Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2019	Feb. 07, 2020	Jun. 30, 2019
Document and Entity Information
Document Type	10-K
Document Period End Date	Dec. 31, 2019
Entity Registrant Name	ARBOR REALTY TRUST INC
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		111,246,371
Entity Central Index Key	0001253986
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Public Float			$ 1,060

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Assets:
Cash and cash equivalents	$ 299,687	$ 160,063
Restricted cash	210,875	180,606
Loans and investments, net	4,189,960	3,200,145
Loans held-for-sale, net	861,360	481,664
Capitalized mortgage servicing rights, net	286,420	273,770
Securities held-to-maturity, net	88,699	76,363
Investments in equity affiliates	41,800	21,580
Real estate owned, net	13,220	14,446
Due from related party	10,651	1,287
Goodwill and other intangible assets	110,700	116,165
Other assets	125,788	86,086
Total assets	6,239,160	4,612,175
Liabilities and Equity:
Credit facilities and repurchase agreements	1,678,288	1,135,627
Collateralized loan obligations	2,130,121	1,593,548
Debt fund	68,629	68,183
Senior unsecured notes	319,799	122,484
Convertible senior unsecured notes, net	284,152	254,768
Junior subordinated notes to subsidiary trust issuing preferred securities	140,949	140,259
Due to related party	13,100
Due to borrowers	79,148	78,662
Allowance for loss-sharing obligations	34,648	34,298
Other liabilities	134,299	118,780
Total liabilities	4,883,133	3,546,609
Commitments and contingencies (Note 15)
Arbor Realty Trust, Inc. stockholders' equity:
Preferred stock, cumulative, redeemable, $0.01 par value: 100,000,000 shares authorized; special voting preferred shares; 20,484,094 and 20,653,584 shares issued and outstanding, respectively; 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	89,501	89,502
Common stock, $0.01 par value: 500,000,000 shares authorized; 109,706,214 and 83,987,707 shares issued and outstanding, respectively	1,097	840
Additional paid-in capital	1,154,932	879,029
Accumulated deficit	(60,920)	(74,133)
Total Arbor Realty Trust, Inc. stockholders' equity	1,184,610	895,238
Noncontrolling interest	171,417	170,328
Total equity	1,356,027	1,065,566
Total liabilities and equity	$ 6,239,160	$ 4,612,175

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
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)	109,706,214	83,987,707
Common stock, shares outstanding (in shares)	109,706,214	83,987,707
Assets	$ 6,239,160	$ 4,612,175
Liabilities	4,883,133	3,546,609
Consolidated variable interest entities
Assets	2,784,756	2,198,096
Liabilities	$ 2,209,599	$ 1,665,139
Special voting preferred shares
Preferred stock, shares issued (in shares)	20,484,094	20,653,584
Preferred stock, shares outstanding (in shares)	20,484,094	20,653,584
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, 2019	Dec. 31, 2018	Dec. 31, 2017
CONSOLIDATED STATEMENTS OF INCOME
Interest income	$ 315,940	$ 251,768	$ 156,177
Interest expense	186,399	153,818	90,072
Net interest income	129,541	97,950	66,105
Other revenue:
Gain on sales, including fee-based services, net	65,652	70,002	72,799
Mortgage servicing rights	90,761	98,839	76,820
Servicing revenue, net	54,542	46,034	29,210
Property operating income	9,674	10,095	10,973
Other income, net	(784)	8,161	685
Total other revenue	219,845	233,131	190,487
Other expenses:
Employee compensation and benefits	122,102	110,470	92,126
Selling and administrative	40,329	37,074	30,738
Property operating expenses	10,220	10,431	10,482
Depreciation and amortization	7,510	7,453	7,385
Impairment loss on real estate owned	1,000	2,000	3,200
Provision for loss sharing (net of recoveries)	1,147	3,843	(259)
Provision for loan losses (net of recoveries)		8,353	(456)
Litigation settlement gain		(10,170)
Management fee - related party			6,673
Total other expenses	182,308	169,454	149,889
Income before extinguishment of debt, income from equity affiliates and income taxes	167,078	161,627	106,703
(Loss) gain on extinguishment of debt	(7,439)	(5,041)	7,116
Income (loss) from equity affiliates	10,635	1,196	(2,951)
Provision for income taxes	(15,036)	(9,731)	(13,359)
Net income	155,238	148,051	97,509
Preferred stock dividends	7,554	7,554	7,554
Net income attributable to noncontrolling interest	26,610	32,185	24,120
Net income attributable to common stockholders	$ 121,074	$ 108,312	$ 65,835
Basic earnings per common share (in dollars per share)	$ 1.30	$ 1.54	$ 1.14
Diluted earnings per common share (in dollars per share)	$ 1.27	$ 1.50	$ 1.12
Weighted average shares outstanding:
Basic (in shares)	92,851,327	70,208,165	57,890,574
Diluted (in shares)	116,192,951	93,642,168	80,311,252

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 155,238	$ 148,051	$ 97,509
Reclassification of net unrealized gains on available-for-sale securities into accumulated deficit		(176)
Unrealized loss on securities available-for-sale, at fair value			(382)
Reclassification of net realized loss on derivatives designated as cash flow hedges into earnings			237
Comprehensive income	155,238	147,875	97,364
Less:
Comprehensive income attributable to noncontrolling interest	26,610	32,142	24,091
Preferred stock dividends	7,554	7,554	7,554
Comprehensive income attributable to common stockholders	$ 121,074	$ 108,179	$ 65,719

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Preferred Stock	Common Stock Preferred stock of private REIT	Common Stock	Additional Paid-in Capital Preferred stock of private REIT	Additional Paid-in Capital	Accumulated Deficit Preferred stock of private REIT	Accumulated Deficit	Accumulated Other Comprehensive Income	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, 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
Issuance of convertible senior unsecured notes, net					4,556					4,556			4,556
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)
Distributions - common stock							(42,612)			(42,612)			(42,612)
Distributions - preferred stock							(7,554)			(7,554)			(7,554)
Distributions - preferred stock of private REIT						$ (15)			$ (15)			$ (15)
Distributions - noncontrolling interest											(15,286)		(15,286)
Unrealized gain (loss) on securities available-for-sale													(382)
Unrealized loss on derivative financial instruments, net								(382)		(382)			(382)
Reclassification of net realized loss on derivatives designated as cash flow hedges into earnings								237		237			237
Net income							73,389			73,389	24,120		97,509
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
Increase (Decrease) in Stockholders' Equity
Issuance of common stock			$ 152		156,265					156,417			156,417
Issuance of common stock (in shares)			15,152,700
Repurchase of common stock			$ (9)		(10,057)					(10,066)			(10,066)
Repurchase of common stock (in shares)			(870,000)
Issuance of common stock from convertible debt			$ 73		80,118					80,191			80,191
Issuance of common stock from convertible debt (in shares)			7,296,893
Issuance of convertible senior unsecured notes, net					9,436					9,436			9,436
Extinguishment of convertible senior unsecured notes					(70,271)					(70,271)			(70,271)
Stock-based compensation			$ 7		6,088					6,095			6,095
Stock-based compensation (in shares)			691,015
Forfeiture of unvested restricted stock (in shares)		(6,288)
Distributions - common stock							(80,681)			(80,681)			(80,681)
Distributions - preferred stock							(7,554)			(7,554)			(7,554)
Distributions - preferred stock of private REIT							(14)			(14)			(14)
Distributions - noncontrolling interest											(23,749)		(23,749)
Redemption of operating partnership units	$ (6)									(6)	(6,839)		(6,845)
Redemption of operating partnership units (in shares)	(577,185)
Reclassification of net unrealized gains on available-for-sale securities into accumulated deficit							176	$ (176)					(176)
Net income							115,866			115,866	32,185		148,051
Balance at Dec. 31, 2018	$ 89,502		$ 840		879,029		(74,133)			895,238	170,328		1,065,566
Balance (in shares) at Dec. 31, 2018	24,365,084		83,987,707
Increase (Decrease) in Stockholders' Equity
Issuance of common stock			$ 198		260,185					260,383			260,383
Issuance of common stock (in shares)			19,837,000
Repurchase of common stock		$ (9)		$ (11,565)					$ (11,574)			$ (11,574)
Repurchase of common stock (in shares)		(920,000)	(920,000)
Issuance of common stock upon vesting of restricted stock units			$ 2		(2,904)					(2,902)			(2,902)
Issuance of common stock upon vesting of restricted stock units (in shares)			203,492
Net settlement on vesting of restricted stock			$ (1)		(731)					(732)			(732)
Net settlement on vesting of restricted stock (in shares)			(58,070)
Issuance of common stock from convertible debt			$ 47		69,232					69,279			69,279
Issuance of common stock from convertible debt (in shares)			4,695,653
Issuance of convertible senior unsecured notes, net					8,684					8,684			8,684
Extinguishment of convertible senior unsecured notes					(69,510)					(69,510)			(69,510)
Stock-based compensation			$ 8		9,506					9,514			9,514
Stock-based compensation (in shares)			818,443
Forfeiture of unvested restricted stock (in shares)			(18,120)
Issuance of common stock from special dividend			$ 9		10,070					10,079			10,079
Issuance of common stock from special dividend (in shares)			901,432
Issuance of operating partnership units and special voting preferred stock from special dividend	$ 2									2	2,476		2,478
Issuance of operating partnership units and special voting preferred stock from special dividend (in shares)	221,666
Distributions - common stock							(107,846)			(107,846)			(107,846)
Distributions - preferred stock							(7,554)			(7,554)			(7,554)
Distributions - preferred stock of private REIT							(15)			(15)			(15)
Distributions - noncontrolling interest											(23,387)		(23,387)
Redemption of operating partnership units	$ (3)		$ 3		2,936					2,936	(4,610)		(1,674)
Redemption of operating partnership units (in shares)	(391,156)		258,677
Net income							128,628			128,628	26,610		155,238
Balance at Dec. 31, 2019	$ 89,501		$ 1,097		$ 1,154,932		$ (60,920)			$ 1,184,610	$ 171,417		$ 1,356,027
Balance (in shares) at Dec. 31, 2019	24,195,594		109,706,214

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Operating activities:
Net income	$ 155,238	$ 148,051	$ 97,509
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization	7,510	7,453	7,385
Stock-based compensation	9,514	6,095	4,840
Amortization and accretion of interest and fees, net	5,045	9,291	4,682
Amortization of capitalized mortgage servicing rights	48,681	48,124	47,202
Impairment loss on real estate owned	1,000	2,000	3,200
Originations of loans held-for-sale	(4,564,032)	(5,074,662)	(4,444,939)
Proceeds from sales of loans held-for-sale, net of gain on sale	4,189,787	4,893,886	4,814,906
Mortgage servicing rights	(90,761)	(98,839)	(76,820)
Write-off of capitalized mortgage servicing rights from payoffs	22,425	25,058	15,832
Provision for loan losses (net of recoveries)		8,353	(456)
Provision for loss sharing (net of recoveries)	1,147	3,843	(259)
Net charge-offs for loss sharing obligations	(797)	(56)	(1,638)
Deferred tax provision (benefit)	150	(12,033)	(7,399)
(Income) loss from equity affiliates	(10,635)	(1,196)	2,951
Loss (gain) on extinguishment of debt	7,439	5,041	(7,116)
Payoffs and paydowns of loans held-for-sale	84	61	132
Changes in operating assets and liabilities	(8,332)	(8,205)	(308)
Net cash (used in) provided by operating activities.	(226,537)	(37,735)	459,704
Investing Activities:
Loans and investments funded, originated and purchased, net	(2,712,354)	(1,545,499)	(1,867,393)
Payoffs and paydowns of loans and investments	1,753,691	960,769	959,696
Internalization of management team			(25,000)
Deferred fees	22,340	13,114	10,982
Investments in real estate, net	(475)	(367)	(672)
Contributions to equity affiliates	(13,522)	(2,493)	(693)
Distributions from equity affiliates	213	3,122	4,671
Due to borrowers and reserves	(37,121)	(65,213)	38,372
Purchases of securities held-to-maturity, net	(20,000)	(47,499)	(27,173)
Payoffs and paydowns of securities held-to-maturity	12,488	2,269	460
Purchases of capitalized mortgage servicing rights			(1,199)
(Distributions of) proceeds from insurance settlements, net		(78)	1,104
Net cash used in investing activities	(994,740)	(681,875)	(906,845)
Financing activities:
Proceeds from repurchase agreements and credit facilities	8,986,286	9,166,255	8,215,669
Paydowns and payoffs of repurchase agreements and credit facilities	(8,443,275)	(8,559,057)	(8,593,411)
Proceeds from issuance of collateralized loan obligations	1,067,193	441,000	918,274
Payoffs and paydowns of collateralized loan obligations	(529,250)	(267,750)	(219,000)
Proceeds from issuance of convertible senior unsecured notes	264,000	264,500	157,500
Extinguishment of convertible senior unsecured notes	(231,940)	(228,287)
Proceeds from issuance of senior unsecured notes	200,000	125,000
Payoffs of senior unsecured notes		(97,860)
Payments of withholding taxes on net settlement of vested stock	(3,634)
Proceeds from issuance of common stock	260,383	156,417	76,225
Distribution for repurchase of common stock	(11,574)	(10,066)
Redemption of operating partnership units	(1,674)	(6,845)
Distributions paid on common stock	(107,846)	(68,083)	(42,612)
Distributions paid on noncontrolling interest	(23,387)	(20,650)	(15,286)
Distributions paid on preferred stock	(7,554)	(7,554)	(7,554)
Distributions paid on preferred stock of private REIT	(15)	(14)	(15)
Payoffs of related party financing		(50,000)
Payment of deferred financing costs	(26,543)	(20,499)	(24,576)
Proceeds from debt fund			70,000
Payoffs of junior subordinated notes to subsidiary trust issuing preferred securities			(12,691)
Receipts on swaps and returns of margin calls from counterparties			430
Net cash provided by financing activities	1,391,170	816,507	522,953
Net increase in cash, cash equivalents and restricted cash	169,893	96,897	75,812
Cash, cash equivalents and restricted cash at beginning of period	340,669	243,772	167,960
Cash, cash equivalents and restricted cash at end of period	510,562	340,669	243,772
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents at beginning of period	160,063	104,374	138,645
Restricted cash at beginning of period	180,606	139,398	29,315
Cash, cash equivalents and restricted cash at beginning of period	340,669	243,772	167,960
Cash and cash equivalents at end of period	299,687	160,063	104,374
Restricted cash at end of period	210,875	180,606	139,398
Cash, cash equivalents and restricted cash at end of period	510,562	340,669	243,772
Supplemental cash flow information:
Cash used to pay interest	167,581	118,923	75,582
Cash used to pay taxes	19,611	20,026	20,823
Supplemental schedule of non-cash investing and financing activities:
Issuance of common stock from convertible debt	69,232	80,118
Extinguishment of convertible senior unsecured notes	(69,510)	(70,271)
Fair value of conversion feature of convertible senior unsecured notes	8,453	9,750	4,703
Special dividend - common stock issued	10,079
Special dividend - special voting preferred stock and operating partnership units issued	2,478
Redemption of operating partnership units for common stock	2,939
Distributions accrued for special dividend declared		15,696
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, 2019
Description of Business
Description of Business	Note 1—Description of Business Arbor is a Maryland corporation formed in 2003. We are a nationwide REIT and direct lender, providing loan origination and servicing for multifamily, seniors housing, healthcare and other diverse commercial real estate assets. We operate through two business segments: our Structured Business and our Agency Business. Through our Structured Business, we invest in a diversified portfolio of structured finance assets in the multifamily, single-family rental 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 and Freddie Mac, Ginnie Mae, FHA and HUD. We retain the servicing rights and asset management responsibilities on substantially all loans we originate and sell under the GSE and HUD programs. We are an approved Fannie Mae DUS lender nationally, a Freddie Mac Multifamily Conventional Loan lender, seller/servicer, in New York, New Jersey and Connecticut, a Freddie Mac affordable, manufactured housing, senior housing and SBL lender, seller/servicer, nationally and a HUD MAP and LEAN senior housing/healthcare lender nationally. We also originate and sell finance products through CMBS programs and during the second half of 2019, we began to originate and service permanent financing loans underwritten using the guidelines of our existing agency loans sold to the GSEs, which we refer to as "Private Label" loans. We intend to pool and securitize the Private Label loans and sell certain securities in the securitizations to third-party investors, while retaining the highest risk bottom tranche bond referred to as the "B Piece." In July 2016, we acquired the Agency platform of ACM and, in May 2017, we terminated our existing management agreement with ACM and internalized our management team. Substantially all of our operations are conducted through our operating partnership, ARLP, for which we serve as the general partner, and ARLP's subsidiaries.

Basis of Presentation and Significant Accounting Policies

12 Months Ended

Dec. 31, 2019

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.

Reclassification

Certain prior period amounts have been reclassified to conform to the current period presentation. In connection with the retrospective adoption in 2018 of Accounting Standards Update ("ASU") 2016-15, Statement of Cash Flows, we reclassified $1.1 million of net proceeds from insurance settlements from net cash provided by operating activities to net cash used in investing activities in the 2017 consolidated cash flow statement. In addition, we adjusted the 2017 consolidated cash flow statement in connection with the retrospective adoption in 2018 of ASU 2016-18, Statement of Cash Flows: Restricted Cash, which requires changes in the total of cash, cash equivalents, restricted cash, and restricted cash equivalents to be shown in the statement of cash flows. Previous guidance required the change in cash and cash equivalents be shown on the statement of cash flows, with cash used to fund restricted cash and restricted cash equivalents shown as a component of operating, investing, or financing activities.

The following table shows the impact of the adoption of ASU 2016-15 and ASU 2016-18:


	Year Ended
(in thousands)	December 31, 2017
As previously reported under GAAP applicable at the time
Cash and cash equivalents at beginning of period	$	138,645
Net decrease in cash and cash equivalents		(34,271)
Cash and cash equivalents at end of period		104,374
Net cash provided by (used in) operating activities: changes in operating assets and liabilities		822
Net cash used in investing activities		(907,949)
Net cash provided by financing activities		412,844

As currently reported under ASU 2016-15 and ASU 2016-18
Cash, cash equivalents and restricted cash at beginning of period	$	167,960
Net increase (decrease) in cash, cash equivalents and restricted cash		75,812
Cash, cash equivalents and restricted cash at end of period		243,772
Net cash provided by (used in) operating activities: changes in operating assets and liabilities		(308)
Net cash used in investing activities		(906,845)
Net cash provided by financing activities		522,953

Principles of Consolidation

The consolidated financial statements include our financial statements and the financial statements of our wholly owned subsidiaries, partnerships and other joint ventures in which we own a controlling interest, including variable interest entities (“VIEs”) of which we are the primary beneficiary. Entities in which we have a significant influence are accounted for under the equity method. See Note 16 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 debt security as available-for-sale, held-to-maturity, or trading depending on our ability and intent for the security. Securities available-for-sale, which is included as a component of other assets in the consolidated balance sheets, is reported at fair value with the fluctuations in fair value recognized through earnings. Held-to-maturity securities are carried at cost net of any unamortized premiums or discounts, which are amortized or accreted over the life of the securities. For securities classified as held-to-maturity, an evaluation is performed as to whether a decline in fair value below the amortized cost basis is other-than-temporary.

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

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, maturity date, interest rate 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 our Agency Business commercial real estate loans originated and sold under the GSE and HUD programs, which are generally transferred or sold within 60 days of loan origination, as well as our Private Label loans, which are generally sold and securitized within 180 days of loan origination. Such loans are reported at the lower of cost or market on an aggregate basis and include the value allocated to the associated future MSRs. During the period prior to its sale, interest income on a loan held-for-sale is calculated in accordance with the terms of the individual loan and the loan origination fees and direct loan origination costs are deferred until the loan is sold. All of our held-for-sale loans are financed with matched borrowings from credit facilities contracted to finance such loans. Interest income and expense are earned or incurred after a loan is closed and before a loan is sold.

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

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

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

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

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

Key rates: We used discount rates ranging from 8% to 15%, representing a weighted average discount rate of 12%, 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 are reduced using prepayment rates that consider the note rate of the loan and the expiration of various types of prepayment penalty and/or lockout provisions prior to that stated maturity date.

MSRs are initially recorded at fair value and are carried at amortized cost. The fair value of MRSs from loans we originate and sell are estimated considering market prices for similar MSRs, when available, and by estimating the present value of the future net cash flows of the capitalized MSRs, net of adequate compensation for servicing. Adequate compensation is based on the market rate of similar servicing contracts. The fair value of MSRs acquired approximate the purchase price paid.

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

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

Real Estate Owned and Held-For-Sale. Real estate acquired is recorded at its estimated fair value at 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 amortize the value allocated to in-place leases over the remaining lease term, which is reported in depreciation and amortization expense on our consolidated statements of income. The value allocated to above or below market leases are amortized over the remaining lease term as an adjustment to rental income.

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

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

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

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

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 as income or losses from equity affiliates in the consolidated statements of income.

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

We generally use an income based valuation method to estimate the fair value of intangible assets, which discounts expected future cash flows to present value using estimates and assumptions we deem reasonable. 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 their estimated useful lives on a straight-line basis. Indefinite-lived intangible assets, including goodwill, are tested for impairment whenever events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. In addition, with respect to goodwill, an impairment analysis is performed at least annually. We have elected to make the first day of our fiscal fourth quarter the annual impairment assessment date for goodwill. We first assess qualitative factors to determine whether it is more likely than not that the fair value is less than the carrying value. If, based on that assessment, we believe it is more likely than not that the fair value is less than the carrying value, then a two-step goodwill impairment test is performed. Based on the impairment analysis performed as of October 1, 2019, 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, 2019.

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.

Our Swap Futures associated with (1) our Structured Business SFR loans, and (2) our held-for-sale Agency Business Private Label loans do not meet the criteria for hedge accounting and are tied to the five-year and ten-year swap rates. Our Swap Futures are cleared by a central clearing house and variation margin payments (made in cash) are treated as a legal settlement of the derivative itself, as opposed to a pledge of collateral. Realized and unrealized gains and losses related to our Swap Futures are recorded through earnings.

Revenue Recognition. Interest income is recognized on the accrual basis as it is earned. In certain instances, the borrower pays an additional amount of interest at the time the loan is closed, an origination fee, a prepayment fee and/or deferred interest upon maturity. In some cases, interest income may also include the amortization or accretion of premiums and discounts arising from the purchase or origination of the loan or security. This additional income, net of any direct loan origination costs incurred, is deferred and accreted into interest income on an effective yield or “interest” method adjusted for actual prepayment activity over the life of the related loan or security as a yield adjustment. Income recognition is suspended for loans when, in our opinion, a full recovery of all contractual principal 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 and defeasance, as well as broker fees, miscellaneous asset management fees associated with our loan and investment portfolio, and 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.

Leases. We determine if an arrangement is a lease at inception. Our right to use an underlying asset for the lease term is recorded as operating lease right-of-use ("ROU") assets and our obligation to make lease payments arising from the lease are recorded as lease liabilities. The operating lease ROU assets and lease liabilities are included in other assets and other liabilities, respectively, in our consolidated balance sheets. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Our leases do not provide an implicit rate; therefore, we use our incremental borrowing rate in determining the present value of lease payments. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. At the adoption date, we made an accounting policy election to exclude leases with an initial term of twelve months or less.

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

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	Adoption Date	Effect on Financial Statements
ASU 2016-02, Leases (Topic 842) requires lessees to record most leases on their balance sheet through operating and finance lease liabilities and corresponding ROU assets, as well as adding additional footnote disclosures of key information about those arrangements. ASU 2018-11, Leases (Topic 842)-Targeted Improvements provides transition relief on comparative period reporting through a cumulative-effect adjustment at the beginning of the period of adoption ("Effective Date Method").	First quarter of 2019	We adopted this guidance using the Effective Date Method and elected the group of optional practical expedients, therefore, comparative reporting periods have not been adjusted and are reported under the previous accounting guidance. Upon adoption, we recorded an operating lease ROU asset and corresponding lease liability of $20.1 million, which are included as other assets and other liabilities in our consolidated balance sheets. We also added the required footnote disclosures in Note 15.

ASU 2018-07, Compensation—Stock Compensation expands the scope of ASC Topic 718, Compensation—Stock Compensation, to include share-based payment transactions for acquiring goods and services from nonemployees.	First quarter of 2019	The adoption of this guidance did not have a material impact on our consolidated financial statements.

ASU 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities better aligns risk management activities and financial reporting for hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. Among other amendments, the update allows entities to designate the variability in cash flows attributable to changes in a contractually specified component stated in the contract as the hedged risk in a cash flow hedge of a forecasted purchase or sale of a nonfinancial asset.	First quarter of 2019	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 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	We expect the adoption of this guidance on January 1, 2020 to increase our allowance for loan losses by $27 million to $37 million related to our Structured Business loan and investment portfolio, our Agency Business loss-sharing obligations under the Fannie Mae DUS program and our held-to-maturity debt securities within both businesses. We will record the cumulative effect of initially applying this guidance as an adjustment to our Accumulated Deficit using the modified retrospective method of adoption.
In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This ASU removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application.	First quarter of 2021 with early adoption permitted	We do not expect the adoption of this guidance to have a significant impact on consolidated financial statements.

Loans and Investments

12 Months Ended

Dec. 31, 2019

Loans and Investments

Loans and Investments

Note 3—Loans and Investments

The composition of our Structured Business loan and investment portfolio is as follows ($ in thousands):


									Wtd. Avg.		Wtd. Avg.
								Wtd. Avg.	First		Last
								Remaining	Dollar		Dollar
	December 31,		Percent of		Loan	Wtd. Avg.		Months to	LTV		LTV
	2019		Total		Count	Pay Rate (1)		Maturity	Ratio (2)		Ratio (3)
Bridge loans (4)	$	3,836,832	90	%	217	5.77	%	18.0	0	%	75	%
Mezzanine loans		191,575	4	%	24	9.70	%	36.7	22	%	73	%
Preferred equity investments		181,058	4	%	10	7.62	%	68.8	69	%	89	%
Other (5)		70,146	2	%	21	2.88	%	84.8	0	%	70	%
		4,279,611	100	%	272	5.98	%	22.1	4	%	76	%
Allowance for loan losses		(71,069)
Unearned revenue		(18,582)
Loans and investments, net	$	4,189,960


									Wtd. Avg.		Wtd. Avg.
								Wtd. Avg.	First		Last
								Remaining	Dollar		Dollar
	December 31,		Percent of		Loan	Wtd. Avg.		Months to	LTV		LTV
	2018		Total		Count	Pay Rate (1)		Maturity	Ratio (2)		Ratio (3)
Bridge loans	$	2,992,814	91	%	167	6.84	%	18.5	0	%	74	%
Mezzanine loans		108,867	3	%	13	10.57	%	22.1	28	%	72	%
Preferred equity investments		181,661	6	%	10	7.97	%	78.0	66	%	89	%
		3,283,342	100	%	190	7.02	%	22.0	5	%	75	%
Allowance for loan losses		(71,069)
Unearned revenue		(12,128)
Loans and investments, net	$	3,200,145

(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 Loan-to-Value ("LTV") Ratio” is calculated by comparing the total of our senior most dollar and all senior lien positions within the capital stack to the fair value of the underlying collateral to determine the point at which we will absorb a total loss of our position.

(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.

(4)Included within bridge loans are 11 single-family rental loans with an aggregate UPB of $66.7 million, of which $30.0 million was funded.

(5)Included within other are 12 single-family rental permanent loans with an aggregate UPB of $41.6 million and 9 purchased loans with an aggregate UPB of $28.6 million .

Concentration of Credit Risk

We are subject to concentration risk in that, at December 31, 2019, the UPB related to 24 loans with five different borrowers represented 13% of total assets. At December 31, 2018, the UPB related to 45 loans with five different borrowers represented 22% of total assets. During both 2019 and 2018, no single loan or investment represented more than 10% of our total assets and no single investor group generated over 10% of our revenue. See Note 19 for details on our concentration of related party loans and investments.

We assign a credit risk rating of pass, pass/watch, special mention, substandard or doubtful to each loan and investment, with a pass rating being the lowest risk and a doubtful rating being the highest risk. Each credit risk rating has benchmark guidelines that pertain to debt-service coverage ratios, LTV ratios, borrower strength, asset quality, and funded cash reserves. Other factors such as guarantees, market strength, and remaining loan term and borrower equity are also reviewed and factored into determining the credit risk rating assigned to each loan. This metric provides a helpful snapshot of portfolio quality and credit risk. All portfolio assets are subject to, at a minimum, a thorough quarterly financial evaluation in which historical operating performance and forward-looking projections are reviewed, however, we maintain a higher level of scrutiny and focus on loans that we consider "high risk" and that possess deteriorating credit quality.

Generally speaking, given our typical loan profile, risk ratings of pass, pass/watch and special mention suggest that we expect the loan to make both principal and interest payments according to the contractual terms of the loan agreement, 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, 2019 and 2018, we identified eight loans and investments that we consider higher-risk loans that had a carrying value, before loan loss reserves, of $127.6 million and $128.7 million, respectively, and a weighted average last dollar LTV ratio of 98% and 99%, 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, 2019
					Wtd. Avg.	Wtd. Avg.		Wtd. Avg.
			Percentage		Internal	First Dollar		Last Dollar
Asset Class	UPB		of Portfolio		Risk Rating	LTV Ratio		LTV Ratio
Multifamily	$	3,429,278	80	%	pass/watch	4	%	76	%
Land		221,489	5	%	special mention	0	%	87	%
Healthcare		203,694	5	%	pass/watch	0	%	76	%
Hotel		142,300	3	%	pass/watch	10	%	60	%
Office		134,007	3	%	special mention	3	%	67	%
Single-Family Rental		71,592	2	%	pass	0	%	71	%
Retail		49,258	1	%	special mention	6	%	62	%
Self Storage		26,293	1	%	pass/watch	24	%	53	%
Other		1,700	<1	%	doubtful	63	%	63	%
Total	$	4,279,611	100	%	pass/watch	4	%	76	%


	December 31, 2018
Multifamily	$	2,427,920	74	%	pass/watch	5	%	75	%
Land		151,628	5	%	substandard	0	%	90	%
Healthcare		122,775	4	%	pass/watch	0	%	77	%
Hotel		100,075	3	%	pass/watch	13	%	66	%
Office		132,047	4	%	special mention	3	%	68	%
Retail		45,367	1	%	pass/watch	6	%	65	%
Self Storage		301,830	9	%	pass/watch	0	%	72	%
Other		1,700	<1	%	doubtful	63	%	63	%
Total	$	3,283,342	100	%	pass/watch	5	%	75	%

Geographic Concentration Risk

As of December 31, 2019, 18% and 12% of the outstanding balance of our loan and investment portfolio had underlying properties in New York and Texas, respectively. As of December 31, 2018, 23% and 18% of the outstanding balance of our loan and investment portfolio had underlying properties in New York and Texas, respectively. No other states represented 10% or more of the total loan and investment portfolio.

Impaired Loans and Allowance for Loan Losses

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


	Year Ended December 31,
	2019		2018		2017
Allowance at beginning of period	$	71,069	$	62,783	$	83,712
Provision for loan losses		—		13,986		2,000
Charge-offs		—		(3,173)		(20,473)
Recoveries of reserves		—		(2,527)		(2,456)
Allowance at end of period	$	71,069	$	71,069	$	62,783

During 2018, we determined that the fair value of the underlying collateral (land development project) securing six loans with a carrying value of $121.4 million was less than the net carrying value of the loans, which resulted in a provision for loan losses of $12.3 million. We also fully reserved a bridge loan and recorded a provision for loan loss of $1.7 million.

In addition, during 2018, we received $31.6 million to settle a non-performing preferred equity investment in a hotel property with a UPB of $34.8 million and a net carrying value of $29.1 million, resulting in a charge-off of $3.2 million and a reserve recovery of $2.5 million. We also received payments and recorded recoveries of $3.1 million related to previously written-off loans and investments, which are included as a component of provision for loan losses (net of recoveries) on the consolidated statements of income.

During 2017, we incurred a $20.5 million charge-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.

The ratio of net recoveries (charge-offs) to the average loans and investments outstanding was 0.1% and (0.8)% for 2018 and 2017, respectively.

There were no loans for which the fair value of the collateral securing the loan was less than the carrying value of the loan for which we had not recorded a provision for loan loss as of December 31, 2019, 2018 and 2017.

We have six loans with a carrying value totaling $120.3 million at December 31, 2019 that are collateralized by a land development project. These loans were scheduled to mature in September 2019 and were extended to March 2020, with the expectation to further extend these loans. The loans do not carry a current pay rate of interest, however, five of the loans with a carrying value totaling $111.0 million entitle us to a weighted average accrual rate of interest of 8.74%. 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, 2019 and 2018, we had cumulative allowances for loan losses of $61.4 million related to these loans. The loans are subject to certain risks associated with a development project including, but not limited to, availability of construction financing, increases in projected construction costs, demand for the development’s outputs upon completion of the project, and litigation risk. Additionally, these loans were not classified as non-performing as the borrower is 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):


							Year Ended December 31,
	December 31, 2019						2019
							Average		Interest
			Carrying		Allowance for		Recorded		Income
Asset Class	UPB		Value (1)		Loan Losses		Investment (2)		Recognized
Land	$	134,215	$	126,800	$	67,869	$	134,215	$	107
Office		2,226		2,226		1,500		2,246		132
Commercial		1,700		1,700		1,700		1,700		—
Total	$	138,141	$	130,726	$	71,069	$	138,161	$	239


							Year Ended December 31,
	December 31, 2018						2018
Land	$	134,215	$	127,869	$	67,869	$	132,651	$	103
Hotel		—		—		—		17,375		—
Office		2,266		2,266		1,500		2,277		127
Commercial		1,700		1,700		1,700		1,700		—
Total	$	138,181	$	131,835	$	71,069	$	154,003	$	230

(1)

Represents the UPB of five impaired loans (less unearned revenue and other holdbacks and adjustments) by asset class at both December 31, 2019 and 2018.

(2)

Represents an average of the beginning and ending UPB of each asset class.

At December 31, 2019, three loans with an aggregate net carrying value of $1.8 million, net of related loan loss reserves of $1.7 million, were classified as non-performing. At December 31, 2018, two loans with an aggregate net carrying value of $0.8 million, net of related loan loss reserves of $1.7 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, 2019						December 31, 2018
			Less Than		Greater Than				Less Than		Greater Than
	Carrying		90 Days		90 Days		Carrying		90 Days		90 Days
Asset Class	Value		Past Due		Past Due		Value		Past Due		Past Due
Commercial	$	1,700	$	—	$	1,700	$	1,700	$	—	$	1,700
Retail		990		—		990		—		—		—
Office		833		—		833		832		—		832
Total	$	3,523	$	—	$	3,523	$	2,532	$	—	$	2,532

At both December 31, 2019 and 2018, we had no loans contractually past due 90 days or more that are still accruing interest.

There were no loan modifications, refinancing’s and/or extensions during 2019 and 2018 that were considered troubled debt restructurings.

Given the transitional nature of some of our real estate loans, we may require funds to be placed into an interest reserve, based on contractual requirements, to cover debt service costs. At December 31, 2019 and 2018, we had total interest reserves of $37.0 million and $48.9 million, respectively, on 131 loans and 110 loans, respectively, with an aggregate UPB of $2.43 billion and $2.22 billion, respectively.

Loans Held-for-Sale, Net

12 Months Ended

Dec. 31, 2019

Loans Held-for-Sale, Net

Loans Held-for-Sale, Net

Note 4—Loans Held-for-Sale, Net

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


	December 31, 2019		December 31, 2018
Fannie Mae	$	408,534	$	358,790
Private Label		401,207		—
Freddie Mac		36,303		95,004
FHA		1,082		19,170
		847,126		472,964
Fair value of future MSR		16,519		10,253
Unearned discount		(2,285)		(1,553)
Loans held-for-sale, net	$	861,360	$	481,664

Our GSE loans held-for-sale are typically sold within 60 days of loan origination , while our Private Label loans are expected to be sold and securitized within 180 days of loan origination. During 2019, 2018 and 2017, we sold $4.40 billion, $4.92 billion and $4.81 billion, respectively, of loans held-for-sale and recorded gain on sales of $61.1 million, $65.5 million and $68.3 million, respectively. At December 31, 2019 and 2018, 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, 2019

Capitalized Mortgage Servicing Rights

Capitalized Mortgage Servicing Rights

Note 5—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 was 8.0 years and 7.6 years at December 31, 2019 and 2018, respectively.

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



	Year Ended December 31, 2019						Year Ended December 31, 2018
	Acquired		Originated		Total		Acquired		Originated		Total
Balance at beginning of period	$	97,084	$	176,686	$	273,770	$	143,270	$	109,338	$	252,608
Additions		—		83,756		83,756		—		94,344		94,344
Amortization		(21,042)		(27,639)		(48,681)		(28,958)		(19,166)		(48,124)
Write-downs and payoffs		(11,523)		(10,902)		(22,425)		(17,228)		(7,830)		(25,058)
Balance at end of period	$	64,519	$	221,901	$	286,420	$	97,084	$	176,686	$	273,770

We collected prepayment fees totaling $18.4 million and $21.9 million during 2019 and 2018, respectively, which are included as a component of servicing revenue, net on the consolidated statements of income. As of December 31, 2019 and 2018, we had no valuation allowance recorded on any of our MSRs.

The expected amortization of capitalized MSRs recorded as of December 31, 2019 is as follows (in thousands):


Year	Amortization
2020	$	46,307
2021		42,538
2022		37,596
2023		33,203
2024		28,981
Thereafter		97,795
Total	$	286,420

Actual amortization may vary from these estimates.

Mortgage Servicing

12 Months Ended

Dec. 31, 2019

Mortgage Servicing

Mortgage Servicing

Note 6—Mortgage Servicing

Product and geographic concentrations that impact our servicing revenue are as follows ($ in thousands):


December 31, 2019
Product Concentrations					Geographic Concentrations
			Percent of			UPB Percent
Product	UPB (1)		Total		State	of Total
Fannie Mae	$	14,832,844	74	%	Texas	19	%
Freddie Mac		4,534,714	23	%	North Carolina	9	%
FHA		691,519	3	%	New York	9	%
Total	$	20,059,077	100	%	California	9	%
					Florida	6	%
					Georgia	6	%
					Other(2)	42	%
					Total	100	%


December 31, 2018
Product Concentrations					Geographic Concentrations
			Percent of			UPB Percent
Product	UPB (1)		Total		State	of Total
Fannie Mae	$	13,562,667	73	%	Texas	20	%
Freddie Mac		4,394,287	24	%	North Carolina	10	%
FHA		644,687	3	%	New York	8	%
Total	$	18,601,641	100	%	California	8	%
					Georgia	6	%
					Florida	6	%
					Other(2)	42	%
					Total	100	%

(1)

Excludes loans which we are not collecting a servicing fee.

(2)

No other individual state represented 4% or more of the total.

At December 31, 2019 and 2018, our weighted average servicing fee was 43.8 basis points and 45.2 basis points, respectively. At December 31, 2019 and 2018, we held total escrow balances of $947.1 million and $824.1 million, respectively, which is not reflected in our consolidated balance sheets. Of the total escrow balances, we held $562.1 million and $521.2 million at December 31, 2019 and 2018, respectively, related to loans we are servicing within our Agency Business. These escrows are maintained in separate accounts at several federally insured depository institutions, which may exceed FDIC insured limits. We earn interest income on the total escrow deposits, generally based on a market rate of interest negotiated with the financial institutions that hold the escrow deposits. Interest earned on total escrows, net of interest paid to the borrower, was $17.3 million, $12.8 million and $5.2 million during 2019, 2018 and 2017, respectively, and is a component of servicing revenue, net in the consolidated statements of income.

Securities Held-to-Maturity

12 Months Ended

Dec. 31, 2019

Securities Held-to-Maturity

Securities Held-to-Maturity

Note 7—Securities Held-to-Maturity

Agency B Piece Bonds. Freddie Mac may choose to hold, sell or securitize loans we sell to them under the Freddie Mac SBL program. As part of the securitizations under the SBL program, we have the option to purchase through a bidding process the B Piece bond, that represents the bottom 10%, or highest risk, of the securitization. As of December 31, 2019, we retained 49%, or $106.2 million initial face value, of seven B Piece bonds, which were purchased at a discount for $74.7 million, and sold the remaining 51% to a third-party at par. These securities are collateralized by a pool of multifamily mortgage loans, bear interest at an initial weighted average variable rate of 3.74% and have an estimated weighted average remaining maturity of 5.8 years. The weighted average effective interest rate was 10.85% and 10.94% at December 31, 2019 and 2018, respectively, including the accretion of a portion of the discount deemed collectible. Approximately $14.2 million is estimated to mature within one year, $40.8 million is estimated to mature after one year through five years, $20.6 million is estimated to mature after five years through ten years and $15.4 million is estimated to mature after ten years.

Structured Single-Family Rental Bonds. During 2019, we purchased $20.0 million initial face value of Class A2 securitized SFR bonds at par, which are collateralized by a pool of single-family rental properties. These securities have a three-year maturity, bear interest at a weighted average fixed interest rate of 4.58% and have an estimated weighted average remaining maturity of 0.5 years. Approximately $18.7 million is estimated to mature within one year and $1.3 million is estimated to mature after one year through five years.

A summary of our securities held-to-maturity is as follows (in thousands):


			Carrying		Unrealized		Estimated
Period	Face Value		Value		Gain		Fair Value
December 31, 2019	$	111,028	$	88,699	$	3,039	$	91,738

December 31, 2018	$	103,515	$	76,363	$	2,734	$	79,097

As of December 31, 2019, no impairment was recorded on these held-to-maturity securities. During 2019, 2018 and 2017, we recorded interest income (including the amortization of discount) of $9.9 million, $5.8 million and $1.8 million, respectively, related to these investments.

Investments in Equity Affiliates

12 Months Ended

Dec. 31, 2019

Investments in Equity Affiliates

Investments in Equity Affiliates

Note 8—Investments in Equity Affiliates

We account for all investments in equity affiliates under the equity method. A summary of our investments in equity affiliates is as follows (in thousands):


	Investments in Equity Affiliates at				UPB of Loans to
	December 31,		December 31,		Equity Affiliates at
Equity Affiliates	2019		2018		December 31, 2019
Arbor Residential Investor LLC	$	26,520	$	19,260	$	—
AMAC Holdings III LLC		10,520		—		15,600
North Vermont Avenue		2,440		—		—
Lightstone Value Plus REIT L.P		1,895		1,895		—
JT Prime		425		425		—
West Shore Café		—		—		1,688
Lexford Portfolio		—		—		30,470
East River Portfolio		—		—		—
Total	$	41,800	$	21,580	$	47,758

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, 2019, our indirect interest was 16.3%. During 2019, 2018 and 2017, we recorded income of $7.2 million, income of $0.7 million and a loss of $7.3 million, respectively, to income (loss) from equity affiliates in the consolidated statements of income related to this investment. The loss in 2017 included a $5.5 million charge for our proportionate share of a litigation settlement that was paid. During 2018, we made a $2.4 million payment for our proportionate share of the litigation settlement, which was distributed back to us by our equity affiliate.

In 2015, we invested $1.7 million through ARI for a 50% noncontrolling interest in a joint venture that invests in non-qualified residential mortgages purchased from the mortgage banking business’s origination platform. During 2018 and 2017, we received cash distributions totaling $0.7 million and $3.2 million, respectively, as a result of the joint venture selling most of its mortgage assets, which were classified as returns of capital. The income (loss) associated with this investment for all periods presented was de minimis. At December 31, 2019, our basis in this investment was zero.

AMAC Holdings III LLC (“AMAC III”). In the first quarter of 2019, we committed to a $30.0 million investment (of which $10.9 million was funded as of December 31, 2019) for an 18% interest in a multifamily-focused commercial real estate investment fund that is sponsored and managed by our chief executive officer and one of his immediate family members. We received a $0.2 million cash distribution, which was classified as a return of capital, related to this investment. The loss associated with this investment for 2019 was de minimis.

North Vermont Avenue. In the fourth quarter of 2019, we invested $2.4 million for an initial 85% noncontrolling interest in a joint venture that acquired three parcels of land, which currently has three residential structures, a commercial structure and a parking lot. The joint venture intends to tear down the existing structures and construct a new 206 unit multifamily complex with ground floor retail.

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% noncontrolling interest in an unconsolidated joint venture, JT Prime, which holds common operating partnership units of Lightstone at a carrying value of $0.4 million. The income associated with these investments for all periods presented was de minimis.

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 is scheduled to mature in March 2020 and bears interest at LIBOR plus 4.0%. During 2018, we determined that this investment exhibited indicators of impairment and, as a result of an impairment analysis performed; we recorded an other-than-temporary impairment of $2.2 million for the full carrying amount of this investment, which was recorded in income (loss) from equity affiliates in the consolidated statements of income. Also during 2018, we recorded a provision for loan loss of $1.7 million, fully reserving the first mortgage loan.

Lexford Portfolio. We own a $44,000 noncontrolling equity interest in Lexford, a portfolio of multifamily assets. In 2019, 2018 and 2017, we received distributions from this equity investment and recognized income totaling $3.5 million, $2.5 million and $2.5 million, net of expenses, respectively.

East River Portfolio. We invested $0.1 million for a 5% interest in a joint venture that owns two multifamily properties. The joint venture is comprised of a consortium of investors (which includes, among other unaffiliated investors, certain of our officers, our chief executive officer and certain other related parties) who together own an interest of 95%. 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. The losses associated with this investment for all periods presented was de minimis.

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 income (loss) from equity affiliates in our consolidated statements of income. Our basis in this investment was zero prior to this transaction.

See Note 19 for details of certain investments described above.

Real Estate Owned

12 Months Ended

Dec. 31, 2019

Real Estate Owned

Real Estate Owned

Note 9—Real Estate Owned

Our real estate assets at both December 31, 2019 and 2018 were comprised of a hotel property and an office building.


	December 31, 2019						December 31, 2018
	Hotel		Office				Hotel		Office
(in thousands)	Property		Building		Total		Property		Building		Total
Land	$	3,294	$	4,509	$	7,803	$	3,294	$	4,509	$	7,803
Building and intangible assets		31,541		2,010		33,551		31,066		2,010		33,076
Less: Impairment loss		(14,307)		(2,500)		(16,807)		(13,307)		(2,500)		(15,807)
Less: Accumulated depreciation and amortization		(10,320)		(1,007)		(11,327)		(9,778)		(848)		(10,626)
Real estate owned, net	$	10,208	$	3,012	$	13,220	$	11,275	$	3,171	$	14,446

During 2019, 2018 and 2017, our hotel property had a weighted average occupancy rate of 51%, 49% and 52%, respectively, a weighted average daily rate of $111, $108 and $108, respectively, and weighted average revenue per available room of $57, $53 and $56, respectively. The operation of a hotel property is seasonal with the majority of revenues earned in the first two quarters of the calendar year.

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

Through site visits and discussions with market participants, we determined that our real estate assets exhibited indicators of impairment and, based on our impairment analyses performed, we recorded impairment losses of $1.0 million, $2.0 million and $3.2 million in 2019, 2018 and 2017, respectively.

Our real estate assets had restricted cash balances due to escrow requirements totaling $0.5 million at both December 31, 2019 and 2018.

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2019

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets

Note 10—Goodwill and Other Intangible Assets

Goodwill. The goodwill balance at both December 31, 2019 and 2018 was $56.6 million.

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


	December 31, 2019						December 31, 2018
	Gross						Gross
	Carrying		Accumulated				Carrying		Accumulated
	Value		Amortization		Total		Value		Amortization		Total
Finite-lived intangible assets:
Broker relationships	$	25,000	$	(10,807)	$	14,193	$	25,000	$	(7,683)	$	17,317
Borrower relationships		14,400		(4,980)		9,420		14,400		(3,540)		10,860
Below market leases		4,010		(2,548)		1,462		4,010		(1,811)		2,199
Acquired technology		900		(900)		—		900		(737)		163
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	$	(19,235)	$	54,075	$	73,310	$	(13,771)	$	59,539

The amortization expense recorded for these intangible assets were $5.5 million, $5.6 million and $5.6 million during 2019, 2018 and 2017, respectively.

At December 31, 2019, 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):


	Wtd. Avg.	Estimated Amortization Expense for the
	Remaining Life	Years Ending December 31,
	(in years)	2020		2021		2022		2023		2024
Finite-lived intangible assets:
Broker relationships	4.5	$	3,125	$	3,125	$	3,125	$	3,125	$	1,693
Borrower relationships	6.5		1,440		1,440		1,440		1,440		1,440
Below market leases	4.8		684		126		126		126		126
	5.3	$	5,249	$	4,691	$	4,691	$	4,691	$	3,259

See Note 21 for details of goodwill and other intangible assets by segment.

Debt Obligations

12 Months Ended

Dec. 31, 2019

Debt Obligations

Debt Obligations

Note 11—Debt Obligations

Credit Facilities and Repurchase Agreements

Borrowings under our credit facilities and repurchase agreements are as follows ($ in thousands):


	December 31, 2019								December 31, 2018
			Debt		Collateral						Debt		Collateral
			Carrying		Carrying		Wtd. Avg.				Carrying		Carrying		Wtd. Avg.
	UPB		Value (1)		Value		Note Rate		UPB		Value (1)		Value		Note Rate
Structured Business
$400 million joint repurchase facility	$	225,051	$	224,658	$	339,378	4.06	%	$	336,428	$	334,696	$	467,680	4.75	%
$300 million repurchase facility		218,891		218,418		291,292	3.76	%		—		—		—	—
$200 million repurchase facility		40,612		40,530		48,086	4.22	%		—		—		—	—
$128.7 million loan specific credit facilities		128,677		128,274		184,116	4.13	%		85,044		84,701		124,844	4.93	%
$100 million repurchase facility		45,962		45,843		63,800	3.56	%		71,017		70,837		98,597	4.31	%
$75 million credit facility		4,690		4,570		7,000	3.56	%		10,237		10,237		16,889	4.31	%
$75 million credit facility		—		—		—	—			—		—		—	—
$50 million credit facility		14,948		14,933		17,650	3.81	%		14,160		14,159		17,700	4.57	%
$50 million credit facility		12,349		12,191		16,499	4.32	%		—		—		—	—
$50 million credit facility		5,280		5,254		6,600	4.32	%		—		—		—	—
$25 million credit facility		19,936		19,651		28,572	4.07	%		—		—		—	—
$25 million working capital facility		—		—		—	—			—		—		—	—
$20 million credit facility		—		—		—	—			20,000		19,912		41,650	5.07	%
$8 million credit facility		—		—		—	—			8,000		7,946		10,000	5.07	%
$3.3 million master security agreements		3,267		3,267		—	4.08	%		2,846		2,846		—	4.06	%
Repurchase facilities-securities (2)		217,105		217,105		—	3.90	%		118,112		118,112		—	5.07	%
Structured Business total	$	936,768	$	934,694	$	1,002,993	3.94	%	$	665,844	$	663,446	$	777,360	4.78	%
Agency Business
$750 million ASAP agreement	$	148,725	$	148,725	$	148,725	2.81	%	$	104,619	$	104,619	$	104,619	3.55	%
$500 million repurchase facility		187,742		187,698		187,742	2.91	%		130,917		130,906		130,917	3.78	%
$300 million joint repurchase facility		300,446		299,824		300,446	3.26	%		—		—		—	—
$250 million credit facility		—		—		—	—			26,651		26,651		26,651	3.75	%
$150 million credit facility		89,673		89,657		89,673	2.91	%		113,685		113,666		113,685	3.80	%
$150 million credit facility		17,792		17,690		17,792	2.91	%		96,419		96,339		96,419	3.80	%
Agency Business total	$	744,378	$	743,594	$	744,378	3.03	%	$	472,291	$	472,181	$	472,291	3.74	%
Consolidated total	$	1,681,146	$	1,678,288	$	1,747,371	3.54	%	$	1,138,135	$	1,135,627	$	1,249,651	4.35	%

(1)

The debt carrying value for the Structured Business at December 31, 2019 and 2018 was net of unamortized deferred finance costs of $2.1 million and $2.4 million, respectively. The debt carrying value for the Agency Business at December 31, 2019 and 2018 was net of unamortized deferred finance costs of $0.2 million and $0.1 million, respectively.

(2)As of December 31, 2019 and 2018, these facilities were collateralized by CLO bonds retained by us with a principal balance of $234.9 million and $114.2 million, respectively, B Piece bonds with a carrying value of $68.7 million and $76.4 million, respectively, and SFR bonds with a carrying value of $20.0 million at December 31, 2019.

Joint Repurchase Facility. We have a $700.0 million joint repurchase facility, which is shared between the Structured Business and the Agency Business, used to finance structured loans as well as Private Label loans. The facility bears interest at a rate of 175 basis points over LIBOR on structured multifamily senior mortgage loans, 200 to 225 basis points over LIBOR on structured non-multifamily senior mortgage loans, 350 basis points over LIBOR on structured junior mortgage loans and 150 basis points over LIBOR on Private Label loans. The facility matures in March 2020, with a one-year extension option, and has a maximum advance rate of 80% on all structured loans and 85% on Private Label loans. If the estimated market value of the loans financed in this facility decrease, we may be required to pay down borrowings under this facility.

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

At December 31, 2019 and 2018, the weighted average interest rate for the credit facilities and repurchase agreements of our Structured Business, including certain fees and costs, such as structuring, commitment, non-use and warehousing fees, was 4.39% and 5.07%, respectively. The leverage on our loan and investment portfolio financed through our credit facilities and repurchase agreements, excluding the securities repurchase facilities, working capital facility and the master security agreements used to finance leasehold and capital expenditure improvements at our corporate office, was 71% and 70% at December 31, 2019 and 2018, respectively.

We have a $300.0 million repurchase facility to finance loans that bears interest at a rate of 195 basis points over LIBOR that matures in December 2020, with quarterly extension options having an extended maturity date no later than March 2023. The facility has a maximum advance rate of 80%.

We have a $200.0 million repurchase facility to finance single-family rental properties that bears interest at a rate of 240 basis points over LIBOR and matures in August 2020, with six-month extension options in perpetuity.

We have several loan specific credit facilities totaling $128.7 million used to finance individual bridge loans. The facilities bear interest at rates ranging from 210 to 250 basis points over LIBOR and mature between May 2020 and May 2022.

We have a $100.0 million repurchase facility to finance multifamily bridge loans that bears interest at a rate ranging from 175 to 195 basis points over LIBOR (depending on the class of loan financed) and matures in June 2020. The facility has a maximum advance rate of 80%.

We have a $75.0 million credit facility to finance multifamily bridge loans that bears interest at 175 basis points over LIBOR and matures in May 2020, with three one-year extension options. This facility includes a $25.0 million sublimit to finance healthcare related loans at an interest rate ranging from 212.5 to 250 basis points over LIBOR depending on the type of healthcare facility financed and the advance rate. The facility has a maximum advance rate of 80% on multifamily bridge loans and 75% on healthcare related loans.

We have another $75.0 million credit facility to finance bridge loans that bears interest at a rate of 175 basis points over LIBOR and matures in June 2020. The facility has a maximum advance rate of 70% to 80%, 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 matures in April 2020, with two one-year extension options. This facility has a maximum advance rate of 80%.

We have a $50.0 million credit facility to finance single-family rental properties that bears interest at a rate of 250 basis points over LIBOR with an interest rate floor of 4.00%. The facility matures in October 2022, with a one-year extension option, and has a maximum advance rate equal to the lesser of: (1) 75% of the UPB, (2) 50% of the appraised value of the collateral, or (3) 55% of the projected cost of construction.

We have another $50.0 million credit facility that bears interest at a rate ranging from 250 to 325 basis points over LIBOR, depending on the type of healthcare facility financed, and matures in September 2020. The facility includes a one-year extension option and has a maximum advance rate of 80%.

We have a $25.0 million credit facility used to purchase loans. The facility bears interest at a rate of 225 basis points over LIBOR and matures in June 2022, with a one-year extension option.

We have a $25.0 million unsecured working capital line of credit that bears interest at a rate of 225 basis points over LIBOR. This line matures in August 2020 and is renewable annually.

We had a $20.0 million credit facility used to finance a healthcare facility bridge loan. The facility bore interest at a rate of 250 basis points over LIBOR and, in the fourth quarter of 2019, the facility was repaid and the loan collateralizing this facility was placed into another facility.

We had an $8.0 million credit facility used to finance a healthcare facility bridge loan. The facility bore interest at a rate of 250 basis points over LIBOR and, in the second quarter of 2019, the loan collateralizing this facility was placed into a CLO and we simultaneously repaid this facility.

We have four notes payable under master security agreements that were used to finance leasehold improvements and capital expenditures for our corporate office. The notes bear interest at a weighted average fixed rate of 4.08%, require monthly amortization payments and mature between 2020 and 2022.

We have four uncommitted repurchase facilities that are used to finance securities we retained in connection with our CLOs and our purchases of B Piece bonds from SBL program securitizations and SFR bonds. These facilities bear interest at rates ranging from 120 to 275 basis points over LIBOR and have no stated maturity dates.

Agency Business. We utilize credit facilities with various financial institutions to finance substantially all of our loans held-for-sale as described below.

We have a $750.0 million ASAP agreement with Fannie Mae providing us with a warehousing credit facility for mortgage loans that are to be sold to Fannie Mae and serviced under the Fannie Mae DUS program. The ASAP agreement is not a committed line, has no expiration date and bears interest at a rate of 105 basis points over LIBOR, with a LIBOR Floor of 0.35%.

We have a $500.0 million repurchase facility that bears interest at a rate of 115 basis points over LIBOR and matures in October 2020. The financial institution that provided this facility has a security interest in the underlying mortgage notes that serve as collateral for this facility.

We have a $100.0 million repurchase facility that bears interest at a rate of 115 basis points over LIBOR and matures in June 2020. The committed amount under the facility was temporarily increased $150.0 million to $250.0 million, which expired in January 2020. The financial institution that provided this facility has a security interest in the underlying mortgage notes that serve as collateral for this facility.

We have a $150.0 million credit facility that bears interest at a rate of 115 basis points over LIBOR and was scheduled to mature in January 2020, which was temporarily extended to March 2020. We are currently in negotiations with the lender to further amend and extend the agreement. The financial institution that provided this 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 115 basis points over LIBOR and matures in July 2020. The financial institution that provided this facility has a security interest in the underlying mortgage notes that serve as collateral for this facility.

We have a $50.0 million letter of credit facility with a financial institution to secure obligations under the Fannie Mae DUS program and the Freddie Mac SBL program. The 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 facility includes a $5.0 million sublimit for an obligation under the Freddie Mac SBL program. At December 31, 2019, the letters of credit outstanding include $45.0 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.

Borrowings and the corresponding collateral under our CLOs are as follows ($ in thousands):


							Collateral (3)
	Debt						Loans				Cash
			Carrying		Wtd. Avg.				Carrying		Restricted
December 31, 2019	Face Value		Value (1)		Rate (2)		UPB		Value		Cash (4)

CLO XII	$	534,193	$	529,448	3.30	%	$	596,366	$	593,652	$	17,800
CLO XI		533,000		528,690	3.25	%		624,443		621,508		15,550
CLO X		441,000		437,391	3.26	%		509,887		507,854		37,287
CLO IX		356,400		353,473	3.17	%		407,696		406,463		47,230
CLO VIII		282,874		281,119	3.12	%		359,186		357,914		544
Total CLOs	$	2,147,467	$	2,130,121	3.23	%	$	2,497,578	$	2,487,391	$	118,411


	Debt						Collateral (3)
							Loans				Cash
			Carrying		Wtd. Avg.				Carrying		Restricted
December 31, 2018	Face Value		Value (1)		Rate (2)		UPB		Value		Cash (4)

CLO X	$	441,000	$	436,384	4.01	%	$	539,007	$	536,869	$	20,993
CLO IX		356,400		352,244	3.92	%		440,906		439,691		20,094
CLO VIII		282,874		279,857	3.87	%		354,713		353,574		10,287
CLO VII		279,000		276,527	4.56	%		325,057		324,195		30,725
CLO VI		250,250		248,536	5.05	%		279,348		278,364		41,404
Total CLOs	$	1,609,524	$	1,593,548	4.22	%	$	1,939,031	$	1,932,693	$	123,503

(1)

Debt carrying value is net of $17.3 million and $16.0 million of deferred financing fees at December 31, 2019 and 2018, respectively.

(2)

At December 31, 2019 and 2018, the aggregate weighted average note rate for our CLOs, including certain fees and costs, was 3.63% and 4.73%, respectively.

(3)

As of December 31, 2019 and 2018, 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 totaling $58.6 million and $25.1 million at December 31, 2019 and 2018, respectively.

CLO XII. In November 2019, we completed CLO XII, issuing eight tranches of CLO notes through two newly-formed wholly-owned subsidiaries totaling $585.8 million. Of the total CLO notes issued, $534.2 million were investment grade notes issued to third party investors and $51.6 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 $510.9 million, consisting primarily of bridge loans that were contributed from our existing loan portfolio. The financing has 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 $124.1 million for the purpose of acquiring additional loan obligations for a period of up to 180 days from the CLO closing date, which we subsequently utilized, resulting in the issuer owning loan obligations with a face value of $635.0 million, representing leverage of 84%. We retained a residual interest in the portfolio with a notional amount of $100.8 million, including the $51.6 million below investment grade notes. The notes had an initial weighted average interest rate of 1.50% plus one-month LIBOR and interest payments on the notes are payable monthly.

CLO XI. In June 2019, we completed CLO XI, issuing eight tranches of CLO notes through two newly-formed wholly-owned subsidiaries totaling $602.1 million. Of the total CLO notes issued, $533.0 million were investment grade notes issued to third party investors and $69.1 million were below investment grade notes retained by us. As of the CLO closing date, the notes were secured by a portfolio of loan obligations with a face value of $520.4 million, consisting primarily of bridge loans that were contributed from our existing loan portfolio. The financing has 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 $129.6 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 $650.0 million, representing leverage of 82%. We retained a residual interest in the portfolio with a notional amount of $117.0 million, including the $69.1 million below investment grade notes. The notes had an initial weighted average interest rate of 1.44% plus one-month LIBOR and interest payments on the notes are payable monthly.

CLO X. In June 2018, we completed CLO X, issuing seven tranches of CLO notes through two newly-formed wholly-owned subsidiaries totaling $494.2 million. Of the total CLO notes issued, $441.0 million were investment grade notes issued to third party investors and $53.2 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 $501.9 million, consisting primarily of bridge loans that were contributed from our existing loan portfolio. The financing has a stated maturity date in June 2028 and a four-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 $58.1 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 $560.0 million, representing leverage of 79%. We retained a residual interest in the portfolio with a notional amount of $119.0 million, including the $53.2 million below investment grade notes. The notes had an initial weighted average interest rate of 1.45% plus one-month LIBOR and interest payments on the notes are payable monthly.

CLO IX. 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, which were subsequently utilized, resulting in the issuer owning loan obligations with a face value of $480.0 million, representing leverage of 74%. 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.

CLO VIII. 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 were subsequently utilized, resulting in the issuer owning loan obligations with a face value of $365.0 million, representing leverage of 78%. 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.

CLO VII. In November 2019, we unwound CLO VII redeeming $279.0 million of outstanding notes which were repaid primarily from the refinancing of the remaining assets within our existing financing facilities (including CLO XII), as well as with cash held by CLO VII, and expensed $1.4 million of deferred financing fees into interest expense on the consolidated statements of income.

CLO VI. In June 2019, we unwound CLO VI redeeming $250.3 million of outstanding notes which were repaid primarily from the refinancing of the remaining assets within our existing financing facilities (including CLO XI), as well as with cash held by CLO VI, and expensed $1.2 million of deferred financing fees into interest expense on the consolidated statements of income.

CLO V. In June 2018, we unwound CLO V, redeeming $267.8 million of outstanding notes which were repaid primarily from the refinancing of the remaining assets within our existing financing facilities (including CLO X), as well as with cash held by CLO V, and expensed $1.3 million of deferred financing fees into interest expense on the consolidated statements of income.

CLO IV. In September 2017, we unwound 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.

Luxembourg Debt Fund

In November 2017, we formed a $100.0 million Debt Fund and issued $70.0 million of floating rate notes to third party investors which bore 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 a VIE for which we are the primary beneficiary and is consolidated in our financial statements. The Debt Fund is secured by a portfolio of loan obligations and cash with a face value of $100.0 million, which includes first mortgage bridge loans, senior participation 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 are as follows ($ in thousands):


							Collateral (3)
	Debt						Loans				Cash
	Face		Carrying		Wtd. Avg.				Carrying		Restricted
Period	Value		Value (1)		Rate (2)		UPB		Value		Cash (4)
December 31, 2019	$	70,000	$	68,629	5.99	%	$	70,755	$	68,629	$	29,245
December 31, 2018	$	70,000	$	68,183	6.75	%	$	69,186	$	68,924	$	30,814

(1)

Debt carrying value is net of $1.4 million and $1.8 million of deferred financing fees at December 31, 2019 and 2018, respectively.

(2)

At December 31, 2019 and 2018, the aggregate weighted average note rate, including certain fees and costs, was 7.17% and 7.49%, respectively.

(3)

At both December 31, 2019 and 2018, there was no collateral at risk of default or deemed to be a “credit risk.”

(4)

Represents restricted cash held for reinvestment. Excludes restricted cash related to interest payments, delayed fundings and expenses.

Senior Unsecured Notes

In October 2019, we issued $110.0 million aggregate principal amount of 4.75% senior unsecured notes due in October 2024 (the “4.75% Notes”) in a private placement. We received proceeds of $108.2 million from the issuances, after deducting the underwriting discount and other offering expenses. We used the net proceeds to make investments and for general corporate purposes. The 4.75% Notes are unsecured and can be redeemed by us at any time prior to October 15, 2024, at a redemption price equal to 100% of the aggregate principal amount, plus a “make-whole” premium and accrued and unpaid interest. We have the right to redeem the 4.75% Notes on or after October 15, 2024, at a redemption price equal to 100% of the aggregate principal amount, plus accrued and unpaid interest. The interest is paid semiannually in April and October starting in April 2020. At December 31, 2019, the debt carrying value of the 4.75% Notes was $108.4 million, net of $1.6 million of deferred financing fees, and the weighted average note rate, including certain fees and costs, was 5.23%.

In March 2019, we issued $90.0 million aggregate principal amount of 5.75% senior unsecured notes due in April 2024 (the “5.75% Notes”) in a private placement. We received proceeds of $88.2 million from the issuances, after deducting the underwriting discount and other offering expenses. We used the net proceeds to make investments and for general corporate purposes. The 5.75% Notes are unsecured and can be redeemed by us at any time prior to April 1, 2024, at a redemption price equal to 100% of the aggregate principal amount, plus a “make-whole” premium and accrued and unpaid interest. We have the right to redeem the 5.75% Notes on or after April 1, 2024, at a redemption price equal to 100% of the aggregate principal amount, plus accrued and unpaid interest. The interest is paid semiannually in April and October. At December 31, 2019, the debt carrying value of the 5.75% Notes was $88.4 million, net of $1.6 million of deferred financing fees, and the weighted average note rate, including certain fees and costs, was 6.18%.

In March 2018, we issued $100.0 million aggregate principal amount of 5.625% senior unsecured notes due in May 2023 (the “Initial Notes”) in a private placement, and, in May 2018, we issued an additional $25.0 million (the “Reopened Notes” and, together with the Initial Notes, the “5.625% Notes,”) which brought the aggregate outstanding principal amount to $125.0 million. The Reopened Notes are fully fungible with, and rank equally in right of payment with the Initial Notes. We received total proceeds of $122.3 million from the issuances, after deducting the underwriting discount and other offering expenses. We used the net proceeds from the Initial Notes to fully redeem our 7.375% Notes totaling $97.9 million and the net proceeds from the Reopened Notes to make investments and for general corporate purposes. The 5.625% Notes are unsecured and can be redeemed by us at any time prior to April 1, 2023, at a redemption price equal to 100% of the aggregate principal amount, plus a “make-whole” premium and accrued and unpaid interest. We have the right to redeem the 5.625% Notes on or after April 1, 2023, at a redemption price equal to 100% of the aggregate principal amount, plus accrued and unpaid interest. The interest is paid semiannually in May and November. At December 31, 2019 and 2018, the debt carrying value of the 5.625% Notes were $123.1 million and $122.5 million, respectively, net of $1.9 million and $2.5 million, respectively, of deferred financing fees. At both December 31, 2019 and 2018, the weighted average note rate was 6.08%, respectively, including certain fees and costs.

Convertible Senior Unsecured Notes

In November 2019, we issued $264.0 million in aggregate principal amount of 4.75% convertible notes through a private placement offering, which includes the exercised purchaser’s total over-allotment option of $34.0 million. The 4.75% convertible notes pay interest semiannually in arrears and are scheduled to mature in November 2022, unless earlier converted or repurchased by the holders pursuant to their terms. The initial conversion rate and the conversion rate at December 31, 2019 was 56.1695 shares of common stock per $1,000 of principal representing a conversion price of $17.80 per share of common stock. We received proceeds totaling $256.5 million, net of the underwriter’s discount and fees, which is being amortized through interest expense over the life of such notes. We used the net proceeds from the issuance primarily for the exchange of $228.7 million of our 5.25% convertible notes for a combination of $233.1 million in cash (which includes accrued interest) and 4,478,315 shares of our common stock. The remaining net proceeds were used for general corporate purposes. During 2019, we recorded a loss on extinguishment of debt of $7.3 million in connection with this exchange, which included an inducement charge of $1.1 million.

In 2018, we completed a similar exchange where we used the net proceeds from two separate private placements of our 5.25% convertible notes to initially exchange $127.6 million of our 5.375% convertible notes and $99.8 million of our 6.50% convertible notes for a combination of $219.8 million in cash (which includes accrued interest) and 6,820,196 shares of our common stock. During 2018, we recorded a loss on extinguishment of debt of $5.0 million in connection with these exchanges, which included an inducement charge of $1.1 million.

At December 31, 2019, there were $11.5 million, $24.3 million and $1.1 million aggregate principal amount remaining of our 5.25% convertible notes issued on July 3, 2018, 5.25% convertible notes issued on July 20, 2018 and 5.375% convertible notes, respectively. The initial conversion rates of the 5.25% convertible notes issued on July 3, 2018, 5.25% convertible notes issued on July 20, 2018 and 5.375% convertible notes were 86.9943 shares, 77.8331 shares and 107.7122 shares, respectively, of common stock per $1,000 of principal, which represented a conversion price of $11.50 per share, $12.85 per share and $9.28 per share of common stock, respectively. At December 31, 2019, the 5.25% convertible notes issued on July 3, 2018, 5.25% convertible notes issued on July 20, 2018 and 5.375% convertible notes had conversion rates of 89.2795 shares, 79.8777 shares and 114.6568 shares, respectively, of common stock per $1,000 of principal, which represented a conversion price of $11.20 per share, $12.52 per share and $8.72 per share of common stock, respectively. The 5.25% convertible notes and 5.375% convertible notes pay interest semiannually in arrears and have scheduled maturity dates in July 2021 and November 2020, respectively, unless earlier converted or repurchased by the holders pursuant to their terms.

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, plus accrued and unpaid interest, if we undergo a fundamental change specified in the agreements. We intend to settle the principal balance of our convertible debt in cash and have not assumed share settlement of the principal balance for purposes of computing EPS. At the time of issuance, there is no precedent or policy that would indicate that we would settle the principal in shares or the conversion spread in cash.

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 accreted back to the notes principal amount through interest expense over the term of the notes, which was 2.67 years and 2.49 years at December 31, 2019 and 2018, respectively, on a weighted average basis.

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


	Liability								Equity
	Component								Component
			Unamortized		Unamortized Deferred		Net Carrying		Net Carrying
Period	UPB		Debt Discount		Financing Fees		Value		Value
December 31, 2019	$	300,914	$	9,235	$	7,527	$	284,152	$	9,962
December 31, 2018	$	270,057	$	8,229	$	7,060	$	254,768	$	9,436

During 2019, we incurred total aggregate interest expense on the notes of $28.3 million, of which $13.5 million, $6.8 million and $7.9 million related to the cash coupon, amortization of the deferred financing fees and of the debt discount, respectively. During 2018, we incurred total aggregate interest expense on the notes of $21.1 million, of which $13.4 million, $4.8 million and $2.9 million related to the cash coupon, amortization 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 was 6.80% and 7.45% at December 31, 2019 and 2018, respectively.

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. The carrying value of borrowings under our junior subordinated notes were $140.9 million and $140.3 million at December 31, 2019 and 2018, respectively, which is net of a deferred amount of $11.4 million and $12.0 million, respectively, (which is amortized into interest expense over the life of the notes) and deferred financing fees of $2.0 million and $2.1 million, respectively. These notes have maturities ranging from March 2034 through April 2037 and pay interest quarterly at a floating rate based on LIBOR. The weighted average note rate was 4.75% and 5.66% at December 31, 2019 and 2018, respectively. Including certain fees and costs, the weighted average note rate was 4.83% and 5.75% at December 31, 2019 and 2018, respectively.

Debt Covenants

Credit Facilities, Repurchase Agreements and Unsecured Debt. The credit facilities, repurchase agreements and unsecured debt (senior and convertible notes) 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, 2019.

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, 2019, as well as on the most recent determination dates in January 2020. 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.

Our CLO compliance tests as of the most recent determination dates in January 2020 are as follows:


Cash Flow Triggers	CLO VIII		CLO IX		CLO X		CLO XI		CLO XII
Overcollateralization (1)
Current	129.03	%	134.68	%	126.98	%	121.95	%	118.87	%
Limit	128.03	%	133.68	%	125.98	%	120.95	%	117.87	%
Pass / Fail	Pass		Pass		Pass		Pass		Pass

Interest Coverage (2)
Current	285.83	%	250.76	%	250.52	%	229.31	%	187.58	%
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.

Our CLO overcollateralization ratios as of the determination dates subsequent to each quarter are as follows:


Determination (1)	CLO VIII		CLO IX		CLO X		CLO XI		CLO XII
January 2020	129.03	%	134.68	%	126.98	%	121.95	%	118.87	%
October 2019	129.03	%	134.68	%	126.98	%	121.95	%	—
July 2019	129.03	%	134.68	%	126.98	%	121.95	%	—
April 2019	129.03	%	134.69	%	126.98	%	—		—
January 2019	129.03	%	134.68	%	126.98	%	—		—

(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, 2019

Allowance for Loss-Sharing Obligations

Allowance for Loss-Sharing Obligations

Note 12—Allowance for Loss-Sharing Obligations

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


	Year Ended
	December 31,
	2019		2018
Beginning balance	$	34,298	$	30,511
Provision for loss sharing		4,879		7,126
Provision reversal for loan repayments		(3,732)		(3,283)
Charge-offs, net		(797)		(56)
Ending balance	$	34,648	$	34,298

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, 2019 and 2018, we had outstanding advances of $0.5 million and $0.1 million, respectively, which were netted against the allowance for loss-sharing obligations.

At December 31, 2019 and 2018, our allowance for loss-sharing obligations represented 0.23% and 0.25%, respectively, of the Fannie Mae servicing portfolio.

At December 31, 2019 and 2018, the maximum quantifiable liability associated with our guarantees under the Fannie Mae DUS agreement was $2.73 billion and $2.46 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, 2019

Derivative Financial Instruments

Derivative Financial Instruments

Note 13—Derivative Financial Instruments

We enter into derivative financial instruments to manage exposures that arise from business activities resulting in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. We do not use these derivatives for speculative purposes, but are instead using them to manage our exposure to interest rate risk.

Agency Rate Lock and Forward Sale Commitments. We enter into contractual commitments to originate and sell mortgage loans at fixed prices with fixed expiration dates. The commitments become effective when the borrower “rate locks” a specified interest rate within time frames established by us. All potential borrowers are evaluated for creditworthiness prior to the extension of the commitment. Market risk arises if interest rates move adversely between the time of the rate lock by the borrower and the sale date of the loan to an investor. To mitigate the effect of the interest rate risk inherent in providing rate lock commitments to borrowers under the GSE programs, we enter into a forward sale commitment with the investor simultaneously with the rate lock commitment with the borrower. The forward sale contract locks in an interest rate and price for the sale of the loan. The terms of the contract with the investor and the rate lock with the borrower are matched in substantially all respects, with the objective of eliminating interest rate risk to the extent practical. Sale commitments with the investors have an expiration date that is longer than our related commitments to the borrower to allow, among other things, for closing of the loan and processing of paperwork to deliver the loan into the sale commitment.

These commitments meet the definition of a derivative and are recorded at fair value, including the effects of interest rate movements which are reflected as a component of 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 2019, 2018 and 2017, we recorded net losses of $7.8 million, net gains of $6.0 million and net losses of $1.4 million, respectively, from changes in the fair value of these derivatives in other income, net and $90.8 million, $98.8 million and $76.8 million, respectively, of income from MSRs. See Note 14 for details.

Interest Rate Swap Futures. We enter into Swap Futures to hedge our exposure to changes in interest rates inherent in (1) our Structured Business SFR loans from the time the loans are originated until the time they can be financed with match term fixed rate securitized debt, and (2) our held-for-sale Agency Business Private Label loans from the time the loans are rate locked until sale and securitization. The Swap Futures do not meet the criteria for hedge accounting, typically have a three-month maturity and are tied to the five-year and ten-year swap rates. Our Swap Futures are cleared by a central clearing house and variation margin payments, made in cash, are treated as a legal settlement of the derivative itself as opposed to a pledge of collateral.

During 2019, we recorded realized losses of $0.4 million and unrealized gains of $0.2 million, respectively, to our Structured Business related to our Swap Futures. During 2019, we recorded realized gains of $4.6 million and unrealized gains of $1.5 million to our Private Label Agency Business related to our Swap Futures. The realized and unrealized gains and losses are recorded in other income, net on our consolidated statements of income.

A summary of our non-qualifying derivative financial instruments is as follows ($in thousands):


December 31, 2019
	Notional Value				Fair Value
		Notional			Derivative		Derivative
Derivative	Count	Value		Balance Sheet Location	Assets		Liabilities
Agency Business
Rate Lock Commitments	5	$	37,657	Other Assets/Other Liabilities	$	1,066	$	(202)
Forward Sale Commitments	79		483,576	Other Assets/Other Liabilities		369		(2,895)
Swap Futures	3,274		327,400			—		—
		$	848,633		$	1,435	$	(3,097)
Structures Business
Swap Futures	271	$	27,100	Other Assets/Other Liabilities	$	—	$	—

December 31, 2018
Agency Business
Rate Lock Commitments	4	$	18,161	Other Assets/Other Liabilities	$	324	$	(95)
Forward Sale Commitments	90		491,125	Other Assets/Other Liabilities		5,789		(637)
		$	509,286		$	6,113	$	(732)

Fair Value

12 Months Ended

Dec. 31, 2019

Fair Value.

Fair Value

Note 14—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, 2019						December 31, 2018
	Principal /						Principal /
	Notional		Carrying		Estimated		Notional		Carrying		Estimated
	Amount		Value		Fair Value		Amount		Value		Fair Value
Financial assets:
Loans and investments, net	$	4,279,611	$	4,189,960	$	4,228,071	$	3,283,342	$	3,200,145	$	3,249,499
Loans held-for-sale, net		847,126		861,360		876,975		472,964		481,664		489,546
Capitalized mortgage servicing rights, net		n/a		286,420		328,995		n/a		273,770		322,463
Securities held-to-maturity, net		111,028		88,699		91,738		103,515		76,363		79,097
Derivative financial instruments		173,532		1,435		1,435		400,661		6,113		6,113
Financial liabilities:
Credit and repurchase facilities	$	1,681,146	$	1,678,288	$	1,677,658	$	1,138,135	$	1,135,627	$	1,135,774
Collateralized loan obligations		2,147,467		2,130,121		2,147,944		1,609,524		1,593,548		1,588,989
Debt fund		70,000		68,629		70,138		70,000		68,183		70,154
Senior unsecured notes		325,000		319,799		331,225		125,000		122,484		123,750
Convertible senior unsecured notes, net		300,914		284,152		310,778		270,057		254,768		267,324
Junior subordinated notes		154,336		140,949		97,668		154,336		140,259		95,873
Derivative financial instruments		347,701		3,097		3,097		108,625		732		732

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

Loans held-for-sale, net. Consists of originated loans that are generally transferred or sold within 60 days to 180 days of loan funding, and are valued using pricing models that incorporate observable inputs from current market assumptions or a hypothetical securitization model utilizing observable market data from recent securitization spreads and observable pricing of loans with similar characteristics (Level 2). Fair value includes the fair value allocated to the associated future MSRs and is calculated pursuant to the valuation techniques described below for capitalized mortgage servicing rights, net (Level 3).

Capitalized mortgage servicing rights, net. Fair values are estimated using inputs based on discounted future net cash flow methodology (Level 3). The fair value of MSRs 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 inputs based on current market quotes received from financial sources that trade such securities and are based on prevailing market data and, in some cases, are derived from third-party proprietary models based on well recognized financial principles and reasonable estimates about relevant future market conditions (Level 3).

Derivative financial instruments. 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 using discounted cash flow methodology, using discount rates, which, in our opinion, best reflect current market interest rates for financing with similar characteristics and credit quality (Level 3). The majority of our credit 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 and junior subordinated notes. Fair values are estimated based on broker quotations, representing the discounted expected future cash flows at a yield that reflects current market interest rates and credit spreads (Level 3).

Senior unsecured notes. Fair values are estimated at current market quotes received from active markets when available (Level 1). If quotes from active markets are unavailable, then the fair values are estimated utilizing current market quotes received from inactive markets (Level 2).

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

We measure certain financial assets and financial liabilities at fair value on a recurring basis. The fair values of these financial assets and liabilities were determined using the following input levels as of December 31, 2019 (in thousands):


					Fair Value Measurements
	Carrying				Using Fair Value Hierarchy
	Value		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Derivative financial instruments	$	1,435	$	1,435	$	—	$	369	$	1,066
Financial liabilities:
Derivative financial instruments	$	3,097	$	3,097	$	—	$	3,097	$	—

We measure certain financial and non-financial assets at fair value on a nonrecurring basis. The fair values of these financial and non-financial assets, if applicable, were determined using the following input levels as of December 31, 2019 (in thousands):


					Fair Value Measurements
	Net Carrying				Using Fair Value Hierarchy
	Value		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Impaired loans, net (1)	$	59,657	$	59,657	$	—	$	—	$	59,657
Non-financial assets:
Long-lived assets (2)	$	13,220	$	13,220	$	—	$	—	$	13,220

(1)

We had an allowance for loan losses of $71.1 million relating to five loans with an aggregate carrying value, before loan loss reserves, of $130.7 million at December 31, 2019.

(2)

We recorded a $1.0 million impairment loss during 2019 on the hotel property we own. See Note 9 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 partially or fully recoverable. In the evaluation of a real estate owned asset for impairment, many factors are considered, including broker quotes, 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 an impairment loss by comparing the carrying value of the asset to its fair value.

Quantitative information about Level 3 fair value measurements at December 31, 2019 is as follows ($ in thousands):


			Valuation	Significant
	Fair Value		Techniques	Unobservable Inputs
Financial assets:
Impaired loans:
Land	$	58,931	Discounted cash flows	Discount rate	23.00	%
				Revenue growth rate	3.00	%


Office		726	Discounted cash flows	Discount rate	11.00	%
				Capitalization rate	9.00	%
				Revenue growth rate	2.50	%

Derivative financial instruments:
Rate lock commitments		1,066	Discounted cash flows	W/A discount rate	13.59	%

Long-lived assets:

Hotel proerty		10,208	Broker quotes	N/A	N/A

The derivative financial instruments using Level 3 inputs are outstanding for short periods of time (generally less than 60 days). A roll-forward of Level 3 derivative instruments is as follows (in thousands):


	Fair Value
	Measurements Using
	Significant
	Unobservable Inputs
	for the Year Ended
	December 31,
	2019		2018		2017
Derivative assets
Balance at beginning of period	$	324	$	276	$	2,816
Settlements		(83,992)		(98,791)		(79,360)
Realized gains recorded in earnings		83,668		98,515		76,544
Unrealized gains recorded in earnings		1,066		324		276
Balance at end of period	$	1,066	$	324	$	276

The components of fair value and other relevant information associated with our rate lock commitments, forward sales commitments and the estimated fair value of cash flows from servicing on loans held-for-sale are as follows (in thousands):


	Notional/		Fair Value of		Interest Rate		Total Fair
	Principal Amount		Servicing Rights		Movement Effect		Value Adjustment
December 31, 2019
Rate lock commitments	$	37,657	$	1,066	$	(202)	$	864
Forward sale commitments		483,576		—		202		202
Loans held-for-sale, net (1)		847,126		16,519		—		16,519
Total			$	17,585	$	—	$	17,585

(1)

Loans held-for-sale, net are recorded at the lower of cost or market on an aggregate basis and includes fair value adjustments related to estimated cash flows from MSRs.

We measure certain assets and liabilities for which fair value is only disclosed. The fair values of these assets and liabilities are determined using the following input levels as of December 31, 2019 (in thousands):


					Fair Value Measurements
	Carrying				Using Fair Value Hierarchy
	Value		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Loans and investments, net	$	4,189,960	$	4,228,071	$	—	$	—	$	4,228,071
Loans held-for-sale, net		861,360		876,975		—		860,456		16,519
Capitalized mortgage servicing rights, net		286,420		328,995		—		—		328,995
Securities held-to-maturity, net		88,699		91,738		—		—		91,738

Financial liabilities:
Credit and repurchase facilities	$	1,678,288	$	1,677,658	$	—	$	743,594	$	934,064
Collateralized loan obligations		2,130,121		2,147,944		—		—		2,147,944
Debt fund		68,629		70,138		—		—		70,138
Senior unsecured notes		319,799		331,225		331,225		—		—
Convertible senior unsecured notes, net		284,152		310,778		—		310,778		—
Junior subordinated notes		140,949		97,668		—		—		97,668

- 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, 2019

Commitments and Contingencies

Commitments and Contingencies

Note 15—Commitments and Contingencies

Agency Business Commitments. Our Agency Business is subject to supervision by certain regulatory agencies. Among other things, these agencies require us to meet certain minimum net worth, operational liquidity and restricted liquidity collateral requirements, and compliance with reporting requirements. Our adjusted net worth and liquidity required by the agencies for all periods presented exceeded these requirements.

As of December 31, 2019, we were required to maintain at least $14.4 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, 2019, we met the restricted liquidity requirement with a $45.0 million letter of credit and $1.9 million of cash collateral.

As of December 31, 2019, reserve requirements for the Fannie Mae DUS loan portfolio will require us to fund $36.3 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, 2019, we met all of Fannie Mae’s quarterly capital requirements and our Fannie Mae adjusted net worth was in excess of the required net worth. We are also subject to capital requirements on an annual basis for Ginnie Mae and FHA and we believe we have met all requirements as of December 31, 2019.

As an approved designated seller/servicer under Freddie Mac’s SBL program, we are required to post collateral to ensure that we are able to meet certain purchase and loss obligations required by this program. Under the SBL program, we are required to post collateral equal to $5.0 million, which is satisfied with a $5.0 million letter of credit.

We enter into contractual commitments with borrowers providing rate lock commitments while simultaneously entering into forward sale commitments with investors. These commitments are outstanding for short periods of time (generally less than 60 days) and are described in more detail in Note 13 and Note 14.

Debt Obligations and Operating Leases. As of December 31, 2019, the maturities of our debt obligations and the minimum annual operating lease payments under leases with a term in excess of one year are as follows (in thousands):


			Minimum Annual
	Debt		Operating Lease
Year	Obligations		Payments		Total
2020	$	1,629,115	$	5,301	$	1,634,416
2021		495,601		3,044		498,645
2022		1,479,600		2,775		1,482,375
2023		496,049		2,052		498,101
2024		215,154		1,459		216,613
Thereafter		363,344		3,304		366,648
Total	$	4,678,863	$	17,935	$	4,696,798

As of December 31, 2019, our leases had remaining lease terms of 0.7 – 7.2 years with a weighted average remaining lease term of 5.2 years and a weighted average discount rate of 4.7%. We recorded lease expense of $6.1 million, $5.4 million and $4.7 million during 2019, 2018 and 2017, respectively.

Unfunded Commitments. In accordance with certain structured loans and investments, we have outstanding unfunded commitments of $163.8 million as of December 31, 2019 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, Arbor Commercial Mortgage, 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. The next hearing is scheduled for February 19, 2020.

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.

Litigation Settlement. In 2018, we received net proceeds of $10.2 million from the settlement of a litigation related to a prior investment, which was recognized as a gain.

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, 2019

Variable Interest Entities

Variable Interest Entities

Note 16—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 entities, which we consolidate, 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 entities 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, 2019		December 31, 2018
Assets:
Restricted cash	$	208,467	$	179,855
Loans and investments, net		2,557,909		2,001,617
Other assets		18,380		16,624
Total assets	$	2,784,756	$	2,198,096
Liabilities:
Collateralized loan obligations	$	2,130,121	$	1,593,548
Debt fund		68,629		68,183
Due to related party		6,734		—
Other liabilities		4,115		3,408
Total liabilities	$	2,209,599	$	1,665,139

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 11 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 30 VIEs in which we have a variable interest as of December 31, 2019 because we do not have the ability to direct the activities of the VIEs that most significantly impact each entity’s economic performance.

A summary of our variable interests in identified VIEs, of which we are not the primary beneficiary, as of December 31, 2019 is as follows (in thousands):


	Carrying
Type	Amount (1)
Loans	$	436,169
B Piece and SFR bonds		88,699
Equity investments		12,961
Agency interest only strips		2,735
Total	$	540,564

(1)

Represents the carrying amount of loans and investments before reserves. At December 31, 2019, $129.0 million of loans to VIEs had corresponding loan loss reserves of $69.4 million. See Note 3 for details. In addition, the maximum loss exposure as of December 31, 2019 would not exceed the carrying amount of our investment.

These unconsolidated VIEs have exposure to real estate debt of approximately $4.48 billion at December 31, 2019.

Equity

12 Months Ended

Dec. 31, 2019

Equity

Equity

Note 17—Equity

Preferred Stock. The Series A, B and C preferred stock outstanding are redeemable by us.

Common Stock. In December 2019, we completed a public offering in which we sold 7,475,000 shares of our common stock (which includes the underwriter's exercised over-allotment option of 975,000 shares) for $13.93 per share, and received net proceeds of $104.0 million after deducting the underwriter's discount and other offering expenses. The proceeds were used to make investments related to our business and for general corporate purposes. We also used a portion of the net proceeds to purchase, in February 2020, an aggregate of 747,500 shares of our common stock and OP Units from our chief executive officer and ACM at the same price the underwriters paid to purchase the shares.

In May 2019, we completed a public offering in which we sold 9,200,000 shares of our common stock (which includes the underwriter's exercised over-allotment option of 1,200,000 shares) for $12.58 per share, and received net proceeds of $115.6 million after deducting the underwriter's discount and other offering expenses. The proceeds were used to make investments related to our business and for general corporate purposes. We also used a portion of the net proceeds to purchase an aggregate of 920,000 shares of our common stock from our chief executive officer and ACM at the same price the underwriters paid to purchase the shares.

In August 2019, we amended our “At-The-Market” equity offering sales agreement with JMP Securities LLC (“JMP”). In connection with the amendment we are entitled to issue and sell up to 7,500,000 shares of our common stock through JMP by means of ordinary brokers’ transactions or otherwise at market prices prevailing at the time of sale, or at negotiated prices. During 2019, we sold an aggregate of 3,162,000 shares under the JMP agreement for net proceeds of $41.0 million. As of February 7, 2020, we had approximately 3,000,000 shares available under this agreement.

During 2019, we issued approximately 4,700,000 shares of our common stock in connection with the exchanges and subsequent settlements of our 5.25% convertible notes, 5.375% convertible notes and 6.50% convertible notes.

In December 2018, our Board of Directors declared a special dividend of $0.15 per common share, which was paid in January 2019 with a combination of $2.5 million of cash and 901,432 common shares.

As of December 31, 2019, we had $137.9 million available under our $500.0 million shelf registration statement that was declared effective by the SEC in June 2018.

Noncontrolling Interest. Noncontrolling interest relates to the OP Units issued to satisfy a portion of the purchase price in connection with the Acquisition. Each of these OP Units are paired with one share of our special voting preferred shares having a par value of $0.01 per share and is entitled to one vote each on any matter submitted for stockholder approval. The OP Units are entitled to receive distributions if and when our Board of Directors authorizes and declares common stock distributions. The OP Units are also redeemable for cash, or at our option, for shares of our common stock on a one-for-one basis.

In 2019, we redeemed 391,156 OP Units with a combination of cash totaling $1.7 million and 258,677 common shares. We also redeemed 577,185 OP Units in 2018 for cash totaling $6.8 million. In addition, our Board of Directors declared a special dividend of $0.15 per common share in December 2018, which was paid to the OP Unit holders in a combination of $0.6 million of cash and 221,666 OP Units in January 2019.

At December 31, 2019, there were 20,484,094 OP Units outstanding, which represented 15.7% of the voting power of our outstanding stock.

Distributions. Dividends declared (on a per share basis) for the year ended December 31, 2019 are as follows:


Common Stock			Preferred Stock
				Dividend (1)
Declaration Date	Dividend		Declaration Date	Series A		Series B		Series C
February 13, 2019	$	0.27	February 1, 2019	$	0.515625	$	0.484375	$	0.53125
May 1, 2019	$	0.28	May 1, 2019	$	0.515625	$	0.484375	$	0.53125
July 31, 2019	$	0.29	July 31, 2019	$	0.515625	$	0.484375	$	0.53125
October 30, 2019	$	0.30	October 30, 2019	$	0.515625	$	0.484375	$	0.53125

(1)

The dividend declared on February 1, 2019 was for December 1, 2018 through February 28, 2019. The dividend declared on May 1, 2019 was for March 1, 2019 through May 31, 2019. The dividend declared on July 31, 2019 was for June 1, 2019 through August 31, 2019. The dividend declared on October 30, 2019 was for September 1, 2019 through November 30, 2019.

Common Stock–On February 13, 2020, the Board of Directors declared a cash dividend of $0.30 per share of common stock. The dividend is payable on March 17, 2020 to common stockholders of record as of the close of business on February 28, 2020.

Preferred Stock –On January 31, 2020, 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, 2019 through February 29, 2020 and are payable on March 2, 2020 to preferred stockholders of record on February 15, 2020.

We have determined that 100% of the common stock and preferred stock dividends paid during 2019, 2018 and 2017 represented ordinary income to our stockholders for income tax purposes. 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. However, among the numerous provisions included in the Tax Reform enacted in December 2017, the AMT was repealed for corporate taxpayers. Therefore, the apportionment of AMT between a REIT and its stockholders is no longer applicable for tax years beginning after December 31, 2017.

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.

In 2019, 2018 and 2017, we granted 333,884 shares, 265,444 shares and 299,750 shares, respectively, of restricted common stock with a total grant date fair value of $4.2 million, $2.3 million and $2.4 million, respectively, to certain employees of ours and our Former Manager. One third of the shares vested as of the grant date and one third will vest on each of the first and second anniversaries of the grant date. In 2019, 2018 and 2017, we granted 55,244 shares, 67,002 shares and 74,375 shares, respectively, of fully vested common stock with a grant date fair value of $0.7 million, $0.6 million and $0.6 million, respectively, to the independent members of our Board of Directors. In July 2019, we also issued 124,069 shares of restricted common stock to an employee with a total grant date fair value of $1.5 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.

In 2019, 2018 and 2017, we granted our chief executive officer 58,738 shares 63,584 shares 74,830 shares, respectively, of restricted common stock with a grant date fair value of $0.7 million, $0.6 million and $0.6 million, respectively, and up to 352,427, 381,503 and 448,980, respectively, of performance-based restricted stock units with a grant date fair value of $1.7 million, $0.8 million and $1.0 million, respectively. One quarter of the restricted common stock vested on the grant date and one quarter will vest on each of the first, second and third anniversaries of the grant date. The performance-based restricted stock units 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 2,050,023 performance-based restricted stock units, of which 421,348 units and 445,765 units fully vested based on achieving the performance objectives for the four-year periods ended December 31, 2019 and 2018, respectively. The 445,765 fully vested units were net settled for 203,492 common shares in 2019.

In 2019, 2018 and 2017, we also granted our chief executive officer 246,508 shares, 294,985 shares and 357,569 shares, respectively, of performance-based restricted stock with a grant date fair value of $3.0 million, $3.4 million and $2.7 million, respectively, as a result of achieving goals related to the integration of the Acquisition. The performance-based restricted stock vests in full three years after the grant date.

During 2019, 2018 and 2017, we recorded total stock-based compensation expense of $8.8 million, $5.4 million and $3.2 million, respectively, to employee compensation and benefits and $0.7 million, $0.6 million and $1.7 million, respectively, to selling and administrative expense.

During 2019, a total of 900,092 shares of restricted stock and restricted stock units with a grant date fair value of $5.9 million vested.

As of December 31, 2019 and 2018, there were 1,379,615 shares and 1,033,616 shares, respectively, of unvested restricted common stock with a grant date fair value of $14.8 million and $9.5 million, respectively.

At December 31, 2019, total unrecognized compensation cost related to unvested restricted common stock was $7.0 million, which is expected to be recognized ratably over the remaining weighted-average vesting period of 1.8 years.

Earnings Per Share. Basic EPS is calculated by dividing net income 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 and convertible senior unsecured notes.

A reconciliation of the numerator and denominator of our basic and diluted EPS computations ($ in thousands, except share and per share data) is as follows:


	Year Ended December 31,
	2019				2018				2017
	Basic		Diluted		Basic		Diluted		Basic		Diluted
Net income attributable to common stockholders (1)	$	121,074	$	121,074	$	108,312	$	108,312	$	65,835	$	65,835
Net income attributable to noncontrolling interest (2)		—		26,610		—		32,185		—		24,120
Net income attributable to common stockholders and noncontrolling interest	$	121,074	$	147,684	$	108,312	$	140,497	$	65,835	$	89,955
Weighted average shares outstanding		92,851,327		92,851,327		70,208,165		70,208,165		57,890,574		57,890,574
Dilutive effect of OP Units (2)		—		20,502,128		—		21,033,103		—		21,230,769
Dilutive effect of restricted stock units (3)		—		1,421,528		—		1,476,653		—		1,092,072
Dilutive effect of convertible notes (4)		—		1,417,968		—		908,861		—		97,837
Dilutive effect of stock dividend (5)		—		—		—		15,386		—		—
Weighted average shares outstanding		92,851,327		116,192,951		70,208,165		93,642,168		57,890,574		80,311,252
Net income per common share (1)	$	1.30	$	1.27	$	1.54	$	1.50	$	1.14	$	1.12

(1)

Net of preferred stock dividends.

(2)

We consider OP Units to be common stock equivalents as the holders have voting rights, the right to distributions and the right to redeem the OP Units for the cash value of a corresponding number of shares of common stock or a corresponding number of shares of common stock, at our election.

(3)

Mr. Kaufman is granted restricted stock units annually, 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.

(5)

Represents the dilutive effect of the portion of the special dividend that was paid with common shares.

Income Taxes

12 Months Ended

Dec. 31, 2019

Income Taxes

Income Taxes

Note 18—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. In 2019, we elected to retain excess inclusion income rather than passing it through to our shareholders. Consequently, we had REIT-federal taxable income, net of dividends paid deduction, for 2019, and therefore, have provided for REIT federal income tax expense of $0.6 million attributable to excess inclusion income. We did not have any REIT–federal taxable income, net of dividends paid and net operating loss deductions, for 2018 and 2017, and therefore, have not provided for REIT federal income tax expense. The REIT incurred state tax expense/(benefit) for 2019, 2018 and 2017 , in the amount of $0.1 million, ($0.1) million and $1.0 million, respectively. 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 2019, 2018 and 2017, we recorded a provision for income taxes related to the assets held in the TRS Consolidated Group and the REIT in the amount of $15.0 million, $9.7 million and $13.4 million, respectively. In 2019, valuation allowance previously recorded at the TRS Consolidated Group was released in the amount of $3.3 million on the deferred tax assets subject to loss limitation rules. In 2018, valuation allowance was recorded at the TRS Consolidated Group in the amount of $0.3 million on the deferred tax assets related to capital loss carryforwards. In 2017, valuation allowance previously recorded at the TRS Consolidated Group was released in the amount of $3.5 million.

In January 2018, the $50.0 million preferred equity interest entered into with ACM to finance a portion of the Acquisition purchase price was paid off. When we entered into the Acquisition, we established a deferred tax liability in connection with the $50.0 million preferred equity interest. Upon payoff in January 2018, the deferred tax liability was written off and we recorded a deferred tax benefit in the amount of $12.5 million. See Note 19 for details.

A summary of our pre-tax GAAP income is as follows (in thousands):


	Year Ended December 31,
	2019		2018		2017
Pre-tax GAAP income:
REIT	$	94,076	$	64,260	$	66,988
TRS Consolidated Group		76,198		93,522		43,880
Total pre-tax GAAP income	$	170,274	$	157,782	$	110,868

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


	Year Ended December 31,
	2019		2018		2017
Current tax provision:
Federal	$	12,380	$	17,479	$	17,201
State		2,505		4,285		3,557
Total		14,885		21,764		20,758

Deferred tax provision (benefit) :
Federal	$	2,744	$	(9,446)	$	(2,928)
State		688		(2,867)		(929)
Valuation allowance		(3,281)		280		(3,542)
Total		151		(12,033)		(7,399)
Total income tax expense	$	15,036	$	9,731	$	13,359

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,
	2019		2018		2017
U.S. federal statutory rate	21.0	%	21.0	%	35.0	%
REIT non-taxable income	(11.3)		(8.6)		(21.2)
State and local income taxes, net of federal tax benefit	1.5		0.6		1.6
Change in valuation allowance	(1.9)		0.2		(1.3)
Preferred equity interest deferred tax write-off	—		(6.3)		—
Tax rate change	—		—		(4.8)
Other	(0.5)		(0.7)		2.7
Effective income tax rate	8.8	%	6.2	%	12.0	%

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


	December 31,
	2019		2018
Deferred tax assets:
Expenses not currently deductible	$	14,850	$	11,853
Loan loss reserves		8,863		8,614
Net operating and capital loss carryforwards		417		417
Valuation allowance		(417)		(3,698)
Deferred tax assets, net	$	23,713	$	17,186
Deferred tax liabilities:
Interest in equity affiliates–net	$	1,587	$	136
Intangibles		8,684		9,674
Mortgage servicing rights		11,476		5,290
Other		837		807
Deferred tax liabilities, net	$	22,584	$	15,907

The Tax Reform 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 2019 and 2018 reflects the newly enacted corporate federal income tax rate of 21%. We applied the guidance in SAB 118 when accounting for the enactment-date effects of the Tax Reform throughout 2018 and in 2017. At December 31, 2018, we completed our accounting for the enactment-date income tax effects of the Tax Reform and no material adjustments were recorded. At December 31, 2017, 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.

At December 31, 2019, our TRS Consolidated Group, had approximately $23.7 million of deferred tax assets net of a $0.4 million valuation allowance. The deferred tax assets consist of expenses not currently deductible, loan loss reserves, net operating loss and capital loss carryforwards. Our TRS Consolidated Group's deferred tax assets are offset by approximately $22.6 million in deferred tax liabilities consisting of timing differences from investments in equity affiliates, intangibles, and mortgage servicing rights.

At December 31, 2018, our TRS Consolidated Group, had approximately $17.2 million of deferred tax assets net of a $3.7 million valuation allowance. The deferred tax assets consist of expenses not currently deductible, loan loss reserves, net operating loss and capital loss carryforwards. Our TRS Consolidated Group's deferred tax assets are offset by approximately $15.9 million in deferred tax liabilities consisting of timing differences from investments in equity affiliates, intangibles, and mortgage servicing rights.

As of both December 31, 2019 and 2018, the REIT (excluding the TRS Consolidated Group) had no federal net operating loss carryforwards remaining and no capital loss carryforwards.

At both of December 31, 2019 and 2018, the TRS Consolidated Group had federal and state net operating loss carryforwards of approximately $0.5 million, which will expire through 2031 and capital loss carryforwards of approximately $1.1 million, which will expire through 2023.

We have assessed our tax positions for all open years, which includes 2016-2019, 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 2016 through 2019.

Agreements and Transactions with Related Parties	12 Months Ended
Agreements and Transactions with Related Parties	Dec. 31, 2019
Agreements and Transactions with Related Parties
Agreements and Transactions with Related Parties	Note 19—Agreements and Transactions with Related Parties Management Agreement. Prior to May 31, 2017, we 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 terminated the existing management agreement. We incurred base management fees of $6.7 million in 2017. Shared Services Agreement. We have a shared services agreement with ACM where we provide limited support services to ACM and they reimburse us for the costs of performing such services. During 2019, 2018 and 2017, we incurred $2.7 million, $1.3 million and $0.7 million, respectively, of costs for services provided to ACM, which are included in due from related party on the consolidated balance sheets. Other Related Party Transactions. Due from related party was $11.3 million and $1.3 million at December 31, 2019 and 2018, respectively, which consisted primarily of amounts due from our affiliated servicing operations related to real estate transactions closing at the end of 2019 and amounts due from ACM for costs incurred in connection with the shared services agreement described above. Due to related party was $13.1 million at December 31, 2019 and consisted of loan payoffs, holdbacks and escrows to be remitted to our affiliated servicing operations related to real estate transactions. In certain instances our business requires our executives to charter privately-owned aircraft in furtherance of our business. In October 2019, we entered into an aircraft time sharing agreement with an entity controlled by our chief executive officer that owns a private aircraft. Pursuant to the agreement, we reimburse the aircraft owner for the required costs under Federal Aviation Administration regulations for the flights our executives' charter. During 2019, we reimbursed the aircraft owner $0.1 million for the flights chartered by our executives pursuant the agreement. In the first quarter of 2019, we, along with ACM, certain executives of ours and a consortium of independent outside investors, formed AMAC III, a multifamily-focused commercial real estate investment fund sponsored and managed by our chief executive officer and one of his immediate family members. We committed to a $30.0 million investment (of which $10.9 million was funded as of December 31, 2019) for an 18% interest in AMAC III. In July 2019, AMAC III originated a $7.0 million mezzanine loan to a borrower which we have an outstanding $34.0 million bridge loan. In connection with the AMAC III mezzanine loan, we entered into an inter-creditor agreement with AMAC III. In addition, we originated a $15.6 million Private Label loan in December 2019 to a borrower which is 100% owned by AMAC III, which bears interest at a fixed rate of 3.735% and matures in January 2030. We received a $0.2 million cash distribution and recorded a $0.2 million loss in 2019 related to this investment. Interest income recorded from our bridge and Private Label loans totaled $3.3 million for 2019. In November 2018, we originated a $61.2 million bridge loan on a multifamily property owned in part by a consortium of investors (which includes, among other unaffiliated investors, certain of our officers and our chief executive officer) which owns 10% of the borrowing entity. The loan has an interest rate of LIBOR plus 4.50% with a LIBOR floor of 2.00% and matures in October 2021. In the fourth quarter of 2019, the loan commitment was reduced to $22.6 million (of which $17.4 million was funded as of December 31, 2019) and the related party investors liquidated their equity investment. Interest income recorded from this loan totaled $1.3 million and $0.2 million for 2019 and 2018, respectively. In October 2018, we originated a $37.5 million bridge loan, which was used to purchase several multifamily properties. In January 2019, an entity owned, in part, by an immediate family member of our chief executive officer, purchased a 23.9% interest in the borrowing entity. The loan has an interest rate of LIBOR plus 4.25% with a LIBOR floor of 2.375% and matures in October 2020. Interest income recorded from this loan totaled $2.7 million for 2019. In October 2018, we acquired a $19.5 million bridge loan originated by ACM. The loan was used to purchase several multifamily properties by a consortium of investors (which includes, among other unaffiliated investors, certain of our officers and our chief executive officer) which owns 85% of the borrowing entity. The loan has an interest rate of LIBOR plus 4.0% with a LIBOR floor of 2.125% and matures in July 2021. Interest income recorded from this loan totaled $1.3 million and $0.3 million for 2019 and 2018, respectively. In August 2018, we originated a $17.7 million bridge loan to an entity owned, in part, by an immediate family member of our chief executive officer, who owns a 10.8% interest in the borrowing entity. The loan was used to purchase several undeveloped parcels of land. The loan has a fixed interest rate of 10% and is scheduled to mature in February 2020. In September 2019, the borrower made a partial paydown of principal totaling $4.7 million and the remaining balance was paid off in January 2020. Interest income recorded from this loan totaled $1.8 million and $0.8 million for 2019 and 2018, respectively. In June 2018, we originated a $21.7 million bridge loan on a multifamily property owned in part by a consortium of investors (which includes, among other unaffiliated investors, certain of our officers and our chief executive officer) which owns 75% in the borrowing entity. The loan has an interest rate of LIBOR plus 4.75% with a LIBOR floor of 1.25% and matures in June 2021. Interest income recorded from this loan totaled $1.4 million and $0.6 million for 2019 and 2018, respectively. In April 2018, we acquired a $9.4 million bridge loan originated by ACM, of which $8.6 million was funded as of December 31, 2019. The loan was used to purchase several multifamily properties by a consortium of investors (which includes, among other unaffiliated investors, certain of our officers and our chief executive officer) which owns 75% of the borrowing entity. The loan has an interest rate of LIBOR plus 5.0% with a LIBOR floor of 1.25% and matures in January 2021. Interest income recorded from this loan totaled $0.6 million and $0.3 million for 2019 and 2018, respectively. In January 2018, we paid $50.0 million in full satisfaction of the related party financing we entered into with ACM to finance a portion of the Acquisition purchase price. We incurred interest expense related to this financing of $0.3 million and $3.8 million for 2018 and 2017, respectively. In December 2017, we acquired a $32.8 million bridge loan originated by ACM. The loan was used to purchase several multifamily properties by a consortium of investors (which includes, among other unaffiliated investors, certain of our officers and our chief executive officer) which owns 90% of the borrowing entity. The loan had an interest rate of LIBOR plus 5.0% with a LIBOR floor of 1.13% and was scheduled to mature in June 2020. In October 2019, the borrower repaid this loan in full.Interest income recorded from this loan totaled $1.7 million, $2.4 million and $0.1 million for 2019, 2018 and 2017, respectively. In the fourth quarter of 2017, we originated two bridge loans totaling $28.0 million on two multifamily properties owned in part by a consortium of investors (which includes, among other unaffiliated investors, certain of our officers and our chief executive officer) which owns 45% of the borrowing entity. The loans had an interest rate of LIBOR plus 5.25% with LIBOR floors ranging from 1.24% to 1.54% and was scheduled to mature in the fourth quarter of 2020. The borrower refinanced these loans with a $31.1 million bridge loan we originated in November 2019 with an interest rate of LIBOR plus 4.0%, a LIBOR floor of 1.80% and a maturity date in October 2021. Interest income recorded from these loans totaled $2.2 million, $2.1 million and $0.2 million for 2019, 2018 and 2017, respectively. In July 2017, we originated a $36.0 million bridge loan on a multifamily property owned in part by a consortium of investors (which includes, among other unaffiliated investors, certain of our officers and our chief executive officer) which owns a 95% interest in the borrowing entity. The loan had an interest rate of LIBOR plus 4.5% with a LIBOR floor of 1% and was scheduled to mature in July 2020. This loan was repaid in full in August 2018. Interest income recorded from this loan totaled $1.9 million and $0.9 million for 2018 and 2017, respectively. In May 2017, we originated a $46.9 million Fannie Mae loan on a multifamily property owned in part by a consortium of investors (which includes, among other unaffiliated investors, certain of our officers) which owns a 17.6% interest in the borrowing entity. We carry a maximum loss-sharing obligation with Fannie Mae on this loan of up to 5% of the original UPB. Servicing revenue recorded from this loan was $0.1 million , $0.1 million and less than $0.1 million for 2019, 2018 and 2017, respectively. In March 2017, a consortium of investors (which includes, among other unaffiliated investors, our chief executive officer and ACM) 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 had an interest rate of LIBOR plus 5.25% with a LIBOR floor of 0.5% and were scheduled to mature in November 2018. One of the loans was repaid in full in the fourth quarter of 2017 and the remaining loan paid off in June 2018. Interest income recorded from these loans totaled $0.3 million and $1.0 million for 2018 and 2017, respectively. In January 2017, we modified a $5.0 million preferred equity investment, subsequently 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% that was scheduled to mature in January 2020. We also entered into an agreement with a consortium of investors (which include, among other unaffiliated investors, certain of our officers and 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. The principal balance was repaid in full in the fourth quarter of 2017. 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, 2019. 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 all periods presented. In 2016, we originated $48.0 million of bridge loans on six multifamily properties owned in part by a consortium of investors (which includes, among other unaffiliated investors, certain of our officers and our chief executive officer) which owns interests ranging from 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 were scheduled to mature in September 2019. In 2017, a $6.8 million loan on one property paid off in full and in 2018 four additional loans totaling $28.3 million paid off in full. In January 2019, $10.9 million of the $12.9 million remaining bridge loan paid off, with the $2.0 million remaining UPB converting to a mezzanine loan with a fixed interest rate of 10.0% and a January 2024 maturity. Interest income recorded from these loans totaled $0.3 million, $1.9 million and $2.7 million for 2019, 2018 and 2017, respectively. In 2016, we originated a $12.7 million bridge loan and a $5.2 million preferred equity investment on two multifamily properties owned in part by a consortium of investors (which includes, among other unaffiliated investors, certain of our officers and our chief executive officer) which owns a 50% interest in the borrowing entity. The bridge loan has an interest rate of LIBOR plus 4.5% with a LIBOR floor of 0.25% and the preferred equity investment has a fixed interest rate of 10%. The bridge loan and the preferred equity investment paid off in full in May 2019. Interest income recorded from these loans totaled $0.6 million, $1.4 million and $1.3 million for 2019, 2018 and 2017, respectively. In 2016, we originated a $19.0 million bridge loan on a multifamily property owned in part by a consortium of investors (which includes, among other unaffiliated investors, certain of our officers and our chief executive officer) which owns a 7.5% interest 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 $0.3 million and $1.1 million for 2018 and 2017, respectively. In 2015, we invested $9.6 million for 50% of ACM’s indirect interest in a joint venture with a third party that was formed to invest in a residential mortgage banking business. 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 and we received cash distributions totaling $16.9 million (that were classified as returns of capital) as a result of the joint venture selling most of its mortgage assets. We recorded income from these investments of $7.2 million, $0.9 million and a loss of $7.2 million for 2019, 2018 and 2017, 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. ACM has also provided us with a guaranty to pay up to 50% of any amounts we may pay under this guaranty. As of December 31, 2019, our maximum exposure under this guaranty totals $0.4 million. We have not accrued this amount as we do not believe that we will be required to make any nonrefundable payments under this guaranty. Interest income recorded from loans originated in 2015 or prior years with our affiliates totaled $1.3 million and $5.8 million for 2018 and 2017, respectively. We, along with an executive officer of ours and a consortium of independent outside investors, hold equity investments in a portfolio of multifamily properties referred to as the “Lexford” portfolio, which is managed by an entity owned primarily by a consortium of affiliated investors, including our chief executive officer and an executive officer of ours. Based on the terms of the management contract, the management company is entitled to 4.75% of gross revenues of the underlying properties, along with the potential to share in the proceeds of a sale or restructuring of the debt. In June 2018, the owners of Lexford restructured part of its debt and we originated twelve bridge loans totaling $280.5 million, which were used to repay in full certain existing mortgage debt and to renovate 72 multifamily properties included in the portfolio. The loans, which we originated in June 2018, have interest rates of LIBOR plus 4.0% and mature in June 2021 (with 2 one-year extension options). During 2019, the borrower made payoffs and partial paydowns of principal totaling $250.0 million. Interest income recorded from these loans totaled $9.6 million and $10.1 million during 2019 and 2018, respectively. Further, as part of this June 2018 restructuring, $50.0 million in unsecured financing was provided by an unsecured lender to certain parent entities of the property owners. ACM owns slightly less than half of the unsecured lender entity and, therefore, provided slightly less than half of the unsecured lender financing. In addition, in connection with our equity investment, we received distributions totaling $3.5 million, $2.5 million and $2.5 million during 2019, 2018 and 2017, respectively, which were recorded as income (loss) from equity affiliates. Separate from the loans we originated in June 2018, we provide limited (“bad boy”) guarantees for certain other debt controlled by Lexford. The bad boy guarantees may become a liability for us upon standard “bad” acts such as fraud or a material misrepresentation by Lexford or us. At December 31, 2019, this debt had an aggregate outstanding balance of $617.9 million and is scheduled to mature between 2020 and 2029. Several of our executives, including our chief financial officer, general counsel and our chairman, chief executive officer and president, hold similar positions for ACM. Our chief executive officer and his affiliated entities (“the Kaufman Entities”) together beneficially own approximately 31% of the outstanding membership interests of ACM and certain of our employees and directors also hold an ownership interest in ACM. Furthermore, one of our directors serves as the trustee and co-trustee of two of the Kaufman Entities that hold membership interests in ACM. Upon the closing of the Acquisition in 2016, we issued OP Units, each paired with one share of our special voting preferred shares. At December 31, 2019, ACM holds 4,285,694 shares of our common stock and 14,685,729 OP Units, which represents 14.6% of the voting power of our outstanding stock. Our Board of Directors approved a resolution under our charter allowing our chief executive officer and ACM, (which our chief executive officer has a controlling equity interest in), to own more than the 5% ownership interest limit of our common stock as stated in our amended charter.

Employee Benefits	12 Months Ended
Employee Benefits	Dec. 31, 2019
Employee Benefits
Employee Benefits	Note 20—Employee Benefits 401(k). We have a 401(k) defined contribution plan (the "401(k) Plan") which is available to all employees who have completed six months of continuous service. The 401(k) Plan matches 25% of the first 6% of each employee's contribution. We have the option to increase the employer match based on our operating results. In 2019, 2018 and 2017, we recorded $0.7 million, $0.6 million and $0.6 million, respectively, of expenses associated with the 401(k) Plan, which is included in employee compensation and benefits in our consolidated statements of income. Deferred Compensation. We have a non-qualified deferred compensation plan (the “Deferred Comp Plan") which is offered to certain full-time employees and is subject to the rules of section 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 2019, 2018 and 2017, there were $4.7 million, $3.4 million and $2.4 million, respectively, of employee deferrals. At December 31, 2019 and 2018, we had recorded liabilities totaling $13.2 million and $8.8 million, respectively, and assets of $8.2 million and $5.9 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, 2019

Segment Information

Segment Information

Note 21—Segment Information

The summarized statements of income and balance sheet data, as well as certain other data, by segment are included in the following tables ($ in thousands). Specifically identifiable costs are recorded directly to each business segment. For items not specifically identifiable, costs have been allocated between the business segments using the most meaningful allocation methodologies, which was predominately direct labor costs (i.e., time spent working on each business segment). Such costs include, but are not limited to, compensation and employee related costs, selling and administrative expenses, management fees (through May 31, 2017—effective date of the termination of the existing management agreement with ACM) and stock-based compensation.


	Year Ended December 31, 2019
	Structured		Agency		Other /
	Business		Business		Eliminations (1)		Consolidated
Interest income	$	289,841	$	26,099	$	—	$	315,940
Interest expense		169,802		16,597		—		186,399
Net interest income		120,039		9,502		—		129,541
Other revenue:
Gain on sales, including fee-based services, net		—		65,652		—		65,652
Mortgage servicing rights		—		90,761		—		90,761
Servicing revenue		—		103,223		—		103,223
Amortization of MSRs		—		(48,681)		—		(48,681)
Property operating income		9,674		—		—		9,674
Other income, net		903		(1,687)		—		(784)
Total other revenue		10,577		209,268		—		219,845
Other expenses:
Employee compensation and benefits		31,264		90,838		—		122,102
Selling and administrative		18,099		22,230		—		40,329
Property operating expenses		10,220		—		—		10,220
Depreciation and amortization		2,046		5,464		—		7,510
Impairment loss on real estate owned		1,000		—		—		1,000
Provision for loss sharing (net of recoveries)		—		1,147		—		1,147
Total other expenses		62,629		119,679		—		182,308
Income before extinguishment of debt, income from equity affiliates and income taxes		67,987		99,090		—		167,078
Loss on extinguishment of debt		(7,439)		—		—		(7,439)
Income from equity affiliates		10,635		—		—		10,635
Provision for income taxes		(668)		(14,368)		—		(15,036)
Net income		70,515		84,722		—		155,238
Preferred stock dividends		7,554		—		—		7,554
Net income attributable to noncontrolling interest		—		—		26,610		26,610
Net income attributable to common stockholders	$	62,961	$	84,722	$	(26,610)	$	121,074


	Year Ended December 31, 2018
	Structured		Agency		Other /
	Business		Business		Eliminations (1)		Consolidated
Interest income	$	226,750	$	25,018	$	—	$	251,768
Interest expense		137,719		15,770		329		153,818
Net interest income		89,031		9,248		(329)		97,950
Other revenue:
Gain on sales, including fee-based services, net		—		70,002		—		70,002
Mortgage servicing rights		—		98,839		—		98,839
Servicing revenue		—		94,158		—		94,158
Amortization of MSRs		—		(48,124)		—		(48,124)
Property operating income		10,095		—		—		10,095
Other income, net		1,490		6,671		—		8,161
Total other revenue		11,585		221,546		—		233,131
Other expenses:
Employee compensation and benefits		27,456		83,014		—		110,470
Selling and administrative		15,642		21,432		—		37,074
Property operating expenses		10,431		—		—		10,431
Depreciation and amortization		1,851		5,602		—		7,453
Impairment loss on real estae owned		2,000		—		—		2,000
Provision for loss sharing (net of recoveries)		—		3,843		—		3,843
Provision for loan losses (net of recoveries)		8,353		—		—		8,353
Litigation settlement gain		(10,170)		—		—		(10,170)
Total other expenses		55,563		113,891		—		169,454
Income before extinguishment of debt, income from equity affiliates and income taxes		45,053		116,903		(329)		161,627
Loss on extinguishment of debt		(5,041)		—		—		(5,041)
Income from equity affiliates		1,196		—		—		1,196
Benefit from (provision for) income taxes		774		(10,505)		—		(9,731)
Net income		41,982		106,398		(329)		148,051
Preferred stock dividends		7,554		—		—		7,554
Net income attributable to noncontrolling interest		—		—		32,185		32,185
Net income attributable to common stockholders	$	34,428	$	106,398	$	(32,514)	$	108,312


	Year Ended December 31, 2017
	Structured		Agency		Other /
	Business		Business		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 extinguishment of debt, loss from equity affiliates
and 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

(1) Includes certain corporate expenses not allocated to the two reportable segments, such as financing costs associated with the Acquisition, as well as income allocated to the noncontrolling interest holders.


	December 31, 2019
	Structured Business		Agency Business		Consolidated
Assets:
Cash and cash equivalents	$	264,468	$	35,219	$	299,687
Restricted cash		208,926		1,949		210,875
Loans and investments, net		4,189,960		—		4,189,960
Loans held-for-sale, net		—		861,360		861,360
Capitalized mortgage servicing rights, net		—		286,420		286,420
Securities held-to-maturity, net		20,000		68,699		88,699
Investments in equity affiliates		41,800		—		41,800
Goodwill and other intangible assets		12,500		98,200		110,700
Other assets		118,175		31,484		149,659
Total assets	$	4,855,829	$	1,383,331	$	6,239,160
Liabilities:
Debt obligations	$	3,878,343	$	743,595	$	4,621,938
Allowance for loss-sharing obligations		—		34,648		34,648
Other liabilities		171,004		55,543		226,547
Total liabilities	$	4,049,347	$	833,786	$	4,883,133


	December 31, 2018
	Structured Business		Agency Business		Consolidated
Assets:
Cash and cash equivalents	$	89,457	$	70,606	$	160,063
Restricted cash		180,606		—		180,606
Loans and investments, net		3,200,145		—		3,200,145
Loans held-for-sale, net		—		481,664		481,664
Capitalized mortgage servicing rights, net		—		273,770		273,770
Securities held- to- maturity, net		—		76,363		76,363
Investments in equity affiliates		21,580		—		21,580
Goodwill and other intangible assets		12,500		103,665		116,165
Other assets		81,494		20,325		101,819
Total assets	$	3,585,782	$	1,026,393	$	4,612,175
Liabilities:
Debt obligations	$	2,842,688	$	472,181	$	3,314,869
Allowance for loss-sharing obligations		—		34,298		34,298
Other liabilities		159,413		38,029		197,442
Total liabilities	$	3,002,101	$	544,508	$	3,546,609


	Year Ended December 31,
	2019			2018			2017
Origination Data:
Structured Business
New loan originations	$	2,803,251		$	1,656,020		$	1,842,974
Loan payoffs / paydowns		1,748,387			955,575			924,120

Agency Business
Origination Volumes by Investor:
Fannie Mae	$	3,346,272		$	3,332,100		$	2,929,481
Freddie Mac		728,317			1,587,958			1,322,498
FHA		123,095			153,523			189,087
CMBS/Conduit		211,325			50,908			21,370
Private Label		401,216			—			—
Total	$	4,810,225		$	5,124,489		$	4,462,436
Total loan commitment volume	$	4,829,721		$	5,104,072		$	4,344,328

Loan Sales Data:
Agency Business
Fannie Mae	$	3,296,523		$	3,217,006		$	3,223,953
Freddie Mac		786,993			1,540,483			1,399,029
FHA		106,271			115,747			170,554
CMBS/Conduit		211,325			50,908			21,370
Total	$	4,401,112		$	4,924,144		$	4,814,906
Sales margin (fee-based services as a % of loan sales)		1.49	%		1.42	%		1.51	%
MSR rate (MSR income as a % of loan commitments)		1.88	%		1.94	%		1.77	%


	December 31, 2019
				Wtd. Avg. Life of
	UPB of Servicing		Wtd. Avg. Servicing	Servicing Portfolio
Key Servicing Metrics for Agency Business:	Portfolio		Fee Rate (basis points)	(in years)
Fannie Mae	$	14,832,844	49.3		7.8
Freddie Mac		4,534,714	30.0		10.6
FHA		691,519	15.4		18.7
Total	$	20,059,077	43.8		8.8

	December 31, 2018
Fannie Mae	$	13,562,667	51.3		7.4
Freddie Mac		4,394,287	30.8		10.8
FHA		644,687	15.5		19.6
Total	$	18,601,641	45.2		8.6

Selected Quarterly Financial Data - Unaudited

12 Months Ended

Dec. 31, 2019

Selected Quarterly Financial Data - Unaudited

Selected Quarterly Financial Data - Unaudited

Note 22—Selected Quarterly Financial Data-Unaudited

Summarized quarterly financial data for 2019 and 2018 is as follows ($ in thousands, except per share data):


	Three Months Ended
	December 31, 2019		September 30, 2019		June 30, 2019		March 31, 2019
Net interest income	$	33,797	$	32,445	$	33,887	$	29,412
Total other revenue		62,365		62,558		50,072		44,848
Total other expenses		41,670		48,882		45,471		46,287
Income before extinguishment of debt, income from equity affiliates and income taxes		54,492		46,121		38,488		27,973
Loss on extinguishment of debt		(7,311)		—		—		(128)
Income from equity affiliates		1,502		3,718		3,264		2,151
(Provision for) benefit from income taxes		(4,072)		(6,623)		(4,350)		10
Net income		44,611		43,216		37,402		30,006
Preferred stock dividends		1,888		1,888		1,888		1,888
Net income attributable to noncontrolling interest		7,181		7,363		6,598		5,468
Net income attributable to common stockholders	$	35,542	$	33,965	$	28,916	$	22,650
Basic earnings per common share (1)	$	0.35	$	0.36	$	0.32	$	0.27
Diluted earnings per common share (1)	$	0.34	$	0.35	$	0.31	$	0.26


	Three Months Ended
	December 31, 2018		September 30, 2018		June 30, 2018		March 31, 2018
Net interest income	$	30,361	$	27,952	$	21,411	$	18,225
Total other revenue		77,464		55,580		46,923		53,162
Total other expenses		50,255		34,739		40,610		43,849
Income before extinguishment of debt, income from equity affiliates and income taxes		57,570		48,793		27,724		27,538
Loss on extinguishment of debt		(82)		(4,960)		—		—
Income (loss) from equity affiliates		91		(1,028)		1,387		746
(Provision for) benefit from income taxes		(8,635)		(5,381)		(4,499)		8,784
Net income		48,944		37,424		24,612		37,068
Preferred stock dividends		1,888		1,888		1,888		1,888
Net income attributable to noncontrolling interest		9,838		7,799		5,557		8,991
Net income attributable to common stockholders	$	37,218	$	27,737	$	17,167	$	26,189
Basic earnings per common share (1)	$	0.48	$	0.37	$	0.26	$	0.42
Diluted earnings per common share (1)	$	0.47	$	0.36	$	0.25	$	0.42

(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, 2019

SCHEDULE IV - LOANS AND OTHER LENDING INVESTMENTS

SCHEDULE IV - LOANS AND OTHER LENDING INVESTMENTS

Schedule IV—Loans and other Lending Investments

DECEMBER 31, 2019

($ in thousands)


											Carrying
											Amount
		Periodic		Interest Pay							Subject to
		Payment	Maturity	Rate			Face		Carrying		Delinquent
Type	Location	Terms(1)	Date(2)	Index(3)	Prior Liens		Amount(4)		Amount(5)		Interest
Bridge Loans:

Bridge loans in excess of 3% of carrying amount of total loans:

Multifamily	Various	IO / PI	2020 - 2021	LIBOR + 2.75% - 3.60%	$	—	$	417,100	$	415,703	$	—
				Floor 1.36% - 2.38%
Bridge loans less than 3% of carrying amount of total loans (6):

Multifamily	Various	IO /PI	2020 - 2024	LIBOR + 2.50% - 12.72%		—		2,695,857		2,683,189		—
				Floor 0.43% - 2.75%
				Fixed 9.00% - 11.00%

Healthcare	Various	IO	2020 - 2022	LIBOR + 4.00% - 11.60%		—		203,694		202,756		—
				Floor 1.12% - 2.63%

Land	Various	IO / PI	2020	LIBOR + 4.00% - 4.50%		—		172,657		104,788		—
				Floor 0.15% - 0.75%
				Fixed 0.00% - 11.64%

Hotel	NY	IO	2020 - 2022	LIBOR + 2.75% - 7.60%		60,000		142,300		141,574		—
				Floor 1.50% - 2.38%

Office	Various	IO / PI	2020	LIBOR + 3.10% - 6.19%		—		122,127		120,437		—
				Floor 1.12% - 2.13%

Retail	Various	IO	2020 - 2024	LIBOR + 4.00% - 6.00%		—		39,500		39,329		—
				Floor 2.13% - 2.50%

Single-Family Rental	Various	IO	2020 - 2021	LIBOR + 4.50% - 4.85%		—		30,017		29,384		—
				Floor 2.02% - 2.50%

Self Storage	MA	PI	2020	LIBOR + 3.90%		—		13,580		13,550		—
				Floor 1.23%
Total Bridge Loans less than 3% of carrying amount of total loans						60,000		723,875		651,818		—
Total Bridge Loans						60,000		3,836,832		3,750,710		—

ARBOR REALTY TRUST, INC. AND SUBSIDIARIES

SCHEDULE IV—LOANS AND OTHER LENDING INVESTMENTS (Continued)

DECEMBER 31, 2019

($ in thousands)


											Carrying
											Amount
		Periodic		Interest Pay							Subject to
		Payment	Maturity	Rate			Face		Carrying		Delinquent
Type	Location	Terms(1)	Date(2)	Index(3)	Prior Liens		Amount(4)		Amount(5)		Interest
Mezzanine Loans:

Mezzanine loans less than 3% of carrying amount of total loans (6):

Multifamily	Various	IO / PI	2020 - 2029	Fixed 5.00% - 12.00%		337,352		109,272		108,819		—

Land	Various	IO	2020	Fixed 0.00% - 13.00%		—		48,832		48,767		—

Self Storage	CA	PI	2020	Fixed 11.00%		30,471		12,713		12,687		—

Office	Various	IO	2020 - 2028	LIBOR + 7.44% Floor 2.13% Fixed 9.00%		60,000		11,000		10,980		—

Retail	Various	IO / PI	2021 - 2024	Fixed 12.00%		30,554		9,758		9,727		—

Total Mezzanine Loans						458,377		191,575		190,980		—

Preferred Equity Investments:

Preferred equity investments less than 3% of carrying amount of total loans (6):

Multifamily	Various	IO / PI	2022 - 2029	Fixed 4.00% - 14.00%		794,984		178,478		177,399		—

Commercial	NY	IO	2020	Fixed 6.00%		29,792		1,700		—		—

Office	SC	IO	2024	Fixed 15.00%		9,739		880		871		—



Total Preferred Equity Investments						834,515		181,058		178,270		—

Other Loans:

Other loans less than 3% of carrying amount of total loans (6):

Single-Family Rental	Various	IO / PI	2024 - 2029	Fixed 4.40% - 5.90%		—		41,575		41,428		—

Multifamily	Various	IO	2021 - 2030	Fixed 2.83% - 5.32%		—		28,571		28,572		—
						—		70,146		70,000		—
Total Loans					$	1,352,892	$	4,279,611	$	4,189,960	$	—

(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 2019, $808.1 million of loans were extended.

(5)

The federal income tax basis is approximately $4.29 billion.

(6)

Individual loans each have a carrying value less than 3% of total loans.

ARBOR REALTY TRUST, INC. AND SUBSIDIARIES

SCHEDULE IV–LOANS AND OTHER LENDING INVESTMENTS (Continued)

DECEMBER 31, 2019

($in thousands)

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


	Year Ended December 31,
	2019		2018		2017
Balance at beginning of year	$	3,200,145	$	2,579,127	$	1,695,732
Additions during period:
New loan originations		2,831,822		1,658,732		1,842,974
Loan charge-offs		—		3,173		20,473
Funding of unfunded loan commitments(1)		65,531		21,027		51,689
Accretion of unearned revenue		12,083		9,278		6,519
Recoveries of reserves		—		2,527		2,456
Deductions during period:
Loan payoffs and paydowns		(1,753,693)		(957,163)		(929,796)
Unfunded loan commitments (1)		(147,392)		(88,617)		(77,233)
Use of loan charge-offs		—		(3,173)		(20,473)
Provision for loan losses		—		(13,986)		(2,000)
Unearned revenue and costs		(18,536)		(10,780)		(11,214)
Balance at end of year	$	4,189,960	$	3,200,145	$	2,579,127

(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, 2019

Basis of Presentation and Significant Accounting Policies

Basis of Presentation

Reclassification

The following table shows the impact of the adoption of ASU 2016-15 and ASU 2016-18:


	Year Ended
(in thousands)	December 31, 2017
As previously reported under GAAP applicable at the time
Cash and cash equivalents at beginning of period	$	138,645
Net decrease in cash and cash equivalents		(34,271)
Cash and cash equivalents at end of period		104,374
Net cash provided by (used in) operating activities: changes in operating assets and liabilities		822
Net cash used in investing activities		(907,949)
Net cash provided by financing activities		412,844

As currently reported under ASU 2016-15 and ASU 2016-18
Cash, cash equivalents and restricted cash at beginning of period	$	167,960
Net increase (decrease) in cash, cash equivalents and restricted cash		75,812
Cash, cash equivalents and restricted cash at end of period		243,772
Net cash provided by (used in) operating activities: changes in operating assets and liabilities		(308)
Net cash used in investing activities		(906,845)
Net cash provided by financing activities		522,953

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

Hedging Activities and Derivatives

Revenue Recognition

Leases

Stock-Based Compensation

Income Taxes

Earnings Per Share

Recently Adopted Accounting Pronouncements


Description	Adoption Date	Effect on Financial Statements
ASU 2016-02, Leases (Topic 842) requires lessees to record most leases on their balance sheet through operating and finance lease liabilities and corresponding ROU assets, as well as adding additional footnote disclosures of key information about those arrangements. ASU 2018-11, Leases (Topic 842)-Targeted Improvements provides transition relief on comparative period reporting through a cumulative-effect adjustment at the beginning of the period of adoption ("Effective Date Method").	First quarter of 2019	We adopted this guidance using the Effective Date Method and elected the group of optional practical expedients, therefore, comparative reporting periods have not been adjusted and are reported under the previous accounting guidance. Upon adoption, we recorded an operating lease ROU asset and corresponding lease liability of $20.1 million, which are included as other assets and other liabilities in our consolidated balance sheets. We also added the required footnote disclosures in Note 15.

ASU 2018-07, Compensation—Stock Compensation expands the scope of ASC Topic 718, Compensation—Stock Compensation, to include share-based payment transactions for acquiring goods and services from nonemployees.	First quarter of 2019	The adoption of this guidance did not have a material impact on our consolidated financial statements.

ASU 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities better aligns risk management activities and financial reporting for hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. Among other amendments, the update allows entities to designate the variability in cash flows attributable to changes in a contractually specified component stated in the contract as the hedged risk in a cash flow hedge of a forecasted purchase or sale of a nonfinancial asset.	First quarter of 2019	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 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	We expect the adoption of this guidance on January 1, 2020 to increase our allowance for loan losses by $27 million to $37 million related to our Structured Business loan and investment portfolio, our Agency Business loss-sharing obligations under the Fannie Mae DUS program and our held-to-maturity debt securities within both businesses. We will record the cumulative effect of initially applying this guidance as an adjustment to our Accumulated Deficit using the modified retrospective method of adoption.
In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This ASU removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application.	First quarter of 2021 with early adoption permitted	We do not expect the adoption of this guidance to have a significant impact on consolidated financial statements.

Basis of Presentation and Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2019

Basis of Presentation and Significant Accounting Policies

Schedules of Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements

Recently Adopted Accounting Pronouncements


Description	Adoption Date	Effect on Financial Statements
ASU 2016-02, Leases (Topic 842) requires lessees to record most leases on their balance sheet through operating and finance lease liabilities and corresponding ROU assets, as well as adding additional footnote disclosures of key information about those arrangements. ASU 2018-11, Leases (Topic 842)-Targeted Improvements provides transition relief on comparative period reporting through a cumulative-effect adjustment at the beginning of the period of adoption ("Effective Date Method").	First quarter of 2019	We adopted this guidance using the Effective Date Method and elected the group of optional practical expedients, therefore, comparative reporting periods have not been adjusted and are reported under the previous accounting guidance. Upon adoption, we recorded an operating lease ROU asset and corresponding lease liability of $20.1 million, which are included as other assets and other liabilities in our consolidated balance sheets. We also added the required footnote disclosures in Note 15.

ASU 2018-07, Compensation—Stock Compensation expands the scope of ASC Topic 718, Compensation—Stock Compensation, to include share-based payment transactions for acquiring goods and services from nonemployees.	First quarter of 2019	The adoption of this guidance did not have a material impact on our consolidated financial statements.

ASU 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities better aligns risk management activities and financial reporting for hedging relationships through changes to both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. Among other amendments, the update allows entities to designate the variability in cash flows attributable to changes in a contractually specified component stated in the contract as the hedged risk in a cash flow hedge of a forecasted purchase or sale of a nonfinancial asset.	First quarter of 2019	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 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	We expect the adoption of this guidance on January 1, 2020 to increase our allowance for loan losses by $27 million to $37 million related to our Structured Business loan and investment portfolio, our Agency Business loss-sharing obligations under the Fannie Mae DUS program and our held-to-maturity debt securities within both businesses. We will record the cumulative effect of initially applying this guidance as an adjustment to our Accumulated Deficit using the modified retrospective method of adoption.
In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This ASU removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application.	First quarter of 2021 with early adoption permitted	We do not expect the adoption of this guidance to have a significant impact on consolidated financial statements.

Schedule of Cash flows before and after adoption of ASU 2016-18 and ASU 2016-15


	Year Ended
(in thousands)	December 31, 2017
As previously reported under GAAP applicable at the time
Cash and cash equivalents at beginning of period	$	138,645
Net decrease in cash and cash equivalents		(34,271)
Cash and cash equivalents at end of period		104,374
Net cash provided by (used in) operating activities: changes in operating assets and liabilities		822
Net cash used in investing activities		(907,949)
Net cash provided by financing activities		412,844

As currently reported under ASU 2016-15 and ASU 2016-18
Cash, cash equivalents and restricted cash at beginning of period	$	167,960
Net increase (decrease) in cash, cash equivalents and restricted cash		75,812
Cash, cash equivalents and restricted cash at end of period		243,772
Net cash provided by (used in) operating activities: changes in operating assets and liabilities		(308)
Net cash used in investing activities		(906,845)
Net cash provided by financing activities		522,953

Loans and Investments (Tables)

12 Months Ended

Dec. 31, 2019

Loans and Investments

Schedule of composition of company's structured business loan and investment portfolio

The composition of our Structured Business loan and investment portfolio is as follows ($ in thousands):


									Wtd. Avg.		Wtd. Avg.
								Wtd. Avg.	First		Last
								Remaining	Dollar		Dollar
	December 31,		Percent of		Loan	Wtd. Avg.		Months to	LTV		LTV
	2019		Total		Count	Pay Rate (1)		Maturity	Ratio (2)		Ratio (3)
Bridge loans (4)	$	3,836,832	90	%	217	5.77	%	18.0	0	%	75	%
Mezzanine loans		191,575	4	%	24	9.70	%	36.7	22	%	73	%
Preferred equity investments		181,058	4	%	10	7.62	%	68.8	69	%	89	%
Other (5)		70,146	2	%	21	2.88	%	84.8	0	%	70	%
		4,279,611	100	%	272	5.98	%	22.1	4	%	76	%
Allowance for loan losses		(71,069)
Unearned revenue		(18,582)
Loans and investments, net	$	4,189,960


									Wtd. Avg.		Wtd. Avg.
								Wtd. Avg.	First		Last
								Remaining	Dollar		Dollar
	December 31,		Percent of		Loan	Wtd. Avg.		Months to	LTV		LTV
	2018		Total		Count	Pay Rate (1)		Maturity	Ratio (2)		Ratio (3)
Bridge loans	$	2,992,814	91	%	167	6.84	%	18.5	0	%	74	%
Mezzanine loans		108,867	3	%	13	10.57	%	22.1	28	%	72	%
Preferred equity investments		181,661	6	%	10	7.97	%	78.0	66	%	89	%
		3,283,342	100	%	190	7.02	%	22.0	5	%	75	%
Allowance for loan losses		(71,069)
Unearned revenue		(12,128)
Loans and investments, net	$	3,200,145

(4)Included within bridge loans are 11 single-family rental loans with an aggregate UPB of $66.7 million, of which $30.0 million was funded.

(5)Included within other are 12 single-family rental permanent loans with an aggregate UPB of $41.6 million and 9 purchased loans with an aggregate UPB of $28.6 million .

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, 2019
					Wtd. Avg.	Wtd. Avg.		Wtd. Avg.
			Percentage		Internal	First Dollar		Last Dollar
Asset Class	UPB		of Portfolio		Risk Rating	LTV Ratio		LTV Ratio
Multifamily	$	3,429,278	80	%	pass/watch	4	%	76	%
Land		221,489	5	%	special mention	0	%	87	%
Healthcare		203,694	5	%	pass/watch	0	%	76	%
Hotel		142,300	3	%	pass/watch	10	%	60	%
Office		134,007	3	%	special mention	3	%	67	%
Single-Family Rental		71,592	2	%	pass	0	%	71	%
Retail		49,258	1	%	special mention	6	%	62	%
Self Storage		26,293	1	%	pass/watch	24	%	53	%
Other		1,700	<1	%	doubtful	63	%	63	%
Total	$	4,279,611	100	%	pass/watch	4	%	76	%


	December 31, 2018
Multifamily	$	2,427,920	74	%	pass/watch	5	%	75	%
Land		151,628	5	%	substandard	0	%	90	%
Healthcare		122,775	4	%	pass/watch	0	%	77	%
Hotel		100,075	3	%	pass/watch	13	%	66	%
Office		132,047	4	%	special mention	3	%	68	%
Retail		45,367	1	%	pass/watch	6	%	65	%
Self Storage		301,830	9	%	pass/watch	0	%	72	%
Other		1,700	<1	%	doubtful	63	%	63	%
Total	$	3,283,342	100	%	pass/watch	5	%	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,
	2019		2018		2017
Allowance at beginning of period	$	71,069	$	62,783	$	83,712
Provision for loan losses		—		13,986		2,000
Charge-offs		—		(3,173)		(20,473)
Recoveries of reserves		—		(2,527)		(2,456)
Allowance at end of period	$	71,069	$	71,069	$	62,783

Summary of the company's impaired loans by asset class

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


							Year Ended December 31,
	December 31, 2019						2019
							Average		Interest
			Carrying		Allowance for		Recorded		Income
Asset Class	UPB		Value (1)		Loan Losses		Investment (2)		Recognized
Land	$	134,215	$	126,800	$	67,869	$	134,215	$	107
Office		2,226		2,226		1,500		2,246		132
Commercial		1,700		1,700		1,700		1,700		—
Total	$	138,141	$	130,726	$	71,069	$	138,161	$	239


							Year Ended December 31,
	December 31, 2018						2018
Land	$	134,215	$	127,869	$	67,869	$	132,651	$	103
Hotel		—		—		—		17,375		—
Office		2,266		2,266		1,500		2,277		127
Commercial		1,700		1,700		1,700		1,700		—
Total	$	138,181	$	131,835	$	71,069	$	154,003	$	230

(1)

Represents the UPB of five impaired loans (less unearned revenue and other holdbacks and adjustments) by asset class at both December 31, 2019 and 2018.

(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, 2019						December 31, 2018
			Less Than		Greater Than				Less Than		Greater Than
	Carrying		90 Days		90 Days		Carrying		90 Days		90 Days
Asset Class	Value		Past Due		Past Due		Value		Past Due		Past Due
Commercial	$	1,700	$	—	$	1,700	$	1,700	$	—	$	1,700
Retail		990		—		990		—		—		—
Office		833		—		833		832		—		832
Total	$	3,523	$	—	$	3,523	$	2,532	$	—	$	2,532

Loans Held-for-Sale, Net (Tables)

12 Months Ended

Dec. 31, 2019

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, 2019		December 31, 2018
Fannie Mae	$	408,534	$	358,790
Private Label		401,207		—
Freddie Mac		36,303		95,004
FHA		1,082		19,170
		847,126		472,964
Fair value of future MSR		16,519		10,253
Unearned discount		(2,285)		(1,553)
Loans held-for-sale, net	$	861,360	$	481,664

Capitalized Mortgage Servicing Rights (Tables) - MSRs

12 Months Ended

Dec. 31, 2019

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, 2019						Year Ended December 31, 2018
	Acquired		Originated		Total		Acquired		Originated		Total
Balance at beginning of period	$	97,084	$	176,686	$	273,770	$	143,270	$	109,338	$	252,608
Additions		—		83,756		83,756		—		94,344		94,344
Amortization		(21,042)		(27,639)		(48,681)		(28,958)		(19,166)		(48,124)
Write-downs and payoffs		(11,523)		(10,902)		(22,425)		(17,228)		(7,830)		(25,058)
Balance at end of period	$	64,519	$	221,901	$	286,420	$	97,084	$	176,686	$	273,770

Schedule of expected amortization of capitalized MSRs recorded

The expected amortization of capitalized MSRs recorded as of December 31, 2019 is as follows (in thousands):


Year	Amortization
2020	$	46,307
2021		42,538
2022		37,596
2023		33,203
2024		28,981
Thereafter		97,795
Total	$	286,420

Mortgage Servicing (Tables)

12 Months Ended

Dec. 31, 2019

MSRs

Mortgage Servicing

Schedule of product and geographic concentrations in servicing revenue

Product and geographic concentrations that impact our servicing revenue are as follows ($ in thousands):


December 31, 2019
Product Concentrations					Geographic Concentrations
			Percent of			UPB Percent
Product	UPB (1)		Total		State	of Total
Fannie Mae	$	14,832,844	74	%	Texas	19	%
Freddie Mac		4,534,714	23	%	North Carolina	9	%
FHA		691,519	3	%	New York	9	%
Total	$	20,059,077	100	%	California	9	%
					Florida	6	%
					Georgia	6	%
					Other(2)	42	%
					Total	100	%


December 31, 2018
Product Concentrations					Geographic Concentrations
			Percent of			UPB Percent
Product	UPB (1)		Total		State	of Total
Fannie Mae	$	13,562,667	73	%	Texas	20	%
Freddie Mac		4,394,287	24	%	North Carolina	10	%
FHA		644,687	3	%	New York	8	%
Total	$	18,601,641	100	%	California	8	%
					Georgia	6	%
					Florida	6	%
					Other(2)	42	%
					Total	100	%

(1)

Excludes loans which we are not collecting a servicing fee.

(2)

No other individual state represented 4% or more of the total.

Securities Held-to-Maturity (Tables)

12 Months Ended

Dec. 31, 2019

Securities Held-to-Maturity

Summary of securities held-to-maturity

A summary of our securities held-to-maturity is as follows (in thousands):


			Carrying		Unrealized		Estimated
Period	Face Value		Value		Gain		Fair Value
December 31, 2019	$	111,028	$	88,699	$	3,039	$	91,738

December 31, 2018	$	103,515	$	76,363	$	2,734	$	79,097

Investments in Equity Affiliates (Tables)

12 Months Ended

Dec. 31, 2019

Investments in Equity Affiliates

Summary of the company's investments in equity affiliates

A summary of our investments in equity affiliates is as follows (in thousands):


	Investments in Equity Affiliates at				UPB of Loans to
	December 31,		December 31,		Equity Affiliates at
Equity Affiliates	2019		2018		December 31, 2019
Arbor Residential Investor LLC	$	26,520	$	19,260	$	—
AMAC Holdings III LLC		10,520		—		15,600
North Vermont Avenue		2,440		—		—
Lightstone Value Plus REIT L.P		1,895		1,895		—
JT Prime		425		425		—
West Shore Café		—		—		1,688
Lexford Portfolio		—		—		30,470
East River Portfolio		—		—		—
Total	$	41,800	$	21,580	$	47,758

Real Estate Owned (Tables)

12 Months Ended

Dec. 31, 2019

Real Estate Owned

Schedule of real estate owned


	December 31, 2019						December 31, 2018
	Hotel		Office				Hotel		Office
(in thousands)	Property		Building		Total		Property		Building		Total
Land	$	3,294	$	4,509	$	7,803	$	3,294	$	4,509	$	7,803
Building and intangible assets		31,541		2,010		33,551		31,066		2,010		33,076
Less: Impairment loss		(14,307)		(2,500)		(16,807)		(13,307)		(2,500)		(15,807)
Less: Accumulated depreciation and amortization		(10,320)		(1,007)		(11,327)		(9,778)		(848)		(10,626)
Real estate owned, net	$	10,208	$	3,012	$	13,220	$	11,275	$	3,171	$	14,446

Goodwill and Other Intangible Assets (Tables) - Other Intangible Assets

12 Months Ended

Dec. 31, 2019

Goodwill and Other Intangible Assets

Schedule of other intangible assets

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


	December 31, 2019						December 31, 2018
	Gross						Gross
	Carrying		Accumulated				Carrying		Accumulated
	Value		Amortization		Total		Value		Amortization		Total
Finite-lived intangible assets:
Broker relationships	$	25,000	$	(10,807)	$	14,193	$	25,000	$	(7,683)	$	17,317
Borrower relationships		14,400		(4,980)		9,420		14,400		(3,540)		10,860
Below market leases		4,010		(2,548)		1,462		4,010		(1,811)		2,199
Acquired technology		900		(900)		—		900		(737)		163
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	$	(19,235)	$	54,075	$	73,310	$	(13,771)	$	59,539

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


	Wtd. Avg.	Estimated Amortization Expense for the
	Remaining Life	Years Ending December 31,
	(in years)	2020		2021		2022		2023		2024
Finite-lived intangible assets:
Broker relationships	4.5	$	3,125	$	3,125	$	3,125	$	3,125	$	1,693
Borrower relationships	6.5		1,440		1,440		1,440		1,440		1,440
Below market leases	4.8		684		126		126		126		126
	5.3	$	5,249	$	4,691	$	4,691	$	4,691	$	3,259

Debt Obligations (Tables)

12 Months Ended

Dec. 31, 2019

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 are as follows ($ in thousands):


							Collateral (3)
	Debt						Loans				Cash
	Face		Carrying		Wtd. Avg.				Carrying		Restricted
Period	Value		Value (1)		Rate (2)		UPB		Value		Cash (4)
December 31, 2019	$	70,000	$	68,629	5.99	%	$	70,755	$	68,629	$	29,245
December 31, 2018	$	70,000	$	68,183	6.75	%	$	69,186	$	68,924	$	30,814

(1)

Debt carrying value is net of $1.4 million and $1.8 million of deferred financing fees at December 31, 2019 and 2018, respectively.

(2)

At December 31, 2019 and 2018, the aggregate weighted average note rate, including certain fees and costs, was 7.17% and 7.49%, respectively.

(3)

At both December 31, 2019 and 2018, there was no collateral at risk of default or deemed to be a “credit risk.”

(4)

Represents restricted cash held for reinvestment. Excludes 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 our convertible notes are as follows (in thousands):


	Liability								Equity
	Component								Component
			Unamortized		Unamortized Deferred		Net Carrying		Net Carrying
Period	UPB		Debt Discount		Financing Fees		Value		Value
December 31, 2019	$	300,914	$	9,235	$	7,527	$	284,152	$	9,962
December 31, 2018	$	270,057	$	8,229	$	7,060	$	254,768	$	9,436

Credit Facilities and Repurchase Agreements

Debt Obligations

Schedule of borrowings

Borrowings under our credit facilities and repurchase agreements are as follows ($ in thousands):


	December 31, 2019								December 31, 2018
			Debt		Collateral						Debt		Collateral
			Carrying		Carrying		Wtd. Avg.				Carrying		Carrying		Wtd. Avg.
	UPB		Value (1)		Value		Note Rate		UPB		Value (1)		Value		Note Rate
Structured Business
$400 million joint repurchase facility	$	225,051	$	224,658	$	339,378	4.06	%	$	336,428	$	334,696	$	467,680	4.75	%
$300 million repurchase facility		218,891		218,418		291,292	3.76	%		—		—		—	—
$200 million repurchase facility		40,612		40,530		48,086	4.22	%		—		—		—	—
$128.7 million loan specific credit facilities		128,677		128,274		184,116	4.13	%		85,044		84,701		124,844	4.93	%
$100 million repurchase facility		45,962		45,843		63,800	3.56	%		71,017		70,837		98,597	4.31	%
$75 million credit facility		4,690		4,570		7,000	3.56	%		10,237		10,237		16,889	4.31	%
$75 million credit facility		—		—		—	—			—		—		—	—
$50 million credit facility		14,948		14,933		17,650	3.81	%		14,160		14,159		17,700	4.57	%
$50 million credit facility		12,349		12,191		16,499	4.32	%		—		—		—	—
$50 million credit facility		5,280		5,254		6,600	4.32	%		—		—		—	—
$25 million credit facility		19,936		19,651		28,572	4.07	%		—		—		—	—
$25 million working capital facility		—		—		—	—			—		—		—	—
$20 million credit facility		—		—		—	—			20,000		19,912		41,650	5.07	%
$8 million credit facility		—		—		—	—			8,000		7,946		10,000	5.07	%
$3.3 million master security agreements		3,267		3,267		—	4.08	%		2,846		2,846		—	4.06	%
Repurchase facilities-securities (2)		217,105		217,105		—	3.90	%		118,112		118,112		—	5.07	%
Structured Business total	$	936,768	$	934,694	$	1,002,993	3.94	%	$	665,844	$	663,446	$	777,360	4.78	%
Agency Business
$750 million ASAP agreement	$	148,725	$	148,725	$	148,725	2.81	%	$	104,619	$	104,619	$	104,619	3.55	%
$500 million repurchase facility		187,742		187,698		187,742	2.91	%		130,917		130,906		130,917	3.78	%
$300 million joint repurchase facility		300,446		299,824		300,446	3.26	%		—		—		—	—
$250 million credit facility		—		—		—	—			26,651		26,651		26,651	3.75	%
$150 million credit facility		89,673		89,657		89,673	2.91	%		113,685		113,666		113,685	3.80	%
$150 million credit facility		17,792		17,690		17,792	2.91	%		96,419		96,339		96,419	3.80	%
Agency Business total	$	744,378	$	743,594	$	744,378	3.03	%	$	472,291	$	472,181	$	472,291	3.74	%
Consolidated total	$	1,681,146	$	1,678,288	$	1,747,371	3.54	%	$	1,138,135	$	1,135,627	$	1,249,651	4.35	%

(1)

CLOs

Debt Obligations

Schedule of borrowings

Borrowings and the corresponding collateral under our CLOs are as follows ($ in thousands):


							Collateral (3)
	Debt						Loans				Cash
			Carrying		Wtd. Avg.				Carrying		Restricted
December 31, 2019	Face Value		Value (1)		Rate (2)		UPB		Value		Cash (4)

CLO XII	$	534,193	$	529,448	3.30	%	$	596,366	$	593,652	$	17,800
CLO XI		533,000		528,690	3.25	%		624,443		621,508		15,550
CLO X		441,000		437,391	3.26	%		509,887		507,854		37,287
CLO IX		356,400		353,473	3.17	%		407,696		406,463		47,230
CLO VIII		282,874		281,119	3.12	%		359,186		357,914		544
Total CLOs	$	2,147,467	$	2,130,121	3.23	%	$	2,497,578	$	2,487,391	$	118,411


	Debt						Collateral (3)
							Loans				Cash
			Carrying		Wtd. Avg.				Carrying		Restricted
December 31, 2018	Face Value		Value (1)		Rate (2)		UPB		Value		Cash (4)

CLO X	$	441,000	$	436,384	4.01	%	$	539,007	$	536,869	$	20,993
CLO IX		356,400		352,244	3.92	%		440,906		439,691		20,094
CLO VIII		282,874		279,857	3.87	%		354,713		353,574		10,287
CLO VII		279,000		276,527	4.56	%		325,057		324,195		30,725
CLO VI		250,250		248,536	5.05	%		279,348		278,364		41,404
Total CLOs	$	1,609,524	$	1,593,548	4.22	%	$	1,939,031	$	1,932,693	$	123,503

(1)

Debt carrying value is net of $17.3 million and $16.0 million of deferred financing fees at December 31, 2019 and 2018, respectively.

(2)

At December 31, 2019 and 2018, the aggregate weighted average note rate for our CLOs, including certain fees and costs, was 3.63% and 4.73%, respectively.

(3)

As of December 31, 2019 and 2018, there was no collateral at risk of default or deemed to be a “credit risk” as defined by the CLO indenture.

(4)

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


Cash Flow Triggers	CLO VIII		CLO IX		CLO X		CLO XI		CLO XII
Overcollateralization (1)
Current	129.03	%	134.68	%	126.98	%	121.95	%	118.87	%
Limit	128.03	%	133.68	%	125.98	%	120.95	%	117.87	%
Pass / Fail	Pass		Pass		Pass		Pass		Pass

Interest Coverage (2)
Current	285.83	%	250.76	%	250.52	%	229.31	%	187.58	%
Limit	120.00	%	120.00	%	120.00	%	120.00	%	120.00	%
Pass / Fail	Pass		Pass		Pass		Pass		Pass

(1)

(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 VIII		CLO IX		CLO X		CLO XI		CLO XII
January 2020	129.03	%	134.68	%	126.98	%	121.95	%	118.87	%
October 2019	129.03	%	134.68	%	126.98	%	121.95	%	—
July 2019	129.03	%	134.68	%	126.98	%	121.95	%	—
April 2019	129.03	%	134.69	%	126.98	%	—		—
January 2019	129.03	%	134.68	%	126.98	%	—		—

(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, 2019

Allowance for Loss-Sharing Obligations

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

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


	Year Ended
	December 31,
	2019		2018
Beginning balance	$	34,298	$	30,511
Provision for loss sharing		4,879		7,126
Provision reversal for loan repayments		(3,732)		(3,283)
Charge-offs, net		(797)		(56)
Ending balance	$	34,648	$	34,298

- 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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=118942415&loc=d3e14472-108349

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=118942415&loc=d3e14326-108349

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=118942415&loc=d3e14453-108349

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=118942415&loc=d3e14615-108349

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=118943654&loc=d3e12021-110248

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=118942415&loc=d3e14394-108349

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=118942415&loc=d3e14435-108349

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=118942415&loc=d3e14557-108349

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=118943654&loc=d3e12053-110248

+ Details

Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2019

Agency Business

Schedule of non-qualifying derivative financial instruments

A summary of our non-qualifying derivative financial instruments is as follows ($in thousands):


December 31, 2019
	Notional Value				Fair Value
		Notional			Derivative		Derivative
Derivative	Count	Value		Balance Sheet Location	Assets		Liabilities
Agency Business
Rate Lock Commitments	5	$	37,657	Other Assets/Other Liabilities	$	1,066	$	(202)
Forward Sale Commitments	79		483,576	Other Assets/Other Liabilities		369		(2,895)
Swap Futures	3,274		327,400			—		—
		$	848,633		$	1,435	$	(3,097)
Structures Business
Swap Futures	271	$	27,100	Other Assets/Other Liabilities	$	—	$	—

December 31, 2018
Agency Business
Rate Lock Commitments	4	$	18,161	Other Assets/Other Liabilities	$	324	$	(95)
Forward Sale Commitments	90		491,125	Other Assets/Other Liabilities		5,789		(637)
		$	509,286		$	6,113	$	(732)

Fair Value (Tables)

12 Months Ended

Dec. 31, 2019

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, 2019						December 31, 2018
	Principal /						Principal /
	Notional		Carrying		Estimated		Notional		Carrying		Estimated
	Amount		Value		Fair Value		Amount		Value		Fair Value
Financial assets:
Loans and investments, net	$	4,279,611	$	4,189,960	$	4,228,071	$	3,283,342	$	3,200,145	$	3,249,499
Loans held-for-sale, net		847,126		861,360		876,975		472,964		481,664		489,546
Capitalized mortgage servicing rights, net		n/a		286,420		328,995		n/a		273,770		322,463
Securities held-to-maturity, net		111,028		88,699		91,738		103,515		76,363		79,097
Derivative financial instruments		173,532		1,435		1,435		400,661		6,113		6,113
Financial liabilities:
Credit and repurchase facilities	$	1,681,146	$	1,678,288	$	1,677,658	$	1,138,135	$	1,135,627	$	1,135,774
Collateralized loan obligations		2,147,467		2,130,121		2,147,944		1,609,524		1,593,548		1,588,989
Debt fund		70,000		68,629		70,138		70,000		68,183		70,154
Senior unsecured notes		325,000		319,799		331,225		125,000		122,484		123,750
Convertible senior unsecured notes, net		300,914		284,152		310,778		270,057		254,768		267,324
Junior subordinated notes		154,336		140,949		97,668		154,336		140,259		95,873
Derivative financial instruments		347,701		3,097		3,097		108,625		732		732

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, 2019 (in thousands):


					Fair Value Measurements
	Carrying				Using Fair Value Hierarchy
	Value		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Derivative financial instruments	$	1,435	$	1,435	$	—	$	369	$	1,066
Financial liabilities:
Derivative financial instruments	$	3,097	$	3,097	$	—	$	3,097	$	—

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


					Fair Value Measurements
	Net Carrying				Using Fair Value Hierarchy
	Value		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Impaired loans, net (1)	$	59,657	$	59,657	$	—	$	—	$	59,657
Non-financial assets:
Long-lived assets (2)	$	13,220	$	13,220	$	—	$	—	$	13,220

(1)

We had an allowance for loan losses of $71.1 million relating to five loans with an aggregate carrying value, before loan loss reserves, of $130.7 million at December 31, 2019.

(2)

We recorded a $1.0 million impairment loss during 2019 on the hotel property we own. See Note 9 for details.

Schedule of quantitative information about Level 3 fair value measurements

Quantitative information about Level 3 fair value measurements at December 31, 2019 is as follows ($ in thousands):


			Valuation	Significant
	Fair Value		Techniques	Unobservable Inputs
Financial assets:
Impaired loans:
Land	$	58,931	Discounted cash flows	Discount rate	23.00	%
				Revenue growth rate	3.00	%


Office		726	Discounted cash flows	Discount rate	11.00	%
				Capitalization rate	9.00	%
				Revenue growth rate	2.50	%

Derivative financial instruments:
Rate lock commitments		1,066	Discounted cash flows	W/A discount rate	13.59	%

Long-lived assets:

Hotel proerty		10,208	Broker quotes	N/A	N/A

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

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


	Fair Value
	Measurements Using
	Significant
	Unobservable Inputs
	for the Year Ended
	December 31,
	2019		2018		2017
Derivative assets
Balance at beginning of period	$	324	$	276	$	2,816
Settlements		(83,992)		(98,791)		(79,360)
Realized gains recorded in earnings		83,668		98,515		76,544
Unrealized gains recorded in earnings		1,066		324		276
Balance at end of period	$	1,066	$	324	$	276

Schedule of components of fair value and other relevant information


	Notional/		Fair Value of		Interest Rate		Total Fair
	Principal Amount		Servicing Rights		Movement Effect		Value Adjustment
December 31, 2019
Rate lock commitments	$	37,657	$	1,066	$	(202)	$	864
Forward sale commitments		483,576		—		202		202
Loans held-for-sale, net (1)		847,126		16,519		—		16,519
Total			$	17,585	$	—	$	17,585

(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 values of these assets and liabilities are determined using the following input levels as of December 31, 2019 (in thousands):


					Fair Value Measurements
	Carrying				Using Fair Value Hierarchy
	Value		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Loans and investments, net	$	4,189,960	$	4,228,071	$	—	$	—	$	4,228,071
Loans held-for-sale, net		861,360		876,975		—		860,456		16,519
Capitalized mortgage servicing rights, net		286,420		328,995		—		—		328,995
Securities held-to-maturity, net		88,699		91,738		—		—		91,738

Financial liabilities:
Credit and repurchase facilities	$	1,678,288	$	1,677,658	$	—	$	743,594	$	934,064
Collateralized loan obligations		2,130,121		2,147,944		—		—		2,147,944
Debt fund		68,629		70,138		—		—		70,138
Senior unsecured notes		319,799		331,225		331,225		—		—
Convertible senior unsecured notes, net		284,152		310,778		—		310,778		—
Junior subordinated notes		140,949		97,668		—		—		97,668

- 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, 2019

Commitments and Contingencies

Schedule of maturities of debt obligations and operating lease payments

As of December 31, 2019, the maturities of our debt obligations and the minimum annual operating lease payments under leases with a term in excess of one year are as follows (in thousands):


			Minimum Annual
	Debt		Operating Lease
Year	Obligations		Payments		Total
2020	$	1,629,115	$	5,301	$	1,634,416
2021		495,601		3,044		498,645
2022		1,479,600		2,775		1,482,375
2023		496,049		2,052		498,101
2024		215,154		1,459		216,613
Thereafter		363,344		3,304		366,648
Total	$	4,678,863	$	17,935	$	4,696,798

Variable Interest Entities (Tables)

12 Months Ended

Dec. 31, 2019

Variable Interest Entities

Schedule of the assets and liabilities related to the consolidated CLOs and Debt Fund

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


	December 31, 2019		December 31, 2018
Assets:
Restricted cash	$	208,467	$	179,855
Loans and investments, net		2,557,909		2,001,617
Other assets		18,380		16,624
Total assets	$	2,784,756	$	2,198,096
Liabilities:
Collateralized loan obligations	$	2,130,121	$	1,593,548
Debt fund		68,629		68,183
Due to related party		6,734		—
Other liabilities		4,115		3,408
Total liabilities	$	2,209,599	$	1,665,139

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

A summary of our variable interests in identified VIEs, of which we are not the primary beneficiary, as of December 31, 2019 is as follows (in thousands):


	Carrying
Type	Amount (1)
Loans	$	436,169
B Piece and SFR bonds		88,699
Equity investments		12,961
Agency interest only strips		2,735
Total	$	540,564

(1)

- 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, 2019

Equity

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

Dividends declared (on a per share basis) for the year ended December 31, 2019 are as follows:


Common Stock			Preferred Stock
				Dividend (1)
Declaration Date	Dividend		Declaration Date	Series A		Series B		Series C
February 13, 2019	$	0.27	February 1, 2019	$	0.515625	$	0.484375	$	0.53125
May 1, 2019	$	0.28	May 1, 2019	$	0.515625	$	0.484375	$	0.53125
July 31, 2019	$	0.29	July 31, 2019	$	0.515625	$	0.484375	$	0.53125
October 30, 2019	$	0.30	October 30, 2019	$	0.515625	$	0.484375	$	0.53125

(1)

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

A reconciliation of the numerator and denominator of our basic and diluted EPS computations ($ in thousands, except share and per share data) is as follows:


	Year Ended December 31,
	2019				2018				2017
	Basic		Diluted		Basic		Diluted		Basic		Diluted
Net income attributable to common stockholders (1)	$	121,074	$	121,074	$	108,312	$	108,312	$	65,835	$	65,835
Net income attributable to noncontrolling interest (2)		—		26,610		—		32,185		—		24,120
Net income attributable to common stockholders and noncontrolling interest	$	121,074	$	147,684	$	108,312	$	140,497	$	65,835	$	89,955
Weighted average shares outstanding		92,851,327		92,851,327		70,208,165		70,208,165		57,890,574		57,890,574
Dilutive effect of OP Units (2)		—		20,502,128		—		21,033,103		—		21,230,769
Dilutive effect of restricted stock units (3)		—		1,421,528		—		1,476,653		—		1,092,072
Dilutive effect of convertible notes (4)		—		1,417,968		—		908,861		—		97,837
Dilutive effect of stock dividend (5)		—		—		—		15,386		—		—
Weighted average shares outstanding		92,851,327		116,192,951		70,208,165		93,642,168		57,890,574		80,311,252
Net income per common share (1)	$	1.30	$	1.27	$	1.54	$	1.50	$	1.14	$	1.12

(1)

Net of preferred stock dividends.

(2)

(3)

Mr. Kaufman is granted restricted stock units annually, which vest at the end of a four-year performance period based upon our achievement of total stockholder return objectives.

(4)

(5)

Represents the dilutive effect of the portion of the special dividend that was paid with common shares.

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Taxes

Schedule of pre-tax GAAP income

A summary of our pre-tax GAAP income is as follows (in thousands):


	Year Ended December 31,
	2019		2018		2017
Pre-tax GAAP income:
REIT	$	94,076	$	64,260	$	66,988
TRS Consolidated Group		76,198		93,522		43,880
Total pre-tax GAAP income	$	170,274	$	157,782	$	110,868

Schedule of provision (benefit) from income taxes

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


	Year Ended December 31,
	2019		2018		2017
Current tax provision:
Federal	$	12,380	$	17,479	$	17,201
State		2,505		4,285		3,557
Total		14,885		21,764		20,758

Deferred tax provision (benefit) :
Federal	$	2,744	$	(9,446)	$	(2,928)
State		688		(2,867)		(929)
Valuation allowance		(3,281)		280		(3,542)
Total		151		(12,033)		(7,399)
Total income tax expense	$	15,036	$	9,731	$	13,359

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,
	2019		2018		2017
U.S. federal statutory rate	21.0	%	21.0	%	35.0	%
REIT non-taxable income	(11.3)		(8.6)		(21.2)
State and local income taxes, net of federal tax benefit	1.5		0.6		1.6
Change in valuation allowance	(1.9)		0.2		(1.3)
Preferred equity interest deferred tax write-off	—		(6.3)		—
Tax rate change	—		—		(4.8)
Other	(0.5)		(0.7)		2.7
Effective income tax rate	8.8	%	6.2	%	12.0	%

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 are as follows (in thousands):


	December 31,
	2019		2018
Deferred tax assets:
Expenses not currently deductible	$	14,850	$	11,853
Loan loss reserves		8,863		8,614
Net operating and capital loss carryforwards		417		417
Valuation allowance		(417)		(3,698)
Deferred tax assets, net	$	23,713	$	17,186
Deferred tax liabilities:
Interest in equity affiliates–net	$	1,587	$	136
Intangibles		8,684		9,674
Mortgage servicing rights		11,476		5,290
Other		837		807
Deferred tax liabilities, net	$	22,584	$	15,907

Segment Information (Tables)

12 Months Ended

Dec. 31, 2019

Segment Information

Schedule of statement of income and balance sheet by segment


	Year Ended December 31, 2019
	Structured		Agency		Other /
	Business		Business		Eliminations (1)		Consolidated
Interest income	$	289,841	$	26,099	$	—	$	315,940
Interest expense		169,802		16,597		—		186,399
Net interest income		120,039		9,502		—		129,541
Other revenue:
Gain on sales, including fee-based services, net		—		65,652		—		65,652
Mortgage servicing rights		—		90,761		—		90,761
Servicing revenue		—		103,223		—		103,223
Amortization of MSRs		—		(48,681)		—		(48,681)
Property operating income		9,674		—		—		9,674
Other income, net		903		(1,687)		—		(784)
Total other revenue		10,577		209,268		—		219,845
Other expenses:
Employee compensation and benefits		31,264		90,838		—		122,102
Selling and administrative		18,099		22,230		—		40,329
Property operating expenses		10,220		—		—		10,220
Depreciation and amortization		2,046		5,464		—		7,510
Impairment loss on real estate owned		1,000		—		—		1,000
Provision for loss sharing (net of recoveries)		—		1,147		—		1,147
Total other expenses		62,629		119,679		—		182,308
Income before extinguishment of debt, income from equity affiliates and income taxes		67,987		99,090		—		167,078
Loss on extinguishment of debt		(7,439)		—		—		(7,439)
Income from equity affiliates		10,635		—		—		10,635
Provision for income taxes		(668)		(14,368)		—		(15,036)
Net income		70,515		84,722		—		155,238
Preferred stock dividends		7,554		—		—		7,554
Net income attributable to noncontrolling interest		—		—		26,610		26,610
Net income attributable to common stockholders	$	62,961	$	84,722	$	(26,610)	$	121,074


	Year Ended December 31, 2018
	Structured		Agency		Other /
	Business		Business		Eliminations (1)		Consolidated
Interest income	$	226,750	$	25,018	$	—	$	251,768
Interest expense		137,719		15,770		329		153,818
Net interest income		89,031		9,248		(329)		97,950
Other revenue:
Gain on sales, including fee-based services, net		—		70,002		—		70,002
Mortgage servicing rights		—		98,839		—		98,839
Servicing revenue		—		94,158		—		94,158
Amortization of MSRs		—		(48,124)		—		(48,124)
Property operating income		10,095		—		—		10,095
Other income, net		1,490		6,671		—		8,161
Total other revenue		11,585		221,546		—		233,131
Other expenses:
Employee compensation and benefits		27,456		83,014		—		110,470
Selling and administrative		15,642		21,432		—		37,074
Property operating expenses		10,431		—		—		10,431
Depreciation and amortization		1,851		5,602		—		7,453
Impairment loss on real estae owned		2,000		—		—		2,000
Provision for loss sharing (net of recoveries)		—		3,843		—		3,843
Provision for loan losses (net of recoveries)		8,353		—		—		8,353
Litigation settlement gain		(10,170)		—		—		(10,170)
Total other expenses		55,563		113,891		—		169,454
Income before extinguishment of debt, income from equity affiliates and income taxes		45,053		116,903		(329)		161,627
Loss on extinguishment of debt		(5,041)		—		—		(5,041)
Income from equity affiliates		1,196		—		—		1,196
Benefit from (provision for) income taxes		774		(10,505)		—		(9,731)
Net income		41,982		106,398		(329)		148,051
Preferred stock dividends		7,554		—		—		7,554
Net income attributable to noncontrolling interest		—		—		32,185		32,185
Net income attributable to common stockholders	$	34,428	$	106,398	$	(32,514)	$	108,312


	Year Ended December 31, 2017
	Structured		Agency		Other /
	Business		Business		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 extinguishment of debt, loss from equity affiliates
and 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


	December 31, 2019
	Structured Business		Agency Business		Consolidated
Assets:
Cash and cash equivalents	$	264,468	$	35,219	$	299,687
Restricted cash		208,926		1,949		210,875
Loans and investments, net		4,189,960		—		4,189,960
Loans held-for-sale, net		—		861,360		861,360
Capitalized mortgage servicing rights, net		—		286,420		286,420
Securities held-to-maturity, net		20,000		68,699		88,699
Investments in equity affiliates		41,800		—		41,800
Goodwill and other intangible assets		12,500		98,200		110,700
Other assets		118,175		31,484		149,659
Total assets	$	4,855,829	$	1,383,331	$	6,239,160
Liabilities:
Debt obligations	$	3,878,343	$	743,595	$	4,621,938
Allowance for loss-sharing obligations		—		34,648		34,648
Other liabilities		171,004		55,543		226,547
Total liabilities	$	4,049,347	$	833,786	$	4,883,133


	December 31, 2018
	Structured Business		Agency Business		Consolidated
Assets:
Cash and cash equivalents	$	89,457	$	70,606	$	160,063
Restricted cash		180,606		—		180,606
Loans and investments, net		3,200,145		—		3,200,145
Loans held-for-sale, net		—		481,664		481,664
Capitalized mortgage servicing rights, net		—		273,770		273,770
Securities held- to- maturity, net		—		76,363		76,363
Investments in equity affiliates		21,580		—		21,580
Goodwill and other intangible assets		12,500		103,665		116,165
Other assets		81,494		20,325		101,819
Total assets	$	3,585,782	$	1,026,393	$	4,612,175
Liabilities:
Debt obligations	$	2,842,688	$	472,181	$	3,314,869
Allowance for loss-sharing obligations		—		34,298		34,298
Other liabilities		159,413		38,029		197,442
Total liabilities	$	3,002,101	$	544,508	$	3,546,609

Schedule of origination data and loan sales data


	Year Ended December 31,
	2019			2018			2017
Origination Data:
Structured Business
New loan originations	$	2,803,251		$	1,656,020		$	1,842,974
Loan payoffs / paydowns		1,748,387			955,575			924,120

Agency Business
Origination Volumes by Investor:
Fannie Mae	$	3,346,272		$	3,332,100		$	2,929,481
Freddie Mac		728,317			1,587,958			1,322,498
FHA		123,095			153,523			189,087
CMBS/Conduit		211,325			50,908			21,370
Private Label		401,216			—			—
Total	$	4,810,225		$	5,124,489		$	4,462,436
Total loan commitment volume	$	4,829,721		$	5,104,072		$	4,344,328

Loan Sales Data:
Agency Business
Fannie Mae	$	3,296,523		$	3,217,006		$	3,223,953
Freddie Mac		786,993			1,540,483			1,399,029
FHA		106,271			115,747			170,554
CMBS/Conduit		211,325			50,908			21,370
Total	$	4,401,112		$	4,924,144		$	4,814,906
Sales margin (fee-based services as a % of loan sales)		1.49	%		1.42	%		1.51	%
MSR rate (MSR income as a % of loan commitments)		1.88	%		1.94	%		1.77	%

Schedule of key servicing metrics for Agency Business


	December 31, 2019
				Wtd. Avg. Life of
	UPB of Servicing		Wtd. Avg. Servicing	Servicing Portfolio
Key Servicing Metrics for Agency Business:	Portfolio		Fee Rate (basis points)	(in years)
Fannie Mae	$	14,832,844	49.3		7.8
Freddie Mac		4,534,714	30.0		10.6
FHA		691,519	15.4		18.7
Total	$	20,059,077	43.8		8.8

	December 31, 2018
Fannie Mae	$	13,562,667	51.3		7.4
Freddie Mac		4,394,287	30.8		10.8
FHA		644,687	15.5		19.6
Total	$	18,601,641	45.2		8.6

Selected Quarterly Financial Data - Unaudited (Tables)

12 Months Ended

Dec. 31, 2019

Selected Quarterly Financial Data - Unaudited

Summary of quarterly financial data

Summarized quarterly financial data for 2019 and 2018 is as follows ($ in thousands, except per share data):


	Three Months Ended
	December 31, 2019		September 30, 2019		June 30, 2019		March 31, 2019
Net interest income	$	33,797	$	32,445	$	33,887	$	29,412
Total other revenue		62,365		62,558		50,072		44,848
Total other expenses		41,670		48,882		45,471		46,287
Income before extinguishment of debt, income from equity affiliates and income taxes		54,492		46,121		38,488		27,973
Loss on extinguishment of debt		(7,311)		—		—		(128)
Income from equity affiliates		1,502		3,718		3,264		2,151
(Provision for) benefit from income taxes		(4,072)		(6,623)		(4,350)		10
Net income		44,611		43,216		37,402		30,006
Preferred stock dividends		1,888		1,888		1,888		1,888
Net income attributable to noncontrolling interest		7,181		7,363		6,598		5,468
Net income attributable to common stockholders	$	35,542	$	33,965	$	28,916	$	22,650
Basic earnings per common share (1)	$	0.35	$	0.36	$	0.32	$	0.27
Diluted earnings per common share (1)	$	0.34	$	0.35	$	0.31	$	0.26


	Three Months Ended
	December 31, 2018		September 30, 2018		June 30, 2018		March 31, 2018
Net interest income	$	30,361	$	27,952	$	21,411	$	18,225
Total other revenue		77,464		55,580		46,923		53,162
Total other expenses		50,255		34,739		40,610		43,849
Income before extinguishment of debt, income from equity affiliates and income taxes		57,570		48,793		27,724		27,538
Loss on extinguishment of debt		(82)		(4,960)		—		—
Income (loss) from equity affiliates		91		(1,028)		1,387		746
(Provision for) benefit from income taxes		(8,635)		(5,381)		(4,499)		8,784
Net income		48,944		37,424		24,612		37,068
Preferred stock dividends		1,888		1,888		1,888		1,888
Net income attributable to noncontrolling interest		9,838		7,799		5,557		8,991
Net income attributable to common stockholders	$	37,218	$	27,737	$	17,167	$	26,189
Basic earnings per common share (1)	$	0.48	$	0.37	$	0.26	$	0.42
Diluted earnings per common share (1)	$	0.47	$	0.36	$	0.25	$	0.42

(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, Recently Adopted Accounting Pronouncements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Recently Adopted Accounting Pronouncements
Cash and cash equivalents at beginning of period	$ 160,063	$ 104,374	$ 138,645
Cash, cash equivalents and restricted cash at beginning of period	340,669	243,772	167,960
Net increase (decrease) in cash, cash equivalents and restricted cash	169,893	96,897	75,812
Cash and cash equivalents at end of period	299,687	160,063	104,374
Cash, cash equivalents and restricted cash at end of period	510,562	340,669	243,772
Net cash provided by (used in) operating activities: changes in operating assets and liabilities	(8,332)	(8,205)	(308)
Net cash used in investing activities	(994,740)	(681,875)	(906,845)
Net cash provided by financing activities	1,391,170	816,507	522,953
Unrealized loss on securities available-for-sale, at fair value			(382)
Retained Earnings (Accumulated Deficit)	$ (60,920)	(74,133)
Previously reported under GAAP
Recently Adopted Accounting Pronouncements
Cash and cash equivalents at beginning of period		104,374	138,645
Net decrease in cash and cash equivalents			(34,271)
Cash and cash equivalents at end of period			104,374
Net cash provided by (used in) operating activities: changes in operating assets and liabilities			822
Net cash used in investing activities			(907,949)
Net cash provided by financing activities			412,844
ASU 2016-15 and ASU 2016-18
Recently Adopted Accounting Pronouncements
Cash, cash equivalents and restricted cash at beginning of period		$ 243,772	167,960
Net increase (decrease) in cash, cash equivalents and restricted cash			75,812
Cash, cash equivalents and restricted cash at end of period			243,772
Net cash provided by (used in) operating activities: changes in operating assets and liabilities			(308)
Net cash used in investing activities			(906,845)
Net cash provided by financing activities			$ 522,953

Basis of Presentation and Significant Accounting Policies - Impaired Loans, Allowance for Loan Losses and Charge-offs (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($)	Jan. 01, 2020 USD ($)	Mar. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)
Impaired Loans, Allowance for Loan Losses and Charge-offs
Adjustments made to appraisals	$ 0
Allowance for Loss-Sharing Obligations
Period of a loan past due becomes delinquent	60 days
Real Estate Owned and Held-For-Sale
Period following acquisition in which the entity finalizes the purchase price allocation of the real estate properties acquired	1 year
Operating lease liabilities			$ 20,100
Operating lease ROU assets	$ 20,100
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other Assets.
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Other Liabilities.
Cumulative allowances for loan losses	$ 71,069			$ 71,069	$ 62,783	$ 83,712
Fannie Mae
Allowance for Loss-Sharing Obligations
Percentage of loss obligation on UPB	5.00%
Percentage of additional 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%
ASU 2016-15
Significant Accounting Policies
Reclassification of Proceeds from Insurance Settlements from Operating Activities to Investing Activities	$ 1,100
ASU 2016-13
Real Estate Owned and Held-For-Sale
Cumulative allowances for loan losses		$ 37,000
ASU 2016-13 \| Previously reported
Real Estate Owned and Held-For-Sale
Cumulative allowances for loan losses		$ 27,000
Minimum
Loans Held-for-Sale, Net
Maximum number of days held-for-sale loans are generally transferred or sold	60 days
Maximum
Loans Held-for-Sale, Net
Maximum number of days held-for-sale loans are generally transferred or sold	180 days
Maximum \| Fannie Mae
Allowance for Loss-Sharing Obligations
Percentage of loss obligation on UPB	20.00%
Commercial Loans \| MSRs
Capitalized Mortgage Servicing Rights
Inflation rate used for adequate compensation	3.00%
Commercial Loans \| MSRs \| Discount rate \| Minimum
Capitalized Mortgage Servicing Rights
Discount rates to determine the present value of MSRs (as a percent)	8
Commercial Loans \| MSRs \| Discount rate \| Maximum
Capitalized Mortgage Servicing Rights
Discount rates to determine the present value of MSRs (as a percent)	15
Commercial Loans \| MSRs \| Discount rate \| Weighted average
Capitalized Mortgage Servicing Rights
Discount rates to determine the present value of MSRs (as a percent)	12

Loans and Investments, Investment Portfolio and Concentration of Credit Risk (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($) item loan	Dec. 31, 2018 USD ($) item loan	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)
Loans and Investments
Loans and investments, gross	$ 4,279,611	$ 3,283,342
Allowance for loan losses	(71,069)	(71,069)	$ (62,783)	$ (83,712)
Unearned revenue	(18,582)	(12,128)
Loans and investments, net	$ 4,189,960	$ 3,200,145
Percent of Total	100.00%	100.00%
Loan Count \| loan	272	190
Wtd. Avg. Pay Rate (as a percent)	5.98%	7.02%
Wtd. Avg. Remaining Months to Maturity	22 months 3 days	22 months
Wtd. Avg. First Dollar LTV Ratio (as percent)	4.00%	5.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	76.00%	75.00%
Number of loans and investments \| loan	8	8
Carrying value of loans	$ 4,279,611
Higher-risk
Loans and Investments
Wtd. Avg. Last Dollar LTV Ratio (as percent)	98.00%	99.00%
Carrying value of loans	$ 127,600	$ 128,700
Total assets \| Credit risk concentration
Loans and Investments
Loan Count \| loan	24	45
Number of different borrowers \| item	5	5
Concentration risk, percentage	13.00%	22.00%
Bridge loans
Loans and Investments
Loans and investments, gross	$ 3,836,832	$ 2,992,814
Percent of Total	90.00%	91.00%
Loan Count \| loan	217	167
Wtd. Avg. Pay Rate (as a percent)	5.77%	6.84%
Wtd. Avg. Remaining Months to Maturity	18 months	18 months 15 days
Wtd. Avg. First Dollar LTV Ratio (as percent)	0.00%	0.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	75.00%	74.00%
Carrying value of loans	$ 3,836,832
Bridge loans \| Single-Family Rental
Loans and Investments
Number of loans under the loan portfolio \| loan	11
Total loan commitment	$ 66,700
Unpaid principal balance, funded	$ 30,000
Bridge loans \| Purchased Loans [Member]
Loans and Investments
Number of loans under the loan portfolio \| loan	9
Mezzanine loans
Loans and Investments
Loans and investments, gross	$ 191,575	$ 108,867
Percent of Total	4.00%	3.00%
Loan Count \| loan	24	13
Wtd. Avg. Pay Rate (as a percent)	9.70%	10.57%
Wtd. Avg. Remaining Months to Maturity	36 months 21 days	22 months 3 days
Wtd. Avg. First Dollar LTV Ratio (as percent)	22.00%	28.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	73.00%	72.00%
Preferred equity investments
Loans and Investments
Loans and investments, gross	$ 181,058	$ 181,661
Percent of Total	4.00%	6.00%
Loan Count \| loan	10	10
Wtd. Avg. Pay Rate (as a percent)	7.62%	7.97%
Wtd. Avg. Remaining Months to Maturity	68 months 24 days	78 months
Wtd. Avg. First Dollar LTV Ratio (as percent)	69.00%	66.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	89.00%	89.00%
Carrying value of loans			$ 34,800
Other
Loans and Investments
Loans and investments, gross	$ 70,146
Percent of Total	2.00%
Loan Count \| loan	21
Wtd. Avg. Pay Rate (as a percent)	2.88%
Wtd. Avg. Remaining Months to Maturity	84 months 24 days
Wtd. Avg. First Dollar LTV Ratio (as percent)	0.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	70.00%
Other \| Single-Family Rental
Loans and Investments
Number of loans under the loan portfolio \| loan	12
Total loan commitment	$ 41,600
Other \| Purchased Loans [Member]
Loans and Investments
Total loan commitment	$ 28,600

Loans and Investments, Risk Ratings and LTV Ratios (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Loans and Investments
Percentage of Portfolio	100.00%	100.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	4.00%	5.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	76.00%	75.00%
Credit risk concentration \| Pass/watch
Loans and Investments
Unpaid Principal Balance (UPB)	$ 4,279,611	$ 3,283,342
Percentage of Portfolio	100.00%	100.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	4.00%	5.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	76.00%	75.00%
Credit risk concentration \| Loans and investments portfolio \| New York
Loans and Investments
Concentration risk, percentage	18.00%	23.00%
Credit risk concentration \| Loans and investments portfolio \| Texas
Loans and Investments
Concentration risk, percentage	12.00%	18.00%
Credit risk concentration \| Multifamily \| Pass/watch
Loans and Investments
Unpaid Principal Balance (UPB)	$ 3,429,278	$ 2,427,920
Percentage of Portfolio	80.00%	74.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	4.00%	5.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	76.00%	75.00%
Credit risk concentration \| Land \| Substandard
Loans and Investments
Unpaid Principal Balance (UPB)		$ 151,628
Percentage of Portfolio		5.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)		0.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)		90.00%
Credit risk concentration \| Land \| Special mention
Loans and Investments
Unpaid Principal Balance (UPB)	$ 221,489
Percentage of Portfolio	5.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	0.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	87.00%
Credit risk concentration \| Healthcare \| Pass/watch
Loans and Investments
Unpaid Principal Balance (UPB)	$ 203,694	$ 122,775
Percentage of Portfolio	5.00%	4.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	0.00%	0.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	76.00%	77.00%
Credit risk concentration \| Hotel \| Pass/watch
Loans and Investments
Unpaid Principal Balance (UPB)	$ 142,300	$ 100,075
Percentage of Portfolio	3.00%	3.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	10.00%	13.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	60.00%	66.00%
Credit risk concentration \| Office \| Special mention
Loans and Investments
Unpaid Principal Balance (UPB)	$ 134,007	$ 132,047
Percentage of Portfolio	3.00%	4.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	3.00%	3.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	67.00%	68.00%
Credit risk concentration \| Single-Family Rental \| Pass
Loans and Investments
Unpaid Principal Balance (UPB)	$ 71,592
Percentage of Portfolio	2.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	0.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	71.00%
Credit risk concentration \| Retail \| Pass/watch
Loans and Investments
Unpaid Principal Balance (UPB)		$ 45,367
Percentage of Portfolio		1.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)		6.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)		65.00%
Credit risk concentration \| Retail \| Special mention
Loans and Investments
Unpaid Principal Balance (UPB)	$ 49,258
Percentage of Portfolio	1.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	6.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	62.00%
Credit risk concentration \| Self Storage \| Pass/watch
Loans and Investments
Unpaid Principal Balance (UPB)	$ 26,293	$ 301,830
Percentage of Portfolio	1.00%	9.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	24.00%	0.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	53.00%	72.00%
Credit risk concentration \| Other \| 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) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Changes in allowance for loan losses
Allowance at beginning of period	$ 62,783	$ 83,712
Provision for loan losses	13,986	2,000
Charge-offs	(3,173)	(20,473)
Recoveries of reserves	(2,527)	(2,456)
Allowance at end of period	$ 71,069	$ 62,783

Loans and Investments, Charge-offs and Recoveries Narratives (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($) loan	Dec. 31, 2018 USD ($) loan	Dec. 31, 2017 USD ($) loan	Dec. 31, 2016 USD ($)
Loans and Investments
Provision for loan losses		$ 13,986	$ 2,000
Recoveries of reserves		$ 2,527	$ 2,456
Secured amount of loan	$ 4,279,611
Ratio of net recoveries (in percentage)		0.10%	(0.80%)
Number of loans for which no provision for loan loss made \| loan	0	0	0
Mortgage Loans on Real Estate, Number of Loans \| loan	272	190
Cumulative allowances for loan losses	$ 71,069	$ 71,069	$ 62,783	$ 83,712
Six loans collateralized by a land development project \| Maturity date of September 2019
Loans and Investments
Provision for loan losses		12,300
Unpaid principal balance on loans	$ 120,300	$ 121,400
Number of loans with unpaid principal balance \| loan	6	6
Five loans collateralized by a land development project \| Maturity date of September 2019
Loans and Investments
Unpaid principal balance on loans	$ 111,000
Weighted average accrual rate of interest (as a percent)	8.74%
Cumulative allowances for loan losses	$ 61,400	$ 61,400
Number of loans with unpaid principal balance \| loan	5
Mezzanine loans
Loans and Investments
Recoveries of reserves			1,800
Mortgage Loans on Real Estate, Number of Loans \| loan	24	13
Proceeds from Sale and Collection of Mortgage Notes Receivable			1,800
Bridge loans
Loans and Investments
Provision for loan losses		$ 1,700
Recoveries of reserves			700
Secured amount of loan	$ 3,836,832
Mortgage Loans on Real Estate, Number of Loans \| loan	217	167
Junior participating loans
Loans and Investments
Charge-off			20,500
Preferred equity investments
Loans and Investments
Secured amount of loan			34,800
Provision for Loan and Lease Losses			$ 2,000
Mortgage Loans on Real Estate, Number of Loans \| loan	10	10
Hotel
Loans and Investments
Proceed from payment for full satisfaction of a preferred equity investment		$ 31,600
Net carrying value of loans sold		29,100
Recoveries of reserves		2,500
Charge-off		3,200
Proceeds from previously written-off loans and investments		3,100
Unpaid principal balance on loans		$ 34,800

Loans and Investments, Summary of impaired loans (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($) loan	Dec. 31, 2018 USD ($) loan
Loans and Investments
Unpaid Principal Balance (UPB)	$ 138,141	$ 138,181
Carrying Value	130,726	131,835
Allowance for Loan Losses	71,069	71,069
Average Recorded Investment	138,161	154,003
Interest Income Recognized	$ 239	$ 230
Number of impaired loans \| loan	5	5
Land
Loans and Investments
Unpaid Principal Balance (UPB)	$ 134,215	$ 134,215
Carrying Value	126,800	127,869
Allowance for Loan Losses	67,869	67,869
Average Recorded Investment	134,215	132,651
Interest Income Recognized	107	103
Office
Loans and Investments
Unpaid Principal Balance (UPB)	2,226	2,266
Carrying Value	2,226	2,266
Allowance for Loan Losses	1,500	1,500
Average Recorded Investment	2,246	2,277
Interest Income Recognized	132	127
Hotel
Loans and Investments
Average Recorded Investment		17,375
Commercial
Loans and Investments
Unpaid Principal Balance (UPB)	1,700	1,700
Carrying Value	1,700	1,700
Allowance for Loan Losses	1,700	1,700
Average Recorded Investment	$ 1,700	$ 1,700

Loans and Investments, Non-performing Loans (Details)	12 Months Ended
Loans and Investments, Non-performing Loans (Details)	Dec. 31, 2019 USD ($) loan	Dec. 31, 2018 USD ($) loan
Non-performing loans by asset class
Number of loans \| loan	272	190
Carrying value of loans	$ 4,279,611,000
Carrying Value	$ 0	$ 0
Non-performing loans
Non-performing loans by asset class
Number of loans \| loan	3	2
Carrying value of loans	$ 1,800,000	$ 800,000
Loan loss reserves	1,700,000	1,700,000
Carrying Value	$ 3,523,000	$ 2,532,000
Number of loan modifications, refinancings and/or extensions, considered to be troubled debt restructurings \| loan	0	0
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	3,523,000	2,532,000
Accruing interest	0	0
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
Retail \| Non-performing loans
Non-performing loans by asset class
Carrying Value	990,000
Retail \| Greater Than 90 Days Past Due \| Non-performing loans
Non-performing loans by asset class
Past Due, Non-performing Loans	990,000
Office \| Non-performing loans
Non-performing loans by asset class
Carrying Value	833,000	832,000
Office \| Greater Than 90 Days Past Due \| Non-performing loans
Non-performing loans by asset class
Past Due, Non-performing Loans	$ 833,000	$ 832,000

Loans Held-for-Sale, Net (Details) - USD ($) $ in Thousands	12 Months Ended
Loans Held-for-Sale, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Loans Held-for-Sale, Net
Loans held-for-sale	$ 847,126	$ 472,964
Fair value of future MSR	16,519	10,253
Unearned discount	(2,285)	(1,553)
Loans held-for-sale, net	861,360	481,664
Sale of loans held-for-sale	4,189,787	4,893,886	$ 4,814,906
Sale of loans held-for-sale excluding acquired loans	4,400,000	4,920,000	4,810,000
Gain on sale of loans held-for-sale	61,100	65,500	$ 68,300
Loans with non-accrual status	$ 0	0
Minimum
Loans Held-for-Sale, Net
Period of loans held for sale sold	60 days
Maximum
Loans Held-for-Sale, Net
Period of loans held for sale sold	180 days
Greater Than 90 Days Past Due
Loans Held-for-Sale, Net
Loans past due	$ 0	0
Fannie Mae
Loans Held-for-Sale, Net
Loans held-for-sale, net	408,534	358,790
Freddie Mac
Loans Held-for-Sale, Net
Loans held-for-sale	36,303	95,004
FHA
Loans Held-for-Sale, Net
Loans held-for-sale, net	1,082	$ 19,170
Private Label
Loans Held-for-Sale, Net
Loans held-for-sale, net	$ 401,207

Capitalized Mortgage Servicing Rights (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Capitalized Mortgage Servicing Rights
Balance at beginning of period	$ 273,770
Balance at end of period	286,420	$ 273,770
Expected amortization of capitalized MSRs balances
2020	5,249
2021	4,691
2022	4,691
2023	4,691
2024	3,259
MSRs
Capitalized Mortgage Servicing Rights
Balance at beginning of period	273,770	252,608
Additions	83,756	94,344
Amortization	(48,681)	(48,124)
Write-downs and payoffs	(22,425)	(25,058)
Balance at end of period	286,420	273,770
Prepayment fees collected	18,400	21,900
Valuation allowance	0	$ 0
Expected amortization of capitalized MSRs balances
2020	46,307
2021	42,538
2022	37,596
2023	33,203
2024	28,981
Thereafter	97,795
Total	$ 286,420
MSRs \| Weighted average
Capitalized Mortgage Servicing Rights
Estimated life remaining	8 years	7 years 7 months 6 days
Acquired MSRs
Capitalized Mortgage Servicing Rights
Balance at beginning of period	$ 97,084	$ 143,270
Amortization	(21,042)	(28,958)
Write-downs and payoffs	(11,523)	(17,228)
Balance at end of period	64,519	97,084
Originated MSRs
Capitalized Mortgage Servicing Rights
Balance at beginning of period	176,686	109,338
Additions	83,756	94,344
Amortization	(27,639)	(19,166)
Write-downs and payoffs	(10,902)	(7,830)
Balance at end of period	$ 221,901	$ 176,686

Mortgage Servicing (Details) $ in Thousands	12 Months Ended
Mortgage Servicing (Details) $ in Thousands	Dec. 31, 2019 USD ($) state	Dec. 31, 2018 USD ($) state	Dec. 31, 2017 USD ($)
Mortgage Servicing
Interest earned on total escrows	$ 17,300	$ 12,800	$ 5,200
Fee-based servicing portfolio
Mortgage Servicing
Escrow Deposit	947,100	824,100
MSRs
Mortgage Servicing
Unpaid principal balance of loans serviced	$ 20,059,077	$ 18,601,641
Weighted average servicing fee (as a percent)	0.438%	0.452%
MSRs \| Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total	100.00%	100.00%
Escrow Deposit	$ 562,100	$ 521,200
Texas \| MSRs \| Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total	19.00%	20.00%
North Carolina \| MSRs \| Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total	9.00%	10.00%
New York \| MSRs \| Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total	9.00%	8.00%
California \| MSRs \| Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total	9.00%	8.00%
Georgia \| MSRs \| Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total	6.00%	6.00%
Florida \| MSRs \| Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total	6.00%	6.00%
Other \| MSRs \| Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total	42.00%	42.00%
Number of states accounted for more than 4% of UPB and related servicing revenues \| state	0	0
Freddie Mac \| MSRs
Mortgage Servicing
Unpaid principal balance of loans serviced	$ 4,534,714
Freddie Mac \| MSRs \| Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total	23.00%
Fannie Mae \| MSRs
Mortgage Servicing
Unpaid principal balance of loans serviced	$ 14,832,844
Fannie Mae \| MSRs \| Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total	74.00%
Fannie Mae \| MSRs
Mortgage Servicing
Unpaid principal balance of loans serviced		$ 13,562,667
Fannie Mae \| MSRs \| Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total		73.00%
Freddie Mac \| MSRs
Mortgage Servicing
Unpaid principal balance of loans serviced		$ 4,394,287
Freddie Mac \| MSRs \| Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total		24.00%
FHA \| MSRs
Mortgage Servicing
Unpaid principal balance of loans serviced	$ 691,519	$ 644,687
FHA \| MSRs \| Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total	3.00%	3.00%

Securities Held-to-Maturity (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Held-to-Maturity
Carrying Value	$ 88,699	$ 76,363
Held-to-Maturity
Held-to-Maturity
Face Value	111,028	103,515
Carrying Value	88,699	76,363
Unrealized Gain	3,039	2,734
Estimated Fair Value	91,738	79,097
Impairment charges	0
Interest income (including the amortization of discount)	$ 9,900	$ 5,800	$ 1,800
Held-to-Maturity \| Seven B Piece Bonds
Held-to-Maturity
Bonds retained percentage	49.00%
Discounted value of bonds purchased	$ 74,700
Remaining of B Piece bond sold to the third party at par	51.00%
Estimated weighted average remaining maturity period	5 years 9 months 18 days
Initial face value of bonds purchased	$ 106,200
Held-to-Maturity \| Agency B Piece Bonds
Held-to-Maturity
Weighted average variable interest rate (as a percent)	3.74%
Weighted average effective interest rate (as a percent)	10.85%	10.94%
Held-to-maturity securities, estimated fiscal year
Within one year	$ 14,200
After one year through five years	40,800
After five years through ten years	20,600
After ten years	15,400
Held-to-Maturity \| SFR bonds
Held-to-Maturity
Initial face value of bonds purchased	$ 20,000
Securities maturity term	6 months
Weighted average fixed interest rate	4.58%
Held-to-maturity securities, estimated fiscal year
Within one year	$ 18,700
After one year through five years	$ 1,300

Investments in Equity Affiliates (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Investment in Equity Affiliates
Investment in Equity Affiliates	$ 41,800	$ 21,580
UPB of Loans to Equity Affiliates	47,758
Arbor Residential Investor LLC
Investment in Equity Affiliates
Investment in Equity Affiliates	26,520	19,260
AMAC Holdings III LLC
Investment in Equity Affiliates
Investment in Equity Affiliates	10,520
UPB of Loans to Equity Affiliates	15,600
North Vermont Avenue
Investment in Equity Affiliates
Investment in Equity Affiliates	2,440
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
West Shore Cafe
Investment in Equity Affiliates
UPB of Loans to Equity Affiliates	1,688
Lexford Portfolio
Investment in Equity Affiliates
UPB of Loans to Equity Affiliates	$ 30,470

Investments in Equity Affiliates, All Investments (Details)	3 Months Ended								12 Months Ended
	Dec. 31, 2019 USD ($)	Sep. 30, 2019 USD ($)	Jun. 30, 2019 USD ($)	Mar. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Sep. 30, 2018 USD ($)	Jun. 30, 2018 USD ($)	Mar. 31, 2018 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($) item	Dec. 31, 2015 USD ($)	Dec. 31, 2016 USD ($)
Investment in Equity Affiliates
Secured debt	$ 2,130,121,000				$ 1,593,548,000				$ 2,130,121,000	$ 1,593,548,000
Noncontrolling interest invested									13,522,000	2,493,000	$ 693,000
Income (loss) from equity affiliates	1,502,000	$ 3,718,000	$ 3,264,000	$ 2,151,000	$ 91,000	$ (1,028,000)	$ 1,387,000	$ 746,000	10,635,000	1,196,000	(2,951,000)
Loan to an affiliated entity	47,758,000								47,758,000
Loans and investments, gross	4,279,611,000								4,279,611,000
Multifamily
Investment in Equity Affiliates
Basis of equity participation interest											$ 1,500,000		$ 0
Percentage of equity participation redeemed											25.00%
Bridge loans
Investment in Equity Affiliates
Loans and investments, gross	3,836,832,000								$ 3,836,832,000
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										2,400,000	$ 5,500,000
Indirect ownership percentage									16.3%			22.5%
Income (loss) from equity affiliates									$ 7,200,000	(700,000)	7,300,000
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%
Distribution received										$ 700,000	3,200,000
Basis of investment	0								0
AMAC Holdings III LLC
Investment in Equity Affiliates
Distribution received									200,000
Investment in real estate committed				$ 30,000,000
Investment in real estate	10,900,000								10,900,000
Interest in a real estate investment (as a percent)				18.00%
Loan to an affiliated entity	15,600,000								15,600,000
North Vermont Avenue
Investment in Equity Affiliates
Noncontrolling interest invested	$ 2,400,000
Noncontrolling interest in equity method investment (as a percent)	85.00%
West Shore Cafe
Investment in Equity Affiliates
Ownership percentage					50.00%					50.00%
Loan to an affiliated entity	$ 1,688,000								$ 1,688,000
Other-than-temporary impairment recorded										$ 2,200,000
West Shore Cafe \| First mortgage
Investment in Equity Affiliates
Provided first mortgage loan to an affiliated entity										1,700,000
Variable rate, spread (as a percent)									4.00%
Provision for loan loss recorded										1,700,000
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
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 \| item											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
Loans and investments, gross											$ 1,700,000
Variable rate, spread (as a percent)											5.50%
Lexford Portfolio
Investment in Equity Affiliates
Noncontrolling interest											$ 44,000
Distribution received									$ 3,500,000	$ 2,500,000	$ 2,500,000
Loan to an affiliated entity	$ 30,470,000								30,470,000
AMAC III
Investment in Equity Affiliates
Distribution received									200,000
Investment in real estate committed				$ 30,000,000
Income (loss) from equity affiliates									$ 200,000

Real Estate Owned (Details) - USD ($)	12 Months Ended
Real Estate Owned (Details) - USD ($)	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Real Estate Owned
Real estate owned, net	$ 13,220,000	$ 14,446,000
Impairment loss on real estate owned	1,000,000	2,000,000	$ 3,200,000
Restricted cash due to escrow requirement	210,875,000	180,606,000	139,398,000	$ 29,315,000
Real Estate Owned
Real Estate Owned
Less: Impairment loss	(16,807,000)	(15,807,000)
Less: Accumulated depreciation and amortization	(11,327,000)	(10,626,000)
Real estate owned, net	13,220,000	14,446,000
Impairment loss on real estate owned	1,000,000	2,000,000	$ 3,200,000
Restricted cash due to escrow requirement	500,000	500,000
Real Estate Owned \| Hotel
Real Estate Owned
Less: Impairment loss	(14,307,000)	(13,307,000)
Less: Accumulated depreciation and amortization	(10,320,000)	(9,778,000)
Real estate owned, net	$ 10,208,000	$ 11,275,000
Weighted average occupancy rate of properties (as a percent)	51.00%	49.00%	52.00%
Amount of weighted average daily rate of properties	$ 111	$ 108	$ 108
Amount of weighted average daily revenue of properties	57	53	$ 56
Real Estate Owned \| Office
Real Estate Owned
Less: Impairment loss	(2,500,000)	(2,500,000)
Less: Accumulated depreciation and amortization	(1,007,000)	(848,000)
Real estate owned, net	3,012,000	3,171,000
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	33,551,000	33,076,000
Real Estate Owned \| Building and intangible assets \| Hotel
Real Estate Owned
Real estate owned, gross	31,541,000	31,066,000
Real Estate Owned \| Building and intangible assets \| Office
Real Estate Owned
Real estate owned, gross	$ 2,010,000	$ 2,010,000

Goodwill and Other Intangible Assets, Other Intangibles Asset (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Finite-lived intangible assets:
Accumulated Amortization	$ (19,235)	$ (13,771)
Intangible assets
Intangible assets, Gross Carrying Value	73,310	73,310
Intangible assets, net	54,075	59,539
Amortization expense	5,500	5,600	$ 5,600
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	(10,807)	(7,683)
Total	14,193	17,317
Borrower relationships
Finite-lived intangible assets:
Finite-lived intangible assets, Gross Carrying Value	14,400	14,400
Accumulated Amortization	(4,980)	(3,540)
Total	9,420	10,860
Below market leases
Finite-lived intangible assets:
Finite-lived intangible assets, Gross Carrying Value	4,010	4,010
Accumulated Amortization	(2,548)	(1,811)
Total	1,462	2,199
Acquired technology
Finite-lived intangible assets:
Finite-lived intangible assets, Gross Carrying Value	900	900
Accumulated Amortization	$ (900)	(737)
Total		$ 163

Goodwill and Other Intangible Assets, Estimated Amortization Expense (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($)
Finite-lived intangible assets:
Wtd. Avg. Remaining Life (in years)	5 years 3 months 18 days
2020	$ 5,249
2021	4,691
2022	4,691
2023	4,691
2024	$ 3,259
Broker relationships
Finite-lived intangible assets:
Wtd. Avg. Remaining Life (in years)	4 years 6 months
2020	$ 3,125
2021	3,125
2022	3,125
2023	3,125
2024	$ 1,693
Borrower relationships
Finite-lived intangible assets:
Wtd. Avg. Remaining Life (in years)	6 years 6 months
2020	$ 1,440
2021	1,440
2022	1,440
2023	1,440
2024	$ 1,440
Below market leases
Finite-lived intangible assets:
Wtd. Avg. Remaining Life (in years)	4 years 9 months 18 days
2020	$ 684
2021	126
2022	126
2023	126
2024	$ 126

Debt Obligations, Credit Facilities and Repurchase Agreements (Details) - USD ($)	3 Months Ended		12 Months Ended
	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Debt Obligations
UPB	$ 1,681,146,000		$ 1,681,146,000	$ 1,138,135,000
Debt Carrying Value	1,678,288,000		1,678,288,000	1,135,627,000
Collateral Carrying Value	$ 1,747,371,000		$ 1,747,371,000	$ 1,249,651,000
Weighted Average Note Rate (as a percent)	3.54%		3.54%	4.35%
Joint Repurchase Facility
Debt Obligations
Maximum borrowing capacity	$ 700,000,000		$ 700,000,000
Extension of maturity date (in years)			1 year
Joint Repurchase Facility \| Private Label
Debt Obligations
Advance rate (as a percent)			85.00%
Joint Repurchase Facility \| LIBOR \| Private Label
Debt Obligations
Variable rate, spread (as a percent)			150.00%
Joint Repurchase Facility \| Junior participating loans \| LIBOR \| Structured loans
Debt Obligations
Variable rate, spread (as a percent)			350.00%
Joint Repurchase Facility \| Multifamily senior mortgage loans \| LIBOR \| Structured loans
Debt Obligations
Variable rate, spread (as a percent)			175.00%
Joint Repurchase Facility \| Minimum \| Non-multifamily senior mortgage loans \| LIBOR \| Structured loans
Debt Obligations
Variable rate, spread (as a percent)			200.00%
Joint Repurchase Facility \| Maximum \| Non-multifamily senior mortgage loans \| LIBOR \| Structured loans
Debt Obligations
Variable rate, spread (as a percent)			225.00%
Credit facility to finance single-family rental properties \| Structured loans
Debt Obligations
Debt Instrument, Reduced Basis Spread on Variable Rate			250.00%
Debt Instrument, Interest Rate, Stated Percentage	4.00%		4.00%
Maximum borrowing capacity	$ 50,000,000		$ 50,000,000
Structured Business
Debt Obligations
UPB	936,768,000		936,768,000	$ 665,844,000
Debt Carrying Value	934,694,000		934,694,000	663,446,000
Collateral Carrying Value	$ 1,002,993,000		$ 1,002,993,000	$ 777,360,000
Weighted Average Note Rate (as a percent)	3.94%		3.94%	4.78%
Weighted average note rate including certain fees and costs (as a percent)	4.39%		4.39%	5.07%
Unamortized deferred finance costs	$ 2,100,000		$ 2,100,000	$ 2,400,000
Leverage on loans and investment portfolio financed through credit facilities and repurchase agreements, excluding securities repurchase facility, working capital line of credit and security agreements used to finance leasehold and capital expenditure improvements at corporate office (as a percent)	71.00%		71.00%	70.00%
Structured Business \| Senior mortgage loans
Debt Obligations
Weighted Average Note Rate (as a percent)	4.08%		4.08%
Structured Business \| CLOs
Debt Obligations
Debt Instrument, Collateral Amount	$ 234,900,000		$ 234,900,000	$ 114,200,000
Structured Business \| B Piece bonds
Debt Obligations
Debt Instrument, Collateral Amount	68,700,000		68,700,000	76,400,000
Structured Business \| SFR bonds
Debt Obligations
Collateral Carrying Value	20,000,000		20,000,000
Structured Business \| Multifamily senior mortgage loans
Debt Obligations
Maximum borrowing capacity	75,000,000		$ 75,000,000
Structured Business \| Minimum \| LIBOR \| Build-to-rent single family rental properties
Debt Obligations
Variable rate, spread (as a percent)			210.00%
Structured Business \| Maximum \| LIBOR \| Build-to-rent single family rental properties
Debt Obligations
Variable rate, spread (as a percent)			250.00%
Structured Business \| $400 million joint repurchase facility
Debt Obligations
UPB	225,051,000		$ 225,051,000	336,428,000
Debt Carrying Value	224,658,000		224,658,000	334,696,000
Collateral Carrying Value	$ 339,378,000		$ 339,378,000	$ 467,680,000
Weighted Average Note Rate (as a percent)	4.06%		4.06%	4.75%
Maximum borrowing capacity	$ 400,000,000		$ 400,000,000
Structured Business \| $300 million repurchase facility
Debt Obligations
UPB	218,891,000		218,891,000
Debt Carrying Value	218,418,000		218,418,000
Collateral Carrying Value	$ 291,292,000		$ 291,292,000
Weighted Average Note Rate (as a percent)	3.76%		3.76%
Maximum borrowing capacity	$ 300,000,000		$ 300,000,000
Advance rate (as a percent)			80.00%
Structured Business \| $200 million repurchase facility
Debt Obligations
UPB	40,612,000		$ 40,612,000
Debt Carrying Value	40,530,000		40,530,000
Collateral Carrying Value	$ 48,086,000		$ 48,086,000
Weighted Average Note Rate (as a percent)	4.22%		4.22%
Maximum borrowing capacity	$ 200,000,000		$ 200,000,000	$ 200,000,000
Structured Business \| $128.7 million loan specific credit facilities
Debt Obligations
UPB	128,677,000		128,677,000	85,044,000
Debt Carrying Value	128,274,000		128,274,000	84,701,000
Collateral Carrying Value	$ 184,116,000		$ 184,116,000	$ 124,844,000
Weighted Average Note Rate (as a percent)	4.13%		4.13%	4.93%
Maximum borrowing capacity	$ 128,700,000		$ 128,700,000	$ 128,700,000
Structured Business \| $100 million repurchase facility
Debt Obligations
UPB	45,962,000		45,962,000	71,017,000
Debt Carrying Value	45,843,000		45,843,000	70,837,000
Collateral Carrying Value	$ 63,800,000		$ 63,800,000	$ 98,597,000
Weighted Average Note Rate (as a percent)	3.56%		3.56%	4.31%
Maximum borrowing capacity	$ 100,000,000		$ 100,000,000	$ 100,000,000
Extension of maturity date (in years)			2020 years
Structured Business \| $100 million repurchase facility \| Minimum \| LIBOR
Debt Obligations
Variable rate, spread (as a percent)			175.00%
Structured Business \| $100 million repurchase facility \| Maximum
Debt Obligations
Advance rate (as a percent)			80.00%
Structured Business \| $100 million repurchase facility \| Maximum \| LIBOR
Debt Obligations
Variable rate, spread (as a percent)			195.00%
Structured Business \| $75 million credit facility - One
Debt Obligations
UPB	4,690,000		$ 4,690,000	10,237,000
Debt Carrying Value	4,570,000		4,570,000	10,237,000
Collateral Carrying Value	$ 7,000,000		$ 7,000,000	$ 16,889,000
Weighted Average Note Rate (as a percent)	3.56%		3.56%	4.31%
Maximum borrowing capacity	$ 75,000,000		$ 75,000,000	$ 75,000,000
Structured Business \| $75 million credit facility - One \| LIBOR
Debt Obligations
Maximum borrowing capacity	175		175
Structured Business \| $75 million credit facility - One \| Healthcare Related Loans
Debt Obligations
Maximum borrowing capacity	25,000,000		$ 25,000,000
Advance rate (as a percent)			75.00%
Structured Business \| $75 million credit facility - One \| Multifamily senior mortgage loans
Debt Obligations
Advance rate (as a percent)			80.00%
Structured Business \| $75 million credit facility - One \| Minimum \| Healthcare Related Loans \| LIBOR
Debt Obligations
Variable rate, spread (as a percent)			212.50%
Structured Business \| $75 million credit facility - One \| Maximum \| Healthcare Related Loans \| LIBOR
Debt Obligations
Variable rate, spread (as a percent)			250.00%
Structured Business \| $75 million credit facility - two
Debt Obligations
UPB	0		$ 0	0
Debt Carrying Value	0		0	0
Collateral Carrying Value	$ 0		$ 0	$ 0
Weighted Average Note Rate (as a percent)	0.00%		0.00%	0.00%
Maximum borrowing capacity	$ 75,000,000		$ 75,000,000	$ 75,000,000
Structured Business \| $75 million credit facility - two \| Debt Instrument Variable Rate LIBOR Member
Debt Obligations
Variable rate, spread (as a percent)			175.00%
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)			80.00%
Structured Business \| $50 million credit facility - one
Debt Obligations
UPB	14,948,000		$ 14,948,000	14,160,000
Debt Carrying Value	14,933,000		14,933,000	14,159,000
Collateral Carrying Value	$ 17,650,000		$ 17,650,000	$ 17,700,000
Weighted Average Note Rate (as a percent)	3.81%		3.81%	4.57%
Maximum borrowing capacity	$ 50,000,000		$ 50,000,000	$ 50,000,000
Advance rate (as a percent)			80.00%
Structured Business \| $50 million credit facility - one \| Debt Instrument Variable Rate LIBOR Member
Debt Obligations
Debt Instrument, Reduced Basis Spread on Variable Rate			200.00%
Structured Business \| $50 million credit facility - two
Debt Obligations
UPB	12,349,000		$ 12,349,000
Debt Carrying Value	12,191,000		12,191,000
Collateral Carrying Value	$ 16,499,000		$ 16,499,000
Weighted Average Note Rate (as a percent)	4.32%		4.32%
Maximum borrowing capacity	$ 50,000,000		$ 50,000,000	50,000,000
Advance rate (as a percent)			80.00%
Extension of maturity date (in years)			1 year
Structured Business \| $50 million credit facility - two \| Minimum \| Debt Instrument Variable Rate LIBOR Member
Debt Obligations
Variable rate, spread (as a percent)			250.00%
Structured Business \| $50 million credit facility - two \| Maximum \| Debt Instrument Variable Rate LIBOR Member
Debt Obligations
Variable rate, spread (as a percent)			325.00%
Structured Business \| $50 million credit facility - three
Debt Obligations
UPB	5,280,000		$ 5,280,000
Debt Carrying Value	5,254,000		5,254,000
Collateral Carrying Value	$ 6,600,000		$ 6,600,000
Weighted Average Note Rate (as a percent)	4.32%		4.32%
Maximum borrowing capacity	$ 50,000,000		$ 50,000,000	50,000,000
Structured Business \| $25 million credit facility
Debt Obligations
UPB	19,936,000		19,936,000
Debt Carrying Value	19,651,000		19,651,000
Collateral Carrying Value	$ 28,572,000		$ 28,572,000
Weighted Average Note Rate (as a percent)	4.07%		4.07%
Maximum borrowing capacity	$ 25,000,000		$ 25,000,000	25,000,000
Structured Business \| $25 million credit facility \| LIBOR
Debt Obligations
Debt Instrument, Reduced Basis Spread on Variable Rate			225.00%
Structured Business \| $25 million working capital facility
Debt Obligations
UPB	0		$ 0	0
Debt Carrying Value	0		0	0
Collateral Carrying Value	$ 0		$ 0	$ 0
Weighted Average Note Rate (as a percent)	0.00%		0.00%	0.00%
Maximum borrowing capacity	$ 25,000,000		$ 25,000,000	$ 25,000,000
Structured Business \| $20.0 million credit facility
Debt Obligations
UPB				20,000,000
Debt Carrying Value				19,912,000
Collateral Carrying Value				$ 41,650,000
Weighted Average Note Rate (as a percent)				5.07%
Maximum borrowing capacity	20,000,000		20,000,000	$ 20,000,000
Structured Business \| $20.0 million credit facility \| Healthcare Related Loans
Debt Obligations
Maximum borrowing capacity	$ 20,000,000		20,000,000
Structured Business \| $20.0 million credit facility \| Healthcare Related Loans \| LIBOR
Debt Obligations
Debt Instrument, Reduced Basis Spread on Variable Rate	250.00%
Structured Business \| $8 million credit facility
Debt Obligations
UPB				8,000,000
Debt Carrying Value				7,946,000
Collateral Carrying Value				$ 10,000,000
Weighted Average Note Rate (as a percent)				5.07%
Maximum borrowing capacity	$ 8,000,000		8,000,000	$ 8,000,000
Structured Business \| $8 million credit facility \| Healthcare Related Loans \| LIBOR
Debt Obligations
Debt Instrument, Reduced Basis Spread on Variable Rate		250.00%
Maximum borrowing capacity		$ 8,000,000
Structured Business \| $3.3 million master security agreement
Debt Obligations
UPB	3,267,000		3,267,000	2,846,000
Debt Carrying Value	$ 3,267,000		$ 3,267,000	$ 2,846,000
Weighted Average Note Rate (as a percent)	4.08%		4.08%	4.06%
Maximum borrowing capacity	$ 3,300,000		$ 3,300,000	$ 3,300,000
Structured Business \| Repurchase facility - securities
Debt Obligations
UPB	217,105,000		217,105,000	118,112,000
Debt Carrying Value	$ 217,105,000		$ 217,105,000	$ 118,112,000
Weighted Average Note Rate (as a percent)	3.90%		3.90%	5.07%
Structured Business \| $200 million repurchase facility
Debt Obligations
Maximum borrowing capacity	$ 200,000,000		$ 200,000,000
Extension of maturity date (in years)			6 months
Structured Business \| $200 million repurchase facility \| LIBOR
Debt Obligations
Variable rate, spread (as a percent)			240.00%
Structured Business \| $25 million credit facility
Debt Obligations
Maximum borrowing capacity	25,000,000		$ 25,000,000
Extension of maturity date (in years)			1 year
Structured Business \| $25 million unsecured working capital line of credit
Debt Obligations
Maximum borrowing capacity	25,000,000		$ 25,000,000
Structured Business \| $25 million unsecured working capital line of credit \| LIBOR
Debt Obligations
Debt Instrument, Reduced Basis Spread on Variable Rate			225.00%
Structured Business \| Joint Repurchase Facility
Debt Obligations
Advance rate (as a percent)			80.00%
Structured Business \| Loan specific credit facilities
Debt Obligations
Maximum borrowing capacity	128,700,000		$ 128,700,000
Structured Business \| Credit facility to finance single-family rental properties
Debt Obligations
Maximum advance rate, threshold percentage of UPB (as a percent)			75.00%
Maximum advance rate, threshold percentage of appraised value of collateral (as a percent)			50.00%
Maximum advance rate, threshold percentage of projected cost of construction (as a percent)			55.00%
Agency Business
Debt Obligations
UPB	744,378,000		$ 744,378,000	$ 472,291,000
Debt Carrying Value	743,594,000		743,594,000	472,181,000
Collateral Carrying Value	$ 744,378,000		$ 744,378,000	$ 472,291,000
Weighted Average Note Rate (as a percent)	3.03%		3.03%	3.74%
Unamortized deferred finance costs	$ 200,000		$ 200,000	$ 100,000
Agency Business \| Fannie Mae
Debt Obligations
Letters of Credit Outstanding, Amount	45,000,000		45,000,000
Agency Business \| Freddie Mac
Debt Obligations
Letters of Credit Outstanding, Amount	5,000,000		5,000,000
Committed amount			5,000,000
Agency Business \| $100 million repurchase facility
Debt Obligations
Maximum borrowing capacity	$ 100,000,000		100,000,000
Agency Business \| $100 million repurchase facility \| Minimum
Debt Obligations
Committed amount			150,000,000
Agency Business \| $100 million repurchase facility \| Maximum
Debt Obligations
Committed amount			$ 250,000,000
Agency Business \| $50 million credit facility - one
Debt Obligations
Debt Instrument, Interest Rate, Stated Percentage	2.875%		2.875%
Maximum borrowing capacity	$ 50,000,000		$ 50,000,000
Agency Business \| $750 million ASAP agreement
Debt Obligations
UPB	148,725,000		148,725,000	104,619,000
Debt Carrying Value	148,725,000		148,725,000	104,619,000
Collateral Carrying Value	$ 148,725,000		$ 148,725,000	$ 104,619,000
Weighted Average Note Rate (as a percent)	2.81%		2.81%	3.55%
Debt Instrument, Reduced Basis Spread on Variable Rate			105.00%
Debt Instrument, Interest Rate, Stated Percentage	0.35%		0.35%
Maximum borrowing capacity	$ 750,000,000		$ 750,000,000	$ 750,000,000
Debt Instrument, Collateral Amount	750,000,000		750,000,000
Agency Business \| $500 million repurchase facility
Debt Obligations
UPB	187,742,000		187,742,000	130,917,000
Debt Carrying Value	187,698,000		187,698,000	130,906,000
Collateral Carrying Value	$ 187,742,000		$ 187,742,000	$ 130,917,000
Weighted Average Note Rate (as a percent)	2.91%		2.91%	3.78%
Maximum borrowing capacity	$ 500,000,000		$ 500,000,000	$ 500,000,000
Agency Business \| $500 million repurchase facility \| LIBOR
Debt Obligations
Debt Instrument, Reduced Basis Spread on Variable Rate			115.00%
Maximum borrowing capacity	500,000,000		$ 500,000,000
Agency Business \| $300 million joint repurchase facility
Debt Obligations
UPB	300,446,000		300,446,000
Debt Carrying Value	299,824,000		299,824,000
Collateral Carrying Value	$ 300,446,000		$ 300,446,000
Weighted Average Note Rate (as a percent)	3.26%		3.26%
Maximum borrowing capacity	$ 300,000,000		$ 300,000,000	300,000,000
Agency Business \| $250 million credit facility
Debt Obligations
UPB				26,651,000
Debt Carrying Value				26,651,000
Collateral Carrying Value				$ 26,651,000
Weighted Average Note Rate (as a percent)				3.75%
Maximum borrowing capacity	250,000,000		250,000,000	$ 250,000,000
Agency Business \| $150 million credit facility - one
Debt Obligations
UPB	89,673,000		89,673,000	113,685,000
Debt Carrying Value	89,657,000		89,657,000	113,666,000
Collateral Carrying Value	$ 89,673,000		$ 89,673,000	$ 113,685,000
Weighted Average Note Rate (as a percent)	2.91%		2.91%	3.80%
Maximum borrowing capacity	$ 150,000,000		$ 150,000,000	$ 150,000,000
Agency Business \| $150 million credit facility - one \| LIBOR
Debt Obligations
Debt Instrument, Reduced Basis Spread on Variable Rate			115.00%
Maximum borrowing capacity	150,000,000		$ 150,000,000
Agency Business \| $150 million credit facility - two
Debt Obligations
UPB	17,792,000		17,792,000	96,419,000
Debt Carrying Value	17,690,000		17,690,000	96,339,000
Collateral Carrying Value	$ 17,792,000		$ 17,792,000	$ 96,419,000
Weighted Average Note Rate (as a percent)	2.91%		2.91%	3.80%
Maximum borrowing capacity	$ 150,000,000		$ 150,000,000	$ 150,000,000
Agency Business \| $150 million credit facility - two \| LIBOR
Debt Obligations
Debt Instrument, Reduced Basis Spread on Variable Rate			115.00%
Maximum borrowing capacity	$ 150,000,000		$ 150,000,000
Agency Business \| $100 million credit facility \| LIBOR
Debt Obligations
Debt Instrument, Reduced Basis Spread on Variable Rate			115.00%

Debt Obligations, Collateralized Loan Obligations (Details)	1 Months Ended						12 Months Ended
	Nov. 30, 2019 USD ($) tranche item	Jun. 30, 2019 USD ($) tranche item	Jun. 30, 2018 USD ($) tranche item	Dec. 31, 2017 USD ($) tranche item	Sep. 30, 2017 USD ($)	Aug. 31, 2017 USD ($) tranche item	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Debt Obligations
Proceeds from issuance of collateralized loan obligations							$ 1,067,193,000	$ 441,000,000	$ 918,274,000
Debt, Carrying Value							$ 2,130,121,000	$ 1,593,548,000
Weighted average note rate (as a percent)							3.54%	4.35%
Payoffs and paydowns of collateralized loan obligations							$ 529,250,000	$ 267,750,000	219,000,000
CLOs
Debt Obligations
Debt, Face Value							2,147,467,000	1,609,524,000
Debt, Carrying Value							$ 2,130,121,000	$ 1,593,548,000
Weighted average note rate (as a percent)							3.23%	4.22%
Collateral Loans, Unpaid Principal							$ 2,497,578,000	$ 1,939,031,000
Collateral Loans, Carrying Value							2,487,391,000	1,932,693,000
Cash, Restricted Cash							118,411,000	123,503,000
Deferred financing fees							$ 17,300,000	$ 16,000,000
Weighted average note rate including certain fees and costs (as a percent)							3.63%	4.73%
Collateral at risk							$ 0	$ 0
CLO XII
Debt Obligations
Number of tranches of CLO notes issued \| tranche	8
Number of newly-formed wholly-owned subsidiaries \| item	2
Proceeds from issuance of collateralized loan obligations	$ 124,100,000
Debt, Face Value	635,000,000						534,193,000
Debt, Carrying Value	$ 585,800,000						$ 529,448,000
Weighted average note rate (as a percent)							3.30%
Collateral Loans, Unpaid Principal							$ 596,366,000
Collateral Loans, Carrying Value							593,652,000
Cash, Restricted Cash							17,800,000
Replacement period	3 years
Maximum period to acquire additional loan obligations	180 days
Notional amount of residual interest retained	$ 100,800,000
Value of portfolio loans as collateral	$ 510,900,000
Leverage (as a percent)	84.00%
CLO XII \| Investment grade
Debt Obligations
Debt, Carrying Value	$ 534,200,000
CLO XII \| Below investment grade
Debt Obligations
Debt, Carrying Value	$ 51,600,000
CLO XII \| Secured Debt \| One-month LIBOR
Debt Obligations
Weighted average note rate (as a percent)	1.50%
CLO XI
Debt Obligations
Number of tranches of CLO notes issued \| tranche		8
Number of newly-formed wholly-owned subsidiaries \| item		2
Debt, Face Value		$ 650,000,000					533,000,000
Debt, Carrying Value		$ 602,100,000					$ 528,690,000
Weighted average note rate (as a percent)							3.25%
Collateral Loans, Unpaid Principal							$ 624,443,000
Collateral Loans, Carrying Value							621,508,000
Cash, Restricted Cash							15,550,000
Replacement period		3 years
Proceeds from issuance of collateralized loan obligations for acquiring additional loan obligations		$ 129,600,000
Maximum period to acquire additional loan obligations		120 days
Notional amount of residual interest retained		$ 117,000,000
Value of portfolio loans as collateral		$ 520,400,000
Leverage (as a percent)		82.00%
CLO XI \| Investment grade
Debt Obligations
Debt, Carrying Value		$ 533,000,000
CLO XI \| Below investment grade
Debt Obligations
Debt, Carrying Value		$ 69,100,000
CLO XI \| Secured Debt \| One-month LIBOR
Debt Obligations
Weighted average note rate (as a percent)		1.44%
CLO X
Debt Obligations
Number of tranches of CLO notes issued \| tranche			7
Number of newly-formed wholly-owned subsidiaries \| item			2
Debt, Face Value			$ 560,000,000				441,000,000	441,000,000
Debt, Carrying Value			$ 494,200,000				$ 437,391,000	$ 436,384,000
Weighted average note rate (as a percent)							3.26%	4.01%
Collateral Loans, Unpaid Principal							$ 509,887,000	$ 539,007,000
Collateral Loans, Carrying Value							507,854,000	536,869,000
Cash, Restricted Cash							37,287,000	20,993,000
Replacement period			4 years
Proceeds from issuance of collateralized loan obligations for acquiring additional loan obligations			$ 58,100,000
Maximum period to acquire additional loan obligations			120 days
Notional amount of secured floating rate notes			$ 119,000,000
Value of portfolio loans as collateral			$ 501,900,000
Leverage (as a percent)			79.00%
CLO X \| Investment grade
Debt Obligations
Debt, Carrying Value			$ 441,000,000
CLO X \| Below investment grade
Debt Obligations
Debt, Carrying Value			53,200,000
Notional amount of secured floating rate notes			$ 53,200,000
CLO X \| Secured Debt \| One-month LIBOR
Debt Obligations
Weighted average note rate including certain fees and costs (as a percent)			1.45%
CLO IX
Debt Obligations
Number of tranches of CLO notes issued \| tranche				5
Number of newly-formed wholly-owned subsidiaries \| item				2
Debt, Face Value				$ 480,000,000			356,400,000	356,400,000	480,000,000
Debt, Carrying Value				$ 388,200,000			$ 353,473,000	$ 352,244,000	388,200,000
Weighted average note rate (as a percent)							3.17%	3.92%
Collateral Loans, Unpaid Principal							$ 407,696,000	$ 440,906,000
Collateral Loans, Carrying Value							406,463,000	439,691,000
Cash, Restricted Cash							47,230,000	20,094,000
Replacement period				3 years
Proceeds from issuance of collateralized loan obligations for acquiring additional loan obligations				$ 92,700,000
Maximum period to acquire additional loan obligations				120 days
Notional amount of secured floating rate notes				$ 123,600,000					123,600,000
Value of portfolio loans as collateral				$ 387,300,000					$ 387,300,000
Leverage (as a percent)				74.00%					74.00%
CLO IX \| Investment grade
Debt Obligations
Debt, Carrying Value				$ 356,400,000					$ 356,400,000
CLO IX \| Below investment grade
Debt Obligations
Debt, Carrying Value				31,800,000					31,800,000
Notional amount of secured floating rate notes				$ 31,800,000					$ 31,800,000
CLO IX \| Secured Debt \| One-month LIBOR
Debt Obligations
Weighted average note rate (as a percent)				1.36%					1.36%
CLO VIII
Debt Obligations
Number of tranches of CLO notes issued \| tranche						6
Number of newly-formed wholly-owned subsidiaries \| item						2
Debt, Face Value						$ 365,000,000	282,874,000	282,874,000
Debt, Carrying Value						$ 312,100,000	$ 281,119,000	$ 279,857,000
Weighted average note rate (as a percent)							3.12%	3.87%
Collateral Loans, Unpaid Principal							$ 359,186,000	$ 354,713,000
Collateral Loans, Carrying Value							357,914,000	353,574,000
Cash, Restricted Cash							544,000	10,287,000
Replacement period						3 years
Proceeds from issuance of collateralized loan obligations for acquiring additional loan obligations						$ 71,300,000
Maximum period to acquire additional loan obligations						120 days
Notional amount of secured floating rate notes						$ 82,100,000
Value of portfolio loans as collateral						$ 293,700,000
Leverage (as a percent)						78.00%
CLO VIII \| Investment grade
Debt Obligations
Debt, Carrying Value						$ 282,900,000
CLO VIII \| Below investment grade
Debt Obligations
Debt, Carrying Value						$ 29,200,000
CLO VIII \| Secured Debt \| One-month LIBOR
Debt Obligations
Weighted average note rate (as a percent)						1.31%
CLO VII
Debt Obligations
Debt, Face Value								279,000,000
Debt, Carrying Value								$ 276,527,000
Weighted average note rate (as a percent)								4.56%
Collateral Loans, Unpaid Principal								$ 325,057,000
Collateral Loans, Carrying Value								324,195,000
Cash, Restricted Cash								30,725,000
Debt Instrument Redemption Value	$ 279,000,000
Proceeds from issuance of collateralized loan obligations for acquiring additional loan obligations							$ 58,600,000	25,100,000
Deferred fees expensed as interest expense	$ 1,400,000
CLO VI
Debt Obligations
Debt, Face Value								250,250,000
Debt, Carrying Value								$ 248,536,000
Weighted average note rate (as a percent)								5.05%
Collateral Loans, Unpaid Principal								$ 279,348,000
Collateral Loans, Carrying Value								278,364,000
Cash, Restricted Cash								$ 41,404,000
Debt Instrument Redemption Value		$ 250,300,000
Deferred fees expensed as interest expense		$ 1,200,000
CLO V
Debt Obligations
Debt Instrument Redemption Value			$ 267,800,000
Deferred fees expensed as interest expense			$ 1,300,000
CLO IV
Debt Obligations
Debt Instrument Redemption Value					$ 219,000,000
Deferred fees expensed as interest expense					$ 1,100,000

Debt Obligations, Luxembourg Debt Fund (Details) - USD ($) $ in Thousands	1 Months Ended
	Nov. 30, 2017	Dec. 31, 2019	Dec. 31, 2018
Debt Obligations
Debt, Carrying Value		$ 2,130,121	$ 1,593,548
Weighted Average Note Rate (as a percent)		3.54%	4.35%
Luxembourg debt fund
Debt Obligations
Value of portfolio loans as collateral	$ 100,000
Deferred financing fees		$ 1,400	$ 1,800
Weighted average note rate including certain fees and costs (as a percent)		7.17%	7.49%
Collateral at risk		$ 0	$ 0
One-month LIBOR \| Luxembourg debt fund
Debt Obligations
Variable rate, spread (as a percent)	4.15%
Debt Fund
Debt Obligations
Equity formed	$ 100,000
Equity interest retained	$ 30,000
Reinvested period allowed	3 years
Debt Fund \| Luxembourg debt fund
Debt Obligations
Debt, Face Value	$ 70,000	70,000	70,000
Debt, Carrying Value		$ 68,629	$ 68,183
Weighted Average Note Rate (as a percent)		5.99%	6.75%
Collateral Loans, UPB		$ 70,755	$ 69,186
Collateral Loans, Carrying Value		68,629	68,924
Cash, Restricted Cash		$ 29,245	$ 30,814

Debt Obligations, Senior Unsecured Notes (Details) - USD ($) $ in Thousands	1 Months Ended
	Oct. 31, 2019	Mar. 31, 2019	May 31, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Debt Obligations
Senior notes carrying value					$ 319,799	$ 122,484
Senior Unsecured Notes
Debt Obligations
Principal amount					325,000	$ 125,000
6.50% Convertible Notes
Debt Obligations
Interest rate (as a percent)						6.50%
5.625% Notes
Debt Obligations
Principal amount				$ 100,000	125,000
Interest rate (as a percent)				5.625%
Proceeds from issued debt			$ 25,000	$ 122,300
Redemption of aggregate principal amount (as a percent)				100.00%
Senior notes carrying value					123,100	$ 122,500
Deferred financing fees					$ 1,900	$ 2,500
Weighted average note rate including certain fees and costs (as a percent)					6.08%	6.08%
5.75% Notes
Debt Obligations
Principal amount		$ 90,000
Interest rate (as a percent)		5.75%
Proceeds from issued debt		$ 88,200
Redemption of aggregate principal amount (as a percent)		100.00%
Senior notes carrying value					$ 88,400
Deferred financing fees					$ 1,600
Weighted average note rate including certain fees and costs (as a percent)					6.18%
7.375% Convertible Notes
Debt Obligations
Interest rate (as a percent)				7.375%
Debt instrument redemption value				$ 97,900
4.75% Notes
Debt Obligations
Principal amount	$ 110,000
Interest rate (as a percent)	4.75%
Proceeds from issued debt	$ 108,200
Redemption of aggregate principal amount (as a percent)	100.00%
Senior notes carrying value					$ 108,400
Deferred financing fees					$ 1,600
Weighted average note rate including certain fees and costs (as a percent)					5.23%

Debt Obligations, Convertible Senior Unsecured Notes (Details) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended				12 Months Ended
	Nov. 30, 2019 USD ($) $ / shares	Dec. 31, 2019 USD ($) $ / shares	Mar. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Sep. 30, 2018 USD ($)	Dec. 31, 2019 USD ($) $ / shares shares	Dec. 31, 2018 USD ($) item shares	Dec. 31, 2017 USD ($)
Debt Obligations
Cash paid for the exchange of convertible notes						$ 231,940	$ 228,287
(Loss) gain on extinguishment of debt		$ (7,311)	$ (128)	$ (82)	$ (4,960)	(7,439)	(5,041)	$ 7,116
Total		4,678,863				4,678,863
Convertible Senior Unsecured Notes
Debt Obligations
Principal amount		300,914		270,057		$ 300,914	$ 270,057
Percentage of the Notes required to be repurchased if the agreement is fundamentally changed						100.00%
Maturity period (in years)						2 years 8 months 1 day	2 years 5 months 27 days
Unamortized Debt Discount		9,235		8,229		$ 9,235	$ 8,229
Unamortized Deferred Financing Fees		7,527		7,060		7,527	7,060
Total		$ 284,152		$ 254,768		284,152	254,768
Net Carrying Value, Equity Component						9,962	9,436
Interest expense						28,300	21,100
Interest expense related to cash coupon						13,500	13,400
Debt discount						7,900	2,900
Deferred fees expensed as interest expense						$ 6,800	$ 4,800
Cost of the notes (as a percent)		6.80%		7.45%		6.80%	7.45%
5.375% Convertible Notes
Debt Obligations
Principal amount		$ 1,100				$ 1,100
Interest rate (as a percent)		5.375%		5.375%		5.375%	5.375%
Debt instrument conversion rate						5.375%
5.375% Convertible Notes \| First Offering
Debt Obligations
Conversion rate of the notes to common stock, per $1,000 principal amount of notes						107.7122
Conversion price per share of common stock \| $ / shares		$ 9.28				$ 9.28
5.375% Convertible Notes \| Second Offering
Debt Obligations
Conversion rate of the notes to common stock, per $1,000 principal amount of notes						114.6568
Conversion price per share of common stock \| $ / shares		$ 8.72				$ 8.72
6.50% Convertible Notes
Debt Obligations
Interest rate (as a percent)				6.50%			6.50%
Cash paid for the exchange of convertible notes							$ 99,800
5.25% Convertible Notes
Debt Obligations
Interest rate (as a percent)		5.25%		5.25%		5.25%	5.25%
Cash paid for the exchange of convertible notes						$ 228,700	$ 127,600
Number of private placements \| item							2
4.75% Convertible Notes
Debt Obligations
Principal amount	$ 264,000
Interest rate (as a percent)	4.75%
Proceeds received, net of estimated issuance costs						256,500
Conversion rate of the notes to common stock, per $1,000 principal amount of notes	56.1695
Conversion price per share of common stock \| $ / shares	$ 17.80
4.75% Convertible Notes \| Over-Allotment Option
Debt Obligations
Principal amount	$ 34,000
4.75% and 5.25% Convertible Notes
Debt Obligations
Cash paid for the exchange of convertible notes						$ 233,100
Common stock exchanged (in shares) \| shares						4,478,315
(Loss) gain on extinguishment of debt						$ 7,300
Inducement charge						1,100
5.25% and 5.375% Convertible Notes
Debt Obligations
Cash paid for the exchange of convertible notes							$ 219,800
Common stock exchanged (in shares) \| shares							6,820,196
(Loss) gain on extinguishment of debt							$ 5,000
Inducement charge							1,100
Junior subordinated notes
Debt Obligations
Principal amount		$ 154,336		$ 154,336		154,336	154,336
(Loss) gain on extinguishment of debt								$ 7,100
Deferred fees expensed as interest expense						2,000	$ 2,100
Issued on July 3, 2018 \| 5.25% Convertible Notes
Debt Obligations
Principal amount		$ 11,500				$ 11,500
Interest rate (as a percent)		5.25%				5.25%
Debt instrument conversion rate						5.25%
Issued on July 3, 2018 \| 5.25% Convertible Notes \| First Offering
Debt Obligations
Conversion rate of the notes to common stock, per $1,000 principal amount of notes						86.9943
Conversion price per share of common stock \| $ / shares		$ 11.50				$ 11.50
Issued on July 3, 2018 \| 5.25% Convertible Notes \| Second Offering
Debt Obligations
Conversion rate of the notes to common stock, per $1,000 principal amount of notes						89.2795
Conversion price per share of common stock \| $ / shares		$ 11.20				$ 11.20
Issued on July 20, 2018 \| 5.25% Convertible Notes
Debt Obligations
Principal amount		$ 24,300				$ 24,300
Interest rate (as a percent)		5.25%				5.25%
Debt instrument conversion rate						5.25%
Issued on July 20, 2018 \| 5.25% Convertible Notes \| First Offering
Debt Obligations
Conversion rate of the notes to common stock, per $1,000 principal amount of notes						77.8331
Conversion price per share of common stock \| $ / shares		$ 12.85				$ 12.85
Issued on July 20, 2018 \| 5.25% Convertible Notes \| Second Offering
Debt Obligations
Conversion rate of the notes to common stock, per $1,000 principal amount of notes						79.8777
Conversion price per share of common stock \| $ / shares		$ 12.52				$ 12.52

Debt Obligations, Junior Subordinated Notes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Debt Obligations
Debt carrying value	$ 140,949	$ 140,259
Weighted average note rate (as a percent)	3.54%	4.35%
Junior subordinated notes
Debt Obligations
Junior Subordinated, Face Value			$ 20,900
Debt carrying value purchased			$ 19,800
Debt carrying value	$ 140,900	$ 140,300
Deferred amount Due at maturity	11,400	12,000
Deferred fees expensed as interest expense	$ 2,000	$ 2,100
Weighted average note rate (as a percent)	4.75%	5.66%
Weighted average note rate including certain fees and costs (as a percent)	4.83%	5.75%

Debt Obligations, Debt Covenants (Details) - USD ($)	1 Months Ended
Debt Obligations, Debt Covenants (Details) - USD ($)	Jan. 31, 2020	Oct. 31, 2019	Jul. 31, 2019	Apr. 30, 2019	Jan. 31, 2019	Dec. 31, 2019	Nov. 30, 2019	Jun. 30, 2019
CLO VI
Debt Covenants
Debt Instrument Redemption Value								$ 250,300,000
CLO VII
Debt Covenants
Debt Instrument Redemption Value							$ 279,000,000
CLO VIII
Debt Covenants
Current overcollateralization ratio (as a percent)	129.03%	129.03%	129.03%	129.03%	129.03%
Limit overcollateralization ratio (as a percent)	128.03%
Current interest coverage ratio (as a percent)	285.83%
Limit interest coverage ratio (as a percent)	120.00%
CLO IX
Debt Covenants
Current overcollateralization ratio (as a percent)	134.68%	134.68%	134.68%	134.69%	134.68%
Limit overcollateralization ratio (as a percent)	133.68%
Current interest coverage ratio (as a percent)	250.76%
Limit interest coverage ratio (as a percent)	120.00%
CLO X
Debt Covenants
Current overcollateralization ratio (as a percent)	126.98%	126.98%	126.98%	126.98%	126.98%
Limit overcollateralization ratio (as a percent)	125.98%
Current interest coverage ratio (as a percent)	250.52%
Limit interest coverage ratio (as a percent)	120.00%
CLO XI
Debt Covenants
Current overcollateralization ratio (as a percent)	121.95%	121.95%	121.95%
Limit overcollateralization ratio (as a percent)	120.95%
Current interest coverage ratio (as a percent)	229.31%
Limit interest coverage ratio (as a percent)	120.00%
CLO XII
Debt Covenants
Current overcollateralization ratio (as a percent)	118.87%
Limit overcollateralization ratio (as a percent)	117.87%
Current interest coverage ratio (as a percent)	187.58%
Limit interest coverage ratio (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, 2019	Dec. 31, 2018	Dec. 31, 2017
Roll forward of loss contingency accrual
Charge-offs, net	$ (797)	$ (56)	$ (1,638)
Fannie Mae
Roll forward of loss contingency accrual
Loss-sharing obligations (as a percent)	0.23%	0.25%
Loss-Sharing Obligation
Roll forward of loss contingency accrual
Outstanding advances under the Fannie Mae DUS program	$ 500	$ 100
Loss-Sharing Obligation \| Fannie Mae
Roll forward of loss contingency accrual
Beginning balance of the period	34,298	30,511
Provisions for loss sharing	4,879	7,126
Provisions reversal for loan repayments	(3,732)	(3,283)
Charge-offs, net	(797)	(56)
Ending balance of the period	34,648	34,298	$ 30,511
Maximum quantifiable liability	$ 2,730,000	$ 2,460,000

Derivative Financial Instruments, Agency Business (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($) item	Dec. 31, 2018 USD ($) item	Dec. 31, 2017 USD ($)
Derivative Financial Instruments
Notional Value, classified in Other Assets	$ 173,532	$ 400,661
Notional Value, classified in Other Liabilities	347,701	108,625
Net gains (losses) from changes in the fair value of derivatives	7,800	6,000	$ 1,400
Income from mortgage servicing rights	90,761	98,839	$ 76,820
Agency Business
Derivative Financial Instruments
Notional Value, classified in Other Assets	848,633	509,286
Fair Value, classified in Other Assets	1,435	6,113
Fair Value, classified in Other Liabilities	$ (3,097)	$ (732)
Swap Futures
Derivative Financial Instruments
Derivative, maturity term	3 months
Swap Futures \| Minimum
Derivative Financial Instruments
Derivative Swap Rate Period	5 years
Swap Futures \| Maximum
Derivative Financial Instruments
Derivative Swap Rate Period	10 years
Swap Futures \| Agency Business \| Other Income
Derivative Financial Instruments
Realized gain (loss) on derivatives	$ 4,600
Unrealized gain (loss) on derivatives	1,500
Swap Futures \| Structured Business \| Other Income
Derivative Financial Instruments
Realized gain (loss) on derivatives	(400)
Unrealized gain (loss) on derivatives	$ 200
Non-Qualifying \| Rate lock commitments \| Agency Business
Derivative Financial Instruments
Count \| item	5	4
Notional Value, classified in Other Assets	$ 37,657	$ 18,161
Fair Value, classified in Other Assets	1,066	324
Fair Value, classified in Other Liabilities	$ (202)	$ (95)
Non-Qualifying \| Forward Sale Commitments \| Agency Business
Derivative Financial Instruments
Count \| item	79	90
Notional Value, classified in Other Assets	$ 483,576	$ 491,125
Fair Value, classified in Other Assets	369	5,789
Fair Value, classified in Other Liabilities	$ (2,895)	$ (637)
Non-Qualifying \| Swap Futures \| Agency Business
Derivative Financial Instruments
Count \| item	3,274
Notional Value, classified in Other Assets	$ 327,400
Non-Qualifying \| Swap Futures \| Structured Business
Derivative Financial Instruments
Count \| item	271
Notional Value, classified in Other Assets	$ 27,100

Fair Value, Carrying Value and Estimated Fair Value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Financial assets:
Loans and investments, net - Principal/Notional Amount	$ 4,279,611	$ 3,283,342
Loans and investments, net	4,189,960	3,200,145
Loans held-for-sale, net - Principal/Notional Amount	847,126	472,964
Loans held-for-sale, net	847,126	472,964
Securities, held-to-maturity, net - Principal/Notional Amount	111,028	103,515
Securities held-to-maturity, net	88,699	76,363
Derivative financial instruments - Principal/Notional Amount	173,532	400,661
Financial liabilities:
Credit and repurchase facilities, Principal/Notional Amount	1,681,146	1,138,135
Credit and repurchase facilities, Carrying value	1,678,288	1,135,627
Collateralized loan obligations	2,130,121	1,593,548
Debt fund	68,629	68,183
Senior unsecured notes	319,799	122,484
Convertible senior unsecured notes, net	284,152	254,768
Junior subordinated notes	140,949	140,259
Derivative financial instruments - Principal/Notional Amount	$ 347,701	108,625
Minimum
Financial liabilities:
Period of loans held for sale sold	60 days
Maximum
Financial liabilities:
Period of loans held for sale sold	180 days
Carrying Value
Financial assets:
Loans and investments, net	$ 4,189,960	3,200,145
Loans held-for-sale, net	861,360	481,664
Capitalized mortgage servicing rights, net	286,420	273,770
Securities held-to-maturity, net	88,699	76,363
Derivative financial instruments	1,435	6,113
Financial liabilities:
Credit and repurchase facilities, Carrying value	1,678,288	1,135,627
Collateralized loan obligations	2,130,121	1,593,548
Debt fund	68,629	68,183
Senior unsecured notes	319,799	122,484
Convertible senior unsecured notes, net	284,152	254,768
Junior subordinated notes	140,949	140,259
Derivative financial instruments	3,097	732
Fair Value
Financial assets:
Loans and investments, net	4,228,071	3,249,499
Loans held-for-sale, net	876,975	489,546
Capitalized mortgage servicing rights, net	328,995	322,463
Securities held-to-maturity, net	91,738	79,097
Derivative financial instruments	1,435	6,113
Financial liabilities:
Credit and repurchase facilities, Carrying value	1,677,658	1,135,774
Collateralized loan obligations	2,147,944	1,588,989
Debt fund	70,138	70,154
Senior unsecured notes	331,225	123,750
Convertible senior unsecured notes, net	310,778	267,324
Junior subordinated notes	97,668	95,873
Derivative financial instruments	3,097	732
CLOs
Financial liabilities:
Debt instrument - Principal/Notional Amount	2,147,467	1,609,524
Collateralized loan obligations	2,130,121	1,593,548
Debt Fund
Financial liabilities:
Debt instrument - Principal/Notional Amount	70,000
Debt fund		70,000
Senior Unsecured Notes
Financial liabilities:
Debt instrument - Principal/Notional Amount	325,000	125,000
Convertible Senior Unsecured Notes
Financial liabilities:
Debt instrument - Principal/Notional Amount	300,914	270,057
Convertible senior unsecured notes, net		270,057
Junior subordinated notes
Financial liabilities:
Debt instrument - Principal/Notional Amount	154,336	154,336
Junior subordinated notes	$ 140,900	$ 140,300

Fair Value, Measurement on Recurring and Nonrecurring Basis (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($) item	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)
Financial assets:
Allowance for impaired loan losses	$ 71,069	$ 71,069
Number of impaired loans \| item	5
Impairment loss on real estate owned	$ 1,000	2,000	$ 3,200
Non-financial assets:
Real Estate Investment Property, Net	13,220	14,446
Real Estate Owned
Financial assets:
Impairment loss on real estate owned	1,000	2,000	$ 3,200
Non-financial assets:
Real Estate Investment Property, Net	13,220	14,446
Carrying Value
Financial assets:
Derivative financial instruments	1,435	6,113
Financial liabilities:
Derivative financial instruments	3,097	732
Fair Value
Financial assets:
Derivative financial instruments	1,435	6,113
Financial liabilities:
Derivative financial instruments	3,097	$ 732
Recurring basis \| Carrying Value
Financial assets:
Derivative financial instruments	1,435
Financial liabilities:
Derivative financial instruments	3,097
Recurring basis \| Fair Value
Financial assets:
Derivative financial instruments	1,435
Financial liabilities:
Derivative financial instruments	3,097
Nonrecurring basis \| Carrying Value
Financial assets:
Impaired loans, net	59,657
Non-financial assets:
Real Estate Investment Property, Net	13,220
Nonrecurring basis \| Fair Value
Financial assets:
Impaired loans, net	59,657
Non-financial assets:
Real Estate Investment Property, Net	13,220
Level 2 \| Recurring basis
Financial assets:
Derivative financial instruments	369
Financial liabilities:
Derivative financial instruments	3,097
Level 3 \| Recurring basis
Financial assets:
Derivative financial instruments	1,066
Level 3 \| Nonrecurring basis
Financial assets:
Impaired loans, net	59,657
Non-financial assets:
Real Estate Investment Property, Net	$ 13,220

Fair Value, Level 3 Inputs (Details) - Level 3 $ in Thousands	Dec. 31, 2019 USD ($) item
Land
Quantitative information about Level 3 fair value measurements
Impaired loans, fair value \| $	$ 58,931
Land \| Discount rate
Quantitative information about Level 3 fair value measurements
Impaired loans, measurement input	0.2300
Land \| Revenue growth rate
Quantitative information about Level 3 fair value measurements
Impaired loans, measurement input	0.0300
Office
Quantitative information about Level 3 fair value measurements
Impaired loans, fair value \| $	$ 726
Office \| Discount rate
Quantitative information about Level 3 fair value measurements
Impaired loans, measurement input	0.1100
Office \| Capitalization rate
Quantitative information about Level 3 fair value measurements
Impaired loans, measurement input	0.0900
Office \| Revenue growth rate
Quantitative information about Level 3 fair value measurements
Impaired loans, measurement input	0.0250
Hotel
Quantitative information about Level 3 fair value measurements
Long-lived assets, fair value \| $	$ 10,208
Rate lock commitments
Quantitative information about Level 3 fair value measurements
Derivative financial instruments \| $	$ 1,066
Derivative Asset, Valuation Technique [Extensible List]	us-gaap:ValuationTechniqueDiscountedCashFlowMember
Derivative Asset, Measurement Input [Extensible List]	Discount rate
Rate lock commitments \| Discount rate
Quantitative information about Level 3 fair value measurements
Derivative financial instruments measurement input	0.1359

Fair Value, Level 3 Derivative Instruments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Derivative assets
Balance at beginning of period	$ 324	$ 276	$ 2,816
Settlements	(83,992)	(98,791)	(79,360)
Realized gains recorded in earnings	83,668	98,515	76,544
Unrealized gains recorded in earnings	1,066	324	276
Balance at end of period	$ 1,066	$ 324	$ 276

Fair Value, Components of fair value and other relevant information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($)
Fair Value of Servicing Rights	$ 17,585
Total Fair Value Adjustment	17,585
Rate lock commitments
Notional/Principal Amount	37,657
Fair Value of Servicing Rights	1,066
Interest Rate Movement Effect	(202)
Total Fair Value Adjustment	864
Forward Sale Commitments
Notional/Principal Amount	483,576
Interest Rate Movement Effect	202
Total Fair Value Adjustment	202
Loans held-for-sale, net
Notional/Principal Amount	847,126
Fair Value of Servicing Rights	16,519
Total Fair Value Adjustment	$ 16,519

Fair Value, Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Financial assets:
Loans and investments, net	$ 4,189,960	$ 3,200,145
Loans held-for-sale, net	847,126	472,964
Securities held-to-maturity, net	88,699	76,363
Financial liabilities:
Credit and repurchase facilities, Carrying value	1,678,288	1,135,627
Collateralized loan obligations	2,130,121	1,593,548
Debt fund	68,629	68,183
Senior unsecured notes	319,799	122,484
Convertible senior unsecured notes, net	284,152	254,768
Junior subordinated notes	140,949	140,259
Level 1
Financial liabilities:
Senior unsecured notes	331,225
Level 2
Financial assets:
Loans held-for-sale, net	860,456
Financial liabilities:
Credit and repurchase facilities, Carrying value	743,594
Convertible senior unsecured notes, net	310,778
Level 3
Financial assets:
Loans and investments, net	4,228,071
Loans held-for-sale, net	16,519
Capitalized mortgage servicing rights, net	328,995
Securities held-to-maturity, net	91,738
Financial liabilities:
Credit and repurchase facilities, Carrying value	934,064
Collateralized loan obligations	2,147,944
Debt fund	70,138
Junior subordinated notes	97,668
Carrying Value
Financial assets:
Loans and investments, net	4,189,960	3,200,145
Loans held-for-sale, net	861,360	481,664
Capitalized mortgage servicing rights, net	286,420
Securities held-to-maturity, net	88,699	76,363
Financial liabilities:
Credit and repurchase facilities, Carrying value	1,678,288	1,135,627
Collateralized loan obligations	2,130,121	1,593,548
Debt fund	68,629	68,183
Senior unsecured notes	319,799	122,484
Convertible senior unsecured notes, net	284,152	254,768
Junior subordinated notes	140,949	140,259
Fair Value
Financial assets:
Loans and investments, net	4,228,071	3,249,499
Loans held-for-sale, net	876,975	489,546
Capitalized mortgage servicing rights, net	328,995
Securities held-to-maturity, net	91,738	79,097
Financial liabilities:
Credit and repurchase facilities, Carrying value	1,677,658	1,135,774
Collateralized loan obligations	2,147,944	1,588,989
Debt fund	70,138	70,154
Senior unsecured notes	331,225	123,750
Convertible senior unsecured notes, net	310,778	267,324
Junior subordinated notes	$ 97,668	$ 95,873

Commitments and Contingencies, Contractual Commitments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Agency Business Commitments
Cash collateral	$ 210,875	$ 180,606	$ 139,398	$ 29,315
Debt Obligations
2020	1,629,115
2021	495,601
2022	1,479,600
2023	496,049
2024	215,154
Thereafter	363,344
Total	4,678,863
Minimum Annual Operating Lease Payments
2020	5,301
2021	3,044
2022	2,775
2023	2,052
2024	1,459
Thereafter	3,304
Total	17,935
Total
2020	1,634,416
2021	498,645
2022	1,482,375
2023	498,101
2024	216,613
Thereafter	366,648
Total	$ 4,696,798
Operating Lease, Weighted average remaining lease term (in years)	5 years 2 months 12 days
Operating Lease, Weighted average discount rate (as a percent)	4.70%
Operating lease expense	$ 6,100	$ 5,400	$ 4,700
Unfunded CLO Commitments
Unfunded commitments related to structured loans and investments	163,800
Fannie Mae
Agency Business Commitments
Minimum liquid assets to be maintained to meet operational liquidity requirements	$ 14,400
Period of funding for collateral requirement	48 months
Forward Contracts
Agency Business Commitments
Period of contractual commitment	60 days
Minimum
Total
Remaining lease term	8 months 12 days
Maximum
Total
Remaining lease term	7 years 2 months 12 days
Restricted liquidity arrangement - loans sold under the Fannie Mae DUS program \| Fannie Mae
Agency Business Commitments
Letter of credit assigned	$ 45,000
Cash collateral	1,900
Reserve required to fund additional restricted liquidity over the next 48 months	$ 36,300
Period of additional funding for collateral requirement	48 months
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

Commitments and Contingencies, Litigation (Details) $ in Millions		1 Months Ended		12 Months Ended
	Jun. 15, 2011 USD ($) lawsuit defendant	Jun. 30, 2013 USD ($) lawsuit individual defendant item	Jun. 30, 2011 lawsuit individual defendant item	Dec. 31, 2018 USD ($)
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
Litigation related to prior structured finance investment
Litigation
Net proceeds received \| $				$ 10.2

Variable Interest Entities (Details) $ in Thousands	12 Months Ended
Variable Interest Entities (Details) $ in Thousands	Dec. 31, 2019 USD ($) item	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)
Variable Interest Entities
Carrying amount of loans and investments before reserves related to VIEs	$ 4,279,611
Loan loss reserves related to VIEs	71,069	$ 71,069	$ 62,783	$ 83,712
Assets:
Restricted cash	210,875	180,606	$ 139,398	$ 29,315
Loans and investments, net	4,189,960	3,200,145
Other assets	125,788	86,086
Total assets	6,239,160	4,612,175
Liabilities:
Collateralized loan obligations	2,130,121	1,593,548
Debt fund	68,629	68,183
Other liabilities	134,299	118,780
Total liabilities	4,883,133	3,546,609
Consolidated variable interest entities
Assets:
Total assets	2,784,756	2,198,096
Liabilities:
Total liabilities	2,209,599	1,665,139
CLOs and Debt Fund
Assets:
Restricted cash	208,467	179,855
Loans and investments, net	2,557,909	2,001,617
Other assets	18,380	16,624
Total assets	2,784,756	2,198,096
Liabilities:
Collateralized loan obligations	2,130,121	1,593,548
Debt fund	68,629	68,183
Due to related party	6,734
Other liabilities	4,115	3,408
Total liabilities	$ 2,209,599	$ 1,665,139
Unconsolidated VIEs
Variable Interest Entities
Number of VIEs where the reporting entity is not VIE's primary beneficiary and VIEs have variable interest \| item	30
Carrying Amount	$ 540,564
Carrying amount of loans and investments before reserves related to VIEs	129,000
Loan loss reserves related to VIEs	69,400
Exposure to real estate debt	4,480,000
Unconsolidated VIEs \| Loans
Variable Interest Entities
Carrying Amount	436,169
Unconsolidated VIEs \| B Piece bonds
Variable Interest Entities
Carrying Amount	88,699
Unconsolidated VIEs \| Equity investments
Variable Interest Entities
Carrying Amount	12,961
Unconsolidated VIEs \| Agency interest only strips
Variable Interest Entities
Carrying Amount	$ 2,735

Equity (Details)								1 Months Ended						12 Months Ended
Equity (Details)	Feb. 13, 2020 $ / shares	Jan. 31, 2020 $ / shares	Oct. 30, 2019 $ / shares	Jul. 31, 2019 $ / shares	May 01, 2019 $ / shares	Feb. 13, 2019 $ / shares	Feb. 01, 2019 $ / shares	Feb. 29, 2020 shares	Dec. 31, 2019 USD ($) Vote $ / shares shares	Jul. 31, 2019 USD ($) shares	May 31, 2019 USD ($) $ / shares shares	Jan. 31, 2019 USD ($) shares	Dec. 31, 2018 $ / shares	Dec. 31, 2019 USD ($) Vote $ / shares shares	Dec. 31, 2018 USD ($) $ / shares shares	Dec. 31, 2017 USD ($) shares	Dec. 31, 2016 shares	Feb. 07, 2020 shares	Aug. 31, 2019 shares
Common stock
Shares issued in connection with exchange of convertible debt notes (in shares)														4,700,000
Proceeds from issuance of shares under public offering \| $														$ 260,383,000	$ 156,417,000	$ 76,225,000
Payment to internalize the management team and terminate the existing management agreement using the proceed from public offering \| $																$ 25,000,000
Noncontrolling Interest
Preferred stock, par value (in dollars per share) \| $ / shares									$ 0.01				$ 0.01	$ 0.01	$ 0.01
OP Units redeemed by cash \| $														$ (1,674,000)	$ (6,845,000)
Preferred Stock
Percentage of dividend paid to common stock and preferred stock shareholders represented ordinary income to our stockholders														100.00%	100.00%	100.00%
Chief executive officer
Deferred Compensation
Number of fully vested shares issued															63,584
Restricted common stock \| Certain employees of ours
Deferred Compensation
Number of fully vested shares issued										124,069				333,884	265,444	299,750
Total grant date fair value \| $										$ 1,500,000					$ 2,300,000	$ 2,400,000
Restricted common stock \| Chief executive officer
Deferred Compensation
Number of fully vested shares issued														58,738		74,830
Total grant date fair value \| $														$ 700,000	$ 600,000	$ 600,000
Restricted common stock \| Employees of the company and a related party
Deferred Compensation
Vesting percentage														33.00%
Restricted common stock \| Employees of the company and a related party \| March, 2018
Deferred Compensation
Vesting percentage														33.00%
Restricted common stock \| Employees of the company and a related party \| Certain employees of ours
Deferred Compensation
Total grant date fair value \| $														$ 4,200,000
Restricted common stock \| Employees of the company and a related party \| ACM / Our "Former Manager"
Deferred Compensation
Number of fully vested shares issued														1,379,615	1,033,616
Total grant date fair value \| $														$ 14,800,000	$ 9,500,000
Unrecognized compensation cost \| $														$ 7,000,000
Remaining weighted-average vesting period														1 year 9 months 18 days
Restricted stock with grant date fair value (in shares)														900,092
Restricted stock with grant date fair value \| $														$ 5,900,000
Restricted common stock \| Non-employees \| Selling and administrative expense
Deferred Compensation
Share-based compensation expense \| $														700,000	600,000	1,700,000
Restricted common stock \| Employees \| Employee compensation and benefits
Deferred Compensation
Share-based compensation expense \| $														$ 8,800,000	$ 5,400,000	$ 3,200,000
Performance-based restricted stock
Deferred Compensation
Number of fully vested shares issued														445,765
Net settlement on vesting of restricted stock (in shares)														203,492
Performance-based restricted stock \| Chief executive officer
Deferred Compensation
Number of fully vested shares issued														421,348
Vesting period (in years)														4 years	4 years	4 years
Total grant date fair value \| $														$ 1,700,000	$ 800,000	$ 1,000,000
Restricted stock units eligible to receive annually \| $														$ 2,050,023
Performance-based restricted stock \| Chief executive officer \| Maximum
Deferred Compensation
Granted of restricted stock units that vest at the end of four-year performance period (in shares)														352,427	381,503	448,980
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 (in shares)														19,837,000	15,152,700	9,500,000
Number of shares purchased														920,000	870,000
Value of common stock available under shelf registration statement \| $									$ 137,900,000					$ 137,900,000
Aggregate amount of debt securities, common stock, preferred stock, depositary shares and warrants filed under shelf registration statement \| $									$ 500,000,000					$ 500,000,000
Distributions
Cash dividend declared (in dollars per share) \| $ / shares	$ 0.30		$ 0.30	$ 0.29	$ 0.28	$ 0.27							0.15
Dividend declared in cash \| $												$ 2,500,000
Dividend declared in shares												901,432
Deferred Compensation
Net settlement on vesting of restricted stock (in shares)														(58,070)
Tax Treatment for Dividends Paid
Total dividends paid \| $												$ 2,500,000
Common Stock \| Chief executive officer
Common stock
Number of shares purchased								747,500
Common Stock \| Non-management members of the Board of Directors
Deferred Compensation
Number of fully vested shares issued															67,002	74,375
Total grant date fair value \| $														$ 700,000	$ 600,000	$ 600,000
Common Stock \| Non-management members of the Board of Directors
Deferred Compensation
Number of fully vested shares issued														55,244
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%
Operating Partnership Units
Noncontrolling Interest
Consideration in stock to be paid with operating partnership units (in shares)														391,156	577,185
Number of vote per share of Special Voting Preferred Shares \| Vote									1					1
OP Units redeemed by cash \| $														$ 1,700,000	$ 6,800,000
Common stock, shares issued (in shares)														258,677
Conversion ratio for operating partnership units to common stock shares														1
Distributions
Cash dividend declared (in dollars per share) \| $ / shares													$ 0.15
Dividend declared in cash \| $												$ 600,000
Dividend declared in shares												221,666
Tax Treatment for Dividends Paid
Total dividends paid \| $												$ 600,000
Operating Partnership Units \| Special voting preferred shares
Noncontrolling Interest
OP units outstanding (in shares)									20,484,094					20,484,094
Voting power of outstanding stock (as a percent)														15.70%
5.375% Convertible Notes
Common stock
Interest rate (as a percent)									5.375%				5.375%	5.375%	5.375%
6.50% Convertible Notes
Common stock
Interest rate (as a percent)													6.50%		6.50%
ACM Acquisition \| ACM / Our "Former Manager"
Noncontrolling Interest
Consideration in stock to be paid with operating partnership units (in shares)														14,685,729
Number of preferred stock shares paired with each OP units																	1
ACM Acquisition \| Performance-based restricted stock \| Chief executive officer
Deferred Compensation
Granted of restricted stock units that vest at the end of four-year performance period (in shares)														246,508	294,985	357,569
Vesting period (in years)														3 years
Total grant date fair value \| $														$ 3,000,000	$ 3,400,000	$ 2,700,000
ACM Acquisition \| Operating Partnership Units
Noncontrolling Interest
Value of operating partnership units issues as consideration \| $														$ 0.01
Public offering \| Common Stock
Common stock
Number of common stock sold (in shares)									7,475,000		9,200,000
Issued price per share (in dollars per share) \| $ / shares									$ 13.93		$ 12.58			$ 13.93
Proceeds from issuance of shares under public offering \| $									$ 104,000,000		$ 115,600,000
At-The-Market \| Common Stock
Common stock
Number of common stock sold (in shares)														3,162,000
Proceeds from issuance of shares under public offering \| $														$ 41,000,000
Number of shares available under an "At-The-Market" equity offering with JMP Securities LLC																		3,000,000	7,500,000
Over-Allotment Option \| Common Stock
Common stock
Number of common stock sold (in shares)											1,200,000			975,000

Equity, Earnings Per Share ("EPS") (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Basic
Net income attributable to common stockholders	$ 35,542	$ 33,965	$ 28,916	$ 22,650	$ 37,218	$ 27,737	$ 17,167	$ 26,189	$ 121,074	$ 108,312	$ 65,835
Weighted average shares outstanding (in shares)									92,851,327	70,208,165	57,890,574
Net income per common share (in dollars per share)	$ 0.35	$ 0.36	$ 0.32	$ 0.27	$ 0.48	$ 0.37	$ 0.26	$ 0.42	$ 1.30	$ 1.54	$ 1.14
Diluted
Net income attributable to noncontrolling interest	$ 7,181	$ 7,363	$ 6,598	$ 5,468	$ 9,838	$ 7,799	$ 5,557	$ 8,991	$ 26,610	$ 32,185	$ 24,120
Net income attributable to common stockholders and noncontrolling interest									$ 147,684	$ 140,497	$ 89,955
Weighted average shares outstanding (in shares)									92,851,327	70,208,165	57,890,574
Dilutive effect of OP units (in shares)									20,502,128	21,033,103	21,230,769
Dilutive effect of restricted stock units (in shares)									1,421,528	1,476,653	1,092,072
Dilutive effect of convertible notes (in shares)									1,417,968	908,861	97,837
Dilutive effect of stock dividend (in shares)										15,386
Weighted average shares outstanding ( in shares)									116,192,951	93,642,168	80,311,252
Net income per common share (in dollars per share)	$ 0.34	$ 0.35	$ 0.31	$ 0.26	$ 0.47	$ 0.36	$ 0.25	$ 0.42	$ 1.27	$ 1.50	$ 1.12
Chief executive officer \| Performance-based restricted stock
Diluted
Vesting period (in years)									4 years	4 years	4 years

Income Taxes (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended								12 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Jan. 01, 2018	Jan. 31, 2018	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Taxes
Pre-tax GAAP income											$ 170,274	$ 157,782	$ 110,868
Repayment of debt												50,000
Deferred tax benefit											(150)	12,033	7,399
Current tax provision (benefit):
Federal											12,380	17,479	17,201
State											2,505	4,285	3,557
Total											14,885	21,764	20,758
Deferred tax (benefit) provision:
Federal											2,744	(9,446)	(2,928)
State											688	(2,867)	(929)
Valuation allowance											(3,281)	280	(3,542)
Total											151	(12,033)	(7,399)
Total income tax expense			$ 4,072	$ 6,623	$ 4,350	$ (10)	$ 8,635	$ 5,381	$ 4,499	$ (8,784)	$ 15,036	$ 9,731	$ 13,359
Reconciliation of effective income tax rate as a percentage of pretax income or loss to U.S. federal statutory rate
Federal income tax rate (as a percent)	21.00%										21.00%	21.00%	35.00%
REIT non-taxable income (as a percent)											(11.30%)	(8.60%)	(21.20%)
State and local income taxes, net of federal tax benefit (as a percent)											1.50%	0.60%	1.60%
Change in valuation allowance (as a percent)											(1.90%)	0.20%	(1.30%)
Preferred equity interest deferred tax write-off (as a percent)												(6.30%)
Tax rate change													(4.80%)
Other (as a percent)											(0.50%)	(0.70%)	2.70%
Effective income tax rate (as a percent)											8.80%	6.20%	12.00%
Deferred income tax benefit as result of Tax Reform	$ (5,300)
Preferred equity interest financing agreement \| ACM / Our "Former Manager"
Income Taxes
Repayment of debt		$ 50,000
Deferred tax liabilities		50,000
Deferred tax benefit		(12,500)
Deferred tax liabilities:
Deferred tax liabilities, net		$ 50,000
REIT
Income Taxes
Pre-tax GAAP income											$ 94,076	$ 64,260	$ 66,988
REIT federal income tax expense											600
State taxes for the entity's taxable REIT											100	(100)	1,000
TRS Consolidated Group
Income Taxes
Pre-tax GAAP income											76,198	93,522	$ 43,880
Deferred tax liabilities			22,584				15,907				22,584	15,907
Deferred tax assets:
Expenses not currently deductible			14,850				11,853				14,850	11,853
Loan loss reserve			8,863				8,614				8,863	8,614
Net operating and capital loss carryforwards			417				417				417	417
Valuation allowance			(417)				(3,698)				(417)	(3,698)
Deferred tax assets, net			23,713				17,186				23,713	17,186
Deferred tax liabilities:
Interest in equity affiliates - net			1,587				136				1,587	136
Intangibles			8,684				9,674				8,684	9,674
Mortgage servicing rights			11,476				5,290				11,476	5,290
Other			837				807				837	807
Deferred tax liabilities, net			$ 22,584				$ 15,907				$ 22,584	$ 15,907

Income Taxes, Operating Loss Carryforwards (Details) - TRS Consolidated Group - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Income Taxes
Federal and state net operating loss carryforwards	$ 0.5	$ 0.5
Capital loss carryforwards	$ 1.1	$ 1.1

Agreements and Transactions with Related Parties, Shared Services Agreement (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Agreements and transactions with related parties
Management fee - related party			$ 6,673
ACM / Our "Former Manager" \| Management Fee
Agreements and transactions with related parties
Management fee - related party			6,700
ACM / Our "Former Manager" \| Support Services
Agreements and transactions with related parties
Costs for services to related party	$ 2,700	$ 1,300	$ 700

Agreements and Transactions with Related Parties, Other Related Party (Details) $ in Thousands		1 Months Ended																3 Months Ended									12 Months Ended					60 Months Ended
	Nov. 30, 2018 USD ($)	Dec. 31, 2019 USD ($) shares	Sep. 30, 2019 USD ($)	Jan. 31, 2019 USD ($)	Oct. 31, 2018 USD ($)	Aug. 31, 2018 USD ($)	Jun. 30, 2018 USD ($) property item loan	May 31, 2018 USD ($)	Apr. 30, 2018 USD ($)	Dec. 31, 2017 USD ($) property	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 ($) property	Dec. 31, 2019 USD ($) shares	Sep. 30, 2019 USD ($)	Jun. 30, 2019 USD ($)	Mar. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Sep. 30, 2018 USD ($)	Jun. 30, 2018 USD ($)	Mar. 31, 2018 USD ($)	Dec. 31, 2017 USD ($) property loan	Dec. 31, 2019 USD ($) shares	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($) property	Dec. 31, 2016 USD ($) shares	Dec. 31, 2015 USD ($)	Dec. 31, 2019 USD ($) shares	Jul. 31, 2019 USD ($)	Jan. 31, 2018 USD ($)	Mar. 31, 2017 USD ($) item
Agreements and transactions with related parties
Due to related party		$ 13,100																$ 13,100									$ 13,100					$ 13,100
Due from Related Parties		$ 10,651																10,651				$ 1,287					10,651	$ 1,287				$ 10,651
Paydowns of principal made by borrower																											1,753,693	957,163	$ 929,796
Proceeds from repayment in full				$ 10,900
Income (loss) from equity affiliates																		$ 1,502	$ 3,718	$ 3,264	$ 2,151	$ 91	$ (1,028)	$ 1,387	$ 746		$ 10,635	1,196	(2,951)
Chief executive officer
Agreements and transactions with related parties
Ownership interest limit of our common stock under company charter (as a percent)		5.00%																5.00%									5.00%					5.00%
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 guaranty		$ 400																$ 400									$ 400					$ 400
Preferred equity investments
Agreements and transactions with related parties
Principal amount														$ 15,000																$ 5,000
Commitment to fund additional investment														$ 5,000
Interest income recorded																													1,100
Fixed rate of interest (as a percent)														11.00%
Bridge loans \| Maturity date of November 2018
Agreements and transactions with related parties
Principal amount															$ 14,800
Base spread (as a percent)															5.25%
LIBOR floor (as a percentage)															0.50%
Bridge loan, several multifamily properties
Agreements and transactions with related parties
Principal amount					$ 37,500
Percentage of ownership interest of related party in the entity					85.00%
Bridge loan, six multifamily properties
Agreements and transactions with related parties
UPB converted to a mezzanine loan				$ 2,000
Bridge loan, six multifamily properties \| Maturity date of September 2019
Agreements and transactions with related parties
Principal amount																														$ 12,900
AMAC III
Agreements and transactions with related parties
Income (loss) from equity affiliates																											200
Investment in real estate committed																					$ 30,000
Lexford Portfolio \| Bridge loans \| Maturity Date of June 2021
Agreements and transactions with related parties
Paydowns of principal made by borrower																											$ 250,000
Base spread (as a percent)							4.00%																	4.00%
Unsecured financing provided by an unsecured lender to certain parent entities of the property owners							$ 50,000																	$ 50,000
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%
Affiliated entities \| Loans originated in 2015 or prior years
Agreements and transactions with related parties
Interest income recorded																												1,300	5,800
ACM, Certain executives and Consortium of independent outside investors \| AMAC III
Agreements and transactions with related parties
Amount invested		$ 10,900																10,900									$ 10,900					10,900
Ownership interest (as a percent)																					18.00%
ACM, Certain executives and Consortium of independent outside investors \| AMAC III \| Bridge loans
Agreements and transactions with related parties
Amount of loan to related party																																	$ 34,000
ACM, Certain executives and Consortium of independent outside investors \| AMAC III \| Private Label
Agreements and transactions with related parties
Percentage of ownership interest of related party in the entity		100.00%
Interest income recorded		$ 3,300
Fixed rate of interest (as a percent)		3.735%
Amount of loan to related party		$ 15,600																$ 15,600									15,600					$ 15,600
Unaffiliated borrower \| AMAC III \| Mezzanine loans
Agreements and transactions with related parties
Amount of loan to related party																																	$ 7,000
ACM / Our "Former Manager"
Agreements and transactions with related parties
Related party financing																																		$ 50,000
Outstanding principal balance of related party financing																																		$ 50,000
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
Income (loss) from equity affiliates																											$ 7,200	(900)	(7,200)
Maximum percentage of guaranty provided by the Company in relation to the settlement																															50.00%
ACM / Our "Former Manager" \| ACM Acquisition
Agreements and transactions with related parties
Number of preferred stock shares paired with each OP units \| shares																														1
Number of shares held by related party \| shares		4,285,694																4,285,694									4,285,694					4,285,694
OP units hold as part of acquisition \| shares																											14,685,729
Percentage of voting power held by related party		14.60%																14.60%									14.60%					14.60%
ACM / Our "Former Manager" \| Preferred equity interest financing agreement
Agreements and transactions with related parties
Interest expense on related party loan																												300	3,800
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																																$ 16,100
Proceeds from sale of available-for-sale securities																																16,900
Consortium of investors including other unaffiliated investors, certain of officers and chief executive officer \| Fannie Mae
Agreements and transactions with related parties
Servicing revenue													$ 100
Consortium of investors including other unaffiliated investors, certain of officers and chief executive officer \| Maturity date of January 2019 \| Multifamily
Agreements and transactions with related parties
Number of properties owned \| property																	2
Consortium of investors including other unaffiliated investors, certain of officers and chief executive officer \| Preferred equity investments \| Multifamily
Agreements and transactions with related parties
Equity investment																	$ 5,200
Consortium of investors including other unaffiliated investors, certain of officers and chief executive officer \| Preferred equity investments \| Maturity Date May 2018 extended from November 2017
Agreements and transactions with related parties
Fixed rate of interest (as a percent)																	10.00%
Consortium of investors including other unaffiliated investors, certain of officers and chief executive officer \| Bridge loan, several multifamily properties
Agreements and transactions with related parties
Principal amount					$ 19,500
Interest income recorded																											$ 1,300	300
Consortium of investors including other unaffiliated investors, certain of officers and chief executive officer \| Bridge loan, several multifamily properties \| LIBOR
Agreements and transactions with related parties
Base spread (as a percent)					4.00%
LIBOR floor (as a percentage)					2.125%
Consortium of investors including other unaffiliated investors, certain of officers and chief executive officer \| Bridge loan, two multifamily properties \| Maturity date of January 2019
Agreements and transactions with related parties
Principal amount																	$ 12,700
Percentage of ownership interest of related party in the entity																	50.00%
Consortium of investors including other unaffiliated investors, certain of officers and chief executive officer \| Bridge loan, two multifamily properties \| Maturity date of January 2019 \| LIBOR
Agreements and transactions with related parties
Base spread (as a percent)																	4.50%
LIBOR floor (as a percentage)																	0.25%
Consortium of investors including other unaffiliated investors, certain of officers and chief executive officer \| Bridge loan, one multifamily property
Agreements and transactions with related parties
Principal amount	$ 61,200
Percentage of ownership interest of related party in the entity	10.00%
Interest income recorded																											1,300
Consortium of investors including other unaffiliated investors, certain of officers and chief executive officer \| Bridge loan, one multifamily property \| LIBOR
Agreements and transactions with related parties
Base spread (as a percent)	4.50%
LIBOR floor (as a percentage)	2.00%
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%
Servicing revenue																												100
Principal amount													$ 46,900
Percentage of ownership interest of related party in the entity													17.60%
Consortium of Investors, including our Chief Executive Officer and our Former Manager
Agreements and transactions with related parties
Amount invested																																			$ 2,000
Ownership interest (as a percent)																																			26.10%
Interest income recorded																											300
Number of portfolios of multifamily properties \| item																																			2
Consortium of Investors, including our Chief Executive Officer and our Former Manager \| Bridge loans \| Maturity date of November 2018
Agreements and transactions with related parties
Number of bridge loans originated \| item															2
Certain officers, including our Chief Executive Officer and our Former Manager \| Bridge loan, six multifamily properties \| Maturity date of September 2019
Agreements and transactions with related parties
Principal amount																$ 48,000
Number of properties owned \| property																6
Base spread (as a percent)																4.50%
LIBOR floor (as a percentage)																0.25%
Interest income recorded																											300	1,900	2,700
Proceeds from repayment of debt								$ 28,300
Proceeds from repayment in full											$ 6,800
Certain officers, including our Chief Executive Officer and our Former Manager \| Bridge loan, six multifamily properties \| Maturity date of September 2019 \| 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 \| Bridge loan, six multifamily properties \| Maturity date of September 2019 \| 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 \| Mezzanine loans \| Maturity date of January 2024
Agreements and transactions with related parties
Fixed rate of interest (as a percent)				10.00%
Certain certain officers, chief executive officer, and other unaffiliated investors \| Preferred equity investments
Agreements and transactions with related parties
Amount of ownership interest of related party in the entity												$ 5,000
Certain certain officers, chief executive officer, and other unaffiliated investors \| Bridge loan, several multifamily properties \| Maturity Date of January 2021
Agreements and transactions with related parties
Due to related party									$ 9,400
Principal amount		$ 8,600																$ 8,600									8,600					8,600
Percentage of ownership interest of related party in the entity									75.00%
Interest income recorded																											600	300
Certain certain officers, chief executive officer, and other unaffiliated investors \| Bridge loan, several multifamily properties \| Maturity Date of January 2021 \| LIBOR
Agreements and transactions with related parties
Base spread (as a percent)									5.00%
LIBOR floor (as a percentage)									1.25%
Certain certain officers, chief executive officer, and other unaffiliated investors \| Bridge loan, several multifamily properties \| Maturity date of June 2020
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																											1,700	2,400	$ 100
Certain certain officers, chief executive officer, and other unaffiliated investors \| Bridge loan, two multifamily properties \| Maturity date of fourth quarter 2020
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																											2,200	2,100	$ 200
Number of mortgage loans secured by property purchased from related party \| loan																										2
Certain certain officers, chief executive officer, and other unaffiliated investors \| Bridge loan, two multifamily properties \| Maturity date of fourth quarter 2020 \| Minimum
Agreements and transactions with related parties
LIBOR floor (as a percentage)																										1.24%
Certain certain officers, chief executive officer, and other unaffiliated investors \| Bridge loan, two multifamily properties \| Maturity date of fourth quarter 2020 \| Maximum
Agreements and transactions with related parties
LIBOR floor (as a percentage)																										1.54%
Certain certain officers, chief executive officer, and other unaffiliated investors \| Bridge loan, two multifamily properties \| Maturity date of January 2019
Agreements and transactions with related parties
Interest income recorded																											600	1,400	1,300
Certain certain officers, chief executive officer, and other unaffiliated investors \| Bridge loan, two multifamily properties \| Maturity date of October 2021
Agreements and transactions with related parties
Principal amount										$ 31,100																$ 31,100			$ 31,100
LIBOR floor (as a percentage)																										1.80%
Certain certain officers, chief executive officer, and other unaffiliated investors \| Bridge loan, two multifamily properties \| Maturity date of October 2021 \| LIBOR
Agreements and transactions with related parties
Base spread (as a percent)										4.00%																4.00%			4.00%
Certain certain officers, chief executive officer, and other unaffiliated investors \| Bridge loan, one multifamily property
Agreements and transactions with related parties
Principal amount		$ 22,600																22,600									22,600					$ 22,600
Proceeds from Bridge loan on a multi family property																		$ 17,400
Interest income recorded																												200
Certain certain officers, chief executive officer, and other unaffiliated investors \| Bridge loan, one multifamily property \| Maturity Date of June 2021
Agreements and transactions with related parties
Principal amount							$ 21,700																	$ 21,700
Percentage of ownership interest of related party in the entity							75.00%
Interest income recorded																											1,400	600
Certain certain officers, chief executive officer, and other unaffiliated investors \| Bridge loan, one multifamily property \| Maturity Date of June 2021 \| LIBOR
Agreements and transactions with related parties
Base spread (as a percent)							4.75%																	4.75%
LIBOR floor (as a percentage)							1.25%
Certain certain officers, chief executive officer, and other unaffiliated investors \| Bridge loan, one multifamily property \| Maturity date of July 2020
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																											1,900	900
Certain certain officers, chief executive officer, and other unaffiliated investors \| Bridge loan, one multifamily property \| Maturity date of January 2019
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																											$ 300	1,100
Kaufman Entities
Agreements and transactions with related parties
Percentage of our Former Manager's outstanding membership interest of related party in another related party		31.00%																31.00%									31.00%					31.00%
Director \| Ginkgo
Agreements and transactions with related parties
Percentage of managing member														33.00%
Consortium of affiliated investors
Agreements and transactions with related parties
Interest income recorded																												1,000
Consortium of affiliated investors \| Bridge loans \| Maturity Date of June 2021
Agreements and transactions with related parties
Number of one-year extension options \| item							2
Consortium of affiliated investors \| Fannie Mae loan on a multifamily property
Agreements and transactions with related parties
Servicing revenue																											$ 100
Consortium of affiliated investors \| Lexford Portfolio
Agreements and transactions with related parties
Management fee, percentage of gross revenues of underlying properties																											4.75%
Immediate family member of chief executive officer \| Bridge Loan, several undeveloped parcels of land
Agreements and transactions with related parties
Principal amount						$ 17,700
Paydowns of principal made by borrower			$ 4,700
Percentage of ownership interest of related party in the entity						10.80%
Interest income recorded																											$ 1,800	800
Fixed rate of interest (as a percent)						10.00%
Immediate family member of chief executive officer \| Bridge loan, several multifamily properties
Agreements and transactions with related parties
Percentage of ownership interest of related party in the entity				23.90%
LIBOR floor (as a percentage)				2.375%
Immediate family member of chief executive officer \| Bridge loan, several multifamily properties \| LIBOR
Agreements and transactions with related parties
Base spread (as a percent)				4.25%
Interest income recorded																											2,700
Lexford Portfolio
Agreements and transactions with related parties
Income (loss) from equity affiliates																											3,500	2,500	$ 2,500
Maximum exposure under guaranty		$ 617,900																$ 617,900									617,900					$ 617,900
Lexford Portfolio \| Maturity Date of June 2021
Agreements and transactions with related parties
Interest income recorded																											9,600	$ 10,100
Lexford Portfolio \| Bridge loans \| Maturity Date of June 2021
Agreements and transactions with related parties
Number of bridge loans originated \| loan							12
Number of multifamily properties renovated \| property							72
Lexford Portfolio \| Bridge loan, two multifamily properties \| Maturity Date of June 2021
Agreements and transactions with related parties
Base spread (as a percent)							280.50%																	280.50%
Entity controlled by our chief executive officer
Agreements and transactions with related parties
Reimbursement for flights chartered by the company's executives																											$ 100

Employee Benefits - 401(k) Plan (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
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	$ 0.7	$ 0.6	$ 0.6

Employee Benefits - Deferred Comp Plan (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Deferred Comp Plan
Period over which matching contributions vest after year 5	9 years
Deferred compensation expense	$ 4.7	$ 3.4	$ 2.4
Other liabilities
Deferred Comp Plan
Liabilities related to Deferred Comp Plan	13.2	8.8
Other assets
Deferred Comp Plan
Assets related to Deferred Comp Plan	$ 8.2	$ 5.9

Segment Information - Statements of Income (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment Information
Interest income									$ 315,940	$ 251,768	$ 156,177
Interest expense									186,399	153,818	90,072
Net interest income	$ 33,797	$ 32,445	$ 33,887	$ 29,412	$ 30,361	$ 27,952	$ 21,411	$ 18,225	129,541	97,950	66,105
Other revenue:
Gain on sales, including fee-based services, net									65,652	70,002	72,799
Mortgage servicing rights									90,761	98,839	76,820
Servicing revenue									103,223	94,158	76,412
Amortization of MSRs									(48,681)	(48,124)	(47,202)
Property operating income									9,674	10,095	10,973
Other income, net									(784)	8,161	685
Total other revenue	62,365	62,558	50,072	44,848	77,464	55,580	46,923	53,162	219,845	233,131	190,487
Other expenses:
Employee compensation and benefits									122,102	110,470	92,126
Selling and administrative									40,329	37,074	30,738
Property operating expenses									10,220	10,431	10,482
Depreciation and amortization									7,510	7,453	7,385
Impairment loss on real estate owned									1,000	2,000	3,200
Provision for loss sharing (net of recoveries)									1,147	3,843	(259)
Provision for loan losses (net of recoveries)										8,353	(456)
Litigation settlement gain										(10,170)
Management fee - related party											6,673
Total other expenses	41,670	48,882	45,471	46,287	50,255	34,739	40,610	43,849	182,308	169,454	149,889
Income before extinguishment of debt, income (loss) from equity	54,492	46,121	38,488	27,973	57,570	48,793	27,724	27,538	167,078	161,627	106,703
(Loss) gain on extinguishment of debt	(7,311)			(128)	(82)	(4,960)			(7,439)	(5,041)	7,116
Income from equity affiliates	1,502	3,718	3,264	2,151	91	(1,028)	1,387	746	10,635	1,196	(2,951)
Provision for income taxes	(4,072)	(6,623)	(4,350)	10	(8,635)	(5,381)	(4,499)	8,784	(15,036)	(9,731)	(13,359)
Net income	44,611	43,216	37,402	30,006	48,944	37,424	24,612	37,068	155,238	148,051	97,509
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	7,181	7,363	6,598	5,468	9,838	7,799	5,557	8,991	26,610	32,185	24,120
Net income attributable to common stockholders	$ 35,542	$ 33,965	$ 28,916	$ 22,650	$ 37,218	$ 27,737	$ 17,167	$ 26,189	121,074	108,312	65,835
Operating segments \| Structured Business
Segment Information
Interest income									289,841	226,750	136,526
Interest expense									169,802	137,719	74,136
Net interest income									120,039	89,031	62,390
Other revenue:
Property operating income									9,674	10,095	10,973
Other income, net									903	1,490	2,083
Total other revenue									10,577	11,585	13,056
Other expenses:
Employee compensation and benefits									31,264	27,456	19,555
Selling and administrative									18,099	15,642	11,765
Property operating expenses									10,220	10,431	10,482
Depreciation and amortization									2,046	1,851	1,784
Impairment loss on real estate owned									1,000	2,000	3,200
Provision for loan losses (net of recoveries)										8,353	(456)
Litigation settlement gain										(10,170)
Management fee - related party											3,259
Total other expenses									62,629	55,563	49,589
Income before extinguishment of debt, income (loss) from equity									67,987	45,053	25,857
(Loss) gain on extinguishment of debt									(7,439)	(5,041)	7,116
Income from equity affiliates									10,635	1,196	(2,951)
Provision for income taxes									(668)	774	(957)
Net income									70,515	41,982	29,065
Preferred stock dividends									7,554	7,554	7,554
Net income attributable to common stockholders									62,961	34,428	21,511
Operating segments \| Agency Business
Segment Information
Interest income									26,099	25,018	19,651
Interest expense									16,597	15,770	12,089
Net interest income									9,502	9,248	7,562
Other revenue:
Gain on sales, including fee-based services, net									65,652	70,002	72,799
Mortgage servicing rights									90,761	98,839	76,820
Servicing revenue									103,223	94,158	76,412
Amortization of MSRs									(48,681)	(48,124)	(47,202)
Other income, net									(1,687)	6,671	(1,398)
Total other revenue									209,268	221,546	177,431
Other expenses:
Employee compensation and benefits									90,838	83,014	72,571
Selling and administrative									22,230	21,432	18,973
Depreciation and amortization									5,464	5,602	5,601
Provision for loss sharing (net of recoveries)									1,147	3,843	(259)
Management fee - related party											3,414
Total other expenses									119,679	113,891	100,300
Income before extinguishment of debt, income (loss) from equity									99,090	116,903	84,693
Provision for income taxes									(14,368)	(10,505)	(12,402)
Net income									84,722	106,398	72,291
Net income attributable to common stockholders									84,722	106,398	72,291
Other / Eliminations
Segment Information
Interest expense										329	3,847
Net interest income										(329)	(3,847)
Other expenses:
Income before extinguishment of debt, income (loss) from equity										(329)	(3,847)
Net income										(329)	(3,847)
Net income attributable to noncontrolling interest									26,610	32,185	24,120
Net income attributable to common stockholders									$ (26,610)	$ (32,514)	$ (27,967)

Segment Information - Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Assets:
Cash and cash equivalents	$ 299,687	$ 160,063	$ 104,374	$ 138,645
Restricted cash	210,875	180,606	$ 139,398	$ 29,315
Loans and investments, net	4,189,960	3,200,145
Loans held-for-sale, net	861,360	481,664
Capitalized mortgage servicing rights, net	286,420	273,770
Securities held-to-maturity, net	88,699	76,363
Investments in equity affiliates	41,800	21,580
Goodwill and other intangible assets	110,700	116,165
Other assets	149,659	101,819
Total assets	6,239,160	4,612,175
Liabilities:
Debt obligations	4,621,938	3,314,869
Allowance for loss-sharing obligations	34,648	34,298
Other liabilities	226,547	197,442
Total liabilities	4,883,133	3,546,609
Structured Business \| Operating segments
Assets:
Cash and cash equivalents	264,468	89,457
Restricted cash	208,926	180,606
Loans and investments, net	4,189,960	3,200,145
Securities held-to-maturity, net	20,000
Investments in equity affiliates	41,800	21,580
Goodwill and other intangible assets	12,500	12,500
Other assets	118,175	81,494
Total assets	4,855,829	3,585,782
Liabilities:
Debt obligations	3,878,343	2,842,688
Other liabilities	171,004	159,413
Total liabilities	4,049,347	3,002,101
Agency Business \| Operating segments
Assets:
Cash and cash equivalents	35,219	70,606
Restricted cash	1,949
Loans held-for-sale, net	861,360	481,664
Capitalized mortgage servicing rights, net	286,420	273,770
Securities held-to-maturity, net	68,699	76,363
Goodwill and other intangible assets	98,200	103,665
Other assets	31,484	20,325
Total assets	1,383,331	1,026,393
Liabilities:
Debt obligations	743,595	472,181
Allowance for loss-sharing obligations	34,648	34,298
Other liabilities	55,543	38,029
Total liabilities	$ 833,786	$ 544,508

Segment Information - Origination Data (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment Information
Origination Volumes	$ 4,829,721	$ 5,104,072	$ 4,344,328
Loan Sales Data:
Sales margin (fee-based services as a % of loan sales)	1.49%	1.42%	1.51%
MSR rate (MSR income as a % of loan commitments)	1.88%	1.94%	1.77%
Structured Business
Segment Information
New loan originations	$ 2,803,251	$ 1,656,020	$ 1,842,974
Loan payoffs / paydowns	1,748,387	955,575	924,120
Agency Business
Segment Information
Origination Volumes	4,810,225	5,124,489	4,462,436
Loan Sales Data:
Loan Sales	4,401,112	4,924,144	4,814,906
Fannie Mae \| Agency Business
Segment Information
Origination Volumes	3,346,272	3,332,100	2,929,481
Loan Sales Data:
Loan Sales	3,296,523	3,217,006	3,223,953
Freddie Mac \| Agency Business
Segment Information
Origination Volumes	728,317	1,587,958	1,322,498
Loan Sales Data:
Loan Sales	786,993	1,540,483	1,399,029
FHA \| Agency Business
Segment Information
Origination Volumes	123,095	153,523	189,087
Loan Sales Data:
Loan Sales	106,271	115,747	170,554
CMBS/Conduit \| Agency Business
Segment Information
Origination Volumes	211,325	50,908	21,370
Loan Sales Data:
Loan Sales	211,325	$ 50,908	$ 21,370
Private Label \| Agency Business
Segment Information
Origination Volumes	$ 401,216

Segment Information - Key Servicing Metrics (Details) - Agency Business - MSRs - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Segment Information
UPB of Servicing Portfolio	$ 20,059,077	$ 18,601,641
Wtd. Avg. Servicing Fee Rate (basis points)	0.438%	0.452%
Wtd. Avg. Life of Servicing Portfolio (in years)	8 years 9 months 18 days	8 years 7 months 6 days
Fannie Mae
Segment Information
UPB of Servicing Portfolio	$ 14,832,844	$ 13,562,667
Wtd. Avg. Servicing Fee Rate (basis points)	0.493%	0.513%
Wtd. Avg. Life of Servicing Portfolio (in years)	7 years 9 months 18 days	7 years 4 months 24 days
Freddie Mac
Segment Information
UPB of Servicing Portfolio	$ 4,534,714	$ 4,394,287
Wtd. Avg. Servicing Fee Rate (basis points)	0.30%	0.308%
Wtd. Avg. Life of Servicing Portfolio (in years)	10 years 7 months 6 days	10 years 9 months 18 days
FHA
Segment Information
UPB of Servicing Portfolio	$ 691,519	$ 644,687
Wtd. Avg. Servicing Fee Rate (basis points)	0.154%	0.155%
Wtd. Avg. Life of Servicing Portfolio (in years)	18 years 8 months 12 days	19 years 7 months 6 days

Selected Quarterly Financial Data - Unaudited (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Selected Quarterly Financial Data - Unaudited
Net interest income	$ 33,797	$ 32,445	$ 33,887	$ 29,412	$ 30,361	$ 27,952	$ 21,411	$ 18,225	$ 129,541	$ 97,950	$ 66,105
Total other revenue	62,365	62,558	50,072	44,848	77,464	55,580	46,923	53,162	219,845	233,131	190,487
Total other expenses	41,670	48,882	45,471	46,287	50,255	34,739	40,610	43,849	182,308	169,454	149,889
Income before extinguishment of debt, income from equity affiliates and income taxes	54,492	46,121	38,488	27,973	57,570	48,793	27,724	27,538	167,078	161,627	106,703
(Loss) gain on extinguishment of debt	(7,311)			(128)	(82)	(4,960)			(7,439)	(5,041)	7,116
Income (loss) from equity affiliates	1,502	3,718	3,264	2,151	91	(1,028)	1,387	746	10,635	1,196	(2,951)
Provision for income taxes	(4,072)	(6,623)	(4,350)	10	(8,635)	(5,381)	(4,499)	8,784	(15,036)	(9,731)	(13,359)
Net income	44,611	43,216	37,402	30,006	48,944	37,424	24,612	37,068	155,238	148,051	97,509
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	7,181	7,363	6,598	5,468	9,838	7,799	5,557	8,991	26,610	32,185	24,120
Net income attributable to common stockholders	$ 35,542	$ 33,965	$ 28,916	$ 22,650	$ 37,218	$ 27,737	$ 17,167	$ 26,189	$ 121,074	$ 108,312	$ 65,835
Basic earnings per common share (in dollars per share)	$ 0.35	$ 0.36	$ 0.32	$ 0.27	$ 0.48	$ 0.37	$ 0.26	$ 0.42	$ 1.30	$ 1.54	$ 1.14
Diluted earnings per common share (in dollars per share)	$ 0.34	$ 0.35	$ 0.31	$ 0.26	$ 0.47	$ 0.36	$ 0.25	$ 0.42	$ 1.27	$ 1.50	$ 1.12

SCHEDULE IV - LOANS AND OTHER LENDING INVESTMENTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Loans and Investments
Fixed interest rate (as a percent)	5.98%	7.02%
Prior Liens	$ 1,352,892
Secured amount of loan	4,279,611
Carrying Amount	4,189,960	$ 3,200,145	$ 2,579,127	$ 1,695,732
Amount of loans extended	808,100
Federal income tax basis	$ 4,290,000
Threshold for reporting loans (as a percent)	3.00%
Bridge loans
Loans and Investments
Fixed interest rate (as a percent)	5.77%	6.84%
Prior Liens	$ 60,000
Secured amount of loan	3,836,832
Carrying Amount	3,750,710
Bridge loans \| Loans less than 3%
Loans and Investments
Prior Liens	60,000
Secured amount of loan	723,875
Carrying Amount	$ 651,818
Preferred equity investments
Loans and Investments
Fixed interest rate (as a percent)	7.62%	7.97%
Secured amount of loan			$ 34,800
Preferred equity investments \| Loans less than 3%
Loans and Investments
Prior Liens	$ 834,515
Secured amount of loan	181,058
Carrying Amount	$ 178,270
Mezzanine loans
Loans and Investments
Fixed interest rate (as a percent)	9.70%	10.57%
Mezzanine loans \| Loans less than 3%
Loans and Investments
Prior Liens	$ 458,377
Secured amount of loan	191,575
Carrying Amount	190,980
Other Loans \| Loans less than 3%
Loans and Investments
Secured amount of loan	70,146
Carrying Amount	$ 70,000
Multifamily \| Loans in excess of 3% \| Maximum
Loans and Investments
Base spread (as a percent)	3.60%
Multifamily \| Bridge loans \| Loans in excess of 3%
Loans and Investments
Secured amount of loan	$ 417,100
Carrying Amount	$ 415,703
Multifamily \| Bridge loans \| Loans in excess of 3% \| Minimum
Loans and Investments
Base spread (as a percent)	2.75%
LIBOR Floor rate (as a percent)	1.36%
Multifamily \| Bridge loans \| Loans in excess of 3% \| Maximum
Loans and Investments
LIBOR Floor rate (as a percent)	2.38%
Multifamily \| Bridge loans \| Loans less than 3%
Loans and Investments
Secured amount of loan	$ 2,695,857
Carrying Amount	$ 2,683,189
Multifamily \| Bridge loans \| Loans less than 3% \| Minimum
Loans and Investments
Base spread (as a percent)	2.50%
LIBOR Floor rate (as a percent)	0.43%
Fixed interest rate (as a percent)	9.00%
Multifamily \| Bridge loans \| Loans less than 3% \| Maximum
Loans and Investments
Base spread (as a percent)	12.72%
LIBOR Floor rate (as a percent)	2.75%
Fixed interest rate (as a percent)	11.00%
Multifamily \| Preferred equity investments \| Loans less than 3%
Loans and Investments
Prior Liens	$ 794,984
Secured amount of loan	178,478
Carrying Amount	$ 177,399
Multifamily \| Preferred equity investments \| Loans less than 3% \| Minimum
Loans and Investments
Fixed interest rate (as a percent)	4.00%
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	$ 337,352
Secured amount of loan	109,272
Carrying Amount	$ 108,819
Multifamily \| Mezzanine loans \| Loans less than 3% \| Minimum
Loans and Investments
Fixed interest rate (as a percent)	5.00%
Multifamily \| Mezzanine loans \| Loans less than 3% \| Maximum
Loans and Investments
Fixed interest rate (as a percent)	12.00%
Multifamily \| Other Loans \| Loans less than 3%
Loans and Investments
Secured amount of loan	$ 28,571
Carrying Amount	$ 28,572
Multifamily \| Other Loans \| Loans less than 3% \| Minimum
Loans and Investments
Fixed interest rate (as a percent)	2.83%
Multifamily \| Other Loans \| Loans less than 3% \| Maximum
Loans and Investments
Fixed interest rate (as a percent)	5.32%
Self Storage \| Bridge loans \| Loans less than 3%
Loans and Investments
Base spread (as a percent)	3.90%
LIBOR Floor rate (as a percent)	1.23%
Secured amount of loan	$ 13,580
Carrying Amount	$ 13,550
Self Storage \| Mezzanine loans \| Loans less than 3%
Loans and Investments
Fixed interest rate (as a percent)	11.00%
Prior Liens	$ 30,471
Secured amount of loan	12,713
Carrying Amount	12,687
Land \| Bridge loans \| Loans less than 3%
Loans and Investments
Secured amount of loan	172,657
Carrying Amount	$ 104,788
Land \| Bridge loans \| Loans less than 3% \| Minimum
Loans and Investments
Base spread (as a percent)	4.00%
LIBOR Floor rate (as a percent)	0.15%
Fixed interest rate (as a percent)	0.00%
Land \| Bridge loans \| Loans less than 3% \| Maximum
Loans and Investments
Base spread (as a percent)	4.50%
LIBOR Floor rate (as a percent)	0.75%
Fixed interest rate (as a percent)	11.64%
Land \| Mezzanine loans \| Loans less than 3%
Loans and Investments
Secured amount of loan	$ 48,832
Carrying Amount	$ 48,767
Land \| Mezzanine loans \| Loans less than 3% \| Minimum
Loans and Investments
Fixed interest rate (as a percent)	0.00%
Land \| Mezzanine loans \| Loans less than 3% \| Maximum
Loans and Investments
Fixed interest rate (as a percent)	13.00%
Office \| Bridge loans \| Loans less than 3%
Loans and Investments
Secured amount of loan	$ 122,127
Carrying Amount	$ 120,437
Office \| Bridge loans \| Loans less than 3% \| Minimum
Loans and Investments
Base spread (as a percent)	3.10%
LIBOR Floor rate (as a percent)	1.12%
Office \| Bridge loans \| Loans less than 3% \| Maximum
Loans and Investments
Base spread (as a percent)	6.19%
LIBOR Floor rate (as a percent)	2.13%
Office \| Preferred equity investments \| Loans less than 3%
Loans and Investments
Fixed interest rate (as a percent)	15.00%
Prior Liens	$ 9,739
Secured amount of loan	880
Carrying Amount	$ 871
Office \| Mezzanine loans \| Loans less than 3%
Loans and Investments
Base spread (as a percent)	7.44%
LIBOR Floor rate (as a percent)	2.13%
Fixed interest rate (as a percent)	9.00%
Prior Liens	$ 60,000
Secured amount of loan	11,000
Carrying Amount	10,980
Healthcare \| Bridge loans \| Loans less than 3%
Loans and Investments
Secured amount of loan	203,694
Carrying Amount	$ 202,756
Healthcare \| Bridge loans \| Loans less than 3% \| Minimum
Loans and Investments
Base spread (as a percent)	4.00%
LIBOR Floor rate (as a percent)	1.12%
Healthcare \| Bridge loans \| Loans less than 3% \| Maximum
Loans and Investments
Base spread (as a percent)	11.60%
LIBOR Floor rate (as a percent)	2.63%
Hotel \| Bridge loans \| Loans less than 3%
Loans and Investments
LIBOR Floor rate (as a percent)	1.50%
Prior Liens	$ 60,000
Secured amount of loan	142,300
Carrying Amount	$ 141,574
Hotel \| Bridge loans \| Loans less than 3% \| Minimum
Loans and Investments
Base spread (as a percent)	2.75%
Hotel \| Bridge loans \| Loans less than 3% \| Maximum
Loans and Investments
Base spread (as a percent)	7.60%
LIBOR Floor rate (as a percent)	2.38%
Commercial \| Preferred equity investments \| Loans less than 3%
Loans and Investments
Fixed interest rate (as a percent)	6.00%
Prior Liens	$ 29,792
Secured amount of loan	1,700
Retail \| Bridge loans \| Loans less than 3%
Loans and Investments
Secured amount of loan	39,500
Carrying Amount	$ 39,329
Retail \| Bridge loans \| Loans less than 3% \| Minimum
Loans and Investments
Base spread (as a percent)	4.00%
LIBOR Floor rate (as a percent)	2.13%
Retail \| Bridge loans \| Loans less than 3% \| Maximum
Loans and Investments
Base spread (as a percent)	6.00%
LIBOR Floor rate (as a percent)	2.50%
Retail \| Mezzanine loans \| Loans less than 3%
Loans and Investments
Fixed interest rate (as a percent)	12.00%
Prior Liens	$ 30,554
Secured amount of loan	9,758
Carrying Amount	9,727
Single-Family Rental \| Bridge loans \| Loans less than 3%
Loans and Investments
Secured amount of loan	30,017
Carrying Amount	$ 29,384
Single-Family Rental \| Bridge loans \| Loans less than 3% \| Minimum
Loans and Investments
Base spread (as a percent)	4.50%
LIBOR Floor rate (as a percent)	2.02%
Single-Family Rental \| Bridge loans \| Loans less than 3% \| Maximum
Loans and Investments
Base spread (as a percent)	4.85%
LIBOR Floor rate (as a percent)	2.50%
Single-Family Rental \| Other Loans \| Loans less than 3%
Loans and Investments
Secured amount of loan	$ 41,575
Carrying Amount	$ 41,428
Single-Family Rental \| Other Loans \| Loans less than 3% \| Minimum
Loans and Investments
Fixed interest rate (as a percent)	4.40%
Single-Family Rental \| Other Loans \| Loans less than 3% \| Maximum
Loans and Investments
Fixed interest rate (as a percent)	5.90%

SCHEDULE IV - LOANS AND OTHER LENDING INVESTMENTS, Loans and Investments Carrying Amounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Reconciliation of the Company's loans and investments carrying amounts
Balance at beginning of year	$ 3,200,145	$ 2,579,127	$ 1,695,732
Additions during period:
New loan originations	2,831,822	1,658,732	1,842,974
Loan charge-offs		3,173	20,473
Funding of unfunded loan commitments	65,531	21,027	51,689
Accretion of unearned revenue	12,083	9,278	6,519
Recoveries of reserves		2,527	2,456
Deductions during period:
Loan payoffs and paydowns	(1,753,693)	(957,163)	(929,796)
Unfunded loan commitments	(147,392)	(88,617)	(77,233)
Use of loan charge-offs		(3,173)	(20,473)
Provision for loan losses		(13,986)	(2,000)
Unearned revenue and costs	(18,536)	(10,780)	(11,214)
Balance at end of year	$ 4,189,960	$ 3,200,145	$ 2,579,127

Description of Business (Details)	12 Months Ended
Description of Business (Details)	Dec. 31, 2019 segment
Description of Business
Number of business segments	2

Loans and Investments, Interest Reserves (Details)	12 Months Ended
Loans and Investments, Interest Reserves (Details)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($) loan
Loans and Investments
Interest reserve held	$ 37,000,000	$ 48,900,000
Number of loans covered under interest reserve	131	110
Aggregate UPB covered under interest reserve	$ 2,430,000,000	$ 2,220,000,000

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical)	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
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%

Goodwill and Other Intangible Assets, Goodwill (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Goodwill and Other Intangible Assets
Goodwill	$ 56.6	$ 56.6