restricted cash	$ 922,531		$ 486,690	$ 569,928		$ 197,470
Loans and investments, net	14,791,426		11,981,048
Other assets	346,912		269,946
Total assets	17,762,129		15,073,845
Liabilities:
Collateralized loan obligations	7,971,996		5,892,810
Other liabilities	303,948		287,885
Total liabilities	14,808,123		12,523,861
Loan loss reserves related to VIEs	122,296	$ 121,331	113,241	$ 131,534	$ 138,447	$ 148,329
Consolidated VIEs
Assets:
Total assets	9,754,533		7,144,806
Liabilities:
Total liabilities	7,989,263		5,902,623
Unconsolidated VIEs
Assets:
Total assets	$ 663,639
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	$ 127,900
Loan loss reserves related to VIEs	77,900
Exposure to real estate debt	4,330,000
Collateralized loan obligations | Consolidated VIEs
Assets:
Restricted cash	901,910		466,523
Loans and investments, net	8,789,844		6,616,809
Other assets	62,779		61,474
Total assets	9,754,533		7,144,806
Liabilities:
Collateralized loan obligations	7,971,996		5,892,810
Other liabilities	17,267		9,813
Total liabilities	7,989,263		$ 5,902,623
Loans | Unconsolidated VIEs
Assets:
Total assets	480,240
APL certificates | Unconsolidated VIEs
Assets:
Total assets	125,094
B Piece bonds | Unconsolidated VIEs
Assets:
Total assets	34,814
Equity investments | Unconsolidated VIEs
Assets:
Total assets	23,203
Agency interest only strips | Unconsolidated VIEs
Assets:
Total assets	$ 288

Equity (Details)

Equity (Details) $ / shares in Units, $ in Thousands									3 Months Ended			9 Months Ended		12 Months Ended
	Nov. 02, 2022 $ / shares	Sep. 30, 2022 Vote $ / shares shares	Jul. 27, 2022 $ / shares	Jul. 01, 2022 $ / shares	May 04, 2022 $ / shares	Apr. 01, 2022 $ / shares	Feb. 16, 2022 $ / shares	Jan. 03, 2022 $ / shares	Sep. 30, 2022 Vote $ / shares shares	Mar. 31, 2022 USD ($) $ / shares shares	Sep. 30, 2021 $ / shares shares	Sep. 30, 2022 USD ($) Vote $ / shares shares	Sep. 30, 2021 USD ($) $ / shares shares	Dec. 31, 2021 $ / shares
Common stock
Proceeds from issuance of shares under public offering | $												$ 312,766	$ 342,618
Noncontrolling Interest
Preferred stock, par value (in dollars per share) | $ / shares		$ 0.01							$ 0.01			$ 0.01		$ 0.01
Distributions
Cash dividend declared (in dollars per share) | $ / shares									$ 0.39		$ 0.35	$ 1.14	$ 1.02
Preferred Stock
Proceeds from issuance of preferred stock | $												$ 77,392	$ 361,471
Restricted common stock | Chief executive officer
Deferred Compensation
Restricted stock vested during period (in shares)												246,508
Restricted stock vested during period, net settled (in shares)												120,665
Restricted common stock | Employees
Deferred Compensation
Shares withheld for taxes												162,785
Restricted common stock | Employees | 2020 Plan
Deferred Compensation
Grants during the period (in shares)												652,596
Total grant date fair value | $												$ 11,100
Restricted common stock | Employees | Vested on grant date | 2020 Plan
Deferred Compensation
Grants during the period (in shares)												232,899
Total grant date fair value | $												$ 4,000
Restricted common stock | Employees | First anniversaries | 2020 Plan
Deferred Compensation
Grants during the period (in shares)												217,840
Total grant date fair value | $												$ 3,700
Restricted common stock | Employees | Second anniversaries | 2020 Plan
Deferred Compensation
Grants during the period (in shares)												181,968
Total grant date fair value | $												$ 3,100
Restricted common stock | Employees | Third anniversaries | 2020 Plan
Deferred Compensation
Grants during the period (in shares)												9,951
Total grant date fair value | $												$ 200
Restricted common stock | Employees | Fourth anniversaries | 2020 Plan
Deferred Compensation
Grants during the period (in shares)												9,938
Total grant date fair value | $												$ 200
Restricted stock units (RSUs) | Director | 2020 Plan
Deferred Compensation
Grants during the period (in shares)												25,012
Total grant date fair value | $												$ 400
Restricted stock units (RSUs) | Chief executive officer | 2020 Plan
Deferred Compensation
Grants during the period (in shares)												189,873
Total grant date fair value | $												$ 3,300
Performance-based restricted stock | Chief executive officer
Deferred Compensation
Restricted stock vested during period (in shares)												381,503
Restricted stock vested during period, net settled (in shares)												186,772
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
Number of common stock sold (in shares)									3,170,688		800,000	19,625,788	20,222,879
Number of shares purchased													(1,399,999)
Distributions
Cash dividend declared (in dollars per share) | $ / shares	$ 0.40		$ 0.39		$ 0.38		$ 0.37
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		$ 0.3984375		$ 0.3984375
Preferred Stock | 6.25% Series E preferred stock
Common stock
Number of common stock sold (in shares)											5,750,000		5,750,000
Distributions
Cash dividend declared on redeemable preferred stock (in dollars per share) | $ / shares		0.390625		0.390625		0.390625		0.390625
Preferred Stock | 6.25% Series F preferred stock
Common stock
Number of common stock sold (in shares)												3,292,000
Distributions
Cash dividend declared (in dollars per share) | $ / shares		0.390625
Cash dividend declared on redeemable preferred stock (in dollars per share) | $ / shares				$ 0.390625		$ 0.390625		$ 0.46875
Operating Partnership Units
Noncontrolling Interest
Conversion ratio for operating partnership units to common stock shares												1
Operating Partnership Units | Special voting preferred shares
Noncontrolling Interest
Preferred stock, par value (in dollars per share) | $ / shares		$ 0.01							$ 0.01			$ 0.01
Number of vote per share of Special Voting Preferred Shares | Vote		1							1			1
OP units outstanding (in shares)		16,293,589							16,293,589			16,293,589
Voting power of outstanding stock (as a percent)												8.70%
Number of preferred stock shares paired with each OP units												1
Public offering | Common Stock
Common stock
Issued price per share (in dollars per share) | $ / shares										$ 16.57
Number of common stock sold (in shares)										7,475,000		12,150,788
Proceeds from issuance of shares under public offering | $										$ 123,700		$ 188,900
Public offering | Preferred Stock | 6.25% Series F preferred stock
Preferred Stock
Issuance of preferred stock (in shares)										3,292,000
Return on the preferred shares issued to third parties by its subsidiary REIT (as a percent)										6.25%
Proceeds from issuance of preferred stock | $										$ 77,100

Equity - Earnings Per Share ("E

Equity - Earnings Per Share ("EPS") (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Basic
Net income attributable to common stockholders	$ 62,710	$ 72,804	$ 196,678	$ 211,409
Net income attributable to common stockholders and noncontrolling interest	$ 62,710	$ 72,804	$ 196,678	$ 211,409
Weighted average shares outstanding (in shares)	170,227,553	142,624,300	162,292,235	134,437,663
Weighted average shares outstanding (in shares)	170,227,553	142,624,300	162,292,235	134,437,663
Net income per common share (in dollars per share)	$ 0.37	$ 0.51	$ 1.21	$ 1.57
Diluted
Net income attributable to common stockholders	$ 62,710	$ 72,804	$ 196,678	$ 211,409
Net income attributable to noncontrolling interest	6,002	8,347	19,811	26,806
Interest expense on convertible notes	5,797		13,786
Net income attributable to common stockholders and noncontrolling interest	$ 74,509	$ 81,151	$ 230,275	$ 238,215
Weighted average shares outstanding (in shares)	170,227,553	142,624,300	162,292,235	134,437,663
Dilutive effect of OP Units (in shares)	16,293,589	16,351,643	16,308,361	16,985,073
Dilutive effect of restricted stock units (in shares)	528,475	940,045	558,216	927,542
Dilutive effect of convertible notes (in shares)	18,815,399	354,917	16,370,528	341,183
Weighted average shares outstanding ( in shares)	205,865,016	160,270,905	195,529,340	152,691,461
Diluted earnings per common share	$ 0.36	$ 0.51	$ 1.18	$ 1.56
Mr. Ivan Kaufman | Performance-based restricted stock
Diluted
Vesting period (in years)			4 years

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Tax Contingency [Line Items]
Provision for (benefit) from income taxes	$ (374)	$ 9,905	$ 13,166	$ 33,356
Deferred tax (benefit) provision	(5,400)	6,300	(7,833)	10,692
Current tax provision	$ 5,000	$ 3,600	$ 21,000	22,700
Maximum
Income Tax Contingency [Line Items]
Deferred tax (benefit) provision				$ 10,700
Minimum
Income Tax Contingency [Line Items]
Federal income tax rate (as a percent)			90%

Agreements and Transactions w_2

Agreements and Transactions with Related Parties - Shared Services Agreement (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Former manager | Support Services and Seconded Employees
Agreements and transactions with related parties
Costs for services to related party	$ 0.9	$ 0.8	$ 2.5	$ 2.4

Agreements and Transactions w_3

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

1 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

Jul. 31, 2022 USD ($)

Apr. 30, 2022 USD ($)

Mar. 31, 2022 USD ($)

Feb. 28, 2022 USD ($)

Dec. 31, 2021 USD ($)

Oct. 31, 2021 USD ($)

Jan. 31, 2021

Mar. 31, 2020 USD ($)

Jan. 31, 2019 USD ($)

Jun. 30, 2018 USD ($) property loan

Sep. 30, 2022 USD ($) shares

Sep. 30, 2021 USD ($)

Mar. 31, 2021 USD ($)

Sep. 30, 2022 USD ($) shares

Sep. 30, 2021 USD ($)

Dec. 31, 2020 USD ($) item

Dec. 31, 2019 USD ($)

Dec. 31, 2018 USD ($) loan

Dec. 31, 2017 USD ($) item loan property

Dec. 31, 2016 USD ($) property

Dec. 31, 2015 USD ($)

Agreements and transactions with related parties

Due from related party

$ 84,318

$ 24,740

$ 24,740

Due to related party

26,570

5,564

5,564

Base spread (as a percent)

3%

Proceeds from bridge loan on a multi family property

$ 50,000

$ 67,000

Investment made

$ 5,418,113

$ 5,174,313

Indirect ownership percentage

9.20%

Distribution received

5,000

$ 11,000

CMBS/Conduit

Agreements and transactions with related parties

Loans assumed

26,000

Retail property

Agreements and transactions with related parties

Property purchased

$ 32,500

Mature date of April 2030 | Private Label

Agreements and transactions with related parties

Fixed rate of interest (as a percent)

3.10%

Maturity date of March 2030 | Private Label | Lexford Portfolio

Agreements and transactions with related parties

Principal amount

$ 34,600

Fixed rate of interest (as a percent)

3.30%

Maturity date of March 2025 | SOFR

Agreements and transactions with related parties

Base spread (as a percent)

5.50%

Bridge loans | Single-Family Rental

Agreements and transactions with related parties

Interest income recorded

$ 300

1,000

Loan committed

10,000

$ 32,500

Loan committed upsized

41,500

41,500

Investment made

$ 3,500

Bridge loans | Maturity date of June 2021 | Lexford Portfolio

Agreements and transactions with related parties

Base spread (as a percent)

4%

Paydowns of principal made by borrower

$ 250,000

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

50,000

50,000

Distribution received

11,000

Bridge loan, six multifamily properties

Agreements and transactions with related parties

UPB converted to a mezzanine loan

$ 2,000

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

Agreements and transactions with related parties

Interest income recorded

500

300

1,200

900

Amount invested

$ 25,200

$ 25,200

$ 30,000

Ownership interest (as a percent)

18%

18%

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

Agreements and transactions with related parties

Percentage of ownership interest of related party in the entity

100%

Fixed rate of interest (as a percent)

3.735%

Amount of loan to related party

$ 15,600

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

Agreements and transactions with related parties

Principal amount

$ 63,400

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

Agreements and transactions with related parties

Fixed rate of interest (as a percent)

9%

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

Agreements and transactions with related parties

Loss on investment

$ 700

$ 1,800

ACM | Residential Mortgage Banking Company

Agreements and transactions with related parties

Interest income recorded

300

5,400

6,400

32,700

Acquisition purchase price

$ 9,600

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

50%

Indirect ownership percentage

12.30%

22.50%

Cash distribution received

$ 7,300

4,700

$ 22,300

23,400

ACM | ACM Acquisition

Agreements and transactions with related parties

Number of shares held by related party | shares

2,535,870

2,535,870

OP units hold as part of acquisition | shares

10,634,024

Aggregate percentage of voting power held by related party

7%

7%

ACM | Preferred equity investments | Single-Family Rental

Agreements and transactions with related parties

Investment made

$ 4,600

ACM | Bridge loans

Agreements and transactions with related parties

Equity participation interest (as a percentage)

18.90%

ACM | Bridge loans | Single-Family Rental

Agreements and transactions with related parties

Loan committed

$ 35,000

$ 30,500

Loan committed upsized

$ 38,800

38,800

Investment made

9,000

ACM | Bridge loans | Matures in May 2023 | LIBOR

Agreements and transactions with related parties

Principal amount

13,600

13,600

Consortium of investors including other unaffiliated investors, certain of officers and chief executive officer | Maturity date of August 2022 | One multifamily property

Agreements and transactions with related parties

Principal amount

$ 35,400

Consortium of investors including other unaffiliated investors, certain of officers and chief executive officer | Maturity date of January 2019 | Multifamily Portfolio

Agreements and transactions with related parties

Number of properties owned | item

2

Consortium of investors including other unaffiliated investors, certain of officers and chief executive officer | Preferred equity investments | Maturity date of September 2019 | Multifamily Portfolio

Agreements and transactions with related parties

Equity investment

$ 3,400

Consortium of investors including other unaffiliated investors, certain of officers and chief executive officer | Bridge loan, one multifamily property

Agreements and transactions with related parties

Principal amount

34,000

Consortium of investors including other unaffiliated investors, certain of officers and chief executive officer | Bridge loan, one multifamily property | Maturity date of August 2022

Agreements and transactions with related parties

Principal amount

$ 34,000

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 | Maturity date of January 2019

Agreements and transactions with related parties

Principal amount

$ 14,800

Percentage of ownership interest of related party in the entity

50%

Consortium of investors including an immediate family member of our officers | Multifamily Portfolio | Fannie Mae Mortgage

Agreements and transactions with related parties

Principal amount

$ 46,900

Interest income recorded

100

Percentage of ownership interest of related party in the entity

17.60%

Percentage of maximum loss-sharing obligation unpaid principal balance

5%

Consortium of investors including an immediate family member of our officers | Bridge loan, one multifamily property

Agreements and transactions with related parties

Principal amount

$ 7,000

Certain certain officers, chief executive officer, and other unaffiliated investors | Bridge loans | Maturity date of June 2021

Agreements and transactions with related parties

Percentage of ownership interest of related party in the entity

75%

Certain certain officers, chief executive officer, and other unaffiliated investors | Bridge loans | Maturity date of 2020

Agreements and transactions with related parties

Interest income recorded

500

1,400

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

Agreements and transactions with related parties

Due to related party

$ 9,400

Interest income recorded

300

Percentage of ownership interest of related party in the entity

75%

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

Agreements and transactions with related parties

Base spread (as a percent)

5%

Certain certain officers, chief executive officer, and other unaffiliated investors | Bridge loan, several multifamily properties | Maturity date of January 2022 | LIBOR

Agreements and transactions with related parties

Base spread (as a percent)

1.25%

Certain certain officers, chief executive officer, and other unaffiliated investors | Bridge loan, one multifamily property | Maturity date of June 2021

Agreements and transactions with related parties

Principal amount

$ 21,700

Interest income recorded

400

300

1,000

1,000

Certain certain officers, chief executive officer, and other unaffiliated investors | Bridge loan, one multifamily property | Maturity date of June 2021 | LIBOR

Agreements and transactions with related parties

Base spread (as a percent)

4.75%

Certain certain officers, chief executive officer, and other unaffiliated investors | Bridge loan, one multifamily property | Maturity date of August 2023 | LIBOR

Agreements and transactions with related parties

Base spread (as a percent)

0.25%

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

Agreements and transactions with related parties

Principal amount

$ 31,100

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

Agreements and transactions with related parties

Base spread (as a percent)

4%

Certain certain officers, chief executive officer, and other unaffiliated investors | Bridge loan, two multifamily properties | Maturity date of 2020

Agreements and transactions with related parties

Principal amount

$ 28,000

Base spread (as a percent)

5.25%

Interest income recorded

800

Percentage of ownership interest of related party in the entity

45%

Number of properties owned | property

2

Number of bridge loans originated | item

2

Certain certain officers, chief executive officer, and other unaffiliated investors | Bridge loan, two multifamily properties | Maturity date of 2020 | Minimum

Agreements and transactions with related parties

LIBOR floor (as a percentage)

1.24%

Certain certain officers, chief executive officer, and other unaffiliated investors | Bridge loan, two multifamily properties | Maturity date of 2020 | Maximum

Agreements and transactions with related parties

LIBOR floor (as a percentage)

1.54%

Certain certain officers, chief executive officer, and other unaffiliated investors | Bridge loan, two multifamily properties | Maturity date of January 2019

Agreements and transactions with related parties

Interest income recorded

$ 100

100

$ 200

200

Certain certain officers, chief executive officer, and other unaffiliated investors | Bridge loan, two multifamily properties | Maturity date of October 2022

Agreements and transactions with related parties

Base spread (as a percent)

1.80%

Chairman and Chief executive officer | Minimum

Agreements and transactions with related parties

Ownership interest limit of our common stock under company charter (as a percent)

5%

5%

Mr. Ivan Kaufman

Agreements and transactions with related parties

Percentage of our former Manager's outstanding membership interest of related party in another related party

35%

35%

Director

Agreements and transactions with related parties

Number of portfolios of multifamily properties

2

2

Director | Ginkgo Investment Company LLC

Agreements and transactions with related parties

Percentage of managing member

33%

Immediate family member of chief executive officer

Agreements and transactions with related parties

Percentage of ownership interest of related party in the entity

10%

Immediate family member of chief executive officer | Matures in October 2023 | Preferred equity interest financing agreement

Agreements and transactions with related parties

Interest income recorded

$ 300

Immediate family member of chief executive officer | Maturity date of March 2025

Agreements and transactions with related parties

Percentage of ownership interest of related party in the entity

10%

Immediate family member of chief executive officer | Preferred equity investments | Matures in October 2023

Agreements and transactions with related parties

Fixed rate of interest (as a percent)

12%

Immediate family member of chief executive officer | Preferred equity investments | Matures in April 2023

Agreements and transactions with related parties

Fixed rate of interest (as a percent)

12%

Immediate family member of chief executive officer | Bridge loans

Agreements and transactions with related parties

Equity participation interest (as a percentage)

21.80%

Immediate family member of chief executive officer | Bridge loans | Matures in October 2023

Agreements and transactions with related parties

Base spread (as a percent)

5.50%

Interest income recorded

100

$ 800

400

Immediate family member of chief executive officer | Bridge loans | Matures in October 2023 | LIBOR

Agreements and transactions with related parties

LIBOR floor (as a percentage)

0.75%

Immediate family member of chief executive officer | Bridge loans | Matures in May 2023 | LIBOR

Agreements and transactions with related parties

Base spread (as a percent)

5.50%

LIBOR floor (as a percentage)

0.75%

Immediate family member of chief executive officer | Bridge loans | Matures in April 2023

Agreements and transactions with related parties

Interest income recorded

500

100

1,000

400

Lexford Portfolio | Bridge loans | Maturity date of June 2021

Agreements and transactions with related parties

Principal amount

$ 280,500

Number of bridge loans originated | loan

12

Number of multifamily properties renovated | property

72

Maximum exposure under guaranty

606,900

606,900

Entity controlled by our chief executive officer

Agreements and transactions with related parties

Reimbursement for flights chartered by the company's executives

1,000

100

Certain Officers and Managers | Mezzanine loans | Maturity date of January 2024

Agreements and transactions with related parties

Fixed rate of interest (as a percent)

10%

Certain Officers and Managers | Bridge loan, six multifamily properties | Maturity date of 2019

Agreements and transactions with related parties

Base spread (as a percent)

4.50%

Interest income recorded

$ 100

Number of properties owned | property

6

Proceeds from repayment in full

$ 10,900

$ 6,800

Number of bridge loans paid off

28,300

4

1

Remaining bridge loan from repayment

$ 12,900

Certain Officers and Managers | Bridge loan, six multifamily properties | Maturity date of 2019 | LIBOR

Agreements and transactions with related parties

Base spread (as a percent)

0.25%

Certain Officers and Managers | Bridge loan, six multifamily properties | Maturity date of 2019 | Minimum

Agreements and transactions with related parties

Percentage of ownership interest of related party in the entity

10.50%

Certain Officers and Managers | Bridge loan, six multifamily properties | Maturity date of 2019 | Maximum

Agreements and transactions with related parties

Percentage of ownership interest of related party in the entity

12%

Certain Officers and Managers | Bridge loan, six multifamily properties | Maturity date of January 2019

Agreements and transactions with related parties

Principal amount

$ 48,000

Ginkgo Investment Company LLC | Fannie Mae Mortgage

Agreements and transactions with related parties

Percentage of maximum loss-sharing obligation unpaid principal balance

20%

Loan purchased a multifamily apartment complex which assumed

$ 8,300

Percentage of ownership after transaction

3.60%

Percentage of loan assumption fee

1%

Servicing revenue

$ 100

Consortium of affiliated investors | 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

Interest income recorded

1,000

$ 700

$ 2,500

$ 1,400

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%

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 2025

Agreements and transactions with related parties

Principal amount

$ 46,200

$ 39,400

Interest income recorded

100

100

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 2025 | LIBOR

Agreements and transactions with related parties

Equity participation interest (as a percentage)

2.25%

Base spread (as a percent)

4%

LIBOR floor (as a percentage)

0.25%

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 2025 | SOFR

Agreements and transactions with related parties

Equity participation interest (as a percentage)

70%

Real estate investment fund sponsored and managed by Chief executive officer and immediate family member of chief executive officer | Bridge loans | Maturity date of May 2025

Agreements and transactions with related parties

Principal amount

$ 67,100

Interest income recorded

$ 100

$ 100

Real estate investment fund sponsored and managed by Chief executive officer and immediate family member of chief executive officer | Bridge loans | Maturity date of May 2025 | SOFR

Agreements and transactions with related parties

Equity participation interest (as a percentage)

2.25%

Base spread (as a percent)

4.625%

LIBOR floor (as a percentage)

0.25%

LLC | LLC

Agreements and transactions with related parties

Amount invested

$ 4,200

Ownership interest (as a percent)

49.30%

Promissory note with AMC

Agreements and transactions with related parties

Outstanding principal balance of related party financing

$ 40,000

Segment Information - Statement

Segment Information - Statements of Income (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) segment	Sep. 30, 2021 USD ($)
Segment Information
Interest income	$ 259,778	$ 125,480	$ 627,804	$ 321,772
Interest expense	160,452	55,560	350,079	144,122
Net interest income	99,326	69,920	277,725	177,650
Other revenue:
Gain on sales, including fee-based services, net	14,360	16,334	32,526	86,102
Mortgage servicing rights	19,408	32,453	52,287	95,688
Servicing revenue	37,526	34,960	109,045	94,683
Amortization of MSRs	(14,782)	(14,872)	(44,532)	(43,744)
Property operating income	445		1,031
(Loss) gain on derivative instruments, net	(15,909)	(1,492)	10,083	(7,320)
Other income, net	(6,014)	2,195	(16,061)	4,140
Total other revenue	35,034	69,578	144,379	229,549
Other expenses:
Employee compensation and benefits	38,811	41,973	119,736	128,647
Selling and administrative	13,225	11,757	40,960	33,707
Property operating expenses	366	149	1,443	421
Depreciation and amortization	2,078	1,807	6,092	5,349
Provision for loss sharing (net of recoveries)	412	(3,272)	(2,199)	(1,070)
Provision for credit losses (net of recoveries)	2,274	(3,799)	9,700	(12,689)
Total other expenses	57,166	48,615	175,732	154,365
Income before extinguishment of debt, sale of real estate, income from equity affiliates and income taxes	77,194	90,883	246,372	252,834
Loss on extinguishment of debt	(3,262)		(4,612)	(1,370)
Gain on sale of real estate				1,228
Income from equity affiliates	4,748	5,086	18,507	32,095
Benefit from (provision for) income taxes	374	(9,905)	(13,166)	(33,356)
Net income	79,054	86,064	247,101	251,431
Preferred stock dividends	10,342	4,913	30,612	13,216
Net income attributable to noncontrolling interest	6,002	8,347	19,811	26,806
Net income attributable to common stockholders	62,710	72,804	$ 196,678	211,409
Reporting segments | segment			2
Operating segments | Structured Business
Segment Information
Interest income	249,539	114,710	$ 597,847	294,418
Interest expense	157,325	50,823	338,692	131,795
Net interest income	92,214	63,887	259,155	162,623
Other revenue:
Property operating income	445		1,031
Other income, net	1,763	2,168	(4,370)	4,105
Total other revenue	2,208	2,168	(3,339)	4,105
Other expenses:
Employee compensation and benefits	13,342	14,082	42,694	37,566
Selling and administrative	5,961	5,718	19,799	15,477
Property operating expenses	366	149	1,443	421
Depreciation and amortization	906	634	2,574	1,832
Provision for credit losses (net of recoveries)	2,206	(3,445)	9,363	(12,807)
Total other expenses	22,781	17,138	75,873	42,489
Income before extinguishment of debt, sale of real estate, income from equity affiliates and income taxes	71,641	48,917	179,943	124,239
Loss on extinguishment of debt	(3,262)		(4,612)	(1,370)
Income from equity affiliates	4,748	5,086	18,507	32,095
Benefit from (provision for) income taxes	319	(622)	(1,368)	(6,288)
Net income	73,446	53,381	192,470	148,676
Preferred stock dividends	10,342	4,913	30,612	13,216
Net income attributable to common stockholders	63,104	48,468	161,858	135,460
Operating segments | Agency Business
Segment Information
Interest income	10,239	10,770	29,957	27,354
Interest expense	3,127	4,737	11,387	12,327
Net interest income	7,112	6,033	18,570	15,027
Other revenue:
Gain on sales, including fee-based services, net	14,360	16,334	32,526	86,102
Mortgage servicing rights	19,408	32,453	52,287	95,688
Servicing revenue	37,526	34,960	109,045	94,683
Amortization of MSRs	(14,782)	(14,872)	(44,532)	(43,744)
(Loss) gain on derivative instruments, net	(15,909)	(1,492)	10,083	(7,320)
Other income, net	(7,777)	27	(11,691)	35
Total other revenue	32,826	67,410	147,718	225,444
Other expenses:
Employee compensation and benefits	25,469	27,891	77,042	91,081
Selling and administrative	7,264	6,039	21,161	18,230
Depreciation and amortization	1,172	1,173	3,518	3,517
Provision for loss sharing (net of recoveries)	412	(3,272)	(2,199)	(1,070)
Provision for credit losses (net of recoveries)	68	(354)	337	118
Total other expenses	34,385	31,477	99,859	111,876
Income before extinguishment of debt, sale of real estate, income from equity affiliates and income taxes	5,553	41,966	66,429	128,595
Gain on sale of real estate				1,228
Benefit from (provision for) income taxes	55	(9,283)	(11,798)	(27,068)
Net income	5,608	32,683	54,631	102,755
Net income attributable to common stockholders	5,608	32,683	54,631	102,755
Other / Eliminations
Other expenses:
Net income attributable to noncontrolling interest	6,002	8,347	19,811	26,806
Net income attributable to common stockholders	$ (6,002)	$ (8,347)	$ (19,811)	$ (26,806)

Segment Information - Balance S

Segment Information - Balance Sheet (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Assets:
Cash and cash equivalents	$ 389,651	$ 404,580	$ 380,730	$ 339,528
Restricted cash	922,531	486,690	$ 569,928	$ 197,470
Loans and investments, net	14,791,426	11,981,048
Loans held-for-sale, net	543,876	1,093,609
Capitalized mortgage servicing rights, net	403,886	422,734
Securities held-to-maturity, net	157,818	140,484
Investments in equity affiliates	84,047	89,676
Goodwill and other intangible assets	97,242	100,760
Other assets and due from related party	371,652	354,264
Total assets	17,762,129	15,073,845
Liabilities:
Debt obligations	14,377,628	12,056,701
Allowance for loss-sharing obligations	53,511	56,064
Other liabilities and due to related parties	376,984	411,096
Total liabilities	14,808,123	12,523,861
Structured Business | Operating segments
Assets:
Cash and cash equivalents	119,793	142,771
Restricted cash	903,587	468,013
Loans and investments, net	14,791,426	11,981,048
Investments in equity affiliates	84,047	89,676
Goodwill and other intangible assets	12,500	12,500
Other assets and due from related party	293,252	285,600
Total assets	16,204,605	12,979,608
Liabilities:
Debt obligations	13,866,114	11,100,429
Other liabilities and due to related parties	253,390	278,726
Total liabilities	14,119,504	11,379,155
Agency Business | Operating segments
Assets:
Cash and cash equivalents	269,858	261,809
Restricted cash	18,944	18,677
Loans held-for-sale, net	543,876	1,093,609
Capitalized mortgage servicing rights, net	403,886	422,734
Securities held-to-maturity, net	157,818	140,484
Goodwill and other intangible assets	84,742	88,260
Other assets and due from related party	78,400	68,664
Total assets	1,557,524	2,094,237
Liabilities:
Debt obligations	511,514	956,272
Allowance for loss-sharing obligations	53,511	56,064
Other liabilities and due to related parties	123,594	132,370
Total liabilities	$ 688,619	$ 1,144,706

Segment Information - Originati

Segment Information - Origination Data (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($) loan	Sep. 30, 2021 USD ($) loan	Sep. 30, 2022 USD ($) loan	Sep. 30, 2021 USD ($) loan
Loan Sales Data:
(Loss) gain on derivative instruments, net	$ (15,909)	$ (1,492)	$ 10,083	$ (7,320)
Structured Business
Segment Information
Total new loan originations	774,665	2,474,653	5,651,119	5,401,524
Loan runoff	911,790	567,858	2,700,748	1,463,826
Structured Business | Bridge loans
Segment Information
Total new loan originations	756,695	2,383,346	5,625,010	5,189,722
Structured Business | Mezzanine loans
Segment Information
Total new loan originations	17,970	91,307	26,109	185,564
Structured Business | Other loans
Segment Information
Total new loan originations				26,238
Structured Business | SFR - Fixed Rate | Bridge loans
Segment Information
Loans committed	$ 457,600	$ 17,600	$ 726,100	$ 156,000
Number of loans under the loan portfolio | loan	31	25	102	68
Total loan commitment	$ 163,800	$ 105,300	$ 452,200	$ 219,500
Agency Business
Segment Information
Origination Volumes	1,111,321	1,804,227	3,219,014	4,515,212
Total loan commitment	1,464,235	1,856,474	3,623,649	4,510,953
Loan Sales Data:
Loan Sales	$ 1,082,136	$ 1,006,958	$ 3,699,554	$ 4,330,959
Sales margin (fee-based services as a % of loan sales)	1.33%	1.62%	1.34%	1.99%
MSR rate (MSR income as a % of loan commitments)	1.33%	1.75%	1.44%	2.12%
Agency Business | SFR - Fixed Rate
Segment Information
Origination Volumes	$ 16,678	$ 67,227	$ 55,883	$ 79,223
Loan Sales Data:
Loan Sales	43,012	29,197	55,874	104,491
Agency Business | Fannie Mae
Segment Information
Origination Volumes	629,610	719,730	1,744,739	2,421,206
Loan Sales Data:
Loan Sales	700,690	660,693	1,936,282	2,820,558
Agency Business | Private Label
Segment Information
Origination Volumes	35,671	625,176	191,913	1,154,814
Loan Sales Data:
(Loss) gain on derivative instruments, net			17,100
Loan Sales	14,567		515,086	449,890
Agency Business | Freddie Mac
Segment Information
Origination Volumes	350,980	307,664	1,057,743	578,295
Loan Sales Data:
Loan Sales	288,029	238,880	1,009,557	647,827
Agency Business | FHA
Segment Information
Origination Volumes	78,382	84,430	168,736	281,674
Loan Sales Data:
Loan Sales	$ 35,838	$ 78,188	$ 182,755	$ 308,193

Segment Information - Key Servi

Segment Information - Key Servicing Metrics (Details) - Agency Business - MSRs - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Segment Information
Servicing Portfolio UPB	$ 27,065,127	$ 26,959,389
Wtd. Avg. Servicing Fee Rate (basis points)	42.40%	44.90%
Wtd. Avg. Life of Servicing Portfolio (in years)	8 years 10 months 24 days	8 years 9 months 18 days
SFR - Fixed Rate
Segment Information
Servicing Portfolio UPB	$ 241,887	$ 191,698
Wtd. Avg. Servicing Fee Rate (basis points)	20%	20%
Wtd. Avg. Life of Servicing Portfolio (in years)	6 years 2 months 12 days	6 years 6 months
Fannie Mae
Segment Information
Servicing Portfolio UPB	$ 18,331,457	$ 19,127,397
Wtd. Avg. Servicing Fee Rate (basis points)	52.10%	53.50%
Wtd. Avg. Life of Servicing Portfolio (in years)	8 years 3 months 18 days	8 years
Freddie Mac
Segment Information
Servicing Portfolio UPB	$ 4,979,612	$ 4,943,905
Wtd. Avg. Servicing Fee Rate (basis points)	26%	27.10%
Wtd. Avg. Life of Servicing Portfolio (in years)	9 years 6 months	9 years 3 months 18 days
Private Label
Segment Information
Servicing Portfolio UPB	$ 2,075,791	$ 1,711,326
Wtd. Avg. Servicing Fee Rate (basis points)	20%	20%
Wtd. Avg. Life of Servicing Portfolio (in years)	8 years 2 months 12 days	8 years 3 months 18 days
FHA
Segment Information
Servicing Portfolio UPB	$ 1,136,684	$ 985,063
Wtd. Avg. Servicing Fee Rate (basis points)	14.90%	15.40%
Wtd. Avg. Life of Servicing Portfolio (in years)	19 years 9 months 18 days	21 years
Bridge loans
Segment Information
Servicing Portfolio UPB	$ 299,696
Wtd. Avg. Servicing Fee Rate (basis points)	12.50%
Wtd. Avg. Life of Servicing Portfolio (in years)	2 years 3 months 18 days