Arbor Realty Trust (ABR) 10-Q5 May 232023 Q1 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2023	Apr. 28, 2023
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-32136
Entity Registrant Name	Arbor Realty Trust, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	20-0057959
Entity Address, Address Line One	333 Earle Ovington Boulevard
Entity Address, Address Line Two	Suite 900
Entity Address, City or Town	Uniondale
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	11553
City Area Code	516
Local Phone Number	506-4200
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		181,161,134
Entity Central Index Key	0001253986
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false
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 CumulativeRedeemable, 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 CumulativeRedeemable, 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	Mar. 31, 2023	Dec. 31, 2022
Assets:
Cash and cash equivalents	$ 774,544	$ 534,357
Restricted cash	704,844	713,808
Loans and investments, net (allowance for credit losses of $153,077 and $132,559)	13,430,985	14,254,674
Loans held-for-sale, net	469,602	354,070
Capitalized mortgage servicing rights, net	396,634	401,471
Securities held-to-maturity, net (allowance for credit losses of $5,025 and $3,153)	153,888	156,547
Investments in equity affiliates	77,641	79,130
Due from related party	113,105	77,419
Goodwill and other intangible assets	94,896	96,069
Other assets	372,085	371,440
Total assets	16,588,224	17,038,985
Liabilities and Equity:
Credit and repurchase facilities	3,650,876	3,841,814
Securitized debt	7,508,472	7,849,270
Senior unsecured notes	1,409,899	1,385,994
Convertible senior unsecured notes	281,046	280,356
Junior subordinated notes to subsidiary trust issuing preferred securities	143,322	143,128
Due to related party	12,481	12,350
Due to borrowers	59,281	61,237
Allowance for loss-sharing obligations	59,757	57,168
Other liabilities	305,633	335,789
Total liabilities	13,430,767	13,967,106
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:	633,684	633,684
Common stock, $0.01 par value: 500,000,000 shares authorized - 183,821,003 and 178,230,522 shares issued and outstanding	1,838	1,782
Additional paid-in capital	2,278,287	2,204,481
Retained earnings	107,697	97,049
Total Arbor Realty Trust, Inc. stockholders' equity	3,021,506	2,936,996
Noncontrolling interest	135,951	134,883
Total equity	3,157,457	3,071,879
Total liabilities and equity	$ 16,588,224	$ 17,038,985

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Loans and investments, net allowance for credit losses	$ 153,077	$ 132,559
Securities held-to-maturity, net allowance for credit losses	$ 5,025	$ 3,153
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)	183,821,003	178,230,522
Common stock, shares outstanding (in shares)	183,821,003	178,230,522
Assets	$ 16,588,224	$ 17,038,985
Liabilities	13,430,767	13,967,106
Consolidated VIEs
Assets	9,354,036	9,785,261
Liabilities	$ 7,532,335	$ 7,876,024
Special voting preferred shares
Preferred stock, shares issued (in shares)	16,293,589
Preferred stock, shares outstanding (in shares)	16,293,589	16,293,589
Series D preferred stock
Preferred stock, dividend rate (as a percent)	6.375%	6.375%
Preferred stock, shares issued (in shares)	9,200,000	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	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	11,342,000

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
CONSOLIDATED STATEMENTS OF INCOME
Interest income	$ 327,947	$ 166,698
Interest expense	219,373	82,559
Net interest income	108,574	84,139
Other revenue:
Gain on sales, including fee-based services, net	14,589	1,656
Mortgage servicing rights	18,458	15,312
Servicing revenue, net	29,565	21,054
Property operating income	1,381	295
Gain on derivative instruments, net	4,223	17,386
Other income, net	4,882	3,200
Total other revenue	73,098	58,903
Other expenses:
Employee compensation and benefits	42,399	42,025
Selling and administrative	13,623	14,548
Property operating expenses	1,383	535
Depreciation and amortization	2,624	1,983
Provision for loss sharing (net of recoveries)	3,177	(662)
Provision for credit losses (net of recoveries)	22,517	2,358
Total other expenses	85,723	60,787
Income before extinguishment of debt, income from equity affiliates and income taxes	95,949	82,255
Loss on extinguishment of debt		(1,350)
Income from equity affiliates	14,326	7,212
Provision for income taxes	(8,029)	(8,188)
Net income	102,246	79,929
Preferred stock dividends	10,342	9,056
Net income attributable to noncontrolling interest	7,585	6,816
Net income attributable to common stockholders	$ 84,319	$ 64,057
Basic earnings per common share	$ 0.47	$ 0.42
Diluted earnings per common share	$ 0.46	$ 0.40
Weighted average shares outstanding:
Basic	181,116,674	153,420,238
Diluted	214,910,974	185,431,404
Dividends declared per common share	$ 0.40	$ 0.37

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Preferred Stock Series F preferred stock	Preferred Stock	Common Stock	Additional Paid-in Capital	Retained Earnings	Total Arbor Realty Trust, Inc. Stockholders' Equity Series F preferred stock	Total Arbor Realty Trust, Inc. Stockholders' Equity	Non-controlling Interest	Series F preferred stock	Total
Balance beginning at Dec. 31, 2021		$ 556,163	$ 1,514	$ 1,789,229	$ 68,144		$ 2,415,050	$ 132,487		$ 2,547,537
Balance beginning (in shares) at Dec. 31, 2021		39,325,095	151,362,181
Increase (Decrease) in Stockholders' Equity
Issuance of common stock	$ 77,571		$ 82	137,718		$ 77,571	137,800		$ 77,571	137,800
Issuance of common stock (in shares)	3,292,000		8,225,750
Stock-based compensation, net			$ 6	674			680			680
Stock-based compensation, net (in shares)			610,184
Distributions - common stock					(56,373)		(56,373)			(56,373)
Distributions - preferred stock					(9,056)		(9,056)			(9,056)
Distributions - noncontrolling interest								(6,040)		(6,040)
Net income					73,113		73,113	6,816		79,929
Balance ending at Mar. 31, 2022		$ 633,734	$ 1,602	1,927,621	75,828		2,638,785	133,263		2,772,048
Balance ending (in shares) at Mar. 31, 2022		42,617,095	160,198,115
Balance beginning at Dec. 31, 2022		$ 633,684	$ 1,782	2,204,481	97,049		2,936,996	134,883		3,071,879
Balance beginning (in shares) at Dec. 31, 2022		42,585,589	178,230,522
Increase (Decrease) in Stockholders' Equity
Issuance of common stock			$ 56	82,688			82,744			82,744
Issuance of common stock (in shares)			5,635,800
Repurchase of common stock			$ (9)	(9,662)			(9,671)			(9,671)
Repurchase of common stock (in shares)			(886,432)
Stock-based compensation, net			$ 9	780			789			789
Stock-based compensation, net (in shares)			841,113
Distributions - common stock					(73,666)		(73,666)			(73,666)
Distributions - preferred stock					(10,347)		(10,347)			(10,347)
Distributions - noncontrolling interest								(6,517)		(6,517)
Net income		$ 0	$ 0	0	94,661		94,661	7,585		102,246
Balance ending at Mar. 31, 2023		$ 633,684	$ 1,838	$ 2,278,287	$ 107,697		$ 3,021,506	$ 135,951		$ 3,157,457
Balance ending (in shares) at Mar. 31, 2023		42,585,589	183,821,003

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating activities:
Net income	$ 102,246	$ 79,929
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	2,624	1,983
Stock-based compensation	5,901	6,095
Amortization and accretion of interest and fees, net	(236)	(2,840)
Amortization of capitalized mortgage servicing rights	15,416	14,972
Originations of loans held-for-sale	(1,033,384)	(845,620)
Proceeds from sales of loans held-for-sale, net of gain on sale	921,522	1,586,715
Mortgage servicing rights	(18,458)	(15,312)
Write-off of capitalized mortgage servicing rights from payoffs	3,307	12,697
Provision for loss sharing (net of recoveries)	3,177	(662)
Provision for credit losses (net of recoveries)	22,517	2,358
Net charge-offs for loss sharing obligations	(588)	(230)
Deferred tax provision (benefit)	3,164	(1,720)
Income from equity affiliates	(14,326)	(7,212)
Distributions from operations of equity affiliates	4,748	12,859
Change in fair value of held-for-sale loans	(2,960)
Loss on extinguishment of debt		1,350
Payoffs and paydowns of loans held-for-sale	13	3,258
Changes in operating assets and liabilities	(71,468)	(11,792)
Net cash (used in) provided by operating activities	(56,785)	836,828
Investing Activities:
Loans and investments funded, originated and purchased, net	(380,633)	(2,656,874)
Payoffs and paydowns of loans and investments	1,191,076	668,379
Deferred fees	3,953	20,767
Contributions to equity affiliates	(500)	(12,807)
Distributions from equity affiliates	11,567
Payoffs and paydowns of securities held-to-maturity	2,580	2,647
Purchase of securities held-to-maturity, net		(27,598)
Due to borrowers and reserves		(12,150)
Net cash provided by (used in) investing activities	828,043	(2,017,636)
Financing activities:
Proceeds from credit and repurchase facilities	1,849,389	3,035,664
Paydowns and payoffs of credit and repurchase facilities	(2,042,692)	(3,213,976)
Payoffs and paydowns of securitized debt	(344,547)	(441,000)
Proceeds from issuance of common stock	82,744	137,800
Proceeds from issuance of senior unsecured notes	95,000
Payoffs and paydowns of senior unsecured notes	(70,750)
Payments of withholding taxes on net settlement of vested stock	(5,112)	(5,415)
Repurchase of common stock	(9,671)
Distributions to stockholders	(90,530)	(72,099)
Payment of deferred financing costs	(3,866)	(13,915)
Proceeds from issuance of securitized debt		1,652,812
Proceeds from issuance of preferred stock		77,571
Net cash (used in) provided by financing activities	(540,035)	1,157,442
Net increase (decrease) in cash, cash equivalents and restricted cash	231,223	(23,366)
Cash, cash equivalents and restricted cash at beginning of period	1,248,165	891,270
Cash, cash equivalents and restricted cash at end of period	1,479,388	867,904
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents at beginning of period	534,357	404,580
Restricted cash at beginning of period	713,808	486,690
Cash, cash equivalents and restricted cash at beginning of period	1,248,165	891,270
Cash and cash equivalents at end of period	774,544	350,814
Restricted cash at end of period	704,844	517,090
Cash, cash equivalents and restricted cash at end of period	1,479,388	867,904
Supplemental cash flow information:
Cash used to pay interest	213,849	70,069
Cash used to pay taxes	1,032	741
Supplemental schedule of non-cash investing and financing activities:
Distributions accrued on preferred stock	$ 7,010	6,138
Cummulative-effect adjustment (adoption of convertible debt standard)		$ 2,447

Description of Business

Description of Business	3 Months Ended
Description of Business	Mar. 31, 2023
Description of Business
Description of Business	Note 1 — Description of Business Arbor Realty Trust, Inc. (“we,” “us,” or “our”) is a Maryland corporation formed in 2003. We are a nationwide real estate investment trust (“REIT”) and direct lender, providing loan origination and servicing for commercial real estate assets. We operate through two business segments: our Structured Loan Origination and Investment Business, or “Structured Business,” and our Agency Loan Origination and Servicing Business, or “Agency Business.” Through our Structured Business, we invest in a diversified portfolio of structured finance assets in the multifamily, single-family rental (“SFR”) and commercial real estate markets, primarily consisting of bridge 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 the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac,” and together with Fannie Mae, the government-sponsored enterprises, or “GSEs”), the Government National Mortgage Association (“Ginnie Mae”), Federal Housing Authority (“FHA”) and the U.S. Department of Housing and Urban Development (together with Ginnie Mae and FHA, “HUD”). We retain the servicing rights and asset management responsibilities on substantially all loans we originate and sell under the GSE and HUD programs. We are an approved Fannie Mae Delegated Underwriting and Servicing (“DUS”) lender nationally, a Freddie Mac Multifamily Conventional Loan lender, seller/servicer, in New York, New Jersey and Connecticut, a Freddie Mac affordable, manufactured housing, senior housing and small balance loan (“SBL”) lender, seller/servicer, nationally and a HUD MAP and LEAN senior housing/healthcare lender nationally. We also originate and service permanent financing loans underwritten using the guidelines of our existing agency loans sold to the GSEs, which we refer to as “Private Label” loans, and originate and sell finance products through conduit/commercial mortgage-backed securities (“CMBS”) programs. We pool and securitize the Private Label loans and sell certificates in the securitizations to third-party investors, while retaining the servicing rights and the highest risk bottom tranche certificate of the securitization (“APL certificates”). Substantially all of our operations are conducted through our operating partnership, Arbor Realty Limited Partnership (“ARLP”), for which we serve as the indirect general partner, and ARLP’s subsidiaries. We are organized to qualify as a REIT for U.S. federal income tax purposes. A REIT is generally not subject to federal income tax on that portion of its REIT-taxable income that is distributed to its stockholders, provided that at least 90% of taxable income is distributed and provided that certain other requirements are met. Certain of our assets that produce non-qualifying REIT income, primarily within the Agency Business, are operated through taxable REIT subsidiaries (“TRS”), which are part of our TRS consolidated group (the “TRS Consolidated Group”) and are subject to U.S. federal, state and local income taxes. In general, our TRS entities may hold assets that the REIT cannot hold directly and may engage in real estate or non-real estate-related business.

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	3 Months Ended
Basis of Presentation and Significant Accounting Policies	Mar. 31, 2023
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 have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”), for interim financial statements and the instructions to Form 10-Q. Accordingly, certain information and footnote disclosures normally included in the consolidated financial statements prepared under GAAP have been condensed or omitted. In our opinion, all adjustments considered necessary for a fair presentation of our financial position, results of operations and cash flows have been included and are of a normal and recurring nature. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These financial statements should be read in conjunction with our financial statements and notes thereto included in our 2022 Annual Report. Principles of Consolidation The consolidated financial statements include our financial statements and the financial statements of our wholly owned subsidiaries, partnerships and other entities in which we own a controlling interest, including variable interest entities (“VIEs”) of which we are the primary beneficiary. Entities in which we have a significant influence are accounted for under the equity method. Our VIEs are described in Note 14. All significant intercompany transactions and balances have been eliminated in consolidation. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that could materially affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. 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 March 31, 2023 inherently less certain. Reclassification Certain amounts in the prior period financial statements have been reclassified to conform to the presentation of the current period financial statements. Recently Adopted Accounting Pronouncements Description Adoption Date Effect on Financial Statements In March 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 The adoption of this guidance did not have a material impact on our consolidated financial statements. Recently Issued Accounting Pronouncements In March 2023, the FASB issued ASU 2023-01, Leases (Topic 842) – Common Control Arrangements and ASU 2023-02, Investments – Equity Method and Joint Ventures: Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method, both effective for us in the first quarter of 2024. We currently do not have any transactions that fall under the scope of this guidance; therefore, the adoption of this guidance is not expected to have an impact on our consolidated financial statements. Significant Accounting Policies See Item 8 – Financial Statements and Supplementary Data in our 2022 Annual Report for a description of our significant accounting policies. There have been no significant changes to our significant accounting policies since December 31, 2022.

Loans and Investments

Loans and Investments	3 Months Ended
Loans and Investments	Mar. 31, 2023
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 March 31, 2023 Total Count Pay Rate (1) Maturity LTV Ratio (2) LTV Ratio (3) Bridge loans (4) $ 13,298,939 97 % 659 8.62 % 18.3 0 % 76 % Mezzanine loans 222,094 2 % 46 8.15 % 60.7 44 % 80 % Preferred equity investments 89,725 1 % 7 6.56 % 45.3 47 % 84 % Other loans (5) 32,966 <1 % 3 9.23 % 29.5 0 % 57 % 13,643,724 100 % 715 8.60 % 19.2 1 % 76 % Allowance for credit losses (153,077) Unearned revenue (59,662) Loans and investments, net $ 13,430,985 December 31, 2022 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 (1) “Weighted Average Pay Rate” is a weighted average, based on the unpaid principal balance (“UPB”) of each loan in our portfolio, of the interest rate required to be paid monthly as stated in the individual loan agreements. Certain loans and investments that require an 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 March 31, 2023 and December 31, 2022, bridge loans included 254 and 241 , respectively, of SFR loans with a total gross loan commitment of $1.63 billion and $1.57 billion, respectively, of which $982.0 million and $927.4 million, respectively, was funded. (5) At both March 31, 2023 and December 31, 2022, other loans included 3 variable rate SFR permanent loans. Concentration of Credit Risk We are subject to concentration risk in that, at March 31, 2023, the UPB related to 84 loans with five different borrowers represented 11% of total assets. At December 31, 2022, the UPB related to 38 loans with five different borrowers represented 11% of total assets. During both the three months ended March 31, 2023 and the year ended December 31, 2022, no single loan or investment represented more than 10% of our total assets and no single investor group generated over 10% of our revenue. See Note 17 for details on our concentration of related party loans and investments. We assign a credit risk rating of pass, pass/watch, special mention, substandard or doubtful to each loan and investment, with a pass rating being the lowest risk and a doubtful rating being the highest risk. Each credit risk rating has benchmark guidelines that pertain to debt-service coverage ratios, LTV ratios, borrower strength, asset quality, and funded cash reserves. Other factors such as guarantees, market strength, and remaining loan term and borrower equity are also reviewed and factored into determining the credit risk rating assigned to each loan. This metric provides a helpful snapshot of portfolio quality and credit risk. All portfolio assets are subject to, at a minimum, a thorough quarterly financial evaluation in which historical operating performance and forward-looking projections are reviewed, however, we maintain a higher level of scrutiny and focus on loans that we consider “high risk” and that possess deteriorating credit quality. Generally speaking, given our typical loan profile, risk ratings of pass, pass/watch and special mention suggest that we expect the loan to make both principal and interest payments according to the contractual terms of the loan agreement. A risk rating of substandard indicates we anticipate the loan may require a modification of some kind. A risk rating of doubtful indicates we expect the loan to underperform over its term, and there could be loss of interest and/or principal. Further, while the above are the primary guidelines used in determining a certain risk rating, subjective items such as borrower strength, market strength or asset quality may result in a rating that is higher or lower than might be indicated by any risk rating matrix. A summary of the loan portfolio’s internal risk ratings and LTV ratios by asset class at March 31, 2023 is as follows ($ in thousands): Wtd. Avg. Wtd. Avg. UPB by Origination Year First Dollar Last Dollar Asset Class / Risk Rating 2023 2022 2021 2020 2019 Prior Total LTV Ratio LTV Ratio Multifamily: Pass $ 22,360 $ 549,835 $ 268,328 $ 3,155 $ — $ 20,300 $ 863,978 Pass/Watch 160,465 2,781,244 3,236,800 303,109 203,354 22,050 6,707,022 Special Mention — 1,322,873 2,884,543 51,175 51,785 27,194 4,337,570 Substandard — 97,218 259,302 — 10,565 32,500 399,585 Total Multifamily $ 182,825 $ 4,751,170 $ 6,648,973 $ 357,439 $ 265,704 $ 102,044 $ 12,308,155 1 % 77 % Single-Family Rental: Percentage of portfolio 91 % Pass $ — $ — $ 22,928 $ 3,113 $ — $ — $ 26,041 Pass/Watch 33,188 449,188 293,140 107,147 20,965 — 903,628 Special Mention — 20,710 27,474 37,139 — — 85,323 Total Single-Family Rental $ 33,188 $ 469,898 $ 343,542 $ 147,399 $ 20,965 $ — $ 1,014,992 0 % 63 % 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 % 98 % Office: Percentage of portfolio 1 % Pass/Watch $ — $ — $ — $ 35,410 $ — $ — $ 35,410 Substandard — — — — — 44,625 44,625 Total Office $ — $ — $ — $ 35,410 $ — $ 44,625 $ 80,035 0 % 99 % Healthcare: Percentage of portfolio 1 % Pass/Watch $ — $ — $ — $ — $ 51,069 $ — $ 51,069 Total Healthcare $ — $ — $ — $ — $ 51,069 $ — $ 51,069 0 % 69 % Retail: Percentage of portfolio < 1 % Pass $ — $ — $ — $ — $ 4,000 $ — $ 4,000 Special Mention — — — — — 3,445 3,445 Substandard — — — — — 18,600 18,600 Total Retail $ — $ — $ — $ — $ 4,000 $ 22,045 $ 26,045 11 % 71 % Student Housing: Percentage of portfolio < 1 % Pass/Watch $ — $ — $ 25,700 $ — $ — $ — $ 25,700 Total Student Housing $ — $ — $ 25,700 $ — $ — $ — $ 25,700 0 % 67 % Other: Percentage of portfolio < 1 % Doubtful $ — $ — $ — $ — $ — $ 1,700 $ 1,700 Total Other $ — $ — $ — $ — $ — $ 1,700 $ 1,700 63 % 63 % Percentage of portfolio < 1 % Grand Total $ 216,013 $ 5,221,068 $ 7,018,215 $ 548,348 $ 341,738 $ 298,342 $ 13,643,724 1 % 76 % Geographic Concentration Risk At March 31, 2023, underlying properties in Texas and Florida represented 24% and 15%, respectively, of the outstanding balance of our loan and investment portfolio. 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. No other states represented 10% or more of the total loan and investment portfolio. Allowance for Credit Losses A summary of the changes in the allowance for credit losses is as follows (in thousands): Three Months Ended March 31, 2023 Land Multifamily Office Retail Commercial Single-Family Rental Other Total Allowance for credit losses: Beginning balance $ 78,068 $ 37,961 $ 8,162 $ 5,819 $ 1,700 $ 781 $ 68 $ 132,559 Provision for credit losses (net of recoveries) 18 20,387 (56) — — 192 (23) 20,518 Ending balance $ 78,086 $ 58,348 $ 8,106 $ 5,819 $ 1,700 $ 973 $ 45 $ 153,077 Three Months Ended March 31, 2022 Allowance for credit losses: Beginning balance $ 77,970 $ 18,707 $ 8,073 $ 5,819 $ 1,700 $ 320 $ 652 $ 113,241 Provision for credit losses (net of recoveries) (30) 3,377 12 — — 101 (319) 3,141 Ending balance $ 77,940 $ 22,084 $ 8,085 $ 5,819 $ 1,700 $ 421 $ 333 $ 116,382 The increase in the provision for credit losses during the three months ended March 31, 2023 of $20.5 million was primarily attributable to the impact from the macroeconomic outlook of the commercial real estate market. 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, including an estimated continual decline in real estate values and other market factors. 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 March 31, 2023 and December 31, 2022, we had outstanding unfunded commitments of $1.05 billion and $1.15 billion, respectively, that we are obligated to fund as borrowers meet certain requirements. At March 31, 2023 and December 31, 2022, accrued interest receivable related to our loans totaling $112.8 million and $108.5 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): March 31, 2023 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 % Office 44,625 44,625 7,951 0 % 100 % Retail 22,045 17,563 5,817 13 % 78 % Commercial 1,700 1,700 1,700 63 % 63 % Total $ 202,585 $ 191,756 $ 93,337 2 % 96 % December 31, 2022 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 % (1) Represents the UPB of eight and seven impaired loans (less unearned revenue and other holdbacks and adjustments) by asset class at March 31, 2023 and December 31, 2022, 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 March 31, 2023 and December 31, 2022. At both March 31, 2023 and 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. 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): March 31, 2023 December 31, 2022 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 $ 2,605 $ — $ 2,605 Retail 3,445 — 3,445 3,445 — 3,445 Commercial 1,700 — 1,700 1,700 — 1,700 Total $ 7,750 $ — $ 7,750 $ 7,750 $ — $ 7,750 In addition, we have six loans with a carrying value totaling $121.4 million at March 31, 2023, 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 March 31, 2023 and December 31, 2022, 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 March 31, 2023 and December 31, 2022, we had no loans contractually past due 90 days or more that are still accruing interest. During the three months ended March 31, 2023 and 2022, we received $0.6 million and zero, respectively, of interest income on nonaccrual loans. There were no loan modifications, refinancing’s and/or extensions during the three months ended March 31, 2023 or 2022 for borrowers experiencing financial difficulty. 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 March 31, 2023 and December 31, 2022, we had total interest reserves of $118.0 million and $123.7 million, respectively, on 479 loans and 480 loans, respectively, with an aggregate UPB of $7.48 billion and $7.70 billion, respectively. Subsequent Event In April 2023, we exercised our right to foreclose on a group of properties in Houston, Texas that are the underlying collateral for four bridge loans with a total UPB of $217.4 million at March 31, 2023. We simultaneously sold these properties to a significant equity investor in the original bridge loans and provided new bridge loan financing as part of the sale. We did not record a loss on the original bridge loans and recovered all the outstanding interest owed to us as part of this restructuring.

Loans Held-for-Sale, Net

Loans Held-for-Sale, Net	3 Months Ended
Loans Held-for-Sale, Net	Mar. 31, 2023
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 to third-parties or securitized within 180 days of loan origination. Loans held-for-sale, net consists of the following (in thousands): March 31, 2023 December 31, 2022 Fannie Mae $ 316,283 $ 173,020 FHA 68,008 21,021 Freddie Mac 41,813 8,938 Private Label 33,897 152,735 SFR - Fixed Rate 8,737 12,352 468,738 368,066 Fair value of future MSR 7,387 5,557 Unrealized impairment loss (1,565) (15,703) Unearned discount (4,958) (3,850) Loans held-for-sale, net $ 469,602 $ 354,070 During the three months ended March 31, 2023 and 2022, we sold $932.7 million and $1.59 billion, respectively, of loans held-for-sale. Included in the total loans sold in the first quarters of 2023 and 2022 were $159.9 million and $489.3 million, respectively, of Private Label loans that were sold to unconsolidated affiliates. In connection with the Private Label loans sold in the first quarter of 2022, which were securitized by the purchaser, we retained the most subordinate class of certificates in this securitization totaling $43.4 million in satisfaction of credit risk retention requirements (see Note 7 for details), and we are also the primary servicer of the mortgage loans. During 2022, we recorded a loss of $5.2 million (net of corresponding swap gains associated with these loans) on seven Private Label loans with a UPB of $129.9 million and a net carrying value of $116.4 million. During the first quarter of 2023, we sold these loans and recorded a gain of $0.9 million. At March 31, 2023 and December 31, 2022, 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	3 Months Ended
Capitalized Mortgage Servicing Rights	Mar. 31, 2023
Capitalized Mortgage Servicing Rights
Capitalized Mortgage Servicing Rights	Note 5 — Capitalized Mortgage Servicing Rights Our capitalized mortgage servicing rights (“MSRs”) reflect commercial real estate MSRs derived primarily from loans sold in our Agency Business or acquired MSRs. The discount rates used to determine the present value of all our MSRs throughout the periods presented were between 8% - 13% (representing a weighted average discount rate of 12%) based on our best estimate of market discount rates. The weighted average estimated life remaining of our MSRs was 8.6 years at both March 31, 2023 and December 31, 2022. A summary of our capitalized MSR activity is as follows (in thousands): Three Months Ended March 31, 2023 Three Months Ended March 31, 2022 Originated Acquired Total Originated Acquired Total Beginning balance $ 386,878 $ 14,593 $ 401,471 $ 395,573 $ 27,161 $ 422,734 Additions 13,886 — 13,886 26,971 — 26,971 Amortization (14,287) (1,129) (15,416) (12,927) (2,045) (14,972) Write-downs and payoffs (2,841) (466) (3,307) (11,556) (1,141) (12,697) Ending balance $ 383,636 $ 12,998 $ 396,634 $ 398,061 $ 23,975 $ 422,036 We collected prepayment fees totaling $2.1 million and $16.1 million during the three months ended March 31, 2023 and 2022, respectively, which are included as a component of servicing revenue, net on the consolidated statements of income. At March 31, 2023 and December 31, 2022, we had no valuation allowance recorded on any of our MSRs. The expected amortization of capitalized MSRs recorded at March 31, 2023 is as follows (in thousands): Year Amortization 2023 (nine months ending 12/31/2023) $ 46,546 2024 60,349 2025 56,515 2026 50,349 2027 45,525 Thereafter 137,350 Total $ 396,634 Based on scheduled maturities, actual amortization may vary from these estimates.

Mortgage Servicing

Mortgage Servicing	3 Months Ended
Mortgage Servicing	Mar. 31, 2023
Mortgage Servicing
Mortgage Servicing	Note 6 — Mortgage Servicing Product and geographic concentrations that impact our servicing revenue are as follows ($ in thousands): March 31, 2023 Product Concentrations Geographic Concentrations UPB Product UPB (1) % of Total State % of Total Fannie Mae $ 19,508,256 67 % Texas 12 % Freddie Mac 5,180,607 18 % New York 11 % Private Label 2,233,500 8 % California 8 % FHA 1,242,669 4 % North Carolina 8 % Bridge (2) 467,881 2 % Georgia 6 % SFR - Fixed Rate 279,712 1 % Florida 5 % Total $ 28,912,625 100 % New Jersey 5 % Illinois 4 % Other (3) 41 % Total 100 % December 31, 2022 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 % (1) Excludes loans which we are not collecting a servicing fee. (2) Represents bridge loans that were either sold by our Structured Business or refinanced by a third-party lender which we retained the right to service. (3) No other individual state represented 4% or more of the total. At March 31, 2023 and December 31, 2022, our weighted average servicing fee was 40.3 basis points and 41.1 basis points, respectively. At March 31, 2023 and December 31, 2022, we held total escrow balances (including unfunded CLO holdbacks) of approximately $1.5 billion and $1.7 billion, respectively, of which approximately $1.3 billion and $1.5 billion, respectively, is not included in our consolidated balance sheets. 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, which is 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, is included as a component of servicing revenue, net in the consolidated statements of income as noted in the following table. The components of servicing revenue, net are as follows (in thousands): Three Months Ended March 31, 2023 2022 Servicing fees $ 29,210 $ 31,748 Interest earned on escrows 17,003 837 Prepayment fees 2,075 16,138 Write-offs of MSRs (3,307) (12,697) Amortization of MSRs (15,416) (14,972) Servicing revenue, net $ 29,565 $ 21,054

Securities Held-to-Maturity

Securities Held-to-Maturity	3 Months Ended
Securities Held-to-Maturity	Mar. 31, 2023
Securities Held-to-Maturity
Securities Held-to-Maturity	Note 7 — Securities Held-to-Maturity Agency Private Label Certificates (“APL certificates”). Agency B Piece Bonds. A summary of our securities held-to-maturity is as follows (in thousands): Net Carrying Unrealized Estimated Allowance for Face Value Value Gain (Loss) Fair Value Credit Losses March 31, 2023 APL certificates $ 192,791 $ 124,118 $ (16,178) $ 107,940 $ 3,330 B Piece bonds 39,750 29,770 3,253 33,023 1,695 Total $ 232,541 $ 153,888 $ (12,925) $ 140,963 $ 5,025 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 A summary of the changes in the allowance for credit losses for our securities held-to-maturity is as follows (in thousands): Three Months Ended March 31, 2023 APL B Piece Certificates Bonds Total Beginning balance $ 2,783 $ 370 $ 3,153 Provision for credit loss expense/(reversal) 547 1,325 1,872 Ending balance $ 3,330 $ 1,695 $ 5,025 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. We recorded interest income (including the amortization of discount) related to these investments of $3.1 million and $5.2 million during the three months ended March 31, 2023 and 2022, respectively.

Investments in Equity Affiliate

Investments in Equity Affiliates	3 Months Ended
Investments in Equity Affiliates	Mar. 31, 2023
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 March 31, 2023 December 31, 2022 March 31, 2023 Arbor Residential Investor LLC $ 46,141 $ 46,951 $ — AMAC Holdings III LLC 14,791 15,825 — Fifth Wall Ventures 13,939 13,584 — Lightstone Value Plus REIT L.P. 1,895 1,895 — Docsumo Pte. Ltd. 450 450 — JT Prime 425 425 — North Vermont Avenue — — — West Shore Café — — 1,688 Lexford Portfolio — — — East River Portfolio — — — Total $ 77,641 $ 79,130 $ 1,688 Arbor Residential Investor LLC (“ARI”). $7.5 million during the three months ended March 31, 2022, which were classified as returns of capital. The allocation of income is based on the underlying agreements, which may be different than our indirect interest, and was 9.2 % at March 31, 2023. At March 31, 2023, our indirect interest was . AMAC Holdings III LLC (“AMAC III”). During the first quarter of 2023, we received distributions of $0.6 million, which were classified as returns of capital and recorded a loss of $0.4 million. During the first quarter of 2022, we funded an additional $4.9 million and recorded a loss of $0.5 million. Fifth Wall Ventures (“Fifth Wall”). We funded an additional $0.4 million and $4.8 million during the first quarters of 2023 and 2022, respectively . Docsumo Pte. Ltd. (“Docsumo”). Lexford Portfolio. Equity Participation Interest. See Note 17 for details of certain investments described above.

Debt Obligations

Debt Obligations	3 Months Ended
Debt Obligations	Mar. 31, 2023
Debt Obligations
Debt Obligations	Note 9 — Debt Obligations Credit and Repurchase Facilities Borrowings under our credit and repurchase facilities are as follows ($ in thousands): March 31, 2023 December 31, 2022 Note Debt Collateral Debt Collateral Current Extended Rate Carrying Carrying Wtd. Avg. Carrying Carrying Maturity Maturity Type Value (1) Value Note Rate Value (1) Value Structured Business $2.5B joint repurchase facility (2) Mar. 2024 Mar. 2025 V $ 1,336,305 $ 1,876,423 7.26 % $ 1,516,657 $ 2,099,447 $1B repurchase facility (2) Dec. 2023 N/A V 391,056 559,341 6.97 % 498,666 703,740 $500M repurchase facility (3) N/A V 198,152 240,799 7.89 % 154,653 188,563 $499M repurchase facility (2)(4) Oct. 2023 N/A V 339,819 487,321 7.22 % 351,056 504,506 $450M repurchase facility Mar. 2024 Mar. 2026 V 319,106 419,485 7.03 % 344,237 450,736 $450M repurchase facility Oct. 2023 Oct. 2024 V 102,470 131,924 6.57 % 186,639 239,678 $400M credit facility July 2023 N/A V 33,232 43,383 6.83 % 33,221 43,238 $225M credit facility Oct. 2023 Oct. 2024 V 64,877 116,288 7.52 % 47,398 81,119 $200M repurchase facility Mar. 2024 Mar. 2025 V 45,769 65,401 7.52 % 32,494 47,750 $200M repurchase facility Jan. 2024 Jan. 2025 V 147,948 187,508 6.92 % 154,516 200,099 $169M loan specific credit facilities May 2023 to Aug. 2025 May 2023 to Aug. 2027 V/F 169,111 238,458 6.97 % 156,107 225,805 $50M credit facility Apr. 2024 Apr. 2025 V 29,199 36,500 7.07 % 29,194 36,500 $35M working capital facility Apr. 2024 N/A V — — — — — $25M credit facility Oct. 2024 N/A V 18,747 24,475 7.57 % 18,701 24,572 $25M credit facility Apr. 2026 Apr. 2027 V — — — — — Repurchase facility - securities (2)(5) N/A N/A V 33,100 — 6.59 % 12,832 — Structured Business total $ 3,228,891 $ 4,427,306 7.18 % $ 3,536,371 $ 4,845,753 Agency Business $750M ASAP agreement N/A N/A V $ 82,581 $ 82,679 5.78 % $ 29,476 $ 30,291 $500M joint repurchase facility (2) Mar. 2024 Mar. 2025 V 8,047 11,350 7.03 % 104,629 135,641 $500M repurchase facility Nov. 2023 N/A V 112,978 125,336 6.18 % 66,778 66,866 $200M credit facility Mar. 2024 N/A V 167,480 167,681 6.27 % 31,475 33,177 $150M credit facility July 2023 N/A V 50,365 50,408 6.33 % 57,887 57,974 $50M credit facility Sept. 2023 N/A V — — — 14,664 14,671 $1M repurchase facility (2)(4) Oct. 2023 N/A V 534 907 7.18 % 534 920 Agency Business total $ 421,985 $ 438,361 6.17 % $ 305,443 $ 339,540 Consolidated total $ 3,650,876 $ 4,865,667 7.06 % $ 3,841,814 $ 5,185,293 V = ; F = Fixed Note Rate (1) At March 31, 2023 and December 31, 2022, debt carrying value for the Structured Business was net of unamortized deferred finance costs of $11.1 million and $13.3 million, respectively, and for the Agency Business was net of unamortized deferred finance costs of $0.8 million and $0.9 million, respectively. (2) These facilities are subject to margin call provisions associated with changes in interest spreads. (3) The commitment amount under this repurchase facility expires six months after the lender provides written notice. We then have an additional six months to repurchase the underlying loans. (4) A portion of this facility was used to finance a fixed rate SFR permanent loan reported through our Agency Business. (5) At March 31, 2023 , this facility was collateralized by certificates retained by us from our Freddie Mac Q Series securitization (“Q Series securitization”) with a principal balance of $47.4 million. At December 31, 2022, this facility was collateralized by B Piece bonds with a carrying value of $33.1 million. During 2022 and 2023, 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. Structured Business At March 31, 2023 and December 31, 2022, 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 7.57% and 6.95%, respectively. The leverage on our loan and investment portfolio financed through our credit and repurchase facilities, excluding the securities repurchase facility and the working capital facility, was 72% and 73% at March 31, 2023 and December 31, 2022, respectively. In March 2023, we amended a $450.0 million repurchase facility to exercise a one-year extension option to March 2024 and amend the interest rate to a minimum of SOFR plus 2.00%. Agency Business In March 2023, we amended a $200.0 million credit facility to extend the maturity to March 2024 and amend the interest rate to SOFR plus 1.40%. Securitized Debt We account for securitized debt transactions on our consolidated balance sheet as financing facilities. These transactions are considered VIEs for which we are the primary beneficiary and are consolidated in our financial statements. The investment grade notes and guaranteed certificates issued to third parties are treated as secured financings and are non-recourse to us. Borrowings and the corresponding collateral under our securitized debt transactions are as follows ($ in thousands): Debt Collateral (3) Loans Cash Carrying Wtd. Avg. Carrying Restricted March 31, 2023 Face Value Value (1) Rate (2) UPB Value Cash (4) CLO 19 $ 872,812 $ 867,037 7.33 % $ 985,430 $ 980,805 $ 34,882 CLO 18 1,652,812 1,646,248 6.77 % 1,970,977 1,963,706 — CLO 17 1,714,125 1,708,200 6.63 % 1,939,977 1,933,198 129,142 CLO 16 1,237,500 1,232,352 6.26 % 1,411,145 1,405,680 55,931 CLO 15 674,412 671,983 6.32 % 607,100 604,704 186,520 CLO 14 655,475 653,034 6.27 % 673,732 671,839 73,802 CLO 13 294,477 293,022 6.76 % 400,617 399,695 24,175 CLO 12 203,027 202,375 6.93 % 257,714 256,655 27,900 Total CLOs 7,304,640 7,274,251 6.63 % 8,246,692 8,216,282 532,352 Q Series securitization 236,878 234,221 6.87 % 315,837 314,166 — Total securitized debt $ 7,541,518 $ 7,508,472 6.64 % $ 8,562,529 $ 8,530,448 $ 532,352 December 31, 2022 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 (1) Debt carrying value is net of $33.0 million and $36.8 million of deferred financing fees at March 31, 2023 and December 31, 2022, respectively. (2) At March 31, 2023 and December 31, 2022, the aggregate weighted average note rate for our collateralized loan obligations (“CLOs”), including certain fees and costs, was 6.86% and 6.32% , respectively. (3) At March 31, 2023, five loans with an aggregate UPB of $121.4 million were deemed a "credit risk" as defined by the CLO indentures. At December 31, 2022, there were no collateral deemed a “credit risk” as defined by the CLO indentures. Credit risk assets are generally defined as one that, in the CLO collateral manager's reasonable business judgment, has a significant risk of becoming a defaulted asset. (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 $167.5 million and $230.0 million at March 31, 2023 and December 31, 2022, respectively. CLO 13 and CLO 12. Senior Unsecured Notes A summary of our senior unsecured notes is as follows (in thousands): Senior March 31, 2023 December 31, 2022 Unsecured Issuance Carrying Wtd. Avg. Carrying Wtd. Avg. Notes Date Maturity UPB Value (1) Rate (2) UPB Value (1) Rate (2) 7.75% Notes (3) Mar. 2023 Mar. 2026 $ 95,000 $ 93,518 7.75 % $ — $ — — 8.50% Notes (3) Oct. 2022 Oct. 2027 150,000 147,647 8.50 % 150,000 147,519 8.50 % 5.00% Notes (3) Dec. 2021 Dec. 2028 180,000 177,557 5.00 % 180,000 177,450 5.00 % 4.50% Notes (3) Aug. 2021 Sept. 2026 270,000 267,136 4.50 % 270,000 266,926 4.50 % 5.00% Notes (3) Apr. 2021 Apr. 2026 175,000 173,073 5.00 % 175,000 172,917 5.00 % 8.00% Notes (3) Apr. 2020 Apr. 2023 — — — 70,750 70,613 8.00 % 4.50% Notes (3) Mar. 2020 Mar. 2027 275,000 273,081 4.50 % 275,000 272,960 4.50 % 4.75% Notes (4) Oct. 2019 Oct. 2024 110,000 109,457 4.75 % 110,000 109,369 4.75 % 5.75% Notes (4) Mar. 2019 Apr. 2024 90,000 89,611 5.75 % 90,000 89,514 5.75 % 5.625% Notes (4) Mar. 2018 May 2023 78,850 78,819 5.63 % 78,850 78,726 5.63 % $ 1,423,850 $ 1,409,899 5.42 % $ 1,399,600 $ 1,385,994 5.40 % (1) At March 31, 2023 and December 31, 2022, the carrying value is net of deferred financing fees of $14.0 million and $13.6 million, respectively. (2) At March 31, 2023 and December 31, 2022, the aggregate weighted average note rate, including certain fees and costs, was 5.72 % and 5.69% , respectively. (3) These notes can be redeemed by us prior to three months before the maturity date, at a redemption price equal to 100% of the aggregate principal amount, plus a “make-whole” premium and accrued and unpaid interest. We have the right to redeem the notes within three months prior to the maturity date at a redemption price equal to 100% of the aggregate principal amount, plus accrued and unpaid interest. (4) These notes can be redeemed by us at any time prior to the maturity date, at a redemption price equal to 100% of the aggregate principal amount, plus a “make-whole” premium and accrued and unpaid interest. We have the right to redeem the notes on the maturity date at a redemption price equal to 100% of the aggregate principal amount, plus accrued and unpaid interest. In March 2023, we issued $95.0 million aggregate principal amount of 7.75% senior unsecured notes due in 2026 in a private offering. We received net proceeds of $93.4 million from the issuance, after deducting the placement agent commission and other offering expenses. We used $70.8 million of the proceeds, which includes accrued interest and other fees, to repurchase the remaining portion of our 8.00% senior unsecured notes due in 2023. Subsequent Event. Convertible Senior Unsecured Notes Our convertible senior unsecured notes are not redeemable by us prior to their maturities and are convertible by the holder into, at our election, cash, shares of our common stock, or a combination of both, subject to the satisfaction of certain conditions and during specified periods. The conversion rates are subject to adjustment upon the occurrence of certain specified events and the holders may require us to repurchase all, or any portion, of their notes for cash equal to 100% of the principal amount, plus accrued and unpaid interest, if we undergo a fundamental change specified in the agreements. The UPB and net carrying value of our convertible notes are as follows (in thousands): Unamortized Deferred Net Carrying Period UPB Financing Fees Value March 31, 2023 $ 287,500 $ 6,454 $ 281,046 December 31, 2022 $ 287,500 $ 7,144 $ 280,356 During the three months ended March 31, 2023, we incurred interest expense on the notes totaling $6.1 million, of which $5.4 million and $0.7 million related to the cash coupon and deferred financing fees, respectively. During the three months ended March 31, 2022, we incurred interest expense on the notes totaling $3.8 million, of which $3.1 million and $0.7 million related to the cash coupon and deferred financing fees, respectively. Including the amortization of the deferred financing fees, our weighted average total cost of the notes was 8.42% at both March 31, 2023 and December 31, 2022. At March 31, 2023, the 7.50% convertible senior notes had a conversion rate of 59.9317 shares of common stock per $1,000 of principal, which represented a conversion price of $16.69 per share of common stock. Junior Subordinated Notes The carrying values of borrowings under our junior subordinated notes were $143.3 million and $143.1 million at March 31, 2023 and December 31, 2022, respectively, which is net of a deferred amount of $9.5 million and $9.6 million, respectively, (which is amortized into interest expense over the life of the notes) and deferred financing fees of $1.6 million at both March 31, 2023 and December 31, 2022. These notes have maturities ranging from March 2034 through April 2037 and pay interest quarterly at a floating rate based on LIBOR. The weighted average note rate was 8.08% and 7.65% at March 31, 2023 and December 31, 2022, respectively. Including certain fees and costs, the weighted average note rate was 8.16% and 7.74% at March 31, 2023 and December 31, 2022, respectively. Debt Covenants Credit and Repurchase Facilities and Unsecured Debt. CLOs. Our CLO compliance tests as of the most recent determination dates in April 2023 are as follows: Cash Flow Triggers CLO 12 CLO 13 CLO 14 CLO 15 CLO 16 CLO 17 CLO 18 CLO 19 Overcollateralization (1) Current 149.65 % 144.83 % 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 181.78 % 157.94 % 181.82 % 169.24 % 159.94 % 145.12 % 150.89 % 124.34 % Limit 120.00 % 120.00 % 120.00 % 120.00 % 120.00 % 120.00 % 120.00 % 120.00 % Pass / Fail Pass Pass Pass Pass Pass Pass Pass Pass (1) The overcollateralization ratio divides the total principal balance of all collateral in the CLO by the total principal balance of the bonds associated with the applicable ratio. To the extent an asset is considered a defaulted security, the asset’s principal balance for purposes of the overcollateralization test is the lesser of the asset’s market value or the principal balance of the defaulted asset multiplied by the asset’s recovery rate which is determined by the rating agencies. Rating downgrades of CLO collateral will generally not have a direct impact on the principal balance of a CLO asset for purposes of calculating the CLO overcollateralization test unless the rating downgrade is below a significantly low threshold (e.g. CCC-) as defined in each CLO vehicle. (2) The interest coverage ratio divides interest income by interest expense for the classes senior to those retained by us. Our CLO overcollateralization ratios as of the determination dates subsequent to each quarter are as follows: Determination (1) CLO 12 CLO 13 CLO 14 CLO 15 CLO 16 CLO 17 CLO 18 CLO 19 April 2023 149.65 % 144.83 % 119.76 % 120.85 % 121.21 % 122.51 % 124.03 % 120.30 % 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 % — (1) This table represents the quarterly trend of our overcollateralization ratio, however, the CLO determination dates are monthly and we were in compliance with this test for all periods presented. The ratio will fluctuate based on the performance of the underlying assets, transfers of assets into the CLOs prior to the expiration of their respective replenishment dates, purchase or disposal of other investments, and loan payoffs. No payment due under the junior subordinated indentures may be paid if there is a default under any senior debt and the senior lender has sent notice to the trustee. The junior subordinated indentures are also cross-defaulted with each other.

Allowance for Loss-Sharing Obli

Allowance for Loss-Sharing Obligations	3 Months Ended
Allowance for Loss-Sharing Obligations	Mar. 31, 2023
Allowance for Loss-Sharing Obligations
Allowance for Loss-Sharing Obligations	Note 10 — Allowance for Loss-Sharing Obligations Our allowance for loss-sharing obligations related to the Fannie Mae DUS program is as follows (in thousands): Three Months Ended March 31, 2023 2022 Beginning balance $ 57,168 $ 56,064 Provisions for loss sharing 4,567 133 Provisions reversal for loan repayments (1,390) (795) Recoveries (charge-offs), net (588) (230) Ending balance $ 59,757 $ 55,172 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 March 31, 2023 and 2022, we had $34.5 million and $34.4 million, respectively, of guarantee obligations included in the allowance for loss-sharing obligations. In addition to and separately from the fair value of the guarantee, we estimate our allowance for loss-sharing under CECL over the contractual period in which we are exposed to credit risk. The current expected loss related to loss-sharing was based on a collective pooling basis with similar risk characteristics, a reasonable and supportable forecast and a reversion period based on our average historical losses through the remaining contractual term of the portfolio. When we settle a loss under the DUS loss-sharing model, the net loss is charged-off against the previously recorded loss-sharing obligation. The settled loss is often net of any previously advanced principal and interest payments in accordance with the DUS program, which are reflected as reductions to the proceeds needed to settle losses. At March 31, 2023 and December 31, 2022, we had outstanding advances of $0.4 million and $0.8 million, respectively, which were netted against the allowance for loss-sharing obligations. At March 31, 2023 and December 31, 2022, our allowance for loss-sharing obligations, associated with expected losses under CECL, was $25.3 million and $22.7 million, respectively, and represented 0.13% and 0.12%, respectively, of our Fannie Mae servicing portfolio. During the three months ended March 31, 2023, we recorded a $2.6 million increase in CECL reserves. At March 31, 2023 and December 31, 2022, the maximum quantifiable liability associated with our guarantees under the Fannie Mae DUS agreement was $3.58 billion and $3.49 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	3 Months Ended
Derivative Financial Instruments	Mar. 31, 2023
Derivative Financial Instruments
Derivative Financial Instruments	Note 11 — Derivative Financial Instruments We enter into derivative financial instruments to manage exposures that arise from business activities resulting in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates and credit risk. We do not use these derivatives for speculative purposes, but are instead using them to manage our interest rate and credit risk exposure. Agency Rate Lock and Forward Sale Commitments. These commitments meet the definition of a derivative and are recorded at fair value, including the effects of interest rate movements which are reflected as a component of gain (loss) on derivative instruments, net in the consolidated statements of income. The estimated fair value of rate lock commitments also includes the fair value of the expected net cash flows associated with the servicing of the loan which is recorded as income from MSRs in the consolidated statements of income. During the three months ended March 31, 2023 and 2022, we recorded a gain of $7.1 million and a loss of $2.5 million, respectively, from changes in the fair value of these derivatives and $18.5 million and $15.3 million, respectively, of income from MSRs. See Note 12 for details. Interest Rate and Credit Default Swaps (“Swaps”). During the three months ended March 31, 2023, we recorded realized gains of $1.6 million and unrealized losses of $4.4 million and during the three months ended March 31, 2022, we recorded realized and unrealized gains of $18.0 million and $2.0 million, respectively, to our Agency Business related to our Swaps. The realized and unrealized gains and losses are recorded in gain on derivative instruments, net. A summary of our non-qualifying derivative financial instruments in our Agency Business is as follows ($ in thousands): March 31, 2023 Fair Value Notional Balance Sheet Derivative Derivative Derivative Count Value Location Assets Liabilities Rate lock commitments 9 $ 334,722 Other assets/other liabilities $ 3,097 $ (2,352) Forward sale commitments 48 760,826 Other assets/other liabilities 6,679 (1,022) Swaps 250 25,000 — — $ 1,120,548 $ 9,776 $ (3,374) December 31, 2022 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)

Fair Value

Fair Value	3 Months Ended
Fair Value	Mar. 31, 2023
Fair Value
Fair Value	Note 12 — Fair Value Fair value estimates are dependent upon subjective assumptions and involve significant uncertainties resulting in variability in estimates with changes in assumptions. The following table summarizes the principal amounts, carrying values and the estimated fair values of our financial instruments (in thousands): March 31, 2023 December 31, 2022 Principal / Carrying Estimated Principal / Carrying Estimated Notional Amount Value Fair Value Notional Amount Value Fair Value Financial assets: Loans and investments, net $ 13,643,724 $ 13,430,985 $ 13,634,147 $ 14,456,123 $ 14,254,674 $ 14,468,418 Loans held-for-sale, net 468,738 469,602 483,727 368,066 354,070 362,054 Capitalized mortgage servicing rights, net n/a 396,634 502,282 n/a 401,471 530,913 Securities held-to-maturity, net 232,541 153,888 140,963 234,255 156,547 144,571 Derivative financial instruments 591,688 9,776 9,776 111,950 1,505 1,505 Financial liabilities: Credit and repurchase facilities $ 3,662,756 $ 3,650,876 $ 3,610,881 $ 3,856,009 $ 3,841,814 $ 3,828,192 Securitized debt 7,541,518 7,508,472 7,326,912 7,886,066 7,849,270 7,560,541 Senior unsecured notes 1,423,850 1,409,899 1,257,377 1,399,600 1,385,994 1,262,560 Convertible senior unsecured notes 287,500 281,046 264,141 287,500 280,356 287,834 Junior subordinated notes 154,336 143,322 104,595 154,336 143,128 103,977 Derivative financial instruments 503,860 3,374 3,374 273,973 4,897 4,897 Assets and liabilities disclosed at fair value are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Determining which category an asset or liability falls within the hierarchy requires judgment and we evaluate our hierarchy disclosures each quarter. Hierarchical levels directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities are as follows: Level 1—Inputs are unadjusted and quoted prices exist in active markets for identical assets or liabilities, such as government, agency and equity securities. Level 2—Inputs (other than quoted prices included in Level 1) are observable for the asset or liability through correlation with market data. Level 2 inputs may include quoted market prices for a similar asset or liability, interest rates and credit risk. Examples include non-government securities, certain mortgage and asset-backed securities, certain corporate debt and certain derivative instruments. Level 3—Inputs reflect our best estimate of what market participants would use in pricing the asset or liability and are based on significant unobservable inputs that require a considerable amount of judgment and assumptions. Examples include certain mortgage and asset-backed securities, certain corporate debt and certain derivative instruments. The following is a description of the valuation techniques used to measure fair value and the general classification of these instruments pursuant to the fair value hierarchy. Loans and investments, net. Loans held-for-sale, net. Capitalized mortgage servicing rights, net. Securities held-to-maturity, net. Derivative financial instruments. Credit and repurchase facilities. Securitized debt and junior subordinated notes. Senior unsecured notes. Convertible senior unsecured notes. 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 March 31, 2023 (in thousands): Fair Value Measurements Using Fair Carrying Value Hierarchy Value Fair Value Level 1 Level 2 Level 3 Financial assets: Derivative financial instruments $ 9,776 $ 9,776 $ — $ 6,679 $ 3,097 Financial liabilities: Derivative financial instruments $ 3,374 $ 3,374 $ — $ 3,374 $ — We measure certain financial and non-financial assets at fair value on a nonrecurring basis. The fair values of these financial and non-financial assets, if applicable, are determined using the following input levels at March 31, 2023 (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) $ 98,419 $ 98,419 $ — $ — $ 98,419 Loans held-for-sale (2) 41,068 41,068 — 41,068 — $ 139,487 $ 139,487 $ — $ 41,068 $ 98,419 (1) We had an allowance for credit losses of $93.3 million relating to eight impaired loans with an aggregate carrying value, before loan loss reserves, of $191.8 million at March 31, 2023. (2) We had unrealized impairment losses of $1.6 million related to ten held-for-sale loans with an aggregate carrying value, before unrealized impairment losses, of $42.6 million. Loan impairment assessments. Loans held-for-sale are generally transferred and sold within 60 The tables above and below include all impaired loans, regardless of the period in which the impairment was recognized. Quantitative information about Level 3 fair value measurements at March 31, 2023 is as follows ($ 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 7.50 % Office 36,674 Discounted cash flows Capitalization rate 5.25 % 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 3,097 Discounted cash flows W/A discount rate 13.27 % 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 Three Months Ended March 31, 2023 2022 Derivative assets and liabilities, net Beginning balance $ 354 $ 295 Settlements (15,066) (13,683) Realized gains recorded in earnings 14,712 13,388 Unrealized gains recorded in earnings 3,097 1,355 Ending balance $ 3,097 $ 1,355 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 March 31, 2023 Principal Amount Servicing Rights Movement Effect Loss Adjustment Rate lock commitments $ 334,722 $ 3,097 $ 1,185 $ — $ 4,282 Forward sale commitments 760,826 — (1,185) — (1,185) Loans held-for-sale, net (1) 468,738 7,388 — (1,565) 5,823 Total $ 10,485 $ — $ (1,565) $ 8,920 (1) Loans held-for-sale, net are recorded at the lower of cost or market on an aggregate basis and includes fair value adjustments related to estimated cash flows from MSRs. We measure certain assets and liabilities for which fair value is only disclosed. The fair value of these assets and liabilities are determined using the following input levels at March 31, 2023 (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 $ 13,430,985 $ 13,634,147 $ — $ — $ 13,634,147 Loans held-for-sale, net 469,602 483,727 — 476,339 7,388 Capitalized mortgage servicing rights, net 396,634 502,282 — — 502,282 Securities held-to-maturity, net 153,888 140,963 — — 140,963 Financial liabilities: Credit and repurchase facilities $ 3,650,876 $ 3,610,881 $ — $ 421,985 $ 3,188,896 Securitized debt 7,508,472 7,326,912 — — 7,326,912 Senior unsecured notes 1,409,899 1,257,377 1,257,377 — — Convertible senior unsecured notes 281,046 264,141 — 264,141 — Junior subordinated notes 143,322 104,595 — — 104,595

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2023
Commitments and Contingencies
Commitments and Contingencies	Note 13 — Commitments and Contingencies Agency Business Commitments. At March 31, 2023, we were required to maintain at least $18.8 million of liquid assets in one of our subsidiaries to meet our operational liquidity requirements for Fannie Mae and we had operational liquidity in excess of this requirement. We are generally required to share the risk of any losses associated with loans sold under the Fannie Mae DUS program and are required to secure this obligation by assigning restricted cash balances and/or a letter of credit to Fannie Mae. The amount of collateral required by Fannie Mae is a formulaic calculation at the loan level by a Fannie Mae assigned tier, which considers the loan balance, risk level of the loan, age of the loan and level of risk-sharing. Fannie Mae requires restricted liquidity for Tier 2 loans of 75 basis points, 15 basis points for Tier 3 loans and 5 basis points for Tier 4 loans, which is funded over a 48-month period that begins upon delivery of the loan to Fannie Mae. A significant portion of our Fannie Mae DUS serviced loans for which we have risk sharing are Tier 2 loans. At March 31, 2023, the restricted liquidity requirement totaled $67.3 million and was satisfied with a $64.0 million letter of credit and $2.5 million of cash issued to Fannie Mae. At March 31, 2023, reserve requirements for the Fannie Mae DUS loan portfolio will require us to fund $35.7 million in additional restricted liquidity over the next 48 months, assuming no further principal paydowns, prepayments, or defaults within our at-risk portfolio. Fannie Mae periodically reassesses these collateral requirements and may make changes to these requirements in the future. We generate sufficient cash flow from our operations to meet these capital standards and do not expect any changes to have a material impact on our future operations; however, future changes to collateral requirements may adversely impact our available cash. We are subject to various capital requirements in connection with seller/servicer agreements that we have entered into with secondary market investors. Failure to maintain minimum capital requirements could result in our inability to originate and service loans for the respective investor and, therefore, could have a direct material effect on our consolidated financial statements. At March 31, 2023, we met all of Fannie Mae’s quarterly capital requirements and our Fannie Mae adjusted net worth was in excess of the required net worth. We are not subject to capital requirements on a quarterly basis for Ginnie Mae and FHA, as requirements for these investors are only required on an annual basis. As an approved designated seller/servicer under Freddie Mac’s SBL program, we are required to post collateral to ensure that we are able to meet certain purchase and loss obligations required by this program. Under the SBL program, we are required to post collateral equal to $5.0 million, which is satisfied with a $5.0 million letter of credit. We enter into contractual commitments with borrowers providing rate lock commitments while simultaneously entering into forward sale commitments with investors. These commitments are outstanding for short periods of time (generally less than 60 days) and are described in more detail in Note 11 and Note 12. Debt Obligations and Operating Leases. Minimum Annual Debt Operating Lease Year Obligations Payments Total 2023 (nine months ending December 31, 2023) $ 1,944,655 $ 7,076 $ 1,951,731 2024 2,997,340 9,180 3,006,520 2025 1,902,049 9,318 1,911,367 2026 4,905,927 9,363 4,915,290 2027 985,653 7,929 993,582 2028 180,000 7,301 187,301 Thereafter 154,336 20,491 174,827 Total $ 13,069,960 $ 70,658 $ 13,140,618 During the three months ended March 31, 2023 and 2022, we recorded lease expense of $2.6 million and $2.4 million, respectively. Unfunded Commitments. Litigation. In June 2011, three related lawsuits were filed by the Extended Stay Litigation Trust (the “Trust”), a post-bankruptcy litigation trust alleged to have standing to pursue claims that previously had been held by Extended Stay, Inc. and the Homestead Village L.L.C. family of companies that had emerged from bankruptcy. There were 73 defendants in the three lawsuits, including 55 corporate and partnership entities and 18 individuals. A subsidiary of ours and certain individuals and other entities that are affiliates of ours were included as defendants. In June 2013, the Trust amended the lawsuits, to, among other things, (1) consolidate the lawsuits into one lawsuit, (2) remove 47 defendants from the lawsuits, none of whom were related to us, so that there were 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 (as consolidated, the "Action"). For more detailed information regarding the Action, please refer to Note 14 of our 2022 Annual Report filed with the SEC on February 17, 2023. After extensive motion practice and discovery, in early December 2022, the plaintiff and certain co-defendants, including our affiliates, commenced discussions regarding a possible settlement of the Action, and in late December 2022, those parties reached an agreement in principle to settle the Action for a total of $38 million. We agreed to pay up to $7.4 million of the settlement amount, which amount was accrued in our December 31, 2022 financial statements. We maintain certain claims against a co-defendant on which we may recover amounts in the future, reducing our contribution to the settlement, but we can give no assurances that we will be successful in any such recovery. In early March 2023, the parties to the settlement finalized the settlement documents and on April 25, 2023, the Bankruptcy Court approved the settlement in open court. Pursuant to the settlement agreement, the parties to the settlement are expected to make the agreed upon payments and the broad mutual releases will become effective during the second quarter, upon which the Action will be discontinued, with prejudice. Due to Borrowers.

Variable Interest Entities

Variable Interest Entities	3 Months Ended
Variable Interest Entities	Mar. 31, 2023
Variable Interest Entities
Variable Interest Entities	Note 14 — Variable Interest Entities Our involvement with VIEs primarily affects our financial performance and cash flows through amounts recorded in interest income, interest expense, provision for loan losses and through activity associated with our derivative instruments. Consolidated VIEs. Our 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): March 31, 2023 December 31, 2022 Assets: Restricted cash $ 699,892 $ 710,775 Loans and investments, net 8,530,448 8,900,104 Other assets 123,696 174,382 Total assets $ 9,354,036 $ 9,785,261 Liabilities: Securitized debt $ 7,508,472 $ 7,849,270 Other liabilities 23,863 26,754 Total liabilities $ 7,532,335 $ 7,876,024 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 9 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 March 31, 2023 is as follows (in thousands): Type Carrying Amount (1) Loans $ 437,448 APL certificates 127,448 B Piece bonds 31,465 Equity investments 19,160 Agency interest only strips 214 Total $ 615,735 (1) Represents the carrying amount of loans and investments before reserves. At March 31, 2023, $172.5 million of loans to VIEs had corresponding specific loan loss reserves of $85.8 million. The maximum loss exposure at March 31, 2023 would not exceed the carrying amount of our investment. These unconsolidated VIEs have exposure to real estate debt of approximately $3.95 billion at March 31, 2023.

Equity

Equity	3 Months Ended
Equity	Mar. 31, 2023
Equity
Equity	Note 15 — Equity Common Stock. In March 2023, the Board of Directors authorized a share repurchase program providing for the repurchase of up to $50.0 million of our outstanding common stock. The repurchase of our common stock may be made from time to time in the open market, through privately negotiated transactions, or otherwise in compliance with Rule 10b-18 and Rule 10b5-1 under the Securities Exchange Act of 1934, based on our stock price, general market conditions, applicable legal requirements and other factors. The program may be discontinued or modified at any time. As of April 30, 2023, we repurchased 3,545,604 shares of our common stock under this program at a total cost of $37.4 million and an average cost of $10.56 per share. Noncontrolling Interest. Distributions. Common Stock Preferred Stock Dividend Declaration Date Dividend Declaration Date Series D Series E Series F February 15, 2023 $ 0.40 January 3, 2023 $ 0.3984375 $ 0.390625 $ 0.390625 March 31, 2023 $ 0.3984375 $ 0.390625 $ 0.390625 Common Stock Deferred Compensation. million will vest in 2024; (4) 235,969 shares with a grant date fair value of $2.7 million will vest in 2025; (5) 78,126 shares with a grant date fair value of $0.9 million will vest in 2026; and (6) 34,722 shares with a grant date fair value of $0.4 million will vest in 2027. We also issued 40,796 fully vested restricted stock units (“RSUs”) with a grant date fair value of $0.5 million to certain members of our Board of Directors and 247,275 RSUs with a grant date fair value of $2.9 million that vest in full in the first quarter of 2026 to our chief executive officer. The individuals decided to defer the receipt of the common stock, to which the RSUs are converted into, to a future date pursuant to a pre-established deferral election. During the first quarter of 2023, 352,427 shares of performance-based restricted stock units previously granted to our chief executive officer fully vested and were net settled for 172,513 common shares. During the first quarter of 2023, we withheld 188,542 shares from the net settlement of restricted common stock by employees for payment of withholding taxes on shares that vested. Earnings Per Share (“EPS”). A reconciliation of the numerator and denominator of our basic and diluted EPS computations is as follows ($ in thousands, except share and per share data): Three Months Ended March 31, 2023 2022 Basic Diluted Basic Diluted Net income attributable to common stockholders (1) $ 84,319 $ 84,319 $ 64,057 $ 64,057 Net income attributable to noncontrolling interest (2) — 7,585 — 6,816 Interest expense on convertible notes — 6,081 — 3,995 Net income attributable to common stockholders and noncontrolling interest $ 84,319 $ 97,985 $ 64,057 $ 74,868 Weighted average shares outstanding 181,116,674 181,116,674 153,420,238 153,420,238 Dilutive effect of OP Units (2) — 16,293,589 — 16,325,095 Dilutive effect of convertible notes — 17,230,358 — 15,111,154 Dilutive effect of restricted stock units (3) — 270,353 — 574,917 Weighted average shares outstanding 181,116,674 214,910,974 153,420,238 185,431,404 Net income per common share (1) $ 0.47 $ 0.46 $ 0.42 $ 0.40 (1) Net of preferred stock dividends. (2) We consider OP Units to be common stock equivalents as the holders have voting rights, the right to distributions and the right to redeem the OP Units for the cash value of a corresponding number of shares of common stock or a corresponding number of shares of common stock, at our election. (3) Our chief executive officer was granted restricted stock units, which vest at the end of a four-year performance period based upon our achievement of total stockholder return objectives.

Income Taxes

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2023
Income Taxes
Income Taxes	Note 16 — Income Taxes As a REIT, we are generally not subject to U.S. federal income tax to the extent of our distributions to stockholders and as long as certain asset, income, distribution, ownership and administrative tests are met. To maintain our qualification as a REIT, we must annually distribute at least 90% of our REIT-taxable income to our stockholders and meet certain other requirements. We may also be subject to certain state, local and franchise taxes. Under certain circumstances, federal income and excise taxes may be due on our undistributed taxable income. If we were to fail to meet these requirements, we would be subject to U.S. federal income tax, which could have a material adverse impact on our results of operations and amounts available for distributions to our stockholders. We believe that all of the criteria to maintain our REIT qualification have been met for the applicable periods, but there can be no assurance that these criteria will continue to be met in subsequent periods. The Agency Business is operated through our TRS Consolidated Group and is subject to U.S. federal, state and local income taxes. In general, our TRS entities may hold assets that the REIT cannot hold directly and may engage in real estate or non-real estate-related business. In the three months ended March 31, 2023 and 2022, we recorded a tax provision of $8.0 million and $8.2 million, respectively. The tax provision recorded in the three months ended March 31, 2023 consisted of a current and deferred tax provision of $4.8 million and $3.2 million, respectively. The tax provision recorded in the three months ended March 31, 2022 consisted of a current tax provision of $9.9 million and a deferred tax benefit of $1.7 million. Current and deferred taxes are primarily recorded on the portion of earnings (losses) recognized by us with respect to our interest in the TRS’s. Deferred income tax assets and liabilities are calculated based on temporary differences between our U.S. GAAP consolidated financial statements and the federal, state, local tax basis of assets and liabilities as of the consolidated balance sheets.

Agreements and Transactions wit

Agreements and Transactions with Related Parties	3 Months Ended
Agreements and Transactions with Related Parties	Mar. 31, 2023
Agreements and Transactions with Related Parties
Agreements and Transactions with Related Parties	Note 17 — Agreements and Transactions with Related Parties Support Agreement and Employee Secondment Agreement. Other Related Party Transactions. Due to related party was $12.5 million and $12.4 million at March 31, 2023 and December 31, 2022, 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 March 31, 2023) 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 March 31, 2023) 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 4.63% with a SOFR floor of 0.25% and matures in May 2025. Interest income recorded from this loan was less than $0.1 million for the three months ended March 31, 2023. In February 2022, we committed to fund a $39.4 million bridge loan (none of which was funded at March 31, 2023) in an SFR build-to-rent construction project. An entity owned by an immediate family member of our chief executive officer also made an equity investment in the project and owns a 2.25% equity interest in the borrowing entity. The bridge loan has an interest rate of LIBOR plus 4.00% with a LIBOR floor of 0.25% and matures in March 2025. Interest income recorded from this loan was less than $0.1 million for the three months ended March 31, 2023. 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 $1.4 million and $0.7 million for the three months ended March 31, 2023 and 2022, respectively. In 2020, we committed to fund a $32.5 million bridge loan ($16.0 million was funded at March 31, 2023) and made a $3.5 million preferred equity investment in an SFR build-to-rent construction project. An entity owned by an immediate family member of our chief executive officer also made an equity investment in the project and owns a 21.8% equity interest in the borrowing entity. The bridge loan has an interest rate of LIBOR plus 5.5% with a LIBOR floor of 0.75%, the preferred equity investment has a 12.0% fixed rate, and both loans mature in October 2023. Interest income recorded from these loans was $0.5 million and $0.2 million for the three months ended March 31, 2023 and 2022, respectively. In 2020, we committed to fund a $30.5 million bridge loan and we made a $4.6 million preferred equity investment in a SFR build-to-rent construction project. ACM and an entity owned by an immediate family member of our chief executive officer also made equity investments in the project and own an 18.9% equity interest in the borrowing entity. The bridge loan ($21.1 million was funded at March 31, 2023) has an interest rate of LIBOR plus 5.5% with a LIBOR floor of 0.75% and was scheduled to mature in May 2023 and the preferred equity investment has a 12.0% fixed rate and was scheduled to mature in April 2023. In April 2023, the bridge loan was upsized to $38.4 million, and the interest rate was changed to SOFR plus 5.25% with a SOFR floor of 0.75%. In addition, the maturity date on both loans were extended to May 2025. Interest income recorded from these loans was $0.7 million and $0.3 million for the three months ended March 31, 2023 and 2022, respectively. In 2020, we originated a $14.8 million Private Label loan and a $3.4 million mezzanine loan on two multifamily properties owned in part by a consortium of investors (which includes, among other unaffiliated investors, certain of our officers and our chief executive officer) which owns a 50% interest in the borrowing entity. In 2020, we sold the Private Label loan to an unconsolidated affiliate of ours. The mezzanine loan bears interest at a 9.0% fixed rate and matures in April 2030. Interest income recorded from the mezzanine loan was $0.1 million for both the three months ended March 31, 2023 and 2022. 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 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. At both March 31, 2023 and December 31, 2022, these loans had an allowance for credit loss recorded against them totaling $8.0 million. 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 both the three months ended March 31, 2023 and 2022, we reimbursed the aircraft owner $0.2 million 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 March 31, 2023) for an 18% interest in AMAC III. During the three months ended March 31, 2023 and 2022, we recorded a loss associated with this investment of $0.4 million and $0.5 million, respectively, and during the three months ended March 31, 2023, we received a cash distribution of $0.6 million. In 2019, AMAC III originated a $7.0 million mezzanine loan to a borrower with which we have an outstanding $34.0 million bridge loan. In 2020, for full satisfaction of the mezzanine loan, AMAC III became the owner of the property. Also in 2020, the $34.0 million bridge loan was refinanced with a $35.4 million bridge loan, which bears interest at a rate of LIBOR plus 3.5% and matures in August 2023. We also originated a $15.6 million Private Label loan in 2019 to a borrower which is 100% owned by AMAC III, which bears interest at a 3.735% fixed rate and matures in January 2030. In 2020, we sold the Private Label loan to an unconsolidated affiliate of ours. Interest income recorded from the bridge loan was $0.7 million and $0.3 million for the three months ended March 31, 2023 and 2022, respectively. In 2018, we originated a $21.7 million bridge loan on a multifamily property owned in part by a consortium of investors (which includes, among other unaffiliated investors, certain of our officers and our chief executive officer) which owns 75% in the borrowing entity. The loan has an interest rate of LIBOR plus 4.75% with a LIBOR floor of 0.25% and matures in August 2023. Interest income recorded from this loan was $0.5 million and $0.3 million for the three months ended March 31, 2023 and 2022, respectively. In 2017, we originated two bridge loans totaling $28.0 million on two multifamily properties owned in part by a consortium of investors (which includes, among other unaffiliated investors, certain of our officers and our chief executive officer) which owns 45% of the borrowing entity. The loans had an interest rate of LIBOR plus 5.25% with LIBOR floors ranging from 1.24% to 1.54% and were scheduled to mature in 2020. The borrower refinanced these loans with a $31.1 million bridge loan we originated in 2019 with an interest rate of LIBOR plus 4.0%, a LIBOR floor of 1.8%,which was scheduled to mature in October 2022. In May 2022, this loan paid off in full. Interest income recorded from this loan was $0.5 million for the three months ended March 31, 2022. In 2017, we originated a $46.9 million Fannie Mae loan on a multifamily property owned in part by a consortium of investors (which includes, among other unaffiliated investors, certain of our officers) which owns a 17.6% interest in the borrowing entity. We carry a maximum loss-sharing obligation with Fannie Mae on this loan of up to 5% of the original UPB. Servicing revenue recorded from this loan was less than $0.1 million for all periods presented. In 2017, Ginkgo Investment Company LLC (“Ginkgo”), of which one of our directors is a 33% managing member, purchased a multifamily apartment complex which assumed an existing $8.3 million Fannie Mae loan that we service. Ginkgo subsequently sold the majority of its interest in this property and owned a 3.6% interest at March 31, 2023. We carry a maximum loss-sharing obligation with Fannie Mae on this loan of up to 20% of the original UPB. Upon the sale, we received a 1% loan assumption fee which was governed by existing loan agreements that were in place when the loan was originated in 2015, prior to such purchase. Servicing revenue recorded from this loan was less than $0.1 million for all periods presented. In 2016, we originated $48.0 million of bridge loans on six multifamily properties owned in part by a consortium of investors (which includes, among other unaffiliated investors, certain of our officers and our chief executive officer) which owns interests ranging from 10.5% to 12.0% in the borrowing entities. The loans had an interest rate of LIBOR plus 4.5% with a LIBOR floor of 0.25% and were scheduled to mature in 2019. In 2017, a $6.8 million loan on one property paid off in full and in 2018 four additional loans totaling $28.3 million paid off in full. In 2019, $10.9 million of the $12.9 million remaining bridge loan paid off, with the $2.0 million remaining UPB converting to a mezzanine loan with a fixed interest rate of 10.0% and a January 2024 maturity. Interest income recorded from the mezzanine loan was $0.1 million for all periods presented. In 2015, we invested $9.6 million for 50% of ACM’s indirect interest in a joint venture with a third party that was formed to invest in a residential mortgage banking business. At March 31, 2023, we had an indirect interest of 12.3% in this entity. We recorded a loss related to this investment of $0.9 million and income of $5.0 million in the three months ended March 31, 2023 and 2022, respectively. During the three months ended March 31, 2022, we also received a cash distribution of $7.5 million which were classified as returns of capital. We, along with an executive officer of ours and a consortium of independent outside investors, hold equity investments in a portfolio of multifamily properties referred to as the “Lexford” portfolio, which is managed by an entity owned primarily by a consortium of affiliated investors, including our chief executive officer and an executive officer of ours. Based on the terms of the management contract, the management company is entitled to 4.75% of gross revenues of the underlying properties, along with the potential to share in the proceeds of a sale or restructuring of the debt. In 2018, the owners of Lexford restructured part of its debt and we originated 12 bridge loans totaling $280.5 million, which were used to repay in full certain existing mortgage debt and to renovate 72 multifamily properties included in the portfolio. The loans were originated in 2018, had interest rates of LIBOR plus 4.0% and were scheduled to mature in June 2021. During 2019, the borrower made payoffs and partial paydowns of principal totaling $250.0 million and in 2020, the remaining balance of the loans were refinanced with a $34.6 million Private Label loan, which bears interest at a fixed rate of 3.3% and matures in March 2030. In 2020, we sold the Private Label loan to an unconsolidated affiliate of ours. Further, as part of this 2018 restructuring, $50.0 million in unsecured financing was provided by an unsecured lender to certain parent entities of the property owners. ACM owns slightly less than half of the unsecured lender entity and, therefore, provided slightly less than half of the unsecured lender financing. In addition, in connection with our equity investment, we received distributions totaling $4.7 million during the three months ended March 31, 2023, 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 March 31, 2023, this debt had an aggregate outstanding balance of approximately $600.0 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 March 31, 2023, ACM holds 2,535,870 shares of our common stock and 10,615,085 OP Units, which represents 6.6% of the voting power of our outstanding stock. Our Board of Directors approved a resolution under our charter allowing our chief executive officer and ACM, (which our chief executive officer has a controlling equity interest in), to own more than the 5% ownership interest limit of our common stock as stated in our amended charter.

Segment Information

Segment Information	3 Months Ended
Segment Information	Mar. 31, 2023
Segment Information
Segment Information	Note 18 — Segment Information The summarized statements of income and balance sheet data, as well as certain other data, by segment are included in the following tables ($ in thousands). Specifically identifiable costs are recorded directly to each business segment. For items not specifically identifiable, costs have been allocated between the business segments using the most meaningful allocation methodologies, which was predominately direct labor costs (i.e., time spent working on each business segment). Such costs include, but are not limited to, compensation and employee related costs, selling and administrative expenses and stock-based compensation. Three Months Ended March 31, 2023 Structured Agency Other / Business Business Eliminations (1) Consolidated Interest income $ 317,376 $ 10,571 $ — $ 327,947 Interest expense 214,894 4,479 — 219,373 Net interest income 102,482 6,092 — 108,574 Other revenue: Gain on sales, including fee-based services, net — 14,589 — 14,589 Mortgage servicing rights — 18,458 — 18,458 Servicing revenue — 44,981 — 44,981 Amortization of MSRs — (15,416) — (15,416) Property operating income 1,381 — — 1,381 Gain on derivative instruments, net — 4,223 — 4,223 Other income, net 1,908 2,974 — 4,882 Total other revenue 3,289 69,809 — 73,098 Other expenses: Employee compensation and benefits 15,641 26,758 — 42,399 Selling and administrative 6,711 6,912 — 13,623 Property operating expenses 1,383 — — 1,383 Depreciation and amortization 1,451 1,173 — 2,624 Provision for loss sharing (net of recoveries) — 3,177 — 3,177 Provision for credit losses (net of recoveries) 20,645 1,872 — 22,517 Total other expenses 45,831 39,892 — 85,723 Income before income from equity affiliates and income taxes 59,940 36,009 — 95,949 Income from equity affiliates 14,326 — — 14,326 Benefit from (provision for) income taxes 429 (8,458) — (8,029) Net income 74,695 27,551 — 102,246 Preferred stock dividends 10,342 — — 10,342 Net income attributable to noncontrolling interest — — 7,585 7,585 Net income attributable to common stockholders $ 64,353 $ 27,551 $ (7,585) $ 84,319 Three Months Ended March 31, 2022 Structured Agency Other / Business Business Eliminations (1) Consolidated Interest income $ 156,260 $ 10,438 $ — $ 166,698 Interest expense 78,202 4,357 — 82,559 Net interest income 78,058 6,081 — 84,139 Other revenue: Gain on sales, including fee-based services, net — 1,656 — 1,656 Mortgage servicing rights — 15,312 — 15,312 Servicing revenue — 36,026 — 36,026 Amortization of MSRs — (14,972) — (14,972) Property operating income 295 — — 295 Gain on derivative instruments, net — 17,386 — 17,386 Other income, net 3,196 4 — 3,200 Total other revenue 3,491 55,412 — 58,903 Other expenses: Employee compensation and benefits 15,487 26,538 — 42,025 Selling and administrative 7,409 7,139 — 14,548 Property operating expenses 535 — — 535 Depreciation and amortization 810 1,173 — 1,983 Provision for loss sharing (net of recoveries) — (662) — (662) Provision for credit losses (net of recoveries) 2,069 289 — 2,358 Total other expenses 26,310 34,477 — 60,787 Income before extinguishment of debt, income from equity affiliates and income taxes 55,239 27,016 — 82,255 Loss on extinguishment of debt (1,350) — — (1,350) Income from equity affiliates 7,212 — — 7,212 Provision for income taxes (1,432) (6,756) — (8,188) Net income 59,669 20,260 — 79,929 Preferred stock dividends 9,056 — — 9,056 Net income attributable to noncontrolling interest — — 6,816 6,816 Net income attributable to common stockholders $ 50,613 $ 20,260 $ (6,816) $ 64,057 (1) Includes income allocated to the noncontrolling interest holders not allocated to the two reportable segments. March 31, 2023 Structured Business Agency Business Consolidated Assets: Cash and cash equivalents $ 405,596 $ 368,948 $ 774,544 Restricted cash 702,360 2,484 704,844 Loans and investments, net 13,430,985 — 13,430,985 Loans held-for-sale, net — 469,602 469,602 Capitalized mortgage servicing rights, net — 396,634 396,634 Securities held-to-maturity, net — 153,888 153,888 Investments in equity affiliates 77,641 — 77,641 Goodwill and other intangible assets 12,500 82,396 94,896 Other assets and due from related party 413,846 71,344 485,190 Total assets $ 15,042,928 $ 1,545,296 $ 16,588,224 Liabilities: Debt obligations $ 12,571,630 $ 421,985 $ 12,993,615 Allowance for loss-sharing obligations — 59,757 59,757 Other liabilities and due to related parties 268,048 109,347 377,395 Total liabilities $ 12,839,678 $ 591,089 $ 13,430,767 December 31, 2022 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 Three Months Ended March 31, 2023 2022 Origination Data: Structured Business Bridge loans (1) $ 262,189 $ 2,820,716 Mezzanine / Preferred Equity 5,845 8,139 Total new loan originations $ 268,034 $ 2,828,855 Loan runoff $ 1,186,649 $ 666,551 Agency Business Origination Volumes by Investor: Fannie Mae $ 795,021 $ 449,680 FHA 148,940 11,990 Freddie Mac 101,332 299,072 Private Label 41,107 72,896 SFR - Fixed Rate 5,461 4,871 Total $ 1,091,861 $ 838,509 Total loan commitment volume $ 1,500,110 $ 975,132 Agency Business Loan Sales Data: Fannie Mae $ 651,758 $ 666,544 Private Label 159,945 489,269 Freddie Mac 68,457 359,086 FHA 43,475 71,816 SFR - Fixed Rate 9,064 — Total $ 932,699 $ 1,586,715 Sales margin (fee-based services as a % of loan sales) (2) 1.56 % 1.18 % MSR rate (MSR income as a % of loan commitments) 1.23 % 1.57 % (1) 2023 and 2022 includes 20 and 35 SFR loans, respectively, with a UPB of $76.1 million and $133.4 million, respectively. During 2023 and 2022, we committed to fund SFR loans totaling $54.4 million and $83.3 million, respectively. (2) 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 on derivative instruments, net in the consolidated statements of income . March 31, 2023 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 $ 19,508,256 49.5 8.0 Freddie Mac 5,180,607 24.7 9.1 Private Label 2,233,500 19.6 7.7 FHA 1,242,669 14.7 19.8 Bridge 467,881 11.6 2.9 SFR - Fixed Rate 279,712 20.0 5.9 Total $ 28,912,625 40.3 8.6 December 31, 2022 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

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Basis of Presentation and Significant Accounting Policies
Basis of Presentation	Basis of Presentation The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”), for interim financial statements and the instructions to Form 10-Q. Accordingly, certain information and footnote disclosures normally included in the consolidated financial statements prepared under GAAP have been condensed or omitted. In our opinion, all adjustments considered necessary for a fair presentation of our financial position, results of operations and cash flows have been included and are of a normal and recurring nature. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These financial statements should be read in conjunction with our financial statements and notes thereto included in our 2022 Annual Report.
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 entities in which we own a controlling interest, including variable interest entities (“VIEs”) of which we are the primary beneficiary. Entities in which we have a significant influence are accounted for under the equity method. Our VIEs are described in Note 14. All significant intercompany transactions and balances have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that could materially affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. 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 March 31, 2023 inherently less certain.
Reclassification	Reclassification Certain amounts in the prior period financial statements have been reclassified to conform to the presentation of the current period financial statements.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements Description Adoption Date Effect on Financial Statements In March 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 The adoption of this guidance did not have a material impact on our consolidated financial statements. Recently Issued Accounting Pronouncements In March 2023, the FASB issued ASU 2023-01, Leases (Topic 842) – Common Control Arrangements and ASU 2023-02, Investments – Equity Method and Joint Ventures: Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method, both effective for us in the first quarter of 2024. We currently do not have any transactions that fall under the scope of this guidance; therefore, the adoption of this guidance is not expected to have an impact on our consolidated financial statements. Significant Accounting Policies See Item 8 – Financial Statements and Supplementary Data in our 2022 Annual Report for a description of our significant accounting policies. There have been no significant changes to our significant accounting policies since December 31, 2022.

Basis of Presentation and Sig_3

Basis of Presentation and Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2023
Basis of Presentation and Significant Accounting Policies
Summary of recently adopted accounting pronouncements and recently issued accounting Pronouncements	Description Adoption Date Effect on Financial Statements In March 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 The adoption of this guidance did not have a material impact on our consolidated financial statements.

Loans and Investments (Tables)

Loans and Investments (Tables)	3 Months Ended
Loans and Investments (Tables)	Mar. 31, 2023
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 March 31, 2023 Total Count Pay Rate (1) Maturity LTV Ratio (2) LTV Ratio (3) Bridge loans (4) $ 13,298,939 97 % 659 8.62 % 18.3 0 % 76 % Mezzanine loans 222,094 2 % 46 8.15 % 60.7 44 % 80 % Preferred equity investments 89,725 1 % 7 6.56 % 45.3 47 % 84 % Other loans (5) 32,966 <1 % 3 9.23 % 29.5 0 % 57 % 13,643,724 100 % 715 8.60 % 19.2 1 % 76 % Allowance for credit losses (153,077) Unearned revenue (59,662) Loans and investments, net $ 13,430,985 December 31, 2022 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 (1) “Weighted Average Pay Rate” is a weighted average, based on the unpaid principal balance (“UPB”) of each loan in our portfolio, of the interest rate required to be paid monthly as stated in the individual loan agreements. Certain loans and investments that require an 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 March 31, 2023 and December 31, 2022, bridge loans included 254 and 241 , respectively, of SFR loans with a total gross loan commitment of $1.63 billion and $1.57 billion, respectively, of which $982.0 million and $927.4 million, respectively, was funded. (5) At both March 31, 2023 and December 31, 2022, other loans included 3 variable rate SFR permanent loans.
Schedule of the loan portfolio's internal risk ratings and LTV ratios by asset class	A summary of the loan portfolio’s internal risk ratings and LTV ratios by asset class at March 31, 2023 is as follows ($ in thousands): Wtd. Avg. Wtd. Avg. UPB by Origination Year First Dollar Last Dollar Asset Class / Risk Rating 2023 2022 2021 2020 2019 Prior Total LTV Ratio LTV Ratio Multifamily: Pass $ 22,360 $ 549,835 $ 268,328 $ 3,155 $ — $ 20,300 $ 863,978 Pass/Watch 160,465 2,781,244 3,236,800 303,109 203,354 22,050 6,707,022 Special Mention — 1,322,873 2,884,543 51,175 51,785 27,194 4,337,570 Substandard — 97,218 259,302 — 10,565 32,500 399,585 Total Multifamily $ 182,825 $ 4,751,170 $ 6,648,973 $ 357,439 $ 265,704 $ 102,044 $ 12,308,155 1 % 77 % Single-Family Rental: Percentage of portfolio 91 % Pass $ — $ — $ 22,928 $ 3,113 $ — $ — $ 26,041 Pass/Watch 33,188 449,188 293,140 107,147 20,965 — 903,628 Special Mention — 20,710 27,474 37,139 — — 85,323 Total Single-Family Rental $ 33,188 $ 469,898 $ 343,542 $ 147,399 $ 20,965 $ — $ 1,014,992 0 % 63 % 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 % 98 % Office: Percentage of portfolio 1 % Pass/Watch $ — $ — $ — $ 35,410 $ — $ — $ 35,410 Substandard — — — — — 44,625 44,625 Total Office $ — $ — $ — $ 35,410 $ — $ 44,625 $ 80,035 0 % 99 % Healthcare: Percentage of portfolio 1 % Pass/Watch $ — $ — $ — $ — $ 51,069 $ — $ 51,069 Total Healthcare $ — $ — $ — $ — $ 51,069 $ — $ 51,069 0 % 69 % Retail: Percentage of portfolio < 1 % Pass $ — $ — $ — $ — $ 4,000 $ — $ 4,000 Special Mention — — — — — 3,445 3,445 Substandard — — — — — 18,600 18,600 Total Retail $ — $ — $ — $ — $ 4,000 $ 22,045 $ 26,045 11 % 71 % Student Housing: Percentage of portfolio < 1 % Pass/Watch $ — $ — $ 25,700 $ — $ — $ — $ 25,700 Total Student Housing $ — $ — $ 25,700 $ — $ — $ — $ 25,700 0 % 67 % Other: Percentage of portfolio < 1 % Doubtful $ — $ — $ — $ — $ — $ 1,700 $ 1,700 Total Other $ — $ — $ — $ — $ — $ 1,700 $ 1,700 63 % 63 % Percentage of portfolio < 1 % Grand Total $ 216,013 $ 5,221,068 $ 7,018,215 $ 548,348 $ 341,738 $ 298,342 $ 13,643,724 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): Three Months Ended March 31, 2023 Land Multifamily Office Retail Commercial Single-Family Rental Other Total Allowance for credit losses: Beginning balance $ 78,068 $ 37,961 $ 8,162 $ 5,819 $ 1,700 $ 781 $ 68 $ 132,559 Provision for credit losses (net of recoveries) 18 20,387 (56) — — 192 (23) 20,518 Ending balance $ 78,086 $ 58,348 $ 8,106 $ 5,819 $ 1,700 $ 973 $ 45 $ 153,077 Three Months Ended March 31, 2022 Allowance for credit losses: Beginning balance $ 77,970 $ 18,707 $ 8,073 $ 5,819 $ 1,700 $ 320 $ 652 $ 113,241 Provision for credit losses (net of recoveries) (30) 3,377 12 — — 101 (319) 3,141 Ending balance $ 77,940 $ 22,084 $ 8,085 $ 5,819 $ 1,700 $ 421 $ 333 $ 116,382
Schedule of our specific loans considered impaired by asset class	March 31, 2023 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 % Office 44,625 44,625 7,951 0 % 100 % Retail 22,045 17,563 5,817 13 % 78 % Commercial 1,700 1,700 1,700 63 % 63 % Total $ 202,585 $ 191,756 $ 93,337 2 % 96 % December 31, 2022 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 % (1) Represents the UPB of eight and seven impaired loans (less unearned revenue and other holdbacks and adjustments) by asset class at March 31, 2023 and December 31, 2022, 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): March 31, 2023 December 31, 2022 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 $ 2,605 $ — $ 2,605 Retail 3,445 — 3,445 3,445 — 3,445 Commercial 1,700 — 1,700 1,700 — 1,700 Total $ 7,750 $ — $ 7,750 $ 7,750 $ — $ 7,750

Loans Held-for-Sale, Net (Table

Loans Held-for-Sale, Net (Tables)	3 Months Ended
Loans Held-for-Sale, Net (Tables)	Mar. 31, 2023
Loans Held-for-Sale, Net
Schedule of loans held-for-sale, net	March 31, 2023 December 31, 2022 Fannie Mae $ 316,283 $ 173,020 FHA 68,008 21,021 Freddie Mac 41,813 8,938 Private Label 33,897 152,735 SFR - Fixed Rate 8,737 12,352 468,738 368,066 Fair value of future MSR 7,387 5,557 Unrealized impairment loss (1,565) (15,703) Unearned discount (4,958) (3,850) Loans held-for-sale, net $ 469,602 $ 354,070

Capitalized Mortgage Servicin_2

Capitalized Mortgage Servicing Rights (Tables)	3 Months Ended
Capitalized Mortgage Servicing Rights (Tables)	Mar. 31, 2023
Capitalized Mortgage Servicing Rights
Summary of capitalized MSR activity	A summary of our capitalized MSR activity is as follows (in thousands): Three Months Ended March 31, 2023 Three Months Ended March 31, 2022 Originated Acquired Total Originated Acquired Total Beginning balance $ 386,878 $ 14,593 $ 401,471 $ 395,573 $ 27,161 $ 422,734 Additions 13,886 — 13,886 26,971 — 26,971 Amortization (14,287) (1,129) (15,416) (12,927) (2,045) (14,972) Write-downs and payoffs (2,841) (466) (3,307) (11,556) (1,141) (12,697) Ending balance $ 383,636 $ 12,998 $ 396,634 $ 398,061 $ 23,975 $ 422,036
Summary of expected amortization of capitalized MSRs recorded	The expected amortization of capitalized MSRs recorded at March 31, 2023 is as follows (in thousands): Year Amortization 2023 (nine months ending 12/31/2023) $ 46,546 2024 60,349 2025 56,515 2026 50,349 2027 45,525 Thereafter 137,350 Total $ 396,634

Mortgage Servicing (Tables)

Mortgage Servicing (Tables)	3 Months Ended
Mortgage Servicing (Tables)	Mar. 31, 2023
Mortgage Servicing
Schedule of components of servicing revenue, net	Three Months Ended March 31, 2023 2022 Servicing fees $ 29,210 $ 31,748 Interest earned on escrows 17,003 837 Prepayment fees 2,075 16,138 Write-offs of MSRs (3,307) (12,697) Amortization of MSRs (15,416) (14,972) Servicing revenue, net $ 29,565 $ 21,054
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): March 31, 2023 Product Concentrations Geographic Concentrations UPB Product UPB (1) % of Total State % of Total Fannie Mae $ 19,508,256 67 % Texas 12 % Freddie Mac 5,180,607 18 % New York 11 % Private Label 2,233,500 8 % California 8 % FHA 1,242,669 4 % North Carolina 8 % Bridge (2) 467,881 2 % Georgia 6 % SFR - Fixed Rate 279,712 1 % Florida 5 % Total $ 28,912,625 100 % New Jersey 5 % Illinois 4 % Other (3) 41 % Total 100 % December 31, 2022 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 % (1) Excludes loans which we are not collecting a servicing fee. (2) Represents bridge loans that were either sold by our Structured Business or refinanced by a third-party lender which we retained the right to service. (3) No other individual state represented 4% or more of the total.

Securities Held-to-Maturity (Ta

Securities Held-to-Maturity (Tables)	3 Months Ended
Securities Held-to-Maturity (Tables)	Mar. 31, 2023
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 March 31, 2023 APL certificates $ 192,791 $ 124,118 $ (16,178) $ 107,940 $ 3,330 B Piece bonds 39,750 29,770 3,253 33,023 1,695 Total $ 232,541 $ 153,888 $ (12,925) $ 140,963 $ 5,025 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
Schedule of changes in the allowance for credit losses	A summary of the changes in the allowance for credit losses for our securities held-to-maturity is as follows (in thousands): Three Months Ended March 31, 2023 APL B Piece Certificates Bonds Total Beginning balance $ 2,783 $ 370 $ 3,153 Provision for credit loss expense/(reversal) 547 1,325 1,872 Ending balance $ 3,330 $ 1,695 $ 5,025

Investments in Equity Affilia_2

Investments in Equity Affiliates (Tables)	3 Months Ended
Investments in Equity Affiliates (Tables)	Mar. 31, 2023
Investments in Equity Affiliates
Schedule of. the company's investments in equity affiliates	We account for all investments in equity affiliates under the equity method. A summary of these investments is as follows (in thousands): UPB of Loans to Investments in Equity Affiliates at Equity Affiliates at Equity Affiliates March 31, 2023 December 31, 2022 March 31, 2023 Arbor Residential Investor LLC $ 46,141 $ 46,951 $ — AMAC Holdings III LLC 14,791 15,825 — Fifth Wall Ventures 13,939 13,584 — Lightstone Value Plus REIT L.P. 1,895 1,895 — Docsumo Pte. Ltd. 450 450 — JT Prime 425 425 — North Vermont Avenue — — — West Shore Café — — 1,688 Lexford Portfolio — — — East River Portfolio — — — Total $ 77,641 $ 79,130 $ 1,688

Debt Obligations (Tables)

Debt Obligations (Tables)	3 Months Ended
Debt Obligations (Tables)	Mar. 31, 2023
Debt Obligations
Summary of senior unsecured notes	A summary of our senior unsecured notes is as follows (in thousands): Senior March 31, 2023 December 31, 2022 Unsecured Issuance Carrying Wtd. Avg. Carrying Wtd. Avg. Notes Date Maturity UPB Value (1) Rate (2) UPB Value (1) Rate (2) 7.75% Notes (3) Mar. 2023 Mar. 2026 $ 95,000 $ 93,518 7.75 % $ — $ — — 8.50% Notes (3) Oct. 2022 Oct. 2027 150,000 147,647 8.50 % 150,000 147,519 8.50 % 5.00% Notes (3) Dec. 2021 Dec. 2028 180,000 177,557 5.00 % 180,000 177,450 5.00 % 4.50% Notes (3) Aug. 2021 Sept. 2026 270,000 267,136 4.50 % 270,000 266,926 4.50 % 5.00% Notes (3) Apr. 2021 Apr. 2026 175,000 173,073 5.00 % 175,000 172,917 5.00 % 8.00% Notes (3) Apr. 2020 Apr. 2023 — — — 70,750 70,613 8.00 % 4.50% Notes (3) Mar. 2020 Mar. 2027 275,000 273,081 4.50 % 275,000 272,960 4.50 % 4.75% Notes (4) Oct. 2019 Oct. 2024 110,000 109,457 4.75 % 110,000 109,369 4.75 % 5.75% Notes (4) Mar. 2019 Apr. 2024 90,000 89,611 5.75 % 90,000 89,514 5.75 % 5.625% Notes (4) Mar. 2018 May 2023 78,850 78,819 5.63 % 78,850 78,726 5.63 % $ 1,423,850 $ 1,409,899 5.42 % $ 1,399,600 $ 1,385,994 5.40 % (1) At March 31, 2023 and December 31, 2022, the carrying value is net of deferred financing fees of $14.0 million and $13.6 million, respectively. (2) At March 31, 2023 and December 31, 2022, the aggregate weighted average note rate, including certain fees and costs, was 5.72 % and 5.69% , 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 and net carrying value of our convertible notes are as follows (in thousands): Unamortized Deferred Net Carrying Period UPB Financing Fees Value March 31, 2023 $ 287,500 $ 6,454 $ 281,046 December 31, 2022 $ 287,500 $ 7,144 $ 280,356
Repurchase agreements and credit facilities
Debt Obligations
Summary of borrowings	Borrowings under our credit and repurchase facilities are as follows ($ in thousands): March 31, 2023 December 31, 2022 Note Debt Collateral Debt Collateral Current Extended Rate Carrying Carrying Wtd. Avg. Carrying Carrying Maturity Maturity Type Value (1) Value Note Rate Value (1) Value Structured Business $2.5B joint repurchase facility (2) Mar. 2024 Mar. 2025 V $ 1,336,305 $ 1,876,423 7.26 % $ 1,516,657 $ 2,099,447 $1B repurchase facility (2) Dec. 2023 N/A V 391,056 559,341 6.97 % 498,666 703,740 $500M repurchase facility (3) N/A V 198,152 240,799 7.89 % 154,653 188,563 $499M repurchase facility (2)(4) Oct. 2023 N/A V 339,819 487,321 7.22 % 351,056 504,506 $450M repurchase facility Mar. 2024 Mar. 2026 V 319,106 419,485 7.03 % 344,237 450,736 $450M repurchase facility Oct. 2023 Oct. 2024 V 102,470 131,924 6.57 % 186,639 239,678 $400M credit facility July 2023 N/A V 33,232 43,383 6.83 % 33,221 43,238 $225M credit facility Oct. 2023 Oct. 2024 V 64,877 116,288 7.52 % 47,398 81,119 $200M repurchase facility Mar. 2024 Mar. 2025 V 45,769 65,401 7.52 % 32,494 47,750 $200M repurchase facility Jan. 2024 Jan. 2025 V 147,948 187,508 6.92 % 154,516 200,099 $169M loan specific credit facilities May 2023 to Aug. 2025 May 2023 to Aug. 2027 V/F 169,111 238,458 6.97 % 156,107 225,805 $50M credit facility Apr. 2024 Apr. 2025 V 29,199 36,500 7.07 % 29,194 36,500 $35M working capital facility Apr. 2024 N/A V — — — — — $25M credit facility Oct. 2024 N/A V 18,747 24,475 7.57 % 18,701 24,572 $25M credit facility Apr. 2026 Apr. 2027 V — — — — — Repurchase facility - securities (2)(5) N/A N/A V 33,100 — 6.59 % 12,832 — Structured Business total $ 3,228,891 $ 4,427,306 7.18 % $ 3,536,371 $ 4,845,753 Agency Business $750M ASAP agreement N/A N/A V $ 82,581 $ 82,679 5.78 % $ 29,476 $ 30,291 $500M joint repurchase facility (2) Mar. 2024 Mar. 2025 V 8,047 11,350 7.03 % 104,629 135,641 $500M repurchase facility Nov. 2023 N/A V 112,978 125,336 6.18 % 66,778 66,866 $200M credit facility Mar. 2024 N/A V 167,480 167,681 6.27 % 31,475 33,177 $150M credit facility July 2023 N/A V 50,365 50,408 6.33 % 57,887 57,974 $50M credit facility Sept. 2023 N/A V — — — 14,664 14,671 $1M repurchase facility (2)(4) Oct. 2023 N/A V 534 907 7.18 % 534 920 Agency Business total $ 421,985 $ 438,361 6.17 % $ 305,443 $ 339,540 Consolidated total $ 3,650,876 $ 4,865,667 7.06 % $ 3,841,814 $ 5,185,293 V = ; F = Fixed Note Rate (1) At March 31, 2023 and December 31, 2022, debt carrying value for the Structured Business was net of unamortized deferred finance costs of $11.1 million and $13.3 million, respectively, and for the Agency Business was net of unamortized deferred finance costs of $0.8 million and $0.9 million, respectively. (2) These facilities are subject to margin call provisions associated with changes in interest spreads. (3) The commitment amount under this repurchase facility expires six months after the lender provides written notice. We then have an additional six months to repurchase the underlying loans. (4) A portion of this facility was used to finance a fixed rate SFR permanent loan reported through our Agency Business. (5) At March 31, 2023 , this facility was collateralized by certificates retained by us from our Freddie Mac Q Series securitization (“Q Series securitization”) with a principal balance of $47.4 million. At December 31, 2022, this facility was collateralized by B Piece bonds with a carrying value of $33.1 million.
Collateralized loan obligations
Debt Obligations
Summary of borrowings	Borrowings and the corresponding collateral under our securitized debt transactions are as follows ($ in thousands): Debt Collateral (3) Loans Cash Carrying Wtd. Avg. Carrying Restricted March 31, 2023 Face Value Value (1) Rate (2) UPB Value Cash (4) CLO 19 $ 872,812 $ 867,037 7.33 % $ 985,430 $ 980,805 $ 34,882 CLO 18 1,652,812 1,646,248 6.77 % 1,970,977 1,963,706 — CLO 17 1,714,125 1,708,200 6.63 % 1,939,977 1,933,198 129,142 CLO 16 1,237,500 1,232,352 6.26 % 1,411,145 1,405,680 55,931 CLO 15 674,412 671,983 6.32 % 607,100 604,704 186,520 CLO 14 655,475 653,034 6.27 % 673,732 671,839 73,802 CLO 13 294,477 293,022 6.76 % 400,617 399,695 24,175 CLO 12 203,027 202,375 6.93 % 257,714 256,655 27,900 Total CLOs 7,304,640 7,274,251 6.63 % 8,246,692 8,216,282 532,352 Q Series securitization 236,878 234,221 6.87 % 315,837 314,166 — Total securitized debt $ 7,541,518 $ 7,508,472 6.64 % $ 8,562,529 $ 8,530,448 $ 532,352 December 31, 2022 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 (1) Debt carrying value is net of $33.0 million and $36.8 million of deferred financing fees at March 31, 2023 and December 31, 2022, respectively. (2) At March 31, 2023 and December 31, 2022, the aggregate weighted average note rate for our collateralized loan obligations (“CLOs”), including certain fees and costs, was 6.86% and 6.32% , respectively. (3) At March 31, 2023, five loans with an aggregate UPB of $121.4 million were deemed a "credit risk" as defined by the CLO indentures. At December 31, 2022, there were no collateral deemed a “credit risk” as defined by the CLO indentures. Credit risk assets are generally defined as one that, in the CLO collateral manager's reasonable business judgment, has a significant risk of becoming a defaulted asset. (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 $167.5 million and $230.0 million at March 31, 2023 and December 31, 2022, 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 149.65 % 144.83 % 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 181.78 % 157.94 % 181.82 % 169.24 % 159.94 % 145.12 % 150.89 % 124.34 % 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 April 2023 149.65 % 144.83 % 119.76 % 120.85 % 121.21 % 122.51 % 124.03 % 120.30 % 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 % — (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)	3 Months Ended
Allowance for Loss-Sharing Obligations (Tables)	Mar. 31, 2023
Allowance for Loss-Sharing Obligations
Schedule of allowance for loss-sharing obligations related to Fannie Mae DUS program	Our allowance for loss-sharing obligations related to the Fannie Mae DUS program is as follows (in thousands): Three Months Ended March 31, 2023 2022 Beginning balance $ 57,168 $ 56,064 Provisions for loss sharing 4,567 133 Provisions reversal for loan repayments (1,390) (795) Recoveries (charge-offs), net (588) (230) Ending balance $ 59,757 $ 55,172

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	3 Months Ended
Derivative Financial Instruments (Tables)	Mar. 31, 2023
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): March 31, 2023 Fair Value Notional Balance Sheet Derivative Derivative Derivative Count Value Location Assets Liabilities Rate lock commitments 9 $ 334,722 Other assets/other liabilities $ 3,097 $ (2,352) Forward sale commitments 48 760,826 Other assets/other liabilities 6,679 (1,022) Swaps 250 25,000 — — $ 1,120,548 $ 9,776 $ (3,374) December 31, 2022 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)

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended
Fair Value (Tables)	Mar. 31, 2023
Fair Value
Schedule of the principal amounts, carrying values and the estimated fair values of the company's financial instruments	The following table summarizes the principal amounts, carrying values and the estimated fair values of our financial instruments (in thousands): March 31, 2023 December 31, 2022 Principal / Carrying Estimated Principal / Carrying Estimated Notional Amount Value Fair Value Notional Amount Value Fair Value Financial assets: Loans and investments, net $ 13,643,724 $ 13,430,985 $ 13,634,147 $ 14,456,123 $ 14,254,674 $ 14,468,418 Loans held-for-sale, net 468,738 469,602 483,727 368,066 354,070 362,054 Capitalized mortgage servicing rights, net n/a 396,634 502,282 n/a 401,471 530,913 Securities held-to-maturity, net 232,541 153,888 140,963 234,255 156,547 144,571 Derivative financial instruments 591,688 9,776 9,776 111,950 1,505 1,505 Financial liabilities: Credit and repurchase facilities $ 3,662,756 $ 3,650,876 $ 3,610,881 $ 3,856,009 $ 3,841,814 $ 3,828,192 Securitized debt 7,541,518 7,508,472 7,326,912 7,886,066 7,849,270 7,560,541 Senior unsecured notes 1,423,850 1,409,899 1,257,377 1,399,600 1,385,994 1,262,560 Convertible senior unsecured notes 287,500 281,046 264,141 287,500 280,356 287,834 Junior subordinated notes 154,336 143,322 104,595 154,336 143,128 103,977 Derivative financial instruments 503,860 3,374 3,374 273,973 4,897 4,897
Schedule of certain financial assets and financial liabilities measured at fair value on a recurring basis	The fair values of these financial assets and liabilities are determined using the following input levels at March 31, 2023 (in thousands): Fair Value Measurements Using Fair Carrying Value Hierarchy Value Fair Value Level 1 Level 2 Level 3 Financial assets: Derivative financial instruments $ 9,776 $ 9,776 $ — $ 6,679 $ 3,097 Financial liabilities: Derivative financial instruments $ 3,374 $ 3,374 $ — $ 3,374 $ —
Schedule of certain financial assets and financial liabilities measured at fair value on a nonrecurring basis	The fair values of these financial and non-financial assets, if applicable, are determined using the following input levels at March 31, 2023 (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) $ 98,419 $ 98,419 $ — $ — $ 98,419 Loans held-for-sale (2) 41,068 41,068 — 41,068 — $ 139,487 $ 139,487 $ — $ 41,068 $ 98,419 (1) We had an allowance for credit losses of $93.3 million relating to eight impaired loans with an aggregate carrying value, before loan loss reserves, of $191.8 million at March 31, 2023. (2) We had unrealized impairment losses of $1.6 million related to ten held-for-sale loans with an aggregate carrying value, before unrealized impairment losses, of $42.6 million.
Schedule of quantitative information about Level 3 fair value measurements	Quantitative information about Level 3 fair value measurements at March 31, 2023 is as follows ($ 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 7.50 % Office 36,674 Discounted cash flows Capitalization rate 5.25 % 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 3,097 Discounted cash flows W/A discount rate 13.27 %
Schedule of roll forward of Level 3 derivative instruments	A roll-forward of Level 3 derivative instruments is as follows (in thousands): Fair Value Measurements Using Significant Unobservable Inputs Three Months Ended March 31, 2023 2022 Derivative assets and liabilities, net Beginning balance $ 354 $ 295 Settlements (15,066) (13,683) Realized gains recorded in earnings 14,712 13,388 Unrealized gains recorded in earnings 3,097 1,355 Ending balance $ 3,097 $ 1,355
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 March 31, 2023 Principal Amount Servicing Rights Movement Effect Loss Adjustment Rate lock commitments $ 334,722 $ 3,097 $ 1,185 $ — $ 4,282 Forward sale commitments 760,826 — (1,185) — (1,185) Loans held-for-sale, net (1) 468,738 7,388 — (1,565) 5,823 Total $ 10,485 $ — $ (1,565) $ 8,920 (1) Loans held-for-sale, net are recorded at the lower of cost or market on an aggregate basis and includes fair value adjustments related to estimated cash flows from MSRs.
Schedule of fair value of assets and liabilities	The fair value of these assets and liabilities are determined using the following input levels at March 31, 2023 (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 $ 13,430,985 $ 13,634,147 $ — $ — $ 13,634,147 Loans held-for-sale, net 469,602 483,727 — 476,339 7,388 Capitalized mortgage servicing rights, net 396,634 502,282 — — 502,282 Securities held-to-maturity, net 153,888 140,963 — — 140,963 Financial liabilities: Credit and repurchase facilities $ 3,650,876 $ 3,610,881 $ — $ 421,985 $ 3,188,896 Securitized debt 7,508,472 7,326,912 — — 7,326,912 Senior unsecured notes 1,409,899 1,257,377 1,257,377 — — Convertible senior unsecured notes 281,046 264,141 — 264,141 — Junior subordinated notes 143,322 104,595 — — 104,595

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
Commitments and Contingencies (Tables)	Mar. 31, 2023
Commitments and Contingencies
Schedule of maturities of operating lease liabilities	Debt Obligations and Operating Leases. Minimum Annual Debt Operating Lease Year Obligations Payments Total 2023 (nine months ending December 31, 2023) $ 1,944,655 $ 7,076 $ 1,951,731 2024 2,997,340 9,180 3,006,520 2025 1,902,049 9,318 1,911,367 2026 4,905,927 9,363 4,915,290 2027 985,653 7,929 993,582 2028 180,000 7,301 187,301 Thereafter 154,336 20,491 174,827 Total $ 13,069,960 $ 70,658 $ 13,140,618

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	3 Months Ended
Variable Interest Entities (Tables)	Mar. 31, 2023
Variable Interest Entities
Schedule of the assets and liabilities related to the consolidated CLOs and Debt Fund	The assets and liabilities related to these consolidated Securitization Entities are as follows (in thousands): March 31, 2023 December 31, 2022 Assets: Restricted cash $ 699,892 $ 710,775 Loans and investments, net 8,530,448 8,900,104 Other assets 123,696 174,382 Total assets $ 9,354,036 $ 9,785,261 Liabilities: Securitized debt $ 7,508,472 $ 7,849,270 Other liabilities 23,863 26,754 Total liabilities $ 7,532,335 $ 7,876,024
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 March 31, 2023 is as follows (in thousands): Type Carrying Amount (1) Loans $ 437,448 APL certificates 127,448 B Piece bonds 31,465 Equity investments 19,160 Agency interest only strips 214 Total $ 615,735 (1) Represents the carrying amount of loans and investments before reserves. At March 31, 2023, $172.5 million of loans to VIEs had corresponding specific loan loss reserves of $85.8 million. The maximum loss exposure at March 31, 2023 would not exceed the carrying amount of our investment.

Equity (Tables)

Equity (Tables)	3 Months Ended
Equity (Tables)	Mar. 31, 2023
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 15, 2023 $ 0.40 January 3, 2023 $ 0.3984375 $ 0.390625 $ 0.390625 March 31, 2023 $ 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 is as follows ($ in thousands, except share and per share data): Three Months Ended March 31, 2023 2022 Basic Diluted Basic Diluted Net income attributable to common stockholders (1) $ 84,319 $ 84,319 $ 64,057 $ 64,057 Net income attributable to noncontrolling interest (2) — 7,585 — 6,816 Interest expense on convertible notes — 6,081 — 3,995 Net income attributable to common stockholders and noncontrolling interest $ 84,319 $ 97,985 $ 64,057 $ 74,868 Weighted average shares outstanding 181,116,674 181,116,674 153,420,238 153,420,238 Dilutive effect of OP Units (2) — 16,293,589 — 16,325,095 Dilutive effect of convertible notes — 17,230,358 — 15,111,154 Dilutive effect of restricted stock units (3) — 270,353 — 574,917 Weighted average shares outstanding 181,116,674 214,910,974 153,420,238 185,431,404 Net income per common share (1) $ 0.47 $ 0.46 $ 0.42 $ 0.40 (1) Net of preferred stock dividends. (2) We consider OP Units to be common stock equivalents as the holders have voting rights, the right to distributions and the right to redeem the OP Units for the cash value of a corresponding number of shares of common stock or a corresponding number of shares of common stock, at our election. (3) Our chief executive officer was granted restricted stock units, which vest at the end of a four-year performance period based upon our achievement of total stockholder return objectives.

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
Segment Information (Tables)	Mar. 31, 2023
Segment Information
Schedule of statement of income and balance sheet by segment	Three Months Ended March 31, 2023 Structured Agency Other / Business Business Eliminations (1) Consolidated Interest income $ 317,376 $ 10,571 $ — $ 327,947 Interest expense 214,894 4,479 — 219,373 Net interest income 102,482 6,092 — 108,574 Other revenue: Gain on sales, including fee-based services, net — 14,589 — 14,589 Mortgage servicing rights — 18,458 — 18,458 Servicing revenue — 44,981 — 44,981 Amortization of MSRs — (15,416) — (15,416) Property operating income 1,381 — — 1,381 Gain on derivative instruments, net — 4,223 — 4,223 Other income, net 1,908 2,974 — 4,882 Total other revenue 3,289 69,809 — 73,098 Other expenses: Employee compensation and benefits 15,641 26,758 — 42,399 Selling and administrative 6,711 6,912 — 13,623 Property operating expenses 1,383 — — 1,383 Depreciation and amortization 1,451 1,173 — 2,624 Provision for loss sharing (net of recoveries) — 3,177 — 3,177 Provision for credit losses (net of recoveries) 20,645 1,872 — 22,517 Total other expenses 45,831 39,892 — 85,723 Income before income from equity affiliates and income taxes 59,940 36,009 — 95,949 Income from equity affiliates 14,326 — — 14,326 Benefit from (provision for) income taxes 429 (8,458) — (8,029) Net income 74,695 27,551 — 102,246 Preferred stock dividends 10,342 — — 10,342 Net income attributable to noncontrolling interest — — 7,585 7,585 Net income attributable to common stockholders $ 64,353 $ 27,551 $ (7,585) $ 84,319 Three Months Ended March 31, 2022 Structured Agency Other / Business Business Eliminations (1) Consolidated Interest income $ 156,260 $ 10,438 $ — $ 166,698 Interest expense 78,202 4,357 — 82,559 Net interest income 78,058 6,081 — 84,139 Other revenue: Gain on sales, including fee-based services, net — 1,656 — 1,656 Mortgage servicing rights — 15,312 — 15,312 Servicing revenue — 36,026 — 36,026 Amortization of MSRs — (14,972) — (14,972) Property operating income 295 — — 295 Gain on derivative instruments, net — 17,386 — 17,386 Other income, net 3,196 4 — 3,200 Total other revenue 3,491 55,412 — 58,903 Other expenses: Employee compensation and benefits 15,487 26,538 — 42,025 Selling and administrative 7,409 7,139 — 14,548 Property operating expenses 535 — — 535 Depreciation and amortization 810 1,173 — 1,983 Provision for loss sharing (net of recoveries) — (662) — (662) Provision for credit losses (net of recoveries) 2,069 289 — 2,358 Total other expenses 26,310 34,477 — 60,787 Income before extinguishment of debt, income from equity affiliates and income taxes 55,239 27,016 — 82,255 Loss on extinguishment of debt (1,350) — — (1,350) Income from equity affiliates 7,212 — — 7,212 Provision for income taxes (1,432) (6,756) — (8,188) Net income 59,669 20,260 — 79,929 Preferred stock dividends 9,056 — — 9,056 Net income attributable to noncontrolling interest — — 6,816 6,816 Net income attributable to common stockholders $ 50,613 $ 20,260 $ (6,816) $ 64,057 (1) Includes income allocated to the noncontrolling interest holders not allocated to the two reportable segments. March 31, 2023 Structured Business Agency Business Consolidated Assets: Cash and cash equivalents $ 405,596 $ 368,948 $ 774,544 Restricted cash 702,360 2,484 704,844 Loans and investments, net 13,430,985 — 13,430,985 Loans held-for-sale, net — 469,602 469,602 Capitalized mortgage servicing rights, net — 396,634 396,634 Securities held-to-maturity, net — 153,888 153,888 Investments in equity affiliates 77,641 — 77,641 Goodwill and other intangible assets 12,500 82,396 94,896 Other assets and due from related party 413,846 71,344 485,190 Total assets $ 15,042,928 $ 1,545,296 $ 16,588,224 Liabilities: Debt obligations $ 12,571,630 $ 421,985 $ 12,993,615 Allowance for loss-sharing obligations — 59,757 59,757 Other liabilities and due to related parties 268,048 109,347 377,395 Total liabilities $ 12,839,678 $ 591,089 $ 13,430,767 December 31, 2022 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
Schedule of origination data and loan sales data	Three Months Ended March 31, 2023 2022 Origination Data: Structured Business Bridge loans (1) $ 262,189 $ 2,820,716 Mezzanine / Preferred Equity 5,845 8,139 Total new loan originations $ 268,034 $ 2,828,855 Loan runoff $ 1,186,649 $ 666,551 Agency Business Origination Volumes by Investor: Fannie Mae $ 795,021 $ 449,680 FHA 148,940 11,990 Freddie Mac 101,332 299,072 Private Label 41,107 72,896 SFR - Fixed Rate 5,461 4,871 Total $ 1,091,861 $ 838,509 Total loan commitment volume $ 1,500,110 $ 975,132 Agency Business Loan Sales Data: Fannie Mae $ 651,758 $ 666,544 Private Label 159,945 489,269 Freddie Mac 68,457 359,086 FHA 43,475 71,816 SFR - Fixed Rate 9,064 — Total $ 932,699 $ 1,586,715 Sales margin (fee-based services as a % of loan sales) (2) 1.56 % 1.18 % MSR rate (MSR income as a % of loan commitments) 1.23 % 1.57 % (1) 2023 and 2022 includes 20 and 35 SFR loans, respectively, with a UPB of $76.1 million and $133.4 million, respectively. During 2023 and 2022, we committed to fund SFR loans totaling $54.4 million and $83.3 million, respectively. (2) 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 on derivative instruments, net in the consolidated statements of income .
Schedule of key servicing metrics for Agency Business	March 31, 2023 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 $ 19,508,256 49.5 8.0 Freddie Mac 5,180,607 24.7 9.1 Private Label 2,233,500 19.6 7.7 FHA 1,242,669 14.7 19.8 Bridge 467,881 11.6 2.9 SFR - Fixed Rate 279,712 20.0 5.9 Total $ 28,912,625 40.3 8.6 December 31, 2022 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

Description of Business (Detail

Description of Business (Details)	3 Months Ended
Description of Business (Details)	Mar. 31, 2023 segment
Description of Business
Number of business segments	2

Loans and Investments - Investm

Loans and Investments - Investment Portfolio and Concentration of Credit Risk (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023 USD ($) loan borrower	Dec. 31, 2022 USD ($) loan borrower	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Loans and Investments
Loans and investments	$ 13,643,724	$ 14,456,123
Allowance for credit losses	(153,077)	(132,559)	$ (116,382)	$ (113,241)
Unearned revenue	(59,662)	(68,890)
Loans and investments, net	$ 13,430,985	$ 14,254,674
Percent of Total	100%	100%
Loan Count \| loan	715	747
Wtd. Avg. Pay Rate (as a percent)	8.60%	8.17%
Wtd. Avg. Remaining Months to Maturity	19 months 6 days	20 months 18 days
Wtd. Avg. First Dollar LTV Ratio (as percent)	1%	1%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	76%	76%
Single-Family Rental
Loans and Investments
Allowance for credit losses	$ (973)	$ (781)	$ (421)	$ (320)
Concentration of Credit Risk
Loans and Investments
Loans and investments	$ 13,643,724
Wtd. Avg. First Dollar LTV Ratio (as percent)	1%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	76%
Concentration of Credit Risk \| Single-Family Rental
Loans and Investments
Loans and investments	$ 1,014,992
Percent of Total	7%
Wtd. Avg. First Dollar LTV Ratio (as percent)	0%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	63%
Total Assets \| Concentration of Credit Risk
Loans and Investments
Loan Count \| loan	84	38
Number of different borrowers \| borrower	5	5
Total Assets \| Concentration of Credit Risk \| Five Borrowers
Loans and Investments
Concentration risk, percentage	11%	11%
Bridge loans
Loans and Investments
Loans and investments	$ 13,298,939	$ 14,096,054
Percent of Total	97%	98%
Loan Count \| loan	659	692
Wtd. Avg. Pay Rate (as a percent)	8.62%	8.17%
Wtd. Avg. Remaining Months to Maturity	18 months 9 days	19 months 24 days
Wtd. Avg. First Dollar LTV Ratio (as percent)	0%	0%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	76%	76%
Bridge loans \| Single-Family Rental
Loans and Investments
Number of loans under the loan portfolio \| loan	254	241
Total loan commitment	$ 1,630,000	$ 1,570,000
Mezzanine loan
Loans and Investments
Loans and investments	$ 222,094	$ 213,499
Percent of Total	2%	1%
Loan Count \| loan	46	44
Wtd. Avg. Pay Rate (as a percent)	8.15%	8.13%
Wtd. Avg. Remaining Months to Maturity	60 months 21 days	63 months 3 days
Wtd. Avg. First Dollar LTV Ratio (as percent)	44%	42%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	80%	77%
Preferred equity investments
Loans and Investments
Loans and investments	$ 89,725	$ 110,725
Percent of Total	1%	1%
Loan Count \| loan	7	8
Wtd. Avg. Pay Rate (as a percent)	6.56%	7.63%
Wtd. Avg. Remaining Months to Maturity	45 months 9 days	39 months 6 days
Wtd. Avg. First Dollar LTV Ratio (as percent)	47%	46%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	84%	79%
Other loan
Loans and Investments
Loans and investments	$ 32,966	$ 35,845
Percent of Total	1%	1%
Loan Count \| loan	3	3
Wtd. Avg. Pay Rate (as a percent)	9.23%	8.76%
Wtd. Avg. Remaining Months to Maturity	29 months 15 days	32 months 24 days
Wtd. Avg. First Dollar LTV Ratio (as percent)	0%	0%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	57%	58%
Other loan \| Single-Family Rental
Loans and Investments
Number of loans under the loan portfolio \| loan	3	3
Unpaid principal balance, funded	$ 982,000	$ 927,400

Loans and Investments - Risk Ra

Loans and Investments - Risk Ratings and LTV Ratios (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Loans and Investments
Loans and investments	$ 13,643,724	$ 14,456,123
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%
Other Property
Loans and Investments
Percentage of Portfolio	1%
Credit risk concentration
Loans and Investments
Origination Year 2023	$ 216,013
Origination Year 2022	5,221,068
Origination Year 2021	7,018,215
Origination Year 2020	548,348
Origination Year 2019	341,738
Origination Year Prior	298,342
Loans and investments	$ 13,643,724
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
Loans and Investments
Concentration risk, percentage	24%	22%
Credit risk concentration \| Loans and investments portfolio \| Florida
Loans and Investments
Concentration risk, percentage	15%	14%
Credit risk concentration \| Multifamily
Loans and Investments
Origination Year 2023	$ 182,825
Origination Year 2022	4,751,170
Origination Year 2021	6,648,973
Origination Year 2020	357,439
Origination Year 2019	265,704
Origination Year Prior	102,044
Loans and investments	$ 12,308,155
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
Loans and Investments
Origination Year 2023	$ 22,360
Origination Year 2022	549,835
Origination Year 2021	268,328
Origination Year 2020	3,155
Origination Year Prior	20,300
Loans and investments	863,978
Credit risk concentration \| Multifamily \| Pass/Watch
Loans and Investments
Origination Year 2023	160,465
Origination Year 2022	2,781,244
Origination Year 2021	3,236,800
Origination Year 2020	303,109
Origination Year 2019	203,354
Origination Year Prior	22,050
Loans and investments	6,707,022
Credit risk concentration \| Multifamily \| Special Mention
Loans and Investments
Origination Year 2022	1,322,873
Origination Year 2021	2,884,543
Origination Year 2020	51,175
Origination Year 2019	51,785
Origination Year Prior	27,194
Loans and investments	4,337,570
Credit risk concentration \| Multifamily \| Substandard
Loans and Investments
Origination Year 2022	97,218
Origination Year 2021	259,302
Origination Year 2019	10,565
Origination Year Prior	32,500
Loans and investments	399,585
Credit risk concentration \| Single-Family Rental
Loans and Investments
Origination Year 2023	33,188
Origination Year 2022	469,898
Origination Year 2021	343,542
Origination Year 2020	147,399
Origination Year 2019	20,965
Loans and investments	$ 1,014,992
Percentage of Portfolio	7%
Wtd. Avg. First Dollar LTV Ratio (as percent)	0%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	63%
Credit risk concentration \| Single-Family Rental \| Pass
Loans and Investments
Origination Year 2021	$ 22,928
Origination Year 2020	3,113
Loans and investments	26,041
Credit risk concentration \| Single-Family Rental \| Pass/Watch
Loans and Investments
Origination Year 2023	33,188
Origination Year 2022	449,188
Origination Year 2021	293,140
Origination Year 2020	107,147
Origination Year 2019	20,965
Loans and investments	903,628
Credit risk concentration \| Single-Family Rental \| Special Mention
Loans and Investments
Origination Year 2022	20,710
Origination Year 2021	27,474
Origination Year 2020	37,139
Loans and investments	85,323
Credit risk concentration \| Land
Loans and Investments
Origination Year 2020	8,100
Origination Year Prior	127,928
Loans and investments	$ 136,028
Percentage of Portfolio	1%
Wtd. Avg. First Dollar LTV Ratio (as percent)	0%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	98%
Credit risk concentration \| Land \| Special Mention
Loans and Investments
Origination Year 2020	$ 8,100
Loans and investments	8,100
Credit risk concentration \| Land \| Substandard
Loans and Investments
Origination Year Prior	127,928
Loans and investments	127,928
Credit risk concentration \| Office
Loans and Investments
Origination Year 2020	35,410
Origination Year Prior	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)	99%
Credit risk concentration \| Office \| Pass/Watch
Loans and Investments
Origination Year 2020	$ 35,410
Loans and investments	35,410
Credit risk concentration \| Office \| Substandard
Loans and Investments
Origination Year Prior	44,625
Loans and investments	44,625
Credit risk concentration \| Healthcare
Loans and Investments
Origination Year 2019	51,069
Loans and investments	$ 51,069
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 \| Healthcare \| Pass/Watch
Loans and Investments
Origination Year 2019	$ 51,069
Loans and investments	51,069
Credit risk concentration \| Student Housing
Loans and Investments
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)	67%
Credit risk concentration \| Student Housing \| Pass
Loans and Investments
Origination Year 2021	$ 25,700
Loans and investments	25,700
Credit risk concentration \| Retail
Loans and Investments
Origination Year 2019	4,000
Origination Year Prior	22,045
Loans and investments	$ 26,045
Percentage of Portfolio	1%
Wtd. Avg. First Dollar LTV Ratio (as percent)	11%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	71%
Credit risk concentration \| Retail \| Pass
Loans and Investments
Origination Year 2019	$ 4,000
Loans and investments	4,000
Credit risk concentration \| Retail \| Special Mention
Loans and Investments
Origination Year Prior	3,445
Loans and investments	3,445
Credit risk concentration \| Retail \| Substandard
Loans and Investments
Origination Year Prior	18,600
Loans and investments	18,600
Credit risk concentration \| Other Property
Loans and Investments
Origination Year Prior	1,700
Loans and investments	$ 1,700
Wtd. Avg. First Dollar LTV Ratio (as percent)	63%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	63%
Credit risk concentration \| Other Property \| Doubtful
Loans and Investments
Origination Year Prior	$ 1,700
Loans and investments	$ 1,700

Loans and Investments - Allowan

Loans and Investments - Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Allowance for credit losses:
Allowance at beginning of the year	$ 132,559	$ 113,241
Provision for credit losses (net of recoveries)	20,518	3,141
Allowance at end of the year	153,077	116,382
Outstanding unfunded commitments on loans	1,050,000
Accrued interest receivable related to loans	112,800		$ 108,500
Land
Allowance for credit losses:
Allowance at beginning of the year	78,068	77,970
Provision for credit losses (net of recoveries)	18	(30)
Allowance at end of the year	78,086	77,940
Outstanding unfunded commitments on loans	1,050,000		$ 1,150,000
Multifamily
Allowance for credit losses:
Allowance at beginning of the year	37,961	18,707
Provision for credit losses (net of recoveries)	20,387	3,377
Allowance at end of the year	58,348	22,084
Office
Allowance for credit losses:
Allowance at beginning of the year	8,162	8,073
Provision for credit losses (net of recoveries)	(56)	12
Allowance at end of the year	8,106	8,085
Retail
Allowance for credit losses:
Allowance at beginning of the year	5,819	5,819
Allowance at end of the year	5,819	5,819
Single-Family Rental
Allowance for credit losses:
Allowance at beginning of the year	781	320
Provision for credit losses (net of recoveries)	192	101
Allowance at end of the year	973	421
Commercial
Allowance for credit losses:
Allowance at beginning of the year	1,700	1,700
Allowance at end of the year	1,700	1,700
Other Property
Allowance for credit losses:
Allowance at beginning of the year	68	652
Provision for credit losses (net of recoveries)	(23)	(319)
Allowance at end of the year	$ 45	$ 333

Loans and Investments - Summary

Loans and Investments - Summary of impaired loans (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023 USD ($) item	Dec. 31, 2022 USD ($) item
Loans and Investments
UPB	$ 202,585	$ 157,960
Carrying Value	191,756	147,131
Allowance for Credit Losses	$ 93,337	$ 85,386
Wtd. Avg. First Dollar LTV Ratio	2	3
Wtd. Avg. Last Dollar LTV Ratio	96	96
Number of impaired loans (less unearned revenue and other holdbacks and adjustments) by asset class \| item	8	7
Land
Loans and Investments
UPB	$ 134,215	$ 134,215
Carrying Value	127,868	127,868
Allowance for Credit Losses	$ 77,869	$ 77,869
Wtd. Avg. First Dollar LTV Ratio	0	0
Wtd. Avg. Last Dollar LTV Ratio	99	99
Retail
Loans and Investments
UPB	$ 22,045	$ 22,045
Carrying Value	17,563	17,563
Allowance for Credit Losses	$ 5,817	$ 5,817
Wtd. Avg. First Dollar LTV Ratio	13	14
Wtd. Avg. Last Dollar LTV Ratio	78	79
Office
Loans and Investments
UPB	$ 44,625
Carrying Value	44,625
Allowance for Credit Losses	$ 7,951
Wtd. Avg. First Dollar LTV Ratio	0
Wtd. Avg. Last Dollar LTV Ratio	100
Commercial
Loans and Investments
UPB	$ 1,700	$ 1,700
Carrying Value	1,700	1,700
Allowance for Credit Losses	$ 1,700	$ 1,700
Wtd. Avg. First Dollar LTV Ratio	63	63
Wtd. Avg. Last Dollar LTV Ratio	63	63

Loans and Investments - Non-per

Loans and Investments - Non-performing loans (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023 USD ($) loan	Dec. 31, 2022 USD ($) loan
Loans and Investments
Number of loans for which no provision for loan loss made \| loan	0	0
Number of loans \| loan	715	747
UPB	$ 202,585	$ 157,960
Loans and investments	$ 13,643,724	$ 14,456,123
Non-performing loans
Loans and Investments
Number of loans \| loan	4	4
Carrying value of loans	$ 2,600	$ 2,600
Loan loss reserves	5,100	5,100
UPB	7,750	7,750
Less Than 90 Days Past Due \| Non-performing loans
Loans and Investments
Loans and investments	0	0
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] \| Non-performing loans
Loans and Investments
Loans and investments	7,750	7,750
Interest Receivable	0	0
Multifamily \| Non-performing loans
Loans and Investments
UPB	2,605	2,605
Multifamily \| Less Than 90 Days Past Due \| Non-performing loans
Loans and Investments
Loans and investments	0	0
Multifamily \| Financial Asset, Equal to or Greater than 90 Days Past Due [Member] \| Non-performing loans
Loans and Investments
Loans and investments	2,605	2,605
Retail
Loans and Investments
UPB	22,045	22,045
Retail \| Non-performing loans
Loans and Investments
UPB	3,445	3,445
Retail \| Less Than 90 Days Past Due \| Non-performing loans
Loans and Investments
Loans and investments	0	0
Retail \| Financial Asset, Equal to or Greater than 90 Days Past Due [Member] \| Non-performing loans
Loans and Investments
Loans and investments	3,445	3,445
Commercial
Loans and Investments
UPB	1,700	1,700
Commercial \| Non-performing loans
Loans and Investments
UPB	1,700	1,700
Commercial \| Less Than 90 Days Past Due \| Non-performing loans
Loans and Investments
Loans and investments	0	0
Commercial \| Financial Asset, Equal to or Greater than 90 Days Past Due [Member] \| Non-performing loans
Loans and Investments
Loans and investments	$ 1,700	$ 1,700

Loans and Investments - Charge-

Loans and Investments - Charge-offs and Recoveries Narratives (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) loan	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Loans and Investments
Interest income recognized on nonaccrual loans	$ 600	$ 0
Allowance for credit losses	153,077	$ 116,382	$ 132,559	$ 113,241
Loans collateralized by a land development project
Loans and Investments
Allowance for credit losses	$ 71,400		$ 71,400
Six loans collateralized by a land development project
Loans and Investments
Number of loans with unpaid principal balance \| loan	6
Unpaid principal balance on loans	$ 121,400
Five loans collateralized by a land development project
Loans and Investments
Number of loans with unpaid principal balance \| loan	5
Unpaid principal balance on loans	$ 112,000
Weighted average accrual rate of interest (as a percent)	7.91%

Loans and Investments - Purchas

Loans and Investments - Purchased Credit Deterioration and Troubled Debt Restructurings (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023 USD ($) item loan	Mar. 31, 2022 USD ($) item	Dec. 31, 2022 USD ($) loan
Loans and Investments
Other loans modification \| item	0	0
Interest reserve	$ 118,000		$ 123,700
Number of loans covered under interest reserve \| loan	479		480
Aggregate UPB covered under interest reserve	$ 7,480,000		$ 7,700,000
Number of loans sold \| loan	4
Unpaid principal balance on loans	$ 217,400
Impairment loss on sale of loans	$ 14,589	$ 1,656

Loans Held-for-Sale, Net (Detai

Loans Held-for-Sale, Net (Details) - USD ($) $ in Thousands	3 Months Ended
Loans Held-for-Sale, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Loans Held-for-Sale, Net
Loans held-for-sale	$ 468,738		$ 368,066
Fair value of future MSR	7,387		5,557
Unrealized impairment loss	(1,565)		(15,703)
Unearned discount	(4,958)		(3,850)
Loans held-for-sale, net	469,602		354,070
Sale of loans held-for-sale excluding acquired loans	932,700	$ 1,590,000
Amount of securitizations	43,400
Amortized cost of loans on nonaccrual status	0		0
Greater than 90 Days Past Due
Loans Held-for-Sale, Net
Past Due	$ 0		0
US Government Sponsored-Enterprise Insured Loans
Loans Held-for-Sale, Net
Period of loans held for sale sold	60 days
Fannie Mae
Loans Held-for-Sale, Net
Loans held-for-sale, net	$ 316,283		173,020
Fannie Mac
Loans Held-for-Sale, Net
Loans held-for-sale	$ 41,813		8,938
Private Label
Loans Held-for-Sale, Net
Period of loans held for sale sold	180 days
Loans held-for-sale, net	$ 33,897		152,735
Sale of loans held-for-sale excluding acquired loans	159,900	$ 489,300
Unpaid principal balance	129,900
Net loans carrying value	116,400
Net loss of swaps gain with loans	5,200
Gain from loans sold	900
FHA
Loans Held-for-Sale, Net
Loans held-for-sale	68,008		21,021
SFR - Fixed Rate
Loans Held-for-Sale, Net
Loans held-for-sale, net	$ 8,737		$ 12,352

Capitalized Mortgage Servicin_3

Capitalized Mortgage Servicing Rights (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Capitalized Mortgage Servicing Rights
Beginning balance	$ 401,471
Ending balance	396,634		$ 401,471
MSRs
Capitalized Mortgage Servicing Rights
Beginning balance	401,471	$ 422,734	422,734
Additions	13,886		26,971
Amortization	(15,416)		(14,972)
Write-downs and payoffs	(3,307)		(12,697)
Ending balance	396,634	422,036	401,471
Prepayment fees collected	2,100	16,100
Valuation allowance	0		$ 0
Expected amortization of capitalized MSRs balances
2023 (nine months ending 12/31/2023)	46,546
2024	60,349
2025	56,515
2026	50,349
2027	45,525
Thereafter	137,350
Total	$ 396,634
MSRs \| Minimum
Capitalized Mortgage Servicing Rights
Percentage of MSRs discount rate	8%
MSRs \| Maximum
Capitalized Mortgage Servicing Rights
Percentage of MSRs discount rate	13%
MSRs \| Weighted average
Capitalized Mortgage Servicing Rights
Percentage of MSRs discount rate	12%
Estimated life remaining	8 years 7 months 6 days		8 years 7 months 6 days
Originated
Capitalized Mortgage Servicing Rights
Beginning balance	$ 386,878	395,573	$ 395,573
Additions	13,886		26,971
Amortization	(14,287)		(12,927)
Write-downs and payoffs	(2,841)		(11,556)
Ending balance	383,636	398,061	386,878
Acquired
Capitalized Mortgage Servicing Rights
Beginning balance	14,593	27,161	27,161
Amortization	(1,129)		(2,045)
Write-downs and payoffs	(466)		(1,141)
Ending balance	$ 12,998	$ 23,975	$ 14,593

Mortgage Servicing (Details)

Mortgage Servicing (Details) $ in Thousands	3 Months Ended	12 Months Ended
Mortgage Servicing (Details) $ in Thousands	Mar. 31, 2023 USD ($) state	Dec. 31, 2022 USD ($) state
Mortgage Servicing
Escrow Deposit	$ 1,300,000	$ 1,500,000
Fee-based servicing portfolio
Mortgage Servicing
Escrow Deposit	1,500,000	1,700,000
MSRs
Mortgage Servicing
Unpaid principal balance of loans serviced	$ 28,912,625	$ 27,998,029
Weighted average servicing fee (as a percent)	0.403%	0.411%
MSRs \| Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total	100%	100%
Texas \| MSRs \| Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total	12%	11%
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%	8%
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%	5%
New Jersey \| MSRs \| Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total	5%	5%
Illinois \| MSRs \| Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total	4%	4%
Other \| MSRs \| Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total	41%	42%
Number of states accounted for more than 4% of UPB and related servicing revenues \| state	0	0
Fannie Mae \| MSRs
Mortgage Servicing
Unpaid principal balance of loans serviced	$ 19,508,256	$ 19,038,124
Fannie Mae \| MSRs \| Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total	67%	68%
Fannie Mac \| MSRs
Mortgage Servicing
Unpaid principal balance of loans serviced	$ 5,180,607	$ 5,153,207
Fannie Mac \| MSRs \| Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total	18%	18%
Private Label \| MSRs
Mortgage Servicing
Unpaid principal balance of loans serviced	$ 2,233,500	$ 2,074,859
Private Label \| MSRs \| Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total	8%	8%
FHA \| MSRs
Mortgage Servicing
Unpaid principal balance of loans serviced	$ 1,242,669	$ 1,155,893
FHA \| MSRs \| Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total	4%	4%
Bridge \| MSRs
Mortgage Servicing
Unpaid principal balance of loans serviced	$ 467,881	$ 301,182
Bridge \| MSRs \| Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total	2%	1%
SFR - Fixed Rate \| MSRs
Mortgage Servicing
Unpaid principal balance of loans serviced	$ 279,712	$ 274,764
SFR - Fixed Rate \| MSRs \| Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total	1%	1%

Mortgage Servicing - Components

Mortgage Servicing - Components of servicing revenue, net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Mortgage Servicing
Servicing fees	$ 29,210	$ 31,748
Interest earned on escrows	17,003	837
Prepayment fees	2,075	16,138
Write-offs of MSRs	(3,307)	(12,697)
Amortization of MSRs	(15,416)	(14,972)
Servicing revenue, net	$ 29,565	$ 21,054

Securities Held-to-Maturity (De

Securities Held-to-Maturity (Details)	3 Months Ended
Securities Held-to-Maturity (Details)	Mar. 31, 2023 USD ($) item	Dec. 31, 2022 USD ($)
Securities Held-to-Maturity
Face Value	$ 232,541,000	$ 234,255,000
Net Carrying Value	153,888,000	156,547,000
Unrealized Loss	(12,925,000)	(11,976,000)
Estimated Fair Value	140,963,000	144,571,000
B Piece bonds
Securities Held-to-Maturity
Face Value	39,750,000	41,464,000
Net Carrying Value	29,770,000	33,072,000
Unrealized Gain	3,253,000	1,372,000
Estimated Fair Value	$ 33,023,000	$ 34,444,000
Seven B Piece Bonds \| Held-to-Maturity Securities
Securities Held-to-Maturity
Bonds retained percentage	49%
Number of B Piece bonds \| item	7
Discounted value of bonds purchased	$ 74,700,000
Remaining of B Piece bond sold to the third party at par	51%
Estimated weighted average remaining maturity period	6 years
Initial face value of bonds purchased	$ 106,200,000
Agency B Piece Bonds
Securities Held-to-Maturity
Weighted average variable interest rate (as a percent)		12.20%
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)	11.43%
Held-to-maturity securities, estimated fiscal year
Within one year	$ 7,300,000
After one year through five years	15,800,000
After five years through ten years	400,000
After ten years	16,300,000
APL certificates
Securities Held-to-Maturity
Face Value	192,791,000	$ 192,791,000
Net Carrying Value	124,118,000	123,475,000
Unrealized Loss	(16,178,000)	(13,348,000)
Estimated Fair Value	107,940,000	$ 110,127,000
APL certificates \| Held-to-Maturity Securities
Securities Held-to-Maturity
Face Value	$ 192,800,000
Weighted average variable interest rate (as a percent)	3.94%
Estimated weighted average remaining maturity period	7 years 3 months 18 days
Amount purchased at a discount	$ 119,000,000
Weighted average fixed interest rate	8.85%
Held-to-maturity securities, estimated fiscal year
After one year through five years	$ 6,700,000
After five years through ten years	$ 186,100,000
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	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Changes in the allowance for credit losses
Allowance for credit loss, Beginning balance	$ 3,153
Provision for credit loss expense/(reversal)	1,872
Allowance for credit loss, Ending balance	5,025
Held-to-Maturity Securities
Changes in the allowance for credit losses
Interest income (including the amortization of discount)	3,100	$ 5,200
APL certificates
Changes in the allowance for credit losses
Allowance for credit loss, Beginning balance	2,783
Provision for credit loss expense/(reversal)	547
Allowance for credit loss, Ending balance	3,330
B Piece bonds
Changes in the allowance for credit losses
Allowance for credit loss, Beginning balance	370
Provision for credit loss expense/(reversal)	1,325
Allowance for credit loss, Ending balance	$ 1,695

Investments in Equity Affilia_3

Investments in Equity Affiliates (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Investment in Equity Affiliates
Investment in Equity Affiliates	$ 77,641	$ 79,130
UPB of Loans to Equity Affiliates	1,688
Arbor Residential Investor LLC
Investment in Equity Affiliates
Investment in Equity Affiliates	46,141	46,951
AMAC III
Investment in Equity Affiliates
Investment in Equity Affiliates	14,791	15,825
Fifth Wall
Investment in Equity Affiliates
Investment in Equity Affiliates	13,939	13,584
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	450
JT Prime
Investment in Equity Affiliates
Investment in Equity Affiliates	425	$ 425
West Shore Cafe
Investment in Equity Affiliates
UPB of Loans to Equity Affiliates	$ 1,688

Investments in Equity Affilia_4

Investments in Equity Affiliates - All Investments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Investment in Equity Affiliates
Income from equity affiliates	$ 14,326	$ 7,212
Distribution received	$ 4,700
Indirect ownership percentage	9.20%
Arbor Residential Investor LLC
Investment in Equity Affiliates
Income from equity affiliates	$ 900	5,000
Distribution received	12,300
Distribution from investment classified as return capital		7,500
AMAC III
Investment in Equity Affiliates
Noncontrolling interest	600	4,900
Loss on investment	400	500
Fifth Wall
Investment in Equity Affiliates
Noncontrolling interest	400	4,800
Docsumo Pte. Ltd.
Investment in Equity Affiliates
Noncontrolling interest		500
Equity Participation Interest
Investment in Equity Affiliates
Proceeds from sale	$ 11,000	$ 2,600

Debt Obligations - Credit and R

Debt Obligations - Credit and Repurchase Facilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Debt Obligations
Collateral Carrying Value	$ 4,865,667	$ 5,185,293
Weighted Average Note Rate (as a percent)	7.06%
Debt Carrying Value	$ 3,650,876	3,841,814
Outstanding principal balance repaid	47,400
Repurchase facility - securities \| B Piece bonds
Debt Obligations
Collateral Carrying Value		33,100
Structured Business
Debt Obligations
Collateral Carrying Value	4,427,306	4,845,753
Unamortized deferred financing fees	$ 11,100	$ 13,300
Weighted average note rate including certain fees and costs (as a percent)	7.57%	6.95%
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)	72%	73%
Weighted Average Note Rate (as a percent)	7.18%
Debt Carrying Value	$ 3,228,891	$ 3,536,371
Structured Business \| $2.5B joint repurchase facility
Debt Obligations
Collateral Carrying Value	1,876,423	2,099,447
Maximum borrowing capacity	$ 2,500,000
Weighted Average Note Rate (as a percent)	7.26%
Debt Carrying Value	$ 1,336,305	1,516,657
Structured Business \| $1B repurchase facility
Debt Obligations
Collateral Carrying Value	559,341	703,740
Maximum borrowing capacity	$ 1,000,000
Weighted Average Note Rate (as a percent)	6.97%
Debt Carrying Value	$ 391,056	498,666
Structured Business \| $500M repurchase facility
Debt Obligations
Collateral Carrying Value	240,799	188,563
Maximum borrowing capacity	$ 500,000
Expiration period after the lender provides written notice	6 months
Additional period to repurchase the underlying loans	6 months
Weighted Average Note Rate (as a percent)	7.89%
Debt Carrying Value	$ 198,152	154,653
Structured Business \| $499M repurchase facility
Debt Obligations
Maximum borrowing capacity	499,000
Structured Business \| $450M repurchase facility
Debt Obligations
Collateral Carrying Value	419,485	450,736
Total committed amount	$ 450,000
Weighted Average Note Rate (as a percent)	7.03%
Debt Carrying Value	$ 319,106	344,237
Structured Business \| $450M repurchase facility \| SOFR
Debt Obligations
Variable rate, spread (as a percent)	2%
Structured Business \| $450M repurchase facility
Debt Obligations
Collateral Carrying Value	$ 131,924	239,678
Maximum borrowing capacity	$ 450,000
Weighted Average Note Rate (as a percent)	6.57%
Debt Carrying Value	$ 102,470	186,639
Structured Business \| $450M repurchase facility
Debt Obligations
Collateral Carrying Value	$ 487,321	504,506
Weighted Average Note Rate (as a percent)	7.22%
Debt Carrying Value	$ 339,819	351,056
Structured Business \| $400M credit facility
Debt Obligations
Collateral Carrying Value	43,383	43,238
Maximum borrowing capacity	$ 400,000
Weighted Average Note Rate (as a percent)	6.83%
Debt Carrying Value	$ 33,232	33,221
Structured Business \| $225M credit facility
Debt Obligations
Collateral Carrying Value	116,288	81,119
Maximum borrowing capacity	$ 225,000
Weighted Average Note Rate (as a percent)	7.52%
Debt Carrying Value	$ 64,877	47,398
Structured Business \| $200M credit facility
Debt Obligations
Collateral Carrying Value	187,508	200,099
Maximum borrowing capacity	$ 200,000
Weighted Average Note Rate (as a percent)	6.92%
Debt Carrying Value	$ 147,948	154,516
Structured Business \| $50M credit facility
Debt Obligations
Collateral Carrying Value	$ 36,500	36,500
Weighted Average Note Rate (as a percent)	7.07%
Debt Carrying Value	$ 29,199	29,194
Structured Business \| $169M loan specific credit facilities
Debt Obligations
Collateral Carrying Value	238,458	225,805
Maximum borrowing capacity	$ 169,000
Weighted Average Note Rate (as a percent)	6.97%
Debt Carrying Value	$ 169,111	156,107
Structured Business \| $25M credit facility
Debt Obligations
Collateral Carrying Value	24,475	24,572
Maximum borrowing capacity	$ 25,000
Weighted Average Note Rate (as a percent)	7.57%
Debt Carrying Value	$ 18,747	18,701
Structured Business \| $25M credit facility.
Debt Obligations
Maximum borrowing capacity	$ 25,000
Structured Business \| Repurchase facility - securities
Debt Obligations
Weighted Average Note Rate (as a percent)	6.59%
Debt Carrying Value	$ 33,100	12,832
Structured Business \| $35M working capital facility
Debt Obligations
Maximum borrowing capacity	35,000
Structured Business \| $200M credit facility
Debt Obligations
Collateral Carrying Value	65,401	47,750
Maximum borrowing capacity	$ 200,000
Weighted Average Note Rate (as a percent)	7.52%
Debt Carrying Value	$ 45,769	32,494
Structured Business \| $50 million credit facility - two
Debt Obligations
Maximum borrowing capacity	50,000
Agency Business
Debt Obligations
Collateral Carrying Value	438,361	339,540
Unamortized deferred financing fees	$ 800	900
Weighted Average Note Rate (as a percent)	6.17%
Debt Carrying Value	$ 421,985	305,443
Agency Business \| $500M repurchase facility
Debt Obligations
Collateral Carrying Value	$ 125,336	66,866
Weighted Average Note Rate (as a percent)	6.18%
Debt Carrying Value	$ 112,978	66,778
Agency Business \| $200M credit facility
Debt Obligations
Collateral Carrying Value	167,681	33,177
Maximum borrowing capacity	200,000
Total committed amount	$ 200,000
Weighted Average Note Rate (as a percent)	6.27%
Debt Carrying Value	$ 167,480	31,475
Agency Business \| $200M credit facility \| SOFR
Debt Obligations
Variable rate, spread (as a percent)	1.40%
Agency Business \| $50M credit facility
Debt Obligations
Collateral Carrying Value		14,671
Debt Carrying Value		14,664
Agency Business \| $750M ASAP agreement
Debt Obligations
Collateral Carrying Value	$ 82,679	30,291
Maximum borrowing capacity	$ 750,000
Weighted Average Note Rate (as a percent)	5.78%
Debt Carrying Value	$ 82,581	29,476
Agency Business \| $500M joint repurchase facility
Debt Obligations
Collateral Carrying Value	11,350	135,641
Maximum borrowing capacity	$ 500,000
Weighted Average Note Rate (as a percent)	7.03%
Debt Carrying Value	$ 8,047	104,629
Agency Business \| $150M credit facility
Debt Obligations
Collateral Carrying Value	50,408	57,974
Maximum borrowing capacity	$ 150,000
Weighted Average Note Rate (as a percent)	6.33%
Debt Carrying Value	$ 50,365	57,887
Agency Business \| $1M repurchase facility
Debt Obligations
Collateral Carrying Value	907	920
Maximum borrowing capacity	$ 1,000
Weighted Average Note Rate (as a percent)	7.18%
Debt Carrying Value	$ 534	$ 534
Agency Business \| $50 million credit facility - one
Debt Obligations
Maximum borrowing capacity	50,000
Agency Business \| $500.0 million credit facility
Debt Obligations
Maximum borrowing capacity	$ 500,000

Debt Obligations - Collateraliz

Debt Obligations - Collateralized Loan Obligations (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Debt Obligations
Proceeds from issuance of securitized debt		$ 1,652,812
Securitized debt	$ 7,508,472		$ 7,849,270
Weighted average rate (as a percent)	7.06%
Payoffs and paydowns of collateralized loan obligations	$ 344,547	$ 441,000
Structured Business
Debt Obligations
Weighted average rate (as a percent)	7.18%
Deferred financing fees	$ 11,100		$ 13,300
Weighted average note rate including certain fees and costs (as a percent)	7.57%		6.95%
Agency Business
Debt Obligations
Weighted average rate (as a percent)	6.17%
Deferred financing fees	$ 800		$ 900
Collateralized loan obligations
Debt Obligations
Debt, Face Value (UPB)	7,304,640		7,649,188
Securitized debt	$ 7,274,251		$ 7,615,364
Weighted average rate (as a percent)	6.63%		6.10%
Collateral Loans, Unpaid Principal	$ 8,246,692		$ 8,619,210
Collateral Loans, Carrying Value	8,216,282		8,586,139
Cash, Restricted Cash	532,352		480,817
Deferred financing fees	33,000		36,800
Proceeds from issuance of collateralized loan obligations for acquiring additional loan obligations	$ 167,500		$ 230,000
Weighted average note rate including certain fees and costs (as a percent)	6.86%		6.32%
Collateral at risk	$ 121,400		$ 0
CLO 19
Debt Obligations
Debt, Face Value (UPB)	872,812		872,812
Securitized debt	$ 867,037		$ 866,605
Weighted average rate (as a percent)	7.33%		6.75%
Collateral Loans, Unpaid Principal	$ 985,430		$ 952,268
Collateral Loans, Carrying Value	980,805		947,336
Cash, Restricted Cash	34,882		64,300
CLO 18
Debt Obligations
Debt, Face Value (UPB)	1,652,812		1,652,812
Securitized debt	$ 1,646,248		$ 1,645,711
Weighted average rate (as a percent)	6.77%		6.19%
Collateral Loans, Unpaid Principal	$ 1,970,977		$ 1,899,174
Collateral Loans, Carrying Value	1,963,706		1,891,215
Cash, Restricted Cash			85,970
CLO 17
Debt Obligations
Debt, Face Value (UPB)	1,714,125		1,714,125
Securitized debt	$ 1,708,200		$ 1,707,676
Weighted average rate (as a percent)	6.63%		6.16%
Collateral Loans, Unpaid Principal	$ 1,939,977		$ 1,911,866
Collateral Loans, Carrying Value	1,933,198		1,904,732
Cash, Restricted Cash	129,142		145,726
CLO 16
Debt Obligations
Debt, Face Value (UPB)	1,237,500		1,237,500
Securitized debt	$ 1,232,352		$ 1,231,887
Weighted average rate (as a percent)	6.26%		5.79%
Collateral Loans, Unpaid Principal	$ 1,411,145		$ 1,307,244
Collateral Loans, Carrying Value	1,405,680		1,301,794
Cash, Restricted Cash	55,931		106,495
CLO 15
Debt Obligations
Debt, Face Value (UPB)	674,412		674,412
Securitized debt	$ 671,983		$ 671,532
Weighted average rate (as a percent)	6.32%		5.84%
Collateral Loans, Unpaid Principal	$ 607,100		$ 797,755
Collateral Loans, Carrying Value	604,704		795,078
Cash, Restricted Cash	186,520		2,861
CLO 14
Debt Obligations
Debt, Face Value (UPB)	655,475		655,475
Securitized debt	$ 653,034		$ 652,617
Weighted average rate (as a percent)	6.27%		5.80%
Collateral Loans, Unpaid Principal	$ 673,732		$ 732,247
Collateral Loans, Carrying Value	671,839		730,057
Cash, Restricted Cash	73,802		37,090
CLO 13
Debt Obligations
Debt, Face Value (UPB)	294,477		462,769
Securitized debt	$ 293,022		$ 461,005
Weighted average rate (as a percent)	6.76%		6.03%
Collateral Loans, Unpaid Principal	$ 400,617		$ 552,182
Collateral Loans, Carrying Value	399,695		550,924
Cash, Restricted Cash	24,175		37,875
Payoffs and paydowns of collateralized loan obligations	168,300
CLO 12
Debt Obligations
Debt, Face Value (UPB)	203,027		379,283
Securitized debt	$ 202,375		$ 378,331
Weighted average rate (as a percent)	6.93%		6.09%
Collateral Loans, Unpaid Principal	$ 257,714		$ 466,474
Collateral Loans, Carrying Value	256,655		465,003
Cash, Restricted Cash	27,900		500
Payoffs and paydowns of collateralized loan obligations	176,300
Q Series securitization
Debt Obligations
Debt, Face Value (UPB)	236,878		236,878
Securitized debt	$ 234,221		$ 233,906
Weighted average rate (as a percent)	6.87%		6.30%
Collateral Loans, Unpaid Principal	$ 315,837		$ 315,837
Collateral Loans, Carrying Value	314,166		313,965
Total securitized debt
Debt Obligations
Debt, Face Value (UPB)	7,541,518		7,886,066
Securitized debt	$ 7,508,472		$ 7,849,270
Weighted average rate (as a percent)	6.64%		6.11%
Collateral Loans, Unpaid Principal	$ 8,562,529		$ 8,935,047
Collateral Loans, Carrying Value	8,530,448		8,900,104
Cash, Restricted Cash	$ 532,352		$ 480,817

Debt Obligations - Senior Unsec

Debt Obligations - Senior Unsecured Notes (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Obligations
Weighted Average Note Rate (as a percent)	7.06%
Structured Business
Debt Obligations
Weighted Average Note Rate (as a percent)	7.18%
7.75% Notes
Debt Obligations
Debt, Face Value (UPB)	$ 95,000
Interest rate (as a percent)	7.75%
Carrying value	$ 93,518
Weighted Average Note Rate (as a percent)	7.75%
8.50% Notes
Debt Obligations
Debt, Face Value (UPB)	$ 150,000	$ 150,000
Interest rate (as a percent)	8.50%
Carrying value	$ 147,647	$ 147,519
Weighted Average Note Rate (as a percent)	8.50%	8.50%
5.00% Notes
Debt Obligations
Debt, Face Value (UPB)	$ 180,000	$ 180,000
Interest rate (as a percent)	5%
Carrying value	$ 177,557	$ 177,450
Weighted Average Note Rate (as a percent)	5%	5%
4.50% Notes
Debt Obligations
Debt, Face Value (UPB)	$ 270,000	$ 270,000
Interest rate (as a percent)	4.50%
Carrying value	$ 267,136	$ 266,926
Weighted Average Note Rate (as a percent)	4.50%	4.50%
5.00% Notes
Debt Obligations
Debt, Face Value (UPB)	$ 175,000	$ 175,000
Interest rate (as a percent)	5%
Carrying value	$ 173,073	$ 172,917
Weighted Average Note Rate (as a percent)	5%	5%
8.00% Notes
Debt Obligations
Debt, Face Value (UPB)		$ 70,750
Interest rate (as a percent)	8%
Carrying value		$ 70,613
Weighted Average Note Rate (as a percent)		8%
4.50% Notes
Debt Obligations
Debt, Face Value (UPB)	$ 275,000	$ 275,000
Interest rate (as a percent)	4.50%
Carrying value	$ 273,081	$ 272,960
Weighted Average Note Rate (as a percent)	4.50%	4.50%
4.75% Notes
Debt Obligations
Debt, Face Value (UPB)	$ 110,000	$ 110,000
Carrying value	$ 109,457	$ 109,369
Weighted Average Note Rate (as a percent)	4.75%	4.75%
5.75% Notes
Debt Obligations
Debt, Face Value (UPB)	$ 90,000	$ 90,000
Carrying value	$ 89,611	$ 89,514
Weighted Average Note Rate (as a percent)	5.75%	5.75%
5.625% Notes
Debt Obligations
Debt, Face Value (UPB)	$ 78,850	$ 78,850
Carrying value	$ 78,819	$ 78,726
Weighted Average Note Rate (as a percent)	5.63%	5.63%
4.75% Notes
Debt Obligations
Interest rate (as a percent)	4.75%
5.75% Notes
Debt Obligations
Interest rate (as a percent)	5.75%
5.625% Notes
Debt Obligations
Interest rate (as a percent)	5.625%
Senior Unsecured Notes
Debt Obligations
Debt, Face Value (UPB)	$ 1,423,850	$ 1,399,600
Carrying value	$ 1,409,899	$ 1,385,994
Weighted Average Note Rate (as a percent)	5.42%	5.40%

Debt Obligations - Senior Uns_2

Debt Obligations - Senior Unsecured Notes, Summary (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2023	May 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Dec. 31, 2021
Debt Obligations
Weighted average rate (as a percent)	7.06%	7.06%
Redemption of aggregate principal amount (as a percent)		100%
Outstanding principal balance repaid		$ 47,400
Senior Unsecured Notes
Debt Obligations
Debt, Face Value (UPB)	$ 1,423,850	1,423,850		$ 1,399,600
Carrying value	$ 1,409,899	$ 1,409,899		$ 1,385,994
Weighted average rate (as a percent)	5.42%	5.42%		5.40%
Deferred financing fees	$ 14,000	$ 14,000		$ 13,600
Weighted average note rate including certain fees and costs (as a percent)	5.72%	5.72%		5.69%	5.72%	5.72%
Senior Unsecured Notes
Debt Obligations
Interest rate (as a percent)	8%	8%
Proceeds from issuance of unsecured notes	$ 93,400
Amount utilized to repurchase a portion of unsecured notes	$ 70,800
5.625% Notes
Debt Obligations
Interest rate (as a percent)	5.625%	5.625%
5.625% Notes \| Subsequent
Debt Obligations
Interest rate (as a percent)			5.625%
7.75% senior unsecured notes
Debt Obligations
Carrying value	$ 95,000	$ 95,000
Interest rate (as a percent)	7.75%	7.75%

Debt Obligations - Convertible

Debt Obligations - Convertible Senior Unsecured Notes (Details) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended
	Mar. 31, 2023 USD ($) $ / shares	Mar. 31, 2023 USD ($) $ / shares	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Debt Obligations
Loss on extinguishment of debt			$ (1,350)
Convertible Senior Unsecured Notes
Debt Obligations
Debt, Face Value (UPB)	$ 287,500	$ 287,500		$ 287,500
Percentage of the Notes required to be repurchased if the agreement is fundamentally changed		100%
Unamortized deferred financing fees	6,454	$ 6,454		7,144
Total	$ 281,046	281,046		$ 280,356
Interest expense		6,100	3,800
Interest expense related to cash coupon		5,400	3,100
Deferred fees expensed as interest expense		$ 700	$ 700
Cost of the notes (as a percent)	8.42%	8.42%		8.42%
7.50% convertible notes
Debt Obligations
Interest rate (as a percent)	7.50%	7.50%
Conversion rate of the notes to common stock, per $1,000 principal amount of notes	59.9317
Conversion price per share of common stock \| $ / shares	$ 16.69	$ 16.69
7.50% convertible notes \| First Offering
Debt Obligations
Deferred fees expensed as interest expense	$ 1,000

Debt Obligations - Junior Subor

Debt Obligations - Junior Subordinated Notes (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Debt Obligations
Junior subordinated notes	$ 143,322	$ 143,128
Weighted average rate (as a percent)	7.06%
Junior subordinated notes
Debt Obligations
Junior subordinated notes	$ 143,300	143,100
Deferred amount Due at maturity	9,500	9,600
Deferred fees expensed as interest expense	$ 1,600	$ 1,600
Weighted average rate (as a percent)	8.08%	7.65%
Weighted average note rate including certain fees and costs (as a percent)	8.16%	7.74%

Debt Obligations - Debt Covenan

Debt Obligations - Debt Covenants (Details) - USD ($)	1 Months Ended					3 Months Ended
Debt Obligations - Debt Covenants (Details) - USD ($)	Apr. 30, 2023	Jan. 31, 2023	Oct. 31, 2022	Jul. 31, 2022	Apr. 30, 2022	Mar. 31, 2023
CLO 12
Debt Covenants
Current overcollateralization ratio (as a percent)	149.65%	126.58%	118.87%	118.87%	118.87%	149.65%
Limit overcollateralization ratio (as a percent)						117.87%
Current interest coverage ratio (as a percent)						181.78%
Limit interest coverage ratio (as a percent)						120%
CLO 13
Debt Covenants
Current overcollateralization ratio (as a percent)	144.83%	128.52%	119.76%	119.76%	119.76%	144.83%
Limit overcollateralization ratio (as a percent)						118.76%
Current interest coverage ratio (as a percent)						157.94%
Limit interest coverage ratio (as a percent)						120%
CLO 14
Debt Covenants
Current overcollateralization ratio (as a percent)	119.76%	119.76%	119.76%	119.76%	119.76%	119.76%
Limit overcollateralization ratio (as a percent)						118.76%
Current interest coverage ratio (as a percent)						181.82%
Limit interest coverage ratio (as a percent)						120%
CLO 15
Debt Covenants
Current overcollateralization ratio (as a percent)	120.85%	120.85%	120.85%	120.85%	120.85%	120.85%
Limit overcollateralization ratio (as a percent)						119.85%
Current interest coverage ratio (as a percent)						169.24%
Limit interest coverage ratio (as a percent)						120%
CLO 16
Debt Covenants
Current overcollateralization ratio (as a percent)	121.21%	121.21%	121.21%	121.21%	121.21%	121.21%
Limit overcollateralization ratio (as a percent)						120.21%
Current interest coverage ratio (as a percent)						159.94%
Limit interest coverage ratio (as a percent)						120%
CLO 17
Debt Covenants
Current overcollateralization ratio (as a percent)	122.51%	122.51%	122.51%	122.51%	122.51%	122.51%
Limit overcollateralization ratio (as a percent)						121.51%
Current interest coverage ratio (as a percent)						145.12%
Limit interest coverage ratio (as a percent)						120%
CLO 18
Debt Covenants
Current overcollateralization ratio (as a percent)	124.03%	124.03%	124.03%	124.03%	124.03%	124.03%
Limit overcollateralization ratio (as a percent)						123.03%
Current interest coverage ratio (as a percent)						150.89%
Limit interest coverage ratio (as a percent)						120%
CLO 19
Debt Covenants
Current overcollateralization ratio (as a percent)	120.30%	120.30%	120.30%	120.30%		120.30%
Limit overcollateralization ratio (as a percent)						119.30%
Current interest coverage ratio (as a percent)						124.34%
Limit interest coverage ratio (as a percent)						120%
Junior subordinated notes
Debt Covenants
Amount payable on default of senior debt						$ 0

Allowance for Loss - Sharing Ob

Allowance for Loss - Sharing Obligations (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Roll forward of loss contingency accrual
Provisions for loss sharing	$ 3,177	$ (662)
Guarantee obligations	34,500	34,400
Allowance for loss sharing obligations	$ 25,300		$ 22,700
Loss-sharing obligations (as a percent)	0.13%		0.12%
Impact of adopting CECL	$ 2,600
Loss-Sharing Obligation
Roll forward of loss contingency accrual
Outstanding advances under the Fannie Mae DUS program	400		$ 800
Loss-Sharing Obligation \| Fannie Mae Mortgage
Roll forward of loss contingency accrual
Beginning balance	57,168	56,064	56,064
Provisions for loss sharing	4,567	133
Provisions reversal for loan repayments	(1,390)	(795)
Recoveries (charge-offs), net	(588)	(230)
Ending balance	59,757	$ 55,172	57,168
Maximum quantifiable liability	$ 3,580,000		$ 3,490,000

Derivative Financial Instrume_3

Derivative Financial Instruments (Details) $ in Thousands	3 Months Ended
Derivative Financial Instruments (Details) $ in Thousands	Mar. 31, 2023 USD ($) item	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($) item
Derivative Financial Instruments
Net (losses) gains from changes in the fair value of derivatives	$ 7,100	$ 2,500
Mortgage servicing rights	18,458	15,312
Income from mortgage service rights
Derivative Financial Instruments
Mortgage servicing rights	18,500	15,300
Rate lock commitments
Derivative Financial Instruments
Notional value	334,722
Forward Sale Commitments
Derivative Financial Instruments
Notional value	$ 760,826
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	$ 1,600	18,000
Unrealized gain (loss) on derivatives	4,400	$ 2,000
Non-Qualifying \| Agency Business
Derivative Financial Instruments
Notional value	1,120,548		$ 515,723
Fair Value, classified in Derivative Assets	9,776		1,505
Fair Value, classified in Derivative Liabilities	$ (3,374)		$ (4,897)
Non-Qualifying \| Rate lock commitments \| Agency Business
Derivative Financial Instruments
Count \| item	9		6
Notional value	$ 334,722		$ 91,472
Fair Value, classified in Derivative Assets	3,097		354
Fair Value, classified in Derivative Liabilities	$ (2,352)		$ (1,070)
Non-Qualifying \| Forward Sale Commitments \| Agency Business
Derivative Financial Instruments
Count \| item	48		27
Notional value	$ 760,826		$ 294,451
Fair Value, classified in Derivative Assets	6,679		1,151
Fair Value, classified in Derivative Liabilities	$ (1,022)		$ (3,827)
Non-Qualifying \| Swaps \| Agency Business
Derivative Financial Instruments
Count \| item	250		1,298
Notional value	$ 25,000		$ 129,800

Fair Value - Carrying Value and

Fair Value - Carrying Value and Estimated Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Financial assets:
Loans and investments, net - Principal/Notional Amount	$ 13,643,724	$ 14,456,123
Loans and investments, net	13,430,985	14,254,674
Loans held-for-sale, net - Principal/Notional Amount	468,738	368,066
Loans held-for-sale, net	468,738	368,066
Securities, held-to-maturity, net - Principal/Notional Amount	232,541	234,255
Securities held-to-maturity, net	153,888	156,547
Derivative financial instruments - Principal/Notional Amount	591,688	111,950
Financial liabilities:
Credit and repurchase facilities, Principal/Notional Amount	3,662,756	3,856,009
Credit and repurchase facilities	3,650,876	3,841,814
Securitized debt	7,508,472	7,849,270
Senior unsecured notes	1,409,899	1,385,994
Convertible senior unsecured notes	281,046	280,356
Junior subordinated notes	143,322	143,128
Derivative financial instruments - Principal/Notional Amount	$ 503,860	273,973
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	$ 13,430,985	14,254,674
Loans held-for-sale, net	469,602	354,070
Capitalized mortgage servicing rights, net	396,634	401,471
Securities held-to-maturity, net	153,888	156,547
Derivative financial instruments	9,776	1,505
Financial liabilities:
Credit and repurchase facilities	3,650,876	3,841,814
Securitized debt	7,508,472	7,849,270
Senior unsecured notes	1,409,899	1,385,994
Convertible senior unsecured notes	281,046	280,356
Junior subordinated notes	143,322	143,128
Derivative financial instruments	3,374	4,897
Estimated Fair Value
Financial assets:
Loans and investments, net	13,634,147	14,468,418
Loans held-for-sale, net	483,727	362,054
Capitalized mortgage servicing rights, net	502,282	530,913
Securities held-to-maturity, net	140,963	144,571
Derivative financial instruments	9,776	1,505
Financial liabilities:
Credit and repurchase facilities	3,610,881	3,828,192
Securitized debt	7,326,912	7,560,541
Senior unsecured notes	1,257,377	1,262,560
Convertible senior unsecured notes	264,141	287,834
Junior subordinated notes	104,595	103,977
Derivative financial instruments	3,374	4,897
Securitized debt
Financial liabilities:
Debt face value issued to third parties	7,541,518	7,886,066
Senior Unsecured Notes
Financial liabilities:
Debt face value issued to third parties	1,423,850	1,399,600
Convertible Senior Unsecured Notes
Financial liabilities:
Debt face value issued to third parties	287,500	287,500
Junior subordinated notes
Financial liabilities:
Debt face value issued to third parties	154,336	154,336
Junior subordinated notes	$ 143,300	$ 143,100

Fair Value - Measurement on Rec

Fair Value - Measurement on Recurring and Nonrecurring Basis (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023 USD ($) loan	Dec. 31, 2022 USD ($) loan
Financial assets:
Impaired loans, net	$ 191,756	$ 147,131
Allowance for credit losses on impaired loans	$ 93,337	$ 85,386
Number of impaired loans \| loan	8
Aggregate carrying value of impaired loans before reserves	$ 191,800
Unrealized impairment losses on held-for-sale	1,600
Number of impaired loans held-for-sale \| loan		10
Unrealized impairment losses	42,600
Carrying Value
Financial assets:
Derivative financial instruments	9,776	$ 1,505
Financial liabilities:
Derivative financial instruments	3,374	4,897
Fair Value
Financial assets:
Derivative financial instruments	9,776	1,505
Financial liabilities:
Derivative financial instruments	3,374	$ 4,897
Recurring basis \| Carrying Value
Financial assets:
Derivative financial instruments	9,776
Financial liabilities:
Derivative financial instruments	3,374
Recurring basis \| Fair Value
Financial assets:
Derivative financial instruments	9,776
Financial liabilities:
Derivative financial instruments	3,374
Nonrecurring basis \| Carrying Value
Financial assets:
Loans held-for-investment	98,419
Loans held-for-sale	41,068
Impaired loans, net	139,487
Nonrecurring basis \| Fair Value
Financial assets:
Loans held-for-investment	98,419
Loans held-for-sale	41,068
Impaired loans, net	139,487
Level 2 \| Recurring basis
Financial assets:
Derivative financial instruments	6,679
Financial liabilities:
Derivative financial instruments	3,374
Level 2 \| Nonrecurring basis
Financial assets:
Loans held-for-sale	41,068
Impaired loans, net	41,068
Level 3 \| Recurring basis
Financial assets:
Derivative financial instruments	3,097
Level 3 \| Nonrecurring basis
Financial assets:
Loans held-for-investment	98,419
Impaired loans, net	$ 98,419

Fair Value - Level 3 Inputs (De

Fair Value - Level 3 Inputs (Details) - Level 3 $ in Thousands	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)
Land
Fair Value
Impaired loans, fair value	$ 50,000
Land \| Discount rate
Fair Value
Impaired loans, measurement input	21.50
Land \| Revenue growth rate
Fair Value
Impaired loans, measurement input	3
Office
Fair Value
Impaired loans, fair value		$ 36,674
Office \| Discount rate
Fair Value
Impaired loans, measurement input	7.50
Office \| Capitalization rate
Fair Value
Impaired loans, measurement input	5.25
Office \| Revenue growth rate
Fair Value
Impaired loans, measurement input	3
Retail
Fair Value
Impaired loans, fair value	$ 11,745
Retail \| Discount rate
Fair Value
Impaired loans, measurement input	11.25
Retail \| Capitalization rate
Fair Value
Impaired loans, measurement input	9.25
Retail \| Revenue growth rate
Fair Value
Impaired loans, measurement input	3
Rate lock commitments
Fair Value
Derivative financial instruments	$ 3,097
Derivative Asset, Valuation Technique [Extensible List]	us-gaap:ValuationTechniqueDiscountedCashFlowMember
Derivative Asset, Measurement Input [Extensible List]	Discount rate
Rate lock commitments \| Discount rate
Fair Value
Derivative financial instruments measurement input	13.27

Fair Value - Level 3 Derivative

Fair Value - Level 3 Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivative assets
Beginning balance	$ 354	$ 295
Settlements	(15,066)	(13,683)
Realized gains recorded in earnings	14,712	13,388
Unrealized gains recorded in earnings	3,097	1,355
Ending balance	$ 3,097	$ 1,355

Fair Value - Components of fair

Fair Value - Components of fair value and other relevant information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Fair Value
Fair Value of Servicing Rights	$ 10,485
Unrealized Impairment Loss	(1,565)
Total Fair Value Adjustment	8,920
Rate lock commitments
Fair Value
Notional/Principal Amount	334,722
Fair Value of Servicing Rights	3,097
Interest Rate Movement Effect	1,185
Total Fair Value Adjustment	4,282
Forward sale commitments
Fair Value
Notional/Principal Amount	760,826
Interest Rate Movement Effect	(1,185)
Total Fair Value Adjustment	(1,185)
Loans held-for-sale, net
Fair Value
Notional/Principal Amount	468,738
Fair Value of Servicing Rights	7,388
Unrealized Impairment Loss	(1,565)
Total Fair Value Adjustment	$ 5,823

Fair Value - Financial Assets a

Fair Value - Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Financial assets:
Loans and investments, net	$ 13,430,985	$ 14,254,674
Loans held-for-sale, net	468,738	368,066
Securities held-to-maturity, net	153,888	156,547
Financial liabilities:
Credit and repurchase facilities	3,650,876	3,841,814
Securitized debt	7,508,472	7,849,270
Senior unsecured notes	1,409,899	1,385,994
Convertible senior unsecured notes	281,046	280,356
Junior subordinated notes	143,322	143,128
Level 1
Financial liabilities:
Senior unsecured notes	1,257,377
Level 2
Financial assets:
Loans held-for-sale, net	476,339
Financial liabilities:
Credit and repurchase facilities	421,985
Convertible senior unsecured notes	264,141
Level 3
Financial assets:
Loans and investments, net	13,634,147
Loans held-for-sale, net	7,388
Capitalized mortgage servicing rights, net	502,282
Securities held-to-maturity, net	140,963
Financial liabilities:
Credit and repurchase facilities	3,188,896
Securitized debt	7,326,912
Junior subordinated notes	104,595
Carrying Value
Financial assets:
Loans and investments, net	13,430,985	14,254,674
Loans held-for-sale, net	469,602	354,070
Capitalized mortgage servicing rights, net	396,634
Securities held-to-maturity, net	153,888	156,547
Financial liabilities:
Credit and repurchase facilities	3,650,876	3,841,814
Securitized debt	7,508,472	7,849,270
Senior unsecured notes	1,409,899	1,385,994
Convertible senior unsecured notes	281,046	280,356
Junior subordinated notes	143,322	143,128
Fair Value
Financial assets:
Loans and investments, net	13,634,147	14,468,418
Loans held-for-sale, net	483,727	362,054
Capitalized mortgage servicing rights, net	502,282
Securities held-to-maturity, net	140,963	144,571
Financial liabilities:
Credit and repurchase facilities	3,610,881	3,828,192
Securitized debt	7,326,912	7,560,541
Senior unsecured notes	1,257,377	1,262,560
Convertible senior unsecured notes	264,141	287,834
Junior subordinated notes	$ 104,595	$ 103,977

Commitments and Contingencies -

Commitments and Contingencies - Contractual Commitments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Agency Business Commitments
Restricted cash	$ 704,844	$ 517,090	$ 713,808	$ 486,690
Total
2023 (nine months ending December 31, 2023)	1,951,731
2024	3,006,520
2025	1,911,367
2026	4,915,290
2027	993,582
2028	187,301
Thereafter	174,827
Total	13,140,618
Operating lease expense	2,600	$ 2,400
Unfunded CLO Commitments
Unfunded commitments related to structured loans and investments	1,050,000
Fannie Mae Mortgage
Agency Business Commitments
Minimum liquid assets to be maintained to meet operational liquidity requirements	$ 18,800
Period of funding for collateral requirement	48 months
Forward Contracts
Agency Business Commitments
Period of contractual commitment	60 days
Restricted liquidity arrangement - loans sold under the Fannie Mae DUS program \| Fannie Mae Mortgage
Agency Business Commitments
Letter of credit required	$ 67,300
Letter of credit assigned	64,000
Restricted cash	2,500
Reserve required to fund additional restricted liquidity over the next 48 months	$ 35,700
Period of additional funding for collateral requirement	48 months
Cash collateral arrangement - purchase and loss obligations under Freddie Mac's SBL Program
Agency Business Commitments
Cash collateral per securitization	$ 5,000
Outstanding letters of credit	5,000
Minimum capital arrangement - Seller/servicer agreements with secondary market investors
Minimum Annual Operating Lease Payments
2023 (nine months ending December 31, 2023)	7,076
2024	9,180
2025	9,318
2026	9,363
2027	7,929
2028	7,301
Thereafter	20,491
Total	70,658
Loss sharing arrangement
Debt Obligations
2023 (nine months ending December 31, 2023)	1,944,655
2024	2,997,340
2025	1,902,049
2026	4,905,927
2027	985,653
2028	180,000
Thereafter	154,336
Total	$ 13,069,960

Commitments and Contingencies_2

Commitments and Contingencies - Litigation (Details) $ in Millions	1 Months Ended
	Dec. 31, 2022 USD ($)	Jun. 30, 2013 lawsuit defendant	Jun. 30, 2011 defendant lawsuit	Mar. 31, 2023 USD ($)
Commitments and Contingencies
Litigation settlement amount \| $				$ 38
Lawsuits filed by Extended Stay Litigation Trust (the Trust)
Commitments and Contingencies
Number of lawsuits or complaints filed \| lawsuit			3
Number of defendants			73
Number of defendants who are corporate and partnership entities			55
Number of defendants named in a legal action who are individuals			18
Lawsuits filed by Extended Stay Litigation Trust (the Trust) \| Maximum
Commitments and Contingencies
Litigation settlement, expense \| $	$ 7.4
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

Variable Interest Entity (Detai

Variable Interest Entity (Details) $ in Thousands	3 Months Ended
Variable Interest Entity (Details) $ in Thousands	Mar. 31, 2023 USD ($) item	Dec. 31, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Assets:
Restricted cash	$ 704,844	$ 713,808	$ 517,090	$ 486,690
Loans and investments, net	13,430,985	14,254,674
Other assets	372,085	371,440
Total assets	16,588,224	17,038,985
Liabilities:
Securitized debt	7,508,472	7,849,270
Other liabilities	305,633	335,789
Total liabilities	13,430,767	13,967,106
Loan loss reserves related to VIEs	153,077	132,559	$ 116,382	$ 113,241
Consolidated VIEs
Assets:
Total assets	9,354,036	9,785,261
Liabilities:
Total liabilities	7,532,335	7,876,024
CLOs and Debt Fund
Assets:
Restricted cash	699,892	710,775
Loans and investments, net	8,530,448	8,900,104
Other assets	123,696	174,382
Total assets	9,354,036	9,785,261
Liabilities:
Securitized debt	7,508,472	7,849,270
Other liabilities	23,863	26,754
Total liabilities	7,532,335	$ 7,876,024
Unconsolidated VIEs
Assets:
Total assets	$ 615,735
Liabilities:
Number of VIEs where the reporting entity is not VIE's primary beneficiary and VIEs have variable interest \| item	28
Carrying amount of loans and investments before reserves related to VIEs	$ 172,500
Loan loss reserves related to VIEs	85,800
Exposure to real estate debt	3,950,000
Loans \| Unconsolidated VIEs
Assets:
Total assets	437,448
APL certificates \| Unconsolidated VIEs
Assets:
Total assets	127,448
B Piece bonds \| Unconsolidated VIEs
Assets:
Total assets	31,465
Equity investments \| Unconsolidated VIEs
Assets:
Total assets	19,160
Agency interest only strips \| Unconsolidated VIEs
Assets:
Total assets	$ 214

Equity (Details)

Equity (Details) $ / shares in Units, $ in Thousands					3 Months Ended		12 Months Ended
Equity (Details) $ / shares in Units, $ in Thousands	May 03, 2023 $ / shares	Apr. 30, 2023 USD ($) $ / shares shares	Feb. 15, 2023 $ / shares	Jan. 03, 2023 $ / shares	Mar. 31, 2023 USD ($) Vote $ / shares shares	Mar. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2022 $ / shares shares	Jan. 31, 2023 $ / shares
Common stock
Proceeds from issuance of shares under public offering \| $					$ 82,744	$ 137,800
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
Distributions
Dividends declared per common share \| $ / shares					0.40	$ 0.37
Preferred Stock
Common stock, par value (in dollars per share) \| $ / shares					$ 0.01		$ 0.01
Proceeds from issuance of preferred stock \| $						$ 77,571
Restricted common stock \| Chief executive officer
Deferred Compensation
Restricted stock vested during period (in shares)					172,513
Restricted common stock \| Chief executive officer \| 2020 Plan
Deferred Compensation
Grants during the period (in shares)					247,275
Total grant date fair value \| $					$ 2,900
Restricted common stock \| Employees
Deferred Compensation
Shares withheld for taxes					188,542
Restricted common stock \| Employees \| 2020 Plan
Deferred Compensation
Grants during the period (in shares)					889,822
Total grant date fair value \| $					$ 10,400
Restricted common stock \| Employees \| Vested on grant date \| 2020 Plan
Deferred Compensation
Grants during the period (in shares)					256,208
Total grant date fair value \| $					$ 3,000
Restricted common stock \| Employees \| First anniversaries \| 2020 Plan
Deferred Compensation
Grants during the period (in shares)					24,493
Total grant date fair value \| $					$ 400
Restricted common stock \| Employees \| Second anniversaries \| 2020 Plan
Deferred Compensation
Grants during the period (in shares)					260,304
Total grant date fair value \| $					$ 3,100
Restricted common stock \| Employees \| Third anniversaries \| 2020 Plan
Deferred Compensation
Grants during the period (in shares)					235,969
Total grant date fair value \| $					$ 2,700
Restricted common stock \| Employees \| Fourth anniversaries \| 2020 Plan
Deferred Compensation
Grants during the period (in shares)					78,126
Total grant date fair value \| $					$ 900
Restricted stock units (RSUs) \| Director \| 2020 Plan
Deferred Compensation
Grants during the period (in shares)					34,722
Total grant date fair value \| $					$ 400
Restricted stock units (RSUs) \| Chief executive officer \| 2020 Plan
Deferred Compensation
Grants during the period (in shares)					40,796
Total grant date fair value \| $					$ 500
Performance-based restricted stock \| Chief executive officer
Deferred Compensation
Restricted stock vested during period (in shares)					352,427
Series E preferred stock
Preferred Stock
Return on the preferred shares issued to third parties by its subsidiary REIT (as a percent)					6.25%		6.25%
Series F preferred stock
Preferred Stock
Return on the preferred shares issued to third parties by its subsidiary REIT (as a percent)					6.25%		6.25%
Common Stock
Common stock
Number of common stock sold (in shares)					5,635,800	8,225,750
Number of shares purchased					(886,432)
Distributions
Dividends declared per common share \| $ / shares	$ 0.42		$ 0.40
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
Preferred Stock \| Series E preferred stock
Distributions
Cash dividend declared on redeemable preferred stock (in dollars per share) \| $ / shares				0.390625	0.390625
Preferred Stock \| Series F preferred stock
Common stock
Number of common stock sold (in shares)						3,292,000
Distributions
Cash dividend declared on redeemable preferred stock (in dollars per share) \| $ / shares				$ 0.390625	$ 0.390625
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)					8.10%
Number of preferred stock shares paired with each OP units					1
Share repurchase program
Common stock
Authorized amount to repurchase \| $					$ 50,000
Subsequent event \| Share repurchase program
Common stock
Number of shares repurchased		3,545,604
Value of shares repurchased \| $		$ 37,400
Average cost of per share \| $ / shares		$ 10.56
Public offering \| Common Stock
Common stock
Number of common stock sold (in shares)					5,635,800
Proceeds from issuance of shares under public offering \| $					$ 82,700
At-The-Market \| Common Stock
Preferred Stock
Common stock, par value (in dollars per share) \| $ / shares								$ 14.68

Equity - Earnings Per Share ("E

Equity - Earnings Per Share ("EPS") (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Basic
Net income attributable to common stockholders	$ 84,319	$ 64,057
Net income attributable to common stockholders and noncontrolling interest	$ 84,319	$ 64,057
Weighted average shares outstanding (in shares)	181,116,674	153,420,238
Weighted average shares outstanding (in shares)	181,116,674	153,420,238
Net income per common share (in dollars per share)	$ 0.47	$ 0.42
Diluted
Net income attributable to common stockholders	$ 84,319	$ 64,057
Net income attributable to noncontrolling interest	7,585	6,816
Interest expense on convertible notes	6,081	3,995
Net income attributable to common stockholders and noncontrolling interest	$ 97,985	$ 74,868
Weighted average shares outstanding (in shares)	181,116,674	153,420,238
Dilutive effect of OP Units (in shares)	16,293,589	16,325,095
Dilutive effect of convertible notes (in shares)	17,230,358	15,111,154
Dilutive effect of restricted stock units (in shares)	270,353	574,917
Weighted average shares outstanding ( in shares)	214,910,974	185,431,404
Diluted earnings per common share	$ 0.46	$ 0.40
Mr. Ivan Kaufman \| Performance-based restricted stock
Diluted
Vesting period (in years)	4 years

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Income Taxes
Provision for (benefit) from income taxes	$ 8,029	$ 8,188
Deferred tax (benefit) provision	3,164	(1,720)
Current tax provision	$ 4,800	$ 9,900
Minimum
Income Taxes
Federal income tax rate (as a percent)	90%

Agreements and Transactions w_2

Agreements and Transactions with Related Parties - Shared Services Agreement (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
ACM \| Support Services and Seconded Employees
Agreements and Transactions with Related Parties
Costs for services to related party	$ 0.7	$ 0.8

Agreements and Transactions w_3

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

1 Months Ended

3 Months Ended

12 Months Ended

Apr. 30, 2023 USD ($)

Jul. 31, 2022 USD ($)

Apr. 30, 2022 USD ($)

Feb. 28, 2022 USD ($)

Mar. 31, 2020 USD ($)

Jan. 31, 2019 USD ($)

Jun. 30, 2018 USD ($) property loan

Mar. 31, 2023 USD ($) shares

Mar. 31, 2022 USD ($)

Dec. 31, 2021 USD ($)

Dec. 31, 2020 USD ($) item

Dec. 31, 2019 USD ($)

Dec. 31, 2018 USD ($) loan

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

Dec. 31, 2016 USD ($) property

Dec. 31, 2015 USD ($)

Dec. 31, 2022 USD ($)

Agreements and Transactions with Related Parties

Due from related party

$ 113,105

$ 77,419

Due to related party

12,481

12,350

Investment made

$ 380,633

$ 2,656,874

Indirect ownership percentage

9.20%

Distribution received

$ 4,700

Income from equity affiliates

14,326

7,212

AMAC III

Agreements and Transactions with Related Parties

Distribution received

600

Other Related Party Transactions

Agreements and Transactions with Related Parties

Due from related party

113,100

$ 77,400

Commercial Mortgage Backed Security [Member]

Agreements and Transactions with Related Parties

Loans assumed

$ 26,000

Retail property

Agreements and Transactions with Related Parties

Property purchased

$ 32,500

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

Agreements and Transactions with Related Parties

Principal amount

$ 34,600

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

Allowance for credit loss

8,000

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

Loan committed

16,000

$ 32,500

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)

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

Distribution received

4,700

Bridge Loan [Member] | Matures In May 2025 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Subsequent event

Agreements and Transactions with Related Parties

Base spread (as a percent)

5.25%

LIBOR floor (as a percentage)

0.75%

Bridge loan, six multifamily properties

Agreements and Transactions with Related Parties

UPB converted to a mezzanine loan

$ 2,000

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

Agreements and Transactions with Related Parties

Fixed rate of interest (as a percent)

3.30%

Lexford Portfolio [Member] | Bridge Loan [Member] | Maturity date December 2029

Agreements and Transactions with Related Parties

Maximum exposure under guaranty

600,000

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

Agreements and Transactions with Related Parties

Interest income recorded

700

300

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%

Amount of loan to related party

$ 15,600

ACM, Certain executives and Consortium of independent outside investors | Mezzanine Loan [Member] | Matures in April 2023

Agreements and Transactions with Related Parties

Fixed rate of interest (as a percent)

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

Agreements and Transactions with Related Parties

Loss on investment

400

500

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

Agreements and Transactions with Related Parties

Fixed rate of interest (as a percent)

3.735%

ACM | Residential Mortgage Banking Company Acquisitions [Member]

Agreements and Transactions with Related Parties

Interest income recorded

$ 900

5,000

Acquisition purchase price

$ 9,600

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

50%

Indirect ownership percentage

12.30%

Cash distribution received

7,500

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

6.60%

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

Agreements and Transactions with Related Parties

Investment made

$ 4,600

ACM | Bridge Loan [Member]

Agreements and Transactions with Related Parties

Equity participation interest (as a percentage)

18.90%

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

Agreements and Transactions with Related Parties

Loan committed

$ 30,500

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

Agreements and Transactions with Related Parties

Loan committed upsized

$ 38,400

Consortium of investors including other unaffiliated investors, certain of officers and chief executive officer | Matures in April 2023 | Multifamily [Member]

Agreements and Transactions with Related Parties

Number of properties owned | item

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

Agreements and Transactions with Related Parties

Principal amount

$ 35,400

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

Agreements and Transactions with Related Parties

Equity investment

3,400

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

Agreements and Transactions with Related Parties

Principal amount

$ 34,000

Consortium of investors including other unaffiliated investors, certain of officers and chief executive officer | Bridge loan, one multifamily property | Maturity date of August 2022 | 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 | Matures in April 2023

Agreements and Transactions with Related Parties

Principal amount

$ 14,800

Percentage of ownership interest of related party in the entity

50%

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

Agreements and Transactions with Related Parties

Principal amount

$ 34,000

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

Interest income recorded

$ 100

Percentage of ownership interest of related party in the entity

17.60%

Percentage of maximum loss-sharing obligation unpaid principal balance

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

Agreements and Transactions with Related Parties

Principal amount

$ 7,000

Certain certain officers, chief executive officer, and other unaffiliated investors | Bridge Loan [Member] | Maturity date of August 2023

Agreements and Transactions with Related Parties

Interest income recorded

$ 500

300

Percentage of ownership interest of related party in the entity

75%

Certain certain officers, chief executive officer, and other unaffiliated investors | Bridge loan, several multifamily properties | Maturity date of August 2023 | London Interbank Offered Rate (LIBOR) [Member]

Agreements and Transactions with Related Parties

Base spread (as a percent)

4.75%

LIBOR floor (as a percentage)

0.25%

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

Agreements and Transactions with Related Parties

Principal amount

$ 21,700

Certain certain officers, chief executive officer, and other unaffiliated investors | Bridge loan, two multifamily properties | Matures in April 2023

Agreements and Transactions with Related Parties

Interest income recorded

100

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

Base spread (as a percent)

5.25%

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

Agreements and Transactions with Related Parties

Principal amount

$ 28,000

Base spread (as a percent)

1.80%

Interest income recorded

$ 500

Percentage of ownership interest of related party in the entity

45%

Number of properties owned | property

Number of bridge loans originated | item

Refinanced loan amount

$ 31,100

Certain certain officers, chief executive officer, and other unaffiliated investors | Bridge loan, two multifamily properties | Maturity date of October 2022 | London Interbank Offered Rate (LIBOR) [Member]

Agreements and Transactions with Related Parties

Base spread (as a percent)

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

Agreements and Transactions with Related Parties

LIBOR floor (as a percentage)

1.54%

Chairman and Chief executive officer | Minimum [Member]

Agreements and Transactions with Related Parties

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

President [Member]

Agreements and Transactions with Related Parties

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

35%

Director [Member]

Agreements and Transactions with Related Parties

Number of portfolios of multifamily properties

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

Percentage of ownership interest of related party in the entity

10%

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

Agreements and Transactions with Related Parties

Interest income recorded

$ 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%

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

Agreements and Transactions with Related Parties

Base spread (as a percent)

5.50%

Interest income recorded

200

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

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%

LIBOR floor (as a percentage)

0.75%

Amount invested

21,100

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

Agreements and Transactions with Related Parties

Interest income recorded

300

Principal Paydowns

$ 700

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

Agreements and Transactions with Related Parties

Principal amount

$ 280,500

Number of bridge loans originated | loan

Number of multifamily properties renovated | property

Entity controlled by our chief executive officer

Agreements and Transactions with Related Parties

Reimbursement for flights chartered by the company's executives

200

Certain Officers and Managers | Mezzanine Loan [Member] | Maturity date of January 2024

Agreements and Transactions with Related Parties

Fixed rate of interest (as a percent)

10%

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

Agreements and Transactions with Related Parties

Base spread (as a percent)

4.50%

Number of properties owned | property

Proceeds from repayment in full

$ 10,900

$ 6,800

Number of bridge loans paid off | loan

Remaining bridge loan from repayment

12,900

Proceeds from repayment of debt

$ 28,300

Certain Officers and Managers | Bridge loan, six multifamily properties | Maturity date of 2019 | London Interbank Offered Rate (LIBOR) [Member]

Agreements and Transactions with Related Parties

Base spread (as a percent)

0.25%

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

Agreements and Transactions with Related Parties

Percentage of ownership interest of related party in the entity

12%

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

Agreements and Transactions with Related Parties

Principal amount

$ 48,000

Certain Officers and Managers | Bridge loan, six multifamily properties | Maturity date of January 2024

Agreements and Transactions with Related Parties

Interest income recorded

$ 100

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

Servicing revenue

$ 100

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

$ 1,400

$ 700

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

$ 39,400

Interest income recorded

100

Agreements and Transactions with Related Parties

Equity participation interest (as a percentage)

2.25%

Base spread (as a percent)

LIBOR floor (as a percentage)

0.25%

Agreements and Transactions with Related Parties

Equity participation interest (as a percentage)

70%

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

Agreements and Transactions with Related Parties

Principal amount

$ 67,100

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

Equity participation interest (as a percentage)

2.25%

Base spread (as a percent)

4.63%

LIBOR floor (as a percentage)

0.25%

LLC

Agreements and Transactions with Related Parties

Amount invested

$ 4,200

LLC | LLC

Agreements and Transactions with Related Parties

Ownership interest (as a percent)

49.30%

Segment Information - Statement

Segment Information - Statements of Income (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) segment	Mar. 31, 2022 USD ($)
Segment Information
Interest income	$ 327,947	$ 166,698
Interest expense	219,373	82,559
Net interest income	108,574	84,139
Other revenue:
Gain on sales, including fee-based services, net	14,589	1,656
Mortgage servicing rights	18,458	15,312
Servicing revenue	44,981	36,026
Amortization of MSRs	(15,416)	(14,972)
Property operating income	1,381	295
Gain on derivative instruments, net	4,223	17,386
Other income, net	4,882	3,200
Total other revenue	73,098	58,903
Other expenses:
Employee compensation and benefits	42,399	42,025
Selling and administrative	13,623	14,548
Property operating expenses	1,383	535
Depreciation and amortization	2,624	1,983
Provision for loss sharing (net of recoveries)	3,177	(662)
Provision for credit losses (net of recoveries)	22,517	2,358
Total other expenses	85,723	60,787
Income before extinguishment of debt, income from equity affiliates and income taxes	95,949	82,255
Loss on extinguishment of debt		(1,350)
Income from equity affiliates	14,326	7,212
Benefit from (provision for) income taxes	(8,029)	(8,188)
Net income	102,246	79,929
Preferred stock dividends	10,342	9,056
Net income attributable to noncontrolling interest	7,585	6,816
Net income attributable to common stockholders	$ 84,319	64,057
Reporting segments \| segment	2
Operating segments \| Structured Business
Segment Information
Interest income	$ 317,376	156,260
Interest expense	214,894	78,202
Net interest income	102,482	78,058
Other revenue:
Property operating income	1,381	295
Other income, net	1,908	3,196
Total other revenue	3,289	3,491
Other expenses:
Employee compensation and benefits	15,641	15,487
Selling and administrative	6,711	7,409
Property operating expenses	1,383	535
Depreciation and amortization	1,451	810
Provision for credit losses (net of recoveries)	20,645	2,069
Total other expenses	45,831	26,310
Income before extinguishment of debt, income from equity affiliates and income taxes	59,940	55,239
Loss on extinguishment of debt		(1,350)
Income from equity affiliates	14,326	7,212
Benefit from (provision for) income taxes	429	(1,432)
Net income	74,695	59,669
Preferred stock dividends	10,342	9,056
Net income attributable to common stockholders	64,353	50,613
Operating segments \| Agency Business Segment
Segment Information
Interest income	10,571	10,438
Interest expense	4,479	4,357
Net interest income	6,092	6,081
Other revenue:
Gain on sales, including fee-based services, net	14,589	1,656
Mortgage servicing rights	18,458	15,312
Servicing revenue	44,981	36,026
Amortization of MSRs	(15,416)	(14,972)
Gain on derivative instruments, net	4,223	17,386
Other income, net	2,974	4
Total other revenue	69,809	55,412
Other expenses:
Employee compensation and benefits	26,758	26,538
Selling and administrative	6,912	7,139
Depreciation and amortization	1,173	1,173
Provision for loss sharing (net of recoveries)	3,177	(662)
Provision for credit losses (net of recoveries)	1,872	289
Total other expenses	39,892	34,477
Income before extinguishment of debt, income from equity affiliates and income taxes	36,009	27,016
Benefit from (provision for) income taxes	(8,458)	(6,756)
Net income	27,551	20,260
Net income attributable to common stockholders	27,551	20,260
Other / Eliminations
Other expenses:
Net income attributable to noncontrolling interest	7,585	6,816
Net income attributable to common stockholders	$ (7,585)	$ (6,816)

Segment Information - Balance S

Segment Information - Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Assets:
Cash and cash equivalents	$ 774,544	$ 534,357	$ 350,814	$ 404,580
Restricted cash	704,844	713,808	$ 517,090	$ 486,690
Loans and investments, net	13,430,985	14,254,674
Loans held-for-sale, net	469,602	354,070
Capitalized mortgage servicing rights, net	396,634	401,471
Securities held-to-maturity, net	153,888	156,547
Investments in equity affiliates	77,641	79,130
Goodwill and other intangible assets	94,896	96,069
Other assets and due from related party	485,190	448,859
Total assets	16,588,224	17,038,985
Liabilities:
Debt obligations	12,993,615	13,500,562
Allowance for loss-sharing obligations	59,757	57,168
Other liabilities and due to related parties	377,395	409,376
Total liabilities	13,430,767	13,967,106
Structured Business \| Operating segments
Assets:
Cash and cash equivalents	405,596	200,514
Restricted cash	702,360	713,615
Loans and investments, net	13,430,985	14,254,674
Investments in equity affiliates	77,641	79,130
Goodwill and other intangible assets	12,500	12,500
Other assets and due from related party	413,846	367,837
Total assets	15,042,928	15,628,270
Liabilities:
Debt obligations	12,571,630	13,195,120
Other liabilities and due to related parties	268,048	299,559
Total liabilities	12,839,678	13,494,679
Agency Business Segment \| Operating segments
Assets:
Cash and cash equivalents	368,948	333,843
Restricted cash	2,484	193
Loans held-for-sale, net	469,602	354,070
Capitalized mortgage servicing rights, net	396,634	401,471
Securities held-to-maturity, net	153,888	156,547
Goodwill and other intangible assets	82,396	83,569
Other assets and due from related party	71,344	81,022
Total assets	1,545,296	1,410,715
Liabilities:
Debt obligations	421,985	305,442
Allowance for loss-sharing obligations	59,757	57,168
Other liabilities and due to related parties	109,347	109,817
Total liabilities	$ 591,089	$ 472,427

Segment Information - Originati

Segment Information - Origination Data (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) loan	Mar. 31, 2022 USD ($) loan
Segment Information
Origination Volumes	$ 1,500,110	$ 975,132
Loan Sales Data:
Gain on derivative instruments, net	4,223	17,386
Structured Business
Segment Information
Total new loan originations	268,034	2,828,855
Loan runoff	1,186,649	666,551
Structured Business \| Bridge loan
Segment Information
Total new loan originations	262,189	2,820,716
Structured Business \| Mezzanine loan
Segment Information
Total new loan originations	$ 5,845	$ 8,139
Structured Business \| SFR - Fixed Rate \| Bridge loan
Segment Information
Number of loans under the loan portfolio \| loan	20	35
Total loan commitment	$ 76,100	$ 133,400
Loans committed	54,400	83,300
Agency Business Segment
Segment Information
Origination Volumes	1,091,861	838,509
Loan Sales Data:
Loan Sales	$ 932,699	$ 1,586,715
Sales margin (fee-based services as a % of loan sales)	1.56%	1.18%
MSR rate (MSR income as a % of loan commitments)	1.23%	1.57%
Agency Business Segment \| SFR - Fixed Rate
Segment Information
Origination Volumes	$ 5,461	$ 4,871
Loan Sales Data:
Loan Sales	9,064
Agency Business Segment \| Fannie Mae
Segment Information
Origination Volumes	795,021	449,680
Loan Sales Data:
Loan Sales	651,758	666,544
Agency Business Segment \| Private Label
Segment Information
Origination Volumes	41,107	72,896
Loan Sales Data:
Loan Sales	159,945	489,269
Gain on derivative instruments, net		17,100
Agency Business Segment \| Fannie Mac
Segment Information
Origination Volumes	101,332	299,072
Loan Sales Data:
Loan Sales	68,457	359,086
Agency Business Segment \| FHA
Segment Information
Origination Volumes	148,940	11,990
Loan Sales Data:
Loan Sales	$ 43,475	$ 71,816

Segment Information - Key Servi

Segment Information - Key Servicing Metrics (Details) - Agency Business Segment - MSRs - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Segment Information
Servicing Portfolio UPB	$ 28,912,625	$ 27,998,029
Wtd. Avg. Servicing Fee Rate (basis points)	40.30%	41.10%
Wtd. Avg. Life of Servicing Portfolio (in years)	8 years 7 months 6 days	8 years 7 months 6 days
SFR - Fixed Rate
Segment Information
Servicing Portfolio UPB	$ 279,712	$ 274,764
Wtd. Avg. Servicing Fee Rate (basis points)	20%	19.80%
Wtd. Avg. Life of Servicing Portfolio (in years)	5 years 10 months 24 days	6 years
Fannie Mae
Segment Information
Servicing Portfolio UPB	$ 19,508,256	$ 19,038,124
Wtd. Avg. Servicing Fee Rate (basis points)	49.50%	50.20%
Wtd. Avg. Life of Servicing Portfolio (in years)	8 years	8 years
Fannie Mac
Segment Information
Servicing Portfolio UPB	$ 5,180,607	$ 5,153,207
Wtd. Avg. Servicing Fee Rate (basis points)	24.70%	25%
Wtd. Avg. Life of Servicing Portfolio (in years)	9 years 1 month 6 days	9 years
Private Label
Segment Information
Servicing Portfolio UPB	$ 2,233,500	$ 2,074,859
Wtd. Avg. Servicing Fee Rate (basis points)	19.60%	18.50%
Wtd. Avg. Life of Servicing Portfolio (in years)	7 years 8 months 12 days	7 years 7 months 6 days
FHA
Segment Information
Servicing Portfolio UPB	$ 1,242,669	$ 1,155,893
Wtd. Avg. Servicing Fee Rate (basis points)	14.70%	14.90%
Wtd. Avg. Life of Servicing Portfolio (in years)	19 years 9 months 18 days	19 years 6 months
Bridge loan
Segment Information
Servicing Portfolio UPB	$ 467,881	$ 301,182
Wtd. Avg. Servicing Fee Rate (basis points)	11.60%	12.50%
Wtd. Avg. Life of Servicing Portfolio (in years)	2 years 10 months 24 days	1 year 8 months 12 days

Debt Obligations - Freddie Mac

Debt Obligations - Freddie Mac Q Series Securitization (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Obligations
Securitized debt	$ 7,508,472	$ 7,849,270