0001628280-24-044661 | 10-Q | XBRL Viewer

$ 179,906

$ 608,233

$ 419,158

$ 713,808

11,292,647

12,377,806

Other assets

473,241

403,290

^[1]

13,881,458

15,738,636

Securitized debt

5,315,079

6,935,010

Other liabilities

270,349

298,733

^[1]

10,718,081

12,484,031

CLOs and Debt Fund

Assets:

158,650

593,956

6,488,207

7,826,793

Other assets

135,530

193,822

6,782,387

8,614,571

Securitized debt

5,315,079

6,935,010

Other liabilities

17,080

32,867

5,332,159

$ 6,967,877

Unconsolidated VIEs

Assets:

$ 1,057,158

Number of VIEs where the reporting entity is not VIE's primary beneficiary and VIEs have variable interest | entity

Carrying amount of loans and investments before reserves related to VIEs

$ 186,800

Loan loss reserves related to VIEs

88,100

Exposure to real estate debt

4,180,000

Unconsolidated VIEs | Loans

Assets:

Unconsolidated VIEs | APL certificates

857,659

Assets:

Unconsolidated VIEs | Equity investments

135,103

Assets:

Unconsolidated VIEs | B Piece bonds

32,805

Assets:

Unconsolidated VIEs | Agency interest only strips

31,488

Assets:

$ 103

[1]

Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities, or VIEs, as we are the primary beneficiary of these VIEs. At September 30, 2024 and December 31, 2023, assets of our consolidated VIEs totaled $6,782,387 and $8,614,571, respectively, and the liabilities of our consolidated VIEs totaled $5,332,159 and $6,967,877, respectively. See Note 15 for discussion of our VIEs

Agreements and Transactions with Related Parties	9 Months Ended
Agreements and Transactions with Related Parties	Sep. 30, 2024
Related Party Transactions [Abstract]
Agreements and Transactions with Related Parties	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 and seconded employees to the Service Recipients. The Service Recipients reimburse us for the costs of performing such services and the cost of the seconded employees. During the three and nine months ended September 30, 2024, we incurred $0.8 million and $2.6 million, respectively, and, during the three and nine months ended September 30, 2023, we incurred $0.9 million and $2.3 million, respectively, of costs for services provided and employees seconded to the Service Recipients, all of which are reimbursable to us and included in due from related party on the consolidated balance sheets. Other Related Party Transactions. Due from related party was $96.8 million and $64.4 million at September 30, 2024 and December 31, 2023, 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 support and secondment agreements described above. Due to related party was $25.5 million and $13.8 million at September 30, 2024 and December 31, 2023, respectively, and consisted of loan settlements, holdbacks and escrows to be remitted to our affiliated servicing operations related to real estate transactions. Investments in equity affiliates, which represent related parties under GAAP, and their related disclosures, are included in Note 8. In certain instances, our business requires our executives to charter privately owned aircraft in furtherance of our business. We have an aircraft time-sharing agreement with an entity controlled by our chief executive officer that owns a private aircraft. Pursuant to the agreement, we reimburse the aircraft owner for the required costs under Federal Aviation Administration regulations for the flights our executives’ charter. During the three and nine months ended September 30, 2024, we reimbursed the aircraft owner less than $0.1 million and $0.4 million, respectively, and $0.2 million and $0.6 million for the three and nine months ended September 30, 2023, respectively, for the flights chartered by our executives pursuant the agreement. In July 2024, we committed to fund a $62.4 million bridge loan (none of which was funded at September 30, 2024) in an 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 3.34% equity interest in the borrowing entity. The loan has an interest rate of SOFR plus 4.25% with a SOFR floor of 3.50% and matures in July 2027. Interest income recorded from this loan was less than $0.1 million for both the three and nine months ended September 30, 2024. In May 2024, we committed to fund a $42.5 million bridge loan ($3.1 million was funded at September 30, 2024) in an 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 2.28% equity interest in the borrowing entity. The loan has an interest rate of SOFR plus 4.25% with a SOFR floor of 3.50% and matures in May 2027. Interest income recorded from this loan was less than $0.1 million for both the three and nine months ended September 30, 2024. In May 2023, we committed to fund a $56.9 million bridge loan ($40.0 million was funded at September 30, 2024) for an SFR build-to-rent construction project. Two of our officers made minority equity investments totaling $0.5 million, representing approximately 4% of the total equity invested in the project. The loan has an interest rate of SOFR plus 5.50% with a SOFR floor of 3.25% and matures in December 2025, with two six-month extension options. Interest income recorded from this loan was $1.0 million and $1.9 million for the three and nine months ended September 30, 2024, respectively, and $0.1 million and $0.2 million for the three and nine months ended September 30, 2023, respectively. In 2022, we purchased a $46.2 million bridge loan originated by ACM at par ($6.9 million was funded at September 30, 2024) for an SFR build-to-rent construction project. A consortium of investors (which includes, among other unaffiliated investors, certain of our officers with a minority ownership interest) owns 70% of the borrowing entity and an entity indirectly owned and controlled by an immediate family member of our chief executive officer owns 10% of the borrowing entity. The loan has an interest rate of SOFR plus 5.50% and matures in March 2025. Interest income recorded from this loan was $0.2 million and $0.5 million for the three and nine months ended September 30, 2024, respectively, and $0.1 million for both the three and nine months ended September 30, 2023. In 2022, we committed to fund a $67.1 million bridge loan ($22.5 million was funded at September 30, 2024) in an 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 2.25% equity interest in the borrowing entity. The loan has an interest rate of SOFR plus 4.63% with a SOFR floor of 0.25% and matures in May 2025. Interest income recorded from this loan was $0.5 million and $0.9 million for the three and nine months ended September 30, 2024, respectively, and $0.1 million and $0.2 million for the three and nine months ended September 30, 2023, respectively. In 2022, we committed to fund a $39.4 million bridge loan ($24.9 million was funded at September 30, 2024) in an 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 2.25% equity interest in the borrowing entity. The loan has an interest rate of SOFR plus 4.00% with a SOFR floor of 0.25% and matures in March 2025. Interest income recorded from this loan was $0.5 million and $1.2 million for the three and nine months ended September 30, 2024, respectively, and less than $0.1 million and $0.1 million for the three and nine months ended September 30, 2023, respectively. In 2021, we invested $4.2 million for 49.3% interest in a limited liability company (“LLC”) which purchased a retail property for $32.5 million and assumed an existing $26.0 million CMBS loan. A portion of the property can potentially be converted to office space, of which we have the right to occupy, in part. An entity owned by an immediate family member of our chief executive officer also made an investment in the LLC for a 10% ownership, is the managing member and holds the right to purchase our interest in the LLC. In 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 fund has no continued involvement with the property following the purchase. The loan had an interest rate of SOFR plus 3.75% with a SOFR floor of 0.25% and was scheduled to mature in March 2024. In December 2023, the loan was paid off in full. Interest income recorded from this loan was $1.5 million and $4.3 million for the three and nine months ended September 30, 2023, respectively. In 2020, we committed to fund a $32.5 million bridge loan, and made a $3.5 million preferred equity investment in an 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 has an interest rate of SOFR plus 3.75% with a SOFR floor of 0.75% and the preferred equity investment has a 12.00% fixed rate. Both loans were scheduled to mature in December 2023. In November 2023, the bridge loan was upsized to a maximum of $39.9 million ($39.4 million was funded at September 30, 2024) and the maturity on the bridge loan and preferred equity investment were both extended to May 2025. Interest income recorded from these loans was $1.1 million and $3.2 million for the three and nine months ended September 30, 2024, respectively, and $0.8 million and $2.0 million for the three and nine months ended September 30, 2023, respectively. In 2020, we committed to fund a $30.5 million bridge loan and we 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 has an interest rate of SOFR plus 4.25% with a SOFR floor of 1.00% and was scheduled to mature in May 2023 and the preferred equity investment has a 12.00% fixed rate and was scheduled to mature in April 2023. In April 2023, the bridge loan was upsized to a maximum of $38.9 million ($35.2 million was funded at September 30, 2024), and the maturity on both loans was extended to May 2025. Interest income recorded from these loans was $1.1 million and $3.3 million for the three and nine months ended September 30, 2024, respectively, and $1.0 million and $2.5 million for the three and nine months ended September 30, 2023, respectively. In 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. In 2020, we sold the Private Label loan to an unconsolidated affiliate of ours. The mezzanine loan bears interest at a 9.00% fixed rate and matures in April 2030. Interest income recorded from the mezzanine loan was less than $0.1 million and $0.2 million for the three and nine months ended September 30, 2024, respectively, and $0.1 million and $0.2 million for the three and nine months ended September 30, 2023, respectively. We had a $35.0 million bridge loan and a $10.0 million preferred equity interest on an office building. The bridge loan was scheduled to mature in October 2023 and the preferred equity investment was scheduled to mature in June 2027. The day-to-day operations were managed by an affiliated entity of an immediate family member of our chief executive officer. In September 2021, we entered into a forbearance agreement with the borrower on the outstanding bridge loan to defer all interest owed until maturity or early payoff. In the fourth quarter of 2023, we converted these loans in the building to a common equity investment. In 2019, we, along with ACM, certain executives of ours and a consortium of independent outside investors, formed AMAC III, a multifamily-focused commercial real estate investment fund sponsored and managed by our chief executive officer and one of his immediate family members. We committed to a $30.0 million investment ($28.5 million was funded at September 30, 2024) for an 18% interest in AMAC III. During the three and nine months ended September 30, 2024, we recorded a loss associated with this investment of $0.5 million and $1.7 million, respectively, and $0.7 million and $1.6 million for the three and nine months ended September 30, 2023, respectively. We received cash distributions of $1.1 million during the nine months ended September 30, 2023. In 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 2020, for full satisfaction of the mezzanine loan, AMAC III became the owner of the property. Also in 2020, the $34.0 million bridge loan was refinanced with a $35.4 million bridge loan, which bears interest at a rate of SOFR plus 3.50%, and was scheduled to mature in August 2024, which was extended to February 2025. Interest income recorded from the bridge loan was $0.8 million and $2.4 million for the three and nine months ended September 30, 2024, respectively, and $0.8 million and $2.3 million for the three and nine months ended September 30, 2023, respectively. In 2019, we converted an existing bridge loan into a $2.0 million mezzanine loan with a fixed interest rate of 10.00% and a January 2024 maturity. The underlying multifamily property is 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. In January 2024, the maturity was extended to January 2025. Interest income recorded from this loan was less than $0.1 million and $0.2 million for the three and nine months ended September 30, 2024, respectively, and $0.1 million for both the three and nine months ended September 30, 2023. 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 SOFR plus 4.75% with a SOFR floor of 0.25%, and was scheduled to mature in August 2024, which was extended to November 2024. Interest income recorded from the bridge loan was $0.6 million and $1.7 million for the three and nine months ended September 30, 2024, respectively, and $0.6 million and $1.6 million for the three and nine months ended September 30, 2023, respectively. 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 all periods presented. 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 September 30, 2024. In July 2023, the Fannie Mae loan was paid off in full. Servicing revenue recorded from this loan was less than $0.1 million for both the three and nine months ended September 30, 2023. 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. At September 30, 2024, we had an indirect interest of 12.3% in this entity. We recorded a loss of $1.0 million and $0.1 million related to this investment for the three and nine months ended September 30, 2024, respectively, and a loss of $1.3 million and income of $1.3 million for the three and nine months ended September 30, 2023, respectively. During the nine months ended September 30, 2024, we received cash distributions of $7.7 million, and during the three and nine months ended September 30, 2023, we received cash distributions of $7.5 million and $15.0 million, respectively, which were classified as returns of capital. 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 2018, the owners of Lexford restructured part of its debt and we originated 12 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 2018, had interest rates of LIBOR plus 4.00% 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 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 2020, we sold the Private Label loan to an unconsolidated affiliate of ours. Further, as part of this 2018 restructuring, $50.0 million in unsecured financing was provided by an unsecured lender to certain parent entities of the property owners. ACM owns slightly less than half of the unsecured lender entity and, therefore, provided slightly less than half of the unsecured lender financing. In addition, in connection with our equity investment, we received distributions totaling $4.9 million and $9.0 million for the three and nine months ended September 30, 2024, respectively, and $7.2 million for the nine months ended September 30, 2023, which were recorded as income from equity affiliates. Separate from the loans we originated in 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 September 30, 2024, this debt had an aggregate outstanding balance of approximately $500.0 million and is scheduled to mature through 2029. Several of our executives, including our chief financial officer, corporate secretary 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. At September 30, 2024, ACM holds 2,535,870 shares of our common stock and 10,597,566 OP Units, which represents 6.4% 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.

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Subparagraph (SX 210.6-07(2)(g)(3))
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-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
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-Subparagraph (SX 210.6-07(2)(c))
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Loans and Investments - Loan Resolution (Details) $ in Thousands	1 Months Ended				3 Months Ended			9 Months Ended	12 Months Ended
	Jul. 31, 2024 USD ($)	Apr. 30, 2024 USD ($)	Sep. 30, 2023	Apr. 30, 2023 USD ($) loan	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jun. 30, 2023	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Bridge loans, total UPB								$ 629,255	$ 427,929
Loans and investments					$ 11,565,538	$ 12,615,006		11,565,538	$ 12,615,006
Number of loans sold \| loan				4
Sale of Waco Property
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Proceeds from sale of real estate	$ 12,300
Loss on sale of loans	1,000
Savannah Property
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Proceeds from sale of real estate	7,700
Gain on sale of loans	300
Loss on sale of loans	500
Houston Properties
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Proceeds from sale of real estate		$ 101,300
Bridge loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Bridge loans, total UPB		$ 100,300
Bridge loans \| Waco Property
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Bridge loans, total UPB	$ 12,700
Financing receivable, basis spread on variable rate	0.0375
Financing receivable, floor interest rate	0.0010
Financing receivable, after allowance for credit loss	$ 11,300
Loan loss reserves related to VIEs	1,500
Loan reserve	$ 1,000
Bridge loans \| Sale of Waco Property
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Financing receivable, floor interest rate	0.0525
Loans and investments	$ 12,300
Bridge loans \| Savannah Property
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Bridge loans, total UPB	$ 7,300
Financing receivable, basis spread on variable rate	0.0375
Financing receivable, floor interest rate	0.0010
Financing receivable, after allowance for credit loss	$ 6,600
Loan loss reserves related to VIEs	800
Loan reserve	800
Loans and investments	$ 7,300
Financing receivable, fixed interest rate	0.0400
Financing receivable, fixed accrual rate	2.00%
Bridge loans \| Houston Properties
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Variable rate, spread		3.00%
AWC Real Estate Opportunity Partners I LP
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Real estate investments, commitment, amount					9,400
Independent Ownership Groups
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Real estate investments, commitment, amount					11,800
Unconsolidated VIEs
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Loan loss reserves related to VIEs					88,100			88,100
Unconsolidated VIEs \| Houston Properties
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Proceeds from sale of real estate, capitalized amount		$ 15,000			$ 21,200			$ 21,200
Unconsolidated VIEs \| Bridge loans \| Houston Properties
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Short-term debt		$ 95,300
AWC Real Estate Opportunity Partners I LP
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Real estate investments, commitment, amount						$ 24,000
Ownership interest, percentage					49.00%			49.00%
Bridge loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Bridge loans, total UPB				$ 217,400
Financing receivable, fixed interest rate			0.0300		0.0700
Variable rate, spread							3.40%

Agreements and Transactions with Related Parties - 2019 Activity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2021	Dec. 31, 2018
Agreements and Transactions with Related Parties
Interest income	$ 286,522	$ 336,474	$ 905,002	$ 1,000,159
Related Party
Agreements and Transactions with Related Parties
Amount invested							$ 4,200
Other Related Party Transactions \| Bridge loan, six multifamily properties
Agreements and Transactions with Related Parties
UPB converted to a mezzanine loan						$ 2,000
Other Related Party Transactions \| Related Party \| Maturity date of August 2023 \| One multifamily property
Agreements and Transactions with Related Parties
Principal amount					$ 35,400
Other Related Party Transactions \| Related Party \| Bridge loan, one multifamily property \| Maturity date of August 2023
Agreements and Transactions with Related Parties
Principal amount								$ 21,700
Variable rate, spread					3.50%
Other Related Party Transactions \| Related Party \| AMAC III \| Mezzanine Loans
Agreements and Transactions with Related Parties
Principal amount						7,000
Other Related Party Transactions \| Related Party \| AMAC III \| Bridge loan, one multifamily property
Agreements and Transactions with Related Parties
Principal amount						$ 34,000
Other Related Party Transactions \| Chief executive officer \| Mezzanine Loans \| Maturity date of January 2024
Agreements and Transactions with Related Parties
Fixed rate of interest						10.00%
Other Related Party Transactions \| Chief executive officer \| Bridge loan, six multifamily properties \| Maturity date of 2019 \| Minimum
Agreements and Transactions with Related Parties
Percentage of ownership interest of related party in the entity						10.50%
Other Related Party Transactions \| Chief executive officer \| Bridge loan, six multifamily properties \| Maturity date of 2019 \| Maximum
Agreements and Transactions with Related Parties
Percentage of ownership interest of related party in the entity						12.00%
Other Related Party Transactions \| Chief executive officer \| Bridge loan, six multifamily properties \| Maturity date of September 2019
Agreements and Transactions with Related Parties
Interest income	100	100	200	100
AMAC III \| Other Related Party Transactions \| Related Party
Agreements and Transactions with Related Parties
Amount invested	28,500		28,500			$ 30,000
Ownership interest, percentage						18.00%
Interest income	800	800	2,400	2,300
AMAC Holdings III LLC
Agreements and Transactions with Related Parties
Loss on investment	$ 500	$ 700	$ 1,700	1,600
Distribution received				$ 1,100

Mortgage Servicing - Schedule of Product and Geographic Concentration (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($) loan state	Dec. 31, 2023 USD ($) loan state
Mortgage Servicing
Number of bridge loans sold \| loan	4	4
Concentration risk, threshold for disclosure	4.00%	4.00%
MSRs
Mortgage Servicing
Product Concentrations, UPB	$ 33,011,759	$ 30,983,455
MSRs \| Fee-based servicing portfolio
Mortgage Servicing
Product Concentrations, % of Total	100.00%	100.00%
New York \| MSRs \| Fee-based servicing portfolio
Mortgage Servicing
Product Concentrations, % of Total	11.00%	11.00%
Texas \| MSRs \| Fee-based servicing portfolio
Mortgage Servicing
Product Concentrations, % of Total	11.00%	11.00%
North Carolina \| MSRs \| Fee-based servicing portfolio
Mortgage Servicing
Product Concentrations, % of Total	8.00%	8.00%
California \| MSRs \| Fee-based servicing portfolio
Mortgage Servicing
Product Concentrations, % of Total	7.00%	8.00%
Georgia \| MSRs \| Fee-based servicing portfolio
Mortgage Servicing
Product Concentrations, % of Total	6.00%	6.00%
Florida \| MSRs \| Fee-based servicing portfolio
Mortgage Servicing
Product Concentrations, % of Total	6.00%	6.00%
New Jersey \| MSRs \| Fee-based servicing portfolio
Mortgage Servicing
Product Concentrations, % of Total	5.00%	5.00%
Illinois \| MSRs \| Fee-based servicing portfolio
Mortgage Servicing
Product Concentrations, % of Total		4.00%
Other \| MSRs \| Fee-based servicing portfolio
Mortgage Servicing
Product Concentrations, % of Total	46.00%	41.00%
Number of states \| state	0	0
Fannie Mae \| MSRs
Mortgage Servicing
Product Concentrations, UPB	$ 22,526,022	$ 21,264,578
Fannie Mae \| MSRs \| Fee-based servicing portfolio
Mortgage Servicing
Product Concentrations, % of Total	68.00%	69.00%
Freddie Mac \| MSRs
Mortgage Servicing
Product Concentrations, UPB	$ 5,820,026	$ 5,181,933
Freddie Mac \| MSRs \| Fee-based servicing portfolio
Mortgage Servicing
Product Concentrations, % of Total	18.00%	17.00%
Private Label \| MSRs
Mortgage Servicing
Product Concentrations, UPB	$ 2,619,485	$ 2,510,449
Private Label \| MSRs \| Fee-based servicing portfolio
Mortgage Servicing
Product Concentrations, % of Total	8.00%	8.00%
FHA \| MSRs
Mortgage Servicing
Product Concentrations, UPB	$ 1,390,766	$ 1,359,624
FHA \| MSRs \| Fee-based servicing portfolio
Mortgage Servicing
Product Concentrations, % of Total	4.00%	4.00%
Bridge \| MSRs
Mortgage Servicing
Product Concentrations, UPB	$ 380,379	$ 379,425
Bridge \| MSRs \| Fee-based servicing portfolio
Mortgage Servicing
Product Concentrations, % of Total	1.00%	1.00%
SFR - Fixed Rate. \| MSRs
Mortgage Servicing
Product Concentrations, UPB	$ 275,081	$ 287,446
SFR - Fixed Rate. \| MSRs \| Fee-based servicing portfolio
Mortgage Servicing
Product Concentrations, % of Total	1.00%	1.00%

Fair Value - Carrying Value and Estimated Fair Value (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Financial assets:
Loans and investments, net, Principal/Notional Amount	$ 11,565,538	$ 12,615,006
Loans and investments, net	11,292,647	12,377,806
Loans held-for-sale, net, Principal/Notional Amount	326,910	552,325
Loans held-for-sale, net	326,910	552,325
Securities, held-to-maturity, net, Principal/Notional Amount	230,190	230,495
Securities held-to-maturity, net	156,027	155,279
Derivative financial instruments, Principal/Notional Amount	134,688	447,609
Financial liabilities:
Credit and repurchase facilities, Principal/Notional Amount	3,264,033	3,242,939
Credit and repurchase facilities	3,257,719	3,237,827
Securitized debt	5,315,079	6,935,010
Senior unsecured notes	1,246,908	1,333,968
Convertible senior unsecured notes	285,170	283,118
Junior subordinated notes	144,480	143,896
Mortgage notes payable - real estate owned	35,350	44,339
Mortgage notes payable — real estate owned	35,350	44,339
Derivative financial instruments, Principal/Notional Amount	$ 227,478	138,270
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	$ 11,292,647	12,377,806
Loans held-for-sale, net	326,141	551,707
Capitalized mortgage servicing rights, net	376,403	391,254
Securities held-to-maturity, net	156,027	155,279
Derivative financial instruments	1,912	6,547
Financial liabilities:
Credit and repurchase facilities	3,257,719	3,237,827
Securitized debt	5,315,079	6,935,010
Senior unsecured notes	1,246,908	1,333,968
Convertible senior unsecured notes	285,170	283,118
Junior subordinated notes	144,480	143,896
Mortgage notes payable — real estate owned	35,350	44,339
Derivative financial instruments	1,115	1,021
Estimated Fair Value
Financial assets:
Loans and investments, net	11,236,801	12,452,563
Loans held-for-sale, net	334,884	566,451
Capitalized mortgage servicing rights, net	499,630	510,472
Securities held-to-maturity, net	145,000	129,390
Derivative financial instruments	1,912	6,547
Financial liabilities:
Credit and repurchase facilities	3,247,500	3,228,324
Securitized debt	5,281,765	6,864,557
Senior unsecured notes	1,161,256	1,214,331
Convertible senior unsecured notes	292,712	301,156
Junior subordinated notes	107,761	106,444
Mortgage notes payable — real estate owned	35,132	44,103
Derivative financial instruments	1,115	1,021
Securitized debt
Financial liabilities:
Debt face value issued to third parties	5,327,245	6,956,284
Senior unsecured notes
Financial liabilities:
Debt face value issued to third parties	1,255,000	1,345,000
Convertible senior unsecured notes
Financial liabilities:
Debt face value issued to third parties	287,500	287,500
Junior subordinated notes
Financial liabilities:
Debt face value issued to third parties	154,336	154,336
Junior subordinated notes	$ 144,500	$ 143,900

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating activities:
Net income	$ 208,591	$ 290,634
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	6,937	7,297
Stock-based compensation	11,749	12,141
Amortization and accretion of interest and fees, net	(2,186)	(3,084)
Amortization of capitalized mortgage servicing rights	50,817	46,920
Originations of loans held-for-sale	(3,119,339)	(3,619,570)
Proceeds from sales of loans held-for-sale, net of gain on sale	3,339,638	3,607,665
Mortgage servicing rights	(37,928)	(48,769)
Write-off of capitalized mortgage servicing rights from payoffs	5,911	11,764
Provision for loss sharing (net of recoveries)	7,787	12,528
Provision for credit losses (net of recoveries)	64,903	55,047
Net (charge-offs) and recoveries for loss sharing obligations	1,156	(434)
Deferred tax benefit	(8,922)	(6,630)
Income from equity affiliates	(7,388)	(20,694)
Distributions from operations of equity affiliates	17,017	22,507
Change in fair value of held-for-sale loans	(1,113)	(1,634)
Loss on derivative instruments, net	4,711	0
Loss on extinguishment of debt	412	1,561
Payoffs and paydowns of loans held-for-sale	5,116	463
Gain on sale of real estate	(3,813)	0
Changes in operating assets and liabilities	(129,211)	(209,008)
Net cash provided by operating activities	414,845	158,704
Investing Activities:
Loans and investments funded, originated and purchased, net	(912,530)	(1,061,865)
Payoffs and paydowns of loans and investments	1,873,927	2,541,373
Deferred fees	16,176	13,624
Proceeds from sale of real estate, net	14,103	0
Contributions to equity affiliates	(17,845)	(1,029)
Distributions from equity affiliates	11,224	15,552
Payoffs and paydowns of securities held-to-maturity	305	3,544
Investment in real estate, net	(2,526)	0
Due to borrowers and reserves	(36,692)	(92,358)
Net cash provided by investing activities	946,142	1,418,841
Financing activities:
Proceeds from credit and repurchase facilities	6,702,905	6,575,575
Paydowns and payoffs of credit and repurchase facilities	(6,681,812)	(7,033,287)
Payoffs and paydowns of mortgage note payable	(8,953)	(206)
Payoffs and paydowns of securitized debt	(1,629,038)	(856,864)
Proceeds from issuance of common stock	0	193,660
Proceeds from issuance of senior unsecured notes	0	95,000
Payoffs and paydowns of senior unsecured notes	(90,000)	(149,600)
Payments of withholding taxes on net settlement of vested stock	(4,267)	(8,352)
Repurchase of common stock	(11,408)	(37,432)
Distributions to stockholders	(295,891)	(282,029)
Payment of deferred financing costs	(12,284)	(7,719)
Net cash used in financing activities	(2,030,748)	(1,511,254)
Net increase (decrease) in cash, cash equivalents and restricted cash	(669,761)	66,291
Cash, cash equivalents and restricted cash at beginning of period	1,537,207	1,248,165
Cash, cash equivalents and restricted cash at end of period	867,446	1,314,456
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents at beginning of period	928,974	534,357
Restricted cash at beginning of period	608,233	713,808
Cash, cash equivalents and restricted cash at beginning of period	1,537,207	1,248,165
Cash and cash equivalents at end of period	687,540	895,298
Restricted cash at end of period	179,906	419,158
Cash, cash equivalents and restricted cash at end of period	867,446	1,314,456
Supplemental cash flow information:
Cash used to pay interest	611,825	654,108
Cash used to pay taxes	23,735	22,916
Supplemental schedule of non-cash investing and financing activities:
Real estate acquired in settlement of loans and investments, net	169,172	0
Settlement of loans and investments, net of real estate	(168,825)	0
Derecognition of real estate owned	112,987	0
Loan funded in conjunction with real estate sold	(114,850)	0
Distributions accrued on preferred stock	$ 7,010	$ 7,010

Variable Interest Entities

9 Months Ended

Sep. 30, 2024

Variable Interest Entities

Our involvement with VIEs primarily affects our financial performance and cash flows through amounts recorded in interest income, interest expense, provision for loan losses and through activity associated with our derivative instruments.

Consolidated VIEs. We have determined that our operating partnership, ARLP, and our CLO and Q Series securitization entities (“Securitization Entities”) are VIEs, which we consolidate.

Our Securitization Entities invest in real estate and real estate-related securities and are financed by the issuance of debt securities. We believe we hold the power necessary to direct the most significant economic activities of those entities. We also have exposure to losses to the extent of our equity interests and 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 Securitization Entities, prior to the unwind. Our operating results and cash flows include the gross asset and liability amounts related to the Securitization Entities as opposed to our net economic interests in those entities.

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


	September 30, 2024		December 31, 2023
Assets:
Restricted cash	$	158,650	$	593,956
Loans and investments, net	6,488,207		7,826,793
Other assets	135,530		193,822
Total assets	$	6,782,387	$	8,614,571

Liabilities:
Securitized debt	$	5,315,079	$	6,935,010
Other liabilities	17,080		32,867
Total liabilities	$	5,332,159	$	6,967,877

Assets held by the Securitization Entities are restricted and can only be used to settle obligations of those entities. The liabilities of the Securitization Entities 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 Securitization Entities.

Unconsolidated VIEs. We determined that we are not the primary beneficiary of 43 VIEs in which we have a variable interest at September 30, 2024 because we do not have the ability to direct the activities of the VIEs that most significantly impact each entity's economic performance or substantially all of the activities do not involve, or are not conducted on behalf of, the Company.

A summary of our variable interests in identified VIEs, of which we are not the primary beneficiary, at September 30, 2024 is as follows (in thousands):


Type	Carrying Amount (1)
Loans	$	857,659
APL certificates	135,103
Equity investments	32,805
B Piece bonds	31,488
Agency interest only strips	103
Total	$	1,057,158

________________________

(1)Represents the carrying amount of loans and investments before reserves. At September 30, 2024, $186.8 million of loans to VIEs had corresponding specific loan loss reserves of $88.1 million. The maximum loss exposure at September 30, 2024 would not exceed the carrying amount of our investment.

These unconsolidated VIEs have exposure to real estate debt of approximately $4.18 billion at September 30, 2024.

Loans and Investments - Interest Reserves (Details) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($) loan	Dec. 31, 2023 USD ($) loan
Loans and Investments [Abstract]
Interest reserve	$ 200.4	$ 156.1
Number of loans covered under interest reserve \| loan	588	537
Aggregate UPB covered under interest reserve	$ 8,740.0	$ 8,440.0

Real Estate (Tables)

9 Months Ended

Sep. 30, 2024

Real Estate [Abstract]

Schedule of Real Estate Properties

A summary of our REO assets is as follows (in thousands):


	September 30, 2024								December 31, 2023
	Multifamily		Office		Land		Total		Multifamily		Office		Land		Total
Land	$	16,035	$	11,099	$	7,947	$	35,081	$	3,148	$	12,028	$	7,947	$	23,123
Building and intangible assets	64,449		33,916		—		98,365		26,953		42,781		—		69,734

Less: Accumulated depreciation and amortization	(3,218)		(2,302)		—		(5,520)		(2,168)		(3,698)		—		(5,866)
Real estate owned, net	$	77,266	$	42,713	$	7,947	$	127,926	$	27,933	$	51,111	$	7,947	$	86,991

Agreements and Transactions with Related Parties - 2018 Activity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2018
Agreements and Transactions with Related Parties
Interest income	$ 286,522	$ 336,474	$ 905,002	$ 1,000,159
Maturity date of August 2023 \| Bridge loan, one multifamily property \| Other Related Party Transactions \| Related Party
Agreements and Transactions with Related Parties
Principal amount					$ 21,700
Maturity date of August 2023 \| Bridge loans \| Other Related Party Transactions \| Related Party
Agreements and Transactions with Related Parties
Percentage of ownership interest of related party in the entity					75.00%
Interest income	$ 600	$ 600	$ 1,700	$ 1,600
Maturity date of August 2023 \| Bridge loan, several multifamily properties \| Other Related Party Transactions \| Related Party
Agreements and Transactions with Related Parties
Base spread, percentage					4.75%
SOFR floor, percentage					0.25%

Real Estate Owned - Schedule of Real Estate Properties (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Real Estate [Line Items]
Land	$ 35,081	$ 23,123
Building and intangible assets	98,365	69,734
Less: Accumulated depreciation and amortization	(5,520)	(5,866)
Real estate owned, net	127,926	86,991
Multifamily
Real Estate [Line Items]
Land	16,035	3,148
Building and intangible assets	64,449	26,953
Less: Accumulated depreciation and amortization	(3,218)	(2,168)
Real estate owned, net	77,266	27,933
Office
Real Estate [Line Items]
Land	11,099	12,028
Building and intangible assets	33,916	42,781
Less: Accumulated depreciation and amortization	(2,302)	(3,698)
Real estate owned, net	42,713	51,111
Land
Real Estate [Line Items]
Land	7,947	7,947
Building and intangible assets	0	0
Less: Accumulated depreciation and amortization	0	0
Real estate owned, net	$ 7,947	$ 7,947

Securities Held-To-Maturity - Summary of Securities Held-To-Maturity (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Securities Held-to-Maturity
Face Value	$ 230,190		$ 230,495
Net Carrying Value	156,027		155,279
Unrealized Loss	(11,027)		(25,889)
Estimated Fair Value	145,000		129,390
Allowance for Credit Losses	10,564	$ 9,132	6,256	$ 5,943	$ 4,534	$ 3,153
APL certificates
Securities Held-to-Maturity
Face Value	192,791		192,791
Net Carrying Value	133,272		128,865
Unrealized Loss	(20,537)		(31,331)
Estimated Fair Value	112,735		97,534
Allowance for Credit Losses	1,831	2,290	2,272	2,340	3,375	2,783
B Piece bonds
Securities Held-to-Maturity
Face Value	37,399		37,704
Net Carrying Value	22,755		26,414
Unrealized Gain	9,510		5,442
Estimated Fair Value	32,265		31,856
Allowance for Credit Losses	$ 8,733	$ 6,842	$ 3,984	$ 3,603	$ 1,159	$ 370

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

9 Months Ended

Sep. 30, 2024

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 and credit risk. We do not use these derivatives for speculative purposes, but are instead using them to manage our interest rate and credit risk exposure.

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 gain (loss) on derivative instruments, net in the consolidated statements of income. The estimated fair value of rate lock commitments also includes the fair value of the expected net cash flows associated with the servicing of the loan which is recorded as income from MSRs in the consolidated statements of income. During the three and nine months ended September 30, 2024, we recorded net gains of $1.2 million and $0.9 million, respectively, from changes in the fair value of these derivatives and income from MSRs of $13.2 million and $37.9 million, respectively. During the three and nine months ended September 30, 2023, we recorded net losses of $1.0 million and $2.0 million, respectively, from changes in the fair value of these derivatives and income from MSRs of $14.1 million and $48.8 million, respectively. See Note 13 for details.

Treasury Futures and Credit Default Swaps. We enter into over-the-counter treasury futures and credit default swaps to hedge our interest rate and credit risk exposure inherent in (1) our held-for-sale Agency Business Private Label loans from the time the loans are rate locked until sale or securitization, and (2) 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. Our treasury futures typically have a three-month maturity and are tied to the five-year and ten-year treasury rates. Our credit default swaps typically have a five-year maturity, are tied to the credit spreads of the underlying bond issuers and we typically hold our position until we price our Private Label loan securitizations. These instruments do not meet the criteria for hedge accounting, are cleared by a central clearing house and variation margin payments made in cash are treated as a legal settlement of the derivative itself. Our agreements with the counterparties provide for bilateral collateral pledging based on the counterparties' market value. The counterparties have the right to re-pledge the collateral posted, but have the obligation to return the pledged collateral as the market value of the treasury futures change. Our policy is to record the asset and liability positions on a net basis. At September 30, 2024 and December 31, 2023, we had $1.6 million and $1.5 million, respectively, included in others assets, which was comprised of cash posted as collateral of $1.6 million and $1.9 million, respectively, and net liability positions of less than $0.1 million and $0.4 million, respectively, from the fair value of our treasury futures.

During the three months ended September 30, 2024, we recorded realized gains of $0.2 million and unrealized losses of $0.1 million to our Agency Business related to our swaps. During the nine months ended September 30, 2024, we recorded realized losses of $0.3 million and unrealized gains of $0.3 million, to our Agency Business related to our swaps. During the three months ended September 30, 2023, we recorded realized and unrealized gains of $0.4 million and $0.2 million, respectively, to our Agency Business related to our swaps. During the nine months ended September 30, 2023, we recorded realized gains of $1.5 million and unrealized losses of $3.0 million to our Agency Business related to our swaps. The realized and unrealized gains and losses are recorded in gain (loss) on derivative instruments, net.

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


	September 30, 2024
					Fair Value
Derivative	Count	Notional Value		Balance Sheet Location	Derivative Assets		Derivative Liabilities
Rate lock commitments	2	$	25,093	Other assets/other liabilities	$	376	$	(20)
Forward sale commitments	30	337,073		Other assets/other liabilities	1,536		(1,095)
Treasury futures	82	8,200			—		—
		$	370,366		$	1,912	$	(1,115)

	December 31, 2023
Rate lock commitments	3	$	26,800	Other assets/other liabilities	$	428	$	(759)
Forward sale commitments	33	559,079		Other assets/other liabilities	6,119		(262)
Treasury futures	82	8,200			—		—
		$	594,079		$	6,547	$	(1,021)

Equity (Tables)

9 Months Ended

Sep. 30, 2024

Stockholders' Equity Note [Abstract]

Schedule of Dividends Payable

Dividends declared (on a per share basis) during the nine months ended September 30, 2024 are as follows:


Common Stock			Preferred Stock
				Dividend
Declaration Date	Dividend		Declaration Date	Series D		Series E		Series F
February 14, 2024	$	0.43	March 29, 2024	$	0.3984375	$	0.390625	$	0.390625
May 1, 2024	$	0.43	June 28, 2024	$	0.3984375	$	0.390625	$	0.390625
July 31, 2024	$	0.43	September 27, 2024	$	0.3984375	$	0.390625	$	0.390625

Schedule of Earnings Per Share, Basic and Diluted

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


	Three Months Ended September 30,
	2024				2023
	Basic		Diluted		Basic		Diluted
Net income attributable to common stockholders (1)	$	58,175	$	58,175	$	77,924	$	77,924
Net income attributable to noncontrolling interest (2)	—		5,028		—		6,789
Interest expense on convertible notes (3)	—		—		—		6,081
Net income attributable to common stockholders and noncontrolling interest	$	58,175	$	63,203	$	77,924	$	90,794
Weighted average shares outstanding	188,513,832		188,513,832		187,023,395		187,023,395
Dilutive effect of OP Units (2)	—		16,293,589		—		16,293,589
Dilutive effect of convertible notes (3)	—		—		—		17,312,382
Dilutive effect of RSUs (4)	—		539,888		—		699,452
Weighted average shares outstanding	188,513,832		205,347,309		187,023,395		221,328,818
Net income per common share (1)	$	0.31	$	0.31	$	0.42	$	0.41

	Nine Months Ended September 30,
	2024				2023
Net income attributable to common stockholders (1)	$	163,445	$	163,445	$	238,407	$	238,407
Net income attributable to noncontrolling interest (2)	—		14,119		—		21,200
Interest expense on convertible notes (3)	—		—		—		18,244
Net income attributable to common stockholders and noncontrolling interest	$	163,445	$	177,564	$	238,407	$	277,851
Weighted average shares outstanding	188,626,263		188,626,263		183,340,149		183,340,149
Dilutive effect of OP Units (2)	—		16,293,589		—		16,293,589
Dilutive effect of convertible notes (3)	—		—		—		17,271,419
Dilutive effect of RSUs (4)	—		528,627		—		552,242
Weighted average shares outstanding	188,626,263		205,448,479		183,340,149		217,457,399
Net income per common share (1)	$	0.87	$	0.86	$	1.30	$	1.28

________________________

(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)The three and nine months ended September 30, 2024 excludes interest expense of $6.1 million and $18.3 million, respectively, and potentially dilutive shares of 17,512,742 and 17,463,320, respectively, attributable to convertible debt since their effect would have been anti-dilutive.

(4)Our chief executive officer was granted RSUs, which vest at the end of a 4-year performance period based upon our achievement of total stockholder return objectives.

Securities Held-To-Maturity - Rollforward of Allowance (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Changes in the allowance for credit losses
Allowance for credit loss, Beginning balance	$ 9,132	$ 4,534	$ 6,256	$ 3,153
Provision for credit loss expense/(reversal)	1,432	1,409	4,308	2,790
Allowance for credit loss, Ending balance	10,564	5,943	10,564	5,943
APL certificates
Changes in the allowance for credit losses
Allowance for credit loss, Beginning balance	2,290	3,375	2,272	2,783
Provision for credit loss expense/(reversal)	(459)	(1,035)	(441)	(443)
Allowance for credit loss, Ending balance	1,831	2,340	1,831	2,340
B Piece bonds
Changes in the allowance for credit losses
Allowance for credit loss, Beginning balance	6,842	1,159	3,984	370
Provision for credit loss expense/(reversal)	1,891	2,444	4,749	3,233
Allowance for credit loss, Ending balance	$ 8,733	$ 3,603	$ 8,733	$ 3,603

Investments in Equity Affiliates

9 Months Ended

Sep. 30, 2024

Equity Method Investments and Joint Ventures [Abstract]

Investments in Equity Affiliates

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


	Investments in Equity Affiliates at				UPB of Loans to Equity Affiliates at September 30, 2024
Equity Affiliates	September 30, 2024		December 31, 2023
Arbor Residential Investor LLC	$	24,955	$	32,743	$	—
AMAC Holdings III LLC	14,548		13,591		—
Fifth Wall Ventures	14,293		13,365		—
AWC Real Estate Opportunity Partners I LP	13,642		11,671		13,200
ARSR DPREF I LLC	5,474		5,163		—
Lightstone Value Plus REIT L.P.	1,895		1,895		—
The Park at Via Terrossa	612		—		—
Docsumo Pte. Ltd.	450		450		—
JT Prime	425		425		—
West Shore Café	—		—		1,688
Lexford Portfolio	—		—		—
East River Portfolio	—		—		—
Total	$	76,294	$	79,303	$	14,888

Arbor Residential Investor LLC. During the three and nine months ended September 30, 2024, we recorded a loss of $1.0 million and $0.1 million, respectively, and during the three and nine months ended September 30, 2023, we recorded a loss of $1.3 million and income of $1.3 million, respectively, to income from equity affiliates in our consolidated statements of income. Additionally, during the nine months ended September 30, 2024, we received cash distributions of $7.7 million, and during the three and nine months ended September 30, 2023, we received cash distributions of $7.5 million and $15.0 million, respectively, which were classified as returns of capital. At both September 30, 2024 and December 31, 2023, our indirect interest in this business was 12.3%. The allocation of income is based on the underlying agreements, which may be different than our indirect interest, and was 9.2% at both September 30, 2024 and December 31, 2023.

AMAC Holdings III LLC (“AMAC III”). During the nine months ended September 30, 2024, we made contributions of $2.6 million, and during the three and nine months ended September 30, 2024, we recorded a loss of $0.5 million and $1.7 million, respectively. During the nine months ended September 30, 2023, we received cash distributions of $1.1 million, which were classified as returns of capital, and during the three and nine months ended September 30, 2023, recorded a loss of $0.7 million and $1.6 million, respectively.

Fifth Wall Ventures. During the three and nine months ended September 30, 2024, we made contributions of $0.1 million and $0.8 million, respectively, and recorded a loss of $0.3 million and income of $0.1 million, respectively. During the three and nine months ended September 30, 2023, we recorded a loss of $0.8 million and $1.0 million, respectively. We also funded an additional $0.8 million during the nine months ended September 30, 2023.

AWC Real Estate Opportunity Partners I LP. In the fourth quarter of 2023, we committed to a $24.0 million investment (of which $13.0 million was funded at December 31, 2023) for an initial 99.0% noncontrolling limited partnership interest in a fund whose objective is to make investments in sustainable affordable housing structures to minority owners, with the intention to bring in additional partners. In addition, we may acquire an economic interest in the general partner and entered into an agreement with the general partner to provide a loan, up to a maximum of $0.9 million, to fund a portion of their 1.0% general partnership interest, of which $0.3 million was funded at September 30, 2024. In the second quarter of 2024, in accordance with the fund's objectives, AWC brought in an additional capital partner who committed to a $25.0 million investment (of which $16.3 million was funded at September 30, 2024) in exchange for a 51.0% non-controlling limited partnership interest and 17.5% of the general partner's interest in the fund. This new equity partner diluted our limited partnership interest in the fund to a 49.0% non-controlling limited partnership interest. Additionally, in the second quarter, AWC invested $6.3 million for a 42.0% interest in a newly formed entity, which purchased a group of properties in Houston, Texas that were the collateral for a $100.3 million bridge loan that we foreclosed on simultaneously with the sale. We sold the Houston properties for $101.3 million, which was primarily financed with a new $95.3 million bridge loan we provided at SOFR plus 3.00%. See Note 3 for details. In the fourth quarter of 2023, this fund also purchased our equity interest in North Vermont Avenue at a discount for $1.3 million, which was recorded as a reduction to our investment in AWC. The remaining $14.3 million of capital invested in the fund was used to purchase four additional qualified investments and to pay for legal and administrative expenses primarily related to the formation of the fund. We provided a $13.0 million Fannie Mae DUS loan and a $13.2 million bridge loan to the owners of the real estate on two of these investments. During the nine months ended September 30, 2024, we received net capital distributions of $11.2 million, which were classified as returns of capital, and, during the three and nine months ended September 30, 2024, recorded a loss of $0.2 million and $0.4 million, respectively, from our investment in AWC. We also made $5.1 million and $13.6 million of additional contributions to the fund during the three and nine months ended September 30, 2024, respectively. Interest income recorded from the $95.3 million and $13.2 million bridge loans was $2.4 million and $9.0 million for the three and nine months ended September 30, 2024, respectively.

The Park at Via Terrossa. During the nine months ended September 30, 2024, we contributed $0.6 million, for a 4.96% interest in a multifamily property.

Lexford Portfolio. During the three and nine months ended September 30, 2024, we received distributions of $4.9 million and $9.0 million, respectively, and during the nine months ended September 30, 2023, we received distributions of $7.2 million, which were recognized as income from equity affiliates.

Equity Participation Interest. During the three and nine months ended September 30, 2023 we received $3.5 million and $14.5 million, respectively, from an equity participation interests on properties that were sold and which we had loans that previously paid-off, which were recognized as income from equity affiliates.

See Note 18 for details of certain investments described above.

Loans and Investments - Loan Modifications (Details) $ in Thousands		1 Months Ended	3 Months Ended					6 Months Ended	9 Months Ended	12 Months Ended
	Jun. 30, 2024 USD ($) loan	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) loan	Jun. 30, 2024 USD ($) loan	Mar. 31, 2024 USD ($) loan	Dec. 31, 2023 USD ($) loan	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) loan	Sep. 30, 2024 USD ($) loan	Dec. 31, 2023 USD ($) loan
Financing Receivable, Modified [Line Items]
Financing receivable, specific reserve			$ 1,000
Loans and investments, gross			11,565,538			$ 12,615,006			$ 11,565,538	$ 12,615,006
New borrower investments			$ 2,000	$ 4,900	$ 2,000
Rate cap strike price, percentage			5.25%
Total specific reserve			$ 3,500						$ 3,500
Number of impaired loans (less unearned revenue and other holdbacks and adjustments) by asset class \| loan			27			19			27	19
Interest reserve									$ 200,400	$ 156,100
Future funding commitments, modified loans, borrowers experiencing financial difficulty			$ 49,000						$ 49,000
Number of loans modified not pursuant to contract \| loan	8			8				8
Loans modified, not pursuant to contract, amount								$ 212,500
Loan modification, refinancing, and extensions \| loan			0						0	0
Secondary Loan
Financing Receivable, Modified [Line Items]
Financing receivable, net of reserve	$ 4,400		$ 3,500	$ 4,400				4,400	$ 3,500
Loans modified in period, floor interest rate spread			0.0375	0.0375
Senior Lien
Financing Receivable, Modified [Line Items]
Financing receivable, basis spread on variable rate			0.0075	0.0050
Financing receivable, floor interest rate			0.0575	0.0600
Loans modified in period, floor interest rate spread			0.0300	0.0325
Senior Lien \| Senior Position Loan
Financing Receivable, Modified [Line Items]
Financing receivable, net of reserve	32,000		$ 29,000	$ 32,000				32,000	29,000
Financial Asset, Greater Than 60 Days Past Due
Financing Receivable, Modified [Line Items]
Financing receivable, specific reserve				2,500
Loans and investments, gross	32,500			$ 32,500				$ 32,500
Financial Asset, 60 Days Past Due
Financing Receivable, Modified [Line Items]
Financing receivable, specific reserve						$ 5,000
Loans and investments, gross					36,400
Financing receivable, net of reserve						31,400				$ 31,400
Temporary Interest Rate Relief And Extended Maturity, Six Loans \| Financial Asset, Greater Than 60 Days Past Due
Financing Receivable, Modified [Line Items]
Financing receivable, amount modified in period	118,900
Temporary Interest Rate Relief And Extended Maturity, Six Loans \| Financial Asset, Less Than 60 Days Past Due
Financing Receivable, Modified [Line Items]
Financing receivable, amount modified in period	$ 87,500
Temporary Interest Rate Relief
Financing Receivable, Modified [Line Items]
Number of loans modified not pursuant to contract \| loan	5			5				5
Loans modified, not pursuant to contract, amount								$ 123,200
Temporary Interest Rate Relief, Three Loans
Financing Receivable, Modified [Line Items]
Financing receivable, specific reserve				$ 19,200
Number of loans modified not pursuant to contract \| loan	3			3				3
Loans modified, not pursuant to contract, amount				$ 81,000
Temporary Interest Rate Relief, Five Loans
Financing Receivable, Modified [Line Items]
Number of loans modified not pursuant to contract \| loan	5			5				5
Loans modified, not pursuant to contract, amount				$ 131,500
Bridge loans
Financing Receivable, Modified [Line Items]
Financing receivable, fixed interest rate		0.0300	0.0700
Financing receivable, accrual rate		0.0300
Financing receivable, specific reserve					1,500
Loans and investments, gross			$ 11,169,284		$ 13,500	12,273,244	$ 70,500		$ 11,169,284	12,273,244
Loans modified in period, floor interest rate spread					0.0415
Variable rate, spread							3.40%
Fixed interest rate, first twenty four months					0.0825
Fixed interest rate, last twelve months					0.0850
Financing receivable, total fixed rate		0.0600
Financing receivable, total fixed rate, period		18 months
Financing receivable, borrower required funding		$ 10,500
Interest reserve		2,500
Financing receivable, borrower requirement, capital improvements		$ 8,000
Financing receivable, borrower requirement, capital improvements, period		15 months
Bridge loans \| Loan Reduction
Financing Receivable, Modified [Line Items]
Loans and investments, gross					$ 12,500
Multifamily \| Bridge loans
Financing Receivable, Modified [Line Items]
Number of financing receivables modified during the period \| loan			6		16
Financing receivable, amount modified in period			$ 443,600		$ 692,800
Weighted average pay rate	0.0592			0.0730	0.0695
Financing receivable, accrual rate	0.0262			0.0204	0.0186
Loans previously classified as non-performing					$ 712,900
Multifamily \| Bridge loans \| Financial Asset, Greater Than 60 Days Past Due
Financing Receivable, Modified [Line Items]
Loans previously classified as non-performing					12,200
Multifamily \| Bridge loans \| Financial Asset, Less Than 60 Days Past Due
Financing Receivable, Modified [Line Items]
Loans previously classified as non-performing					$ 92,700
Multifamily \| Bridge loans \| Minimum
Financing Receivable, Modified [Line Items]
Financing receivable, basis spread on variable rate			0.0325
Variable rate, spread				3.25%	3.25%
Multifamily \| Bridge loans \| Maximum
Financing Receivable, Modified [Line Items]
Financing receivable, basis spread on variable rate			0.0485
Variable rate, spread				5.25%	4.25%
Multifamily \| Bridge loans \| Temporary Interest Rate Relief And Extended Maturity
Financing Receivable, Modified [Line Items]
Number of financing receivables modified during the period \| loan			17	14
Financing receivable, amount modified in period			$ 678,200	$ 291,900	$ 671,000
Number of financing receivables with extended maturities \| loan				12	15
Multifamily \| Bridge loans \| Temporary Interest Rate Relief And Extended Maturity \| Minimum
Financing Receivable, Modified [Line Items]
Financing receivable modified, weighted average term increase from modification				4 months	12 months
Multifamily \| Bridge loans \| Temporary Interest Rate Relief And Extended Maturity \| Maximum
Financing Receivable, Modified [Line Items]
Financing receivable modified, weighted average term increase from modification				23 months	30 months
Multifamily \| Bridge loans \| Temporary Interest Rate Relief And Extended Maturity, Sixteen Loans
Financing Receivable, Modified [Line Items]
Number of financing receivables modified during the period \| loan			16
Financing receivable, amount modified in period			$ 663,700
Multifamily \| Bridge loans \| Temporary Interest Rate Relief And Extended Maturity, One Loan
Financing Receivable, Modified [Line Items]
Number of financing receivables modified during the period \| loan			1
Financing receivable, amount modified in period			$ 14,500
Multifamily \| Bridge loans \| Temporary Interest Rate Relief And Extended Maturity, Six Loans
Financing Receivable, Modified [Line Items]
Number of financing receivables modified during the period \| loan	6
Financing receivable, amount modified in period	$ 341,900
Multifamily \| Bridge loans \| Temporary Interest Rate Relief And Extended Maturity, Two Loans
Financing Receivable, Modified [Line Items]
Number of financing receivables modified during the period \| loan			2
Financing receivable, amount modified in period			$ 52,900
Financing receivable, specific reserve			$ 4,600
Multifamily \| Bridge loans \| Temporary Interest Rate Relief And Extended Maturity, Thirteen Loans
Financing Receivable, Modified [Line Items]
Number of financing receivables modified during the period \| loan			13
Financing receivable, amount modified in period			$ 586,300
Multifamily \| Bridge loans \| Temporary Interest Rate Relief And Extended Maturity, Thirteen Loans \| Minimum
Financing Receivable, Modified [Line Items]
Financing receivable modified, weighted average term increase from modification			12 months
Multifamily \| Bridge loans \| Temporary Interest Rate Relief And Extended Maturity, Thirteen Loans \| Maximum
Financing Receivable, Modified [Line Items]
Financing receivable modified, weighted average term increase from modification			31 months
Multifamily \| Bridge loans \| Extended Maturity
Financing Receivable, Modified [Line Items]
Number of financing receivables modified during the period \| loan				12
Financing receivable, amount modified in period			$ 206,800	$ 201,900
Financing receivable modified, weighted average term increase from modification			12 months
Number of financing receivables with extended maturities \| loan			3	8
Multifamily \| Bridge loans \| Extended Maturity \| Minimum
Financing Receivable, Modified [Line Items]
Financing receivable modified, weighted average term increase from modification				6 months
Multifamily \| Bridge loans \| Extended Maturity \| Maximum
Financing Receivable, Modified [Line Items]
Financing receivable modified, weighted average term increase from modification				15 months
Multifamily \| Bridge loans \| Temporary Interest Rate Relief And Extended Maturity, Fourteen Loans
Financing Receivable, Modified [Line Items]
Financing receivable, amount modified in period				$ 361,800
Multifamily \| Bridge loans \| Loan Modification, Extended Maturity, Twelve Loans
Financing Receivable, Modified [Line Items]
Financing receivable, amount modified in period				$ 321,700
Multifamily \| Bridge loans \| Temporary Interest Rate Relief, Twenty Three Loans
Financing Receivable, Modified [Line Items]
Number of financing receivables modified during the period \| loan					23
Financing receivable, amount modified in period					$ 1,070,000
Multifamily \| Bridge loans \| Temporary Interest Rate Relief
Financing Receivable, Modified [Line Items]
Number of impaired loans (less unearned revenue and other holdbacks and adjustments) by asset class \| loan					2
Loan loss reserve, specifically impaired loans					$ 7,000
Total UPB, specifically impaired loans					$ 49,600
Multifamily \| Bridge loans \| Extended Maturity
Financing Receivable, Modified [Line Items]
Number of financing receivables modified during the period \| loan					11
Financing receivable, amount modified in period					$ 456,500
Multifamily \| Bridge loans \| Extended Maturity \| Minimum
Financing Receivable, Modified [Line Items]
Financing receivable modified, weighted average term increase from modification					2 months
Multifamily \| Bridge loans \| Extended Maturity \| Maximum
Financing Receivable, Modified [Line Items]
Financing receivable modified, weighted average term increase from modification					19 months
Multifamily \| Bridge loans \| Rate of Interest and Extended Maturity
Financing Receivable, Modified [Line Items]
Financing receivable, amount modified in period						$ 86,900
Financing receivable modified, weighted average term increase from modification						1 year
Variable rate, spread						4.25%
Financing receivable modified, pay rate of interest						$ 500
Multifamily \| Bridge loans \| Interest Deferral, Extended Maturity, And Interest Forgiveness
Financing Receivable, Modified [Line Items]
Number of financing receivables modified during the period \| loan						3
Financing receivable, amount modified in period						$ 241,000
Financing receivable modified, weighted average term increase from modification						1 year
Percentage of deferred interest waived						0.25
Multifamily \| Bridge loans \| Interest Deferral, Extended Maturity, And Interest Forgiveness \| Minimum
Financing Receivable, Modified [Line Items]
Variable rate, spread						4.00%
Percentage of interest foregone						0.0200
Multifamily \| Bridge loans \| Interest Deferral, Extended Maturity, And Interest Forgiveness \| Maximum
Financing Receivable, Modified [Line Items]
Variable rate, spread						4.30%
Percentage of interest foregone						0.0215
Office
Financing Receivable, Modified [Line Items]
Financing receivable, net of reserve						$ 37,100				37,100
Financing receivable, reserve for credit loss						8,000				$ 8,000
Loan reserve						$ 2,300

Capitalized Mortgage Servicing Rights (Tables)

9 Months Ended

Sep. 30, 2024

Summary of Capitalized MSR Activity

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


	Three Months Ended September 30, 2024						Nine Months Ended September 30, 2024
	Originated		Acquired		Total		Originated		Acquired		Total
Beginning balance	$	374,159	$	6,560	$	380,719	$	382,582	$	8,672	$	391,254
Additions	14,476		—		14,476		41,877		—		41,877
Amortization	(16,621)		(678)		(17,299)		(48,593)		(2,224)		(50,817)
Write-downs and payoffs	(1,469)		(24)		(1,493)		(5,321)		(590)		(5,911)
Ending balance	$	370,545	$	5,858	$	376,403	$	370,545	$	5,858	$	376,403

	Three Months Ended September 30, 2023						Nine Months Ended September 30, 2023
Beginning balance	$	383,267	$	11,143	$	394,410	$	386,878	$	14,593	$	401,471
Additions	16,550		—		16,550		49,416		—		49,416
Amortization	(14,988)		(912)		(15,900)		(43,866)		(3,054)		(46,920)
Write-downs and payoffs	(2,400)		(457)		(2,857)		(9,999)		(1,765)		(11,764)
Ending balance	$	382,429	$	9,774	$	392,203	$	382,429	$	9,774	$	392,203

Summary of Expected Amortization of Capitalized MSRs

The expected amortization of capitalized MSRs recorded at September 30, 2024 is as follows (in thousands):


Year	Amortization
2024 (three months ending 12/31/2024)	$	17,557
2025	67,899
2026	62,456
2027	57,942
2028	50,678
Thereafter	119,871
Total	$	376,403

Basis of Presentation and Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The 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 2023 Annual Report.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include our financial statements and the financial statements of our wholly owned subsidiaries, partnerships and other entities in which we have 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	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. The ultimate impact of inflation, currently high interest rate environment, bank failures, tightening of capital markets and reduced property values, both globally and to our business, makes any estimate or assumption at September 30, 2024 inherently less certain.
Reclassification	Reclassification Certain amounts in the prior period financial statements have been reclassified to conform to the presentation of the current period financial statements. Our real estate owned assets and mortgage notes payable previously recorded within other assets and other liabilities on our consolidated balance sheets are now recorded to real estate owned, net and mortgage notes payable - real estate owned for all periods presented.
Recently Issued Accounting Pronouncements Not Yet Adopted	Recently Issued Accounting Pronouncements Not Yet Adopted Accounting Standards Update ("ASU") No. 2023-07 – Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In November 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-07, Improvements to Reportable Segment Disclosures, which expands disclosures about a public entity’s reportable segments and requires more enhanced information about a reportable segment’s expenses, interim segment profit or loss, and how a public entity’s chief operating decision maker uses reported segment profit or loss information in assessing segment performance and allocating resources. The ASU is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We will begin providing the enhanced reportable segment disclosures effective with our Annual Report on Form 10-K for the year ending December 31, 2024. ASU No. 2023-09 – Income Taxes (Topic 740): Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures. The ASU is intended to improve the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the rate reconciliation, as well as income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024 and should be applied on a prospective basis, but retrospective application is permitted. The adoption of this guidance is not expected to have a material impact on our consolidated financial statements. ASU No. 2024-01, Compensation – Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards In March 2024, the FASB issued ASU 2024-01, Scope Application of Profits Interest and Similar Awards, effective in the first quarter of 2025. We currently do not have any transactions that fall under the scope of this ASU; therefore, the adoption is not expected to have an impact on our consolidated financial statements.

Loans and Investments

9 Months Ended

Sep. 30, 2024

Loans and Investments [Abstract]

Loans and Investments

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


	September 30, 2024		Percent of Total		Loan Count	Wtd. Avg. Pay Rate (1)		Wtd. Avg. Remaining Months to Maturity (2)	Wtd. Avg. First Dollar LTV Ratio (3)		Wtd. Avg. Last Dollar LTV Ratio (4)
Bridge loans (5)	$	11,169,284	97	%	702	7.26	%	10.5	0	%	80	%
Mezzanine loans	273,086		2	%	59	7.84	%	50.8	51	%	82	%
Preferred equity investments	120,082		1	%	27	5.27	%	52.2	56	%	80	%
SFR permanent loans	3,086		<1%		1	9.88	%	13.3	0	%	40	%
Total UPB	11,565,538		100	%	789	7.25	%	11.8	2	%	80	%
Allowance for credit losses	(243,588)
Unearned revenue	(29,303)
Loans and investments, net	$	11,292,647

	December 31, 2023
Bridge loans (5)	$	12,273,244	97	%	679	8.45	%	12.0	0	%	78	%
Mezzanine loans	248,457		2	%	49	8.41	%	56.6	48	%	80	%
Preferred equity investments	85,741		1	%	17	3.95	%	60.3	53	%	82	%
SFR permanent loans	7,564		<1%		2	9.84	%	13.9	0	%	56	%
Total UPB	12,615,006		100	%	747	8.42	%	13.2	1	%	78	%
Allowance for credit losses	(195,664)
Unearned revenue	(41,536)
Loans and investments, net	$	12,377,806

________________________

(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 as stated in the individual loan agreements. Certain loans and investments that require an accrual rate to be paid at maturity are not included in the weighted average pay rate as shown in the table.

(2)Including extension options, the weighted average remaining months to maturity at September 30, 2024 and December 31, 2023 was 24.1 and 29.4, respectively.

(3)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.

(4)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.

(5)At September 30, 2024 and December 31, 2023, bridge loans included 425 and 354, respectively, of SFR loans with a total gross loan commitment of $3.75 billion and $2.86 billion, respectively, of which $1.78 billion and $1.32 billion, respectively, was funded.

Concentration of Credit Risk

We are subject to concentration risk in that, at September 30, 2024, the UPB related to 81 loans with 5 different borrowers represented 11% of total assets. At December 31, 2023, the UPB related to 31 loans with five different borrowers represented 11% of total assets. During both the three and nine months ended September 30, 2024 and the year ended December 31, 2023, 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, asset quality, or a borrower's ability to perform under modified loan terms 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 at September 30, 2024, and charge-offs recorded for the nine months ended September 30, 2024 is as follows ($ in thousands):


	UPB by Origination Year												Total			Wtd. Avg. First Dollar LTV Ratio		Wtd. Avg. Last Dollar LTV Ratio
Asset Class / Risk Rating	2024		2023		2022		2021		2020		Prior
Multifamily:
Pass	$	59,347	$	75,239	$	18,600	$	9,346	$	2,010	$	24,841	$	189,383
Pass/Watch	73,598		343,325		1,322,118		862,048		119,860		113,100		2,834,049
Special Mention	123,276		23,457		2,262,487		3,279,171		—		109,385		5,797,776
Substandard	—		658		365,687		178,775		—		6,844		551,964
Doubtful	20,860		—		61,588		95,784		14,800		9,765		202,797
Total Multifamily	$	277,081	$	442,679	$	4,030,480	$	4,425,124	$	136,670	$	263,935	$	9,575,969		2	%	83	%
Single-Family Rental:	Percentage of portfolio												83		%
Pass	$	107,355	$	20,834	$	7,052	$	—	$	—	$	—	$	135,241
Pass/Watch	427,637		369,009		361,725		109,454		37,303		—		1,305,128
Special Mention	5,704		58,949		107,999		84,322		89,218		—		346,192
Total Single-Family Rental	$	540,696	$	448,792	$	476,776	$	193,776	$	126,521	$	—	$	1,786,561		0	%	61	%
Land:	Percentage of portfolio												15		%
Pass	$	10,350	$	—	$	—	$	—	$	—	$	—	$	10,350

Special Mention	—		—		—		—		8,100		—		8,100
Substandard	—		—		—		—		—		127,928		127,928
Total Land	$	10,350	$	—	$	—	$	—	$	8,100	$	127,928	$	146,378		0	%	96	%
Office:	Percentage of portfolio												1		%
Special Mention	$	—	$	—	$	—	$	—	$	35,410	$	—	$	35,410

Total Office	$	—	$	—	$	—	$	—	$	35,410	$	—	$	35,410		0	%	94	%
Retail:	Percentage of portfolio												< 1%


Substandard	$	—	$	—	$	—	$	—	$	—	$	19,520	$	19,520
Total Retail	$	—	$	—	$	—	$	—	$	—	$	19,520	$	19,520		0	%	88	%
Commercial:	Percentage of portfolio												< 1%
Doubtful	$	—	$	—	$	—	$	—	$	—	$	1,700	$	1,700
Total Commercial	$	—	$	—	$	—	$	—	$	—	$	1,700	$	1,700		0	%	100	%
	Percentage of portfolio												< 1%
Grand Total	$	828,127	$	891,471	$	4,507,256	$	4,618,900	$	306,701	$	413,083	$	11,565,538		2	%	80	%

Charge-offs	$	1,722	$	—	$	2,750	$	5,488	$	—	$	—	$	9,960

A summary of the loan portfolio’s internal risk ratings and LTV ratios by asset class at December 31, 2023, and charge-offs recorded during 2023 is as follows ($ in thousands):


	UPB by Origination Year												Total			Wtd. Avg. First Dollar LTV Ratio		Wtd. Avg. Last Dollar LTV Ratio
Asset Class / Risk Rating	2023		2022		2021		2020		2019		Prior
Multifamily:
Pass	$	80,814	$	53,316	$	26,185	$	2,010	$	4,598	$	20,300	$	187,223
Pass/Watch	317,358		2,561,938		2,223,155		119,860		84,600		58,044		5,364,955
Special Mention	24,424		1,762,539		2,631,689		180,750		140,685		350		4,740,437
Substandard	—		435,878		322,987		8,006		—		—		766,871
Doubtful	—		—		13,930		14,800		9,765		—		38,495
Total Multifamily	$	422,596	$	4,813,671	$	5,217,946	$	325,426	$	239,648	$	78,694	$	11,097,981		1	%	80	%
Single-Family Rental:	Percentage of portfolio												88		%
Pass	$	9,709	$	608	$	—	$	—	$	—	$	—	$	10,317
Pass/Watch	289,482		465,057		144,846		119,692		—		—		1,019,077
Special Mention	31,131		45,145		218,697		—		—		—		294,973
Total Single-Family Rental	$	330,322	$	510,810	$	363,543	$	119,692	$	—	$	—	$	1,324,367		0	%	62	%
Land:	Percentage of portfolio												10		%
Pass/Watch	$	—	$	—	$	—	$	4,600	$	—	$	—	$	4,600
Special Mention	—		—		—		3,500		—		—		3,500
Substandard	—		—		—		—		—		127,928		127,928
Total Land	$	—	$	—	$	—	$	8,100	$	—	$	127,928	$	136,028		0	%	97	%
Office:	Percentage of portfolio												1		%
Special Mention	$	—	$	—	$	—	$	35,410	$	—	$	—	$	35,410

Total Office	$	—	$	—	$	—	$	35,410	$	—	$	—	$	35,410		0	%	80	%
Retail:	Percentage of portfolio												< 1%

Substandard	$	—	$	—	$	—	$	—	$	—	$	19,520	$	19,520
Total Retail	$	—	$	—	$	—	$	—	$	—	$	19,520	$	19,520		0	%	88	%
Commercial:	Percentage of portfolio												< 1%
Doubtful	$	—	$	—	$	—	$	—	$	—	$	1,700	$	1,700
Total Commercial	$	—	$	—	$	—	$	—	$	—	$	1,700	$	1,700		63	%	66	%
	Percentage of portfolio												< 1%
Grand Total	$	752,918	$	5,324,481	$	5,581,489	$	488,628	$	239,648	$	227,842	$	12,615,006		1	%	78	%

Charge-offs	$	—	$	—	$	—	$	—	$	—	$	5,700	$	5,700

Geographic Concentration Risk

At September 30, 2024, underlying properties in Texas and Florida represented 24% and 18%, respectively, of the outstanding balance of our loan and investment portfolio. At December 31, 2023, underlying properties in Texas and Florida represented 24% and 17%, respectively, of the outstanding balance of our loan and investment portfolio. 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 September 30, 2024
	Multifamily		Land		Single-Family Rental		Retail		Commercial		Office		Other		Total
Allowance for credit losses:
Beginning balance	$	151,360	$	78,450	$	3,913	$	3,293	$	1,700	$	207	$	—	$	238,923
Provision for credit losses (net of recoveries)	12,121		311		307		—		—		(102)		—		12,637
Charge-offs (1)	(7,972)		—		—		—		—		—		—		(7,972)
Ending balance	$	155,509	$	78,761	$	4,220	$	3,293	$	1,700	$	105	$	—	$	243,588

	Three Months Ended September 30, 2023
Allowance for credit losses:
Beginning balance	$	74,295	$	77,902	$	1,077	$	5,819	$	1,700	$	8,246	$	15	$	169,054
Provision for credit losses (net of recoveries)	14,884		60		162		—		—		(76)		(15)		15,015
Ending balance	$	89,179	$	77,962	$	1,239	$	5,819	$	1,700	$	8,170	$	—	$	184,069

	Nine Months Ended September 30, 2024
Allowance for credit losses:
Beginning balance	$	110,847	$	78,058	$	1,624	$	3,293	$	1,700	$	142	$	—	$	195,664
Provision for credit losses (net of recoveries)	54,622		703		2,596		—		—		(37)		—		57,884
Charge-offs (1)	(9,960)		—		—		—		—		—		—		(9,960)
Ending balance	$	155,509	$	78,761	$	4,220	$	3,293	$	1,700	$	105	$	—	$	243,588

	Nine Months Ended September 30, 2023
Allowance for credit losses:
Beginning balance	$	37,961	$	78,068	$	781	$	5,819	$	1,700	$	8,162	$	68	$	132,559
Provision for credit losses (net of recoveries)	51,218		(106)		458		—		—		8		(68)		51,510
Ending balance	$	89,179	$	77,962	$	1,239	$	5,819	$	1,700	$	8,170	$	—	$	184,069

________________________

(1)Includes $6.3 million of reserves on two multifamily bridge loans that we foreclosed on and took back the underlying collateral as real estate owned ("REO") assets at fair value.

During the three and nine months ended September 30, 2024, we recorded a $12.6 million and a $57.9 million provision for credit losses on our structured portfolio, respectively. The additional provision for credit losses during both periods was primarily attributable to specifically impaired multifamily loans and the impact from the macroeconomic outlook of the commercial real estate market. Our estimate of allowance for credit losses on our structured portfolio, including related unfunded loan commitments, was based on a reasonable and supportable forecast period that reflects recent observable data, including changes in interest rates, unemployment forecasts, inflationary pressures, real estate values and other market factors.

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 is adjusted quarterly and corresponds with the associated outstanding loans. At September 30, 2024 and December 31, 2023, we had outstanding unfunded commitments of $2.01 billion and $1.31 billion, respectively, that we are obligated to fund as borrowers meet certain requirements.

At September 30, 2024 and December 31, 2023, accrued interest receivable related to our loans totaling $144.4 million and $124.2 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):


	September 30, 2024
Asset Class	UPB		Carrying Value (1)		Allowance for Credit Losses		Wtd. Avg. First Dollar LTV Ratio		Wtd. Avg. Last Dollar LTV Ratio
Multifamily	$	473,820	$	452,237	$	62,887	0	%	99	%
Land	134,215		127,868		77,869		0	%	99	%

Retail	19,520		15,058		3,293		0	%	88	%
Commercial	1,700		1,700		1,700		0	%	100	%
Total	$	629,255	$	596,863	$	145,749	0	%	99	%

	December 31, 2023
Multifamily	$	272,494	$	260,291	$	37,750	0	%	100	%
Land	134,215		127,868		77,869		0	%	99	%
Retail	19,520		15,037		3,292		0	%	88	%
Commercial	1,700		1,700		1,700		0	%	100	%
Total	$	427,929	$	404,896	$	120,611	0	%	99	%

________________________

(1)Represents the UPB of twenty-seven and nineteen impaired loans (less unearned revenue and other holdbacks and adjustments) by asset class at September 30, 2024 and December 31, 2023, respectively.

There were no loans for which the fair value of the collateral securing the loan was less than the carrying value of the loan for which we had not recorded a provision for credit loss at September 30, 2024 and December 31, 2023.

Non-performing Loans

Loans are classified as non-performing once the contractual payments exceed 60 days past due. 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. At September 30, 2024, twenty-six loans with an aggregate net carrying value of $557.0 million, net of loan loss reserves of $37.3 million, were classified as non-performing and, at December 31, 2023, sixteen loans with an aggregate net carrying value of $235.6 million, net of related loan loss reserves of $27.1 million, were classified as non-performing.

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


	September 30, 2024				December 31, 2023
	UPB		Carrying Value		UPB		Carrying Value
Multifamily	$	622,746	$	591,682	$	271,532	$	260,129
Commercial	1,700		1,700		1,700		1,700
Retail	920		910		920		910
Total	$	625,366	$	594,292	$	274,152	$	262,739

At both September 30, 2024 and December 31, 2023, we had no loans contractually past due greater than 60 days that are still accruing interest.

Other Non-accrual Loans

In this challenging economic environment, we began experiencing late and partial payments on certain loans in our structured portfolio. For loans that are 60 days past due or less, if we have determined there is reasonable doubt about collectability of all principal and interest, we may classify those loans as non-accrual and recognize interest income only when cash is received. The table below is a summary of those loans that are 60 days past due or less that we have classified as non-accrual, and changes to those loans for the period presented (in thousands).


	Three Months Ended September 30, 2024		Nine Months Ended September 30, 2024
Beginning balance (fourteen and twenty-four multifamily bridge loans, respectively)	$	367,938	$	956,917
Loans that progressed to greater than 60 days past due	(110,399)		(549,249)
Loans modified or paid off (1)	(95,506)		(946,976)
Additional loans that are now less than 60 days past due experiencing late and partial payments	157,194		858,535
Ending balance (ten multifamily bridge loans)	$	319,227	$	319,227

________________________

(1)The modifications included bringing the loans current by paying past due interest owed (see Loan Modifications section below).

There were no non-accrual loans that were 60 days or less past due at September 30, 2023.

During the nine months ended September 30, 2024 and 2023, we recorded $21.6 million and $2.8 million, respectively, of interest income on non-performing and other non-accrual loans.

In addition, we have six loans with a carrying value totaling $121.4 million at September 30, 2024, 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 $112.1 million entitle us to a weighted average accrual rate of interest of 10.36%. 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 September 30, 2024 and December 31, 2023, 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 compliant with all of the terms and conditions of the loans.

Loan Modifications

We may amend or modify loans that involve other-than-insignificant payment delays and provide interest rate reductions and/or extend the maturity dates for borrowers experiencing financial difficulty based on specific facts and circumstances.

During the third quarter of 2024, we modified seventeen multifamily bridge loans with a total UPB of $678.2 million. These loans included sixteen loans with a total UPB of $663.7 million having interest rates with pricing over SOFR ranging from 3.25% to 4.85% and one loan with a UPB of $14.5 million with a 7.00% fixed rate, and maturities between September 2024 to March 2026. As part of the modifications of each of these loans, borrowers invested additional capital to recapitalize their projects in exchange for temporary rate relief, which we provided through a pay and accrual feature. The capital invested by the borrowers was in the form of either, or a combination of: (1) additional deposits into interest, renovation and/or general reserves; (2) the purchase of a new rate cap; (3) a principal paydown of the loan; and (4) bringing any delinquent loans current by paying past due interest owed. In each case, we reduced the pay rate and deferred the remaining portion of the interest payable until payoff. The pay rates were amended to either SOFR, a spread over SOFR or a fixed rate, with the balance of the interest due under the original loan terms being deferred. At September 30, 2024, these modified loans had a weighted average pay rate of 5.92% and a weighted average accrual rate of 2.62%, and the pay rate on six of these modified loans with a UPB of $341.9 million increases from time-to-time throughout the loan maturities. Within these modifications there were: (1) loans with a total UPB of $118.9 million and $87.5 million that were greater than 60 days past due and 60 days or less past due at June 30, 2024, respectively, which are now current in accordance with their modified terms; (2) two loans with a total UPB of $52.9 million that have specific reserves totaling $4.6 million at September 30, 2024; and (3) thirteen loans with a total UPB of $586.3 million that also included a modification to extend the maturity between twelve and thirty-one months.

During the third quarter of 2024, we also modified an additional six multifamily bridge loans with a total UPB of $443.6 million. The modification terms required each borrower to invest additional capital in the form of either, or a combination of: (1) additional deposits into interest, renovation and/or general reserves; (2) the purchase of a new rate cap; (3) a principal paydown of the loan; and (4) bringing

any delinquent loans current by paying past due interest owed. The modifications on three of these loans with a total UPB of $206.8 million included extensions of twelve months.

During the third quarter of 2024, we also modified a $32.5 million loan that was greater than 60 days past due at June 30, 2024. In the second quarter of 2024, we recorded a specific reserve of $2.5 million on this loan. The third quarter modification bifurcated the loan into a $29.0 million senior position with a pay rate of SOFR plus 0.75%, a floor of 5.75% and an accrual rate of SOFR plus 3.00%, and a subordinated loan of $3.5 million with a zero pay rate and an accrual rate of SOFR plus 3.75%. Both of these loans were extended to a maturity of July 2026. In accordance with the modified loan terms, the borrower agreed to invest $2.0 million of equity to fund interest, operating and general reserves and purchase a rate cap for the life of the loans with a strike price of 5.25%. The $3.5 million loan and the accrual rates on both loans, are subordinate to the new borrower equity plus a return on that capital, and, as such, we have not accrued the interest on those portions of the loans. In addition, we recorded an additional specific reserve of $1.0 million at modification, for a total specific reserve of $3.5 million at September 30, 2024, which fully reserves the subordinate loan.

During the second quarter of 2024, we modified fourteen multifamily bridge loans with a total UPB of $361.8 million. These loans contained interest rates with pricing over SOFR ranging from 3.25% to 5.25% and maturities between May 2024 to June 2025. As part of the modifications of each of these loans, borrowers invested additional capital to recapitalize their projects in exchange for temporary rate relief, which we provided through a pay and accrual feature. The capital invested by the borrowers was in the form of either, or a combination of: (1) additional deposits into interest and/or renovation reserves; (2) the purchase of a new rate cap; (3) a principal paydown of the loan and (4) bringing any delinquent loans current by paying past due interest owed. In each case, we reduced the pay rate and deferred the remaining portion of the interest payable until payoff. The pay rates were amended to either SOFR, a spread over SOFR or a fixed rate, with the balance of the interest due under the original loan terms being deferred. At June 30, 2024, these modified loans had a weighted average pay rate of 7.30% and a weighted average accrual rate of 2.04%. These modified loans included: (1) loans with a total UPB of $92.7 million and $12.2 million that were less than 60 days past due and greater than 60 days past due at March 31, 2024, respectively; and (2) twelve loans with a total UPB of $291.9 million that were extended between four and twenty-three months.

During the second quarter of 2024, we also modified twelve multifamily bridge loans with a total UPB of $321.7 million. The modification terms required each borrower to invest additional capital in the form of either, or a combination of: (1) additional deposits into interest and/or renovation reserves; (2) the purchase of a new rate cap; (3) a principal paydown of the loan; and (4) bringing any delinquent loans current by paying past due interest owed. The modifications on eight of these loans with a total UPB of $201.9 million included extensions between six and fifteen months.

During the second quarter of 2024, we modified a $36.4 million loan that was 60 days past due at March 31, 2024. In the fourth quarter of 2023, we recorded a specific reserve of $5.0 million reducing the carry value of this loan to $31.4 million. The second quarter modification bifurcated the loan into a $32.0 million senior position with a pay rate of SOFR plus 0.50%, a floor of 6.00% and an accrual rate of SOFR plus 3.25%, and a subordinated loan of $4.4 million with a zero pay rate and an accrual rate of SOFR plus 3.75%. Both of these loans were extended to a maturity date of April 2027. In accordance with the modified loan terms, the borrower agreed to invest $4.9 million of equity to fund interest, renovation and operating reserves. The $4.4 million loan and the accrual rates on both loans, are subordinate to the new borrower equity plus a return on that capital, and, as such, we decided not to accrue interest on these loans.

In the first quarter of 2024, a borrower of a $13.5 million multifamily bridge loan, with an interest rate of SOFR plus 4.15% and a maturity date in December 2024, defaulted on its interest payments and, as a result, this loan was classified as a non-performing loan. We recorded a specific reserve of $1.5 million on this loan in the first quarter of 2024. In June 2024, the borrower sold the underlying property to a third party who assumed our loan. At the time of the property sale, we entered into a loan modification agreement with the new borrower to reduce the loan amount to $12.5 million, extend the maturity to June 2027 and modify the interest rate to a fixed rate of 8.25% for the first twenty four months and 8.50% for the last twelve months. The new borrower contributed $2.0 million of capital towards a renovation reserve and interest reserve as part of this modification.

During the first quarter of 2024, we modified twenty-three multifamily bridge loans with a total UPB of $1.07 billion. These loans contained interest rates with pricing over SOFR ranging from 3.25% to 4.25% and maturities between April 2024 to August 2025. As part of the modifications of each of these loans, borrowers invested additional capital to recapitalize their projects in exchange for temporary rate relief, which we provided through a pay and accrual feature. The capital invested by the borrowers was in the form of either, or a combination of: (1) additional deposits into interest and/or renovation reserves; (2) the purchase of a new rate cap; (3) a principal paydown of the loan and (4) bringing any delinquent loans current by paying past due interest owed. In each case, we reduced the pay rate and deferred the remaining portion of the interest payable until payoff. The pay rates were amended to either SOFR, a spread over SOFR or a fixed rate, with the balance of the interest due under the original loan terms being deferred. At March 31, 2024, these modified loans had a weighted average pay rate of 6.95% and a weighted average accrual rate of 1.86%. These modified loans included: (1) loans totaling $712.9 million that were less than 60 days past due at December 31, 2023; (2) two specifically impaired loans with a total loan loss

reserve of $7.0 million and a total UPB of $49.6 million; and (3) fifteen loans with a total UPB of $671.0 million that were extended between twelve and thirty months.

During the first quarter of 2024, we also modified sixteen multifamily bridge loans with a total UPB of $692.8 million. The modification terms required each borrower to invest additional capital in the form of either, or a combination of: (1) additional deposits into interest and/or renovation reserves; (2) the purchase of a new rate cap; (3) a principal paydown of the loan; and (4) bringing any delinquent loans current by paying past due interest owed. The modifications on eleven of these loans with a total UPB of $456.5 million included extensions between two and nineteen months.

In the fourth quarter of 2023, we modified an $86.9 million multifamily bridge loan with an interest rate of SOFR plus 4.25% and a maturity in November 2023 to: (1) change the pay rate of interest to SOFR plus available cash flow which has approximated $0.5 million per month, and (2) extend the maturity one year. The remaining interest will be deferred to payoff.

In the fourth quarter of 2023, we modified three multifamily bridge loans with a total UPB of $241.0 million, interest rates over SOFR ranging from 4.00% to 4.30% and maturities between October 2024 to January 2025 to: (1) defer a portion of the foregoing interest ranging from 2.00% to 2.15% to payoff; and (2) extend the maturity of each loan by one year. We also agreed to waive 25% of the deferred interest if the loans are paid off by the extended maturity dates.

In the fourth quarter of 2023, we converted a first mortgage loan and a preferred equity investment in an office building to a common equity investment, which is classified as real estate owned and included in other assets in our consolidated balance sheets. On the date of the conversion, the investment had a net carrying value of $37.1 million, net of an $8.0 million reserve. Upon conversion, we recognized a $2.3 million loan loss recovery as a result of the fair value of the property exceeding the carrying value of our loan and preferred equity investment. We intend to convert the building to residential condominiums.

In the second quarter of 2023, a borrower of a $70.5 million multifamily bridge loan, with an interest rate of SOFR plus 3.40% and a maturity date in September 2024, defaulted on its interest payments and, as a result, this loan was classified as a non-performing loan. In September 2023, the borrower sold the underlying property to a third party who assumed our loan. At the time of the property sale, we entered into a loan modification agreement with the new borrower to extend the maturity to September 2025 and reduce the interest rate to a fixed pay rate of 3.00% and an accrual rate of 3.00% for a total fixed rate of 6.00% for a period of eighteen months, after which the interest rate resumes to the original rate for the duration of the loan. The new borrower was also required to fund $10.5 million over time: $2.5 million in interest reserves, which was funded at the closing of the loan assumption, and $8.0 million in capital improvements within fifteen months. If the new borrower fails to timely complete the required capital improvements, it will be required to fund a renovation reserve at the lesser of: (1) $2.5 million and (2) the difference between the $8.0 million capital commitment and the costs actually incurred for such capital improvements. The key principal is also personally guaranteeing the $8.0 million capital improvement.

At September 30, 2024, we had future funding commitments on modified loans with borrowers experiencing financial difficulty of $49.0 million, which are generally subject to performance covenants that must be met by the borrower to receive funding.

All of the above modified loans were performing pursuant to their contractual terms at September 30, 2024, except for eight loans with a total UPB of $212.5 million which were modified in the first and second quarters of 2024, which includes five loans with a total UPB of $123.2 million that were modified to provide temporary rate relief through a pay and accrual feature. Since these loans are not performing pursuant to their modified terms, these loans are classified as non-accrual loans. Three of these loans with a UPB of $81.0 million have a specific loan loss reserve of $19.2 million. The remaining five loans with a total UPB of $131.5 million have no specific reserves as the estimated fair value of the properties exceeded our carrying value at September 30, 2024.

There were no other material loan modifications, refinancings and/or extensions during the three and nine months ended September 30, 2024 or for the year ended December 31, 2023 for borrowers experiencing financial difficulty.

Loan Resolution

In July 2024, we exercised our right to foreclose on a property in Waco, Texas, that was the underlying collateral for a non-performing bridge loan with a UPB of $12.7 million, an interest rate of SOFR plus 3.75%, with a SOFR floor of 0.10%, and a net carrying value of $11.3 million, which was net of a $1.5 million loan loss reserve. At foreclosure, we recorded a $1.0 million loan loss recovery and charged-off the remaining loan loss reserve. Additionally, we simultaneously sold the property for $12.3 million to a new borrower and provided a new $12.3 million bridge loan with an interest rate of SOFR, with a SOFR floor of 5.25%, which was deemed to be a significant financing component of the transaction. As a result, we recorded a loss and corresponding liability of $1.0 million as an

adjustment to the purchase price which will be accreted into interest income over the life of the loan. The gains and losses of this transaction were recorded through the provision for credit losses (net of recoveries) on the consolidated statements of income.

In July 2024, we exercised our right to foreclose on a property in Savannah, Georgia, that was the underlying collateral for a non-performing bridge loan with a UPB of $7.3 million, an interest rate of SOFR plus 3.75%, with a SOFR floor of 0.10%, and a net carrying value of $6.6 million, which was net of a $0.8 million loan loss reserve. At foreclosure, we recorded a $0.8 million loan loss recovery and a gain of $0.3 million. Additionally, we simultaneously sold the property for $7.7 million to a new borrower and provided a new $7.3 million bridge loan with a fixed pay rate of 4.00% and a fixed accrual rate of 2.00% that is deferred to payoff, which was deemed to be a significant financing component of the transaction. As a result, we recorded a loss and corresponding liability of $0.5 million as an adjustment to the purchase price which will be accreted into interest income over the life of the loan. The gains and losses of this transaction were recorded through the provision for credit losses (net of recoveries).

In April 2024, we exercised our right to foreclose on a group of properties in Houston, Texas, that were the underlying collateral for a bridge loan with a UPB of $100.3 million. We simultaneously sold the properties for $101.3 million to a newly formed entity, which was initially capitalized with $15.0 million of equity and a new $95.3 million bridge loan that we provided at SOFR plus 3.00%. At September 30, 2024, total equity invested was $21.2 million and is made up of $9.4 million from AWC Real Estate Opportunity Partners I LP ("AWC”), a fund in which we have a 49% non-controlling limited partnership interest (see Note 8 for details) and $11.8 million from multiple independent ownership groups. AWC and one of the other equity members are the co-managing members of the entity that owns the real estate. We did not record a loss on the original bridge loan and received all past due interest owed.

In April 2023, we exercised our right to foreclose on a group of properties in Houston, Texas, that are the underlying collateral for four bridge loans with a total UPB of $217.4 million. We simultaneously sold these properties to a significant equity investor in the original bridge loans and provided new bridge loan financing as part of the sale. We did not record a loss on the original bridge loans and recovered all the outstanding interest owed to us as part of this restructuring.

Interest Reserves

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 September 30, 2024 and December 31, 2023, we had total interest reserves of $200.4 million and $156.1 million, respectively, on 588 loans and 537 loans, respectively, with a total UPB of $8.74 billion and $8.44 billion, respectively.

Fair Value - Level 3 Inputs (Details) - Level 3 $ in Thousands	Sep. 30, 2024 USD ($) $ / a
Multifamily
Fair Value
Impaired loans, fair value	$ 389,350
Multifamily \| Capitalization rate
Fair Value
Impaired loans, measurement input	0.0620
Multifamily \| Capitalization rate \| Minimum
Fair Value
Impaired loans, measurement input	0.0575
Multifamily \| Capitalization rate \| Maximum
Fair Value
Impaired loans, measurement input	0.0725
Land
Fair Value
Impaired loans, fair value	$ 49,999
Land \| Discount rate
Fair Value
Impaired loans, measurement input	0.2150
Land \| Revenue growth rate
Fair Value
Impaired loans, measurement input	0.0300
Retail
Fair Value
Impaired loans, fair value	$ 11,765
Retail \| Price per acre
Fair Value
Impaired loans, measurement input \| $ / a	165,128
Rate lock commitments
Fair Value
Derivative financial instruments	$ 376
Rate lock commitments \| Discount rate
Fair Value
Impaired loans, measurement input	0.1337

Loans and Investments - Investment Portfolio and Concentration of Credit Risk (Details) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($) loan	Sep. 30, 2024 USD ($) loan	Dec. 31, 2023 USD ($) loan	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Loans and Investments
Loans and investments, gross	$ 11,565,538	$ 11,565,538	$ 12,615,006
Allowance for credit losses	(243,588)	(243,588)	(195,664)	$ (238,923)		$ (184,069)	$ (169,054)	$ (132,559)
Unearned revenue	(29,303)	(29,303)	(41,536)
Loans and investments, net	$ 11,292,647	$ 11,292,647	$ 12,377,806
Percent of Total	100.00%	100.00%	100.00%
Loan Count \| loan		789	747
Wtd. Avg. Pay Rate (as a percent)		7.25%	8.42%
Wtd. Avg. Remaining Months to Maturity		11 months 24 days	13 months 6 days
Wtd. Avg. First Dollar LTV Ratio (as percent)	2.00%	2.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	80.00%	80.00%
Weighted average remaining months to maturity including extension options	24 months 3 days		29 months 12 days
Single-Family Rental
Loans and Investments
Allowance for credit losses	$ (4,220)	$ (4,220)	$ (1,624)	$ (3,913)		$ (1,239)	(1,077)	$ (781)
Bridge loans
Loans and Investments
Loans and investments, gross	$ 11,169,284	$ 11,169,284	$ 12,273,244		$ 13,500		$ 70,500
Percent of Total	97.00%	97.00%	97.00%
Loan Count \| loan		702	679
Wtd. Avg. Pay Rate (as a percent)		7.26%	8.45%
Wtd. Avg. Remaining Months to Maturity		10 months 15 days	12 months
Wtd. Avg. First Dollar LTV Ratio (as percent)	0.00%	0.00%	0.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	80.00%	80.00%	78.00%
Bridge loans \| Single-Family Rental
Loans and Investments
Number of loans under the loan portfolio \| loan	425	425	354
Total loan commitment		$ 3,750,000	$ 2,860,000
Mezzanine loans
Loans and Investments
Loans and investments, gross	$ 273,086	$ 273,086	$ 248,457
Percent of Total	2.00%	2.00%	2.00%
Loan Count \| loan		59	49
Wtd. Avg. Pay Rate (as a percent)		7.84%	8.41%
Wtd. Avg. Remaining Months to Maturity		50 months 24 days	56 months 18 days
Wtd. Avg. First Dollar LTV Ratio (as percent)	51.00%	51.00%	48.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	82.00%	82.00%	80.00%
Preferred equity investments
Loans and Investments
Loans and investments, gross	$ 120,082	$ 120,082	$ 85,741
Percent of Total	1.00%	1.00%	1.00%
Loan Count \| loan		27	17
Wtd. Avg. Pay Rate (as a percent)		5.27%	3.95%
Wtd. Avg. Remaining Months to Maturity		52 months 6 days	60 months 9 days
Wtd. Avg. First Dollar LTV Ratio (as percent)	56.00%	56.00%	53.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	80.00%	80.00%	82.00%
SFR permanent loans
Loans and Investments
Loans and investments, gross	$ 3,086	$ 3,086	$ 7,564
Percent of Total	1.00%	1.00%	1.00%
Loan Count \| loan		1	2
Wtd. Avg. Pay Rate (as a percent)		9.88%	9.84%
Wtd. Avg. Remaining Months to Maturity		13 months 9 days	13 months 27 days
Wtd. Avg. First Dollar LTV Ratio (as percent)	0.00%	0.00%	0.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	40.00%	40.00%	56.00%
SFR permanent loans \| Single-Family Rental
Loans and Investments
Unpaid principal balance, funded	$ 1,780,000	$ 1,780,000	$ 1,320,000

Mortgage Servicing - Narrative (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Mortgage Servicing
Escrow balance	$ 1,470	$ 1,540
Fee-based servicing portfolio
Mortgage Servicing
Escrow balance	$ 1,520	$ 1,600
MSRs \| Agency Business
Mortgage Servicing
Weighted average servicing fee rate (basis points)	0.38%	0.391%

Debt Obligations (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Summary of Borrowings

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


				September 30, 2024						December 31, 2023
	Current Maturity	Extended Maturity	Note Rate Type	Debt Carrying Value (1)		Collateral Carrying Value		Wtd. Avg. Note Rate		Debt Carrying Value (1)		Collateral Carrying Value
Structured Business
$1.9B joint repurchase facility (2)(3)	Jul. 2025	Jul. 2026	V	$	692,187	$	1,131,634	7.36	%	$	868,077	$	1,371,436
$1B repurchase facility (2)	Aug. 2025	N/A	V	164,403		262,020		7.43	%	385,779		589,533
$1B repurchase facility	(6)	N/A	V	749,244		1,011,816		7.51	%	447,490		597,205
$649M repurchase facility (2)(4)	Oct. 2025	N/A	V	490,019		667,585		7.44	%	355,328		506,753
$400M credit facility	Mar. 2027	N/A	V	131,818		198,666		8.21	%	—		—
$350M repurchase facility	Mar. 2025	Mar. 2026	V	134,009		203,135		7.05	%	262,820		362,465
$250M credit facility (2)	Mar. 2026	(7)	V	140,842		271,985		8.21	%	—		—
$250M repurchase facility	Sept. 2027	(7)	V	—		—		—		—		—
$250M repurchase facility	Jan. 2025	N/A	V	—		—		—		17,964		23,088
$250M credit facility	Oct. 2025	Oct. 2026	V	—		—		—		—		—
$200M repurchase facility	Mar. 2025	N/A	V	110,095		154,402		7.50	%	45,969		68,762
$200M repurchase facility	Jan. 2025	N/A	V	62,253		92,634		6.89	%	107,324		141,130
$150M repurchase facility	Oct. 2025	N/A	V	82,801		110,694		7.95	%	120,610		162,068
$143M loan specific credit facilities	Nov. 2024 to Sept. 2025	Sept. 2026 to Aug. 2027	V	143,117		193,964		7.39	%	120,328		161,700
$100M credit facility	Oct. 2024 (8)	N/A	V	—		—		—		32,579		41,522
$50M credit facility	(9)	N/A	V	—		—		—		29,200		36,500
$40M credit facility	Apr. 2026	Apr. 2027	V	15,550		24,610		7.30	%	—		—
$35M working capital facility	Apr. 2025	N/A	V	—		—		—		—		—
Repurchase facility - securities (2)(5)	N/A	N/A	V	21,962		—		6.64	%	31,033		—
Structured Business total				$	2,938,300	$	4,323,145	7.49	%	$	2,824,501	$	4,062,162

Agency Business
$750M ASAP agreement	N/A	N/A	V	$	17,445	$	17,474	6.31	%	$	73,011	$	73,781
$500M repurchase facility	Nov. 2024	N/A	V	197,646		198,148		6.33	%	115,730		241,895
$200M credit facility	Mar. 2025	N/A	V	73,315		73,563		6.36	%	187,138		187,185
$100M joint repurchase facility (2)(3)	Jul. 2025	Jul. 2026	V	7,921		11,329		7.58	%	7,833		11,350
$100M credit facility	Jan. 2025	N/A	V	17,514		17,550		6.31	%	—		—
$50M credit facility	Sept. 2025	N/A	V	5,245		5,245		6.31	%	29,083		29,418
$1M repurchase facility (2)(4)	Oct. 2025	N/A	V	333		824		7.30	%	531		866
Agency Business total				$	319,419	$	324,133	6.37	%	$	413,326	$	544,495
Consolidated total				$	3,257,719	$	4,647,278	7.38	%	$	3,237,827	$	4,606,657

________________________

V = variable note rate

(1)At September 30, 2024 and December 31, 2023, debt carrying value for the Structured Business was net of unamortized deferred finance costs of $6.1 million and $4.8 million, respectively, and for the Agency Business was net of unamortized deferred finance costs of $0.2 million and $0.3 million, respectively.

(2)These facilities are subject to margin call provisions associated with changes in interest spreads.

(3)In March 2024, this joint repurchase facility was reduced from $3.00 billion to $2.00 billion.

(4)A portion of this facility was used to finance a fixed-rate SFR permanent loan reported through our Agency Business.

(5)At September 30, 2024 and December 31, 2023, this facility was collateralized by certificates retained by us from our Freddie Mac Q Series securitization (“Q Series securitization”) with a principal balance of $31.4 million and $43.1 million, respectively.

(6)The commitment amount under this facility expires six months after the lender provides written notice. We then have an additional six months to repurchase the underlying loans.

(7)We have the ability to extend the maturity of this facility in one-year increments, subject to lender approval.

(8)This facility matured in October 2024 and was not renewed.

(9)In June 2024, we terminated this facility.

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


	Debt						Collateral (3)
							Loans				Cash
September 30, 2024	Face Value		Carrying Value (1)		Wtd. Avg. Rate (2)		UPB		Carrying Value		Restricted Cash (4)
CLO 19	$	785,237	$	782,149	7.47	%	$	925,118	$	924,023	$	16,900
CLO 18	1,555,265		1,552,002		6.88	%	1,938,088		1,936,903		—
CLO 17	1,640,316		1,637,614		6.63	%	1,912,268		1,910,651		52,265
CLO 16	830,087		827,777		6.37	%	1,042,646		1,041,417		30,000

CLO 14	359,142		358,912		6.56	%	466,304		465,894		—
Total CLOs (5)	5,170,047		5,158,454		6.79	%	6,284,424		6,278,888		99,165
Q Series securitization	157,198		156,625		6.96	%	209,598		209,319		—
Total securitized debt	$	5,327,245	$	5,315,079	6.80	%	$	6,494,022	$	6,488,207	$	99,165

December 31, 2023
CLO 19	$	872,812	$	868,359	7.84	%	$	1,031,772	$	1,028,669	$	4,527
CLO 18	1,652,812		1,647,885		7.29	%	1,784,921		1,780,930		244,629
CLO 17	1,714,125		1,709,800		7.14	%	1,870,388		1,865,878		203,938
CLO 16	1,237,500		1,233,769		6.76	%	1,456,872		1,453,297		847
CLO 15 (5)	674,412		673,367		6.82	%	734,120		732,498		42,600
CLO 14 (5)	589,345		588,176		6.82	%	680,814		679,469		33,271


Total CLOs	6,741,006		6,721,356		7.14	%	7,558,887		7,540,741		529,812
Q Series securitization	215,278		213,654		7.38	%	287,038		286,053		—
Total securitized debt	$	6,956,284	$	6,935,010	7.15	%	$	7,845,925	$	7,826,794	$	529,812

________________________

(1)Debt carrying value is net of $11.6 million and $21.3 million of deferred financing fees at September 30, 2024 and December 31, 2023, respectively.

(2)At September 30, 2024 and December 31, 2023, the aggregate weighted average note rate for our collateralized loan obligations ("CLO"), including certain fees and costs, was 7.01% and 7.37%, respectively, and the Q Series securitization was 7.87% and 7.99%, respectively.

(3)At September 30, 2024 and December 31, 2023, twenty-nine and twelve loans, respectively, with a total UPB of $1.09 billion and $308.3 million, respectively, were deemed a "credit risk" as defined by the CLO indentures. A credit risk asset is generally defined as one that, in the CLO collateral manager's reasonable business judgment, has a significant risk of becoming a defaulted asset.

(4)Represents restricted cash held for principal repayments as well as for reinvestment in the CLOs. Excludes restricted cash related to interest payments, delayed fundings and expenses totaling $59.5 million and $63.9 million at September 30, 2024 and December 31, 2023, respectively.

(5)The replenishment periods of CLO 14, CLO 15, CLO 16, CLO 19, CLO 17, and CLO 18 ended in September 2023, December 2023, March 2024, May 2024, June 2024, and August 2024, respectively.

Summary of Senior Unsecured Notes

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


Senior Unsecured Notes	Issuance Date		September 30, 2024						December 31, 2023
		Maturity	UPB		Carrying Value (1)		Wtd. Avg. Rate (2)		UPB		Carrying Value (1)		Wtd. Avg. Rate (2)

7.75% Notes (3)	Mar. 2023	Mar. 2026	$	95,000	$	94,130	7.75	%	$	95,000	$	93,697	7.75	%
8.50% Notes (3)	Oct. 2022	Oct. 2027	150,000		148,410		8.50	%	150,000		148,023		8.50	%
5.00% Notes (3)	Dec. 2021	Dec. 2028	180,000		178,194		5.00	%	180,000		177,875		5.00	%
4.50% Notes (3)	Aug. 2021	Sept. 2026	270,000		268,392		4.50	%	270,000		267,763		4.50	%
5.00% Notes (3)	Apr. 2021	Apr. 2026	175,000		174,003		5.00	%	175,000		173,542		5.00	%
4.50% Notes (3)	Mar. 2020	Mar. 2027	275,000		273,807		4.50	%	275,000		273,444		4.50	%
4.75% Notes (4)	Oct. 2019	Oct. 2024	110,000		109,972		4.75	%	110,000		109,721		4.75	%
5.75% Notes (5)	Mar. 2019	Apr. 2024	—		—		—		90,000		89,903		5.75	%
			$	1,255,000	$	1,246,908	5.39	%	$	1,345,000	$	1,333,968	5.41	%

________________________

(1)At September 30, 2024 and December 31, 2023, the carrying value is net of deferred financing fees of $8.1 million and $11.0 million, respectively.

(2)At September 30, 2024 and December 31, 2023, the aggregate weighted average note rate, including certain fees and costs, was 5.67% and 5.70%, respectively.

(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 within three months prior to 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 the maturity date at a redemption price equal to 100% of the aggregate principal amount, plus accrued and unpaid interest.

(5)In April 2024, these notes matured and were redeemed for cash.

Summary of UPB and Net Carrying Value of Convertible Notes

The UPB and net carrying value of our convertible notes are as follows (in thousands):


Period	UPB		Unamortized Deferred Financing Fees		Net Carrying Value
September 30, 2024	$	287,500	$	2,330	$	285,170

December 31, 2023	$	287,500	$	4,382	$	283,118

Summary of CLO Compliance Tests

Our CLO compliance tests as of the most recent determination dates in October 2024 are as follows:


Cash Flow Triggers	CLO 14		CLO 16		CLO 17		CLO 18		CLO 19
Overcollateralization (1)
Current	133.88	%	129.98	%	123.14	%	124.20	%	121.78	%
Limit	118.76	%	120.21	%	121.51	%	123.03	%	119.30	%
Pass / Fail	Pass		Pass		Pass		Pass		Pass

Interest Coverage (2)
Current	165.86	%	169.06	%	159.44	%	146.99	%	138.81	%
Limit	120.00	%	120.00	%	120.00	%	120.00	%	120.00	%
Pass / Fail	Pass		Pass		Pass		Pass		Pass

________________________

(1)The overcollateralization ratio divides the total principal balance of all collateral in the CLO by the total principal balance of the bonds associated with the applicable ratio. To the extent an asset is considered a defaulted security, the asset’s principal balance for purposes of the overcollateralization test is the lesser of the asset’s market value or the principal balance of the defaulted asset multiplied by the asset’s recovery rate which is determined by the rating agencies. Rating downgrades of CLO collateral will generally not have a direct impact on the principal balance of a CLO asset for purposes of calculating the CLO overcollateralization test unless the rating downgrade is below a significantly low threshold (e.g. CCC-) as defined in each CLO vehicle.

(2)The interest coverage ratio divides interest income by interest expense for the classes senior to those retained by us.

Summary of CLO Overcollateralization Ratios

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


Determination (1)	CLO 14		CLO 16		CLO 17		CLO 18		CLO 19
October 2024	133.88	%	129.98	%	123.14	%	124.20	%	121.78	%
July 2024	132.91	%	127.64	%	121.78	%	123.67	%	119.98	%
April 2024	125.22	%	120.81	%	121.71	%	123.87	%	119.30	%
January 2024	120.00	%	120.81	%	121.71	%	123.87	%	120.30	%
October 2023	119.76	%	121.21	%	122.51	%	124.03	%	120.30	%

________________________

(1)This table 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.

Segment Information (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Schedule of Statement of Income and Balance Sheet by Segment


	Three Months Ended September 30, 2024
	Structured Business		Agency Business		Other (1)		Consolidated
Interest income	$	274,102	$	12,420	$	—	$	286,522
Interest expense	192,945		4,765		—		197,710
Net interest income	81,157		7,655		—		88,812
Other revenue:
Gain on sales, including fee-based services, net	—		18,638		—		18,638
Mortgage servicing rights	—		13,195		—		13,195
Servicing revenue	—		48,441		—		48,441
Amortization of MSRs	—		(17,299)		—		(17,299)
Property operating income	1,507		—		—		1,507
Gain on derivative instruments, net	—		822		—		822
Other income, net	1,364		1,173		—		2,537
Total other revenue	2,871		64,970		—		67,841
Other expenses:
Employee compensation and benefits	16,772		28,109		—		44,881
Selling and administrative	6,345		6,796		—		13,141
Property operating expenses	1,686		—		—		1,686
Depreciation and amortization	1,422		522		—		1,944
Provision for loss sharing (net of recoveries)	—		3,180		—		3,180
Provision for credit losses (net of recoveries)	14,788		1,432		—		16,220
Total other expenses	41,013		40,039		—		81,052
Income before income from equity affiliates and income taxes	43,015		32,586		—		75,601


Income from equity affiliates	3,177		—		—		3,177
Benefit from (provision for) income taxes	2,080		(7,313)		—		(5,233)
Net income	48,272		25,273		—		73,545
Preferred stock dividends	10,342		—		—		10,342
Net income attributable to noncontrolling interest	—		—		5,028		5,028
Net income attributable to common stockholders	$	37,930	$	25,273	$	(5,028)	$	58,175


	Three Months Ended September 30, 2023
	Structured Business		Agency Business		Other (1)		Consolidated
Interest income	$	322,819	$	13,655	$	—	$	336,474
Interest expense	222,996		6,184		—		229,180
Net interest income	99,823		7,471		—		107,294
Other revenue:
Gain on sales, including fee-based services, net	—		18,619		—		18,619
Mortgage servicing rights	—		14,109		—		14,109
Servicing revenue	—		51,363		—		51,363
Amortization of MSRs	—		(15,900)		—		(15,900)
Property operating income	1,450		—		—		1,450
Loss on derivative instruments, net	—		(421)		—		(421)
Other income (loss), net	751		(578)		—		173
Total other revenue	2,201		67,192		—		69,393
Other expenses:
Employee compensation and benefits	12,912		26,898		—		39,810
Selling and administrative	5,291		7,076		—		12,367
Property operating expenses	1,479		—		—		1,479
Depreciation and amortization	1,114		1,172		—		2,286
Provision for loss sharing (net of recoveries)	—		1,679		—		1,679
Provision for credit losses (net of recoveries)	17,243		1,409		—		18,652
Total other expenses	38,039		38,234		—		76,273
Income before extinguishment of debt, income from equity affiliates and income taxes	63,985		36,429		—		100,414
Loss on extinguishment of debt	(314)		—		—		(314)
Income from equity affiliates	809		—		—		809
Benefit from (provision for) income taxes	1,078		(6,932)		—		(5,854)
Net income	65,558		29,497		—		95,055
Preferred stock dividends	10,342		—		—		10,342
Net income attributable to noncontrolling interest	—		—		6,789		6,789
Net income attributable to common stockholders	$	55,216	$	29,497	$	(6,789)	$	77,924


	Nine Months Ended September 30, 2024
	Structured Business		Agency Business		Other (1)		Consolidated
Interest income	$	864,067	$	40,935	$	—	$	905,002
Interest expense	608,607		16,006		—		624,613
Net interest income	255,460		24,929		—		280,389
Other revenue:
Gain on sales, including fee-based services, net	—		52,752		—		52,752
Mortgage servicing rights	—		37,928		—		37,928
Servicing revenue	—		143,394		—		143,394
Amortization of MSRs	—		(50,817)		—		(50,817)
Property operating income	4,521		—		—		4,521
Loss on derivative instruments, net	—		(4,711)		—		(4,711)
Other income, net	5,641		1,314		—		6,955
Total other revenue	10,162		179,860		—		190,022
Other expenses:
Employee compensation and benefits	51,123		84,288		—		135,411
Selling and administrative	18,969		20,928		—		39,897
Property operating expenses	4,948		—		—		4,948
Depreciation and amortization	4,070		2,867		—		6,937
Provision for loss sharing (net of recoveries)	—		7,787		—		7,787
Provision for credit losses (net of recoveries)	60,594		4,309		—		64,903
Total other expenses	139,704		120,179		—		259,883
Income before extinguishment of debt, sale of real estate, income from equity affiliates and income taxes	125,918		84,610		—		210,528
Loss on extinguishment of debt	(412)		—		—		(412)
Gain on sale of real estate	3,813		—		—		3,813
Income from equity affiliates	7,388		—		—		7,388
Benefit from (provision for) income taxes	2,864		(15,590)		—		(12,726)
Net income	139,571		69,020		—		208,591
Preferred stock dividends	31,027		—		—		31,027
Net income attributable to noncontrolling interest	—		—		14,119		14,119
Net income attributable to common stockholders	$	108,544	$	69,020	$	(14,119)	$	163,445


	Nine Months Ended September 30, 2023
	Structured Business		Agency Business		Other (1)		Consolidated
Interest income	$	962,301	$	37,858	$	—	$	1,000,159
Interest expense	658,856		16,893		—		675,749
Net interest income	303,445		20,965		—		324,410
Other revenue:
Gain on sales, including fee-based services, net	—		55,795		—		55,795
Mortgage servicing rights	—		48,769		—		48,769
Servicing revenue	—		144,296		—		144,296
Amortization of MSRs	—		(46,920)		—		(46,920)
Property operating income	4,261		—		—		4,261
Loss on derivative instruments, net	—		(3,582)		—		(3,582)
Other income, net	3,420		1,679		—		5,099
Total other revenue	7,681		200,037		—		207,718
Other expenses:
Employee compensation and benefits	41,991		81,527		—		123,518
Selling and administrative	17,835		20,739		—		38,574
Property operating expenses	4,227		—		—		4,227
Depreciation and amortization	3,779		3,518		—		7,297
Provision for loss sharing (net of recoveries)	—		12,528		—		12,528
Provision for credit losses (net of recoveries)	52,257		2,790		—		55,047
Total other expenses	120,089		121,102		—		241,191
Income before extinguishment of debt, income from equity affiliates and income taxes	191,037		99,900		—		290,937
Loss on extinguishment of debt	(1,561)		—		—		(1,561)
Income from equity affiliates	20,694		—		—		20,694
Benefit from (provision for) income taxes	307		(19,743)		—		(19,436)
Net income	210,477		80,157		—		290,634
Preferred stock dividends	31,027		—		—		31,027
Net income attributable to noncontrolling interest	—		—		21,200		21,200
Net income attributable to common stockholders	$	179,450	$	80,157	$	(21,200)	$	238,407

________________________

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


	September 30, 2024
	Structured Business		Agency Business		Consolidated
Assets:
Cash and cash equivalents	$	212,588	$	474,952	$	687,540
Restricted cash	161,892		18,014		179,906
Loans and investments, net	11,292,647		—		11,292,647
Loans held-for-sale, net	—		326,141		326,141
Capitalized mortgage servicing rights, net	—		376,403		376,403
Securities held-to-maturity, net	—		156,027		156,027
Investments in equity affiliates	76,294		—		76,294
Real estate owned, net	127,926		—		127,926
Goodwill and other intangible assets	12,500		76,010		88,510
Other assets and due from related party	484,921		85,143		570,064
Total assets	$	12,368,768	$	1,512,690	$	13,881,458

Liabilities:
Debt obligations	$	9,965,287	$	319,419	$	10,284,706
Allowance for loss-sharing obligations	—		80,577		80,577
Other liabilities and due to related parties	270,830		81,968		352,798
Total liabilities	$	10,236,117	$	481,964	$	10,718,081

	December 31, 2023
Assets:
Cash and cash equivalents	$	619,487	$	309,487	$	928,974
Restricted cash	595,342		12,891		608,233
Loans and investments, net	12,377,806		—		12,377,806
Loans held-for-sale, net	—		551,707		551,707
Capitalized mortgage servicing rights, net	—		391,254		391,254
Securities held-to-maturity, net	—		155,279		155,279
Investments in equity affiliates	79,303		—		79,303
Real estate owned, net	86,991		—		86,991
Goodwill and other intangible assets	12,500		78,878		91,378
Other assets and due from related party	453,073		101,629		467,711
Total assets	$	14,224,502	$	1,601,125	$	15,738,636

Liabilities:
Debt obligations	$	11,520,492	$	413,327	$	11,933,819
Allowance for loss-sharing obligations	—		71,634		71,634
Other liabilities and due to related parties	369,588		108,990		478,578
Total liabilities	$	11,890,080	$	593,951	$	12,484,031

Schedule of Origination Data and Loans Sales Data By Segment


	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Origination Data:
Structured Business
Bridge:
Multifamily	$	14,500		$	92,000		$	73,385		$	376,630
SFR	239,064			140,379			596,054			325,432
Land	—			—			10,350			—
	253,564			232,379			679,789			702,062

Mezzanine / Preferred Equity	4,900			7,779			61,713			15,124
Total New Loan Originations	$	258,464		$	240,158		$	741,502		$	717,186

Number of Loans Originated	38			42			142			92

Commitments:
SFR	$	374,070		$	429,452		$	1,062,947		$	683,984
Construction - Multifamily	47,000			—			47,000			—
Total Commitments	$	421,070		$	429,452		$	1,109,947		$	683,984

Loan Runoff	$	521,341		$	664,792		$	1,791,000		$	2,536,661

Agency Business
Origination Volumes by Investor:
Fannie Mae	$	616,211		$	721,398		$	1,817,364		$	2,596,329
Freddie Mac	378,809			339,241			1,095,732			658,457
Private Label	74,162			67,965			124,286			159,328
FHA	27,457			19,215			27,457			230,707
SFR - Fixed Rate	—			2,030			27,314			19,328
Total New Loan Originations	$	1,096,639		$	1,149,849		$	3,092,153		$	3,664,149
Total Loan Commitment Volume	$	1,056,490		$	1,211,347		$	3,090,446		$	3,844,769

Agency Business Loan Sales Data:
Fannie Mae	$	655,851		$	837,132		$	2,112,986		$	2,511,978
Freddie Mac	356,300			337,507			1,018,900			581,306
Private Label	74,162			67,965			124,286			300,713
FHA	32,664			24,057			56,152			201,915
SFR - Fixed Rate	—			8,759			27,314			22,931
Total Loan Sales	$	1,118,977		$	1,275,420		$	3,339,638		$	3,618,843
Sales Margin (fee-based services as a % of loan sales)	1.67		%	1.46		%	1.58		%	1.54		%
MSR Rate (MSR income as a % of loan commitments)	1.25		%	1.16		%	1.23		%	1.27		%

Schedule of Key Servicing Metrics for Agency Business


	September 30, 2024
Key Servicing Metrics for Agency Business:	Servicing Portfolio UPB		Wtd. Avg. Servicing Fee Rate (basis points)	Wtd. Avg. Life of Portfolio (years)
Fannie Mae	$	22,526,022	46.6	6.6
Freddie Mac	5,820,026		21.9	7.1
Private Label	2,619,485		18.7	5.8
FHA	1,390,766		14.2	18.9
Bridge	380,379		10.9	3.0
SFR - Fixed Rate	275,081		20.1	4.6
Total	$	33,011,759	38.0	7.1

	December 31, 2023
Fannie Mae	$	21,264,578	47.4	7.4
Freddie Mac	5,181,933		24.0	8.5
Private Label	2,510,449		19.5	6.7
FHA	1,359,624		14.4	19.2
Bridge	379,425		10.9	3.2
SFR - Fixed Rate	287,446		20.1	5.1
Total	$	30,983,455	39.1	8.0

Loans and Investments (Tables)

9 Months Ended

Sep. 30, 2024

Loans and Investments [Abstract]

Summary of Structured Business Loan and Investment Portfolio

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


	September 30, 2024		Percent of Total		Loan Count	Wtd. Avg. Pay Rate (1)		Wtd. Avg. Remaining Months to Maturity (2)	Wtd. Avg. First Dollar LTV Ratio (3)		Wtd. Avg. Last Dollar LTV Ratio (4)
Bridge loans (5)	$	11,169,284	97	%	702	7.26	%	10.5	0	%	80	%
Mezzanine loans	273,086		2	%	59	7.84	%	50.8	51	%	82	%
Preferred equity investments	120,082		1	%	27	5.27	%	52.2	56	%	80	%
SFR permanent loans	3,086		<1%		1	9.88	%	13.3	0	%	40	%
Total UPB	11,565,538		100	%	789	7.25	%	11.8	2	%	80	%
Allowance for credit losses	(243,588)
Unearned revenue	(29,303)
Loans and investments, net	$	11,292,647

	December 31, 2023
Bridge loans (5)	$	12,273,244	97	%	679	8.45	%	12.0	0	%	78	%
Mezzanine loans	248,457		2	%	49	8.41	%	56.6	48	%	80	%
Preferred equity investments	85,741		1	%	17	3.95	%	60.3	53	%	82	%
SFR permanent loans	7,564		<1%		2	9.84	%	13.9	0	%	56	%
Total UPB	12,615,006		100	%	747	8.42	%	13.2	1	%	78	%
Allowance for credit losses	(195,664)
Unearned revenue	(41,536)
Loans and investments, net	$	12,377,806

________________________

(2)Including extension options, the weighted average remaining months to maturity at September 30, 2024 and December 31, 2023 was 24.1 and 29.4, respectively.

Schedule of the Loan Portfolio's Internal Risk Ratings and LTV Ratios by Asset Class


	UPB by Origination Year												Total			Wtd. Avg. First Dollar LTV Ratio		Wtd. Avg. Last Dollar LTV Ratio
Asset Class / Risk Rating	2024		2023		2022		2021		2020		Prior
Multifamily:
Pass	$	59,347	$	75,239	$	18,600	$	9,346	$	2,010	$	24,841	$	189,383
Pass/Watch	73,598		343,325		1,322,118		862,048		119,860		113,100		2,834,049
Special Mention	123,276		23,457		2,262,487		3,279,171		—		109,385		5,797,776
Substandard	—		658		365,687		178,775		—		6,844		551,964
Doubtful	20,860		—		61,588		95,784		14,800		9,765		202,797
Total Multifamily	$	277,081	$	442,679	$	4,030,480	$	4,425,124	$	136,670	$	263,935	$	9,575,969		2	%	83	%
Single-Family Rental:	Percentage of portfolio												83		%
Pass	$	107,355	$	20,834	$	7,052	$	—	$	—	$	—	$	135,241
Pass/Watch	427,637		369,009		361,725		109,454		37,303		—		1,305,128
Special Mention	5,704		58,949		107,999		84,322		89,218		—		346,192
Total Single-Family Rental	$	540,696	$	448,792	$	476,776	$	193,776	$	126,521	$	—	$	1,786,561		0	%	61	%
Land:	Percentage of portfolio												15		%
Pass	$	10,350	$	—	$	—	$	—	$	—	$	—	$	10,350

Special Mention	—		—		—		—		8,100		—		8,100
Substandard	—		—		—		—		—		127,928		127,928
Total Land	$	10,350	$	—	$	—	$	—	$	8,100	$	127,928	$	146,378		0	%	96	%
Office:	Percentage of portfolio												1		%
Special Mention	$	—	$	—	$	—	$	—	$	35,410	$	—	$	35,410

Total Office	$	—	$	—	$	—	$	—	$	35,410	$	—	$	35,410		0	%	94	%
Retail:	Percentage of portfolio												< 1%


Substandard	$	—	$	—	$	—	$	—	$	—	$	19,520	$	19,520
Total Retail	$	—	$	—	$	—	$	—	$	—	$	19,520	$	19,520		0	%	88	%
Commercial:	Percentage of portfolio												< 1%
Doubtful	$	—	$	—	$	—	$	—	$	—	$	1,700	$	1,700
Total Commercial	$	—	$	—	$	—	$	—	$	—	$	1,700	$	1,700		0	%	100	%
	Percentage of portfolio												< 1%
Grand Total	$	828,127	$	891,471	$	4,507,256	$	4,618,900	$	306,701	$	413,083	$	11,565,538		2	%	80	%

Charge-offs	$	1,722	$	—	$	2,750	$	5,488	$	—	$	—	$	9,960

A summary of the loan portfolio’s internal risk ratings and LTV ratios by asset class at December 31, 2023, and charge-offs recorded during 2023 is as follows ($ in thousands):


	UPB by Origination Year												Total			Wtd. Avg. First Dollar LTV Ratio		Wtd. Avg. Last Dollar LTV Ratio
Asset Class / Risk Rating	2023		2022		2021		2020		2019		Prior
Multifamily:
Pass	$	80,814	$	53,316	$	26,185	$	2,010	$	4,598	$	20,300	$	187,223
Pass/Watch	317,358		2,561,938		2,223,155		119,860		84,600		58,044		5,364,955
Special Mention	24,424		1,762,539		2,631,689		180,750		140,685		350		4,740,437
Substandard	—		435,878		322,987		8,006		—		—		766,871
Doubtful	—		—		13,930		14,800		9,765		—		38,495
Total Multifamily	$	422,596	$	4,813,671	$	5,217,946	$	325,426	$	239,648	$	78,694	$	11,097,981		1	%	80	%
Single-Family Rental:	Percentage of portfolio												88		%
Pass	$	9,709	$	608	$	—	$	—	$	—	$	—	$	10,317
Pass/Watch	289,482		465,057		144,846		119,692		—		—		1,019,077
Special Mention	31,131		45,145		218,697		—		—		—		294,973
Total Single-Family Rental	$	330,322	$	510,810	$	363,543	$	119,692	$	—	$	—	$	1,324,367		0	%	62	%
Land:	Percentage of portfolio												10		%
Pass/Watch	$	—	$	—	$	—	$	4,600	$	—	$	—	$	4,600
Special Mention	—		—		—		3,500		—		—		3,500
Substandard	—		—		—		—		—		127,928		127,928
Total Land	$	—	$	—	$	—	$	8,100	$	—	$	127,928	$	136,028		0	%	97	%
Office:	Percentage of portfolio												1		%
Special Mention	$	—	$	—	$	—	$	35,410	$	—	$	—	$	35,410

Total Office	$	—	$	—	$	—	$	35,410	$	—	$	—	$	35,410		0	%	80	%
Retail:	Percentage of portfolio												< 1%

Substandard	$	—	$	—	$	—	$	—	$	—	$	19,520	$	19,520
Total Retail	$	—	$	—	$	—	$	—	$	—	$	19,520	$	19,520		0	%	88	%
Commercial:	Percentage of portfolio												< 1%
Doubtful	$	—	$	—	$	—	$	—	$	—	$	1,700	$	1,700
Total Commercial	$	—	$	—	$	—	$	—	$	—	$	1,700	$	1,700		63	%	66	%
	Percentage of portfolio												< 1%
Grand Total	$	752,918	$	5,324,481	$	5,581,489	$	488,628	$	239,648	$	227,842	$	12,615,006		1	%	78	%

Charge-offs	$	—	$	—	$	—	$	—	$	—	$	5,700	$	5,700

Schedule of the Changes in the Allowance for Credit Losses

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


	Three Months Ended September 30, 2024
	Multifamily		Land		Single-Family Rental		Retail		Commercial		Office		Other		Total
Allowance for credit losses:
Beginning balance	$	151,360	$	78,450	$	3,913	$	3,293	$	1,700	$	207	$	—	$	238,923
Provision for credit losses (net of recoveries)	12,121		311		307		—		—		(102)		—		12,637
Charge-offs (1)	(7,972)		—		—		—		—		—		—		(7,972)
Ending balance	$	155,509	$	78,761	$	4,220	$	3,293	$	1,700	$	105	$	—	$	243,588

	Three Months Ended September 30, 2023
Allowance for credit losses:
Beginning balance	$	74,295	$	77,902	$	1,077	$	5,819	$	1,700	$	8,246	$	15	$	169,054
Provision for credit losses (net of recoveries)	14,884		60		162		—		—		(76)		(15)		15,015
Ending balance	$	89,179	$	77,962	$	1,239	$	5,819	$	1,700	$	8,170	$	—	$	184,069

	Nine Months Ended September 30, 2024
Allowance for credit losses:
Beginning balance	$	110,847	$	78,058	$	1,624	$	3,293	$	1,700	$	142	$	—	$	195,664
Provision for credit losses (net of recoveries)	54,622		703		2,596		—		—		(37)		—		57,884
Charge-offs (1)	(9,960)		—		—		—		—		—		—		(9,960)
Ending balance	$	155,509	$	78,761	$	4,220	$	3,293	$	1,700	$	105	$	—	$	243,588

	Nine Months Ended September 30, 2023
Allowance for credit losses:
Beginning balance	$	37,961	$	78,068	$	781	$	5,819	$	1,700	$	8,162	$	68	$	132,559
Provision for credit losses (net of recoveries)	51,218		(106)		458		—		—		8		(68)		51,510
Ending balance	$	89,179	$	77,962	$	1,239	$	5,819	$	1,700	$	8,170	$	—	$	184,069

________________________

(1)Includes $6.3 million of reserves on two multifamily bridge loans that we foreclosed on and took back the underlying collateral as real estate owned ("REO") assets at fair value.

Summary of Specific Loans Considered Impaired by Asset Class

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


	September 30, 2024
Asset Class	UPB		Carrying Value (1)		Allowance for Credit Losses		Wtd. Avg. First Dollar LTV Ratio		Wtd. Avg. Last Dollar LTV Ratio
Multifamily	$	473,820	$	452,237	$	62,887	0	%	99	%
Land	134,215		127,868		77,869		0	%	99	%

Retail	19,520		15,058		3,293		0	%	88	%
Commercial	1,700		1,700		1,700		0	%	100	%
Total	$	629,255	$	596,863	$	145,749	0	%	99	%

	December 31, 2023
Multifamily	$	272,494	$	260,291	$	37,750	0	%	100	%
Land	134,215		127,868		77,869		0	%	99	%
Retail	19,520		15,037		3,292		0	%	88	%
Commercial	1,700		1,700		1,700		0	%	100	%
Total	$	427,929	$	404,896	$	120,611	0	%	99	%

________________________

(1)Represents the UPB of twenty-seven and nineteen impaired loans (less unearned revenue and other holdbacks and adjustments) by asset class at September 30, 2024 and December 31, 2023, respectively.

Schedule of Non-Performing Loans by Asset Class

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


	September 30, 2024				December 31, 2023
	UPB		Carrying Value		UPB		Carrying Value
Multifamily	$	622,746	$	591,682	$	271,532	$	260,129
Commercial	1,700		1,700		1,700		1,700
Retail	920		910		920		910
Total	$	625,366	$	594,292	$	274,152	$	262,739

(in thousands).


	Three Months Ended September 30, 2024		Nine Months Ended September 30, 2024
Beginning balance (fourteen and twenty-four multifamily bridge loans, respectively)	$	367,938	$	956,917
Loans that progressed to greater than 60 days past due	(110,399)		(549,249)
Loans modified or paid off (1)	(95,506)		(946,976)
Additional loans that are now less than 60 days past due experiencing late and partial payments	157,194		858,535
Ending balance (ten multifamily bridge loans)	$	319,227	$	319,227

________________________

(1)The modifications included bringing the loans current by paying past due interest owed (see Loan Modifications section below).

Mortgage Servicing

9 Months Ended

Sep. 30, 2024

Mortgage Servicing

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


September 30, 2024
Product Concentrations					Geographic Concentrations
Product	UPB (1)		% of Total		State	UPB % of Total
Fannie Mae	$	22,526,022	68	%	New York	11	%
Freddie Mac	5,820,026		18	%	Texas	11	%
Private Label	2,619,485		8	%	North Carolina	8	%
FHA	1,390,766		4	%	California	7	%
Bridge (2)	380,379		1	%	Georgia	6	%
SFR - Fixed Rate	275,081		1	%	Florida	6	%
Total	$	33,011,759	100	%	New Jersey	5	%
					Other (3)	46	%
					Total	100	%

December 31, 2023
Fannie Mae	$	21,264,578	69	%	Texas	11	%
Freddie Mac	5,181,933		17	%	New York	11	%
Private Label	2,510,449		8	%	California	8	%
FHA	1,359,624		4	%	North Carolina	8	%
Bridge (2)	379,425		1	%	Georgia	6	%
SFR - Fixed Rate	287,446		1	%	Florida	6	%
Total	$	30,983,455	100	%	New Jersey	5	%
					Illinois	4	%
					Other (3)	41	%
					Total	100	%

________________________

(1)Excludes loans which we are not collecting a servicing fee.

(2)Represents four bridge loans sold by our Structured Business that we are servicing, see Note 3 for details.

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

At September 30, 2024 and December 31, 2023, our weighted average servicing fee was 38.0 basis points and 39.1 basis points, respectively. At September 30, 2024 and December 31, 2023, we held total escrow balances (including unfunded collateralized loan obligation holdbacks) of approximately $1.52 billion and $1.60 billion, respectively, of which approximately $1.47 billion and $1.54 billion, respectively, is not included in our consolidated balance sheets. These escrows are maintained in separate accounts at several federally insured depository institutions, which may exceed FDIC insured limits. We earn interest income on the total escrow deposits, which is 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, is included as a component of servicing revenue, net in the consolidated statements of income as noted in the following table.

The components of servicing revenue, net are as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Servicing fees	$	31,159	$	32,191	$	94,089	$	92,479
Interest earned on escrows	18,362		20,985		54,011		57,501
Prepayment fees	413		1,044		1,205		6,080
Write-downs and payoffs of MSRs	(1,493)		(2,857)		(5,911)		(11,764)
Amortization of MSRs	(17,299)		(15,900)		(50,817)		(46,920)
Servicing revenue, net	$	31,142	$	35,463	$	92,577	$	97,376

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Mortgage Servicing (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Product and Geographic Concentration

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


September 30, 2024
Product Concentrations					Geographic Concentrations
Product	UPB (1)		% of Total		State	UPB % of Total
Fannie Mae	$	22,526,022	68	%	New York	11	%
Freddie Mac	5,820,026		18	%	Texas	11	%
Private Label	2,619,485		8	%	North Carolina	8	%
FHA	1,390,766		4	%	California	7	%
Bridge (2)	380,379		1	%	Georgia	6	%
SFR - Fixed Rate	275,081		1	%	Florida	6	%
Total	$	33,011,759	100	%	New Jersey	5	%
					Other (3)	46	%
					Total	100	%

December 31, 2023
Fannie Mae	$	21,264,578	69	%	Texas	11	%
Freddie Mac	5,181,933		17	%	New York	11	%
Private Label	2,510,449		8	%	California	8	%
FHA	1,359,624		4	%	North Carolina	8	%
Bridge (2)	379,425		1	%	Georgia	6	%
SFR - Fixed Rate	287,446		1	%	Florida	6	%
Total	$	30,983,455	100	%	New Jersey	5	%
					Illinois	4	%
					Other (3)	41	%
					Total	100	%

________________________

(1)Excludes loans which we are not collecting a servicing fee.

(2)Represents four bridge loans sold by our Structured Business that we are servicing, see Note 3 for details.

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

Schedule of Components of Servicing Revenue, Net

The components of servicing revenue, net are as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Servicing fees	$	31,159	$	32,191	$	94,089	$	92,479
Interest earned on escrows	18,362		20,985		54,011		57,501
Prepayment fees	413		1,044		1,205		6,080
Write-downs and payoffs of MSRs	(1,493)		(2,857)		(5,911)		(11,764)
Amortization of MSRs	(17,299)		(15,900)		(50,817)		(46,920)
Servicing revenue, net	$	31,142	$	35,463	$	92,577	$	97,376

Loans and Investments - Allowance for Credit Losses (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) loan	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) loan	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) loan
Financing Receivable, Allowance for Credit Loss [Line Items]
Provision for credit losses	$ 12,637	$ 15,015	$ 57,884	$ 51,510
Accrued interest receivable related to loans	$ 144,400		$ 144,400		$ 124,200
Number of loans for which no provision for loan loss made \| loan	0		0		0
Land
Financing Receivable, Allowance for Credit Loss [Line Items]
Provision for credit losses	$ 311	$ 60	$ 703	$ (106)
Outstanding unfunded commitments	$ 2,010,000		$ 2,010,000		$ 1,310,000

Capitalized Mortgage Servicing Rights - Summary of Capitalized MSRs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Capitalized Mortgage Servicing Rights
Beginning balance			$ 391,254
Ending balance	$ 376,403		376,403
MSRs
Capitalized Mortgage Servicing Rights
Beginning balance	380,719	$ 394,410	391,254	$ 401,471
Additions	14,476	16,550	41,877	49,416
Amortization	(17,299)	(15,900)	(50,817)	(46,920)
Write-downs and payoffs	(1,493)	(2,857)	(5,911)	(11,764)
Ending balance	376,403	392,203	376,403	392,203
Expected amortization of capitalized MSRs balances
2024 (three months ending 12/31/2024)	17,557		17,557
2025	67,899		67,899
2026	62,456		62,456
2027	57,942		57,942
2028	50,678		50,678
Thereafter	119,871		119,871
Total	376,403		376,403
Originated
Capitalized Mortgage Servicing Rights
Beginning balance	374,159	383,267	382,582	386,878
Additions	14,476	16,550	41,877	49,416
Amortization	(16,621)	(14,988)	(48,593)	(43,866)
Write-downs and payoffs	(1,469)	(2,400)	(5,321)	(9,999)
Ending balance	370,545	382,429	370,545	382,429
Acquired
Capitalized Mortgage Servicing Rights
Beginning balance	6,560	11,143	8,672	14,593
Amortization	(678)	(912)	(2,224)	(3,054)
Write-downs and payoffs	(24)	(457)	(590)	(1,765)
Ending balance	$ 5,858	$ 9,774	$ 5,858	$ 9,774

Equity

9 Months Ended

Sep. 30, 2024

Stockholders' Equity Note [Abstract]

Equity

Common Stock. In May 2024, we entered into a new equity distribution agreement with JMP Securities LLC ("JMP"). In accordance with the terms of the agreement, we may offer and sell up to 30,000,000 shares of our common stock in "At-The-Market" equity offerings through JMP by means of ordinary brokers' transactions or otherwise at market prices prevailing at the time of sale, or at negotiated prices. At September 30, 2024, no shares were sold under the agreement.

During 2023, the Board of Directors authorized a share repurchase program providing for the repurchase of up to $150.0 million of our outstanding common stock. The repurchase of our common stock may be made from time to time in the open market, through privately negotiated transactions, or otherwise in compliance with Rule 10b-18 and Rule 10b5-1 under the Exchange Act, based on our stock price, general market conditions, applicable legal requirements and other factors. The program may be discontinued or modified at any time. During April 2024, we repurchased 935,739 shares of our common stock under the share repurchase program at a total cost of $11.4 million and an average cost of $12.19 per share. At September 30, 2024, there was $138.6 million available for repurchase under this program.

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 Arbor Commercial Mortgage, LLC (“ACM”) in 2016. 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 September 30, 2024, there were 16,293,589 OP Units outstanding, which represented 8.0% of the voting power of our outstanding stock.

Distributions. Dividends declared (on a per share basis) during the nine months ended September 30, 2024 are as follows:


Common Stock			Preferred Stock
				Dividend
Declaration Date	Dividend		Declaration Date	Series D		Series E		Series F
February 14, 2024	$	0.43	March 29, 2024	$	0.3984375	$	0.390625	$	0.390625
May 1, 2024	$	0.43	June 28, 2024	$	0.3984375	$	0.390625	$	0.390625
July 31, 2024	$	0.43	September 27, 2024	$	0.3984375	$	0.390625	$	0.390625

Common Stock – On October 30, 2024, the Board of Directors declared a cash dividend of $0.43 per share of common stock. The dividend is payable on November 27, 2024 to common stockholders of record as of the close of business on November 15, 2024.

Deferred Compensation. During 2024, we issued 826,029 shares of restricted common stock to certain employees and Board of Directors members under the Amended Omnibus Stock Incentive Plan with a total grant date fair value of $10.9 million, of which: (1) 268,188 shares with a grant date fair value of $3.5 million vested on the grant date in 2024; (2) 244,113 shares with a grant date fair value of $3.2 million will vest in 2025; (3) 247,664 shares with a grant date fair value of $3.2 million will vest in 2026; (4) 31,314 shares with a grant date fair value of $0.5 million will vest in 2027; and (5) 34,750 shares with a grant date fair value of $0.5 million will vest in 2028.

During 2024, we issued our chief executive officer 309,775 shares of restricted common stock with a grant date fair value of $3.9 million that vest in full in the first quarter of 2027.

We also issued 36,688 fully-vested restricted stock units (“RSUs”) with a grant date fair value of $0.5 million to certain members of our Board of Directors, who have decided to defer the receipt of the common stock, into which the RSUs are converted, to a future date pursuant to a pre-established deferral election.

During 2024, 275,569 shares of performance-based RSUs and 184,729 shares of restricted common stock previously granted to our chief executive officer fully vested. In addition, during 2024, 165,746 shares of restricted common stock previously granted to our chief executive officer fully vested and was net settled for 81,132 shares of common stock.

During 2024, we withheld 274,964 shares from the net settlement of restricted common stock by employees for payment of withholding taxes on shares that vested.

Earnings Per Share (“EPS”). 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. Our common stock equivalents include the weighted average dilutive effect of RSUs, OP Units and convertible senior unsecured notes.

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


	Three Months Ended September 30,
	2024				2023
	Basic		Diluted		Basic		Diluted
Net income attributable to common stockholders (1)	$	58,175	$	58,175	$	77,924	$	77,924
Net income attributable to noncontrolling interest (2)	—		5,028		—		6,789
Interest expense on convertible notes (3)	—		—		—		6,081
Net income attributable to common stockholders and noncontrolling interest	$	58,175	$	63,203	$	77,924	$	90,794
Weighted average shares outstanding	188,513,832		188,513,832		187,023,395		187,023,395
Dilutive effect of OP Units (2)	—		16,293,589		—		16,293,589
Dilutive effect of convertible notes (3)	—		—		—		17,312,382
Dilutive effect of RSUs (4)	—		539,888		—		699,452
Weighted average shares outstanding	188,513,832		205,347,309		187,023,395		221,328,818
Net income per common share (1)	$	0.31	$	0.31	$	0.42	$	0.41

	Nine Months Ended September 30,
	2024				2023
Net income attributable to common stockholders (1)	$	163,445	$	163,445	$	238,407	$	238,407
Net income attributable to noncontrolling interest (2)	—		14,119		—		21,200
Interest expense on convertible notes (3)	—		—		—		18,244
Net income attributable to common stockholders and noncontrolling interest	$	163,445	$	177,564	$	238,407	$	277,851
Weighted average shares outstanding	188,626,263		188,626,263		183,340,149		183,340,149
Dilutive effect of OP Units (2)	—		16,293,589		—		16,293,589
Dilutive effect of convertible notes (3)	—		—		—		17,271,419
Dilutive effect of RSUs (4)	—		528,627		—		552,242
Weighted average shares outstanding	188,626,263		205,448,479		183,340,149		217,457,399
Net income per common share (1)	$	0.87	$	0.86	$	1.30	$	1.28

________________________

(1)Net of preferred stock dividends.

(4)Our chief executive officer was granted RSUs, which vest at the end of a 4-year performance period based upon our achievement of total stockholder return objectives.

The entire disclosure for equity.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Loans and investments, allowance for credit losses

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands

9 Months Ended

12 Months Ended

Sep. 30, 2024

Dec. 31, 2023

$ 243,588

$ 195,664

Securities held-to-maturity, allowance for credit losses

$ 10,564

$ 6,256

Preferred stock, par value (in dollars per share)

$ 0.01

Preferred stock, shares authorized (in shares)

100,000,000

Common stock, par value (in dollars per share)

$ 0.01

Common stock, shares authorized (in shares)

500,000,000

Common stock, shares issued (in shares)

188,608,777

188,505,264

Common stock, shares outstanding (in shares)

188,608,777

188,505,264

Assets of consolidated VIEs

^[1]

$ 13,881,458

$ 15,738,636

Liabilities of consolidated VIEs

^[1]

10,718,081

12,484,031

Consolidated VIEs

Assets of consolidated VIEs

6,782,387

8,614,571

Liabilities of consolidated VIEs

$ 5,332,159

$ 6,967,877

Special voting preferred shares

16,293,589

Series D preferred stock

Preferred stock, dividend rate (as a percent)

9,200,000

6.375%

Series E preferred stock

Preferred stock, dividend rate (as a percent)

5,750,000

6.25%

Series F preferred stock

Preferred stock, dividend rate (as a percent)

11,342,000

6.25%

[1]

Loans and Investments - Schedule of Non-Performing Loans (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Loans and Investments
UPB	$ 629,255	$ 427,929
Loans and investments, gross	11,565,538	12,615,006
Non-performing loans
Loans and Investments
UPB	625,366	274,152
Loans and investments, gross	594,292	262,739
Multifamily
Loans and Investments
UPB	473,820	272,494
Multifamily \| Non-performing loans
Loans and Investments
UPB	622,746	271,532
Loans and investments, gross	591,682	260,129
Commercial
Loans and Investments
UPB	1,700	1,700
Commercial \| Non-performing loans
Loans and Investments
UPB	1,700	1,700
Loans and investments, gross	1,700	1,700
Retail
Loans and Investments
UPB	19,520	19,520
Retail \| Non-performing loans
Loans and Investments
UPB	920	920
Loans and investments, gross	$ 910	$ 910

CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Interest income	$ 286,522			$ 336,474	$ 905,002	$ 1,000,159
Interest expense	197,710			229,180	624,613	675,749
Net interest income	88,812			107,294	280,389	324,410
Other revenue:
Gain on sales, including fee-based services, net	18,638			18,619	52,752	55,795
Mortgage servicing rights	13,195			14,109	37,928	48,769
Servicing revenue, net	31,142			35,463	92,577	97,376
Property operating income	1,507			1,450	4,521	4,261
Gain (loss) on derivative instruments, net	822			(421)	(4,711)	(3,582)
Other income, net	2,537			173	6,955	5,099
Total other revenue	67,841			69,393	190,022	207,718
Other expenses:
Employee compensation and benefits	44,881			39,810	135,411	123,518
Selling and administrative	13,141			12,367	39,897	38,574
Property operating expenses	1,686			1,479	4,948	4,227
Depreciation and amortization	1,944			2,286	6,937	7,297
Provision for loss sharing (net of recoveries)	3,180			1,679	7,787	12,528
Provision for credit losses (net of recoveries)	16,220			18,652	64,903	55,047
Total other expenses	81,052			76,273	259,883	241,191
Income before extinguishment of debt, sale of real estate, income from equity affiliates and income taxes	75,601			100,414	210,528	290,937
Loss on extinguishment of debt	0			(314)	(412)	(1,561)
Gain on sale of real estate	0			0	3,813	0
Income from equity affiliates	3,177			809	7,388	20,694
Benefit from (provision for) income taxes	(5,233)			(5,854)	(12,726)	(19,436)
Net income	73,545			95,055	208,591	290,634
Preferred stock dividends	10,342			10,342	31,027	31,027
Net income attributable to noncontrolling interest	5,028			6,789	14,119	21,200
Net income attributable to common stockholders	$ 58,175			$ 77,924	$ 163,445	$ 238,407
Earnings per common share
Basic earnings per common share (in dollars per share)	$ 0.31			$ 0.42	$ 0.87	$ 1.30
Diluted earnings per common share (in dollars per share)	$ 0.31			$ 0.41	$ 0.86	$ 1.28
Weighted average shares outstanding:
Basic (in shares)	188,513,832			187,023,395	188,626,263	183,340,149
Diluted (in shares)	205,347,309			221,328,818	205,448,479	217,457,399
Dividends declared per common share (in dollars per share)	$ 0.43	$ 0.43	$ 0.43	$ 0.43	$ 1.29	$ 1.25

Loans and Investments - Schedule of Allowance for Credit Losses (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) property	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) property	Sep. 30, 2023 USD ($)
Allowance for credit losses:
Allowance for credit losses, beginning balance	$ 238,923	$ 169,054	$ 195,664	$ 132,559
Provision for credit losses (net of recoveries)	12,637	15,015	57,884	51,510
Charge-offs	(7,972)		(9,960)
Allowance for credit losses, ending balance	$ 243,588	184,069	$ 243,588	184,069
Number of foreclosed real estate properties \| property	2		2
Multifamily
Allowance for credit losses:
Allowance for credit losses, beginning balance	$ 151,360	74,295	$ 110,847	37,961
Provision for credit losses (net of recoveries)	12,121	14,884	54,622	51,218
Charge-offs	(7,972)		(9,960)
Allowance for credit losses, ending balance	$ 155,509	89,179	$ 155,509	89,179
Number of foreclosed real estate properties \| property	2		2
Charge-offs, foreclosed property	$ 6,300		$ 6,300
Land
Allowance for credit losses:
Allowance for credit losses, beginning balance	78,450	77,902	78,058	78,068
Provision for credit losses (net of recoveries)	311	60	703	(106)
Charge-offs	0		0
Allowance for credit losses, ending balance	78,761	77,962	78,761	77,962
Single-Family Rental
Allowance for credit losses:
Allowance for credit losses, beginning balance	3,913	1,077	1,624	781
Provision for credit losses (net of recoveries)	307	162	2,596	458
Charge-offs	0		0
Allowance for credit losses, ending balance	4,220	1,239	4,220	1,239
Retail
Allowance for credit losses:
Allowance for credit losses, beginning balance	3,293	5,819	3,293	5,819
Provision for credit losses (net of recoveries)	0	0	0	0
Charge-offs	0		0
Allowance for credit losses, ending balance	3,293	5,819	3,293	5,819
Commercial
Allowance for credit losses:
Allowance for credit losses, beginning balance	1,700	1,700	1,700	1,700
Provision for credit losses (net of recoveries)	0	0	0	0
Charge-offs	0		0
Allowance for credit losses, ending balance	1,700	1,700	1,700	1,700
Office
Allowance for credit losses:
Allowance for credit losses, beginning balance	207	8,246	142	8,162
Provision for credit losses (net of recoveries)	(102)	(76)	(37)	8
Charge-offs	0		0
Allowance for credit losses, ending balance	105	8,170	105	8,170
Other
Allowance for credit losses:
Allowance for credit losses, beginning balance	0	15	0	68
Provision for credit losses (net of recoveries)	0	(15)	0	(68)
Charge-offs	0		0
Allowance for credit losses, ending balance	$ 0	$ 0	$ 0	$ 0

Securities Held-To-Maturity (Tables)

9 Months Ended

Sep. 30, 2024

Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss, Maturity [Abstract]

Schedule of Securities Held-To-Maturity

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


	Face Value		Net Carrying Value		Unrealized Gain (Loss)		Estimated Fair Value		Allowance for Credit Losses
September 30, 2024
APL certificates	$	192,791	$	133,272	$	(20,537)	$	112,735	$	1,831
B Piece bonds	37,399		22,755		9,510		32,265		8,733
Total	$	230,190	$	156,027	$	(11,027)	$	145,000	$	10,564
December 31, 2023
APL certificates	$	192,791	$	128,865	$	(31,331)	$	97,534	$	2,272
B Piece bonds	37,704		26,414		5,442		31,856		3,984
Total	$	230,495	$	155,279	$	(25,889)	$	129,390	$	6,256

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 September 30, 2024						Three Months Ended September 30, 2023
	APL Certificates		B Piece Bonds		Total		APL Certificates		B Piece Bonds		Total
Beginning balance	$	2,290	$	6,842	$	9,132	$	3,375	$	1,159	$	4,534
Provision for credit loss expense/(reversal)	(459)		1,891		1,432		(1,035)		2,444		1,409
Ending balance	$	1,831	$	8,733	$	10,564	$	2,340	$	3,603	$	5,943

	Nine Months Ended September 30, 2024						Nine Months Ended September 30, 2023
Beginning balance	$	2,272	$	3,984	$	6,256	$	2,783	$	370	$	3,153
Provision for credit loss expense/(reversal)	(441)		4,749		4,308		(443)		3,233		2,790
Ending balance	$	1,831	$	8,733	$	10,564	$	2,340	$	3,603	$	5,943

Tabular disclosure of information about investment in debt security measured at amortized cost (held-to-maturity).

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5B

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5A

Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 15: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 16: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5B

Reference 17: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5B

Reference 18: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5B

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Securities Held-To-Maturity - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) bond	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Schedule of Held-to-Maturity Securities [Line Items]
Held-to-maturity securities, face value	$ 230,190		$ 230,190		$ 230,495
Interest income, including the amortization of discount	3,000	$ 3,600	11,300	$ 10,700
APL certificates
Schedule of Held-to-Maturity Securities [Line Items]
Held-to-maturity securities, face value	192,791		192,791		$ 192,791
Amount purchased at a discount	$ 119,000		$ 119,000
Weighted average variable interest rate (as a percent)	3.94%		3.94%
Estimated weighted average remaining maturity period			6 years 7 months 6 days
Weighted average fixed interest rate			8.84%		8.85%
After one year through five years	$ 192,800		$ 192,800
APL certificates \| Minimum
Schedule of Held-to-Maturity Securities [Line Items]
Securities maturity term			5 years
APL certificates \| Maximum
Schedule of Held-to-Maturity Securities [Line Items]
Securities maturity term			10 years
Seven B Piece Bonds
Schedule of Held-to-Maturity Securities [Line Items]
Estimated weighted average remaining maturity period			13 years 4 months 24 days
Bonds retained percentage			49.00%
Initial face value of bonds purchased			$ 106,200
Number of B Piece bonds \| bond			7
Discounted value of bonds purchased			$ 74,700
Held-to-maturity securities sold, percentage	51.00%		51.00%
Agency B Piece Bonds
Schedule of Held-to-Maturity Securities [Line Items]
Weighted average variable interest rate (as a percent)	3.74%		3.74%		11.28%
Weighted average effective interest rate (as a percent)	11.59%		11.59%
Within one year	$ 37,400		$ 37,400

Segment Information - Statements of Income (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($) segment
Segment Information
Interest income	$ 286,522	$ 336,474	$ 905,002	$ 1,000,159
Interest expense	197,710	229,180	624,613	675,749
Net interest income	88,812	107,294	280,389	324,410
Other revenue:
Gain on sales, including fee-based services, net	18,638	18,619	52,752	55,795
Mortgage servicing rights	13,195	14,109	37,928	48,769
Servicing revenue	48,441	51,363	143,394	144,296
Amortization of MSRs	(17,299)	(15,900)	(50,817)	(46,920)
Property operating income	1,507	1,450	4,521	4,261
Gain (loss) on derivative instruments, net	822	(421)	(4,711)	(3,582)
Other income, net	2,537	173	6,955	5,099
Total other revenue	67,841	69,393	190,022	207,718
Other expenses:
Employee compensation and benefits	44,881	39,810	135,411	123,518
Selling and administrative	13,141	12,367	39,897	38,574
Property operating expenses	1,686	1,479	4,948	4,227
Depreciation and amortization	1,944	2,286	6,937	7,297
Provision for loss sharing (net of recoveries)	3,180	1,679	7,787	12,528
Provision for credit losses (net of recoveries)	16,220	18,652	64,903	55,047
Total other expenses	81,052	76,273	259,883	241,191
Income before extinguishment of debt, sale of real estate, income from equity affiliates and income taxes	75,601	100,414	210,528	290,937
Loss on extinguishment of debt	0	(314)	(412)	(1,561)
Gain on sale of real estate	0	0	3,813	0
Income from equity affiliates	3,177	809	7,388	20,694
Benefit from (provision for) income taxes	(5,233)	(5,854)	(12,726)	(19,436)
Net income	73,545	95,055	208,591	290,634
Preferred stock dividends	10,342	10,342	31,027	31,027
Net income attributable to noncontrolling interest	5,028	6,789	14,119	21,200
Net income attributable to common stockholders	58,175	77,924	163,445	$ 238,407
Reporting segments \| segment				2
Operating segments \| Structured Business
Segment Information
Interest income	274,102	322,819	864,067	$ 962,301
Interest expense	192,945	222,996	608,607	658,856
Net interest income	81,157	99,823	255,460	303,445
Other revenue:
Gain on sales, including fee-based services, net	0	0	0	0
Mortgage servicing rights	0	0	0	0
Servicing revenue	0	0	0	0
Amortization of MSRs	0	0	0	0
Property operating income	1,507	1,450	4,521	4,261
Gain (loss) on derivative instruments, net	0	0	0	0
Other income, net	1,364	751	5,641	3,420
Total other revenue	2,871	2,201	10,162	7,681
Other expenses:
Employee compensation and benefits	16,772	12,912	51,123	41,991
Selling and administrative	6,345	5,291	18,969	17,835
Property operating expenses	1,686	1,479	4,948	4,227
Depreciation and amortization	1,422	1,114	4,070	3,779
Provision for loss sharing (net of recoveries)	0	0	0	0
Provision for credit losses (net of recoveries)	14,788	17,243	60,594	52,257
Total other expenses	41,013	38,039	139,704	120,089
Income before extinguishment of debt, sale of real estate, income from equity affiliates and income taxes	43,015	63,985	125,918	191,037
Loss on extinguishment of debt		(314)	(412)	(1,561)
Gain on sale of real estate			3,813
Income from equity affiliates	3,177	809	7,388	20,694
Benefit from (provision for) income taxes	2,080	1,078	2,864	307
Net income	48,272	65,558	139,571	210,477
Preferred stock dividends	10,342	10,342	31,027	31,027
Net income attributable to noncontrolling interest	0	0	0	0
Net income attributable to common stockholders	37,930	55,216	108,544	179,450
Operating segments \| Agency Business
Segment Information
Interest income	12,420	13,655	40,935	37,858
Interest expense	4,765	6,184	16,006	16,893
Net interest income	7,655	7,471	24,929	20,965
Other revenue:
Gain on sales, including fee-based services, net	18,638	18,619	52,752	55,795
Mortgage servicing rights	13,195	14,109	37,928	48,769
Servicing revenue	48,441	51,363	143,394	144,296
Amortization of MSRs	(17,299)	(15,900)	(50,817)	(46,920)
Property operating income	0	0	0	0
Gain (loss) on derivative instruments, net	822	(421)	(4,711)	(3,582)
Other income, net	1,173	(578)	1,314	1,679
Total other revenue	64,970	67,192	179,860	200,037
Other expenses:
Employee compensation and benefits	28,109	26,898	84,288	81,527
Selling and administrative	6,796	7,076	20,928	20,739
Property operating expenses	0	0	0	0
Depreciation and amortization	522	1,172	2,867	3,518
Provision for loss sharing (net of recoveries)	3,180	1,679	7,787	12,528
Provision for credit losses (net of recoveries)	1,432	1,409	4,309	2,790
Total other expenses	40,039	38,234	120,179	121,102
Income before extinguishment of debt, sale of real estate, income from equity affiliates and income taxes	32,586	36,429	84,610	99,900
Loss on extinguishment of debt		0	0	0
Gain on sale of real estate			0
Income from equity affiliates	0	0	0	0
Benefit from (provision for) income taxes	(7,313)	(6,932)	(15,590)	(19,743)
Net income	25,273	29,497	69,020	80,157
Preferred stock dividends	0	0	0	0
Net income attributable to noncontrolling interest	0	0	0	0
Net income attributable to common stockholders	25,273	29,497	69,020	80,157
Other/Eliminations
Other expenses:
Net income attributable to noncontrolling interest	5,028	6,789	14,119	21,200
Net income attributable to common stockholders	$ (5,028)	$ (6,789)	$ (14,119)	$ (21,200)

Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Non-Qualifying Derivative Financial Instruments

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


	September 30, 2024
					Fair Value
Derivative	Count	Notional Value		Balance Sheet Location	Derivative Assets		Derivative Liabilities
Rate lock commitments	2	$	25,093	Other assets/other liabilities	$	376	$	(20)
Forward sale commitments	30	337,073		Other assets/other liabilities	1,536		(1,095)
Treasury futures	82	8,200			—		—
		$	370,366		$	1,912	$	(1,115)

	December 31, 2023
Rate lock commitments	3	$	26,800	Other assets/other liabilities	$	428	$	(759)
Forward sale commitments	33	559,079		Other assets/other liabilities	6,119		(262)
Treasury futures	82	8,200			—		—
		$	594,079		$	6,547	$	(1,021)

Agreements and Transactions with Related Parties - Other Related Party (Details) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024 USD ($) entity shares	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) entity shares	Sep. 30, 2023 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($) loan property	Dec. 31, 2023 USD ($)
Agreements and Transactions with Related Parties
Due from related party	$ 96,823		$ 96,823					$ 64,421
Due to related party	25,474		25,474					$ 13,799
Other Related Party Transactions \| Related Party
Agreements and Transactions with Related Parties
Reimbursement for flights chartered by the company's executives	$ 100	$ 200	$ 400	$ 600
Other Related Party Transactions \| Related Party \| ACM Acquisition \| ACM
Agreements and Transactions with Related Parties
Number of shares held by related party (in shares) \| shares	2,535,870		2,535,870
Number of operating units held by related party (in shares) \| shares			10,597,566
Aggregate percentage of voting power held by related party	6.40%		6.40%
Other Related Party Transactions \| Related Party \| Maturity Date Of June 2021 \| Bridge loans
Agreements and Transactions with Related Parties
Number of bridge loans originated \| loan							12
Principal amount							$ 280,500
Number of multifamily properties renovated \| property							72
Other Related Party Transactions \| Related Party \| Maturity date of March 2030 \| Private Label \| Lexford Portfolio
Agreements and Transactions with Related Parties
Fixed rate of interest					3.30%
Other Related Party Transactions \| Related Party \| Maturity date December 2029 \| Bridge loans \| Lexford Portfolio
Agreements and Transactions with Related Parties
Maximum exposure under guaranty	$ 500,000		$ 500,000
Other Related Party Transactions \| Chief executive officer
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%
Other Related Party Transactions \| Chief executive officer \| Minimum
Agreements and Transactions with Related Parties
Ownership percentage limit of our common stock under company charter	5.00%		5.00%
Other Related Party Transactions \| Director
Agreements and Transactions with Related Parties
Number of Kaufman entities \| entity	2		2
Lexford Portfolio
Agreements and Transactions with Related Parties
Distribution received	$ 4,900		$ 9,000	7,200
Lexford Portfolio \| Other Related Party Transactions \| Related Party
Agreements and Transactions with Related Parties
Management fee, percentage of gross revenues of underlying properties			4.75%
Lexford Portfolio \| Other Related Party Transactions \| Related Party \| Maturity Date Of June 2021 \| Bridge loans
Agreements and Transactions with Related Parties
Base spread, percentage							4.00%
Payoffs and partial paydowns of principal						$ 250,000
Unsecured financing provided by an unsecured lender to certain parent entities of the property owners							$ 50,000
Distribution received	$ 4,900		$ 9,000	$ 7,200
Lexford Portfolio \| Other Related Party Transactions \| Related Party \| Maturity date of March 2030 \| Private Label
Agreements and Transactions with Related Parties
Principal amount					$ 34,600

Segment Information - Key Servicing Metrics (Details) - Agency Business - MSRs - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Segment Information
Servicing Portfolio UPB	$ 33,011,759	$ 30,983,455
Wtd. Avg. Servicing Fee Rate (basis points)	0.38%	0.391%
Wtd. Avg. Life of Portfolio (years)	7 years 1 month 6 days	8 years
SFR - Fixed Rate
Segment Information
Servicing Portfolio UPB	$ 275,081	$ 287,446
Wtd. Avg. Servicing Fee Rate (basis points)	0.201%	0.201%
Wtd. Avg. Life of Portfolio (years)	4 years 7 months 6 days	5 years 1 month 6 days
Fannie Mae
Segment Information
Servicing Portfolio UPB	$ 22,526,022	$ 21,264,578
Wtd. Avg. Servicing Fee Rate (basis points)	0.466%	0.474%
Wtd. Avg. Life of Portfolio (years)	6 years 7 months 6 days	7 years 4 months 24 days
Freddie Mac
Segment Information
Servicing Portfolio UPB	$ 5,820,026	$ 5,181,933
Wtd. Avg. Servicing Fee Rate (basis points)	0.219%	0.24%
Wtd. Avg. Life of Portfolio (years)	7 years 1 month 6 days	8 years 6 months
Private Label
Segment Information
Servicing Portfolio UPB	$ 2,619,485	$ 2,510,449
Wtd. Avg. Servicing Fee Rate (basis points)	0.187%	0.195%
Wtd. Avg. Life of Portfolio (years)	5 years 9 months 18 days	6 years 8 months 12 days
FHA
Segment Information
Servicing Portfolio UPB	$ 1,390,766	$ 1,359,624
Wtd. Avg. Servicing Fee Rate (basis points)	0.142%	0.144%
Wtd. Avg. Life of Portfolio (years)	18 years 10 months 24 days	19 years 2 months 12 days
Bridge loan
Segment Information
Servicing Portfolio UPB	$ 380,379	$ 379,425
Wtd. Avg. Servicing Fee Rate (basis points)	0.109%	0.109%
Wtd. Avg. Life of Portfolio (years)	3 years	3 years 2 months 12 days

Debt Obligations - Credit and Repurchase Facilities (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023	Jun. 30, 2024	Apr. 30, 2024	Mar. 31, 2024	Feb. 29, 2024
Debt Obligations
Debt Carrying Value	$ 3,257,719	$ 3,237,827
Collateral Carrying Value	$ 4,647,278	4,606,657
Wtd. Avg. Note Rate	7.38%
Outstanding principal balance repaid	$ 31,400	43,100
Structured Business
Debt Obligations
Debt Carrying Value	2,938,300	2,824,501
Collateral Carrying Value	$ 4,323,145	4,062,162
Wtd. Avg. Note Rate	7.49%
Deferred financing fees	$ 6,100	4,800
Structured Business \| $1.9B joint repurchase facility
Debt Obligations
Maximum borrowing capacity	1,900,000
Debt Carrying Value	692,187	868,077
Collateral Carrying Value	$ 1,131,634	1,371,436
Wtd. Avg. Note Rate	7.36%
Structured Business \| $1B repurchase facility
Debt Obligations
Maximum borrowing capacity	$ 1,000,000
Debt Carrying Value	164,403	385,779
Collateral Carrying Value	$ 262,020	589,533
Wtd. Avg. Note Rate	7.43%
Structured Business \| $1B repurchase facility
Debt Obligations
Maximum borrowing capacity	$ 1,000,000				$ 1,000,000
Debt Carrying Value	749,244	447,490
Collateral Carrying Value	$ 1,011,816	597,205
Wtd. Avg. Note Rate	7.51%
Expiration period after the lender provides written notice	6 months
Line of credit facility, repurchase period	6 months
Structured Business \| $649M repurchase facility
Debt Obligations
Maximum borrowing capacity	$ 649,000
Debt Carrying Value	490,019	355,328
Collateral Carrying Value	$ 667,585	506,753
Wtd. Avg. Note Rate	7.44%
Structured Business \| $400M credit facility
Debt Obligations
Maximum borrowing capacity	$ 400,000
Debt Carrying Value	131,818	0
Collateral Carrying Value	$ 198,666	0
Wtd. Avg. Note Rate	8.21%
Structured Business \| $350M repurchase facility
Debt Obligations
Maximum borrowing capacity	$ 350,000				$ 350,000
Debt Carrying Value	134,009	262,820
Collateral Carrying Value	$ 203,135	362,465
Wtd. Avg. Note Rate	7.05%
Length of extension option					1 year
Structured Business \| $250M credit facility
Debt Obligations
Maximum borrowing capacity	$ 250,000				$ 250,000
Debt Carrying Value	140,842	0
Collateral Carrying Value	$ 271,985	0
Wtd. Avg. Note Rate	8.21%
Length of extension option	1 year				1 year
Structured Business \| $250M repurchase facility
Debt Obligations
Maximum borrowing capacity	$ 250,000
Debt Carrying Value	0	0
Collateral Carrying Value	$ 0	0
Wtd. Avg. Note Rate	0.00%
Length of extension option	1 year
Structured Business \| $250M repurchase facility
Debt Obligations
Maximum borrowing capacity	$ 250,000
Debt Carrying Value	0	17,964
Collateral Carrying Value	$ 0	23,088
Wtd. Avg. Note Rate	0.00%
Structured Business \| $250M credit facility
Debt Obligations
Maximum borrowing capacity	$ 250,000
Debt Carrying Value	0	0
Collateral Carrying Value	$ 0	0
Wtd. Avg. Note Rate	0.00%
Structured Business \| $200M repurchase facility
Debt Obligations
Maximum borrowing capacity	$ 200,000
Debt Carrying Value	110,095	45,969
Collateral Carrying Value	$ 154,402	68,762
Wtd. Avg. Note Rate	7.50%
Structured Business \| $200M repurchase facility
Debt Obligations
Maximum borrowing capacity	$ 200,000
Debt Carrying Value	62,253	107,324
Collateral Carrying Value	$ 92,634	141,130
Wtd. Avg. Note Rate	6.89%
Structured Business \| $150M repurchase facility
Debt Obligations
Maximum borrowing capacity	$ 150,000
Debt Carrying Value	82,801	120,610
Collateral Carrying Value	$ 110,694	162,068
Wtd. Avg. Note Rate	7.95%
Structured Business \| $143M loan specific credit facilities
Debt Obligations
Maximum borrowing capacity	$ 143,000
Debt Carrying Value	143,117	120,328
Collateral Carrying Value	$ 193,964	161,700
Wtd. Avg. Note Rate	7.39%
Structured Business \| $100M credit facility
Debt Obligations
Maximum borrowing capacity	$ 100,000			$ 100,000
Debt Carrying Value	0	32,579
Collateral Carrying Value	$ 0	41,522
Wtd. Avg. Note Rate	0.00%
Structured Business \| $50M credit facility
Debt Obligations
Maximum borrowing capacity	$ 50,000
Debt Carrying Value	0	29,200
Collateral Carrying Value	$ 0	36,500
Wtd. Avg. Note Rate	0.00%
Structured Business \| $40M credit facility
Debt Obligations
Maximum borrowing capacity	$ 40,000
Debt Carrying Value	15,550	0
Collateral Carrying Value	$ 24,610	0
Wtd. Avg. Note Rate	7.30%
Structured Business \| $35M working capital facility
Debt Obligations
Maximum borrowing capacity	$ 35,000
Debt Carrying Value	0	0
Collateral Carrying Value	$ 0	0
Wtd. Avg. Note Rate	0.00%
Structured Business \| Repurchase facility - securities
Debt Obligations
Debt Carrying Value	$ 21,962	31,033
Collateral Carrying Value	$ 0	0
Wtd. Avg. Note Rate	6.64%
Structured Business \| $500M repurchase facility
Debt Obligations
Maximum borrowing capacity						$ 500,000
Structured Business \| $200M credit facility
Debt Obligations
Maximum borrowing capacity					$ 200,000
Agency Business
Debt Obligations
Debt Carrying Value	$ 319,419	413,326
Collateral Carrying Value	$ 324,133	544,495
Wtd. Avg. Note Rate	6.37%
Deferred financing fees	$ 200	300
Agency Business \| $100M credit facility
Debt Obligations
Maximum borrowing capacity	100,000
Debt Carrying Value	17,514	0
Collateral Carrying Value	$ 17,550	0
Wtd. Avg. Note Rate	6.31%
Agency Business \| $50M credit facility
Debt Obligations
Maximum borrowing capacity	$ 50,000
Debt Carrying Value	5,245	29,083
Collateral Carrying Value	$ 5,245	29,418
Wtd. Avg. Note Rate	6.31%
Agency Business \| $750M ASAP agreement
Debt Obligations
Maximum borrowing capacity	$ 750,000
Debt Carrying Value	17,445	73,011
Collateral Carrying Value	$ 17,474	73,781
Wtd. Avg. Note Rate	6.31%
Agency Business \| $500M repurchase facility
Debt Obligations
Maximum borrowing capacity	$ 500,000		$ 500,000
Debt Carrying Value	197,646	115,730
Collateral Carrying Value	$ 198,148	241,895
Wtd. Avg. Note Rate	6.33%
Agency Business \| $200M credit facility
Debt Obligations
Maximum borrowing capacity	$ 200,000
Debt Carrying Value	73,315	187,138
Collateral Carrying Value	$ 73,563	187,185
Wtd. Avg. Note Rate	6.36%
Agency Business \| $100M joint repurchase facility
Debt Obligations
Maximum borrowing capacity	$ 100,000
Debt Carrying Value	7,921	7,833
Collateral Carrying Value	$ 11,329	11,350
Wtd. Avg. Note Rate	7.58%
Agency Business \| $1M repurchase facility
Debt Obligations
Maximum borrowing capacity	$ 1,000
Debt Carrying Value	333	531
Collateral Carrying Value	$ 824	$ 866
Wtd. Avg. Note Rate	7.30%
Structured and Agency Business \| $3 Billion joint repurchase facility
Debt Obligations
Maximum borrowing capacity						$ 3,000,000
Structured and Agency Business \| $2 Billion joint repurchase facility
Debt Obligations
Maximum borrowing capacity					$ 2,000,000

Segment Information - Balance Sheet (Details) - USD ($)
$ in Thousands

Sep. 30, 2024

Dec. 31, 2023

Sep. 30, 2023

Dec. 31, 2022

Assets:

$ 687,540

$ 928,974

$ 895,298

$ 534,357

179,906

608,233

$ 419,158

$ 713,808

11,292,647

12,377,806

326,141

551,707

Securities held-to-maturity, net

376,403

391,254

156,027

155,279

76,294

79,303

127,926

86,991

Other assets and due from related party

88,510

91,378

570,064

467,711

^[1]

13,881,458

15,738,636

Debt obligations

10,284,706

11,933,819

Other liabilities and due to related parties

80,577

71,634

352,798

478,578

Structured Business | Operating segments

^[1]

10,718,081

12,484,031

Assets:

212,588

619,487

161,892

595,342

11,292,647

12,377,806

Securities held-to-maturity, net

76,294

79,303

127,926

86,991

Other assets and due from related party

12,500

484,921

453,073

12,368,768

14,224,502

Debt obligations

9,965,287

11,520,492

Other liabilities and due to related parties

270,830

369,588

Agency Business | Operating segments

10,236,117

11,890,080

Assets:

474,952

309,487

18,014

12,891

326,141

551,707

Securities held-to-maturity, net

376,403

391,254

156,027

155,279

Other assets and due from related party

76,010

78,878

85,143

101,629

1,512,690

1,601,125

Debt obligations

319,419

413,327

Other liabilities and due to related parties

80,577

71,634

81,968

108,990

$ 481,964

$ 593,951

[1]

Agreements and Transactions with Related Parties - 2015 Activity (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2015
Agreements and Transactions with Related Parties
Indirect ownership percentage			12.30%		12.30%
Residential mortgage banking business \| Other Related Party Transactions \| Related Party \| Noncontrolling Interest
Agreements and Transactions with Related Parties
Indirect ownership percentage			12.30%
Gain (loss) on investment	$ (1.0)	$ (1.3)	$ (0.1)	$ 1.3
Distribution received		$ 7.5	$ 7.7	$ 15.0
Residential mortgage banking business \| Other Related Party Transactions \| Related Party \| ACM
Agreements and Transactions with Related Parties
Noncontrolling interest in equity method investment acquired (as a percent)						50.00%
ACM \| Residential mortgage banking business \| Other Related Party Transactions \| Related Party
Agreements and Transactions with Related Parties
Acquisition purchase price						$ 9.6

Debt Obligations - Convertible Senior Unsecured Notes (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Obligations
Total	$ 10,323,464
Convertible senior unsecured notes
Debt Obligations
Debt, Face Value	287,500	$ 287,500
Unamortized Deferred Financing Fees	2,330	4,382
Total	$ 285,170	$ 283,118

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

Commitments and Contingencies Disclosure [Abstract]

Loans and Investments - Non-performing Loans (Details) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2024 USD ($) loan	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) loan	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Loans and Investments
Number of loans \| loan	789		747
Interest income recognized on nonaccrual loans	$ 21,600	$ 2,800
Loans and investments, allowance for credit losses	$ 243,588	$ 184,069	$ 195,664	$ 238,923	$ 169,054	$ 132,559
Six loans collateralized by a land development project
Loans and Investments
Number of loans with unpaid principal balance \| loan	6
Unpaid principal balance on loans	$ 121,400
Five loans collateralized by a land development project
Loans and Investments
Number of loans with unpaid principal balance \| loan	5
Unpaid principal balance on loans	$ 112,100
Weighted average accrual rate of interest (as a percent)	10.36%
Loans collateralized by a land development project
Loans and Investments
Loans and investments, allowance for credit losses	$ 71,400		$ 71,400
Non-performing loans
Loans and Investments
Number of loans \| loan	26		16
Carrying value of loans	$ 557,000		$ 235,600
Loan loss reserves	37,300		27,100
Non-performing loans \| Financial Asset, Greater Than 60 Days Past Due
Loans and Investments
Interest receivable	$ 0		$ 0

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2024	Oct. 25, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
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		188,608,777
Entity Central Index Key	0001253986
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	ABR
Security Exchange Name	NYSE
Preferred Stock, 6.375% Series D Cumulative Redeemable, par value $0.01 per share
Entity Information [Line Items]
Title of 12(b) Security	Preferred Stock, 6.375% Series D CumulativeRedeemable, par value $0.01 per share
Trading Symbol	ABR-PD
Security Exchange Name	NYSE
Preferred Stock, 6.25% Series E Cumulative Redeemable, par value $0.01 per share
Entity Information [Line Items]
Title of 12(b) Security	Preferred Stock, 6.25% Series E CumulativeRedeemable, par value $0.01 per share
Trading Symbol	ABR-PE
Security Exchange Name	NYSE
Preferred Stock, 6.25% Series F Fixed-to-Floating Rate Cumulative Redeemable, par value $0.01 per share
Entity Information [Line Items]
Title of 12(b) Security	Preferred Stock, 6.25% Series F Fixed-to-Floating Rate Cumulative Redeemable, par value $0.01 per share
Trading Symbol	ABR-PF
Security Exchange Name	NYSE

Segment Information - Origination Data (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) loan	Sep. 30, 2023 USD ($) loan	Sep. 30, 2024 USD ($) loan	Sep. 30, 2023 USD ($) loan
Segment Information
Total Loan Commitment Volume	$ 1,056,490	$ 1,211,347	$ 3,090,446	$ 3,844,769
Structured Business
Segment Information
Total New Loan Originations	258,464	240,158	741,502	717,186
Loan Runoff	521,341	664,792	1,791,000	2,536,661
Structured Business \| Bridge loan
Segment Information
Total New Loan Originations	253,564	232,379	679,789	702,062
SFR	421,070	429,452	1,109,947	683,984
Structured Business \| Mezzanine loans
Segment Information
Total New Loan Originations	4,900	7,779	61,713	15,124
Structured Business \| Multifamily \| Bridge loan
Segment Information
Total New Loan Originations	14,500	92,000	73,385	376,630
SFR	47,000	0	47,000	0
Structured Business \| SFR - Fixed Rate \| Bridge loan
Segment Information
Total New Loan Originations	$ 239,064	$ 140,379	$ 596,054	$ 325,432
Number of loans \| loan	38	42	142	92
SFR	$ 374,070	$ 429,452	$ 1,062,947	$ 683,984
Structured Business \| Land \| Bridge loan
Segment Information
Total New Loan Originations	0	0	10,350	0
Agency Business
Segment Information
Origination Volumes	1,096,639	1,149,849	3,092,153	3,664,149
Agency Business Loan Sales Data:
Loan Sales	$ 1,118,977	$ 1,275,420	$ 3,339,638	$ 3,618,843
Sales margin (fee-based services as a % of loan sales)	1.67%	1.46%	1.58%	1.54%
MSR rate (MSR income as a % of loan commitments)	1.25%	1.16%	1.23%	1.27%
Agency Business \| SFR - Fixed Rate
Segment Information
Origination Volumes	$ 0	$ 2,030	$ 27,314	$ 19,328
Agency Business Loan Sales Data:
Loan Sales	0	8,759	27,314	22,931
Agency Business \| Fannie Mae
Segment Information
Origination Volumes	616,211	721,398	1,817,364	2,596,329
Agency Business Loan Sales Data:
Loan Sales	655,851	837,132	2,112,986	2,511,978
Agency Business \| Freddie Mac
Segment Information
Origination Volumes	378,809	339,241	1,095,732	658,457
Agency Business Loan Sales Data:
Loan Sales	356,300	337,507	1,018,900	581,306
Agency Business \| Private Label
Segment Information
Origination Volumes	74,162	67,965	124,286	159,328
Agency Business Loan Sales Data:
Loan Sales	74,162	67,965	124,286	300,713
Agency Business \| FHA
Segment Information
Origination Volumes	27,457	19,215	27,457	230,707
Agency Business Loan Sales Data:
Loan Sales	$ 32,664	$ 24,057	$ 56,152	$ 201,915

Agreements and Transactions with Related Parties - 2024 Activity (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended		9 Months Ended
	Jul. 31, 2024	May 31, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2020
Agreements and Transactions with Related Parties
Interest income			$ 286,522	$ 336,474	$ 905,002	$ 1,000,159
Bridge loans \| Other Related Party Transactions \| Related Party
Agreements and Transactions with Related Parties
Equity participation interest (as a percentage)							18.90%
Maturity Date July 2027 \| Bridge loans \| Related Party
Agreements and Transactions with Related Parties
Interest income			100		100
Maturity Date July 2027 \| Bridge loans \| Other Related Party Transactions \| Related Party
Agreements and Transactions with Related Parties
Principal amount	$ 62,400
Equity participation interest (as a percentage)	3.34%
Base spread, percentage	4.25%
SOFR floor, percentage	3.50%
Loan committed					0
Maturity Date May 2027 \| Bridge loans \| Related Party
Agreements and Transactions with Related Parties
Interest income			$ 100		100
Maturity Date May 2027 \| Bridge loans \| Other Related Party Transactions \| Related Party
Agreements and Transactions with Related Parties
Principal amount		$ 42,500
Equity participation interest (as a percentage)		2.28%
Base spread, percentage		4.25%
SOFR floor, percentage		3.50%
Loan committed					$ 3,100

Commitments and Contingencies

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies

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

At September 30, 2024, we were required to maintain at least $22.1 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. At September 30, 2024, the restricted liquidity requirement totaled $88.5 million and was satisfied with a $70.0 million letter of credit and cash issued to Fannie Mae.

At September 30, 2024, reserve requirements for the Fannie Mae DUS loan portfolio will require us to fund $36.5 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. At September 30, 2024, 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. At September 30, 2024, 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):


Year	Debt Obligations		Minimum Annual Operating Lease Payments		Total
2024 (three months ending December 31, 2024)	$	559,621	$	2,721	$	562,342
2025	3,986,721		11,081		3,997,802
2026	4,194,282		11,297		4,205,579
2027	1,248,504		9,782		1,258,286
2028	180,000		9,093		189,093
2029	—		8,576		8,576
Thereafter	154,336		19,308		173,644
Total	$	10,323,464	$	71,858	$	10,395,322

During the three and nine months ended September 30, 2024, we recorded lease expense of $2.7 million and $8.3 million, respectively, and during the three and nine months ended September 30, 2023, we recorded lease expense of $2.8 million and $8.0 million, respectively.

Unfunded Commitments. In accordance with certain structured loans and investments, we have outstanding unfunded commitments of $2.01 billion at September 30, 2024 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 subject to a variety of claims and suits that arise from time to time in the ordinary course of our business. Although management currently believes that resolving claims against us, individually or in aggregate, will not have a material adverse impact in our consolidated financial statements, these matters are subject to inherent uncertainties and management’s view of these matters may change in the future.

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.

Debt Obligations - Narrative (Details)		1 Months Ended					3 Months Ended		9 Months Ended		12 Months Ended
Debt Obligations - Narrative (Details)	Sep. 30, 2024 USD ($) $ / shares	Oct. 31, 2024 USD ($)	Sep. 30, 2024 USD ($) $ / shares	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($) extension	Jan. 31, 2024 USD ($) facility	Sep. 30, 2024 USD ($) $ / shares	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) $ / shares	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	May 31, 2024 USD ($)	Apr. 30, 2024 USD ($)	Feb. 29, 2024 USD ($)
Debt Obligations
Line of credit facility, number of facilities consolidated \| facility						2
Outstanding letters of credit	$ 5,000,000.0		$ 5,000,000.0				$ 5,000,000.0		$ 5,000,000.0
Junior subordinated notes to subsidiary trust issuing preferred securities	$ 144,480,000		$ 144,480,000				$ 144,480,000		$ 144,480,000		$ 143,896,000
Debt, Wtd. Avg. Rate	7.38%		7.38%				7.38%		7.38%
CLO 15
Debt Obligations
Debt paid down				$ 674,400,000
Debt face value issued to third parties											$ 674,412,000
Debt, Wtd. Avg. Rate											6.82%
CLO 14, 16 and 19
Debt Obligations
Debt paid down									$ 896,500,000
Q Series securitization
Debt Obligations
Weighted average note rate including certain fees and costs, percentage	7.87%		7.87%				7.87%		7.87%		7.99%
Debt paid down									$ 58,100,000
Debt face value issued to third parties	$ 157,198,000		$ 157,198,000				$ 157,198,000		$ 157,198,000		$ 215,278,000
Debt, Wtd. Avg. Rate	6.96%		6.96%				6.96%		6.96%		7.38%
9.00% Notes \| Senior unsecured notes \| Subsequent event
Debt Obligations
Debt face value issued to third parties		$ 100,000,000.0
Interest rate		9.00%
4.75% Notes
Debt Obligations
Debt face value issued to third parties											$ 110,000,000
Debt, Wtd. Avg. Rate	4.75%		4.75%				4.75%		4.75%		4.75%
4.75% Notes \| Subsequent event
Debt Obligations
Debt paid down		$ 110,000,000
Interest rate		4.75%
Convertible senior unsecured notes
Debt Obligations
Debt face value issued to third parties	$ 287,500,000		$ 287,500,000				$ 287,500,000		$ 287,500,000		$ 287,500,000
Percentage of notes required to be repurchased if the agreement is fundamentally changed									100.00%
Interest expense							6,100,000	$ 6,100,000	$ 18,300,000	$ 18,200,000
Interest expense related to cash coupon							5,400,000	5,400,000	16,200,000	16,100,000
Deferred fees expensed as interest expense							$ 700,000	$ 700,000	$ 2,100,000	$ 2,100,000
Weighted average cost of notes, percentage	8.43%		8.43%				8.43%		8.43%		8.42%
7.50% convertible notes
Debt Obligations
Interest rate	7.50%		7.50%				7.50%		7.50%
Conversion rate of the notes to common stock, per $1,000 principal amount of notes	0.0609100
Conversion price per share of common stock (in dollars per share) \| $ / shares	$ 16.42		$ 16.42				$ 16.42		$ 16.42
Junior subordinated notes
Debt Obligations
Weighted average note rate including certain fees and costs, percentage	7.56%		7.56%				7.56%		7.56%		8.56%
Debt face value issued to third parties	$ 154,336,000		$ 154,336,000				$ 154,336,000		$ 154,336,000		$ 154,336,000
Deferred fees expensed as interest expense									1,400,000		1,500,000
Junior subordinated notes to subsidiary trust issuing preferred securities	144,500,000		144,500,000				144,500,000		144,500,000		143,900,000
Deferred amount due at maturity	$ 8,500,000		$ 8,500,000				$ 8,500,000		$ 8,500,000		$ 9,000,000.0
Debt, Wtd. Avg. Rate	7.47%		7.47%				7.47%		7.47%		8.48%
Amount payable on default of senior debt	$ 0		$ 0				$ 0		$ 0
Structured Business
Debt Obligations
Weighted average note rate including certain fees and costs, percentage	7.95%		7.95%				7.95%		7.95%		8.26%
Leverage on loans and investment portfolio financed through credit and repurchase facilities, excluding securities repurchase facility and working capital facility	68.00%		68.00%				68.00%		68.00%		69.00%
Debt, Wtd. Avg. Rate	7.49%		7.49%				7.49%		7.49%
Structured Business \| Minimum
Debt Obligations
Weighted average loan spread						0.0550
Structured Business \| $400M credit facility
Debt Obligations
Maximum borrowing capacity	$ 400,000,000.0		$ 400,000,000.0				$ 400,000,000.0		$ 400,000,000.0
Variable rate, spread			3.25%
SOFR floor, percentage			1.00%
Debt, Wtd. Avg. Rate	8.21%		8.21%				8.21%		8.21%
Structured Business \| $250M repurchase facility, maturing 2027
Debt Obligations
Maximum borrowing capacity	$ 250,000,000.0		$ 250,000,000.0				$ 250,000,000.0		$ 250,000,000.0
Variable rate, spread			3.25%
SOFR floor, percentage			2.00%
Length of extension option	1 year		1 year				1 year		1 year
Debt, Wtd. Avg. Rate	0.00%		0.00%				0.00%		0.00%
Structured Business \| $650M repurchase facility
Debt Obligations
Maximum borrowing capacity				$ 650,000,000.0
SOFR floor, percentage				0.25%
Structured Business \| $650M repurchase facility \| Minimum
Debt Obligations
Variable rate, spread				2.61%
Structured Business \| $650M repurchase facility \| Maximum
Debt Obligations
Variable rate, spread				3.11%
Structured Business \| $200M credit facility
Debt Obligations
Maximum borrowing capacity					$ 200,000,000.0
Structured Business \| $100M credit facility
Debt Obligations
Maximum borrowing capacity	$ 100,000,000		$ 100,000,000				$ 100,000,000		$ 100,000,000				$ 100,000,000.0
Debt, Wtd. Avg. Rate	0.00%		0.00%				0.00%		0.00%
Structured Business \| $500M repurchase facility
Debt Obligations
Maximum borrowing capacity														$ 500,000,000.0
Structured Business \| $1B repurchase facility
Debt Obligations
Maximum borrowing capacity	$ 1,000,000,000		$ 1,000,000,000		1,000,000,000.00		$ 1,000,000,000		$ 1,000,000,000
Debt, Wtd. Avg. Rate	7.51%		7.51%				7.51%		7.51%
Structured Business \| $450M repurchase facility
Debt Obligations
Maximum borrowing capacity														$ 450,000,000.0
Structured Business \| $350M repurchase facility
Debt Obligations
Maximum borrowing capacity	$ 350,000,000		$ 350,000,000		$ 350,000,000.0		$ 350,000,000		$ 350,000,000
Length of extension option					1 year
Maturity extensions exercised \| extension					1
Number of extension options \| extension					2
Debt, Wtd. Avg. Rate	7.05%		7.05%				7.05%		7.05%
Structured Business \| $250M credit facility
Debt Obligations
Maximum borrowing capacity	$ 250,000,000		$ 250,000,000		$ 250,000,000.0		$ 250,000,000		$ 250,000,000
Variable rate, spread					3.25%
SOFR floor, percentage					2.50%
Length of extension option	1 year		1 year		1 year		1 year		1 year
Debt, Wtd. Avg. Rate	8.21%		8.21%				8.21%		8.21%
Structured Business \| $225M credit facility
Debt Obligations
Maximum borrowing capacity											$ 225,000,000.0
Structured Business \| $25M credit facility
Debt Obligations
Maximum borrowing capacity											$ 25,000,000.0
Structured Business \| $150M credit facility
Debt Obligations
Maximum borrowing capacity						$ 150,000,000.0
Variable rate, spread						3.00%
Agency Business
Debt Obligations
Outstanding letters of credit				$ 70,000,000.0								$ 64,000,000.0
Debt, Wtd. Avg. Rate	6.37%		6.37%				6.37%		6.37%
Agency Business \| $200M credit facility
Debt Obligations
Maximum borrowing capacity	$ 200,000,000		$ 200,000,000				$ 200,000,000		$ 200,000,000
Debt, Wtd. Avg. Rate	6.36%		6.36%				6.36%		6.36%
Agency Business \| $100M credit facility
Debt Obligations
Maximum borrowing capacity	$ 100,000,000		$ 100,000,000				$ 100,000,000		$ 100,000,000
Debt, Wtd. Avg. Rate	6.31%		6.31%				6.31%		6.31%
Agency Business \| $500M repurchase facility
Debt Obligations
Maximum borrowing capacity	$ 500,000,000		$ 500,000,000	$ 500,000,000.0			$ 500,000,000		$ 500,000,000
Debt, Wtd. Avg. Rate	6.33%		6.33%				6.33%		6.33%

Debt Obligations

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Debt Obligations

Credit and Repurchase Facilities

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


				September 30, 2024						December 31, 2023
	Current Maturity	Extended Maturity	Note Rate Type	Debt Carrying Value (1)		Collateral Carrying Value		Wtd. Avg. Note Rate		Debt Carrying Value (1)		Collateral Carrying Value
Structured Business
$1.9B joint repurchase facility (2)(3)	Jul. 2025	Jul. 2026	V	$	692,187	$	1,131,634	7.36	%	$	868,077	$	1,371,436
$1B repurchase facility (2)	Aug. 2025	N/A	V	164,403		262,020		7.43	%	385,779		589,533
$1B repurchase facility	(6)	N/A	V	749,244		1,011,816		7.51	%	447,490		597,205
$649M repurchase facility (2)(4)	Oct. 2025	N/A	V	490,019		667,585		7.44	%	355,328		506,753
$400M credit facility	Mar. 2027	N/A	V	131,818		198,666		8.21	%	—		—
$350M repurchase facility	Mar. 2025	Mar. 2026	V	134,009		203,135		7.05	%	262,820		362,465
$250M credit facility (2)	Mar. 2026	(7)	V	140,842		271,985		8.21	%	—		—
$250M repurchase facility	Sept. 2027	(7)	V	—		—		—		—		—
$250M repurchase facility	Jan. 2025	N/A	V	—		—		—		17,964		23,088
$250M credit facility	Oct. 2025	Oct. 2026	V	—		—		—		—		—
$200M repurchase facility	Mar. 2025	N/A	V	110,095		154,402		7.50	%	45,969		68,762
$200M repurchase facility	Jan. 2025	N/A	V	62,253		92,634		6.89	%	107,324		141,130
$150M repurchase facility	Oct. 2025	N/A	V	82,801		110,694		7.95	%	120,610		162,068
$143M loan specific credit facilities	Nov. 2024 to Sept. 2025	Sept. 2026 to Aug. 2027	V	143,117		193,964		7.39	%	120,328		161,700
$100M credit facility	Oct. 2024 (8)	N/A	V	—		—		—		32,579		41,522
$50M credit facility	(9)	N/A	V	—		—		—		29,200		36,500
$40M credit facility	Apr. 2026	Apr. 2027	V	15,550		24,610		7.30	%	—		—
$35M working capital facility	Apr. 2025	N/A	V	—		—		—		—		—
Repurchase facility - securities (2)(5)	N/A	N/A	V	21,962		—		6.64	%	31,033		—
Structured Business total				$	2,938,300	$	4,323,145	7.49	%	$	2,824,501	$	4,062,162

Agency Business
$750M ASAP agreement	N/A	N/A	V	$	17,445	$	17,474	6.31	%	$	73,011	$	73,781
$500M repurchase facility	Nov. 2024	N/A	V	197,646		198,148		6.33	%	115,730		241,895
$200M credit facility	Mar. 2025	N/A	V	73,315		73,563		6.36	%	187,138		187,185
$100M joint repurchase facility (2)(3)	Jul. 2025	Jul. 2026	V	7,921		11,329		7.58	%	7,833		11,350
$100M credit facility	Jan. 2025	N/A	V	17,514		17,550		6.31	%	—		—
$50M credit facility	Sept. 2025	N/A	V	5,245		5,245		6.31	%	29,083		29,418
$1M repurchase facility (2)(4)	Oct. 2025	N/A	V	333		824		7.30	%	531		866
Agency Business total				$	319,419	$	324,133	6.37	%	$	413,326	$	544,495
Consolidated total				$	3,257,719	$	4,647,278	7.38	%	$	3,237,827	$	4,606,657

________________________

V = variable note rate

(2)These facilities are subject to margin call provisions associated with changes in interest spreads.

(3)In March 2024, this joint repurchase facility was reduced from $3.00 billion to $2.00 billion.

(4)A portion of this facility was used to finance a fixed-rate SFR permanent loan reported through our Agency Business.

(6)The commitment amount under this facility expires six months after the lender provides written notice. We then have an additional six months to repurchase the underlying loans.

(7)We have the ability to extend the maturity of this facility in one-year increments, subject to lender approval.

(8)This facility matured in October 2024 and was not renewed.

(9)In June 2024, we terminated this facility.

Structured Business

At September 30, 2024 and December 31, 2023, the weighted average interest rate for the credit and repurchase facilities of our Structured Business, including certain fees and costs, such as structuring, commitment, non-use and warehousing fees, was 7.95% and 8.26%, respectively. The leverage on our loan and investment portfolio financed through our credit and repurchase facilities, excluding the securities repurchase facility and the working capital facility, was 68% and 69% at September 30, 2024 and December 31, 2023, respectively.

In September 2024, we entered into a $400.0 million credit facility to finance performing and non-performing loans that matures in March 2027. The facility has an interest rate of SOFR plus 3.25%, with a SOFR floor of 1.00%.

In September 2024, we entered into a $250.0 million repurchase facility to finance multifamily construction loans that matures in September 2027, with the ability to extend the maturity in one-year increments, subject to lender approval. The facility has an interest rate of SOFR plus 3.25%, with a SOFR floor of 2.00%.

In June 2024, we amended a $500.0 million repurchase facility to increase the facility size to $650.0 million and extend the maturity to October 2025. The interest rate range for new loans under this facility was also adjusted to SOFR plus 2.61% to 3.11%, with a 0.25% SOFR floor.

In April 2024, we amended a $200.0 million credit facility to decrease the facility size to $100.0 million.

In March 2024, we amended a $500.0 million repurchase facility to increase the facility size to $1.00 billion.

In March 2024, we amended a $450.0 million repurchase facility to decrease the facility size to $350.0 million and exercised one of two remaining one-year extension options to extend maturity to March 2025.

In March 2024, we entered into a $250.0 million repurchase facility to finance non-performing loans that matures in March 2026, with the ability to extend the maturity in one-year increments, subject to lender approval. The facility has an interest rate of SOFR plus 3.25%, with a SOFR floor of 2.50%.

In January 2024, we consolidated two credit facilities of $225.0 million and $25.0 million into one facility totaling $150.0 million. This facility bears interest at SOFR plus 3.00% with an all-in floor of 5.50% and matures in October 2025.

Agency Business

In June 2024, we amended our letter of credit securing our obligations under the Fannie Mae DUS and the Freddie Mac SBL programs by increasing the outstanding letter of credit amount for our Fannie Mae DUS obligations to $70.0 million from $64.0 million. We have no remaining letter of credit capacity available under this facility.

Securitized Debt

We account for securitized debt transactions on our consolidated balance sheet as financing facilities. These transactions are considered VIEs for which we are the primary beneficiary and are consolidated in our financial statements. The investment grade notes and guaranteed certificates issued to third parties are treated as secured financings and are non-recourse to us.

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


	Debt						Collateral (3)
							Loans				Cash
September 30, 2024	Face Value		Carrying Value (1)		Wtd. Avg. Rate (2)		UPB		Carrying Value		Restricted Cash (4)
CLO 19	$	785,237	$	782,149	7.47	%	$	925,118	$	924,023	$	16,900
CLO 18	1,555,265		1,552,002		6.88	%	1,938,088		1,936,903		—
CLO 17	1,640,316		1,637,614		6.63	%	1,912,268		1,910,651		52,265
CLO 16	830,087		827,777		6.37	%	1,042,646		1,041,417		30,000

CLO 14	359,142		358,912		6.56	%	466,304		465,894		—
Total CLOs (5)	5,170,047		5,158,454		6.79	%	6,284,424		6,278,888		99,165
Q Series securitization	157,198		156,625		6.96	%	209,598		209,319		—
Total securitized debt	$	5,327,245	$	5,315,079	6.80	%	$	6,494,022	$	6,488,207	$	99,165

December 31, 2023
CLO 19	$	872,812	$	868,359	7.84	%	$	1,031,772	$	1,028,669	$	4,527
CLO 18	1,652,812		1,647,885		7.29	%	1,784,921		1,780,930		244,629
CLO 17	1,714,125		1,709,800		7.14	%	1,870,388		1,865,878		203,938
CLO 16	1,237,500		1,233,769		6.76	%	1,456,872		1,453,297		847
CLO 15 (5)	674,412		673,367		6.82	%	734,120		732,498		42,600
CLO 14 (5)	589,345		588,176		6.82	%	680,814		679,469		33,271


Total CLOs	6,741,006		6,721,356		7.14	%	7,558,887		7,540,741		529,812
Q Series securitization	215,278		213,654		7.38	%	287,038		286,053		—
Total securitized debt	$	6,956,284	$	6,935,010	7.15	%	$	7,845,925	$	7,826,794	$	529,812

________________________

(1)Debt carrying value is net of $11.6 million and $21.3 million of deferred financing fees at September 30, 2024 and December 31, 2023, respectively.

(5)The replenishment periods of CLO 14, CLO 15, CLO 16, CLO 19, CLO 17, and CLO 18 ended in September 2023, December 2023, March 2024, May 2024, June 2024, and August 2024, respectively.

CLO 15. In June 2024, we unwound CLO 15, redeeming the remaining outstanding notes totaling $674.4 million, which were paid primarily from the refinancing of the remaining assets within our other CLO vehicles and credit and repurchase facilities.

Securitization Paydowns. During the nine months ended September 30, 2024, outstanding notes totaling $896.5 million on our existing CLOs and $58.1 million on the Q Series securitization have been paid down.

Senior Unsecured Notes

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


Senior Unsecured Notes	Issuance Date		September 30, 2024						December 31, 2023
		Maturity	UPB		Carrying Value (1)		Wtd. Avg. Rate (2)		UPB		Carrying Value (1)		Wtd. Avg. Rate (2)

7.75% Notes (3)	Mar. 2023	Mar. 2026	$	95,000	$	94,130	7.75	%	$	95,000	$	93,697	7.75	%
8.50% Notes (3)	Oct. 2022	Oct. 2027	150,000		148,410		8.50	%	150,000		148,023		8.50	%
5.00% Notes (3)	Dec. 2021	Dec. 2028	180,000		178,194		5.00	%	180,000		177,875		5.00	%
4.50% Notes (3)	Aug. 2021	Sept. 2026	270,000		268,392		4.50	%	270,000		267,763		4.50	%
5.00% Notes (3)	Apr. 2021	Apr. 2026	175,000		174,003		5.00	%	175,000		173,542		5.00	%
4.50% Notes (3)	Mar. 2020	Mar. 2027	275,000		273,807		4.50	%	275,000		273,444		4.50	%
4.75% Notes (4)	Oct. 2019	Oct. 2024	110,000		109,972		4.75	%	110,000		109,721		4.75	%
5.75% Notes (5)	Mar. 2019	Apr. 2024	—		—		—		90,000		89,903		5.75	%
			$	1,255,000	$	1,246,908	5.39	%	$	1,345,000	$	1,333,968	5.41	%

________________________

(1)At September 30, 2024 and December 31, 2023, the carrying value is net of deferred financing fees of $8.1 million and $11.0 million, respectively.

(2)At September 30, 2024 and December 31, 2023, the aggregate weighted average note rate, including certain fees and costs, was 5.67% and 5.70%, respectively.

(5)In April 2024, these notes matured and were redeemed for cash.

Subsequent Events

In October 2024, we issued $100.0 million aggregate principal amount of 9.00% senior unsecured notes due October 2027 in a private offering. Also in October, we redeemed the $110.0 million outstanding on our 4.75% senior unsecured notes at maturity.

Convertible Senior Unsecured Notes

Our 7.50% convertible senior unsecured notes are not redeemable by us prior to maturity (August 2025) 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.

The UPB and net carrying value of our convertible notes are as follows (in thousands):


Period	UPB		Unamortized Deferred Financing Fees		Net Carrying Value
September 30, 2024	$	287,500	$	2,330	$	285,170

December 31, 2023	$	287,500	$	4,382	$	283,118

During the three months ended September 30, 2024, we incurred interest expense on the notes totaling $6.1 million, of which $5.4 million and $0.7 million related to the cash coupon and deferred financing fees, respectively. During the nine months ended September 30, 2024, we incurred interest expense on the notes totaling $18.3 million, of which $16.2 million and $2.1 million related to the cash coupon and deferred financing fees, respectively. During the three months ended September 30, 2023, we incurred interest expense on the notes

totaling $6.1 million, of which $5.4 million and $0.7 million related to the cash coupon and deferred financing fees, respectively. During the nine months ended September 30, 2023, we incurred interest expense on the notes totaling $18.2 million, of which $16.1 million and $2.1 million related to the cash coupon and deferred financing fees, respectively. Including the amortization of the deferred financing fees, our weighted average total cost of the notes was 8.43% and 8.42% at September 30, 2024 and December 31, 2023, respectively. At September 30, 2024, the 7.50% convertible senior notes had a conversion rate of 60.9100 shares of common stock per $1,000 of principal, which represented a conversion price of $16.42 per share of common stock.

Junior Subordinated Notes

The carrying values of borrowings under our junior subordinated notes were $144.5 million and $143.9 million at September 30, 2024 and December 31, 2023, respectively, which is net of a deferred amount of $8.5 million and $9.0 million, respectively, (which is amortized into interest expense over the life of the notes) and deferred financing fees of $1.4 million and $1.5 million, respectively. These notes have maturities ranging from March 2034 through April 2037 and pay interest quarterly at a floating rate. The weighted average note rate was 7.47% and 8.48% at September 30, 2024 and December 31, 2023, respectively. Including certain fees and costs, the weighted average note rate was 7.56% and 8.56% at September 30, 2024 and December 31, 2023, respectively.

Debt Covenants

Credit and Repurchase Facilities and Unsecured Debt. The credit and repurchase facilities and unsecured debt (senior and convertible notes) contain various financial covenants, including, but not limited to, minimum liquidity requirements, minimum net worth requirements, minimum unencumbered asset 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 September 30, 2024.

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 at September 30, 2024, as well as on the most recent determination dates in October 2024. 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 (1) cash on hand, (2) income from any CLO not in breach of a covenant test, (3) income from real property and loan assets, (4) sale of assets, or (5) 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 October 2024 are as follows:


Cash Flow Triggers	CLO 14		CLO 16		CLO 17		CLO 18		CLO 19
Overcollateralization (1)
Current	133.88	%	129.98	%	123.14	%	124.20	%	121.78	%
Limit	118.76	%	120.21	%	121.51	%	123.03	%	119.30	%
Pass / Fail	Pass		Pass		Pass		Pass		Pass

Interest Coverage (2)
Current	165.86	%	169.06	%	159.44	%	146.99	%	138.81	%
Limit	120.00	%	120.00	%	120.00	%	120.00	%	120.00	%
Pass / Fail	Pass		Pass		Pass		Pass		Pass

________________________

(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 14		CLO 16		CLO 17		CLO 18		CLO 19
October 2024	133.88	%	129.98	%	123.14	%	124.20	%	121.78	%
July 2024	132.91	%	127.64	%	121.78	%	123.67	%	119.98	%
April 2024	125.22	%	120.81	%	121.71	%	123.87	%	119.30	%
January 2024	120.00	%	120.81	%	121.71	%	123.87	%	120.30	%
October 2023	119.76	%	121.21	%	122.51	%	124.03	%	120.30	%

________________________

(1)This table 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.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	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 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 and nine months ended September 30, 2024, we recorded a tax provision of $5.2 million and $12.7 million, respectively. In the three and nine months ended September 30, 2023, we recorded a tax provision of $5.9 million and $19.4 million, respectively. The tax provision recorded in the three months ended September 30, 2024 consisted of a current tax provision of $7.2 million and a deferred tax benefit of $2.0 million. The tax provision recorded in the nine months ended September 30, 2024 consisted of a current tax provision of $21.6 million and a deferred tax benefit of $8.9 million. The tax provision recorded in the three months ended September 30, 2023 consisted of a current tax provision of $8.3 million and a deferred tax benefit of $2.4 million. The tax provision recorded in the nine months ended September 30, 2023 consisted of a current tax provision of $26.0 million and deferred tax benefit of $6.6 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.

The entire disclosure for income tax.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Loss Contingency Accrual, Disclosures [Abstract]

Derivative Financial Instruments - Schedule of Non-Qualifying Derivative Financial Instruments (Details) $ in Thousands	Sep. 30, 2024 USD ($) derivative	Dec. 31, 2023 USD ($) derivative
Non-Qualifying \| Agency Business
Derivative Financial Instruments
Notional Value	$ 370,366	$ 594,079
Derivative Assets	1,912	6,547
Derivative Liabilities	(1,115)	$ (1,021)
Rate lock commitments
Derivative Financial Instruments
Notional Value	$ 25,093
Rate lock commitments \| Non-Qualifying \| Agency Business
Derivative Financial Instruments
Count \| derivative	2	3
Notional Value	$ 25,093	$ 26,800
Derivative Assets	376	428
Derivative Liabilities	(20)	$ (759)
Forward sale commitments
Derivative Financial Instruments
Notional Value	$ 337,073
Forward sale commitments \| Non-Qualifying \| Agency Business
Derivative Financial Instruments
Count \| derivative	30	33
Notional Value	$ 337,073	$ 559,079
Derivative Assets	1,536	6,119
Derivative Liabilities	$ (1,095)	$ (262)
Treasury futures \| Non-Qualifying \| Agency Business
Derivative Financial Instruments
Count \| derivative	82	82
Notional Value	$ 8,200	$ 8,200
Derivative Assets	0	0
Derivative Liabilities	$ 0	$ 0

Loans Held-for-Sale - Narrative (Details)	3 Months Ended			9 Months Ended		12 Months Ended
Loans Held-for-Sale - Narrative (Details)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($) loan	Dec. 31, 2023 USD ($)
Loans Held-for-Sale, Net
Sale of loans held-for-sale excluding acquired loans	$ 1,120,000,000	$ 1,280,000,000		$ 3,340,000,000	$ 3,620,000,000
Loans held-for-sale placed on non-accrual status	0			0			$ 0
Financial Asset, Equal to or Greater than 90 Days Past Due [Member]
Loans Held-for-Sale, Net
Loans held-for-sale that were 90 days or more past due	$ 0			$ 0			$ 0
US Government Sponsored-Enterprise Insured Loans
Loans Held-for-Sale, Net
Period of loans held for sale sold				60 days
Private Label
Loans Held-for-Sale, Net
Period of loans held for sale sold				180 days
Net loss of swaps gain with loans						$ 5,200,000
Number of loans under the loan portfolio \| loan						7
Unpaid principal balance						$ 129,900,000
Net loans carrying value						$ 116,400,000
Gain on sale of loans			$ 900,000

Investments in Equity Affiliates - Summary of Equity Method Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Investment in Equity Affiliates
Investment in Equity Affiliates	$ 76,294	$ 79,303
UPB of Loans to Equity Affiliates	14,888
Arbor Residential Investor LLC
Investment in Equity Affiliates
Investment in Equity Affiliates	24,955	32,743
UPB of Loans to Equity Affiliates	0
AMAC Holdings III LLC
Investment in Equity Affiliates
Investment in Equity Affiliates	14,548	13,591
UPB of Loans to Equity Affiliates	0
Fifth Wall Ventures
Investment in Equity Affiliates
Investment in Equity Affiliates	14,293	13,365
UPB of Loans to Equity Affiliates	0
AWC Real Estate Opportunity Partners I LP
Investment in Equity Affiliates
Investment in Equity Affiliates	13,642	11,671
UPB of Loans to Equity Affiliates	13,200	13,200
ARSR DPREF I LLC
Investment in Equity Affiliates
Investment in Equity Affiliates	5,474	5,163
UPB of Loans to Equity Affiliates	0
Lightstone Value Plus REIT L.P.
Investment in Equity Affiliates
Investment in Equity Affiliates	1,895	1,895
UPB of Loans to Equity Affiliates	0
The Park at Via Terrossa
Investment in Equity Affiliates
Investment in Equity Affiliates	612	0
UPB of Loans to Equity Affiliates	0
Docsumo Pte. Ltd.
Investment in Equity Affiliates
Investment in Equity Affiliates	450	450
UPB of Loans to Equity Affiliates	0
JT Prime
Investment in Equity Affiliates
Investment in Equity Affiliates	425	425
UPB of Loans to Equity Affiliates	0
West Shore Café
Investment in Equity Affiliates
Investment in Equity Affiliates	0	0
UPB of Loans to Equity Affiliates	1,688
Lexford Portfolio
Investment in Equity Affiliates
Investment in Equity Affiliates	0	0
UPB of Loans to Equity Affiliates	0
East River Portfolio
Investment in Equity Affiliates
Investment in Equity Affiliates	0	$ 0
UPB of Loans to Equity Affiliates	$ 0

Description of Business	9 Months Ended
Description of Business	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of Business Arbor Realty Trust, Inc. (“we,” “us,” “our,” or the "Company") is a Maryland corporation formed in 2003. We are a nationwide real estate investment trust (“REIT”) and direct lender, providing loan origination and servicing for commercial real estate assets. 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 loans, in addition to mezzanine loans, junior participating interests in first mortgages and preferred 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 retain the servicing rights on 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 CMBS programs. We either sell the Private Label loans instantaneously or pool and securitize them and sell certificates in the securitizations to third party investors, while retaining the highest risk bottom tranche certificate of the securitization. Substantially all of our operations are conducted through our operating partnership, Arbor Realty Limited Partnership (“ARLP”), for which we serve as the indirect general partner, and ARLP’s subsidiaries. We are organized to qualify as a REIT for U.S. federal income tax purposes. A REIT is generally not subject to federal income tax on that portion of its taxable income that is distributed to its stockholders, provided that at least 90% of its 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 are part of our TRS consolidated group (the “TRS Consolidated Group”) and are 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.

Allowance for Loss - Sharing Obligations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Roll forward of loss contingency accrual
Provisions for loss sharing	$ 3,180	$ 1,679	$ 7,787	$ 12,528
Guarantee obligations	34,800		34,800		$ 34,600
Allowance for loss sharing obligations	45,800		$ 45,800		$ 37,000
Loss-sharing obligations (as a percent)			0.20%		0.17%
Impact of adopting CECL	4,000	2,500	$ 8,800	11,900
Loss-Sharing Obligation
Roll forward of loss contingency accrual
Beginning balance	76,561	66,681	71,634	57,168	$ 57,168
Provisions for loss sharing	3,521	1,703	9,294	13,992
Provisions reversal for loan repayments	(341)	(24)	(735)	(1,464)
Recoveries (charge-offs), net	836	901	384	(435)
Ending balance	80,577	$ 69,261	80,577	$ 69,261	71,634
Outstanding advances under the Fannie Mae DUS program	500		500		1,100
Maximum quantifiable liability	$ 4,200,000		$ 4,200,000		$ 3,950,000

Loans and Investments - Summary of Impaired Loans (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($) loan	Dec. 31, 2023 USD ($) loan
Loans and Investments
UPB	$ 629,255	$ 427,929
Carrying Value	596,863	404,896
Allowance for Credit Losses	$ 145,749	$ 120,611
Wtd. Avg. First Dollar LTV Ratio	0	0
Wtd. Avg. Last Dollar LTV Ratio	0.99	0.99
Number of impaired loans (less unearned revenue and other holdbacks and adjustments) by asset class \| loan	27	19
Multifamily
Loans and Investments
UPB	$ 473,820	$ 272,494
Carrying Value	452,237	260,291
Allowance for Credit Losses	$ 62,887	$ 37,750
Wtd. Avg. First Dollar LTV Ratio	0	0
Wtd. Avg. Last Dollar LTV Ratio	0.99	1
Land
Loans and Investments
UPB	$ 134,215	$ 134,215
Carrying Value	127,868	127,868
Allowance for Credit Losses	$ 77,869	$ 77,869
Wtd. Avg. First Dollar LTV Ratio	0	0
Wtd. Avg. Last Dollar LTV Ratio	0.99	0.99
Retail
Loans and Investments
UPB	$ 19,520	$ 19,520
Carrying Value	15,058	15,037
Allowance for Credit Losses	$ 3,293	$ 3,292
Wtd. Avg. First Dollar LTV Ratio	0	0
Wtd. Avg. Last Dollar LTV Ratio	0.88	0.88
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	0	0
Wtd. Avg. Last Dollar LTV Ratio	1	1

Loans Held-for-Sale - Summary (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Loans Held-for-Sale, Net
Loans held-for-sale	$ 326,910	$ 552,325
Fair value of future MSR	3,887	7,784
Unrealized impairment loss	(876)	(1,989)
Unearned discount	(3,780)	(6,413)
Loans held-for-sale, net	326,141	551,707
Fannie Mae
Loans Held-for-Sale, Net
Loans held-for-sale	181,590	477,212
Freddie Mac
Loans Held-for-Sale, Net
Loans held-for-sale	127,067	50,235
Private Label
Loans Held-for-Sale, Net
Loans held-for-sale	11,329	11,350
SFR - Fixed Rate
Loans Held-for-Sale, Net
Loans held-for-sale	3,601	8,696
FHA
Loans Held-for-Sale, Net
Loans held-for-sale	$ 3,323	$ 4,832

Loans and Investments - Concentration of Credit Risk (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2024 loan borrower	Dec. 31, 2023 loan borrower
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans	789	747
Total Assets \| Credit risk concentration
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans	81	31
Number of different borrowers \| borrower	5	5
Total Assets \| Credit risk concentration \| Five Borrowers
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Concentration risk, percentage	11.00%	11.00%
Loans and investments portfolio \| Credit risk concentration \| Texas
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Concentration risk, percentage	24.00%	24.00%
Loans and investments portfolio \| Credit risk concentration \| Florida
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Concentration risk, percentage	18.00%	17.00%

Allowance for Loss-Sharing Obligations (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Allowance for Loss-Sharing

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Beginning balance	$	76,561	$	66,681	$	71,634	$	57,168
Provisions for loss sharing	3,521		1,703		9,294		13,992
Provisions reversal for loan repayments	(341)		(24)		(735)		(1,464)
Recoveries (charge-offs), net	836		901		384		(435)
Ending balance	$	80,577	$	69,261	$	80,577	$	69,261

Investments in Equity Affiliates (Tables)

9 Months Ended

Sep. 30, 2024

Equity Method Investments and Joint Ventures [Abstract]

Summary of Equity Method Investments

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


	Investments in Equity Affiliates at				UPB of Loans to Equity Affiliates at September 30, 2024
Equity Affiliates	September 30, 2024		December 31, 2023
Arbor Residential Investor LLC	$	24,955	$	32,743	$	—
AMAC Holdings III LLC	14,548		13,591		—
Fifth Wall Ventures	14,293		13,365		—
AWC Real Estate Opportunity Partners I LP	13,642		11,671		13,200
ARSR DPREF I LLC	5,474		5,163		—
Lightstone Value Plus REIT L.P.	1,895		1,895		—
The Park at Via Terrossa	612		—		—
Docsumo Pte. Ltd.	450		450		—
JT Prime	425		425		—
West Shore Café	—		—		1,688
Lexford Portfolio	—		—		—
East River Portfolio	—		—		—
Total	$	76,294	$	79,303	$	14,888

CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands

Sep. 30, 2024

Dec. 31, 2023

Assets:

$ 687,540

$ 928,974

Loans and investments, net (allowance for credit losses of $243,588 and $195,664)

179,906

608,233

11,292,647

12,377,806

326,141

551,707

Securities held-to-maturity, net (allowance for credit losses of $10,564 and $6,256)

376,403

391,254

156,027

155,279

76,294

79,303

127,926

86,991

Due from related party

96,823

64,421

88,510

91,378

Other assets

473,241

403,290

^[1]

13,881,458

15,738,636

Credit and repurchase facilities

3,257,719

3,237,827

Securitized debt

5,315,079

6,935,010

Senior unsecured notes

1,246,908

1,333,968

Convertible senior unsecured notes

285,170

283,118

Junior subordinated notes to subsidiary trust issuing preferred securities

144,480

143,896

Mortgage notes payable — real estate owned

35,350

44,339

Due to related party

25,474

13,799

Due to borrowers

56,975

121,707

80,577

71,634

Other liabilities

270,349

298,733

Commitments and contingencies (Note 14)

^[1]

10,718,081

12,484,031

Arbor Realty Trust, Inc. stockholders' equity:

Preferred stock, cumulative, redeemable, $0.01 par value: 100,000,000 shares authorized, shares issued and outstanding by period: Special voting preferred shares - 16,293,589 shares, 6.375% Series D - 9,200,000 shares, 6.25% Series E - 5,750,000 shares, 6.25% Series F - 11,342,000 shares

633,684

Common stock, $0.01 par value: 500,000,000 shares authorized - 188,608,777 and 188,505,264 shares issued and outstanding

1,886

1,885

Additional paid-in capital

2,363,259

2,367,188

Retained earnings

34,816

115,216

Total Arbor Realty Trust, Inc. stockholders' equity

3,033,645

3,117,973

Noncontrolling interest

129,732

136,632

Total equity

3,163,377

3,254,605

Total liabilities and equity

$ 13,881,458

$ 15,738,636

[1]

Description of Business (Details)	9 Months Ended
Description of Business (Details)	Sep. 30, 2024 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of business segments	2

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Taxes
Provision for income taxes	$ 5,233	$ 5,854	$ 12,726	$ 19,436
Current tax provision	7,200	8,300	21,600	26,000
Deferred tax benefit	$ 2,000	$ 2,400	$ 8,922	$ 6,630
Minimum
Income Taxes
Federal income tax rate			90.00%

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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
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-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Schedule of Principal Amounts, Carrying Values, and Estimated Fair Values of Financial Instruments

Fair Value (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

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


	September 30, 2024						December 31, 2023
	Principal / Notional Amount		Carrying Value		Estimated Fair Value		Principal / Notional Amount		Carrying Value		Estimated Fair Value
Financial assets:
Loans and investments, net	$	11,565,538	$	11,292,647	$	11,236,801	$	12,615,006	$	12,377,806	$	12,452,563
Loans held-for-sale, net	326,910		326,141		334,884		552,325		551,707		566,451
Capitalized mortgage servicing rights, net	n/a		376,403		499,630		n/a		391,254		510,472
Securities held-to-maturity, net	230,190		156,027		145,000		230,495		155,279		129,390
Derivative financial instruments	134,688		1,912		1,912		447,609		6,547		6,547

Financial liabilities:
Credit and repurchase facilities	$	3,264,033	$	3,257,719	$	3,247,500	$	3,242,939	$	3,237,827	$	3,228,324
Securitized debt	5,327,245		5,315,079		5,281,765		6,956,284		6,935,010		6,864,557
Senior unsecured notes	1,255,000		1,246,908		1,161,256		1,345,000		1,333,968		1,214,331
Convertible senior unsecured notes	287,500		285,170		292,712		287,500		283,118		301,156
Junior subordinated notes	154,336		144,480		107,761		154,336		143,896		106,444
Mortgage notes payable - real estate owned	35,350		35,350		35,132		44,339		44,339		44,103
Derivative financial instruments	227,478		1,115		1,115		138,270		1,021		1,021

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The fair values of these financial assets and liabilities are determined using the following input levels at September 30, 2024 (in thousands):


	Carrying Value		Fair Value		Fair Value Measurements Using Fair Value Hierarchy
					Level 1		Level 2		Level 3
Financial assets:
Derivative financial instruments	$	1,912	$	1,912	$	—	$	1,536	$	376

Financial liabilities:
Derivative financial instruments	$	1,115	$	1,115	$	—	$	1,115	$	—

Fair Value Measurements, Nonrecurring

The fair values of these financial and non-financial assets, if applicable, are determined using the following input levels at September 30, 2024 (in thousands):


	Net Carrying Value		Fair Value		Fair Value Measurements Using Fair Value Hierarchy
					Level 1		Level 2		Level 3
Financial assets:
Impaired loans, net
Loans held-for-investment (1)	$	451,114	$	451,114	$	—	$	—	$	451,114
Loans held-for-sale (2)	14,054		14,054		—		14,054		—
	$	465,168	$	465,168	$	—	$	14,054	$	451,114

________________________

(1)We had an allowance for credit losses of $145.7 million related to twenty-seven impaired loans with a total carrying value, before loan loss reserves, of $596.9 million at September 30, 2024. The fair values of these impaired loans are based on the value of the underlying collateral.

(2)We had unrealized impairment losses of $0.9 million related to four held-for-sale loans with a total carrying value, before unrealized impairment losses, of $14.9 million.

Fair Value Measurement Inputs and Valuation Techniques

Quantitative information about Level 3 fair value measurements at September 30, 2024 is as follows ($ in thousands):


	Fair Value		Valuation Techniques	Significant Unobservable Inputs
Financial assets:
Impaired loans:					Weighted Average	Minimum / Maximum
Multifamily	$	389,350	Discounted cash flows	Capitalization rate	6.20%	5.75% - 7.25%

Land	49,999		Discounted cash flows	Discount rate	21.50%	21.50%
				Revenue growth rate	3.00%	3.00%





Retail	11,765		Sales comparative	Price per acre	$165,128	$165,128

Derivative financial instruments:
Rate lock commitments	376		Discounted cash flows	W/A discount rate	13.37%	13.37%

Schedule of Roll Forward of Level 3 Derivative Instruments

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


	Fair Value Measurements Using Significant Unobservable Inputs
	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Derivative assets and liabilities, net
Beginning balance	$	1,066	$	757	$	428	$	354
Settlements	(13,460)		(13,369)		(36,902)		(46,123)
Realized gains recorded in earnings	12,394		12,612		36,474		45,769
Unrealized gains recorded in earnings	376		962		376		962
Ending balance	$	376	$	962	$	376	$	962

Schedule of Components of Fair and Other Relevant Information

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):


September 30, 2024	Notional/ Principal Amount		Fair Value of Servicing Rights		Interest Rate Movement Effect		Unrealized Impairment Loss		Total Fair Value Adjustment
Rate lock commitments	$	25,093	$	376	$	20	$	—	$	396
Forward sale commitments	337,073		—		(20)		—		(20)
Loans held-for-sale, net (1)	326,910		3,887		—		(876)		3,011
Total			$	4,263	$	—	$	(876)	$	3,387

________________________

(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.

Fair Value Measurements, Recurring and Nonrecurring

The fair value of these assets and liabilities are determined using the following input levels at September 30, 2024 (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	$	11,292,647	$	11,236,801	$	—	$	—	$	11,236,801
Loans held-for-sale, net	326,141		334,884		—		330,997		3,887
Capitalized mortgage servicing rights, net	376,403		499,630		—		—		499,630
Securities held-to-maturity, net	156,027		145,000		—		—		145,000

Financial liabilities:
Credit and repurchase facilities	$	3,257,719	$	3,247,500	$	—	$	319,419	$	2,928,081
Securitized debt	5,315,079		5,281,765		—		—		5,281,765
Senior unsecured notes	1,246,908		1,161,256		1,161,256		—		—
Convertible senior unsecured notes	285,170		292,712		—		292,712		—
Junior subordinated notes	144,480		107,761		—		—		107,761
Mortgage notes payable - real estate owned	35,350		35,132		—		—		35,132

Fair Value - Measurement on Recurring and Nonrecurring Basis (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($) loan	Dec. 31, 2023 USD ($)
Financial assets:
Impaired loans, net	$ 596,863	$ 404,896
Financial liabilities:
Allowance for credit losses on impaired loans	$ 145,700
Number of impaired loans \| loan	27
Aggregate carrying value of impaired loans before reserves	$ 596,900
Unrealized impairment losses on held-for-sale	$ 900
Number of impaired loans held-for-sale \| loan	4
Unrealized impairment losses	$ 14,900
Carrying Value
Financial assets:
Derivative financial instruments	1,912	6,547
Financial liabilities:
Derivative financial instruments	1,115	1,021
Fair Value
Financial assets:
Derivative financial instruments	1,912	6,547
Financial liabilities:
Derivative financial instruments	1,115	$ 1,021
Recurring basis \| Carrying Value
Financial assets:
Derivative financial instruments	1,912
Financial liabilities:
Derivative financial instruments	1,115
Recurring basis \| Fair Value
Financial assets:
Derivative financial instruments	1,912
Financial liabilities:
Derivative financial instruments	1,115
Nonrecurring basis \| Carrying Value
Financial assets:
Loans held-for-investment	451,114
Loans held-for-sale	14,054
Impaired loans, net	465,168
Nonrecurring basis \| Fair Value
Financial assets:
Loans held-for-investment	451,114
Loans held-for-sale	14,054
Impaired loans, net	465,168
Level 1 \| Recurring basis
Financial assets:
Derivative financial instruments	0
Financial liabilities:
Derivative financial instruments	0
Level 1 \| Nonrecurring basis
Financial assets:
Loans held-for-investment	0
Loans held-for-sale	0
Impaired loans, net	0
Level 2 \| Recurring basis
Financial assets:
Derivative financial instruments	1,536
Financial liabilities:
Derivative financial instruments	1,115
Level 2 \| Nonrecurring basis
Financial assets:
Loans held-for-investment	0
Loans held-for-sale	14,054
Impaired loans, net	14,054
Level 3 \| Recurring basis
Financial assets:
Derivative financial instruments	376
Financial liabilities:
Derivative financial instruments	0
Level 3 \| Nonrecurring basis
Financial assets:
Loans held-for-investment	451,114
Loans held-for-sale	0
Impaired loans, net	$ 451,114

Investments in Equity Affiliates - Narrative (Details) $ in Thousands	1 Months Ended	3 Months Ended				9 Months Ended		12 Months Ended
	Apr. 30, 2024 USD ($)	Sep. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($) investment	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Investment in Equity Affiliates
Income (loss) from equity affiliates		$ 3,177			$ 809	$ 7,388	$ 20,694
Indirect ownership percentage						12.30%		12.30%
Payments to acquire interest in newly formed entity						$ 17,845	1,029
Bridge loans, total UPB						629,255		$ 427,929
Number of investments purchased \| investment				4
Loans to affiliates, balance		14,888				14,888
Distributions from equity affiliates						11,224	15,552
Interest income		286,522			336,474	905,002	1,000,159
Bridge loans
Investment in Equity Affiliates
Bridge loans, total UPB	$ 100,300
Houston Properties
Investment in Equity Affiliates
Proceeds from sale of real estate	$ 101,300
Houston Properties \| Bridge loans
Investment in Equity Affiliates
Variable rate, spread	3.00%
Capital Partner \| AWC Real Estate Opportunity Partners I LP
Investment in Equity Affiliates
Subsidiary, non-controlling limited partnership interest			51.00%
General partnership, ownership interest			17.50%
Unconsolidated VIEs \| Houston Properties \| Bridge loans
Investment in Equity Affiliates
Short-term debt	$ 95,300
AWC Real Estate Opportunity Partners I LP
Investment in Equity Affiliates
Real estate investments, commitment, amount		9,400
Arbor Residential Investor LLC
Investment in Equity Affiliates
Income (loss) from equity affiliates		(1,000)			(1,300)	(100)	1,300
Distribution received					7,500	$ 7,700	15,000
Indirect ownership percentage						9.20%		9.20%
Loans to affiliates, balance		0				$ 0
AMAC Holdings III LLC
Investment in Equity Affiliates
Distribution received							1,100
Noncontrolling interest						2,600
Loss on investment		500			700	1,700	1,600
Loans to affiliates, balance		0				0
Fifth Wall Ventures
Investment in Equity Affiliates
Income (loss) from equity affiliates		(300)			(800)	100	(1,000)
Noncontrolling interest		100				800	800
Loans to affiliates, balance		0				0
AWC Real Estate Opportunity Partners I LP
Investment in Equity Affiliates
Income (loss) from equity affiliates		(200)				(400)
Noncontrolling interest		5,100				13,600
Real estate investments, commitment, amount				$ 24,000
Real estate investments funded				$ 13,000				$ 13,000
Percentage of interest in real estate fund				0.990
Loan to affiliate				$ 900
General partnership interest				0.010
Loan to affiliate, funded amount		$ 300				$ 300
Ownership interest, percentage		49.00%				49.00%
Payments for investments, legal, and administrative expenses				$ 14,300
Loans to affiliates, balance		$ 13,200		13,200		$ 13,200		13,200
Distributions from equity affiliates		11,200
Interest income		2,400				9,000
AWC Real Estate Opportunity Partners I LP \| Federal National Mortgage Association (FNMA)
Investment in Equity Affiliates
Loans to affiliates, balance				13,000				$ 13,000
AWC Real Estate Opportunity Partners I LP \| AWC Real Estate Opportunity Partners I LP
Investment in Equity Affiliates
Ownership interest, percentage			49.00%
AWC Real Estate Opportunity Partners I LP \| Capital Partner
Investment in Equity Affiliates
Real estate investments, commitment, amount			$ 25,000
Loan to affiliate, funded amount		$ 16,300				$ 16,300
Newly Formed Entity \| AWC Real Estate Opportunity Partners I LP
Investment in Equity Affiliates
Ownership interest, percentage			42.00%
Payments to acquire interest in newly formed entity			$ 6,300
North Vermont Avenue \| Newly Formed Entity
Investment in Equity Affiliates
Equity method investment, amount sold				$ 1,300
The Park at Via Terrossa
Investment in Equity Affiliates
Ownership interest, percentage		4.96%				4.96%
Loans to affiliates, balance		$ 0				$ 0
The Park at Via Terrossa \| Other Related Party Transactions
Investment in Equity Affiliates
Distribution from investment classified as return capital						600
Lexford Portfolio
Investment in Equity Affiliates
Distribution received		4,900				9,000	7,200
Loans to affiliates, balance		$ 0				$ 0
Equity Participation Interest
Investment in Equity Affiliates
Proceeds from sale					$ 3,500		$ 14,500

Equity - Schedule of Dividends Payable (Details) - $ / shares	3 Months Ended				9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Common Stock, Dividend (in dollars per share)	$ 0.43	$ 0.43	$ 0.43	$ 0.43	$ 1.29	$ 1.25
Series D
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Cash dividend declared on redeemable preferred stock (in dollars per share)	0.3984375	0.3984375	0.3984375
Series E
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Cash dividend declared on redeemable preferred stock (in dollars per share)	0.390625	0.390625	0.390625
Series F
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Cash dividend declared on redeemable preferred stock (in dollars per share)	$ 0.390625	$ 0.390625	$ 0.390625

Loans and Investments - Risk Ratings and LTV Ratios (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Loans and Investments
Loans and investments, gross	$ 11,565,538	$ 12,615,006
Percentage of Portfolio	100.00%	100.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	2.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	80.00%
Charge-offs, Year One	$ 1,722	$ 0
Charge-offs, Year Two	0	0
Charge-offs, Year Three	2,750	0
Charge-offs, Year Four	5,488	0
Charge-offs, Year Five	0	0
Charge-offs, prior years	0	5,700
Charge-offs, Total	9,960	5,700
Credit risk concentration
Loans and Investments
Origination Year One	828,127	752,918
Origination Year Two	891,471	5,324,481
Origination Year Three	4,507,256	5,581,489
Origination Year Four	4,618,900	488,628
Origination Year Five	306,701	239,648
Origination, Prior Years	413,083	227,842
Loans and investments, gross	$ 11,565,538	$ 12,615,006
Wtd. Avg. First Dollar LTV Ratio (as percent)	2.00%	1.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	80.00%	78.00%
Multifamily \| Credit risk concentration
Loans and Investments
Origination Year One	$ 277,081	$ 422,596
Origination Year Two	442,679	4,813,671
Origination Year Three	4,030,480	5,217,946
Origination Year Four	4,425,124	325,426
Origination Year Five	136,670	239,648
Origination, Prior Years	263,935	78,694
Loans and investments, gross	$ 9,575,969	$ 11,097,981
Percentage of Portfolio	83.00%	88.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	2.00%	1.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	83.00%	80.00%
Multifamily \| Pass \| Credit risk concentration
Loans and Investments
Origination Year One	$ 59,347	$ 80,814
Origination Year Two	75,239	53,316
Origination Year Three	18,600	26,185
Origination Year Four	9,346	2,010
Origination Year Five	2,010	4,598
Origination, Prior Years	24,841	20,300
Loans and investments, gross	189,383	187,223
Multifamily \| Pass/Watch \| Credit risk concentration
Loans and Investments
Origination Year One	73,598	317,358
Origination Year Two	343,325	2,561,938
Origination Year Three	1,322,118	2,223,155
Origination Year Four	862,048	119,860
Origination Year Five	119,860	84,600
Origination, Prior Years	113,100	58,044
Loans and investments, gross	2,834,049	5,364,955
Multifamily \| Special Mention \| Credit risk concentration
Loans and Investments
Origination Year One	123,276	24,424
Origination Year Two	23,457	1,762,539
Origination Year Three	2,262,487	2,631,689
Origination Year Four	3,279,171	180,750
Origination Year Five	0	140,685
Origination, Prior Years	109,385	350
Loans and investments, gross	5,797,776	4,740,437
Multifamily \| Substandard \| Credit risk concentration
Loans and Investments
Origination Year One	0	0
Origination Year Two	658	435,878
Origination Year Three	365,687	322,987
Origination Year Four	178,775	8,006
Origination Year Five	0	0
Origination, Prior Years	6,844	0
Loans and investments, gross	551,964	766,871
Multifamily \| Doubtful \| Credit risk concentration
Loans and Investments
Origination Year One	20,860	0
Origination Year Two	0	0
Origination Year Three	61,588	13,930
Origination Year Four	95,784	14,800
Origination Year Five	14,800	9,765
Origination, Prior Years	9,765	0
Loans and investments, gross	202,797	38,495
Single-Family Rental \| Credit risk concentration
Loans and Investments
Origination Year One	540,696	330,322
Origination Year Two	448,792	510,810
Origination Year Three	476,776	363,543
Origination Year Four	193,776	119,692
Origination Year Five	126,521	0
Origination, Prior Years	0	0
Loans and investments, gross	$ 1,786,561	$ 1,324,367
Percentage of Portfolio	15.00%	10.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	0.00%	0.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	61.00%	62.00%
Single-Family Rental \| Pass \| Credit risk concentration
Loans and Investments
Origination Year One	$ 107,355	$ 9,709
Origination Year Two	20,834	608
Origination Year Three	7,052	0
Origination Year Four	0	0
Origination Year Five	0	0
Origination, Prior Years	0	0
Loans and investments, gross	135,241	10,317
Single-Family Rental \| Pass/Watch \| Credit risk concentration
Loans and Investments
Origination Year One	427,637	289,482
Origination Year Two	369,009	465,057
Origination Year Three	361,725	144,846
Origination Year Four	109,454	119,692
Origination Year Five	37,303	0
Origination, Prior Years	0	0
Loans and investments, gross	1,305,128	1,019,077
Single-Family Rental \| Special Mention \| Credit risk concentration
Loans and Investments
Origination Year One	5,704	31,131
Origination Year Two	58,949	45,145
Origination Year Three	107,999	218,697
Origination Year Four	84,322	0
Origination Year Five	89,218	0
Origination, Prior Years	0	0
Loans and investments, gross	346,192	294,973
Land \| Credit risk concentration
Loans and Investments
Origination Year One	10,350	0
Origination Year Two	0	0
Origination Year Three	0	0
Origination Year Four	0	8,100
Origination Year Five	8,100	0
Origination, Prior Years	127,928	127,928
Loans and investments, gross	$ 146,378	$ 136,028
Percentage of Portfolio	1.00%	1.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	0.00%	0.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	96.00%	97.00%
Land \| Pass \| Credit risk concentration
Loans and Investments
Origination Year One	$ 10,350
Origination Year Two	0
Origination Year Three	0
Origination Year Four	0
Origination Year Five	0
Origination, Prior Years	0
Loans and investments, gross	10,350
Land \| Pass/Watch \| Credit risk concentration
Loans and Investments
Origination Year One		$ 0
Origination Year Two		0
Origination Year Three		0
Origination Year Four		4,600
Origination Year Five		0
Origination, Prior Years		0
Loans and investments, gross		4,600
Land \| Special Mention \| Credit risk concentration
Loans and Investments
Origination Year One	0	0
Origination Year Two	0	0
Origination Year Three	0	0
Origination Year Four	0	3,500
Origination Year Five	8,100	0
Origination, Prior Years	0	0
Loans and investments, gross	8,100	3,500
Land \| Substandard \| Credit risk concentration
Loans and Investments
Origination Year One	0	0
Origination Year Two	0	0
Origination Year Three	0	0
Origination Year Four	0	0
Origination Year Five	0	0
Origination, Prior Years	127,928	127,928
Loans and investments, gross	127,928	127,928
Office \| Credit risk concentration
Loans and Investments
Origination Year One	0	0
Origination Year Two	0	0
Origination Year Three	0	0
Origination Year Four	0	35,410
Origination Year Five	35,410	0
Origination, Prior Years	0	0
Loans and investments, gross	$ 35,410	$ 35,410
Percentage of Portfolio	1.00%	1.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	0.00%	0.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	94.00%	80.00%
Office \| Special Mention \| Credit risk concentration
Loans and Investments
Origination Year One	$ 0	$ 0
Origination Year Two	0	0
Origination Year Three	0	0
Origination Year Four	0	35,410
Origination Year Five	35,410	0
Origination, Prior Years	0	0
Loans and investments, gross	35,410	35,410
Retail \| Credit risk concentration
Loans and Investments
Origination Year One	0	0
Origination Year Two	0	0
Origination Year Three	0	0
Origination Year Four	0	0
Origination Year Five	0	0
Origination, Prior Years	19,520	19,520
Loans and investments, gross	$ 19,520	$ 19,520
Percentage of Portfolio	1.00%	1.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	0.00%	0.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	88.00%	88.00%
Retail \| Substandard \| Credit risk concentration
Loans and Investments
Origination Year One	$ 0	$ 0
Origination Year Two	0	0
Origination Year Three	0	0
Origination Year Four	0	0
Origination Year Five	0	0
Origination, Prior Years	19,520	19,520
Loans and investments, gross	19,520	19,520
Commercial \| Credit risk concentration
Loans and Investments
Origination Year One	0	0
Origination Year Two	0	0
Origination Year Three	0	0
Origination Year Four	0	0
Origination Year Five	0	0
Origination, Prior Years	1,700	1,700
Loans and investments, gross	$ 1,700	$ 1,700
Percentage of Portfolio	1.00%	1.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	0.00%	63.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	100.00%	66.00%
Commercial \| Doubtful \| Credit risk concentration
Loans and Investments
Origination Year One	$ 0	$ 0
Origination Year Two	0	0
Origination Year Three	0	0
Origination Year Four	0	0
Origination Year Five	0	0
Origination, Prior Years	1,700	1,700
Loans and investments, gross	$ 1,700	$ 1,700

Agreements and Transactions with Related Parties - 2021 Activity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2021
Agreements and Transactions with Related Parties
Interest income	$ 286,522	$ 336,474	$ 905,002	$ 1,000,159
Related Party
Agreements and Transactions with Related Parties
Amount invested					$ 4,200
Related Party \| Maturity date of March 2024 \| Bridge loans \| Other Related Party Transactions
Agreements and Transactions with Related Parties
Loan committed					$ 63,400
Base spread, percentage					3.75%
SOFR floor, percentage					0.25%
Interest income		$ 1,500		$ 4,300
Related Party \| Commercial Mortgage Backed Security
Agreements and Transactions with Related Parties
Loans assumed					$ 26,000
Related Party \| Retail property
Agreements and Transactions with Related Parties
Property purchased					$ 32,500
Related Party \| LLC
Agreements and Transactions with Related Parties
Ownership interest, percentage					49.30%
Immediate Family Member of Management or Principal Owner \| LLC
Agreements and Transactions with Related Parties
Percentage of ownership interest of related party in the entity					10.00%

Securities Held-To-Maturity

9 Months Ended

Sep. 30, 2024

Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss, Maturity [Abstract]

Securities Held-to-Maturity

Agency Private Label Certificates (“APL certificates”). In connection with our Private Label securitizations, we retain the most subordinate class of the APL certificates in satisfaction of credit risk retention requirements. At September 30, 2024, we held APL certificates with an initial face value of $192.8 million, which were purchased at a discount for $119.0 million. These certificates are collateralized by 5-year to 10-year fixed rate first mortgage loans on multifamily properties, bear interest at an initial weighted average variable rate of 3.94% and have an estimated weighted average remaining maturity of 6.6 years. The weighted average effective interest rate was 8.84% and 8.85% at September 30, 2024 and December 31, 2023, respectively, including the accretion of a portion of the discount deemed collectible. At September 30, 2024, $192.8 million is maturing within five years through 10 years.

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. At September 30, 2024, we held 49%, or $106.2 million initial face value, of seven B Piece bonds, which were previously purchased at a discount for $74.7 million, and sold the remaining 51% to a third party. 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 13.4 years. The weighted average effective interest rate was 11.59% and 11.28% at September 30, 2024 and December 31, 2023, respectively, including the accretion of a portion of the discount deemed collectible. At September 30, 2024, $37.4 million is maturing after ten years.

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


	Face Value		Net Carrying Value		Unrealized Gain (Loss)		Estimated Fair Value		Allowance for Credit Losses
September 30, 2024
APL certificates	$	192,791	$	133,272	$	(20,537)	$	112,735	$	1,831
B Piece bonds	37,399		22,755		9,510		32,265		8,733
Total	$	230,190	$	156,027	$	(11,027)	$	145,000	$	10,564
December 31, 2023
APL certificates	$	192,791	$	128,865	$	(31,331)	$	97,534	$	2,272
B Piece bonds	37,704		26,414		5,442		31,856		3,984
Total	$	230,495	$	155,279	$	(25,889)	$	129,390	$	6,256

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 September 30, 2024						Three Months Ended September 30, 2023
	APL Certificates		B Piece Bonds		Total		APL Certificates		B Piece Bonds		Total
Beginning balance	$	2,290	$	6,842	$	9,132	$	3,375	$	1,159	$	4,534
Provision for credit loss expense/(reversal)	(459)		1,891		1,432		(1,035)		2,444		1,409
Ending balance	$	1,831	$	8,733	$	10,564	$	2,340	$	3,603	$	5,943

	Nine Months Ended September 30, 2024						Nine Months Ended September 30, 2023
Beginning balance	$	2,272	$	3,984	$	6,256	$	2,783	$	370	$	3,153
Provision for credit loss expense/(reversal)	(441)		4,749		4,308		(443)		3,233		2,790
Ending balance	$	1,831	$	8,733	$	10,564	$	2,340	$	3,603	$	5,943

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.

We recorded interest income (including the amortization of discount) related to these investments of $3.0 million and $11.3 million during the three and nine months ended September 30, 2024, respectively, and $3.6 million and $10.7 million during the three and nine months ended September 30, 2023, respectively.

Agreements and Transactions with Related Parties - 2017 Activity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2017
Agreements and Transactions with Related Parties
Servicing revenue	$ 48,441	$ 51,363	$ 143,394	$ 144,296
Other Related Party Transactions \| Director \| Ginkgo Investment Company LLC
Agreements and Transactions with Related Parties
Related party, percentage of management					33.00%
Fannie Mae Mortgage \| Other Related Party Transactions \| Director
Agreements and Transactions with Related Parties
Servicing revenue		100		100
Financing receivable, after allowance for credit loss					$ 8,300
Percentage of ownership after transaction			3.60%
Multifamily \| Fannie Mae Mortgage \| Other Related Party Transactions \| Related Party
Agreements and Transactions with Related Parties
Principal amount					$ 46,900
Percentage of ownership interest of related party in the entity					17.60%
Percentage of maximum loss-sharing obligation unpaid principal balance					5.00%
Servicing revenue	$ 100	$ 100	$ 100	$ 100

Fair Value - Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Financial assets:
Loans and investments, net	$ 11,292,647	$ 12,377,806
Loans held-for-sale, net	326,910	552,325
Securities held-to-maturity, net	156,027	155,279
Financial liabilities:
Credit and repurchase facilities	3,257,719	3,237,827
Securitized debt	5,315,079	6,935,010
Senior unsecured notes	1,246,908	1,333,968
Convertible senior unsecured notes	285,170	283,118
Junior subordinated notes	144,480	143,896
Mortgage notes payable — real estate owned	35,350	44,339
Level 1
Financial assets:
Loans and investments, net	0
Loans held-for-sale, net	0
Capitalized mortgage servicing rights, net	0
Securities held-to-maturity, net	0
Financial liabilities:
Credit and repurchase facilities	0
Securitized debt	0
Senior unsecured notes	1,161,256
Convertible senior unsecured notes	0
Junior subordinated notes	0
Mortgage notes payable — real estate owned	0
Level 2
Financial assets:
Loans and investments, net	0
Loans held-for-sale, net	330,997
Capitalized mortgage servicing rights, net	0
Securities held-to-maturity, net	0
Financial liabilities:
Credit and repurchase facilities	319,419
Securitized debt	0
Senior unsecured notes	0
Convertible senior unsecured notes	292,712
Junior subordinated notes	0
Mortgage notes payable — real estate owned	0
Level 3
Financial assets:
Loans and investments, net	11,236,801
Loans held-for-sale, net	3,887
Capitalized mortgage servicing rights, net	499,630
Securities held-to-maturity, net	145,000
Financial liabilities:
Credit and repurchase facilities	2,928,081
Securitized debt	5,281,765
Senior unsecured notes	0
Convertible senior unsecured notes	0
Junior subordinated notes	107,761
Mortgage notes payable — real estate owned	35,132
Carrying Value
Financial assets:
Loans and investments, net	11,292,647	12,377,806
Loans held-for-sale, net	326,141	551,707
Capitalized mortgage servicing rights, net	376,403
Securities held-to-maturity, net	156,027	155,279
Financial liabilities:
Credit and repurchase facilities	3,257,719	3,237,827
Securitized debt	5,315,079	6,935,010
Senior unsecured notes	1,246,908	1,333,968
Convertible senior unsecured notes	285,170	283,118
Junior subordinated notes	144,480	143,896
Mortgage notes payable — real estate owned	35,350	44,339
Fair Value
Financial assets:
Loans and investments, net	11,236,801	12,452,563
Loans held-for-sale, net	334,884	566,451
Capitalized mortgage servicing rights, net	499,630
Securities held-to-maturity, net	145,000	129,390
Financial liabilities:
Credit and repurchase facilities	3,247,500	3,228,324
Securitized debt	5,281,765	6,864,557
Senior unsecured notes	1,161,256	1,214,331
Convertible senior unsecured notes	292,712	301,156
Junior subordinated notes	107,761	106,444
Mortgage notes payable — real estate owned	$ 35,132	$ 44,103

Fair Value - Components of fair value and other relevant information (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Fair Value
Fair Value of Servicing Rights	$ 4,263
Interest Rate Movement Effect	0
Unrealized Impairment Loss	(876)
Total Fair Value Adjustment	3,387
Rate lock commitments
Fair Value
Notional/ Principal Amount	25,093
Fair Value of Servicing Rights	376
Interest Rate Movement Effect	20
Unrealized Impairment Loss	0
Total Fair Value Adjustment	396
Forward sale commitments
Fair Value
Notional/ Principal Amount	337,073
Fair Value of Servicing Rights	0
Interest Rate Movement Effect	(20)
Unrealized Impairment Loss	0
Total Fair Value Adjustment	(20)
Loans held-for-sale, net
Fair Value
Notional/ Principal Amount	326,910
Fair Value of Servicing Rights	3,887
Interest Rate Movement Effect	0
Unrealized Impairment Loss	(876)
Total Fair Value Adjustment	$ 3,011

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Loans and Investments - Summary of Other Non-Accrued Loans (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2024 USD ($) loan	Sep. 30, 2024 USD ($) loan	Jun. 30, 2024 loan	Dec. 31, 2023 loan
Financing Receivable, Nonaccrual [Roll Forward]
Beginning balance	$ 367,938	$ 956,917
Loans that progressed to greater than 60 days past due	(110,399)	(549,249)
Loans modified or paid off	(95,506)	(946,976)
Additional loans that are now less than 60 days past due experiencing late and partial payments	157,194	858,535
Ending balance	$ 319,227	$ 319,227
Number of other nonaccrued loans \| loan	10	10	14	24

Capitalized Mortgage Servicing Rights - Narrative (Details) - MSRs - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Capitalized Mortgage Servicing Rights
Prepayment fees collected	$ 400,000	$ 1,000,000.0	$ 1,200,000	$ 6,100,000
Valuation allowance	$ 0		$ 0		$ 0
Minimum
Capitalized Mortgage Servicing Rights
Discount rate, percentage			8.00%
Maximum
Capitalized Mortgage Servicing Rights
Discount rate, percentage			14.00%
Weighted average
Capitalized Mortgage Servicing Rights
Discount rate, percentage			12.00%
Estimated life remaining	7 years 1 month 6 days		7 years 1 month 6 days		8 years

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Commitments and Contingencies Disclosure [Abstract]

Agreements and Transactions with Related Parties - 2022 Activity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2020
Agreements and Transactions with Related Parties
Interest income	$ 286,522	$ 336,474	$ 905,002	$ 1,000,159
Bridge loans \| Other Related Party Transactions \| Related Party
Agreements and Transactions with Related Parties
Equity participation interest (as a percentage)						18.90%
Bridge loans \| Other Related Party Transactions \| Immediate Family Member of Management or Principal Owner
Agreements and Transactions with Related Parties
Equity participation interest (as a percentage)						21.80%
Maturity date of March 2025 \| Other Related Party Transactions
Agreements and Transactions with Related Parties
Base spread, percentage					5.50%
Maturity date of March 2025 \| Other Related Party Transactions \| Immediate Family Member of Management or Principal Owner
Agreements and Transactions with Related Parties
Percentage of ownership interest of related party in the entity					10.00%
Maturity date of March 2025 \| Bridge loans \| Related Party
Agreements and Transactions with Related Parties
Interest income	200	100	500	100
Maturity date of March 2025 \| Bridge loans \| Other Related Party Transactions \| Related Party
Agreements and Transactions with Related Parties
Principal amount					$ 46,200
Loan committed			6,900
Equity participation interest (as a percentage)					70.00%
Maturity date of May 2025 \| Bridge loans \| Other Related Party Transactions \| Related Party
Agreements and Transactions with Related Parties
Principal amount					$ 67,100
Loan committed			22,500
Equity participation interest (as a percentage)					2.25%
Base spread, percentage					4.63%
Interest income	500		900
SOFR floor, percentage					0.25%
Maturity date of May 2025 \| Bridge loans \| Other Related Party Transactions \| Related Party \| Maximum
Agreements and Transactions with Related Parties
Interest income		100		200
Maturity date of March 2025, Committed February 2022 \| Bridge loans \| Other Related Party Transactions \| Related Party
Agreements and Transactions with Related Parties
Principal amount					$ 39,400
Loan committed			24,900
Equity participation interest (as a percentage)					2.25%
Base spread, percentage					4.00%
Interest income	$ 500	$ 100	$ 1,200	$ 100
SOFR floor, percentage					0.25%

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Maturities of Operating Lease Liabilities


Year	Debt Obligations		Minimum Annual Operating Lease Payments		Total
2024 (three months ending December 31, 2024)	$	559,621	$	2,721	$	562,342
2025	3,986,721		11,081		3,997,802
2026	4,194,282		11,297		4,205,579
2027	1,248,504		9,782		1,258,286
2028	180,000		9,093		189,093
2029	—		8,576		8,576
Thereafter	154,336		19,308		173,644
Total	$	10,323,464	$	71,858	$	10,395,322

Equity - Earnings Per Share ("EPS") (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Basic
Net income attributable to common stockholders	$ 58,175	$ 77,924	$ 163,445	$ 238,407
Net income attributable to common stockholders and noncontrolling interest	$ 58,175	$ 77,924	$ 163,445	$ 238,407
Weighted average shares outstanding (in shares)	188,513,832	187,023,395	188,626,263	183,340,149
Weighted average shares outstanding (in shares)	188,513,832	187,023,395	188,626,263	183,340,149
Net income per common share (in dollars per share)	$ 0.31	$ 0.42	$ 0.87	$ 1.30
Diluted
Net income attributable to common stockholders	$ 58,175	$ 77,924	$ 163,445	$ 238,407
Net income attributable to noncontrolling interest	5,028	6,789	14,119	21,200
Interest expense on convertible notes	0	6,081	0	18,244
Net income attributable to common stockholders and noncontrolling interest	$ 63,203	$ 90,794	$ 177,564	$ 277,851
Weighted average shares outstanding (in shares)	188,513,832	187,023,395	188,626,263	183,340,149
Dilutive effect of OP Units (in shares)	16,293,589	16,293,589	16,293,589	16,293,589
Dilutive effect of convertible notes (in shares)	0	17,312,382	0	17,271,419
Dilutive effect of RSUs (in shares)	539,888	699,452	528,627	552,242
Weighted average shares outstanding (in shares)	205,347,309	221,328,818	205,448,479	217,457,399
Net income per common share (in dollars per share)	$ 0.31	$ 0.41	$ 0.86	$ 1.28
Convertible senior unsecured notes
Diluted
Anti-dilutive shares (in shares)	17,512,742		17,463,320
Convertible senior unsecured notes
Diluted
Interest expense	$ 6,100	$ 6,100	$ 18,300	$ 18,200
Mr. Ivan Kaufman \| Performance-based restricted stock
Diluted
Vesting period (in years)			4 years

Variable Interest Entities (Tables)

9 Months Ended

Sep. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Variable Interest Entities

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


	September 30, 2024		December 31, 2023
Assets:
Restricted cash	$	158,650	$	593,956
Loans and investments, net	6,488,207		7,826,793
Other assets	135,530		193,822
Total assets	$	6,782,387	$	8,614,571

Liabilities:
Securitized debt	$	5,315,079	$	6,935,010
Other liabilities	17,080		32,867
Total liabilities	$	5,332,159	$	6,967,877

Schedule of Unconsolidated Variable Interest Entities

A summary of our variable interests in identified VIEs, of which we are not the primary beneficiary, at September 30, 2024 is as follows (in thousands):


Type	Carrying Amount (1)
Loans	$	857,659
APL certificates	135,103
Equity investments	32,805
B Piece bonds	31,488
Agency interest only strips	103
Total	$	1,057,158

________________________

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.

Agreements and Transactions with Related Parties - 2020 Activity (Details) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024 USD ($) property	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) property	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2020 USD ($) property	Dec. 31, 2023 property	Nov. 30, 2023 USD ($)	Apr. 30, 2023 USD ($)	Dec. 31, 2021 USD ($)
Agreements and Transactions with Related Parties
Loans and investments funded, originated and purchased			$ 912,530	$ 1,061,865
Interest income	$ 286,522	$ 336,474	905,002	1,000,159
Related Party
Agreements and Transactions with Related Parties
Amount invested										$ 4,200
Bridge loans \| Other Related Party Transactions \| Related Party
Agreements and Transactions with Related Parties
Equity participation interest (as a percentage)						18.90%
Bridge loans \| Other Related Party Transactions \| Immediate Family Member of Management or Principal Owner
Agreements and Transactions with Related Parties
Equity participation interest (as a percentage)						21.80%
Single-Family Rental \| Bridge loans \| Other Related Party Transactions \| Related Party
Agreements and Transactions with Related Parties
Loan committed			39,400
Loans and investments funded, originated and purchased						$ 3,500
Loan committed upsized								$ 39,900	$ 38,900
Single-Family Rental \| Preferred equity investments \| Other Related Party Transactions \| Related Party
Agreements and Transactions with Related Parties
Loans and investments funded, originated and purchased						$ 4,600
Single-Family Rental \| Mezzanine Loans \| Other Related Party Transactions \| Related Party
Agreements and Transactions with Related Parties
Interest income	$ 100	100	$ 200	200
Multifamily
Agreements and Transactions with Related Parties
Number of real estate properties \| property	3		3				1
Maturity Date December 2023 \| Other Related Party Transactions \| Immediate Family Member of Management or Principal Owner \| Preferred equity interest financing agreement
Agreements and Transactions with Related Parties
Interest income	$ 1,100		$ 3,200
Maturity Date December 2023 \| Bridge loans \| Other Related Party Transactions \| Immediate Family Member of Management or Principal Owner
Agreements and Transactions with Related Parties
Base spread, percentage						3.75%
SOFR floor, percentage						0.75%
Interest income		800		2,000
Maturity Date December 2023 \| Preferred equity investments \| Other Related Party Transactions \| Immediate Family Member of Management or Principal Owner
Agreements and Transactions with Related Parties
Fixed rate of interest						12.00%
Maturity Date December 2023 \| Single-Family Rental \| Bridge loans \| Other Related Party Transactions \| Related Party
Agreements and Transactions with Related Parties
Loan committed						$ 32,500
Maturity date of May 2025 \| Bridge loans \| Other Related Party Transactions \| Related Party
Agreements and Transactions with Related Parties
Loan committed			22,500
Equity participation interest (as a percentage)					2.25%
Base spread, percentage					4.63%
SOFR floor, percentage					0.25%
Interest income	500		900
Principal amount					$ 67,100
Maturity date of May 2025 \| Single-Family Rental \| Bridge loans \| Other Related Party Transactions \| Related Party
Agreements and Transactions with Related Parties
Loan committed						$ 30,500
Matures in May 2023 \| Bridge loans \| Other Related Party Transactions \| Related Party
Agreements and Transactions with Related Parties
Base spread, percentage						4.25%
SOFR floor, percentage						1.00%
Amount invested	35,200		35,200
Matures in April 2023 \| Bridge loans \| Other Related Party Transactions \| Related Party
Agreements and Transactions with Related Parties
Interest income	1,100	$ 1,000	3,300	$ 2,500
Matures in April 2023 \| Preferred equity investments \| Other Related Party Transactions \| Related Party
Agreements and Transactions with Related Parties
Fixed rate of interest						12.00%
Maturity Date April 2030 \| Bridge loan, two multifamily properties \| Other Related Party Transactions \| Related Party
Agreements and Transactions with Related Parties
Principal amount						$ 14,800
Percentage of ownership interest of related party in the entity						50.00%
Maturity Date April 2030 \| Mezzanine Loans \| Other Related Party Transactions \| Related Party
Agreements and Transactions with Related Parties
Fixed rate of interest						9.00%
Maturity Date April 2030 \| Multifamily \| Other Related Party Transactions \| Related Party
Agreements and Transactions with Related Parties
Number of real estate properties \| property						2
Maturity Date April 2030 \| Multifamily \| Preferred equity investments \| Other Related Party Transactions \| Related Party
Agreements and Transactions with Related Parties
Equity investment						$ 3,400
Maturity Date July 2023 \| Bridge loans \| Related Party
Agreements and Transactions with Related Parties
Principal amount	35,000		35,000
Maturity Date June 2027 \| Preferred equity investments \| Related Party
Agreements and Transactions with Related Parties
Equity investment	$ 10,000		$ 10,000

Basis of Presentation and Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	Basis of Presentation and Significant Accounting Policies Basis of Presentation The 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 2023 Annual Report. Principles of Consolidation The consolidated financial statements include our financial statements and the financial statements of our wholly owned subsidiaries, partnerships and other entities in which we have 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. The ultimate impact of inflation, currently high interest rate environment, bank failures, tightening of capital markets and reduced property values, both globally and to our business, makes any estimate or assumption at September 30, 2024 inherently less certain. Reclassification Certain amounts in the prior period financial statements have been reclassified to conform to the presentation of the current period financial statements. Our real estate owned assets and mortgage notes payable previously recorded within other assets and other liabilities on our consolidated balance sheets are now recorded to real estate owned, net and mortgage notes payable - real estate owned for all periods presented. Recently Issued Accounting Pronouncements Not Yet Adopted Accounting Standards Update ("ASU") No. 2023-07 – Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In November 2023, the Financial Accounting Standards Board ("FASB") issued ASU 2023-07, Improvements to Reportable Segment Disclosures, which expands disclosures about a public entity’s reportable segments and requires more enhanced information about a reportable segment’s expenses, interim segment profit or loss, and how a public entity’s chief operating decision maker uses reported segment profit or loss information in assessing segment performance and allocating resources. The ASU is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We will begin providing the enhanced reportable segment disclosures effective with our Annual Report on Form 10-K for the year ending December 31, 2024. ASU No. 2023-09 – Income Taxes (Topic 740): Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures. The ASU is intended to improve the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the rate reconciliation, as well as income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024 and should be applied on a prospective basis, but retrospective application is permitted. The adoption of this guidance is not expected to have a material impact on our consolidated financial statements. ASU No. 2024-01, Compensation – Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards In March 2024, the FASB issued ASU 2024-01, Scope Application of Profits Interest and Similar Awards, effective in the first quarter of 2025. We currently do not have any transactions that fall under the scope of this ASU; therefore, the adoption is not expected to have an impact on our consolidated financial statements. Significant Accounting Policies See Item 8 – Financial Statements and Supplementary Data in our 2023 Annual Report for a description of our significant accounting policies. There have been no significant changes to our significant accounting policies since December 31, 2023.

Debt Obligations - Collateralized Loan Obligations (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($) loan	Dec. 31, 2023 USD ($) loan
Debt Obligations
Debt, Carrying Value	$ 5,315,079	$ 6,935,010
Debt, Wtd. Avg. Rate	7.38%
Total securitized debt
Debt Obligations
Debt, Face Value	$ 5,327,245	6,956,284
Debt, Carrying Value	$ 5,315,079	$ 6,935,010
Debt, Wtd. Avg. Rate	6.80%	7.15%
Collateral, Loans, UPB	$ 6,494,022	$ 7,845,925
Collateral, Loans, Carrying Value	6,488,207	7,826,794
Collateral, Cash, Restricted Cash	$ 99,165	$ 529,812
Weighted average note rate including certain fees and costs, percentage	7.01%	7.37%
Collateralized loan obligations
Debt Obligations
Debt, Face Value	$ 5,170,047	$ 6,741,006
Debt, Carrying Value	$ 5,158,454	$ 6,721,356
Debt, Wtd. Avg. Rate	6.79%	7.14%
Collateral, Loans, UPB	$ 6,284,424	$ 7,558,887
Collateral, Loans, Carrying Value	6,278,888	7,540,741
Collateral, Cash, Restricted Cash	99,165	529,812
Deferred financing fees	$ 11,600	$ 21,300
Number of loans under the loan portfolio \| loan	29	12
Collateral at risk	$ 1,090,000	$ 308,300
Proceeds from issuance of collateralized loan obligations for acquiring additional loan obligations	59,500	63,900
CLO 19
Debt Obligations
Debt, Face Value	785,237	872,812
Debt, Carrying Value	$ 782,149	$ 868,359
Debt, Wtd. Avg. Rate	7.47%	7.84%
Collateral, Loans, UPB	$ 925,118	$ 1,031,772
Collateral, Loans, Carrying Value	924,023	1,028,669
Collateral, Cash, Restricted Cash	16,900	4,527
CLO 18
Debt Obligations
Debt, Face Value	1,555,265	1,652,812
Debt, Carrying Value	$ 1,552,002	$ 1,647,885
Debt, Wtd. Avg. Rate	6.88%	7.29%
Collateral, Loans, UPB	$ 1,938,088	$ 1,784,921
Collateral, Loans, Carrying Value	1,936,903	1,780,930
Collateral, Cash, Restricted Cash	0	244,629
CLO 17
Debt Obligations
Debt, Face Value	1,640,316	1,714,125
Debt, Carrying Value	$ 1,637,614	$ 1,709,800
Debt, Wtd. Avg. Rate	6.63%	7.14%
Collateral, Loans, UPB	$ 1,912,268	$ 1,870,388
Collateral, Loans, Carrying Value	1,910,651	1,865,878
Collateral, Cash, Restricted Cash	52,265	203,938
CLO 16
Debt Obligations
Debt, Face Value	830,087	1,237,500
Debt, Carrying Value	$ 827,777	$ 1,233,769
Debt, Wtd. Avg. Rate	6.37%	6.76%
Collateral, Loans, UPB	$ 1,042,646	$ 1,456,872
Collateral, Loans, Carrying Value	1,041,417	1,453,297
Collateral, Cash, Restricted Cash	30,000	847
CLO 15
Debt Obligations
Debt, Face Value		674,412
Debt, Carrying Value		$ 673,367
Debt, Wtd. Avg. Rate		6.82%
Collateral, Loans, UPB		$ 734,120
Collateral, Loans, Carrying Value		732,498
Collateral, Cash, Restricted Cash		42,600
CLO 14
Debt Obligations
Debt, Face Value	359,142	589,345
Debt, Carrying Value	$ 358,912	$ 588,176
Debt, Wtd. Avg. Rate	6.56%	6.82%
Collateral, Loans, UPB	$ 466,304	$ 680,814
Collateral, Loans, Carrying Value	465,894	679,469
Collateral, Cash, Restricted Cash	0	33,271
Q Series securitization
Debt Obligations
Debt, Face Value	157,198	215,278
Debt, Carrying Value	$ 156,625	$ 213,654
Debt, Wtd. Avg. Rate	6.96%	7.38%
Collateral, Loans, UPB	$ 209,598	$ 287,038
Collateral, Loans, Carrying Value	209,319	286,053
Collateral, Cash, Restricted Cash	$ 0	$ 0
Weighted average note rate including certain fees and costs, percentage	7.87%	7.99%

Mortgage Servicing - Components of Servicing Revenue, Net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Transfers and Servicing [Abstract]
Servicing fees	$ 31,159	$ 32,191	$ 94,089	$ 92,479
Interest earned on escrows	18,362	20,985	54,011	57,501
Prepayment fees	413	1,044	1,205	6,080
Write-downs and payoffs of MSRs	(1,493)	(2,857)	(5,911)	(11,764)
Amortization of MSRs	(17,299)	(15,900)	(50,817)	(46,920)
Servicing revenue, net	$ 31,142	$ 35,463	$ 92,577	$ 97,376

Agreements and Transactions with Related Parties - 2023 Activity (Details) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	May 30, 2023 extension	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	May 31, 2023 USD ($) officer	Dec. 31, 2020
Agreements and Transactions with Related Parties
Interest income		$ 286,522	$ 336,474	$ 905,002	$ 1,000,159
Bridge loans \| Other Related Party Transactions \| Related Party
Agreements and Transactions with Related Parties
Equity participation interest (as a percentage)							18.90%
Maturity Date December 2025 \| Bridge loans \| Related Party
Agreements and Transactions with Related Parties
Interest income		$ 1,000	$ 100	1,900	$ 200
Maturity Date December 2025 \| Bridge loans \| Other Related Party Transactions \| Related Party
Agreements and Transactions with Related Parties
Principal amount						$ 56,900
Loan committed				$ 40,000
Number of officers making minority equity investments \| officer						2
Equity investment						$ 500
Equity participation interest (as a percentage)						4.00%
Base spread, percentage						5.50%
SOFR floor, percentage	3.25%
Number of extension options \| extension	2
Length of extension option						6 months

Debt Obligations - Debt Covenants (Details)	1 Months Ended					9 Months Ended
Debt Obligations - Debt Covenants (Details)	Oct. 31, 2024	Jul. 31, 2024	Apr. 30, 2024	Jan. 31, 2024	Oct. 31, 2023	Sep. 30, 2024
CLO 14
Overcollateralization [Abstract]
Current		132.91%	125.22%	120.00%	119.76%	133.88%
Limit						118.76%
Interest Coverage [Abstract]
Current						165.86%
Limit						120.00%
CLO 14 \| Subsequent event
Overcollateralization [Abstract]
Current	133.88%
CLO 16
Overcollateralization [Abstract]
Current		127.64%	120.81%	120.81%	121.21%	129.98%
Limit						120.21%
Interest Coverage [Abstract]
Current						169.06%
Limit						120.00%
CLO 16 \| Subsequent event
Overcollateralization [Abstract]
Current	129.98%
CLO 17
Overcollateralization [Abstract]
Current		121.78%	121.71%	121.71%	122.51%	123.14%
Limit						121.51%
Interest Coverage [Abstract]
Current						159.44%
Limit						120.00%
CLO 17 \| Subsequent event
Overcollateralization [Abstract]
Current	123.14%
CLO 18
Overcollateralization [Abstract]
Current		123.67%	123.87%	123.87%	124.03%	124.20%
Limit						123.03%
Interest Coverage [Abstract]
Current						146.99%
Limit						120.00%
CLO 18 \| Subsequent event
Overcollateralization [Abstract]
Current	124.20%
CLO 19
Overcollateralization [Abstract]
Current		119.98%	119.30%	120.30%	120.30%	121.78%
Limit						119.30%
Interest Coverage [Abstract]
Current						138.81%
Limit						120.00%
CLO 19 \| Subsequent event
Overcollateralization [Abstract]
Current	121.78%

Real Estate Owned - Narrative (Details) $ in Thousands	3 Months Ended			9 Months Ended
Real Estate Owned - Narrative (Details) $ in Thousands	Sep. 30, 2024 USD ($) property	Jun. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) property	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) property
Real Estate [Line Items]
Mortgage notes payable — real estate owned	$ 35,350			$ 35,350		$ 44,339
Number of foreclosed real estate properties \| property	2			2
Foreclosed properties, carrying value	$ 49,900			$ 49,900
Proceeds from sale of REO asset		$ 14,200
Payoffs and paydowns of mortgage note payable		9,000		8,953	$ 206
Gain on sale of REO asset		$ 3,800
Depreciation expense related to real estate owned	800		$ 500	2,100	$ 2,200
Real estate owned, restricted cash	3,200			3,200		1,400
Mortgages
Real Estate [Line Items]
Mortgage notes payable — real estate owned	$ 35,400			$ 35,400		$ 44,300
Multifamily
Real Estate [Line Items]
Number of real estate properties \| property	3			3		1
Weighted average occupancy rate	71.00%			71.00%		98.00%
Number of foreclosed real estate properties \| property	2			2
Office
Real Estate [Line Items]
Number of real estate properties \| property	2			2		3
Office \| One Building
Real Estate [Line Items]
Weighted average occupancy rate						89.00%
Land
Real Estate [Line Items]
Number of real estate properties \| property	2			2		2

Equity - Narrative (Details) $ / shares in Units, $ in Millions		1 Months Ended		3 Months Ended				5 Months Ended	9 Months Ended
	Oct. 30, 2024 $ / shares	May 31, 2024 shares	Apr. 30, 2024 USD ($) $ / shares shares	Sep. 30, 2024 USD ($) Vote $ / shares shares	Jun. 30, 2024 $ / shares	Mar. 31, 2024 $ / shares	Sep. 30, 2023 $ / shares	Sep. 30, 2024 USD ($) Vote $ / shares shares	Sep. 30, 2024 USD ($) Vote $ / shares shares	Sep. 30, 2023 $ / shares	Dec. 31, 2023 USD ($) $ / shares
Common stock
Number of shares repurchased (in shares)			935,739
Value of shares repurchased \| $			$ 11.4
Average cost per share (in dollars per share) \| $ / shares			$ 12.19
Preferred stock, par value (in dollars per share) \| $ / shares				$ 0.01				$ 0.01	$ 0.01		$ 0.01
Common Stock, Dividend (in dollars per share) \| $ / shares				0.43	$ 0.43	$ 0.43	$ 0.43		$ 1.29	$ 1.25
At-The-Market
Common stock
Shares that may be issued under equity offerings (in shares)		30,000,000
Shares issued under equity offering (in shares)								0
Subsequent event
Common stock
Common Stock, Dividend (in dollars per share) \| $ / shares	$ 0.43
Restricted common stock \| Chief executive officer \| Award One
Common stock
Restricted stock vested during period (in shares)									184,729
Restricted common stock \| Chief executive officer \| Award Two
Common stock
Restricted stock vested during period (in shares)									165,746
Restricted common stock \| Chief executive officer \| Award Two \| Common Stock
Common stock
Restricted stock vested and settled (in shares)									81,132
Restricted common stock \| Chief executive officer \| 2020 Plan
Common stock
Grants during the period (in shares)									309,775
Total grant date fair value \| $									$ 3.9
Restricted common stock \| Employees
Common stock
Shares withheld for taxes (in shares)									274,964
Restricted common stock \| Employees \| 2020 Plan
Common stock
Grants during the period (in shares)									826,029
Total grant date fair value \| $									$ 10.9
Restricted common stock \| Employees \| Vested on grant date \| 2020 Plan
Common stock
Grants during the period (in shares)									268,188
Total grant date fair value \| $									$ 3.5
Restricted common stock \| Employees \| First anniversaries \| 2020 Plan
Common stock
Grants during the period (in shares)									244,113
Total grant date fair value \| $									$ 3.2
Restricted common stock \| Employees \| Second anniversaries \| 2020 Plan
Common stock
Grants during the period (in shares)									247,664
Total grant date fair value \| $									$ 3.2
Restricted common stock \| Employees \| Third anniversaries \| 2020 Plan
Common stock
Grants during the period (in shares)									31,314
Total grant date fair value \| $									$ 0.5
Restricted common stock \| Employees \| Fourth anniversaries \| 2020 Plan
Common stock
Grants during the period (in shares)									34,750
Total grant date fair value \| $									$ 0.5
RSUs \| Director \| 2020 Plan
Common stock
Grants during the period (in shares)									36,688
Total grant date fair value \| $									$ 0.5
Performance-based restricted stock \| Chief executive officer \| Award One
Common stock
Restricted stock vested during period (in shares)									275,569
Operating Partnership Units
Common stock
Conversion ratio for operating partnership units to common stock shares									1
Operating Partnership Units \| Special voting preferred shares
Common stock
Number of preferred stock shares paired with each OP units (in shares)									1
Preferred stock, par value (in dollars per share) \| $ / shares				$ 0.01				$ 0.01	$ 0.01
Number of vote per share of special voting preferred shares (in shares) \| Vote				1				1	1
OP units outstanding (in shares)				16,293,589				16,293,589	16,293,589
Voting power of outstanding stock, percentage									8.00%
Share repurchase program
Common stock
Authorized amount to repurchase \| $				$ 138.6				$ 138.6	$ 138.6		$ 150.0

Commitments and Contingencies - Contractual Commitments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Agency Business Commitments
Cash collateral per securitization	$ 5,000		$ 5,000
Outstanding letters of credit	5,000		5,000
Debt Obligations
2024 (three months ending December 31, 2024)	559,621		559,621
2025	3,986,721		3,986,721
2026	4,194,282		4,194,282
2027	1,248,504		1,248,504
2028	180,000		180,000
2029	0		0
Thereafter	154,336		154,336
Total	10,323,464		10,323,464
Minimum Annual Operating Lease Payments
2024 (three months ending December 31, 2024)	2,721		2,721
2025	11,081		11,081
2026	11,297		11,297
2027	9,782		9,782
2028	9,093		9,093
2029	8,576		8,576
Thereafter	19,308		19,308
Total	71,858		71,858
Total
2024 (three months ending December 31, 2024)	562,342		562,342
2025	3,997,802		3,997,802
2026	4,205,579		4,205,579
2027	1,258,286		1,258,286
2028	189,093		189,093
2029	8,576		8,576
Thereafter	173,644		173,644
Total	10,395,322		10,395,322
Operating lease expense	2,700	$ 2,800	8,300	$ 8,000
Land
Total
Outstanding unfunded commitments	2,010,000		2,010,000		$ 1,310,000
Fannie Mae Mortgage
Agency Business Commitments
Minimum liquid assets to be maintained to meet operational liquidity requirements	22,100		$ 22,100
Period of funding for collateral requirement			48 months
Letter of credit required	88,500		$ 88,500
Letter of credit assigned	70,000		70,000
Reserve required to fund additional restricted liquidity over the next 48 months	$ 36,500		$ 36,500
Period of additional funding for collateral requirement			48 months
Forward Contracts
Agency Business Commitments
Period of contractual commitment			60 days

Fair Value - Level 3 Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative assets
Beginning balance	$ 1,066	$ 757	$ 428	$ 354
Settlements	(13,460)	(13,369)	(36,902)	(46,123)
Realized gains recorded in earnings	12,394	12,612	36,474	45,769
Unrealized gains recorded in earnings	376	962	376	962
Ending balance	$ 376	$ 962	$ 376	$ 962

Segment Information

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Segment Information

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


	Three Months Ended September 30, 2024
	Structured Business		Agency Business		Other (1)		Consolidated
Interest income	$	274,102	$	12,420	$	—	$	286,522
Interest expense	192,945		4,765		—		197,710
Net interest income	81,157		7,655		—		88,812
Other revenue:
Gain on sales, including fee-based services, net	—		18,638		—		18,638
Mortgage servicing rights	—		13,195		—		13,195
Servicing revenue	—		48,441		—		48,441
Amortization of MSRs	—		(17,299)		—		(17,299)
Property operating income	1,507		—		—		1,507
Gain on derivative instruments, net	—		822		—		822
Other income, net	1,364		1,173		—		2,537
Total other revenue	2,871		64,970		—		67,841
Other expenses:
Employee compensation and benefits	16,772		28,109		—		44,881
Selling and administrative	6,345		6,796		—		13,141
Property operating expenses	1,686		—		—		1,686
Depreciation and amortization	1,422		522		—		1,944
Provision for loss sharing (net of recoveries)	—		3,180		—		3,180
Provision for credit losses (net of recoveries)	14,788		1,432		—		16,220
Total other expenses	41,013		40,039		—		81,052
Income before income from equity affiliates and income taxes	43,015		32,586		—		75,601


Income from equity affiliates	3,177		—		—		3,177
Benefit from (provision for) income taxes	2,080		(7,313)		—		(5,233)
Net income	48,272		25,273		—		73,545
Preferred stock dividends	10,342		—		—		10,342
Net income attributable to noncontrolling interest	—		—		5,028		5,028
Net income attributable to common stockholders	$	37,930	$	25,273	$	(5,028)	$	58,175


	Three Months Ended September 30, 2023
	Structured Business		Agency Business		Other (1)		Consolidated
Interest income	$	322,819	$	13,655	$	—	$	336,474
Interest expense	222,996		6,184		—		229,180
Net interest income	99,823		7,471		—		107,294
Other revenue:
Gain on sales, including fee-based services, net	—		18,619		—		18,619
Mortgage servicing rights	—		14,109		—		14,109
Servicing revenue	—		51,363		—		51,363
Amortization of MSRs	—		(15,900)		—		(15,900)
Property operating income	1,450		—		—		1,450
Loss on derivative instruments, net	—		(421)		—		(421)
Other income (loss), net	751		(578)		—		173
Total other revenue	2,201		67,192		—		69,393
Other expenses:
Employee compensation and benefits	12,912		26,898		—		39,810
Selling and administrative	5,291		7,076		—		12,367
Property operating expenses	1,479		—		—		1,479
Depreciation and amortization	1,114		1,172		—		2,286
Provision for loss sharing (net of recoveries)	—		1,679		—		1,679
Provision for credit losses (net of recoveries)	17,243		1,409		—		18,652
Total other expenses	38,039		38,234		—		76,273
Income before extinguishment of debt, income from equity affiliates and income taxes	63,985		36,429		—		100,414
Loss on extinguishment of debt	(314)		—		—		(314)
Income from equity affiliates	809		—		—		809
Benefit from (provision for) income taxes	1,078		(6,932)		—		(5,854)
Net income	65,558		29,497		—		95,055
Preferred stock dividends	10,342		—		—		10,342
Net income attributable to noncontrolling interest	—		—		6,789		6,789
Net income attributable to common stockholders	$	55,216	$	29,497	$	(6,789)	$	77,924


	Nine Months Ended September 30, 2024
	Structured Business		Agency Business		Other (1)		Consolidated
Interest income	$	864,067	$	40,935	$	—	$	905,002
Interest expense	608,607		16,006		—		624,613
Net interest income	255,460		24,929		—		280,389
Other revenue:
Gain on sales, including fee-based services, net	—		52,752		—		52,752
Mortgage servicing rights	—		37,928		—		37,928
Servicing revenue	—		143,394		—		143,394
Amortization of MSRs	—		(50,817)		—		(50,817)
Property operating income	4,521		—		—		4,521
Loss on derivative instruments, net	—		(4,711)		—		(4,711)
Other income, net	5,641		1,314		—		6,955
Total other revenue	10,162		179,860		—		190,022
Other expenses:
Employee compensation and benefits	51,123		84,288		—		135,411
Selling and administrative	18,969		20,928		—		39,897
Property operating expenses	4,948		—		—		4,948
Depreciation and amortization	4,070		2,867		—		6,937
Provision for loss sharing (net of recoveries)	—		7,787		—		7,787
Provision for credit losses (net of recoveries)	60,594		4,309		—		64,903
Total other expenses	139,704		120,179		—		259,883
Income before extinguishment of debt, sale of real estate, income from equity affiliates and income taxes	125,918		84,610		—		210,528
Loss on extinguishment of debt	(412)		—		—		(412)
Gain on sale of real estate	3,813		—		—		3,813
Income from equity affiliates	7,388		—		—		7,388
Benefit from (provision for) income taxes	2,864		(15,590)		—		(12,726)
Net income	139,571		69,020		—		208,591
Preferred stock dividends	31,027		—		—		31,027
Net income attributable to noncontrolling interest	—		—		14,119		14,119
Net income attributable to common stockholders	$	108,544	$	69,020	$	(14,119)	$	163,445


	Nine Months Ended September 30, 2023
	Structured Business		Agency Business		Other (1)		Consolidated
Interest income	$	962,301	$	37,858	$	—	$	1,000,159
Interest expense	658,856		16,893		—		675,749
Net interest income	303,445		20,965		—		324,410
Other revenue:
Gain on sales, including fee-based services, net	—		55,795		—		55,795
Mortgage servicing rights	—		48,769		—		48,769
Servicing revenue	—		144,296		—		144,296
Amortization of MSRs	—		(46,920)		—		(46,920)
Property operating income	4,261		—		—		4,261
Loss on derivative instruments, net	—		(3,582)		—		(3,582)
Other income, net	3,420		1,679		—		5,099
Total other revenue	7,681		200,037		—		207,718
Other expenses:
Employee compensation and benefits	41,991		81,527		—		123,518
Selling and administrative	17,835		20,739		—		38,574
Property operating expenses	4,227		—		—		4,227
Depreciation and amortization	3,779		3,518		—		7,297
Provision for loss sharing (net of recoveries)	—		12,528		—		12,528
Provision for credit losses (net of recoveries)	52,257		2,790		—		55,047
Total other expenses	120,089		121,102		—		241,191
Income before extinguishment of debt, income from equity affiliates and income taxes	191,037		99,900		—		290,937
Loss on extinguishment of debt	(1,561)		—		—		(1,561)
Income from equity affiliates	20,694		—		—		20,694
Benefit from (provision for) income taxes	307		(19,743)		—		(19,436)
Net income	210,477		80,157		—		290,634
Preferred stock dividends	31,027		—		—		31,027
Net income attributable to noncontrolling interest	—		—		21,200		21,200
Net income attributable to common stockholders	$	179,450	$	80,157	$	(21,200)	$	238,407

________________________

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


	September 30, 2024
	Structured Business		Agency Business		Consolidated
Assets:
Cash and cash equivalents	$	212,588	$	474,952	$	687,540
Restricted cash	161,892		18,014		179,906
Loans and investments, net	11,292,647		—		11,292,647
Loans held-for-sale, net	—		326,141		326,141
Capitalized mortgage servicing rights, net	—		376,403		376,403
Securities held-to-maturity, net	—		156,027		156,027
Investments in equity affiliates	76,294		—		76,294
Real estate owned, net	127,926		—		127,926
Goodwill and other intangible assets	12,500		76,010		88,510
Other assets and due from related party	484,921		85,143		570,064
Total assets	$	12,368,768	$	1,512,690	$	13,881,458

Liabilities:
Debt obligations	$	9,965,287	$	319,419	$	10,284,706
Allowance for loss-sharing obligations	—		80,577		80,577
Other liabilities and due to related parties	270,830		81,968		352,798
Total liabilities	$	10,236,117	$	481,964	$	10,718,081

	December 31, 2023
Assets:
Cash and cash equivalents	$	619,487	$	309,487	$	928,974
Restricted cash	595,342		12,891		608,233
Loans and investments, net	12,377,806		—		12,377,806
Loans held-for-sale, net	—		551,707		551,707
Capitalized mortgage servicing rights, net	—		391,254		391,254
Securities held-to-maturity, net	—		155,279		155,279
Investments in equity affiliates	79,303		—		79,303
Real estate owned, net	86,991		—		86,991
Goodwill and other intangible assets	12,500		78,878		91,378
Other assets and due from related party	453,073		101,629		467,711
Total assets	$	14,224,502	$	1,601,125	$	15,738,636

Liabilities:
Debt obligations	$	11,520,492	$	413,327	$	11,933,819
Allowance for loss-sharing obligations	—		71,634		71,634
Other liabilities and due to related parties	369,588		108,990		478,578
Total liabilities	$	11,890,080	$	593,951	$	12,484,031


	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Origination Data:
Structured Business
Bridge:
Multifamily	$	14,500		$	92,000		$	73,385		$	376,630
SFR	239,064			140,379			596,054			325,432
Land	—			—			10,350			—
	253,564			232,379			679,789			702,062

Mezzanine / Preferred Equity	4,900			7,779			61,713			15,124
Total New Loan Originations	$	258,464		$	240,158		$	741,502		$	717,186

Number of Loans Originated	38			42			142			92

Commitments:
SFR	$	374,070		$	429,452		$	1,062,947		$	683,984
Construction - Multifamily	47,000			—			47,000			—
Total Commitments	$	421,070		$	429,452		$	1,109,947		$	683,984

Loan Runoff	$	521,341		$	664,792		$	1,791,000		$	2,536,661

Agency Business
Origination Volumes by Investor:
Fannie Mae	$	616,211		$	721,398		$	1,817,364		$	2,596,329
Freddie Mac	378,809			339,241			1,095,732			658,457
Private Label	74,162			67,965			124,286			159,328
FHA	27,457			19,215			27,457			230,707
SFR - Fixed Rate	—			2,030			27,314			19,328
Total New Loan Originations	$	1,096,639		$	1,149,849		$	3,092,153		$	3,664,149
Total Loan Commitment Volume	$	1,056,490		$	1,211,347		$	3,090,446		$	3,844,769

Agency Business Loan Sales Data:
Fannie Mae	$	655,851		$	837,132		$	2,112,986		$	2,511,978
Freddie Mac	356,300			337,507			1,018,900			581,306
Private Label	74,162			67,965			124,286			300,713
FHA	32,664			24,057			56,152			201,915
SFR - Fixed Rate	—			8,759			27,314			22,931
Total Loan Sales	$	1,118,977		$	1,275,420		$	3,339,638		$	3,618,843
Sales Margin (fee-based services as a % of loan sales)	1.67		%	1.46		%	1.58		%	1.54		%
MSR Rate (MSR income as a % of loan commitments)	1.25		%	1.16		%	1.23		%	1.27		%


	September 30, 2024
Key Servicing Metrics for Agency Business:	Servicing Portfolio UPB		Wtd. Avg. Servicing Fee Rate (basis points)	Wtd. Avg. Life of Portfolio (years)
Fannie Mae	$	22,526,022	46.6	6.6
Freddie Mac	5,820,026		21.9	7.1
Private Label	2,619,485		18.7	5.8
FHA	1,390,766		14.2	18.9
Bridge	380,379		10.9	3.0
SFR - Fixed Rate	275,081		20.1	4.6
Total	$	33,011,759	38.0	7.1

	December 31, 2023
Fannie Mae	$	21,264,578	47.4	7.4
Freddie Mac	5,181,933		24.0	8.5
Private Label	2,510,449		19.5	6.7
FHA	1,359,624		14.4	19.2
Bridge	379,425		10.9	3.2
SFR - Fixed Rate	287,446		20.1	5.1
Total	$	30,983,455	39.1	8.0

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.

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-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Debt Obligations - Senior Unsecured Notes (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Debt Obligations
Wtd. Avg. Note Rate	7.38%
Redemption of aggregate principal amount, percentage	100.00%
7.75% Notes
Debt Obligations
Debt, Face Value	$ 95,000	$ 95,000
Carrying value	$ 94,130	$ 93,697
Wtd. Avg. Note Rate	7.75%	7.75%
8.50% Notes
Debt Obligations
Debt, Face Value	$ 150,000	$ 150,000
Carrying value	$ 148,410	$ 148,023
Wtd. Avg. Note Rate	8.50%	8.50%
5.00% Notes
Debt Obligations
Debt, Face Value	$ 180,000	$ 180,000
Carrying value	$ 178,194	$ 177,875
Wtd. Avg. Note Rate	5.00%	5.00%
4.50% Notes
Debt Obligations
Debt, Face Value	$ 270,000	$ 270,000
Carrying value	$ 268,392	$ 267,763
Wtd. Avg. Note Rate	4.50%	4.50%
5.00% Notes
Debt Obligations
Debt, Face Value	$ 175,000	$ 175,000
Carrying value	$ 174,003	$ 173,542
Wtd. Avg. Note Rate	5.00%	5.00%
4.50% Notes
Debt Obligations
Debt, Face Value	$ 275,000	$ 275,000
Carrying value	$ 273,807	$ 273,444
Wtd. Avg. Note Rate	4.50%	4.50%
4.75% Notes
Debt Obligations
Debt, Face Value		$ 110,000
Carrying value	$ 109,972	$ 109,721
Wtd. Avg. Note Rate	4.75%	4.75%
5.75% Notes
Debt Obligations
Debt, Face Value	$ 0	$ 90,000
Carrying value	$ 0	$ 89,903
Wtd. Avg. Note Rate	0.00%	5.75%
Senior unsecured notes
Debt Obligations
Debt, Face Value	$ 1,255,000	$ 1,345,000
Carrying value	$ 1,246,908	$ 1,333,968
Wtd. Avg. Note Rate	5.39%	5.41%
Deferred financing fees	$ 8,100	$ 11,000
Weighted average note rate including certain fees and costs, percentage	5.67%	5.70%

Derivative Financial Instruments - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Derivative Financial Instruments
Gain (loss) from changes in the fair value of derivatives	$ 1,200	$ (1,000)	$ 900	$ (2,000)
Mortgage servicing rights	13,195	14,109	$ 37,928	48,769
Treasury futures
Derivative Financial Instruments
Derivative, maturity term			3 months
Derivative asset, treasury futures	1,600		$ 1,600		$ 1,500
Cash posted as collateral	1,600		1,600		1,900
Derivative, net liability positions	100		100		$ 400
Treasury futures \| Other Income \| Agency Business
Derivative Financial Instruments
Realized gain (loss) on derivatives	200	400	(300)	1,500
Unrealized (losses) gains on derivatives	$ (100)	$ 200	$ 300	$ (3,000)
Treasury futures \| Minimum
Derivative Financial Instruments
Treasury futures rate period			5 years
Treasury futures \| Maximum
Derivative Financial Instruments
Treasury futures rate period			10 years
Credit Default Swap
Derivative Financial Instruments
Derivative swap default credit			5 years

Fair Value

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

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):


	September 30, 2024						December 31, 2023
	Principal / Notional Amount		Carrying Value		Estimated Fair Value		Principal / Notional Amount		Carrying Value		Estimated Fair Value
Financial assets:
Loans and investments, net	$	11,565,538	$	11,292,647	$	11,236,801	$	12,615,006	$	12,377,806	$	12,452,563
Loans held-for-sale, net	326,910		326,141		334,884		552,325		551,707		566,451
Capitalized mortgage servicing rights, net	n/a		376,403		499,630		n/a		391,254		510,472
Securities held-to-maturity, net	230,190		156,027		145,000		230,495		155,279		129,390
Derivative financial instruments	134,688		1,912		1,912		447,609		6,547		6,547

Financial liabilities:
Credit and repurchase facilities	$	3,264,033	$	3,257,719	$	3,247,500	$	3,242,939	$	3,237,827	$	3,228,324
Securitized debt	5,327,245		5,315,079		5,281,765		6,956,284		6,935,010		6,864,557
Senior unsecured notes	1,255,000		1,246,908		1,161,256		1,345,000		1,333,968		1,214,331
Convertible senior unsecured notes	287,500		285,170		292,712		287,500		283,118		301,156
Junior subordinated notes	154,336		144,480		107,761		154,336		143,896		106,444
Mortgage notes payable - real estate owned	35,350		35,350		35,132		44,339		44,339		44,103
Derivative financial instruments	227,478		1,115		1,115		138,270		1,021		1,021

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 methodology 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). MSRs are initially recorded at fair value and are carried at amortized cost. The fair value of MSRs is 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 discount rate and contractually specified servicing fees, and to a lessor extent the prepayment speed of the underlying loans, 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 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.

Credit facilities, repurchase facilities and mortgage notes payable. Fair values for credit and repurchase facilities and mortgage notes payable 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 and repurchase facilities 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.

Securitized debt 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. 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 at September 30, 2024 (in thousands):


	Carrying Value		Fair Value		Fair Value Measurements Using Fair Value Hierarchy
					Level 1		Level 2		Level 3
Financial assets:
Derivative financial instruments	$	1,912	$	1,912	$	—	$	1,536	$	376

Financial liabilities:
Derivative financial instruments	$	1,115	$	1,115	$	—	$	1,115	$	—

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 at September 30, 2024 (in thousands):


	Net Carrying Value		Fair Value		Fair Value Measurements Using Fair Value Hierarchy
					Level 1		Level 2		Level 3
Financial assets:
Impaired loans, net
Loans held-for-investment (1)	$	451,114	$	451,114	$	—	$	—	$	451,114
Loans held-for-sale (2)	14,054		14,054		—		14,054		—
	$	465,168	$	465,168	$	—	$	14,054	$	451,114

________________________

(2)We had unrealized impairment losses of $0.9 million related to four held-for-sale loans with a total carrying value, before unrealized impairment losses, of $14.9 million.

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 all amounts due for both principal and interest will not be collected 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, or an impairment loss. 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.

Loans held-for-sale are generally expected to be transferred or sold within 60 days to 180 days of loan origination and are reported at lower of cost or market. We consider a loan classified as held-for-sale impaired if, based on current information, it is probable that we will sell the loan below par, or not be able to collect all principal and interest in accordance with the contractual terms of the loan agreement. These loans 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.

The tables above and below include all impaired loans, regardless of the period in which the impairment was recognized.

Quantitative information about Level 3 fair value measurements at September 30, 2024 is as follows ($ in thousands):


	Fair Value		Valuation Techniques	Significant Unobservable Inputs
Financial assets:
Impaired loans:					Weighted Average	Minimum / Maximum
Multifamily	$	389,350	Discounted cash flows	Capitalization rate	6.20%	5.75% - 7.25%

Land	49,999		Discounted cash flows	Discount rate	21.50%	21.50%
				Revenue growth rate	3.00%	3.00%





Retail	11,765		Sales comparative	Price per acre	$165,128	$165,128

Derivative financial instruments:
Rate lock commitments	376		Discounted cash flows	W/A discount rate	13.37%	13.37%

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 September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Derivative assets and liabilities, net
Beginning balance	$	1,066	$	757	$	428	$	354
Settlements	(13,460)		(13,369)		(36,902)		(46,123)
Realized gains recorded in earnings	12,394		12,612		36,474		45,769
Unrealized gains recorded in earnings	376		962		376		962
Ending balance	$	376	$	962	$	376	$	962


September 30, 2024	Notional/ Principal Amount		Fair Value of Servicing Rights		Interest Rate Movement Effect		Unrealized Impairment Loss		Total Fair Value Adjustment
Rate lock commitments	$	25,093	$	376	$	20	$	—	$	396
Forward sale commitments	337,073		—		(20)		—		(20)
Loans held-for-sale, net (1)	326,910		3,887		—		(876)		3,011
Total			$	4,263	$	—	$	(876)	$	3,387

________________________

(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 at September 30, 2024 (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	$	11,292,647	$	11,236,801	$	—	$	—	$	11,236,801
Loans held-for-sale, net	326,141		334,884		—		330,997		3,887
Capitalized mortgage servicing rights, net	376,403		499,630		—		—		499,630
Securities held-to-maturity, net	156,027		145,000		—		—		145,000

Financial liabilities:
Credit and repurchase facilities	$	3,257,719	$	3,247,500	$	—	$	319,419	$	2,928,081
Securitized debt	5,315,079		5,281,765		—		—		5,281,765
Senior unsecured notes	1,246,908		1,161,256		1,161,256		—		—
Convertible senior unsecured notes	285,170		292,712		—		292,712		—
Junior subordinated notes	144,480		107,761		—		—		107,761
Mortgage notes payable - real estate owned	35,350		35,132		—		—		35,132

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.

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Receivable, Held-for-Sale [Abstract]

Loans Held-for-Sale (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Loans Held-for-Sale, Net

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


	September 30, 2024		December 31, 2023
Fannie Mae	$	181,590	$	477,212
Freddie Mac	127,067		50,235
Private Label	11,329		11,350
SFR - Fixed Rate	3,601		8,696
FHA	3,323		4,832
	326,910		552,325
Fair value of future MSR	3,887		7,784
Unrealized impairment loss	(876)		(1,989)
Unearned discount	(3,780)		(6,413)
Loans held-for-sale, net	$	326,141	$	551,707

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Total Arbor Realty Trust, Inc. Stockholders’ Equity	Preferred Stock	Common Stock	Additional Paid-in Capital	Retained Earnings	Noncontrolling Interest
Preferred stock, beginning balance (in shares) at Dec. 31, 2022			42,585,589
Common stock, beginning balance (in shares) at Dec. 31, 2022				178,230,522
Balance beginning at Dec. 31, 2022	$ 3,071,879	$ 2,936,996	$ 633,684	$ 1,782	$ 2,204,481	$ 97,049	$ 134,883
Increase (Decrease) in Stockholders' Equity
Issuance - common stock (in shares)				13,113,296
Issuance - common stock	193,660	193,660		$ 130	193,530
Repurchase - common stock (in shares)				(3,545,604)
Repurchase - common stock	(37,432)	(37,432)		$ (36)	(37,396)
Stock-based compensation, net (in shares)				703,428
Stock-based compensation, net	3,789	3,789		$ 9	3,780
Distributions - common stock	(230,632)	(230,632)				(230,632)
Distributions - preferred stock	(31,030)	(31,030)				(31,030)
Distributions - noncontrolling interest	(20,367)						(20,367)
Net income	290,634	269,434				269,434	21,200
Preferred stock, ending balance (in shares) at Sep. 30, 2023			42,585,589
Common stock, ending balance (in shares) at Sep. 30, 2023				188,501,642
Balance ending at Sep. 30, 2023	3,240,501	3,104,785	$ 633,684	$ 1,885	2,364,395	104,821	135,716
Preferred stock, beginning balance (in shares) at Jun. 30, 2023			42,585,589
Common stock, beginning balance (in shares) at Jun. 30, 2023				183,067,388
Balance beginning at Jun. 30, 2023	3,159,641	3,023,708	$ 633,684	$ 1,831	2,280,632	107,561	135,933
Increase (Decrease) in Stockholders' Equity
Issuance - common stock (in shares)				5,576,496
Issuance - common stock	83,992	83,992		$ 55	83,937
Stock-based compensation, net (in shares)				(142,242)
Stock-based compensation, net	(175)	(175)		$ (1)	(174)
Distributions - common stock	(80,660)	(80,660)				(80,660)
Distributions - preferred stock	(10,346)	(10,346)				(10,346)
Distributions - noncontrolling interest	(7,006)						(7,006)
Net income	95,055	88,266				88,266	6,789
Preferred stock, ending balance (in shares) at Sep. 30, 2023			42,585,589
Common stock, ending balance (in shares) at Sep. 30, 2023				188,501,642
Balance ending at Sep. 30, 2023	$ 3,240,501	3,104,785	$ 633,684	$ 1,885	2,364,395	104,821	135,716
Preferred stock, beginning balance (in shares) at Dec. 31, 2023			42,585,589
Common stock, beginning balance (in shares) at Dec. 31, 2023	188,505,264			188,505,264
Balance beginning at Dec. 31, 2023	$ 3,254,605	3,117,973	$ 633,684	$ 1,885	2,367,188	115,216	136,632
Increase (Decrease) in Stockholders' Equity
Repurchase - common stock (in shares)				(935,739)
Repurchase - common stock	(11,408)	(11,408)		$ (9)	(11,399)
Stock-based compensation, net (in shares)				1,039,252
Stock-based compensation, net	7,480	7,480		$ 10	7,470
Distributions - common stock	(243,834)	(243,834)				(243,834)
Distributions - preferred stock	(31,038)	(31,038)				(31,038)
Distributions - noncontrolling interest	(21,019)						(21,019)
Net income	$ 208,591	194,472				194,472	14,119
Preferred stock, ending balance (in shares) at Sep. 30, 2024			42,585,589
Common stock, ending balance (in shares) at Sep. 30, 2024	188,608,777			188,608,777
Balance ending at Sep. 30, 2024	$ 3,163,377	3,033,645	$ 633,684	$ 1,886	2,363,259	34,816	129,732
Preferred stock, beginning balance (in shares) at Jun. 30, 2024			42,585,589
Common stock, beginning balance (in shares) at Jun. 30, 2024				188,548,879
Balance beginning at Jun. 30, 2024	3,186,639	3,054,929	$ 633,684	$ 1,885	2,361,466	57,894	131,710
Increase (Decrease) in Stockholders' Equity
Stock-based compensation, net (in shares)				59,898
Stock-based compensation, net	1,794	1,794		$ 1	1,793
Distributions - common stock	(81,249)	(81,249)				(81,249)
Distributions - preferred stock	(10,346)	(10,346)				(10,346)
Distributions - noncontrolling interest	(7,006)						(7,006)
Net income	$ 73,545	68,517				68,517	5,028
Preferred stock, ending balance (in shares) at Sep. 30, 2024			42,585,589
Common stock, ending balance (in shares) at Sep. 30, 2024	188,608,777			188,608,777
Balance ending at Sep. 30, 2024	$ 3,163,377	$ 3,033,645	$ 633,684	$ 1,886	$ 2,363,259	$ 34,816	$ 129,732

Loans Held-for-Sale

9 Months Ended

Sep. 30, 2024

Receivable, Held-for-Sale [Abstract]

Loans Held-for-Sale

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


	September 30, 2024		December 31, 2023
Fannie Mae	$	181,590	$	477,212
Freddie Mac	127,067		50,235
Private Label	11,329		11,350
SFR - Fixed Rate	3,601		8,696
FHA	3,323		4,832
	326,910		552,325
Fair value of future MSR	3,887		7,784
Unrealized impairment loss	(876)		(1,989)
Unearned discount	(3,780)		(6,413)
Loans held-for-sale, net	$	326,141	$	551,707

During the three and nine months ended September 30, 2024, we sold $1.12 billion and $3.34 billion, respectively, of loans held-for-sale. During the three and nine months ended September 30, 2023, we sold $1.28 billion and $3.62 billion, respectively, of loans held-for-sale.

During 2022, we recorded a net impairment loss of $5.2 million on seven Private Label loans with a UPB of $129.9 million and a net carrying value of $116.4 million. During the first quarter of 2023, we sold these impaired loans above the net carrying value and recorded a gain of $0.9 million.

At September 30, 2024 and December 31, 2023, 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.

Allowance for Loss-Sharing Obligations

9 Months Ended

Sep. 30, 2024

Loss Contingency Accrual, Disclosures [Abstract]

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 September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Beginning balance	$	76,561	$	66,681	$	71,634	$	57,168
Provisions for loss sharing	3,521		1,703		9,294		13,992
Provisions reversal for loan repayments	(341)		(24)		(735)		(1,464)
Recoveries (charge-offs), net	836		901		384		(435)
Ending balance	$	80,577	$	69,261	$	80,577	$	69,261

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 September 30, 2024 and December 31, 2023, we had $34.8 million and $34.6 million, respectively, of guarantee obligations 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 September 30, 2024 and December 31, 2023, we had outstanding advances of $0.5 million and $1.1 million, respectively, which were netted against the allowance for loss-sharing obligations.

At September 30, 2024 and December 31, 2023, our allowance for loss-sharing obligations, associated with expected losses under CECL, was $45.8 million and $37.0 million, respectively, and represented 0.20% and 0.17%, respectively, of our Fannie Mae servicing portfolio. During the three and nine months ended September 30, 2024, we recorded an increase in CECL reserves of $4.0 million and $8.8 million, respectively. During the three and nine months ended September 30, 2023, we recorded an increase in CECL reserves of $2.5 million and $11.9 million, respectively.

At September 30, 2024 and December 31, 2023, the maximum quantifiable liability associated with our guarantees under the Fannie Mae DUS agreement was $4.20 billion and $3.95 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.

The entire disclosure for loss and gain contingencies. Describes any existing condition, situation, or set of circumstances involving uncertainty as of the balance sheet date (or prior to issuance of the financial statements) as to a probable or reasonably possible loss incurred by an entity that will ultimately be resolved when one or more future events occur or fail to occur, and typically discloses the amount of loss recorded or a range of possible loss, or an assertion that no reasonable estimate can be made.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 720
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483359/720-20-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 5.Y.Q4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480102/450-20-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 5.Y.Q2)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/450-20/tableOfContent

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
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-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-4

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483076/450-20-50-9

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 30
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/450-30/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483049/450-30-50-1

Capitalized Mortgage Servicing Rights

9 Months Ended

Sep. 30, 2024