Arbor Realty Trust (ABR) 10-Q 28 Jul 23 2023 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2023	Jul. 21, 2023
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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		186,501,975
Entity Central Index Key	0001253986
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false
Common Stock
Entity Information [Line Items]
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
Entity Information [Line Items]
Title of 12(b) Security	Preferred Stock, 6.375% Series D CumulativeRedeemable, par value $0.01 per share
Trading Symbol	ABR-PD
Security Exchange Name	NYSE
Preferred Stock, 6.25% Series E Cumulative Redeemable, par value $0.01 per share
Entity Information [Line Items]
Title of 12(b) Security	Preferred Stock, 6.25% Series E CumulativeRedeemable, par value $0.01 per share
Trading Symbol	ABR-PE
Security Exchange Name	NYSE
Preferred Stock, 6.25% Series F Fixed-to-Floating Rate Cumulative Redeemable, par value $0.01 per share
Entity Information [Line Items]
Title of 12(b) Security	Preferred Stock, 6.25% Series F Fixed-to-Floating Rate Cumulative Redeemable, par value $0.01 per share
Trading Symbol	ABR-PF
Security Exchange Name	NYSE

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Assets:
Cash and cash equivalents	$ 846,362	$ 534,357
Restricted cash	396,866	713,808
Loans and investments, net (allowance for credit losses of $169,054 and $132,559)	13,271,359	14,254,674
Loans held-for-sale, net	485,126	354,070
Capitalized mortgage servicing rights, net	394,410	401,471
Securities held-to-maturity, net (allowance for credit losses of $4,534 and $3,153)	155,210	156,547
Investments in equity affiliates	72,806	79,130
Goodwill and other intangible assets	93,723	96,069
Other assets	368,502	371,440
Total assets	16,157,627	17,038,985
Liabilities:
Credit and repurchase facilities	3,579,080	3,841,814
Securitized debt	7,168,104	7,849,270
Senior unsecured notes	1,331,875	1,385,994
Convertible senior unsecured notes	281,737	280,356
Junior subordinated notes to subsidiary trust issuing preferred securities	143,506	143,128
Due to borrowers	102,495	61,237
Allowance for loss-sharing obligations	66,681	57,168
Other liabilities	320,952	335,789
Total liabilities	12,997,986	13,967,106
Commitments and contingencies (Note 13)
Arbor Realty Trust, Inc. stockholders' equity:
Preferred stock, cumulative, redeemable, $0.01 par value: 100,000,000 shares authorized, shares issued and outstanding by period: Special voting preferred shares - 16,293,589 shares, 6.375% Series D - 9,200,000 shares, 6.25% Series E - 5,750,000 shares, 6.25% Series F - 11,342,000 shares	633,684	633,684
Common stock, $0.01 par value: 500,000,000 shares authorized - 183,067,388 and 178,230,522 shares issued and outstanding	1,831	1,782
Additional paid-in capital	2,280,632	2,204,481
Retained earnings	107,561	97,049
Total Arbor Realty Trust, Inc. stockholders' equity	3,023,708	2,936,996
Noncontrolling interest	135,933	134,883
Total equity	3,159,641	3,071,879
Total liabilities and equity	16,157,627	17,038,985
Related Party
Assets:
Due from related party	73,263	77,419
Liabilities:
Due to related party	$ 3,556	$ 12,350

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Loans and investments, allowance for credit losses	$ 169,054	$ 132,559
Securities held-to-maturity, allowance for credit losses	$ 4,534	$ 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)	183,067,388	178,230,522
Common stock, shares outstanding (in shares)	183,067,388	178,230,522
Assets of consolidated VIEs	$ 16,157,627	$ 17,038,985
Liabilities of consolidated VIEs	12,997,986	13,967,106
Consolidated VIEs
Assets of consolidated VIEs	8,906,573	9,785,261
Liabilities of consolidated VIEs	$ 7,190,781	$ 7,876,024
Special voting preferred shares
Preferred stock, shares issued (in shares)	16,293,589	16,293,589
Series D preferred stock
Preferred stock, shares issued (in shares)	9,200,000	9,200,000
Preferred stock, dividend rate (as a percent)	6.375%	6.375%
Series E preferred stock
Preferred stock, shares issued (in shares)	5,750,000	5,750,000
Preferred stock, dividend rate (as a percent)	6.25%	6.25%
Series F preferred stock
Preferred stock, shares issued (in shares)	11,342,000	11,342,000
Preferred stock, dividend rate (as a percent)	6.25%	6.25%

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Interest income	$ 335,737	$ 201,328	$ 663,685	$ 368,026
Interest expense	227,195	107,067	446,569	189,627
Net interest income	108,542	94,261	217,116	178,399
Other revenue:
Gain on sales, including fee-based services, net	22,587	16,510	37,176	18,166
Mortgage servicing rights	16,201	17,567	34,659	32,879
Servicing revenue, net	32,347	20,714	61,913	41,769
Property operating income	1,430	290	2,811	586
Gain (loss) on derivative instruments, net	(7,384)	8,606	(3,161)	25,992
Other income (loss), net	45	(13,249)	4,923	(10,048)
Total other revenue	65,226	50,438	138,321	109,344
Other expenses:
Employee compensation and benefits	41,310	38,900	83,708	80,925
Selling and administrative	12,584	13,188	26,207	27,735
Property operating expenses	1,365	542	2,747	1,077
Depreciation and amortization	2,387	2,031	5,011	4,014
Provision for loss sharing (net of recoveries)	7,672	(1,949)	10,848	(2,611)
Provision for credit losses (net of recoveries)	13,878	5,067	36,395	7,426
Total other expenses	79,196	57,779	164,916	118,566
Income before extinguishment of debt, income from equity affiliates and income taxes	94,572	86,920	190,521	169,177
Loss on extinguishment of debt	(1,247)	0	(1,247)	(1,350)
Income from equity affiliates	5,560	6,547	19,886	13,759
Provision for income taxes	(5,553)	(5,352)	(13,582)	(13,540)
Net income	93,332	88,115	195,578	168,046
Preferred stock dividends	10,342	11,214	20,684	20,270
Net income attributable to noncontrolling interest	6,826	6,992	14,411	13,808
Net income attributable to common stockholders	$ 76,164	$ 69,909	$ 160,483	$ 133,968
Earnings per common share
Basic earnings per common share (in dollars per share)	$ 0.42	$ 0.43	$ 0.88	$ 0.85
Diluted earnings per common share (in dollars per share)	$ 0.41	$ 0.41	$ 0.87	$ 0.82
Weighted average shares outstanding:
Basic (in shares)	181,815,469	163,044,217	181,468,002	158,258,813
Diluted (in shares)	216,061,876	195,013,810	215,489,604	190,357,030
Dividends declared per common share (in dollars per share)	$ 0.42	$ 0.38	$ 0.82	$ 0.75

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Series F preferred stock	Total Arbor Realty Trust, Inc. Stockholders’ Equity	Total Arbor Realty Trust, Inc. Stockholders’ Equity Series F preferred stock	Preferred Stock	Preferred Stock Series F preferred stock	Common Stock	Additional Paid-in Capital	Additional Paid-in Capital Series F preferred stock	Retained Earnings	Noncontrolling Interest
Balance beginning (in shares) at Dec. 31, 2021					39,325,095		151,362,181
Balance beginning at Dec. 31, 2021	$ 2,547,537		$ 2,415,050		$ 556,163		$ 1,514	$ 1,789,229		$ 68,144	$ 132,487
Increase (Decrease) in Stockholders' Equity
Issuance of common stock (in shares)						3,292,000	16,455,100
Issuance - common stock	268,243	$ 77,392	268,243	$ 77,392		$ 77,522	$ 164	268,079	$ (130)
Stock-based compensation, net (in shares)							637,524
Stock-based compensation, net	3,666		3,666				$ 7	3,659
Distributions - common stock	(118,838)		(118,838)							(118,838)
Distributions - preferred stock	(20,273)		(20,273)							(20,273)
Distributions - noncontrolling interest	(12,231)										(12,231)
Net income	168,046		154,238							154,238	13,808
Redemption - operating partnership units (in units)					(31,506)
Redemption - operating partnership units	(546)		(1)		$ (1)						(545)
Balance ending (in shares) at Jun. 30, 2022					42,585,589		168,454,805
Balance ending at Jun. 30, 2022	2,912,996		2,779,477		$ 633,684		$ 1,685	2,060,837		83,271	133,519
Balance beginning (in shares) at Mar. 31, 2022					42,617,095		160,198,115
Balance beginning at Mar. 31, 2022	2,772,048		2,638,785		$ 633,734		$ 1,602	1,927,621		75,828	133,263
Increase (Decrease) in Stockholders' Equity
Issuance of common stock (in shares)							8,229,350
Issuance - common stock	130,443	$ (179)	130,443	$ (179)		$ (49)	$ 82	130,361	$ (130)
Stock-based compensation, net (in shares)							27,340
Stock-based compensation, net	2,986		2,986				$ 1	2,985
Distributions - common stock	(62,463)		(62,463)							(62,463)
Distributions - preferred stock	(11,217)		(11,217)							(11,217)
Distributions - noncontrolling interest	(6,191)										(6,191)
Net income	88,115		81,123							81,123	6,992
Redemption - operating partnership units (in units)					(31,506)
Redemption - operating partnership units	(546)		(1)		$ (1)						(545)
Balance ending (in shares) at Jun. 30, 2022					42,585,589		168,454,805
Balance ending at Jun. 30, 2022	2,912,996		2,779,477		$ 633,684		$ 1,685	2,060,837		83,271	133,519
Balance beginning (in shares) at Dec. 31, 2022					42,585,589		178,230,522
Balance beginning at Dec. 31, 2022	3,071,879		2,936,996		$ 633,684		$ 1,782	2,204,481		97,049	134,883
Increase (Decrease) in Stockholders' Equity
Issuance of common stock (in shares)							7,536,800
Issuance - common stock	109,668		109,668				$ 75	109,593
Repurchase of common stock (in shares)							(3,545,604)
Repurchase - common stock	(37,432)		(37,432)				$ (36)	(37,396)
Stock-based compensation, net (in shares)							845,670
Stock-based compensation, net	3,964		3,964				$ 10	3,954
Distributions - common stock	(149,971)		(149,971)							(149,971)
Distributions - preferred stock	(20,684)		(20,684)							(20,684)
Distributions - noncontrolling interest	(13,361)										(13,361)
Net income	195,578		181,167							181,167	14,411
Balance ending (in shares) at Jun. 30, 2023					42,585,589		183,067,388
Balance ending at Jun. 30, 2023	3,159,641		3,023,708		$ 633,684		$ 1,831	2,280,632		107,561	135,933
Balance beginning (in shares) at Mar. 31, 2023					42,585,589		183,821,003
Balance beginning at Mar. 31, 2023	3,157,457		3,021,506		$ 633,684		$ 1,838	2,278,287		107,697	135,951
Increase (Decrease) in Stockholders' Equity
Issuance of common stock (in shares)							1,901,000
Issuance - common stock	26,924		26,924				$ 19	26,905
Repurchase of common stock (in shares)							(2,659,172)
Repurchase - common stock	(27,761)		(27,761)				$ (27)	(27,734)
Stock-based compensation, net (in shares)							4,557
Stock-based compensation, net	3,175		3,175				$ 1	3,174
Distributions - common stock	(76,300)		(76,300)							(76,300)
Distributions - preferred stock	(10,342)		(10,342)							(10,342)
Distributions - noncontrolling interest	(6,844)										(6,844)
Net income	93,332		86,506							86,506	6,826
Balance ending (in shares) at Jun. 30, 2023					42,585,589		183,067,388
Balance ending at Jun. 30, 2023	$ 3,159,641		$ 3,023,708		$ 633,684		$ 1,831	$ 2,280,632		$ 107,561	$ 135,933

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Operating activities:
Net income	$ 195,578	$ 168,046
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	5,011	4,014
Stock-based compensation	9,094	9,241
Amortization and accretion of interest and fees, net	(1,857)	(6,782)
Amortization of capitalized mortgage servicing rights	31,020	29,750
Originations of loans held-for-sale	(2,460,869)	(2,117,624)
Proceeds from sales of loans held-for-sale, net of gain on sale	2,332,245	2,617,418
Mortgage servicing rights	(34,659)	(32,879)
Write-off of capitalized mortgage servicing rights from payoffs	8,907	25,545
Provision for loss sharing (net of recoveries)	10,848	(2,611)
Provision for credit losses (net of recoveries)	36,395	7,426
Net charge-offs for loss sharing obligations	(1,335)	(400)
Deferred tax benefit	(4,197)	(2,426)
Income from equity affiliates	(19,886)	(13,759)
Distributions from operations of equity affiliates	15,008	11,438
Change in fair value of held-for-sale loans	(2,220)	4,380
Loss on extinguishment of debt	1,247	1,350
Payoffs and paydowns of loans held-for-sale	27	58,327
Loss on sale of loans	0	9,180
Changes in operating assets and liabilities	(18,736)	(5,086)
Net cash provided by operating activities	101,621	764,548
Investing Activities:
Loans and investments funded, originated and purchased, net	(867,804)	(4,661,893)
Payoffs and paydowns of loans and investments	1,873,578	1,686,546
Proceeds from sale of loans and investments	0	102,228
Deferred fees	7,945	39,514
Contributions to equity affiliates	(850)	(15,003)
Distributions from equity affiliates	12,052	16,144
Purchase of securities held-to-maturity, net	0	(27,598)
Payoffs and paydowns of securities held-to-maturity	3,413	9,083
Due to borrowers and reserves	0	9,364
Net cash provided by (used in) investing activities	1,028,334	(2,841,615)
Financing activities:
Proceeds from credit and repurchase facilities	4,449,564	6,120,513
Paydowns and payoffs of credit and repurchase facilities	(4,717,137)	(6,052,818)
Payoffs and paydowns of securitized debt	(689,715)	(441,000)
Proceeds from issuance of common stock	109,668	268,243
Proceeds from issuance of senior unsecured notes	95,000	0
Payoffs and paydowns of senior unsecured notes	(149,600)	0
Payments of withholding taxes on net settlement of vested stock	(5,130)	(5,575)
Repurchase of common stock	(37,432)	0
Distributions to stockholders	(184,016)	(151,099)
Payment of deferred financing costs	(6,094)	(24,994)
Proceeds from issuance of securitized debt	0	2,525,624
Proceeds from issuance of preferred stock	0	77,392
Redemption of operating partnership units	0	(546)
Net cash (used in) provided by financing activities	(1,134,892)	2,315,740
Net (decrease) increase in cash, cash equivalents and restricted cash	(4,937)	238,673
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	1,243,228	1,129,943
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	846,362	341,991
Restricted cash at end of period	396,866	787,952
Cash, cash equivalents and restricted cash at end of period	1,243,228	1,129,943
Supplemental cash flow information:
Cash used to pay interest	426,363	164,402
Cash used to pay taxes	11,141	20,733
Supplemental schedule of non-cash investing and financing activities:
Distributions accrued on preferred stock	7,010	7,010
Cumulative-effect adjustment (adoption of convertible debt standard)	$ 0	$ 2,447

Description of Business

Description of Business	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	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	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	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 ultimate impact of inflation, increasing interest rates, bank failures, tightening of capital markets and reduced property values, both globally and to our business, makes any estimate or assumption at June 30, 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 requirement 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	6 Months Ended
	Jun. 30, 2023
Loans and Investments
Loans and Investments	Loans and Investments Our Structured Business loan and investment portfolio consists of ($ in thousands): June 30, 2023 Percent of Loan Wtd. Avg. Wtd. Avg. Wtd. Avg. Wtd. Avg. Bridge loans (4) $ 13,168,302 98 % 652 8.78 % 16.4 0 % 76 % Mezzanine loans 223,087 1 % 45 8.35 % 57.9 44 % 80 % Preferred equity investments 89,725 1 % 7 6.56 % 44.7 48 % 87 % Other loans (5) 10,493 <1% 2 9.60 % 18.3 0 % 62 % 13,491,607 100 % 706 8.76 % 17.2 1 % 76 % Allowance for credit losses (169,054) Unearned revenue (51,194) Loans and investments, net $ 13,271,359 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 June 30, 2023 and December 31, 2022, bridge loans included 275 and 241, respectively, of SFR loans with a total gross loan commitment of $1.73 billion and $1.57 billion, respectively, of which $1.02 billion and $927.4 million, respectively, was funded. (5) At June 30, 2023 and December 31, 2022, other loans included 2 and 3 variable rate SFR permanent loans, respectively. Concentration of Credit Risk We are subject to concentration risk in that, at June 30, 2023, the UPB related to 87 loans with five different borrowers represented 12% 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 and six months ended June 30, 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 June 30, 2023 is as follows ($ in thousands): UPB by Origination Year Total Wtd. Avg. Wtd. Avg. Asset Class / Risk Rating 2023 2022 2021 2020 2019 Prior Multifamily: Pass $ 208,351 $ 191,850 $ 249,714 $ 11,000 $ — $ 20,300 $ 681,215 Pass/Watch 493,020 2,685,299 2,741,640 121,870 93,235 7,194 6,142,258 Special Mention — 1,624,051 2,835,865 196,825 161,885 21,700 4,840,326 Substandard — 171,821 237,737 24,100 — 52,450 486,108 Doubtful — — 2,605 — 9,765 — 12,370 Total Multifamily $ 701,371 $ 4,673,021 $ 6,067,561 $ 353,795 $ 264,885 $ 101,644 $ 12,162,277 1 % 77 % Single-Family Rental: Percentage of portfolio 90 % Pass $ — $ — $ 1,330 $ — $ — $ — $ 1,330 Pass/Watch 95,623 451,728 305,484 68,625 20,965 — 942,425 Special Mention — 22,398 38,035 30,265 — — 90,698 Total Single-Family Rental $ 95,623 $ 474,126 $ 344,849 $ 98,890 $ 20,965 $ — $ 1,034,453 0 % 63 % Land: Percentage of portfolio 8 % Pass/Watch $ — $ — $ — $ 4,600 $ — $ — $ 4,600 Special Mention — — — 3,500 — — 3,500 Substandard — — — — — 127,928 127,928 Total Land $ — $ — $ — $ 8,100 $ — $ 127,928 $ 136,028 0 % 98 % Office: Percentage of portfolio 1 % Special Mention $ — $ — $ — $ 35,410 $ — $ — $ 35,410 Substandard — — — — — 44,625 44,625 Total Office $ — $ — $ — $ 35,410 $ — $ 44,625 $ 80,035 0 % 91 % 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/Watch $ — $ — $ — $ — $ 4,000 $ — $ 4,000 Special Mention — — — — — 3,445 3,445 Substandard — — — — — 18,600 18,600 Total Retail $ — $ — $ — $ — $ 4,000 $ 22,045 $ 26,045 11 % 72 % Other: Percentage of portfolio < 1% Doubtful $ — $ — $ — $ — $ — $ 1,700 $ 1,700 Total Other $ — $ — $ — $ — $ — $ 1,700 $ 1,700 63 % 63 % Percentage of portfolio < 1% Grand Total $ 796,994 $ 5,147,147 $ 6,412,410 $ 496,195 $ 340,919 $ 297,942 $ 13,491,607 1 % 76 % Geographic Concentration Risk At June 30, 2023, underlying properties in Texas and Florida represented 23% and 16%, 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 June 30, 2023 Land Multifamily Office Retail Commercial Single-Family Rental Other Total Allowance for credit losses: Beginning balance $ 78,086 $ 58,348 $ 8,106 $ 5,819 $ 1,700 $ 973 $ 45 $ 153,077 Provision for credit losses (net of recoveries) (184) 15,947 140 — — 104 (30) 15,977 Ending balance $ 77,902 $ 74,295 $ 8,246 $ 5,819 $ 1,700 $ 1,077 $ 15 $ 169,054 Three Months Ended June 30, 2022 Allowance for credit losses: Beginning balance $ 77,940 $ 22,084 $ 8,085 $ 5,819 $ 1,700 $ 421 $ 333 $ 116,382 Provision for credit losses (net of recoveries) (22) 5,874 (1,054) — — 304 (153) 4,949 Ending balance $ 77,918 $ 27,958 $ 7,031 $ 5,819 $ 1,700 $ 725 $ 180 $ 121,331 Six Months Ended June 30, 2023 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) (166) 36,334 84 — — 296 (53) 36,495 Ending balance $ 77,902 $ 74,295 $ 8,246 $ 5,819 $ 1,700 $ 1,077 $ 15 $ 169,054 Six Months Ended June 30, 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) (52) 9,251 (1,042) — — 405 (472) 8,090 Ending balance $ 77,918 $ 27,958 $ 7,031 $ 5,819 $ 1,700 $ 725 $ 180 $ 121,331 During the three and six months ended June 30, 2023, we recorded a $16.0 million and a $36.5 million provision for credit losses, respectively. The increase in the provision for credit losses during the three and six months ended June 30, 2023 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 continuing inflationary pressures, 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 June 30, 2023 and December 31, 2022, we had outstanding unfunded commitments of $965.7 million and $1.15 billion, respectively, that we are obligated to fund as borrowers meet certain requirements. At June 30, 2023 and December 31, 2022, accrued interest receivable related to our loans totaling $111.6 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): June 30, 2023 Asset Class UPB (1) Carrying Allowance for Wtd. Avg. First Wtd. Avg. Last Land $ 134,215 $ 127,868 $ 77,869 0 % 99 % Office 44,625 44,625 7,951 0 % 100 % Multifamily 36,377 36,202 5,000 0 % 100 % Retail 22,045 17,777 5,817 13 % 79 % Commercial 1,700 1,700 1,700 63 % 63 % Total $ 238,962 $ 228,172 $ 98,337 2 % 97 % 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 nine and seven impaired loans (less unearned revenue and other holdbacks and adjustments) by asset class at June 30, 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 June 30, 2023 and December 31, 2022. At June 30, 2023, seven loans with an aggregate net carrying value of $112.3 million, net of loan loss reserves of $10.1 million, were classified as non-performing and, at December 31, 2022, four loans with an aggregate net carrying value of $2.6 million, net of related loan loss reserves of $5.1 million, were classified as non-performing. Income from non-performing loans is generally recognized on a cash basis when it is received. Full income recognition will resume when the loan becomes contractually current, and performance has recommenced. A summary of our non-performing loans by asset class is as follows (in thousands): June 30, 2023 December 31, 2022 UPB Less Than Greater Than UPB Less Than Greater Than Multifamily $ 119,291 $ 116,686 $ 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 $ 124,436 $ 116,686 $ 7,750 $ 7,750 $ — $ 7,750 In addition, we have six loans with a carrying value totaling $121.4 million at June 30, 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 June 30, 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 June 30, 2023 and December 31, 2022, we had no loans contractually past due 90 days or more that are still accruing interest. During the six months ended June 30, 2023 and 2022, we received $1.4 million and zero, respectively, of interest income on nonaccrual loans. 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. 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. During the second quarter of 2022, we sold a bridge loan and mezzanine loans totaling $110.5 million, that were collateralized by a land development project, at a discount for $102.2 million. In connection with this transaction, we had $66.3 million of capital returned to us to be used in future investments and recorded a $9.2 million loss (including fees and expenses), which was included in other income (loss), net on the consolidated statements of income. We have the potential to recover up to $2.8 million depending on the future performance of the loan. In July 2022, we sold four bridge loans with an aggregate UPB of $296.9 million at par less shared loan origination fees and selling costs totaling $2.0 million and had $78.0 million of capital returned to us to be used in future investments. The shared loan origination fees and selling costs were recorded as an unrealized impairment loss in the second quarter of 2022 and included in other income (loss), net on the consolidated statements of income. We have retained the right to service these loans. During the three months ended June 30, 2023, we repurchased two of these bridge loans with an aggregate UPB of $182.0 million at par. There were no loan modifications, refinancings and/or extensions during the three and six months ended June 30, 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 June 30, 2023 and December 31, 2022, we had total interest reserves of $123.0 million and $123.7 million, respectively, on 483 loans and 480 loans, respectively, with an aggregate UPB of $7.78 billion and $7.70 billion, respectively.

Loans Held-for-Sale, Net

Loans Held-for-Sale, Net	6 Months Ended
	Jun. 30, 2023
Receivable, Held-for-Sale [Abstract]
Loans Held-for-Sale, Net	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): June 30, 2023 December 31, 2022 Fannie Mae $ 373,105 $ 173,020 Freddie Mac 84,355 8,938 SFR - Fixed Rate 15,452 12,352 Private Label 11,350 152,735 FHA 1,223 21,021 485,485 368,066 Fair value of future MSR 6,948 5,557 Unrealized impairment loss (2,305) (15,703) Unearned discount (5,002) (3,850) Loans held-for-sale, net $ 485,126 $ 354,070 During the three and six months ended June 30, 2023, we sold $1.41 billion and $2.34 billion of loans held-for-sale, respectively, and $1.03 billion and $2.62 billion during the three and six months ended June 30, 2022, respectively. Included in the total loans sold during 2022 were $489.3 million of Private Label loans that were sold to unconsolidated affiliates of ours who securitized the loans. We retained the most subordinate class of certificates in this securitization totaling $43.4 million in satisfaction of credit risk retention requirements 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. During the three months ended June 30, 2022, we determined that the fair value of certain loans held-for-sale were below their carrying values and, based on the fair value analysis performed, we recorded an unrealized impairment loss of $4.1 million. The unrealized impairment loss was included in other income (loss), net on the consolidated statements of income. At June 30, 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	6 Months Ended
	Jun. 30, 2023
Transfers and Servicing [Abstract]
Capitalized Mortgage Servicing Rights	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 8.4 years and 8.6 years at June 30, 2023 and December 31, 2022, respectively. A summary of our capitalized MSR activity is as follows (in thousands): Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 Originated Acquired Total Originated Acquired Total Beginning balance $ 383,636 $ 12,998 $ 396,634 $ 386,878 $ 14,593 $ 401,471 Additions 18,980 — 18,980 32,866 — 32,866 Amortization (14,592) (1,013) (15,605) (28,878) (2,142) (31,020) Write-downs and payoffs (4,757) (842) (5,599) (7,599) (1,308) (8,907) Ending balance $ 383,267 $ 11,143 $ 394,410 $ 383,267 $ 11,143 $ 394,410 Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 Beginning balance $ 398,061 $ 23,975 $ 422,036 $ 395,573 $ 27,161 $ 422,734 Additions 17,123 — 17,123 44,095 — 44,095 Amortization (13,066) (1,713) (14,779) (25,993) (3,757) (29,750) Write-downs and payoffs (10,721) (2,125) (12,846) (22,278) (3,267) (25,545) Ending balance $ 391,397 $ 20,137 $ 411,534 $ 391,397 $ 20,137 $ 411,534 We collected prepayment fees totaling $3.0 million and $5.0 million during the three and six months ended June 30, 2023, respectively, and $15.2 million and $31.4 million during the three and six months ended June 30, 2022, respectively. Prepayment fees are included as a component of servicing revenue, net on the consolidated statements of income. At June 30, 2023 and December 31, 2022, we had no valuation allowance recorded on any of our MSRs. The expected amortization of capitalized MSRs recorded at June 30, 2023 is as follows (in thousands): Year Amortization 2023 (six months ending 12/31/2023) $ 31,488 2024 61,975 2025 58,534 2026 52,448 2027 47,512 2028 41,645 Thereafter 100,808 Total $ 394,410 Based on scheduled maturities, actual amortization may vary from these estimates.

Mortgage Servicing

Mortgage Servicing	6 Months Ended
	Jun. 30, 2023
Transfers and Servicing [Abstract]
Mortgage Servicing	Mortgage Servicing Product and geographic concentrations that impact our servicing revenue are as follows ($ in thousands): June 30, 2023 Product Concentrations Geographic Concentrations Product UPB (1) % of Total State UPB % of Total Fannie Mae $ 20,002,570 68 % Texas 12 % Freddie Mac 5,245,325 18 % New York 11 % Private Label 2,305,000 8 % North Carolina 8 % FHA 1,303,812 4 % California 8 % Bridge (2) 299,578 1 % Georgia 6 % SFR - Fixed Rate 290,266 1 % Florida 5 % Total $ 29,446,551 100 % 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 June 30, 2023 and December 31, 2022, our weighted average servicing fee was 40.1 basis points and 41.1 basis points, respectively. At both June 30, 2023 and December 31, 2022, we held total escrow balances (including unfunded collateralized loan obligation holdbacks) of approximately $1.7 billion, of which approximately $1.5 billion 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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 Servicing fees $ 31,081 $ 31,322 $ 60,288 $ 63,070 Interest earned on escrows 19,509 1,786 36,516 2,624 Prepayment fees 2,961 15,231 5,036 31,370 Write-offs of MSRs (5,599) (12,846) (8,907) (25,545) Amortization of MSRs (15,605) (14,779) (31,020) (29,750) Servicing revenue, net $ 32,347 $ 20,714 $ 61,913 $ 41,769

Securities Held-To-Maturity

Securities Held-To-Maturity	6 Months Ended
	Jun. 30, 2023
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss, Maturity [Abstract]
Securities Held-to-Maturity	Securities Held-to-Maturity Agency Private Label Certificates (“APL certificates”). In connection with our Private Label securitizations, we retain the most subordinate class of the APL certificates in satisfaction of credit risk retention requirements. At June 30, 2023, we held APL certificates with an initial face value of $192.8 million, which were purchased at a discount for $119.0 million. These certificates are collateralized by 5-year to 10-year fixed rate first mortgage loans on multifamily properties, bear interest at an initial weighted average variable rate of 3.94% and have an estimated weighted average remaining maturity of 7.05 years. The weighted average effective interest rate was 8.85% at both June 30, 2023 and December 31, 2022, including the accretion of a portion of the discount deemed collectible. At June 30, 2023, approximately $8.2 million is estimated to mature after one year through five years and $184.6 million is estimated to mature after five years through ten years. Agency B Piece Bonds. Freddie Mac may choose to hold, sell or securitize loans we sell to them under the Freddie Mac SBL program. As part of the securitizations under the SBL program, we have the ability to purchase the B Piece bond through a bidding process, which represents the bottom 10%, or highest risk, of the securitization. At June 30, 2023, we held 49%, or $106.2 million initial face value, of seven B Piece bonds, which were purchased at a discount for $74.7 million, and sold the remaining 51% to a third party. These securities are collateralized by a pool of multifamily mortgage loans, bear interest at an initial weighted average variable rate of 3.74% and have an estimated weighted average remaining maturity of 6.1 years. The weighted average effective interest rate was 11.31% and 12.20% at June 30, 2023 and December 31, 2022, respectively, including the accretion of a portion of the discount deemed collectible. At June 30, 2023, approximately $7.6 million is estimated to mature within one year, $14.8 million is estimated to mature after one year through five years and $16.5 million is estimated to mature after ten years. A summary of our securities held-to-maturity is as follows (in thousands): Face Value Net Carrying Unrealized Estimated Allowance for June 30, 2023 APL certificates $ 192,791 $ 125,290 $ (29,734) $ 95,556 $ 3,375 B Piece bonds 38,917 29,920 2,419 32,339 1,159 Total $ 231,708 $ 155,210 $ (27,315) $ 127,895 $ 4,534 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 June 30, 2023 APL Certificates B Piece Bonds Total Beginning balance $ 3,330 $ 1,695 $ 5,025 Provision for credit loss expense/(reversal) 45 (536) (491) Ending balance $ 3,375 $ 1,159 $ 4,534 Six Months Ended June 30, 2023 Beginning balance $ 2,783 $ 370 $ 3,153 Provision for credit loss expense/(reversal) 592 789 1,381 Ending balance $ 3,375 $ 1,159 $ 4,534 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 $3.9 million and $7.1 million during the three and six months ended June 30, 2023, respectively, and $5.1 million and $10.3 million during the three and six months ended June 30, 2022, respectively.

Investments in Equity Affiliate

Investments in Equity Affiliates	6 Months Ended
	Jun. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
Investments in Equity Affiliates	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): Investments in Equity Affiliates at UPB of Loans to Equity Affiliates at June 30, 2023 Equity Affiliates June 30, 2023 December 31, 2022 Arbor Residential Investor LLC $ 42,157 $ 46,951 $ — Fifth Wall Ventures 14,028 13,584 — AMAC Holdings III LLC 13,851 15,825 — 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 $ 72,806 $ 79,130 $ 1,688 Arbor Residential Investor LLC (“ARI”). During the three and six months ended June 30, 2023, we recorded income of $3.5 million and $2.6 million, respectively, and during the three and six months ended June 30, 2022, we recorded income of $1.1 million and $6.1 million, respectively, to income from equity affiliates in our consolidated statements of income. During both the three and six months ended June 30, 2023, we received cash distributions of $7.5 million, and during the three and six months ended June 30, 2022, we received cash distributions of $7.5 million and $15.0 million, respectively, 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 at June 30, 2023 was 9.2%. At June 30, 2023, our indirect interest was 12.3%. Fifth Wall Ventures (“Fifth Wall”). During the six months ended June 30, 2023 and 2022, w e funded an additi onal $0.6 million and $6.9 million, respectively, and during both the three and six months ended June 30, 2023, we recorded a loss associated with this investment of $0.2 million . In addition, during the three months ended June 30, 2022, we received a distribution from this investment of $0.9 million, which was classified as a return of capital. AMAC Holdings III LLC (“AMAC III”). During the three and six months ended June 30, 2023 , we receiv ed distributions of $0.5 million and $1.1 million, respec tively, which were classified as returns of capital, and record ed losses a ssociated with this investment o f $0.5 million and $0.9 million, respectively. During 2022, we funded an additional $4.9 million and during the three and six months ended June 30, 2022, recorded losses associated with this investment of $0.6 million and $1.1 million, respectively. In addition, during both the three and six months ended June 30, 2022, we received a distribution of $0.3 million. Lexford Portfolio. During the three and six months ended June 30, 2023, we received distributions of $2.5 million and $7.2 million, respectively, and during the three and six months ended June 30, 2022, we received distributions of $6.0 million, which were recognized as income from equity affiliates. Equity Participation Interest. During the first quarters of 2023 and 2022, we received $11.0 million and $2.6 million, respectively, from equity participation interests on properties that were sold and which we had a preferred equity loan that previously paid-off. See Note 17 for details of certain investments described above.

Debt Obligations

Debt Obligations	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Debt Obligations	Debt Obligations Credit and Repurchase Facilities Borrowings under our credit and repurchase facilities are as follows ($ in thousands): June 30, 2023 December 31, 2022 Current Extended Note Debt Collateral Wtd. Avg. Debt Collateral Structured Business $2.5B joint repurchase facility (2) Mar. 2024 Mar. 2025 V $ 1,109,720 $ 1,670,162 7.48 % $ 1,516,657 $ 2,099,447 $1B repurchase facility (2) Dec. 2023 N/A V 386,371 553,113 7.23 % 498,666 703,740 $500M repurchase facility (3) N/A V 335,284 455,940 8.14 % 154,653 188,563 $499M repurchase facility (2)(4) Oct. 2023 N/A V 329,850 472,487 7.57 % 351,056 504,506 $450M repurchase facility Mar. 2024 Mar. 2026 V 325,057 450,526 7.28 % 344,237 450,736 $450M repurchase facility Oct. 2023 Oct. 2024 V 93,160 120,947 6.95 % 186,639 239,678 $400M credit facility July 2024 N/A V 18,459 23,088 7.18 % 33,221 43,238 $225M credit facility Oct. 2023 Oct. 2024 V 89,280 132,160 7.75 % 47,398 81,119 $200M repurchase facility Mar. 2025 Mar. 2026 V 60,514 85,979 7.75 % 32,494 47,750 $200M repurchase facility Jan. 2024 Jan. 2025 V 115,566 148,244 7.14 % 154,516 200,099 $172M loan specific credit facilities Aug 2023 to Aug. 2025 Aug 2023 to Aug. 2027 V/F 171,326 247,164 7.26 % 156,107 225,805 $50M credit facility Apr. 2024 Apr. 2025 V 29,200 36,500 7.29 % 29,194 36,500 $40M credit facility Apr. 2026 Apr. 2027 V — — — — — $35M working capital facility Apr. 2024 N/A V — — — — — $25M credit facility Oct. 2024 N/A V 18,905 24,876 7.80 % 18,701 24,572 Repurchase facility - securities (2)(5) N/A N/A V 33,100 — 6.93 % 12,832 — Structured Business total $ 3,115,792 $ 4,421,186 7.47 % $ 3,536,371 $ 4,845,753 Agency Business $750M ASAP agreement N/A N/A V $ 114,018 $ 114,938 6.21 % $ 29,476 $ 30,291 $500M joint repurchase facility (2) Mar. 2024 Mar. 2025 V 7,569 11,350 8.36 % 104,629 135,641 $500M repurchase facility Nov. 2023 N/A V 220,848 222,701 6.52 % 66,778 66,866 $200M credit facility Mar. 2024 N/A V 112,158 112,881 6.49 % 31,475 33,177 $150M credit facility July 2024 N/A V — — — 57,887 57,974 $50M credit facility Sept. 2023 N/A V 8,161 8,163 6.44 % 14,664 14,671 $1M repurchase facility (2)(4) Oct. 2023 N/A V 534 893 7.42 % 534 920 Agency Business total $ 463,288 $ 470,926 6.47 % $ 305,443 $ 339,540 Consolidated total $ 3,579,080 $ 4,892,112 7.34 % $ 3,841,814 $ 5,185,293 ________________________ V = Variable Note Rate; F = Fixed Note Rate (1) At June 30, 2023 and December 31, 2022, debt carrying value for the Structured Business was net of unamortized deferred finance costs of $8.9 million and $13.3 million, respectively, and for the Agency Business was net of unamortized deferred finance costs of $0.6 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 June 30, 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. At June 30, 2023, the majority of our credit and repurchase facilities, in both our Structured Business and Agency Business, had been converted from a LIBOR-based interest rate to a SOFR-based interest rate. The remaining LIBOR-based financings were converted to a SOFR-based interest rate in July 2023. Structured Business At June 30, 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 7.88% 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 70% and 73% at June 30, 2023 and December 31, 2022, respectively. In April 2023, we amended a $25.0 million credit facility to increase the facility size to $40.0 million and extend the maturity to April 2026. 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 June 30, 2023 Face Value Carrying Wtd. Avg. UPB Carrying Restricted CLO 19 $ 872,812 $ 867,453 7.55 % $ 1,021,530 $ 1,017,396 $ — CLO 18 1,652,812 1,646,771 6.99 % 2,025,402 2,019,021 1,751 CLO 17 1,714,125 1,708,712 7.00 % 2,013,515 2,006,767 63,486 CLO 16 1,237,500 1,232,805 6.62 % 1,409,071 1,404,641 21,681 CLO 15 674,412 672,429 6.68 % 640,363 638,291 166,290 CLO 14 655,475 653,445 6.64 % 771,384 769,364 6,192 CLO 12 152,336 151,951 7.47 % 246,167 245,209 — Total CLOs 6,959,472 6,933,566 6.94 % 8,127,432 8,100,689 259,400 Q Series securitization 236,878 234,538 7.09 % 296,088 294,679 — Total securitized debt $ 7,196,350 $ 7,168,104 6.94 % $ 8,423,520 $ 8,395,368 $ 259,400 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 $28.2 million and $36.8 million of deferred financing fees at June 30, 2023 and December 31, 2022, respectively. (2) At June 30, 2023 and December 31, 2022, the aggregate weighted average note rate for our securitized debt, including certain fees and costs, was 7.18% and 6.32%, respectively. (3) At June 30, 2023, two loans with an aggregate UPB of $105.0 million were deemed a "credit risk" as defined by the collateralized loan obligations ("CLO") indentures. At December 31, 2022, there was 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. Excludes restricted cash related to interest payments, delayed fundings and expenses totaling $129.8 million and $230.0 million at June 30, 2023 and December 31, 2022, respectively. CLO 13. In June 2023, we unwound CLO 13, redeeming the remaining outstanding notes, which were repaid primarily from the refinancing of the remaining assets within our other CLO vehicles and credit and repurchase facilities. We expensed $1.2 million of deferred financing fees into loss on extinguishment of debt on the consolidated statements of income. CLO 12. During 2023, $226.9 million of the outstanding notes of CLO 12 were paid down. Senior Unsecured Notes A summary of our senior unsecured notes is as follows ($ in thousands): Senior Issuance June 30, 2023 December 31, 2022 Maturity UPB Carrying Wtd. Avg. UPB Carrying Wtd. Avg. 7.75% Notes (3) Mar. 2023 Mar. 2026 $ 95,000 $ 93,407 7.75 % $ — $ — — 8.50% Notes (3) Oct. 2022 Oct. 2027 150,000 147,775 8.50 % 150,000 147,519 8.50 % 5.00% Notes (3) Dec. 2021 Dec. 2028 180,000 177,663 5.00 % 180,000 177,450 5.00 % 4.50% Notes (3) Aug. 2021 Sept. 2026 270,000 267,345 4.50 % 270,000 266,926 4.50 % 5.00% Notes (3) Apr. 2021 Apr. 2026 175,000 173,230 5.00 % 175,000 172,917 5.00 % 4.50% Notes (3) Mar. 2020 Mar. 2027 275,000 273,201 4.50 % 275,000 272,960 4.50 % 4.75% Notes (4) Oct. 2019 Oct. 2024 110,000 109,545 4.75 % 110,000 109,369 4.75 % 5.75% Notes (4) Mar. 2019 Apr. 2024 90,000 89,709 5.75 % 90,000 89,514 5.75 % 8.00% Notes (3) Apr. 2020 Apr. 2023 — — — 70,750 70,613 8.00 % 5.625% Notes (4) Mar. 2018 May 2023 — — — 78,850 78,726 5.63 % $ 1,345,000 $ 1,331,875 5.41 % $ 1,399,600 $ 1,385,994 5.40 % ________________________ (1) At June 30, 2023 and December 31, 2022, the carrying value is net of deferred financing fees of $13.1 million and $13.6 million, respectively. (2) At June 30, 2023 and December 31, 2022, the aggregate weighted average note rate, including certain fees and costs, was 5.70% 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. In May 2023, our 5.625% senior unsecured notes matured and were redeemed for cash. Convertible Senior Unsecured Notes Our convertible senior unsecured notes are not redeemable by us prior to their maturities (August 2025) 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): Period UPB Unamortized Deferred Net Carrying June 30, 2023 $ 287,500 $ 5,763 $ 281,737 December 31, 2022 $ 287,500 $ 7,144 $ 280,356 During the three months ended June 30, 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 six months ended June 30, 2023, we incurred interest expense on the notes totaling $12.2 million, of which $10.8 million and $1.4 million related to the cash coupon and deferred financing fees, respectively. During the three months ended June 30, 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. During the six months ended June 30, 2022, we incurred interest expense on the notes totaling $7.6 million, of which $6.3 million and $1.3 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 June 30, 2023 and December 31, 2022. At June 30, 2023, the 7.50% convertible senior notes had a conversion rate of 60.0717 shares of common stock per $1,000 of principal, which represented a conversion price of $16.65 per share of common stock. Junior Subordinated Notes The carrying values of borrowings under our junior subordinated notes were $143.5 million and $143.1 million at June 30, 2023 and December 31, 2022 respectively, which is net of a deferred amount of $9.3 million and $9.6 million, respectively, (which is amortized into interest expense over the life of the notes) and deferred financing fees of $1.5 million and $1.6 million at June 30, 2023 and December 31, 2022, respectively. These notes have maturities ranging from March 2034 through April 2037 and pay interest quarterly at a floating rate. The weighted average note rate was 8.44% and 7.65% at June 30, 2023 and December 31, 2022, respectively. Including certain fees and costs, the weighted average note rate was 8.52% and 7.74% at June 30, 2023 and December 31, 2022, respectively. Debt Covenants Credit and Repurchase Facilities and Unsecured Debt. The credit and repurchase facilities and unsecured debt (senior and convertible notes) contain various financial covenants, including, but not limited to, minimum liquidity requirements, minimum net worth requirements, minimum unencumbered asset requirements, as well as certain other debt service coverage ratios, debt to equity ratios and minimum servicing portfolio tests. We were in compliance with all financial covenants and restrictions at June 30, 2023. CLOs. Our CLO vehicles contain interest coverage and asset overcollateralization covenants that must be met as of the waterfall distribution date in order for us to receive such payments. If we fail these covenants in any of our CLOs, all cash flows from the applicable CLO would be diverted to repay principal and interest on the outstanding CLO bonds and we would not receive any residual payments until that CLO regained compliance with such tests. Our CLOs were in compliance with all such covenants at June 30, 2023, as well as on the most recent determination dates in July 2023. In the event of a breach of the CLO covenants that could not be cured in the near-term, we would be required to fund our non-CLO expenses, including employee costs, distributions required to maintain our REIT status, debt costs, and other expenses with (1) cash on hand, (2) income from any CLO not in breach of a covenant test, (3) income from real property and loan assets, (4) sale of assets, or (5) accessing the equity or debt capital markets, if available. We have the right to cure covenant breaches which would resume normal residual payments to us by purchasing non-performing loans out of the CLOs. However, we may not have sufficient liquidity available to do so at such time. Our CLO compliance tests as of the most recent determination dates in July 2023 are as follows: Cash Flow Triggers CLO 12 CLO 14 CLO 15 CLO 16 CLO 17 CLO 18 CLO 19 Overcollateralization (1) Current 166.17 % 119.76 % 120.85 % 121.21 % 122.51 % 124.03 % 120.30 % Limit 117.87 % 118.76 % 119.85 % 120.21 % 121.51 % 123.03 % 119.30 % Pass / Fail Pass Pass Pass Pass Pass Pass Pass Interest Coverage (2) Current 191.03 % 150.95 % 136.88 % 157.53 % 132.79 % 132.83 % 129.59 % Limit 120.00 % 120.00 % 120.00 % 120.00 % 120.00 % 120.00 % 120.00 % Pass / Fail Pass Pass Pass Pass Pass Pass Pass ________________________ (1) The overcollateralization ratio divides the total principal balance of all collateral in the CLO by the total principal balance of the bonds associated with the applicable ratio. To the extent an asset is considered a defaulted security, the asset’s principal balance for purposes of the overcollateralization test is the lesser of the asset’s market value or the principal balance of the defaulted asset multiplied by the asset’s recovery rate which is determined by the rating agencies. Rating downgrades of CLO collateral will generally not have a direct impact on the principal balance of a CLO asset for purposes of calculating the CLO overcollateralization test unless the rating downgrade is below a significantly low threshold (e.g. CCC-) as defined in each CLO vehicle. (2) The interest coverage ratio divides interest income by interest expense for the classes senior to those retained by us. Our CLO overcollateralization ratios as of the determination dates subsequent to each quarter are as follows: Determination (1) CLO 12 CLO 14 CLO 15 CLO 16 CLO 17 CLO 18 CLO 19 July 2023 166.17 % 119.76 % 120.85 % 121.21 % 122.51 % 124.03 % 120.30 % April 2023 149.65 % 119.76 % 120.85 % 121.21 % 122.51 % 124.03 % 120.30 % January 2023 126.58 % 119.76 % 120.85 % 121.21 % 122.51 % 124.03 % 120.30 % October 2022 118.87 % 119.76 % 120.85 % 121.21 % 122.51 % 124.03 % 120.30 % July 2022 118.87 % 119.76 % 120.85 % 121.21 % 122.51 % 124.03 % 120.30 % ________________________ (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 Obli

Allowance for Loss-Sharing Obligations	6 Months Ended
	Jun. 30, 2023
Loss Contingency Accrual, Disclosures [Abstract]
Allowance for Loss-Sharing Obligations	Allowance for Loss-Sharing Obligations Our allowance for loss-sharing obligations related to the Fannie Mae DUS program is as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Beginning balance $ 59,757 $ 55,172 $ 57,168 $ 56,064 Provisions for loss sharing 7,724 114 12,290 247 Provisions reversal for loan repayments (52) (2,063) (1,442) (2,858) Recoveries (charge-offs), net (748) (170) (1,335) (400) Ending balance $ 66,681 $ 53,053 $ 66,681 $ 53,053 When a loan is sold under the Fannie Mae DUS program, we undertake an obligation to partially guarantee the performance of the loan. A liability is recognized for the fair value of the guarantee obligation undertaken for the non-contingent aspect of the guarantee and is removed only upon either the expiration or settlement of the guarantee. At June 30, 2023 and 2022, we had $34.5 million and $34.3 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 June 30, 2023 and December 31, 2022, we had outstanding advances of $1.2 million and $0.8 million, respectively, which were netted against the allowance for loss-sharing obligations. At June 30, 2023 and December 31, 2022, our allowance for loss-sharing obligations, associated with expected losses under CECL, was $32.2 million and $22.7 million, respectively, and represented 0.16% and 0.12%, respectively, of our Fannie Mae servicing portfolio. During the three and six months ended June 30, 2023, we recorded a $6.9 million and $9.4 million, respectively, increase in CECL reserves.

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	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. We enter into contractual commitments to originate and sell mortgage loans at fixed prices with fixed expiration dates. The commitments become effective when the borrower “rate locks” a specified interest rate within time frames established by us. All potential borrowers are evaluated for creditworthiness prior to the extension of the commitment. Market risk arises if interest rates move adversely between the time of the rate lock by the borrower and the sale date of the loan to an investor. To mitigate the effect of the interest rate risk inherent in providing rate lock commitments to borrowers under the GSE programs, we enter into a forward sale commitment with the investor simultaneously with the rate lock commitment with the borrower. The forward sale contract locks in an interest rate and price for the sale of the loan. The terms of the contract with the investor and the rate lock with the borrower are matched in substantially all respects, with the objective of eliminating interest rate risk to the extent practical. Sale commitments with the investors have an expiration date that is longer than our related commitments to the borrower to allow, among other things, for closing of the loan and processing of paperwork to deliver the loan into the sale commitment. These commitments meet the definition of a derivative and are recorded at fair value, including the effects of interest rate movements which are reflected as a component of gain (loss) on derivative instruments, net in the consolidated statements of income. The estimated fair value of rate lock commitments also includes the fair value of the expected net cash flows associated with the servicing of the loan which is recorded as income from MSRs in the consolidated statements of income. During the three and six months ended June 30, 2023, we recorded a net losses of $8.1 million and $1.0 million, respectively, from changes in the fair value of these derivatives and $16.2 million and $34.7 million, respectively, of income from MSRs. During the three and six months ended June 30, 2022, we recorded net gains of $5.0 million and $2.4 million, respectively, from changes in the fair value of these derivatives and $17.6 million and $32.9 million, respectively, of income from MSRs. See Note 12 for details. Interest Rate and Credit Default Swaps (“Swaps”). We enter into over-the-counter swaps to hedge our interest rate and credit risk exposure inherent in (1) our held-for-sale Agency Business Private Label loans from the time the loans are rate locked until sale or securitization, and (2) our Agency Business SFR – fixed rate loans from the time the loans are originated until the time they can be financed with match term fixed rate securitized debt. Our interest rate swaps typically have a three-month maturity and are tied to the five-year and ten-year swap rates. Our credit default swaps typically have a five-year maturity, are tied to the credit spreads of the underlying bond issuers and we typically hold our position until we price our Private Label loan securitizations. The Swaps do not meet the criteria for hedge accounting, are cleared by a central clearing house and variation margin payments, made in cash, are treated as a legal settlement of the derivative itself as opposed to a pledge of collateral. During the three months ended June 30, 2023, we recorded realized losses of $0.6 million and unrealized gains of $1.3 million to our Agency Business related to our Swaps. During the six months ended June 30, 2023, we recorded realized gains of $1.0 million and unrealized losses of $3.1 million to our Agency Business related to our Swaps. During the three months ended June 30, 2022, we recorded realized gains of $5.7 million and unrealized losses of $2.0 million to our Agency Business related to our Swaps. During the six months ended June 30, 2022, we recorded realized gains of $23.6 million and unrealized losses of less than $0.1 million to our Agency Business related to our Swaps. The realized and unrealized gains and losses are recorded in gain (loss) on derivative instruments, net. A summary of our non-qualifying derivative financial instruments in our Agency Business is as follows ($ in thousands): June 30, 2023 Fair Value Derivative Count Notional Value Balance Sheet Location Derivative Assets Derivative Liabilities Rate lock commitments 6 $ 45,595 Other assets/other liabilities $ 757 $ (580) Forward sale commitments 39 504,278 Other assets/other liabilities 585 (4,785) Swaps 82 8,200 — — $ 558,073 $ 1,342 $ (5,365) 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	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value	Fair Value Fair value estimates are dependent upon subjective assumptions and involve significant uncertainties resulting in variability in estimates with changes in assumptions. The following table summarizes the principal amounts, carrying values and the estimated fair values of our financial instruments (in thousands): June 30, 2023 December 31, 2022 Principal / Carrying Estimated Principal / Carrying Estimated Financial assets: Loans and investments, net $ 13,491,607 $ 13,271,359 $ 13,411,621 $ 14,456,123 $ 14,254,674 $ 14,468,418 Loans held-for-sale, net 485,485 485,126 496,747 368,066 354,070 362,054 Capitalized mortgage servicing rights, net n/a 394,410 516,162 n/a 401,471 530,913 Securities held-to-maturity, net 231,708 155,210 127,895 234,255 156,547 144,571 Derivative financial instruments 56,545 1,342 1,342 111,950 1,505 1,505 Financial liabilities: Credit and repurchase facilities $ 3,588,538 $ 3,579,080 $ 3,571,464 $ 3,856,009 $ 3,841,814 $ 3,828,192 Securitized debt 7,196,350 7,168,104 7,007,274 7,886,066 7,849,270 7,560,541 Senior unsecured notes 1,345,000 1,331,875 1,188,425 1,399,600 1,385,994 1,262,560 Convertible senior unsecured notes 287,500 281,737 285,775 287,500 280,356 287,834 Junior subordinated notes 154,336 143,506 105,210 154,336 143,128 103,977 Derivative financial instruments 493,328 5,365 5,365 273,973 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. Fair values of loans and investments that are not impaired are estimated using inputs based on direct capitalization rate and discounted cash flow methodologies using discount rates, which, in our opinion, best reflect current market interest rates that would be offered for loans with similar characteristics and credit quality (Level 3). Fair values of impaired loans and investments are estimated using inputs that require significant judgments, which include assumptions regarding discount rates, capitalization rates, creditworthiness of major tenants, occupancy rates, availability of financing, exit plans and other factors (Level 3). Loans held-for-sale, net. Consists of originated loans that are generally expected to be transferred or sold within 60 days to 180 days of loan funding, and are valued using pricing models that incorporate observable inputs from current market assumptions or a hypothetical securitization model utilizing observable market data from recent securitization spreads and observable pricing of loans with similar characteristics (Level 2). Fair value includes the fair value allocated to the associated future MSRs and is calculated pursuant to the valuation techniques described below for capitalized mortgage servicing rights, net (Level 3). Capitalized mortgage servicing rights, net. Fair values are estimated using inputs based on discounted future net cash flow methodology (Level 3). The fair value of MSRs is estimated using a process that involves the use of independent third-party valuation experts, supported by commercially available discounted cash flow models and analysis of current market data. The key inputs used in estimating fair value include the contractually specified servicing fees, prepayment speed of the underlying loans, discount rate, annual per loan cost to service loans, delinquency rates, late charges and other economic factors. Securities held-to-maturity, net. Fair values are approximated using inputs based on current market quotes received from financial sources that trade such securities and are based on prevailing market data and, in some cases, are derived from third-party proprietary models based on well recognized financial principles and reasonable estimates about relevant future market conditions (Level 3). Derivative financial instruments. Fair values of rate lock and forward sale commitments are estimated using valuation techniques, which include internally-developed models developed based on changes in the U.S. Treasury rate and other observable market data (Level 2). The fair value of rate lock commitments includes the fair value of the expected net cash flows associated with the servicing of the loans, see capitalized mortgage servicing rights, net above for details on the applicable valuation technique (Level 3). We also consider the impact of counterparty non-performance risk when measuring the fair value of these derivatives. Given the credit quality of our counterparties, the short duration of interest rate lock commitments and forward sale contracts, and our historical experience, the risk of nonperformance by our counterparties is not significant. Credit and repurchase facilities. Fair values for credit and repurchase facilities of the Structured Business are estimated using discounted cash flow methodology, using discount rates, which, in our opinion, best reflect current market interest rates for financing with similar characteristics and credit quality (Level 3). The majority of our credit and repurchase facilities for the Agency Business bear interest at rates that are similar to those available in the market currently and fair values are estimated using Level 2 inputs. For these facilities, the fair values approximate their carrying values. Securitized debt and junior subordinated notes. Fair values are estimated based on broker quotations, representing the discounted expected future cash flows at a yield that reflects current market interest rates and credit spreads (Level 3). Senior unsecured notes. Fair values are estimated at current market quotes received from active markets when available (Level 1). If quotes from active markets are unavailable, then the fair values are estimated utilizing current market quotes received from inactive markets (Level 2). Convertible senior unsecured notes. Fair values are estimated using current market quotes received from inactive markets (Level 2). 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 June 30, 2023 (in thousands): Carrying Value Fair Value Fair Value Measurements Using Fair Value Hierarchy Level 1 Level 2 Level 3 Financial assets: Derivative financial instruments $ 1,342 $ 1,342 $ — $ 585 $ 757 Financial liabilities: Derivative financial instruments $ 5,365 $ 5,365 $ — $ 5,365 $ — 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 June 30, 2023 (in thousands): Net Carrying Value Fair Value Fair Value Measurements Using Fair Value Hierarchy Level 1 Level 2 Level 3 Financial assets: Impaired loans, net Loans held-for-investment (1) $ 129,835 $ 129,835 $ — $ — $ 129,835 Loans held-for-sale (2) 17,768 17,768 — 17,768 — $ 147,603 $ 147,603 $ — $ 17,768 $ 129,835 ________________________ (1) We had an allowance for credit losses of $98.3 million relating to nine impaired loans with an aggregate carrying value, before loan loss reserves, of $228.2 million at June 30, 2023. (2) We had unrealized impairment losses of $2.3 million related to six held-for-sale loans with an aggregate carrying value, before unrealized impairment losses, of $20.1 million. Loan impairment assessments. Loans held-for-investment are intended to be held to maturity and, accordingly, are carried at cost, net of unamortized loan origination costs and fees, loan purchase discounts, and net of the allowance for credit losses, when such loan or investment is deemed to be impaired. We consider a loan impaired when, based upon current information, it is probable that all amounts due for both principal and interest will not be collected according to the contractual terms of the loan agreement. We evaluate our loans to determine if the value of the underlying collateral securing the impaired loan is less than the net carrying value of the loan, which may result in an allowance, and corresponding charge to the provision for credit losses, or an impairment loss. These valuations require significant judgments, which include assumptions regarding capitalization and discount rates, revenue growth rates, creditworthiness of major tenants, occupancy rates, availability of financing, exit plan and other factors. Loans held-for-sale are generally transferred and sold within 60-180 days of loan origination and are reported at lower of cost or market. We consider a loan classified as held-for-sale impaired if, based on current information, it is probable that we will sell the loan below par, or not be able to collect all principal and interest in accordance with the contractual terms of the loan agreement. These loans are valued using pricing models that incorporate observable inputs from current market assumptions or a hypothetical securitization model utilizing observable market data from recent securitization spreads and observable pricing of loans with similar characteristics. The tables above and below include all impaired loans, regardless of the period in which the impairment was recognized. Quantitative information about Level 3 fair value measurements at June 30, 2023 is as follows ($ 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 % Multifamily 31,202 Discounted cash flows Capitalization rate 6.00 % Discount rate 11.25 % Retail 11,959 Discounted cash flows Capitalization rate 9.25 % Revenue growth rate 3.00 % Derivative financial instruments: Rate lock commitments 757 Discounted cash flows W/A discount rate 13.00 % 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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 Derivative assets and liabilities, net Beginning balance $ 3,097 $ 1,355 $ 354 $ 295 Settlements (17,688) (17,254) (32,754) (30,937) Realized gains recorded in earnings 14,591 15,899 32,400 30,642 Unrealized gains recorded in earnings 757 1,035 757 1,035 Ending balance $ 757 $ 1,035 $ 757 $ 1,035 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): June 30, 2023 Notional/ Fair Value of Interest Rate Unrealized Total Fair Value Rate lock commitments $ 45,595 $ 757 $ (532) $ — $ 225 Forward sale commitments 504,278 — 532 — 532 Loans held-for-sale, net (1) 485,485 6,948 — (2,305) 4,643 Total $ 7,705 $ — $ (2,305) $ 5,400 ________________________ (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 June 30, 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 $ 13,271,359 $ 13,411,621 $ — $ — $ 13,411,621 Loans held-for-sale, net 485,126 496,747 — 489,799 6,948 Capitalized mortgage servicing rights, net 394,410 516,162 — — 516,162 Securities held-to-maturity, net 155,210 127,895 — — 127,895 Financial liabilities: Credit and repurchase facilities $ 3,579,080 $ 3,571,464 $ — $ 463,288 $ 3,108,176 Securitized debt 7,168,104 7,007,274 — — 7,007,274 Senior unsecured notes 1,331,875 1,188,425 1,188,425 — — Convertible senior unsecured notes 281,737 285,775 — 285,775 — Junior subordinated notes 143,506 105,210 — — 105,210

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Agency Business Commitments. Our Agency Business is subject to supervision by certain regulatory agencies. Among other things, these agencies require us to meet certain minimum net worth, operational liquidity and restricted liquidity collateral requirements, and compliance with reporting requirements. Our adjusted net worth and liquidity required by the agencies for all periods presented exceeded these requirements. At June 30, 2023, we were required to maintain at least $19.4 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 June 30, 2023, the restricted liquidity requirement totaled $70.2 million and was satisfied with a $64.0 million letter of credit and cash issued to Fannie Mae. At June 30, 2023, reserve requirements for the Fannie Mae DUS loan portfolio will require us to fund $37.2 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 June 30, 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. At June 30, 2023, the maturities of our debt obligations and the minimum annual operating lease payments under leases with a term in excess of one year are as follows (in thousands): Year Debt Obligations Minimum Annual Operating Lease Payments Total 2023 (six months ending December 31, 2023) $ 1,914,105 $ 4,682 $ 1,918,787 2024 2,643,310 10,202 2,653,512 2025 2,038,158 10,565 2,048,723 2026 4,772,269 10,634 4,782,903 2027 869,546 9,226 878,772 2028 180,000 8,624 188,624 Thereafter 154,336 27,755 182,091 Total $ 12,571,724 $ 81,688 $ 12,653,412 During the three and six months ended June 30, 2023, we recorded lease expense of $2.6 million and $5.2 million, respectively, and during the three and six months ended June 30, 2022, we recorded lease expense of $2.4 million and $4.7 million, respectively. Unfunded Commitments. In accordance with certain structured loans and investments, we have outstanding unfunded commitments of $965.7 million at June 30, 2023 that we are obligated to fund as borrowers meet certain requirements. Specific requirements include, but are not limited to, property renovations, building construction and conversions based on criteria met by the borrower in accordance with the loan agreements. Litigation. We are currently neither subject to any material litigation nor, to the best of our knowledge, threatened by any material 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 $38.0 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. 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. Following the Bankruptcy Court approval, the parties made the agreed upon payments, the broad mutual releases became effective and on June 23, 2023, the litigation was discontinued, with prejudice. Due to Borrowers. Due to borrowers represents borrowers’ funds held by us to fund certain expenditures or to be released at our discretion upon the occurrence of certain pre-specified events, and to serve as additional collateral for borrowers’ loans. While retained, these balances earn interest in accordance with the specific loan terms they are associated with.

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	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. We have determined that our operating partnership, ARLP, and our CLO and Q Series securitization entities (“Securitization Entities”) are VIEs, which we consolidate. ARLP was already consolidated in our financial statements, therefore, the identification of this entity as a VIE had no impact on our consolidated financial statements. 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): June 30, 2023 December 31, 2022 Assets: Restricted cash $ 389,306 $ 710,775 Loans and investments, net 8,395,368 8,900,104 Other assets 121,899 174,382 Total assets $ 8,906,573 $ 9,785,261 Liabilities: Securitized debt $ 7,168,104 $ 7,849,270 Other liabilities 22,677 26,754 Total liabilities $ 7,190,781 $ 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 . We determined that we are not the primary beneficiary of 26 VIEs in which we have a variable interest at June 30, 2023 because we do not have the ability to direct the activities of the VIEs that most significantly impact each entity’s economic performance. A summary of our variable interests in identified VIEs, of which we are not the primary beneficiary, at June 30, 2023 is as follows (in thousands): Type Carrying Amount (1) Loans $ 398,522 APL certificates 128,665 B Piece bonds 31,079 Equity investments 18,417 Agency interest only strips 197 Total $ 576,880 ________________________ (1) Represents the carrying amount of loans and investments before reserves. At June 30, 2023, $172.5 million of loans to VIEs had corresponding specific loan loss reserves of $85.8 million. The maximum loss exposure at June 30, 2023 would not exceed the carrying amount of our investment. These unconsolidated VIEs have exposure to real estate debt of approximately $3.89 billion at June 30, 2023.

Equity

Equity	6 Months Ended
	Jun. 30, 2023
Stockholders' Equity Note [Abstract]
Equity	Equity Common Stock. During the six months ended June 30, 2023, we sold 7,536,800 shares of our common stock at an average price of $14.55 per share for net proceeds of $109.7 million through an “At-The-Market” equity offering sales agreement. The proceeds were used to make investments related to our business and for general corporate purposes. 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. At June 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. Noncontrolling interest relates to the operating partnership units (“OP Units”) issued to satisfy a portion of the purchase price in connection with the acquisition of the agency platform of Arbor Commercial Mortgage, LLC (“ACM”) in 2016. Each of these OP Units are paired with one share of our special voting preferred shares having a par value of $0.01 per share and is entitled to one vote each on any matter submitted for stockholder approval. The OP Units are entitled to receive distributions if and when our Board of Directors authorizes and declares common stock distributions. The OP Units are also redeemable for cash, or at our option, for shares of our common stock on a one-for-one basis. At June 30, 2023, there were 16,293,589 OP Units outstanding, which represented 8.2% of the voting power of our outstanding stock. Distributions. Dividends declared (on a per share basis) during the six months ended June 30, 2023 are as follows: 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 May 3, 2023 $ 0.42 March 31, 2023 $ 0.3984375 $ 0.390625 $ 0.390625 June 30, 2023 $ 0.3984375 $ 0.390625 $ 0.390625 Common Stock – On July 26, 2023, the Board of Directors declared a cash dividend of $0.43 per share of common stock. The dividend is payable on August 31, 2023 to common stockholders of record as of the close of business on August 15, 2023. Deferred Compensation. During the first half of 2023, we issued 889,822 shares of restricted common stock to our employees and Board of Directors under the 2020 Amended Omnibus Stock Incentive Plan (the “2020 Plan”) with a total grant date fair value of $10.4 million, of which: (1) 256,208 shares with a grant date fair value of $3.0 million vested on the grant date; (2) 24,493 shares with a grant date fair value of $0.4 million will vest during the remainder of 2023; (3) 260,304 shares with a grant date fair value of $3.1 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 $2.9 million that vest in full in the first quarter of 2026 to our chief executive officer. The individuals decided to defer the receipt of the common stock, to which the RSUs are converted into, to a future date pursuant to a pre-established deferral election. During the first quarter of 2023, 352,427 shares of performance-based restricted stock units previously granted to our chief executive officer fully vested and were net settled for 172,513 common shares. During the first half of 2023, we withheld 190,075 shares from the net settlement of restricted common stock by employees for payment of withholding taxes on shares that vested. Earnings Per Share (“EPS”). Basic EPS is calculated by dividing net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding during each period inclusive of unvested restricted stock with full dividend participation rights. Diluted EPS is calculated by dividing net income (loss) by the weighted average number of shares of common stock outstanding, plus the additional dilutive effect of common stock equivalents during each period. Our common stock equivalents include the weighted average dilutive effect of restricted stock units granted to our chief executive officer, OP Units and convertible senior unsecured notes. A reconciliation of the numerator and denominator of our basic and diluted EPS computations is as follows ($ in thousands, except share and per share data): Three Months Ended June 30, 2023 2022 Basic Diluted Basic Diluted Net income attributable to common stockholders (1) $ 76,164 $ 76,164 $ 69,909 $ 69,909 Net income attributable to noncontrolling interest (2) — 6,826 — 6,992 Interest expense on convertible notes — 6,081 — 3,995 Net income attributable to common stockholders and noncontrolling interest $ 76,164 $ 89,071 $ 69,909 $ 80,896 Weighted average shares outstanding 181,815,469 181,815,469 163,044,217 163,044,217 Dilutive effect of OP Units (2) — 16,293,589 — 16,306,745 Dilutive effect of convertible notes — 17,270,615 — 15,140,481 Dilutive effect of restricted stock units (3) — 682,203 — 522,367 Weighted average shares outstanding 181,815,469 216,061,876 163,044,217 195,013,810 Net income per common share (1) $ 0.42 $ 0.41 $ 0.43 $ 0.41 Six Months Ended June 30, 2023 2022 Net income attributable to common stockholders (1) $ 160,483 $ 160,483 $ 133,968 $ 133,968 Net income attributable to noncontrolling interest (2) — 14,411 — 13,808 Interest expense on convertible notes — 12,163 — 7,989 Net income attributable to common stockholders and noncontrolling interest $ 160,483 $ 187,057 $ 133,968 $ 155,765 Weighted average shares outstanding 181,468,002 181,468,002 158,258,813 158,258,813 Dilutive effect of OP Units (2) — 16,293,589 — 16,315,869 Dilutive effect of convertible notes — 17,250,598 — 15,126,859 Dilutive effect of restricted stock units (3) — 477,415 — 655,489 Weighted average shares outstanding 181,468,002 215,489,604 158,258,813 190,357,030 Net income per common share (1) $ 0.88 $ 0.87 $ 0.85 $ 0.82 ________________________ (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	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesAs a REIT, we are generally not subject to U.S. federal income tax to the extent of our distributions to stockholders and as long as certain asset, income, distribution, ownership and administrative tests are met. To maintain our qualification as a REIT, we must annually distribute at least 90% of our REIT-taxable income to our stockholders and meet certain other requirements. We may also be subject to certain state, local and franchise taxes. Under certain circumstances, federal income and excise taxes may be due on our undistributed taxable income. If we were to fail to meet these requirements, we would be subject to U.S. federal income tax, which could have a material adverse impact on our results of operations and amounts available for distributions to our stockholders. We believe that all of the criteria to maintain our REIT qualification have been met for the applicable periods, but there can be no assurance that these criteria will continue to be met in subsequent periods. The Agency Business is operated through our TRS Consolidated Group and is subject to U.S. federal, state and local income taxes. In general, our TRS entities may hold assets that the REIT cannot hold directly and may engage in real estate or non-real estate-related business. In the three and six months ended June 30, 2023, we recorded a tax provision of $5.6 million and $13.6 million, respectively. In the three and six months ended June 30, 2022, we recorded a tax provision of $5.4 million and $13.5 million, respectively. The tax provision recorded in the three months ended June 30, 2023 consisted of a current tax provision of $13.0 million and a deferred tax benefit of $7.4 million, respectively. The tax provision recorded in the six months ended June 30, 2023 consisted of a current tax provision of $17.8 million and a deferred tax benefit of $4.2 million, respectively. The tax provision recorded in the three months ended June 30, 2022 consisted of a current tax provision of $6.1 million and a deferred tax benefit of $0.7 million. The tax provision recorded in the six months ended June 30, 2022 consisted of a current tax provision of $15.9 million and a deferred tax benefit of $2.4 million. Current and deferred taxes are primarily recorded on the portion of earnings (losses) recognized by us with respect to our interest in the TRS’s. Deferred income tax assets and liabilities are calculated based on temporary differences between our U.S. GAAP consolidated financial statements and the federal, state, local tax basis of assets and liabilities as of the consolidated balance sheets.

Agreements and Transactions wit

Agreements and Transactions with Related Parties	6 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
Agreements and Transactions with Related Parties	Agreements and Transactions with Related Parties Support Agreement and Employee Secondment Agreement. We have a support agreement and a secondment agreement with ACM and certain of its affiliates and certain affiliates of a relative of our chief executive officer (“Service Recipients”) where we provide support services and seconded employees to the Service Recipients. The Service Recipients reimburse us for the costs of performing such services and the cost of the seconded employees. During the three and six months ended June 30, 2023, we incurred $0.8 million and $1.5 million, respectively, and, during the three and six months ended June 30, 2022, we incurred $0.9 million and $1.7 million, respectively, of costs for services provided and employees seconded to the Service Recipients, all of which were reimbursed to us and included in due from related party on the consolidated balance sheets. Other Related Party Transactions. Due from related party was $73.3 million and $77.4 million at June 30, 2023 and December 31, 2022, respectively, which consisted primarily of amounts due from our affiliated servicing operations related to real estate transactions closing at the end of the quarter and amounts due from ACM for costs incurred in connection with the support and secondment agreements described above. Due to related party was $3.6 million and $12.4 million at June 30, 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 May 2023, we committed to fund a $56.9 million bridge loan ($1.2 million was funded at June 30, 2023) for an SFR build-to-rent construction project. Two of our officers have made minority equity investments totaling $0.5 million, representing approximately 4.0% of the total equity invested in the project. The loan has an interest rate of SOFR plus 5.50% with a SOFR floor of 3.25% and matures in December 2025, with two six-month extension options. Interest income recorded from this loan was less than $0.1 million for the three and six months ended June 30, 2023. In July 2022, we purchased a $46.2 million bridge loan originated by ACM at par ($2.0 million was funded at June 30, 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 5.5% and is scheduled to mature in March 2025. Interest income recorded from this loan was less than $0.1 million for the three and six months ended June 30, 2023. In April 2022, we committed to fund a $67.1 million bridge loan (none of which was funded at June 30, 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 $0.1 million for all periods presented. In February 2022, we committed to fund a $39.4 million bridge loan (none of which was funded at June 30, 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 had an interest rate of LIBOR plus 4.0% with a LIBOR floor of 0.25% and matures in March 2025. Effective July 1, 2023, the interest rate was changed to SOFR plus 4.0% with a SOFR floor of 0.25%. Interest income recorded from this loan was less than $0.1 million for both the three months ended June 30, 2023 and 2022, and $0.1 million for both the six months ended June 30, 2023 and 2022. In 2021, we invested $4.2 million for 49.3% interest in a limited liability company (“LLC”) which purchased a retail property for $32.5 million and assumed an existing $26.0 million CMBS loan. A portion of the property can potentially be converted to office space, of which we obtain the right to occupy, in part. An entity owned by an immediate family member of our chief executive officer also made an investment in the LLC for a 10.0% ownership, is the managing member and holds the right to purchase our interest in the LLC. In 2021, we originated a $63.4 million bridge loan to a third party to purchase a multifamily property from a multifamily-focused commercial real estate investment fund sponsored and managed by our chief executive officer and one of his immediate family members, which fund has no continued involvement with the property following the purchase. The loan had an interest rate of LIBOR plus 3.75% with a LIBOR floor of 0.25% and matures in March 2024. Effective July 1, 2023, the interest rate was changed to SOFR plus 3.75% with a SOFR floor of 0.25%. Interest income recorded from this loan was $1.5 million and $2.8 million for the three and six months ended June 30, 2023, respectively, and $0.8 million and $1.5 million for the three and six months ended June 30, 2022, respectively. In 2020, we committed to fund a $32.5 million bridge loan ($20.1 million was funded at June 30, 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 had 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. Effective July 1, 2023, the interest rate on the bridge loan was changed to SOFR plus 5.5% with a SOFR floor of 0.75%. Interest income recorded from these loans was $0.6 million and $1.2 million for the three and six months ended June 30, 2023, respectively, and $0.3 million and $0.5 million for the three and six months ended June 30, 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 had 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 a maximum of $38.4 million ($26.7 million was funded at June 30, 2023), and the interest rate was changed to SOFR plus 5.25% with a SOFR floor of 1.00%. In addition, the maturity date on both loans were extended to May 2025. Interest income recorded from these loans was $0.8 million and $1.5 million for the three and six months ended June 30, 2023, respectively, and $0.3 million and $0.6 million for the three and six months ended June 30, 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 all periods presented. We have a $35.0 million bridge loan and a $9.6 million preferred equity interest on an office building. The bridge loan was scheduled to mature in July 2023 and the preferred equity investment matures in June 2027. In July 2023, the maturity date of the bridge loan was extended to October 2023. 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 June 30, 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 the six months ended June 30, 2023 and 2022, we reimbursed the aircraft owner $0.4 million and $0.7 million, respectively, for the flights chartered by our executives pursuant the agreement. In 2019, we, along with ACM, certain executives of ours and a consortium of independent outside investors, formed AMAC III, a multifamily-focused commercial real estate investment fund sponsored and managed by our chief executive officer and one of his immediate family members. We committed to a $30.0 million investment ($25.2 million was funded at June 30, 2023) for an 18% interest in AMAC III. During the three and six months ended June 30, 2023, we recorded losses associated with this investment of $0.5 million and $0.9 million, respectively, and we received cash distributions of $0.5 million and $1.1 million, respectively. During the three and six months ended June 30, 2022, we recorded a loss associated with this investment of $0.6 million and $1.1 million, respectively, and we received a distribution of $0.3 million during both the three and six months ended June 30, 2022. 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 bore interest at a rate of LIBOR plus 3.5% and matures in August 2023. Effective July 1, 2023, the interest rate on the bridge loan was changed to SOFR plus 3.5%. Interest income recorded from the bridge loan was $0.8 million and $1.5 million for the three and six months ended June 30, 2023, respectively, and $0.4 million and $0.7 million for the three and six months ended June 30, 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 had an interest rate of LIBOR plus 4.75% with a LIBOR floor of 0.25% and matures in August 2023. Effective July 1, 2023, the interest rate was changed to SOFR plus 4.75% with a SOFR floor of 0.25%. Interest income recorded from this loan was $0.5 million and $1.0 million for the three and six months ended June 30, 2023, respectively, and $0.3 million and $0.6 million for the three and six months ended June 30, 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 $0.3 million and $0.8 million for the three and six months ended June 30, 2022, respectively. In 2017, we originated a $46.9 million Fannie Mae loan on a multifamily property owned in part by a consortium of investors (which includes, among other unaffiliated investors, certain of our officers) which owns a 17.6% interest in the borrowing entity. We carry a maximum loss-sharing obligation with Fannie Mae on this loan of up to 5% of the original UPB. Servicing revenue recorded from this loan was less than $0.1 million for all periods presented. In 2017, Ginkgo Investment Company LLC (“Ginkgo”), of which one of our directors is a 33% managing member, purchased a multifamily apartment complex which assumed an existing $8.3 million Fannie Mae loan that we service. Ginkgo subsequently sold the majority of its interest in this property and owned a 3.6% interest at June 30, 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% 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 June 30, 2023, we had an indirect interest of 12.3% in this entity. We recorded income related to this investment of $3.5 million and $2.6 million in the three and six months ended June 30, 2023, respectively, and income of $1.1 million and $6.1 million in the three and six months ended June 30, 2022, respectively. During both the three and six months ended June 30, 2023, we received cash distributions of $7.5 million, and during the three and six months ended June 30, 2022, we received cash distributions of $7.5 million and $15.0 million, respectively, which were classified as returns of capital. We, along with an executive officer of ours and a consortium of independent outside investors, hold equity investments in a portfolio of multifamily properties referred to as the “Lexford” portfolio, which is managed by an entity owned primarily by a consortium of affiliated investors, including our chief executive officer and an executive officer of ours. Based on the terms of the management contract, the management company is entitled to 4.75% of gross revenues of the underlying properties, along with the potential to share in the proceeds of a sale or restructuring of the debt. In 2018, the owners of Lexford restructured part of its debt and we originated 12 bridge loans totaling $280.5 million, which were used to repay in full certain existing mortgage debt and to renovate 72 multifamily properties included in the portfolio. The loans were originated in 2018, had interest rates of LIBOR plus 4.0% and were scheduled to mature in June 2021. During 2019, the borrower made payoffs and partial paydowns of principal totaling $250.0 million and in 2020, the remaining balance of the loans were refinanced with a $34.6 million Private Label loan, which bears interest at a 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 $2.5 million and $7.2 million during the three and six months ended June 30, 2023, respectively, and a $6.0 million distribution during both the three and six months ended June 30, 2022, 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 June 30, 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 June 30, 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	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Segment Information	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 June 30, 2023 Structured Agency Other / Consolidated Interest income $ 322,105 $ 13,632 $ — $ 335,737 Interest expense 220,966 6,229 — 227,195 Net interest income 101,139 7,403 — 108,542 Other revenue: Gain on sales, including fee-based services, net — 22,587 — 22,587 Mortgage servicing rights — 16,201 — 16,201 Servicing revenue — 47,952 — 47,952 Amortization of MSRs — (15,605) — (15,605) Property operating income 1,430 — — 1,430 Loss on derivative instruments, net — (7,384) — (7,384) Other income (loss), net 760 (715) — 45 Total other revenue 2,190 63,036 — 65,226 Other expenses: Employee compensation and benefits 13,438 27,872 — 41,310 Selling and administrative 5,833 6,751 — 12,584 Property operating expenses 1,365 — — 1,365 Depreciation and amortization 1,214 1,173 — 2,387 Provision for loss sharing (net of recoveries) — 7,672 — 7,672 Provision for credit losses (net of recoveries) 14,369 (491) — 13,878 Total other expenses 36,219 42,977 — 79,196 Income before extinguishment of debt, income from equity affiliates and income taxes 67,110 27,462 — 94,572 Loss on extinguishment of debt (1,247) — — (1,247) Income from equity affiliates 5,560 — — 5,560 Provision for income taxes (1,200) (4,353) — (5,553) Net income 70,223 23,109 — 93,332 Preferred stock dividends 10,342 — — 10,342 Net income attributable to noncontrolling interest — — 6,826 6,826 Net income attributable to common stockholders $ 59,881 $ 23,109 $ (6,826) $ 76,164 Three Months Ended June 30, 2022 Structured Agency Other / Consolidated Interest income $ 192,047 $ 9,281 $ — $ 201,328 Interest expense 103,165 3,902 — 107,067 Net interest income 88,882 5,379 — 94,261 Other revenue: Gain on sales, including fee-based services, net — 16,510 — 16,510 Mortgage servicing rights — 17,567 — 17,567 Servicing revenue — 35,493 — 35,493 Amortization of MSRs — (14,779) — (14,779) Property operating income 290 — — 290 Gain on derivative instruments, net — 8,606 — 8,606 Other loss, net (9,328) (3,921) — (13,249) Total other revenue (9,038) 59,476 — 50,438 Other expenses: Employee compensation and benefits 13,866 25,034 — 38,900 Selling and administrative 6,429 6,759 — 13,188 Property operating expenses 542 — — 542 Depreciation and amortization 858 1,173 — 2,031 Provision for loss sharing (net of recoveries) — (1,949) — (1,949) Provision for credit losses (net of recoveries) 5,088 (21) — 5,067 Total other expenses 26,783 30,996 — 57,779 Income before income from equity affiliates and income taxes 53,061 33,859 — 86,920 Income from equity affiliates 6,547 — — 6,547 Provision for income taxes (255) (5,097) — (5,352) Net income 59,353 28,762 — 88,115 Preferred stock dividends 11,214 — — 11,214 Net income attributable to noncontrolling interest — — 6,992 6,992 Net income attributable to common stockholders $ 48,139 $ 28,762 $ (6,992) $ 69,909 Six Months Ended June 30, 2023 Structured Agency Other / Consolidated Interest income $ 639,481 $ 24,204 $ — $ 663,685 Interest expense 435,860 10,709 — 446,569 Net interest income 203,621 13,495 — 217,116 Other revenue: Gain on sales, including fee-based services, net — 37,176 — 37,176 Mortgage servicing rights — 34,659 — 34,659 Servicing revenue — 92,933 — 92,933 Amortization of MSRs — (31,020) — (31,020) Property operating income 2,811 — — 2,811 Loss on derivative instruments, net — (3,161) — (3,161) Other income, net 2,667 2,256 — 4,923 Total other revenue 5,478 132,843 — 138,321 Other expenses: Employee compensation and benefits 29,079 54,629 — 83,708 Selling and administrative 12,544 13,663 — 26,207 Property operating expenses 2,747 — — 2,747 Depreciation and amortization 2,665 2,346 — 5,011 Provision for loss sharing (net of recoveries) — 10,848 — 10,848 Provision for credit losses (net of recoveries) 35,014 1,381 — 36,395 Total other expenses 82,049 82,867 — 164,916 Income before extinguishment of debt, income from equity affiliates and income taxes 127,050 63,471 — 190,521 Loss on extinguishment of debt (1,247) — — (1,247) Income from equity affiliates 19,886 — — 19,886 Provision for income taxes (771) (12,811) — (13,582) Net income 144,918 50,660 — 195,578 Preferred stock dividends 20,684 — — 20,684 Net income attributable to noncontrolling interest — — 14,411 14,411 Net income attributable to common stockholders $ 124,234 $ 50,660 $ (14,411) $ 160,483 Six Months Ended June 30, 2022 Structured Agency Other / Consolidated Interest income $ 348,308 $ 19,718 $ — $ 368,026 Interest expense 181,367 8,260 — 189,627 Net interest income 166,941 11,458 — 178,399 Other revenue: Gain on sales, including fee-based services, net — 18,166 — 18,166 Mortgage servicing rights — 32,879 — 32,879 Servicing revenue — 71,519 — 71,519 Amortization of MSRs — (29,750) — (29,750) Property operating income 586 — — 586 Gain on derivative instruments, net — 25,992 — 25,992 Other loss, net (6,131) (3,917) — (10,048) Total other revenue (5,545) 114,889 — 109,344 Other expenses: Employee compensation and benefits 29,352 51,573 — 80,925 Selling and administrative 13,838 13,897 — 27,735 Property operating expenses 1,077 — — 1,077 Depreciation and amortization 1,668 2,346 — 4,014 Provision for loss sharing (net of recoveries) — (2,611) — (2,611) Provision for credit losses (net of recoveries) 7,157 269 — 7,426 Total other expenses 53,092 65,474 — 118,566 Income before extinguishment of debt, income from equity affiliates and income taxes 108,304 60,873 — 169,177 Loss on extinguishment of debt (1,350) — — (1,350) Income from equity affiliates 13,759 — — 13,759 Provision for income taxes (1,687) (11,853) — (13,540) Net income 119,026 49,020 — 168,046 Preferred stock dividends 20,270 — — 20,270 Net income attributable to noncontrolling interest — — 13,808 13,808 Net income attributable to common stockholders $ 98,756 $ 49,020 $ (13,808) $ 133,968 ________________________ (1) Includes income allocated to the noncontrolling interest holders not allocated to the two reportable segments. June 30, 2023 Structured Business Agency Business Consolidated Assets: Cash and cash equivalents $ 468,515 $ 377,847 $ 846,362 Restricted cash 391,872 4,994 396,866 Loans and investments, net 13,271,359 — 13,271,359 Loans held-for-sale, net — 485,126 485,126 Capitalized mortgage servicing rights, net — 394,410 394,410 Securities held-to-maturity, net — 155,210 155,210 Investments in equity affiliates 72,806 — 72,806 Goodwill and other intangible assets 12,500 81,223 93,723 Other assets and due from related party 358,528 83,237 441,765 Total assets $ 14,575,580 $ 1,582,047 $ 16,157,627 Liabilities: Debt obligations $ 12,041,014 $ 463,288 $ 12,504,302 Allowance for loss-sharing obligations — 66,681 66,681 Other liabilities and due to related parties 309,875 117,128 427,003 Total liabilities $ 12,350,889 $ 647,097 $ 12,997,986 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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 Origination Data: Structured Business Bridge loans (1) $ 207,494 $ 2,047,599 $ 469,683 $ 4,868,315 Mezzanine / Preferred Equity 1,500 — 7,345 8,139 Total new loan originations $ 208,994 $ 2,047,599 $ 477,028 $ 4,876,454 Loan runoff $ 685,220 $ 1,122,407 $ 1,871,869 $ 1,788,958 Agency Business Origination Volumes by Investor: Fannie Mae $ 1,079,910 $ 665,449 $ 1,874,931 $ 1,115,129 Freddie Mac 217,884 407,691 319,216 706,763 FHA 62,552 78,364 211,492 90,354 Private Label 50,256 83,346 91,363 156,242 SFR - Fixed Rate 11,837 34,334 17,298 39,205 Total $ 1,422,439 $ 1,269,184 $ 2,514,300 $ 2,107,693 Total loan commitment volume $ 1,133,312 $ 1,184,282 $ 2,633,422 $ 2,159,414 Agency Business Loan Sales Data: Fannie Mae $ 1,023,088 $ 569,048 $ 1,674,846 $ 1,235,592 Freddie Mac 175,342 362,442 243,799 721,528 FHA 134,383 75,101 177,858 146,917 Private Label 72,803 11,250 232,748 500,519 SFR - Fixed Rate 5,108 12,862 14,172 12,862 Total $ 1,410,724 $ 1,030,703 $ 2,343,423 $ 2,617,418 Sales margin (fee-based services as a % of loan sales) (2) 1.60 % 1.60 % 1.59 % 1.35 % MSR rate (MSR income as a % of loan commitments) 1.43 % 1.48 % 1.32 % 1.52 % ________________________ (1) The three and six months ended June 30, 2023 includes 23 and 43 SFR loans, respectively, with a UPB of $109.0 million and $185.1 million, respectively. The three and six months ended June 30, 2022 includes 36 and 71 SFR loans, respectively, with a UPB of $155.0 million and $288.4 million, respectively. During the three and six months ended June 30, 2023, we committed to fund SFR loans totaling $200.2 million and $254.5 million, respectively. During the three and six months ended June 30, 2022, we committed to fund SFR loans totaling $185.2 million and $268.5 million, respectively. (2) The six months ended June 30, 2022 includes $17.1 million of gains recognized on Swaps related to the Private Label loans sold in the three months ended March 31, 2022, which is included in gain (loss) on derivative instruments, net in the consolidated statements of income. June 30, 2023 Key Servicing Metrics for Agency Business: Servicing Portfolio UPB Wtd. Avg. Servicing Fee Rate (basis points) Wtd. Avg. Life of Servicing Portfolio (years) Fannie Mae $ 20,002,570 48.9 7.7 Freddie Mac 5,245,325 24.8 8.8 Private Label 2,305,000 19.3 7.5 FHA 1,303,812 14.5 20.0 Bridge 299,578 11.1 3.5 SFR - Fixed Rate 290,266 20.0 5.9 Total $ 29,446,551 40.1 8.4 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)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
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 ConsolidationThe 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
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 requirement 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)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Summary of 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 requirement 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)	6 Months Ended
	Jun. 30, 2023
Loans and Investments
Summary of Structured Business Loan and Investment Portfolio	Our Structured Business loan and investment portfolio consists of ($ in thousands): June 30, 2023 Percent of Loan Wtd. Avg. Wtd. Avg. Wtd. Avg. Wtd. Avg. Bridge loans (4) $ 13,168,302 98 % 652 8.78 % 16.4 0 % 76 % Mezzanine loans 223,087 1 % 45 8.35 % 57.9 44 % 80 % Preferred equity investments 89,725 1 % 7 6.56 % 44.7 48 % 87 % Other loans (5) 10,493 <1% 2 9.60 % 18.3 0 % 62 % 13,491,607 100 % 706 8.76 % 17.2 1 % 76 % Allowance for credit losses (169,054) Unearned revenue (51,194) Loans and investments, net $ 13,271,359 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 June 30, 2023 and December 31, 2022, bridge loans included 275 and 241, respectively, of SFR loans with a total gross loan commitment of $1.73 billion and $1.57 billion, respectively, of which $1.02 billion and $927.4 million, respectively, was funded. (5) At June 30, 2023 and December 31, 2022, other loans included 2 and 3 variable rate SFR permanent loans, respectively.
Schedule of the Loan Portfolio's Internal Risk Ratings and LTV Ratios by Asset Class	A summary of the loan portfolio’s internal risk ratings and LTV ratios by asset class at June 30, 2023 is as follows ($ in thousands): UPB by Origination Year Total Wtd. Avg. Wtd. Avg. Asset Class / Risk Rating 2023 2022 2021 2020 2019 Prior Multifamily: Pass $ 208,351 $ 191,850 $ 249,714 $ 11,000 $ — $ 20,300 $ 681,215 Pass/Watch 493,020 2,685,299 2,741,640 121,870 93,235 7,194 6,142,258 Special Mention — 1,624,051 2,835,865 196,825 161,885 21,700 4,840,326 Substandard — 171,821 237,737 24,100 — 52,450 486,108 Doubtful — — 2,605 — 9,765 — 12,370 Total Multifamily $ 701,371 $ 4,673,021 $ 6,067,561 $ 353,795 $ 264,885 $ 101,644 $ 12,162,277 1 % 77 % Single-Family Rental: Percentage of portfolio 90 % Pass $ — $ — $ 1,330 $ — $ — $ — $ 1,330 Pass/Watch 95,623 451,728 305,484 68,625 20,965 — 942,425 Special Mention — 22,398 38,035 30,265 — — 90,698 Total Single-Family Rental $ 95,623 $ 474,126 $ 344,849 $ 98,890 $ 20,965 $ — $ 1,034,453 0 % 63 % Land: Percentage of portfolio 8 % Pass/Watch $ — $ — $ — $ 4,600 $ — $ — $ 4,600 Special Mention — — — 3,500 — — 3,500 Substandard — — — — — 127,928 127,928 Total Land $ — $ — $ — $ 8,100 $ — $ 127,928 $ 136,028 0 % 98 % Office: Percentage of portfolio 1 % Special Mention $ — $ — $ — $ 35,410 $ — $ — $ 35,410 Substandard — — — — — 44,625 44,625 Total Office $ — $ — $ — $ 35,410 $ — $ 44,625 $ 80,035 0 % 91 % 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/Watch $ — $ — $ — $ — $ 4,000 $ — $ 4,000 Special Mention — — — — — 3,445 3,445 Substandard — — — — — 18,600 18,600 Total Retail $ — $ — $ — $ — $ 4,000 $ 22,045 $ 26,045 11 % 72 % Other: Percentage of portfolio < 1% Doubtful $ — $ — $ — $ — $ — $ 1,700 $ 1,700 Total Other $ — $ — $ — $ — $ — $ 1,700 $ 1,700 63 % 63 % Percentage of portfolio < 1% Grand Total $ 796,994 $ 5,147,147 $ 6,412,410 $ 496,195 $ 340,919 $ 297,942 $ 13,491,607 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 June 30, 2023 Land Multifamily Office Retail Commercial Single-Family Rental Other Total Allowance for credit losses: Beginning balance $ 78,086 $ 58,348 $ 8,106 $ 5,819 $ 1,700 $ 973 $ 45 $ 153,077 Provision for credit losses (net of recoveries) (184) 15,947 140 — — 104 (30) 15,977 Ending balance $ 77,902 $ 74,295 $ 8,246 $ 5,819 $ 1,700 $ 1,077 $ 15 $ 169,054 Three Months Ended June 30, 2022 Allowance for credit losses: Beginning balance $ 77,940 $ 22,084 $ 8,085 $ 5,819 $ 1,700 $ 421 $ 333 $ 116,382 Provision for credit losses (net of recoveries) (22) 5,874 (1,054) — — 304 (153) 4,949 Ending balance $ 77,918 $ 27,958 $ 7,031 $ 5,819 $ 1,700 $ 725 $ 180 $ 121,331 Six Months Ended June 30, 2023 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) (166) 36,334 84 — — 296 (53) 36,495 Ending balance $ 77,902 $ 74,295 $ 8,246 $ 5,819 $ 1,700 $ 1,077 $ 15 $ 169,054 Six Months Ended June 30, 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) (52) 9,251 (1,042) — — 405 (472) 8,090 Ending balance $ 77,918 $ 27,958 $ 7,031 $ 5,819 $ 1,700 $ 725 $ 180 $ 121,331
Summary of Specific Loans Considered Impaired by Asset Class	A summary of our specific loans considered impaired by asset class is as follows ($ in thousands): June 30, 2023 Asset Class UPB (1) Carrying Allowance for Wtd. Avg. First Wtd. Avg. Last Land $ 134,215 $ 127,868 $ 77,869 0 % 99 % Office 44,625 44,625 7,951 0 % 100 % Multifamily 36,377 36,202 5,000 0 % 100 % Retail 22,045 17,777 5,817 13 % 79 % Commercial 1,700 1,700 1,700 63 % 63 % Total $ 238,962 $ 228,172 $ 98,337 2 % 97 % 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 nine and seven impaired loans (less unearned revenue and other holdbacks and adjustments) by asset class at June 30, 2023 and December 31, 2022, respectively.
Schedule of Non-Performing Loans by Asset Class	A summary of our non-performing loans by asset class is as follows (in thousands): June 30, 2023 December 31, 2022 UPB Less Than Greater Than UPB Less Than Greater Than Multifamily $ 119,291 $ 116,686 $ 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 $ 124,436 $ 116,686 $ 7,750 $ 7,750 $ — $ 7,750

Loans Held-for-Sale, Net (Table

Loans Held-for-Sale, Net (Tables)	6 Months Ended
	Jun. 30, 2023
Receivable, Held-for-Sale [Abstract]
Schedule of Loans Held-for-Sale, Net	Loans held-for-sale, net consists of the following (in thousands): June 30, 2023 December 31, 2022 Fannie Mae $ 373,105 $ 173,020 Freddie Mac 84,355 8,938 SFR - Fixed Rate 15,452 12,352 Private Label 11,350 152,735 FHA 1,223 21,021 485,485 368,066 Fair value of future MSR 6,948 5,557 Unrealized impairment loss (2,305) (15,703) Unearned discount (5,002) (3,850) Loans held-for-sale, net $ 485,126 $ 354,070

Capitalized Mortgage Servicin_2

Capitalized Mortgage Servicing Rights (Tables)	6 Months Ended
	Jun. 30, 2023
Transfers and Servicing [Abstract]
Summary of Capitalized MSR Activity	A summary of our capitalized MSR activity is as follows (in thousands): Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 Originated Acquired Total Originated Acquired Total Beginning balance $ 383,636 $ 12,998 $ 396,634 $ 386,878 $ 14,593 $ 401,471 Additions 18,980 — 18,980 32,866 — 32,866 Amortization (14,592) (1,013) (15,605) (28,878) (2,142) (31,020) Write-downs and payoffs (4,757) (842) (5,599) (7,599) (1,308) (8,907) Ending balance $ 383,267 $ 11,143 $ 394,410 $ 383,267 $ 11,143 $ 394,410 Three Months Ended June 30, 2022 Six Months Ended June 30, 2022 Beginning balance $ 398,061 $ 23,975 $ 422,036 $ 395,573 $ 27,161 $ 422,734 Additions 17,123 — 17,123 44,095 — 44,095 Amortization (13,066) (1,713) (14,779) (25,993) (3,757) (29,750) Write-downs and payoffs (10,721) (2,125) (12,846) (22,278) (3,267) (25,545) Ending balance $ 391,397 $ 20,137 $ 411,534 $ 391,397 $ 20,137 $ 411,534
Summary of Expected Amortization of Capitalized MSRs	The expected amortization of capitalized MSRs recorded at June 30, 2023 is as follows (in thousands): Year Amortization 2023 (six months ending 12/31/2023) $ 31,488 2024 61,975 2025 58,534 2026 52,448 2027 47,512 2028 41,645 Thereafter 100,808 Total $ 394,410

Mortgage Servicing (Tables)

Mortgage Servicing (Tables)	6 Months Ended
	Jun. 30, 2023
Transfers and Servicing [Abstract]
Schedule of Product and Geographic Concentration	Product and geographic concentrations that impact our servicing revenue are as follows ($ in thousands): June 30, 2023 Product Concentrations Geographic Concentrations Product UPB (1) % of Total State UPB % of Total Fannie Mae $ 20,002,570 68 % Texas 12 % Freddie Mac 5,245,325 18 % New York 11 % Private Label 2,305,000 8 % North Carolina 8 % FHA 1,303,812 4 % California 8 % Bridge (2) 299,578 1 % Georgia 6 % SFR - Fixed Rate 290,266 1 % Florida 5 % Total $ 29,446,551 100 % 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.
Schedule of Components of Servicing Revenue, Net	The components of servicing revenue, net are as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Servicing fees $ 31,081 $ 31,322 $ 60,288 $ 63,070 Interest earned on escrows 19,509 1,786 36,516 2,624 Prepayment fees 2,961 15,231 5,036 31,370 Write-offs of MSRs (5,599) (12,846) (8,907) (25,545) Amortization of MSRs (15,605) (14,779) (31,020) (29,750) Servicing revenue, net $ 32,347 $ 20,714 $ 61,913 $ 41,769

Securities Held-To-Maturity (Ta

Securities Held-To-Maturity (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss, Maturity [Abstract]
Schedule of Securities Held-To-Maturity	A summary of our securities held-to-maturity is as follows (in thousands): Face Value Net Carrying Unrealized Estimated Allowance for June 30, 2023 APL certificates $ 192,791 $ 125,290 $ (29,734) $ 95,556 $ 3,375 B Piece bonds 38,917 29,920 2,419 32,339 1,159 Total $ 231,708 $ 155,210 $ (27,315) $ 127,895 $ 4,534 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 June 30, 2023 APL Certificates B Piece Bonds Total Beginning balance $ 3,330 $ 1,695 $ 5,025 Provision for credit loss expense/(reversal) 45 (536) (491) Ending balance $ 3,375 $ 1,159 $ 4,534 Six Months Ended June 30, 2023 Beginning balance $ 2,783 $ 370 $ 3,153 Provision for credit loss expense/(reversal) 592 789 1,381 Ending balance $ 3,375 $ 1,159 $ 4,534

Investments in Equity Affilia_2

Investments in Equity Affiliates (Tables)	6 Months Ended
	Jun. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
Summary of Equity Method Investments	We account for all investments in equity affiliates under the equity method. A summary of these investments is as follows (in thousands): Investments in Equity Affiliates at UPB of Loans to Equity Affiliates at June 30, 2023 Equity Affiliates June 30, 2023 December 31, 2022 Arbor Residential Investor LLC $ 42,157 $ 46,951 $ — Fifth Wall Ventures 14,028 13,584 — AMAC Holdings III LLC 13,851 15,825 — 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 $ 72,806 $ 79,130 $ 1,688

Debt Obligations (Tables)

Debt Obligations (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Summary of Borrowings	Borrowings under our credit and repurchase facilities are as follows ($ in thousands): June 30, 2023 December 31, 2022 Current Extended Note Debt Collateral Wtd. Avg. Debt Collateral Structured Business $2.5B joint repurchase facility (2) Mar. 2024 Mar. 2025 V $ 1,109,720 $ 1,670,162 7.48 % $ 1,516,657 $ 2,099,447 $1B repurchase facility (2) Dec. 2023 N/A V 386,371 553,113 7.23 % 498,666 703,740 $500M repurchase facility (3) N/A V 335,284 455,940 8.14 % 154,653 188,563 $499M repurchase facility (2)(4) Oct. 2023 N/A V 329,850 472,487 7.57 % 351,056 504,506 $450M repurchase facility Mar. 2024 Mar. 2026 V 325,057 450,526 7.28 % 344,237 450,736 $450M repurchase facility Oct. 2023 Oct. 2024 V 93,160 120,947 6.95 % 186,639 239,678 $400M credit facility July 2024 N/A V 18,459 23,088 7.18 % 33,221 43,238 $225M credit facility Oct. 2023 Oct. 2024 V 89,280 132,160 7.75 % 47,398 81,119 $200M repurchase facility Mar. 2025 Mar. 2026 V 60,514 85,979 7.75 % 32,494 47,750 $200M repurchase facility Jan. 2024 Jan. 2025 V 115,566 148,244 7.14 % 154,516 200,099 $172M loan specific credit facilities Aug 2023 to Aug. 2025 Aug 2023 to Aug. 2027 V/F 171,326 247,164 7.26 % 156,107 225,805 $50M credit facility Apr. 2024 Apr. 2025 V 29,200 36,500 7.29 % 29,194 36,500 $40M credit facility Apr. 2026 Apr. 2027 V — — — — — $35M working capital facility Apr. 2024 N/A V — — — — — $25M credit facility Oct. 2024 N/A V 18,905 24,876 7.80 % 18,701 24,572 Repurchase facility - securities (2)(5) N/A N/A V 33,100 — 6.93 % 12,832 — Structured Business total $ 3,115,792 $ 4,421,186 7.47 % $ 3,536,371 $ 4,845,753 Agency Business $750M ASAP agreement N/A N/A V $ 114,018 $ 114,938 6.21 % $ 29,476 $ 30,291 $500M joint repurchase facility (2) Mar. 2024 Mar. 2025 V 7,569 11,350 8.36 % 104,629 135,641 $500M repurchase facility Nov. 2023 N/A V 220,848 222,701 6.52 % 66,778 66,866 $200M credit facility Mar. 2024 N/A V 112,158 112,881 6.49 % 31,475 33,177 $150M credit facility July 2024 N/A V — — — 57,887 57,974 $50M credit facility Sept. 2023 N/A V 8,161 8,163 6.44 % 14,664 14,671 $1M repurchase facility (2)(4) Oct. 2023 N/A V 534 893 7.42 % 534 920 Agency Business total $ 463,288 $ 470,926 6.47 % $ 305,443 $ 339,540 Consolidated total $ 3,579,080 $ 4,892,112 7.34 % $ 3,841,814 $ 5,185,293 ________________________ V = Variable Note Rate; F = Fixed Note Rate (1) At June 30, 2023 and December 31, 2022, debt carrying value for the Structured Business was net of unamortized deferred finance costs of $8.9 million and $13.3 million, respectively, and for the Agency Business was net of unamortized deferred finance costs of $0.6 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 June 30, 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 $33.1 million. Borrowings and the corresponding collateral under our securitized debt transactions are as follows ($ in thousands): Debt Collateral (3) Loans Cash June 30, 2023 Face Value Carrying Wtd. Avg. UPB Carrying Restricted CLO 19 $ 872,812 $ 867,453 7.55 % $ 1,021,530 $ 1,017,396 $ — CLO 18 1,652,812 1,646,771 6.99 % 2,025,402 2,019,021 1,751 CLO 17 1,714,125 1,708,712 7.00 % 2,013,515 2,006,767 63,486 CLO 16 1,237,500 1,232,805 6.62 % 1,409,071 1,404,641 21,681 CLO 15 674,412 672,429 6.68 % 640,363 638,291 166,290 CLO 14 655,475 653,445 6.64 % 771,384 769,364 6,192 CLO 12 152,336 151,951 7.47 % 246,167 245,209 — Total CLOs 6,959,472 6,933,566 6.94 % 8,127,432 8,100,689 259,400 Q Series securitization 236,878 234,538 7.09 % 296,088 294,679 — Total securitized debt $ 7,196,350 $ 7,168,104 6.94 % $ 8,423,520 $ 8,395,368 $ 259,400 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 $28.2 million and $36.8 million of deferred financing fees at June 30, 2023 and December 31, 2022, respectively. (2) At June 30, 2023 and December 31, 2022, the aggregate weighted average note rate for our securitized debt, including certain fees and costs, was 7.18% and 6.32%, respectively. (3) At June 30, 2023, two loans with an aggregate UPB of $105.0 million were deemed a "credit risk" as defined by the collateralized loan obligations ("CLO") indentures. At December 31, 2022, there was 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. Excludes restricted cash related to interest payments, delayed fundings and expenses totaling $129.8 million and $230.0 million at June 30, 2023 and December 31, 2022, respectively.
Summary of Senior Unsecured Notes	A summary of our senior unsecured notes is as follows ($ in thousands): Senior Issuance June 30, 2023 December 31, 2022 Maturity UPB Carrying Wtd. Avg. UPB Carrying Wtd. Avg. 7.75% Notes (3) Mar. 2023 Mar. 2026 $ 95,000 $ 93,407 7.75 % $ — $ — — 8.50% Notes (3) Oct. 2022 Oct. 2027 150,000 147,775 8.50 % 150,000 147,519 8.50 % 5.00% Notes (3) Dec. 2021 Dec. 2028 180,000 177,663 5.00 % 180,000 177,450 5.00 % 4.50% Notes (3) Aug. 2021 Sept. 2026 270,000 267,345 4.50 % 270,000 266,926 4.50 % 5.00% Notes (3) Apr. 2021 Apr. 2026 175,000 173,230 5.00 % 175,000 172,917 5.00 % 4.50% Notes (3) Mar. 2020 Mar. 2027 275,000 273,201 4.50 % 275,000 272,960 4.50 % 4.75% Notes (4) Oct. 2019 Oct. 2024 110,000 109,545 4.75 % 110,000 109,369 4.75 % 5.75% Notes (4) Mar. 2019 Apr. 2024 90,000 89,709 5.75 % 90,000 89,514 5.75 % 8.00% Notes (3) Apr. 2020 Apr. 2023 — — — 70,750 70,613 8.00 % 5.625% Notes (4) Mar. 2018 May 2023 — — — 78,850 78,726 5.63 % $ 1,345,000 $ 1,331,875 5.41 % $ 1,399,600 $ 1,385,994 5.40 % ________________________ (1) At June 30, 2023 and December 31, 2022, the carrying value is net of deferred financing fees of $13.1 million and $13.6 million, respectively. (2) At June 30, 2023 and December 31, 2022, the aggregate weighted average note rate, including certain fees and costs, was 5.70% 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 UPB and Net Carrying Value of Convertible Notes	The UPB and net carrying value of our convertible notes are as follows (in thousands): Period UPB Unamortized Deferred Net Carrying June 30, 2023 $ 287,500 $ 5,763 $ 281,737 December 31, 2022 $ 287,500 $ 7,144 $ 280,356
Summary of CLO Compliance Tests	Our CLO compliance tests as of the most recent determination dates in July 2023 are as follows: Cash Flow Triggers CLO 12 CLO 14 CLO 15 CLO 16 CLO 17 CLO 18 CLO 19 Overcollateralization (1) Current 166.17 % 119.76 % 120.85 % 121.21 % 122.51 % 124.03 % 120.30 % Limit 117.87 % 118.76 % 119.85 % 120.21 % 121.51 % 123.03 % 119.30 % Pass / Fail Pass Pass Pass Pass Pass Pass Pass Interest Coverage (2) Current 191.03 % 150.95 % 136.88 % 157.53 % 132.79 % 132.83 % 129.59 % Limit 120.00 % 120.00 % 120.00 % 120.00 % 120.00 % 120.00 % 120.00 % Pass / Fail Pass Pass Pass Pass Pass Pass Pass ________________________ (1) The overcollateralization ratio divides the total principal balance of all collateral in the CLO by the total principal balance of the bonds associated with the applicable ratio. To the extent an asset is considered a defaulted security, the asset’s principal balance for purposes of the overcollateralization test is the lesser of the asset’s market value or the principal balance of the defaulted asset multiplied by the asset’s recovery rate which is determined by the rating agencies. Rating downgrades of CLO collateral will generally not have a direct impact on the principal balance of a CLO asset for purposes of calculating the CLO overcollateralization test unless the rating downgrade is below a significantly low threshold (e.g. CCC-) as defined in each CLO vehicle. (2) The interest coverage ratio divides interest income by interest expense for the classes senior to those retained by us.
Summary of CLO Overcollateralization Ratios	Our CLO overcollateralization ratios as of the determination dates subsequent to each quarter are as follows: Determination (1) CLO 12 CLO 14 CLO 15 CLO 16 CLO 17 CLO 18 CLO 19 July 2023 166.17 % 119.76 % 120.85 % 121.21 % 122.51 % 124.03 % 120.30 % April 2023 149.65 % 119.76 % 120.85 % 121.21 % 122.51 % 124.03 % 120.30 % January 2023 126.58 % 119.76 % 120.85 % 121.21 % 122.51 % 124.03 % 120.30 % October 2022 118.87 % 119.76 % 120.85 % 121.21 % 122.51 % 124.03 % 120.30 % July 2022 118.87 % 119.76 % 120.85 % 121.21 % 122.51 % 124.03 % 120.30 % ________________________ (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)	6 Months Ended
	Jun. 30, 2023
Loss Contingency Accrual, Disclosures [Abstract]
Schedule of Allowance for Loss-Sharing	Our allowance for loss-sharing obligations related to the Fannie Mae DUS program is as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Beginning balance $ 59,757 $ 55,172 $ 57,168 $ 56,064 Provisions for loss sharing 7,724 114 12,290 247 Provisions reversal for loan repayments (52) (2,063) (1,442) (2,858) Recoveries (charge-offs), net (748) (170) (1,335) (400) Ending balance $ 66,681 $ 53,053 $ 66,681 $ 53,053

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
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): June 30, 2023 Fair Value Derivative Count Notional Value Balance Sheet Location Derivative Assets Derivative Liabilities Rate lock commitments 6 $ 45,595 Other assets/other liabilities $ 757 $ (580) Forward sale commitments 39 504,278 Other assets/other liabilities 585 (4,785) Swaps 82 8,200 — — $ 558,073 $ 1,342 $ (5,365) 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)	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Principal Amounts, Carrying Values, and Estimated Fair Values of Financial Instruments	The following table summarizes the principal amounts, carrying values and the estimated fair values of our financial instruments (in thousands): June 30, 2023 December 31, 2022 Principal / Carrying Estimated Principal / Carrying Estimated Financial assets: Loans and investments, net $ 13,491,607 $ 13,271,359 $ 13,411,621 $ 14,456,123 $ 14,254,674 $ 14,468,418 Loans held-for-sale, net 485,485 485,126 496,747 368,066 354,070 362,054 Capitalized mortgage servicing rights, net n/a 394,410 516,162 n/a 401,471 530,913 Securities held-to-maturity, net 231,708 155,210 127,895 234,255 156,547 144,571 Derivative financial instruments 56,545 1,342 1,342 111,950 1,505 1,505 Financial liabilities: Credit and repurchase facilities $ 3,588,538 $ 3,579,080 $ 3,571,464 $ 3,856,009 $ 3,841,814 $ 3,828,192 Securitized debt 7,196,350 7,168,104 7,007,274 7,886,066 7,849,270 7,560,541 Senior unsecured notes 1,345,000 1,331,875 1,188,425 1,399,600 1,385,994 1,262,560 Convertible senior unsecured notes 287,500 281,737 285,775 287,500 280,356 287,834 Junior subordinated notes 154,336 143,506 105,210 154,336 143,128 103,977 Derivative financial instruments 493,328 5,365 5,365 273,973 4,897 4,897
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The fair values of these financial assets and liabilities are determined using the following input levels at June 30, 2023 (in thousands): Carrying Value Fair Value Fair Value Measurements Using Fair Value Hierarchy Level 1 Level 2 Level 3 Financial assets: Derivative financial instruments $ 1,342 $ 1,342 $ — $ 585 $ 757 Financial liabilities: Derivative financial instruments $ 5,365 $ 5,365 $ — $ 5,365 $ —
Fair Value Measurements, Nonrecurring	The fair values of these financial and non-financial assets, if applicable, are determined using the following input levels at June 30, 2023 (in thousands): Net Carrying Value Fair Value Fair Value Measurements Using Fair Value Hierarchy Level 1 Level 2 Level 3 Financial assets: Impaired loans, net Loans held-for-investment (1) $ 129,835 $ 129,835 $ — $ — $ 129,835 Loans held-for-sale (2) 17,768 17,768 — 17,768 — $ 147,603 $ 147,603 $ — $ 17,768 $ 129,835 ________________________ (1) We had an allowance for credit losses of $98.3 million relating to nine impaired loans with an aggregate carrying value, before loan loss reserves, of $228.2 million at June 30, 2023. (2) We had unrealized impairment losses of $2.3 million related to six held-for-sale loans with an aggregate carrying value, before unrealized impairment losses, of $20.1 million.
Fair Value Measurement Inputs and Valuation Techniques	Quantitative information about Level 3 fair value measurements at June 30, 2023 is as follows ($ 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 % Multifamily 31,202 Discounted cash flows Capitalization rate 6.00 % Discount rate 11.25 % Retail 11,959 Discounted cash flows Capitalization rate 9.25 % Revenue growth rate 3.00 % Derivative financial instruments: Rate lock commitments 757 Discounted cash flows W/A discount rate 13.00 %
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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 Derivative assets and liabilities, net Beginning balance $ 3,097 $ 1,355 $ 354 $ 295 Settlements (17,688) (17,254) (32,754) (30,937) Realized gains recorded in earnings 14,591 15,899 32,400 30,642 Unrealized gains recorded in earnings 757 1,035 757 1,035 Ending balance $ 757 $ 1,035 $ 757 $ 1,035
Schedule of Components of Fair 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): June 30, 2023 Notional/ Fair Value of Interest Rate Unrealized Total Fair Value Rate lock commitments $ 45,595 $ 757 $ (532) $ — $ 225 Forward sale commitments 504,278 — 532 — 532 Loans held-for-sale, net (1) 485,485 6,948 — (2,305) 4,643 Total $ 7,705 $ — $ (2,305) $ 5,400 ________________________
Fair Value Measurements, Recurring and Nonrecurring	The fair value of these assets and liabilities are determined using the following input levels at June 30, 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 $ 13,271,359 $ 13,411,621 $ — $ — $ 13,411,621 Loans held-for-sale, net 485,126 496,747 — 489,799 6,948 Capitalized mortgage servicing rights, net 394,410 516,162 — — 516,162 Securities held-to-maturity, net 155,210 127,895 — — 127,895 Financial liabilities: Credit and repurchase facilities $ 3,579,080 $ 3,571,464 $ — $ 463,288 $ 3,108,176 Securitized debt 7,168,104 7,007,274 — — 7,007,274 Senior unsecured notes 1,331,875 1,188,425 1,188,425 — — Convertible senior unsecured notes 281,737 285,775 — 285,775 — Junior subordinated notes 143,506 105,210 — — 105,210

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Maturities of Operating Lease Liabilities	Debt Obligations and Operating Leases. At June 30, 2023, the maturities of our debt obligations and the minimum annual operating lease payments under leases with a term in excess of one year are as follows (in thousands): Year Debt Obligations Minimum Annual Operating Lease Payments Total 2023 (six months ending December 31, 2023) $ 1,914,105 $ 4,682 $ 1,918,787 2024 2,643,310 10,202 2,653,512 2025 2,038,158 10,565 2,048,723 2026 4,772,269 10,634 4,782,903 2027 869,546 9,226 878,772 2028 180,000 8,624 188,624 Thereafter 154,336 27,755 182,091 Total $ 12,571,724 $ 81,688 $ 12,653,412

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities	The assets and liabilities related to these consolidated Securitization Entities are as follows (in thousands): June 30, 2023 December 31, 2022 Assets: Restricted cash $ 389,306 $ 710,775 Loans and investments, net 8,395,368 8,900,104 Other assets 121,899 174,382 Total assets $ 8,906,573 $ 9,785,261 Liabilities: Securitized debt $ 7,168,104 $ 7,849,270 Other liabilities 22,677 26,754 Total liabilities $ 7,190,781 $ 7,876,024
Schedule of Unconsolidated Variable Interest Entities	A summary of our variable interests in identified VIEs, of which we are not the primary beneficiary, at June 30, 2023 is as follows (in thousands): Type Carrying Amount (1) Loans $ 398,522 APL certificates 128,665 B Piece bonds 31,079 Equity investments 18,417 Agency interest only strips 197 Total $ 576,880 ________________________ (1) Represents the carrying amount of loans and investments before reserves. At June 30, 2023, $172.5 million of loans to VIEs had corresponding specific loan loss reserves of $85.8 million. The maximum loss exposure at June 30, 2023 would not exceed the carrying amount of our investment.

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 2023
Stockholders' Equity Note [Abstract]
Schedule of Dividends Payable	Dividends declared (on a per share basis) during the six months ended June 30, 2023 are as follows: 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 May 3, 2023 $ 0.42 March 31, 2023 $ 0.3984375 $ 0.390625 $ 0.390625 June 30, 2023 $ 0.3984375 $ 0.390625 $ 0.390625
Schedule of Earnings Per Share, Basic and Diluted	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 June 30, 2023 2022 Basic Diluted Basic Diluted Net income attributable to common stockholders (1) $ 76,164 $ 76,164 $ 69,909 $ 69,909 Net income attributable to noncontrolling interest (2) — 6,826 — 6,992 Interest expense on convertible notes — 6,081 — 3,995 Net income attributable to common stockholders and noncontrolling interest $ 76,164 $ 89,071 $ 69,909 $ 80,896 Weighted average shares outstanding 181,815,469 181,815,469 163,044,217 163,044,217 Dilutive effect of OP Units (2) — 16,293,589 — 16,306,745 Dilutive effect of convertible notes — 17,270,615 — 15,140,481 Dilutive effect of restricted stock units (3) — 682,203 — 522,367 Weighted average shares outstanding 181,815,469 216,061,876 163,044,217 195,013,810 Net income per common share (1) $ 0.42 $ 0.41 $ 0.43 $ 0.41 Six Months Ended June 30, 2023 2022 Net income attributable to common stockholders (1) $ 160,483 $ 160,483 $ 133,968 $ 133,968 Net income attributable to noncontrolling interest (2) — 14,411 — 13,808 Interest expense on convertible notes — 12,163 — 7,989 Net income attributable to common stockholders and noncontrolling interest $ 160,483 $ 187,057 $ 133,968 $ 155,765 Weighted average shares outstanding 181,468,002 181,468,002 158,258,813 158,258,813 Dilutive effect of OP Units (2) — 16,293,589 — 16,315,869 Dilutive effect of convertible notes — 17,250,598 — 15,126,859 Dilutive effect of restricted stock units (3) — 477,415 — 655,489 Weighted average shares outstanding 181,468,002 215,489,604 158,258,813 190,357,030 Net income per common share (1) $ 0.88 $ 0.87 $ 0.85 $ 0.82 ________________________ (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)	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Schedule of Statement of Income and Balance Sheet by Segment	Three Months Ended June 30, 2023 Structured Agency Other / Consolidated Interest income $ 322,105 $ 13,632 $ — $ 335,737 Interest expense 220,966 6,229 — 227,195 Net interest income 101,139 7,403 — 108,542 Other revenue: Gain on sales, including fee-based services, net — 22,587 — 22,587 Mortgage servicing rights — 16,201 — 16,201 Servicing revenue — 47,952 — 47,952 Amortization of MSRs — (15,605) — (15,605) Property operating income 1,430 — — 1,430 Loss on derivative instruments, net — (7,384) — (7,384) Other income (loss), net 760 (715) — 45 Total other revenue 2,190 63,036 — 65,226 Other expenses: Employee compensation and benefits 13,438 27,872 — 41,310 Selling and administrative 5,833 6,751 — 12,584 Property operating expenses 1,365 — — 1,365 Depreciation and amortization 1,214 1,173 — 2,387 Provision for loss sharing (net of recoveries) — 7,672 — 7,672 Provision for credit losses (net of recoveries) 14,369 (491) — 13,878 Total other expenses 36,219 42,977 — 79,196 Income before extinguishment of debt, income from equity affiliates and income taxes 67,110 27,462 — 94,572 Loss on extinguishment of debt (1,247) — — (1,247) Income from equity affiliates 5,560 — — 5,560 Provision for income taxes (1,200) (4,353) — (5,553) Net income 70,223 23,109 — 93,332 Preferred stock dividends 10,342 — — 10,342 Net income attributable to noncontrolling interest — — 6,826 6,826 Net income attributable to common stockholders $ 59,881 $ 23,109 $ (6,826) $ 76,164 Three Months Ended June 30, 2022 Structured Agency Other / Consolidated Interest income $ 192,047 $ 9,281 $ — $ 201,328 Interest expense 103,165 3,902 — 107,067 Net interest income 88,882 5,379 — 94,261 Other revenue: Gain on sales, including fee-based services, net — 16,510 — 16,510 Mortgage servicing rights — 17,567 — 17,567 Servicing revenue — 35,493 — 35,493 Amortization of MSRs — (14,779) — (14,779) Property operating income 290 — — 290 Gain on derivative instruments, net — 8,606 — 8,606 Other loss, net (9,328) (3,921) — (13,249) Total other revenue (9,038) 59,476 — 50,438 Other expenses: Employee compensation and benefits 13,866 25,034 — 38,900 Selling and administrative 6,429 6,759 — 13,188 Property operating expenses 542 — — 542 Depreciation and amortization 858 1,173 — 2,031 Provision for loss sharing (net of recoveries) — (1,949) — (1,949) Provision for credit losses (net of recoveries) 5,088 (21) — 5,067 Total other expenses 26,783 30,996 — 57,779 Income before income from equity affiliates and income taxes 53,061 33,859 — 86,920 Income from equity affiliates 6,547 — — 6,547 Provision for income taxes (255) (5,097) — (5,352) Net income 59,353 28,762 — 88,115 Preferred stock dividends 11,214 — — 11,214 Net income attributable to noncontrolling interest — — 6,992 6,992 Net income attributable to common stockholders $ 48,139 $ 28,762 $ (6,992) $ 69,909 Six Months Ended June 30, 2023 Structured Agency Other / Consolidated Interest income $ 639,481 $ 24,204 $ — $ 663,685 Interest expense 435,860 10,709 — 446,569 Net interest income 203,621 13,495 — 217,116 Other revenue: Gain on sales, including fee-based services, net — 37,176 — 37,176 Mortgage servicing rights — 34,659 — 34,659 Servicing revenue — 92,933 — 92,933 Amortization of MSRs — (31,020) — (31,020) Property operating income 2,811 — — 2,811 Loss on derivative instruments, net — (3,161) — (3,161) Other income, net 2,667 2,256 — 4,923 Total other revenue 5,478 132,843 — 138,321 Other expenses: Employee compensation and benefits 29,079 54,629 — 83,708 Selling and administrative 12,544 13,663 — 26,207 Property operating expenses 2,747 — — 2,747 Depreciation and amortization 2,665 2,346 — 5,011 Provision for loss sharing (net of recoveries) — 10,848 — 10,848 Provision for credit losses (net of recoveries) 35,014 1,381 — 36,395 Total other expenses 82,049 82,867 — 164,916 Income before extinguishment of debt, income from equity affiliates and income taxes 127,050 63,471 — 190,521 Loss on extinguishment of debt (1,247) — — (1,247) Income from equity affiliates 19,886 — — 19,886 Provision for income taxes (771) (12,811) — (13,582) Net income 144,918 50,660 — 195,578 Preferred stock dividends 20,684 — — 20,684 Net income attributable to noncontrolling interest — — 14,411 14,411 Net income attributable to common stockholders $ 124,234 $ 50,660 $ (14,411) $ 160,483 Six Months Ended June 30, 2022 Structured Agency Other / Consolidated Interest income $ 348,308 $ 19,718 $ — $ 368,026 Interest expense 181,367 8,260 — 189,627 Net interest income 166,941 11,458 — 178,399 Other revenue: Gain on sales, including fee-based services, net — 18,166 — 18,166 Mortgage servicing rights — 32,879 — 32,879 Servicing revenue — 71,519 — 71,519 Amortization of MSRs — (29,750) — (29,750) Property operating income 586 — — 586 Gain on derivative instruments, net — 25,992 — 25,992 Other loss, net (6,131) (3,917) — (10,048) Total other revenue (5,545) 114,889 — 109,344 Other expenses: Employee compensation and benefits 29,352 51,573 — 80,925 Selling and administrative 13,838 13,897 — 27,735 Property operating expenses 1,077 — — 1,077 Depreciation and amortization 1,668 2,346 — 4,014 Provision for loss sharing (net of recoveries) — (2,611) — (2,611) Provision for credit losses (net of recoveries) 7,157 269 — 7,426 Total other expenses 53,092 65,474 — 118,566 Income before extinguishment of debt, income from equity affiliates and income taxes 108,304 60,873 — 169,177 Loss on extinguishment of debt (1,350) — — (1,350) Income from equity affiliates 13,759 — — 13,759 Provision for income taxes (1,687) (11,853) — (13,540) Net income 119,026 49,020 — 168,046 Preferred stock dividends 20,270 — — 20,270 Net income attributable to noncontrolling interest — — 13,808 13,808 Net income attributable to common stockholders $ 98,756 $ 49,020 $ (13,808) $ 133,968 ________________________ (1) Includes income allocated to the noncontrolling interest holders not allocated to the two reportable segments. June 30, 2023 Structured Business Agency Business Consolidated Assets: Cash and cash equivalents $ 468,515 $ 377,847 $ 846,362 Restricted cash 391,872 4,994 396,866 Loans and investments, net 13,271,359 — 13,271,359 Loans held-for-sale, net — 485,126 485,126 Capitalized mortgage servicing rights, net — 394,410 394,410 Securities held-to-maturity, net — 155,210 155,210 Investments in equity affiliates 72,806 — 72,806 Goodwill and other intangible assets 12,500 81,223 93,723 Other assets and due from related party 358,528 83,237 441,765 Total assets $ 14,575,580 $ 1,582,047 $ 16,157,627 Liabilities: Debt obligations $ 12,041,014 $ 463,288 $ 12,504,302 Allowance for loss-sharing obligations — 66,681 66,681 Other liabilities and due to related parties 309,875 117,128 427,003 Total liabilities $ 12,350,889 $ 647,097 $ 12,997,986 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 Loans Sales Data By Segment	Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Origination Data: Structured Business Bridge loans (1) $ 207,494 $ 2,047,599 $ 469,683 $ 4,868,315 Mezzanine / Preferred Equity 1,500 — 7,345 8,139 Total new loan originations $ 208,994 $ 2,047,599 $ 477,028 $ 4,876,454 Loan runoff $ 685,220 $ 1,122,407 $ 1,871,869 $ 1,788,958 Agency Business Origination Volumes by Investor: Fannie Mae $ 1,079,910 $ 665,449 $ 1,874,931 $ 1,115,129 Freddie Mac 217,884 407,691 319,216 706,763 FHA 62,552 78,364 211,492 90,354 Private Label 50,256 83,346 91,363 156,242 SFR - Fixed Rate 11,837 34,334 17,298 39,205 Total $ 1,422,439 $ 1,269,184 $ 2,514,300 $ 2,107,693 Total loan commitment volume $ 1,133,312 $ 1,184,282 $ 2,633,422 $ 2,159,414 Agency Business Loan Sales Data: Fannie Mae $ 1,023,088 $ 569,048 $ 1,674,846 $ 1,235,592 Freddie Mac 175,342 362,442 243,799 721,528 FHA 134,383 75,101 177,858 146,917 Private Label 72,803 11,250 232,748 500,519 SFR - Fixed Rate 5,108 12,862 14,172 12,862 Total $ 1,410,724 $ 1,030,703 $ 2,343,423 $ 2,617,418 Sales margin (fee-based services as a % of loan sales) (2) 1.60 % 1.60 % 1.59 % 1.35 % MSR rate (MSR income as a % of loan commitments) 1.43 % 1.48 % 1.32 % 1.52 % ________________________ (1) The three and six months ended June 30, 2023 includes 23 and 43 SFR loans, respectively, with a UPB of $109.0 million and $185.1 million, respectively. The three and six months ended June 30, 2022 includes 36 and 71 SFR loans, respectively, with a UPB of $155.0 million and $288.4 million, respectively. During the three and six months ended June 30, 2023, we committed to fund SFR loans totaling $200.2 million and $254.5 million, respectively. During the three and six months ended June 30, 2022, we committed to fund SFR loans totaling $185.2 million and $268.5 million, respectively. (2) The six months ended June 30, 2022 includes $17.1 million of gains recognized on Swaps related to the Private Label loans sold in the three months ended March 31, 2022, which is included in gain (loss) on derivative instruments, net in the consolidated statements of income.
Schedule of Key Servicing Metrics for Agency Business	June 30, 2023 Key Servicing Metrics for Agency Business: Servicing Portfolio UPB Wtd. Avg. Servicing Fee Rate (basis points) Wtd. Avg. Life of Servicing Portfolio (years) Fannie Mae $ 20,002,570 48.9 7.7 Freddie Mac 5,245,325 24.8 8.8 Private Label 2,305,000 19.3 7.5 FHA 1,303,812 14.5 20.0 Bridge 299,578 11.1 3.5 SFR - Fixed Rate 290,266 20.0 5.9 Total $ 29,446,551 40.1 8.4 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)	6 Months Ended
	Jun. 30, 2023 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
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	6 Months Ended	12 Months Ended
	Mar. 31, 2023 USD ($)	Jun. 30, 2023 USD ($) loan	Dec. 31, 2022 USD ($) loan	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Loans and Investments
Loans and investments, gross		$ 13,491,607	$ 14,456,123
Allowance for credit losses	$ (153,077)	(169,054)	(132,559)	$ (121,331)	$ (116,382)	$ (113,241)
Unearned revenue		(51,194)	(68,890)
Loans and investments, net		$ 13,271,359	$ 14,254,674
Percent of Total		100%	100%
Loan Count | loan		706	747
Wtd. Avg. Pay Rate (as a percent)		8.76%	8.17%
Wtd. Avg. Remaining Months to Maturity		17 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)	$ (1,077)	$ (781)	$ (725)	$ (421)	$ (320)
Bridge loans
Loans and Investments
Loans and investments, gross		$ 13,168,302	$ 14,096,054
Percent of Total		98%	98%
Loan Count | loan		652	692
Wtd. Avg. Pay Rate (as a percent)		8.78%	8.17%
Wtd. Avg. Remaining Months to Maturity		16 months 12 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		275	241
Total loan commitment	$ 1,570,000	$ 1,730,000
Mezzanine loans
Loans and Investments
Loans and investments, gross		$ 223,087	$ 213,499
Percent of Total		1%	1%
Loan Count | loan		45	44
Wtd. Avg. Pay Rate (as a percent)		8.35%	8.13%
Wtd. Avg. Remaining Months to Maturity		57 months 27 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, gross		$ 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		44 months 21 days	39 months 6 days
Wtd. Avg. First Dollar LTV Ratio (as percent)		48%	46%
Wtd. Avg. Last Dollar LTV Ratio (as percent)		87%	79%
Other loans
Loans and Investments
Loans and investments, gross		$ 10,493	$ 35,845
Percent of Total		1%	1%
Loan Count | loan		2	3
Wtd. Avg. Pay Rate (as a percent)		9.60%	8.76%
Wtd. Avg. Remaining Months to Maturity		18 months 9 days	32 months 24 days
Wtd. Avg. First Dollar LTV Ratio (as percent)		0%	0%
Wtd. Avg. Last Dollar LTV Ratio (as percent)		62%	58%
Other loans | Single-Family Rental
Loans and Investments
Number of loans under the loan portfolio | loan		2	3
Unpaid principal balance, funded		$ 1,020,000	$ 927,400

Loans and Investments - Narrati

Loans and Investments - Narrative (Details) $ in Thousands	1 Months Ended	3 Months Ended			6 Months Ended		12 Months Ended
	Jul. 31, 2022 USD ($) loan	Jun. 30, 2023 USD ($) loan	Mar. 31, 2023 USD ($) loan borrower	Jun. 30, 2022 USD ($) loan	Jun. 30, 2023 USD ($) loan borrower	Jun. 30, 2022 USD ($) loan	Dec. 31, 2022 USD ($) loan	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Loans and Investments
Number of loans | loan					706		747
Provision for credit losses		$ 15,977		$ 4,949	$ 36,495	$ 8,090
Accrued interest receivable related to loans		$ 111,600			$ 111,600		$ 108,500
Number of loans for which no provision for loan loss made | loan		0			0		0
Loans and investments, allowance for credit losses		$ 169,054	$ 153,077	$ 121,331	$ 169,054	121,331	$ 132,559	$ 116,382	$ 113,241
Interest income recognized on nonaccrual loans					$ 1,400	$ 0
Number of loans sold | loan					4
Bridge loans, total UPB					$ 238,962		157,960
Loan modification, refinancing, and extensions | loan		0		0	0	0
Interest reserve					$ 123,000		$ 123,700
Number of loans covered under interest reserve | loan		483			483		480
Aggregate UPB covered under interest reserve		$ 7,780,000			$ 7,780,000		$ 7,700,000
Bridge Loan and Mezzanine Loan
Loans and Investments
Bridge loan and mezzanine loans sold				$ 110,500		$ 110,500
Loans, purchased with credit deterioration, discount (premium)				102,200
Capital released				66,300		66,300
Fees and expenses on mortgage loan				9,200
Recovery of additional potential loan				2,800		2,800
Bridge loans
Loans and Investments
Number of loans | loan					652		692
Number of loans sold | loan	4
Bridge loans, total UPB	$ 296,900	$ 182,000			$ 217,400
Capital released	$ 78,000
Unrealized impairment loss				2,000
Number of loans repurchased | loan		2,000,000
Six loans collateralized by a land development project
Loans and Investments
Number of loans with unpaid principal balance | loan		6			6
Unpaid principal balance on loans		$ 121,400			$ 121,400
Five loans collateralized by a land development project
Loans and Investments
Number of loans with unpaid principal balance | loan		5			5
Unpaid principal balance on loans		$ 112,000			$ 112,000
Weighted average accrual rate of interest (as a percent)					7.91%
Loans collateralized by a land development project
Loans and Investments
Loans and investments, allowance for credit losses		71,400			$ 71,400		$ 71,400
Non-performing loans
Loans and Investments
Number of loans | loan					7		4
Carrying value of loans		112,300			$ 112,300		$ 2,600
Loan loss reserves		10,100			10,100		5,100
Bridge loans, total UPB					124,436		7,750
Non-performing loans | Greater Than 90 Days Past Due
Loans and Investments
Interest receivable		0			0		0
Land
Loans and Investments
Provision for credit losses		(184)		(22)	(166)	(52)
Outstanding unfunded commitments		965,700			965,700		1,150,000
Loans and investments, allowance for credit losses		$ 77,902	$ 78,086	$ 77,918	77,902	$ 77,918	78,068	$ 77,940	$ 77,970
Bridge loans, total UPB					$ 134,215		$ 134,215
Total Assets | Credit risk concentration
Loans and Investments
Number of loans | loan			38		87
Number of different borrowers | borrower			5		5
Total Assets | Credit risk concentration | Five Borrowers
Loans and Investments
Concentration risk, percentage			11%		12%
Loans and investments portfolio | Credit risk concentration | Texas
Loans and Investments
Concentration risk, percentage			22%		23%
Loans and investments portfolio | Credit risk concentration | Florida
Loans and Investments
Concentration risk, percentage			14%		16%

Loans and Investments - Risk Ra

Loans and Investments - Risk Ratings and LTV Ratios (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Loans and Investments
Loans and investments, gross	$ 13,491,607	$ 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%
Credit risk concentration
Loans and Investments
Origination Year 2023	$ 796,994
Origination Year 2022	5,147,147
Origination year 2021	6,412,410
Origination Year 2020	496,195
Origination Year 2019	340,919
Origination Year Prior	297,942
Loans and investments, gross	$ 13,491,607
Wtd. Avg. First Dollar LTV Ratio (as percent)	1%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	76%
Multifamily | Credit risk concentration
Loans and Investments
Origination Year 2023	$ 701,371
Origination Year 2022	4,673,021
Origination year 2021	6,067,561
Origination Year 2020	353,795
Origination Year 2019	264,885
Origination Year Prior	101,644
Loans and investments, gross	$ 12,162,277
Percentage of Portfolio	90%
Wtd. Avg. First Dollar LTV Ratio (as percent)	1%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	77%
Multifamily | Pass | Credit risk concentration
Loans and Investments
Origination Year 2023	$ 208,351
Origination Year 2022	191,850
Origination year 2021	249,714
Origination Year 2020	11,000
Origination Year Prior	20,300
Loans and investments, gross	681,215
Multifamily | Pass/Watch | Credit risk concentration
Loans and Investments
Origination Year 2023	493,020
Origination Year 2022	2,685,299
Origination year 2021	2,741,640
Origination Year 2020	121,870
Origination Year 2019	93,235
Origination Year Prior	7,194
Loans and investments, gross	6,142,258
Multifamily | Special Mention | Credit risk concentration
Loans and Investments
Origination Year 2022	1,624,051
Origination year 2021	2,835,865
Origination Year 2020	196,825
Origination Year 2019	161,885
Origination Year Prior	21,700
Loans and investments, gross	4,840,326
Multifamily | Substandard | Credit risk concentration
Loans and Investments
Origination Year 2022	171,821
Origination year 2021	237,737
Origination Year 2020	24,100
Origination Year 2019	0
Origination Year Prior	52,450
Loans and investments, gross	486,108
Multifamily | Doubtful | Credit risk concentration
Loans and Investments
Origination year 2021	2,605
Origination Year 2019	9,765
Loans and investments, gross	12,370
Single-Family Rental | Credit risk concentration
Loans and Investments
Origination Year 2023	95,623
Origination Year 2022	474,126
Origination year 2021	344,849
Origination Year 2020	98,890
Origination Year 2019	20,965
Loans and investments, gross	$ 1,034,453
Percentage of Portfolio	8%
Wtd. Avg. First Dollar LTV Ratio (as percent)	0%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	63%
Single-Family Rental | Pass | Credit risk concentration
Loans and Investments
Origination year 2021	$ 1,330
Origination Year 2020	0
Loans and investments, gross	1,330
Single-Family Rental | Pass/Watch | Credit risk concentration
Loans and Investments
Origination Year 2023	95,623
Origination Year 2022	451,728
Origination year 2021	305,484
Origination Year 2020	68,625
Origination Year 2019	20,965
Loans and investments, gross	942,425
Single-Family Rental | Special Mention | Credit risk concentration
Loans and Investments
Origination Year 2022	22,398
Origination year 2021	38,035
Origination Year 2020	30,265
Loans and investments, gross	90,698
Land | Credit risk concentration
Loans and Investments
Origination Year 2020	8,100
Origination Year Prior	127,928
Loans and investments, gross	$ 136,028
Percentage of Portfolio	1%
Wtd. Avg. First Dollar LTV Ratio (as percent)	0%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	98%
Land | Pass/Watch | Credit risk concentration
Loans and Investments
Origination Year 2020	$ 4,600
Loans and investments, gross	4,600
Land | Special Mention | Credit risk concentration
Loans and Investments
Origination Year 2020	3,500
Loans and investments, gross	3,500
Land | Substandard | Credit risk concentration
Loans and Investments
Origination Year Prior	127,928
Loans and investments, gross	127,928
Office | Credit risk concentration
Loans and Investments
Origination Year 2020	35,410
Origination Year Prior	44,625
Loans and investments, gross	$ 80,035
Percentage of Portfolio	1%
Wtd. Avg. First Dollar LTV Ratio (as percent)	0%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	91%
Office | Pass/Watch | Credit risk concentration
Loans and Investments
Origination Year 2020	$ 35,410
Loans and investments, gross	35,410
Office | Substandard | Credit risk concentration
Loans and Investments
Origination Year Prior	44,625
Loans and investments, gross	44,625
Healthcare | Credit risk concentration
Loans and Investments
Origination Year 2019	51,069
Loans and investments, gross	$ 51,069
Percentage of Portfolio	1%
Wtd. Avg. First Dollar LTV Ratio (as percent)	0%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	69%
Healthcare | Pass/Watch | Credit risk concentration
Loans and Investments
Origination Year 2019	$ 51,069
Loans and investments, gross	51,069
Retail | Credit risk concentration
Loans and Investments
Origination Year 2019	4,000
Origination Year Prior	22,045
Loans and investments, gross	$ 26,045
Wtd. Avg. First Dollar LTV Ratio (as percent)	11%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	72%
Retail | Pass | Credit risk concentration
Loans and Investments
Origination Year 2019	$ 4,000
Loans and investments, gross	4,000
Retail | Special Mention | Credit risk concentration
Loans and Investments
Origination Year Prior	3,445
Loans and investments, gross	3,445
Retail | Substandard | Credit risk concentration
Loans and Investments
Origination Year Prior	18,600
Loans and investments, gross	$ 18,600
Other
Loans and Investments
Percentage of Portfolio	1%
Other | Credit risk concentration
Loans and Investments
Origination Year Prior	$ 1,700
Loans and investments, gross	$ 1,700
Percentage of Portfolio	1%
Wtd. Avg. First Dollar LTV Ratio (as percent)	63%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	63%
Other | Doubtful | Credit risk concentration
Loans and Investments
Origination Year Prior	$ 1,700
Loans and investments, gross	$ 1,700

Loans and Investments - Allowan

Loans and Investments - Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Allowance for credit losses:
Allowance for credit losses, beginning balance	$ 153,077	$ 116,382	$ 132,559	$ 113,241
Provision for credit losses (net of recoveries)	15,977	4,949	36,495	8,090
Allowance for credit losses, ending balance	169,054	121,331	169,054	121,331
Land
Allowance for credit losses:
Allowance for credit losses, beginning balance	78,086	77,940	78,068	77,970
Provision for credit losses (net of recoveries)	(184)	(22)	(166)	(52)
Allowance for credit losses, ending balance	77,902	77,918	77,902	77,918
Multifamily
Allowance for credit losses:
Allowance for credit losses, beginning balance	58,348	22,084	37,961	18,707
Provision for credit losses (net of recoveries)	15,947	5,874	36,334	9,251
Allowance for credit losses, ending balance	74,295	27,958	74,295	27,958
Office
Allowance for credit losses:
Allowance for credit losses, beginning balance	8,106	8,085	8,162	8,073
Provision for credit losses (net of recoveries)	140	(1,054)	84	(1,042)
Allowance for credit losses, ending balance	8,246	7,031	8,246	7,031
Retail
Allowance for credit losses:
Allowance for credit losses, beginning balance	5,819	5,819	5,819	5,819
Allowance for credit losses, ending balance	5,819	5,819	5,819	5,819
Commercial
Allowance for credit losses:
Allowance for credit losses, beginning balance	1,700	1,700	1,700	1,700
Allowance for credit losses, ending balance	1,700	1,700	1,700	1,700
Single-Family Rental
Allowance for credit losses:
Allowance for credit losses, beginning balance	973	421	781	320
Provision for credit losses (net of recoveries)	104	304	296	405
Allowance for credit losses, ending balance	1,077	725	1,077	725
Other
Allowance for credit losses:
Allowance for credit losses, beginning balance	45	333	68	652
Provision for credit losses (net of recoveries)	(30)	(153)	(53)	(472)
Allowance for credit losses, ending balance	$ 15	$ 180	$ 15	$ 180

Loans and Investments - Summary

Loans and Investments - Summary of impaired loans (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023 USD ($) loan	Dec. 31, 2022 USD ($) loan
Loans and Investments
UPB	$ 238,962	$ 157,960
Carrying Value	228,172	147,131
Allowance for Credit Losses	$ 98,337	$ 85,386
Wtd. Avg. First Dollar LTV Ratio	0.02	0.03
Wtd. Avg. Last Dollar LTV Ratio	0.97	0.96
Number of impaired loans (less unearned revenue and other holdbacks and adjustments) by asset class | loan	9	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	0.99	0.99
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	1
Multifamily
Loans and Investments
UPB	$ 36,377
Carrying Value	36,202
Allowance for Credit Losses	$ 5,000
Wtd. Avg. First Dollar LTV Ratio	0
Wtd. Avg. Last Dollar LTV Ratio	1
Retail
Loans and Investments
UPB	$ 22,045	$ 22,045
Carrying Value	17,777	17,563
Allowance for Credit Losses	$ 5,817	$ 5,817
Wtd. Avg. First Dollar LTV Ratio	0.13	0.14
Wtd. Avg. Last Dollar LTV Ratio	0.79	0.79
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	0.63	0.63
Wtd. Avg. Last Dollar LTV Ratio	0.63	0.63

Loans and Investments - Non-per

Loans and Investments - Non-performing loans (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Loans and Investments
UPB	$ 238,962	$ 157,960
Loans and investments, gross	13,491,607	14,456,123
Non-performing loans
Loans and Investments
UPB	124,436	7,750
Less Than 90 Days Past Due | Non-performing loans
Loans and Investments
Loans and investments, gross	116,686	0
Greater Than 90 Days Past Due | Non-performing loans
Loans and Investments
Loans and investments, gross	7,750	7,750
Multifamily
Loans and Investments
UPB	36,377
Multifamily | Non-performing loans
Loans and Investments
UPB	119,291	2,605
Multifamily | Less Than 90 Days Past Due | Non-performing loans
Loans and Investments
Loans and investments, gross	116,686	0
Multifamily | Greater Than 90 Days Past Due | Non-performing loans
Loans and Investments
Loans and investments, gross	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, gross	0	0
Retail | Greater Than 90 Days Past Due | Non-performing loans
Loans and Investments
Loans and investments, gross	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, gross	0	0
Commercial | Greater Than 90 Days Past Due | Non-performing loans
Loans and Investments
Loans and investments, gross	$ 1,700	$ 1,700

Loans Held-for-Sale, Net (Detai

Loans Held-for-Sale, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Loans Held-for-Sale, Net
Loans held-for-sale	$ 485,485	$ 368,066
Fair value of future MSR	6,948	5,557
Unrealized impairment loss	(2,305)	(15,703)
Unearned discount	(5,002)	(3,850)
Loans held-for-sale, net	485,126	354,070
Fannie Mae
Loans Held-for-Sale, Net
Loans held-for-sale, net	373,105	173,020
Freddie Mac
Loans Held-for-Sale, Net
Loans held-for-sale	84,355	8,938
SFR - Fixed Rate
Loans Held-for-Sale, Net
Loans held-for-sale, net	15,452	12,352
Private Label
Loans Held-for-Sale, Net
Loans held-for-sale, net	11,350	152,735
FHA
Loans Held-for-Sale, Net
Loans held-for-sale	$ 1,223	$ 21,021

Loans Held-for-Sale, Net - Narr

Loans Held-for-Sale, Net - Narrative (Details)	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) loan
Loans Held-for-Sale, Net
Sale of loans held-for-sale excluding acquired loans	$ 1,410,000,000		$ 1,030,000,000	$ 2,340,000,000	$ 2,620,000,000
Amount of securitizations						$ 43,400,000
Unrealized impairment loss			$ 4,100,000	2,305,000
Loans held-for-sale placed on non-accrual status	0			0		0
Greater Than 90 Days Past Due
Loans Held-for-Sale, Net
Loans held-for-sale that were 90 days or more past due	$ 0			$ 0		0
US Government Sponsored-Enterprise Insured Loans
Loans Held-for-Sale, Net
Period of loans held for sale sold				60 days
Private Label
Loans Held-for-Sale, Net
Period of loans held for sale sold				180 days
Sale of loans held-for-sale excluding acquired loans						489,300,000
Net loss of swaps gain with loans						$ 5,200,000
Number of loans under the loan portfolio | loan						7
Unpaid principal balance						$ 129,900,000
Net loans carrying value						$ 116,400,000
Gain on sale of loans		$ 900,000

Capitalized Mortgage Servicin_3

Capitalized Mortgage Servicing Rights - Narrative (Details) - MSRs - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Capitalized Mortgage Servicing Rights
Prepayment fees collected	$ 3,000,000	$ 15,200,000	$ 5,000,000	$ 31,400,000
Valuation allowance	$ 0		$ 0		$ 0
Minimum
Capitalized Mortgage Servicing Rights
Discount rate, percentage			8%
Maximum
Capitalized Mortgage Servicing Rights
Discount rate, percentage			13%
Weighted average
Capitalized Mortgage Servicing Rights
Discount rate, percentage			12%
Estimated life remaining	8 years 4 months 24 days		8 years 4 months 24 days		8 years 7 months 6 days

Capitalized Mortgage Servicin_4

Capitalized Mortgage Servicing Rights - Summary of Capitalized MSRs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Capitalized Mortgage Servicing Rights
Beginning balance			$ 401,471
Ending balance	$ 394,410		394,410
MSRs
Capitalized Mortgage Servicing Rights
Beginning balance	396,634	$ 422,036	401,471	$ 422,734
Additions	18,980	17,123	32,866	44,095
Amortization	(15,605)	(14,779)	(31,020)	(29,750)
Write-downs and payoffs	(5,599)	(12,846)	(8,907)	(25,545)
Ending balance	394,410	411,534	394,410	411,534
Expected amortization of capitalized MSRs balances
2023 (six months ending 12/31/2023)	31,488		31,488
2024	61,975		61,975
2025	58,534		58,534
2026	52,448		52,448
2027	47,512		47,512
2028	41,645		41,645
Thereafter	100,808		100,808
Total	394,410		394,410
Originated
Capitalized Mortgage Servicing Rights
Beginning balance	383,636	398,061	386,878	395,573
Additions	18,980	17,123	32,866	44,095
Amortization	(14,592)	(13,066)	(28,878)	(25,993)
Write-downs and payoffs	(4,757)	(10,721)	(7,599)	(22,278)
Ending balance	383,267	391,397	383,267	391,397
Acquired
Capitalized Mortgage Servicing Rights
Beginning balance	12,998	23,975	14,593	27,161
Amortization	(1,013)	(1,713)	(2,142)	(3,757)
Write-downs and payoffs	(842)	(2,125)	(1,308)	(3,267)
Ending balance	$ 11,143	$ 20,137	$ 11,143	$ 20,137

Mortgage Servicing - Schedule o

Mortgage Servicing - Schedule of Product and Geographic Concentration (Details) - MSRs $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023 USD ($) state	Dec. 31, 2022 USD ($) state
Mortgage Servicing
Product Concentrations, UPB	$ 29,446,551	$ 27,998,029
Fee-based servicing portfolio
Mortgage Servicing
Product Concentrations, % of Total	100%	100%
Texas | Fee-based servicing portfolio
Mortgage Servicing
Product Concentrations, % of Total	12%	11%
New York | Fee-based servicing portfolio
Mortgage Servicing
Product Concentrations, % of Total	11%	11%
North Carolina | Fee-based servicing portfolio
Mortgage Servicing
Product Concentrations, % of Total	8%	8%
California | Fee-based servicing portfolio
Mortgage Servicing
Product Concentrations, % of Total	8%	8%
Georgia | Fee-based servicing portfolio
Mortgage Servicing
Product Concentrations, % of Total	6%	6%
Florida | Fee-based servicing portfolio
Mortgage Servicing
Product Concentrations, % of Total	5%	5%
New Jersey | Fee-based servicing portfolio
Mortgage Servicing
Product Concentrations, % of Total	5%	5%
Illinois | Fee-based servicing portfolio
Mortgage Servicing
Product Concentrations, % of Total	4%	4%
Other | Fee-based servicing portfolio
Mortgage Servicing
Product Concentrations, % of Total	41%	42%
Number of states | state	0	0
Fannie Mae
Mortgage Servicing
Product Concentrations, UPB	$ 20,002,570	$ 19,038,124
Fannie Mae | Fee-based servicing portfolio
Mortgage Servicing
Product Concentrations, % of Total	68%	68%
Freddie Mac
Mortgage Servicing
Product Concentrations, UPB	$ 5,245,325	$ 5,153,207
Freddie Mac | Fee-based servicing portfolio
Mortgage Servicing
Product Concentrations, % of Total	18%	18%
Private Label
Mortgage Servicing
Product Concentrations, UPB	$ 2,305,000	$ 2,074,859
Private Label | Fee-based servicing portfolio
Mortgage Servicing
Product Concentrations, % of Total	8%	8%
FHA
Mortgage Servicing
Product Concentrations, UPB	$ 1,303,812	$ 1,155,893
FHA | Fee-based servicing portfolio
Mortgage Servicing
Product Concentrations, % of Total	4%	4%
Bridge
Mortgage Servicing
Product Concentrations, UPB	$ 299,578	$ 301,182
Bridge | Fee-based servicing portfolio
Mortgage Servicing
Product Concentrations, % of Total	1%	1%
SFR - Fixed Rate
Mortgage Servicing
Product Concentrations, UPB	$ 290,266	$ 274,764
SFR - Fixed Rate | Fee-based servicing portfolio
Mortgage Servicing
Product Concentrations, % of Total	1%	1%

Mortgage Servicing - Narrative

Mortgage Servicing - Narrative (Details) - USD ($) $ in Billions	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Mortgage Servicing
Escrow balance	$ 1.5	$ 1.5
Fee-based servicing portfolio
Mortgage Servicing
Escrow balance	$ 1.7	$ 1.7
MSRs | Agency Business
Mortgage Servicing
Weighted average servicing fee rate (basis points)	40.10%	41.10%

Mortgage Servicing - Components

Mortgage Servicing - Components of Servicing Revenue, Net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Transfers and Servicing [Abstract]
Servicing fees	$ 31,081	$ 31,322	$ 60,288	$ 63,070
Interest earned on escrows	19,509	1,786	36,516	2,624
Prepayment fees	2,961	15,231	5,036	31,370
Write-offs of MSRs	(5,599)	(12,846)	(8,907)	(25,545)
Amortization of MSRs	(15,605)	(14,779)	(31,020)	(29,750)
Servicing revenue, net	$ 32,347	$ 20,714	$ 61,913	$ 41,769

Securities Held-To-Maturity - S

Securities Held-To-Maturity - Summary of Securities Held-To-Maturity (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Securities Held-to-Maturity
Face Value	$ 231,708		$ 234,255
Net Carrying Value	155,210		156,547
Unrealized Loss	(27,315)		(11,976)
Estimated Fair Value	127,895		144,571
Allowance for Credit Losses	4,534	$ 5,025	3,153
APL certificates
Securities Held-to-Maturity
Face Value	192,791		192,791
Net Carrying Value	125,290		123,475
Unrealized Loss	(29,734)		(13,348)
Estimated Fair Value	95,556		110,127
Allowance for Credit Losses	3,375	3,330	2,783
B Piece bonds
Securities Held-to-Maturity
Face Value	38,917		41,464
Net Carrying Value	29,920		33,072
Unrealized Gain	2,419		1,372
Estimated Fair Value	32,339		34,444
Allowance for Credit Losses	$ 1,159	$ 1,695	$ 370

Securities Held-To-Maturity - N

Securities Held-To-Maturity - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) bond	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Schedule of Held-to-Maturity Securities [Line Items]
Held-to-maturity securities, face value	$ 231,708		$ 231,708		$ 234,255
Interest income, including the amortization of discount	3,900	$ 5,100	7,100	$ 10,300
APL certificates
Schedule of Held-to-Maturity Securities [Line Items]
Held-to-maturity securities, face value	192,791		192,791		$ 192,791
Amount purchased at a discount	$ 119,000		$ 119,000
Weighted average variable interest rate (as a percent)	3.94%		3.94%
Estimated weighted average remaining maturity period			7 years 18 days
Weighted average fixed interest rate			8.85%		8.85%
After one year through five years	$ 8,200		$ 8,200
After five years through ten years	$ 184,600		$ 184,600
APL certificates | Minimum
Schedule of Held-to-Maturity Securities [Line Items]
Securities maturity term			5 years
APL certificates | Maximum
Schedule of Held-to-Maturity Securities [Line Items]
Securities maturity term			10 years
Seven B Piece Bonds
Schedule of Held-to-Maturity Securities [Line Items]
Estimated weighted average remaining maturity period			6 years 1 month 6 days
Bonds retained percentage			49%
Initial face value of bonds purchased			$ 106,200
Number of B Piece bonds | bond			7
Discounted value of bonds purchased			$ 74,700
Held-to-maturity securities sold, percentage	51%		51%
Agency B Piece Bonds
Schedule of Held-to-Maturity Securities [Line Items]
Weighted average variable interest rate (as a percent)	3.74%		3.74%		12.20%
After one year through five years	$ 14,800		$ 14,800
Weighted average effective interest rate (as a percent)	11.31%		11.31%
Within one year	$ 7,600		$ 7,600
After ten years	$ 16,500		$ 16,500

Securities Held-To-Maturity - R

Securities Held-To-Maturity - Rollforward of Allowance (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
Changes in the allowance for credit losses
Allowance for credit loss, Beginning balance	$ 5,025	$ 3,153
Provision for credit loss expense/(reversal)	(491)	1,381
Allowance for credit loss, Ending balance	4,534	4,534
APL certificates
Changes in the allowance for credit losses
Allowance for credit loss, Beginning balance	3,330	2,783
Provision for credit loss expense/(reversal)	45	592
Allowance for credit loss, Ending balance	3,375	3,375
B Piece bonds
Changes in the allowance for credit losses
Allowance for credit loss, Beginning balance	1,695	370
Provision for credit loss expense/(reversal)	(536)	789
Allowance for credit loss, Ending balance	$ 1,159	$ 1,159

Investments in Equity Affilia_3

Investments in Equity Affiliates - Summary of Equity Method Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Investment in Equity Affiliates
Investment in Equity Affiliates	$ 72,806	$ 79,130
UPB of Loans to Equity Affiliates	1,688
Arbor Residential Investor LLC
Investment in Equity Affiliates
Investment in Equity Affiliates	42,157	46,951
Fifth Wall Ventures
Investment in Equity Affiliates
Investment in Equity Affiliates	14,028	13,584
AMAC Holdings III LLC
Investment in Equity Affiliates
Investment in Equity Affiliates	13,851	15,825
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 Café
Investment in Equity Affiliates
UPB of Loans to Equity Affiliates	$ 1,688

Investments in Equity Affilia_4

Investments in Equity Affiliates - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Investment in Equity Affiliates
Income from equity affiliates	$ 5,560	$ 6,547	$ 19,886	$ 13,759
Indirect ownership percentage			9.20%
Arbor Residential Investor LLC
Investment in Equity Affiliates
Income from equity affiliates	3,500	1,100	$ 2,600	6,100
Indirect ownership percentage			12.30%
Fifth Wall Ventures
Investment in Equity Affiliates
Distribution from investment classified as return capital		900
Noncontrolling interest			$ 600	6,900
Loss on investment	200		200
AMAC Holdings III LLC
Investment in Equity Affiliates
Noncontrolling interest	500	300	1,100	300	$ 4,900
Loss on investment	500	600	900	1,100
Lexford Portfolio
Investment in Equity Affiliates
Distribution received	$ 2,500	$ 6,000	$ 7,200	$ 6,000
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	1 Months Ended		6 Months Ended
	Apr. 30, 2023	Mar. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Debt Obligations
Debt Carrying Value			$ 3,579,080	$ 3,841,814
Collateral Carrying Value			$ 4,892,112	5,185,293
Wtd. Avg. Note Rate			7.34%
Outstanding principal balance repaid			$ 47,400
Repurchase facility - securities | B Piece bonds
Debt Obligations
Collateral Carrying Value				33,100
Structured Business
Debt Obligations
Debt Carrying Value			3,115,792	3,536,371
Collateral Carrying Value			$ 4,421,186	4,845,753
Wtd. Avg. Note Rate			7.47%
Unamortized Deferred Financing Fees			$ 8,900	$ 13,300
Weighted average note rate including certain fees and costs, percentage			7.88%	6.95%
Leverage on loans and investment portfolio financed through credit and repurchase facilities, excluding securities repurchase facility and working capital facility			70%	73%
Structured Business | $2.5B joint repurchase facility
Debt Obligations
Maximum borrowing capacity			$ 2,500,000
Debt Carrying Value			1,109,720	$ 1,516,657
Collateral Carrying Value			$ 1,670,162	2,099,447
Wtd. Avg. Note Rate			7.48%
Structured Business | $1B repurchase facility
Debt Obligations
Maximum borrowing capacity			$ 1,000,000
Debt Carrying Value			386,371	498,666
Collateral Carrying Value			$ 553,113	703,740
Wtd. Avg. Note Rate			7.23%
Structured Business | $500M repurchase facility
Debt Obligations
Maximum borrowing capacity			$ 500,000
Debt Carrying Value			335,284	154,653
Collateral Carrying Value			$ 455,940	188,563
Wtd. Avg. Note Rate			8.14%
Expiration period after the lender provides written notice			6 months
Additional period to repurchase the underlying loans			6 months
Structured Business | $499M repurchase facility
Debt Obligations
Maximum borrowing capacity			$ 499,000
Debt Carrying Value			329,850	351,056
Collateral Carrying Value			$ 472,487	504,506
Wtd. Avg. Note Rate			7.57%
Structured Business | $450M repurchase facility
Debt Obligations
Maximum borrowing capacity			$ 450,000
Debt Carrying Value			325,057	344,237
Collateral Carrying Value			$ 450,526	450,736
Wtd. Avg. Note Rate			7.28%
Structured Business | $450M repurchase facility | SOFR
Debt Obligations
Variable rate, spread		2%
Structured Business | $450M repurchase facility
Debt Obligations
Maximum borrowing capacity			$ 450,000
Debt Carrying Value			93,160	186,639
Collateral Carrying Value			$ 120,947	239,678
Wtd. Avg. Note Rate			6.95%
Structured Business | $400M credit facility
Debt Obligations
Maximum borrowing capacity			$ 400,000
Debt Carrying Value			18,459	33,221
Collateral Carrying Value			$ 23,088	43,238
Wtd. Avg. Note Rate			7.18%
Structured Business | $225M credit facility
Debt Obligations
Maximum borrowing capacity			$ 225,000
Debt Carrying Value			89,280	47,398
Collateral Carrying Value			$ 132,160	81,119
Wtd. Avg. Note Rate			7.75%
Structured Business | $200M repurchase facility
Debt Obligations
Maximum borrowing capacity			$ 200,000
Debt Carrying Value			60,514	32,494
Collateral Carrying Value			$ 85,979	47,750
Wtd. Avg. Note Rate			7.75%
Structured Business | $200M repurchase facility
Debt Obligations
Maximum borrowing capacity			$ 200,000
Debt Carrying Value			115,566	154,516
Collateral Carrying Value			$ 148,244	200,099
Wtd. Avg. Note Rate			7.14%
Structured Business | $172M loan specific credit facilities
Debt Obligations
Maximum borrowing capacity			$ 172,000
Debt Carrying Value			171,326	156,107
Collateral Carrying Value			$ 247,164	225,805
Wtd. Avg. Note Rate			7.26%
Structured Business | $50M credit facility
Debt Obligations
Maximum borrowing capacity			$ 50,000
Debt Carrying Value			29,200	29,194
Collateral Carrying Value			$ 36,500	36,500
Wtd. Avg. Note Rate			7.29%
Structured Business | $40M credit facility
Debt Obligations
Maximum borrowing capacity			$ 40,000
Debt Carrying Value			0	0
Collateral Carrying Value			$ 0	0
Wtd. Avg. Note Rate			0%
Structured Business | $35M working capital facility
Debt Obligations
Maximum borrowing capacity			$ 35,000
Debt Carrying Value			0	0
Collateral Carrying Value			$ 0	0
Wtd. Avg. Note Rate			0%
Structured Business | $25M credit facility
Debt Obligations
Maximum borrowing capacity			$ 25,000
Debt Carrying Value			18,905	18,701
Collateral Carrying Value			$ 24,876	24,572
Wtd. Avg. Note Rate			7.80%
Total committed amount	$ 25,000
Structured Business | Repurchase facility - securities
Debt Obligations
Debt Carrying Value			$ 33,100	12,832
Collateral Carrying Value			$ 0	0
Wtd. Avg. Note Rate			6.93%
Agency Business
Debt Obligations
Debt Carrying Value			$ 463,288	305,443
Collateral Carrying Value			$ 470,926	339,540
Wtd. Avg. Note Rate			6.47%
Unamortized Deferred Financing Fees			$ 600	900
Agency Business | $500M repurchase facility
Debt Obligations
Maximum borrowing capacity			500,000
Debt Carrying Value			220,848	66,778
Collateral Carrying Value			$ 222,701	66,866
Wtd. Avg. Note Rate			6.52%
Agency Business | $200M repurchase facility
Debt Obligations
Maximum borrowing capacity			$ 200,000
Debt Carrying Value			112,158	31,475
Collateral Carrying Value			$ 112,881	33,177
Wtd. Avg. Note Rate			6.49%
Total committed amount		$ 200,000
Agency Business | $200M repurchase facility | SOFR
Debt Obligations
Variable rate, spread		1.40%
Agency Business | $50M credit facility
Debt Obligations
Maximum borrowing capacity			$ 50,000
Debt Carrying Value			8,161	14,664
Collateral Carrying Value			$ 8,163	14,671
Wtd. Avg. Note Rate			6.44%
Agency Business | $750M ASAP agreement
Debt Obligations
Maximum borrowing capacity			$ 750,000
Debt Carrying Value			114,018	29,476
Collateral Carrying Value			$ 114,938	30,291
Wtd. Avg. Note Rate			6.21%
Agency Business | $500M joint repurchase facility
Debt Obligations
Maximum borrowing capacity			$ 500,000
Debt Carrying Value			7,569	104,629
Collateral Carrying Value			$ 11,350	135,641
Wtd. Avg. Note Rate			8.36%
Agency Business | $150M credit facility
Debt Obligations
Maximum borrowing capacity			$ 150,000
Debt Carrying Value			0	57,887
Collateral Carrying Value			$ 0	57,974
Wtd. Avg. Note Rate			0%
Agency Business | $1M repurchase facility
Debt Obligations
Maximum borrowing capacity			$ 1,000
Debt Carrying Value			534	534
Collateral Carrying Value			$ 893	$ 920
Wtd. Avg. Note Rate			7.42%

Debt Obligations - Collateraliz

Debt Obligations - Collateralized Loan Obligations (Details) $ in Thousands	1 Months Ended	6 Months Ended		12 Months Ended
	Jun. 30, 2023 USD ($) loan	Jun. 30, 2023 USD ($) loan	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Debt Obligations
Debt, Carrying Value	$ 7,168,104	$ 7,168,104		$ 7,849,270
Debt, Wtd. Avg. Rate	7.34%	7.34%
Payoffs and paydowns of collateralized loan obligations		$ 689,715	$ 441,000
Collateralized loan obligations
Debt Obligations
Debt, Face Value	$ 6,959,472	6,959,472		7,649,188
Debt, Carrying Value	$ 6,933,566	$ 6,933,566		$ 7,615,364
Debt, Wtd. Avg. Rate	6.94%	6.94%		6.10%
Collateral, Loans, UPB	$ 8,127,432	$ 8,127,432		$ 8,619,210
Collateral, Loans, Carrying Value	8,100,689	8,100,689		8,586,139
Collateral, Cash, Restricted Cash	259,400	259,400		480,817
Deferred financing fees	$ 28,200	$ 28,200		36,800
Number of loans under the loan portfolio | loan	2	2
Collateral at risk	$ 105,000	$ 105,000		0
Proceeds from issuance of collateralized loan obligations for acquiring additional loan obligations		129,800		230,000
CLO 19
Debt Obligations
Debt, Face Value	872,812	872,812		872,812
Debt, Carrying Value	$ 867,453	$ 867,453		$ 866,605
Debt, Wtd. Avg. Rate	7.55%	7.55%		6.75%
Collateral, Loans, UPB	$ 1,021,530	$ 1,021,530		$ 952,268
Collateral, Loans, Carrying Value	1,017,396	1,017,396		947,336
Collateral, Cash, Restricted Cash	0	0		64,300
CLO 18
Debt Obligations
Debt, Face Value	1,652,812	1,652,812		1,652,812
Debt, Carrying Value	$ 1,646,771	$ 1,646,771		$ 1,645,711
Debt, Wtd. Avg. Rate	6.99%	6.99%		6.19%
Collateral, Loans, UPB	$ 2,025,402	$ 2,025,402		$ 1,899,174
Collateral, Loans, Carrying Value	2,019,021	2,019,021		1,891,215
Collateral, Cash, Restricted Cash	1,751	1,751		85,970
CLO 17
Debt Obligations
Debt, Face Value	1,714,125	1,714,125		1,714,125
Debt, Carrying Value	$ 1,708,712	$ 1,708,712		$ 1,707,676
Debt, Wtd. Avg. Rate	7%	7%		6.16%
Collateral, Loans, UPB	$ 2,013,515	$ 2,013,515		$ 1,911,866
Collateral, Loans, Carrying Value	2,006,767	2,006,767		1,904,732
Collateral, Cash, Restricted Cash	63,486	63,486		145,726
CLO 16
Debt Obligations
Debt, Face Value	1,237,500	1,237,500		1,237,500
Debt, Carrying Value	$ 1,232,805	$ 1,232,805		$ 1,231,887
Debt, Wtd. Avg. Rate	6.62%	6.62%		5.79%
Collateral, Loans, UPB	$ 1,409,071	$ 1,409,071		$ 1,307,244
Collateral, Loans, Carrying Value	1,404,641	1,404,641		1,301,794
Collateral, Cash, Restricted Cash	21,681	21,681		106,495
CLO 15
Debt Obligations
Debt, Face Value	674,412	674,412		674,412
Debt, Carrying Value	$ 672,429	$ 672,429		$ 671,532
Debt, Wtd. Avg. Rate	6.68%	6.68%		5.84%
Collateral, Loans, UPB	$ 640,363	$ 640,363		$ 797,755
Collateral, Loans, Carrying Value	638,291	638,291		795,078
Collateral, Cash, Restricted Cash	166,290	166,290		2,861
CLO 14
Debt Obligations
Debt, Face Value	655,475	655,475		655,475
Debt, Carrying Value	$ 653,445	$ 653,445		$ 652,617
Debt, Wtd. Avg. Rate	6.64%	6.64%		5.80%
Collateral, Loans, UPB	$ 771,384	$ 771,384		$ 732,247
Collateral, Loans, Carrying Value	769,364	769,364		730,057
Collateral, Cash, Restricted Cash	6,192	6,192		37,090
CLO 13
Debt Obligations
Debt, Face Value				462,769
Debt, Carrying Value				$ 461,005
Debt, Wtd. Avg. Rate				6.03%
Collateral, Loans, UPB				$ 552,182
Collateral, Loans, Carrying Value				550,924
Collateral, Cash, Restricted Cash				37,875
Payoffs and paydowns of collateralized loan obligations	1,200
CLO 12
Debt Obligations
Debt, Face Value	152,336	152,336		379,283
Debt, Carrying Value	$ 151,951	$ 151,951		$ 378,331
Debt, Wtd. Avg. Rate	7.47%	7.47%		6.09%
Collateral, Loans, UPB	$ 246,167	$ 246,167		$ 466,474
Collateral, Loans, Carrying Value	245,209	245,209		465,003
Collateral, Cash, Restricted Cash	0	0		500
Payoffs and paydowns of collateralized loan obligations		226,900
Q Series securitization
Debt Obligations
Debt, Face Value	236,878	236,878		236,878
Debt, Carrying Value	$ 234,538	$ 234,538		$ 233,906
Debt, Wtd. Avg. Rate	7.09%	7.09%		6.30%
Collateral, Loans, UPB	$ 296,088	$ 296,088		$ 315,837
Collateral, Loans, Carrying Value	294,679	294,679		313,965
Collateral, Cash, Restricted Cash	0	0		0
Total securitized debt
Debt Obligations
Debt, Face Value	7,196,350	7,196,350		7,886,066
Debt, Carrying Value	$ 7,168,104	$ 7,168,104		$ 7,849,270
Debt, Wtd. Avg. Rate	6.94%	6.94%		6.11%
Collateral, Loans, UPB	$ 8,423,520	$ 8,423,520		$ 8,935,047
Collateral, Loans, Carrying Value	8,395,368	8,395,368		8,900,104
Collateral, Cash, Restricted Cash	$ 259,400	$ 259,400		$ 480,817
Weighted average note rate including certain fees and costs, percentage	7.18%	7.18%		6.32%

Debt Obligations - Senior Unsec

Debt Obligations - Senior Unsecured Notes (Details) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended
	Mar. 31, 2023	Jun. 30, 2023	May 31, 2023	Dec. 31, 2022
Debt Obligations
Wtd. Avg. Note Rate		7.34%
Redemption of aggregate principal amount, percentage		100%
7.75% Notes
Debt Obligations
Debt, Face Value		$ 95,000		$ 0
Carrying value		$ 93,407		$ 0
Wtd. Avg. Note Rate		7.75%		0%
Interest rate		7.75%
8.50% Notes
Debt Obligations
Debt, Face Value		$ 150,000		$ 150,000
Carrying value		$ 147,775		$ 147,519
Wtd. Avg. Note Rate		8.50%		8.50%
Interest rate		8.50%
5.00% Notes
Debt Obligations
Debt, Face Value		$ 180,000		$ 180,000
Carrying value		$ 177,663		$ 177,450
Wtd. Avg. Note Rate		5%		5%
Interest rate		5%
4.50% Notes
Debt Obligations
Debt, Face Value		$ 270,000		$ 270,000
Carrying value		$ 267,345		$ 266,926
Wtd. Avg. Note Rate		4.50%		4.50%
Interest rate		4.50%
5.00% Notes
Debt Obligations
Debt, Face Value		$ 175,000		$ 175,000
Carrying value		$ 173,230		$ 172,917
Wtd. Avg. Note Rate		5%		5%
Interest rate		5%
4.50% Notes
Debt Obligations
Debt, Face Value		$ 275,000		$ 275,000
Carrying value		$ 273,201		$ 272,960
Wtd. Avg. Note Rate		4.50%		4.50%
Interest rate		4.50%
4.75% Notes
Debt Obligations
Debt, Face Value		$ 110,000		$ 110,000
Carrying value		$ 109,545		$ 109,369
Wtd. Avg. Note Rate		4.75%		4.75%
Interest rate		4.75%
5.75% Notes
Debt Obligations
Debt, Face Value		$ 90,000		$ 90,000
Carrying value		$ 89,709		$ 89,514
Wtd. Avg. Note Rate		5.75%		5.75%
Interest rate		5.75%
8.00% Notes
Debt Obligations
Debt, Face Value		$ 0		$ 70,750
Carrying value		$ 0		$ 70,613
Wtd. Avg. Note Rate		0%		8%
Interest rate		8%
5.625% Notes
Debt Obligations
Debt, Face Value		$ 0		$ 78,850
Carrying value		$ 0		$ 78,726
Wtd. Avg. Note Rate		0%		5.63%
Interest rate		5.625%	5.625%
Senior unsecured notes
Debt Obligations
Debt, Face Value		$ 1,345,000		$ 1,399,600
Carrying value		$ 1,331,875		$ 1,385,994
Wtd. Avg. Note Rate		5.41%		5.40%
Deferred financing fees		$ 13,100		$ 13,600
Weighted average note rate including certain fees and costs, percentage		5.70%		5.69%
7.75% senior unsecured notes
Debt Obligations
Carrying value	$ 95,000
Interest rate	7.75%
Senior Unsecured Notes
Debt Obligations
Interest rate	8%
Proceeds from issuance of unsecured notes	$ 93,400
Amount utilized to repurchase a portion of unsecured notes	$ 70,800

Debt Obligations - Convertible

Debt Obligations - Convertible Senior Unsecured Notes (Details) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($) $ / shares	Jun. 30, 2023 USD ($) $ / shares	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) $ / shares	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Debt Obligations
Total	$ 12,571,724	$ 12,571,724		$ 12,571,724
Convertible senior unsecured notes
Debt Obligations
Percentage of notes required to be repurchased if the agreement is fundamentally changed				100%
Debt, Face Value	287,500	287,500		$ 287,500		$ 287,500
Unamortized Deferred Financing Fees	5,763	5,763		5,763		7,144
Total	$ 281,737	281,737		281,737		$ 280,356
Interest expense		6,100	$ 3,800	12,200	$ 7,600
Interest expense related to cash coupon		5,400	3,100	10,800	6,300
Deferred fees expensed as interest expense		$ 700	$ 700	$ 1,400	$ 1,300
Weighted average cost of notes, percentage	8.42%	8.42%		8.42%		8.42%
7.50% convertible notes
Debt Obligations
Interest rate	7.50%	7.50%		7.50%
Conversion rate of the notes to common stock, per $1,000 principal amount of notes	60.0717
Conversion price per share of common stock (in usd per share) | $ / shares	$ 16.65	$ 16.65		$ 16.65
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	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Debt Obligations
Junior subordinated notes	$ 143,506	$ 143,128
Debt, Wtd. Avg. Rate	7.34%
Junior subordinated notes
Debt Obligations
Junior subordinated notes	$ 143,500	143,100
Deferred amount due at maturity	9,300	9,600
Deferred fees expensed as interest expense	$ 1,500	$ 1,600
Debt, Wtd. Avg. Rate	8.44%	7.65%
Weighted average note rate including certain fees and costs, percentage	8.52%	7.74%

Debt Obligations - Debt Covenan

Debt Obligations - Debt Covenants (Details) - USD ($)	1 Months Ended					6 Months Ended
	Apr. 30, 2023	Jan. 31, 2023	Oct. 31, 2022	Jul. 31, 2022	Apr. 30, 2022	Jun. 30, 2023
CLO 12
Overcollateralization [Abstract]
Current	166.17%	149.65%	126.58%	118.87%	118.87%	166.17%
Limit						117.87%
Interest Coverage [Abstract]
Current						191.03%
Limit						120%
CLO 14
Overcollateralization [Abstract]
Current	119.76%	119.76%	119.76%	119.76%	119.76%	119.76%
Limit						118.76%
Interest Coverage [Abstract]
Current						150.95%
Limit						120%
CLO 15
Overcollateralization [Abstract]
Current	120.85%	120.85%	120.85%	120.85%	120.85%	120.85%
Limit						119.85%
Interest Coverage [Abstract]
Current						136.88%
Limit						120%
CLO 16
Overcollateralization [Abstract]
Current	121.21%	121.21%	121.21%	121.21%	121.21%	121.21%
Limit						120.21%
Interest Coverage [Abstract]
Current						157.53%
Limit						120%
CLO 17
Overcollateralization [Abstract]
Current	122.51%	122.51%	122.51%	122.51%	122.51%	122.51%
Limit						121.51%
Interest Coverage [Abstract]
Current						132.79%
Limit						120%
CLO 18
Overcollateralization [Abstract]
Current	124.03%	124.03%	124.03%	124.03%	124.03%	124.03%
Limit						123.03%
Interest Coverage [Abstract]
Current						132.83%
Limit						120%
CLO 19
Overcollateralization [Abstract]
Current	120.30%	120.30%	120.30%	120.30%	120.30%	120.30%
Limit						119.30%
Interest Coverage [Abstract]
Current						129.59%
Limit						120%
Junior subordinated notes
Interest Coverage [Abstract]
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		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Roll forward of loss contingency accrual
Provisions for loss sharing	$ 7,672	$ (1,949)	$ 10,848	$ (2,611)
Guarantee obligations	34,500	34,300	34,500	34,300
Allowance for loss sharing obligations	32,200		$ 32,200		$ 22,700
Loss-sharing obligations (as a percent)			0.16%		0.12%
Impact of adopting CECL	6,900		$ 9,400
Loss-Sharing Obligation
Roll forward of loss contingency accrual
Outstanding advances under the Fannie Mae DUS program	1,200		1,200		$ 800
Loss-Sharing Obligation | Fannie Mae Mortgage
Roll forward of loss contingency accrual
Beginning balance	59,757	55,172	57,168	56,064	56,064
Provisions for loss sharing	7,724	114	12,290	247
Provisions reversal for loan repayments	(52)	(2,063)	(1,442)	(2,858)
Recoveries (charge-offs), net	(748)	(170)	(1,335)	(400)
Ending balance	66,681	$ 53,053	66,681	$ 53,053	57,168
Maximum quantifiable liability	$ 3,700,000		$ 3,700,000		$ 3,490,000

Derivative Financial Instrume_3

Derivative Financial Instruments - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Derivative Financial Instruments
Net gains (loss) from changes in the fair value of derivatives	$ (8,100)	$ 5,000	$ (1,000)	$ 2,400
Mortgage servicing rights	16,201	17,567	$ 34,659	32,879
Swaps
Derivative Financial Instruments
Derivative, maturity term			3 months
Derivative swap default credit			5 years
Swaps | Other Income | Agency Business
Derivative Financial Instruments
Realized gain (loss) on derivatives	(600)	5,700	$ 1,000	23,600
Unrealized gains (losses) on derivatives	$ 1,300	$ (2,000)	$ (3,100)	$ (100)
Swaps | Minimum
Derivative Financial Instruments
Derivative swap rate period			5 years
Swaps | Maximum
Derivative Financial Instruments
Derivative swap rate period			10 years

Derivative Financial Instrume_4

Derivative Financial Instruments - Schedule of Non-Qualifying Derivative Financial Instruments (Details) $ in Thousands	Jun. 30, 2023 USD ($) count	Dec. 31, 2022 USD ($) count
Non-Qualifying | Agency Business
Derivative Financial Instruments
Notional Value	$ 558,073	$ 515,723
Fair Value, Derivative Assets	1,342	1,505
Fair Value, Derivative Liabilities	(5,365)	$ (4,897)
Rate lock commitments
Derivative Financial Instruments
Notional Value	$ 45,595
Rate lock commitments | Non-Qualifying | Agency Business
Derivative Financial Instruments
Count | count	6	6
Notional Value	$ 45,595	$ 91,472
Fair Value, Derivative Assets	757	354
Fair Value, Derivative Liabilities	(580)	$ (1,070)
Forward sale commitments
Derivative Financial Instruments
Notional Value	$ 504,278
Forward sale commitments | Non-Qualifying | Agency Business
Derivative Financial Instruments
Count | count	39	27
Notional Value	$ 504,278	$ 294,451
Fair Value, Derivative Assets	585	1,151
Fair Value, Derivative Liabilities	$ (4,785)	$ (3,827)
Swaps | Non-Qualifying | Agency Business
Derivative Financial Instruments
Count | count	82	1,298
Notional Value	$ 8,200	$ 129,800

Fair Value - Carrying Value and

Fair Value - Carrying Value and Estimated Fair Value (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Financial assets:
Loans and investments, net, Principal/Notional Amount	$ 13,491,607	$ 14,456,123
Loans and investments, net	13,271,359	14,254,674
Loans held-for-sale, net, Principal/Notional Amount	485,485	368,066
Loans held-for-sale, net	485,485	368,066
Securities, held-to-maturity, net, Principal/Notional Amount	231,708	234,255
Securities held-to-maturity, net	155,210	156,547
Derivative financial instruments, Principal/Notional Amount	56,545	111,950
Financial liabilities:
Credit and repurchase facilities, Principal/Notional Amount	3,588,538	3,856,009
Credit and repurchase facilities	3,579,080	3,841,814
Securitized debt	7,168,104	7,849,270
Senior unsecured notes	1,331,875	1,385,994
Convertible senior unsecured notes	281,737	280,356
Junior subordinated notes	143,506	143,128
Derivative financial instruments, Principal/Notional Amount	$ 493,328	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	$ 13,271,359	14,254,674
Loans held-for-sale, net	485,126	354,070
Capitalized mortgage servicing rights, net	394,410	401,471
Securities held-to-maturity, net	155,210	156,547
Derivative financial instruments	1,342	1,505
Financial liabilities:
Credit and repurchase facilities	3,579,080	3,841,814
Securitized debt	7,168,104	7,849,270
Senior unsecured notes	1,331,875	1,385,994
Convertible senior unsecured notes	281,737	280,356
Junior subordinated notes	143,506	143,128
Derivative financial instruments	5,365	4,897
Estimated Fair Value
Financial assets:
Loans and investments, net	13,411,621	14,468,418
Loans held-for-sale, net	496,747	362,054
Capitalized mortgage servicing rights, net	516,162	530,913
Securities held-to-maturity, net	127,895	144,571
Derivative financial instruments	1,342	1,505
Financial liabilities:
Credit and repurchase facilities	3,571,464	3,828,192
Securitized debt	7,007,274	7,560,541
Senior unsecured notes	1,188,425	1,262,560
Convertible senior unsecured notes	285,775	287,834
Junior subordinated notes	105,210	103,977
Derivative financial instruments	5,365	4,897
Securitized debt
Financial liabilities:
Debt face value issued to third parties	7,196,350	7,886,066
Senior unsecured notes
Financial liabilities:
Debt face value issued to third parties	1,345,000	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	$ 143,500	$ 143,100

Fair Value - Measurement on Rec

Fair Value - Measurement on Recurring and Nonrecurring Basis (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($) loan	Dec. 31, 2022 USD ($) loan
Financial assets:
Impaired loans, net	$ 228,172	$ 147,131
Financial liabilities:
Allowance for credit losses on impaired loans	$ 98,300
Number of impaired loans | loan	9
Aggregate carrying value of impaired loans before reserves	$ 228,200
Unrealized impairment losses on held-for-sale	2,300
Number of impaired loans held-for-sale | loan		6
Unrealized impairment losses	20,100
Carrying Value
Financial assets:
Derivative financial instruments	1,342	$ 1,505
Financial liabilities:
Derivative financial instruments	5,365	4,897
Fair Value
Financial assets:
Derivative financial instruments	1,342	1,505
Financial liabilities:
Derivative financial instruments	5,365	$ 4,897
Recurring basis | Carrying Value
Financial assets:
Derivative financial instruments	1,342
Financial liabilities:
Derivative financial instruments	5,365
Recurring basis | Fair Value
Financial assets:
Derivative financial instruments	1,342
Financial liabilities:
Derivative financial instruments	5,365
Nonrecurring basis | Carrying Value
Financial assets:
Loans held-for-investment	129,835
Loans held-for-sale	17,768
Impaired loans, net	147,603
Nonrecurring basis | Fair Value
Financial assets:
Loans held-for-investment	129,835
Loans held-for-sale	17,768
Impaired loans, net	147,603
Level 1 | Recurring basis
Financial assets:
Derivative financial instruments	0
Financial liabilities:
Derivative financial instruments	0
Level 1 | Nonrecurring basis
Financial assets:
Loans held-for-investment	0
Loans held-for-sale	0
Impaired loans, net	0
Level 2 | Recurring basis
Financial assets:
Derivative financial instruments	585
Financial liabilities:
Derivative financial instruments	5,365
Level 2 | Nonrecurring basis
Financial assets:
Loans held-for-investment	0
Loans held-for-sale	17,768
Impaired loans, net	17,768
Level 3 | Recurring basis
Financial assets:
Derivative financial instruments	757
Financial liabilities:
Derivative financial instruments	0
Level 3 | Nonrecurring basis
Financial assets:
Loans held-for-investment	129,835
Loans held-for-sale	0
Impaired loans, net	$ 129,835

Fair Value - Level 3 Inputs (De

Fair Value - Level 3 Inputs (Details) - Level 3 $ in Thousands	Jun. 30, 2023 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
Multifamily
Fair Value
Impaired loans, fair value	$ 31,202
Multifamily | Capitalization rate
Fair Value
Impaired loans, measurement input	6
Retail
Fair Value
Impaired loans, fair value	$ 11,959
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	$ 757
Derivative Asset, Valuation Technique [Extensible List]	Valuation Technique, Discounted Cash Flow [Member]
Derivative Asset, Measurement Input [Extensible List]	Discount rate
Rate lock commitments | Discount rate
Fair Value
Impaired loans, measurement input	13

Fair Value - Level 3 Derivative

Fair Value - Level 3 Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Derivative assets
Beginning balance	$ 3,097	$ 1,355	$ 354	$ 295
Settlements	(17,688)	(17,254)	(32,754)	(30,937)
Realized gains recorded in earnings	14,591	15,899	32,400	30,642
Unrealized gains recorded in earnings	757	1,035	757	1,035
Ending balance	$ 757	$ 1,035	$ 757	$ 1,035

Fair Value - Components of fair

Fair Value - Components of fair value and other relevant information (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2023
Fair Value
Fair Value of Servicing Rights		$ 7,705
Interest Rate Movement Effect		0
Unrealized Impairment Loss	$ (4,100)	(2,305)
Total Fair Value Adjustment		5,400
Rate lock commitments
Fair Value
Notional/ Principal Amount		45,595
Fair Value of Servicing Rights		757
Interest Rate Movement Effect		(532)
Unrealized Impairment Loss		0
Total Fair Value Adjustment		225
Forward sale commitments
Fair Value
Notional/ Principal Amount		504,278
Fair Value of Servicing Rights		0
Interest Rate Movement Effect		532
Unrealized Impairment Loss		0
Total Fair Value Adjustment		532
Loans held-for-sale, net
Fair Value
Notional/ Principal Amount		485,485
Fair Value of Servicing Rights		6,948
Interest Rate Movement Effect		0
Unrealized Impairment Loss		(2,305)
Total Fair Value Adjustment		$ 4,643

Fair Value - Financial Assets a

Fair Value - Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Financial assets:
Loans and investments, net	$ 13,271,359	$ 14,254,674
Loans held-for-sale, net	485,485	368,066
Securities held-to-maturity, net	155,210	156,547
Financial liabilities:
Credit and repurchase facilities	3,579,080	3,841,814
Securitized debt	7,168,104	7,849,270
Senior unsecured notes	1,331,875	1,385,994
Convertible senior unsecured notes	281,737	280,356
Junior subordinated notes	143,506	143,128
Level 1
Financial assets:
Loans and investments, net	0
Loans held-for-sale, net	0
Capitalized mortgage servicing rights, net	0
Securities held-to-maturity, net	0
Financial liabilities:
Credit and repurchase facilities	0
Securitized debt	0
Senior unsecured notes	1,188,425
Convertible senior unsecured notes	0
Junior subordinated notes	0
Level 2
Financial assets:
Loans and investments, net	0
Loans held-for-sale, net	489,799
Capitalized mortgage servicing rights, net	0
Securities held-to-maturity, net	0
Financial liabilities:
Credit and repurchase facilities	463,288
Securitized debt	0
Senior unsecured notes	0
Convertible senior unsecured notes	285,775
Junior subordinated notes	0
Level 3
Financial assets:
Loans and investments, net	13,411,621
Loans held-for-sale, net	6,948
Capitalized mortgage servicing rights, net	516,162
Securities held-to-maturity, net	127,895
Financial liabilities:
Credit and repurchase facilities	3,108,176
Securitized debt	7,007,274
Senior unsecured notes	0
Convertible senior unsecured notes	0
Junior subordinated notes	105,210
Carrying Value
Financial assets:
Loans and investments, net	13,271,359	14,254,674
Loans held-for-sale, net	485,126	354,070
Capitalized mortgage servicing rights, net	394,410
Securities held-to-maturity, net	155,210	156,547
Financial liabilities:
Credit and repurchase facilities	3,579,080	3,841,814
Securitized debt	7,168,104	7,849,270
Senior unsecured notes	1,331,875	1,385,994
Convertible senior unsecured notes	281,737	280,356
Junior subordinated notes	143,506	143,128
Fair Value
Financial assets:
Loans and investments, net	13,411,621	14,468,418
Loans held-for-sale, net	496,747	362,054
Capitalized mortgage servicing rights, net	516,162
Securities held-to-maturity, net	127,895	144,571
Financial liabilities:
Credit and repurchase facilities	3,571,464	3,828,192
Securitized debt	7,007,274	7,560,541
Senior unsecured notes	1,188,425	1,262,560
Convertible senior unsecured notes	285,775	287,834
Junior subordinated notes	$ 105,210	$ 103,977

Commitments and Contingencies -

Commitments and Contingencies - Contractual Commitments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Agency Business Commitments
Cash collateral per securitization	$ 5,000		$ 5,000
Outstanding letters of credit	5,000		5,000
Debt Obligations
2023 (six months ending December 31, 2023)	1,914,105		1,914,105
2024	2,643,310		2,643,310
2025	2,038,158		2,038,158
2026	4,772,269		4,772,269
2027	869,546		869,546
2028	180,000		180,000
Thereafter	154,336		154,336
Total	12,571,724		12,571,724
Minimum Annual Operating Lease Payments
2023 (six months ending December 31, 2023)	4,682		4,682
2024	10,202		10,202
2025	10,565		10,565
2026	10,634		10,634
2027	9,226		9,226
2028	8,624		8,624
Thereafter	27,755		27,755
Total	81,688		81,688
Total
2023 (six months ending December 31, 2023)	1,918,787		1,918,787
2024	2,653,512		2,653,512
2025	2,048,723		2,048,723
2026	4,782,903		4,782,903
2027	878,772		878,772
2028	188,624		188,624
Thereafter	182,091		182,091
Total	12,653,412		12,653,412
Operating lease expense	2,600	$ 2,400	5,200	$ 4,700
Fannie Mae Mortgage
Agency Business Commitments
Minimum liquid assets to be maintained to meet operational liquidity requirements	19,400		$ 19,400
Period of funding for collateral requirement			48 months
Letter of credit required	70,200		$ 70,200
Letter of credit assigned	64,000		64,000
Reserve required to fund additional restricted liquidity over the next 48 months	$ 37,200		$ 37,200
Period of additional funding for collateral requirement			48 months
Forward Contracts
Agency Business Commitments
Period of contractual commitment			60 days

Commitments and Contingencies_2

Commitments and Contingencies - Litigation (Details) $ in Millions	1 Months Ended			3 Months Ended		6 Months Ended
	Dec. 31, 2022 USD ($)	Jun. 30, 2013 defendant lawsuit	Jun. 30, 2011 defendant lawsuit	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)
Commitments and Contingencies
Operating lease expense | $				$ 2.6	$ 2.4	$ 5.2	$ 4.7
Litigation settlement amount | $	$ 38
Land
Commitments and Contingencies
Outstanding unfunded commitments | $	1,150			$ 965.7		$ 965.7
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 defendants who are corporate and partnership entities		16
Number of defendants named in a legal action who are individuals		10
Number of lawsuits consolidated | lawsuit		1
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	6 Months Ended
	Jun. 30, 2023 USD ($) entity	Dec. 31, 2022 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Assets:
Restricted cash	$ 396,866	$ 713,808	$ 787,952	$ 486,690
Loans and investments, net	13,271,359	14,254,674
Other assets	368,502	371,440
Total assets	16,157,627	17,038,985
Liabilities:
Securitized debt	7,168,104	7,849,270
Other liabilities	320,952	335,789
Total liabilities	12,997,986	13,967,106
CLOs and Debt Fund
Assets:
Restricted cash	389,306	710,775
Loans and investments, net	8,395,368	8,900,104
Other assets	121,899	174,382
Total assets	8,906,573	9,785,261
Liabilities:
Securitized debt	7,168,104	7,849,270
Other liabilities	22,677	26,754
Total liabilities	7,190,781	$ 7,876,024
Unconsolidated VIEs
Assets:
Total assets	$ 576,880
Liabilities:
Number of VIEs where the reporting entity is not VIE's primary beneficiary and VIEs have variable interest | entity	26
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	3,890,000
Unconsolidated VIEs | Loans
Assets:
Total assets	398,522
Unconsolidated VIEs | APL certificates
Assets:
Total assets	128,665
Unconsolidated VIEs | B Piece bonds
Assets:
Total assets	31,079
Unconsolidated VIEs | Equity investments
Assets:
Total assets	18,417
Unconsolidated VIEs | Agency interest only strips
Assets:
Total assets	$ 197

Equity - Narrative (Details)

Equity - Narrative (Details) $ / shares in Units, $ in Thousands					3 Months Ended			6 Months Ended
	Jul. 26, 2023 $ / shares	Jun. 30, 2023 USD ($) Vote $ / shares shares	May 03, 2023 $ / shares	Feb. 15, 2023 $ / shares	Jun. 30, 2023 Vote $ / shares shares	Mar. 31, 2023 USD ($) shares	Jun. 30, 2022 $ / shares shares	Jun. 30, 2023 USD ($) Vote $ / shares shares	Jun. 30, 2022 USD ($) $ / shares shares	Dec. 31, 2022 $ / shares
Common stock
Common stock, par value (in dollars per share) | $ / shares		$ 0.01			$ 0.01			$ 0.01		$ 0.01
Proceeds from issuance of shares under public offering | $								$ 109,668	$ 268,243
Preferred stock, par value (in dollars per share) | $ / shares		0.01			0.01			$ 0.01		$ 0.01
Dividends declared per common share (in dollars per share) | $ / shares					$ 0.42		$ 0.38	$ 0.82	$ 0.75
Subsequent event
Common stock
Dividends declared per common share (in dollars per share) | $ / shares	$ 0.43
Restricted common stock | Chief executive officer
Common stock
Restricted stock vested during period (in shares)						172,513
Restricted common stock | Chief executive officer | 2020 Plan
Common stock
Grants during the period (in shares)								247,275
Total grant date fair value | $								$ 2,900
Restricted common stock | Employees
Common stock
Shares withheld for taxes (in shares)								190,075
Restricted common stock | Employees | 2020 Plan
Common stock
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
Common stock
Grants during the period (in shares)								256,208
Total grant date fair value | $								$ 3,000
Restricted common stock | Employees | First anniversaries | 2020 Plan
Common stock
Grants during the period (in shares)								24,493
Total grant date fair value | $								$ 400
Restricted common stock | Employees | Second anniversaries | 2020 Plan
Common stock
Grants during the period (in shares)								260,304
Total grant date fair value | $								$ 3,100
Restricted common stock | Employees | Third anniversaries | 2020 Plan
Common stock
Grants during the period (in shares)								235,969
Total grant date fair value | $								$ 2,700
Restricted common stock | Employees | Fourth anniversaries | 2020 Plan
Common stock
Grants during the period (in shares)								78,126
Total grant date fair value | $								$ 900
RSUs | Director | 2020 Plan
Common stock
Grants during the period (in shares)								34,722
Total grant date fair value | $								$ 400
RSUs | Chief executive officer | 2020 Plan
Common stock
Grants during the period (in shares)								40,796
Total grant date fair value | $								$ 500
Performance-based restricted stock | Chief executive officer
Common stock
Restricted stock vested during period (in shares)						352,427
Common Stock
Common stock
Number of common stock sold (in shares)					1,901,000		8,229,350	7,536,800	16,455,100
Dividends declared per common share (in dollars per share) | $ / shares			$ 0.42	$ 0.40
Operating Partnership Units
Common stock
Conversion ratio for operating partnership units to common stock shares								1
Operating Partnership Units | Special voting preferred shares
Common stock
Number of preferred stock shares paired with each OP units								1
Preferred stock, par value (in dollars per share) | $ / shares		$ 0.01			$ 0.01			$ 0.01
Number of vote per share of special voting preferred shares | Vote		1			1			1
OP units outstanding (in shares)		16,293,589			16,293,589			16,293,589
Voting power of outstanding stock, percentage								8.20%
Share repurchase program
Common stock
Authorized amount to repurchase | $						$ 50,000
Number of shares repurchased		3,545,604
Value of shares repurchased | $		$ 37,400
Average cost per share (in dollars per share) | $ / shares		$ 10.56
Public offering | Common Stock
Common stock
Number of common stock sold (in shares)								7,536,800
Proceeds from issuance of shares under public offering | $								$ 109,700
At-The-Market | Common Stock
Common stock
Common stock, par value (in dollars per share) | $ / shares		$ 14.55			$ 14.55			$ 14.55

Equity - Schedule of Dividends

Equity - Schedule of Dividends Payable (Details) - $ / shares						3 Months Ended		6 Months Ended
	Jun. 30, 2023	May 03, 2023	Mar. 31, 2023	Feb. 15, 2023	Jan. 03, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Common Stock, Dividend (in dollars per share)						$ 0.42	$ 0.38	$ 0.82	$ 0.75
Common Stock
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Common Stock, Dividend (in dollars per share)		$ 0.42		$ 0.40
Preferred Stock | Series D
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Cash dividend declared on redeemable preferred stock (in dollars per share)	$ 0.3984375		$ 0.3984375		$ 0.3984375
Preferred Stock | Series E
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Cash dividend declared on redeemable preferred stock (in dollars per share)	0.390625		0.390625		0.390625
Preferred Stock | Series F
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Cash dividend declared on redeemable preferred stock (in dollars per share)	$ 0.390625		$ 0.390625		$ 0.390625

Equity - Earnings Per Share ("E

Equity - Earnings Per Share ("EPS") (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Basic
Net income attributable to common stockholders	$ 76,164	$ 69,909	$ 160,483	$ 133,968
Net income attributable to common stockholders and noncontrolling interest	$ 76,164	$ 69,909	$ 160,483	$ 133,968
Weighted average shares outstanding (in shares)	181,815,469	163,044,217	181,468,002	158,258,813
Weighted average shares outstanding (in shares)	181,815,469	163,044,217	181,468,002	158,258,813
Net income per common share (in dollars per share)	$ 0.42	$ 0.43	$ 0.88	$ 0.85
Diluted
Net income attributable to common stockholders	$ 76,164	$ 69,909	$ 160,483	$ 133,968
Net income attributable to noncontrolling interest	6,826	6,992	14,411	13,808
Interest expense on convertible notes	6,081	3,995	12,163	7,989
Net income attributable to common stockholders and noncontrolling interest	$ 89,071	$ 80,896	$ 187,057	$ 155,765
Weighted average shares outstanding (in shares)	181,815,469	163,044,217	181,468,002	158,258,813
Dilutive effect of OP Units (in shares)	16,293,589	16,306,745	16,293,589	16,315,869
Dilutive effect of convertible notes (in shares)	17,270,615	15,140,481	17,250,598	15,126,859
Dilutive effect of restricted stock units (in shares)	682,203	522,367	477,415	655,489
Weighted average shares outstanding ( in shares)	216,061,876	195,013,810	215,489,604	190,357,030
Diluted earnings per common share (in dollars per share)	$ 0.41	$ 0.41	$ 0.87	$ 0.82
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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Taxes
Provision for income taxes	$ 5,553	$ 5,352	$ 13,582	$ 13,540
Current tax provision	13,000	6,100	17,800	15,900
Deferred tax (benefit) provision	$ (7,400)	$ (700)	$ (4,197)	$ (2,426)
Minimum
Income Taxes
Federal income tax rate			90%

Agreements and Transactions w_2

Agreements and Transactions with Related Parties - Shared Services Agreement (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Related Party | Other Related Party Transactions
Agreements and Transactions with Related Parties
Costs for services to related party	$ 0.8	$ 0.9	$ 1.5	$ 1.7

Agreements and Transactions w_3

Agreements and Transactions with Related Parties - Other Related Party (Details) $ in Thousands		1 Months Ended						3 Months Ended		6 Months Ended		12 Months Ended
	Jul. 01, 2023	May 30, 2023 USD ($)	Apr. 30, 2023 USD ($)	Jul. 31, 2022 USD ($)	Apr. 30, 2022 USD ($)	Feb. 28, 2022 USD ($)	Jan. 31, 2019 USD ($)	Jun. 30, 2023 USD ($) entity shares	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) entity shares	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($) property	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($) loan property	Dec. 31, 2017 USD ($) loan property	Dec. 31, 2016 USD ($) property	Dec. 31, 2015 USD ($)	May 31, 2023 USD ($) officer	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Mar. 31, 2022 USD ($)
Agreements and Transactions with Related Parties
Interest income								$ 335,737	$ 201,328	$ 663,685	$ 368,026
Investment made										867,804	4,661,893
Loans and investments, allowance for credit losses								169,054	121,331	169,054	121,331	$ 113,241								$ 153,077	$ 132,559	$ 116,382
Servicing revenue								47,952	35,493	$ 92,933	71,519
Indirect ownership percentage										9.20%
Lexford Portfolio
Agreements and Transactions with Related Parties
Distribution received								2,500	6,000	$ 7,200	6,000
Arbor Residential Investor LLC
Agreements and Transactions with Related Parties
Indirect ownership percentage										12.30%
Other Related Party Transactions | AMAC III
Agreements and Transactions with Related Parties
Distribution received								500	300	$ 1,100	300
Other Related Party Transactions | Arbor Residential Investor LLC
Agreements and Transactions with Related Parties
Distribution from investment classified as return capital								7,500	7,500	7,500	15,000
Multifamily
Agreements and Transactions with Related Parties
Loans and investments, allowance for credit losses								74,295	27,958	74,295	27,958	18,707								58,348	37,961	22,084
Single-Family Rental
Agreements and Transactions with Related Parties
Loans and investments, allowance for credit losses								1,077	725	1,077	725	320								$ 973	781	$ 421
Maturity date of March 2025 | SOFR | Other Related Party Transactions
Agreements and Transactions with Related Parties
Base spread, percentage				5.50%
Bridge loans | Matures In May 2025 | SOFR | Other Related Party Transactions
Agreements and Transactions with Related Parties
Base spread, percentage			5.25%
SOFR floor, percentage			1%
Bridge loan, six multifamily properties | Other Related Party Transactions
Agreements and Transactions with Related Parties
UPB converted to a mezzanine loan							$ 2,000
Related Party
Agreements and Transactions with Related Parties
Due from related party								73,263		73,263											77,419
Due to related party								3,556		3,556											12,350
Amount invested												$ 4,200
Related Party | LLC
Agreements and Transactions with Related Parties
Ownership interest, percentage												49.30%
Related Party | Other Related Party Transactions
Agreements and Transactions with Related Parties
Costs for services to related party								800	900	1,500	1,700
Due from related party								73,300		73,300											77,400
Due to related party								3,600		3,600											12,400
Related Party | Other Related Party Transactions | AMAC III
Agreements and Transactions with Related Parties
Interest income								800	400	1,500	700
Amount invested								25,200		$ 25,200				$ 30,000
Ownership interest, percentage														18%
Related Party | Other Related Party Transactions | Lexford Portfolio
Agreements and Transactions with Related Parties
Management fee, percentage of gross revenues of underlying properties										4.75%
Related Party | Commercial Mortgage Backed Security
Agreements and Transactions with Related Parties
Loans assumed												$ 26,000
Related Party | Residential mortgage banking business | Other Related Party Transactions | ACM
Agreements and Transactions with Related Parties
Noncontrolling interest in equity method investment acquired (as a percent)																		50%
Related Party | Residential mortgage banking business | Other Related Party Transactions | Noncontrolling Interest
Agreements and Transactions with Related Parties
Gain (loss) on investments								$ 3,500	1,100	$ 2,600	6,100
Indirect ownership percentage										12.30%
Related Party | Residential mortgage banking business | Other Related Party Transactions | ACM
Agreements and Transactions with Related Parties
Acquisition purchase price																		$ 9,600
Related Party | ACM Acquisition | Other Related Party Transactions | ACM
Agreements and Transactions with Related Parties
Number of shares held by related party (in shares) | shares								2,535,870		2,535,870
OP units hold as part of acquisition (in shares) | shares										10,615,085
Aggregate percentage of voting power held by related party								6.60%		6.60%
Related Party | Multifamily | Fannie Mae Mortgage | Other Related Party Transactions
Agreements and Transactions with Related Parties
Principal amount																$ 46,900
Percentage of ownership interest of related party in the entity																17.60%
Percentage of maximum loss-sharing obligation unpaid principal balance																5%
Servicing revenue								$ 100	100	$ 100	100
Related Party | Retail property
Agreements and Transactions with Related Parties
Property purchased												32,500
Related Party | Matures in April 2023 | Multifamily | Other Related Party Transactions
Agreements and Transactions with Related Parties
Number of properties owned | property													2
Related Party | Maturity date of August 2022 | One multifamily property | Other Related Party Transactions
Agreements and Transactions with Related Parties
Principal amount													$ 35,400
Related Party | Maturity date of March 2030 | Private Label | Other Related Party Transactions | Lexford Portfolio
Agreements and Transactions with Related Parties
Principal amount													34,600
Related Party | Preferred equity investments
Agreements and Transactions with Related Parties
Loans and investments, allowance for credit losses								8,000		8,000											$ 8,000
Related Party | Preferred equity investments | Single-Family Rental | Other Related Party Transactions
Agreements and Transactions with Related Parties
Investment made													$ 4,600
Related Party | Preferred equity investments | Matures in April 2023 | Other Related Party Transactions
Agreements and Transactions with Related Parties
Fixed rate of interest													12%
Related Party | Preferred equity investments | Maturity Date June 2027
Agreements and Transactions with Related Parties
Equity investment								9,600		9,600
Related Party | Preferred equity investments | Maturity date of September 2019 | Multifamily | Other Related Party Transactions
Agreements and Transactions with Related Parties
Equity investment													$ 3,400
Related Party | Mezzanine Loans | Matures in April 2023 | Other Related Party Transactions
Agreements and Transactions with Related Parties
Fixed rate of interest													9%
Related Party | Bridge loans | Other Related Party Transactions
Agreements and Transactions with Related Parties
Equity participation interest (as a percentage)													18.90%
Related Party | Bridge loans | Single-Family Rental | Other Related Party Transactions
Agreements and Transactions with Related Parties
Loan committed										20,100
Investment made													$ 3,500
Loan committed upsized			$ 38,400
Related Party | Bridge loans | Maturity Date December 2025
Agreements and Transactions with Related Parties
Interest income								100		100
Related Party | Bridge loans | Maturity Date December 2025 | Other Related Party Transactions
Agreements and Transactions with Related Parties
Principal amount																			$ 56,900
Loan committed		$ 1,200
Number of officers making minority equity investments | officer																			2
Equity investment																			$ 500
Equity participation interest (as a percentage)																			4%
Related Party | Bridge loans | Maturity Date December 2025 | SOFR | Other Related Party Transactions
Agreements and Transactions with Related Parties
Base spread, percentage																			5.50%
SOFR floor, percentage		3.25%
Related Party | Bridge loans | Maturity date of March 2025
Agreements and Transactions with Related Parties
Interest income								100		100
Related Party | Bridge loans | Maturity date of March 2025 | Other Related Party Transactions
Agreements and Transactions with Related Parties
Principal amount				$ 46,200		$ 39,400
Loan committed										2,000
Interest income								100	100	100	100
Related Party | Bridge loans | Maturity date of March 2025 | SOFR | Other Related Party Transactions
Agreements and Transactions with Related Parties
Equity participation interest (as a percentage)				70%
Related Party | Bridge loans | Maturity date of March 2025 | SOFR | Other Related Party Transactions | Subsequent event
Agreements and Transactions with Related Parties
Base spread, percentage	4%
SOFR floor, percentage	0.25%
Related Party | Bridge loans | Maturity date of March 2025 | London Interbank Offered Rate (LIBOR) 1 | Other Related Party Transactions
Agreements and Transactions with Related Parties
Base spread, percentage						4%
SOFR floor, percentage						0.25%
Equity participation interest (as a percentage)						2.25%
Related Party | Bridge loans | Maturity date of May 2025 | Other Related Party Transactions
Agreements and Transactions with Related Parties
Principal amount					$ 67,100
Interest income								100	100	100	100
Related Party | Bridge loans | Maturity date of May 2025 | SOFR | Other Related Party Transactions
Agreements and Transactions with Related Parties
Base spread, percentage					4.63%
SOFR floor, percentage					0.25%
Equity participation interest (as a percentage)					2.25%
Related Party | Bridge loans | Maturity date of May 2025 | Single-Family Rental | Other Related Party Transactions
Agreements and Transactions with Related Parties
Loan committed													30,500
Related Party | Bridge loans | Maturity date of March 2024 | Other Related Party Transactions
Agreements and Transactions with Related Parties
Loan committed												$ 63,400
Interest income								1,500	800	2,800	1,500
Related Party | Bridge loans | Maturity date of March 2024 | SOFR | Other Related Party Transactions | Subsequent event
Agreements and Transactions with Related Parties
Base spread, percentage	3.75%
SOFR floor, percentage	0.25%
Related Party | Bridge loans | Maturity date of March 2024 | London Interbank Offered Rate (LIBOR) 1 | Other Related Party Transactions
Agreements and Transactions with Related Parties
Base spread, percentage												3.75%
SOFR floor, percentage												0.25%
Related Party | Bridge loans | Matures in October 2023 | Single-Family Rental | Other Related Party Transactions
Agreements and Transactions with Related Parties
Loan committed													$ 32,500
Related Party | Bridge loans | Matures in May 2023 | London Interbank Offered Rate (LIBOR) 1 | Other Related Party Transactions
Agreements and Transactions with Related Parties
Base spread, percentage													5.50%
SOFR floor, percentage													0.75%
Amount invested								26,700		26,700
Related Party | Bridge loans | Matures in April 2023 | Other Related Party Transactions
Agreements and Transactions with Related Parties
Interest income								800	300	1,500	600
Related Party | Bridge loans | Maturity Date July 2023
Agreements and Transactions with Related Parties
Principal amount								35,000		35,000
Related Party | Bridge loans | Maturity date of August 2023 | Other Related Party Transactions
Agreements and Transactions with Related Parties
Interest income								500	300	1,000	600
Percentage of ownership interest of related party in the entity															75%
Related Party | Bridge loans | Maturity Date Of June 2021 | Other Related Party Transactions
Agreements and Transactions with Related Parties
Principal amount															$ 280,500
Number of bridge loans originated | loan															12
Number of multifamily properties renovated | property															72
Related Party | Bridge loans | Maturity Date Of June 2021 | Other Related Party Transactions | Lexford Portfolio
Agreements and Transactions with Related Parties
Base spread, percentage															4%
Distribution received								2,500	6,000	7,200
Paydowns of principal made by borrower														$ 250,000
Unsecured financing provided by an unsecured lender to certain parent entities of the property owners								50,000		50,000
Related Party | Bridge loan, one multifamily property | Maturity date of August 2022 | SOFR | Other Related Party Transactions
Agreements and Transactions with Related Parties
Variable rate, spread	3.50%
Related Party | Bridge loan, one multifamily property | Maturity date of August 2022 | London Interbank Offered Rate (LIBOR) 1 | Other Related Party Transactions
Agreements and Transactions with Related Parties
Variable rate, spread													3.50%
Related Party | Bridge loan, one multifamily property | Maturity date of August 2023 | Other Related Party Transactions
Agreements and Transactions with Related Parties
Principal amount															$ 21,700
Related Party | Bridge loan, several multifamily properties | Maturity date of August 2023 | SOFR | Other Related Party Transactions | Subsequent event
Agreements and Transactions with Related Parties
Base spread, percentage	4.75%
SOFR floor, percentage	0.25%
Related Party | Bridge loan, several multifamily properties | Maturity date of August 2023 | London Interbank Offered Rate (LIBOR) 1 | Other Related Party Transactions
Agreements and Transactions with Related Parties
Base spread, percentage															4.75%
SOFR floor, percentage															0.25%
Related Party | Bridge loan, two multifamily properties | Matures in April 2023 | Other Related Party Transactions
Agreements and Transactions with Related Parties
Principal amount													$ 14,800
Interest income								100	100
Percentage of ownership interest of related party in the entity													50%
Related Party | Bridge loan, two multifamily properties | Maturity date of October 2022 | Other Related Party Transactions
Agreements and Transactions with Related Parties
Principal amount																$ 28,000
Base spread, percentage																1.80%
Interest income									300		800
Percentage of ownership interest of related party in the entity																45%
Number of properties owned | property																2
Number of bridge loans originated | loan																2
Refinanced loan amount																$ 31,100
Related Party | Bridge loan, two multifamily properties | Maturity date of October 2022 | London Interbank Offered Rate (LIBOR) 1 | Other Related Party Transactions
Agreements and Transactions with Related Parties
Base spread, percentage																4%
Related Party | Bridge loan, two multifamily properties | Maturity date of October 2022 | Minimum | Other Related Party Transactions
Agreements and Transactions with Related Parties
SOFR floor, percentage																1.24%
Related Party | Bridge loan, two multifamily properties | Maturity date of October 2022 | Maximum | Other Related Party Transactions
Agreements and Transactions with Related Parties
SOFR floor, percentage																1.54%
Related Party | Bridge loan, two multifamily properties | Maturity date of 2020 | Other Related Party Transactions
Agreements and Transactions with Related Parties
Base spread, percentage																5.25%
Related Party | AMAC III | Other Related Party Transactions
Agreements and Transactions with Related Parties
Gain (loss) on investments								(500)	(600)	(900)	(1,100)
Related Party | AMAC III | Mezzanine Loans | Other Related Party Transactions
Agreements and Transactions with Related Parties
Principal amount														7,000
Related Party | AMAC III | Bridge loan, one multifamily property | Other Related Party Transactions
Agreements and Transactions with Related Parties
Principal amount														$ 34,000
Related Party | Lexford Portfolio | Maturity date of March 2030 | Private Label | Other Related Party Transactions
Agreements and Transactions with Related Parties
Fixed rate of interest													3.30%
Related Party | Lexford Portfolio | Bridge loans | Maturity date December 2029 | Other Related Party Transactions
Agreements and Transactions with Related Parties
Maximum exposure under guaranty								600,000		600,000
Immediate Family Member of Management or Principal Owner | LLC
Agreements and Transactions with Related Parties
Percentage of ownership interest of related party in the entity												10%
Immediate Family Member of Management or Principal Owner | Maturity date of March 2025 | Other Related Party Transactions
Agreements and Transactions with Related Parties
Percentage of ownership interest of related party in the entity				10%
Immediate Family Member of Management or Principal Owner | Matures in October 2023 | Preferred equity interest financing agreement | Other Related Party Transactions
Agreements and Transactions with Related Parties
Interest income								$ 600		1,200	500
Immediate Family Member of Management or Principal Owner | Preferred equity investments | Matures in October 2023 | Other Related Party Transactions
Agreements and Transactions with Related Parties
Fixed rate of interest													12%
Immediate Family Member of Management or Principal Owner | Bridge loans | Other Related Party Transactions
Agreements and Transactions with Related Parties
Equity participation interest (as a percentage)													21.80%
Immediate Family Member of Management or Principal Owner | Bridge loans | Matures in October 2023 | Other Related Party Transactions
Agreements and Transactions with Related Parties
Base spread, percentage													5.50%
Interest income									300
Immediate Family Member of Management or Principal Owner | Bridge loans | Matures in October 2023 | Other Related Party Transactions | Subsequent event
Agreements and Transactions with Related Parties
Base spread, percentage	5.50%
Immediate Family Member of Management or Principal Owner | Bridge loans | Matures in October 2023 | SOFR | Other Related Party Transactions | Subsequent event
Agreements and Transactions with Related Parties
SOFR floor, percentage	0.75%
Immediate Family Member of Management or Principal Owner | Bridge loans | Matures in October 2023 | London Interbank Offered Rate (LIBOR) 1 | Other Related Party Transactions
Agreements and Transactions with Related Parties
SOFR floor, percentage													0.75%
Chief executive officer
Agreements and Transactions with Related Parties
Reimbursement for flights chartered by the company's executives										$ 400	700
Chief executive officer | Other Related Party Transactions
Agreements and Transactions with Related Parties
Percentage of our former manager's outstanding membership interest of related party in another related party								35%		35%
Chief executive officer | Minimum | Other Related Party Transactions
Agreements and Transactions with Related Parties
Ownership percentage limit of our common stock under company charter								5%		5%
Chief executive officer | Mezzanine Loans | Maturity date of January 2024 | Other Related Party Transactions
Agreements and Transactions with Related Parties
Fixed rate of interest							10%
Chief executive officer | Bridge loan, six multifamily properties | Maturity date of January 2019 | Other Related Party Transactions
Agreements and Transactions with Related Parties
Principal amount																	$ 48,000
Chief executive officer | Bridge loan, six multifamily properties | Maturity date of 2019 | Other Related Party Transactions
Agreements and Transactions with Related Parties
Base spread, percentage														4.50%
Number of properties owned | property																	6
Proceeds from repayment in full														$ 10,900		$ 6,800
Number of bridge loans paid off | loan															4	1
Proceeds from repayment of debt														28,300
Remaining bridge loan from repayment														$ 12,900
Chief executive officer | Bridge loan, six multifamily properties | Maturity date of 2019 | London Interbank Offered Rate (LIBOR) 1 | Other Related Party Transactions
Agreements and Transactions with Related Parties
Base spread, percentage														0.25%
Chief executive officer | Bridge loan, six multifamily properties | Maturity date of 2019 | Minimum | Other Related Party Transactions
Agreements and Transactions with Related Parties
Percentage of ownership interest of related party in the entity																	10.50%
Chief executive officer | Bridge loan, six multifamily properties | Maturity date of 2019 | Maximum | Other Related Party Transactions
Agreements and Transactions with Related Parties
Percentage of ownership interest of related party in the entity																	12%
Chief executive officer | Bridge loan, six multifamily properties | Maturity date of January 2024 | Other Related Party Transactions
Agreements and Transactions with Related Parties
Interest income										$ 100	100
Director | Other Related Party Transactions
Agreements and Transactions with Related Parties
Number of Kaufman Entities | entity								2		2
Director | Fannie Mae Mortgage | Other Related Party Transactions
Agreements and Transactions with Related Parties
Percentage of maximum loss-sharing obligation unpaid principal balance																20%
Servicing revenue								$ 100	$ 100	$ 100	$ 100
Loan purchased a multifamily apartment complex which assumed																$ 8,300
Percentage of ownership after transaction										3.60%
Percentage of loan assumption fee																1%
Director | Ginkgo Investment Company LLC | Other Related Party Transactions
Agreements and Transactions with Related Parties
Percentage of managing member																33%

Segment Information - Statement

Segment Information - Statements of Income (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) segment	Jun. 30, 2022 USD ($)
Segment Information
Interest income	$ 335,737	$ 201,328	$ 663,685	$ 368,026
Interest expense	227,195	107,067	446,569	189,627
Net interest income	108,542	94,261	217,116	178,399
Other revenue:
Gain on sales, including fee-based services, net	22,587	16,510	37,176	18,166
Mortgage servicing rights	16,201	17,567	34,659	32,879
Servicing revenue	47,952	35,493	92,933	71,519
Amortization of MSRs	(15,605)	(14,779)	(31,020)	(29,750)
Property operating income	1,430	290	2,811	586
Gain (loss) on derivative instruments, net	(7,384)	8,606	(3,161)	25,992
Other income (loss), net	45	(13,249)	4,923	(10,048)
Total other revenue	65,226	50,438	138,321	109,344
Other expenses:
Employee compensation and benefits	41,310	38,900	83,708	80,925
Selling and administrative	12,584	13,188	26,207	27,735
Property operating expenses	1,365	542	2,747	1,077
Depreciation and amortization	2,387	2,031	5,011	4,014
Provision for loss sharing (net of recoveries)	7,672	(1,949)	10,848	(2,611)
Provision for credit losses (net of recoveries)	13,878	5,067	36,395	7,426
Total other expenses	79,196	57,779	164,916	118,566
Income before extinguishment of debt, income from equity affiliates and income taxes	94,572	86,920	190,521	169,177
Loss on extinguishment of debt	(1,247)	0	(1,247)	(1,350)
Income from equity affiliates	5,560	6,547	19,886	13,759
Provision for income taxes	(5,553)	(5,352)	(13,582)	(13,540)
Net income	93,332	88,115	195,578	168,046
Preferred stock dividends	10,342	11,214	20,684	20,270
Net income attributable to noncontrolling interest	6,826	6,992	14,411	13,808
Net income attributable to common stockholders	76,164	69,909	$ 160,483	133,968
Reporting segments | segment			2
Operating segments | Structured Business
Segment Information
Interest income	322,105	192,047	$ 639,481	348,308
Interest expense	220,966	103,165	435,860	181,367
Net interest income	101,139	88,882	203,621	166,941
Other revenue:
Gain on sales, including fee-based services, net	0	0	0	0
Mortgage servicing rights	0	0	0	0
Servicing revenue	0	0	0	0
Amortization of MSRs	0	0	0	0
Property operating income	1,430	290	2,811	586
Gain (loss) on derivative instruments, net	0	0	0	0
Other income (loss), net	760	(9,328)	2,667	(6,131)
Total other revenue	2,190	(9,038)	5,478	(5,545)
Other expenses:
Employee compensation and benefits	13,438	13,866	29,079	29,352
Selling and administrative	5,833	6,429	12,544	13,838
Property operating expenses	1,365	542	2,747	1,077
Depreciation and amortization	1,214	858	2,665	1,668
Provision for loss sharing (net of recoveries)	0	0	0	0
Provision for credit losses (net of recoveries)	14,369	5,088	35,014	7,157
Total other expenses	36,219	26,783	82,049	53,092
Income before extinguishment of debt, income from equity affiliates and income taxes	67,110	53,061	127,050	108,304
Loss on extinguishment of debt	(1,247)		(1,247)	(1,350)
Income from equity affiliates	5,560	6,547	19,886	13,759
Provision for income taxes	(1,200)	(255)	(771)	(1,687)
Net income	70,223	59,353	144,918	119,026
Preferred stock dividends	10,342	11,214	20,684	20,270
Net income attributable to noncontrolling interest	0	0	0	0
Net income attributable to common stockholders	59,881	48,139	124,234	98,756
Operating segments | Agency Business
Segment Information
Interest income	13,632	9,281	24,204	19,718
Interest expense	6,229	3,902	10,709	8,260
Net interest income	7,403	5,379	13,495	11,458
Other revenue:
Gain on sales, including fee-based services, net	22,587	16,510	37,176	18,166
Mortgage servicing rights	16,201	17,567	34,659	32,879
Servicing revenue	47,952	35,493	92,933	71,519
Amortization of MSRs	(15,605)	(14,779)	(31,020)	(29,750)
Property operating income	0	0	0	0
Gain (loss) on derivative instruments, net	(7,384)	8,606	(3,161)	25,992
Other income (loss), net	(715)	(3,921)	2,256	(3,917)
Total other revenue	63,036	59,476	132,843	114,889
Other expenses:
Employee compensation and benefits	27,872	25,034	54,629	51,573
Selling and administrative	6,751	6,759	13,663	13,897
Property operating expenses	0	0	0	0
Depreciation and amortization	1,173	1,173	2,346	2,346
Provision for loss sharing (net of recoveries)	7,672	(1,949)	10,848	(2,611)
Provision for credit losses (net of recoveries)	(491)	(21)	1,381	269
Total other expenses	42,977	30,996	82,867	65,474
Income before extinguishment of debt, income from equity affiliates and income taxes	27,462	33,859	63,471	60,873
Loss on extinguishment of debt	0		0	0
Income from equity affiliates	0	0	0	0
Provision for income taxes	(4,353)	(5,097)	(12,811)	(11,853)
Net income	23,109	28,762	50,660	49,020
Preferred stock dividends	0	0	0	0
Net income attributable to noncontrolling interest	0	0	0	0
Net income attributable to common stockholders	23,109	28,762	50,660	49,020
Other/Eliminations
Other expenses:
Net income attributable to noncontrolling interest	6,826	6,992	14,411	13,808
Net income attributable to common stockholders	$ (6,826)	$ (6,992)	$ (14,411)	$ (13,808)

Segment Information - Balance S

Segment Information - Balance Sheet (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Assets:
Cash and cash equivalents	$ 846,362	$ 534,357	$ 341,991	$ 404,580
Restricted cash	396,866	713,808	$ 787,952	$ 486,690
Loans and investments, net	13,271,359	14,254,674
Loans held-for-sale, net	485,126	354,070
Capitalized mortgage servicing rights, net	394,410	401,471
Securities held-to-maturity, net	155,210	156,547
Investments in equity affiliates	72,806	79,130
Goodwill and other intangible assets	93,723	96,069
Other assets and due from related party	441,765	448,859
Total assets	16,157,627	17,038,985
Liabilities:
Debt obligations	12,504,302	13,500,562
Allowance for loss-sharing obligations	66,681	57,168
Other liabilities and due to related parties	427,003	409,376
Total liabilities	12,997,986	13,967,106
Structured Business | Operating segments
Assets:
Cash and cash equivalents	468,515	200,514
Restricted cash	391,872	713,615
Loans and investments, net	13,271,359	14,254,674
Loans held-for-sale, net	0	0
Capitalized mortgage servicing rights, net	0	0
Securities held-to-maturity, net	0	0
Investments in equity affiliates	72,806	79,130
Goodwill and other intangible assets	12,500	12,500
Other assets and due from related party	358,528	367,837
Total assets	14,575,580	15,628,270
Liabilities:
Debt obligations	12,041,014	13,195,120
Allowance for loss-sharing obligations	0	0
Other liabilities and due to related parties	309,875	299,559
Total liabilities	12,350,889	13,494,679
Agency Business | Operating segments
Assets:
Cash and cash equivalents	377,847	333,843
Restricted cash	4,994	193
Loans and investments, net	0	0
Loans held-for-sale, net	485,126	354,070
Capitalized mortgage servicing rights, net	394,410	401,471
Securities held-to-maturity, net	155,210	156,547
Investments in equity affiliates	0	0
Goodwill and other intangible assets	81,223	83,569
Other assets and due from related party	83,237	81,022
Total assets	1,582,047	1,410,715
Liabilities:
Debt obligations	463,288	305,442
Allowance for loss-sharing obligations	66,681	57,168
Other liabilities and due to related parties	117,128	109,817
Total liabilities	$ 647,097	$ 472,427

Segment Information - Originati

Segment Information - Origination Data (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($) loan	Jun. 30, 2022 USD ($) loan	Jun. 30, 2023 USD ($) loan	Jun. 30, 2022 USD ($) loan
Segment Information
Origination Volumes	$ 1,133,312	$ 1,184,282	$ 2,633,422	$ 2,159,414
Loan Sales Data:
Gain (loss) on derivative instruments, net	(7,384)	8,606	(3,161)	25,992
Structured Business
Segment Information
Total new loan originations	208,994	2,047,599	477,028	4,876,454
Loan runoff	685,220	1,122,407	1,871,869	1,788,958
Structured Business | Bridge loan
Segment Information
Total new loan originations	207,494	2,047,599	469,683	4,868,315
Structured Business | Mezzanine loans
Segment Information
Total new loan originations	$ 1,500	$ 0	$ 7,345	$ 8,139
Structured Business | SFR - Fixed Rate | Bridge loan
Segment Information
Number of loans under the loan portfolio | loan	23	36	43	71
Total loan commitment	$ 109,000	$ 155,000	$ 185,100	$ 288,400
Loans committed	200,200	185,200	254,500	268,500
Agency Business
Segment Information
Origination Volumes	1,422,439	1,269,184	2,514,300	2,107,693
Loan Sales Data:
Loan Sales	$ 1,410,724	$ 1,030,703	$ 2,343,423	$ 2,617,418
Sales margin (fee-based services as a % of loan sales)	1.60%	1.60%	1.59%	1.35%
MSR rate (MSR income as a % of loan commitments)	1.43%	1.48%	1.32%	1.52%
Agency Business | SFR - Fixed Rate
Segment Information
Origination Volumes	$ 11,837	$ 34,334	$ 17,298	$ 39,205
Loan Sales Data:
Loan Sales	5,108	12,862	14,172	12,862
Agency Business | Fannie Mae
Segment Information
Origination Volumes	1,079,910	665,449	1,874,931	1,115,129
Loan Sales Data:
Loan Sales	1,023,088	569,048	1,674,846	1,235,592
Agency Business | Freddie Mac
Segment Information
Origination Volumes	217,884	407,691	319,216	706,763
Loan Sales Data:
Loan Sales	175,342	362,442	243,799	721,528
Agency Business | FHA
Segment Information
Origination Volumes	62,552	78,364	211,492	90,354
Loan Sales Data:
Loan Sales	134,383	75,101	177,858	146,917
Agency Business | Private Label
Segment Information
Origination Volumes	50,256	83,346	91,363	156,242
Loan Sales Data:
Loan Sales	$ 72,803	$ 11,250	$ 232,748	500,519
Gain (loss) on derivative instruments, net				$ 17,100

Segment Information - Key Servi

Segment Information - Key Servicing Metrics (Details) - Agency Business - MSRs - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Segment Information
Servicing Portfolio UPB	$ 29,446,551	$ 27,998,029
Weighted average servicing fee rate (basis points)	40.10%	41.10%
Wtd. Avg. Life of Servicing Portfolio (years)	8 years 4 months 24 days	8 years 7 months 6 days
SFR - Fixed Rate
Segment Information
Servicing Portfolio UPB	$ 290,266	$ 274,764
Weighted average servicing fee rate (basis points)	20%	19.80%
Wtd. Avg. Life of Servicing Portfolio (years)	5 years 10 months 24 days	6 years
Fannie Mae
Segment Information
Servicing Portfolio UPB	$ 20,002,570	$ 19,038,124
Weighted average servicing fee rate (basis points)	48.90%	50.20%
Wtd. Avg. Life of Servicing Portfolio (years)	7 years 8 months 12 days	8 years
Freddie Mac
Segment Information
Servicing Portfolio UPB	$ 5,245,325	$ 5,153,207
Weighted average servicing fee rate (basis points)	24.80%	25%
Wtd. Avg. Life of Servicing Portfolio (years)	8 years 9 months 18 days	9 years
Private Label
Segment Information
Servicing Portfolio UPB	$ 2,305,000	$ 2,074,859
Weighted average servicing fee rate (basis points)	19.30%	18.50%
Wtd. Avg. Life of Servicing Portfolio (years)	7 years 6 months	7 years 7 months 6 days
FHA
Segment Information
Servicing Portfolio UPB	$ 1,303,812	$ 1,155,893
Weighted average servicing fee rate (basis points)	14.50%	14.90%
Wtd. Avg. Life of Servicing Portfolio (years)	20 years	19 years 6 months
Bridge loan
Segment Information
Servicing Portfolio UPB	$ 299,578	$ 301,182
Weighted average servicing fee rate (basis points)	11.10%	12.50%
Wtd. Avg. Life of Servicing Portfolio (years)	3 years 6 months	1 year 8 months 12 days