Arbor Realty Trust (ABR) 10-K 20 Feb 24 2023 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Feb. 13, 2024	Jun. 30, 2023
Document and Entity Information
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-32136
Entity Registrant Name	Arbor Realty Trust, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	20-0057959
Entity Address, Address Line One	333 Earle Ovington Boulevard
Entity Address, Address Line Two	Suite 900
Entity Address, City or Town	Uniondale
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	11553
City Area Code	516
Local Phone Number	506-4200
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 2,620
Entity Common Stock, Shares Outstanding		188,505,264
Entity Central Index Key	0001253986
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Common Stock
Document and Entity Information
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	ABR
Security Exchange Name	NYSE
Preferred Stock, 6.375% Series D Cumulative Redeemable, par value $0.01 per share
Document and Entity Information
Title of 12(b) Security	Preferred Stock, 6.375% Series D Cumulative Redeemable, par value $0.01 per share
Trading Symbol	ABR-PD
Security Exchange Name	NYSE
Preferred Stock, 6.25% Series E Cumulative Redeemable, par value $0.01 per share
Document and Entity Information
Title of 12(b) Security	Preferred Stock, 6.25% Series E Cumulative Redeemable, par value $0.01 per share
Trading Symbol	ABR-PE
Security Exchange Name	NYSE
Preferred Stock, 6.25% Series F Fixed-to-Floating Rate Cumulative Redeemable, par value $0.01 per share
Document and Entity Information
Title of 12(b) Security	Preferred Stock, 6.25% Series F Fixed-to-Floating Rate Cumulative Redeemable, par value $0.01 per share
Trading Symbol	ABR-PF
Security Exchange Name	NYSE

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2023
Auditor Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	New York, New York
Auditor Firm ID	42

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Dec. 31, 2023	Dec. 31, 2022
Assets:
Cash and cash equivalents		$ 928,974	$ 534,357
Restricted cash		608,233	713,808
Loans and investments, net (allowance for credit losses of $195,664 and $132,559)		12,377,806	14,254,674
Loans held-for-sale, net		551,707	354,070
Capitalized mortgage servicing rights, net		391,254	401,471
Securities held-to-maturity, net (allowance for credit losses of $6,256 and $3,153)		155,279	156,547
Investments in equity affiliates		79,303	79,130
Due from related party		64,421	77,419
Goodwill and other intangible assets		91,378	96,069
Other assets		490,281	371,440
Total assets	[1]	15,738,636	17,038,985
Liabilities and Equity:
Credit and repurchase facilities		3,237,827	3,841,814
Securitized debt		6,935,010	7,849,270
Senior unsecured notes		1,333,968	1,385,994
Convertible senior unsecured notes, net		283,118	280,356
Junior subordinated notes to subsidiary trust issuing preferred securities		143,896	143,128
Due to related party		13,799	12,350
Due to borrowers		121,707	61,237
Allowance for loss-sharing obligations		71,634	57,168
Other liabilities		343,072	335,789
Total liabilities	[1]	12,484,031	13,967,106
Commitments and contingencies (Note 14)
Arbor Realty Trust, Inc. stockholders’ equity:
Preferred stock, cumulative, redeemable, $0.01 par value: 100,000,000 shares authorized, shares issued and outstanding by period: Special voting preferred shares - 16,293,589 and 16,325,095 shares, 6.375% Series D - 9,200,000 shares, 6.25% Series E - 5,750,000 shares, 6.25% Series F - 11,342,000 and 8,050,000 shares		633,684	633,684
Common stock, $0.01 par value: 500,000,000 shares authorized - 188,505,264 and 178,230,522 shares issued and outstanding		1,885	1,782
Additional paid-in capital		2,367,188	2,204,481
Retained earnings		115,216	97,049
Total Arbor Realty Trust, Inc. stockholders’ equity		3,117,973	2,936,996
Noncontrolling interest		136,632	134,883
Total equity		3,254,605	3,071,879
Total liabilities and equity		$ 15,738,636	$ 17,038,985
[1]Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities, or VIEs, as we are the primary beneficiary of these VIEs. At December 31, 2023 and 2022, assets of our consolidated VIEs totaled $8,614,571 and $9,785,261, respectively, and the liabilities of our consolidated VIEs totaled $6,967,876 and $7,876,024, respectively. See Note 15 for discussion of our VIEs.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2023	Dec. 31, 2022
Allowance for credit losses		$ 195,664	$ 132,559
Securities held-to-maturity, allowance for credit losses		$ 6,256	$ 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)		188,505,264	178,230,522
Common stock, shares outstanding (in shares)		188,505,264	178,230,522
Assets of consolidated VIEs	[1]	$ 15,738,636	$ 17,038,985
Liabilities of consolidated VIEs	[1]	12,484,031	13,967,106
Consolidated VIEs
Assets of consolidated VIEs		8,614,571	9,785,261
Liabilities of consolidated VIEs		$ 6,967,876	$ 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%
[1]Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities, or VIEs, as we are the primary beneficiary of these VIEs. At December 31, 2023 and 2022, assets of our consolidated VIEs totaled $8,614,571 and $9,785,261, respectively, and the liabilities of our consolidated VIEs totaled $6,967,876 and $7,876,024, respectively. See Note 15 for discussion of our VIEs.

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Interest income	$ 1,331,219	$ 948,401	$ 466,087
Interest expense	903,228	557,617	212,005
Net interest income	427,991	390,784	254,082
Other revenue:
Gain on sales, including fee-based services, net	72,522	55,816	123,037
Mortgage servicing rights	69,912	69,346	130,230
Servicing revenue, net	130,449	92,192	74,814
Property operating income	5,708	1,877	185
Gain (loss) on derivative instruments, net	6,763	26,609	(2,684)
Other income (loss), net	7,667	(17,563)	7,566
Total other revenue	293,021	228,277	333,148
Other expenses:
Employee compensation and benefits	159,788	161,825	171,796
Selling and administrative	51,260	53,990	45,575
Property operating expenses	5,897	2,136	718
Depreciation and amortization	9,743	8,732	7,215
Provision for loss sharing (net of recoveries)	15,695	1,862	(6,167)
Provision for credit losses (net of recoveries)	73,446	21,169	(21,113)
Litigation settlement	0	7,350	0
Total other expenses	315,829	257,064	198,024
Income before extinguishment of debt, gain on real estate, income from equity affiliates and income taxes	405,183	361,997	389,206
Loss on extinguishment of debt	(1,561)	(4,933)	(3,374)
Gain on sale of real estate	0	0	3,693
Income from equity affiliates	24,281	14,247	34,567
Provision for income taxes	(27,347)	(17,484)	(46,285)
Net income	400,556	353,827	377,807
Preferred stock dividends	41,369	40,954	21,888
Net income attributable to noncontrolling interest	29,122	28,044	38,507
Net income attributable to common stockholders	$ 330,065	$ 284,829	$ 317,412
Earnings per common share
Basic earnings per common share (in dollars per share)	$ 1.79	$ 1.72	$ 2.30
Diluted earnings per common share (in dollars per share)	$ 1.75	$ 1.67	$ 2.28
Weighted average shares outstanding:
Basic (in shares)	184,641,642	165,355,167	137,830,691
Diluted (in shares)	218,843,613	199,112,630	156,089,595

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Cumulative-effect adjustment	[1]	Balance as adjusted for the adoption of ASU 2020-06	Series D preferred stock	Series E preferred stock	Series F preferred stock	Preferred Stock	Preferred Stock Balance as adjusted for the adoption of ASU 2020-06	Preferred Stock Series D preferred stock	Preferred Stock Series E preferred stock	Preferred Stock Series F preferred stock	Common Stock	Common Stock Balance as adjusted for the adoption of ASU 2020-06	Additional Paid‑in Capital	Additional Paid‑in Capital Cumulative-effect adjustment	[1]	Additional Paid‑in Capital Balance as adjusted for the adoption of ASU 2020-06	(Accumulated Deficit) / Retained Earnings	(Accumulated Deficit) / Retained Earnings Cumulative-effect adjustment	[1]	(Accumulated Deficit) / Retained Earnings Balance as adjusted for the adoption of ASU 2020-06	Total Arbor Realty Trust, Inc. Stockholders’ Equity	Total Arbor Realty Trust, Inc. Stockholders’ Equity Cumulative-effect adjustment	[1]	Total Arbor Realty Trust, Inc. Stockholders’ Equity Balance as adjusted for the adoption of ASU 2020-06	Total Arbor Realty Trust, Inc. Stockholders’ Equity Series D preferred stock	Total Arbor Realty Trust, Inc. Stockholders’ Equity Series E preferred stock	Total Arbor Realty Trust, Inc. Stockholders’ Equity Series F preferred stock	Noncontrolling Interest	Noncontrolling Interest Cumulative-effect adjustment	[1]	Noncontrolling Interest Balance as adjusted for the adoption of ASU 2020-06
Beginning balance (in shares) at Dec. 31, 2020								21,272,133					123,181,173
Beginning balance at Dec. 31, 2020	$ 1,482,685							$ 89,472					$ 1,232		$ 1,317,109				$ (63,442)				$ 1,344,371							$ 138,314
Increase (Decrease) in Stockholders' Equity
Issuance of stock (in shares)										9,200,000	5,750,000	8,050,000	29,140,369
Issuance of stock	514,593				$ 222,438	$ 138,886	$ 194,675			$ 222,438	$ 138,886	$ 194,675	$ 291		514,302								514,593				$ 222,438	$ 138,886	$ 194,675
Repurchase - common stock (in shares)													(1,962,499)
Repurchase - common stock	(34,404)												$ (19)		(34,385)								(34,404)
Issuance of common stock from convertible debt (in shares)													386,459
Issuance - common stock from convertible debt	0												$ 4		(4)
Redemption - preferred stock (in shares)								(3,711,500)
Redemption - preferred stock	(92,789)							$ (89,296)											(3,493)				(92,789)
Stock-based compensation, net (in shares)													616,679
Stock-based compensation, net	897												$ 6		891								897
Distributions - common stock	(191,423)																		(191,423)				(191,423)
Distributions - preferred stock	(18,410)																		(18,410)				(18,410)
Distributions - noncontrolling interest	(23,366)																													(23,366)
Redemption - OP units (in shares)								(1,235,538)
Redemption - OP Units	(21,605)							$ (12)															(12)							(21,593)
Net income	377,807																		339,300				339,300							38,507
Ending balance (in shares) at Dec. 31, 2021								39,325,095	39,325,095				151,362,181	151,362,181
Ending balance at Dec. 31, 2021	2,549,984	$ (2,447)		$ 2,547,537				$ 556,163	$ 556,163				$ 1,514	$ 1,514	1,797,913	$ (8,684)		$ 1,789,229	62,532	$ 5,612		$ 68,144	2,418,122	$ (3,072)		$ 2,415,050				131,862	$ 625		$ 132,487
Increase (Decrease) in Stockholders' Equity
Issuance of stock (in shares)												3,292,000	26,335,788
Issuance of stock	408,735						$ 77,522					$ 77,522	$ 263		408,472								408,735						$ 77,522
Stock-based compensation, net (in shares)													532,553
Stock-based compensation, net	6,785												$ 5		6,780								6,785
Distributions - common stock	(255,913)																		(255,913)				(255,913)
Distributions - preferred stock	(40,965)																		(40,965)				(40,965)
Distributions - noncontrolling interest	(25,103)																													(25,103)
Redemption - OP units (in shares)								(31,506)
Redemption - OP Units	(546)							$ (1)															(1)							(545)
Net income	353,827																		325,783				325,783							28,044
Ending balance (in shares) at Dec. 31, 2022								42,585,589					178,230,522
Ending balance at Dec. 31, 2022	3,071,879							$ 633,684					$ 1,782		2,204,481				97,049				2,936,996							134,883
Increase (Decrease) in Stockholders' Equity
Issuance of stock (in shares)													13,113,296
Issuance of stock	193,661												$ 131		193,530								193,661
Repurchase - common stock (in shares)													(3,545,604)
Repurchase - common stock	(37,431)												$ (35)		(37,396)								(37,431)
Stock-based compensation, net (in shares)													707,050
Stock-based compensation, net	6,580												$ 7		6,573								6,580
Distributions - common stock	(311,884)																		(311,884)				(311,884)
Distributions - preferred stock	(41,383)																		(41,383)				(41,383)
Distributions - noncontrolling interest	(27,373)																													(27,373)
Net income	400,556																		371,434				371,434							29,122
Ending balance (in shares) at Dec. 31, 2023								42,585,589					188,505,264
Ending balance at Dec. 31, 2023	$ 3,254,605							$ 633,684					$ 1,885		$ 2,367,188				$ 115,216				$ 3,117,973							$ 136,632
[1]In August 2020, the FASB issued Accounting Standards Update (“ASU”) 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging— Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”). The adoption of this guidance resulted in a $2.5 million increase to the carrying value of our convertible debt, an $8.7 million decrease to additional paid-in capital and a $5.6 million increase to retained earnings at January 1, 2022.

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - USD ($) $ in Thousands	Jan. 01, 2022	Aug. 31, 2020
Cumulative-effect adjustment
Aggregate decrease to additional paid-in capital	$ (8,700)
Cumulative-effect adjustment | ASU 2020-06
Increase in convertible debt		$ 2,500
Retained earnings	$ 5,600

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating activities:
Net income	$ 400,556	$ 353,827	$ 377,807
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	9,743	8,732	7,215
Stock-based compensation	14,940	14,973	9,929
Amortization and accretion of interest and fees, net	(3,612)	(13,547)	(2,487)
Amortization of capitalized mortgage servicing rights	63,093	59,876	58,615
Originations of loans held-for-sale	(5,074,445)	(4,788,202)	(6,461,023)
Proceeds from sales of loans held-for-sale, net of gain on sale	4,878,021	5,438,623	6,415,169
Mortgage servicing rights	(69,912)	(69,346)	(130,230)
Write-off of capitalized mortgage servicing rights from payoffs	14,736	44,502	32,741
Provision for loss sharing (net of recoveries)	15,695	1,862	(6,167)
Provision for credit losses (net of recoveries)	73,446	21,169	(21,113)
Net (charge-offs) recoveries for loss sharing obligations	(1,229)	(758)	(2,072)
Deferred tax (benefit) provision	(7,349)	(1,741)	10,892
Income from equity affiliates	(24,281)	(14,247)	(34,567)
Distributions from operations of equity affiliates	27,542	16,594	32,953
Loss on extinguishment of debt	1,561	4,933	3,374
Payoffs and paydowns of loans held-for-sale	987	58,751	2,425
Change in fair value of held-for-sale loans	(2,536)	15,703	0
(Gain) loss on derivative instruments, net	(6,763)	(26,609)	2,684
Loss on sale of loans	0	11,180	0
Litigation settlement	0	7,350	0
Gain on sale of real estate	0	0	(3,693)
Changes in operating assets and liabilities	(74,336)	(43,976)	(75,605)
Net cash provided by operating activities	235,857	1,099,649	216,847
Investing Activities:
Loans and investments funded, originated and purchased, net	(1,362,171)	(5,955,061)	(9,209,475)
Payoffs and paydowns of loans and investments	3,359,810	3,423,498	2,370,570
Deferred fees	21,299	57,098	72,182
Contributions to equity affiliates	(18,986)	(17,809)	(48,071)
Distributions from equity affiliates	15,552	26,008	34,283
Payoffs and paydowns of securities held-to-maturity	4,626	19,030	13,317
Due to borrowers and reserves	(141,152)	(239,626)	(57,249)
Proceeds from sale of loans and investments	0	397,338	127,700
Purchase of securities held-to-maturity, net	0	(27,598)	(53,511)
Net cash provided by (used in) investing activities	1,878,978	(2,317,122)	(6,750,254)
Financing activities:
Proceeds from credit and repurchase facilities	9,148,451	11,536,220	15,688,353
Payoffs and paydowns of credit and repurchase facilities	(9,747,252)	(12,153,215)	(13,433,376)
Proceeds from issuance of securitized debt	0	2,762,502	4,281,512
Payoffs and paydowns of securitized debt	(929,782)	(801,141)	(889,150)
Proceeds from issuance of common stock	193,661	408,735	514,593
Proceeds from issuance of preferred stock	0	77,522	555,999
Proceeds from issuance of senior unsecured notes	95,000	437,500	625,000
Payoffs and paydowns of senior unsecured notes	(149,600)	(312,920)	0
Redemption of OP Units	0	(546)	(21,605)
Payments of withholding taxes on net settlement of vested stock	(8,360)	(8,188)	(9,032)
Repurchase of common stock	(37,431)	0	(34,404)
Distributions to stockholders and non-controlling interest	(380,640)	(321,739)	(227,062)
Payment of deferred financing costs	(9,840)	(50,362)	(56,060)
Redemption of preferred stock	0	0	(92,789)
Extinguishment of convertible senior unsecured notes	0	0	(14,300)
Net cash (used in) provided by financing activities	(1,825,793)	1,574,368	6,887,679
Net increase in cash, cash equivalents and restricted cash	289,042	356,895	354,272
Cash, cash equivalents and restricted cash at beginning of period	1,248,165	891,270	536,998
Cash, cash equivalents and restricted cash at end of period	1,537,207	1,248,165	891,270
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents at beginning of period	534,357	404,580	339,528
Restricted cash at beginning of period	713,808	486,690	197,470
Cash, cash equivalents and restricted cash at beginning of period	1,248,165	891,270	536,998
Cash and cash equivalents at end of period	928,974	534,357	404,580
Restricted cash at end of period	608,233	713,808	486,690
Cash, cash equivalents and restricted cash at end of period	1,537,207	1,248,165	891,270
Supplemental cash flow information:
Cash used to pay interest	861,141	486,826	175,912
Cash used to pay taxes	30,129	27,560	37,797
Supplemental schedule of non-cash investing and financing activities:
Distributions accrued on preferred stock	7,010	7,010	6,767
Investment in real estate, net	39,400	31,200	0
Cumulative - effect adjustment (adoption of convertible debt standard)	0	2,447	0
Loans transferred from loans and investment, net to loans held-for-sale	$ 0	$ 0	$ 65,144

Description of Business

Description of Business	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of Business Arbor is a Maryland corporation formed in 2003. We are a nationwide REIT and direct lender, providing loan origination and servicing for commercial real estate assets. We operate through two business segments: our Structured Business and our Agency Business. Through our Structured Business, we invest in a diversified portfolio of structured finance assets in the multifamily, SFR and commercial real estate markets, primarily consisting of bridge loans, in addition to mezzanine loans, junior participating interests in first mortgages and preferred and direct equity. We also invest in real estate-related joint ventures and may directly acquire real property and invest in real estate-related notes and certain mortgage-related securities. Through our Agency Business, we originate, sell and service a range of multifamily finance products through Fannie Mae and Freddie Mac, Ginnie Mae, FHA and HUD. We retain the servicing rights and asset management responsibilities on substantially all loans we originate and sell under the GSE and HUD programs. We are an approved Fannie Mae DUS lender nationally, a Freddie Mac Multifamily Conventional Loan lender, seller/servicer, in New York, New Jersey and Connecticut, a Freddie Mac affordable, manufactured housing, senior housing and SBL lender, seller/servicer, nationally and a HUD MAP and LEAN senior housing/healthcare lender nationally. We also originate and retain the servicing rights on permanent financing loans underwritten using the guidelines of our existing agency loans sold to the GSEs, which we refer to as “Private Label” loans and originate and sell finance products through CMBS programs. We either sell the Private Label loans instantaneously or pool and securitize them and sell certificates in the securitizations to third party investors, while retaining the highest risk bottom tranche certificate of the securitization. Substantially all of our operations are conducted through our operating partnership, ARLP, for which we serve as the indirect general partner, and ARLP’s subsidiaries. We are organized to qualify as a REIT for U.S. federal income tax purposes. A REIT is generally not subject to federal income tax on that portion of its REIT-taxable income that is distributed to its stockholders, provided that at least 90% of taxable income is distributed and provided that certain other requirements are met. Certain of our assets that produce non-qualifying REIT income, primarily within the Agency Business, are operated through TRS entities, which are part of our TRS Consolidated Group and are subject to U.S. federal, state and local income taxes. In general, our TRS entities may hold assets that the REIT cannot hold directly and may engage in real estate or non-real estate-related business.

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	12 Months Ended
	Dec. 31, 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 and accompanying notes have been prepared in accordance with GAAP. In our opinion, all adjustments considered necessary for a fair presentation of our financial position, results of operations and cash flows have been included and are of a normal and recurring nature. Principles of Consolidation The consolidated financial statements include our financial statements and the financial statements of our wholly owned subsidiaries, partnerships and other joint ventures in which we own a controlling interest, including variable interest entities (“VIEs”) of which we are the primary beneficiary. Entities in which we have a significant influence are accounted for under the equity method. Our VIEs are described in Note 15. All significant intercompany transactions and balances have been eliminated in consolidation. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that could materially affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. The COVID-19 pandemic caused significant disruptions to the U.S. and global economies. Although vaccine availability and its usage have led to less negative short-term effects, such as travel bans, quarantines, layoffs and shutdowns, the ongoing longer-term macroeconomic effects on inflation, interest rates, capital markets, labor shortages, property values and global supply chains continue to negatively impact many industries, including the U.S. commercial real estate market. In addition, new strains of COVID-19 continue to emerge, which may cause governments and businesses to re-impose aggressive measures to help slow its spread, making the future impact difficult to predict. The ultimate impact of COVID-19 on the economy, including rising inflation, increasing interest rates, tightening of capital markets and reduced property values, both globally and to our business, makes any estimate or assumption at December 31, 2023 inherently less certain. Significant Accounting Policies Cash and Cash Equivalents . All highly liquid investments with original maturities of three months or less are considered to be cash equivalents. We place our cash and cash equivalents in high quality financial institutions. The consolidated account balances at each institution periodically exceed FDIC insurance coverage limits and we believe that this risk is not significant. Loans, Investments and Securities. 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. We invest in preferred equity interests that, in some cases, allow us to participate in a percentage of the underlying property’s cash flows from operations and proceeds from a sale or refinancing. At the inception of each such investment, we determine whether such investment should be accounted for as a loan, equity interest or as real estate. To date, we have determined that all such investments are properly accounted for and reported as loans. At the time of purchase, we designate a debt security as available-for-sale, held-to-maturity, or trading depending on our ability and intent for the security. Securities available-for-sale, which is included as a component of other assets in the consolidated balance sheets, is reported at fair value with the fluctuations in fair value recognized through earnings. Held-to-maturity securities are carried at cost net of any unamortized premiums or discounts, which are amortized or accreted over the life of the securities. For securities classified as held-to-maturity, an evaluation is performed as to whether a decline in fair value below the amortized cost basis is other-than-temporary. The determination of other-than-temporary impairment is a subjective process requiring judgments and assumptions and is not necessarily intended to indicate a permanent decline in value. The process includes, but is not limited to, assessment of recent market events and prospects for near-term recovery, assessment of cash flows, internal review of the underlying assets securing the investments, credit of the issuer and the rating of the security, as well as our ability and intent to hold the investment to maturity. We closely monitor market conditions on which we base such decisions. Allowance for Credit Losses. We estimate allowances for credit losses on our structured loans and investments (including unfunded loan commitments), loss-sharing obligations related to the Fannie Mae DUS program and our held-to-maturity debt securities under CECL based on current expected credit losses for the life of the loan and investment. Our estimation of credit losses utilizes information obtained from internal and external sources relating to past events, current conditions and reasonable and supportable forecasts about the future. We have licensed a third party model to assist with the measurement of expected credit losses, which utilizes incurred losses inherent in the portfolio. The loss factors are determined through the generation of probability of defaults and loss given defaults for similar loans with similar credit. These results require a significant amount of judgment applied in selecting inputs and analyzing the results produced by the models to determine the allowance for credit losses. Changes in such estimates can significantly affect our expected credit losses. Our method for calculating the estimate of expected credit loss considers historical experience and current conditions for similar loans and reasonable and supportable forecasts about the future. The reasonable and supportable forecast period is determined based on our assessment of the most likely scenario of assumptions and plausible outcomes for the U.S. economy, level of historical loss forecast estimates, material changes in growth and credit strategy and other factors that may affect our loss experience. We regularly evaluate the reasonable and supportable forecast period to determine if a change is needed. Beyond our reasonable and supportable forecast period, we generally revert to historical loss information over the remaining loan/asset period, taken from a period that most accurately reflects the expectation of conditions expected to exist during the period of reversion. We may adjust historical loss information for differences in risk that may not reflect the characteristics of our current portfolio, including, but not limited to, loan-to-value and debt service coverage ratios, among other relevant factors. The method of reversion selected represents the best estimate of the collectability of the investments and is reevaluated each reporting period. We generally expect to use an average historical loss for reversion, utilizing an immediate or straight-line method for the remaining life of the investments. We also perform a qualitative assessment beyond model estimates and apply qualitative adjustments as necessary. Our qualitative analysis includes a review of data that may directly impact our estimates including internal and external information about the loan or property including current market conditions, asset specific conditions, property operations or borrower/sponsor details (i.e., refinance, sale, loan modification, bankruptcy) which allows us to determine the amount of the expected loss more accurately and reasonably for these investments. We also evaluate the contractual life of our assets to determine if changes are needed for contractual extension options, renewals, modifications, and prepayments. To the extent possible, we estimate our allowance for credit losses using a pooling approach for homogeneous assets with similar risk characteristics with the goal of enhancing the precision of their estimate. If particular assets no longer display risk characteristics that are similar to those of the pool, we may decide to revise our pools or perform an individual assessment of expected credit losses. If it is determined that a foreclosure is probable, or we expect repayment through the operation or sale of the collateral and the borrower is experiencing financial difficulty, we calculate expected credit losses based on the fair value of the collateral as of the reporting date. During the loan review process, if we determine that it is probable that we will be unable to collect all amounts due for both principal and interest according to the contractual terms of a loan, we evaluate whether that loan is impaired. We consider the capitalization and market discount rates, as well as the borrower’s operating income and cash flows, in estimating the value of the underlying collateral when determining if a loan is impaired. We may also obtain a third party appraisal, which may value the collateral through an “as-is” or “stabilized value” methodology. Such appraisals may be used as an additional source of valuation information only and no adjustments are made to appraisals. If, upon completion of the valuation, the fair value of the underlying collateral securing the impaired loan is less than the net carrying value of the loan, we record a specific allowance for credit losses with a corresponding charge to the provision for credit losses and remove the impaired loan from the CECL analysis described above. If a loan modification constitutes a concession whereas we do not receive ample consideration in return for the modification, and the borrower is experiencing financial difficulties and cannot repay the loan under the current terms, then the modification is considered by us to be a troubled debt restructuring. We record interest on modified loans on an accrual basis to the extent the modified loan is contractually current. The allowance for credit losses on a troubled debt restructuring is measured using the same method as all other loans held for investment. Charge-offs to the allowance for credit losses occur when losses are confirmed through the receipt of cash or other consideration from the completion of a sale; when a modification or restructuring takes place in which we grant a concession to a borrower or agree to a discount in full or partial satisfaction of the loan; when we take ownership and control of the underlying collateral in full satisfaction of the loan; when loans are reclassified as other investments; or when significant collection efforts have ceased and it is highly likely that a loss has been realized. We record a loss on a restructured loan when we grant a concession to the borrower in the form of principal forgiveness related to the payoff or the substitution or addition of a new debtor for the original borrower or when we incur costs on behalf of the borrower related to the modification, payoff or the substitution or addition of a new debtor for the original borrower. When a loan is restructured, we record our investment at net realizable value, taking into account the cost of all concessions at the date of restructuring. In addition, a gain or loss may be recorded upon the sale of a loan to a third party in the consolidated statements of income in the period in which the loan was sold. Loans Held-for-Sale, Net. Loans held-for-sale, net represents our Agency Business commercial real estate loans originated and sold under the GSE and HUD programs, which are generally transferred or sold within 60 days of loan origination, as well as our Private Label loans, which are either sold instantaneously or pooled and securitized, or sold, within 180 days of loan origination. Such loans are reported at the lower of cost or market on an aggregate basis and include the value allocated to the associated future MSRs. During the period prior to its sale, interest income on a loan held-for-sale is calculated in accordance with the terms of the individual loan and the loan origination fees and direct loan origination costs are deferred until the loan is sold. All of our held-for-sale loans are financed with matched borrowings from credit facilities contracted to finance such loans. Interest income and expense are earned or incurred after a loan is closed and before a loan is sold. Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated, put presumptively beyond the reach of the entity, even in bankruptcy, (2) the transferee (or if the transferee is an entity whose sole purpose is to engage in securitization and the entity is constrained from pledging or exchanging the assets it receives, each third party holder of its beneficial interests) has the right to pledge or exchange the transferred financial assets, and (3) we or our agents do not maintain effective control over the transferred financial assets or third party beneficial interest related to those transferred assets through an agreement to repurchase them before their maturity. We have determined that all loans sold have met these specific conditions and account for all transfers of mortgage loans as completed sales. Allowance for Loss-Sharing Obligations. When a loan is sold under the Fannie Mae DUS program, we undertake an obligation to partially guarantee the performance of the loan. Generally, we are responsible for losses equal to the first 5% of the UPB and a portion of any additional losses to an overall maximum of 20% of the original principal balance. Fannie Mae bears any remaining loss. In addition, under the terms of the master loss-sharing agreement with Fannie Mae, we are responsible for funding 100% of mortgage delinquencies (principal and interest) and servicing advances (taxes, insurance and foreclosure costs) until the amounts advanced exceed 5% of the UPB at the date of default. Thereafter, we may request interim loss-sharing adjustments which allow us to fund 25% of such advances until final settlement. At inception, a liability for the fair value of the obligation undertaken in issuing the guaranty is recognized. In determining the fair value of the guaranty obligation, we consider the risk profile of the collateral and the historical loss experience in our portfolio. The guaranty obligation is removed only upon either the expiration or settlement of the guaranty. We evaluate the allowance for loss-sharing obligations by monitoring the performance of each loss-sharing loan for events or conditions that may signal a potential default. Historically, initial loss recognition occurs at or before a loan becomes 60 days delinquent. In instances where payment under the guaranty on a loan is determined to be probable and estimable (as the loan is probable of, or is, in foreclosure), we record a liability for the estimated allowance for loss-sharing (a “specific reserve”) by transferring the guarantee obligation recorded on the loan to the specific reserve with any adjustments to this reserve amount recorded in provision for loss sharing in the statements of income. The amount of the allowance considers our assessment of the likelihood of repayment by the borrower or key principal(s), the risk characteristics of the loan, the loan’s risk rating, historical loss experience, adverse situations affecting individual loans, the estimated disposition value of the underlying collateral, and the level of risk sharing. We regularly monitor the specific reserves and update loss estimates as current information is received. Capitalized Mortgage Servicing Rights. We recognize, as separate assets, rights to service mortgage loans for others, including such rights from our origination of mortgage loans sold with the servicing rights retained, as well as rights associated with acquired MSRs. Income from MSRs related to loans we originate are recognized when we record a derivative asset upon the commitment to originate a loan with a borrower and sell the loan to an investor. This commitment asset is recognized at fair value based on the discounted expected net cash flows associated with the servicing of the loan. When a mortgage loan we originate is sold, we retain the right to service the loan and recognize the MSR at the initial capitalized valuation. We amortize our MSRs using the amortization method, which requires the MSRs to be amortized over the period of estimated net servicing income or loss and that the servicing assets or liabilities be assessed for impairment, or increased obligation, based on the fair value at each reporting date. Amortization of MSRs is recorded as a reduction of servicing revenues, net in the consolidated statements of income. The following assumptions were used in calculating the fair value of our MSRs for the periods presented: Key rates: We used discount rates ranging from 9% to 13%, representing a weighted average discount rate of 12%, based on our best estimate of market discount rates to determine the present value of MSRs. Servicing Cost: A market participant’s estimated future cost to service the loan for the estimated life of the MSR is subtracted from the estimated future cash flows. Estimated Life: We estimate the life of our MSRs based upon the stated yield maintenance and/or prepayment protection term of the underlying loan and are reduced using prepayment rates that consider the note rate of the loan and the expiration of various types of prepayment penalty and/or lockout provisions prior to that stated maturity date. MSRs are initially recorded at fair value and are carried at amortized cost. The fair value of MRSs from loans we originate and sell are estimated considering market prices for similar MSRs, when available, and by estimating the present value of the future net cash flows of the capitalized MSRs, net of adequate compensation for servicing. Adequate compensation is based on the market rate of similar servicing contracts. The fair value of MSRs acquired approximate the purchase price paid. We evaluate the MSR portfolio for impairment on a quarterly basis based on the difference between the aggregate carrying amount of the MSRs and their aggregate fair value. We engage an independent third party valuation expert to assist in determining an estimated fair value of our MSR portfolio on a quarterly basis. For purposes of impairment evaluation, the MSRs are stratified based on predominant risk characteristics of the underlying loans, which we have identified as loan type, note rate and yield maintenance provisions. To the extent that the carrying value of the MSRs exceeds fair value, a valuation allowance is established. We record write-offs of MSRs related to loans that were repaid prior to their expected maturity and loans that have defaulted and determined to be unrecoverable. When this occurs, the write-off is recorded as a direct write-down to the carrying value of MSRs and is included as a component of servicing revenue, net in the consolidated statements of income. This direct write-down permanently reduces the carrying value of the MSRs, precluding recognition of subsequent recoveries. For loans that payoff prior to maturity, we may collect a prepayment fee which is included as a component of servicing revenue, net. Investments in Equity Affiliates. We invest in joint ventures that are formed to invest in real estate-related assets or businesses. These joint ventures are not majority owned or controlled by us or are VIEs for which we are not the primary beneficiary, and are not consolidated in our financial statements. These investments are recorded under either the equity or cost method of accounting as deemed appropriate. We evaluate these investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be recoverable. We recognize an impairment loss if the estimated fair value of the investment is less than its carrying amount and we determine that the impairment is other-than-temporary. We record our share of the net income and losses from the underlying properties of our equity method investments and any other-than-temporary impairment on these investments as income or losses from equity affiliates in the consolidated statements of income. Goodwill and Other Intangible Assets. Significant judgement is required to estimate the fair value of intangible assets and in assigning their estimated useful lives. Accordingly, we typically seek the assistance of independent third party valuation specialists for significant intangible assets. The fair value estimates are based on available historical information and on future expectations and assumptions we deem reasonable. We generally use an income-based valuation method to estimate the fair value of intangible assets, which discounts expected future cash flows to present value using estimates and assumptions we deem reasonable. Determining the estimated useful lives of intangible assets also requires judgment. Certain intangible assets, such as GSE licenses, have been deemed to have indefinite lives while other intangible assets, such as broker and borrower relationships and below market rent have been deemed to have finite lives. Our assessment as to which intangible assets are deemed to have finite or indefinite lives is based on several factors including economic barriers of entry for the acquired product lines, scarcity of available GSE licenses, retention trends and our operating plans, among other factors. Goodwill and indefinite-lived intangible assets are not amortized, while finite-lived intangible assets are amortized over their estimated useful lives on a straight-line basis. Indefinite-lived intangible assets, including goodwill, are tested for impairment whenever events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. In addition, with respect to goodwill, an impairment analysis is performed at least annually. We have elected to make the first day of our fiscal fourth quarter the annual impairment assessment date for goodwill. We first assess qualitative factors to determine whether it is more likely than not that the fair value is less than the carrying value. If, based on that assessment, we believe it is more likely than not that the fair value is less than the carrying value, then a two-step goodwill impairment test is performed. Based on the impairment analysis performed as of October 1, 2023, there were no indicators that the indefinite-lived intangible assets, including goodwill, were impaired and there were no events or changes in circumstances indicating impairment at December 31, 2023. Real Estate Owned and Held-For-Sale. Real estate acquired is recorded at its estimated fair value, less costs to sell, at acquisition and is shown net of accumulated depreciation and impairment charges. Costs incurred in connection with the acquisition of a property are capitalized. Real estate acquired is recorded in other assets on our consolidated balance sheets. We allocate the purchase price of our real estate acquisitions to land, building, tenant improvements, origination asset of the in-place leases, intangibles for the value of any above or below market leases at fair value and to any other identified intangible assets or liabilities. We amortize the value allocated to in-place leases over the remaining lease term, which is reported in depreciation and amortization expense on our consolidated statements of income. The value allocated to above or below market leases are amortized over the remaining lease term as an adjustment to rental income. Real estate assets are depreciated using the straight-line method over their estimated useful lives. Ordinary repairs and maintenance which are not reimbursed by the tenants are expensed as incurred. Major replacements and betterments which improve or extend the life of the asset are capitalized and depreciated over their estimated useful life. Our properties are reviewed for impairment each quarter if events or circumstances change indicating that the carrying amount of an asset may not be recoverable. We recognize impairment if the undiscounted estimated cash flows to be generated by an asset is less than the carrying amount of such asset. Measurement of impairment is based on the asset’s estimated fair value. In evaluating for impairment, many factors are considered, including estimated current and expected operating cash flows from the property during the projected holding period, costs necessary to extend the life or improve the asset, expected capitalization rates, projected stabilized net operating income, selling costs, and the ability to hold and dispose of the asset in the ordinary course of business. Impairment charges may be necessary in the event discount rates, capitalization rates, lease-up periods, future economic conditions, and other relevant factors vary significantly from those assumed in valuing the property. Real estate is classified as held-for-sale when we commit to a plan of sale, the asset is available for immediate sale, there is an active program to locate a buyer, and it is probable the sale will be completed within one year. Real estate assets that are expected to be disposed of are valued at the lower of the asset’s carrying amount or its fair value less costs to sell. We recognize sales of real estate properties upon closing. Payments received from purchasers prior to closing are recorded as deposits. A gain or loss on real estate sold is recognized when the collectability of the sale price is reasonably assured, we are not obligated to perform significant activities after the sale and when control of the asset transfers to the buyer. A gain may be deferred in whole or in part until collectability of the sales price is reasonably assured and the earnings process is complete. Hedging Activities and Derivatives . We measure derivative instruments at fair value and record them as assets or liabilities. Fair value adjustments will affect either accumulated other comprehensive income until the hedged item is recognized in earnings, or net income depending on whether the derivative instrument qualifies as a hedge for accounting purposes and, if so, the nature of the hedging activity. We use derivatives for hedging purposes rather than trading or speculation. Fair values are estimated based on current market data from financial sources that trade such instruments and are based on prevailing market data and derived from third party proprietary models based on well recognized financial principles and reasonable estimates about relevant future market conditions. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. These derivative instruments must be effective in reducing risk exposure to qualify for hedge accounting. When the terms of an underlying transaction are modified, or when the underlying hedged item ceases to exist, all changes in the fair value of the instrument are marked-to-market with changes in value included in net income for each period until the derivative instrument matures or is settled. Any derivative instrument used for risk management that does not meet the hedging criteria is marked-to-market with the changes in value included in earnings. In cases where a derivative instrument is terminated early, any gain or loss is generally amortized over the remaining life of the hedged item. We may also enter into derivative contracts that are intended to economically hedge certain risks, even though hedge accounting does not apply, or we elect not to apply hedge accounting. The ineffective portion of a derivative’s change in fair value is recognized immediately in earnings. In connection with our interest rate risk management, we may hedge a portion of our interest rate risk by entering into derivative instrument contracts to manage differences in the amount, timing, and duration of our expected cash receipts and our expected cash payments principally related to our investments and borrowings. Our objectives in using interest rate derivatives are to add stability to interest income and to manage our exposure to interest rate movements. To accomplish this objective, we have used, and may again in the future, use treasury futures and interest rate and credit default swaps as part of our interest rate risk management strategy. Instruments designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for us making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Our rate lock and forward sales commitments associated with the Agency Business meet the definition of a derivative and are recorded at fair value. The estimated fair value of rate lock commitments includes the effects of interest rate movements as well as the fair value of the expected net cash flows associated with the servicing of the loan which is recorded as income from MSRs in the consolidated statements of income. The estimated fair value of forward sale commitments includes the effects of interest rate movements between the trade date and balance sheet date. Our treasury futures associated with (1) our held-for-sale Agency Business Private Label loans, and (2) our Structured Business SFR loans, do not meet the criteria for hedge accounting and are tied to the five-year and ten-year treasury rates. Our treasury futures are cleared by a central clearing house and variation margin payments (made in cash) are treated as a legal settlement of the derivative itself, as opposed to a pledge of collateral. Realized and unrealized gains and losses related to our treasury futures are recorded through earnings. Revenue Recognition. Interest income is recognized on the accrual basis as it is earned. In certain instances, the borrower pays an additional amount of interest at the time the loan is closed, an origination fee, a prepayment fee and/or deferred interest upon maturity. In some cases, interest income may also include the amortization or accretion of premiums and discounts arising from the purchase or origination of the loan or security. This additional income, net of any direct loan origination costs incurred, is deferred and accreted into interest income on an effective yield or “interest” method adjusted for actual prepayment activity over the life of the related loan or security as a yield adjustment. Income recognition is suspended for loans when, in our opinion, a full recovery of all contractual principal and/or interest is not probable. Income recognition is resumed when the loan becomes contractually current, and performance is resumed. We record interest income on certain impaired loans to the extent cash is received, as the borrower continues to make interest payments. We record loan loss reserves related to these loans when it is deemed that full recovery of principal and accrued interest is not probable. Several of our loans provide for accrual of interest at specified rates, which differ from current payment terms. Interest is recognized on such loans at the accrual rate subject to our determination that accrued interest and outstanding principal are ultimately collectible, based on the underlying collateral and operations of the asset. If we cannot make this determination, interest income above the current pay rate is recognized only upon actual receipt. Given the transitional nature of some of our real estate l

Loans and Investments

Loans and Investments	12 Months Ended
	Dec. 31, 2023
Loans and Investments
Loans and Investments	Loans and Investments Our Structured Business loan and investment portfolio consists of ($ in thousands): December 31, 2023 Percent of Loan Wtd. Avg. Wtd. Avg. Wtd. Avg. Wtd. Avg. Bridge loans (5) $ 12,273,244 97 % 679 8.45 % 12.0 0 % 78 % Mezzanine loans 248,457 2 % 49 8.41 % 56.6 48 % 80 % Preferred equity investments 85,741 1 % 17 3.95 % 60.3 53 % 82 % SFR permanent loans 7,564 <1% 2 9.84 % 13.9 0 % 56 % 12,615,006 100 % 747 8.42 % 13.2 1 % 78 % Allowance for credit losses (195,664) Unearned revenue (41,536) Loans and investments, net $ 12,377,806 December 31, 2022 Bridge loans (5) $ 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 % SFR permanent loans 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 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) Including extension options, the weighted average remaining months to maturity at December 31, 2023 and 2022 was 29.4 and 37.9, respectively. (3) 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. (4) 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. (5) At December 31, 2023 and 2022, bridge loans included 354 and 241, respectively, of SFR loans with a total gross loan commitment of $2.51 billion and $1.57 billion, respectively, of which $1.32 billion and $927.4 million, respectively, was funded. Concentration of Credit Risk We are subject to concentration risk in that, at December 31, 2023, the UPB related to 31 loans with five different borrowers represented 11% of total assets. At December 31, 2022, the UPB related to 38 loans with five different borrowers represented 11% of total assets. During both 2023 and 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 18 for details on our concentration of related party loans and investments. We assign a credit risk rating of pass, pass/watch, special mention, substandard or doubtful to each loan and investment, with a pass rating being the lowest risk and a doubtful rating being the highest risk. Each credit risk rating has benchmark guidelines that pertain to debt-service coverage ratios, LTV ratios, borrower strength, asset quality, and funded cash reserves. Other factors such as guarantees, market strength, and remaining loan term and borrower equity are also reviewed and factored into determining the credit risk rating assigned to each loan. This metric provides a helpful snapshot of portfolio quality and credit risk. All portfolio assets are subject to, at a minimum, a thorough quarterly financial evaluation in which historical operating performance and forward-looking projections are reviewed, however, we maintain a higher level of scrutiny and focus on loans that we consider “high risk” and that possess deteriorating credit quality. Generally speaking, given our typical loan profile, risk ratings of pass, pass/watch and special mention suggest that we expect the loan to make both principal and interest payments according to the contractual terms of the loan agreement. A risk rating of substandard indicates we anticipate the loan may require a modification of some kind. A risk rating of doubtful indicates we expect the loan to underperform over its term, and there could be loss of interest and/or principal. Further, while the above are the primary guidelines used in determining a certain risk rating, subjective items such as borrower strength, market strength or asset quality may result in a rating that is higher or lower than might be indicated by any risk rating matrix. A summary of the loan portfolio’s internal risk ratings and LTV ratios by asset class at December 31, 2023, and charge-offs recorded during 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 $ 80,814 $ 53,316 $ 26,185 $ 2,010 $ 4,598 $ 20,300 $ 187,223 Pass/Watch 317,358 2,561,938 2,223,155 119,860 84,600 58,044 5,364,955 Special Mention 24,424 1,762,539 2,631,689 180,750 140,685 350 4,740,437 Substandard — 435,878 322,987 8,006 — — 766,871 Doubtful — — 13,930 14,800 9,765 — 38,495 Total Multifamily $ 422,596 $ 4,813,671 $ 5,217,946 $ 325,426 $ 239,648 $ 78,694 $11,097,981 1 % 80 % Single-Family Rental: Percentage of portfolio 88 % Pass $ 9,709 $ 608 $ — $ — $ — $ — $ 10,317 Pass/Watch 289,482 465,057 144,846 119,692 — — 1,019,077 Special Mention 31,131 45,145 218,697 — — — 294,973 Total Single-Family Rental $ 330,322 $ 510,810 $ 363,543 $ 119,692 $ — $ — $ 1,324,367 0 % 62 % Land: Percentage of portfolio 10 % 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 % 97 % Office: Percentage of portfolio 1 % Special Mention $ — $ — $ — $ 35,410 $ — $ — $ 35,410 Total Office $ — $ — $ — $ 35,410 $ — $ — $ 35,410 0 % 80 % Retail: Percentage of portfolio <1% Substandard $ — $ — $ — $ — $ — $ 19,520 $ 19,520 Total Retail $ — $ — $ — $ — $ — $ 19,520 $ 19,520 0 % 88 % Commercial: Percentage of portfolio < 1% Doubtful $ — $ — $ — $ — $ — $ 1,700 $ 1,700 Total Commercial $ — $ — $ — $ — $ — $ 1,700 $ 1,700 63 % 66 % Percentage of portfolio < 1% Grand Total $ 752,918 $ 5,324,481 $ 5,581,489 $ 488,628 $ 239,648 $ 227,842 $ 12,615,006 1 % 78 % Charge-offs $ — $ — $ — $ — $ — $ 5,700 $ 5,700 Geographic Concentration Risk At December 31, 2023, underlying properties in Texas and Florida represented 24% and 17%, 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 state represented 10% or more of the total loan and investment portfolio. Allowance for Credit Losses A summary of the changes in the allowance for credit losses is as follows (in thousands): Year Ended December 31, 2023 Multifamily Land Retail Commercial Single- Family Rental Office Other Total Allowance for credit losses: Beginning balance $ 37,961 $ 78,068 $ 5,819 $ 1,700 $ 780 $ 8,162 $ 69 $ 132,559 Provision for credit losses (net of recoveries) 72,886 (10) (2,526) — 844 (2,320) (69) 68,805 Charge-offs — — — — — (5,700) — (5,700) Ending balance $ 110,847 $ 78,058 $ 3,293 $ 1,700 $ 1,624 $ 142 $ — $ 195,664 Year Ended December 31, 2022 Allowance for credit losses: Beginning balance $ 18,707 $ 77,970 $ 5,819 $ 1,700 $ 319 $ 8,073 $ 653 $ 113,241 Provision for credit losses (net of recoveries) 19,254 98 — — 461 89 (584) 19,318 Ending balance $ 37,961 $ 78,068 $ 5,819 $ 1,700 $ 780 $ 8,162 $ 69 $ 132,559 Year Ended December 31, 2021 Allowance for credit losses: Beginning balance $ 36,468 $ 78,150 $ 13,861 $ 1,700 $ 586 $ 1,846 $ 15,718 $ 148,329 Provision for credit losses (net of recoveries) (17,761) (180) (42) — (267) 6,227 (12,292) (24,315) Charge-offs — — (8,000) — — — (2,773) (10,773) Ending balance $ 18,707 $ 77,970 $ 5,819 $ 1,700 $ 319 $ 8,073 $ 653 $ 113,241 During 2023, we recorded a $68.8 million provision for credit losses, which was net of $4.8 million of loan loss recovery. The loan loss recovery included $2.5 million for a retail loan that paid off and $2.3 million for a loan on an office building that was converted to a common equity investment, for which the fair value of the property exceeded the carrying value. The increase in the provision for credit losses during 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 increases 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 December 31, 2023 and 2022, we had outstanding unfunded commitments of $1.31 billion and $1.15 billion, respectively, that we are obligated to fund as borrowers meet certain requirements. At December 31, 2023 and 2022, accrued interest receivable related to our loans totaling $124.2 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): December 31, 2023 Asset Class UPB (1) Carrying Allowance for Wtd. Avg. First Dollar LTV Ratio Wtd. Avg. Last Dollar LTV Ratio Multifamily $ 272,493 $ 260,291 $ 37,750 0 % 100 % Land 134,215 127,868 77,869 0 % 99 % Retail 19,521 15,037 3,292 0 % 88 % Commercial 1,700 1,700 1,700 63 % 66 % Total $ 427,929 $ 404,896 $ 120,611 0 % 99 % 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 nineteen and seven impaired loans (less unearned revenue and other holdbacks and adjustments) by asset class at December 31, 2023 and 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 December 31, 2023 and 2022. Non-performing and Other Non-accrued Loans Loans are classified as non-performing once the contractual payments exceed 60 days past due. At December 31, 2023, sixteen loans with an aggregate net carrying value of $235.6 million, net of related loan loss reserves of $27.1 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 recognized on a cash basis when payments are received. Full income recognition will resume when the loan becomes contractually current, and performance has recommenced. A summary of our non-performing loans by asset class is as follows (in thousands): December 31, 2023 December 31, 2022 UPB Less Than Greater Than UPB Less Than Greater Than Multifamily $ 271,532 $ — $ 271,532 $ 2,605 $ — $ 2,605 Commercial 1,700 — 1,700 1,700 — 1,700 Retail 920 — 920 3,445 — 3,445 Total $ 274,152 $ — $ 274,152 $ 7,750 $ — $ 7,750 In this challenging economic environment, we have recently experienced late and partial payments on certain loans in our structured portfolio. At December 31, 2023, these loans included twenty-four multifamily bridge loans with an aggregate UPB of $956.9 million that were 60 days or less past due. We are recognizing income on these loans to the extent cash is received. These loans include one specifically reserved loan with a $3.0 million loan loss reserve and a UPB of $32.6 million. At both December 31, 2023 and 2022, we had no loans contractually past due 90 days or more that are still accruing interest. During 2023, we recognized $92.5 million of interest income on loans classified as non-accrual at December 31, 2023. During 2022, there was no interest income recognized on loans classified as non-accrual at December 31, 2022. In addition, we have six loans with a carrying value totaling $121.4 million at December 31, 2023, that are collateralized by a land development project. The loans do not carry a current pay rate of interest, however, five of the loans with a carrying value totaling $112.1 million entitle us to a weighted average accrual rate of interest of 7.91%. In 2008, we suspended the recording of the accrual rate of interest on these loans, as they were impaired and we deemed the collection of this interest to be doubtful. At both December 31, 2023 and 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. Loan Modifications In the fourth quarter of 2023, we entered into loan modification agreements with the borrowers of three multifamily bridge loans with an aggregate UPB of $241.0 million, interest rates over SOFR ranging from 4.00% to 4.30% and maturities between October 2024 to January 2025 to: (1) defer a portion of the foregoing interest ranging from 2.00% to 2.15% to payoff, and (2) extend the maturity of each loan by one year. We also agreed to waive 25% of the deferred interest if the loans are paid off by the extended maturity dates. In the fourth quarter of 2023, we entered into a loan modification agreement on an $86.9 million multifamily bridge loan with an interest rate of SOFR plus 4.25% and a maturity in November 2023 to: (1) change the pay rate of interest to $0.5 million per year, and (2) extend the maturity one year. The remaining interest will be deferred to payoff. In the fourth quarter of 2023, we converted a first mortgage loan and a preferred equity investment in an office building to a common equity investment, which is included in other assets in our consolidated balance sheets. On the date of the conversion, the investment had a net carrying value of $37.1 million, net of an $8.0 million reserve. Upon conversion, we recognized a $2.3 million loan loss recovery as a result of the fair value of the property exceeding the carrying value of our loan and preferred equity investment. We intend to convert the building to residential condominiums. In the second quarter of 2023, a borrower of a $70.5 million multifamily bridge loan, with an interest rate of SOFR plus 3.40% and a maturity in September 2024, defaulted on its interest payments and, as a result, this loan was classified as a non-performing loan. In September 2023, the borrower sold the underlying property to a third party who assumed our loan. At the time of the property sale, we entered into a loan modification agreement with the new borrower to extend the maturity to September 2025 and reduce the interest rate to a fixed pay rate of 3.00% and an accrual rate of 3.00% for a total fixed rate of 6.00% for a period of eighteen months, after which the interest rate reverts back to the original rate for the duration of the loan. The new borrower was also required to fund $10.5 million over time: $2.5 million in interest reserves, which was funded at the closing of the loan assumption, and $8.0 million in capital improvements within fifteen months. If the new borrower fails to timely complete the required capital improvements, it will be required to fund a renovation reserve at the lesser of (1) $2.5 million and (2) the difference between the $8.0 million capital commitment and the costs actually incurred for such capital improvements. The key principal is also personally guaranteeing the $8.0 million capital improvement. In 2020, we entered into a loan modification agreement on a $26.5 million bridge loan with an interest rate of LIBOR plus 6.00% with a 2.375% LIBOR floor and a $6.1 million mezzanine loan with a fixed rate of 12% collateralized by a retail property to: (1) reduce the interest rate on both loans to the greater of: (i) LIBOR plus 5.50% and (ii) 6.50%, and (2) to extend the maturity three years to December 2024. A portion of the foregoing interest equal to 2.00% was deferred to payoff and would have been waived if the loan was paid off by December 31, 2022, which did not take place. The loan modification agreement also included a $6.0 million required principal paydown, which occurred at the closing of the modification transaction, and an $8.0 million principal reduction once the borrower deposited an additional reserve of $4.6 million, which took place in 2021 and was charged-off against the previously recorded allowance for credit losses. In 2019, we purchased $50.0 million of a $110.0 million bridge loan, which was collateralized by a hotel property and scheduled to mature in December 2023. In 2021, we recorded a $7.5 million allowance for credit losses due to a reduction in the appraised value of the property. In 2021, we purchased the remaining $60.0 million bridge loan at a discount for $39.9 million, which we determined had experienced a more than insignificant deterioration in credit quality since origination and, therefore, deemed to be a purchased loan with credit deterioration. The $20.1 million discount was classified as a noncredit discount and no portion of the discount was allocated to allowance for credit losses at the date of purchase, since the appraised value of the property was greater than the purchase price. Shortly after the purchase, we entered into a forbearance agreement with the borrower to temporarily reduce the interest rate from LIBOR plus 3.00% with a 1.50% LIBOR floor to a pay rate of 1.00% and to include a $10.0 million principal reduction if the loan is paid off by March 2, 2021. In 2021, we entered into a second forbearance agreement that temporarily eliminated the pay rate, extended the principal reduction payoff deadline to June 30, 2021 and increased the interest rate to an unaccrued default rate of 9.50%, which was deferred until payoff. In June 2021, we received $95.0 million for full satisfaction of these loans, reversed the $7.5 million allowance for credit losses and recorded interest income of $3.5 million. There were no other loan modifications, refinancings and/or extensions during 2023, 2022 or 2021 to borrowers experiencing financial difficulty. Loan Sales 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. In 2022, we sold 4 bridge loans with an aggregate UPB of $296.9 million at par less shared loan origination fees and selling costs totaling $2.0 million and recaptured $78.0 million of capital to be used for future investments. The $2.0 million in fees and costs were recorded as an unrealized impairment loss and included in other income (loss), net on the consolidated statements of income. We retained the right to service these loans. During 2022, we sold a bridge loan and mezzanine loans totaling $110.5 million, that were collateralized by a land development project, at a discount for $102.2 million. In connection with this transaction, we recaptured $66.3 million of capital to be used for future investments and recorded a $9.2 million loss (including fees and expenses), which was included in other income (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. Given the transitional nature of some of our real estate loans, we may require funds to be placed into an interest reserve, based on contractual requirements, to cover debt service costs. At December 31, 2023 and 2022, we had total interest reserves of $156.1 million and $123.7 million, respectively, on 537 loans and 480 loans, respectively,

Loans Held-for-Sale, Net

Loans Held-for-Sale, Net	12 Months Ended
	Dec. 31, 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): December 31, 2023 December 31, 2022 Fannie Mae $ 477,212 $ 173,020 Private Label 50,235 152,735 FHA 11,350 21,021 SFR - Fixed Rate 8,696 12,352 Freddie Mac 4,832 8,938 552,325 368,066 Fair value of future MSR 7,784 5,557 Unrealized impairment loss (1,989) (15,703) Unearned discount (6,413) (3,850) Loans held-for-sale, net $ 551,707 $ 354,070 During 2023, 2022 and 2021, we sold $4.89 billion, $5.44 billion and $6.42 billion, respectively, of loans held-for-sale. Included in the total loans sold during 2022 and 2021 were Private Label loans totaling $489.3 million and $985.1 million, respectively, which were sold to unconsolidated affiliates of ours who securitized the loans. We retained the most subordinate class of certificates in these securitizations totaling $43.4 million and $85.7 million during 2022 and 2021, respectively, in satisfaction of credit risk retention requirements (see Note 7 for details), and we are also the primary servicer of the mortgage loans. During 2022, we determined that the fair value of certain loans held-for-sale were below their carrying values and, based on the fair value analysis performed, recorded unrealized impairment losses of $15.7 million which was included in other income (loss), net on the consolidated statements of income. During the first quarter of 2023, we sold several of these impaired loans above the net carrying value and recorded a net gain of $0.9 million. At December 31, 2023 and 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	12 Months Ended
	Dec. 31, 2023
Transfers and Servicing [Abstract]
Capitalized Mortgage Servicing Rights	Capitalized Mortgage Servicing Rights Our capitalized MSRs reflect commercial real estate MSRs derived primarily from loans sold in our Agency Business or acquired MSRs. The weighted average estimated life remaining of our MSRs was 8.0 years and 8.6 years at December 31, 2023 and 2022, respectively. A summary of our capitalized MSR activity is as follows (in thousands): Year Ended December 31, 2023 Year Ended December 31, 2022 Originated Acquired Total Originated Acquired Total Beginning balance $ 386,878 $ 14,593 $ 401,471 $ 395,573 $ 27,161 $ 422,734 Additions 67,612 — 67,612 83,115 — 83,115 Amortization (59,182) (3,911) (63,093) (53,449) (6,427) (59,876) Write-downs and payoffs (12,726) (2,010) (14,736) (38,361) (6,141) (44,502) Ending balance $ 382,582 $ 8,672 $ 391,254 $ 386,878 $ 14,593 $ 401,471 We collected prepayment fees totaling $6.4 million and $48.2 million during 2023 and 2022, respectively, which are included as a component of servicing revenue, net on the consolidated statements of income. At December 31, 2023 and 2022, we had no valuation allowance recorded on any of our MSRs. The expected amortization of capitalized MSRs recorded at December 31, 2023 is as follows (in thousands): Year Amortization 2024 $ 65,500 2025 62,514 2026 56,969 2027 52,366 2028 45,188 Thereafter 108,717 Total $ 391,254 Based on scheduled maturities, actual amortization may vary from these estimates.

Mortgage Servicing

Mortgage Servicing	12 Months Ended
	Dec. 31, 2023
Transfers and Servicing [Abstract]
Mortgage Servicing	Mortgage Servicing Product and geographic concentrations that impact our servicing revenue are as follows ($ in thousands): December 31, 2023 Product Concentrations Geographic Concentrations Product UPB (1) % of Total State UPB % of Total Fannie Mae $ 21,264,578 69 % Texas 11 % Freddie Mac 5,181,933 17 % New York 11 % Private Label 2,510,449 8 % California 8 % FHA 1,359,624 4 % North Carolina 8 % Bridge (2) 379,425 1 % Georgia 6 % SFR - Fixed Rate 287,446 1 % Florida 6 % Total $ 30,983,455 100 % 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 four bridge loans sold by our Structured Business that we are servicing, see Note 3 for details. (3) No other individual state represented 4% or more of the total. At December 31, 2023 and 2022, our weighted average servicing fee was 39.1 basis points and 41.1 basis points, respectively. At December 31, 2023 and 2022, we held total escrow balances (including unfunded collateralized loan obligation hold backs) of approximately $1.6 billion and $1.7 billion, respectively, of which approximately $1.5 billion is not included in our consolidated balance sheets at both December 31, 2023 and 2022. 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): Year Ended December 31, 2023 2022 2021 Servicing fees $ 123,975 $ 123,937 $ 123,758 Interest earned on escrows 77,916 24,436 4,191 Prepayment fees 6,387 48,197 38,221 Write-offs of MSRs (14,736) (44,502) (32,741) Amortization of MSRs (63,093) (59,876) (58,615) Servicing revenue, net $ 130,449 $ 92,192 $ 74,814

Securities Held-to-Maturity

Securities Held-to-Maturity	12 Months Ended
	Dec. 31, 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. In connection with our Private Label securitizations, we retain the most subordinate class of the APL certificates in satisfaction of credit risk retention requirements. At December 31, 2023, we retained APL certificates with an initial face value of $192.8 million, which were purchased at a discount for $119.0 million. These certificates are collateralized by 5-year to 10-year fixed rate first mortgage loans on multifamily properties, bear interest at an initial weighted average variable rate of 3.94% and have an estimated weighted average remaining maturity of 6.6 years. The weighted average effective interest rate was 8.85% at both December 31, 2023 and 2022, including the accretion of a portion of the discount deemed collectible. Approximately $19.7 million is estimated to mature after one year through five years and $173.1 million is estimated to mature after five years through ten years. Agency B Piece Bonds. Freddie Mac may choose to hold, sell or securitize loans we sell to them under the Freddie Mac SBL program. As part of the securitizations under the SBL program, we have the ability to purchase the B Piece bond through a bidding process, which represents the bottom 10%, or highest risk, of the securitization. At December 31, 2023, we retained 49%, or $106.2 million initial face value, of seven B Piece bonds, which were previously 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 11.28% and 12.20% at December 31, 2023 and 2022, respectively, including the accretion of a portion of the discount deemed collectible. Approximately $5.9 million is estimated to mature within one year, $11.4 million is estimated to mature after one year through five years and $20.4 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 December 31, 2023 APL certificates $ 192,791 $ 128,865 $ (31,331) $ 97,534 $ 2,272 B Piece bonds 37,704 26,414 5,442 31,856 3,984 Total $ 230,495 $ 155,279 $ (25,889) $ 129,390 $ 6,256 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): Year Ended December 31, 2023 APL B Piece Total Beginning balance $ 2,783 $ 370 $ 3,153 Provision for credit loss expense/(reversal) (511) 3,614 3,103 Ending balance $ 2,272 $ 3,984 $ 6,256 The allowance for credit losses on our held-to-maturity securities was estimated on a collective basis by major security type and was based on a reasonable and supportable forecast period and a historical loss reversion for similar securities. The issuers continue to make timely principal and interest payments and we continue to accrue interest on all our securities. At December 31, 2023, no other-than-temporary impairment was recorded on our held-to-maturity securities. We recorded interest income (including the amortization of discount) related to these investments of $13.6 million, $18.6 million and $13.2 million during 2023, 2022 and 2021, respectively.

Investments in Equity Affiliate

Investments in Equity Affiliates	12 Months Ended
	Dec. 31, 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 December 31, 2023 Equity Affiliates December 31, 2023 December 31, 2022 Arbor Residential Investor LLC $ 32,743 $ 46,951 $ — AMAC Holdings III LLC 13,591 15,825 — Fifth Wall Ventures 13,365 13,584 — AWC Real Estate Opportunity Partners I LP 11,671 — — ARSR DPREF I LLC 5,163 — — Lightstone Value Plus REIT L.P. 1,895 1,895 — Docsumo Pte. Ltd. 450 450 — JT Prime 425 425 — West Shore Café — — 1,688 Lexford Portfolio — — — East River Portfolio — — — Total $ 79,303 $ 79,130 $ 1,688 Arbor Residential Investor LLC (“ARI”). We invested $9.6 million for a 50% interest in ARI, with our former manager (ACM) holding the remaining 50%. ARI was formed to hold a 50% interest in Wakefield Investment Holdings LLC (“Wakefield”), an entity that was formed with a third party to hold a controlling interest (65%) in a residential mortgage banking business. ARI has no other assets, liabilities or activity other than its investment in Wakefield. At December 31, 2023, our indirect interest in this business was 12.3%. The allocation of income is based on the underlying agreements, which may be different than our indirect interest, and was 9.2% at December 31, 2023. We account for our ownership interest in ARI under the equity method of accounting and ARI accounts for its ownership interest in Wakefield under the equity method of accounting. During 2023, 2022 and 2021, we recorded income of $0.6 million, $4.9 million and $34.6 million, respectively, to income from equity affiliates in the consolidated statements of income. We also received $15.0 million and $23.8 million in cash distributions from this investment during 2023 and 2022, respectively, which were classified as returns of capital. AMAC III. We committed to a $30.0 million investment for an 18% interest in a multifamily-focused commercial real estate investment fund that is sponsored and managed by our chief executive officer and one of his immediate family members. During 2023, 2022 and 2021, we recorded losses associated with this investment of $1.9 million, $2.4 million and $1.3 million, respectively. During 2023 and 2022, we made contributions of $0.7 million and $4.9 million, respectively, and received cash distributions totaling $1.1 million and $0.5 million, respectively, which were classified as returns of capital, related to this investment. Fifth Wall. We committed to a $25.0 million investment for a 7.6% interest in two related private equity funds whose investment objective is to invest primarily in technology, technology-enabled or technology-related companies that are relevant or complementary to the build environment, including real estate or real estate-related industries. We have no role in the management of the investment funds. During 2023 and 2022, we made contributions of $1.0 million and $9.7 million, respectively, and, during 2022 we received cash distributions totaling $1.6 million, which was classified as returns of capital, related to this investment. During 2023, we recorded a loss associated with this investment of $1.2 million. Operating results from this investment were de minimis for 2022 and 2021. AWC Real Estate Opportunity Partners I LP ("AWC"). In the fourth quarter of 2023, we committed to a $24.0 million investment (of which $13.0 million was funded at December 31, 2023) for an initial 99% noncontrolling interest in a fund whose objective is to make investments in sustainable affordable housing structures, with the intention to bring in additional partners. In addition, we entered into an agreement with the general partner to provide a loan, up to a maximum of $0.9 million, to fund a portion of their equity contributions. In the fourth quarter of 2023, this fund purchased our equity interest in North Vermont Avenue (described below) at a discount for $1.3 million, which was recorded as a reduction to our investment in AWC. The remaining capital contribution was used to fund additional qualified purchases. ARSR DPREF I LLC. In the fourth quarter of 2023, we entered into a joint venture whose objective is to invest in preferred equity investments in commercial real estate and we contributed 50% of a $10.2 million preferred equity loan originated by us to the joint venture. We hold a 50% interest in the joint venture which is structured to reflect joint control, allocation of profits and losses and capital contributions. The agreement provides for a total joint venture contribution of $70.0 million, which may be upsized to $140.0 million. Lightstone Value Plus REIT L.P. / JT Prime. We own a $1.9 million interest in a joint venture that holds common operating partnership units of Lightstone Value Plus REIT L.P. (“Lightstone”). We also own a 50% noncontrolling interest in a joint venture, JT Prime, which holds common operating partnership units of Lightstone at a carrying value of $0.4 million. Operating results from these investments were de minimis for all periods presented. Docsumo Pte. Ltd. (“Docsumo”). We invested $0.5 million for a noncontrolling interest in Docsumo, a startup company that converts unstructured documents, such as bank statements and pay stubs, to accurate structured data and checks documents for fraud, such as photoshopped layers and font changes, using artificial intelligence. Operating results from this investment were de minimis for all periods presented. West Shore Café. We own a 50% noncontrolling interest in the West Shore Lake Café, a restaurant/inn lakefront property in Lake Tahoe, California. We provided a $1.7 million first mortgage loan to an affiliated entity to acquire property adjacent to the original property, which matures in September 2025 and bears interest at SOFR plus 4.0% with a SOFR floor of 0.15%. In 2018, we determined that this investment exhibited indicators of impairment and recorded an other-than-temporary impairment of $2.2 million for the full carrying amount of this investment and fully reserved the $1.7 million first mortgage loan. Operating results from this investment were de minimis for all periods presented. Lexford Portfolio. We own a less than $0.1 million noncontrolling equity interest in Lexford, a portfolio of multifamily assets. In 2023 and 2022, we received distributions from this investment and recognized income totaling $12.2 million and $11.1 million, net of expenses, respectively. As a result of COVID-19, Lexford did not make any distributions to its equity holders in 2021. East River Portfolio. We invested $0.1 million for a 5% interest in a joint venture that owns two multifamily properties. The joint venture is comprised of a consortium of investors (which includes, among other unaffiliated investors, certain of our officers, our chief executive officer and certain other related parties) who together own an interest of 95%. Operating results from this investment were de minimis for all periods presented. Equity Participation Interest. During 2023 and 2022, we received $14.5 million and $2.6 million, respectively, from equity participation interests on properties that were sold and which we had loans that previously paid off. These were classified as returns of capital and recognized as income from equity affiliates. North Vermont Avenue. We invested $2.4 million for an initial 85% noncontrolling interest in a joint venture that acquired three parcels of land with multiple structures, with the intent to tear down the existing structures and construct a new 202-unit multifamily complex with ground floor retail. Operating results from this investment were de minimis for all periods presented. During 2022, we determined that this investment exhibited indicators of impairment and, as a result of an impairment analysis performed; we recorded an other-than-temporary impairment of $2.4 million to income from equity affiliates for the full carrying amount of this investment. In the fourth quarter of 2023, AWC purchased our equity interest in North Vermont Avenue at a discount for $1.3 million (described above). See Note 18 for details of certain investments described above.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	12 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Goodwill. The goodwill balance at both December 31, 2023 and 2022 was $56.6 million. Other Intangible Assets. The following table sets forth the other intangible assets activity (in thousands): December 31, 2023 December 31, 2022 Gross Accumulated Total Gross Accumulated Total Finite‑lived intangible assets: Broker relationships $ 25,000 $ (23,307) $ 1,693 $ 25,000 $ (20,182) $ 4,818 Borrower relationships 14,400 (10,740) 3,660 14,400 (9,300) 5,100 Below market leases 4,010 (3,611) 399 4,010 (3,485) 525 Infinite‑lived intangible assets: Fannie Mae DUS license 17,100 — 17,100 17,100 — 17,100 Freddie Mac Program Plus license 8,700 — 8,700 8,700 — 8,700 FHA license 3,200 — 3,200 3,200 — 3,200 $ 72,410 $ (37,658) $ 34,752 $ 72,410 $ (32,967) $ 39,443 The amortization expense recorded for these intangible assets was $4.7 million in each of 2023, 2022 and 2021. At December 31, 2023, the weighted average remaining lives of our amortizable finite-lived intangible assets and the estimated annual amortization expense are as follows ($ in thousands): Wtd. Avg. Estimated Amortization Expense for the 2024 2025 2026 2027 Finite‑lived intangible assets: Broker relationships 0.5 $ 1,693 $ — $ — $ — Borrower relationships 2.5 1,440 1,440 780 — Below market leases 3.2 126 126 126 21 2.0 $ 3,259 $ 1,566 $ 906 $ 21 See Note 20 for details of goodwill and other intangible assets by segment.

Debt Obligations

Debt Obligations	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Debt Obligations	Debt Obligations Credit and Repurchase Facilities Borrowings under our credit and repurchase facilities are as follows ($ in thousands): December 31, 2023 December 31, 2022 UPB Debt Collateral Wtd. Avg. UPB Debt Collateral Wtd. Avg. Structured Business $2.5B joint repurchase facility (2) $ 870,073 $ 868,077 $ 1,371,436 7.81 % $ 1,524,831 $ 1,516,657 $ 2,099,447 6.73 % $1B repurchase facility (2) 386,576 385,779 589,533 7.68 % 499,891 498,666 703,740 6.39 % $500M repurchase facility 448,411 447,490 597,205 8.38 % 155,121 154,653 188,563 7.16 % $499M repurchase facility (2)(3) 355,328 355,328 506,753 7.83 % 351,056 351,056 504,506 6.64 % $450M repurchase facility 263,061 262,820 362,465 7.55 % 344,576 344,237 450,736 6.36 % $250M credit facility 17,997 17,964 23,088 7.32 % 33,246 33,221 43,238 6.25 % $250M repurchase facility — — — — — — — — $225M credit facility 103,552 103,552 139,252 8.04 % 47,398 47,398 81,119 6.90 % $200M repurchase facility 32,599 32,579 41,522 7.03 % 187,428 186,639 239,678 6.18 % $200M repurchase facility 46,403 45,969 68,762 8.04 % 33,155 32,494 47,750 6.95 % $200M repurchase facility 107,355 107,324 141,130 7.44 % 155,240 154,516 200,099 6.33 % $121M loan specific credit facilities 120,660 120,328 161,700 6.91 % 156,543 156,107 225,805 6.42 % $50M credit facility 29,200 29,200 36,500 7.58 % 29,200 29,194 36,500 6.48 % $40M credit facility — — — — — — — — $35M working capital facility — — — — — — — — $25M credit facility 17,093 17,058 22,816 8.09 % 19,177 18,701 24,572 6.99 % Repurchase facility - securities (2)(4) 31,033 31,033 — 7.15 % 12,832 12,832 — 6.99 % Structured Business total $ 2,829,341 $ 2,824,501 $ 4,062,162 7.80 % $ 3,549,694 $ 3,536,371 $ 4,845,753 6.59 % Agency Business $750M ASAP agreement $ 73,011 $ 73,011 $ 73,781 6.49 % $ 29,476 $ 29,476 $ 30,291 5.21 % $500M joint repurchase facility (2) 7,945 7,833 11,350 7.77 % 105,275 104,629 135,641 6.52 % $500M repurchase facility 115,841 115,730 241,895 6.83 % 66,866 66,778 66,866 5.73 % $200M credit facility 187,185 187,138 187,185 6.78 % 31,519 31,475 33,177 5.76 % $100M credit facility — — — — 57,974 57,887 57,974 5.76 % $50M credit facility 29,085 29,083 29,418 6.73 % 14,671 14,664 14,671 5.65 % $1M repurchase facility (2)(3) 531 531 866 7.86 % 534 534 920 6.66 % Agency Business total $ 413,598 $ 413,326 $ 544,495 6.76 % $ 306,315 $ 305,443 $ 339,540 5.96 % Consolidated total $ 3,242,939 $ 3,237,827 $ 4,606,657 7.67 % $ 3,856,009 $ 3,841,814 $ 5,185,293 6.54 % ________________________________________ (1) At December 31, 2023 and 2022, debt carrying value for the Structured Business was net of unamortized deferred finance costs of $4.8 million and $13.3 million, respectively, and for the Agency Business was net of unamortized deferred finance costs of $0.3 million and $0.9 million, respectively. (2) These facilities are subject to margin call provisions associated with changes in interest spreads. (3) A portion of this facility was used to finance a fixed rate SFR permanent loan reported through our Agency Business. (4) At December 31, 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 $43.1 million. At December 31, 2022, this facility was collateralized by B Piece bonds with a carrying value of $33.1 million. During 2023, several of our credit and repurchase facilities, in both our Structured Business and Agency Business, converted from a LIBOR-based interest rate to a SOFR-based interest rate for new financings. At December 31, 2023, all of our credit and repurchase facilities are at a SOFR-based interest rate. Usually, our credit and repurchase facilities have extension options that are at the discretion of the financial institutions in which we have long standing relationships with. These facilities typically renew annually and also include a "wind-down" feature. Joint Repurchase Facility. We have a $3.00 billion joint repurchase facility that will reduce to $2.00 billion in March 2024, which is shared between the Structured Business and the Agency Business, and matures in July 2025 with a one-year extension option. This facility is used to finance both structured and Private Label loans. The interest rate under the facility is determined on a loan-by-loan basis and may include a floor equal to a pro rata share of the floors included in our originated loans. The facility has a maximum advance rate of 80% on all loans. If the estimated market value of the loans financed in this facility decrease, we may be required to pay down borrowings under this facility. Structured Business. We utilize credit and repurchase facilities with various financial institutions to finance our loans and investments as described below. Many of these facilities have a maximum advance rate between 70% to 83%, depending on the asset type financed. At December 31, 2023 and 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 8.26% 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 working capital facility, was 69% and 73% at December 31, 2023 and 2022, respectively. We have a $1.00 billion repurchase facility used to finance bridge loans that matures in August 2025, with a one-year extension option. The facility bears interest ranging from SOFR plus 2.25% to 2.50%, with a weighted average spread that must be at least 2.40%. We have a $500.0 million repurchase facility to finance SFR loans that has an interest rate ranging from SOFR plus 2.76% to 3.26%. The commitment amount under this facility expires six months after the lender provides written notice. We then have an additional six months to repurchase the underlying loans. We have a $500.0 million repurchase facility to finance SFR loans that has an interest rate ranging from SOFR plus 2.46% to 3.11%, with a 0.25% SOFR floor, and matures in October 2024. We have a $450.0 million repurchase facility to finance bridge loans that matures in March 2024, with two one-year extension options. The interest rate under the facility is determined on a loan-by-loan basis and includes a floor of SOFR plus 2.00%. We have a $250.0 million credit facility to finance bridge loans that matures in July 2024 and bears interest at a rate ranging from SOFR plus 2.61% to 3.31% depending on the type of loan financed. This facility includes a $25.0 million sublimit to finance healthcare related loans. We have a $250.0 million repurchase facility to finance bridge loans that bears interest at a rate ranging from SOFR plus 2.00% to 2.40% depending on the duration of time the loan is being financed. The facility matures in October 2025, with a one-year extension option. We have a $225.0 million credit facility to finance SFR loans that bears interest at a rate of SOFR plus 2.55%, with an all-in floor rate range of 3.00% to 4.10%, depending on our deposit balance. The facility matures in October 2025. We have a $200.0 million repurchase facility to finance bridge loans that matures in April 2024, with a six-month extension option, and bears interest at a rate ranging from SOFR plus 1.50% to 1.86%. We have a $200.0 million repurchase facility to finance SFR loans that matures in March 2025, with a one-year extension option. This facility has an interest rate of SOFR plus 2.55%. We have a $200.0 million repurchase facility to finance bridge and construction loans that matures in January 2025. This facility has interest rates ranging from SOFR plus 1.75% to 3.50% depending on the type of loan financed, with a SOFR floor determined on a loan-by-loan basis. We have several loan specific credit facilities totaling $120.7 million used to finance individual bridge loans. The facilities bear interest at rates ranging from SOFR plus 1.91% to 2.60% and a 3.00% fixed rate. The facilities mature between March 2024 and September 2025. We have a $50.0 million credit facility to finance bridge loans that bears interest at a rate of SOFR plus 2.10% and matures in April 2024, with a one-year extension option. We have a $40.0 million credit facility used to purchase loans that bears interest at a rate of SOFR plus 2.35% and matures in April 2026, with a one-year extension option. We have a $35.0 million unsecured working capital line of credit that bears interest at a rate of SOFR plus 3.00%. This line matures in April 2024 and is typically renewed annually. We have a $25.0 million credit facility to finance SFR loans that bears interest at a rate of SOFR plus 2.60%, with an all-in floor rate of 4.25%, which matures in October 2025. We have an uncommitted repurchase facility that is used to finance certificates retained by us from our Q Series securitization and our purchases of B Piece bonds from SBL program securitizations. This facility bears interest at a rate of SOFR plus 2.60% and has no stated maturity date. Agency Business. We utilize credit and repurchase facilities with various financial institutions to finance substantially all of our loans held-for-sale as described below. The financial institutions that provide these facilities generally have a security interest in the underlying mortgage notes that serve as collateral for these facilities. We have a $750.0 million ASAP agreement with Fannie Mae providing us with a warehousing credit facility for mortgage loans that are to be sold to Fannie Mae and serviced under the Fannie Mae DUS program. The ASAP agreement is not a committed line, has no expiration date and bears interest at a rate of SOFR plus 1.15%, with a 0.25% SOFR floor. We have a $500.0 million repurchase facility that bears interest at a rate of SOFR plus 1.48% and matures in November 2024. We have a $200.0 million credit facility that bears interest at a rate of SOFR plus 1.40% and matures in March 2024. We have a $100.0 million credit facility that bears interest at a rate of SOFR plus 1.46% and matures in July 2024. This facility includes a $37.5 million sublimit for principal and interest advances we make as the primary servicer to Fannie Mae in connection with potential delinquent loans under the Fannie Mae forbearance program, which bears interest at a rate of SOFR plus 1.86%. We have a $50.0 million credit facility that bears interest at a rate of SOFR plus 1.35% and matures in September 2024. We have a letter of credit facility to secure obligations under the Fannie Mae DUS program and the Freddie Mac SBL program with a total committed amount of up to $75.0 million. The facility bears interest at a fixed rate of 2.875%, matures in September 2025, and is primarily collateralized by our servicing revenue as approved by Fannie Mae and Freddie Mac. The facility includes a $5.0 million sublimit for obligations under the Freddie Mac SBL program. At December 31, 2023, the letters of credit outstanding include $64.0 million for the Fannie Mae DUS program and $5.0 million for the Freddie Mac SBL program. Securitized Debt We account for securitized debt transactions on our consolidated balance sheet as financing facilities. These transactions are considered VIEs for which we are the primary beneficiary and are consolidated in our financial statements. The investment grade notes and guaranteed certificates issued to third parties are treated as secured financings and are non-recourse to us. Borrowings and the corresponding collateral under our securitized debt transactions are as follows ($ in thousands): Debt Collateral (3) Loans Cash December 31, 2023 Face Value Carrying Wtd. Avg. UPB Carrying Restricted CLO 19 $ 872,812 $ 868,359 7.84 % $ 1,031,772 $ 1,028,669 $ 4,527 CLO 18 1,652,812 1,647,885 7.29 % 1,784,921 1,780,930 244,629 CLO 17 1,714,125 1,709,800 7.14 % 1,870,388 1,865,878 203,938 CLO 16 1,237,500 1,233,769 6.76 % 1,456,872 1,453,297 847 CLO 15 (5) 674,412 673,367 6.82 % 734,120 732,498 42,600 CLO 14 (5) 589,345 588,176 6.82 % 680,814 679,469 33,271 Total CLOs 6,741,006 6,721,356 7.14 % 7,558,887 7,540,741 529,812 Q Series securitization 215,278 213,654 7.38 % 287,038 286,053 — Total securitized debt $ 6,956,284 $ 6,935,010 7.15 % $ 7,845,925 $ 7,826,794 $ 529,812 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 $21.3 million and $36.8 million of deferred financing fees at December 31, 2023 and 2022, respectively. (2) At December 31, 2023 and 2022, the aggregate weighted average note rate for our CLOs, including certain fees and costs, was 7.37% and 6.32%, respectively, and the Q Series securitization was 7.99% and 6.66%, respectively. (3) At December 31, 2023, twelve loans with an aggregate UPB of $308.3 million were deemed a "credit risk" as defined by the collateralized loan obligations ("CLO") indentures. At December 31, 2022, there were no collateral deemed a “credit risk” as defined by the CLO indentures. (4) Represents restricted cash held for principal repayments as well as for reinvestment in the CLOs. Does not include restricted cash related to interest payments, delayed fundings and expenses totaling $63.9 million and $230.0 million at December 31, 2023 and 2022, respectively. (5) The replenishment periods of CLO 14 and CLO 15 ended in September 2023 and December 2023, respectively. CLO 19. In 2022, we completed CLO 19, issuing nine tranches of CLO notes through a wholly-owned subsidiary totaling $1.05 billion. Of the total CLO notes issued, $872.8 million were investment grade notes issued to third party investors and $177.2 million were below investment grade notes retained by us. As of the CLO closing date, the notes were secured by a portfolio of loan obligations with a face value of $976.9 million, consisting primarily of bridge loans that were contributed from our existing loan portfolio, and cash. The financing has an approximate two-year replacement period that allows the principal proceeds and sale proceeds (if any) of the loan obligations to be reinvested in qualifying replacement loan obligations, subject to the satisfaction of certain conditions set forth in the indenture. Thereafter, the outstanding debt balance will be reduced as loans are repaid. Initially, the proceeds of the issuance of the securities also included $73.1 million for the purpose of acquiring additional loan obligations for a period of up to 180 days from the CLO closing date, which we subsequently utilized, resulting in the issuer owning loan obligations with a face value of $1.05 billion, representing leverage of 83%. The notes sold to third parties had an initial weighted average interest rate of 2.36% plus term SOFR and interest payments on the notes are payable monthly. CLO 18. In 2022, we completed CLO 18, issuing eight tranches of CLO notes through two wholly-owned subsidiaries totaling $1.86 billion. Of the total CLO notes issued, $1.65 billion were investment grade notes issued to third party investors and $210.1 million were below investment grade notes retained by us. As of the CLO closing date, the notes were secured by a portfolio of loan obligations with a face value of $1.70 billion, consisting primarily of bridge loans that were contributed from our existing loan portfolio, and cash. The financing has an approximate two-and-a-half-year replacement period that allows the principal proceeds and sale proceeds (if any) of the loan obligations to be reinvested in qualifying replacement loan obligations, subject to the satisfaction of certain conditions set forth in the indenture. Thereafter, the outstanding debt balance will be reduced as loans are repaid. Initially, the proceeds of the issuance of the securities also included $347.3 million for the purpose of acquiring additional loan obligations for a period of up to 180 days from the CLO closing date, which we subsequently utilized, resulting in the issuer owning loan obligations with a face value of $2.05 billion, representing leverage of 81%. We retained a residual interest in the portfolio with a notional amount of $397.2 million, including the $210.1 million below investment grade notes. The notes sold to third parties had an initial weighted average interest rate of 1.81% plus compounded SOFR and interest payments on the notes are payable monthly. CLO 17. In 2021, we completed CLO 17, issuing eight tranches of CLO notes through two wholly-owned subsidiaries totaling $1.91 billion. Of the total CLO notes issued, $1.71 billion were investment grade notes issued to third party investors and $194.3 million were below investment grade notes retained by us. As of the CLO closing date, the notes were secured by a portfolio of loan obligations with a face value of $1.79 billion, consisting primarily of bridge loans that were contributed from our existing loan portfolio, and cash. The financing has an approximate two-and-a-half-year replacement period that allows the principal proceeds and sale proceeds (if any) of the loan obligations to be reinvested in qualifying replacement loan obligations, subject to the satisfaction of certain conditions set forth in the indenture. Thereafter, the outstanding debt balance will be reduced as loans are repaid. Initially, the proceeds of the issuance of the securities also included $315.0 million for the purpose of acquiring additional loan obligations for a period of up to 180 days from the CLO closing date, which we subsequently utilized, resulting in the issuer owning loan obligations with a face value of $2.10 billion, representing leverage of 82%. We retained a residual interest in the portfolio with a notional amount of $385.9 million, including the $194.3 million below investment grade notes. The notes sold to third parties had an initial weighted average interest rate of 1.68% plus one-month LIBOR and interest payments on the notes are payable monthly. CLO 16. In 2021, we completed CLO 16, issuing eight tranches of CLO notes through two wholly-owned subsidiaries totaling $1.37 billion. Of the total CLO notes issued, $1.24 billion were investment grade notes issued to third party investors and $135.0 million were below investment grade notes retained by us. As of the CLO closing date, the notes were secured by a portfolio of loan obligations with a face value of $1.19 billion, consisting primarily of bridge loans that were contributed from our existing loan portfolio, and cash. The financing has an approximate two-and-a-half-year replacement period that allows the principal proceeds and sale proceeds (if any) of the loan obligations to be reinvested in qualifying replacement loan obligations, subject to the satisfaction of certain conditions set forth in the indenture. Thereafter, the outstanding debt balance will be reduced as loans are repaid. Initially, the proceeds of the issuance of the securities also included $313.0 million for the purpose of acquiring additional loan obligations for a period of up to 180 days from the CLO closing date, which we subsequently utilized, resulting in the issuer owning loan obligations with a face value of $1.50 billion, representing leverage of 83%. We retained a residual interest in the portfolio with a notional amount of $262.5 million, including the $135.0 million below investment grade notes. The notes sold to third parties had an initial weighted average interest rate of 1.31% plus one-month LIBOR and interest payments on the notes are payable monthly. CLO 15. In 2021, we completed CLO 15, issuing eight tranches of CLO notes through two wholly-owned subsidiaries totaling $747.8 million. Of the total CLO notes issued, $674.4 million were investment grade notes issued to third party investors and $73.4 million were below investment grade notes retained by us. As of the CLO closing date, the notes were secured by a portfolio of loan obligations with a face value of $653.0 million, consisting primarily of bridge loans that were contributed from our existing loan portfolio, and cash. The financing had an approximate two-and-a-half-year replacement period that allows the principal proceeds and sale proceeds (if any) of the loan obligations to be reinvested in qualifying replacement loan obligations, subject to the satisfaction of certain conditions set forth in the indenture. Thereafter, the outstanding debt balance is being reduced as loans are repaid. Initially, the proceeds of the issuance of the securities also included $162.0 million for the purpose of acquiring additional loan obligations for a period of up to 180 days from the CLO closing date, which we subsequently utilized, resulting in the issuer owning loan obligations with a face value of $815.0 million, representing leverage of 83%. We retained a residual interest in the portfolio with a notional amount of $140.6 million, including the $73.4 million below investment grade notes. The notes sold to third parties had an initial weighted average interest rate of 1.37% plus one-month LIBOR and interest payments on the notes are payable monthly. CLO 14. In 2021, we completed CLO 14, issuing eight tranches of CLO notes through two wholly-owned subsidiaries totaling $724.2 million. Of the total CLO notes issued, $655.5 million were investment grade notes issued to third party investors and $68.7 million were below investment grade notes retained by us. As of the CLO closing date, the notes were secured by a portfolio of loan obligations with a face value of $635.2 million, consisting primarily of bridge loans that were contributed from our existing loan portfolio, and cash. The financing had a two-and-a-half-year replacement period that allowed the principal proceeds and sale proceeds (if any) of the loan obligations to be reinvested in qualifying replacement loan obligations, subject to the satisfaction of certain conditions set forth in the indenture. Thereafter, the outstanding debt balance is being reduced as loans are repaid. Initially, the proceeds of the issuance of the securities also included $149.8 million for the purpose of acquiring additional loan obligations for a period of up to 180 days from the CLO closing date, which we subsequently utilized, resulting in the issuer owning loan obligations with a face value of $785.0 million, representing leverage of 84%. We retained a residual interest in the portfolio with a notional amount of $129.5 million, including the $68.7 million below investment grade notes. The notes sold to third parties had an initial weighted average interest rate of 1.33% plus one-month LIBOR and interest payments on the notes are payable monthly. CLO 13 and 12. In June 2023 and August 2023, we unwound CLO 13 and 12, respectively, 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 $1.5 million of deferred financing fees in 2023 related to the unwind of these CLOs, into loss on extinguishment of debt on the consolidated statements of income. Freddie Mac Q Series Securitization. In December 2022, we completed a Q Series securitization, by which we sold to Freddie Mac 11 floating rate loans totaling $315.8 million that are secured by first priority mortgage liens on 21 multifamily properties that qualify as mission-driven under the Federal Housing Finance Agency guidelines. The Q Series securitization is represented through a series of pass-through certificates (the “Certificates”) issued under a pooling and servicing agreement. We retained certain subordinate and interest-only classes of the Certificates aggregating $79.0 million and the remaining Certificates totaling $236.9 million were purchased by third party investors, representing leverage of 75%. The Certificates sold to third parties pay interest at a rate of 2.00% plus one-month SOFR, excluding fees and transaction costs, and are payable monthly. As part of the securitization transaction, we released all mortgage servicing obligations and rights to Freddie Mac who was designated as the master servicer. As master servicer, Freddie Mac appointed us as its subservicer, which includes obligations to collect and remit payments and otherwise administer the underlying loans, and a third party as the special servicer. We may, subject to certain limitations, terminate the special servicer, with or without cause, and appoint a successor. In addition, the special servicer must receive our consent prior to certain decisions with respect to a specially serviced mortgage loan. Senior Unsecured Notes A summary of our senior unsecured notes is as follows ($ in thousands): December 31, 2023 December 31, 2022 Senior Issuance Maturity UPB Carrying Wtd. Avg. UPB Carrying Wtd. Avg. 7.75% Notes (3) Mar. 2023 Mar. 2026 $ 95,000 $ 93,697 7.75 % $ — $ — — 8.50% Notes (3) Oct. 2022 Oct. 2027 150,000 148,023 8.50 % 150,000 147,519 8.50 % 5.00% Notes (3) Dec. 2021 Dec. 2028 180,000 177,875 5.00 % 180,000 177,450 5.00 % 4.50% Notes (3) Aug. 2021 Sept. 2026 270,000 267,763 4.50 % 270,000 266,926 4.50 % 5.00% Notes (3) Apr. 2021 Apr. 2026 175,000 173,542 5.00 % 175,000 172,917 5.00 % 4.50% Notes (3) Mar. 2020 Mar. 2027 275,000 273,444 4.50 % 275,000 272,960 4.50 % 4.75% Notes (4) Oct. 2019 Oct. 2024 110,000 109,721 4.75 % 110,000 109,369 4.75 % 5.75% Notes (4) Mar. 2019 Apr. 2024 90,000 89,903 5.75 % 90,000 89,514 5.75 % 8.00% Notes Apr. 2020 Apr. 2023 — — — 70,750 70,613 8.00 % 5.625% Notes Mar. 2018 May 2023 — — — 78,850 78,726 5.63 % $ 1,345,000 $ 1,333,968 5.41 % $ 1,399,600 $ 1,385,994 5.40 % ________________________________________ (1) At December 31, 2023 and 2022, the carrying value is net of deferred financing fees of $11.0 million and $13.6 million, respectively. (2) At December 31, 2023 and 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. Except as noted below, we used the proceeds of our senior unsecured debt offerings to make investments and for general corporate purposes. 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 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 included accrued interest and other fees, to repurchase the remaining portion of our 8.00% senior unsecured notes due in 2023. In October 2022, we issued $150.0 million aggregate principal amount of 8.50% senior unsecured notes due in 2027 in a private offering. We received proceeds of $147.5 million from the issuance, after deducting the underwriting discount and other offering expenses. We used $47.5 million of the proceeds, which included accrued interest and other fees, to repurchase a portion of our 5.625% senior unsecured notes. In 2021, we issued $180.0 million aggregate principal amount of 5.00% senior unsecured notes due in 2028 in a private offering. We received proceeds of $177.2 million from the issuance, after deducting the underwriting discount and other offering expenses. In 2021, we issued $270.0 million aggregate principal amount of 4.50% senior unsecured notes due in 2026 in a private offering. We received proceeds of $265.8 million from the issuance, after deducting the underwriting discount and other offering expenses. In 2021, we issued $175.0 million aggregate principal amount of 5.00% senior unsecured notes due in 2026 in a private offering. We received proceeds of $172.3 million from the issuance, after deducting the underwriting discount and other offering expenses. In 2020, we issued $70.8 million aggregate principal amount of 8.00% senior unsecured notes due in April 2023 in a private offering. We received proceeds of $69.6 million from the issuance, after deducting the underwriting discount and other offering expenses. We used a portion of the proceeds from the issuance to repay secured indebtedness. In 2020, we issued $275.0 million aggregate principal amount of 4.50% senior unsecured notes due in March 2027 in a private offering. We received proceeds of $271.8 million from the issuance, after deducting the underwriting discount and other offering expenses. We used a significant portion of the proceeds to repay secured indebtedness. In 2019, we issued $110.0 million aggregate principal amount of 4.75% senior unsecured notes due in October 2024 in a private offering. We received proceeds of $108.2 million from the issuance, after deducting the underwriting discount and other offering expenses. In 2019, we issued $90.0 million aggregate principal amount of 5.75% senior unsecured notes due in April 2024 in a private offering. We received proceeds of $88.2 million from the issuance, after deducting the underwriting discount and other offering expenses. In 2018, we issued $125.0 million aggregate principal amount of 5.625% senior unsecured notes due in May 2023 in a private offering. We received proceeds of $122.3 million from the issuance, after deducting the underwriting discount and other offering expenses. We used a significant portion of the proceeds to fully redeem our 7.375% senior unsecured notes. In October 2022, we repaid $46.2 million of the outstanding principal balance as noted above. In May 2023, the remaining balance of these notes matured and were redeemed with cash. Convertible Senior Unsecured Notes In 2022, we issued $287.5 million in aggregate principal amount of 7.50% convertible senior notes (the “7.50% Convertible Notes”) through a private placement offering. The 7.50% Convertible Notes pay interest semiannually in arrears and are scheduled to mature in August 2025, unless earlier converted or repurchased by the holders pursuant to their terms. The initial conversion rate was 59.8480 shares of common stock per $1,000 of principal representing a conversion price of $16.71 per share of common stock. We received proceeds of $279.3 million, net of discounts and fees. We used $203.1 million of the net proceeds to repurchase a portion of our 4.75% convertible senior notes (the “4.75% Convertible Notes”), which included $5.2 million of accrued interest and repurchase premiums, and expensed $3.3 million of deferred financing fees into loss on extinguishment of debt on the consolidated statements of income. At December 31, 2023, the 7.50% Convertible Notes had a conversion rate of 60.3915 shares of common stock per $1,000 of principal, which represented a conversion price of $16.56 per share of common stock. In 2022, the remaining $66.1 million principal amount of our 4.75% Convertible Notes matured and were fully settled with cash. Our convertible senior unsecured notes are not redeemable by us prior to their maturities and are convertible by the holder into, at our election, cash, shares of our common stock or a combination of both, subject to the satisfaction of certain conditions and during specified periods. The conversion rates are subject to adjustment upon the occurrence of certain specified events and the holders may require us to repurchase all, or any portion, of their n

Allowance for Loss-Sharing Obli

Allowance for Loss-Sharing Obligations	12 Months Ended
	Dec. 31, 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): Year Ended December 31, 2023 2022 Beginning balance $ 57,168 $ 56,064 Provisions for loss sharing 17,864 3,592 Provisions reversal for loan repayments (2,169) (1,730) Recoveries (charge-offs), net (1,229) (758) Ending balance $ 71,634 $ 57,168 When a loan is sold under the Fannie Mae DUS program, we undertake an obligation to partially guarantee the performance of the loan. A liability is recognized for the fair value of the guarantee obligation undertaken for the non-contingent aspect of the guarantee and is removed only upon either the expiration or settlement of the guarantee. At December 31, 2023 and 2022, we had $34.6 million and $34.4 million, respectively, of guarantee obligations included in the allowance for loss-sharing obligations. In addition to and separately from the fair value of the guarantee, we estimate our allowance for loss-sharing under CECL over the contractual period in which we are exposed to credit risk. The current expected loss related to loss-sharing was based on a collective pooling basis with similar risk characteristics, a reasonable and supportable forecast and a reversion period based on our average historical losses through the remaining contractual term of the portfolio. When we settle a loss under the DUS loss-sharing model, the net loss is charged-off against the previously recorded loss-sharing obligation. The settled loss is often net of any previously advanced principal and interest payments in accordance with the DUS program, which are reflected as reductions to the proceeds needed to settle losses. At December 31, 2023 and 2022, we had outstanding advances of $1.1 million and $0.8 million, respectively, which were netted against the allowance for loss-sharing obligations. At December 31, 2023 and 2022, our allowance for loss-sharing obligations, associated with expected losses under CECL, was $37.0 million and $22.7 million, respectively, and represented 0.17% and 0.12%, respectively, of our Fannie Mae servicing portfolio. During 2023, we recorded a $14.3 million increase in CECL reserves. At December 31, 2023 and 2022, the maximum quantifiable liability associated with our guarantees under the Fannie Mae DUS agreement was $3.95 billion and $3.49 billion, respectively. The maximum quantifiable liability is not representative of the actual loss we would incur. We would be liable for this amount only if all of the loans we service for Fannie Mae, for which we retain some risk of loss, were to default and all of the collateral underlying these loans was determined to be without value at the time of settlement.

Derivative Financial Instrument

Derivative Financial Instruments	12 Months Ended
	Dec. 31, 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 aspects, 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 2023, 2022 and 2021, we recorded net gains net losses net losses $69.9 million, $69.3 million and $130.2 million, respectively, of income from MSRs. See Note 13 for details Treasury Futures and Credit Default Swaps. We enter into over-the-counter treasury futures and credit default 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 treasury futures typically have a three-month maturity and are tied to the five-year and ten-year treasury 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. These instruments do not meet the criteria for hedge accounting, are cleared by a central clearing house and variation margin payments, made in cash, and are treated as a legal settlement of the derivative itself. Our agreements with the counterparties provide for bilateral collateral pledging based on the counterparties' market value. The counterparties have the right to re-pledge the collateral posted, but have the obligation to return the pledged collateral as the market value of the treasury futures change. Our policy is to record the asset and liability positions on a net basis. At December 31, 2023 and 2022, we had $1.5 million and $9.5 million, respectively, included in others assets, which was comprised of cash posted as collateral of $1.9 million and $6.3 million, respectively, and a $0.4 million loss and a $3.2 million gain, respectively, from the fair value of our treasury futures. During 2023, 2022 and 2021 we recorded realized gains and unrealized losses of $1.6 million and $3.7 million, realized and unrealized gains of $26.9 million and $3.5 million and realized and unrealized losses of less than $0.1 million and $1.5 million, respectively, to our Agency Business. A summary of our non-qualifying derivative financial instruments in our Agency Business is as follows ($ in thousands): December 31, 2023 Fair Value Derivative Count Notional Value Balance Sheet Location Derivative Assets Derivative Liabilities Rate lock commitments 3 $ 26,800 Other assets/other liabilities $ 428 $ (759) Forward sale commitments 33 559,079 Other assets/other liabilities 6,119 (262) Treasury futures 82 8,200 — — $ 594,079 $ 6,547 $ (1,021) 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) Treasury futures 1,298 129,800 — — $ 515,723 $ 1,505 $ (4,897)

Fair Value

Fair Value	12 Months Ended
	Dec. 31, 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): December 31, 2023 December 31, 2022 Principal / Carrying Estimated Principal / Carrying Estimated Financial assets: Loans and investments, net $ 12,615,006 $ 12,377,806 $ 12,452,563 $ 14,456,123 $ 14,254,674 $ 14,468,418 Loans held-for-sale, net 552,325 551,707 566,451 368,066 354,070 362,054 Capitalized mortgage servicing rights, net n/a 391,254 510,472 n/a 401,471 530,913 Securities held-to-maturity, net 230,495 155,279 129,390 234,255 156,547 144,571 Derivative financial instruments 447,609 6,547 6,547 111,950 1,505 1,505 Financial liabilities: Credit and repurchase facilities $ 3,242,939 $ 3,237,827 $ 3,228,324 $ 3,856,009 $ 3,841,814 $ 3,828,192 Securitized debt 6,956,284 6,935,010 6,864,557 7,886,066 7,849,270 7,560,541 Senior unsecured notes 1,345,000 1,333,968 1,214,331 1,399,600 1,385,994 1,262,560 Convertible senior unsecured notes, net 287,500 283,118 301,156 287,500 280,356 287,834 Junior subordinated notes 154,336 143,896 106,444 154,336 143,128 103,977 Derivative financial instruments 138,270 1,021 1,021 273,973 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 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. 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, net. 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 December 31, 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 $ 6,547 $ 6,547 $ — $ 6,119 $ 428 Financial liabilities: Derivative financial instruments $ 1,021 $ 1,021 $ — $ 1,021 $ — We measure certain financial and non-financial assets at fair value on a nonrecurring basis. The fair values of these financial and non-financial assets, if applicable, were determined using the following input levels at December 31, 2023 (in thousands): Fair Value Measurements Using Fair Value Hierarchy Net Carrying Value Fair Value Level 1 Level 2 Level 3 Financial assets: Impaired loans, net Loans held-for-investment (1) $ 284,285 $ 284,285 $ — $ — $ 284,285 Loans held-for-sale (2) 18,057 18,057 — 18,057 — $ 302,342 $ 302,342 $ — $ 18,057 $ 284,285 ________________________________________ (1) We had an allowance for credit losses of $120.6 million relating to nineteen impaired loans with an aggregate carrying value, before loan loss reserves, of $404.9 million at December 31, 2023. (2) We have an impairment of $2.0 million related to 6 loans held-for-sale with an aggregate carrying value, before unrealized impairment losses, of $20.0 million. Loan impairment assessments. Loans held for investment are intended to be held to maturity and, accordingly, are carried at cost, net of unamortized loan origination costs and fees, loan purchase discounts, and net of the allowance for credit losses, when such loan or investment is deemed to be impaired. We consider a loan impaired when, based upon current information, it is probable that all amounts due for both principal and interest will not be collected according to the contractual terms of the loan agreement. We evaluate our loans to determine if the value of the underlying collateral securing the impaired loan is less than the net carrying value of the loan, which may result in an allowance, and corresponding charge to the provision for credit losses, or an impairment loss. These valuations require significant judgments, which include assumptions regarding capitalization and discount rates, revenue growth rates, creditworthiness of major tenants, occupancy rates, availability of financing, exit plan and other factors. Loans held-for-sale are generally expected to be transferred or sold within 60 days to 180 days of loan origination and are reported at lower of cost or market. We consider a loan classified as held-for-sale impaired if, based on current information, it is probable that we will sell the loan below par, or not be able to collect all principal and interest in accordance with the contractual terms of the loan agreement. These loans are valued using pricing models that incorporate observable inputs from current market assumptions or a hypothetical securitization model utilizing observable market data from recent securitization spreads and observable pricing of loans with similar characteristics. The tables above and below include all impaired loans, regardless of the period in which the impairment was recognized. Quantitative information about Level 3 fair value measurements at December 31, 2023 is as follows ($ in thousands): Fair Value Valuation Techniques Significant Unobservable Inputs Financial assets: Impaired loans: Multifamily $ 222,540 Discounted cash flows Capitalization rate 6.35 % Land 50,000 Discounted cash flows Discount rate 21.50 % Revenue growth rate 3.00 % Discount rate 11.25 % Retail 11,745 Discounted cash flows Capitalization rate 9.25 % Revenue growth rate 3.00 % Derivative financial instruments: Rate lock commitments 428 Discounted cash flows W/A discount rate 13.38 % 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 2023 2022 2021 Derivative assets and liabilities, net Beginning balance $ 354 $ 295 $ 1,967 Settlements (66,407) (64,896) (112,836) Realized gains recorded in earnings 66,053 64,601 110,869 Unrealized gains recorded in earnings 428 354 295 Ending balance $ 428 $ 354 $ 295 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): December 31, 2023 Notional/ Fair Value of Interest Rate Unrealized Total Fair Value Rate lock commitments $ 26,800 $ 428 $ 759 $ — $ 1,187 Forward sale commitments 559,079 — (759) — (759) Loans held-for-sale, net (1) 552,325 7,784 — (1,989) 5,795 Total $ 8,212 $ — $ (1,989) $ 6,223 ________________________________________ (1) Loans held-for-sale, net are recorded at the lower of cost or market on an aggregate basis and includes fair value adjustments related to estimated cash flows from MSRs. We measure certain assets and liabilities for which fair value is only disclosed. The fair values of these assets and liabilities are determined using the following input levels at December 31, 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 $ 12,377,806 $ 12,452,563 $ — $ — $ 12,452,563 Loans held-for-sale, net 551,707 566,451 — 558,667 7,784 Capitalized mortgage servicing rights, net 391,254 510,472 — — 510,472 Securities held-to-maturity, net 155,279 129,390 — — 129,390 Financial liabilities: Credit and repurchase facilities $ 3,237,827 $ 3,228,324 $ — $ 413,326 $ 2,814,998 Securitized debt 6,935,010 6,864,557 — — 6,864,557 Senior unsecured notes 1,333,968 1,214,331 1,214,331 — — Convertible senior unsecured notes, net 283,118 301,156 — 301,156 — Junior subordinated notes 143,896 106,444 — — 106,444

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Impact of COVID-19. The extent and duration of the economic fallout from the COVID-19 pandemic to our business and our borrowers, particularly rising inflation, increasing interest rates and dislocation in capital markets, remains unclear and presents risk with respect to our financial condition, results of operations, liquidity, and our ability to pay distributions. See Item 1A. Risk Factors and Note 2 for further discussion of COVID-19. Agency Business Commitments. Our Agency Business is subject to supervision by certain regulatory agencies. Among other things, these agencies require us to meet certain minimum net worth, operational liquidity and restricted liquidity collateral requirements, and compliance with reporting requirements. Our adjusted net worth and liquidity required by the agencies for all periods presented exceeded these requirements. At December 31, 2023, we were required to maintain at least $20.3 million of liquid assets in one of our subsidiaries to meet our operational liquidity requirements for Fannie Mae and we had operational liquidity in excess of this requirement. We are generally required to share the risk of any losses associated with loans sold under the Fannie Mae DUS program and are required to secure this obligation by assigning restricted cash balances and/or a letter of credit to Fannie Mae. The amount of collateral required by Fannie Mae is a formulaic calculation at the loan level by a Fannie Mae assigned tier, which considers the loan balance, risk level of the loan, age of the loan and level of risk-sharing. Fannie Mae requires restricted liquidity for Tier 2 loans of 75 basis points, 15 basis points for Tier 3 loans and 5 basis points for Tier 4 loans, which is funded over a 48-month period that begins upon delivery of the loan to Fannie Mae. A significant portion of our Fannie Mae DUS serviced loans for which we have risk sharing are Tier 2 loans. At December 31, 2023, the restricted liquidity requirement totaled $76.2 million and was satisfied with a $64.0 million letter of credit and cash issued to Fannie Mae. At December 31, 2023, reserve requirements for the current Fannie Mae DUS loan portfolio will require us to fund $36.6 million in additional restricted liquidity over the next 48 months, assuming no further principal paydowns, prepayments, or defaults within our at-risk portfolio. Fannie Mae periodically reassesses these collateral requirements and may make changes to these requirements in the future. We generate sufficient cash flow from our operations to meet these capital standards and do not expect any changes to have a material impact on our future operations; however, future changes to collateral requirements may adversely impact our available cash. We are subject to various capital requirements in connection with seller/servicer agreements that we have entered into with secondary market investors. Failure to maintain minimum capital requirements could result in our inability to originate and service loans for the respective investor and, therefore, could have a direct material effect on our consolidated financial statements. At December 31, 2023, we met all of Fannie Mae’s quarterly capital requirements and our Fannie Mae adjusted net worth was in excess of the required net worth. We are also subject to capital requirements on an annual basis for Ginnie Mae and FHA, and we believe we have met all requirements at December 31, 2023. As an approved designated seller/servicer under Freddie Mac’s SBL program, we are required to post collateral to ensure that we are able to meet certain purchase and loss obligations required by this program. Under the SBL program, we are required to post collateral equal to $5.0 million, which is satisfied with a $5.0 million letter of credit. We enter into contractual commitments with borrowers providing rate lock commitments while simultaneously entering into forward sale commitments with investors. These commitments are outstanding for short periods of time (generally less than 60 days) and are described in more detail in Note 12 and Note 13. Debt Obligations and Operating Leases. At December 31, 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 2024 $ 1,855,247 $ 10,820 $ 1,866,067 2025 2,523,024 11,206 2,534,230 2026 1,996,721 11,297 2,008,018 2027 4,510,642 9,782 4,520,424 2028 946,089 9,064 955,153 Thereafter 154,336 27,755 182,091 Total $ 11,986,059 $ 79,924 $ 12,065,983 At December 31, 2023 and 2022, our leases had remaining lease terms of 0.8 – 10.1 years and 0.2 – 10.4 years, respectively, with a weighted average remaining lease term of 7.6 years and 8.2 years, respectively, and a weighted average discount rate of 5.7% and 6.8%, respectively. We recorded lease expense of $10.9 million, $9.6 million and $9.3 million during 2023, 2022 and 2021, respectively. Unfunded Commitments. In accordance with certain structured loans and investments, we have outstanding unfunded commitments of $1.31 billion at December 31, 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 subject to a variety of claims and suits that arise from time to time in the ordinary course of our business. Although management currently believes that resolving claims against us, individually or in aggregate, will not have a material adverse impact in our consolidated financial statements, these matters are subject to inherent uncertainties and management’s view of these matters may change in the future. We are currently neither subject to any material litigation nor, to the best of our knowledge, threatened by any material litigation. The following are details of a litigation that was settled and discontinued in 2023. 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 then 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. 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. 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	12 Months Ended
	Dec. 31, 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): December 31, 2023 December 31, 2022 Assets: Restricted cash $ 593,956 $ 710,775 Loans and investments, net 7,826,793 8,900,104 Other assets 193,822 174,382 Total assets $ 8,614,571 $ 9,785,261 Liabilities: Securitized debt $ 6,935,010 $ 7,849,270 Other liabilities 32,867 26,754 Total liabilities $ 6,967,877 $ 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 10 for details. We are not obligated to provide, have not provided, and do not intend to provide financial support to any of the Securitization Entities. Unconsolidated VIEs . We determined that we are not the primary beneficiary of 31 VIEs in which we have a variable interest at December 31, 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 December 31, 2023 is as follows (in thousands): Type Carrying Amount (1) Loans $ 524,915 APL certificates 131,137 B Piece bonds 30,398 Equity investments 29,876 Agency interest only strips 162 Total $ 716,488 ________________________________________ (1) Represents the carrying amount of loans and investments before reserves. At December 31, 2023, $127.9 million of loans to VIEs had corresponding specific loan loss reserves of $77.9 million. The maximum loss exposure at December 31, 2023 would not exceed the carrying amount of our investment. These unconsolidated VIEs have exposure to real estate debt of approximately $3.91 billion at December 31, 2023.

Equity

Equity	12 Months Ended
	Dec. 31, 2023
Stockholders' Equity Note [Abstract]
Equity	Equity Preferred Stock. In the first quarter of 2022, we completed a public offering of an additional 3,292,000 shares of 6.25% Series F fixed-to-floating rate cumulative redeemable preferred stock, generating net proceeds of $77.1 million after deducting the underwriting discount and other offering expenses. The additional shares issued have the same terms as the original issuance. The Series D, Series E and Series F preferred stock are not redeemable by us prior to June 2, 2026, August 11, 2026 and October 12, 2026, respectively. Common Stock. We have an equity distribution agreement with JMP Securities LLC ("JMP") where we may offer and sell up to 25,000,000 shares of our common stock in "At-The-Market" equity offerings through JMP by means of ordinary brokers' transactions or otherwise at market prices prevailing at the time of sale, or at negotiated prices. During 2023, we sold 13,113,296 shares of our common stock at an average price of $14.77 per share for net proceeds of $193.7 million. At December 31, 2023, we had 5,176,704 shares available under the agreement. 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. During 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. In December 2023, the Board of Directors authorized an increase to the remaining availability under the share repurchase program to $150.0 million. At December 31, 2023, there was $150.0 million available for repurchase under this program. Noncontrolling Interest. Noncontrolling interest relates to the OP Units issued to satisfy a portion of the purchase price in connection with the Acquisition. 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 December 31, 2023, there were 16,293,589 OP Units outstanding, which represented 8.0% of the voting power of our outstanding stock. Distributions. Dividends declared (on a per share basis) for the year ended December 31, 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 July 26, 2023 $ 0.43 June 30, 2023 $ 0.3984375 $ 0.390625 $ 0.390625 October 25, 2023 $ 0.43 September 29, 2023 $ 0.3984375 $ 0.390625 $ 0.390625 December 29, 2023 $ 0.3984375 $ 0.390625 $ 0.390625 Common Stock – On February 14, 2024, the Board of Directors declared a cash dividend of $0.43 per share of common stock. The dividend is payable on March 15, 2024 to common stockholders of record as of the close of business on March 4, 2024. We have determined that 100% of the common stock and preferred stock dividends paid during 2023, 2022 and 2021 represented ordinary income to our stockholders for income tax purposes. For stockholders that may be required to report excess inclusion income to the Internal Revenue Service, we will not pass through any excess inclusion income to our stockholders for 2023. As a result, no portion of the 2023 dividends should be treated as excess inclusion income for federal income tax purposes. Deferred Compensation. We have a stock incentive plan under which the Board of Directors has the authority to issue shares of stock to certain employees, officers and directors. During 2023, we issued 943,788 shares of restricted common stock to our employees and members of our Board of Directors under the 2020 Amended Omnibus Stock Incentive Plan (the “2020 Plan”) with a total grant date fair value of $11.3 million, of which: (1) 299,710 shares with a grant date fair value of $3.6 million were fully vested on the grant date; (2) 277,751 shares with a grant date fair value of $3.4 million will vest in 2024; (3) 253,479 shares with a grant date fair value of $3.0 million will vest in 2025; (4) 78,126 shares with a grant date fair value of $0.9 million will vest in 2026; and (5) 34,722 shares with a grant date fair value of $0.4 million will vest in 2027. We 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. The deferred awards have no voting rights and are eligible to receive dividend equivalents equal to the dividends on our common stock as, and when, declared by our Board of Directors. During 2022, we issued 652,596 shares of restricted common stock to our employees and members of our Board of Directors under the 2020 Amended Omnibus Stock Incentive Plan (the “2020 Plan”) with a total grant date fair value of $11.1 million, of which: (1) 232,899 shares with a grant date fair value of $4.0 million were fully vested on the grant date; (2) 217,840 shares with a grant date fair value of $3.7 million vested in 2023; (3) 181,968 shares with a grant date fair value of $3.1 million will vest in 2024; (4) 9,951 shares with a grant date fair value of $0.2 million will vest in 2025; and (5) 9,938 shares with a grant date fair value of $0.2 million will vest in 2026. We issued 25,012 fully vested restricted stock units (“RSUs”) with a grant date fair value of $0.4 million to certain members of our Board of Directors and 189,873 RSUs with a grant date fair value of $3.3 million that vest in full in the first quarter of 2025 to our chief executive officer. The individuals decided to defer the receipt of the common stock, to which the RSUs are converted into, to a future date. The deferred awards have no voting rights and are eligible to receive dividend equivalents equal to the dividends on our common stock as, and when, declared by our Board of Directors. In 2021, we issued 384,758 shares of restricted common stock to our employees and members of our Board of Directors under the 2020 Plan with a total grant date fair value of $6.4 million, of which: (1) 144,951 shares with a grant date fair value of $2.4 million vested on the grant date; (2) 101,475 shares with a grant date fair value of $1.7 million vested in 2022; (3) 88,788 shares with a grant date fair value of $1.5 million vested in 2023; (4) 25,479 shares with a grant date fair value of $0.4 million will vest in 2024; and (5) 24,065 shares with a grant date fair value of $0.4 million will vest in 2025. In April 2021, we granted our chief executive officer 184,729 shares of restricted common stock with a grant date fair value of $3.1 million that vest in full in April 2024. In July 2021, we granted our chief executive officer 165,746 shares of performance based restricted stock with a grant date fair value of $3.0 million, which vest in full in July 2024. In 2023, 2022 and 2021, previously granted performance-based restricted stock units of 352,427 units, 381,503 units and 448,980 units, respectively, fully vested based on achieving the performance objectives for the four-year periods ended December 31, 2022, 2021 and 2020, respectively. The 352,427 units, 381,503 units and 448,980 units vested in full and were net settled for 172,513 shares, 186,772 shares and 229,083 shares, respectively, of common stock in 2023, 2022 and 2021. respectively. In addition, 313,152 shares, 246,508 shares and 294,985 shares of performance-based restricted stock granted in 2020, 2019 and 2018, respectively, vested in 2023, 2022 and 2021, respectively, which were net settled for 153,287 shares, 120,665 shares and 150,530 shares, respectively, of common stock. During 2023, 2022 and 2021, we recorded total stock-based compensation expense of $14.2 million, $14.2 million and $9.3 million, respectively, to employee compensation and benefits and $0.7 million, $0.8 million and $0.6 million, respectively, to selling and administrative expense. During 2023, a total of 874,611 shares of restricted stock and restricted stock units vested with a grant date fair value of $11.1 million. At December 31, 2023 and 2022, there were 1,657,078 shares and 1,389,427 shares, respectively, of unvested restricted common stock with a grant date fair value of $23.7 million and $21.3 million, respectively. At December 31, 2023, total unrecognized compensation cost related to unvested restricted common stock was $8.1 million, which is expected to be recognized ratably over the remaining weighted-average vesting period of 1.8 years. Earnings Per Share. Basic EPS is calculated by dividing net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding during each period inclusive of unvested restricted stock with full dividend participation rights. Diluted EPS is calculated by dividing net income (loss) by the weighted average number of shares of common stock outstanding, plus the additional dilutive effect of common stock equivalents during each period. Our common stock equivalents include the weighted average dilutive effect of restricted stock units granted to our chief executive officer, OP Units and convertible senior unsecured notes. A reconciliation of the numerator and denominator of our basic and diluted EPS computations is as follows ($ in thousands, except share and per share data): Year Ended December 31, 2023 2022 2021 Basic Diluted Basic Diluted Basic Diluted Net income attributable to common stockholders (1) $ 330,065 $ 330,065 $ 284,829 $ 284,829 $ 317,412 $ 317,412 Net income attributable to noncontrolling interest (2) — 29,122 — 28,044 — 38,507 Interest expense on convertible notes (3) — 24,832 — 20,166 — — Net income attributable to common stockholders and noncontrolling interest $ 330,065 $ 384,019 $ 284,829 $ 333,039 $ 317,412 $ 355,919 Weighted average shares outstanding 184,641,642 184,641,642 165,355,167 165,355,167 137,830,691 137,830,691 Dilutive effect of OP Units (2) — 16,293,589 — 16,304,638 — 16,818,722 Dilutive effect of convertible notes (3) — 17,294,392 — 16,900,204 — 506,949 Dilutive effect of restricted stock units (4) — 613,990 — 552,621 — 933,233 Weighted average shares outstanding 184,641,642 218,843,613 165,355,167 199,112,630 137,830,691 156,089,595 Net income per common share (1) $ 1.79 $ 1.75 $ 1.72 $ 1.67 $ 2.30 $ 2.28 ________________________________________ (1) Net of preferred stock dividends. (2) We consider OP Units to be common stock equivalents as the holders have voting rights, the right to distributions and the right to redeem the OP Units for the cash value of a corresponding number of shares of common stock or a corresponding number of shares of common stock, at our election. (3) Beginning January 1, 2022, the effective date we adopted ASU 2020-06, we started utilizing the if-converted method of calculating EPS to reflect the impact of our convertible senior notes. For 2021, the convertible senior notes impacted diluted EPS if the average price of our common stock exceeded the conversion price, as calculated in accordance with the terms of the indenture. (4)

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We are organized and conduct our operations to qualify as a REIT and to comply with the provisions of the Internal Revenue Code. A REIT is generally not subject to federal income tax on taxable income which it distributes to its stockholders, provided that it distributes at least 90% of its REIT–taxable income and meets certain other requirements. Certain REIT income may be subject to state and local income taxes. We did not have any REIT–federal taxable income, net of dividends paid and net operating loss deductions, for 2023, 2022 and 2021, and therefore, have not provided for REIT federal income tax expense in any of those years. In 2023, 2022 and 2021, the REIT incurred no state income tax expense. We have elected to retain excess inclusion income rather than passing it through to our stockholders. Certain of our assets and operations that would not otherwise comply with the REIT requirements, such as the Agency Business and our residential mortgage banking joint venture, are owned or conducted through our TRS Consolidated Group, the majority of the income of which is subject to U.S. federal, state and local income taxes. The TRS Consolidated Group had no federal net operating losses remaining from prior years. For 2023, 2022 and 2021, we recorded a provision for income taxes related to the assets held in the TRS Consolidated Group and the REIT in the amount of $27.3 million, $17.5 million and $46.3 million, respectively. In 2023, the change in the valuation allowance previously recorded at the TRS Consolidated Group on the deferred tax assets was released in the amount of $0.3 million. In 2022, the change in the valuation allowance previously recorded at the TRS Consolidated Group on the deferred tax assets was due to the impact of state tax rate changes. In 2021, valuation allowance previously recorded at the TRS Consolidated Group on the deferred tax assets subject to loss limitation rules was released in the amount of $0.1 million. A summary of our pre-tax GAAP income is as follows (in thousands): Year Ended December 31, 2023 2022 2021 Pre‑tax GAAP income: REIT $ 320,045 $ 303,320 $ 239,356 TRS Consolidated Group 107,858 67,991 184,736 Total pre‑tax GAAP income $ 427,903 $ 371,311 $ 424,092 Our provision for income taxes is comprised as follows (in thousands): Year Ended December 31, 2023 2022 2021 Current tax provision: Federal $ 26,269 $ 14,167 $ 27,454 State 8,427 5,058 7,939 Total 34,696 19,225 35,393 Deferred tax (benefit) provision: Federal $ (5,272) $ (1,373) $ 8,287 State (1,783) (370) 2,744 Valuation allowance (294) 2 (139) Total (7,349) (1,741) 10,892 Total income tax expense $ 27,347 $ 17,484 $ 46,285 A reconciliation of our effective income tax rate as a percentage of pre-tax income to the U.S. federal statutory rate is as follows: Year Ended December 31, 2023 2022 2021 U.S. federal statutory rate 21.0 % 21.0 % 21.0 % REIT non‑taxable income (15.7) % (17.2) % (11.9) % State and local income taxes, net of federal tax benefit 1.2 % 1.0 % 2.0 % Other (0.1) % (0.1) % (0.2) % Effective income tax rate 6.4 % 4.7 % 10.9 % The significant components of our deferred tax assets and liabilities of our TRS Consolidated Group are as follows (in thousands): December 31, 2023 2022 Deferred tax assets: Expenses not currently deductible $ 27,144 $ 22,755 Loan loss reserves 7,088 7,159 Net operating and capital loss carryforwards 188 454 Valuation allowance — (294) Other 346 441 Deferred tax assets, net $ 34,766 $ 30,515 Deferred tax liabilities: Mortgage servicing rights $ 28,286 $ 26,975 Intangibles 5,565 6,457 Interest in equity affiliates—net 2,719 6,237 Deferred tax liabilities, net $ 36,570 $ 39,669 At both December 31, 2023 and 2022, the REIT (excluding the TRS Consolidated Group) had no federal net operating loss carryforwards and no capital loss carryforwards. At both December 31, 2023 and 2022, the TRS Consolidated Group had no federal net operating loss carryforwards remaining. During 2023, the TRS Consolidation Group utilized in full its capital loss carryforward of approximately $1.1 million. At both December 31, 2023 and 2022, the TRS Consolidated Group had state net operating loss carryforwards of $0.2 million, which will begin to expire in 2036. The TRS Consolidated Group is currently under audit in certain state and local jurisdictions for tax years 2017-2021. While the impact of the current income tax examinations were undetermined, it is not expected to be material to our consolidated financial statements. We have assessed our tax positions for all open years, which includes 2017-2023, and have concluded that there were no material uncertainties to be recognized. We have not recognized any interest and penalties related to tax uncertainties for the years ended 2017 through 2023.

Agreements and Transactions wit

Agreements and Transactions with Related Parties	12 Months Ended
	Dec. 31, 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 2023, 2022 and 2021, we incurred $3.2 million, $3.3 million and $3.2 million, respectively, of costs for services provided and employees seconded to the Service Recipients, all of which are reimbursable to us and included in due from related party on the consolidated balance sheets. Other Related Party Transactions. Due from related party was $64.4 million and $77.4 million at December 31, 2023 and 2022, respectively, which consisted primarily of amounts due from our affiliated servicing operations related to real estate transactions closing at the end of 2023 and 2022 and amounts due from ACM for costs incurred in connection with the support and secondment agreements described above. Due to related party was $13.8 million and $12.4 million at December 31, 2023 and 2022, respectively, and consisted of loan payoffs, holdbacks and escrows to be remitted to our affiliated servicing operations related to real estate transactions. 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 2023, 2022 and 2021, we reimbursed the aircraft owner $0.8 million, $1.1 million and $0.2 million, respectively, for the flights chartered by our executives pursuant the agreement. In May 2023, we committed to fund a $56.9 million bridge loan ($6.0 million was funded at December 31, 2023) for an SFR build-to-rent construction project. Two of our officers made minority equity investments totaling $0.5 million, representing approximately 4% 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 $0.4 million for 2023. In July 2022, we purchased a $46.2 million bridge loan originated by ACM at par ($6.3 million was funded at December 31, 2023) for an SFR build-to-rent construction project. A consortium of investors (which includes, among other unaffiliated investors, certain of our officers with a minority ownership interest) owns 70% of the borrowing entity and an entity indirectly owned and controlled by an immediate family member of our chief executive officer owns 10% of the borrowing entity. The loan has an interest rate of SOFR plus 5.50% and matures in March 2025. Interest income recorded from this loan was $0.2 million for 2023. In April 2022, we committed to fund a $67.1 million bridge loan (none of which was funded at December 31, 2023) in an SFR build-to-rent construction project. An entity owned by an immediate family member of our chief executive officer also made an equity investment in the project and owns a 2.25% equity interest in the borrowing entity. The 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 $0.2 million and $0.1 million for 2023 and 2022, respectively. In February 2022, we committed to fund a $39.4 million bridge loan ($9.4 million was funded at December 31, 2023) in an SFR build-to-rent construction project. An entity owned by an immediate family member of our chief executive officer also made an equity investment in the project and owns a 2.25% equity interest in the borrowing entity. The loan had an interest rate of LIBOR plus 4.00% with a LIBOR floor of 0.25%, that was changed to SOFR in July 2023, and matures in March 2025. Interest income recorded from this loan was $0.4 million and $0.1 million for 2023 and 2022, respectively. 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% 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%, that was changed to SOFR in July 2023, and was scheduled to mature in March 2024. In December 2023, this loan paid off in full. Interest income recorded from this loan was $5.6 million, $3.7 million and $2.1 million for 2023, 2022 and 2021, respectively. In 2020, we committed to fund a $32.5 million bridge loan, 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 5.50% with a LIBOR floor of 0.75%, that was changed to SOFR in July 2023, and the preferred equity investment has a 12.00% fixed rate. Both loans were scheduled to mature in December 2023. In November 2023, the bridge loan was upsized to a maximum of $39.9 million ($31.4 million was funded at December 31, 2023) and the maturity date for both loans was extended to October 2024. Interest income recorded from these loans was $2.8 million, $1.3 million and $0.5 million for 2023, 2022 and 2021, 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 5.50% with a LIBOR floor of 0.75% and was scheduled to mature in May 2023. The preferred equity investment has a 12.00% fixed rate and was scheduled to mature in April 2023. In April 2023, the bridge loan was upsized to a maximum of $38.8 million ($36.3 million was funded at December 31, 2023), and the interest rate was changed to SOFR plus 5.25% with a SOFR floor of 1.00%. In addition, the maturity on both loans was extended to May 2025. Interest income recorded from these loans was $3.6 million, $1.6 million and $0.6 million for 2023, 2022 and 2021, respectively. In 2020, we originated a $14.8 million Private Label loan and a $3.4 million mezzanine loan on two multifamily properties owned in part by a consortium of investors (which includes, among other unaffiliated investors, certain of our officers and our chief executive officer) which owns a 50% interest in the borrowing entity. In 2020, we sold the Private Label loan to an unconsolidated affiliate of ours. The mezzanine loan bears interest at a 9.00% fixed rate and matures in April 2030. Interest income recorded from the mezzanine loan was $0.3 million for all periods presented. We had a $35.0 million bridge loan and a $10.0 million preferred equity interest on an office building. The bridge loan was scheduled to mature in October 2023 and the preferred equity investment was scheduled to mature in June 2027. The day-to-day operations were being managed by an affiliated entity of an immediate family member of our chief executive officer. In September 2021, we entered into a forbearance agreement with the borrower on the outstanding bridge loan to defer all interest owed until maturity or early payoff. Interest income recorded from these loans was $1.3 million for 2021. In the fourth quarter of 2023, we converted these loans in the building to a common equity investment. See Note 3 for details. 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 ($25.9 million was funded at December 31, 2023) for an 18% interest in AMAC III. During 2023, 2022 and 2021, we recorded losses of $1.9 million, $2.4 million and $1.3 million, respectively, and received cash distributions totaling $1.1 million and $0.5 million in 2023 and 2022, respectively, associated with this investment. 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 3.50%, that was changed to SOFR in July 2023, and was scheduled to mature in August 2023, which was extended to August 2024. Interest income recorded from the bridge loan was $3.1 million, $1.9 million and $1.3 million for 2023, 2022 and 2021, respectively. In 2018, we originated a $21.7 million bridge loan on a multifamily property owned in part by a consortium of investors (which includes, among other unaffiliated investors, certain of our officers and our chief executive officer) which owns 75% in the borrowing entity. The loan had an interest rate of LIBOR plus 4.75% with a LIBOR floor of 0.25%, that was changed to SOFR in July 2023, and was scheduled to mature in August 2023, which was extended to August 2024. Interest income recorded from this loan was $2.2 million, $1.4 million and $1.3 million for 2023, 2022 and 2021, 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 4.00% and a LIBOR floor of 1.80%, which was scheduled to mature in October 2022. In May 2022, this loan paid off in full. Interest income recorded from this loan was $0.8 million and $1.9 million for 2022 and 2021, respectively. In 2017, we originated a $46.9 million Fannie Mae loan on a multifamily property owned in part by a consortium of investors (which includes, among other unaffiliated investors, certain of our officers) which owns a 17.6% interest in the borrowing entity. We carry a maximum loss-sharing obligation with Fannie Mae on this loan of up to 5% of the original UPB. Servicing revenue recorded from this loan was less than $0.1 million for all periods presented. In 2017, Ginkgo Investment Company LLC (“Ginkgo”), of which one of our directors is a 33% managing member, purchased a multifamily apartment complex which assumed an existing $8.3 million Fannie Mae loan that we service. Ginkgo subsequently sold the majority of its interest in this property and owned a 3.6% interest at December 31, 2023. We carry a maximum loss-sharing obligation with Fannie Mae on this loan of up to 20% of the original UPB. Upon the sale, we received a 1% loan assumption fee which was governed by existing loan agreements that were in place when the loan was originated in 2015, prior to such purchase. In July 2023, the Fannie Mae loan was paid off in full. Servicing revenue recorded from this loan was less than $0.1 million for all periods presented. In 2019, we converted an existing bridge loan into a $2.0 million mezzanine loan with a fixed interest rate of 10.00% and a January 2024 maturity. In January 2024, the maturity was extended one year to January 2025. Interest income recorded from this loan was $0.2 million for all period presented. The underlying multifamily property is owned in part by a consortium of investors (which includes, among other unaffiliated investors, certain of our officers and our chief executive officer) which owns interests ranging from 10.5% to 12.0% in the borrowing entities . In 2015, we invested $9.6 million for 50% of ACM’s indirect interest in a joint venture with a third party that was formed to invest in a residential mortgage banking business. At December 31, 2023, we had an indirect interest of 12.3% in this entity. We recorded income from equity affiliates related to this investment of $0.6 million, $4.9 million and $34.6 million for 2023, 2022 and 2021, respectively. During 2023 and 2022, we also received cash distributions totaling $15.0 million and $23.8 million, respectively, from this investment, 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 4.00% 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 3.30% and matures in March 2030. In 2020, we sold the Private Label loan to an unconsolidated affiliate of ours. Interest income recorded from these loans totaled $0.5 million during 2020. Further, as part of this 2018 restructuring, $50.0 million in unsecured financing was provided by an unsecured lender to certain parent entities of the property owners. ACM owns slightly less than half of the unsecured lender entity and, therefore, provided slightly less than half of the unsecured lender financing. In addition, in connection with our equity investment, we received distributions totaling $12.2 million and $11.1 million during 2023 and 2022, respectively, which were recorded as income from equity affiliates. Separate from the loans we originated in 2018, we provide limited (“bad boy”) guarantees for certain other debt controlled by Lexford. The bad boy guarantees may become a liability for us upon standard “bad” acts such as fraud or a material misrepresentation by Lexford or us. At December 31, 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 December 31, 2023, ACM holds 2,535,870 shares of our common stock and 10,615,085 OP Units, which represents approximately 6.4% 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.

Employee Benefits

Employee Benefits	12 Months Ended
	Dec. 31, 2023
Retirement Benefits [Abstract]
Employee Benefits	Employee Benefits 401(k). We have a 401(k) defined contribution plan (the “401(k) Plan”) which is available to all employees who have completed six months of continuous service. The 401(k) Plan matches 25% of the first 6% of each employee’s contribution. We have the option to increase the employer match based on our operating results. In 2023, 2022 and 2021, we recorded $1.2 million, $1.0 million and $0.8 million, respectively, of expenses associated with the 401(k) Plan, which is included in employee compensation and benefits in our consolidated statements of income. Deferred Compensation. We have a non-qualified deferred compensation plan (the “Deferred Comp Plan”) which is offered to certain full-time employees and is subject to the rules of section 409A of the Internal Revenue Code. The Deferred Comp Plan can be modified or discontinued at any time. All eligible participating employees may defer a portion of their compensation and, depending on the participant eligibility requirements met, we are contractually obligated to: (1) match the contribution, as specified in the Deferred Comp Plan, and fund such amounts upon vesting and an election by participants to redeem their interests; and/or (2) supply additional life insurance benefits. All employee deferrals vest immediately and the matching contributions, where applicable, vest over a nine-year period beginning after year five. For 2023, 2022 and 2021, there were $3.1 million, $3.3 million and $2.2 million, respectively, of employee deferrals. At December 31, 2023 and 2022, we had recorded liabilities totaling $37.6 million and $28.7 million, respectively, and assets of $30.2 million and $24.7 million, respectively, related to the Deferred Comp Plan, which is included in other liabilities and other assets, respectively, in our consolidated balance sheets.

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 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. Year Ended December 31, 2023 Structured Agency Other (1) Consolidated Interest income $ 1,279,433 $ 51,786 $ — $ 1,331,219 Interest expense 880,602 22,626 — 903,228 Net interest income 398,831 29,160 — 427,991 Other revenue: Gain on sales, including fee-based services, net — 72,522 — 72,522 Mortgage servicing rights — 69,912 — 69,912 Servicing revenue — 193,542 — 193,542 Amortization of MSRs — (63,093) — (63,093) Property operating income 5,708 — — 5,708 Gain on derivative instruments, net — 6,763 — 6,763 Other income, net 4,868 2,799 — 7,667 Total other revenue 10,576 282,445 — 293,021 Other expenses: Employee compensation and benefits 53,507 106,281 — 159,788 Selling and administrative 23,234 28,026 — 51,260 Property operating expenses 5,897 — — 5,897 Depreciation and amortization 5,052 4,691 — 9,743 Provision for loss sharing (net of recoveries) — 15,695 — 15,695 Provision for credit losses (net of recoveries) 70,344 3,102 — 73,446 Total other expenses 158,034 157,795 — 315,829 Income before extinguishment of debt, income from equity affiliates and income taxes 251,373 153,810 — 405,183 Loss on extinguishment of debt (1,561) — — (1,561) Income from equity affiliates 24,281 — — 24,281 Benefit from (provision for) income taxes 803 (28,150) — (27,347) Net income 274,896 125,660 — 400,556 Preferred stock dividends 41,369 — — 41,369 Net income attributable to noncontrolling interest — — 29,122 29,122 Net income attributable to common stockholders $ 233,527 $ 125,660 $ (29,122) $ 330,065 Year Ended December 31, 2022 Structured Agency Other (1) Consolidated Interest income $ 903,622 $ 44,779 $ — $ 948,401 Interest expense 538,659 18,958 — 557,617 Net interest income 364,963 25,821 — 390,784 Other revenue: Gain on sales, including fee-based services, net — 55,816 — 55,816 Mortgage servicing rights — 69,346 — 69,346 Servicing revenue — 152,068 — 152,068 Amortization of MSRs — (59,876) — (59,876) Property operating income 1,877 — — 1,877 Gain on derivative instruments, net — 26,609 — 26,609 Other income (loss), net (2,360) (15,203) — (17,563) Total other revenue (483) 228,760 — 228,277 Other expenses: Employee compensation and benefits 56,032 105,793 — 161,825 Selling and administrative 26,059 27,931 — 53,990 Property operating expenses 2,136 — — 2,136 Depreciation and amortization 4,041 4,691 — 8,732 Provision for loss sharing (net of recoveries) — 1,862 — 1,862 Provision for credit losses (net of recoveries) 19,770 1,399 — 21,169 Litigation settlement 7,350 — — 7,350 Total other expenses 115,388 141,676 — 257,064 Income before extinguishment of debt, income from equity affiliates and income taxes 249,092 112,905 — 361,997 Loss on extinguishment of debt (4,933) — — (4,933) Income from equity affiliates 14,247 — — 14,247 Provision for income taxes (821) (16,663) — (17,484) Net income 257,585 96,242 — 353,827 Preferred stock dividends 40,954 — — 40,954 Net income attributable to noncontrolling interest — — 28,044 28,044 Net income attributable to common stockholders $ 216,631 $ 96,242 $ (28,044) $ 284,829 Year Ended December 31, 2021 Structured Agency Other (1) Consolidated Interest income $ 427,039 $ 39,048 $ — $ 466,087 Interest expense 194,435 17,570 — 212,005 Net interest income 232,604 21,478 — 254,082 Other revenue: Gain on sales, including fee-based services, net — 123,037 — 123,037 Mortgage servicing rights — 130,230 — 130,230 Servicing revenue — 133,429 — 133,429 Amortization of MSRs — (58,615) — (58,615) Property operating income 185 — — 185 Loss on derivative instruments, net — (2,684) — (2,684) Other income, net 7,491 75 — 7,566 Total other revenue 7,676 325,472 — 333,148 Other expenses: Employee compensation and benefits 51,225 120,571 — 171,796 Selling and administrative 21,064 24,511 — 45,575 Property operating expenses 718 — — 718 Depreciation and amortization 2,524 4,691 — 7,215 Provision for loss sharing (net of recoveries) — (6,167) — (6,167) Provision for credit losses (net of recoveries) (21,223) 110 — (21,113) Total other expenses 54,308 143,716 — 198,024 Income before extinguishment of debt, gain on real estate, income from equity affiliates and income taxes 185,972 203,234 — 389,206 Loss on extinguishment of debt (3,374) — — (3,374) Gain on real estate 2,466 1,227 — 3,693 Income from equity affiliates 34,567 — — 34,567 Provision for income taxes (5,940) (40,345) — (46,285) Net income 213,691 164,116 — 377,807 Preferred stock dividends 21,888 — — 21,888 Net income attributable to noncontrolling interest — — 38,507 38,507 Net income attributable to common stockholders $ 191,803 $ 164,116 $ (38,507) $ 317,412 ________________________________________ (1) Includes income allocated to the noncontrolling interest holders not allocated to the two reportable segments. December 31, 2023 Structured Business Agency Business Consolidated Assets: Cash and cash equivalents $ 619,487 $ 309,487 $ 928,974 Restricted cash 595,342 12,891 608,233 Loans and investments, net 12,377,806 — 12,377,806 Loans held-for-sale, net — 551,707 551,707 Capitalized mortgage servicing rights, net — 391,254 391,254 Securities held-to-maturity, net — 155,279 155,279 Investments in equity affiliates 79,303 — 79,303 Goodwill and other intangible assets 12,500 78,878 91,378 Other assets and due from related party 453,073 101,629 554,702 Total assets $ 14,137,511 $ 1,601,125 $ 15,738,636 Liabilities: Debt obligations $ 11,520,492 $ 413,327 $ 11,933,819 Allowance for loss-sharing obligations — 71,634 71,634 Other liabilities and due to related parties 369,588 108,990 478,578 Total liabilities $ 11,890,080 $ 593,951 $ 12,484,031 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 Year Ended December 31, 2023 2022 2021 Origination Data: Structured Business Bridge: Multifamily $ 415,330 $ 5,468,222 $ 9,101,139 SFR 524,060 613,819 415,501 939,390 6,082,041 9,516,640 Mezzanine / Preferred Equity 43,953 69,606 203,875 Total new loan originations $ 983,343 $ 6,151,647 $ 9,720,515 Number of Loans Originated 150 318 422 SFR Commitments $ 1,150,687 $ 1,086,833 $ 760,448 Loan runoff $ 3,354,055 $ 3,818,554 $ 2,516,771 Agency Business Origination Volumes by Investor: Fannie Mae $ 3,773,532 $ 2,919,566 $ 3,389,312 Freddie Mac 756,827 1,353,001 1,016,142 Private Label 299,934 217,542 1,436,853 FHA 257,199 188,394 430,320 SFR - Fixed Rate 19,328 89,683 136,931 Total $ 5,106,820 $ 4,768,186 $ 6,409,558 Total loan commitment volume $ 5,207,148 $ 5,146,718 $ 6,347,752 Agency Business Loan Sales Data: Fannie Mae $ 3,469,340 $ 3,139,414 $ 3,675,763 Freddie Mac 715,530 1,456,595 1,081,702 Private Label 441,319 515,086 985,094 FHA 240,079 241,457 480,275 SFR - Fixed Rate 22,931 86,071 192,335 Total $ 4,889,199 $ 5,438,623 $ 6,415,169 Sales margin (fee-based services as a % of loan sales) (1) 1.48 % 1.34 % 1.92 % MSR rate (MSR income as a % of loan commitments) 1.34 % 1.35 % 2.05 % ________________________________________ (1) 2022 includes $17.1 million of gains recognized on treasury futures related to Private Label loans sold, which is included in gain (loss) on derivative instruments, net in the consolidated statements of income. December 31, 2023 Key Servicing Metrics for Agency Business: Servicing Wtd. Avg. Servicing Wtd. Avg. Life of Fannie Mae $ 21,264,578 47.4 7.4 Freddie Mac 5,181,933 24.0 8.5 Private Label 2,510,449 19.5 6.7 FHA 1,359,624 14.4 19.2 Bridge 379,425 10.9 3.2 SFR - Fixed Rate 287,446 20.1 5.1 Total $ 30,983,455 39.1 8.0 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

SCHEDULE IV - LOANS AND OTHER L

SCHEDULE IV - LOANS AND OTHER LENDING INVESTMENTS	12 Months Ended
	Dec. 31, 2023
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
SCHEDULE IV - LOANS AND OTHER LENDING INVESTMENTS	Type Location Periodic Maturity Interest Pay Prior Liens Face Carrying Carrying Bridge Loans: Bridge loans less than 3% of carrying amount of total loans (6): Multifamily Various IO / PI 2024 - 2026 SOFR+ 0.00% to 5.75% $ — $ 10,789,936 $ 10,665,252 $ — SOFR Floor 0.10% to 5.36% Fixed 3.00% to 12.00% Single‑Family Rental Various IO / PI 2024 - 2026 SOFR+ 0.00% to 6.25% — 1,316,803 1,301,522 — SOFR Floor 0.10% to 5.36% Land CA IO 2025 SOFR+ 4.00% — 118,595 40,726 — SOFR Floor 0.15% Fixed 0.00% Office NY IO 2024 SOFR+ 3.50% — 35,410 35,268 — Retail CT IO 2024 SOFR+ 3.50% — 12,500 10,127 — SOFR Floor 1.00% Total Bridge Loans less than 3% of carrying amount of total loans — 12,273,244 12,052,895 — Total Bridge Loans — 12,273,244 12,052,895 — Mezzanine Loans: Mezzanine loans less than 3% of carrying amount of total loans (6): Multifamily Various IO / PI 2024 - 2034 Fixed 3.50% to 14.00% 1,203,261 232,104 223,008 — Land CA IO 2024 Fixed 0.00% — 9,333 9,333 — Retail Various IO 2024 SOFR+ 3.50% — 7,020 6,100 — SOFR Floor 1.00% Fixed 12.00% Total Mezzanine Loans 1,203,261 248,457 238,441 — Preferred Equity Investments: Preferred equity investments less than 3% of carrying amount of total loans (6): Multifamily Various IO / PI 2024 - 2033 Fixed 0.00% to 16.00% 439,722 75,941 71,020 — Land TX IO 2024 - 2025 Fixed 0.00% — 8,100 7,910 — Commercial NY IO 2024 Fixed 6.00% 29,792 1,700 — — Total Preferred Equity Investments 469,514 85,741 78,930 — Other Loans: Other loans less than 3% of carrying amount of total loans (6): Single‑Family Rental Various IO / PI 2024 - 2025 SOFR + 3.98% to 4.90% — 7,564 7,540 — SOFR Floor 0.25% — 7,564 7,540 — Total Loans $ 1,672,775 $ 12,615,006 $ 12,377,806 $ — ________________________________________ (1) IO = Interest Only, PI = Principal and Interest. (2) Maturity date does not include possible extensions. (3) References to SOFR are to one-month SOFR unless specifically stated otherwise. (4) During 2023, $1.74 billion of loans were extended. (5) The federal income tax basis is approximately $12.62 billion. (6) Individual loans each have a carrying value less than 3% of total loans. The following table reconciles our loans and investments carrying amounts for the periods indicated (in thousands): Year Ended December 31, 2023 2022 2021 Balance at beginning of year $ 14,254,674 $ 11,981,048 $ 5,285,868 Additions during period: New loan originations 983,343 6,151,647 9,720,515 Funding of unfunded loan commitments (1) 835,484 381,831 200,694 Accretion of unearned revenue 41,125 37,468 25,618 Recoveries of reserves 4,776 1,500 24,315 Loan charge‑offs — — 10,773 Deductions during period: Loan payoffs and paydowns (3,354,055) (3,818,554) (2,516,771) Unfunded loan commitments (1) (260,789) (376,404) (623,639) Unearned revenue and costs (13,772) (51,808) (69,528) Reclassification to real estate owned (39,400) (31,200) (880) Provision for loan losses (73,580) (20,818) — Reclassification to held-for-sale loans — (36) (65,144) Use of loan charge‑offs — — (10,773) Balance at end of year $ 12,377,806 $ 14,254,674 $ 11,981,048 ________________________________________ (1) In accordance with certain loans and investments, we have outstanding unfunded commitments that we are obligated to fund as the borrowers meet certain requirements. Specific requirements include, but are not limited to, property renovations, building construction and conversions based on criteria met by the borrower in accordance with the loan agreements.

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements and accompanying notes have been prepared in accordance with GAAP. In our opinion, all adjustments considered necessary for a fair presentation of our financial position, results of operations and cash flows have been included and are of a normal and recurring nature.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include our financial statements and the financial statements of our wholly owned subsidiaries, partnerships and other joint ventures in which we own a controlling interest, including variable interest entities (“VIEs”) of which we are the primary beneficiary. Entities in which we have a significant influence are accounted for under the equity method. Our VIEs are described in Note 15. All significant intercompany transactions and balances have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that could materially affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. The COVID-19 pandemic caused significant disruptions to the U.S. and global economies. Although vaccine availability and its usage have led to less negative short-term effects, such as travel bans, quarantines, layoffs and shutdowns, the ongoing longer-term macroeconomic effects on inflation, interest rates, capital markets, labor shortages, property values and global supply chains continue to negatively impact many industries, including the U.S. commercial real estate market. In addition, new strains of COVID-19 continue to emerge, which may cause governments and businesses to re-impose aggressive measures to help slow its spread, making the future impact difficult to predict. The ultimate impact of COVID-19 on the economy, including rising inflation, increasing interest rates, tightening of capital markets and reduced property values, both globally and to our business, makes any estimate or assumption at December 31, 2023 inherently less certain.
Cash and Cash Equivalents	Cash and Cash Equivalents . All highly liquid investments with original maturities of three months or less are considered to be cash equivalents. We place our cash and cash equivalents in high quality financial institutions. The consolidated account balances at each institution periodically exceed FDIC insurance coverage limits and we believe that this risk is not significant.
Loans, Investments and Securities	Loans, Investments and Securities. 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. We invest in preferred equity interests that, in some cases, allow us to participate in a percentage of the underlying property’s cash flows from operations and proceeds from a sale or refinancing. At the inception of each such investment, we determine whether such investment should be accounted for as a loan, equity interest or as real estate. To date, we have determined that all such investments are properly accounted for and reported as loans. At the time of purchase, we designate a debt security as available-for-sale, held-to-maturity, or trading depending on our ability and intent for the security. Securities available-for-sale, which is included as a component of other assets in the consolidated balance sheets, is reported at fair value with the fluctuations in fair value recognized through earnings. Held-to-maturity securities are carried at cost net of any unamortized premiums or discounts, which are amortized or accreted over the life of the securities. For securities classified as held-to-maturity, an evaluation is performed as to whether a decline in fair value below the amortized cost basis is other-than-temporary. The determination of other-than-temporary impairment is a subjective process requiring judgments and assumptions and is not necessarily intended to indicate a permanent decline in value. The process includes, but is not limited to, assessment of recent market events and prospects for near-term recovery, assessment of cash flows, internal review of the underlying assets securing the investments, credit of the issuer and the rating of the security, as well as our ability and intent to hold the investment to maturity. We closely monitor market conditions on which we base such decisions.
Allowance for Credit Losses	Allowance for Credit Losses. We estimate allowances for credit losses on our structured loans and investments (including unfunded loan commitments), loss-sharing obligations related to the Fannie Mae DUS program and our held-to-maturity debt securities under CECL based on current expected credit losses for the life of the loan and investment. Our estimation of credit losses utilizes information obtained from internal and external sources relating to past events, current conditions and reasonable and supportable forecasts about the future. We have licensed a third party model to assist with the measurement of expected credit losses, which utilizes incurred losses inherent in the portfolio. The loss factors are determined through the generation of probability of defaults and loss given defaults for similar loans with similar credit. These results require a significant amount of judgment applied in selecting inputs and analyzing the results produced by the models to determine the allowance for credit losses. Changes in such estimates can significantly affect our expected credit losses. Our method for calculating the estimate of expected credit loss considers historical experience and current conditions for similar loans and reasonable and supportable forecasts about the future. The reasonable and supportable forecast period is determined based on our assessment of the most likely scenario of assumptions and plausible outcomes for the U.S. economy, level of historical loss forecast estimates, material changes in growth and credit strategy and other factors that may affect our loss experience. We regularly evaluate the reasonable and supportable forecast period to determine if a change is needed. Beyond our reasonable and supportable forecast period, we generally revert to historical loss information over the remaining loan/asset period, taken from a period that most accurately reflects the expectation of conditions expected to exist during the period of reversion. We may adjust historical loss information for differences in risk that may not reflect the characteristics of our current portfolio, including, but not limited to, loan-to-value and debt service coverage ratios, among other relevant factors. The method of reversion selected represents the best estimate of the collectability of the investments and is reevaluated each reporting period. We generally expect to use an average historical loss for reversion, utilizing an immediate or straight-line method for the remaining life of the investments. We also perform a qualitative assessment beyond model estimates and apply qualitative adjustments as necessary. Our qualitative analysis includes a review of data that may directly impact our estimates including internal and external information about the loan or property including current market conditions, asset specific conditions, property operations or borrower/sponsor details (i.e., refinance, sale, loan modification, bankruptcy) which allows us to determine the amount of the expected loss more accurately and reasonably for these investments. We also evaluate the contractual life of our assets to determine if changes are needed for contractual extension options, renewals, modifications, and prepayments. To the extent possible, we estimate our allowance for credit losses using a pooling approach for homogeneous assets with similar risk characteristics with the goal of enhancing the precision of their estimate. If particular assets no longer display risk characteristics that are similar to those of the pool, we may decide to revise our pools or perform an individual assessment of expected credit losses. If it is determined that a foreclosure is probable, or we expect repayment through the operation or sale of the collateral and the borrower is experiencing financial difficulty, we calculate expected credit losses based on the fair value of the collateral as of the reporting date. During the loan review process, if we determine that it is probable that we will be unable to collect all amounts due for both principal and interest according to the contractual terms of a loan, we evaluate whether that loan is impaired. We consider the capitalization and market discount rates, as well as the borrower’s operating income and cash flows, in estimating the value of the underlying collateral when determining if a loan is impaired. We may also obtain a third party appraisal, which may value the collateral through an “as-is” or “stabilized value” methodology. Such appraisals may be used as an additional source of valuation information only and no adjustments are made to appraisals. If, upon completion of the valuation, the fair value of the underlying collateral securing the impaired loan is less than the net carrying value of the loan, we record a specific allowance for credit losses with a corresponding charge to the provision for credit losses and remove the impaired loan from the CECL analysis described above. If a loan modification constitutes a concession whereas we do not receive ample consideration in return for the modification, and the borrower is experiencing financial difficulties and cannot repay the loan under the current terms, then the modification is considered by us to be a troubled debt restructuring. We record interest on modified loans on an accrual basis to the extent the modified loan is contractually current. The allowance for credit losses on a troubled debt restructuring is measured using the same method as all other loans held for investment. Charge-offs to the allowance for credit losses occur when losses are confirmed through the receipt of cash or other consideration from the completion of a sale; when a modification or restructuring takes place in which we grant a concession to a borrower or agree to a discount in full or partial satisfaction of the loan; when we take ownership and control of the underlying collateral in full satisfaction of the loan; when loans are reclassified as other investments; or when significant collection efforts have ceased and it is highly likely that a loss has been realized. We record a loss on a restructured loan when we grant a concession to the borrower in the form of principal forgiveness related to the payoff or the substitution or addition of a new debtor for the original borrower or when we incur costs on behalf of the borrower related to the modification, payoff or the substitution or addition of a new debtor for the original borrower. When a loan is restructured, we record our investment at net realizable value, taking into account the cost of all concessions at the date of restructuring. In addition, a gain or loss may be recorded upon the sale of a loan to a third party in the consolidated statements of income in the period in which the loan was sold.
Loans Held-for-Sale, Net	Loans Held-for-Sale, Net. Loans held-for-sale, net represents our Agency Business commercial real estate loans originated and sold under the GSE and HUD programs, which are generally transferred or sold within 60 days of loan origination, as well as our Private Label loans, which are either sold instantaneously or pooled and securitized, or sold, within 180 days of loan origination. Such loans are reported at the lower of cost or market on an aggregate basis and include the value allocated to the associated future MSRs. During the period prior to its sale, interest income on a loan held-for-sale is calculated in accordance with the terms of the individual loan and the loan origination fees and direct loan origination costs are deferred until the loan is sold. All of our held-for-sale loans are financed with matched borrowings from credit facilities contracted to finance such loans. Interest income and expense are earned or incurred after a loan is closed and before a loan is sold. Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated, put presumptively beyond the reach of the entity, even in bankruptcy, (2) the transferee (or if the transferee is an entity whose sole purpose is to engage in securitization and the entity is constrained from pledging or exchanging the assets it receives, each third party holder of its beneficial interests) has the right to pledge or exchange the transferred financial assets, and (3) we or our agents do not maintain effective control over the transferred financial assets or third party beneficial interest related to those transferred assets through an agreement to repurchase them before their maturity. We have determined that all loans sold have met these specific conditions and account for all transfers of mortgage loans as completed sales.
Allowance for Loss-Sharing Obligations	Allowance for Loss-Sharing Obligations. When a loan is sold under the Fannie Mae DUS program, we undertake an obligation to partially guarantee the performance of the loan. Generally, we are responsible for losses equal to the first 5% of the UPB and a portion of any additional losses to an overall maximum of 20% of the original principal balance. Fannie Mae bears any remaining loss. In addition, under the terms of the master loss-sharing agreement with Fannie Mae, we are responsible for funding 100% of mortgage delinquencies (principal and interest) and servicing advances (taxes, insurance and foreclosure costs) until the amounts advanced exceed 5% of the UPB at the date of default. Thereafter, we may request interim loss-sharing adjustments which allow us to fund 25% of such advances until final settlement. At inception, a liability for the fair value of the obligation undertaken in issuing the guaranty is recognized. In determining the fair value of the guaranty obligation, we consider the risk profile of the collateral and the historical loss experience in our portfolio. The guaranty obligation is removed only upon either the expiration or settlement of the guaranty. We evaluate the allowance for loss-sharing obligations by monitoring the performance of each loss-sharing loan for events or conditions that may signal a potential default. Historically, initial loss recognition occurs at or before a loan becomes 60 days delinquent. In instances where payment under the guaranty on a loan is determined to be probable and estimable (as the loan is probable of, or is, in foreclosure), we record a liability for the estimated allowance for loss-sharing (a “specific reserve”) by transferring the guarantee obligation recorded on the loan to the specific reserve with any adjustments to this reserve amount recorded in provision for loss sharing in the statements of income. The amount of the allowance considers our assessment of the likelihood of repayment by the borrower or key principal(s), the risk characteristics of the loan, the loan’s risk rating, historical loss experience, adverse situations affecting individual loans, the estimated disposition value of the underlying collateral, and the level of risk sharing. We regularly monitor the specific reserves and update loss estimates as current information is received.
Capitalized Mortgage Servicing Rights	Capitalized Mortgage Servicing Rights. We recognize, as separate assets, rights to service mortgage loans for others, including such rights from our origination of mortgage loans sold with the servicing rights retained, as well as rights associated with acquired MSRs. Income from MSRs related to loans we originate are recognized when we record a derivative asset upon the commitment to originate a loan with a borrower and sell the loan to an investor. This commitment asset is recognized at fair value based on the discounted expected net cash flows associated with the servicing of the loan. When a mortgage loan we originate is sold, we retain the right to service the loan and recognize the MSR at the initial capitalized valuation. We amortize our MSRs using the amortization method, which requires the MSRs to be amortized over the period of estimated net servicing income or loss and that the servicing assets or liabilities be assessed for impairment, or increased obligation, based on the fair value at each reporting date. Amortization of MSRs is recorded as a reduction of servicing revenues, net in the consolidated statements of income. The following assumptions were used in calculating the fair value of our MSRs for the periods presented: Key rates: We used discount rates ranging from 9% to 13%, representing a weighted average discount rate of 12%, based on our best estimate of market discount rates to determine the present value of MSRs. Servicing Cost: A market participant’s estimated future cost to service the loan for the estimated life of the MSR is subtracted from the estimated future cash flows. Estimated Life: We estimate the life of our MSRs based upon the stated yield maintenance and/or prepayment protection term of the underlying loan and are reduced using prepayment rates that consider the note rate of the loan and the expiration of various types of prepayment penalty and/or lockout provisions prior to that stated maturity date. MSRs are initially recorded at fair value and are carried at amortized cost. The fair value of MRSs from loans we originate and sell are estimated considering market prices for similar MSRs, when available, and by estimating the present value of the future net cash flows of the capitalized MSRs, net of adequate compensation for servicing. Adequate compensation is based on the market rate of similar servicing contracts. The fair value of MSRs acquired approximate the purchase price paid. We evaluate the MSR portfolio for impairment on a quarterly basis based on the difference between the aggregate carrying amount of the MSRs and their aggregate fair value. We engage an independent third party valuation expert to assist in determining an estimated fair value of our MSR portfolio on a quarterly basis. For purposes of impairment evaluation, the MSRs are stratified based on predominant risk characteristics of the underlying loans, which we have identified as loan type, note rate and yield maintenance provisions. To the extent that the carrying value of the MSRs exceeds fair value, a valuation allowance is established. We record write-offs of MSRs related to loans that were repaid prior to their expected maturity and loans that have defaulted and determined to be unrecoverable. When this occurs, the write-off is recorded as a direct write-down to the carrying value of MSRs and is included as a component of servicing revenue, net in the consolidated statements of income. This direct write-down permanently reduces the carrying value of the MSRs, precluding recognition of subsequent recoveries. For loans that payoff prior to maturity, we may collect a prepayment fee which is included as a component of servicing revenue, net.
Investments in Equity Affiliates	Investments in Equity Affiliates. We invest in joint ventures that are formed to invest in real estate-related assets or businesses. These joint ventures are not majority owned or controlled by us or are VIEs for which we are not the primary beneficiary, and are not consolidated in our financial statements. These investments are recorded under either the equity or cost method of accounting as deemed appropriate. We evaluate these investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be recoverable. We recognize an impairment loss if the estimated fair value of the investment is less than its carrying amount and we determine that the impairment is other-than-temporary. We record our share of the net income and losses from the underlying properties of our equity method investments and any other-than-temporary impairment on these investments as income or losses from equity affiliates in the consolidated statements of income.
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets. Significant judgement is required to estimate the fair value of intangible assets and in assigning their estimated useful lives. Accordingly, we typically seek the assistance of independent third party valuation specialists for significant intangible assets. The fair value estimates are based on available historical information and on future expectations and assumptions we deem reasonable. We generally use an income-based valuation method to estimate the fair value of intangible assets, which discounts expected future cash flows to present value using estimates and assumptions we deem reasonable. Determining the estimated useful lives of intangible assets also requires judgment. Certain intangible assets, such as GSE licenses, have been deemed to have indefinite lives while other intangible assets, such as broker and borrower relationships and below market rent have been deemed to have finite lives. Our assessment as to which intangible assets are deemed to have finite or indefinite lives is based on several factors including economic barriers of entry for the acquired product lines, scarcity of available GSE licenses, retention trends and our operating plans, among other factors. Goodwill and indefinite-lived intangible assets are not amortized, while finite-lived intangible assets are amortized over their estimated useful lives on a straight-line basis. Indefinite-lived intangible assets, including goodwill, are tested for impairment whenever events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. In addition, with respect to goodwill, an impairment analysis is performed at least annually. We have elected to make the first day of our fiscal fourth quarter the annual impairment assessment date for goodwill. We first assess qualitative factors to determine whether it is more likely than not that the fair value is less than the carrying value. If, based on that assessment, we believe it is more likely than not that the fair value is less than the carrying value, then a two-step goodwill impairment test is performed. Based on the impairment analysis performed as of October 1, 2023, there were no indicators that the indefinite-lived intangible assets, including goodwill, were impaired and there were no events or changes in circumstances indicating impairment at December 31, 2023.
Real Estate Owned and Held-For-Sale	Real Estate Owned and Held-For-Sale. Real estate acquired is recorded at its estimated fair value, less costs to sell, at acquisition and is shown net of accumulated depreciation and impairment charges. Costs incurred in connection with the acquisition of a property are capitalized. Real estate acquired is recorded in other assets on our consolidated balance sheets. We allocate the purchase price of our real estate acquisitions to land, building, tenant improvements, origination asset of the in-place leases, intangibles for the value of any above or below market leases at fair value and to any other identified intangible assets or liabilities. We amortize the value allocated to in-place leases over the remaining lease term, which is reported in depreciation and amortization expense on our consolidated statements of income. The value allocated to above or below market leases are amortized over the remaining lease term as an adjustment to rental income. Real estate assets are depreciated using the straight-line method over their estimated useful lives. Ordinary repairs and maintenance which are not reimbursed by the tenants are expensed as incurred. Major replacements and betterments which improve or extend the life of the asset are capitalized and depreciated over their estimated useful life. Our properties are reviewed for impairment each quarter if events or circumstances change indicating that the carrying amount of an asset may not be recoverable. We recognize impairment if the undiscounted estimated cash flows to be generated by an asset is less than the carrying amount of such asset. Measurement of impairment is based on the asset’s estimated fair value. In evaluating for impairment, many factors are considered, including estimated current and expected operating cash flows from the property during the projected holding period, costs necessary to extend the life or improve the asset, expected capitalization rates, projected stabilized net operating income, selling costs, and the ability to hold and dispose of the asset in the ordinary course of business. Impairment charges may be necessary in the event discount rates, capitalization rates, lease-up periods, future economic conditions, and other relevant factors vary significantly from those assumed in valuing the property. Real estate is classified as held-for-sale when we commit to a plan of sale, the asset is available for immediate sale, there is an active program to locate a buyer, and it is probable the sale will be completed within one year. Real estate assets that are expected to be disposed of are valued at the lower of the asset’s carrying amount or its fair value less costs to sell. We recognize sales of real estate properties upon closing. Payments received from purchasers prior to closing are recorded as deposits. A gain or loss on real estate sold is recognized when the collectability of the sale price is reasonably assured, we are not obligated to perform significant activities after the sale and when control of the asset transfers to the buyer. A gain may be deferred in whole or in part until collectability of the sales price is reasonably assured and the earnings process is complete.
Hedging Activities and Derivatives	Hedging Activities and Derivatives . We measure derivative instruments at fair value and record them as assets or liabilities. Fair value adjustments will affect either accumulated other comprehensive income until the hedged item is recognized in earnings, or net income depending on whether the derivative instrument qualifies as a hedge for accounting purposes and, if so, the nature of the hedging activity. We use derivatives for hedging purposes rather than trading or speculation. Fair values are estimated based on current market data from financial sources that trade such instruments and are based on prevailing market data and derived from third party proprietary models based on well recognized financial principles and reasonable estimates about relevant future market conditions. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. These derivative instruments must be effective in reducing risk exposure to qualify for hedge accounting. When the terms of an underlying transaction are modified, or when the underlying hedged item ceases to exist, all changes in the fair value of the instrument are marked-to-market with changes in value included in net income for each period until the derivative instrument matures or is settled. Any derivative instrument used for risk management that does not meet the hedging criteria is marked-to-market with the changes in value included in earnings. In cases where a derivative instrument is terminated early, any gain or loss is generally amortized over the remaining life of the hedged item. We may also enter into derivative contracts that are intended to economically hedge certain risks, even though hedge accounting does not apply, or we elect not to apply hedge accounting. The ineffective portion of a derivative’s change in fair value is recognized immediately in earnings. In connection with our interest rate risk management, we may hedge a portion of our interest rate risk by entering into derivative instrument contracts to manage differences in the amount, timing, and duration of our expected cash receipts and our expected cash payments principally related to our investments and borrowings. Our objectives in using interest rate derivatives are to add stability to interest income and to manage our exposure to interest rate movements. To accomplish this objective, we have used, and may again in the future, use treasury futures and interest rate and credit default swaps as part of our interest rate risk management strategy. Instruments designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for us making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Our rate lock and forward sales commitments associated with the Agency Business meet the definition of a derivative and are recorded at fair value. The estimated fair value of rate lock commitments includes the effects of interest rate movements as well as the fair value of the expected net cash flows associated with the servicing of the loan which is recorded as income from MSRs in the consolidated statements of income. The estimated fair value of forward sale commitments includes the effects of interest rate movements between the trade date and balance sheet date. Our treasury futures associated with (1) our held-for-sale Agency Business Private Label loans, and (2) our Structured Business SFR loans, do not meet the criteria for hedge accounting and are tied to the five-year and ten-year treasury rates. Our treasury futures are cleared by a central clearing house and variation margin payments (made in cash) are treated as a legal settlement of the derivative itself, as opposed to a pledge of collateral. Realized and unrealized gains and losses related to our treasury futures are recorded through earnings.
Revenue Recognition	Revenue Recognition. Interest income is recognized on the accrual basis as it is earned. In certain instances, the borrower pays an additional amount of interest at the time the loan is closed, an origination fee, a prepayment fee and/or deferred interest upon maturity. In some cases, interest income may also include the amortization or accretion of premiums and discounts arising from the purchase or origination of the loan or security. This additional income, net of any direct loan origination costs incurred, is deferred and accreted into interest income on an effective yield or “interest” method adjusted for actual prepayment activity over the life of the related loan or security as a yield adjustment. Income recognition is suspended for loans when, in our opinion, a full recovery of all contractual principal and/or interest is not probable. Income recognition is resumed when the loan becomes contractually current, and performance is resumed. We record interest income on certain impaired loans to the extent cash is received, as the borrower continues to make interest payments. We record loan loss reserves related to these loans when it is deemed that full recovery of principal and accrued interest is not probable. Several of our loans provide for accrual of interest at specified rates, which differ from current payment terms. Interest is recognized on such loans at the accrual rate subject to our determination that accrued interest and outstanding principal are ultimately collectible, based on the underlying collateral and operations of the asset. If we cannot make this determination, interest income above the current pay rate is recognized only upon actual receipt. Given the transitional nature of some of our real estate loans, we may require funds to be placed into an interest reserve, based on contractual requirements, to cover debt service costs. We will analyze these interest reserves on a periodic basis and determine if any additional interest reserves are needed. Recognition of income on loans with funded interest reserves are accounted for in the same manner as loans without funded interest reserves. We do not recognize interest income on loans in which the borrower has failed to make the contractual interest payment due or has not replenished the interest reserve account. Loans are classified as non-performing once the contractual payments exceed 60 days past due and income from the loans is generally recognized on a cash basis only to the extent it is received. Full income recognition will resume when the loan becomes contractually current, and performance has recommenced. Additionally, interest income is recorded when earned from equity participation interests, referred to as equity kickers. These equity kickers have the potential to generate additional revenues to us as a result of excess cash flow distributions and/or as appreciated properties are sold or refinanced. Gain on sales, including fee-based services, net — Gain on sales, including fee-based services, net includes commitment fees, broker fees, loan assumption fees, loan origination fees and gains on sale of loans of our Agency Business. In some instances, the borrower pays an additional amount of interest at the time the loan is closed, an origination fee, net of any direct loan origination costs incurred, which is recognized upon the sale of the loan. Revenue recognition occurs when the related services are performed, unless significant contingencies exist, and for the sale of loans, when all the incidence of ownership passes to the buyer. Interest income is recognized on the accrual basis as it is earned from loans held-for-sale. Property operating income — Property operating income represents income associated with the operations of commercial real estate properties classified as real estate owned and included in other assets on our consolidated balance sheets. We recognize revenue for these activities when the fees are fixed or determinable, or are evidenced by an arrangement, collection is reasonably assured and the services under the arrangement have been provided. Other income (loss), net — Other income (loss), net represents loan structuring, modification and defeasance, as well as broker fees and miscellaneous asset management fees associated with our loan and investment portfolio. We recognize these forms of income when the fees are fixed or determinable, are evidenced by an arrangement, collection is reasonably assured and the services under the arrangement have been provided.
Leases	Leases. We determine if an arrangement is a lease at inception. Our right to use an underlying asset for the lease term is recorded as an operating lease right-of-use (“ROU”) asset and our obligation to make lease payments arising from the lease is recorded as a lease liability. Operating lease ROU assets and lease liabilities are included in other assets and other liabilities, respectively, in our consolidated balance sheets. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Our leases do not provide an implicit rate; therefore, we use our incremental borrowing rate in determining the present value of lease payments. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Leases with an initial term of twelve months or less are expensed as incurred.
Stock-Based Compensation	Stock-Based Compensation. We grant stock awards to certain of our employees and directors, consisting of shares of our common stock that vest immediately or annually over a multi-year period, subject to the recipient’s continued service to us. We record stock-based compensation expense at the grant date fair value of the related stock-based award at the grant date (for the portion that vests immediately) or ratably over the respective vesting periods. Dividends are paid on restricted stock as dividends are paid on shares of our common stock whether or not they are vested. Stock-based compensation is disclosed in our consolidated statements of income under “employee compensation and benefits” for employees and under “selling and administrative” expense for the Board of Directors.
Income Taxes	Income Taxes. We organize and conduct our operations to qualify as a REIT and to comply with the provisions of the Internal Revenue Code with respect thereto. A REIT is generally not subject to federal income tax on its REIT-taxable income that is distributed to its stockholders, provided that at least 90% of its REIT-taxable income is distributed and provided that certain other requirements are met. Certain REIT income may be subject to state and local income taxes. The Agency Business mainly operates through a TRS, which is a part of our TRS Consolidated Group and is subject to U.S. federal, state and local income taxes. In general, our TRS entities may hold assets that the REIT cannot hold directly and may engage in real estate or non-real estate-related business. Current and deferred taxes are recorded on the portion of earnings (losses) recognized by us with respect to our interest in TRSs. Deferred income tax assets and liabilities are calculated based on temporary differences between our GAAP consolidated financial statements and the federal, state, local tax basis of assets and liabilities as of the consolidated balance sheets. We evaluate the realizability of our deferred tax assets (e.g., net operating loss and capital loss carryforwards) and recognize a valuation allowance if, based on the available evidence, it is more likely than not that some portion or all our deferred tax assets will not be realized. When evaluating the realizability of our deferred tax assets, we consider estimates of expected future taxable income, existing and projected book/tax differences, tax planning strategies available and the general and industry specific economic outlook. We periodically evaluate tax positions to determine whether it is more likely than not that such positions would be sustained upon examination by a tax authority for all open tax years, as defined by the statute of limitations, based on their technical merits. We report interest and penalties related to tax uncertainties as a component of the income tax provision.
Earnings Per Share	Earnings Per Share. We present both basic and diluted earnings per share (“EPS”). Basic EPS excludes dilution and is computed by dividing net income available to common stockholders by the weighted average number of shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, where such exercise or conversion would result in a lower EPS amount.
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements	Recently Adopted Accounting Pronouncements Description Effective Date Effect on Financial Statements In March 2022, the FASB issued ASU 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. This guidance eliminates the accounting guidance on troubled debt restructurings and amends existing disclosures, including the 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 Description Effective Date Effect on Financial Statements In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This guidance requires public entities to disclose significant expense categories and amounts for each reportable segment, along with information regarding the composition of "other segment items." Additionally, the guidance requires the disclosure of the title and position of the entity's Chief Operating Decision Maker (“CODM”), an explanation of how the CODM utilizes reported profit or loss measures to assess segment performance, and certain segment-related disclosures on an interim basis, which were previously required only annually. Fiscal year 2024, with early adoption permitted The adoption of this guidance will not have a In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This guidance focuses on disclosures around effective tax rates and cash income taxes paid and to improve the usefulness of income tax disclosures for investors. This guidance requires public entities to disclose, on an annual basis, a rate reconciliation presented in both dollars and percentages and to include specific categories and provides further guidance on disaggregation of those categories based on a quantitative threshold equal to 5% or more. This guidance also makes changes to annual disclosures of income taxes paid for all entities by requiring entities to disclose the amount of income taxes paid, net of refunds received, disaggregated by federal, state and foreign jurisdiction. First quarter of 2025, with early adoption permitted The adoption of this guidance is not expected to have a material impact on our consolidated financial statements. We do not expect to early adopt and will add the necessary disclosures upon adoption. Other 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. In August 2023, the FASB issued ASU 2023-05, Business Combinations – Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement, which is effective for joint venture entities with a formation date on or after January 1, 2025. We currently do not have any transactions that fall under the scope of these ASUs; therefore, the adoptions are not expected to have an impact on our consolidated financial statements.

Basis of Presentation and Sig_3

Basis of Presentation and Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Summary of Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements	Recently Adopted Accounting Pronouncements Description Effective Date Effect on Financial Statements In March 2022, the FASB issued ASU 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. This guidance eliminates the accounting guidance on troubled debt restructurings and amends existing disclosures, including the 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 Description Effective Date Effect on Financial Statements In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This guidance requires public entities to disclose significant expense categories and amounts for each reportable segment, along with information regarding the composition of "other segment items." Additionally, the guidance requires the disclosure of the title and position of the entity's Chief Operating Decision Maker (“CODM”), an explanation of how the CODM utilizes reported profit or loss measures to assess segment performance, and certain segment-related disclosures on an interim basis, which were previously required only annually. Fiscal year 2024, with early adoption permitted The adoption of this guidance will not have a In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This guidance focuses on disclosures around effective tax rates and cash income taxes paid and to improve the usefulness of income tax disclosures for investors. This guidance requires public entities to disclose, on an annual basis, a rate reconciliation presented in both dollars and percentages and to include specific categories and provides further guidance on disaggregation of those categories based on a quantitative threshold equal to 5% or more. This guidance also makes changes to annual disclosures of income taxes paid for all entities by requiring entities to disclose the amount of income taxes paid, net of refunds received, disaggregated by federal, state and foreign jurisdiction. First quarter of 2025, with early adoption permitted The adoption of this guidance is not expected to have a material impact on our consolidated financial statements. We do not expect to early adopt and will add the necessary disclosures upon adoption.

Loans and Investments (Tables)

Loans and Investments (Tables)	12 Months Ended
	Dec. 31, 2023
Loans and Investments
Summary of Structured Business Loan and Investment Portfolio	Our Structured Business loan and investment portfolio consists of ($ in thousands): December 31, 2023 Percent of Loan Wtd. Avg. Wtd. Avg. Wtd. Avg. Wtd. Avg. Bridge loans (5) $ 12,273,244 97 % 679 8.45 % 12.0 0 % 78 % Mezzanine loans 248,457 2 % 49 8.41 % 56.6 48 % 80 % Preferred equity investments 85,741 1 % 17 3.95 % 60.3 53 % 82 % SFR permanent loans 7,564 <1% 2 9.84 % 13.9 0 % 56 % 12,615,006 100 % 747 8.42 % 13.2 1 % 78 % Allowance for credit losses (195,664) Unearned revenue (41,536) Loans and investments, net $ 12,377,806 December 31, 2022 Bridge loans (5) $ 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 % SFR permanent loans 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 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) Including extension options, the weighted average remaining months to maturity at December 31, 2023 and 2022 was 29.4 and 37.9, respectively. (3) 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. (4) 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. (5) At December 31, 2023 and 2022, bridge loans included 354 and 241, respectively, of SFR loans with a total gross loan commitment of $2.51 billion and $1.57 billion, respectively, of which $1.32 billion and $927.4 million, respectively, was funded.
Schedule of the Loan Portfolio's Internal Risk Ratings and LTV Ratios by Asset Class	A summary of the loan portfolio’s internal risk ratings and LTV ratios by asset class at December 31, 2023, and charge-offs recorded during 2023 is as follows ($ in thousands): UPB by Origination Year Total Wtd. Avg. Wtd. Avg. Asset Class / Risk Rating 2023 2022 2021 2020 2019 Prior Multifamily: Pass $ 80,814 $ 53,316 $ 26,185 $ 2,010 $ 4,598 $ 20,300 $ 187,223 Pass/Watch 317,358 2,561,938 2,223,155 119,860 84,600 58,044 5,364,955 Special Mention 24,424 1,762,539 2,631,689 180,750 140,685 350 4,740,437 Substandard — 435,878 322,987 8,006 — — 766,871 Doubtful — — 13,930 14,800 9,765 — 38,495 Total Multifamily $ 422,596 $ 4,813,671 $ 5,217,946 $ 325,426 $ 239,648 $ 78,694 $11,097,981 1 % 80 % Single-Family Rental: Percentage of portfolio 88 % Pass $ 9,709 $ 608 $ — $ — $ — $ — $ 10,317 Pass/Watch 289,482 465,057 144,846 119,692 — — 1,019,077 Special Mention 31,131 45,145 218,697 — — — 294,973 Total Single-Family Rental $ 330,322 $ 510,810 $ 363,543 $ 119,692 $ — $ — $ 1,324,367 0 % 62 % Land: Percentage of portfolio 10 % 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 % 97 % Office: Percentage of portfolio 1 % Special Mention $ — $ — $ — $ 35,410 $ — $ — $ 35,410 Total Office $ — $ — $ — $ 35,410 $ — $ — $ 35,410 0 % 80 % Retail: Percentage of portfolio <1% Substandard $ — $ — $ — $ — $ — $ 19,520 $ 19,520 Total Retail $ — $ — $ — $ — $ — $ 19,520 $ 19,520 0 % 88 % Commercial: Percentage of portfolio < 1% Doubtful $ — $ — $ — $ — $ — $ 1,700 $ 1,700 Total Commercial $ — $ — $ — $ — $ — $ 1,700 $ 1,700 63 % 66 % Percentage of portfolio < 1% Grand Total $ 752,918 $ 5,324,481 $ 5,581,489 $ 488,628 $ 239,648 $ 227,842 $ 12,615,006 1 % 78 % Charge-offs $ — $ — $ — $ — $ — $ 5,700 $ 5,700
Schedule of the Changes in the Allowance for Credit Losses	A summary of the changes in the allowance for credit losses is as follows (in thousands): Year Ended December 31, 2023 Multifamily Land Retail Commercial Single- Family Rental Office Other Total Allowance for credit losses: Beginning balance $ 37,961 $ 78,068 $ 5,819 $ 1,700 $ 780 $ 8,162 $ 69 $ 132,559 Provision for credit losses (net of recoveries) 72,886 (10) (2,526) — 844 (2,320) (69) 68,805 Charge-offs — — — — — (5,700) — (5,700) Ending balance $ 110,847 $ 78,058 $ 3,293 $ 1,700 $ 1,624 $ 142 $ — $ 195,664 Year Ended December 31, 2022 Allowance for credit losses: Beginning balance $ 18,707 $ 77,970 $ 5,819 $ 1,700 $ 319 $ 8,073 $ 653 $ 113,241 Provision for credit losses (net of recoveries) 19,254 98 — — 461 89 (584) 19,318 Ending balance $ 37,961 $ 78,068 $ 5,819 $ 1,700 $ 780 $ 8,162 $ 69 $ 132,559 Year Ended December 31, 2021 Allowance for credit losses: Beginning balance $ 36,468 $ 78,150 $ 13,861 $ 1,700 $ 586 $ 1,846 $ 15,718 $ 148,329 Provision for credit losses (net of recoveries) (17,761) (180) (42) — (267) 6,227 (12,292) (24,315) Charge-offs — — (8,000) — — — (2,773) (10,773) Ending balance $ 18,707 $ 77,970 $ 5,819 $ 1,700 $ 319 $ 8,073 $ 653 $ 113,241
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): December 31, 2023 Asset Class UPB (1) Carrying Allowance for Wtd. Avg. First Dollar LTV Ratio Wtd. Avg. Last Dollar LTV Ratio Multifamily $ 272,493 $ 260,291 $ 37,750 0 % 100 % Land 134,215 127,868 77,869 0 % 99 % Retail 19,521 15,037 3,292 0 % 88 % Commercial 1,700 1,700 1,700 63 % 66 % Total $ 427,929 $ 404,896 $ 120,611 0 % 99 % 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 nineteen and seven impaired loans (less unearned revenue and other holdbacks and adjustments) by asset class at December 31, 2023 and 2022, respectively.
Schedule of our Non-Performing Loans by Asset Class	A summary of our non-performing loans by asset class is as follows (in thousands): December 31, 2023 December 31, 2022 UPB Less Than Greater Than UPB Less Than Greater Than Multifamily $ 271,532 $ — $ 271,532 $ 2,605 $ — $ 2,605 Commercial 1,700 — 1,700 1,700 — 1,700 Retail 920 — 920 3,445 — 3,445 Total $ 274,152 $ — $ 274,152 $ 7,750 $ — $ 7,750

Loans Held-for-Sale, Net (Table

Loans Held-for-Sale, Net (Tables)	12 Months Ended
	Dec. 31, 2023
Receivable, Held-for-Sale [Abstract]
Schedule of Loans Held-For-Sale, Net	December 31, 2023 December 31, 2022 Fannie Mae $ 477,212 $ 173,020 Private Label 50,235 152,735 FHA 11,350 21,021 SFR - Fixed Rate 8,696 12,352 Freddie Mac 4,832 8,938 552,325 368,066 Fair value of future MSR 7,784 5,557 Unrealized impairment loss (1,989) (15,703) Unearned discount (6,413) (3,850) Loans held-for-sale, net $ 551,707 $ 354,070

Capitalized Mortgage Servicin_2

Capitalized Mortgage Servicing Rights (Tables)	12 Months Ended
	Dec. 31, 2023
Transfers and Servicing [Abstract]
Summary of Capitalized MSR Activity	A summary of our capitalized MSR activity is as follows (in thousands): Year Ended December 31, 2023 Year Ended December 31, 2022 Originated Acquired Total Originated Acquired Total Beginning balance $ 386,878 $ 14,593 $ 401,471 $ 395,573 $ 27,161 $ 422,734 Additions 67,612 — 67,612 83,115 — 83,115 Amortization (59,182) (3,911) (63,093) (53,449) (6,427) (59,876) Write-downs and payoffs (12,726) (2,010) (14,736) (38,361) (6,141) (44,502) Ending balance $ 382,582 $ 8,672 $ 391,254 $ 386,878 $ 14,593 $ 401,471
Summary of Expected Amortization of Capitalized MSRs Recorded	The expected amortization of capitalized MSRs recorded at December 31, 2023 is as follows (in thousands): Year Amortization 2024 $ 65,500 2025 62,514 2026 56,969 2027 52,366 2028 45,188 Thereafter 108,717 Total $ 391,254 At December 31, 2023, the weighted average remaining lives of our amortizable finite-lived intangible assets and the estimated annual amortization expense are as follows ($ in thousands): Wtd. Avg. Estimated Amortization Expense for the 2024 2025 2026 2027 Finite‑lived intangible assets: Broker relationships 0.5 $ 1,693 $ — $ — $ — Borrower relationships 2.5 1,440 1,440 780 — Below market leases 3.2 126 126 126 21 2.0 $ 3,259 $ 1,566 $ 906 $ 21

Mortgage Servicing (Tables)

Mortgage Servicing (Tables)	12 Months Ended
	Dec. 31, 2023
Transfers and Servicing [Abstract]
Schedule of Product and Geographic Concentrations in Servicing Revenue	Product and geographic concentrations that impact our servicing revenue are as follows ($ in thousands): December 31, 2023 Product Concentrations Geographic Concentrations Product UPB (1) % of Total State UPB % of Total Fannie Mae $ 21,264,578 69 % Texas 11 % Freddie Mac 5,181,933 17 % New York 11 % Private Label 2,510,449 8 % California 8 % FHA 1,359,624 4 % North Carolina 8 % Bridge (2) 379,425 1 % Georgia 6 % SFR - Fixed Rate 287,446 1 % Florida 6 % Total $ 30,983,455 100 % 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 four bridge loans sold by our Structured Business that we are servicing, see Note 3 for details. (3) No other individual state represented 4% or more of the total.
Schedule of Components of Servicing Revenue, Net	The components of servicing revenue, net are as follows (in thousands): Year Ended December 31, 2023 2022 2021 Servicing fees $ 123,975 $ 123,937 $ 123,758 Interest earned on escrows 77,916 24,436 4,191 Prepayment fees 6,387 48,197 38,221 Write-offs of MSRs (14,736) (44,502) (32,741) Amortization of MSRs (63,093) (59,876) (58,615) Servicing revenue, net $ 130,449 $ 92,192 $ 74,814

Securities Held-to-Maturity (Ta

Securities Held-to-Maturity (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2023 APL certificates $ 192,791 $ 128,865 $ (31,331) $ 97,534 $ 2,272 B Piece bonds 37,704 26,414 5,442 31,856 3,984 Total $ 230,495 $ 155,279 $ (25,889) $ 129,390 $ 6,256 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): Year Ended December 31, 2023 APL B Piece Total Beginning balance $ 2,783 $ 370 $ 3,153 Provision for credit loss expense/(reversal) (511) 3,614 3,103 Ending balance $ 2,272 $ 3,984 $ 6,256

Investments in Equity Affilia_2

Investments in Equity Affiliates (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2023 Equity Affiliates December 31, 2023 December 31, 2022 Arbor Residential Investor LLC $ 32,743 $ 46,951 $ — AMAC Holdings III LLC 13,591 15,825 — Fifth Wall Ventures 13,365 13,584 — AWC Real Estate Opportunity Partners I LP 11,671 — — ARSR DPREF I LLC 5,163 — — Lightstone Value Plus REIT L.P. 1,895 1,895 — Docsumo Pte. Ltd. 450 450 — JT Prime 425 425 — West Shore Café — — 1,688 Lexford Portfolio — — — East River Portfolio — — — Total $ 79,303 $ 79,130 $ 1,688

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Other Intangible Assets	The following table sets forth the other intangible assets activity (in thousands): December 31, 2023 December 31, 2022 Gross Accumulated Total Gross Accumulated Total Finite‑lived intangible assets: Broker relationships $ 25,000 $ (23,307) $ 1,693 $ 25,000 $ (20,182) $ 4,818 Borrower relationships 14,400 (10,740) 3,660 14,400 (9,300) 5,100 Below market leases 4,010 (3,611) 399 4,010 (3,485) 525 Infinite‑lived intangible assets: Fannie Mae DUS license 17,100 — 17,100 17,100 — 17,100 Freddie Mac Program Plus license 8,700 — 8,700 8,700 — 8,700 FHA license 3,200 — 3,200 3,200 — 3,200 $ 72,410 $ (37,658) $ 34,752 $ 72,410 $ (32,967) $ 39,443
Summary of Future Amortization Expense	The expected amortization of capitalized MSRs recorded at December 31, 2023 is as follows (in thousands): Year Amortization 2024 $ 65,500 2025 62,514 2026 56,969 2027 52,366 2028 45,188 Thereafter 108,717 Total $ 391,254 At December 31, 2023, the weighted average remaining lives of our amortizable finite-lived intangible assets and the estimated annual amortization expense are as follows ($ in thousands): Wtd. Avg. Estimated Amortization Expense for the 2024 2025 2026 2027 Finite‑lived intangible assets: Broker relationships 0.5 $ 1,693 $ — $ — $ — Borrower relationships 2.5 1,440 1,440 780 — Below market leases 3.2 126 126 126 21 2.0 $ 3,259 $ 1,566 $ 906 $ 21

Debt Obligations (Tables)

Debt Obligations (Tables)	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Summary of Borrowings	Borrowings under our credit and repurchase facilities are as follows ($ in thousands): December 31, 2023 December 31, 2022 UPB Debt Collateral Wtd. Avg. UPB Debt Collateral Wtd. Avg. Structured Business $2.5B joint repurchase facility (2) $ 870,073 $ 868,077 $ 1,371,436 7.81 % $ 1,524,831 $ 1,516,657 $ 2,099,447 6.73 % $1B repurchase facility (2) 386,576 385,779 589,533 7.68 % 499,891 498,666 703,740 6.39 % $500M repurchase facility 448,411 447,490 597,205 8.38 % 155,121 154,653 188,563 7.16 % $499M repurchase facility (2)(3) 355,328 355,328 506,753 7.83 % 351,056 351,056 504,506 6.64 % $450M repurchase facility 263,061 262,820 362,465 7.55 % 344,576 344,237 450,736 6.36 % $250M credit facility 17,997 17,964 23,088 7.32 % 33,246 33,221 43,238 6.25 % $250M repurchase facility — — — — — — — — $225M credit facility 103,552 103,552 139,252 8.04 % 47,398 47,398 81,119 6.90 % $200M repurchase facility 32,599 32,579 41,522 7.03 % 187,428 186,639 239,678 6.18 % $200M repurchase facility 46,403 45,969 68,762 8.04 % 33,155 32,494 47,750 6.95 % $200M repurchase facility 107,355 107,324 141,130 7.44 % 155,240 154,516 200,099 6.33 % $121M loan specific credit facilities 120,660 120,328 161,700 6.91 % 156,543 156,107 225,805 6.42 % $50M credit facility 29,200 29,200 36,500 7.58 % 29,200 29,194 36,500 6.48 % $40M credit facility — — — — — — — — $35M working capital facility — — — — — — — — $25M credit facility 17,093 17,058 22,816 8.09 % 19,177 18,701 24,572 6.99 % Repurchase facility - securities (2)(4) 31,033 31,033 — 7.15 % 12,832 12,832 — 6.99 % Structured Business total $ 2,829,341 $ 2,824,501 $ 4,062,162 7.80 % $ 3,549,694 $ 3,536,371 $ 4,845,753 6.59 % Agency Business $750M ASAP agreement $ 73,011 $ 73,011 $ 73,781 6.49 % $ 29,476 $ 29,476 $ 30,291 5.21 % $500M joint repurchase facility (2) 7,945 7,833 11,350 7.77 % 105,275 104,629 135,641 6.52 % $500M repurchase facility 115,841 115,730 241,895 6.83 % 66,866 66,778 66,866 5.73 % $200M credit facility 187,185 187,138 187,185 6.78 % 31,519 31,475 33,177 5.76 % $100M credit facility — — — — 57,974 57,887 57,974 5.76 % $50M credit facility 29,085 29,083 29,418 6.73 % 14,671 14,664 14,671 5.65 % $1M repurchase facility (2)(3) 531 531 866 7.86 % 534 534 920 6.66 % Agency Business total $ 413,598 $ 413,326 $ 544,495 6.76 % $ 306,315 $ 305,443 $ 339,540 5.96 % Consolidated total $ 3,242,939 $ 3,237,827 $ 4,606,657 7.67 % $ 3,856,009 $ 3,841,814 $ 5,185,293 6.54 % ________________________________________ (1) At December 31, 2023 and 2022, debt carrying value for the Structured Business was net of unamortized deferred finance costs of $4.8 million and $13.3 million, respectively, and for the Agency Business was net of unamortized deferred finance costs of $0.3 million and $0.9 million, respectively. (2) These facilities are subject to margin call provisions associated with changes in interest spreads. (3) A portion of this facility was used to finance a fixed rate SFR permanent loan reported through our Agency Business. (4) At December 31, 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 $43.1 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 December 31, 2023 Face Value Carrying Wtd. Avg. UPB Carrying Restricted CLO 19 $ 872,812 $ 868,359 7.84 % $ 1,031,772 $ 1,028,669 $ 4,527 CLO 18 1,652,812 1,647,885 7.29 % 1,784,921 1,780,930 244,629 CLO 17 1,714,125 1,709,800 7.14 % 1,870,388 1,865,878 203,938 CLO 16 1,237,500 1,233,769 6.76 % 1,456,872 1,453,297 847 CLO 15 (5) 674,412 673,367 6.82 % 734,120 732,498 42,600 CLO 14 (5) 589,345 588,176 6.82 % 680,814 679,469 33,271 Total CLOs 6,741,006 6,721,356 7.14 % 7,558,887 7,540,741 529,812 Q Series securitization 215,278 213,654 7.38 % 287,038 286,053 — Total securitized debt $ 6,956,284 $ 6,935,010 7.15 % $ 7,845,925 $ 7,826,794 $ 529,812 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 $21.3 million and $36.8 million of deferred financing fees at December 31, 2023 and 2022, respectively. (2) At December 31, 2023 and 2022, the aggregate weighted average note rate for our CLOs, including certain fees and costs, was 7.37% and 6.32%, respectively, and the Q Series securitization was 7.99% and 6.66%, respectively. (3) At December 31, 2023, twelve loans with an aggregate UPB of $308.3 million were deemed a "credit risk" as defined by the collateralized loan obligations ("CLO") indentures. At December 31, 2022, there were no collateral deemed a “credit risk” as defined by the CLO indentures. (4) Represents restricted cash held for principal repayments as well as for reinvestment in the CLOs. Does not include restricted cash related to interest payments, delayed fundings and expenses totaling $63.9 million and $230.0 million at December 31, 2023 and 2022, respectively. (5) The replenishment periods of CLO 14 and CLO 15 ended in September 2023 and December 2023, respectively.
Summary of Senior Unsecured Notes	A summary of our senior unsecured notes is as follows ($ in thousands): December 31, 2023 December 31, 2022 Senior Issuance Maturity UPB Carrying Wtd. Avg. UPB Carrying Wtd. Avg. 7.75% Notes (3) Mar. 2023 Mar. 2026 $ 95,000 $ 93,697 7.75 % $ — $ — — 8.50% Notes (3) Oct. 2022 Oct. 2027 150,000 148,023 8.50 % 150,000 147,519 8.50 % 5.00% Notes (3) Dec. 2021 Dec. 2028 180,000 177,875 5.00 % 180,000 177,450 5.00 % 4.50% Notes (3) Aug. 2021 Sept. 2026 270,000 267,763 4.50 % 270,000 266,926 4.50 % 5.00% Notes (3) Apr. 2021 Apr. 2026 175,000 173,542 5.00 % 175,000 172,917 5.00 % 4.50% Notes (3) Mar. 2020 Mar. 2027 275,000 273,444 4.50 % 275,000 272,960 4.50 % 4.75% Notes (4) Oct. 2019 Oct. 2024 110,000 109,721 4.75 % 110,000 109,369 4.75 % 5.75% Notes (4) Mar. 2019 Apr. 2024 90,000 89,903 5.75 % 90,000 89,514 5.75 % 8.00% Notes Apr. 2020 Apr. 2023 — — — 70,750 70,613 8.00 % 5.625% Notes Mar. 2018 May 2023 — — — 78,850 78,726 5.63 % $ 1,345,000 $ 1,333,968 5.41 % $ 1,399,600 $ 1,385,994 5.40 % ________________________________________ (1) At December 31, 2023 and 2022, the carrying value is net of deferred financing fees of $11.0 million and $13.6 million, respectively. (2) At December 31, 2023 and 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 December 31, 2023 $ 287,500 $ 4,382 $ 283,118 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 January 2024 are as follows: Cash Flow Triggers CLO 14 CLO 15 CLO 16 CLO 17 CLO 18 CLO 19 Overcollateralization (1) Current 120.00 % 120.85 % 120.81 % 121.71 % 123.87 % 120.30 % Limit 118.76 % 119.85 % 120.21 % 121.51 % 123.03 % 119.30 % Pass / Fail Pass Pass Pass Pass Pass Pass Interest Coverage (2) Current 151.42 % 157.34 % 150.93 % 136.66 % 137.10 % 134.89 % Limit 120.00 % 120.00 % 120.00 % 120.00 % 120.00 % 120.00 % Pass / Fail 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 14 CLO 15 CLO 16 CLO 17 CLO 18 CLO 19 January 2024 120.00 % 120.85 % 120.81 % 121.71 % 123.87 % 120.30 % October 2023 119.76 % 120.85 % 121.21 % 122.51 % 124.03 % 120.30 % July 2023 119.76 % 120.85 % 121.21 % 122.51 % 124.03 % 120.30 % April 2023 119.76 % 120.85 % 121.21 % 122.51 % 124.03 % 120.30 % January 2023 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)	12 Months Ended
	Dec. 31, 2023
Loss Contingency Accrual, Disclosures [Abstract]
Schedule of Allowance for Loss-Sharing Obligations	Our allowance for loss-sharing obligations related to the Fannie Mae DUS program is as follows (in thousands): Year Ended December 31, 2023 2022 Beginning balance $ 57,168 $ 56,064 Provisions for loss sharing 17,864 3,592 Provisions reversal for loan repayments (2,169) (1,730) Recoveries (charge-offs), net (1,229) (758) Ending balance $ 71,634 $ 57,168

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 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): December 31, 2023 Fair Value Derivative Count Notional Value Balance Sheet Location Derivative Assets Derivative Liabilities Rate lock commitments 3 $ 26,800 Other assets/other liabilities $ 428 $ (759) Forward sale commitments 33 559,079 Other assets/other liabilities 6,119 (262) Treasury futures 82 8,200 — — $ 594,079 $ 6,547 $ (1,021) 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) Treasury futures 1,298 129,800 — — $ 515,723 $ 1,505 $ (4,897)

Fair Value (Tables)

Fair Value (Tables)	12 Months Ended
	Dec. 31, 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): December 31, 2023 December 31, 2022 Principal / Carrying Estimated Principal / Carrying Estimated Financial assets: Loans and investments, net $ 12,615,006 $ 12,377,806 $ 12,452,563 $ 14,456,123 $ 14,254,674 $ 14,468,418 Loans held-for-sale, net 552,325 551,707 566,451 368,066 354,070 362,054 Capitalized mortgage servicing rights, net n/a 391,254 510,472 n/a 401,471 530,913 Securities held-to-maturity, net 230,495 155,279 129,390 234,255 156,547 144,571 Derivative financial instruments 447,609 6,547 6,547 111,950 1,505 1,505 Financial liabilities: Credit and repurchase facilities $ 3,242,939 $ 3,237,827 $ 3,228,324 $ 3,856,009 $ 3,841,814 $ 3,828,192 Securitized debt 6,956,284 6,935,010 6,864,557 7,886,066 7,849,270 7,560,541 Senior unsecured notes 1,345,000 1,333,968 1,214,331 1,399,600 1,385,994 1,262,560 Convertible senior unsecured notes, net 287,500 283,118 301,156 287,500 280,356 287,834 Junior subordinated notes 154,336 143,896 106,444 154,336 143,128 103,977 Derivative financial instruments 138,270 1,021 1,021 273,973 4,897 4,897
Schedule of Certain Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis	The fair values of these financial assets and liabilities are determined using the following input levels at December 31, 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 $ 6,547 $ 6,547 $ — $ 6,119 $ 428 Financial liabilities: Derivative financial instruments $ 1,021 $ 1,021 $ — $ 1,021 $ —
Schedule of Financial Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis	The fair values of these financial and non-financial assets, if applicable, were determined using the following input levels at December 31, 2023 (in thousands): Fair Value Measurements Using Fair Value Hierarchy Net Carrying Value Fair Value Level 1 Level 2 Level 3 Financial assets: Impaired loans, net Loans held-for-investment (1) $ 284,285 $ 284,285 $ — $ — $ 284,285 Loans held-for-sale (2) 18,057 18,057 — 18,057 — $ 302,342 $ 302,342 $ — $ 18,057 $ 284,285 ________________________________________ (1) We had an allowance for credit losses of $120.6 million relating to nineteen impaired loans with an aggregate carrying value, before loan loss reserves, of $404.9 million at December 31, 2023. (2) We have an impairment of $2.0 million related to 6 loans held-for-sale with an aggregate carrying value, before unrealized impairment losses, of $20.0 million.
Schedule of Fair Value Measurement Inputs and Valuation Techniques	Quantitative information about Level 3 fair value measurements at December 31, 2023 is as follows ($ in thousands): Fair Value Valuation Techniques Significant Unobservable Inputs Financial assets: Impaired loans: Multifamily $ 222,540 Discounted cash flows Capitalization rate 6.35 % Land 50,000 Discounted cash flows Discount rate 21.50 % Revenue growth rate 3.00 % Discount rate 11.25 % Retail 11,745 Discounted cash flows Capitalization rate 9.25 % Revenue growth rate 3.00 % Derivative financial instruments: Rate lock commitments 428 Discounted cash flows W/A discount rate 13.38 %
Schedule of Roll Forward of Level 3 Derivative Instruments	Fair Value Measurements Using Significant Unobservable Inputs 2023 2022 2021 Derivative assets and liabilities, net Beginning balance $ 354 $ 295 $ 1,967 Settlements (66,407) (64,896) (112,836) Realized gains recorded in earnings 66,053 64,601 110,869 Unrealized gains recorded in earnings 428 354 295 Ending balance $ 428 $ 354 $ 295
Schedule of Components of Fair Value and Other Relevant Information	The components of fair value and other relevant information associated with our rate lock commitments, forward sales commitments and the estimated fair value of cash flows from servicing on loans held-for-sale are as follows (in thousands): December 31, 2023 Notional/ Fair Value of Interest Rate Unrealized Total Fair Value Rate lock commitments $ 26,800 $ 428 $ 759 $ — $ 1,187 Forward sale commitments 559,079 — (759) — (759) Loans held-for-sale, net (1) 552,325 7,784 — (1,989) 5,795 Total $ 8,212 $ — $ (1,989) $ 6,223 ________________________________________ (1)
Schedule of Fair Value Measurements, Recurring and Nonrecurring	Fair Value Measurements Using Fair Value Hierarchy Carrying Value Fair Value Level 1 Level 2 Level 3 Financial assets: Loans and investments, net $ 12,377,806 $ 12,452,563 $ — $ — $ 12,452,563 Loans held-for-sale, net 551,707 566,451 — 558,667 7,784 Capitalized mortgage servicing rights, net 391,254 510,472 — — 510,472 Securities held-to-maturity, net 155,279 129,390 — — 129,390 Financial liabilities: Credit and repurchase facilities $ 3,237,827 $ 3,228,324 $ — $ 413,326 $ 2,814,998 Securitized debt 6,935,010 6,864,557 — — 6,864,557 Senior unsecured notes 1,333,968 1,214,331 1,214,331 — — Convertible senior unsecured notes, net 283,118 301,156 — 301,156 — Junior subordinated notes 143,896 106,444 — — 106,444

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Maturities of Operating Lease Liabilities	Year Debt Obligations Minimum Annual Operating Lease Payments Total 2024 $ 1,855,247 $ 10,820 $ 1,866,067 2025 2,523,024 11,206 2,534,230 2026 1,996,721 11,297 2,008,018 2027 4,510,642 9,782 4,520,424 2028 946,089 9,064 955,153 Thereafter 154,336 27,755 182,091 Total $ 11,986,059 $ 79,924 $ 12,065,983

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	12 Months Ended
	Dec. 31, 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): December 31, 2023 December 31, 2022 Assets: Restricted cash $ 593,956 $ 710,775 Loans and investments, net 7,826,793 8,900,104 Other assets 193,822 174,382 Total assets $ 8,614,571 $ 9,785,261 Liabilities: Securitized debt $ 6,935,010 $ 7,849,270 Other liabilities 32,867 26,754 Total liabilities $ 6,967,877 $ 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 December 31, 2023 is as follows (in thousands): Type Carrying Amount (1) Loans $ 524,915 APL certificates 131,137 B Piece bonds 30,398 Equity investments 29,876 Agency interest only strips 162 Total $ 716,488 ________________________________________ (1) Represents the carrying amount of loans and investments before reserves. At December 31, 2023, $127.9 million of loans to VIEs had corresponding specific loan loss reserves of $77.9 million. The maximum loss exposure at December 31, 2023 would not exceed the carrying amount of our investment.

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2023
Stockholders' Equity Note [Abstract]
Schedule of Dividends Payable	Distributions. Dividends declared (on a per share basis) for the year ended December 31, 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 July 26, 2023 $ 0.43 June 30, 2023 $ 0.3984375 $ 0.390625 $ 0.390625 October 25, 2023 $ 0.43 September 29, 2023 $ 0.3984375 $ 0.390625 $ 0.390625 December 29, 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): Year Ended December 31, 2023 2022 2021 Basic Diluted Basic Diluted Basic Diluted Net income attributable to common stockholders (1) $ 330,065 $ 330,065 $ 284,829 $ 284,829 $ 317,412 $ 317,412 Net income attributable to noncontrolling interest (2) — 29,122 — 28,044 — 38,507 Interest expense on convertible notes (3) — 24,832 — 20,166 — — Net income attributable to common stockholders and noncontrolling interest $ 330,065 $ 384,019 $ 284,829 $ 333,039 $ 317,412 $ 355,919 Weighted average shares outstanding 184,641,642 184,641,642 165,355,167 165,355,167 137,830,691 137,830,691 Dilutive effect of OP Units (2) — 16,293,589 — 16,304,638 — 16,818,722 Dilutive effect of convertible notes (3) — 17,294,392 — 16,900,204 — 506,949 Dilutive effect of restricted stock units (4) — 613,990 — 552,621 — 933,233 Weighted average shares outstanding 184,641,642 218,843,613 165,355,167 199,112,630 137,830,691 156,089,595 Net income per common share (1) $ 1.79 $ 1.75 $ 1.72 $ 1.67 $ 2.30 $ 2.28 ________________________________________ (1) Net of preferred stock dividends. (2) We consider OP Units to be common stock equivalents as the holders have voting rights, the right to distributions and the right to redeem the OP Units for the cash value of a corresponding number of shares of common stock or a corresponding number of shares of common stock, at our election. (3) Beginning January 1, 2022, the effective date we adopted ASU 2020-06, we started utilizing the if-converted method of calculating EPS to reflect the impact of our convertible senior notes. For 2021, the convertible senior notes impacted diluted EPS if the average price of our common stock exceeded the conversion price, as calculated in accordance with the terms of the indenture. (4)

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Schedule of Pre-Tax GAAP Income	A summary of our pre-tax GAAP income is as follows (in thousands): Year Ended December 31, 2023 2022 2021 Pre‑tax GAAP income: REIT $ 320,045 $ 303,320 $ 239,356 TRS Consolidated Group 107,858 67,991 184,736 Total pre‑tax GAAP income $ 427,903 $ 371,311 $ 424,092
Schedule of Provision for Income Taxes	Our provision for income taxes is comprised as follows (in thousands): Year Ended December 31, 2023 2022 2021 Current tax provision: Federal $ 26,269 $ 14,167 $ 27,454 State 8,427 5,058 7,939 Total 34,696 19,225 35,393 Deferred tax (benefit) provision: Federal $ (5,272) $ (1,373) $ 8,287 State (1,783) (370) 2,744 Valuation allowance (294) 2 (139) Total (7,349) (1,741) 10,892 Total income tax expense $ 27,347 $ 17,484 $ 46,285
Schedule of Reconciliation of Income Tax Rate	A reconciliation of our effective income tax rate as a percentage of pre-tax income to the U.S. federal statutory rate is as follows: Year Ended December 31, 2023 2022 2021 U.S. federal statutory rate 21.0 % 21.0 % 21.0 % REIT non‑taxable income (15.7) % (17.2) % (11.9) % State and local income taxes, net of federal tax benefit 1.2 % 1.0 % 2.0 % Other (0.1) % (0.1) % (0.2) % Effective income tax rate 6.4 % 4.7 % 10.9 %
Schedule of Deferred Tax Assets and Liabilities	The significant components of our deferred tax assets and liabilities of our TRS Consolidated Group are as follows (in thousands): December 31, 2023 2022 Deferred tax assets: Expenses not currently deductible $ 27,144 $ 22,755 Loan loss reserves 7,088 7,159 Net operating and capital loss carryforwards 188 454 Valuation allowance — (294) Other 346 441 Deferred tax assets, net $ 34,766 $ 30,515 Deferred tax liabilities: Mortgage servicing rights $ 28,286 $ 26,975 Intangibles 5,565 6,457 Interest in equity affiliates—net 2,719 6,237 Deferred tax liabilities, net $ 36,570 $ 39,669

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Year Ended December 31, 2023 Structured Agency Other (1) Consolidated Interest income $ 1,279,433 $ 51,786 $ — $ 1,331,219 Interest expense 880,602 22,626 — 903,228 Net interest income 398,831 29,160 — 427,991 Other revenue: Gain on sales, including fee-based services, net — 72,522 — 72,522 Mortgage servicing rights — 69,912 — 69,912 Servicing revenue — 193,542 — 193,542 Amortization of MSRs — (63,093) — (63,093) Property operating income 5,708 — — 5,708 Gain on derivative instruments, net — 6,763 — 6,763 Other income, net 4,868 2,799 — 7,667 Total other revenue 10,576 282,445 — 293,021 Other expenses: Employee compensation and benefits 53,507 106,281 — 159,788 Selling and administrative 23,234 28,026 — 51,260 Property operating expenses 5,897 — — 5,897 Depreciation and amortization 5,052 4,691 — 9,743 Provision for loss sharing (net of recoveries) — 15,695 — 15,695 Provision for credit losses (net of recoveries) 70,344 3,102 — 73,446 Total other expenses 158,034 157,795 — 315,829 Income before extinguishment of debt, income from equity affiliates and income taxes 251,373 153,810 — 405,183 Loss on extinguishment of debt (1,561) — — (1,561) Income from equity affiliates 24,281 — — 24,281 Benefit from (provision for) income taxes 803 (28,150) — (27,347) Net income 274,896 125,660 — 400,556 Preferred stock dividends 41,369 — — 41,369 Net income attributable to noncontrolling interest — — 29,122 29,122 Net income attributable to common stockholders $ 233,527 $ 125,660 $ (29,122) $ 330,065 Year Ended December 31, 2022 Structured Agency Other (1) Consolidated Interest income $ 903,622 $ 44,779 $ — $ 948,401 Interest expense 538,659 18,958 — 557,617 Net interest income 364,963 25,821 — 390,784 Other revenue: Gain on sales, including fee-based services, net — 55,816 — 55,816 Mortgage servicing rights — 69,346 — 69,346 Servicing revenue — 152,068 — 152,068 Amortization of MSRs — (59,876) — (59,876) Property operating income 1,877 — — 1,877 Gain on derivative instruments, net — 26,609 — 26,609 Other income (loss), net (2,360) (15,203) — (17,563) Total other revenue (483) 228,760 — 228,277 Other expenses: Employee compensation and benefits 56,032 105,793 — 161,825 Selling and administrative 26,059 27,931 — 53,990 Property operating expenses 2,136 — — 2,136 Depreciation and amortization 4,041 4,691 — 8,732 Provision for loss sharing (net of recoveries) — 1,862 — 1,862 Provision for credit losses (net of recoveries) 19,770 1,399 — 21,169 Litigation settlement 7,350 — — 7,350 Total other expenses 115,388 141,676 — 257,064 Income before extinguishment of debt, income from equity affiliates and income taxes 249,092 112,905 — 361,997 Loss on extinguishment of debt (4,933) — — (4,933) Income from equity affiliates 14,247 — — 14,247 Provision for income taxes (821) (16,663) — (17,484) Net income 257,585 96,242 — 353,827 Preferred stock dividends 40,954 — — 40,954 Net income attributable to noncontrolling interest — — 28,044 28,044 Net income attributable to common stockholders $ 216,631 $ 96,242 $ (28,044) $ 284,829 Year Ended December 31, 2021 Structured Agency Other (1) Consolidated Interest income $ 427,039 $ 39,048 $ — $ 466,087 Interest expense 194,435 17,570 — 212,005 Net interest income 232,604 21,478 — 254,082 Other revenue: Gain on sales, including fee-based services, net — 123,037 — 123,037 Mortgage servicing rights — 130,230 — 130,230 Servicing revenue — 133,429 — 133,429 Amortization of MSRs — (58,615) — (58,615) Property operating income 185 — — 185 Loss on derivative instruments, net — (2,684) — (2,684) Other income, net 7,491 75 — 7,566 Total other revenue 7,676 325,472 — 333,148 Other expenses: Employee compensation and benefits 51,225 120,571 — 171,796 Selling and administrative 21,064 24,511 — 45,575 Property operating expenses 718 — — 718 Depreciation and amortization 2,524 4,691 — 7,215 Provision for loss sharing (net of recoveries) — (6,167) — (6,167) Provision for credit losses (net of recoveries) (21,223) 110 — (21,113) Total other expenses 54,308 143,716 — 198,024 Income before extinguishment of debt, gain on real estate, income from equity affiliates and income taxes 185,972 203,234 — 389,206 Loss on extinguishment of debt (3,374) — — (3,374) Gain on real estate 2,466 1,227 — 3,693 Income from equity affiliates 34,567 — — 34,567 Provision for income taxes (5,940) (40,345) — (46,285) Net income 213,691 164,116 — 377,807 Preferred stock dividends 21,888 — — 21,888 Net income attributable to noncontrolling interest — — 38,507 38,507 Net income attributable to common stockholders $ 191,803 $ 164,116 $ (38,507) $ 317,412 ________________________________________ (1) Includes income allocated to the noncontrolling interest holders not allocated to the two reportable segments. December 31, 2023 Structured Business Agency Business Consolidated Assets: Cash and cash equivalents $ 619,487 $ 309,487 $ 928,974 Restricted cash 595,342 12,891 608,233 Loans and investments, net 12,377,806 — 12,377,806 Loans held-for-sale, net — 551,707 551,707 Capitalized mortgage servicing rights, net — 391,254 391,254 Securities held-to-maturity, net — 155,279 155,279 Investments in equity affiliates 79,303 — 79,303 Goodwill and other intangible assets 12,500 78,878 91,378 Other assets and due from related party 453,073 101,629 554,702 Total assets $ 14,137,511 $ 1,601,125 $ 15,738,636 Liabilities: Debt obligations $ 11,520,492 $ 413,327 $ 11,933,819 Allowance for loss-sharing obligations — 71,634 71,634 Other liabilities and due to related parties 369,588 108,990 478,578 Total liabilities $ 11,890,080 $ 593,951 $ 12,484,031 December 31, 2022 Assets: Cash and cash equivalents $ 200,514 $ 333,843 $ 534,357 Restricted cash 713,615 193 713,808 Loans and investments, net 14,254,674 — 14,254,674 Loans held-for-sale, net — 354,070 354,070 Capitalized mortgage servicing rights, net — 401,471 401,471 Securities held-to-maturity, net — 156,547 156,547 Investments in equity affiliates 79,130 — 79,130 Goodwill and other intangible assets 12,500 83,569 96,069 Other assets and due from related party 367,837 81,022 448,859 Total assets $ 15,628,270 $ 1,410,715 $ 17,038,985 Liabilities: Debt obligations $ 13,195,120 $ 305,442 $ 13,500,562 Allowance for loss-sharing obligations — 57,168 57,168 Other liabilities and due to related parties 299,559 109,817 409,376 Total liabilities $ 13,494,679 $ 472,427 $ 13,967,106
Schedule of Origination Data and Loan Sales Data	Year Ended December 31, 2023 2022 2021 Origination Data: Structured Business Bridge: Multifamily $ 415,330 $ 5,468,222 $ 9,101,139 SFR 524,060 613,819 415,501 939,390 6,082,041 9,516,640 Mezzanine / Preferred Equity 43,953 69,606 203,875 Total new loan originations $ 983,343 $ 6,151,647 $ 9,720,515 Number of Loans Originated 150 318 422 SFR Commitments $ 1,150,687 $ 1,086,833 $ 760,448 Loan runoff $ 3,354,055 $ 3,818,554 $ 2,516,771 Agency Business Origination Volumes by Investor: Fannie Mae $ 3,773,532 $ 2,919,566 $ 3,389,312 Freddie Mac 756,827 1,353,001 1,016,142 Private Label 299,934 217,542 1,436,853 FHA 257,199 188,394 430,320 SFR - Fixed Rate 19,328 89,683 136,931 Total $ 5,106,820 $ 4,768,186 $ 6,409,558 Total loan commitment volume $ 5,207,148 $ 5,146,718 $ 6,347,752 Agency Business Loan Sales Data: Fannie Mae $ 3,469,340 $ 3,139,414 $ 3,675,763 Freddie Mac 715,530 1,456,595 1,081,702 Private Label 441,319 515,086 985,094 FHA 240,079 241,457 480,275 SFR - Fixed Rate 22,931 86,071 192,335 Total $ 4,889,199 $ 5,438,623 $ 6,415,169 Sales margin (fee-based services as a % of loan sales) (1) 1.48 % 1.34 % 1.92 % MSR rate (MSR income as a % of loan commitments) 1.34 % 1.35 % 2.05 % ________________________________________ (1) 2022 includes $17.1 million of gains recognized on treasury futures related to Private Label loans sold, which is included in gain (loss) on derivative instruments, net in the consolidated statements of income.
Schedule of Key Servicing Metrics	December 31, 2023 Key Servicing Metrics for Agency Business: Servicing Wtd. Avg. Servicing Wtd. Avg. Life of Fannie Mae $ 21,264,578 47.4 7.4 Freddie Mac 5,181,933 24.0 8.5 Private Label 2,510,449 19.5 6.7 FHA 1,359,624 14.4 19.2 Bridge 379,425 10.9 3.2 SFR - Fixed Rate 287,446 20.1 5.1 Total $ 30,983,455 39.1 8.0 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)	12 Months Ended
	Dec. 31, 2023 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of business segments	2

Basis of Presentation and Sig_4

Basis of Presentation and Significant Accounting Policies (Details)	12 Months Ended
	Dec. 31, 2023
Summary of Significant Accounting Policies [Line Items]
Period of a loan past due becomes delinquent	60 days
Period following acquisition in which the entity finalizes the purchase price allocation of the real estate properties acquired	1 year
Fannie Mae
Summary of Significant Accounting Policies [Line Items]
Percentage of loss obligation on UPB	5%
Obligated funding percentage of mortgage delinquencies	100%
Percentage of additional loss obligation on UPB	5%
Loss sharing funding percentage of advances until final settlement	25%
Minimum
Summary of Significant Accounting Policies [Line Items]
Maximum number of days held-for-sale loans are generally transferred or sold	60 days
Minimum | Treasury futures
Summary of Significant Accounting Policies [Line Items]
Treasury futures rate period	5 years
Minimum | MSRs | Commercial Loan | Discount rate
Summary of Significant Accounting Policies [Line Items]
Derivative financial instruments measurement input	0.09
Maximum
Summary of Significant Accounting Policies [Line Items]
Maximum number of days held-for-sale loans are generally transferred or sold	180 days
Maximum | Treasury futures
Summary of Significant Accounting Policies [Line Items]
Treasury futures rate period	10 years
Maximum | MSRs | Commercial Loan | Discount rate
Summary of Significant Accounting Policies [Line Items]
Derivative financial instruments measurement input	0.13
Maximum | Fannie Mae
Summary of Significant Accounting Policies [Line Items]
Percentage of loss obligation on UPB	20%
Weighted average | MSRs | Commercial Loan | Discount rate
Summary of Significant Accounting Policies [Line Items]
Derivative financial instruments measurement input	0.12

Loans and Investments - Investm

Loans and Investments - Investment Portfolio and Concentration of Credit Risk (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) loan	Dec. 31, 2022 USD ($) loan	Jun. 30, 2023 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Loans and Investments
Loans and investments, gross	$ 12,615,006	$ 14,456,123
Allowance for credit losses	(195,664)	(132,559)		$ (113,241)	$ (148,329)
Unearned revenue	(41,536)	(68,890)
Loans and investments, net	$ 12,377,806	$ 14,254,674		11,981,048	5,285,868
Percent of Total	100%	100%
Loan Count | loan	747	747
Wtd. Avg. Pay Rate (as a percent)	8.42%	8.17%
Wtd. Avg. Remaining Months to Maturity	13 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)	78%	76%
Mortgage loans on real estate remaining maturity period, including extension options	29 months 12 days	37 months 27 days
Single- Family Rental
Loans and Investments
Allowance for credit losses	$ (1,624)	$ (780)		$ (319)	$ (586)
Bridge Loans
Loans and Investments
Loans and investments, gross	$ 12,273,244	$ 14,096,054	$ 70,500
Percent of Total	97%	98%
Loan Count | loan	679	692
Wtd. Avg. Pay Rate (as a percent)	8.45%	8.17%
Wtd. Avg. Remaining Months to Maturity	12 months	19 months 24 days
Wtd. Avg. First Dollar LTV Ratio (as percent)	0%	0%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	78%	76%
Bridge Loans | Single- Family Rental
Loans and Investments
Number of loans under the loan portfolio | loan	354	241
Total loan commitment	$ 2,510,000	$ 1,570,000
Mezzanine loans
Loans and Investments
Loans and investments, gross	$ 248,457	$ 213,499
Percent of Total	2%	1%
Loan Count | loan	49	44
Wtd. Avg. Pay Rate (as a percent)	8.41%	8.13%
Wtd. Avg. Remaining Months to Maturity	56 months 18 days	63 months 3 days
Wtd. Avg. First Dollar LTV Ratio (as percent)	48%	42%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	80%	77%
Preferred equity investments
Loans and Investments
Loans and investments, gross	$ 85,741	$ 110,725
Percent of Total	1%	1%
Loan Count | loan	17	8
Wtd. Avg. Pay Rate (as a percent)	3.95%	7.63%
Wtd. Avg. Remaining Months to Maturity	60 months 9 days	39 months 6 days
Wtd. Avg. First Dollar LTV Ratio (as percent)	53%	46%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	82%	79%
SFR Permanent Loans
Loans and Investments
Loans and investments, gross	$ 7,564	$ 35,845
Percent of Total	1%	1%
Loan Count | loan	2	3
Wtd. Avg. Pay Rate (as a percent)	9.84%	8.76%
Wtd. Avg. Remaining Months to Maturity	13 months 27 days	32 months 24 days
Wtd. Avg. First Dollar LTV Ratio (as percent)	0%	0%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	56%	58%
SFR Permanent Loans | Single- Family Rental
Loans and Investments
Total loan commitment	$ 1,320,000	$ 927,400

Loans and Investments - Concent

Loans and Investments - Concentration Risk (Details)	12 Months Ended
	Dec. 31, 2023 loan property	Dec. 31, 2022 property loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans	747	747
Total Assets | Credit Risk Concentration
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans	31	38
Number of different borrowers | property	5	5
Concentration risk threshold percentage	0.11	0.11
Total Assets | Credit Risk Concentration | Five Borrowers
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Concentration risk, percentage	10%	10%
Loans And Investments Portfolio | Credit Risk Concentration | Texas
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Concentration risk, percentage	24%	14%
Loans And Investments Portfolio | Credit Risk Concentration | Florida
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Concentration risk, percentage	17%
Loans And Investments Portfolio | Credit Risk Concentration | New York
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Concentration risk, percentage		22%
Loans And Investments Portfolio | Credit Risk Concentration | No Other State
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Concentration risk, percentage	10%	10%

Loans and Investments - Risk Ra

Loans and Investments - Risk Ratings and LTV Ratios (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Loans and Investments
Loans and investments, gross	$ 12,615,006	$ 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)	78%	76%
Charge-offs, 2023	$ 0
Charge-offs, 2022	0
Charge-offs, 2021	0
Charge-offs, 2020	0
Charge-offs, 2019	0
Charge-offs, Prior	5,700
Charge-offs, Total	5,700
Credit Risk Concentration
Loans and Investments
Origination Year 2023	752,918
Origination Year 2022	5,324,481
Origination year 2021	5,581,489
Origination Year 2020	488,628
Origination Year 2019	239,648
Origination Year Prior	227,842
Loans and investments, gross	$ 12,615,006
Wtd. Avg. First Dollar LTV Ratio (as percent)	1%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	78%
Multifamily | Credit Risk Concentration
Loans and Investments
Origination Year 2023	$ 422,596
Origination Year 2022	4,813,671
Origination year 2021	5,217,946
Origination Year 2020	325,426
Origination Year 2019	239,648
Origination Year Prior	78,694
Loans and investments, gross	$ 11,097,981
Percentage of Portfolio	88%
Wtd. Avg. First Dollar LTV Ratio (as percent)	1%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	80%
Multifamily | Credit Risk Concentration | Pass
Loans and Investments
Origination Year 2023	$ 80,814
Origination Year 2022	53,316
Origination year 2021	26,185
Origination Year 2020	2,010
Origination Year 2019	4,598
Origination Year Prior	20,300
Loans and investments, gross	187,223
Multifamily | Credit Risk Concentration | Pass/Watch
Loans and Investments
Origination Year 2023	317,358
Origination Year 2022	2,561,938
Origination year 2021	2,223,155
Origination Year 2020	119,860
Origination Year 2019	84,600
Origination Year Prior	58,044
Loans and investments, gross	5,364,955
Multifamily | Credit Risk Concentration | Special Mention
Loans and Investments
Origination Year 2023	24,424
Origination Year 2022	1,762,539
Origination year 2021	2,631,689
Origination Year 2020	180,750
Origination Year 2019	140,685
Origination Year Prior	350
Loans and investments, gross	4,740,437
Multifamily | Credit Risk Concentration | Substandard
Loans and Investments
Origination Year 2023	0
Origination Year 2022	435,878
Origination year 2021	322,987
Origination Year 2020	8,006
Origination Year 2019	0
Origination Year Prior	0
Loans and investments, gross	766,871
Multifamily | Credit Risk Concentration | Doubtful
Loans and Investments
Origination Year 2023	0
Origination Year 2022	0
Origination year 2021	13,930
Origination Year 2020	14,800
Origination Year 2019	9,765
Origination Year Prior	0
Loans and investments, gross	38,495
Single- Family Rental | Credit Risk Concentration
Loans and Investments
Origination Year 2023	330,322
Origination Year 2022	510,810
Origination year 2021	363,543
Origination Year 2020	119,692
Origination Year 2019	0
Origination Year Prior	0
Loans and investments, gross	$ 1,324,367
Percentage of Portfolio	10%
Wtd. Avg. First Dollar LTV Ratio (as percent)	0%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	62%
Single- Family Rental | Credit Risk Concentration | Pass
Loans and Investments
Origination Year 2023	$ 9,709
Origination Year 2022	608
Origination year 2021	0
Origination Year 2020	0
Origination Year 2019	0
Origination Year Prior	0
Loans and investments, gross	10,317
Single- Family Rental | Credit Risk Concentration | Pass/Watch
Loans and Investments
Origination Year 2023	289,482
Origination Year 2022	465,057
Origination year 2021	144,846
Origination Year 2020	119,692
Origination Year 2019	0
Origination Year Prior	0
Loans and investments, gross	1,019,077
Single- Family Rental | Credit Risk Concentration | Special Mention
Loans and Investments
Origination Year 2023	31,131
Origination Year 2022	45,145
Origination year 2021	218,697
Origination Year 2020	0
Origination Year 2019	0
Origination Year Prior	0
Loans and investments, gross	294,973
Land | Credit Risk Concentration
Loans and Investments
Origination Year 2023	0
Origination Year 2022	0
Origination year 2021	0
Origination Year 2020	8,100
Origination Year 2019	0
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)	97%
Land | Credit Risk Concentration | Pass/Watch
Loans and Investments
Origination Year 2023	$ 0
Origination Year 2022	0
Origination year 2021	0
Origination Year 2020	4,600
Origination Year 2019	0
Origination Year Prior	0
Loans and investments, gross	4,600
Land | Credit Risk Concentration | Special Mention
Loans and Investments
Origination Year 2023	0
Origination Year 2022	0
Origination year 2021	0
Origination Year 2020	3,500
Origination Year 2019	0
Origination Year Prior	0
Loans and investments, gross	3,500
Land | Credit Risk Concentration | Substandard
Loans and Investments
Origination Year 2023	0
Origination Year 2022	0
Origination year 2021	0
Origination Year 2020	0
Origination Year 2019	0
Origination Year Prior	127,928
Loans and investments, gross	127,928
Office | Credit Risk Concentration
Loans and Investments
Origination Year 2023	0
Origination Year 2022	0
Origination year 2021	0
Origination Year 2020	35,410
Origination Year 2019	0
Origination Year Prior	0
Loans and investments, gross	$ 35,410
Percentage of Portfolio	1%
Wtd. Avg. First Dollar LTV Ratio (as percent)	0%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	80%
Office | Credit Risk Concentration | Special Mention
Loans and Investments
Origination Year 2023	$ 0
Origination Year 2022	0
Origination year 2021	0
Origination Year 2020	35,410
Origination Year 2019	0
Origination Year Prior	0
Loans and investments, gross	35,410
Retail | Credit Risk Concentration
Loans and Investments
Origination Year 2023	0
Origination Year 2022	0
Origination year 2021	0
Origination Year 2020	0
Origination Year 2019	0
Origination Year Prior	19,520
Loans and investments, gross	$ 19,520
Percentage of Portfolio	1%
Wtd. Avg. First Dollar LTV Ratio (as percent)	0%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	88%
Retail | Credit Risk Concentration | Substandard
Loans and Investments
Origination Year 2023	$ 0
Origination Year 2022	0
Origination year 2021	0
Origination Year 2020	0
Origination Year 2019	0
Origination Year Prior	19,520
Loans and investments, gross	19,520
Commercial | Credit Risk Concentration
Loans and Investments
Origination Year 2023	0
Origination Year 2022	0
Origination year 2021	0
Origination Year 2020	0
Origination Year 2019	0
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)	66%
Commercial | Credit Risk Concentration | Doubtful
Loans and Investments
Origination Year 2023	$ 0
Origination Year 2022	0
Origination year 2021	0
Origination Year 2020	0
Origination Year 2019	0
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	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Allowance for credit losses:
Allowance for credit losses, beginning balance	$ 132,559	$ 113,241	$ 148,329
Provision for credit losses (net of recoveries)	68,805	19,318	(24,315)
Charge-offs	(5,700)		(10,773)
Allowance for credit losses, ending balance	195,664	132,559	113,241
Multifamily
Allowance for credit losses:
Allowance for credit losses, beginning balance	37,961	18,707	36,468
Provision for credit losses (net of recoveries)	72,886	19,254	(17,761)
Charge-offs	0		0
Allowance for credit losses, ending balance	110,847	37,961	18,707
Land
Allowance for credit losses:
Allowance for credit losses, beginning balance	78,068	77,970	78,150
Provision for credit losses (net of recoveries)	(10)	98	(180)
Charge-offs	0		0
Allowance for credit losses, ending balance	78,058	78,068	77,970
Retail
Allowance for credit losses:
Allowance for credit losses, beginning balance	5,819	5,819	13,861
Provision for credit losses (net of recoveries)	(2,526)	0	(42)
Charge-offs	0		(8,000)
Allowance for credit losses, ending balance	3,293	5,819	5,819
Commercial
Allowance for credit losses:
Allowance for credit losses, beginning balance	1,700	1,700	1,700
Provision for credit losses (net of recoveries)	0	0	0
Charge-offs	0		0
Allowance for credit losses, ending balance	1,700	1,700	1,700
Single- Family Rental
Allowance for credit losses:
Allowance for credit losses, beginning balance	780	319	586
Provision for credit losses (net of recoveries)	844	461	(267)
Charge-offs	0		0
Allowance for credit losses, ending balance	1,624	780	319
Office
Allowance for credit losses:
Allowance for credit losses, beginning balance	8,162	8,073	1,846
Provision for credit losses (net of recoveries)	(2,320)	89	6,227
Charge-offs	(5,700)		0
Allowance for credit losses, ending balance	142	8,162	8,073
Other
Allowance for credit losses:
Allowance for credit losses, beginning balance	69	653	15,718
Provision for credit losses (net of recoveries)	(69)	(584)	(12,292)
Charge-offs	0		(2,773)
Allowance for credit losses, ending balance	$ 0	$ 69	$ 653

Loans and Investments - Allow_2

Loans and Investments - Allowance for Credit Losses Narrative (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2023 USD ($) loan	Dec. 31, 2023 USD ($) loan	Dec. 31, 2022 USD ($) loan	Dec. 31, 2021 USD ($)
Financing Receivable, Allowance for Credit Loss [Line Items]
Amount of provision for credit losses		$ 68,805	$ 19,318	$ (24,315)
Recoveries of reserves		4,776	1,500	24,315
Unfunded commitments related to structured loans and investments	$ 1,310,000	1,310,000	1,150,000
Accrued interest receivable related to loans	$ 124,200	$ 124,200	$ 108,500
Number of loans for which no provision for loan loss made | loan	0	0	0
Retail
Financing Receivable, Allowance for Credit Loss [Line Items]
Amount of provision for credit losses		$ (2,526)	$ 0	(42)
Recoveries of reserves		2,500
Office
Financing Receivable, Allowance for Credit Loss [Line Items]
Amount of provision for credit losses		$ (2,320)	$ 89	$ 6,227
Recoveries of reserves	$ 2,300

Loans and Investments - Summary

Loans and Investments - Summary of impaired loans (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) item	Dec. 31, 2022 USD ($) item
Loans and Investments
UPB	$ 427,929	$ 157,960
Carrying Value	404,896	147,131
Allowance for Credit Losses	$ 120,611	$ 85,386
Wtd. Avg. First Dollar LTV Ratio	0	0.03
Wtd. Avg. Last Dollar LTV Ratio	0.99	0.96
Number of impaired loans (less unearned revenue and other holdbacks and adjustments) by asset class | item	19	7
Multifamily
Loans and Investments
UPB	$ 272,493
Carrying Value	260,291
Allowance for Credit Losses	$ 37,750
Wtd. Avg. First Dollar LTV Ratio	0
Wtd. Avg. Last Dollar LTV Ratio	1
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
Retail
Loans and Investments
UPB	$ 19,521	$ 22,045
Carrying Value	15,037	17,563
Allowance for Credit Losses	$ 3,292	$ 5,817
Wtd. Avg. First Dollar LTV Ratio	0	0.14
Wtd. Avg. Last Dollar LTV Ratio	0.88	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	0.66	0.63

Loans and Investments - Non-per

Loans and Investments - Non-performing and other Non-Accrued Loans (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) loan	Dec. 31, 2022 USD ($) loan	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Financing Receivable, Past Due [Line Items]
Number of loans | loan	747	747
Carrying value of loans	$ 12,615,006,000
Accrued interest receivable related to loans	124,200,000	$ 108,500,000
Loans and investments, net allowance for credit losses	$ 195,664,000	132,559,000	$ 113,241,000	$ 148,329,000
Six Loans Collateralized by a Land Development Project
Financing Receivable, Past Due [Line Items]
Number of loans with unpaid principal balance | loan	6
Unpaid principal balance on loans	$ 121,400,000
Five Loans Collateralized by a Land Development Project
Financing Receivable, Past Due [Line Items]
Number of loans with unpaid principal balance | loan	5
Unpaid principal balance on loans	$ 112,100,000
Weighted average accrual rate of interest (as a percent)	7.91%
Loans and investments, net allowance for credit losses	$ 71,400,000	$ 71,400,000
Bridge Loans
Financing Receivable, Past Due [Line Items]
Number of loans | loan	679	692
Carrying value of loans	$ 12,273,244,000
Unpaid principal balance on loans		$ 296,900,000
Multifamily
Financing Receivable, Past Due [Line Items]
Loans and investments, net allowance for credit losses	110,847,000	$ 37,961,000	$ 18,707,000	$ 36,468,000
Multifamily | Bridge Loans
Financing Receivable, Past Due [Line Items]
Specifically reserved loan, loan loss reserve	3,000,000
Specifically reserved loan, UPB	$ 32,600,000
Multifamily | Bridge Loans | Financial Asset, Less Than 60 Days Past Due
Financing Receivable, Past Due [Line Items]
Number of loans with late and partial payments | loan	24
Accrued interest receivable related to loans	$ 956,900,000
Non-performing loans
Financing Receivable, Past Due [Line Items]
Number of loans | loan	16	4
Carrying value of loans	$ 235,600,000	$ 2,600,000
Loan loss reserves	27,100,000	5,100,000
Interest receivable	92,500,000	0
Non-performing loans | Greater Than 90 Days Past Due
Financing Receivable, Past Due [Line Items]
Interest receivable	$ 0	$ 0

Loans and Investments - Non-p_2

Loans and Investments - Non-performing loans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Financing Receivable, Past Due [Line Items]
UPB	$ 427,929	$ 157,960
Loans and investments, gross	12,615,006	14,456,123
Non-performing loans
Financing Receivable, Past Due [Line Items]
UPB	274,152	7,750
Less Than 90 Days Past Due | Non-performing loans
Financing Receivable, Past Due [Line Items]
Loans and investments, gross	0	0
Greater Than 90 Days Past Due | Non-performing loans
Financing Receivable, Past Due [Line Items]
Loans and investments, gross	274,152	7,750
Multifamily
Financing Receivable, Past Due [Line Items]
UPB	272,493
Multifamily | Non-performing loans
Financing Receivable, Past Due [Line Items]
UPB	271,532	2,605
Multifamily | Less Than 90 Days Past Due | Non-performing loans
Financing Receivable, Past Due [Line Items]
Loans and investments, gross	0	0
Multifamily | Greater Than 90 Days Past Due | Non-performing loans
Financing Receivable, Past Due [Line Items]
Loans and investments, gross	271,532	2,605
Commercial
Financing Receivable, Past Due [Line Items]
UPB	1,700	1,700
Commercial | Non-performing loans
Financing Receivable, Past Due [Line Items]
UPB	1,700	1,700
Commercial | Less Than 90 Days Past Due | Non-performing loans
Financing Receivable, Past Due [Line Items]
Loans and investments, gross	0	0
Commercial | Greater Than 90 Days Past Due | Non-performing loans
Financing Receivable, Past Due [Line Items]
Loans and investments, gross	1,700	1,700
Retail
Financing Receivable, Past Due [Line Items]
UPB	19,521	22,045
Retail | Non-performing loans
Financing Receivable, Past Due [Line Items]
UPB	920	3,445
Retail | Less Than 90 Days Past Due | Non-performing loans
Financing Receivable, Past Due [Line Items]
Loans and investments, gross	0	0
Retail | Greater Than 90 Days Past Due | Non-performing loans
Financing Receivable, Past Due [Line Items]
Loans and investments, gross	$ 920	$ 3,445

Loans and Investments - Loan Mo

Loans and Investments - Loan Modifications (Details) $ in Thousands	1 Months Ended		3 Months Ended		12 Months Ended
	Sep. 30, 2023 USD ($)	Jun. 30, 2021 USD ($)	Dec. 31, 2023 USD ($) loan	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) loan	Dec. 31, 2022 USD ($) loan	Dec. 31, 2021 USD ($) loan	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Recoveries of reserves					$ 4,776	$ 1,500	$ 24,315
Loans and investments, gross			$ 12,615,006		12,615,006	14,456,123
Interest reserve					156,100	123,700
Principal paydowns					3,354,055	3,818,554	2,516,771
Purchase of loan					1,362,171	5,955,061	9,209,475
Loans and investments, net allowance for credit losses			195,664		$ 195,664	$ 132,559	$ 113,241	$ 148,329
Proceeds from full satisfaction of loans		$ 95,000
Reversal of allowance for credit losses		7,500
Interest income from loans		$ 3,500
Loan modification, refinancing, and extensions | loan					0	0	0
Bridge Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Variable rate, spread (as a percent)				3.40%
Loans and investments, gross			12,273,244	$ 70,500	$ 12,273,244	$ 14,096,054
Financing receivable, fixed interest rate	0.0300
Financing receivable, accrual rate	0.0300
Financing receivable, total fixed rate	0.0600
Financing receivable, borrower required funding	$ 10,500
Interest reserve	2,500
Financing receivable, borrower requirement, capital improvements	$ 8,000
Mezzanine Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Loans and investments, gross			248,457		248,457	213,499
Multifamily
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Loans and investments, net allowance for credit losses			$ 110,847		110,847	37,961	$ 18,707	36,468
Multifamily | Bridge Loans | Interest Deferral, Extended Maturity, And Interest Forgiveness
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of financing receivables modified during period | loan			3
Financing receivable, amount modified in period			$ 241,000
Financing receivable modified, weighted average term increase from modification			1 year
Percentage of deferred interest waived			0.25
Multifamily | Bridge Loans | Interest Deferral, Extended Maturity, And Interest Forgiveness | Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Percentage of interest foregone			0.0200
Multifamily | Bridge Loans | Interest Deferral, Extended Maturity, And Interest Forgiveness | Minimum | Secured Overnight Financing Rate (SOFR)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Variable rate, spread (as a percent)			4%
Multifamily | Bridge Loans | Interest Deferral, Extended Maturity, And Interest Forgiveness | Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Percentage of interest foregone			0.0215
Multifamily | Bridge Loans | Interest Deferral, Extended Maturity, And Interest Forgiveness | Maximum | Secured Overnight Financing Rate (SOFR)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Variable rate, spread (as a percent)			4.30%
Multifamily | Bridge Loans | Rate of Interest and Extended Maturity
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Financing receivable, amount modified in period			$ 86,900
Financing receivable modified, weighted average term increase from modification			1 year
Financing receivable modified, pay rate of interest			$ 500
Multifamily | Bridge Loans | Rate of Interest and Extended Maturity | Secured Overnight Financing Rate (SOFR)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Variable rate, spread (as a percent)			4.25%
Office
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Financing receivable, net of reserve			$ 37,100		37,100
Loan reserve			8,000		8,000
Recoveries of reserves			2,300
Loans and investments, net allowance for credit losses			142		142	8,162	8,073	1,846
Retail
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Recoveries of reserves					2,500
Loans and investments, net allowance for credit losses			$ 3,293		$ 3,293	$ 5,819	5,819	$ 13,861
Retail | Loan Modification Agreement
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Percentage of interest foregone								2
Maturity period (in years)								3 years
Principal paydowns								$ 6,000
Principal reduction								8,000
Additional reserve deposit								$ 4,600
Retail | LIBOR | Loan Modification Agreement
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Variable rate, spread (as a percent)								5.50%
LIBOR floor rate								6.50%
Retail | Bridge Loans | Loan Modification Agreement
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal amount								$ 26,500
Retail | Bridge Loans | LIBOR | Loan Modification Agreement
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Variable rate, spread (as a percent)								6%
LIBOR floor rate								2.375%
Retail | Mezzanine Loans | Loan Modification Agreement
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal amount								$ 6,100
Fixed rate of interest (as a percent)								12%
Hotel | Forbearance Agreement
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed rate of interest (as a percent)		9.50%
Principal reduction								$ 10,000
Pay rate (as a percent)								1%
Hotel | LIBOR | Forbearance Agreement
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Variable rate, spread (as a percent)								3%
LIBOR floor rate								1.50%
Hotel | Bridge Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Principal amount									$ 110,000
Purchase of loan							60,000		$ 50,000
Loans and investments, net allowance for credit losses							7,500
Loan discount							$ 39,900
Total discount received								$ 20,100

Loans and Investments - Loan Sa

Loans and Investments - Loan Sales (Details) $ in Thousands	1 Months Ended		12 Months Ended
	Sep. 30, 2023 USD ($)	Apr. 30, 2023 USD ($) loan	Dec. 31, 2023 USD ($) loan	Dec. 31, 2022 USD ($) loan	Dec. 31, 2021 USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans sold | loan		4
Bridge loans, total UPB			$ 427,929	$ 157,960
Gain on sales, including fee-based services, net			72,522	55,816	$ 123,037
Interest reserve			$ 156,100	$ 123,700
Number of loans covered under interest reserve | loan			537	480
Interest reserve, unpaid principal balance			$ 8,440,000	$ 7,700,000
Bridge Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans sold | loan				4
Bridge loans, total UPB		$ 217,400
Unpaid principal balance on loans				$ 296,900
Gain on sales, including fee-based services, net				2,000
Financing receivable				78,000
Interest reserve	$ 2,500
Bridge Loan and Mezzanine Loan
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Total mortgage loans and mezzanine loan sold				110,500
Loan discount				102,200
Capital investment to be used for future				66,300
Fees and expenses				9,200
Additional potential loan recover				$ 2,800

Loans Held-for-Sale, Net (Detai

Loans Held-for-Sale, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-sale	$ 552,325	$ 368,066
Fair value of future MSR	7,784	5,557
Unrealized impairment loss	(1,989)	(15,703)
Unearned discount	(6,413)	(3,850)
Loans held-for-sale, net	551,707	354,070
Fannie Mae
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-sale, net	477,212	173,020
Private Label
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-sale, net	50,235	152,735
FHA
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-sale	11,350	21,021
SFR - Fixed Rate
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-sale, net	8,696	12,352
Freddie Mac
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-sale	$ 4,832	$ 8,938

Loans Held-for-Sale, Net - Narr

Loans Held-for-Sale, Net - Narrative (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable [Line Items]
Sale of loans held-for-sale excluding acquired loans		$ 4,890,000,000	$ 5,440,000,000	$ 6,420,000,000
Amount of securitizations			43,400,000	85,700,000
Unrealized impairment loss		(1,989,000)	(15,703,000)
Loans held-for-sale, nonaccrual		0	0
Greater Than 90 Days Past Due
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held-for-sale 90 or more days past due		$ 0	0
US Government Sponsored-Enterprise Insured Loans
Accounts, Notes, Loans and Financing Receivable [Line Items]
Period of loans held for sale sold		60 days
Private Label
Accounts, Notes, Loans and Financing Receivable [Line Items]
Period of loans held for sale sold		180 days
Sale of loans held-for-sale excluding acquired loans			$ 489,300,000	$ 985,100,000
Gain on sale of financing receivable	$ 900,000

Capitalized Mortgage Servicin_3

Capitalized Mortgage Servicing Rights - Narrative (Details) - MSRs - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Servicing Asset at Amortized Cost [Line Items]
Prepayment fees collected	$ 6,400,000	$ 48,200,000
Valuation allowance	$ 0	$ 0
Weighted average
Servicing Asset at Amortized Cost [Line Items]
Estimated life remaining	8 years	8 years 7 months 6 days

Capitalized Mortgage Servicin_4

Capitalized Mortgage Servicing Rights (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Servicing Asset at Amortized Cost, Balance [Roll Forward]
Beginning balance	$ 401,471
Ending balance	391,254	$ 401,471
MSRs
Servicing Asset at Amortized Cost, Balance [Roll Forward]
Beginning balance	401,471	422,734
Additions	67,612	83,115
Amortization	(63,093)	(59,876)
Write-downs and payoffs	(14,736)	(44,502)
Ending balance	391,254	401,471
Expected amortization of capitalized MSRs balances
2024	65,500
2025	62,514
2026	56,969
2027	52,366
2028	45,188
Thereafter	108,717
Total	391,254
Originated
Servicing Asset at Amortized Cost, Balance [Roll Forward]
Beginning balance	386,878	395,573
Additions	67,612	83,115
Amortization	(59,182)	(53,449)
Write-downs and payoffs	(12,726)	(38,361)
Ending balance	382,582	386,878
Acquired
Servicing Asset at Amortized Cost, Balance [Roll Forward]
Beginning balance	14,593	27,161
Amortization	(3,911)	(6,427)
Write-downs and payoffs	(2,010)	(6,141)
Ending balance	$ 8,672	$ 14,593

Mortgage Servicing (Details)

Mortgage Servicing (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) state	Dec. 31, 2022 USD ($) state
Mortgage Servicing [Line Items]
Escrow deposit	$ 1,600,000	$ 1,700,000
Fee-based servicing portfolio
Mortgage Servicing [Line Items]
Escrow deposit	1,500,000	1,500,000
MSRs
Mortgage Servicing [Line Items]
Product Concentrations, UPB	$ 30,983,455	$ 27,998,029
MSRs | Fee-based servicing portfolio
Mortgage Servicing [Line Items]
Product and Geographic Concentrations, % of Total	100%	100%
Texas | MSRs | Fee-based servicing portfolio
Mortgage Servicing [Line Items]
Product and Geographic Concentrations, % of Total	11%	11%
New York | MSRs | Fee-based servicing portfolio
Mortgage Servicing [Line Items]
Product and Geographic Concentrations, % of Total	11%	11%
California | MSRs | Fee-based servicing portfolio
Mortgage Servicing [Line Items]
Product and Geographic Concentrations, % of Total	8%	8%
North Carolina | MSRs | Fee-based servicing portfolio
Mortgage Servicing [Line Items]
Product and Geographic Concentrations, % of Total	8%	8%
Georgia | MSRs | Fee-based servicing portfolio
Mortgage Servicing [Line Items]
Product and Geographic Concentrations, % of Total	6%	6%
Florida | MSRs | Fee-based servicing portfolio
Mortgage Servicing [Line Items]
Product and Geographic Concentrations, % of Total	6%	5%
New Jersey | MSRs | Fee-based servicing portfolio
Mortgage Servicing [Line Items]
Product and Geographic Concentrations, % of Total	5%	5%
Illinois | MSRs | Fee-based servicing portfolio
Mortgage Servicing [Line Items]
Product and Geographic Concentrations, % of Total	4%	4%
Other | MSRs | Fee-based servicing portfolio
Mortgage Servicing [Line Items]
Product and Geographic Concentrations, % of Total	41%	42%
Number of states | state	0	0
Fannie Mae | MSRs
Mortgage Servicing [Line Items]
Product Concentrations, UPB	$ 21,264,578	$ 19,038,124
Fannie Mae | MSRs | Fee-based servicing portfolio
Mortgage Servicing [Line Items]
Product and Geographic Concentrations, % of Total	69%	68%
Freddie Mac | MSRs
Mortgage Servicing [Line Items]
Product Concentrations, UPB	$ 5,181,933	$ 5,153,207
Freddie Mac | MSRs | Fee-based servicing portfolio
Mortgage Servicing [Line Items]
Product and Geographic Concentrations, % of Total	17%	18%
Private Label | MSRs
Mortgage Servicing [Line Items]
Product Concentrations, UPB	$ 2,510,449	$ 2,074,859
Private Label | MSRs | Fee-based servicing portfolio
Mortgage Servicing [Line Items]
Product and Geographic Concentrations, % of Total	8%	8%
FHA | MSRs
Mortgage Servicing [Line Items]
Product Concentrations, UPB	$ 1,359,624	$ 1,155,893
FHA | MSRs | Fee-based servicing portfolio
Mortgage Servicing [Line Items]
Product and Geographic Concentrations, % of Total	4%	4%
Bridge | MSRs
Mortgage Servicing [Line Items]
Product Concentrations, UPB	$ 379,425	$ 301,182
Bridge | MSRs | Fee-based servicing portfolio
Mortgage Servicing [Line Items]
Product and Geographic Concentrations, % of Total	1%	1%
SFR - Fixed Rate | MSRs
Mortgage Servicing [Line Items]
Product Concentrations, UPB	$ 287,446	$ 274,764
SFR - Fixed Rate | MSRs | Fee-based servicing portfolio
Mortgage Servicing [Line Items]
Product and Geographic Concentrations, % of Total	1%	1%

Mortgage Servicing - Narrative

Mortgage Servicing - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Mortgage Servicing [Line Items]
Escrow deposit	$ 1,600	$ 1,700
Fee-based servicing portfolio
Mortgage Servicing [Line Items]
Escrow deposit	$ 1,500	$ 1,500
MSRs
Mortgage Servicing [Line Items]
Weighted average servicing fee (as a percent)	39.10%	41.10%

Mortgage Servicing - Schedule o

Mortgage Servicing - Schedule of Components of Servicing Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Transfers and Servicing [Abstract]
Servicing fees	$ 123,975	$ 123,937	$ 123,758
Interest earned on escrows	77,916	24,436	4,191
Prepayment fees	6,387	48,197	38,221
Write-offs of MSRs	(14,736)	(44,502)	(32,741)
Amortization of MSRs	(63,093)	(59,876)	(58,615)
Servicing revenue, net	$ 130,449	$ 92,192	$ 74,814

Securities Held-to-Maturity - N

Securities Held-to-Maturity - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Held-to-Maturity Securities [Line Items]
Held-to-maturity securities, face value	$ 230,495,000	$ 234,255,000
Impairment of held-to-maturity securities	0
Interest income (including the amortization of discount)	13,600,000	18,600,000	$ 13,200,000
APL certificates
Schedule of Held-to-Maturity Securities [Line Items]
Held-to-maturity securities, face value	192,791,000	$ 192,791,000
Amount purchased at a discount	$ 119,000,000
Weighted average variable interest rate (as a percent)	3.94%
Estimated weighted average remaining maturity period	6 years 7 months 6 days
Weighted average fixed interest rate	8.85%	8.85%
After one year through five years	$ 19,700,000
After five years through ten years	$ 173,100,000
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	$ 106,200,000
Discounted value of bonds purchased	$ 74,700,000
Held-to-maturity securities sold, percentage	51%
Agency B Piece Bonds
Schedule of Held-to-Maturity Securities [Line Items]
Weighted average variable interest rate (as a percent)	3.74%
After one year through five years	$ 11,400,000
Weighted average effective interest rate	11.28%	12.20%
Within one year	$ 5,900,000
After ten years	$ 20,400,000

Securities Held-to-Maturity - S

Securities Held-to-Maturity - Summary of Securities Held-to-Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Schedule of Held-to-Maturity Securities [Line Items]
Face Value	$ 230,495	$ 234,255
Net Carrying Value	155,279	156,547
Unrealized loss	(25,889)	(11,976)
Estimated Fair Value	129,390	144,571
Allowance for Credit Losses	6,256	3,153
APL certificates
Schedule of Held-to-Maturity Securities [Line Items]
Face Value	192,791	192,791
Net Carrying Value	128,865	123,475
Unrealized loss	(31,331)	(13,348)
Estimated Fair Value	97,534	110,127
Allowance for Credit Losses	2,272	2,783
B Piece bonds
Schedule of Held-to-Maturity Securities [Line Items]
Face Value	37,704	41,464
Net Carrying Value	26,414	33,072
Unrealized gain	5,442	1,372
Estimated Fair Value	31,856	34,444
Allowance for Credit Losses	$ 3,984	$ 370

Securities Held-to-Maturity - R

Securities Held-to-Maturity - Roll forward of Allowance (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Changes in the allowance for credit losses
Allowance for credit loss, beginning balance	$ 3,153
Provision for credit loss expense/(reversal)	3,103
Allowance for credit loss, ending balance	6,256
APL certificates
Changes in the allowance for credit losses
Allowance for credit loss, beginning balance	2,783
Provision for credit loss expense/(reversal)	(511)
Allowance for credit loss, ending balance	2,272
B Piece bonds
Changes in the allowance for credit losses
Allowance for credit loss, beginning balance	370
Provision for credit loss expense/(reversal)	3,614
Allowance for credit loss, ending balance	$ 3,984

Investments in Equity Affilia_3

Investments in Equity Affiliates (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Investments in and Advances to Affiliates [Line Items]
Investment in Equity Affiliates	$ 79,303	$ 79,130
UPB of Loans to Equity Affiliates	1,688
Arbor Residential Investor LLC
Investments in and Advances to Affiliates [Line Items]
Investment in Equity Affiliates	32,743	46,951
UPB of Loans to Equity Affiliates	0
AMAC Holdings III LLC
Investments in and Advances to Affiliates [Line Items]
Investment in Equity Affiliates	13,591	15,825
UPB of Loans to Equity Affiliates	0
Fifth Wall Ventures
Investments in and Advances to Affiliates [Line Items]
Investment in Equity Affiliates	13,365	13,584
UPB of Loans to Equity Affiliates	0
AWC Real Estate Opportunity Partners I LP
Investments in and Advances to Affiliates [Line Items]
Investment in Equity Affiliates	11,671	0
UPB of Loans to Equity Affiliates	0
ARSR DPREF I LLC
Investments in and Advances to Affiliates [Line Items]
Investment in Equity Affiliates	5,163	0
UPB of Loans to Equity Affiliates	0
Lightstone Value Plus REIT L.P.
Investments in and Advances to Affiliates [Line Items]
Investment in Equity Affiliates	1,895	1,895
UPB of Loans to Equity Affiliates	0
Docsumo Pte. Ltd.
Investments in and Advances to Affiliates [Line Items]
Investment in Equity Affiliates	450	450
UPB of Loans to Equity Affiliates	0
JT Prime
Investments in and Advances to Affiliates [Line Items]
Investment in Equity Affiliates	425	425
UPB of Loans to Equity Affiliates	0
West Shore Café
Investments in and Advances to Affiliates [Line Items]
Investment in Equity Affiliates	0	0
UPB of Loans to Equity Affiliates	1,688
Lexford Portfolio
Investments in and Advances to Affiliates [Line Items]
Investment in Equity Affiliates	0	0
UPB of Loans to Equity Affiliates	0
East River Portfolio
Investments in and Advances to Affiliates [Line Items]
Investment in Equity Affiliates	0	$ 0
UPB of Loans to Equity Affiliates	$ 0

Investments in Equity Affilia_4

Investments in Equity Affiliates - Narrative (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2023 USD ($) item	Dec. 31, 2023 USD ($) item	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2018 USD ($)
Investments in and Advances to Affiliates [Line Items]
Indirect ownership percentage		9.20%
Income from equity affiliates		$ 24,281	$ 14,247	$ 34,567
Upsized amount	$ 140,000
Amount of provision for credit losses		68,805	19,318	(24,315)
Noncontrolling interest invested		$ 18,986	17,809	48,071
ARSR DPREF I LLC
Investments in and Advances to Affiliates [Line Items]
Proceeds from issued debt	10,200
ACM
Investments in and Advances to Affiliates [Line Items]
Percentage of ownership interest of related party in the entity		50%
Arbor Residential Investor LLC
Investments in and Advances to Affiliates [Line Items]
Equity investment	9,600	$ 9,600
Percentage of ownership interest of related party in the entity		50%
Indirect ownership percentage		12.30%
Income from equity affiliates		$ 600	4,900	34,600
Distribution received		$ 15,000	23,800
Arbor Residential Investor LLC | Wakefield Investment Holdings Llc
Investments in and Advances to Affiliates [Line Items]
Percentage of ownership interest of related party in the entity		50%
Residential Mortgage Banking Business
Investments in and Advances to Affiliates [Line Items]
Indirect ownership percentage		65%
AMAC Holdings III LLC
Investments in and Advances to Affiliates [Line Items]
Income from equity affiliates		$ 1,900	2,400	$ 1,300
Investment in real estate committed		$ 30,000
Interest in a real estate investment (as a percent)		18%
Contributions made	700	$ 700	4,900
Distribution from investment classified as return capital		1,100	500
Fifth Wall Ventures
Investments in and Advances to Affiliates [Line Items]
Investment in real estate committed		$ 25,000
Interest in a real estate investment (as a percent)		7.60%
Contributions made	1,000	$ 1,000	9,700
Distribution from investment classified as return capital			1,600
Number of investments | item		2
Loss on investment		$ 1,200
AWC Real Estate Opportunity Partners I LP
Investments in and Advances to Affiliates [Line Items]
Investment in real estate committed	$ 24,000
Interest in a real estate investment (as a percent)	99%
Investment in real estate	$ 13,000	$ 13,000
Affiliate loans, maximum committed amount	900
North Vermont Avenue
Investments in and Advances to Affiliates [Line Items]
Equity method investments sold	$ 1,300
Noncontrolling interest in equity method investment (as a percent)		85%
Other-than-temporary impairment recorded		$ 2,400
Noncontrolling interest invested		$ 2,400
ARSR DPREF I LLC
Investments in and Advances to Affiliates [Line Items]
Ownership interest (as a percent)	50%	50%
Total contribution	$ 70,000	$ 70,000
Lightstone Value Plus REIT L.P.
Investments in and Advances to Affiliates [Line Items]
Equity investment	1,900	1,900
JT Prime
Investments in and Advances to Affiliates [Line Items]
Equity investment	$ 400	$ 400
Noncontrolling interest in equity method investment (as a percent)		50%
Docsumo Pte. Ltd.
Investments in and Advances to Affiliates [Line Items]
Noncontrolling interest			500
West Shore Café
Investments in and Advances to Affiliates [Line Items]
Ownership interest (as a percent)	50%	50%
Loans to affiliates		$ 1,700
Other-than-temporary impairment recorded					$ 2,200
Amount of provision for credit losses					$ 1,700
West Shore Café | Secured Overnight Financing Rate (SOFR)
Investments in and Advances to Affiliates [Line Items]
Variable rate, spread (as a percent)		4%
West Shore Café | Secured Overnight Financing Rate (SOFR) | Minimum
Investments in and Advances to Affiliates [Line Items]
Variable rate, spread (as a percent)		0.15%
Lexford Portfolio
Investments in and Advances to Affiliates [Line Items]
Distribution received		$ 12,200	11,100
Noncontrolling interest		$ 100
East River Portfolio
Investments in and Advances to Affiliates [Line Items]
Ownership interest (as a percent)	5%	5%
Equity investment made		$ 100
Number of properties owned | item	2	2
East River Portfolio | Chief Executive Officer And Other Related Parties
Investments in and Advances to Affiliates [Line Items]
Percentage of ownership interest of related party in the entity		95%
Equity Participation Interest
Investments in and Advances to Affiliates [Line Items]
Proceeds from sale	$ 14,500	$ 14,500	$ 2,600

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 56.6	$ 56.6
Amortization expense	$ 4.7	$ 4.7	$ 4.7

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Other Intangibles Asset Activity (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Finite-lived intangible assets:
Accumulated Amortization	$ (37,658)	$ (32,967)
Intangible assets
Gross Carrying Value	72,410	72,410
Total	34,752	39,443
Fannie Mae DUS license
Infinite-lived intangible assets:
Carrying Value	17,100	17,100
Freddie Mac Program Plus license
Infinite-lived intangible assets:
Carrying Value	8,700	8,700
FHA license
Infinite-lived intangible assets:
Carrying Value	3,200	3,200
Broker relationships
Finite-lived intangible assets:
Gross Carrying Value	25,000	25,000
Accumulated Amortization	(23,307)	(20,182)
Total	1,693	4,818
Borrower relationships
Finite-lived intangible assets:
Gross Carrying Value	14,400	14,400
Accumulated Amortization	(10,740)	(9,300)
Total	3,660	5,100
Below market leases
Finite-lived intangible assets:
Gross Carrying Value	4,010	4,010
Accumulated Amortization	(3,611)	(3,485)
Total	$ 399	$ 525

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Estimated Amortization Expense (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Finite-Lived Intangible Assets, Excluding Servicing Contracts
Acquired Finite-Lived Intangible Assets [Line Items]
Wtd. Avg. Remaining Life (in years)	2 years
2024	$ 3,259
2025	1,566
2026	906
2027	$ 21
Broker relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Wtd. Avg. Remaining Life (in years)	6 months
2024	$ 1,693
2025	0
2026	0
2027	$ 0
Borrower relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Wtd. Avg. Remaining Life (in years)	2 years 6 months
2024	$ 1,440
2025	1,440
2026	780
2027	$ 0
Below market leases
Acquired Finite-Lived Intangible Assets [Line Items]
Wtd. Avg. Remaining Life (in years)	3 years 2 months 12 days
2024	$ 126
2025	126
2026	126
2027	$ 21

Debt Obligations - Schedule of

Debt Obligations - Schedule of Credit and Repurchase Facilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
UPB	$ 3,242,939	$ 3,856,009
Credit and repurchase facilities	3,237,827	3,841,814
Collateral Carrying Value	$ 4,606,657	$ 5,185,293
Debt, Wtd. Avg. Rate	7.67%	6.54%
Structured Business
Debt Instrument [Line Items]
UPB	$ 2,829,341	$ 3,549,694
Credit and repurchase facilities	2,824,501	3,536,371
Collateral Carrying Value	$ 4,062,162	$ 4,845,753
Debt, Wtd. Avg. Rate	7.80%	6.59%
Deferred financing fees	$ 4,800	$ 13,300
Structured Business | B Piece bonds
Debt Instrument [Line Items]
Value of portfolio loans and cash as collateral	43,100	33,100
Agency Business
Debt Instrument [Line Items]
UPB	413,598	306,315
Credit and repurchase facilities	413,326	305,443
Collateral Carrying Value	$ 544,495	$ 339,540
Debt, Wtd. Avg. Rate	6.76%	5.96%
Deferred financing fees	$ 300	$ 900
$2.5B joint repurchase facility | Structured Business
Debt Instrument [Line Items]
Maximum borrowing capacity	2,500,000
UPB	870,073	1,524,831
Credit and repurchase facilities	868,077	1,516,657
Collateral Carrying Value	$ 1,371,436	$ 2,099,447
Debt, Wtd. Avg. Rate	7.81%	6.73%
$1B repurchase facility | Structured Business
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 1,000,000
UPB	386,576	$ 499,891
Credit and repurchase facilities	385,779	498,666
Collateral Carrying Value	$ 589,533	$ 703,740
Debt, Wtd. Avg. Rate	7.68%	6.39%
$500M repurchase facility | Structured Business
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 500,000
UPB	448,411	$ 155,121
Credit and repurchase facilities	447,490	154,653
Collateral Carrying Value	$ 597,205	$ 188,563
Debt, Wtd. Avg. Rate	8.38%	7.16%
$500M repurchase facility | Agency Business
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 500,000
UPB	115,841	$ 66,866
Credit and repurchase facilities	115,730	66,778
Collateral Carrying Value	$ 241,895	$ 66,866
Debt, Wtd. Avg. Rate	6.83%	5.73%
$499M repurchase facility | Structured Business
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 499,000
UPB	355,328	$ 351,056
Credit and repurchase facilities	355,328	351,056
Collateral Carrying Value	$ 506,753	$ 504,506
Debt, Wtd. Avg. Rate	7.83%	6.64%
$450M repurchase facility | Structured Business
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 450,000
UPB	263,061	$ 344,576
Credit and repurchase facilities	262,820	344,237
Collateral Carrying Value	$ 362,465	$ 450,736
Debt, Wtd. Avg. Rate	7.55%	6.36%
$250M credit facility | Structured Business
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 250,000
UPB	17,997	$ 33,246
Credit and repurchase facilities	17,964	33,221
Collateral Carrying Value	$ 23,088	$ 43,238
Debt, Wtd. Avg. Rate	7.32%	6.25%
$250M repurchase facility | Structured Business
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 250,000
UPB	0	$ 0
Credit and repurchase facilities	0	0
Collateral Carrying Value	$ 0	$ 0
Debt, Wtd. Avg. Rate	0%	0%
$225M credit facility | Structured Business
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 225,000
UPB	103,552	$ 47,398
Credit and repurchase facilities	103,552	47,398
Collateral Carrying Value	$ 139,252	$ 81,119
Debt, Wtd. Avg. Rate	8.04%	6.90%
$200M repurchase facility | Structured Business
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 200,000
UPB	32,599	$ 187,428
Credit and repurchase facilities	32,579	186,639
Collateral Carrying Value	$ 41,522	$ 239,678
Debt, Wtd. Avg. Rate	7.03%	6.18%
$200M repurchase facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 200,000
$200M repurchase facility | Structured Business
Debt Instrument [Line Items]
Maximum borrowing capacity	200,000
UPB	46,403	$ 33,155
Credit and repurchase facilities	45,969	32,494
Collateral Carrying Value	$ 68,762	$ 47,750
Debt, Wtd. Avg. Rate	8.04%	6.95%
$200M repurchase facility | Structured Business
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 200,000
UPB	107,355	$ 155,240
Credit and repurchase facilities	107,324	154,516
Collateral Carrying Value	$ 141,130	$ 200,099
Debt, Wtd. Avg. Rate	7.44%	6.33%
$121M loan specific credit facilities | Structured Business
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 121,000
UPB	120,660	$ 156,543
Credit and repurchase facilities	120,328	156,107
Collateral Carrying Value	$ 161,700	$ 225,805
Debt, Wtd. Avg. Rate	6.91%	6.42%
$50M credit facility | Structured Business
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 50,000
UPB	29,200	$ 29,200
Credit and repurchase facilities	29,200	29,194
Collateral Carrying Value	$ 36,500	$ 36,500
Debt, Wtd. Avg. Rate	7.58%	6.48%
$50M credit facility | Agency Business
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 50,000
UPB	29,085	$ 14,671
Credit and repurchase facilities	29,083	14,664
Collateral Carrying Value	$ 29,418	$ 14,671
Debt, Wtd. Avg. Rate	6.73%	5.65%
$40M credit facility | Structured Business
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 40,000
UPB	0	$ 0
Credit and repurchase facilities	0	0
Collateral Carrying Value	$ 0	$ 0
Debt, Wtd. Avg. Rate	0%	0%
$35M working capital facility | Structured Business
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 35,000
UPB	0	$ 0
Credit and repurchase facilities	0	0
Collateral Carrying Value	$ 0	$ 0
Debt, Wtd. Avg. Rate	0%	0%
$25M credit facility | Structured Business
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 25,000
UPB	17,093	$ 19,177
Credit and repurchase facilities	17,058	18,701
Collateral Carrying Value	$ 22,816	$ 24,572
Debt, Wtd. Avg. Rate	8.09%	6.99%
Repurchase facility - securities | Structured Business
Debt Instrument [Line Items]
UPB	$ 31,033	$ 12,832
Credit and repurchase facilities	31,033	12,832
Collateral Carrying Value	$ 0	$ 0
Debt, Wtd. Avg. Rate	7.15%	6.99%
$750M ASAP agreement | Agency Business
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 750,000
UPB	73,011	$ 29,476
Credit and repurchase facilities	73,011	29,476
Collateral Carrying Value	$ 73,781	$ 30,291
Debt, Wtd. Avg. Rate	6.49%	5.21%
Value of portfolio loans and cash as collateral	$ 750,000
$500M joint repurchase facility | Agency Business
Debt Instrument [Line Items]
Maximum borrowing capacity	500,000
UPB	7,945	$ 105,275
Credit and repurchase facilities	7,833	104,629
Collateral Carrying Value	$ 11,350	$ 135,641
Debt, Wtd. Avg. Rate	7.77%	6.52%
$200M credit facility | Structured Business
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 200,000
$200M credit facility | Agency Business
Debt Instrument [Line Items]
Maximum borrowing capacity	200,000
UPB	187,185	$ 31,519
Credit and repurchase facilities	187,138	31,475
Collateral Carrying Value	$ 187,185	$ 33,177
Debt, Wtd. Avg. Rate	6.78%	5.76%
$100M credit facility | Agency Business
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 100,000
UPB	0	$ 57,974
Credit and repurchase facilities	0	57,887
Collateral Carrying Value	$ 0	$ 57,974
Debt, Wtd. Avg. Rate	0%	5.76%
$1M repurchase facility | Agency Business
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 1,000
UPB	531	$ 534
Credit and repurchase facilities	531	534
Collateral Carrying Value	$ 866	$ 920
Debt, Wtd. Avg. Rate	7.86%	6.66%

Debt Obligations - Credit and R

Debt Obligations - Credit and Repurchase Facilities Narrative (Details) $ in Millions	1 Months Ended			12 Months Ended	15 Months Ended
	Dec. 31, 2023 USD ($)	Aug. 31, 2023	Mar. 31, 2023	Dec. 31, 2023 USD ($) extension	Dec. 31, 2023 USD ($)	Mar. 01, 2024 USD ($)	Dec. 31, 2022
Debt Instrument [Line Items]
Outstanding letters of credit	$ 5			$ 5	$ 5
Minimum
Debt Instrument [Line Items]
Advance rate (as a percent)				70%
Maximum
Debt Instrument [Line Items]
Advance rate (as a percent)				83%
Structured Business
Debt Instrument [Line Items]
Weighted average note rate including certain fees and costs (as a percent)	8.26%			8.26%	8.26%		6.95%
Leverage on loans and investment portfolio financed through credit facilities and repurchase agreements, excluding securities repurchase facility, working capital line of credit and security agreement used to finance leasehold and capital expenditure improvements at corporate office (as a percent)	69%			69%	69%		73%
Structured Business | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
LIBOR floor rate				2.60%
Agency Business | Freddie Mac Mortgage
Debt Instrument [Line Items]
Committed amount				$ 5
Outstanding letters of credit	$ 5			5	$ 5
Agency Business | Fannie Mae Mortgage
Debt Instrument [Line Items]
Outstanding letters of credit	64			64	64
Joint Repurchase Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	3,000			$ 3,000	3,000
Extension of maturity date (in years)				1 year
Joint Repurchase Facility | Private Label
Debt Instrument [Line Items]
Advance rate (as a percent)				80%
$2 Billion Joint Repurchase Facility | Forecast | Structured and Agency Business
Debt Instrument [Line Items]
Maximum borrowing capacity						$ 2,000
$1B repurchase facility
Debt Instrument [Line Items]
Extension of maturity date (in years)				1 year
$1B repurchase facility | Structured Business
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 1,000			$ 1,000	1,000
$1B repurchase facility | Structured Business | Minimum
Debt Instrument [Line Items]
Weighted average loan spread	0.0240
$1B repurchase facility | Structured Business | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Variable rate, spread (as a percent)		2.50%
$1B repurchase facility | Structured Business | Secured Overnight Financing Rate (SOFR) | Maximum
Debt Instrument [Line Items]
Variable rate, spread (as a percent)				2.25%
$500M repurchase facility | Structured Business
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 500			$ 500	$ 500
$500M repurchase facility | Structured Business | Minimum
Debt Instrument [Line Items]
Variable rate, spread (as a percent)				2.76%
$500M repurchase facility | Structured Business | Minimum | Multi Family
Debt Instrument [Line Items]
Variable rate, spread (as a percent)					3.26%
$500M repurchase facility | Structured Business | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
LIBOR floor rate				0.25%
$500M repurchase facility | Structured Business | Secured Overnight Financing Rate (SOFR) | Minimum
Debt Instrument [Line Items]
Variable rate, spread (as a percent)				2.46%
$500M repurchase facility | Structured Business | Secured Overnight Financing Rate (SOFR) | Maximum
Debt Instrument [Line Items]
Variable rate, spread (as a percent)				3.11%
$500M repurchase facility | Agency Business
Debt Instrument [Line Items]
Maximum borrowing capacity	500			$ 500	$ 500
$450M Credit Facility | Structured Business
Debt Instrument [Line Items]
Maximum borrowing capacity	450			$ 450	450
Number of extension options | extension				2
Maturity period extension (in years)				1 year
$450M Credit Facility | Structured Business | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Variable rate, spread (as a percent)			2%
$250M credit facility | Structured Business
Debt Instrument [Line Items]
Maximum borrowing capacity	250			$ 250	250
$250M credit facility | Structured Business | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Additional borrowing capacity	25			$ 25	25
$250M credit facility | Structured Business | Secured Overnight Financing Rate (SOFR) | Minimum
Debt Instrument [Line Items]
Variable rate, spread (as a percent)				2.61%
$250M credit facility | Structured Business | Secured Overnight Financing Rate (SOFR) | Maximum
Debt Instrument [Line Items]
Variable rate, spread (as a percent)				3.31%
$250M repurchase facility | Structured Business
Debt Instrument [Line Items]
Maximum borrowing capacity	250			$ 250	250
Maturity period extension (in years)				1 year
$250M repurchase facility | Structured Business | Secured Overnight Financing Rate (SOFR) | Minimum
Debt Instrument [Line Items]
Variable rate, spread (as a percent)				2%
$250M repurchase facility | Structured Business | Secured Overnight Financing Rate (SOFR) | Maximum
Debt Instrument [Line Items]
Variable rate, spread (as a percent)				2.40%
$225M credit facility | Structured Business
Debt Instrument [Line Items]
Maximum borrowing capacity	225			$ 225	225
$225M credit facility | Structured Business | Minimum | SFR - Fixed Rate
Debt Instrument [Line Items]
LIBOR floor rate				3%
$225M credit facility | Structured Business | Maximum | SFR - Fixed Rate
Debt Instrument [Line Items]
LIBOR floor rate				4.10%
$225M credit facility | Structured Business | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Variable rate, spread (as a percent)				2.55%
$200M repurchase facility
Debt Instrument [Line Items]
Extension of maturity date (in years)				6 months
$200M repurchase facility | Structured Business
Debt Instrument [Line Items]
Maximum borrowing capacity	200			$ 200	200
$200M repurchase facility | Structured Business | Minimum | Multi Family
Debt Instrument [Line Items]
LIBOR floor rate				1.50%
$200M repurchase facility | Structured Business | Maximum | Multi Family
Debt Instrument [Line Items]
LIBOR floor rate				1.86%
$200M repurchase facility
Debt Instrument [Line Items]
Maximum borrowing capacity	200			$ 200	200
Extension of maturity date (in years)				1 year
$200M repurchase facility | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Interest rate increase				2.55%
$200M repurchase facility | Structured Business
Debt Instrument [Line Items]
Maximum borrowing capacity	200			$ 200	200
$200M credit facility | Structured Business
Debt Instrument [Line Items]
Maximum borrowing capacity	200			$ 200	200
$200M credit facility | Structured Business | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Variable rate, spread (as a percent)				1.40%
$200M credit facility | Structured Business | Secured Overnight Financing Rate (SOFR) | Multi Family
Debt Instrument [Line Items]
Variable rate, spread (as a percent)				1.75%
$200M credit facility | Structured Business | Secured Overnight Financing Rate (SOFR) | Independent living facilities
Debt Instrument [Line Items]
Variable rate, spread (as a percent)				3.50%
$200M credit facility | Agency Business
Debt Instrument [Line Items]
Maximum borrowing capacity	200			$ 200	200
Loan Specific Credit Facility $156.5 Million | Structured Business
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 120.7			$ 120.7	$ 120.7
Loan Specific Credit Facility $156.5 Million | Structured Business | Secured Overnight Financing Rate (SOFR) | Minimum
Debt Instrument [Line Items]
Variable rate, spread (as a percent)				1.91%
Loan Specific Credit Facility $156.5 Million | Structured Business | Secured Overnight Financing Rate (SOFR) | Maximum
Debt Instrument [Line Items]
Variable rate, spread (as a percent)				2.60%
Loan Specific Credit Facility $156.5 Million | Structured Business | Prime Rate
Debt Instrument [Line Items]
Interest rate	3%			3%	3%
$50M credit facility | Structured Business
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 50			$ 50	$ 50
Maturity period extension (in years)				1 year
$50M credit facility | Structured Business | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Variable rate, spread (as a percent)				2.10%
$50M credit facility | Agency Business
Debt Instrument [Line Items]
Maximum borrowing capacity	50			$ 50	50
Variable rate, spread (as a percent)				1.35%
$25M credit facility | Structured Business
Debt Instrument [Line Items]
Maximum borrowing capacity	25			$ 25	25
$25M credit facility | Structured Business | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Variable rate, spread (as a percent)				2.60%
LIBOR floor rate				4.25%
$40M credit facility | Structured Business
Debt Instrument [Line Items]
Maximum borrowing capacity	40			$ 40	40
Maturity period extension (in years)				1 year
$40M credit facility | Structured Business | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Variable rate, spread (as a percent)				2.35%
$35M working capital facility | Structured Business
Debt Instrument [Line Items]
Maximum borrowing capacity	35			$ 35	35
$35M working capital facility | Structured Business | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Variable rate, spread (as a percent)				3%
$750M ASAP agreement | Agency Business
Debt Instrument [Line Items]
Maximum borrowing capacity	750			$ 750	750
LIBOR floor rate				0.25%
Value of portfolio loans and cash as collateral	750			$ 750	750
Debt instrument, reduced basis spread on variable rate				1.15%
$100M credit facility | Structured Business | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Maximum borrowing capacity	100			$ 100	100
Variable rate, spread (as a percent)				1.46%
Additional borrowing capacity	37.5			$ 37.5	37.5
Interest rate increase				1.86%
$100M credit facility | Agency Business
Debt Instrument [Line Items]
Maximum borrowing capacity	100			$ 100	100
$75 Million credit facility | Agency Business
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 75			$ 75	$ 75
Interest rate	2.875%			2.875%	2.875%
$500M joint repurchase facility | Agency Business
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 500			$ 500	$ 500
$500M joint repurchase facility | Agency Business | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 500			$ 500	$ 500
Debt instrument, reduced basis spread on variable rate				1.48%

Debt Obligations - Collateraliz

Debt Obligations - Collateralized Loan Obligations (Details) $ in Thousands	1 Months Ended				12 Months Ended
	Dec. 31, 2022 USD ($) loan	May 31, 2022 subsidiary	Feb. 28, 2022	Dec. 31, 2021 USD ($) subsidiary tranche	Dec. 31, 2023 USD ($) loan	Dec. 31, 2022 USD ($) subsidiary tranche	Dec. 31, 2021 USD ($) item tranche
Debt Instrument [Line Items]
Debt, Carrying Value	$ 7,849,270				$ 6,935,010	$ 7,849,270
Debt, Wtd. Avg. Rate	6.54%				7.67%	6.54%
Credit and repurchase facilities, principal/notional amount	$ 3,856,009				$ 3,242,939	$ 3,856,009
Proceeds from issuance of securitized debt					0	2,762,502	$ 4,281,512
Payoffs and paydowns of collateralized loan obligations					929,782	$ 801,141	889,150
Secured Debt
Debt Instrument [Line Items]
Leverage (as a percent)	75%					75%
Number of floating rate loans sold | loan	11
Notional amount of secured floating rate notes	$ 315,800					$ 315,800
Secured Debt | Multifamily
Debt Instrument [Line Items]
Number of mortgage liens that were qualified for loan | loan	21
Secured Debt | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Debt interest rate, excluding fees and costs	2%
Collateralized loan obligations
Debt Instrument [Line Items]
Debt, Face Value	$ 7,649,188				6,741,006	7,649,188
Debt, Carrying Value	$ 7,615,364				$ 6,721,356	$ 7,615,364
Debt, Wtd. Avg. Rate	6.10%				7.14%	6.10%
Collateral, UPB	$ 8,619,210				$ 7,558,887	$ 8,619,210
Collateral, Carrying Value	8,586,139				7,540,741	8,586,139
Collateral, Restricted Cash	480,817				529,812	480,817
Deferred financing fees	36,800				$ 21,300	36,800
Number of loans | loan					12
Collateral at risk	0				$ 308,300	0
CLO 19
Debt Instrument [Line Items]
Debt, Face Value	872,812				872,812	872,812
Debt, Carrying Value	$ 866,605				$ 868,359	$ 866,605
Debt, Wtd. Avg. Rate	6.75%				7.84%	6.75%
Collateral, UPB	$ 952,268				$ 1,031,772	$ 952,268
Collateral, Carrying Value	947,336				1,028,669	947,336
Collateral, Restricted Cash	$ 64,300				4,527	$ 64,300
Weighted average note rate including certain fees and costs (as a percent)	2.36%					2.36%
Proceeds from issuance of collateralized loan obligations for acquiring additional loan obligations						$ 73,100
Number of tranches of CLO notes issued | tranche						9
Value of the tranches issued	$ 1,050,000					$ 1,050,000
Credit and repurchase facilities, principal/notional amount	177,200					177,200
Value of portfolio loans and cash as collateral	976,900					$ 976,900
Replacement period						2 years
Maximum period to acquire additional loan obligations						180 days
Face value of loan obligations will be owned by the issuer	$ 1,050,000					$ 1,050,000
Leverage (as a percent)	83%					83%
Number of newly-formed wholly-owned subsidiaries | subsidiary		1
CLO 18
Debt Instrument [Line Items]
Debt, Face Value	$ 1,652,812				1,652,812	$ 1,652,812
Debt, Carrying Value	$ 1,645,711				$ 1,647,885	$ 1,645,711
Debt, Wtd. Avg. Rate	6.19%				7.29%	6.19%
Collateral, UPB	$ 1,899,174				$ 1,784,921	$ 1,899,174
Collateral, Carrying Value	1,891,215				1,780,930	1,891,215
Collateral, Restricted Cash	85,970				244,629	85,970
Proceeds from issuance of collateralized loan obligations for acquiring additional loan obligations						$ 347,300
Number of tranches of CLO notes issued | tranche						8
Value of portfolio loans and cash as collateral	1,700,000					$ 1,700,000
Replacement period			2 years 6 months
Maximum period to acquire additional loan obligations						180 days
Face value of loan obligations will be owned by the issuer	$ 2,050,000					$ 2,050,000
Leverage (as a percent)	81%					81%
Number of newly-formed wholly-owned subsidiaries | subsidiary						2
Proceeds from issuance of securitized debt						$ 1,860,000
Notional amount of residual interest retained	$ 397,200					$ 397,200
CLO 18 | One-month LIBOR
Debt Instrument [Line Items]
Weighted average note rate including certain fees and costs (as a percent)	1.81%					1.81%
CLO 18 | External Credit Rating, Non Investment Grade
Debt Instrument [Line Items]
Debt, Carrying Value	$ 210,100					$ 210,100
Notional amount of residual interest retained	210,100					210,100
CLO 17
Debt Instrument [Line Items]
Debt, Face Value	1,714,125			$ 1,710,000	1,714,125	1,714,125	1,710,000
Debt, Carrying Value	$ 1,707,676				$ 1,709,800	$ 1,707,676
Debt, Wtd. Avg. Rate	6.16%				7.14%	6.16%
Collateral, UPB	$ 1,911,866				$ 1,870,388	$ 1,911,866
Collateral, Carrying Value	1,904,732				1,865,878	1,904,732
Collateral, Restricted Cash	145,726				203,938	145,726
Proceeds from issuance of collateralized loan obligations for acquiring additional loan obligations				$ 315,000
Number of tranches of CLO notes issued | tranche				8
Value of the tranches issued				$ 1,910,000			1,910,000
Credit and repurchase facilities, principal/notional amount				194,300			194,300
Value of portfolio loans and cash as collateral				$ 1,790,000			1,790,000
Replacement period				2 years 6 months
Maximum period to acquire additional loan obligations				180 days
Face value of loan obligations will be owned by the issuer				$ 2,100,000			$ 2,100,000
Leverage (as a percent)				82%			82%
Number of newly-formed wholly-owned subsidiaries | subsidiary				2
Notional amount of residual interest retained				$ 385,900			$ 385,900
CLO 17 | One-month LIBOR
Debt Instrument [Line Items]
Weighted average note rate including certain fees and costs (as a percent)				1.68%			1.68%
CLO 17 | External Credit Rating, Non Investment Grade
Debt Instrument [Line Items]
Notional amount of residual interest retained				$ 194,300			$ 194,300
CLO 16
Debt Instrument [Line Items]
Debt, Face Value	1,237,500			1,240,000	1,237,500	1,237,500	1,240,000
Debt, Carrying Value	$ 1,231,887				$ 1,233,769	$ 1,231,887
Debt, Wtd. Avg. Rate	5.79%				6.76%	5.79%
Collateral, UPB	$ 1,307,244				$ 1,456,872	$ 1,307,244
Collateral, Carrying Value	1,301,794				1,453,297	1,301,794
Collateral, Restricted Cash	106,495				847	106,495
Proceeds from issuance of collateralized loan obligations for acquiring additional loan obligations							$ 313,000
Number of tranches of CLO notes issued | tranche							8
Value of the tranches issued				1,370,000			$ 1,370,000
Credit and repurchase facilities, principal/notional amount				135,000			135,000
Value of portfolio loans and cash as collateral				1,190,000			$ 1,190,000
Replacement period							2 years 6 months
Maximum period to acquire additional loan obligations							180 days
Face value of loan obligations will be owned by the issuer				$ 1,500,000			$ 1,500,000
Leverage (as a percent)				83%			83%
Number of newly-formed wholly-owned subsidiaries | item							2
Notional amount of residual interest retained				$ 262,500			$ 262,500
CLO 16 | One-month LIBOR
Debt Instrument [Line Items]
Debt, Wtd. Avg. Rate				1.31%			1.31%
CLO 16 | External Credit Rating, Non Investment Grade
Debt Instrument [Line Items]
Notional amount of residual interest retained				$ 135,000			$ 135,000
CLO 15
Debt Instrument [Line Items]
Debt, Face Value	674,412			$ 674,400	674,412	674,412	$ 674,400
Debt, Carrying Value	$ 671,532				$ 673,367	$ 671,532
Debt, Wtd. Avg. Rate	5.84%				6.82%	5.84%
Collateral, UPB	$ 797,755				$ 734,120	$ 797,755
Collateral, Carrying Value	795,078				732,498	795,078
Collateral, Restricted Cash	2,861				42,600	2,861
Weighted average note rate including certain fees and costs (as a percent)				1.37%			1.37%
Proceeds from issuance of collateralized loan obligations for acquiring additional loan obligations							$ 162,000
Number of tranches of CLO notes issued | tranche							8
Value of the tranches issued				$ 747,800			$ 747,800
Credit and repurchase facilities, principal/notional amount				73,400			73,400
Value of portfolio loans and cash as collateral				653,000			$ 653,000
Replacement period							2 years 6 months
Maximum period to acquire additional loan obligations							180 days
Face value of loan obligations will be owned by the issuer				$ 815,000			$ 815,000
Leverage (as a percent)				83%			83%
Number of newly-formed wholly-owned subsidiaries | item							2
Notional amount of residual interest retained				$ 140,600			$ 140,600
CLO 15 | External Credit Rating, Non Investment Grade
Debt Instrument [Line Items]
Notional amount of residual interest retained				73,400			73,400
CLO 14
Debt Instrument [Line Items]
Debt, Face Value	655,475			655,500	589,345	655,475	655,500
Debt, Carrying Value	$ 652,617				$ 588,176	$ 652,617
Debt, Wtd. Avg. Rate	5.80%				6.82%	5.80%
Collateral, UPB	$ 732,247				$ 680,814	$ 732,247
Collateral, Carrying Value	730,057				679,469	730,057
Collateral, Restricted Cash	37,090				33,271	37,090
Proceeds from issuance of collateralized loan obligations for acquiring additional loan obligations							$ 149,800
Number of tranches of CLO notes issued | tranche							8
Value of the tranches issued				724,200			$ 724,200
Credit and repurchase facilities, principal/notional amount				68,700			68,700
Value of portfolio loans and cash as collateral				635,200			$ 635,200
Replacement period							2 years 6 months
Maximum period to acquire additional loan obligations							180 days
Face value of loan obligations will be owned by the issuer				$ 785,000			$ 785,000
Leverage (as a percent)				84%			84%
Number of newly-formed wholly-owned subsidiaries | item							2
Notional amount of residual interest retained				$ 129,500			$ 129,500
CLO 14 | One-month LIBOR
Debt Instrument [Line Items]
Weighted average note rate including certain fees and costs (as a percent)				1.33%			1.33%
CLO 14 | External Credit Rating, Non Investment Grade
Debt Instrument [Line Items]
Notional amount of residual interest retained				$ 68,700			$ 68,700
CLO 13
Debt Instrument [Line Items]
Debt, Face Value	462,769					462,769
Debt, Carrying Value	$ 461,005					$ 461,005
Debt, Wtd. Avg. Rate	6.03%					6.03%
Collateral, UPB	$ 552,182					$ 552,182
Collateral, Carrying Value	550,924					550,924
Collateral, Restricted Cash	37,875					37,875
Payoffs and paydowns of collateralized loan obligations					1,500
CLO 12
Debt Instrument [Line Items]
Debt, Face Value	379,283					379,283
Debt, Carrying Value	$ 378,331					$ 378,331
Debt, Wtd. Avg. Rate	6.09%					6.09%
Collateral, UPB	$ 466,474					$ 466,474
Collateral, Carrying Value	465,003					465,003
Collateral, Restricted Cash	500					500
Q Series securitization
Debt Instrument [Line Items]
Debt, Face Value	236,878				215,278	236,878
Debt, Carrying Value	$ 233,906				$ 213,654	$ 233,906
Debt, Wtd. Avg. Rate	6.30%				7.38%	6.30%
Collateral, UPB	$ 315,837				$ 287,038	$ 315,837
Collateral, Carrying Value	313,965				286,053	313,965
Collateral, Restricted Cash	$ 0				$ 0	$ 0
Weighted average note rate including certain fees and costs (as a percent)	6.66%				7.99%	6.66%
Total securitized debt
Debt Instrument [Line Items]
Debt, Face Value	$ 7,886,066				$ 6,956,284	$ 7,886,066
Debt, Carrying Value	$ 7,849,270				$ 6,935,010	$ 7,849,270
Debt, Wtd. Avg. Rate	6.11%				7.15%	6.11%
Collateral, UPB	$ 8,935,047				$ 7,845,925	$ 8,935,047
Collateral, Carrying Value	8,900,104				7,826,794	8,900,104
Collateral, Restricted Cash	$ 480,817				$ 529,812	$ 480,817
Weighted average note rate including certain fees and costs (as a percent)	6.32%				7.37%	6.32%
CLO VII
Debt Instrument [Line Items]
Proceeds from issuance of collateralized loan obligations for acquiring additional loan obligations					$ 63,900	$ 230,000
Subordinate Certificates | Secured Debt
Debt Instrument [Line Items]
Debt, Face Value	$ 236,900					236,900
Debt, Carrying Value	$ 79,000					$ 79,000

Debt Obligations - Senior Unsec

Debt Obligations - Senior Unsecured Notes (Details) $ / shares in Units, $ in Thousands, shares in Millions	1 Months Ended		12 Months Ended
	Mar. 31, 2023 USD ($)	Oct. 31, 2022 USD ($)	Dec. 31, 2023 USD ($) $ / shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Debt Instrument [Line Items]
Debt, Wtd. Avg. Rate			7.67%	6.54%
Redemption of aggregate principal amount (as a percent)			100%
Outstanding principal balance repaid		$ 46,200
Structured Business
Debt Instrument [Line Items]
Debt, Wtd. Avg. Rate			7.80%	6.59%
Deferred financing fees			$ 4,800	$ 13,300
Weighted average note rate including certain fees and costs (as a percent)			8.26%	6.95%
7.75% Notes
Debt Instrument [Line Items]
Interest rate			7.75%
Debt, Face Value			$ 95,000	$ 0
Carrying value			$ 93,697	$ 0
Debt, Wtd. Avg. Rate			7.75%	0%
8.50% Notes
Debt Instrument [Line Items]
Interest rate		8.50%	8.50%
Debt, Face Value		$ 150,000	$ 150,000	$ 150,000
Carrying value			$ 148,023	$ 147,519
Debt, Wtd. Avg. Rate			8.50%	8.50%
Proceeds from issued debt		$ 147,500
5.00% Notes
Debt Instrument [Line Items]
Interest rate			5%		5%
Debt, Face Value			$ 180,000	$ 180,000	$ 180,000
Carrying value			$ 177,875	$ 177,450
Debt, Wtd. Avg. Rate			5%	5%
Proceeds from issued debt					$ 177,200
4.50% Notes
Debt Instrument [Line Items]
Interest rate			4.50%		4.50%	4.50%
Debt, Face Value			$ 270,000	$ 270,000	$ 270,000	$ 275,000
Carrying value			$ 267,763	$ 266,926
Debt, Wtd. Avg. Rate			4.50%	4.50%
Proceeds from issued debt					$ 265,800	$ 271,800
5.00% Notes
Debt Instrument [Line Items]
Interest rate			5%		5%
Debt, Face Value			$ 175,000	$ 175,000	$ 175,000
Carrying value			$ 173,542	$ 172,917
Debt, Wtd. Avg. Rate			5%	5%
Proceeds from issued debt					$ 172,300
4.50% Notes
Debt Instrument [Line Items]
Interest rate			4.50%
Debt, Face Value			$ 275,000	$ 275,000
Carrying value			$ 273,444	$ 272,960
Debt, Wtd. Avg. Rate			4.50%	4.50%
4.75% Notes
Debt Instrument [Line Items]
Interest rate			4.75%
Debt, Face Value			$ 110,000	$ 110,000
Carrying value			$ 109,721	$ 109,369
Debt, Wtd. Avg. Rate			4.75%	4.75%
Redemption of aggregate principal amount (as a percent)			100%
5.75% Notes
Debt Instrument [Line Items]
Interest rate			5.75%				5.75%
Debt, Face Value			$ 90,000	$ 90,000			$ 90,000
Carrying value			$ 89,903	$ 89,514
Debt, Wtd. Avg. Rate			5.75%	5.75%
Proceeds from issued debt							$ 88,200
8.00% Notes
Debt Instrument [Line Items]
Interest rate				8%		8%
Debt, Face Value			$ 0	$ 70,750		$ 70,800
Carrying value			$ 0	$ 70,613
Debt, Wtd. Avg. Rate			0%	8%
Proceeds from issued debt						$ 69,600
5.625% Notes
Debt Instrument [Line Items]
Interest rate		5.625%		5.625%				5.625%
Debt, Face Value			$ 0	$ 78,850				$ 125,000
Carrying value			$ 0	$ 78,726
Debt, Wtd. Avg. Rate			0%	5.63%
Proceeds from issued debt								$ 122,300
Proceeds from issuance of unsecured notes		$ 47,500
Senior unsecured notes
Debt Instrument [Line Items]
Debt, Face Value			$ 1,345,000	$ 1,399,600
Carrying value			$ 1,333,968	$ 1,385,994
Debt, Wtd. Avg. Rate			5.41%	5.40%
Deferred financing fees			$ 11,000	$ 13,600
Luxembourg Debt Fund
Debt Instrument [Line Items]
Weighted average note rate including certain fees and costs (as a percent)			5.70%	5.69%
4.75% Notes
Debt Instrument [Line Items]
Interest rate				4.75%			4.75%
Debt, Face Value							$ 110,000
Proceeds from issued debt							$ 108,200
Conversion price per share of common stock (in dollars per share) | $ / shares			$ 16.56
Proceeds from convertible debt				$ 203,100
7.375% Notes
Debt Instrument [Line Items]
Interest rate								7.375%
7.50% Notes
Debt Instrument [Line Items]
Interest rate				7.50%
Debt, Face Value				$ 287,500
Conversion rate of the notes to common stock, per $1,000 principal amount of notes (in shares)			0.0603915	0.0598480
Conversion price per share of common stock (in dollars per share) | $ / shares				$ 16.71
Proceeds from convertible debt				$ 279,300
4.75% and 5.25% Notes
Debt Instrument [Line Items]
Notes and accrued interest settled				$ 5,200
Common stock exchanged (in shares) | shares				3.3
5.25% Notes
Debt Instrument [Line Items]
Debt, Face Value				$ 66,100
Convertible senior unsecured notes, net
Debt Instrument [Line Items]
Debt, Face Value			$ 287,500	287,500
Deferred financing fees			$ 4,382	$ 7,144
Percentage of notes required to be repurchased			100%
7.75% senior unsecured notes
Debt Instrument [Line Items]
Interest rate	7.75%
Carrying value	$ 95,000
Senior Unsecured Notes
Debt Instrument [Line Items]
Interest rate	8%
Proceeds from issuance of unsecured notes	$ 93,400
Amount utilized from proceeds of issuance of unsecured note	$ 70,800

Debt Obligations - Convertible

Debt Obligations - Convertible Senior Unsecured Notes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Net Carrying Value	$ 11,986,059
Convertible senior unsecured notes, net
Debt Instrument [Line Items]
Debt, Face Value	287,500	$ 287,500
Unamortized deferred financing fees	4,382	7,144
Net Carrying Value	283,118	280,356
Interest expense	24,800	19,800	$ 18,600
Interest expense related to cash coupon	22,100	16,900	12,800
Debt discount	$ 2,700	$ 2,900	2,600
Deferred fees expensed as interest expense			$ 3,200
Cost of the notes (as a percent)	8.42%	8.42%

Debt Obligations - Junior Subor

Debt Obligations - Junior Subordinated Notes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Junior subordinated notes	$ 143,896	$ 143,128
Debt, Wtd. Avg. Rate	7.67%	6.54%
Junior subordinated notes
Debt Instrument [Line Items]
Junior subordinated notes	$ 143,900	$ 143,100
Deferred amount due at maturity	9,000	9,600
Deferred fees expensed as interest expense	$ 1,500	$ 1,600
Debt, Wtd. Avg. Rate	8.48%	7.65%
Weighted average note rate including certain fees and costs (as a percent)	8.56%	7.74%

Debt Obligations - Debt Covenan

Debt Obligations - Debt Covenants (Details) - USD ($)	1 Months Ended					12 Months Ended
	Jan. 31, 2024	Oct. 31, 2023	Jul. 31, 2023	Apr. 30, 2023	Jan. 31, 2023	Dec. 31, 2023
CLO 14
Overcollateralization [Abstract]
Current						120%
Limit						118.76%
Interest Coverage [Abstract]
Current		119.76%	119.76%	119.76%	119.76%	151.42%
Limit						120%
CLO 14 | Forecast
Interest Coverage [Abstract]
Current	120%
CLO 15
Overcollateralization [Abstract]
Current						120.85%
Limit						119.85%
Interest Coverage [Abstract]
Current		120.85%	120.85%	120.85%	120.85%	157.34%
Limit						120%
CLO 15 | Forecast
Interest Coverage [Abstract]
Current	120.85%
CLO 16
Overcollateralization [Abstract]
Current						120.81%
Limit						120.21%
Interest Coverage [Abstract]
Current		121.21%	121.21%	121.21%	121.21%	150.93%
Limit						120%
CLO 16 | Forecast
Interest Coverage [Abstract]
Current	120.81%
CLO 17
Overcollateralization [Abstract]
Current						121.71%
Limit						121.51%
Interest Coverage [Abstract]
Current		122.51%	122.51%	122.51%	122.51%	136.66%
Limit						120%
CLO 17 | Forecast
Interest Coverage [Abstract]
Current	121.71%
CLO 18
Overcollateralization [Abstract]
Current						123.87%
Limit						123.03%
Interest Coverage [Abstract]
Current		124.03%	124.03%	124.03%	124.03%	137.10%
Limit						120%
CLO 18 | Forecast
Interest Coverage [Abstract]
Current	123.87%
CLO 19
Overcollateralization [Abstract]
Current						120.30%
Limit						119.30%
Interest Coverage [Abstract]
Current		120.30%	120.30%	120.30%	120.30%	134.89%
Limit						120%
CLO 19 | Forecast
Interest Coverage [Abstract]
Current	120.30%
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	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Loss Contingency Accrual [Roll Forward]
Provisions for loss sharing	$ 15,695	$ 1,862	$ (6,167)
Guarantee obligations	34,600	34,400
Allowance for loss sharing obligations	$ 37,000	$ 22,700
Loss-sharing obligations (as a percent)	0.17%	0.12%
Impact of adopting CECL	$ 14,300
Loss-Sharing Obligation
Loss Contingency Accrual [Roll Forward]
Beginning balance	57,168	$ 56,064
Provisions for loss sharing	17,864	3,592
Provisions reversal for loan repayments	(2,169)	(1,730)
Recoveries (charge-offs), net	(1,229)	(758)
Ending balance	71,634	57,168	$ 56,064
Outstanding advances under the Fannie Mae DUS program	1,100	800
Maximum quantifiable liability	$ 3,950,000	$ 3,490,000

Derivative Financial Instrume_3

Derivative Financial Instruments - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivative Financial Instruments
Net gain (loss) from changes in the fair value of derivatives	$ 8,800	$ (3,600)	$ (800)
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Gain (loss) on derivative instruments, net	Gain (loss) on derivative instruments, net	Gain (loss) on derivative instruments, net
Mortgage servicing rights	$ 69,912	$ 69,346	$ 130,230
Income from Mortgage Service Rights
Derivative Financial Instruments
Mortgage servicing rights	69,900	69,300	130,200
Agency Business | Other Income
Derivative Financial Instruments
Unrealized gain (loss) on derivatives	(3,700)	3,500	(1,500)
Realized (loss) gain on derivatives	$ (1,600)	(26,900)	$ 100
Treasury futures
Derivative Financial Instruments
Derivative, maturity term	3 months
Derivative asset, treasury futures	$ 1,500	9,500
Cash posted as collateral	1,900	6,300
Unrealized gain (loss) on derivatives	$ (400)	$ 3,200
Treasury futures | Minimum
Derivative Financial Instruments
Treasury futures rate period	5 years
Treasury futures | Maximum
Derivative Financial Instruments
Treasury futures rate period	10 years
Credit Default Swap
Derivative Financial Instruments
Derivative swap default credit	5 years

Derivative Financial Instrume_4

Derivative Financial Instruments - Schedule of Non-Qualifying Derivative Financial Instruments (Details) $ in Thousands	Dec. 31, 2023 USD ($) item	Dec. 31, 2022 USD ($) item
Non-Qualifying | Agency Business
Derivative Financial Instruments
Notional Value	$ 594,079	$ 515,723
Fair Value, Derivative Assets	6,547	1,505
Fair Value, Derivative Liabilities	(1,021)	$ (4,897)
Rate lock commitments
Derivative Financial Instruments
Notional Value	$ 26,800
Rate lock commitments | Non-Qualifying | Agency Business
Derivative Financial Instruments
Count | item	3	6
Notional Value	$ 26,800	$ 91,472
Fair Value, Derivative Assets	428	354
Fair Value, Derivative Liabilities	(759)	$ (1,070)
Forward sale commitments
Derivative Financial Instruments
Notional Value	$ 559,079
Forward sale commitments | Non-Qualifying | Agency Business
Derivative Financial Instruments
Count | item	33	27
Notional Value	$ 559,079	$ 294,451
Fair Value, Derivative Assets	6,119	1,151
Fair Value, Derivative Liabilities	$ (262)	$ (3,827)
Treasury futures | Non-Qualifying | Agency Business
Derivative Financial Instruments
Count | item	82	1,298
Notional Value	$ 8,200	$ 129,800
Fair Value, Derivative Assets	0	0
Fair Value, Derivative Liabilities	$ 0	$ 0

Fair Value - Carrying Value and

Fair Value - Carrying Value and Estimated Fair Value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Financial assets:
Loans and investments, net - Principal/Notional Amount	$ 12,615,006	$ 14,456,123
Loans and investments, net	12,377,806	14,254,674	$ 11,981,048	$ 5,285,868
Loans held-for-sale, net - Principal/Notional Amount	552,325	368,066
Loans held-for-sale, net	552,325	368,066
Securities, held-to-maturity, net - Principal/Notional Amount	230,495	234,255
Securities held-to-maturity, net	155,279	156,547
Derivative financial instruments - Principal/Notional Amount	$ 447,609	$ 111,950
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Financial liabilities:
Credit and repurchase facilities, principal/notional amount	$ 3,242,939	$ 3,856,009
Credit and repurchase facilities	3,237,827	3,841,814
Securitized debt	6,935,010	7,849,270
Senior unsecured notes	1,333,968	1,385,994
Convertible senior unsecured notes, net	283,118	280,356
Junior subordinated notes	143,896	143,128
Derivative financial instruments - Principal/Notional Amount	$ 138,270	$ 273,973
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Minimum
Financial liabilities:
Period of loans held for sale sold	60 days
Maximum
Financial liabilities:
Period of loans held for sale sold	180 days
Carrying Value
Financial assets:
Loans and investments, net	$ 12,377,806	$ 14,254,674
Loans held-for-sale, net	551,707	354,070
Capitalized mortgage servicing rights, net	391,254	401,471
Securities held-to-maturity, net	155,279	156,547
Derivative financial instruments	6,547	1,505
Financial liabilities:
Credit and repurchase facilities	3,237,827	3,841,814
Securitized debt	6,935,010	7,849,270
Senior unsecured notes	1,333,968	1,385,994
Convertible senior unsecured notes, net	283,118	280,356
Junior subordinated notes	143,896	143,128
Derivative financial instruments	1,021	4,897
Estimated Fair Value
Financial assets:
Loans and investments, net	12,452,563	14,468,418
Loans held-for-sale, net	566,451	362,054
Capitalized mortgage servicing rights, net	510,472	530,913
Securities held-to-maturity, net	129,390	144,571
Derivative financial instruments	6,547	1,505
Financial liabilities:
Credit and repurchase facilities	3,228,324	3,828,192
Securitized debt	6,864,557	7,560,541
Senior unsecured notes	1,214,331	1,262,560
Convertible senior unsecured notes, net	301,156	287,834
Junior subordinated notes	106,444	103,977
Derivative financial instruments	1,021	4,897
Securitized debt
Financial liabilities:
Debt face value issued to third parties	6,956,284	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, net
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	$ 143,900	$ 143,100

Fair Value - Measurement on Rec

Fair Value - Measurement on Recurring and Nonrecurring Basis (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) loan	Dec. 31, 2022 USD ($)
Financial assets:
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Impaired loans, net	$ 404,896	$ 147,131
Allowance for credit losses on impaired loans	$ 120,600
Number of impaired loans | loan	19
Aggregate carrying value of impaired loans before reserves	$ 404,900
Impairment loss	$ (2,000)
Number of impaired loans held-for-sale | loan	6
Unrealized impairment losses	$ 20,000
Carrying Value
Financial assets:
Derivative financial instruments	6,547	1,505
Impaired loans, net	302,342
Financial liabilities:
Derivative financial instruments	1,021	4,897
Fair Value
Financial assets:
Derivative financial instruments	6,547	1,505
Impaired loans, net	302,342
Financial liabilities:
Derivative financial instruments	1,021	$ 4,897
Recurring Basis | Carrying Value
Financial assets:
Derivative financial instruments	6,547
Financial liabilities:
Derivative financial instruments	1,021
Recurring Basis | Fair Value
Financial assets:
Derivative financial instruments	6,547
Financial liabilities:
Derivative financial instruments	1,021
Nonrecurring Basis | Carrying Value
Financial assets:
Loans held-for-investment	284,285
Loans held-for-sale	18,057
Nonrecurring Basis | Fair Value
Financial assets:
Loans held-for-investment	284,285
Loans held-for-sale	18,057
Level 1
Financial assets:
Impaired loans, net	0
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
Level 2
Financial assets:
Impaired loans, net	18,057
Level 2 | Recurring Basis
Financial assets:
Derivative financial instruments	6,119
Financial liabilities:
Derivative financial instruments	1,021
Level 2 | Nonrecurring Basis
Financial assets:
Loans held-for-investment	0
Loans held-for-sale	18,057
Level 3
Financial assets:
Impaired loans, net	284,285
Level 3 | Recurring Basis
Financial assets:
Derivative financial instruments	428
Financial liabilities:
Derivative financial instruments	0
Level 3 | Nonrecurring Basis
Financial assets:
Loans held-for-investment	284,285
Loans held-for-sale	$ 0

Fair Value - Level 3 Inputs (De

Fair Value - Level 3 Inputs (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Multifamily | Capitalization rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative financial instruments measurement input	0.0635
Land | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative financial instruments measurement input	0.2150
Land | Revenue growth rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative financial instruments measurement input	0.0300
Retail | Capitalization rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative financial instruments measurement input	0.0925
Retail | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative financial instruments measurement input	0.1125
Retail | Revenue growth rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative financial instruments measurement input	0.0300
Rate lock commitments
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative Asset, Measurement Input [Extensible List]	Discount rate
Rate lock commitments | Discount rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative financial instruments measurement input	0.1338
Level 3 | Multifamily
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Impaired loans, fair value	$ 222,540
Level 3 | Land
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Impaired loans, fair value	50,000
Level 3 | Retail
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Impaired loans, fair value	11,745
Level 3 | Rate lock commitments
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative financial instruments	$ 428
Derivative Asset, Valuation Technique [Extensible List]	Valuation Technique, Discounted Cash Flow [Member]

Fair Value - Level 3 Derivative

Fair Value - Level 3 Derivative Instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 354	$ 295	$ 1,967
Settlements	(66,407)	(64,896)	(112,836)
Realized gains recorded in earnings	66,053	64,601	110,869
Unrealized gains recorded in earnings	428	354	295
Ending balance	$ 428	$ 354	$ 295

Fair Value - Components of Fair

Fair Value - Components of Fair Value and Other Relevant Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value of Servicing Rights	$ 8,212
Interest Rate Movement Effect	0
Unrealized Impairment Loss	(1,989)
Total Fair Value Adjustment	6,223
Rate lock commitments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Notional/ Principal Amount	26,800
Fair Value of Servicing Rights	428
Interest Rate Movement Effect	759
Unrealized Impairment Loss	0
Total Fair Value Adjustment	1,187
Forward sale commitments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Notional/ Principal Amount	559,079
Fair Value of Servicing Rights	0
Interest Rate Movement Effect	(759)
Unrealized Impairment Loss	0
Total Fair Value Adjustment	(759)
Loans held-for-sale, net
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Notional/ Principal Amount	552,325
Fair Value of Servicing Rights	7,784
Interest Rate Movement Effect	0
Unrealized Impairment Loss	(1,989)
Total Fair Value Adjustment	$ 5,795

Fair Value - Financial Assets a

Fair Value - Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Financial assets:
Loans and investments, net	$ 12,377,806	$ 14,254,674	$ 11,981,048	$ 5,285,868
Loans held-for-sale, net	552,325	368,066
Securities held-to-maturity, net	155,279	156,547
Financial liabilities:
Credit and repurchase facilities	3,237,827	3,841,814
Securitized debt	6,935,010	7,849,270
Senior unsecured notes	1,333,968	1,385,994
Convertible senior unsecured notes, net	283,118	280,356
Junior subordinated notes	143,896	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	1,214,331
Convertible senior unsecured notes, net	0
Junior subordinated notes	0
Level 2
Financial assets:
Loans and investments, net	0
Loans held-for-sale, net	558,667
Capitalized mortgage servicing rights, net	0
Securities held-to-maturity, net	0
Financial liabilities:
Credit and repurchase facilities	413,326
Securitized debt	0
Senior unsecured notes	0
Convertible senior unsecured notes, net	301,156
Junior subordinated notes	0
Level 3
Financial assets:
Loans and investments, net	12,452,563
Loans held-for-sale, net	7,784
Capitalized mortgage servicing rights, net	510,472
Securities held-to-maturity, net	129,390
Financial liabilities:
Credit and repurchase facilities	2,814,998
Securitized debt	6,864,557
Senior unsecured notes	0
Convertible senior unsecured notes, net	0
Junior subordinated notes	106,444
Carrying Value
Financial assets:
Loans and investments, net	12,377,806	14,254,674
Loans held-for-sale, net	551,707	354,070
Capitalized mortgage servicing rights, net	391,254
Securities held-to-maturity, net	155,279	156,547
Financial liabilities:
Credit and repurchase facilities	3,237,827	3,841,814
Securitized debt	6,935,010	7,849,270
Senior unsecured notes	1,333,968	1,385,994
Convertible senior unsecured notes, net	283,118	280,356
Junior subordinated notes	143,896	143,128
Fair Value
Financial assets:
Loans and investments, net	12,452,563	14,468,418
Loans held-for-sale, net	566,451	362,054
Capitalized mortgage servicing rights, net	510,472
Securities held-to-maturity, net	129,390	144,571
Financial liabilities:
Credit and repurchase facilities	3,228,324	3,828,192
Securitized debt	6,864,557	7,560,541
Senior unsecured notes	1,214,331	1,262,560
Convertible senior unsecured notes, net	301,156	287,834
Junior subordinated notes	$ 106,444	$ 103,977

Commitments and Contingencies -

Commitments and Contingencies - Contractual Commitments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Agency Business Commitments [Line Items]
Cash collateral per securitization	$ 5,000
Outstanding letters of credit	5,000
Debt Obligations
2024	1,855,247
2025	2,523,024
2026	1,996,721
2027	4,510,642
2028	946,089
Thereafter	154,336
Net Carrying Value	11,986,059
Minimum Annual Operating Lease Payments
2024	10,820
2025	11,206
2026	11,297
2027	9,782
2028	9,064
Thereafter	27,755
Total	79,924
Total
2024	1,866,067
2025	2,534,230
2026	2,008,018
2027	4,520,424
2028	955,153
Thereafter	182,091
Total	$ 12,065,983
Operating Lease, Weighted average remaining lease term (in years)	7 years 7 months 6 days	8 years 2 months 12 days
Operating Lease, Weighted average discount rate (as a percent)	5.70%	6.80%
Operating lease expense	$ 10,900	$ 9,600	$ 9,300
Unfunded CLO Commitments
Unfunded commitments related to structured loans and investments	1,310,000	$ 1,150,000
Fannie Mae Mortgage
Agency Business Commitments [Line Items]
Minimum liquid assets to be maintained to meet operational liquidity requirements	$ 20,300
Period of funding for collateral requirement	48 months
Letter of credit required amount	$ 76,200
Letter of credit assigned	64,000
Reserve required to fund additional restricted liquidity over the next 48 months	$ 36,600
Period of additional funding for collateral requirement	48 months
Forward Contracts
Agency Business Commitments [Line Items]
Period of contractual commitment	60 days
Minimum
Total
Remaining lease term	9 months 18 days	2 months 12 days
Maximum
Total
Remaining lease term	10 years 1 month 6 days	10 years 4 months 24 days

Commitments and Contingencies_2

Commitments and Contingencies - Litigation (Details) $ in Thousands	1 Months Ended			12 Months Ended
	Dec. 31, 2022 USD ($)	Jun. 30, 2013 lawsuit defendant	Jun. 30, 2011 defendant lawsuit	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Commitments and Contingencies
Litigation settlement | $				$ 0	$ 7,350	$ 0
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) | Motion to Amend 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
Aggregate amount which the Trust would be seeking from the affiliates of the entity | $	$ 38,000

Variable Interest Entity (Detai

Variable Interest Entity (Details) $ in Thousands		12 Months Ended
		Dec. 31, 2023 USD ($) entity	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Assets:
Restricted cash		$ 608,233	$ 713,808	$ 486,690	$ 197,470
Loans and investments, net		12,377,806	14,254,674	$ 11,981,048	$ 5,285,868
Other assets		490,281	371,440
Total assets	[1]	15,738,636	17,038,985
Liabilities:
Securitized debt		6,935,010	7,849,270
Other liabilities		343,072	335,789
Total liabilities	[1]	12,484,031	13,967,106
Carrying amount of loans and investments before reserves related to VIEs		12,615,006
CLOs and Debt Fund
Assets:
Restricted cash		593,956	710,775
Loans and investments, net		7,826,793	8,900,104
Other assets		193,822	174,382
Total assets		8,614,571	9,785,261
Liabilities:
Securitized debt		6,935,010	7,849,270
Other liabilities		32,867	26,754
Total liabilities		6,967,877	$ 7,876,024
Unconsolidated VIEs
Assets:
Total assets		$ 716,488
Liabilities:
Number of VIEs where the reporting entity is not VIE's primary beneficiary and VIEs have variable interest | entity		31
Carrying amount of loans and investments before reserves related to VIEs		$ 127,900
Loan loss reserves related to VIEs		77,900
Exposure to real estate debt		3,910,000
Loans | Unconsolidated VIEs
Assets:
Total assets		524,915
APL certificates | Unconsolidated VIEs
Assets:
Total assets		131,137
B Piece bonds | Unconsolidated VIEs
Assets:
Total assets		30,398
Equity investments | Unconsolidated VIEs
Assets:
Total assets		29,876
Agency interest only strips | Unconsolidated VIEs
Assets:
Total assets		$ 162
[1]Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities, or VIEs, as we are the primary beneficiary of these VIEs. At December 31, 2023 and 2022, assets of our consolidated VIEs totaled $8,614,571 and $9,785,261, respectively, and the liabilities of our consolidated VIEs totaled $6,967,876 and $7,876,024, respectively. See Note 15 for discussion of our VIEs.

Equity - Preferred Stock (Detai

Equity - Preferred Stock (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Proceeds from Issuance of Preferred Stock and Preference Stock		$ 0	$ 77,522	$ 555,999
Series F
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Return on the preferred shares issued to third parties by its subsidiary REIT (as a percent)		6.25%	6.25%
Series F | Preferred Stock
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Proceeds from Issuance of Preferred Stock and Preference Stock	$ 77,100
Series F | Preferred Stock | Public Offering
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Issuance of preferred stock (in shares)	3,292,000
Return on the preferred shares issued to third parties by its subsidiary REIT (as a percent)	6.25%

Equity - Common Stock (Details)

Equity - Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2023	Nov. 30, 2022
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Proceeds from issuance of common stock		$ 193,661	$ 408,735	$ 514,593
Amount available for repurchase	$ 150,000	150,000
Share Repurchase Program
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Stock Repurchase Program, Authorized Amount	$ 150,000	$ 150,000			$ 50,000
Shares repurchased (in shares)	3,545,604
Shares repurchased, value	$ 37,400
Accelerated share repurchases, final price paid per share (in dollars per share)	$ 10.56
Common Stock
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Issuance of stock (in shares)		13,113,296	26,335,788	29,140,369
Common Stock | At-The-Market
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Number of shares available under the amended agreement (in shares)	5,176,704	5,176,704				25,000,000
Issuance of stock (in shares)		13,113,296
Common stock, par value (in dollars per share)	$ 14.77	$ 14.77
Proceeds from issuance of common stock		$ 193,700

Equity - Noncontrolling Interes

Equity - Noncontrolling Interest (Details)						12 Months Ended
	Feb. 14, 2024 $ / shares	Oct. 25, 2023 $ / shares	Jul. 26, 2023 $ / shares	May 03, 2023 $ / shares	Feb. 15, 2023 $ / shares	Dec. 31, 2023 Vote $ / shares shares	Dec. 31, 2022 $ / shares	Dec. 31, 2021
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Preferred stock, par value (in dollars per share)						$ 0.01	$ 0.01
Percentage of dividend paid to common stock and preferred stock shareholders represented ordinary income to our stockholders						100%	100%	100%
Common Stock
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Common Stock, Dividend (in dollars per share)		$ 0.43	$ 0.43	$ 0.42	$ 0.40
Common Stock | Subsequent Event
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Common Stock, Dividend (in dollars per share)	$ 0.43
Operating Partnership Units
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Conversion ratio for operating partnership units to common stock shares						1
Operating Partnership Units | Special voting preferred shares
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Preferred stock, par value (in dollars per share)						$ 0.01
Number of votes per share (in shares) | Vote						1
OP units outstanding (in shares) | shares						16,293,589
Voting power of outstanding stock (as a percent)						8%

Equity - Deferred Compensation

Equity - Deferred Compensation (Details) - USD ($) $ in Millions	1 Months Ended		12 Months Ended
	Jul. 31, 2021	Apr. 30, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Employee Compensation And Benefits
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Share-based compensation expense			$ 14.2	$ 14.2	$ 9.3
Selling and Administrative Expense
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Share-based compensation expense			$ 0.7	$ 0.8	$ 0.6
Chief Executive Officer | Common Stock
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Restricted stock vested during period, net settled (in shares)			153,287	120,665	150,530
Chief Executive Officer | ACM Acquisition | Common Stock
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Restricted stock vested during period, net settled (in shares)			172,513	186,772	229,083
Restricted Common Stock
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Total grant date fair value			$ 23.7	$ 21.3
Restricted stock vested with grant date fair value (in shares)			874,611
Restricted stock vested during the period, grant date fair value			$ 11.1
Unvested restricted common stock outstanding (in shares)			1,657,078	1,389,427
Unrecognized compensation cost			$ 8.1
Remaining weighted-average vesting period			1 year 9 months 18 days
Restricted Common Stock | 2020 Plan | Chief Executive Officer
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Grants during the period (in shares)			247,275
Total grant date fair value			$ 2.9
Restricted Common Stock | Employees
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Grants during the period (in shares)				652,596
Total grant date fair value				$ 11.1
Restricted Common Stock | Employees | 2020 Plan
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Grants during the period (in shares)			943,788		384,758
Total grant date fair value			$ 11.3		$ 6.4
Restricted Common Stock | Employees | 2020 Plan | Vested on Grant Date
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Grants during the period (in shares)			299,710	232,899	144,951
Total grant date fair value			$ 3.6	$ 4	$ 2.4
Restricted Common Stock | Employees | 2020 Plan | First Anniversaries
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Grants during the period (in shares)			277,751		101,475
Total grant date fair value			$ 3.4	$ 3.7	$ 1.7
Restricted Common Stock | Employees | 2020 Plan | Second Anniversaries
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Grants during the period (in shares)			253,479	181,968	88,788
Total grant date fair value			$ 3	$ 3.1	$ 1.5
Restricted Common Stock | Employees | 2020 Plan | Third anniversaries
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Grants during the period (in shares)			78,126	9,951	25,479
Total grant date fair value			$ 0.9	$ 0.2	$ 0.4
Restricted Common Stock | Employees | 2020 Plan | Fourth Anniversaries
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Grants during the period (in shares)			34,722	9,938	24,065
Total grant date fair value			$ 0.4	$ 0.2	$ 0.4
RSUs | 2020 Plan | Director
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Grants during the period (in shares)			40,796	25,012
Total grant date fair value			$ 0.5	$ 0.4
RSUs | 2020 Plan | Chief Executive Officer
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Grants during the period (in shares)				189,873
Total grant date fair value				$ 3.3
RSUs | Employees | First Anniversaries
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Grants during the period (in shares)				217,840
Time Based Vesting Equity Award | Chief Executive Officer
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Grants during the period (in shares)	165,746	184,729
Total grant date fair value	$ 3	$ 3.1
Performance-Based Restricted Stock | Chief Executive Officer
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Grants during the period (in shares)			352,427					294,985
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period				381,503	448,980
Vesting period (in years)			4 years	4 years
Performance-Based Restricted Stock | Chief Executive Officer | ACM Acquisition
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Grants during the period (in shares)						313,152	246,508	294,985

Equity - Schedule of Dividends

Equity - Schedule of Dividends Payable (Details) - $ / shares	Dec. 29, 2023	Oct. 25, 2023	Sep. 29, 2023	Jul. 26, 2023	Jun. 30, 2023	May 03, 2023	Mar. 31, 2023	Feb. 15, 2023	Jan. 03, 2023
Common Stock
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Common Stock, Dividend (in dollars per share)		$ 0.43		$ 0.43		$ 0.42		$ 0.40
Preferred Stock | Series D
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Preferred Stock, Dividends (in dollars per share)	$ 0.3984375		$ 0.3984375		$ 0.3984375		$ 0.3984375		$ 0.3984375
Preferred Stock | Series E
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Preferred Stock, Dividends (in dollars per share)	0.390625		0.390625		0.390625		0.390625		0.390625
Preferred Stock | Series F
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Preferred Stock, Dividends (in dollars per share)	$ 0.390625		$ 0.390625		$ 0.390625		$ 0.390625		$ 0.390625

Equity - Earnings Per Share ("E

Equity - Earnings Per Share ("EPS") (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Basic
Net income attributable to common stockholders	$ 330,065	$ 284,829	$ 317,412
Net income attributable to common stockholders and noncontrolling interest	$ 330,065	$ 284,829	$ 317,412
Weighted average shares outstanding (in shares)	184,641,642	165,355,167	137,830,691
Weighted average shares outstanding (in shares)	184,641,642	165,355,167	137,830,691
Net income per common share (in dollars per share)	$ 1.79	$ 1.72	$ 2.30
Diluted
Net income attributable to common stockholders	$ 330,065	$ 284,829	$ 317,412
Net income attributable to noncontrolling interest	29,122	28,044	38,507
Interest expense on convertible notes	24,832	20,166
Net income attributable to common stockholders and noncontrolling interest	$ 384,019	$ 333,039	$ 355,919
Weighted average shares outstanding (in shares)	184,641,642	165,355,167	137,830,691
Dilutive effect of OP Units (in shares)	16,293,589	16,304,638	16,818,722
Dilutive effect of restricted stock units (in shares)	17,294,392	16,900,204	933,233
Dilutive effect of convertible notes (in shares)	613,990	552,621	506,949
Weighted average shares outstanding (in shares)	218,843,613	199,112,630	156,089,595
Diluted earnings per common share (in dollars per share)	$ 1.75	$ 1.67	$ 2.28
Mr. Ivan Kaufman | Performance-Based Restricted Stock
Diluted
Vesting period (in years)	4 years

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Taxes
Provision for (benefit) from income taxes	$ 27,347,000	$ 17,484,000	$ 46,285,000
Valuation allowance	294,000	(2,000)	139,000
REIT
Income Taxes
REIT state income tax expense	0	0	$ 0
Federal and state net operating loss carryforwards	0	0
Capital loss carryforwards	0	0
TRS Consolidated Group
Income Taxes
Federal and state net operating loss carryforwards	0	0
Capital loss carryforwards	1,100,000	1,100,000
TRS Consolidated Group | State
Income Taxes
Federal and state net operating loss carryforwards	$ 200,000	$ 200,000

Income Taxes - Schedule of Pre-

Income Taxes - Schedule of Pre-Tax GAAP Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Taxes
Total pre‑tax GAAP income	$ 427,903	$ 371,311	$ 424,092
REIT
Income Taxes
Total pre‑tax GAAP income	320,045	303,320	239,356
TRS Consolidated Group
Income Taxes
Total pre‑tax GAAP income	$ 107,858	$ 67,991	$ 184,736

Income Taxes - Schedule of Prov

Income Taxes - Schedule of Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current tax provision:
Federal	$ 26,269	$ 14,167	$ 27,454
State	8,427	5,058	7,939
Total	34,696	19,225	35,393
Deferred tax (benefit) provision:
Federal	(5,272)	(1,373)	8,287
State	(1,783)	(370)	2,744
Valuation allowance	(294)	2	(139)
Total	(7,349)	(1,741)	10,892
Total income tax expense	$ 27,347	$ 17,484	$ 46,285

Income Taxes - Schedule of Reco

Income Taxes - Schedule of Reconciliation of Income Tax Rate (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
U.S. federal statutory rate	21%	21%	21%
REIT non‑taxable income	(15.70%)	(17.20%)	(11.90%)
State and local income taxes, net of federal tax benefit	1.20%	1%	2%
Other	(0.10%)	(0.10%)	(0.20%)
Effective income tax rate	6.40%	4.70%	10.90%

Income Taxes - Schedule of Defe

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Expenses not currently deductible	$ 27,144	$ 22,755
Loan loss reserves	7,088	7,159
Net operating and capital loss carryforwards	188	454
Valuation allowance	0	(294)
Other	346	441
Deferred tax assets, net	34,766	30,515
Deferred tax liabilities:
Mortgage servicing rights	28,286	26,975
Intangibles	5,565	6,457
Interest in equity affiliates—net	2,719	6,237
Deferred tax liabilities, net	$ 36,570	$ 39,669

Agreements and Transactions w_2

Agreements and Transactions with Related Parties - Shared Services Agreement (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related Party | Other Related Party Transactions
Agreements and Transactions with Related Parties
Costs for services to related party	$ 3.2	$ 3.3	$ 3.2

Agreements and Transactions w_3

Agreements and Transactions with Related Parties- Other Related Party Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Agreements and Transactions with Related Parties
Due from related party	$ 64,421	$ 77,419
Due to related party	13,799	12,350
Other Related Party Transactions | Related Party
Agreements and Transactions with Related Parties
Due from related party	64,400	77,400
Due to related party	13,800	12,400
Reimbursement for flights chartered by the company's executives	$ 800	$ 1,100	$ 200

Agreements and Transactions w_4

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

1 Months Ended

3 Months Ended

12 Months Ended

Jul. 01, 2023

Jan. 31, 2024

May 31, 2023 USD ($) officer

Apr. 30, 2023 USD ($)

Jul. 31, 2022 USD ($)

Apr. 30, 2022 USD ($)

Dec. 31, 2021 USD ($)

Dec. 31, 2020 USD ($) property

Jan. 31, 2019 USD ($)

Jun. 30, 2023

Dec. 31, 2023 USD ($) shares

Dec. 31, 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 ($) property loan

Dec. 31, 2016

Dec. 31, 2015 USD ($)

Nov. 30, 2023 USD ($)

Feb. 28, 2022 USD ($)

Agreements and Transactions with Related Parties

Interest income

$ 1,331,219

$ 948,401

$ 466,087

Investment made

1,362,171

5,955,061

9,209,475

Income from equity affiliates

24,281

14,247

34,567

Servicing revenue

$ 193,542

152,068

133,429

Indirect ownership percentage

9.20%

Paydowns of principal made by borrower

$ 3,354,055

3,818,554

2,516,771

Lexford Portfolio

Agreements and Transactions with Related Parties

Distribution received

12,200

11,100

Mezzanine Loans | Other Related Party Transactions | Subsequent Event

Agreements and Transactions with Related Parties

Extension of maturity date (in years)

1 year

Bridge Loans

Agreements and Transactions with Related Parties

Variable rate, spread (as a percent)

3.40%

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 | Other Related Party Transactions

Agreements and Transactions with Related Parties

Amount invested

$ 4,200

$ 4,200

Income from equity affiliates

12,200

11,100

Maximum exposure under guaranty

600,000

Related Party | Other Related Party Transactions | LLC

Agreements and Transactions with Related Parties

Ownership interest (as a percent)

49.30%

49.30%

Related Party | Other Related Party Transactions | AMAC III

Agreements and Transactions with Related Parties

Interest income

3,100

1,900

$ 1,300

Amount invested

25,900

$ 30,000

Ownership interest (as a percent)

18%

Income from equity affiliates

1,900

2,400

1,300

Distribution received

$ 1,100

500

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 | CMBS/Conduit | Other Related Party Transactions

Agreements and Transactions with Related Parties

Loans assumed

$ 26,000

Related Party | Residential mortgage banking business | Other Related Party Transactions

Agreements and Transactions with Related Parties

Income from equity affiliates

$ 600

4,900

34,600

Acquisition purchase price

$ 9,600

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

50%

Indirect ownership percentage

12.30%

Related Party | ACM Acquisition | Other Related Party Transactions

Agreements and Transactions with Related Parties

Distribution received

$ 15,000

23,800

Number of shares held by related party (in shares) | shares

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

6.40%

Related Party | Retail property | Other Related Party Transactions

Agreements and Transactions with Related Parties

Property purchased

$ 32,500

32,500

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

Related Party | Maturity date of March 2025 | Secured Overnight Financing Rate (SOFR) | Other Related Party Transactions

Agreements and Transactions with Related Parties

Base spread (as a percent)

5.50%

Related Party | Mature date of April 2030 | Multifamily | Other Related Party Transactions

Agreements and Transactions with Related Parties

Number of properties owned | property

2

2

Related Party | Maturity Date Of June 2021 | Other Related Party Transactions

Agreements and Transactions with Related Parties

Interest income

$ 500

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

Fixed rate of interest (as a percent)

3.30%

Related Party | Preferred equity investments | Other Related Party Transactions

Agreements and Transactions with Related Parties

Equity investment

$ 10,000

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 (as a percent)

12%

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

$ 3,400

Related Party | Mezzanine Loans | Other Related Party Transactions | AMAC III

Agreements and Transactions with Related Parties

Principal amount

$ 7,000

Related Party | Mezzanine Loans | Single- Family Rental | Other Related Party Transactions

Agreements and Transactions with Related Parties

Interest income

300

300

300

Related Party | Mezzanine Loans | Mature date of April 2030 | Other Related Party Transactions

Agreements and Transactions with Related Parties

Fixed rate of interest (as a percent)

9%

Related Party | Bridge Loans | Other Related Party Transactions

Agreements and Transactions with Related Parties

Principal amount

35,000

Equity participation interest (as a percentage)

18.90%

18.90%

Related Party | Bridge Loans | Other Related Party Transactions | AMAC III

Agreements and Transactions with Related Parties

Principal amount

34,000

Related Party | Bridge Loans | Single- Family Rental | Other Related Party Transactions

Agreements and Transactions with Related Parties

Loan committed

$ 32,500

31,400

$ 30,500

Interest income

1,300

Investment made

$ 3,500

Loan committed upsized

$ 38,800

$ 39,900

Related Party | Bridge Loans | Matures in December 2025

Agreements and Transactions with Related Parties

Interest income

$ 400

Related Party | Bridge Loans | Matures in December 2025 | Other Related Party Transactions

Agreements and Transactions with Related Parties

Principal amount

56,900

Loan committed

$ 6,000

Number of officers | officer

2

Equity investment

$ 500

Equity participation interest (as a percentage)

4%

Related Party | Bridge Loans | Matures in December 2025 | Secured Overnight Financing Rate (SOFR) | Other Related Party Transactions

Agreements and Transactions with Related Parties

Base spread (as a percent)

5.50%

LIBOR floor (as a percentage)

3.25%

Related Party | Bridge Loans | Maturity date of March 2025

Agreements and Transactions with Related Parties

Interest income

200

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

$ 6,300

Interest income

400

100

Related Party | Bridge Loans | Maturity date of March 2025 | Secured Overnight Financing Rate (SOFR) | Other Related Party Transactions

Agreements and Transactions with Related Parties

Equity participation interest (as a percentage)

70%

LIBOR floor (as a percentage)

0.25%

Related Party | Bridge Loans | Maturity date of March 2025 | LIBOR | Other Related Party Transactions

Agreements and Transactions with Related Parties

Equity participation interest (as a percentage)

2.25%

Base spread (as a percent)

4%

Related Party | Bridge Loans | Maturity date of May 2025 | Other Related Party Transactions

Agreements and Transactions with Related Parties

Principal amount

$ 67,100

Loan committed

$ 9,400

Interest income

200

100

Related Party | Bridge Loans | Maturity date of May 2025 | Secured Overnight Financing Rate (SOFR) | Other Related Party Transactions

Agreements and Transactions with Related Parties

Equity participation interest (as a percentage)

2.25%

Base spread (as a percent)

4.63%

LIBOR floor (as a percentage)

0.25%

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

5,600

3,700

$ 2,100

Related Party | Bridge Loans | Maturity date of March 2024 | LIBOR | Other Related Party Transactions

Agreements and Transactions with Related Parties

Base spread (as a percent)

3.75%

3.75%

LIBOR floor (as a percentage)

0.25%

Related Party | Bridge Loans | Matures in May 2023 | Secured Overnight Financing Rate (SOFR) | Other Related Party Transactions

Agreements and Transactions with Related Parties

Base spread (as a percent)

5.25%

Related Party | Bridge Loans | Matures in May 2023 | LIBOR | Other Related Party Transactions

Agreements and Transactions with Related Parties

Base spread (as a percent)

5.50%

5.50%

LIBOR floor (as a percentage)

1%

0.75%

Amount invested

36,300

Related Party | Bridge Loans | Matures in April 2023 | Other Related Party Transactions

Agreements and Transactions with Related Parties

Interest income

3,600

$ 600

Related Party | Bridge Loans | Mature date of April 2030 | Other Related Party Transactions

Agreements and Transactions with Related Parties

Interest income

1,600

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 (as a percent)

4%

Paydowns of principal made by borrower

$ 250,000

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

$ 50,000

Related Party | Bridge loan, one multifamily property | Other Related Party Transactions

Agreements and Transactions with Related Parties

Principal amount

$ 21,700

Related Party | Bridge loan, one multifamily property | Mature date of April 2030 | Other Related Party Transactions

Agreements and Transactions with Related Parties

Principal amount

$ 35,400

$ 35,400

Related Party | Bridge loan, one multifamily property | Mature date of April 2030 | LIBOR | Other Related Party Transactions

Agreements and Transactions with Related Parties

Variable rate, spread (as a percent)

3.50%

Related Party | Bridge loan, several multifamily properties | Maturity Date Of June 2021 | Other Related Party Transactions

Agreements and Transactions with Related Parties

Base spread (as a percent)

4.75%

LIBOR floor (as a percentage)

0.25%

Interest income

$ 2,200

1,400

1,300

Percentage of ownership interest of related party in the entity

75%

Related Party | Bridge loan, two multifamily properties | Mature date of April 2030 | Other Related Party Transactions

Agreements and Transactions with Related Parties

Principal amount

14,800

$ 14,800

Percentage of ownership interest of related party in the entity

50%

Related Party | Bridge loan, two multifamily properties | Maturity date of fourth quarter 2020 | Other Related Party Transactions

Agreements and Transactions with Related Parties

Principal amount

$ 28,000

Base spread (as a percent)

5.25%

Interest income

$ 1,900

Percentage of ownership interest of related party in the entity

45%

Number of properties owned | property

2

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

2

Related Party | Bridge loan, two multifamily properties | Maturity date of fourth quarter 2020 | Minimum | Other Related Party Transactions

Agreements and Transactions with Related Parties

LIBOR floor (as a percentage)

1.24%

Related Party | Bridge loan, two multifamily properties | Maturity date of fourth quarter 2020 | Maximum | Other Related Party Transactions

Agreements and Transactions with Related Parties

LIBOR floor (as a percentage)

1.54%

Related Party | Bridge loan, two multifamily properties | Maturity date of October 2021 | Other Related Party Transactions

Agreements and Transactions with Related Parties

Principal amount

$ 31,100

$ 31,100

LIBOR floor (as a percentage)

1.80%

Related Party | Bridge loan, two multifamily properties | Maturity date of October 2021 | LIBOR | Other Related Party Transactions

Agreements and Transactions with Related Parties

Base spread (as a percent)

4%

4%

Related Party | Bridge loan, two multifamily properties | Maturity date of 2020 | Other Related Party Transactions

Agreements and Transactions with Related Parties

Interest income

800

Related Party | Ginkgo Investment Company LLC | 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

Loan purchased a multifamily apartment complex which assumed

$ 8,300

Percentage of ownership after transaction

3.60%

Percentage of loan assumption fee

1%

Immediate Family Member of Management or Principal Owner | Other Related Party Transactions | LLC

Agreements and Transactions with Related Parties

Ownership interest (as a percent)

10%

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

$ 2,800

1,300

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 (as a percent)

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%

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

Interest income

$ 500

Immediate Family Member of Management or Principal Owner | Bridge Loans | Matures in October 2023 | LIBOR | Other Related Party Transactions

Agreements and Transactions with Related Parties

Base spread (as a percent)

5.50%

5.50%

LIBOR floor (as a percentage)

0.75%

Director | Ginkgo Investment Company LLC | Other Related Party Transactions

Agreements and Transactions with Related Parties

Percentage of managing member

33%

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%

Chief Executive Officer | Chief Executive Officer | Other Related Party Transactions

Agreements and Transactions with Related Parties

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

5%

Chief Executive Officer | Mezzanine Loans | Other Related Party Transactions

Agreements and Transactions with Related Parties

Fixed rate of interest (as a percent)

10%

Chief Executive Officer | Bridge loan, six multifamily properties | Maturity date of September 2019 | Other Related Party Transactions

Agreements and Transactions with Related Parties

Interest income

$ 200

$ 200

$ 200

Chief Executive Officer | Bridge loan, six multifamily properties | Maturity date of September 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 September 2019 | Maximum | Other Related Party Transactions

Agreements and Transactions with Related Parties

Percentage of ownership interest of related party in the entity

12%

Employee Benefits - 401(k) Plan

Employee Benefits - 401(k) Plan (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Employee Benefits
Minimum period of continuous service required under 401(k) plan	6 months
Employer's match of the first 6% of employee's contributions (as a a percent)	25%
Percentage of eligible compensation, matched 25% by employer	6%
Employee Compensation And Benefits
Employee Benefits
Expense recorded under 401(k) plan	$ 1.2	$ 1	$ 0.8

Employee Benefits - Deferred Co

Employee Benefits - Deferred Comp Plan (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Employee Benefits
Period over which matching contributions vest after year 5	9 years
Deferred compensation expense	$ 3.1	$ 3.3	$ 2.2
Other liabilities
Employee Benefits
Liabilities related to deferred comp plan	37.6	28.7
Other assets
Employee Benefits
Assets related to deferred comp plan	$ 30.2	$ 24.7

Segment Information - Statement

Segment Information - Statements of Income (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Segment Reporting Information [Line Items]
Interest income	$ 1,331,219	$ 948,401	$ 466,087
Interest expense	903,228	557,617	212,005
Net interest income	427,991	390,784	254,082
Other revenue:
Gain on sales, including fee-based services, net	72,522	55,816	123,037
Mortgage servicing rights	69,912	69,346	130,230
Servicing revenue	193,542	152,068	133,429
Amortization of MSRs	(63,093)	(59,876)	(58,615)
Property operating income	5,708	1,877	185
Gain (loss) on derivative instruments, net	6,763	26,609	(2,684)
Other income (loss), net	7,667	(17,563)	7,566
Total other revenue	293,021	228,277	333,148
Other expenses:
Employee compensation and benefits	159,788	161,825	171,796
Selling and administrative	51,260	53,990	45,575
Property operating expenses	5,897	2,136	718
Depreciation and amortization	9,743	8,732	7,215
Provision for loss sharing (net of recoveries)	15,695	1,862	(6,167)
Provision for credit losses (net of recoveries)	73,446	21,169	(21,113)
Litigation settlement		7,350
Total other expenses	315,829	257,064	198,024
Income before extinguishment of debt, gain on real estate, income from equity affiliates and income taxes	405,183	361,997	389,206
Loss on extinguishment of debt	(1,561)	(4,933)	(3,374)
Gain on sale of real estate	0	0	3,693
Income from equity affiliates	24,281	14,247	34,567
Provision for income taxes	(27,347)	(17,484)	(46,285)
Net income	400,556	353,827	377,807
Preferred stock dividends	41,369	40,954	21,888
Net income attributable to noncontrolling interest	29,122	28,044	38,507
Net income attributable to common stockholders	$ 330,065	284,829	317,412
Reporting segments | segment	2
Operating segments | Structured Business
Segment Reporting Information [Line Items]
Interest income	$ 1,279,433	903,622	427,039
Interest expense	880,602	538,659	194,435
Net interest income	398,831	364,963	232,604
Other revenue:
Gain on sales, including fee-based services, net	0	0	0
Mortgage servicing rights	0	0	0
Servicing revenue	0	0	0
Amortization of MSRs	0	0	0
Property operating income	5,708	1,877	185
Gain (loss) on derivative instruments, net	0	0	0
Other income (loss), net	4,868	(2,360)	7,491
Total other revenue	10,576	(483)	7,676
Other expenses:
Employee compensation and benefits	53,507	56,032	51,225
Selling and administrative	23,234	26,059	21,064
Property operating expenses	5,897	2,136	718
Depreciation and amortization	5,052	4,041	2,524
Provision for loss sharing (net of recoveries)	0	0	0
Provision for credit losses (net of recoveries)	70,344	19,770	(21,223)
Litigation settlement		7,350
Total other expenses	158,034	115,388	54,308
Income before extinguishment of debt, gain on real estate, income from equity affiliates and income taxes	251,373	249,092	185,972
Loss on extinguishment of debt	(1,561)	(4,933)	(3,374)
Gain on sale of real estate			2,466
Income from equity affiliates	24,281	14,247	34,567
Provision for income taxes	803	(821)	(5,940)
Net income	274,896	257,585	213,691
Preferred stock dividends	41,369	40,954	21,888
Net income attributable to noncontrolling interest	0	0	0
Net income attributable to common stockholders	233,527	216,631	191,803
Operating segments | Agency Business
Segment Reporting Information [Line Items]
Interest income	51,786	44,779	39,048
Interest expense	22,626	18,958	17,570
Net interest income	29,160	25,821	21,478
Other revenue:
Gain on sales, including fee-based services, net	72,522	55,816	123,037
Mortgage servicing rights	69,912	69,346	130,230
Servicing revenue	193,542	152,068	133,429
Amortization of MSRs	(63,093)	(59,876)	(58,615)
Property operating income	0	0	0
Gain (loss) on derivative instruments, net	6,763	26,609	(2,684)
Other income (loss), net	2,799	(15,203)	75
Total other revenue	282,445	228,760	325,472
Other expenses:
Employee compensation and benefits	106,281	105,793	120,571
Selling and administrative	28,026	27,931	24,511
Property operating expenses	0	0	0
Depreciation and amortization	4,691	4,691	4,691
Provision for loss sharing (net of recoveries)	15,695	1,862	(6,167)
Provision for credit losses (net of recoveries)	3,102	1,399	110
Litigation settlement		0
Total other expenses	157,795	141,676	143,716
Income before extinguishment of debt, gain on real estate, income from equity affiliates and income taxes	153,810	112,905	203,234
Loss on extinguishment of debt	0	0	0
Gain on sale of real estate			1,227
Income from equity affiliates	0	0	0
Provision for income taxes	(28,150)	(16,663)	(40,345)
Net income	125,660	96,242	164,116
Preferred stock dividends	0	0	0
Net income attributable to noncontrolling interest	0	0	0
Net income attributable to common stockholders	125,660	96,242	164,116
Other
Other expenses:
Net income attributable to noncontrolling interest	29,122	28,044	38,507
Net income attributable to common stockholders	$ (29,122)	$ (28,044)	$ (38,507)

Segment Information - Balance S

Segment Information - Balance Sheet (Details) - USD ($) $ in Thousands		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Assets:
Cash and cash equivalents		$ 928,974	$ 534,357	$ 404,580	$ 339,528
Restricted cash		608,233	713,808	486,690	197,470
Loans and investments, net		12,377,806	14,254,674	$ 11,981,048	$ 5,285,868
Loans held-for-sale, net		551,707	354,070
Capitalized mortgage servicing rights, net		391,254	401,471
Securities held-to-maturity, net		155,279	156,547
Investments in equity affiliates		79,303	79,130
Goodwill and other intangible assets		91,378	96,069
Other assets and due from related party		554,702	448,859
Total assets	[1]	15,738,636	17,038,985
Liabilities:
Debt obligations		11,933,819	13,500,562
Allowance for loss-sharing obligations		71,634	57,168
Other liabilities and due to related parties		478,578	409,376
Total liabilities	[1]	12,484,031	13,967,106
Structured Business | Operating segments
Assets:
Cash and cash equivalents		619,487	200,514
Restricted cash		595,342	713,615
Loans and investments, net		12,377,806	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		79,303	79,130
Goodwill and other intangible assets		12,500	12,500
Other assets and due from related party		453,073	367,837
Total assets		14,137,511	15,628,270
Liabilities:
Debt obligations		11,520,492	13,195,120
Allowance for loss-sharing obligations		0	0
Other liabilities and due to related parties		369,588	299,559
Total liabilities		11,890,080	13,494,679
Agency Business | Operating segments
Assets:
Cash and cash equivalents		309,487	333,843
Restricted cash		12,891	193
Loans and investments, net		0	0
Loans held-for-sale, net		551,707	354,070
Capitalized mortgage servicing rights, net		391,254	401,471
Securities held-to-maturity, net		155,279	156,547
Investments in equity affiliates		0	0
Goodwill and other intangible assets		78,878	83,569
Other assets and due from related party		101,629	81,022
Total assets		1,601,125	1,410,715
Liabilities:
Debt obligations		413,327	305,442
Allowance for loss-sharing obligations		71,634	57,168
Other liabilities and due to related parties		108,990	109,817
Total liabilities		$ 593,951	$ 472,427
[1]Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities, or VIEs, as we are the primary beneficiary of these VIEs. At December 31, 2023 and 2022, assets of our consolidated VIEs totaled $8,614,571 and $9,785,261, respectively, and the liabilities of our consolidated VIEs totaled $6,967,876 and $7,876,024, respectively. See Note 15 for discussion of our VIEs.

Segment Information - Originati

Segment Information - Origination Data (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022 USD ($)	Dec. 31, 2023 USD ($) loan	Dec. 31, 2022 USD ($) loan	Dec. 31, 2021 USD ($) loan
Segment Reporting Information [Line Items]
Origination Volumes		$ 5,207,148	$ 5,146,718	$ 6,347,752
Agency Business Loan Sales Data:
Gain (loss) on derivative instruments, net		6,763	26,609	(2,684)
Structured Business | Operating segments
Segment Reporting Information [Line Items]
Total new loan originations		983,343	6,151,647	9,720,515
Loan runoff		3,354,055	3,818,554	2,516,771
Agency Business Loan Sales Data:
Gain (loss) on derivative instruments, net		0	0	0
Structured Business | Bridge | Operating segments
Segment Reporting Information [Line Items]
Total new loan originations		939,390	6,082,041	9,516,640
Structured Business | Mezzanine loans | Operating segments
Segment Reporting Information [Line Items]
Total new loan originations		43,953	69,606	203,875
Structured Business | Multifamily | Bridge | Operating segments
Segment Reporting Information [Line Items]
Total new loan originations		415,330	5,468,222	9,101,139
Structured Business | SFR - Fixed Rate | Bridge | Operating segments
Segment Reporting Information [Line Items]
Total new loan originations		$ 524,060	$ 613,819	$ 415,501
Number of Loans Originated | loan		150	318	422
SFR Commitments		$ 1,150,687	$ 1,086,833	$ 760,448
Agency Business
Agency Business Loan Sales Data:
Loan Sales		$ 4,889,199	$ 5,438,623	$ 6,415,169
Sales margin (fee-based services as a % of loan sales)		1.48%	1.34%	1.92%
MSR rate (MSR income as a % of loan commitments)		1.34%	1.35%	2.05%
Agency Business | Operating segments
Segment Reporting Information [Line Items]
Origination Volumes		$ 5,106,820	$ 4,768,186	$ 6,409,558
Agency Business Loan Sales Data:
Gain (loss) on derivative instruments, net		6,763	26,609	(2,684)
Agency Business | SFR - Fixed Rate
Agency Business Loan Sales Data:
Loan Sales		22,931	86,071	192,335
Agency Business | SFR - Fixed Rate | Operating segments
Segment Reporting Information [Line Items]
Origination Volumes		19,328	89,683	136,931
Agency Business | Fannie Mae
Agency Business Loan Sales Data:
Loan Sales		3,469,340	3,139,414	3,675,763
Agency Business | Fannie Mae | Operating segments
Segment Reporting Information [Line Items]
Origination Volumes		3,773,532	2,919,566	3,389,312
Agency Business | Freddie Mac
Agency Business Loan Sales Data:
Loan Sales		715,530	1,456,595	1,081,702
Agency Business | Freddie Mac | Operating segments
Segment Reporting Information [Line Items]
Origination Volumes		756,827	1,353,001	1,016,142
Agency Business | Private Label
Agency Business Loan Sales Data:
Loan Sales		441,319	515,086	985,094
Gain (loss) on derivative instruments, net	$ 17,100
Agency Business | Private Label | Operating segments
Segment Reporting Information [Line Items]
Origination Volumes		299,934	217,542	1,436,853
Agency Business | FHA
Agency Business Loan Sales Data:
Loan Sales		240,079	241,457	480,275
Agency Business | FHA | Operating segments
Segment Reporting Information [Line Items]
Origination Volumes		$ 257,199	$ 188,394	$ 430,320

Segment Information - Key Servi

Segment Information - Key Servicing Metrics (Details) - Agency Business - MSRs - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Servicing Portfolio UPB	$ 30,983,455	$ 27,998,029
Wtd. Avg. Servicing Fee Rate (basis points)	0.391%	0.411%
Wtd. Avg. Life of Portfolio (years)	8 years	8 years 7 months 6 days
SFR - Fixed Rate
Segment Reporting Information [Line Items]
Servicing Portfolio UPB	$ 287,446	$ 274,764
Wtd. Avg. Servicing Fee Rate (basis points)	0.201%	0.198%
Wtd. Avg. Life of Portfolio (years)	5 years 1 month 6 days	6 years
Fannie Mae
Segment Reporting Information [Line Items]
Servicing Portfolio UPB	$ 21,264,578	$ 19,038,124
Wtd. Avg. Servicing Fee Rate (basis points)	0.474%	0.502%
Wtd. Avg. Life of Portfolio (years)	7 years 4 months 24 days	8 years
Freddie Mac
Segment Reporting Information [Line Items]
Servicing Portfolio UPB	$ 5,181,933	$ 5,153,207
Wtd. Avg. Servicing Fee Rate (basis points)	0.24%	0.25%
Wtd. Avg. Life of Portfolio (years)	8 years 6 months	9 years
Private Label
Segment Reporting Information [Line Items]
Servicing Portfolio UPB	$ 2,510,449	$ 2,074,859
Wtd. Avg. Servicing Fee Rate (basis points)	0.195%	0.185%
Wtd. Avg. Life of Portfolio (years)	6 years 8 months 12 days	7 years 7 months 6 days
FHA
Segment Reporting Information [Line Items]
Servicing Portfolio UPB	$ 1,359,624	$ 1,155,893
Wtd. Avg. Servicing Fee Rate (basis points)	0.144%	0.149%
Wtd. Avg. Life of Portfolio (years)	19 years 2 months 12 days	19 years 6 months
Bridge
Segment Reporting Information [Line Items]
Servicing Portfolio UPB	$ 379,425	$ 301,182
Wtd. Avg. Servicing Fee Rate (basis points)	0.109%	0.125%
Wtd. Avg. Life of Portfolio (years)	3 years 2 months 12 days	1 year 8 months 12 days

SCHEDULE IV - LOANS AND OTHER_2

SCHEDULE IV - LOANS AND OTHER LENDING INVESTMENTS (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Prior Liens	$ 1,672,775
Carrying value of loans	12,615,006
Carrying Amount	12,377,806
Amount of loans extended	1,740,000
Federal income tax basis	$ 12,620,000
Threshold for reporting loans (as a percent)	3%
Bridge Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying value of loans	$ 12,273,244
Carrying Amount	12,052,895
Bridge Loans | Loans less than 3%
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying value of loans	12,273,244
Carrying Amount	12,052,895
Mezzanine Loans | Loans less than 3%
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Prior Liens	1,203,261
Carrying value of loans	248,457
Carrying Amount	238,441
Preferred Equity Investments | Loans less than 3%
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Prior Liens	469,514
Carrying value of loans	85,741
Carrying Amount	78,930
Other Loans | Loans less than 3%
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying value of loans	7,564
Carrying Amount	7,540
Multifamily | Bridge Loans | Loans less than 3%
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying value of loans	10,789,936
Carrying Amount	$ 10,665,252
Multifamily | Bridge Loans | Loans less than 3% | Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed interest rate (as a percent)	3%
Multifamily | Bridge Loans | Loans less than 3% | Minimum | Secured Overnight Financing Rate (SOFR)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Base spread (as a percent)	0%
Floor rate (as a percent)	0.10%
Multifamily | Bridge Loans | Loans less than 3% | Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed interest rate (as a percent)	12%
Multifamily | Bridge Loans | Loans less than 3% | Maximum | Secured Overnight Financing Rate (SOFR)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Base spread (as a percent)	5.75%
Floor rate (as a percent)	5.36%
Multifamily | Mezzanine Loans | Loans less than 3%
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Prior Liens	$ 1,203,261
Carrying value of loans	232,104
Carrying Amount	$ 223,008
Multifamily | Mezzanine Loans | Loans less than 3% | Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed interest rate (as a percent)	3.50%
Multifamily | Mezzanine Loans | Loans less than 3% | Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed interest rate (as a percent)	14%
Multifamily | Preferred Equity Investments | Loans less than 3%
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Prior Liens	$ 439,722
Carrying value of loans	75,941
Carrying Amount	$ 71,020
Multifamily | Preferred Equity Investments | Loans less than 3% | Minimum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed interest rate (as a percent)	0%
Multifamily | Preferred Equity Investments | Loans less than 3% | Maximum
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed interest rate (as a percent)	16%
Single‑Family Rental | Bridge Loans | Loans less than 3%
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying value of loans	$ 1,316,803
Carrying Amount	$ 1,301,522
Single‑Family Rental | Bridge Loans | Loans less than 3% | Minimum | Secured Overnight Financing Rate (SOFR)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Base spread (as a percent)	0%
Floor rate (as a percent)	0.10%
Single‑Family Rental | Bridge Loans | Loans less than 3% | Maximum | Secured Overnight Financing Rate (SOFR)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Base spread (as a percent)	6.25%
Floor rate (as a percent)	5.36%
Single‑Family Rental | Other Loans | Loans less than 3%
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying value of loans	$ 7,564
Carrying Amount	$ 7,540
Single‑Family Rental | Other Loans | Loans less than 3% | Secured Overnight Financing Rate (SOFR)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Floor rate (as a percent)	0.25%
Single‑Family Rental | Other Loans | Loans less than 3% | Minimum | Secured Overnight Financing Rate (SOFR)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Base spread (as a percent)	3.98%
Single‑Family Rental | Other Loans | Loans less than 3% | Maximum | Secured Overnight Financing Rate (SOFR)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Base spread (as a percent)	4.90%
Land | Bridge Loans | Loans less than 3%
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed interest rate (as a percent)	0%
Carrying value of loans	$ 118,595
Carrying Amount	$ 40,726
Land | Bridge Loans | Loans less than 3% | Secured Overnight Financing Rate (SOFR)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Base spread (as a percent)	4%
Floor rate (as a percent)	0.15%
Land | Mezzanine Loans | Loans less than 3%
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed interest rate (as a percent)	0%
Carrying value of loans	$ 9,333
Carrying Amount	$ 9,333
Land | Preferred Equity Investments | Loans less than 3%
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed interest rate (as a percent)	0%
Carrying value of loans	$ 8,100
Carrying Amount	7,910
Office | Bridge Loans | Loans less than 3%
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying value of loans	35,410
Carrying Amount	$ 35,268
Office | Bridge Loans | Loans less than 3% | Secured Overnight Financing Rate (SOFR)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Base spread (as a percent)	3.50%
Retail | Bridge Loans | Loans less than 3%
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying value of loans	$ 12,500
Carrying Amount	$ 10,127
Retail | Bridge Loans | Loans less than 3% | Minimum | Secured Overnight Financing Rate (SOFR)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Base spread (as a percent)	3.50%
Floor rate (as a percent)	1%
Retail | Mezzanine Loans | Loans less than 3%
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed interest rate (as a percent)	12%
Prior Liens	$ 0
Carrying value of loans	7,020
Carrying Amount	$ 6,100
Retail | Mezzanine Loans | Loans less than 3% | Secured Overnight Financing Rate (SOFR)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Base spread (as a percent)	3.50%
Floor rate (as a percent)	1%
Commercial | Preferred Equity Investments | Loans less than 3%
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Fixed interest rate (as a percent)	6%
Prior Liens	$ 29,792
Carrying value of loans	$ 1,700

SCHEDULE IV - LOANS AND OTHER_3

SCHEDULE IV - LOANS AND OTHER LENDING INVESTMENTS - Loans and investments carrying amounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of the Company's loans and investments carrying amounts
Balance at beginning of year	$ 14,254,674	$ 11,981,048	$ 5,285,868
Additions during period:
New loan originations	983,343	6,151,647	9,720,515
Funding of unfunded loan commitments	835,484	381,831	200,694
Accretion of unearned revenue	41,125	37,468	25,618
Recoveries of reserves	4,776	1,500	24,315
Loan charge‑offs	0	0	10,773
Deductions during period:
Loan payoffs and paydowns	(3,354,055)	(3,818,554)	(2,516,771)
Unfunded loan commitments	(260,789)	(376,404)	(623,639)
Unearned revenue and costs	(13,772)	(51,808)	(69,528)
Reclassification to real estate owned	(39,400)	(31,200)	(880)
Provision for loan losses	(73,580)	(20,818)	0
Reclassification to held-for-sale loans	0	(36)	(65,144)
Use of loan charge‑offs	0	0	(10,773)
Balance at end of year	$ 12,377,806	$ 14,254,674	$ 11,981,048