Arbor Realty Trust (ABR) 10-Q 3 May 24 2024 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2024	Apr. 26, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-32136
Entity Registrant Name	Arbor Realty Trust, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	20-0057959
Entity Address, Address Line One	333 Earle Ovington Boulevard
Entity Address, Address Line Two	Suite 900
Entity Address, City or Town	Uniondale
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	11553
City Area Code	516
Local Phone Number	506-4200
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		188,514,660
Entity Central Index Key	0001253986
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common stock
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	ABR
Security Exchange Name	NYSE
Preferred Stock, 6.375% Series D Cumulative Redeemable, par value $0.01 per share
Entity Information [Line Items]
Title of 12(b) Security	Preferred Stock, 6.375% Series D CumulativeRedeemable, par value $0.01 per share
Trading Symbol	ABR-PD
Security Exchange Name	NYSE
Preferred Stock, 6.25% Series E Cumulative Redeemable, par value $0.01 per share
Entity Information [Line Items]
Title of 12(b) Security	Preferred Stock, 6.25% Series E CumulativeRedeemable, par value $0.01 per share
Trading Symbol	ABR-PE
Security Exchange Name	NYSE
Preferred Stock, 6.25% Series F Fixed-to-Floating Rate Cumulative Redeemable, par value $0.01 per share
Entity Information [Line Items]
Title of 12(b) Security	Preferred Stock, 6.25% Series F Fixed-to-Floating Rate Cumulative Redeemable, par value $0.01 per share
Trading Symbol	ABR-PF
Security Exchange Name	NYSE

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Mar. 31, 2024	Dec. 31, 2023
Assets:
Cash and cash equivalents		$ 908,049	$ 928,974
Restricted cash		546,643	608,233
Loans and investments, net (allowance for credit losses of $211,942 and $195,664)		12,001,544	12,377,806
Loans held-for-sale, net		322,875	551,707
Capitalized mortgage servicing rights, net		385,520	391,254
Securities held-to-maturity, net (allowance for credit losses of $7,597 and $6,256)		155,413	155,279
Investments in equity affiliates		90,244	79,303
Due from related party		104,365	64,421
Goodwill and other intangible assets		90,205	91,378
Other assets		499,998	490,281
Total assets	[1]	15,104,856	15,738,636
Liabilities:
Credit and repurchase facilities		2,913,483	3,237,827
Securitized debt		6,691,958	6,935,010
Senior unsecured notes		1,335,013	1,333,968
Convertible senior unsecured notes		283,776	283,118
Junior subordinated notes to subsidiary trust issuing preferred securities		144,096	143,896
Due to related party		14,159	13,799
Due to borrowers		95,807	121,707
Allowance for loss-sharing obligations		72,790	71,634
Other liabilities		319,466	343,072
Total liabilities	[1]	11,870,548	12,484,031
Commitments and contingencies (Note 13)
Arbor Realty Trust, Inc. stockholders' equity:
Preferred stock, cumulative, redeemable, $0.01 par value: 100,000,000 shares authorized, shares issued and outstanding by period: Special voting preferred shares - 16,293,589 shares, 6.375% Series D - 9,200,000 shares, 6.25% Series E - 5,750,000 shares, 6.25% Series F - 11,342,000 shares		633,684	633,684
Common stock, $0.01 par value: 500,000,000 shares authorized - 189,452,116 and 188,505,264 shares issued and outstanding		1,895	1,885
Additional paid-in capital		2,372,336	2,367,188
Retained earnings		91,770	115,216
Total Arbor Realty Trust, Inc. stockholders' equity		3,099,685	3,117,973
Noncontrolling interest		134,623	136,632
Total equity		3,234,308	3,254,605
Total liabilities and equity		$ 15,104,856	$ 15,738,636
[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 March 31, 2024 and December 31, 2023, assets of our consolidated VIEs totaled $8,289,662 and $8,614,571, respectively, and the liabilities of our consolidated VIEs totaled $6,715,750 and $6,967,877, respectively. See Note 14 for discussion of our VIEs

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
		Mar. 31, 2024	Dec. 31, 2023
Loans and investments, allowance for credit losses		$ 211,942	$ 195,664
Securities held-to-maturity, allowance for credit losses		$ 7,597	$ 6,256
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)		189,452,116	188,505,264
Common stock, shares outstanding (in shares)		189,452,116	188,505,264
Assets of consolidated VIEs	[1]	$ 15,104,856	$ 15,738,636
Liabilities of consolidated VIEs	[1]	11,870,548	12,484,031
Consolidated VIEs
Assets of consolidated VIEs		8,289,662	8,614,571
Liabilities of consolidated VIEs		$ 6,715,750	$ 6,967,877
Special voting preferred shares
Preferred stock, shares issued (in shares)		16,293,589	16,293,589
Series D preferred stock
Preferred stock, dividend rate (as a percent)		6.375%	6.375%
Preferred stock, shares issued (in shares)		9,200,000	9,200,000
Series E preferred stock
Preferred stock, dividend rate (as a percent)		6.25%	6.25%
Preferred stock, shares issued (in shares)		5,750,000	5,750,000
Series F preferred stock
Preferred stock, dividend rate (as a percent)		6.25%	6.25%
Preferred stock, shares issued (in shares)		11,342,000	11,342,000
[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 March 31, 2024 and December 31, 2023, assets of our consolidated VIEs totaled $8,289,662 and $8,614,571, respectively, and the liabilities of our consolidated VIEs totaled $6,715,750 and $6,967,877, respectively. See Note 14 for discussion of our VIEs

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Interest income	$ 321,292	$ 327,947
Interest expense	217,676	219,373
Net interest income	103,616	108,574
Other revenue:
Gain on sales, including fee-based services, net	16,666	14,589
Mortgage servicing rights	10,199	18,458
Servicing revenue, net	31,526	29,565
Property operating income	1,570	1,381
Gain (loss) on derivative instruments, net	(5,257)	4,223
Other income, net	2,333	4,882
Total other revenue	57,037	73,098
Other expenses:
Employee compensation and benefits	47,694	42,399
Selling and administrative	13,933	13,623
Property operating expenses	1,678	1,383
Depreciation and amortization	2,571	2,624
Provision for loss sharing (net of recoveries)	273	3,177
Provision for credit losses (net of recoveries)	19,118	22,517
Total other expenses	85,267	85,723
Income before income from equity affiliates and income taxes	75,386	95,949
Income from equity affiliates	1,418	14,326
Provision for income taxes	(3,592)	(8,029)
Net income	73,212	102,246
Preferred stock dividends	10,342	10,342
Net income attributable to noncontrolling interest	4,997	7,585
Net income attributable to common stockholders	$ 57,873	$ 84,319
Earnings per common share
Basic earnings per common share (in dollars per share)	$ 0.31	$ 0.47
Diluted earnings per common share (in dollars per share)	$ 0.31	$ 0.46
Weighted average shares outstanding:
Basic (in shares)	188,710,390	181,116,674
Diluted (in shares)	222,926,076	214,910,974
Dividends declared per common share (in dollars per share)	$ 0.43	$ 0.40

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Total Arbor Realty Trust, Inc. Stockholders’ Equity	Preferred Stock	Common stock	Additional Paid-in Capital	Retained Earnings	Noncontrolling Interest
Balance beginning (in shares) at Dec. 31, 2022			42,585,589	178,230,522
Balance beginning at Dec. 31, 2022	$ 3,071,879	$ 2,936,996	$ 633,684	$ 1,782	$ 2,204,481	$ 97,049	$ 134,883
Increase (Decrease) in Stockholders' Equity
Issuance of common stock and Series F preferred stock (in shares)				5,635,800
Issuance of common stock and Series F preferred stock	82,744	82,744		$ 56	82,688
Repurchase of common stock (in shares)				(886,432)
Repurchase - common stock	(9,671)	(9,671)		$ (9)	(9,662)
Stock-based compensation, net (in shares)				841,113
Stock-based compensation, net	789	789		$ 9	780
Distributions - common stock	(73,666)	(73,666)				(73,666)
Distributions - preferred stock	(10,347)	(10,347)				(10,347)
Distributions - noncontrolling interest	(6,517)						(6,517)
Net income	102,246	94,661				94,661	7,585
Balance ending (in shares) at Mar. 31, 2023			42,585,589	183,821,003
Balance ending at Mar. 31, 2023	3,157,457	3,021,506	$ 633,684	$ 1,838	2,278,287	107,697	135,951
Balance beginning (in shares) at Dec. 31, 2023			42,585,589	188,505,264
Balance beginning at Dec. 31, 2023	3,254,605	3,117,973	$ 633,684	$ 1,885	2,367,188	115,216	136,632
Increase (Decrease) in Stockholders' Equity
Stock-based compensation, net (in shares)				946,852
Stock-based compensation, net	5,158	5,158		$ 10	5,148
Distributions - common stock	(81,314)	(81,314)				(81,314)
Distributions - preferred stock	(10,347)	(10,347)				(10,347)
Distributions - noncontrolling interest	(7,006)						(7,006)
Net income	73,212	68,215				68,215	4,997
Balance ending (in shares) at Mar. 31, 2024			42,585,589	189,452,116
Balance ending at Mar. 31, 2024	$ 3,234,308	$ 3,099,685	$ 633,684	$ 1,895	$ 2,372,336	$ 91,770	$ 134,623

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating activities:
Net income	$ 73,212	$ 102,246
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	2,571	2,624
Stock-based compensation	6,020	5,901
Amortization and accretion of interest and fees, net	(46)	(236)
Amortization of capitalized mortgage servicing rights	16,631	15,416
Originations of loans held-for-sale	(857,805)	(1,033,384)
Proceeds from sales of loans held-for-sale, net of gain on sale	1,085,374	921,522
Mortgage servicing rights	(10,199)	(18,458)
Write-off of capitalized mortgage servicing rights from payoffs	1,787	3,307
Provision for loss sharing (net of recoveries)	273	3,177
Provision for credit losses (net of recoveries)	19,118	22,517
Net charge-offs for loss sharing obligations	883	(588)
Deferred tax (benefit) provision	(3,952)	3,164
Income from equity affiliates	(1,418)	(14,326)
Distributions from operations of equity affiliates	0	4,748
Change in fair value of held-for-sale loans	(19)	(2,960)
Loss (gain) on derivative instruments, net	5,257	(4,223)
Payoffs and paydowns of loans held-for-sale	14	13
Changes in operating assets and liabilities	(77,745)	(67,245)
Net cash provided by (used in) operating activities	259,956	(56,785)
Investing Activities:
Loans and investments funded, originated and purchased	(313,557)	(380,633)
Payoffs and paydowns of loans and investments	670,388	1,191,076
Deferred fees	3,464	3,953
Contributions to equity affiliates	(9,593)	(500)
Distributions from equity affiliates	69	11,567
Payoffs and paydowns of securities held-to-maturity	47	2,580
Due to borrowers and reserves	(19,234)	0
Net cash provided by investing activities	331,584	828,043
Financing activities:
Proceeds from credit and repurchase facilities	1,865,362	1,849,389
Paydowns and payoffs of credit and repurchase facilities	(2,187,147)	(2,042,692)
Payoffs and paydowns of securitized debt	(246,165)	(344,547)
Proceeds from issuance of common stock	0	82,744
Proceeds from issuance of senior unsecured notes	0	95,000
Payoffs and paydowns of senior unsecured notes	0	(70,750)
Payments of withholding taxes on net settlement of vested stock	(862)	(5,112)
Repurchase of common stock	0	(9,671)
Distributions to stockholders	(98,667)	(90,530)
Payment of deferred financing costs	(6,576)	(3,866)
Net cash used in financing activities	(674,055)	(540,035)
Net (decrease) increase in cash, cash equivalents and restricted cash	(82,515)	231,223
Cash, cash equivalents and restricted cash at beginning of period	1,537,207	1,248,165
Cash, cash equivalents and restricted cash at end of period	1,454,692	1,479,388
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents at beginning of period	928,974	534,357
Restricted cash at beginning of period	608,233	713,808
Cash, cash equivalents and restricted cash at beginning of period	1,537,207	1,248,165
Cash and cash equivalents at end of period	908,049	774,544
Restricted cash at end of period	546,643	704,844
Cash, cash equivalents and restricted cash at end of period	1,454,692	1,479,388
Supplemental cash flow information:
Cash used to pay interest	209,712	213,849
Cash used to pay taxes	567	1,032
Supplemental schedule of non-cash investing and financing activities:
Distributions accrued on preferred stock	$ 7,010	$ 7,010

Description of Business

Description of Business	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of Business Arbor Realty Trust, Inc. (“we,” “us,” or “our”) is a Maryland corporation formed in 2003. We are a nationwide real estate investment trust (“REIT”) and direct lender, providing loan origination and servicing for commercial real estate assets. We operate through two business segments: our Structured Loan Origination and Investment Business, or “Structured Business,” and our Agency Loan Origination and Servicing Business, or “Agency Business.” Through our Structured Business, we invest in a diversified portfolio of structured finance assets in the multifamily, single-family rental (“SFR”) and commercial real estate markets, primarily consisting of bridge loans, in addition to mezzanine loans, junior participating interests in first mortgages and preferred and direct equity. We also invest in real estate-related joint ventures and may directly acquire real property and invest in real estate-related notes and certain mortgage-related securities. Through our Agency Business, we originate, sell and service a range of multifamily finance products through the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac,” and together with Fannie Mae, the government-sponsored enterprises, or “GSEs”), the Government National Mortgage Association (“Ginnie Mae”), Federal Housing Authority (“FHA”) and the U.S. Department of Housing and Urban Development (together with Ginnie Mae and FHA, “HUD”). We retain the servicing rights and asset management responsibilities on substantially all loans we originate and sell under the GSE and HUD programs. We are an approved Fannie Mae Delegated Underwriting and Servicing (“DUS”) lender nationally, a Freddie Mac Multifamily Conventional Loan lender, seller/servicer in New York, New Jersey and Connecticut, a Freddie Mac affordable, manufactured housing, senior housing and small balance loan (“SBL”) lender, seller/servicer nationally and a HUD MAP and LEAN senior housing/healthcare lender nationally. We also originate and 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, Arbor Realty Limited Partnership (“ARLP”), for which we serve as the indirect general partner, and ARLP’s subsidiaries. We are organized to qualify as a REIT for U.S. federal income tax purposes. A REIT is generally not subject to federal income tax on that portion of its REIT-taxable income that is distributed to its stockholders, provided that at least 90% of taxable income is distributed and provided that certain other requirements are met. Certain of our assets that produce non-qualifying REIT income, primarily within the Agency Business, are operated through taxable REIT subsidiaries (“TRS”), which are part of our TRS consolidated group (the “TRS Consolidated Group”) and are subject to U.S. federal, state and local income taxes. In general, our TRS entities may hold assets that the REIT cannot hold directly and may engage in real estate or non-real estate-related business.

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	Basis of Presentation and Significant Accounting Policies Basis of Presentation The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”), for interim financial statements and the instructions to Form 10-Q. Accordingly, certain information and footnote disclosures normally included in the consolidated financial statements prepared under GAAP have been condensed or omitted. In our opinion, all adjustments considered necessary for a fair presentation of our financial position, results of operations and cash flows have been included and are of a normal and recurring nature. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These financial statements should be read in conjunction with our financial statements and notes thereto included in our 2023 Annual Report. Principles of Consolidation The consolidated financial statements include our financial statements and the financial statements of our wholly owned subsidiaries, partnerships and other entities in which we own a controlling interest, including variable interest entities (“VIEs”) of which we are the primary beneficiary. Entities in which we have a significant influence are accounted for under the equity method. Our VIEs are described in Note 14. All significant intercompany transactions and balances have been eliminated in consolidation. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that could materially affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. The ultimate impact of inflation, increasing interest rates, bank failures, tightening of capital markets and reduced property values, both globally and to our business, makes any estimate or assumption at March 31, 2024 inherently less certain. Recently Issued Accounting Pronouncements In March 2024, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") 2024-01, Compensation – Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards, effective in the first quarter of 2025. We currently do not have any transactions that fall under the scope of this ASU; therefore, the adoption is not expected to have an impact on our consolidated financial statements. Significant Accounting Policies See Item 8 – Financial Statements and Supplementary Data in our 2023 Annual Report for a description of our significant accounting policies. There have been no significant changes to our significant accounting policies since December 31, 2023.

Loans and Investments

Loans and Investments	3 Months Ended
	Mar. 31, 2024
Loans and Investments
Loans and Investments	Loans and Investments Our Structured Business loan and investment portfolio consists of ($ in thousands): March 31, 2024 Percent of Loan Wtd. Avg. Wtd. Avg. Wtd. Avg. Wtd. Avg. Bridge loans (5) $ 11,866,289 97 % 698 8.11 % 11.4 0 % 81 % Mezzanine loans 260,414 2 % 55 7.87 % 53.3 49 % 82 % Preferred equity investments 117,431 1 % 26 5.09 % 57.9 54 % 78 % SFR permanent loans 5,728 <1% 2 9.94 % 12.8 0 % 53 % Total UPB 12,249,862 100 % 781 8.07 % 12.8 2 % 81 % Allowance for credit losses (211,942) Unearned revenue (36,376) Loans and investments, net $ 12,001,544 December 31, 2023 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 % Total UPB 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 ________________________ (1) “Weighted Average Pay Rate” is a weighted average, based on the unpaid principal balance (“UPB”) of each loan in our portfolio, of the interest rate required to be paid monthly as stated in the individual loan agreements. Certain loans and investments that require an accrual rate to be paid at maturity are not included in the weighted average pay rate as shown in the table. (2) Including extension options, the weighted average remaining months to maturity at March 31, 2024 and December 31, 2023 was 27.6 and 29.4, 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 March 31, 2024 and December 31, 2023, bridge loans included 389 and 354, respectively, of SFR loans with a total gross loan commitment of $3.21 billion and $2.86 billion, respectively, of which $1.45 billion and $1.32 billion, respectively, was funded. Concentration of Credit Risk We are subject to concentration risk in that, at both March 31, 2024 and December 31, 2023, the UPB related to 31 loans with five different borrowers represented 11% of total assets. During the three months ended March 31, 2024 and the year ended December 31, 2023, no single loan or investment represented more than 10% of our total assets and no single investor group generated over 10% of our revenue. See Note 17 for details on our concentration of related party loans and investments. We assign a credit risk rating of pass, pass/watch, special mention, substandard or doubtful to each loan and investment, with a pass rating being the lowest risk and a doubtful rating being the highest risk. Each credit risk rating has benchmark guidelines that pertain to debt-service coverage ratios, LTV ratios, borrower strength, asset quality, and funded cash reserves. Other factors such as guarantees, market strength, and remaining loan term and borrower equity are also reviewed and factored into determining the credit risk rating assigned to each loan. This metric provides a helpful snapshot of portfolio quality and credit risk. All portfolio assets are subject to, at a minimum, a thorough quarterly financial evaluation in which historical operating performance and forward-looking projections are reviewed, however, we maintain a higher level of scrutiny and focus on loans that we consider “high risk” and that possess deteriorating credit quality. Generally speaking, given our typical loan profile, risk ratings of pass, pass/watch and special mention suggest that we expect the loan to make both principal and interest payments according to the contractual terms of the loan agreement. A risk rating of substandard indicates we anticipate the loan may require a modification of some kind. A risk rating of doubtful indicates we expect the loan to underperform over its term, and there could be loss of interest and/or principal. Further, while the above are the primary guidelines used in determining a certain risk rating, subjective items such as borrower strength, market strength or asset quality may result in a rating that is higher or lower than might be indicated by any risk rating matrix. A summary of the loan portfolio’s internal risk ratings and LTV ratios by asset class at March 31, 2024, and charge-offs recorded for the three months ended March 31, 2024 is as follows ($ in thousands): UPB by Origination Year Total Wtd. Avg. Wtd. Avg. Asset Class / Risk Rating 2024 2023 2022 2021 2020 Prior Multifamily: Pass $ 36,060 $ 92,062 $ 52,027 $ 8,835 $ 2,010 $ 24,879 $ 215,873 Pass/Watch 36,501 319,437 2,336,702 1,846,835 119,860 113,100 4,772,435 Special Mention 9,069 3,014 1,771,071 2,787,716 28,250 167,229 4,766,349 Substandard — 21,100 467,123 151,612 8,006 350 648,191 Doubtful — — 4,800 174,235 14,800 9,765 203,600 Total Multifamily $ 81,630 $ 435,613 $ 4,631,723 $ 4,969,233 $ 172,926 $ 315,323 $ 10,606,448 2 % 84 % Single-Family Rental: Percentage of portfolio 87 % Pass $ — $ — $ 9,476 $ 9,673 $ — $ — $ 19,149 Pass/Watch 105,172 308,123 446,660 174,652 126,066 — 1,160,673 Special Mention 6,496 57,147 77,385 129,906 — — 270,934 Total Single-Family Rental $ 111,668 $ 365,270 $ 533,521 $ 314,231 $ 126,066 $ — $ 1,450,756 0 % 63 % Land: Percentage of portfolio 12 % Pass/Watch $ — $ — $ — $ — $ 8,100 $ — $ 8,100 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 % 95 % Commercial: Percentage of portfolio < 1% Doubtful $ — $ — $ — $ — $ — $ 1,700 $ 1,700 Total Other $ — $ — $ — $ — $ — $ 1,700 $ 1,700 63 % 66 % Percentage of portfolio < 1% Grand Total $ 193,298 $ 800,883 $ 5,165,244 $ 5,283,464 $ 342,502 $ 464,471 $ 12,249,862 2 % 81 % Charge-offs $ — $ — $ — $ 1,500 $ — $ — $ 1,500 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 Other $ — $ — $ — $ — $ — $ 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 March 31, 2024, underlying properties in Texas and Florida represented 23% and 17%, respectively, of the outstanding balance of our loan and investment portfolio. 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. No other states represented 10% or more of the total loan and investment portfolio. Allowance for Credit Losses A summary of the changes in the allowance for credit losses is as follows (in thousands): Three Months Ended March 31, 2024 Multifamily Land Retail Single-Family Rental Commercial Office Other Total Allowance for credit losses: Beginning balance $ 110,847 $ 78,058 $ 3,293 $ 1,624 $ 1,700 $ 142 $ — $ 195,664 Provision for credit losses (net of recoveries) 16,652 62 — 1,113 — (49) — 17,778 Charge-offs (1,500) — — — — — — (1,500) Ending balance $ 125,999 $ 78,120 $ 3,293 $ 2,737 $ 1,700 $ 93 $ — $ 211,942 Three Months Ended March 31, 2023 Allowance for credit losses: Beginning balance $ 37,961 $ 78,068 $ 5,819 $ 781 $ 1,700 $ 8,162 $ 68 $ 132,559 Provision for credit losses (net of recoveries) 20,387 18 — 192 — (56) (23) 20,518 Ending balance $ 58,348 $ 78,086 $ 5,819 $ 973 $ 1,700 $ 8,106 $ 45 $ 153,077 During the three months ended March 31, 2024 and 2023, we recorded a $17.8 million and a $20.5 million provision for credit losses on our structured portfolio, respectively. The additional provision for credit losses during the three months ended March 31, 2024 was primarily attributable to specifically impaired multifamily loans and the impact from the macroeconomic outlook of the commercial real estate market. Our estimate of allowance for credit losses on our structured portfolio, including related unfunded loan commitments, was based on a reasonable and supportable forecast period that reflects recent observable data, including an increase in interest rates, higher unemployment forecasts, and continuing inflationary pressures, including an estimated continual decline in real estate values and other market factors. The expected credit losses over the contractual period of our loans also include the obligation to extend credit through our unfunded loan commitments. Our current expected credit loss (“CECL”) allowance for unfunded loan commitments is adjusted quarterly and corresponds with the associated outstanding loans. At March 31, 2024 and December 31, 2023, we had outstanding unfunded commitments of $1.59 billion and $1.31 billion, respectively, that we are obligated to fund as borrowers meet certain requirements. At March 31, 2024 and December 31, 2023, accrued interest receivable related to our loans totaling $131.0 million and $124.2 million, respectively, was excluded from the estimate of credit losses and is included in other assets on the consolidated balance sheets. All of our structured loans and investments are secured by real estate assets or by interests in real estate assets, and, as such, the measurement of credit losses may be based on the difference between the fair value of the underlying collateral and the carrying value of the assets as of the period end. A summary of our specific loans considered impaired by asset class is as follows ($ in thousands): March 31, 2024 Asset Class UPB Carrying Allowance for Wtd. Avg. First Wtd. Avg. Last Multifamily $ 352,223 $ 338,772 $ 50,500 0 % 99 % Land 134,215 127,868 77,869 0 % 99 % Retail 19,521 15,037 3,292 0 % 95 % Commercial 1,700 1,700 1,700 0 % 100 % Total $ 507,659 $ 483,377 $ 133,361 0 % 99 % December 31, 2023 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 0 % 100 % Total $ 427,929 $ 404,896 $ 120,611 0 % 99 % ________________________ (1) Represents the UPB of twenty-two and nineteen impaired loans (less unearned revenue and other holdbacks and adjustments) by asset class at March 31, 2024 and December 31, 2023, respectively. There were no loans for which the fair value of the collateral securing the loan was less than the carrying value of the loan for which we had not recorded a provision for credit loss at March 31, 2024 and December 31, 2023. Non-performing Loans Loans are classified as non-performing once the contractual payments exceed 60 days past due. Income from non-performing loans is generally recognized on a cash basis when it is received. Full income recognition will resume when the loan becomes contractually current, and performance has recommenced. At March 31, 2024, twenty-one loans with an aggregate net carrying value of $406.1 million, net of loan loss reserves of $32.9 million, were classified as non-performing and, 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. A summary of our non-performing loans by asset class is as follows (in thousands): March 31, 2024 December 31, 2023 UPB 61 - 90 Days Greater Than UPB 61 - 90 Days Greater Than Multifamily $ 462,207 $ — $ 462,207 $ 271,532 $ — $ 271,532 Commercial 1,700 — 1,700 1,700 — 1,700 Retail 920 — 920 920 — 920 Total $ 464,827 $ — $ 464,827 $ 274,152 $ — $ 274,152 Other Non-accrued Loans In this challenging economic environment, we have recently experienced late and partial payments on certain loans in our structured portfolio. At March 31, 2024 and December 31, 2023, these loans included twelve and twenty-four multifamily bridge loans with a total UPB of $489.4 million and $956.9 million, respectively, that were 60 days or less past due. We are recognizing income on these loans only to the extent cash is received. This decrease was due to $174.9 million of loans progressing to greater than 60 days past due and $712.9 million of loans that were modified and are now performing in accordance with the terms of their modifications, including bringing the loans current by paying past due interest owed (see Loan Modifications section below), partially offset by an additional $420.3 million of loans in the first quarter of 2024 that are now less than 60 days past due and are recently experiencing late and partial payments. At both March 31, 2024 and December 31, 2023, we had no loans contractually past due 90 days or more that are still accruing interest. During the three months ended March 31, 2024 and 2023, we recorded $8.7 million and $0.6 million, respectively, of interest income on non-accrual loans. In addition, we have six loans with a carrying value totaling $121.4 million at March 31, 2024, 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 March 31, 2024 and December 31, 2023, 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 We may amend or modify loans that involve other-than-insignificant payment delays and provide interest rate reductions and/or extend the maturity dates for borrowers experiencing financial difficulty based on specific facts and circumstances. All of the below modified loans were performing pursuant to their contractual terms at March 31, 2024. During the first quarter of 2024, we modified twenty-three multifamily bridge loans with a total UPB of $1.07 billion. These loans contained interest rates with pricing over SOFR ranging from 3.25% to 4.25% and maturities between April 2024 to August 2025. As part of the modification of these loans, borrowers invested additional capital to recapitalize their projects in exchange for temporary rate relief, which we provided through a pay and accrual feature. The capital invested by the borrowers was in the form of either, or a combination of: (1) additional deposits into interest and/or renovation reserves; (2) the purchase of a new rate cap; (3) a principal paydown of the loan and (4) bringing any delinquent loans current by paying past due interest owed. In each case, we reduced the pay rate and deferred the remaining portion of the foregoing interest until payoff. The pay rates were amended to either SOFR, a spread over SOFR or a fixed rate, with the balance of the interest due under the original loan terms being deferred. At March 31, 2024, these modified loans had a weighted average pay rate of 6.95% and a weighted average accrual rate of 1.86%. These modified loans included: (1) loans totaling $712.9 million that were less than 60 days past due at December 31, 2023; (2) two specifically impaired loans with a total loan loss reserve of $7.0 million and a total UPB of $49.6 million; and (3) fifteen loans with a total UPB of $671.0 million that were extended between twelve During the first quarter of 2024, we also modified sixteen multifamily bridge loans with a total UPB of $692.8 million. The modification terms required the borrowers to invest additional capital in the form of either, or a combination of: (1) additional deposits into interest and/or renovation reserves; (2) the purchase of a new rate cap; (3) a principal paydown of the loan; and (4) bringing any delinquent loans current by paying past due interest owed. The modifications on eleven of these loans with a total UPB of $456.5 million included extensions between two As of March 31, 2024, we had future funding commitments on modified loans with borrowers experiencing financial difficulty of $28.0 million, which are generally subject to performance covenants that must be met by the borrower to receive funding. In the fourth quarter of 2023, we modified 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 SOFR plus available cash flow which has approximated $0.5 million per month, and (2) extend the maturity one year. The remaining interest will be deferred to payoff. In the fourth quarter of 2023, we modified three multifamily bridge loans with a total 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 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 date of 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 resumes 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. There were no other material loan modifications, refinancings and/or extensions during the three months ended March 31, 2024 or year ended December 31, 2023 for 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. Interest Reserves Given the transitional nature of some of our real estate loans, we may require funds to be placed into an interest reserve, based on contractual requirements, to cover debt service costs. At March 31, 2024 and December 31, 2023, we had total interest reserves of $167.6 million and $156.1 million, respectively, on 572 loans and 537 loans, respectively, with a total UPB of $8.47 billion and $8.44 billion, respectively.

Loans Held-for-Sale, Net

Loans Held-for-Sale, Net	3 Months Ended
	Mar. 31, 2024
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): March 31, 2024 December 31, 2023 Fannie Mae $ 209,743 $ 477,212 Freddie Mac 90,658 50,235 Private Label 11,350 11,350 SFR - Fixed Rate 8,683 8,696 FHA 4,309 4,832 324,743 552,325 Fair value of future MSR 4,656 7,784 Unrealized impairment loss (1,971) (1,989) Unearned discount (4,553) (6,413) Loans held-for-sale, net $ 322,875 $ 551,707 During the three months ended March 31, 2024 and 2023, we sold $1.09 billion and $932.7 million, respectively, of loans held-for-sale. During 2022, we recorded a net impairment loss of $5.2 million on seven Private Label loans with a UPB of $129.9 million and a net carrying value of $116.4 million. During the first quarter of 2023, we sold these impaired loans above the net carrying value and recorded a gain of $0.9 million. At March 31, 2024 and December 31, 2023, there were no loans held-for-sale that were 90 days or more past due, and there were no loans held-for-sale that were placed on a non-accrual status.

Capitalized Mortgage Servicing

Capitalized Mortgage Servicing Rights	3 Months Ended
	Mar. 31, 2024
Transfers and Servicing [Abstract]
Capitalized Mortgage Servicing Rights	Capitalized Mortgage Servicing Rights Our capitalized mortgage servicing rights (“MSRs”) reflect commercial real estate MSRs derived primarily from loans sold in our Agency Business or acquired MSRs. The discount rates used to determine the present value of all our MSRs throughout the periods presented were between 9% - 14% (representing a weighted average discount rate of 12%) based on our best estimate of market discount rates. The weighted average estimated life remaining of our MSRs was 7.7 years and 8.0 years at March 31, 2024 and December 31, 2023, respectively. A summary of our capitalized MSR activity is as follows (in thousands): Three Months Ended March 31, 2024 Originated Acquired Total Beginning balance $ 382,582 $ 8,672 $ 391,254 Additions 12,684 — 12,684 Amortization (15,821) (810) (16,631) Write-downs and payoffs (1,698) (89) (1,787) Ending balance $ 377,747 $ 7,773 $ 385,520 Three Months Ended March 31, 2023 Beginning balance $ 386,878 $ 14,593 $ 401,471 Additions 13,886 — 13,886 Amortization (14,287) (1,129) (15,416) Write-downs and payoffs (2,841) (466) (3,307) Ending balance $ 383,636 $ 12,998 $ 396,634 We collected prepayment fees totaling $0.4 million and $2.1 million during the three months ended March 31, 2024 and 2023, respectively, which are included as a component of servicing revenue, net on the consolidated statements of income. At March 31, 2024 and December 31, 2023, we had no valuation allowance recorded on any of our MSRs. The expected amortization of capitalized MSRs recorded at March 31, 2024 is as follows (in thousands): Year Amortization 2024 (nine months ending 12/31/2024) $ 50,032 2025 63,963 2026 58,488 2027 53,971 2028 46,721 Thereafter 112,345 Total $ 385,520 Based on scheduled maturities, actual amortization may vary from these estimates.

Mortgage Servicing

Mortgage Servicing	3 Months Ended
	Mar. 31, 2024
Transfers and Servicing [Abstract]
Mortgage Servicing	Mortgage Servicing Product and geographic concentrations that impact our servicing revenue are as follows ($ in thousands): March 31, 2024 Product Concentrations Geographic Concentrations Product UPB (1) % of Total State UPB % of Total Fannie Mae $ 21,548,221 69 % New York 11 % Freddie Mac 5,301,291 17 % Texas 11 % Private Label 2,524,013 8 % North Carolina 8 % FHA 1,365,329 4 % California 7 % Bridge (2) 380,712 1 % Georgia 6 % SFR - Fixed Rate 265,429 1 % Florida 6 % Total $ 31,384,995 100 % New Jersey 5 % Illinois 4 % Other (3) 42 % Total 100 % December 31, 2023 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 % ________________________ (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 March 31, 2024 and December 31, 2023, our weighted average servicing fee was 38.8 basis points and 39.1 basis points, respectively. At March 31, 2024 and December 31, 2023, we held total escrow balances (including unfunded collateralized loan obligation holdbacks) of approximately $1.4 billion and $1.6 billion, respectively, of which approximately $1.3 billion and $1.5 billion, respectively, is not included in our consolidated balance sheets. These escrows are maintained in separate accounts at several federally insured depository institutions, which may exceed FDIC insured limits. We earn interest income on the total escrow deposits, which is generally based on a market rate of interest negotiated with the financial institutions that hold the escrow deposits. Interest earned on total escrows, net of interest paid to the borrower, is included as a component of servicing revenue, net in the consolidated statements of income as noted in the following table. The components of servicing revenue, net are as follows (in thousands): Three Months Ended March 31, 2024 2023 Servicing fees $ 31,780 $ 29,210 Interest earned on escrows 17,754 17,003 Prepayment fees 410 2,075 Write-offs of MSRs (1,787) (3,307) Amortization of MSRs (16,631) (15,416) Servicing revenue, net $ 31,526 $ 29,565

Securities Held-To-Maturity

Securities Held-To-Maturity	3 Months Ended
	Mar. 31, 2024
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss, Maturity [Abstract]
Securities Held-to-Maturity	Securities Held-to-Maturity Agency Private Label Certificates (“APL certificates”). In connection with our Private Label securitizations, we retain the most subordinate class of the APL certificates in satisfaction of credit risk retention requirements. At March 31, 2024, we held APL certificates with an initial face value of $192.8 million, which were purchased at a discount for $119.0 million. These certificates are collateralized by 5-year to 10-year fixed rate first mortgage loans on multifamily properties, bear interest at an initial weighted average variable rate of 3.94% and have an estimated weighted average remaining maturity of 7.1 years. The weighted average effective interest rate was 8.84% at March 31, 2024 and 8.85% at December 31, 2023, including the accretion of a portion of the discount deemed collectible. At March 31, 2024, $192.8 million is maturing within five years through 10 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 March 31, 2024, we held 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 13.9 years. The weighted average effective interest rate was 11.26% and 11.28% at March 31, 2024 and December 31, 2023, respectively, including the accretion of a portion of the discount deemed collectible. At March 31, 2024, $37.7 million is maturing after ten years. A summary of our securities held-to-maturity is as follows (in thousands): Face Value Net Carrying Unrealized Estimated Allowance for March 31, 2024 APL certificates $ 192,791 $ 130,280 $ (28,703) $ 101,577 $ 2,157 B Piece bonds 37,657 25,133 7,090 32,223 5,440 Total $ 230,448 $ 155,413 $ (21,613) $ 133,800 $ 7,597 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 A summary of the changes in the allowance for credit losses for our securities held-to-maturity is as follows (in thousands): Three Months Ended March 31, 2024 APL Certificates B Piece Bonds Total Beginning balance $ 2,272 $ 3,984 $ 6,256 Provision for credit loss expense/(reversal) (115) 1,456 1,341 Ending balance $ 2,157 $ 5,440 $ 7,597 The allowance for credit losses on our held-to-maturity securities was estimated on a collective basis by major security type and was based on a reasonable and supportable forecast period and a historical loss reversion for similar securities. The issuers continue to make timely principal and interest payments and we continue to accrue interest on all our securities. We recorded interest income (including the amortization of discount) related to these investments of $3.7 million and $3.1 million during the three months ended March 31, 2024 and 2023, respectively.

Investments in Equity Affiliate

Investments in Equity Affiliates	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 Equity Affiliates March 31, 2024 December 31, 2023 Arbor Residential Investor LLC $ 34,459 $ 32,743 $ — AWC Real Estate Opportunity Partners I LP 20,064 11,671 — Fifth Wall Ventures 14,184 13,365 — AMAC Holdings III LLC 13,047 13,591 — ARSR DPREF I LLC 5,100 5,163 — Lightstone Value Plus REIT L.P. 1,895 1,895 — The Park at Via Terrossa 620 — — Docsumo Pte. Ltd. 450 450 — JT Prime 425 425 — West Shore Café — — 1,688 Lexford Portfolio — — — East River Portfolio — — — Total $ 90,244 $ 79,303 $ 1,688 Arbor Residential Investor LLC. During the three months ended March 31, 2024 and 2023, we recorded income of $1.6 million and a loss of $0.9 million , respectively, to income from equity affiliates in our consolidated statements of income. At both March 31, 2024 and 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 both March 31, 2024 and December 31, 2023. AWC Real Estate Opportunity Partners I LP. During the three months ended March 31, 2024, we made contributions of $8.4 million. Fifth Wall Ventures. During the three months ended March 31, 2024, we made contributions of $0.5 million and recorded income of $0.3 million. During the three months ended March 31, 2023, we made contributions of $0.4 million and operating results were de minimus. AMAC Holdings III LLC (“AMAC III”). During the three months ended March 31, 2024, we recorded a loss of $0.5 million. During the three months ended March 31, 2023, we received distributions of $0.6 million, which were classified as returns of capital, and recorded a loss of $0.4 million. The Park at Via Terrossa. During the three months ended March 31, 2024, we contributed $0.6 million for a 4.96% interest in a multifamily property. Lexford Portfolio. During the three months ended March 31, 2023, we received distributions of $4.7 million, which were classified as returns on capital and recognized as income from equity affiliates. Equity Participation Interest. During the three months ended March 31, 2023, we received $11.0 million from an equity participation interest on a property that was sold and which we had a loan that previously paid-off, which was recognized as income from equity affiliates. See Note 17 for details of certain investments described above.

Debt Obligations

Debt Obligations	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Debt Obligations	Debt Obligations Credit and Repurchase Facilities Borrowings under our credit and repurchase facilities are as follows ($ in thousands): March 31, 2024 December 31, 2023 Current Extended Note Debt Collateral Wtd. Avg. Debt Collateral Structured Business $1.9B joint repurchase facility (2)(3) Jul. 2025 Jul. 2026 V $ 783,102 $ 1,268,862 7.79 % $ 868,077 $ 1,371,436 $1B repurchase facility (2) Aug. 2025 Aug. 2026 V 346,099 537,148 7.85 % 385,779 589,533 $1B repurchase facility (6) N/A V 440,959 588,623 8.39 % 447,490 597,205 $499M repurchase facility (2)(4) Oct. 2024 N/A V 396,650 565,610 7.81 % 355,328 506,753 $350M repurchase facility Mar. 2025 Mar. 2026 V 151,448 228,535 7.54 % 262,820 362,465 $250M credit facility Mar. 2026 (7) V 18,166 36,470 8.71 % — — $250M repurchase facility Jul. 2024 N/A V 13,903 23,088 7.29 % 17,964 23,088 $250M credit facility Oct. 2025 Oct. 2026 V — — — — — $200M credit facility Oct. 2024 N/A V 8,818 13,692 7.13 % 32,579 41,522 $200M repurchase facility Mar. 2025 Mar. 2026 V 58,464 92,615 8.00 % 45,969 68,762 $200M repurchase facility Jan. 2025 N/A V 106,950 141,130 7.40 % 107,324 141,130 $150M repurchase facility Oct. 2025 Oct. 2026 V 91,858 124,003 8.46 % 120,610 162,068 $126M loan specific credit facilities May 2024 to Sept. 2025 Aug. 2025 to Aug. 2027 V/F 125,819 170,237 6.77 % 120,328 161,700 $50M credit facility Apr. 2025 N/A V 29,200 36,500 7.54 % 29,200 36,500 $40M credit facility Apr. 2026 Apr. 2027 V — — — — — $35M working capital facility Jul. 2024 N/A V — — — — — Repurchase facility - securities (2)(5) N/A N/A V 30,084 — 7.12 % 31,033 — Structured Business total $ 2,601,520 $ 3,826,513 7.84 % $ 2,824,501 $ 4,062,162 Agency Business $750M ASAP agreement N/A N/A V $ 83,866 $ 83,961 6.47 % $ 73,011 $ 73,781 $500M repurchase facility Nov. 2024 N/A V 64,632 65,065 6.81 % 115,730 241,895 $200M credit facility Mar. 2025 N/A V 129,967 130,604 6.74 % 187,138 187,185 $100M joint repurchase facility (2)(3) Jul. 2025 Jul. 2026 V 7,912 11,350 7.74 % 7,833 11,350 $100M credit facility Jul. 2024 N/A V — — — — — $50M credit facility Sept. 2024 N/A V 25,055 25,080 6.69 % 29,083 29,418 $1M repurchase facility (2)(4) Oct. 2024 N/A V 531 853 7.79 % 531 866 Agency Business total $ 311,963 $ 316,913 6.71 % $ 413,326 $ 544,495 Consolidated total $ 2,913,483 $ 4,143,426 7.72 % $ 3,237,827 $ 4,606,657 ________________________ V = variable note rate; F = fixed note rate (1) At March 31, 2024 and December 31, 2023, debt carrying value for the Structured Business was net of unamortized deferred finance costs of $7.4 million and $4.8 million, respectively, and for the Agency Business was net of unamortized deferred finance costs of $0.3 million and $0.3 million, respectively. (2) These facilities are subject to margin call provisions associated with changes in interest spreads. (3) In March 2024, this joint repurchase facility was reduced from $3.00 billion to $2.00 billion. (4) A portion of this facility was used to finance a fixed-rate SFR permanent loan reported through our Agency Business. (5) At March 31, 2024 and 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 $36.7 million and $43.1 million, respectively. (6) The commitment amount under this repurchase facility expires six months after the lender provides written notice. We then have an additional six months to repurchase the underlying loans. (7) We have the ability to extend the maturity of this credit facility in one-year increments, subject to lender approval. Structured Business At March 31, 2024 and December 31, 2023, 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 8.33% and 8.26%, respectively. The leverage on our loan and investment portfolio financed through our credit and repurchase facilities, excluding the securities repurchase facility and the working capital facility, was 67% and 69% at March 31, 2024 and December 31, 2023, respectively. In March 2024, we amended a $500.0 million repurchase facility to increase the facility size to $1.0 billion. In March 2024, we amended a $450.0 million repurchase facility to decrease the facility size to $350.0 million and exercised one of two remaining one-year extension options to extend maturity to March 2025. In March 2024, we entered into a $250.0 million repurchase facility to finance non-performing loans that matures in March 2026, with the ability to extend the maturity in one-year increments, subject to lender approval. The facility has an interest rate of SOFR plus 3.25%, with a SOFR floor of 2.50%. In January 2024, we consolidated two credit facilities of $225.0 million and $25.0 million into one facility totaling $150.0 million. This facility bears interest at SOFR plus 3.00% with an all-in floor of 5.50% and matures in October 2025, with a one-year extension option. Securitized Debt We account for securitized debt transactions on our consolidated balance sheet as financing facilities. These transactions are considered VIEs for which we are the primary beneficiary and are consolidated in our financial statements. The investment grade notes and guaranteed certificates issued to third parties are treated as secured financings and are non-recourse to us. Borrowings and the corresponding collateral under our securitized debt transactions are as follows ($ in thousands): Debt Collateral (3) Loans Cash March 31, 2024 Face Value Carrying Wtd. Avg. UPB Carrying Restricted CLO 19 $ 872,812 $ 868,814 7.80 % $ 999,513 $ 997,140 $ 25,097 CLO 18 1,652,812 1,648,440 7.25 % 1,751,575 1,748,518 280,922 CLO 17 1,714,125 1,710,343 7.11 % 1,931,235 1,927,741 121,339 CLO 16 (5) 1,237,500 1,234,248 6.74 % 1,432,124 1,429,369 21,800 CLO 15 (5) 582,218 581,595 6.84 % 720,663 719,523 — CLO 14 (5) 467,204 466,385 6.90 % 571,929 570,921 20,164 Total CLOs 6,526,671 6,509,825 7.13 % 7,407,039 7,393,212 469,322 Q Series securitization 183,448 182,133 7.34 % 244,598 243,927 — Total securitized debt $ 6,710,119 $ 6,691,958 7.14 % $ 7,651,637 $ 7,637,139 $ 469,322 December 31, 2023 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 ________________________ (1) Debt carrying value is net of $18.2 million and $21.3 million of deferred financing fees at March 31, 2024 and December 31, 2023, respectively. (2) At March 31, 2024 and December 31, 2023, the aggregate weighted average note rate for our collateralized loan obligations ("CLO"), including certain fees and costs, was 7.35% and 7.37%, respectively, and the Q Series securitization was 8.06% and 7.99%, respectively. (3) At March 31, 2024 and December 31, 2023, twenty-one and twelve loans, respectively, with a total UPB of $651.1 million and $308.3 million, respectively, were deemed a "credit risk" as defined by the CLO indentures. A credit risk asset is generally defined as one that, in the CLO collateral manager's reasonable business judgment, has a significant risk of becoming a defaulted asset. (4) Represents restricted cash held for principal repayments as well as for reinvestment in the CLOs. Excludes restricted cash related to interest payments, delayed fundings and expenses totaling $59.1 million and $63.9 million at March 31, 2024 and December 31, 2023, respectively. (5) The replenishment periods of CLO 14, CLO 15 and CLO 16 ended in September 2023, December 2023 and March 2024, respectively. Securitization Paydowns . During the three months ended March 31, 2024, outstanding notes totaling $122.1 million on CLO 14, $92.2 million on CLO 15, and $31.8 million on the Q Series securitization have been paid down . Senior Unsecured Notes A summary of our senior unsecured notes is as follows ($ in thousands): Senior Issuance March 31, 2024 December 31, 2023 Maturity UPB Carrying Wtd. Avg. UPB Carrying Wtd. Avg. 7.75% Notes (3) Mar. 2023 Mar. 2026 $ 95,000 $ 93,840 7.75 % $ 95,000 $ 93,697 7.75 % 8.50% Notes (3) Oct. 2022 Oct. 2027 150,000 148,153 8.50 % 150,000 $ 148,023 8.50 % 5.00% Notes (3) Dec. 2021 Dec. 2028 180,000 177,981 5.00 % 180,000 $ 177,875 5.00 % 4.50% Notes (3) Aug. 2021 Sept. 2026 270,000 267,973 4.50 % 270,000 $ 267,763 4.50 % 5.00% Notes (3) Apr. 2021 Apr. 2026 175,000 173,698 5.00 % 175,000 $ 173,542 5.00 % 4.50% Notes (3) Mar. 2020 Mar. 2027 275,000 273,563 4.50 % 275,000 $ 273,444 4.50 % 4.75% Notes (4) Oct. 2019 Oct. 2024 110,000 109,805 4.75 % 110,000 $ 109,721 4.75 % 5.75% Notes (4) Mar. 2019 Apr. 2024 (5) 90,000 90,000 5.75 % 90,000 $ 89,903 5.75 % $ 1,345,000 $ 1,335,013 5.41 % $ 1,345,000 $ 1,333,968 5.41 % ________________________ (1) At March 31, 2024 and December 31, 2023, the carrying value is net of deferred financing fees of $10.0 million and $11.0 million, respectively. (2) At both March 31, 2024 and December 31, 2023, the aggregate weighted average note rate, including certain fees and costs, was 5.70%. (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. (5) In April 2024, these notes matured and were redeemed for cash. Convertible Senior Unsecured Notes Our 7.50% convertible senior unsecured notes are not redeemable by us prior to maturity (August 2025) and are convertible by the holder into, at our election, cash, shares of our common stock, or a combination of both, subject to the satisfaction of certain conditions and during specified periods. The conversion rates are subject to adjustment upon the occurrence of certain specified events and the holders may require us to repurchase all, or any portion, of their notes for cash equal to 100% of the principal amount, plus accrued and unpaid interest, if we undergo a fundamental change specified in the agreements. The UPB and net carrying value of our convertible notes are as follows (in thousands): Period UPB Unamortized Deferred Net Carrying March 31, 2024 $ 287,500 $ 3,724 $ 283,776 December 31, 2023 $ 287,500 $ 4,382 $ 283,118 During both the three months ended March 31, 2024 and 2023, we incurred interest expense on the notes totaling $6.1 million, of which $5.4 million and $0.7 million related to the cash coupon and deferred financing fees, respectively. Including the amortization of the deferred financing fees, our weighted average total cost of the notes was 8.43% and 8.42% at March 31, 2024 and December 31, 2023, respectively. At March 31, 2024, the 7.50% convertible senior notes had a conversion rate of 60.5723 shares of common stock per $1,000 of principal, which represented a conversion price of $16.51 per share of common stock. Junior Subordinated Notes The carrying values of borrowings under our junior subordinated notes were $144.1 million and $143.9 million at March 31, 2024 and December 31, 2023, respectively, which is net of a deferred amount of $8.8 million and $9.0 million, respectively, (which is amortized into interest expense over the life of the notes) and deferred financing fees of $1.4 million and $1.5 million, respectively. These notes have maturities ranging from March 2034 through April 2037 and pay interest quarterly at a floating rate. The weighted average note rate was 8.48% at both March 31, 2024 and December 31, 2023. Including certain fees and costs, the weighted average note rate was 8.56% at both March 31, 2024 and December 31, 2023. Debt Covenants Credit and Repurchase Facilities and Unsecured Debt. The credit and repurchase facilities and unsecured debt (senior and convertible notes) contain various financial covenants, including, but not limited to, minimum liquidity requirements, minimum net worth requirements, minimum unencumbered asset requirements, as well as certain other debt service coverage ratios, debt to equity ratios and minimum servicing portfolio tests. We were in compliance with all financial covenants and restrictions at March 31, 2024. CLOs. Our CLO vehicles contain interest coverage and asset overcollateralization covenants that must be met as of the waterfall distribution date in order for us to receive such payments. If we fail these covenants in any of our CLOs, all cash flows from the applicable CLO would be diverted to repay principal and interest on the outstanding CLO bonds and we would not receive any residual payments until that CLO regained compliance with such tests. Our CLOs were in compliance with all such covenants at March 31, 2024, as well as on the most recent determination dates in April 2024. In the event of a breach of the CLO covenants that could not be cured in the near-term, we would be required to fund our non-CLO expenses, including employee costs, distributions required to maintain our REIT status, debt costs, and other expenses with (1) cash on hand, (2) income from any CLO not in breach of a covenant test, (3) income from real property and loan assets, (4) sale of assets, or (5) accessing the equity or debt capital markets, if available. We have the right to cure covenant breaches which would resume normal residual payments to us by purchasing non-performing loans out of the CLOs. However, we may not have sufficient liquidity available to do so at such time. Our CLO compliance tests as of the most recent determination dates in April 2024 are as follows: Cash Flow Triggers CLO 14 CLO 15 CLO 16 CLO 17 CLO 18 CLO 19 Overcollateralization (1) Current 125.22 % 124.15 % 120.81 % 121.71 % 123.87 % 119.30 % 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 158.39 % 167.06 % 147.54 % 142.84 % 138.90 % 128.48 % 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. 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 April 2024 125.22 % 124.15 % 120.81 % 121.71 % 123.87 % 119.30 % 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 % ________________________ (1) This table represents the quarterly trend of our overcollateralization ratio, however, the CLO determination dates are monthly and we were in compliance with this test for all periods presented.

Allowance for Loss-Sharing Obli

Allowance for Loss-Sharing Obligations	3 Months Ended
	Mar. 31, 2024
Loss Contingency Accrual, Disclosures [Abstract]
Allowance for Loss-Sharing Obligations	Allowance for Loss-Sharing Obligations Our allowance for loss-sharing obligations related to the Fannie Mae DUS program is as follows (in thousands): Three Months Ended March 31, 2024 2023 Beginning balance $ 71,634 $ 57,168 Provisions for loss sharing 1,059 4,567 Provisions reversal for loan repayments (13) (1,390) Recoveries (charge-offs), net 110 (588) Ending balance $ 72,790 $ 59,757 When a loan is sold under the Fannie Mae DUS program, we undertake an obligation to partially guarantee the performance of the loan. A liability is recognized for the fair value of the guarantee obligation undertaken for the non-contingent aspect of the guarantee and is removed only upon either the expiration or settlement of the guarantee. At March 31, 2024 and December 31, 2023, we had $34.7 million and $34.6 million, respectively, of guarantee obligations included in the allowance for loss-sharing obligations. In addition to and separately from the fair value of the guarantee, we estimate our allowance for loss-sharing under CECL over the contractual period in which we are exposed to credit risk. The current expected loss related to loss-sharing was based on a collective pooling basis with similar risk characteristics, a reasonable and supportable forecast and a reversion period based on our average historical losses through the remaining contractual term of the portfolio. When we settle a loss under the DUS loss-sharing model, the net loss is charged-off against the previously recorded loss-sharing obligation. The settled loss is often net of any previously advanced principal and interest payments in accordance with the DUS program, which are reflected as reductions to the proceeds needed to settle losses. At March 31, 2024 and December 31, 2023, we had outstanding advances of $1.0 million and $1.1 million, respectively, which were netted against the allowance for loss-sharing obligations. At March 31, 2024 and December 31, 2023, our allowance for loss-sharing obligations, associated with expected losses under CECL, was $38.1 million and $37.0 million, respectively, and represented 0.18% and 0.17%, respectively, of our Fannie Mae servicing portfolio. During the three months ended March 31, 2024 and 2023, we recorded an increase in CECL reserves of $1.1 million and $2.6 million, respectively. At March 31, 2024 and December 31, 2023, the maximum quantifiable liability associated with our guarantees under the Fannie Mae DUS agreement was $4.02 billion and $3.95 billion, respectively. The maximum quantifiable liability is not representative of the actual loss we would incur. We would be liable for this amount only if all of the loans we service for Fannie Mae, for which we retain some risk of loss, were to default and all of the collateral underlying these loans was determined to be without value at the time of settlement.

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments We enter into derivative financial instruments to manage exposures that arise from business activities resulting in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates and credit risk. We do not use these derivatives for speculative purposes, but are instead using them to manage our interest rate and credit risk exposure. Agency Rate Lock and Forward Sale Commitments. We enter into contractual commitments to originate and sell mortgage loans at fixed prices with fixed expiration dates. The commitments become effective when the borrower “rate locks” a specified interest rate within time frames established by us. All potential borrowers are evaluated for creditworthiness prior to the extension of the commitment. Market risk arises if interest rates move adversely between the time of the rate lock by the borrower and the sale date of the loan to an investor. To mitigate the effect of the interest rate risk inherent in providing rate lock commitments to borrowers under the GSE programs, we enter into a forward sale commitment with the investor simultaneously with the rate lock commitment with the borrower. The forward sale contract locks in an interest rate and price for the sale of the loan. The terms of the contract with the investor and the rate lock with the borrower are matched in substantially all respects, with the objective of eliminating interest rate risk to the extent practical. Sale commitments with the investors have an expiration date that is longer than our related commitments to the borrower to allow, among other things, for closing of the loan and processing of paperwork to deliver the loan into the sale commitment. These commitments meet the definition of a derivative and are recorded at fair value, including the effects of interest rate movements which are reflected as a component of gain (loss) on derivative instruments, net in the consolidated statements of income. The estimated fair value of rate lock commitments also includes the fair value of the expected net cash flows associated with the servicing of the loan which is recorded as income from MSRs in the consolidated statements of income. During the three months ended March 31, 2024 and 2023, we recorded gains of less than $0.1 million and $7.1 million, respectively, from changes in the fair value of these derivatives and income from MSRs of $10.2 million and $18.5 million, respectively. See Note 12 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 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 March 31, 2024 and December 31, 2023, we had $1.8 million and $1.5 million, respectively included in others assets, which was comprised of cash posted as collateral of $1.8 million and $1.9 million, respectively, and net liability positions of less than $0.1 million and $0.4 million, respectively, from the fair value of our treasury futures. During the three months ended March 31, 2024, we recorded realized losses of $0.1 million and unrealized gains of $0.4 million to our Agency Business related to our Swaps. During the three months ended March 31, 2023, we recorded realized gains of $1.6 million and unrealized losses of $4.4 million to our Agency Business related to our Swaps. The realized and unrealized gains and losses are recorded in gain (loss) on derivative instruments, net. A summary of our non-qualifying derivative financial instruments in our Agency Business is as follows ($ in thousands): March 31, 2024 Fair Value Derivative Count Notional Value Balance Sheet Location Derivative Assets Derivative Liabilities Rate lock commitments 3 $ 114,784 Other assets/other liabilities $ 1,071 $ (293) Forward sale commitments 23 419,494 Other assets/other liabilities 607 (739) Treasury futures 82 8,200 — — $ 542,478 $ 1,678 $ (1,032) December 31, 2023 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)

Fair Value

Fair Value	3 Months Ended
	Mar. 31, 2024
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): March 31, 2024 December 31, 2023 Principal / Carrying Estimated Principal / Carrying Estimated Financial assets: Loans and investments, net $ 12,249,862 $ 12,001,544 $ 12,158,245 $ 12,615,006 $ 12,377,806 $ 12,452,563 Loans held-for-sale, net 324,743 322,875 327,487 552,325 551,707 566,451 Capitalized mortgage servicing rights, net n/a 385,520 518,391 n/a 391,254 510,472 Securities held-to-maturity, net 230,448 155,413 133,800 230,495 155,279 129,390 Derivative financial instruments 241,538 1,678 1,678 447,609 6,547 6,547 Financial liabilities: Credit and repurchase facilities $ 2,921,206 $ 2,913,483 $ 2,908,678 $ 3,242,939 $ 3,237,827 $ 3,228,324 Securitized debt 6,710,119 6,691,958 6,620,181 6,956,284 6,935,010 6,864,557 Senior unsecured notes 1,345,000 1,335,013 1,216,241 1,345,000 1,333,968 1,214,331 Convertible senior unsecured notes 287,500 283,776 287,500 287,500 283,118 301,156 Junior subordinated notes 154,336 144,096 107,096 154,336 143,896 106,444 Derivative financial instruments 292,740 1,032 1,032 138,270 1,021 1,021 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 methodology 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). MSRs are initially recorded at fair value and are carried at amortized cost. 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 March 31, 2024 (in thousands): Carrying Value Fair Value Fair Value Measurements Using Fair Value Hierarchy Level 1 Level 2 Level 3 Financial assets: Derivative financial instruments $ 1,678 $ 1,678 $ — $ 607 $ 1,071 Financial liabilities: Derivative financial instruments $ 1,032 $ 1,032 $ — $ 1,032 $ — We measure certain financial and non-financial assets at fair value on a nonrecurring basis. The fair values of these financial and non-financial assets, if applicable, are determined using the following input levels at March 31, 2024 (in thousands): Net Carrying Value Fair Value Fair Value Measurements Using Fair Value Hierarchy Level 1 Level 2 Level 3 Financial assets: Impaired loans, net Loans held-for-investment (1) $ 350,016 $ 350,016 $ — $ — $ 350,016 Loans held-for-sale (2) 18,062 18,062 — 18,062 — $ 368,078 $ 368,078 $ — $ 18,062 $ 350,016 ________________________ (1) We had an allowance for credit losses of $133.4 million related to twenty-two impaired loans with a total carrying value, before loan loss reserves, of $483.4 million at March 31, 2024. (2) We had unrealized impairment losses of $2.0 million related to six held-for-sale loans with a total carrying value, before unrealized impairment losses, of $20.0 million. Loan impairment assessments. Loans held-for-investment are intended to be held to maturity and, accordingly, are carried at cost, net of unamortized loan origination costs and fees, loan purchase discounts, and net of the allowance for credit losses, when such loan or investment is deemed to be impaired. We consider a loan impaired when, based upon current information, it is probable that all amounts due for both principal and interest will not be collected according to the contractual terms of the loan agreement. We evaluate our loans to determine if the value of the underlying collateral securing the impaired loan is less than the net carrying value of the loan, which may result in an allowance, and corresponding charge to the provision for credit losses, or an impairment loss. These valuations require significant judgments, which include assumptions regarding capitalization and discount rates, revenue growth rates, creditworthiness of major tenants, occupancy rates, availability of financing, exit plan and other factors. Loans held-for-sale are generally expected to be transferred or sold within 60 days to 180 days of loan origination and are reported at lower of cost or market. We consider a loan classified as held-for-sale impaired if, based on current information, it is probable that we will sell the loan below par, or not be able to collect all principal and interest in accordance with the contractual terms of the loan agreement. These loans are valued using pricing models that incorporate observable inputs from current market assumptions or a hypothetical securitization model utilizing observable market data from recent securitization spreads and observable pricing of loans with similar characteristics. The tables above and below include all impaired loans, regardless of the period in which the impairment was recognized. Quantitative information about Level 3 fair value measurements at March 31, 2024 is as follows ($ in thousands): Fair Value Valuation Techniques Significant Unobservable Inputs Financial assets: Impaired loans: Weighted Average Minimum / Maximum Multifamily $ 288,272 Discounted cash flows Capitalization rate 6.31% 6.00% - 7.00% Land 49,999 Discounted cash flows Discount rate 21.50% 21.50% Revenue growth rate 3.00% 3.00% Retail 11,745 Sales comparative Price per acre $165,128 $165,128 Derivative financial instruments: Rate lock commitments 1,071 Discounted cash flows W/A discount rate 13.60% 13.60% The derivative financial instruments using Level 3 inputs are outstanding for short periods of time (generally less than 60 days). A roll-forward of Level 3 derivative instruments is as follows (in thousands): Fair Value Measurements Using Significant Unobservable Inputs Three Months Ended March 31, 2024 2023 Derivative assets and liabilities, net Beginning balance $ 428 $ 354 Settlements (9,436) (15,066) Realized gains recorded in earnings 9,008 14,712 Unrealized gains recorded in earnings 1,071 3,097 Ending balance $ 1,071 $ 3,097 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): March 31, 2024 Notional/ Fair Value of Interest Rate Unrealized Total Fair Value Rate lock commitments $ 114,784 $ 1,071 $ 84 $ — $ 1,155 Forward sale commitments 419,494 — (84) — (84) Loans held-for-sale, net (1) 324,743 4,656 — (1,971) 2,685 Total $ 5,727 $ — $ (1,971) $ 3,756 ________________________ (1) Loans held-for-sale, net are recorded at the lower of cost or market on an aggregate basis and includes fair value adjustments related to estimated cash flows from MSRs. We measure certain assets and liabilities for which fair value is only disclosed. The fair value of these assets and liabilities are determined using the following input levels at March 31, 2024 (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 $ 12,001,544 $ 12,158,245 $ — $ — $ 12,158,245 Loans held-for-sale, net 322,875 327,487 — 322,831 4,656 Capitalized mortgage servicing rights, net 385,520 518,391 — — 518,391 Securities held-to-maturity, net 155,413 133,800 — — 133,800 Financial liabilities: Credit and repurchase facilities $ 2,913,483 $ 2,908,678 $ — $ 311,963 $ 2,596,715 Securitized debt 6,691,958 6,620,181 — — 6,620,181 Senior unsecured notes 1,335,013 1,216,241 1,216,241 — — Convertible senior unsecured notes 283,776 287,500 — 287,500 — Junior subordinated notes 144,096 107,096 — — 107,096

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Agency Business Commitments. Our Agency Business is subject to supervision by certain regulatory agencies. Among other things, these agencies require us to meet certain minimum net worth, operational liquidity and restricted liquidity collateral requirements, and compliance with reporting requirements. Our adjusted net worth and liquidity required by the agencies for all periods presented exceeded these requirements. At March 31, 2024, we were required to maintain at least $21.1 million of liquid assets in one of our subsidiaries to meet our operational liquidity requirements for Fannie Mae and we had operational liquidity in excess of this requirement. We are generally required to share the risk of any losses associated with loans sold under the Fannie Mae DUS program and are required to secure this obligation by assigning restricted cash balances and/or a letter of credit to Fannie Mae. The amount of collateral required by Fannie Mae is a formulaic calculation at the loan level by a Fannie Mae assigned tier, which considers the loan balance, risk level of the loan, age of the loan and level of risk-sharing. Fannie Mae requires restricted liquidity for Tier 2 loans of 75 basis points, 15 basis points for Tier 3 loans and 5 basis points for Tier 4 loans, which is funded over a 48-month period that begins upon delivery of the loan to Fannie Mae. A significant portion of our Fannie Mae DUS serviced loans for which we have risk sharing are Tier 2 loans. At March 31, 2024, the restricted liquidity requirement totaled $79.7 million and was satisfied with a $64.0 million letter of credit and cash issued to Fannie Mae. At March 31, 2024, reserve requirements for the Fannie Mae DUS loan portfolio will require us to fund $38.9 million in additional restricted liquidity over the next 48 months, assuming no further principal paydowns, prepayments, or defaults within our at-risk portfolio. Fannie Mae periodically reassesses these collateral requirements and may make changes to these requirements in the future. We generate sufficient cash flow from our operations to meet these capital standards and do not expect any changes to have a material impact on our future operations; however, future changes to collateral requirements may adversely impact our available cash. We are subject to various capital requirements in connection with seller/servicer agreements that we have entered into with secondary market investors. Failure to maintain minimum capital requirements could result in our inability to originate and service loans for the respective investor and, therefore, could have a direct material effect on our consolidated financial statements. At March 31, 2024, we met all of Fannie Mae’s quarterly capital requirements and our Fannie Mae adjusted net worth was in excess of the required net worth. We are not subject to capital requirements on a quarterly basis for Ginnie Mae and FHA, as requirements for these investors are only required on an annual basis. As an approved designated seller/servicer under Freddie Mac’s SBL program, we are required to post collateral to ensure that we are able to meet certain purchase and loss obligations required by this program. Under the SBL program, we are required to post collateral equal to $5.0 million, which is satisfied with a $5.0 million letter of credit. We enter into contractual commitments with borrowers providing rate lock commitments while simultaneously entering into forward sale commitments with investors. These commitments are outstanding for short periods of time (generally less than 60 days) and are described in more detail in Note 11 and Note 12. Debt Obligations and Operating Leases. At March 31, 2024, 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 (nine months ending December 31, 2024) $ 1,891,132 $ 8,295 $ 1,899,427 2025 3,407,613 11,206 3,418,819 2026 4,547,643 11,297 4,558,940 2027 1,237,437 9,782 1,247,219 2028 180,000 9,093 189,093 2029 — 8,576 8,576 Thereafter 154,336 19,308 173,644 Total $ 11,418,161 $ 77,557 $ 11,495,718 During both the three months ended March 31, 2024 and 2023, we recorded lease expense of $2.6 million. Unfunded Commitments. In accordance with certain structured loans and investments, we have outstanding unfunded commitments of $1.59 billion at March 31, 2024 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. 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	3 Months Ended
	Mar. 31, 2024
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. Our Securitization Entities invest in real estate and real estate-related securities and are financed by the issuance of debt securities. We believe we hold the power necessary to direct the most significant economic activities of those entities. We also have exposure to losses to the extent of our equity interests and rights to waterfall payments in excess of required payments to bond investors. As a result of consolidation, equity interests have been eliminated, and the consolidated balance sheets reflect both the assets held and debt issued to third parties by the Securitization Entities, prior to the unwind. Our operating results and cash flows include the gross asset and liability amounts related to the Securitization Entities as opposed to our net economic interests in those entities. The assets and liabilities related to these consolidated Securitization Entities are as follows (in thousands): March 31, 2024 December 31, 2023 Assets: Restricted cash $ 528,658 $ 593,956 Loans and investments, net 7,637,138 7,826,793 Other assets 123,866 193,822 Total assets $ 8,289,662 $ 8,614,571 Liabilities: Securitized debt $ 6,691,958 $ 6,935,010 Other liabilities 23,792 32,867 Total liabilities $ 6,715,750 $ 6,967,877 Assets held by the Securitization Entities are restricted and can only be used to settle obligations of those entities. The liabilities of the Securitization Entities are non-recourse to us and can only be satisfied from each respective asset pool. See Note 9 for details. We are not obligated to provide, have not provided, and do not intend to provide financial support to any of the Securitization Entities. Unconsolidated VIEs . We determined that we are not the primary beneficiary of 33 VIEs in which we have a variable interest at March 31, 2024 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 March 31, 2024 is as follows (in thousands): Type Carrying Amount (1) Loans $ 636,297 APL certificates 132,437 Equity investments 37,726 B Piece bonds 30,573 Agency interest only strips 134 Total $ 837,167 ________________________ (1) Represents the carrying amount of loans and investments before reserves. At March 31, 2024, $128.2 million of loans to VIEs had corresponding specific loan loss reserves of $80.9 million. The maximum loss exposure at March 31, 2024 would not exceed the carrying amount of our investment. These unconsolidated VIEs have exposure to real estate debt of approximately $4.01 billion at March 31, 2024.

Equity

Equity	3 Months Ended
	Mar. 31, 2024
Stockholders' Equity Note [Abstract]
Equity	Equity Common Stock. During 2023, the Board of Directors authorized a share repurchase program providing for the repurchase of up to $150.0 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 Exchange Act, based on our stock price, general market conditions, applicable legal requirements and other factors. The program may be discontinued or modified at any time. At March 31, 2024, there was $150.0 million available for repurchase under this program. Subsequent Event . During April 2024, we repurchased 935,739 shares of our common stock under the share repurchase program at a total cost of $11.4 million and an average cost of $12.19 per share. Noncontrolling Interest. Noncontrolling interest relates to the operating partnership units (“OP Units”) issued to satisfy a portion of the purchase price in connection with the acquisition of the agency platform of Arbor Commercial Mortgage, LLC (“ACM”) in 2016. Each of these OP Units are paired with one share of our special voting preferred shares having a par value of $0.01 per share and is entitled to one vote each on any matter submitted for stockholder approval. The OP Units are entitled to receive distributions if and when our Board of Directors authorizes and declares common stock distributions. The OP Units are also redeemable for cash, or at our option, for shares of our common stock on a one-for-one basis. At March 31, 2024, there were 16,293,589 OP Units outstanding, which represented 7.9% of the voting power of our outstanding stock. Distributions. Dividends declared (on a per share basis) during the three months ended March 31, 2024 are as follows: Common Stock Preferred Stock Dividend Declaration Date Dividend Declaration Date Series D Series E Series F February 14, 2024 $ 0.43 March 29, 2024 $ 0.3984375 $ 0.390625 $ 0.390625 Common Stock – On May 1, 2024, the Board of Directors declared a cash dividend of $0.43 per share of common stock. The dividend is payable on May 31, 2024 to common stockholders of record as of the close of business on May 17, 2024. Deferred Compensation. During 2024, we issued 603,903 shares of restricted common stock to certain employees and Board of Directors members under the 2020 Amended Omnibus Stock Incentive Plan (the “2020 Plan”) with a total grant date fair value of $7.7 million, of which: (1) 219,578 shares with a grant date fair value of $2.9 million vested on the grant date in 2024; (2) 192,062 shares with a grant date fair value of $2.4 million will vest in 2025; and (3) 192,263 shares with a grant date fair value of $2.4 million will vest in 2026. During 2024, we issued our chief executive officer 309,775 shares of restricted common stock with a grant date fair value of $3.9 million that vest in full in the first quarter of 2027. We also issued 36,688 fully-vested restricted stock units (“RSUs”) with a grant date fair value of $0.5 million to certain members of our Board of Directors, who have decided to defer the receipt of the common stock, into which the RSUs are converted, to a future date pursuant to a pre-established deferral election. During 2024, 275,569 shares of performance-based RSUs previously granted to our chief executive officer fully vested. During 2024, we withheld 242,395 shares from the net settlement of restricted common stock by employees for payment of withholding taxes on shares that vested. Earnings Per Share (“EPS”). Basic EPS is calculated by dividing net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding during each period inclusive of unvested restricted stock with full dividend participation rights. Diluted EPS is calculated by dividing net income (loss) by the weighted average number of shares of common stock outstanding, plus the additional dilutive effect of common stock equivalents during each period. Our common stock equivalents include the weighted average dilutive effect of RSUs, OP Units and convertible senior unsecured notes. A reconciliation of the numerator and denominator of our basic and diluted EPS computations is as follows ($ in thousands, except share and per share data): Three Months Ended March 31, 2024 2023 Basic Diluted Basic Diluted Net income attributable to common stockholders (1) $ 57,873 $ 57,873 $ 84,319 $ 84,319 Net income attributable to noncontrolling interest (2) — 4,997 — 7,585 Interest expense on convertible notes — 6,084 — 6,081 Net income attributable to common stockholders and noncontrolling interest $ 57,873 $ 68,954 $ 84,319 $ 97,985 Weighted average shares outstanding 188,710,390 188,710,390 181,116,674 181,116,674 Dilutive effect of OP Units (2) — 16,293,589 — 16,293,589 Dilutive effect of convertible notes — 17,414,547 — 17,230,358 Dilutive effect of restricted stock units (3) — 507,550 — 270,353 Weighted average shares outstanding 188,710,390 222,926,076 181,116,674 214,910,974 Net income per common share (1) $ 0.31 $ 0.31 $ 0.47 $ 0.46 ________________________ (1) Net of preferred stock dividends. (2) We consider OP Units to be common stock equivalents as the holders have voting rights, the right to distributions and the right to redeem the OP Units for the cash value of a corresponding number of shares of common stock or a corresponding number of shares of common stock, at our election. (3) Our chief executive officer was granted RSUs, which vest at the end of a 4-year performance period based upon our achievement of total stockholder return objectives.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes As a REIT, we are generally not subject to U.S. federal income tax to the extent of our distributions to stockholders and as long as certain asset, income, distribution, ownership and administrative tests are met. To maintain our qualification as a REIT, we must annually distribute at least 90% of our REIT-taxable income to our stockholders and meet certain other requirements. We may also be subject to certain state, local and franchise taxes. Under certain circumstances, federal income and excise taxes may be due on our undistributed taxable income. If we were to fail to meet these requirements, we would be subject to U.S. federal income tax, which could have a material adverse impact on our results of operations and amounts available for distributions to our stockholders. We believe that all of the criteria to maintain our REIT qualification have been met for the applicable periods, but there can be no assurance that these criteria will continue to be met in subsequent periods. The Agency Business is operated through our TRS Consolidated Group and is subject to U.S. federal, state and local income taxes. In general, our TRS entities may hold assets that the REIT cannot hold directly and may engage in real estate or non-real estate-related business. In the three months ended March 31, 2024 and 2023, we recorded a tax provision of $3.6 million and $8.0 million, respectively. The tax provision recorded in the three months ended March 31, 2024 consisted of a current tax provision of $7.6 million and a deferred tax benefit of $4.0 million. The tax provision recorded in the three months ended March 31, 2023 consisted of a current and deferred tax provision of $4.8 million and $3.2 million, respectively. Current and deferred taxes are primarily recorded on the portion of earnings (losses) recognized by us with respect to our interest in the TRS’s. Deferred income tax assets and liabilities are calculated based on temporary differences between our U.S. GAAP consolidated financial statements and the federal, state, local tax basis of assets and liabilities as of the consolidated balance sheets.

Agreements and Transactions wit

Agreements and Transactions with Related Parties	3 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
Agreements and Transactions with Related Parties	Agreements and Transactions with Related Parties Support Agreement and Employee Secondment Agreement. We have a support agreement and a secondment agreement with ACM and certain of its affiliates and certain affiliates of a relative of our chief executive officer (“Service Recipients”) where we provide support services and seconded employees to the Service Recipients. The Service Recipients reimburse us for the costs of performing such services and the cost of the seconded employees. During the three months ended March 31, 2024 and 2023, we incurred $0.9 million and $0.7 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 $104.4 million and $64.4 million at March 31, 2024 and December 31, 2023, respectively, which consisted primarily of amounts due from our affiliated servicing operations related to real estate transactions closing at the end of the quarter and amounts due from ACM for costs incurred in connection with the support and secondment agreements described above. Due to related party was $14.2 million and $13.8 million at March 31, 2024 and December 31, 2023, respectively, and consisted of loan settlements, 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 the three months ended March 31, 2024 and 2023, we reimbursed the aircraft owner $0.3 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 ($14.9 million was funded at March 31, 2024) for an SFR build-to-rent construction project. Two of our officers have 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 $0.3 million for the three months ended March 31, 2024. In 2022, we purchased a $46.2 million bridge loan originated by ACM at par ($6.5 million was funded at March 31, 2024) 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 the three months ended March 31, 2024. No interest was received during the three months ended March 31, 2023 since there were no amounts funded as of March 31, 2023. In 2022, we committed to fund a $67.1 million bridge loan ($6.5 million was funded at March 31, 2024) 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 $0.1 million and less than $0.1 million for the three months ended March 31, 2024 and 2023, respectively. In 2022, we committed to fund a $39.4 million bridge loan ($12.7 million was funded at March 31, 2024) 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 4.00% with a SOFR floor of 0.25% and matures in March 2025. Interest income recorded from this loan was $0.3 million and less than $0.1 million for the three months ended March 31, 2024 and 2023, 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 have 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 SOFR plus 3.75% with a SOFR floor of 0.25% and was scheduled to mature in March 2024. In December 2023, the loan was paid off in full. Interest income recorded from this loan was $1.4 million for the three months ended March 31, 2023. 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 has an interest rate of SOFR plus 4.75% with a SOFR floor of 0.75% 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 ($37.0 million was funded at March 31, 2024) and the maturity for both loans was extended to October 2024. Interest income recorded from these loans was $1.0 million and $0.5 million for the three months ended March 31, 2024 and 2023, 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 has an interest rate of SOFR plus 5.25% with a SOFR floor of 1.00% and was scheduled to mature in May 2023 and 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 ($36.7 million was funded at March 31, 2024), and the maturity on both loans was extended to May 2025. Interest income recorded from these loans was $1.1 million and $0.7 million for the three months ended March 31, 2024 and 2023, 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 $0.1 million for both the three months ended March 31, 2024 and 2023. 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 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. In the fourth quarter of 2023, we converted these loans in the building to a common equity investment. 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 March 31, 2024) for an 18% interest in AMAC III. During the three months ended March 31, 2024 and 2023, we recorded losses associated with this investment of $0.5 million and $0.4 million, respectively, and received cash distributions of $0.6 million during the three months ended March 31, 2023. 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, for full satisfaction of the mezzanine loan, AMAC III became the owner of the property. Also in 2020, the $34.0 million bridge loan was refinanced with a $35.4 million bridge loan, which bears interest at a rate of SOFR plus 3.50%, and matures in August 2024. Interest income recorded from the bridge loan was $0.8 million and $0.7 million for the three months ended March 31, 2024 and 2023, respectively. In 2018, we originated a $21.7 million bridge loan on a multifamily property owned in part by a consortium of investors (which includes, among other unaffiliated investors, certain of our officers and our chief executive officer) which owns 75% in the borrowing entity. The loan has an interest rate of SOFR plus 4.75% with a SOFR floor of 0.25%, and matures in August 2024. Interest income recorded from this loan was $0.6 million and $0.5 million for the three months ended March 31, 2024 and 2023, 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 March 31, 2024. 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 the three months ended March 31, 2023. 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 to January 2025. Interest income recorded from this loan was $0.1 million for both the three months ended March 31, 2024 and 2023. 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 March 31, 2024, we had an indirect interest of 12.3% in this entity. We recorded income of $1.6 million and a loss of $0.9 million related to this investment for the three months ended March 31, 2024 and 2023, respectively. We, along with an executive officer of ours and a consortium of independent outside investors, hold equity investments in a portfolio of multifamily properties referred to as the “Lexford” portfolio, which is managed by an entity owned primarily by a consortium of affiliated investors, including our chief executive officer and an executive officer of ours. Based on the terms of the management contract, the management company is entitled to 4.75% of gross revenues of the underlying properties, along with the potential to share in the proceeds of a sale or restructuring of the debt. In 2018, the owners of Lexford restructured part of its debt and we originated 12 bridge loans totaling $280.5 million, which were used to repay in full certain existing mortgage debt and to renovate 72 multifamily properties included in the portfolio. The loans were originated in 2018, had interest rates of LIBOR plus 4.00% 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. Further, as part of this 2018 restructuring, $50.0 million in unsecured financing was provided by an unsecured lender to certain parent entities of the property owners. ACM owns slightly less than half of the unsecured lender entity and, therefore, provided slightly less than half of the unsecured lender financing. In addition, in connection with our equity investment, we received distributions totaling $4.7 million during the three months ended March 31, 2023, which were recorded as income from equity affiliates. Separate from the loans we originated in 2018, we provide limited (“bad boy”) guarantees for certain other debt controlled by Lexford. The bad boy guarantees may become a liability for us upon standard “bad” acts such as fraud or a material misrepresentation by Lexford or us. At March 31, 2024, this debt had an aggregate outstanding balance of approximately $500.0 million and is scheduled to mature through 2029. Several of our executives, including our chief financial officer, corporate secretary and our chairman, chief executive officer and president, hold similar positions for ACM. Our chief executive officer and his affiliated entities (“the Kaufman Entities”) together beneficially own approximately 35% of the outstanding membership interests of ACM and certain of our employees and directors also hold an ownership interest in ACM. Furthermore, one of our directors serves as the trustee and co-trustee of two of the Kaufman Entities that hold membership interests in ACM. At March 31, 2024, ACM holds 2,535,870 shares of our common stock and 10,615,085 OP Units, which represents 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.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Segment Information	Segment Information The summarized statements of income and balance sheet data, as well as certain other data, by segment are included in the following tables ($ in thousands). Specifically identifiable costs are recorded directly to each business segment. For items not specifically identifiable, costs have been allocated between the business segments using the most meaningful allocation methodologies, which was predominately direct labor costs (i.e., time spent working on each business segment). Such costs include, but are not limited to, compensation and employee related costs, selling and administrative expenses and stock-based compensation. Three Months Ended March 31, 2024 Structured Agency Other (1) Consolidated Interest income $ 307,888 $ 13,404 $ — $ 321,292 Interest expense 212,600 5,076 — 217,676 Net interest income 95,288 8,328 — 103,616 Other revenue: Gain on sales, including fee-based services, net — 16,666 — 16,666 Mortgage servicing rights — 10,199 — 10,199 Servicing revenue — 48,157 — 48,157 Amortization of MSRs — (16,631) — (16,631) Property operating income 1,570 — — 1,570 Loss on derivative instruments, net — (5,257) — (5,257) Other income, net 2,300 33 — 2,333 Total other revenue 3,870 53,167 — 57,037 Other expenses: Employee compensation and benefits 18,547 29,147 — 47,694 Selling and administrative 6,796 7,137 — 13,933 Property operating expenses 1,678 — — 1,678 Depreciation and amortization 1,398 1,173 — 2,571 Provision for loss sharing (net of recoveries) — 273 — 273 Provision for credit losses (net of recoveries) 17,777 1,341 — 19,118 Total other expenses 46,196 39,071 — 85,267 Income before income from equity affiliates and income taxes 52,962 22,424 — 75,386 Income from equity affiliates 1,418 — — 1,418 Provision for income taxes (81) (3,511) — (3,592) Net income 54,299 18,913 — 73,212 Preferred stock dividends 10,342 — — 10,342 Net income attributable to noncontrolling interest — — 4,997 4,997 Net income attributable to common stockholders $ 43,957 $ 18,913 $ (4,997) $ 57,873 Three Months Ended March 31, 2023 Structured Agency Other (1) Consolidated Interest income $ 317,376 $ 10,571 $ — $ 327,947 Interest expense 214,894 4,479 — 219,373 Net interest income 102,482 6,092 — 108,574 Other revenue: Gain on sales, including fee-based services, net — 14,589 — 14,589 Mortgage servicing rights — 18,458 — 18,458 Servicing revenue — 44,981 — 44,981 Amortization of MSRs — (15,416) — (15,416) Property operating income 1,381 — — 1,381 Gain on derivative instruments, net — 4,223 — 4,223 Other income, net 1,908 2,974 — 4,882 Total other revenue 3,289 69,809 — 73,098 Other expenses: Employee compensation and benefits 15,641 26,758 — 42,399 Selling and administrative 6,711 6,912 — 13,623 Property operating expenses 1,383 — — 1,383 Depreciation and amortization 1,451 1,173 — 2,624 Provision for loss sharing (net of recoveries) — 3,177 — 3,177 Provision for credit losses (net of recoveries) 20,645 1,872 — 22,517 Total other expenses 45,831 39,892 — 85,723 Income before income from equity affiliates and income taxes 59,940 36,009 — 95,949 Income from equity affiliates 14,326 — — 14,326 Benefit from (provision for) for income taxes 429 (8,458) — (8,029) Net income 74,695 27,551 — 102,246 Preferred stock dividends 10,342 — — 10,342 Net income attributable to noncontrolling interest — — 7,585 7,585 Net income attributable to common stockholders $ 64,353 $ 27,551 $ (7,585) $ 84,319 ________________________ (1) Includes income allocated to the noncontrolling interest holders not allocated to the two reportable segments. March 31, 2024 Structured Business Agency Business Consolidated Assets: Cash and cash equivalents $ 453,316 $ 454,733 $ 908,049 Restricted cash 530,099 16,544 546,643 Loans and investments, net 12,001,544 — 12,001,544 Loans held-for-sale, net — 322,875 322,875 Capitalized mortgage servicing rights, net — 385,520 385,520 Securities held-to-maturity, net — 155,413 155,413 Investments in equity affiliates 90,244 — 90,244 Goodwill and other intangible assets 12,500 77,705 90,205 Other assets and due from related party 532,385 71,978 604,363 Total assets $ 13,620,088 $ 1,484,768 $ 15,104,856 Liabilities: Debt obligations $ 11,056,363 $ 311,963 $ 11,368,326 Allowance for loss-sharing obligations — 72,790 72,790 Other liabilities and due to related parties 343,557 85,875 429,432 Total liabilities $ 11,399,920 $ 470,628 $ 11,870,548 December 31, 2023 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 Three Months Ended March 31, 2024 2023 Origination Data: Structured Business Bridge: Multifamily $ 39,235 $ 186,100 SFR 171,490 76,089 210,725 262,189 Mezzanine / Preferred Equity 45,129 5,845 Total New Loan Originations $ 255,854 $ 268,034 Number of Loans Originated 59 24 SFR Commitments $ 411,617 $ 54,350 Loan Runoff $ 640,018 $ 1,186,649 Agency Business Origination Volumes by Investor: Fannie Mae $ 458,429 $ 795,021 Freddie Mac 370,102 101,332 Private Label 15,410 41,107 SFR - Fixed Rate 2,318 5,461 FHA — 148,940 Total $ 846,259 $ 1,091,861 Total Loan Commitment Volume $ 934,243 $ 1,500,110 Agency Business Loan Sales Data: Fannie Mae $ 725,898 $ 651,758 Freddie Mac 329,679 68,457 Private Label 15,410 159,945 FHA 12,069 43,475 SFR - Fixed Rate 2,318 9,064 Total $ 1,085,374 $ 932,699 Sales Margin (fee-based services as a % of loan sales) 1.54 % 1.56 % MSR Rate (MSR income as a % of loan commitments) (1) 1.09 % 1.23 % ________________________ (1) Excluding $160.2 million of loan commitments not serviced for a fee, the MSR rate was 1.32% for the three months ended March 31, 2024. March 31, 2024 Key Servicing Metrics for Agency Business: Servicing Portfolio UPB Wtd. Avg. Servicing Fee Rate (basis points) Wtd. Avg. Life of Portfolio (years) Fannie Mae $ 21,548,221 47.1 7.2 Freddie Mac 5,301,291 23.4 7.7 Private Label 2,524,013 18.9 6.3 FHA 1,365,329 14.4 19.0 Bridge 380,712 10.9 3.6 SFR - Fixed Rate 265,429 20.1 5.0 Total $ 31,384,995 38.8 7.7 December 31, 2023 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

Basis of Presentation and Sig_2

Basis of Presentation and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”), for interim financial statements and the instructions to Form 10-Q. Accordingly, certain information and footnote disclosures normally included in the consolidated financial statements prepared under GAAP have been condensed or omitted. In our opinion, all adjustments considered necessary for a fair presentation of our financial position, results of operations and cash flows have been included and are of a normal and recurring nature. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These financial statements should be read in conjunction with our financial statements and notes thereto included in our 2023 Annual Report.
Principles of Consolidation	Principles of 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 ultimate impact of inflation, increasing interest rates, bank failures, tightening of capital markets and reduced property values, both globally and to our business, makes any estimate or assumption at March 31, 2024 inherently less certain.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In March 2024, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") 2024-01, Compensation – Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards, effective in the first quarter of 2025. We currently do not have any transactions that fall under the scope of this ASU; therefore, the adoption is not expected to have an impact on our consolidated financial statements.

Loans and Investments (Tables)

Loans and Investments (Tables)	3 Months Ended
	Mar. 31, 2024
Loans and Investments
Summary of Structured Business Loan and Investment Portfolio	Our Structured Business loan and investment portfolio consists of ($ in thousands): March 31, 2024 Percent of Loan Wtd. Avg. Wtd. Avg. Wtd. Avg. Wtd. Avg. Bridge loans (5) $ 11,866,289 97 % 698 8.11 % 11.4 0 % 81 % Mezzanine loans 260,414 2 % 55 7.87 % 53.3 49 % 82 % Preferred equity investments 117,431 1 % 26 5.09 % 57.9 54 % 78 % SFR permanent loans 5,728 <1% 2 9.94 % 12.8 0 % 53 % Total UPB 12,249,862 100 % 781 8.07 % 12.8 2 % 81 % Allowance for credit losses (211,942) Unearned revenue (36,376) Loans and investments, net $ 12,001,544 December 31, 2023 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 % Total UPB 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 ________________________ (1) “Weighted Average Pay Rate” is a weighted average, based on the unpaid principal balance (“UPB”) of each loan in our portfolio, of the interest rate required to be paid monthly as stated in the individual loan agreements. Certain loans and investments that require an accrual rate to be paid at maturity are not included in the weighted average pay rate as shown in the table. (2) Including extension options, the weighted average remaining months to maturity at March 31, 2024 and December 31, 2023 was 27.6 and 29.4, 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 March 31, 2024 and December 31, 2023, bridge loans included 389 and 354, respectively, of SFR loans with a total gross loan commitment of $3.21 billion and $2.86 billion, respectively, of which $1.45 billion and $1.32 billion, respectively, was funded.
Schedule of the Loan Portfolio's Internal Risk Ratings and LTV Ratios by Asset Class	A summary of the loan portfolio’s internal risk ratings and LTV ratios by asset class at March 31, 2024, and charge-offs recorded for the three months ended March 31, 2024 is as follows ($ in thousands): UPB by Origination Year Total Wtd. Avg. Wtd. Avg. Asset Class / Risk Rating 2024 2023 2022 2021 2020 Prior Multifamily: Pass $ 36,060 $ 92,062 $ 52,027 $ 8,835 $ 2,010 $ 24,879 $ 215,873 Pass/Watch 36,501 319,437 2,336,702 1,846,835 119,860 113,100 4,772,435 Special Mention 9,069 3,014 1,771,071 2,787,716 28,250 167,229 4,766,349 Substandard — 21,100 467,123 151,612 8,006 350 648,191 Doubtful — — 4,800 174,235 14,800 9,765 203,600 Total Multifamily $ 81,630 $ 435,613 $ 4,631,723 $ 4,969,233 $ 172,926 $ 315,323 $ 10,606,448 2 % 84 % Single-Family Rental: Percentage of portfolio 87 % Pass $ — $ — $ 9,476 $ 9,673 $ — $ — $ 19,149 Pass/Watch 105,172 308,123 446,660 174,652 126,066 — 1,160,673 Special Mention 6,496 57,147 77,385 129,906 — — 270,934 Total Single-Family Rental $ 111,668 $ 365,270 $ 533,521 $ 314,231 $ 126,066 $ — $ 1,450,756 0 % 63 % Land: Percentage of portfolio 12 % Pass/Watch $ — $ — $ — $ — $ 8,100 $ — $ 8,100 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 % 95 % Commercial: Percentage of portfolio < 1% Doubtful $ — $ — $ — $ — $ — $ 1,700 $ 1,700 Total Other $ — $ — $ — $ — $ — $ 1,700 $ 1,700 63 % 66 % Percentage of portfolio < 1% Grand Total $ 193,298 $ 800,883 $ 5,165,244 $ 5,283,464 $ 342,502 $ 464,471 $ 12,249,862 2 % 81 % Charge-offs $ — $ — $ — $ 1,500 $ — $ — $ 1,500 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 Other $ — $ — $ — $ — $ — $ 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): Three Months Ended March 31, 2024 Multifamily Land Retail Single-Family Rental Commercial Office Other Total Allowance for credit losses: Beginning balance $ 110,847 $ 78,058 $ 3,293 $ 1,624 $ 1,700 $ 142 $ — $ 195,664 Provision for credit losses (net of recoveries) 16,652 62 — 1,113 — (49) — 17,778 Charge-offs (1,500) — — — — — — (1,500) Ending balance $ 125,999 $ 78,120 $ 3,293 $ 2,737 $ 1,700 $ 93 $ — $ 211,942 Three Months Ended March 31, 2023 Allowance for credit losses: Beginning balance $ 37,961 $ 78,068 $ 5,819 $ 781 $ 1,700 $ 8,162 $ 68 $ 132,559 Provision for credit losses (net of recoveries) 20,387 18 — 192 — (56) (23) 20,518 Ending balance $ 58,348 $ 78,086 $ 5,819 $ 973 $ 1,700 $ 8,106 $ 45 $ 153,077
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): March 31, 2024 Asset Class UPB Carrying Allowance for Wtd. Avg. First Wtd. Avg. Last Multifamily $ 352,223 $ 338,772 $ 50,500 0 % 99 % Land 134,215 127,868 77,869 0 % 99 % Retail 19,521 15,037 3,292 0 % 95 % Commercial 1,700 1,700 1,700 0 % 100 % Total $ 507,659 $ 483,377 $ 133,361 0 % 99 % December 31, 2023 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 0 % 100 % Total $ 427,929 $ 404,896 $ 120,611 0 % 99 % ________________________ (1) Represents the UPB of twenty-two and nineteen impaired loans (less unearned revenue and other holdbacks and adjustments) by asset class at March 31, 2024 and December 31, 2023, respectively.
Schedule of Non-Performing Loans by Asset Class	A summary of our non-performing loans by asset class is as follows (in thousands): March 31, 2024 December 31, 2023 UPB 61 - 90 Days Greater Than UPB 61 - 90 Days Greater Than Multifamily $ 462,207 $ — $ 462,207 $ 271,532 $ — $ 271,532 Commercial 1,700 — 1,700 1,700 — 1,700 Retail 920 — 920 920 — 920 Total $ 464,827 $ — $ 464,827 $ 274,152 $ — $ 274,152

Loans Held-for-Sale, Net (Table

Loans Held-for-Sale, Net (Tables)	3 Months Ended
	Mar. 31, 2024
Receivable, Held-for-Sale [Abstract]
Schedule of Loans Held-for-Sale, Net	Loans held-for-sale, net consists of the following (in thousands): March 31, 2024 December 31, 2023 Fannie Mae $ 209,743 $ 477,212 Freddie Mac 90,658 50,235 Private Label 11,350 11,350 SFR - Fixed Rate 8,683 8,696 FHA 4,309 4,832 324,743 552,325 Fair value of future MSR 4,656 7,784 Unrealized impairment loss (1,971) (1,989) Unearned discount (4,553) (6,413) Loans held-for-sale, net $ 322,875 $ 551,707

Capitalized Mortgage Servicin_2

Capitalized Mortgage Servicing Rights (Tables)	3 Months Ended
	Mar. 31, 2024
Transfers and Servicing [Abstract]
Summary of Capitalized MSR Activity	A summary of our capitalized MSR activity is as follows (in thousands): Three Months Ended March 31, 2024 Originated Acquired Total Beginning balance $ 382,582 $ 8,672 $ 391,254 Additions 12,684 — 12,684 Amortization (15,821) (810) (16,631) Write-downs and payoffs (1,698) (89) (1,787) Ending balance $ 377,747 $ 7,773 $ 385,520 Three Months Ended March 31, 2023 Beginning balance $ 386,878 $ 14,593 $ 401,471 Additions 13,886 — 13,886 Amortization (14,287) (1,129) (15,416) Write-downs and payoffs (2,841) (466) (3,307) Ending balance $ 383,636 $ 12,998 $ 396,634
Summary of Expected Amortization of Capitalized MSRs	The expected amortization of capitalized MSRs recorded at March 31, 2024 is as follows (in thousands): Year Amortization 2024 (nine months ending 12/31/2024) $ 50,032 2025 63,963 2026 58,488 2027 53,971 2028 46,721 Thereafter 112,345 Total $ 385,520

Mortgage Servicing (Tables)

Mortgage Servicing (Tables)	3 Months Ended
	Mar. 31, 2024
Transfers and Servicing [Abstract]
Schedule of Product and Geographic Concentration	Product and geographic concentrations that impact our servicing revenue are as follows ($ in thousands): March 31, 2024 Product Concentrations Geographic Concentrations Product UPB (1) % of Total State UPB % of Total Fannie Mae $ 21,548,221 69 % New York 11 % Freddie Mac 5,301,291 17 % Texas 11 % Private Label 2,524,013 8 % North Carolina 8 % FHA 1,365,329 4 % California 7 % Bridge (2) 380,712 1 % Georgia 6 % SFR - Fixed Rate 265,429 1 % Florida 6 % Total $ 31,384,995 100 % New Jersey 5 % Illinois 4 % Other (3) 42 % Total 100 % December 31, 2023 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 % ________________________ (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): Three Months Ended March 31, 2024 2023 Servicing fees $ 31,780 $ 29,210 Interest earned on escrows 17,754 17,003 Prepayment fees 410 2,075 Write-offs of MSRs (1,787) (3,307) Amortization of MSRs (16,631) (15,416) Servicing revenue, net $ 31,526 $ 29,565

Securities Held-To-Maturity (Ta

Securities Held-To-Maturity (Tables)	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 APL certificates $ 192,791 $ 130,280 $ (28,703) $ 101,577 $ 2,157 B Piece bonds 37,657 25,133 7,090 32,223 5,440 Total $ 230,448 $ 155,413 $ (21,613) $ 133,800 $ 7,597 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
Schedule of Changes in the Allowance for Credit Losses	A summary of the changes in the allowance for credit losses for our securities held-to-maturity is as follows (in thousands): Three Months Ended March 31, 2024 APL Certificates B Piece Bonds Total Beginning balance $ 2,272 $ 3,984 $ 6,256 Provision for credit loss expense/(reversal) (115) 1,456 1,341 Ending balance $ 2,157 $ 5,440 $ 7,597

Investments in Equity Affilia_2

Investments in Equity Affiliates (Tables)	3 Months Ended
	Mar. 31, 2024
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 March 31, 2024 Equity Affiliates March 31, 2024 December 31, 2023 Arbor Residential Investor LLC $ 34,459 $ 32,743 $ — AWC Real Estate Opportunity Partners I LP 20,064 11,671 — Fifth Wall Ventures 14,184 13,365 — AMAC Holdings III LLC 13,047 13,591 — ARSR DPREF I LLC 5,100 5,163 — Lightstone Value Plus REIT L.P. 1,895 1,895 — The Park at Via Terrossa 620 — — Docsumo Pte. Ltd. 450 450 — JT Prime 425 425 — West Shore Café — — 1,688 Lexford Portfolio — — — East River Portfolio — — — Total $ 90,244 $ 79,303 $ 1,688

Debt Obligations (Tables)

Debt Obligations (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Summary of Borrowings	Borrowings under our credit and repurchase facilities are as follows ($ in thousands): March 31, 2024 December 31, 2023 Current Extended Note Debt Collateral Wtd. Avg. Debt Collateral Structured Business $1.9B joint repurchase facility (2)(3) Jul. 2025 Jul. 2026 V $ 783,102 $ 1,268,862 7.79 % $ 868,077 $ 1,371,436 $1B repurchase facility (2) Aug. 2025 Aug. 2026 V 346,099 537,148 7.85 % 385,779 589,533 $1B repurchase facility (6) N/A V 440,959 588,623 8.39 % 447,490 597,205 $499M repurchase facility (2)(4) Oct. 2024 N/A V 396,650 565,610 7.81 % 355,328 506,753 $350M repurchase facility Mar. 2025 Mar. 2026 V 151,448 228,535 7.54 % 262,820 362,465 $250M credit facility Mar. 2026 (7) V 18,166 36,470 8.71 % — — $250M repurchase facility Jul. 2024 N/A V 13,903 23,088 7.29 % 17,964 23,088 $250M credit facility Oct. 2025 Oct. 2026 V — — — — — $200M credit facility Oct. 2024 N/A V 8,818 13,692 7.13 % 32,579 41,522 $200M repurchase facility Mar. 2025 Mar. 2026 V 58,464 92,615 8.00 % 45,969 68,762 $200M repurchase facility Jan. 2025 N/A V 106,950 141,130 7.40 % 107,324 141,130 $150M repurchase facility Oct. 2025 Oct. 2026 V 91,858 124,003 8.46 % 120,610 162,068 $126M loan specific credit facilities May 2024 to Sept. 2025 Aug. 2025 to Aug. 2027 V/F 125,819 170,237 6.77 % 120,328 161,700 $50M credit facility Apr. 2025 N/A V 29,200 36,500 7.54 % 29,200 36,500 $40M credit facility Apr. 2026 Apr. 2027 V — — — — — $35M working capital facility Jul. 2024 N/A V — — — — — Repurchase facility - securities (2)(5) N/A N/A V 30,084 — 7.12 % 31,033 — Structured Business total $ 2,601,520 $ 3,826,513 7.84 % $ 2,824,501 $ 4,062,162 Agency Business $750M ASAP agreement N/A N/A V $ 83,866 $ 83,961 6.47 % $ 73,011 $ 73,781 $500M repurchase facility Nov. 2024 N/A V 64,632 65,065 6.81 % 115,730 241,895 $200M credit facility Mar. 2025 N/A V 129,967 130,604 6.74 % 187,138 187,185 $100M joint repurchase facility (2)(3) Jul. 2025 Jul. 2026 V 7,912 11,350 7.74 % 7,833 11,350 $100M credit facility Jul. 2024 N/A V — — — — — $50M credit facility Sept. 2024 N/A V 25,055 25,080 6.69 % 29,083 29,418 $1M repurchase facility (2)(4) Oct. 2024 N/A V 531 853 7.79 % 531 866 Agency Business total $ 311,963 $ 316,913 6.71 % $ 413,326 $ 544,495 Consolidated total $ 2,913,483 $ 4,143,426 7.72 % $ 3,237,827 $ 4,606,657 ________________________ V = variable note rate; F = fixed note rate (1) At March 31, 2024 and December 31, 2023, debt carrying value for the Structured Business was net of unamortized deferred finance costs of $7.4 million and $4.8 million, respectively, and for the Agency Business was net of unamortized deferred finance costs of $0.3 million and $0.3 million, respectively. (2) These facilities are subject to margin call provisions associated with changes in interest spreads. (3) In March 2024, this joint repurchase facility was reduced from $3.00 billion to $2.00 billion. (4) A portion of this facility was used to finance a fixed-rate SFR permanent loan reported through our Agency Business. (5) At March 31, 2024 and 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 $36.7 million and $43.1 million, respectively. (6) The commitment amount under this repurchase facility expires six months after the lender provides written notice. We then have an additional six months to repurchase the underlying loans. (7) We have the ability to extend the maturity of this credit facility in one-year increments, subject to lender approval. Borrowings and the corresponding collateral under our securitized debt transactions are as follows ($ in thousands): Debt Collateral (3) Loans Cash March 31, 2024 Face Value Carrying Wtd. Avg. UPB Carrying Restricted CLO 19 $ 872,812 $ 868,814 7.80 % $ 999,513 $ 997,140 $ 25,097 CLO 18 1,652,812 1,648,440 7.25 % 1,751,575 1,748,518 280,922 CLO 17 1,714,125 1,710,343 7.11 % 1,931,235 1,927,741 121,339 CLO 16 (5) 1,237,500 1,234,248 6.74 % 1,432,124 1,429,369 21,800 CLO 15 (5) 582,218 581,595 6.84 % 720,663 719,523 — CLO 14 (5) 467,204 466,385 6.90 % 571,929 570,921 20,164 Total CLOs 6,526,671 6,509,825 7.13 % 7,407,039 7,393,212 469,322 Q Series securitization 183,448 182,133 7.34 % 244,598 243,927 — Total securitized debt $ 6,710,119 $ 6,691,958 7.14 % $ 7,651,637 $ 7,637,139 $ 469,322 December 31, 2023 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 ________________________ (1) Debt carrying value is net of $18.2 million and $21.3 million of deferred financing fees at March 31, 2024 and December 31, 2023, respectively. (2) At March 31, 2024 and December 31, 2023, the aggregate weighted average note rate for our collateralized loan obligations ("CLO"), including certain fees and costs, was 7.35% and 7.37%, respectively, and the Q Series securitization was 8.06% and 7.99%, respectively. (3) At March 31, 2024 and December 31, 2023, twenty-one and twelve loans, respectively, with a total UPB of $651.1 million and $308.3 million, respectively, were deemed a "credit risk" as defined by the CLO indentures. A credit risk asset is generally defined as one that, in the CLO collateral manager's reasonable business judgment, has a significant risk of becoming a defaulted asset. (4) Represents restricted cash held for principal repayments as well as for reinvestment in the CLOs. Excludes restricted cash related to interest payments, delayed fundings and expenses totaling $59.1 million and $63.9 million at March 31, 2024 and December 31, 2023, respectively. (5) The replenishment periods of CLO 14, CLO 15 and CLO 16 ended in September 2023, December 2023 and March 2024, respectively.
Summary of Senior Unsecured Notes	A summary of our senior unsecured notes is as follows ($ in thousands): Senior Issuance March 31, 2024 December 31, 2023 Maturity UPB Carrying Wtd. Avg. UPB Carrying Wtd. Avg. 7.75% Notes (3) Mar. 2023 Mar. 2026 $ 95,000 $ 93,840 7.75 % $ 95,000 $ 93,697 7.75 % 8.50% Notes (3) Oct. 2022 Oct. 2027 150,000 148,153 8.50 % 150,000 $ 148,023 8.50 % 5.00% Notes (3) Dec. 2021 Dec. 2028 180,000 177,981 5.00 % 180,000 $ 177,875 5.00 % 4.50% Notes (3) Aug. 2021 Sept. 2026 270,000 267,973 4.50 % 270,000 $ 267,763 4.50 % 5.00% Notes (3) Apr. 2021 Apr. 2026 175,000 173,698 5.00 % 175,000 $ 173,542 5.00 % 4.50% Notes (3) Mar. 2020 Mar. 2027 275,000 273,563 4.50 % 275,000 $ 273,444 4.50 % 4.75% Notes (4) Oct. 2019 Oct. 2024 110,000 109,805 4.75 % 110,000 $ 109,721 4.75 % 5.75% Notes (4) Mar. 2019 Apr. 2024 (5) 90,000 90,000 5.75 % 90,000 $ 89,903 5.75 % $ 1,345,000 $ 1,335,013 5.41 % $ 1,345,000 $ 1,333,968 5.41 % ________________________ (1) At March 31, 2024 and December 31, 2023, the carrying value is net of deferred financing fees of $10.0 million and $11.0 million, respectively. (2) At both March 31, 2024 and December 31, 2023, the aggregate weighted average note rate, including certain fees and costs, was 5.70%. (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 March 31, 2024 $ 287,500 $ 3,724 $ 283,776 December 31, 2023 $ 287,500 $ 4,382 $ 283,118
Summary of CLO Compliance Tests	Our CLO compliance tests as of the most recent determination dates in April 2024 are as follows: Cash Flow Triggers CLO 14 CLO 15 CLO 16 CLO 17 CLO 18 CLO 19 Overcollateralization (1) Current 125.22 % 124.15 % 120.81 % 121.71 % 123.87 % 119.30 % 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 158.39 % 167.06 % 147.54 % 142.84 % 138.90 % 128.48 % 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 April 2024 125.22 % 124.15 % 120.81 % 121.71 % 123.87 % 119.30 % 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 % ________________________ (1) This table represents the quarterly trend of our overcollateralization ratio, however, the CLO determination dates are monthly and we were in compliance with this test for all periods presented.

Allowance for Loss-Sharing Ob_2

Allowance for Loss-Sharing Obligations (Tables)	3 Months Ended
	Mar. 31, 2024
Loss Contingency Accrual, Disclosures [Abstract]
Schedule of Allowance for Loss-Sharing	Our allowance for loss-sharing obligations related to the Fannie Mae DUS program is as follows (in thousands): Three Months Ended March 31, 2024 2023 Beginning balance $ 71,634 $ 57,168 Provisions for loss sharing 1,059 4,567 Provisions reversal for loan repayments (13) (1,390) Recoveries (charge-offs), net 110 (588) Ending balance $ 72,790 $ 59,757

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2024
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): March 31, 2024 Fair Value Derivative Count Notional Value Balance Sheet Location Derivative Assets Derivative Liabilities Rate lock commitments 3 $ 114,784 Other assets/other liabilities $ 1,071 $ (293) Forward sale commitments 23 419,494 Other assets/other liabilities 607 (739) Treasury futures 82 8,200 — — $ 542,478 $ 1,678 $ (1,032) December 31, 2023 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)

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended
	Mar. 31, 2024
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): March 31, 2024 December 31, 2023 Principal / Carrying Estimated Principal / Carrying Estimated Financial assets: Loans and investments, net $ 12,249,862 $ 12,001,544 $ 12,158,245 $ 12,615,006 $ 12,377,806 $ 12,452,563 Loans held-for-sale, net 324,743 322,875 327,487 552,325 551,707 566,451 Capitalized mortgage servicing rights, net n/a 385,520 518,391 n/a 391,254 510,472 Securities held-to-maturity, net 230,448 155,413 133,800 230,495 155,279 129,390 Derivative financial instruments 241,538 1,678 1,678 447,609 6,547 6,547 Financial liabilities: Credit and repurchase facilities $ 2,921,206 $ 2,913,483 $ 2,908,678 $ 3,242,939 $ 3,237,827 $ 3,228,324 Securitized debt 6,710,119 6,691,958 6,620,181 6,956,284 6,935,010 6,864,557 Senior unsecured notes 1,345,000 1,335,013 1,216,241 1,345,000 1,333,968 1,214,331 Convertible senior unsecured notes 287,500 283,776 287,500 287,500 283,118 301,156 Junior subordinated notes 154,336 144,096 107,096 154,336 143,896 106,444 Derivative financial instruments 292,740 1,032 1,032 138,270 1,021 1,021
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The fair values of these financial assets and liabilities are determined using the following input levels at March 31, 2024 (in thousands): Carrying Value Fair Value Fair Value Measurements Using Fair Value Hierarchy Level 1 Level 2 Level 3 Financial assets: Derivative financial instruments $ 1,678 $ 1,678 $ — $ 607 $ 1,071 Financial liabilities: Derivative financial instruments $ 1,032 $ 1,032 $ — $ 1,032 $ —
Fair Value Measurements, Nonrecurring	The fair values of these financial and non-financial assets, if applicable, are determined using the following input levels at March 31, 2024 (in thousands): Net Carrying Value Fair Value Fair Value Measurements Using Fair Value Hierarchy Level 1 Level 2 Level 3 Financial assets: Impaired loans, net Loans held-for-investment (1) $ 350,016 $ 350,016 $ — $ — $ 350,016 Loans held-for-sale (2) 18,062 18,062 — 18,062 — $ 368,078 $ 368,078 $ — $ 18,062 $ 350,016 ________________________ (1) We had an allowance for credit losses of $133.4 million related to twenty-two impaired loans with a total carrying value, before loan loss reserves, of $483.4 million at March 31, 2024. (2) We had unrealized impairment losses of $2.0 million related to six held-for-sale loans with a total carrying value, before unrealized impairment losses, of $20.0 million.
Fair Value Measurement Inputs and Valuation Techniques	Quantitative information about Level 3 fair value measurements at March 31, 2024 is as follows ($ in thousands): Fair Value Valuation Techniques Significant Unobservable Inputs Financial assets: Impaired loans: Weighted Average Minimum / Maximum Multifamily $ 288,272 Discounted cash flows Capitalization rate 6.31% 6.00% - 7.00% Land 49,999 Discounted cash flows Discount rate 21.50% 21.50% Revenue growth rate 3.00% 3.00% Retail 11,745 Sales comparative Price per acre $165,128 $165,128 Derivative financial instruments: Rate lock commitments 1,071 Discounted cash flows W/A discount rate 13.60% 13.60%
Schedule of Roll Forward of Level 3 Derivative Instruments	A roll-forward of Level 3 derivative instruments is as follows (in thousands): Fair Value Measurements Using Significant Unobservable Inputs Three Months Ended March 31, 2024 2023 Derivative assets and liabilities, net Beginning balance $ 428 $ 354 Settlements (9,436) (15,066) Realized gains recorded in earnings 9,008 14,712 Unrealized gains recorded in earnings 1,071 3,097 Ending balance $ 1,071 $ 3,097
Schedule of Components of Fair and Other Relevant Information	The components of fair value and other relevant information associated with our rate lock commitments, forward sales commitments and the estimated fair value of cash flows from servicing on loans held-for-sale are as follows (in thousands): March 31, 2024 Notional/ Fair Value of Interest Rate Unrealized Total Fair Value Rate lock commitments $ 114,784 $ 1,071 $ 84 $ — $ 1,155 Forward sale commitments 419,494 — (84) — (84) Loans held-for-sale, net (1) 324,743 4,656 — (1,971) 2,685 Total $ 5,727 $ — $ (1,971) $ 3,756 ________________________ (1)
Fair Value Measurements, Recurring and Nonrecurring	The fair value of these assets and liabilities are determined using the following input levels at March 31, 2024 (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 $ 12,001,544 $ 12,158,245 $ — $ — $ 12,158,245 Loans held-for-sale, net 322,875 327,487 — 322,831 4,656 Capitalized mortgage servicing rights, net 385,520 518,391 — — 518,391 Securities held-to-maturity, net 155,413 133,800 — — 133,800 Financial liabilities: Credit and repurchase facilities $ 2,913,483 $ 2,908,678 $ — $ 311,963 $ 2,596,715 Securitized debt 6,691,958 6,620,181 — — 6,620,181 Senior unsecured notes 1,335,013 1,216,241 1,216,241 — — Convertible senior unsecured notes 283,776 287,500 — 287,500 — Junior subordinated notes 144,096 107,096 — — 107,096

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Maturities of Operating Lease Liabilities	Debt Obligations and Operating Leases. At March 31, 2024, 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 (nine months ending December 31, 2024) $ 1,891,132 $ 8,295 $ 1,899,427 2025 3,407,613 11,206 3,418,819 2026 4,547,643 11,297 4,558,940 2027 1,237,437 9,782 1,247,219 2028 180,000 9,093 189,093 2029 — 8,576 8,576 Thereafter 154,336 19,308 173,644 Total $ 11,418,161 $ 77,557 $ 11,495,718

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	3 Months Ended
	Mar. 31, 2024
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): March 31, 2024 December 31, 2023 Assets: Restricted cash $ 528,658 $ 593,956 Loans and investments, net 7,637,138 7,826,793 Other assets 123,866 193,822 Total assets $ 8,289,662 $ 8,614,571 Liabilities: Securitized debt $ 6,691,958 $ 6,935,010 Other liabilities 23,792 32,867 Total liabilities $ 6,715,750 $ 6,967,877
Schedule of Unconsolidated Variable Interest Entities	A summary of our variable interests in identified VIEs, of which we are not the primary beneficiary, at March 31, 2024 is as follows (in thousands): Type Carrying Amount (1) Loans $ 636,297 APL certificates 132,437 Equity investments 37,726 B Piece bonds 30,573 Agency interest only strips 134 Total $ 837,167 ________________________ (1) Represents the carrying amount of loans and investments before reserves. At March 31, 2024, $128.2 million of loans to VIEs had corresponding specific loan loss reserves of $80.9 million. The maximum loss exposure at March 31, 2024 would not exceed the carrying amount of our investment.

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2024
Stockholders' Equity Note [Abstract]
Schedule of Dividends Payable	Dividends declared (on a per share basis) during the three months ended March 31, 2024 are as follows: Common Stock Preferred Stock Dividend Declaration Date Dividend Declaration Date Series D Series E Series F February 14, 2024 $ 0.43 March 29, 2024 $ 0.3984375 $ 0.390625 $ 0.390625
Schedule of Earnings Per Share, Basic and Diluted	A reconciliation of the numerator and denominator of our basic and diluted EPS computations is as follows ($ in thousands, except share and per share data): Three Months Ended March 31, 2024 2023 Basic Diluted Basic Diluted Net income attributable to common stockholders (1) $ 57,873 $ 57,873 $ 84,319 $ 84,319 Net income attributable to noncontrolling interest (2) — 4,997 — 7,585 Interest expense on convertible notes — 6,084 — 6,081 Net income attributable to common stockholders and noncontrolling interest $ 57,873 $ 68,954 $ 84,319 $ 97,985 Weighted average shares outstanding 188,710,390 188,710,390 181,116,674 181,116,674 Dilutive effect of OP Units (2) — 16,293,589 — 16,293,589 Dilutive effect of convertible notes — 17,414,547 — 17,230,358 Dilutive effect of restricted stock units (3) — 507,550 — 270,353 Weighted average shares outstanding 188,710,390 222,926,076 181,116,674 214,910,974 Net income per common share (1) $ 0.31 $ 0.31 $ 0.47 $ 0.46 ________________________ (1) Net of preferred stock dividends. (2) We consider OP Units to be common stock equivalents as the holders have voting rights, the right to distributions and the right to redeem the OP Units for the cash value of a corresponding number of shares of common stock or a corresponding number of shares of common stock, at our election. (3) Our chief executive officer was granted RSUs, which vest at the end of a 4-year performance period based upon our achievement of total stockholder return objectives.

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Schedule of Statement of Income and Balance Sheet by Segment	Three Months Ended March 31, 2024 Structured Agency Other (1) Consolidated Interest income $ 307,888 $ 13,404 $ — $ 321,292 Interest expense 212,600 5,076 — 217,676 Net interest income 95,288 8,328 — 103,616 Other revenue: Gain on sales, including fee-based services, net — 16,666 — 16,666 Mortgage servicing rights — 10,199 — 10,199 Servicing revenue — 48,157 — 48,157 Amortization of MSRs — (16,631) — (16,631) Property operating income 1,570 — — 1,570 Loss on derivative instruments, net — (5,257) — (5,257) Other income, net 2,300 33 — 2,333 Total other revenue 3,870 53,167 — 57,037 Other expenses: Employee compensation and benefits 18,547 29,147 — 47,694 Selling and administrative 6,796 7,137 — 13,933 Property operating expenses 1,678 — — 1,678 Depreciation and amortization 1,398 1,173 — 2,571 Provision for loss sharing (net of recoveries) — 273 — 273 Provision for credit losses (net of recoveries) 17,777 1,341 — 19,118 Total other expenses 46,196 39,071 — 85,267 Income before income from equity affiliates and income taxes 52,962 22,424 — 75,386 Income from equity affiliates 1,418 — — 1,418 Provision for income taxes (81) (3,511) — (3,592) Net income 54,299 18,913 — 73,212 Preferred stock dividends 10,342 — — 10,342 Net income attributable to noncontrolling interest — — 4,997 4,997 Net income attributable to common stockholders $ 43,957 $ 18,913 $ (4,997) $ 57,873 Three Months Ended March 31, 2023 Structured Agency Other (1) Consolidated Interest income $ 317,376 $ 10,571 $ — $ 327,947 Interest expense 214,894 4,479 — 219,373 Net interest income 102,482 6,092 — 108,574 Other revenue: Gain on sales, including fee-based services, net — 14,589 — 14,589 Mortgage servicing rights — 18,458 — 18,458 Servicing revenue — 44,981 — 44,981 Amortization of MSRs — (15,416) — (15,416) Property operating income 1,381 — — 1,381 Gain on derivative instruments, net — 4,223 — 4,223 Other income, net 1,908 2,974 — 4,882 Total other revenue 3,289 69,809 — 73,098 Other expenses: Employee compensation and benefits 15,641 26,758 — 42,399 Selling and administrative 6,711 6,912 — 13,623 Property operating expenses 1,383 — — 1,383 Depreciation and amortization 1,451 1,173 — 2,624 Provision for loss sharing (net of recoveries) — 3,177 — 3,177 Provision for credit losses (net of recoveries) 20,645 1,872 — 22,517 Total other expenses 45,831 39,892 — 85,723 Income before income from equity affiliates and income taxes 59,940 36,009 — 95,949 Income from equity affiliates 14,326 — — 14,326 Benefit from (provision for) for income taxes 429 (8,458) — (8,029) Net income 74,695 27,551 — 102,246 Preferred stock dividends 10,342 — — 10,342 Net income attributable to noncontrolling interest — — 7,585 7,585 Net income attributable to common stockholders $ 64,353 $ 27,551 $ (7,585) $ 84,319 ________________________ (1) Includes income allocated to the noncontrolling interest holders not allocated to the two reportable segments. March 31, 2024 Structured Business Agency Business Consolidated Assets: Cash and cash equivalents $ 453,316 $ 454,733 $ 908,049 Restricted cash 530,099 16,544 546,643 Loans and investments, net 12,001,544 — 12,001,544 Loans held-for-sale, net — 322,875 322,875 Capitalized mortgage servicing rights, net — 385,520 385,520 Securities held-to-maturity, net — 155,413 155,413 Investments in equity affiliates 90,244 — 90,244 Goodwill and other intangible assets 12,500 77,705 90,205 Other assets and due from related party 532,385 71,978 604,363 Total assets $ 13,620,088 $ 1,484,768 $ 15,104,856 Liabilities: Debt obligations $ 11,056,363 $ 311,963 $ 11,368,326 Allowance for loss-sharing obligations — 72,790 72,790 Other liabilities and due to related parties 343,557 85,875 429,432 Total liabilities $ 11,399,920 $ 470,628 $ 11,870,548 December 31, 2023 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
Schedule of Origination Data and Loans Sales Data By Segment	Three Months Ended March 31, 2024 2023 Origination Data: Structured Business Bridge: Multifamily $ 39,235 $ 186,100 SFR 171,490 76,089 210,725 262,189 Mezzanine / Preferred Equity 45,129 5,845 Total New Loan Originations $ 255,854 $ 268,034 Number of Loans Originated 59 24 SFR Commitments $ 411,617 $ 54,350 Loan Runoff $ 640,018 $ 1,186,649 Agency Business Origination Volumes by Investor: Fannie Mae $ 458,429 $ 795,021 Freddie Mac 370,102 101,332 Private Label 15,410 41,107 SFR - Fixed Rate 2,318 5,461 FHA — 148,940 Total $ 846,259 $ 1,091,861 Total Loan Commitment Volume $ 934,243 $ 1,500,110 Agency Business Loan Sales Data: Fannie Mae $ 725,898 $ 651,758 Freddie Mac 329,679 68,457 Private Label 15,410 159,945 FHA 12,069 43,475 SFR - Fixed Rate 2,318 9,064 Total $ 1,085,374 $ 932,699 Sales Margin (fee-based services as a % of loan sales) 1.54 % 1.56 % MSR Rate (MSR income as a % of loan commitments) (1) 1.09 % 1.23 % ________________________
Schedule of Key Servicing Metrics for Agency Business	March 31, 2024 Key Servicing Metrics for Agency Business: Servicing Portfolio UPB Wtd. Avg. Servicing Fee Rate (basis points) Wtd. Avg. Life of Portfolio (years) Fannie Mae $ 21,548,221 47.1 7.2 Freddie Mac 5,301,291 23.4 7.7 Private Label 2,524,013 18.9 6.3 FHA 1,365,329 14.4 19.0 Bridge 380,712 10.9 3.6 SFR - Fixed Rate 265,429 20.1 5.0 Total $ 31,384,995 38.8 7.7 December 31, 2023 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

Description of Business (Detail

Description of Business (Details)	3 Months Ended
	Mar. 31, 2024 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of business segments	2

Loans and Investments - Investm

Loans and Investments - Investment Portfolio and Concentration of Credit Risk (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024 USD ($) loan	Dec. 31, 2023 USD ($) loan	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Loans and Investments
Loans and investments, gross	$ 12,249,862	$ 12,615,006
Allowance for credit losses	(211,942)	(195,664)		$ (153,077)	$ (132,559)
Unearned revenue	(36,376)	(41,536)
Loans and investments, net	$ 12,001,544	$ 12,377,806
Percent of Total	100%	100%
Loan Count | loan	781	747
Wtd. Avg. Pay Rate (as a percent)	8.07%	8.42%
Wtd. Avg. Remaining Months to Maturity	12 months 24 days	13 months 6 days
Wtd. Avg. First Dollar LTV Ratio (as percent)	2%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	81%
Weighted average remaining months to maturity including extension options	27 months 18 days	29 months 12 days
Single-Family Rental
Loans and Investments
Allowance for credit losses	$ (2,737)	$ (1,624)		$ (973)	$ (781)
Bridge loans
Loans and Investments
Loans and investments, gross	$ 11,866,289	$ 12,273,244	$ 70,500
Percent of Total	97%	97%
Loan Count | loan	698	679
Wtd. Avg. Pay Rate (as a percent)	8.11%	8.45%
Wtd. Avg. Remaining Months to Maturity	11 months 12 days	12 months
Wtd. Avg. First Dollar LTV Ratio (as percent)	0%	0%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	81%	78%
Bridge loans | Single-Family Rental
Loans and Investments
Number of loans under the loan portfolio | loan	389	354
Total loan commitment	$ 3,210,000	$ 2,860,000
Mezzanine loans
Loans and Investments
Loans and investments, gross	$ 260,414	$ 248,457
Percent of Total	2%	2%
Loan Count | loan	55	49
Wtd. Avg. Pay Rate (as a percent)	7.87%	8.41%
Wtd. Avg. Remaining Months to Maturity	53 months 9 days	56 months 18 days
Wtd. Avg. First Dollar LTV Ratio (as percent)	49%	48%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	82%	80%
Preferred equity investments
Loans and Investments
Loans and investments, gross	$ 117,431	$ 85,741
Percent of Total	1%	1%
Loan Count | loan	26	17
Wtd. Avg. Pay Rate (as a percent)	5.09%	3.95%
Wtd. Avg. Remaining Months to Maturity	57 months 27 days	60 months 9 days
Wtd. Avg. First Dollar LTV Ratio (as percent)	54%	53%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	78%	82%
SFR permanent loans
Loans and Investments
Loans and investments, gross	$ 5,728	$ 7,564
Percent of Total	1%	1%
Loan Count | loan	2	2
Wtd. Avg. Pay Rate (as a percent)	9.94%	9.84%
Wtd. Avg. Remaining Months to Maturity	12 months 24 days	13 months 27 days
Wtd. Avg. First Dollar LTV Ratio (as percent)	0%	0%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	53%	56%
SFR permanent loans | Single-Family Rental
Loans and Investments
Unpaid principal balance, funded	$ 1,450,000	$ 1,320,000

Loans and Investments - Narrati

Loans and Investments - Narrative (Details) $ in Thousands	1 Months Ended		3 Months Ended				12 Months Ended
	Sep. 30, 2023 USD ($)	Apr. 30, 2023 USD ($) loan	Mar. 31, 2024 USD ($) loan borrower	Dec. 31, 2023 USD ($) loan	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($) loan	Dec. 31, 2023 USD ($) loan borrower	Dec. 31, 2022 USD ($)
Loans and Investments
Number of loans | loan			781				747
Provision for credit losses			$ 17,778			$ 20,518
Accrued interest receivable related to loans			$ 131,000	$ 124,200			$ 124,200
Number of loans for which no provision for loan loss made | loan			0	0			0
Interest income recognized on nonaccrual loans			$ 8,700			600
Loans and investments, allowance for credit losses			$ 211,942	$ 195,664		$ 153,077	$ 195,664	$ 132,559
Number of impaired loans | loan			22	19			19
Future funding commitments, modified loans, borrowers experiencing financial difficulty			$ 28,000
Multifamily bridge loan			12,249,862	$ 12,615,006			$ 12,615,006
Interest reserve			$ 167,600				156,100
Loan modification, refinancing, and extensions | loan			0			0
Number of loans sold | loan		4
Bridge loans, total UPB			$ 507,659				$ 427,929
Number of loans covered under interest reserve | loan			572	537			537
Aggregate UPB covered under interest reserve			$ 8,470,000	$ 8,440,000			$ 8,440,000
Bridge loans
Loans and Investments
Number of loans | loan			698				679
Variable rate, spread					3.40%
Financing receivable, accrual rate	0.0300
Multifamily bridge loan			$ 11,866,289	12,273,244	$ 70,500		$ 12,273,244
Financing receivable, fixed interest 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
Bridge loans, total UPB		$ 217,400
Six loans collateralized by a land development project
Loans and Investments
Number of loans with unpaid principal balance | loan			6
Unpaid principal balance on loans			$ 121,400
Five loans collateralized by a land development project
Loans and Investments
Number of loans with unpaid principal balance | loan			5
Unpaid principal balance on loans			$ 112,100
Weighted average accrual rate of interest (as a percent)			7.91%
Loans collateralized by a land development project
Loans and Investments
Loans and investments, allowance for credit losses			$ 71,400	71,400			$ 71,400
Non-performing loans
Loans and Investments
Number of loans | loan			21				16
Carrying value of loans			$ 406,100	235,600			$ 235,600
Loan loss reserves			32,900	27,100			27,100
Bridge loans, total UPB			464,827				274,152
Non-performing loans | Greater Than 90 Days Past Due
Loans and Investments
Interest receivable			0	0			0
Multifamily bridge loan			464,827	274,152			274,152
Land
Loans and Investments
Provision for credit losses			62			$ 18
Outstanding unfunded commitments			1,590,000	1,310,000			1,310,000
Loans and investments, allowance for credit losses			78,120	78,058		78,086	78,058	78,068
Bridge loans, total UPB			134,215				134,215
Multifamily
Loans and Investments
Provision for credit losses			16,652			20,387
Loans and investments, allowance for credit losses			125,999	$ 110,847		58,348	110,847	37,961
Bridge loans, total UPB			352,223				272,493
Multifamily | Bridge loans
Loans and Investments
Loans previously classified as non-performing			$ 712,900
Number of financing receivables modified during the period | loan			16
Financing receivable, amount modified in period			$ 692,800
Weighted average pay rate			0.0695
Financing receivable, accrual rate			0.0186
Multifamily | Bridge loans | Minimum | Secured Overnight Financing Rate (SOFR)
Loans and Investments
Variable rate, spread			3.25%
Multifamily | Bridge loans | Maximum | Secured Overnight Financing Rate (SOFR)
Loans and Investments
Variable rate, spread			4.25%
Multifamily | Bridge loans | Temporary Interest Rate Relief, Twenty Three Loans
Loans and Investments
Number of financing receivables modified during the period | loan			23
Financing receivable, amount modified in period			$ 1,070,000
Multifamily | Bridge loans | Temporary Interest Rate Relief
Loans and Investments
Number of impaired loans | loan			2
Loan loss reserve, specifically impaired loans			$ 7,000
Total UPB, specifically impaired loans			49,600
Multifamily | Bridge loans | Temporary Interest Rate Relief And Extended Maturity
Loans and Investments
Financing receivable, amount modified in period			$ 671,000
Number of financing receivables with extended maturities | loan			15
Multifamily | Bridge loans | Temporary Interest Rate Relief And Extended Maturity | Minimum
Loans and Investments
Financing receivable modified, weighted average term increase from modification				12 months
Multifamily | Bridge loans | Temporary Interest Rate Relief And Extended Maturity | Maximum
Loans and Investments
Financing receivable modified, weighted average term increase from modification				30 months
Multifamily | Bridge loans | Extended Maturity
Loans and Investments
Number of financing receivables modified during the period | loan			11
Financing receivable, amount modified in period			$ 456,500
Multifamily | Bridge loans | Extended Maturity | Minimum
Loans and Investments
Financing receivable modified, weighted average term increase from modification				2 months
Multifamily | Bridge loans | Extended Maturity | Maximum
Loans and Investments
Financing receivable modified, weighted average term increase from modification				19 months
Multifamily | Bridge loans | Rate of Interest and Extended Maturity
Loans and Investments
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)
Loans and Investments
Variable rate, spread				4.25%
Multifamily | Bridge loans | Interest Deferral, Extended Maturity, And Interest Forgiveness
Loans and Investments
Number of financing receivables modified during the 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
Loans and Investments
Percentage of interest foregone				0.0200
Multifamily | Bridge loans | Interest Deferral, Extended Maturity, And Interest Forgiveness | Minimum | Secured Overnight Financing Rate (SOFR)
Loans and Investments
Variable rate, spread				4%
Multifamily | Bridge loans | Interest Deferral, Extended Maturity, And Interest Forgiveness | Maximum
Loans and Investments
Percentage of interest foregone				0.0215
Multifamily | Bridge loans | Interest Deferral, Extended Maturity, And Interest Forgiveness | Maximum | Secured Overnight Financing Rate (SOFR)
Loans and Investments
Variable rate, spread				4.30%
Multifamily | Financial Asset, Less Than 60 Days Past Due | Bridge loans
Loans and Investments
Accrued interest receivable related to loans			$ 489,400	$ 956,900			$ 956,900
Number of loans with late and partial payments | loan			12	24			24
Loans now less than 60 days past due			$ 420,300
Multifamily | Financial Asset, Greater Than 60 Days Past Due | Bridge loans
Loans and Investments
Accrued interest receivable related to loans			174,900
Multifamily | Non-performing loans
Loans and Investments
Bridge loans, total UPB			462,207				$ 271,532
Multifamily | Non-performing loans | Greater Than 90 Days Past Due
Loans and Investments
Multifamily bridge loan			462,207	$ 271,532			271,532
Office
Loans and Investments
Provision for credit losses			(49)			(56)
Loans and investments, allowance for credit losses			93	142		$ 8,106	142	$ 8,162
Financing receivable, net of reserve				37,100			37,100
Financing receivable, reserve for credit loss				8,000			8,000
Loan reserve				2,300
Credit risk concentration
Loans and Investments
Multifamily bridge loan			12,249,862	12,615,006			12,615,006
Credit risk concentration | Land
Loans and Investments
Multifamily bridge loan			136,028	136,028			136,028
Credit risk concentration | Multifamily
Loans and Investments
Multifamily bridge loan			10,606,448	11,097,981			11,097,981
Credit risk concentration | Office
Loans and Investments
Multifamily bridge loan			$ 35,410	$ 35,410			$ 35,410
Total Assets | Credit risk concentration
Loans and Investments
Number of loans | loan			31				31
Number of different borrowers | borrower			5				5
Total Assets | Credit risk concentration | Five Borrowers
Loans and Investments
Concentration risk, percentage			11%				11%
Loans and investments portfolio | Credit risk concentration | New York
Loans and Investments
Concentration risk, percentage			23%				24%
Loans and investments portfolio | Credit risk concentration | Florida
Loans and Investments
Concentration risk, percentage			17%				17%

Loans and Investments - Risk Ra

Loans and Investments - Risk Ratings and LTV Ratios (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Loans and Investments
Loans and investments, gross	$ 12,249,862	$ 12,615,006
Percentage of Portfolio	100%	100%
Wtd. Avg. First Dollar LTV Ratio (as percent)	2%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	81%
Charge-offs, Year One	$ 0	$ 0
Charge-offs, Year Two	0	0
Charge-offs, Year Three	0	0
Charge-offs, Year Four	1,500
Charge-offs, Year Five	0	0
Charge-offs, prior years	0	5,700
Charge-offs, Total	1,500	5,700
Credit risk concentration
Loans and Investments
Origination Year One	193,298	752,918
Origination Year Two	800,883	5,324,481
Origination Year Three	5,165,244	5,581,489
Origination Year Four	5,283,464	488,628
Origination Year Five	342,502	239,648
Origination, Prior Years	464,471	227,842
Loans and investments, gross	$ 12,249,862	$ 12,615,006
Wtd. Avg. First Dollar LTV Ratio (as percent)	2%	1%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	81%	78%
Multifamily | Credit risk concentration
Loans and Investments
Origination Year One	$ 81,630	$ 422,596
Origination Year Two	435,613	4,813,671
Origination Year Three	4,631,723	5,217,946
Origination Year Four	4,969,233	325,426
Origination Year Five	172,926	239,648
Origination, Prior Years	315,323	78,694
Loans and investments, gross	$ 10,606,448	$ 11,097,981
Percentage of Portfolio	87%	88%
Wtd. Avg. First Dollar LTV Ratio (as percent)	2%	1%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	84%	80%
Multifamily | Pass | Credit risk concentration
Loans and Investments
Origination Year One	$ 36,060	$ 80,814
Origination Year Two	92,062	53,316
Origination Year Three	52,027	26,185
Origination Year Four	8,835	2,010
Origination Year Five	2,010	4,598
Origination, Prior Years	24,879	20,300
Loans and investments, gross	215,873	187,223
Multifamily | Pass/Watch | Credit risk concentration
Loans and Investments
Origination Year One	36,501	317,358
Origination Year Two	319,437	2,561,938
Origination Year Three	2,336,702	2,223,155
Origination Year Four	1,846,835	119,860
Origination Year Five	119,860	84,600
Origination, Prior Years	113,100	58,044
Loans and investments, gross	4,772,435	5,364,955
Multifamily | Special Mention | Credit risk concentration
Loans and Investments
Origination Year One	9,069	24,424
Origination Year Two	3,014	1,762,539
Origination Year Three	1,771,071	2,631,689
Origination Year Four	2,787,716	180,750
Origination Year Five	28,250	140,685
Origination, Prior Years	167,229	350
Loans and investments, gross	4,766,349	4,740,437
Multifamily | Substandard | Credit risk concentration
Loans and Investments
Origination Year One	0	0
Origination Year Two	21,100	435,878
Origination Year Three	467,123	322,987
Origination Year Four	151,612	8,006
Origination Year Five	8,006	0
Origination, Prior Years	350	0
Loans and investments, gross	648,191	766,871
Multifamily | Doubtful | Credit risk concentration
Loans and Investments
Origination Year One	0	0
Origination Year Two	0	0
Origination Year Three	4,800	13,930
Origination Year Four	174,235	14,800
Origination Year Five	14,800	9,765
Origination, Prior Years	9,765	0
Loans and investments, gross	203,600	38,495
Single-Family Rental | Credit risk concentration
Loans and Investments
Origination Year One	111,668	330,322
Origination Year Two	365,270	510,810
Origination Year Three	533,521	363,543
Origination Year Four	314,231	119,692
Origination Year Five	126,066	0
Origination, Prior Years	0	0
Loans and investments, gross	$ 1,450,756	$ 1,324,367
Percentage of Portfolio	12%	10%
Wtd. Avg. First Dollar LTV Ratio (as percent)	0%	0%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	63%	62%
Single-Family Rental | Pass | Credit risk concentration
Loans and Investments
Origination Year One	$ 0	$ 9,709
Origination Year Two	0	608
Origination Year Three	9,476	0
Origination Year Four	9,673	0
Origination Year Five	0	0
Origination, Prior Years	0	0
Loans and investments, gross	19,149	10,317
Single-Family Rental | Pass/Watch | Credit risk concentration
Loans and Investments
Origination Year One	105,172	289,482
Origination Year Two	308,123	465,057
Origination Year Three	446,660	144,846
Origination Year Four	174,652	119,692
Origination Year Five	126,066	0
Origination, Prior Years	0	0
Loans and investments, gross	1,160,673	1,019,077
Single-Family Rental | Special Mention | Credit risk concentration
Loans and Investments
Origination Year One	6,496	31,131
Origination Year Two	57,147	45,145
Origination Year Three	77,385	218,697
Origination Year Four	129,906	0
Origination Year Five	0	0
Origination, Prior Years	0	0
Loans and investments, gross	270,934	294,973
Land | Credit risk concentration
Loans and Investments
Origination Year One	0	0
Origination Year Two	0	0
Origination Year Three	0	0
Origination Year Four	0	8,100
Origination Year Five	8,100	0
Origination, Prior Years	127,928	127,928
Loans and investments, gross	$ 136,028	$ 136,028
Percentage of Portfolio	1%	1%
Wtd. Avg. First Dollar LTV Ratio (as percent)	0%	0%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	97%	97%
Land | Pass/Watch | Credit risk concentration
Loans and Investments
Origination Year One	$ 0	$ 0
Origination Year Two	0	0
Origination Year Three	0	0
Origination Year Four	0	4,600
Origination Year Five	8,100	0
Origination, Prior Years	0	0
Loans and investments, gross	8,100	4,600
Land | Special Mention | Credit risk concentration
Loans and Investments
Origination Year One		0
Origination Year Two		0
Origination Year Three		0
Origination Year Four		3,500
Origination Year Five		0
Origination, Prior Years		0
Loans and investments, gross		3,500
Land | Substandard | Credit risk concentration
Loans and Investments
Origination Year One	0	0
Origination Year Two	0	0
Origination Year Three	0	0
Origination Year Four	0	0
Origination Year Five	0	0
Origination, Prior Years	127,928	127,928
Loans and investments, gross	127,928	127,928
Office | Credit risk concentration
Loans and Investments
Origination Year One	0	0
Origination Year Two	0	0
Origination Year Three	0	0
Origination Year Four	0	35,410
Origination Year Five	35,410	0
Origination, Prior Years	0	0
Loans and investments, gross	$ 35,410	$ 35,410
Percentage of Portfolio	1%	1%
Wtd. Avg. First Dollar LTV Ratio (as percent)	0%	0%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	80%	80%
Office | Special Mention | Credit risk concentration
Loans and Investments
Origination Year One	$ 0	$ 0
Origination Year Two	0	0
Origination Year Three	0	0
Origination Year Four	0	35,410
Origination Year Five	35,410	0
Origination, Prior Years	0	0
Loans and investments, gross	35,410	35,410
Retail | Credit risk concentration
Loans and Investments
Origination Year One	0	0
Origination Year Two	0	0
Origination Year Three	0	0
Origination Year Four	0	0
Origination Year Five	0	0
Origination, Prior Years	19,520	19,520
Loans and investments, gross	$ 19,520	$ 19,520
Percentage of Portfolio	1%	1%
Wtd. Avg. First Dollar LTV Ratio (as percent)	0%	0%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	95%	88%
Retail | Substandard | Credit risk concentration
Loans and Investments
Origination Year One	$ 0	$ 0
Origination Year Two	0	0
Origination Year Three	0	0
Origination Year Four	0	0
Origination Year Five	0	0
Origination, Prior Years	19,520	19,520
Loans and investments, gross	19,520	19,520
Commercial | Credit risk concentration
Loans and Investments
Origination Year One	0	0
Origination Year Two	0	0
Origination Year Three	0	0
Origination Year Four	0	0
Origination Year Five	0	0
Origination, Prior Years	1,700	1,700
Loans and investments, gross	$ 1,700	$ 1,700
Percentage of Portfolio	1%	1%
Wtd. Avg. First Dollar LTV Ratio (as percent)	63%	63%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	66%	66%
Commercial | Doubtful | Credit risk concentration
Loans and Investments
Origination Year One	$ 0	$ 0
Origination Year Two	0	0
Origination Year Three	0	0
Origination Year Four	0	0
Origination Year Five	0	0
Origination, Prior Years	1,700	1,700
Loans and investments, gross	$ 1,700	$ 1,700

Loans and Investments - Allowan

Loans and Investments - Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Allowance for credit losses:
Allowance for credit losses, beginning balance	$ 195,664	$ 132,559
Provision for credit losses (net of recoveries)	17,778	20,518
Charge-offs	(1,500)
Allowance for credit losses, ending balance	211,942	153,077
Multifamily
Allowance for credit losses:
Allowance for credit losses, beginning balance	110,847	37,961
Provision for credit losses (net of recoveries)	16,652	20,387
Charge-offs	(1,500)
Allowance for credit losses, ending balance	125,999	58,348
Land
Allowance for credit losses:
Allowance for credit losses, beginning balance	78,058	78,068
Provision for credit losses (net of recoveries)	62	18
Charge-offs	0
Allowance for credit losses, ending balance	78,120	78,086
Retail
Allowance for credit losses:
Allowance for credit losses, beginning balance	3,293	5,819
Provision for credit losses (net of recoveries)	0	0
Charge-offs	0
Allowance for credit losses, ending balance	3,293	5,819
Single-Family Rental
Allowance for credit losses:
Allowance for credit losses, beginning balance	1,624	781
Provision for credit losses (net of recoveries)	1,113	192
Charge-offs	0
Allowance for credit losses, ending balance	2,737	973
Commercial
Allowance for credit losses:
Allowance for credit losses, beginning balance	1,700	1,700
Provision for credit losses (net of recoveries)	0	0
Charge-offs	0
Allowance for credit losses, ending balance	1,700	1,700
Office
Allowance for credit losses:
Allowance for credit losses, beginning balance	142	8,162
Provision for credit losses (net of recoveries)	(49)	(56)
Charge-offs	0
Allowance for credit losses, ending balance	93	8,106
Other
Allowance for credit losses:
Allowance for credit losses, beginning balance	0	68
Provision for credit losses (net of recoveries)	0	(23)
Charge-offs	0
Allowance for credit losses, ending balance	$ 0	$ 45

Loans and Investments - Summary

Loans and Investments - Summary of Impaired Loans (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024 USD ($) loan	Dec. 31, 2023 USD ($) loan
Loans and Investments
UPB	$ 507,659	$ 427,929
Carrying Value (1)	483,377	404,896
Allowance for Credit Losses	$ 133,361	$ 120,611
Wtd. Avg. First Dollar LTV Ratio	0	0
Wtd. Avg. Last Dollar LTV Ratio	0.99	0.99
Number of impaired loans (less unearned revenue and other holdbacks and adjustments) by asset class | loan	22	19
Multifamily
Loans and Investments
UPB	$ 352,223	$ 272,493
Carrying Value (1)	338,772	260,291
Allowance for Credit Losses	$ 50,500	$ 37,750
Wtd. Avg. First Dollar LTV Ratio	0	0
Wtd. Avg. Last Dollar LTV Ratio	0.99	1
Land
Loans and Investments
UPB	$ 134,215	$ 134,215
Carrying Value (1)	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	$ 19,521
Carrying Value (1)	15,037	15,037
Allowance for Credit Losses	$ 3,292	$ 3,292
Wtd. Avg. First Dollar LTV Ratio	0	0
Wtd. Avg. Last Dollar LTV Ratio	0.95	0.88
Commercial
Loans and Investments
UPB	$ 1,700	$ 1,700
Carrying Value (1)	1,700	1,700
Allowance for Credit Losses	$ 1,700	$ 1,700
Wtd. Avg. First Dollar LTV Ratio	0	0
Wtd. Avg. Last Dollar LTV Ratio	1	1

Loans and Investments - Non-Per

Loans and Investments - Non-Performing Loans (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Loans and Investments
UPB	$ 507,659	$ 427,929
Loans and investments, gross	12,249,862	12,615,006
Non-performing loans
Loans and Investments
UPB	464,827	274,152
61 - 90 Days Past Due | Non-performing loans
Loans and Investments
Loans and investments, gross	0	0
Greater Than 90 Days Past Due | Non-performing loans
Loans and Investments
Loans and investments, gross	464,827	274,152
Multifamily
Loans and Investments
UPB	352,223	272,493
Multifamily | Non-performing loans
Loans and Investments
UPB	462,207	271,532
Multifamily | 61 - 90 Days Past Due | Non-performing loans
Loans and Investments
Loans and investments, gross	0	0
Multifamily | Greater Than 90 Days Past Due | Non-performing loans
Loans and Investments
Loans and investments, gross	462,207	271,532
Commercial
Loans and Investments
UPB	1,700	1,700
Commercial | Non-performing loans
Loans and Investments
UPB	1,700	1,700
Commercial | 61 - 90 Days Past Due | Non-performing loans
Loans and Investments
Loans and investments, gross	0	0
Commercial | Greater Than 90 Days Past Due | Non-performing loans
Loans and Investments
Loans and investments, gross	1,700	1,700
Retail
Loans and Investments
UPB	19,521	19,521
Retail | Non-performing loans
Loans and Investments
UPB	920	920
Retail | 61 - 90 Days Past Due | Non-performing loans
Loans and Investments
Loans and investments, gross	0	0
Retail | Greater Than 90 Days Past Due | Non-performing loans
Loans and Investments
Loans and investments, gross	$ 920	$ 920

Loans Held-for-Sale, Net - Narr

Loans Held-for-Sale, Net - Narrative (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) loan	Dec. 31, 2023 USD ($)
Loans Held-for-Sale, Net
Sale of loans held-for-sale excluding acquired loans	$ 1,090,000,000	$ 932,700,000
Loans held-for-sale placed on non-accrual status	0			$ 0
Greater Than 90 Days Past Due
Loans Held-for-Sale, Net
Loans held-for-sale that were 90 days or more past due	$ 0			$ 0
US Government Sponsored-Enterprise Insured Loans
Loans Held-for-Sale, Net
Period of loans held for sale sold	60 days
Private Label
Loans Held-for-Sale, Net
Period of loans held for sale sold	180 days
Net loss of swaps gain with loans			$ 5,200,000
Number of loans under the loan portfolio | loan			7
Unpaid principal balance			$ 129,900,000
Net loans carrying value			$ 116,400,000
Gain on sale of loans		$ 900,000

Loans Held-for-Sale, Net - Summ

Loans Held-for-Sale, Net - Summary (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Loans Held-for-Sale, Net
Loans held-for-sale	$ 324,743	$ 552,325
Fair value of future MSR	4,656	7,784
Unrealized impairment loss	(1,971)	(1,989)
Unearned discount	(4,553)	(6,413)
Loans held-for-sale, net	322,875	551,707
Fannie Mae
Loans Held-for-Sale, Net
Loans held-for-sale	209,743	477,212
Freddie Mac
Loans Held-for-Sale, Net
Loans held-for-sale	90,658	50,235
Private Label
Loans Held-for-Sale, Net
Loans held-for-sale	11,350	11,350
SFR - Fixed Rate
Loans Held-for-Sale, Net
Loans held-for-sale	8,683	8,696
FHA
Loans Held-for-Sale, Net
Loans held-for-sale	$ 4,309	$ 4,832

Capitalized Mortgage Servicin_3

Capitalized Mortgage Servicing Rights - Narrative (Details) - MSRs - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Capitalized Mortgage Servicing Rights
Prepayment fees collected	$ 400,000	$ 2,100,000
Valuation allowance	$ 0		$ 0
Minimum
Capitalized Mortgage Servicing Rights
Discount rate, percentage	9%
Maximum
Capitalized Mortgage Servicing Rights
Discount rate, percentage	14%
Weighted average
Capitalized Mortgage Servicing Rights
Discount rate, percentage	12%
Estimated life remaining	7 years 8 months 12 days		8 years

Capitalized Mortgage Servicin_4

Capitalized Mortgage Servicing Rights - Summary of Capitalized MSRs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Capitalized Mortgage Servicing Rights
Beginning balance	$ 391,254
Ending balance	385,520
MSRs
Capitalized Mortgage Servicing Rights
Beginning balance	391,254	$ 401,471
Additions	12,684	13,886
Amortization	(16,631)	(15,416)
Write-downs and payoffs	(1,787)	(3,307)
Ending balance	385,520	396,634
Expected amortization of capitalized MSRs balances
2024 (nine months ending 12/31/2024)	50,032
2025	63,963
2026	58,488
2027	53,971
2028	46,721
Thereafter	112,345
Total	385,520
Originated
Capitalized Mortgage Servicing Rights
Beginning balance	382,582	386,878
Additions	12,684	13,886
Amortization	(15,821)	(14,287)
Write-downs and payoffs	(1,698)	(2,841)
Ending balance	377,747	383,636
Acquired
Capitalized Mortgage Servicing Rights
Beginning balance	8,672	14,593
Amortization	(810)	(1,129)
Write-downs and payoffs	(89)	(466)
Ending balance	$ 7,773	$ 12,998

Mortgage Servicing - Schedule o

Mortgage Servicing - Schedule of Product and Geographic Concentration (Details) - MSRs $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024 USD ($) state	Dec. 31, 2023 USD ($) state
Mortgage Servicing
Product Concentrations, UPB	$ 31,384,995	$ 30,983,455
Fee-based servicing portfolio
Mortgage Servicing
Product Concentrations, % of Total	100%	100%
New York | Fee-based servicing portfolio
Mortgage Servicing
Product Concentrations, % of Total	11%	11%
Texas | Fee-based servicing portfolio
Mortgage Servicing
Product Concentrations, % of Total	11%	11%
North Carolina | Fee-based servicing portfolio
Mortgage Servicing
Product Concentrations, % of Total	8%	8%
California | Fee-based servicing portfolio
Mortgage Servicing
Product Concentrations, % of Total	7%	8%
Georgia | Fee-based servicing portfolio
Mortgage Servicing
Product Concentrations, % of Total	6%	6%
Florida | Fee-based servicing portfolio
Mortgage Servicing
Product Concentrations, % of Total	6%	6%
New Jersey | Fee-based servicing portfolio
Mortgage Servicing
Product Concentrations, % of Total	5%	5%
Illinois | Fee-based servicing portfolio
Mortgage Servicing
Product Concentrations, % of Total	4%	4%
Other | Fee-based servicing portfolio
Mortgage Servicing
Product Concentrations, % of Total	42%	41%
Number of states | state	0	0
Fannie Mae
Mortgage Servicing
Product Concentrations, UPB	$ 21,548,221	$ 21,264,578
Fannie Mae | Fee-based servicing portfolio
Mortgage Servicing
Product Concentrations, % of Total	69%	69%
Freddie Mac
Mortgage Servicing
Product Concentrations, UPB	$ 5,301,291	$ 5,181,933
Freddie Mac | Fee-based servicing portfolio
Mortgage Servicing
Product Concentrations, % of Total	17%	17%
Private Label
Mortgage Servicing
Product Concentrations, UPB	$ 2,524,013	$ 2,510,449
Private Label | Fee-based servicing portfolio
Mortgage Servicing
Product Concentrations, % of Total	8%	8%
FHA
Mortgage Servicing
Product Concentrations, UPB	$ 1,365,329	$ 1,359,624
FHA | Fee-based servicing portfolio
Mortgage Servicing
Product Concentrations, % of Total	4%	4%
Bridge
Mortgage Servicing
Product Concentrations, UPB	$ 380,712	$ 379,425
Bridge | Fee-based servicing portfolio
Mortgage Servicing
Product Concentrations, % of Total	1%	1%
SFR - Fixed Rate.
Mortgage Servicing
Product Concentrations, UPB	$ 265,429	$ 287,446
SFR - Fixed Rate. | Fee-based servicing portfolio
Mortgage Servicing
Product Concentrations, % of Total	1%	1%

Mortgage Servicing - Narrative

Mortgage Servicing - Narrative (Details) - USD ($) $ in Billions	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Mortgage Servicing
Escrow balance	$ 1.3	$ 1.5
Fee-based servicing portfolio
Mortgage Servicing
Escrow balance	$ 1.4	$ 1.6
MSRs | Agency Business
Mortgage Servicing
Weighted average servicing fee rate (basis points)	0.388%	0.391%

Mortgage Servicing - Components

Mortgage Servicing - Components of Servicing Revenue, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Transfers and Servicing [Abstract]
Servicing fees	$ 31,780	$ 29,210
Interest earned on escrows	17,754	17,003
Prepayment fees	410	2,075
Write-offs of MSRs	(1,787)	(3,307)
Amortization of MSRs	(16,631)	(15,416)
Servicing revenue, net	$ 31,526	$ 29,565

Securities Held-To-Maturity - N

Securities Held-To-Maturity - Narrative (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024 USD ($) bond	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Schedule of Held-to-Maturity Securities [Line Items]
Held-to-maturity securities, face value	$ 230,448		$ 230,495
Interest income, including the amortization of discount	3,700	$ 3,100
APL certificates
Schedule of Held-to-Maturity Securities [Line Items]
Held-to-maturity securities, face value	192,791		$ 192,791
Amount purchased at a discount	$ 119,000
Weighted average variable interest rate (as a percent)	3.94%
Estimated weighted average remaining maturity period	7 years 1 month 6 days
Weighted average fixed interest rate	8.84%		8.85%
After one year through five years	$ 192,800
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	13 years 10 months 24 days
Bonds retained percentage	49%
Initial face value of bonds purchased	$ 106,200
Number of B Piece bonds | bond	7
Discounted value of bonds purchased	$ 74,700
Held-to-maturity securities sold, percentage	51%
Agency B Piece Bonds
Schedule of Held-to-Maturity Securities [Line Items]
Weighted average variable interest rate (as a percent)	3.74%		11.28%
Weighted average effective interest rate (as a percent)	11.26%
Within one year	$ 37,700

Securities Held-To-Maturity - S

Securities Held-To-Maturity - Summary of Securities Held-To-Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Securities Held-to-Maturity
Face Value	$ 230,448	$ 230,495
Net Carrying Value	155,413	155,279
Unrealized Loss	(21,613)	(25,889)
Estimated Fair Value	133,800	129,390
Allowance for Credit Losses	7,597	6,256
APL certificates
Securities Held-to-Maturity
Face Value	192,791	192,791
Net Carrying Value	130,280	128,865
Unrealized Loss	(28,703)	(31,331)
Estimated Fair Value	101,577	97,534
Allowance for Credit Losses	2,157	2,272
B Piece bonds
Securities Held-to-Maturity
Face Value	37,657	37,704
Net Carrying Value	25,133	26,414
Unrealized Gain	7,090	5,442
Estimated Fair Value	32,223	31,856
Allowance for Credit Losses	$ 5,440	$ 3,984

Securities Held-To-Maturity - R

Securities Held-To-Maturity - Rollforward of Allowance (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Changes in the allowance for credit losses
Allowance for credit loss, Beginning balance	$ 6,256
Provision for credit loss expense/(reversal)	1,341
Allowance for credit loss, Ending balance	7,597
APL certificates
Changes in the allowance for credit losses
Allowance for credit loss, Beginning balance	2,272
Provision for credit loss expense/(reversal)	(115)
Allowance for credit loss, Ending balance	2,157
B Piece bonds
Changes in the allowance for credit losses
Allowance for credit loss, Beginning balance	3,984
Provision for credit loss expense/(reversal)	1,456
Allowance for credit loss, Ending balance	$ 5,440

Investments in Equity Affilia_3

Investments in Equity Affiliates - Summary of Equity Method Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Investment in Equity Affiliates
Investment in Equity Affiliates	$ 90,244	$ 79,303
UPB of Loans to Equity Affiliates	1,688
Arbor Residential Investor LLC
Investment in Equity Affiliates
Investment in Equity Affiliates	34,459	32,743
UPB of Loans to Equity Affiliates	0
AWC Real Estate Opportunity Partners I LP
Investment in Equity Affiliates
Investment in Equity Affiliates	20,064	11,671
UPB of Loans to Equity Affiliates	0
Fifth Wall Ventures
Investment in Equity Affiliates
Investment in Equity Affiliates	14,184	13,365
UPB of Loans to Equity Affiliates	0
AMAC Holdings III LLC
Investment in Equity Affiliates
Investment in Equity Affiliates	13,047	13,591
UPB of Loans to Equity Affiliates	0
ARSR DPREF I LLC
Investment in Equity Affiliates
Investment in Equity Affiliates	5,100	5,163
UPB of Loans to Equity Affiliates	0
Lightstone Value Plus REIT L.P.
Investment in Equity Affiliates
Investment in Equity Affiliates	1,895	1,895
UPB of Loans to Equity Affiliates	0
The Park at Via Terrossa
Investment in Equity Affiliates
Investment in Equity Affiliates	620	0
UPB of Loans to Equity Affiliates	0
Docsumo Pte. Ltd.
Investment in Equity Affiliates
Investment in Equity Affiliates	450	450
UPB of Loans to Equity Affiliates	0
JT Prime [Member]
Investment in Equity Affiliates
Investment in Equity Affiliates	425	425
UPB of Loans to Equity Affiliates	0
West Shore Café
Investment in Equity Affiliates
Investment in Equity Affiliates	0	0
UPB of Loans to Equity Affiliates	1,688
Lexford Portfolio
Investment in Equity Affiliates
Investment in Equity Affiliates	0	0
UPB of Loans to Equity Affiliates	0
East River Portfolio
Investment in Equity Affiliates
Investment in Equity Affiliates	0	$ 0
UPB of Loans to Equity Affiliates	$ 0

Investments in Equity Affilia_4

Investments in Equity Affiliates - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Investment in Equity Affiliates
Income (loss) from equity affiliates	$ 1,418	$ 14,326
Indirect ownership percentage	12.30%		12.30%
Arbor Residential Investor LLC
Investment in Equity Affiliates
Income (loss) from equity affiliates	$ 1,600	(900)
Indirect ownership percentage	9.20%		9.20%
AWC Real Estate Opportunity Partners I LP | Other Related Party Transactions
Investment in Equity Affiliates
Distribution from investment classified as return capital	$ 8,400
Fifth Wall Ventures
Investment in Equity Affiliates
Income (loss) from equity affiliates	300
Noncontrolling interest	500	400
AMAC Holdings III LLC
Investment in Equity Affiliates
Loss on investment	$ 500	400
Distribution received		600
The Park at Via Terrossa
Investment in Equity Affiliates
Ownership interest, percentage	4.96%
The Park at Via Terrossa | Other Related Party Transactions
Investment in Equity Affiliates
Distribution from investment classified as return capital	$ 600
Lexford Portfolio
Investment in Equity Affiliates
Distribution received		4,700
Equity Participation Interest
Investment in Equity Affiliates
Proceeds from sale		$ 11,000

Debt Obligations - Credit and R

Debt Obligations - Credit and Repurchase Facilities (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Feb. 29, 2024	Jan. 31, 2024
Debt Obligations
Debt Carrying Value	$ 2,913,483	$ 3,237,827
Collateral Carrying Value	$ 4,143,426	4,606,657
Wtd. Avg. Note Rate	7.72%
Outstanding principal balance repaid	$ 36,700
Structured Business
Debt Obligations
Debt Carrying Value	2,601,520	2,824,501
Collateral Carrying Value	$ 3,826,513	4,062,162
Wtd. Avg. Note Rate	7.84%
Deferred financing fees	$ 7,400	4,800
Structured Business | B Piece bonds
Debt Obligations
Outstanding principal balance repaid		43,100
Structured Business | $2.5B joint repurchase facility
Debt Obligations
Maximum borrowing capacity	1,900,000
Debt Carrying Value	783,102	868,077
Collateral Carrying Value	$ 1,268,862	1,371,436
Wtd. Avg. Note Rate	7.79%
Structured Business | $1B repurchase facility
Debt Obligations
Maximum borrowing capacity	$ 1,000,000
Debt Carrying Value	346,099	385,779
Collateral Carrying Value	$ 537,148	589,533
Wtd. Avg. Note Rate	7.85%
Structured Business | $1B repurchase facility
Debt Obligations
Maximum borrowing capacity	$ 1,000,000
Debt Carrying Value	440,959	447,490
Collateral Carrying Value	$ 588,623	597,205
Wtd. Avg. Note Rate	8.39%
Structured Business | $499M repurchase facility
Debt Obligations
Maximum borrowing capacity	$ 499,000
Debt Carrying Value	396,650	355,328
Collateral Carrying Value	$ 565,610	506,753
Wtd. Avg. Note Rate	7.81%
Structured Business | $350M repurchase facility
Debt Obligations
Maximum borrowing capacity	$ 350,000
Debt Carrying Value	151,448	262,820
Collateral Carrying Value	$ 228,535	362,465
Wtd. Avg. Note Rate	7.54%
Structured Business | $250M credit facility
Debt Obligations
Maximum borrowing capacity	$ 250,000
Debt Carrying Value	18,166	0
Collateral Carrying Value	$ 36,470	0
Wtd. Avg. Note Rate	8.71%
Structured Business | $250M repurchase facility
Debt Obligations
Maximum borrowing capacity	$ 250,000
Debt Carrying Value	13,903	17,964
Collateral Carrying Value	$ 23,088	23,088
Wtd. Avg. Note Rate	7.29%
Structured Business | $250M credit facility
Debt Obligations
Maximum borrowing capacity	$ 250,000
Debt Carrying Value	0	0
Collateral Carrying Value	$ 0	0
Wtd. Avg. Note Rate	0%
Structured Business | $200M credit facility
Debt Obligations
Maximum borrowing capacity				$ 200,000
Debt Carrying Value	$ 8,818	32,579
Collateral Carrying Value	$ 13,692	41,522
Wtd. Avg. Note Rate	7.13%
Structured Business | $200M repurchase facility
Debt Obligations
Maximum borrowing capacity	$ 200,000
Debt Carrying Value	58,464	45,969
Collateral Carrying Value	$ 92,615	68,762
Wtd. Avg. Note Rate	8%
Structured Business | $200M repurchase facility
Debt Obligations
Maximum borrowing capacity				$ 200,000
Debt Carrying Value	$ 106,950	107,324
Collateral Carrying Value	$ 141,130	141,130
Wtd. Avg. Note Rate	7.40%
Structured Business | $150M repurchase facility
Debt Obligations
Maximum borrowing capacity	$ 150,000
Debt Carrying Value	91,858	120,610
Collateral Carrying Value	$ 124,003	162,068
Wtd. Avg. Note Rate	8.46%
Structured Business | $126M loan specific credit facilities
Debt Obligations
Maximum borrowing capacity			$ 126,000
Debt Carrying Value	$ 125,819	120,328
Collateral Carrying Value	$ 170,237	161,700
Wtd. Avg. Note Rate	6.77%
Structured Business | $50M credit facility
Debt Obligations
Maximum borrowing capacity	$ 50,000
Debt Carrying Value	29,200	29,200
Collateral Carrying Value	$ 36,500	36,500
Wtd. Avg. Note Rate	7.54%
Structured Business | $40M credit facility
Debt Obligations
Maximum borrowing capacity	$ 40,000
Debt Carrying Value	0	0
Collateral Carrying Value	$ 0	0
Wtd. Avg. Note Rate	0%
Structured Business | $35M working capital facility
Debt Obligations
Maximum borrowing capacity	$ 35,000
Debt Carrying Value	0	0
Collateral Carrying Value	$ 0	0
Wtd. Avg. Note Rate	0%
Structured Business | Repurchase facility - securities
Debt Obligations
Debt Carrying Value	$ 30,084	31,033
Collateral Carrying Value	$ 0	0
Wtd. Avg. Note Rate	7.12%
Structured Business | $500M repurchase facility
Debt Obligations
Maximum borrowing capacity	$ 500,000
Agency Business
Debt Obligations
Debt Carrying Value	311,963	413,326
Collateral Carrying Value	$ 316,913	544,495
Wtd. Avg. Note Rate	6.71%
Deferred financing fees	$ 300	300
Agency Business | $50M credit facility
Debt Obligations
Maximum borrowing capacity	50,000
Debt Carrying Value	25,055	29,083
Collateral Carrying Value	$ 25,080	29,418
Wtd. Avg. Note Rate	6.69%
Agency Business | $750M ASAP agreement
Debt Obligations
Maximum borrowing capacity	$ 750,000
Debt Carrying Value	83,866	73,011
Collateral Carrying Value	$ 83,961	73,781
Wtd. Avg. Note Rate	6.47%
Agency Business | $500M repurchase facility
Debt Obligations
Maximum borrowing capacity	$ 500,000
Debt Carrying Value	64,632	115,730
Collateral Carrying Value	$ 65,065	241,895
Wtd. Avg. Note Rate	6.81%
Agency Business | $200M credit facility
Debt Obligations
Maximum borrowing capacity	$ 200,000
Debt Carrying Value	129,967	187,138
Collateral Carrying Value	$ 130,604	187,185
Wtd. Avg. Note Rate	6.74%
Agency Business | $100M joint repurchase facility
Debt Obligations
Maximum borrowing capacity	$ 100,000
Debt Carrying Value	7,912	7,833
Collateral Carrying Value	$ 11,350	11,350
Wtd. Avg. Note Rate	7.74%
Agency Business | $100M credit facility
Debt Obligations
Maximum borrowing capacity	$ 100,000
Debt Carrying Value	0	0
Collateral Carrying Value	$ 0	0
Wtd. Avg. Note Rate	0%
Agency Business | $1M repurchase facility
Debt Obligations
Maximum borrowing capacity	$ 1,000
Debt Carrying Value	531	531
Collateral Carrying Value	$ 853	$ 866
Wtd. Avg. Note Rate	7.79%
Structured and Agency Business | $3 Billion joint repurchase facility
Debt Obligations
Maximum borrowing capacity			$ 3,000,000
Structured and Agency Business | $2 Billion joint repurchase facility
Debt Obligations
Maximum borrowing capacity	$ 2,000,000

Debt Obligations - Narrative (D

Debt Obligations - Narrative (Details)		1 Months Ended		3 Months Ended		12 Months Ended
	Mar. 31, 2024 USD ($) $ / shares	Mar. 31, 2024 USD ($) extension $ / shares	Jan. 31, 2024 USD ($)	Mar. 31, 2024 USD ($) $ / shares	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Debt Obligations
Junior subordinated notes to subsidiary trust issuing preferred securities	$ 144,096,000	$ 144,096,000		$ 144,096,000		$ 143,896,000
Debt, Wtd. Avg. Rate	7.72%	7.72%		7.72%
5.75% Notes
Debt Obligations
Interest rate	5.75%	5.75%		5.75%
Debt, Wtd. Avg. Rate	5.75%	5.75%		5.75%		5.75%
7.50% convertible notes
Debt Obligations
Interest rate	7.50%	7.50%		7.50%
Convertible senior unsecured notes
Debt Obligations
Percentage of notes required to be repurchased if the agreement is fundamentally changed				100%
Interest expense				$ 6,100,000	$ 6,100,000
Interest expense related to cash coupon				5,400,000	5,400,000
Deferred fees expensed as interest expense				$ 700,000	$ 700,000
Weighted average cost of notes, percentage	8.43%	8.43%		8.43%		8.42%
7.50% convertible notes
Debt Obligations
Interest rate	7.50%	7.50%		7.50%
Conversion rate of the notes to common stock, per $1,000 principal amount of notes	0.0605723
Conversion price per share of common stock (in dollars per share) | $ / shares	$ 16.51	$ 16.51		$ 16.51
Junior subordinated notes
Debt Obligations
Weighted average note rate including certain fees and costs, percentage	8.56%	8.56%		8.56%		8.56%
Deferred fees expensed as interest expense				$ 1,400,000		$ 1,500,000
Junior subordinated notes to subsidiary trust issuing preferred securities	$ 144,100,000	$ 144,100,000		144,100,000		143,900,000
Deferred amount due at maturity	$ 8,800,000	$ 8,800,000		$ 8,800,000		$ 9,000,000
Debt, Wtd. Avg. Rate	8.48%	8.48%		8.48%		8.48%
Amount payable on default of senior debt	$ 0	$ 0		$ 0
CLO 14
Debt Obligations
Debt paid down				$ 122,100,000
Debt, Wtd. Avg. Rate	6.90%	6.90%		6.90%		6.82%
CLO 15
Debt Obligations
Debt paid down				$ 92,200,000
Debt, Wtd. Avg. Rate	6.84%	6.84%		6.84%		6.82%
Q Series securitization
Debt Obligations
Weighted average note rate including certain fees and costs, percentage	8.06%	8.06%		8.06%		7.99%
Debt paid down				$ 31,800,000
Debt, Wtd. Avg. Rate	7.34%	7.34%		7.34%		7.38%
Structured Business
Debt Obligations
Weighted average note rate including certain fees and costs, percentage	8.33%	8.33%		8.33%		8.26%
Leverage on loans and investment portfolio financed through credit and repurchase facilities, excluding securities repurchase facility and working capital facility	67%	67%		67%		69%
Debt, Wtd. Avg. Rate	7.84%	7.84%		7.84%
Structured Business | Minimum
Debt Obligations
Weighted average loan spread			0.0550
Structured Business | $200M credit facility
Debt Obligations
Maximum borrowing capacity						$ 225,000,000
Structured Business | $25M credit facility
Debt Obligations
Maximum borrowing capacity						$ 25,000,000
Structured Business | $150M credit facility
Debt Obligations
Maximum borrowing capacity			$ 150,000,000
Length of extension option			1 year
Structured Business | $150M credit facility | SOFR
Debt Obligations
Variable rate, spread			3%
Structured Business | $450M repurchase facility
Debt Obligations
Maximum borrowing capacity	$ 450,000,000	$ 450,000,000		$ 450,000,000
Structured Business | $350M repurchase facility
Debt Obligations
Maximum borrowing capacity	$ 350,000,000	$ 350,000,000		$ 350,000,000
Maturity extensions exercised | extension		1
Number of extension options | extension		2
Length of extension option	1 year	1 year		1 year
Debt, Wtd. Avg. Rate	7.54%	7.54%		7.54%
Structured Business | $250M credit facility
Debt Obligations
Maximum borrowing capacity	$ 250,000,000	$ 250,000,000		$ 250,000,000
Variable rate, spread		3.25%
Length of extension option	1 year	1 year		1 year
SOFR floor, percentage		2.50%
Debt, Wtd. Avg. Rate	8.71%	8.71%		8.71%
Structured Business | $1B repurchase facility
Debt Obligations
Maximum borrowing capacity	$ 1,000,000,000	$ 1,000,000,000		$ 1,000,000,000
Debt, Wtd. Avg. Rate	8.39%	8.39%		8.39%
Structured Business | $1B repurchase facility | SOFR
Debt Obligations
Maximum borrowing capacity	$ 1,000,000,000	$ 1,000,000,000		$ 1,000,000,000

Debt Obligations - Collateraliz

Debt Obligations - Collateralized Loan Obligations (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024 USD ($) loan	Dec. 31, 2023 USD ($) loan
Debt Obligations
Debt, Carrying Value	$ 6,691,958	$ 6,935,010
Debt, Wtd. Avg. Rate	7.72%
Total securitized debt
Debt Obligations
Debt, Face Value	$ 6,710,119	6,956,284
Debt, Carrying Value	$ 6,691,958	$ 6,935,010
Debt, Wtd. Avg. Rate	7.14%	7.15%
Collateral, Loans, UPB	$ 7,651,637	$ 7,845,925
Collateral, Loans, Carrying Value	7,637,139	7,826,794
Collateral, Cash, Restricted Cash	$ 469,322	$ 529,812
Weighted average note rate including certain fees and costs, percentage	7.35%	7.37%
Collateralized loan obligations
Debt Obligations
Debt, Face Value	$ 6,526,671	$ 6,741,006
Debt, Carrying Value	$ 6,509,825	$ 6,721,356
Debt, Wtd. Avg. Rate	7.13%	7.14%
Collateral, Loans, UPB	$ 7,407,039	$ 7,558,887
Collateral, Loans, Carrying Value	7,393,212	7,540,741
Collateral, Cash, Restricted Cash	469,322	529,812
Deferred financing fees	$ 18,200	$ 21,300
Number of loans under the loan portfolio | loan	21	12
Collateral at risk	$ 651,100	$ 308,300
Proceeds from issuance of collateralized loan obligations for acquiring additional loan obligations	59,100	63,900
CLO 19
Debt Obligations
Debt, Face Value	872,812	872,812
Debt, Carrying Value	$ 868,814	$ 868,359
Debt, Wtd. Avg. Rate	7.80%	7.84%
Collateral, Loans, UPB	$ 999,513	$ 1,031,772
Collateral, Loans, Carrying Value	997,140	1,028,669
Collateral, Cash, Restricted Cash	25,097	4,527
CLO 18
Debt Obligations
Debt, Face Value	1,652,812	1,652,812
Debt, Carrying Value	$ 1,648,440	$ 1,647,885
Debt, Wtd. Avg. Rate	7.25%	7.29%
Collateral, Loans, UPB	$ 1,751,575	$ 1,784,921
Collateral, Loans, Carrying Value	1,748,518	1,780,930
Collateral, Cash, Restricted Cash	280,922	244,629
CLO 17
Debt Obligations
Debt, Face Value	1,714,125	1,714,125
Debt, Carrying Value	$ 1,710,343	$ 1,709,800
Debt, Wtd. Avg. Rate	7.11%	7.14%
Collateral, Loans, UPB	$ 1,931,235	$ 1,870,388
Collateral, Loans, Carrying Value	1,927,741	1,865,878
Collateral, Cash, Restricted Cash	121,339	203,938
CLO 16
Debt Obligations
Debt, Face Value	1,237,500	1,237,500
Debt, Carrying Value	$ 1,234,248	$ 1,233,769
Debt, Wtd. Avg. Rate	6.74%	6.76%
Collateral, Loans, UPB	$ 1,432,124	$ 1,456,872
Collateral, Loans, Carrying Value	1,429,369	1,453,297
Collateral, Cash, Restricted Cash	21,800	847
CLO 15
Debt Obligations
Debt, Face Value	582,218	674,412
Debt, Carrying Value	$ 581,595	$ 673,367
Debt, Wtd. Avg. Rate	6.84%	6.82%
Collateral, Loans, UPB	$ 720,663	$ 734,120
Collateral, Loans, Carrying Value	719,523	732,498
Collateral, Cash, Restricted Cash	0	42,600
CLO 14
Debt Obligations
Debt, Face Value	467,204	589,345
Debt, Carrying Value	$ 466,385	$ 588,176
Debt, Wtd. Avg. Rate	6.90%	6.82%
Collateral, Loans, UPB	$ 571,929	$ 680,814
Collateral, Loans, Carrying Value	570,921	679,469
Collateral, Cash, Restricted Cash	20,164	33,271
Q Series securitization
Debt Obligations
Debt, Face Value	183,448	215,278
Debt, Carrying Value	$ 182,133	$ 213,654
Debt, Wtd. Avg. Rate	7.34%	7.38%
Collateral, Loans, UPB	$ 244,598	$ 287,038
Collateral, Loans, Carrying Value	243,927	286,053
Collateral, Cash, Restricted Cash	$ 0	$ 0
Weighted average note rate including certain fees and costs, percentage	8.06%	7.99%

Debt Obligations - Senior Unsec

Debt Obligations - Senior Unsecured Notes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Debt Obligations
Wtd. Avg. Note Rate	7.72%
Redemption of aggregate principal amount, percentage	100%
7.75% Notes
Debt Obligations
Interest rate	7.75%
Debt, Face Value	$ 95,000	$ 95,000
Carrying value	$ 93,840	$ 93,697
Wtd. Avg. Note Rate	7.75%	7.75%
8.50% Notes
Debt Obligations
Interest rate	8.50%
Debt, Face Value	$ 150,000	$ 150,000
Carrying value	$ 148,153	$ 148,023
Wtd. Avg. Note Rate	8.50%	8.50%
5.00% Notes
Debt Obligations
Interest rate	5%
Debt, Face Value	$ 180,000	$ 180,000
Carrying value	$ 177,981	$ 177,875
Wtd. Avg. Note Rate	5%	5%
4.50% Notes
Debt Obligations
Interest rate	4.50%
Debt, Face Value	$ 270,000	$ 270,000
Carrying value	$ 267,973	$ 267,763
Wtd. Avg. Note Rate	4.50%	4.50%
5.00% Notes
Debt Obligations
Interest rate	5%
Debt, Face Value	$ 175,000	$ 175,000
Carrying value	$ 173,698	$ 173,542
Wtd. Avg. Note Rate	5%	5%
4.50% Notes
Debt Obligations
Interest rate	4.50%
Debt, Face Value	$ 275,000	$ 275,000
Carrying value	$ 273,563	$ 273,444
Wtd. Avg. Note Rate	4.50%	4.50%
4.75% Notes
Debt Obligations
Interest rate	4.75%
Debt, Face Value	$ 110,000	$ 110,000
Carrying value	$ 109,805	$ 109,721
Wtd. Avg. Note Rate	4.75%	4.75%
5.75% Notes
Debt Obligations
Interest rate	5.75%
Debt, Face Value	$ 90,000	$ 90,000
Carrying value	$ 90,000	$ 89,903
Wtd. Avg. Note Rate	5.75%	5.75%
Senior unsecured notes
Debt Obligations
Debt, Face Value	$ 1,345,000	$ 1,345,000
Carrying value	$ 1,335,013	$ 1,333,968
Wtd. Avg. Note Rate	5.41%	5.41%
Deferred financing fees	$ 10,000	$ 11,000
Weighted average note rate including certain fees and costs, percentage	5.70%	5.70%

Debt Obligations - Convertible

Debt Obligations - Convertible Senior Unsecured Notes (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Obligations
Total	$ 11,418,161
Convertible senior unsecured notes
Debt Obligations
Debt, Face Value	287,500	$ 287,500
Unamortized Deferred Financing Fees	3,724	4,382
Total	$ 283,776	$ 283,118

Debt Obligations - Debt Covenan

Debt Obligations - Debt Covenants (Details)		1 Months Ended				3 Months Ended
	Jul. 01, 2023	Apr. 30, 2024	Jan. 31, 2024	Oct. 31, 2023	Apr. 30, 2023	Mar. 31, 2024
CLO 14
Overcollateralization [Abstract]
Current	119.76%		120%	119.76%	119.76%	125.22%
Limit						118.76%
Interest Coverage [Abstract]
Current						158.39%
Limit						120%
CLO 14 | Forecast
Overcollateralization [Abstract]
Current		125.22%
CLO 15
Overcollateralization [Abstract]
Current	120.85%		120.85%	120.85%	120.85%	124.15%
Limit						119.85%
Interest Coverage [Abstract]
Current						167.06%
Limit						120%
CLO 15 | Forecast
Overcollateralization [Abstract]
Current		124.15%
CLO 16
Overcollateralization [Abstract]
Current	121.21%		120.81%	121.21%	121.21%	120.81%
Limit						120.21%
Interest Coverage [Abstract]
Current						147.54%
Limit						120%
CLO 16 | Forecast
Overcollateralization [Abstract]
Current		120.81%
CLO 17
Overcollateralization [Abstract]
Current	122.51%		121.71%	122.51%	122.51%	121.71%
Limit						121.51%
Interest Coverage [Abstract]
Current						142.84%
Limit						120%
CLO 17 | Forecast
Overcollateralization [Abstract]
Current		121.71%
CLO 18
Overcollateralization [Abstract]
Current	124.03%		123.87%	124.03%	124.03%	123.87%
Limit						123.03%
Interest Coverage [Abstract]
Current						138.90%
Limit						120%
CLO 18 | Forecast
Overcollateralization [Abstract]
Current		123.87%
CLO 19
Overcollateralization [Abstract]
Current	120.30%		120.30%	120.30%	120.30%	119.30%
Limit						119.30%
Interest Coverage [Abstract]
Current						128.48%
Limit						120%
CLO 19 | Forecast
Overcollateralization [Abstract]
Current		119.30%

Allowance for Loss - Sharing Ob

Allowance for Loss - Sharing Obligations (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Roll forward of loss contingency accrual
Provisions for loss sharing	$ 273	$ 3,177
Guarantee obligations	34,700		$ 34,600
Allowance for loss sharing obligations	$ 38,100		$ 37,000
Loss-sharing obligations (as a percent)	0.18%		0.17%
Impact of adopting CECL	$ 1,100	2,600
Loss-Sharing Obligation
Roll forward of loss contingency accrual
Beginning balance	71,634	57,168	$ 57,168
Provisions for loss sharing	1,059	4,567
Provisions reversal for loan repayments	(13)	(1,390)
Recoveries (charge-offs), net	110	(588)
Ending balance	72,790	$ 59,757	71,634
Outstanding advances under the Fannie Mae DUS program	1,000		1,100
Maximum quantifiable liability	$ 4,020,000		$ 3,950,000

Derivative Financial Instrume_3

Derivative Financial Instruments - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Derivative Financial Instruments
Gain from changes in the fair value of derivatives	$ 100	$ 7,100
Mortgage servicing rights	$ 10,199	18,458
Treasury futures
Derivative Financial Instruments
Derivative, maturity term	3 months
Derivative asset, treasury futures	$ 1,800		$ 1,500
Cash posted as collateral	1,800		1,900
Unrealized (losses) gains on derivatives	(100)		$ (400)
Treasury futures | Other Income | Agency Business
Derivative Financial Instruments
Unrealized (losses) gains on derivatives	400	(4,400)
Realized gain (loss) on derivatives	$ (100)	$ 1,600
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	Mar. 31, 2024 USD ($) count	Dec. 31, 2023 USD ($) count
Non-Qualifying | Agency Business
Derivative Financial Instruments
Notional Value	$ 542,478	$ 594,079
Derivative Assets	1,678	6,547
Derivative Liabilities	(1,032)	$ (1,021)
Rate lock commitments
Derivative Financial Instruments
Notional Value	$ 114,784
Rate lock commitments | Non-Qualifying | Agency Business
Derivative Financial Instruments
Count | count	3	3
Notional Value	$ 114,784	$ 26,800
Derivative Assets	1,071	428
Derivative Liabilities	(293)	$ (759)
Forward sale commitments
Derivative Financial Instruments
Notional Value	$ 419,494
Forward sale commitments | Non-Qualifying | Agency Business
Derivative Financial Instruments
Count | count	23	33
Notional Value	$ 419,494	$ 559,079
Derivative Assets	607	6,119
Derivative Liabilities	$ (739)	$ (262)
Treasury futures | Non-Qualifying | Agency Business
Derivative Financial Instruments
Count | count	82	82
Notional Value	$ 8,200	$ 8,200
Derivative Assets	0	0
Derivative Liabilities	$ 0	$ 0

Fair Value - Carrying Value and

Fair Value - Carrying Value and Estimated Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Financial assets:
Loans and investments, net, Principal/Notional Amount	$ 12,249,862	$ 12,615,006
Loans and investments, net	12,001,544	12,377,806
Loans held-for-sale, net, Principal/Notional Amount	324,743	552,325
Loans held-for-sale, net	324,743	552,325
Securities, held-to-maturity, net, Principal/Notional Amount	230,448	230,495
Securities held-to-maturity, net	155,413	155,279
Derivative financial instruments, Principal/Notional Amount	241,538	447,609
Financial liabilities:
Credit and repurchase facilities, Principal/Notional Amount	2,921,206	3,242,939
Credit and repurchase facilities	2,913,483	3,237,827
Securitized debt	6,691,958	6,935,010
Senior unsecured notes	1,335,013	1,333,968
Convertible senior unsecured notes	283,776	283,118
Junior subordinated notes	144,096	143,896
Derivative financial instruments, Principal/Notional Amount	$ 292,740	138,270
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	$ 12,001,544	12,377,806
Loans held-for-sale, net	322,875	551,707
Capitalized mortgage servicing rights, net	385,520	391,254
Securities held-to-maturity, net	155,413	155,279
Derivative financial instruments	1,678	6,547
Financial liabilities:
Credit and repurchase facilities	2,913,483	3,237,827
Securitized debt	6,691,958	6,935,010
Senior unsecured notes	1,335,013	1,333,968
Convertible senior unsecured notes	283,776	283,118
Junior subordinated notes	144,096	143,896
Derivative financial instruments	1,032	1,021
Estimated Fair Value
Financial assets:
Loans and investments, net	12,158,245	12,452,563
Loans held-for-sale, net	327,487	566,451
Capitalized mortgage servicing rights, net	518,391	510,472
Securities held-to-maturity, net	133,800	129,390
Derivative financial instruments	1,678	6,547
Financial liabilities:
Credit and repurchase facilities	2,908,678	3,228,324
Securitized debt	6,620,181	6,864,557
Senior unsecured notes	1,216,241	1,214,331
Convertible senior unsecured notes	287,500	301,156
Junior subordinated notes	107,096	106,444
Derivative financial instruments	1,032	1,021
Securitized debt
Financial liabilities:
Debt face value issued to third parties	6,710,119	6,956,284
Senior unsecured notes
Financial liabilities:
Debt face value issued to third parties	1,345,000	1,345,000
Convertible senior unsecured notes
Financial liabilities:
Debt face value issued to third parties	287,500	287,500
Junior subordinated notes
Financial liabilities:
Debt face value issued to third parties	154,336	154,336
Junior subordinated notes	$ 144,100	$ 143,900

Fair Value - Measurement on Rec

Fair Value - Measurement on Recurring and Nonrecurring Basis (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) loan	Dec. 31, 2023 USD ($)
Financial assets:
Impaired loans, net	$ 483,377	$ 404,896
Financial liabilities:
Allowance for credit losses on impaired loans	$ 133,400
Number of impaired loans | loan	22
Aggregate carrying value of impaired loans before reserves	$ 483,400
Unrealized impairment losses on held-for-sale	$ 2,000
Number of impaired loans held-for-sale | loan	6
Unrealized impairment losses	$ 20,000
Carrying Value
Financial assets:
Derivative financial instruments	1,678	6,547
Financial liabilities:
Derivative financial instruments	1,032	1,021
Fair Value
Financial assets:
Derivative financial instruments	1,678	6,547
Financial liabilities:
Derivative financial instruments	1,032	$ 1,021
Recurring basis | Carrying Value
Financial assets:
Derivative financial instruments	1,678
Financial liabilities:
Derivative financial instruments	1,032
Recurring basis | Fair Value
Financial assets:
Derivative financial instruments	1,678
Financial liabilities:
Derivative financial instruments	1,032
Nonrecurring basis | Carrying Value
Financial assets:
Loans held-for-investment	350,016
Loans held-for-sale	18,062
Impaired loans, net	368,078
Nonrecurring basis | Fair Value
Financial assets:
Loans held-for-investment	350,016
Loans held-for-sale	18,062
Impaired loans, net	368,078
Level 1 | Recurring basis
Financial assets:
Derivative financial instruments	0
Financial liabilities:
Derivative financial instruments	0
Level 1 | Nonrecurring basis
Financial assets:
Loans held-for-investment	0
Loans held-for-sale	0
Impaired loans, net	0
Level 2 | Recurring basis
Financial assets:
Derivative financial instruments	607
Financial liabilities:
Derivative financial instruments	1,032
Level 2 | Nonrecurring basis
Financial assets:
Loans held-for-investment	0
Loans held-for-sale	18,062
Impaired loans, net	18,062
Level 3 | Recurring basis
Financial assets:
Derivative financial instruments	1,071
Financial liabilities:
Derivative financial instruments	0
Level 3 | Nonrecurring basis
Financial assets:
Loans held-for-investment	350,016
Loans held-for-sale	0
Impaired loans, net	$ 350,016

Fair Value - Level 3 Inputs (De

Fair Value - Level 3 Inputs (Details) - Level 3 $ in Thousands	Mar. 31, 2024 USD ($)
Multifamily
Fair Value
Impaired loans, fair value	$ 288,272
Multifamily | Capitalization rate
Fair Value
Impaired loans, measurement input	0.0631
Multifamily | Capitalization rate | Minimum
Fair Value
Impaired loans, measurement input	0.0600
Multifamily | Capitalization rate | Maximum
Fair Value
Impaired loans, measurement input	0.0700
Land
Fair Value
Impaired loans, fair value	$ 49,999
Land | Discount rate
Fair Value
Impaired loans, measurement input	0.2150
Land | Revenue growth rate
Fair Value
Impaired loans, measurement input	0.0300
Retail
Fair Value
Impaired loans, fair value	$ 11,745
Retail | Price per acre
Fair Value
Impaired loans, measurement input	165,128
Rate lock commitments
Fair Value
Derivative financial instruments	$ 1,071
Derivative Asset, Valuation Technique [Extensible List]	Valuation Technique, Discounted Cash Flow [Member]
Derivative Asset, Measurement Input [Extensible List]	Discount rate
Rate lock commitments | Discount rate
Fair Value
Impaired loans, measurement input	0.1360

Fair Value - Level 3 Derivative

Fair Value - Level 3 Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivative assets
Beginning balance	$ 428	$ 354
Settlements	(9,436)	(15,066)
Realized gains recorded in earnings	9,008	14,712
Unrealized gains recorded in earnings	1,071	3,097
Ending balance	$ 1,071	$ 3,097

Fair Value - Components of fair

Fair Value - Components of fair value and other relevant information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Fair Value
Fair Value of Servicing Rights	$ 5,727
Interest Rate Movement Effect	0
Unrealized Impairment Loss	(1,971)
Total Fair Value Adjustment	3,756
Rate lock commitments
Fair Value
Notional/ Principal Amount	114,784
Fair Value of Servicing Rights	1,071
Interest Rate Movement Effect	84
Unrealized Impairment Loss	0
Total Fair Value Adjustment	1,155
Forward sale commitments
Fair Value
Notional/ Principal Amount	419,494
Fair Value of Servicing Rights	0
Interest Rate Movement Effect	(84)
Unrealized Impairment Loss	0
Total Fair Value Adjustment	(84)
Loans held-for-sale, net
Fair Value
Notional/ Principal Amount	324,743
Fair Value of Servicing Rights	4,656
Interest Rate Movement Effect	0
Unrealized Impairment Loss	(1,971)
Total Fair Value Adjustment	$ 2,685

Fair Value - Financial Assets a

Fair Value - Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Financial assets:
Loans and investments, net	$ 12,001,544	$ 12,377,806
Loans held-for-sale, net	324,743	552,325
Securities held-to-maturity, net	155,413	155,279
Financial liabilities:
Credit and repurchase facilities	2,913,483	3,237,827
Securitized debt	6,691,958	6,935,010
Senior unsecured notes	1,335,013	1,333,968
Convertible senior unsecured notes	283,776	283,118
Junior subordinated notes	144,096	143,896
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	1,216,241
Convertible senior unsecured notes	0
Junior subordinated notes	0
Level 2
Financial assets:
Loans and investments, net	0
Loans held-for-sale, net	322,831
Capitalized mortgage servicing rights, net	0
Securities held-to-maturity, net	0
Financial liabilities:
Credit and repurchase facilities	311,963
Securitized debt	0
Senior unsecured notes	0
Convertible senior unsecured notes	287,500
Junior subordinated notes	0
Level 3
Financial assets:
Loans and investments, net	12,158,245
Loans held-for-sale, net	4,656
Capitalized mortgage servicing rights, net	518,391
Securities held-to-maturity, net	133,800
Financial liabilities:
Credit and repurchase facilities	2,596,715
Securitized debt	6,620,181
Senior unsecured notes	0
Convertible senior unsecured notes	0
Junior subordinated notes	107,096
Carrying Value
Financial assets:
Loans and investments, net	12,001,544	12,377,806
Loans held-for-sale, net	322,875	551,707
Capitalized mortgage servicing rights, net	385,520
Securities held-to-maturity, net	155,413	155,279
Financial liabilities:
Credit and repurchase facilities	2,913,483	3,237,827
Securitized debt	6,691,958	6,935,010
Senior unsecured notes	1,335,013	1,333,968
Convertible senior unsecured notes	283,776	283,118
Junior subordinated notes	144,096	143,896
Fair Value
Financial assets:
Loans and investments, net	12,158,245	12,452,563
Loans held-for-sale, net	327,487	566,451
Capitalized mortgage servicing rights, net	518,391
Securities held-to-maturity, net	133,800	129,390
Financial liabilities:
Credit and repurchase facilities	2,908,678	3,228,324
Securitized debt	6,620,181	6,864,557
Senior unsecured notes	1,216,241	1,214,331
Convertible senior unsecured notes	287,500	301,156
Junior subordinated notes	$ 107,096	$ 106,444

Commitments and Contingencies -

Commitments and Contingencies - Contractual Commitments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Agency Business Commitments
Cash collateral per securitization	$ 5,000
Outstanding letters of credit	5,000
Debt Obligations
2024 (nine months ending December 31, 2024)	1,891,132
2025	3,407,613
2026	4,547,643
2027	1,237,437
2028	180,000
2029	0
Thereafter	154,336
Total	11,418,161
Minimum Annual Operating Lease Payments
2024 (nine months ending December 31, 2024)	8,295
2025	11,206
2026	11,297
2027	9,782
2028	9,093
2029	8,576
Thereafter	19,308
Total	77,557
Total
2024 (nine months ending December 31, 2024)	1,899,427
2025	3,418,819
2026	4,558,940
2027	1,247,219
2028	189,093
2029	8,576
Thereafter	173,644
Total	11,495,718
Operating lease expense	2,600	$ 2,600
Land
Total
Outstanding unfunded commitments	1,590,000		$ 1,310,000
Fannie Mae Mortgage
Agency Business Commitments
Minimum liquid assets to be maintained to meet operational liquidity requirements	$ 21,100
Period of funding for collateral requirement	48 months
Letter of credit required	$ 79,700
Letter of credit assigned	64,000
Reserve required to fund additional restricted liquidity over the next 48 months	$ 38,900
Period of additional funding for collateral requirement	48 months
Forward Contracts
Agency Business Commitments
Period of contractual commitment	60 days

Variable Interest Entity (Detai

Variable Interest Entity (Details) $ in Thousands		3 Months Ended
		Mar. 31, 2024 USD ($) entity	Dec. 31, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Assets:
Restricted cash		$ 546,643	$ 608,233	$ 704,844	$ 713,808
Loans and investments, net		12,001,544	12,377,806
Other assets		499,998	490,281
Total assets	[1]	15,104,856	15,738,636
Liabilities:
Securitized debt		6,691,958	6,935,010
Other liabilities		319,466	343,072
Total liabilities	[1]	11,870,548	12,484,031
CLOs and Debt Fund
Assets:
Restricted cash		528,658	593,956
Loans and investments, net		7,637,138	7,826,793
Other assets		123,866	193,822
Total assets		8,289,662	8,614,571
Liabilities:
Securitized debt		6,691,958	6,935,010
Other liabilities		23,792	32,867
Total liabilities		6,715,750	$ 6,967,877
Unconsolidated VIEs
Assets:
Total assets		$ 837,167
Liabilities:
Number of VIEs where the reporting entity is not VIE's primary beneficiary and VIEs have variable interest | entity		33
Carrying amount of loans and investments before reserves related to VIEs		$ 128,200
Loan loss reserves related to VIEs		80,900
Exposure to real estate debt		4,010,000
Unconsolidated VIEs | Loans
Assets:
Total assets		636,297
Unconsolidated VIEs | APL certificates
Assets:
Total assets		132,437
Unconsolidated VIEs | Equity investments
Assets:
Total assets		37,726
Unconsolidated VIEs | B Piece bonds
Assets:
Total assets		30,573
Unconsolidated VIEs | Agency interest only strips
Assets:
Total assets		$ 134
[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 March 31, 2024 and December 31, 2023, assets of our consolidated VIEs totaled $8,289,662 and $8,614,571, respectively, and the liabilities of our consolidated VIEs totaled $6,715,750 and $6,967,877, respectively. See Note 14 for discussion of our VIEs

Equity - Narrative (Details)

Equity - Narrative (Details) $ / shares in Units, $ in Millions			1 Months Ended	3 Months Ended
	May 01, 2024 $ / shares	Feb. 14, 2024 $ / shares	Apr. 30, 2024 USD ($) $ / shares shares	Mar. 31, 2024 USD ($) Vote $ / shares shares	Mar. 31, 2023 $ / shares	Dec. 31, 2023 USD ($) $ / shares
Common stock
Preferred stock, par value (in dollars per share) | $ / shares				$ 0.01		$ 0.01
Dividends declared per common share (in dollars per share) | $ / shares				$ 0.43	$ 0.40
Subsequent event
Common stock
Number of shares repurchased (in shares)			935,739
Value of shares repurchased | $			$ 11.4
Average cost per share (in dollars per share) | $ / shares			$ 12.19
Dividends declared per common share (in dollars per share) | $ / shares	$ 0.43
Restricted common stock | Chief executive officer | 2020 Plan
Common stock
Grants during the period (in shares)				309,775
Total grant date fair value | $				$ 3.9
Restricted common stock | Employees
Common stock
Shares withheld for taxes (in shares)				242,395
Restricted common stock | Employees | 2020 Plan
Common stock
Grants during the period (in shares)				603,903
Total grant date fair value | $				$ 7.7
Restricted common stock | Employees | Vested on grant date | 2020 Plan
Common stock
Grants during the period (in shares)				219,578
Total grant date fair value | $				$ 2.9
Restricted common stock | Employees | First anniversaries | 2020 Plan
Common stock
Grants during the period (in shares)				192,062
Total grant date fair value | $				$ 2.4
Restricted common stock | Employees | Second anniversaries | 2020 Plan
Common stock
Grants during the period (in shares)				192,263
Total grant date fair value | $				$ 2.4
RSUs | Director | 2020 Plan
Common stock
Grants during the period (in shares)				36,688
Total grant date fair value | $				$ 0.5
Performance-based restricted stock | Chief executive officer
Common stock
Restricted stock vested during period (in shares)				275,569
Common stock
Common stock
Dividends declared per common share (in dollars per share) | $ / shares		$ 0.43
Operating Partnership Units
Common stock
Conversion ratio for operating partnership units to common stock shares				1
Operating Partnership Units | Special voting preferred shares
Common stock
Number of preferred stock shares paired with each OP units (in shares)				1
Preferred stock, par value (in dollars per share) | $ / shares				$ 0.01
Number of vote per share of special voting preferred shares (in shares) | Vote				1
OP units outstanding (in shares)				16,293,589
Voting power of outstanding stock, percentage				790%
Share repurchase program
Common stock
Authorized amount to repurchase | $				$ 150		$ 150

Equity - Schedule of Dividends

Equity - Schedule of Dividends Payable (Details) - $ / shares			3 Months Ended
	Mar. 29, 2024	Feb. 14, 2024	Mar. 31, 2024	Mar. 31, 2023
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Common Stock, Dividend (in dollars per share)			$ 0.43	$ 0.40
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
Preferred Stock | Series D
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Cash dividend declared on redeemable preferred stock (in dollars per share)	$ 0.3984375
Preferred Stock | Series E
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Cash dividend declared on redeemable preferred stock (in dollars per share)	0.390625
Preferred Stock | Series F
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Cash dividend declared on redeemable preferred stock (in dollars per share)	$ 0.390625

Equity - Earnings Per Share ("E

Equity - Earnings Per Share ("EPS") (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Basic
Net income attributable to common stockholders	$ 57,873	$ 84,319
Net income attributable to common stockholders and noncontrolling interest	$ 57,873	$ 84,319
Weighted average shares outstanding (in shares)	188,710,390	181,116,674
Weighted average shares outstanding (in shares)	188,710,390	181,116,674
Net income per common share (in dollars per share)	$ 0.31	$ 0.47
Diluted
Net income attributable to common stockholders	$ 57,873	$ 84,319
Net income attributable to noncontrolling interest	4,997	7,585
Interest expense on convertible notes	6,084	6,081
Net income attributable to common stockholders and noncontrolling interest	$ 68,954	$ 97,985
Weighted average shares outstanding (in shares)	188,710,390	181,116,674
Dilutive effect of OP Units (in shares)	16,293,589	16,293,589
Dilutive effect of convertible notes (in shares)	17,414,547	17,230,358
Dilutive effect of restricted stock units (in shares)	507,550	270,353
Weighted average shares outstanding ( in shares)	222,926,076	214,910,974
Diluted earnings per common share (in dollars per share)	$ 0.31	$ 0.46
Mr. Ivan Kaufman | Performance-based restricted stock
Diluted
Vesting period (in years)	4 years

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Taxes
Provision for income taxes	$ (3,592)	$ (8,029)
Current tax provision	(7,600)	(4,800)
Deferred tax (benefit) provision	$ 3,952	$ (3,164)
Minimum
Income Taxes
Federal income tax rate	90%

Agreements and Transactions w_2

Agreements and Transactions with Related Parties - Shared Services Agreement (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Related Party | Other Related Party Transactions
Agreements and Transactions with Related Parties
Costs for services to related party	$ 0.9	$ 0.7

Agreements and Transactions w_3

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

1 Months Ended

3 Months Ended

12 Months Ended

May 30, 2023 USD ($) extension

Mar. 31, 2024 USD ($) entity shares

Jun. 30, 2023

Mar. 31, 2023 USD ($)

Dec. 31, 2023 USD ($)

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 ($)

Dec. 31, 2015 USD ($)

Nov. 30, 2023 USD ($)

May 31, 2023 USD ($) officer

Apr. 30, 2023 USD ($)

Agreements and Transactions with Related Parties

Due from related party

$ 104,365

$ 64,421

Due to related party

14,159

$ 13,799

Interest income

321,292

$ 327,947

Investment made

313,557

380,633

Servicing revenue

$ 48,157

44,981

Indirect ownership percentage

12.30%

12.30%

Arbor Residential Investor LLC

Agreements and Transactions with Related Parties

Indirect ownership percentage

9.20%

9.20%

Lexford Portfolio

Agreements and Transactions with Related Parties

Distribution received

4,700

AMAC Holdings III LLC

Agreements and Transactions with Related Parties

Gain (loss) on investments

$ (500)

(400)

Distribution received

600

Maturity date of March 2025 | SOFR | Other Related Party Transactions

Agreements and Transactions with Related Parties

Base spread, percentage

5.50%

Bridge loans

Agreements and Transactions with Related Parties

Variable rate, spread

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

Agreements and Transactions with Related Parties

Amount invested

$ 4,200

Related Party | LLC

Agreements and Transactions with Related Parties

Ownership interest, percentage

49.30%

Related Party | Other Related Party Transactions

Agreements and Transactions with Related Parties

Reimbursement for flights chartered by the company's executives

300

200

Related Party | Other Related Party Transactions | AMAC III

Agreements and Transactions with Related Parties

Interest income

800

700

Amount invested

$ 25,900

$ 30,000

Ownership interest, percentage

18%

Related Party | Other Related Party Transactions | Lexford Portfolio

Agreements and Transactions with Related Parties

Management fee, percentage of gross revenues of underlying properties

4.75%

Related Party | Commercial Mortgage Backed Security

Agreements and Transactions with Related Parties

Loans assumed

$ 26,000

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

Agreements and Transactions with Related Parties

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

50%

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

Agreements and Transactions with Related Parties

Gain (loss) on investments

$ 1,600

900

Indirect ownership percentage

12.30%

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

Agreements and Transactions with Related Parties

Acquisition purchase price

$ 9,600

Related Party | ACM Acquisition | Other Related Party Transactions | ACM

Agreements and Transactions with Related Parties

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

2,535,870

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 | Multifamily | Fannie Mae Mortgage | Other Related Party Transactions

Agreements and Transactions with Related Parties

Principal amount

$ 46,900

Percentage of ownership interest of related party in the entity

17.60%

Percentage of maximum loss-sharing obligation unpaid principal balance

5%

Servicing revenue

$ 100

100

Related Party | Retail property

Agreements and Transactions with Related Parties

Property purchased

32,500

Related Party | Maturity Date April 2030 | Multifamily | Other Related Party Transactions

Agreements and Transactions with Related Parties

Number of properties owned | property

2

Related Party | Maturity date of August 2023 | One multifamily property | Other Related Party Transactions

Agreements and Transactions with Related Parties

Principal amount

$ 35,400

Related Party | Maturity date of March 2030 | Private Label | Other Related Party Transactions | Lexford Portfolio

Agreements and Transactions with Related Parties

Principal amount

34,600

Related Party | Preferred equity investments | Single-Family Rental | Other Related Party Transactions

Agreements and Transactions with Related Parties

Investment made

$ 4,600

Related Party | Preferred equity investments | Matures in April 2023 | Other Related Party Transactions

Agreements and Transactions with Related Parties

Fixed rate of interest

12%

Related Party | Preferred equity investments | Maturity Date April 2030 | Multifamily | Other Related Party Transactions

Agreements and Transactions with Related Parties

Equity investment

$ 3,400

Related Party | Preferred equity investments | Maturity Date June 2027

Agreements and Transactions with Related Parties

Equity investment

10,000

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

Agreements and Transactions with Related Parties

Interest income

100

100

Related Party | Mezzanine Loans | Maturity Date April 2030 | Other Related Party Transactions

Agreements and Transactions with Related Parties

Fixed rate of interest

9%

Related Party | Bridge loans | Other Related Party Transactions

Agreements and Transactions with Related Parties

Equity participation interest (as a percentage)

18.90%

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

Agreements and Transactions with Related Parties

Loan committed

37,000

Investment made

$ 3,500

Loan committed upsized

$ 39,900

$ 38,800

Related Party | Bridge loans | Maturity Date December 2025

Agreements and Transactions with Related Parties

Interest income

300

Related Party | Bridge loans | Maturity Date December 2025 | Other Related Party Transactions

Agreements and Transactions with Related Parties

Principal amount

$ 56,900

Loan committed

$ 14,900

Number of officers making minority equity investments | officer

2

Equity investment

$ 500

Equity participation interest (as a percentage)

4%

Number of extension options | extension

2

Length of extension option

6 months

Related Party | Bridge loans | Maturity Date December 2025 | SOFR | Other Related Party Transactions

Agreements and Transactions with Related Parties

Base spread, percentage

5.50%

SOFR floor, percentage

3.25%

Related Party | Bridge loans | Maturity date of March 2025

Agreements and Transactions with Related Parties

Interest income

200

0

Related Party | Bridge loans | Maturity date of March 2025 | Other Related Party Transactions

Agreements and Transactions with Related Parties

Principal amount

$ 46,200

Loan committed

6,500

Interest income

300

100

Related Party | Bridge loans | Maturity date of March 2025 | SOFR | Other Related Party Transactions

Agreements and Transactions with Related Parties

Equity participation interest (as a percentage)

70%

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

Agreements and Transactions with Related Parties

Principal amount

$ 67,100

Loan committed

6,500

Interest income

100

Related Party | Bridge loans | Maturity date of May 2025 | SOFR | Other Related Party Transactions

Agreements and Transactions with Related Parties

Equity participation interest (as a percentage)

2.25%

Base spread, percentage

4.63%

SOFR floor, percentage

0.25%

Related Party | Bridge loans | Maturity date of May 2025 | Single-Family Rental | Other Related Party Transactions

Agreements and Transactions with Related Parties

Loan committed

30,500

Related Party | Bridge loans | Maturity date of May 2025 | Maximum | Other Related Party Transactions

Agreements and Transactions with Related Parties

Interest income

100

Related Party | Bridge loans | Maturity date of March 2025, Committed February 2022 | Other Related Party Transactions

Agreements and Transactions with Related Parties

Principal amount

$ 39,400

Loan committed

12,700

Related Party | Bridge loans | Maturity date of March 2025, Committed February 2022 | London Interbank Offered Rate (LIBOR) 1 | Other Related Party Transactions

Agreements and Transactions with Related Parties

Equity participation interest (as a percentage)

2.25%

Base spread, percentage

4%

SOFR floor, 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

1,400

Related Party | Bridge loans | Maturity date of March 2024 | London Interbank Offered Rate (LIBOR) 1 | Other Related Party Transactions

Agreements and Transactions with Related Parties

Base spread, percentage

3.75%

SOFR floor, percentage

0.25%

Related Party | Bridge loans | Maturity Date December 2023 | Single-Family Rental | Other Related Party Transactions

Agreements and Transactions with Related Parties

Loan committed

$ 32,500

Related Party | Bridge loans | Matures in May 2023 | London Interbank Offered Rate (LIBOR) 1 | Other Related Party Transactions

Agreements and Transactions with Related Parties

Base spread, percentage

5.25%

SOFR floor, percentage

1%

Amount invested

36,700

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

Agreements and Transactions with Related Parties

Interest income

1,100

700

Related Party | Bridge loans | Maturity Date July 2023

Agreements and Transactions with Related Parties

Principal amount

35,000

Related Party | Bridge loans | Maturity date of August 2023 | Other Related Party Transactions

Agreements and Transactions with Related Parties

Interest income

600

500

Percentage of ownership interest of related party in the entity

75%

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

Agreements and Transactions with Related Parties

Principal amount

$ 280,500

Number of bridge loans originated | loan

12

Number of multifamily properties renovated | property

72

Related Party | Bridge loans | Maturity Date Of June 2021 | Other Related Party Transactions | Lexford Portfolio

Agreements and Transactions with Related Parties

Base spread, percentage

4%

Distribution received

4,700

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 | Maturity date of August 2023 | Other Related Party Transactions

Agreements and Transactions with Related Parties

Principal amount

$ 21,700

Related Party | Bridge loan, one multifamily property | Maturity date of August 2023 | London Interbank Offered Rate (LIBOR) 1 | Other Related Party Transactions

Agreements and Transactions with Related Parties

Variable rate, spread

3.50%

Related Party | Bridge loan, several multifamily properties | Maturity date of August 2023 | London Interbank Offered Rate (LIBOR) 1 | Other Related Party Transactions

Agreements and Transactions with Related Parties

Base spread, percentage

4.75%

SOFR floor, percentage

0.25%

Related Party | Bridge loan, two multifamily properties | Maturity Date April 2030 | Other Related Party Transactions

Agreements and Transactions with Related Parties

Principal amount

$ 14,800

Percentage of ownership interest of related party in the entity

50%

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

Agreements and Transactions with Related Parties

Principal amount

7,000

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

Agreements and Transactions with Related Parties

Principal amount

$ 34,000

Related Party | Lexford Portfolio | Maturity date of March 2030 | Private Label | Other Related Party Transactions

Agreements and Transactions with Related Parties

Fixed rate of interest

3.30%

Related Party | Lexford Portfolio | Bridge loans | Maturity date December 2029 | Other Related Party Transactions

Agreements and Transactions with Related Parties

Maximum exposure under guaranty

$ 500,000

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 | Minimum | Other Related Party Transactions

Agreements and Transactions with Related Parties

Ownership percentage limit of our common stock under company charter

5%

Chief executive officer | Mezzanine Loans | Maturity date of January 2024 | Other Related Party Transactions

Agreements and Transactions with Related Parties

Fixed rate of interest

10%

Chief executive officer | Bridge loan, six multifamily properties | Maturity date of 2019 | Minimum | Other Related Party Transactions

Agreements and Transactions with Related Parties

Percentage of ownership interest of related party in the entity

10.50%

Chief executive officer | Bridge loan, six multifamily properties | Maturity date of 2019 | Maximum | Other Related Party Transactions

Agreements and Transactions with Related Parties

Percentage of ownership interest of related party in the entity

12%

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

Agreements and Transactions with Related Parties

Interest income

$ 100

100

Immediate Family Member of Management or Principal Owner | LLC

Agreements and Transactions with Related Parties

Percentage of ownership interest of related party in the entity

10%

Immediate Family Member of Management or Principal Owner | Maturity date of March 2025 | Other Related Party Transactions

Agreements and Transactions with Related Parties

Percentage of ownership interest of related party in the entity

10%

Immediate Family Member of Management or Principal Owner | Maturity Date December 2023 | Preferred equity interest financing agreement | Other Related Party Transactions

Agreements and Transactions with Related Parties

Interest income

$ 1,000

Immediate Family Member of Management or Principal Owner | Preferred equity investments | Maturity Date December 2023 | Other Related Party Transactions

Agreements and Transactions with Related Parties

Fixed rate of interest

12%

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

Agreements and Transactions with Related Parties

Equity participation interest (as a percentage)

21.80%

Immediate Family Member of Management or Principal Owner | Bridge loans | Maturity Date December 2023 | Other Related Party Transactions

Agreements and Transactions with Related Parties

Base spread, percentage

4.75%

Interest income

500

Immediate Family Member of Management or Principal Owner | Bridge loans | Maturity Date December 2023 | London Interbank Offered Rate (LIBOR) 1 | Other Related Party Transactions

Agreements and Transactions with Related Parties

SOFR floor, percentage

0.75%

Director | Other Related Party Transactions

Agreements and Transactions with Related Parties

Number of Kaufman Entities | entity

2

Director | Fannie Mae Mortgage | Other Related Party Transactions

Agreements and Transactions with Related Parties

Servicing revenue

$ 100

Loan purchased a multifamily apartment complex which assumed

$ 8,300

Percentage of ownership after transaction

3.60%

Director | Ginkgo Investment Company LLC | Other Related Party Transactions

Agreements and Transactions with Related Parties

Percentage of managing member

33%

Segment Information - Statement

Segment Information - Statements of Income (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) segment	Mar. 31, 2023 USD ($)
Segment Information
Interest income	$ 321,292	$ 327,947
Interest expense	217,676	219,373
Net interest income	103,616	108,574
Other revenue:
Gain on sales, including fee-based services, net	16,666	14,589
Mortgage servicing rights	10,199	18,458
Servicing revenue	48,157	44,981
Amortization of MSRs	(16,631)	(15,416)
Property operating income	1,570	1,381
Gain (loss) on derivative instruments, net	(5,257)	4,223
Other income, net	2,333	4,882
Total other revenue	57,037	73,098
Other expenses:
Employee compensation and benefits	47,694	42,399
Selling and administrative	13,933	13,623
Property operating expenses	1,678	1,383
Depreciation and amortization	2,571	2,624
Provision for loss sharing (net of recoveries)	273	3,177
Provision for credit losses (net of recoveries)	19,118	22,517
Total other expenses	85,267	85,723
Income before income from equity affiliates and income taxes	75,386	95,949
Income from equity affiliates	1,418	14,326
Provision for income taxes	(3,592)	(8,029)
Net income	73,212	102,246
Preferred stock dividends	10,342	10,342
Net income attributable to noncontrolling interest	4,997	7,585
Net income attributable to common stockholders	$ 57,873	84,319
Reporting segments | segment	2
Operating segments | Structured Business
Segment Information
Interest income	$ 307,888	317,376
Interest expense	212,600	214,894
Net interest income	95,288	102,482
Other revenue:
Gain on sales, including fee-based services, net	0	0
Mortgage servicing rights	0	0
Servicing revenue	0	0
Amortization of MSRs	0	0
Property operating income	1,570	1,381
Gain (loss) on derivative instruments, net	0	0
Other income, net	2,300	1,908
Total other revenue	3,870	3,289
Other expenses:
Employee compensation and benefits	18,547	15,641
Selling and administrative	6,796	6,711
Property operating expenses	1,678	1,383
Depreciation and amortization	1,398	1,451
Provision for loss sharing (net of recoveries)	0	0
Provision for credit losses (net of recoveries)	17,777	20,645
Total other expenses	46,196	45,831
Income before income from equity affiliates and income taxes	52,962	59,940
Income from equity affiliates	1,418	14,326
Provision for income taxes	(81)	429
Net income	54,299	74,695
Preferred stock dividends	10,342	10,342
Net income attributable to noncontrolling interest	0	0
Net income attributable to common stockholders	43,957	64,353
Operating segments | Agency Business
Segment Information
Interest income	13,404	10,571
Interest expense	5,076	4,479
Net interest income	8,328	6,092
Other revenue:
Gain on sales, including fee-based services, net	16,666	14,589
Mortgage servicing rights	10,199	18,458
Servicing revenue	48,157	44,981
Amortization of MSRs	(16,631)	(15,416)
Property operating income	0	0
Gain (loss) on derivative instruments, net	(5,257)	4,223
Other income, net	33	2,974
Total other revenue	53,167	69,809
Other expenses:
Employee compensation and benefits	29,147	26,758
Selling and administrative	7,137	6,912
Property operating expenses	0	0
Depreciation and amortization	1,173	1,173
Provision for loss sharing (net of recoveries)	273	3,177
Provision for credit losses (net of recoveries)	1,341	1,872
Total other expenses	39,071	39,892
Income before income from equity affiliates and income taxes	22,424	36,009
Income from equity affiliates	0	0
Provision for income taxes	(3,511)	(8,458)
Net income	18,913	27,551
Preferred stock dividends	0	0
Net income attributable to noncontrolling interest	0	0
Net income attributable to common stockholders	18,913	27,551
Other/Eliminations
Other expenses:
Net income attributable to noncontrolling interest	4,997	7,585
Net income attributable to common stockholders	$ (4,997)	$ (7,585)

Segment Information - Balance S

Segment Information - Balance Sheet (Details) - USD ($) $ in Thousands		Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Assets:
Cash and cash equivalents		$ 908,049	$ 928,974	$ 774,544	$ 534,357
Restricted cash		546,643	608,233	$ 704,844	$ 713,808
Loans and investments, net		12,001,544	12,377,806
Loans held-for-sale, net		322,875	551,707
Capitalized mortgage servicing rights, net		385,520	391,254
Securities held-to-maturity, net		155,413	155,279
Investments in equity affiliates		90,244	79,303
Goodwill and other intangible assets		90,205	91,378
Other assets and due from related party		604,363	554,702
Total assets	[1]	15,104,856	15,738,636
Liabilities:
Debt obligations		11,368,326	11,933,819
Allowance for loss-sharing obligations		72,790	71,634
Other liabilities and due to related parties		429,432	478,578
Total liabilities	[1]	11,870,548	12,484,031
Structured Business | Operating segments
Assets:
Cash and cash equivalents		453,316	619,487
Restricted cash		530,099	595,342
Loans and investments, net		12,001,544	12,377,806
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		90,244	79,303
Goodwill and other intangible assets		12,500	12,500
Other assets and due from related party		532,385	453,073
Total assets		13,620,088	14,137,511
Liabilities:
Debt obligations		11,056,363	11,520,492
Allowance for loss-sharing obligations		0	0
Other liabilities and due to related parties		343,557	369,588
Total liabilities		11,399,920	11,890,080
Agency Business | Operating segments
Assets:
Cash and cash equivalents		454,733	309,487
Restricted cash		16,544	12,891
Loans and investments, net		0	0
Loans held-for-sale, net		322,875	551,707
Capitalized mortgage servicing rights, net		385,520	391,254
Securities held-to-maturity, net		155,413	155,279
Investments in equity affiliates		0	0
Goodwill and other intangible assets		77,705	78,878
Other assets and due from related party		71,978	101,629
Total assets		1,484,768	1,601,125
Liabilities:
Debt obligations		311,963	413,327
Allowance for loss-sharing obligations		72,790	71,634
Other liabilities and due to related parties		85,875	108,990
Total liabilities		$ 470,628	$ 593,951
[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 March 31, 2024 and December 31, 2023, assets of our consolidated VIEs totaled $8,289,662 and $8,614,571, respectively, and the liabilities of our consolidated VIEs totaled $6,715,750 and $6,967,877, respectively. See Note 14 for discussion of our VIEs

Segment Information - Originati

Segment Information - Origination Data (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) loan	Mar. 31, 2023 USD ($) loan
Segment Information
Origination Volumes	$ 934,243	$ 1,500,110
Agency Business Loan Sales Data:
Loan commitments not serviced	$ 160,200
MSR rate, loan commitments not serviced	0.0132
Structured Business
Segment Information
Total New Loan Originations	$ 255,854	268,034
Loan Runoff	640,018	1,186,649
Structured Business | Bridge loan
Segment Information
Total New Loan Originations	210,725	262,189
Structured Business | Mezzanine loans
Segment Information
Total New Loan Originations	45,129	5,845
Structured Business | Multifamily | Bridge loan
Segment Information
Total New Loan Originations	39,235	186,100
Structured Business | SFR - Fixed Rate | Bridge loan
Segment Information
Total New Loan Originations	$ 171,490	$ 76,089
Number of loans | loan	59	24
SFR Commitments	$ 411,617	$ 54,350
Agency Business
Segment Information
Origination Volumes	846,259	1,091,861
Agency Business Loan Sales Data:
Loan Sales	$ 1,085,374	$ 932,699
Sales margin (fee-based services as a % of loan sales)	1.54%	1.56%
MSR rate (MSR income as a % of loan commitments)	1.09%	1.23%
Agency Business | SFR - Fixed Rate
Segment Information
Origination Volumes	$ 2,318	$ 5,461
Agency Business Loan Sales Data:
Loan Sales	2,318	9,064
Agency Business | Fannie Mae
Segment Information
Origination Volumes	458,429	795,021
Agency Business Loan Sales Data:
Loan Sales	725,898	651,758
Agency Business | Freddie Mac
Segment Information
Origination Volumes	370,102	101,332
Agency Business Loan Sales Data:
Loan Sales	329,679	68,457
Agency Business | Private Label
Segment Information
Origination Volumes	15,410	41,107
Agency Business Loan Sales Data:
Loan Sales	15,410	159,945
Agency Business | FHA
Segment Information
Origination Volumes	0	148,940
Agency Business Loan Sales Data:
Loan Sales	$ 12,069	$ 43,475

Segment Information - Key Servi

Segment Information - Key Servicing Metrics (Details) - Agency Business - MSRs - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Segment Information
Servicing Portfolio UPB	$ 31,384,995	$ 30,983,455
Wtd. Avg. Servicing Fee Rate (basis points)	0.388%	0.391%
Wtd. Avg. Life of Portfolio (years)	7 years 8 months 12 days	8 years
SFR - Fixed Rate
Segment Information
Servicing Portfolio UPB	$ 265,429	$ 287,446
Wtd. Avg. Servicing Fee Rate (basis points)	0.201%	0.201%
Wtd. Avg. Life of Portfolio (years)	5 years	5 years 1 month 6 days
Fannie Mae
Segment Information
Servicing Portfolio UPB	$ 21,548,221	$ 21,264,578
Wtd. Avg. Servicing Fee Rate (basis points)	0.471%	0.474%
Wtd. Avg. Life of Portfolio (years)	7 years 2 months 12 days	7 years 4 months 24 days
Freddie Mac
Segment Information
Servicing Portfolio UPB	$ 5,301,291	$ 5,181,933
Wtd. Avg. Servicing Fee Rate (basis points)	0.234%	0.24%
Wtd. Avg. Life of Portfolio (years)	7 years 8 months 12 days	8 years 6 months
Private Label
Segment Information
Servicing Portfolio UPB	$ 2,524,013	$ 2,510,449
Wtd. Avg. Servicing Fee Rate (basis points)	0.189%	0.195%
Wtd. Avg. Life of Portfolio (years)	6 years 3 months 18 days	6 years 8 months 12 days
FHA
Segment Information
Servicing Portfolio UPB	$ 1,365,329	$ 1,359,624
Wtd. Avg. Servicing Fee Rate (basis points)	0.144%	0.144%
Wtd. Avg. Life of Portfolio (years)	19 years	19 years 2 months 12 days
Bridge loan
Segment Information
Servicing Portfolio UPB	$ 380,712	$ 379,425
Wtd. Avg. Servicing Fee Rate (basis points)	0.109%	0.109%
Wtd. Avg. Life of Portfolio (years)	3 years 7 months 6 days	3 years 2 months 12 days