Arbor Realty Trust (ABR) 10-K 17 Feb 23 2022 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Feb. 10, 2023	Jun. 30, 2022
Document and Entity Information
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
ICFR Auditor Attestation Flag	true
Entity Common Stock, Shares Outstanding		179,818,642
Entity Central Index Key	0001253986
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Public Float			$ 2,130
Auditor Name	Ernst & Young LLP
Auditor Location	New York
Auditor Firm ID	42
Common Stock
Document and Entity Information
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	ABR
Security Exchange Name	NYSE
Preferred Stock, 6.375% Series D Cumulative Redeemable, par value $0.01 per share
Document and Entity Information
Title of 12(b) Security	Preferred Stock, 6.375% Series D Cumulative Redeemable, par value $0.01 per share
Trading Symbol	ABR-PD
Security Exchange Name	NYSE
Preferred Stock, 6.25% Series E Cumulative Redeemable, par value $0.01 per share
Document and Entity Information
Title of 12(b) Security	Preferred Stock, 6.25% Series E Cumulative Redeemable, par value $0.01 per share
Trading Symbol	ABR-PE
Security Exchange Name	NYSE
Preferred Stock, 6.25% Series F Fixed-to-Floating Rate Cumulative Redeemable, par value $0.01 per share
Document and Entity Information
Title of 12(b) Security	Preferred Stock, 6.25% Series F Fixed-to-Floating Rate Cumulative Redeemable, par value $0.01 per share
Trading Symbol	ABR-PF
Security Exchange Name	NYSE

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Assets:
Cash and cash equivalents	$ 534,357	$ 404,580
Restricted cash	713,808	486,690
Loans and investments, net (allowance for credit losses of $132,559 and $113,241)	14,254,674	11,981,048
Loans held-for-sale, net	354,070	1,093,609
Capitalized mortgage servicing rights, net	401,471	422,734
Securities held-to-maturity, net (allowance for credit losses of $3,153 and $1,753)	156,547	140,484
Investments in equity affiliates	79,130	89,676
Due from related party	77,419	84,318
Goodwill and other intangible assets	96,069	100,760
Other assets	371,440	269,946
Total assets	17,038,985	15,073,845
Liabilities and Equity:
Credit and repurchase facilities	3,841,814	4,481,579
Securitized debt	7,849,270	5,892,810
Senior unsecured notes	1,385,994	1,280,545
Convertible senior unsecured notes, net	280,356	259,385
Junior subordinated notes to subsidiary trust issuing preferred securities	143,128	142,382
Due to related party	12,350	26,570
Due to borrowers	61,237	96,641
Allowance for loss-sharing obligations	57,168	56,064
Other liabilities	335,789	287,885
Total liabilities	13,967,106	12,523,861
Commitments and contingencies
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 - 178,230,522 and 151,362,181 shares issued and outstanding	1,782	1,514
Additional paid-in capital	2,204,481	1,797,913
Retained earnings	97,049	62,532
Total Arbor Realty Trust, Inc. stockholders' equity	2,936,996	2,418,122
Noncontrolling interest	134,883	131,862
Total equity	3,071,879	2,549,984
Total liabilities and equity	$ 17,038,985	$ 15,073,845

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Loans and investments, net allowance for credit losses	$ 132,559	$ 113,241
Securities held-to-maturity, net allowance for credit losses	$ 3,153	$ 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)	178,230,522	151,362,181
Common stock, shares outstanding (in shares)	178,230,522
Assets	$ 17,038,985	$ 15,073,845
Liabilities	13,967,106	12,523,861
Consolidated VIEs
Assets	9,785,261	7,144,806
Liabilities	$ 7,876,024	$ 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
Series D preferred stock
Preferred stock, dividend rate (as a percent)	6.375%	6.375%
Preferred stock, shares issued (in shares)	9,200,000
Series E preferred stock
Preferred stock, dividend rate (as a percent)	6.25%	6.25%
Preferred stock, shares issued (in shares)	5,750,000
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 - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
CONSOLIDATED STATEMENTS OF INCOME
Interest income	$ 948,401	$ 466,087	$ 339,465
Interest expense	557,617	212,005	169,216
Net interest income	390,784	254,082	170,249
Other revenue:
Gain on sales, including fee-based services, net	55,816	123,037	94,607
Mortgage servicing rights	69,346	130,230	165,517
Servicing revenue, net	92,192	74,814	54,385
Property operating income	1,877	185	3,976
Gain (loss) on derivative instruments, net	26,609	(2,684)	(58,335)
Other income, net	(17,563)	7,566	4,109
Total other revenue	228,277	333,148	264,259
Other expenses:
Employee compensation and benefits	161,825	171,796	144,380
Selling and administrative	53,990	45,575	37,348
Property operating expenses	2,136	718	4,898
Depreciation and amortization	8,732	7,215	7,640
Provision for loss sharing (net of recoveries)	1,862	(6,167)	14,822
Provision for credit losses (net of recoveries)	21,169	(21,113)	61,110
Litigation settlement	7,350
Total other expenses	257,064	198,024	270,198
Income before extinguishment of debt, sale of real estate, income from equity affiliates and income taxes	361,997	389,206	164,310
Loss on extinguishment of debt	(4,933)	(3,374)	(3,546)
Gain (loss) on sale of real estate		3,693	(375)
Income from equity affiliates	14,247	34,567	76,161
Provision for income taxes	(17,484)	(46,285)	(40,393)
Net income	353,827	377,807	196,157
Preferred stock dividends	40,954	21,888	7,554
Net income attributable to noncontrolling interest	28,044	38,507	25,208
Net income attributable to common stockholders	$ 284,829	$ 317,412	$ 163,395
Basic earnings per common share	$ 1.72	$ 2.30	$ 1.44
Diluted earnings per common share	$ 1.67	$ 2.28	$ 1.41
Weighted average shares outstanding:
Basic	165,355,167	137,830,691	113,811,471
Diluted	199,112,630	156,089,595	133,969,296

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Preferred Stock Series D preferred stock	Preferred Stock Series E preferred stock	Preferred Stock 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 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 Series D preferred stock	Total Arbor Realty Trust, Inc. Stockholders' Equity Series E preferred stock	Total Arbor Realty Trust, Inc. Stockholders' Equity 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	Non-controlling Interest Cumulative-effect adjustment	Non-controlling Interest Balance as adjusted for the adoption of ASU 2020-06	Non-controlling Interest	Series D preferred stock	Series E preferred stock	Series F preferred stock	Cumulative-effect adjustment	Balance as adjusted for the adoption of ASU 2020-06	Total
Balance beginning at Dec. 31, 2019					$ 89,501		$ 1,097			$ 1,154,932			$ (85,026)						$ 1,160,504			$ 166,916						$ 1,327,420
Balance beginning (in shares) at Dec. 31, 2019					24,195,594		109,706,214
Increase (Decrease) in Stockholders' Equity
Issuance of common stock							$ 148			183,287									183,435									183,435
Issuance of common stock (in shares)							14,790,121
Repurchase of common stock							$ (23)			(21,508)									(21,531)									(21,531)
Repurchase of common stock (in shares)							(2,285,178)
Issuance of common stock from convertible debt							$ 4			90									94									94
Issuance of common stock from convertible debt (in shares)							368,498
Stock-based compensation, net							$ 6			2,446									2,452									2,452
Stock-based compensation, net (in shares)							601,518
Distributions - common stock													(141,801)						(141,801)									(141,801)
Distributions - preferred stock													(7,564)						(7,564)									(7,564)
Distributions - noncontrolling interest																						(23,744)						(23,744)
Redemption of operating partnership units					$ (29)					(2,138)									(2,167)			(30,066)						(32,233)
Redemption of operating partnership units (in shares)					(2,923,461)
Net income													170,949						170,949			25,208						196,157
Balance ending at Dec. 31, 2020					$ 89,472		$ 1,232			1,317,109			(63,442)						1,344,371			138,314						1,482,685
Balance ending (in shares) at Dec. 31, 2020					21,272,133		123,181,173
Increase (Decrease) in Stockholders' Equity
Issuance of common stock	$ 222,438	$ 138,886	$ 194,675				$ 291			514,302				$ 222,438	$ 138,886	$ 194,675			514,593				$ 222,438	$ 138,886	$ 194,675			514,593
Issuance of common stock (in shares)	9,200,000	5,750,000	8,050,000				(29,140,369)
Repurchase of common stock							$ (19)			(34,385)									(34,404)									(34,404)
Repurchase of common stock (in shares)							(1,962,499)
Redemption of preferred stock					$ (89,296)								(3,493)						(92,789)									(92,789)
Redemption of preferred stock (in shares)					(3,711,500)
Issuance of common stock from convertible debt							$ 4			(4)
Issuance of common stock from convertible debt (in shares)							386,459
Stock-based compensation, net							$ 6			891									897									897
Stock-based compensation, net (in shares)							616,679
Distributions - common stock													(191,423)						(191,423)									(191,423)
Distributions - preferred stock													(18,410)						(18,410)									(18,410)
Distributions - noncontrolling interest																						(23,366)						(23,366)
Redemption of operating partnership units					$ (12)														(12)			(21,593)						(21,605)
Redemption of operating partnership units (in shares)					(1,235,538)
Net income													339,300						339,300			38,507						377,807
Balance ending at Dec. 31, 2021				$ 556,163	$ 556,163	$ 1,514	$ 1,514	$ (8,684)	$ 1,789,229	1,797,913	$ 5,612	$ 68,144	62,532				$ (3,072)	$ 2,415,050	2,418,122	$ 625	$ 132,487	131,862				$ (2,447)	$ 2,547,537	2,549,984
Balance ending (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				$ 263			408,472						$ 77,522			408,735						$ 77,522			408,735
Issuance of common stock (in shares)			3,292,000				26,335,788
Stock-based compensation, net							$ 5			6,780									6,785									6,785
Stock-based compensation, net (in shares)							532,553
Distributions - common stock													(255,913)						(255,913)									(255,913)
Distributions - preferred stock													(40,965)						(40,965)									(40,965)
Distributions - noncontrolling interest																						(25,103)						(25,103)
Redemption of operating partnership units					$ (1)														(1)			(545)						(546)
Redemption of operating partnership units (in shares)					(31,506)
Net income													325,783						325,783			28,044						353,827
Balance ending at Dec. 31, 2022					$ 633,684		$ 1,782			$ 2,204,481			$ 97,049						$ 2,936,996			$ 134,883						$ 3,071,879
Balance ending (in shares) at Dec. 31, 2022					42,585,589		178,230,522

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating activities:
Net income	$ 353,827	$ 377,807	$ 196,157
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	8,732	7,215	7,640
Stock-based compensation	14,973	9,929	9,046
Amortization and accretion of interest and fees, net	(13,547)	(2,487)	2,964
Amortization of capitalized mortgage servicing rights	59,876	58,615	49,222
Originations of loans held-for-sale	(4,788,202)	(6,461,023)	(6,709,375)
Proceeds from sales of loans held-for-sale, net of gain on sale	5,438,623	6,415,169	6,587,728
Mortgage servicing rights	(69,346)	(130,230)	(165,517)
Write-off of capitalized mortgage servicing rights from payoffs	44,502	32,741	16,757
Provision for loss sharing (net of recoveries)	1,862	(6,167)	14,822
Provision for credit losses (net of recoveries)	21,169	(21,113)	61,110
Net (charge-offs) recoveries for loss sharing obligations	(758)	(2,072)	427
Deferred tax (benefit) provision	(1,741)	10,892	4,726
Income from equity affiliates	(14,247)	(34,567)	(76,161)
Distributions from operations of equity affiliates	16,594	32,953	44,579
Loss on extinguishment of debt	4,933	3,374	3,546
Payoffs and paydowns of loans held-for-sale	58,751	2,425	179
Loss on sale of loans	11,180
Change in fair value of held-for-sale loans	15,703
Litigation settlement	7,350
(Gain) loss on real estate		(3,693)	375
Changes in operating assets and liabilities	(70,585)	(72,921)	6,940
Net cash provided by operating activities	1,099,649	216,847	55,165
Investing Activities:
Loans and investments funded, originated and purchased, net	(5,955,061)	(9,209,475)	(2,376,233)
Payoffs and paydowns of loans and investments	3,423,498	2,370,570	1,243,694
Proceeds from sale of loans and investments	397,338	127,700
Deferred fees	57,098	72,182	18,766
Contributions to equity affiliates	(17,809)	(48,071)	(892)
Distributions from equity affiliates	26,008	34,283
Purchase of securities held-to-maturity, net	(27,598)	(53,511)	(37,926)
Payoffs and paydowns of securities held-to-maturity	19,030	13,317	10,158
Due to borrowers and reserves	(239,626)	(57,249)	(32,925)
Proceeds from sale of available-for-sale securities			9,995
Investments in real estate, net			(131)
Proceeds from sale of real estate, net			8,870
Net cash used in investing activities	(2,317,122)	(6,750,254)	(1,156,624)
Financing activities:
Proceeds from credit and repurchase facilities	11,536,220	15,688,353	12,986,256
Paydowns and payoffs of credit and repurchase facilities	(12,153,215)	(13,433,376)	(12,428,681)
Proceeds from issuance of securitized debt	2,762,502	4,281,512	668,000
Payoffs and paydowns of securitized debt	(801,141)	(889,150)	(283,125)
Proceeds from issuance of common stock	408,735	514,593	183,585
Proceeds from issuance of preferred stock	77,522	555,999
Proceeds from issuance of senior unsecured notes	437,500	625,000	345,750
Payoffs and paydowns of senior unsecured notes	(312,920)
Redemption of OP Units	(546)	(21,605)	(32,233)
Payments of withholding taxes on net settlement of vested stock	(8,188)	(9,032)	(6,594)
Repurchase of common stock		(34,404)	(21,531)
Distributions to stockholders	(321,739)	(227,062)	(173,109)
Payment of deferred financing costs	(50,362)	(56,060)	(18,087)
Redemption of preferred stock		(92,789)
Extinguishment of convertible senior unsecured notes		(14,300)
Payoff of debt fund			(70,000)
Settlements of convertible senior unsecured notes			(22,336)
Net cash provided by financing activities	1,574,368	6,887,679	1,127,895
Net increase in cash, cash equivalents and restricted cash	356,895	354,272	26,436
Cash, cash equivalents and restricted cash at beginning of period	891,270	536,998	510,562
Cash, cash equivalents and restricted cash at end of period	1,248,165	891,270	536,998
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents at beginning of period	404,580	339,528	299,687
Restricted cash at beginning of period	486,690	197,470	210,875
Cash, cash equivalents and restricted cash at beginning of period	891,270	536,998	510,562
Cash and cash equivalents at end of period	534,357	404,580	339,528
Restricted cash at end of period	713,808	486,690	197,470
Cash, cash equivalents and restricted cash at end of period	1,248,165	891,270	536,998
Supplemental cash flow information:
Cash used to pay interest	486,826	175,912	144,968
Cash used to pay taxes	27,560	37,797	35,282
Supplemental schedule of non-cash investing and financing activities:
Investment in real estate, net	31,200
Distributions accrued on preferred stock	7,010	6,767	629
Cummulative-effect adjustment (adoption of convertible debt standard)	2,447
Loans transferred from loans and investment, net to loans held-for-sale		65,144
Cummulative-effect adjustment (adoption of credit loss standard)			28,607
Settlements of convertible senior unsecured notes			4,778
Fair value of conversion feature of convertible senior unsecured notes			94
Issuance of common stock from convertible debt			90
Operating segments | Agency Business
Operating activities:
Net income	96,242	164,116	101,879
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	4,691	4,691	5,249
Amortization of capitalized mortgage servicing rights	59,876	58,615	49,222
Mortgage servicing rights	(69,346)	(130,230)	(165,517)
Provision for loss sharing (net of recoveries)	1,862	(6,167)	14,822
Provision for credit losses (net of recoveries)	1,399	110	1,143
(Gain) loss on real estate		(1,227)	$ (503)
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents at beginning of period	261,809
Restricted cash at beginning of period	18,677
Cash and cash equivalents at end of period	333,843	261,809
Restricted cash at end of period	$ 193	$ 18,677

Description of Business

Description of Business	12 Months Ended
	Dec. 31, 2022
Description of Business
Description of Business	Note 1 — Description of Business Arbor is a Maryland corporation formed in 2003. Through our Structured Business, we invest in a diversified portfolio of structured finance assets in the multifamily, SFR and commercial real estate markets, primarily consisting of bridge loans, in addition to mezzanine loans, junior participating interests in first mortgages and preferred and direct equity. We also invest in real estate-related joint ventures and may directly acquire real property and invest in real estate-related notes and certain mortgage-related securities. Through our Agency Business, we originate, sell and service a range of multifamily finance products through Fannie Mae and Freddie Mac, Ginnie Mae, FHA and HUD. We retain the servicing rights and asset management responsibilities on substantially all loans we originate and sell under the GSE and HUD programs. We are an approved Fannie Mae DUS lender nationally, a Freddie Mac Multifamily Conventional Loan lender, seller/servicer, in New York, New Jersey and Connecticut, a Freddie Mac affordable, manufactured housing, senior housing and SBL lender, seller/servicer, nationally and a HUD MAP and LEAN senior housing/healthcare lender nationally. We also originate and service permanent financing loans underwritten using the guidelines of our existing agency loans sold to the GSEs, which we refer to as “Private Label” loans and originate and sell finance products through CMBS programs. We pool and securitize the Private Label loans and sell certificates in the securitizations to third-party investors, while retaining the servicing rights and the highest risk bottom tranche certificate of the securitization. Substantially all of our operations are conducted through our operating partnership, ARLP, for which we serve as the indirect general partner, and ARLP’s subsidiaries. We are organized to qualify as a REIT for U.S. federal income tax purposes. 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 TRS entities, which are part of our TRS Consolidated Group and are subject to U.S. federal, state and local income taxes. In general, our TRS entities may hold assets that the REIT cannot hold directly and may engage in real estate or non-real estate -related business.

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	12 Months Ended
	Dec. 31, 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 The consolidated financial statements and accompanying notes have been prepared in accordance with GAAP. In our opinion, all adjustments considered necessary for a fair presentation of our financial position, results of operations and cash flows have been included and are of a normal and recurring nature. Principles of Consolidation The consolidated financial statements include our financial statements and the financial statements of our wholly owned subsidiaries, partnerships and other joint ventures in which we own a controlling interest, including variable interest entities (“VIEs”) of which we are the primary beneficiary. Entities in which we have a significant influence are accounted for under the equity method. Our VIEs are described in Note 15. All significant intercompany transactions and balances have been eliminated in consolidation. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that could materially affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. The ongoing effects of the COVID-19 pandemic have caused significant disruptions to the U.S. and global economies. Although vaccine availability and usage have continued to increase, which has led to less negative short-term effects, such as travel bans, quarantines, layoffs and shutdowns, the ongoing longer-term macroeconomic effects on inflation, interest rates, capital markets, labor shortages, property values and global supply chains continue to negatively impact many industries, including the U.S. commercial real estate market. In addition, new strains of COVID-19 continue to emerge, which may cause governments and businesses to re-impose aggressive measures to help slow its spread, making the future impact difficult to predict. The ultimate impact of COVID-19 on the economy, including rising inflation, increasing interest rates, tightening of capital markets and reduced property values, both globally and to our business, makes any estimate or assumption at December 31, 2022 inherently less certain. Significant Accounting Policies Cash and Cash Equivalents . Loans, Investments and Securities. At the time of purchase, we designate a debt security as available-for-sale, held-to-maturity, or trading depending on our ability and intent for the security. Securities available-for-sale, which is included as a component of other assets in the consolidated balance sheets, is reported at fair value with the fluctuations in fair value recognized through earnings. Held-to-maturity securities are carried at cost net of any unamortized premiums or discounts, which are amortized or accreted over the life of the securities. For securities classified as held-to-maturity, an evaluation is performed as to whether a decline in fair value below the amortized cost basis is other-than-temporary. The determination of other-than-temporary impairment is a subjective process requiring judgments and assumptions and is not necessarily intended to indicate a permanent decline in value. The process includes, but is not limited to, assessment of recent market events and prospects for near-term recovery, assessment of cash flows, internal review of the underlying assets securing the investments, credit of the issuer and the rating of the security, as well as our ability and intent to hold the investment to maturity. We closely monitor market conditions on which we base such decisions. Allowance for Credit Losses. Our method for calculating the estimate of expected credit loss considers historical experience and current conditions for similar loans and reasonable and supportable forecasts about the future. The reasonable and supportable forecast period is determined based on our assessment of the most likely scenario of assumptions and plausible outcomes for the U.S. economy, level of historical loss forecast estimates, material changes in growth and credit strategy and other factors that may affect our loss experience. We regularly evaluate the reasonable and supportable forecast period to determine if a change is needed. Beyond our reasonable and supportable forecast period, we generally revert to historical loss information over the remaining loan/asset period, taken from a period that most accurately reflects the expectation of conditions expected to exist during the period of reversion. We may adjust historical loss information for differences in risk that may not reflect the characteristics of our current portfolio, including, but not limited to, loan-to-value and debt service coverage ratios, among other relevant factors. The method of reversion selected represents the best estimate of the collectability of the investments and is reevaluated each reporting period. We generally expect to use an average historical loss for reversion, utilizing an immediate or straight-line method for the remaining life of the investments. We also perform a qualitative assessment beyond model estimates and apply qualitative adjustments as necessary. Our qualitative analysis includes a review of data that may directly impact our estimates including internal and external information about the loan or property including current market conditions, asset specific conditions, property operations or borrower/sponsor details (i.e., refinance, sale, bankruptcy) which allows us to determine the amount of the expected loss more accurately and reasonably for these investments. We also evaluate the contractual life of our assets to determine if changes are needed for contractual extension options, renewals, modifications, and prepayments. To the extent possible, we estimate our allowance for credit losses using a pooling approach for homogeneous assets with similar risk characteristics with the goal of enhancing the precision of their estimate. If particular assets no longer display risk characteristics that are similar to those of the pool, we may decide to revise our pools or perform an individual assessment of expected credit losses. If it is determined that a foreclosure is probable, or we expect repayment through the operation or sale of the collateral and the borrower is experiencing financial difficulty, we calculate expected credit losses based on the fair value of the collateral as of the reporting date. During the loan review process, if we determine that it is probable that we will be unable to collect all amounts due for both principal and interest according to the contractual terms of a loan, we evaluate whether that loan is impaired. We consider the capitalization and market discount rates, as well as the borrower’s operating income and cash flows, in estimating the value of the underlying collateral when determining if a loan is impaired. We may also obtain a third-party appraisal, which may value the collateral through an “as-is” or “stabilized value” methodology. Such appraisals may be used as an additional source of valuation information only and no adjustments are made to appraisals. If, upon completion of the valuation, the fair value of the underlying collateral securing the impaired loan is less than the net carrying value of the loan, we record a specific allowance for credit losses with a corresponding charge to the provision for credit losses and remove the impaired loan from the CECL analysis described above. If a loan modification constitutes a concession whereas we do not receive ample consideration in return for the modification, and the borrower is experiencing financial difficulties and cannot repay the loan under the current terms, then the modification is considered by us to be a troubled debt restructuring. We record interest on modified loans on an accrual basis to the extent the modified loan is contractually current. The allowance for credit losses on a troubled debt restructuring is measured using the same method as all other loans held for investment. Charge-offs to the allowance for credit losses occur when losses are confirmed through the receipt of cash or other consideration from the completion of a sale; when a modification or restructuring takes place in which we grant a concession to a borrower or agree to a discount in full or partial satisfaction of the loan; when we take ownership and control of the underlying collateral in full satisfaction of the loan; when loans are reclassified as other investments; or when significant collection efforts have ceased and it is highly likely that a loss has been realized. Loss on restructured loans is recorded when we have granted a concession to the borrower in the form of principal forgiveness related to the payoff or the substitution or addition of a new debtor for the original borrower or when we incur costs on behalf of the borrower related to the modification, payoff or the substitution or addition of a new debtor for the original borrower. When a loan is restructured, we record our investment at net realizable value, taking into account the cost of all concessions at the date of restructuring. In addition, a gain or loss may be recorded upon the sale of a loan to a third-party in the consolidated statements of income in the period in which the loan was sold. Loans Held-for-Sale, Net. Loans held-for-sale, net represents our Agency Business commercial real estate loans originated and sold under the GSE and HUD programs, which are generally transferred or sold within 60 days of loan origination, as well as our Private Label loans, which are generally sold and securitized within 180 days of loan origination. Such loans are reported at the lower of cost or market on an aggregate basis and include the value allocated to the associated future MSRs. During the period prior to its sale, interest income on a loan held-for-sale is calculated in accordance with the terms of the individual loan and the loan origination fees and direct loan origination costs are deferred until the loan is sold. All of our held-for-sale loans are financed with matched borrowings from credit facilities contracted to finance such loans. Interest income and expense are earned or incurred after a loan is closed and before a loan is sold. Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated, put presumptively beyond the reach of the entity, even in bankruptcy, (2) the transferee (or if the transferee is an entity whose sole purpose is to engage in securitization and the entity is constrained from pledging or exchanging the assets it receives, each third-party holder of its beneficial interests) has the right to pledge or exchange the transferred financial assets, and (3) we or our agents do not maintain effective control over the transferred financial assets or third-party beneficial interest related to those transferred assets through an agreement to repurchase them before their maturity. We have determined that all loans sold have met these specific conditions and account for all transfers of mortgage loans as completed sales. Allowance for Loss-Sharing Obligations. At inception, a liability for the fair value of the obligation undertaken in issuing the guaranty is recognized. In determining the fair value of the guaranty obligation, we consider the risk profile of the collateral and the historical loss experience in our portfolio. The guaranty obligation is removed only upon either the expiration or settlement of the guaranty. We evaluate the allowance for loss-sharing obligations by monitoring the performance of each loss-sharing loan for events or conditions that may signal a potential default. Historically, initial loss recognition occurs at or before a loan becomes 60 days delinquent. In instances where payment under the guaranty on a loan is determined to be probable and estimable (as the loan is probable of, or is, in foreclosure), we record a liability for the estimated allowance for loss-sharing (a “specific reserve”) by transferring the guarantee obligation recorded on the loan to the specific reserve with any adjustments to this reserve amount recorded in provision for loss sharing in the statements of income. The amount of the allowance considers our assessment of the likelihood of repayment by the borrower or key principal(s), the risk characteristics of the loan, the loan’s risk rating, historical loss experience, adverse situations affecting individual loans, the estimated disposition value of the underlying collateral, and the level of risk sharing. We regularly monitor the specific reserves and update loss estimates as current information is received. Capitalized Mortgage Servicing Rights. Key rates: Servicing Cost: Estimated Life: MSRs are initially recorded at fair value and are carried at amortized cost. The fair value of MRSs from loans we originate and sell are estimated considering market prices for similar MSRs, when available, and by estimating the present value of the future net cash flows of the capitalized MSRs, net of adequate compensation for servicing. Adequate compensation is based on the market rate of similar servicing contracts. The fair value of MSRs acquired approximate the purchase price paid. We evaluate the MSR portfolio for impairment on a quarterly basis based on the difference between the aggregate carrying amount of the MSRs and their aggregate fair value. We engage an independent third-party valuation expert to assist in determining an estimated fair value of our MSR portfolio on a quarterly basis. For purposes of impairment evaluation, the MSRs are stratified based on predominant risk characteristics of the underlying loans, which we have identified as loan type, note rate and yield maintenance provisions. To the extent that the carrying value of the MSRs exceeds fair value, a valuation allowance is established. We record write-offs of MSRs related to loans that were repaid prior to their expected maturity and loans that have defaulted and determined to be unrecoverable. When this occurs, the write-off is recorded as a direct write-down to the carrying value of MSRs and is included as a component of servicing revenue, net in the consolidated statements of income. This direct write-down permanently reduces the carrying value of the MSRs, precluding recognition of subsequent recoveries. For loans that payoff prior to maturity, we may collect a prepayment fee which is included as a component of servicing revenue, net. Investments in Equity Affiliates. Goodwill and Other Intangible Assets. We generally use an income-based valuation method to estimate the fair value of intangible assets, which discounts expected future cash flows to present value using estimates and assumptions we deem reasonable. Determining the estimated useful lives of intangible assets also requires judgment. Certain intangible assets, such as GSE licenses, have been deemed to have indefinite lives while other intangible assets, such as broker and borrower relationships and above/below market rent have been deemed to have finite lives. Our assessment as to which intangible assets are deemed to have finite or indefinite lives is based on several factors including economic barriers of entry for the acquired product lines, scarcity of available GSE licenses, retention trends and our operating plans, among other factors. Goodwill and indefinite-lived intangible assets are not amortized, while finite-lived intangible assets are amortized over their estimated useful lives on a straight-line basis. Indefinite-lived intangible assets, including goodwill, are tested for impairment whenever events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. In addition, with respect to goodwill, an impairment analysis is performed at least annually. We have elected to make the first day of our fiscal fourth quarter the annual impairment assessment date for goodwill. We first assess qualitative factors to determine whether it is more likely than not that the fair value is less than the carrying value. If, based on that assessment, we believe it is more likely than not that the fair value is less than the carrying value, then a two-step goodwill impairment test is performed. Based on the impairment analysis performed as of October 1, 2022, there were no indicators that the indefinite-lived intangible assets, including goodwill, were impaired and there were no events or changes in circumstances indicating impairment at December 31, 2022. Real Estate Owned and Held-For-Sale. We allocate the purchase price of our real estate acquisitions to land, building, tenant improvements, origination asset of the in-place leases, intangibles for the value of any above or below market leases at fair value and to any other identified intangible assets or liabilities. We amortize the value allocated to in-place leases over the remaining lease term, which is reported in depreciation and amortization expense on our consolidated statements of income. The value allocated to above or below market leases are amortized over the remaining lease term as an adjustment to rental income. Real estate assets are depreciated using the straight-line method over their estimated useful lives. Ordinary repairs and maintenance which are not reimbursed by the tenants are expensed as incurred. Major replacements and betterments which improve or extend the life of the asset are capitalized and depreciated over their estimated useful life. Our properties are reviewed for impairment each quarter if events or circumstances change indicating that the carrying amount of an asset may not be recoverable. We recognize impairment if the undiscounted estimated cash flows to be generated by an asset is less than the carrying amount of such asset. Measurement of impairment is based on the asset’s estimated fair value. In evaluating for impairment, many factors are considered, including estimated current and expected operating cash flows from the property during the projected holding period, costs necessary to extend the life or improve the asset, expected capitalization rates, projected stabilized net operating income, selling costs, and the ability to hold and dispose of the asset in the ordinary course of business. Impairment charges may be necessary in the event discount rates, capitalization rates, lease-up periods, future economic conditions, and other relevant factors vary significantly from those assumed in valuing the property. Real estate is classified as held-for-sale when we commit to a plan of sale, the asset is available for immediate sale, there is an active program to locate a buyer, and it is probable the sale will be completed within one year . Real estate assets that are expected to be disposed of are valued at the lower of the asset’s carrying amount or its fair value less costs to sell. We recognize sales of real estate properties upon closing. Payments received from purchasers prior to closing are recorded as deposits. Gain on real estate sold is recognized when the collectability of the sale price is reasonably assured, we are not obligated to perform significant activities after the sale and when control of the asset transfers to the buyer. A gain may be deferred in whole or in part until collectability of the sales price is reasonably assured and the earnings process is complete. Hedging Activities and Derivatives . The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. These derivative instruments must be effective in reducing risk exposure to qualify for hedge accounting. When the terms of an underlying transaction are modified, or when the underlying hedged item ceases to exist, all changes in the fair value of the instrument are marked-to-market with changes in value included in net income for each period until the derivative instrument matures or is settled. Any derivative instrument used for risk management that does not meet the hedging criteria is marked-to-market with the changes in value included in earnings. In cases where a derivative instrument is terminated early, any gain or loss is generally amortized over the remaining life of the hedged item. We may also enter into derivative contracts that are intended to economically hedge certain risks, even though hedge accounting does not apply, or we elect not to apply hedge accounting. The ineffective portion of a derivative’s change in fair value is recognized immediately in earnings. In connection with our interest rate risk management, we may hedge a portion of our interest rate risk by entering into derivative instrument contracts to manage differences in the amount, timing, and duration of our expected cash receipts and our expected cash payments principally related to our investments and borrowings. Our objectives in using interest rate derivatives are to add stability to interest income and to manage our exposure to interest rate movements. To accomplish this objective, we have used, and may again in the future, use interest rate swaps as part of our interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for us making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Our rate lock and forward sales commitments associated with the Agency Business meet the definition of a derivative and are recorded at fair value. The estimated fair value of rate lock commitments includes the effects of interest rate movements as well as the fair value of the expected net cash flows associated with the servicing of the loan which is recorded as income from MSRs in the consolidated statements of income. The estimated fair value of forward sale commitments includes the effects of interest rate movements between the trade date and balance sheet date. Our Swaps associated with (1) our held-for-sale Agency Business Private Label loans, and (2) our Structured Business SFR loans, do not meet the criteria for hedge accounting and are tied to the five-year and ten-year swap rates. Our Swaps are cleared by a central clearing house and variation margin payments (made in cash) are treated as a legal settlement of the derivative itself, as opposed to a pledge of collateral. Realized and unrealized gains and losses related to our Swaps are recorded through earnings. Revenue Recognition. Several of our loans provide for accrual of interest at specified rates, which differ from current payment terms. Interest is recognized on such loans at the accrual rate subject to our determination that accrued interest and outstanding principal are ultimately collectible, based on the underlying collateral and operations of the asset. If we cannot make this determination, interest income above the current pay rate is recognized only upon actual receipt. Given the transitional nature of some of our real estate loans, we may require funds to be placed into an interest reserve, based on contractual requirements, to cover debt service costs. We will analyze these interest reserves on a periodic basis and determine if any additional interest reserves are needed. Recognition of income on loans with funded interest reserves are accounted for in the same manner as loans without funded interest reserves. We do not recognize interest income on loans in which the borrower has failed to make the contractual interest payment due or has not replenished the interest reserve account. Income from non-performing loans is generally recognized on a cash basis only to the extent it is received. Full income recognition will resume when the loan becomes contractually current, and performance has recommenced. Additionally, interest income is recorded when earned from equity participation interests, referred to as equity kickers. These equity kickers have the potential to generate additional revenues to us as a result of excess cash flow distributions and/or as appreciated properties are sold or refinanced. Gain on sales, including fee-based services, net Property operating income Other income, net Leases. Stock-Based Compensation. Income Taxes. The Agency Business mainly operates through a TRS, which is a part of our TRS Consolidated Group and is subject to U.S. federal, state and local income taxes. In general, our TRS entities may hold assets that the REIT cannot hold directly and may engage in real estate or non-real estate-related business. Current and deferred taxes are recorded on the portion of earnings (losses) recognized by us with respect to our interest in TRSs. Deferred income tax assets and liabilities are calculated based on temporary differences between our GAAP consolidated financial statements and the federal, state, local tax basis of assets and liabilities as of the consolidated balance sheets. We evaluate the realizability of our deferred tax assets (e.g., net operating loss and capital loss carryforwards) and recognize a valuation allowance if, based on the available evidence, it is more likely than not that some portion or all our deferred tax assets will not be realized. When evaluating the realizability of our deferred tax assets, we consider estimates of expected future taxable income, existing and projected book/tax differences, tax planning strategies available and the general and industry specific economic outlook. We periodically evaluate tax positions to determine whether it is more likely than not that such positions would be sustained upon examination by a tax authority for all open tax years, as defined by the statute of limitations, based on their technical merits. We report interest and penalties related to tax uncertainties as a component of the income tax provision. Earnings Per Share. We present both basic and diluted earnings per share (“EPS”). Basic EPS excludes dilution and is computed by dividing net income available to common stockholders by the weighted average number of shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, where such exercise or conversion would result in a lower EPS amount. Recently Adopted Accounting Pronouncements Description Adoption Date Effect on Financial Statements In August 2020, the FASB issued Accounting Standards Updat (“ASU”) 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“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 EPS 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 reduced our diluted EPS for the year ended December 31, 2022 by $0.05 per share, mainly due to the assumption that we will redeem the principal balance with common stock. ​ ​ 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. The adoption of this guidance is not expected to have a material impact on our consolidated financial statements. ​ ​ ​

Loans and Investments

Loans and Investments	12 Months Ended
	Dec. 31, 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 ​ ​ ​ December 31, 2022 ​ Total ​ Count ​ Pay Rate (1) ​ Maturity ​ LTV Ratio (2) ​ LTV Ratio (3) ​ Bridge loans (4) ​ $ 14,096,054 ​ 98 % 692 8.17 % 19.8 0 % 76 % Mezzanine loans ​ 213,499 1 % 44 8.13 % 63.1 42 % 77 % Preferred equity investments ​ ​ 110,725 ​ 1 % 8 ​ 7.63 % 39.2 ​ 46 % 79 % Other loans (5) ​ 35,845 <1 % 3 8.76 % 32.8 0 % 58 % ​ ​ 14,456,123 100 % 747 8.17 % 20.6 1 % 76 % Allowance for credit losses ​ ​ (132,559) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unearned revenue ​ (68,890) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans and investments, net ​ $ 14,254,674 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 UPB of each loan in our portfolio, of the interest rate required to be paid monthly as stated in the individual loan agreements. Certain loans and investments that require an accrual rate to be paid at maturity are not included in the weighted average pay rate as shown in the table. (2) The “First Dollar Loan-to-Value (“LTV”) Ratio” is calculated by comparing the total of our senior most dollar and all senior lien positions within the capital stack to the fair value of the underlying collateral to determine the point at which we will absorb a total loss of our position. (3) The “Last Dollar LTV Ratio” is calculated by comparing the total of the carrying value of our loan and all senior lien positions within the capital stack to the fair value of the underlying collateral to determine the point at which we will initially absorb a loss. (4) At December 31, 2022 and 2021, bridge loans included 241 and 120 , respectively, of SFR loans with a total gross loan commitment of $1.57 billion and $804.6 million, respectively, of which $927.4 million and $408.2 million, respectively, was funded. (5) At December 31, 2022 and 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 December 31, 2022, the UPB related to 38 loans with five different borrowers represented 11% of total assets. At December 31, 2021, the UPB related to 31 loans with five different borrowers represented 11% of total assets. During both 2022 and 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 18 for details on our concentration of related party loans and investments. We assign a credit risk rating of pass, pass/watch, special mention, substandard or doubtful to each loan and investment, with a pass rating being the lowest risk and a doubtful rating being the highest risk. Each credit risk rating has benchmark guidelines that pertain to debt-service coverage ratios, LTV ratios, borrower strength, asset quality, and funded cash reserves. Other factors such as guarantees, market strength, and remaining loan term and borrower equity are also reviewed and factored into determining the credit risk rating assigned to each loan. This metric provides a helpful snapshot of portfolio quality and credit risk. All portfolio assets are subject to, at a minimum, a thorough quarterly financial evaluation in which historical operating performance and forward-looking projections are reviewed, however, we maintain a higher level of scrutiny and focus on loans that we consider “high risk” and that possess deteriorating credit quality. Generally speaking, given our typical loan profile, risk ratings of pass, pass/watch and special mention suggest that we expect the loan to make both principal and interest payments according to the contractual terms of the loan agreement. A risk rating of substandard indicates we anticipate the loan may require a modification of some kind. A risk rating of doubtful indicates we expect the loan to underperform over its term, and there could be loss of interest and/or principal. Further, while the above are the primary guidelines used in determining a certain risk rating, subjective items such as borrower strength, market strength or asset quality may result in a rating that is higher or lower than might be indicated by any risk rating matrix. A summary of the loan portfolio’s internal risk ratings and LTV ratios by asset class at December 31, 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 ​ $ 468,655 ​ $ 744,231 ​ $ 10,135 ​ $ — ​ $ — ​ $ 20,300 ​ $ 1,243,321 ​ ​ ​ ​ ​ Pass/Watch ​ 3,163,624 ​ ​ 3,385,114 ​ ​ 523,057 ​ ​ 335,573 ​ ​ 41,650 ​ ​ — ​ ​ 7,449,018 ​ ​ ​ ​ ​ Special Mention ​ ​ 1,193,665 ​ ​ 2,843,508 ​ ​ 34,575 ​ ​ 7,285 ​ ​ — ​ ​ 7,594 ​ ​ 4,086,627 ​ ​ ​ ​ ​ Substandard ​ ​ — ​ ​ 255,779 ​ ​ 26,700 ​ ​ 22,975 ​ ​ 32,500 ​ ​ — ​ ​ 337,954 ​ ​ ​ ​ ​ Total Multifamily ​ $ 4,825,944 ​ $ 7,228,632 ​ $ 594,467 ​ $ 365,833 ​ $ 74,150 ​ $ 27,894 ​ $ 13,116,920 ​ 1 % 77 % Single-Family Rental: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of portfolio ​ ​ 91 % ​ ​ ​ ​ Pass ​ $ 18,113 ​ $ 34,871 ​ $ 3,118 ​ $ — ​ $ — ​ $ — ​ $ 56,102 ​ ​ ​ ​ ​ Pass/Watch ​ ​ 428,000 ​ ​ 272,356 ​ ​ 99,615 ​ ​ 20,965 ​ ​ — ​ ​ — ​ ​ 820,936 ​ ​ ​ ​ ​ Special Mention ​ ​ 18,344 ​ ​ 37,978 ​ ​ 29,858 ​ ​ — ​ ​ — ​ ​ — ​ ​ 86,180 ​ ​ ​ ​ ​ Total Single-Family Rental ​ $ 464,457 ​ $ 345,205 ​ $ 132,591 ​ $ 20,965 ​ $ — ​ $ — ​ $ 963,218 ​ 0 % 64 % Land: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of portfolio ​ ​ 7 % ​ ​ ​ ​ 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 ​ $ — ​ $ — ​ $ 35,410 ​ $ — ​ $ — ​ $ — ​ $ 35,410 ​ ​ ​ ​ ​ Special Mention ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 44,625 ​ ​ — ​ ​ 44,625 ​ ​ ​ ​ ​ Total Office ​ $ — ​ $ — ​ $ 35,410 ​ $ — ​ $ 44,625 ​ $ — ​ $ 80,035 ​ 0 % 88 % Healthcare: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of portfolio ​ ​ 1 % ​ ​ ​ ​ Pass/Watch ​ $ — ​ $ — ​ $ — ​ $ 51,069 ​ $ — ​ $ — ​ $ 51,069 ​ ​ ​ ​ ​ Special Mention ​ ​ — ​ ​ — ​ ​ — ​ ​ 14,558 ​ ​ — ​ ​ — ​ ​ 14,558 ​ ​ ​ ​ ​ Total Healthcare ​ $ — ​ $ — ​ $ — ​ $ 65,627 ​ $ — ​ $ — ​ $ 65,627 ​ 0 % 70 % Hotel: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of portfolio ​ ​ <1 % ​ ​ ​ ​ Pass ​ $ — ​ $ — ​ $ — ​ $ 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 % Student Housing: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of portfolio ​ ​ < 1 % ​ ​ ​ ​ Pass/Watch ​ $ — ​ $ 25,700 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 25,700 ​ ​ ​ ​ ​ Total Student Housing ​ $ — ​ $ 25,700 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 25,700 ​ 0 % 69 % Other: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of portfolio ​ ​ < 1 % ​ ​ ​ ​ Doubtful ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 1,700 ​ $ 1,700 ​ ​ ​ ​ ​ Total Other ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 1,700 ​ $ 1,700 ​ 63 % 63 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of portfolio ​ ​ < 1 % ​ ​ ​ ​ Grand Total ​ $ 5,290,401 ​ $ 7,599,537 ​ $ 770,568 ​ $ 497,275 ​ $ 137,375 ​ $ 160,967 ​ $ 14,456,123 ​ 1 % 76 % ​ Geographic Concentration Risk At December 31, 2022, underlying properties in Texas and Florida represented 22% and 14%, 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 state represented 10% or more of the total loan and investment portfolio. Allowance for Credit Losses A summary of the changes in the allowance for credit losses is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2022 ​ Land Multifamily Office Retail Student Housing Healthcare Hotel Other Total 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) ​ 98 ​ ​ 19,254 ​ ​ 89 ​ ​ — ​ ​ (598) ​ ​ 8 ​ ​ 6 ​ ​ 461 ​ ​ 19,318 Ending balance ​ $ 78,068 ​ $ 37,961 ​ $ 8,162 ​ $ 5,819 ​ $ 38 ​ $ 16 ​ $ 14 ​ $ 2,481 ​ $ 132,559 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2021 Allowance for credit losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance ​ $ 78,150 ​ $ 36,468 ​ $ 1,846 ​ $ 13,861 ​ $ 4,078 ​ $ 3,880 ​ $ 7,759 ​ $ 2,287 ​ $ 148,329 Provision for credit losses (net of recoveries) ​ (180) ​ (17,761) ​ 6,227 ​ (42) ​ (3,442) ​ (1,099) ​ (7,751) ​ (267) ​ (24,315) Charge-offs ​ — ​ — ​ — ​ (8,000) ​ — ​ (2,773) ​ — ​ — ​ (10,773) Ending balance ​ $ 77,970 ​ $ 18,707 ​ $ 8,073 ​ $ 5,819 ​ $ 636 ​ $ 8 ​ $ 8 ​ $ 2,020 ​ $ 113,241 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2020 Allowance for credit losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance, prior to adoption of CECL ​ $ 67,869 ​ $ — ​ $ 1,500 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 1,700 ​ $ 71,069 Impact of adopting CECL - January 1, 2020 ​ ​ 77 ​ ​ 16,322 ​ ​ 287 ​ ​ 335 ​ ​ 68 ​ ​ 64 ​ ​ 29 ​ ​ 112 ​ ​ 17,294 Provision for credit losses (net of recoveries) ​ ​ 10,204 ​ ​ 20,146 ​ ​ 59 ​ ​ 13,526 ​ ​ 4,010 ​ ​ 3,816 ​ ​ 7,730 ​ ​ 475 ​ ​ 59,966 Ending balance ​ $ 78,150 ​ $ 36,468 ​ $ 1,846 ​ $ 13,861 ​ $ 4,078 ​ $ 3,880 ​ $ 7,759 ​ $ 2,287 ​ $ 148,329 ​ During 2022, we recorded a $19.3 million provision for credit losses, which was net of a $1.5 million loan loss recovery for a loan that paid off during 2022. The increase in the provision for credit losses during 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 of COVID-19. 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 December 31, 2022 and 2021, we had outstanding unfunded commitments of $1.15 billion and $975.2 million, respectively, that we are obligated to fund as borrowers meet certain requirements. At December 31, 2022 and 2021, accrued interest receivable related to our loans totaling $108.5 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 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 December 31, 2022 and 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 December 31, 2022, 2021 and 2020. At December 31, 2022, four loans with an aggregate net carrying value of $2.6 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 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 Multifamily ​ $ 2,605 ​ $ — ​ $ 2,605 ​ $ — ​ $ — ​ $ — Retail ​ ​ 3,445 ​ ​ — ​ ​ 3,445 ​ ​ 920 ​ ​ — ​ ​ 920 Commercial ​ ​ 1,700 ​ ​ — ​ ​ 1,700 ​ ​ 1,700 ​ ​ — ​ ​ 1,700 Student Housing ​ ​ — ​ ​ — ​ ​ — ​ ​ 21,500 ​ ​ — ​ ​ 21,500 Total ​ $ 7,750 ​ $ — ​ $ 7,750 ​ $ 24,120 ​ $ — ​ $ 24,120 ​ In addition, we have six loans with a carrying value totaling $121.4 million at December 31, 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 $112.0 million entitle us to a weighted average accrual rate of interest of 7.91%. In 2008, we suspended the recording of the accrual rate of interest on these loans, as they were impaired and we deemed the collection of this interest to be doubtful. At both December 31, 2022 and 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 December 31, 2022 and 2021, we had no loans contractually past due 90 days or more that are still accruing interest. During both 2022 and 2021, there was no interest income recognized on nonaccrual loans. In 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 and released $78.0 million of capital to be used for future investments. The shared loan origination fees and selling costs were recorded as an unrealized impairment loss and included in other income, net on the consolidated statements of income. We have retained the right to service these loans. During 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. 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 would have been waived if the loan was paid off by December 31, 2022, which did not take place. 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 2022 or 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 December 31, 2022 and 2021, we had total interest reserves of $123.7 million and $87.4 million, respectively, on 480 loans and 328 loans, respectively,

Loans Held-for-Sale, Net

Loans Held-for-Sale, Net	12 Months Ended
	Dec. 31, 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 and securitized within 180 days of loan origination. Loans held-for-sale, net consists of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 December 31, 2021 Fannie Mae ​ $ 173,020 ​ $ 392,876 Private Label ​ ​ 152,735 ​ ​ 507,918 FHA ​ 21,021 ​ ​ 54,532 SFR - Fixed Rate ​ ​ 12,352 ​ ​ 9,352 Freddie Mac ​ ​ 8,938 ​ ​ 112,561 ​ ​ 368,066 ​ ​ 1,077,239 Fair value of future MSR ​ ​ 5,557 ​ ​ 19,318 Unrealized impairment loss ​ ​ (15,703) ​ ​ — Unearned discount ​ (3,850) ​ ​ (2,948) Loans held-for-sale, net ​ $ 354,070 ​ $ 1,093,609 ​ During 2022, 2021 and 2020, we sold $5.44 billion, $6.42 billion and $6.59 billion, respectively, of loans held-for-sale.Included in the total loans sold during 2022 and 2021 were Private Label loans totaling $489.3 million and $985.1 million, respectively, which were sold to unconsolidated affiliates of ours who securitized the loans. We retained the most subordinate class of certificates in these securitizations totaling $43.4 million and $85.7 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 $15.7 million during 2022 which was included in other income, net on the consolidated statements of income. At December 31, 2022 and 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	12 Months Ended
	Dec. 31, 2022
Capitalized Mortgage Servicing Rights
Capitalized Mortgage Servicing Rights	Note 5 — Capitalized Mortgage Servicing Rights Our capitalized MSRs reflect commercial real estate MSRs derived primarily from loans sold in our Agency Business or acquired MSRs. The weighted average estimated life remaining of our MSRs was 8.6 years and 8.5 years at December 31, 2022 and 2021, respectively. A summary of our capitalized MSR activity is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2022 ​ Year Ended December 31, 2021 ​ Originated Acquired Total Originated Acquired Total Beginning balance ​ $ 395,573 ​ $ 27,161 ​ $ 422,734 ​ $ 336,466 ​ $ 43,508 ​ $ 379,974 Additions ​ ​ 83,115 ​ ​ — ​ ​ 83,115 ​ ​ 134,116 ​ ​ — ​ ​ 134,116 Amortization ​ ​ (53,449) ​ ​ (6,427) ​ ​ (59,876) ​ ​ (47,845) ​ ​ (10,770) ​ ​ (58,615) Write-downs and payoffs ​ ​ (38,361) ​ ​ (6,141) ​ ​ (44,502) ​ ​ (27,164) ​ ​ (5,577) ​ ​ (32,741) Ending balance ​ $ 386,878 ​ $ 14,593 ​ $ 401,471 ​ $ 395,573 ​ $ 27,161 ​ $ 422,734 ​ We collected prepayment fees totaling $48.2 million and $38.2 million during 2022 and 2021, respectively, which are included as a component of servicing revenue, net on the consolidated statements of income. At December 31, 2022 and 2021, we had no valuation allowance recorded on any of our MSRs. The expected amortization of capitalized MSRs recorded at December 31, 2022 is as follows (in thousands): ​ ​ ​ ​ ​ Year Amortization 2023 $ 61,024 2024 ​ 59,025 2025 ​ 55,033 2026 ​ 49,121 2027 ​ ​ 44,287 Thereafter ​ 132,981 Total ​ $ 401,471 ​ Based on scheduled maturities, actual amortization may vary from these estimates.

Mortgage Servicing

Mortgage Servicing	12 Months Ended
	Dec. 31, 2022
Mortgage Servicing
Mortgage Servicing	Note 6 – Mortgage Servicing Product and geographic concentrations that impact our servicing revenue are as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ Product Concentrations ​ Geographic Concentrations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ UPB ​ Product UPB (1) % of Total State % of Total ​ Fannie Mae ​ $ 19,038,124 ​ 68 % Texas ​ 11 % Freddie Mac ​ ​ 5,153,207 18 % New York ​ 11 % Private Label ​ ​ 2,074,859 8 % California ​ 8 % FHA ​ ​ 1,155,893 ​ 4 % North Carolina ​ 8 % Bridge (2) ​ ​ 301,182 ​ 1 % Georgia ​ 6 % SFR - Fixed Rate ​ ​ 274,764 ​ 1 % Florida ​ 5 % Total ​ $ 27,998,029 ​ 100 % New Jersey ​ 5 % ​ ​ ​ ​ ​ ​ ​ Illinois ​ 4 % ​ ​ ​ ​ ​ ​ ​ Other (3) ​ 42 % ​ ​ ​ ​ ​ ​ ​ 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 December 31, 2022 and 2021, our weighted average servicing fee was 41.1 basis points and 44.9 basis points, respectively. At December 31, 2022 and 2021, we held total escrow balances of $1.25 billion and $1.40 billion, respectively, which is not reflected in our consolidated balance sheets. Of the total escrow balances, we held $677.4 million and $682.5 million at December 31, 2022 and 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 $24.4 million, $4.2 million and $7.1 million during 2022, 2021 and 2020, respectively, and is a component of servicing revenue, net in the consolidated statements of income.

Securities Held-to-Maturity

Securities Held-to-Maturity	12 Months Ended
	Dec. 31, 2022
Securities Held-to-Maturity
Securities Held-to-Maturity	Note 7 – Securities Held-to-Maturity Agency Private Label Certificates. In connection with our Private Label securitizations, we retain the most subordinate class of the APL certificates in satisfaction of credit risk retention requirements. At December 31, 2022, we retained APL certificates with an initial face value of $192.8 million, which were purchased at a discount for $119.0 million. These certificates are collateralized by 5-year to 10-year fixed rate first mortgage loans on multifamily properties, bear interest at an initial weighted average variable rate of 3.94% and have an estimated weighted average remaining maturity of 7.5 years. The weighted average effective interest rate was 8.85% and 9.11% at December 31, 2022 and 2021, respectively, including the accretion of a portion of the discount deemed collectible. Approximately $6.7 million is estimated to mature after one year through five years and $186.1 million is estimated to mature after five years through ten years. Agency B Piece Bonds. Freddie Mac may choose to hold, sell or securitize loans we sell to them under the Freddie Mac SBL program. As part of the securitizations under the SBL program, we have the ability to purchase the B Piece bond through a bidding process, which represents the bottom 10%, or highest risk, of the securitization. At December 31, 2022, we retained 49% , or $106.2 million initial face value, of seven B Piece bonds, which were purchased at a discount for $74.7 million, and sold the remaining 51% to a third party. These securities are collateralized by a pool of multifamily mortgage loans, bear interest at an initial weighted average variable rate of 3.74% and have an estimated weighted average remaining maturity of 6.2 years. The weighted average effective interest rate was 12.20% and 11.32% at December 31, 2022 and 2021, respectively, including the accretion of a portion of the discount deemed collectible. Approximately $7.5 million is estimated to mature within one year, $16.4 million is estimated to mature after one year through five years, $0.5 million is estimated to mature after five years through ten years and $17.1 million is estimated to mature after ten years. ​ A summary of our securities held-to-maturity is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Carrying ​ Unrealized ​ Estimated ​ Allowance for ​ Face Value Value Gain (Loss) Fair Value Credit Losses December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ APL certificates ​ $ 192,791 ​ $ 123,475 ​ $ (13,348) ​ $ 110,127 ​ $ 2,783 B Piece bonds ​ ​ 41,464 ​ ​ 33,072 ​ ​ 1,372 ​ ​ 34,444 ​ ​ 370 Total ​ $ 234,255 ​ $ 156,547 ​ $ (11,976) ​ $ 144,571 ​ $ 3,153 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2022 ​ ​ APL ​ B Piece ​ ​ ​ ​ Certificates ​ Bonds ​ Total Beginning balance ​ $ 1,422 ​ $ 331 ​ $ 1,753 Provision for credit loss expense/(reversal) ​ 1,361 ​ 39 ​ 1,400 Ending balance ​ $ 2,783 ​ $ 370 ​ $ 3,153 ​ 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 December 31, 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 $18.6 million, $13.2 million and $9.7 million during 2022, 2021 and 2020, respectively.

Investments in Equity Affiliate

Investments in Equity Affiliates	12 Months Ended
	Dec. 31, 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 December 31, 2022 December 31, 2021 December 31, 2022 Arbor Residential Investor LLC ​ $ 46,951 ​ $ 65,756 ​ $ — AMAC Holdings III LLC ​ ​ 15,825 ​ ​ 13,772 ​ ​ — Fifth Wall Ventures ​ ​ 13,584 ​ ​ 5,409 ​ ​ — Lightstone Value Plus REIT L.P. ​ ​ 1,895 ​ ​ 1,895 ​ ​ — Docsumo Pte. Ltd. ​ ​ 450 ​ ​ — ​ ​ — JT Prime ​ 425 ​ 425 ​ — North Vermont Avenue ​ ​ — ​ ​ 2,419 ​ ​ — West Shore Café ​ ​ — ​ ​ — ​ ​ 1,688 Lexford Portfolio ​ ​ — ​ ​ — ​ ​ — East River Portfolio ​ — ​ — ​ — Total ​ $ 79,130 ​ $ 89,676 ​ $ 1,688 ​ Arbor Residential Investor LLC (“ARI”). AMAC III. We committed to a $ Fifth Wall. Lightstone Value Plus REIT L.P. / JT Prime. Docsumo Pte. Ltd. (“Docsumo”). During 2022, we invested $ North Vermont Avenue. We invested $ West Shore Café. Lexford Portfolio. East River Portfolio. Equity Participation Interest. During the first quarter of 2022, we received $ See Note 18 for details of certain investments described above.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	12 Months Ended
	Dec. 31, 2022
Goodwill and Other Intangible Assets
Goodwill and Other Intangible Assets	Note 9 — Goodwill and Other Intangible Assets Goodwill. ​ Other Intangible Assets. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 ​ ​ Gross ​ ​ ​ ​ ​ ​ ​ Gross ​ ​ ​ ​ ​ ​ ​ ​ Carrying ​ Accumulated ​ ​ ​ ​ Carrying ​ Accumulated ​ ​ ​ ​ Value Amortization Total Value Amortization Total Finite ‑ lived intangible assets: ​ ​ ​ ​ ​ ​ Broker relationships ​ $ 25,000 ​ $ (20,182) ​ $ 4,818 ​ $ 25,000 ​ $ (17,057) ​ $ 7,943 Borrower relationships ​ 14,400 ​ (9,300) ​ 5,100 ​ 14,400 ​ (7,860) ​ 6,540 Below market leases ​ 4,010 ​ (3,485) ​ 525 ​ 4,010 ​ (3,359) ​ 651 Infinite ‑ lived intangible assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ Fannie Mae DUS license ​ 17,100 ​ — ​ 17,100 ​ 17,100 ​ — ​ 17,100 Freddie Mac Program Plus license ​ 8,700 ​ — ​ 8,700 ​ 8,700 ​ — ​ 8,700 FHA license ​ 3,200 ​ — ​ 3,200 ​ 3,200 ​ — ​ 3,200 ​ ​ $ 72,410 ​ $ (32,967) ​ $ 39,443 ​ $ 72,410 ​ $ (28,276) ​ $ 44,134 ​ The amortization expense recorded for these intangible assets were $4.7 million, $4.7 million and $5.3 million during 2022, 2021 and 2020, respectively. At December 31, 2022, the weighted average remaining lives of our amortizable finite-lived intangible assets and the estimated amortization expense for each of the next five years are as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated Amortization Expense for the ​ ​ ​ ​ Years Ending December 31, ​ ​ Wtd. Avg. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Remaining Life ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in years) 2023 2024 2025 2026 2027 Finite ‑ lived intangible assets: ​ ​ ​ ​ ​ Broker relationships 1.5 ​ $ 3,125 ​ $ 1,693 ​ $ — ​ $ — ​ $ — Borrower relationships 3.5 ​ 1,440 ​ 1,440 ​ 1,440 ​ 780 ​ — Below market leases 4.2 ​ 126 ​ 126 ​ 126 ​ 126 ​ 21 ​ 2.7 ​ $ 4,691 ​ $ 3,259 ​ $ 1,566 ​ $ 906 ​ $ 21 ​ See Note 20 for details of goodwill and other intangible assets by segment.

Debt Obligations

Debt Obligations	12 Months Ended
	Dec. 31, 2022
Debt Obligations
Debt Obligations	Note 10 — Debt Obligations Credit and Repurchase Facilities Borrowings under our credit and repurchase facilities are as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 ​ ​ ​ ​ ​ Debt ​ Collateral ​ ​ ​ ​ ​ ​ Debt ​ Collateral ​ ​ ​ ​ ​ ​ ​ Carrying ​ Carrying ​ Wtd. Avg. ​ ​ ​ ​ Carrying ​ Carrying ​ Wtd. Avg. ​ UPB Value(1) Value Note Rate UPB Value(1) Value Note Rate Structured Business ​ ​ ​ ​ ​ ​ ​ ​ $2.5B joint repurchase facility (2) ​ $ 1,524,831 ​ $ 1,516,657 ​ $ 2,099,447 ​ 6.73 % $ 1,490,434 ​ $ 1,486,380 ​ $ 1,877,930 ​ 2.56 % $1B repurchase facility (2) ​ 499,891 ​ 498,666 ​ 703,740 ​ 6.39 % 676,608 ​ 675,415 ​ 937,880 ​ 2.04 % $500M repurchase facility ​ 155,121 ​ ​ 154,653 ​ ​ 188,563 ​ 7.16 % — ​ ​ — ​ ​ — ​ — ​ $499M repurchase facility (2)(3) ​ 351,056 ​ 351,056 ​ 504,506 ​ 6.64 % 242,034 ​ 241,450 ​ 289,956 ​ 3.04 % $450M repurchase facility ​ 344,576 ​ ​ 344,237 ​ ​ 450,736 ​ 6.36 % 397,842 ​ ​ 397,272 ​ ​ 511,269 ​ 1.89 % $450M repurchase facility ​ 187,428 ​ ​ 186,639 ​ ​ 239,678 ​ 6.18 % 294,145 ​ ​ 293,700 ​ ​ 385,337 ​ 1.76 % $400M credit facility ​ 33,246 ​ 33,221 ​ 43,238 ​ 6.25 % 177,599 ​ 177,406 ​ 236,538 ​ 1.70 % $225M credit facility ​ 47,398 ​ 47,398 ​ 81,119 ​ 6.90 % 28,213 ​ 27,826 ​ 42,270 ​ 2.79 % $200M repurchase facility ​ 33,155 ​ ​ 32,494 ​ ​ 47,750 ​ 6.95 % — ​ ​ — ​ ​ — ​ — ​ $200M repurchase facility ​ 155,240 ​ ​ 154,516 ​ ​ 200,099 ​ 6.33 % — ​ ​ — ​ ​ — ​ — ​ $156M loan specific credit facilities ​ 156,543 ​ ​ 156,107 ​ ​ 225,805 ​ 6.42 % 153,937 ​ ​ 153,727 ​ ​ 214,300 ​ 3.14 % $50M credit facility ​ ​ 29,200 ​ ​ 29,194 ​ ​ 36,500 ​ 6.48 % ​ 29,200 ​ ​ 29,194 ​ ​ 36,500 ​ 2.13 % $35M working capital facility ​ — ​ ​ — ​ ​ — ​ — ​ — ​ ​ — ​ ​ — ​ — ​ $25M credit facility ​ 19,177 ​ ​ 18,701 ​ ​ 24,572 ​ 6.99 % 1,235 ​ ​ 1,235 ​ ​ 1,900 ​ 4.06 % $25M credit facility ​ ​ — ​ ​ — ​ ​ — ​ — ​ ​ 10,285 ​ ​ 10,218 ​ ​ 14,773 ​ 2.38 % $1M master security agreement ​ ​ — ​ ​ — ​ ​ — ​ — ​ ​ 635 ​ ​ 635 ​ ​ — ​ 4.01 % Repurchase facility - securities (2)(4) ​ ​ 12,832 ​ ​ 12,832 ​ ​ — ​ 6.99 % ​ 30,849 ​ ​ 30,849 ​ ​ — ​ 3.40 % Structured Business total ​ $ 3,549,694 ​ $ 3,536,371 ​ $ 4,845,753 ​ 6.59 % $ 3,533,016 ​ $ 3,525,307 ​ $ 4,548,653 ​ 2.34 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Agency Business ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $750M ASAP agreement ​ $ 29,476 ​ $ 29,476 ​ $ 30,291 ​ 5.21 % $ 182,130 ​ $ 182,130 ​ $ 182,140 ​ 1.40 % $500M joint repurchase facility (2) ​ 105,275 ​ ​ 104,629 ​ ​ 135,641 ​ 6.52 % 399,470 ​ ​ 395,317 ​ ​ 475,360 ​ 2.11 % $500M repurchase facility ​ 66,866 ​ ​ 66,778 ​ ​ 66,866 ​ 5.73 % 236,527 ​ ​ 236,429 ​ ​ 236,527 ​ 1.58 % $200M credit facility ​ 31,519 ​ ​ 31,475 ​ ​ 33,177 ​ 5.76 % 115,351 ​ ​ 115,304 ​ ​ 115,351 ​ 1.60 % $150M credit facility ​ 57,974 ​ ​ 57,887 ​ ​ 57,974 ​ 5.76 % 16,657 ​ ​ 16,544 ​ ​ 16,657 ​ 1.51 % $50M credit facility ​ ​ 14,671 ​ ​ 14,664 ​ ​ 14,671 ​ 5.65 % ​ 9,295 ​ ​ 9,295 ​ ​ 9,295 ​ 1.40 % $1M repurchase facility (2)(3) ​ 534 ​ ​ 534 ​ ​ 920 ​ 6.66 % 1,253 ​ ​ 1,253 ​ ​ 1,477 ​ 3.00 % Agency Business total ​ $ 306,315 ​ $ 305,443 ​ $ 339,540 ​ 5.96 % $ 960,683 ​ $ 956,272 ​ $ 1,036,807 ​ 1.75 % Consolidated total ​ $ 3,856,009 ​ $ 3,841,814 ​ $ 5,185,293 ​ 6.54 % $ 4,493,699 ​ $ 4,481,579 ​ $ 5,585,460 ​ 2.21 % (1) At December 31, 2022 and 2021, debt carrying value for the Structured Business was net of unamortized deferred finance costs of $13.3 million and $7.7 million, respectively, and for the Agency Business was net of unamortized deferred finance costs of $0.9 million and $4.4 million, respectively. (2) These facilities are subject to margin call provisions associated with changes in interest spreads. (3) A portion of this facility was used to finance a fixed rate SFR permanent loan reported through our Agency Business. (4) At December 31, 2022 and 2021, this facility was collateralized by B Piece bonds with a carrying value of $33.1 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. Usually, our credit and repurchase facilities have extension options that are at the discretion of the banking institutions in which we have long standing relationships with. These facilities typically renew annually and also include a "wind-down" feature. Joint Repurchase Facility. We have a $3.00 billion joint repurchase facility, which is shared between the Structured Business and the Agency Business, which matures in March 2024 with a one-year extension option. This facility is used to finance both structured and Private Label loans. The interest rate under the facility is determined on a loan-by-loan basis and may include a floor equal to a pro rata share of the floors included in our originated loans. The facility has a maximum advance rate of 80% on all loans and includes a $150.0 million over advance available that bears interest at a rate of the applicable benchmark plus 7.00% . The over advance is available through March 2023, was being amortized on a monthly basis and was paid off at December 31, 2022. If the estimated market value of the loans financed in this facility decrease, we may be required to pay down borrowings under this facility. Structured Business. At December 31, 2022 and 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 6.95% and 2.51%, respectively. The leverage on our loan and investment portfolio financed through our credit and repurchase facilities, excluding the securities repurchase facility, working capital facility and the $1.0 million master security agreement, was 73% and 77% at December 31, 2022 and 2021, respectively. We have a $1.00 billion We have a $500.0 million repurchase facility to finance SFR loans that has an interest rate of SOFR plus 3.26% on loans funded after October 13, 2022 and SOFR plus 2.76% on existing loans. The commitment amount under this facility expires six months after the lender provides written notice. We then have an additional six months to repurchase the underlying loans. We have a $500.0 million repurchase facility to finance SFR properties that bears interest at a rate of SOFR plus 2.36% with a 0.25% SOFR floor We have a $450.0 million repurchase facility to finance bridge loans that matures in March 2023, with three one-year extension options through March 2026. The interest rate on loans funded in 2022 ranges from SOFR plus 1.75% to 2.25% for multifamily and SOFR plus 2.00% to 2.75% for non-multifamily. For existing loans, the interest rates will remain at LIBOR. We have a $450.0 million repurchase facility to finance multifamily bridge loans that matures in October 2023, with a one-year extension option. The interest rate for new loans after April 29, 2022 is determined on a loan-by-loan basis based off SOFR. We have a $400.0 million credit facility to finance bridge loans that matures in July 2023 and bears interest at a rate ranging from SOFR plus 1.86% to 2.56% depending on the type of loan financed. This facility includes a $25.0 million sublimit to finance healthcare related loans. We have a $225.0 million credit facility to finance SFR properties that bears interest at a rate of SOFR plus 2.55%, with an all-in floor rate range of 3.00% to 4.10%, depending on our deposit balance. The facility matures in October 2023, with a one-year extension option. We have 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% . We have a $200.0 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. We have several loan specific credit facilities totaling $156.5 million used to finance individual bridge loans. The facilities bear interest at rates ranging from LIBOR plus 2.20% to 3.375%, SOFR plus 2.20%, a 3.00% fixed rate, and the greater of the prime rate or 3.25% and mature between May 2023 and August 2025. We have a $50.0 million credit facility to finance multifamily loans that bears interest at a rate of SOFR plus 2.10% and matures in April 2023, with two 1-year extension options. We have a $35.0 million unsecured working capital line of credit that bears interest at a rate of SOFR plus 3.00%. This line matures in April 2023 and is typically renewed annually. We have a $25.0 million credit facility to finance SFR properties that bears interest at a rate of SOFR plus 2.60%, with an all-in floor rate of 4.25%, and which matures in October 2024. We have a $25.0 million credit facility used to purchase loans that bears interest at a rate of SOFR plus 2.35% and matures in February 2023, with a one-year extension option. We have an uncommitted repurchase facility that is used to finance securities we retained in connection with our CLOs and our purchases of B Piece bonds from SBL program securitizations and SFR bonds. This facility bears interest at rate of SOFR plus 2.60% and has no stated maturity date. Agency Business. We have a $750.0 million ASAP agreement with Fannie Mae providing us with a warehousing credit facility for mortgage loans that are to be sold to Fannie Mae and serviced under the Fannie Mae DUS program. The ASAP agreement is not a committed line, has no expiration date and bears interest at a rate of SOFR plus 1.15% with a 0.25% SOFR floor. We have a $500.0 million repurchase facility that bears interest at a rate of SOFR plus 1.375% and matures in November 2023. We have a $200.0 million credit facility that bears interest at a rate of SOFR plus 1.46% and matures in March 2023. We have a $150.0 million credit facility that bears interest at a rate of SOFR plus 1.46% and matures in July 2023. This facility includes a $50.0 million sublimit for principal and interest advances we make as the primary servicer to Fannie Mae in connection with potential delinquent loans under the Fannie Mae forbearance program, which bears interest at a rate of SOFR plus 1.86%. We have a $50.0 million credit facility that bears interest at a rate of SOFR plus 1.35% and matures in September 2023. We have a letter of credit facility with a financial institution to secure obligations under the Fannie Mae DUS program and the Freddie Mac SBL program with a total committed amount of up to $75.0 million. The facility bears interest at a fixed rate of 2.875%, matures in September 2025 and is primarily collateralized by our servicing revenue as approved by Fannie Mae and Freddie Mac. The facility includes a $5.0 million sublimit for an obligation under the Freddie Mac SBL program. At December 31, 2022, the letters of credit outstanding include $64.0 million for the Fannie Mae DUS program and $5.0 million for the Freddie Mac SBL program. Securitized Debt We account for securitized debt transactions on our consolidated balance sheet as financing facilities. These transactions are considered VIEs for which we are the primary beneficiary and are consolidated in our financial statements. The investment grade notes and guaranteed certificates issued to third parties are treated as secured financings and are non-recourse to us. Borrowings and the corresponding collateral under our securitized debt transactions are as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt ​ Collateral (3) ​ ​ ​ ​ Loans ​ Cash ​ ​ Carrying Wtd. Avg. ​ Carrying Restricted December 31, 2022 ​ Face Value ​ Value (1) ​ Rate (2) ​ UPB ​ Value ​ Cash (4) CLO 19 ​ $ 872,812 ​ $ 866,605 ​ 6.75 % $ 952,268 ​ $ 947,336 ​ $ 64,300 CLO 18 ​ ​ 1,652,812 ​ ​ 1,645,711 ​ 6.19 % ​ 1,899,174 ​ ​ 1,891,215 ​ ​ 85,970 CLO 17 ​ ​ 1,714,125 ​ ​ 1,707,676 ​ 6.16 % ​ 1,911,866 ​ ​ 1,904,732 ​ ​ 145,726 CLO 16 ​ ​ 1,237,500 ​ ​ 1,231,887 ​ 5.79 % ​ 1,307,244 ​ ​ 1,301,794 ​ ​ 106,495 CLO 15 ​ ​ 674,412 ​ ​ 671,532 ​ 5.84 % ​ 797,755 ​ ​ 795,078 ​ ​ 2,861 CLO 14 ​ ​ 655,475 ​ ​ 652,617 ​ 5.80 % ​ 732,247 ​ ​ 730,057 ​ ​ 37,090 CLO 13 ​ ​ 462,769 ​ ​ 461,005 ​ 6.03 % ​ 552,182 ​ ​ 550,924 ​ ​ 37,875 CLO 12 ​ 379,283 ​ ​ 378,331 ​ 6.09 % ​ 466,474 ​ ​ 465,003 ​ ​ 500 Total CLOs ​ ​ 7,649,188 ​ ​ 7,615,364 ​ 6.10 % ​ 8,619,210 ​ ​ 8,586,139 ​ ​ 480,817 Q Series securitization ​ ​ 236,878 ​ ​ 233,906 ​ 6.30 % ​ 315,837 ​ ​ 313,965 ​ ​ — Total securitized debt ​ $ 7,886,066 ​ $ 7,849,270 ​ 6.11 % $ 8,935,047 ​ $ 8,900,104 ​ $ 480,817 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 securitized debt ​ $ 5,924,705 ​ $ 5,892,810 ​ 1.59 % $ 6,645,088 ​ $ 6,616,810 ​ $ 329,496 (1) Debt carrying value is net of $36.8 million and $31.9 million of deferred financing fees at December 31, 2022 and 2021, respectively. (2) At December 31, 2022 and 2021, the aggregate weighted average note rate for our CLOs, including certain fees and costs, was 6.32% and 1.86% , respectively , and the Q Series securitization was 6.66% at December 31, 2022. (3) At December 31, 2022 and 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 $230.0 million and $133.7 million at December 31, 2022 and 2021, respectively. CLO 19. In May 2022, we completed CLO 19, issuing nine tranches of CLO notes through a wholly-owned subsidiary totaling $1.05 billion. Of the total CLO notes issued, $872.8 million were investment grade notes issued to third-party investors and $177.2 million were below investment grade notes retained by us. As of the CLO closing date, the notes were secured by a portfolio of loan obligations with a face value of $976.9 million, consisting primarily of bridge loans that were contributed from our existing loan portfolio, and cash. The financing has an approximate two -year replacement period that allows the principal proceeds and sale proceeds (if any) of the loan obligations to be reinvested in qualifying replacement loan obligations, subject to the satisfaction of certain conditions set forth in the indenture. Thereafter, the outstanding debt balance will be reduced as loans are repaid. Initially, the proceeds of the issuance of the securities also included $73.1 million for the purpose of acquiring additional loan obligations for a period of up to 180 days from the CLO closing date, which we subsequently utilized, resulting in the issuer owning loan obligations with a face value of $1.05 billion, representing leverage of 83% . The notes sold to third parties had an initial weighted average interest rate of 2.36% plus term SOFR and interest payments on the notes are payable monthly. CLO 18. In February 2022, we completed CLO 18, issuing eight tranches of CLO notes through two wholly-owned subsidiaries totaling $1.86 billion. Of the total CLO notes issued, $1.65 billion were investment grade notes issued to third-party investors and $210.1 million were below investment grade notes retained by us. As of the CLO closing date, the notes were secured by a portfolio of loan obligations with a face value of $1.70 billion, consisting primarily of bridge loans that were contributed from our existing loan portfolio, and cash. The financing has an approximate two -and-a-half-year replacement period that allows the principal proceeds and sale proceeds (if any) of the loan obligations to be reinvested in qualifying replacement loan obligations, subject to the satisfaction of certain conditions set forth in the indenture. Thereafter, the outstanding debt balance will be reduced as loans are repaid. Initially, the proceeds of the issuance of the securities also included $347.3 million for the purpose of acquiring additional loan obligations for a period of up to 180 days from the CLO closing date, which we subsequently utilized, resulting in the issuer owning loan obligations with a face value of $2.05 billion, representing leverage of 81% . We retained a residual interest in the portfolio with a notional amount of $397.2 million, including the $210.1 million below investment grade notes. The notes sold to third parties had an initial weighted average interest rate of 1.81% plus compounded SOFR and interest payments on the notes are payable monthly. CLO 17. In 2021, we completed CLO 17, issuing eight tranches of CLO notes through two wholly-owned subsidiaries totaling $1.91 billion. Of the total CLO notes issued, $1.71 billion were investment grade notes issued to third-party investors and $194.3 million were below investment grade notes retained by us. As of the CLO closing date, the notes were secured by a portfolio of loan obligations with a face value of $1.79 billion, consisting primarily of bridge loans that were contributed from our existing loan portfolio, and cash. The financing has an approximate two -and-a-half-year replacement period that allows the principal proceeds and sale proceeds (if any) of the loan obligations to be reinvested in qualifying replacement loan obligations, subject to the satisfaction of certain conditions set forth in the indenture. Thereafter, the outstanding debt balance will be reduced as loans are repaid. Initially, the proceeds of the issuance of the securities also included $315.0 million for the purpose of acquiring additional loan obligations for a period of up to 180 days from the CLO closing date, which we subsequently utilized, resulting in the issuer owning loan obligations with a face value of $2.10 billion, representing leverage of 82% . We retained a residual interest in the portfolio with a notional amount of $385.9 million, including the $194.3 million below investment grade notes. The notes sold to third parties had an initial weighted average interest rate of 1.68% plus one-month LIBOR and interest payments on the notes are payable monthly. CLO 16. In 2021, we completed CLO 16, issuing eight tranches of CLO notes through two wholly-owned subsidiaries totaling $1.37 billion. Of the total CLO notes issued, $1.24 billion were investment grade notes issued to third-party investors and $135.0 million were below investment grade notes retained by us. As of the CLO closing date, the notes were secured by a portfolio of loan obligations with a face value of $1.19 billion, consisting primarily of bridge loans that were contributed from our existing loan portfolio, and cash. The financing has an approximate two -and-a-half-year replacement period that allows the principal proceeds and sale proceeds (if any) of the loan obligations to be reinvested in qualifying replacement loan obligations, subject to the satisfaction of certain conditions set forth in the indenture. Thereafter, the outstanding debt balance will be reduced as loans are repaid. Initially, the proceeds of the issuance of the securities also included $313.0 million for the purpose of acquiring additional loan obligations for a period of up to 180 days from the CLO closing date, which we subsequently utilized, resulting in the issuer owning loan obligations with a face value of $1.50 billion, representing leverage of 83% . We retained a residual interest in the portfolio with a notional amount of $262.5 million, including the $135.0 million below investment grade notes. The notes sold to third parties had an initial weighted average interest rate of 1.31% plus one-month LIBOR and interest payments on the notes are payable monthly. CLO 15. In 2021, we completed CLO 15, issuing eight tranches of CLO notes through two wholly-owned subsidiaries totaling $747.8 million. Of the total CLO notes issued, $674.4 million were investment grade notes issued to third-party investors and $73.4 million were below investment grade notes retained by us. As of the CLO closing date, the notes were secured by a portfolio of loan obligations with a face value of $653.0 million, consisting primarily of bridge loans that were contributed from our existing loan portfolio, and cash. The financing has an approximate two -and-a-half-year replacement period that allows the principal proceeds and sale proceeds (if any) of the loan obligations to be reinvested in qualifying replacement loan obligations, subject to the satisfaction of certain conditions set forth in the indenture. Thereafter, the outstanding debt balance will be reduced as loans are repaid. Initially, the proceeds of the issuance of the securities also included $162.0 million for the purpose of acquiring additional loan obligations for a period of up to 180 days from the CLO closing date, which we subsequently utilized, resulting in the issuer owning loan obligations with a face value of $815.0 million, representing leverage of 83% . We retained a residual interest in the portfolio with a notional amount of $140.6 million, including the $73.4 million below investment grade notes. The notes sold to third parties had an initial weighted average interest rate of 1.37% plus one-month LIBOR and interest payments on the notes are payable monthly. CLO 14. In 2021, we completed CLO 14, issuing eight tranches of CLO notes through two wholly-owned subsidiaries totaling $724.2 million. Of the total CLO notes issued, $655.5 million were investment grade notes issued to third-party investors and $68.7 million were below investment grade notes retained by us. As of the CLO closing date, the notes were secured by a portfolio of loan obligations with a face value of $635.2 million, consisting primarily of bridge loans that were contributed from our existing loan portfolio, and cash. The financing has a two -and-a-half-year replacement period that allows the principal proceeds and sale proceeds (if any) of the loan obligations to be reinvested in qualifying replacement loan obligations, subject to the satisfaction of certain conditions set forth in the indenture. Thereafter, the outstanding debt balance will be reduced as loans are repaid. Initially, the proceeds of the issuance of the securities also included $149.8 million for the purpose of acquiring additional loan obligations for a period of up to 180 days from the CLO closing date, which we subsequently utilized, resulting in the issuer owning loan obligations with a face value of $785.0 million, representing leverage of 84% . We retained a residual interest in the portfolio with a notional amount of $129.5 million, including the $68.7 million below investment grade notes. The notes sold to third parties had an initial weighted average interest rate of 1.33% plus one-month LIBOR and interest payments on the notes are payable monthly. CLO 13. In 2020, we completed CLO 13, issuing eight tranches of CLO notes through two wholly-owned subsidiaries totaling $738.0 million. Of the total CLO notes issued, $668.0 million were investment grade notes issued to third-party investors and $70.0 million were below investment grade notes retained by us. As of the CLO closing date, the notes were secured by a portfolio of loan obligations with a face value of $640.5 million, consisting primarily of bridge loans that were contributed from our existing loan portfolio, and cash. The financing has a three -year replacement period that allows the principal proceeds and sale proceeds (if any) of the loan obligations to be reinvested in qualifying replacement loan obligations, subject to the satisfaction of certain conditions set forth in the indenture. Thereafter, the outstanding debt balance will be reduced as loans are repaid. Initially, the proceeds of the issuance of the securities also included $159.5 million for the purpose of acquiring additional loan obligations for a period of up to 180 days from the CLO closing date, which we subsequently utilized, resulting in the issuer owning loan obligations with a face value of $800.0 million, representing leverage of 84% . We retained a residual interest in the portfolio with a notional amount of $132.0 million, including the $70.0 million below investment grade notes. The notes sold to third parties had an initial weighted average interest rate of 1.41% plus one-month LIBOR and interest payments on the notes are payable monthly. At December 31, 2022, $205.2 million has been repaid. CLO 12. In 2019, we completed CLO 12, issuing eight tranches of CLO notes through two wholly-owned subsidiaries totaling $585.8 million. Of the total CLO notes issued, $534.2 million were investment grade notes issued to third-party investors and $51.6 million were below investment grade notes retained by us. As of the CLO closing date, the notes were secured by a portfolio of loan obligations with a face value of $510.9 million, consisting primarily of bridge loans that were contributed from our existing loan portfolio, and cash. The financing had a three -year replacement period that allowed the principal proceeds and sale proceeds (if any) of the loan obligations to be reinvested in qualifying replacement loan obligations, subject to the satisfaction of certain conditions set forth in the indenture. Thereafter, the outstanding debt balance is being reduced as loans are repaid. Initially, the proceeds of the issuance of the securities also included $124.1 million for the purpose of acquiring additional loan obligations for a period of up to 180 days from the CLO closing date, which we subsequently utilized, resulting in the issuer owning loan obligations with a face value of $635.0 million, representing leverage of 84% . We retained a residual interest in the portfolio with a notional amount of $100.8 million, including the $51.6 million below investment grade notes. The notes had an initial weighted average interest rate of 1.50% plus one-month LIBOR and interest payments on the notes are payable monthly. The replacement period for CLO 12 ended in November 2022 and $154.9 million has been repaid at December 31, 2022. CLO 10. CLO 11 and CLO 9. CLO 8. Freddie Mac Q Series Securitization. In December 2022, we completed our first loan securitization through Freddie Mac’s Q Series securitization program (“Q Series Securitization”), by which we sold to Freddie Mac As part of the securitization transaction, we released all mortgage servicing obligations and rights to Freddie Mac who was designated as the master servicer. As master servicer, Freddie Mac appointed us as its subservicer, which includes obligations to collect and remit payments and otherwise administer the underlying loans, and a third-party as the special servicer. We may, subject to certain limitations, terminate the special servicer, with or without cause, and appoint a successor. In addition, the special servicer must receive our consent prior to certain decisions with respect to a specially serviced mortgage loan. Senior Unsecured Notes ​ A summary of our senior unsecured notes is as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Senior ​ ​ ​ ​ ​ December 31, 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) ​ 8.50% Notes (3) ​ Oct. 2022 ​ Oct. 2027 ​ $ 150,000 ​ $ 147,519 ​ ​ 8.50 % $ — ​ $ — ​ ​ — ​ 5.00% Notes (3) ​ Dec. 2021 ​ Dec. 2028 ​ ​ 180,000 ​ ​ 177,450 ​ ​ 5.00 % ​ 180,000 ​ ​ 177,105 ​ ​ 5.00 % 4.50% Notes (3) ​ Aug. 2021 ​ Sept. 2026 ​ ​ 270,000 ​ ​ 266,926 ​ ​ 4.50 % ​ 270,000 ​ ​ 266,090 ​ ​ 4.50 % 5.00% Notes (3) ​ Apr. 2021 ​ Apr. 2026 ​ ​ 175,000 ​ ​ 172,917 ​ ​ 5.00 % ​ 175,000 ​ ​ 172,302 ​ ​ 5.00 % 8.00% Notes (3) ​ Apr. 2020 ​ Apr. 2023 ​ ​ 70,750 ​ ​ 70,613 ​ ​ 8.00 % ​ 70,750 ​ ​ 70,202 ​ ​ 8.00 % 4.50% Notes (3) ​ Mar. 2020 ​ Mar. 2027 ​ ​ 275,000 ​ ​ 272,960 ​ ​ 4.50 % ​ 275,000 ​ ​ 272,477 ​ ​ 4.50 % 4.75% Notes (4) ​ Oct. 2019 ​ Oct. 2024 ​ ​ 110,000 ​ ​ 109,369 ​ ​ 4.75 % ​ 110,000 ​ ​ 109,018 ​ ​ 4.75 % 5.75% Notes (4) ​ Mar. 2019 ​ Apr. 2024 ​ ​ 90,000 ​ ​ 89,514 ​ ​ 5.75 % ​ 90,000 ​ ​ 89,135 ​ ​ 5.75 % 5.625% Notes (4) ​ Mar. 2018 ​ May 2023 ​ ​ 78,850 ​ ​ 78,726 ​ ​ 5.63 % ​ 125,000 ​ ​ 124,216 ​ ​ 5.63 % ​ ​ ​ ​ ​ ​ $ 1,399,600 ​ $ 1,385,994 ​ ​ 5.40 % $ 1,295,750 ​ $ 1,280,545 ​ ​ 5.05 % (1) At December 31, 2022 and 2021, the carrying value is net of deferred financing fees of $13.6 million and $15.2 million, respectively. (2) At December 31, 2022 and 2021, the aggregate weighted average note rate, including certain fees and costs, was 5.69% and 5.34% , respectively. (3) These notes can be redeemed by us prior to three months before the maturity date, at a redemption price equal to 100% of the aggregate principal amount, plus a “ make-whole ” premium and accrued and unpaid interest. We have the right to redeem the notes within three months prior to the maturity date at a redemption price equal to 100% of the aggregate principal amount, plus accrued and unpaid interest. (4) These notes can be redeemed by us at any time prior to the maturity date, at a redemption price equal to 100% of the aggregate principal amount, plus a “make-whole” premium and accrued and unpaid interest. We have the right to redeem the notes on the maturity date at a redemption price equal to 100% of the aggregate principal amount, plus accrued and unpaid interest. Except as noted below, we used the proceeds of our senior unsecured debt offerings to make investments and for general corporate purposes. In October 2022, we issued $150.0 million aggregate principal amount of 8.50% senior unsecured notes due in 2027 in a private offering. We received net proceeds of $147.5 million from the issuance, after deducting the underwriting discount and other offering expenses. We used $47.5 million of the proceeds, which includes accrued interest and other fees, to repurchase a portion of our 5.625% senior unsecured notes. In 2021, we issued $180.0 million aggregate principal amount of 5.00% senior unsecured notes due in 2028 in a private offering. We received net proceeds of $177.2 million from the issuance, after deducting the underwriting discount and other offering expenses. In 2021, we issued $270.0 million aggregate principal amount of 4.50% senior unsecured notes due in 2026 in a private offering. We received net proceeds of $265.8 million from the issuance, after deducting the underwriting discount and other offering expenses. In 2021, we issued $175.0 million aggregate principal amount of 5.00% senior unsecured notes due in 2026 in a private offering. We received net proceeds of $172.3 million from the issuance, after deducting the underwriting discount and other offering expenses. In 2020, we issued $70.8 million aggregate principal amount of 8.00% senior unsecured notes due in April 2023 in a private offering. We received total proceeds of $69.6 million from the issuance, after deducting the underwriting discount and other offering expenses. We used a portion of the proceeds from the issuance to repay secured indebtedness. In 2020, we issued $275.0 million aggregate principal amount of 4.50% senior unsecured notes due in March 2027 in a private offering. We received proceeds of $271.8 million from the issuance, after deducting the underwriting discount and other offering expenses. We used a significant portion of the proceeds to repay secured indebtedness. In 2019, we issued $110.0 million aggregate principal amount of 4.75% senior unsecured notes due in October 2024 in a private offering. We received proceeds of $108.2 million from the issuance, after deducting the underwriting discount and other offering expenses. In 2019, we issued $90.0 million aggregate principal amount of 5.75% senior unsecured notes due in April 2024 in a private offering. We received proceeds of $88.2 million from the issuance, after deducting the underwriting discount and other offering expenses.

Allowance for Loss-Sharing Obli

Allowance for Loss-Sharing Obligations	12 Months Ended
	Dec. 31, 2022
Allowance for Loss-Sharing Obligations
Allowance for Loss-Sharing Obligations	Note 11 — Allowance for Loss-Sharing Obligations Our allowance for loss-sharing obligations related to the Fannie Mae DUS program is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2022 2021 ​ Beginning balance ​ $ 56,064 ​ $ 64,303 ​ Provisions for loss sharing ​ ​ 3,592 ​ ​ 44 ​ Provisions reversal for loan repayments ​ ​ (1,730) ​ ​ (6,211) ​ Recoveries (charge-offs), net ​ (758) ​ ​ (2,072) ​ Ending balance ​ $ 57,168 ​ $ 56,064 ​ ​ 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 both December 31, 2022 and 2021, we had In addition to and separately from the fair value of the guarantee, we estimate our allowance for loss-sharing under CECL over the contractual period in which we are exposed to credit risk. The current expected loss related to loss-sharing was based on a collective pooling basis with similar risk characteristics, a reasonable and supportable forecast and a reversion period based on our average historical losses through the remaining contractual term of the portfolio. When we settle a loss under the DUS loss-sharing model, the net loss is charged-off against the previously recorded loss-sharing obligation. The settled loss is often net of any previously advanced principal and interest payments in accordance with the DUS program, which are reflected as reductions to the proceeds needed to settle losses. At December 31, 2022 and 2021, we had outstanding advances of $0.8 million and less than $0.1 million, respectively, which were netted against the allowance for loss-sharing obligations. At December 31, 2022 and 2021, our allowance for loss-sharing obligations, associated with expected losses under CECL, was $22.7 million and $21.7 million, respectively, and represented 0.12% and 0.11%, respectively, of our Fannie Mae servicing portfolio. During 2022, we recorded a $1.1 million increase in CECL reserves, which included a $1.2 million recovery for a loan that paid off during the second quarter of 2022. At December 31, 2022 and 2021, the maximum quantifiable liability associated with our guarantees under the Fannie Mae DUS agreement was $3.49 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	12 Months Ended
	Dec. 31, 2022
Derivative Financial Instruments
Derivative Financial Instruments	Note 12 — Derivative Financial Instruments We enter into derivative financial instruments to manage exposures that arise from business activities resulting in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates and credit risk. We do not use these derivatives for speculative purposes, but are instead using them to manage our interest rate and credit risk exposure. Agency Rate Lock and Forward Sale Commitments. These commitments meet the definition of a derivative and are recorded at fair value, including the effects of interest rate movements which are reflected as a component of 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 2022, 2021 and 2020, we recorded net losses of $3.6 million, net losses of $0.8 million and net gains of $3.4 million, respectively, from changes in the fair value of these derivatives and $69.3 million, $130.2 million and $165.5 million, respectively, of income from MSRs. See Note 13 for details. Interest Rate and Credit Default Swaps (“Swaps”). We enter into over-the-counter swaps to hedge our interest rate and credit risk exposure inherent in (1) our held-for-sale Agency Business Private Label loans from the time the loans are rate locked until sale or securitization, and (2) our Agency Business SFR – fixed rate loans from the time the loans are originated until the time they can be financed with match term fixed rate securitized debt. Our interest rate swaps typically have a three-month maturity and are tied to the five-year and ten-year swap rates. Our credit default swaps typically have a five-year maturity, are tied to the credit spreads of the underlying bond issuers and we typically hold our position until we price our Private Label loan securitizations. The Swaps do not meet the criteria for hedge accounting, are cleared by a central clearing house and variation margin payments, made in cash, are treated as a legal settlement of the derivative itself as opposed to a pledge of collateral. During 2022, we recorded realized and unrealized gains of $26.9 million and $3.5 million, respectively, to our Agency Business related to our Swaps. During 2021, we recorded realized and unrealized losses of less than $0.1 million and $1.5 million, respectively, to our Agency Business related to our Swaps. During 2020, we recorded realized losses of $3.0 million and unrealized gains of $0.2 million to our Structured Business and realized losses of $57.1 million and unrealized losses of $1.7 million to our Agency Business related to our Swaps. A summary of our non-qualifying derivative financial instruments in our Agency Business is as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value ​ ​ ​ ​ Notional ​ Balance Sheet ​ Derivative ​ Derivative Derivative Count Value Location Assets Liabilities Rate lock commitments 6 ​ $ 91,472 Other assets/other liabilities ​ $ 354 ​ $ (1,070) Forward sale commitments 27 ​ 294,451 Other assets/other liabilities ​ 1,151 ​ (3,827) Swaps 1,298 ​ 129,800 ​ ​ — ​ — ​ ​ ​ ​ $ 515,723 ​ ​ ​ $ 1,505 ​ $ (4,897) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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	12 Months Ended
	Dec. 31, 2022
Fair Value
Fair Value	Note 13 — Fair Value Fair value estimates are dependent upon subjective assumptions and involve significant uncertainties resulting in variability in estimates with changes in assumptions. The following table summarizes the principal amounts, carrying values and the estimated fair values of our financial instruments (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 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 ​ $ 14,456,123 ​ $ 14,254,674 ​ $ 14,468,418 ​ $ 12,158,995 ​ $ 11,981,048 ​ $ 12,181,194 Loans held-for-sale, net ​ ​ 368,066 ​ ​ 354,070 ​ ​ 362,054 ​ ​ 1,077,239 ​ ​ 1,093,609 ​ ​ 1,117,085 Capitalized mortgage servicing rights, net ​ ​ n/a ​ ​ 401,471 ​ ​ 530,913 ​ ​ n/a ​ ​ 422,734 ​ ​ 477,323 Securities held-to-maturity, net ​ ​ 234,255 ​ ​ 156,547 ​ ​ 144,571 ​ ​ 210,728 ​ ​ 140,484 ​ ​ 149,911 Derivative financial instruments ​ ​ 111,950 ​ 1,505 ​ 1,505 ​ ​ 280,654 ​ 1,665 ​ 1,665 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Credit and repurchase facilities ​ $ 3,856,009 ​ $ 3,841,814 ​ $ 3,828,192 ​ $ 4,493,699 ​ $ 4,481,579 ​ $ 4,484,107 Securitized debt ​ ​ 7,886,066 ​ 7,849,270 ​ 7,560,541 ​ ​ 5,924,705 ​ 5,892,810 ​ 5,914,453 Senior unsecured notes ​ ​ 1,399,600 ​ 1,385,994 ​ 1,262,560 ​ ​ 1,295,750 ​ 1,280,545 ​ 1,301,708 Convertible senior unsecured notes, net ​ ​ 287,500 ​ ​ 280,356 ​ ​ 287,834 ​ ​ 264,000 ​ ​ 259,385 ​ ​ 294,690 Junior subordinated notes ​ ​ 154,336 ​ 143,128 ​ 103,977 ​ ​ 154,336 ​ 142,382 ​ 101,698 Derivative financial instruments ​ ​ 273,973 ​ 4,897 ​ 4,897 ​ ​ 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. Consists of originated loans that are generally expected to be transferred or sold within 60 days to 180 days of loan funding, and are valued using pricing models that incorporate observable inputs from current market assumptions or a hypothetical securitization model utilizing observable market data from recent securitization spreads and observable pricing of loans with similar characteristics (Level 2). Fair value includes the fair value allocated to the associated future MSRs and is calculated pursuant to the valuation techniques described below for capitalized mortgage servicing rights, net (Level 3). Capitalized mortgage servicing rights, net. Securities held-to-maturity, net. Derivative financial instruments. Credit and repurchase facilities. Securitized debt 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 December 31, 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 ​ $ 1,505 ​ $ 1,505 ​ $ — ​ $ 1,151 ​ $ 354 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative financial instruments ​ $ 4,897 ​ $ 4,897 ​ $ — ​ $ 4,897 ​ $ — ​ We measure certain financial and non-financial assets at fair value on a nonrecurring basis. The fair values of these financial and non-financial assets, if applicable, were determined using the following input levels at December 31, 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) ​ ​ 134,342 ​ ​ 134,342 ​ ​ — ​ ​ 134,342 ​ ​ — ​ ​ $ 196,087 ​ $ 196,087 ​ $ — ​ $ 134,342 ​ $ 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 December 31, 2022. (2) We recorded an impairment loss of $15.7 million related to 13 loans held-for-sale with an aggregate carrying value, before unrealized impairment losses, of $150.0 million. Loan impairment assessments. Loans held-for-sale are generally transferred and sold within 60 - 180 days of loan origination and are reported at lower of cost or market. We consider a loan classified as held-for-sale impaired if, based on current information, it is probable that we will sell the loan below par, or not be able to collect all principal and interest in accordance with the contractual terms of the loan agreement. These loans are valued using pricing models that incorporate observable inputs from current market assumptions or a hypothetical securitization model utilizing observable market data from recent securitization spreads and observable pricing of loans with similar characteristics. The tables above and below include all impaired loans, regardless of the period in which the impairment was recognized. Quantitative information about Level 3 fair value measurements at December 31, 2022 is as follows ($ 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 ​ ​ 354 ​ Discounted cash flows ​ W/A discount rate ​ 13.30 % ​ The derivative financial instruments using Level 3 inputs are outstanding for short periods of time (generally less than 60 days). A roll-forward of Level 3 derivative instruments is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements Using ​ ​ Significant Unobservable Inputs ​ ​ for the Year Ended December 31, ​ ​ 2022 2021 2020 Derivative assets and liabilities, net ​ ​ ​ ​ Beginning balance ​ $ 295 ​ $ 1,967 ​ $ 1,066 Settlements ​ (64,896) ​ (112,836) ​ (164,654) Realized gains recorded in earnings ​ 64,601 ​ 110,869 ​ 163,588 Unrealized gains recorded in earnings ​ 354 ​ 295 ​ 1,967 Ending balance ​ $ 354 ​ $ 295 ​ $ 1,967 ​ 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 ​ Impairement ​ Total Fair Value December 31, 2022 Principal Amount Servicing Rights Movement Effect Loss Adjustment Rate lock commitments ​ $ 91,472 ​ $ 354 ​ $ (1,070) ​ $ — ​ $ (716) Forward sale commitments ​ ​ 294,451 ​ ​ — ​ ​ 1,070 ​ ​ — ​ ​ 1,070 Loans held-for-sale, net (1) ​ ​ 368,066 ​ ​ 5,558 ​ ​ — ​ ​ (15,703) ​ ​ (10,145) Total ​ ​ ​ ​ $ 5,912 ​ $ — ​ $ (15,703) ​ $ (9,791) (1) Loans held-for-sale, net are recorded at the lower of cost or market on an aggregate basis and includes fair value adjustments related to estimated cash flows from MSRs. ​ We measure certain assets and liabilities for which fair value is only disclosed. The fair values of these assets and liabilities are determined using the following input levels at December 31, 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 ​ $ 14,254,674 ​ $ 14,468,418 ​ $ — ​ $ — ​ $ 14,468,418 Loans held-for-sale, net ​ ​ 354,070 ​ ​ 362,054 ​ ​ — ​ ​ 356,496 ​ ​ 5,558 Capitalized mortgage servicing rights, net ​ ​ 401,471 ​ ​ 530,913 ​ ​ — ​ ​ — ​ ​ 530,913 Securities held-to-maturity, net ​ ​ 156,547 ​ ​ 144,571 ​ ​ — ​ ​ — ​ ​ 144,571 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Credit and repurchase facilities ​ $ 3,841,814 ​ $ 3,828,192 ​ $ — ​ $ 305,443 ​ $ 3,522,749 Securitized debt ​ 7,849,270 ​ 7,560,541 ​ — ​ — ​ 7,560,541 Senior unsecured notes ​ 1,385,994 ​ 1,262,560 ​ 1,262,560 ​ — ​ — Convertible senior unsecured notes, net ​ ​ 280,356 ​ ​ 287,834 ​ ​ — ​ ​ 287,834 ​ ​ — Junior subordinated notes ​ 143,128 ​ 103,977 ​ — ​ — ​ 103,977 ​

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies
Commitments and Contingencies	Note 14 — Commitments and Contingencies Impact of COVID-19. The magnitude and duration of COVID-19 and its impact on our business and on our borrowers is uncertain and will mostly depend on future events, which cannot be predicted. As this pandemic continues and if economic conditions deteriorate, it may have long-term impacts on our financial position, results of operations and cash flows. See Item 1A. Risk Factors and Note 2 for further discussion of COVID-19. Agency Business Commitments. Our Agency Business is subject to supervision by certain regulatory agencies. Among other things, these agencies require us to meet certain minimum net worth, operational liquidity and restricted liquidity collateral requirements, and compliance with reporting requirements. Our adjusted net worth and liquidity required by the agencies for all periods presented exceeded these requirements. At December 31, 2022, we were required to maintain at least $18.5 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 December 31, 2022, the restricted liquidity requirement totaled $64.4 million and was satisfied with a $64.0 million letter of credit and cash issued to Fannie Mae. At December 31, 2022, reserve requirements for the Fannie Mae DUS loan portfolio will require us to fund $37.0 million in additional restricted liquidity over the next 48 months, assuming no further principal paydowns, prepayments, or defaults within our at-risk portfolio. Fannie Mae periodically reassesses these collateral requirements and may make changes to these requirements in the future. We generate sufficient cash flow from our operations to meet these capital standards and do not expect any changes to have a material impact on our future operations; however, future changes to collateral requirements may adversely impact our available cash. We are subject to various capital requirements in connection with seller/servicer agreements that we have entered into with secondary market investors. Failure to maintain minimum capital requirements could result in our inability to originate and service loans for the respective investor and, therefore, could have a direct material effect on our consolidated financial statements. At December 31, 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 also subject to capital requirements on an annual basis for Ginnie Mae and FHA, and we believe we have met all requirements at December 31, 2022. As an approved designated seller/servicer under Freddie Mac’s SBL program, we are required to post collateral to ensure that we are able to meet certain purchase and loss obligations required by this program. Under the SBL program, we are required to post collateral equal to $5.0 million, which is satisfied with a $5.0 million letter of credit. We enter into contractual commitments with borrowers providing rate lock commitments while simultaneously entering into forward sale commitments with investors. These commitments are outstanding for short periods of time (generally less than 60 days ) and are described in more detail in Note 12 and Note 13. Debt Obligations and Operating Leases. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Minimum Annual ​ ​ ​ ​ ​ Debt ​ Operating Lease ​ ​ ​ Year Obligations Payments Total 2023 ​ $ 2,660,381 ​ $ 8,946 ​ $ 2,669,327 2024 ​ 3,233,658 ​ 8,881 ​ 3,242,539 2025 ​ 2,035,226 ​ 9,008 ​ 2,044,234 2026 ​ 4,610,371 ​ 9,043 ​ 4,619,414 2027 ​ 696,707 ​ 7,598 ​ 704,305 Thereafter ​ 347,168 ​ 27,706 ​ 374,874 Total ​ $ 13,583,511 ​ $ 71,182 ​ $ 13,654,693 ​ At December 31, 2022 and 2021, our leases had remaining lease terms of 0.2 – 10.4 years and 0.1 – 9.0 years, respectively, with a weighted average remaining lease term of 8.2 years for both periods and a weighted average discount rate of 6.8% and 4.0% , respectively. We recorded lease expense of $9.6 million, $9.3 million and $6.2 million during 2022, 2021 and 2020, 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, 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. Since the Court’s decision in August 2020, the parties have engaged in extensive discovery. In early December 2022, the plaintiff and certain co-defendants, including our affiliates, commenced discussions regarding a possible settlement of the litigation and in late December 2022, those parties reached an agreement in principal to settle the litigation. As part of the agreement, we agreed to pay $7.4 million to the plaintiff, and we have accrued that amount in our December 31, 2022 financial statements. As of the date of this report, the parties are negotiating the settlement documents and the settlement will be subject to the approval of the United States Bankruptcy Court of the Southern District of New York. As part of the settlement, we expect to secure certain rights against those co-defendants who have not agreed to participate in the settlement, however, we can give no assurances that will we be successful in our efforts to recover any part of the amount we have accrued. Due to Borrowers.

Variable Interest Entities

Variable Interest Entities	12 Months Ended
	Dec. 31, 2022
Variable Interest Entities
Variable Interest Entities	Note 15 — Variable Interest Entities Our involvement with VIEs primarily affects our financial performance and cash flows through amounts recorded in interest income, interest expense, provision for loan losses and through activity associated with our derivative instruments. Consolidated VIEs. Our Securitization Entities invest in real estate and real estate-related securities and are financed by the issuance of debt securities. We believe we hold the power necessary to direct the most significant economic activities of those entities. We also have exposure to losses to the extent of our equity interests, and 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 Securitization Entities, prior to the unwind. Our operating results and cash flows include the gross asset and liability amounts related to the Securitization Entities as opposed to our net economic interests in those entities. The assets and liabilities related to these consolidated Securitization Entities are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 December 31, 2021 ​ Assets: ​ ​ ​ ​ ​ ​ ​ Restricted cash ​ $ 710,775 ​ $ 466,523 ​ Loans and investments, net ​ ​ 8,900,104 ​ ​ 6,616,809 ​ Other assets ​ ​ 174,382 ​ ​ 61,474 ​ Total assets ​ $ 9,785,261 ​ $ 7,144,806 ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ Securitized debt ​ $ 7,849,270 ​ $ 5,892,810 ​ Other liabilities ​ 26,754 ​ 9,813 ​ Total liabilities ​ $ 7,876,024 ​ $ 5,902,623 ​ ​ Assets held by the Securitization Entities are restricted and can only be used to settle obligations of those entities. The liabilities of the Securitization Entities are non-recourse to us and can only be satisfied from each respective asset pool. See Note 10 for details. We are not obligated to provide, have not provided, and do not intend to provide financial support to any of the Securitization Entities. Unconsolidated VIEs A summary of our variable interests in identified VIEs, of which we are not the primary beneficiary, at December 31, 2022 is as follows (in thousands): ​ ​ ​ ​ ​ Type Carrying Amount (1) Loans ​ $ 446,932 APL certificates ​ ​ 126,258 B Piece bonds ​ ​ 33,442 Equity investments ​ ​ 20,194 Agency interest only strips ​ ​ 237 Total ​ $ 627,063 (1) Represents the carrying amount of loans and investments before reserves. At December 31, 2022, $127.9 million of loans to VIEs had corresponding specific loan loss reserves of $77.9 million. The maximum loss exposure at December 31, 2022 would not exceed the carrying amount of our investment. These unconsolidated VIEs have exposure to real estate debt of approximately $4.01 billion at December 31, 2022.

Equity

Equity	12 Months Ended
	Dec. 31, 2022
Equity
Equity	Note 16 — Equity Preferred Stock. During 2021, we completed the public offerings of 8,050,000 shares of 6.25% Series F fixed-to-floating rate cumulative redeemable preferred stock, 5,750,000 shares of 6.25% 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 this offering were used to make investments related to our business and for general corporate purposes. We maintain a share repurchase program providing for the repurchase of up to $100.0 million of our outstanding common stock. The repurchase of our common stock may be made from time to time in the open market, in privately negotiated transactions or in compliance with a Rule 10b5-1 plan based on our stock price, general market conditions, applicable legal requirements and other factors. The program may be discontinued or modified at any time. We did not repurchase shares of our common stock under this program during 2022. At December 31, 2022, there was $96.1 million available for repurchase under this program. 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 November 2, 2022 ​ $ 0.40 ​ September 30, 2022 ​ $ 0.3984375 ​ $ 0.390625 ​ $ 0.390625 ​ Common Stock Preferred Stock We have determined that 100% of the common stock and preferred stock dividends paid during 2022, 2021 and 2020 represented ordinary income to our stockholders for income tax purposes. For stockholders that may be required to report excess inclusion income to the Internal Revenue Service, we will not pass through any excess inclusion income to our stockholders for 2022. As a result, no portion of the 2022 dividends should be treated as excess inclusion income for federal income tax purposes. Deferred Compensation. During 2022, we issued 652,596 shares of restricted common stock to our employees and members of our Board of Directors under the 2020 Amended Omnibus Stock Incentive Plan (the “2020 Plan”) with a total grant date fair value of $11.1 million, of which: (1) 232,899 shares with a grant date fair value of $4.0 million were fully vested on the grant date; (2) 217,840 shares with a grant date fair value of $3.7 million will vest in 2023; (3) 181,968 shares with a grant date fair value of $3.1 million will vest in 2024; (4) 9,951 shares with a grant date fair value of $0.2 million will vest in 2025; and (5) 9,938 shares with a grant date fair value of $0.2 million will vest in 2026. We issued 25,012 fully vested restricted stock units (“RSUs”) with a grant date fair value of $0.4 million to certain members of our Board of Directors and 189,873 RSUs with a grant date fair value of $3.3 million that vest in full in the first quarter of 2025 to our chief executive officer. The individuals decided to defer the receipt of the common stock, to which the RSUs are converted into, to a future date. The deferred awards have no voting rights and are eligible to receive dividend equivalents equal to the dividends on our common stock as, and when, declared by our Board of Directors. In 2021, we issued 384,758 shares of restricted common stock to our employees and members of our Board of Directors under the 2020 Plan with a total grant date fair value of $6.4 million, of which: (1) 144,951 shares with a grant date fair value of $2.4 million vested on the grant date; (2) 101,475 shares with a grant date fair value of $1.7 million vested in 2022; (3) 88,788 shares with a grant date fair value of $1.5 million will vest in 2023; (4) 25,479 shares with a grant date fair value of $0.4 million will vest in 2024; and (5) 24,065 shares with a grant date fair value of $0.4 million will vest in 2025. In April 2021, we granted our chief executive officer 184,729 shares of restricted common stock with a grant date fair value of $3.1 million that vest in full in April 2024. In July 2021, we granted our chief executive officer 165,746 shares of performance based restricted stock with a grant date fair value of $3.0 million, which vest in full in July 2024. In 2020, we granted 314,957 shares of restricted common stock with a total grant date fair value of $3.4 million to our employees. One third of the shares vested as of the grant date and one third vested on each of the first and second anniversaries of the grant date. In 2020, we granted 52,735 shares of fully vested common stock with a grant date fair value of $0.5 million to members of our Board of Directors. In 2020, we granted our chief executive officer 45,928 shares of restricted common stock with a grant date fair value of $0.5 million and 275,569 of performance-based restricted stock units with a grant date fair value of $0.1 million. One quarter of the restricted common stock vest on the grant date and one quarter vest on each of the first, second and third anniversaries of the grant date. The performance-based restricted stock units vest at the end of a four-year performance period based on our achievement of certain total stockholder return objectives. In 2020, we also granted our chief executive officer 313,152 shares of performance-based restricted stock with a grant date fair value of $2.9 million as a result of achieving goals related to the integration of the Acquisition. The performance-based restricted stock vest in full three years after the grant date. In 2022, 2021 and 2020, previously granted performance-based restricted stock units of 381,503 units, 448,980 units and 421,348 units, respectively, fully vested based on achieving the performance objectives for the four-year periods ended December 31, 2021, 2020 and 2019, respectively. The 381,503 units, 448,980 units and 421,348 units vested in full and were net settled for 186,772 shares, 229,083 shares and 215,014 shares, respectively, of common stock in 2022, 2021 and 2020. respectively. In addition, 246,508 shares, 294,985 shares and 357,569 shares of performance-based restricted stock granted in 2019, 2018 and 2017, respectively, vested in 2022, 2021 and 2020, respectively, which were net settled for 120,665 shares, 150,530 shares and 182,467 shares, respectively, of common stock. During 2022, 2021 and 2020, we recorded total stock-based compensation expense of $14.2 million, $9.3 million and $8.6 million, respectively, to employee compensation and benefits and $0.8 million, $0.6 million and $0.5 million, respectively, to selling and administrative expense. During 2022, a total of 1,070,248 shares of restricted stock and restricted stock units vested with a grant date fair value of $12.0 million. At December 31, 2022 and 2021, there were 1,389,427 shares and 1,257,199 shares, respectively, of unvested restricted common stock with a grant date fair value of $21.3 At December 31, 2022, total unrecognized compensation cost related to unvested restricted common stock was $9.0 million, which is expected to be recognized ratably over the remaining weighted-average vesting period of 1.9 years. Earnings Per Share. A reconciliation of the numerator and denominator of our basic and diluted EPS computations ($ in thousands, except share and per share data) is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2022 ​ 2021 ​ 2020 ​ Basic Diluted Basic Diluted Basic Diluted Net income attributable to common stockholders (1) ​ $ 284,829 ​ $ 284,829 ​ $ 317,412 ​ $ 317,412 ​ $ 163,395 ​ $ 163,395 Net income attributable to noncontrolling interest (2) ​ ​ — ​ ​ 28,044 ​ ​ — ​ ​ 38,507 ​ ​ — ​ ​ 25,208 Interest expense on convertible notes (3) ​ ​ — ​ ​ 20,166 ​ ​ — ​ ​ — ​ ​ — ​ ​ — Net income attributable to common stockholders and noncontrolling interest ​ $ 284,829 ​ $ 333,039 ​ $ 317,412 ​ $ 355,919 ​ $ 163,395 ​ $ 188,603 Weighted average shares outstanding ​ ​ 165,355,167 ​ 165,355,167 ​ 137,830,691 ​ 137,830,691 ​ ​ 113,811,471 ​ ​ 113,811,471 Dilutive effect of OP Units (2) ​ — ​ ​ 16,304,638 ​ ​ — ​ ​ 16,818,722 ​ — ​ 19,395,691 Dilutive effect of convertible notes (3) ​ ​ — ​ 16,900,204 ​ — ​ 506,949 ​ ​ — ​ ​ 43,487 Dilutive effect of restricted stock units (4) ​ ​ — ​ ​ 552,621 ​ ​ — ​ ​ 933,233 ​ ​ — ​ ​ 718,647 Weighted average shares outstanding ​ 165,355,167 ​ 199,112,630 ​ 137,830,691 ​ 156,089,595 ​ ​ 113,811,471 ​ ​ 133,969,296 Net income per common share (1) ​ $ 1.72 ​ $ 1.67 ​ $ 2.30 ​ $ 2.28 ​ $ 1.44 ​ $ 1.41 (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 and 2020, the convertible senior 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, which vest at the end of a four-year performance period based upon our achievement of total stockholder return objectives.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2022
Income Taxes
Income Taxes	Note 17 — Income Taxes We are organized and conduct our operations to qualify as a REIT and to comply with the provisions of the Internal Revenue Code. A REIT is generally not subject to federal income tax on its REIT-taxable income that is distributed to its stockholders, provided that at least 90% of its REIT–taxable income is distributed and provided that certain other requirements are met. Certain REIT income may be subject to state and local income taxes. We did not have any REIT–federal taxable income, net of dividends paid and net operating loss deductions, for 2022, 2021 and 2020, and therefore, have not provided for REIT federal income tax expense in either year. We have elected to retain excess inclusion income rather than passing it through to our stockholders. In 2022, 2021 and 2020, the REIT incurred no state income tax expense. Certain of our assets and operations that would not otherwise comply with the REIT requirements, such as the Agency Business and our residential mortgage banking joint venture, are owned or conducted through our taxable REIT subsidiaries (the “TRS Consolidated Group”), the majority of the income of which is subject to U.S. federal, state and local income taxes. The TRS Consolidated Group had no federal net operating losses remaining from prior years. For 2022, 2021 and 2020, we recorded a provision for income taxes related to the assets held in the TRS Consolidated Group and the REIT in the amount of $17.5 million, $46.3 million and $40.4 million, respectively. In 2022, the change in the valuation allowance previously recorded at the TRS Consolidated Group on the deferred tax assets was due to the impact of state tax rate changes. In 2021, a $0.1 million valuation allowance previously recorded at the TRS Consolidated Group on the deferred tax assets subject to loss limitation rules was released. In 2020, the change in valuation allowance was due to the impact of state tax rate changes. A summary of our pre-tax GAAP income is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2022 2021 2020 Pre ‑ tax GAAP income: ​ ​ ​ REIT ​ $ 303,320 ​ $ 239,356 ​ $ 78,320 TRS Consolidated Group ​ 67,991 ​ 184,736 ​ 158,230 Total pre‑tax GAAP income ​ $ 371,311 ​ $ 424,092 ​ $ 236,550 ​ Our provision for income taxes is comprised as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2022 2021 2020 Current tax provision: ​ ​ ​ Federal ​ $ 14,167 ​ $ 27,454 ​ $ 27,284 State ​ 5,058 ​ 7,939 ​ 8,383 Total ​ 19,225 ​ 35,393 ​ 35,667 Deferred tax (benefit) provision : ​ ​ ​ Federal ​ $ (1,373) ​ $ 8,287 ​ $ 3,932 State ​ (370) ​ 2,744 ​ 780 Valuation allowance ​ 2 ​ (139) ​ 14 Total ​ (1,741) ​ 10,892 ​ 4,726 Total income tax expense ​ $ 17,484 ​ $ 46,285 ​ $ 40,393 ​ A reconciliation of our effective income tax rate as a percentage of pre-tax income to the U.S. federal statutory rate is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2022 2021 2020 U.S. federal statutory rate 21.0 % 21.0 % 21.0 % REIT non‑taxable income (17.2) % (11.9) % (7.0) % State and local income taxes, net of federal tax benefit 1.0 % 2.0 % 3.0 % Other (0.1) % (0.2) % — % Effective income tax rate 4.7 % 10.9 % 17.0 % ​ The significant components of our deferred tax assets and liabilities of our TRS Consolidated Group are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2021 Deferred tax assets: ​ ​ Expenses not currently deductible ​ $ 22,755 ​ $ 25,542 Loan loss reserves ​ 7,159 ​ 7,110 Net operating and capital loss carryforwards ​ 454 ​ 468 Valuation allowance ​ (294) ​ (292) Other ​ ​ 441 ​ ​ 372 Deferred tax assets, net ​ $ 30,515 ​ $ 33,200 Deferred tax liabilities: ​ ​ Mortgage servicing rights ​ $ 26,975 ​ $ 28,672 Intangibles ​ 6,457 ​ 7,243 Interest in equity affiliates—net ​ ​ 6,237 ​ ​ 8,179 Deferred tax liabilities, net ​ $ 39,669 ​ $ 44,094 ​ At December 31, 2022, our TRS Consolidated Group, had approximately $30.5 million of deferred tax assets, net of a $0.3 million valuation allowance. The deferred tax assets consist of expenses not currently deductible, loan loss reserves, net operating loss and capital loss carryforwards. Our TRS Consolidated Group's deferred tax assets are offset by approximately At December 31, 2021, our TRS Consolidated Group, had $33.2 million of deferred tax assets, net of a $0.3 million valuation allowance. The deferred tax assets consist of expenses not currently deductible, loan loss reserves and net operating loss and capital loss carryforwards. Our TRS Consolidated Group's deferred tax assets are offset by At both December 31, 2022 and 2021, the REIT (excluding the TRS Consolidated Group) had no federal net operating loss carryforwards and no capital loss carryforwards. At both December 31, 2022 and 2021, the TRS Consolidated Group had no federal net operating loss carryforwards remaining and capital loss carryforwards of $1.1 million, which will expire through 2023. At both December 31, 2022 and 2021, the TRS Consolidated Group had state net operating loss carryforwards of $0.2 million, which will begin to expire in 2036. The TRS Consolidated Group is currently under audit in certain state and local jurisdictions for tax years 2017-2020. While the impact of the current income tax examinations was undetermined, it is not expected to be material to our consolidated financial statements. We have assessed our tax positions for all open years, which includes 2017-2022, and have concluded that there were no material uncertainties to be recognized. We have not recognized any interest and penalties related to tax uncertainties for the years ended 2017 through 2022.

Agreements and Transactions wit

Agreements and Transactions with Related Parties	12 Months Ended
	Dec. 31, 2022
Agreements and Transactions with Related Parties
Agreements and Transactions with Related Parties	Note 18 — Agreements and Transactions with Related Parties Support Agreement and Employee Secondment Agreement. Other Related Party Transactions. Due to related party was $12.4 million and $26.6 million at December 31, 2022 and 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 December 31, 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 December 31, 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 2022. In February 2022, we committed to fund a $39.4 million bridge loan (none of which was funded at December 31, 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 $0.1 million for 2022. In 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 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 $3.7 million and $2.1 million for 2022 and 2021, respectively. In 2020, we committed to fund a $32.5 million bridge loan which In 2020, we committed to fund a $30.5 million bridge loan , 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 $0.3 million for all periods presented. We have a $35.0 million bridge loan and a $9.6 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 $1.3 million and $1.6 million for 2021 and 2020, respectively. In certain instances, our business requires our executives to charter privately owned aircraft in furtherance of our business. We have an aircraft time-sharing agreement with an entity controlled by our chief executive officer that owns a private aircraft. Pursuant to the agreement, we reimburse the aircraft owner for the required costs under Federal Aviation Administration regulations for the flights our executives’ charter. During 2022, 2021 and 2020, we reimbursed the aircraft owner $1.1 million, $0.2 million and $0.5 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 December 31, 2022) for an 18% interest in AMAC III. 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 matures in August 2023. Interest income recorded from this loan was $1.4 million, $1.3 million and $1.4 million for 2022, 2021 and 2020, respectively. In 2017, we originated two bridge loans totaling $28.0 million on two multifamily properties owned In 2017, we originated a $46.9 million Fannie Mae loan on a multifamily property owned in part by a consortium of investors (which includes, among other unaffiliated investors, certain of our officers) In 2017, Ginkgo Investment Company LLC (“Ginkgo”), of which one of our directors is a 33% managing member, purchased a multifamily apartment complex which assumed an existing $8.3 million Fannie Mae loan that we service. Ginkgo subsequently sold the majority of its interest in this property and owned a 3.6% interest at December 31, 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 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. At December 31, 2022, we had an indirect interest of 12.3% in this entity. Interest income recorded from loans that were paid off prior to 2022 totaled $0.5 million and $3.4 million for 2021 and 2020, respectively. 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 fixed rate of 3.3% and matures in March 2030. In 2020, we sold the Private Label loan to an unconsolidated affiliate of ours. Interest income recorded from these loans totaled $0.5 million during 2020. Further, as part of this 2018 restructuring, $50.0 million in unsecured financing was provided by an unsecured lender to certain parent entities of the property owners. ACM owns slightly less than half of the unsecured lender entity and, therefore, provided slightly less than half of the unsecured lender financing. In addition, in connection with our equity investment, we received distributions totaling $11.1 million and $1.1 million during 2022 and 2020, respectively, which were recorded as income from equity affiliates. Separate from the loans we originated in 2018, we provide limited (“bad boy”) guarantees for certain other debt controlled by Lexford. The bad boy guarantees may become a liability for us upon standard “bad” acts such as fraud or a material misrepresentation by Lexford or us. At December 31, 2022, this debt had an aggregate outstanding balance of $582.8 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 December 31, 2022, ACM holds 2,535,870 shares of our common stock and 10,615,085 OP Units, which represents

Employee Benefits

Employee Benefits	12 Months Ended
	Dec. 31, 2022
Employee Benefits
Employee Benefits	Note 19 — Employee Benefits 401(k). We have a 401(k) defined contribution plan (the “401(k) Plan”) which is available to all employees who have completed six months of continuous service. The 401(k) Plan matches 25% of the first 6% of each employee’s contribution. We have the option to increase the employer match based on our operating results. In 2022, we recorded $1.6 million and, in both 2021 and 2020, we recorded $0.8 million of expenses associated with the 401(k) Plan, which is included in employee compensation and benefits in our consolidated statements of income . Deferred Compensation. We have a non-qualified deferred compensation plan (the “Deferred Comp Plan”) which is offered to certain full-time employees and is subject to the rules of section 409(a) of the Internal Revenue Code. The Deferred Comp Plan can be modified or discontinued at any time. All eligible participating employees may defer a portion of their compensation and, depending on the participant eligibility requirements met, we are contractually obligated to: (1) match the contribution, as specified in the Deferred Comp Plan, and fund such amounts upon vesting and an election by participants to redeem their interests; and/or (2) supply additional life insurance benefits. All employee deferrals vest immediately and the matching contributions, where applicable, vest over a nine-year period beginning after year five. For 2022, 2021 and 2020, there were $3.3 million, $2.2 million and $1.8 million, respectively, of employee deferrals. At December 31, 2022 and 2021, we had recorded liabilities totaling $28.7 million and $25.5 million, respectively, and assets of $24.7 million and $21.1 million, respectively, related to the Deferred Comp Plan, which is included in other liabilities and other assets, respectively, in our consolidated balance sheets.

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2022
Segment Information
Segment Information	Note 20 — Segment Information The summarized statements of income and balance sheet data, as well as certain other data, by segment are included in the following tables ($ in thousands). Specifically identifiable costs are recorded directly to each business segment. For items not specifically identifiable, costs have been allocated between the business segments using the most meaningful allocation methodologies, which was predominately direct labor costs (i.e., time spent working on each business segment). Such costs include, but are not limited to, compensation and employee related costs, selling and administrative expenses and stock-based compensation. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2022 ​ ​ Structured ​ Agency ​ Other / ​ ​ ​ ​ Business Business Eliminations (1) Consolidated Interest income ​ $ 903,622 ​ $ 44,779 ​ $ — ​ $ 948,401 Interest expense ​ ​ 538,659 ​ ​ 18,958 ​ ​ — ​ ​ 557,617 Net interest income ​ ​ 364,963 ​ ​ 25,821 ​ ​ — ​ ​ 390,784 Other revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain on sales, including fee-based services, net ​ ​ — ​ ​ 55,816 ​ ​ — ​ ​ 55,816 Mortgage servicing rights ​ ​ — ​ ​ 69,346 ​ ​ — ​ ​ 69,346 Servicing revenue ​ ​ — ​ ​ 152,068 ​ ​ — ​ ​ 152,068 Amortization of MSRs ​ ​ — ​ ​ (59,876) ​ ​ — ​ ​ (59,876) Property operating income ​ ​ 1,877 ​ ​ — ​ ​ — ​ ​ 1,877 Gain on derivative instruments, net ​ ​ — ​ ​ 26,609 ​ ​ — ​ ​ 26,609 Other income, net ​ ​ (2,360) ​ ​ (15,203) ​ ​ — ​ ​ (17,563) Total other revenue ​ ​ (483) ​ ​ 228,760 ​ ​ — ​ ​ 228,277 Other expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee compensation and benefits ​ ​ 56,032 ​ ​ 105,793 ​ ​ — ​ ​ 161,825 Selling and administrative ​ ​ 26,059 ​ ​ 27,931 ​ ​ — ​ ​ 53,990 Property operating expenses ​ ​ 2,136 ​ ​ — ​ ​ — ​ ​ 2,136 Depreciation and amortization ​ ​ 4,041 ​ ​ 4,691 ​ ​ — ​ ​ 8,732 Provision for loss sharing (net of recoveries) ​ ​ — ​ ​ 1,862 ​ ​ — ​ ​ 1,862 Provision for credit losses (net of recoveries) ​ ​ 19,770 ​ ​ 1,399 ​ ​ — ​ ​ 21,169 Litigation settlement ​ ​ 7,350 ​ ​ — ​ ​ — ​ ​ 7,350 Total other expenses ​ ​ 115,388 ​ ​ 141,676 ​ ​ — ​ ​ 257,064 Income before extinguishment of debt, income from equity affiliates and income taxes ​ ​ 249,092 ​ ​ 112,905 ​ ​ — ​ ​ 361,997 Loss on extinguishment of debt ​ ​ (4,933) ​ ​ — ​ ​ — ​ ​ (4,933) Income from equity affiliates ​ ​ 14,247 ​ ​ — ​ ​ — ​ ​ 14,247 Provision for income taxes ​ ​ (821) ​ ​ (16,663) ​ ​ — ​ ​ (17,484) Net income ​ ​ 257,585 ​ ​ 96,242 ​ ​ — ​ ​ 353,827 Preferred stock dividends ​ ​ 40,954 ​ ​ — ​ ​ — ​ ​ 40,954 Net income attributable to noncontrolling interest ​ ​ — ​ ​ — ​ ​ 28,044 ​ ​ 28,044 Net income attributable to common stockholders ​ $ 216,631 ​ $ 96,242 ​ $ (28,044) ​ $ 284,829 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2021 ​ ​ ​ Structured ​ ​ Agency ​ ​ Other / ​ ​ ​ ​ ​ Business ​ Business ​ Eliminations (1) ​ Consolidated Interest income ​ $ 427,039 $ 39,048 $ — $ 466,087 Interest expense ​ ​ 194,435 ​ ​ 17,570 ​ ​ — ​ ​ 212,005 Net interest income ​ ​ 232,604 ​ ​ 21,478 ​ ​ — ​ ​ 254,082 Other revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain on sales, including fee-based services, net ​ ​ — ​ ​ 123,037 ​ ​ — ​ ​ 123,037 Mortgage servicing rights ​ ​ — ​ ​ 130,230 ​ ​ — ​ ​ 130,230 Servicing revenue ​ ​ — ​ ​ 133,429 ​ ​ — ​ ​ 133,429 Amortization of MSRs ​ ​ — ​ ​ (58,615) ​ ​ — ​ ​ (58,615) Property operating income ​ ​ 185 ​ ​ — ​ ​ — ​ ​ 185 Loss on derivative instruments, net ​ ​ — ​ ​ (2,684) ​ ​ — ​ ​ (2,684) Other income, net ​ ​ 7,491 ​ ​ 75 ​ ​ — ​ ​ 7,566 Total other revenue ​ ​ 7,676 ​ ​ 325,472 ​ ​ — ​ ​ 333,148 Other expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee compensation and benefits ​ ​ 51,225 ​ ​ 120,571 ​ ​ — ​ ​ 171,796 Selling and administrative ​ ​ 21,064 ​ ​ 24,511 ​ ​ — ​ 45,575 Property operating expenses ​ ​ 718 ​ ​ — ​ ​ — ​ ​ 718 Depreciation and amortization ​ ​ 2,524 ​ ​ 4,691 ​ ​ — ​ ​ 7,215 Provision for loss sharing (net of recoveries) ​ ​ — ​ ​ (6,167) ​ ​ — ​ ​ (6,167) Provision for credit losses (net of recoveries) ​ ​ (21,223) ​ ​ 110 ​ ​ — ​ ​ (21,113) Total other expenses ​ ​ 54,308 ​ ​ 143,716 ​ ​ — ​ ​ 198,024 Income before extinguishment of debt, sale of real estate, income from equity affiliates and income taxes ​ ​ 185,972 ​ ​ 203,234 ​ ​ — ​ ​ 389,206 Loss on extinguishment of debt ​ ​ (3,374) ​ ​ — ​ ​ — ​ ​ (3,374) Sale of real estate ​ ​ 2,466 ​ ​ 1,227 ​ ​ — ​ ​ 3,693 Income from equity affiliates ​ ​ 34,567 ​ ​ — ​ ​ — ​ ​ 34,567 Provision for income taxes ​ ​ (5,940) ​ ​ (40,345) ​ ​ — ​ ​ (46,285) Net income ​ ​ 213,691 ​ ​ 164,116 ​ ​ — ​ ​ 377,807 Preferred stock dividends ​ ​ 21,888 ​ ​ — ​ ​ — ​ ​ 21,888 Net income attributable to noncontrolling interest ​ ​ — ​ ​ — ​ ​ 38,507 ​ ​ 38,507 Net income attributable to common stockholders ​ $ 191,803 $ 164,116 $ (38,507) $ 317,412 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2020 ​ ​ ​ Structured ​ ​ Agency ​ ​ Other / ​ ​ ​ ​ ​ Business ​ Business ​ Eliminations (1) ​ Consolidated Interest income ​ $ 305,893 ​ $ 33,572 ​ $ — ​ $ 339,465 Interest expense ​ ​ 150,964 ​ ​ 18,252 ​ ​ — ​ ​ 169,216 Net interest income ​ ​ 154,929 ​ ​ 15,320 ​ ​ — ​ ​ 170,249 Other revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain on sales, including fee-based services, net ​ ​ — ​ ​ 94,607 ​ ​ — ​ ​ 94,607 Mortgage servicing rights ​ ​ — ​ ​ 165,517 ​ ​ — ​ ​ 165,517 Servicing revenue ​ ​ — ​ ​ 103,607 ​ ​ — ​ ​ 103,607 Amortization of MSRs ​ ​ — ​ ​ (49,222) ​ ​ — ​ ​ (49,222) Property operating income ​ ​ 3,976 ​ ​ — ​ ​ — ​ ​ 3,976 Loss on derivative instruments, net ​ ​ (2,859) ​ ​ (55,476) ​ ​ — ​ ​ (58,335) Other income, net ​ ​ 4,052 ​ ​ 57 ​ ​ — ​ ​ 4,109 Total other revenue ​ ​ 5,169 ​ ​ 259,090 ​ ​ — ​ ​ 264,259 Other expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee compensation and benefits ​ ​ 40,292 ​ ​ 104,088 ​ ​ — ​ ​ 144,380 Selling and administrative ​ ​ 15,706 ​ ​ 21,642 ​ ​ — ​ ​ 37,348 Property operating expenses ​ ​ 4,898 ​ ​ — ​ ​ — ​ ​ 4,898 Depreciation and amortization ​ ​ 2,391 ​ ​ 5,249 ​ ​ — ​ ​ 7,640 Provision for loss sharing (net of recoveries) ​ ​ — ​ ​ 14,822 ​ ​ — ​ ​ 14,822 Provision for credit losses (net of recoveries) ​ ​ 59,967 ​ ​ 1,143 ​ ​ — ​ ​ 61,110 Total other expenses ​ ​ 123,254 ​ ​ 146,944 ​ ​ — ​ ​ 270,198 Income before extinguishment of debt, sale of real estate, income from equity affiliates and income taxes ​ ​ 36,844 ​ ​ 127,466 ​ ​ — ​ ​ 164,310 Loss on extinguishment of debt ​ ​ (3,546) ​ ​ — ​ ​ — ​ ​ (3,546) (Loss) gain on sale of real estate ​ ​ (878) ​ ​ 503 ​ ​ — ​ ​ (375) Income from equity affiliates ​ ​ 76,161 ​ ​ — ​ ​ — ​ ​ 76,161 Provision for income taxes ​ ​ (14,303) ​ ​ (26,090) ​ ​ — ​ ​ (40,393) Net income ​ ​ 94,278 ​ ​ 101,879 ​ ​ — ​ ​ 196,157 Preferred stock dividends ​ ​ 7,554 ​ ​ — ​ ​ — ​ ​ 7,554 Net income attributable to noncontrolling interest ​ ​ — ​ ​ — ​ ​ 25,208 ​ ​ 25,208 Net income attributable to common stockholders ​ $ 86,724 ​ $ 101,879 ​ $ (25,208) ​ $ 163,395 (1) Includes income allocated to the noncontrolling interest holders not allocated to the two reportable segments. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ Structured Business Agency Business Consolidated Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 200,514 ​ $ 333,843 ​ $ 534,357 Restricted cash ​ ​ 713,615 ​ ​ 193 ​ ​ 713,808 Loans and investments, net ​ ​ 14,254,674 ​ ​ — ​ ​ 14,254,674 Loans held-for-sale, net ​ ​ — ​ ​ 354,070 ​ ​ 354,070 Capitalized mortgage servicing rights, net ​ ​ — ​ ​ 401,471 ​ ​ 401,471 Securities held-to-maturity, net ​ ​ — ​ ​ 156,547 ​ ​ 156,547 Investments in equity affiliates ​ ​ 79,130 ​ ​ — ​ ​ 79,130 Goodwill and other intangible assets ​ ​ 12,500 ​ ​ 83,569 ​ ​ 96,069 Other assets and due from related party ​ ​ 367,837 ​ ​ 81,022 ​ ​ 448,859 Total assets ​ $ 15,628,270 ​ $ 1,410,715 ​ $ 17,038,985 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt obligations ​ $ 13,195,120 ​ $ 305,442 ​ $ 13,500,562 Allowance for loss-sharing obligations ​ ​ — ​ ​ 57,168 ​ ​ 57,168 Other liabilities and due to related parties ​ ​ 299,559 ​ ​ 109,817 ​ ​ 409,376 Total liabilities ​ $ 13,494,679 ​ $ 472,427 ​ $ 13,967,106 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2022 2021 2020 ​ Origination Data: ​ ​ ​ ​ ​ Structured Business ​ ​ ​ ​ ​ Bridge loans (1) ​ $ 6,082,041 ​ $ 9,490,402 ​ $ 2,312,061 ​ Mezzanine / Preferred Equity ​ ​ 69,606 ​ ​ 203,875 ​ ​ 76,722 ​ SFR - Permanent loans ​ ​ — ​ ​ 26,238 ​ ​ 44,896 ​ Total new loan originations ​ $ 6,151,647 ​ $ 9,720,515 ​ $ 2,433,679 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) 2022 and 2021 includes 132 and 103 SFR loans, respectively, with a UPB of $613.8 million and $389.2 million, respectively. During 2022, 2021 and 2020, we committed to fund SFR loans totaling $1.08 billion, $729.5 million and $261.5 million, respectively. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loan runoff ​ $ 3,818,554 ​ $ 2,516,771 ​ $ 1,208,071 ​ ​ ​ ​ ​ ​ Agency Business ​ ​ ​ ​ Origination Volumes by Investor: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fannie Mae ​ $ 2,919,566 ​ $ 3,389,312 ​ $ 5,041,925 ​ Freddie Mac ​ ​ 1,353,001 ​ ​ 1,016,142 ​ ​ 960,508 ​ Private Label ​ 217,542 ​ 1,436,853 ​ 382,191 ​ FHA ​ 188,394 ​ 430,320 ​ 327,345 ​ SFR - Fixed Rate ​ 89,683 ​ 136,931 ​ — ​ Total ​ $ 4,768,186 ​ $ 6,409,558 ​ $ 6,711,969 ​ Total loan commitment volume ​ $ 5,146,718 ​ $ 6,347,752 ​ $ 6,810,666 ​ ​ ​ ​ ​ ​ Agency Business Loan Sales Data: ​ ​ ​ ​ Fannie Mae ​ $ 3,139,414 ​ $ 3,675,763 ​ $ 4,771,113 ​ Freddie Mac ​ ​ 1,456,595 ​ ​ 1,081,702 ​ ​ 816,802 ​ Private Label ​ ​ 515,086 ​ ​ 985,094 ​ ​ 727,154 ​ FHA ​ ​ 241,457 ​ ​ 480,275 ​ ​ 272,659 ​ SFR - Fixed Rate ​ 86,071 ​ 192,335 ​ — ​ Total ​ $ 5,438,623 ​ $ 6,415,169 ​ $ 6,587,728 ​ Sales margin (fee-based services as a % of loan sales) (1) ​ 1.34 % 1.92 % 1.44 % MSR rate (MSR income as a % of loan commitments) ​ 1.35 % 2.05 % 2.43 % (1) 2022 includes $17.1 million of gains recognized on Swaps related to the Private Label loans sold in the three months ended March 31, 2022, which is included in gain (loss) on derivative instruments, net in the consolidated statements of income. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 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 ​ $ 19,038,124 ​ 50.2 ​ 8.0 Freddie Mac ​ ​ 5,153,207 ​ 25.0 ​ 9.0 Private Label ​ ​ 2,074,859 ​ 18.5 ​ 7.6 FHA ​ ​ 1,155,893 ​ 14.9 ​ 19.5 Bridge ​ ​ 301,182 ​ 12.5 ​ 1.7 SFR - Fixed Rate ​ ​ 274,764 ​ 19.8 ​ 6.0 Total ​ $ 27,998,029 ​ 41.1 ​ 8.6 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​

SCHEDULE IV - LOANS AND OTHER L

SCHEDULE IV - LOANS AND OTHER LENDING INVESTMENTS	12 Months Ended
	Dec. 31, 2022
SCHEDULE IV - LOANS AND OTHER LENDING INVESTMENTS
SCHEDULE IV - LOANS AND OTHER LENDING INVESTMENTS	ARBOR REALTY TRUST, INC. AND SUBSIDIARIES schedule iv — Loans and other Lending Investments ($ in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount ​ ​ ​ ​ Periodic ​ ​ ​ Interest Pay ​ ​ ​ ​ ​ ​ ​ ​ ​ Subject to ​ ​ Payment Maturity Rate ​ ​ Face ​ Carrying ​ Delinquent Type Location Terms (1) Date (2) Index (3) Prior Liens ​ Amount (4) ​ Amount (5) Interest Bridge Loans: ​ ​ ​ ​ Bridge loans less than 3% of carrying amount of total loans (6): ​ ​ ​ ​ Multifamily Various IO / PI 2023 ‑ 2026 L+ 2.50% to 6.75% $ — ​ $ 12,830,999 ​ $ 12,744,463 ​ $ — ​ ​ ​ ​ ​ ​ ​ L Floor 0.10% to 2.50% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ SOFR+ 2.65% to 5.00% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ SOFR Floor 0.10% to 4.32% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed 3.83% to 12.00% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Single‑Family Rental Various IO / PI 2023 ‑ 2026 L+ 3.50% to 6.75% — ​ 927,373 ​ 916,498 ​ — ​ ​ ​ ​ ​ ​ ​ L Floor 0.25% to 2.25% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ SOFR+ 2.65% to 6.25% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ SOFR Floor 0.10% to 4.33% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Land CA IO 2023 - 2025 L+ 4.00% — ​ 118,595 ​ 40,726 ​ — ​ ​ ​ ​ ​ ​ ​ L Floor 0.15% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed 0.00% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Office NY IO 2023 L+ 3.50% — ​ 70,410 ​ 69,948 ​ — ​ ​ ​ ​ ​ ​ ​ L Floor 0.29% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Healthcare AL IO / PI 2023 L+ 5.00% to 5.35% — ​ 65,627 ​ 65,610 ​ — ​ ​ ​ ​ ​ ​ ​ L Floor 2.15% to 2.63% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Hotel NY IO / PI 2023 L+ 4.50% — ​ 40,850 ​ 40,836 ​ — Student Housing NC IO 2023 L+ 4.50% — ​ 25,700 ​ 25,589 ​ — ​ ​ ​ ​ ​ ​ ​ L Floor 0.25% to 2.25% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retail Various IO 2024 L+ 3.50% to 4.00% — ​ 16,500 ​ 14,113 ​ — ​ ​ ​ ​ ​ ​ ​ L Floor 1.00% to 2.50% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Bridge Loans less than 3% of carrying amount of total loans ​ ​ ​ ​ ​ — ​ 14,096,054 ​ 13,917,783 ​ — Total Bridge Loans ​ ​ ​ ​ ​ — ​ 14,096,054 ​ 13,917,783 ​ — ​ ARBOR REALTY TRUST, INC. AND SUBSIDIARIES Schedule IV — Loans and other Lending Investments ( Continued ) ($ in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount ​ ​ ​ ​ Periodic ​ ​ ​ Interest Pay ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Subject to ​ ​ ​ ​ Payment ​ Maturity ​ Rate ​ ​ ​ ​ Face ​ Carrying ​ Delinquent Type ​ Location ​ Terms (1) ​ Date (2) ​ Index (3) ​ Prior Liens ​ Amount (4) ​ Amount (5) ​ Interest Mezzanine Loans: ​ ​ ​ ​ Mezzanine loans less than 3% of carrying amount of total loans (6): ​ ​ ​ ​ Multifamily Various IO / PI 2023 - 2033 Fixed 3.50% to 13.00% ​ 880,697 ​ 194,621 ​ 187,333 ​ — Land CA IO 2023 Fixed 0.00% ​ — ​ 9,333 ​ 9,333 ​ — Retail Various IO 2024 L+ 3.50% ​ 30,389 ​ 9,545 ​ 6,100 ​ — ​ ​ ​ ​ ​ ​ ​ L Floor 1.00% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed 12.00% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Mezzanine Loans ​ 911,086 ​ 213,499 ​ 202,766 ​ — Preferred Equity Investments: ​ ​ ​ ​ Preferred equity investments less than 3% of carrying amount of total loans (6): ​ ​ ​ ​ Multifamily Various IO / PI 2023 - 2033 Fixed 4.00% to 13.00% ​ 409,699 ​ 91,300 ​ 88,695 ​ — Office NY IO 2027 Fixed 0.00% ​ — ​ 9,625 ​ 1,925 ​ — Land TX IO 2023 Fixed 12.00% ​ — ​ 8,100 ​ 7,882 ​ — Commercial NY IO 2023 Fixed 6.00% ​ 29,792 ​ 1,700 ​ — ​ — Total Preferred Equity Investments ​ 439,491 ​ 110,725 ​ 98,502 ​ — Other Loans: ​ ​ ​ ​ Other loans less than 3% of carrying amount of total loans (6): ​ ​ ​ ​ Single‑Family Rental Various IO / PI 2024 - 2026 L + 3.98% to 4.90% ​ — ​ 35,845 ​ 35,623 ​ — ​ ​ ​ ​ ​ ​ ​ L Floor 0.25% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ — ​ ​ 35,845 ​ ​ 35,623 ​ ​ — Total Loans ​ $ 1,350,577 $ 14,456,123 $ 14,254,674 $ — (1) IO = Interest Only, PI = Principal and Interest, L = LIBOR. ​ (2) Maturity date does not include possible extensions. ​ (3) References to LIBOR are to one-month LIBOR unless specifically stated otherwise. ​ (4) During 2022, $1.68 billion of loans were extended. ​ (5) The federal income tax basis is approximately $14.46 billion. ​ (6) Individual loans each have a carrying value less than 3% of total loans. ​ ARBOR REALTY TRUST, INC. AND SUBSIDIARIES SCHEDULE IV – LOANS AND OTHER LENDING INVESTMENTS (Continued) The following table reconciles our loans and investments carrying amounts for the periods indicated (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2022 2021 2020 Balance at beginning of year ​ $ 11,981,048 ​ $ 5,285,868 ​ $ 4,189,960 Additions during period: ​ ​ ​ New loan originations ​ 6,151,647 ​ 9,720,515 ​ 2,433,679 Funding of unfunded loan commitments (1) ​ 381,831 ​ 200,694 ​ 133,244 Accretion of unearned revenue ​ 37,468 ​ 25,618 ​ 13,590 Recoveries of reserves ​ 1,500 ​ 24,315 ​ 75 Loan charge‑offs ​ — ​ 10,773 ​ — Deductions during period: ​ ​ ​ Loan payoffs and paydowns ​ (3,818,554) ​ (2,516,771) ​ (1,243,694) Unfunded loan commitments (1) ​ (376,404) ​ (623,639) ​ (127,758) Unearned revenue and costs ​ (51,808) ​ (69,528) ​ (35,893) Reclassification to real estate owned ​ ​ (31,200) ​ ​ (880) ​ ​ — Provision for loan losses ​ (20,818) ​ — ​ (77,335) Reclassification to held-for-sale loans ​ ​ (36) ​ ​ (65,144) ​ ​ — Use of loan charge‑offs ​ — ​ (10,773) ​ — Balance at end of year ​ $ 14,254,674 ​ $ 11,981,048 ​ $ 5,285,868 (1) In accordance with certain loans and investments, we have outstanding unfunded commitments that we are obligated to fund as the borrowers meet certain requirements. Specific requirements include, but are not limited to, property renovations, building construction and conversions based on criteria met by the borrower in accordance with the loan agreements.

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2022
Basis of Presentation and Significant Accounting Policies
Basis of Presentation	Basis of Presentation The consolidated financial statements and accompanying notes have been prepared in accordance with GAAP. In our opinion, all adjustments considered necessary for a fair presentation of our financial position, results of operations and cash flows have been included and are of a normal and recurring nature.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include our financial statements and the financial statements of our wholly owned subsidiaries, partnerships and other joint ventures in which we own a controlling interest, including variable interest entities (“VIEs”) of which we are the primary beneficiary. Entities in which we have a significant influence are accounted for under the equity method. Our VIEs are described in Note 15. All significant intercompany transactions and balances have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that could materially affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. The ongoing effects of the COVID-19 pandemic have caused significant disruptions to the U.S. and global economies. Although vaccine availability and usage have continued to increase, which has led to less negative short-term effects, such as travel bans, quarantines, layoffs and shutdowns, the ongoing longer-term macroeconomic effects on inflation, interest rates, capital markets, labor shortages, property values and global supply chains continue to negatively impact many industries, including the U.S. commercial real estate market. In addition, new strains of COVID-19 continue to emerge, which may cause governments and businesses to re-impose aggressive measures to help slow its spread, making the future impact difficult to predict. The ultimate impact of COVID-19 on the economy, including rising inflation, increasing interest rates, tightening of capital markets and reduced property values, both globally and to our business, makes any estimate or assumption at December 31, 2022 inherently less certain.
Cash and Cash Equivalents	Cash and Cash Equivalents .
Loans, Investments and Securities	Loans, Investments and Securities. At the time of purchase, we designate a debt security as available-for-sale, held-to-maturity, or trading depending on our ability and intent for the security. Securities available-for-sale, which is included as a component of other assets in the consolidated balance sheets, is reported at fair value with the fluctuations in fair value recognized through earnings. Held-to-maturity securities are carried at cost net of any unamortized premiums or discounts, which are amortized or accreted over the life of the securities. For securities classified as held-to-maturity, an evaluation is performed as to whether a decline in fair value below the amortized cost basis is other-than-temporary. The determination of other-than-temporary impairment is a subjective process requiring judgments and assumptions and is not necessarily intended to indicate a permanent decline in value. The process includes, but is not limited to, assessment of recent market events and prospects for near-term recovery, assessment of cash flows, internal review of the underlying assets securing the investments, credit of the issuer and the rating of the security, as well as our ability and intent to hold the investment to maturity. We closely monitor market conditions on which we base such decisions.
Allowance for Credit Losses	Allowance for Credit Losses. Our method for calculating the estimate of expected credit loss considers historical experience and current conditions for similar loans and reasonable and supportable forecasts about the future. The reasonable and supportable forecast period is determined based on our assessment of the most likely scenario of assumptions and plausible outcomes for the U.S. economy, level of historical loss forecast estimates, material changes in growth and credit strategy and other factors that may affect our loss experience. We regularly evaluate the reasonable and supportable forecast period to determine if a change is needed. Beyond our reasonable and supportable forecast period, we generally revert to historical loss information over the remaining loan/asset period, taken from a period that most accurately reflects the expectation of conditions expected to exist during the period of reversion. We may adjust historical loss information for differences in risk that may not reflect the characteristics of our current portfolio, including, but not limited to, loan-to-value and debt service coverage ratios, among other relevant factors. The method of reversion selected represents the best estimate of the collectability of the investments and is reevaluated each reporting period. We generally expect to use an average historical loss for reversion, utilizing an immediate or straight-line method for the remaining life of the investments. We also perform a qualitative assessment beyond model estimates and apply qualitative adjustments as necessary. Our qualitative analysis includes a review of data that may directly impact our estimates including internal and external information about the loan or property including current market conditions, asset specific conditions, property operations or borrower/sponsor details (i.e., refinance, sale, bankruptcy) which allows us to determine the amount of the expected loss more accurately and reasonably for these investments. We also evaluate the contractual life of our assets to determine if changes are needed for contractual extension options, renewals, modifications, and prepayments. To the extent possible, we estimate our allowance for credit losses using a pooling approach for homogeneous assets with similar risk characteristics with the goal of enhancing the precision of their estimate. If particular assets no longer display risk characteristics that are similar to those of the pool, we may decide to revise our pools or perform an individual assessment of expected credit losses. If it is determined that a foreclosure is probable, or we expect repayment through the operation or sale of the collateral and the borrower is experiencing financial difficulty, we calculate expected credit losses based on the fair value of the collateral as of the reporting date. During the loan review process, if we determine that it is probable that we will be unable to collect all amounts due for both principal and interest according to the contractual terms of a loan, we evaluate whether that loan is impaired. We consider the capitalization and market discount rates, as well as the borrower’s operating income and cash flows, in estimating the value of the underlying collateral when determining if a loan is impaired. We may also obtain a third-party appraisal, which may value the collateral through an “as-is” or “stabilized value” methodology. Such appraisals may be used as an additional source of valuation information only and no adjustments are made to appraisals. If, upon completion of the valuation, the fair value of the underlying collateral securing the impaired loan is less than the net carrying value of the loan, we record a specific allowance for credit losses with a corresponding charge to the provision for credit losses and remove the impaired loan from the CECL analysis described above. If a loan modification constitutes a concession whereas we do not receive ample consideration in return for the modification, and the borrower is experiencing financial difficulties and cannot repay the loan under the current terms, then the modification is considered by us to be a troubled debt restructuring. We record interest on modified loans on an accrual basis to the extent the modified loan is contractually current. The allowance for credit losses on a troubled debt restructuring is measured using the same method as all other loans held for investment. Charge-offs to the allowance for credit losses occur when losses are confirmed through the receipt of cash or other consideration from the completion of a sale; when a modification or restructuring takes place in which we grant a concession to a borrower or agree to a discount in full or partial satisfaction of the loan; when we take ownership and control of the underlying collateral in full satisfaction of the loan; when loans are reclassified as other investments; or when significant collection efforts have ceased and it is highly likely that a loss has been realized. Loss on restructured loans is recorded when we have granted a concession to the borrower in the form of principal forgiveness related to the payoff or the substitution or addition of a new debtor for the original borrower or when we incur costs on behalf of the borrower related to the modification, payoff or the substitution or addition of a new debtor for the original borrower. When a loan is restructured, we record our investment at net realizable value, taking into account the cost of all concessions at the date of restructuring. In addition, a gain or loss may be recorded upon the sale of a loan to a third-party in the consolidated statements of income in the period in which the loan was sold.
Loans Held-for-Sale, Net	Loans Held-for-Sale, Net. Loans held-for-sale, net represents our Agency Business commercial real estate loans originated and sold under the GSE and HUD programs, which are generally transferred or sold within 60 days of loan origination, as well as our Private Label loans, which are generally sold and securitized within 180 days of loan origination. Such loans are reported at the lower of cost or market on an aggregate basis and include the value allocated to the associated future MSRs. During the period prior to its sale, interest income on a loan held-for-sale is calculated in accordance with the terms of the individual loan and the loan origination fees and direct loan origination costs are deferred until the loan is sold. All of our held-for-sale loans are financed with matched borrowings from credit facilities contracted to finance such loans. Interest income and expense are earned or incurred after a loan is closed and before a loan is sold. Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated, put presumptively beyond the reach of the entity, even in bankruptcy, (2) the transferee (or if the transferee is an entity whose sole purpose is to engage in securitization and the entity is constrained from pledging or exchanging the assets it receives, each third-party holder of its beneficial interests) has the right to pledge or exchange the transferred financial assets, and (3) we or our agents do not maintain effective control over the transferred financial assets or third-party beneficial interest related to those transferred assets through an agreement to repurchase them before their maturity. We have determined that all loans sold have met these specific conditions and account for all transfers of mortgage loans as completed sales.
Allowance for Loss-Sharing Obligations	Allowance for Loss-Sharing Obligations. At inception, a liability for the fair value of the obligation undertaken in issuing the guaranty is recognized. In determining the fair value of the guaranty obligation, we consider the risk profile of the collateral and the historical loss experience in our portfolio. The guaranty obligation is removed only upon either the expiration or settlement of the guaranty. We evaluate the allowance for loss-sharing obligations by monitoring the performance of each loss-sharing loan for events or conditions that may signal a potential default. Historically, initial loss recognition occurs at or before a loan becomes 60 days delinquent. In instances where payment under the guaranty on a loan is determined to be probable and estimable (as the loan is probable of, or is, in foreclosure), we record a liability for the estimated allowance for loss-sharing (a “specific reserve”) by transferring the guarantee obligation recorded on the loan to the specific reserve with any adjustments to this reserve amount recorded in provision for loss sharing in the statements of income. The amount of the allowance considers our assessment of the likelihood of repayment by the borrower or key principal(s), the risk characteristics of the loan, the loan’s risk rating, historical loss experience, adverse situations affecting individual loans, the estimated disposition value of the underlying collateral, and the level of risk sharing. We regularly monitor the specific reserves and update loss estimates as current information is received.
Capitalized Mortgage Servicing Rights	Capitalized Mortgage Servicing Rights. Key rates: Servicing Cost: Estimated Life: MSRs are initially recorded at fair value and are carried at amortized cost. The fair value of MRSs from loans we originate and sell are estimated considering market prices for similar MSRs, when available, and by estimating the present value of the future net cash flows of the capitalized MSRs, net of adequate compensation for servicing. Adequate compensation is based on the market rate of similar servicing contracts. The fair value of MSRs acquired approximate the purchase price paid. We evaluate the MSR portfolio for impairment on a quarterly basis based on the difference between the aggregate carrying amount of the MSRs and their aggregate fair value. We engage an independent third-party valuation expert to assist in determining an estimated fair value of our MSR portfolio on a quarterly basis. For purposes of impairment evaluation, the MSRs are stratified based on predominant risk characteristics of the underlying loans, which we have identified as loan type, note rate and yield maintenance provisions. To the extent that the carrying value of the MSRs exceeds fair value, a valuation allowance is established. We record write-offs of MSRs related to loans that were repaid prior to their expected maturity and loans that have defaulted and determined to be unrecoverable. When this occurs, the write-off is recorded as a direct write-down to the carrying value of MSRs and is included as a component of servicing revenue, net in the consolidated statements of income. This direct write-down permanently reduces the carrying value of the MSRs, precluding recognition of subsequent recoveries. For loans that payoff prior to maturity, we may collect a prepayment fee which is included as a component of servicing revenue, net.
Investments in Equity Affiliates	Investments in Equity Affiliates.
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets. We generally use an income-based valuation method to estimate the fair value of intangible assets, which discounts expected future cash flows to present value using estimates and assumptions we deem reasonable. Determining the estimated useful lives of intangible assets also requires judgment. Certain intangible assets, such as GSE licenses, have been deemed to have indefinite lives while other intangible assets, such as broker and borrower relationships and above/below market rent have been deemed to have finite lives. Our assessment as to which intangible assets are deemed to have finite or indefinite lives is based on several factors including economic barriers of entry for the acquired product lines, scarcity of available GSE licenses, retention trends and our operating plans, among other factors. Goodwill and indefinite-lived intangible assets are not amortized, while finite-lived intangible assets are amortized over their estimated useful lives on a straight-line basis. Indefinite-lived intangible assets, including goodwill, are tested for impairment whenever events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. In addition, with respect to goodwill, an impairment analysis is performed at least annually. We have elected to make the first day of our fiscal fourth quarter the annual impairment assessment date for goodwill. We first assess qualitative factors to determine whether it is more likely than not that the fair value is less than the carrying value. If, based on that assessment, we believe it is more likely than not that the fair value is less than the carrying value, then a two-step goodwill impairment test is performed. Based on the impairment analysis performed as of October 1, 2022, there were no indicators that the indefinite-lived intangible assets, including goodwill, were impaired and there were no events or changes in circumstances indicating impairment at December 31, 2022.
Real Estate Owned and Held-For-Sale	Real Estate Owned and Held-For-Sale. We allocate the purchase price of our real estate acquisitions to land, building, tenant improvements, origination asset of the in-place leases, intangibles for the value of any above or below market leases at fair value and to any other identified intangible assets or liabilities. We amortize the value allocated to in-place leases over the remaining lease term, which is reported in depreciation and amortization expense on our consolidated statements of income. The value allocated to above or below market leases are amortized over the remaining lease term as an adjustment to rental income. Real estate assets are depreciated using the straight-line method over their estimated useful lives. Ordinary repairs and maintenance which are not reimbursed by the tenants are expensed as incurred. Major replacements and betterments which improve or extend the life of the asset are capitalized and depreciated over their estimated useful life. Our properties are reviewed for impairment each quarter if events or circumstances change indicating that the carrying amount of an asset may not be recoverable. We recognize impairment if the undiscounted estimated cash flows to be generated by an asset is less than the carrying amount of such asset. Measurement of impairment is based on the asset’s estimated fair value. In evaluating for impairment, many factors are considered, including estimated current and expected operating cash flows from the property during the projected holding period, costs necessary to extend the life or improve the asset, expected capitalization rates, projected stabilized net operating income, selling costs, and the ability to hold and dispose of the asset in the ordinary course of business. Impairment charges may be necessary in the event discount rates, capitalization rates, lease-up periods, future economic conditions, and other relevant factors vary significantly from those assumed in valuing the property. Real estate is classified as held-for-sale when we commit to a plan of sale, the asset is available for immediate sale, there is an active program to locate a buyer, and it is probable the sale will be completed within one year . Real estate assets that are expected to be disposed of are valued at the lower of the asset’s carrying amount or its fair value less costs to sell. We recognize sales of real estate properties upon closing. Payments received from purchasers prior to closing are recorded as deposits. Gain on real estate sold is recognized when the collectability of the sale price is reasonably assured, we are not obligated to perform significant activities after the sale and when control of the asset transfers to the buyer. A gain may be deferred in whole or in part until collectability of the sales price is reasonably assured and the earnings process is complete.
Hedging Activities and Derivatives	Hedging Activities and Derivatives . The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. These derivative instruments must be effective in reducing risk exposure to qualify for hedge accounting. When the terms of an underlying transaction are modified, or when the underlying hedged item ceases to exist, all changes in the fair value of the instrument are marked-to-market with changes in value included in net income for each period until the derivative instrument matures or is settled. Any derivative instrument used for risk management that does not meet the hedging criteria is marked-to-market with the changes in value included in earnings. In cases where a derivative instrument is terminated early, any gain or loss is generally amortized over the remaining life of the hedged item. We may also enter into derivative contracts that are intended to economically hedge certain risks, even though hedge accounting does not apply, or we elect not to apply hedge accounting. The ineffective portion of a derivative’s change in fair value is recognized immediately in earnings. In connection with our interest rate risk management, we may hedge a portion of our interest rate risk by entering into derivative instrument contracts to manage differences in the amount, timing, and duration of our expected cash receipts and our expected cash payments principally related to our investments and borrowings. Our objectives in using interest rate derivatives are to add stability to interest income and to manage our exposure to interest rate movements. To accomplish this objective, we have used, and may again in the future, use interest rate swaps as part of our interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for us making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Our rate lock and forward sales commitments associated with the Agency Business meet the definition of a derivative and are recorded at fair value. The estimated fair value of rate lock commitments includes the effects of interest rate movements as well as the fair value of the expected net cash flows associated with the servicing of the loan which is recorded as income from MSRs in the consolidated statements of income. The estimated fair value of forward sale commitments includes the effects of interest rate movements between the trade date and balance sheet date. Our Swaps associated with (1) our held-for-sale Agency Business Private Label loans, and (2) our Structured Business SFR loans, do not meet the criteria for hedge accounting and are tied to the five-year and ten-year swap rates. Our Swaps are cleared by a central clearing house and variation margin payments (made in cash) are treated as a legal settlement of the derivative itself, as opposed to a pledge of collateral. Realized and unrealized gains and losses related to our Swaps are recorded through earnings.
Revenue Recognition	Revenue Recognition. Several of our loans provide for accrual of interest at specified rates, which differ from current payment terms. Interest is recognized on such loans at the accrual rate subject to our determination that accrued interest and outstanding principal are ultimately collectible, based on the underlying collateral and operations of the asset. If we cannot make this determination, interest income above the current pay rate is recognized only upon actual receipt. Given the transitional nature of some of our real estate loans, we may require funds to be placed into an interest reserve, based on contractual requirements, to cover debt service costs. We will analyze these interest reserves on a periodic basis and determine if any additional interest reserves are needed. Recognition of income on loans with funded interest reserves are accounted for in the same manner as loans without funded interest reserves. We do not recognize interest income on loans in which the borrower has failed to make the contractual interest payment due or has not replenished the interest reserve account. Income from non-performing loans is generally recognized on a cash basis only to the extent it is received. Full income recognition will resume when the loan becomes contractually current, and performance has recommenced. Additionally, interest income is recorded when earned from equity participation interests, referred to as equity kickers. These equity kickers have the potential to generate additional revenues to us as a result of excess cash flow distributions and/or as appreciated properties are sold or refinanced. Gain on sales, including fee-based services, net Property operating income Other income, net
Leases	Leases.
Stock-Based Compensation	Stock-Based Compensation.
Income Taxes	Income Taxes. The Agency Business mainly operates through a TRS, which is a part of our TRS Consolidated Group and is subject to U.S. federal, state and local income taxes. In general, our TRS entities may hold assets that the REIT cannot hold directly and may engage in real estate or non-real estate-related business. Current and deferred taxes are recorded on the portion of earnings (losses) recognized by us with respect to our interest in TRSs. Deferred income tax assets and liabilities are calculated based on temporary differences between our GAAP consolidated financial statements and the federal, state, local tax basis of assets and liabilities as of the consolidated balance sheets. We evaluate the realizability of our deferred tax assets (e.g., net operating loss and capital loss carryforwards) and recognize a valuation allowance if, based on the available evidence, it is more likely than not that some portion or all our deferred tax assets will not be realized. When evaluating the realizability of our deferred tax assets, we consider estimates of expected future taxable income, existing and projected book/tax differences, tax planning strategies available and the general and industry specific economic outlook. We periodically evaluate tax positions to determine whether it is more likely than not that such positions would be sustained upon examination by a tax authority for all open tax years, as defined by the statute of limitations, based on their technical merits. We report interest and penalties related to tax uncertainties as a component of the income tax provision.
Earnings Per Share	Earnings Per Share. We present both basic and diluted earnings per share (“EPS”). Basic EPS excludes dilution and is computed by dividing net income available to common stockholders by the weighted average number of shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, where such exercise or conversion would result in a lower EPS amount.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements Description Adoption Date Effect on Financial Statements In August 2020, the FASB issued Accounting Standards Updat (“ASU”) 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“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 EPS 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 reduced our diluted EPS for the year ended December 31, 2022 by $0.05 per share, mainly due to the assumption that we will redeem the principal balance with common stock. ​ ​ 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. The adoption of this guidance is not expected to have a material impact on our consolidated financial statements. ​ ​

Basis of Presentation and Sig_3

Basis of Presentation and Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2022
Basis of Presentation and Significant Accounting Policies
Summary of recently adopted accounting pronouncements and recently issued accounting Pronouncements	Recently Adopted Accounting Pronouncements Description Adoption Date Effect on Financial Statements In August 2020, the FASB issued Accounting Standards Updat (“ASU”) 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“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 EPS 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 reduced our diluted EPS for the year ended December 31, 2022 by $0.05 per share, mainly due to the assumption that we will redeem the principal balance with common stock. ​ ​ 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. The adoption of this guidance is not expected to have a material impact on our consolidated financial statements. ​ ​

Loans and Investments (Tables)

Loans and Investments (Tables)	12 Months Ended
	Dec. 31, 2022
Loans and Investments
Summary of structured business loan and investment portfolio	Our Structured Business loan and investment portfolio consists of ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Wtd. Avg. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Remaining ​ Wtd. Avg. ​ Wtd. Avg. ​ ​ ​ ​ ​ Percent of ​ Loan ​ Wtd. Avg. ​ Months to ​ First Dollar ​ Last Dollar ​ ​ ​ December 31, 2022 ​ Total ​ Count ​ Pay Rate (1) ​ Maturity ​ LTV Ratio (2) ​ LTV Ratio (3) ​ Bridge loans (4) ​ $ 14,096,054 ​ 98 % 692 8.17 % 19.8 0 % 76 % Mezzanine loans ​ 213,499 1 % 44 8.13 % 63.1 42 % 77 % Preferred equity investments ​ ​ 110,725 ​ 1 % 8 ​ 7.63 % 39.2 ​ 46 % 79 % Other loans (5) ​ 35,845 <1 % 3 8.76 % 32.8 0 % 58 % ​ ​ 14,456,123 100 % 747 8.17 % 20.6 1 % 76 % Allowance for credit losses ​ ​ (132,559) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unearned revenue ​ (68,890) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans and investments, net ​ $ 14,254,674 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 UPB of each loan in our portfolio, of the interest rate required to be paid monthly as stated in the individual loan agreements. Certain loans and investments that require an accrual rate to be paid at maturity are not included in the weighted average pay rate as shown in the table. (2) The “First Dollar Loan-to-Value (“LTV”) Ratio” is calculated by comparing the total of our senior most dollar and all senior lien positions within the capital stack to the fair value of the underlying collateral to determine the point at which we will absorb a total loss of our position. (3) The “Last Dollar LTV Ratio” is calculated by comparing the total of the carrying value of our loan and all senior lien positions within the capital stack to the fair value of the underlying collateral to determine the point at which we will initially absorb a loss. (4) At December 31, 2022 and 2021, bridge loans included 241 and 120 , respectively, of SFR loans with a total gross loan commitment of $1.57 billion and $804.6 million, respectively, of which $927.4 million and $408.2 million, respectively, was funded. (5) At December 31, 2022 and 2021, other loans included 3 and 2 variable rate SFR permanent loans, respectively.
Schedule of the loan portfolio's internal risk ratings and LTV ratios by asset class	A summary of the loan portfolio’s internal risk ratings and LTV ratios by asset class at December 31, 2022 is as follows ($ 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 ​ $ 468,655 ​ $ 744,231 ​ $ 10,135 ​ $ — ​ $ — ​ $ 20,300 ​ $ 1,243,321 ​ ​ ​ ​ ​ Pass/Watch ​ 3,163,624 ​ ​ 3,385,114 ​ ​ 523,057 ​ ​ 335,573 ​ ​ 41,650 ​ ​ — ​ ​ 7,449,018 ​ ​ ​ ​ ​ Special Mention ​ ​ 1,193,665 ​ ​ 2,843,508 ​ ​ 34,575 ​ ​ 7,285 ​ ​ — ​ ​ 7,594 ​ ​ 4,086,627 ​ ​ ​ ​ ​ Substandard ​ ​ — ​ ​ 255,779 ​ ​ 26,700 ​ ​ 22,975 ​ ​ 32,500 ​ ​ — ​ ​ 337,954 ​ ​ ​ ​ ​ Total Multifamily ​ $ 4,825,944 ​ $ 7,228,632 ​ $ 594,467 ​ $ 365,833 ​ $ 74,150 ​ $ 27,894 ​ $ 13,116,920 ​ 1 % 77 % Single-Family Rental: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of portfolio ​ ​ 91 % ​ ​ ​ ​ Pass ​ $ 18,113 ​ $ 34,871 ​ $ 3,118 ​ $ — ​ $ — ​ $ — ​ $ 56,102 ​ ​ ​ ​ ​ Pass/Watch ​ ​ 428,000 ​ ​ 272,356 ​ ​ 99,615 ​ ​ 20,965 ​ ​ — ​ ​ — ​ ​ 820,936 ​ ​ ​ ​ ​ Special Mention ​ ​ 18,344 ​ ​ 37,978 ​ ​ 29,858 ​ ​ — ​ ​ — ​ ​ — ​ ​ 86,180 ​ ​ ​ ​ ​ Total Single-Family Rental ​ $ 464,457 ​ $ 345,205 ​ $ 132,591 ​ $ 20,965 ​ $ — ​ $ — ​ $ 963,218 ​ 0 % 64 % Land: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of portfolio ​ ​ 7 % ​ ​ ​ ​ 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 ​ $ — ​ $ — ​ $ 35,410 ​ $ — ​ $ — ​ $ — ​ $ 35,410 ​ ​ ​ ​ ​ Special Mention ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 44,625 ​ ​ — ​ ​ 44,625 ​ ​ ​ ​ ​ Total Office ​ $ — ​ $ — ​ $ 35,410 ​ $ — ​ $ 44,625 ​ $ — ​ $ 80,035 ​ 0 % 88 % Healthcare: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of portfolio ​ ​ 1 % ​ ​ ​ ​ Pass/Watch ​ $ — ​ $ — ​ $ — ​ $ 51,069 ​ $ — ​ $ — ​ $ 51,069 ​ ​ ​ ​ ​ Special Mention ​ ​ — ​ ​ — ​ ​ — ​ ​ 14,558 ​ ​ — ​ ​ — ​ ​ 14,558 ​ ​ ​ ​ ​ Total Healthcare ​ $ — ​ $ — ​ $ — ​ $ 65,627 ​ $ — ​ $ — ​ $ 65,627 ​ 0 % 70 % Hotel: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of portfolio ​ ​ <1 % ​ ​ ​ ​ Pass ​ $ — ​ $ — ​ $ — ​ $ 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 % Student Housing: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of portfolio ​ ​ < 1 % ​ ​ ​ ​ Pass/Watch ​ $ — ​ $ 25,700 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 25,700 ​ ​ ​ ​ ​ Total Student Housing ​ $ — ​ $ 25,700 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 25,700 ​ 0 % 69 % Other: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of portfolio ​ ​ < 1 % ​ ​ ​ ​ Doubtful ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 1,700 ​ $ 1,700 ​ ​ ​ ​ ​ Total Other ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 1,700 ​ $ 1,700 ​ 63 % 63 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage of portfolio ​ ​ < 1 % ​ ​ ​ ​ Grand Total ​ $ 5,290,401 ​ $ 7,599,537 ​ $ 770,568 ​ $ 497,275 ​ $ 137,375 ​ $ 160,967 ​ $ 14,456,123 ​ 1 % 76 % ​
Schedule 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2022 ​ Land Multifamily Office Retail Student Housing Healthcare Hotel Other Total 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) ​ 98 ​ ​ 19,254 ​ ​ 89 ​ ​ — ​ ​ (598) ​ ​ 8 ​ ​ 6 ​ ​ 461 ​ ​ 19,318 Ending balance ​ $ 78,068 ​ $ 37,961 ​ $ 8,162 ​ $ 5,819 ​ $ 38 ​ $ 16 ​ $ 14 ​ $ 2,481 ​ $ 132,559 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2021 Allowance for credit losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance ​ $ 78,150 ​ $ 36,468 ​ $ 1,846 ​ $ 13,861 ​ $ 4,078 ​ $ 3,880 ​ $ 7,759 ​ $ 2,287 ​ $ 148,329 Provision for credit losses (net of recoveries) ​ (180) ​ (17,761) ​ 6,227 ​ (42) ​ (3,442) ​ (1,099) ​ (7,751) ​ (267) ​ (24,315) Charge-offs ​ — ​ — ​ — ​ (8,000) ​ — ​ (2,773) ​ — ​ — ​ (10,773) Ending balance ​ $ 77,970 ​ $ 18,707 ​ $ 8,073 ​ $ 5,819 ​ $ 636 ​ $ 8 ​ $ 8 ​ $ 2,020 ​ $ 113,241 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2020 Allowance for credit losses: ​ ​ ​ ​ ​ ​ ​ ​ ​ Beginning balance, prior to adoption of CECL ​ $ 67,869 ​ $ — ​ $ 1,500 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 1,700 ​ $ 71,069 Impact of adopting CECL - January 1, 2020 ​ ​ 77 ​ ​ 16,322 ​ ​ 287 ​ ​ 335 ​ ​ 68 ​ ​ 64 ​ ​ 29 ​ ​ 112 ​ ​ 17,294 Provision for credit losses (net of recoveries) ​ ​ 10,204 ​ ​ 20,146 ​ ​ 59 ​ ​ 13,526 ​ ​ 4,010 ​ ​ 3,816 ​ ​ 7,730 ​ ​ 475 ​ ​ 59,966 Ending balance ​ $ 78,150 ​ $ 36,468 ​ $ 1,846 ​ $ 13,861 ​ $ 4,078 ​ $ 3,880 ​ $ 7,759 ​ $ 2,287 ​ $ 148,329 ​
Schedule of our specific loans considered impaired by asset class	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 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 December 31, 2022 and 2021, respectively.
Schedule of our non-performing loans by asset class	A summary of our non-performing loans by asset class is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 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 Multifamily ​ $ 2,605 ​ $ — ​ $ 2,605 ​ $ — ​ $ — ​ $ — Retail ​ ​ 3,445 ​ ​ — ​ ​ 3,445 ​ ​ 920 ​ ​ — ​ ​ 920 Commercial ​ ​ 1,700 ​ ​ — ​ ​ 1,700 ​ ​ 1,700 ​ ​ — ​ ​ 1,700 Student Housing ​ ​ — ​ ​ — ​ ​ — ​ ​ 21,500 ​ ​ — ​ ​ 21,500 Total ​ $ 7,750 ​ $ — ​ $ 7,750 ​ $ 24,120 ​ $ — ​ $ 24,120 ​

Loans Held-for-Sale, Net (Table

Loans Held-for-Sale, Net (Tables)	12 Months Ended
	Dec. 31, 2022
Loans Held-for-Sale, Net
Schedule of loans held-for-sale, net	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 December 31, 2021 Fannie Mae ​ $ 173,020 ​ $ 392,876 Private Label ​ ​ 152,735 ​ ​ 507,918 FHA ​ 21,021 ​ ​ 54,532 SFR - Fixed Rate ​ ​ 12,352 ​ ​ 9,352 Freddie Mac ​ ​ 8,938 ​ ​ 112,561 ​ ​ 368,066 ​ ​ 1,077,239 Fair value of future MSR ​ ​ 5,557 ​ ​ 19,318 Unrealized impairment loss ​ ​ (15,703) ​ ​ — Unearned discount ​ (3,850) ​ ​ (2,948) Loans held-for-sale, net ​ $ 354,070 ​ $ 1,093,609

Capitalized Mortgage Servicin_2

Capitalized Mortgage Servicing Rights (Tables) - MSRs	12 Months Ended
	Dec. 31, 2022
Capitalized Mortgage Servicing Rights
Summary of capitalized MSR activity	A summary of our capitalized MSR activity is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2022 ​ Year Ended December 31, 2021 ​ Originated Acquired Total Originated Acquired Total Beginning balance ​ $ 395,573 ​ $ 27,161 ​ $ 422,734 ​ $ 336,466 ​ $ 43,508 ​ $ 379,974 Additions ​ ​ 83,115 ​ ​ — ​ ​ 83,115 ​ ​ 134,116 ​ ​ — ​ ​ 134,116 Amortization ​ ​ (53,449) ​ ​ (6,427) ​ ​ (59,876) ​ ​ (47,845) ​ ​ (10,770) ​ ​ (58,615) Write-downs and payoffs ​ ​ (38,361) ​ ​ (6,141) ​ ​ (44,502) ​ ​ (27,164) ​ ​ (5,577) ​ ​ (32,741) Ending balance ​ $ 386,878 ​ $ 14,593 ​ $ 401,471 ​ $ 395,573 ​ $ 27,161 ​ $ 422,734 ​
Summary of expected amortization of capitalized MSRs recorded	The expected amortization of capitalized MSRs recorded at December 31, 2022 is as follows (in thousands): ​ ​ ​ ​ ​ Year Amortization 2023 $ 61,024 2024 ​ 59,025 2025 ​ 55,033 2026 ​ 49,121 2027 ​ ​ 44,287 Thereafter ​ 132,981 Total ​ $ 401,471 ​

Mortgage Servicing (Tables)

Mortgage Servicing (Tables)	12 Months Ended
	Dec. 31, 2022
MSRs
Mortgage Servicing
Schedule of product and geographic concentrations in servicing revenue	Product and geographic concentrations that impact our servicing revenue are as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ Product Concentrations ​ Geographic Concentrations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ UPB ​ Product UPB (1) % of Total State % of Total ​ Fannie Mae ​ $ 19,038,124 ​ 68 % Texas ​ 11 % Freddie Mac ​ ​ 5,153,207 18 % New York ​ 11 % Private Label ​ ​ 2,074,859 8 % California ​ 8 % FHA ​ ​ 1,155,893 ​ 4 % North Carolina ​ 8 % Bridge (2) ​ ​ 301,182 ​ 1 % Georgia ​ 6 % SFR - Fixed Rate ​ ​ 274,764 ​ 1 % Florida ​ 5 % Total ​ $ 27,998,029 ​ 100 % New Jersey ​ 5 % ​ ​ ​ ​ ​ ​ ​ Illinois ​ 4 % ​ ​ ​ ​ ​ ​ ​ Other (3) ​ 42 % ​ ​ ​ ​ ​ ​ ​ 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)	12 Months Ended
	Dec. 31, 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 December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ APL certificates ​ $ 192,791 ​ $ 123,475 ​ $ (13,348) ​ $ 110,127 ​ $ 2,783 B Piece bonds ​ ​ 41,464 ​ ​ 33,072 ​ ​ 1,372 ​ ​ 34,444 ​ ​ 370 Total ​ $ 234,255 ​ $ 156,547 ​ $ (11,976) ​ $ 144,571 ​ $ 3,153 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2022 ​ ​ APL ​ B Piece ​ ​ ​ ​ Certificates ​ Bonds ​ Total Beginning balance ​ $ 1,422 ​ $ 331 ​ $ 1,753 Provision for credit loss expense/(reversal) ​ 1,361 ​ 39 ​ 1,400 Ending balance ​ $ 2,783 ​ $ 370 ​ $ 3,153 ​

Investments in Equity Affilia_2

Investments in Equity Affiliates (Tables)	12 Months Ended
	Dec. 31, 2022
Investments in Equity Affiliates
Schedule of. the company's investments in equity affiliates	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ UPB of Loans to ​ ​ Investments in Equity Affiliates at ​ Equity Affiliates at Equity Affiliates December 31, 2022 December 31, 2021 December 31, 2022 Arbor Residential Investor LLC ​ $ 46,951 ​ $ 65,756 ​ $ — AMAC Holdings III LLC ​ ​ 15,825 ​ ​ 13,772 ​ ​ — Fifth Wall Ventures ​ ​ 13,584 ​ ​ 5,409 ​ ​ — Lightstone Value Plus REIT L.P. ​ ​ 1,895 ​ ​ 1,895 ​ ​ — Docsumo Pte. Ltd. ​ ​ 450 ​ ​ — ​ ​ — JT Prime ​ 425 ​ 425 ​ — North Vermont Avenue ​ ​ — ​ ​ 2,419 ​ ​ — West Shore Café ​ ​ — ​ ​ — ​ ​ 1,688 Lexford Portfolio ​ ​ — ​ ​ — ​ ​ — East River Portfolio ​ — ​ — ​ — Total ​ $ 79,130 ​ $ 89,676 ​ $ 1,688

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables) - Other Intangible Assets	12 Months Ended
	Dec. 31, 2022
Goodwill and Other Intangible Assets
Summary of other intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 ​ ​ Gross ​ ​ ​ ​ ​ ​ ​ Gross ​ ​ ​ ​ ​ ​ ​ ​ Carrying ​ Accumulated ​ ​ ​ ​ Carrying ​ Accumulated ​ ​ ​ ​ Value Amortization Total Value Amortization Total Finite ‑ lived intangible assets: ​ ​ ​ ​ ​ ​ Broker relationships ​ $ 25,000 ​ $ (20,182) ​ $ 4,818 ​ $ 25,000 ​ $ (17,057) ​ $ 7,943 Borrower relationships ​ 14,400 ​ (9,300) ​ 5,100 ​ 14,400 ​ (7,860) ​ 6,540 Below market leases ​ 4,010 ​ (3,485) ​ 525 ​ 4,010 ​ (3,359) ​ 651 Infinite ‑ lived intangible assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ Fannie Mae DUS license ​ 17,100 ​ — ​ 17,100 ​ 17,100 ​ — ​ 17,100 Freddie Mac Program Plus license ​ 8,700 ​ — ​ 8,700 ​ 8,700 ​ — ​ 8,700 FHA license ​ 3,200 ​ — ​ 3,200 ​ 3,200 ​ — ​ 3,200 ​ ​ $ 72,410 ​ $ (32,967) ​ $ 39,443 ​ $ 72,410 ​ $ (28,276) ​ $ 44,134
Summary of estimated amortization expense for each of the succeeding five years	At December 31, 2022, the weighted average remaining lives of our amortizable finite-lived intangible assets and the estimated amortization expense for each of the next five years are as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated Amortization Expense for the ​ ​ ​ ​ Years Ending December 31, ​ ​ Wtd. Avg. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Remaining Life ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (in years) 2023 2024 2025 2026 2027 Finite ‑ lived intangible assets: ​ ​ ​ ​ ​ Broker relationships 1.5 ​ $ 3,125 ​ $ 1,693 ​ $ — ​ $ — ​ $ — Borrower relationships 3.5 ​ 1,440 ​ 1,440 ​ 1,440 ​ 780 ​ — Below market leases 4.2 ​ 126 ​ 126 ​ 126 ​ 126 ​ 21 ​ 2.7 ​ $ 4,691 ​ $ 3,259 ​ $ 1,566 ​ $ 906 ​ $ 21 ​

Debt Obligations (Tables)

Debt Obligations (Tables)	12 Months Ended
	Dec. 31, 2022
Debt Obligations
Summary of senior unsecured notes	A summary of our senior unsecured notes is as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Senior ​ ​ ​ ​ ​ December 31, 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) ​ 8.50% Notes (3) ​ Oct. 2022 ​ Oct. 2027 ​ $ 150,000 ​ $ 147,519 ​ ​ 8.50 % $ — ​ $ — ​ ​ — ​ 5.00% Notes (3) ​ Dec. 2021 ​ Dec. 2028 ​ ​ 180,000 ​ ​ 177,450 ​ ​ 5.00 % ​ 180,000 ​ ​ 177,105 ​ ​ 5.00 % 4.50% Notes (3) ​ Aug. 2021 ​ Sept. 2026 ​ ​ 270,000 ​ ​ 266,926 ​ ​ 4.50 % ​ 270,000 ​ ​ 266,090 ​ ​ 4.50 % 5.00% Notes (3) ​ Apr. 2021 ​ Apr. 2026 ​ ​ 175,000 ​ ​ 172,917 ​ ​ 5.00 % ​ 175,000 ​ ​ 172,302 ​ ​ 5.00 % 8.00% Notes (3) ​ Apr. 2020 ​ Apr. 2023 ​ ​ 70,750 ​ ​ 70,613 ​ ​ 8.00 % ​ 70,750 ​ ​ 70,202 ​ ​ 8.00 % 4.50% Notes (3) ​ Mar. 2020 ​ Mar. 2027 ​ ​ 275,000 ​ ​ 272,960 ​ ​ 4.50 % ​ 275,000 ​ ​ 272,477 ​ ​ 4.50 % 4.75% Notes (4) ​ Oct. 2019 ​ Oct. 2024 ​ ​ 110,000 ​ ​ 109,369 ​ ​ 4.75 % ​ 110,000 ​ ​ 109,018 ​ ​ 4.75 % 5.75% Notes (4) ​ Mar. 2019 ​ Apr. 2024 ​ ​ 90,000 ​ ​ 89,514 ​ ​ 5.75 % ​ 90,000 ​ ​ 89,135 ​ ​ 5.75 % 5.625% Notes (4) ​ Mar. 2018 ​ May 2023 ​ ​ 78,850 ​ ​ 78,726 ​ ​ 5.63 % ​ 125,000 ​ ​ 124,216 ​ ​ 5.63 % ​ ​ ​ ​ ​ ​ $ 1,399,600 ​ $ 1,385,994 ​ ​ 5.40 % $ 1,295,750 ​ $ 1,280,545 ​ ​ 5.05 % (1) At December 31, 2022 and 2021, the carrying value is net of deferred financing fees of $13.6 million and $15.2 million, respectively. (2) At December 31, 2022 and 2021, the aggregate weighted average note rate, including certain fees and costs, was 5.69% and 5.34% , respectively. (3) These notes can be redeemed by us prior to three months before the maturity date, at a redemption price equal to 100% of the aggregate principal amount, plus a “ make-whole ” premium and accrued and unpaid interest. We have the right to redeem the notes within three months prior to the maturity date at a redemption price equal to 100% of the aggregate principal amount, plus accrued and unpaid interest. (4) These notes can be redeemed by us at any time prior to the maturity date, at a redemption price equal to 100% of the aggregate principal amount, plus a “make-whole” premium and accrued and unpaid interest. We have the right to redeem the notes on the maturity date at a redemption price equal to 100% of the aggregate principal amount, plus accrued and unpaid interest.
Summary of face value, unamortized discount and net carrying value of the liability and equity components	The UPB, unamortized discount and net carrying amount of the liability and equity components of our convertible notes are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liability ​ Equity ​ ​ Component ​ Component ​ ​ ​ ​ Unamortized Debt ​ Unamortized Deferred ​ Net Carrying ​ Net Carrying Period UPB Discount Financing Fees Value Value December 31, 2022 ​ $ 287,500 ​ $ — ​ $ 7,144 ​ $ 280,356 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ $ 264,000 ​ $ 2,520 ​ $ 2,095 ​ $ 259,385 ​ $ 8,684 ​
Repurchase agreements and credit facilities
Debt Obligations
Summary of borrowings	Borrowings under our credit and repurchase facilities are as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 ​ ​ ​ ​ ​ Debt ​ Collateral ​ ​ ​ ​ ​ ​ Debt ​ Collateral ​ ​ ​ ​ ​ ​ ​ Carrying ​ Carrying ​ Wtd. Avg. ​ ​ ​ ​ Carrying ​ Carrying ​ Wtd. Avg. ​ UPB Value(1) Value Note Rate UPB Value(1) Value Note Rate Structured Business ​ ​ ​ ​ ​ ​ ​ ​ $2.5B joint repurchase facility (2) ​ $ 1,524,831 ​ $ 1,516,657 ​ $ 2,099,447 ​ 6.73 % $ 1,490,434 ​ $ 1,486,380 ​ $ 1,877,930 ​ 2.56 % $1B repurchase facility (2) ​ 499,891 ​ 498,666 ​ 703,740 ​ 6.39 % 676,608 ​ 675,415 ​ 937,880 ​ 2.04 % $500M repurchase facility ​ 155,121 ​ ​ 154,653 ​ ​ 188,563 ​ 7.16 % — ​ ​ — ​ ​ — ​ — ​ $499M repurchase facility (2)(3) ​ 351,056 ​ 351,056 ​ 504,506 ​ 6.64 % 242,034 ​ 241,450 ​ 289,956 ​ 3.04 % $450M repurchase facility ​ 344,576 ​ ​ 344,237 ​ ​ 450,736 ​ 6.36 % 397,842 ​ ​ 397,272 ​ ​ 511,269 ​ 1.89 % $450M repurchase facility ​ 187,428 ​ ​ 186,639 ​ ​ 239,678 ​ 6.18 % 294,145 ​ ​ 293,700 ​ ​ 385,337 ​ 1.76 % $400M credit facility ​ 33,246 ​ 33,221 ​ 43,238 ​ 6.25 % 177,599 ​ 177,406 ​ 236,538 ​ 1.70 % $225M credit facility ​ 47,398 ​ 47,398 ​ 81,119 ​ 6.90 % 28,213 ​ 27,826 ​ 42,270 ​ 2.79 % $200M repurchase facility ​ 33,155 ​ ​ 32,494 ​ ​ 47,750 ​ 6.95 % — ​ ​ — ​ ​ — ​ — ​ $200M repurchase facility ​ 155,240 ​ ​ 154,516 ​ ​ 200,099 ​ 6.33 % — ​ ​ — ​ ​ — ​ — ​ $156M loan specific credit facilities ​ 156,543 ​ ​ 156,107 ​ ​ 225,805 ​ 6.42 % 153,937 ​ ​ 153,727 ​ ​ 214,300 ​ 3.14 % $50M credit facility ​ ​ 29,200 ​ ​ 29,194 ​ ​ 36,500 ​ 6.48 % ​ 29,200 ​ ​ 29,194 ​ ​ 36,500 ​ 2.13 % $35M working capital facility ​ — ​ ​ — ​ ​ — ​ — ​ — ​ ​ — ​ ​ — ​ — ​ $25M credit facility ​ 19,177 ​ ​ 18,701 ​ ​ 24,572 ​ 6.99 % 1,235 ​ ​ 1,235 ​ ​ 1,900 ​ 4.06 % $25M credit facility ​ ​ — ​ ​ — ​ ​ — ​ — ​ ​ 10,285 ​ ​ 10,218 ​ ​ 14,773 ​ 2.38 % $1M master security agreement ​ ​ — ​ ​ — ​ ​ — ​ — ​ ​ 635 ​ ​ 635 ​ ​ — ​ 4.01 % Repurchase facility - securities (2)(4) ​ ​ 12,832 ​ ​ 12,832 ​ ​ — ​ 6.99 % ​ 30,849 ​ ​ 30,849 ​ ​ — ​ 3.40 % Structured Business total ​ $ 3,549,694 ​ $ 3,536,371 ​ $ 4,845,753 ​ 6.59 % $ 3,533,016 ​ $ 3,525,307 ​ $ 4,548,653 ​ 2.34 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Agency Business ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $750M ASAP agreement ​ $ 29,476 ​ $ 29,476 ​ $ 30,291 ​ 5.21 % $ 182,130 ​ $ 182,130 ​ $ 182,140 ​ 1.40 % $500M joint repurchase facility (2) ​ 105,275 ​ ​ 104,629 ​ ​ 135,641 ​ 6.52 % 399,470 ​ ​ 395,317 ​ ​ 475,360 ​ 2.11 % $500M repurchase facility ​ 66,866 ​ ​ 66,778 ​ ​ 66,866 ​ 5.73 % 236,527 ​ ​ 236,429 ​ ​ 236,527 ​ 1.58 % $200M credit facility ​ 31,519 ​ ​ 31,475 ​ ​ 33,177 ​ 5.76 % 115,351 ​ ​ 115,304 ​ ​ 115,351 ​ 1.60 % $150M credit facility ​ 57,974 ​ ​ 57,887 ​ ​ 57,974 ​ 5.76 % 16,657 ​ ​ 16,544 ​ ​ 16,657 ​ 1.51 % $50M credit facility ​ ​ 14,671 ​ ​ 14,664 ​ ​ 14,671 ​ 5.65 % ​ 9,295 ​ ​ 9,295 ​ ​ 9,295 ​ 1.40 % $1M repurchase facility (2)(3) ​ 534 ​ ​ 534 ​ ​ 920 ​ 6.66 % 1,253 ​ ​ 1,253 ​ ​ 1,477 ​ 3.00 % Agency Business total ​ $ 306,315 ​ $ 305,443 ​ $ 339,540 ​ 5.96 % $ 960,683 ​ $ 956,272 ​ $ 1,036,807 ​ 1.75 % Consolidated total ​ $ 3,856,009 ​ $ 3,841,814 ​ $ 5,185,293 ​ 6.54 % $ 4,493,699 ​ $ 4,481,579 ​ $ 5,585,460 ​ 2.21 % (1) At December 31, 2022 and 2021, debt carrying value for the Structured Business was net of unamortized deferred finance costs of $13.3 million and $7.7 million, respectively, and for the Agency Business was net of unamortized deferred finance costs of $0.9 million and $4.4 million, respectively. (2) These facilities are subject to margin call provisions associated with changes in interest spreads. (3) A portion of this facility was used to finance a fixed rate SFR permanent loan reported through our Agency Business. (4) At December 31, 2022 and 2021, this facility was collateralized by B Piece bonds with a carrying value of $33.1 million and $47.6 million, respectively.
Collateralized loan obligations
Debt Obligations
Summary of borrowings	Borrowings and the corresponding collateral under our securitized debt transactions are as follows ($ in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt ​ Collateral (3) ​ ​ ​ ​ Loans ​ Cash ​ ​ Carrying Wtd. Avg. ​ Carrying Restricted December 31, 2022 ​ Face Value ​ Value (1) ​ Rate (2) ​ UPB ​ Value ​ Cash (4) CLO 19 ​ $ 872,812 ​ $ 866,605 ​ 6.75 % $ 952,268 ​ $ 947,336 ​ $ 64,300 CLO 18 ​ ​ 1,652,812 ​ ​ 1,645,711 ​ 6.19 % ​ 1,899,174 ​ ​ 1,891,215 ​ ​ 85,970 CLO 17 ​ ​ 1,714,125 ​ ​ 1,707,676 ​ 6.16 % ​ 1,911,866 ​ ​ 1,904,732 ​ ​ 145,726 CLO 16 ​ ​ 1,237,500 ​ ​ 1,231,887 ​ 5.79 % ​ 1,307,244 ​ ​ 1,301,794 ​ ​ 106,495 CLO 15 ​ ​ 674,412 ​ ​ 671,532 ​ 5.84 % ​ 797,755 ​ ​ 795,078 ​ ​ 2,861 CLO 14 ​ ​ 655,475 ​ ​ 652,617 ​ 5.80 % ​ 732,247 ​ ​ 730,057 ​ ​ 37,090 CLO 13 ​ ​ 462,769 ​ ​ 461,005 ​ 6.03 % ​ 552,182 ​ ​ 550,924 ​ ​ 37,875 CLO 12 ​ 379,283 ​ ​ 378,331 ​ 6.09 % ​ 466,474 ​ ​ 465,003 ​ ​ 500 Total CLOs ​ ​ 7,649,188 ​ ​ 7,615,364 ​ 6.10 % ​ 8,619,210 ​ ​ 8,586,139 ​ ​ 480,817 Q Series securitization ​ ​ 236,878 ​ ​ 233,906 ​ 6.30 % ​ 315,837 ​ ​ 313,965 ​ ​ — Total securitized debt ​ $ 7,886,066 ​ $ 7,849,270 ​ 6.11 % $ 8,935,047 ​ $ 8,900,104 ​ $ 480,817 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 securitized debt ​ $ 5,924,705 ​ $ 5,892,810 ​ 1.59 % $ 6,645,088 ​ $ 6,616,810 ​ $ 329,496 (1) Debt carrying value is net of $36.8 million and $31.9 million of deferred financing fees at December 31, 2022 and 2021, respectively. (2) At December 31, 2022 and 2021, the aggregate weighted average note rate for our CLOs, including certain fees and costs, was 6.32% and 1.86% , respectively , and the Q Series securitization was 6.66% at December 31, 2022. (3) At December 31, 2022 and 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 $230.0 million and $133.7 million at December 31, 2022 and 2021, respectively.
Summary of company's CLO compliance tests as of the most recent determination dates	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash Flow Triggers CLO 12 CLO 13 CLO 14 CLO 15 ​ CLO 16 ​ CLO 17 ​ CLO 18 CLO 19 Overcollateralization (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current 126.58 % 128.52 % 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 197.05 % 180.22 % 148.34 % 145.30 % 145.55 % 140.69 % 159.15 % 120.12 % 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.
Summary of company's CLO overcollateralization ratios	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Determination (1) CLO 12 CLO 13 CLO 14 CLO 15 CLO 16 CLO 17 CLO 18 CLO 19 ​ January 2023 ​ 126.58 % 128.52 % 119.76 % 120.85 % 121.21 % 122.51 % 124.03 % 120.30 % 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 % — ​ — ​ (1) This table represents the quarterly trend of our overcollateralization ratio, however, the CLO determination dates are monthly and we were in compliance with this test for all periods presented.

Allowance for Loss-Sharing Ob_2

Allowance for Loss-Sharing Obligations (Tables)	12 Months Ended
	Dec. 31, 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2022 2021 ​ Beginning balance ​ $ 56,064 ​ $ 64,303 ​ Provisions for loss sharing ​ ​ 3,592 ​ ​ 44 ​ Provisions reversal for loan repayments ​ ​ (1,730) ​ ​ (6,211) ​ Recoveries (charge-offs), net ​ (758) ​ ​ (2,072) ​ Ending balance ​ $ 57,168 ​ $ 56,064 ​ ​

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value ​ ​ ​ ​ Notional ​ Balance Sheet ​ Derivative ​ Derivative Derivative Count Value Location Assets Liabilities Rate lock commitments 6 ​ $ 91,472 Other assets/other liabilities ​ $ 354 ​ $ (1,070) Forward sale commitments 27 ​ 294,451 Other assets/other liabilities ​ 1,151 ​ (3,827) Swaps 1,298 ​ 129,800 ​ ​ — ​ — ​ ​ ​ ​ $ 515,723 ​ ​ ​ $ 1,505 ​ $ (4,897) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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)	12 Months Ended
	Dec. 31, 2022
Fair Value
Schedule of the principal amounts, carrying values and the estimated fair values of the company's financial instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 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 ​ $ 14,456,123 ​ $ 14,254,674 ​ $ 14,468,418 ​ $ 12,158,995 ​ $ 11,981,048 ​ $ 12,181,194 Loans held-for-sale, net ​ ​ 368,066 ​ ​ 354,070 ​ ​ 362,054 ​ ​ 1,077,239 ​ ​ 1,093,609 ​ ​ 1,117,085 Capitalized mortgage servicing rights, net ​ ​ n/a ​ ​ 401,471 ​ ​ 530,913 ​ ​ n/a ​ ​ 422,734 ​ ​ 477,323 Securities held-to-maturity, net ​ ​ 234,255 ​ ​ 156,547 ​ ​ 144,571 ​ ​ 210,728 ​ ​ 140,484 ​ ​ 149,911 Derivative financial instruments ​ ​ 111,950 ​ 1,505 ​ 1,505 ​ ​ 280,654 ​ 1,665 ​ 1,665 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Credit and repurchase facilities ​ $ 3,856,009 ​ $ 3,841,814 ​ $ 3,828,192 ​ $ 4,493,699 ​ $ 4,481,579 ​ $ 4,484,107 Securitized debt ​ ​ 7,886,066 ​ 7,849,270 ​ 7,560,541 ​ ​ 5,924,705 ​ 5,892,810 ​ 5,914,453 Senior unsecured notes ​ ​ 1,399,600 ​ 1,385,994 ​ 1,262,560 ​ ​ 1,295,750 ​ 1,280,545 ​ 1,301,708 Convertible senior unsecured notes, net ​ ​ 287,500 ​ ​ 280,356 ​ ​ 287,834 ​ ​ 264,000 ​ ​ 259,385 ​ ​ 294,690 Junior subordinated notes ​ ​ 154,336 ​ 143,128 ​ 103,977 ​ ​ 154,336 ​ 142,382 ​ 101,698 Derivative financial instruments ​ ​ 273,973 ​ 4,897 ​ 4,897 ​ ​ 301,816 ​ 1,482 ​ 1,482
Schedule of certain financial assets and financial liabilities measured at fair value on a recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements Using Fair ​ ​ Carrying ​ ​ ​ ​ Value Hierarchy ​ Value Fair Value Level 1 Level 2 Level 3 Financial assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative financial instruments ​ $ 1,505 ​ $ 1,505 ​ $ — ​ $ 1,151 ​ $ 354 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative financial instruments ​ $ 4,897 ​ $ 4,897 ​ $ — ​ $ 4,897 ​ $ —
Schedule of certain financial assets and financial liabilities measured at fair value on a nonrecurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements Using Fair ​ ​ Net Carrying ​ ​ ​ Value Hierarchy ​ Value Fair Value Level 1 Level 2 Level 3 Financial assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Impaired loans, net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans held-for-investment (1) ​ $ 61,745 ​ $ 61,745 ​ $ — ​ $ — ​ $ 61,745 Loans held-for-sale (2) ​ ​ 134,342 ​ ​ 134,342 ​ ​ — ​ ​ 134,342 ​ ​ — ​ ​ $ 196,087 ​ $ 196,087 ​ $ — ​ $ 134,342 ​ $ 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 December 31, 2022. (2) We recorded an impairment loss of $15.7 million related to 13 loans held-for-sale with an aggregate carrying value, before unrealized impairment losses, of $150.0 million.
Schedule of quantitative information about Level 3 fair value measurements	Quantitative information about Level 3 fair value measurements at December 31, 2022 is as follows ($ 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 ​ ​ 354 ​ Discounted cash flows ​ W/A discount rate ​ 13.30 % ​
Schedule of roll forward of Level 3 derivative instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements Using ​ ​ Significant Unobservable Inputs ​ ​ for the Year Ended December 31, ​ ​ 2022 2021 2020 Derivative assets and liabilities, net ​ ​ ​ ​ Beginning balance ​ $ 295 ​ $ 1,967 ​ $ 1,066 Settlements ​ (64,896) ​ (112,836) ​ (164,654) Realized gains recorded in earnings ​ 64,601 ​ 110,869 ​ 163,588 Unrealized gains recorded in earnings ​ 354 ​ 295 ​ 1,967 Ending balance ​ $ 354 ​ $ 295 ​ $ 1,967
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 ​ Impairement ​ Total Fair Value December 31, 2022 Principal Amount Servicing Rights Movement Effect Loss Adjustment Rate lock commitments ​ $ 91,472 ​ $ 354 ​ $ (1,070) ​ $ — ​ $ (716) Forward sale commitments ​ ​ 294,451 ​ ​ — ​ ​ 1,070 ​ ​ — ​ ​ 1,070 Loans held-for-sale, net (1) ​ ​ 368,066 ​ ​ 5,558 ​ ​ — ​ ​ (15,703) ​ ​ (10,145) Total ​ ​ ​ ​ $ 5,912 ​ $ — ​ $ (15,703) ​ $ (9,791) (1) Loans held-for-sale, net are recorded at the lower of cost or market on an aggregate basis and includes fair value adjustments related to estimated cash flows from MSRs. ​
Schedule of fair value of assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurements Using Fair Value Hierarchy ​ Carrying Value Fair Value Level 1 Level 2 Level 3 Financial assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loans and investments, net ​ $ 14,254,674 ​ $ 14,468,418 ​ $ — ​ $ — ​ $ 14,468,418 Loans held-for-sale, net ​ ​ 354,070 ​ ​ 362,054 ​ ​ — ​ ​ 356,496 ​ ​ 5,558 Capitalized mortgage servicing rights, net ​ ​ 401,471 ​ ​ 530,913 ​ ​ — ​ ​ — ​ ​ 530,913 Securities held-to-maturity, net ​ ​ 156,547 ​ ​ 144,571 ​ ​ — ​ ​ — ​ ​ 144,571 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Financial liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Credit and repurchase facilities ​ $ 3,841,814 ​ $ 3,828,192 ​ $ — ​ $ 305,443 ​ $ 3,522,749 Securitized debt ​ 7,849,270 ​ 7,560,541 ​ — ​ — ​ 7,560,541 Senior unsecured notes ​ 1,385,994 ​ 1,262,560 ​ 1,262,560 ​ — ​ — Convertible senior unsecured notes, net ​ ​ 280,356 ​ ​ 287,834 ​ ​ — ​ ​ 287,834 ​ ​ — Junior subordinated notes ​ 143,128 ​ 103,977 ​ — ​ — ​ 103,977

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies
Schedule of maturities of debt obligations and operating lease payments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Minimum Annual ​ ​ ​ ​ ​ Debt ​ Operating Lease ​ ​ ​ Year Obligations Payments Total 2023 ​ $ 2,660,381 ​ $ 8,946 ​ $ 2,669,327 2024 ​ 3,233,658 ​ 8,881 ​ 3,242,539 2025 ​ 2,035,226 ​ 9,008 ​ 2,044,234 2026 ​ 4,610,371 ​ 9,043 ​ 4,619,414 2027 ​ 696,707 ​ 7,598 ​ 704,305 Thereafter ​ 347,168 ​ 27,706 ​ 374,874 Total ​ $ 13,583,511 ​ $ 71,182 ​ $ 13,654,693

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	12 Months Ended
	Dec. 31, 2022
Variable Interest Entities
Schedule 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 December 31, 2022 is as follows (in thousands): ​ ​ ​ ​ ​ Type Carrying Amount (1) Loans ​ $ 446,932 APL certificates ​ ​ 126,258 B Piece bonds ​ ​ 33,442 Equity investments ​ ​ 20,194 Agency interest only strips ​ ​ 237 Total ​ $ 627,063 (1) Represents the carrying amount of loans and investments before reserves. At December 31, 2022, $127.9 million of loans to VIEs had corresponding specific loan loss reserves of $77.9 million. The maximum loss exposure at December 31, 2022 would not exceed the carrying amount of our investment.
Schedule of the assets and liabilities related to the consolidated CLOs and Debt Fund	The assets and liabilities related to these consolidated Securitization Entities are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 December 31, 2021 ​ Assets: ​ ​ ​ ​ ​ ​ ​ Restricted cash ​ $ 710,775 ​ $ 466,523 ​ Loans and investments, net ​ ​ 8,900,104 ​ ​ 6,616,809 ​ Other assets ​ ​ 174,382 ​ ​ 61,474 ​ Total assets ​ $ 9,785,261 ​ $ 7,144,806 ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ Securitized debt ​ $ 7,849,270 ​ $ 5,892,810 ​ Other liabilities ​ 26,754 ​ 9,813 ​ Total liabilities ​ $ 7,876,024 ​ $ 5,902,623 ​ ​

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 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 November 2, 2022 ​ $ 0.40 ​ September 30, 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2022 ​ 2021 ​ 2020 ​ Basic Diluted Basic Diluted Basic Diluted Net income attributable to common stockholders (1) ​ $ 284,829 ​ $ 284,829 ​ $ 317,412 ​ $ 317,412 ​ $ 163,395 ​ $ 163,395 Net income attributable to noncontrolling interest (2) ​ ​ — ​ ​ 28,044 ​ ​ — ​ ​ 38,507 ​ ​ — ​ ​ 25,208 Interest expense on convertible notes (3) ​ ​ — ​ ​ 20,166 ​ ​ — ​ ​ — ​ ​ — ​ ​ — Net income attributable to common stockholders and noncontrolling interest ​ $ 284,829 ​ $ 333,039 ​ $ 317,412 ​ $ 355,919 ​ $ 163,395 ​ $ 188,603 Weighted average shares outstanding ​ ​ 165,355,167 ​ 165,355,167 ​ 137,830,691 ​ 137,830,691 ​ ​ 113,811,471 ​ ​ 113,811,471 Dilutive effect of OP Units (2) ​ — ​ ​ 16,304,638 ​ ​ — ​ ​ 16,818,722 ​ — ​ 19,395,691 Dilutive effect of convertible notes (3) ​ ​ — ​ 16,900,204 ​ — ​ 506,949 ​ ​ — ​ ​ 43,487 Dilutive effect of restricted stock units (4) ​ ​ — ​ ​ 552,621 ​ ​ — ​ ​ 933,233 ​ ​ — ​ ​ 718,647 Weighted average shares outstanding ​ 165,355,167 ​ 199,112,630 ​ 137,830,691 ​ 156,089,595 ​ ​ 113,811,471 ​ ​ 133,969,296 Net income per common share (1) ​ $ 1.72 ​ $ 1.67 ​ $ 2.30 ​ $ 2.28 ​ $ 1.44 ​ $ 1.41 (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 and 2020, the convertible senior 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, which vest at the end of a four-year performance period based upon our achievement of total stockholder return objectives.

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2022
Income Taxes
Schedule of pre-tax GAAP income	A summary of our pre-tax GAAP income is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2022 2021 2020 Pre ‑ tax GAAP income: ​ ​ ​ REIT ​ $ 303,320 ​ $ 239,356 ​ $ 78,320 TRS Consolidated Group ​ 67,991 ​ 184,736 ​ 158,230 Total pre‑tax GAAP income ​ $ 371,311 ​ $ 424,092 ​ $ 236,550 ​
Schedule of provision for income taxes	Our provision for income taxes is comprised as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2022 2021 2020 Current tax provision: ​ ​ ​ Federal ​ $ 14,167 ​ $ 27,454 ​ $ 27,284 State ​ 5,058 ​ 7,939 ​ 8,383 Total ​ 19,225 ​ 35,393 ​ 35,667 Deferred tax (benefit) provision : ​ ​ ​ Federal ​ $ (1,373) ​ $ 8,287 ​ $ 3,932 State ​ (370) ​ 2,744 ​ 780 Valuation allowance ​ 2 ​ (139) ​ 14 Total ​ (1,741) ​ 10,892 ​ 4,726 Total income tax expense ​ $ 17,484 ​ $ 46,285 ​ $ 40,393 ​
Schedule of reconciliation of effective income tax rate as a percentage of pretax income or loss to the U.S. federal statutory rate	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2022 2021 2020 U.S. federal statutory rate 21.0 % 21.0 % 21.0 % REIT non‑taxable income (17.2) % (11.9) % (7.0) % State and local income taxes, net of federal tax benefit 1.0 % 2.0 % 3.0 % Other (0.1) % (0.2) % — % Effective income tax rate 4.7 % 10.9 % 17.0 % ​
Schedule of significant components of deferred tax assets and liabilities of TRS Consolidated Group	The significant components of our deferred tax assets and liabilities of our TRS Consolidated Group are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2021 Deferred tax assets: ​ ​ Expenses not currently deductible ​ $ 22,755 ​ $ 25,542 Loan loss reserves ​ 7,159 ​ 7,110 Net operating and capital loss carryforwards ​ 454 ​ 468 Valuation allowance ​ (294) ​ (292) Other ​ ​ 441 ​ ​ 372 Deferred tax assets, net ​ $ 30,515 ​ $ 33,200 Deferred tax liabilities: ​ ​ Mortgage servicing rights ​ $ 26,975 ​ $ 28,672 Intangibles ​ 6,457 ​ 7,243 Interest in equity affiliates—net ​ ​ 6,237 ​ ​ 8,179 Deferred tax liabilities, net ​ $ 39,669 ​ $ 44,094 ​

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2022
Segment Information
Schedule of statement of income and balance sheet by segment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2022 ​ ​ Structured ​ Agency ​ Other / ​ ​ ​ ​ Business Business Eliminations (1) Consolidated Interest income ​ $ 903,622 ​ $ 44,779 ​ $ — ​ $ 948,401 Interest expense ​ ​ 538,659 ​ ​ 18,958 ​ ​ — ​ ​ 557,617 Net interest income ​ ​ 364,963 ​ ​ 25,821 ​ ​ — ​ ​ 390,784 Other revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain on sales, including fee-based services, net ​ ​ — ​ ​ 55,816 ​ ​ — ​ ​ 55,816 Mortgage servicing rights ​ ​ — ​ ​ 69,346 ​ ​ — ​ ​ 69,346 Servicing revenue ​ ​ — ​ ​ 152,068 ​ ​ — ​ ​ 152,068 Amortization of MSRs ​ ​ — ​ ​ (59,876) ​ ​ — ​ ​ (59,876) Property operating income ​ ​ 1,877 ​ ​ — ​ ​ — ​ ​ 1,877 Gain on derivative instruments, net ​ ​ — ​ ​ 26,609 ​ ​ — ​ ​ 26,609 Other income, net ​ ​ (2,360) ​ ​ (15,203) ​ ​ — ​ ​ (17,563) Total other revenue ​ ​ (483) ​ ​ 228,760 ​ ​ — ​ ​ 228,277 Other expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee compensation and benefits ​ ​ 56,032 ​ ​ 105,793 ​ ​ — ​ ​ 161,825 Selling and administrative ​ ​ 26,059 ​ ​ 27,931 ​ ​ — ​ ​ 53,990 Property operating expenses ​ ​ 2,136 ​ ​ — ​ ​ — ​ ​ 2,136 Depreciation and amortization ​ ​ 4,041 ​ ​ 4,691 ​ ​ — ​ ​ 8,732 Provision for loss sharing (net of recoveries) ​ ​ — ​ ​ 1,862 ​ ​ — ​ ​ 1,862 Provision for credit losses (net of recoveries) ​ ​ 19,770 ​ ​ 1,399 ​ ​ — ​ ​ 21,169 Litigation settlement ​ ​ 7,350 ​ ​ — ​ ​ — ​ ​ 7,350 Total other expenses ​ ​ 115,388 ​ ​ 141,676 ​ ​ — ​ ​ 257,064 Income before extinguishment of debt, income from equity affiliates and income taxes ​ ​ 249,092 ​ ​ 112,905 ​ ​ — ​ ​ 361,997 Loss on extinguishment of debt ​ ​ (4,933) ​ ​ — ​ ​ — ​ ​ (4,933) Income from equity affiliates ​ ​ 14,247 ​ ​ — ​ ​ — ​ ​ 14,247 Provision for income taxes ​ ​ (821) ​ ​ (16,663) ​ ​ — ​ ​ (17,484) Net income ​ ​ 257,585 ​ ​ 96,242 ​ ​ — ​ ​ 353,827 Preferred stock dividends ​ ​ 40,954 ​ ​ — ​ ​ — ​ ​ 40,954 Net income attributable to noncontrolling interest ​ ​ — ​ ​ — ​ ​ 28,044 ​ ​ 28,044 Net income attributable to common stockholders ​ $ 216,631 ​ $ 96,242 ​ $ (28,044) ​ $ 284,829 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2021 ​ ​ ​ Structured ​ ​ Agency ​ ​ Other / ​ ​ ​ ​ ​ Business ​ Business ​ Eliminations (1) ​ Consolidated Interest income ​ $ 427,039 $ 39,048 $ — $ 466,087 Interest expense ​ ​ 194,435 ​ ​ 17,570 ​ ​ — ​ ​ 212,005 Net interest income ​ ​ 232,604 ​ ​ 21,478 ​ ​ — ​ ​ 254,082 Other revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain on sales, including fee-based services, net ​ ​ — ​ ​ 123,037 ​ ​ — ​ ​ 123,037 Mortgage servicing rights ​ ​ — ​ ​ 130,230 ​ ​ — ​ ​ 130,230 Servicing revenue ​ ​ — ​ ​ 133,429 ​ ​ — ​ ​ 133,429 Amortization of MSRs ​ ​ — ​ ​ (58,615) ​ ​ — ​ ​ (58,615) Property operating income ​ ​ 185 ​ ​ — ​ ​ — ​ ​ 185 Loss on derivative instruments, net ​ ​ — ​ ​ (2,684) ​ ​ — ​ ​ (2,684) Other income, net ​ ​ 7,491 ​ ​ 75 ​ ​ — ​ ​ 7,566 Total other revenue ​ ​ 7,676 ​ ​ 325,472 ​ ​ — ​ ​ 333,148 Other expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee compensation and benefits ​ ​ 51,225 ​ ​ 120,571 ​ ​ — ​ ​ 171,796 Selling and administrative ​ ​ 21,064 ​ ​ 24,511 ​ ​ — ​ 45,575 Property operating expenses ​ ​ 718 ​ ​ — ​ ​ — ​ ​ 718 Depreciation and amortization ​ ​ 2,524 ​ ​ 4,691 ​ ​ — ​ ​ 7,215 Provision for loss sharing (net of recoveries) ​ ​ — ​ ​ (6,167) ​ ​ — ​ ​ (6,167) Provision for credit losses (net of recoveries) ​ ​ (21,223) ​ ​ 110 ​ ​ — ​ ​ (21,113) Total other expenses ​ ​ 54,308 ​ ​ 143,716 ​ ​ — ​ ​ 198,024 Income before extinguishment of debt, sale of real estate, income from equity affiliates and income taxes ​ ​ 185,972 ​ ​ 203,234 ​ ​ — ​ ​ 389,206 Loss on extinguishment of debt ​ ​ (3,374) ​ ​ — ​ ​ — ​ ​ (3,374) Sale of real estate ​ ​ 2,466 ​ ​ 1,227 ​ ​ — ​ ​ 3,693 Income from equity affiliates ​ ​ 34,567 ​ ​ — ​ ​ — ​ ​ 34,567 Provision for income taxes ​ ​ (5,940) ​ ​ (40,345) ​ ​ — ​ ​ (46,285) Net income ​ ​ 213,691 ​ ​ 164,116 ​ ​ — ​ ​ 377,807 Preferred stock dividends ​ ​ 21,888 ​ ​ — ​ ​ — ​ ​ 21,888 Net income attributable to noncontrolling interest ​ ​ — ​ ​ — ​ ​ 38,507 ​ ​ 38,507 Net income attributable to common stockholders ​ $ 191,803 $ 164,116 $ (38,507) $ 317,412 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2020 ​ ​ ​ Structured ​ ​ Agency ​ ​ Other / ​ ​ ​ ​ ​ Business ​ Business ​ Eliminations (1) ​ Consolidated Interest income ​ $ 305,893 ​ $ 33,572 ​ $ — ​ $ 339,465 Interest expense ​ ​ 150,964 ​ ​ 18,252 ​ ​ — ​ ​ 169,216 Net interest income ​ ​ 154,929 ​ ​ 15,320 ​ ​ — ​ ​ 170,249 Other revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain on sales, including fee-based services, net ​ ​ — ​ ​ 94,607 ​ ​ — ​ ​ 94,607 Mortgage servicing rights ​ ​ — ​ ​ 165,517 ​ ​ — ​ ​ 165,517 Servicing revenue ​ ​ — ​ ​ 103,607 ​ ​ — ​ ​ 103,607 Amortization of MSRs ​ ​ — ​ ​ (49,222) ​ ​ — ​ ​ (49,222) Property operating income ​ ​ 3,976 ​ ​ — ​ ​ — ​ ​ 3,976 Loss on derivative instruments, net ​ ​ (2,859) ​ ​ (55,476) ​ ​ — ​ ​ (58,335) Other income, net ​ ​ 4,052 ​ ​ 57 ​ ​ — ​ ​ 4,109 Total other revenue ​ ​ 5,169 ​ ​ 259,090 ​ ​ — ​ ​ 264,259 Other expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee compensation and benefits ​ ​ 40,292 ​ ​ 104,088 ​ ​ — ​ ​ 144,380 Selling and administrative ​ ​ 15,706 ​ ​ 21,642 ​ ​ — ​ ​ 37,348 Property operating expenses ​ ​ 4,898 ​ ​ — ​ ​ — ​ ​ 4,898 Depreciation and amortization ​ ​ 2,391 ​ ​ 5,249 ​ ​ — ​ ​ 7,640 Provision for loss sharing (net of recoveries) ​ ​ — ​ ​ 14,822 ​ ​ — ​ ​ 14,822 Provision for credit losses (net of recoveries) ​ ​ 59,967 ​ ​ 1,143 ​ ​ — ​ ​ 61,110 Total other expenses ​ ​ 123,254 ​ ​ 146,944 ​ ​ — ​ ​ 270,198 Income before extinguishment of debt, sale of real estate, income from equity affiliates and income taxes ​ ​ 36,844 ​ ​ 127,466 ​ ​ — ​ ​ 164,310 Loss on extinguishment of debt ​ ​ (3,546) ​ ​ — ​ ​ — ​ ​ (3,546) (Loss) gain on sale of real estate ​ ​ (878) ​ ​ 503 ​ ​ — ​ ​ (375) Income from equity affiliates ​ ​ 76,161 ​ ​ — ​ ​ — ​ ​ 76,161 Provision for income taxes ​ ​ (14,303) ​ ​ (26,090) ​ ​ — ​ ​ (40,393) Net income ​ ​ 94,278 ​ ​ 101,879 ​ ​ — ​ ​ 196,157 Preferred stock dividends ​ ​ 7,554 ​ ​ — ​ ​ — ​ ​ 7,554 Net income attributable to noncontrolling interest ​ ​ — ​ ​ — ​ ​ 25,208 ​ ​ 25,208 Net income attributable to common stockholders ​ $ 86,724 ​ $ 101,879 ​ $ (25,208) ​ $ 163,395 (1) Includes income allocated to the noncontrolling interest holders not allocated to the two reportable segments. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ Structured Business Agency Business Consolidated Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 200,514 ​ $ 333,843 ​ $ 534,357 Restricted cash ​ ​ 713,615 ​ ​ 193 ​ ​ 713,808 Loans and investments, net ​ ​ 14,254,674 ​ ​ — ​ ​ 14,254,674 Loans held-for-sale, net ​ ​ — ​ ​ 354,070 ​ ​ 354,070 Capitalized mortgage servicing rights, net ​ ​ — ​ ​ 401,471 ​ ​ 401,471 Securities held-to-maturity, net ​ ​ — ​ ​ 156,547 ​ ​ 156,547 Investments in equity affiliates ​ ​ 79,130 ​ ​ — ​ ​ 79,130 Goodwill and other intangible assets ​ ​ 12,500 ​ ​ 83,569 ​ ​ 96,069 Other assets and due from related party ​ ​ 367,837 ​ ​ 81,022 ​ ​ 448,859 Total assets ​ $ 15,628,270 ​ $ 1,410,715 ​ $ 17,038,985 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Debt obligations ​ $ 13,195,120 ​ $ 305,442 ​ $ 13,500,562 Allowance for loss-sharing obligations ​ ​ — ​ ​ 57,168 ​ ​ 57,168 Other liabilities and due to related parties ​ ​ 299,559 ​ ​ 109,817 ​ ​ 409,376 Total liabilities ​ $ 13,494,679 ​ $ 472,427 ​ $ 13,967,106 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2022 2021 2020 ​ Origination Data: ​ ​ ​ ​ ​ Structured Business ​ ​ ​ ​ ​ Bridge loans (1) ​ $ 6,082,041 ​ $ 9,490,402 ​ $ 2,312,061 ​ Mezzanine / Preferred Equity ​ ​ 69,606 ​ ​ 203,875 ​ ​ 76,722 ​ SFR - Permanent loans ​ ​ — ​ ​ 26,238 ​ ​ 44,896 ​ Total new loan originations ​ $ 6,151,647 ​ $ 9,720,515 ​ $ 2,433,679 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) 2022 and 2021 includes 132 and 103 SFR loans, respectively, with a UPB of $613.8 million and $389.2 million, respectively. During 2022, 2021 and 2020, we committed to fund SFR loans totaling $1.08 billion, $729.5 million and $261.5 million, respectively. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loan runoff ​ $ 3,818,554 ​ $ 2,516,771 ​ $ 1,208,071 ​ ​ ​ ​ ​ ​ Agency Business ​ ​ ​ ​ Origination Volumes by Investor: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fannie Mae ​ $ 2,919,566 ​ $ 3,389,312 ​ $ 5,041,925 ​ Freddie Mac ​ ​ 1,353,001 ​ ​ 1,016,142 ​ ​ 960,508 ​ Private Label ​ 217,542 ​ 1,436,853 ​ 382,191 ​ FHA ​ 188,394 ​ 430,320 ​ 327,345 ​ SFR - Fixed Rate ​ 89,683 ​ 136,931 ​ — ​ Total ​ $ 4,768,186 ​ $ 6,409,558 ​ $ 6,711,969 ​ Total loan commitment volume ​ $ 5,146,718 ​ $ 6,347,752 ​ $ 6,810,666 ​ ​ ​ ​ ​ ​ Agency Business Loan Sales Data: ​ ​ ​ ​ Fannie Mae ​ $ 3,139,414 ​ $ 3,675,763 ​ $ 4,771,113 ​ Freddie Mac ​ ​ 1,456,595 ​ ​ 1,081,702 ​ ​ 816,802 ​ Private Label ​ ​ 515,086 ​ ​ 985,094 ​ ​ 727,154 ​ FHA ​ ​ 241,457 ​ ​ 480,275 ​ ​ 272,659 ​ SFR - Fixed Rate ​ 86,071 ​ 192,335 ​ — ​ Total ​ $ 5,438,623 ​ $ 6,415,169 ​ $ 6,587,728 ​ Sales margin (fee-based services as a % of loan sales) (1) ​ 1.34 % 1.92 % 1.44 % MSR rate (MSR income as a % of loan commitments) ​ 1.35 % 2.05 % 2.43 %
Schedule of origination data and loan sales data	​
Schedule of key servicing metrics for Agency Business	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 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 ​ $ 19,038,124 ​ 50.2 ​ 8.0 Freddie Mac ​ ​ 5,153,207 ​ 25.0 ​ 9.0 Private Label ​ ​ 2,074,859 ​ 18.5 ​ 7.6 FHA ​ ​ 1,155,893 ​ 14.9 ​ 19.5 Bridge ​ ​ 301,182 ​ 12.5 ​ 1.7 SFR - Fixed Rate ​ ​ 274,764 ​ 19.8 ​ 6.0 Total ​ $ 27,998,029 ​ 41.1 ​ 8.6 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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)	12 Months Ended
	Dec. 31, 2022 segment
Description of Business
Number of business segments	2

Basis of Presentation and Sig_4

Basis of Presentation and Significant Accounting Policies (Details) $ / shares in Units, $ in Thousands		12 Months Ended
	Jan. 01, 2022 USD ($) $ / shares	Dec. 31, 2022 USD ($) $ / shares	Dec. 31, 2021 USD ($) $ / shares	Dec. 31, 2020 $ / shares
Basis of Presentation and Significant Accounting Policies
Deferred tax assets, net		$ 30,515	$ 33,200
Allowance for Loss-Sharing Obligations
Period of a loan past due becomes delinquent		60 days
Real Estate Owned and Held-For-Sale
Period following acquisition in which the entity finalizes the purchase price allocation of the real estate properties acquired		1 year
Aggregate increase to retained earnings		$ 97,049	$ 62,532
Decrease in diluted earnings per share | $ / shares		$ 1.67	$ 2.28	$ 1.41
Maximum
Basis of Presentation and Significant Accounting Policies
Maximum number of days held-for-sale loans are generally transferred or sold		180 days
Maximum | Commercial Loan | MSRs | Discount rate
Capitalized Mortgage Servicing Rights
Discount rates to determine the present value of MSRs (as a percent)		13
Minimum
Basis of Presentation and Significant Accounting Policies
Maximum number of days held-for-sale loans are generally transferred or sold		60 days
Minimum | Commercial Loan | MSRs | Discount rate
Capitalized Mortgage Servicing Rights
Discount rates to determine the present value of MSRs (as a percent)		8
Weighted average | Commercial Loan | MSRs | Discount rate
Capitalized Mortgage Servicing Rights
Discount rates to determine the present value of MSRs (as a percent)		12
Fannie Mae
Allowance for Loss-Sharing Obligations
Percentage of loss obligation on UPB		5%
Obligated funding percentage of mortgage delinquencies		100%
Percentage of additional loss obligation on UPB		5%
Loss sharing funding percentage of advances until final settlement		25%
Fannie Mae | Maximum
Allowance for Loss-Sharing Obligations
Percentage of loss obligation on UPB		20%
Cumulative-effect adjustment
Real Estate Owned and Held-For-Sale
Aggregate decrease to additional paid-in capital	$ 8,700
ASU 2020-06 | Cumulative-effect adjustment
Real Estate Owned and Held-For-Sale
Increase in convertible debt	2,500
Aggregate increase to retained earnings	$ 5,600
Decrease in diluted earnings per share | $ / shares	$ 0.05

Loans and Investments - Investm

Loans and Investments - Investment Portfolio and Concentration of Credit Risk (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) loan property	Dec. 31, 2021 USD ($) loan property	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
SCHEDULE IV
Loans and investments	$ 14,456,123	$ 12,158,995
Allowance for credit losses	(132,559)	(113,241)	$ (148,329)
Unearned revenue	68,890	64,706
Loans and investments, net	$ 14,254,674	$ 11,981,048	$ 5,285,868	$ 4,189,960
Percent of Total	100%	100%
Loan Count | loan	747	580
Wtd. Avg. Pay Rate (as a percent)	8.17%	4.26%
Wtd. Avg. Remaining Months to Maturity	20 months 18 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
SCHEDULE IV
Loans and investments	$ 14,456,123
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
SCHEDULE IV
Loans and investments	$ 963,218
Percent of Total	7%
Wtd. Avg. First Dollar LTV Ratio (as percent)	0%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	64%
Total Assets | Concentration of Credit Risk
SCHEDULE IV
Loan Count | loan	38	31
Number of different borrowers | property	5	5
Concentration Risk Threshold Percentage	11	11
Total Assets | Concentration of Credit Risk | Five Borrowers
SCHEDULE IV
Concentration risk, percentage	10%	10%
Loans and investments portfolio | Concentration of Credit Risk | New York
SCHEDULE IV
Concentration risk, percentage		19%
Bridge loans
SCHEDULE IV
Loans and investments	$ 14,096,054	$ 11,750,710
Percent of Total	98%	97%
Loan Count | loan	692	528
Wtd. Avg. Pay Rate (as a percent)	8.17%	4.19%
Wtd. Avg. Remaining Months to Maturity	19 months 24 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
SCHEDULE IV
Number of loans under the loan portfolio | loan	241	120
Total loan commitment	$ 1,570,000	$ 804,600,000
Mezzanine loan
SCHEDULE IV
Loans and investments	$ 213,499	$ 223,378
Percent of Total	1%	2%
Loan Count | loan	44	39
Wtd. Avg. Pay Rate (as a percent)	8.13%	7.32%
Wtd. Avg. Remaining Months to Maturity	63 months 3 days	56 months 9 days
Wtd. Avg. First Dollar LTV Ratio (as percent)	42%	34%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	77%	84%
Preferred equity investments
SCHEDULE IV
Loans and investments	$ 110,725	$ 155,513
Percent of Total	1%	1%
Loan Count | loan	8	11
Wtd. Avg. Pay Rate (as a percent)	7.63%	5.57%
Wtd. Avg. Remaining Months to Maturity	39 months 6 days	38 months
Wtd. Avg. First Dollar LTV Ratio (as percent)	46%	58%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	79%	87%
Other loan
SCHEDULE IV
Loans and investments	$ 35,845	$ 29,394
Percent of Total	1%	1%
Loan Count | loan	3	2
Wtd. Avg. Pay Rate (as a percent)	8.76%	4.63%
Wtd. Avg. Remaining Months to Maturity	32 months 24 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 loan | Single-Family Rental
SCHEDULE IV
Number of loans under the loan portfolio | loan	3	2
Total loan commitment	$ 927,400	$ 408,200

Loans and Investments - Risk Ra

Loans and Investments - Risk Ratings and LTV Ratios (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
SCHEDULE IV
Loans and investments	$ 14,456,123	$ 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%
Credit risk concentration
SCHEDULE IV
Origination Year 2022	$ 5,290,401
Origination Year 2021	7,599,537
Origination Year 2020	770,568
Origination Year 2019	497,275
Origination Year 2018	137,375
Origination Year Prior	160,967
Loans and investments	$ 14,456,123
Wtd. Avg. First Dollar LTV Ratio (as percent)	1%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	76%
Credit risk concentration | Loans and investments portfolio | Texas
SCHEDULE IV
Concentration risk, percentage	22%	12%
Credit risk concentration | Loans and investments portfolio | Florida
SCHEDULE IV
Concentration risk, percentage	14%
Credit risk concentration | Loans and investments portfolio | No other state
SCHEDULE IV
Concentration risk, percentage	10%	10%
Credit risk concentration | Multifamily
SCHEDULE IV
Origination Year 2022	$ 4,825,944
Origination Year 2021	7,228,632
Origination Year 2020	594,467
Origination Year 2019	365,833
Origination Year 2018	74,150
Origination Year Prior	27,894
Loans and investments	$ 13,116,920
Percentage of Portfolio	91%
Wtd. Avg. First Dollar LTV Ratio (as percent)	1%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	77%
Credit risk concentration | Multifamily | Pass
SCHEDULE IV
Origination Year 2022	$ 468,655
Origination Year 2021	744,231
Origination Year 2020	10,135
Origination Year Prior	20,300
Loans and investments	1,243,321
Credit risk concentration | Multifamily | Pass/Watch
SCHEDULE IV
Origination Year 2022	3,163,624
Origination Year 2021	3,385,114
Origination Year 2020	523,057
Origination Year 2019	335,573
Origination Year 2018	41,650
Loans and investments	7,449,018
Credit risk concentration | Multifamily | Special Mention
SCHEDULE IV
Origination Year 2022	1,193,665
Origination Year 2021	2,843,508
Origination Year 2020	34,575
Origination Year 2019	7,285
Origination Year Prior	7,594
Loans and investments	4,086,627
Credit risk concentration | Multifamily | Substandard
SCHEDULE IV
Origination Year 2021	255,779
Origination Year 2020	26,700
Origination Year 2019	22,975
Origination Year 2018	32,500
Loans and investments	337,954
Credit risk concentration | Single-Family Rental
SCHEDULE IV
Origination Year 2022	464,457
Origination Year 2021	345,205
Origination Year 2020	132,591
Origination Year 2019	20,965
Loans and investments	$ 963,218
Percentage of Portfolio	7%
Wtd. Avg. First Dollar LTV Ratio (as percent)	0%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	64%
Credit risk concentration | Single-Family Rental | Pass
SCHEDULE IV
Origination Year 2022	$ 18,113
Origination Year 2021	34,871
Origination Year 2020	3,118
Loans and investments	56,102
Credit risk concentration | Single-Family Rental | Pass/Watch
SCHEDULE IV
Origination Year 2022	428,000
Origination Year 2021	272,356
Origination Year 2020	99,615
Origination Year 2019	20,965
Loans and investments	820,936
Credit risk concentration | Single-Family Rental | Special Mention
SCHEDULE IV
Origination Year 2022	18,344
Origination Year 2021	37,978
Origination Year 2020	29,858
Loans and investments	86,180
Credit risk concentration | Land
SCHEDULE IV
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%
Credit risk concentration | Land | Special Mention
SCHEDULE IV
Origination Year 2020	$ 8,100
Loans and investments	8,100
Credit risk concentration | Land | Substandard
SCHEDULE IV
Origination Year Prior	127,928
Loans and investments	127,928
Credit risk concentration | Office
SCHEDULE IV
Origination Year 2020	35,410
Origination Year 2018	44,625
Loans and investments	$ 80,035
Percentage of Portfolio	1%
Wtd. Avg. First Dollar LTV Ratio (as percent)	0%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	88%
Credit risk concentration | Office | Pass/Watch
SCHEDULE IV
Origination Year 2020	$ 35,410
Loans and investments	35,410
Credit risk concentration | Office | Special Mention
SCHEDULE IV
Origination Year 2018	44,625
Loans and investments	44,625
Credit risk concentration | Healthcare
SCHEDULE IV
Origination Year 2019	65,627
Loans and investments	$ 65,627
Percentage of Portfolio	1%
Wtd. Avg. First Dollar LTV Ratio (as percent)	0%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	70%
Credit risk concentration | Healthcare | Pass/Watch
SCHEDULE IV
Origination Year 2019	$ 51,069
Loans and investments	51,069
Credit risk concentration | Healthcare | Special Mention
SCHEDULE IV
Origination Year 2019	14,558
Loans and investments	14,558
Credit risk concentration | Student Housing
SCHEDULE IV
Origination Year 2021	25,700
Loans and investments	$ 25,700
Percentage of Portfolio	1%
Wtd. Avg. First Dollar LTV Ratio (as percent)	0%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	69%
Credit risk concentration | Student Housing | Pass/Watch
SCHEDULE IV
Origination Year 2021	$ 25,700
Loans and investments	25,700
Credit risk concentration | Hotel Portfolio
SCHEDULE IV
Origination Year 2019	40,850
Loans and investments	$ 40,850
Percentage of Portfolio	1%
Wtd. Avg. First Dollar LTV Ratio (as percent)	0%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	70%
Credit risk concentration | Hotel Portfolio | Pass
SCHEDULE IV
Origination Year 2019	$ 40,850
Loans and investments	40,850
Credit risk concentration | Retail
SCHEDULE IV
Origination Year 2019	4,000
Origination Year 2018	18,600
Origination Year Prior	3,445
Loans and investments	$ 26,045
Percentage of Portfolio	1%
Wtd. Avg. First Dollar LTV Ratio (as percent)	12%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	71%
Credit risk concentration | Retail | Pass
SCHEDULE IV
Origination Year 2019	$ 4,000
Loans and investments	4,000
Credit risk concentration | Retail | Substandard
SCHEDULE IV
Origination Year 2018	18,600
Origination Year Prior	3,445
Loans and investments	22,045
Credit risk concentration | Other Property
SCHEDULE IV
Origination Year Prior	1,700
Loans and investments	$ 1,700
Percentage of Portfolio	1%
Wtd. Avg. First Dollar LTV Ratio (as percent)	63%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	63%
Credit risk concentration | Other Property | Doubtful
SCHEDULE IV
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	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Allowance for credit losses:
Allowance at beginning of the year	$ 113,241	$ 148,329
Provision for credit losses (net of recoveries)	19,318	(24,315)	$ 59,966
Charge-offs		(10,773)
Allowance at end of the year	132,559	113,241	148,329
Amount of loan loss recovery	1,500	24,315	75
Outstanding unfunded commitments on loans	1,150,000	975,200
Accrued interest receivable related to loans	108,500	58,300
As Reported Pre-Adoption
Allowance for credit losses:
Allowance at beginning of the year			71,069
Impact of Adoption
Allowance for credit losses:
Allowance at beginning of the year			17,294
Land
Allowance for credit losses:
Allowance at beginning of the year	77,970	78,150
Provision for credit losses (net of recoveries)	98	(180)	10,204
Allowance at end of the year	78,068	77,970	78,150
Land | As Reported Pre-Adoption
Allowance for credit losses:
Allowance at beginning of the year			67,869
Land | Impact of Adoption
Allowance for credit losses:
Allowance at beginning of the year			77
Multifamily
Allowance for credit losses:
Allowance at beginning of the year	18,707	36,468
Provision for credit losses (net of recoveries)	19,254	(17,761)	20,146
Allowance at end of the year	37,961	18,707	36,468
Multifamily | Impact of Adoption
Allowance for credit losses:
Allowance at beginning of the year			16,322
Office
Allowance for credit losses:
Allowance at beginning of the year	8,073	1,846
Provision for credit losses (net of recoveries)	89	6,227	59
Allowance at end of the year	8,162	8,073	1,846
Office | As Reported Pre-Adoption
Allowance for credit losses:
Allowance at beginning of the year			1,500
Office | Impact of Adoption
Allowance for credit losses:
Allowance at beginning of the year			287
Retail
Allowance for credit losses:
Allowance at beginning of the year	5,819	13,861
Provision for credit losses (net of recoveries)		(42)	13,526
Charge-offs		(8,000)
Allowance at end of the year	5,819	5,819	13,861
Retail | Impact of Adoption
Allowance for credit losses:
Allowance at beginning of the year			335
Student Housing
Allowance for credit losses:
Allowance at beginning of the year	636	4,078
Provision for credit losses (net of recoveries)	(598)	(3,442)	4,010
Allowance at end of the year	38	636	4,078
Student Housing | Impact of Adoption
Allowance for credit losses:
Allowance at beginning of the year			68
Healthcare
Allowance for credit losses:
Allowance at beginning of the year	8	3,880
Provision for credit losses (net of recoveries)	8	(1,099)	3,816
Charge-offs		(2,773)
Allowance at end of the year	16	8	3,880
Healthcare | Impact of Adoption
Allowance for credit losses:
Allowance at beginning of the year			64
Hotel
Allowance for credit losses:
Allowance at beginning of the year	8	7,759
Provision for credit losses (net of recoveries)	6	(7,751)	7,730
Allowance at end of the year	14	8	7,759
Hotel | Impact of Adoption
Allowance for credit losses:
Allowance at beginning of the year			29
Other Property
Allowance for credit losses:
Allowance at beginning of the year	2,020	2,287
Provision for credit losses (net of recoveries)	461	(267)	475
Allowance at end of the year	$ 2,481	$ 2,020	2,287
Other Property | As Reported Pre-Adoption
Allowance for credit losses:
Allowance at beginning of the year			1,700
Other Property | Impact of Adoption
Allowance for credit losses:
Allowance at beginning of the year			$ 112

Loans and Investments - Summary

Loans and Investments - Summary of impaired loans (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) item	Dec. 31, 2021 USD ($) item
SCHEDULE IV
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
SCHEDULE IV
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
SCHEDULE IV
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
SCHEDULE IV
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
SCHEDULE IV
UPB	$ 1,700	$ 1,700
Carrying Value	1,700	1,700
Allowance for Credit Losses	$ 1,700	$ 1,700
Wtd. Avg. First Dollar LTV Ratio	63	63
Wtd. Avg. Last Dollar LTV Ratio	63	63

Loans and Investments - Non-per

Loans and Investments - Non-performing loans (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) loan	Dec. 31, 2021 USD ($) loan	Dec. 31, 2020 loan
Loans and Investments
Number of loans for which no provision for loan loss made | loan	0	0	0
Number of loans | loan	747	580
Carrying value of loans	$ 14,456,123,000
Amortized cost of loans on nonaccrual status	0
UPB	157,960,000	$ 159,940,000
Loans and investments	$ 14,456,123,000	$ 12,158,995,000
Non-performing loans
Loans and Investments
Number of loans | loan	4	3
Carrying value of loans	$ 2,600,000	$ 20,100,000
Loan loss reserves	5,100,000	2,600,000
UPB	7,750,000	24,120,000
Interest Receivable	0
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Non-performing loans
Loans and Investments
Loans and investments	7,750,000	24,120,000
Interest Receivable	0	0
Multifamily | Non-performing loans
Loans and Investments
UPB	2,605,000
Multifamily | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Non-performing loans
Loans and Investments
Loans and investments	2,605,000
Student Housing | Non-performing loans
Loans and Investments
UPB		21,500,000
Student Housing | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Non-performing loans
Loans and Investments
Loans and investments		21,500,000
Retail
Loans and Investments
UPB	22,045,000	22,045,000
Retail | Non-performing loans
Loans and Investments
UPB	3,445,000	920,000
Retail | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Non-performing loans
Loans and Investments
Loans and investments	3,445,000	920,000
Commercial
Loans and Investments
UPB	1,700,000	1,700,000
Commercial | Non-performing loans
Loans and Investments
UPB	1,700,000	1,700,000
Commercial | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | Non-performing loans
Loans and Investments
Loans and investments	$ 1,700,000	$ 1,700,000

Loans and Investments - Charge-

Loans and Investments - Charge-offs and Recoveries Narratives (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) loan	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
SCHEDULE IV
Allowance for credit losses	$ 132,559	$ 113,241	$ 148,329
Six loans collateralized by a land development project | Maturity date of September 2020
SCHEDULE IV
Number of loans with unpaid principal balance | loan	6
Unpaid principal balance on loans	$ 121,400
Five loans collateralized by a land development project | Maturity date of September 2020
SCHEDULE IV
Number of loans with unpaid principal balance | loan	5
Unpaid principal balance on loans	$ 112,000
Weighted average accrual rate of interest (as a percent)	7.91%
Allowance for credit losses	$ 71,400	$ 71,400

Loans and Investments - Purchas

Loans and Investments - Purchased Credit Deterioration and Troubled Debt Restructurings (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Jun. 30, 2021 USD ($)	Dec. 31, 2022 USD ($) loan	Dec. 31, 2021 USD ($) loan	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Loans and Investments
Principal paydowns		$ 3,818,554	$ 2,516,771	$ 1,243,694
Purchase of loan		5,955,061	9,209,475	2,376,233
Allowance for credit losses		$ 132,559	$ 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 | loan		2
Other loans modification | loan		0	0
Interest reserve		$ 123,700	$ 87,400
Number of loans covered under interest reserve | loan		480	328
Aggregate UPB covered under interest reserve		$ 5,750,000	$ 7,700,000
Impairment loss on sale of loans		$ 55,816	123,037	94,607
$750M ASAP agreement | Agency Business Segment [Member]
Loans and Investments
LIBOR floor rate		0.25%
London Interbank Offered Rate (LIBOR) [Member] | Structured Business
Loans and Investments
LIBOR floor rate		2.60%
London Interbank Offered Rate (LIBOR) [Member] | Joint Repurchase Facility 1.00 Billion [Member] | Structured Business
Loans and Investments
LIBOR floor rate		0.35%
London Interbank Offered Rate (LIBOR) [Member] | $225M credit facility | Structured Business
Loans and Investments
Variable rate, spread (as a percent)		2.55%
London Interbank Offered Rate (LIBOR) [Member] | $35M working capital facility | Structured Business
Loans and Investments
Variable rate, spread (as a percent)		3%
London Interbank Offered Rate (LIBOR) [Member] | $25M credit facility | Structured Business
Loans and Investments
Variable rate, spread (as a percent)		2.60%
LIBOR floor rate		4.25%
London Interbank Offered Rate (LIBOR) [Member] | $200M credit facility | Structured Business
Loans and Investments
Variable rate, spread (as a percent)		1.46%
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | $400M repurchase facility | Structured Business
Loans and Investments
LIBOR floor rate		0.25%
Maximum [Member] | $225M credit facility | Structured Business | Single Family Rental Bonds [Member]
Loans and Investments
LIBOR floor rate		4.10%
Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Joint Repurchase Facility 1.00 Billion [Member] | Structured Business
Loans and Investments
Variable rate, spread (as a percent)		2.25%
LIBOR floor rate		0.15%
Maximum [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | $400M repurchase facility | Structured Business
Loans and Investments
Variable rate, spread (as a percent)		2.56%
Minimum [Member] | $225M credit facility | Structured Business | Single Family Rental Bonds [Member]
Loans and Investments
LIBOR floor rate		3%
Minimum [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | $400M repurchase facility | Structured Business
Loans and Investments
Variable rate, spread (as a percent)		1.86%
Hotel [Member]
Loans and Investments
Allowance for credit losses		$ 14	8	7,759
Hotel [Member] | Forbearance agreement
Loans and Investments
Fixed rate of interest (as a percent)	9.50%
Principal reduction					$ (10,000)
Pay rate (as a percent)					1%
Hotel [Member] | Forbearance agreement | London Interbank Offered Rate (LIBOR) [Member]
Loans and Investments
Variable rate, spread (as a percent)					3%
LIBOR floor rate					1.50%
Retail Site [Member]
Loans and Investments
Allowance for credit losses		5,819	$ 5,819	$ 13,861
Retail Site [Member] | Loan modification agreement
Loans and Investments
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 Site [Member] | Loan modification agreement | London Interbank Offered Rate (LIBOR) [Member]
Loans and Investments
Variable rate, spread (as a percent)				5.50%
LIBOR floor rate				6.50%
Bridge Loan [Member]
Loans and Investments
Principal amount		$ 35,000
Number of loans sold | loan		4
Unpaid principal balance on loans		$ 296,900
Impairment loss on sale of loans		2,000
Financing receivable		78,000
Bridge Loan [Member] | Hotel [Member]
Loans and Investments
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 Loan [Member] | Retail Site [Member] | Loan modification agreement
Loans and Investments
Principal amount				$ 26,500
Bridge Loan [Member] | Retail Site [Member] | Loan modification agreement | London Interbank Offered Rate (LIBOR) [Member]
Loans and Investments
Variable rate, spread (as a percent)				6%
LIBOR floor rate				2.375%
Mezzanine Loan [Member] | Retail Site [Member] | Loan modification agreement
Loans and Investments
Principal amount				$ 6,100
Fixed rate of interest (as a percent)				12%
Bridge loan and mezzanine loan
Loans and Investments
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

Loans Held-for-Sale, Net (Detai

Loans Held-for-Sale, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Loans Held-for-Sale, Net
Loans held-for-sale	$ 368,066	$ 1,077,239
Fair value of future MSR	5,557	19,318
Unearned discount	(3,850)	(2,948)
Loans held-for-sale, net	354,070	1,093,609
Sale of loans held-for-sale excluding acquired loans	5,440,000	6,420,000	$ 6,590,000
Amount of securitizations	43,400	85,700
Unrealized impairment loss recorded	(15,703)
Amortized cost of loans on nonaccrual status	0
Greater than 90 Days Past Due
Loans Held-for-Sale, Net
Past Due	$ 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	$ 173,020	392,876
Federal Home Loan Mortgage Corporation Loans
Loans Held-for-Sale, Net
Loans held-for-sale, net	$ 8,938	112,561
Private Label
Loans Held-for-Sale, Net
Period of loans held for sale sold	180 days
Loans held-for-sale, net	$ 152,735	507,918
Sale of loans held-for-sale excluding acquired loans	489,300	985,100
FHA
Loans Held-for-Sale, Net
Loans held-for-sale, net	21,021	54,532
SFR - Fixed Rate
Loans Held-for-Sale, Net
Loans held-for-sale, net	$ 12,352	$ 9,352

Capitalized Mortgage Servicin_3

Capitalized Mortgage Servicing Rights (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Capitalized Mortgage Servicing Rights
Beginning balance	$ 422,734
Ending balance	401,471	$ 422,734
MSRs
Capitalized Mortgage Servicing Rights
Beginning balance	422,734	379,974
Additions	83,115	134,116
Amortization	(59,876)	(58,615)
Write-downs and payoffs	(44,502)	(32,741)
Ending balance	401,471	422,734
Prepayment fees collected	48,200	$ 38,200
Valuation allowance	0
Expected amortization of capitalized MSRs balances
2023	61,024
2024	59,025
2025	55,033
2026	49,121
2027	44,287
Thereafter	132,981
Total	$ 401,471
MSRs | Weighted average
Capitalized Mortgage Servicing Rights
Estimated life remaining	8 years 7 months 6 days	8 years 6 months
Originated
Capitalized Mortgage Servicing Rights
Beginning balance	$ 395,573	$ 336,466
Additions	83,115	134,116
Amortization	(53,449)	(47,845)
Write-downs and payoffs	(38,361)	(27,164)
Ending balance	386,878	395,573
Acquired
Capitalized Mortgage Servicing Rights
Beginning balance	27,161	43,508
Amortization	(6,427)	(10,770)
Write-downs and payoffs	(6,141)	(5,577)
Ending balance	$ 14,593	$ 27,161

Mortgage Servicing (Details)

Mortgage Servicing (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) state	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Mortgage Servicing
Interest earned on total escrows	$ 24,400,000	$ 4,200,000	$ 7,100,000
Fee-based servicing portfolio
Mortgage Servicing
Escrow Deposit	1,250,000,000	1,400,000,000
MSRs
Mortgage Servicing
Unpaid principal balance of loans serviced	$ 27,998,029,000	$ 26,959,389,000
Weighted average servicing fee (as a percent)	41.10%	44.90%
MSRs | Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total	100%	100%
Escrow Deposit	$ 677,400,000	$ 682,500,000
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%
California | MSRs | Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total	8%	8%
North Carolina | MSRs | Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total	8%	9%
Georgia | MSRs | Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total	6%	6%
Florida | MSRs | Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total	5%	6%
New Jersey | MSRs | Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total	5%	6%
Illinois | MSRs | Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total	4%
Other States | MSRs | Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total	42%	42%
Number of states accounted for more than 4% of UPB and related servicing revenues | state	0
Fannie Mae | MSRs
Mortgage Servicing
Unpaid principal balance of loans serviced	$ 19,038,124,000	$ 19,127,397,000
Fannie Mae | MSRs | Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total	68%	71%
Federal Home Loan Mortgage Corporation Loans | MSRs
Mortgage Servicing
Unpaid principal balance of loans serviced	$ 5,153,207,000	$ 4,943,905,000
Federal Home Loan Mortgage Corporation Loans | MSRs | Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total	18%	18%
Private Label | MSRs
Mortgage Servicing
Unpaid principal balance of loans serviced	$ 2,074,859,000	$ 1,711,326,000
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	$ 1,155,893,000	$ 985,063,000
FHA | MSRs | Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total	4%	4%
Bridge | MSRs
Mortgage Servicing
Unpaid principal balance of loans serviced	$ 301,182,000
Bridge | MSRs | Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total	1%
SFR - Fixed Rate | MSRs
Mortgage Servicing
Unpaid principal balance of loans serviced	$ 274,764,000	$ 191,698,000
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) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Securities Held-to-Maturity
Face Value	$ 234,255	$ 210,728
Net Carrying Value	156,547	140,484
Unrealized Gain		9,427
Unrealized Loss	(11,976)
Estimated Fair Value	144,571	149,911
Allowance for Credit Losses	3,153	1,753
B Piece bonds
Securities Held-to-Maturity
Face Value	41,464	61,360
Net Carrying Value	33,072	47,615
Unrealized Gain	1,372	4,420
Estimated Fair Value	34,444	52,035
Allowance for Credit Losses	$ 370	$ 331
Seven B Piece Bonds | Held-to-Maturity Securities
Securities Held-to-Maturity
Bonds retained percentage	49%
Discounted value of bonds purchased	$ 74,700
Remaining of B Piece bond sold to the third party at par	51%
Estimated weighted average remaining maturity period	6 years 2 months 12 days
Initial face value of bonds purchased	$ 106,200
Agency B Piece Bonds | Held-to-Maturity Securities
Securities Held-to-Maturity
Weighted average variable interest rate (as a percent)	3.74%
Weighted average effective interest rate (as a percent)	12.20%	11.32%
Held-to-maturity securities, estimated fiscal year
Within one year	$ 7,500
After one year through five years	16,400
After five years through ten years	500
After ten years	17,100
APL certificates
Securities Held-to-Maturity
Face Value	192,791	$ 149,368
Net Carrying Value	123,475	92,869
Unrealized Gain		5,007
Unrealized Loss	(13,348)
Estimated Fair Value	110,127	97,876
Allowance for Credit Losses	2,783	$ 1,422
APL certificates | Held-to-Maturity Securities
Securities Held-to-Maturity
Face Value	$ 192,800
Weighted average variable interest rate (as a percent)	3.94%
Estimated weighted average remaining maturity period	7 years 6 months
Amount purchased at a discount	$ 119,000
Weighted average fixed interest rate	8.85%	9.11%
Held-to-maturity securities, estimated fiscal year
After one year through five years	$ 6,700
After five years through ten years	$ 186,100
APL certificates | Held-to-Maturity Securities | Minimum
Securities Held-to-Maturity
Securities maturity term	5 years
APL certificates | Held-to-Maturity Securities | Maximum
Securities Held-to-Maturity
Securities maturity term	10 years

Securities Held-to-Maturity - R

Securities Held-to-Maturity - Roll forward of Allowance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Changes in the allowance for credit losses
Allowance for credit loss, Beginning balance	$ 1,753
Provision for credit loss expense/(reversal)	1,400
Allowance for credit loss, Ending balance	3,153	$ 1,753
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)	18,600	13,200	$ 9,700
APL certificates
Changes in the allowance for credit losses
Allowance for credit loss, Beginning balance	1,422
Provision for credit loss expense/(reversal)	1,361
Allowance for credit loss, Ending balance	2,783	1,422
B Piece bonds
Changes in the allowance for credit losses
Allowance for credit loss, Beginning balance	331
Provision for credit loss expense/(reversal)	39
Allowance for credit loss, Ending balance	$ 370	$ 331

Investments in Equity Affilia_3

Investments in Equity Affiliates (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Investment in Equity Affiliates
Investment in Equity Affiliates	$ 79,130	$ 89,676
UPB of Loans to Equity Affiliates	1,688
Arbor Residential Investor LLC
Investment in Equity Affiliates
Investment in Equity Affiliates	46,951	65,756
AMAC III
Investment in Equity Affiliates
Investment in Equity Affiliates	15,825	13,772
Fifth Wall
Investment in Equity Affiliates
Investment in Equity Affiliates	13,584	5,409
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
North Vermont Avenue
Investment in Equity Affiliates
Investment in Equity Affiliates		$ 2,419
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) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) item	Dec. 31, 2021 USD ($) item	Dec. 31, 2020 USD ($)	Dec. 31, 2015 USD ($)	Mar. 31, 2022 USD ($)
Investment in Equity Affiliates
Income from equity affiliates	$ 14,247	$ 34,567	$ 76,161
Indirect ownership percentage	9.20%
Amount of provision for credit losses	$ 19,318	(24,315)	59,966
Noncontrolling interest invested	17,809	48,071	892
Arbor Residential Investor LLC
Investment in Equity Affiliates
Income from equity affiliates	4,900	34,600	75,700
Distribution received	$ 23,800	28,000
Indirect ownership percentage	12.30%
Percentage of ownership interest of related party in the entity				50%
Equity Investment				$ 9,600
Arbor Residential Investor LLC | Wakefield Investment Holdings Llc
Investment in Equity Affiliates
Percentage of ownership interest of related party in the entity				50%
Residential mortgage banking business
Investment in Equity Affiliates
Indirect ownership percentage				65%
AMAC III
Investment in Equity Affiliates
Income from equity affiliates	$ 2,400	1,300	900
Investment in real estate committed		$ 30,000
Investment in real estate	25,200
Interest in a real estate investment (as a percent)		18%
Distribution from investment classified as return capital	500	$ 3,800
Contributions made	4,900	8,600
Fifth Wall
Investment in Equity Affiliates
Investment in real estate committed		$ 25,000
Investment in real estate	15,200
Interest in a real estate investment (as a percent)		7.60%
Number of investments | item		2
Distribution from investment classified as return capital	1,600
Contributions made	9,700	$ 5,400
North Vermont Avenue
Investment in Equity Affiliates
Noncontrolling interest in equity method investment (as a percent)		85%
Other-than-temporary impairment recorded	2,400
Noncontrolling interest invested		$ 2,400
Lightstone Value Plus REIT L.P.
Investment in Equity Affiliates
Equity Investment	1,900
Docsumo Pte. Ltd.
Investment in Equity Affiliates
Noncontrolling interest	$ 500
JT Prime
Investment in Equity Affiliates
Noncontrolling interest in equity method investment (as a percent)	50%
Equity Investment	$ 400
West Shore Cafe
Investment in Equity Affiliates
Provided first mortgage loan to an affiliated entity	$ 1,700
Other-than-temporary impairment recorded			2,200
Amount of provision for credit losses			1,700
Ownership interest (as a percent)	50%
Variable rate, spread (as a percent)	4%
Lexford Portfolio
Investment in Equity Affiliates
Distribution received	$ 11,100		$ 1,100
Noncontrolling interest	100
East River Portfolio
Investment in Equity Affiliates
Equity investment made	$ 100
Ownership interest (as a percent)	5%
Number of properties owned | item	2
East River Portfolio | Chief executive officer and other related parties
Investment in Equity Affiliates
Percentage of ownership interest of related party in the entity	95%
Equity Participation Interest
Investment in Equity Affiliates
Proceeds from sale					$ 2,600

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Other Intangible Assets
Goodwill	$ 56.6	$ 56.6

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Other Intangibles Asset Activity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Finite-lived intangible assets:
Finite-lived intangible assets, Accumulated Amortization	$ (32,967)	$ (28,276)
Intangible assets
Intangible assets, Gross Carrying Value	72,410	72,410
Intangible assets, net	39,443	44,134
Amortization expense	4,700	4,700	$ 5,300
Fannie Mae DUS license
Infinite-lived intangible assets:
Infinite-lived intangible assets, Carrying Value	17,100	17,100
Freddie Mac Program Plus license
Infinite-lived intangible assets:
Infinite-lived intangible assets, Carrying Value	8,700	8,700
FHA License
Infinite-lived intangible assets:
Infinite-lived intangible assets, Carrying Value	3,200	3,200
Broker relationships
Finite-lived intangible assets:
Finite-lived intangible assets, Gross Carrying Value	25,000	25,000
Finite-lived intangible assets, Accumulated Amortization	(20,182)	(17,057)
Total	4,818	7,943
Borrower relationships
Finite-lived intangible assets:
Finite-lived intangible assets, Gross Carrying Value	14,400	14,400
Finite-lived intangible assets, Accumulated Amortization	(9,300)	(7,860)
Total	5,100	6,540
Below market leases
Finite-lived intangible assets:
Finite-lived intangible assets, Gross Carrying Value	4,010	4,010
Finite-lived intangible assets, Accumulated Amortization	(3,485)	(3,359)
Total	$ 525	$ 651

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Estimated Amortization Expense (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Finite-Lived Intangible Assets, Excluding Servicing Contracts
Goodwill and Other Intangible Assets, Other Intangibles Asset
Wtd. Avg. Remaining Life (in years)	2 years 8 months 12 days
2023	$ 4,691
2024	3,259
2025	1,566
2026	906
2027	$ 21
Broker relationships
Goodwill and Other Intangible Assets, Other Intangibles Asset
Wtd. Avg. Remaining Life (in years)	1 year 6 months
2023	$ 3,125
2024	$ 1,693
Borrower relationships
Goodwill and Other Intangible Assets, Other Intangibles Asset
Wtd. Avg. Remaining Life (in years)	3 years 6 months
2023	$ 1,440
2024	1,440
2025	1,440
2026	$ 780
Below market leases
Goodwill and Other Intangible Assets, Other Intangibles Asset
Wtd. Avg. Remaining Life (in years)	4 years 2 months 12 days
2023	$ 126
2024	126
2025	126
2026	126
2027	$ 21

Debt Obligations - Credit and R

Debt Obligations - Credit and Repurchase Facilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Debt Obligations
UPB	$ 3,856,009	$ 4,493,699
Collateral Carrying Value	5,185,293	$ 5,585,460
Maximum borrowing capacity	$ 200,000
Extension of maturity date (in years)	1 year
Weighted Average Note Rate (as a percent)	6.54%	2.21%
Debt Carrying Value	$ 3,841,814	$ 4,481,579
Minimum
Debt Obligations
Advance rate (as a percent)	75%
Maximum
Debt Obligations
Advance rate (as a percent)	85%
$200 million repurchase facility. | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Debt Obligations
Decrease in interest rate (as a percent)	2.55%
Joint Repurchase Facility
Debt Obligations
Maximum borrowing capacity	$ 3,000,000
Additional borrowing capacity	$ 150,000
Extension of maturity date (in years)	1 year
Joint Repurchase Facility | Private Label [Member]
Debt Obligations
Advance rate (as a percent)	80%
Joint Repurchase Facility | London Interbank Offered Rate (LIBOR) [Member]
Debt Obligations
Variable rate, spread (as a percent)	7%
Structured Business
Debt Obligations
UPB	$ 3,549,694	3,533,016
Collateral Carrying Value	4,845,753	4,548,653
Unamortized deferred financing fees	13,300	$ 7,700
Maximum borrowing capacity	$ 1,000
Weighted average note rate including certain fees and costs (as a percent)	6.95%	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)	73%	77%
Weighted Average Note Rate (as a percent)	6.59%	2.34%
Debt Carrying Value	$ 3,536,371	$ 3,525,307
Structured Business | B Piece bonds
Debt Obligations
Value of portfolio loans and cash as collateral	33,100	47,600
Structured Business | Bridge loans
Debt Obligations
Maximum borrowing capacity	$ 450,000
Maturity period (in years)	3 years
Maturity period extension (in years)	1 year
Structured Business | Minimum | Multifamily | Bridge loans | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Debt Obligations
Variable rate, spread (as a percent)	1.75%
Structured Business | Minimum | Non-multifamily | Bridge loans | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Debt Obligations
Variable rate, spread (as a percent)	2%
Structured Business | Maximum | Multifamily | Bridge loans | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Debt Obligations
Variable rate, spread (as a percent)	2.25%
Structured Business | Maximum | Non-multifamily | Bridge loans | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Debt Obligations
Variable rate, spread (as a percent)	2.75%
Structured Business | $2.5B joint repurchase facility
Debt Obligations
UPB	$ 1,524,831	1,490,434
Collateral Carrying Value	2,099,447	$ 1,877,930
Maximum borrowing capacity	$ 2,500,000
Weighted Average Note Rate (as a percent)	6.73%	2.56%
Debt Carrying Value	$ 1,516,657	$ 1,486,380
Structured Business | $1B repurchase facility
Debt Obligations
UPB	499,891	676,608
Collateral Carrying Value	703,740	$ 937,880
Maximum borrowing capacity	$ 1,000,000
Weighted Average Note Rate (as a percent)	6.39%	2.04%
Debt Carrying Value	$ 498,666	$ 675,415
Structured Business | $1B repurchase facility | London Interbank Offered Rate (LIBOR) [Member]
Debt Obligations
Decrease in interest rate (as a percent)	0.20%
Advance rate (as a percent)	75%
Structured Business | $1B repurchase facility | Minimum | London Interbank Offered Rate (LIBOR) [Member]
Debt Obligations
Line of Credit Facility, Interest Rate at Period End	2%
Structured Business | $1B repurchase facility | Maximum | London Interbank Offered Rate (LIBOR) [Member]
Debt Obligations
Variable rate, spread (as a percent)	2.25%
Structured Business | $500M repurchase facility
Debt Obligations
UPB	$ 155,121
Collateral Carrying Value	188,563
Maximum borrowing capacity	$ 500,000
Weighted Average Note Rate (as a percent)	7.16%
Debt Carrying Value	$ 154,653
Structured Business | $500M repurchase facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Debt Obligations
Variable rate, spread (as a percent)	2.36%
Structured Business | $500M repurchase facility | Minimum
Debt Obligations
Variable rate, spread (as a percent)	2.76%
Structured Business | $500M repurchase facility | Minimum | Multi Family
Debt Obligations
Variable rate, spread (as a percent)	3.26%
Structured Business | $499M repurchase facility
Debt Obligations
UPB	$ 351,056	242,034
Collateral Carrying Value	504,506	$ 289,956
Maximum borrowing capacity	$ 499,000
Weighted Average Note Rate (as a percent)	6.64%	3.04%
Debt Carrying Value	$ 351,056	$ 241,450
Structured Business | $450M repurchase facility
Debt Obligations
UPB	344,576	397,842
Collateral Carrying Value	$ 450,736	$ 511,269
Weighted Average Note Rate (as a percent)	6.36%	1.89%
Debt Carrying Value	$ 344,237	$ 397,272
Structured Business | $450M repurchase facility
Debt Obligations
UPB	187,428	294,145
Collateral Carrying Value	$ 239,678	$ 385,337
Weighted Average Note Rate (as a percent)	6.18%	1.76%
Debt Carrying Value	$ 186,639	$ 293,700
Structured Business | $450M repurchase facility
Debt Obligations
Maximum borrowing capacity	450,000
Structured Business | $400M credit facility
Debt Obligations
UPB	33,246	177,599
Collateral Carrying Value	43,238	$ 236,538
Maximum borrowing capacity	$ 400,000
Weighted Average Note Rate (as a percent)	6.25%	1.70%
Debt Carrying Value	$ 33,221	$ 177,406
Structured Business | $225M credit facility
Debt Obligations
UPB	47,398	28,213
Collateral Carrying Value	81,119	$ 42,270
Maximum borrowing capacity	$ 225,000
Weighted Average Note Rate (as a percent)	6.90%	2.79%
Debt Carrying Value	$ 47,398	$ 27,826
Structured Business | $225M credit facility | London Interbank Offered Rate (LIBOR) [Member]
Debt Obligations
Variable rate, spread (as a percent)	2.55%
Structured Business | $200M credit facility
Debt Obligations
Maximum borrowing capacity	$ 200,000
Structured Business | $200M credit facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Multi Family
Debt Obligations
Variable rate, spread (as a percent)	1.75%
Structured Business | $200M credit facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Independent living facilities
Debt Obligations
Variable rate, spread (as a percent)	3.50%
Structured Business | $200M credit facility | London Interbank Offered Rate (LIBOR) [Member]
Debt Obligations
Variable rate, spread (as a percent)	1.46%
Structured Business | $156M loan specific credit facilities
Debt Obligations
UPB	$ 156,543	153,937
Collateral Carrying Value	225,805	$ 214,300
Maximum borrowing capacity	$ 156,000
Weighted Average Note Rate (as a percent)	6.42%	3.14%
Debt Carrying Value	$ 156,107	$ 153,727
Structured Business | $50M credit facility
Debt Obligations
UPB	29,200	29,200
Collateral Carrying Value	36,500	$ 36,500
Maximum borrowing capacity	$ 50,000
Weighted Average Note Rate (as a percent)	6.48%	2.13%
Debt Carrying Value	$ 29,194	$ 29,194
Structured Business | $50M credit facility | London Interbank Offered Rate (LIBOR) [Member]
Debt Obligations
Variable rate, spread (as a percent)	2.10%
Structured Business | $35M working capital facility
Debt Obligations
Maximum borrowing capacity	$ 35,000
Structured Business | $35M working capital facility | London Interbank Offered Rate (LIBOR) [Member]
Debt Obligations
Variable rate, spread (as a percent)	3%
Structured Business | $25M credit facility
Debt Obligations
UPB	$ 19,177	1,235
Collateral Carrying Value	24,572	$ 1,900
Maximum borrowing capacity	$ 25,000
Weighted Average Note Rate (as a percent)	6.99%	4.06%
Debt Carrying Value	$ 18,701	$ 1,235
Structured Business | $25M credit facility | London Interbank Offered Rate (LIBOR) [Member]
Debt Obligations
Variable rate, spread (as a percent)	2.60%
Structured Business | $25M credit facility.
Debt Obligations
UPB		10,285
Collateral Carrying Value		$ 14,773
Maximum borrowing capacity	$ 25,000
Weighted Average Note Rate (as a percent)		2.38%
Debt Carrying Value		$ 10,218
Structured Business | $25M credit facility. | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Debt Obligations
Variable rate, spread (as a percent)	2.35%
Structured Business | $1M master security agreement
Debt Obligations
UPB		$ 635
Maximum borrowing capacity	$ 1,000
Weighted Average Note Rate (as a percent)		4.01%
Debt Carrying Value		$ 635
Structured Business | Repurchase facility - securities
Debt Obligations
UPB	$ 12,832	$ 30,849
Weighted Average Note Rate (as a percent)	6.99%	3.40%
Debt Carrying Value	$ 12,832	$ 30,849
Structured Business | $150M credit facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Debt Obligations
Maximum borrowing capacity	$ 150,000
Variable rate, spread (as a percent)	1.46%
Additional borrowing capacity	$ 50,000
Decrease in interest rate (as a percent)	1.86%
Structured Business | $200 million repurchase facility.
Debt Obligations
UPB	$ 33,155
Collateral Carrying Value	$ 47,750
Weighted Average Note Rate (as a percent)	6.95%
Debt Carrying Value	$ 32,494
Structured Business | $400M repurchase facility
Debt Obligations
Maximum borrowing capacity	400,000
Structured Business | $400M repurchase facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Debt Obligations
Additional borrowing capacity	$ 25,000
Structured Business | $400M repurchase facility | Minimum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Debt Obligations
Variable rate, spread (as a percent)	1.86%
Structured Business | $400M repurchase facility | Maximum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Debt Obligations
Variable rate, spread (as a percent)	2.56%
Structured Business | $200M credit facility
Debt Obligations
UPB	$ 155,240
Collateral Carrying Value	200,099
Maximum borrowing capacity	$ 450,000
Weighted Average Note Rate (as a percent)	6.33%
Debt Carrying Value	$ 154,516
Structured Business | Loan Specific Credit Facility $156.5 Million
Debt Obligations
Maximum borrowing capacity	$ 156,500
Structured Business | Loan Specific Credit Facility $156.5 Million | Prime Rate
Debt Obligations
Fixed interest rate (as a percent)	3.25%
Structured Business | Loan Specific Credit Facility $156.5 Million | Minimum
Debt Obligations
Fixed interest rate (as a percent)	2.20%
Structured Business | Loan Specific Credit Facility $156.5 Million | Minimum | London Interbank Offered Rate (LIBOR) [Member]
Debt Obligations
Variable rate, spread (as a percent)	2.20%
Structured Business | Loan Specific Credit Facility $156.5 Million | Maximum
Debt Obligations
Fixed interest rate (as a percent)	3%
Structured Business | Loan Specific Credit Facility $156.5 Million | Maximum | London Interbank Offered Rate (LIBOR) [Member]
Debt Obligations
Variable rate, spread (as a percent)	3.375%
Agency Business
Debt Obligations
UPB	$ 306,315	960,683
Collateral Carrying Value	339,540	1,036,807
Unamortized deferred financing fees	$ 900	$ 4,400
Weighted Average Note Rate (as a percent)	5.96%	1.75%
Debt Carrying Value	$ 305,443	$ 956,272
Agency Business | Federal Home Loan Mortgage Corporation Certificates and Obligations (FHLMC) [Member]
Debt Obligations
Committed amount	5,000
Agency Business | $500M repurchase facility
Debt Obligations
UPB	66,866	236,527
Collateral Carrying Value	66,866	$ 236,527
Maximum borrowing capacity	$ 500,000
Weighted Average Note Rate (as a percent)	5.73%	1.58%
Debt Carrying Value	$ 66,778	$ 236,429
Agency Business | $200M credit facility
Debt Obligations
UPB	31,519	115,351
Collateral Carrying Value	33,177	$ 115,351
Maximum borrowing capacity	$ 200,000
Weighted Average Note Rate (as a percent)	5.76%	1.60%
Debt Carrying Value	$ 31,475	$ 115,304
Agency Business | $50M credit facility
Debt Obligations
UPB	14,671	9,295
Collateral Carrying Value	14,671	$ 9,295
Maximum borrowing capacity	$ 50,000
Variable rate, spread (as a percent)	1.35%
Weighted Average Note Rate (as a percent)	5.65%	1.40%
Debt Carrying Value	$ 14,664	$ 9,295
Agency Business | $750M ASAP agreement
Debt Obligations
UPB	29,476	182,130
Collateral Carrying Value	30,291	$ 182,140
Maximum borrowing capacity	750,000
Value of portfolio loans and cash as collateral	$ 750,000
Debt Instrument, Reduced Basis Spread on Variable Rate	1.15%
Weighted Average Note Rate (as a percent)	5.21%	1.40%
Debt Carrying Value	$ 29,476	$ 182,130
Agency Business | $500M joint repurchase facility
Debt Obligations
UPB	105,275	399,470
Collateral Carrying Value	135,641	$ 475,360
Maximum borrowing capacity	$ 500,000
Weighted Average Note Rate (as a percent)	6.52%	2.11%
Debt Carrying Value	$ 104,629	$ 395,317
Agency Business | $150M credit facility
Debt Obligations
UPB	57,974	16,657
Collateral Carrying Value	57,974	$ 16,657
Maximum borrowing capacity	$ 150,000
Weighted Average Note Rate (as a percent)	5.76%	1.51%
Debt Carrying Value	$ 57,887	$ 16,544
Agency Business | $1.3M repurchase facility (2)
Debt Obligations
UPB	534	1,253
Collateral Carrying Value	$ 920	$ 1,477
Weighted Average Note Rate (as a percent)	6.66%	3%
Debt Carrying Value	$ 534	$ 1,253
Agency Business | $1M repurchase facility
Debt Obligations
Maximum borrowing capacity	1,000
Agency Business | $400M repurchase facility | London Interbank Offered Rate (LIBOR) [Member]
Debt Obligations
Maximum borrowing capacity	$ 500,000
Debt Instrument, Reduced Basis Spread on Variable Rate	1.375%
Agency Business | $75 Million credit facility
Debt Obligations
Maximum borrowing capacity	$ 75,000
Fixed interest rate (as a percent)	2.875%

Debt Obligations - Collateraliz

Debt Obligations - Collateralized Loan Obligations (Details)	1 Months Ended			12 Months Ended
	May 31, 2022 USD ($) tranche subsidiary	Feb. 28, 2022 USD ($) subsidiary tranche	Dec. 31, 2021 USD ($) tranche item	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) item tranche	Dec. 31, 2020 USD ($) tranche item	Dec. 31, 2019 USD ($) item tranche
Debt Obligations
Proceeds from issuance of securitized debt				$ 2,762,502,000	$ 4,281,512,000	$ 668,000,000
Securitized debt			$ 5,892,810,000	$ 7,849,270,000	$ 5,892,810,000
Weighted average rate (as a percent)			2.21%	6.54%	2.21%
Payoffs and paydowns of collateralized loan obligations				$ 801,141,000	$ 889,150,000	283,125,000
Credit and repurchase facilities, Principal/Notional Amount			$ 4,493,699,000	$ 3,856,009,000	$ 4,493,699,000
Repayment of debt						$ 70,000,000
Structured Transaction Business Segment [Member]
Debt Obligations
Weighted average rate (as a percent)			2.34%	6.59%	2.34%
Deferred financing fees			$ 7,700,000	$ 13,300,000	$ 7,700,000
Weighted average note rate including certain fees and costs (as a percent)			2.51%	6.95%	2.51%
Leverage (as a percent)			77%	73%	77%
Credit and repurchase facilities, Principal/Notional Amount			$ 3,533,016,000	$ 3,549,694,000	$ 3,533,016,000
Agency Business Segment [Member]
Debt Obligations
Weighted average rate (as a percent)			1.75%	5.96%	1.75%
Deferred financing fees			$ 4,400,000	$ 900,000	$ 4,400,000
Credit and repurchase facilities, Principal/Notional Amount			960,683,000	306,315,000	960,683,000
Secured Debt [Member]
Debt Obligations
Notional amount of secured floating rate notes				$ 315,800,000
Leverage (as a percent)				75%
Collateralized loan obligations
Debt Obligations
Debt, Face Value (UPB)				$ 7,649,188,000
Securitized debt				$ 7,615,364,000
Weighted average rate (as a percent)				6.10%
Collateral Loans, Unpaid Principal				$ 8,619,210,000
Collateral Loans, Carrying Value				8,586,139,000
Cash, Restricted Cash				480,817,000
Deferred financing fees			$ 31,900,000	$ 36,800,000	$ 31,900,000
Weighted average note rate including certain fees and costs (as a percent)			1.86%	6.32%	1.86%
Collateral at risk			$ 0	$ 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	$ 1,050,000,000
Debt, Face Value (UPB)	$ 872,800,000			872,812,000
Securitized debt				$ 866,605,000
Weighted average rate (as a percent)				6.75%
Collateral Loans, Unpaid Principal				$ 952,268,000
Collateral Loans, Carrying Value				947,336,000
Cash, Restricted Cash				64,300,000
Replacement period	2 years
Proceeds from issuance of collateralized loan obligations for acquiring additional loan obligations	$ 73,100,000
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 and cash as collateral	$ 976,900,000
Face value of loan obligations will be owned by the issuer	$ 1,050,000,000
Leverage (as a percent)	83%
Credit and repurchase facilities, Principal/Notional Amount	$ 177,200,000
CLO 18
Debt Obligations
Number of tranches of CLO notes issued | tranche		8
Number of newly-formed wholly-owned subsidiaries | subsidiary		2
Proceeds from issuance of securitized debt		$ 1,860,000,000
Debt, Face Value (UPB)		1,650,000,000		1,652,812,000
Securitized debt		$ 210,100,000		$ 1,645,711,000
Weighted average rate (as a percent)				6.19%
Collateral Loans, Unpaid Principal				$ 1,899,174,000
Collateral Loans, Carrying Value				1,891,215,000
Cash, Restricted Cash				85,970,000
Replacement period		2 years 6 months
Proceeds from issuance of collateralized loan obligations for acquiring additional loan obligations		$ 347,300,000
Maximum period to acquire additional loan obligations		180 days
Notional amount of residual interest retained		$ 397,200,000
Value of portfolio loans and cash as collateral		1,700,000,000
Face value of loan obligations will be owned by the issuer		$ 2,050,000,000
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		$ 210,100,000
CLO 17
Debt Obligations
Number of tranches of CLO notes issued | tranche			8
Number of newly-formed wholly-owned subsidiaries | item			2
Value of the tranches issued			$ 1,910,000,000		1,910,000,000
Debt, Face Value (UPB)			1,714,125,000	1,714,125,000	1,714,125,000
Securitized debt			$ 1,705,549,000	$ 1,707,676,000	$ 1,705,549,000
Weighted average rate (as a percent)			1.81%	6.16%	1.81%
Collateral Loans, Unpaid Principal			$ 1,914,280,000	$ 1,911,866,000	$ 1,914,280,000
Collateral Loans, Carrying Value			1,903,997,000	1,904,732,000	1,903,997,000
Cash, Restricted Cash			$ 118,520,000	145,726,000	118,520,000
Replacement period			2 years 6 months
Proceeds from issuance of collateralized loan obligations for acquiring additional loan obligations			$ 315,000,000
Maximum period to acquire additional loan obligations			180 days
Notional amount of residual interest retained			$ 385,900,000		385,900,000
Value of portfolio loans and cash as collateral			1,790,000,000		1,790,000,000
Face value of loan obligations will be owned by the issuer			$ 2,100,000,000		$ 2,100,000,000
Leverage (as a percent)			82%		82%
Credit and repurchase facilities, Principal/Notional Amount			$ 194,300,000		$ 194,300,000
CLO 17 | One-month LIBOR
Debt Obligations
Weighted average note rate including certain fees and costs (as a percent)			1.68%		1.68%
CLO 17 | Below investment grade
Debt Obligations
Notional amount of residual interest retained			$ 194,300,000		$ 194,300,000
CLO 16
Debt Obligations
Number of tranches of CLO notes issued | tranche					8
Number of newly-formed wholly-owned subsidiaries | item					2
Value of the tranches issued			1,370,000,000		$ 1,370,000,000
Debt, Face Value (UPB)			1,237,500,000	1,237,500,000	1,237,500,000
Securitized debt			$ 1,230,093,000	$ 1,231,887,000	$ 1,230,093,000
Weighted average rate (as a percent)			1.44%	5.79%	1.44%
Collateral Loans, Unpaid Principal			$ 1,444,573,000	$ 1,307,244,000	$ 1,444,573,000
Collateral Loans, Carrying Value			1,436,743,000	1,301,794,000	$ 1,436,743,000
Cash, Restricted Cash				106,495,000
Replacement period					2 years 6 months
Proceeds from issuance of collateralized loan obligations for acquiring additional loan obligations					$ 313,000,000
Maximum period to acquire additional loan obligations					180 days
Notional amount of residual interest retained			262,500,000		$ 262,500,000
Value of portfolio loans and cash as collateral			1,190,000,000		1,190,000,000
Face value of loan obligations will be owned by the issuer			$ 1,500,000,000		$ 1,500,000,000
Leverage (as a percent)			83%		83%
Credit and repurchase facilities, Principal/Notional Amount			$ 135,000,000		$ 135,000,000
CLO 16 | One-month LIBOR
Debt Obligations
Weighted average rate (as a percent)			1.31%		1.31%
CLO 16 | Below investment grade
Debt Obligations
Notional amount of residual interest retained			$ 135,000,000		$ 135,000,000
CLO 15
Debt Obligations
Number of tranches of CLO notes issued | tranche					8
Number of newly-formed wholly-owned subsidiaries | item					2
Value of the tranches issued			747,800,000		$ 747,800,000
Debt, Face Value (UPB)			674,412,000	674,412,000	674,412,000
Securitized debt			$ 669,723,000	$ 671,532,000	$ 669,723,000
Weighted average rate (as a percent)			1.49%	5.84%	1.49%
Collateral Loans, Unpaid Principal			$ 785,761,000	$ 797,755,000	$ 785,761,000
Collateral Loans, Carrying Value			782,682,000	795,078,000	782,682,000
Cash, Restricted Cash			15,750,000	2,861,000	$ 15,750,000
Replacement period					2 years 6 months
Proceeds from issuance of collateralized loan obligations for acquiring additional loan obligations					$ 162,000,000
Maximum period to acquire additional loan obligations					180 days
Notional amount of residual interest retained			$ 140,600,000		$ 140,600,000
Weighted average note rate including certain fees and costs (as a percent)			1.37%		1.37%
Value of portfolio loans and cash as collateral			$ 653,000,000		$ 653,000,000
Face value of loan obligations will be owned by the issuer			$ 815,000,000		$ 815,000,000
Leverage (as a percent)			83%		83%
Credit and repurchase facilities, Principal/Notional Amount			$ 73,400,000		$ 73,400,000
CLO 15 | Below investment grade
Debt Obligations
Notional amount of residual interest retained			73,400,000		$ 73,400,000
CLO 14
Debt Obligations
Number of tranches of CLO notes issued | tranche					8
Number of newly-formed wholly-owned subsidiaries | item					2
Value of the tranches issued			724,200,000		$ 724,200,000
Debt, Face Value (UPB)			655,475,000	655,475,000	655,475,000
Securitized debt			$ 650,947,000	$ 652,617,000	$ 650,947,000
Weighted average rate (as a percent)			1.45%	5.80%	1.45%
Collateral Loans, Unpaid Principal			$ 717,396,000	$ 732,247,000	$ 717,396,000
Collateral Loans, Carrying Value			715,154,000	730,057,000	715,154,000
Cash, Restricted Cash			53,342,000	37,090,000	$ 53,342,000
Replacement period					2 years 6 months
Proceeds from issuance of collateralized loan obligations for acquiring additional loan obligations					$ 149,800,000
Maximum period to acquire additional loan obligations					180 days
Notional amount of residual interest retained			129,500,000		$ 129,500,000
Value of portfolio loans and cash as collateral			635,200,000		635,200,000
Face value of loan obligations will be owned by the issuer			$ 785,000,000		$ 785,000,000
Leverage (as a percent)			84%		84%
Credit and repurchase facilities, Principal/Notional Amount			$ 68,700,000		$ 68,700,000
CLO 14 | One-month LIBOR
Debt Obligations
Weighted average note rate including certain fees and costs (as a percent)			1.33%		1.33%
CLO 14 | Below investment grade
Debt Obligations
Notional amount of residual interest retained			$ 68,700,000		$ 68,700,000
CLO 13
Debt Obligations
Number of tranches of CLO notes issued | tranche						8
Number of newly-formed wholly-owned subsidiaries | item						2
Value of the tranches issued						$ 738,000,000
Debt, Face Value (UPB)			668,000,000	462,769,000	668,000,000	$ 668,000,000
Securitized debt			$ 665,006,000	$ 461,005,000	$ 665,006,000
Weighted average rate (as a percent)			1.54%	6.03%	1.54%
Collateral Loans, Unpaid Principal			$ 740,369,000	$ 552,182,000	$ 740,369,000
Collateral Loans, Carrying Value			738,265,000	550,924,000	738,265,000
Cash, Restricted Cash			48,543,000	37,875,000	48,543,000
Replacement period						3 years
Proceeds from issuance of collateralized loan obligations for acquiring additional loan obligations						$ 159,500,000
Maximum period to acquire additional loan obligations						180 days
Notional amount of residual interest retained						$ 132,000,000
Value of portfolio loans and cash as collateral						640,500,000
Face value of loan obligations will be owned by the issuer						$ 800,000,000
Leverage (as a percent)						84%
Credit and repurchase facilities, Principal/Notional Amount						$ 70,000,000
Repayment of debt				205,200,000
CLO 13 | One-month LIBOR
Debt Obligations
Weighted average note rate including certain fees and costs (as a percent)						1.41%
CLO 13 | Below investment grade
Debt Obligations
Notional amount of residual interest retained						$ 70,000,000
CLO 12
Debt Obligations
Number of tranches of CLO notes issued | tranche							8
Number of newly-formed wholly-owned subsidiaries | item							2
Proceeds from issuance of securitized debt							$ 124,100,000
Value of the tranches issued							585,800,000
Debt, Face Value (UPB)			534,193,000	379,283,000	534,193,000		534,200,000
Securitized debt			$ 531,939,000	$ 378,331,000	$ 531,939,000		$ 51,600,000
Weighted average rate (as a percent)			1.62%	6.09%	1.62%
Collateral Loans, Unpaid Principal			$ 557,249,000	$ 466,474,000	$ 557,249,000
Collateral Loans, Carrying Value			555,974,000	465,003,000	555,974,000
Cash, Restricted Cash			35,635,000	500,000	35,635,000
Replacement period							3 years
Maximum period to acquire additional loan obligations							180 days
Notional amount of residual interest retained							$ 100,800,000
Value of portfolio loans and cash as collateral							510,900,000
Face value of loan obligations will be owned by the issuer							$ 635,000,000
Leverage (as a percent)							84%
Repayment of debt				154,900,000
CLO 12 | One-month LIBOR
Debt Obligations
Weighted average note rate including certain fees and costs (as a percent)							1.50%
CLO 12 | Below investment grade
Debt Obligations
Notional amount of residual interest retained							$ 51,600,000
CLO 10
Debt Obligations
Value of the tranches issued		441,000,000
Debt, Face Value (UPB)			441,000,000		441,000,000
Securitized debt			$ 439,553,000		$ 439,553,000
Weighted average rate (as a percent)			1.57%		1.57%
Collateral Loans, Unpaid Principal			$ 485,460,000		$ 485,460,000
Collateral Loans, Carrying Value			483,995,000		483,995,000
Cash, Restricted Cash			57,706,000		57,706,000
Value of portfolio loans and cash as collateral		$ 1,400,000
CLO 11 and CLO 9
Debt Obligations
Debt Instrument Redemption Value			889,200,000		889,200,000
Deferred fees expensed as interest expense					3,400,000
CLO 8
Debt Obligations
Debt Instrument Redemption Value						282,900,000
Deferred fees expensed as interest expense						$ 1,500,000
CLO VII
Debt Obligations
Proceeds from issuance of collateralized loan obligations for acquiring additional loan obligations				230,000,000	133,700,000
Q Series securitization
Debt Obligations
Debt, Face Value (UPB)				236,878,000
Securitized debt				$ 233,906,000
Weighted average rate (as a percent)				6.30%
Collateral Loans, Unpaid Principal				$ 315,837,000
Collateral Loans, Carrying Value				$ 313,965,000
Weighted average note rate including certain fees and costs (as a percent)				6.66%
Total securitized debt
Debt Obligations
Debt, Face Value (UPB)			5,924,705,000	$ 7,886,066,000	5,924,705,000
Securitized debt			$ 5,892,810,000	$ 7,849,270,000	$ 5,892,810,000
Weighted average rate (as a percent)			1.59%	6.11%	1.59%
Collateral Loans, Unpaid Principal			$ 6,645,088,000	$ 8,935,047,000	$ 6,645,088,000
Collateral Loans, Carrying Value			6,616,810,000	8,900,104,000	6,616,810,000
Cash, Restricted Cash			$ 329,496,000	$ 480,817,000	$ 329,496,000
Joint Repurchase Facility 1.00 Billion [Member] | Structured Transaction Business Segment [Member]
Debt Obligations
Weighted average rate (as a percent)			2.04%	6.39%	2.04%
Credit and repurchase facilities, Principal/Notional Amount			$ 676,608,000	$ 499,891,000	$ 676,608,000
$225M credit facility | Structured Transaction Business Segment [Member]
Debt Obligations
Weighted average rate (as a percent)			2.79%	6.90%	2.79%
Credit and repurchase facilities, Principal/Notional Amount			$ 28,213,000	$ 47,398,000	$ 28,213,000
$200M credit facility | Agency Business Segment [Member]
Debt Obligations
Weighted average rate (as a percent)			1.60%	5.76%	1.60%
Credit and repurchase facilities, Principal/Notional Amount			$ 115,351,000	$ 31,519,000	$ 115,351,000
$50M credit facility | Structured Transaction Business Segment [Member]
Debt Obligations
Weighted average rate (as a percent)			2.13%	6.48%	2.13%
Credit and repurchase facilities, Principal/Notional Amount			$ 29,200,000	$ 29,200,000	$ 29,200,000
$50M credit facility | Agency Business Segment [Member]
Debt Obligations
Weighted average rate (as a percent)			1.40%	5.65%	1.40%
Credit and repurchase facilities, Principal/Notional Amount			$ 9,295,000	$ 14,671,000	$ 9,295,000
$25M credit facility | Structured Transaction Business Segment [Member]
Debt Obligations
Weighted average rate (as a percent)			4.06%	6.99%	4.06%
Credit and repurchase facilities, Principal/Notional Amount			$ 1,235,000	$ 19,177,000	$ 1,235,000
$1M master security agreement | Structured Transaction Business Segment [Member]
Debt Obligations
Weighted average rate (as a percent)			4.01%		4.01%
Credit and repurchase facilities, Principal/Notional Amount			$ 635,000		$ 635,000
Repurchase facility - securities | Structured Transaction Business Segment [Member]
Debt Obligations
Weighted average rate (as a percent)			3.40%	6.99%	3.40%
Credit and repurchase facilities, Principal/Notional Amount			$ 30,849,000	$ 12,832,000	$ 30,849,000
$750M ASAP agreement | Agency Business Segment [Member]
Debt Obligations
Weighted average rate (as a percent)			1.40%	5.21%	1.40%
Value of portfolio loans and cash as collateral				$ 750,000,000
Credit and repurchase facilities, Principal/Notional Amount			$ 182,130,000	$ 29,476,000	$ 182,130,000
$500M joint repurchase facility | Agency Business Segment [Member]
Debt Obligations
Weighted average rate (as a percent)			2.11%	6.52%	2.11%
Credit and repurchase facilities, Principal/Notional Amount			$ 399,470,000	$ 105,275,000	$ 399,470,000
$150M credit facility | Agency Business Segment [Member]
Debt Obligations
Weighted average rate (as a percent)			1.51%	5.76%	1.51%
Credit and repurchase facilities, Principal/Notional Amount			$ 16,657,000	$ 57,974,000	$ 16,657,000
$1.3M repurchase facility (2) | Agency Business Segment [Member]
Debt Obligations
Weighted average rate (as a percent)			3%	6.66%	3%
Credit and repurchase facilities, Principal/Notional Amount			$ 1,253,000	$ 534,000	$ 1,253,000
$25M credit facility. | Structured Transaction Business Segment [Member]
Debt Obligations
Weighted average rate (as a percent)			2.38%		2.38%
Credit and repurchase facilities, Principal/Notional Amount			$ 10,285,000		$ 10,285,000
Warehouse Repurchase Facility 500 Million [Member] | Structured Transaction Business Segment [Member]
Debt Obligations
Weighted average rate (as a percent)				7.16%
Credit and repurchase facilities, Principal/Notional Amount				$ 155,121,000
Warehouse Repurchase Facility 500 Million [Member] | Agency Business Segment [Member]
Debt Obligations
Weighted average rate (as a percent)			1.58%	5.73%	1.58%
Credit and repurchase facilities, Principal/Notional Amount			$ 236,527,000	$ 66,866,000	$ 236,527,000

Debt Obligations - Freddie Mac

Debt Obligations - Freddie Mac Q Series Securitization (Details) $ in Thousands	1 Months Ended
	Dec. 31, 2022 USD ($) loan	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Securitized debt	$ 7,849,270	$ 5,892,810
Secured Debt
Debt Instrument [Line Items]
Number of floating rate loans sold | loan	11
Notional amount of secured floating rate notes	$ 315,800
Leverage (as a percent)	75%
Secured Debt | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Debt Instrument [Line Items]
Debt interest Rate excluding fees and costs	2%
Secured Debt | Multifamily
Debt Instrument [Line Items]
Number of mortgage liens that were qualified for loan | loan	21
Secured Debt | Certificates
Debt Instrument [Line Items]
Securitized debt	$ 79,000
Debt face value issued to third parties	$ 236,900

Debt Obligations - Senior Unsec

Debt Obligations - Senior Unsecured Notes (Details) - USD ($) $ in Thousands	1 Months Ended			12 Months Ended
	Oct. 31, 2022	Aug. 31, 2021	Oct. 31, 2019	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Debt Obligations
Redemption of aggregate principal amount (as a percent)				100%
Senior notes carrying value				$ 1,385,994	$ 1,280,545
5.00% Convertible notes
Debt Obligations
Debt, Face Value (UPB)	$ 150,000			$ 180,000	$ 180,000
Interest rate (as a percent)	8.50%			5%	5%
Proceeds from issued debt	$ 147,500				$ 177,200
4.50% Convertible Notes
Debt Obligations
Debt, Face Value (UPB)		$ 270,000		$ 270,000	270,000	$ 275,000
Interest rate (as a percent)		4.50%		4.50%		4.50%
Proceeds from issued debt		$ 265,800				$ 271,800
5.00% Convertible Notes
Debt Obligations
Debt, Face Value (UPB)				$ 175,000	$ 175,000
Interest rate (as a percent)				5%	5%
Proceeds from issued debt					$ 172,300
5.625% Notes
Debt Obligations
Debt, Face Value (UPB)				$ 78,850	125,000			$ 125,000
Interest rate (as a percent)	5.625%			5.625%				5.625%
Proceeds from issued debt								$ 122,300
4.75% Notes
Debt Obligations
Debt, Face Value (UPB)				$ 110,000	110,000
Interest rate (as a percent)				4.75%
Redemption of aggregate principal amount (as a percent)			100%	100%
5.75% Convertible Notes
Debt Obligations
Debt, Face Value (UPB)				$ 90,000	90,000		$ 90,000
Interest rate (as a percent)				5.75%			5.75%
Proceeds from issued debt							$ 88,200
Senior Notes [Member]
Debt Obligations
Debt, Face Value (UPB)				$ 1,399,600	1,295,750
8.00% Convertible Notes
Debt Obligations
Debt, Face Value (UPB)				$ 70,750	$ 70,750	$ 70,800
Interest rate (as a percent)				8%		8%
Proceeds from issued debt						$ 69,600

Debt Obligations - Senior Uns_2

Debt Obligations - Senior Unsecured Notes, Summary (Details) - USD ($) $ in Thousands	1 Months Ended		12 Months Ended
	Oct. 31, 2022	Oct. 31, 2019	Dec. 31, 2022	Dec. 31, 2021	Aug. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Debt Obligations
Weighted average rate (as a percent)			6.54%	2.21%
Redemption of aggregate principal amount (as a percent)			100%
Outstanding principal balance repaid	$ 46,200
Senior Notes [Member]
Debt Obligations
Debt, Face Value (UPB)			$ 1,399,600	$ 1,295,750
Carrying value			$ 1,385,994	$ 1,280,545
Weighted average rate (as a percent)			5.40%	5.05%
Deferred financing fees			$ 13,600	$ 15,200
5.00% Convertible notes
Debt Obligations
Debt, Face Value (UPB)	$ 150,000		180,000	180,000
Carrying value			$ 177,450	$ 177,105
Weighted average rate (as a percent)			5%	5%
Interest rate (as a percent)	8.50%		5%	5%
7.375% Convertible Notes
Debt Obligations
Interest rate (as a percent)								7.375%
5.00% Convertible Notes
Debt Obligations
Debt, Face Value (UPB)			$ 175,000	$ 175,000
Carrying value			$ 172,917	$ 172,302
Weighted average rate (as a percent)			5%	5%
Interest rate (as a percent)			5%	5%
8.00% Convertible Notes
Debt Obligations
Debt, Face Value (UPB)			$ 70,750	$ 70,750		$ 70,800
Carrying value			$ 70,613	$ 70,202
Weighted average rate (as a percent)			8%	8%
Interest rate (as a percent)			8%			8%
4.50% Convertible Notes
Debt Obligations
Debt, Face Value (UPB)			$ 270,000	$ 270,000	$ 270,000	$ 275,000
Carrying value			$ 266,926	$ 266,090
Weighted average rate (as a percent)			4.50%	4.50%
Interest rate (as a percent)			4.50%		4.50%	4.50%
4.50% Senior Unsecured Notes
Debt Obligations
Debt, Face Value (UPB)			$ 275,000	$ 275,000
Carrying value			$ 272,960	$ 272,477
Weighted average rate (as a percent)			4.50%	4.50%
Interest rate (as a percent)			4.50%
4.75% Notes
Debt Obligations
Debt, Face Value (UPB)			$ 110,000	$ 110,000
Carrying value			$ 109,369	$ 109,018
Weighted average rate (as a percent)			4.75%	4.75%
Interest rate (as a percent)			4.75%
Redemption of aggregate principal amount (as a percent)		100%	100%
8.50% Notes
Debt Obligations
Debt, Face Value (UPB)			$ 150,000
Carrying value			$ 147,519
Weighted average rate (as a percent)			8.50%
Interest rate (as a percent)			8.50%
5.75% Convertible Notes
Debt Obligations
Debt, Face Value (UPB)			$ 90,000	$ 90,000			$ 90,000
Carrying value			$ 89,514	$ 89,135
Weighted average rate (as a percent)			5.75%	5.75%
Interest rate (as a percent)			5.75%				5.75%
5.625% Notes
Debt Obligations
Debt, Face Value (UPB)			$ 78,850	$ 125,000				$ 125,000
Carrying value			$ 78,726	$ 124,216
Weighted average rate (as a percent)			5.63%	5.63%
Interest rate (as a percent)	5.625%		5.625%					5.625%
Proceeds from issuance of unsecured notes	$ 47,500

Debt Obligations - Convertible

Debt Obligations - Convertible Senior Unsecured Notes (Details)	1 Months Ended		12 Months Ended
	Aug. 31, 2022 USD ($) $ / shares shares	Aug. 31, 2021 USD ($)	Dec. 31, 2022 USD ($) $ / shares	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Oct. 31, 2022
Debt Obligations
Loss on extinguishment of debt			$ (4,933,000)	$ (3,374,000)	$ (3,546,000)
Convertible Debt [Member]
Debt Obligations
Debt, Face Value (UPB)			$ 287,500,000	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			$ 7,144,000	2,095,000
Total			280,356,000	259,385,000
Net Carrying Value, Equity Component				8,684,000
Interest expense			19,800,000,000	18,600,000	20,000,000
Interest expense related to cash coupon			16,900,000,000	12,800,000	13,400,000
Debt discount			$ 2,900,000,000	3,200,000	3,000,000
Deferred fees expensed as interest expense				$ 2,600,000	3,600,000
Cost of the notes (as a percent)			8.42%	6.71%
Cost of the notes excluding the amortization of the debt discount (as a percent)				5.73%
7.50% convertible notes
Debt Obligations
Debt, Face Value (UPB)	$ 287,500,000
Interest rate (as a percent)	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
Conversion price per share of common stock | $ / shares	$ 16.71
7.50% convertible notes | First Offering
Debt Obligations
Debt, Face Value (UPB)	$ 1,000
4.75% Convertible Notes
Debt Obligations
Debt, Face Value (UPB)			$ 1,000			$ 110,000,000
Proceeds from issued debt						$ 108,200,000
Interest rate (as a percent)	4.75%					4.75%
Proceeds received, net of estimated issuance costs	$ 203,100,000
Common stock exchanged (in shares) | shares	59.8892
Conversion price per share of common stock | $ / shares			$ 16.70
Senior Notes [Member]
Debt Obligations
Debt, Face Value (UPB)			$ 1,399,600,000	$ 1,295,750,000
Unamortized deferred financing fees			13,600,000	15,200,000
8.00% Convertible Notes
Debt Obligations
Debt, Face Value (UPB)			$ 70,750,000	70,750,000	70,800,000
Proceeds from issued debt					$ 69,600,000
Interest rate (as a percent)			8%		8%
4.50% Convertible Notes
Debt Obligations
Debt, Face Value (UPB)		$ 270,000,000	$ 270,000,000	270,000,000	$ 275,000,000
Proceeds from issued debt		$ 265,800,000			$ 271,800,000
Interest rate (as a percent)		4.50%	4.50%		4.50%
5.25% Convertible Notes
Debt Obligations
Debt, Face Value (UPB)			$ 66,100,000
Interest rate (as a percent)	4.75%		4.75%
5.75% Convertible Notes
Debt Obligations
Debt, Face Value (UPB)			$ 90,000,000	90,000,000		$ 90,000,000
Proceeds from issued debt						$ 88,200,000
Interest rate (as a percent)			5.75%			5.75%
4.75% and 5.25% Convertible Notes
Debt Obligations
Notes and accrued interest settled	$ 5,200,000
Common stock exchanged (in shares) | shares	3.3
Loss on extinguishment of debt			$ 7,500,000
5.625% Notes
Debt Obligations
Debt, Face Value (UPB)			$ 78,850,000	125,000,000			$ 125,000,000
Proceeds from issued debt							$ 122,300,000
Interest rate (as a percent)			5.625%				5.625%	5.625%
5.00% Convertible Notes
Debt Obligations
Debt, Face Value (UPB)			$ 175,000,000	175,000,000
Proceeds from issued debt				$ 172,300,000
Interest rate (as a percent)			5%	5%
Junior subordinated notes
Debt Obligations
Debt, Face Value (UPB)			$ 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	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Debt Obligations
Junior subordinated notes	$ 143,128	$ 142,382
Weighted average rate (as a percent)	6.54%	2.21%
Junior subordinated notes
Debt Obligations
Junior subordinated notes	$ 143,100	$ 142,400
Deferred amount Due at maturity	9,600	10,200
Deferred fees expensed as interest expense	$ 1,600	$ 1,700
Weighted average rate (as a percent)	7.65%	3.03%
Weighted average note rate including certain fees and costs (as a percent)	7.74%	3.12%

Debt Obligations - Debt Covenan

Debt Obligations - Debt Covenants (Details) - USD ($)	1 Months Ended					12 Months Ended
	Jan. 31, 2023	Oct. 31, 2022	Jul. 31, 2022	Apr. 30, 2022	Jan. 31, 2022	Dec. 31, 2022
CLO 10
Debt Covenants
Current overcollateralization ratio (as a percent)						126.58%
Limit overcollateralization ratio (as a percent)						117.87%
Current interest coverage ratio (as a percent)	126.58%	118.87%	118.87%	118.87%	118.87%	197.05%
Limit interest coverage ratio (as a percent)						120%
CLO 12
Debt Covenants
Current overcollateralization ratio (as a percent)						128.52%
Limit overcollateralization ratio (as a percent)						118.76%
Current interest coverage ratio (as a percent)	128.52%	119.76%	119.76%	119.76%	119.76%	180.22%
Limit interest coverage ratio (as a percent)						120%
CLO 13
Debt Covenants
Current overcollateralization ratio (as a percent)						119.76%
Limit overcollateralization ratio (as a percent)						118.76%
Current interest coverage ratio (as a percent)	119.76%	119.76%	119.76%	119.76%	119.76%	148.34%
Limit interest coverage ratio (as a percent)						120%
CLO 14
Debt Covenants
Current overcollateralization ratio (as a percent)						120.85%
Limit overcollateralization ratio (as a percent)						119.85%
Current interest coverage ratio (as a percent)	120.85%	120.85%	120.85%	120.85%	120.85%	145.30%
Limit interest coverage ratio (as a percent)						120%
CLO 15
Debt Covenants
Current overcollateralization ratio (as a percent)						121.21%
Limit overcollateralization ratio (as a percent)						120.21%
Current interest coverage ratio (as a percent)	121.21%	121.21%	121.21%	121.21%	121.21%	145.55%
Limit interest coverage ratio (as a percent)						120%
CLO 16
Debt Covenants
Current overcollateralization ratio (as a percent)						122.51%
Limit overcollateralization ratio (as a percent)						121.51%
Current interest coverage ratio (as a percent)	122.51%	122.51%	122.51%	122.51%	122.51%	140.69%
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)						124.03%
Limit overcollateralization ratio (as a percent)						123.03%
Current interest coverage ratio (as a percent)	120.30%	120.30%	120.30%			159.15%
Limit interest coverage ratio (as a percent)						120%
CLO 18
Debt Covenants
Current interest coverage ratio (as a percent)	124.03%	124.03%	124.03%	124.03%
CLO 19
Debt Covenants
Current overcollateralization ratio (as a percent)						120.30%
Limit overcollateralization ratio (as a percent)						119.30%
Current interest coverage ratio (as a percent)						120.12%
Limit interest coverage ratio (as a percent)						120%

Debt Obligations - Luxembourg D

Debt Obligations - Luxembourg Debt Fund (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Obligations
Secured Debt	$ 7,849,270	$ 5,892,810
Debt, Weighted Average Interest Rate	6.54%	2.21%
Loss on extinguishment of debt	$ (4,933)	$ (3,374)	$ (3,546)
Luxembourg debt fund
Debt Obligations
Debt Weighted Average Interest Rate Including Fees and Costs	5.69%	5.34%

Allowance for Loss - Sharing Ob

Allowance for Loss - Sharing Obligations (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Roll forward of loss contingency accrual
Provisions for loss sharing		$ 1,862	$ (6,167)	$ 14,822
Guarantee obligations		34,400	34,400
Impact of adopting CECL		1,100
Allowance for loan and lease loss, recovery of bad debts	$ 1,200
Fannie Mae Mortgage
Roll forward of loss contingency accrual
Allowance for loss sharing obligations		$ 22,700	$ 21,700
Loss-sharing obligations (as a percent)		0.12%	0.11%
Loss-Sharing Obligation
Roll forward of loss contingency accrual
Outstanding advances under the Fannie Mae DUS program		$ 800	$ 100
Loss-Sharing Obligation | Fannie Mae Mortgage
Roll forward of loss contingency accrual
Beginning balance		56,064	64,303
Provisions for loss sharing		3,592	44
Provisions reversal for loan repayments		(1,730)	(6,211)
Recoveries (charge-offs), net		(758)	(2,072)
Ending balance		57,168	56,064	$ 64,303
Maximum quantifiable liability		$ 3,490,000	$ 3,600,000

Derivative Financial Instrume_3

Derivative Financial Instruments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) item	Dec. 31, 2021 USD ($) item	Dec. 31, 2020 USD ($)
Derivative Financial Instruments
Net (losses) gains from changes in the fair value of derivatives		$ 800	$ 3,400
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]			Derivative, Gain (Loss) on Derivative, Net
Mortgage servicing rights	$ 69,346	130,230	$ 165,517
Income from mortgage service rights
Derivative Financial Instruments
Mortgage servicing rights	69,300	130,200	165,500
Rate lock commitments
Derivative Financial Instruments
Notional value	91,472
Forward Sale Commitments
Derivative Financial Instruments
Notional value	$ 294,451
Swaps
Derivative Financial Instruments
Derivative, maturity term	3 months
Derivative swap default credit	5 years
Swaps | Minimum
Derivative Financial Instruments
Derivative swap rate period	5 years
Swaps | Maximum
Derivative Financial Instruments
Derivative swap rate period	10 years
Swaps | Agency Business | Other Income
Derivative Financial Instruments
Realized gain (loss) on derivatives	$ 26,900	100	57,100
Unrealized gain (loss) on derivatives	3,500	1,500	1,700
Swaps | Structured Business | Other Income
Derivative Financial Instruments
Realized gain (loss) on derivatives			(3,000)
Unrealized gain (loss) on derivatives			$ 200
Non-Qualifying | Agency Business
Derivative Financial Instruments
Notional value	515,723	970,670
Fair Value, classified in Derivative Assets	1,505	1,665
Fair Value, classified in Derivative Liabilities	$ (4,897)	$ (1,482)
Non-Qualifying | Rate lock commitments | Agency Business
Derivative Financial Instruments
Count | item	6	2
Notional value	$ 91,472	$ 11,250
Fair Value, classified in Derivative Assets	354	295
Fair Value, classified in Derivative Liabilities	$ (1,070)	$ (33)
Non-Qualifying | Forward Sale Commitments | Agency Business
Derivative Financial Instruments
Count | item	27	55
Notional value	$ 294,451	$ 571,220
Fair Value, classified in Derivative Assets	1,151	1,370
Fair Value, classified in Derivative Liabilities	$ (3,827)	$ (1,449)
Non-Qualifying | Swaps | Agency Business
Derivative Financial Instruments
Count | item	1,298	3,882
Notional value	$ 129,800	$ 388,200

Fair Value - Carrying Value and

Fair Value - Carrying Value and Estimated Fair Value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Financial assets:
Loans and investments, net - Principal/Notional Amount	$ 14,456,123	$ 12,158,995
Loans and investments, net	14,254,674	11,981,048	$ 5,285,868	$ 4,189,960
Loans held-for-sale, net - Principal/Notional Amount	368,066	1,077,239
Loans held-for-sale, net	368,066	1,077,239
Securities, held-to-maturity, net - Principal/Notional Amount	234,255	210,728
Securities held-to-maturity, net	156,547	140,484
Derivative financial instruments - Principal/Notional Amount	111,950	$ 280,654
Derivative Asset, Statement of Financial Position [Extensible Enumeration]		Other Assets.
Financial liabilities:
Credit and repurchase facilities, Principal/Notional Amount	3,856,009	$ 4,493,699
Credit and repurchase facilities	3,841,814	4,481,579
Securitized debt	7,849,270	5,892,810
Senior unsecured notes	1,385,994	1,280,545
Convertible senior unsecured notes, net	280,356	259,385
Junior subordinated notes	143,128	142,382
Derivative financial instruments - Principal/Notional Amount	$ 273,973	$ 301,816
Derivative Liability, Statement of Financial Position [Extensible Enumeration]		Other Liabilities.
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	$ 14,254,674	$ 11,981,048
Loans held-for-sale, net	354,070	1,093,609
Capitalized mortgage servicing rights, net	401,471	422,734
Securities held-to-maturity, net	156,547	140,484
Derivative financial instruments	1,505	1,665
Financial liabilities:
Credit and repurchase facilities	3,841,814	4,481,579
Securitized debt	7,849,270	5,892,810
Senior unsecured notes	1,385,994	1,280,545
Convertible senior unsecured notes, net	280,356	259,385
Junior subordinated notes	143,128	142,382
Derivative financial instruments	4,897	1,482
Estimated Fair Value
Financial assets:
Loans and investments, net	14,468,418	12,181,194
Loans held-for-sale, net	362,054	1,117,085
Capitalized mortgage servicing rights, net	530,913	477,323
Securities held-to-maturity, net	144,571	149,911
Derivative financial instruments	1,505	1,665
Financial liabilities:
Credit and repurchase facilities	3,828,192	4,484,107
Securitized debt	7,560,541	5,914,453
Senior unsecured notes	1,262,560	1,301,708
Convertible senior unsecured notes, net	287,834	294,690
Junior subordinated notes	103,977	101,698
Derivative financial instruments	4,897	1,482
Securitized debt
Financial liabilities:
Debt face value issued to third parties	7,886,066	5,924,705
Senior Unsecured Notes
Financial liabilities:
Debt face value issued to third parties	1,399,600	1,295,750
Convertible Senior Unsecured Notes
Financial liabilities:
Debt face value issued to third parties	287,500	264,000
Junior subordinated notes
Financial liabilities:
Debt face value issued to third parties	154,336	154,336
Junior subordinated notes	$ 143,100	$ 142,400

Fair Value - Measurement on Rec

Fair Value - Measurement on Recurring and Nonrecurring Basis (Details) $ in Thousands	12 Months Ended
	Dec. 31, 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	$ 15,700
Number of impaired loans held-for-sale | loan	13
Unrealized impairment losses	$ 150,000
Carrying Value
Financial assets:
Derivative financial instruments	1,505	1,665
Impaired loans, net	196,087
Financial liabilities:
Derivative financial instruments	4,897	1,482
Fair Value
Financial assets:
Derivative financial instruments	1,505	1,665
Impaired loans, net	196,087
Financial liabilities:
Derivative financial instruments	4,897	$ 1,482
Recurring basis | Carrying Value
Financial assets:
Derivative financial instruments	1,505
Financial liabilities:
Derivative financial instruments	4,897
Recurring basis | Fair Value
Financial assets:
Derivative financial instruments	1,505
Financial liabilities:
Derivative financial instruments	4,897
Nonrecurring basis | Carrying Value
Financial assets:
Loans held-for-investment	61,745
Loans held-for-sale	134,342
Nonrecurring basis | Fair Value
Financial assets:
Loans held-for-investment	61,745
Loans held-for-sale	134,342
Level 2
Financial assets:
Impaired loans, net	134,342
Level 2 | Recurring basis
Financial assets:
Derivative financial instruments	1,151
Financial liabilities:
Derivative financial instruments	4,897
Level 2 | Nonrecurring basis
Financial assets:
Loans held-for-sale	134,342
Level 3
Financial assets:
Impaired loans, net	61,745
Level 3 | Recurring basis
Financial assets:
Derivative financial instruments	354
Level 3 | Nonrecurring basis
Financial assets:
Loans held-for-investment	$ 61,745

Fair Value - Level 3 Inputs (De

Fair Value - Level 3 Inputs (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Land | Discount rate
Fair Value
Impaired loans, measurement input	0.2150
Land | Revenue growth rate
Fair Value
Impaired loans, measurement input	0.0300
Retail | Discount rate
Fair Value
Impaired loans, measurement input	0.1125
Retail | Capitalization rate
Fair Value
Impaired loans, measurement input	0.0925
Retail | Revenue growth rate
Fair Value
Impaired loans, measurement input	0.0300
Rate lock commitments
Fair Value
Derivative Asset, Measurement Input [Extensible List]	Discount rate
Rate lock commitments | Discount rate
Fair Value
Derivative financial instruments measurement input	0.1330
Level 3 | Land
Fair Value
Impaired loans, fair value	$ 50,000
Level 3 | Retail
Fair Value
Impaired loans, fair value	11,745
Level 3 | Rate lock commitments
Fair Value
Derivative financial instruments	$ 354
Derivative Asset, Valuation Technique [Extensible List]	us-gaap:ValuationTechniqueDiscountedCashFlowMember

Fair Value - Level 3 Derivative

Fair Value - Level 3 Derivative Instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Derivative assets
Beginning balance	$ 295	$ 1,967	$ 1,066
Settlements	(64,896)	(112,836)	(164,654)
Realized gains recorded in earnings	64,601	110,869	163,588
Unrealized gains recorded in earnings	354	295	1,967
Ending balance	$ 354	$ 295	$ 1,967

Fair Value - Components of fair

Fair Value - Components of fair value and other relevant information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Fair Value
Fair Value of Servicing Rights	$ 5,912
Unrealized Impairment Loss	(15,703)
Total Fair Value Adjustment	(9,791)
Rate lock commitments
Fair Value
Notional/Principal Amount	91,472
Fair Value of Servicing Rights	354
Interest Rate Movement Effect	(1,070)
Total Fair Value Adjustment	(716)
Forward sale commitments
Fair Value
Notional/Principal Amount	294,451
Interest Rate Movement Effect	1,070
Total Fair Value Adjustment	1,070
Loans held-for-sale, net
Fair Value
Notional/Principal Amount	368,066
Fair Value of Servicing Rights	5,558
Unrealized Impairment Loss	(15,703)
Total Fair Value Adjustment	$ (10,145)

Fair Value - Financial Assets a

Fair Value - Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Financial assets:
Loans and investments, net	$ 14,254,674	$ 11,981,048	$ 5,285,868	$ 4,189,960
Loans held-for-sale, net	368,066	1,077,239
Securities held-to-maturity, net	156,547	140,484
Financial liabilities:
Credit and repurchase facilities	3,841,814	4,481,579
Securitized debt	7,849,270	5,892,810
Senior unsecured notes	1,385,994	1,280,545
Convertible senior unsecured notes, net	280,356	259,385
Junior subordinated notes	143,128	142,382
Level 1
Financial liabilities:
Senior unsecured notes	1,262,560
Level 2
Financial assets:
Loans held-for-sale, net	356,496
Financial liabilities:
Credit and repurchase facilities	305,443
Convertible senior unsecured notes, net	287,834
Level 3
Financial assets:
Loans and investments, net	14,468,418
Loans held-for-sale, net	5,558
Capitalized mortgage servicing rights, net	530,913
Securities held-to-maturity, net	144,571
Financial liabilities:
Credit and repurchase facilities	3,522,749
Securitized debt	7,560,541
Junior subordinated notes	103,977
Carrying Value
Financial assets:
Loans and investments, net	14,254,674	11,981,048
Loans held-for-sale, net	354,070	1,093,609
Capitalized mortgage servicing rights, net	401,471
Securities held-to-maturity, net	156,547	140,484
Financial liabilities:
Credit and repurchase facilities	3,841,814	4,481,579
Securitized debt	7,849,270	5,892,810
Senior unsecured notes	1,385,994	1,280,545
Convertible senior unsecured notes, net	280,356	259,385
Junior subordinated notes	143,128	142,382
Fair Value
Financial assets:
Loans and investments, net	14,468,418	12,181,194
Loans held-for-sale, net	362,054	1,117,085
Capitalized mortgage servicing rights, net	530,913
Securities held-to-maturity, net	144,571	149,911
Financial liabilities:
Credit and repurchase facilities	3,828,192	4,484,107
Securitized debt	7,560,541	5,914,453
Senior unsecured notes	1,262,560	1,301,708
Convertible senior unsecured notes, net	287,834	294,690
Junior subordinated notes	$ 103,977	$ 101,698

Commitments and Contingencies -

Commitments and Contingencies - Contractual Commitments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Agency Business Commitments
Restricted cash	$ 713,808	$ 486,690	$ 197,470	$ 210,875
Total
2023	2,669,327
2024	3,242,539
2025	2,044,234
2026	4,619,414
2027	704,305
Thereafter	374,874
Total	$ 13,654,693
Operating Lease, Weighted average remaining lease term (in years)	8 years 2 months 12 days	8 years 2 months 12 days
Operating Lease, Weighted average discount rate (as a percent)	6.80%	4%
Operating lease expense	$ 9,600	$ 9,300	$ 6,200
Unfunded CLO Commitments
Unfunded commitments related to structured loans and investments	1,150,000	$ 975,200
Fannie Mae Mortgage
Agency Business Commitments
Minimum liquid assets to be maintained to meet operational liquidity requirements	$ 18,500
Period of funding for collateral requirement	48 months
Fannie Mae Mortgage | Agency Business Segment
Agency Business Commitments
Outstanding letters of credit	$ 64,000
Freddie Mac Mortgage | Agency Business Segment
Agency Business Commitments
Outstanding letters of credit	$ 5,000
Forward Contracts
Agency Business Commitments
Period of contractual commitment	60 days
Minimum
Total
Remaining lease term	2 months 12 days	1 month 6 days
Maximum
Total
Remaining lease term	10 years 4 months 24 days	9 years
Restricted liquidity arrangement - loans sold under the Fannie Mae DUS program | Fannie Mae Mortgage
Agency Business Commitments
Minimum liquid assets to be maintained to meet operational liquidity requirements	$ 64,400
Letter of credit assigned	64,000
Reserve required to fund additional restricted liquidity over the next 48 months	$ 37,000
Period of additional funding for collateral requirement	48 months
Cash collateral arrangement - purchase and loss obligations under Freddie Mac's SBL Program
Agency Business Commitments
Cash collateral per securitization	$ 5,000
Outstanding letters of credit	5,000
Minimum capital arrangement - Seller/servicer agreements with secondary market investors
Minimum Annual Operating Lease Payments
2023	8,946
2024	8,881
2025	9,008
2026	9,043
2027	7,598
Thereafter	27,706
Total	71,182
Loss sharing arrangement
Debt Obligations
2023	2,660,381
2024	3,233,658
2025	2,035,226
2026	4,610,371
2027	696,707
Thereafter	347,168
Total	$ 13,583,511

Commitments and Contingencies_2

Commitments and Contingencies - Litigation (Details) $ in Thousands		1 Months Ended			12 Months Ended
	Jun. 15, 2011 USD ($) lawsuit defendant	Aug. 31, 2020 USD ($) lawsuit defendant	Jun. 30, 2013 USD ($) defendant lawsuit	Jun. 30, 2011 lawsuit defendant	Dec. 31, 2022 USD ($)
Commitments and Contingencies
Litigation settlement | $					$ 7,350
Arbor ESH II, LLC
Commitments and Contingencies
Investments in the Series A1 Preferred Units of a holding company of Extended Stay, Inc. | $	$ 115,000
Lawsuits filed by Extended Stay Litigation Trust (the Trust)
Commitments and Contingencies
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 | $		$ 74,000
Total possible liability against directors | $		$ 139,000
Lawsuits filed by Extended Stay Litigation Trust (the Trust) | Fiduciary Duty Claims
Commitments and Contingencies
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
Commitments and Contingencies
Number of lawsuits consolidated | lawsuit			1
Number of defendants who are corporate and partnership entities			16
Number of defendants named in a legal action who are individuals			10
Number of defendants removed due to consolidation of lawsuits			47
Number of defendants related to the entity			0
Number of defendants remaining due to consolidation of lawsuits			26
Number of lawsuits before amendment | lawsuit			100
Number of lawsuits after amendment | lawsuit		17	17
Aggregate amount which the Trust would be seeking from the affiliates of the entity | $			$ 139,000

Variable Interest Entity (Detai

Variable Interest Entity (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) item	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Assets:
Restricted cash	$ 713,808	$ 486,690	$ 197,470	$ 210,875
Loans and investments, net	14,254,674	11,981,048	5,285,868	$ 4,189,960
Other assets	371,440	269,946
Total assets	17,038,985	15,073,845
Liabilities:
Securitized debt	7,849,270	5,892,810
Other liabilities	335,789	287,885
Total liabilities	13,967,106	12,523,861
Carrying amount of loans and investments before reserves related to VIEs	14,456,123
Loan loss reserves related to VIEs	132,559	113,241	$ 148,329
Consolidated VIEs
Assets:
Loans and investments, net	8,900,104
Total assets	9,785,261	7,144,806
Liabilities:
Total liabilities	7,876,024	5,902,623
CLOs and Debt Fund
Assets:
Restricted cash	710,775	466,523
Loans and investments, net		6,616,809
Other assets	174,382	61,474
Total assets	9,785,261	7,144,806
Liabilities:
Securitized debt	7,849,270	5,892,810
Other liabilities	26,754	9,813
Total liabilities	7,876,024	$ 5,902,623
Unconsolidated VIEs
Assets:
Total assets	$ 627,063
Liabilities:
Number of VIEs where the reporting entity is not VIE's primary beneficiary and VIEs have variable interest | item	29
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	4,010,000
Loans | Unconsolidated VIEs
Assets:
Total assets	446,932
APL certificates | Unconsolidated VIEs
Assets:
Total assets	126,258
B Piece bonds | Unconsolidated VIEs
Assets:
Total assets	33,442
Equity investments | Unconsolidated VIEs
Assets:
Total assets	20,194
Agency interest only strips | Unconsolidated VIEs
Assets:
Total assets	$ 237

Equity (Details)

Equity (Details)									1 Months Ended		3 Months Ended	12 Months Ended
	Feb. 15, 2023 $ / shares	Jan. 03, 2023 $ / shares	Nov. 02, 2022 $ / shares	Jul. 27, 2022 $ / shares	May 04, 2022 $ / shares	Apr. 01, 2022 $ / shares	Feb. 16, 2022 $ / shares	Jan. 03, 2022 $ / shares	Jul. 31, 2021 USD ($) shares	Apr. 30, 2021 USD ($) shares	Mar. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) Vote $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) shares	Dec. 31, 2019 shares	Dec. 31, 2018 shares	Dec. 31, 2017 shares	Nov. 30, 2022 shares
Common stock
Proceeds from issuance of shares under public offering | $												$ 408,735,000	$ 514,593,000	$ 183,585,000
Number of shares authorized												500,000,000	500,000,000
Noncontrolling Interest
Preferred stock, par value (in dollars per share) | $ / shares												$ 0.01	$ 0.01
Amount available for repurchase | $												$ 96,100,000
Preferred Stock
Proceeds from issuance of preferred stock | $												$ 77,522,000	$ 555,999,000
Percentage of dividend paid to common stock and preferred stock shareholders represented ordinary income to our stockholders												100%	100%	100%
Employee compensation and benefits
Deferred Compensation
Share-based compensation expense | $												$ 14,200,000	$ 9,300,000	$ 8,600,000
Selling and administrative expense
Deferred Compensation
Share-based compensation expense | $												800,000	600,000	$ 500,000
Restricted common stock
Deferred Compensation
Total grant date fair value | $												21,300,000	$ 17,100,000
Unrecognized compensation cost | $												$ 9,000,000
Remaining weighted-average vesting period												1 year 10 months 24 days
Restricted stock vested with grant date fair value (in shares)												1,070,248
Unvested restricted common stock outstanding												1,389,427	1,257,199
Restricted stock vested during the period, grant date fair value | $												$ 12,000,000
Restricted common stock | Chief executive officer
Deferred Compensation
Grants during the period (in shares)														45,928
Total grant date fair value | $														$ 500,000
Restricted common stock | Employees
Deferred Compensation
Grants during the period (in shares)												652,596
Total grant date fair value | $												$ 11,100,000		$ 3,400,000
Number of shares issued in net settlement														314,957
Restricted common stock | Employees | 2020 Plan
Deferred Compensation
Grants during the period (in shares)													384,758
Total grant date fair value | $													$ 6,400,000
Restricted common stock | Employees | Vested on grant date | 2020 Plan
Deferred Compensation
Grants during the period (in shares)												232,899	144,951
Total grant date fair value | $												$ 4,000,000	$ 2,400,000
Restricted common stock | Employees | First anniversaries | 2020 Plan
Deferred Compensation
Grants during the period (in shares)													101,475
Total grant date fair value | $												$ 3,700,000	$ 1,700,000
Restricted common stock | Employees | Second anniversaries | 2020 Plan
Deferred Compensation
Grants during the period (in shares)												181,968	88,788
Total grant date fair value | $												$ 3,100,000	$ 1,500,000
Restricted common stock | Employees | Third anniversaries | 2020 Plan
Deferred Compensation
Grants during the period (in shares)												9,951	25,479
Total grant date fair value | $												$ 200,000	$ 400,000
Restricted common stock | Employees | Fourth anniversaries | 2020 Plan
Deferred Compensation
Grants during the period (in shares)												9,938	24,065
Total grant date fair value | $												$ 200,000	$ 400,000
Restricted stock units (RSUs) | Director | 2020 Plan
Deferred Compensation
Grants during the period (in shares)												25,012
Total grant date fair value | $												$ 400,000
Restricted stock units (RSUs) | Chief executive officer | 2020 Plan
Deferred Compensation
Grants during the period (in shares)												189,873
Total grant date fair value | $												$ 3,300,000
Restricted stock units (RSUs) | Employees | First anniversaries
Deferred Compensation
Grants during the period (in shares)												217,840
Performance-based restricted stock | Chief executive officer
Deferred Compensation
Grants during the period (in shares)												381,503					357,569
Total grant date fair value | $														$ 100,000
Restricted stock vested during period (in shares)													448,980	421,348
Vesting period (in years)												4 years	4 years	4 years
Performance-based restricted stock | Chief executive officer | Maximum
Deferred Compensation
Grants during the period (in shares)														275,569
Time Based Vesting Equity Award | Chief executive officer
Deferred Compensation
Grants during the period (in shares)									165,746	184,729
Total grant date fair value | $									$ 3,000,000	$ 3,100,000
Series E preferred stock
Preferred Stock
Return on the preferred shares issued to third parties by its subsidiary REIT (as a percent)												6.25%	6.25%
Series F preferred stock
Preferred Stock
Return on the preferred shares issued to third parties by its subsidiary REIT (as a percent)												6.25%	6.25%
Common Stock
Common stock
Issued price per share (in dollars per share) | $ / shares											$ 16.57
Number of common stock sold (in shares)												26,335,788	(29,140,369)	14,790,121
Number of shares purchased													(1,962,499)	(2,285,178)
Noncontrolling Interest
Amount authorized under the Stock repurchase program | $												$ 100,000,000
Distributions
Cash dividend declared (in dollars per share) | $ / shares	$ 0.40		$ 0.40	$ 0.39	$ 0.38		$ 0.37
Common Stock | Director
Deferred Compensation
Total grant date fair value | $														$ 500,000
Number of shares issued in net settlement														52,735
Common Stock | Chief executive officer
Deferred Compensation
Restricted stock vested during period, net settled (in shares)												120,665	150,530	182,467
Preferred Stock | 6.375%Series D Preferred Stock
Distributions
Cash dividend declared on redeemable preferred stock (in dollars per share) | $ / shares		$ 0.3984375	0.3984375	0.3984375		$ 0.3984375		$ 0.3984375
Preferred Stock | Series E preferred stock
Common stock
Number of common stock sold (in shares)													5,750,000
Distributions
Cash dividend declared on redeemable preferred stock (in dollars per share) | $ / shares		$ 0.390625	0.390625	0.390625		0.390625		0.390625
Preferred Stock
Preferred stock dividend, fixed rate													6.25%
Preferred Stock | Series F preferred stock
Common stock
Number of common stock sold (in shares)												3,292,000	8,050,000
Distributions
Cash dividend declared on redeemable preferred stock (in dollars per share) | $ / shares			$ 0.390625	$ 0.390625		$ 0.390625		$ 0.46875
Preferred Stock
Proceeds from issuance of preferred stock | $											$ 77,100,000
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
Number of vote per share of Special Voting Preferred Shares | Vote												1
OP units outstanding (in shares)												16,293,589
Voting power of outstanding stock (as a percent)												8.40%
ACM Acquisition | Performance-based restricted stock | Chief executive officer
Deferred Compensation
Grants during the period (in shares)														313,152	246,508	294,985	357,569
Total grant date fair value | $														$ 2,900,000
Vesting period (in years)														3 years
ACM Acquisition | Common Stock | Chief executive officer
Deferred Compensation
Grants during the period (in shares)												381,503
Restricted stock vested during period (in shares)													448,980	421,348
Restricted stock vested during period, net settled (in shares)												186,772	229,083	215,014
Public offering | Common Stock
Common stock
Proceeds from issuance of shares under public offering | $											$ 123,700,000
Public offering | Preferred Stock | 6.375%Series D Preferred Stock
Preferred Stock
Issuance of preferred stock (in shares)													9,200,000
Public offering | Preferred Stock | Series E preferred stock
Preferred Stock
Issuance of preferred stock (in shares)													5,750,000
Return on the preferred shares issued to third parties by its subsidiary REIT (as a percent)													6.375%
Public offering | Preferred Stock | Series F preferred stock
Preferred Stock
Issuance of preferred stock (in shares)											3,292,000		8,050,000
Return on the preferred shares issued to third parties by its subsidiary REIT (as a percent)											6.25%		6.25%
At-The-Market | Common Stock
Common stock
Number of shares available under the amended agreement												18,290,000						25,000,000
Number of common stock sold (in shares)											7,475,000
Proceeds from issuance of shares under public offering | $												$ 285,000,000
Preferred Stock
Proceeds from issuance of preferred stock | $												$ 18,860,788

Equity - Earnings Per Share ("E

Equity - Earnings Per Share ("EPS") (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Basic
Net income attributable to common stockholders	$ 284,829,000	$ 317,412,000	$ 163,395,000
Net income attributable to common stockholders and noncontrolling interest	$ 284,829	$ 317,412	$ 163,395
Weighted average shares outstanding (in shares)	165,355,167	137,830,691	113,811,471
Weighted average shares outstanding (in shares)	165,355,167	137,830,691	113,811,471
Net income per common share (in dollars per share)	$ 1.72	$ 2.30	$ 1.44
Diluted
Net income attributable to common stockholders	$ 284,829,000	$ 317,412,000	$ 163,395,000
Net income attributable to noncontrolling interest	28,044,000	38,507,000	25,208,000
Interest expense on convertible notes	20,166,000
Net income attributable to common stockholders and noncontrolling interest	$ 333,039	$ 355,919	$ 188,603
Weighted average shares outstanding (in shares)	165,355,167	137,830,691	113,811,471
Dilutive effect of OP Units (in shares)	16,304,638	16,818,722	19,395,691
Dilutive effect of restricted stock units (in shares)	16,900,204	506,949	718,647
Dilutive effect of convertible notes (in shares)	552,621	933,233	43,487
Weighted average shares outstanding ( in shares)	199,112,630	156,089,595	133,969,296
Diluted earnings per common share	$ 1.67	$ 2.28	$ 1.41
Performance-based restricted stock | Chief executive officer
Diluted
Vesting period (in years)	4 years	4 years	4 years
Performance-based restricted stock | Chief executive officer | ACM Acquisition
Diluted
Vesting period (in years)			3 years
Mr. Ivan Kaufman | Performance-based restricted stock
Diluted
Vesting period (in years)	4 years

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Taxes
Federal income tax rate (as a percent)	21%	21%	21%
Provision for (benefit) from income taxes	$ 17,484	$ 46,285	$ 40,393
Deferred tax (benefit) provision	(1,741)	10,892	4,726
Current tax provision	$ 19,225	$ 35,393	$ 35,667
Minimum
Income Taxes
Federal income tax rate (as a percent)	90%

Income Taxes - Additional infor

Income Taxes - Additional information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Taxes
Pre-tax GAAP income	$ 371,311	$ 424,092	$ 236,550
Deferred tax liabilities	39,669	44,094
Deferred tax benefit	1,741	(10,892)	(4,726)
Current tax provision:
Federal	14,167	27,454	27,284
State	5,058	7,939	8,383
Total	19,225	35,393	35,667
Deferred tax (benefit) provision :
Federal	(1,373)	8,287	3,932
State	(370)	2,744	780
Valuation allowance	2	(139)	14
Total	(1,741)	10,892	4,726
Total income tax expense	$ 17,484	$ 46,285	$ 40,393
Reconciliation of effective income tax rate as a percentage of pretax income or loss to U.S. federal statutory rate
U.S. federal statutory rate	21%	21%	21%
REIT non-taxable income (as a percent)	(17.20%)	(11.90%)	(7.00%)
State and local income taxes, net of federal tax benefit (as a percent)	1%	2%	3%
Other (as a percent)	(0.10%)	(0.20%)
Effective income tax rate (as a percent)	4.70%	10.90%	17%
Deferred tax assets:
Expenses not currently deductible	$ 22,755	$ 25,542
Loan loss reserve	7,159	7,110
Net operating and capital loss carryforwards	454	468
Valuation allowance	(294)	(292)
Other	441	372
Deferred tax assets, net	30,515	33,200
Deferred tax liabilities:
Mortgage servicing rights	26,975	28,672
Interest in equity affiliates - net	6,237	8,179
Intangibles	6,457	7,243
Deferred tax liabilities, net	39,669	44,094
REIT subsidiaries
Income Taxes
Pre-tax GAAP income	303,320	239,356	$ 78,320
REIT state income tax expense	0	0
TRS Consolidated Group
Income Taxes
Pre-tax GAAP income	67,991	184,736	$ 158,230
Deferred tax liabilities	39,700	44,100
Deferred tax assets:
Valuation allowance	(300)	300
Deferred tax assets, net	30,500	33,200
Deferred tax liabilities:
Deferred tax liabilities, net	$ 39,700	$ 44,100

Income Taxes, Operating Loss Ca

Income Taxes, Operating Loss Carryforwards (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
TRS Consolidated Group
Income Taxes
Federal and state net operating loss carryforwards	$ 0	$ 0
Capital loss carryforwards	1.1	1.1
TRS Consolidated Group | State
Income Taxes
Federal and state net operating loss carryforwards	0.2	0.2
REIT subsidiaries
Income Taxes
Federal and state net operating loss carryforwards	0	0
Capital loss carryforwards	$ 0	$ 0

Agreements and Transactions w_2

Agreements and Transactions with Related Parties - Shared Services Agreement (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
ACM | Support Services
Agreements and Transactions with Related Parties
Costs for services to related party	$ 3.3	$ 3.2	$ 2.4

Agreements and Transactions w_3

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

1 Months Ended

9 Months Ended

12 Months Ended

Jul. 31, 2022 USD ($)

Apr. 30, 2022 USD ($)

Feb. 28, 2022 USD ($)

Dec. 31, 2021 USD ($)

Mar. 31, 2021 USD ($)

Dec. 31, 2020 USD ($) property

Aug. 31, 2020 USD ($)

Mar. 31, 2020 USD ($)

Jan. 31, 2019 USD ($)

Sep. 30, 2022 USD ($)

Dec. 31, 2022 USD ($) shares

Dec. 31, 2021 USD ($)

Dec. 31, 2020 USD ($) property

Dec. 31, 2019 USD ($)

Dec. 31, 2018 USD ($) property loan

Dec. 31, 2017 USD ($) loan property

Dec. 31, 2016 USD ($) property

Dec. 31, 2015 USD ($)

Oct. 31, 2020

Jul. 31, 2019 USD ($)

Agreements and Transactions with Related Parties

Due from related party

$ 84,318

$ 77,419

$ 84,318

Due to related party

26,570

12,350

26,570

Interest income recorded

500

$ 3,400

Investment made

$ 5,955,061

9,209,475

2,376,233

Proceeds from repayment in full

$ 10,900

Indirect ownership percentage

9.20%

Paydowns of principal made by borrower

$ 3,818,554

2,516,771

1,243,694

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

35%

Income from equity affiliates

$ 14,247

34,567

76,161

AMAC III

Agreements and Transactions with Related Parties

Interest income recorded

1,900

1,300

1,900

Distribution received

500

3,800

100

Income from equity affiliates

2,400

1,300

900

Lexford Portfolio [Member]

Agreements and Transactions with Related Parties

Distribution received

11,100

$ 1,100

Other Related Party Transactions

Agreements and Transactions with Related Parties

Due from related party

84,300

$ 77,400

84,300

Commercial Mortgage Backed Security [Member]

Agreements and Transactions with Related Parties

Loans assumed

26,000

Chairman and Chief executive officer

Agreements and Transactions with Related Parties

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

5%

Agency Platform Acquisition [Member] | Residential mortgage banking business

Agreements and Transactions with Related Parties

Distribution received

$ 23,800

28,000

Retail property

Agreements and Transactions with Related Parties

Property purchased

$ 32,500

32,500

Mature date of April 2030 | Private Label [Member]

Agreements and Transactions with Related Parties

Fixed rate of interest (as a percent)

3.10%

Maturity date of March 2030 | Private Label [Member] | Lexford Portfolio [Member]

Agreements and Transactions with Related Parties

Principal amount

$ 34,600

Fixed rate of interest (as a percent)

3.30%

Maturity date of March 2025 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]

Agreements and Transactions with Related Parties

Base spread (as a percent)

5.50%

Preferred Equity Investments In Mortgage Loans [Member]

Agreements and Transactions with Related Parties

Equity investment

9,600

Preferred Equity Investments In Mortgage Loans [Member] | Single Family [Member]

Agreements and Transactions with Related Parties

Investment made

$ 4,600

Mezzanine Loan [Member] | Single Family [Member]

Agreements and Transactions with Related Parties

Interest income recorded

300

Bridge Loan [Member]

Agreements and Transactions with Related Parties

Principal amount

35,000

Bridge Loan [Member] | Single Family [Member]

Agreements and Transactions with Related Parties

Interest income recorded

1,300

1,600

Loan committed

$ 32,500

$ 41,500

$ 12,300

$ 30,500

Investment made

$ 3,500

Bridge Loan [Member] | Maturity Date Of June 2021 [Member] | Lexford Portfolio [Member]

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

Bridge loan, six multifamily properties

Agreements and Transactions with Related Parties

UPB converted to a mezzanine loan

2,000

Bridge loan, six multifamily properties | Maturity date of September 2019

Agreements and Transactions with Related Parties

Principal amount

$ 12,900

Ginkgo Investment Company LLC | Federal National Mortgage Association Certificates and Obligations (FNMA) [Member]

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

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

Agreements and Transactions with Related Parties

Amount invested

$ 25,200

$ 30,000

Ownership interest (as a percent)

18%

ACM, Certain executives and Consortium of independent outside investors | Private Label [Member] | 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 | Mezzanine Loan [Member] | 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 | Bridge Loan [Member] | AMAC III

Agreements and Transactions with Related Parties

Amount of loan to related party

$ 34,000

Unaffiliated borrower | Mezzanine Loan [Member] | AMAC III

Agreements and Transactions with Related Parties

Amount of loan to related party

7,000

ACM

Agreements and Transactions with Related Parties

Percentage of ownership interest of related party in the entity

50%

ACM | Residential mortgage banking business

Agreements and Transactions with Related Parties

Acquisition purchase price

$ 9,600

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

50%

Indirect ownership percentage

12.30%

Income from equity affiliates

$ 4,900

34,600

$ 75,700

ACM | Agency Platform Acquisition [Member]

Agreements and Transactions with Related Parties

Number of shares held by related party | shares

2,535,870

OP units hold as part of acquisition | shares

10,615,085

Aggregate percentage of voting power held by related party

7%

ACM | Bridge Loan [Member] | Single Family [Member]

Agreements and Transactions with Related Parties

Loan committed upsized

$ 38,800

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

Agreements and Transactions with Related Parties

Number of properties owned | property

2

2

Consortium of investors including other unaffiliated investors, certain of officers and chief executive officer | Preferred Equity Investments In Mortgage Loans [Member] | Maturity date of September 2019 | Multifamily [Member]

Agreements and Transactions with Related Parties

Equity investment

$ 3,400

$ 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

$ 21,700

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

$ 35,400

$ 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 | London Interbank Offered Rate (LIBOR) [Member]

Agreements and Transactions with Related Parties

Variable rate, spread (as a percent)

3.50%

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

Agreements and Transactions with Related Parties

Principal amount

$ 14,800

$ 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 [Member] | Federal National Mortgage Association Certificates and Obligations (FNMA) [Member]

Agreements and Transactions with Related Parties

Principal amount

$ 46,900

Percentage of ownership interest of related party in the entity

17.60%

Percentage of maximum loss-sharing obligation unpaid principal balance

5%

Servicing revenue

$ 100

Certain certain officers, chief executive officer, and other unaffiliated investors | Bridge loan, several multifamily properties | Maturity Date Of June 2021 [Member]

Agreements and Transactions with Related Parties

Base spread (as a percent)

4.75%

LIBOR floor (as a percentage)

0.25%

Interest income recorded

$ 1,400

1,300

$ 1,400

Percentage of ownership interest of related party in the entity

75%

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

Agreements and Transactions with Related Parties

Principal amount

$ 31,100

LIBOR floor (as a percentage)

1.80%

Certain certain officers, chief executive officer, and other unaffiliated investors | Bridge loan, two multifamily properties | Maturity date of October 2021 | London Interbank Offered Rate (LIBOR) [Member]

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 fourth quarter 2020

Agreements and Transactions with Related Parties

Principal amount

$ 28,000

Base spread (as a percent)

5.25%

Interest income recorded

800

800

Percentage of ownership interest of related party in the entity

45%

Number of properties owned | property

2

Number of mortgage loans secured by property purchased from related party | loan

2

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

Agreements and Transactions with Related Parties

LIBOR floor (as a percentage)

1.24%

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

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 2020

Agreements and Transactions with Related Parties

Interest income recorded

$ 1,900

$ 1,900

Director [Member] | Ginkgo Investment Company LLC

Agreements and Transactions with Related Parties

Percentage of managing member

33%

Immediate family member of chief executive officer | LLC

Agreements and Transactions with Related Parties

Ownership interest (as a percent)

10%

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

1,300

$ 500

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 In Mortgage Loans [Member] | 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 In Mortgage Loans [Member] | 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 Loan [Member]

Agreements and Transactions with Related Parties

Equity participation interest (as a percentage)

21.80%

21.80%

18.90%

Immediate family member of chief executive officer | Bridge Loan [Member] | Matures in October 2023

Agreements and Transactions with Related Parties

Interest income recorded

$ 100

Immediate family member of chief executive officer | Bridge Loan [Member] | Matures in October 2023 | London Interbank Offered Rate (LIBOR) [Member]

Agreements and Transactions with Related Parties

Base spread (as a percent)

5.50%

5.50%

LIBOR floor (as a percentage)

0.75%

Immediate family member of chief executive officer | Bridge Loan [Member] | Matures in May 2023 | London Interbank Offered Rate (LIBOR) [Member]

Agreements and Transactions with Related Parties

Base spread (as a percent)

5.50%

5.50%

LIBOR floor (as a percentage)

0.75%

Amount invested

17,600

Immediate family member of chief executive officer | Bridge Loan [Member] | Matures in April 2023

Agreements and Transactions with Related Parties

Interest income recorded

1,600

$ 100

Immediate family member of chief executive officer | Bridge Loan [Member] | Mature date of April 2030

Agreements and Transactions with Related Parties

Interest income recorded

600

Lexford Portfolio [Member]

Agreements and Transactions with Related Parties

Maximum exposure under guaranty

582,800

Income from equity affiliates

11,100

1,100

Lexford Portfolio [Member] | Maturity Date Of June 2021 [Member]

Agreements and Transactions with Related Parties

Interest income recorded

500

Lexford Portfolio [Member] | Bridge Loan [Member] | Maturity Date Of June 2021 [Member]

Agreements and Transactions with Related Parties

Number of bridge loans originated | loan

12

Number of multifamily properties renovated | property

72

Lexford Portfolio [Member] | Bridge loan, two multifamily properties | Maturity Date Of June 2021 [Member]

Agreements and Transactions with Related Parties

Base spread (as a percent)

280.50%

Entity controlled by our chief executive officer

Agreements and Transactions with Related Parties

Reimbursement for flights chartered by the company's executives

1,100

$ 200

$ 500

Certain Officers and Managers | Mezzanine Loan [Member]

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 September 2019

Agreements and Transactions with Related Parties

Principal amount

$ 48,000

Base spread (as a percent)

4.50%

LIBOR floor (as a percentage)

0.25%

Interest income recorded

200

Number of properties owned | property

6

Proceeds from repayment in full

$ 6,800

Proceeds from repayment of debt

$ 28,300

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

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 September 2019 | Maximum [Member]

Agreements and Transactions with Related Parties

Percentage of ownership interest of related party in the entity

12%

Consortium of affiliated investors | Lexford Portfolio [Member]

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 Loan [Member] | Maturity date of March 2024

Agreements and Transactions with Related Parties

Interest income recorded

3,700

$ 2,100

Loan committed

$ 63,400

Real estate investment fund sponsored and managed by Chief executive officer and immediate family member of chief executive officer | Bridge Loan [Member] | Maturity date of March 2024 | London Interbank Offered Rate (LIBOR) [Member]

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 Loan [Member] | Maturity date of March 2025

Agreements and Transactions with Related Parties

Principal amount

$ 46,200

$ 67,100

$ 39,400

Interest income recorded

100

Real estate investment fund sponsored and managed by Chief executive officer and immediate family member of chief executive officer | Bridge Loan [Member] | Maturity date of March 2025 | London Interbank Offered Rate (LIBOR) [Member]

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 Loan [Member] | Maturity date of March 2025 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]

Agreements and Transactions with Related Parties

Equity participation interest (as a percentage)

70%

2.25%

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

Agreements and Transactions with Related Parties

Interest income recorded

$ 100

Real estate investment fund sponsored and managed by Chief executive officer and immediate family member of chief executive officer | Bridge Loan [Member] | Maturity date of May 2025 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]

Agreements and Transactions with Related Parties

Base spread (as a percent)

4.625%

LIBOR floor (as a percentage)

0.25%

LLC

Agreements and Transactions with Related Parties

Amount invested

$ 4,200

$ 4,200

LLC | LLC

Agreements and Transactions with Related Parties

Ownership interest (as a percent)

49.30%

49.30%

Employee Benefits - 401(k) Plan

Employee Benefits - 401(k) Plan (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Employee Benefits
Minimum period of continuous service required under 401(k) plan	6 months
Employer's match of the first 6% of employee's contributions (as a a percent)	25%
Percentage of eligible compensation, matched 25% by employer	6%
Employee compensation and benefits
Employee Benefits
Expense recorded under 401(k) plan	$ 1.6	$ 0.8	$ 0.8

Employee Benefits - Deferred Co

Employee Benefits - Deferred Comp Plan (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Employee Benefits
Period over which matching contributions vest after year 5	9 years
Deferred compensation expense	$ 3.3	$ 2.2	$ 1.8
Other liabilities
Employee Benefits
Liabilities related to deferred comp plan	28.7	25.5
Other assets
Employee Benefits
Assets related to deferred comp plan	$ 24.7	$ 21.1

Segment Information - Statement

Segment Information - Statements of Income (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) segment	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Segment Information
Interest income	$ 948,401	$ 466,087	$ 339,465
Interest expense	557,617	212,005	169,216
Net interest income	390,784	254,082	170,249
Other revenue:
Gain on sales, including fee-based services, net	55,816	123,037	94,607
Mortgage servicing rights	69,346	130,230	165,517
Servicing revenue	$ 152,068	$ 133,429	$ 103,607
Contractually Specified Servicing Fee Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Contractually Specified Servicing Fees, Amount, Net	Contractually Specified Servicing Fees, Amount, Net	Contractually Specified Servicing Fees, Amount, Net
Amortization of MSRs	$ (59,876)	$ (58,615)	$ (49,222)
Property operating income	1,877	185	3,976
Gain (loss) on derivative instruments, net	26,609	(2,684)	(58,335)
Other income, net	(17,563)	7,566	4,109
Total other revenue	228,277	333,148	264,259
Other expenses:
Employee compensation and benefits	161,825	171,796	144,380
Selling and administrative	53,990	45,575	37,348
Property operating expenses	2,136	718	4,898
Depreciation and amortization	8,732	7,215	7,640
Provision for loss sharing (net of recoveries)	1,862	(6,167)	14,822
Provision for credit losses (net of recoveries)	21,169	(21,113)	61,110
Litigation settlement	7,350
Total other expenses	257,064	198,024	270,198
Income before extinguishment of debt, sale of real estate, income from equity affiliates and income taxes	361,997	389,206	164,310
Loss on extinguishment of debt	(4,933)	(3,374)	(3,546)
Gain (loss) on sale of real estate		3,693	(375)
Income from equity affiliates	14,247	34,567	76,161
Provision for income taxes	(17,484)	(46,285)	(40,393)
Net income	353,827	377,807	196,157
Preferred stock dividends	40,954	21,888	7,554
Net income attributable to noncontrolling interest	28,044	38,507	25,208
Net income attributable to common stockholders	$ 284,829	317,412	163,395
Reporting segments | segment	2
Operating segments | Structured Business
Segment Information
Interest income	$ 903,622	427,039	305,893
Interest expense	538,659	194,435	150,964
Net interest income	364,963	232,604	154,929
Other revenue:
Property operating income	1,877	185	3,976
Gain (loss) on derivative instruments, net			(2,859)
Other income, net	(2,360)	7,491	4,052
Total other revenue	(483)	7,676	5,169
Other expenses:
Employee compensation and benefits	56,032	51,225	40,292
Selling and administrative	26,059	21,064	15,706
Property operating expenses	2,136	718	4,898
Depreciation and amortization	4,041	2,524	2,391
Provision for credit losses (net of recoveries)	19,770	(21,223)	59,967
Litigation settlement	7,350
Total other expenses	115,388	54,308	123,254
Income before extinguishment of debt, sale of real estate, income from equity affiliates and income taxes	249,092	185,972	36,844
Loss on extinguishment of debt	(4,933)	(3,374)	(3,546)
Gain (loss) on sale of real estate		2,466	(878)
Income from equity affiliates	14,247	34,567	76,161
Provision for income taxes	(821)	(5,940)	(14,303)
Net income	257,585	213,691	94,278
Preferred stock dividends	40,954	21,888	7,554
Net income attributable to common stockholders	216,631	191,803	86,724
Operating segments | Agency Business Segment
Segment Information
Interest income	44,779	39,048	33,572
Interest expense	18,958	17,570	18,252
Net interest income	25,821	21,478	15,320
Other revenue:
Gain on sales, including fee-based services, net	55,816	123,037	94,607
Mortgage servicing rights	69,346	130,230	165,517
Servicing revenue	152,068	133,429	103,607
Amortization of MSRs	(59,876)	(58,615)	(49,222)
Gain (loss) on derivative instruments, net	26,609	(2,684)	(55,476)
Other income, net	(15,203)	75	57
Total other revenue	228,760	325,472	259,090
Other expenses:
Employee compensation and benefits	105,793	120,571	104,088
Selling and administrative	27,931	24,511	21,642
Depreciation and amortization	4,691	4,691	5,249
Provision for loss sharing (net of recoveries)	1,862	(6,167)	14,822
Provision for credit losses (net of recoveries)	1,399	110	1,143
Total other expenses	141,676	143,716	146,944
Income before extinguishment of debt, sale of real estate, income from equity affiliates and income taxes	112,905	203,234	127,466
Gain (loss) on sale of real estate		1,227	503
Provision for income taxes	(16,663)	(40,345)	(26,090)
Net income	96,242	164,116	101,879
Net income attributable to common stockholders	96,242	164,116	101,879
Other / Eliminations
Other expenses:
Net income attributable to noncontrolling interest	28,044	38,507	25,208
Net income attributable to common stockholders	$ (28,044)	$ (38,507)	$ (25,208)

Segment Information - Balance S

Segment Information - Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Assets:
Cash and cash equivalents	$ 534,357	$ 404,580	$ 339,528	$ 299,687
Restricted cash	713,808	486,690	197,470	210,875
Loans and investments, net	14,254,674	11,981,048	$ 5,285,868	$ 4,189,960
Loans held-for-sale, net	354,070	1,093,609
Capitalized mortgage servicing rights, net	401,471	422,734
Securities held-to-maturity, net	156,547	140,484
Investments in equity affiliates	79,130	89,676
Goodwill and other intangible assets	96,069	100,760
Other assets and due from related party	448,859	354,264
Total assets	17,038,985	15,073,845
Liabilities:
Debt obligations	13,500,562	12,056,701
Allowance for loss-sharing obligations	57,168	56,064
Other liabilities and due to related parties	409,376	411,096
Total liabilities	13,967,106	12,523,861
Structured Business | Operating segments
Assets:
Cash and cash equivalents	200,514	142,771
Restricted cash	713,615	468,013
Loans and investments, net	14,254,674	11,981,048
Investments in equity affiliates	79,130	89,676
Goodwill and other intangible assets	12,500	12,500
Other assets and due from related party	367,837	285,600
Total assets	15,628,270	12,979,608
Liabilities:
Debt obligations	13,195,120	11,100,429
Other liabilities and due to related parties	299,559	278,726
Total liabilities	13,494,679	11,379,155
Agency Business Segment | Operating segments
Assets:
Cash and cash equivalents	333,843	261,809
Restricted cash	193	18,677
Loans held-for-sale, net	354,070	1,093,609
Capitalized mortgage servicing rights, net	401,471	422,734
Securities held-to-maturity, net	156,547	140,484
Goodwill and other intangible assets	83,569	88,260
Other assets and due from related party	81,022	68,664
Total assets	1,410,715	2,094,237
Liabilities:
Debt obligations	305,442	956,272
Allowance for loss-sharing obligations	57,168	56,064
Other liabilities and due to related parties	109,817	132,370
Total liabilities	$ 472,427	$ 1,144,706

Segment Information - Originati

Segment Information - Origination Data (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($) loan	Dec. 31, 2021 USD ($) loan	Dec. 31, 2020 USD ($)
Segment Information
Origination Volumes		$ 5,146,718	$ 6,347,752	$ 6,810,666
Loan Sales Data:
Gain (loss) on derivative instruments, net		$ 26,609	$ (2,684)	$ (58,335)
Sales margin (fee-based services as a % of loan sales)		1.34%	1.92%	1.44%
MSR rate (MSR income as a % of loan commitments)		1.35%	2.05%	2.43%
Structured Business
Segment Information
Total new loan originations		$ 6,151,647	$ 9,720,515	$ 2,433,679
Loan runoff		3,818,554	2,516,771	1,208,071
Structured Business | Bridge loan
Segment Information
Total new loan originations		6,082,041	9,490,402	2,312,061
Structured Business | Mezzanine loan
Segment Information
Total new loan originations		69,606	203,875	76,722
Structured Business | Other loan
Segment Information
Total new loan originations			26,238	44,896
Structured Business | SFR - Fixed Rate | Bridge loan
Segment Information
Loans committed		$ 1,080,000	$ 729,500	261,500
Number of loans under the loan portfolio | loan		132	103
Total loan commitment		$ 613,800	$ 389,200
Agency Business Segment
Segment Information
Origination Volumes		4,768,186	6,409,558	6,711,969
Loan Sales Data:
Loan Sales		5,438,623	6,415,169	6,587,728
Agency Business Segment | SFR - Fixed Rate
Segment Information
Origination Volumes		89,683	136,931
Loan Sales Data:
Loan Sales		86,071	192,335
Agency Business Segment | Federal national mortgage association loans
Segment Information
Origination Volumes		2,919,566	3,389,312	5,041,925
Loan Sales Data:
Loan Sales		3,139,414	3,675,763	4,771,113
Agency Business Segment | Private Label
Segment Information
Origination Volumes		217,542	1,436,853	382,191
Loan Sales Data:
Gain (loss) on derivative instruments, net	$ 17,100
Loan Sales		515,086	985,094	727,154
Agency Business Segment | Federal Home Loan Mortgage Corporation Loans
Segment Information
Origination Volumes		1,353,001	1,016,142	960,508
Loan Sales Data:
Loan Sales		1,456,595	1,081,702	816,802
Agency Business Segment | FHA
Segment Information
Origination Volumes		188,394	430,320	327,345
Loan Sales Data:
Loan Sales		$ 241,457	$ 480,275	$ 272,659

Segment Information - Key Servi

Segment Information - Key Servicing Metrics (Details) - Agency Business Segment - MSRs - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Segment Information
Servicing Portfolio UPB	$ 27,998,029	$ 26,959,389
Wtd. Avg. Servicing Fee Rate (basis points)	41.10%	44.90%
Wtd. Avg. Life of Servicing Portfolio (in years)	8 years 7 months 6 days	8 years 9 months 18 days
SFR - Fixed Rate
Segment Information
Servicing Portfolio UPB	$ 274,764	$ 191,698
Wtd. Avg. Servicing Fee Rate (basis points)	19.80%	20%
Wtd. Avg. Life of Servicing Portfolio (in years)	6 years	6 years 6 months
Federal national mortgage association loans
Segment Information
Servicing Portfolio UPB	$ 19,038,124	$ 19,127,397
Wtd. Avg. Servicing Fee Rate (basis points)	50.20%	53.50%
Wtd. Avg. Life of Servicing Portfolio (in years)	8 years	8 years
Federal Home Loan Mortgage Corporation Loans
Segment Information
Servicing Portfolio UPB	$ 5,153,207	$ 4,943,905
Wtd. Avg. Servicing Fee Rate (basis points)	25%	27.10%
Wtd. Avg. Life of Servicing Portfolio (in years)	9 years	9 years 3 months 18 days
Private Label
Segment Information
Servicing Portfolio UPB	$ 2,074,859	$ 1,711,326
Wtd. Avg. Servicing Fee Rate (basis points)	18.50%	20%
Wtd. Avg. Life of Servicing Portfolio (in years)	7 years 7 months 6 days	8 years 3 months 18 days
FHA
Segment Information
Servicing Portfolio UPB	$ 1,155,893	$ 985,063
Wtd. Avg. Servicing Fee Rate (basis points)	14.90%	15.40%
Wtd. Avg. Life of Servicing Portfolio (in years)	19 years 6 months	21 years
Bridge loan
Segment Information
Servicing Portfolio UPB	$ 301,182
Wtd. Avg. Servicing Fee Rate (basis points)	12.50%
Wtd. Avg. Life of Servicing Portfolio (in years)	1 year 8 months 12 days

SCHEDULE IV - LOANS AND OTHER_2

SCHEDULE IV - LOANS AND OTHER LENDING INVESTMENTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
SCHEDULE IV
Fixed interest rate (as a percent)	8.17%	4.26%
Prior Liens	$ 1,350,577
Carrying value of loans	14,456,123
Carrying Amount	14,254,674
Amount of loans extended	1,680,000
Federal income tax basis	$ 14,460,000
Threshold for reporting loans (as a percent)	3%
Bridge loans
SCHEDULE IV
Fixed interest rate (as a percent)	8.17%	4.19%
Carrying value of loans	$ 14,096,054
Carrying Amount	13,917,783
Bridge loans | Loans less than 3%
SCHEDULE IV
Carrying value of loans	14,096,054
Carrying Amount	$ 13,917,783
Mezzanine Loans
SCHEDULE IV
Fixed interest rate (as a percent)	8.13%	7.32%
Mezzanine Loans | Loans less than 3%
SCHEDULE IV
Prior Liens	$ 911,086
Carrying value of loans	213,499
Carrying Amount	$ 202,766
Preferred equity investments
SCHEDULE IV
Fixed interest rate (as a percent)	7.63%	5.57%
Preferred equity investments | Loans less than 3%
SCHEDULE IV
Prior Liens	$ 439,491
Carrying value of loans	110,725
Carrying Amount	98,502
Other Loans | Loans less than 3%
SCHEDULE IV
Carrying value of loans	35,845
Carrying Amount	35,623
Multifamily | Bridge loans | Loans less than 3%
SCHEDULE IV
Carrying value of loans	12,830,999
Carrying Amount	$ 12,744,463
Multifamily | Bridge loans | Loans less than 3% | Minimum
SCHEDULE IV
Fixed interest rate (as a percent)	3.83%
Multifamily | Bridge loans | Loans less than 3% | Minimum | LIBOR
SCHEDULE IV
Base spread (as a percent)	2.50%
Floor rate (as a percent)	0.10%
Multifamily | Bridge loans | Loans less than 3% | Minimum | SOFR
SCHEDULE IV
Base spread (as a percent)	2.65%
Floor rate (as a percent)	0.10%
Multifamily | Bridge loans | Loans less than 3% | Maximum
SCHEDULE IV
Fixed interest rate (as a percent)	12%
Multifamily | Bridge loans | Loans less than 3% | Maximum | LIBOR
SCHEDULE IV
Base spread (as a percent)	6.75%
Floor rate (as a percent)	2.50%
Multifamily | Bridge loans | Loans less than 3% | Maximum | SOFR
SCHEDULE IV
Base spread (as a percent)	5%
Floor rate (as a percent)	4.32%
Multifamily | Mezzanine Loans | Loans less than 3%
SCHEDULE IV
Prior Liens	$ 880,697
Carrying value of loans	194,621
Carrying Amount	$ 187,333
Multifamily | Mezzanine Loans | Loans less than 3% | Minimum
SCHEDULE IV
Fixed interest rate (as a percent)	3.50%
Multifamily | Mezzanine Loans | Loans less than 3% | Maximum
SCHEDULE IV
Fixed interest rate (as a percent)	13%
Multifamily | Preferred equity investments | Loans less than 3%
SCHEDULE IV
Prior Liens	$ 409,699
Carrying value of loans	91,300
Carrying Amount	$ 88,695
Multifamily | Preferred equity investments | Loans less than 3% | Minimum
SCHEDULE IV
Fixed interest rate (as a percent)	4%
Multifamily | Preferred equity investments | Loans less than 3% | Maximum
SCHEDULE IV
Fixed interest rate (as a percent)	13%
Land | Bridge loans | Loans less than 3%
SCHEDULE IV
Fixed interest rate (as a percent)	0%
Carrying value of loans	$ 118,595
Carrying Amount	$ 40,726
Land | Bridge loans | Loans less than 3% | LIBOR
SCHEDULE IV
Base spread (as a percent)	4%
Floor rate (as a percent)	0.15%
Land | Mezzanine Loans | Loans less than 3%
SCHEDULE IV
Fixed interest rate (as a percent)	0%
Carrying value of loans	$ 9,333
Carrying Amount	$ 9,333
Land | Preferred equity investments | Loans less than 3%
SCHEDULE IV
Fixed interest rate (as a percent)	12%
Carrying value of loans	$ 8,100
Carrying Amount	7,882
Healthcare | Bridge loans | Loans less than 3%
SCHEDULE IV
Carrying value of loans	65,627
Carrying Amount	$ 65,610
Healthcare | Bridge loans | Loans less than 3% | Minimum | LIBOR
SCHEDULE IV
Base spread (as a percent)	5%
Floor rate (as a percent)	2.15%
Healthcare | Bridge loans | Loans less than 3% | Maximum | LIBOR
SCHEDULE IV
Base spread (as a percent)	5.35%
Floor rate (as a percent)	2.63%
Office | Bridge loans | Loans less than 3%
SCHEDULE IV
Carrying value of loans	$ 70,410
Carrying Amount	$ 69,948
Office | Bridge loans | Loans less than 3% | LIBOR
SCHEDULE IV
Base spread (as a percent)	3.50%
Floor rate (as a percent)	0.29%
Office | Preferred equity investments | Loans less than 3%
SCHEDULE IV
Fixed interest rate (as a percent)	0%
Carrying value of loans	$ 9,625
Carrying Amount	1,925
Hotel | Bridge loans | Loans less than 3%
SCHEDULE IV
Carrying value of loans	40,850
Carrying Amount	$ 40,836
Hotel | Bridge loans | Loans less than 3% | LIBOR
SCHEDULE IV
Base spread (as a percent)	4.50%
SingleFamily Rental | Bridge loans | Loans less than 3%
SCHEDULE IV
Carrying value of loans	$ 927,373
Carrying Amount	$ 916,498
SingleFamily Rental | Bridge loans | Loans less than 3% | Minimum | LIBOR
SCHEDULE IV
Base spread (as a percent)	3.50%
Floor rate (as a percent)	0.25%
SingleFamily Rental | Bridge loans | Loans less than 3% | Minimum | SOFR
SCHEDULE IV
Base spread (as a percent)	2.65%
Floor rate (as a percent)	0.10%
SingleFamily Rental | Bridge loans | Loans less than 3% | Maximum | LIBOR
SCHEDULE IV
Base spread (as a percent)	6.75%
Floor rate (as a percent)	2.25%
SingleFamily Rental | Bridge loans | Loans less than 3% | Maximum | SOFR
SCHEDULE IV
Base spread (as a percent)	6.25%
Floor rate (as a percent)	4.33%
SingleFamily Rental | Other Loans | Loans less than 3%
SCHEDULE IV
Carrying value of loans	$ 35,845
Carrying Amount	$ 35,623
SingleFamily Rental | Other Loans | Loans less than 3% | LIBOR
SCHEDULE IV
Floor rate (as a percent)	0.25%
SingleFamily Rental | Other Loans | Loans less than 3% | Minimum | LIBOR
SCHEDULE IV
Base spread (as a percent)	3.98%
SingleFamily Rental | Other Loans | Loans less than 3% | Maximum | LIBOR
SCHEDULE IV
Base spread (as a percent)	4.90%
Student Housing | Bridge loans | Loans less than 3%
SCHEDULE IV
Carrying value of loans	$ 25,700
Carrying Amount	$ 25,589
Student Housing | Bridge loans | Loans less than 3% | LIBOR
SCHEDULE IV
Base spread (as a percent)	4.50%
Student Housing | Bridge loans | Loans less than 3% | Minimum | LIBOR
SCHEDULE IV
Floor rate (as a percent)	0.25%
Student Housing | Bridge loans | Loans less than 3% | Maximum | LIBOR
SCHEDULE IV
Floor rate (as a percent)	2.25%
Retail | Bridge loans | Loans less than 3%
SCHEDULE IV
Carrying value of loans	$ 16,500
Carrying Amount	$ 14,113
Retail | Bridge loans | Loans less than 3% | Minimum | LIBOR
SCHEDULE IV
Base spread (as a percent)	3.50%
Floor rate (as a percent)	1%
Retail | Bridge loans | Loans less than 3% | Maximum | LIBOR
SCHEDULE IV
Base spread (as a percent)	4%
Floor rate (as a percent)	2.50%
Retail | Mezzanine Loans | Loans less than 3%
SCHEDULE IV
Fixed interest rate (as a percent)	12%
Prior Liens	$ 30,389
Carrying value of loans	9,545
Carrying Amount	$ 6,100
Retail | Mezzanine Loans | Loans less than 3% | LIBOR
SCHEDULE IV
Base spread (as a percent)	3.50%
Floor rate (as a percent)	1%
Commercial | Preferred equity investments | Loans less than 3%
SCHEDULE IV
Fixed interest rate (as a percent)	6%
Prior Liens	$ 29,792
Carrying value of loans	$ 1,700

SCHEDULE IV - LOANS AND OTHER_3

SCHEDULE IV - LOANS AND OTHER LENDING INVESTMENTS - Loans and investments carrying amounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of the Company's loans and investments carrying amounts
Balance at beginning of year	$ 11,981,048	$ 5,285,868	$ 4,189,960
Additions during period:
New loan originations	6,151,647	9,720,515	2,433,679
Funding of unfunded loan commitments	381,831	200,694	133,244
Accretion of unearned revenue	37,468	25,618	13,590
Recoveries of reserves	1,500	24,315	75
Loan charge-offs		10,773
Deductions during period:
Loan payoffs and paydowns	(3,818,554)	(2,516,771)	(1,243,694)
Unfunded loan commitments	(376,404)	(623,639)	(127,758)
Unearned revenue and costs	(51,808)	(69,528)	(35,893)
Reclassification to real estate owned	(31,200)	(880)
Provision for loan losses	(20,818)		(77,335)
Reclassification to held-for-sale loans	(36)	(65,144)
Use of loan charge-offs		(10,773)
Balance at end of year	$ 14,254,674	$ 11,981,048	$ 5,285,868