Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2017	Feb. 16, 2018	Jun. 30, 2017
Document and Entity Information
Entity Registrant Name	ARBOR REALTY TRUST INC
Entity Central Index Key	0001253986
Document Type	10-K
Document Period End Date	Dec. 31, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Public Float			$ 437.4
Entity Common Stock, Shares Outstanding		61,723,387
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	FY

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Assets:
Cash and cash equivalents	$ 104,374	$ 138,645
Restricted cash	139,398	29,315
Loans and investments, net	2,579,127	1,695,732
Loans held-for-sale, net	297,443	673,367
Capitalized mortgage servicing rights, net	252,608	227,743
Securities held-to-maturity, net	27,837
Investments in equity affiliates	23,653	33,949
Real estate owned, net	16,787	19,492
Due from related party	688	1,465
Goodwill and other intangible assets	121,766	97,490
Other assets	62,264	53,588
Total assets	3,625,945	2,970,786
Liabilities and Equity:
Credit facilities and repurchase agreements	528,573	906,637
Collateralized loan obligations	1,418,422	728,441
Debt fund	68,084
Senior unsecured notes	95,280	94,522
Convertible senior unsecured notes, net	231,287	80,660
Junior subordinated notes to subsidiary trust issuing preferred securities	139,590	157,859
Related party financing	50,000	50,000
Due to related party		6,039
Due to borrowers	99,829	81,019
Allowance for loss-sharing obligations	30,511	32,408
Other liabilities	99,813	86,163
Total liabilities	2,761,389	2,223,748
Commitments and contingencies (Note 16)
Arbor Realty Trust, Inc. stockholders' equity:
Preferred stock, cumulative, redeemable, $0.01 par value: 100,000,000 shares authorized; special voting preferred shares; 21,230,769 shares issued and outstanding; 8.25% Series A, $38,788 aggregate liquidation preference; 1,551,500 shares issued and outstanding; 7.75% Series B, $31,500 aggregate liquidation preference; 1,260,000 shares issued and outstanding; 8.50% Series C, $22,500 aggregate liquidation preference; 900,000 shares issued and outstanding	89,508	89,508
Common stock, $0.01 par value: 500,000,000 shares authorized; 61,723,387 and 51,401,295 shares issued and outstanding, respectively	617	514
Additional paid-in capital	707,450	621,932
Accumulated deficit	(101,926)	(125,134)
Accumulated other comprehensive income (loss)	176	321
Total Arbor Realty Trust, Inc. stockholders' equity	695,825	587,141
Noncontrolling interest	168,731	159,897
Total equity	864,556	747,038
Total liabilities and equity	$ 3,625,945	$ 2,970,786

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
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)	61,723,387	51,401,295
Common stock, shares outstanding (in shares)	61,723,387	51,401,295
Special voting preferred shares
Preferred stock, shares issued (in shares)	21,230,769
Preferred stock, shares outstanding (in shares)	21,230,769
8.25% Series A preferred stock
Preferred stock, dividend rate (as a percent)	8.25%	8.25%
Preferred stock, aggregate liquidation preference	$ 38,788	$ 38,788
Preferred stock, shares issued (in shares)	1,551,500	1,551,500
Preferred stock, shares outstanding (in shares)	1,551,500	1,551,500
7.75% Series B preferred stock
Preferred stock, dividend rate (as a percent)	7.75%	7.75%
Preferred stock, aggregate liquidation preference	$ 31,500	$ 31,500
Preferred stock, shares issued (in shares)	1,260,000	1,260,000
Preferred stock, shares outstanding (in shares)	1,260,000	1,260,000
8.50% Series C preferred stock
Preferred stock, dividend rate (as a percent)	8.50%	8.50%
Preferred stock, aggregate liquidation preference	$ 22,500	$ 22,500
Preferred stock, shares issued (in shares)	900,000	900,000
Preferred stock, shares outstanding (in shares)	900,000	900,000

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	12 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
CONSOLIDATED STATEMENTS OF INCOME
Interest income	$ 156,177	$ 116,173
Other interest income, net		2,539
Interest expense	90,072	63,623
Net interest income	66,105	55,089
Other revenue:
Gain on sales, including fee-based services, net	72,799	24,594
Mortgage servicing rights	76,820	44,941
Servicing revenue, net	29,210	9,054
Property operating income	10,973	14,881
Other income, net	685	1,041
Total other revenue	190,487	94,511
Other expenses:
Employee compensation and benefits	92,126	38,647
Selling and administrative	30,738	17,587
Acquisition costs		10,262
Property operating expenses	10,482	13,501
Depreciation and amortization	7,385	5,022
Impairment loss on real estate owned	3,200	11,200
Provision for loss sharing (net of recoveries)	(259)	2,235
Provision for loan losses (net of recoveries)	(456)	(134)
Management fee - related party	6,673	12,600
Total other expenses	149,889	110,920
Income before gain on extinguishment of debt, gain on acceleration of deferred income, loss on termination of swaps, gain on sale of real estate, (loss) income from equity affiliates and provision for income taxes	106,703	38,680
Gain on extinguishment of debt	7,116
Gain on sale of real estate		11,631
(Loss) income from equity affiliates	(2,951)	12,995
Provision for income taxes	(13,359)	(825)
Net income	97,509	62,481
Preferred stock dividends	7,554	7,554
Net income attributable to noncontrolling interest	24,120	12,131
Net income attributable to common stockholders	$ 65,835	$ 42,796
Basic earnings per common share (in dollars per share)	$ 1.14	$ 0.83
Diluted earnings per common share (in dollars per share)	$ 1.12	$ 0.83
Weighted average shares outstanding:
Basic (in shares)	57,890,574	51,305,095
Diluted (in shares)	80,311,252	51,730,553

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 97,509	$ 62,481	$ 53,429
Unrealized (loss) gain on securities available-for-sale, at fair value	(382)	147	71
Unrealized loss on derivative financial instruments, net		(193)	(1,019)
Reclassification of net realized loss on derivatives designated as cash flow hedges into earnings	237	5,208	6,149
Reclassification of net realized loss on derivatives designated as cash flow hedges into loss on termination of swaps			4,626
Comprehensive income	97,364	67,643	63,256
Less:
Comprehensive income attributable to noncontrolling interest	24,091	12,883
Preferred stock dividends	7,554	7,554	7,554
Comprehensive income attributable to common stockholders	$ 65,719	$ 47,206	$ 55,702

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Deficit Preferred stock of private REIT	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Total Arbor Realty Trust, Inc. Stockholders' Equity Preferred stock of private REIT	Total Arbor Realty Trust, Inc. Stockholders' Equity	Noncontrolling Interest	Preferred stock of private REIT	Total
Balance at Dec. 31, 2014	$ 89,296	$ 505	$ 612,806		$ (152,483)	$ (14,668)		$ 535,456			$ 535,456
Balance (in shares) at Dec. 31, 2014	3,711,500	50,477,308
Increase (Decrease) in Stockholders' Equity
Stock-based compensation		$ 5	3,438					3,443			3,443
Stock-based compensation (in shares)		486,124
Forfeiture of unvested restricted stock (in shares)		(916)
Distributions - common stock					(29,495)			(29,495)			(29,495)
Distributions - preferred stock				$ (14)	(7,554)		$ (14)	(7,554)		$ (14)	(7,554)
Net income					53,429			53,429			53,429
Unrealized gain (loss) on securities available-for-sale						71		71			71
Unrealized loss on derivative financial instruments, net						(1,019)		(1,019)			(1,019)
Reclassification of net realized loss on derivatives designated as cash flow hedges into loss on termination of swaps						4,626		4,626			4,626
Reclassification of net realized loss on derivatives designated as cash flow hedges into earnings						6,149		6,149			6,149
Balance at Dec. 31, 2015	$ 89,296	$ 510	616,244		(136,117)	(4,841)		565,092			565,092
Balance (in shares) at Dec. 31, 2015	3,711,500	50,962,516
Increase (Decrease) in Stockholders' Equity
Issuance of common stock	$ 212							212	$ 154,560		154,772
Issuance of common stock (in shares)	21,230,769
Stock-based compensation		$ 4	3,509					3,513			3,513
Stock-based compensation (in shares)		439,780
Forfeiture of unvested restricted stock (in shares)		(1,001)
Issuance of convertible senior unsecured notes, net			2,179					2,179			2,179
Distributions - common stock					(31,798)			(31,798)			(31,798)
Distributions - preferred stock				(15)	(7,554)		(15)	(7,554)		(15)	(7,554)
Distributions - noncontrolling interest									(6,794)		(6,794)
Net income					50,350			50,350	12,131		62,481
Unrealized gain (loss) on securities available-for-sale						147		147			147
Unrealized loss on derivative financial instruments, net						(193)		(193)			(193)
Reclassification of net realized loss on derivatives designated as cash flow hedges into earnings						5,208		5,208			5,208
Balance at Dec. 31, 2016	$ 89,508	$ 514	621,932		(125,134)	321		587,141	159,897		747,038
Balance (in shares) at Dec. 31, 2016	24,942,269	51,401,295
Increase (Decrease) in Stockholders' Equity
Issuance of common stock		$ 95	76,130					76,225			76,225
Issuance of common stock (in shares)		9,500,000
Stock-based compensation		$ 8	4,832					4,840			4,840
Stock-based compensation (in shares)		827,283
Forfeiture of unvested restricted stock (in shares)		(5,191)
Issuance of convertible senior unsecured notes, net			4,556					4,556			4,556
Distributions - common stock					(42,612)			(42,612)			(42,612)
Distributions - preferred stock				$ (15)	(7,554)		$ (15)	(7,554)		$ (15)	(7,554)
Distributions - noncontrolling interest									(15,286)		(15,286)
Net income					73,389			73,389	24,120		97,509
Unrealized gain (loss) on securities available-for-sale						(382)		(382)			(382)
Reclassification of net realized loss on derivatives designated as cash flow hedges into earnings						237		237			237
Balance at Dec. 31, 2017	$ 89,508	$ 617	$ 707,450		$ (101,926)	$ 176		$ 695,825	$ 168,731		$ 864,556
Balance (in shares) at Dec. 31, 2017	24,942,269	61,723,387

CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)
Operating activities:
Net income	$ 97,509	$ 62,481	$ 53,429
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	7,385	5,022	5,436
Stock-based compensation	4,840	3,514	3,443
Amortization and accretion of interest and fees, net	4,682	4,563	1,575
Amortization of capitalized mortgage servicing rights	47,202	21,705
Originations of loans held-for-sale	(4,444,939)	(2,154,732)
Proceeds from sales of loans held-for-sale, net of gain on sale	4,814,906	1,916,470
Payoffs and paydowns of loans held-for-sale	132
Mortgage servicing rights	(76,820)	(44,941)
Write-off of capitalized mortgage servicing rights from payoffs	15,832	5,796
Impairment loss on real estate owned	3,200	11,200
Provision for loan losses (net of recoveries)	(456)	(134)	4,467
Provision for loss sharing (net of recoveries)	(259)	2,235
Net charge-offs for loss sharing obligations	(1,638)	(2,444)
Gain on extinguishment of debt	(7,116)
Gain on sale of real estate		(11,631)	(7,784)
Deferred tax benefit	(7,399)
(Loss) income from equity affiliates	2,951	(12,995)	(12,301)
Loss on termination of swaps			4,630
Gain on acceleration of deferred income			(19,172)
Changes in operating assets and liabilities	822	(3,727)	2,625
Net cash provided by (used in) provided by operating activities	460,834	(197,618)	36,348
Investing Activities:
Loans and investments funded, originated and purchased, net	(1,867,393)	(870,166)	(985,008)
Payoffs and paydowns of loans and investments	959,696	667,902	985,789
Internalization of management team	(25,000)
Acquisition of the Agency Business, net of cash acquired		(68,356)
Deferred fees	10,982	11,938	4,876
Investments in real estate, net	(672)	(588)	(2,224)
Contributions to equity affiliates	(693)	(6,091)	(19,324)
Distributions from equity affiliates	4,671	12,452
Proceeds from sale of real estate, net		49,030	40,077
Proceeds from sale of available-for-sale securities		1,567
Due to borrowers and reserves	38,372	395
Purchases of securities, held-to-maturity, net	(27,173)
Payoffs and paydowns of securities held-to-maturity	460
Purchases of capitalized mortgage servicing rights	(1,199)
Purchases of securities, net			(1,552)
Principal collection on securities, net			2,100
Net cash (used in) provided by investing activities	(907,949)	(201,917)	24,734
Financing activities:
Proceeds from repurchase agreements, loan participations, credit facilities and notes payable	8,215,669	3,922,394	593,878
Paydowns and payoffs of repurchase agreements, loan participations and credit facilities	(8,593,411)	(3,571,929)	(636,940)
Payoffs of junior subordinated notes to subsidiary trust issuing preferred securities	(12,691)
Paydowns and payoffs of mortgage note payable - real estate owned		(27,155)	(30,984)
Proceeds from collateralized loan obligations	918,274	250,250	486,750
Proceeds from Debt Fund	70,000
Payoffs and paydowns of collateralized loan obligations	(219,000)	(281,250)	(177,000)
Proceeds from convertible senior unsecured notes	157,500	86,250
Payoffs and paydowns of collateralized debt obligations			(312,071)
Proceeds from mortgage note payable - real estate owned			27,155
Change in restricted cash	(110,109)	23,089	169,710
Receipts on swaps and returns of margin calls from counterparties	430	4,600	4,840
Distributions paid on common stock	(42,612)	(31,798)	(29,495)
Distributions paid on noncontrolling interest	(15,286)	(6,794)
Distributions paid on preferred stock	(7,554)	(7,554)	(7,554)
Distributions paid on preferred stock of private REIT	(15)	(15)	(14)
Payment of deferred financing costs	(24,576)	(10,617)	(10,776)
Payments on swaps and margin calls to counterparties			(290)
Proceeds from issuance of common stock	76,225
Net cash provided by (used in) financing activities	412,844	349,471	77,209
Net (decrease) increase in cash and cash equivalents	(34,271)	(50,064)	138,291
Cash and cash equivalents at beginning of period	138,645	188,709	50,418
Cash and cash equivalents at end of period	104,374	138,645	188,709
Supplemental cash flow information:
Cash used to pay interest	75,582	53,012	43,939
Cash used to pay taxes	20,823	264	287
Supplemental schedule of non-cash investing and financing activities:
Fair value of conversion feature of convertible senior unsecured notes	4,703	2,280
Related party financing		50,000
Issuance of special voting preferred shares and operating partnership units in connection with the Acquisition		154,772
Investments transferred from real estate owned, net to real estate held-for-sale, net			26,186
Loan transferred to real estate owned, net			5,900
Satisfaction of participation loan			1,300
Retirement of participation liability			1,300
Reclassification of deferred financing costs from other assets to debt			17,429
8.25% Series A preferred stock
Supplemental schedule of non-cash investing and financing activities:
Distributions accrued on preferred stock	267	267	267
7.75% Series B preferred stock
Supplemental schedule of non-cash investing and financing activities:
Distributions accrued on preferred stock	203	203	203
8.50% Series C preferred stock
Supplemental schedule of non-cash investing and financing activities:
Distributions accrued on preferred stock	$ 159	$ 159	$ 159

Description of Business	12 Months Ended
Description of Business	Dec. 31, 2017
Description of Business
Description of Business	Note 1—Description of Business Arbor is a Maryland corporation formed in 2003. Through our Structured Business, we invest in a diversified portfolio of structured finance assets in the multifamily and commercial real estate markets, primarily consisting of bridge and mezzanine loans, including junior participating interests in first mortgages, preferred and direct equity. We may also directly acquire real property and invest in real estate-related notes and certain mortgage-related securities. Through our Agency Business, we originate, sell and service a range of multifamily finance products through Fannie Mae, Freddie Mac, Ginnie Mae, FHA, HUD and CMBS programs. We retain the servicing rights and asset management responsibilities on substantially all loans we originate and sell under the GSE and HUD programs. We are an approved Fannie Mae DUS lender nationally, a Freddie Mac Multifamily Conventional Loan lender, seller/servicer, in New York, New Jersey and Connecticut, a Freddie Mac affordable, manufactured housing, senior housing and SBL lender, seller/servicer, nationally and a HUD MAP and LEAN senior housing/healthcare lender nationally. Prior to May 31, 2017, we were externally managed and advised by ACM. Effective May 31, 2017, we exercised our option to fully internalize our management team and terminate the existing management agreement. See Note 3—Acquisition of Our Former Manager's Agency Platform for details. Substantially all of our operations are conducted through our operating partnership, ARLP, for which we serve as the general partner, and ARLP's subsidiaries. We are organized to qualify as a REIT for federal income tax purposes. See Note 19—Income Taxes for details.

Basis of Presentation and Significant Accounting Policies

12 Months Ended

Dec. 31, 2017

Basis of Presentation and Significant Accounting Policies

Basis of Presentation and Significant Accounting Policies

Note 2—Basis of Presentation and Significant Accounting Policies

Basis of Presentation

The consolidated financial statements and accompanying notes have been prepared in accordance with GAAP. In the opinion of management, 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.

During the third quarter of 2017, we determined that the purchase price allocation related to the Acquisition in 2016 incorrectly omitted a deferred tax liability related to the book-to-tax difference in the value assigned to certain assets acquired. The impact of this omission to our 2016 consolidated financial statements was a $4.9 million understatement of goodwill and a corresponding understatement of other liabilities in our consolidated balance sheets. This omission had no impact on our results of operations and was corrected in the third quarter of 2017, resulting in a $4.9 million increase to goodwill and a corresponding increase in other liabilities.

Principles of Consolidation

The accompanying consolidated financial statements include our financial statements and the financial statements of our wholly owned subsidiaries, partnerships and other joint ventures in which we own a controlling interest, including variable interest entities ("VIEs") of which we are the primary beneficiary. Entities in which we have a significant influence are accounted for under the equity method. See Note 17—Variable Interest Entities for information about our VIEs. All significant inter-company 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. As future events cannot be determined with precision, actual results could differ from those estimates.

Significant Accounting Policies

Cash and Cash Equivalents. All highly liquid investments with original maturities of three months or less are considered to be cash equivalents. We place our cash and cash equivalents in high quality financial institutions. The consolidated account balances at each institution periodically exceed Federal Deposit Insurance Corporation (FDIC) insurance coverage and we believe that this risk is not significant.

Loans, Investments and Securities. Loans held for investment are intended to be held to maturity and, accordingly, are carried at cost, net of unamortized loan origination costs and fees, loan purchase discounts, and net of the allowance for loan losses when such loan or investment is deemed to be impaired. We invest in preferred equity interests that, in some cases, allow us to participate in a percentage of the underlying property's cash flows from operations and proceeds from a sale or refinancing. At the inception of each such investment, we determine whether such investment should be accounted for as a loan, equity interest or as real estate. To date, we have determined that all such investments are properly accounted for and reported as loans.

At the time of purchase, we designate a security as available-for-sale, held-to-maturity, or trading depending on our ability and intent for the security. Securities available-for-sale, which are included as a component of other assets in the consolidated balance sheets, are reported at fair value with the net unrealized gains or losses reported as a component of accumulated other comprehensive income. Unrealized losses that are determined to be other-than-temporary are recognized in earnings up to their credit component. Held-to-maturity securities are carried at cost net of any unamortized premiums or discounts, which are amortized or accreted over the life of the securities. For securities classified as held-to-maturity, an evaluation is performed of whether a decline in fair value below the amortized cost basis is other-than-temporary.

The determination of other-than-temporary impairment is a subjective process requiring judgments and assumptions and is not necessarily intended to indicate a permanent decline in value. The process includes, but is not limited to, assessment of recent market events and prospects for near-term recovery, assessment of cash flows, internal review of the underlying assets securing the investments, credit of the issuer and the rating of the security, as well as our ability and intent to hold the investment to maturity. We closely monitor market conditions on which we base such decisions.

Impaired Loans, Allowance for Loan Losses and Charge-offs. We consider a loan impaired when, based upon current information, it is probable that we will be unable to collect all amounts due for both principal and interest according to the contractual terms of the loan agreement. We evaluate each loan in our portfolio on a quarterly basis. Our loans are individually specific and unique as it relates to product type, geographic location, and collateral type, as well as to the rights and remedies and the position in the capital structure our loans have in relation to the underlying collateral. We evaluate this information at both a loan level and general market trends level when determining the appropriate assumptions such as capitalization and market discount rates, as well as the borrower's operating income and cash flows, in estimating the value of the underlying collateral when determining if a loan is impaired. We utilize internally developed valuation models and techniques primarily consisting of discounted cash flow and direct capitalization models in determining the fair value of the underlying collateral on an individual loan. We may also obtain a third party appraisal, which may value the collateral through an "as-is" or "stabilized value" methodology. Such appraisals may be used as an additional source of valuation information only and no adjustments are made to appraisals.

If upon completion of the valuation, the fair value of the underlying collateral securing the impaired loan is less than the net carrying value of the loan, an allowance is created with a corresponding charge to the provision for loan losses. The allowance for each loan is maintained at a level that we believe to be adequate to absorb probable losses.

Loan terms may be modified if we determine that based on the individual circumstances of a loan and the underlying collateral, a modification would more likely increase the total recovery of the combined principal and interest from the loan. Any loan modification is predicated upon a goal of maximizing the collection of the loan. Typical triggers for a modification would include situations where the projected cash flow is insufficient to cover required debt service, when asset performance is lagging the initial projections, where there is a requirement for rebalancing, where there is an impending maturity of the loan, and where there is an actual loan default. Loan terms that have been modified have included, but are not limited to, interest rate, maturity date and in certain cases, principal amount. Length and amounts of each modification have varied based on individual circumstances and are determined on a case by case basis. If the loan modification constitutes a concession whereas we do not receive ample consideration in return for the modification, and the borrower is experiencing financial difficulties and cannot repay the loan under the current terms, then the modification is considered by us to be a troubled debt restructuring. If we receive a benefit, either monetary or strategic, and the above criteria are not met, the modification is not considered to be a troubled debt restructuring. We record interest on modified loans on an accrual basis to the extent the modified loan is contractually current.

Charge-offs to the allowance for loan losses occur when losses are confirmed through the receipt of cash or other consideration from the completion of a sale; when a modification or restructuring takes place in which we grant a concession to a borrower or agree to a discount in full or partial satisfaction of the loan; when we take ownership and control of the underlying collateral in full satisfaction of the loan; when loans are reclassified as other investments; or when significant collection efforts have ceased and it is highly likely that a loss has been realized.

Loss on restructured loans is recorded when we have granted a concession to the borrower in the form of principal forgiveness related to the payoff or the substitution or addition of a new debtor for the original borrower or when we incur costs on behalf of the borrower related to the modification, payoff or the substitution or addition of a new debtor for the original borrower. When a loan is restructured, we record our investment at net realizable value, taking into account the cost of all concessions at the date of restructuring. In addition, a gain or loss may be recorded upon the sale of a loan to a third party in the consolidated statements of income in the period in which the loan was sold.

Loans Held-for-Sale, Net. Loans held-for-sale, net represents commercial real estate loans originated in our Agency Business, which are generally transferred or sold within 60 days from the date the loan is funded. Such loans are reported at the lower of cost or market on an aggregate basis and include the value allocated to the associated future MSRs. During the period prior to its sale, interest income on a loan held-for-sale is calculated in accordance with the terms of the individual loan and the loan origination fees and direct loan origination costs are deferred until the loan is sold. All of our held-for-sale loans are financed with matched borrowings from credit facilities contracted to finance such loans. Interest income and expense are earned or incurred after a loan is closed and before a loan is sold.

Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed to be surrendered when (1) the assets have been isolated, put presumptively beyond the reach of the entity, even in bankruptcy, (2) the transferee (or if the transferee is an entity whose sole purpose is to engage in securitization and the entity is constrained from pledging or exchanging the assets it receives, each third-party holder of its beneficial interests) has the right to pledge or exchange the transferred financial assets, and (3) we or our agents does not maintain effective control over the transferred financial assets or third-party beneficial interest related to those transferred assets through an agreement to repurchase them before their maturity. We have determined that all loans sold have met these specific conditions and account for all transfers of mortgage loans as completed sales.

Allowance for Loss-Sharing Obligations. When a loan is sold under the Fannie Mae DUS program, we undertake an obligation to partially guarantee the performance of the loan. Generally, we are responsible for losses equal to the first 5% of the UPB and a portion of any additional losses to an overall maximum of 20% of the original principal balance. Fannie Mae bears any remaining loss. In addition, under the terms of the master loss-sharing agreement with Fannie Mae, we are responsible for funding 100% of mortgage delinquencies (principal and interest) and servicing advances (taxes, insurance and foreclosure costs) until the amounts advanced exceeds 5% of the UPB at the date of default. Thereafter, we may request interim loss-sharing adjustments which allow us to fund 25% of such advances until final settlement.

At inception, a liability for the fair value of the obligation undertaken in issuing the guaranty is recognized. In determining the fair value of the guaranty obligation, we consider the risk profile of the collateral and the historical loss experience in our portfolio. The guaranty obligation is removed only upon either the expiration or settlement of the guaranty.

We evaluate the allowance for loss-sharing obligations by monitoring the performance of each loss-sharing loan for events or conditions that may signal a potential default. Historically, initial loss recognition occurs at or before a loan becomes 60 days delinquent. In instances where payment under the guaranty on a loan is determined to be probable and estimable (as the loan is probable of, or is, in foreclosure), we record a liability for the estimated allowance for loss-sharing (a "specific reserve") by transferring the guarantee obligation recorded on the loan to the specific reserve with any adjustments to this reserve amount recorded in provision for loss sharing in the statements of income. The amount of the allowance considers our assessment of the likelihood of repayment by the borrower or key principal(s), the risk characteristics of the loan, the loan's risk rating, historical loss experience, adverse situations affecting individual loans, the estimated disposition value of the underlying collateral, and the level of risk sharing. We regularly monitor the specific reserves and update loss estimates as current information is received.

Capitalized Mortgage Servicing Rights. We recognize, as separate assets, rights to service mortgage loans for others, including such rights from our origination of mortgage loans sold with the servicing rights retained, as well as rights associated with acquired MSRs. Income from MSRs related to loans we originate are recognized when we record a derivative asset upon the commitment to originate a loan with a borrower and sell the loan to an investor. This commitment asset is recognized at fair value based on our internal model, which reflects the estimated fair value of the discounted expected net cash flows associated with the servicing of the loan. When a mortgage loan we originate is sold, we retain the right to service the loan and recognize the MSR at the initial capitalized valuation. We amortize our MSRs using the amortization method, which requires the MSRs to be amortized over the period of estimated net servicing income or loss and that the servicing assets or liabilities be assessed for impairment, or increased obligation, based on the fair value at each reporting date. Amortization of MSRs is recorded as a reduction of servicing revenues, net in the consolidated statements of income. The following assumptions were used in calculating the fair value of our MSRs for the periods presented:

Key rates: We used discount rates ranging from 8% to 15%, representing a weighted average discount rate of 13%, based on our best estimate of market discount rates to determine the present value of MSRs. The inflation rate used for adequate compensation was 3%.

Servicing Cost: A market participant's estimated future cost to service the loan for the estimated life of the MSR is subtracted from the estimated future cash flows.

Estimated Life: We estimate the life of our MSRs based upon the stated yield maintenance and/or prepayment protection term of the underlying loan and may be reduced based upon the expiration of various types of prepayment penalty and/or lockout provisions prior to that stated maturity date.

MSRs are initially recorded at fair value and are carried at amortized cost. The fair value of MRSs from loans we originate and sell are estimated considering market prices for similar MSRs, when available, and by estimating the present value of the future net cash flows of the capitalized MSRs, net of adequate compensation for servicing. Adequate compensation is based on the market rate of similar servicing contracts. The fair value of MSRs acquired approximate the purchase price paid. We estimate the terms of commercial servicing for each loan by assuming that servicing would not end prior to the yield maintenance date, if applicable, at which point the prepayment penalty expires.

We evaluate the MSR portfolio for impairment on a quarterly basis based on the difference between the aggregate carrying amount of the MSRs and their aggregate fair value. We engage an independent third-party valuation expert to assist in determining an estimated fair value of our MSR portfolio on a quarterly basis. For purposes of impairment evaluation, the MSRs are stratified based on predominant risk characteristics of the underlying loans, which we have identified as loan type, note rate and yield maintenance provisions. To the extent that the carrying value of the MSRs exceeds fair value, a valuation allowance is established.

We record write-offs of MSRs related to loans that were repaid prior to their expected maturity and loans that have defaulted and determined to be unrecoverable. When this occurs, the write-off is recorded as a direct write-down to the carrying value of MSRs and is included as a component of servicing revenue, net in the consolidated statements of income. This direct write-down permanently reduces the carrying value of the MSRs, precluding recognition of subsequent recoveries. For loans that payoff prior to maturity, we may collect a prepayment fee which is included as a component of servicing revenue, net.

Real Estate Owned and Held-For-Sale. Real estate acquired is recorded at its estimated fair value at the time of acquisition and is shown net of accumulated depreciation and impairment charges. Costs incurred in connection with the acquisition of a property are expensed as incurred.

We allocate the purchase price of our real estate acquisitions to land, building, tenant improvements, origination asset of the in-place leases, intangibles for the value of any above or below market leases at fair value and to any other identified intangible assets or liabilities. We finalize our purchase price allocation on these assets within one year of the acquisition date. We amortize the value allocated to in-place leases over the remaining lease term, which is reported in depreciation and amortization expense on our consolidated statements of income. The value allocated to above or below market leases are amortized over the remaining lease term as an adjustment to rental income.

Real estate assets are depreciated using the straight-line method over their estimated useful lives. Ordinary repairs and maintenance which are not reimbursed by the tenants are expensed as incurred. Major replacements and betterments which improve or extend the life of the asset are capitalized and depreciated over their estimated useful life.

Our properties are reviewed for impairment each quarter, if events or circumstances change indicating that the carrying amount of an asset may not be recoverable. We recognize impairment if the undiscounted estimated cash flows to be generated by an asset is less than the carrying amount of such asset. Measurement of impairment is based on the asset's estimated fair value. In the evaluation of a property for impairment, many factors are considered, including estimated current and expected operating cash flows from the property during the projected holding period, costs necessary to extend the life or improve the asset, expected capitalization rates, projected stabilized net operating income, selling costs, and the ability to hold and dispose of the asset in the ordinary course of business. Impairment charges may be necessary in the event discount rates, capitalization rates, lease-up periods, future economic conditions, and other relevant factors vary significantly from those assumed in valuing the property.

Real estate is classified as held-for-sale when we commit to a plan of sale, the asset is available for immediate sale, there is an active program to locate a buyer, and it is probable the sale will be completed within one year. Real estate assets that are expected to be disposed of are valued at the lower of the asset's carrying amount or its fair value less costs to sell.

We recognize sales of real estate properties upon closing. Payments received from purchasers prior to closing are recorded as deposits. Gain on real estate sold is recognized using the full accrual method when the collectability of the sale price is reasonably assured and we are not obligated to perform significant activities after the sale. A gain may be deferred in whole or in part until collectability of the sales price is reasonably assured and the earnings process is complete.

Investments in Equity Affiliates. We invest in joint ventures that are formed to invest in real estate related assets or businesses. These joint ventures are not majority owned or controlled by us, or are VIEs for which we are the primary beneficiary, and are not consolidated in our financial statements. These investments are recorded under either the equity or cost method of accounting as deemed appropriate. We evaluate these investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be recoverable. We recognize an impairment loss if the estimated fair value of the investment is less than its carrying amount and we determine that the impairment is other-than-temporary. We record our share of the net income and losses from the underlying properties of our equity method investments and any other-than-temporary impairment on these investments on a single line item in the consolidated statements of income as income or losses from equity affiliates.

Goodwill and Other Intangible Assets. Significant judgement is required to estimate the fair value of intangible assets and in assigning their estimated useful lives. Accordingly, we typically seek the assistance of independent third party valuation specialists for significant intangible assets. The fair value estimates are based on available historical information and on future expectations and assumptions we deem reasonable.

We generally use an income based valuation method to estimate the fair value of intangible assets, which discounts expected future cash flows to present value using estimates and assumptions we deem reasonable. For intangible assets related to acquired technology, we use the replacement cost method to determine fair value.

Determining the estimated useful lives of intangible assets also requires judgment. Certain intangible assets, such as GSE licenses, have been deemed to have indefinite lives while other intangible assets, such as broker and borrower relationships, above/below market rent and acquired technology have been deemed to have finite lives. Our assessment as to which intangible assets are deemed to have finite or indefinite lives is based on several factors including economic barriers of entry for the acquired product lines, scarcity of available GSE licenses, technology life cycles, retention trends and our operating plans, among other factors.

Goodwill and indefinite-lived intangible assets are not amortized, while finite-lived intangible assets are amortized over the estimated useful lives of the assets on a straight-line basis. Indefinite-lived intangible assets, including goodwill, are tested for impairment whenever events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. In addition, with respect to goodwill, an impairment analysis is performed at least annually. We have elected to make the first day of our fiscal fourth quarter the annual impairment assessment date for goodwill. We first assess qualitative factors to determine whether it is more likely than not that the fair value is less than the carrying value. If, based on that assessment, we believe it is more likely than not that the fair value is less than the carrying value, then a two-step goodwill impairment test is performed. Based on the impairment analysis performed as of October 1, 2017, there was no indication that the indefinite-lived intangible assets, including goodwill, were impaired and there were no events or changes in circumstances indicating impairment at December 31, 2017.

Business Combinations. Business combinations are accounted for under the acquisition method of accounting, under which the purchase price is allocated to the fair value of the assets acquired and liabilities assumed at the acquisition date. The excess of the purchase price over the amount allocated to the assets acquired and liabilities assumed is recorded as goodwill. Adjustments to the assets acquired and liabilities assumed made during the measurement period are recorded in the period in which the adjustment is identified, with a corresponding adjustment to goodwill. If any adjustments are made subsequent to the measurement period, which could be up to one year after the acquisition date, these adjustments are recorded to the consolidated statements of income. Acquisition related costs are expensed as incurred.

Hedging Activities and Derivatives. We measure derivative instruments at fair value and record them as assets or liabilities. Fair value adjustments will affect either accumulated other comprehensive income until the hedged item is recognized in earnings, or net income depending on whether the derivative instrument qualifies as a hedge for accounting purposes and, if so, the nature of the hedging activity. We use derivatives for hedging purposes rather than trading or speculation. Fair values are estimated based on current market data from financial sources that trade such instruments and are based on prevailing market data and derived from third party proprietary models based on well recognized financial principles and reasonable estimates about relevant future market conditions.

The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. These derivative instruments must be effective in reducing risk exposure in order to qualify for hedge accounting. When the terms of an underlying transaction are modified, or when the underlying hedged item ceases to exist, all changes in the fair value of the instrument are marked-to-market with changes in value included in net income for each period until the derivative instrument matures or is settled. Any derivative instrument used for risk management that does not meet the hedging criteria is marked-to-market with the changes in value included in earnings. In cases where a derivative instrument is terminated early, any gain or loss is generally amortized over the remaining life of the hedged item. We may also enter into derivative contracts that are intended to economically hedge certain risks, even though hedge accounting does not apply or we elect not to apply hedge accounting. The ineffective portion of a derivative's change in fair value is recognized immediately in earnings.

In connection with our interest rate risk management, we may hedge a portion of our interest rate risk by entering into derivative instrument contracts to manage differences in the amount, timing, and duration of our expected cash receipts and our expected cash payments principally related to our investments and borrowings. Our objectives in using interest rate derivatives are to add stability to interest income and to manage our exposure to interest rate movements. To accomplish this objective, we have used, and may again in the future, use interest rate swaps as part of our interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for us making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount.

Our rate lock and forward sales commitments associated with the Agency Business meet the definition of a derivative and are recorded at fair value. The estimated fair value of rate lock commitments includes the effects of interest rate movements as well as the fair value of the expected net cash flows associated with the servicing of the loan which is recorded as income from MSRs in the consolidated statements of income. The estimated fair value of forward sale commitments includes the effects of interest rate movements between the trade date and balance sheet date. Adjustments to the fair value are reflected as a component of other income, net in the consolidated statements of income.

Revenue Recognition. Interest income is recognized on the accrual basis as it is earned. In certain instances, the borrower pays an additional amount of interest at the time the loan is closed, an origination fee, a prepayment fee and/or deferred interest upon maturity. In some cases, interest income may also include the amortization or accretion of premiums and discounts arising from the purchase or origination of the loan or security. This additional income, net of any direct loan origination costs incurred, is deferred and accreted into interest income on an effective yield or "interest" method adjusted for actual prepayment activity over the life of the related loan or security as a yield adjustment. Income recognition is suspended for loans when, in our opinion, a full recovery of all contractual principal is not probable. Income recognition is resumed when the loan becomes contractually current and performance is resumed. We record interest income on certain impaired loans to the extent cash is received, as the borrower continues to make interest payments. We record loan loss reserves related to these loans when it is deemed that full recovery of principal and accrued interest is not probable.

Several of our loans provide for accrual of interest at specified rates, which differ from current payment terms. Interest is recognized on such loans at the accrual rate subject to our determination that accrued interest and outstanding principal are ultimately collectible, based on the underlying collateral and operations of the asset. If we cannot make this determination, interest income above the current pay rate is recognized only upon actual receipt.

Given the transitional nature of some of our real estate loans, we may require funds to be placed into an interest reserve, based on contractual requirements, to cover debt service costs. We will analyze these interest reserves on a periodic basis and determine if any additional interest reserves are needed. Recognition of income on loans with funded interest reserves are accounted for in the same manner as loans without funded interest reserves. We do not recognize interest income on loans in which the borrower has failed to make the contractual interest payment due or has not replenished the interest reserve account. Income from non-performing loans is generally recognized on a cash basis only to the extent it is received. Full income recognition will resume when the loan becomes contractually current and performance has recommenced.

Additionally, interest income is recorded when earned from equity participation interests, referred to as equity kickers. These equity kickers have the potential to generate additional revenues to us as a result of excess cash flow distributions and/or as appreciated properties are sold or refinanced.

Gain on sales, including fee-based services, net—Gain on sales, including fee-based services, net includes commitment fees, broker fees, loan assumption fees, loan origination fees and gains on sale of loans of our Agency Business. In some instances, the borrower pays an additional amount of interest at the time the loan is closed, an origination fee, net of any direct loan origination costs incurred, which is recognized upon the sale of the loan. Revenue recognition occurs when the related services are performed, unless significant contingencies exist, and for the sale of loans, when all the incidence of ownership passes to the buyer. Interest income is recognized on the accrual basis as it is earned from loans held-for-sale.

Property operating income—Property operating income represents income associated with the operations of commercial real estate properties classified as real estate owned. We recognize revenue for these activities when the fees are fixed or determinable, or are evidenced by an arrangement, collection is reasonably assured and the services under the arrangement have been provided.

Other income, net—Other income, net represents loan structuring, modification, defeasance, and miscellaneous asset management fees associated with our loan and investment portfolio, as well as changes in the fair value of certain derivatives. We recognize these forms of income when the fees are fixed or determinable, are evidenced by an arrangement, collection is reasonably assured and the services under the arrangement have been provided.

Stock-Based Compensation. We have granted stock awards to certain of our employees and directors, as well as non-employees, consisting of shares of our common stock that vest immediately or annually over a multi-year period, subject to the recipient's continued service to us. We record stock-based compensation expense at the grant date fair value of the related stock-based award at the grant date (for the portion that vests immediately) or ratably over the respective vesting periods. Dividends are paid on restricted stock as dividends are paid on shares of our common stock whether or not they are vested. Stock-based compensation is disclosed in our consolidated statements of income under "employee compensation and benefits" for employees and under "selling and administrative" expense for non-employees.

Income Taxes. We organize and conduct our operations to qualify as a REIT and to comply with the provisions of the Internal Revenue Code with respect thereto. A REIT is generally not subject to federal income tax on its REIT-taxable income that it distributes to its stockholders, provided that it distributes at least 90% of its REIT-taxable income and meets certain other requirements. Certain REIT income may be subject to state and local income taxes.

The Agency Business mainly operates through a TRS, which is a part of our TRS Consolidated Group and is subject to U.S. federal, state and local income taxes. In general, our TRS entities may hold assets that the REIT cannot hold directly and may engage in real estate or non-real estate-related business. Current and deferred taxes are recorded on the portion of earnings (losses) recognized by us with respect to our interest in TRSs. Deferred income tax assets and liabilities are calculated based on temporary differences between our GAAP consolidated financial statements and the federal, state, local tax basis of assets and liabilities as of the consolidated balance sheets. We evaluate the realizability of our deferred tax assets (e.g., net operating loss and capital loss carryforwards) and recognize a valuation allowance if, based on the available evidence, it is more likely than not that some portion or all of our deferred tax assets will not be realized. When evaluating the realizability of our deferred tax assets, we consider estimates of expected future taxable income, existing and projected book/tax differences, tax planning strategies available and the general and industry specific economic outlook.

We periodically evaluate tax positions to determine whether it is more likely than not that such positions would be sustained upon examination by a tax authority for all open tax years, as defined by the statute of limitations, based on their technical merits. We report interest and penalties related to tax uncertainties as a component of the income tax provision.

Earnings Per Share. We present both basic and diluted earnings per share ("EPS"). Basic EPS excludes dilution and is computed by dividing net income available to common stockholders by the weighted average number of shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock, where such exercise or conversion would result in a lower EPS amount.

Recently Adopted Accounting Pronouncements


Description	Effective Date	Effect on Financial Statements
In October 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-17, Consolidation: Interests Held through Related Parties That Are under Common Control. This ASU alters how a decision maker needs to consider indirect interests in a VIE held through an entity under common control and requires consideration of only an entity's proportionate indirect interest in a VIE held through a common control party.	First quarter of 2017.	The adoption of this guidance did not have a material impact on our consolidated financial statements.


In March 2016, the FASB issued ASU 2016-09, Compensation—Stock Compensation: Improvements to Employee Share-Based Payment Accounting. This ASU is intended to simplify several aspects of the accounting for share-based payment award transactions, including income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows.	First quarter of 2017.	The adoption of this guidance did not have a material impact on our consolidated financial statements.


In March 2016, the FASB issued ASU 2016-07, Investments—Equity Method and Joint Ventures: Simplifying the Transition to the Equity Method of Accounting. This ASU, among other things, eliminates the requirement that when an investment qualifies for use of the equity method as a result of an increase in the level of ownership interest or degree of influence, an investor must adjust the investment, results of operations, and retained earnings retroactively on a step-by-step basis as if the equity method had been in effect during all previous periods the investment was held.	First quarter of 2017.	The adoption of this guidance did not have a material impact on our consolidated financial statements.

Recently Issued Accounting Pronouncements


Description	Effective Date	Effect on Financial Statements
In January 2017, the FASB issued ASU 2017-04, Intangibles—Goodwill and Other: Simplifying the Test for Goodwill Impairment. This ASU eliminates step two from the goodwill impairment test, which measures a goodwill impairment loss by comparing the implied fair value with the carrying amount of goodwill.	First quarter of 2020 with early adoption permitted beginning in the first quarter of 2017.	We are evaluating the timing of our adoption and the impact this guidance may have on our consolidated financial statements.


In January 2017, the FASB issued ASU 2017-01, Business Combinations: Clarifying the Definition of a Business. This ASU provides a more robust framework to use in determining when a set of assets and activities constitutes a business. It also provides more consistency in applying the guidance, reduces the costs of application and makes the definition of a business more operable.	First quarter of 2018.	We have evaluated ASU 2017-01 and determined that adoption of this standard will not have a material impact on our consolidated financial statements in the period of adoption. The potential impact of ASU 2017-01 will be assessed for future acquisitions.


In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows: Restricted Cash. This ASU requires restricted cash and restricted cash equivalents to be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows.	First quarter of 2018 with early adoption permitted.	We have evaluated ASU 2016-18 and determined that adoption of this standard will not have a significant impact on our consolidated financial statements.


In October 2016, the FASB issued ASU 2016-16, Income Taxes: Intra-Entity Transfers of Assets Other Than Inventory. This ASU was issued to improve the accounting for the income tax consequences of intra-entity transfers of assets other than inventory.	First quarter of 2018 with early adoption permitted and should be applied on a modified retrospective basis.	We have evaluated ASU 2016-16 and determined that adoption of this standard will not have a significant impact on our consolidated financial statements.


In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments. This ASU provides eight targeted changes to how cash receipts and cash payments are presented and classified in the statement of cash flows.	First quarter of 2018 and requires adoption on a retrospective basis.	We have evaluated ASU 2016-15 and determined that adoption of this standard will not have a significant impact on our consolidated financial statements.


In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments. This ASU requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Entities will be required to use forward-looking information to better form their credit loss estimates. This ASU also requires enhanced disclosures to help financial statement users better understand significant estimates and judgments used in estimating credit losses.	First quarter of 2020 with early adoption permitted beginning in the first quarter of 2019.	We are evaluating the timing of our adoption and the impact this guidance may have on our consolidated financial statements.


In February 2016, the FASB issued ASU 2016-02, Leases: Presentation of Comprehensive Income. This ASU requires recognition of balance sheet assets and liabilities for leases with terms of more than 12 months and disclosure of key information about an entity's leasing arrangements.	First quarter of 2019 with early adoption permitted and a modified retrospective approach is required.	We are evaluating the timing of our adoption and the impact this guidance may have on our consolidated financial statements.


In January 2016, the FASB issued ASU 2016-01, Financial Instruments—Overall: Recognition and Measurement of Financial Assets and Financial Liabilities. This ASU requires equity investments (except those accounted for under the equity method or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. This ASU also eliminates the requirement to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost.	First quarter of 2018.	We have evaluated ASU 2016-01 and do not expect the adoption of this standard to have a significant impact on our consolidated financial statements.


Since 2014, the FASB has issued several amendments to its guidance on revenue recognition. The amended guidance, among other things, introduces a new framework for a single comprehensive model that can be used when accounting for revenue and supersedes most current revenue recognition guidance, including that which pertains to specific industries. The core principle states that an entity should recognize revenue to depict the transfer of promised goods or services in an amount that reflects the consideration to which the entity expects to be entitled in exchange for such goods and services. It also requires expanded quantitative and qualitative disclosures that will enable financial statement users to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. Most revenue associated with financial instruments, including interest and loan origination fees, along with gains and losses on investment securities, derivatives and sales of financial instruments are excluded from the scope of the guidance.	First quarter of 2018 and permits the use of either the full retrospective or modified retrospective method.	We have evaluated the new standard and determined that substantially all of our revenue, including interest income, loan origination fees, servicing income and gains on sales of loans and investment securities, are not impacted. This standard will not materially impact the timing of gains on certain sales of real estate and will not materially impact our total revenues or footnote disclosures. We will adopt this standard in the first quarter of 2018 using the modified retrospective method.

Acquisition of Our Former Manager's Agency Platform	12 Months Ended
Acquisition of Our Former Manager's Agency Platform	Dec. 31, 2017
Acquisition of Our Former Manager's Agency Platform
Acquisition of Our Former Manager's Agency Platform	Note 3—Acquisition of Our Former Manager's Agency Platform On July 14, 2016, we completed the Acquisition of the agency platform of our Former Manager pursuant to an asset purchase agreement dated February 25, 2016. The aggregate purchase price was $275.8 million, which was paid with $138.0 million in stock, $87.8 million in cash and with the issuance of a $50.0 million seller financing instrument. The equity component of the purchase price was paid with 21,230,769 operating partnership units ("OP Units"), which was based on a stock price of $6.50 per share. The closing price of our common stock on the Acquisition date was $7.29 per share; therefore, the estimated fair value of the total consideration was $292.5 million. See Note 12—Debt Obligations for details about the seller financing and Note 18—Equity for details about the OP Units. We finalized the purchase price allocation during the first quarter of 2017 based on the estimated fair values of the assets acquired and liabilities assumed as of the Acquisition date. See Note 2—Basis of Presentation and Significant Accounting Policies for details of an adjustment made to the purchase price allocation in the third quarter of 2017. Internalization of Management Team In connection with the Acquisition, we had the option to fully internalize our management team and terminate the existing management agreement with our Former Manager for $25.0 million. On May 31, 2017, we exercised that option and fully internalized our management team, which included approximately 100 employees. We incurred expenses of less than $0.1 million in connection with this transaction. We accounted for this transaction as a business combination with the settlement of a preexisting relationship. The total purchase price of $25.0 million was assigned to goodwill since the asset transferred represented an assembled workforce. Goodwill was allocated $12.5 million each to our two reporting segments and is expected to be deductible for tax purposes. Accounting guidance requires the settlement of preexisting relationships to be accounted for separately from the business combination, with the recognition of any corresponding gain or loss through the statement of income upon settlement. Any potential gain or loss is measured based on the favorable or unfavorable terms of the management agreement from the prospective of the acquirer, when compared to current market rates for similar services. Based on this guidance, with the assistance of a specialist, we performed an analysis and determined that the terminated management agreement contained terms similar to those of arrangements with comparable companies, and therefore no such gain or loss was recorded.

Loans and Investments

12 Months Ended

Dec. 31, 2017

Loans and Investments

Loans and Investments

Note 4—Loans and Investments

The following tables set forth the composition of our Structured Business loan and investment portfolio ($ in thousands):

	December 31, 2017			Percent of Total			Loan Count		Wtd. Avg. Pay Rate(1)			Wtd. Avg. Remaining Months to Maturity		Wtd. Avg. First Dollar LTV Ratio(2)			Wtd. Avg. Last Dollar LTV Ratio(3)
Bridge loans	$	2,422,105			91	%		150		6.10	%		20.9		0	%		72	%
Preferred equity investments		142,892			6	%		12		6.47	%		68.7		64	%		90	%
Mezzanine loans		87,541			3	%		8		10.78	%		24.8		20	%		63	%

		2,652,538			100	%		170		6.28	%		23.6		4	%		73	%


Unearned revenue		(10,628	)
Allowance for loan losses		(62,783	)

Loans and investments, net	$	2,579,127

	December 31, 2016
Bridge loans	$	1,602,658		90	%	120	5.59	%	16.4	0	%	73	%
Preferred equity investments		68,121		4	%	10	6.83	%	23.8	42	%	91	%
Mezzanine loans		57,124		3	%	12	9.09	%	17.9	36	%	75	%
Junior participation loans		62,257		3	%	2	4.50	%	4.0	83	%	84	%

		1,790,160		100	%	144	5.71	%	16.3	6	%	75	%


Unearned revenue		(10,716	)
Allowance for loan losses		(83,712	)

Loans and investments, net	$	1,695,732


(1)	"Weighted Average Pay Rate" is a weighted average, based on the UPB of each loan in our portfolio, of the interest rate required to be paid monthly as stated in the individual loan agreements. Certain loans and investments that require an additional rate of interest "Accrual Rate" to be paid at maturity are not included in the weighted average pay rate as shown in the table.
(2)	The "First Dollar LTV Ratio" is calculated by comparing the total of our senior most dollar and all senior lien positions within the capital stack to the fair value of the underlying collateral to determine the point at which we will absorb a total loss of our position.
(3)	The "Last Dollar LTV Ratio" is calculated by comparing the total of the carrying value of our loan and all senior lien positions within the capital stack to the fair value of the underlying collateral to determine the point at which we will initially absorb a loss.

During 2015, we acquired a $116.0 million defaulted first mortgage note, at par, that paid off resulting in the recognition of income totaling $6.7 million, net of fees and expenses. The $6.7 million of income consisted of other interest income totaling $7.9 million, partially offset by $1.2 million of expenses that were recorded in employee compensation and benefits. In 2016, additional funds held in escrow from the note payoff were released following an arbitration proceeding and we recognized income totaling $1.9 million, net of fees and expenses. The $1.9 million of income consisted of other interest income totaling $2.5 million, partially offset by $0.6 million of expenses that were recorded in employee compensation and benefits.

Concentration of Credit Risk

We are subject to concentration of credit risk in that, at December 31, 2017, the UPB related to 42 loans with five different borrowers represented 24% of total assets. At December 31, 2016, the UPB related to 35 loans with five different borrowers represented 16% of total assets. During both 2017 and 2016, no single loan or investment represented 10% of our total assets and no single investor group generated 10% of our revenue.

Effective January 1, 2017, we revised our methodology used to assign a credit risk rating to each loan and investment to be consistent with the method used by our Agency Business. We now assign ratings of pass, pass/watch, special mention, substandard or doubtful to each loan and investment, instead of a one to five rating. Similar to our previous methodology, there are five ratings, each generally consistent with our prior ratings (i.e., pass is equivalent to a one rating, pass/watch is equivalent to a two rating, etc.), with a pass rating being the lowest risk and a doubtful rating being the highest.

The benchmark guidelines and other factors used in our revised methodology are substantially the same as our previous methodology. 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. Given our asset management approach, however, the risk rating process does not result in differing levels of diligence contingent upon credit rating. That is because all portfolio assets are subject to the level of scrutiny and ongoing analysis consistent with that of a "high-risk" loan. Assets are subject to, at minimum, a thorough quarterly financial evaluation in which historical operating performance and forward-looking projections are reviewed.

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, and is not considered impaired. 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.

As a result of the loan review process, at December 31, 2017 and 2016, we identified eight loans and investments that we consider higher-risk loans that had a carrying value, before loan loss reserves, of $126.5 million and $152.9 million, respectively, and a weighted average last dollar LTV ratio of 93% and 94%, respectively.

A summary of the loan portfolio's weighted average internal risk ratings and LTV ratios by asset class is as follows ($ in thousands):

	December 31, 2017
Asset Class	UPB		Percentage of Portfolio			Wtd. Avg. Internal Risk Rating	Wtd. Avg. First Dollar LTV Ratio			Wtd. Avg. Last Dollar LTV Ratio
Multifamily	$	1,925,529		73	%	pass/watch		4	%		72	%
Self Storage		301,830		11	%	pass		0	%		71	%
Land		132,828		5	%	substandard		0	%		90	%
Office		107,853		4	%	pass/watch		1	%		64	%
Hotel		90,725		3	%	special mention		37	%		81	%
Healthcare		55,615		2	%	pass/watch		0	%		74	%
Retail		36,458		1	%	pass/watch		8	%		66	%
Commercial		1,700		<1	%	doubtful		63	%		63	%

Total	$	2,652,538		100	%	pass/watch		4	%		73	%

	December 31, 2016
Multifamily	$	1,421,731	79	%	special mention	1	%	73	%
Self Storage		7,505	<1	%	special mention	0	%	70	%
Land		137,255	8	%	substandard	2	%	92	%
Office		141,711	8	%	pass/watch	43	%	73	%
Hotel		70,750	4	%	special mention	30	%	74	%
Healthcare		5,550	<1	%	special mention	0	%	63	%
Retail		3,958	<1	%	special mention	81	%	91	%
Commercial		1,700	<1	%	doubtful	63	%	63	%

Total	$	1,790,160	100	%	special mention	6	%	75	%

Geographic Concentration Risk

As of December 31, 2017, 23%, 21% and 11% of the outstanding balance of our loan and investment portfolio had underlying properties in Texas, New York and California, respectively. As of December 31, 2016, 25%, 15%, 14% and 13% of the outstanding balance of our loan and investment portfolio had underlying properties in New York, California, Florida and Texas, respectively.

Impaired Loans and Allowance for Loan Losses

We evaluate each loan in our portfolio quarterly to assess the performance of our loans and whether a reserve for impairment should be recorded. We measure our relative loss position for our mezzanine loans, junior participation loans and preferred equity investments by determining the point where we will be exposed to losses based on our position in the capital stack as compared to the fair value of the underlying collateral. We determine our loss position on both a first dollar LTV and a last dollar LTV basis, as defined above.

A summary of the changes in the allowance for loan losses is as follows (in thousands):

	Year Ended December 31,
	2017			2016			2015
Allowance at beginning of period	$	83,712		$	86,762		$	115,487
Provision for loan losses		2,000			59			6,509
Charge-offs		(20,473	)		(2,959	)		(32,000	)
Charge-off on loan reclassification to real estate owned, net		—			—			(2,500	)
Recoveries of reserves		(2,456	)		(150	)		(734	)

Allowance at end of period	$	62,783		$	83,712		$	86,762

At December 31, 2017, 2016 and 2015, we had a total of five, eight and nine loans, respectively, with an aggregate carrying value, before loan loss reserves, of $163.5 million, $187.4 million and $189.2 million, respectively, for which impairment reserves have been recorded.

A summary of charge-offs and recoveries by asset class is as follows ($ in thousands):

	Year Ended December 31,
	2017			2016			2015
Charge-offs:
Multifamily	$	—		$	(2,959	)	$	—
Office		(20,473	)		—			(2,500	)
Hotel		—			—			(32,000	)

Total	$	(20,473	)	$	(2,959	)	$	(34,500	)


Recoveries:
Multifamily	$	2,456		$	193		$	754
Land		—			—			1,288

Total	$	2,456		$	193		$	2,042


Net Charge-offs	$	(18,017	)	$	(2,766	)	$	(32,458	)


Ratio of net charge-offs during the period to average loans and investments outstanding during the period		(0.8	)%		(0.2	)%		(2.1	)%

There were no loans for which the collateral securing the loan was less than the carrying value of the loan for which we had not recorded a provision for loan loss as of December 31, 2017, 2016 and 2015.

During 2017, we incurred a $20.5 million charge-off due to the write-off of a fully reserved junior participation loan and we determined that the fair value of the underlying collateral securing a preferred equity investment with an aggregate carrying value of $34.8 million was less than the net carrying value of the investment, which resulted in a $2.0 million provision for loan losses. In addition, a fully reserved mezzanine loan with a UPB of $1.8 million paid off in full, which resulted in a $1.8 million reserve recovery, and we recorded a reserve recovery of $0.7 million on a multifamily bridge loan.

During 2016, we received a $1.8 million discounted payoff on an impaired bridge loan with a carrying value before reserves of $4.8 million, resulting in the recognition of an additional provision for loan losses of $0.1 million and a charge-off of $3.0 million.

During 2015, we incurred a $32.0 million charge-off of previously recorded reserves due to the write-off of a fully reserved junior participation loan and we charged-off $2.5 million in connection with the transfer of an office building by deed in lieu of foreclosure to real estate owned, net. We also determined that the fair value of the underlying collateral securing five impaired loans with an aggregate carrying value of $125.3 million was less than the net carrying value of the loans, resulting in a $6.5 million provision for loan losses, and we recorded $2.0 million of net recoveries of previously recorded loan loss reserves which resulted in a $4.5 million net provision. These recoveries were recorded in provision for loan losses in the consolidated statements of income. Of the $6.5 million of loan loss reserves recorded during 2015, $4.0 million was attributable to loans on which we had previously recorded reserves, while $2.5 million of reserves related to other loans in our portfolio.

We have six loans with a carrying value totaling $120.0 million at December 31, 2017 that are collateralized by a land development project. These loans were scheduled to mature in September 2017 and were extended to September 2018. The loans do not carry a current pay rate of interest, but five of the loans with a carrying value totaling $110.7 million entitle us to a weighted average accrual rate of interest of 8.66%. In 2008, we suspended the recording of the accrual rate of interest on these loans, as they were impaired and we deemed the collection of this interest to be doubtful. At both December 31, 2017 and 2016, we have cumulative allowances for loan losses of $49.1 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 in compliance with all of the terms and conditions of the loans.

A summary of our impaired loans by asset class is as follows (in thousands):

	December 31, 2017						Year Ended December 31, 2017
Asset Class	UPB		Carrying Value(1)		Allowance for Loan Losses		Average Recorded Investment(2)		Interest Income Recognized
Land	$	131,086	$	124,812	$	53,883	$	131,086	$	—
Hotel		34,750		34,750		5,700		34,750		371
Office		2,288		2,288		1,500		14,926		107
Commercial		1,700		1,700		1,700		1,700		—
Multifamily		—		—		—		1,271		22

Total	$	169,824	$	163,550	$	62,783	$	183,733	$	500

	December 31, 2016						Year Ended December 31, 2016
Land	$	131,086	$	125,926	$	53,883	$	129,277	$	—
Hotel		34,750		34,496		3,700		34,750		1,155
Office		27,563		22,778		21,973		27,572		94
Commercial		1,700		1,700		1,700		1,700		—
Multifamily		2,542		2,451		2,456		4,952		157

Total	$	197,641	$	187,351	$	83,712	$	198,251	$	1,406


(1)	Represents the UPB of five and eight impaired loans (less unearned revenue and other holdbacks and adjustments) by asset class at December 31, 2017 and 2016, respectively.
(2)	Represents an average of the beginning and ending UPB of each asset class.

At December 31, 2017, two loans with an aggregate net carrying value of $29.1 million, net of related loan loss reserves of $7.4 million, were classified as non-performing. As of December 31, 2016, three fully reserved loans with an aggregate carrying value of $22.9 million were classified as non-performing. Income from non-performing loans is generally recognized on a cash basis when it is received. Full income recognition will resume when the loan becomes contractually current and performance has recommenced.

A summary of our non-performing loans by asset class is as follows (in thousands):

	December 31, 2017						December 31, 2016
Asset Class	Carrying Value		Less Than 90 Days Past Due		Greater Than 90 Days Past Due		Carrying Value		Less Than 90 Days Past Due		Greater Than 90 Days Past Due
Hotel	$	34,750	$	—	$	34,750	$	—	$	—	$	—
Office		—		—		—		20,472		—		20,472
Multifamily		—		—		—		681		—		681
Commercial		1,700		—		1,700		1,700		—		1,700

Total	$	36,450	$	—	$	36,450	$	22,853	$	—	$	22,853

At December 31, 2017 and 2016, we had no loans contractually past due 90 days or more that are still accruing interest.

A summary of loan modifications, refinancings and/or extensions by asset class that we considered to be troubled debt restructurings were as follows ($ in thousands):

	Year Ended December 31, 2017
Asset Class	Number of Loans		Original UPB		Original Wtd. Avg. Rate of Interest			Extended UPB		Extended Wtd. Avg. Rate of Interest
Hotel		1	$	34,750		4.01	%	$	34,750		4.01	%

	Year Ended December 31, 2016
Multifamily		1	$	14,646	5.57	%	$	14,646	5.57	%
Office		1		2,315	4.03	%		2,315	4.03	%

Total		2	$	16,961	5.36	%	$	16,961	5.36	%

The loan modified during 2017 was considered a troubled debt restructuring as a result of a forbearance agreement entered into with the borrower in 2017 and was classified as non-performing as of December 31, 2017. There were no other loans in which we considered the modifications to be troubled debt restructurings that were subsequently considered non-performing as of December 31, 2017 and 2016 and no additional loans were considered to be impaired due to our troubled debt restructuring analysis for the years ended December 31, 2017 and 2016. These loans were modified to increase the likelihood of a total recovery of the combined principal and interest from the loan.

Given the transitional nature of some of our real estate loans, we may require funds to be placed into an interest reserve, based on contractual requirements, to cover debt service costs. As of December 31, 2017, we had total interest reserves of $52.5 million on 81 loans with an aggregate UPB of $1.57 billion. As of December 31, 2016, we had total interest reserves of $20.4 million on 75 loans with an aggregate UPB of $1.01 billion.

- Definition

The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.

+ References + Details

Loans Held-for-Sale, Net

12 Months Ended

Dec. 31, 2017

Loans Held-for-Sale, Net

Loans Held-for-Sale, Net

Note 5—Loans Held-for-Sale, Net

Loans held-for-sale, net consists of the following (in thousands):

	December 31, 2017			December 31, 2016
Fannie Mae	$	243,717		$	538,189
Freddie Mac		47,545			124,102
FHA		987			56

		292,249			662,347
Fair value of future MSR		5,806			13,146
Unearned discount		(612	)		(2,126	)

Loans held-for-sale, net	$	297,443		$	673,367

Our loans held-for-sale, net are typically sold within 60 days of loan origination and the gain on sales are included in gain on sales, including fee-based services, net in the consolidated statements of income. During 2017, we sold $4.81 billion of loans held-for-sale and recorded gain on sales of $68.3 million. During 2016, we sold $1.49 billion of loans held-for-sale, excluding $418.2 million of sales related to loans that were acquired as part of the Acquisition, and recorded gain on sales of $22.8 million. At December 31, 2017 and 2016, 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 Rights

12 Months Ended

Dec. 31, 2017

Capitalized Mortgage Servicing Rights

Capitalized Mortgage Servicing Rights

Note 6—Capitalized Mortgage Servicing Rights

Our capitalized MSRs reflect commercial real estate MSRs derived from loans sold in our Agency Business, or MSRs acquired as part of the Acquisition or in the open market from third parties. The weighted average estimated life remaining of our MSRs held at December 31, 2017 and 2016 was 7.2 years and 6.9 years, respectively.

A summary of our capitalized MSR activity is as follows (in thousands):

	Year Ended December 31, 2017									Year Ended December 31, 2016
	Acquired			Originated			Total			Acquired			Originated			Total
Balance at beginning of period	$	194,800		$	32,943		$	227,743		$	—		$	—		$	—
Additions		1,199			86,700			87,899			221,647			33,597			255,244
Amortization		(37,470	)		(9,732	)		(47,202	)		(21,052	)		(653	)		(21,705	)
Write-downs and payoffs		(15,259	)		(573	)		(15,832	)		(5,795	)		(1	)		(5,796	)

Balance at end of period	$	143,270		$	109,338		$	252,608		$	194,800		$	32,943		$	227,743

We recorded write-offs relating to specific MSRs of $15.8 million and $5.8 million during 2017 and 2016, respectively, primarily due to prepayments of loans. We collected prepayment fees of $12.7 million and $5.6 million during 2017 and 2016, respectively, which are included as a component of servicing revenue, net on the consolidated statements of income. As of December 31, 2017 and 2016, we had no valuation allowance recorded on any of our MSRs.

The expected amortization of the capitalized MSRs recorded as of December 31, 2017 are shown in the table below. Actual amortization may vary from these estimates (in thousands).

Year	Amortization
2018	$	46,814
2019		43,191
2020		37,462
2021		30,037
2022		23,944
Thereafter		71,160

Total	$	252,608

Mortgage Servicing

12 Months Ended

Dec. 31, 2017

Mortgage Servicing

Mortgage Servicing

Note 7—Mortgage Servicing

An analysis of the product and geographic concentrations that impact our servicing revenue is as follows ($ in thousands):

December 31, 2017
Product Concentrations						Geographic Concentrations
Product	UPB		Percent of Total			State	UPB Percent of Total
Fannie Mae	$	12,502,699		77	%	Texas		22	%
Freddie Mac		3,166,134		20	%	North Carolina		10	%
FHA		537,482		3	%	California		8	%

Total	$	16,206,315		100	%	New York		8	%


						Georgia		6	%
						Florida		6	%
						Other(1)		40	%

						Total		100	%

December 31, 2016
Product Concentrations						Geographic Concentrations
Product	UPB		Percent of Total			State	UPB Percent of Total
Fannie Mae	$	11,181,152		83	%	Texas		24	%
Freddie Mac		1,953,245		14	%	North Carolina		9	%
FHA		420,689		3	%	California		8	%

Total	$	13,555,086		100	%	New York		8	%


						Georgia		5	%
						Florida		4	%
						Other(1)		42	%

						Total		100	%


(1)	No other individual state represented more than 4% of the total.

At December 31, 2017 and 2016, our weighted average servicing fee was 47.7 basis points and 47.8 basis points, respectively. We held cash in escrow for these loans totaling $477.9 million and $401.7 million at December 31, 2017 and 2016, respectively, which is not reflected 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 these escrow deposits, generally based on a market rate of interest negotiated with the financial institutions that hold the escrow deposits. Escrow earnings reflect interest income net of interest paid to the borrower, if required, and is a component of servicing revenue, net in the consolidated statements of income.

Securities Held-to-Maturity

12 Months Ended

Dec. 31, 2017

Securities Held-to-Maturity

Securities Held-to-Maturity

Note 8—Securities Held-to-Maturity

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 are required to purchase the bottom tranche bond, generally referred to as the "B Piece," that represents the bottom 10%, or highest risk of the securitization. During 2017, we retained 49%, or $41.0 million initial face value of three B Piece bonds, at a discount, for $27.2 million and sold the remaining 51% to the third party at par. Prior to 2017, a third party investor agreed to purchase the entire B Piece of each SBL program securitization at par. These held-to-maturity securities are carried at cost, net of unamortized discounts and are collateralized by a pool of multifamily mortgage loans, bear interest at an initial weighted average variable rate of 3.65% and have an estimated weighted average maturity of 5.9 years. The weighted average effective interest rate was 12.97% at December 31, 2017, including the accretion of discount. Approximately $5.4 million is estimated to mature within one year, $17.9 million is estimated to mature after one year through five years, $10.8 million is estimated to mature after five years through ten years and $6.5 million is estimated to mature after ten years.

The following is a summary of the held-to-maturity securities we held at December 31, 2017 (in thousands):

	Face Value		Carrying Value		Unrealized Gain		Estimated Fair Value
B Piece bonds	$	40,566	$	27,837	$	602	$	28,439

Investments in Equity Affiliates

12 Months Ended

Dec. 31, 2017

Investments in Equity Affiliates

Investments in Equity Affiliates

Note 9—Investments in Equity Affiliates

We account for all investments in equity affiliates under the equity method. The following is a summary of our investments in equity affiliates (in thousands):

	Investments in Equity Affiliates at
Equity Affiliates	December 31, 2017		December 31, 2016		UPB of Loans to Equity Affiliates at December 31, 2017
Arbor Residential Investor LLC	$	19,193	$	28,917	$	—
West Shore Café		2,140		2,051		1,688
Lightstone Value Plus REIT L.P		1,895		1,895		—
JT Prime		425		425		—
East River Portfolio		—		83		—
Lexford Portfolio		—		—		—
Issuers of Junior Subordinated Notes		—		578		—

Total	$	23,653	$	33,949	$	1,688

Arbor Residential Investor LLC ("ARI"). In 2015, we invested $9.6 million for 50% of our Former Manager's indirect interest in a joint venture with a third party that was formed to invest in a residential mortgage banking business. As a result of this transaction, we had an initial indirect interest of 22.5% in the mortgage banking business, which was subject to dilution upon attaining certain profit hurdles of the business, and at December 31, 2017, our indirect interest was 16.3%. In 2017, we recorded a $5.5 million charge for our proportionate share of a litigation settlement that will be paid over a two-year period and a loss of $1.8 million to (loss) income from equity affiliates in the consolidated statements of income related to this investment. During 2016 and 2015, we recorded income of $9.5 million and $6.6 million, respectively.

In 2015, we invested $1.7 million through ARI for a 50% non-controlling interest in a joint venture that invests in non-qualified residential mortgages purchased from the mortgage banking business's origination platform. We also funded $0.6 million, $5.9 million and $7.9 million of additional mortgage purchases during 2017, 2016 and 2015, respectively. During 2017 and 2016, we received cash distributions totaling $3.2 million and $13.0 million as a result of the joint venture selling most of its mortgage assets, which were classified as returns of capital. During 2017, 2016 and 2015, we recorded income of $0.1 million, $0.5 million and less than $0.1 million, respectively, to (loss) income from equity affiliates in our consolidated statements of income related to this investment.

West Shore Café. We own a 50% noncontrolling interest in the West Shore Lake Café, a restaurant/inn lakefront property in Lake Tahoe, California. We provided a $1.7 million first mortgage loan to an affiliated entity to acquire property adjacent to the original property, which matures in May 2018, with a one-year extension option, and bears interest at LIBOR plus 4.0%. In 2017, 2016 and 2015, we recorded income of $0.1 million in each year to (loss) income from equity affiliates in our consolidated statements of income related to this investment.

Lightstone Value Plus REIT L.P. / JT Prime. We own a $1.9 million interest in an unconsolidated joint venture that holds common operating partnership units of Lightstone Value Plus REIT L.P. ("Lightstone"). We also own a 50% non-controlling interest in an unconsolidated joint venture, JT Prime, which holds common operating partnership units of Lightstone at a carrying value of $0.4 million. In 2017, 2016 and 2015, we recorded income of $0.2 million in each year to (loss) income from equity affiliates in our consolidated statements of income related to these investments.

East River Portfolio. We invested $0.1 million for a 5% interest in a joint venture that owns two multifamily properties. The joint venture is comprised of a consortium of investors consisting of certain of our officers, including our chief executive officer, and other related parties, who together own an interest of 95%. We originated a $1.7 million bridge loan to the joint venture with an interest rate of 5.5% over LIBOR that was repaid in full during 2017. In connection with the debt repayment, we received a $0.1 million distribution bringing our basis in this investment to zero. See Note 20—Agreements and Transactions with Related Parties for details.

Lexford Portfolio. We own a $44,000 noncontrolling equity interest in Lexford, a portfolio of multifamily assets. In 2017, 2016 and 2015, we received distributions from this equity investment and recognized income totaling $2.5 million, $2.8 million and $4.5 million, net of expenses, respectively. The $4.5 million of income received in 2015 was comprised of income of $5.5 million, partially offset by $1.0 million of expenses related to these distributions that were recorded in employee compensation and benefits. See Note 20—Agreements and Transactions with Related Parties for details.

Issuers of Junior Subordinated Notes. We invested $0.6 million for 100% of the common shares of two affiliated entities of ours. These entities pay dividends on both the common and preferred securities on a quarterly basis at variable rates based on LIBOR. During 2017, we purchased, at a discount, a portion of our junior subordinated notes. In connection with this extinguishment of debt, we settled our investment in these affiliated entities. See Note 12—Debt Obligations for details.

Equity Participation Interest. During 2017, we received $1.5 million from the redemption of a 25% equity participation interest we held in a multifamily property, which is included in (loss) income from equity affiliates in our consolidated statements of income. Prior to this transaction, our basis in this investment was zero.

Summarized Financial Information

The condensed combined balance sheets for our unconsolidated investments in equity affiliates are as follows (in thousands):

	December 31,
	2017							2016
Condensed Combined Balance Sheets	ARI		Other			Total		ARI		Other			Total
Assets:
Cash and cash equivalents	$	26,419	$	36,304		$	62,723	$	21,257	$	33,342		$	54,599
Real estate assets		303,098		584,580			887,678		360,412		601,713			962,125
Other assets		137,782		54,537			192,319		125,941		45,022			170,963

Total assets		467,299		675,421			1,142,720		507,610		680,077			1,187,687


Liabilities:
Notes payable		357,410		702,495			1,059,905		380,468		703,752			1,084,220
Other liabilities		34,964		15,885			50,849		13,329		16,390			29,719

Total liabilities		392,374		718,380			1,110,754		393,797		720,142			1,113,939

Stockholders' equity Arbor(1)		19,193		4,460			23,653		28,917		4,454			33,371
Stockholders' equity		55,732		(47,419	)		8,313		84,896		(44,519	)		40,377

Total stockholders' equity		74,925		(42,959	)		31,966		113,813		(40,065	)		73,748

Total liabilities and equity	$	467,299	$	675,421		$	1,142,720	$	507,610	$	680,077		$	1,187,687


(1)	Amount at December 31, 2016, when combined with $0.6 million of equity relating to the issuance of junior subordinated notes, equals $33.9 million of investments in equity affiliates.

The condensed combined statements of operations for our unconsolidated investments in equity affiliates are as follows (in thousands):

	Year Ended December 31,
	2017									2016							2015
Statements of Operations:	ARI			Other			Total			ARI		Other			Total		ARI		Other		Total
Revenue:
Rental income	$	—		$	103,873		$	103,873		$	—	$	99,417		$	99,417	$	—	$	95,938	$	95,938
Interest income		9,248			259			9,507			11,726		259			11,985		9,957		259		10,216
Operating income		143,743			—			143,743			195,905		—			195,905		129,567		1,364		130,931
Reimbursement income		—			7,378			7,378			—		7,085			7,085		—		6,801		6,801
Other income		2,909			8,420			11,329			213		8,060			8,273		196		15,124		15,320

Total revenues		155,900			119,930			275,830			207,844		114,821			322,665		139,720		119,486		259,206

Expenses:
Operating expenses		154,837			58,289			213,126			142,297		56,679			198,976		101,165		56,608		157,773
Interest expense		11,436			32,918			44,354			13,331		32,687			46,018		9,824		33,943		43,767
Depreciation and amortization		1,384			29,155			30,539			1,127		29,249			30,376		752		21,011		21,763
Other expenses		22,000			471			22,471			—		91			91		—		1,628		1,628

Total expenses		189,657			120,833			310,490			156,755		118,706			275,461		111,741		113,190		224,931

Net (loss) income	$	(33,757	)	$	(903	)	$	(34,660	)	$	51,089	$	(3,885	)	$	47,204	$	27,979	$	6,296	$	34,275


Arbor's share of (loss) income(1)	$	(7,247	)	$	2,796		$	(4,451	)	$	9,950	$	3,045		$	12,995	$	6,600	$	5,701	$	12,301


(1)	Amount for the year ended December 31, 2017, when combined with the $1.5 million equity participation interest received, equals a loss of $3.0 million.

Real Estate Owned and Held-For-Sale

12 Months Ended

Dec. 31, 2017

Real Estate Owned and Held-For-Sale

Real Estate Owned and Held-For-Sale

Note 10—Real Estate Owned and Held-For-Sale

Our real estate assets at both December 31, 2017 and 2016 were comprised of a hotel property and an office building.

Real Estate Owned

	December 31, 2017									December 31, 2016
(in thousands)	Hotel Property			Office Building			Total			Hotel Property			Office Building			Total
Land	$	3,294		$	4,509		$	7,803		$	3,294		$	4,509		$	7,803
Building and intangible assets		30,699			2,010			32,709			30,474			1,563			32,037
Less: Impairment loss		(13,307	)		(500	)		(13,807	)		(11,200	)		—			(11,200	)
Less: Accumulated depreciation and amortization		(9,228	)		(690	)		(9,918	)		(8,659	)		(489	)		(9,148	)

Real estate owned, net	$	11,458		$	5,329		$	16,787		$	13,909		$	5,583		$	19,492

For the years ended December 31, 2017, 2016 and 2015, our hotel property had a weighted average occupancy rate of approximately 52%, 54% and 53%, respectively, a weighted average daily rate of approximately $108, $100 and $90, respectively, and a weighted average revenue per available room of approximately $56, $54 and $48, respectively. The operation of a hotel property is seasonal with the majority of revenues earned in the first two quarters of the calendar year. During 2016, through site visits and discussion with market participants, we determined that the hotel property exhibited indicators of impairment and performed an impairment analysis. As a result of this impairment analysis, we recorded an impairment loss of $11.2 million. During 2017, we had additional discussions with market participants and received additional market analyses related to this property, which resulted in a further impairment totaling $2.7 million. In addition, during 2017, through site visits and discussion with market participants, we determined that the office building exhibited indicators of impairment and performed an impairment analysis. As a result of this impairment analysis, we recorded an impairment loss of $0.5 million.

Our office building was fully occupied by a single tenant until April 2017 when the lease expired. The building is currently vacant.

Our real estate assets had restricted cash balances totaling $0.7 million at both December 31, 2017 and 2016, due to escrow requirements.

Real Estate Held-For-Sale

In 2016, we sold our three remaining multifamily properties and a hotel property for a total of $50.7 million and recognized a gain of $11.6 million. A portion of the sales proceeds were used to payoff the outstanding debt on the multifamily properties of $27.1 million.

In 2015, we sold three hotel properties and a multifamily property classified as held-for-sale for a total of $41.1 million and recognized a gain of $7.8 million.

The results of operations for properties classified as held-for-sale are summarized as follows (in thousands):

	Year Ended December
	2016		2015
Revenue:
Property operating income	$	2,845	$	10,972
Expenses:
Property operating expenses		1,994		8,224
Depreciation		335		1,563

Net income	$	516	$	1,185

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2017

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets

Note 11—Goodwill and Other Intangible Assets

Goodwill. The following table sets forth the goodwill activity (in thousands):

	Year Ended December 31, 2017		Year Ended December 31, 2016
Beginning balance	$	26,747	$	—
Additions from the Acquisition		—		26,747
Additions from internalization of management team(1)		25,000		—
Purchase price allocation adjustment(2)		4,879		—

Ending balance	$	56,626	$	26,747


(1)	Goodwill additions from the internalization of our management team was allocated $12.5 million each to our two reporting segments.
(2)	See Note 2—Basis of Presentation and Significant Accounting Policies for details.

Other Intangible Assets. The following table sets forth the other intangible assets activity (in thousands):

	December 31, 2017							December 31, 2016
	Gross Carrying Value		Accumulated Amortization			Total		Gross Carrying Value		Accumulated Amortization			Total
Finite-lived intangible assets:
Broker relationships	$	25,000	$	(4,558	)	$	20,442	$	25,000	$	(1,432	)	$	23,568
Borrower relationships		14,400		(2,100	)		12,300		14,400		(660	)		13,740
Below market leases		4,010		(1,075	)		2,935		4,010		(337	)		3,673
Acquired technology		900		(437	)		463		900		(138	)		762
Infinite-lived intangible assets:
Fannie Mae DUS license		17,100		—			17,100		17,100		—			17,100
Freddie Mac Program Plus license		8,700		—			8,700		8,700		—			8,700
FHA license		3,200		—			3,200		3,200		—			3,200

	$	73,310	$	(8,170	)	$	65,140	$	73,310	$	(2,567	)	$	70,743

The amortization expense recorded for these intangible assets were $5.6 million and $2.6 million during the years ended December 31, 2017 and 2016, respectively.

At December 31, 2017, the weighted average remaining lives of our amortizable finite-lived intangible assets and the estimated amortization expense for each of the succeeding five years are as follows ($ in thousands):

			Estimated Amortization Expense for the Years Ending December 31,
	Wtd. Avg. Remaining Life (in years)
	Wtd. Avg. Remaining Life (in years)		2018		2019		2020		2021		2022
Finite-lived intangible assets:
Broker relationships		6.5	$	3,125	$	3,125	$	3,125	$	3,125	$	3,125
Borrower relationships		8.5		1,440		1,440		1,440		1,440		1,440
Below market leases		5.4		737		737		684		126		126
Acquired technology		1.5		300		163		—		—		—

		7.1	$	5,602	$	5,465	$	5,249	$	4,691	$	4,691

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details

Debt Obligations

12 Months Ended

Dec. 31, 2017

Debt Obligations

Debt Obligations

Note 12—Debt Obligations

We utilize various forms of short-term and long-term financing agreements to finance certain of our loans and investments, as well as other general business needs. Borrowings underlying these arrangements are primarily secured by a significant amount of our loans and investments and substantially all of our loans held-for-sale.

Credit Facilities and Repurchase Agreements

The following table outlines borrowings under our credit facilities and repurchase agreements ($ in thousands):

	December 31, 2017									December 31, 2016
	UPB(1)		Debt Carrying Value(1)		Collateral Carrying Value		Wtd. Avg. Note Rate			UPB(1)		Debt Carrying Value(1)		Collateral Carrying Value		Wtd. Avg. Note Rate
Structured Business
$225 million repurchase facility	$	103,818	$	102,350	$	145,850		3.90	%	$	107,303	$	106,051	$	183,828		3.12	%
$100 million repurchase facility		2,835		2,445		6,600		3.61	%		21,897		21,598		34,850		2.96	%
$75 million credit facility		—		—		—		—			38,990		38,704		63,158		2.94	%
$75 million credit facility		9,000		8,999		16,000		3.61	%		23,286		23,277		31,725		2.81	%
$50 million credit facility		32,560		32,538		40,700		3.61	%		46,400		46,374		58,000		2.81	%
$50 million credit facility		3,700		3,581		4,625		4.88	%		7,956		7,956		9,885		4.08	%
$25.5 million credit facility		14,065		13,920		18,753		4.12	%		—		—		—		—
$10 million working capital line of credit		10,000		10,000		—		4.12	%		—		—		—		—
$7.5 million credit facility		7,472		7,432		9,340		4.37	%		—		—		—		—
Repurchase facility—securities(2)		53,938		53,938		—		4.45	%		—		—		—		—
$3 million master security agreement		1,834		1,834		—		3.21	%		2,533		2,533		—		3.21	%

Structured Business Total	$	239,222	$	237,037	$	241,868		4.02	%	$	248,365	$	246,493	$	381,446		3.02	%

Agency Business
$500 million multifamily ASAP agreement	$	121,880	$	121,880	$	121,880		2.61	%	$	142,557	$	142,557	$	142,557		1.65	%
$150 million credit facility		21,821		21,802		21,821		2.96	%		268,572		268,530		268,572		2.05	%
$150 million credit facility		99,357		99,242		99,357		2.91	%		210,139		210,009		210,139		2.05	%
$100 million credit facility		23,785		23,785		23,785		2.86	%		39,047		39,048		39,047		1.95	%
$100 million repurchase facility		24,873		24,827		24,873		2.91	%		—		—		—		—

Agency Business Total	$	291,716	$	291,536	$	291,716		2.78	%	$	660,315	$	660,144	$	660,315		1.96	%

Consolidated total	$	530,938	$	528,573	$	533,584		3.34	%	$	908,680	$	906,637	$	1,041,761		2.25	%


(1)	The difference between the UPB and carrying value represents unamortized deferred finance costs.
(2)	The facility is collateralized by $61.0 million of notes retained by us from our last two CLO issuances and the fair value of our B Piece bonds from SBL program securitizations of $28.4 million.

Structured Business. We utilize credit facilities and repurchase agreements with various financial institutions to finance our Structured Business loans and investments as described below.

Including certain fees and costs, such as structuring, commitment, non-use and warehousing fees, the weighted average interest rate for the credit facilities and repurchase agreements of our Structured Business was 4.51% and 3.42% at December 31, 2017 and 2016, respectively. The leverage on our loans and investment portfolio, excluding the securities repurchase facility, $10.0 million working capital line of credit and the $3.0 million master security agreement used to finance leasehold improvements to our corporate office, was 72% and 64% at December 31, 2017 and 2016, respectively.

In the fourth quarter of 2017, we amended our $150.0 million repurchase facility increasing the commitment by $75.0 million to $225.0 million. This facility bears interest at a rate of 225 basis points over LIBOR on senior mortgage loans, 350 basis points over LIBOR on junior mortgage loans and matures in October 2018, with a one-year extension option. If the estimated market value of the loans financed in this facility decrease, we may be required to pay down borrowings under this facility.

We have a $100.0 million repurchase facility to finance multifamily bridge loans that bears interest at a rate of 200 basis points over LIBOR, matures in June 2019 and has a maximum advance rate of 75%.

We have a $75.0 million credit facility to finance multifamily bridge loans which matures in December 2018 and bears interest at a rate ranging from 200 basis points to 212.5 basis points over LIBOR, depending on the advance rate. This facility includes a $25.0 million sublimit to finance healthcare related loans at an interest rate ranging from 212.5 basis points to 250 basis points over LIBOR depending on the type of healthcare facility financed and the advance rate. In the fourth quarter of 2017, we extended the maturity date of this facility to December 2018. The facility has a maximum advance rate of 75% on multifamily bridge loans and 65% on healthcare related loans.

We have another $75.0 million credit facility to finance bridge loans that bears interest at a rate of 200 basis points over LIBOR and matures in June 2018. The facility has a maximum advance rate of 70% to 75%, depending on the property type.

We have a $50.0 million credit facility to finance multifamily loans that bears interest at a rate of 200 basis points over LIBOR and is scheduled to mature in February 2018. This facility includes a one year automatic extension option, subject to certain conditions, and has a maximum advance rate of 80%.

We have another $50.0 million credit facility that bears an interest rate ranging from 250 basis points to 325 basis points over LIBOR, depending on the type of healthcare facility financed, and matures in September 2019. The facility includes two one-year extension options and has a maximum advance rate of 80%.

In 2017, we entered into a $25.5 million credit facility to finance a multifamily bridge loan. The facility bears interest at a rate of 250 basis points over LIBOR and matures in October 2019.

In 2017, we entered into a $10.0 million unsecured working capital line of credit that bears interest at a rate of 250 basis points over LIBOR. This line is scheduled to mature in March 2018 and is renewable annually.

In the fourth quarter of 2017, we entered into a $7.5 million credit facility to finance a healthcare related bridge loan. The facility bears interest at a rate of 275 basis points over LIBOR and matures in August 2018.

In the fourth quarter of 2017, we entered into an uncommitted repurchase facility that is used to finance securities we retained in connection with our two latest CLOs and our purchases of the B Piece bonds from SBL program securitizations. The facility bears interest at a rate ranging from 250 basis points to 350 basis points over LIBOR and has no stated maturity date.

We have two notes payable under a master security agreement that was used to finance leasehold improvements to our corporate office, which were assumed as part of the Acquisition. The two notes bear interest at a weighted average fixed rate of 3.21%, require monthly amortization payments and mature in 2020.

Agency Business. We utilize credit facilities with various financial institutions to finance the loans held-for-sale on our Agency Business.

We have a $500.0 million Multifamily As Soon as Pooled ® Plus ("ASAP") agreement with Fannie Mae providing us with a warehousing credit facility for mortgage loans that are to be sold to Fannie Mae and serviced under the Fannie Mae DUS program. The ASAP agreement is not a committed line, has no expiration date and bears interest at a rate of 105 basis points over LIBOR (with a LIBOR Floor of 0.35%).

We have a $150.0 million credit facility that bears interest at a rate of 140 basis points over LIBOR and a scheduled maturity date in January 2018. In 2018, we amended the facility reducing the interest rate 10 basis points to 130 basis points over LIBOR and extending the maturity date one year. The financial institution that provided this credit facility has a security interest in the underlying mortgage notes that serve as collateral for this facility.

We have another $150.0 million credit facility that bears interest at a rate of 135 basis points over LIBOR and matures in July 2018. The financial institution that provided this credit facility has a security interest in the underlying mortgage notes that serve as collateral for this facility.

We have a $100.0 million credit facility that bears interest at a rate of 130 basis points over LIBOR and matures in June 2018. The committed amount under this facility was temporarily increased to $250.0 million through January 2018. The financial institution that provided this credit facility has a security interest in the underlying mortgage notes that serve as collateral for this facility.

In 2017, we entered into a $100.0 million repurchase facility that bears interest at a rate of 135 basis points over LIBOR and matures in August 2018. The financial institution that provided this credit facility has a security interest in the underlying mortgage notes that serve as collateral for this facility.

In 2017, we simultaneously terminated our then existing $30.0 million letter of credit facility and entered into a new $50.0 million letter of credit facility with a different financial institution. We issued letters of credit to secure obligations under the Fannie Mae DUS program and the Freddie Mac SBL program. The letter of credit facility bears interest at a fixed rate of 2.875%, matures in September 2020 and is primarily collateralized by our servicing revenue as approved by Fannie Mae and Freddie Mac. The letter of credit facility includes a $5.0 million sublimit for an obligation under the Freddie Mac SBL program. At December 31, 2017, the letters of credit outstanding include $42.0 million for the Fannie Mae DUS program and $5.0 million for the Freddie Mac SBL program.

CLOs

We account for our CLO transactions on our consolidated balance sheet as financing facilities. Our CLOs are VIEs for which we are the primary beneficiary and are consolidated in our financial statements. The investment grade tranches are treated as secured financings, and are non-recourse to us.

The following table outlines borrowings and the corresponding collateral under our CLOs ($ in thousands):

								Collateral(3)
	Debt							Loans				Cash
	Face Value		Carrying Value(1)		Wtd. Avg. Rate(2)			UPB		Carrying Value		Restricted Cash(4)
December 31, 2017
CLO IX	$	356,400	$	351,042		2.97	%	$	372,350	$	371,236	$	88,650
CLO VIII		282,874		278,606		2.92	%		364,838		363,339		162
CLO VII		279,000		275,331		3.61	%		346,524		345,220		13,476
CLO VI		250,250		247,470		4.10	%		314,382		313,582		10,618
CLO V		267,750		265,973		4.06	%		347,797		346,803		2,203

Total CLOs	$	1,436,274	$	1,418,422		3.48	%	$	1,745,891	$	1,740,180	$	115,109


December 31, 2016
CLO VI	$	250,250	$	246,443		3.30	%	$	324,569	$	323,351	$	431
CLO V		267,750		264,864		3.26	%		344,680		343,748		5,320
CLO IV		219,000		217,134		3.06	%		291,319		290,429		8,681

Total CLOs	$	737,000	$	728,441		3.21	%	$	960,568	$	957,528	$	14,432


(1)	Debt carrying value is net of $17.9 million and $8.6 million of deferred financing fees at December 31, 2017 and 2016, respectively.
(2)	At December 31, 2017 and 2016, the aggregate weighted average note rate for our CLOs, including certain fees and costs, was 4.08% and 3.71%, respectively.
(3)	At December 31, 2017 and 2016, there was no collateral at risk of default or deemed to be a "credit risk" as defined by the CLO indenture.
(4)	Represents restricted cash held for principal repayments as well as for reinvestment in the CLOs. Does not include restricted cash related to interest payments, delayed fundings and expenses.

In December 2017, we completed CLO IX, issuing five tranches of CLO notes through two newly-formed wholly-owned subsidiaries totaling $388.2 million. Of the total CLO notes issued, $356.4 million were investment grade notes issued to third party investors and $31.8 million were below investment grade notes retained by us. As of the CLO closing date, the notes were secured by a portfolio of loan obligations with a face value of $387.3 million, consisting primarily of bridge loans that were contributed from our existing loan portfolio. The financing has a stated maturity date in December 2027 and a three-year replacement period that allows the principal proceeds and sale proceeds (if any) of the loan obligations to be reinvested in qualifying replacement loan obligations, subject to the satisfaction of certain conditions set forth in the indenture. Thereafter, the outstanding debt balance will be reduced as loans are repaid. Initially, the proceeds of the issuance of the securities also included $92.7 million for the purpose of acquiring additional loan obligations for a period of up to 120 days from the CLO closing date. Subsequently, the issuer will own loan obligations with a face value of $480.0 million. We retained a residual interest in the portfolio with a notional amount of $123.6 million, including the $31.8 million below investment grade notes. The notes had an initial weighted average interest rate of 1.36% plus LIBOR and interest payments on the notes are payable monthly.

In September 2017, we completed the unwind of CLO IV, redeeming $219.0 million of our outstanding notes which were repaid primarily from the refinancing of the remaining assets within our existing financing facilities (including CLO VIII), as well as with cash held by CLO IV, and expensed $1.1 million of deferred financing fees into interest expense on the consolidated statements of income.

In August 2017, we completed CLO VIII, issuing six tranches of CLO notes through two newly-formed wholly-owned subsidiaries totaling $312.1 million. Of the total CLO notes issued, $282.9 million were investment grade notes issued to third party investors and $29.2 million were below investment grade notes retained by us. As of the CLO closing date, the notes were secured by a portfolio of loan obligations with a face value of $293.7 million, consisting primarily of bridge loans that were contributed from our existing loan portfolio. The financing has a stated maturity date in August 2027 and a three-year replacement period that allows the principal proceeds and sale proceeds (if any) of the loan obligations to be reinvested in qualifying replacement loan obligations, subject to the satisfaction of certain conditions set forth in the indenture. Thereafter, the outstanding debt balance will be reduced as loans are repaid. Initially, the proceeds of the issuance of the securities also included $71.3 million for the purpose of acquiring additional loan obligations for a period of up to 120 days from the CLO closing date, which we subsequently utilized resulting in the issuer owning loan obligations with a face value of $365.0 million. We retained a residual interest in the portfolio with a notional amount of $82.1 million, including the $29.2 million below investment grade notes. The notes had an initial weighted average interest rate of 1.31% plus LIBOR and interest payments on the notes are payable monthly.

In April 2017, we completed CLO VII, issuing to third party investors three tranches of investment grade CLOs through two newly-formed wholly-owned subsidiaries totaling $279.0 million. As of the CLO closing date, the notes were secured by a portfolio of loan obligations with a face value of $296.2 million, consisting primarily of bridge loans that were contributed from our existing loan portfolio. The financing has a stated maturity date in April 2027 and a three-year replacement period that allows the principal proceeds and sale proceeds (if any) of the loan obligations to be reinvested in qualifying replacement loan obligations, subject to the satisfaction of certain conditions set forth in the indenture. Thereafter, the outstanding debt balance will be reduced as loans are repaid. Initially, the proceeds of the issuance of the securities also included $63.8 million for the purpose of acquiring additional loan obligations for a period of up to 120 days from the CLO closing date, which were subsequently utilized resulting in the issuer owning loan obligations with a face value of $360.0 million. We retained a residual interest in the portfolio with a notional amount of $81.0 million. The notes had an initial weighted average interest rate of 1.99% plus LIBOR and interest payments on the notes are payable monthly.

In December 2016, we completed the unwind of CLO III, redeeming $281.3 million of our outstanding notes which were repaid primarily from the refinancing of the remaining assets within our financing facilities, as well as with cash held by the CLO, and expensed $1.0 million of deferred fees into interest expense in the consolidated statements of income.

In August 2016, we completed CLO VI, issuing to third party investors three tranches of investment grade CLOs through two newly-formed wholly-owned subsidiaries totaling $250.3 million. As of the CLO closing date, the notes were secured by a portfolio of loan obligations with a face value of $275.4 million, consisting primarily of bridge loans that were contributed from our existing loan portfolio. The financing has a stated maturity date in September 2026 and a three year replacement period that allows the principal proceeds and sale proceeds (if any) of the loan obligations to be reinvested in qualifying replacement loan obligations, subject to the satisfaction of certain conditions set forth in the indenture. Thereafter, the outstanding debt balance will be reduced as loans are repaid. Initially, the proceeds of the issuance of the securities also included $49.6 million for the purpose of acquiring additional loan obligations for a period of up to 120 days from the closing date of the CLO, which were subsequently utilized resulting in the issuer owning loan obligations with a face value of $325.0 million. We retained a residual interest in the portfolio with a notional amount of $74.8 million. The notes had an initial weighted average interest rate of 2.48% plus LIBOR and interest payments on the notes are payable monthly.

In August 2015, we completed CLO V, issuing to third party investors three tranches of investment grade CLOs through two newly-formed wholly-owned subsidiaries totaling $267.8 million, of which we purchased $12.5 million of Class C notes that we subsequently sold at par for $12.5 million. As of the CLO closing date, the notes were secured by a portfolio of loan obligations with a face value of $302.6 million, consisting primarily of bridge loans that were contributed from our existing loan portfolio. The financing has a stated maturity date in September 2025 and a three year replacement period that allows the principal proceeds and sale proceeds (if any) of the loan obligations to be reinvested in qualifying replacement loan obligations, subject to the satisfaction of certain conditions set forth in the indenture. Thereafter, the outstanding debt balance will be reduced as loans are repaid. Initially, the proceeds of the issuance of the securities also included $47.4 million for the purpose of acquiring additional loan obligations for a period of up to 120 days from the closing date of the CLO, which were subsequently utilized resulting in the issuer owning loan obligations with a face value of $350.0 million. We retained a residual interest in the portfolio with a notional amount of $82.3 million. The notes had an initial weighted average interest rate of 2.44% plus LIBOR and interest payments on the notes are payable monthly.

Luxembourg Debt Fund

In November 2017, we formed a $100.0 million Luxembourg commercial real estate debt fund and issued to third party investors $70.0 million of floating rate notes which bear an initial interest rate of 4.15% over LIBOR. The notes mature in 2025 and we retained a $30.0 million equity interest in the Debt Fund. The Debt Fund is secured by a portfolio of loan obligations with a face value of $100.0 million, which includes first mortgage bridge loans, senior participations interests in first mortgage bridge loans, subordinate participation interest in first mortgage bridge loans and participation interests in mezzanine loans. The Debt Fund allows, for a period of three years, principal proceeds from portfolio assets to be reinvested in qualifying replacement assets, subject to certain conditions.

Borrowings and the corresponding collateral under our Debt Fund as of December 31, 2017 are as follows ($ in thousands):

Debt						Collateral(3)
						Loans				Cash
Face Value	Carrying Value(1)		Wtd. Avg. Rate(2)			UPB		Carrying Value		Restricted Cash(4)
$70,000	$	68,084		5.79	%	$	96,995	$	96,564	$	3,005


(1)	Debt carrying value is net of $1.9 million of deferred financing fees at December 31, 2017.
(2)	At December 31, 2017 the aggregate weighted average note rate, including certain fees and costs, was 6.05%.
(3)	At December 31, 2017, there was no collateral at risk of default or deemed to be a "credit risk."
(4)	Represents restricted cash held for reinvestment. Does not include restricted cash related to interest payments, delayed fundings and expenses.

Senior Unsecured Notes

The debt carrying value of our senior unsecured notes at December 31, 2017 and 2016 were $95.3 million and $94.5 million, respectively, which were net of $2.6 million and $3.3 million, respectively, of deferred financing fees. The notes are due in 2021; however, they became eligible for redemption by us on May 16, 2017. Including certain fees and costs, the weighted average note rate was 8.16% and 8.15% at December 31, 2017 and 2016, respectively.

Convertible Senior Unsecured Notes

In November 2017, we issued $143.8 million aggregate principal amount of 5.375% convertible senior unsecured notes, which included the underwriter's exercise of the over-allotment option of $18.8 million. The notes pay interest semiannually in arrears. We received total proceeds of $139.2 million from the offering, net of deferred financing fees, which is being amortized through interest expense over the life of the notes. The notes mature in November 2020, unless earlier converted or repurchased by the holders pursuant to their terms. The initial conversion rate was 107.7122 shares of common stock per $1,000 principal amount of notes and represents a conversion price of $9.28 per share of common stock.

In October 2016, we issued $86.3 million aggregate principal amount of 6.50% convertible senior unsecured notes, including the underwriter's over-allotment option of $11.3 million, and, in January 2017, we issued an additional $13.8 million, which brought the aggregate outstanding principal amount of the notes to $100.0 million. The additional issuance in January 2017 is fully fungible with, and ranks equally in right of payment with, the initial issuance. The notes pay interest semiannually in arrears. We received total proceeds of $95.8 million from the offerings, net of deferred financing fees, which are being amortized through interest expense over the life of the notes. The notes mature in October 2019, unless earlier converted or repurchased by the holders pursuant to their terms. The initial conversion rate was 119.3033 shares of common stock per $1,000 principal amount of notes and represented a conversion price of $8.38 per share of common stock. At December 31, 2017, the notes had a conversion rate of 120.465 shares of common stock per $1,000 principal amount of notes, which represented a conversion price of $8.30 per share of common stock.

Our convertible senior unsecured notes are not redeemable by us prior to their maturities and are convertible 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 of the notes, plus accrued and unpaid interest, if we undergo a fundamental change as specified in the agreements.

Accounting guidance requires that convertible debt instruments with cash settlement features, including partial cash settlement, account for the liability component and equity component (conversion feature) of the instrument separately. The initial value of the liability component reflects the present value of the discounted cash flows using the nonconvertible debt borrowing rate at the time of the issuance. The debt discount represents the difference between the proceeds received from the issuance and the initial carrying value of the liability component, which is being accreted back to the notes principal amount through interest expense over the term of the notes, which was 2.41 years and 2.75 years at December 31, 2017 and 2016, respectively, on a weighted average basis.

The UPB, unamortized discount and net carrying amount of the liability and equity components of the notes were as follows (in thousands):

	Liability Component								Equity Component
Period	UPB		Unamortized Debt Discount		Unamortized Deferred Financing Fees		Net Carrying Value		Net Carrying Value
December 31, 2017	$	243,750	$	5,742	$	6,721	$	231,287	$	6,733


December 31, 2016	$	86,250	$	2,119	$	3,471	$	80,660	$	2,179

During 2017, we incurred total interest expense on the notes of $10.1 million, of which $7.4 million, $1.6 million and $1.1 million related to the cash coupons, accretion of the deferred financing fees and of the debt discount, respectively. During 2016, we incurred total interest expense on the notes of $1.9 million, of which $1.4 million, $0.3 million and $0.2 million related to the cash coupon, accretion of the deferred financing fees and of the debt discount, respectively. Including the amortization of the deferred financing fees and debt discount, our weighted average total cost of the notes is 7.96% per annum.

Junior Subordinated Notes

In 2017, we purchased, at a discount, $20.9 million of our junior subordinated notes with a carrying value of $19.8 million and recorded a gain on extinguishment of debt of $7.1 million. As a result, we settled our related equity investment and extinguished $21.5 million of notes. The carrying value of borrowings under our junior subordinated notes was $139.6 million and $157.9 million at December 31, 2017 and 2016, respectively, which is net of a deferred amount of $12.5 million and $14.9 million, respectively, (which is being amortized into interest expense over the life of the notes) and $2.2 million and $3.1 million, respectively, of deferred financing fees. These notes have maturities ranging from March 2034 through April 2037 and pay interest quarterly at a fixed or floating rate of interest based on LIBOR. The current weighted average note rate was 4.53% and 3.82% at December 31, 2017 and 2016, respectively. Including certain fees and costs, the weighted average note rate was 4.63% and 3.94% at December 31, 2017 and 2016, respectively.

Related Party Financing

In connection with the Acquisition, we entered into a $50.0 million preferred equity interest financing agreement with our Former Manager to finance a portion of the aggregate purchase price. The debt has a five year term with a preferred return of 7% through December 31, 2016, increasing by 1% per annum thereafter, with a maximum rate of 12%. In addition, after eighteen months, the principal balance due is scheduled to increase over time with $62.5 million due if the debt remained outstanding until the end of the five-year term. Interest expense associated with this financing is recorded using the effective yield method. At both December 31, 2017 and 2016, the outstanding principal balance was $50.0 million and, during 2017 and 2016, we recorded interest expense of $3.8 million and $1.8 million, respectively. In January 2018, we paid $50.0 million in full satisfaction of this debt.

Collateralized Debt Obligations (CDOs)

In 2015, we completed the unwind of our remaining CDO vehicles and terminated the related basis and interest rate swaps, which resulted in a loss of $4.6 million.

Debt Covenants

Credit Facilities and Repurchase Agreements. The credit facilities and repurchase agreements contain various financial covenants, including, but not limited to, minimum liquidity requirements, minimum net worth 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 December 31, 2017.

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 as of December 31, 2017, as well as on the most recent determination dates in February 2018. 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 (i) cash on hand, (ii) income from any CLO not in breach of a covenant test, (iii) income from real property and loan assets, (iv) sale of assets, or (v) 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.

A summary of our CLO compliance tests as of the most recent determination dates in February 2018 is as follows:

Cash Flow Triggers	CLO V			CLO VI			CLO VII			CLO VIII			CLO IX
Overcollateralization(1)
Current		130.72	%		129.87	%		129.03	%		129.03	%		134.68	%
Limit		129.72	%		128.87	%		128.03	%		128.03	%		133.68	%
Pass / Fail		Pass			Pass			Pass			Pass			Pass
Interest Coverage(2)
Current		214.53	%		249.66	%		245.32	%		322.10	%		264.20	%
Limit		120.00	%		120.00	%		120.00	%		120.00	%		120.00	%
Pass / Fail		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.

A summary of our CLO overcollateralization ratios as of the determination dates subsequent to each quarter is as follows:

Determination(1)	CLO V			CLO VI			CLO VII			CLO VIII			CLO IX
January 2018		130.72	%		129.87	%		129.03	%		129.03	%		134.68	%
October 2017		130.72	%		129.87	%		129.03	%		129.03	%		—
July 2017		130.72	%		129.87	%		129.03	%		—			—
April 2017		130.72	%		129.87	%		—			—			—
January 2017		130.72	%		129.87	%		—			—			—


(1)	The table above 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.

The ratio will fluctuate based on the performance of the underlying assets, transfers of assets into the CLOs prior to the expiration of their respective replenishment dates, purchase or disposal of other investments, and loan payoffs. No payment due under the junior subordinated indentures may be paid if there is a default under any senior debt and the senior lender has sent notice to the trustee. The junior subordinated indentures are also cross-defaulted with each other.

Allowance for Loss-Sharing Obligations

12 Months Ended

Dec. 31, 2017

Allowance for Loss-Sharing Obligations

Allowance for Loss-Sharing Obligations

Note 13—Allowance for Loss-Sharing Obligations

A summary of our allowance for loss-sharing obligations related to the Fannie Mae DUS program is as follows (in thousands):

	Year Ended December 31,
	2017			2016
Beginning balance	$	32,408		$	—
Allowance for loss-sharing obligations assumed in the Acquisition		—			32,617
Provision for loss sharing		6,358			3,218
Provision reversal for loan repayments		(6,617	)		(983	)
Charge-offs, net		(1,638	)		(2,444	)

Ending balance	$	30,511		$	32,408

When we settle a loss under the DUS loss-sharing model, the net loss is charged-off against the previously recorded loss-sharing obligation. The settled loss is often net of any previously advanced principal and interest payments in accordance with the DUS program, which are reflected as reductions to the proceeds needed to settle losses. At December 31, 2017 and 2016, we had outstanding advances of $0.1 million and $0.3 million, respectively, which were netted against the allowance for loss-sharing obligations.

At December 31, 2017 and 2016, the maximum quantifiable liability associated with our guarantees under the Fannie Mae DUS agreement were $2.24 billion and $2.04 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 Instruments

12 Months Ended

Dec. 31, 2017

Derivative Financial Instruments

Derivative Financial Instruments

Note 14—Derivative Financial Instruments

Structured Business. During 2017, our remaining two qualifying LIBOR cap hedges, with a notional value of $55.6 million, and our remaining two qualifying interest rate swap cash flow hedges, with a notional value of $41.5 million, matured. We entered into the LIBOR cap hedges due to certain CLO agreement requirments and we entered into the interest rate swaps to hedge the variable cash flows associated with existing variable-rate debt. As of December 31, 2017, the Structured Business did not have any derivative financial instruments. At December 31, 2016, the fair value of our LIBOR cap hedges and interest rate swaps was less than $0.1 million and $(0.2) million, respectively.

The following table presents the effect of our qualifying derivative financial instruments on the statements of income (in thousands):

	Loss Recognized in Other Comprehensive Income (Effective Portion)						Loss Reclassified from Accumulated Other Comprehensive Income into Interest Expense (Effective Portion)									Loss Reclassified from Accumulated Other Comprehensive Income into Loss on Termination of Swaps (Ineffective Portion)
	Year Ended December 31,
Derivative	2017		2016		2015		2017			2016			2015			2017		2016		2015
Interest Rate Swaps/Cap	$	—	$	193	$	1,019	$	(237	)	$	(5,208	)	$	(6,149	)	$	—	$	—	$	(4,626	)

At December 31, 2016, the cumulative amount of other comprehensive income related to net unrealized losses on derivatives designated as qualifying hedges were de minimis.

Agency Business. The following is a summary of our non-qualifying derivative financial instruments ($ in thousands):

December 31, 2017
	Notional Value					Fair Value
Derivative	Count		Notional Value		Balance Sheet Location	Derivative Assets		Derivative Liabilities
Rate Lock Commitments		3	$	38,578	Other Assets/ Other Liabilities	$	276	$	(278	)
Forward Sale Commitments		75		330,827	Other Assets/ Other Liabilities		408		(1,028	)

			$	369,405		$	684	$	(1,306	)


December 31, 2016

Rate Lock Commitments		12	$	156,685	Other Assets/ Other Liabilities	$	2,816	$	(764	)
Forward Sale Commitments		105		819,033	Other Assets/ Other Liabilities		2,799		(1,535	)

			$	975,718		$	5,615	$	(2,299	)

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, we enter into a forward sale commitment with the investor simultaneous 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 the 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 other income, 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 2017 and 2016, we recorded net losses of $1.4 million and net gains of $0.5 million, respectively, from changes in the fair value of these derivatives in other income, net and $76.8 million and $44.9 million, respectively, of income from MSRs. See Note 15—Fair Value for details.

Fair Value

12 Months Ended

Dec. 31, 2017

Fair Value.

Fair Value

Note 15—Fair Value

Fair value estimates are dependent upon subjective assumptions and involve significant uncertainties resulting in variability in estimates with changes in assumptions. The following table summarizes the principal amounts, carrying values and the estimated fair values of our financial instruments (in thousands):

	December 31, 2017						December 31, 2016
	Principal / Notional Amount		Carrying Value		Estimated Fair Value		Principal / Notional Amount		Carrying Value		Estimated Fair Value
Financial assets:
Loans and investments, net	$	2,652,538	$	2,579,127	$	2,652,520	$	1,790,160	$	1,695,732	$	1,749,130
Loans held-for-sale, net		292,249		297,443		302,883		675,494		673,367		683,833
Capitalized mortgage servicing rights, net		n/a		252,608		286,073		n/a		227,743		245,456
Securities held-to-maturity, net		40,566		27,837		28,439		—		—		—
Derivative financial instuments		77,984		684		684		550,118		5,615		5,615
Financial liabilities:
Credit and repurchase facilities	$	530,938	$	528,573	$	529,992	$	908,680	$	906,637	$	907,883
Collateralized loan obligations		1,436,274		1,418,422		1,436,871		737,000		728,441		728,643
Debt Fund		70,000		68,084		70,000		—		—		—
Senior unsecured notes		97,860		95,280		99,582		97,860		94,522		99,034
Convertible senior unsecured notes, net		243,750		231,287		254,335		86,250		80,660		86,586
Junior subordinated notes		154,336		139,590		94,215		175,858		157,859		105,650
Related party financing		50,000		50,000		49,682		50,000		50,000		55,120
Derivative financial instruments		291,421		1,306		1,306		522,651		2,451		2,451

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. 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.

Determining which category an asset or liability falls within the hierarchy requires significant judgment and we evaluate our hierarchy disclosures each quarter.

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 Level 3 inputs based on direct capitalization rate and discounted cash flow methodologies using discount rates, which, in our opinion, best reflect current market interest rates that would be offered for loans with similar characteristics and credit quality. Fair values of impaired loans and investments are estimated using Level 3 inputs that require significant judgments, which include assumptions regarding discount rates, capitalization rates, creditworthiness of major tenants, occupancy rates, availability of financing, exit plan and other factors.

Loans held-for-sale, net. Consists of originated loans that are generally transferred or sold within 60 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 Level 3 inputs based on discounted future net cash flow methodology. The fair value of MSRs carried at amortized cost are 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 Level 3 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.

Derivative financial instruments. The fair values of rate lock and forward sale commitments are estimated using valuation techniques, which include internally-developed models developed based on changes in the U.S. Treasury rate and other observable market data (Level 2). The fair value of rate lock commitments includes the fair value of the expected net cash flows associated with the servicing of the loans, see capitalized mortgage servicing rights, net above for details on the applicable valuation technique (Level 3). We also consider the impact of counterparty non-performance risk when measuring the fair value of these derivatives. Given the credit quality of our counterparties, the short duration of interest rate lock commitments and forward sale contracts, and our historical experience, the risk of nonperformance by our counterparties is not significant.

Credit facilities and repurchase agreements. Fair values for credit facilities and repurchase agreements of the Structured Business are estimated at Level 3 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. The majority of our credit facilities and repurchase agreement for the Agency Business bear interest at rates that are similar to those available in the market currently and the fair values are estimated using Level 2 inputs. For these facilities, the fair values approximate their carrying values.

Collateralized loan obligations, Debt Fund, junior subordinated notes and related party financing. Fair values are estimated at Level 3 based on broker quotations, representing the discounted expected future cash flows at a yield that reflects current market interest rates and credit spreads.

Senior unsecured notes. Fair values are estimated at Level 1 based on current market quotes received from active markets.

Convertible senior unsecured notes, net. Fair values are estimated at Level 2 based on current market quotes received from inactive markets.

We measure certain financial assets and financial liabilities at fair value on a recurring basis. The fair values of these financial assets and liabilities were determined using the following input levels as of December 31, 2017 (in thousands):

					Fair Value Measurements Using Fair Value Hierarchy
	Carrying Value				Fair Value Measurements Using Fair Value Hierarchy
	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Derivative financial instruments	$	684	$	684	$	—	$	408	$	276
Financial liabilities:
Derivative financial instruments	$	1,306	$	1,306	$	—	$	1,306	$	—

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 were determined using the following input levels as of December 31, 2017 (in thousands):

					Fair Value Measurements Using Fair Value Hierarchy
	Net Carrying Value				Fair Value Measurements Using Fair Value Hierarchy
	Net Carrying Value		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Impaired loans, net(1)	$	100,766	$	100,766	$	—	$	—	$	100,766
Non-financial assets:
Long-lived assets(2)	$	16,787	$	16,787	$	—	$	—	$	16,787


(1)	We had an allowance for loan losses of $62.8 million relating to five loans with an aggregate carrying value, before loan loss reserves, of $163.6 million at December 31, 2017.
(2)	During 2017 and 2016, we determined that our real estate owned properties exhibited indicators of impairment and impairment analyses were performed, resulting in impairment losses of $3.2 million and $11.2 million, respectively. See Note 10—Real Estate Owned and Held-For-Sale for details.

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 loan 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 we will be unable to collect all amounts due for both principal and interest 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 loan losses. 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. The table above and below includes all impaired loans, regardless of the period in which the impairment was recognized.

Long-lived assets: We review our real estate owned assets when events or circumstances change, indicating that the carrying amount of an asset may not be recoverable. In the evaluation of a real estate owned asset for impairment, many factors are considered, including estimated current and expected operating cash flows from the asset during the projected holding period, costs necessary to extend the life or improve the asset, expected capitalization rates, projected stabilized net operating income, selling costs, and the ability to hold and dispose of the asset in the ordinary course of business. We first compare the undiscounted cash flows to be generated by the asset to the carrying value of such asset. If the undiscounted cash flows are less than the carrying value, we recognize impairment based on discounted cash flows.

Quantitative information about Level 3 fair value measurements at December 31, 2017 were as follows ($ in thousands):

	Fair Value		Valuation Techniques	Significant Unobservable Inputs
Financial assets:
Impaired loans(1):
Land	$	70,928	Discounted cash flows	Discount rate	15.00	%
				Capitalization rate	7.25	%
				Revenue growth rate	3.00	%
Hotel		29,050	Discounted cash flows	Discount rate	9.00	%
				Capitalization rate	7.00	%
				Revenue growth rate	3.30	%
Office		788	Discounted cash flows	Discount rate	11.00	%
				Capitalization rate	9.00	%
				Revenue growth rate	2.50	%
Derivative financial instruments:
Rate lock commitments		276	Discounted cash flows	W/A discount rate	8.25	%
Financial assets:
Long-lived assets:
Hotel		11,458	Discounted cash flows	Discount rate	11.75	%
				Capitalization rate	9.75	%
				Revenue growth rate	3.50	%
				Hold period	3 years


(1)	Includes all impaired loans regardless of the period in which a loan loss provision was recorded.

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 were as follows (in thousands):

	Fair Value Measurements Using Significant Unobservable Inputs for the Year Ended December 31,
	2017			2016
Derivative assets
Balance at beginning of period	$	2,816		$	—
Additions from the Acquisition		—			4,529
Settlements		(79,360	)		(26,157	)
Realized gains recorded in earnings		76,544			21,628
Unrealized gains recorded in earnings		276			2,816

Balance at end of period	$	276		$	2,816

The following table presents 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 (in thousands):

	Notional/ Principal Amount		Fair Value of Servicing Rights		Interest Rate Movement Effect			Total Fair Value Adjustment
December 31, 2017
Rate lock commitments	$	38,578	$	276	$	(278	)	$	(2	)
Forward sale commitments		330,827		—		278			278
Loans held-for-sale, net (1)		292,249		5,806		—			5,806

Total			$	6,082	$	—		$	6,082


(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 was determined using the following input levels as of December 31, 2017 (in thousands):

					Fair Value Measurements Using Fair Value Hierarchy
	Carrying Value				Fair Value Measurements Using Fair Value Hierarchy
	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Loans and investments, net	$	2,579,127	$	2,652,520	$	—	$	—	$	2,652,520
Loans held-for-sale, net		297,443		302,883		—		297,077		5,806
Capitalized mortgage servicing rights, net		252,608		286,073		—		—		286,073
Securities held-to-maturity, net		27,837		28,439		—		—		28,439
Financial liabilities:
Credit and repurchase facilities	$	528,573	$	529,992	$	—	$	291,536	$	238,456
Collateralized loan obligations		1,418,422		1,436,871		—		—		1,436,871
Debt Fund		68,084		70,000		—		—		70,000
Senior unsecured notes		95,280		99,582		99,582		—		—
Convertible senior unsecured notes, net		231,287		254,335		—		254,335		—
Junior subordinated notes		139,590		94,215		—		—		94,215
Related party financing		50,000		49,682		—		—		49,682

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2017

Commitments and Contingencies

Commitments and Contingencies

Note 16—Commitments and Contingencies

Agency Business Commitments. The 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.

As of December 31, 2017, we were required to maintain at least $12.3 million of liquid assets in one of our subsidiaries to meet our operational liquidity requirements for Fannie Mae and we had operational liquidity in excess of this requirement.

We are generally required to share the risk of any losses associated with loans sold under the Fannie Mae DUS program and are required to secure this obligation by assigning restricted cash balances and/or a letter of credit to Fannie Mae. The amount of collateral required by Fannie Mae is a formulaic calculation at the loan level by a Fannie Mae assigned tier which considers the loan balance, risk level of the loan, age of the loan and level of risk-sharing. Fannie Mae requires restricted liquidity for Tier 2 loans of 75 basis points, 15 basis points for Tier 3 loans and 5 basis points for Tier 4 loans, which is funded over a 48-month period that begins upon delivery of the loan to Fannie Mae. A significant portion of our Fannie Mae DUS serviced loans for which we have risk sharing are Tier 2 loans. As of December 31, 2017, we met the restricted liquidity requirement with a $42.0 million letter of credit.

As of December 31, 2017, reserve requirements for the Fannie Mae DUS loan portfolio will require us to fund $27.7 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. As of December 31, 2017, we met all of Fannie Mae's quarterly capital requirements and our Fannie Mae adjusted net worth was in excess of the required net worth. We are also subject to capital requirements on an annual basis for Ginnie Mae or FHA and we believe we have met all requirements as of December 31, 2017.

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 we utilize letters of credit to fund. At December 31, 2017, we had an outstanding letter of credit of $5.0 million in satisfaction of our requirements under this program.

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 Note 14—Derivative Financial Instruments and Note 15—Fair Value.

Debt Obligations and Operating Leases. As of December 31, 2017, the maturities of our debt obligations and the minimum annual operating lease payments under leases with a term in excess of one year, were as follows (in thousands):

Year	Debt Obligations		Minimum Annual Operating Lease Payments		Total
2018	$	664,158	$	4,361	$	668,519
2019		507,933		3,719		511,652
2020		734,059		3,143		737,202
2021		431,715		1,725		433,440
2022		49,519		1,597		51,116
Thereafter		208,274		5,329		213,603

Total	$	2,595,658	$	19,874	$	2,615,532

Unfunded Commitments. In accordance with certain structured loans and investments, we have outstanding unfunded commitments of $68.6 million as of December 31, 2017 that we are obligated to fund as borrowers meet certain requirements. Specific requirements include, but are not limited to, property renovations, building construction and conversions based on criteria met by the borrower in accordance with the loan agreements.

Litigation. We are currently neither subject to any material litigation nor, to the best of our knowledge, threatened by any material litigation other than the following:

In June 2011, three related lawsuits were filed by the Extended Stay Litigation Trust (the "Trust"), a post-bankruptcy litigation trust alleged to have standing to pursue claims that previously had been held by Extended Stay, Inc. and the Homestead Village L.L.C. family of companies (together "ESI") (formerly Chapter 11 debtors, together the "Debtors") that have emerged from bankruptcy. Two of the lawsuits were filed in the U.S. Bankruptcy Court for the Southern District of New York, and the third in the Supreme Court of the State of New York, New York County. There were 73 defendants in the three lawsuits, including 55 corporate and partnership entities and 18 individuals. A subsidiary of ours and certain other entities that are affiliates of ours are included as defendants. The New York State Court action has been removed to the Bankruptcy Court. Our affiliates filed a motion to dismiss the three lawsuits.

The lawsuits all allege, as a factual basis and background certain facts surrounding the June 2007 leveraged buyout of ESI from affiliates of Blackstone Capital. Our subsidiary, Arbor ESH II, LLC, had a $115.0 million investment in the Series A1 Preferred Units of a holding company of Extended Stay, Inc. The New York State Court action and one of the two federal court actions name as defendants, Arbor ESH II, LLC, ACM and ABT-ESI LLC, an entity in which we have a membership interest, among the broad group of defendants. These two actions were commenced by substantially identical complaints. The defendants are alleged in these complaints, among other things, to have breached fiduciary and contractual duties by causing or allowing the Debtors to pay illegal dividends or other improper distributions of value at a time when the Debtors were insolvent. These two complaints also allege that the defendants aided and abetted, induced, or participated in breaches of fiduciary duty, waste, and unjust enrichment ("Fiduciary Duty Claims") and name a director of ours, and a former general counsel of ACM, each of whom had served on the Board of Directors of ESI for a period of time. We are defending these two defendants and paying the costs of such defense. On the basis of the foregoing allegations, the Trust has asserted claims under a number of common law theories, seeking the return of assets transferred by the Debtors prior to the Debtors' bankruptcy filing.

In the third action, filed in Bankruptcy Court, the same plaintiff, the Trust, has named ACM and ABT-ESI LLC, together with a number of other defendants and asserts claims, including constructive and fraudulent conveyance claims under state and federal statutes, as well as a claim under the Federal Debt Collection Procedure Act.

In June 2013, the Trust filed a motion to amend the lawsuits, to, among other things, (i) consolidate the lawsuits into one lawsuit, (ii) remove 47 defendants, none of whom are related to us, from the lawsuits so that there are 26 remaining defendants, including 16 corporate and partnership entities and 10 individuals, and (iii) reduce the counts within the lawsuits from over 100 down to 17. The remaining counts in the amended complaint against our affiliates are principally state law claims for breach of fiduciary duties, waste, unlawful dividends and unjust enrichment, and claims under the Bankruptcy Code for avoidance and recovery actions, among others. The bankruptcy court granted the motion and the amended complaint has been filed. The amended complaint seeks approximately $139.0 million in the aggregate, plus interest from the date of the alleged unlawful transfers, from director designees, portions of which are also sought from our affiliates as well as from unaffiliated defendants. We have moved to dismiss the referenced actions and intend to vigorously defend against the claims asserted therein. During a status conference held in March 2014, the Court heard oral argument on the motion to dismiss and adjourned the case pending a ruling. Subsequent to that hearing, a new judge was assigned to the case and, in November 2016, the new judge entered an order directing the parties to file supplemental briefs addressing new cases decided since the last round of briefing. Oral arguments regarding the motion to dismiss were heard at a hearing held in January 2017. The Court reserved decision at that hearing.

We have not made a loss accrual for this litigation because we believe that it is not probable that a loss has been incurred and an amount cannot be reasonably estimated.

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

12 Months Ended

Dec. 31, 2017

Variable Interest Entities

Variable Interest Entities

Note 17—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 Debt Fund subsidiaries, which are owned by ARLP, are VIEs. ARLP is already consolidated in our financial statements, therefore, the identification of this entity as a VIE had no impact on our consolidated financial statements.

Our CLO and Debt Fund consolidated subsidiaries invest in real estate and real estate-related securities and are financed by the issuance of debt securities. We, or one of our affiliates, are named collateral manager, servicer, and special servicer for all collateral assets held in CLOs, which we believe gives us the power to direct the most significant economic activities of those entities. We also have exposure to losses to the extent of our equity interests and also have 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 by the CLOs and Debt Fund to third parties. Our operating results and cash flows include the gross amounts related to CLO and Debt Fund assets and liabilities as opposed to our net economic interests in those entities.

The assets and liabilities related to these consolidated CLOs and Debt Fund are as follows (in thousands):

	December 31, 2017		December 31, 2016
Assets:
Restricted cash	$	138,736	$	15,542
Loans and investments, net		1,836,744		957,528
Due from related party		24		—
Other assets		13,987		6,982

Total assets	$	1,989,491	$	980,052


Liabilities:
Collateralized loan obligations	$	1,418,422	$	728,441
Debt fund		68,084		—
Other liabilities		2,046		1,646

Total liabilities	$	1,488,552	$	730,087

Assets held by the CLOs and Debt Fund are restricted and can only be used to settle obligations of the CLOs and Debt Fund, respectively. The liabilities of the CLOs and Debt Fund are non-recourse to us and can only be satisfied from each respective asset pool. See Note 12—Debt Obligations for details.

We are not obligated to provide, have not provided, and do not intend to provide financial support to any of the consolidated CLOs or Debt Fund.

Unconsolidated VIEs. We determined that we are not the primary beneficiary of 21 VIEs in which we have a variable interest as of December 31, 2017 because we do not have the ability to direct the activities of the VIEs that most significantly impact each entity's economic performance.

The following is a summary of our variable interests in identified VIEs, of which we are not the primary beneficiary, as of December 31, 2017 (in thousands):

Type	Carrying Amount(1)
Loans	$	321,171
B Piece bonds		27,837
Agency IOs		4,051
Equity investments		2,141

Total	$	355,200


(1)	Represents the carrying amount of loans and investments before reserves. At December 31, 2017, $161.8 million of loans to VIEs had corresponding loan loss reserves of $61.1 million. See Note 4—Loans and Investments for details. In addition, the maximum loss exposure at December 31, 2017 would not exceed the carrying amount of our investment for all VIEs presented above.

These unconsolidated VIEs have exposure to real estate debt of approximately $2.19 billion at December 31, 2017.

Equity

12 Months Ended

Dec. 31, 2017

Equity

Equity

Note 18—Equity

Preferred Stock. The Series A, B and C preferred stock may not be redeemed by us before February 2018, May 2018 and February 2019, respectively.

Common Stock. In May 2017, we completed a public offering in which we sold 9,500,000 shares of our common stock for $8.05 per share, and received net proceeds of $76.2 million after deducting the underwriting discount and other offering expenses. We used $25.0 million of the proceeds to exercise our option to fully internalize our management team and terminate the existing management agreement with our Former Manager and the remaining amount was used to make investments and for general corporate purposes.

As of December 31, 2017, there were 7,500,000 common shares available under an "At-The-Market" equity offering with JMP Securities LLC.

As of December 31, 2017, we had $179.8 million available under our $500.0 million shelf registration statement that was declared effective by the SEC in July 2016.

Noncontrolling Interest. Noncontrolling interest relates to the 21,230,769 OP Units issued to satisfy a portion of the Acquisition purchase price. The value of these OP units at the Acquisition date was $154.8 million. 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, which represents approximately 25.6% of the voting power of our outstanding stock at December 31, 2017. 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.

Distributions. The following table presents dividends declared (on a per share basis) for the year ended December 31, 2017:

Common Stock			Preferred Stock
				Dividend(1)
Declaration Date	Dividend		Declaration Date	Series A		Series B		Series C
November 1, 2017	$	0.19	November 1, 2017	$	0.515625	$	0.484375	$	0.53125
August 2, 2017	$	0.18	August 2, 2017	$	0.515625	$	0.484375	$	0.53125
May 3, 2017	$	0.18	May 3, 2017	$	0.515625	$	0.484375	$	0.53125
March 1, 2017	$	0.17	February 3, 2017	$	0.515625	$	0.484375	$	0.53125


(1)	The dividend declared on November 1, 2017 was for September 1, 2017 through November 30, 2017. The dividend declared on August 2, 2017 was for June 1, 2017 through August 31, 2017. The dividend declared on May 3, 2017 was for March 1, 2017 through May 31, 2017. The dividend declared on February 3, 2017 was for December 1, 2016 through February 28, 2017.

Common Stock—On February 21, 2018, the Board of Directors declared a cash dividend of $0.21 per share of common stock. The dividend is payable on March 21, 2018 to common stockholders of record as of the close of business on March 8, 2018.

Preferred Stock—On February 2, 2018, the Board of Directors declared a cash dividend of $0.515625 per share of 8.25% Series A preferred stock; a cash dividend of $0.484375 per share of 7.75% Series B preferred stock; and a cash dividend of $0.53125 per share of 8.50% Series C preferred stock. These amounts reflect dividends from December 1, 2017 through February 28, 2018 and are payable on February 28, 2018 to preferred stockholders of record on February 15, 2018.

We have determined that 100% of the common stock and preferred stock dividends paid during 2017, 2016 and 2015 represented ordinary income to our stockholders for income tax purposes. In addition, pursuant to Internal Revenue Code Section 59(d), alternative minimum tax ("AMT") could be apportioned between a REIT and its stockholders to the extent the REIT distributes its regular taxable income. Since we have distributed our taxable income, the AMT adjustments are being apportioned to our stockholders. As such, we have determined that 9.92% of each distribution to our stockholders for the tax year ended December 31, 2017 consists of an AMT adjustment (i.e., for each $1 of dividend reportable by a stockholder, $0.0992 represents an AMT adjustment).

Deferred Compensation. We have a stock incentive plan under which the Board of Directors has the authority to issue shares of stock to certain employees, officers, directors and, prior to May 31, 2017, employees of our Former Manager.

Vesting of restricted shares is dependent on a service requirement. Dividends paid on restricted shares are recorded as dividends on shares of our common stock whether or not they are vested. For accounting purposes, we measure the compensation costs for these shares as of the grant date, with subsequent remeasurement for any unvested shares granted to non-employees of ours with such amounts expensed against earnings, at the grant date (for the portion that vest immediately) or ratably over the respective vesting periods.

In 2017, we issued 299,750 shares of restricted common stock under the 2014 Omnibus Stock Incentive Plan (the "2014 Plan") to certain employees of ours and our Former Manager with a total grant date fair value of $2.4 million. One third of the shares vested as of the grant date, one third will vest in March 2018, and the remaining third will vest in March 2019. On the grant date we recorded $0.3 million to employee compensation and benefits and $0.5 million to selling and administrative expense in our consolidated statements of income for the portion that vested immediately. In connection with the full integration of our management team and termination of the existing management contract, effective May 31, 2017, all stock compensation previously granted to employees that transferred from our Former Manager (non-employees prior to May 31, 2017) will be recorded to employee compensation and benefits based on the remeasured fair value on May 31, 2017 over the remaining requisite service period. We also issued 74,375 shares of fully vested common stock to the independent members of the Board of Directors under the 2014 Plan and recorded $0.6 million to selling and administrative expense.

We entered into an amended and restated annual incentive agreement (the "2017 annual incentive agreement") with our chief executive officer, effective January 1, 2017. The chief executive officer's annual cash bonus and value of his annual long-term equity awards under the 2017 annual incentive agreement each increased 10% as a result of the Company meeting the equity capitalization growth goals in his previous incentive agreement. In addition, the chief executive officer is also eligible to receive a $3.0 million performance-based award of restricted stock annually for five years subject to meeting certain goals related to the integration of the Acquisition. Each $3.0 million award vests in full three years after the grant date and are subject to the chief executive officer's continued employment. In 2017, we granted our chief executive officer 357,569 shares of performance-based restricted stock with a grant date fair value of $2.7 million as a result of the Company meeting the goals related to the integration of the Acquisition. All other terms of the 2017 incentive agreement are consistent with the chief executive officer's previous incentive agreement.

In 2017, we issued 74,830 shares of restricted common stock to our chief executive officer under his 2017 annual incentive agreement with a grant date fair value of $0.6 million. One quarter of the shares vested as of the grant date and one quarter will vest on each of the first, second and third anniversaries of the grant date. On the grant date we recorded $0.1 million to employee compensation and benefits in our consolidated statements of income for the portion that vested immediately. Our chief executive officer was also granted up to 448,980 performance-based restricted stock units with a grant date fair value of $1.0 million that vest at the end of a four-year performance period based on our achievement of certain total stockholder return objectives. To date, our chief executive officer was granted in the aggregate up to 1,316,093 performance-based restricted stock units. During 2017, 2016 and 2015, we recorded $0.8 million, $0.5 million and $0.3 million to employee compensation and benefits related to performance-based restricted stock units.

As of December 31, 2017, unvested restricted stock consisted of 759,145 shares granted to our employees with a grant date fair value of $6.1 million and 15,827 shares granted to employees of our Former Manager with a grant date fair value of $0.1 million, which is subject to re-measurement each reporting period. Expense is recognized ratably over the vesting period in our consolidated statements of income in employee compensation and benefits expense and selling and administrative expense, respectively. During 2017, 2016 and 2015, we recorded the ratable portion of the unvested restricted stock to employees as employee compensation and benefits for $1.9 million, $0.7 million and $0.9 million, respectively, and for non-employees to selling and administrative expense for $0.6 million, $1.0 million and $0.8 million, respectively.

In 2016, we issued 282,405 shares of restricted common stock under the 2014 Plan to certain employees of ours and our Former Manager with a total grant date fair value of $1.9 million. One third of the shares vested as of the grant date, one third vested in March 2017, and the remaining third will vest in March 2018. On the grant date we recorded $0.2 million to employee compensation and benefits and $0.5 million to selling and administrative expense in our consolidated statements of income for the portion that vested immediately. We also issued 67,260 shares of fully vested common stock to the independent members of the Board of Directors under the 2014 Plan and recorded $0.4 million to selling and administrative expense.

In 2016, we issued 70,225 shares of restricted common stock to our chief executive officer under his annual incentive agreement with a grant date fair value of $0.5 million. One quarter of the shares vested as of the grant date and one quarter vests on each of the first, second and third anniversaries of the grant date. On the grant date we recorded $0.1 million to employee compensation and benefits in our consolidated statements of income for the portion that vested immediately. Our chief executive officer was also granted up to 421,348 performance-based restricted stock units that vest at the end of a four-year performance period based on our achievement of certain total stockholder return objectives. The restricted stock units had a grant date fair value of $0.9 million.

As of December 31, 2016, unvested restricted stock consisted of 202,037 shares granted to our employees with a grant date fair value of $1.4 million and 195,139 shares granted to employees of our Former Manager with a grant date fair value of $1.3 million, which is subject to re-measurement each reporting period.

In 2015, we issued 328,400 shares of restricted common stock under the 2014 Plan to certain employees of ours and our Former Manager, inclusive of 105,000 shares granted to our chief executive officer, with a total grant date fair value of $2.3 million. One third of the shares vested as of the grant date, one third vested in 2016, and the remaining third vested in 2017. On the grant date we recorded $0.4 million to employee compensation and benefits and $0.4 million to selling and administrative expense in our consolidated statements of income for the portion that vested immediately. In 2015, we also issued 83,430 shares of fully vested common stock to the independent members of the Board of Directors under the 2014 Plan and recorded $0.5 million to selling and administrative expense.

In 2015, we issued 74,294 shares of restricted common stock to our chief executive officer under his annual incentive agreement with a grant date fair value of $0.5 million. One quarter of the shares vested as of the grant date and one quarter vest on each of the first, second and third anniversaries of the grant date. On the grant date we recorded $0.1 million to employee compensation and benefits in our consolidated statements of income for the portion that vested immediately. Our chief executive officer was also granted up to 445,765 performance-based restricted stock units that vest at the end of a four-year performance period based on our achievement of certain total stockholder return objectives. The restricted stock units had a grant date fair value of $1.2 million.

As of December 31, 2015, unvested restricted stock consisted of 212,241 shares granted to our employees with a grant date fair value of $1.5 million and 154,169 shares granted to employees of our Former Manager with a grant date fair value of $1.1 million, which is subject to remeasurement each reporting period.

Earnings Per Share. Basic EPS is calculated by dividing net income 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 by the weighted average number of shares of common stock outstanding plus the additional dilutive effect of common stock equivalents during each period using the treasury stock method. Our common stock equivalents include the weighted average dilutive effect of performance-based restricted stock units granted to our chief executive officer, OP Units issued in connection with the Acquisition and convertible senior unsecured notes.

The following tables reconcile the numerator and denominator of our basic and diluted EPS computations ($ in thousands, except share and per share data):

	Year Ended December 31,
	2017				2016				2015
	Basic		Diluted		Basic		Diluted		Basic		Diluted
Net income attributable to common stockholders(1)	$	65,835	$	65,835	$	42,796	$	42,796	$	45,875	$	45,875
Net income attributable to noncontrolling interest(2)		—		24,120		—		—		—		—

Net income attributable to common stockholders and nocontrolling interest	$	65,835	$	89,955	$	42,796	$	42,796	$	45,875	$	45,875


Weighted average shares outstanding		57,890,574		57,890,574		51,305,095		51,305,095		50,857,750		50,857,750
Dilutive effect of OP Units(2)		—		21,230,769		—		—		—		—
Dilutive effect of restricted stock units(3)		—		1,092,072		—		425,458		—		149,578
Dilutive effect of convertible notes(4)		—		97,837		—		—		—		—

Weighted average shares outstanding		57,890,574		80,311,252		51,305,095		51,730,553		50,857,750		51,007,328


Net income per common share(1)	$	1.14	$	1.12	$	0.83	$	0.83	$	0.90	$	0.90


(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. For 2016, the OP Units were considered anti-dilutive and excluded from diluted EPS.
(3)	Our chief executive officer was granted restricted stock units in 2017, 2016 and 2015 which vest at the end of a four-year performance period based upon our achievement of total stockholder return objectives.
(4)	The convertible senior unsecured notes impact diluted earnings per share if the average price of our common stock exceeds the conversion price, as calculated in accordance with the terms of the indenture.

Income Taxes

12 Months Ended

Dec. 31, 2017

Income Taxes

Income Taxes

Note 19—Income Taxes

We are organized and conduct our operations to qualify as a REIT and to comply with the provisions of the Internal Revenue Code. A REIT is generally not subject to federal income tax on taxable income which it distributes to its stockholders, provided that it distributes at least 90% of its REIT—taxable income and meets certain other requirements. Certain REIT income may be subject to state and local income taxes. We did not have any REIT—federal taxable income, net of dividends paid and net operating loss deductions, for 2017, 2016 and 2015, and therefore, have not provided for REIT federal income tax expense. The REIT incurred state tax expenses for 2017 and 2016, in the amount of $1.0 million and $0.5 million, respectively. In 2015, the REIT did not incur any state tax expense. For the 2009 and 2010 tax years, the income and the tax on certain debt extinguishment transactions was, at our election, deferred to be recognized ratably over five years from 2014 to 2018.

Certain of our assets and operations that would not otherwise comply with the REIT requirements, such as the Agency Business, are owned or conducted through our TRS Consolidated Group, the majority of the income of which is subject to U.S. federal, state and local income taxes. The TRS Consolidated Group has federal net operating losses from prior years, which will be used against the income from the Agency Business. For 2017 and 2016, we recorded a provision for income taxes related to the assets held in the TRS Consolidated Group and the REIT in the amount of $13.4 million and $0.8 million, respectively. In 2017 and 2016, a valuation allowance previously recorded at the TRS Consolidated Group was released in the amount of $3.5 million and $5.4 million, respectively. We did not record a provision for income taxes in 2015.

The following table provides a summary of our pre-tax GAAP income (in thousands):

	Year Ended December 31,
	2017		2016		2015
Pre-tax GAAP income:
REIT	$	66,988	$	35,151	$	44,449
TRS Consolidated Group		43,880		8,470		1,426

Total pre-tax GAAP income	$	110,868	$	43,621	$	45,875

Our provision for (benefit from) income taxes was comprised as follows (in thousands):

	Year Ended December 31,
	2017			2016			2015
Current tax provision
Federal	$	17,201		$	768		$	298
State		3,557			1,589			118

Total		20,758			2,357			416

Deferred tax (benefit) provision
Federal	$	(2,928	)	$	1,449		$	(2,957	)
State		(929	)		2,380			(1,239	)
Valuation allowance		(3,542	)		(5,361	)		3,780

Total		(7,399	)		(1,532	)		(416	)

Total income tax expense	$	13,359		$	825		$	—

A reconciliation of our effective income tax rate as a percentage of pre-tax income to the U.S. federal statutory rate is as follows:

	Year Ended December 31,
	2017			2016			2015
U.S. federal statutory rate		35.0	%		35.0	%		35.0	%
REIT non-taxable income		(21.2	)		(28.2	)		(38.7	)
State and local income taxes, net of
federal tax benefit		1.6			6.9			(2.7	)
Change in valuation allowance		(1.3	)		(12.3	)		6.4
Tax rate change		(4.8	)		—			—
Other		2.7			0.5			—

Effective income tax rate		12.0	%		1.9	%		—	%

The significant components of our deferred tax assets and liabilities of our TRS Consolidated Group were as follows (in thousands):

	December 31,
	2017			2016
Deferred tax assets:
Expenses not currently deductible	$	9,750		$	2,428
Loan loss reserves		10,036			27,486
Net operating and capital loss carryforwards		137			219
Valuation allowance		(3,418	)		(6,960	)

Deferred tax assets, net	$	16,505		$	23,173


Deferred tax liabilities:
Interest in equity affiliates—net	$	2,841		$	7,179
Intangibles		15,673			24,860
Mortgage servicing rights		7,493			3,550
Other		1,252			858

Deferred tax liabilities, net	$	27,259		$	36,447

Our 2017 results of operations included the impact of the Tax Reform, which was signed into law on December 22, 2017. Among numerous provisions included in the new tax law was the reduction of the corporate federal income tax rate from 35% to 21%. The provision for income taxes for 2017 included the newly enacted corporate federal income tax rate of 21%, which resulted in a deferred income tax benefit of approximately $5.3 million primarily from applying the new lower income tax rates to our net long term deferred tax assets and liabilities recorded on our consolidated balance sheets. The final impact of the Tax Reform may differ due to, and among other things, changes in interpretations, assumptions made by us, the issuance of additional guidance and actions we may take as a result of the Tax Reform.

At December 31, 2017, our TRS Consolidated Group had $16.5 million of deferred tax assets, net of a $3.4 million valuation allowance. The deferred tax assets consisted primarily of expenses not currently deductible and loan loss reserves. Our TRS Consolidated Group's deferred tax assets were offset by $27.3 million in deferred tax liabilities, which consisted primarily of timing differences from investments in equity affiliates, intangibles and mortgage servicing rights.

At December 31, 2016, our TRS Consolidated Group had $23.2 million of deferred tax assets, net of a $7.0 million valuation allowance. The deferred tax assets consisted primarily of expenses not currently deductible and loan loss reserves. Our TRS Consolidated Group's deferred tax assets were offset by $36.4 million in deferred tax liabilities, which consisted primarily of timing differences from investments in equity affiliates, intangibles and mortgage servicing rights.

As of December 31, 2017 and 2016, the REIT (excluding the TRS Consolidated Group) had $3.3 million and $79.7 million, respectively, of federal net operating loss carryforwards and no capital loss carryforwards. A substantial portion of the net operating losses will expire between 2030 and 2033.

The TRS Consolidated Group had federal and state net operating loss carryforwards of $0.5 million at both December 31, 2017 and 2016, which expire through 2031. In 2016, the TRS Consolidated Group utilized net operating losses of $11.3 million.

We have assessed our tax positions for all open years, which includes 2014-2017, and have concluded that there were no material uncertainties to be recognized. We have not recognized any interest and penalties related to tax uncertainties for the years ended 2014 through 2017.

Agreements and Transactions with Related Parties

12 Months Ended

Dec. 31, 2017

Agreements and Transactions with Related Parties

Agreements and Transactions with Related Parties

Note 20—Agreements and Transactions with Related Parties

Management Agreement. Prior to May 31, 2017, we, ARLP and Arbor Realty SR, Inc. had a management agreement with ACM, pursuant to which ACM provided us with a variety of professional and advisory services vital to our operations, including underwriting, accounting and treasury, compliance, marketing, information technology and human resources. Pursuant to the terms of the management agreement, we reimbursed ACM for its actual costs incurred in connection with managing our business through a base management fee, and, under certain circumstances, an annual incentive fee. In May 2017, we exercised our option to fully internalize our management team and terminate the existing management agreement. See Note 3—Acquisition of Our Former Manager's Agency Platform for details.

The following table sets forth our base management fees and incentive fees incurred prior to the full internalization of our management team and termination of the existing management agreement (in thousands):

	Year Ended December 31,
Management Fees:	2017		2016		2015
Base	$	6,673	$	12,600	$	10,900
Incentive		—		—		—

Total management fee	$	6,673	$	12,600	$	10,900

We have entered into a shared services agreement with our Former Manager and certain of its affiliates where we will provide limited support services to our Former Manager and our Former Manager will reimburse us for the costs of performing such services. During 2017, we incurred $0.7 million of costs for services provided to our Former Manager which are included in due from related party on the consolidated balance sheet.

Other Related Party Transactions. Due from related party was $0.7 million at December 31, 2017, which consisted primarily of amounts due from our Former Manager for costs incurred in connection with the shared services agreement described above. Due from related party was $1.5 million at December 31, 2016 and consisted primarily of paydowns to be remitted and escrows held by our affiliated servicing operations related to real estate transactions.

Due to related party was $6.0 million at December 31, 2016 and consisted primarily of base management fees due to our Manager that we remitted in the following quarter.

Related party financing was $50.0 million at both December 31, 2017 and 2016 and represents a $50.0 million preferred equity interest financing agreement we entered into with ACM to finance a portion of the aggregate purchase price of the Acquisition. We incurred interest expense of $3.8 million and $1.8 million in 2017 and 2016, respectively, from this debt. In January 2018, this debt was paid off in full. See Note 12—Debt Obligations for details.

In December 2017, we acquired a $32.8 million bridge loan which was originated by our Former Manager. The loan was used to purchase several multifamily properties by a consortium of investors, which consisted of certain of our officers, including our chief executive officer, who together own 90% of the borrowing entity. The loan has an interest rate of LIBOR plus 5.0% with a LIBOR floor of 1.13% and matures in June 2020. Interest income recorded from this loan totaled $0.1 million for 2017.

In the fourth quarter of 2017, we originated two bridge loans totaling $28.0 million on two multifamily properties owned by a consortium of investors, consisting of certain of our officers, including our chief executive officer, who together own 45% in the borrowing entity. The loans have an interest rate of LIBOR plus 5.25% with LIBOR floors ranging from 1.24% to 1.54% and mature in the fourth quarter of 2020. Interest income recorded from these loans totaled $0.2 million for 2017.

In July 2017, we originated a $36.0 million bridge loan on a multifamily property owned by a consortium of investors. The consortium of investors includes certain of our officers, including our chief executive officer, who own an interest of approximately 95% in the borrowing entity. The loan has an interest rate of LIBOR plus 4.5% with a LIBOR floor of 1% and matures in July 2020. Interest income recorded from this loan totaled $0.9 million for 2017.

In May 2017, we originated a $46.9 million Fannie Mae loan on a multifamily property owned by a consortium of investors, including certain of our officers, who together own an interest of approximately 21.4% 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 2017.

In March 2017, a consortium of investors, including our chief executive officer and our Former Manager, invested $2.0 million for a 26.1% ownership interest in two portfolios of multifamily properties which has two bridge loans totaling $14.8 million originated by us in 2016. The loans have an interest rate of LIBOR plus 5.25% with a LIBOR floor of 0.5% and mature in November 2018. One of the loans was repaid in full in the fourth quarter of 2017 and we received proceeds of $6.5 million. Interest income recorded from these loans totaled $1.0 million for 2017.

In January 2017, we modified a $5.0 million preferred equity investment, increasing our balance to $15.0 million, with a commitment to fund an additional $5.0 million. This investment had a fixed interest rate of 11% and was scheduled to mature in January 2020, however, it was repaid in full in the fourth quarter of 2017. We also entered into an agreement with a consortium of investors consisting of certain of our officers, including our chief executive officer, which admitted them as a member to fund the remaining $5.0 million preferred equity investment, which was generally subordinate to our investment. Interest income recorded from our investment totaled $1.1 million for 2017.

In January 2017, Ginkgo Investment Company LLC ("Ginkgo"), of which one of our directors is a 33% managing member, purchased a multifamily apartment complex which assumed an existing $8.3 million Fannie Mae loan that we service. Ginkgo subsequently sold the majority of its interest in this property and owned a 3.6% interest at December 31, 2017. We carry a maximum loss-sharing obligation with Fannie Mae on this loan of up to 20% of the original UPB. Upon the sale, we received a 1% loan assumption fee which was governed by existing loan agreements that were in place when the loan was originated in 2015, prior to such purchase. Servicing revenue recorded from this loan was $0.1 million for 2017.

In September 2016, we originated $48.0 million of bridge loans on six multifamily properties owned by a consortium of investors consisting of certain of our officers, including our chief executive officer, who together own interests ranging from approximately 10.5% to 12.0% in the borrowing entities. The loans have an interest rate of LIBOR plus 4.5% with a LIBOR floor of 0.25% and mature in September 2019. In August 2017, a $6.8 million loan on one of the properties paid off in full. Interest income recorded from these loans totaled $2.7 million and $0.7 million for 2017 and 2016, respectively.

In January 2016, we originated a $12.7 million bridge loan and a $5.2 million preferred equity investment on two multifamily properties owned by a consortium of investors consisting of certain of our officers, including our chief executive officer, who together own an interest of approximately 50% in the borrowing entity. The loan has an interest rate of LIBOR plus 4.5% with a LIBOR floor of 0.25% and matures in January 2019. The preferred equity investment has a fixed interest rate of 10% and a maturity date extended to May 2018. Interest income recorded from these loans totaled $1.3 million and $1.2 million for 2017 and 2016, respectively.

In January 2016, we originated a $19.0 million bridge loan on a multifamily property owned by a consortium of investors consisting of certain of our officers, including our chief executive officer, who together own an interest of approximately 7.5% in the borrowing entity. The loan had an interest rate of LIBOR plus 4.5% with a LIBOR floor of 0.25% and was scheduled to mature in January 2019. In January 2018, this loan paid off in full. Interest income recorded from this loan totaled $1.1 million and $1.0 million for 2017 and 2016, respectively.

In November 2015, we originated a $7.1 million bridge loan on a multifamily property owned by a consortium of investors consisting of certain of our officers, including our chief executive officer, who together own an interest of approximately 7.5% in the borrowing entity. In August 2017, this loan paid off in full. The loan had an interest rate of LIBOR plus 4.5%, with a LIBOR floor of 0.25%. Interest income recorded from this loan totaled $0.3 million, $0.4 million and $0.1 million for 2017, 2016 and 2015, respectively.

In October 2015, we originated two bridge loans totaling $16.7 million secured by multifamily properties acquired by a third party investor. The properties had been owned and were sold by a consortium of investors, consisting of certain of our officers, including our chief executive officer, certain other related parties and certain unaffiliated persons. The loans have an interest rate of LIBOR plus 5% with a LIBOR floor of 0.25% and were extended as of right to October 2018. Interest income recorded from these loans totaled $1.1 million, $1.0 million and $0.2 million for 2017, 2016 and 2015, respectively.

In April 2015, we originated a $3.0 million mezzanine loan on a multifamily property that has a $47.0 million first mortgage initially originated by our Former Manager. The loan bore interest at a fixed rate of 12.5% and was scheduled to mature in April 2025. In January 2018, this loan paid off in full. Interest income recorded from this loan totaled $0.3 million, $0.4 million and $0.3 million for 2017, 2016 and 2015, respectively.

In April 2015, we originated a $6.3 million bridge loan on a multifamily property owned by a consortium of investors consisting of certain of our officers, including our chief executive officer and our Former Manager, who together own an interest of approximately 90% in the borrowing entity. The loan had an interest rate of LIBOR plus 4.5% with a LIBOR floor of 0.25% and was scheduled to mature in April 2018. The loan was repaid in full in 2016 and we received proceeds of $6.3 million. Interest income recorded from this loan totaled $0.4 million and $0.2 million for 2016 and 2015, respectively.

In February 2015, we modified an $18.0 million preferred equity investment, increasing our balance to $23.0 million with a fixed interest rate of 10% and was scheduled to mature in February 2018. To accomplish the modification, we formed a joint venture with a consortium of investors consisting of certain of our officers, including our chief executive officer, and other related parties, to invest an additional $2.0 million preferred equity investment that is generally subordinate to ours. During 2016, the preferred equity investment was repaid in full and we received proceeds of $1.0 million. Interest income recorded from this loan was $1.0 million and $2.3 million for 2016 and 2015, respectively.

In 2015, we invested $9.6 million for 50% of our Former Manager's indirect interest in a joint venture with a third party that was formed to invest in a residential mortgage banking business. As a result of this transaction, we had an initial indirect interest of 22.5% in this entity. Since the initial investment, we invested an additional $16.1 million through this joint venture in non-qualified residential mortgages purchased from the mortgage banking business's origination platform (which $0.6 million was funded in 2017) and we received cash distributions totaling $16.2 million (that were classified as returns of capital) as a result of the joint venture selling most of its mortgage assets (which $3.2 million was received in 2017). We recorded a loss from these investments of $7.2 million in 2017 and income of $10.0 million and $6.0 million during 2016 and 2015, respectively. In connection with a litigation settlement related to this investment, we provided a guaranty of up to 50% of any amounts payable in connection with the settlement. Our Former Manager has also provided us with a guaranty to pay up to 50% of any amounts we may pay under this guaranty. Our maximum exposure under this guaranty totals $3.1 million. We have not accrued this amount as we currently believe that we will not be required to make any payments under this guaranty. See Note 9—Investments in Equity Affiliates for details.

In 2014, we invested $0.1 million for a 5% interest in a joint venture that owns two multifamily properties. The joint venture is comprised of a consortium of investors consisting of certain of our officers, including our chief executive officer, and other related parties, who together own an interest of 95%. In 2014, we originated two bridge loans totaling $5.0 million to the joint venture with an interest rate of 5.5% over LIBOR. During 2016, one of the loans was repaid in full and we received proceeds of $3.3 million. The maturity date of the remaining loan was extended to December 2017. During the fourth quarter of 2017, this loan was repaid in full and we received proceeds of $1.7 million. Interest income recorded from these loans totaled $0.1 million, $0.2 million and $0.3 million for 2017, 2016 and 2015, respectively.

In 2014, we originated a $30.4 million bridge loan for an office property owned by a consortium of investors, including our chief executive officer and his affiliates, who together owned an interest of approximately 24% in the borrowing entity. The loan matured in August 2017 and was refinanced with a $43.2 million bridge loan that has an interest rate of 4% over LIBOR with a LIBOR floor of 1.23% and an August 2020 maturity date. We also originated a $4.6 million mezzanine loan in 2016 to this entity that had a fixed interest rate of 12%, which was repaid in full at maturity in August 2017. In the fourth quarter of 2017, the consortium of investors sold their ownership interest in the borrowing entity. Interest income recorded from these loans totaled $3.1 million, $3.5 million and $2.8 million for 2017, 2016 and 2015, respectively.

In 2014, our Former Manager purchased a property subject to two loans originated by us, a first mortgage of $14.6 million and a second mortgage of $5.1 million, both with maturity dates of April 2016 and an interest rate of 4.8% over LIBOR. In 2016, the $5.1 million second mortgage was repaid in full by our Former Manager and the $14.6 million first mortgage was extended to March 2018. Interest income recorded from these loans totaled $0.9 million, $0.9 million and $1.1 million for 2017, 2016 and 2015, respectively.

In 2011, we restructured a preferred equity investment in the Lexford Portfolio ("Lexford"), which is a portfolio of multifamily assets. In connection with this restructuring, we, along with an executive officer of ours and a consortium of independent outside investors, made an additional preferred and direct equity investment. Both of our preferred equity investments and our direct equity investment were repaid in full in 2015. As a result of the direct equity investment, we received distributions totaling $2.5 million, $2.8 million and $5.5 million during 2017, 2016 and 2015, respectively, which were recorded in (loss) income from equity affiliates. In addition, under the terms of the restructuring, Lexford's first mortgage lender required a change of property manager for the underlying assets. The new management company is owned primarily by a consortium of affiliated investors including our chief executive officer and an executive officer of ours, and has a contract with the new entity for 7.5 years and 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 refinancing of the debt should the management company remain engaged by the new entity at the time of such capital event. We have provided limited ("bad boy") guarantees for certain debt controlled by Lexford. The bad boy guarantees may become a liability for us upon standard "bad" acts such as fraud or a material misrepresentation by Lexford or us. At December 31, 2017, this debt had an aggregate outstanding balance of $844.7 million and is scheduled to mature between 2018 and 2025.

Interest income recorded from loans originated in 2013 or prior years with our affiliates totaled $0.3 million for 2015. There was no interest income recorded in 2017 and 2016 from these transactions.

Several of our executives, including our chief financial officer, general counsel and our chairman, chief executive officer and president, hold similar positions for our Former Manager. Our chief executive officer and his affiliated entities ("the Kaufman Entities") together beneficially own approximately 70% of the outstanding membership interests of our Former Manager and certain of our employees and directors also hold an ownership interest in our Former Manager. Furthermore, one of our directors serves as the trustee and co-trustee of two of the Kaufman Entities that hold membership interests in our Former Manager. Upon the closing of the Acquisition in 2016, our Former Manager was issued 21,230,769 OP Units, each paired with one share of our Special Voting Preferred Shares. In December 2017, our Former Manager distributed 5,780,348 OP units to its members, which includes the Kaufman Entities and certain of our officers and employees. At December 31, 2017, our Former Manager holds 5,349,053 shares of our common stock and 15,450,421 OP Units, which represents approximately 25% of the voting power of our outstanding stock. Our Board of Directors approved a resolution under our charter allowing our chief executive officer and our Former Manager, (which our chief executive officer has a controlling equity interest in), to own more than the 5% ownership interest limit of our common stock as stated in our amended charter.

Employee Benefits	12 Months Ended
Employee Benefits	Dec. 31, 2017
Employee Benefits
Employee Benefits	Note 21—Employee Benefits We assumed a 401(k) defined contribution plan (the "401(k) Plan") and a non-qualified deferred compensation plan (the "Deferred Comp Plan") in connection with the Acquisition. The 401(k) Plan is available to all employees who have completed six months of continuous service. The 401(k) Plan matches 25% of the first 6% of each employee's contribution. We have the option to increase the employer match based on our operating results. In 2017 and 2016, we recorded $0.6 million and $0.3 million, respectively, of expenses associated with the 401(k) Plan, which is included in employee compensation and benefits in our consolidated statements of income. The Deferred Comp Plan is offered to certain full-time employees and is subject to the rules of section 409(a) of the Internal Revenue Code. Under the Deferred Comp Plan, which can be modified or discontinued at any time, participating employees may defer a portion of their compensation and we are contractually obligated to match the contribution, as specified in the Deferred Comp Plan, and fund such amounts upon vesting and an election by participants to redeem their interests. All employee deferrals vest immediately and matching contributions vest over a nine year period beginning after year five. For 2017 and 2016, there were $2.4 million and $0.7 million, respectively, of employee deferrals. As of December 31, 2017 and 2016, we had recorded liabilities totaling $5.9 million and $3.5 million, respectively, and assets of $4.5 million and $2.8 million, respectively, related to the Deferred Comp Plan, which is included in other liabilities and other assets, respectively, in our consolidated balance sheets.

Segment Information

12 Months Ended

Dec. 31, 2017

Segment Information

Segment Information

Note 22—Segment Information

As a result of the Acquisition, we evaluate our results from operations from two business segments—our Structured Business and our Agency Business. See Note 1—Description of Business for a description of each segment.

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, management fees (through May 31, 2017—effective date of the full internalization of our management team and termination of the existing management agreement with our Former Manager) and stock-based compensation.

The comparable summarized statements of income for 2015 is not provided since we operated as a single business segment in that period.

	Year Ended December 31, 2017
	Structured Business			Agency Business			Other / Eliminations(1)			Consolidated
Interest income	$	136,526		$	19,651		$	—		$	156,177
Interest expense		74,136			12,089			3,847			90,072

Net interest income		62,390			7,562			(3,847	)		66,105

Other revenue:
Gain on sales, including fee-based services, net		—			72,799			—			72,799
Mortgage servicing rights		—			76,820			—			76,820
Servicing revenue		—			76,412			—			76,412
Amortization of MSRs		—			(47,202	)		—			(47,202	)
Property operating income		10,973			—			—			10,973
Other income, net		2,083			(1,398	)		—			685

Total other revenue		13,056			177,431			—			190,487

Other expenses:
Employee compensation and benefits		19,555			72,571			—			92,126
Selling and administrative		11,765			18,973			—			30,738
Property operating expenses		10,482			—			—			10,482
Depreciation and amortization		1,784			5,601			—			7,385
Impairment loss on real estate owned		3,200			—			—			3,200
Provision for loss sharing (net of recoveries)		—			(259	)		—			(259	)
Provision for loan losses (net of recoveries)		(456	)		—			—			(456	)
Management fee—related party		3,259			3,414			—			6,673

Total other expenses		49,589			100,300			—			149,889

Income before gain on extinguishment of debt, loss from equity affiliates and provision for income taxes		25,857			84,693			(3,847	)		106,703
Gain on extinguishment of debt		7,116			—			—			7,116
Loss from equity affiliates		(2,951	)		—			—			(2,951	)
Provision for income taxes		(957	)		(12,402	)		—			(13,359	)

Net income		29,065			72,291			(3,847	)		97,509

Preferred stock dividends		7,554			—			—			7,554
Net income attributable to noncontrolling interest		—			—			24,120			24,120

Net income attributable to common stockholders	$	21,511		$	72,291		$	(27,967	)	$	65,835

The Agency Business information for 2016 in the following table includes only the operating results of the Acquisition from July 14, 2016 (Acquisition closing date) to December 31, 2016.

	Year Ended December 31, 2016
	Structured Business			Agency Business			Other / Eliminations(1)			Consolidated
Interest income	$	109,622		$	6,551		$	—		$	116,173
Other interest income, net		2,539			—			—			2,539
Interest expense		57,943			3,887			1,793			63,623

Net interest income		54,218			2,664			(1,793	)		55,089

Other revenue:
Gain on sales, including fee-based services, net		—			24,594			—			24,594
Mortgage servicing rights		—			44,941			—			44,941
Servicing revenue		—			30,759			—			30,759
Amortization of MSRs		—			(21,705	)		—			(21,705	)
Property operating income		14,881			—			—			14,881
Other income, net		542			499			—			1,041

Total other revenue		15,423			79,088			—			94,511

Other expenses:
Employee compensation and benefits		14,884			23,763			—			38,647
Selling and administrative		9,714			7,873			—			17,587
Acquisition costs		—			—			10,262			10,262
Property operating expenses		13,501			—			—			13,501
Depreciation and amortization		2,454			2,568			—			5,022
Impairment loss on real estate owned		11,200			—			—			11,200
Provision for loss sharing		—			2,235			—			2,235
Provision for loan losses (net of recoveries)		(134	)		—			—			(134	)
Management fee—related party		9,044			3,556			—			12,600

Total other expenses		60,663			39,995			10,262			110,920

Income before gain on sale of real estate, income from equity affiliates and provision for income taxes		8,978			41,757			(12,055	)		38,680
Gain on sale of real estate		11,631			—			—			11,631
Income from equity affiliates		12,995			—			—			12,995
Provision for income taxes		—			(825	)		—			(825	)

Net income		33,604			40,932			(12,055	)		62,481

Preferred stock dividends		7,554			—			—			7,554
Net income attributable to noncontrolling interest		—			—			12,131			12,131

Net income attributable to common stockholders	$	26,050		$	40,932		$	(24,186	)	$	42,796

	December 31, 2017
	Structured Business		Agency Business		Other / Eliminations		Consolidated
Assets:
Cash and cash equivalents	$	37,056	$	67,318	$	—	$	104,374
Restricted cash		139,398		—		—		139,398
Loans and investments, net		2,579,127		—		—		2,579,127
Loans held-for-sale, net		—		297,443		—		297,443
Capitalized mortgage servicing rights, net		—		252,608		—		252,608
Securities held-to-maturity, net		—		27,837		—		27,837
Investments in equity affiliates		23,653		—		—		23,653
Goodwill and other intangible assets		12,500		109,266		—		121,766
Other assets		66,227		13,512		—		79,739

Total assets	$	2,857,961	$	767,984	$	—	$	3,625,945


Liabilities:
Debt obligations	$	2,189,700	$	291,536	$	50,000	$	2,531,236
Allowance for loss-sharing obligations		—		30,511		—		30,511
Other liabilities		155,814		42,819		1,009		199,642

Total liabilities	$	2,345,514	$	364,866	$	51,009	$	2,761,389

	December 31, 2016
	Structured Business		Agency Business		Other / Eliminations		Consolidated
Assets:
Cash and cash equivalents	$	103,156	$	35,489	$	—	$	138,645
Restricted cash		16,230		13,085		—		29,315
Loans and investments, net		1,695,732		—		—		1,695,732
Loans held-for-sale, net		—		673,367		—		673,367
Capitalized mortgage servicing rights, net		—		227,743		—		227,743
Investments in equity affiliates		33,949		—		—		33,949
Goodwill and other intangible assets		—		97,490		—		97,490
Other assets		63,351		11,194		—		74,545

Total assets	$	1,912,418	$	1,058,368	$	—	$	2,970,786


Liabilities:
Debt obligations	$	1,307,974	$	660,144	$	50,000	$	2,018,118
Allowance for loss-sharing obligations		—		32,408		—		32,408
Other liabilities		133,788		38,216		1,218		173,222

Total liabilities	$	1,441,762	$	730,768	$	51,218	$	2,223,748

	Year Ended December 31,
	2017			2016			2015
Origination Data:
Structured Business
New loan originations	$	1,842,974		$	847,683		$	828,218
Loan payoffs / paydowns		924,120			553,409			828,670
Agency Business
Origination Volumes by Investor:
Fannie Mae	$	2,929,481		$	1,668,581
Freddie Mac		1,322,498			456,422
FHA		189,087			24,630
CMBS/Conduit		21,370			—

Total	$	4,462,436		$	2,149,633


Total loan commitment volume	$	4,344,328		$	2,129,720


Loan Sales Data:
Agency Business
Fannie Mae	$	3,223,953		$	1,130,392
Freddie Mac		1,399,029			332,319
FHA		170,554			29,673
CMBS/Conduit		21,370			—

Total	$	4,814,906		$	1,492,384	(1)


Sales margin (fee-based services as a % of loan sales)		1.51	%		1.65	%


MSR rate (MSR income as a % of loan commitments)		1.77	%		2.11	%


(1)	Loan sales were $1.91 billion for 2016, including loans that were acquired as part of the Acquisition.

	December 31, 2017
Key Servicing Metrics for Agency Business:	UPB of Servicing Portfolio		Wtd. Avg. Servicing Fee Rate (basis points)		Wtd. Avg. Life of Servicing Portfolio (in years)
Fannie Mae	$	12,502,699		53.6		6.9
Freddie Mac		3,166,134		29.5		10.5
FHA		537,482		16.5		19.6

Total	$	16,206,315		47.7		8.1


	December 31, 2016
Fannie Mae	$	11,181,152		53.4		6.6
Freddie Mac		1,953,245		22.3		10.5
FHA		420,689		14.4		19.2

Total	$	13,555,086		47.8		7.6

Selected Quarterly Financial Data - Unaudited

12 Months Ended

Dec. 31, 2017

Selected Quarterly Financial Data - Unaudited

Selected Quarterly Financial Data - Unaudited

Note 23—Selected Quarterly Financial Data—Unaudited

The following tables represent summarized quarterly financial data for 2017 and 2016 ($ in thousands, except per share data):

	Three Months Ended
	December 31, 2017			September 30, 2017			June 30, 2017			March 31, 2017
Net interest income	$	19,671		$	18,290		$	14,057		$	14,088
Total other revenue		51,431			47,989			44,735			46,332
Total other expenses		37,999			36,596			37,043			38,254

Income before gain on extinguishment of debt, (loss) income from equity affiliates and benefit from (provision for) income taxes		33,103			29,683			21,749			22,166
Gain on extinguishment of debt		—			—			—			7,116
(Loss) income from equity affiliates		(4,706	)		995			(3	)		763
Benefit from (provision for) income taxes		2,885			(6,708	)		(3,435	)		(6,101	)

Net income		31,282			23,970			18,311			23,944
Preferred stock dividends		1,888			1,888			1,888			1,888
Net income attributable to noncontrolling interest		7,524			5,661			4,494			6,442

Net income attributable to common stockholders	$	21,870		$	16,421		$	11,929		$	15,614


Basic earnings per common share(1)	$	0.35		$	0.27		$	0.21		$	0.30


Diluted earnings per common share(1)	$	0.35		$	0.26		$	0.21		$	0.30

	Three Months Ended
	December 31, 2016			September 30, 2016			June 30, 2016			March 31, 2016
Net interest income	$	12,084		$	12,670		$	17,265		$	13,070
Total other revenue		49,581			34,868			4,641			5,421
Total other expenses		32,036			35,742			25,170			17,973

Income (loss) before gain on sale of real estate, income from equity affiliates and provision for income taxes		29,629			11,796			(3,264	)		518
Gain on sale of real estate		—			—			11,023			608
Income from equity affiliates		1,801			4,929			4,367			1,897
Provision for income taxes		(525	)		(300	)		—			—

Net income		30,905			16,425			12,126			3,023
Preferred stock dividends		1,888			1,888			1,888			1,888
Net income attributable to noncontrolling interest		8,482			3,649			—			—

Net income attributable to common stockholders	$	20,535		$	10,888		$	10,238		$	1,135


Basic earnings per common share(1)	$	0.40		$	0.21		$	0.20		$	0.02


Diluted earnings per common share(1)	$	0.40		$	0.21		$	0.20		$	0.02


(1)	The sum of the quarterly amounts may not equal amounts reported for year-to-date periods, due to the effects of rounding for each period.

SCHEDULE IV - LOANS AND OTHER LENDING INVESTMENTS

12 Months Ended

Dec. 31, 2017

SCHEDULE IV - LOANS AND OTHER LENDING INVESTMENTS

SCHEDULE IV - LOANS AND OTHER LENDING INVESTMENTS

SCHEDULE IV—LOANS AND OTHER LENDING INVESTMENTS

DECEMBER 31, 2017

($ in thousands)

Type	Location	Periodic Payment Terms(1)	Maturity Date(2)	Interest Pay Rate Index(3)	Prior Liens		Face Amount(4)		Carrying Amount(5)		Carrying Amount Subject to Delinquent Interest
Bridge Loans:
Bridge loans in excess of 3% of carrying amount of total loans:
Multifamily	TX	IO	2020	LIBOR + 3.60% Floor 1.36%	$	—	$	151,500	$	151,680	$	—
Bridge loans less than 3% of carrying amount of total loans (6):
Multifamily	Various	IO / PI	2018 - 2022	LIBOR + 3.00% - 12.975% Floor 0.17% - 1.57% Fixed 3.00% - 12.00%		—		1,620,123		1,613,790		—
Self Storage	Various	IO	2018 - 2022	LIBOR + 3.90% - 6.00% Floor 0.25% - 1.53%		—		301,830		299,803		—
Land	CA	IO	2018	LIBOR + 4.00% Floor 0.15% Fixed 0.00% - 11.64%		—		117,494		63,612		—
Office	Various	IO / PI	2018 - 2020	LIBOR + 3.10% - 6.25% Floor 0.50% - 1.23%		—		106,943		104,747		—
Healthcare	Various	IO	2018 - 2020	LIBOR + 5.50% - 6.75% Floor 1.12% - 1.49%		—		55,615		55,205		—
Hotel	NY	IO	2019	LIBOR + 5.30% - 8.28% Floor 0.45%		—		36,000		35,827		—
Retail	CT	IO	2020	LIBOR + 8.95% Floor 1.00%		—		32,600		32,402		—

						—		2,270,605		2,205,386		—

Total Bridge Loans						—		2,422,105		2,357,066		—

Preferred Equity Loans:
Preferred equity loans less than 3% of carrying amount of total loans (6):
Multifamily	Various	IO / PI	2018 - 2029	Fixed 6.00% - 14.00%		515,195		105,532		105,135		—
Hotel	IL	IO	2019	LIBOR + 2.79%		46,500		34,750		29,050		—
Commercial	NY	IO	2018	Fixed 6.00%		29,792		1,700		—		—
Office	SC	IO	2024	Fixed 15.00%		10,123		910		897		—

Total Preferred Equity Loans						601,610		142,892		135,082		—

Type	Location	Periodic Payment Terms(1)	Maturity Date(2)	Interest Pay Rate Index(3)	Prior Liens		Face Amount(4)		Carrying Amount(5)		Carrying Amount Subject to Delinquent Interest
Mezzanine Loans:
Mezzanine loans less than 3% of carrying amount of total loans (6):
Multifamily	Various	IO / PI	2018 - 2025	Fixed 10.50% - 12.50%		45,243		48,374		48,061		—
Hotel	NY	IO	2020	LIBOR + 13.00% Floor 1.23%		59,821		19,975		19,770		—
Land	Various	IO	2018 - 2019	Fixed 0.00% - 12.00%		—		15,333		15,290
Retail	FL	PI	2024	Fixed 12.00%		31,750		3,859		3,858		—

Total Mezzanine Loans						136,814		87,541		86,979		—

Total Loans					$	738,424	$	2,652,538	$	2,579,127	$	—


(1)	IO = Interest Only, PI = Principal and Interest.
(2)	Maturity date does not include possible extensions.
(3)	References to LIBOR are to one-month LIBOR unless specifically stated otherwise.
(4)	During 2017, $426.2 million of loans were extended.
(5)	The federal income tax basis is approximately $2.65 billion.
(6)	Individual loans each have a carrying value less than 3% of total loans.

The following table reconciles our loans and investments carrying amounts for the periods indicated (in thousands):

	Year Ended December 31,
	2017			2016			2015
Balance at beginning of year	$	1,695,732		$	1,450,334		$	1,459,476
Additions during period:
New loan originations		1,842,974			847,683			944,251
Loan charge-offs		20,473			2,959			32,000
Funding of unfunded loan commitments(1)		51,689			7,851			6,929
Accretion of unearned revenue		6,519			4,297			5,556
Charge-off on loan converted to real estate owned		—			—			2,500
Recoveries of reserves		2,456			193			2,042
Deductions during period:
Loan payoffs and paydowns		(929,796	)		(556,893	)		(946,078	)
Unfunded loan commitments(1)		(77,233	)		(50,691	)		(4,225	)
Use of loan charge-offs		(20,473	)		(2,959	)		(32,000	)
Loan converted to real estate owned		—			—			(8,400	)
Provision for loan losses		(2,000	)		(59	)		(6,509	)
Unearned revenue and costs		(11,214	)		(6,983	)		(3,908	)
Satisfaction of participation loan		—			—			(1,300	)

Balance at end of year	$	2,579,127		$	1,695,732		$	1,450,334


(1)	In accordance with certain loans and investments, we have outstanding unfunded commitments that we are obligated to fund as the borrowers meet certain requirements. Specific requirements include, but are not limited to, property renovations, building construction and conversions based on criteria met by the borrower in accordance with the loan agreements.

Basis of Presentation and Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2017

Basis of Presentation and Significant Accounting Policies

Basis of Presentation

Principles of Consolidation

Use of Estimates

Cash and Cash Equivalents

Loans, Investments and Securities

Impaired Loans, Allowance for Loan Losses and Charge-offs

Loans Held-for-Sale, Net

Allowance for Loss-Sharing Obligations

Capitalized Mortgage Servicing Rights

Servicing Cost: A market participant's estimated future cost to service the loan for the estimated life of the MSR is subtracted from the estimated future cash flows.

Real Estate Owned and Held-For-Sale

Investments in Equity Affiliates

Goodwill and Other Intangible Assets

Business Combinations

Hedging Activities and Derivatives

Revenue Recognition

Stock-Based Compensation

Income Taxes

Earnings Per Share

Recently Adopted and Issued Accounting Pronouncements

Recently Adopted Accounting Pronouncements


Description	Effective Date	Effect on Financial Statements
In October 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-17, Consolidation: Interests Held through Related Parties That Are under Common Control. This ASU alters how a decision maker needs to consider indirect interests in a VIE held through an entity under common control and requires consideration of only an entity's proportionate indirect interest in a VIE held through a common control party.	First quarter of 2017.	The adoption of this guidance did not have a material impact on our consolidated financial statements.


In March 2016, the FASB issued ASU 2016-09, Compensation—Stock Compensation: Improvements to Employee Share-Based Payment Accounting. This ASU is intended to simplify several aspects of the accounting for share-based payment award transactions, including income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows.	First quarter of 2017.	The adoption of this guidance did not have a material impact on our consolidated financial statements.


In March 2016, the FASB issued ASU 2016-07, Investments—Equity Method and Joint Ventures: Simplifying the Transition to the Equity Method of Accounting. This ASU, among other things, eliminates the requirement that when an investment qualifies for use of the equity method as a result of an increase in the level of ownership interest or degree of influence, an investor must adjust the investment, results of operations, and retained earnings retroactively on a step-by-step basis as if the equity method had been in effect during all previous periods the investment was held.	First quarter of 2017.	The adoption of this guidance did not have a material impact on our consolidated financial statements.

Recently Issued Accounting Pronouncements


Description	Effective Date	Effect on Financial Statements
In January 2017, the FASB issued ASU 2017-04, Intangibles—Goodwill and Other: Simplifying the Test for Goodwill Impairment. This ASU eliminates step two from the goodwill impairment test, which measures a goodwill impairment loss by comparing the implied fair value with the carrying amount of goodwill.	First quarter of 2020 with early adoption permitted beginning in the first quarter of 2017.	We are evaluating the timing of our adoption and the impact this guidance may have on our consolidated financial statements.


In January 2017, the FASB issued ASU 2017-01, Business Combinations: Clarifying the Definition of a Business. This ASU provides a more robust framework to use in determining when a set of assets and activities constitutes a business. It also provides more consistency in applying the guidance, reduces the costs of application and makes the definition of a business more operable.	First quarter of 2018.	We have evaluated ASU 2017-01 and determined that adoption of this standard will not have a material impact on our consolidated financial statements in the period of adoption. The potential impact of ASU 2017-01 will be assessed for future acquisitions.


In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows: Restricted Cash. This ASU requires restricted cash and restricted cash equivalents to be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows.	First quarter of 2018 with early adoption permitted.	We have evaluated ASU 2016-18 and determined that adoption of this standard will not have a significant impact on our consolidated financial statements.


In October 2016, the FASB issued ASU 2016-16, Income Taxes: Intra-Entity Transfers of Assets Other Than Inventory. This ASU was issued to improve the accounting for the income tax consequences of intra-entity transfers of assets other than inventory.	First quarter of 2018 with early adoption permitted and should be applied on a modified retrospective basis.	We have evaluated ASU 2016-16 and determined that adoption of this standard will not have a significant impact on our consolidated financial statements.


In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments. This ASU provides eight targeted changes to how cash receipts and cash payments are presented and classified in the statement of cash flows.	First quarter of 2018 and requires adoption on a retrospective basis.	We have evaluated ASU 2016-15 and determined that adoption of this standard will not have a significant impact on our consolidated financial statements.


In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments. This ASU requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Entities will be required to use forward-looking information to better form their credit loss estimates. This ASU also requires enhanced disclosures to help financial statement users better understand significant estimates and judgments used in estimating credit losses.	First quarter of 2020 with early adoption permitted beginning in the first quarter of 2019.	We are evaluating the timing of our adoption and the impact this guidance may have on our consolidated financial statements.


In February 2016, the FASB issued ASU 2016-02, Leases: Presentation of Comprehensive Income. This ASU requires recognition of balance sheet assets and liabilities for leases with terms of more than 12 months and disclosure of key information about an entity's leasing arrangements.	First quarter of 2019 with early adoption permitted and a modified retrospective approach is required.	We are evaluating the timing of our adoption and the impact this guidance may have on our consolidated financial statements.


In January 2016, the FASB issued ASU 2016-01, Financial Instruments—Overall: Recognition and Measurement of Financial Assets and Financial Liabilities. This ASU requires equity investments (except those accounted for under the equity method or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. This ASU also eliminates the requirement to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost.	First quarter of 2018.	We have evaluated ASU 2016-01 and do not expect the adoption of this standard to have a significant impact on our consolidated financial statements.


Since 2014, the FASB has issued several amendments to its guidance on revenue recognition. The amended guidance, among other things, introduces a new framework for a single comprehensive model that can be used when accounting for revenue and supersedes most current revenue recognition guidance, including that which pertains to specific industries. The core principle states that an entity should recognize revenue to depict the transfer of promised goods or services in an amount that reflects the consideration to which the entity expects to be entitled in exchange for such goods and services. It also requires expanded quantitative and qualitative disclosures that will enable financial statement users to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. Most revenue associated with financial instruments, including interest and loan origination fees, along with gains and losses on investment securities, derivatives and sales of financial instruments are excluded from the scope of the guidance.	First quarter of 2018 and permits the use of either the full retrospective or modified retrospective method.	We have evaluated the new standard and determined that substantially all of our revenue, including interest income, loan origination fees, servicing income and gains on sales of loans and investment securities, are not impacted. This standard will not materially impact the timing of gains on certain sales of real estate and will not materially impact our total revenues or footnote disclosures. We will adopt this standard in the first quarter of 2018 using the modified retrospective method.

Basis of Presentation and Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2017

Basis of Presentation and Significant Accounting Policies

Schedules of Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements

Recently Adopted Accounting Pronouncements


Description	Effective Date	Effect on Financial Statements
In October 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-17, Consolidation: Interests Held through Related Parties That Are under Common Control. This ASU alters how a decision maker needs to consider indirect interests in a VIE held through an entity under common control and requires consideration of only an entity's proportionate indirect interest in a VIE held through a common control party.	First quarter of 2017.	The adoption of this guidance did not have a material impact on our consolidated financial statements.


In March 2016, the FASB issued ASU 2016-09, Compensation—Stock Compensation: Improvements to Employee Share-Based Payment Accounting. This ASU is intended to simplify several aspects of the accounting for share-based payment award transactions, including income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows.	First quarter of 2017.	The adoption of this guidance did not have a material impact on our consolidated financial statements.


In March 2016, the FASB issued ASU 2016-07, Investments—Equity Method and Joint Ventures: Simplifying the Transition to the Equity Method of Accounting. This ASU, among other things, eliminates the requirement that when an investment qualifies for use of the equity method as a result of an increase in the level of ownership interest or degree of influence, an investor must adjust the investment, results of operations, and retained earnings retroactively on a step-by-step basis as if the equity method had been in effect during all previous periods the investment was held.	First quarter of 2017.	The adoption of this guidance did not have a material impact on our consolidated financial statements.

Recently Issued Accounting Pronouncements


Description	Effective Date	Effect on Financial Statements
In January 2017, the FASB issued ASU 2017-04, Intangibles—Goodwill and Other: Simplifying the Test for Goodwill Impairment. This ASU eliminates step two from the goodwill impairment test, which measures a goodwill impairment loss by comparing the implied fair value with the carrying amount of goodwill.	First quarter of 2020 with early adoption permitted beginning in the first quarter of 2017.	We are evaluating the timing of our adoption and the impact this guidance may have on our consolidated financial statements.


In January 2017, the FASB issued ASU 2017-01, Business Combinations: Clarifying the Definition of a Business. This ASU provides a more robust framework to use in determining when a set of assets and activities constitutes a business. It also provides more consistency in applying the guidance, reduces the costs of application and makes the definition of a business more operable.	First quarter of 2018.	We have evaluated ASU 2017-01 and determined that adoption of this standard will not have a material impact on our consolidated financial statements in the period of adoption. The potential impact of ASU 2017-01 will be assessed for future acquisitions.


In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows: Restricted Cash. This ASU requires restricted cash and restricted cash equivalents to be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows.	First quarter of 2018 with early adoption permitted.	We have evaluated ASU 2016-18 and determined that adoption of this standard will not have a significant impact on our consolidated financial statements.


In October 2016, the FASB issued ASU 2016-16, Income Taxes: Intra-Entity Transfers of Assets Other Than Inventory. This ASU was issued to improve the accounting for the income tax consequences of intra-entity transfers of assets other than inventory.	First quarter of 2018 with early adoption permitted and should be applied on a modified retrospective basis.	We have evaluated ASU 2016-16 and determined that adoption of this standard will not have a significant impact on our consolidated financial statements.


In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments. This ASU provides eight targeted changes to how cash receipts and cash payments are presented and classified in the statement of cash flows.	First quarter of 2018 and requires adoption on a retrospective basis.	We have evaluated ASU 2016-15 and determined that adoption of this standard will not have a significant impact on our consolidated financial statements.


In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments. This ASU requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Entities will be required to use forward-looking information to better form their credit loss estimates. This ASU also requires enhanced disclosures to help financial statement users better understand significant estimates and judgments used in estimating credit losses.	First quarter of 2020 with early adoption permitted beginning in the first quarter of 2019.	We are evaluating the timing of our adoption and the impact this guidance may have on our consolidated financial statements.


In February 2016, the FASB issued ASU 2016-02, Leases: Presentation of Comprehensive Income. This ASU requires recognition of balance sheet assets and liabilities for leases with terms of more than 12 months and disclosure of key information about an entity's leasing arrangements.	First quarter of 2019 with early adoption permitted and a modified retrospective approach is required.	We are evaluating the timing of our adoption and the impact this guidance may have on our consolidated financial statements.


In January 2016, the FASB issued ASU 2016-01, Financial Instruments—Overall: Recognition and Measurement of Financial Assets and Financial Liabilities. This ASU requires equity investments (except those accounted for under the equity method or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. This ASU also eliminates the requirement to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost.	First quarter of 2018.	We have evaluated ASU 2016-01 and do not expect the adoption of this standard to have a significant impact on our consolidated financial statements.


Since 2014, the FASB has issued several amendments to its guidance on revenue recognition. The amended guidance, among other things, introduces a new framework for a single comprehensive model that can be used when accounting for revenue and supersedes most current revenue recognition guidance, including that which pertains to specific industries. The core principle states that an entity should recognize revenue to depict the transfer of promised goods or services in an amount that reflects the consideration to which the entity expects to be entitled in exchange for such goods and services. It also requires expanded quantitative and qualitative disclosures that will enable financial statement users to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. Most revenue associated with financial instruments, including interest and loan origination fees, along with gains and losses on investment securities, derivatives and sales of financial instruments are excluded from the scope of the guidance.	First quarter of 2018 and permits the use of either the full retrospective or modified retrospective method.	We have evaluated the new standard and determined that substantially all of our revenue, including interest income, loan origination fees, servicing income and gains on sales of loans and investment securities, are not impacted. This standard will not materially impact the timing of gains on certain sales of real estate and will not materially impact our total revenues or footnote disclosures. We will adopt this standard in the first quarter of 2018 using the modified retrospective method.

Loans and Investments (Tables)

12 Months Ended

Dec. 31, 2017

Loans and Investments

Schedule of composition of our structured business loan and investment portfolio

The following tables set forth the composition of our Structured Business loan and investment portfolio ($ in thousands):

	December 31, 2017			Percent of Total			Loan Count		Wtd. Avg. Pay Rate(1)			Wtd. Avg. Remaining Months to Maturity		Wtd. Avg. First Dollar LTV Ratio(2)			Wtd. Avg. Last Dollar LTV Ratio(3)
Bridge loans	$	2,422,105			91	%		150		6.10	%		20.9		0	%		72	%
Preferred equity investments		142,892			6	%		12		6.47	%		68.7		64	%		90	%
Mezzanine loans		87,541			3	%		8		10.78	%		24.8		20	%		63	%

		2,652,538			100	%		170		6.28	%		23.6		4	%		73	%


Unearned revenue		(10,628	)
Allowance for loan losses		(62,783	)

Loans and investments, net	$	2,579,127

	December 31, 2016
Bridge loans	$	1,602,658		90	%	120	5.59	%	16.4	0	%	73	%
Preferred equity investments		68,121		4	%	10	6.83	%	23.8	42	%	91	%
Mezzanine loans		57,124		3	%	12	9.09	%	17.9	36	%	75	%
Junior participation loans		62,257		3	%	2	4.50	%	4.0	83	%	84	%

		1,790,160		100	%	144	5.71	%	16.3	6	%	75	%


Unearned revenue		(10,716	)
Allowance for loan losses		(83,712	)

Loans and investments, net	$	1,695,732


(1)	"Weighted Average Pay Rate" is a weighted average, based on the UPB of each loan in our portfolio, of the interest rate required to be paid monthly as stated in the individual loan agreements. Certain loans and investments that require an additional rate of interest "Accrual Rate" to be paid at maturity are not included in the weighted average pay rate as shown in the table.
(2)	The "First Dollar LTV Ratio" is calculated by comparing the total of our senior most dollar and all senior lien positions within the capital stack to the fair value of the underlying collateral to determine the point at which we will absorb a total loss of our position.
(3)	The "Last Dollar LTV Ratio" is calculated by comparing the total of the carrying value of our loan and all senior lien positions within the capital stack to the fair value of the underlying collateral to determine the point at which we will initially absorb a loss.

Summary of the loan portfolio's weighted average internal risk ratings and LTV ratios by asset class

A summary of the loan portfolio's weighted average internal risk ratings and LTV ratios by asset class is as follows ($ in thousands):

	December 31, 2017
Asset Class	UPB		Percentage of Portfolio			Wtd. Avg. Internal Risk Rating	Wtd. Avg. First Dollar LTV Ratio			Wtd. Avg. Last Dollar LTV Ratio
Multifamily	$	1,925,529		73	%	pass/watch		4	%		72	%
Self Storage		301,830		11	%	pass		0	%		71	%
Land		132,828		5	%	substandard		0	%		90	%
Office		107,853		4	%	pass/watch		1	%		64	%
Hotel		90,725		3	%	special mention		37	%		81	%
Healthcare		55,615		2	%	pass/watch		0	%		74	%
Retail		36,458		1	%	pass/watch		8	%		66	%
Commercial		1,700		<1	%	doubtful		63	%		63	%

Total	$	2,652,538		100	%	pass/watch		4	%		73	%

	December 31, 2016
Multifamily	$	1,421,731	79	%	special mention	1	%	73	%
Self Storage		7,505	<1	%	special mention	0	%	70	%
Land		137,255	8	%	substandard	2	%	92	%
Office		141,711	8	%	pass/watch	43	%	73	%
Hotel		70,750	4	%	special mention	30	%	74	%
Healthcare		5,550	<1	%	special mention	0	%	63	%
Retail		3,958	<1	%	special mention	81	%	91	%
Commercial		1,700	<1	%	doubtful	63	%	63	%

Total	$	1,790,160	100	%	special mention	6	%	75	%

Summary of the changes in the allowance for loan losses

A summary of the changes in the allowance for loan losses is as follows (in thousands):

	Year Ended December 31,
	2017			2016			2015
Allowance at beginning of period	$	83,712		$	86,762		$	115,487
Provision for loan losses		2,000			59			6,509
Charge-offs		(20,473	)		(2,959	)		(32,000	)
Charge-off on loan reclassification to real estate owned, net		—			—			(2,500	)
Recoveries of reserves		(2,456	)		(150	)		(734	)

Allowance at end of period	$	62,783		$	83,712		$	86,762

Summary of charge-offs and recoveries by asset class

A summary of charge-offs and recoveries by asset class is as follows ($ in thousands):

	Year Ended December 31,
	2017			2016			2015
Charge-offs:
Multifamily	$	—		$	(2,959	)	$	—
Office		(20,473	)		—			(2,500	)
Hotel		—			—			(32,000	)

Total	$	(20,473	)	$	(2,959	)	$	(34,500	)


Recoveries:
Multifamily	$	2,456		$	193		$	754
Land		—			—			1,288

Total	$	2,456		$	193		$	2,042


Net Charge-offs	$	(18,017	)	$	(2,766	)	$	(32,458	)


Ratio of net charge-offs during the period to average loans and investments outstanding during the period		(0.8	)%		(0.2	)%		(2.1	)%

Summary of the company's impaired loans by asset class

A summary of our impaired loans by asset class is as follows (in thousands):

	December 31, 2017						Year Ended December 31, 2017
Asset Class	UPB		Carrying Value(1)		Allowance for Loan Losses		Average Recorded Investment(2)		Interest Income Recognized
Land	$	131,086	$	124,812	$	53,883	$	131,086	$	—
Hotel		34,750		34,750		5,700		34,750		371
Office		2,288		2,288		1,500		14,926		107
Commercial		1,700		1,700		1,700		1,700		—
Multifamily		—		—		—		1,271		22

Total	$	169,824	$	163,550	$	62,783	$	183,733	$	500

	December 31, 2016						Year Ended December 31, 2016
Land	$	131,086	$	125,926	$	53,883	$	129,277	$	—
Hotel		34,750		34,496		3,700		34,750		1,155
Office		27,563		22,778		21,973		27,572		94
Commercial		1,700		1,700		1,700		1,700		—
Multifamily		2,542		2,451		2,456		4,952		157

Total	$	197,641	$	187,351	$	83,712	$	198,251	$	1,406


(1)	Represents the UPB of five and eight impaired loans (less unearned revenue and other holdbacks and adjustments) by asset class at December 31, 2017 and 2016, respectively.
(2)	Represents an average of the beginning and ending UPB of each asset class.

Summary of the company's non-performing loans by asset class

A summary of our non-performing loans by asset class is as follows (in thousands):

	December 31, 2017						December 31, 2016
Asset Class	Carrying Value		Less Than 90 Days Past Due		Greater Than 90 Days Past Due		Carrying Value		Less Than 90 Days Past Due		Greater Than 90 Days Past Due
Hotel	$	34,750	$	—	$	34,750	$	—	$	—	$	—
Office		—		—		—		20,472		—		20,472
Multifamily		—		—		—		681		—		681
Commercial		1,700		—		1,700		1,700		—		1,700

Total	$	36,450	$	—	$	36,450	$	22,853	$	—	$	22,853

Summary of loan modifications, refinancings and/or extensions by asset class that the entity considered to be troubled debt restructurings by asset class

A summary of loan modifications, refinancings and/or extensions by asset class that we considered to be troubled debt restructurings were as follows ($ in thousands):

	Year Ended December 31, 2017
Asset Class	Number of Loans		Original UPB		Original Wtd. Avg. Rate of Interest			Extended UPB		Extended Wtd. Avg. Rate of Interest
Hotel		1	$	34,750		4.01	%	$	34,750		4.01	%

	Year Ended December 31, 2016
Multifamily		1	$	14,646	5.57	%	$	14,646	5.57	%
Office		1		2,315	4.03	%		2,315	4.03	%

Total		2	$	16,961	5.36	%	$	16,961	5.36	%

Loans Held-for-Sale, Net (Tables)

12 Months Ended

Dec. 31, 2017

Loans Held-for-Sale, Net

Summary of loans held-for-sale, net

Loans held-for-sale, net consists of the following (in thousands):

	December 31, 2017			December 31, 2016
Fannie Mae	$	243,717		$	538,189
Freddie Mac		47,545			124,102
FHA		987			56

		292,249			662,347
Fair value of future MSR		5,806			13,146
Unearned discount		(612	)		(2,126	)

Loans held-for-sale, net	$	297,443		$	673,367

Capitalized Mortgage Servicing Rights (Tables) - MSRs

12 Months Ended

Dec. 31, 2017

Capitalized Mortgage Servicing Rights

Summary of capitalized MSR activity

A summary of our capitalized MSR activity is as follows (in thousands):

	Year Ended December 31, 2017									Year Ended December 31, 2016
	Acquired			Originated			Total			Acquired			Originated			Total
Balance at beginning of period	$	194,800		$	32,943		$	227,743		$	—		$	—		$	—
Additions		1,199			86,700			87,899			221,647			33,597			255,244
Amortization		(37,470	)		(9,732	)		(47,202	)		(21,052	)		(653	)		(21,705	)
Write-downs and payoffs		(15,259	)		(573	)		(15,832	)		(5,795	)		(1	)		(5,796	)

Balance at end of period	$	143,270		$	109,338		$	252,608		$	194,800		$	32,943		$	227,743

Schedule of expected amortization of capitalized MSRs recorded

Actual amortization may vary from these estimates (in thousands).

Year	Amortization
2018	$	46,814
2019		43,191
2020		37,462
2021		30,037
2022		23,944
Thereafter		71,160

Total	$	252,608

Mortgage Servicing (Tables)

12 Months Ended

Dec. 31, 2017

MSRs

Mortgage Servicing

Schedule of product and geographic concentrations in servicing revenue

An analysis of the product and geographic concentrations that impact our servicing revenue is as follows ($ in thousands):

December 31, 2017
Product Concentrations						Geographic Concentrations
Product	UPB		Percent of Total			State	UPB Percent of Total
Fannie Mae	$	12,502,699		77	%	Texas		22	%
Freddie Mac		3,166,134		20	%	North Carolina		10	%
FHA		537,482		3	%	California		8	%

Total	$	16,206,315		100	%	New York		8	%


						Georgia		6	%
						Florida		6	%
						Other(1)		40	%

						Total		100	%

December 31, 2016
Product Concentrations						Geographic Concentrations
Product	UPB		Percent of Total			State	UPB Percent of Total
Fannie Mae	$	11,181,152		83	%	Texas		24	%
Freddie Mac		1,953,245		14	%	North Carolina		9	%
FHA		420,689		3	%	California		8	%

Total	$	13,555,086		100	%	New York		8	%


						Georgia		5	%
						Florida		4	%
						Other(1)		42	%

						Total		100	%


(1)	No other individual state represented more than 4% of the total.

Securities Held-to-Maturity (Tables)

12 Months Ended

Dec. 31, 2017

Securities Held-to-Maturity

Summary of the held-to-maturity securities

The following is a summary of the held-to-maturity securities we held at December 31, 2017 (in thousands):

	Face Value		Carrying Value		Unrealized Gain		Estimated Fair Value
B Piece bonds	$	40,566	$	27,837	$	602	$	28,439

- Definition

Tabular disclosure of all investments in certain debt and equity securities for which the entity has the positive intent and ability to hold until maturity.

+ References + Details

Investments in Equity Affiliates (Tables)

12 Months Ended

Dec. 31, 2017

Investments in Equity Affiliates

Summary of the company's investments in equity affiliates

The following is a summary of our investments in equity affiliates (in thousands):

	Investments in Equity Affiliates at
Equity Affiliates	December 31, 2017		December 31, 2016		UPB of Loans to Equity Affiliates at December 31, 2017
Arbor Residential Investor LLC	$	19,193	$	28,917	$	—
West Shore Café		2,140		2,051		1,688
Lightstone Value Plus REIT L.P		1,895		1,895		—
JT Prime		425		425		—
East River Portfolio		—		83		—
Lexford Portfolio		—		—		—
Issuers of Junior Subordinated Notes		—		578		—

Total	$	23,653	$	33,949	$	1,688

Summary of condensed combined balance sheets for the Company's unconsolidated investments in equity affiliates

The condensed combined balance sheets for our unconsolidated investments in equity affiliates are as follows (in thousands):

	December 31,
	2017							2016
Condensed Combined Balance Sheets	ARI		Other			Total		ARI		Other			Total
Assets:
Cash and cash equivalents	$	26,419	$	36,304		$	62,723	$	21,257	$	33,342		$	54,599
Real estate assets		303,098		584,580			887,678		360,412		601,713			962,125
Other assets		137,782		54,537			192,319		125,941		45,022			170,963

Total assets		467,299		675,421			1,142,720		507,610		680,077			1,187,687


Liabilities:
Notes payable		357,410		702,495			1,059,905		380,468		703,752			1,084,220
Other liabilities		34,964		15,885			50,849		13,329		16,390			29,719

Total liabilities		392,374		718,380			1,110,754		393,797		720,142			1,113,939

Stockholders' equity Arbor(1)		19,193		4,460			23,653		28,917		4,454			33,371
Stockholders' equity		55,732		(47,419	)		8,313		84,896		(44,519	)		40,377

Total stockholders' equity		74,925		(42,959	)		31,966		113,813		(40,065	)		73,748

Total liabilities and equity	$	467,299	$	675,421		$	1,142,720	$	507,610	$	680,077		$	1,187,687


(1)	Amount at December 31, 2016, when combined with $0.6 million of equity relating to the issuance of junior subordinated notes, equals $33.9 million of investments in equity affiliates.

Summary of condensed combined statements of operations for our unconsolidated investments in equity affiliates

The condensed combined statements of operations for our unconsolidated investments in equity affiliates are as follows (in thousands):

	Year Ended December 31,
	2017									2016							2015
Statements of Operations:	ARI			Other			Total			ARI		Other			Total		ARI		Other		Total
Revenue:
Rental income	$	—		$	103,873		$	103,873		$	—	$	99,417		$	99,417	$	—	$	95,938	$	95,938
Interest income		9,248			259			9,507			11,726		259			11,985		9,957		259		10,216
Operating income		143,743			—			143,743			195,905		—			195,905		129,567		1,364		130,931
Reimbursement income		—			7,378			7,378			—		7,085			7,085		—		6,801		6,801
Other income		2,909			8,420			11,329			213		8,060			8,273		196		15,124		15,320

Total revenues		155,900			119,930			275,830			207,844		114,821			322,665		139,720		119,486		259,206

Expenses:
Operating expenses		154,837			58,289			213,126			142,297		56,679			198,976		101,165		56,608		157,773
Interest expense		11,436			32,918			44,354			13,331		32,687			46,018		9,824		33,943		43,767
Depreciation and amortization		1,384			29,155			30,539			1,127		29,249			30,376		752		21,011		21,763
Other expenses		22,000			471			22,471			—		91			91		—		1,628		1,628

Total expenses		189,657			120,833			310,490			156,755		118,706			275,461		111,741		113,190		224,931

Net (loss) income	$	(33,757	)	$	(903	)	$	(34,660	)	$	51,089	$	(3,885	)	$	47,204	$	27,979	$	6,296	$	34,275


Arbor's share of (loss) income(1)	$	(7,247	)	$	2,796		$	(4,451	)	$	9,950	$	3,045		$	12,995	$	6,600	$	5,701	$	12,301


(1)	Amount for the year ended December 31, 2017, when combined with the $1.5 million equity participation interest received, equals a loss of $3.0 million.

Real Estate Owned and Held-For-Sale (Tables)

12 Months Ended

Dec. 31, 2017

Real Estate Owned and Held-For-Sale

Schedule of real estate owned

	December 31, 2017									December 31, 2016
(in thousands)	Hotel Property			Office Building			Total			Hotel Property			Office Building			Total
Land	$	3,294		$	4,509		$	7,803		$	3,294		$	4,509		$	7,803
Building and intangible assets		30,699			2,010			32,709			30,474			1,563			32,037
Less: Impairment loss		(13,307	)		(500	)		(13,807	)		(11,200	)		—			(11,200	)
Less: Accumulated depreciation and amortization		(9,228	)		(690	)		(9,918	)		(8,659	)		(489	)		(9,148	)

Real estate owned, net	$	11,458		$	5,329		$	16,787		$	13,909		$	5,583		$	19,492

Schedule of results of operations for properties classified as held-for-sale

The results of operations for properties classified as held-for-sale are summarized as follows (in thousands):

	Year Ended December
	2016		2015
Revenue:
Property operating income	$	2,845	$	10,972
Expenses:
Property operating expenses		1,994		8,224
Depreciation		335		1,563

Net income	$	516	$	1,185

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2017

Goodwill and Other Intangible Assets

Schedule of goodwill activity

The following table sets forth the goodwill activity (in thousands):

	Year Ended December 31, 2017		Year Ended December 31, 2016
Beginning balance	$	26,747	$	—
Additions from the Acquisition		—		26,747
Additions from internalization of management team(1)		25,000		—
Purchase price allocation adjustment(2)		4,879		—

Ending balance	$	56,626	$	26,747


(1)	Goodwill additions from the internalization of our management team was allocated $12.5 million each to our two reporting segments.
(2)	See Note 2—Basis of Presentation and Significant Accounting Policies for details.

Other Intangible Assets

Goodwill and Other Intangible Assets

Schedule of other intangible assets

The following table sets forth the other intangible assets activity (in thousands):

	December 31, 2017							December 31, 2016
	Gross Carrying Value		Accumulated Amortization			Total		Gross Carrying Value		Accumulated Amortization			Total
Finite-lived intangible assets:
Broker relationships	$	25,000	$	(4,558	)	$	20,442	$	25,000	$	(1,432	)	$	23,568
Borrower relationships		14,400		(2,100	)		12,300		14,400		(660	)		13,740
Below market leases		4,010		(1,075	)		2,935		4,010		(337	)		3,673
Acquired technology		900		(437	)		463		900		(138	)		762
Infinite-lived intangible assets:
Fannie Mae DUS license		17,100		—			17,100		17,100		—			17,100
Freddie Mac Program Plus license		8,700		—			8,700		8,700		—			8,700
FHA license		3,200		—			3,200		3,200		—			3,200

	$	73,310	$	(8,170	)	$	65,140	$	73,310	$	(2,567	)	$	70,743

Schedule of estimated amortization expense for each of the succeeding five years

			Estimated Amortization Expense for the Years Ending December 31,
	Wtd. Avg. Remaining Life (in years)
	Wtd. Avg. Remaining Life (in years)		2018		2019		2020		2021		2022
Finite-lived intangible assets:
Broker relationships		6.5	$	3,125	$	3,125	$	3,125	$	3,125	$	3,125
Borrower relationships		8.5		1,440		1,440		1,440		1,440		1,440
Below market leases		5.4		737		737		684		126		126
Acquired technology		1.5		300		163		—		—		—

		7.1	$	5,602	$	5,465	$	5,249	$	4,691	$	4,691

Debt Obligations (Tables)

12 Months Ended

Dec. 31, 2017

Debt Obligations

Schedule of face amount and gain on extinguishment of the company's CDO bonds repurchased by bond class

Borrowings and the corresponding collateral under our Debt Fund as of December 31, 2017 are as follows ($ in thousands):

Debt						Collateral(3)
						Loans				Cash
Face Value	Carrying Value(1)		Wtd. Avg. Rate(2)			UPB		Carrying Value		Restricted Cash(4)
$70,000	$	68,084		5.79	%	$	96,995	$	96,564	$	3,005


(1)	Debt carrying value is net of $1.9 million of deferred financing fees at December 31, 2017.
(2)	At December 31, 2017 the aggregate weighted average note rate, including certain fees and costs, was 6.05%.
(3)	At December 31, 2017, there was no collateral at risk of default or deemed to be a "credit risk."
(4)	Represents restricted cash held for reinvestment. Does not include restricted cash related to interest payments, delayed fundings and expenses.

Schedule of face value, unamortized discount and net carrying value of the liability and equity components

The UPB, unamortized discount and net carrying amount of the liability and equity components of the notes were as follows (in thousands):

	Liability Component								Equity Component
Period	UPB		Unamortized Debt Discount		Unamortized Deferred Financing Fees		Net Carrying Value		Net Carrying Value
December 31, 2017	$	243,750	$	5,742	$	6,721	$	231,287	$	6,733


December 31, 2016	$	86,250	$	2,119	$	3,471	$	80,660	$	2,179

Credit Facilities and Repurchase Agreements

Debt Obligations

Schedule of borrowings

The following table outlines borrowings under our credit facilities and repurchase agreements ($ in thousands):

	December 31, 2017									December 31, 2016
	UPB(1)		Debt Carrying Value(1)		Collateral Carrying Value		Wtd. Avg. Note Rate			UPB(1)		Debt Carrying Value(1)		Collateral Carrying Value		Wtd. Avg. Note Rate
Structured Business
$225 million repurchase facility	$	103,818	$	102,350	$	145,850		3.90	%	$	107,303	$	106,051	$	183,828		3.12	%
$100 million repurchase facility		2,835		2,445		6,600		3.61	%		21,897		21,598		34,850		2.96	%
$75 million credit facility		—		—		—		—			38,990		38,704		63,158		2.94	%
$75 million credit facility		9,000		8,999		16,000		3.61	%		23,286		23,277		31,725		2.81	%
$50 million credit facility		32,560		32,538		40,700		3.61	%		46,400		46,374		58,000		2.81	%
$50 million credit facility		3,700		3,581		4,625		4.88	%		7,956		7,956		9,885		4.08	%
$25.5 million credit facility		14,065		13,920		18,753		4.12	%		—		—		—		—
$10 million working capital line of credit		10,000		10,000		—		4.12	%		—		—		—		—
$7.5 million credit facility		7,472		7,432		9,340		4.37	%		—		—		—		—
Repurchase facility—securities(2)		53,938		53,938		—		4.45	%		—		—		—		—
$3 million master security agreement		1,834		1,834		—		3.21	%		2,533		2,533		—		3.21	%

Structured Business Total	$	239,222	$	237,037	$	241,868		4.02	%	$	248,365	$	246,493	$	381,446		3.02	%

Agency Business
$500 million multifamily ASAP agreement	$	121,880	$	121,880	$	121,880		2.61	%	$	142,557	$	142,557	$	142,557		1.65	%
$150 million credit facility		21,821		21,802		21,821		2.96	%		268,572		268,530		268,572		2.05	%
$150 million credit facility		99,357		99,242		99,357		2.91	%		210,139		210,009		210,139		2.05	%
$100 million credit facility		23,785		23,785		23,785		2.86	%		39,047		39,048		39,047		1.95	%
$100 million repurchase facility		24,873		24,827		24,873		2.91	%		—		—		—		—

Agency Business Total	$	291,716	$	291,536	$	291,716		2.78	%	$	660,315	$	660,144	$	660,315		1.96	%

Consolidated total	$	530,938	$	528,573	$	533,584		3.34	%	$	908,680	$	906,637	$	1,041,761		2.25	%


(1)	The difference between the UPB and carrying value represents unamortized deferred finance costs.
(2)	The facility is collateralized by $61.0 million of notes retained by us from our last two CLO issuances and the fair value of our B Piece bonds from SBL program securitizations of $28.4 million.

CLOs

Debt Obligations

Schedule of borrowings

The following table outlines borrowings and the corresponding collateral under our CLOs ($ in thousands):

								Collateral(3)
	Debt							Loans				Cash
	Face Value		Carrying Value(1)		Wtd. Avg. Rate(2)			UPB		Carrying Value		Restricted Cash(4)
December 31, 2017
CLO IX	$	356,400	$	351,042		2.97	%	$	372,350	$	371,236	$	88,650
CLO VIII		282,874		278,606		2.92	%		364,838		363,339		162
CLO VII		279,000		275,331		3.61	%		346,524		345,220		13,476
CLO VI		250,250		247,470		4.10	%		314,382		313,582		10,618
CLO V		267,750		265,973		4.06	%		347,797		346,803		2,203

Total CLOs	$	1,436,274	$	1,418,422		3.48	%	$	1,745,891	$	1,740,180	$	115,109


December 31, 2016
CLO VI	$	250,250	$	246,443		3.30	%	$	324,569	$	323,351	$	431
CLO V		267,750		264,864		3.26	%		344,680		343,748		5,320
CLO IV		219,000		217,134		3.06	%		291,319		290,429		8,681

Total CLOs	$	737,000	$	728,441		3.21	%	$	960,568	$	957,528	$	14,432


(1)	Debt carrying value is net of $17.9 million and $8.6 million of deferred financing fees at December 31, 2017 and 2016, respectively.
(2)	At December 31, 2017 and 2016, the aggregate weighted average note rate for our CLOs, including certain fees and costs, was 4.08% and 3.71%, respectively.
(3)	At December 31, 2017 and 2016, there was no collateral at risk of default or deemed to be a "credit risk" as defined by the CLO indenture.
(4)	Represents restricted cash held for principal repayments as well as for reinvestment in the CLOs. Does not include restricted cash related to interest payments, delayed fundings and expenses.

Summary of the company's CLO compliance tests as of the most recent determination dates

Cash Flow Triggers	CLO V			CLO VI			CLO VII			CLO VIII			CLO IX
Overcollateralization(1)
Current		130.72	%		129.87	%		129.03	%		129.03	%		134.68	%
Limit		129.72	%		128.87	%		128.03	%		128.03	%		133.68	%
Pass / Fail		Pass			Pass			Pass			Pass			Pass
Interest Coverage(2)
Current		214.53	%		249.66	%		245.32	%		322.10	%		264.20	%
Limit		120.00	%		120.00	%		120.00	%		120.00	%		120.00	%
Pass / Fail		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 the Company's CLO overcollateralization ratios

Determination(1)	CLO V			CLO VI			CLO VII			CLO VIII			CLO IX
January 2018		130.72	%		129.87	%		129.03	%		129.03	%		134.68	%
October 2017		130.72	%		129.87	%		129.03	%		129.03	%		—
July 2017		130.72	%		129.87	%		129.03	%		—			—
April 2017		130.72	%		129.87	%		—			—			—
January 2017		130.72	%		129.87	%		—			—			—


(1)	The table above 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 Obligations (Tables)

12 Months Ended

Dec. 31, 2017

Allowance for Loss-Sharing Obligations

Summary of allowance for loss-sharing obligations related to Fannie Mae DUS program

A summary of our allowance for loss-sharing obligations related to the Fannie Mae DUS program is as follows (in thousands):

	Year Ended December 31,
	2017			2016
Beginning balance	$	32,408		$	—
Allowance for loss-sharing obligations assumed in the Acquisition		—			32,617
Provision for loss sharing		6,358			3,218
Provision reversal for loan repayments		(6,617	)		(983	)
Charge-offs, net		(1,638	)		(2,444	)

Ending balance	$	30,511		$	32,408

- Definition

Tabular disclosure of the loss contingencies that were reported in the period or disclosed as of the balance sheet date.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=82911808&loc=d3e14472-108349

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=82913245&loc=d3e12021-110248

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=82911808&loc=d3e14453-108349

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=82913245&loc=d3e12053-110248

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=82911808&loc=d3e14394-108349

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=82911808&loc=d3e14435-108349

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=82911808&loc=d3e14326-108349

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=82911808&loc=d3e14557-108349

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=82911808&loc=d3e14615-108349

+ Details

Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2017

Schedule of the effect of the company's qualifying derivative financial instruments on the statements of income

The following table presents the effect of our qualifying derivative financial instruments on the statements of income (in thousands):

	Loss Recognized in Other Comprehensive Income (Effective Portion)						Loss Reclassified from Accumulated Other Comprehensive Income into Interest Expense (Effective Portion)									Loss Reclassified from Accumulated Other Comprehensive Income into Loss on Termination of Swaps (Ineffective Portion)
	Year Ended December 31,
Derivative	2017		2016		2015		2017			2016			2015			2017		2016		2015
Interest Rate Swaps/Cap	$	—	$	193	$	1,019	$	(237	)	$	(5,208	)	$	(6,149	)	$	—	$	—	$	(4,626	)

Agency Business

Schedule of non-qualifying derivative financial instruments

The following is a summary of our non-qualifying derivative financial instruments ($ in thousands):

December 31, 2017
	Notional Value					Fair Value
Derivative	Count		Notional Value		Balance Sheet Location	Derivative Assets		Derivative Liabilities
Rate Lock Commitments		3	$	38,578	Other Assets/ Other Liabilities	$	276	$	(278	)
Forward Sale Commitments		75		330,827	Other Assets/ Other Liabilities		408		(1,028	)

			$	369,405		$	684	$	(1,306	)


December 31, 2016

Rate Lock Commitments		12	$	156,685	Other Assets/ Other Liabilities	$	2,816	$	(764	)
Forward Sale Commitments		105		819,033	Other Assets/ Other Liabilities		2,799		(1,535	)

			$	975,718		$	5,615	$	(2,299	)

Fair Value (Tables)

12 Months Ended

Dec. 31, 2017

Fair Value.

Summary of the principal amounts, carrying values and the estimated fair values of the Company's financial instruments

The following table summarizes the principal amounts, carrying values and the estimated fair values of our financial instruments (in thousands):

	December 31, 2017						December 31, 2016
	Principal / Notional Amount		Carrying Value		Estimated Fair Value		Principal / Notional Amount		Carrying Value		Estimated Fair Value
Financial assets:
Loans and investments, net	$	2,652,538	$	2,579,127	$	2,652,520	$	1,790,160	$	1,695,732	$	1,749,130
Loans held-for-sale, net		292,249		297,443		302,883		675,494		673,367		683,833
Capitalized mortgage servicing rights, net		n/a		252,608		286,073		n/a		227,743		245,456
Securities held-to-maturity, net		40,566		27,837		28,439		—		—		—
Derivative financial instuments		77,984		684		684		550,118		5,615		5,615
Financial liabilities:
Credit and repurchase facilities	$	530,938	$	528,573	$	529,992	$	908,680	$	906,637	$	907,883
Collateralized loan obligations		1,436,274		1,418,422		1,436,871		737,000		728,441		728,643
Debt Fund		70,000		68,084		70,000		—		—		—
Senior unsecured notes		97,860		95,280		99,582		97,860		94,522		99,034
Convertible senior unsecured notes, net		243,750		231,287		254,335		86,250		80,660		86,586
Junior subordinated notes		154,336		139,590		94,215		175,858		157,859		105,650
Related party financing		50,000		50,000		49,682		50,000		50,000		55,120
Derivative financial instruments		291,421		1,306		1,306		522,651		2,451		2,451

Schedule of certain financial assets and financial liabilities measured at fair value on a recurring basis

The fair values of these financial assets and liabilities were determined using the following input levels as of December 31, 2017 (in thousands):

					Fair Value Measurements Using Fair Value Hierarchy
	Carrying Value				Fair Value Measurements Using Fair Value Hierarchy
	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Derivative financial instruments	$	684	$	684	$	—	$	408	$	276
Financial liabilities:
Derivative financial instruments	$	1,306	$	1,306	$	—	$	1,306	$	—

Schedule of certain financial assets and financial liabilities measured at fair value on a nonrecurring basis

The fair values of these financial and non-financial assets were determined using the following input levels as of December 31, 2017 (in thousands):

					Fair Value Measurements Using Fair Value Hierarchy
	Net Carrying Value				Fair Value Measurements Using Fair Value Hierarchy
	Net Carrying Value		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Impaired loans, net(1)	$	100,766	$	100,766	$	—	$	—	$	100,766
Non-financial assets:
Long-lived assets(2)	$	16,787	$	16,787	$	—	$	—	$	16,787


(1)	We had an allowance for loan losses of $62.8 million relating to five loans with an aggregate carrying value, before loan loss reserves, of $163.6 million at December 31, 2017.
(2)	During 2017 and 2016, we determined that our real estate owned properties exhibited indicators of impairment and impairment analyses were performed, resulting in impairment losses of $3.2 million and $11.2 million, respectively. See Note 10—Real Estate Owned and Held-For-Sale for details.

Schedule of quantitative information about Level 3 fair value measurements

Quantitative information about Level 3 fair value measurements at December 31, 2017 were as follows ($ in thousands):

	Fair Value		Valuation Techniques	Significant Unobservable Inputs
Financial assets:
Impaired loans(1):
Land	$	70,928	Discounted cash flows	Discount rate	15.00	%
				Capitalization rate	7.25	%
				Revenue growth rate	3.00	%
Hotel		29,050	Discounted cash flows	Discount rate	9.00	%
				Capitalization rate	7.00	%
				Revenue growth rate	3.30	%
Office		788	Discounted cash flows	Discount rate	11.00	%
				Capitalization rate	9.00	%
				Revenue growth rate	2.50	%
Derivative financial instruments:
Rate lock commitments		276	Discounted cash flows	W/A discount rate	8.25	%
Financial assets:
Long-lived assets:
Hotel		11,458	Discounted cash flows	Discount rate	11.75	%
				Capitalization rate	9.75	%
				Revenue growth rate	3.50	%
				Hold period	3 years


(1)	Includes all impaired loans regardless of the period in which a loan loss provision was recorded.

Schedule of financial assets measured at fair value on a recurring basis using Level 3 inputs

A roll-forward of Level 3 derivative instruments were as follows (in thousands):

	Fair Value Measurements Using Significant Unobservable Inputs for the Year Ended December 31,
	2017			2016
Derivative assets
Balance at beginning of period	$	2,816		$	—
Additions from the Acquisition		—			4,529
Settlements		(79,360	)		(26,157	)
Realized gains recorded in earnings		76,544			21,628
Unrealized gains recorded in earnings		276			2,816

Balance at end of period	$	276		$	2,816

Schedule of components of fair value and other relevant information

	Notional/ Principal Amount		Fair Value of Servicing Rights		Interest Rate Movement Effect			Total Fair Value Adjustment
December 31, 2017
Rate lock commitments	$	38,578	$	276	$	(278	)	$	(2	)
Forward sale commitments		330,827		—		278			278
Loans held-for-sale, net (1)		292,249		5,806		—			5,806

Total			$	6,082	$	—		$	6,082


(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.

Schedule of fair value of assets and liabilities

The fair value of these assets and liabilities was determined using the following input levels as of December 31, 2017 (in thousands):

					Fair Value Measurements Using Fair Value Hierarchy
	Carrying Value				Fair Value Measurements Using Fair Value Hierarchy
	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Loans and investments, net	$	2,579,127	$	2,652,520	$	—	$	—	$	2,652,520
Loans held-for-sale, net		297,443		302,883		—		297,077		5,806
Capitalized mortgage servicing rights, net		252,608		286,073		—		—		286,073
Securities held-to-maturity, net		27,837		28,439		—		—		28,439
Financial liabilities:
Credit and repurchase facilities	$	528,573	$	529,992	$	—	$	291,536	$	238,456
Collateralized loan obligations		1,418,422		1,436,871		—		—		1,436,871
Debt Fund		68,084		70,000		—		—		70,000
Senior unsecured notes		95,280		99,582		99,582		—		—
Convertible senior unsecured notes, net		231,287		254,335		—		254,335		—
Junior subordinated notes		139,590		94,215		—		—		94,215
Related party financing		50,000		49,682		—		—		49,682

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2017

Commitments and Contingencies

Schedule of maturities of debt obligations and operating lease payments

As of December 31, 2017, the maturities of our debt obligations and the minimum annual operating lease payments under leases with a term in excess of one year, were as follows (in thousands):

Year	Debt Obligations		Minimum Annual Operating Lease Payments		Total
2018	$	664,158	$	4,361	$	668,519
2019		507,933		3,719		511,652
2020		734,059		3,143		737,202
2021		431,715		1,725		433,440
2022		49,519		1,597		51,116
Thereafter		208,274		5,329		213,603

Total	$	2,595,658	$	19,874	$	2,615,532

Variable Interest Entities (Tables)

12 Months Ended

Dec. 31, 2017

Variable Interest Entities

Schedule of the assets and liabilities related to the consolidated CLOs

The assets and liabilities related to these consolidated CLOs and Debt Fund are as follows (in thousands):

	December 31, 2017		December 31, 2016
Assets:
Restricted cash	$	138,736	$	15,542
Loans and investments, net		1,836,744		957,528
Due from related party		24		—
Other assets		13,987		6,982

Total assets	$	1,989,491	$	980,052


Liabilities:
Collateralized loan obligations	$	1,418,422	$	728,441
Debt fund		68,084		—
Other liabilities		2,046		1,646

Total liabilities	$	1,488,552	$	730,087

Summary of the Company's variable interests in identified VIEs, of which the company is not the primary beneficiary

The following is a summary of our variable interests in identified VIEs, of which we are not the primary beneficiary, as of December 31, 2017 (in thousands):

Type	Carrying Amount(1)
Loans	$	321,171
B Piece bonds		27,837
Agency IOs		4,051
Equity investments		2,141

Total	$	355,200


(1)	Represents the carrying amount of loans and investments before reserves. At December 31, 2017, $161.8 million of loans to VIEs had corresponding loan loss reserves of $61.1 million. See Note 4—Loans and Investments for details. In addition, the maximum loss exposure at December 31, 2017 would not exceed the carrying amount of our investment for all VIEs presented above.

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Equity (Tables)

12 Months Ended

Dec. 31, 2017

Equity

Schedule of dividends declared by the Company (on a per share basis)

The following table presents dividends declared (on a per share basis) for the year ended December 31, 2017:

Common Stock			Preferred Stock
				Dividend(1)
Declaration Date	Dividend		Declaration Date	Series A		Series B		Series C
November 1, 2017	$	0.19	November 1, 2017	$	0.515625	$	0.484375	$	0.53125
August 2, 2017	$	0.18	August 2, 2017	$	0.515625	$	0.484375	$	0.53125
May 3, 2017	$	0.18	May 3, 2017	$	0.515625	$	0.484375	$	0.53125
March 1, 2017	$	0.17	February 3, 2017	$	0.515625	$	0.484375	$	0.53125


(1)	The dividend declared on November 1, 2017 was for September 1, 2017 through November 30, 2017. The dividend declared on August 2, 2017 was for June 1, 2017 through August 31, 2017. The dividend declared on May 3, 2017 was for March 1, 2017 through May 31, 2017. The dividend declared on February 3, 2017 was for December 1, 2016 through February 28, 2017.

Schedule of reconciliation of the numerator and denominator of the basic and diluted EPS computations

The following tables reconcile the numerator and denominator of our basic and diluted EPS computations ($ in thousands, except share and per share data):

	Year Ended December 31,
	2017				2016				2015
	Basic		Diluted		Basic		Diluted		Basic		Diluted
Net income attributable to common stockholders(1)	$	65,835	$	65,835	$	42,796	$	42,796	$	45,875	$	45,875
Net income attributable to noncontrolling interest(2)		—		24,120		—		—		—		—

Net income attributable to common stockholders and nocontrolling interest	$	65,835	$	89,955	$	42,796	$	42,796	$	45,875	$	45,875


Weighted average shares outstanding		57,890,574		57,890,574		51,305,095		51,305,095		50,857,750		50,857,750
Dilutive effect of OP Units(2)		—		21,230,769		—		—		—		—
Dilutive effect of restricted stock units(3)		—		1,092,072		—		425,458		—		149,578
Dilutive effect of convertible notes(4)		—		97,837		—		—		—		—

Weighted average shares outstanding		57,890,574		80,311,252		51,305,095		51,730,553		50,857,750		51,007,328


Net income per common share(1)	$	1.14	$	1.12	$	0.83	$	0.83	$	0.90	$	0.90


(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. For 2016, the OP Units were considered anti-dilutive and excluded from diluted EPS.
(3)	Our chief executive officer was granted restricted stock units in 2017, 2016 and 2015 which vest at the end of a four-year performance period based upon our achievement of total stockholder return objectives.
(4)	The convertible senior unsecured notes impact diluted earnings per share if the average price of our common stock exceeds the conversion price, as calculated in accordance with the terms of the indenture.

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income Taxes

Schedule of pre-tax GAAP income

The following table provides a summary of our pre-tax GAAP income (in thousands):

	Year Ended December 31,
	2017		2016		2015
Pre-tax GAAP income:
REIT	$	66,988	$	35,151	$	44,449
TRS Consolidated Group		43,880		8,470		1,426

Total pre-tax GAAP income	$	110,868	$	43,621	$	45,875

Schedule of provision (benefit) from income taxes

Our provision for (benefit from) income taxes was comprised as follows (in thousands):

	Year Ended December 31,
	2017			2016			2015
Current tax provision
Federal	$	17,201		$	768		$	298
State		3,557			1,589			118

Total		20,758			2,357			416

Deferred tax (benefit) provision
Federal	$	(2,928	)	$	1,449		$	(2,957	)
State		(929	)		2,380			(1,239	)
Valuation allowance		(3,542	)		(5,361	)		3,780

Total		(7,399	)		(1,532	)		(416	)

Total income tax expense	$	13,359		$	825		$	—

Schedule of reconciliation of effective income tax rate as a percentage of pretax income or loss to the U.S. federal statutory rate

	Year Ended December 31,
	2017			2016			2015
U.S. federal statutory rate		35.0	%		35.0	%		35.0	%
REIT non-taxable income		(21.2	)		(28.2	)		(38.7	)
State and local income taxes, net of
federal tax benefit		1.6			6.9			(2.7	)
Change in valuation allowance		(1.3	)		(12.3	)		6.4
Tax rate change		(4.8	)		—			—
Other		2.7			0.5			—

Effective income tax rate		12.0	%		1.9	%		—	%

Summary of significant components of deferred tax assets and liabilities of TRS Consolidated Group

The significant components of our deferred tax assets and liabilities of our TRS Consolidated Group were as follows (in thousands):

	December 31,
	2017			2016
Deferred tax assets:
Expenses not currently deductible	$	9,750		$	2,428
Loan loss reserves		10,036			27,486
Net operating and capital loss carryforwards		137			219
Valuation allowance		(3,418	)		(6,960	)

Deferred tax assets, net	$	16,505		$	23,173


Deferred tax liabilities:
Interest in equity affiliates—net	$	2,841		$	7,179
Intangibles		15,673			24,860
Mortgage servicing rights		7,493			3,550
Other		1,252			858

Deferred tax liabilities, net	$	27,259		$	36,447

Agreements and Transactions with Related Parties (Tables)

12 Months Ended

Dec. 31, 2017

Agreements and Transactions with Related Parties

Schedule of base management fees and incentive fees incurred prior to the full internalization of management team and termination of the existing management agreement

	Year Ended December 31,
Management Fees:	2017		2016		2015
Base	$	6,673	$	12,600	$	10,900
Incentive		—		—		—

Total management fee	$	6,673	$	12,600	$	10,900

Segment Information (Tables)

12 Months Ended

Dec. 31, 2017

Segment Information

Schedule of statement of income and balance sheet by segment

	Year Ended December 31, 2017
	Structured Business			Agency Business			Other / Eliminations(1)			Consolidated
Interest income	$	136,526		$	19,651		$	—		$	156,177
Interest expense		74,136			12,089			3,847			90,072

Net interest income		62,390			7,562			(3,847	)		66,105

Other revenue:
Gain on sales, including fee-based services, net		—			72,799			—			72,799
Mortgage servicing rights		—			76,820			—			76,820
Servicing revenue		—			76,412			—			76,412
Amortization of MSRs		—			(47,202	)		—			(47,202	)
Property operating income		10,973			—			—			10,973
Other income, net		2,083			(1,398	)		—			685

Total other revenue		13,056			177,431			—			190,487

Other expenses:
Employee compensation and benefits		19,555			72,571			—			92,126
Selling and administrative		11,765			18,973			—			30,738
Property operating expenses		10,482			—			—			10,482
Depreciation and amortization		1,784			5,601			—			7,385
Impairment loss on real estate owned		3,200			—			—			3,200
Provision for loss sharing (net of recoveries)		—			(259	)		—			(259	)
Provision for loan losses (net of recoveries)		(456	)		—			—			(456	)
Management fee—related party		3,259			3,414			—			6,673

Total other expenses		49,589			100,300			—			149,889

Income before gain on extinguishment of debt, loss from equity affiliates and provision for income taxes		25,857			84,693			(3,847	)		106,703
Gain on extinguishment of debt		7,116			—			—			7,116
Loss from equity affiliates		(2,951	)		—			—			(2,951	)
Provision for income taxes		(957	)		(12,402	)		—			(13,359	)

Net income		29,065			72,291			(3,847	)		97,509

Preferred stock dividends		7,554			—			—			7,554
Net income attributable to noncontrolling interest		—			—			24,120			24,120

Net income attributable to common stockholders	$	21,511		$	72,291		$	(27,967	)	$	65,835

	Year Ended December 31, 2016
	Structured Business			Agency Business			Other / Eliminations(1)			Consolidated
Interest income	$	109,622		$	6,551		$	—		$	116,173
Other interest income, net		2,539			—			—			2,539
Interest expense		57,943			3,887			1,793			63,623

Net interest income		54,218			2,664			(1,793	)		55,089

Other revenue:
Gain on sales, including fee-based services, net		—			24,594			—			24,594
Mortgage servicing rights		—			44,941			—			44,941
Servicing revenue		—			30,759			—			30,759
Amortization of MSRs		—			(21,705	)		—			(21,705	)
Property operating income		14,881			—			—			14,881
Other income, net		542			499			—			1,041

Total other revenue		15,423			79,088			—			94,511

Other expenses:
Employee compensation and benefits		14,884			23,763			—			38,647
Selling and administrative		9,714			7,873			—			17,587
Acquisition costs		—			—			10,262			10,262
Property operating expenses		13,501			—			—			13,501
Depreciation and amortization		2,454			2,568			—			5,022
Impairment loss on real estate owned		11,200			—			—			11,200
Provision for loss sharing		—			2,235			—			2,235
Provision for loan losses (net of recoveries)		(134	)		—			—			(134	)
Management fee—related party		9,044			3,556			—			12,600

Total other expenses		60,663			39,995			10,262			110,920

Income before gain on sale of real estate, income from equity affiliates and provision for income taxes		8,978			41,757			(12,055	)		38,680
Gain on sale of real estate		11,631			—			—			11,631
Income from equity affiliates		12,995			—			—			12,995
Provision for income taxes		—			(825	)		—			(825	)

Net income		33,604			40,932			(12,055	)		62,481

Preferred stock dividends		7,554			—			—			7,554
Net income attributable to noncontrolling interest		—			—			12,131			12,131

Net income attributable to common stockholders	$	26,050		$	40,932		$	(24,186	)	$	42,796

	December 31, 2017
	Structured Business		Agency Business		Other / Eliminations		Consolidated
Assets:
Cash and cash equivalents	$	37,056	$	67,318	$	—	$	104,374
Restricted cash		139,398		—		—		139,398
Loans and investments, net		2,579,127		—		—		2,579,127
Loans held-for-sale, net		—		297,443		—		297,443
Capitalized mortgage servicing rights, net		—		252,608		—		252,608
Securities held-to-maturity, net		—		27,837		—		27,837
Investments in equity affiliates		23,653		—		—		23,653
Goodwill and other intangible assets		12,500		109,266		—		121,766
Other assets		66,227		13,512		—		79,739

Total assets	$	2,857,961	$	767,984	$	—	$	3,625,945


Liabilities:
Debt obligations	$	2,189,700	$	291,536	$	50,000	$	2,531,236
Allowance for loss-sharing obligations		—		30,511		—		30,511
Other liabilities		155,814		42,819		1,009		199,642

Total liabilities	$	2,345,514	$	364,866	$	51,009	$	2,761,389

	December 31, 2016
	Structured Business		Agency Business		Other / Eliminations		Consolidated
Assets:
Cash and cash equivalents	$	103,156	$	35,489	$	—	$	138,645
Restricted cash		16,230		13,085		—		29,315
Loans and investments, net		1,695,732		—		—		1,695,732
Loans held-for-sale, net		—		673,367		—		673,367
Capitalized mortgage servicing rights, net		—		227,743		—		227,743
Investments in equity affiliates		33,949		—		—		33,949
Goodwill and other intangible assets		—		97,490		—		97,490
Other assets		63,351		11,194		—		74,545

Total assets	$	1,912,418	$	1,058,368	$	—	$	2,970,786


Liabilities:
Debt obligations	$	1,307,974	$	660,144	$	50,000	$	2,018,118
Allowance for loss-sharing obligations		—		32,408		—		32,408
Other liabilities		133,788		38,216		1,218		173,222

Total liabilities	$	1,441,762	$	730,768	$	51,218	$	2,223,748

Schedule of origination data and loan sales data

	Year Ended December 31,
	2017			2016			2015
Origination Data:
Structured Business
New loan originations	$	1,842,974		$	847,683		$	828,218
Loan payoffs / paydowns		924,120			553,409			828,670
Agency Business
Origination Volumes by Investor:
Fannie Mae	$	2,929,481		$	1,668,581
Freddie Mac		1,322,498			456,422
FHA		189,087			24,630
CMBS/Conduit		21,370			—

Total	$	4,462,436		$	2,149,633


Total loan commitment volume	$	4,344,328		$	2,129,720


Loan Sales Data:
Agency Business
Fannie Mae	$	3,223,953		$	1,130,392
Freddie Mac		1,399,029			332,319
FHA		170,554			29,673
CMBS/Conduit		21,370			—

Total	$	4,814,906		$	1,492,384	(1)


Sales margin (fee-based services as a % of loan sales)		1.51	%		1.65	%


MSR rate (MSR income as a % of loan commitments)		1.77	%		2.11	%


(1)	Loan sales were $1.91 billion for 2016, including loans that were acquired as part of the Acquisition.

Schedule of key servicing metrics for Agency Business

	December 31, 2017
Key Servicing Metrics for Agency Business:	UPB of Servicing Portfolio		Wtd. Avg. Servicing Fee Rate (basis points)		Wtd. Avg. Life of Servicing Portfolio (in years)
Fannie Mae	$	12,502,699		53.6		6.9
Freddie Mac		3,166,134		29.5		10.5
FHA		537,482		16.5		19.6

Total	$	16,206,315		47.7		8.1


	December 31, 2016
Fannie Mae	$	11,181,152		53.4		6.6
Freddie Mac		1,953,245		22.3		10.5
FHA		420,689		14.4		19.2

Total	$	13,555,086		47.8		7.6

Selected Quarterly Financial Data - Unaudited (Tables)

12 Months Ended

Dec. 31, 2017

Selected Quarterly Financial Data - Unaudited

Summary of quarterly financial data

The following tables represent summarized quarterly financial data for 2017 and 2016 ($ in thousands, except per share data):

	Three Months Ended
	December 31, 2017			September 30, 2017			June 30, 2017			March 31, 2017
Net interest income	$	19,671		$	18,290		$	14,057		$	14,088
Total other revenue		51,431			47,989			44,735			46,332
Total other expenses		37,999			36,596			37,043			38,254

Income before gain on extinguishment of debt, (loss) income from equity affiliates and benefit from (provision for) income taxes		33,103			29,683			21,749			22,166
Gain on extinguishment of debt		—			—			—			7,116
(Loss) income from equity affiliates		(4,706	)		995			(3	)		763
Benefit from (provision for) income taxes		2,885			(6,708	)		(3,435	)		(6,101	)

Net income		31,282			23,970			18,311			23,944
Preferred stock dividends		1,888			1,888			1,888			1,888
Net income attributable to noncontrolling interest		7,524			5,661			4,494			6,442

Net income attributable to common stockholders	$	21,870		$	16,421		$	11,929		$	15,614


Basic earnings per common share(1)	$	0.35		$	0.27		$	0.21		$	0.30


Diluted earnings per common share(1)	$	0.35		$	0.26		$	0.21		$	0.30

	Three Months Ended
	December 31, 2016			September 30, 2016			June 30, 2016			March 31, 2016
Net interest income	$	12,084		$	12,670		$	17,265		$	13,070
Total other revenue		49,581			34,868			4,641			5,421
Total other expenses		32,036			35,742			25,170			17,973

Income (loss) before gain on sale of real estate, income from equity affiliates and provision for income taxes		29,629			11,796			(3,264	)		518
Gain on sale of real estate		—			—			11,023			608
Income from equity affiliates		1,801			4,929			4,367			1,897
Provision for income taxes		(525	)		(300	)		—			—

Net income		30,905			16,425			12,126			3,023
Preferred stock dividends		1,888			1,888			1,888			1,888
Net income attributable to noncontrolling interest		8,482			3,649			—			—

Net income attributable to common stockholders	$	20,535		$	10,888		$	10,238		$	1,135


Basic earnings per common share(1)	$	0.40		$	0.21		$	0.20		$	0.02


Diluted earnings per common share(1)	$	0.40		$	0.21		$	0.20		$	0.02


(1)	The sum of the quarterly amounts may not equal amounts reported for year-to-date periods, due to the effects of rounding for each period.

Basis of Presentation and Significant Accounting Policies (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Sep. 30, 2017	Dec. 31, 2016
Basis of Presentation and Significant Accounting Policies
Goodwill	$ 56,626		$ 26,747
Other liabilities	$ 99,813		$ 86,163
Reclassification adjustments \| Adjustment in consolidated balance sheets for prior period deferred tax liability incorrectly omitted
Basis of Presentation and Significant Accounting Policies
Goodwill		$ 4,900
Other liabilities		$ 4,900

Basis of Presentation and Significant Accounting Policies - Impaired Loans, Allowance for Loan Losses and Charge-offs (Details)	12 Months Ended
	Dec. 31, 2017 USD ($)
Impaired Loans, Allowance for Loan Losses and Charge-offs
Adjustments made to appraisals	$ 0
Loans Held-for-Sale, Net
Maximum number of days held-for-sale loans are generally transferred or sold	60 days
Allowance for Loss-Sharing Obligations
Period of a loan past due becomes delinquent	60 days
Real Estate Owned and Held-For-Sale
Period following the date of acquisition in which the entity finalizes the purchase price allocation of the real estate properties acquired	1 year
Fannie Mae
Allowance for Loss-Sharing Obligations
Percentage of loss obligation on UPB	5.00%
Obligated funding percentage of mortgage delinquencies	100.00%
Loss sharing funding percentage of advances until final settlement	25.00%
Maximum \| Fannie Mae
Allowance for Loss-Sharing Obligations
Percentage of additional loss obligation on UPB	20.00%
Commercial Loans \| MSRs
Capitalized Mortgage Servicing Rights
Inflation rate used for adequate compensation	3.00%
Commercial Loans \| MSRs \| Minimum
Capitalized Mortgage Servicing Rights
Discount rates to determine the present value of MSRs (as a percent)	8.00%
Commercial Loans \| MSRs \| Maximum
Capitalized Mortgage Servicing Rights
Discount rates to determine the present value of MSRs (as a percent)	15.00%
Commercial Loans \| MSRs \| Weighted average
Capitalized Mortgage Servicing Rights
Discount rates to determine the present value of MSRs (as a percent)	13.00%

Acquisition of Our Former Manager's Agency Platform (Details) $ / shares in Units, $ in Thousands				12 Months Ended
	Jul. 14, 2017 USD ($)	May 31, 2017 USD ($) employee	Jul. 14, 2016 USD ($) $ / shares shares	Dec. 31, 2017 USD ($) segment	Dec. 31, 2016 USD ($)
Acquisition of Our Former Manager's Agency Platform
Goodwill				$ 56,626	$ 26,747
Reporting segments \| segment				2
ACM Acquisition
Acquisition of Our Former Manager's Agency Platform
Total consideration	$ 292,500
Acquisition share price per common share based on closing price on the day of the ACM Acquisition \| $ / shares			$ 7.29
Termination of existing management agreement \| ACM Acquisition
Acquisition of Our Former Manager's Agency Platform
Option to terminate the existing management agreement and purchase the services provided by Former Manager's employees			$ 25,000
Number of employees to manage/advise our business \| employee		100
Price of fully internalize our management team and terminate the existing management agreement assigned to goodwill		$ 25,000
Termination of existing management agreement \| ACM Acquisition \| Structured Business
Acquisition of Our Former Manager's Agency Platform
Goodwill		12,500
Termination of existing management agreement \| ACM Acquisition \| Agency Business
Acquisition of Our Former Manager's Agency Platform
Goodwill		12,500
Termination of existing management agreement \| ACM Acquisition \| Maximum
Acquisition of Our Former Manager's Agency Platform
Expenses incurred to fully internalize management team		$ 100
Operating Partnership \| ACM Acquisition
Acquisition of Our Former Manager's Agency Platform
Total consideration			275,800
Purchase price paid in stock			138,000
Purchase price paid in cash			87,800
Borrowings from seller financing - related party			$ 50,000
OP units hold as part of acquisition \| shares			21,230,769
Acquisition share price per common share based on closing price on the day of the ACM Acquisition \| $ / shares			$ 6.50

Loans and Investments (Details) $ in Thousands	3 Months Ended	12 Months Ended
Loans and Investments (Details) $ in Thousands	Mar. 31, 2017 USD ($)	Dec. 31, 2017 USD ($) item loan	Dec. 31, 2016 USD ($) loan item	Dec. 31, 2015 USD ($)	Dec. 31, 2013 USD ($)
Loans and Investments
Loans and investments, gross		$ 2,652,538	$ 1,790,160
Unearned revenue		(10,628)	(10,716)
Allowance for loan losses		(62,783)	(83,712)	$ (86,762)	$ (115,487)
Loans and investments, net		$ 2,579,127	$ 1,695,732
Percent of Total		100.00%	100.00%
Loan Count \| loan		170	144
Wtd. Avg. Pay Rate (as a percent)		6.28%	5.71%
Wtd. Avg. Remaining Months to Maturity		23 months 18 days	16 months 9 days
Wtd. Avg. First Dollar LTV Ratio (as percent)		4.00%	6.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)		73.00%	75.00%
Gain on extinguishment of debt	$ 7,116	$ 7,116
Other interest income			$ 2,539	7,884
Employee compensation and benefits		92,126	38,647	17,500
Carrying value of loans		$ 2,652,538
First mortgage
Loans and Investments
Defaulted mortgage acquired				116,000
Gain on extinguishment of debt			1,900	6,700
Other interest income			2,500	7,900
Employee compensation and benefits			$ 600	$ 1,200
Higher-risk
Loans and Investments
Wtd. Avg. Last Dollar LTV Ratio (as percent)		93.00%	94.00%
Carrying value of loans		$ 126,500	$ 152,900
Credit risk concentration \| Minimum
Loans and Investments
Credit risk individual ratings \| item		1
Credit risk concentration \| Maximum
Loans and Investments
Credit risk individual ratings \| item		5
Total assets \| Credit risk concentration
Loans and Investments
Loan Count \| loan		42	35
Number of different borrowers \| item		5	5
Concentration risk, percentage		24.00%	16.00%
Bridge loans
Loans and Investments
Loans and investments, gross		$ 2,422,105	$ 1,602,658
Percent of Total		91.00%	90.00%
Loan Count \| loan		150	120
Wtd. Avg. Pay Rate (as a percent)		6.10%	5.59%
Wtd. Avg. Remaining Months to Maturity		20 months 27 days	16 months 12 days
Wtd. Avg. First Dollar LTV Ratio (as percent)		0.00%	0.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)		72.00%	73.00%
Carrying value of loans		$ 2,422,105
Preferred equity investments
Loans and Investments
Loans and investments, gross		$ 142,892	$ 68,121
Percent of Total		6.00%	4.00%
Loan Count \| loan		12	10
Wtd. Avg. Pay Rate (as a percent)		6.47%	6.83%
Wtd. Avg. Remaining Months to Maturity		68 months 21 days	23 months 24 days
Wtd. Avg. First Dollar LTV Ratio (as percent)		64.00%	42.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)		90.00%	91.00%
Carrying value of loans		$ 34,800
Mezzanine loans
Loans and Investments
Loans and investments, gross		$ 87,541	$ 57,124
Percent of Total		3.00%	3.00%
Loan Count \| loan		8	12
Wtd. Avg. Pay Rate (as a percent)		10.78%	9.09%
Wtd. Avg. Remaining Months to Maturity		24 months 24 days	17 months 27 days
Wtd. Avg. First Dollar LTV Ratio (as percent)		20.00%	36.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)		63.00%	75.00%
Junior participation loans
Loans and Investments
Loans and investments, gross			$ 62,257
Percent of Total			3.00%
Loan Count \| loan			2
Wtd. Avg. Pay Rate (as a percent)			4.50%
Wtd. Avg. Remaining Months to Maturity			4 months
Wtd. Avg. First Dollar LTV Ratio (as percent)			83.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)			84.00%

Loans and Investments, Risk Ratings and LTV Ratios (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017 USD ($) loan	Dec. 31, 2016 USD ($) loan
Loans and Investments
Number of loans and investments \| loan	8	8
Percentage of Portfolio	100.00%	100.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	4.00%	6.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	73.00%	75.00%
Credit risk concentration \| Pass/watch
Loans and Investments
Unpaid Principal Balance (UPB)	$ 2,652,538
Percentage of Portfolio	100.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	4.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	73.00%
Credit risk concentration \| Special mention
Loans and Investments
Unpaid Principal Balance (UPB)		$ 1,790,160
Percentage of Portfolio		100.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)		6.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)		75.00%
Credit risk concentration \| Loans and investments portfolio \| New York
Loans and Investments
Concentration risk, percentage	21.00%	25.00%
Credit risk concentration \| Loans and investments portfolio \| California
Loans and Investments
Concentration risk, percentage	11.00%	15.00%
Credit risk concentration \| Loans and investments portfolio \| Florida
Loans and Investments
Concentration risk, percentage		14.00%
Credit risk concentration \| Loans and investments portfolio \| Texas
Loans and Investments
Concentration risk, percentage	23.00%	13.00%
Credit risk concentration \| Multifamily \| Pass/watch
Loans and Investments
Unpaid Principal Balance (UPB)	$ 1,925,529
Percentage of Portfolio	73.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	4.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	72.00%
Credit risk concentration \| Multifamily \| Special mention
Loans and Investments
Unpaid Principal Balance (UPB)		$ 1,421,731
Percentage of Portfolio		79.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)		1.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)		73.00%
Credit risk concentration \| Self Storage \| Pass
Loans and Investments
Unpaid Principal Balance (UPB)	$ 301,830
Percentage of Portfolio	11.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	0.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	71.00%
Credit risk concentration \| Self Storage \| Special mention
Loans and Investments
Unpaid Principal Balance (UPB)		$ 7,505
Percentage of Portfolio		1.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)		0.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)		70.00%
Credit risk concentration \| Land \| Substandard
Loans and Investments
Unpaid Principal Balance (UPB)	$ 132,828	$ 137,255
Percentage of Portfolio	5.00%	8.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	0.00%	2.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	90.00%	92.00%
Credit risk concentration \| Office \| Pass/watch
Loans and Investments
Unpaid Principal Balance (UPB)	$ 107,853	$ 141,711
Percentage of Portfolio	4.00%	8.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	1.00%	43.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	64.00%	73.00%
Credit risk concentration \| Hotel \| Special mention
Loans and Investments
Unpaid Principal Balance (UPB)	$ 90,725	$ 70,750
Percentage of Portfolio	3.00%	4.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	37.00%	30.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	81.00%	74.00%
Credit risk concentration \| Healthcare \| Pass/watch
Loans and Investments
Unpaid Principal Balance (UPB)	$ 55,615
Percentage of Portfolio	2.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	0.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	74.00%
Credit risk concentration \| Healthcare \| Special mention
Loans and Investments
Unpaid Principal Balance (UPB)		$ 5,550
Percentage of Portfolio		1.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)		0.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)		63.00%
Credit risk concentration \| Retail \| Pass/watch
Loans and Investments
Unpaid Principal Balance (UPB)	$ 36,458
Percentage of Portfolio	1.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	8.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	66.00%
Credit risk concentration \| Retail \| Special mention
Loans and Investments
Unpaid Principal Balance (UPB)		$ 3,958
Percentage of Portfolio		1.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)		81.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)		91.00%
Credit risk concentration \| Commercial \| Doubtful
Loans and Investments
Unpaid Principal Balance (UPB)	$ 1,700	$ 1,700
Percentage of Portfolio	1.00%	1.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	63.00%	63.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	63.00%	63.00%

Loans and Investments, Impaired Loans and Allowance for Loan Losses (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017 USD ($) loan	Dec. 31, 2016 USD ($) loan	Dec. 31, 2015 USD ($) loan
Changes in allowance for loan losses
Allowance at beginning of period	$ 83,712	$ 86,762
Provision for loan losses	2,000	59	$ 6,509
Charge-offs	(20,473)	(2,959)	(32,000)
Charge-off on loan reclassification to real estate owned, net			(2,500)
Recoveries of reserves	(2,456)	(150)	(734)
Allowance at end of period	$ 62,783	$ 83,712	$ 86,762
Number of impaired loans \| loan	5	8	9
Aggregate carrying value of impaired loans before reserves	$ 163,550	$ 187,351	$ 189,200
Multifamily
Changes in allowance for loan losses
Aggregate carrying value of impaired loans before reserves		2,451
Office
Changes in allowance for loan losses
Aggregate carrying value of impaired loans before reserves	2,288	22,778
Land
Changes in allowance for loan losses
Aggregate carrying value of impaired loans before reserves	124,812	125,926
Hotel
Changes in allowance for loan losses
Aggregate carrying value of impaired loans before reserves	$ 34,750	$ 34,496

Loans and Investments, Charge-offs and Recoveries Narratives (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017 USD ($) loan	Dec. 31, 2016 USD ($) loan	Dec. 31, 2015 USD ($) loan	Dec. 31, 2013 USD ($)
Loans and Investments
Charge-offs	$ (20,473)	$ (2,959)	$ (34,500)
Recoveries	2,456	193	2,042
Net Charge-offs	$ (18,017)	$ (2,766)	$ (32,458)
Ratio of net charge-offs during the period to average loans and investments outstanding during the period	(0.80%)	(0.20%)	(2.10%)
Number of loans for which no provision for loan loss made \| loan	0	0	0
Carrying value of loans	$ 2,652,538
Impaired bridge loans, paid off		$ 1,800
Carrying value of impaired loan			$ 125,300
Net recoveries of previously recorded loan loss reserves			2,000
Provision for loan losses			4,500
Loans with previous reserves			4,000
Loans without previous reserves			2,500
Provision for loan losses	62,783	83,712	86,762	$ 115,487
Preferred equity investments
Loans and Investments
Carrying value of loans	34,800
Mezzanine loans
Loans and Investments
Recoveries	1,800
Paid off in full	1,800
Bridge loans
Loans and Investments
Recoveries	700
Charge-off		3,000
Carrying value of loans	2,422,105
Carrying value of impaired loans transferred to real estate owned, before reserves		4,800
Additional provision for loan losses recognized		100
Junior participating loans
Loans and Investments
Charge-off	$ 20,500		(32,000)
Transfer of land held as collateral
Loans and Investments
Charge-off			(2,500)
Six loans collateralized by a land development project \| Maturity date of September 2018
Loans and Investments
Number of loans with unpaid principal balance \| loan	6
Unpaid principal balance on loans	$ 120,000
Five loans collateralized by a land development project \| Maturity date of September 2018
Loans and Investments
Number of loans with unpaid principal balance \| loan	5
Unpaid principal balance on loans	$ 110,700
Weighted average accrual rate of interest (as a percent)	8.66%
Provision for loan losses	$ 49,100	49,100
Multifamily
Loans and Investments
Charge-offs		(2,959)
Recoveries	2,456	$ 193	754
Office
Loans and Investments
Charge-offs	$ (20,473)		(2,500)
Hotel
Loans and Investments
Charge-offs			(32,000)
Land
Loans and Investments
Recoveries			$ 1,288

Loans and Investments, Summary of impaired loans (Details)	12 Months Ended
	Dec. 31, 2017 USD ($) loan	Dec. 31, 2016 USD ($) loan	Dec. 31, 2015 USD ($) loan
Loans and Investments
Unpaid Principal Balance (UPB)	$ 169,824,000	$ 197,641,000
Carrying Value	163,550,000	187,351,000	$ 189,200,000
Allowance for Loan Losses	62,783,000	83,712,000
Average Recorded Investment	183,733,000	198,251,000
Interest Income Recognized	$ 500,000	$ 1,406,000
Number of impaired loans \| loan	5	8	9
Land
Loans and Investments
Unpaid Principal Balance (UPB)	$ 131,086,000	$ 131,086,000
Carrying Value	124,812,000	125,926,000
Allowance for Loan Losses	53,883,000	53,883,000
Average Recorded Investment	131,086,000	129,277,000
Hotel
Loans and Investments
Unpaid Principal Balance (UPB)	34,750,000	34,750,000
Carrying Value	34,750,000	34,496,000
Allowance for Loan Losses	5,700,000	3,700,000
Average Recorded Investment	34,750,000	34,750,000
Interest Income Recognized	371,000	1,155,000
Office
Loans and Investments
Unpaid Principal Balance (UPB)	2,288,000	27,563,000
Carrying Value	2,288,000	22,778,000
Allowance for Loan Losses	1,500,000	21,973,000
Average Recorded Investment	14,926,000	27,572,000
Interest Income Recognized	107,000	94,000
Commercial
Loans and Investments
Unpaid Principal Balance (UPB)	1,700,000	1,700,000
Carrying Value	1,700,000	1,700,000
Allowance for Loan Losses	1,700,000	1,700,000
Average Recorded Investment	1,700,000	1,700,000
Multifamily
Loans and Investments
Unpaid Principal Balance (UPB)		2,542,000
Carrying Value		2,451,000
Allowance for Loan Losses		2,456,000
Average Recorded Investment	1,271,000	4,952,000
Interest Income Recognized	$ 22,000	$ 157,000

Loans and Investments, Non-performing Loans (Details)	12 Months Ended
Loans and Investments, Non-performing Loans (Details)	Dec. 31, 2017 USD ($) loan	Dec. 31, 2016 USD ($) loan
Non-performing loans by asset class
Number of loans \| loan	170	144
Carrying value of loans	$ 2,652,538,000
Non-performing loans
Non-performing loans by asset class
Number of loans \| loan	2	3
Carrying value of loans	$ 29,100,000
Loan loss reserves	7,400,000	$ 22,900,000
Carrying Value	36,450,000	22,853,000
Greater Than 90 Days Past Due
Non-performing loans by asset class
Past Due, Non-performing Loans	0	0
Greater Than 90 Days Past Due \| Non-performing loans
Non-performing loans by asset class
Past Due, Non-performing Loans	36,450,000	22,853,000
Accruing interest	0	0
Hotel \| Non-performing loans
Non-performing loans by asset class
Carrying Value	34,750,000
Hotel \| Greater Than 90 Days Past Due \| Non-performing loans
Non-performing loans by asset class
Past Due, Non-performing Loans	34,750,000
Office \| Non-performing loans
Non-performing loans by asset class
Carrying Value		20,472,000
Office \| Greater Than 90 Days Past Due \| Non-performing loans
Non-performing loans by asset class
Past Due, Non-performing Loans		20,472,000
Multifamily \| Non-performing loans
Non-performing loans by asset class
Carrying Value		681,000
Multifamily \| Greater Than 90 Days Past Due \| Non-performing loans
Non-performing loans by asset class
Past Due, Non-performing Loans		681,000
Commercial \| Non-performing loans
Non-performing loans by asset class
Carrying Value	1,700,000	1,700,000
Commercial \| Greater Than 90 Days Past Due \| Non-performing loans
Non-performing loans by asset class
Past Due, Non-performing Loans	$ 1,700,000	$ 1,700,000

Loans and Investments, Loan Modifications, Refinancings and/or Extensions (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017 USD ($) loan	Dec. 31, 2016 USD ($) loan
Troubled debt restructurings by asset class
Number of Loans \| loan		2
Original UPB		$ 16,961
Original Wtd. Avg. Rate of Interest (as a percent)		5.36%
Extended UPB		$ 16,961
Extended Wtd. Avg. Rate of Interest (as a percent)		5.36%
Number of other loans considered to be troubled debt restructurings that subsequently considered non-performing \| loan	0	0
Number of additional loans considered to be troubled debt restructurings \| loan	0	0
Hotel
Troubled debt restructurings by asset class
Number of Loans \| loan	1
Original UPB	$ 34,750
Original Wtd. Avg. Rate of Interest (as a percent)	4.01%
Extended UPB	$ 34,750
Extended Wtd. Avg. Rate of Interest (as a percent)	4.01%
Multifamily
Troubled debt restructurings by asset class
Number of Loans \| loan		1
Original UPB		$ 14,646
Original Wtd. Avg. Rate of Interest (as a percent)		5.57%
Extended UPB		$ 14,646
Extended Wtd. Avg. Rate of Interest (as a percent)		5.57%
Office
Troubled debt restructurings by asset class
Number of Loans \| loan		1
Original UPB		$ 2,315
Original Wtd. Avg. Rate of Interest (as a percent)		4.03%
Extended UPB		$ 2,315
Extended Wtd. Avg. Rate of Interest (as a percent)		4.03%

Loans Held-for-Sale, Net (Details) - USD ($) $ in Thousands	12 Months Ended
Loans Held-for-Sale, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Loans Held-for-Sale, Net
Loans held-for-sale	$ 292,249	$ 662,347
Fair value of future MSR	5,806	13,146
Unearned discount	(612)	(2,126)
Loans held-for-sale, net	$ 297,443	673,367
Maximum number of days held-for-sale loans are typically sold	60 days
Loans with non-accrual status	$ 0	0
Sale of loans held-for-sale excluding acquired loans	4,810,000	1,490,000
Proceeds from sales of loans held-for-sale, net of gain on sale	4,814,906	1,916,470
Gain on sale of loans held-for-sale	68,300	22,800
Greater Than 90 Days Past Due
Loans Held-for-Sale, Net
Loans past due	0	0
ACM Acquisition
Loans Held-for-Sale, Net
Proceeds from sales of loans held-for-sale, net of gain on sale		418,200
Fannie Mae
Loans Held-for-Sale, Net
Loans held-for-sale, net	243,717	538,189
Freddie Mac
Loans Held-for-Sale, Net
Loans held-for-sale, net	47,545	124,102
FHA
Loans Held-for-Sale, Net
Loans held-for-sale, net	$ 987	$ 56

Capitalized Mortgage Servicing Rights (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Capitalized Mortgage Servicing Rights
Balance at beginning of period	$ 227,743
Balance at end of period	252,608	$ 227,743
Expected amortization of capitalized MSRs balances
2018	5,602
2019	5,465
2020	5,249
2021	4,691
2022	4,691
MSRs
Capitalized Mortgage Servicing Rights
Balance at beginning of period	227,743
Additions	87,899	255,244
Amortization	(47,202)	(21,705)
Write-downs and payoffs	(15,832)	(5,796)
Balance at end of period	252,608	227,743
Write-downs and payoffs	15,800	5,800
Prepayment fees	12,700	5,600
Valuation allowance	0	$ 0
Expected amortization of capitalized MSRs balances
2018	46,814
2019	43,191
2020	37,462
2021	30,037
2022	23,944
Thereafter	71,160
Finite-lived intangible assets, net	$ 252,608
MSRs \| Weighted average
Capitalized Mortgage Servicing Rights
Estimated life remaining	7 years 2 months 12 days	6 years 10 months 24 days
Acquired MSRs
Capitalized Mortgage Servicing Rights
Balance at beginning of period	$ 194,800
Additions	1,199	$ 221,647
Amortization	(37,470)	(21,052)
Write-downs and payoffs	(15,259)	(5,795)
Balance at end of period	143,270	194,800
Originated MSRs
Capitalized Mortgage Servicing Rights
Balance at beginning of period	32,943
Additions	86,700	33,597
Amortization	(9,732)	(653)
Write-downs and payoffs	(573)	(1)
Balance at end of period	$ 109,338	$ 32,943

Mortgage Servicing (Details) - MSRs $ in Thousands	12 Months Ended
Mortgage Servicing (Details) - MSRs $ in Thousands	Dec. 31, 2017 USD ($) state	Dec. 31, 2016 USD ($)
Mortgage Servicing
Unpaid principal balance of loans serviced	$ 16,206,315	$ 13,555,086
Weighted average servicing fee (as a percent)	0.477%	0.478%
Fee-based servicing portfolio
Mortgage Servicing
Percentage of Total	100.00%	100.00%
Number of states accounted for more than 4% of UPB and related servicing revenues \| state	0
Escrow Deposit	$ 477,900	$ 401,700
Fee-based servicing portfolio \| Texas
Mortgage Servicing
Percentage of Total	22.00%	24.00%
Fee-based servicing portfolio \| North Carolina
Mortgage Servicing
Percentage of Total	10.00%	9.00%
Fee-based servicing portfolio \| California
Mortgage Servicing
Percentage of Total	8.00%	8.00%
Fee-based servicing portfolio \| New York
Mortgage Servicing
Percentage of Total	8.00%	8.00%
Fee-based servicing portfolio \| Georgia
Mortgage Servicing
Percentage of Total	6.00%	5.00%
Fee-based servicing portfolio \| Florida
Mortgage Servicing
Percentage of Total	6.00%	4.00%
Fee-based servicing portfolio \| Other
Mortgage Servicing
Percentage of Total	40.00%	42.00%
Fannie Mae
Mortgage Servicing
Unpaid principal balance of loans serviced	$ 12,502,699	$ 11,181,152
Fannie Mae \| Fee-based servicing portfolio
Mortgage Servicing
Percentage of Total	77.00%	83.00%
Freddie Mac
Mortgage Servicing
Unpaid principal balance of loans serviced	$ 3,166,134	$ 1,953,245
Freddie Mac \| Fee-based servicing portfolio
Mortgage Servicing
Percentage of Total	20.00%	14.00%
FHA
Mortgage Servicing
Unpaid principal balance of loans serviced	$ 537,482	$ 420,689
FHA \| Fee-based servicing portfolio
Mortgage Servicing
Percentage of Total	3.00%	3.00%

Securities Held-to-Maturity (Details) $ in Thousands	12 Months Ended
Securities Held-to-Maturity (Details) $ in Thousands	Dec. 31, 2017 USD ($) item
Held-to-Maturity
Carrying Value	$ 27,837
B Piece bonds
Held-to-Maturity
B Piece retained percentage	49.00%
Number of B Piece bonds retained \| item	3
Discount value	$ 27,200
Remaining of B Piece bond sold to the third party at par	51.00%
Weighted average variable interest rate (as a percent)	3.65%
Estimated weighted average maturity period	5 years 10 months 24 days
Weighted average effective interest rate (as a percent)	12.97%
Face Value	$ 40,566
Carrying Value	27,837
Unrealized Gain	602
Estimated Fair Value	28,439
Held-to-maturity securities, estimated fiscal year
Within one year	5,400
After one year through five years	17,900
After five years through ten years	10,800
After ten years	$ 6,500

Investments in Equity Affiliates (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Investment in Equity Affiliates
Investment in Equity Affiliates	$ 23,653	$ 33,949
UPB of Loans to Equity Affiliates	1,688
Arbor Residential Investor LLC
Investment in Equity Affiliates
Investment in Equity Affiliates	19,193	28,917
West Shore Cafe
Investment in Equity Affiliates
Investment in Equity Affiliates	2,140	2,051
UPB of Loans to Equity Affiliates	1,688
Lightstone Value Plus REIT L.P
Investment in Equity Affiliates
Investment in Equity Affiliates	1,895	1,895
JT Prime
Investment in Equity Affiliates
Investment in Equity Affiliates	$ 425	425
East River Portfolio
Investment in Equity Affiliates
Investment in Equity Affiliates		83
Issuers of Junior Subordinated Notes
Investment in Equity Affiliates
Investment in Equity Affiliates		$ 578

Investments in Equity Affiliates, All Investments (Details)	1 Months Ended	3 Months Ended								12 Months Ended
	Aug. 31, 2014 USD ($) property	Dec. 31, 2017 USD ($)	Sep. 30, 2017 USD ($)	Jun. 30, 2017 USD ($)	Mar. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Sep. 30, 2016 USD ($)	Jun. 30, 2016 USD ($)	Mar. 31, 2016 USD ($)	Dec. 31, 2017 USD ($) item	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)
Investment in Equity Affiliates
Secured debt		$ 1,418,422,000				$ 728,441,000				$ 1,418,422,000	$ 728,441,000
(Loss) income from equity affiliates		(4,706,000)	$ 995,000	$ (3,000)	$ 763,000	1,801,000	$ 4,929,000	$ 4,367,000	$ 1,897,000	(2,951,000)	12,995,000	$ 12,301,000
Loans to Equity Affiliates		1,688,000								1,688,000
Loans and investments, gross		2,652,538,000								2,652,538,000
Multifamily
Investment in Equity Affiliates
Basis of equity participation interest		1,500,000				0				$ 1,500,000	0
Percentage of equity participation redeemed										25.00%
Bridge loans
Investment in Equity Affiliates
Loans and investments, gross		2,422,105,000								$ 2,422,105,000
Arbor Residential Investor LLC \| Residential Mortgage Banking Company
Investment in Equity Affiliates
Equity Investment												$ 9,600,000
Charge for proportionate share of litigation settlement recorded										$ 5,500,000
Payment period of litigation settlement										2 years
Indirect ownership percentage										16.3%		22.5%
(Loss) income from equity affiliates										$ (1,800,000)	9,500,000	$ 6,600,000
Arbor Residential Investor LLC \| Residential Mortgage Banking Company \| ACM / Our "Former Manager"
Investment in Equity Affiliates
Percentage of ownership interest of related party in the entity												50.00%
Arbor Residential Investor LLC \| Non-qualified Residential Mortgages
Investment in Equity Affiliates
Equity Investment												$ 1,700,000
Ownership percentage												50.00%
Distributions received										3,200,000	13,000,000
(Loss) income from equity affiliates										100,000	500,000
Arbor Residential Investor LLC \| Additional mortgage purchases
Investment in Equity Affiliates
Equity Investment		600,000				5,900,000				$ 600,000	5,900,000	$ 7,900,000
Arbor Residential Investor LLC \| Non Qualified and Additional Residential Mortgages \| Maximum
Investment in Equity Affiliates
(Loss) income from equity affiliates												100,000
West Shore Cafe
Investment in Equity Affiliates
Noncontrolling interest in equity method investment (as a percent)										50.00%
Loans to Equity Affiliates		1,688,000								$ 1,688,000
West Shore Cafe \| First mortgage
Investment in Equity Affiliates
(Loss) income from equity affiliates										100,000	100,000	100,000
Loans to Equity Affiliates		1,700,000								$ 1,700,000
Period of extension option										1 year
Variable rate, spread (as a percent)										4.00%
Lightstone Value Plus REIT L.P
Investment in Equity Affiliates
Equity Investment		1,900,000								$ 1,900,000
JT Prime
Investment in Equity Affiliates
Equity Investment		400,000								400,000
(Loss) income from equity affiliates										$ 200,000	200,000	200,000
Noncontrolling interest in equity method investment (as a percent)										50.00%
East River Portfolio
Investment in Equity Affiliates
Equity investment made	$ 100,000
Ownership percentage	5.00%
Number of properties owned \| property	2
East River Portfolio \| Chief executive officer and other related parties
Investment in Equity Affiliates
Percentage of ownership interest of related party in the entity	95.00%
East River Portfolio \| Bridge loans
Investment in Equity Affiliates
Distributions received										$ 100,000
Loans and investments, gross		1,700,000								$ 1,700,000
Variable rate, spread (as a percent)										5.50%
Basis of equity participation interest		$ 0								$ 0
Lexford Portfolio
Investment in Equity Affiliates
Noncontrolling interest										44,000
Distributions received										2,500,000	2,800,000	4,500,000
(Loss) income from equity affiliates										2,500,000	2,800,000	5,500,000
Expenses related to distribution from equity investment												$ 1,000,000
Issuers of Junior Subordinated Notes
Investment in Equity Affiliates
Equity Investment						$ 600,000					$ 600,000
Equity investment made										$ 600,000
Ownership percentage		100.00%								100.00%
Issuers of Junior Subordinated Notes \| Affiliated entities
Investment in Equity Affiliates
Number of affiliate entities formed \| item										2

Investments in Equity Affiliates, Balance Sheet (Detail) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Investment in Equity Affiliates
Investment in Equity Affiliates	$ 23,653	$ 33,949
Assets:
Cash and cash equivalents	62,723	54,599
Real estate assets	887,678	962,125
Other assets	192,319	170,963
Total assets	1,142,720	1,187,687
Liabilities:
Notes payable	1,059,905	1,084,220
Other liabilities	50,849	29,719
Total liabilities	1,110,754	1,113,939
Stockholders' equity Arbor	23,653	33,371
Stockholders' equity	8,313	40,377
Total stockholders' equity	31,966	73,748
Total liabilities and equity	1,142,720	1,187,687
Arbor Residential Investor LLC
Investment in Equity Affiliates
Investment in Equity Affiliates	19,193	28,917
Assets:
Cash and cash equivalents	26,419	21,257
Real estate assets	303,098	360,412
Other assets	137,782	125,941
Total assets	467,299	507,610
Liabilities:
Notes payable	357,410	380,468
Other liabilities	34,964	13,329
Total liabilities	392,374	393,797
Stockholders' equity Arbor	19,193	28,917
Stockholders' equity	55,732	84,896
Total stockholders' equity	74,925	113,813
Total liabilities and equity	467,299	507,610
Other
Assets:
Cash and cash equivalents	36,304	33,342
Real estate assets	584,580	601,713
Other assets	54,537	45,022
Total assets	675,421	680,077
Liabilities:
Notes payable	702,495	703,752
Other liabilities	15,885	16,390
Total liabilities	718,380	720,142
Stockholders' equity Arbor	4,460	4,454
Stockholders' equity	(47,419)	(44,519)
Total stockholders' equity	(42,959)	(40,065)
Total liabilities and equity	$ 675,421	680,077
Issuers of Junior Subordinated Notes
Investment in Equity Affiliates
Equity Investment		600
Investment in Equity Affiliates		$ 578

Investments in Equity Affiliates, Statements of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenue:
Rental income	$ 103,873	$ 99,417	$ 95,938
Interest income	9,507	11,985	10,216
Operating income	143,743	195,905	130,931
Reimbursement income	7,378	7,085	6,801
Other income	11,329	8,273	15,320
Total revenues	275,830	322,665	259,206
Expenses:
Operating expenses	213,126	198,976	157,773
Interest expense	44,354	46,018	43,767
Depreciation and amortization	30,539	30,376	21,763
Other expenses	22,471	91	1,628
Total expenses	310,490	275,461	224,931
Net (loss) income	(34,660)	47,204	34,275
Arbor's Share of (loss) income	4,451	(12,995)	(12,301)
Interest income an equity participation	1,500
Interest income of an equity method investment after adjusting	3,000
Arbor Residential Investor LLC
Revenue:
Interest income	9,248	11,726	9,957
Operating income	143,743	195,905	129,567
Other income	2,909	213	196
Total revenues	155,900	207,844	139,720
Expenses:
Operating expenses	154,837	142,297	101,165
Interest expense	11,436	13,331	9,824
Depreciation and amortization	1,384	1,127	752
Other expenses	22,000
Total expenses	189,657	156,755	111,741
Net (loss) income	(33,757)	51,089	27,979
Arbor's Share of (loss) income	7,247	(9,950)	(6,600)
Other
Revenue:
Rental income	103,873	99,417	95,938
Interest income	259	259	259
Operating income			1,364
Reimbursement income	7,378	7,085	6,801
Other income	8,420	8,060	15,124
Total revenues	119,930	114,821	119,486
Expenses:
Operating expenses	58,289	56,679	56,608
Interest expense	32,918	32,687	33,943
Depreciation and amortization	29,155	29,249	21,011
Other expenses	471	91	1,628
Total expenses	120,833	118,706	113,190
Net (loss) income	(903)	(3,885)	6,296
Arbor's Share of (loss) income	$ (2,796)	$ (3,045)	$ (5,701)

Real Estate Owned and Held-For-Sale, Portfolio (Details)	12 Months Ended
	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($) property	Dec. 31, 2015 USD ($) property
Real Estate Owned
Real estate owned, net	$ 16,787,000	$ 19,492,000
Impairment loss on real estate owned	3,200,000	11,200,000
Restricted cash due to escrow requirement	139,398,000	29,315,000
Real Estate Held-For-Sale
Proceeds from sale of real estate, net		49,030,000	$ 40,077,000
Pay off outstanding debt		27,155,000	30,984,000
Multifamily and Hotel \| Disposed of by sale
Real Estate Held-For-Sale
Proceeds from sale of real estate, net		50,700,000	41,100,000
Gain on sale of property		$ 11,600,000	$ 7,800,000
Multifamily \| Disposed of by sale
Real Estate Held-For-Sale
Number of properties sold \| property		3
Pay off outstanding debt		$ 27,100,000
Hotel \| Disposed of by sale
Real Estate Held-For-Sale
Number of properties sold \| property			3
Real Estate Owned
Real Estate Owned
Less: Impairment loss	(13,807,000)	(11,200,000)
Less: Accumulated depreciation and amortization	(9,918,000)	(9,148,000)
Real estate owned, net	16,787,000	19,492,000
Impairment loss on real estate owned	3,200,000	11,200,000
Restricted cash due to escrow requirement	700,000	700,000
Real Estate Owned \| Hotel
Real Estate Owned
Less: Impairment loss	(13,307,000)	(11,200,000)
Less: Accumulated depreciation and amortization	(9,228,000)	(8,659,000)
Real estate owned, net	$ 11,458,000	$ 13,909,000
Weighted average occupancy rate of properties (as a percent)	52.00%	54.00%	53.00%
Amount of weighted average daily rate of properties	$ 108	$ 100	$ 90
Amount of weighted average daily revenue of properties	56	54	$ 48
Impairment loss on real estate owned	2,700,000	11,200,000
Real Estate Owned \| Office
Real Estate Owned
Less: Impairment loss	(500,000)
Less: Accumulated depreciation and amortization	(690,000)	(489,000)
Real estate owned, net	5,329,000	5,583,000
Impairment loss on real estate owned	500,000
Real Estate Owned \| Land
Real Estate Owned
Real estate owned, gross	7,803,000	7,803,000
Real Estate Owned \| Land \| Hotel
Real Estate Owned
Real estate owned, gross	3,294,000	3,294,000
Real Estate Owned \| Land \| Office
Real Estate Owned
Real estate owned, gross	4,509,000	4,509,000
Real Estate Owned \| Building and intangible assets
Real Estate Owned
Real estate owned, gross	32,709,000	32,037,000
Real Estate Owned \| Building and intangible assets \| Hotel
Real Estate Owned
Real estate owned, gross	30,699,000	30,474,000
Real Estate Owned \| Building and intangible assets \| Office
Real Estate Owned
Real estate owned, gross	$ 2,010,000	$ 1,563,000

Real Estate Owned and Held-For-Sale, Results for Held-For-Sale (Details) - Held-For-Sale - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Revenue:
Property operating income	$ 2,845	$ 10,972
Expenses:
Property operating expenses	1,994	8,224
Depreciation	335	1,563
Net income	$ 516	$ 1,185

Goodwill and Other Intangible Assets, Goodwill (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017 USD ($) segment	Dec. 31, 2016 USD ($)
Goodwill
Goodwill at beginning of period	$ 26,747
Additions from the Acquisition		$ 26,747
Additions from internalization of management team	25,000
Purchase price allocation adjustment	4,879
Goodwill at end of period	56,626	$ 26,747
Goodwill allocation to each reporting segment	$ 12,500
Reporting segments \| segment	2

Goodwill and Other Intangible Assets, Other Intangibles Asset (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Finite-lived intangible assets:
Accumulated Amortization	$ (8,170)	$ (2,567)
Intangible assets
Intangible assets, Gross Carrying Value	73,310	73,310
Intangible assets, net	65,140	70,743
Amortization expense	5,600	2,600
Fannie Mae DUS license
Infinite-lived intangible assets:
Infinite-lived intangible assets, Gross Carrying Value	17,100	17,100
Freddie Mac Program Plus license
Infinite-lived intangible assets:
Infinite-lived intangible assets, Gross Carrying Value	8,700	8,700
FHA License
Infinite-lived intangible assets:
Infinite-lived intangible assets, Gross Carrying Value	3,200	3,200
Broker relationships
Finite-lived intangible assets:
Finite-lived intangible assets, Gross Carrying Value	25,000	25,000
Accumulated Amortization	(4,558)	(1,432)
Finite-lived intangible assets, net	20,442	23,568
Borrower relationships
Finite-lived intangible assets:
Finite-lived intangible assets, Gross Carrying Value	14,400	14,400
Accumulated Amortization	(2,100)	(660)
Finite-lived intangible assets, net	12,300	13,740
Below market leases
Finite-lived intangible assets:
Finite-lived intangible assets, Gross Carrying Value	4,010	4,010
Accumulated Amortization	(1,075)	(337)
Finite-lived intangible assets, net	2,935	3,673
Acquired technology
Finite-lived intangible assets:
Finite-lived intangible assets, Gross Carrying Value	900	900
Accumulated Amortization	(437)	(138)
Finite-lived intangible assets, net	$ 463	$ 762

Goodwill and Other Intangible Assets, Estimated Amortization Expense (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017 USD ($)
Finite-lived intangible assets:
Wtd. Avg. Remaining Life (in years)	7 years 1 month 6 days
2018	$ 5,602
2019	5,465
2020	5,249
2021	4,691
2022	$ 4,691
Broker relationships
Finite-lived intangible assets:
Wtd. Avg. Remaining Life (in years)	6 years 6 months
2018	$ 3,125
2019	3,125
2020	3,125
2021	3,125
2022	$ 3,125
Borrower relationships
Finite-lived intangible assets:
Wtd. Avg. Remaining Life (in years)	8 years 6 months
2018	$ 1,440
2019	1,440
2020	1,440
2021	1,440
2022	$ 1,440
Below market leases
Finite-lived intangible assets:
Wtd. Avg. Remaining Life (in years)	5 years 4 months 24 days
2018	$ 737
2019	737
2020	684
2021	126
2022	$ 126
Acquired technology
Finite-lived intangible assets:
Wtd. Avg. Remaining Life (in years)	1 year 6 months
2018	$ 300
2019	$ 163

Debt Obligations, Credit Facilities and Repurchase Agreements (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2017 USD ($)	Dec. 31, 2018	Dec. 31, 2017 USD ($) item	Sep. 30, 2017 USD ($)	Feb. 28, 2017 USD ($)	Dec. 31, 2016 USD ($)
Debt Obligations
DPB	$ 530,938		$ 530,938			$ 908,680
Credit and repurchase facility, Carrying Value	528,573		528,573			906,637
Collateral Carrying Value	$ 533,584		$ 533,584			$ 1,041,761
Wtd. Avg. Note Rate (as a percent)	3.34%		3.34%			2.25%
B Piece bonds
Debt Obligations
Estimated Fair Value	$ 28,439		$ 28,439
Structured Business
Debt Obligations
DPB	239,222		239,222			$ 248,365
Credit and repurchase facility, Carrying Value	237,037		237,037			246,493
Collateral Carrying Value	$ 241,868		$ 241,868			$ 381,446
Wtd. Avg. Note Rate (as a percent)	4.02%		4.02%			3.02%
Weighted average note rate including certain fees and costs (as a percent)	4.51%		4.51%			3.42%
Leverage on loans and investment portfolio, excluding the $3.0 million master security agreement used to finance leasehold improvements to corporate office (as a percent)	72.00%		72.00%			64.00%
Structured Business \| $150 million repurchase facility
Debt Obligations
Maximum borrowing capacity	$ 225,000		$ 225,000	$ 150,000
Additional borrowing capacity	75,000		75,000
Structured Business \| $225 million repurchase facility
Debt Obligations
DPB	103,818		103,818			$ 107,303
Credit and repurchase facility, Carrying Value	102,350		102,350			106,051
Collateral Carrying Value	$ 145,850		$ 145,850			$ 183,828
Wtd. Avg. Note Rate (as a percent)	3.90%		3.90%			3.12%
Maximum borrowing capacity	$ 225,000		$ 225,000			$ 225,000
Extension of maturity date (in years)			1 year
Structured Business \| $225 million repurchase facility \| Senior mortgage loans \| LIBOR
Debt Obligations
Variable rate, spread (as a percent)			2.25%
Structured Business \| $225 million repurchase facility \| Junior participating loans \| LIBOR
Debt Obligations
Variable rate, spread (as a percent)			3.50%
Structured Business \| $100 million credit facility - one
Debt Obligations
DPB	2,835		$ 2,835			21,897
Credit and repurchase facility, Carrying Value	2,445		2,445			21,598
Collateral Carrying Value	$ 6,600		$ 6,600			$ 34,850
Wtd. Avg. Note Rate (as a percent)	3.61%		3.61%			2.96%
Maximum borrowing capacity	$ 100,000		$ 100,000			$ 100,000
Structured Business \| $100 million repurchase facility
Debt Obligations
Maximum borrowing capacity	100,000		$ 100,000
Structured Business \| $100 million repurchase facility \| LIBOR
Debt Obligations
Variable rate, spread (as a percent)			2.00%
Structured Business \| $100 million repurchase facility \| Maximum
Debt Obligations
Advance rate (as a percent)			75.00%
Structured Business \| $75 million credit facility - One
Debt Obligations
DPB						38,990
Credit and repurchase facility, Carrying Value						38,704
Collateral Carrying Value						$ 63,158
Wtd. Avg. Note Rate (as a percent)						2.94%
Maximum borrowing capacity	75,000		$ 75,000			$ 75,000
Structured Business \| $75 million credit facility - One \| Healthcare Related Loans
Debt Obligations
Credit facility, sublimit	$ 25,000		$ 25,000
Advance rate (as a percent)	65.00%
Structured Business \| $75 million credit facility - One \| Bridge loans
Debt Obligations
Advance rate (as a percent)	75.00%
Structured Business \| $75 million credit facility - One \| Minimum \| LIBOR
Debt Obligations
Variable rate, spread (as a percent)			2.00%
Structured Business \| $75 million credit facility - One \| Minimum \| Healthcare Related Loans \| LIBOR
Debt Obligations
Variable rate, spread (as a percent)			2.125%
Structured Business \| $75 million credit facility - One \| Maximum \| LIBOR
Debt Obligations
Variable rate, spread (as a percent)			2.125%
Structured Business \| $75 million credit facility - One \| Maximum \| Healthcare Related Loans \| LIBOR
Debt Obligations
Variable rate, spread (as a percent)			2.50%
Structured Business \| $75 million credit facility - two
Debt Obligations
DPB	$ 9,000		$ 9,000			23,286
Credit and repurchase facility, Carrying Value	8,999		8,999			23,277
Collateral Carrying Value	$ 16,000		$ 16,000			$ 31,725
Wtd. Avg. Note Rate (as a percent)	3.61%		3.61%			2.81%
Maximum borrowing capacity	$ 75,000		$ 75,000			$ 75,000
Structured Business \| $75 million credit facility - two \| LIBOR
Debt Obligations
Variable rate, spread (as a percent)			2.00%
Structured Business \| $75 million credit facility - two \| Minimum
Debt Obligations
Advance rate (as a percent)			70.00%
Structured Business \| $75 million credit facility - two \| Maximum
Debt Obligations
Advance rate (as a percent)			75.00%
Structured Business \| $50 million credit facility - one
Debt Obligations
DPB	32,560		$ 32,560			46,400
Credit and repurchase facility, Carrying Value	32,538		32,538			46,374
Collateral Carrying Value	$ 40,700		$ 40,700			$ 58,000
Wtd. Avg. Note Rate (as a percent)	3.61%		3.61%			2.81%
Maximum borrowing capacity	$ 50,000		$ 50,000			$ 50,000
Advance rate (as a percent)			80.00%
Extension of maturity date (in years)			1 year
Structured Business \| $50 million credit facility - one \| LIBOR
Debt Obligations
Variable rate, spread (as a percent)			2.00%
Structured Business \| $50 million credit facility - two
Debt Obligations
DPB	3,700		$ 3,700			7,956
Credit and repurchase facility, Carrying Value	3,581		3,581			7,956
Collateral Carrying Value	$ 4,625		$ 4,625			$ 9,885
Wtd. Avg. Note Rate (as a percent)	4.88%		4.88%			4.08%
Maximum borrowing capacity	$ 50,000		$ 50,000			$ 50,000
Advance rate (as a percent)			80.00%
Number of one-year extension Options \| item			2
Extension of maturity date (in years)			1 year
Structured Business \| $50 million credit facility - two \| Minimum \| LIBOR
Debt Obligations
Variable rate, spread (as a percent)			2.50%
Structured Business \| $50 million credit facility - two \| Maximum \| LIBOR
Debt Obligations
Variable rate, spread (as a percent)			3.25%
Structured Business \| $25.5 million credit facility
Debt Obligations
DPB	14,065		$ 14,065
Credit and repurchase facility, Carrying Value	13,920		13,920
Collateral Carrying Value	$ 18,753		$ 18,753
Wtd. Avg. Note Rate (as a percent)	4.12%		4.12%
Maximum borrowing capacity	$ 25,500		$ 25,500			25,500
Structured Business \| $25.5 million credit facility \| LIBOR
Debt Obligations
Variable rate, spread (as a percent)			2.50%
Structured Business \| $10 million credit facility
Debt Obligations
DPB	10,000		$ 10,000
Credit and repurchase facility, Carrying Value	$ 10,000		$ 10,000
Wtd. Avg. Note Rate (as a percent)	4.12%		4.12%
Maximum borrowing capacity	$ 10,000		$ 10,000			10,000
Structured Business \| $10 million credit facility \| LIBOR
Debt Obligations
Variable rate, spread (as a percent)			2.50%
Structured Business \| $3 million master security agreement
Debt Obligations
DPB	1,834		$ 1,834			2,533
Credit and repurchase facility, Carrying Value	$ 1,834		$ 1,834			$ 2,533
Wtd. Avg. Note Rate (as a percent)	3.21%		3.21%			3.21%
Maximum borrowing capacity	$ 3,000		$ 3,000			$ 3,000
Number of loan agreements \| item			2
Structured Business \| $7.5 million credit facility
Debt Obligations
DPB	7,472		$ 7,472
Credit and repurchase facility, Carrying Value	7,432		7,432
Collateral Carrying Value	$ 9,340		$ 9,340
Wtd. Avg. Note Rate (as a percent)	4.37%		4.37%
Maximum borrowing capacity	$ 7,500		$ 7,500			7,500
Structured Business \| $7.5 million credit facility \| LIBOR
Debt Obligations
Variable rate, spread (as a percent)	2.75%
Structured Business \| Repurchase facility
Debt Obligations
DPB	$ 53,938		53,938
Credit and repurchase facility, Carrying Value	$ 53,938		$ 53,938
Wtd. Avg. Note Rate (as a percent)	4.45%		4.45%
Value of notes as collateral	$ 61,000		$ 61,000
Structured Business \| Repurchase facility \| B Piece bonds
Debt Obligations
Estimated Fair Value	$ 28,400		28,400
Structured Business \| Repurchase facility \| Minimum \| LIBOR
Debt Obligations
Variable rate, spread (as a percent)	2.50%
Structured Business \| Repurchase facility \| Maximum \| LIBOR
Debt Obligations
Variable rate, spread (as a percent)	3.50%
Structured Business \| Letter of credit
Debt Obligations
Maximum borrowing capacity						30,000
Agency Business
Debt Obligations
DPB	$ 291,716		291,716			660,315
Credit and repurchase facility, Carrying Value	291,536		291,536			660,144
Collateral Carrying Value	$ 291,716		$ 291,716			$ 660,315
Wtd. Avg. Note Rate (as a percent)	2.78%		2.78%			1.96%
Agency Business \| $100 million repurchase facility
Debt Obligations
DPB	$ 24,873		$ 24,873
Credit and repurchase facility, Carrying Value	24,827		24,827
Collateral Carrying Value	$ 24,873		$ 24,873
Wtd. Avg. Note Rate (as a percent)	2.91%		2.91%
Maximum borrowing capacity	$ 100,000		$ 100,000			$ 100,000
Agency Business \| $100 million repurchase facility \| LIBOR
Debt Obligations
Variable rate, spread (as a percent)			1.35%
Agency Business \| $500 million multifamily ASAP agreement
Debt Obligations
DPB	121,880		$ 121,880			142,557
Credit and repurchase facility, Carrying Value	121,880		121,880			142,557
Collateral Carrying Value	$ 121,880		$ 121,880			$ 142,557
Wtd. Avg. Note Rate (as a percent)	2.61%		2.61%			1.65%
Maximum borrowing capacity	$ 500,000		$ 500,000			$ 500,000
Agency Business \| $500 million multifamily ASAP agreement \| LIBOR
Debt Obligations
Variable rate, spread (as a percent)			1.05%
Agency Business \| $500 million multifamily ASAP agreement \| Minimum
Debt Obligations
Variable rate, spread (as a percent)			0.35%
Agency Business \| $150 million credit facility - one
Debt Obligations
DPB	21,821		$ 21,821			268,572
Credit and repurchase facility, Carrying Value	21,802		21,802			268,530
Collateral Carrying Value	$ 21,821		$ 21,821			$ 268,572
Wtd. Avg. Note Rate (as a percent)	2.96%		2.96%			2.05%
Maximum borrowing capacity	$ 150,000		$ 150,000			$ 150,000
Decrease in interest rate (as a percent)			0.10%
Agency Business \| $150 million credit facility - one \| LIBOR
Debt Obligations
Variable rate, spread (as a percent)		1.30%	1.40%
Agency Business \| $150 million credit facility - two
Debt Obligations
DPB	99,357		$ 99,357			210,139
Credit and repurchase facility, Carrying Value	99,242		99,242			210,009
Collateral Carrying Value	$ 99,357		$ 99,357			$ 210,139
Wtd. Avg. Note Rate (as a percent)	2.91%		2.91%			2.05%
Maximum borrowing capacity	$ 150,000		$ 150,000			$ 150,000
Agency Business \| $150 million credit facility - two \| LIBOR
Debt Obligations
Variable rate, spread (as a percent)			1.35%
Agency Business \| $100 million credit facility - two
Debt Obligations
DPB	23,785		$ 23,785			39,047
Credit and repurchase facility, Carrying Value	23,785		23,785			39,048
Collateral Carrying Value	$ 23,785		$ 23,785			$ 39,047
Wtd. Avg. Note Rate (as a percent)	2.86%		2.86%			1.95%
Maximum borrowing capacity	$ 100,000		$ 100,000		$ 250,000	$ 100,000
Agency Business \| $100 million credit facility - two \| LIBOR
Debt Obligations
Variable rate, spread (as a percent)			1.30%
Agency Business \| Letter of credit
Debt Obligations
Maximum borrowing capacity	$ 50,000		$ 50,000
Fixed interest rate (as a percent)	2.875%		2.875%
Fannie Mae \| Agency Business \| Letter of credit
Debt Obligations
Outstanding letters of credit	$ 42,000		$ 42,000
Freddie Mac \| Agency Business \| Letter of credit
Debt Obligations
Credit facility, sublimit	5,000		5,000
Outstanding letters of credit	$ 5,000		$ 5,000

Debt Obligations, Collateralized Loan Obligations (Details) $ in Thousands	1 Months Ended
	Dec. 31, 2017 USD ($) item tranche	Sep. 30, 2017 USD ($)	Aug. 31, 2017 USD ($) item tranche	Apr. 30, 2017 USD ($) item tranche	Dec. 31, 2016 USD ($)	Aug. 31, 2016 USD ($) item tranche	Aug. 31, 2015 USD ($) item tranche
Debt Obligations
Debt, Carrying Value	$ 1,418,422				$ 728,441
Weighted average note rate (as a percent)	3.34%				2.25%
CLOs
Debt Obligations
Debt, Face Value	$ 1,436,274				$ 737,000
Debt, Carrying Value	$ 1,418,422				$ 728,441
Weighted average note rate (as a percent)	3.48%				3.21%
Collateral Loans, UPB	$ 1,745,891				$ 960,568
Collateral Loans, Carrying Value	1,740,180				957,528
Cash collateral	115,109				14,432
Deferred financing fees	$ 17,900				$ 8,600
Weighted average note rate including certain fees and costs (as a percent)	4.08%				3.71%
Collateral at risk	$ 0				$ 0
CLO IX
Debt Obligations
Number of investment grade tranches issued \| tranche	5
Number of newly-formed wholly-owned subsidiaries \| item	2
Debt, Face Value	$ 356,400
Debt, Carrying Value	351,042
Value of portfolio loans as collateral	$ 387,300
Weighted average note rate (as a percent)	2.97%
Collateral Loans, UPB	$ 372,350
Collateral Loans, Carrying Value	371,236
Cash collateral	$ 88,650
Replacement period	3 years
Proceeds from issuance of securities for the purpose of acquiring additional loan obligations	$ 92,700
Maximum period to acquire additional loan obligations	120 days
Notional amount of residual interest retained	$ 123,600
CLO IX \| One-month LIBOR
Debt Obligations
Weighted average note rate (as a percent)	1.36%
CLO IX \| Investment grade
Debt Obligations
Debt, Carrying Value	$ 356,400
CLO IX \| Below investment grade
Debt Obligations
Debt, Carrying Value	31,800
Notional amount of residual interest retained	31,800
CLO VIII
Debt Obligations
Number of investment grade tranches issued \| tranche			6
Number of newly-formed wholly-owned subsidiaries \| item			2
Debt, Face Value	282,874		$ 365,000
Debt, Carrying Value	$ 278,606		312,100
Value of portfolio loans as collateral			$ 293,700
Weighted average note rate (as a percent)	2.92%
Collateral Loans, UPB	$ 364,838
Collateral Loans, Carrying Value	363,339
Cash collateral	162
Replacement period			3 years
Proceeds from issuance of securities for the purpose of acquiring additional loan obligations			$ 71,300
Maximum period to acquire additional loan obligations			120 days
Notional amount of residual interest retained			$ 82,100
CLO VIII \| Investment grade
Debt Obligations
Debt, Carrying Value			282,900
CLO VIII \| Below investment grade
Debt Obligations
Debt, Carrying Value			$ 29,200
CLO VIII \| Secured Debt \| One-month LIBOR
Debt Obligations
Weighted average note rate (as a percent)			1.31%
CLO VII
Debt Obligations
Number of investment grade tranches issued \| tranche				3
Number of newly-formed wholly-owned subsidiaries \| item				2
Debt, Face Value	279,000			$ 360,000
Debt, Carrying Value	$ 275,331			279,000
Value of portfolio loans as collateral				$ 296,200
Weighted average note rate (as a percent)	3.61%
Collateral Loans, UPB	$ 346,524
Collateral Loans, Carrying Value	345,220
Cash collateral	13,476
Replacement period				3 years
Proceeds from issuance of securities for the purpose of acquiring additional loan obligations				$ 63,800
Maximum period to acquire additional loan obligations				120 days
Notional amount of residual interest retained				$ 81,000
CLO VII \| One-month LIBOR
Debt Obligations
Weighted average note rate (as a percent)				1.99%
CLO VI
Debt Obligations
Number of investment grade tranches issued \| tranche						3
Number of newly-formed wholly-owned subsidiaries \| item						2
Debt, Face Value	250,250				250,250	$ 325,000
Debt, Carrying Value	$ 247,470				$ 246,443	250,300
Value of portfolio loans as collateral						$ 275,400
Weighted average note rate (as a percent)	4.10%				3.30%
Collateral Loans, UPB	$ 314,382				$ 324,569
Collateral Loans, Carrying Value	313,582				323,351
Cash collateral	10,618				431
Replacement period						3 years
Proceeds from issuance of securities for the purpose of acquiring additional loan obligations						$ 49,600
Maximum period to acquire additional loan obligations						120 days
Notional amount of residual interest retained						$ 74,800
CLO VI \| One-month LIBOR
Debt Obligations
Weighted average note rate (as a percent)						2.48%
CLO V
Debt Obligations
Number of investment grade tranches issued \| tranche							3
Number of newly-formed wholly-owned subsidiaries \| item							2
Debt, Face Value	267,750				267,750		$ 350,000
Debt, Carrying Value	$ 265,973				$ 264,864		267,800
Value of portfolio loans as collateral							$ 302,600
Weighted average note rate (as a percent)	4.06%				3.26%
Collateral Loans, UPB	$ 347,797				$ 344,680
Collateral Loans, Carrying Value	346,803				343,748
Cash collateral	$ 2,203				5,320
Replacement period							3 years
Proceeds from issuance of securities for the purpose of acquiring additional loan obligations							$ 47,400
Maximum period to acquire additional loan obligations							120 days
Notional amount of residual interest retained							$ 82,300
CLO V \| One-month LIBOR
Debt Obligations
Weighted average note rate (as a percent)							2.44%
CLO IV
Debt Obligations
Debt, Face Value					219,000
Debt, Carrying Value					$ 217,134
Weighted average note rate (as a percent)					3.06%
Collateral Loans, UPB					$ 291,319
Collateral Loans, Carrying Value					290,429
Cash collateral					8,681
Debt Instrument Redemption Value		$ 219,000
Deferred fees expensed as interest expense		$ 1,100
CLO III
Debt Obligations
Debt Instrument Redemption Value					281,300
Deferred fees expensed as interest expense					$ 1,000
Class C secured floating rate notes
Debt Obligations
Notes acquired							$ 12,500
Net proceeds							$ 12,500

Debt Obligations, Luxembourg Debt Fund (Details) - USD ($) $ in Thousands	1 Months Ended
	Nov. 30, 2017	Dec. 31, 2017	Dec. 31, 2016
Debt Obligations
Debt, Carrying Value		$ 1,418,422	$ 728,441
Wtd. Avg. Note Rate (as a percent)		3.34%	2.25%
Luxembourg debt fund
Debt Obligations
Value of portfolio loans as collateral	$ 100,000
Debt, Face Value		$ 70,000
Debt, Carrying Value		$ 68,084
Wtd. Avg. Note Rate (as a percent)		5.79%
Collateral Loans, UPB		$ 96,995
Collateral Loans, Carrying Value		96,564
Cash collateral		3,005
Deferred financing fees		$ 1,900
Weighted average note rate including certain fees and costs (as a percent)		6.05%
Collateral at risk		$ 0
One-month LIBOR \| Luxembourg debt fund
Debt Obligations
Variable rate, spread (as a percent)	4.15%
Luxembourg commercial real estate debt fund
Debt Obligations
Equity formed	$ 100,000
Equity interest retained	$ 30,000
Reinvested period allowed	3 years

Debt Obligations, Senior Unsecured Notes (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Debt Obligations
Senior notes carrying value	$ 95,280	$ 94,522
Senior Unsecured Notes
Debt Obligations
Senior notes carrying value	95,300	$ 94,500
Deferred financing fees	$ 2,600
Weighted average note rate including certain fees and costs (as a percent)	8.16%	8.15%
Senior Unsecured Notes \| Over-Allotment Option
Debt Obligations
Deferred financing fees		$ 3,300

Debt Obligations, Convertible Senior Unsecured Notes (Details) $ / shares in Units, $ in Thousands	1 Months Ended		12 Months Ended
	Nov. 30, 2017 USD ($) $ / shares	Oct. 31, 2016 USD ($) $ / shares	Dec. 31, 2017 USD ($) $ / shares	Dec. 31, 2016 USD ($)	Jan. 31, 2017 USD ($)
Debt Obligations
Net Carrying Value, Liability Component			$ 2,595,658
Convertible Senior Unsecured Notes
Debt Obligations
Principal amount	$ 143,800	$ 86,300	$ 243,750	$ 86,250	$ 100,000
Additional principal amount					$ 13,800
Interest rate (as a percent)	5.375%	6.50%
Proceeds received, net of estimated issuance costs	$ 139,200	$ 95,800
Percentage of the Notes required to be repurchased if the agreement is fundamentally changed		100.00%
Conversion rate of the notes to common stock, per $1,000 principal amount of notes	107.7122	119.3033	120.465
Conversion price per share of common stock \| $ / shares	$ 9.28	$ 8.38	$ 8.30
Maturity period (in years)			2 years 4 months 28 days	2 years 9 months
Unamortized Debt Discount			$ 5,742	$ 2,119
Unamortized Deferred Financing Fees			6,721	3,471
Net Carrying Value, Liability Component			231,287	80,660
Net Carrying Value, Equity Component			6,733	2,179
Total interest expense			10,100	1,900
Interest expense related to cash coupon			7,400	1,400
Deferred fees expensed as interest expense			1,600	300
Debt discount			$ 1,100	$ 200
Cost of the notes (as a percent)			7.96%	7.96%
Convertible Senior Unsecured Notes \| Over-Allotment Option
Debt Obligations
Principal amount	$ 18,800	$ 11,300

Debt Obligations, Junior Subordinated Notes (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2017	Dec. 31, 2016
Debt Obligations
Gain on extinguishment of debt	$ 7,116	$ 7,116
Debt carrying value		$ 139,590	$ 157,859
Weighted average note rate (as a percent)		3.34%	2.25%
Junior subordinated notes
Debt Obligations
Junior Subordinated, Face Value		$ 20,900
Gain on extinguishment of debt		7,100
Extinguishment of notes		21,500
Debt carrying value		139,600	$ 157,900
Deferred amount Due at maturity		12,500	14,900
Deferred fees expensed as interest expense		$ 2,200	$ 3,100
Weighted average note rate (as a percent)		4.53%	3.82%
Weighted average note rate including certain fees and costs (as a percent)		4.63%	3.94%

Debt Obligations, Related Party Financing (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Debt Obligations
Outstanding principal balance of related party financing		$ 50,000	$ 50,000
Preferred equity interest financing agreement \| ACM / Our "Former Manager"
Debt Obligations
Principal amount		$ 50,000
Maturity period (in years)		5 years
Interest rate (as a percent)		7.00%
Increasing of interest rate per annum thereafter (as a percent)		1.00%
Period after which principal balance scheduled to increase		18 months
Principal balance due if debt remained outstanding after the end of the five-year term		$ 62,500
Outstanding principal balance of related party financing		50,000	50,000
Interest expense		$ 3,800	$ 1,800
Repayment of debt	$ 50,000
Preferred equity interest financing agreement \| ACM / Our "Former Manager" \| Maximum
Debt Obligations
Interest rate (as a percent)		12.00%

Debt Obligations, Collateralized Debt Obligations (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015 USD ($)
Debt Obligations
Loss on termination of swaps	$ 4,630
CDO III debt
Debt Obligations
Loss on termination of swaps	$ 4,600

Debt Obligations, Debt Covenants (Details) - USD ($)	1 Months Ended
Debt Obligations, Debt Covenants (Details) - USD ($)	Feb. 28, 2018	Jan. 31, 2018	Oct. 31, 2017	Jul. 31, 2017	Apr. 30, 2017	Jan. 31, 2017	Dec. 31, 2017
CLO V
Debt Covenants
Current overcollateralization ratio for cash flow triggers (as a percent)	130.72%	130.72%	130.72%	130.72%	130.72%	130.72%
Limit overcollateralization ratio for cash flow triggers (as a percent)	129.72%
Current interest coverage ratio for cash flow triggers (as a percent)	214.53%
Limit interest coverage ratio for cash flow triggers (as a percent)	120.00%
CLO VI
Debt Covenants
Current overcollateralization ratio for cash flow triggers (as a percent)	129.87%	129.87%	129.87%	129.87%	129.87%	129.87%
Limit overcollateralization ratio for cash flow triggers (as a percent)	128.87%
Current interest coverage ratio for cash flow triggers (as a percent)	249.66%
Limit interest coverage ratio for cash flow triggers (as a percent)	120.00%
CLO VII
Debt Covenants
Current overcollateralization ratio for cash flow triggers (as a percent)	129.03%	129.03%	129.03%	129.03%
Limit overcollateralization ratio for cash flow triggers (as a percent)	128.03%
Current interest coverage ratio for cash flow triggers (as a percent)	245.32%
Limit interest coverage ratio for cash flow triggers (as a percent)	120.00%
CLO VIII
Debt Covenants
Current overcollateralization ratio for cash flow triggers (as a percent)	129.03%	129.03%	129.03%
Limit overcollateralization ratio for cash flow triggers (as a percent)	128.03%
Current interest coverage ratio for cash flow triggers (as a percent)	322.10%
Limit interest coverage ratio for cash flow triggers (as a percent)	120.00%
CLO IX
Debt Covenants
Current overcollateralization ratio for cash flow triggers (as a percent)	134.68%	134.68%
Limit overcollateralization ratio for cash flow triggers (as a percent)	133.68%
Current interest coverage ratio for cash flow triggers (as a percent)	264.20%
Limit interest coverage ratio for cash flow triggers (as a percent)	120.00%
Junior subordinated notes
Debt Covenants
Amount payable on default of senior debt							$ 0

Allowance for Loss-Sharing Obligations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Roll forward of loss contingency accrual
Charge-offs, net	$ (1,638)	$ (2,444)
Loss-Sharing Obligation
Roll forward of loss contingency accrual
Outstanding advances under the Fannie Mae DUS program	100	300
Loss-Sharing Obligation \| Fannie Mae
Roll forward of loss contingency accrual
Beginning balance of the period	32,408
Allowance for loss-sharing obligations assumed in the Acquisition		32,617
Provisions for loss sharing	6,358	3,218
Provision reversal for loan repayments	(6,617)	(983)
Charge-offs, net	(1,638)	(2,444)
Ending balance of the period	30,511	32,408
Maximum quantifiable liability	$ 2,240,000	$ 2,040,000

Derivative Financial Instruments, Summary (Details) $ in Millions	12 Months Ended
	Dec. 31, 2017 USD ($) item	Dec. 31, 2016 USD ($)
Interest Rate Swaps
Derivative Financial Instruments
Fair Value, classified in Other Liabilities		$ (0.2)
Qualifying \| LIBOR Caps
Derivative Financial Instruments
Count \| item	2
Fair Value, classified in Other Assets		$ 0.1
Notional value of matured instruments	$ 55.6
Qualifying \| Interest Rate Swaps
Derivative Financial Instruments
Count \| item	2
Notional value of matured instruments	$ 41.5

Derivative Financial Instruments, Statements of Income (Details) - Qualifying - Interest Rate Swaps/Cap - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Derivative Financial Instruments
Loss Recognized In Other Comprehensive Income (Effective Portion)		$ 193	$ 1,019
Loss Reclassified from Accumulated Other Comprehensive Income into Interest Expense (Effective Portion)	$ (237)	$ (5,208)	(6,149)
Loss Reclassified from Accumulated Other Comprehensive Income into Loss on Termination of Swaps (Ineffective Portion)			$ (4,626)

Derivative Financial Instruments, Agency Business (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017 USD ($) item	Dec. 31, 2016 USD ($) item
Derivative Financial Instruments
Notional Value, classified in Other Assets	$ 77,984	$ 550,118
Notional Value, classified in Other Liabilities	291,421	522,651
Net gains (losses) from changes in the fair value of derivatives	(1,400)	500
Income from mortgage servicing rights	76,820	44,941
Agency Business
Derivative Financial Instruments
Notional Value, classified in Other Assets	369,405	975,718
Fair Value, classified in Other Assets	684	5,615
Fair Value, classified in Other Liabilities	$ (1,306)	$ (2,299)
Non-Qualifying \| Rate Lock Commitments \| Agency Business
Derivative Financial Instruments
Count \| item	3	12
Notional Value, classified in Other Assets	$ 38,578	$ 156,685
Fair Value, classified in Other Assets	276	2,816
Fair Value, classified in Other Liabilities	$ (278)	$ (764)
Non-Qualifying \| Forward Sale Commitments \| Agency Business
Derivative Financial Instruments
Count \| item	75	105
Notional Value, classified in Other Assets	$ 330,827	$ 819,033
Fair Value, classified in Other Assets	408	2,799
Fair Value, classified in Other Liabilities	$ (1,028)	$ (1,535)

Fair Value, Carrying Value and Estimated Fair Value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Nov. 30, 2017	Jan. 31, 2017	Dec. 31, 2016	Oct. 31, 2016
Financial assets:
Loans and investments, net - Principal/Notional Amount	$ 2,652,538			$ 1,790,160
Loans and investments, net	2,579,127			1,695,732
Loans held-for-sale, net - Principal/Notional Amount	292,249			675,494
Securities, held-to-maturity - Principal/Notional Amount	40,566
Securities held-to-maturity	27,837
Derivative financial instruments - Principal/Notional Amount	77,984			550,118
Financial liabilities:
Credit and repurchase facilities, Principal/Notional Amount	530,938			908,680
Credit and repurchase facility, Carrying Value	528,573			906,637
Collateralized loan obligations	1,418,422			728,441
Debt fund	68,084
Senior unsecured notes	95,280			94,522
Convertible senior unsecured notes, net	231,287			80,660
Junior subordinated notes	139,590			157,859
Related party financing	50,000			50,000
Derivative financial instruments - Principal/Notional Amount	$ 291,421			522,651
Loans held-for-sale, net
Maximum number of days held-for-sale loans are typically sold	60 days
Carrying Value
Financial assets:
Loans and investments, net	$ 2,579,127			1,695,732
Loans held-for-sale, net	297,443			673,367
Capitalized mortgage servicing rights, net	252,608			227,743
Securities held-to-maturity	27,837
Derivative financial instruments	684			5,615
Financial liabilities:
Credit and repurchase facility, Carrying Value	528,573			906,637
Collateralized loan obligations	1,418,422			728,441
Debt fund	68,084
Senior unsecured notes	95,280			94,522
Convertible senior unsecured notes, net	231,287			80,660
Junior subordinated notes	139,590			157,859
Related party financing	50,000			50,000
Derivative financial instruments	1,306			2,451
Fair Value
Financial assets:
Loans and investments, net	2,652,520			1,749,130
Loans held-for-sale, net	302,883			683,833
Capitalized mortgage servicing rights, net	286,073			245,456
Securities held-to-maturity	28,439
Derivative financial instruments	684			5,615
Financial liabilities:
Credit and repurchase facility, Carrying Value	529,992			907,883
Collateralized loan obligations	1,436,871			728,643
Debt fund	70,000
Senior unsecured notes	99,582			99,034
Convertible senior unsecured notes, net	254,335			86,586
Junior subordinated notes	94,215			105,650
Related party financing	49,682			55,120
Derivative financial instruments	1,306			2,451
CLOs
Financial liabilities:
Debt instrument - Principal/Notional Amount	1,436,274			737,000
Collateralized loan obligations	1,418,422			728,441
Debt Fund
Financial liabilities:
Debt instrument - Principal/Notional Amount	70,000
Senior Unsecured Notes
Financial liabilities:
Debt instrument - Principal/Notional Amount	97,860			97,860
Senior unsecured notes	95,300			94,500
Convertible Senior Unsecured Notes
Financial liabilities:
Debt instrument - Principal/Notional Amount	243,750	$ 143,800	$ 100,000	86,250	$ 86,300
Convertible senior unsecured notes, net				86,250
Junior subordinated notes
Financial liabilities:
Debt instrument - Principal/Notional Amount	154,336			175,858
Junior subordinated notes	$ 139,600			$ 157,900

Fair Value, Measurement on Recurring and Nonrecurring Basis (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017 USD ($) item	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2013 USD ($)
Financial assets:
Allowance for loan losses	$ (62,783)	$ (83,712)	$ (86,762)	$ (115,487)
Number of impaired loans \| item	5
Impairment loss on real estate owned	$ 3,200	11,200
Non-financial assets:
Long-lived asset	16,787	19,492
Real Estate Owned
Financial assets:
Impairment loss on real estate owned	3,200	11,200
Non-financial assets:
Long-lived asset	16,787	19,492
Hotel \| Real Estate Owned
Financial assets:
Impairment loss on real estate owned	2,700	11,200
Non-financial assets:
Long-lived asset	11,458	13,909
Carrying Value
Financial assets:
Derivative financial instruments	684	5,615
Financial liabilities:
Derivative financial instruments	1,306	2,451
Fair Value
Financial assets:
Derivative financial instruments	684	5,615
Financial liabilities:
Derivative financial instruments	1,306	$ 2,451
Recurring basis \| Carrying Value
Financial assets:
Derivative financial instruments	684
Financial liabilities:
Derivative financial instruments	1,306
Recurring basis \| Fair Value
Financial assets:
Derivative financial instruments	684
Financial liabilities:
Derivative financial instruments	1,306
Nonrecurring basis \| Carrying Value
Financial assets:
Impaired loans, net	100,766
Non-financial assets:
Long-lived asset	16,787
Nonrecurring basis \| Fair Value
Financial assets:
Impaired loans, net	100,766
Non-financial assets:
Long-lived asset	16,787
Level 2 \| Recurring basis
Financial assets:
Derivative financial instruments	408
Financial liabilities:
Derivative financial instruments	1,306
Level 3 \| Recurring basis
Financial assets:
Derivative financial instruments	276
Level 3 \| Nonrecurring basis
Financial assets:
Impaired loans, net	100,766
Non-financial assets:
Long-lived asset	$ 16,787

Fair Value, Level 3 Inputs (Details) - Level 3 - Discounted cash flows $ in Thousands	12 Months Ended
	Dec. 31, 2017 USD ($)
Office
Financial assets:
Impaired loans	$ 788
Discount rate (as a percent)	11.00%
Capitalization rate (as a percent)	9.00%
Revenue growth rate (as a percent)	2.50%
Land
Financial assets:
Impaired loans	$ 70,928
Discount rate (as a percent)	15.00%
Capitalization rate (as a percent)	7.25%
Revenue growth rate (as a percent)	3.00%
Hotel
Financial assets:
Impaired loans	$ 29,050
Discount rate (as a percent)	9.00%
Capitalization rate (as a percent)	7.00%
Revenue growth rate (as a percent)	3.30%
Non-financial assets:
Non-financial impaired loans	$ 11,458
Non-financial asset discount rate (as a percent)	11.75%
Non-financial asset capitalization rate (as a percent)	9.75%
Non-financial asset revenue growth rate (as a percent)	3.50%
Non-financial assets hold period	3 years
Commercial \| Rate Lock Commitments
Financial assets:
Impaired loans	$ 276
Commercial \| Rate Lock Commitments \| Weighted average
Financial assets:
Discount rate (as a percent)	8.25%

Fair Value, Level 3 Derivative Instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Derivative assets
Balance at beginning of period	$ 2,816
Additions from the Acquisition		$ 4,529
Settlements	(79,360)	(26,157)
Realized gains recorded in earnings	76,544	21,628
Unrealized gains recorded in earnings	276	2,816
Balance at end of period	$ 276	$ 2,816

Fair Value, Components of fair value and other relevant information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017 USD ($)
Fair Value of Servicing Rights	$ 6,082
Total Fair Value Adjustment	6,082
Rate Lock Commitments
Notional/Principal Amount	38,578
Fair Value of Servicing Rights	276
Interest Rate Movement Effect	(278)
Total Fair Value Adjustment	(2)
Forward Sale Commitments
Notional/Principal Amount	330,827
Interest Rate Movement Effect	278
Total Fair Value Adjustment	278
Loans held-for-sale, net
Notional/Principal Amount	292,249
Fair Value of Servicing Rights	5,806
Total Fair Value Adjustment	$ 5,806

Fair Value, Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Financial assets:
Loans and investments, net	$ 2,579,127	$ 1,695,732
Securities held-to-maturity, net	27,837
Financial liabilities:
Credit and repurchase facilities	528,573	906,637
Collateralized loan obligations	1,418,422	728,441
Debt fund	68,084
Senior unsecured notes	95,280	94,522
Convertible senior unsecured notes, net	231,287	80,660
Junior subordinated notes	139,590	157,859
Level 1
Financial liabilities:
Senior unsecured notes	99,582
Level 2
Financial assets:
Loans held-for-sale, net	297,077
Financial liabilities:
Credit and repurchase facilities	291,536
Convertible senior unsecured notes, net	254,335
Level 3
Financial assets:
Loans and investments, net	2,652,520
Loans held-for-sale, net	5,806
Capitalized mortgage servicing rights, net	286,073
Securities held-to-maturity, net	28,439
Financial liabilities:
Credit and repurchase facilities	238,456
Collateralized loan obligations	1,436,871
Debt fund	70,000
Junior subordinated notes	94,215
Related party financing	49,682
Carrying Value
Financial assets:
Loans and investments, net	2,579,127	1,695,732
Loans held-for-sale, net	297,443	673,367
Capitalized mortgage servicing rights, net	252,608
Securities held-to-maturity, net	27,837
Financial liabilities:
Credit and repurchase facilities	528,573	906,637
Collateralized loan obligations	1,418,422	728,441
Debt fund	68,084
Senior unsecured notes	95,280	94,522
Convertible senior unsecured notes, net	231,287	80,660
Junior subordinated notes	139,590	157,859
Related party financing	50,000
Fair Value
Financial assets:
Loans and investments, net	2,652,520	1,749,130
Loans held-for-sale, net	302,883	683,833
Capitalized mortgage servicing rights, net	286,073
Securities held-to-maturity, net	28,439
Financial liabilities:
Credit and repurchase facilities	529,992	907,883
Collateralized loan obligations	1,436,871	728,643
Debt fund	70,000
Senior unsecured notes	99,582	99,034
Convertible senior unsecured notes, net	254,335	86,586
Junior subordinated notes	94,215	$ 105,650
Related party financing	$ 49,682

Commitments and Contingencies, Contractual Commitments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Agency Business Commitments
Cash collateral	$ 139,398	$ 29,315
Debt Obligations
2018	664,158
2019	507,933
2020	734,059
2021	431,715
2022	49,519
Thereafter	208,274
Net Carrying Value, Liability Component	2,595,658
Minimum Annual Operating Lease Payments
2018	4,361
2019	3,719
2020	3,143
2021	1,725
2022	1,597
Thereafter	5,329
Total	19,874
Total
2018	668,519
2019	511,652
2020	737,202
2021	433,440
2022	51,116
Thereafter	213,603
Total	2,615,532
Unfunded CLO Commitments
Unfunded commitments related to structured loans and investments	68,600
Cash collateral arrangement - purchase and loss obligations under Freddie Mac's SBL Program
Agency Business Commitments
Cash collateral per securitization	5,000
Outstanding letters of credit	$ 5,000
Forward Contracts
Agency Business Commitments
Period of contractual commitment	60 days
Fannie Mae
Agency Business Commitments
Minimum liquid assets to be maintained to meet operational liquidity requirements	$ 12,300
Period of funding for collateral requirement	48 months
Fannie Mae \| Restricted liquidity arrangement - loans sold under the Fannie Mae DUS program
Agency Business Commitments
Letter of credit assigned	$ 42,000
Reserve required to fund additional restricted liquidity over the next 48 months	$ 27,700
Period of additional funding for collateral requirement	48 months

Commitments and Contingencies, Litigation (Details) $ in Millions		1 Months Ended
	Jun. 15, 2011 USD ($) lawsuit defendant	Jun. 30, 2013 USD ($) lawsuit individual defendant item	Jun. 30, 2011 lawsuit individual defendant item
Arbor ESH II, LLC
Litigation
Investments in the Series A1 Preferred Units of a holding company of Extended Stay, Inc. \| $	$ 115.0
Lawsuits filed by Extended Stay Litigation Trust (the Trust)
Litigation
Number of lawsuits or complaints filed			3
Number of lawsuits filed in United States Bankruptcy Court			2
Number of defendants \| defendant			73
Number of defendants who are corporate and partnership entities \| item			55
Number of defendants named in a legal action who are individuals \| individual			18
Lawsuits filed by Extended Stay Litigation Trust (the Trust) \| Fiduciary Duty Claims
Litigation
Number of lawsuits or complaints filed	2
Number of defendants \| defendant	2
Lawsuits filed by Extended Stay Litigation Trust (the Trust) \| Motion to amend the lawsuits
Litigation
Number of lawsuits consolidated		1
Number of defendants removed due to consolidation of lawsuits \| defendant		47
Number of defendants related to the entity \| defendant		0
Number of defendants remaining due to consolidation of lawsuits \| defendant		26
Number of defendants who are corporate and partnership entities \| item		16
Number of defendants named in a legal action who are individuals \| individual		10
Number of lawsuits before amendment		100
Number of lawsuits after amendment		17
Aggregate amount which the Trust would be seeking from the affiliates of the entity \| $		$ 139.0

Variable Interest Entities (Details) $ in Thousands	12 Months Ended
Variable Interest Entities (Details) $ in Thousands	Dec. 31, 2017 USD ($) item	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2013 USD ($)
Variable Interest Entities
Carrying amount of loans and investments before reserves related to VIEs	$ 2,652,538
Loan loss reserves related to VIEs	62,783	$ 83,712	$ 86,762	$ 115,487
Assets:
Restricted cash	139,398	29,315
Loans and investments, net	2,579,127	1,695,732
Due from related party	688	1,465
Other assets	62,264	53,588
Total assets	3,625,945	2,970,786
Liabilities:
Collateralized loan obligations	1,418,422	728,441
Commercial Real Estate Debt Fund	68,084
Other liabilities	99,813	86,163
Total liabilities	2,761,389	2,223,748
CLOs and Debt Fund
Assets:
Restricted cash	138,736	15,542
Loans and investments, net	1,836,744	957,528
Due from related party	24
Other assets	13,987	6,982
Total assets	1,989,491	980,052
Liabilities:
Collateralized loan obligations	1,418,422	728,441
Commercial Real Estate Debt Fund	68,084
Other liabilities	2,046	1,646
Total liabilities	$ 1,488,552	$ 730,087
Unconsolidated VIEs
Variable Interest Entities
Number of VIEs where the reporting entity is not VIE's primary beneficiary and VIEs have variable interest \| item	21
Carrying Amount	$ 355,200
Carrying amount of loans and investments before reserves related to VIEs	161,800
Loan loss reserves related to VIEs	61,100
Exposure to real estate debt	2,190,000
Unconsolidated VIEs \| Loans
Variable Interest Entities
Carrying Amount	321,171
Unconsolidated VIEs \| B Piece bonds
Variable Interest Entities
Carrying Amount	27,837
Unconsolidated VIEs \| Interest-only Securities (Agency IOs) under the SBL Program
Variable Interest Entities
Carrying Amount	4,051
Unconsolidated VIEs \| Equity investments
Variable Interest Entities
Carrying Amount	$ 2,141

Equity (Details)									1 Months Ended		12 Months Ended			36 Months Ended
Equity (Details)	Feb. 21, 2018 $ / shares	Feb. 02, 2018 $ / shares	Nov. 01, 2017 $ / shares	Aug. 02, 2017 $ / shares	May 03, 2017 $ / shares	Mar. 01, 2017 $ / shares	Feb. 03, 2017 $ / shares	Jul. 14, 2016 USD ($) shares	May 31, 2017 USD ($) $ / shares shares	Mar. 31, 2015 USD ($) shares	Dec. 31, 2017 USD ($) Vote $ / shares shares	Dec. 31, 2016 USD ($) $ / shares shares	Dec. 31, 2015 USD ($) shares	Dec. 31, 2017 USD ($) Vote $ / shares shares
Common stock
Proceeds from issuance of shares under public offering											$ 76,225,000
Payment to internalize the management team and terminate the existing management agreement using the proceed from public offering											25,000,000
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income (Loss), Net of Tax											$ 176,000	$ 321,000		$ 176,000
Noncontrolling Interest
Preferred stock, par value (in dollars per share) \| $ / shares											$ 0.01	$ 0.01		$ 0.01
Preferred Stock
Percentage of dividend paid to common stock and preferred stock shareholders											100.00%	100.00%	100.00%
AMT adjustment for each REIT distribution (as a percent)											9.92%
AMT adjustment for each $1 of dividend											$ 0.0992
Performance
Deferred Compensation
Vesting period (in years)											3 years
Restricted stock units eligible to receive annually											$ 3,000,000
Chief executive officer \| Restricted common stock
Deferred Compensation
Number of fully vested shares issued \| shares											74,830	70,225	74,294
Total grant date fair value											$ 600,000	$ 500,000	$ 500,000
Vesting percentage											25.00%	25.00%	25.00%
Chief executive officer \| Restricted common stock \| First Anniversaries
Deferred Compensation
Vesting percentage												25.00%	25.00%
Chief executive officer \| Restricted common stock \| Second Anniversaries
Deferred Compensation
Vesting percentage												25.00%	25.00%
Chief executive officer \| Restricted common stock \| Third Anniversaries
Deferred Compensation
Vesting percentage												25.00%	25.00%
Chief executive officer \| Performance
Deferred Compensation
Granted of restricted stock units that vest at the end of four-year performance period (in shares) \| shares											357,569
Vesting period (in years)											4 years	4 years	4 years
Total grant date fair value											$ 1,000,000	$ 900,000	$ 1,200,000
Percentage increased in long-term equity awards due to equity capitalization growth goals											10.00%
Restricted stock units eligible to receive annually											$ 3,000,000
Expiration period (in years)											5 years
Chief executive officer \| Performance \| Maximum
Deferred Compensation
Granted of restricted stock units that vest at the end of four-year performance period (in shares) \| shares											448,980	421,348	445,765	1,316,093
Chief executive officer \| Employee compensation and benefits \| Restricted common stock
Deferred Compensation
Share-based compensation expense											$ 100,000	$ 100,000	$ 100,000
Employees of the company and a related party \| Restricted common stock
Deferred Compensation
Number of fully vested shares issued \| shares											299,750
Total grant date fair value											$ 2,400,000
Vesting percentage											33.00%
Employees of the company and a related party \| Restricted common stock \| March, 2018
Deferred Compensation
Vesting percentage											33.00%
Employees of the company and a related party \| Restricted common stock \| March, 2019
Deferred Compensation
Vesting percentage											33.00%
Employees of the company and a related party \| Employee compensation and benefits \| Restricted common stock
Deferred Compensation
Share-based compensation expense											$ 300,000
Employees of the company and a related party \| Selling and administrative expense \| Restricted common stock
Deferred Compensation
Share-based compensation expense											500,000
Employees of the company and a related party \| ACM / Our "Former Manager" \| Restricted common stock
Deferred Compensation
Number of fully vested shares issued \| shares										328,400		282,405
Total grant date fair value										$ 2,300,000		$ 1,900,000
Vesting percentage												33.00%	33.00%
Employees of the company and a related party \| ACM / Our "Former Manager" \| Restricted common stock \| 2016
Deferred Compensation
Vesting percentage													33.00%
Employees of the company and a related party \| ACM / Our "Former Manager" \| Restricted common stock \| 2017
Deferred Compensation
Vesting percentage													33.00%
Employees of the company and a related party \| ACM / Our "Former Manager" \| Restricted common stock \| March, 2017
Deferred Compensation
Vesting percentage												33.00%
Employees of the company and a related party \| ACM / Our "Former Manager" \| Restricted common stock \| March, 2018
Deferred Compensation
Vesting percentage												33.00%
Employees of the company and a related party \| ACM / Our "Former Manager" \| Employee compensation and benefits \| Restricted common stock
Deferred Compensation
Share-based compensation expense												$ 200,000	$ 400,000
Employees of the company and a related party \| ACM / Our "Former Manager" \| Selling and administrative expense \| Restricted common stock
Deferred Compensation
Share-based compensation expense												500,000	400,000
Employees of the company and a related party \| Chief executive officer \| Restricted common stock
Deferred Compensation
Number of fully vested shares issued \| shares										105,000
Non-employees \| Selling and administrative expense \| Restricted common stock
Deferred Compensation
Share-based compensation expense											$ 600,000	$ 1,000,000	$ 800,000
Non-employees \| ACM / Our "Former Manager" \| Restricted common stock
Deferred Compensation
Granted of restricted stock units that vest at the end of four-year performance period (in shares) \| shares											15,827	195,139	154,169
Total grant date fair value											$ 100,000	$ 1,300,000	$ 1,100,000
Employees \| Restricted common stock
Deferred Compensation
Granted of restricted stock units that vest at the end of four-year performance period (in shares) \| shares											759,145	202,037	212,241
Total grant date fair value											$ 6,100,000	$ 1,400,000	$ 1,500,000
Employees \| Employee compensation and benefits \| Restricted common stock
Deferred Compensation
Share-based compensation expense											1,900,000	700,000	900,000
Employees \| Employee compensation and benefits \| Performance
Deferred Compensation
Share-based compensation expense											$ 800,000	$ 500,000	300,000
Non-management members of the Board of Directors \| Common Stock
Deferred Compensation
Number of fully vested shares issued \| shares												67,260
Non-management members of the Board of Directors \| Selling and administrative expense \| Common Stock
Deferred Compensation
Share-based compensation expense												$ 400,000	$ 500,000
8.25% Series A preferred stock
Preferred Stock
Return on the preferred shares issued to third parties by its subsidiary REIT (as a percent)											8.25%	8.25%	8.25%
7.75% Series B preferred stock
Preferred Stock
Return on the preferred shares issued to third parties by its subsidiary REIT (as a percent)											7.75%	7.75%	7.75%
8.50% Series C preferred stock
Preferred Stock
Return on the preferred shares issued to third parties by its subsidiary REIT (as a percent)											8.50%	8.50%	8.50%
Common Stock
Common stock
Number of common stock sold under public offering (in shares) \| shares									9,500,000		9,500,000
Issued price per share (in dollars per share) \| $ / shares									$ 8.05
Proceeds from issuance of shares under public offering									$ 76,200,000
Payment to internalize the management team and terminate the existing management agreement using the proceed from public offering									$ 25,000,000
Number of shares available under an "At-The-Market" equity offering with JMP Securities LLC \| shares											7,500,000			7,500,000
Value of common stock available under shelf registration statement											$ 179,800,000			$ 179,800,000
Aggregate amount of securities filed under shelf registration statement											$ 500,000,000			$ 500,000,000
Distributions
Cash dividend declared (in dollars per share) \| $ / shares	$ 0.21		$ 0.19	$ 0.18	$ 0.18	$ 0.17
Common Stock \| Non-management members of the Board of Directors
Deferred Compensation
Number of fully vested shares issued \| shares											74,375		83,430
Common Stock \| Non-management members of the Board of Directors \| Selling and administrative expense
Deferred Compensation
Share-based compensation expense											$ 600,000
Preferred Stock
Common stock
Number of common stock sold under public offering (in shares) \| shares												21,230,769
Preferred Stock \| 8.25% Series A preferred stock
Distributions
Cash dividend declared on redeemable preferred stock (in dollars per share) \| $ / shares		$ 0.515625	0.515625	0.515625	0.515625		$ 0.515625
Preferred Stock
Return on the preferred shares issued to third parties by its subsidiary REIT (as a percent)		8.25%
Preferred Stock \| 7.75% Series B preferred stock
Distributions
Cash dividend declared on redeemable preferred stock (in dollars per share) \| $ / shares		$ 0.484375	0.484375	0.484375	0.484375		0.484375
Preferred Stock
Return on the preferred shares issued to third parties by its subsidiary REIT (as a percent)		7.75%
Preferred Stock \| 8.50% Series C preferred stock
Distributions
Cash dividend declared on redeemable preferred stock (in dollars per share) \| $ / shares		$ 0.53125	$ 0.53125	$ 0.53125	$ 0.53125		$ 0.53125
Preferred Stock
Return on the preferred shares issued to third parties by its subsidiary REIT (as a percent)		8.50%
ACM Acquisition \| ACM / Our "Former Manager"
Noncontrolling Interest
Consideration in stock to be paid with operating partnership units (in shares) \| shares											15,450,421
Number of preferred stock shares paired with each OP units \| shares											1
ACM Acquisition \| Chief executive officer \| Performance
Deferred Compensation
Total grant date fair value											$ 2,700,000
Operating Partnership
Noncontrolling Interest
Conversion ratio for operating partnership units to common stock shares											1
Operating Partnership \| Special voting preferred shares
Noncontrolling Interest
Number of preferred stock shares paired with each OP units \| shares											1
Preferred stock, par value (in dollars per share) \| $ / shares											$ 0.01			$ 0.01
Number of vote per share of Special Voting Preferred Shares \| Vote											1			1
Voting power of outstanding stock (as a percent)											25.60%
Operating Partnership \| ACM Acquisition
Noncontrolling Interest
Consideration in stock to be paid with operating partnership units (in shares) \| shares								21,230,769
Value of operating partnership units issues as consideration								$ 154,800,000

Equity, Earnings Per Share ("EPS") (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Basic
Net income attributable to common stockholders	$ 21,870	$ 16,421	$ 11,929	$ 15,614	$ 20,535	$ 10,888	$ 10,238	$ 1,135	$ 65,835	$ 42,796	$ 45,875
Weighted average shares outstanding (in shares)									57,890,574	51,305,095	50,857,750
Net income per common share (in dollars per share)	$ 0.35	$ 0.27	$ 0.21	$ 0.30	$ 0.40	$ 0.21	$ 0.20	$ 0.02	$ 1.14	$ 0.83	$ 0.90
Diluted
Net income attributable to noncontrolling interest	$ 7,524	$ 5,661	$ 4,494	$ 6,442	$ 8,482	$ 3,649			$ 24,120	$ 12,131
Net income attributable to common stockholders and noncontrolling interest									$ 89,955	$ 42,796	$ 45,875
Weighted average shares outstanding (in shares)									57,890,574	51,305,095	50,857,750
Dilutive effect of OP units (in shares)									21,230,769
Dilutive effect of restricted stock units (in shares)									1,092,072	425,458	149,578
Dilutive effect of convertible senior unsecured notes (in shares)									97,837
Weighted average shares outstanding ( in shares)									80,311,252	51,730,553	51,007,328
Net income per common share (in dollars per share)	$ 0.35	$ 0.26	$ 0.21	$ 0.30	$ 0.40	$ 0.21	$ 0.20	$ 0.02	$ 1.12	$ 0.83	$ 0.90
Performance
Diluted
Vesting period (in years)									3 years
Chief executive officer \| Performance
Diluted
Vesting period (in years)									4 years	4 years	4 years

Income Taxes (Details) - USD ($) $ in Thousands		3 Months Ended						12 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Jan. 01, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Taxes
Period of recognition of income and tax on debt extinguishment								5 years
Pre-tax GAAP income								$ 110,868	$ 43,621	$ 45,875
Current tax provision (benefit)
Federal								17,201	768	298
State								3,557	1,589	118
Total								20,758	2,357	416
Deferred tax (benefit) provision
Federal								(2,928)	1,449	(2,957)
State								(929)	2,380	(1,239)
Valuation allowance								(3,542)	(5,361)	3,780
Total								(7,399)	(1,532)	$ (416)
Total income tax expense		$ (2,885)	$ 6,708	$ 3,435	$ 6,101	$ 525	$ 300	$ 13,359	$ 825
Reconciliation of effective income tax rate as a percentage of pretax income or loss to U.S. federal statutory rate
U.S. federal statutory rate (as a percent)	21.00%							35.00%	35.00%	35.00%
REIT non-taxable income (as a percent)								(21.20%)	(28.20%)	(38.70%)
State and local income taxes, net of federal tax benefit (as a percent)								1.60%	6.90%	(2.70%)
Change in valuation allowance (as a percent)								(1.30%)	(12.30%)	6.40%
Tax rate change								(4.80%)
Other (as a percent)								2.70%	0.50%
Effective income tax rate (as a percent)								12.00%	1.90%
Deferred income tax benefit as result of Tax Reform	$ (5,300)
REIT
Income Taxes
Pre-tax GAAP income								$ 66,988	$ 35,151	$ 44,449
REIT \| New York State Division of Taxation and Finance
Income Taxes
State taxes for the entity's taxable REIT								1,000	500
TRS Consolidated Group
Income Taxes
Pre-tax GAAP income								43,880	8,470	$ 1,426
Deferred tax assets:
Expenses not currently deductible		9,750				2,428		9,750	2,428
Loan loss reserve		10,036				27,486		10,036	27,486
Net operating and capital loss carryforwards		137				219		137	219
Valuation allowance		(3,418)				(6,960)		(3,418)	(6,960)
Deferred tax assets, net		16,505				23,173		16,505	23,173
Deferred tax liabilities:
Interest in equity affiliates - net		2,841				7,179		2,841	7,179
Intangibles		15,673				24,860		15,673	24,860
Mortgage servicing rights		7,493				3,550		7,493	3,550
Other		1,252				858		1,252	858
Deferred tax liabilities, net		$ 27,259				$ 36,447		$ 27,259	$ 36,447

Income Taxes, Operating Loss Carryforwards (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
REIT
Income Taxes
Federal and state net operating loss carryforwards	$ 3,300,000	$ 79,700,000
Federal and state capital loss carryforwards	0	0
TRS Consolidated Group
Income Taxes
Federal and state net operating loss carryforwards	$ 500,000	500,000
Net operating losses utilized		$ 11,300,000

Agreements and Transactions with Related Parties, Management Agreement (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Management Fees:
Total management fee	$ 6,673	$ 12,600	$ 10,900
ACM / Our "Former Manager" \| Management Fee
Management Fees:
Base	6,673	12,600	10,900
Total management fee	6,673	$ 12,600	$ 10,900
ACM / Our "Former Manager" \| Support Services
Agreements and transactions with related parties
Costs for services to related party	$ 700

Agreements and Transactions with Related Parties, Other (Details) $ in Thousands		1 Months Ended												3 Months Ended								12 Months Ended
	Jul. 14, 2017 USD ($)	Dec. 31, 2017 USD ($) property shares	Aug. 31, 2017 USD ($)	Jul. 31, 2017 USD ($)	May 31, 2017 USD ($)	Jan. 31, 2017 USD ($)	Nov. 30, 2016 USD ($) item	Sep. 30, 2016 USD ($) property	Jan. 31, 2016 USD ($) property	Nov. 30, 2015 USD ($)	Oct. 31, 2015 USD ($) loan	Apr. 30, 2015 USD ($)	Feb. 28, 2015 USD ($)	Dec. 31, 2017 USD ($) property loan shares	Sep. 30, 2017 USD ($)	Jun. 30, 2017 USD ($)	Mar. 31, 2017 USD ($) item	Dec. 31, 2016 USD ($)	Sep. 30, 2016 USD ($) property	Jun. 30, 2016 USD ($)	Mar. 31, 2016 USD ($)	Dec. 31, 2017 USD ($) property shares	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Dec. 31, 2014 USD ($) property loan
Agreements and transactions with related parties
Due from related party		$ 688												$ 688				$ 1,465				$ 688	$ 1,465
Due to related party																		6,039					6,039
Related party financing		50,000												50,000				50,000				50,000	50,000
Outstanding principal balance of related party financing		50,000												50,000				50,000				50,000	50,000
(Loss) income from equity affiliates														(4,706)	$ 995	$ (3)	$ 763	1,801	$ 4,929	$ 4,367	$ 1,897	(2,951)	12,995	$ 12,301
Investments in equity affiliates		23,653												23,653				33,949				23,653	33,949
Aggregate outstanding balance of related party debt		2,595,658												2,595,658								2,595,658
Residential Mortgage Banking Company
Agreements and transactions with related parties
Maximum percentage of guaranty provided by the Company in relation to the settlement																								50.00%
Maximum exposure under this guaranty																								$ 3,100
ACM Acquisition
Agreements and transactions with related parties
Acquisition purchase price	$ 292,500
Preferred equity investments
Agreements and transactions with related parties
Principal amount						$ 15,000
Commitment to fund additional investment						$ 5,000
Interest income recorded																						1,100
Fixed rate of interest (as a percent)						11.00%
Mezzanine loans
Agreements and transactions with related parties
Interest income recorded																						300	400	300
Fixed rate of interest (as a percent)												12.50%
Amount of loan to related party												$ 3,000
Maturity Date of October 2018 \| Bridge loans
Agreements and transactions with related parties
Base spread (as a percent)											5.00%
LIBOR floor (as a percentage)											0.25%
Interest income recorded																						1,100	1,000	$ 200
Number of mortgage loans secured by property purchased from related party \| loan											2
Amount of loan to related party											$ 16,700
Maturity date of November 2018 \| Bridge loans
Agreements and transactions with related parties
Principal amount							$ 14,800
Base spread (as a percent)							5.25%
LIBOR floor (as a percentage)							0.50%
Number of bridge loans originated \| item							2
ACM / Our "Former Manager"
Agreements and transactions with related parties
Due from related party		$ 700												$ 700				0				700	0
ACM / Our "Former Manager" \| Residential Mortgage Banking Company
Agreements and transactions with related parties
Noncontrolling interest in equity method investment acquired (as a percent)																								50.00%
Indirect ownership percentage																								22.5%
Acquisition purchase price																								$ 9,600
(Loss) income from equity affiliates																						$ (7,200)	10,000	$ 6,000
Maximum percentage of guaranty provided by the former manager to the Company in relation to the settlement																								50.00%
ACM / Our "Former Manager" \| ACM Acquisition
Agreements and transactions with related parties
OP units issued as part of acquisition \| shares																						21,230,769
Number of preferred stock shares paired with each OP units \| shares																						1
OP units distributed as part of acquisition \| shares																						5,780,348
Number of shares held by related party \| shares		5,349,053												5,349,053								5,349,053
OP units hold as part of acquisition \| shares																						15,450,421
Percentage of voting power held by related party		25.00%												25.00%								25.00%
ACM / Our "Former Manager" \| Bridge loans
Agreements and transactions with related parties
Interest income recorded																						$ 0	0	$ 300
ACM / Our "Former Manager" \| Non-qualified Residential Mortgages \| Residential Mortgage Banking Company
Agreements and transactions with related parties
Additional investment made by the company along with a consortium of independent outside investors																						600		16,100
Distributions received																						3,200		16,200
ACM / Our "Former Manager" \| Mortgage loans
Agreements and transactions with related parties
Amount of mortgage loan secured by property, purchased by related party												$ 47,000
ACM / Our "Former Manager" \| Preferred equity interest financing agreement
Agreements and transactions with related parties
Related party financing		$ 50,000												$ 50,000				50,000				50,000	50,000
Interest expense on related party loan																						3,800	1,800
Outstanding principal balance of related party financing		50,000												50,000				50,000				50,000	50,000
Principal amount		50,000												50,000								50,000
ACM / Our "Former Manager" \| Maturity date of April 2016 \| Mortgage loans
Agreements and transactions with related parties
Base spread (as a percent)																									4.80%
Interest income recorded																						900	900	1,100
Number of mortgage loans secured by property purchased from related party \| loan																									2
ACM / Our "Former Manager" \| Maturity date of April 2016 \| Mortgage loans \| First mortgage
Agreements and transactions with related parties
Amount of loan to related party																									$ 14,600
ACM / Our "Former Manager" \| Maturity date of April 2016 \| Mortgage loans \| Second mortgage
Agreements and transactions with related parties
Amount of loan to related party																									$ 5,100
Proceeds from repayment in full																							5,100
ACM / Our "Former Manager" \| Maturity date March 2018, extended from April 2016 \| Mortgage loans \| First mortgage
Agreements and transactions with related parties
Amount of loan to related party																		14,600					14,600
Consortium of investors including an immediate family member of our officers \| Fannie Mae loan on a multifamily property
Agreements and transactions with related parties
Percentage of maximum loss-sharing obligation unpaid principal balance					5.00%
Principal amount					$ 46,900
Percentage of ownership interest of related party in the entity					21.40%
Consortium of investors including an immediate family member of our officers \| Fannie Mae loan on a multifamily property \| Maximum
Agreements and transactions with related parties
Servicing revenue					$ 100
Certain officers, including our Chief Executive Officer and our Former Manager \| Maturity date of September 2019 \| Bridge loan, six multifamily properties
Agreements and transactions with related parties
Principal amount								$ 48,000											$ 48,000
Number of properties owned \| property								6											6
Base spread (as a percent)								4.50%											4.50%
LIBOR floor (as a percentage)								0.25%
Interest income recorded																						2,700	700
Proceeds from repayment in full			$ 6,800
Certain officers, including our Chief Executive Officer and our Former Manager \| Maturity date of September 2019 \| Bridge loan, six multifamily properties \| Minimum
Agreements and transactions with related parties
Percentage of ownership interest of related party in the entity								10.50%
Certain officers, including our Chief Executive Officer and our Former Manager \| Maturity date of September 2019 \| Bridge loan, six multifamily properties \| Maximum
Agreements and transactions with related parties
Percentage of ownership interest of related party in the entity								12.00%
Certain officers, including our Chief Executive Officer and our Former Manager \| Maturity date of April 2018 \| Bridge loans
Agreements and transactions with related parties
Percentage of ownership interest of related party in the entity												90.00%
Base spread (as a percent)												4.50%
LIBOR floor (as a percentage)												0.25%
Interest income recorded																							400	200
Proceeds from repayment of debt																		6,300
Amount of loan to related party												$ 6,300
Certain Officers \| Preferred equity investments
Agreements and transactions with related parties
Amount of ownership interest of related party in the entity				$ 5,000
Certain Officers \| Bridge loans
Agreements and transactions with related parties
Percentage of ownership interest of related party in the entity										7.50%
Base spread (as a percent)										4.50%
LIBOR floor (as a percentage)										0.25%
Interest income recorded																						300	400	100
Amount of loan to related party										$ 7,100
Certain Officers \| Maturity date of June 2020 \| Bridge loan, several multifamily properties
Agreements and transactions with related parties
Principal amount		$ 32,800												$ 32,800								$ 32,800
Percentage of ownership interest of related party in the entity		90.00%
Base spread (as a percent)		5.00%												5.00%								5.00%
LIBOR floor (as a percentage)		1.13%
Interest income recorded																						$ 100
Certain Officers \| Maturity date of fourth quarter 2020 \| Bridge loan, two multifamily properties
Agreements and transactions with related parties
Principal amount		$ 28,000												$ 28,000								$ 28,000
Number of properties owned \| property		2												2								2
Percentage of ownership interest of related party in the entity														45.00%
Base spread (as a percent)		5.25%												5.25%								5.25%
Interest income recorded																						$ 200
Number of mortgage loans secured by property purchased from related party \| loan														2
Certain Officers \| Maturity date of fourth quarter 2020 \| Bridge loan, two multifamily properties \| Minimum
Agreements and transactions with related parties
LIBOR floor (as a percentage)														1.24%
Certain Officers \| Maturity date of fourth quarter 2020 \| Bridge loan, two multifamily properties \| Maximum
Agreements and transactions with related parties
LIBOR floor (as a percentage)														1.54%
Certain Officers \| Maturity date of July 2020 \| Bridge loan, one multifamily property
Agreements and transactions with related parties
Principal amount				$ 36,000
Percentage of ownership interest of related party in the entity				95.00%
Base spread (as a percent)				4.50%
LIBOR floor (as a percentage)				1.00%
Interest income recorded																						900
Certain Officers \| Maturity date of January 2019 \| Bridge loan, two multifamily properties
Agreements and transactions with related parties
Principal amount									$ 12,700
Number of properties owned \| property									2
Percentage of ownership interest of related party in the entity									50.00%
Base spread (as a percent)									4.50%
LIBOR floor (as a percentage)									0.25%
Interest income recorded																						1,300	1,200
Certain Officers \| Maturity date of January 2019 \| Bridge loan, one multifamily property
Agreements and transactions with related parties
Principal amount									$ 19,000
Percentage of ownership interest of related party in the entity									7.50%
Base spread (as a percent)									4.50%
LIBOR floor (as a percentage)									0.25%
Interest income recorded																						$ 1,100	1,000
Certain Officers \| Maturity date May 2018, extended from November 2017 \| Preferred equity investments \| Multifamily
Agreements and transactions with related parties
Equity investment									$ 5,200
Fixed rate of interest (as a percent)									10.00%
Certain Officers \| Maturity date of September 2016 \| Bridge loan, two multifamily properties
Agreements and transactions with related parties
Percentage of ownership interest of related party in the entity																									95.00%
Chief executive officer \| Minimum
Agreements and transactions with related parties
Ownership interest allowed under company charter (as a percent)		5.00%												5.00%								5.00%
Chief executive officer \| Maturity date of December 2017, extended from September 2016 \| Bridge loan, two multifamily properties
Agreements and transactions with related parties
Interest income recorded																						$ 100	200	300
Proceeds from repayment in full														$ 1,700
Chief executive officer \| Maturity date of February 2018 \| Preferred equity investments
Agreements and transactions with related parties
Principal amount													$ 23,000												$ 18,000
Interest income recorded																							1,000	2,300
Fixed rate of interest (as a percent)													10.00%
Amount of ownership interest of related party in the entity													$ 2,000
Proceeds from repayment in full																							1,000
Chief executive officer \| Maturity date of September 2016 \| Bridge loan, two multifamily properties
Agreements and transactions with related parties
Base spread (as a percent)																									5.50%
Proceeds from repayment in full																							3,300
Chief executive officer \| Maturity date December 2017, extended from September 2016 \| Bridge loan, two multifamily properties
Agreements and transactions with related parties
Number of properties owned \| property																									2
Amount of loan to related party																									$ 5,000
Investments in equity affiliates																									$ 100
Ownership interest (as a percent)																									5.00%
Number of bridge loans originated \| loan																									2
Chief executive officer \| Maturity date of August 2017 \| Bridge loans
Agreements and transactions with related parties
Percentage of ownership interest of related party in the entity																									24.00%
Amount of mortgage loan secured by property, purchased by related party																									$ 30,400
Chief executive officer \| Maturity date of August 2020 \| Bridge loans
Agreements and transactions with related parties
Base spread (as a percent)			4.00%
LIBOR floor (as a percentage)			1.23%
Amount of mortgage loan secured by property, purchased by related party			$ 43,200
Chief executive officer and his affiliates
Agreements and transactions with related parties
Percentage of our Former Manager's outstanding membership interest of related party in another related party		70.00%												70.00%								70.00%
Chief executive officer and his affiliates \| Maturity date of August 2017 \| Mezzanine loans
Agreements and transactions with related parties
Interest income recorded																						$ 3,100	$ 3,500	2,800
Fixed rate of interest (as a percent)																							12.00%
Amount of mortgage loan secured by property, purchased by related party																		$ 4,600					$ 4,600
Affiliate of Chief executive officer
Agreements and transactions with related parties
Contract period with the new entity																						7 years 6 months
Fees as a percentage of gross revenues of the underlying properties																						4.75%
Lexford Portfolio
Agreements and transactions with related parties
Distributions received																						$ 2,500	2,800	4,500
(Loss) income from equity affiliates																						2,500	$ 2,800	$ 5,500
Aggregate outstanding balance guaranteed		$ 844,700												$ 844,700								844,700
Two portfolios of multifamily properties \| Consortium of Investors, including our Chief Executive Officer and our Former Manager
Agreements and transactions with related parties
Interest income recorded																						$ 1,000
Proceeds from repayment in full														$ 6,500
Amount invested																	$ 2,000
Ownership interest (as a percent)																	26.10%
Number of portfolios of multifamily properties \| item																	2
Ginkgo \| Fannie Mae
Agreements and transactions with related parties
Loan purchased a multifamily apartment complex which assumed						$ 8,300
Percentage of maximum loss-sharing obligation unpaid principal balance						20.00%
Servicing revenue						$ 100
Percentage of loan assumption fee						1.00%
Percentage of ownership after transaction		3.60%
Ginkgo \| Director
Agreements and transactions with related parties
Percentage of managing member						33.00%

Employee Benefits - 401(k) Plan (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Employee Benefits
Minimum period of continuous service required under 401(k) plan	6 months
Employer's match of the first 6% of employee's contributions (as a a percent)	25.00%
Percentage of eligible compensation, matched 25% by employer	6.00%
Employee compensation and benefits
Employee Benefits
Expense recorded under 401(k) plan	$ 0.6	$ 0.3

Employee Benefits - Deferred Comp Plan (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Deferred Comp Plan
Period over which matching contributions vest after year 5	9 years
Deferred compensation expense	$ 2.4	$ 0.7
Other liabilities
Deferred Comp Plan
Liabilities related to Deferred Comp Plan	5.9	3.5
Other assets
Deferred Comp Plan
Assets related to Deferred Comp Plan	$ 4.5	$ 2.8

Segment Information - Statements of Income (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Segment Information
Interest income									$ 156,177	$ 116,173	$ 106,769
Other interest income, net										2,539	7,884
Interest expense									90,072	63,623	49,720
Net interest income	$ 19,671	$ 18,290	$ 14,057	$ 14,088	$ 12,084	$ 12,670	$ 17,265	$ 13,070	66,105	55,089	64,933
Other revenue:
Gain on sales, including fee-based services, net									72,799	24,594
Mortgage servicing rights									76,820	44,941
Servicing revenue									76,412	30,759
Amortization of MSRs									(47,202)	(21,705)
Property operating income									10,973	14,881	27,666
Other income, net									685	1,041	270
Total other revenue	51,431	47,989	44,735	46,332	49,581	34,868	4,641	5,421	190,487	94,511	27,936
Other expenses:
Employee compensation and benefits									92,126	38,647	17,500
Selling and administrative									30,738	17,587	9,392
Acquisition costs										10,262	3,134
Property operating expenses									10,482	13,501	23,238
Depreciation and amortization									7,385	5,022	5,436
Impairment loss on real estate owned									3,200	11,200
Provision for loss sharing									(259)	2,235
Provision for loan losses (net of recoveries)									(456)	(134)	4,467
Management fee - related party									6,673	12,600	10,900
Total other expenses	37,999	36,596	37,043	38,254	32,036	35,742	25,170	17,973	149,889	110,920	74,067
Income before gain on extinguishment of debt, (loss) income from equity affiliates and provision for income taxes	33,103	29,683	21,749	22,166	29,629	11,796	(3,264)	518	106,703	38,680	18,802
Gain on sale of real estate							11,023	608		11,631	7,784
Gain on extinguishment of debt				7,116					7,116
(Loss) income from equity affiliates	(4,706)	995	(3)	763	1,801	4,929	4,367	1,897	(2,951)	12,995	12,301
Provision for income taxes	2,885	(6,708)	(3,435)	(6,101)	(525)	(300)			(13,359)	(825)
Net income	31,282	23,970	18,311	23,944	30,905	16,425	12,126	3,023	97,509	62,481	53,429
Preferred stock dividends	1,888	1,888	1,888	1,888	1,888	1,888	1,888	1,888	7,554	7,554	7,554
Net income attributable to noncontrolling interest	7,524	5,661	4,494	6,442	8,482	3,649			24,120	12,131
Net income attributable to common stockholders	$ 21,870	$ 16,421	$ 11,929	$ 15,614	$ 20,535	$ 10,888	$ 10,238	$ 1,135	65,835	42,796	$ 45,875
Operating segments \| Structured Business
Segment Information
Interest income									136,526	109,622
Other interest income, net										2,539
Interest expense									74,136	57,943
Net interest income									62,390	54,218
Other revenue:
Property operating income									10,973	14,881
Other income, net									2,083	542
Total other revenue									13,056	15,423
Other expenses:
Employee compensation and benefits									19,555	14,884
Selling and administrative									11,765	9,714
Property operating expenses									10,482	13,501
Depreciation and amortization									1,784	2,454
Impairment loss on real estate owned									3,200	11,200
Provision for loan losses (net of recoveries)									(456)	(134)
Management fee - related party									3,259	9,044
Total other expenses									49,589	60,663
Income before gain on extinguishment of debt, (loss) income from equity affiliates and provision for income taxes									25,857	8,978
Gain on sale of real estate										11,631
Gain on extinguishment of debt									7,116
(Loss) income from equity affiliates									(2,951)	12,995
Provision for income taxes									(957)
Net income									29,065	33,604
Preferred stock dividends									7,554	7,554
Net income attributable to common stockholders									21,511	26,050
Operating segments \| Agency Business
Segment Information
Interest income									19,651	6,551
Interest expense									12,089	3,887
Net interest income									7,562	2,664
Other revenue:
Gain on sales, including fee-based services, net									72,799	24,594
Mortgage servicing rights									76,820	44,941
Servicing revenue									76,412	30,759
Amortization of MSRs									(47,202)	(21,705)
Other income, net									(1,398)	499
Total other revenue									177,431	79,088
Other expenses:
Employee compensation and benefits									72,571	23,763
Selling and administrative									18,973	7,873
Depreciation and amortization									5,601	2,568
Provision for loss sharing									(259)	2,235
Management fee - related party									3,414	3,556
Total other expenses									100,300	39,995
Income before gain on extinguishment of debt, (loss) income from equity affiliates and provision for income taxes									84,693	41,757
Provision for income taxes									(12,402)	(825)
Net income									72,291	40,932
Net income attributable to common stockholders									72,291	40,932
Other / Eliminations
Segment Information
Interest expense									3,847	1,793
Net interest income									(3,847)	(1,793)
Other expenses:
Acquisition costs										10,262
Total other expenses										10,262
Income before gain on extinguishment of debt, (loss) income from equity affiliates and provision for income taxes									(3,847)	(12,055)
Net income									(3,847)	(12,055)
Net income attributable to noncontrolling interest									24,120	12,131
Net income attributable to common stockholders									$ (27,967)	$ (24,186)

Segment Information - Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Assets:
Cash and cash equivalents	$ 104,374	$ 138,645	$ 188,709	$ 50,418
Restricted cash	139,398	29,315
Loans and investments, net	2,579,127	1,695,732
Loans held-for-sale, net	297,443	673,367
Capitalized mortgage servicing rights, net	252,608	227,743
Securities held-to-maturity	27,837
Investments in equity affiliates	23,653	33,949
Goodwill and other intangible assets	121,766	97,490
Other assets	79,739	74,545
Total assets	3,625,945	2,970,786
Liabilities:
Debt obligations	2,531,236	2,018,118
Allowance for loss-sharing obligations	30,511	32,408
Other liabilities	199,642	173,222
Total liabilities	2,761,389	2,223,748
Other / Eliminations
Liabilities:
Debt obligations	50,000	50,000
Other liabilities	1,009	1,218
Total liabilities	51,009	51,218
Structured Business \| Operating segments
Assets:
Cash and cash equivalents	37,056	103,156
Restricted cash	139,398	16,230
Loans and investments, net	2,579,127	1,695,732
Investments in equity affiliates	23,653	33,949
Goodwill and other intangible assets	12,500
Other assets	66,227	63,351
Total assets	2,857,961	1,912,418
Liabilities:
Debt obligations	2,189,700	1,307,974
Other liabilities	155,814	133,788
Total liabilities	2,345,514	1,441,762
Agency Business \| Operating segments
Assets:
Cash and cash equivalents	67,318	35,489
Restricted cash		13,085
Loans held-for-sale, net	297,443	673,367
Capitalized mortgage servicing rights, net	252,608	227,743
Securities held-to-maturity	27,837
Goodwill and other intangible assets	109,266	97,490
Other assets	13,512	11,194
Total assets	767,984	1,058,368
Liabilities:
Debt obligations	291,536	660,144
Allowance for loss-sharing obligations	30,511	32,408
Other liabilities	42,819	38,216
Total liabilities	$ 364,866	$ 730,768

Segment Information - Origination Data (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Segment Information
Origination Volumes	$ 4,344,328	$ 2,129,720
Loan Sales Data:
Loan Sales		$ 1,910,000
Sales margin (fee-based services as a % of loan sales)	1.51%	1.65%
MSR rate (MSR income as a % of loan commitments)	1.77%	2.11%
Structured Business
Segment Information
New loan originations	$ 1,842,974	$ 847,683	$ 828,218
Loan payoffs / paydowns	924,120	553,409	$ 828,670
Agency Business
Segment Information
Origination Volumes	4,462,436	2,149,633
Loan Sales Data:
Loan Sales	4,814,906	1,492,384
Fannie Mae \| Agency Business
Segment Information
Origination Volumes	2,929,481	1,668,581
Loan Sales Data:
Loan Sales	3,223,953	1,130,392
Freddie Mac \| Agency Business
Segment Information
Origination Volumes	1,322,498	456,422
Loan Sales Data:
Loan Sales	1,399,029	332,319
FHA \| Agency Business
Segment Information
Origination Volumes	189,087	24,630
Loan Sales Data:
Loan Sales	170,554	$ 29,673
CMBS/Conduit \| Agency Business
Segment Information
Origination Volumes	21,370
Loan Sales Data:
Loan Sales	$ 21,370

Segment Information - Key Servicing Metrics (Details) - Agency Business - MSRs - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Segment Information
UPB of Servicing Portfolio	$ 16,206,315	$ 13,555,086
Wtd. Avg. Servicing Fee Rate (basis points)	0.477%	0.478%
Wtd. Avg. Life of Servicing Portfolio (in years)	8 years 1 month 6 days	7 years 7 months 6 days
Fannie Mae
Segment Information
UPB of Servicing Portfolio	$ 12,502,699	$ 11,181,152
Wtd. Avg. Servicing Fee Rate (basis points)	0.536%	0.534%
Wtd. Avg. Life of Servicing Portfolio (in years)	6 years 10 months 24 days	6 years 7 months 6 days
Freddie Mac
Segment Information
UPB of Servicing Portfolio	$ 3,166,134	$ 1,953,245
Wtd. Avg. Servicing Fee Rate (basis points)	0.295%	0.223%
Wtd. Avg. Life of Servicing Portfolio (in years)	10 years 6 months	10 years 6 months
FHA
Segment Information
UPB of Servicing Portfolio	$ 537,482	$ 420,689
Wtd. Avg. Servicing Fee Rate (basis points)	0.165%	0.144%
Wtd. Avg. Life of Servicing Portfolio (in years)	19 years 7 months 6 days	19 years 2 months 12 days

Selected Quarterly Financial Data - Unaudited (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Selected Quarterly Financial Data - Unaudited
Net interest income	$ 19,671	$ 18,290	$ 14,057	$ 14,088	$ 12,084	$ 12,670	$ 17,265	$ 13,070	$ 66,105	$ 55,089	$ 64,933
Total other revenue	51,431	47,989	44,735	46,332	49,581	34,868	4,641	5,421	190,487	94,511	27,936
Total other expenses	37,999	36,596	37,043	38,254	32,036	35,742	25,170	17,973	149,889	110,920	74,067
Income (loss) before gain on extinguishment of debt, (loss) income from equity affiliates and benefit from (provision for) income taxes	33,103	29,683	21,749	22,166	29,629	11,796	(3,264)	518	106,703	38,680	18,802
Gain on extinguishment of debt				7,116					7,116
Gain on sale of real estate							11,023	608		11,631	7,784
(Loss) income from equity affiliates	(4,706)	995	(3)	763	1,801	4,929	4,367	1,897	(2,951)	12,995	12,301
Benefit (provision) for income taxes	2,885	(6,708)	(3,435)	(6,101)	(525)	(300)			(13,359)	(825)
Net income	31,282	23,970	18,311	23,944	30,905	16,425	12,126	3,023	97,509	62,481	53,429
Preferred stock dividends	1,888	1,888	1,888	1,888	1,888	1,888	1,888	1,888	7,554	7,554	7,554
Net income attributable to noncontrolling interest	7,524	5,661	4,494	6,442	8,482	3,649			24,120	12,131
Net income attributable to common stockholders	$ 21,870	$ 16,421	$ 11,929	$ 15,614	$ 20,535	$ 10,888	$ 10,238	$ 1,135	$ 65,835	$ 42,796	$ 45,875
Basic earnings per common share (in dollars per share)	$ 0.35	$ 0.27	$ 0.21	$ 0.30	$ 0.40	$ 0.21	$ 0.20	$ 0.02	$ 1.14	$ 0.83	$ 0.90
Diluted earnings per common share (in dollars per share)	$ 0.35	$ 0.26	$ 0.21	$ 0.30	$ 0.40	$ 0.21	$ 0.20	$ 0.02	$ 1.12	$ 0.83	$ 0.90

SCHEDULE IV - LOANS AND OTHER LENDING INVESTMENTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Loans and Investments
Fixed interest rate (as a percent)	6.28%	5.71%
Prior Liens	$ 738,424
Carrying value of loans	2,652,538
Carrying Amount	2,579,127	$ 1,695,732	$ 1,450,334	$ 1,459,476
Amount of loans extended		$ 426,200
Federal income tax basis	$ 2,650,000
Threshold for reporting loans (as a percent)	3.00%
Bridge loans
Loans and Investments
Fixed interest rate (as a percent)	6.10%	5.59%
Carrying value of loans	$ 2,422,105
Carrying Amount	2,357,066
Bridge loans \| Loans less than 3%
Loans and Investments
Carrying value of loans	2,270,605
Carrying Amount	$ 2,205,386
Preferred equity investments
Loans and Investments
Fixed interest rate (as a percent)	6.47%	6.83%
Carrying value of loans	$ 34,800
Preferred equity investments \| Loans less than 3%
Loans and Investments
Prior Liens	601,610
Carrying value of loans	142,892
Carrying Amount	$ 135,082
Mezzanine loans
Loans and Investments
Fixed interest rate (as a percent)	10.78%	9.09%
Mezzanine loans \| Loans less than 3%
Loans and Investments
Prior Liens	$ 136,814
Carrying value of loans	87,541
Carrying Amount	$ 86,979
Multifamily \| Bridge loans \| Loans in excess of 3%
Loans and Investments
Base rate	LIBOR
Carrying value of loans	$ 151,500
Carrying Amount	$ 151,680
Multifamily \| Bridge loans \| Loans in excess of 3% \| Minimum
Loans and Investments
Base spread (as a percent)	3.60%
LIBOR Floor rate (as a percent)	1.36%
Multifamily \| Bridge loans \| Loans less than 3%
Loans and Investments
Base rate	LIBOR
Carrying value of loans	$ 1,620,123
Carrying Amount	$ 1,613,790
Multifamily \| Bridge loans \| Loans less than 3% \| Minimum
Loans and Investments
Base spread (as a percent)	3.00%
LIBOR Floor rate (as a percent)	0.17%
Fixed interest rate (as a percent)	3.00%
Multifamily \| Bridge loans \| Loans less than 3% \| Maximum
Loans and Investments
Base spread (as a percent)	12.975%
LIBOR Floor rate (as a percent)	1.57%
Fixed interest rate (as a percent)	12.00%
Multifamily \| Preferred equity investments \| Loans less than 3%
Loans and Investments
Prior Liens	$ 515,195
Carrying value of loans	105,532
Carrying Amount	$ 105,135
Multifamily \| Preferred equity investments \| Loans less than 3% \| Minimum
Loans and Investments
Fixed interest rate (as a percent)	6.00%
Multifamily \| Preferred equity investments \| Loans less than 3% \| Maximum
Loans and Investments
Fixed interest rate (as a percent)	14.00%
Multifamily \| Mezzanine loans \| Loans less than 3%
Loans and Investments
Prior Liens	$ 45,243
Carrying value of loans	48,374
Carrying Amount	$ 48,061
Multifamily \| Mezzanine loans \| Loans less than 3% \| Minimum
Loans and Investments
Fixed interest rate (as a percent)	10.50%
Multifamily \| Mezzanine loans \| Loans less than 3% \| Maximum
Loans and Investments
Fixed interest rate (as a percent)	12.50%
Self Storage \| Bridge loans \| Loans less than 3%
Loans and Investments
Base rate	LIBOR
Carrying value of loans	$ 301,830
Carrying Amount	$ 299,803
Self Storage \| Bridge loans \| Loans less than 3% \| Minimum
Loans and Investments
Base spread (as a percent)	3.90%
LIBOR Floor rate (as a percent)	0.25%
Self Storage \| Bridge loans \| Loans less than 3% \| Maximum
Loans and Investments
Base spread (as a percent)	6.00%
LIBOR Floor rate (as a percent)	1.53%
Land \| Bridge loans \| Loans less than 3%
Loans and Investments
Base rate	LIBOR
Base spread (as a percent)	4.00%
LIBOR Floor rate (as a percent)	0.15%
Carrying value of loans	$ 117,494
Carrying Amount	$ 63,612
Land \| Bridge loans \| Loans less than 3% \| Maximum
Loans and Investments
Fixed interest rate (as a percent)	11.64%
Land \| Mezzanine loans \| Loans less than 3%
Loans and Investments
Carrying value of loans	$ 15,333
Carrying Amount	$ 15,290
Land \| Mezzanine loans \| Loans less than 3% \| Maximum
Loans and Investments
Fixed interest rate (as a percent)	12.00%
Office \| Bridge loans \| Loans less than 3%
Loans and Investments
Base rate	LIBOR
LIBOR Floor rate (as a percent)	0.50%
Carrying value of loans	$ 106,943
Carrying Amount	$ 104,747
Office \| Bridge loans \| Loans less than 3% \| Minimum
Loans and Investments
Base spread (as a percent)	3.10%
Office \| Bridge loans \| Loans less than 3% \| Maximum
Loans and Investments
Base spread (as a percent)	6.25%
LIBOR Floor rate (as a percent)	1.23%
Office \| Preferred equity investments \| Loans less than 3%
Loans and Investments
Fixed interest rate (as a percent)	15.00%
Prior Liens	$ 10,123
Carrying value of loans	910
Carrying Amount	$ 897
Healthcare \| Bridge loans \| Loans less than 3%
Loans and Investments
Base rate	LIBOR
LIBOR Floor rate (as a percent)	1.12%
Carrying value of loans	$ 55,615
Carrying Amount	$ 55,205
Healthcare \| Bridge loans \| Loans less than 3% \| Minimum
Loans and Investments
Base spread (as a percent)	5.50%
Healthcare \| Bridge loans \| Loans less than 3% \| Maximum
Loans and Investments
Base spread (as a percent)	6.75%
LIBOR Floor rate (as a percent)	1.49%
Hotel \| Bridge loans \| Loans less than 3%
Loans and Investments
Base rate	LIBOR
LIBOR Floor rate (as a percent)	0.45%
Carrying value of loans	$ 36,000
Carrying Amount	$ 35,827
Hotel \| Bridge loans \| Loans less than 3% \| Minimum
Loans and Investments
Base spread (as a percent)	5.30%
Hotel \| Bridge loans \| Loans less than 3% \| Maximum
Loans and Investments
Base spread (as a percent)	8.28%
Hotel \| Preferred equity investments \| Loans less than 3%
Loans and Investments
Base rate	LIBOR
Base spread (as a percent)	2.79%
Prior Liens	$ 46,500
Carrying value of loans	34,750
Carrying Amount	$ 29,050
Hotel \| Mezzanine loans \| Loans less than 3%
Loans and Investments
Base rate	LIBOR
Base spread (as a percent)	13.00%
LIBOR Floor rate (as a percent)	1.23%
Prior Liens	$ 59,821
Carrying value of loans	19,975
Carrying Amount	$ 19,770
Commercial \| Preferred equity investments \| Loans less than 3%
Loans and Investments
Fixed interest rate (as a percent)	6.00%
Prior Liens	$ 29,792
Carrying value of loans	$ 1,700
Retail \| Bridge loans \| Loans less than 3%
Loans and Investments
Base rate	LIBOR
Base spread (as a percent)	8.95%
LIBOR Floor rate (as a percent)	1.00%
Carrying value of loans	$ 32,600
Carrying Amount	$ 32,402
Retail \| Mezzanine loans \| Loans less than 3%
Loans and Investments
Fixed interest rate (as a percent)	12.00%
Prior Liens	$ 31,750
Carrying value of loans	3,859
Carrying Amount	$ 3,858

SCHEDULE IV - LOANS AND OTHER LENDING INVESTMENTS, Loans and Investments Carrying Amounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Reconciliation of the Company's loans and investments carrying amounts
Balance at beginning of year	$ 1,695,732	$ 1,450,334	$ 1,459,476
Additions during period:
New loan originations	1,842,974	847,683	944,251
Loan charge-offs	20,473	2,959	32,000
Funding of unfunded loan commitments	51,689	7,851	6,929
Accretion of unearned revenue	6,519	4,297	5,556
Charge-off on loan converted to real estate owned			2,500
Recoveries of reserves	2,456	193	2,042
Deductions during period:
Loan payoffs and paydowns	(929,796)	(556,893)	(946,078)
Unfunded loan commitments	(77,233)	(50,691)	(4,225)
Use of loan charge-offs	(20,473)	(2,959)	(32,000)
Loan converted to real estate owned			(8,400)
Provision for loan losses	(2,000)	(59)	(6,509)
Unearned revenue and costs	(11,214)	(6,983)	(3,908)
Satisfaction of participation loan			(1,300)
Balance at end of year	$ 2,579,127	$ 1,695,732	$ 1,450,334

Loans and Investments, Interest Reserves (Details) $ in Millions	Dec. 31, 2017 USD ($) loan	Dec. 31, 2016 USD ($) loan
Loans and Investments
Total interest reserves	$ 52.5	$ 20.4
Number of loans \| loan	81	75
Aggregate unpaid principal balance	$ 1,570.0	$ 1,010.0

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical)	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
8.25% Series A preferred stock
Preferred stock, dividend rate (as a percent)	8.25%	8.25%	8.25%
7.75% Series B preferred stock
Preferred stock, dividend rate (as a percent)	7.75%	7.75%	7.75%
8.50% Series C preferred stock
Preferred stock, dividend rate (as a percent)	8.50%	8.50%	8.50%

Segment Information - General (Details)	12 Months Ended
Segment Information - General (Details)	Dec. 31, 2017 segment
Segment Information
Number of business segments	2