v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
As described in Note 1, we operate through two business segments – our Structured Business and our Agency Business. The summarized statements of operations 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 were 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. Intersegment revenue and expenses have been eliminated in the computation of total revenue and operating income (loss).
Our chief operating decision maker (“CODM”) is Ivan Kaufman, our chief executive officer. The CODM uses both net interest income and net income (loss) for each segment predominantly in the annual budget and forecasting process. The CODM considers both budget and actual results on a quarterly basis for both profit measures when making decisions about the allocation of operating and capital resources to each segment. The CODM also uses segment net interest income and net income (loss) to assess the performance of each segment by comparing the results of each segment with one another and in determining the compensation of certain employees.
Three Months Ended June 30, 2026
Structured
Business		Agency
Business		Other (1)Consolidated
Interest income$219,211 $11,647 $— $230,858 
Interest expense172,066 5,695 — 177,761 
Net interest income47,145 5,952 — 53,097 
Other revenue:
Gain on sales, including fee-based services, net— 15,176 — 15,176 
Mortgage servicing rights— 12,110 — 12,110 
Servicing revenue— 42,126 — 42,126 
Amortization of MSRs— (18,247)— (18,247)
Property operating income8,313 — — 8,313 
Gain on derivative instruments, net— 1,041 — 1,041 
Other income, net1,638 622 — 2,260 
Total other revenue9,951 52,828 — 62,779 
Other expenses:
Employee compensation and benefits18,667 21,525 — 40,192 
Commissions— 4,904 — 4,904 
Selling and administrative8,269 7,599 — 15,868 
Property operating expenses12,670 — — 12,670 
Depreciation and amortization5,537 392 — 5,929 
Impairment loss on real estate owned13,650 — — 13,650 
Provision for loss sharing, net— 13,472 — 13,472 
Provision for credit losses, net38,245 (82)— 38,163 
Total other expenses97,038 47,810 — 144,848 
(Loss) income before gain on real estate, income from equity affiliates and income taxes(39,942)10,970 — (28,972)
Gain on real estate64 — — 64 
Income from equity affiliates1,893 — — 1,893 
Provision for income taxes(626)(2,524)— (3,150)
Net (loss) income(38,611)8,446 — (30,165)
Preferred stock dividends10,342 — — 10,342 
Net loss attributable to noncontrolling interest— — (3,165)(3,165)
Net (loss) income attributable to common stockholders$(48,953)$8,446 $3,165 $(37,342)
Three Months Ended June 30, 2025
Structured
Business		Agency
Business		Other (1)Consolidated
Interest income$229,980 $10,323 $— $240,303 
Interest expense165,858 5,720 — 171,578 
Net interest income64,122 4,603 — 68,725 
Other revenue:
Gain on sales, including fee-based services, net— 13,658 — 13,658 
Mortgage servicing rights— 10,930 — 10,930 
Servicing revenue— 45,204 — 45,204 
Amortization of MSRs— (17,767)— (17,767)
Property operating income5,452 — — 5,452 
Gain on derivative instruments, net— 219 — 219 
Other income, net2,105 1,884 — 3,989 
Total other revenue7,557 54,128 — 61,685 
Other expenses:
Employee compensation and benefits16,018 20,905 — 36,923 
Commissions— 4,258 — 4,258 
Selling and administrative7,590 7,269 — 14,859 
Property operating expenses6,802 — — 6,802 
Depreciation and amortization5,456 392 — 5,848 
Provision for loss sharing, net— 4,215 — 4,215 
Provision for credit losses16,112 2,892 — 19,004 
Total other expenses51,978 39,931 — 91,909 
Income before loss on real estate, income from equity affiliates and income taxes19,701 18,800 — 38,501 
Loss on real estate(1,448)— — (1,448)
Income from equity affiliates2,654 — — 2,654 
Provision for income taxes(1,277)(2,121)— (3,398)
Net income19,630 16,679 — 36,309 
Preferred stock dividends 10,342 — — 10,342 
Net income attributable to noncontrolling interest— — 2,015 2,015 
Net income attributable to common stockholders$9,288 $16,679 $(2,015)$23,952 
Six Months Ended June 30, 2026
Structured
Business		Agency
Business		Other (1)Consolidated
Interest income$443,605 $22,300 $— $465,905 
Interest expense342,881 10,082 — 352,963 
Net interest income100,724 12,218 — 112,942 
Other revenue:
Gain on sales, including fee-based services, net— 27,681 — 27,681 
Mortgage servicing rights— 21,770 — 21,770 
Servicing revenue— 86,159 — 86,159 
Amortization of MSRs— (36,540)— (36,540)
Property operating income16,373 — — 16,373 
Gain on derivative instruments, net— 548 — 548 
Other income, net3,865 471 — 4,336 
Total other revenue20,238 100,089 — 120,327 
Other expenses:
Employee compensation and benefits37,529 46,487 — 84,016 
Commissions— 8,763 — 8,763 
Selling and administrative17,419 15,402 — 32,821 
Property operating expenses24,635 — — 24,635 
Depreciation and amortization12,250 783 — 13,033 
Impairment loss on real estate owned26,150 — — 26,150 
Provision for loss sharing, net— 18,009 — 18,009 
Provision for loan losses, net41,889 2,090 — 43,979 
Total other expenses159,872 91,534 — 251,406 
(Loss) income before loss on real estate, income from equity affiliates and income taxes(38,910)20,773 — (18,137)
Loss on real estate(2,073)— — (2,073)
Income from equity affiliates6,304 — — 6,304 
Provision for income taxes(544)(4,691)— (5,235)
Net (loss) income(35,223)16,082 — (19,141)
Preferred stock dividends20,684 — — 20,684 
Net loss attributable to noncontrolling interest— — (3,112)(3,112)
Net (loss) income attributable to common stockholders$(55,907)$16,082 $3,112 $(36,713)
Six Months Ended June 30, 2025
Structured
Business		Agency
Business		Other (1)Consolidated
Interest income$460,067 $20,930 $— $480,997 
Interest expense327,437 9,392 — 336,829 
Net interest income132,630 11,538 — 144,168 
Other revenue:
Gain on sales, including fee-based services, net— 26,439 — 26,439 
Mortgage servicing rights— 19,061 — 19,061 
Servicing revenue— 88,565 — 88,565 
Amortization of MSRs— (35,525)— (35,525)
Property operating income9,839 — — 9,839 
Gain on derivative instruments, net— 3,619 — 3,619 
Other income, net4,183 4,224 — 8,407 
Total other revenue14,022 106,383 — 120,405 
Other expenses:
Employee compensation and benefits34,175 44,171 — 78,346 
Commissions— 8,871 — 8,871 
Selling and administrative16,521 14,650 — 31,171 
Property operating expenses10,276 — — 10,276 
Depreciation and amortization8,809 783 — 9,592 
Provision for loss sharing, net— 6,002 — 6,002 
Provision for credit losses, net 25,266 2,813 — 28,079 
Total other expenses95,047 77,290 — 172,337 
Income before extinguishment of debt, loss on real estate, income from equity affiliates and income taxes51,605 40,631 — 92,236 
Loss on extinguishment of debt(2,319)— — (2,319)
Loss on real estate(4,258)— — (4,258)
Income from equity affiliates1,020 — — 1,020 
Provision for income taxes(639)(6,350)— (6,989)
Net income45,409 34,281 — 79,690 
Preferred stock dividends 20,684 — — 20,684 
Net income attributable to noncontrolling interest— — 4,617 4,617 
Net income attributable to common stockholders$24,725 $34,281 $(4,617)$54,389 
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(1) Includes income (loss) allocated to the noncontrolling interest holders not allocated to the two reportable segments.
June 30, 2026
Structured BusinessAgency BusinessConsolidated
Assets:
Cash and cash equivalents$58,886 $228,639 $287,525 
Restricted cash103,077 35,305 138,382 
Loans and investments, net11,915,216 — 11,915,216 
Loans held-for-sale, net— 375,797 375,797 
Capitalized mortgage servicing rights, net— 323,887 323,887 
Securities held-to-maturity, net— 157,137 157,137 
Investments in equity affiliates82,762 — 82,762 
Real estate owned, net545,946 — 545,946 
Goodwill and other intangible assets12,500 73,270 85,770 
Other assets345,603 94,800 440,403 
Total assets$13,063,990 $1,288,835 $14,352,825 
Liabilities:
Debt obligations$10,699,313 $359,277 $11,058,590 
Allowance for loss-sharing obligations— 118,898 118,898 
Other liabilities211,266 83,048 294,314 
Total liabilities$10,910,579 $561,223 $11,471,802 
December 31, 2025
Assets:
Cash and cash equivalents$124,141 $358,734 $482,875 
Restricted cash35,258 32,089 67,347 
Loans and investments, net11,934,248 — 11,934,248 
Loans held-for-sale, net— 409,081 409,081 
Capitalized mortgage servicing rights, net— 340,842 340,842 
Securities held-to-maturity, net— 156,087 156,087 
Investments in equity affiliates57,966 — 57,966 
Real estate owned, net498,938 — 498,938 
Goodwill and other intangible assets12,500 74,053 86,553 
Other assets382,735 78,231 460,966 
Total assets$13,045,786 $1,449,117 $14,494,903 
Liabilities:
Debt obligations$10,625,053 $390,396 $11,015,449 
Allowance for loss-sharing obligations— 97,579 97,579 
Other liabilities241,873 72,849 314,722 
Total liabilities$10,866,926 $560,824 $11,427,750 
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Origination Data:
Structured Business
Bridge:
Multifamily$159,550 $103,300 $565,150 $471,050 
SFR490,617 530,986 811,739 887,280 
650,167 634,286 1,376,889 1,358,330 
Construction - Multifamily38,810 75,259 79,680 93,896 
Mezzanine / Preferred Equity— 6,999 — 11,439 
Total New Loan Originations$688,977 $716,544 $1,456,569 $1,463,665 
Number of Loans Originated14192039
Commitments:
Construction - Multifamily$— $173,000 $113,070 $265,000 
SFR48,785 232,384 101,785 394,784 
Total Commitments$48,785 $405,384 $214,855 $659,784 
Loan Runoff$539,745 $519,709 $1,400,778 $941,650 
Agency Business
Origination Volumes by Investor:
Fannie Mae$619,130 $683,206 $1,189,945 $1,041,017 
Freddie Mac428,278 150,339 519,533 328,359 
FHA8,083 — 53,590 16,041 
Private Label— — — 44,925 
SFR - Fixed Rate21,272 23,552 21,272 32,663 
Total New Loan Originations$1,076,763 $857,097 $1,784,340 $1,463,005 
Total Loan Commitment Volume$1,211,900 $852,766 $1,945,760 $1,498,167 
Agency Business Loan Sales Data:
Fannie Mae$740,728 $657,305 $1,312,307 $1,013,021 
Freddie Mac335,931 114,464 412,934 412,949 
FHA45,507 18,366 67,897 85,908 
SFR - Fixed Rate21,272 16,885 21,272 25,996 
Total Loan Sales$1,143,438 $807,020 $1,814,410 $1,537,874 
Sales Margin (fee-based services as a % of loan sales)1.33 %1.69 %1.53 %1.72 %
MSR Rate (MSR income as a % of loan commitments) 1.00 %1.28 %1.12 %1.27 %
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June 30, 2026
Key Servicing Metrics for Agency Business:Servicing Portfolio UPBWtd. Avg. Servicing Fee Rate (basis points)Wtd. Avg. Life of Portfolio (years)
Fannie Mae$24,419,734 43.95.2
Freddie Mac7,672,121 17.65.7
Private Label2,477,077 18.74.1
FHA1,585,871 13.818.9
Bridge277,333 10.41.7
SFR - Fixed Rate272,226 20.03.8
Total$36,704,362 35.05.8
December 31, 2025
Fannie Mae$24,085,960 44.75.5
Freddie Mac7,455,088 18.35.9
Private Label2,558,048 18.74.5
FHA1,549,483 13.919.1
Bridge277,738 10.42.2
SFR - Fixed Rate277,490 20.04.0
Total$36,203,807 35.66.1