0001104659-21-062802 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2021	Apr. 30, 2021
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	001-32136
Entity Registrant Name	Arbor Realty Trust, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	20-0057959
Entity Address, Address Line One	333 Earle Ovington Boulevard
Entity Address, Address Line Two	Suite 900
Entity Address, City or Town	Uniondale
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	11553
City Area Code	516
Local Phone Number	506-4200
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		133,056,352
Entity Central Index Key	0001253986
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	ABR
Security Exchange Name	NYSE
Series A Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	Preferred Stock, 8.25% Series A Cumulative Redeemable, par value $0.01 per share
Trading Symbol	ABR-PA
Security Exchange Name	NYSE
Series B Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	Preferred Stock, 7.75% Series B Cumulative Redeemable, par value $0.01 per share
Trading Symbol	ABR-PB
Security Exchange Name	NYSE
Series C Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	Preferred Stock, 8.50% Series C Cumulative Redeemable, par value $0.01 per share
Trading Symbol	ABR-PC
Security Exchange Name	NYSE

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Assets:
Cash and cash equivalents	$ 260,228	$ 339,528
Restricted cash	272,039	197,470
Loans and investments, net (allowance for credit losses: $147,300 and $148,329, respectively)	6,070,337	5,285,868
Loans held-for-sale, net	613,542	986,919
Capitalized mortgage servicing rights, net	406,980	379,974
Securities held-to-maturity, net (allowance for credit losses: $1,597 and $1,644, respectively)	92,860	95,524
Investments in equity affiliates	104,406	74,274
Real estate owned, net	1,447	1,485
Due from related party	19,705	12,449
Goodwill and other intangible assets	104,278	105,451
Other assets	185,037	182,044
Total assets	8,130,859	7,660,986
Liabilities and Equity:
Credit facilities and repurchase agreements	2,214,896	2,234,883
Collateralized loan obligations	2,813,660	2,517,309
Senior unsecured notes	663,395	662,843
Convertible senior unsecured notes, net	269,452	267,973
Junior subordinated notes to subsidiary trust issuing preferred securities	141,839	141,656
Due to related party	1,579	2,365
Due to borrowers	80,082	89,325
Allowance for loss-sharing obligations	65,893	64,303
Other liabilities	209,371	197,644
Total liabilities	6,460,167	6,178,301
Commitments and contingencies (Note 14)
Arbor Realty Trust, Inc. stockholders' equity:
Preferred stock, cumulative, redeemable, $0.01 par value: 100,000,000 shares authorized; special voting preferred shares; 17,560,633 shares issued and outstanding; 8.25% Series A, $38,788 aggregate liquidation preference; 1,551,500 shares issued and outstanding; 7.75% Series B, $31,500 aggregate liquidation preference; 1,260,000 shares issued and outstanding; 8.50% Series C, $22,500 aggregate liquidation preference; 900,000 shares issued and outstanding	89,472	89,472
Common stock, $0.01 par value: 500,000,000 shares authorized; 133,690,060 and 123,181,173 shares issued and outstanding, respectively	1,337	1,232
Additional paid-in capital	1,473,120	1,317,109
Accumulated deficit	(35,498)	(63,442)
Total Arbor Realty Trust, Inc. stockholders' equity	1,528,431	1,344,371
Noncontrolling interest	142,261	138,314
Total equity	1,670,692	1,482,685
Total liabilities and equity	$ 8,130,859	$ 7,660,986

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Loans and investments, net allowance for credit losses	$ 147,300	$ 148,329
Securities held-to-maturity, net allowance for credit losses	$ 1,597	$ 1,644
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)	133,690,060	123,181,173
Common stock, shares outstanding (in shares)	133,690,060	123,181,173
Assets	$ 8,130,859	$ 7,660,986
Liabilities	6,460,167	6,178,301
Consolidated variable interest entities
Assets	3,438,029	3,134,447
Liabilities	$ 2,816,725	$ 2,520,064
Special voting preferred shares
Preferred stock, shares issued (in shares)	17,560,633	17,560,633
Preferred stock, shares outstanding (in shares)	17,560,633	17,560,633
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 OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
CONSOLIDATED STATEMENTS OF OPERATIONS
Interest income	$ 91,144	$ 88,526
Interest expense	42,184	49,982
Net interest income	48,960	38,544
Other revenue:
Gain on sales, including fee-based services, net	28,867	14,305
Mortgage servicing rights	36,936	21,934
Servicing revenue, net	15,536	13,302
Property operating income		2,192
Loss on derivative instruments, net	(3,220)	(50,731)
Other income, net	681	1,303
Total other revenue	78,800	2,305
Other expenses:
Employee compensation and benefits	42,974	34,252
Selling and administrative	10,818	11,052
Property operating expenses	143	2,443
Depreciation and amortization	1,755	1,947
Provision for loss sharing (net of recoveries)	1,652	21,537
Provision for credit losses (net of recoveries)	(1,075)	54,382
Total other expenses	56,267	125,613
Income (loss) before extinguishment of debt, sale of real estate, income from equity affiliates and income taxes	71,493	(84,764)
Loss on extinguishment of debt	(1,370)	(1,954)
Gain on sale of real estate	1,228
Income from equity affiliates	22,251	3,992
(Provision for) benefit from income taxes	(12,492)	14,370
Net income (loss)	81,110	(68,356)
Preferred stock dividends	1,888	1,888
Net income (loss) attributable to noncontrolling interest	9,743	(10,934)
Net income (loss) attributable to common stockholders	$ 69,479	$ (59,310)
Basic earnings (loss) per common share	$ 0.55	$ (0.54)
Diluted earnings (loss) per common share	$ 0.55	$ (0.54)
Weighted average shares outstanding:
Basic	125,235,405	110,792,412
Diluted	143,958,433	131,217,199
Dividends declared per common share (in dollars per share)	$ 0.33	$ 0.30

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Preferred Stock Balance as adjusted for the adoption of ASU 2016-13	Preferred Stock	Common Stock Balance as adjusted for the adoption of ASU 2016-13	Common Stock	Additional Paid-in Capital Balance as adjusted for the adoption of ASU 2016-13	Additional Paid-in Capital	Accumulated Deficit Cumulative-effect adjustment	Accumulated Deficit Balance as adjusted for the adoption of ASU 2016-13	Accumulated Deficit	Total Arbor Realty Trust, Inc. Stockholders' Equity Cumulative-effect adjustment	Total Arbor Realty Trust, Inc. Stockholders' Equity Balance as adjusted for the adoption of ASU 2016-13	Total Arbor Realty Trust, Inc. Stockholders' Equity	Noncontrolling Interest Cumulative-effect adjustment	Noncontrolling Interest Balance as adjusted for the adoption of ASU 2016-13	Noncontrolling Interest	Cumulative-effect adjustment	Balance as adjusted for the adoption of ASU 2016-13	Total
Balance at Dec. 31, 2019	$ 89,501	$ 89,501	$ 1,097	$ 1,097	$ 1,154,932	$ 1,154,932	$ (24,106)	$ (85,026)	$ (60,920)	$ (24,106)	$ 1,160,504	$ 1,184,610	$ (4,501)	$ 166,916	$ 171,417	$ (28,607)	$ 1,327,420	$ 1,356,027
Balance (in shares) at Dec. 31, 2019	24,195,594	24,195,594	109,706,214	109,706,214
Increase (Decrease) in Stockholders' Equity
Issuance of common stock				$ 14		19,410						19,424						19,424
Issuance of common stock (in shares)				1,350,000
Repurchase of common stock				$ (13)		(11,278)						(11,291)						(11,291)
Repurchase of common stock (in shares)				(1,249,777)
Issuance of common stock from convertible debt				$ 3		(186)						(183)						(183)
Issuance of common stock from convertible debt (in shares)				360,860
Stock-based compensation, net				$ 5		1,882						1,887						1,887
Stock-based compensation, net (in shares)				441,606
Distributions - common stock									(33,249)			(33,249)						(33,249)
Distributions - preferred stock									(1,892)			(1,892)						(1,892)
Distributions - noncontrolling interest															(6,110)			(6,110)
Redemption of operating partnership units		$ (1)				(1,599)						(1,600)						(1,600)
Redemption of operating partnership units (in shares)		(114,829)
Net income									(57,422)			(57,422)			(10,934)			(68,356)
Balance at Mar. 31, 2020		$ 89,500		$ 1,106		1,163,161			(177,589)			1,076,178			149,872			1,226,050
Balance (in shares) at Mar. 31, 2020		24,080,765		110,608,903
Balance at Dec. 31, 2020		$ 89,472		$ 1,232		1,317,109			(63,442)			1,344,371			138,314			1,482,685
Balance (in shares) at Dec. 31, 2020		21,272,133		123,181,173
Increase (Decrease) in Stockholders' Equity
Issuance of common stock				$ 101		158,332						158,433						158,433
Issuance of common stock (in shares)				10,140,400
Stock-based compensation, net				$ 4		(2,321)						(2,317)						(2,317)
Stock-based compensation, net (in shares)				368,487
Distributions - common stock									(41,530)			(41,530)						(41,530)
Distributions - preferred stock									(1,893)			(1,893)						(1,893)
Distributions - noncontrolling interest															(5,796)			(5,796)
Net income									71,367			71,367			9,743			81,110
Balance at Mar. 31, 2021		$ 89,472		$ 1,337		$ 1,473,120			$ (35,498)			$ 1,528,431			$ 142,261			$ 1,670,692
Balance (in shares) at Mar. 31, 2021		21,272,133		133,690,060

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating activities:
Net income (loss)	$ 81,110	$ (68,356)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	1,755	1,947
Stock-based compensation	3,330	3,517
Amortization and accretion of interest and fees, net	(72)	1,633
Amortization of capitalized mortgage servicing rights	14,204	11,822
Originations of loans held-for-sale	(1,412,722)	(1,088,699)
Proceeds from sales of loans held-for-sale, net of gain on sale	1,841,891	957,060
Mortgage servicing rights	(36,936)	(21,934)
Write-off of capitalized mortgage servicing rights from payoffs	3,828	5,920
Provision for credit losses (net of recoveries)	(1,075)	54,382
Provision for loss sharing (net of recoveries)	1,652	21,537
Net recoveries (charge-offs) for loss sharing obligations	(62)	160
Deferred tax provision (benefit)	4,486	(19,904)
Income from equity affiliates	(22,251)	(3,992)
Distributions from equity affiliates	13,164	1,151
Loss on extinguishment of debt	1,370	1,954
Payoffs and paydowns of loans held-for-sale	2,316
Changes in operating assets and liabilities	(4,898)	(91,433)
Net cash provided by (used in) operating activities	491,090	(233,235)
Investing Activities:
Loans and investments funded, originated and purchased, net	(1,055,354)	(815,501)
Payoffs and paydowns of loans and investments	234,711	298,701
Deferred fees	9,190	4,857
Investments in real estate, net		(230)
Contributions to equity affiliates	(21,045)	(60)
Payoffs and paydowns of securities held-to-maturity	3,380	3,313
Due to borrowers and reserves	(42,154)	(1,834)
Net cash used in investing activities	(871,272)	(510,754)
Financing activities:
Proceeds from credit facilities and repurchase agreements	3,685,968	2,229,200
Paydowns and payoffs of credit facilities and repurchase agreements	(3,704,382)	(2,058,588)
Proceeds from issuance of collateralized loan obligations	655,475	668,000
Payoffs and paydowns of collateralized loan obligations	(356,149)	(282,874)
Proceeds from issuance of common stock	158,433	19,424
Settlements of convertible senior unsecured notes		(21,516)
Proceeds from issuance of senior unsecured notes		275,000
Redemption of operating partnership units		(1,600)
Payments of withholding taxes on net settlement of vested stock	(5,647)	(1,630)
Repurchase of common stock		(11,291)
Distributions to stockholders	(49,219)	(41,251)
Payment of deferred financing costs	(9,028)	(13,050)
Net cash provided by financing activities	375,451	759,824
Net (decrease) increase in cash, cash equivalents and restricted cash	(4,731)	15,835
Cash, cash equivalents and restricted cash at beginning of period	536,998	510,562
Cash, cash equivalents and restricted cash at end of period	532,267	526,397
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents at beginning of period	339,528	299,687
Restricted cash at beginning of period	197,470	210,875
Cash, cash equivalents and restricted cash at beginning of period	536,998	510,562
Cash and cash equivalents at end of period	260,228	222,330
Restricted cash at end of period	272,039	304,067
Cash, cash equivalents and restricted cash at end of period	532,267	526,397
Supplemental cash flow information:
Cash used to pay interest	36,311	42,666
Cash used to pay taxes	548	1,681
Supplemental schedule of non-cash investing and financing activities:
Loans transferred from loans and investment, net to loans held-for-sale	65,204
Cummulative-effect adjustment (for adoption of credit loss standard)		28,607
Issuance of common stock from convertible debt		4,595
Settlements of convertible senior unsecured notes		4,778
Fair value of conversion feature of convertible senior unsecured notes	(185)	(183)
8.25% Series A preferred stock
Supplemental schedule of non-cash investing and financing activities:
Distributions accrued on preferred stock	267	267
7.75% Series B preferred stock
Supplemental schedule of non-cash investing and financing activities:
Distributions accrued on preferred stock	203	203
8.50% Series C preferred stock
Supplemental schedule of non-cash investing and financing activities:
Distributions accrued on preferred stock	$ 159	$ 159

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical)	3 Months Ended		12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical)	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
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%

Description of Business

3 Months Ended

Mar. 31, 2021

Description of Business

Description of Business

Note 1 — Description of Business

Arbor Realty Trust, Inc. (“we,” “us,” or “our”) is a Maryland corporation formed in 2003. We operate through two business segments: our Structured Loan Origination and Investment Business, or “Structured Business,” and our Agency Loan Origination and Servicing Business, or “Agency Business.”

Through our Structured Business, we invest in a diversified portfolio of structured finance assets in the multifamily, single-family rental (“SFR”) and commercial real estate markets, primarily consisting of bridge and mezzanine loans, including junior participating interests in first mortgages and preferred and direct equity. We also invest in real estate-related joint ventures and may directly acquire real property and invest in real estate-related notes and certain mortgage-related securities.

Through our Agency Business, we originate, sell and service a range of multifamily finance products through the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac,” and together with Fannie Mae, the government-sponsored enterprises, or “GSEs”), the Government National Mortgage Association (“Ginnie Mae”), Federal Housing Authority (“FHA”) and the U.S. Department of Housing and Urban Development (together with Ginnie Mae and FHA, “HUD”). We retain the servicing rights and asset management responsibilities on substantially all loans we originate and sell under the GSE and HUD programs. We are an approved Fannie Mae Delegated Underwriting and Servicing (“DUS”) lender nationally, a Freddie Mac Multifamily Conventional Loan lender, seller/servicer, in New York, New Jersey and Connecticut, a Freddie Mac affordable, manufactured housing, senior housing and small balance loan (“SBL”) lender, seller/servicer, nationally and a HUD MAP and LEAN senior housing/healthcare lender nationally. We also originate and 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, and originate and sell finance products through conduit/commercial mortgage-backed securities (“CMBS”) programs. We pool and securitize the Private Label loans and sell certificates in the securitizations to third-party investors, while retaining the servicing rights and the highest risk bottom tranche certificate of the securitization (“APL certificates”).

Substantially all of our operations are conducted through our operating partnership, Arbor Realty Limited Partnership (“ARLP”), for which we serve as the general partner, and ARLP's subsidiaries. We are organized to qualify as a real estate investment trust (“REIT”) for U.S. federal income tax purposes. A REIT is generally not subject to federal income tax on that portion of its REIT-taxable income that is distributed to its stockholders, provided that at least 90% of taxable income is distributed and provided that certain other requirements are met. Certain of our assets that produce non-qualifying REIT income, primarily within the Agency Business, are operated through taxable REIT subsidiaries (“TRS”), which is part of our TRS consolidated group (the “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.

Basis of Presentation and Significant Accounting Policies

3 Months Ended

Mar. 31, 2021

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

These consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”), for interim financial statements and the instructions to Form 10-Q. Accordingly, certain information and footnote disclosures normally included in the consolidated financial statements prepared under GAAP have been condensed or omitted. In our opinion, all adjustments considered necessary for a fair presentation of our financial position, results of operations and cash flows have been included and are of a normal and recurring nature. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These financial statements should be read in conjunction with our financial statements and notes thereto included in our 2020 Annual Report.

Principles of Consolidation

These 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. Our VIEs are described in Note 15. All significant intercompany transactions and balances have been eliminated in consolidation.

Use of Estimates

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that could materially affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Beginning early 2020, there has been a global outbreak of COVID-19, which has forced many countries, including the United States, to declare national emergencies, to institute “stay-at-home” orders, to close financial markets and to restrict operations of non-essential businesses. Such actions have created significant disruptions in global supply chains, and adversely impacted many industries. COVID-19 could have a continued and prolonged adverse impact on economic and market conditions, which could continue a period of global economic slowdown. The impact of COVID-19 on companies continues to evolve, and the extent and duration of the economic fallout from this pandemic, both globally and to our business, remain unclear, making any estimate or assumption as of March 31, 2021 inherently less certain than they would be absent the current and potential impacts of COVID-19.

Recently Adopted Accounting Pronouncements

Description		Adoption Date		Effect on Financial Statements
In December 2019, the Financial Accounting Standards Board issued Accounting Standard Update 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which 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		The adoption of this guidance did not have a material impact on our consolidated financial statements.

Significant Accounting Policies

See Item 8 – Financial Statements and Supplementary Data in our 2020 Annual Report for a description of our significant accounting policies. There have been no significant changes to our significant accounting policies since December 31, 2020.

Loans and Investments

3 Months Ended

Mar. 31, 2021

Loans and Investments

Loans and Investments

Note 3 — Loans and Investments

Our Structured Business loan and investment portfolio consists of ($ in thousands):


								Wtd. Avg.
								Remaining	Wtd. Avg.		Wtd. Avg.
			Percent of		Loan	Wtd. Avg.		Months to	First Dollar		Last Dollar
	March 31, 2021		Total		Count	Pay Rate (1)		Maturity	LTV Ratio (2)		LTV Ratio (3)

Bridge loans (4)	$	5,804,705	93	%	302	4.93	%	15.8	0	%	75	%
Preferred equity investments		224,872	4	%	14	7.00	%	47.2	64	%	89	%
Mezzanine loans		204,471	3	%	29	6.63	%	38.2	25	%	80	%
Other loans (5)		29,383	<1	%	2	4.57	%	56.8	0	%	69	%
		6,263,431	100	%	347	5.06	%	17.8	3	%	76	%
Allowance for credit losses		(147,300)
Unearned revenue		(45,794)
Loans and investments, net	$	6,070,337


	December 31, 2020
Bridge loans (4)	$	5,022,509	92	%	263	5.09	%	16.2	0	%	76	%
Preferred equity investments		224,928	4	%	14	7.07	%	49.8	64	%	89	%
Mezzanine loans		159,242	3	%	29	7.40	%	45.0	32	%	82	%
Other loans (5)		68,403	1	%	22	4.95	%	74.8	0	%	69	%
		5,475,082	100	%	328	5.23	%	19.2	4	%	77	%
Allowance for credit losses		(148,329)
Unearned revenue		(40,885)
Loans and investments, net	$	5,285,868

(1)

“Weighted Average Pay Rate” is a weighted average, based on the unpaid principal balance (“UPB”) of each loan in our portfolio, of the interest rate required to be paid monthly as stated in the individual loan agreements. Certain loans and investments that require an 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)	As of March 31, 2021 and December 31, 2020, bridge loans included 59 and 38, respectively, of SFR loans with an aggregate UPB of $445.0 million and $309.2 million, respectively, of which $131.2 million and $88.1 million, respectively, was funded.

(5)	As of March 31, 2021, other loans included 2 variable rate SFR permanent loans with an aggregate UPB of $29.4 million. As of December 31, 2020, other included 22 SFR permanent loans with an aggregate UPB of $68.4 million.

During the first quarter of 2021, the Structured Business transferred 21 fixed rate SFR permanent loans with a UPB of $65.2 million to the Agency Business, which represents all fixed rate SFR permanent loans originated. Fixed rate SFR permanent loans are reported through the Agency Business beginning in 2021 and classified as held-for-sale. See Note 4 for further details.

Concentration of Credit Risk

We are subject to concentration risk in that, at March 31, 2021, the UPB related to 18 loans with five different borrowers represented 12% of total assets. At December 31, 2020, the UPB related to 22 loans with five different borrowers represented 12% of total assets. During both the three months ended March 31, 2021 and the year ended December 31, 2020, 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 18 for details on our concentration of related party loans and investments.

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

Generally speaking, given our typical loan profile, risk ratings of pass, pass/watch and special mention suggest that we expect the loan to make both principal and interest payments according to the contractual terms of the loan agreement. A risk rating of substandard indicates we anticipate the loan may require a modification of some kind. A risk rating of doubtful indicates we expect the loan to underperform over its term, and there could be loss of interest and/or principal. Further, while the above are the primary guidelines used in determining a certain risk rating, subjective items such as borrower strength, market strength or asset quality may result in a rating that is higher or lower than might be indicated by any risk rating matrix.

A summary of the loan portfolio’s internal risk ratings and LTV ratios by asset class as of March 31, 2021 is as follows ($ in thousands):


																Wtd. Avg.		Wtd. Avg.
	UPB by Origination Year															First Dollar		Last Dollar
Asset Class / Risk Rating	2021		2020		2019		2018		2017		Prior		Total			LTV Ratio		LTV Ration
Multifamily:
Pass	$	575,864	$	874,039	$	85,964	$	—	$	32,500	$	744	$	1,569,111
Pass/Watch		403,657		773,882		784,425		138,705		3,500		28,800		2,132,969
Special Mention		—		369,329		745,731		94,333		117,758		—		1,327,151
Substandard		—		14,340		96,300		23,405		16,500		8,250		158,795
Doubtful		—		—		—		—		17,700		—		17,700
Total Multifamily	$	979,521	$	2,031,590	$	1,712,420	$	256,443	$	187,958	$	37,794	$	5,205,726		3	%	75	%
Land:												Percentage of portfolio		83	%
Special Mention	$	—	$	8,100	$	—	$	—	$	—	$	—	$	8,100
Substandard		—		71,018		19,523		—		19,975		127,928		238,444
Total Land	$	—	$	79,118	$	19,523	$	—	$	19,975	$	127,928	$	246,544		0	%	94	%
Healthcare:												Percentage of portfolio		4	%
Pass	$	—	$	—	$	6,600	$	10,000	$	—	$	—	$	16,600
Pass/Watch		—		—		—		—		39,650		—		39,650
Special Mention		—		—		74,319		51,500		—		—		125,819
Doubtful		—		—		—		—		4,625		—		4,625
Total Healthcare	$	—	$	—	$	80,919	$	61,500	$	44,275	$	—	$	186,694		0	%	78	%
Hotel:												Percentage of portfolio		3	%
Pass	$	—	$	26,000	$	—	$	—	$	—	$	—	$	26,000
Substandard		—		60,000		91,000		—		—		—		151,000
Total Hotel	$	—	$	86,000	$	91,000	$	—	$	—	$	—	$	177,000		0	%	90	%
Single-Family Rental:												Percentage of portfolio		3	%
Pass	$	60,199	$	18,326	$	31,812	$	—	$	—	$	—	$	110,337
Pass/Watch		3,606		31,410		4,623		—		—		—		39,639
Special Mention		—		10,600		—		—		—		—		10,600
Total Single-Family Rental	$	63,805	$	60,336	$	36,435	$	—	$	—	$	—	$	160,576		0	%	61	%
Office:												Percentage of portfolio		3	%
Pass	$	—	$	—	$	—	$	5,000	$	—	$	—	$	5,000
Special Mention		—		35,410		—		42,799		43,151		9,651		131,011
Doubtful		—		—		—		—		—		880		880
Total Office	$	—	$	35,410	$	—	$	47,799	$	43,151	$	10,531	$	136,891		3	%	81	%
Student Housing:												Percentage of portfolio		2	%
Special Mention	$	—	$	—	$	31,100	$	—	$	—	$	—	$	31,100
Substandard		—		23,500		—		13,000		24,050		—		60,550
Total Student Housing	$	—	$	23,500	$	31,100	$	13,000	$	24,050	$	—	$	91,650		19	%	75	%
Retail:												Percentage of portfolio		1	%
Pass	$	—	$	—	$	4,000	$	—	$	—	$	—	$	4,000
Pass/Watch		—		—		—		35,600		—		—		35,600
Substandard		—		—		—		—		—		3,470		3,470
Total Retail	$	—	$	—	$	4,000	$	35,600	$	—	$	3,470	$	43,070		7	%	69	%
Other:												Percentage of portfolio		1	%
Pass	$	—	$	—	$	—	$	—	$	13,580	$	—	$	13,580
Doubtful		—		—		—		—		—		1,700		1,700
Total Other	$	—	$	—	$	—	$	—	$	13,580	$	1,700	$	15,280		7	%	54	%
												Percentage of portfolio		< 1	%

Grand Total	$	1,043,326	$	2,315,954	$	1,975,397	$	414,342	$	332,989	$	181,423	$	6,263,431		3	%	76	%

Geographic Concentration Risk

As of March 31, 2021, 22% and 14% of the outstanding balance of our loan and investment portfolio had underlying properties in New York and Texas, respectively. As of December 31, 2020, 19% and 11% 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.

Allowance for Credit Losses

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


	Three Months Ended March 31, 2021
	Land		Multifamily		Retail		Office		Hotel		Healthcare		Student Housing		Other		Total
Allowance for credit losses:
Beginning balance	$	78,150	$	36,468	$	13,861	$	1,846	$	7,759	$	3,880	$	4,078	$	2,287	$	148,329
Provision for credit losses (net of recoveries)		(54)		(6,439)		(13)		6,205		(5)		(8)		(580)		(135)		(1,029)
Ending balance	$	78,096	$	30,029	$	13,848	$	8,051	$	7,754	$	3,872	$	3,498	$	2,152	$	147,300


	Three Months Ended March 31, 2020
Allowance for credit losses:
Beginning balance, prior to adoption of CECL	$	67,869	$	—	$	—	$	1,500	$	—	$	—	$	—	$	1,700	$	71,069
Impact of adopting CECL - January 1, 2020		77		16,322		335		287		29		64		68		112		17,294
Provision for credit losses (net of recoveries)		10,473		15,569		10,983		4,310		7,500		3,870		1,074		110		53,889
Ending balance	$	78,419	$	31,891	$	11,318	$	6,097	$	7,529	$	3,934	$	1,142	$	1,922	$	142,252

Our estimate of allowance for credit losses on our structured loans and investments, including related unfunded loan commitments, was based on a reasonable and supportable forecast period that was adjusted for the expectations that the markets we operate in will experience declines in economic conditions, increases in unemployment rates and other market driven factors largely the result of the COVID-19 pandemic that will likely impact loan delinquencies, modifications and potential risk of loss. For the periods beyond the reasonable and supportable forecast, we reverted to our historical loss rate, which was adjusted to address for factors that are not present in our existing portfolio. We also made adjustments for loans that are expected to extend based on available extension options and the timing of their maturities in relation to current economic conditions.

The expected credit losses over the contractual period of our loans also include the obligation to extend credit through our unfunded loan commitments. Our current expected credit loss (“CECL”) allowance for unfunded loan commitments are adjusted quarterly and correspond with the associated outstanding loans. As of March 31, 2021 and December 31, 2020, we had outstanding unfunded commitments of $443.1 million and $353.8 million, respectively, that we are obligated to fund as borrowers meet certain requirements.

As of March 31, 2021 and December 31, 2020, accrued interest receivable related to our loans totaling $49.5 million and $41.6 million, respectively, was excluded from the estimate of credit losses and is included in other assets on the consolidated balance sheets.

All of our structured loans and investments are secured by real estate assets or by interests in real estate assets, and, as such, the measurement of credit losses may be based on the difference between the fair value of the underlying collateral and the carrying value of the assets as of the period end. A summary of our specific loans considered impaired by asset class is as follows (in thousands):


	March 31, 2021
							Wtd. Avg. First		Wtd. Avg. Last
			Carrying		Allowance for		Dollar LTV		Dollar LTV
Asset Class	UPB (1)		Value		Credit Losses		Ratio		Ratio
Land	$	134,215	$	127,829	$	77,868	0	%	99	%
Hotel		110,000		89,279		7,500	0	%	94	%
Retail		30,070		29,176		13,843	10	%	76	%
Healthcare		4,625		4,673		3,845	0	%	83	%
Office		2,151		2,151		1,500	0	%	70	%
Commercial		1,700		1,700		1,700	63	%	63	%
Total	$	282,761	$	254,808	$	106,256	1	%	94	%


	December 31, 2020
Land	$	134,215	$	127,829	$	77,869	0	%	99	%
Hotel		110,000		89,613		7,500	0	%	94	%
Retail		30,079		28,957		13,851	10	%	75	%
Healthcare		4,625		4,673		3,845	0	%	83	%
Office		2,166		2,166		1,500	0	%	71	%
Commercial		1,700		1,700		1,700	63	%	63	%
Total	$	282,785	$	254,938	$	106,265	1	%	94	%

(1)	Represents the UPB of ten impaired loans (less unearned revenue and other holdbacks and adjustments) by asset class at both March 31, 2021 and December 31, 2020.

There were no loans for which the fair value of the collateral securing the loan was less than the carrying value of the loan for which we had not recorded a provision for credit loss as of March 31, 2021 and December 31, 2020.

At both March 31, 2021 and December 31, 2020, seven loans with an aggregate net carrying value of $53.8 million, net of related loan loss reserves of $6.5 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):


	March 31, 2021						December 31, 2020
			Less Than		Greater Than				Less Than		Greater Than
			90 Days		90 Days				90 Days		90 Days
	UPB		Past Due		Past Due		UPB		Past Due		Past Due
Student Housing	$	36,500	$	—	$	36,500	$	36,500	$	—	$	36,500
Multifamily		17,700		—		17,700		17,700		—		17,700
Healthcare		4,625		—		4,625		4,625		—		4,625
Commercial		1,700		—		1,700		1,700		—		1,700
Retail		920		—		920		920		—		920
Office		880		—		880		880		—		880
Total	$	62,325	$	—	$	62,325	$	62,325	$	—	$	62,325

In addition, we have six loans with a carrying value totaling $121.3 million at March 31, 2021, that are collateralized by a land development project. The loans do not carry a current pay rate of interest, however, five of the loans with a carrying value totaling $112.0 million entitle us to a weighted average accrual rate of interest of 7.96%. In 2008, we suspended the recording of the accrual rate of interest on these loans, as they were impaired and we deemed the collection of this interest to be doubtful. At both March 31, 2021 and December 31, 2020, we had a cumulative allowance for credit losses of $71.4 million related to these loans. The loans are subject to certain risks associated with a development project including, but not limited to, availability of construction financing, increases in projected construction costs, demand for the development's outputs upon completion of the project, and litigation risk. Additionally, these loans were not classified as non-performing as the borrower is in compliance with all of the terms and conditions of the loans.

At both March 31, 2021 and December 31, 2020, we had no loans contractually past due 90 days or more that are still accruing interest. During both the three months ended March 31, 2021 and 2020, interest income recognized on nonaccrual loans was de minimis.

In 2019, we purchased $50.0 million of a $110.0 million bridge loan, which is collateralized by a hotel property and scheduled to mature in December 2022. In the first quarter of 2020, we recorded a $7.5 million allowance for credit losses due to a reduction in the appraised value of the property. In August 2020, we purchased the remaining $60.0 million bridge loan at a discount for $39.9 million, which we determined had experienced a more than insignificant deterioration in credit quality since origination and, therefore, deemed to be a purchased loan with credit deterioration. The total discount received of $20.1 million was classified as a noncredit discount and no portion of the discount was allocated to allowance for credit losses at the date of purchase since the appraised value of the property was greater than the purchase price. Shortly after the purchase, we entered into a forbearance agreement with the borrower to temporarily reduce the interest rate from LIBOR plus 3.00% with a 1.50% LIBOR floor to a pay rate of 1.00% and to include a $10.0 million principal reduction if the loan is paid-off by March 2, 2021. In January 2021, we entered into a second forbearance agreement which temporarily eliminated the pay rate, extended the principal reduction payoff deadline to June 30, 2021 and increased the interest rate to 9.50%, which is the default rate. The payment of the interest is deferred to payoff.

In August 2020, we entered into a loan modification agreement on a $26.5 million bridge loan with an interest rate of LIBOR plus 6.00% with a 2.375% LIBOR floor and a $6.1 million mezzanine loan with a fixed rate of 12% collateralized by a retail property to: (1) reduce the interest rate on both loans to the greater of: (i) LIBOR plus 5.50% and (ii) 6.50%, and (2) to extend the maturity three years to December 2024. A portion of the foregoing interest equal to 2.00% will be deferred to payoff and will be waived if the loan is paid-off by December 31, 2022. The loan modification agreement also includes a $6.0 million required principal paydown, which occurred at the closing of the modification transaction, and an $8.0 million principal reduction once the borrower deposits an additional reserve deposit of approximately $4.6 million by December 31, 2021. We have the ability to potentially recapture up to $8.0 million of the principal reduction to the extent that the property is sold or refinanced in excess of the debt.

These two loan modifications were deemed troubled debt restructurings. There were no loan modifications, refinancing's and/or extensions during the three months ended March 31, 2021 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 March 31, 2021 and December 31, 2020, we had total interest reserves of $82.9 million and $78.3 million, respectively, on 218 loans and 186 loans, respectively, with an aggregate UPB of $4.14 billion and $3.60 billion, respectively.

Loans Held-for-Sale, Net

3 Months Ended

Mar. 31, 2021

Loans Held-for-Sale, Net

Loans Held-for-Sale, Net

Note 4 — Loans Held-for-Sale, Net

Our GSE loans held-for-sale are typically sold within 60 days of loan origination, while our Private Label loans are generally expected to be sold and securitized within 180 days of loan origination. Loans held-for-sale, net consists of the following (in thousands):


	March 31, 2021		December 31, 2020
Fannie Mae	$	305,949	$	679,342
Private Label		208,640		56,186
FHA		68,229		53,063
Freddie Mac		18,014		180,004
SFR - Fixed Rate		1,493		—
		602,325		968,595
Fair value of future MSR		14,026		21,600
Unearned discount		(2,809)		(3,276)
Loans held-for-sale, net	$	613,542	$	986,919

During the three months ended March 31, 2021 and 2020, we sold $1.84 billion and $957.1 million, respectively, of loans held-for-sale and recorded gain on sales of $27.0 million and $13.2 million, respectively. Included in the total loans sold in the first quarter of 2021 were 20 fixed rate SFR permanent loans totaling $63.3 million which resulted in a gain on sale of $2.7 million, see Note 3 for further details. At March 31, 2021 and December 31, 2020, 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

3 Months Ended

Mar. 31, 2021

Capitalized Mortgage Servicing Rights

Capitalized Mortgage Servicing Rights

Note 5 — Capitalized Mortgage Servicing Rights

Our capitalized mortgage servicing rights (“MSRs”) reflect commercial real estate MSRs derived from loans sold in our Agency Business or acquired MSRs. The discount rates used to determine the present value of our MSRs throughout the periods presented for all MSRs were between 8% - 13% (representing a weighted average discount rate of 12%) based on our best estimate of market discount rates. The weighted average estimated life remaining of our MSRs was 8.7 years and 8.6 years at March 31, 2021 and December 31, 2020, respectively.

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


	Three Months Ended March 31, 2021						Three Months Ended March 31, 2020
	Originated		Acquired		Total		Originated		Acquired		Total
Beginning balance	$	336,466	$	43,508	$	379,974	$	221,901	$	64,519	$	286,420
Additions		45,038		—		45,038		20,275		—		20,275
Amortization		(11,079)		(3,125)		(14,204)		(7,615)		(4,206)		(11,821)
Write-downs and payoffs		(2,997)		(831)		(3,828)		(4,184)		(1,736)		(5,920)
Ending balance	$	367,428	$	39,552	$	406,980	$	230,377	$	58,577	$	288,954

We collected prepayment fees totaling $2.7 million and $5.1 million during the three months ended March 31, 2021 and 2020, respectively, which are included as a component of servicing revenue, net on the consolidated statements of operations. As of March 31, 2021 and December 31, 2020, we had no valuation allowance recorded on any of our MSRs.

The expected amortization of capitalized MSRs recorded as of March 31, 2021 is as follows (in thousands):


Year	Amortization
2021 (nine months ending 12/31/2021)	$	43,308
2022		54,541
2023		50,757
2024		46,877
2025		43,723
2026		39,966
Thereafter		127,808
Total	$	406,980

Actual amortization may vary from these estimates.

Mortgage Servicing

3 Months Ended

Mar. 31, 2021

Mortgage Servicing

Mortgage Servicing

Note 6 — Mortgage Servicing

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


March 31, 2021
Product Concentrations					Geographic Concentrations
						UPB
			Percent of			Percentage
Product	UPB (1)		Total		State	of Total
Fannie Mae	$	19,073,504	75	%	Texas	15	%
Freddie Mac		4,795,228	19	%	New York	10	%
FHA		796,133	3	%	North Carolina	9	%
Private Label		726,918	3	%	California	9	%
SFR - Fixed Rate		63,299	<1	%	Florida	7	%
Total	$	25,455,082	100	%	Georgia	6	%
					New Jersey	5	%
					Other (2)	39	%
					Total	100	%


December 31, 2020
Fannie Mae	$	18,268,268	74	%	Texas	16	%
Freddie Mac		4,881,080	20	%	New York	9	%
FHA		752,116	3	%	North Carolina	9	%
Private Label		726,992	3	%	California	9	%
Total	$	24,628,456	100	%	Florida	7	%
					Georgia	6	%
					New Jersey	4	%
					Other (2)	40	%
					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 March 31, 2021 and December 31, 2020, our weighted average servicing fee was 46.0 basis points and 45.4 basis points, respectively. At March 31, 2021 and December 31, 2020, we held total escrow balances of $1.38 billion and $1.29 billion, respectively, which is not reflected in our consolidated balance sheets. Of the total escrow balances, we held $885.4 million and $867.6 million at March 31, 2021 and December 31, 2020, 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 $1.2 million and $3.1 million during the three months ended March 31, 2021 and 2020, respectively, and is a component of servicing revenue, net in the consolidated statements of operations.

- Definition

The entire disclosure for a transferor's continuing involvement in financial assets that it has transferred in a securitization or asset-backed financing arrangement, the nature of any restrictions on assets reported by an entity in its statement of financial position that relate to a transferred financial asset (including the carrying amounts of such assets), how servicing assets and servicing liabilities are reported, and (for securitization or asset-backed financing arrangements accounted for as sales) when a transferor has continuing involvement with the transferred financial assets and transfers of financial assets accounted for as secured borrowings, how the transfer of financial assets affects an entity's financial position, financial performance, and cash flows.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 30
-Section 50
-Paragraph 1A
-Subparagraph (c)(3)
-URI http://asc.fasb.org/extlink&oid=109249958&loc=SL6224234-111729

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 30
-Section 50
-Paragraph 1A
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=109249958&loc=SL6224234-111729

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 20
-Section 50
-Paragraph 3
-Subparagraph (b)(2)(ii)
-URI http://asc.fasb.org/extlink&oid=121570589&loc=d3e107207-111719

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 20
-Section 50
-Paragraph 3
-Subparagraph (cc)
-URI http://asc.fasb.org/extlink&oid=121570589&loc=d3e107207-111719

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 50
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=116651436&loc=d3e122596-111746

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 50
-Section 50
-Paragraph 3
-Subparagraph (a)(5)
-URI http://asc.fasb.org/extlink&oid=116651436&loc=d3e122625-111746

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 20
-Section 50
-Paragraph 4D
-Subparagraph (c)(3)
-URI http://asc.fasb.org/extlink&oid=121570589&loc=SL51823488-111719

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 20
-Section 50
-Paragraph 3
-Subparagraph (b)(2)(i)
-URI http://asc.fasb.org/extlink&oid=121570589&loc=d3e107207-111719

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 50
-Section 50
-Paragraph 4
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=116651436&loc=d3e122739-111746

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 20
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121570589&loc=d3e107207-111719

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 860
-SubTopic 30
-Section 50
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+ Details

Securities Held-to-Maturity

3 Months Ended

Mar. 31, 2021

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 ability to purchase the B Piece bond through a bidding process, which represents the bottom 10%, or highest risk, of the securitization. As of March 31, 2021, 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 5.7 years. The weighted average effective interest rate was 10.91% and 10.85% at March 31, 2021 and December 31, 2020, respectively, including the accretion of a portion of the discount deemed collectible. Approximately $11.9 million is estimated to mature within one year, $34.0 million is estimated to mature after one year through five years, $10.7 million is estimated to mature after five years through ten years and $15.7 million is estimated to mature after ten years.

Agency Private Label Certificates (“APL certificates”). In connection with our $727.2 million Private Label securitization in May 2020, we retained the most subordinate class of APL certificates with an initial face value of $63.6 million. We purchased the APL certificates at a discount for $37.9 million, which are collateralized by a pool of 40 fixed rate 10-year mortgage loans secured by first mortgage loans on 49 multifamily properties, bear interest at an initial weighted average variable rate of 4.95% and have an estimated weighted average remaining maturity of 8.8 years. The weighted average effective interest rate was 10.15% at both March 31, 2021 and December 31, 2020 and the full $63.6 million is expected to mature after five years through ten years.

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


			Net Carrying		Unrealized		Estimated		Allowance for
	Face Value		Value		Gain/(Loss)		Fair Value		Credit Losses
March 31, 2021
B Piece bonds	$	72,266	$	54,792	$	4,684	$	59,476	$	606
APL certificates		63,627		38,068		4,912		42,980		991
Total	$	135,893	$	92,860	$	9,596	$	102,456	$	1,597
December 31, 2020
B Piece bonds	$	76,497	$	57,839	$	709	$	58,548	$	621
APL certificates		63,627		37,685		(2,105)		35,580		1,023
Total	$	140,124	$	95,524	$	(1,396)	$	94,128	$	1,644

A summary of the changes in the allowance for credit losses for our securities held-to-maturity is as follows (in thousands):


	Three Months Ended March 31, 2021
	APL		B Piece
	Certificates		Bonds		Total
Beginning balance	$	1,023	$	621	$	1,644
Provision for credit loss expense		(32)		(15)		(47)
Ending balance	$	991	$	606	$	1,597

The allowance for credit losses on our held-to-maturity securities was estimated on a collective basis by major security type and was based on a reasonable and supportable forecast period and a historical loss reversion for similar securities. The issuers continue to make timely principal and interest payments and we continue to accrue interest on all our securities. As of March 31, 2021, no other-than-temporary impairment was recorded on our held-to-maturity securities.

During the three months ended March 31, 2021 and 2020, we recorded interest income (including the amortization of discount) of $2.9 million and $2.3 million, respectively, related to these investments.

Investments in Equity Affiliates

3 Months Ended

Mar. 31, 2021

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):


					UPB of Loans to
	Investments in Equity Affiliates at				Equity Affiliates at
Equity Affiliates	March 31, 2021		December 31, 2020		March 31, 2021
Arbor Residential Investor LLC	$	68,557	$	59,150	$	—
Century Summerfield Apartments		17,026		—		76,575
AMAC Holdings III LLC		14,082		10,308		—
North Vermont Avenue		2,421		2,496		—
Lightstone Value Plus REIT L.P.		1,895		1,895		—
JT Prime		425		425		—
West Shore Café		—		—		1,687
Lexford Portfolio		—		—		—
East River Portfolio		—		—		—
Total	$	104,406	$	74,274	$	78,262

Arbor Residential Investor LLC (“ARI”). During the three months ended March 31, 2021 and 2020, we recorded income of $22.5 million and $2.9 million, respectively, to income from equity affiliates in our consolidated statements of operations. During the three months ended March 31, 2021, we also received cash distributions totaling $13.1 million from this equity investment, which were classified as returns of capital. In January 2021, an equity investor in the underlying residential mortgage banking business exercised their right to purchase an additional interest in this investment, which decreased our indirect interest to 12.3%. The allocation of income is based on the underlying agreements and may be different than our indirect interest.

In April 2021, we received an additional $5.6 million cash distribution from this equity investment.

Summarized statements of income for Wakefield Investment Holdings LLC, the third-party entity formed to hold a controlling interest in ARI, are as follows (in thousands):


	Three Months Ended March 31,
	2021		2020
Statements of Income:
Total revenues	$	366,314	$	173,376
Total expenses		246,539		154,250
Net income	$	119,775	$	19,126

Century Summerfield Apartments. During the three months ended March 31, 2021, we committed to a $20.0 million investment (of which $17.0 million was funded as of March 31, 2021)for a 50% equity interest in a joint venture with a third party that was formed to invest in an apartment community. As a result of this transaction, we have an initial interest of 37.5% in the apartment community. We will earn a 5% cumulative non-compounded, priority return for six months.

AMAC Holdings III LLC (“AMAC III”). During the three months ended March 31, 2021, we funded an additional $4.0 million of the total committed investment of $30.0 million, which brings the total funded investment to $15.7 million at March 31, 2021. During both the three months ended March 31, 2021 and 2020, the loss recorded from this investment was de minimis.

See Note 18 for details of certain investments described above.

Real Estate Owned

3 Months Ended

Mar. 31, 2021

Real Estate Owned

Real Estate Owned

Note 9 — Real Estate Owned

A summary of our office building real estate asset is as follows (in thousands):


	March 31, 2021		December 31, 2020
Land	$	3,138	$	3,138
Building and intangible assets		2,010		2,010
Less: Impairment loss		(2,500)		(2,500)
Less: Accumulated depreciation and amortization		(1,201)		(1,163)
Real estate owned, net	$	1,447	$	1,485

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

Debt Obligations

3 Months Ended

Mar. 31, 2021

Debt Obligations

Debt Obligations

Note 10 — Debt Obligations

Credit Facilities and Repurchase Agreements

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


				March 31, 2021							December 31, 2020
				Debt		Collateral					Debt		Collateral
	Current	Extended	Note Rate	Carrying		Carrying		Wtd. Avg.			Carrying		Carrying
	Maturity	Maturity	Type	Value (1)		Value		Note Rate			Value (1)		Value
Structured Business
$900M joint repurchase facility	Mar. 2022	Mar. 2023	V	$	761,110	$	1,153,670		2.58	%	$	681,006	$	1,054,562
$400M repurchase facility (2)	Dec. 2021	Mar. 2023	V		374,468		528,338		2.34	%		191,622		259,559
$200M repurchase facility	Mar. 2023	Mar. 2026	V		95,124		120,500		2.14	%		—		—
$198.7M repurchase facility (3)	Dec. 2021	N/A	V		100,145		118,031		3.04	%		71,627		87,242
$188.5M loan specific credit facilities	June 2021 to Jan. 2024	N/A	V/F		188,297		251,550		3.04	%		148,615		198,550
$150M credit facility	Oct. 2022	Oct. 2023	V		1,216		2,659		3.90	%		23,606		31,809
$100M credit facility	July 2021	N/A	V		10,935		15,000		2.84	%		39,346		47,912
$100M credit facility	Oct. 2022	N/A	V		10,525		14,577		4.06	%		—		—
$100M repurchase facility	Sept. 2021	N/A	V		64,573		81,436		2.11	%		31,780		40,551
$50M credit facility	April 2022	N/A	V		22,401		28,009		2.14	%		15,992		21,300
$30M working capital facility	Nov. 2021	N/A	V		—		—		—			30,000		—
$25M credit facility	June 2022	June 2023	V		15,099		21,516		2.39	%		9,323		14,340
$1.4M master security agreements	Dec. 2022	N/A	F		1,095		—		4.01	%		1,441		—
Repurchase facilities - securities (4)	N/A	N/A	V		31,586		—		3.55	%		38,487		—
Structured Business total				$	1,676,574	$	2,335,286		2.59	%	$	1,282,845	$	1,755,825

Agency Business
$750M ASAP agreement	N/A	N/A	V	$	206,483	$	206,637		1.40	%	$	301,455	$	302,491
$400M repurchase facility	Oct. 2021	N/A	V		90,548		90,576		1.61	%		174,515		174,555
$200M joint repurchase facility	Mar. 2022	N/A	V		145,245		191,321		1.91	%		42,808		56,186
$200M credit facility	Mar. 2022	N/A	V		94,778		94,979		1.60	%		294,732		296,698
$150M credit facility	July 2021	N/A	V		—		—		—			49,632		49,754
$100M credit facility	June 2021	N/A	V		—		—		—			88,896		88,911
$1.3M repurchase facility (3)	Dec. 2021	N/A	V		1,268		1,492		3.00	%		—		—
Agency Business total				$	538,322	$	585,005		1.61	%	$	952,038	$	968,595
Consolidated total				$	2,214,896	$	2,920,291		2.35	%	$	2,234,883	$	2,724,420

V = Variable Note Rate

F = Fixed Note Rate

(1)

The debt carrying value for the Structured Business at March 31, 2021 and December 31, 2020 was net of unamortized deferred finance costs of $3.7 million and $3.3 million, respectively. The debt carrying value for the Agency Business at March 31, 2021 and December 31, 2020 was net of unamortized deferred finance costs of $1.7 million and $0.6 million, respectively.

(2)	In April 2021, we amended this facility increasing the facility size to $500.0 million and extending the maturity to March 2022.

(3)	A portion of this $200.0 million repurchase facility was used to finance a fixed rate SFR permanent loan reported through our Agency Business. See Note 3 for further details.

(4)

These repurchase facilities are subject to margin call provisions associated with changes in interest spreads. As of March 31, 2021 and December 31, 2020, these facilities were collateralized by our B Piece bonds with a carrying value of $55.4 million and $58.5 million, respectively, and an SFR bond with a carrying value of $10.0 million at December 31, 2020.

Generally, our credit facilities and repurchase agreements have extension options that are at the discretion of the banking institutions in which we have long standing relationships with. These facilities typically renew annually and also include a “wind-down” feature.

Joint Repurchase Facility. We amended our joint repurchase facility in March 2021 to extend the maturity date. The committed amount under this facility is $1.10 billion, which is shared between the Structured Business and the Agency Business, and matures in March 2022. Of the committed amount, $500.0 million has a one-year extension option through March 2023. This facility is used to finance structured loans and includes an $800.0 million sublimit to finance Private Label loans, which reduces to $500.0 million in March 2022. The interest rate under the facility is determined on a loan-by-loan basis and may include a LIBOR floor equal to a pro rata share of the LIBOR floors included in our originated loans. The facility has a maximum advance rate of 75% on all loans and has a $25.0 million over advance available to structured assets that bears interest at a rate of 650 basis points over LIBOR. 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

At March 31, 2021 and December 31, 2020, 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 2.81% and 2.97%, 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 69% at March 31, 2021 and December 31, 2020, respectively.

In March 2021, we entered into a $200.0 million repurchase facility to finance bridge loans that has interest rates of 175 basis points to 275 basis points over LIBOR and matures in March 2023. The facility has a maximum advance rate of 80%.

In March 2021, we amended our $50.0 million credit facility increasing the facility size to $150.0 million and decreased the all in floor rate 15 basis points.

In March 2021, we entered into an $18.2 million credit facility used to finance a hotel bridge loan. The facility bears interest at the prime rate with a floor of 3.25% and matures in December 2022.

In February 2021, we entered into a $21.6 million credit facility used to finance a multifamily bridge loan. The facility bears interest at a fixed rate of 3.00% and matures in January 2024.

In January 2021, we amended our $400.0 million repurchase facility to extend the maturity to December 2021. The interest rate on new loans in 2021 is 175 basis points over LIBOR with a LIBOR floor of 35 basis points if utilization is above $250.0 million and 200 basis points over LIBOR with a LIBOR floor of 35 basis points if utilization is below $250.0 million. For existing loans, the interest rate will remain at 220 basis points over LIBOR with a LIBOR floor reduced to 35 basis points.

Agency Business

In March 2021, we amended our $150.0 million credit facility to increase the facility size to $200.0 million, extend the maturity to March 2022, increase the interest rate 20 basis points and add a LIBOR floor of 25 basis points.

Collateralized Loan Obligations (“CLOs”)

We account for 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):


	Debt						Collateral (3)
							Loans				Cash
			Carrying		Wtd. Avg.				Carrying		Restricted
March 31, 2021	Face Value		Value (1)		Rate (2)		UPB		Value		Cash (4)
CLO XIV	$	655,475	$	649,708	1.46	%	$	668,155	$	668,155	$	104,737
CLO XIII		668,000		664,097	1.55	%		776,270		776,270		7,564
CLO XII		534,193		530,981	1.63	%		600,112		600,113		33,378
CLO XI		533,000		530,161	1.58	%		596,667		596,667		49,577
CLO X		441,000		438,713	1.58	%		521,042		521,042		26,195
Total CLOs	$	2,831,668	$	2,813,660	1.55	%	$	3,162,246	$	3,162,247	$	221,451


December 31, 2020
CLO XIII	$	668,000	$	663,804	1.58	%	$	768,664	$	768,664	$	43
CLO XII		534,193		530,673	1.66	%		628,935		628,935		2,005
CLO XI		533,000		529,859	1.61	%		555,157		555,157		92,395
CLO X		441,000		438,442	1.61	%		522,132		522,132		25,537
CLO IX		356,150		354,531	1.53	%		457,903		457,903		18,703
Total CLOs	$	2,532,343	$	2,517,309	1.60	%	$	2,932,791	$	2,932,791	$	138,683

(1)	Debt carrying value is net of $18.0 million and $15.0 million of deferred financing fees at March 31, 2021 and December 31, 2020, respectively.

(2)	At March 31, 2021 and December 31, 2020, the aggregate weighted average note rate for our CLOs, including certain fees and costs, was 1.90% and 1.93%, respectively.

(3)	As of March 31, 2021, there was one loan with a UPB of $15.0 million deemed at risk of default or a “credit risk” as defined by the CLO indenture, which we repurchased from the respective CLO in April 2021. As of December 31, 2020, there was no collateral deemed a credit risk.

(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 $38.4 million and $49.5 million at March 31, 2021 and December 31, 2020, respectively.

CLO XIV. In March 2021, we completed CLO XIV, issuing eight tranches of CLO notes through two newly-formed wholly-owned subsidiaries totaling $724.2 million. Of the total CLO notes issued, $655.5 million were investment grade notes issued to third party investors and $68.7 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 $635.2 million, consisting primarily of bridge loans that were contributed from our existing loan portfolio. The financing has a two-and-a-half- 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 $149.8 million for the purpose of acquiring additional loan obligations for a period of up to 180 days from the CLO closing date, resulting in the issuer owning loan obligations with a face value of $785.0 million, representing leverage of 84%. We retained a residual interest in the portfolio with a notional amount of $129.5 million, including the $68.7 million below investment grade notes. The notes sold to third parties had an initial weighted average interest rate of 1.33% plus one-month LIBOR and interest payments on the notes are payable monthly.

CLO IX. In March 2021, we unwound CLO IX, redeeming $356.2 million of outstanding notes which were repaid primarily from the refinancing of the remaining assets primarily within CLO XIV, as well as with cash held by CLO IX, and expensed $1.4 million of deferred financing fees into loss on extinguishment of debt on the consolidated statements of operations.

Senior Unsecured Notes

A summary of our senior unsecured notes is as follows (in thousands):


Senior			March 31, 2021						December 31, 2020
Unsecured	Issuance				Carrying		Wtd. Avg.				Carrying		Wtd. Avg.
Notes	Date	Maturity	UPB		Value (1)		Rate (2)		UPB		Value (1)		Rate (2)
8.00% Notes (3)	Apr. 2020	Apr. 2023	$	70,750	$	69,896	8.00	%	$	70,750	$	69,793	8.00	%
4.50% Notes (3)	Mar. 2020	Mar. 2027		275,000		272,114	4.50	%		275,000		271,994	4.50	%
4.75% Notes (4)	Oct. 2019	Oct. 2024		110,000		108,755	4.75	%		110,000		108,668	4.75	%
5.75% Notes (4)	Mar. 2019	Apr. 2024		90,000		88,847	5.75	%		90,000		88,751	5.75	%
5.625% Notes (4)	Mar. 2018	May 2023		125,000		123,783	5.63	%		125,000		123,637	5.63	%
			$	670,750	$	663,395	5.29	%	$	670,750	$	662,843	5.29	%

(1)	At March 31, 2021 and December 31, 2020, the carrying value is net of deferred financing fees of $7.4 million and $7.9 million, respectively.

(2)	At both March 31, 2021 and December 31, 2020, the aggregate weighted average note rate, including certain fees and costs, was 5.65%.

(3)

These notes can be redeemed by us prior to three months before the maturity date, at a redemption price equal to 100% of the aggregate principal amount, plus a "make-whole" premium and accrued and unpaid interest. We have the right to redeem the notes three months prior to or after the maturity date, at a redemption price equal to 100% of the aggregate principal amount, plus accrued and unpaid interest.

(4)

These notes can be redeemed by us at any time prior to the maturity date, at a redemption price equal to 100% of the aggregate principal amount, plus a “make-whole” premium and accrued and unpaid interest. We have the right to redeem the notes on or after the maturity date, at a redemption price equal to 100% of the aggregate principal amount, plus accrued and unpaid interest.

Subsequent Event. In April 2021, we issued $175.0 million aggregate principal amount of 5.00% senior unsecured notes due in 2026 in a private offering. We intend to use the net proceeds to make investments related to our business and for general corporate purposes.

Convertible Senior Unsecured Notes

In 2019, we issued $264.0 million in aggregate principal amount of 4.75% convertible senior notes (the “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 senior notes (the “5.25% Convertible Notes”) for a combination of $233.1 million in cash (which included accrued interest) and 4,478,315 shares of our common stock. The remaining net proceeds were used for general corporate purposes. As of March 31, 2021, the 4.75% Convertible Notes had conversion rates of 56.4061 shares of common stock per $1,000 of principal, which represented a conversion price of $17.73 per share of common stock.

At March 31, 2021, there were $0.5 million and $13.8 million aggregate principal amount remaining of our 5.25% Convertible Notes issued on July 3, 2018 and 5.25% Convertible Notes issued on July 20, 2018, respectively. The initial conversion rates of the 5.25% convertible notes issued on July 3, 2018 and 5.25% Convertible Notes issued on July 20, 2018 were 86.9943 shares and 77.8331 shares, respectively, of common stock per $1,000 of principal, which represented a conversion price of $11.50 per share and $12.85 per share of common stock, respectively. At March 31, 2021, the 5.25% Convertible Notes issued on July 3, 2018 and 5.25% Convertible Notes issued on July 20, 2018 had conversion rates of 91.4952 shares and 81.8600 shares, respectively, of common stock

per $1,000 of principal, which represented a conversion price of $10.93 per share and $12.22 per share of common stock, respectively. The 5.25% Convertible Notes pay interest semiannually in arrears and has a scheduled maturity date in July 2021, 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 by the holder into, at our election, cash, shares of our common stock, or a combination of both, subject to the satisfaction of certain conditions and during specified periods. The conversion rates are subject to adjustment upon the occurrence of certain specified events and the holders may require us to repurchase all, or any portion, of their notes for cash equal to 100% of the principal amount, plus accrued and unpaid interest, if we undergo a fundamental change specified in the agreements. 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 earnings per share (“EPS”). At the time of issuance, there was 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 1.52 years and 1.77 years at March 31, 2021 and December 31, 2020, 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 Debt		Unamortized Deferred		Net Carrying		Net Carrying
Period	UPB		Discount		Financing Fees		Value		Value
March 31, 2021	$	278,300	$	4,833	$	4,015	$	269,452	$	9,962

December 31, 2020	$	278,300	$	5,636	$	4,691	$	267,973	$	9,962

During the three months ended March 31, 2021, we incurred interest expense on the notes totaling $4.8 million, of which $3.3 million, $0.8 million and $0.7 million related to the cash coupon, amortization of the debt discount and of the deferred financing fees, respectively. During the three months ended March 31, 2020, we incurred total interest expense on the notes of $5.2 million, of which $3.4 million, $0.9 million and $0.9 million related to the cash coupon, amortization of the debt discount and of the deferred financing fees, respectively. Including the amortization of the deferred financing fees and debt discount, our weighted average total cost of the notes was 6.75% at both March 31, 2021 and December 31, 2020.

Junior Subordinated Notes

The carrying values of borrowings under our junior subordinated notes were $141.8 million and $141.7 million at March 31, 2021 and December 31, 2020, respectively, which is net of a deferred amount of $10.7 million and $10.8 million, respectively, (which is amortized into interest expense over the life of the notes) and deferred financing fees of $1.8 million for both periods. 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 3.01% and 3.06% at March 31, 2021 and December 31, 2020, respectively. Including certain fees and costs, the weighted average note rate was 3.10% and 3.15% at March 31, 2021 and December 31, 2020, 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 March 31, 2021.

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 March 31, 2021, as well as on the most recent determination dates in April 2021. 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 April 2021 are as follows:


Cash Flow Triggers	CLO X		CLO XI		CLO XII		CLO XIII		CLO XIV
Overcollateralization (1)
Current	126.98	%	121.95	%	118.87	%	119.76	%	119.76	%
Limit	125.98	%	120.95	%	117.87	%	118.76	%	118.76	%
Pass / Fail	Pass		Pass		Pass		Pass		Pass

Interest Coverage (2)
Current	397.51	%	432.76	%	387.82	%	419.82	%	297.55	%
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 X		CLO XI		CLO XII		CLO XIII		CLO XIV
April 2021	126.98	%	121.95	%	118.87	%	119.76	%	119.76	%
January 2021	126.98	%	121.95	%	118.87	%	119.76	%	—
October 2020	126.98	%	121.95	%	118.87	%	119.76	%	—
July 2020	126.98	%	121.95	%	118.87	%	119.76	%	—
April 2020	126.98	%	121.95	%	118.87	%	119.76	%	—

(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

3 Months Ended

Mar. 31, 2021

Allowance for Loss-Sharing Obligations

Allowance for Loss-Sharing Obligations

Note 11 — Allowance for Loss-Sharing Obligations

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


	Three Months Ended March 31,
	2021		2020
Beginning balance	$	64,303	$	34,648
Impact of adopting CECL - January 1, 2020		—		14,406
Provisions for loss sharing		1,748		21,896
Provisions reversal for loan repayments		(96)		(358)
Recoveries (charge-offs), net		(62)		160
Ending balance	$	65,893	$	70,752

When a loan is sold under the Fannie Mae DUS program, we undertake an obligation to partially guarantee the performance of the loan. A liability is recognized for the fair value of the guarantee obligation undertaken for the non-contingent aspect of the guarantee and is removed only upon either the expiration or settlement of the guarantee. At March 31, 2021 and 2020, guarantee obligations of $34.4 million and $32.4 million, respectively, were included in the allowance for loss-sharing obligations.

In addition to and separately from the fair value of the guarantee, we estimate our allowance for loss-sharing under CECL over the contractual period in which we are exposed to credit risk. The current expected loss related to loss-sharing was based on a collective pooling basis with similar risk characteristics, a reasonable and supportable forecast and a reversion period based on our average historical losses through the remaining contractual term of the portfolio.

When we settle a loss under the DUS loss-sharing model, the net loss is charged-off against the previously recorded loss-sharing obligation. The settled loss is often net of any previously advanced principal and interest payments in accordance with the DUS program, which are reflected as reductions to the proceeds needed to settle losses. At March 31, 2021 and December 31, 2020, we had outstanding advances of $0.2 million and $0.1 million, respectively, which were netted against the allowance for loss-sharing obligations.

At March 31, 2021 and December 31, 2020, our allowance for loss-sharing obligations, associated with expected losses under CECL, was $31.5 million and $30.3 million, respectively, and represented 0.16% and 0.17%, respectively, of the Fannie Mae servicing portfolio.

At March 31, 2021 and December 31, 2020, the maximum quantifiable liability associated with our guarantees under the Fannie Mae DUS agreement was $3.58 billion and $3.41 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

3 Months Ended

Mar. 31, 2021

Derivative Financial Instruments

Derivative Financial Instruments

Note 12 — 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 loss on derivative instruments, net in the consolidated statements of operations. 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 operations. During the three months ended March 31, 2021 and 2020, we recorded a net loss of $8.7 million and a net gain of $8.2 million, respectively, from changes in the fair value of these derivatives in loss on derivative instruments, net and $36.9 million and $21.9 million, respectively, of income from MSRs. See Note 13 for details.

Interest Rate Swap Futures. We enter into over-the-counter interest rate swap futures (“Swap Futures”) to hedge our exposure to changes in interest rates inherent in (1) our Agency Business SFR - fixed rate loans from the time the loans are originated until the time they can be financed with match term fixed rate securitized debt, 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 the three months ended March 31, 2021, we recorded realized gains of $2.9 million and unrealized gains of $2.6 million to our Agency Business related to our Swap Futures. During the three months ended March 31, 2020, we recorded realized losses of $2.6 million and unrealized losses of $0.4 million to our Structured Business and realized losses of $46.0 million and unrealized losses of $9.8 million to our Agency Business related to our Swap Futures. The realized and unrealized gains and losses are recorded in loss on derivative instruments, net on our consolidated statements of operations.

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


	March 31, 2021
					Fair Value
		Notional		Balance Sheet	Derivative		Derivative
Derivative	Count	Value		Location	Assets		Liabilities
Agency Business
Rate Lock Commitments	18	$	135,558	Other Assets/Other Liabilities	$	1,439	$	(2,941)
Forward Sale Commitments	67		527,750	Other Assets/Other Liabilities		3,041		(8,102)
Swap Futures	2,233		223,300			—		—
		$	886,608		$	4,480	$	(11,043)


	December 31, 2020
Agency Business
Rate Lock Commitments	7	$	136,354	Other Assets/Other Liabilities	$	1,967	$	(231)
Forward Sale Commitments	114		1,048,763	Other Assets/Other Liabilities		1,925		(990)
Swap Futures	453		45,300			—		—
		$	1,230,417		$	3,892	$	(1,221)

Fair Value

3 Months Ended

Mar. 31, 2021

Fair Value

Fair Value

Note 13 — Fair Value

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


	March 31, 2021						December 31, 2020
	Principal /		Carrying		Estimated		Principal /		Carrying		Estimated
	Notional Amount		Value		Fair Value		Notional Amount		Value		Fair Value
Financial assets:
Loans and investments, net	$	6,263,431	$	6,070,337	$	6,214,368	$	5,475,082	$	5,285,868	$	5,428,141
Loans held-for-sale, net		602,325		613,542		634,677		968,595		986,919		1,007,294
Capitalized mortgage servicing rights, net		n/a		406,980		454,366		n/a		379,974		415,495
Securities held-to-maturity, net		135,893		92,860		102,456		140,124		95,524		94,128
Derivative financial instruments		139,218		4,480		4,480		865,975		3,892		3,892

Financial liabilities:
Credit and repurchase facilities	$	2,220,307	$	2,214,896	$	2,215,577	$	2,238,722	$	2,234,883	$	2,235,668
Collateralized loan obligations		2,831,668		2,813,660		2,828,910		2,532,343		2,517,309		2,495,195
Senior unsecured notes		670,750		663,395		670,078		670,750		662,843		670,117
Convertible senior unsecured notes, net		278,300		269,452		291,856		278,300		267,973		280,636
Junior subordinated notes		154,336		141,839		100,125		154,336		141,656		99,594
Derivative financial instruments		524,089		11,043		11,043		319,142		1,221		1,221

Assets and liabilities disclosed at fair value are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Determining which category an asset or liability falls within the hierarchy requires judgment and we evaluate our hierarchy disclosures each quarter. Hierarchical levels directly related to the amount of subjectivity associated with the inputs to fair valuation of these assets and liabilities are as follows:

Level 1—Inputs are unadjusted and quoted prices exist in active markets for identical assets or liabilities, such as government, agency and equity securities.

Level 2—Inputs (other than quoted prices included in Level 1) are observable for the asset or liability through correlation with market data. Level 2 inputs may include quoted market prices for a similar asset or liability, interest rates and credit risk. Examples include non-government securities, certain mortgage and asset-backed securities, certain corporate debt and certain derivative instruments.

Level 3—Inputs reflect our best estimate of what market participants would use in pricing the asset or liability and are based on significant unobservable inputs that require a considerable amount of judgment and assumptions. Examples include certain mortgage and asset-backed securities, certain corporate debt and certain derivative instruments.

The following is a description of the valuation techniques used to measure fair value and the general classification of these instruments pursuant to the fair value hierarchy.

Loans and investments, net. Fair values of loans and investments that are not impaired are estimated using inputs based on direct capitalization rate and discounted cash flow 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 expected to be transferred or sold within 60 days to 180 days of loan funding, and are valued using pricing models that incorporate observable inputs from current market assumptions or a hypothetical securitization model utilizing observable market data from recent securitization spreads and observable pricing of loans with similar characteristics (Level 2). Fair value includes the fair value allocated to the associated future MSRs and is calculated pursuant to the valuation techniques described below for capitalized mortgage servicing rights, net (Level 3).

Capitalized mortgage servicing rights, net. Fair values are estimated using inputs based on discounted future net cash flow methodology (Level 3). 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. 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 agreements for the Agency Business bear interest at rates that are similar to those available in the market currently and fair values are estimated using Level 2 inputs. For these facilities, the fair values approximate their carrying values.

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

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

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

We measure certain financial assets and financial liabilities at fair value on a recurring basis. The fair values of these financial assets and liabilities are determined using the following input levels as of March 31, 2021 (in thousands):


					Fair Value Measurements Using Fair
	Carrying				Value Hierarchy
	Value		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Derivative financial instruments	$	4,480	$	4,480	$	—	$	3,041	$	1,439

Financial liabilities:
Derivative financial instruments	$	11,043	$	11,043	$	—	$	11,043	$	—

We measure certain financial and non-financial assets at fair value on a nonrecurring basis. The fair values of these financial and non-financial assets, if applicable, are determined using the following input levels as of March 31, 2021 (in thousands):


					Fair Value Measurements Using Fair
	Net Carrying				Value Hierarchy
	Value		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Impaired loans, net (1)	$	148,552	$	148,552	$	—	$	—	$	148,552

(1)	We had an allowance for credit losses of $106.3 million relating to ten impaired loans with an aggregate carrying value, before loan loss reserves, of $254.8 million at March 31, 2021.

Loan impairment assessments. Loans held for investment are intended to be held to maturity and, accordingly, are carried at cost, net of unamortized loan origination costs and fees, loan purchase discounts, and net of the allowance for credit losses, when such loan or investment is deemed to be impaired. We consider a loan impaired when, based upon current information, it is probable that 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 credit 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.

Quantitative information about Level 3 fair value measurements at March 31, 2021 is as follows ($ in thousands):


			Valuation
	Fair Value		Techniques	Significant Unobservable Inputs
Financial assets:
Impaired loans:
Hotel	$	81,779	Discounted cash flows /	Discount rate	7.50	%
			direct capitalization	Capitalization rate	5.00	%
				Revenue growth rate	25.00	%

Land		49,961	Discounted cash flows	Discount rate	21.50	%
				Revenue growth rate	3.00	%

Retail		15,333	Discounted cash flows	Discount rate	10.15	%
				Capitalization rate	9.25	%
				Revenue growth rate	1.68	%

Healthcare		828	Discounted cash flows	Capitalization rate	14.30	%

Office		651	Discounted cash flows	Discount rate	11.00	%
				Capitalization rate	9.00	%
				Revenue growth rate	2.50	%
Derivative financial instruments:
Rate lock commitments		1,439	Discounted cash flows	W/A discount rate	9.48	%

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


	Fair Value Measurements Using
	Significant Unobservable Inputs
	Three Months Ended March 31,
	2021		2020
Derivative assets and liabilities, net
Beginning balance	$	1,967	$	1,066
Settlements		(37,026)		(11,717)
Realized gains recorded in earnings		35,059		10,651
Unrealized gains recorded in earnings		1,439		2,069
Ending balance	$	1,439	$	2,069

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 Value
March 31, 2021	Principal Amount		Servicing Rights		Movement Effect		Adjustment
Rate lock commitments	$	135,558	$	1,439	$	(2,941)	$	(1,502)
Forward sale commitments		527,750		—		2,941		2,941
Loans held-for-sale, net (1)		602,325		14,026		—		14,026
Total			$	15,465	$	—	$	15,465

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

We measure certain assets and liabilities for which fair value is only disclosed. The fair value of these assets and liabilities are determined using the following input levels as of March 31, 2021 (in thousands):


					Fair Value Measurements Using Fair Value Hierarchy
	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Loans and investments, net	$	6,070,337	$	6,214,368	$	—	$	—	$	6,214,368
Loans held-for-sale, net		613,542		634,677		—		620,651		14,026
Capitalized mortgage servicing rights, net		406,980		454,366		—		—		454,366
Securities held-to-maturity, net		92,860		102,456		—		—		102,456

Financial liabilities:
Credit and repurchase facilities	$	2,214,896	$	2,215,577	$	—	$	538,322	$	1,677,255
Collateralized loan obligations		2,813,660		2,828,910		—		—		2,828,910
Senior unsecured notes		663,395		670,078		670,078		—		—
Convertible senior unsecured notes, net		269,452		291,856		—		291,856		—
Junior subordinated notes		141,839		100,125		—		—		100,125

- 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

3 Months Ended

Mar. 31, 2021

Commitments and Contingencies

Commitments and Contingencies

Note 14 — Commitments and Contingencies

Impact of COVID-19. The magnitude and duration of COVID-19 and its impact on our business and on our borrowers is uncertain and will mostly depend on future events, which cannot be predicted. As this pandemic continues and if economic conditions worsen, it may have long-term impacts on our financial position, results of operations and cash flows. See Note 2 and Item 1A. Risk Factors of our 2020 Annual Report for further discussion of COVID-19.

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 March 31, 2021, we were required to maintain at least $18.7 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 March 31, 2021, we met the restricted liquidity requirement with a $45.0 million letter of credit and $12.2 million of cash collateral.

As of March 31, 2021, reserve requirements for the Fannie Mae DUS loan portfolio will require us to fund $48.9 million in additional restricted liquidity over the next 48 months, assuming no further principal paydowns, prepayments, or defaults within our at-risk portfolio. Fannie Mae periodically reassesses these collateral requirements and may make changes to these requirements in the future. We generate sufficient cash flow from our operations to meet these capital standards and do not expect any changes to have a material impact on our future operations; however, future changes to collateral requirements may adversely impact our available cash.

We are subject to various capital requirements in connection with seller/servicer agreements that we have entered into with secondary market investors. Failure to maintain minimum capital requirements could result in our inability to originate and service loans for the respective investor and, therefore, could have a direct material effect on our consolidated financial statements. As of March 31, 2021, we met all of Fannie Mae’s quarterly capital requirements and our Fannie Mae adjusted net worth was in excess of the required net worth. We are not subject to capital requirements on a quarterly basis for Ginnie Mae and FHA, as requirements for these investors are only required on an annual basis.

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

We enter into contractual commitments with borrowers providing rate lock commitments while simultaneously entering into forward sale commitments with investors. These commitments are outstanding for short periods of time (generally less than 60 days) and are described in more detail in Note 12 and Note 13.

Debt Obligations and Operating Leases. As of March 31, 2021, 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
2021 (nine months ending December 31, 2021)	$	1,206,690	$	4,266	$	1,210,956
2022		2,230,637		8,257		2,238,894
2023		1,217,922		8,031		1,225,953
2024		781,593		7,926		789,519
2025		257,597		7,978		265,575
2026		—		8,282		8,282
Thereafter		460,922		26,098		487,020
Total	$	6,155,361	$	70,838	$	6,226,199

During the three months ended March 31, 2021 and 2020, we recorded lease expense of $2.3 million and $1.6 million, respectively.

Unfunded Commitments. In accordance with certain structured loans and investments, we have outstanding unfunded commitments of $443.1 million as of March 31, 2021 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 was removed to the Bankruptcy Court. Currently, there is just a single case in Bankruptcy Court.

The lawsuits all alleged, 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 named 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, 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. The Trust also alleges 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, 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 from the lawsuits, none of whom are related to us, 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 Trust's 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 to amend 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 moved to dismiss the referenced remaining actions in December 2013.

After supplemental briefing and multiple adjourned conferences, in August 2020, the Court issued a decision granting our motion to dismiss in part, dismissing 9 of the 17 counts. The Court permitted claims against director designees to proceed on theories of authorization of illegal dividends and breach of fiduciary duty. The Court permitted claims against the defendant entities, including our affiliated entities, to proceed on theories of constructive fraudulent transfer and fraudulent transfer under state and federal law. Moreover, the Court affirmatively dismissed four counts against the defendant entities to the extent they are based on distributions from certain so-called LIBOR Floor Certificates. According to the amended complaint, the total LIBOR Floor Certificate transfers

were $74.0 million in value. As a result, with what remains of the amended complaint, total possible liability against the affiliated entities has correspondingly fallen, whereas total possible liability against the director designees remains at approximately $139.0 million.

The parties have stipulated to a schedule for discovery and we intend to vigorously defend against the remaining claims. We have not made a loss accrual for this litigation because we believe that it is not probable that a loss has been incurred and an amount cannot be reasonably estimated.

Due to Borrowers. Due to borrowers represents borrowers’ funds held by us to fund certain expenditures or to be released at our discretion upon the occurrence of certain pre-specified events, and to serve as additional collateral for borrowers’ loans. While retained, these balances earn interest in accordance with the specific loan terms they are associated with.

Variable Interest Entities

3 Months Ended

Mar. 31, 2021

Variable Interest Entities

Variable Interest Entities

Note 15 — 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 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 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 to third parties by the CLOs, prior to the unwind. Our operating results and cash flows include the gross asset and liability amounts related to the CLOs as opposed to our net economic interests in those entities.

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


	March 31, 2021		December 31, 2020
Assets:
Restricted cash	$	259,829	$	188,226
Loans and investments, net		3,152,490		2,923,634
Other assets		25,710		22,587
Total assets	$	3,438,029	$	3,134,447

Liabilities:
Collateralized loan obligations	$	2,813,660	$	2,517,309
Other liabilities		3,065		2,755
Total liabilities	$	2,816,725	$	2,520,064

Assets held by the CLOs are restricted and can only be used to settle obligations of the CLOs. The liabilities of the CLOs are non-recourse to us and can only be satisfied from each respective asset pool. See Note 10 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.

Unconsolidated VIEs. We determined that we are not the primary beneficiary of 30 VIEs in which we have a variable interest as of March 31, 2021 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 March 31, 2021 is as follows (in thousands):


Type	Carrying Amount (1)
Loans	$	384,932
B Piece bonds		55,398
APL certificates		39,059
Equity investments		16,504
Agency interest only strips		1,055
Total	$	496,948

(1)	Represents the carrying amount of loans and investments before reserves. At March 31, 2021, $219.3 million of loans to VIEs had corresponding specific loan loss reserves of $86.9 million. The maximum loss exposure as of March 31, 2021 would not exceed the carrying amount of our investment.

These unconsolidated VIEs have exposure to real estate debt of approximately $3.88 billion at March 31, 2021.

Equity

3 Months Ended

Mar. 31, 2021

Equity

Equity

Note 16 — Equity

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

Common Stock. In March 2021, we completed a public offering in which we sold 7,000,000 shares of our common stock for $15.48 per share and received net proceeds of $108.2 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 $12.4 million of the net proceeds from this offering to purchase, in April 2021, a total of 800,000 shares of our common stock from certain executive officers of ours, ACM and an estate planning family vehicle established by our chief executive officer at the same price the underwriters paid to purchase the shares.

During the three months ended March 31, 2021, we sold 3,140,400 shares of our common stock for net proceeds of $50.2 million through an “At-The-Market” equity offering sales agreement with JMP Securities LLC (“JMP”).

Noncontrolling Interest. Noncontrolling interest relates to the operating partnership units (“OP Units”) issued to satisfy a portion of the purchase price in connection with the acquisition of the agency platform of ACM in 2016 (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. At March 31, 2021, there were 17,560,633 OP Units outstanding, which represented 11.6% of the voting power of our outstanding stock.

Distributions. Dividends declared (on a per share basis) during the three months ended March 31, 2021 are as follows:


Common Stock			Preferred Stock
				Dividend (1)
Declaration Date	Dividend		Declaration Date	Series A		Series B		Series C
February 17, 2021	$	0.33	February 1, 2021	$	0.515625	$	0.484375	$	0.53125

(1)	The dividend declared on February 1, 2021 was for December 1, 2020 through February 28, 2021.

Common Stock – On May 5, 2021, the Board of Directors declared a cash dividend of $0.34 per share of common stock. The dividend is payable on June 1, 2021 to common stockholders of record as of the close of business on May 21, 2021.

Preferred Stock – On April 30, 2021, 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 March 1, 2021 through May 31, 2021 and are payable on June 1, 2021 to preferred stockholders of record on May 15, 2021.

Deferred Compensation. In March 2021, we issued 257,726 shares of restricted common stock to employees under the 2020 Amended Omnibus Stock Incentive Plan (the “2020 Plan”) with a total grant date fair value of $4.1 million. Approximately half of the shares had one third vest as of the grant date and one third vesting on each of the first and second anniversaries of the grant date. The majority of the remaining shares had one fifth vest as of the grant date and one fifth vesting on each of the first, second, third and fourth anniversaries of the grant date. In March 2021, we also issued 27,864 shares of fully vested common stock to the independent members of the Board of Directors under the 2020 Plan with a grant date fair value of $0.4 million.

During the first quarter of 2021, 448,980 shares of performance-based restricted stock units previously granted to our chief executive officer fully vested and were net settled for 229,083 common shares.

During the first quarter of 2021, we withheld 140,744 shares from the net settlement of restricted common stock by employees for payment of withholding taxes on shares that vested.

Subsequent Event. In April 2021, we entered into a second amended and restated annual incentive agreement (the “2021 annual incentive agreement”) with our chief executive officer, effective January 1, 2021. The terms of the 2021 annual incentive agreement provide for: (1) an annual base salary of $1.2 million; (2) an annual cash payment of $0.8 million; and (3) annual performance cash bonus target opportunities of $2.9 million at target performance, $1.5 million at threshold performance and $4.4 million at maximum performance, with the opportunity to earn an additional $0.7 million annually in the event of extraordinary performance with respect to corporate capital growth goals. The 2021 annual incentive agreement also provides for: (1) a grant with a value of $3.0 million to be made in July 2021, dependent on reaching certain goals relating to the integration of the Acquisition (“Acquisition Related Grant”), which represents the last Acquisition Related Grant; and (2) at our chief executive officer’s option, to be exercised annually for the remainder of the term of the 2021 annual incentive agreement, either (i) a grant with a value of $3.0 million, which will vest in full three years from the date of the grant (“Time Based Vesting Equity Award”) or (ii) a performance based award of restricted stock (“Performance-Based TSR Equity Award”) with an annual value at grant of $12.0 million, relating to our total stockholder return objectives. The Acquisition Related Grant will vest in full on the third anniversary of the grant date. The Performance-Based TSR Equity Award will vest, in whole or in part, based on the attainment of total stockholder return goals over a five-year period.

In April 2021, our chief executive officer elected to receive the Time Based Vesting Equity Award option in connection with the 2021 annual incentive agreement; therefore, we granted our chief executive officer 184,729 shares of restricted common stock with a grant date fair value of $3.1 million that vest in full in April 2024.

Earnings Per Share. Basic EPS is calculated by dividing net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding during each period inclusive of unvested restricted stock with full dividend participation rights. Diluted EPS is calculated by dividing net income (loss) by the weighted average number of shares of common stock outstanding, plus the additional dilutive effect of common stock equivalents during each period 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:


	Three Months Ended March 31,
	2021				2020
	Basic		Diluted		Basic		Diluted
Net income (loss) attributable to common stockholders (1)	$	69,479	$	69,479	$	(59,310)	$	(59,310)
Net income (loss) attributable to noncontrolling interest (2)		—		9,743		—		(10,934)
Net income (loss) attributable to common stockholders and noncontrolling interest	$	69,479	$	79,222	$	(59,310)	$	(70,244)
Weighted average shares outstanding		125,235,405		125,235,405		110,792,412		110,792,412
Dilutive effect of OP Units (2)		—		17,560,633		—		20,424,787
Dilutive effect of restricted stock units (3)		—		912,545		—		—
Dilutive effect of convertible notes (4)		—		249,850		—		—
Weighted average shares outstanding		125,235,405		143,958,433		110,792,412		131,217,199
Net income (loss) per common share (1)	$	0.55	$	0.55	$	(0.54)	$	(0.54)

(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.

Income Taxes

3 Months Ended

Mar. 31, 2021

Income Taxes

Income Taxes

Note 17 — Income Taxes

As a REIT, we are generally not subject to U.S. federal income tax to the extent of our distributions to stockholders and as long as certain asset, income, distribution, ownership and administrative tests are met. To maintain our qualification as a REIT, we must annually distribute at least 90% of our REIT-taxable income to our stockholders and meet certain other requirements. We may also be subject to certain state, local and franchise taxes. Under certain circumstances, federal income and excise taxes may be due on our undistributed taxable income. If we were to fail to meet these requirements, we would be subject to U.S. federal income tax, which could have a material adverse impact on our results of operations and amounts available for distributions to our stockholders. We believe that all of the criteria to maintain our REIT qualification have been met for the applicable periods, but there can be no assurance that these criteria will continue to be met in subsequent periods.

The Agency Business is operated through our TRS Consolidated Group and is subject to U.S. federal, state and local income taxes. In general, our TRS entities may hold assets that the REIT cannot hold directly and may engage in real estate or non-real estate-related business.

In the three months ended March 31, 2021 and 2020, we recorded a tax provision of $12.5 million and a tax benefit of $14.4 million, respectively. The tax provision recorded in the three months ended March 31, 2021 consisted of a current tax provision of $8.0 million and a deferred tax provision of $4.5 million. The tax benefit recorded in the three months ended March 31, 2020 consisted of a current tax provision of $5.5 million and a deferred tax benefit of $19.9 million.

Current and deferred taxes are primarily recorded on the portion of earnings (losses) recognized by us with respect to our interest in the TRS’s. Deferred income tax assets and liabilities are calculated based on temporary differences between our U.S. GAAP consolidated financial statements and the federal, state, local tax basis of assets and liabilities as of the consolidated balance sheets.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Agreements and Transactions with Related Parties

3 Months Ended

Mar. 31, 2021

Agreements and Transactions with Related Parties

Agreements and Transactions with Related Parties

Note 18 — Agreements and Transactions with Related Parties

Support Agreement and Employee Secondment Agreement. We have a support agreement and a secondment agreement with ACM and certain of its affiliates and certain affiliates of a relative of our chief executive officer (“Service Recipients”) where we provide support services to the Service Recipients. The Service Recipients reimburse us for the costs of performing such services. During the three months ended March 31, 2021 and 2020, we incurred $0.8 million and $0.7 million, respectively, of costs for services provided to the Service Recipients, all of which were reimbursed to us and included in due from related party on the consolidated balance sheets.

Other Related Party Transactions. Due from related party was $19.7 million and $12.4 million at March 31, 2021 and December 31, 2020, respectively, which consisted primarily of amounts due from our affiliated servicing operations related to real estate transactions closing at the end of the quarter and amounts due from ACM for costs incurred in connection with the shared services agreement described above.

Due to related party was $1.6 million and $2.4 million at March 31, 2021 and December 31, 2020, respectively, and consisted of loan payoffs, holdbacks and escrows to be remitted to our affiliated servicing operations related to real estate transactions.

In March 2021, we originated a $63.4 million bridge loan to a third-party to purchase a multifamily property from a multifamily-focused commercial real estate investment fund sponsored and managed by our chief executive officer and one of his immediate family members, which has no continued involvement after the purchase. The loan has an interest rate of LIBOR plus 3.75% with a LIBOR floor of 0.25% and matures in March 2024. Interest income recorded from this loan was $0.1 million for the three months ended March 31, 2021.

In December 2020, we committed to fund a $32.5 million bridge loan and made a $3.5 million preferred equity investment in a SFR build-to-rent construction project. An entity owned by an immediate family member of our chief executive officer also made an equity investment in the project and owns a 21.8% equity interest in the borrowing entity. The bridge loan, which was not funded as of March 31, 2021, has an interest rate of LIBOR plus 5.50% with a LIBOR floor of 0.75% and matures in October 2023 and the preferred equity investment has a fixed rate of 12% and matures in October 2023. Interest income recorded from the preferred equity investment was $0.1 million for the three months ended March 31, 2021.

In October 2020, we committed to fund a $30.5 million bridge loan and made a $4.6 million preferred equity investment in a SFR build-to-rent construction project. ACM and an entity owned by an immediate family member of our chief executive officer also made equity investments in the project and own an 18.9% equity interest in the borrowing entity. The bridge loan, which was not funded as of March 31, 2021, has an interest rate of LIBOR plus 5.50% with a LIBOR floor of 0.75% and matures in May 2023 and the preferred equity investment has a fixed rate of 12% and matures in April 2023. Interest income recorded from the preferred equity investment was $0.1 million for the three months ended March 31, 2021.

We have a $35.0 million bridge loan and a $7.8 million preferred equity interest on an office building in New York City. The property is controlled by a third party and, beginning in June 2020, its day-to-day operations are managed by an entity owned by an immediate family member of our chief executive officer, which is entitled to an annual fee of $0.3 million and a 33% equity participation interest.

In certain instances, our business requires our executives to charter privately owned aircraft in furtherance of our business. In 2019, we entered into an aircraft time-sharing agreement with an entity controlled by our chief executive officer that owns private aircraft. Pursuant to the agreement, we reimburse the aircraft owner for the required costs under Federal Aviation Administration regulations for the flights our executives' charter. During the three months ended March 31, 2021 and 2020, we reimbursed the aircraft owner $0.1 million and $0.3 million, respectively, for the flights chartered by our executives pursuant the agreement.

In 2019, we, along with ACM, certain executives of ours and a consortium of independent outside investors, formed AMAC Holdings III LLC (“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 $15.7 million was funded as of March 31, 2021) for an 18% interest in AMAC III. During both the three months ended March 31, 2021 and 2020, the loss recorded from this investment was de minimis. In July 2019, AMAC III originated a $7.0 million mezzanine loan to a borrower with which we have an outstanding $34.0 million bridge loan. In June 2020, for full satisfaction of the mezzanine loan, AMAC III became the owner of the property. In August 2020, the $34.0 million bridge loan was refinanced with a $35.3 million bridge loan, which bears interest at a rate of 350 basis points over LIBOR and matures in August 2022. We also 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. In May 2020, we sold the Private Label loan to an unconsolidated affiliate of ours. Interest income recorded from these loans totaled $0.3 million and $0.9 million for the three months ended March 31, 2021 and 2020, respectively.

In 2018, we originated a $37.5 million bridge loan, which was used to purchase several multifamily properties. In 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 had an interest rate of LIBOR plus 4.25% with a LIBOR floor of 2.375% and was scheduled to mature in October 2020. In May 2020, the borrower repaid this loan in full. Interest income recorded from this loan was $0.6 million for the three months ended March 31, 2020.

In 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 had an interest rate of LIBOR plus 4.0% with a LIBOR floor of 2.125% and was scheduled to mature in July 2021. In January 2021, the borrower repaid this loan in full. Interest income recorded from this loan was $0.3 million for the three months ended 2020.

In 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 was 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 was $0.1 million for the three months ended March 31, 2020.

In 2018, we originated a $21.7 million bridge loan on a multifamily property owned in part by a consortium of investors (which includes, among other unaffiliated investors, certain of our officers and our chief executive officer) which owns 75% in the borrowing entity. The loan has an interest rate of LIBOR plus 4.75% with a LIBOR floor of 1.25% and matures in June 2021. Interest income recorded from this loan was $0.3 million and $0.4 million for the three months ended March 31, 2021 and 2020, respectively.

In 2018, we acquired a $9.4 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 75% of the borrowing entity. The loan has an interest rate of LIBOR plus 5.0% with a LIBOR floor of 1.25% and was scheduled to mature in January 2021. In January 2021, the maturity date of this loan was extended to January 2022. Interest income recorded from this loan was $0.1 million for both the three months ended March 31, 2021 and 2020.

In 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 were scheduled to mature in the fourth quarter of 2020. The borrower refinanced these loans with a $31.1 million bridge loan we originated in 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 $0.5 million for both the three months ended March 31, 2021 and 2020.

In 2017, we originated a $46.9 million Fannie Mae loan on a multifamily property owned in part by a consortium of investors (which includes, among other unaffiliated investors, certain of our officers) which owns a 17.6% interest in the borrowing entity. We carry a maximum loss-sharing obligation with Fannie Mae on this loan of up to 5% of the original UPB. Servicing revenue recorded from this loan was less than $0.1 million for both the three months ended March 31, 2021 and 2020.

In 2017, Ginkgo Investment Company LLC (“Ginkgo”), of which one of our directors is a 33% managing member, purchased a multifamily apartment complex which assumed an existing $8.3 million Fannie Mae loan that we service. Ginkgo subsequently sold the majority of its interest in this property and owned a 3.6% interest at March 31, 2021. 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 less than $0.1 million for both the three months ended March 31, 2021 and 2020.

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 had 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 the remaining mezzanine loan was $0.1 million for both the three months ended March 31, 2020 and 2021.

In March 2020, we originated a $14.8 million Private Label loan and a $3.4 million mezzanine loan on two multifamily properties owned in part by a consortium of investors (which includes, among other unaffiliated investors, certain of our officers and our chief executive officer) which owns a 50% interest in the borrowing entity. The Private Label loan bears interest at a fixed rate of 3.1% and the mezzanine loan bears interest at a fixed rate of 9.0% and both loans mature in April 2030. In May 2020, we sold the Private Label loan to an unconsolidated affiliate of ours. Interest income recorded from these loans totaled $0.1 million and less than $0.1 million for the three months ended March 31, 2021 and 2020, 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. In January 2021, an equity investor in the underlying residential mortgage banking business exercised their right to purchase an additional interest in this investment, which decreased our indirect interest to 12.3%. During the three months ended March 31, 2021 and 2020, we recorded income of $22.5 million and $2.9 million, respectively, to income from equity affiliates in our consolidated statements of operations. We also received cash distributions totaling $13.1 million from this equity investment, which were classified as returns of capital, during the three months ended March 31, 2021.

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 were originated in June 2018, had interest rates of LIBOR plus 4.0% and were scheduled to mature in June 2021. During 2019, the borrower made payoffs and partial paydowns of principal totaling $250.0 million and in March 2020, the remaining balance of the loans were refinanced with a $34.6 million Private Label loan, which bears interest at a fixed rate of 3.30% and matures in March 2030. In May 2020, we sold the Private Label loan to an unconsolidated affiliate of ours. Interest income recorded from these loans totaled $0.2 million for the three months ended March 31, 2020. 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 a distribution of $1.1 million during the three months ended March 31, 2020, which was recorded as income 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 March 31, 2021, this debt had an aggregate outstanding balance of $610.9 million and is scheduled to mature between 2021 and 2029.

Several of our executives, including our chief financial officer, senior 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 35% of the outstanding membership interests of ACM and certain of our employees and directors also hold an ownership interest in ACM. Furthermore, one of our directors serves as the trustee and co-trustee of two of the Kaufman Entities that

hold membership interests in ACM. Upon the closing of the Acquisition in 2016, we issued OP Units, each paired with one share of our special voting preferred shares. At March 31, 2021, ACM holds 3,528,083 shares of our common stock and 11,901,068 OP Units, which represents 10.2% of the voting power of our outstanding stock. Our Board of Directors approved a resolution under our charter allowing our chief executive officer and ACM, (which our chief executive officer has a controlling equity interest in), to own more than the 5% ownership interest limit of our common stock as stated in our amended charter.

Segment Information

3 Months Ended

Mar. 31, 2021

Segment Information

Segment Information

Note 19 — Segment Information

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


	Three Months Ended March 31, 2021
	Structured		Agency		Other /
	Business		Business		Eliminations (1)		Consolidated
Interest income	$	83,210	$	7,934	$	—	$	91,144
Interest expense		38,224		3,960		—		42,184
Net interest income		44,986		3,974		—		48,960
Other revenue:
Gain on sales, including fee-based services, net		—		28,867		—		28,867
Mortgage servicing rights		—		36,936		—		36,936
Servicing revenue		—		29,740		—		29,740
Amortization of MSRs		—		(14,204)		—		(14,204)
Loss on derivative instruments, net		—		(3,220)		—		(3,220)
Other income, net		681		—		—		681
Total other revenue		681		78,119		—		78,800
Other expenses:
Employee compensation and benefits		11,577		31,397		—		42,974
Selling and administrative		4,513		6,305		—		10,818
Property operating expenses		143		—		—		143
Depreciation and amortization		582		1,173		—		1,755
Provision for loss sharing (net of recoveries)		—		1,652		—		1,652
Provision for credit losses (net of recoveries)		(1,029)		(46)		—		(1,075)
Total other expenses		15,786		40,481		—		56,267
Income before extinguishment of debt, sale of real estate, income from equity affiliates and income taxes		29,881		41,612		—		71,493
Loss on extinguishment of debt		(1,370)		—		—		(1,370)
Gain on sale of real estate		—		1,228		—		1,228
Income from equity affiliates		22,251		—		—		22,251
Provision for income taxes		(4,983)		(7,509)		—		(12,492)
Net income		45,779		35,331		—		81,110
Preferred stock dividends		1,888		—		—		1,888
Net income attributable to noncontrolling interest		—		—		9,743		9,743
Net income attributable to common stockholders	$	43,891	$	35,331	$	(9,743)	$	69,479


	Three Months Ended March 31, 2020
	Structured		Agency		Other /
	Business		Business		Eliminations (1)		Consolidated
Interest income	$	78,477	$	10,049	$	—	$	88,526
Interest expense		43,399		6,583		—		49,982
Net interest income		35,078		3,466		—		38,544
Other revenue:
Gain on sales, including fee-based services, net		—		14,305		—		14,305
Mortgage servicing rights		—		21,934		—		21,934
Servicing revenue		—		25,124		—		25,124
Amortization of MSRs		—		(11,822)		—		(11,822)
Property operating income		2,192		—		—		2,192
Loss on derivative instruments, net		(3,000)		(47,731)		—		(50,731)
Other income, net		1,303		—		—		1,303
Total other revenue		495		1,810		—		2,305
Other expenses:
Employee compensation and benefits		10,846		23,406		—		34,252
Selling and administrative		4,450		6,602		—		11,052
Property operating expenses		2,443		—		—		2,443
Depreciation and amortization		620		1,327		—		1,947
Provision for loss sharing (net of recoveries)		—		21,537		—		21,537
Provision for credit losses (net of recoveries)		53,890		492		—		54,382
Total other expenses		72,249		53,364		—		125,613
Loss before extinguishment of debt, income from equity affiliates and income taxes		(36,676)		(48,088)		—		(84,764)
Loss on extinguishment of debt		(1,954)		—		—		(1,954)
Income from equity affiliates		3,992		—		—		3,992
(Provision for) benefit from income taxes		(83)		14,453		—		14,370
Net loss		(34,721)		(33,635)		—		(68,356)
Preferred stock dividends		1,888		—		—		1,888
Net loss attributable to noncontrolling interest		—		—		(10,934)		(10,934)
Net loss attributable to common stockholders	$	(36,609)	$	(33,635)	$	10,934	$	(59,310)

(1)	Includes income allocated to the noncontrolling interest holders not allocated to the two reportable segments.


	March 31, 2021
	Structured Business		Agency Business		Consolidated
Assets:
Cash and cash equivalents	$	66,981	$	193,247	$	260,228
Restricted cash		259,830		12,209		272,039
Loans and investments, net		6,070,337		—		6,070,337
Loans held-for-sale, net		—		613,542		613,542
Capitalized mortgage servicing rights, net		—		406,980		406,980
Securities held-to-maturity, net		—		92,860		92,860
Investments in equity affiliates		104,406		—		104,406
Goodwill and other intangible assets		12,500		91,778		104,278
Other assets		140,187		66,002		206,189
Total assets	$	6,654,241	$	1,476,618	$	8,130,859

Liabilities:
Debt obligations	$	5,564,919	$	538,323	$	6,103,242
Allowance for loss-sharing obligations		—		65,893		65,893
Other liabilities		184,476		106,556		291,032
Total liabilities	$	5,749,395	$	710,772	$	6,460,167


	December 31, 2020
Assets:
Cash and cash equivalents	$	172,568	$	166,960	$	339,528
Restricted cash		188,226		9,244		197,470
Loans and investments, net		5,285,868		—		5,285,868
Loans held-for-sale, net		—		986,919		986,919
Capitalized mortgage servicing rights, net		—		379,974		379,974
Securities held-to-maturity, net		—		95,524		95,524
Investments in equity affiliates		74,274		—		74,274
Goodwill and other intangible assets		12,500		92,951		105,451
Other assets		142,844		53,134		195,978
Total assets	$	5,876,280	$	1,784,706	$	7,660,986

Liabilities:
Debt obligations	$	4,872,626	$	952,038	$	5,824,664
Allowance for loss-sharing obligations		—		64,303		64,303
Other liabilities		203,554		85,780		289,334
Total liabilities	$	5,076,180	$	1,102,121	$	6,178,301


	Three Months Ended March 31,
	2021			2020
Origination Data:
Structured Business
Bridge loans (1)	$	1,005,688		$	785,122
Mezzanine loans		56,000			14,175
Preferred equity investments		—			23,500
Other loans (2)		26,238			33,432
Total new loan originations	$	1,087,926		$	856,229
(1) The three months ended March 31, 2021 includes 18 SFR loans with a UPB of $43.3 million. During 2021, we committed to fund three SFR build-to-rent bridge loans totaling $98.4 million.
(2) The three months ended March 31, 2021 and 2020 includes 1 and 7, respectively, of SFR permanent loans with a UPB of $26.2 million and $33.4 million, respectively.

Loan payoffs / paydowns	$	233,028		$	275,292

Agency Business
Origination Volumes by Investor:
Fannie Mae	$	1,063,983		$	581,973
Private Label		152,454			282,345
Freddie Mac		114,717			199,711
FHA		66,480			17,944
Total	$	1,397,634		$	1,081,973
Total loan commitment volume	$	1,460,135		$	1,267,219

Loan Sales Data:
Agency Business
Fannie Mae	$	1,437,366		$	754,044
Freddie Mac		274,824			179,703
FHA		66,403			23,313
SFR - Fixed Rate		63,298			—
Total	$	1,841,891		$	957,060
Sales margin (fee-based services as a % of loan sales)		1.57	%		1.49	%
MSR rate (MSR income as a % of loan commitments)		2.53	%		1.73	%


	March 31, 2021
			Wtd. Avg. Servicing	Wtd. Avg. Life of
	UPB of Servicing		Fee Rate	Servicing Portfolio
Key Servicing Metrics for Agency Business:	Portfolio		(basis points)	(in years)
Fannie Mae	$	19,073,504	52.8	8.3
Freddie Mac		4,795,228	28.3	9.8
FHA		796,133	16.0	20.7
Private Label		726,918	20.0	8.7
SFR - Fixed Rate		63,299	20.0	6.1
Total	$	25,455,082	46.0	9.0


	December 31, 2020
Fannie Mae	$	18,268,268	52.3	8.2
Freddie Mac		4,881,080	27.9	9.9
FHA		752,116	16.3	20.3
Private Label		726,992	20.0	8.7
Total	$	24,628,456	45.4	8.9

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Subparagraph (e)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Basis of Presentation and Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2021

Basis of Presentation and Significant Accounting Policies

Basis of Presentation

Principles of Consolidation

Use of Estimates

Recently Adopted Accounting Pronouncements

Description		Adoption Date		Effect on Financial Statements
In December 2019, the Financial Accounting Standards Board issued Accounting Standard Update 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which 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		The adoption of this guidance did not have a material impact on our consolidated financial statements.

Significant Accounting Policies

Basis of Presentation and Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2021

Basis of Presentation and Significant Accounting Policies

Schedules of Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements

Description		Adoption Date		Effect on Financial Statements
In December 2019, the Financial Accounting Standards Board issued Accounting Standard Update 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which 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		The adoption of this guidance did not have a material impact on our consolidated financial statements.

Significant Accounting Policies

Loans and Investments (Tables)

3 Months Ended

Mar. 31, 2021

Loans and Investments

Schedule of Structured Business loan and investment portfolio

Our Structured Business loan and investment portfolio consists of ($ in thousands):


								Wtd. Avg.
								Remaining	Wtd. Avg.		Wtd. Avg.
			Percent of		Loan	Wtd. Avg.		Months to	First Dollar		Last Dollar
	March 31, 2021		Total		Count	Pay Rate (1)		Maturity	LTV Ratio (2)		LTV Ratio (3)

Bridge loans (4)	$	5,804,705	93	%	302	4.93	%	15.8	0	%	75	%
Preferred equity investments		224,872	4	%	14	7.00	%	47.2	64	%	89	%
Mezzanine loans		204,471	3	%	29	6.63	%	38.2	25	%	80	%
Other loans (5)		29,383	<1	%	2	4.57	%	56.8	0	%	69	%
		6,263,431	100	%	347	5.06	%	17.8	3	%	76	%
Allowance for credit losses		(147,300)
Unearned revenue		(45,794)
Loans and investments, net	$	6,070,337


	December 31, 2020
Bridge loans (4)	$	5,022,509	92	%	263	5.09	%	16.2	0	%	76	%
Preferred equity investments		224,928	4	%	14	7.07	%	49.8	64	%	89	%
Mezzanine loans		159,242	3	%	29	7.40	%	45.0	32	%	82	%
Other loans (5)		68,403	1	%	22	4.95	%	74.8	0	%	69	%
		5,475,082	100	%	328	5.23	%	19.2	4	%	77	%
Allowance for credit losses		(148,329)
Unearned revenue		(40,885)
Loans and investments, net	$	5,285,868

(1)

(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)	As of March 31, 2021 and December 31, 2020, bridge loans included 59 and 38, respectively, of SFR loans with an aggregate UPB of $445.0 million and $309.2 million, respectively, of which $131.2 million and $88.1 million, respectively, was funded.

(5)	As of March 31, 2021, other loans included 2 variable rate SFR permanent loans with an aggregate UPB of $29.4 million. As of December 31, 2020, other included 22 SFR permanent loans with an aggregate UPB of $68.4 million.

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

A summary of the loan portfolio’s internal risk ratings and LTV ratios by asset class as of March 31, 2021 is as follows ($ in thousands):


																Wtd. Avg.		Wtd. Avg.
	UPB by Origination Year															First Dollar		Last Dollar
Asset Class / Risk Rating	2021		2020		2019		2018		2017		Prior		Total			LTV Ratio		LTV Ration
Multifamily:
Pass	$	575,864	$	874,039	$	85,964	$	—	$	32,500	$	744	$	1,569,111
Pass/Watch		403,657		773,882		784,425		138,705		3,500		28,800		2,132,969
Special Mention		—		369,329		745,731		94,333		117,758		—		1,327,151
Substandard		—		14,340		96,300		23,405		16,500		8,250		158,795
Doubtful		—		—		—		—		17,700		—		17,700
Total Multifamily	$	979,521	$	2,031,590	$	1,712,420	$	256,443	$	187,958	$	37,794	$	5,205,726		3	%	75	%
Land:												Percentage of portfolio		83	%
Special Mention	$	—	$	8,100	$	—	$	—	$	—	$	—	$	8,100
Substandard		—		71,018		19,523		—		19,975		127,928		238,444
Total Land	$	—	$	79,118	$	19,523	$	—	$	19,975	$	127,928	$	246,544		0	%	94	%
Healthcare:												Percentage of portfolio		4	%
Pass	$	—	$	—	$	6,600	$	10,000	$	—	$	—	$	16,600
Pass/Watch		—		—		—		—		39,650		—		39,650
Special Mention		—		—		74,319		51,500		—		—		125,819
Doubtful		—		—		—		—		4,625		—		4,625
Total Healthcare	$	—	$	—	$	80,919	$	61,500	$	44,275	$	—	$	186,694		0	%	78	%
Hotel:												Percentage of portfolio		3	%
Pass	$	—	$	26,000	$	—	$	—	$	—	$	—	$	26,000
Substandard		—		60,000		91,000		—		—		—		151,000
Total Hotel	$	—	$	86,000	$	91,000	$	—	$	—	$	—	$	177,000		0	%	90	%
Single-Family Rental:												Percentage of portfolio		3	%
Pass	$	60,199	$	18,326	$	31,812	$	—	$	—	$	—	$	110,337
Pass/Watch		3,606		31,410		4,623		—		—		—		39,639
Special Mention		—		10,600		—		—		—		—		10,600
Total Single-Family Rental	$	63,805	$	60,336	$	36,435	$	—	$	—	$	—	$	160,576		0	%	61	%
Office:												Percentage of portfolio		3	%
Pass	$	—	$	—	$	—	$	5,000	$	—	$	—	$	5,000
Special Mention		—		35,410		—		42,799		43,151		9,651		131,011
Doubtful		—		—		—		—		—		880		880
Total Office	$	—	$	35,410	$	—	$	47,799	$	43,151	$	10,531	$	136,891		3	%	81	%
Student Housing:												Percentage of portfolio		2	%
Special Mention	$	—	$	—	$	31,100	$	—	$	—	$	—	$	31,100
Substandard		—		23,500		—		13,000		24,050		—		60,550
Total Student Housing	$	—	$	23,500	$	31,100	$	13,000	$	24,050	$	—	$	91,650		19	%	75	%
Retail:												Percentage of portfolio		1	%
Pass	$	—	$	—	$	4,000	$	—	$	—	$	—	$	4,000
Pass/Watch		—		—		—		35,600		—		—		35,600
Substandard		—		—		—		—		—		3,470		3,470
Total Retail	$	—	$	—	$	4,000	$	35,600	$	—	$	3,470	$	43,070		7	%	69	%
Other:												Percentage of portfolio		1	%
Pass	$	—	$	—	$	—	$	—	$	13,580	$	—	$	13,580
Doubtful		—		—		—		—		—		1,700		1,700
Total Other	$	—	$	—	$	—	$	—	$	13,580	$	1,700	$	15,280		7	%	54	%
												Percentage of portfolio		< 1	%

Grand Total	$	1,043,326	$	2,315,954	$	1,975,397	$	414,342	$	332,989	$	181,423	$	6,263,431		3	%	76	%

Summary of the changes in the allowance for credit losses for our loan portfolio

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


	Three Months Ended March 31, 2021
	Land		Multifamily		Retail		Office		Hotel		Healthcare		Student Housing		Other		Total
Allowance for credit losses:
Beginning balance	$	78,150	$	36,468	$	13,861	$	1,846	$	7,759	$	3,880	$	4,078	$	2,287	$	148,329
Provision for credit losses (net of recoveries)		(54)		(6,439)		(13)		6,205		(5)		(8)		(580)		(135)		(1,029)
Ending balance	$	78,096	$	30,029	$	13,848	$	8,051	$	7,754	$	3,872	$	3,498	$	2,152	$	147,300


	Three Months Ended March 31, 2020
Allowance for credit losses:
Beginning balance, prior to adoption of CECL	$	67,869	$	—	$	—	$	1,500	$	—	$	—	$	—	$	1,700	$	71,069
Impact of adopting CECL - January 1, 2020		77		16,322		335		287		29		64		68		112		17,294
Provision for credit losses (net of recoveries)		10,473		15,569		10,983		4,310		7,500		3,870		1,074		110		53,889
Ending balance	$	78,419	$	31,891	$	11,318	$	6,097	$	7,529	$	3,934	$	1,142	$	1,922	$	142,252

Summary of our loans considered impaired by asset class


	March 31, 2021
							Wtd. Avg. First		Wtd. Avg. Last
			Carrying		Allowance for		Dollar LTV		Dollar LTV
Asset Class	UPB (1)		Value		Credit Losses		Ratio		Ratio
Land	$	134,215	$	127,829	$	77,868	0	%	99	%
Hotel		110,000		89,279		7,500	0	%	94	%
Retail		30,070		29,176		13,843	10	%	76	%
Healthcare		4,625		4,673		3,845	0	%	83	%
Office		2,151		2,151		1,500	0	%	70	%
Commercial		1,700		1,700		1,700	63	%	63	%
Total	$	282,761	$	254,808	$	106,256	1	%	94	%


	December 31, 2020
Land	$	134,215	$	127,829	$	77,869	0	%	99	%
Hotel		110,000		89,613		7,500	0	%	94	%
Retail		30,079		28,957		13,851	10	%	75	%
Healthcare		4,625		4,673		3,845	0	%	83	%
Office		2,166		2,166		1,500	0	%	71	%
Commercial		1,700		1,700		1,700	63	%	63	%
Total	$	282,785	$	254,938	$	106,265	1	%	94	%

(1)	Represents the UPB of ten impaired loans (less unearned revenue and other holdbacks and adjustments) by asset class at both March 31, 2021 and December 31, 2020.

Summary of our non-performing loans by asset class

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


	March 31, 2021						December 31, 2020
			Less Than		Greater Than				Less Than		Greater Than
			90 Days		90 Days				90 Days		90 Days
	UPB		Past Due		Past Due		UPB		Past Due		Past Due
Student Housing	$	36,500	$	—	$	36,500	$	36,500	$	—	$	36,500
Multifamily		17,700		—		17,700		17,700		—		17,700
Healthcare		4,625		—		4,625		4,625		—		4,625
Commercial		1,700		—		1,700		1,700		—		1,700
Retail		920		—		920		920		—		920
Office		880		—		880		880		—		880
Total	$	62,325	$	—	$	62,325	$	62,325	$	—	$	62,325

Loans Held-for-Sale, Net (Tables)

3 Months Ended

Mar. 31, 2021

Loans Held-for-Sale, Net

Summary of loans held-for-sale, net


	March 31, 2021		December 31, 2020
Fannie Mae	$	305,949	$	679,342
Private Label		208,640		56,186
FHA		68,229		53,063
Freddie Mac		18,014		180,004
SFR - Fixed Rate		1,493		—
		602,325		968,595
Fair value of future MSR		14,026		21,600
Unearned discount		(2,809)		(3,276)
Loans held-for-sale, net	$	613,542	$	986,919

Capitalized Mortgage Servicing Rights (Tables)

3 Months Ended

Mar. 31, 2021

Capitalized Mortgage Servicing Rights

Summary of capitalized MSR activity

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


	Three Months Ended March 31, 2021						Three Months Ended March 31, 2020
	Originated		Acquired		Total		Originated		Acquired		Total
Beginning balance	$	336,466	$	43,508	$	379,974	$	221,901	$	64,519	$	286,420
Additions		45,038		—		45,038		20,275		—		20,275
Amortization		(11,079)		(3,125)		(14,204)		(7,615)		(4,206)		(11,821)
Write-downs and payoffs		(2,997)		(831)		(3,828)		(4,184)		(1,736)		(5,920)
Ending balance	$	367,428	$	39,552	$	406,980	$	230,377	$	58,577	$	288,954

Schedule of expected amortization of capitalized MSRs recorded

The expected amortization of capitalized MSRs recorded as of March 31, 2021 is as follows (in thousands):


Year	Amortization
2021 (nine months ending 12/31/2021)	$	43,308
2022		54,541
2023		50,757
2024		46,877
2025		43,723
2026		39,966
Thereafter		127,808
Total	$	406,980

Mortgage Servicing (Tables)

3 Months Ended

Mar. 31, 2021

MSRs

Product and geographic concentrations

Schedule of product and geographic concentrations in servicing revenue

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


March 31, 2021
Product Concentrations					Geographic Concentrations
						UPB
			Percent of			Percentage
Product	UPB (1)		Total		State	of Total
Fannie Mae	$	19,073,504	75	%	Texas	15	%
Freddie Mac		4,795,228	19	%	New York	10	%
FHA		796,133	3	%	North Carolina	9	%
Private Label		726,918	3	%	California	9	%
SFR - Fixed Rate		63,299	<1	%	Florida	7	%
Total	$	25,455,082	100	%	Georgia	6	%
					New Jersey	5	%
					Other (2)	39	%
					Total	100	%


December 31, 2020
Fannie Mae	$	18,268,268	74	%	Texas	16	%
Freddie Mac		4,881,080	20	%	New York	9	%
FHA		752,116	3	%	North Carolina	9	%
Private Label		726,992	3	%	California	9	%
Total	$	24,628,456	100	%	Florida	7	%
					Georgia	6	%
					New Jersey	4	%
					Other (2)	40	%
					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)

3 Months Ended

Mar. 31, 2021

Securities Held-to-Maturity

Schedule of securities held-to-maturity

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


			Net Carrying		Unrealized		Estimated		Allowance for
	Face Value		Value		Gain/(Loss)		Fair Value		Credit Losses
March 31, 2021
B Piece bonds	$	72,266	$	54,792	$	4,684	$	59,476	$	606
APL certificates		63,627		38,068		4,912		42,980		991
Total	$	135,893	$	92,860	$	9,596	$	102,456	$	1,597
December 31, 2020
B Piece bonds	$	76,497	$	57,839	$	709	$	58,548	$	621
APL certificates		63,627		37,685		(2,105)		35,580		1,023
Total	$	140,124	$	95,524	$	(1,396)	$	94,128	$	1,644

Schedule of changes in the allowance for credit losses

A summary of the changes in the allowance for credit losses for our securities held-to-maturity is as follows (in thousands):


	Three Months Ended March 31, 2021
	APL		B Piece
	Certificates		Bonds		Total
Beginning balance	$	1,023	$	621	$	1,644
Provision for credit loss expense		(32)		(15)		(47)
Ending balance	$	991	$	606	$	1,597

Investments in Equity Affiliates (Tables)

3 Months Ended

Mar. 31, 2021

Investments in Equity Affiliates

Summary of the company's 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):


					UPB of Loans to
	Investments in Equity Affiliates at				Equity Affiliates at
Equity Affiliates	March 31, 2021		December 31, 2020		March 31, 2021
Arbor Residential Investor LLC	$	68,557	$	59,150	$	—
Century Summerfield Apartments		17,026		—		76,575
AMAC Holdings III LLC		14,082		10,308		—
North Vermont Avenue		2,421		2,496		—
Lightstone Value Plus REIT L.P.		1,895		1,895		—
JT Prime		425		425		—
West Shore Café		—		—		1,687
Lexford Portfolio		—		—		—
East River Portfolio		—		—		—
Total	$	104,406	$	74,274	$	78,262

Summary of statements of income for the Company's investment in ARI

Summarized statements of income for Wakefield Investment Holdings LLC, the third-party entity formed to hold a controlling interest in ARI, are as follows (in thousands):


	Three Months Ended March 31,
	2021		2020
Statements of Income:
Total revenues	$	366,314	$	173,376
Total expenses		246,539		154,250
Net income	$	119,775	$	19,126

Real Estate Owned (Tables)

3 Months Ended

Mar. 31, 2021

Real Estate Owned

Schedule of office building real estate owned

A summary of our office building real estate asset is as follows (in thousands):


	March 31, 2021		December 31, 2020
Land	$	3,138	$	3,138
Building and intangible assets		2,010		2,010
Less: Impairment loss		(2,500)		(2,500)
Less: Accumulated depreciation and amortization		(1,201)		(1,163)
Real estate owned, net	$	1,447	$	1,485

Debt Obligations (Tables)

3 Months Ended

Mar. 31, 2021

Debt Obligations

Schedule of senior unsecured notes

A summary of our senior unsecured notes is as follows (in thousands):


Senior			March 31, 2021						December 31, 2020
Unsecured	Issuance				Carrying		Wtd. Avg.				Carrying		Wtd. Avg.
Notes	Date	Maturity	UPB		Value (1)		Rate (2)		UPB		Value (1)		Rate (2)
8.00% Notes (3)	Apr. 2020	Apr. 2023	$	70,750	$	69,896	8.00	%	$	70,750	$	69,793	8.00	%
4.50% Notes (3)	Mar. 2020	Mar. 2027		275,000		272,114	4.50	%		275,000		271,994	4.50	%
4.75% Notes (4)	Oct. 2019	Oct. 2024		110,000		108,755	4.75	%		110,000		108,668	4.75	%
5.75% Notes (4)	Mar. 2019	Apr. 2024		90,000		88,847	5.75	%		90,000		88,751	5.75	%
5.625% Notes (4)	Mar. 2018	May 2023		125,000		123,783	5.63	%		125,000		123,637	5.63	%
			$	670,750	$	663,395	5.29	%	$	670,750	$	662,843	5.29	%

(1)	At March 31, 2021 and December 31, 2020, the carrying value is net of deferred financing fees of $7.4 million and $7.9 million, respectively.

(2)	At both March 31, 2021 and December 31, 2020, the aggregate weighted average note rate, including certain fees and costs, was 5.65%.

(3)

(4)

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 Debt		Unamortized Deferred		Net Carrying		Net Carrying
Period	UPB		Discount		Financing Fees		Value		Value
March 31, 2021	$	278,300	$	4,833	$	4,015	$	269,452	$	9,962

December 31, 2020	$	278,300	$	5,636	$	4,691	$	267,973	$	9,962

Credit Facilities and Repurchase Agreements

Debt Obligations

Schedule of borrowings

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


				March 31, 2021							December 31, 2020
				Debt		Collateral					Debt		Collateral
	Current	Extended	Note Rate	Carrying		Carrying		Wtd. Avg.			Carrying		Carrying
	Maturity	Maturity	Type	Value (1)		Value		Note Rate			Value (1)		Value
Structured Business
$900M joint repurchase facility	Mar. 2022	Mar. 2023	V	$	761,110	$	1,153,670		2.58	%	$	681,006	$	1,054,562
$400M repurchase facility (2)	Dec. 2021	Mar. 2023	V		374,468		528,338		2.34	%		191,622		259,559
$200M repurchase facility	Mar. 2023	Mar. 2026	V		95,124		120,500		2.14	%		—		—
$198.7M repurchase facility (3)	Dec. 2021	N/A	V		100,145		118,031		3.04	%		71,627		87,242
$188.5M loan specific credit facilities	June 2021 to Jan. 2024	N/A	V/F		188,297		251,550		3.04	%		148,615		198,550
$150M credit facility	Oct. 2022	Oct. 2023	V		1,216		2,659		3.90	%		23,606		31,809
$100M credit facility	July 2021	N/A	V		10,935		15,000		2.84	%		39,346		47,912
$100M credit facility	Oct. 2022	N/A	V		10,525		14,577		4.06	%		—		—
$100M repurchase facility	Sept. 2021	N/A	V		64,573		81,436		2.11	%		31,780		40,551
$50M credit facility	April 2022	N/A	V		22,401		28,009		2.14	%		15,992		21,300
$30M working capital facility	Nov. 2021	N/A	V		—		—		—			30,000		—
$25M credit facility	June 2022	June 2023	V		15,099		21,516		2.39	%		9,323		14,340
$1.4M master security agreements	Dec. 2022	N/A	F		1,095		—		4.01	%		1,441		—
Repurchase facilities - securities (4)	N/A	N/A	V		31,586		—		3.55	%		38,487		—
Structured Business total				$	1,676,574	$	2,335,286		2.59	%	$	1,282,845	$	1,755,825

Agency Business
$750M ASAP agreement	N/A	N/A	V	$	206,483	$	206,637		1.40	%	$	301,455	$	302,491
$400M repurchase facility	Oct. 2021	N/A	V		90,548		90,576		1.61	%		174,515		174,555
$200M joint repurchase facility	Mar. 2022	N/A	V		145,245		191,321		1.91	%		42,808		56,186
$200M credit facility	Mar. 2022	N/A	V		94,778		94,979		1.60	%		294,732		296,698
$150M credit facility	July 2021	N/A	V		—		—		—			49,632		49,754
$100M credit facility	June 2021	N/A	V		—		—		—			88,896		88,911
$1.3M repurchase facility (3)	Dec. 2021	N/A	V		1,268		1,492		3.00	%		—		—
Agency Business total				$	538,322	$	585,005		1.61	%	$	952,038	$	968,595
Consolidated total				$	2,214,896	$	2,920,291		2.35	%	$	2,234,883	$	2,724,420

V = Variable Note Rate

F = Fixed Note Rate

(1)

(2)	In April 2021, we amended this facility increasing the facility size to $500.0 million and extending the maturity to March 2022.

(3)	A portion of this $200.0 million repurchase facility was used to finance a fixed rate SFR permanent loan reported through our Agency Business. See Note 3 for further details.

(4)

CLOs

Debt Obligations

Schedule of borrowings

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


	Debt						Collateral (3)
							Loans				Cash
			Carrying		Wtd. Avg.				Carrying		Restricted
March 31, 2021	Face Value		Value (1)		Rate (2)		UPB		Value		Cash (4)
CLO XIV	$	655,475	$	649,708	1.46	%	$	668,155	$	668,155	$	104,737
CLO XIII		668,000		664,097	1.55	%		776,270		776,270		7,564
CLO XII		534,193		530,981	1.63	%		600,112		600,113		33,378
CLO XI		533,000		530,161	1.58	%		596,667		596,667		49,577
CLO X		441,000		438,713	1.58	%		521,042		521,042		26,195
Total CLOs	$	2,831,668	$	2,813,660	1.55	%	$	3,162,246	$	3,162,247	$	221,451


December 31, 2020
CLO XIII	$	668,000	$	663,804	1.58	%	$	768,664	$	768,664	$	43
CLO XII		534,193		530,673	1.66	%		628,935		628,935		2,005
CLO XI		533,000		529,859	1.61	%		555,157		555,157		92,395
CLO X		441,000		438,442	1.61	%		522,132		522,132		25,537
CLO IX		356,150		354,531	1.53	%		457,903		457,903		18,703
Total CLOs	$	2,532,343	$	2,517,309	1.60	%	$	2,932,791	$	2,932,791	$	138,683

(1)	Debt carrying value is net of $18.0 million and $15.0 million of deferred financing fees at March 31, 2021 and December 31, 2020, respectively.

(2)	At March 31, 2021 and December 31, 2020, the aggregate weighted average note rate for our CLOs, including certain fees and costs, was 1.90% and 1.93%, respectively.

(3)	As of March 31, 2021, there was one loan with a UPB of $15.0 million deemed at risk of default or a “credit risk” as defined by the CLO indenture, which we repurchased from the respective CLO in April 2021. As of December 31, 2020, there was no collateral deemed a credit risk.

(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 $38.4 million and $49.5 million at March 31, 2021 and December 31, 2020, respectively.

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

Our CLO compliance tests as of the most recent determination dates in April 2021 are as follows:


Cash Flow Triggers	CLO X		CLO XI		CLO XII		CLO XIII		CLO XIV
Overcollateralization (1)
Current	126.98	%	121.95	%	118.87	%	119.76	%	119.76	%
Limit	125.98	%	120.95	%	117.87	%	118.76	%	118.76	%
Pass / Fail	Pass		Pass		Pass		Pass		Pass

Interest Coverage (2)
Current	397.51	%	432.76	%	387.82	%	419.82	%	297.55	%
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.

Schedule of company's CLO overcollateralization ratios


Determination (1)	CLO X		CLO XI		CLO XII		CLO XIII		CLO XIV
April 2021	126.98	%	121.95	%	118.87	%	119.76	%	119.76	%
January 2021	126.98	%	121.95	%	118.87	%	119.76	%	—
October 2020	126.98	%	121.95	%	118.87	%	119.76	%	—
July 2020	126.98	%	121.95	%	118.87	%	119.76	%	—
April 2020	126.98	%	121.95	%	118.87	%	119.76	%	—

(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)

3 Months Ended

Mar. 31, 2021

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):


	Three Months Ended March 31,
	2021		2020
Beginning balance	$	64,303	$	34,648
Impact of adopting CECL - January 1, 2020		—		14,406
Provisions for loss sharing		1,748		21,896
Provisions reversal for loan repayments		(96)		(358)
Recoveries (charge-offs), net		(62)		160
Ending balance	$	65,893	$	70,752

- 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
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2021

Agency Business

Derivatives, Fair Value [Line Items]

Schedule of non-qualifying derivative financial instruments

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


	March 31, 2021
					Fair Value
		Notional		Balance Sheet	Derivative		Derivative
Derivative	Count	Value		Location	Assets		Liabilities
Agency Business
Rate Lock Commitments	18	$	135,558	Other Assets/Other Liabilities	$	1,439	$	(2,941)
Forward Sale Commitments	67		527,750	Other Assets/Other Liabilities		3,041		(8,102)
Swap Futures	2,233		223,300			—		—
		$	886,608		$	4,480	$	(11,043)


	December 31, 2020
Agency Business
Rate Lock Commitments	7	$	136,354	Other Assets/Other Liabilities	$	1,967	$	(231)
Forward Sale Commitments	114		1,048,763	Other Assets/Other Liabilities		1,925		(990)
Swap Futures	453		45,300			—		—
		$	1,230,417		$	3,892	$	(1,221)

Fair Value (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value

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


	March 31, 2021						December 31, 2020
	Principal /		Carrying		Estimated		Principal /		Carrying		Estimated
	Notional Amount		Value		Fair Value		Notional Amount		Value		Fair Value
Financial assets:
Loans and investments, net	$	6,263,431	$	6,070,337	$	6,214,368	$	5,475,082	$	5,285,868	$	5,428,141
Loans held-for-sale, net		602,325		613,542		634,677		968,595		986,919		1,007,294
Capitalized mortgage servicing rights, net		n/a		406,980		454,366		n/a		379,974		415,495
Securities held-to-maturity, net		135,893		92,860		102,456		140,124		95,524		94,128
Derivative financial instruments		139,218		4,480		4,480		865,975		3,892		3,892

Financial liabilities:
Credit and repurchase facilities	$	2,220,307	$	2,214,896	$	2,215,577	$	2,238,722	$	2,234,883	$	2,235,668
Collateralized loan obligations		2,831,668		2,813,660		2,828,910		2,532,343		2,517,309		2,495,195
Senior unsecured notes		670,750		663,395		670,078		670,750		662,843		670,117
Convertible senior unsecured notes, net		278,300		269,452		291,856		278,300		267,973		280,636
Junior subordinated notes		154,336		141,839		100,125		154,336		141,656		99,594
Derivative financial instruments		524,089		11,043		11,043		319,142		1,221		1,221

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


					Fair Value Measurements Using Fair
	Carrying				Value Hierarchy
	Value		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Derivative financial instruments	$	4,480	$	4,480	$	—	$	3,041	$	1,439

Financial liabilities:
Derivative financial instruments	$	11,043	$	11,043	$	—	$	11,043	$	—

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


					Fair Value Measurements Using Fair
	Net Carrying				Value Hierarchy
	Value		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Impaired loans, net (1)	$	148,552	$	148,552	$	—	$	—	$	148,552

(1)	We had an allowance for credit losses of $106.3 million relating to ten impaired loans with an aggregate carrying value, before loan loss reserves, of $254.8 million at March 31, 2021.

Schedule of quantitative information about Level 3 fair value measurements

Quantitative information about Level 3 fair value measurements at March 31, 2021 is as follows ($ in thousands):


			Valuation
	Fair Value		Techniques	Significant Unobservable Inputs
Financial assets:
Impaired loans:
Hotel	$	81,779	Discounted cash flows /	Discount rate	7.50	%
			direct capitalization	Capitalization rate	5.00	%
				Revenue growth rate	25.00	%

Land		49,961	Discounted cash flows	Discount rate	21.50	%
				Revenue growth rate	3.00	%

Retail		15,333	Discounted cash flows	Discount rate	10.15	%
				Capitalization rate	9.25	%
				Revenue growth rate	1.68	%

Healthcare		828	Discounted cash flows	Capitalization rate	14.30	%

Office		651	Discounted cash flows	Discount rate	11.00	%
				Capitalization rate	9.00	%
				Revenue growth rate	2.50	%
Derivative financial instruments:
Rate lock commitments		1,439	Discounted cash flows	W/A discount rate	9.48	%

Schedule of roll forward of Level 3 derivative instruments


	Fair Value Measurements Using
	Significant Unobservable Inputs
	Three Months Ended March 31,
	2021		2020
Derivative assets and liabilities, net
Beginning balance	$	1,967	$	1,066
Settlements		(37,026)		(11,717)
Realized gains recorded in earnings		35,059		10,651
Unrealized gains recorded in earnings		1,439		2,069
Ending balance	$	1,439	$	2,069

Schedule of components of fair value and other relevant information


	Notional/		Fair Value of		Interest Rate		Total Fair Value
March 31, 2021	Principal Amount		Servicing Rights		Movement Effect		Adjustment
Rate lock commitments	$	135,558	$	1,439	$	(2,941)	$	(1,502)
Forward sale commitments		527,750		—		2,941		2,941
Loans held-for-sale, net (1)		602,325		14,026		—		14,026
Total			$	15,465	$	—	$	15,465

(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


					Fair Value Measurements Using Fair Value Hierarchy
	Carrying Value		Fair Value		Level 1		Level 2		Level 3
Financial assets:
Loans and investments, net	$	6,070,337	$	6,214,368	$	—	$	—	$	6,214,368
Loans held-for-sale, net		613,542		634,677		—		620,651		14,026
Capitalized mortgage servicing rights, net		406,980		454,366		—		—		454,366
Securities held-to-maturity, net		92,860		102,456		—		—		102,456

Financial liabilities:
Credit and repurchase facilities	$	2,214,896	$	2,215,577	$	—	$	538,322	$	1,677,255
Collateralized loan obligations		2,813,660		2,828,910		—		—		2,828,910
Senior unsecured notes		663,395		670,078		670,078		—		—
Convertible senior unsecured notes, net		269,452		291,856		—		291,856		—
Junior subordinated notes		141,839		100,125		—		—		100,125

- 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)

3 Months Ended

Mar. 31, 2021

Commitments and Contingencies

Schedule of maturities of operating lease liabilities


			Minimum Annual
	Debt		Operating Lease
Year	Obligations		Payments		Total
2021 (nine months ending December 31, 2021)	$	1,206,690	$	4,266	$	1,210,956
2022		2,230,637		8,257		2,238,894
2023		1,217,922		8,031		1,225,953
2024		781,593		7,926		789,519
2025		257,597		7,978		265,575
2026		—		8,282		8,282
Thereafter		460,922		26,098		487,020
Total	$	6,155,361	$	70,838	$	6,226,199

Variable Interest Entities (Tables)

3 Months Ended

Mar. 31, 2021

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 are as follows (in thousands):


	March 31, 2021		December 31, 2020
Assets:
Restricted cash	$	259,829	$	188,226
Loans and investments, net		3,152,490		2,923,634
Other assets		25,710		22,587
Total assets	$	3,438,029	$	3,134,447

Liabilities:
Collateralized loan obligations	$	2,813,660	$	2,517,309
Other liabilities		3,065		2,755
Total liabilities	$	2,816,725	$	2,520,064

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 March 31, 2021 is as follows (in thousands):


Type	Carrying Amount (1)
Loans	$	384,932
B Piece bonds		55,398
APL certificates		39,059
Equity investments		16,504
Agency interest only strips		1,055
Total	$	496,948

(1)	Represents the carrying amount of loans and investments before reserves. At March 31, 2021, $219.3 million of loans to VIEs had corresponding specific loan loss reserves of $86.9 million. The maximum loss exposure as of March 31, 2021 would not exceed the carrying amount of our investment.

- 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)

3 Months Ended

Mar. 31, 2021

Equity

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


Common Stock			Preferred Stock
				Dividend (1)
Declaration Date	Dividend		Declaration Date	Series A		Series B		Series C
February 17, 2021	$	0.33	February 1, 2021	$	0.515625	$	0.484375	$	0.53125

(1)	The dividend declared on February 1, 2021 was for December 1, 2020 through February 28, 2021.

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


	Three Months Ended March 31,
	2021				2020
	Basic		Diluted		Basic		Diluted
Net income (loss) attributable to common stockholders (1)	$	69,479	$	69,479	$	(59,310)	$	(59,310)
Net income (loss) attributable to noncontrolling interest (2)		—		9,743		—		(10,934)
Net income (loss) attributable to common stockholders and noncontrolling interest	$	69,479	$	79,222	$	(59,310)	$	(70,244)
Weighted average shares outstanding		125,235,405		125,235,405		110,792,412		110,792,412
Dilutive effect of OP Units (2)		—		17,560,633		—		20,424,787
Dilutive effect of restricted stock units (3)		—		912,545		—		—
Dilutive effect of convertible notes (4)		—		249,850		—		—
Weighted average shares outstanding		125,235,405		143,958,433		110,792,412		131,217,199
Net income (loss) per common share (1)	$	0.55	$	0.55	$	(0.54)	$	(0.54)

(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.

Segment Information (Tables)

3 Months Ended

Mar. 31, 2021

Segment Information

Schedule of statement of income and balance sheet by segment


	Three Months Ended March 31, 2021
	Structured		Agency		Other /
	Business		Business		Eliminations (1)		Consolidated
Interest income	$	83,210	$	7,934	$	—	$	91,144
Interest expense		38,224		3,960		—		42,184
Net interest income		44,986		3,974		—		48,960
Other revenue:
Gain on sales, including fee-based services, net		—		28,867		—		28,867
Mortgage servicing rights		—		36,936		—		36,936
Servicing revenue		—		29,740		—		29,740
Amortization of MSRs		—		(14,204)		—		(14,204)
Loss on derivative instruments, net		—		(3,220)		—		(3,220)
Other income, net		681		—		—		681
Total other revenue		681		78,119		—		78,800
Other expenses:
Employee compensation and benefits		11,577		31,397		—		42,974
Selling and administrative		4,513		6,305		—		10,818
Property operating expenses		143		—		—		143
Depreciation and amortization		582		1,173		—		1,755
Provision for loss sharing (net of recoveries)		—		1,652		—		1,652
Provision for credit losses (net of recoveries)		(1,029)		(46)		—		(1,075)
Total other expenses		15,786		40,481		—		56,267
Income before extinguishment of debt, sale of real estate, income from equity affiliates and income taxes		29,881		41,612		—		71,493
Loss on extinguishment of debt		(1,370)		—		—		(1,370)
Gain on sale of real estate		—		1,228		—		1,228
Income from equity affiliates		22,251		—		—		22,251
Provision for income taxes		(4,983)		(7,509)		—		(12,492)
Net income		45,779		35,331		—		81,110
Preferred stock dividends		1,888		—		—		1,888
Net income attributable to noncontrolling interest		—		—		9,743		9,743
Net income attributable to common stockholders	$	43,891	$	35,331	$	(9,743)	$	69,479


	Three Months Ended March 31, 2020
	Structured		Agency		Other /
	Business		Business		Eliminations (1)		Consolidated
Interest income	$	78,477	$	10,049	$	—	$	88,526
Interest expense		43,399		6,583		—		49,982
Net interest income		35,078		3,466		—		38,544
Other revenue:
Gain on sales, including fee-based services, net		—		14,305		—		14,305
Mortgage servicing rights		—		21,934		—		21,934
Servicing revenue		—		25,124		—		25,124
Amortization of MSRs		—		(11,822)		—		(11,822)
Property operating income		2,192		—		—		2,192
Loss on derivative instruments, net		(3,000)		(47,731)		—		(50,731)
Other income, net		1,303		—		—		1,303
Total other revenue		495		1,810		—		2,305
Other expenses:
Employee compensation and benefits		10,846		23,406		—		34,252
Selling and administrative		4,450		6,602		—		11,052
Property operating expenses		2,443		—		—		2,443
Depreciation and amortization		620		1,327		—		1,947
Provision for loss sharing (net of recoveries)		—		21,537		—		21,537
Provision for credit losses (net of recoveries)		53,890		492		—		54,382
Total other expenses		72,249		53,364		—		125,613
Loss before extinguishment of debt, income from equity affiliates and income taxes		(36,676)		(48,088)		—		(84,764)
Loss on extinguishment of debt		(1,954)		—		—		(1,954)
Income from equity affiliates		3,992		—		—		3,992
(Provision for) benefit from income taxes		(83)		14,453		—		14,370
Net loss		(34,721)		(33,635)		—		(68,356)
Preferred stock dividends		1,888		—		—		1,888
Net loss attributable to noncontrolling interest		—		—		(10,934)		(10,934)
Net loss attributable to common stockholders	$	(36,609)	$	(33,635)	$	10,934	$	(59,310)

(1)	Includes income allocated to the noncontrolling interest holders not allocated to the two reportable segments.


	March 31, 2021
	Structured Business		Agency Business		Consolidated
Assets:
Cash and cash equivalents	$	66,981	$	193,247	$	260,228
Restricted cash		259,830		12,209		272,039
Loans and investments, net		6,070,337		—		6,070,337
Loans held-for-sale, net		—		613,542		613,542
Capitalized mortgage servicing rights, net		—		406,980		406,980
Securities held-to-maturity, net		—		92,860		92,860
Investments in equity affiliates		104,406		—		104,406
Goodwill and other intangible assets		12,500		91,778		104,278
Other assets		140,187		66,002		206,189
Total assets	$	6,654,241	$	1,476,618	$	8,130,859

Liabilities:
Debt obligations	$	5,564,919	$	538,323	$	6,103,242
Allowance for loss-sharing obligations		—		65,893		65,893
Other liabilities		184,476		106,556		291,032
Total liabilities	$	5,749,395	$	710,772	$	6,460,167


	December 31, 2020
Assets:
Cash and cash equivalents	$	172,568	$	166,960	$	339,528
Restricted cash		188,226		9,244		197,470
Loans and investments, net		5,285,868		—		5,285,868
Loans held-for-sale, net		—		986,919		986,919
Capitalized mortgage servicing rights, net		—		379,974		379,974
Securities held-to-maturity, net		—		95,524		95,524
Investments in equity affiliates		74,274		—		74,274
Goodwill and other intangible assets		12,500		92,951		105,451
Other assets		142,844		53,134		195,978
Total assets	$	5,876,280	$	1,784,706	$	7,660,986

Liabilities:
Debt obligations	$	4,872,626	$	952,038	$	5,824,664
Allowance for loss-sharing obligations		—		64,303		64,303
Other liabilities		203,554		85,780		289,334
Total liabilities	$	5,076,180	$	1,102,121	$	6,178,301

Schedule of origination data and loan sales data


	Three Months Ended March 31,
	2021			2020
Origination Data:
Structured Business
Bridge loans (1)	$	1,005,688		$	785,122
Mezzanine loans		56,000			14,175
Preferred equity investments		—			23,500
Other loans (2)		26,238			33,432
Total new loan originations	$	1,087,926		$	856,229
(1) The three months ended March 31, 2021 includes 18 SFR loans with a UPB of $43.3 million. During 2021, we committed to fund three SFR build-to-rent bridge loans totaling $98.4 million.
(2) The three months ended March 31, 2021 and 2020 includes 1 and 7, respectively, of SFR permanent loans with a UPB of $26.2 million and $33.4 million, respectively.

Loan payoffs / paydowns	$	233,028		$	275,292

Agency Business
Origination Volumes by Investor:
Fannie Mae	$	1,063,983		$	581,973
Private Label		152,454			282,345
Freddie Mac		114,717			199,711
FHA		66,480			17,944
Total	$	1,397,634		$	1,081,973
Total loan commitment volume	$	1,460,135		$	1,267,219

Loan Sales Data:
Agency Business
Fannie Mae	$	1,437,366		$	754,044
Freddie Mac		274,824			179,703
FHA		66,403			23,313
SFR - Fixed Rate		63,298			—
Total	$	1,841,891		$	957,060
Sales margin (fee-based services as a % of loan sales)		1.57	%		1.49	%
MSR rate (MSR income as a % of loan commitments)		2.53	%		1.73	%

Schedule of key servicing metrics for Agency Business


	March 31, 2021
			Wtd. Avg. Servicing	Wtd. Avg. Life of
	UPB of Servicing		Fee Rate	Servicing Portfolio
Key Servicing Metrics for Agency Business:	Portfolio		(basis points)	(in years)
Fannie Mae	$	19,073,504	52.8	8.3
Freddie Mac		4,795,228	28.3	9.8
FHA		796,133	16.0	20.7
Private Label		726,918	20.0	8.7
SFR - Fixed Rate		63,299	20.0	6.1
Total	$	25,455,082	46.0	9.0


	December 31, 2020
Fannie Mae	$	18,268,268	52.3	8.2
Freddie Mac		4,881,080	27.9	9.9
FHA		752,116	16.3	20.3
Private Label		726,992	20.0	8.7
Total	$	24,628,456	45.4	8.9

Description of Business (Details)	3 Months Ended
Description of Business (Details)	Mar. 31, 2021 segment
Description of Business
Number of business segments	2

Basis of Presentation and Significant Accounting Policies, Credit Losses (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Basis of Presentation and Significant Accounting Policies
Increase to accumulated deficit	$ 35,498	$ 63,442
Allowance for credit losses:
Securities held-to-maturity, net	92,860	95,524
Liabilities:
Allowance for loss-sharing obligations	$ 65,893	$ 64,303

Loans and Investments - Investment Portfolio and Concentration of Credit Risk (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2021 USD ($) loan property	Dec. 31, 2020 USD ($) borrower loan
Loans and Investments
Loans and investments, gross	$ 6,263,431,000	$ 5,475,082,000
Allowance for credit losses	(147,300,000)	(148,329,000)
Unearned revenue	(45,794,000)	(40,885,000)
Loans and investments, net	$ 6,070,337,000	$ 5,285,868,000
Percent of Total	100.00%	100.00%
Loan Count \| loan	347	328
Wtd. Avg. Pay Rate (as a percent)	5.06%	5.23%
Wtd. Avg. Remaining Months to Maturity	17 months 24 days	19 months 6 days
Wtd. Avg. First Dollar LTV Ratio (as percent)	3.00%	4.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	76.00%	77.00%
Credit risk concentration
Loans and Investments
Wtd. Avg. First Dollar LTV Ratio (as percent)	3.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	76.00%
Credit risk concentration \| Single-Family Rental
Loans and Investments
Percent of Total	3.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	0.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	61.00%
Total assets \| Credit risk concentration
Loans and Investments
Loan Count \| loan	18	22
Number of different borrowers	5	5
Concentration risk, percentage	12.00%	12.00%
Bridge loans
Loans and Investments
Loans and investments, gross	$ 5,804,705,000	$ 5,022,509,000
Percent of Total	93.00%	92.00%
Loan Count \| loan	302	263
Wtd. Avg. Pay Rate (as a percent)	4.93%	5.09%
Wtd. Avg. Remaining Months to Maturity	15 months 24 days	16 months 6 days
Wtd. Avg. First Dollar LTV Ratio (as percent)	0.00%	0.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	75.00%	76.00%
Bridge loans \| Single-Family Rental
Loans and Investments
Number of loans under the loan portfolio \| loan	59	38
Total loan commitment	$ 445,000,000.0	$ 309,200,000
Preferred equity investments
Loans and Investments
Loans and investments, gross	$ 224,872,000	$ 224,928,000
Percent of Total	4.00%	4.00%
Loan Count \| loan	14	14
Wtd. Avg. Pay Rate (as a percent)	7.00%	7.07%
Wtd. Avg. Remaining Months to Maturity	47 months 6 days	49 months 24 days
Wtd. Avg. First Dollar LTV Ratio (as percent)	64.00%	64.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	89.00%	89.00%
Mezzanine loans
Loans and Investments
Loans and investments, gross	$ 204,471,000	$ 159,242,000
Percent of Total	3.00%	3.00%
Loan Count \| loan	29	29
Wtd. Avg. Pay Rate (as a percent)	6.63%	7.40%
Wtd. Avg. Remaining Months to Maturity	38 months 6 days	45 months
Wtd. Avg. First Dollar LTV Ratio (as percent)	25.00%	32.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	80.00%	82.00%
Other loans
Loans and Investments
Loans and investments, gross	$ 29,383,000	$ 68,403,000
Percent of Total	1.00%	1.00%
Loan Count \| loan	2	22
Wtd. Avg. Pay Rate (as a percent)	4.57%	4.95%
Wtd. Avg. Remaining Months to Maturity	56 months 24 days	74 months 24 days
Wtd. Avg. First Dollar LTV Ratio (as percent)	0.00%	0.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	69.00%	69.00%
Other loans \| Single-Family Rental
Loans and Investments
Number of loans under the loan portfolio \| loan	2	22
Total loan commitment	$ 29,400,000	$ 68,400,000
Transfer of fixed rate SFR from Structured Business to Agency Business	21
Transfer of UPB from Structured Business To Agency Business	65,200,000
Unpaid principal balance, funded	$ 131,200,000	$ 88,100,000

Loans and Investments - Risk Ratings and LTV Ratios (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Loans and Investments
Percentage of Portfolio	100.00%	100.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	3.00%	4.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	76.00%	77.00%
Credit risk concentration
Loans and Investments
Origination Year 2021	$ 1,043,326
Origination Year 2020	2,315,954
Origination Year 2019	1,975,397
Origination Year 2018	414,342
Origination Year 2017	332,989
Origination Year Prior	181,423
Amortized cost basis	$ 6,263,431
Wtd. Avg. First Dollar LTV Ratio (as percent)	3.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	76.00%
Credit risk concentration \| Loans and investments portfolio \| New York
Loans and Investments
Concentration risk, percentage	22.00%	19.00%
Credit risk concentration \| Loans and investments portfolio \| Texas
Loans and Investments
Concentration risk, percentage	14.00%	11.00%
Credit risk concentration \| Multifamily
Loans and Investments
Origination Year 2021	$ 979,521
Origination Year 2020	2,031,590
Origination Year 2019	1,712,420
Origination Year 2018	256,443
Origination Year 2017	187,958
Origination Year Prior	37,794
Amortized cost basis	$ 5,205,726
Percentage of Portfolio	83.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	3.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	75.00%
Credit risk concentration \| Multifamily \| Pass
Loans and Investments
Origination Year 2021	$ 575,864
Origination Year 2020	874,039
Origination Year 2019	85,964
Origination Year 2018	138,705
Origination Year 2017	32,500
Origination Year Prior	744
Amortized cost basis	1,569,111
Credit risk concentration \| Multifamily \| Pass/watch
Loans and Investments
Origination Year 2021	403,657
Origination Year 2020	773,882
Origination Year 2019	784,425
Origination Year 2018	94,333
Origination Year 2017	3,500
Origination Year Prior	28,800
Amortized cost basis	2,132,969
Credit risk concentration \| Multifamily \| Special mention
Loans and Investments
Origination Year 2020	369,329
Origination Year 2019	745,731
Origination Year 2018	23,405
Origination Year 2017	117,758
Origination Year Prior	8,250
Amortized cost basis	1,327,151
Credit risk concentration \| Multifamily \| Substandard
Loans and Investments
Origination Year 2020	14,340
Origination Year 2019	96,300
Origination Year 2017	16,500
Amortized cost basis	158,795
Credit risk concentration \| Multifamily \| Doubtful
Loans and Investments
Origination Year 2017	17,700
Amortized cost basis	17,700
Credit risk concentration \| Land
Loans and Investments
Origination Year 2020	79,118
Origination Year 2019	19,523
Origination Year 2017	19,975
Origination Year Prior	127,928
Amortized cost basis	$ 246,544
Wtd. Avg. First Dollar LTV Ratio (as percent)	0.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	94.00%
Credit risk concentration \| Land \| Special mention
Loans and Investments
Origination Year 2020	$ 8,100
Amortized cost basis	8,100
Credit risk concentration \| Land \| Substandard
Loans and Investments
Origination Year 2020	71,018
Origination Year 2019	19,523
Origination Year 2017	19,975
Origination Year Prior	127,928
Amortized cost basis	238,444
Credit risk concentration \| Healthcare
Loans and Investments
Origination Year 2019	80,919
Origination Year 2018	61,500
Origination Year 2017	44,275
Amortized cost basis	$ 186,694
Percentage of Portfolio	4.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	0.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	78.00%
Credit risk concentration \| Healthcare \| Pass
Loans and Investments
Origination Year 2019	$ 6,600
Origination Year 2018	10,000
Amortized cost basis	16,600
Credit risk concentration \| Healthcare \| Special mention
Loans and Investments
Origination Year 2019	74,319
Origination Year 2018	51,500
Amortized cost basis	125,819
Credit risk concentration \| Healthcare \| Substandard
Loans and Investments
Origination Year 2017	39,650
Amortized cost basis	39,650
Credit risk concentration \| Healthcare \| Doubtful
Loans and Investments
Origination Year 2017	4,625
Amortized cost basis	4,625
Credit risk concentration \| Student Housing
Loans and Investments
Origination Year 2020	23,500
Origination Year 2019	31,100
Origination Year 2018	13,000
Origination Year 2017	24,050
Amortized cost basis	$ 91,650
Percentage of Portfolio	1.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	19.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	75.00%
Credit risk concentration \| Student Housing \| Pass/watch
Loans and Investments
Amortized cost basis	$ 35,600
Credit risk concentration \| Student Housing \| Special mention
Loans and Investments
Origination Year 2019	31,100
Amortized cost basis	31,100
Credit risk concentration \| Student Housing \| Substandard
Loans and Investments
Origination Year 2020	23,500
Origination Year 2018	13,000
Origination Year 2017	24,050
Amortized cost basis	60,550
Credit risk concentration \| Office
Loans and Investments
Origination Year 2020	35,410
Origination Year 2018	47,799
Origination Year 2017	43,151
Origination Year Prior	10,531
Amortized cost basis	$ 136,891
Percentage of Portfolio	2.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	3.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	81.00%
Credit risk concentration \| Office \| Pass
Loans and Investments
Origination Year 2018	$ 5,000
Amortized cost basis	5,000
Credit risk concentration \| Office \| Special mention
Loans and Investments
Origination Year 2020	35,410
Origination Year 2018	42,799
Origination Year 2017	43,151
Origination Year Prior	9,651
Amortized cost basis	131,011
Credit risk concentration \| Office \| Doubtful
Loans and Investments
Origination Year Prior	880
Amortized cost basis	880
Credit risk concentration \| Retail
Loans and Investments
Origination Year 2019	4,000
Origination Year 2018	35,600
Origination Year Prior	3,470
Amortized cost basis	$ 43,070
Percentage of Portfolio	1.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	7.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	69.00%
Credit risk concentration \| Retail \| Pass
Loans and Investments
Origination Year 2019	$ 4,000
Amortized cost basis	4,000
Credit risk concentration \| Retail \| Pass/watch
Loans and Investments
Origination Year 2018	35,600
Credit risk concentration \| Retail \| Substandard
Loans and Investments
Origination Year Prior	3,470
Amortized cost basis	3,470
Credit risk concentration \| Single-Family Rental
Loans and Investments
Origination Year 2021	63,805
Origination Year 2020	60,336
Origination Year 2019	36,435
Amortized cost basis	$ 160,576
Percentage of Portfolio	3.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	0.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	61.00%
Credit risk concentration \| Single-Family Rental \| Pass
Loans and Investments
Origination Year 2021	$ 60,199
Origination Year 2020	18,326
Origination Year 2019	31,812
Amortized cost basis	110,337
Credit risk concentration \| Single-Family Rental \| Pass/watch
Loans and Investments
Origination Year 2021	3,606
Origination Year 2020	31,410
Origination Year 2019	4,623
Amortized cost basis	39,639
Credit risk concentration \| Single-Family Rental \| Special mention
Loans and Investments
Origination Year 2020	10,600
Amortized cost basis	10,600
Credit risk concentration \| Hotel
Loans and Investments
Origination Year 2020	86,000
Origination Year 2019	91,000
Amortized cost basis	$ 177,000
Percentage of Portfolio	3.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	0.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	90.00%
Credit risk concentration \| Hotel \| Pass
Loans and Investments
Origination Year 2020	$ 26,000
Amortized cost basis	26,000
Credit risk concentration \| Hotel \| Substandard
Loans and Investments
Origination Year 2020	60,000
Origination Year 2019	91,000
Amortized cost basis	151,000
Credit risk concentration \| Other
Loans and Investments
Origination Year 2017	13,580
Origination Year Prior	1,700
Amortized cost basis	$ 15,280
Percentage of Portfolio	1.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	7.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	54.00%
Credit risk concentration \| Other \| Pass
Loans and Investments
Origination Year 2017	$ 13,580
Amortized cost basis	13,580
Credit risk concentration \| Other \| Doubtful
Loans and Investments
Origination Year Prior	1,700
Amortized cost basis	$ 1,700

Loans and Investments - Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2019
Changes in allowance for loan losses
Allowance at beginning of period	$ 148,329
Provision for credit loss expense	(1,029)
Allowance at end of period	147,300
Allowance for credit losses	148,329		$ 147,300	$ 148,329
Accrued interest receivable related to loans			49,500	41,600
As Reported Pre-Adoption
Changes in allowance for loan losses
Allowance at beginning of period		$ 71,069
Provision for credit loss expense		53,889
Allowance for credit losses		71,069			$ 142,252
Impact of adopting CECL \| As Reported Pre-Adoption
Changes in allowance for loan losses
Allowance at beginning of period		17,294
Allowance for credit losses		17,294
Land
Changes in allowance for loan losses
Allowance at beginning of period	78,150
Provision for credit loss expense	(54)	10,473
Allowance at end of period	78,096	78,419
Allowance for credit losses	78,096	78,419	78,096	78,150
Land \| As Reported Pre-Adoption
Changes in allowance for loan losses
Allowance at beginning of period		67,869
Allowance for credit losses		67,869
Land \| Impact of adopting CECL
Changes in allowance for loan losses
Allowance at beginning of period		77
Allowance for credit losses		77
Multifamily
Changes in allowance for loan losses
Allowance at beginning of period	36,468
Provision for credit loss expense	(6,439)	15,569
Allowance at end of period	30,029	31,891
Allowance for credit losses	30,029	31,891	30,029	36,468
Multifamily \| Impact of adopting CECL
Changes in allowance for loan losses
Allowance at beginning of period		16,322
Allowance for credit losses		16,322
Retail
Changes in allowance for loan losses
Allowance at beginning of period	13,861
Provision for credit loss expense	(13)	10,983
Allowance at end of period	13,848	11,318
Allowance for credit losses	13,848	11,318	13,848	13,861
Retail \| Impact of adopting CECL
Changes in allowance for loan losses
Allowance at beginning of period		335
Allowance for credit losses		335
Office
Changes in allowance for loan losses
Allowance at beginning of period	1,846
Provision for credit loss expense	6,205	4,310
Allowance at end of period	8,051	6,097
Allowance for credit losses	8,051	6,097	8,051	1,846
Office \| As Reported Pre-Adoption
Changes in allowance for loan losses
Allowance at beginning of period		1,500
Allowance for credit losses		1,500
Office \| Impact of adopting CECL
Changes in allowance for loan losses
Allowance at beginning of period		287
Allowance for credit losses		287
Hotel
Changes in allowance for loan losses
Allowance at beginning of period	7,759
Provision for credit loss expense	(5)	7,500
Allowance at end of period	7,754	7,529
Allowance for credit losses	7,754	7,529	7,754	7,759
Hotel \| Impact of adopting CECL
Changes in allowance for loan losses
Allowance at beginning of period		29
Allowance for credit losses		29
Healthcare
Changes in allowance for loan losses
Allowance at beginning of period	3,880
Provision for credit loss expense	(8)	3,870
Allowance at end of period	3,872	3,934
Allowance for credit losses	3,872	3,934	3,872	3,880
Healthcare \| Impact of adopting CECL
Changes in allowance for loan losses
Allowance at beginning of period		64
Allowance for credit losses		64
Student Housing
Changes in allowance for loan losses
Allowance at beginning of period	4,078
Provision for credit loss expense	(580)	1,074
Allowance at end of period	3,498	1,142
Allowance for credit losses	3,498	1,142	3,498	4,078
Student Housing \| Impact of adopting CECL
Changes in allowance for loan losses
Allowance at beginning of period		68
Allowance for credit losses		68
Other
Changes in allowance for loan losses
Allowance at beginning of period	2,287
Provision for credit loss expense	(135)	110
Allowance at end of period	2,152	1,922
Allowance for credit losses	$ 2,152	1,922	$ 2,152	$ 2,287
Other \| As Reported Pre-Adoption
Changes in allowance for loan losses
Allowance at beginning of period		1,700
Allowance for credit losses		1,700
Other \| Impact of adopting CECL
Changes in allowance for loan losses
Allowance at beginning of period		112
Allowance for credit losses		112
Bridge loans \| Hotel
Changes in allowance for loan losses
Allowance at end of period		7,500
Allowance for credit losses		$ 7,500

Loans and Investments - Charge-offs and Recoveries Narratives (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($) loan	Mar. 31, 2020 USD ($)	Dec. 31, 2020 USD ($) loan
Loans and Investments
Provision for credit loss expense	$ (1,029)
Number of loans for which no provision for loan loss made \| loan	0		0
Allowance for credit losses	$ 147,300		$ 148,329
Unfunded commitments related to structured loans and investments	$ 443,100		353,800
Six loans collateralized by a land development project \| Maturity date of March 2020
Loans and Investments
Number of loans with unpaid principal balance \| loan	6
Unpaid principal balance on loans	$ 121,300
Five loans collateralized by a land development project \| Maturity date of March 2020
Loans and Investments
Number of loans with unpaid principal balance \| loan	5
Unpaid principal balance on loans	$ 112,000
Weighted average accrual rate of interest (as a percent)	7.96%
Allowance for credit losses	$ 71,400
Hotel
Loans and Investments
Provision for credit loss expense	(5)	$ 7,500
Allowance for credit losses	$ 7,754	$ 7,529	$ 7,759

Loans and Investments - Summary of impaired loans (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Loans and Investments
UPB	$ 282,761	$ 282,785
Carrying Value	254,808	254,938
Allowance for Credit Losses	$ 106,256	$ 106,265
Wtd. Avg. First Dollar LTV Ratio	1	1
Wtd. Avg. Last Dollar LTV Ratio	94	94
Land
Loans and Investments
UPB	$ 134,215	$ 134,215
Carrying Value	127,829	127,829
Allowance for Credit Losses	$ 77,868	$ 77,869
Wtd. Avg. First Dollar LTV Ratio	0	0
Wtd. Avg. Last Dollar LTV Ratio	99	99
Hotel
Loans and Investments
UPB	$ 110,000	$ 110,000
Carrying Value	89,279	89,613
Allowance for Credit Losses	$ 7,500	$ 7,500
Wtd. Avg. First Dollar LTV Ratio	0	0
Wtd. Avg. Last Dollar LTV Ratio	94	94
Retail
Loans and Investments
UPB	$ 30,070	$ 30,079
Carrying Value	29,176	28,957
Allowance for Credit Losses	$ 13,843	$ 13,851
Wtd. Avg. First Dollar LTV Ratio	10	10
Wtd. Avg. Last Dollar LTV Ratio	76	75
Healthcare
Loans and Investments
UPB	$ 4,625	$ 4,625
Carrying Value	4,673	4,673
Allowance for Credit Losses	$ 3,845	$ 3,845
Wtd. Avg. First Dollar LTV Ratio	0	0
Wtd. Avg. Last Dollar LTV Ratio	83	83
Office
Loans and Investments
UPB	$ 2,151	$ 2,166
Carrying Value	2,151	2,166
Allowance for Credit Losses	$ 1,500	$ 1,500
Wtd. Avg. First Dollar LTV Ratio	0	0
Wtd. Avg. Last Dollar LTV Ratio	70	71
Commercial
Loans and Investments
UPB	$ 1,700	$ 1,700
Carrying Value	1,700	1,700
Allowance for Credit Losses	$ 1,700	$ 1,700
Wtd. Avg. First Dollar LTV Ratio	63	63
Wtd. Avg. Last Dollar LTV Ratio	63	63

Loans and Investments - Non-performing Loans (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021 USD ($) loan item	Dec. 31, 2020 USD ($) loan item
Non-performing loans by asset class
Number of loans \| loan	347	328
Number of impaired loans (less unearned revenue and other holdbacks and adjustments) by asset class \| item	10	10
Amortized cost of loans on nonaccrual status	$ 0
UPB	$ 282,761	$ 282,785
Financing Receivable Modifications Refinancing And Or Extensions Made Considered Trouble Debt Restructuring Number Of Loans \| item	0
Non-performing loans
Non-performing loans by asset class
Number of loans \| loan	7	7
Carrying value of loans	$ 53,800	$ 53,800
Loan loss reserves	6,500	6,500
UPB	62,325	62,325
Greater than 90 Days Past Due
Non-performing loans by asset class
Past Due	0	0
Greater than 90 Days Past Due \| Non-performing loans
Non-performing loans by asset class
Past Due	62,325	62,325
Student Housing \| Non-performing loans
Non-performing loans by asset class
UPB	36,500	36,500
Student Housing \| Greater than 90 Days Past Due \| Non-performing loans
Non-performing loans by asset class
Past Due	36,500	36,500
Multifamily \| Non-performing loans
Non-performing loans by asset class
UPB	17,700	17,700
Multifamily \| Greater than 90 Days Past Due \| Non-performing loans
Non-performing loans by asset class
Past Due	17,700	17,700
Healthcare
Non-performing loans by asset class
UPB	4,625	4,625
Healthcare \| Non-performing loans
Non-performing loans by asset class
UPB	4,625	4,625
Healthcare \| Greater than 90 Days Past Due \| Non-performing loans
Non-performing loans by asset class
Past Due	4,625	4,625
Retail
Non-performing loans by asset class
UPB	30,070	30,079
Retail \| Non-performing loans
Non-performing loans by asset class
UPB	920	920
Retail \| Greater than 90 Days Past Due \| Non-performing loans
Non-performing loans by asset class
Past Due	920	920
Commercial
Non-performing loans by asset class
UPB	1,700	1,700
Commercial \| Non-performing loans
Non-performing loans by asset class
UPB	1,700	1,700
Commercial \| Greater than 90 Days Past Due \| Non-performing loans
Non-performing loans by asset class
Past Due	1,700	1,700
Office
Non-performing loans by asset class
UPB	2,151	2,166
Office \| Non-performing loans
Non-performing loans by asset class
UPB	880	880
Office \| Greater than 90 Days Past Due \| Non-performing loans
Non-performing loans by asset class
Past Due	$ 880	$ 880

Loans and Investments - Purchased Credit Deterioration and Troubled Debt Restructurings (Details) $ in Thousands	1 Months Ended		3 Months Ended			12 Months Ended
	Jan. 31, 2021	Aug. 31, 2020 USD ($)	Mar. 31, 2021 USD ($) loan item	Sep. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2020 USD ($) loan	Dec. 31, 2019 USD ($)
Financing Receivable, Recorded Investment, Past Due [Line Items]
Purchase of loan			$ 1,055,354		$ 815,501
Allowance for credit losses			$ 147,300			$ 148,329
Troubled debt restructurings, number \| item			2
Interest reserve			$ 82,900			$ 78,300
Interest Reserve, Number of Loans \| loan			218			186
Aggregate UPB covered under interest reserve			$ 4,140,000			$ 3,600,000
Hotel
Financing Receivable, Recorded Investment, Past Due [Line Items]
Allowance for credit losses			7,754		7,529	7,759
Hotel \| Forbearance agreement
Financing Receivable, Recorded Investment, Past Due [Line Items]
Pay rate (as a percent)		1.00%
Mortgage Loans on Real Estate Fixed Interest Rate	9.50%
Fixed rate of interest (as a percent)	9.50%
Principal reduction		$ (10,000)
Hotel \| Forbearance agreement \| LIBOR
Financing Receivable, Recorded Investment, Past Due [Line Items]
Variable rate, spread (as a percent)		3.00%
LIBOR Floor rate		1.50%
Retail
Financing Receivable, Recorded Investment, Past Due [Line Items]
Allowance for credit losses			13,848		11,318	13,861
Retail \| Loan modification agreement
Financing Receivable, Recorded Investment, Past Due [Line Items]
Maturity period (in years)		3 years
Percentage of interest foregone		2.00
Principal paydowns		$ 6,000
Principal reduction		(8,000)
Additional reserve deposit		$ 4,600
Charge-offs				$ 8,000
Retail \| Loan modification agreement \| LIBOR
Financing Receivable, Recorded Investment, Past Due [Line Items]
Variable rate, spread (as a percent)		5.50%
LIBOR Floor rate		6.50%
Bridge loans
Financing Receivable, Recorded Investment, Past Due [Line Items]
Principal amount			35,000
Bridge loans \| Hotel
Financing Receivable, Recorded Investment, Past Due [Line Items]
Purchase of loan		$ 60,000					$ 50,000
Principal amount							$ 110,000
Allowance for credit losses					$ 7,500
Loan discount		39,900
Total discount received		20,100
Bridge loans \| Retail \| Loan modification agreement
Financing Receivable, Recorded Investment, Past Due [Line Items]
Principal amount		$ 26,500
Bridge loans \| Retail \| Loan modification agreement \| LIBOR
Financing Receivable, Recorded Investment, Past Due [Line Items]
Variable rate, spread (as a percent)		6.00%
LIBOR Floor rate		2.375%
Mezzanine loans \| Retail \| Loan modification agreement
Financing Receivable, Recorded Investment, Past Due [Line Items]
Principal amount		$ 6,100
Mortgage Loans on Real Estate Fixed Interest Rate		12.00%
Fixed rate of interest (as a percent)		12.00%
Greater than 90 Days Past Due
Financing Receivable, Recorded Investment, Past Due [Line Items]
Loans past due 90 days or more still accruing interest			$ 0			$ 0

Loans Held-for-Sale, Net (Details) $ in Thousands	3 Months Ended	12 Months Ended
Loans Held-for-Sale, Net (Details) $ in Thousands	Mar. 31, 2021 USD ($) loan	Dec. 31, 2020 USD ($) loan
Loans Held-for-Sale, Net
Loans held-for-sale	$ 602,325	$ 968,595
Fair value of future MSR	14,026	21,600
Unearned discount	(2,809)	(3,276)
Loans held-for-sale, net	613,542	986,919
Sale of loans held-for-sale excluding acquired loans	1,840,000	957,100
Gain on sale of loans held-for-sale	$ 27,000	$ 13,200
Number of loans \| loan	347	328
Proceeds from Sale of Loans Held-for-sale, Excluding Acquisition	$ 1,840,000	$ 957,100
Subordinate class of certificates retained	135,893	140,124
Amortized cost of loans on nonaccrual status	0
APL certificates
Loans Held-for-Sale, Net
Subordinate class of certificates retained	63,627	63,627
APL certificates \| Held-to-Maturity
Loans Held-for-Sale, Net
Subordinate class of certificates retained	63,600
Greater than 90 Days Past Due
Loans Held-for-Sale, Net
Past Due	$ 0	0
US Government Sponsored-Enterprise Insured Loans [Member]
Loans Held-for-Sale, Net
Period of loans held for sale sold	60 days
Fannie Mae
Loans Held-for-Sale, Net
Loans held-for-sale, net	$ 305,949	679,342
Private Label
Loans Held-for-Sale, Net
Loans held-for-sale, net	$ 208,640	56,186
Period of loans held for sale sold	180 days
Private Label \| Held-to-Maturity
Loans Held-for-Sale, Net
Sale of loans held-for-sale excluding acquired loans	$ 727,200
Proceeds from Sale of Loans Held-for-sale, Excluding Acquisition	727,200
FHA
Loans Held-for-Sale, Net
Loans held-for-sale, net	68,229	53,063
Freddie Mac
Loans Held-for-Sale, Net
Loans held-for-sale, net	18,014	$ 180,004
SFR - Fixed Rate
Loans Held-for-Sale, Net
Loans held-for-sale, net	1,493
Sale of loans held-for-sale excluding acquired loans	63,300
Gain on sale of loans held-for-sale	$ 2,700
Number of loans \| loan	20
Proceeds from Sale of Loans Held-for-sale, Excluding Acquisition	$ 63,300

Capitalized Mortgage Servicing Rights (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Capitalized Mortgage Servicing Rights
Balance at beginning of the year	$ 379,974
Balance at end of the year	406,980		$ 379,974
MSRs
Capitalized Mortgage Servicing Rights
Balance at beginning of the year	379,974	$ 286,420	286,420
Additions	45,038	20,275
Amortization	(14,204)	(11,821)
Write-downs and payoffs	(3,828)	(5,920)
Balance at end of the year	406,980	288,954	379,974
Prepayment fees collected	2,700		5,100
Valuation allowance	0		$ 0
Expected amortization of capitalized MSRs balances
2021 (nine months ending 12/31/2021)	43,308
2022	54,541
2023	50,757
2024	46,877
2025	43,723
2026	39,966
Thereafter	127,808
Total	$ 406,980
MSRs \| Minimum
Capitalized Mortgage Servicing Rights
Percentage of MSRs discount rate	8.00%
MSRs \| Maximum
Capitalized Mortgage Servicing Rights
Percentage of MSRs discount rate	13.00%
MSRs \| Weighted average
Capitalized Mortgage Servicing Rights
Estimated life remaining	8 years 8 months 12 days		8 years 7 months 6 days
Percentage of MSRs discount rate	12.00%
Originated MSRs
Capitalized Mortgage Servicing Rights
Balance at beginning of the year	$ 336,466	221,901	$ 221,901
Additions	45,038	20,275
Amortization	(11,079)	(7,615)
Write-downs and payoffs	(2,997)	(4,184)
Balance at end of the year	367,428	230,377	336,466
Acquired MSRs
Capitalized Mortgage Servicing Rights
Balance at beginning of the year	43,508	64,519	64,519
Amortization	(3,125)	(4,206)
Write-downs and payoffs	(831)	(1,736)
Balance at end of the year	$ 39,552	$ 58,577	$ 43,508

Mortgage Servicing (Details) $ in Thousands	3 Months Ended		12 Months Ended
Mortgage Servicing (Details) $ in Thousands	Mar. 31, 2021 USD ($) state	Mar. 31, 2020 USD ($)	Dec. 31, 2020 USD ($) state
Fee-based servicing portfolio
Mortgage Servicing
Escrow Deposit	$ 1,380,000		$ 1,290,000
MSRs
Mortgage Servicing
Unpaid principal balance of loans serviced	$ 25,455,082		$ 24,628,456
UPB Percentage of Total	100.00%
Weighted average servicing fee (as a percent)	0.46%		0.454%
Interest earned on total escrows	$ 1,200	$ 3,100
MSRs \| Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total	100.00%		100.00%
Number of states accounted for more than 4% of UPB and related servicing revenues \| state	0		0
Escrow Deposit	$ 885,400		$ 867,600
Texas \| MSRs \| Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total	15.00%		16.00%
New York \| MSRs \| Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total	10.00%		9.00%
North Carolina \| MSRs \| Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total	9.00%		9.00%
California \| MSRs \| Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total	9.00%		9.00%
Florida \| MSRs \| Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total	7.00%		7.00%
Georgia \| MSRs \| Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total	6.00%		6.00%
New Jersey \| MSRs \| Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total	5.00%		4.00%
Other \| MSRs \| Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total	39.00%		40.00%
Fannie Mae
Mortgage Servicing
UPB Percentage of Total	75.00%
Fannie Mae \| MSRs
Mortgage Servicing
Unpaid principal balance of loans serviced	$ 19,073,504		$ 18,268,268
Fannie Mae \| MSRs \| Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total			74.00%
Freddie Mac
Mortgage Servicing
UPB Percentage of Total	19.00%
Freddie Mac \| MSRs
Mortgage Servicing
Unpaid principal balance of loans serviced	$ 4,795,228		$ 4,881,080
Freddie Mac \| MSRs \| Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total			20.00%
FHA
Mortgage Servicing
UPB Percentage of Total	3.00%
FHA \| MSRs
Mortgage Servicing
Unpaid principal balance of loans serviced	$ 796,133		$ 752,116
FHA \| MSRs \| Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total			3.00%
Private Label
Mortgage Servicing
UPB Percentage of Total	3.00%
Private Label \| MSRs
Mortgage Servicing
Unpaid principal balance of loans serviced	$ 726,918		$ 726,992
Private Label \| MSRs \| Fee-based servicing portfolio
Mortgage Servicing
UPB Percentage of Total			3.00%
SFR - Fixed Rate \| MSRs
Mortgage Servicing
Unpaid principal balance of loans serviced	$ 63,299

Securities Held-to-Maturity (Details) $ in Thousands	3 Months Ended	12 Months Ended
Securities Held-to-Maturity (Details) $ in Thousands	Mar. 31, 2021 USD ($) item	Dec. 31, 2020 USD ($)
Held-to-Maturity
Face Value	$ 135,893	$ 140,124
Net Carrying Value	92,860	95,524
Unrealized Loss	(9,596)	(1,396)
Estimated Fair Value	102,456	94,128
Allowance for Credit Losses	1,597	1,644
Sale of loans held-for-sale excluding acquired loans	1,840,000	957,100
Private Label \| Held-to-Maturity
Held-to-Maturity
Sale of loans held-for-sale excluding acquired loans	727,200
B Piece bonds
Held-to-Maturity
Face Value	72,266	76,497
Net Carrying Value	54,792	57,839
Unrealized Gain	4,684	709
Estimated Fair Value	59,476	58,548
Allowance for Credit Losses	$ 606	$ 621
B Piece bonds \| Held-to-Maturity
Held-to-Maturity
Estimated weighted average remaining maturity period	5 years 8 months 12 days
Seven B Piece Bonds \| Held-to-Maturity
Held-to-Maturity
Face Value	$ 106,200
Bonds retained percentage	49.00%
Number of B Piece bonds \| item	7
Discounted value of bonds purchased	$ 74,700
Remaining of B Piece bond sold to the third party at par	51.00%
Agency B Piece Bonds \| Held-to-Maturity
Held-to-Maturity
Weighted average variable interest rate (as a percent)	3.74%	10.85%
Weighted average effective interest rate (as a percent)	10.91%	10.91%
Held-to-maturity securities, estimated fiscal year
Within one year	$ 11,900
After one year through five years	34,000
After five years through ten years	10,700
After ten years	15,700
APL certificates
Held-to-Maturity
Face Value	63,627	$ 63,627
Net Carrying Value	38,068	37,685
Unrealized Loss	(4,912)	(2,105)
Estimated Fair Value	42,980	35,580
Allowance for Credit Losses	991	$ 1,023
APL certificates \| Held-to-Maturity
Held-to-Maturity
Face Value	63,600
Discounted value of bonds purchased	$ 37,900
Weighted average variable interest rate (as a percent)	4.95%
Estimated weighted average remaining maturity period	8 years 9 months 18 days
Weighted average effective interest rate (as a percent)	10.15%
Number of loans serving as collateral \| item	40
Number of multifamily properties \| item	49
Estimated weighted average maturity period	10 years
Held-to-maturity securities, estimated fiscal year
After ten years	$ 63,600

Securities Held-to-Maturity Rollforward of Allowance (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Changes in the allowance for credit losses
Allowance for credit loss, Beginning balance	$ 1,644
Provision for credit loss expense	(47)
Allowance for credit loss, Ending balance	1,597
Impairment of held-to maturity securities	0
Held-to-Maturity
Changes in the allowance for credit losses
Interest income (including the amortization of discount)	2,900	$ 2,300
APL certificates
Changes in the allowance for credit losses
Allowance for credit loss, Beginning balance	1,023
Provision for credit loss expense	(32)
Allowance for credit loss, Ending balance	991
B Piece bonds
Changes in the allowance for credit losses
Allowance for credit loss, Beginning balance	621
Provision for credit loss expense	(15)
Allowance for credit loss, Ending balance	$ 606

Investments in Equity Affiliates, Summary (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Investment in Equity Affiliates
Investment in Equity Affiliates	$ 104,406	$ 74,274	$ 74,274
UPB of Loans to Equity Affiliates	78,262
Arbor Residential Investor LLC
Investment in Equity Affiliates
Investment in Equity Affiliates	68,557	59,150
Century Summerfield Apartments
Investment in Equity Affiliates
Investment in Equity Affiliates	17,026
UPB of Loans to Equity Affiliates	76,575
AMAC Holdings III LLC
Investment in Equity Affiliates
Investment in Equity Affiliates	14,082	10,308
North Vermont Avenue
Investment in Equity Affiliates
Investment in Equity Affiliates	2,421	2,496
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	$ 1,687

Investments in Equity Affiliates, All Investments (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended
	Apr. 30, 2021	Jan. 31, 2021	Mar. 31, 2021	Mar. 31, 2020
Investment in Equity Affiliates
Income (loss) from equity affiliates			$ 22,251	$ 3,992
Noncontrolling interest invested			21,045	60
Arbor Residential Investor LLC
Investment in Equity Affiliates
Indirect ownership percentage		12.30%
Income (loss) from equity affiliates			22,500	2,900
Distribution received			13,100
Arbor Residential Investor LLC \| Subsequent Event
Investment in Equity Affiliates
Distribution received	$ 5,600
Century Summerfield Apartments
Investment in Equity Affiliates
Equity Investment			$ 20,000	$ 17,000
Percentage of ownership interest of related party in the entity			50.00%
Indirect ownership percentage			37.50%
Percentage of cumulative non-compounded, priority return			5.00%
Period to earn cumulative non-compounded, priority return			6 months
AMAC Holdings III LLC
Investment in Equity Affiliates
Equity Investment			$ 15,700
Noncontrolling interest			30,000
Equity investment made			30,000
Lexford Portfolio
Investment in Equity Affiliates
Noncontrolling interest			4,000
Equity investment made			$ 4,000

Investments in Equity Affiliates, Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statements of Income:
Total revenues	$ 78,800	$ 2,305
Total expenses	56,267	125,613
Net income (loss)	81,110	(68,356)
Arbor Residential Investor LLC
Statements of Income:
Total revenues	366,314	173,376
Total expenses	246,539	154,250
Net income (loss)	$ 119,775	$ 19,126

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121641772&loc=SL7669619-108580

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (a)(1)
-URI http://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI http://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121641772&loc=SL7669625-108580

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
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-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22663-107794

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (c)(1)
-URI http://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684

Reference 14: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=120409616&loc=SL4591551-111686

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=108774443&loc=SL4569616-111683

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 20: http://www.xbrl.org/2003/role/exampleRef
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-URI http://asc.fasb.org/extlink&oid=120409616&loc=SL4591552-111686

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Real Estate Owned (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Real Estate Owned
Real estate owned, net	$ 1,447	$ 1,485
Real Estate Owned \| Office
Real Estate Owned
Less: Impairment loss	(2,500)	(2,500)
Less: Accumulated depreciation and amortization	(1,201)	(1,163)
Real estate owned, net	1,447	1,485
Real Estate Owned \| Land \| Office
Real Estate Owned
Real estate owned, gross	3,138	3,138
Real Estate Owned \| Building and intangible assets \| Office
Real Estate Owned
Real estate owned, gross	$ 2,010	$ 2,010

Debt Obligations, Credit Facilities and Repurchase Agreements (Details) - USD ($) $ in Thousands				1 Months Ended	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Feb. 28, 2021	Jan. 31, 2021	Apr. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Jul. 31, 2020	Mar. 31, 2020
Debt Obligations
Debt Carrying Value	$ 2,214,896				$ 2,214,896	$ 2,234,883
Collateral Carrying Value	$ 2,920,291				$ 2,920,291	2,724,420
Weighted Average Note Rate (as a percent)	2.35%				2.35%
Increasing in amount of line of credit facility				$ 500,000
Student Housing
Debt Obligations
Maximum borrowing capacity	$ 200,000				$ 200,000
Joint Repurchase Facility
Debt Obligations
Maximum borrowing capacity	1,100,000				1,100,000
Additional borrowing capacity								$ 25,000
Committed amount					500,000,000
Matures in March 2021	800,000				800,000
Matures in March 2022	500,000				$ 500,000
Maximum advance rate					75.00%
Joint Repurchase Facility \| LIBOR
Debt Obligations
Variable rate, spread (as a percent)					650.00%
$400 million repurchase facility
Debt Obligations
Maximum borrowing capacity			$ 400,000
Line of Credit Facility, Interest Rate at Period End			175.00%
Repurchase facility - securities \| B Piece bonds
Debt Obligations
Collateral Carrying Value	55,400				$ 55,400	58,500
Structured Business
Debt Obligations
Debt Carrying Value	1,676,574				1,676,574	1,282,845
Collateral Carrying Value	$ 2,335,286				$ 2,335,286	$ 1,755,825
Weighted Average Note Rate (as a percent)	2.59%				2.59%
Weighted average note rate including certain fees and costs (as a percent)	2.81%				2.81%	2.97%
Unamortized deferred finance costs	$ 3,700				$ 3,700	$ 3,300
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%	69.00%
Structured Business \| $900M joint repurchase facility
Debt Obligations
Debt Carrying Value	$ 761,110				$ 761,110	$ 681,006
Collateral Carrying Value	$ 1,153,670				$ 1,153,670	1,054,562
Weighted Average Note Rate (as a percent)	2.58%				2.58%
Maximum borrowing capacity	$ 900,000				$ 900,000	900,000
Structured Business \| $400 million repurchase facility
Debt Obligations
Debt Carrying Value	374,468				374,468	191,622
Collateral Carrying Value	$ 528,338				$ 528,338	$ 259,559
Weighted Average Note Rate (as a percent)	2.34%				2.34%
Variable rate, spread (as a percent)						220.00%
LIBOR Floor rate			35.00%			35.00%
Maximum borrowing capacity	$ 400,000				$ 400,000	$ 400,000
Decrease in interest rate (as a percent)			200.00%
Utilization of credit facility			$ 250,000
Structured Business \| $200 million repurchase facility
Debt Obligations
Debt Carrying Value	95,124				95,124
Collateral Carrying Value	$ 120,500				$ 120,500
Weighted Average Note Rate (as a percent)	2.14%				2.14%
Maximum borrowing capacity	$ 200,000				$ 200,000	200,000
Structured Business \| $200 million repurchase facility \| Minimum \| LIBOR
Debt Obligations
Fixed interest rate (as a percent)	175.00%				175.00%
Structured Business \| $200 million repurchase facility \| Maximum \| LIBOR
Debt Obligations
Fixed interest rate (as a percent)	275.00%				275.00%
Structured Business \| $198.7M repurchase facility
Debt Obligations
Debt Carrying Value	$ 100,145				$ 100,145	71,627
Collateral Carrying Value	$ 118,031				$ 118,031	87,242
Weighted Average Note Rate (as a percent)	3.04%				3.04%
Maximum borrowing capacity	$ 198,700				$ 198,700	198,700
Structured Business \| $188.5M loan specific credit facilities
Debt Obligations
Debt Carrying Value	188,297				188,297	148,615
Collateral Carrying Value	$ 251,550				$ 251,550	198,550
Weighted Average Note Rate (as a percent)	3.04%				3.04%
Maximum borrowing capacity	$ 188,500				$ 188,500	188,500
Structured Business \| $150 million credit facility
Debt Obligations
Debt Carrying Value	1,216				1,216	23,606
Collateral Carrying Value	$ 2,659				$ 2,659	31,809	$ 150,000
Weighted Average Note Rate (as a percent)	3.90%				3.90%
LIBOR Floor rate					15.00%
Maximum borrowing capacity	$ 150,000				$ 150,000	150,000
Structured Business \| $100 million credit facility - one
Debt Obligations
Debt Carrying Value	10,935				10,935	39,346
Collateral Carrying Value	$ 15,000				$ 15,000	47,912
Weighted Average Note Rate (as a percent)	2.84%				2.84%
Maximum borrowing capacity	$ 100,000				$ 100,000	100,000
Structured Business \| $100 million credit facility - two
Debt Obligations
Debt Carrying Value	10,525				10,525
Collateral Carrying Value	$ 14,577				$ 14,577
Weighted Average Note Rate (as a percent)	4.06%				4.06%
Maximum borrowing capacity	$ 100,000				$ 100,000	100,000
Structured Business \| $100 million repurchase facility
Debt Obligations
Debt Carrying Value	64,573				64,573	31,780
Collateral Carrying Value	$ 81,436				$ 81,436	40,551
Weighted Average Note Rate (as a percent)	2.11%				2.11%
Maximum borrowing capacity	$ 100,000				$ 100,000	100,000
Structured Business \| $50 million credit facility - one
Debt Obligations
Debt Carrying Value	22,401				22,401	15,992
Collateral Carrying Value	$ 28,009				$ 28,009	21,300
Weighted Average Note Rate (as a percent)	2.14%				2.14%
Maximum borrowing capacity	$ 50,000				$ 50,000	50,000
Structured Business \| $30 million working capital facility
Debt Obligations
Debt Carrying Value						30,000
Maximum borrowing capacity	30,000				30,000	30,000
Structured Business \| $50 million credit facility - two
Debt Obligations
Debt Carrying Value	50,000				50,000
Structured Business \| $25 million credit facility
Debt Obligations
Debt Carrying Value	15,099				15,099	9,323
Collateral Carrying Value	$ 21,516				$ 21,516	14,340
Weighted Average Note Rate (as a percent)	2.39%				2.39%
Maximum borrowing capacity	$ 25,000				$ 25,000	25,000
Structured Business \| $1.4 million master security agreements
Debt Obligations
Debt Carrying Value	$ 1,095				$ 1,095	1,441
Weighted Average Note Rate (as a percent)	4.01%				4.01%
Maximum borrowing capacity	$ 1,400				$ 1,400	1,400
Structured Business \| Repurchase facilities - securities (4)
Debt Obligations
Debt Carrying Value	$ 31,586				$ 31,586	38,487
Weighted Average Note Rate (as a percent)	3.55%				3.55%
Structured Business \| Repurchase facility - securities
Debt Obligations
Debt Carrying Value						10,000
Structured Business \| $21.6 million credit facility
Debt Obligations
Fixed interest rate (as a percent)		3.00%
Committed amount		$ 21,600
Structured Business \| 18.2 million credit facility
Debt Obligations
Maximum borrowing capacity	$ 18,200				$ 18,200
Structured Business \| 18.2 million credit facility \| Prime Rate
Debt Obligations
LIBOR Floor rate					3.25%
Agency Business
Debt Obligations
Debt Carrying Value	538,322				$ 538,322	952,038
Collateral Carrying Value	$ 585,005				$ 585,005	968,595
Weighted Average Note Rate (as a percent)	1.61%				1.61%
Unamortized deferred finance costs	$ 1,700				$ 1,700	600
Agency Business \| $400 million repurchase facility
Debt Obligations
Debt Carrying Value	90,548				90,548	174,515
Collateral Carrying Value	$ 90,576				$ 90,576	174,555
Weighted Average Note Rate (as a percent)	1.61%				1.61%
Maximum borrowing capacity	$ 400,000				$ 400,000	400,000
Agency Business \| $150 million credit facility
Debt Obligations
Debt Carrying Value						49,632
Collateral Carrying Value						49,754
Variable rate, spread (as a percent)	0.20%
LIBOR Floor rate	0.25%
Maximum borrowing capacity	$ 150,000				150,000	150,000
Additional borrowing capacity	200,000				200,000
Agency Business \| $100 million credit facility - one
Debt Obligations
Debt Carrying Value						88,896
Collateral Carrying Value						88,911
Maximum borrowing capacity	100,000				100,000	100,000
Agency Business \| $750 million ASAP agreement
Debt Obligations
Debt Carrying Value	206,483				206,483	301,455
Collateral Carrying Value	$ 206,637				$ 206,637	302,491
Weighted Average Note Rate (as a percent)	1.40%				1.40%
Maximum borrowing capacity	$ 750,000				$ 750,000	750,000
Agency Business \| $200M joint repurchase facility
Debt Obligations
Debt Carrying Value	145,245				145,245	42,808
Collateral Carrying Value	$ 191,321				$ 191,321	56,186
Weighted Average Note Rate (as a percent)	1.91%				1.91%
Maximum borrowing capacity	$ 200,000				$ 200,000	200,000
Agency Business \| $200 million credit facility
Debt Obligations
Debt Carrying Value	94,778				94,778	294,732
Collateral Carrying Value	$ 94,979				$ 94,979	296,698
Weighted Average Note Rate (as a percent)	1.60%				1.60%
Maximum borrowing capacity	$ 200,000				$ 200,000	200,000
Agency Business \| $1.3 million repurchase facility
Debt Obligations
Debt Carrying Value	1,268				1,268
Collateral Carrying Value	$ 1,492				$ 1,492
Weighted Average Note Rate (as a percent)	3.00%				3.00%
Maximum borrowing capacity	$ 1,300				$ 1,300	$ 1,300

Debt Obligations, Collateralized Loan Obligations (Details) $ in Thousands		1 Months Ended	3 Months Ended
	Mar. 31, 2021 USD ($) tranche item	Mar. 31, 2021 USD ($) item	Mar. 31, 2021 USD ($) item	Mar. 31, 2020 USD ($)	Dec. 31, 2020 USD ($)
Debt Obligations
Debt, Carrying Value	$ 2,813,660	$ 2,813,660	$ 2,813,660		$ 2,517,309
Weighted average note rate (as a percent)	2.35%	2.35%	2.35%
Payoffs and paydowns of collateralized loan obligations			$ 356,149	$ 282,874
CLOs
Debt Obligations
Debt, Face Value	$ 2,831,668	$ 2,831,668	2,831,668		2,532,343
Debt, Carrying Value	$ 2,813,660	$ 2,813,660	$ 2,813,660		$ 2,517,309
Weighted average note rate (as a percent)	1.55%	1.55%	1.55%		1.60%
Restricted cash related to interest payments, delayed funding and expenses	$ 38,400	$ 38,400	$ 38,400		$ 49,500
Collateral Loans, Unpaid Principal	3,162,246	3,162,246	3,162,246		2,932,791
Collateral Loans, Carrying Value	3,162,247	3,162,247	3,162,247		2,932,791
Cash, Restricted Cash	221,451	221,451	221,451		138,683
Deferred financing fees	$ 18,000	$ 18,000	$ 18,000		$ 15,000
Weighted average note rate including certain fees and costs (as a percent)	1.90%	1.90%	1.90%		1.93%
Collateral at risk	$ 15,000	$ 15,000	$ 15,000		$ 0
Number of loans deemed at risk \| item	1	1	1
CLO XIV
Debt Obligations
Number of tranches of CLO notes issued \| tranche	8
Number of newly-formed wholly-owned subsidiaries \| item	2
Value of the tranches issued	$ 724,200	$ 724,200	$ 724,200
Debt, Face Value	655,475	655,475	655,475
Debt, Carrying Value	$ 649,708	$ 649,708	$ 649,708
Weighted average note rate (as a percent)	1.46%	1.46%	1.46%
Collateral Loans, Unpaid Principal	$ 668,155	$ 668,155	$ 668,155
Collateral Loans, Carrying Value	668,155	668,155	668,155
Cash, Restricted Cash	104,737	$ 104,737	104,737
Replacement period		2 years 6 months
Proceeds from issuance of collateralized loan obligations for acquiring additional loan obligations	$ 149,800
Maximum period to acquire additional loan obligations	180 days
Notional amount of residual interest retained	$ 129,500	$ 129,500	129,500
Value of portfolio loans as collateral	635,200	635,200	635,200
Face value of loan obligations will be owned by the issuer	$ 785,000	$ 785,000	$ 785,000
Leverage (as a percent)	84.00%	84.00%	84.00%
CLO XIV \| One-month LIBOR
Debt Obligations
Weighted average note rate including certain fees and costs (as a percent)	1.33%	1.33%	1.33%
CLO XIV \| Investment grade
Debt Obligations
Debt, Face Value	$ 655,500	$ 655,500	$ 655,500
CLO XIV \| Below investment grade
Debt Obligations
Debt, Carrying Value	68,700	68,700	68,700
Notional amount of residual interest retained	68,700	68,700	68,700
CLO XIII
Debt Obligations
Debt, Face Value	668,000	668,000	668,000		668,000
Debt, Carrying Value	$ 664,097	$ 664,097	$ 664,097		$ 663,804
Weighted average note rate (as a percent)	1.55%	1.55%	1.55%		1.58%
Collateral Loans, Unpaid Principal	$ 776,270	$ 776,270	$ 776,270		$ 768,664
Collateral Loans, Carrying Value	776,270	776,270	776,270		768,664
Cash, Restricted Cash	7,564	7,564	7,564		43
CLO XII
Debt Obligations
Debt, Face Value	534,193	534,193	534,193		534,193
Debt, Carrying Value	$ 530,981	$ 530,981	$ 530,981		$ 530,673
Weighted average note rate (as a percent)	1.63%	1.63%	1.63%		1.66%
Collateral Loans, Unpaid Principal	$ 600,112	$ 600,112	$ 600,112		$ 628,935
Collateral Loans, Carrying Value	600,113	600,113	600,113		628,935
Cash, Restricted Cash	33,378	33,378	33,378		2,005
CLO XI
Debt Obligations
Debt, Face Value	533,000	533,000	533,000		533,000
Debt, Carrying Value	$ 530,161	$ 530,161	$ 530,161		$ 529,859
Weighted average note rate (as a percent)	1.58%	1.58%	1.58%		1.61%
Collateral Loans, Unpaid Principal	$ 596,667	$ 596,667	$ 596,667		$ 555,157
Collateral Loans, Carrying Value	596,667	596,667	596,667		555,157
Cash, Restricted Cash	49,577	49,577	49,577		92,395
CLO X
Debt Obligations
Debt, Face Value	441,000	441,000	441,000		441,000
Debt, Carrying Value	$ 438,713	$ 438,713	$ 438,713		$ 438,442
Weighted average note rate (as a percent)	1.58%	1.58%	1.58%		1.61%
Collateral Loans, Unpaid Principal	$ 521,042	$ 521,042	$ 521,042		$ 522,132
Collateral Loans, Carrying Value	521,042	521,042	521,042		522,132
Cash, Restricted Cash	26,195	$ 26,195	$ 26,195		25,537
CLO IX
Debt Obligations
Debt, Face Value					356,150
Debt, Carrying Value					$ 354,531
Weighted average note rate (as a percent)					1.53%
Collateral Loans, Unpaid Principal					$ 457,903
Collateral Loans, Carrying Value					457,903
Cash, Restricted Cash					$ 18,703
Payoffs and paydowns of collateralized loan obligations	356,200
Deferred fees expensed as interest expense	$ 1,400

Debt Obligations, Senior Unsecured Notes, Summary (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Apr. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Debt Obligations
Wtd. Avg Rate	2.35%
Senior Unsecured Notes
Debt Obligations
UPB	$ 670,750		$ 670,750
Carrying value	$ 663,395		$ 662,843
Wtd. Avg Rate	5.29%		5.29%
Deferred financing fees	$ 7,400		$ 7,900
Weighted average note rate including certain fees and costs (as a percent)	5.65%
8.00% Notes and 4.50% Notes \| Redeemed prior to three months before the maturity date
Debt Obligations
Redemption of aggregate principal amount (as a percent)	100.00%
8.00% Notes and 4.50% Notes \| Redeemed three months prior to or after the maturity date
Debt Obligations
Redemption of aggregate principal amount (as a percent)	100.00%
8.00% Convertible Notes
Debt Obligations
UPB	$ 70,750		70,750
Carrying value	$ 69,896		$ 69,793
Wtd. Avg Rate	8.00%		8.00%
Interest rate (as a percent)				8.00%	8.00%
4.50% Convertible Notes
Debt Obligations
UPB	$ 275,000		$ 275,000
Carrying value	$ 272,114		$ 271,994
Wtd. Avg Rate	4.50%		4.50%
Interest rate (as a percent)				4.50%	4.50%
Senior Unsecured 4.75% Notes, 5.75% Notes and 5.625% Notes \| Redeemed at any time prior to the redemption date, at a maturity price
Debt Obligations
Redemption of aggregate principal amount (as a percent)	100.00%
Senior Unsecured 4.75% Notes, 5.75% Notes and 5.625% Notes \| Redeemed on or after the maturity date
Debt Obligations
Redemption of aggregate principal amount (as a percent)	100.00%
4.75% Notes
Debt Obligations
UPB	$ 110,000		$ 110,000
Carrying value	$ 108,755		$ 108,668
Wtd. Avg Rate	4.75%		4.75%
Interest rate (as a percent)				4.75%	4.75%
5.75% Convertible Notes
Debt Obligations
UPB	$ 90,000		$ 90,000
Carrying value	$ 88,847		$ 88,751
Wtd. Avg Rate	5.75%		5.75%
Interest rate (as a percent)				5.75%	5.75%
5.625% Notes
Debt Obligations
UPB	$ 125,000		$ 125,000
Carrying value	$ 123,783		$ 123,637
Wtd. Avg Rate	5.63%		5.63%
Interest rate (as a percent)				5.625%
5.00% senior unsecured notes \| Subsequent Event
Debt Obligations
UPB		$ 175,000
Interest rate (as a percent)		5.00%

Debt Obligations, Convertible Senior Unsecured Notes (Details)		1 Months Ended	3 Months Ended		12 Months Ended
	Jul. 20, 2018	Sep. 30, 2018	Mar. 31, 2021 USD ($) $ / shares shares	Mar. 31, 2020 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($) $ / shares	Sep. 30, 2020	Jun. 30, 2020 USD ($)	Jul. 03, 2018
Debt Obligations
Cash paid for the exchange of convertible notes				$ 21,516,000
Loss on extinguishment of debt			$ (1,370,000)	(1,954,000)
Total			6,155,361,000
Convertible Senior Unsecured Notes
Debt Obligations
Junior subordinated notes			$ 278,300,000		$ 278,300,000
Proceeds received, net of estimated issuance costs						$ 34,000,000.0
Percentage of the Notes required to be repurchased if the agreement is fundamentally changed			100.00%
Maturity period (in years)			1 year 6 months 7 days		1 year 9 months 7 days
Unamortized Debt Discount			$ 4,833,000		$ 5,636,000
Unamortized Deferred Financing Fees			4,015,000		4,691,000
Total			269,452,000		267,973,000
Net Carrying Value, Equity Component			9,962,000		$ 9,962,000
Interest expense			4,800,000	5,200,000
Interest expense related to cash coupon			3,300,000	3,400,000
Debt discount			800,000	900,000
Deferred fees expensed as interest expense			$ 700,000	$ 900,000
Cost of the notes (as a percent)			6.75%		6.75%
5.375% Convertible Notes
Debt Obligations
Conversion rate of the notes to common stock, per $1,000 principal amount of notes		91.4952
8.00% Convertible Notes
Debt Obligations
Junior subordinated notes			$ 70,750,000		$ 70,750,000
Interest rate (as a percent)						8.00%	8.00%
4.50% Convertible Notes
Debt Obligations
Junior subordinated notes			$ 275,000,000		275,000,000
Interest rate (as a percent)						4.50%	4.50%
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			$ 233,100,000			$ 228,700,000
Common stock exchanged (in shares) \| shares			4,478,315
4.75% Convertible Notes
Debt Obligations
Junior subordinated notes			$ 1,000			$ 264,000,000.0
Interest rate (as a percent)			4.75%			4.75%
Proceeds received, net of estimated issuance costs						$ 256,500,000
Conversion rate of the notes to common stock, per $1,000 principal amount of notes			56.4061
Conversion price per share of common stock \| $ / shares			$ 17.73
4.75% Convertible Notes \| First Offering
Debt Obligations
Junior subordinated notes						$ 1,000
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
5.75% Convertible Notes
Debt Obligations
Junior subordinated notes			$ 90,000,000		90,000,000
Interest rate (as a percent)						5.75%	5.75%
Junior subordinated notes
Debt Obligations
Junior subordinated notes			154,336,000		154,336,000
Deferred fees expensed as interest expense			1,800,000		$ 1,800,000
Issued on July 3, 2018 \| 5.375% Convertible Notes \| First Offering
Debt Obligations
Junior subordinated notes			$ 1,000
Conversion price per share of common stock \| $ / shares			$ 11.50
Issued on July 3, 2018 \| 5.25% Convertible Notes
Debt Obligations
Junior subordinated notes			$ 500,000
Issued on July 3, 2018 \| 5.25% Convertible Notes \| First Offering
Debt Obligations
Conversion price per share of common stock \| $ / shares			$ 12.85
Issued on July 20, 2018 \| 5.375% Convertible Notes \| First Offering
Debt Obligations
Conversion rate of the notes to common stock, per $1,000 principal amount of notes	86.9943
Issued on July 20, 2018 \| 5.375% Convertible Notes \| Second Offering
Debt Obligations
Conversion price per share of common stock \| $ / shares			$ 10.93
Issued on July 20, 2018 \| 6.50% Convertible Notes \| Second Offering
Debt Obligations
Conversion rate of the notes to common stock, per $1,000 principal amount of notes			81.8600
Conversion price per share of common stock \| $ / shares			$ 12.22
Issued on July 20, 2018 \| 5.25% Convertible Notes
Debt Obligations
Junior subordinated notes								$ 13,800,000
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
Issued on July 20, 2018 \| 5.25% Convertible Notes \| Second Offering
Debt Obligations
Junior subordinated notes			$ 1,000
Conversion rate of the notes to common stock, per $1,000 principal amount of notes			91.4952

Debt Obligations, Junior Subordinated Notes (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Debt Obligations
Debt carrying value	$ 141,839	$ 141,656
Weighted average note rate (as a percent)	2.35%
Junior subordinated notes
Debt Obligations
Debt carrying value	$ 141,800	141,700
Deferred amount Due at maturity	10,700	10,800
Deferred fees expensed as interest expense	$ 1,800	$ 1,800
Weighted average note rate (as a percent)	3.01%	3.06%
Weighted average note rate including certain fees and costs (as a percent)	3.10%	3.15%

Debt Obligations, Debt Covenants (Details) - USD ($)	1 Months Ended					3 Months Ended
Debt Obligations, Debt Covenants (Details) - USD ($)	Apr. 30, 2021	Jan. 31, 2021	Oct. 31, 2020	Jul. 31, 2020	Apr. 30, 2020	Mar. 31, 2021
CLO X
Debt Covenants
Current overcollateralization ratio (as a percent)	126.98%	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)						397.51%
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%	121.95%	121.95%	121.95%
Limit overcollateralization ratio (as a percent)						120.95%
Current interest coverage ratio (as a percent)						432.76%
Limit interest coverage ratio (as a percent)						120.00%
CLO XII
Debt Covenants
Current overcollateralization ratio (as a percent)	118.87%	118.87%	118.87%	118.87%	118.87%	118.87%
Limit overcollateralization ratio (as a percent)						117.87%
Current interest coverage ratio (as a percent)						387.82%
Limit interest coverage ratio (as a percent)						120.00%
CLO XIII
Debt Covenants
Current overcollateralization ratio (as a percent)	119.76%	119.76%	119.76%	119.76%	119.76%	119.76%
Limit overcollateralization ratio (as a percent)						118.76%
Current interest coverage ratio (as a percent)						419.82%
Limit interest coverage ratio (as a percent)						120.00%
CLO XIV
Debt Covenants
Current overcollateralization ratio (as a percent)	119.76%					119.76%
Limit overcollateralization ratio (as a percent)						118.76%
Current interest coverage ratio (as a percent)						297.55%
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	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Roll forward of loss contingency accrual
Provisions for loss sharing	$ 1,652	$ 21,537
Guarantee obligations	34,400		$ 32,400
Fannie Mae
Roll forward of loss contingency accrual
Allowance for loss sharing obligations	$ 31,500		$ 30,300
Loss-sharing obligations (as a percent)	0.16%		0.17%
Loss-Sharing Obligation
Roll forward of loss contingency accrual
Outstanding advances under the Fannie Mae DUS program	$ 200		$ 100
Loss-Sharing Obligation \| Fannie Mae
Roll forward of loss contingency accrual
Beginning balance of the period	64,303	34,648	34,648
Provisions for loss sharing	1,748	21,896
Provisions reversal for loan repayments	(96)	(358)
Recoveries (charge-offs) , net	(62)	160
Ending balance of the period	65,893	70,752	64,303
Maximum quantifiable liability	$ 3,580,000		3,410,000
Loss-Sharing Obligation \| Fannie Mae \| Impact of adopting CECL
Roll forward of loss contingency accrual
Beginning balance of the period		$ 14,406	$ 14,406

Derivative Financial Instruments, Agency Business (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($) item	Mar. 31, 2020 USD ($)	Dec. 31, 2020 USD ($) item
Derivative Financial Instruments
Notional Value, classified in Other Assets	$ 139,218		$ 865,975
Notional Value, classified in Other Liabilities	524,089		319,142
Net (losses) gains from changes in the fair value of derivatives	(8,700)	$ 8,200
(Loss) gain on derivative instruments	(3,220)	(50,731)
Other Income
Derivative Financial Instruments
(Loss) gain on derivative instruments	$ 36,900	21,900
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		(46,000)
Unrealized gain on derivatives	$ 2,600	(9,800)
Swap Futures \| Structured Business \| Other Income
Derivative Financial Instruments
Realized gain (loss) on derivatives		(2,600)
Unrealized gain on derivatives	2,900	$ (400)
Non-Qualifying \| Agency Business
Derivative Financial Instruments
Notional Value, classified in Other Assets	886,608		1,230,417
Fair Value, classified in Other Assets	4,480		3,892
Fair Value, classified in Other Liabilities	$ (11,043)		$ (1,221)
Non-Qualifying \| Rate lock commitments \| Agency Business
Derivative Financial Instruments
Count \| item	18		7
Notional Value, classified in Other Assets	$ 135,558		$ 136,354
Fair Value, classified in Other Assets	1,439		1,967
Fair Value, classified in Other Liabilities	$ (2,941)		$ (231)
Non-Qualifying \| Forward Sale Commitments \| Agency Business
Derivative Financial Instruments
Count \| item	67		114
Notional Value, classified in Other Assets	$ 527,750		$ 1,048,763
Fair Value, classified in Other Assets	3,041		1,925
Fair Value, classified in Other Liabilities	$ (8,102)		$ (990)
Non-Qualifying \| Swap Futures \| Agency Business
Derivative Financial Instruments
Count \| item	2,233		453
Notional Value, classified in Other Assets	$ 223,300		$ 45,300

Fair Value, Carrying Value and Estimated Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Financial assets:
Loans and investments, net - Principal/Notional Amount	$ 6,263,431	$ 5,475,082
Loans and investments, net	6,070,337	5,285,868
Loans held-for-sale, net - Principal/Notional Amount	602,325	968,595
Loans held-for-sale, net	602,325	968,595
Securities, held-to-maturity, net - Principal/Notional Amount	135,893	140,124
Securities held-to-maturity, net	92,860	95,524
Derivative financial instruments - Principal/Notional Amount	139,218	865,975
Financial liabilities:
Credit and repurchase facilities, Principal/Notional Amount	2,220,307	2,238,722
Credit and repurchase facilities, Carrying value	2,214,896	2,234,883
Collateralized loan obligations	2,813,660	2,517,309
Senior unsecured notes	663,395	662,843
Convertible senior unsecured notes, net	269,452	267,973
Junior subordinated notes	141,839	141,656
Derivative financial instruments - Principal/Notional Amount	$ 524,089	319,142
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	$ 6,070,337	5,285,868
Loans held-for-sale, net	613,542	986,919
Capitalized mortgage servicing rights, net	406,980	379,974
Securities held-to-maturity, net	92,860	95,524
Derivative financial instruments	4,480	3,892
Financial liabilities:
Credit and repurchase facilities, Carrying value	2,214,896	2,234,883
Collateralized loan obligations	2,813,660
Senior unsecured notes	663,395
Convertible senior unsecured notes, net	269,452
Junior subordinated notes	141,839
Derivative financial instruments	11,043	1,221
Fair Value
Financial assets:
Loans and investments, net	6,214,368	5,428,141
Loans held-for-sale, net	634,677	1,007,294
Capitalized mortgage servicing rights, net	454,366	415,495
Securities held-to-maturity, net	102,456	94,128
Derivative financial instruments	4,480	3,892
Financial liabilities:
Credit and repurchase facilities, Carrying value	2,215,577	2,235,668
Collateralized loan obligations	2,828,910
Senior unsecured notes	670,078
Convertible senior unsecured notes, net	291,856
Junior subordinated notes	100,125
Derivative financial instruments	11,043	1,221
CLOs
Financial liabilities:
Collateralized loan obligations	2,813,660	2,517,309
Debt instrument - Principal/Notional Amount	2,831,668	2,532,343
Collateralized Debt Obligations \| Carrying Value
Financial liabilities:
Debt instrument - Principal/Notional Amount	2,813,660	2,517,309
Collateralized Debt Obligations \| Fair Value
Financial liabilities:
Debt instrument - Principal/Notional Amount	2,828,910	2,495,195
Senior Unsecured Notes
Financial liabilities:
Debt instrument - Principal/Notional Amount	670,750	670,750
Senior Unsecured Notes \| Carrying Value
Financial liabilities:
Debt instrument - Principal/Notional Amount	663,395	662,843
Senior Unsecured Notes \| Fair Value
Financial liabilities:
Debt instrument - Principal/Notional Amount	670,078	670,117
Convertible Senior Unsecured Notes
Financial liabilities:
Debt instrument - Principal/Notional Amount	278,300	278,300
Convertible Senior Unsecured Notes \| Carrying Value
Financial liabilities:
Debt instrument - Principal/Notional Amount	269,452	267,973
Convertible Senior Unsecured Notes \| Fair Value
Financial liabilities:
Debt instrument - Principal/Notional Amount	291,856	280,636
Junior subordinated notes
Financial liabilities:
Junior subordinated notes	141,800	141,700
Debt instrument - Principal/Notional Amount	154,336	154,336
Junior subordinated notes \| Carrying Value
Financial liabilities:
Debt instrument - Principal/Notional Amount	141,839	141,656
Junior subordinated notes \| Fair Value
Financial liabilities:
Debt instrument - Principal/Notional Amount	$ 100,125	$ 99,594

Fair Value, Measurement on Recurring and Nonrecurring Basis (Details) $ in Thousands, shares in Millions	Mar. 31, 2021 USD ($) item shares	Dec. 31, 2020 USD ($)
Financial assets:
Impaired loans, net	$ 254,808	$ 254,938
Allowance for credit losses on impaired loans	$ 106,256	106,265
Number of impaired loans \| item	10
Aggregate carrying value, before reserves \| shares	254.8
Carrying Value
Financial assets:
Derivative financial instruments	$ 4,480	3,892
Financial liabilities:
Derivative financial instruments	11,043	1,221
Fair Value
Financial assets:
Derivative financial instruments	4,480	3,892
Financial liabilities:
Derivative financial instruments	11,043	$ 1,221
Recurring basis \| Carrying Value
Financial assets:
Derivative financial instruments	4,480
Financial liabilities:
Derivative financial instruments	11,043
Recurring basis \| Fair Value
Financial assets:
Derivative financial instruments	4,480
Financial liabilities:
Derivative financial instruments	11,043
Nonrecurring basis \| Carrying Value
Financial assets:
Impaired loans, net	148,552
Nonrecurring basis \| Fair Value
Financial assets:
Impaired loans, net	148,552
Level 2 \| Recurring basis
Financial assets:
Derivative financial instruments	3,041
Financial liabilities:
Derivative financial instruments	11,043
Level 3 \| Recurring basis
Financial assets:
Derivative financial instruments	1,439
Level 3 \| Nonrecurring basis
Financial assets:
Impaired loans, net	$ 148,552

Fair Value, Level 3 Inputs (Details) - Level 3 $ in Thousands	Mar. 31, 2021 USD ($) item
Hotel
Quantitative information about Level 3 fair value measurements
Impaired loans, fair value \| $	$ 81,779
Hotel \| Discount rate
Quantitative information about Level 3 fair value measurements
Impaired loans, measurement input	0.0750
Hotel \| Capitalization rate
Quantitative information about Level 3 fair value measurements
Impaired loans, measurement input	0.0500
Hotel \| Revenue growth rate
Quantitative information about Level 3 fair value measurements
Impaired loans, measurement input	0.2500
Land
Quantitative information about Level 3 fair value measurements
Impaired loans, fair value \| $	$ 49,961
Land \| Discount rate
Quantitative information about Level 3 fair value measurements
Impaired loans, measurement input	0.2150
Land \| Revenue growth rate
Quantitative information about Level 3 fair value measurements
Impaired loans, measurement input	0.0300
Retail
Quantitative information about Level 3 fair value measurements
Impaired loans, fair value \| $	$ 15,333
Retail \| Discount rate
Quantitative information about Level 3 fair value measurements
Impaired loans, measurement input	0.1015
Retail \| Capitalization rate
Quantitative information about Level 3 fair value measurements
Impaired loans, measurement input	0.0925
Retail \| Revenue growth rate
Quantitative information about Level 3 fair value measurements
Impaired loans, measurement input	0.0168
Healthcare
Quantitative information about Level 3 fair value measurements
Impaired loans, fair value \| $	$ 828
Healthcare \| Capitalization rate
Quantitative information about Level 3 fair value measurements
Impaired loans, measurement input	0.1430
Office
Quantitative information about Level 3 fair value measurements
Impaired loans, fair value \| $	$ 651
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
Rate lock commitments
Quantitative information about Level 3 fair value measurements
Derivative financial instruments \| $	$ 1,439
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	0.0948

Fair Value, Level 3 Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Derivative assets
Balance at beginning of period	$ 1,967	$ 1,066
Settlements	(37,026)	(11,717)
Realized gains recorded in earnings	35,059	10,651
Unrealized gains recorded in earnings	1,439	2,069
Balance at end of period	$ 1,439	$ 2,069

Fair Value, Components of fair value and other relevant information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value of Servicing Rights	$ 15,465
Total Fair Value Adjustment	15,465
Rate lock commitments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Notional/Principal Amount	135,558
Fair Value of Servicing Rights	1,439
Interest Rate Movement Effect	(2,941)
Total Fair Value Adjustment	(1,502)
Forward Sale Commitments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Notional/Principal Amount	527,750
Interest Rate Movement Effect	2,941
Total Fair Value Adjustment	2,941
Loans held-for-sale, net
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Notional/Principal Amount	602,325
Fair Value of Servicing Rights	14,026
Total Fair Value Adjustment	$ 14,026

Fair Value, Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Financial assets:
Loans and investments, net	$ 6,070,337	$ 5,285,868
Loans held-for-sale, net	602,325	968,595
Securities held-to-maturity, net	92,860	95,524
Financial liabilities:
Credit and repurchase facilities, Carrying value	2,214,896	2,234,883
Collateralized loan obligations	2,813,660	2,517,309
Senior unsecured notes	663,395	662,843
Convertible senior unsecured notes, net	269,452	267,973
Junior subordinated notes	141,839	141,656
Level 1
Financial liabilities:
Senior unsecured notes	670,078
Level 2
Financial assets:
Loans held-for-sale, net	620,651
Financial liabilities:
Credit and repurchase facilities, Carrying value	538,322
Convertible senior unsecured notes, net	291,856
Level 3
Financial assets:
Loans and investments, net	6,214,368
Loans held-for-sale, net	14,026
Capitalized mortgage servicing rights, net	454,366
Securities held-to-maturity, net	102,456
Financial liabilities:
Credit and repurchase facilities, Carrying value	1,677,255
Collateralized loan obligations	2,828,910
Junior subordinated notes	100,125
Carrying Value
Financial assets:
Loans and investments, net	6,070,337	5,285,868
Loans held-for-sale, net	613,542	986,919
Capitalized mortgage servicing rights, net	406,980
Securities held-to-maturity, net	92,860	95,524
Financial liabilities:
Credit and repurchase facilities, Carrying value	2,214,896	2,234,883
Collateralized loan obligations	2,813,660
Senior unsecured notes	663,395
Convertible senior unsecured notes, net	269,452
Junior subordinated notes	141,839
Fair Value
Financial assets:
Loans and investments, net	6,214,368	5,428,141
Loans held-for-sale, net	634,677	1,007,294
Capitalized mortgage servicing rights, net	454,366
Securities held-to-maturity, net	102,456	94,128
Financial liabilities:
Credit and repurchase facilities, Carrying value	2,215,577	$ 2,235,668
Collateralized loan obligations	2,828,910
Senior unsecured notes	670,078
Convertible senior unsecured notes, net	291,856
Junior subordinated notes	$ 100,125

Commitments and Contingencies, Contractual Commitments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Agency Business Commitments
Cash collateral	$ 272,039	$ 304,067	$ 197,470	$ 210,875
Debt Obligations
2021 (nine months ending December 31, 2021)	1,206,690
2022	2,230,637
2023	1,217,922
2024	781,593
2025	257,597
Thereafter	460,922
Total	6,155,361
Minimum Annual Operating Lease Payments
2021 (nine months ending December 31, 2021)	4,266
2022	8,257
2023	8,031
2024	7,926
2025	7,978
2026	8,282
Thereafter	26,098
Total	70,838
Total
2021	1,210,956
2022	2,238,894
2023	1,225,953
2024	789,519
2025	265,575
2026	8,282
Thereafter	487,020
Total	6,226,199
Operating lease expense	2,300	$ 1,600
Unfunded CLO Commitments
Unfunded commitments related to structured loans and investments	443,100		$ 353,800
Fannie Mae
Agency Business Commitments
Minimum liquid assets to be maintained to meet operational liquidity requirements	$ 18,700
Period of funding for collateral requirement	48 months
Forward Contracts
Agency Business Commitments
Period of contractual commitment	60 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	12,200
Reserve required to fund additional restricted liquidity over the next 48 months	$ 48,900
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
	Jun. 15, 2011 USD ($) defendant lawsuit	Aug. 31, 2020 USD ($) defendant lawsuit	Jun. 30, 2013 USD ($) defendant lawsuit	Jun. 30, 2011 defendant lawsuit
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 \| lawsuit				3
Number of lawsuits filed in United States Bankruptcy Court \| lawsuit				2
Number of defendants				73
Number of defendants who are corporate and partnership entities				55
Number of defendants named in a legal action who are individuals				18
Number of counts dismissed \| lawsuit		9
Number of counts dismissed against defendant entities		4
Total LIBOR Floor Certificate transfers \| $		$ 74.0
Total possible liability against directors \| $		$ 139.0
Lawsuits filed by Extended Stay Litigation Trust (the Trust) \| Fiduciary Duty Claims
Litigation
Number of lawsuits or complaints filed \| lawsuit	2
Number of defendants	2
Lawsuits filed by Extended Stay Litigation Trust (the Trust) \| Motion to amend the lawsuits
Litigation
Number of lawsuits consolidated \| lawsuit			1
Number of defendants removed due to consolidation of lawsuits			47
Number of defendants related to the entity			0
Number of defendants remaining due to consolidation of lawsuits			26
Number of defendants who are corporate and partnership entities			16
Number of defendants named in a legal action who are individuals			10
Number of lawsuits before amendment \| lawsuit			100
Number of lawsuits after amendment \| lawsuit			17
Aggregate amount which the Trust would be seeking from the affiliates of the entity \| $			$ 139.0
Lawsuits filed by Extended Stay Litigation Trust (the Trust) \| Arbor ESH II, LLC
Litigation
Number of lawsuits or complaints filed \| lawsuit	1

Variable Interest Entity (Details) $ in Thousands	3 Months Ended
Variable Interest Entity (Details) $ in Thousands	Mar. 31, 2021 USD ($) item	Dec. 31, 2020 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Variable Interest Entities
Loan loss reserves related to VIEs	$ 147,300	$ 148,329
Assets:
Restricted cash	272,039	197,470	$ 304,067	$ 210,875
Loans and investments, net	6,070,337	5,285,868
Other assets	185,037	182,044
Total assets	8,130,859	7,660,986
Liabilities:
Collateralized loan obligations	2,813,660	2,517,309
Other liabilities	209,371	197,644
Total liabilities	6,460,167	6,178,301
Consolidated variable interest entities
Assets:
Total assets	3,438,029	3,134,447
Liabilities:
Total liabilities	$ 2,816,725	2,520,064
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 of loans and investments before reserves related to VIEs	$ 496,948
Exposure to real estate debt	3,880,000
CLOs \| Consolidated variable interest entities
Assets:
Restricted cash	259,829	188,226
Loans and investments, net	3,152,490	2,923,634
Other assets	25,710	22,587
Total assets	3,438,029	3,134,447
Liabilities:
Collateralized loan obligations	2,813,660	2,517,309
Other liabilities	3,065	2,755
Total liabilities	2,816,725	$ 2,520,064
Loans \| Unconsolidated VIEs
Variable Interest Entities
Carrying amount of loans and investments before reserves related to VIEs	384,932
Carrying amount of loans and investments related to VIE's	219,300
Loan loss reserves related to VIEs	86,900
B Piece and SFR bonds \| Unconsolidated VIEs
Variable Interest Entities
Carrying amount of loans and investments before reserves related to VIEs	55,398
APL certificates \| Unconsolidated VIEs
Variable Interest Entities
Carrying amount of loans and investments before reserves related to VIEs	39,059
Equity investments \| Unconsolidated VIEs
Variable Interest Entities
Carrying amount of loans and investments before reserves related to VIEs	16,504
Agency interest only strips \| Unconsolidated VIEs
Variable Interest Entities
Carrying amount of loans and investments before reserves related to VIEs	$ 1,055

Equity (Details) $ / shares in Units, $ in Thousands					1 Months Ended		3 Months Ended		12 Months Ended
Equity (Details) $ / shares in Units, $ in Thousands	May 05, 2021 $ / shares	Apr. 30, 2021 $ / shares	Feb. 17, 2021 $ / shares	Feb. 01, 2021 $ / shares	Apr. 30, 2021 USD ($) shares	Mar. 31, 2021 USD ($) Vote $ / shares shares	Mar. 31, 2021 USD ($) Vote $ / shares shares	Mar. 31, 2020 USD ($) $ / shares shares	Dec. 31, 2020 $ / shares	Dec. 31, 2019	Jul. 20, 2018	Jul. 03, 2018
Common stock
Proceeds from issuance of shares under public offering							$ 158,433	$ 19,424
Repurchase of common stock								11,291
Noncontrolling Interest
Preferred stock, par value (in dollars per share) \| $ / shares						$ 0.01	$ 0.01		$ 0.01
Redemption of operating partnership units								$ 1,600
Distributions
Cash dividend declared (in dollars per share) \| $ / shares							$ 0.33	$ 0.30
Chief Executive Officer \| 2021 Annual incentive agreement \| Subsequent Event
Subsequent event
Annual base salary					$ 1,200
Annual cash payment					800
Annual performance cash bonus at target performance					2,900
Annual performance cash bonus at threshold performance					1,500
Annual performance cash bonus at maximum performance.					4,400
Additional annual performance cash bonus in the event of extraordinary performance					700
Restricted common stock
Deferred Compensation
Shares withheld for taxes \| shares							140,744
Restricted common stock \| Board of Directors
Deferred Compensation
Grants during the period (in shares) \| shares						27,864
Restricted common stock \| Employees
Deferred Compensation
Grants during the period (in shares) \| shares						257,726
Total grant date fair value								$ 4,100
Vesting percentage						0.20%		33.00%
Restricted common stock \| Employees \| 2020 Plan
Deferred Compensation
Vesting percentage						33.00%
Restricted common stock \| Employees \| First anniversaries
Deferred Compensation
Vesting percentage						0.20%
Restricted common stock \| Employees \| First anniversaries \| 2020 Plan
Deferred Compensation
Vesting percentage						33.00%
Restricted common stock \| Employees \| Second anniversaries
Deferred Compensation
Vesting percentage						0.20%
Restricted common stock \| Employees \| Second anniversaries \| 2020 Plan
Deferred Compensation
Vesting percentage						0.33%
Performance-based restricted stock \| Chief Executive Officer
Deferred Compensation
Restricted stock vested during period (in shares) \| shares							448,980
Number of shares issued in net settlement \| shares							229,083
Acquisition Related Grant \| Chief Executive Officer \| 2021 Annual incentive agreement \| Subsequent Event
Subsequent event
Grant value					$ 3,000
Acquisition Related Grant \| Chief Executive Officer \| Third anniversaries \| 2021 Annual incentive agreement \| Subsequent Event
Deferred Compensation
Vesting percentage					100.00%
Time Based Vesting Equity Award \| Chief Executive Officer \| 2021 Annual incentive agreement \| Subsequent Event
Deferred Compensation
Grants during the period (in shares) \| shares					184,729
Total grant date fair value					$ 3,100
Vesting period (in years)					3 years
Subsequent event
Grant value					$ 3,000
Performance Based TSR Equity Award \| Chief Executive Officer \| 2021 Annual incentive agreement \| Subsequent Event
Deferred Compensation
Vesting period (in years)					5 years
Subsequent event
Grant value					$ 12,000
8.25% Series A preferred stock
Preferred Stock
Return on the preferred shares issued to third parties by its subsidiary REIT (as a percent)							8.25%	8.25%	8.25%
7.75% Series B preferred stock
Preferred Stock
Return on the preferred shares issued to third parties by its subsidiary REIT (as a percent)							7.75%	7.75%	7.75%
8.50% Series C preferred stock
Preferred Stock
Return on the preferred shares issued to third parties by its subsidiary REIT (as a percent)							8.50%	8.50%	8.50%
Common Stock
Common stock
Issued price per share (in dollars per share) \| $ / shares						$ 15.48	$ 15.48
Number of common stock sold (in shares) \| shares							10,140,400	1,350,000
Number of shares purchased \| shares								1,249,777
Repurchase of common stock								$ 13
Noncontrolling Interest
Number of shares purchased \| shares								1,249,777
Distributions
Cash dividend declared (in dollars per share) \| $ / shares	$ 0.34		$ 0.33
Common Stock \| Subsequent Event
Common stock
Number of shares purchased \| shares					800,000
Repurchase of common stock					$ 12,400
Noncontrolling Interest
Number of shares purchased \| shares					800,000
Common Stock \| Board of Directors
Deferred Compensation
Total grant date fair value						$ 400
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
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
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
Preferred Stock
Return on the preferred shares issued to third parties by its subsidiary REIT (as a percent)		8.50%
Total Arbor Realty Trust, Inc. Stockholders' Equity
Common stock
Repurchase of common stock								$ 11,291
Operating Partnership Units
Noncontrolling Interest
Conversion ratio for operating partnership units to common stock shares							1
Operating Partnership Units \| Special voting preferred shares
Noncontrolling Interest
Preferred stock, par value (in dollars per share) \| $ / shares						$ 0.01	$ 0.01
Number of vote per share of Special Voting Preferred Shares \| Vote						1	1
OP units outstanding (in shares) \| shares						17,560,633	17,560,633
Voting power of outstanding stock (as a percent)							11.60%
5.25% Convertible Notes
Common stock
Interest rate (as a percent)						5.25%	5.25%			5.25%	5.25%	5.25%
Public offering \| Common Stock
Common stock
Number of common stock sold (in shares) \| shares						7,000,000
Proceeds from issuance of shares under public offering						$ 108,200
At-The-Market \| Common Stock
Common stock
Number of common stock sold (in shares) \| shares							3,140,400
Proceeds from issuance of shares under public offering							$ 50,200

Equity, Earnings Per Share ("EPS") (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Basic
Net income (loss) attributable to common stockholders (1)	$ 69,479	$ (59,310)
Weighted average shares outstanding (in shares)	125,235,405	110,792,412
Net (loss) income per common share (in dollars per share)	$ 0.55	$ (0.54)
Diluted
Net income (loss) attributable to noncontrolling interest	$ 9,743	$ (10,934)
Net income (loss) attributable to common stockholders and noncontrolling interest	$ 79,222	$ (70,244)
Weighted average shares outstanding (in shares)	125,235,405	110,792,412
Dilutive effect of OP Units (in shares)	17,560,633	20,424,787
Dilutive effect of restricted stock units (in shares)	912,545
Dilutive effect of convertible notes (in shares)	249,850
Weighted average shares outstanding ( in shares)	143,958,433	131,217,199
Net income (loss) per common share	$ 0.55	$ (0.54)
Mr. Ivan Kaufman \| Performance-based restricted stock
Diluted
Vesting period (in years)	4 years	4 years

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Mar. 31, 2020
Income Tax Contingency [Line Items]
(Provision for) benefit from income taxes	$ (12,492)	$ 14,370
Deferred tax benefit (provision)	(4,486)	19,904
Current tax provision	$ 8,000	$ 5,500
Minimum
Income Tax Contingency [Line Items]
Federal income tax rate (as a percent)	90.00%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Agreements and Transactions with Related Parties - Shared Services Agreement (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Former manager \| Support Services
Agreements and transactions with related parties
Costs for services to related party	$ 0.8	$ 0.7

Agreements and Transactions with Related Parties - Other Related Party (Details) $ in Thousands	1 Months Ended								3 Months Ended		12 Months Ended
	Mar. 31, 2021 USD ($) item shares	Dec. 31, 2020 USD ($)	Oct. 31, 2020 USD ($)	Aug. 31, 2020 USD ($)	Mar. 31, 2020 USD ($) property	Sep. 30, 2019 USD ($)	Jan. 31, 2019 USD ($)	Jun. 30, 2018 USD ($) loan property	Mar. 31, 2021 USD ($) item shares	Mar. 31, 2020 USD ($) property	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($) loan	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($) loan item property	Dec. 31, 2016 USD ($) property shares	Dec. 31, 2015 USD ($)	Jul. 31, 2019 USD ($)	Mar. 31, 2019 USD ($)
Agreements and transactions with related parties
Due to related party	$ 1,579	$ 2,365							$ 1,579		$ 2,365
Due from related parties	19,705	12,449							19,705		12,449
Entitled to annual fee	$ 300								$ 300
Equity participation interest (as a percentage)	33.00%								33.00%
Investment made									$ 1,055,354	$ 815,501
(Income) loss from equity affiliates									$ (22,251)	(3,992)
Single-Family Rental
Agreements and transactions with related parties
Investment made		3,500
Operating Partnership Units \| Special voting preferred shares
Agreements and transactions with related parties
Number of preferred stock shares paired with each OP units \| shares									1
Preferred equity investments
Agreements and transactions with related parties
Equity investment	$ 7,800								$ 7,800
Preferred equity investments \| Single-Family Rental
Agreements and transactions with related parties
Investment made			$ 4,600
Bridge loans
Agreements and transactions with related parties
Principal amount	35,000								35,000
Bridge loans \| Single-Family Rental
Agreements and transactions with related parties
Loan committed		$ 32,500	$ 30,500
Bridge Loan Several Multifamily Properties [Member]
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 [Member]
Agreements and transactions with related parties
UPB converted to a mezzanine loan							$ 2,000
Bridge Loan Six Multifamily Properties [Member] \| Maturity Date September 2019 [Member]
Agreements and transactions with related parties
Principal amount															$ 12,900
Lexford Portfolio \| Maturity date of March 2030 \| Private Label
Agreements and transactions with related parties
Principal amount					$ 34,600					34,600
Fixed rate of interest (as a percent)					3.30%
Lexford Portfolio \| Bridge loans \| Maturity Date Of June 2021 [Member]
Agreements and transactions with related parties
Paydowns of principal made by borrower												$ 250,000
Base spread (as a percent)								4.00%
Unsecured financing provided by an unsecured lender to certain parent entities of the property owners	50,000								50,000
ACM, Certain executives and Consortium of independent outside investors \| Mature date of April 2030 \| Private Label
Agreements and transactions with related parties
Principal amount					$ 14,800					$ 14,800
Fixed rate of interest (as a percent)					3.10%
ACM, Certain executives and Consortium of independent outside investors \| Mezzanine loans \| Mature date of April 2030
Agreements and transactions with related parties
Number of properties owned \| property					2					2
Percentage of ownership interest of related party in the entity					50.00%
Interest income recorded									100
Equity investment					$ 3,400					$ 3,400
Fixed rate of interest (as a percent)					9.00%
ACM, Certain executives and Consortium of independent outside investors \| Mezzanine loans \| Mature date of April 2030 \| Maximum
Agreements and transactions with related parties
Interest income recorded											$ 100
ACM, Certain executives and Consortium of independent outside investors \| AMAC III
Agreements and transactions with related parties
Amount invested	$ 15,700								15,700									$ 30,000
Ownership interest (as a percent)																		18.00%
Interest income recorded									$ 300	900
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%
Fixed rate of interest (as a percent)												3.735%
Amount of loan to related party												$ 15,600
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																22.50%
Acquisition purchase price																$ 9,600
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	3,528,083								3,528,083
OP units hold as part of acquisition \| shares									11,901,068
Percentage of voting power held by related party	10.20%								10.20%
Consortium of investors including other unaffiliated investors, certain of officers and chief executive officer \| Bridge Loan Several Multifamily Properties [Member]
Agreements and transactions with related parties
Principal amount													$ 19,500
Base spread (as a percent)													4.00%
Interest income recorded									$ 900
Consortium of investors including other unaffiliated investors, certain of officers and chief executive officer \| Bridge Loan Several Multifamily Properties [Member] \| LIBOR
Agreements and transactions with related parties
Base spread (as a percent)													2.125%
Consortium of investors including other unaffiliated investors, certain of officers and chief executive officer \| Bridge Loan Several Multifamily Properties [Member] \| Multifamily
Agreements and transactions with related parties
Interest income recorded										300
Consortium of investors including other unaffiliated investors, certain of officers and chief executive officer \| Bridge Loan One Multifamily Property [Member]
Agreements and transactions with related parties
Principal amount	$ 34,000								34,000
Consortium of investors including other unaffiliated investors, certain of officers and chief executive officer \| Bridge Loan One Multifamily Property [Member] \| Maturity Date Of August 2022
Agreements and transactions with related parties
Principal amount	$ 34,000			$ 35,300					34,000
Consortium of investors including other unaffiliated investors, certain of officers and chief executive officer \| Bridge Loan One Multifamily Property [Member] \| Maturity Date Of August 2022 \| LIBOR
Agreements and transactions with related parties
Variable rate, spread (as a percent)				350.00%
Consortium of investors including an immediate family member of our officers \| Multifamily \| Fannie Mae
Agreements and transactions with related parties
Percentage of maximum loss-sharing obligation unpaid principal balance														5.00%
Principal amount														$ 46,900
Percentage of ownership interest of related party in the entity														17.60%
Consortium of investors including an immediate family member of our officers \| Maximum \| Multifamily \| Fannie Mae
Agreements and transactions with related parties
Interest income recorded									100	100
Consortium of investors including an immediate family member of our officers \| Bridge Loan One Multifamily Property [Member]
Agreements and transactions with related parties
Principal amount																	$ 7,000
Certain certain officers, chief executive officer, and other unaffiliated investors \| Bridge Loan Several Multifamily Properties [Member] \| Maturity Date Of January 2021 [Member]
Agreements and transactions with related parties
Due to related party													$ 9,400
Percentage of ownership interest of related party in the entity													75.00%
Interest income recorded									100
Certain certain officers, chief executive officer, and other unaffiliated investors \| Bridge Loan Several Multifamily Properties [Member] \| Maturity Date Of January 2021 [Member] \| LIBOR
Agreements and transactions with related parties
Base spread (as a percent)													5.00%
Certain certain officers, chief executive officer, and other unaffiliated investors \| Bridge Loan Several Multifamily Properties [Member] \| Maturity Date Of January 2021 [Member] \| Minimum \| LIBOR
Agreements and transactions with related parties
Base spread (as a percent)													1.25%
Certain certain officers, chief executive officer, and other unaffiliated investors \| Bridge Loan One Multifamily Property [Member] \| Maturity Date Of June 2021 [Member]
Agreements and transactions with related parties
Principal amount													$ 21,700
Percentage of ownership interest of related party in the entity													75.00%
Interest income recorded									300	400
Certain certain officers, chief executive officer, and other unaffiliated investors \| Bridge Loan One Multifamily Property [Member] \| Maturity Date Of June 2021 [Member] \| LIBOR
Agreements and transactions with related parties
Base spread (as a percent)													4.75%
Certain certain officers, chief executive officer, and other unaffiliated investors \| Bridge Loan One Multifamily Property [Member] \| Maturity Date Of June 2021 [Member] \| Minimum \| LIBOR
Agreements and transactions with related parties
Base spread (as a percent)													1.25%
Certain certain officers, chief executive officer, and other unaffiliated investors \| Bridge Loan Two Multifamily Properties [Member] \| Maturity date of October 2021
Agreements and transactions with related parties
Principal amount														$ 31,100
Certain certain officers, chief executive officer, and other unaffiliated investors \| Bridge Loan Two Multifamily Properties [Member] \| Maturity date of October 2021 \| LIBOR
Agreements and transactions with related parties
Base spread (as a percent)														4.00%
Certain certain officers, chief executive officer, and other unaffiliated investors \| Bridge Loan Two Multifamily Properties [Member] \| Maturity date of October 2021 \| Minimum
Agreements and transactions with related parties
Base spread (as a percent)														1.80%
Certain certain officers, chief executive officer, and other unaffiliated investors \| Bridge Loan Two Multifamily Properties [Member] \| Maturity Date Of Fourth Quarter 2020 [Member]
Agreements and transactions with related parties
Principal amount														$ 28,000
Number of properties owned \| property														2
Percentage of ownership interest of related party in the entity														45.00%
Base spread (as a percent)														5.25%
Interest income recorded									$ 500
Number of bridge loans originated \| item														2
Certain certain officers, chief executive officer, and other unaffiliated investors \| Bridge Loan Two Multifamily Properties [Member] \| Maturity Date Of Fourth Quarter 2020 [Member] \| 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 [Member] \| Maturity Date Of Fourth Quarter 2020 [Member] \| Maximum
Agreements and transactions with related parties
LIBOR floor (as a percentage)														1.54%
Chief executive officer \| Minimum
Agreements and transactions with related parties
Ownership interest limit of our common stock under company charter (as a percent)	5.00%								5.00%
Mr. Ivan Kaufman
Agreements and transactions with related parties
Percentage of our Former Manager's outstanding membership interest of related party in another related party	35.00%								35.00%
Board of Directors
Agreements and transactions with related parties
Number of portfolios of multifamily properties \| item	2								2
Board of Directors \| Ginkgo Investment Company LLC [Member]
Agreements and transactions with related parties
Percentage of managing member														33.00%
Immediate family member of chief executive officer \| Matures in October 2023 [Member] \| Preferred equity interest financing agreement
Agreements and transactions with related parties
Interest income recorded									$ 100
Immediate family member of chief executive officer \| Matures in May 2023 [Member] \| Preferred equity interest financing agreement
Agreements and transactions with related parties
Interest income recorded									100
Immediate family member of chief executive officer \| Preferred equity investments \| Matures in October 2023 [Member]
Agreements and transactions with related parties
Fixed rate of interest (as a percent)		12.00%
Immediate family member of chief executive officer \| Preferred equity investments \| Matures in May 2023 [Member]
Agreements and transactions with related parties
Fixed rate of interest (as a percent)			12.00%
Immediate family member of chief executive officer \| Bridge loans
Agreements and transactions with related parties
Equity participation interest (as a percentage)		21.80%	18.90%								21.80%
Immediate family member of chief executive officer \| Bridge loans \| 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									100
Fixed rate of interest (as a percent)													10.00%
Immediate family member of chief executive officer \| Bridge loans \| Matures in October 2023 [Member] \| LIBOR
Agreements and transactions with related parties
Base spread (as a percent)		5.50%									5.50%
LIBOR floor (as a percentage)		0.75%
Immediate family member of chief executive officer \| Bridge loans \| Matures in May 2023 [Member]
Agreements and transactions with related parties
Base spread (as a percent)			5.50%
LIBOR floor (as a percentage)			0.75%
Immediate family member of chief executive officer \| Bridge Loan Several Multifamily Properties [Member]
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%
Interest income recorded									600
Immediate family member of chief executive officer \| Bridge Loan Several Multifamily Properties [Member] \| LIBOR
Agreements and transactions with related parties
Base spread (as a percent)												4.25%
Lexford Portfolio \| Preferred equity investments
Agreements and transactions with related parties
(Income) loss from equity affiliates										(1,100)
Lexford Portfolio \| Bridge loans \| Maturity Date Of June 2021 [Member]
Agreements and transactions with related parties
Principal amount								$ 280,500
Interest income recorded									200
Maximum exposure under guaranty	$ 610,900								610,900
Number of bridge loans originated \| loan								12
Number of multifamily properties renovated \| property								72
Entity controlled by our chief executive officer
Agreements and transactions with related parties
Reimbursement for flights chartered by the company's executives									100	300
Certain Officers And Managers [Member] \| Mezzanine loans \| Maturity Date January 2024 [Member]
Agreements and transactions with related parties
Fixed rate of interest (as a percent)							10.00%
Certain Officers And Managers [Member] \| Bridge Loan Six Multifamily Properties [Member] \| Maturity Date September 2019 [Member]
Agreements and transactions with related parties
Principal amount															$ 48,000
Number of properties owned \| property															6
Base spread (as a percent)															4.50%
Interest income recorded									$ 100	100
Number of bridge loans paid off \| loan												4		1
Proceeds from repayment in full							$ 10,900					$ 28,300		$ 6,800
Certain Officers And Managers [Member] \| Bridge Loan Six Multifamily Properties [Member] \| Maturity Date September 2019 [Member] \| Minimum
Agreements and transactions with related parties
Percentage of ownership interest of related party in the entity															10.50%
Base spread (as a percent)															0.25%
Certain Officers And Managers [Member] \| Bridge Loan Six Multifamily Properties [Member] \| Maturity Date September 2019 [Member] \| Maximum
Agreements and transactions with related parties
Percentage of ownership interest of related party in the entity															12.00%
Ginkgo Investment Company LLC [Member] \| 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%
Percentage of loan assumption fee														1.00%
Percentage of ownership after transaction									3.60%
Ginkgo Investment Company LLC [Member] \| Maximum \| Fannie Mae
Agreements and transactions with related parties
Servicing revenue									$ 100	$ 100
Consortium Of Affiliated Investors [Member] \| Lexford Portfolio
Agreements and transactions with related parties
Management fee, percentage of gross revenues of underlying properties									4.75%
Real estate investment fund sponsored and managed by Chief executive officer and imediate family member of chief executive officer \| Bridge loans \| Maturity date of March 2024
Agreements and transactions with related parties
Principal amount	$ 63,400								$ 63,400
Interest income recorded									$ 100
Real estate investment fund sponsored and managed by Chief executive officer and imediate family member of chief executive officer \| Bridge loans \| Maturity date of March 2024 \| LIBOR
Agreements and transactions with related parties
Base spread (as a percent)	3.75%								3.75%
LIBOR floor (as a percentage)	0.25%

Segment Information - Statements of Income (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2021 USD ($) item	Mar. 31, 2020 USD ($)	Dec. 31, 2020 item
Segment Information
Interest income	$ 91,144	$ 88,526
Interest expense	42,184	49,982
Net interest income	48,960	38,544
Other revenue:
Gain on sales, including fee-based services, net	28,867	14,305
Mortgage servicing rights	36,936	21,934
Servicing revenue	29,740	25,124
Amortization of MSRs	(14,204)	(11,822)
Property operating income		2,192
Loss on derivative instruments, net	(3,220)	(50,731)
Other income, net	681	1,303
Total other revenue	78,800	2,305
Other expenses:
Employee compensation and benefits	42,974	34,252
Selling and administrative	10,818	11,052
Property operating expenses	143	2,443
Depreciation and amortization	1,755	1,947
Provision for loss sharing (net of recoveries)	1,652	21,537
Provision for credit losses (net of recoveries)	(1,075)	54,382
Total other expenses	56,267	125,613
Income (loss) before extinguishment of debt, sale of real estate, income from equity affiliates and income taxes	71,493	(84,764)
Loss on extinguishment of debt	(1,370)	(1,954)
Gain on sale of real estate	1,228
Income (loss) from equity affiliates	22,251	3,992
(Provision for) benefit from income taxes	(12,492)	14,370
Net income (loss)	81,110	(68,356)
Preferred stock dividends	1,888	1,888
Net income (loss) attributable to noncontrolling interest	9,743	(10,934)
Net income (loss) attributable to common stockholders	$ 69,479	(59,310)
Reporting segments \| item	2		2
Operating segments \| Structured Business
Segment Information
Interest income	$ 83,210	78,477
Interest expense	38,224	43,399
Net interest income	44,986	35,078
Other revenue:
Property operating income		2,192
Loss on derivative instruments, net		(3,000)
Other income, net	681	1,303
Total other revenue	681	495
Other expenses:
Employee compensation and benefits	11,577	10,846
Selling and administrative	4,513	4,450
Property operating expenses	143	2,443
Depreciation and amortization	582	620
Provision for credit losses (net of recoveries)	(1,029)	53,890
Total other expenses	15,786	72,249
Income (loss) before extinguishment of debt, sale of real estate, income from equity affiliates and income taxes	29,881	(36,676)
Loss on extinguishment of debt	(1,370)	(1,954)
Income (loss) from equity affiliates	22,251	3,992
(Provision for) benefit from income taxes	(4,983)	(83)
Net income (loss)	45,779	(34,721)
Preferred stock dividends	1,888	1,888
Net income (loss) attributable to common stockholders	43,891	(36,609)
Operating segments \| Agency Business
Segment Information
Interest income	7,934	10,049
Interest expense	3,960	6,583
Net interest income	3,974	3,466
Other revenue:
Gain on sales, including fee-based services, net	28,867	14,305
Mortgage servicing rights	36,936	21,934
Servicing revenue	29,740	25,124
Amortization of MSRs	(14,204)	(11,822)
Loss on derivative instruments, net	(3,220)	(47,731)
Total other revenue	78,119	1,810
Other expenses:
Employee compensation and benefits	31,397	23,406
Selling and administrative	6,305	6,602
Depreciation and amortization	1,173	1,327
Provision for loss sharing (net of recoveries)	1,652	21,537
Provision for credit losses (net of recoveries)	(46)	492
Total other expenses	40,481	53,364
Income (loss) before extinguishment of debt, sale of real estate, income from equity affiliates and income taxes	41,612	(48,088)
Gain on sale of real estate	1,228
(Provision for) benefit from income taxes	(7,509)	14,453
Net income (loss)	35,331	(33,635)
Net income (loss) attributable to common stockholders	35,331	(33,635)
Other / Eliminations
Other expenses:
Net income (loss) attributable to noncontrolling interest	9,743	(10,934)
Net income (loss) attributable to common stockholders	$ (9,743)	$ 10,934

Segment Information - Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Assets:
Cash and cash equivalents	$ 260,228	$ 339,528	$ 222,330	$ 299,687
Restricted cash	272,039	197,470	$ 304,067	210,875
Loans and investments, net	6,070,337	5,285,868
Loans held-for-sale, net	613,542	986,919
Capitalized mortgage servicing rights, net	406,980	379,974
Securities held-to-maturity, net	92,860	95,524
Investments in equity affiliates	104,406	74,274		$ 74,274
Goodwill and other intangible assets	104,278	105,451
Other assets	206,189	195,978
Total assets	8,130,859	7,660,986
Liabilities:
Debt obligations	6,103,242	5,824,664
Allowance for loss-sharing obligations	65,893	64,303
Other liabilities	291,032	289,334
Total liabilities	6,460,167	6,178,301
Structured Business \| Operating segments
Assets:
Cash and cash equivalents	66,981	172,568
Restricted cash	259,830	188,226
Loans and investments, net	6,070,337	5,285,868
Investments in equity affiliates	104,406	74,274
Goodwill and other intangible assets	12,500	12,500
Other assets	140,187	142,844
Total assets	6,654,241	5,876,280
Liabilities:
Debt obligations	5,564,919	4,872,626
Other liabilities	184,476	203,554
Total liabilities	5,749,395	5,076,180
Agency Business \| Operating segments
Assets:
Cash and cash equivalents	193,247	166,960
Restricted cash	12,209	9,244
Loans held-for-sale, net	613,542	986,919
Capitalized mortgage servicing rights, net	406,980	379,974
Securities held-to-maturity, net	92,860	95,524
Goodwill and other intangible assets	91,778	92,951
Other assets	66,002	53,134
Total assets	1,476,618	1,784,706
Liabilities:
Debt obligations	538,323	952,038
Allowance for loss-sharing obligations	65,893	64,303
Other liabilities	106,556	85,780
Total liabilities	$ 710,772	$ 1,102,121

Segment Information - Origination Data (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($) loan	Mar. 31, 2020 USD ($) loan
Segment Information
Loans committed	$ 6,226,199
Origination Volumes	$ 1,460,135	$ 1,267,219
Loan Sales Data:
Sales margin (fee-based services as a % of loan sales)	1.57%	1.49%
MSR rate (MSR income as a % of loan commitments)	2.53%	1.73%
Structured Business
Segment Information
Total new loan originations	$ 1,087,926	$ 856,229
Loan payoffs / paydowns	233,028	275,292
Loans committed	98,400
Structured Business \| Bridge loans
Segment Information
Total new loan originations	1,005,688	785,122
Structured Business \| Mezzanine loans
Segment Information
Total new loan originations	56,000	14,175
Structured Business \| Preferred equity investments
Segment Information
Total new loan originations		23,500
Structured Business \| Other loans
Segment Information
Total new loan originations	$ 26,238	$ 33,432
Structured Business \| SFR - Fixed Rate \| Bridge loans
Segment Information
Number of loans committed by Entity \| loan	3
Number of loans under the loan portfolio \| loan	18
Total loan commitment	$ 43,300
Structured Business \| SFR - Fixed Rate \| Other loans
Segment Information
Number of loans under the loan portfolio \| loan	1	7
Total loan commitment	$ 26,200	$ 33,400
Agency Business
Segment Information
Origination Volumes	1,397,634	1,081,973
Loan Sales Data:
Loan Sales	1,841,891	957,060
Agency Business \| SFR - Fixed Rate
Loan Sales Data:
Loan Sales	63,298
Agency Business \| Fannie Mae
Segment Information
Origination Volumes	1,063,983	581,973
Loan Sales Data:
Loan Sales	1,437,366	754,044
Agency Business \| Private Label
Segment Information
Origination Volumes	152,454	282,345
Agency Business \| Freddie Mac
Segment Information
Origination Volumes	114,717	199,711
Loan Sales Data:
Loan Sales	274,824	179,703
Agency Business \| FHA
Segment Information
Origination Volumes	66,480	17,944
Loan Sales Data:
Loan Sales	$ 66,403	$ 23,313

Segment Information - Key Servicing Metrics (Details) - Agency Business - MSRs - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Segment Information
UPB of Servicing Portfolio	$ 25,455,082	$ 24,628,456
Wtd. Avg. Servicing Fee Rate (basis points)	0.46%	45.40%
Wtd. Avg. Life of Servicing Portfolio (in years)	9 years	8 years 10 months 24 days
SFR - Fixed Rate
Segment Information
UPB of Servicing Portfolio	$ 63,299
Wtd. Avg. Servicing Fee Rate (basis points)	20.00%
Wtd. Avg. Life of Servicing Portfolio (in years)	6 years 1 month 6 days
Fannie Mae
Segment Information
UPB of Servicing Portfolio	$ 19,073,504	$ 18,268,268
Wtd. Avg. Servicing Fee Rate (basis points)	52.80%	52.30%
Wtd. Avg. Life of Servicing Portfolio (in years)	8 years 3 months 18 days	8 years 2 months 12 days
Freddie Mac
Segment Information
UPB of Servicing Portfolio	$ 4,795,228	$ 4,881,080
Wtd. Avg. Servicing Fee Rate (basis points)	28.30%	27.90%
Wtd. Avg. Life of Servicing Portfolio (in years)	9 years 9 months 18 days	9 years 10 months 24 days
Private Label
Segment Information
UPB of Servicing Portfolio	$ 726,918	$ 726,992
Wtd. Avg. Servicing Fee Rate (basis points)	20.00%	20.00%
Wtd. Avg. Life of Servicing Portfolio (in years)	8 years 8 months 12 days	8 years 8 months 12 days
FHA
Segment Information
UPB of Servicing Portfolio	$ 796,133	$ 752,116
Wtd. Avg. Servicing Fee Rate (basis points)	16.00%	16.30%
Wtd. Avg. Life of Servicing Portfolio (in years)	20 years 8 months 12 days	20 years 3 months 18 days