v3.26.1
Segment Information (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Schedule of Statement of Income and Balance Sheet by Segment
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 
Schedule of Origination Data and Loans Sales Data By Segment
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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Schedule of Key Servicing Metrics for Agency Business
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