0001253986-26-000036 | 10-Q | XBRL Viewer

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Agreements and Transactions with Related Parties - 2019 Activity (Details) - USD ($) $ in Thousands	1 Months Ended			3 Months Ended		12 Months Ended
	Nov. 30, 2025	Sep. 30, 2025	Feb. 28, 2025	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2022
Agreements and Transactions with Related Parties
Interest income				$ 235,047	$ 240,693
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 \| Bridge loans
Agreements and Transactions with Related Parties
Principal amount	$ 67,900
SOFR floor, percentage	2.50%
Interest income				1,100
Other Related Party Transactions \| Related Party \| Bridge loans \| Maturity Date February 2025
Agreements and Transactions with Related Parties
Variable rate, spread						3.50%
Other Related Party Transactions \| Related Party \| Bridge loans \| Maturity Date February 2025 \| One multifamily property
Agreements and Transactions with Related Parties
Principal amount						$ 35,400
Other Related Party Transactions \| Related Party \| Bridge loans \| Maturity Date July 2028
Agreements and Transactions with Related Parties
SOFR floor, percentage		6.50%
Financing receivable, fixed interest rate		0.0100
Other Related Party Transactions \| Related Party \| Bridge loan, one multifamily property \| Maturity Date July 2028
Agreements and Transactions with Related Parties
Variable rate, spread		1.00%
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 loans
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
AMAC III \| Other Related Party Transactions \| Related Party
Agreements and Transactions with Related Parties
Amount invested							$ 30,000
Ownership interest, percentage							18.00%
AMAC III \| Other Related Party Transactions \| Related Party \| Bridge loans
Agreements and Transactions with Related Parties
Payoffs and partial paydowns of principal			$ 2,000
Interest income				100	700
AMAC Holdings III LLC
Agreements and Transactions with Related Parties
Gain (loss) on investment				$ (500)	(900)
Contributions made					$ 900

Debt Obligations - Schedule of Collateralized Loan Obligations (Details) $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
	Mar. 31, 2026 USD ($) loan	Mar. 31, 2026 USD ($) loan	Dec. 31, 2025 USD ($) loan
Debt Obligations
Debt, Carrying Value	$ 3,931,468	$ 3,931,468	$ 3,468,258
Debt, Wtd. Avg. Rate	6.07%	6.07%
Total securitized debt
Debt Obligations
Debt, face value	$ 3,953,223	$ 3,953,223	3,485,786
Debt, Carrying Value	$ 3,931,468	$ 3,931,468	$ 3,468,258
Debt, Wtd. Avg. Rate	5.73%	5.73%	5.81%
Collateral, Loans, UPB	$ 4,755,100	$ 4,755,100	$ 4,565,353
Collateral, Loans, Carrying Value	4,745,865	4,745,865	4,557,631
Collateral, Cash, Restricted Cash	$ 309,693	$ 309,693	$ 21,469
Weighted average note rate including certain fees and costs, percentage	5.96%	5.96%	6.07%
Collateralized loan obligations
Debt Obligations
Debt, face value	$ 3,953,223	$ 3,953,223	$ 3,485,786
Debt, Carrying Value	$ 3,931,468	$ 3,931,468	$ 3,468,258
Debt, Wtd. Avg. Rate	5.73%	5.73%	5.81%
Collateral, Loans, UPB	$ 4,730,150	$ 4,730,150	$ 4,514,753
Collateral, Loans, Carrying Value	4,720,915	4,720,915	4,507,031
Collateral, Cash, Restricted Cash	309,693	309,693	21,469
Deferred financing fees	$ 21,800	$ 21,800	$ 17,500
Number of loans under the loan portfolio \| loan	32	32	39
Collateral at risk	$ 1,390,000	$ 1,390,000	$ 1,690,000
Proceeds from issuance of collateralized loan obligations for acquiring additional loan obligations		10,900	10,100
CLO 21
Debt Obligations
Debt, face value	673,990	673,990
Debt, Carrying Value	$ 667,860	$ 667,860
Debt, Wtd. Avg. Rate	5.47%	5.47%
Collateral, Loans, UPB	$ 655,335	$ 655,335
Collateral, Loans, Carrying Value	652,162	652,162
Collateral, Cash, Restricted Cash	$ 100,000	$ 100,000
Weighted average note rate including certain fees and costs, percentage	1.73%	1.73%
Proceeds from issuance of collateralized loan obligations for acquiring additional loan obligations	$ 100,000
CLO 20
Debt Obligations
Debt, face value	933,187	$ 933,187	933,187
Debt, Carrying Value	$ 925,169	$ 925,169	$ 924,504
Debt, Wtd. Avg. Rate	5.48%	5.48%	5.50%
Collateral, Loans, UPB	$ 971,081	$ 971,081	$ 1,045,664
Collateral, Loans, Carrying Value	966,871	966,871	1,040,984
Collateral, Cash, Restricted Cash	75,192	75,192	0
BTR CLO 1
Debt Obligations
Debt, face value	567,121	567,121	525,304
Debt, Carrying Value	$ 559,749	$ 559,749	$ 517,395
Debt, Wtd. Avg. Rate	6.22%	6.22%	6.29%
Collateral, Loans, UPB	$ 688,888	$ 688,888	$ 685,746
Collateral, Loans, Carrying Value	687,341	687,341	683,807
Collateral, Cash, Restricted Cash	266	266	0
CLO 18
Debt Obligations
Debt, face value	878,266	878,266	971,595
Debt, Carrying Value	$ 878,030	$ 878,030	$ 970,979
Debt, Wtd. Avg. Rate	5.88%	5.88%	6.01%
Collateral, Loans, UPB	$ 1,240,919	$ 1,240,919	$ 1,339,523
Collateral, Loans, Carrying Value	1,240,675	1,240,675	1,338,395
Collateral, Cash, Restricted Cash	30,000	30,000	21,469
CLO 17
Debt Obligations
Debt, face value	900,659	900,659	1,055,700
Debt, Carrying Value	$ 900,660	$ 900,660	$ 1,055,380
Debt, Wtd. Avg. Rate	5.73%	5.73%	5.66%
Collateral, Loans, UPB	$ 1,173,927	$ 1,173,927	$ 1,443,820
Collateral, Loans, Carrying Value	1,173,866	1,173,866	1,443,845
Collateral, Cash, Restricted Cash	104,235	104,235	0
Q Series securitization
Debt Obligations
Debt, face value	0	0	0
Debt, Carrying Value	$ 0	$ 0	$ 0
Debt, Wtd. Avg. Rate	0.00%	0.00%	0.00%
Collateral, Loans, UPB	$ 24,950	$ 24,950	$ 50,600
Collateral, Loans, Carrying Value	24,950	24,950	50,600
Collateral, Cash, Restricted Cash	$ 0	$ 0	$ 0

Loans and Investments - Schedule of Risk Ratings and LTV Ratios (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Loans and Investments
Loans and investments, gross	$ 11,997,293	$ 12,113,107
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)	77.00%
Charge-offs, Year One	$ 0	$ 0
Charge-offs, Year Two	0	3,000
Charge-offs, Year Three	3,829	0
Charge-offs, Year Four	0	24,476
Charge-offs, Year Five	11,322	31,968
Charge-offs, prior years	3,057	68,893
Charge-offs, Total	18,208	128,337
Credit risk concentration
Loans and Investments
Origination Year One	552,010	2,963,166
Origination Year Two	3,032,970	1,766,551
Origination Year Three	1,511,832	908,608
Origination Year Four	768,357	3,127,360
Origination Year Five	2,971,887	2,998,638
Origination, Prior Years	3,160,237	348,784
Loans and investments, gross	$ 11,997,293	$ 12,113,107
Wtd. Avg. First Dollar LTV Ratio (as percent)	2.00%	2.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	77.00%	77.00%
Multifamily \| Credit risk concentration
Loans and Investments
Origination Year One	$ 476,100	$ 1,968,607
Origination Year Two	2,014,049	760,535
Origination Year Three	560,125	336,717
Origination Year Four	171,717	2,625,648
Origination Year Five	2,459,944	2,926,722
Origination, Prior Years	2,992,416	255,612
Loans and investments, gross	$ 8,674,351	$ 8,873,841
Percentage of Portfolio	72.00%	73.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	3.00%	3.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	82.00%	81.00%
Multifamily \| Pass \| Credit risk concentration
Loans and Investments
Origination Year One	$ 430,100	$ 556,801
Origination Year Two	600,924	87,533
Origination Year Three	47,468	22,253
Origination Year Four	38,673	9,832
Origination Year Five	79,883	34,843
Origination, Prior Years	174,014	26,758
Loans and investments, gross	1,371,062	738,020
Multifamily \| Pass/Watch \| Credit risk concentration
Loans and Investments
Origination Year One	46,000	1,195,412
Origination Year Two	999,872	429,300
Origination Year Three	273,570	108,276
Origination Year Four	86,290	376,064
Origination Year Five	344,490	526,961
Origination, Prior Years	736,622	159,810
Loans and investments, gross	2,486,844	2,795,823
Multifamily \| Special Mention \| Credit risk concentration
Loans and Investments
Origination Year One	0	211,404
Origination Year Two	408,273	186,984
Origination Year Three	206,869	185,088
Origination Year Four	25,654	1,788,580
Origination Year Five	1,547,788	2,028,742
Origination, Prior Years	1,755,859	44,479
Loans and investments, gross	3,944,443	4,445,277
Multifamily \| Substandard \| Credit risk concentration
Loans and Investments
Origination Year One	0	4,990
Origination Year Two	4,980	47,258
Origination Year Three	22,758	21,100
Origination Year Four	0	297,729
Origination Year Five	282,250	307,350
Origination, Prior Years	168,820	0
Loans and investments, gross	478,808	678,427
Multifamily \| Doubtful \| Credit risk concentration
Loans and Investments
Origination Year One	0	0
Origination Year Two	0	9,460
Origination Year Three	9,460	0
Origination Year Four	21,100	153,443
Origination Year Five	205,533	28,826
Origination, Prior Years	157,101	24,565
Loans and investments, gross	393,194	216,294
Single-Family Rental \| Credit risk concentration
Loans and Investments
Origination Year One	75,910	994,559
Origination Year Two	1,018,921	1,006,016
Origination Year Three	951,707	571,891
Origination Year Four	596,640	501,712
Origination Year Five	511,943	71,916
Origination, Prior Years	112,971	38,816
Loans and investments, gross	$ 3,268,092	$ 3,184,910
Percentage of Portfolio	27.00%	26.00%
Wtd. Avg. First Dollar LTV Ratio (as percent)	0.00%	0.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	64.00%	64.00%
Single-Family Rental \| Pass \| Credit risk concentration
Loans and Investments
Origination Year One	$ 0	$ 98,510
Origination Year Two	27,000	0
Origination Year Three	0	0
Origination Year Four	0	0
Origination Year Five	0	0
Origination, Prior Years	0	0
Loans and investments, gross	27,000	98,510
Single-Family Rental \| Pass/Watch \| Credit risk concentration
Loans and Investments
Origination Year One	36,400	859,819
Origination Year Two	878,166	1,006,016
Origination Year Three	934,628	571,891
Origination Year Four	550,457	448,769
Origination Year Five	486,043	71,916
Origination, Prior Years	106,080	34,216
Loans and investments, gross	2,991,774	2,992,627
Single-Family Rental \| Special Mention \| Credit risk concentration
Loans and Investments
Origination Year One	39,510	36,230
Origination Year Two	113,755	0
Origination Year Three	17,079	0
Origination Year Four	46,183	52,943
Origination Year Five	25,900	0
Origination, Prior Years	6,891	4,600
Loans and investments, gross	249,318	93,773
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	16,955	16,955
Loans and investments, gross	$ 16,955	$ 16,955
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)	100.00%	97.00%
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	16,424	16,424
Loans and investments, gross	16,424	16,424
Retail \| 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	531	531
Loans and investments, gross	531	531
Land \| 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	2,785	2,291
Loans and investments, gross	$ 2,785	$ 2,291
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)	14.00%	77.00%
Land \| Pass/Watch \| 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	2,785	2,291
Loans and investments, gross	2,785	2,291
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	0
Origination Year Five	0	0
Origination, Prior Years	33,410	33,410
Loans and investments, gross	$ 33,410	$ 33,410
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)	88.00%	88.00%
Office \| Pass/Watch \| 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	33,410	33,410
Loans and investments, gross	33,410	33,410
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%	0.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	100.00%	100.00%
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 - 2015 Activity (Details) - USD ($) $ in Millions		1 Months Ended	12 Months Ended
	Jul. 31, 2025	Apr. 30, 2025	Dec. 31, 2015
Residential Mortgage Banking Business
Agreements and Transactions with Related Parties
Agreement to sell business, expected sale price		$ 22.0
Distribution received	$ 16.4	5.6
Wakefield Investment Holding LLC \| Residential Mortgage Banking Business
Agreements and Transactions with Related Parties
Agreement to sell business, expected sale price		117.3
Sale agreement, installment one		15.0
Sale agreement, installment two		15.0
Sale agreement, installment three		$ 87.3
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

Agreements and Transactions with Related Parties - 2025 Activity (Details) $ in Thousands		1 Months Ended					3 Months Ended		12 Months Ended
	Apr. 30, 2025 USD ($)	Nov. 30, 2025 USD ($)	Oct. 31, 2025 USD ($)	Aug. 31, 2025 USD ($)	May 31, 2025 USD ($) officer	Feb. 28, 2025 USD ($)	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)	Dec. 31, 2020 USD ($)	Jan. 31, 2025 USD ($)
Agreements and Transactions with Related Parties
Interest income							$ 235,047	$ 240,693
Loans and investments funded, originated and purchased							826,093	733,121
Clarus Berkley
Agreements and Transactions with Related Parties
Equity participation interest (as a percentage)		3.60%
Other Related Party Transactions \| Clarus Berkley
Agreements and Transactions with Related Parties
Noncontrolling interest		$ 1,500
Other Related Party Transactions \| Related Party \| Maturity Date February 2027
Agreements and Transactions with Related Parties
Base spread, percentage						4.75%				5.50%
Other Related Party Transactions \| Immediate Family Member of Management or Principal Owner \| Maturity Date May 2026 \| Single-Family Rental \| Preferred equity interest financing agreement
Agreements and Transactions with Related Parties
Interest income							800	1,000
Proceeds from interest received					$ 1,900
Other Related Party Transactions \| Immediate Family Member of Management or Principal Owner \| Maturity Date February 2027
Agreements and Transactions with Related Parties
Percentage of ownership interest of related party in the entity						10.00%
Bridge loans \| Related Party \| Maturity Date May 2027, Committed In May 2025
Agreements and Transactions with Related Parties
Interest income							1,000	1,400
Bridge loans \| Related Party \| Maturity Date February 2027
Agreements and Transactions with Related Parties
Interest income							700	200
Bridge loans \| Other Related Party Transactions \| Related Party
Agreements and Transactions with Related Parties
Principal amount		$ 67,900
Equity participation interest (as a percentage)		4.30%
Equity investments made by related parties		$ 1,800
Base spread, percentage		2.50%
SOFR floor, percentage		2.50%
Interest income							1,100
Bridge loans \| Other Related Party Transactions \| Related Party \| Maturity Date November 2028
Agreements and Transactions with Related Parties
Principal amount		$ 44,800
Equity participation interest (as a percentage)		1.00%
Base spread, percentage		4.25%
SOFR floor, percentage		3.50%
Loan committed							0
Financing receivable, length of extension period		1 year
Bridge loans \| Other Related Party Transactions \| Related Party \| Maturity Date October 2028
Agreements and Transactions with Related Parties
Principal amount			$ 50,500
Equity participation interest (as a percentage)			4.60%
Base spread, percentage			4.25%
SOFR floor, percentage			3.50%
Loan committed							0
Financing receivable, length of extension period			1 year
Bridge loans \| Other Related Party Transactions \| Related Party \| Maturity Date August 2026
Agreements and Transactions with Related Parties
Principal amount				$ 4,000
Base spread, percentage				3.25%
SOFR floor, percentage				4.32%
Interest income							100
Bridge loans \| Other Related Party Transactions \| Related Party \| Maturity Date May 2026 \| Single-Family Rental
Agreements and Transactions with Related Parties
Principal amount	$ 32,500				43,000
Loans and investments funded, originated and purchased					1,200				$ 3,500
Bridge loans \| Other Related Party Transactions \| Related Party \| Maturity Date November 2025 \| Single-Family Rental
Agreements and Transactions with Related Parties
Principal amount	$ 30,500				$ 36,200
Equity participation interest (as a percentage)					33.70%				18.90%
Base spread, percentage	4.25%				3.00%
SOFR floor, percentage	1.00%				3.25%
Interest income							700	$ 1,000
Proceeds from interest received					$ 1,300
Bridge loans \| Other Related Party Transactions \| Related Party \| Maturity Date May 2027, Committed In May 2025
Agreements and Transactions with Related Parties
Principal amount	$ 56,900				$ 58,400
Equity participation interest (as a percentage)					4.00%
Base spread, percentage	5.50%				2.75%
SOFR floor, percentage	3.25%				3.50%
Number of officers making minority equity investments \| officer					2
Equity investments					$ 500
Bridge loans \| Other Related Party Transactions \| Related Party \| Maturity Date February 2027
Agreements and Transactions with Related Parties
Principal amount						$ 52,600				$ 46,200
Equity participation interest (as a percentage)						70.00%
Loan committed							$ 31,300
Bridge loans \| Other Related Party Transactions \| Immediate Family Member of Management or Principal Owner \| Maturity Date May 2026 \| Single-Family Rental
Agreements and Transactions with Related Parties
Equity participation interest (as a percentage)					26.60%				21.80%
Base spread, percentage	3.75%				3.00%
SOFR floor, percentage	0.75%				3.25%
Preferred equity investments \| Other Related Party Transactions \| Related Party \| Maturity Date November 2025 \| Single-Family Rental
Agreements and Transactions with Related Parties
Loans and investments funded, originated and purchased									$ 4,600
Fixed rate of interest									12.00%
Preferred equity investments \| Other Related Party Transactions \| Immediate Family Member of Management or Principal Owner \| Maturity Date May 2026 \| Single-Family Rental
Agreements and Transactions with Related Parties
Fixed rate of interest					12.00%

Loans and Investments

3 Months Ended

Mar. 31, 2026

Loans and Investments [Abstract]

Loans and Investments

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


	March 31, 2026		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)	$	11,209,443	93	%	439	6.37	%	14.1	0	%	77	%
Mezzanine loans	295,843		3	%	62	8.04	%	48.6	58	%	79	%
Construction - multifamily	289,889		2	%	10	9.12	%	22.6	0	%	62	%
Preferred equity investments	202,118		2	%	34	6.87	%	43.0	62	%	81	%

Total UPB	11,997,293		100	%	545	6.49	%	15.7	2	%	77	%
Allowance for credit losses	(131,223)
Unearned revenue	(30,689)
Loans and investments, net (6)	$	11,835,381

	December 31, 2025
Bridge loans (5)	$	11,371,758	94	%	524	6.39	%	12.9	0	%	77	%
Mezzanine loans	290,212		2	%	65	7.84	%	52.3	59	%	78	%
Construction - multifamily	249,019		2	%	9	9.13	%	24.6	0	%	60	%
Preferred equity investments	202,118		2	%	34	6.87	%	46.0	62	%	80	%

Total UPB	12,113,107		100	%	632	6.49	%	14.7	2	%	77	%
Allowance for credit losses	(145,971)
Unearned revenue	(32,888)
Loans and investments, net (6)	$	11,934,248

________________________

(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 March 31, 2026 and December 31, 2025 was 20.8 and 19.9, 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 March 31, 2026 and December 31, 2025, bridge loans included 224 and 298, respectively, of SFR loans with a total gross loan commitment of $4.62 billion and $4.73 billion, respectively, of which $3.27 billion and $3.18 billion, respectively, was funded.

(6)Excludes exit fee receivables of $40.6 million and $43.0 million at March 31, 2026 and December 31, 2025, respectively, which is included in other assets on the consolidated balance sheets.

Concentration of Credit Risk

We are subject to concentration risk in that, at March 31, 2026, the UPB related to 33 loans with five different borrowers represented 8% of total assets. At December 31, 2025, the UPB related to 65 loans with five different borrowers represented 9% of total assets. During both the three months ended March 31, 2026 and the year ended December 31, 2025, 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, payment status in accordance with current contractual terms, and funded cash reserves. Other factors such as guarantees and other forms of recourse, market strength, remaining loan term and borrower equity are also reviewed and considered in 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 and pass/watch suggest the loan is performing and that we expect the borrower to make both principal and interest payments according to the contractual terms of the current loan agreement. A risk rating of special mention indicates loans that require closer monitoring given an observed credit weakness or may have been modified, but we currently expect the borrower to make both principal and interest payments according to the terms of the current loan agreement or we expect to fully recover our investment, including accrued interest, through the current value of the collateral and/or the financial strength of the guarantors. A risk rating of substandard indicates we have observed weaknesses or significant deterioration in multiple credit quality factors, we expect the loan to underperform in the near term, and we anticipate the loan will require intervention in the form of a modification or potential foreclosure to avoid or limit a loss of interest and/or principal. A risk rating of doubtful indicates a loss of interest and/or principal is probable and we are actively exploring options to protect our investment including foreclosing on the underlying collateral. Further, while the above are the primary guidelines used in determining a certain risk rating, subjective items such as the financial strength of guarantors, 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 March 31, 2026, and charge-offs recorded for the three months ended March 31, 2026 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	2026		2025		2024		2023		2022		Prior
Multifamily:
Pass	$	430,100	$	600,924	$	47,468	$	38,673	$	79,883	$	174,014	$	1,371,062
Pass/Watch	46,000		999,872		273,570		86,290		344,490		736,622		2,486,844
Special Mention	—		408,273		206,869		25,654		1,547,788		1,755,859		3,944,443
Substandard	—		4,980		22,758		—		282,250		168,820		478,808
Doubtful	—		—		9,460		21,100		205,533		157,101		393,194
Total Multifamily	$	476,100	$	2,014,049	$	560,125	$	171,717	$	2,459,944	$	2,992,416	$	8,674,351		3	%	82	%
Single-Family Rental:	Percentage of portfolio												72		%
Pass	$	—	$	27,000	$	—	$	—	$	—	$	—	$	27,000
Pass/Watch	36,400		878,166		934,628		550,457		486,043		106,080		2,991,774
Special Mention	39,510		113,755		17,079		46,183		25,900		6,891		249,318

Total Single-Family Rental	$	75,910	$	1,018,921	$	951,707	$	596,640	$	511,943	$	112,971	$	3,268,092		0	%	64	%
Office:	Percentage of portfolio												27		%
Pass/Watch	$	—	$	—	$	—	$	—	$	—	$	33,410	$	33,410

Total Office	$	—	$	—	$	—	$	—	$	—	$	33,410	$	33,410		0	%	88	%
Retail:	Percentage of portfolio												< 1%


Substandard	$	—	$	—	$	—	$	—	$	—	$	16,424	$	16,424
Doubtful	—		—		—		—		—		531		531
Total Retail	$	—	$	—	$	—	$	—	$	—	$	16,955	$	16,955		0	%	100	%
Land:	Percentage of portfolio												< 1%

Pass/Watch	$	—	$	—	$	—	$	—	$	—	$	2,785	$	2,785


Total Land	$	—	$	—	$	—	$	—	$	—	$	2,785	$	2,785		0	%	14	%
Commercial:	Percentage of portfolio												< 1%
Doubtful	$	—	$	—	$	—	$	—	$	—	$	1,700	$	1,700
Total Commercial	$	—	$	—	$	—	$	—	$	—	$	1,700	$	1,700		0	%	100	%
	Percentage of portfolio												< 1%
Grand Total	$	552,010	$	3,032,970	$	1,511,832	$	768,357	$	2,971,887	$	3,160,237	$	11,997,293		2	%	77	%

Charge-offs	$	—	$	—	$	3,829	$	—	$	11,322	$	3,057	$	18,208

A summary of the loan portfolio’s internal risk ratings and LTV ratios by asset class at December 31, 2025, and charge-offs recorded during 2025 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	2025		2024		2023		2022		2021		Prior
Multifamily:
Pass	$	556,801	$	87,533	$	22,253	$	9,832	$	34,843	$	26,758	$	738,020
Pass/Watch	1,195,412		429,300		108,276		376,064		526,961		159,810		2,795,823
Special Mention	211,404		186,984		185,088		1,788,580		2,028,742		44,479		4,445,277
Substandard	4,990		47,258		21,100		297,729		307,350		—		678,427
Doubtful	—		9,460		—		153,443		28,826		24,565		216,294
Total Multifamily	$	1,968,607	$	760,535	$	336,717	$	2,625,648	$	2,926,722	$	255,612	$	8,873,841		3	%	81	%
Single-Family Rental:	Percentage of portfolio												73		%
Pass	$	98,510	$	—	$	—	$	—	$	—	$	—	$	98,510
Pass/Watch	859,819		1,006,016		571,891		448,769		71,916		34,216		2,992,627
Special Mention	36,230		—		—		52,943		—		4,600		93,773

Total Single-Family Rental	$	994,559	$	1,006,016	$	571,891	$	501,712	$	71,916	$	38,816	$	3,184,910		0	%	64	%
Office:	Percentage of portfolio												26		%
Pass/Watch	$	—	$	—	$	—	$	—	$	—	$	33,410	$	33,410

Total Office	$	—	$	—	$	—	$	—	$	—	$	33,410	$	33,410		0	%	88	%
Retail:	Percentage of portfolio												< 1%
Substandard	$	—	$	—	$	—	$	—	$	—	$	16,424	$	16,424
Doubtful	—		—		—		—		—		531		531
Total Retail	$	—	$	—	$	—	$	—	$	—	$	16,955	$	16,955		0	%	97	%
Land:	Percentage of portfolio												< 1%

Pass/Watch	$	—	$	—	$	—	$	—	$	—	$	2,291	$	2,291


Total Land	$	—	$	—	$	—	$	—	$	—	$	2,291	$	2,291		0	%	77	%
Commercial:	Percentage of portfolio												< 1%
Doubtful	$	—	$	—	$	—	$	—	$	—	$	1,700	$	1,700
Total Commercial	$	—	$	—	$	—	$	—	$	—	$	1,700	$	1,700		0	%	100	%
	Percentage of portfolio												< 1%
Grand Total	$	2,963,166	$	1,766,551	$	908,608	$	3,127,360	$	2,998,638	$	348,784	$	12,113,107		2	%	77	%

Charge-offs	$	—	$	3,000	$	—	$	24,476	$	31,968	$	68,893	$	128,337

Geographic Concentration Risk

At March 31, 2026 and December 31, 2025, underlying properties in Texas and Florida represented 23% 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 March 31, 2026
	Multifamily		Single-Family Rental		Retail		Commercial		Office		Land		Total
Allowance for credit losses:
Beginning balance	$	131,924	$	8,817	$	2,903	$	1,700	$	251	$	376	$	145,971
Provision for credit losses (net of reversals)	4,746		(907)		—		—		(3)		(376)		3,460

Charge-offs	(18,208)		—		—		—		—		—		(18,208)
Ending balance	$	118,462	$	7,910	$	2,903	$	1,700	$	248	$	—	$	131,223

	Three Months Ended March 31, 2025
Allowance for credit losses:
Beginning balance	$	148,139	$	7,524	$	3,293	$	1,700	$	181	$	78,130	$	238,967
Provision for credit losses (net of reversals)	6,772		(1,000)		—		—		328		(130)		5,970
Recoveries	(406)		—		—		—		—		—		(406)
Charge-offs, net (1)	(3,594)		—		—		—		—		—		(3,594)
Ending balance	$	150,911	$	6,524	$	3,293	$	1,700	$	509	$	78,000	$	240,937

________________________

(1)Represents the allowance for credit losses on a bridge loan and a mezzanine loan that were charged-off in connection with the foreclosure of the underlying collateral as REO assets at fair value.

The provision for credit losses during the three months ended March 31, 2026 was primarily attributable to specifically impaired multifamily loans and losses recorded on the foreclosure and sale of a REO asset, partially offset by improved outlook of the macroeconomic 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 price indices for commercial real estate, unemployment rates, and interest rates.

The expected credit losses over the contractual period of our loans also include the obligation to extend credit through our unfunded loan commitments. Estimates of current expected credit losses (“CECL”) for unfunded loan commitments are adjusted quarterly and correspond with the associated outstanding loans. At March 31, 2026 and December 31, 2025, we had outstanding unfunded commitments of $1.79 billion and $1.92 billion, respectively, that we are obligated to fund as borrowers meet certain requirements. The outstanding unfunded commitments are predominantly related to our SFR build-to-rent ("BTR") business.

At March 31, 2026 and December 31, 2025, accrued interest receivable related to our loans totaling $165.3 million and $165.7 million, respectively, was excluded from the estimate of credit losses, is subject to our revenue recognition policy, 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 reserve loans considered impaired by asset class is as follows ($ in thousands):


	March 31, 2026
Asset Class	UPB (1)		Carrying Value		Allowance for Credit Losses		Wtd. Avg. First Dollar LTV Ratio		Wtd. Avg. Last Dollar LTV Ratio
Multifamily	$	318,709	$	316,068	$	26,962	0	%	96	%


Retail	16,955		16,911		2,903		0	%	97	%
Commercial	1,700		1,700		1,700		0	%	100	%
Total	$	337,364	$	334,679	$	31,565	0	%	96	%

	December 31, 2025
Multifamily	$	366,275	$	363,635	$	38,487	0	%	96	%

Retail	16,955		16,855		2,903		0	%	97	%
Commercial	1,700		1,700		1,700		0	%	100	%
Total	$	384,930	$	382,190	$	43,090	0	%	96	%

________________________

(1)Represents the UPB of 17 and 20 impaired loans (less unearned revenue and other holdbacks and adjustments) by asset class at March 31, 2026 and December 31, 2025, respectively.

Non-performing Loans

Loans are generally classified as non-performing once the contractual payments exceed 60 days past due, unless past due payments due to us are in the process of being collected or otherwise reasonably certain to be received in the immediate future. 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 March 31, 2026, 19 loans with an aggregate net carrying value of $460.0 million, net of related loan loss reserves of $16.1 million, were classified as non-performing and, at December 31, 2025, 26 loans with an aggregate net carrying value of $545.0 million, net of related loan loss reserves of $10.2 million, were classified as non-performing.

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


	March 31, 2026				December 31, 2025
	UPB		Carrying Value		UPB		Carrying Value
Multifamily	$	479,219	$	473,919	$	566,906	$	553,016
Commercial	1,700		1,700		1,700		1,700
Retail	531		531		531		531
Total	$	481,450	$	476,150	$	569,137	$	555,247

At March 31, 2026 and December 31, 2025, we had loans with a UPB of $20.8 million and $237.0 million, respectively, and accrued interest of $0.2 million and $6.6 million, respectively, that were greater than 60 days past due and classified as performing loans. All past due payments on these loans have been subsequently collected.

Other Non-accrual Loans

In this challenging economic environment, we have been experiencing late and partial payments on certain loans in our structured portfolio. Therefore, 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 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 periods presented ($ in thousands).


	Three Months Ended March 31, 2026
Beginning balance (3 multifamily bridge loans)	$	48,311
Loans that progressed to greater than 60 days past due	(1,221)
Loans modified or paid off	(47,090)


Ending balance	$	—

	Three Months Ended March 31, 2025
Beginning balance (9 multifamily bridge loans)	$	167,428
Loans that progressed to greater than 60 days past due	(82,290)
Loans modified or paid off	(38,490)
Additional loans classified as non-accrual	96,175
Ending balance (5 multifamily bridge loans)	$	142,823

At March 31, 2025, there were two loans included in the table above with a UPB of $74.1 million that have specific reserves totaling $7.3 million.

We recorded interest income on non-performing and other non-accrual loans of $6.7 million and $4.5 million during the three months ended March 31, 2026 and 2025, respectively.

Loan Modifications

We may agree to amend or modify loans to certain borrowers experiencing financial difficulty based on specific facts and circumstances in order to improve long-term collectability efforts and avoid foreclosure and repossession of the underlying collateral. The loan modifications to borrowers experiencing financial difficulty may include a delay in payments, including payment deferrals, term extensions, principal forgiveness, interest rate reductions, or a combination thereof. We record interest on modified loans on an accrual basis to the extent the modified loan is contractually current and we believe it is ultimately collectible. The allowance for credit losses on loan modifications is measured using the same method as all other loans held for investment.

As part of the modifications of each of these loans, we generally expect borrowers to invest additional capital to recapitalize their projects, which the vast majority have funded in the form of either, or a combination of: (1) reallocation of and/or 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 following table represents the UPB of loan modifications, as of the modification date, made to borrowers experiencing financial difficulty during the three months ended March 31, 2026 ($ in thousands):


Asset Class	Payment Deferrals With/Without Term Extensions (1)		Rate Reductions With/Without Term Extensions (2)		Other (3)		Total (4)(5)(6)
Multifamily	$	166,786	$	196,594	$	115,420	$	478,800

________________________

(1)These loans were modified to a weighted average pay rate and deferred rate of 4.62% and 2.80%, respectively, at March 31, 2026. These loans were also modified to extend the weighted average term by 23.5 months. These modifications also include a loan with a UPB of $65.1 million in which the pay rate increases from time-to-time throughout the loan maturity.

(2)These loans were modified to reduce the interest rate to a weighted average pay rate and deferred rate of 5.26% and 1.08%, respectively, at March 31, 2026, and to extend the weighted average term by 18.7 months.

(3)These loan modifications included amending certain terms, such as reallocating and/or replenishment of reserves, providing for a temporary and conditional forbearance of foreclosure, delaying past due interest payments and replacing the existing property management company.

(4)The total UPB of these loan modifications were $479.3 million at March 31, 2026 and represented 4% of our total Structured Business loan and investment portfolio at March 31, 2026.

(5)At March 31, 2026, modified loans with a UPB of $33.0 million have specific reserves totaling $1.0 million.

(6)Includes loans with a total UPB of $308.1 million which were previously modified in prior years. Using the SOFR rate at March 31, 2026, such loans were modified from a weighted average pay rate and deferred rate of 5.32% and 2.29%, respectively, to a weighted average pay rate and deferred rate of 4.27% and 2.59%, respectively.


Asset Class	Payment Deferrals With/Without Term Extensions (1)		Other (2)		Total (3)(4)(5)
Multifamily	$	849,365	$	83,975	$	933,340
Single-Family Rental	—		16,490		16,490
Total UPB	$	849,365	$	100,465	$	949,830

________________________

(1)These loans were modified to a weighted average pay rate and deferred rate of 5.18% and 2.56%, respectively, at March 31, 2025. A portion of these loans (total UPB of $108.7 million) were also modified to extend the weighted average term by 19.6 months. These modifications also include loans with a total UPB of $470.3 million in which the pay rate increases from time-to-time throughout the loans maturities.

(2)These loan modifications included amending certain terms, such as reallocating and/or replenishment of reserves, providing for a temporary and conditional forbearance of foreclosure and temporarily delaying past due interest payments.

(3)The total UPB of these loan modifications were $949.8 million at March 31, 2025 and represented 8% of our total Structured Business loan and investment portfolio at March 31, 2025.

(4)At March 31, 2025, a modified loan with a UPB of $25.5 million had a specific reserve of $5.2 million.

(5)Includes loans with a total UPB of $370.9 million which were previously modified in prior years. Using the SOFR rate at March 31, 2025, such loans were modified from a weighted average pay rate and deferred rate of 6.82% and 1.09%, respectively, to a weighted average pay rate and deferred rate of 4.52% and 3.38%, respectively.

During the three months ended March 31, 2026, we recorded $0.2 million of deferred interest on the loans that we modified during the first quarter of 2026 and $5.4 million for loans previously modified. During the three months ended March 31, 2025, we recorded $3.8 million of deferred interest on the loans that we modified during the first quarter of 2025 and $9.1 million for loans previously modified. During the three months ended March 31, 2025, we reversed through interest income $3.3 million of interest receivable that was previously accrued on modified loans that we deemed the collection of interest to be doubtful.

At March 31, 2026 and December 31, 2025, we have recorded deferred interest totaling $73.1 million and $68.3 million, respectively, on all modified loans to borrowers experiencing financial difficulty. The deferred interest is included in other assets on the consolidated balance sheets.

At March 31, 2026 and December 31, 2025, we had future funding commitments on modified loans with borrowers experiencing financial difficulty of $14.7 million and $17.4 million, respectively, which are generally subject to performance covenants that must be met by the borrower to receive funding.

All loan modifications completed in the past 12 months were performing pursuant to their contractual terms at March 31, 2026, except for two loans with a total UPB of $47.7 million. Since these loans are not performing pursuant to their modified terms, these loans are classified as non-performing loans. One of these loans with a UPB of $25.6 million have specific loan loss reserves totaling $2.2 million. The remaining loan has no specific reserve as the estimated fair value of the property exceeded its carrying value at March 31, 2026.

There were no other material loan modifications, refinancings and/or extensions during the three months ended March 31, 2026 and 2025 for borrowers experiencing financial difficulty.

Loan Resolutions

In March 2026, we exercised our right to foreclose on a property in Houston, Texas that was the underlying collateral for a non-performing bridge loan with a UPB of $25.0 million, an interest rate of SOFR plus 3.25% with a SOFR floor of 0.15%, and a net carrying value of $24.8 million. At foreclosure, we recorded a loss of $1.8 million to the provision for credit losses on the consolidated statements of income and charged-off the $1.8 million loan loss reserve. We sold the property in March 2026 for $25.0 million to a new borrower and provided a $24.5 million bridge loan with an interest rate of SOFR plus 2.50% with a SOFR floor of 2.00%.

In October 2025, we exercised our right to foreclose on a property in Joshua, Texas that was the underlying collateral for a non-accruing bridge loan with a UPB of $16.5 million, an interest rate of SOFR plus 4.75% with a SOFR floor of 5.24%, and a net carrying value of

$16.4 million. We sold the property in October 2025 for $16.5 million to a new borrower and provided a $15.5 million bridge loan with an interest rate equal to the greater of 5.68% or SOFR plus 1.70%. The new loan was deemed to be a significant financing component of the transaction and, as a result, we recorded a loss and corresponding liability of $0.2 million as an adjustment to the purchase price, which will be accreted into interest income over the life of the loan.

In October 2025, we exercised our right to foreclose on a property in Houston, Texas that was the underlying collateral for a non-accruing bridge loan with a UPB of $31.2 million, an interest rate of SOFR plus 4.25% with a SOFR floor of 2.51%, and a net carrying value of $25.1 million, which includes a loan loss reserve of $2.5 million. At foreclosure, we recorded a $0.8 million loan loss reversal and charged-off the remaining loan loss reserves of $1.7 million. We sold the property in December 2025 for $30.0 million to a new borrower and provided a $29.5 million bridge loan with an interest rate equal to the greater of 4.50% or SOFR plus 2.50%.

In June 2025, we exercised our right to foreclose on three properties in San Antonio, Texas that were the underlying collateral for a bridge loan with a UPB of $77.7 million, an interest rate of 5.25% with a SOFR floor of 0.50%, and a net carrying value of $66.6 million, which includes loan loss reserves of $3.5 million. At foreclosure, we recorded an additional loss of $5.9 million to the provision for credit losses on the consolidated statements of income and charged-off the $9.4 million loan loss reserve. We simultaneously sold the properties for $65.0 million to a new borrower and provided a $65.0 million bridge loan with an interest rate of SOFR plus 2.00% for years one and two, and SOFR plus 3.00% for year three, subject to SOFR floors of 4.25%, 5.25% and 6.25% in years one, two and three, respectively. The new loan was deemed to be a significant financing component of the transaction and, as a result, we recorded a loss and corresponding liability of $0.8 million as an adjustment to the purchase price, which will be accreted into interest income over the life of the loan.

In April 2025, we exercised our right to foreclose on two properties in Austin, Texas that were the underlying collateral for a non-performing bridge loan with a UPB of $21.2 million, an interest rate of SOFR plus 4.00% with a SOFR floor of 0.25%, and a net carrying value of $21.7 million. At foreclosure, we recorded an additional loss of $1.0 million to the provision for credit losses on the consolidated statements of income. We sold the properties in June 2025 for $20.7 million to a new borrower and provided a $19.2 million bridge loan with an interest rate of SOFR plus 2.00% in year one and SOFR plus 3.00% in year two. The new loan was deemed to be a significant financing component of the transaction and, as a result, we recorded a loss and corresponding liability of $0.1 million as an adjustment to the purchase price, which will be accreted into interest income over the life of the loan.

In April 2025, we exercised our right to foreclose on two properties in Orange Park, Florida that were the underlying collateral for a non-performing bridge loan with a UPB of $17.0 million, an interest rate of SOFR plus 4.38% with a SOFR floor of 2.46%, and a net carrying value of $15.7 million. At foreclosure, we recorded an additional loss of $0.3 million to the provision for credit losses on the consolidated statements of income. We sold the properties in June 2025 for $15.4 million to a new borrower and provided a $14.8 million bridge loan with an interest rate of SOFR plus 1.50%. The new loan was deemed to be a significant financing component of the transaction and, as a result, we recorded a loss and corresponding liability of $0.6 million as an adjustment to the purchase price, which will be accreted into interest income over the life of the loan.

See Note 9 for additional loan resolution details.

Interest Reserves

Given the transitional nature of some of our real estate loans, we may require funds to be placed into an interest reserve as required by the loan documents to cover debt service costs. At March 31, 2026 and December 31, 2025, we had total interest reserves of $244.0 million and $259.7 million, respectively, on 382 loans and 444 loans, respectively, with a total UPB of $8.22 billion and $8.68 billion, respectively.

Basis of Presentation and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2026
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 2025 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 joint ventures in which we have a controlling interest, including 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 uncertainty related to broader economic, market and industry conditions, such as the impact of inflation, the interest rate environment, capital market conditions, property values, geopolitical events and tariff developments, both globally, and to our business, makes any estimate or assumption at March 31, 2026 inherently less certain. Significant Accounting Policies See Item 8 – Financial Statements and Supplementary Data in our 2025 Annual Report for a description of our significant accounting policies. There have been no significant changes to our significant accounting policies since December 31, 2025.

Fair Value - Schedule of Measurement on Recurring and Nonrecurring Basis (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($) loan	Dec. 31, 2025 USD ($)
Financial assets:
Impaired loans, net	$ 334,679	$ 382,190
Financial liabilities:
Allowance for credit losses on impaired loans	$ 31,600
Number of impaired loans \| loan	17
Aggregate carrying value of impaired loans before reserves	$ 334,700
Unrealized impairment losses on held-for-sale	$ 1,000
Number of impaired loans held-for-sale \| loan	3
Unrealized impairment losses	$ 14,000
Carrying Value
Financial assets:
Derivative financial instruments	822	585
Financial liabilities:
Derivative financial instruments	2,457	1,082
Fair Value
Financial assets:
Derivative financial instruments	822	585
Financial liabilities:
Derivative financial instruments	2,457	$ 1,082
Recurring basis \| Carrying Value
Financial assets:
Derivative financial instruments	822
Financial liabilities:
Derivative financial instruments	2,457
Recurring basis \| Fair Value
Financial assets:
Derivative financial instruments	822
Financial liabilities:
Derivative financial instruments	2,457
Nonrecurring basis \| Carrying Value
Financial assets:
Loans held-for-investment	303,114
Loans held-for-sale	12,993
Impaired loans, net	316,107
Nonrecurring basis \| Fair Value
Financial assets:
Loans held-for-investment	303,114
Loans held-for-sale	12,993
Impaired loans, net	316,107
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	189
Financial liabilities:
Derivative financial instruments	2,457
Level 2 \| Nonrecurring basis
Financial assets:
Loans held-for-investment	0
Loans held-for-sale	12,993
Impaired loans, net	12,993
Level 3 \| Recurring basis
Financial assets:
Derivative financial instruments	633
Financial liabilities:
Derivative financial instruments	0
Level 3 \| Nonrecurring basis
Financial assets:
Loans held-for-investment	303,114
Loans held-for-sale	0
Impaired loans, net	$ 303,114

Mortgage Servicing - Schedule of Components of Servicing Revenue, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Transfers and Servicing [Abstract]
Servicing fees	$ 33,948	$ 32,543
Interest earned on escrows	10,219	12,890
Prepayment fees	913	1,034
Write-offs and payoffs of MSRs	(1,047)	(3,106)
Amortization of MSRs	(18,293)	(17,758)
Servicing revenue, net	$ 25,740	$ 25,603

Real Estate Owned - Narrative (Details) $ in Thousands	3 Months Ended
Real Estate Owned - Narrative (Details) $ in Thousands	Mar. 31, 2026 USD ($) loan property	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($) property
Real Estate [Line Items]
Loans and investments	$ 11,997,293		$ 12,113,107
Impairment loss on real estate owned	$ 12,500	$ 0
Number of impaired properties \| property	6
Notes payable - real estate owned	$ 253,189		222,965
Depreciation expense related to real estate owned	$ 6,100	$ 2,700
Prime Rate
Real Estate [Line Items]
Mortgage notes payable, basis spread on variable rate	2.50%
Secured Overnight Financing Rate (SOFR)
Real Estate [Line Items]
Mortgage notes payable, basis spread on variable rate	3.25%
Mortgages
Real Estate [Line Items]
Notes payable - real estate owned	$ 253,200		$ 223,000
Bridge loans
Real Estate [Line Items]
Loans and investments	9,500
Renovation funding	$ 2,500
Bridge loans \| Financing Receivable, Period One
Real Estate [Line Items]
Financing receivable, fixed interest rate	0.0517
Financing receivable, floor interest rate, basis spread on variable rate	1.50%
Bridge loans \| Financing Receivable, Period Two
Real Estate [Line Items]
Financing receivable, fixed interest rate	0.0617
Financing receivable, floor interest rate, basis spread on variable rate	2.50%
Sold Real Estate Owned Assets
Real Estate [Line Items]
Proceeds from sale of REO asset	$ 8,000
Loss on sale of REO asset	2,000
Loss on sale of real estate assets	$ 100
Multifamily
Real Estate [Line Items]
Weighted average occupancy rate	49.00%		45.00%
Number of vacant real estate properties \| property	3		2
Multifamily \| Foreclosed Real Estate Owned Assets
Real Estate [Line Items]
Number of foreclosed real estate properties \| loan	2
Number of collateral properties \| property	1
Foreclosed properties, carrying value	$ 34,000

Fair Value - Schedule of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Financial assets:
Loans and investments, net	$ 11,835,381	$ 11,934,248
Loans held-for-sale, net	444,956	408,386
Securities held-to-maturity, net	155,469	156,087
Financial liabilities:
Credit and repurchase facilities	4,967,952	5,149,651
Securitized debt	3,931,468	3,468,258
Senior unsecured notes	2,030,947	2,029,078
Junior subordinated notes	145,707	145,497
Notes payable - real estate owned	253,189	222,965
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	1,968,663
Junior subordinated notes	0
Notes payable - real estate owned	0
Level 2
Financial assets:
Loans and investments, net	0
Loans held-for-sale, net	451,131
Capitalized mortgage servicing rights, net	0
Securities held-to-maturity, net	0
Financial liabilities:
Credit and repurchase facilities	424,865
Securitized debt	0
Senior unsecured notes	0
Junior subordinated notes	0
Notes payable - real estate owned	0
Level 3
Financial assets:
Loans and investments, net	11,821,573
Loans held-for-sale, net	4,994
Capitalized mortgage servicing rights, net	465,856
Securities held-to-maturity, net	149,237
Financial liabilities:
Credit and repurchase facilities	4,536,445
Securitized debt	3,954,507
Senior unsecured notes	0
Junior subordinated notes	112,772
Notes payable - real estate owned	252,010
Carrying Value
Financial assets:
Loans and investments, net	11,835,381	11,934,248
Loans held-for-sale, net	443,218	409,081
Capitalized mortgage servicing rights, net	331,929
Securities held-to-maturity, net	155,469	156,087
Financial liabilities:
Credit and repurchase facilities	4,967,952	5,149,651
Securitized debt	3,931,468	3,468,258
Senior unsecured notes	2,030,947	2,029,078
Junior subordinated notes	145,707	145,497
Notes payable - real estate owned	253,189	222,965
Fair Value
Financial assets:
Loans and investments, net	11,821,573	11,964,280
Loans held-for-sale, net	456,125	421,398
Capitalized mortgage servicing rights, net	465,856
Securities held-to-maturity, net	149,237	150,147
Financial liabilities:
Credit and repurchase facilities	4,961,310	5,143,472
Securitized debt	3,954,507	3,487,773
Senior unsecured notes	1,968,663	2,009,938
Junior subordinated notes	112,772	111,992
Notes payable - real estate owned	$ 252,010	$ 221,893

Debt Obligations - Convertible Senior Unsecured Notes Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2025	Jul. 31, 2025
Convertible senior unsecured notes
Debt Obligations
Interest expense	$ 6.1
Interest expense related to cash coupon	5.4
Deferred fees expensed as interest expense	$ 0.7
7.875% Senior Unsecured Notes Due 2030
Debt Obligations
Interest rate		7.875%

- Definition

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.

+ References

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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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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 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Agreements and Transactions with Related Parties - 2018 Activity (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended		12 Months Ended
	Nov. 30, 2025	Feb. 28, 2025	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2024	Dec. 31, 2018
Agreements and Transactions with Related Parties
Financing receivable, specific reserve			$ 1,000	$ 5,200
Interest income			235,047	240,693
Bridge loan, one multifamily property \| Other Related Party Transactions \| Related Party
Agreements and Transactions with Related Parties
Financing receivable, specific reserve					$ 5,500
Bridge loans \| Other Related Party Transactions \| Related Party
Agreements and Transactions with Related Parties
Principal amount	$ 67,900
Base spread, percentage	2.50%
SOFR floor, percentage	2.50%
Interest income			$ 1,100
Maturity date of February 2027 \| Bridge loan, one multifamily property \| Other Related Party Transactions \| Related Party
Agreements and Transactions with Related Parties
Principal amount						$ 21,700
Financing receivable modified, additional collateral		$ 3,000
Financing receivable, modified, future paydown		$ 2,500
Maturity date of February 2027 \| 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				$ 500
Maturity date of February 2027 \| 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%

Loans and Investments - Schedule of Allowance for Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Allowance for credit losses:
Allowance for credit losses, beginning balance	$ 145,971	$ 238,967
Provision for credit losses (net of reversals)	3,460	5,970
Recoveries		(406)
Charge-offs, net	(18,208)	(3,594)
Allowance for credit losses, ending balance	131,223	240,937
Multifamily
Allowance for credit losses:
Allowance for credit losses, beginning balance	131,924	148,139
Provision for credit losses (net of reversals)	4,746	6,772
Recoveries		(406)
Charge-offs, net	(18,208)	(3,594)
Allowance for credit losses, ending balance	118,462	150,911
Single-Family Rental
Allowance for credit losses:
Allowance for credit losses, beginning balance	8,817	7,524
Provision for credit losses (net of reversals)	(907)	(1,000)
Recoveries		0
Charge-offs, net	0	0
Allowance for credit losses, ending balance	7,910	6,524
Retail
Allowance for credit losses:
Allowance for credit losses, beginning balance	2,903	3,293
Provision for credit losses (net of reversals)	0	0
Recoveries		0
Charge-offs, net	0	0
Allowance for credit losses, ending balance	2,903	3,293
Commercial
Allowance for credit losses:
Allowance for credit losses, beginning balance	1,700	1,700
Provision for credit losses (net of reversals)	0	0
Recoveries		0
Charge-offs, net	0	0
Allowance for credit losses, ending balance	1,700	1,700
Office
Allowance for credit losses:
Allowance for credit losses, beginning balance	251	181
Provision for credit losses (net of reversals)	(3)	328
Recoveries		0
Charge-offs, net	0	0
Allowance for credit losses, ending balance	248	509
Land
Allowance for credit losses:
Allowance for credit losses, beginning balance	376	78,130
Provision for credit losses (net of reversals)	(376)	(130)
Recoveries		0
Charge-offs, net	0	0
Allowance for credit losses, ending balance	$ 0	$ 78,000

Investments in Equity Affiliates

3 Months Ended

Mar. 31, 2026

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 March 31, 2026
Equity Affiliates	March 31, 2026		December 31, 2025
AWC Real Estate Opportunity Partners I LP	$	16,782	$	17,134	$	108,450
Fifth Wall Ventures	16,765		17,260		—
AMAC Holdings III LLC	12,259		12,714		33,410
ARSR DPREF I LLC	5,843		5,745		—
Lightstone Value Plus REIT L.P.	1,895		1,895		—
Clarus Berkley	1,500		1,500		67,900
The Park at Via Terrossa	563		578		21,845
Docsumo Pte. Ltd.	450		450		—
JT Prime	425		425		—
The Cypress at Wesley Park	265		265		14,964
Lexford Portfolio	—		—		—
East River Portfolio	—		—		—
Total	$	56,747	$	57,966	$	246,569

AWC Real Estate Opportunity Partners I LP ("AWC"). During the three months ended March 31, 2026 and 2025, we recorded a loss of $0.4 million and $0.1 million, respectively, related to this investment. Also, during the three months ended March 31, 2025, we made contributions of $2.4 million and received distributions of $1.0 million, which were classified as returns of capital. Certain investments made by AWC are in qualified properties that have outstanding bridge loans originated by us and a Fannie Mae DUS loan we continue to service. Interest income recorded from the bridge loans was $1.8 million and $2.1 million for the three months ended March 31, 2026 and 2025, respectively.

Fifth Wall Ventures ("Fifth Wall"). During the three months ended March 31, 2026 and 2025, we recorded a loss of $0.8 million and income of $0.5 million, respectively, and made contributions of $0.3 million and $0.8 million, respectively.

AMAC Holdings III LLC (“AMAC III”). During the three months ended March 31, 2026 and 2025, we recorded a loss of $0.5 million and $0.9 million, respectively, and during the three months ended March 31, 2025, we made contributions of $0.9 million.

Lexford Portfolio. During the three months ended March 31, 2026, we received distributions from this investment of $5.8 million.

Arbor Residential Investor LLC. During the three months ended March 31, 2025, we recorded a loss of $1.4 million, and received a distribution of $0.5 million, which was classified as a return of capital. We completed the sale of our interest in this investment in July 2025.

See Note 18 for details of certain investments described above.

Segment Information

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment Information

As described in Note 1, we operate through two business segments – our Structured Business and our Agency Business. 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. Intersegment revenue and expenses have been eliminated in the computation of total revenue and operating income.

Our chief operating decision maker (“CODM”) is Ivan Kaufman, our chief executive officer. The CODM uses both net interest income and net income for each segment predominantly in the annual budget and forecasting process. The CODM considers both budget and actual results on a quarterly basis for both profit measures when making decisions about the allocation of operating and capital resources to each segment. The CODM also uses segment net interest income and net income to assess the performance of each segment by comparing the results of each segment with one another and in determining the compensation of certain employees.


	Three Months Ended March 31, 2026
	Structured Business		Agency Business		Other (1)		Consolidated
Interest income	$	224,394	$	10,653	$	—	$	235,047
Interest expense	170,814		4,388		—		175,202
Net interest income	53,580		6,265		—		59,845
Other revenue:
Gain on sales, including fee-based services, net	—		12,505		—		12,505
Mortgage servicing rights	—		9,660		—		9,660
Servicing revenue	—		44,033		—		44,033
Amortization of MSRs	—		(18,293)		—		(18,293)
Property operating income	8,060		—		—		8,060
Loss on derivative instruments, net	—		(493)		—		(493)
Other income (loss), net	2,223		(149)		—		2,074
Total other revenue	10,283		47,263		—		57,546
Other expenses:
Employee compensation and benefits	18,862		24,963		—		43,825
Commissions	—		3,859		—		3,859
Selling and administrative	9,150		7,803		—		16,953
Property operating expenses	11,964		—		—		11,964
Depreciation and amortization	6,713		391		—		7,104
Impairment loss on real estate owned	12,500		—		—		12,500
Provision for loss sharing, net	—		4,537		—		4,537
Provision for credit losses, net	3,644		2,172		—		5,816
Total other expenses	62,833		43,725		—		106,558
Income before loss on real estate, income from equity affiliates and income taxes	1,030		9,803		—		10,833

Loss on real estate	(2,136)		—		—		(2,136)
Income from equity affiliates	4,411		—		—		4,411
Benefit from (provision for) income taxes	83		(2,168)		—		(2,085)
Net income	3,388		7,635		—		11,023
Preferred stock dividends	10,342		—		—		10,342
Net income attributable to noncontrolling interest	—		—		52		52
Net (loss) income attributable to common stockholders	$	(6,954)	$	7,635	$	(52)	$	629


	Three Months Ended March 31, 2025
	Structured Business		Agency Business		Other (1)		Consolidated
Interest income	$	230,087	$	10,606	$	—	$	240,693
Interest expense	161,579		3,672		—		165,251
Net interest income	68,508		6,934		—		75,442
Other revenue:
Gain on sales, including fee-based services, net	—		12,781		—		12,781
Mortgage servicing rights	—		8,131		—		8,131
Servicing revenue	—		43,361		—		43,361
Amortization of MSRs	—		(17,758)		—		(17,758)
Property operating income	4,387		—		—		4,387
Gain on derivative instruments, net	—		3,400		—		3,400
Other income, net	2,078		2,341		—		4,419
Total other revenue	6,465		52,256		—		58,721
Other expenses:
Employee compensation and benefits	18,157		23,266		—		41,423
Commissions	—		4,613		—		4,613
Selling and administrative	8,932		7,380		—		16,312
Property operating expenses	3,474		—		—		3,474
Depreciation and amortization	3,352		392		—		3,744
Provision for loss sharing, net	—		1,786		—		1,786
Provision for credit losses, net	9,154		(79)		—		9,075
Total other expenses	43,069		37,358		—		80,427
Income before extinguishment of debt, loss on real estate, loss from equity affiliates and income taxes	31,904		21,832		—		53,736
Loss on extinguishment of debt	(2,319)		—		—		(2,319)
Loss on real estate	(2,810)		—		—		(2,810)
Loss from equity affiliates	(1,634)		—		—		(1,634)
Benefit from (provision for) income taxes	639		(4,230)		—		(3,591)
Net income	25,780		17,602		—		43,382
Preferred stock dividends	10,342		—		—		10,342
Net income attributable to noncontrolling interest	—		—		2,602		2,602
Net income attributable to common stockholders	$	15,438	$	17,602	$	(2,602)	$	30,438

________________________

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


	March 31, 2026
	Structured Business		Agency Business		Consolidated
Assets:
Cash and cash equivalents	$	89,285	$	317,841	$	407,126
Restricted cash	359,569		33,960		393,529
Loans and investments, net	11,835,381		—		11,835,381
Loans held-for-sale, net	—		443,218		443,218
Capitalized mortgage servicing rights, net	—		331,929		331,929
Securities held-to-maturity, net	—		155,469		155,469
Investments in equity affiliates	56,747		—		56,747
Real estate owned, net	520,766		—		520,766
Goodwill and other intangible assets	12,500		73,661		86,161
Other assets and due from related party	387,609		74,550		462,159
Total assets	$	13,261,857	$	1,430,628	$	14,692,485

Liabilities:
Debt obligations	$	10,904,398	$	424,865	$	11,329,263
Allowance for loss-sharing obligations	—		106,773		106,773
Other liabilities and due to related parties	212,622		64,777		277,399
Total liabilities	$	11,117,020	$	596,415	$	11,713,435

	December 31, 2025
Assets:
Cash and cash equivalents	$	124,141	$	358,734	$	482,875
Restricted cash	35,258		32,089		67,347
Loans and investments, net	11,934,248		—		11,934,248
Loans held-for-sale, net	—		409,081		409,081
Capitalized mortgage servicing rights, net	—		340,842		340,842
Securities held-to-maturity, net	—		156,087		156,087
Investments in equity affiliates	57,966		—		57,966
Real estate owned, net	498,938		—		498,938
Goodwill and other intangible assets	12,500		74,053		86,553
Other assets and due from related party	382,735		78,231		460,966
Total assets	$	13,045,786	$	1,449,117	$	14,494,903

Liabilities:
Debt obligations	$	10,625,053	$	390,396	$	11,015,449
Allowance for loss-sharing obligations	—		97,579		97,579
Other liabilities and due to related parties	241,873		72,849		314,722
Total liabilities	$	10,866,926	$	560,824	$	11,427,750


	Three Months Ended March 31,
	2026			2025
Origination Data:
Structured Business
Bridge:
Multifamily	$	405,600		$	367,750
SFR	321,122			356,294

	726,722			724,044

Construction - Multifamily	40,870			18,637
Mezzanine / Preferred Equity	—			4,440
Total New Loan Originations	$	767,592		$	747,121

Number of Loans Originated	6			20

Commitments:
Construction - Multifamily	$	113,070		$	92,000
SFR	53,000			162,400
Total Commitments	$	166,070		$	254,400


Loan Runoff	$	861,033		$	421,941

Agency Business
Origination Volumes by Investor:
Fannie Mae	$	570,815		$	357,811
Freddie Mac	91,255			178,020
FHA	45,507			16,041
Private Label	—			44,925
SFR - Fixed Rate	—			9,111
Total New Loan Originations	$	707,577		$	605,908
Total Loan Commitment Volume	$	733,860		$	645,401

Agency Business Loan Sales Data:
Fannie Mae	$	571,579		$	355,716
Freddie Mac	77,003			298,485
FHA	22,390			67,542
SFR - Fixed Rate	—			9,111
Total Loan Sales	$	670,972		$	730,854
Sales Margin (fee-based services as a % of loan sales)	1.86		%	1.75		%
MSR Rate (MSR income as a % of loan commitments)	1.32		%	1.26		%

________________________


	March 31, 2026
Key Servicing Metrics for Agency Business:	Servicing Portfolio UPB		Wtd. Avg. Servicing Fee Rate (basis points)	Wtd. Avg. Life of Portfolio (years)
Fannie Mae	$	24,261,724	44.4	5.4
Freddie Mac	7,368,979		18.2	5.7
Private Label	2,554,209		18.7	4.3
FHA	1,584,644		13.8	19.0
Bridge	277,523		10.4	2.0
SFR - Fixed Rate	264,008		20.0	3.8
Total	$	36,311,087	35.5	5.9

	December 31, 2025
Fannie Mae	$	24,085,960	44.7	5.5
Freddie Mac	7,455,088		18.3	5.9
Private Label	2,558,048		18.7	4.5
FHA	1,549,483		13.9	19.1
Bridge	277,738		10.4	2.2
SFR - Fixed Rate	277,490		20.0	4.0
Total	$	36,203,807	35.6	6.1

- Definition

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

+ References

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+ Details

Capitalized Mortgage Servicing Rights (Tables)

3 Months Ended

Mar. 31, 2026

Transfers and Servicing [Abstract]

Schedule of Capitalized MSR Activity

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


	Three Months Ended March 31, 2026
	Originated		Acquired		Total
Beginning balance	$	338,174	$	2,668	$	340,842
Additions	10,427		—		10,427
Amortization	(17,953)		(340)		(18,293)
Write-downs and payoffs	(1,027)		(20)		(1,047)
Ending balance	$	329,621	$	2,308	$	331,929

	Three Months Ended March 31, 2025
Beginning balance	$	363,861	$	4,817	$	368,678
Additions	9,406		—		9,406
Amortization	(17,195)		(563)		(17,758)
Write-downs and payoffs	(3,067)		(39)		(3,106)
Ending balance	$	353,005	$	4,215	$	357,220

Schedule of Expected Amortization of Capitalized MSRs

The expected amortization of capitalized MSRs recorded at March 31, 2026 is as follows ($ in thousands):


Year	Amortization
2026 (nine months ending 12/31/2026)	$	53,739
2027	68,128
2028	61,367
2029	52,504
2030	38,542
Thereafter	57,649
Total	$	331,929

Segment Information (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Statement of Income and Balance Sheet by Segment


	Three Months Ended March 31, 2026
	Structured Business		Agency Business		Other (1)		Consolidated
Interest income	$	224,394	$	10,653	$	—	$	235,047
Interest expense	170,814		4,388		—		175,202
Net interest income	53,580		6,265		—		59,845
Other revenue:
Gain on sales, including fee-based services, net	—		12,505		—		12,505
Mortgage servicing rights	—		9,660		—		9,660
Servicing revenue	—		44,033		—		44,033
Amortization of MSRs	—		(18,293)		—		(18,293)
Property operating income	8,060		—		—		8,060
Loss on derivative instruments, net	—		(493)		—		(493)
Other income (loss), net	2,223		(149)		—		2,074
Total other revenue	10,283		47,263		—		57,546
Other expenses:
Employee compensation and benefits	18,862		24,963		—		43,825
Commissions	—		3,859		—		3,859
Selling and administrative	9,150		7,803		—		16,953
Property operating expenses	11,964		—		—		11,964
Depreciation and amortization	6,713		391		—		7,104
Impairment loss on real estate owned	12,500		—		—		12,500
Provision for loss sharing, net	—		4,537		—		4,537
Provision for credit losses, net	3,644		2,172		—		5,816
Total other expenses	62,833		43,725		—		106,558
Income before loss on real estate, income from equity affiliates and income taxes	1,030		9,803		—		10,833

Loss on real estate	(2,136)		—		—		(2,136)
Income from equity affiliates	4,411		—		—		4,411
Benefit from (provision for) income taxes	83		(2,168)		—		(2,085)
Net income	3,388		7,635		—		11,023
Preferred stock dividends	10,342		—		—		10,342
Net income attributable to noncontrolling interest	—		—		52		52
Net (loss) income attributable to common stockholders	$	(6,954)	$	7,635	$	(52)	$	629


	Three Months Ended March 31, 2025
	Structured Business		Agency Business		Other (1)		Consolidated
Interest income	$	230,087	$	10,606	$	—	$	240,693
Interest expense	161,579		3,672		—		165,251
Net interest income	68,508		6,934		—		75,442
Other revenue:
Gain on sales, including fee-based services, net	—		12,781		—		12,781
Mortgage servicing rights	—		8,131		—		8,131
Servicing revenue	—		43,361		—		43,361
Amortization of MSRs	—		(17,758)		—		(17,758)
Property operating income	4,387		—		—		4,387
Gain on derivative instruments, net	—		3,400		—		3,400
Other income, net	2,078		2,341		—		4,419
Total other revenue	6,465		52,256		—		58,721
Other expenses:
Employee compensation and benefits	18,157		23,266		—		41,423
Commissions	—		4,613		—		4,613
Selling and administrative	8,932		7,380		—		16,312
Property operating expenses	3,474		—		—		3,474
Depreciation and amortization	3,352		392		—		3,744
Provision for loss sharing, net	—		1,786		—		1,786
Provision for credit losses, net	9,154		(79)		—		9,075
Total other expenses	43,069		37,358		—		80,427
Income before extinguishment of debt, loss on real estate, loss from equity affiliates and income taxes	31,904		21,832		—		53,736
Loss on extinguishment of debt	(2,319)		—		—		(2,319)
Loss on real estate	(2,810)		—		—		(2,810)
Loss from equity affiliates	(1,634)		—		—		(1,634)
Benefit from (provision for) income taxes	639		(4,230)		—		(3,591)
Net income	25,780		17,602		—		43,382
Preferred stock dividends	10,342		—		—		10,342
Net income attributable to noncontrolling interest	—		—		2,602		2,602
Net income attributable to common stockholders	$	15,438	$	17,602	$	(2,602)	$	30,438

________________________

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


	March 31, 2026
	Structured Business		Agency Business		Consolidated
Assets:
Cash and cash equivalents	$	89,285	$	317,841	$	407,126
Restricted cash	359,569		33,960		393,529
Loans and investments, net	11,835,381		—		11,835,381
Loans held-for-sale, net	—		443,218		443,218
Capitalized mortgage servicing rights, net	—		331,929		331,929
Securities held-to-maturity, net	—		155,469		155,469
Investments in equity affiliates	56,747		—		56,747
Real estate owned, net	520,766		—		520,766
Goodwill and other intangible assets	12,500		73,661		86,161
Other assets and due from related party	387,609		74,550		462,159
Total assets	$	13,261,857	$	1,430,628	$	14,692,485

Liabilities:
Debt obligations	$	10,904,398	$	424,865	$	11,329,263
Allowance for loss-sharing obligations	—		106,773		106,773
Other liabilities and due to related parties	212,622		64,777		277,399
Total liabilities	$	11,117,020	$	596,415	$	11,713,435

	December 31, 2025
Assets:
Cash and cash equivalents	$	124,141	$	358,734	$	482,875
Restricted cash	35,258		32,089		67,347
Loans and investments, net	11,934,248		—		11,934,248
Loans held-for-sale, net	—		409,081		409,081
Capitalized mortgage servicing rights, net	—		340,842		340,842
Securities held-to-maturity, net	—		156,087		156,087
Investments in equity affiliates	57,966		—		57,966
Real estate owned, net	498,938		—		498,938
Goodwill and other intangible assets	12,500		74,053		86,553
Other assets and due from related party	382,735		78,231		460,966
Total assets	$	13,045,786	$	1,449,117	$	14,494,903

Liabilities:
Debt obligations	$	10,625,053	$	390,396	$	11,015,449
Allowance for loss-sharing obligations	—		97,579		97,579
Other liabilities and due to related parties	241,873		72,849		314,722
Total liabilities	$	10,866,926	$	560,824	$	11,427,750

Schedule of Origination Data and Loans Sales Data By Segment


	Three Months Ended March 31,
	2026			2025
Origination Data:
Structured Business
Bridge:
Multifamily	$	405,600		$	367,750
SFR	321,122			356,294

	726,722			724,044

Construction - Multifamily	40,870			18,637
Mezzanine / Preferred Equity	—			4,440
Total New Loan Originations	$	767,592		$	747,121

Number of Loans Originated	6			20

Commitments:
Construction - Multifamily	$	113,070		$	92,000
SFR	53,000			162,400
Total Commitments	$	166,070		$	254,400


Loan Runoff	$	861,033		$	421,941

Agency Business
Origination Volumes by Investor:
Fannie Mae	$	570,815		$	357,811
Freddie Mac	91,255			178,020
FHA	45,507			16,041
Private Label	—			44,925
SFR - Fixed Rate	—			9,111
Total New Loan Originations	$	707,577		$	605,908
Total Loan Commitment Volume	$	733,860		$	645,401

Agency Business Loan Sales Data:
Fannie Mae	$	571,579		$	355,716
Freddie Mac	77,003			298,485
FHA	22,390			67,542
SFR - Fixed Rate	—			9,111
Total Loan Sales	$	670,972		$	730,854
Sales Margin (fee-based services as a % of loan sales)	1.86		%	1.75		%
MSR Rate (MSR income as a % of loan commitments)	1.32		%	1.26		%

________________________

Schedule of Key Servicing Metrics for Agency Business


	March 31, 2026
Key Servicing Metrics for Agency Business:	Servicing Portfolio UPB		Wtd. Avg. Servicing Fee Rate (basis points)	Wtd. Avg. Life of Portfolio (years)
Fannie Mae	$	24,261,724	44.4	5.4
Freddie Mac	7,368,979		18.2	5.7
Private Label	2,554,209		18.7	4.3
FHA	1,584,644		13.8	19.0
Bridge	277,523		10.4	2.0
SFR - Fixed Rate	264,008		20.0	3.8
Total	$	36,311,087	35.5	5.9

	December 31, 2025
Fannie Mae	$	24,085,960	44.7	5.5
Freddie Mac	7,455,088		18.3	5.9
Private Label	2,558,048		18.7	4.5
FHA	1,549,483		13.9	19.1
Bridge	277,738		10.4	2.2
SFR - Fixed Rate	277,490		20.0	4.0
Total	$	36,203,807	35.6	6.1

Debt Obligations (Tables)

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Schedule of Borrowings

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


			March 31, 2026						December 31, 2025
	Current Maturity	Extended Maturity	Debt Carrying Value (1)		Collateral Carrying Value		Wtd. Avg. Note Rate (2)		Debt Carrying Value (1)		Collateral Carrying Value
Structured Business
$1.4B joint repurchase facility (3)	Jul. 2027	Jul. 2028	$	1,031,189	$	1,569,762	6.36	%	$	882,635	$	1,468,161
$1.22B repurchase facility	(6)	N/A	1,175,995		1,633,307		5.66	%	1,149,944		1,555,403
$1B repurchase facility (3)	(5)	N/A	774,998		1,082,767		6.47	%	879,499		1,207,513
$850M repurchase facility (3)	Dec. 2026	Dec. 2027	356,589		624,309		6.50	%	443,880		725,309
$650M repurchase facility (3)	Oct. 2026	N/A	381,913		456,439		6.19	%	462,694		549,069
$400M credit facility	Mar. 2027	N/A	59,399		117,164		7.01	%	66,479		125,099
$400M repurchase facility	Jan. 2027	Jan. 2028	279,679		379,619		5.98	%	291,342		383,195
$350M repurchase facility	Mar. 2027	N/A	124,215		217,645		5.73	%	127,199		238,422
$300M credit facility	Mar. 2029	Mar. 2030	7,551		9,476		6.76	%	—		—
$250M repurchase facility	Sept. 2027	Sept. 2028	85,803		132,070		6.79	%	73,052		113,121
$250M repurchase facility	Oct. 2026	N/A	—		—		—		98,186		126,340
$250M repurchase facility	Oct. 2027	N/A	95,417		124,588		6.25	%	78,963		102,758
$200M credit facility	Mar. 2027	Mar. 2028	48,665		65,277		6.30	%	41,114		59,147
$22M loan specific credit facility	Jul. 2026	N/A	20,792		26,000		5.84	%	63,456		87,000
$40M credit facility (7)	Jul. 2026	N/A	15,570		24,610		6.10	%	15,532		24,610
$35M working capital facility (7)	Jul. 2026	N/A	35,000		—		6.66	%	35,000		—
Repurchase facility - securities (3)(4)	N/A	N/A	50,312		—		5.09	%	50,280		—
Structured Business total (8)			$	4,543,087	$	6,463,033	6.15	%	$	4,759,255	$	6,765,147

Agency Business
$750M ASAP agreement	N/A	N/A	$	253,768	$	257,537	4.88	%	$	91,965	$	92,733
$500M repurchase facility	Nov. 2026	N/A	23,169		23,573		5.16	%	89,427		89,573
$200M credit facility (7)	Mar. 2027	N/A	62,162		62,568		5.37	%	101,802		102,409
$200M credit facility	Jun. 2026	N/A	20,549		20,738		6.07	%	42,887		43,096
$100M joint repurchase facility (3)	Jul. 2027	Jul. 2028	65,217		77,762		6.27	%	64,315		77,798

Agency Business total			$	424,865	$	442,178	5.24	%	$	390,396	$	405,609
Consolidated total			$	4,967,952	$	6,905,211	6.07	%	$	5,149,651	$	7,170,756

________________________

(1)At March 31, 2026 and December 31, 2025, debt carrying value for the Structured Business was net of unamortized deferred finance costs of $9.6 million and $11.7 million, respectively, and for the Agency Business was net of unamortized deferred finance costs of $0.3 million at both March 31, 2026 and December 31, 2025.

(2)At March 31, 2026 and December 31, 2025, all credit and repurchase facilities are variable rate loans.

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

(4)At March 31, 2026 and December 31, 2025, this facility was collateralized by certificates retained by us from our Freddie Mac Q Series securitization (“Q Series securitization”) with a principal balance of $6.0 million and cash and $26.5 million, respectively, and investment grade notes we retained from our BTR CLO 1 securitization with a principal balance of $41.0 million at both March 31, 2026 and December 31, 2025.

(5)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.

(6)This facility matures at the latest maturity date of all purchased assets, which is currently March 2029.

(7)These facilities were extended in 2026.

(8)These amounts exclude outstanding notes payable on our REO assets with a debt carrying value of $253.2 million and $223.0 million at March 31, 2026 and December 31, 2025, respectively.

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


	Debt						Collateral (3)
							Loans				Cash
March 31, 2026	Face Value		Carrying Value (1)		Wtd. Avg. Rate (2)		UPB		Carrying Value		Restricted Cash (4)
CLO 21	$	673,990	$	667,860	5.47	%	$	655,335	$	652,162	$	100,000
CLO 20	933,187		925,169		5.48	%	971,081		966,871		75,192
BTR CLO 1	567,121		559,749		6.22	%	688,888		687,341		266
CLO 18 (5)	878,266		878,030		5.88	%	1,240,919		1,240,675		30,000
CLO 17 (5)	900,659		900,660		5.73	%	1,173,927		1,173,866		104,235



Total CLOs	$	3,953,223	$	3,931,468	5.73	%	$	4,730,150	$	4,720,915	$	309,693
Q Series securitization (6)	—		—		—		24,950		24,950		—
Total securitized debt	$	3,953,223	$	3,931,468	5.73	%	$	4,755,100	$	4,745,865	$	309,693

December 31, 2025
CLO 20	$	933,187	$	924,504	5.50	%	$	1,045,664	$	1,040,984	$	—
BTR CLO 1	525,304		517,395		6.29	%	685,746		683,807		—
CLO 18 (5)	971,595		970,979		6.01	%	1,339,523		1,338,395		21,469
CLO 17 (5)	1,055,700		1,055,380		5.66	%	1,443,820		1,443,845		—




Total CLOs	3,485,786		3,468,258		5.81	%	4,514,753		4,507,031		21,469
Q Series securitization (6)	—		—		—		50,600		50,600		—
Total securitized debt	$	3,485,786	$	3,468,258	5.81	%	$	4,565,353	$	4,557,631	$	21,469

________________________

(1)Debt carrying value is net of $21.8 million and $17.5 million of deferred financing fees at March 31, 2026 and December 31, 2025, respectively.

(2)At March 31, 2026 and December 31, 2025, the aggregate weighted average note rate for our CLOs, including certain fees and costs, was 5.96% and 6.07%, respectively.

(3)At March 31, 2026 and December 31, 2025, 32 and 39 loans, respectively, with a total UPB of $1.39 billion and $1.69 billion, 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. Does not include restricted cash related to interest payments, delayed fundings and expenses totaling $10.9 million and $10.1 million at March 31, 2026 and December 31, 2025, respectively.

(5)The replenishment period for CLO 17 and CLO 18 ended in June 2024 and August 2024, respectively.

(6)All third party amounts have been paid down and only our tranches remain.

Schedule of Senior Unsecured Notes

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


			March 31, 2026						December 31, 2025
Senior Unsecured Notes	Issuance Date	Maturity	UPB		Carrying Value (1)		Wtd. Avg. Rate (2)		UPB		Carrying Value (1)		Wtd. Avg. Rate (2)
8.50% Notes (3)	Dec. 2025	Dec. 2028	$	400,000	$	394,762	8.50	%	$	400,000	$	394,340	8.50	%
7.875% Notes (4)	Jul. 2025	Jul. 2030	500,000		489,975		7.88	%	500,000		489,397		7.88	%
9.00% Notes (3)	Oct. 2024	Oct. 2027	100,000		99,078		9.00	%	100,000		98,934		9.00	%
8.50% Notes (3)	Oct. 2022	Oct. 2027	150,000		149,172		8.50	%	150,000		149,041		8.50	%
5.00% Notes (3)	Dec. 2021	Dec. 2028	180,000		178,831		5.00	%	180,000		178,725		5.00	%
4.50% Notes (3)	Aug. 2021	Sept. 2026	270,000		269,650		4.50	%	270,000		269,439		4.50	%
5.00% Notes (3)	Apr. 2021	Apr. 2026	175,000		174,948		5.00	%	175,000		174,790		5.00	%
4.50% Notes (3)	Mar. 2020	Mar. 2027	275,000		274,531		4.50	%	275,000		274,412		4.50	%

			$	2,050,000	$	2,030,947	6.70	%	$	2,050,000	$	2,029,078	6.70	%

________________________

(1)At March 31, 2026 and December 31, 2025, the carrying value is net of deferred financing fees of $19.1 million and $20.9 million, respectively.

(2)At both March 31, 2026 and December 31, 2025, the aggregate weighted average note rate, including certain fees and costs, was 7.06%.

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

Schedule of CLO Compliance Tests

Our CLO compliance tests as of the most recent determination dates in April 2026 are as follows:


Cash Flow Triggers	CLO 17		CLO 18		BTR CLO 1		CLO 20		CLO 21
Overcollateralization (1)
Current	136.30	%	139.84	%	117.47	%	112.52	%	113.15	%
Limit	121.51	%	123.03	%	115.47	%	110.52	%	111.15	%
Pass / Fail	Pass		Pass		Pass		Pass		Pass

Interest Coverage (2)
Current	155.42	%	134.63	%	151.92	%	135.00	%	130.39	%
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.

Schedule of CLO Overcollateralization Ratios

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


Determination (1)	CLO 17		CLO 18		BTR CLO 1		CLO 20		CLO 21
April 2026	136.30	%	139.84	%	117.47	%	112.52	%	113.15	%
January 2026	127.77	%	136.54	%	117.47	%	112.52	%	N/A
October 2025	127.02	%	131.38	%	117.47	%	112.52	%	N/A
July 2025	124.46	%	130.03	%	117.47	%	N/A		N/A
April 2025	122.65	%	127.91	%	N/A		N/A		N/A

________________________

(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.

Variable Interest Entities (Tables)

3 Months Ended

Mar. 31, 2026

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):


	March 31, 2026		December 31, 2025
Assets:
Restricted cash	$	359,569	$	35,258
Loans and investments, net	4,745,864		4,557,631
Other assets	65,437		69,132
Total assets	$	5,170,870	$	4,662,021

Liabilities:
Securitized debt	$	3,931,468	$	3,468,258
Other liabilities	9,688		9,590
Total liabilities	$	3,941,156	$	3,477,848

Schedule of Unconsolidated Variable Interest Entities

A summary of our variable interests in identified VIEs, of which we are not the primary beneficiary, at March 31, 2026 is as follows ($ in thousands):


Type	Carrying Amount (1)
Loans	$	1,484,172
APL certificates	143,900
Equity investments	31,477
B Piece bonds	26,694
Agency interest-only strips	8
Total	$	1,686,251

________________________

(1)Represents the carrying amount of loans and investments before reserves. At March 31, 2026, $91.8 million of loans to VIEs had corresponding specific loan loss reserves of $7.8 million. The maximum loss exposure at March 31, 2026 would not exceed the carrying amount of our investment.

- Definition

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

+ References + Details

Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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):


	March 31, 2026
					Fair Value
Derivative	Count	Notional Value		Balance Sheet Location	Derivative Assets		Derivative Liabilities
Rate lock commitments	3	$	55,904	Other assets/other liabilities	$	633	$	(121)
Forward sale commitments	18	420,320		Other assets/other liabilities	189		(2,336)

		$	476,224		$	822	$	(2,457)

	December 31, 2025
Rate lock commitments	4	$	29,621	Other assets/other liabilities	$	473	$	(66)
Forward sale commitments	32	357,432		Other assets/other liabilities	112		(1,016)
Treasury futures	617	61,700			—		—
		$	448,753		$	585	$	(1,082)

Segment Information - Schedule of Statements of Income (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($) segment	Mar. 31, 2025 USD ($) segment
Segment Information
Number of business segments \| segment	2
Interest income	$ 235,047	$ 240,693
Interest expense	175,202	165,251
Net interest income	59,845	75,442
Other revenue:
Gain on sales, including fee-based services, net	12,505	12,781
Mortgage servicing rights	9,660	8,131
Servicing revenue	44,033	43,361
Amortization of MSRs	(18,293)	(17,758)
Property operating income	8,060	4,387
Gain (loss) on derivative instruments, net	(493)	3,400
Other income (loss), net	2,074	4,419
Total other revenue	57,546	58,721
Other expenses:
Employee compensation and benefits	43,825	41,423
Commissions	3,859	4,613
Selling and administrative	16,953	16,312
Property operating expenses	11,964	3,474
Depreciation and amortization	7,104	3,744
Impairment loss on real estate owned	12,500	0
Provision for loss sharing, net	4,537	1,786
Provision for credit losses, net	5,816	9,075
Total other expenses	106,558	80,427
Income before extinguishment of debt, loss on real estate, income (loss) from equity affiliates and income taxes	10,833	53,736
Loss on extinguishment of debt	0	(2,319)
Loss on real estate	(2,136)	(2,810)
Income (loss) from equity affiliates	4,411	(1,634)
Benefit from (provision for) income taxes	(2,085)	(3,591)
Net income	11,023	43,382
Preferred stock dividends	10,342	10,342
Net income attributable to noncontrolling interest	52	2,602
Net income attributable to common stockholders	629	$ 30,438
Reporting segments \| segment		2
Operating segments \| Structured Business
Segment Information
Interest income	224,394	$ 230,087
Interest expense	170,814	161,579
Net interest income	53,580	68,508
Other revenue:
Gain on sales, including fee-based services, net	0	0
Mortgage servicing rights	0	0
Servicing revenue	0	0
Amortization of MSRs	0	0
Property operating income	8,060	4,387
Gain (loss) on derivative instruments, net	0	0
Other income (loss), net	2,223	2,078
Total other revenue	10,283	6,465
Other expenses:
Employee compensation and benefits	18,862	18,157
Commissions	0	0
Selling and administrative	9,150	8,932
Property operating expenses	11,964	3,474
Depreciation and amortization	6,713	3,352
Impairment loss on real estate owned	12,500
Provision for loss sharing, net	0	0
Provision for credit losses, net	3,644	9,154
Total other expenses	62,833	43,069
Income before extinguishment of debt, loss on real estate, income (loss) from equity affiliates and income taxes	1,030	31,904
Loss on extinguishment of debt		(2,319)
Loss on real estate	(2,136)	(2,810)
Income (loss) from equity affiliates	4,411	(1,634)
Benefit from (provision for) income taxes	83	639
Net income	3,388	25,780
Preferred stock dividends	10,342	10,342
Net income attributable to noncontrolling interest	0	0
Net income attributable to common stockholders	(6,954)	15,438
Operating segments \| Agency Business
Segment Information
Interest income	10,653	10,606
Interest expense	4,388	3,672
Net interest income	6,265	6,934
Other revenue:
Gain on sales, including fee-based services, net	12,505	12,781
Mortgage servicing rights	9,660	8,131
Servicing revenue	44,033	43,361
Amortization of MSRs	(18,293)	(17,758)
Property operating income	0	0
Gain (loss) on derivative instruments, net	(493)	3,400
Other income (loss), net	(149)	2,341
Total other revenue	47,263	52,256
Other expenses:
Employee compensation and benefits	24,963	23,266
Commissions	3,859	4,613
Selling and administrative	7,803	7,380
Property operating expenses	0	0
Depreciation and amortization	391	392
Impairment loss on real estate owned	0
Provision for loss sharing, net	4,537	1,786
Provision for credit losses, net	2,172	(79)
Total other expenses	43,725	37,358
Income before extinguishment of debt, loss on real estate, income (loss) from equity affiliates and income taxes	9,803	21,832
Loss on extinguishment of debt		0
Loss on real estate	0	0
Income (loss) from equity affiliates	0	0
Benefit from (provision for) income taxes	(2,168)	(4,230)
Net income	7,635	17,602
Preferred stock dividends	0	0
Net income attributable to noncontrolling interest	0	0
Net income attributable to common stockholders	7,635	17,602
Other/Eliminations
Other expenses:
Net income attributable to noncontrolling interest	52	2,602
Net income attributable to common stockholders	$ (52)	$ (2,602)

Allowance for Loss-Sharing Obligations (Tables)

3 Months Ended

Mar. 31, 2026

Loss Contingency Accrual, Disclosures [Abstract]

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 March 31,
	2026		2025
Beginning balance	$	97,579	$	83,150
Provisions for loss sharing (net of reversals)	4,537		1,786
Charge-offs and advances, net of reimbursements	4,657		579
Ending balance	$	106,773	$	85,515

Debt Obligations - Debt Covenants (Details) - USD ($)	1 Months Ended					3 Months Ended
Debt Obligations - Debt Covenants (Details) - USD ($)	Apr. 30, 2026	Jan. 31, 2026	Oct. 31, 2025	Jul. 31, 2025	Apr. 30, 2025	Mar. 31, 2026
CLO 17
Overcollateralization [Abstract]
Current		127.77%	127.02%	124.46%	122.65%	136.30%
Limit						121.51%
Interest Coverage [Abstract]
Current						155.42%
Limit						120.00%
CLO 17 \| Subsequent event
Overcollateralization [Abstract]
Current	136.30%
CLO 18
Overcollateralization [Abstract]
Current		136.54%	131.38%	130.03%	127.91%	139.84%
Limit						123.03%
Interest Coverage [Abstract]
Current						134.63%
Limit						120.00%
CLO 18 \| Subsequent event
Overcollateralization [Abstract]
Current	139.84%
BTR CLO 1
Overcollateralization [Abstract]
Current		117.47%	117.47%	117.47%		117.47%
Limit						115.47%
Interest Coverage [Abstract]
Current						151.92%
Limit						120.00%
BTR CLO 1 \| Subsequent event
Overcollateralization [Abstract]
Current	117.47%
CLO 20
Overcollateralization [Abstract]
Current		112.52%	112.52%			112.52%
Limit						110.52%
Interest Coverage [Abstract]
Current						135.00%
Limit						120.00%
CLO 20 \| Subsequent event
Overcollateralization [Abstract]
Current	112.52%
CLO 21
Overcollateralization [Abstract]
Current						113.15%
Limit						111.15%
Interest Coverage [Abstract]
Current						130.39%
Limit						120.00%
CLO 21 \| Subsequent event
Overcollateralization [Abstract]
Current	113.15%
Junior subordinated notes
Interest Coverage [Abstract]
Amount payable on default of senior debt						$ 0

Loans Held-for-Sale, Net

3 Months Ended

Mar. 31, 2026

Receivable, Held-for-Sale [Abstract]

Loans Held-for-Sale, Net

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):


	March 31, 2026		December 31, 2025
Fannie Mae	$	302,433	$	303,196
Private Label	77,762		77,798
FHA	45,507		22,390
Freddie Mac	16,477		2,225
SFR - Fixed Rate	2,777		2,777
	444,956		408,386

Fair value of future MSR	4,994		5,921
Unrealized impairment recovery (loss)	1,224		1,414
Unearned discount	(7,956)		(6,640)
Loans held-for-sale, net	$	443,218	$	409,081

During the three months ended March 31, 2026 and 2025, we sold $671.0 million and $730.9 million, respectively, of loans held-for-sale.

At March 31, 2026 and December 31, 2025, 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.

Securities Held-To-Maturity (Tables)

3 Months Ended

Mar. 31, 2026

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
March 31, 2026
APL certificates	$	192,791	$	142,427	$	(15,817)	$	126,610	$	1,473
B Piece bonds	32,670		13,042		9,585		22,627		13,652
Total	$	225,461	$	155,469	$	(6,232)	$	149,237	$	15,125
December 31, 2025
APL certificates	$	192,791	$	140,682	$	(15,143)	$	125,539	$	1,664
B Piece bonds	36,730		15,405		9,203		24,608		15,349
Total	$	229,521	$	156,087	$	(5,940)	$	150,147	$	17,013

Schedule of Changes in the Allowance for Credit Losses

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


	Three Months Ended March 31, 2026
	APL Certificates		B Piece Bonds		Total
Beginning balance	$	1,664	$	15,349	$	17,013
Provision for credit loss expense/(reversal)	(191)		2,400		2,209
Charge-offs	—		(4,097)		(4,097)
Ending balance	$	1,473	$	13,652	$	15,125

	Three Months Ended March 31, 2025
Beginning balance	$	1,658	$	9,188	$	10,846
Provision for credit loss expense/(reversal)	1		(80)		(79)
Ending balance	$	1,659	$	9,108	$	10,767

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5B

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
-Paragraph 5
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-Section 50
-Paragraph 5
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
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-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(3)
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(4)
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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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5A

Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5A

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5A

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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Reference 17: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
-Paragraph 5B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-5B

+ Details

Equity (Tables)

3 Months Ended

Mar. 31, 2026

Stockholders' Equity Note [Abstract]

Schedule of Dividends Payable

Dividends declared (on a per share basis) during the three months ended March 31, 2026 are as follows:


Common Stock			Preferred Stock
				Dividend
Declaration Date	Dividend		Declaration Date	Series D		Series E		Series F
February 24, 2026	$	0.30	March 30, 2026	$	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 March 31,
	2026				2025
	Basic		Diluted		Basic		Diluted
Net income attributable to common stockholders (1)	$	629	$	629	$	30,438	$	30,438
Net income attributable to noncontrolling interest (2)	—		52		—		2,602

Net income attributable to common stockholders and noncontrolling interest (3)	$	629	$	681	$	30,438	$	33,040
Weighted average shares outstanding	194,194,906		194,194,906		190,060,776		190,060,776
Dilutive effect of OP Units (2)	—		16,170,218		—		16,249,284

Dilutive effect of RSUs (4)	—		1,370,607		—		552,260
Weighted average shares outstanding (3)	194,194,906		211,735,731		190,060,776		206,862,320
Net income per common share (1)	$	0.00	$	0.00	$	0.16	$	0.16

________________________

(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 months ended March 31, 2025 excludes interest expense of $6.1 million, and potentially dilutive shares of 17,616,593 attributable to convertible debt since their effect would have been anti-dilutive. In August 2025, our convertible debt matured and was fully settled.

(4)Represents the dilutive effect of performance-based RSUs granted to our chief executive officer and chief operating officer that vest based upon our achievement of total stockholder return objectives and RSUs granted to our chief executive officer and certain directors who have decided to defer the receipt of the common stock into which the RSUs are converted, or to defer receipt of cash fees, to a future date pursuant to a pre-established deferral election.

Loans and Investments - Concentration of Credit Risk (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2026 loan borrower	Dec. 31, 2025 loan borrower
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans	545	632
Total Assets \| Credit risk concentration
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans	33	65
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	8.00%	9.00%
Loans and investments portfolio \| Credit risk concentration \| Texas and Florida
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Concentration risk, percentage	23.00%	17.00%

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
-Subsection 29
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-Publisher SEC

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Number 210
-Section 12
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-Paragraph Column B
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section 12
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-Paragraph Column A
-Footnote 3
-Publisher SEC

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 12
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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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-Section 12
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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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-Publisher SEC

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-X (SX)
-Number 210
-Section 12
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-Paragraph Column A
-Footnote 4
-Publisher SEC

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph Column A
-Footnote 2
-Publisher SEC

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478322/948-310-S50-2

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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

Loans Held-for-Sale, Net (Tables)

3 Months Ended

Mar. 31, 2026

Receivable, Held-for-Sale [Abstract]

Schedule of Loans Held-for-Sale, Net

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


	March 31, 2026		December 31, 2025
Fannie Mae	$	302,433	$	303,196
Private Label	77,762		77,798
FHA	45,507		22,390
Freddie Mac	16,477		2,225
SFR - Fixed Rate	2,777		2,777
	444,956		408,386

Fair value of future MSR	4,994		5,921
Unrealized impairment recovery (loss)	1,224		1,414
Unearned discount	(7,956)		(6,640)
Loans held-for-sale, net	$	443,218	$	409,081

Commitments and Contingencies - Contractual Commitments (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)	Jul. 29, 2025 shareholder
Agency Business Commitments
Cash collateral per securitization	$ 5,000
Outstanding letters of credit	5,000
Debt Obligations
2026 (nine months ending December 31, 2026)	3,049,470
2027	4,533,279
2028	1,654,068
2029	1,337,841
2030	659,611
2031	0
Thereafter	154,336
Total	11,388,605
Minimum Annual Operating Lease Payments
2026 (nine months ending December 31, 2026)	8,598
2027	9,912
2028	9,226
2029	8,714
2030	8,756
2031	6,381
Thereafter	4,543
Total	56,130
Total
2026 (nine months ending December 31, 2026)	3,058,068
2027	4,543,191
2028	1,663,294
2029	1,346,555
2030	668,367
2031	6,381
Thereafter	158,879
Total	11,444,735
Operating lease expense	2,900	$ 2,800
Number of purported shareholders filing derivative complaints \| shareholder				2
Land
Total
Outstanding unfunded commitments	1,790,000		$ 1,920,000
Fannie Mae Mortgage
Agency Business Commitments
Minimum liquid assets to be maintained to meet operational liquidity requirements	$ 24,000
Period of funding for collateral requirement	48 months
Letter of credit required	$ 102,300
Letter of credit assigned	70,000
Reserve required to fund additional restricted liquidity over the next 48 months	$ 33,800
Period of additional funding for collateral requirement	48 months
Forward Contracts
Agency Business Commitments
Period of contractual commitment	60 days

Mortgage Servicing - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Mortgage Servicing
Escrow balance	$ 1,210	$ 1,340
Fee-based servicing portfolio
Mortgage Servicing
Escrow balance	$ 1,220	$ 1,350
MSRs \| Agency Business
Mortgage Servicing
Weighted average servicing fee rate (basis points)	0.355%	0.356%

Securities Held-To-Maturity - Schedule of Rollforward of Allowance (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Changes in the allowance for credit losses
Allowance for credit loss, Beginning balance	$ 17,013	$ 10,846
Provision for credit loss expense/(reversal)	2,209	(79)
Charge-offs	(4,097)
Allowance for credit loss, Ending balance	15,125	10,767
APL certificates
Changes in the allowance for credit losses
Allowance for credit loss, Beginning balance	1,664	1,658
Provision for credit loss expense/(reversal)	(191)	1
Charge-offs	0
Allowance for credit loss, Ending balance	1,473	1,659
B Piece bonds
Changes in the allowance for credit losses
Allowance for credit loss, Beginning balance	15,349	9,188
Provision for credit loss expense/(reversal)	2,400	(80)
Charge-offs	(4,097)
Allowance for credit loss, Ending balance	$ 13,652	$ 9,108

Agreements and Transactions with Related Parties	3 Months Ended
Agreements and Transactions with Related Parties	Mar. 31, 2026
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 both the three months ended March 31, 2026 and 2025, we incurred $0.9 million 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 $35.3 million and $6.5 million at March 31, 2026 and December 31, 2025, 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 $1.8 million and $0.5 million at March 31, 2026 and December 31, 2025, 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 utilize 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’ take. For certain flights, we also charter the aircraft from a certificated air carrier for use of the same aircraft. The air carrier provides charter revenue back to the aircraft owner when we use the aircraft. During the three months ended March 31, 2026 and 2025, we reimbursed the aircraft owner $0.2 million and $0.3 million, respectively, for flights taken by our executives pursuant the time-sharing agreement. There were no charter flights taken in the three months ended March 31, 2026 and 2025. In November 2025, we originated a $67.9 million bridge loan for the acquisition of a multifamily property purchased by a joint venture we formed with ACM, an entity owned by an immediate family member of our chief executive officer and a consortium of independent outside investors, we refer to as "Clarus Berkley," which was formed to purchase and operate the property. We contributed $1.5 million, for a 3.6% interest in the borrowing entity, while ACM and the entity owned by an immediate family member of our chief executive officer contributed a combined $1.8 million for a 4.3% interest in the borrowing entity. The loan has an interest rate of SOFR plus 2.50% with a SOFR floor of 2.50% and matures in November 2028. Interest income recorded from this loan was $1.1 million for the three months ended March 31, 2026. See Note 8 for further details. In November 2025, we committed to fund a $44.8 million bridge loan (none was funded at March 31, 2026) in an SFR BTR construction project. An entity owned by an immediate family member of our chief executive officer also made an equity investment in the project, representing less than 1.0% of the total equity invested. The loan has an interest rate of SOFR plus 4.25% with a SOFR floor of 3.50% and matures in November 2028, with a one-year extension option. In October 2025, we committed to fund a $50.5 million bridge loan (none was funded at March 31, 2026) in an SFR BTR construction project. ACM and an entity owned by an immediate family member of our chief executive officer also made equity investments in the project, representing in the aggregate 4.6% of the total equity invested. The loan has an interest rate of SOFR plus 4.25% with a SOFR floor of 3.50% and matures in October 2028, with a one-year extension option. In August 2025, we originated a $4.0 million bridge loan for the acquisition of a condominium complex, of which one of our directors is the co-chief executive officer and president of an entity that is an indirect owner of the borrower. The loan has an interest rate of SOFR plus 3.25% with a SOFR floor of 4.32% and matures in August 2026. Interest income recorded from this bridge loan was less than $0.1 million for the three months ended March 31, 2026. In May 2025, we refinanced a $32.5 million bridge loan with a new $43.0 million bridge loan for an SFR BTR construction project that matures in May 2026. In 2020, we also made a $3.5 million preferred equity investment in the same project, of which $1.2 million was paid off in May 2025. An entity owned by an immediate family member of our chief executive officer also made an equity investment in the project and owned a 21.8% equity interest in the borrowing entity that increased to 26.6% in connection with the refinancing. The interest on the old loan was SOFR plus 3.75% with a SOFR floor of 0.75% and the interest rate of the new loan is SOFR plus 3.00% with a SOFR floor of 3.25%. The preferred equity investment has a 12.00% fixed rate and was scheduled to mature in May 2025, which was extended to May 2026. In connection with the extension, the borrower paid deferred interest of $1.9 million. Interest income recorded from these loans was $0.8 million and $1.0 million for the three months ended March 31, 2026 and 2025, respectively. In May 2025, we refinanced a $30.5 million bridge loan with a new $36.2 million bridge loan, for an SFR BTR construction project. In 2020, we also made a $4.6 million preferred equity investment in the same project. ACM and an entity owned by an immediate family member of our chief executive officer also made equity investments in the project and owned a combined 18.9% equity interest in the borrowing entity that increased to 33.7% in connection with the refinancing. The interest rate on the old loan was SOFR plus 4.25% with a SOFR floor of 1.00% and the interest rate on the new loan is SOFR plus 3.00% with a SOFR floor of 3.25%. The new loan was scheduled to mature in November 2025, which was extended to May 2026. The preferred equity investment has a 12.00% fixed rate and was scheduled to mature in November 2025, which was extended to May 2026. In connection with the extension, the borrower paid deferred interest of $1.3 million. Interest income recorded from these loans was $0.7 million and $1.0 million for the three months ended March 31, 2026 and 2025, respectively. In May 2025, we refinanced a $56.9 million bridge loan with a new $58.4 million bridge loan for an SFR BTR 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. Interest on the new loan decreased from SOFR plus 5.50% with a SOFR floor of 3.25% to SOFR plus 2.75% with a SOFR floor of 3.50% and matures in May 2027. Interest income recorded from this loan was $1.0 million and $1.4 million for the three months ended March 31, 2026 and 2025, respectively. In February 2025, we refinanced a $46.2 million bridge loan we purchased from ACM in 2022 with a new $52.6 million bridge loan ($31.3 million was funded at March 31, 2026) for an SFR BTR 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. Interest on the new loan decreased from SOFR plus 5.50% to SOFR plus 4.75% and matures in February 2027. Interest income recorded from this loan was $0.7 million and $0.2 million for the three months ended March 31, 2026 and 2025, respectively. In 2024, we committed to fund a $62.4 million bridge loan ($28.5 million was funded at March 31, 2026) in an SFR BTR 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 $0.6 million and $0.1 million for the three months ended March 31, 2026 and 2025, respectively. In 2024, we committed to fund a $42.5 million bridge loan ($33.1 million was funded at March 31, 2026) in an SFR BTR 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 $0.6 million and $0.2 million for the three months ended March 31, 2026 and 2025, respectively. In 2022, we committed to fund a $67.1 million bridge loan ($55.0 million was funded at March 31, 2026) in an SFR BTR 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 was scheduled to mature in May 2026, which was extended to May 2027. Interest income recorded from this loan was $1.2 million and $1.0 million for the three months ended March 31, 2026 and 2025, respectively. In 2022, we funded a $39.4 million bridge loan in an SFR BTR 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 was scheduled to mature in March 2026, which was extended to March 2027. Interest income recorded from this loan was $0.8 million and $0.7 million for the three months ended March 31, 2026 and 2025, 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 April 2026, we sold our interest in the LLC for $4.2 million. 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 has a fixed interest rate of 9.00% and matures in April 2030. Interest income recorded from the mezzanine loan was less than $0.1 million and $0.1 million for the three months ended March 31, 2026 and 2025, respectively. 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 for an 18% interest in AMAC III. 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 has an interest rate of SOFR plus 3.50%, and was scheduled to mature in February 2025. In February 2025, we modified this loan to extend the maturity to February 2028 in exchange for a $2.0 million paydown that was made in the first quarter of 2025. In September 2025, the loan was modified to extend the maturity date to July 2028, adjust the interest rate to SOFR plus 1.00% with an all-in floor of 6.50%, and include a fixed pay rate of 1.00%, effective June 1, 2025, with the remaining balance deferred. Interest income recorded from the bridge loan was less than $0.1 million and $0.7 million for the three months ended March 31, 2026 and 2025, respectively. See Note 8 for further details. In 2019, we converted an existing bridge loan into a $2.0 million mezzanine loan with a fixed interest rate of 10.00%. 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. The loan was scheduled to mature in May 2025, which was extended to February 2029. Interest income recorded from this loan was less than $0.1 million and $0.1 million for the three months ended March 31, 2026 and 2025, respectively. 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 owned 75% in the borrowing entity. The loan had an interest rate of SOFR plus 4.75% with a SOFR floor of 0.25%, and was scheduled to mature in February 2025, which was modified to extend the maturity to February 2027 in exchange for $3.0 million of additional collateral and a $2.5 million paydown to be made in February 2026. In 2024, we recorded a $5.5 million specific reserve on this loan. In September 2025, this loan paid off and we fully recovered the specific reserve recorded. Interest income recorded from this loan was $0.5 million for the three months ended March 31, 2025. 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. The loan was paid off in October 2025. Servicing revenue recorded from this loan was less than $0.1 million for the three months ended March 31, 2025. 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. In April 2025, the joint venture entered into an agreement to sell its interest in the residential mortgage banking business for $117.3 million. Based on the terms of this agreement, $22.0 million was allocated to us, which is equivalent to the carrying value of our investment, and therefore, we did not record a gain or loss on the transaction. The transaction closed once the entire sales price was paid, which was due in installments as follows: $15.0 million on or before April 1, 2025; $15.0 million on or before April 30, 2025; and the remaining $87.3 million on or before December 15, 2025. The first two installments were made in April 2025, for which we received $5.6 million as our allocable share, and the final installment was made in July 2025 for which we received $16.4 million as our allocable share. 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 has a fixed interest 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. 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 March 31, 2026, this debt had an aggregate outstanding balance of approximately $296.0 million and is scheduled to mature through 2029. See Note 8 for further details. 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 March 31, 2026, ACM holds 2,535,870 shares of our common stock and 10,483,930 OP Units, which represents 6.2% of the voting power of our outstanding stock. Our Board of Directors approved a resolution under our charter allowing our chief executive officer and ACM, (which our chief executive officer has a controlling equity interest in), to own more than the 5% ownership interest limit of our common stock as stated in our amended charter.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: 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 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

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

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

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-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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-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

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

+ Details

Equity - Schedule of Earnings Per Share ("EPS") (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Basic
Net income attributable to common stockholders	$ 629	$ 30,438
Weighted average shares outstanding (in shares)	194,194,906	190,060,776
Weighted average shares outstanding (in shares)	194,194,906	190,060,776
Net income per common share (in dollars per share)	$ 0.00	$ 0.16
Diluted
Net income attributable to common stockholders	$ 629	$ 30,438
Net income attributable to noncontrolling interest	52	2,602
Net income attributable to common stockholders and noncontrolling interest	$ 681	$ 33,040
Weighted average shares outstanding (in shares)	194,194,906	190,060,776
Dilutive effect of OP Units (in shares)	16,170,218	16,249,284
Dilutive effect of RSUs (in shares)	1,370,607	552,260
Weighted average shares outstanding (in shares)	211,735,731	206,862,320
Net income per common share (in dollars per share)	$ 0.00	$ 0.16
Convertible senior unsecured notes
Diluted
Interest expense		$ 6,100
Anti-dilutive shares (in shares)		17,616,593

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Schedule of Maturities of Operating Lease Liabilities

Debt Obligations and Operating Leases. At March 31, 2026, 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
2026 (nine months ending December 31, 2026)	$	3,049,470	$	8,598	$	3,058,068
2027	4,533,279		9,912		4,543,191
2028	1,654,068		9,226		1,663,294
2029	1,337,841		8,714		1,346,555
2030	659,611		8,756		668,367
2031	—		6,381		6,381
Thereafter	154,336		4,543		158,879
Total	$	11,388,605	$	56,130	$	11,444,735

Securities Held-To-Maturity - Narrative (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2026 USD ($) bond	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)
Schedule of Held-to-Maturity Securities [Line Items]
Held-to-maturity securities, face value	$ 225,461		$ 229,521
Debt securities, held to maturity, nonaccrual	12,200
Debt securities, held to maturity, nonaccrual, specific allowances	10,500
Interest income, including the amortization of discount	3,700	$ 3,700
APL certificates
Schedule of Held-to-Maturity Securities [Line Items]
Held-to-maturity securities, face value	192,791		$ 192,791
Amount purchased at a discount	$ 119,000
Weighted average variable interest rate (as a percent)	3.94%
Estimated weighted average remaining maturity period	5 years 1 month 6 days
Weighted average fixed interest rate	8.84%		8.84%
Maturing in one to five years	$ 63,600
Maturing in five to ten years	$ 129,200
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	11 years 10 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%
Agency B Piece Bonds
Schedule of Held-to-Maturity Securities [Line Items]
Weighted average variable interest rate (as a percent)	3.74%		2.00%
Weighted average effective interest rate (as a percent)	2.32%
After ten years	$ 32,700

Loans and Investments - Schedule of Impaired Loans (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026 USD ($) loan	Dec. 31, 2025 USD ($) loan
Loans and Investments
UPB	$ 337,364	$ 384,930
Carrying Value	334,679	382,190
Allowance for Credit Losses	$ 31,565	$ 43,090
Wtd. Avg. First Dollar LTV Ratio	0	0
Wtd. Avg. Last Dollar LTV Ratio	0.96	0.96
Number of impaired loans (less unearned revenue and other holdbacks and adjustments) by asset class \| loan	17	20
Multifamily
Loans and Investments
UPB	$ 318,709	$ 366,275
Carrying Value	316,068	363,635
Allowance for Credit Losses	$ 26,962	$ 38,487
Wtd. Avg. First Dollar LTV Ratio	0	0
Wtd. Avg. Last Dollar LTV Ratio	0.96	0.96
Retail
Loans and Investments
UPB	$ 16,955	$ 16,955
Carrying Value	16,911	16,855
Allowance for Credit Losses	$ 2,903	$ 2,903
Wtd. Avg. First Dollar LTV Ratio	0	0
Wtd. Avg. Last Dollar LTV Ratio	0.97	0.97
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

Allowance for Loss-Sharing Obligations

3 Months Ended

Mar. 31, 2026

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 March 31,
	2026		2025
Beginning balance	$	97,579	$	83,150
Provisions for loss sharing (net of reversals)	4,537		1,786
Charge-offs and advances, net of reimbursements	4,657		579
Ending balance	$	106,773	$	85,515

When a loan is sold under the Fannie Mae DUS program, we undertake an obligation to partially guarantee the performance of the loan. A liability is recognized for the fair value of the guarantee obligation undertaken for the non-contingent aspect of the guarantee and is removed only upon either the expiration or settlement of the guarantee. At March 31, 2026 and December 31, 2025, we had $36.1 million and $35.7 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 general reserve 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. In instances where payment under the loss-sharing obligations of a loan is determined to be probable and estimable (as the loan is probable of, or is, in foreclosure), we record a liability for the estimated loss-sharing specific reserve.

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 unreimbursed advanced principal and interest payments in accordance with the DUS program, which are reflected as reductions to the proceeds needed to settle losses. At March 31, 2026 and December 31, 2025, we had outstanding advances of $2.5 million and $7.3 million, respectively, which were netted against the allowance for loss-sharing obligations.

At March 31, 2026 and December 31, 2025, our allowance for loss-sharing obligations, associated with expected losses under CECL, was $70.7 million and $61.9 million, respectively, and represented 0.29% and 0.26%, respectively, of our Fannie Mae servicing portfolio.

At March 31, 2026 and December 31, 2025, the maximum quantifiable liability associated with our guarantees under the Fannie Mae DUS agreement was $4.64 billion and $4.60 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.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482804/825-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 720
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483359/720-20-50-1

Reference 6: 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)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
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-Name Accounting Standards Codification
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-Subparagraph (SAB Topic 5.Y.Q2)
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-Topic 450
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 450
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+ Details

Description of Business (Details)	3 Months Ended
Description of Business (Details)	Mar. 31, 2026 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of business segments	2

Capitalized Mortgage Servicing Rights - Narrative (Details) - MSRs - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Capitalized Mortgage Servicing Rights
Prepayment fees collected	$ 0.9	$ 1.0
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	5 years 10 months 24 days		6 years 1 month 6 days

- Definition

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.

+ References + Details

Loans and Investments - Schedule of Loan Modifications (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Financing Receivable, Modified [Line Items]
UPB of loan modifications, borrowers experiencing financial difficulty		$ 949,830
Weighted average pay rate after modification	4.27%	4.52%
Deferred rate after modification	2.59%	3.38%
UPB of loan modifications made during the current year	$ 479,300
Financing receivable, modified in period, percentage of total investment portfolio	4.00%	8.00%
Financing receivable, specific reserve	$ 1,000	$ 5,200
Weighted average pay rate before modification	5.32%	6.82%
Total UPB of modified loans that had been previously modified	$ 308,100	$ 370,900
Deferred rate before modification	2.29%	1.09%
UPB of loan modifications made in prior year		$ 949,800
Payment Deferral, With Or Without Term Extensions
Financing Receivable, Modified [Line Items]
UPB of loan modifications, borrowers experiencing financial difficulty		$ 849,365
Weighted average pay rate after modification	4.62%	5.18%
Deferred rate after modification	2.80%	2.56%
Contractual Interest Rate Reduction, With Or Without Term Extensions
Financing Receivable, Modified [Line Items]
Weighted average pay rate after modification	5.26%
Deferred rate after modification	1.08%
Other
Financing Receivable, Modified [Line Items]
UPB of loan modifications, borrowers experiencing financial difficulty		$ 100,465
Extended Maturity, 23.5 Months
Financing Receivable, Modified [Line Items]
Financing receivable modified, weighted average term increase from modification	23 months 15 days
Payment Deferral And Pay Rate Increase From Time-To-Time
Financing Receivable, Modified [Line Items]
UPB of loan modifications, borrowers experiencing financial difficulty	$ 65,100	$ 470,300
Extended Maturity, 18.7 Months
Financing Receivable, Modified [Line Items]
Financing receivable modified, weighted average term increase from modification	18 months 21 days	19 months 18 days
Specific Reserve
Financing Receivable, Modified [Line Items]
UPB of loan modifications, borrowers experiencing financial difficulty	$ 33,000	$ 25,500
Multifamily
Financing Receivable, Modified [Line Items]
UPB of loan modifications, borrowers experiencing financial difficulty	478,800	933,340
Multifamily \| Payment Deferral, With Or Without Term Extensions
Financing Receivable, Modified [Line Items]
UPB of loan modifications, borrowers experiencing financial difficulty	166,786	849,365
Multifamily \| Contractual Interest Rate Reduction, With Or Without Term Extensions
Financing Receivable, Modified [Line Items]
UPB of loan modifications, borrowers experiencing financial difficulty	196,594
Multifamily \| Other
Financing Receivable, Modified [Line Items]
UPB of loan modifications, borrowers experiencing financial difficulty	$ 115,420	83,975
Multifamily \| Extended Maturity, 18.7 Months
Financing Receivable, Modified [Line Items]
UPB of loan modifications, borrowers experiencing financial difficulty		108,700
Single-Family Rental
Financing Receivable, Modified [Line Items]
UPB of loan modifications, borrowers experiencing financial difficulty		16,490
Single-Family Rental \| Payment Deferral, With Or Without Term Extensions
Financing Receivable, Modified [Line Items]
UPB of loan modifications, borrowers experiencing financial difficulty		0
Single-Family Rental \| Other
Financing Receivable, Modified [Line Items]
UPB of loan modifications, borrowers experiencing financial difficulty		$ 16,490

Agreements and Transactions with Related Parties - 2020 Activity (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2026 USD ($) property	Mar. 31, 2025 USD ($)	Dec. 31, 2020 USD ($) property	Dec. 31, 2025 property
Agreements and Transactions with Related Parties
Number of real estate properties \| property	36			35
Interest income	$ 235,047	$ 240,693
Multifamily
Agreements and Transactions with Related Parties
Number of real estate properties \| property	32			31
Multifamily \| Mezzanine Loans \| Other Related Party Transactions \| Related Party
Agreements and Transactions with Related Parties
Interest income	$ 100	$ 100
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

Loans Held-for-Sale, Net - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Loans Held-for-Sale, Net
Sale of loans held-for-sale excluding acquired loans	$ 671,000,000.0	$ 730,900,000
Loans held-for-sale placed on non-accrual status	0		$ 0
Financial Asset, Equal to or Greater than 90 Days Past Due
Loans Held-for-Sale, Net
Loans held-for-sale that were 90 days or more past due	$ 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

Loans and Investments - Schedule of Non-Performing Loans (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Loans and Investments
UPB	$ 337,364	$ 384,930
Loans and investments, gross	11,997,293	12,113,107
Non-performing loans
Loans and Investments
UPB	481,450	569,137
Loans and investments, gross	476,150	555,247
Multifamily
Loans and Investments
UPB	318,709	366,275
Multifamily \| Non-performing loans
Loans and Investments
UPB	479,219	566,906
Loans and investments, gross	473,919	553,016
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	16,955	16,955
Retail \| Non-performing loans
Loans and Investments
UPB	531	531
Loans and investments, gross	$ 531	$ 531

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Debt Obligations

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Debt Obligations

Credit and Repurchase Facilities

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


			March 31, 2026						December 31, 2025
	Current Maturity	Extended Maturity	Debt Carrying Value (1)		Collateral Carrying Value		Wtd. Avg. Note Rate (2)		Debt Carrying Value (1)		Collateral Carrying Value
Structured Business
$1.4B joint repurchase facility (3)	Jul. 2027	Jul. 2028	$	1,031,189	$	1,569,762	6.36	%	$	882,635	$	1,468,161
$1.22B repurchase facility	(6)	N/A	1,175,995		1,633,307		5.66	%	1,149,944		1,555,403
$1B repurchase facility (3)	(5)	N/A	774,998		1,082,767		6.47	%	879,499		1,207,513
$850M repurchase facility (3)	Dec. 2026	Dec. 2027	356,589		624,309		6.50	%	443,880		725,309
$650M repurchase facility (3)	Oct. 2026	N/A	381,913		456,439		6.19	%	462,694		549,069
$400M credit facility	Mar. 2027	N/A	59,399		117,164		7.01	%	66,479		125,099
$400M repurchase facility	Jan. 2027	Jan. 2028	279,679		379,619		5.98	%	291,342		383,195
$350M repurchase facility	Mar. 2027	N/A	124,215		217,645		5.73	%	127,199		238,422
$300M credit facility	Mar. 2029	Mar. 2030	7,551		9,476		6.76	%	—		—
$250M repurchase facility	Sept. 2027	Sept. 2028	85,803		132,070		6.79	%	73,052		113,121
$250M repurchase facility	Oct. 2026	N/A	—		—		—		98,186		126,340
$250M repurchase facility	Oct. 2027	N/A	95,417		124,588		6.25	%	78,963		102,758
$200M credit facility	Mar. 2027	Mar. 2028	48,665		65,277		6.30	%	41,114		59,147
$22M loan specific credit facility	Jul. 2026	N/A	20,792		26,000		5.84	%	63,456		87,000
$40M credit facility (7)	Jul. 2026	N/A	15,570		24,610		6.10	%	15,532		24,610
$35M working capital facility (7)	Jul. 2026	N/A	35,000		—		6.66	%	35,000		—
Repurchase facility - securities (3)(4)	N/A	N/A	50,312		—		5.09	%	50,280		—
Structured Business total (8)			$	4,543,087	$	6,463,033	6.15	%	$	4,759,255	$	6,765,147

Agency Business
$750M ASAP agreement	N/A	N/A	$	253,768	$	257,537	4.88	%	$	91,965	$	92,733
$500M repurchase facility	Nov. 2026	N/A	23,169		23,573		5.16	%	89,427		89,573
$200M credit facility (7)	Mar. 2027	N/A	62,162		62,568		5.37	%	101,802		102,409
$200M credit facility	Jun. 2026	N/A	20,549		20,738		6.07	%	42,887		43,096
$100M joint repurchase facility (3)	Jul. 2027	Jul. 2028	65,217		77,762		6.27	%	64,315		77,798

Agency Business total			$	424,865	$	442,178	5.24	%	$	390,396	$	405,609
Consolidated total			$	4,967,952	$	6,905,211	6.07	%	$	5,149,651	$	7,170,756

________________________

(2)At March 31, 2026 and December 31, 2025, all credit and repurchase facilities are variable rate loans.

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

(5)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.

(6)This facility matures at the latest maturity date of all purchased assets, which is currently March 2029.

(7)These facilities were extended in 2026.

(8)These amounts exclude outstanding notes payable on our REO assets with a debt carrying value of $253.2 million and $223.0 million at March 31, 2026 and December 31, 2025, respectively.

Structured Business

At March 31, 2026 and December 31, 2025, 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 6.44% and 6.40%, 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 69% at both March 31, 2026 and December 31, 2025.

In March 2026, we entered into a $300.0 million credit facility to finance BTR loans that matures in March 2029, with a one-year extension option. The facility may be increased, subject to lender approval, by up to $50.0 million to a maximum of $350.0 million. The facility has an interest rate of SOFR plus 3.00%, with a SOFR floor of 2.50%.

Agency Business

In March 2026, we extended the maturity of a $200.0 million credit facility to March 2027 and reduced the interest rate from SOFR plus 1.40% to SOFR plus 1.35%.

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
March 31, 2026	Face Value		Carrying Value (1)		Wtd. Avg. Rate (2)		UPB		Carrying Value		Restricted Cash (4)
CLO 21	$	673,990	$	667,860	5.47	%	$	655,335	$	652,162	$	100,000
CLO 20	933,187		925,169		5.48	%	971,081		966,871		75,192
BTR CLO 1	567,121		559,749		6.22	%	688,888		687,341		266
CLO 18 (5)	878,266		878,030		5.88	%	1,240,919		1,240,675		30,000
CLO 17 (5)	900,659		900,660		5.73	%	1,173,927		1,173,866		104,235



Total CLOs	$	3,953,223	$	3,931,468	5.73	%	$	4,730,150	$	4,720,915	$	309,693
Q Series securitization (6)	—		—		—		24,950		24,950		—
Total securitized debt	$	3,953,223	$	3,931,468	5.73	%	$	4,755,100	$	4,745,865	$	309,693

December 31, 2025
CLO 20	$	933,187	$	924,504	5.50	%	$	1,045,664	$	1,040,984	$	—
BTR CLO 1	525,304		517,395		6.29	%	685,746		683,807		—
CLO 18 (5)	971,595		970,979		6.01	%	1,339,523		1,338,395		21,469
CLO 17 (5)	1,055,700		1,055,380		5.66	%	1,443,820		1,443,845		—




Total CLOs	3,485,786		3,468,258		5.81	%	4,514,753		4,507,031		21,469
Q Series securitization (6)	—		—		—		50,600		50,600		—
Total securitized debt	$	3,485,786	$	3,468,258	5.81	%	$	4,565,353	$	4,557,631	$	21,469

________________________

(1)Debt carrying value is net of $21.8 million and $17.5 million of deferred financing fees at March 31, 2026 and December 31, 2025, respectively.

(2)At March 31, 2026 and December 31, 2025, the aggregate weighted average note rate for our CLOs, including certain fees and costs, was 5.96% and 6.07%, respectively.

(5)The replenishment period for CLO 17 and CLO 18 ended in June 2024 and August 2024, respectively.

(6)All third party amounts have been paid down and only our tranches remain.

CLO 21. In March 2026, we completed CLO 21, through a wholly owned subsidiary, issuing nine tranches of CLO notes totaling $762.6 million. Of the total CLO notes issued, $674.0 million consisted of investment grade notes issued to third-party investors. The remaining $88.6 million were below investment grade notes that were retained by us. As of the CLO closing date, the notes were secured by a portfolio of real estate related assets and cash with a face value of $662.6 million, with the real estate related assets primarily comprised of first-lien mortgage bridge loans contributed from our existing loan portfolio. The CLO has an approximate two and a half year replacement period, during which principal payments and sale proceeds from the underlying loans may be reinvested into qualifying replacement loan obligations, subject to conditions outlined in the indenture. Thereafter, the outstanding debt balance will decrease as loans are repaid. The proceeds of the issuance also included $100.0 million for the purpose of acquiring additional loan obligations within 180 days from the CLO closing date, which is expected to be fully utilized, resulting in the issuer owning loan obligations with a face value of $762.6 million, representing leverage of 88%. The notes sold to third parties had an initial weighted average interest rate of 1.73% plus term SOFR, with interest payable monthly.

Securitization Paydowns. During the three months ended March 31, 2026, outstanding notes totaling $248.4 million on our existing CLOs have been paid down.

Senior Unsecured Notes

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


			March 31, 2026						December 31, 2025
Senior Unsecured Notes	Issuance Date	Maturity	UPB		Carrying Value (1)		Wtd. Avg. Rate (2)		UPB		Carrying Value (1)		Wtd. Avg. Rate (2)
8.50% Notes (3)	Dec. 2025	Dec. 2028	$	400,000	$	394,762	8.50	%	$	400,000	$	394,340	8.50	%
7.875% Notes (4)	Jul. 2025	Jul. 2030	500,000		489,975		7.88	%	500,000		489,397		7.88	%
9.00% Notes (3)	Oct. 2024	Oct. 2027	100,000		99,078		9.00	%	100,000		98,934		9.00	%
8.50% Notes (3)	Oct. 2022	Oct. 2027	150,000		149,172		8.50	%	150,000		149,041		8.50	%
5.00% Notes (3)	Dec. 2021	Dec. 2028	180,000		178,831		5.00	%	180,000		178,725		5.00	%
4.50% Notes (3)	Aug. 2021	Sept. 2026	270,000		269,650		4.50	%	270,000		269,439		4.50	%
5.00% Notes (3)	Apr. 2021	Apr. 2026	175,000		174,948		5.00	%	175,000		174,790		5.00	%
4.50% Notes (3)	Mar. 2020	Mar. 2027	275,000		274,531		4.50	%	275,000		274,412		4.50	%

			$	2,050,000	$	2,030,947	6.70	%	$	2,050,000	$	2,029,078	6.70	%

________________________

(1)At March 31, 2026 and December 31, 2025, the carrying value is net of deferred financing fees of $19.1 million and $20.9 million, respectively.

(2)At both March 31, 2026 and December 31, 2025, the aggregate weighted average note rate, including certain fees and costs, was 7.06%.

Subsequent Event. In April 2026, we redeemed our 5.00% senior notes totaling $175.0 million at maturity.

Convertible Senior Unsecured Notes

In August 2025, our convertible notes matured, and were fully repaid with a portion of the net proceeds received from our 7.875% senior unsecured notes issued in July 2025. During the three months ended March 31, 2025, 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.

Junior Subordinated Notes

The carrying values of borrowings under our junior subordinated notes were $145.7 million and $145.5 million at March 31, 2026 and December 31, 2025, respectively, which is net of a deferred amount of $7.4 million and $7.6 million, respectively, (which is amortized into interest expense over the life of the notes) and deferred financing fees of $1.2 million at both March 31, 2026 and December 31, 2025. 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 6.55% and 6.52% at March 31, 2026 and December 31, 2025, respectively. Including certain fees and costs, the weighted average note rate was 6.64% and 6.61% at March 31, 2026 and December 31, 2025, respectively.

Debt Covenants

Credit and Repurchase Facilities and Unsecured Debt. The credit and repurchase facilities and unsecured debt 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 March 31, 2026.

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 March 31, 2026, as well as on the most recent determination dates in April 2026. 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 April 2026 are as follows:


Cash Flow Triggers	CLO 17		CLO 18		BTR CLO 1		CLO 20		CLO 21
Overcollateralization (1)
Current	136.30	%	139.84	%	117.47	%	112.52	%	113.15	%
Limit	121.51	%	123.03	%	115.47	%	110.52	%	111.15	%
Pass / Fail	Pass		Pass		Pass		Pass		Pass

Interest Coverage (2)
Current	155.42	%	134.63	%	151.92	%	135.00	%	130.39	%
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 17		CLO 18		BTR CLO 1		CLO 20		CLO 21
April 2026	136.30	%	139.84	%	117.47	%	112.52	%	113.15	%
January 2026	127.77	%	136.54	%	117.47	%	112.52	%	N/A
October 2025	127.02	%	131.38	%	117.47	%	112.52	%	N/A
July 2025	124.46	%	130.03	%	117.47	%	N/A		N/A
April 2025	122.65	%	127.91	%	N/A		N/A		N/A

________________________

(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.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
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-Paragraph 1
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Variable Interest Entities (Details)
$ in Thousands

3 Months Ended

Mar. 31, 2026

USD ($)

entity

Dec. 31, 2025

USD ($)

Mar. 31, 2025

USD ($)

Dec. 31, 2024

USD ($)

Assets:

Restricted cash

$ 393,529

$ 67,347

$ 40,563

$ 156,376

Loans and investments, net

11,835,381

11,934,248

Other assets

426,908

454,432

Total assets

^[1]

14,692,485

14,494,903

Liabilities:

Securitized debt

3,931,468

3,468,258

Other liabilities

245,649

280,770

Total liabilities

^[1]

11,713,435

11,427,750

CLOs and Debt Fund

Assets:

Restricted cash

359,569

35,258

Loans and investments, net

4,745,864

4,557,631

Other assets

65,437

69,132

Total assets

5,170,870

4,662,021

Liabilities:

Securitized debt

3,931,468

3,468,258

Other liabilities

9,688

9,590

Total liabilities

3,941,156

$ 3,477,848

Unconsolidated VIEs

Assets:

Total assets

$ 1,686,251

Liabilities:

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

$ 91,800

Loan loss reserves related to VIEs

7,800

Exposure to real estate debt

4,770,000

Unconsolidated VIEs | Loans

Assets:

Total assets

1,484,172

Unconsolidated VIEs | APL certificates

Assets:

Total assets

143,900

Unconsolidated VIEs | Equity investments

Assets:

Total assets

31,477

Unconsolidated VIEs | B Piece bonds

Assets:

Total assets

26,694

Unconsolidated VIEs | Agency interest-only strips

Assets:

Total assets

$ 8

[1]

Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs,") as we are the primary beneficiary of these VIEs. At March 31, 2026 and December 31, 2025, assets of our consolidated VIEs totaled $5,170,870 and $4,662,021, respectively, and the liabilities of our consolidated VIEs totaled $3,941,156 and $3,477,848, respectively. See Note 15 for discussion of our VIEs.

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2026	May 01, 2026
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
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		192,361,203
Entity Central Index Key	0001253986
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
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

Agreements and Transactions with Related Parties - 2022 Activity (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
	Nov. 30, 2025	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2022
Agreements and Transactions with Related Parties
Interest income		$ 235,047	$ 240,693
Bridge loans \| Other Related Party Transactions \| Related Party
Agreements and Transactions with Related Parties
Principal amount	$ 67,900
Equity participation interest (as a percentage)	4.30%
Base spread, percentage	2.50%
SOFR floor, percentage	2.50%
Interest income		1,100
Maturity date of May 2026 \| Bridge loans \| Other Related Party Transactions \| Related Party
Agreements and Transactions with Related Parties
Principal amount				$ 67,100
Loan committed		55,000
Equity participation interest (as a percentage)				2.25%
Base spread, percentage				4.63%
SOFR floor, percentage				0.25%
Interest income		1,200	1,000
Maturity date of March 2026, Committed February 2022 \| Bridge loans \| Other Related Party Transactions \| Related Party
Agreements and Transactions with Related Parties
Principal amount				$ 39,400
Equity participation interest (as a percentage)				2.25%
Base spread, percentage				4.00%
SOFR floor, percentage				0.25%
Interest income		$ 800	$ 700

Loans and Investments - Allowance for Credit Losses (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Financing Receivable, Allowance for Credit Loss [Line Items]
Accrued interest receivable related to loans	$ 165.3	$ 165.7
Land
Financing Receivable, Allowance for Credit Loss [Line Items]
Outstanding unfunded commitments	$ 1,790.0	$ 1,920.0

Fair Value

3 Months Ended

Mar. 31, 2026

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):


	March 31, 2026						December 31, 2025
	Principal / Notional Amount		Carrying Value		Estimated Fair Value		Principal / Notional Amount		Carrying Value		Estimated Fair Value
Financial assets:
Loans and investments, net	$	11,997,293	$	11,835,381	$	11,821,573	$	12,113,107	$	11,934,248	$	11,964,280
Loans held-for-sale, net	444,956		443,218		456,125		408,386		409,081		421,398
Capitalized mortgage servicing rights, net	n/a		331,929		465,856		n/a		340,842		474,767
Securities held-to-maturity, net	225,461		155,469		149,237		229,521		156,087		150,147
Derivative financial instruments	88,438		822		822		94,319		585		585

Financial liabilities:
Credit and repurchase facilities	$	4,977,857	$	4,967,952	$	4,961,310	$	5,161,707	$	5,149,651	$	5,143,472
Securitized debt	3,953,223		3,931,468		3,954,507		3,485,786		3,468,258		3,487,773
Senior unsecured notes	2,050,000		2,030,947		1,968,663		2,050,000		2,029,078		2,009,938

Junior subordinated notes	154,336		145,707		112,772		154,336		145,497		111,992
Notes payable - real estate owned	253,189		253,189		252,010		222,965		222,965		221,893
Derivative financial instruments	387,786		2,457		2,457		292,734		1,082		1,082

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 lesser 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 notes payable - real estate owned. Fair values for credit and repurchase facilities and notes payable - real estate owned 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).

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 March 31, 2026 ($ in thousands):


	Carrying Value		Fair Value		Fair Value Measurements Using Fair Value Hierarchy
					Level 1		Level 2		Level 3
Financial assets:
Derivative financial instruments	$	822	$	822	$	—	$	189	$	633

Financial liabilities:
Derivative financial instruments	$	2,457	$	2,457	$	—	$	2,457	$	—

We measure certain financial and non-financial assets at fair value on a nonrecurring basis. The fair values of these financial and non-financial assets, if applicable, were determined using the following input levels at March 31, 2026 ($ 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)	$	303,114	$	303,114	$	—	$	—	$	303,114
Loans held-for-sale (2)	12,993		12,993		—		12,993		—
	$	316,107	$	316,107	$	—	$	12,993	$	303,114

________________________

(1)We had an allowance for credit losses of $31.6 million relating to 17 impaired loans with an aggregate carrying value, before loan loss reserves, of $334.7 million at March 31, 2026. The fair values of these impaired loans are based on the value of the underlying collateral.

(2)We have an impairment loss of $1.0 million related to 3 loans held-for-sale with an aggregate carrying value, before unrealized impairment losses, of $14.0 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 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 March 31, 2026 is as follows ($ in thousands):


	Fair Value		Valuation Techniques	Significant Unobservable Inputs
Financial assets:
Impaired loans:					Weighted Average	Minimum / Maximum
Multifamily	$	289,106	Discounted cash flows	Capitalization rate	5.89 %	5.50 % - 7.00 %










Retail	$	14,008	Sales comparative	Price per acre	$165	$165

Derivative financial instruments:
Rate lock commitments	$	633	Discounted cash flows	W/A discount rate	13.82 %	13.82 %

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


	Fair Value Measurements Using Significant Unobservable Inputs
	Three Months Ended March 31,
	2026		2025
Derivative assets and liabilities, net
Beginning balance	$	473	$	—
Settlements	(9,500)		(7,822)
Realized gains recorded in earnings	9,027		7,822
Unrealized gains recorded in earnings	633		309
Ending balance	$	633	$	309

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


March 31, 2026	Notional/ Principal Amount		Fair Value of Servicing Rights		Unrealized Impairment Loss		Total Fair Value Adjustment
Rate lock commitments	$	55,904	$	633	$	—	$	633
Forward sale commitments	420,320		—		—		—
Loans held-for-sale, net (1)	444,956		4,994		1,224		6,218
Total			$	5,627	$	1,224	$	6,851

________________________

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

We measure certain assets and liabilities for which fair value is only disclosed. The fair values of these assets and liabilities are determined using the following input levels at March 31, 2026 ($ 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	$	11,835,381	$	11,821,573	$	—	$	—	$	11,821,573
Loans held-for-sale, net	443,218		456,125		—		451,131		4,994
Capitalized mortgage servicing rights, net	331,929		465,856		—		—		465,856
Securities held-to-maturity, net	155,469		149,237		—		—		149,237

Financial liabilities:
Credit and repurchase facilities	$	4,967,952	$	4,961,310	$	—	$	424,865	$	4,536,445
Securitized debt	3,931,468		3,954,507		—		—		3,954,507
Senior unsecured notes	2,030,947		1,968,663		1,968,663		—		—

Junior subordinated notes	145,707		112,772		—		—		112,772
Notes payable - real estate owned	253,189		252,010		—		—		252,010

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
-Paragraph 6A
-Subparagraph (e)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Derivative Financial Instruments - Schedule of Non-Qualifying Derivative Financial Instruments (Details) $ in Thousands	Mar. 31, 2026 USD ($) derivative	Dec. 31, 2025 USD ($) derivative
Non-Qualifying \| Agency Business
Derivative Financial Instruments
Notional Value	$ 476,224	$ 448,753
Derivative Assets	822	585
Derivative Liabilities	(2,457)	$ (1,082)
Rate lock commitments
Derivative Financial Instruments
Notional Value	$ 55,904
Rate lock commitments \| Non-Qualifying \| Agency Business
Derivative Financial Instruments
Count \| derivative	3	4
Notional Value	$ 55,904	$ 29,621
Derivative Assets	633	473
Derivative Liabilities	(121)	$ (66)
Forward sale commitments
Derivative Financial Instruments
Notional Value	$ 420,320
Forward sale commitments \| Non-Qualifying \| Agency Business
Derivative Financial Instruments
Count \| derivative	18	32
Notional Value	$ 420,320	$ 357,432
Derivative Assets	189	112
Derivative Liabilities	$ (2,336)	$ (1,016)
Treasury futures \| Non-Qualifying \| Agency Business
Derivative Financial Instruments
Count \| derivative		617
Notional Value		$ 61,700
Derivative Assets		0
Derivative Liabilities		$ 0

Loans and Investments - Non-performing Loans (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2026 USD ($) loan	Mar. 31, 2025 USD ($) loan	Dec. 31, 2025 USD ($) loan
Loans and Investments
Number of loans \| loan	545		632
Bridge loans, total UPB	$ 337,364		$ 384,930
Number of nonaccrual loans with specific reserves \| loan		2
UPB of nonaccrual loans with specific reserves		$ 74,100
Financing receivable, nonaccrual, specific reserve		7,300
Interest income recognized on nonaccrual loans	$ 6,700	$ 4,500
Non-performing loans
Loans and Investments
Number of loans \| loan	19		26
Carrying value of loans	$ 460,000		$ 545,000
Loan loss reserves	16,100		10,200
Bridge loans, total UPB	481,450		569,137
Non-performing loans \| Financial Asset, Greater Than 60 Days Past Due
Loans and Investments
Interest receivable	200		6,600
Bridge loans, total UPB	$ 20,800		$ 237,000

Income Taxes

3 Months Ended

Mar. 31, 2026

Income Tax Disclosure [Abstract]

Income Taxes

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

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

On July 4, 2025, the One Big Beautiful Bill Act (the “OBBBA”) was enacted into law. The legislation includes significant changes to U.S. tax law. Both our REIT and Agency Business are now subject to the provisions of Section 162(m) of the Internal Revenue Code (“Section 162(m)”) which limits the tax deductibility of executive compensation to $1 million per year for each named executive officer (“NEO”). We believe that it is more likely than not a significant portion of our NEO compensation will exceed the $1 million limitation in current and future years resulting in no tax deductibility for the book expense associated with these compensation agreements, including share based compensation.

A summary of our income tax provision is as follows ($ in thousands):


	Three Months Ended March 31,
	2026		2025
Current income tax provision	$	(4,665)	$	(3,728)
Deferred income tax benefit	2,580		137
Total income tax provision	$	(2,085)	$	(3,591)

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
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-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
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-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 12C
-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
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-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Income Taxes (Tables)

3 Months Ended

Mar. 31, 2026

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Provision

A summary of our income tax provision is as follows ($ in thousands):


	Three Months Ended March 31,
	2026		2025
Current income tax provision	$	(4,665)	$	(3,728)
Deferred income tax benefit	2,580		137
Total income tax provision	$	(2,085)	$	(3,591)

Segment Information - Schedule of Key Servicing Metrics (Details) - Agency Business - MSRs - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Segment Information
Servicing Portfolio UPB	$ 36,311,087	$ 36,203,807
Wtd. Avg. Servicing Fee Rate (basis points)	0.355%	0.356%
Wtd. Avg. Life of Portfolio (years)	5 years 10 months 24 days	6 years 1 month 6 days
SFR - Fixed Rate
Segment Information
Servicing Portfolio UPB	$ 264,008	$ 277,490
Wtd. Avg. Servicing Fee Rate (basis points)	0.20%	0.20%
Wtd. Avg. Life of Portfolio (years)	3 years 9 months 18 days	4 years
Fannie Mae
Segment Information
Servicing Portfolio UPB	$ 24,261,724	$ 24,085,960
Wtd. Avg. Servicing Fee Rate (basis points)	0.444%	0.447%
Wtd. Avg. Life of Portfolio (years)	5 years 4 months 24 days	5 years 6 months
Freddie Mac
Segment Information
Servicing Portfolio UPB	$ 7,368,979	$ 7,455,088
Wtd. Avg. Servicing Fee Rate (basis points)	0.182%	0.183%
Wtd. Avg. Life of Portfolio (years)	5 years 8 months 12 days	5 years 10 months 24 days
Private Label
Segment Information
Servicing Portfolio UPB	$ 2,554,209	$ 2,558,048
Wtd. Avg. Servicing Fee Rate (basis points)	0.187%	0.187%
Wtd. Avg. Life of Portfolio (years)	4 years 3 months 18 days	4 years 6 months
FHA
Segment Information
Servicing Portfolio UPB	$ 1,584,644	$ 1,549,483
Wtd. Avg. Servicing Fee Rate (basis points)	0.138%	0.139%
Wtd. Avg. Life of Portfolio (years)	19 years	19 years 1 month 6 days
Bridge loan
Segment Information
Servicing Portfolio UPB	$ 277,523	$ 277,738
Wtd. Avg. Servicing Fee Rate (basis points)	0.104%	0.104%
Wtd. Avg. Life of Portfolio (years)	2 years	2 years 2 months 12 days

Loans and Investments - Schedule of Investment Portfolio and Concentration of Credit Risk (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026 USD ($) loan	Dec. 31, 2025 USD ($) loan	Mar. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)
Loans and Investments
Loans and investments, gross	$ 11,997,293	$ 12,113,107
Allowance for credit losses	(131,223)	(145,971)	$ (240,937)	$ (238,967)
Unearned revenue	(30,689)	(32,888)
Loans and investments, net	$ 11,835,381	$ 11,934,248
Percent of Total	100.00%	100.00%
Loan Count \| loan	545	632
Wtd. Avg. Pay Rate (as a percent)	6.49%	6.49%
Wtd. Avg. Remaining Months to Maturity	15 months 21 days	14 months 21 days
Wtd. Avg. First Dollar LTV Ratio (as percent)	2.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	77.00%
Weighted average remaining months to maturity including extension options	20 months 24 days	19 months 27 days
Exit fee receivable	$ 40,600	$ 43,000
Single-Family Rental
Loans and Investments
Allowance for credit losses	(7,910)	(8,817)	$ (6,524)	$ (7,524)
Bridge loans
Loans and Investments
Loans and investments, gross	$ 11,209,443	$ 11,371,758
Percent of Total	93.00%	94.00%
Loan Count \| loan	439	524
Wtd. Avg. Pay Rate (as a percent)	6.37%	6.39%
Wtd. Avg. Remaining Months to Maturity	14 months 3 days	12 months 27 days
Wtd. Avg. First Dollar LTV Ratio (as percent)	0.00%	0.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	77.00%	77.00%
Bridge loans \| Single-Family Rental
Loans and Investments
Number of loans under the loan portfolio \| loan	224	298
Total loan commitment	$ 4,620,000	$ 4,730,000
Mezzanine loans
Loans and Investments
Loans and investments, gross	$ 295,843	$ 290,212
Percent of Total	3.00%	2.00%
Loan Count \| loan	62	65
Wtd. Avg. Pay Rate (as a percent)	8.04%	7.84%
Wtd. Avg. Remaining Months to Maturity	48 months 18 days	52 months 9 days
Wtd. Avg. First Dollar LTV Ratio (as percent)	58.00%	59.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	79.00%	78.00%
Construction - multifamily
Loans and Investments
Loans and investments, gross	$ 289,889	$ 249,019
Percent of Total	2.00%	2.00%
Loan Count \| loan	10	9
Wtd. Avg. Pay Rate (as a percent)	9.12%	9.13%
Wtd. Avg. Remaining Months to Maturity	22 months 18 days	24 months 18 days
Wtd. Avg. First Dollar LTV Ratio (as percent)	0.00%	0.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	62.00%	60.00%
Preferred equity investments
Loans and Investments
Loans and investments, gross	$ 202,118	$ 202,118
Percent of Total	2.00%	2.00%
Loan Count \| loan	34	34
Wtd. Avg. Pay Rate (as a percent)	6.87%	6.87%
Wtd. Avg. Remaining Months to Maturity	43 months	46 months
Wtd. Avg. First Dollar LTV Ratio (as percent)	62.00%	62.00%
Wtd. Avg. Last Dollar LTV Ratio (as percent)	81.00%	80.00%
SFR permanent loans \| Single-Family Rental
Loans and Investments
Unpaid principal balance, funded	$ 3,270,000	$ 3,180,000

Equity - Narrative (Details) $ / shares in Units, $ in Millions		3 Months Ended		12 Months Ended
	May 07, 2026 $ / shares	Mar. 31, 2026 USD ($) Vote $ / shares shares	Mar. 31, 2025 $ / shares	Dec. 31, 2025 $ / shares
Common stock
Number of shares repurchased (in shares)		4,117,901
Value of shares repurchased \| $		$ 30.7
Average cost per share (in dollars per share) \| $ / shares		$ 7.46
Preferred stock, par value (in dollars per share) \| $ / shares		0.01		$ 0.01
Common Stock, Dividend (in dollars per share) \| $ / shares		$ 0.30	$ 0.43
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)		23,439,335
Subsequent event
Common stock
Common Stock, Dividend (in dollars per share) \| $ / shares	$ 0.17
Restricted common stock \| Chief executive officer \| 2020 Plan
Common stock
Grants during the period (in shares)		281,690
Total grant date fair value \| $		$ 2.1
Restricted common stock \| Employees
Common stock
Shares withheld for taxes (in shares)		310,341
Restricted common stock \| Employees \| 2020 Plan
Common stock
Grants during the period (in shares)		1,056,203
Total grant date fair value \| $		$ 8.1
Restricted common stock \| Employees \| Vested on grant date \| 2020 Plan
Common stock
Grants during the period (in shares)		369,386
Total grant date fair value \| $		$ 2.8
Restricted common stock \| Employees \| First anniversaries \| 2020 Plan
Common stock
Grants during the period (in shares)		323,963
Total grant date fair value \| $		$ 2.5
Restricted common stock \| Employees \| Second anniversaries \| 2020 Plan
Common stock
Grants during the period (in shares)		324,199
Total grant date fair value \| $		$ 2.5
Restricted common stock \| Employees \| Third anniversaries \| 2020 Plan
Common stock
Grants during the period (in shares)		19,331
Total grant date fair value \| $		$ 0.1
Restricted common stock \| Employees \| Fourth anniversaries \| 2020 Plan
Common stock
Grants during the period (in shares)		19,324
Total grant date fair value \| $		$ 0.1
Performance-based restricted stock \| Chief executive officer \| 2020 Plan
Common stock
Grants during the period (in shares)		1,126,760
Total grant date fair value \| $		$ 3.1
Vesting period (in years)		4 years
Performance-based restricted stock \| Chief operating officer \| 2020 Plan
Common stock
Grants during the period (in shares)		649,350
Total grant date fair value \| $		$ 0.6
Vesting period (in years)		5 years
RSUs \| Director \| 2020 Plan
Common stock
Grants during the period (in shares)		79,652
Total grant date fair value \| $		$ 0.6
Series F
Common stock
Preferred stock, dividend rate		6.25%		6.25%
Preferred stock, dividend payment rate, variable rate floor		6.125%
Series F \| October 30, 2026
Common stock
Preferred stock, dividend payment rate, basis spread on variable rate		5.442%
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
Number of vote per share of special voting preferred shares (in shares) \| Vote		1
OP units outstanding (in shares)		16,170,218
Voting power of outstanding stock, percentage		7.80%
Share repurchase program
Common stock
Authorized amount to repurchase \| $		$ 150.0
Shares available for repurchase, value \| $		$ 105.9

Commitments and Contingencies

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Agency Business Commitments. We must make certain representations and warranties concerning each loan we originate for the GSE or HUD programs. The representations and warranties relate to our practices in the origination and servicing of the loans, the accuracy of the information being provided by us and the conformity of the loans to the terms and conditions required by the GSEs and HUD. In the event of a breach of any representation or warranty, the GSEs or HUD could require us to repurchase a loan, even if the loan is not in default. Our obligation to repurchase the loan is independent of our risk-sharing obligations.

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 March 31, 2026, we were required to maintain at least $24.0 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 March 31, 2026, the restricted liquidity requirement totaled $102.3 million and was satisfied with a $70.0 million letter of credit and cash issued to Fannie Mae.

At March 31, 2026, reserve requirements for the current Fannie Mae DUS loan portfolio will require us to fund $33.8 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 March 31, 2026, 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.


Year	Debt Obligations		Minimum Annual Operating Lease Payments		Total
2026 (nine months ending December 31, 2026)	$	3,049,470	$	8,598	$	3,058,068
2027	4,533,279		9,912		4,543,191
2028	1,654,068		9,226		1,663,294
2029	1,337,841		8,714		1,346,555
2030	659,611		8,756		668,367
2031	—		6,381		6,381
Thereafter	154,336		4,543		158,879
Total	$	11,388,605	$	56,130	$	11,444,735

During the three months ended March 31, 2026 and 2025, we recorded lease expense of $2.9 million and $2.8 million, respectively.

Unfunded Commitments. In accordance with certain structured loans and investments, we have outstanding unfunded commitments of $1.79 billion at March 31, 2026 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. From time to time, we may become involved in legal proceedings arising in the ordinary course of our business. Except as set forth below under “Securities Class Action” and "Derivative Actions," we are not currently a party to any material legal proceedings, and we are not aware of any pending or threatened legal proceeding against us that we believe could have an adverse effect on our business, operating results or financial condition. Because the results of legal proceedings are inherently unpredictable and uncertain, we are currently unable to predict whether it will have a material adverse effect on our business, financial condition or results of operations.

Securities Class Action

On July 31, 2024, a purported shareholder filed a securities class action lawsuit against us and certain of our executive officers in the United States District Court for the Eastern District of New York (the “Court”), alleging violations of Sections 10(b) and 20(a) of the Exchange Act and Rule 10b-5 promulgated thereunder. The plaintiffs seek to represent a class of shareholders who purchased our shares of common stock between May 7, 2021 and July 11, 2024.

On November 5, 2024, the Court approved the motion appointing the lead plaintiffs and their counsel.

An amended complaint was filed by the lead plaintiffs on January 21, 2025. The amended complaint alleges that we have made false and misleading statements and/or failed to disclose material information in connection with allegedly overriding internal controls, engaging in substandard lending practices and not complying with agency requirements. The plaintiffs are seeking damages in an unspecified amount, as well as attorneys’ fees and costs. On April 10, 2025, we served a motion to dismiss the case. On March 31, 2026, the Court granted the motion to dismiss in its entirety, dismissing the amended complaint. The plaintiffs were granted leave to amend within 30 days of the order dismissing the case but ultimately decided not to amend. On May 5, 2026, the Court dismissed the plaintiffs’ claims with prejudice and judgment was entered in favor of defendants.

Derivative Actions

On February 26, 2025, a purported shareholder filed a verified shareholder derivative suit in the United States District Court for the District of Maryland, derivatively and on behalf of the Company, against certain officers and directors of the Board of Directors, asserting claims for breach of fiduciary duties, unjust enrichment, abuse of control, gross mismanagement, waste of corporate assets, violations of Section 14(a) of the Exchange Act, and contribution under the Exchange Act, arising from substantially the same facts and events as

alleged in the above-mentioned Securities Class Action. The complaint seeks unspecified damages, costs and expenses, as well as other relief. On March 17, 2025, another purported shareholder filed a substantially similar verified shareholder derivative complaint, and the derivative actions were consolidated as In re Arbor Realty Trust, Inc. Stockholder Derivative Litigation, No. 1:25-cv-00639. On April 28, 2025, the Court entered a joint stipulation and order to stay the action pending resolution of the motion to dismiss in the Securities Class Action. The action will remain stayed following a dismissal without prejudice until entry of an order resolving a subsequent motion to dismiss in the class action. The consolidated case is in the early stages.

On April 18, 2025, another purported shareholder filed a substantially similar verified shareholder derivative complaint in the District Court for the Eastern District of New York. On May 20, 2025, the Court entered a joint stipulation and order to stay the action pending resolution of the motion to dismiss in the Securities Class Action. On April 14, 2026, the Court lifted the stay. The next day, the parties filed a joint letter to the Court, requesting that the Court reinstate the stay pursuant to its May 20, 2025 order. On April 15, 2026, the Court ordered the parties to file a joint status report by May 5, 2026, which the parties did. On May 5, 2026, the Court ordered the parties to file a joint status report by June 9, 2026. This case is also in the early stages.

On July 18, 2025, a purported shareholder filed a verified shareholder derivative complaint in the Circuit Court for the Baltimore City, Maryland, derivatively and on behalf of the Company, against certain officers and directors of the Board of Directors, asserting demand refusal and a claim for breach of fiduciary duty. On September 15, 2025, the Court entered a joint stipulation and order to stay the action pending resolution of the motion to dismiss in the Securities Class Action. The action will remain stayed following a dismissal without prejudice until entry of an order resolving a subsequent motion to dismiss in the class action. This case is also in the early stages.

On July 29, 2025, two purported shareholders filed a verified shareholder derivative complaint in the United States District Court for the Eastern District of New York, derivatively and on behalf of the Company, against certain officers and directors of the Board of Directors, asserting demand refusal and claims for violation of Section 14(a) of the Exchange Act, breach of fiduciary duty and unjust enrichment. On October 23, 2025, the Court granted a joint motion to change venue and transferred the action to the United States District Court for the District of Maryland. On November 14, 2025, the court entered a joint stipulation and order to stay the action pending resolution of the motion to dismiss in the Securities Class Action. The action will remain stayed following a dismissal without prejudice until entry of an order resolving a subsequent motion to dismiss in the class action. This case is also in the early stages.

On August 5, 2025, a purported shareholder filed a verified shareholder derivative complaint in the United States District Court for the Eastern District of New York, derivatively and on behalf of the Company, against certain officers and directors of the Board of Directors, asserting demand futility and claims for violation of Section 14(a) of the Exchange Act, breach of fiduciary duty, and unjust enrichment. On September 10, 2025, the Court entered a joint stipulation and order to stay the action pending resolution of the motion to dismiss in the Securities Class Action. The action will remain stayed following a dismissal without prejudice until entry of an order resolving a subsequent motion to dismiss in the class action. This case is also in the early stages.

We believe that the allegations in the lawsuits are without merit, and we intend to vigorously defend against the claims. At this time, we are unable to determine whether an unfavorable outcome is probable or to estimate reasonably possible losses.

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.

Mortgage Servicing (Tables)

3 Months Ended

Mar. 31, 2026

Transfers and Servicing [Abstract]

Schedule of Product and Geographic Concentration

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


March 31, 2026
Product Concentrations					Geographic Concentrations
Product	UPB (1)		% of Total		State	UPB % of Total
Fannie Mae	$	24,261,724	67	%	New York	13	%
Freddie Mac	7,368,979		20	%	Texas	10	%
Private Label	2,554,209		7	%	North Carolina	8	%
FHA	1,584,644		4	%	California	7	%
Bridge (2)	277,523		1	%	Florida	6	%
SFR - Fixed Rate	264,008		1	%	New Jersey	6	%
Total	$	36,311,087	100	%	Georgia	5	%


					Other (3)	45	%
					Total	100	%

December 31, 2025
Fannie Mae	$	24,085,960	66	%	New York	13	%
Freddie Mac	7,455,088		21	%	Texas	10	%
Private Label	2,558,048		7	%	North Carolina	8	%
FHA	1,549,483		4	%	California	7	%
Bridge (2)	277,738		1	%	Florida	7	%
SFR - Fixed Rate	277,490		1	%	Georgia	5	%
Total	$	36,203,807	100	%	New Jersey	5	%
					Illinois	4	%
					Other (3)	41	%
					Total	100	%

________________________

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

(2)Represents bridge loans sold by our Structured Business that we are servicing.

(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 March 31,
	2026		2025
Servicing fees	$	33,948	$	32,543
Interest earned on escrows	10,219		12,890
Prepayment fees	913		1,034
Write-offs and payoffs of MSRs	(1,047)		(3,106)
Amortization of MSRs	(18,293)		(17,758)
Servicing revenue, net	$	25,740	$	25,603

Agreements and Transactions with Related Parties - Shared Services Agreement (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Related Party \| Other Related Party Transactions
Agreements and Transactions with Related Parties
Costs for services to related party	$ 0.9	$ 0.9

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 45
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481990/310-10-45-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 220
-Name Accounting Standards Codification
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

+ Details

Mortgage Servicing

3 Months Ended

Mar. 31, 2026

Transfers and Servicing [Abstract]

Mortgage Servicing

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


March 31, 2026
Product Concentrations					Geographic Concentrations
Product	UPB (1)		% of Total		State	UPB % of Total
Fannie Mae	$	24,261,724	67	%	New York	13	%
Freddie Mac	7,368,979		20	%	Texas	10	%
Private Label	2,554,209		7	%	North Carolina	8	%
FHA	1,584,644		4	%	California	7	%
Bridge (2)	277,523		1	%	Florida	6	%
SFR - Fixed Rate	264,008		1	%	New Jersey	6	%
Total	$	36,311,087	100	%	Georgia	5	%


					Other (3)	45	%
					Total	100	%

December 31, 2025
Fannie Mae	$	24,085,960	66	%	New York	13	%
Freddie Mac	7,455,088		21	%	Texas	10	%
Private Label	2,558,048		7	%	North Carolina	8	%
FHA	1,549,483		4	%	California	7	%
Bridge (2)	277,738		1	%	Florida	7	%
SFR - Fixed Rate	277,490		1	%	Georgia	5	%
Total	$	36,203,807	100	%	New Jersey	5	%
					Illinois	4	%
					Other (3)	41	%
					Total	100	%

________________________

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

(2)Represents bridge loans sold by our Structured Business that we are servicing.

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

At March 31, 2026 and December 31, 2025, our weighted average servicing fee was 35.5 basis points and 35.6 basis points, respectively. At March 31, 2026 and December 31, 2025, we held total escrow balances (including unfunded collateralized loan obligation ("CLO") hold backs) of approximately $1.22 billion and $1.35 billion, respectively, of which approximately $1.21 billion and $1.34 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 March 31,
	2026		2025
Servicing fees	$	33,948	$	32,543
Interest earned on escrows	10,219		12,890
Prepayment fees	913		1,034
Write-offs and payoffs of MSRs	(1,047)		(3,106)
Amortization of MSRs	(18,293)		(17,758)
Servicing revenue, net	$	25,740	$	25,603

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480591/815-20-50-1

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Securities Held-To-Maturity - Schedule of Securities Held-To-Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024
Securities Held-to-Maturity
Face Value	$ 225,461	$ 229,521
Net Carrying Value	155,469	156,087
Unrealized Loss	(6,232)	(5,940)
Estimated Fair Value	149,237	150,147
Allowance for Credit Losses	15,125	17,013	$ 10,767	$ 10,846
APL certificates
Securities Held-to-Maturity
Face Value	192,791	192,791
Net Carrying Value	142,427	140,682
Unrealized Loss	(15,817)	(15,143)
Estimated Fair Value	126,610	125,539
Allowance for Credit Losses	1,473	1,664	1,659	1,658
B Piece bonds
Securities Held-to-Maturity
Face Value	32,670	36,730
Net Carrying Value	13,042	15,405
Unrealized Gain	9,585	9,203
Estimated Fair Value	22,627	24,608
Allowance for Credit Losses	$ 13,652	$ 15,349	$ 9,108	$ 9,188

- Definition

Fair value of investment in debt security measured at amortized cost (held-to-maturity).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

+ Details

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair Value - Schedule of Carrying Value and Estimated Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Financial assets:
Loans and investments, net, Principal/Notional Amount	$ 11,997,293	$ 12,113,107
Loans and investments, net	11,835,381	11,934,248
Loans held-for-sale, net, Principal/Notional Amount	444,956	408,386
Loans held-for-sale, net	444,956	408,386
Securities, held-to-maturity, net, Principal/Notional Amount	225,461	229,521
Securities held-to-maturity, net	155,469	156,087
Derivative financial instruments, Principal/Notional Amount	88,438	94,319
Financial liabilities:
Credit and repurchase facilities, Principal/Notional Amount	4,977,857	5,161,707
Credit and repurchase facilities	4,967,952	5,149,651
Securitized debt	3,931,468	3,468,258
Senior unsecured notes	2,030,947	2,029,078
Junior subordinated notes	145,707	145,497
Notes payable - real estate owned, Principal/Notional Amount	253,189	222,965
Notes payable - real estate owned	253,189	222,965
Derivative financial instruments, Principal/Notional Amount	$ 387,786	292,734
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	$ 11,835,381	11,934,248
Loans held-for-sale, net	443,218	409,081
Capitalized mortgage servicing rights, net	331,929	340,842
Securities held-to-maturity, net	155,469	156,087
Derivative financial instruments	822	585
Financial liabilities:
Credit and repurchase facilities	4,967,952	5,149,651
Securitized debt	3,931,468	3,468,258
Senior unsecured notes	2,030,947	2,029,078
Junior subordinated notes	145,707	145,497
Notes payable - real estate owned	253,189	222,965
Derivative financial instruments	2,457	1,082
Estimated Fair Value
Financial assets:
Loans and investments, net	11,821,573	11,964,280
Loans held-for-sale, net	456,125	421,398
Capitalized mortgage servicing rights, net	465,856	474,767
Securities held-to-maturity, net	149,237	150,147
Derivative financial instruments	822	585
Financial liabilities:
Credit and repurchase facilities	4,961,310	5,143,472
Securitized debt	3,954,507	3,487,773
Senior unsecured notes	1,968,663	2,009,938
Junior subordinated notes	112,772	111,992
Notes payable - real estate owned	252,010	221,893
Derivative financial instruments	2,457	1,082
Securitized debt
Financial liabilities:
Debt face value issued to third parties	3,953,223	3,485,786
Senior unsecured notes
Financial liabilities:
Debt face value issued to third parties	2,050,000	2,050,000
Junior subordinated notes
Financial liabilities:
Debt face value issued to third parties	154,336	154,336
Junior subordinated notes	$ 145,700	$ 145,500

Fair Value - Schedule of Level 3 Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Derivative assets
Beginning balance	$ 473	$ 0
Settlements	(9,500)	(7,822)
Realized gains recorded in earnings	9,027	7,822
Unrealized gains recorded in earnings	633	309
Ending balance	$ 633	$ 309

Loans and Investments - Schedule of Other Non-Accrued Loans (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($) loan	Dec. 31, 2025 loan	Dec. 31, 2024 loan
Financing Receivable, Nonaccrual [Roll Forward]
Beginning balance	$ 48,311	$ 167,428
Loans that progressed to greater than 60 days past due	(1,221)	(82,290)
Loans modified or paid off	(47,090)	(38,490)
Additional loans classified as non-accrual		96,175
Ending balance	$ 0	$ 142,823
Number of other nonaccrued loans \| loan		5	3	9

Investments in Equity Affiliates - Schedule of Equity Method Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Investment in Equity Affiliates
Investment in Equity Affiliates	$ 56,747	$ 57,966
UPB of Loans to Equity Affiliates	246,569
AWC Real Estate Opportunity Partners I LP
Investment in Equity Affiliates
Investment in Equity Affiliates	16,782	17,134
UPB of Loans to Equity Affiliates	108,450
Fifth Wall Ventures
Investment in Equity Affiliates
Investment in Equity Affiliates	16,765	17,260
UPB of Loans to Equity Affiliates	0
AMAC Holdings III LLC
Investment in Equity Affiliates
Investment in Equity Affiliates	12,259	12,714
UPB of Loans to Equity Affiliates	33,410
ARSR DPREF I LLC
Investment in Equity Affiliates
Investment in Equity Affiliates	5,843	5,745
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
Clarus Berkley
Investment in Equity Affiliates
Investment in Equity Affiliates	1,500	1,500
UPB of Loans to Equity Affiliates	67,900
The Park at Via Terrossa
Investment in Equity Affiliates
Investment in Equity Affiliates	563	578
UPB of Loans to Equity Affiliates	21,845
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
The Cypress at Wesley Park
Investment in Equity Affiliates
Investment in Equity Affiliates	265	265
UPB of Loans to Equity Affiliates	14,964
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

Loans and Investments - Loan Modifications (Details) $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($) loan	Mar. 31, 2025 USD ($) loan	Dec. 31, 2025 USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Deferred interest	$ 0.2	$ 3.8
Deferred interest for loans previously modified	5.4	9.1
Interest receivable written off		3.3
Accumulated deferred interest	73.1		$ 68.3
Future funding commitments, modified loans, borrowers experiencing financial difficulty	$ 14.7		$ 17.4
Number of loans modified not pursuant to contract \| loan	2
Loans modified, not pursuant to contract, amount	$ 47.7
Financing receivable, specific reserve	$ 1.0	$ 5.2
Loan modification, refinancing, and extensions \| loan	0	0
Temporary Interest Rate Relief, Five Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of loans modified not pursuant to contract \| loan	1
Loans modified, not pursuant to contract, amount	$ 25.6
Financing receivable, specific reserve	$ 2.2

Loans and Investments - Loan Resolution (Details) $ in Thousands	1 Months Ended					3 Months Ended		12 Months Ended
	Mar. 31, 2026 USD ($)	Dec. 31, 2025 USD ($)	Oct. 31, 2025 USD ($)	Jun. 30, 2025 USD ($) property	Apr. 30, 2025 USD ($) property	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Bridge loans, total UPB						$ 337,364		$ 384,930
Provision for credit losses						3,460	$ 5,970
Loans and investments	$ 11,997,293	$ 12,113,107				11,997,293		12,113,107
Loan reserve							$ 406
Loan loss reserves						18,208		128,337
Bridge loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Loans and investments	9,500					$ 9,500
Bridge loans \| Financing Receivable, Period One
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Financing receivable, fixed interest rate						0.0517
Bridge loans \| Financing Receivable, Period Two
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Financing receivable, fixed interest rate						0.0617
Houston, Texas Properties \| Bridge loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Bridge loans, total UPB	$ 25,000
Financing receivable, basis spread on variable rate	0.0325
Financing receivable, floor interest rate	0.0015
Financing receivable, after allowance for credit loss	$ 24,800					$ 24,800
Provision for credit losses	1,800
Loan loss reserves	$ 1,800
Sale Of Houston, Texas Properties \| Bridge loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Financing receivable, basis spread on variable rate	0.0250
Financing receivable, floor interest rate	0.0200
Proceeds from sale of real estate	$ 25,000
Loans and investments	$ 24,500					$ 24,500
Joshua, Texas Properties \| Bridge loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Bridge loans, total UPB			$ 16,500
Financing receivable, basis spread on variable rate			0.0475
Financing receivable, floor interest rate			0.0524
Financing receivable, after allowance for credit loss			$ 16,400
Sale Of Joshua, Texas Properties \| Bridge loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Financing receivable, basis spread on variable rate			0.0170
Proceeds from sale of real estate			$ 16,500
Loans and investments			$ 15,500
Financing receivable, fixed interest rate			0.0568
Loss on sale of loans			$ 200
Houston Properties \| Bridge loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Bridge loans, total UPB			$ 31,200
Financing receivable, basis spread on variable rate			0.0425
Financing receivable, floor interest rate			0.0251
Financing receivable, after allowance for credit loss			$ 25,100
Loan loss reserves related to VIEs			2,500
Loan reserve			800
Loan loss reserves			$ 1,700
Sale Of Houston Properties \| Bridge loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Financing receivable, basis spread on variable rate		0.0250
Proceeds from sale of real estate		$ 30,000
Loans and investments		$ 29,500						$ 29,500
Financing receivable, fixed interest rate		0.0450
San Antonio Properties
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of foreclosed properties \| property				3
San Antonio Properties \| Bridge loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Bridge loans, total UPB				$ 77,700
Financing receivable, floor interest rate				0.0050
Financing receivable, after allowance for credit loss				$ 66,600
Provision for credit losses				$ 5,900
Financing receivable, fixed interest rate				0.0525
Loan loss reserves related to VIEs				$ 3,500
Loan loss reserves				9,400
Sale Of San Antonio Properties
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Proceeds from sale of real estate				65,000
Loss on sale of loans				800
Sale Of San Antonio Properties \| Bridge loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Loans and investments				$ 65,000
Sale Of San Antonio Properties \| Bridge loans \| Financing Receivable, Periods One And Two
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Financing receivable, basis spread on variable rate				0.0200
Sale Of San Antonio Properties \| Bridge loans \| Financing Receivable, Period Three
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Financing receivable, basis spread on variable rate				0.0300
Financing receivable, floor interest rate				0.0625
Sale Of San Antonio Properties \| Bridge loans \| Financing Receivable, Period One
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Financing receivable, floor interest rate				0.0425
Sale Of San Antonio Properties \| Bridge loans \| Financing Receivable, Period Two
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Financing receivable, floor interest rate				0.0525
Austin Properties
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of foreclosed properties \| property					2
Austin Properties \| Bridge loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Bridge loans, total UPB					$ 21,200
Financing receivable, basis spread on variable rate					0.0400
Financing receivable, floor interest rate					0.0025
Financing receivable, after allowance for credit loss					$ 21,700
Provision for credit losses					$ 1,000
Sale Of Austin Properties
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Proceeds from sale of real estate				$ 20,700
Loss on sale of loans				100
Sale Of Austin Properties \| Bridge loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Loans and investments				$ 19,200
Sale Of Austin Properties \| Bridge loans \| Financing Receivable, Period One
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Financing receivable, basis spread on variable rate				0.0200
Sale Of Austin Properties \| Bridge loans \| Financing Receivable, Period Two
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Financing receivable, basis spread on variable rate				0.0300
Orange Park Properties
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of foreclosed properties \| property					2
Orange Park Properties \| Bridge loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Bridge loans, total UPB					$ 17,000
Financing receivable, basis spread on variable rate					0.0438
Financing receivable, floor interest rate					0.0246
Financing receivable, after allowance for credit loss					$ 15,700
Provision for credit losses					$ 300
Sale Of Orange Park Properties
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Proceeds from sale of real estate				$ 15,400
Loss on sale of loans				$ 600
Sale Of Orange Park Properties \| Bridge loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Financing receivable, basis spread on variable rate				0.0150
Loans and investments				$ 14,800

CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands

Mar. 31, 2026

Dec. 31, 2025

Assets:

Cash and cash equivalents

$ 407,126

$ 482,875

Restricted cash

393,529

67,347

Loans and investments, net (allowance for credit losses of $131,223 and $145,971)

11,835,381

11,934,248

Loans held-for-sale, net

443,218

409,081

Capitalized mortgage servicing rights, net

331,929

340,842

Securities held-to-maturity, net (allowance for credit losses of $15,125 and $17,013)

155,469

156,087

Investments in equity affiliates

56,747

57,966

Real estate owned, net

520,766

498,938

Due from related party

35,251

6,534

Goodwill and other intangible assets

86,161

86,553

Other assets

426,908

454,432

Total assets

^[1]

14,692,485

14,494,903

Liabilities:

Credit and repurchase facilities

4,967,952

5,149,651

Securitized debt

3,931,468

3,468,258

Senior unsecured notes

2,030,947

2,029,078

Junior subordinated notes to subsidiary trust issuing preferred securities

145,707

145,497

Notes payable - real estate owned

253,189

222,965

Due to related party

1,758

501

Due to borrowers

29,992

33,451

Allowance for loss-sharing obligations

106,773

97,579

Other liabilities

245,649

280,770

Total liabilities

^[1]

11,713,435

11,427,750

Commitments and contingencies (Note 14)

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:

633,683

Common stock, $0.01 par value: 500,000,000 shares authorized - 192,370,465 and 195,491,855 shares issued and outstanding

1,924

1,955

Additional paid-in capital

2,428,500

2,454,312

Accumulated deficit

(194,058)

(136,597)

Total Arbor Realty Trust, Inc. stockholders' equity

2,870,049

2,953,353

Noncontrolling interest

109,001

113,800

Total equity

2,979,050

3,067,153

Total liabilities and equity

$ 14,692,485

$ 14,494,903

[1]

Loans Held-for-Sale, Net - Schedule of Loans Held-for-Sale, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Loans Held-for-Sale, Net
Loans held-for-sale	$ 444,956	$ 408,386
Fair value of future MSR	4,994	5,921
Unrealized impairment recovery (loss)	1,224	1,414
Unearned discount	(7,956)	(6,640)
Loans held-for-sale, net	443,218	409,081
Fannie Mae
Loans Held-for-Sale, Net
Loans held-for-sale	302,433	303,196
Private Label
Loans Held-for-Sale, Net
Loans held-for-sale	77,762	77,798
FHA
Loans Held-for-Sale, Net
Loans held-for-sale	45,507	22,390
Freddie Mac
Loans Held-for-Sale, Net
Loans held-for-sale	16,477	2,225
SFR - Fixed Rate
Loans Held-for-Sale, Net
Loans held-for-sale	$ 2,777	$ 2,777

Real Estate Owned - Schedule of Real Estate Properties (Details) $ in Thousands	Mar. 31, 2026 USD ($) loan property	Dec. 31, 2025 USD ($) loan property
Real Estate [Line Items]
Land	$ 133,112	$ 131,334
Building and intangible assets	450,684	412,163
Less: Impairment loss	(35,500)	(23,000)
Less: Accumulated depreciation and amortization	(27,530)	(21,559)
Real estate owned, net	$ 520,766	$ 498,938
Number of foreclosed loans \| loan	21	19
Number of real estate properties \| property	36	35
Multifamily
Real Estate [Line Items]
Land	$ 111,566	$ 109,788
Building and intangible assets	395,552	363,281
Less: Impairment loss	(33,000)	(20,500)
Less: Accumulated depreciation and amortization	(23,979)	(18,015)
Real estate owned, net	$ 450,139	$ 434,554
Number of foreclosed loans \| loan	17	15
Number of real estate properties \| property	32	31
Office
Real Estate [Line Items]
Land	$ 13,599	$ 13,599
Building and intangible assets	55,132	48,882
Less: Impairment loss	(2,500)	(2,500)
Less: Accumulated depreciation and amortization	(3,551)	(3,544)
Real estate owned, net	$ 62,680	$ 56,437
Number of foreclosed loans \| loan	2	2
Number of real estate properties \| property	2	2
Land
Real Estate [Line Items]
Land	$ 7,947	$ 7,947
Building and intangible assets	0	0
Less: Impairment loss	0	0
Less: Accumulated depreciation and amortization	0	0
Real estate owned, net	$ 7,947	$ 7,947
Number of foreclosed loans \| loan	2	2
Number of real estate properties \| property	2	2

CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Statement [Abstract]
Interest income	$ 235,047	$ 240,693
Interest expense	175,202	165,251
Net interest income	59,845	75,442
Other revenue:
Gain on sales, including fee-based services, net	12,505	12,781
Mortgage servicing rights	9,660	8,131
Servicing revenue, net	25,740	25,603
Property operating income	8,060	4,387
(Loss) gain on derivative instruments, net	(493)	3,400
Other income, net	2,074	4,419
Total other revenue	57,546	58,721
Other expenses:
Employee compensation and benefits	47,684	46,036
Selling and administrative	16,953	16,312
Property operating expenses	11,964	3,474
Depreciation and amortization	7,104	3,744
Impairment loss on real estate owned	12,500	0
Provision for loss sharing, net	4,537	1,786
Provision for credit losses, net	5,816	9,075
Total other expenses	106,558	80,427
Income before extinguishment of debt, loss on real estate, income (loss) from equity affiliates and income taxes	10,833	53,736
Loss on extinguishment of debt	0	(2,319)
Loss on real estate	(2,136)	(2,810)
Income (loss) from equity affiliates	4,411	(1,634)
Provision for income taxes	(2,085)	(3,591)
Net income	11,023	43,382
Preferred stock dividends	10,342	10,342
Net income attributable to noncontrolling interest	52	2,602
Net income attributable to common stockholders	$ 629	$ 30,438
Earnings per common share
Basic earnings per common share (in dollars per share)	$ 0.00	$ 0.16
Diluted earnings per common share (in dollars per share)	$ 0.00	$ 0.16
Weighted average shares outstanding:
Basic (in shares)	194,194,906	190,060,776
Diluted (in shares)	211,735,731	206,862,320
Dividends declared per common share (in dollars per share)	$ 0.30	$ 0.43

Real Estate Owned

3 Months Ended

Mar. 31, 2026

Real Estate [Abstract]

Real Estate Owned

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


	March 31, 2026								December 31, 2025
	Multifamily		Office		Land		Total		Multifamily		Office		Land		Total
Land	$	111,566	$	13,599	$	7,947	$	133,112	$	109,788	$	13,599	$	7,947	$	131,334
Building and intangible assets	395,552		55,132		—		450,684		363,281		48,882		—		412,163
Less: Impairment loss	(33,000)		(2,500)		—		(35,500)		(20,500)		(2,500)		—		(23,000)
Less: Accumulated depreciation and amortization	(23,979)		(3,551)		—		(27,530)		(18,015)		(3,544)		—		(21,559)
Real estate owned, net	$	450,139	$	62,680	$	7,947	$	520,766	$	434,554	$	56,437	$	7,947	$	498,938
Number of foreclosed loans	17		2		2		21		15		2		2		19
Number of properties	32		2		2		36		31		2		2		35

During the three months ended March 31, 2026, we foreclosed on two multifamily bridge loans, each with one property as collateral, with an aggregate net carrying value of $34.0 million and received ownership of the underlying collateral as REO assets. The foreclosed loans did not have any related specific CECL reserves as of the foreclosure dates. There were no gains or losses recognized upon foreclosure.

During the three months ended March 31, 2026, we sold an existing multifamily REO property for $8.0 million, and recognized a loss of $2.0 million, excluding the loss associated with the significant financing component discussed below. Additionally, we provided new bridge loan financing to the new borrowers totaling $9.5 million, inclusive of $2.5 million to fund renovations, that bears interest at the greater of a fixed rate of 5.17% or SOFR plus 1.50% for year one, and a fixed rate of 6.17%, or SOFR plus 2.50% for year two. The new financing provided was deemed to be a significant financing component of the transaction and, as a result, for the three months ended March 31, 2026, we recorded a loss and corresponding liability of $0.1 million, as an adjustment to the purchase price, which will be accreted into interest income over the life of the loan. The losses of the transaction were recorded through loss on real estate on the consolidated statements of income.

See Note 3 for details of properties foreclosed and sold within the same reporting period.

During the three months ended March 31, 2026, we determined that certain of our REO assets exhibited indicators of impairment based on expected disposition strategies, our evaluation of current market conditions and other property-specific assumptions. Based on our impairment analysis performed, we recorded an impairment loss of $12.5 million related to six properties, which represents the extent to which the carrying value of the properties exceeded their estimated fair value.

At March 31, 2026 and December 31, 2025, we had notes payable totaling $253.2 million and $223.0 million, respectively, which are collateralized by our REO assets. Interest rates on the notes range from SOFR plus 2.50% to SOFR plus 3.25%, with maturities spanning from August 2026 to September 2027.

At March 31, 2026 and December 31, 2025, our multifamily REO properties had a weighted average occupancy rate of approximately 49% and 45%, respectively, excluding three and two properties, respectively, that were vacant due to renovations. At March 31, 2026 and December 31, 2025, both our office buildings were vacant.

We recorded depreciation expense related to the REO assets of $6.1 million and $2.7 million for the three months ended March 31, 2026, and 2025, respectively.

Agreements and Transactions with Related Parties - 2017 Activity (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2017
Agreements and Transactions with Related Parties
Servicing revenue	$ 44,033	$ 43,361
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

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Debt Obligations - Collateralized Loan Obligations Narrative (Details) $ in Thousands	1 Months Ended	3 Months Ended
	Mar. 31, 2026 USD ($) tranche	Mar. 31, 2026 USD ($)	Dec. 31, 2025 USD ($)
Debt Obligations
UPB	$ 4,977,857	$ 4,977,857	$ 5,161,707
CLO 21
Debt Obligations
Number of tranches issued \| tranche	9
Value of the tranches issued	$ 762,600	762,600
Debt, face value	673,990	673,990
UPB	88,600	88,600
Value of portfolio loans and cash as collateral	$ 662,600	$ 662,600
Replacement period	2 years 6 months
Proceeds from issuance of collateralized loan obligations for acquiring additional loan obligations	$ 100,000
Maximum period to acquire additional loan obligations	180 days
Leverage percentage	88.00%
Weighted average note rate including certain fees and costs, percentage	1.73%	1.73%
Existing Collateralized Loan Obligations
Debt Obligations
Debt paid down		$ 248,400

Allowance for Loss - Sharing Obligations (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Roll forward of loss contingency accrual
Provisions for loss sharing (net of reversals)	$ 4,537	$ 1,786
Guarantee obligations	36,100		$ 35,700
Allowance for loss sharing obligations	$ 70,700		$ 61,900
Loss-sharing obligations (as a percent)	0.29%		0.26%
Loss-Sharing Obligation
Roll forward of loss contingency accrual
Beginning balance	$ 97,579	83,150	$ 83,150
Provisions for loss sharing (net of reversals)	4,537	1,786
Charge-offs and advances, net of reimbursements	4,657	579
Ending balance	106,773	$ 85,515	97,579
Outstanding advances under the Fannie Mae DUS program	2,500		7,300
Maximum quantifiable liability	$ 4,640,000		$ 4,600,000

Securities Held-To-Maturity

3 Months Ended

Mar. 31, 2026

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 March 31, 2026, 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 5.1 years. The weighted average effective interest rate was 8.84% at both March 31, 2026 and December 31, 2025, including the accretion of a portion of the discount deemed collectible. Approximately $63.6 million is estimated to mature in one to five years and $129.2 million is estimated to mature in five to ten years.

Agency B Piece Bonds. At March 31, 2026, we held 49%, or $106.2 million initial face value, of seven Freddie Mac SBL program 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, had an initial weighted average variable rate of 3.74% and have an estimated weighted average remaining maturity of 11.9 years. The weighted average effective interest rate was 2.32% and 2.00% at March 31, 2026 and December 31, 2025, respectively, including the accretion of a portion of the discount deemed collectible. Approximately $32.7 million is estimated to mature 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
March 31, 2026
APL certificates	$	192,791	$	142,427	$	(15,817)	$	126,610	$	1,473
B Piece bonds	32,670		13,042		9,585		22,627		13,652
Total	$	225,461	$	155,469	$	(6,232)	$	149,237	$	15,125
December 31, 2025
APL certificates	$	192,791	$	140,682	$	(15,143)	$	125,539	$	1,664
B Piece bonds	36,730		15,405		9,203		24,608		15,349
Total	$	229,521	$	156,087	$	(5,940)	$	150,147	$	17,013

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


	Three Months Ended March 31, 2026
	APL Certificates		B Piece Bonds		Total
Beginning balance	$	1,664	$	15,349	$	17,013
Provision for credit loss expense/(reversal)	(191)		2,400		2,209
Charge-offs	—		(4,097)		(4,097)
Ending balance	$	1,473	$	13,652	$	15,125

	Three Months Ended March 31, 2025
Beginning balance	$	1,658	$	9,188	$	10,846
Provision for credit loss expense/(reversal)	1		(80)		(79)
Ending balance	$	1,659	$	9,108	$	10,767

The allowance for credit losses on our held-to-maturity securities consists of (1) a general reserve 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, and (2) a specific reserve for underlying loans that are probable of loss. At March 31, 2026, securities held-to-maturity with a carrying value of $12.2 million (before specific allowances of $10.5 million) were on non-accrual status. We continue to accrue interest on all other securities that remain current.

We recorded interest income (including the amortization of discount) related to these investments of $3.7 million, for both the three months ended March 31, 2026 and 2025.

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Current income tax provision	$ (4,665)	$ (3,728)
Deferred income tax benefit	2,580	137
Total income tax provision	$ (2,085)	$ (3,591)

- Definition

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

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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Equity

3 Months Ended

Mar. 31, 2026

Stockholders' Equity Note [Abstract]

Equity

Preferred Stock. The Series D, Series E and Series F preferred stock are not redeemable by us prior to June 2, 2026, August 11, 2026 and October 12, 2026, respectively. Holders of the Series F preferred stock are entitled to receive cumulative dividends at a fixed rate equal to 6.25% from the date of issuance through October 29, 2026 and at a floating rate equal to a benchmark rate (which is expected to be the three-month term SOFR) plus a spread of 5.442% per annum beginning October 30, 2026; provided that in no event should the rate be lower than 6.125%.

Common Stock. We have an equity distribution agreement with Citizens 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 March 31, 2026, we had 23,439,335 shares available under the agreement.

We have 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 the first quarter of 2026, we repurchased 4,117,901 shares of our common stock under our share repurchase program at a total cost of $30.7 million and an average cost of $7.46 per share. At March 31, 2026, there was $105.9 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 March 31, 2026, there were 16,170,218 OP Units outstanding, which represented 7.8% of the voting power of our outstanding stock.

Distributions. Dividends declared (on a per share basis) during the three months ended March 31, 2026 are as follows:


Common Stock			Preferred Stock
				Dividend
Declaration Date	Dividend		Declaration Date	Series D		Series E		Series F
February 24, 2026	$	0.30	March 30, 2026	$	0.3984375	$	0.390625	$	0.390625

Common Stock – On May 7, 2026, the Board of Directors declared a cash dividend of $0.17 per share of common stock. The dividend is payable on June 5, 2026 to common stockholders of record as of the close of business on May 22, 2026.

Deferred Compensation. During the first quarter of 2026, we granted 1,056,203 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 $8.1 million, of which: (1) 369,386 shares with a grant date fair value of $2.8 million vested on the grant date in 2026; (2) 323,963 shares with a grant date fair value of $2.5 million will vest in 2027; (3) 324,199 shares with a grant date fair value of $2.5 million will vest in 2028; (4) 19,331 shares with a grant date fair value of $0.1 million will vest in 2029; and (5) 19,324 shares with a grant date fair value of $0.1 million will vest in 2030.

During the first quarter of 2026, we granted our chief executive officer 281,690 shares of restricted common stock with a grant date fair value of $2.1 million that vest in full in the first quarter of 2029. We also granted our chief executive officer up to 1,126,760 shares of performance-based restricted stock units (“RSUs”) with a grant date fair value of $3.1 million that vest at the end of a four-year performance period based on the achievement of certain stockholder return objectives. In addition, we granted our chief operating officer 649,350 shares of performance-based RSUs with a grant date fair value of $0.6 million that vest at the end of a five-year performance period based on the achievement of certain stockholder return objectives.

We also issued 79,652 fully-vested RSUs with a grant date fair value of $0.6 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, or to defer receipt of cash fees, to a future date pursuant to a pre-established deferral election.

During the first quarter of 2026, we withheld 310,341 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 and OP Units, and for the three months ended March 31, 2025, 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 March 31,
	2026				2025
	Basic		Diluted		Basic		Diluted
Net income attributable to common stockholders (1)	$	629	$	629	$	30,438	$	30,438
Net income attributable to noncontrolling interest (2)	—		52		—		2,602

Net income attributable to common stockholders and noncontrolling interest (3)	$	629	$	681	$	30,438	$	33,040
Weighted average shares outstanding	194,194,906		194,194,906		190,060,776		190,060,776
Dilutive effect of OP Units (2)	—		16,170,218		—		16,249,284

Dilutive effect of RSUs (4)	—		1,370,607		—		552,260
Weighted average shares outstanding (3)	194,194,906		211,735,731		190,060,776		206,862,320
Net income per common share (1)	$	0.00	$	0.00	$	0.16	$	0.16

________________________

(1)Net of preferred stock dividends.

- Definition

The entire disclosure for equity.

+ References

+ Details

Mortgage Servicing - Schedule of Product and Geographic Concentration (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026 USD ($) state	Dec. 31, 2025 USD ($) state
Mortgage Servicing
Concentration risk, threshold for disclosure	4.00%	4.00%
MSRs
Mortgage Servicing
Product Concentrations, UPB	$ 36,311,087	$ 36,203,807
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	13.00%	13.00%
Texas \| MSRs \| Fee-based servicing portfolio
Mortgage Servicing
Product Concentrations, % of Total	10.00%	10.00%
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%	7.00%
Florida \| MSRs \| Fee-based servicing portfolio
Mortgage Servicing
Product Concentrations, % of Total	6.00%	7.00%
New Jersey \| MSRs \| Fee-based servicing portfolio
Mortgage Servicing
Product Concentrations, % of Total	6.00%	5.00%
Georgia \| 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	45.00%	41.00%
Number of states \| state	0	0
Fannie Mae \| MSRs
Mortgage Servicing
Product Concentrations, UPB	$ 24,261,724	$ 24,085,960
Fannie Mae \| MSRs \| Fee-based servicing portfolio
Mortgage Servicing
Product Concentrations, % of Total	67.00%	66.00%
Freddie Mac \| MSRs
Mortgage Servicing
Product Concentrations, UPB	$ 7,368,979	$ 7,455,088
Freddie Mac \| MSRs \| Fee-based servicing portfolio
Mortgage Servicing
Product Concentrations, % of Total	20.00%	21.00%
Private Label \| MSRs
Mortgage Servicing
Product Concentrations, UPB	$ 2,554,209	$ 2,558,048
Private Label \| MSRs \| Fee-based servicing portfolio
Mortgage Servicing
Product Concentrations, % of Total	7.00%	7.00%
FHA \| MSRs
Mortgage Servicing
Product Concentrations, UPB	$ 1,584,644	$ 1,549,483
FHA \| MSRs \| Fee-based servicing portfolio
Mortgage Servicing
Product Concentrations, % of Total	4.00%	4.00%
Bridge \| MSRs
Mortgage Servicing
Product Concentrations, UPB	$ 277,523	$ 277,738
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	$ 264,008	$ 277,490
SFR - Fixed Rate \| MSRs \| Fee-based servicing portfolio
Mortgage Servicing
Product Concentrations, % of Total	1.00%	1.00%

Fair Value (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

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

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


	March 31, 2026						December 31, 2025
	Principal / Notional Amount		Carrying Value		Estimated Fair Value		Principal / Notional Amount		Carrying Value		Estimated Fair Value
Financial assets:
Loans and investments, net	$	11,997,293	$	11,835,381	$	11,821,573	$	12,113,107	$	11,934,248	$	11,964,280
Loans held-for-sale, net	444,956		443,218		456,125		408,386		409,081		421,398
Capitalized mortgage servicing rights, net	n/a		331,929		465,856		n/a		340,842		474,767
Securities held-to-maturity, net	225,461		155,469		149,237		229,521		156,087		150,147
Derivative financial instruments	88,438		822		822		94,319		585		585

Financial liabilities:
Credit and repurchase facilities	$	4,977,857	$	4,967,952	$	4,961,310	$	5,161,707	$	5,149,651	$	5,143,472
Securitized debt	3,953,223		3,931,468		3,954,507		3,485,786		3,468,258		3,487,773
Senior unsecured notes	2,050,000		2,030,947		1,968,663		2,050,000		2,029,078		2,009,938

Junior subordinated notes	154,336		145,707		112,772		154,336		145,497		111,992
Notes payable - real estate owned	253,189		253,189		252,010		222,965		222,965		221,893
Derivative financial instruments	387,786		2,457		2,457		292,734		1,082		1,082

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 March 31, 2026 ($ in thousands):


	Carrying Value		Fair Value		Fair Value Measurements Using Fair Value Hierarchy
					Level 1		Level 2		Level 3
Financial assets:
Derivative financial instruments	$	822	$	822	$	—	$	189	$	633

Financial liabilities:
Derivative financial instruments	$	2,457	$	2,457	$	—	$	2,457	$	—

Schedule of Fair Value Measurements, Nonrecurring

The fair values of these financial and non-financial assets, if applicable, were determined using the following input levels at March 31, 2026 ($ 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)	$	303,114	$	303,114	$	—	$	—	$	303,114
Loans held-for-sale (2)	12,993		12,993		—		12,993		—
	$	316,107	$	316,107	$	—	$	12,993	$	303,114

________________________

(2)We have an impairment loss of $1.0 million related to 3 loans held-for-sale with an aggregate carrying value, before unrealized impairment losses, of $14.0 million.

Schedule of Fair Value Measurement Inputs and Valuation Techniques

Quantitative information about Level 3 fair value measurements at March 31, 2026 is as follows ($ in thousands):


	Fair Value		Valuation Techniques	Significant Unobservable Inputs
Financial assets:
Impaired loans:					Weighted Average	Minimum / Maximum
Multifamily	$	289,106	Discounted cash flows	Capitalization rate	5.89 %	5.50 % - 7.00 %










Retail	$	14,008	Sales comparative	Price per acre	$165	$165

Derivative financial instruments:
Rate lock commitments	$	633	Discounted cash flows	W/A discount rate	13.82 %	13.82 %

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 March 31,
	2026		2025
Derivative assets and liabilities, net
Beginning balance	$	473	$	—
Settlements	(9,500)		(7,822)
Realized gains recorded in earnings	9,027		7,822
Unrealized gains recorded in earnings	633		309
Ending balance	$	633	$	309

Schedule of Components of Fair and Other Relevant Information


March 31, 2026	Notional/ Principal Amount		Fair Value of Servicing Rights		Unrealized Impairment Loss		Total Fair Value Adjustment
Rate lock commitments	$	55,904	$	633	$	—	$	633
Forward sale commitments	420,320		—		—		—
Loans held-for-sale, net (1)	444,956		4,994		1,224		6,218
Total			$	5,627	$	1,224	$	6,851

________________________

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

Schedule of Fair Value Measurements, Recurring and Nonrecurring

The fair values of these assets and liabilities are determined using the following input levels at March 31, 2026 ($ 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	$	11,835,381	$	11,821,573	$	—	$	—	$	11,821,573
Loans held-for-sale, net	443,218		456,125		—		451,131		4,994
Capitalized mortgage servicing rights, net	331,929		465,856		—		—		465,856
Securities held-to-maturity, net	155,469		149,237		—		—		149,237

Financial liabilities:
Credit and repurchase facilities	$	4,967,952	$	4,961,310	$	—	$	424,865	$	4,536,445
Securitized debt	3,931,468		3,954,507		—		—		3,954,507
Senior unsecured notes	2,030,947		1,968,663		1,968,663		—		—

Junior subordinated notes	145,707		112,772		—		—		112,772
Notes payable - real estate owned	253,189		252,010		—		—		252,010

Real Estate Owned (Tables)

3 Months Ended

Mar. 31, 2026

Real Estate [Abstract]

Schedule of Real Estate Properties

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


	March 31, 2026								December 31, 2025
	Multifamily		Office		Land		Total		Multifamily		Office		Land		Total
Land	$	111,566	$	13,599	$	7,947	$	133,112	$	109,788	$	13,599	$	7,947	$	131,334
Building and intangible assets	395,552		55,132		—		450,684		363,281		48,882		—		412,163
Less: Impairment loss	(33,000)		(2,500)		—		(35,500)		(20,500)		(2,500)		—		(23,000)
Less: Accumulated depreciation and amortization	(23,979)		(3,551)		—		(27,530)		(18,015)		(3,544)		—		(21,559)
Real estate owned, net	$	450,139	$	62,680	$	7,947	$	520,766	$	434,554	$	56,437	$	7,947	$	498,938
Number of foreclosed loans	17		2		2		21		15		2		2		19
Number of properties	32		2		2		36		31		2		2		35

Debt Obligations - Schedule of Senior Unsecured Notes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Debt Obligations
Wtd. Avg. Note Rate	6.07%
8.500% Notes
Debt Obligations
Interest rate	8.50%
Debt, face value	$ 400,000	$ 400,000
Carrying value	$ 394,762	$ 394,340
Wtd. Avg. Note Rate	8.50%	8.50%
7.875% Notes
Debt Obligations
Interest rate	7.875%
Debt, face value	$ 500,000	$ 500,000
Carrying value	$ 489,975	$ 489,397
Wtd. Avg. Note Rate	7.88%	7.88%
Debt instrument, redemption period	6 months
Redemption price percentage	100.00%
9.00% Notes
Debt Obligations
Interest rate	9.00%
Debt, face value	$ 100,000	$ 100,000
Carrying value	$ 99,078	$ 98,934
Wtd. Avg. Note Rate	9.00%	9.00%
8.50% Notes
Debt Obligations
Interest rate	8.50%
Debt, face value	$ 150,000	$ 150,000
Carrying value	$ 149,172	$ 149,041
Wtd. Avg. Note Rate	8.50%	8.50%
5.00% Notes
Debt Obligations
Interest rate	5.00%
Debt, face value	$ 180,000	$ 180,000
Carrying value	$ 178,831	$ 178,725
Wtd. Avg. Note Rate	5.00%	5.00%
4.50% Notes
Debt Obligations
Interest rate	4.50%
Debt, face value	$ 270,000	$ 270,000
Carrying value	$ 269,650	$ 269,439
Wtd. Avg. Note Rate	4.50%	4.50%
5.00% Notes
Debt Obligations
Interest rate	5.00%
Debt, face value	$ 175,000	$ 175,000
Carrying value	$ 174,948	$ 174,790
Wtd. Avg. Note Rate	5.00%	5.00%
4.50% Notes
Debt Obligations
Interest rate	4.50%
Debt, face value	$ 275,000	$ 275,000
Carrying value	$ 274,531	$ 274,412
Wtd. Avg. Note Rate	4.50%	4.50%
Senior unsecured notes
Debt Obligations
Debt, face value	$ 2,050,000	$ 2,050,000
Carrying value	$ 2,030,947	$ 2,029,078
Wtd. Avg. Note Rate	6.70%	6.70%
Deferred financing fees	$ 19,100	$ 20,900
Weighted average note rate including certain fees and costs, percentage	7.06%	7.06%
Senior Unsecured Notes, Excluding 7.875 Percent Note
Debt Obligations
Debt instrument, redemption period	3 months
Redemption price percentage	100.00%

Capitalized Mortgage Servicing Rights - Summary of Capitalized MSRs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Capitalized Mortgage Servicing Rights
Beginning balance	$ 340,842
Ending balance	331,929
MSRs
Capitalized Mortgage Servicing Rights
Beginning balance	340,842	$ 368,678
Additions	10,427	9,406
Amortization	(18,293)	(17,758)
Write-downs and payoffs	(1,047)	(3,106)
Ending balance	331,929	357,220
Expected amortization of capitalized MSRs balances
2026 (nine months ending 12/31/2026)	53,739
2027	68,128
2028	61,367
2029	52,504
2030	38,542
Thereafter	57,649
Total	331,929
Originated
Capitalized Mortgage Servicing Rights
Beginning balance	338,174	363,861
Additions	10,427	9,406
Amortization	(17,953)	(17,195)
Write-downs and payoffs	(1,027)	(3,067)
Ending balance	329,621	353,005
Acquired
Capitalized Mortgage Servicing Rights
Beginning balance	2,668	4,817
Amortization	(340)	(563)
Write-downs and payoffs	(20)	(39)
Ending balance	$ 2,308	$ 4,215

Derivative Financial Instruments - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Derivative Financial Instruments
Gain (loss) from changes in the fair value of derivatives	$ (1,300)	$ 4,700
Mortgage servicing rights	$ 9,660	8,131
Treasury futures
Derivative Financial Instruments
Derivative, maturity term	3 months
Derivative asset, treasury futures	$ 0		$ 1,600
Cash posted as collateral			1,600
Derivative, net liability positions			$ 100
Treasury futures \| Other Income \| Agency Business
Derivative Financial Instruments
Realized gain on derivatives	$ 800	500
Unrealized loss on derivatives		$ 1,700
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

Capitalized Mortgage Servicing Rights

3 Months Ended

Mar. 31, 2026

Transfers and Servicing [Abstract]

Capitalized Mortgage Servicing Rights

Our capitalized mortgage servicing rights (“MSRs”) reflect commercial real estate MSRs derived primarily from loans sold in our Agency Business or acquired MSRs. The discount rates used to determine the present value of all our MSRs throughout the periods presented were between 8% - 14% (representing a weighted average discount rate of 12%) based on our best estimate of market discount rates. The weighted average estimated life remaining of our MSRs was 5.9 years and 6.1 years at March 31, 2026 and December 31, 2025, respectively.

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


	Three Months Ended March 31, 2026
	Originated		Acquired		Total
Beginning balance	$	338,174	$	2,668	$	340,842
Additions	10,427		—		10,427
Amortization	(17,953)		(340)		(18,293)
Write-downs and payoffs	(1,027)		(20)		(1,047)
Ending balance	$	329,621	$	2,308	$	331,929

	Three Months Ended March 31, 2025
Beginning balance	$	363,861	$	4,817	$	368,678
Additions	9,406		—		9,406
Amortization	(17,195)		(563)		(17,758)
Write-downs and payoffs	(3,067)		(39)		(3,106)
Ending balance	$	353,005	$	4,215	$	357,220

We collected prepayment fees totaling $0.9 million and $1.0 million during the three months ended March 31, 2026 and 2025, respectively, which are included as a component of servicing revenue, net on the consolidated statements of income. At March 31, 2026 and December 31, 2025, no MSRs were considered impaired.

The expected amortization of capitalized MSRs recorded at March 31, 2026 is as follows ($ in thousands):


Year	Amortization
2026 (nine months ending 12/31/2026)	$	53,739
2027	68,128
2028	61,367
2029	52,504
2030	38,542
Thereafter	57,649
Total	$	331,929

Based on scheduled maturities, actual amortization may vary from these estimates.

Description of Business	3 Months Ended
Description of Business	Mar. 31, 2026
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 Optigo® Conventional Loan 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 that are generally underwritten using the guidelines of our existing agency loans sold to the GSEs, which we refer to as “Private Label” loans, and originate and sell finance products through conduit/commercial mortgage-backed securities ("CMBS") programs. We 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 its REIT-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.

Equity - Schedule of Dividends Payable (Details) - $ / shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Common Stock, Dividend (in dollars per share)	$ 0.30	$ 0.43
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
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
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

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating activities:
Net income	$ 11,023	$ 43,382
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization	7,104	3,744
Stock-based compensation	5,933	5,935
Amortization and accretion of interest and fees, net	3,094	2,975
Originations of loans held-for-sale	(707,577)	(608,808)
Proceeds from sales of loans held-for-sale, net of gain on sale	670,972	730,854
Payoffs and paydowns of loans held-for-sale	36	487
Mortgage servicing rights	(9,660)	(8,131)
Amortization of capitalized mortgage servicing rights	18,293	17,758
Write-off of capitalized mortgage servicing rights from payoffs	1,047	3,106
Provision for loss sharing, net	4,537	1,786
Provision for credit losses, net	5,816	9,075
Charge-offs and advances, net of reimbursements	4,657	579
Deferred tax benefit	(2,580)	(137)
(Income) loss from equity affiliates	(4,411)	1,634
Distributions from operations of equity affiliates	5,962	640
Loss on extinguishment of debt	0	2,319
Impairment loss on real estate owned	12,500	0
Change in fair value of held-for-sale loans	189	(1,962)
Loss (gain) on derivative instruments, net	493	(3,400)
Loss on real estate	2,136	2,810
Changes in operating assets and liabilities	(37,838)	(54,098)
Net cash (used in) provided by operating activities	(8,274)	150,548
Investing Activities:
Loans and investments funded, originated and purchased, net	(826,093)	(733,121)
Payoffs and paydowns of loans and investments	893,995	418,646
Deferred fees	6,982	8,308
Contributions to equity affiliates	(331)	(4,022)
Distributions from equity affiliates	0	965
Payoffs and paydowns of securities held-to-maturity	0	50
Investment in real estate, net	(16,209)	(7,671)
Change in due to borrowers and reserves	0	2,027
Net cash provided by (used in) investing activities	58,344	(314,818)
Financing activities:
Proceeds from credit and repurchase facilities	2,355,048	2,615,705
Payoffs and paydowns of credit and repurchase facilities	(2,526,042)	(1,392,099)
Proceeds from issuance of securitized debt	754,532	0
Payoffs and paydowns of securitized debt	(287,095)	(1,340,282)
Proceeds from notes payable - REO	17,369	98,089
Payoffs and paydowns of notes payable - REO	0	(49,134)
Proceeds from issuance of common stock	0	29,208
Redemption of operating partnership units	0	(1,577)
Payments of withholding taxes on net settlement of vested stock	(1,043)	(84)
Repurchase of common stock	(30,733)	0
Distributions to stockholders and noncontrolling interest	(73,283)	(99,375)
Payment of deferred financing costs	(8,390)	(6,955)
Net cash provided by (used in) financing activities	200,363	(146,504)
Net increase (decrease) in cash, cash equivalents and restricted cash	250,433	(310,774)
Cash, cash equivalents and restricted cash at beginning of period	550,222	660,179
Cash, cash equivalents and restricted cash at end of period	800,655	349,405
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents at beginning of period	482,875	503,803
Restricted cash at beginning of period	67,347	156,376
Cash, cash equivalents and restricted cash at beginning of period	550,222	660,179
Cash and cash equivalents at end of period	407,126	308,842
Restricted cash at end of period	393,529	40,563
Cash, cash equivalents and restricted cash at end of period	800,655	349,405
Supplemental cash flow information:
Cash used to pay interest	165,574	164,417
Cash used to pay taxes	132	864
Supplemental schedule of non-cash investing and financing activities:
Real estate acquired in settlement of loans and investments, net	59,017	190,814
Settlement of loans and investments, net of real estate	(58,925)	(196,457)
Derecognition of real estate owned	34,811	72,044
Loan funded in conjunction with real estate sold	(34,000)	(77,000)
Distributions accrued on preferred stock	$ 7,010	$ 7,010

Debt Obligations - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended
	Mar. 31, 2026	Apr. 30, 2026	Dec. 31, 2025
5.00% senior notes
Debt Obligations
Interest rate	5.00%
Debt, face value	$ 175,000		$ 175,000
5.00% senior notes \| Subsequent event
Debt Obligations
Interest rate		5.00%
Debt, face value		$ 175,000
Structured Business
Debt Obligations
Weighted average note rate including certain fees and costs, percentage	6.44%		6.40%
Leverage on loans and investment portfolio financed through credit and repurchase facilities, excluding securities repurchase facility and working capital facility	69.00%		69.00%
Structured Business \| $300M credit facility
Debt Obligations
Maximum borrowing capacity	$ 300,000
Debt instrument extension term	1 year
Facility increase value	$ 50,000
Maximum facility increase value	$ 350,000
Variable rate, spread	3.00%
Floor interest rate percentage	2.50%
Agency Business \| $200M credit facility
Debt Obligations
Maximum borrowing capacity	$ 200,000
Variable rate, spread	1.35%
Debt instrument, reduced basis spread on variable rate	1.40%

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

3 Months Ended

12 Months Ended

Mar. 31, 2026

Dec. 31, 2025

Loans and investments, allowance for credit losses

$ 131,223

$ 145,971

Securities held-to-maturity, allowance for credit losses

$ 15,125

$ 17,013

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)

192,370,465

195,491,855

Common stock, shares outstanding (in shares)

192,370,465

195,491,855

Assets of consolidated VIEs

^[1]

$ 14,692,485

$ 14,494,903

Liabilities of consolidated VIEs

^[1]

11,713,435

11,427,750

Consolidated VIEs

Assets of consolidated VIEs

5,170,870

4,662,021

Liabilities of consolidated VIEs

$ 3,941,156

$ 3,477,848

Special voting preferred shares

Preferred stock, shares issued (in shares)

16,170,218

16,169,858

Series D preferred stock

Preferred stock, shares issued (in shares)

9,200,000

Preferred stock, dividend rate (as a percent)

6.375%

Series E preferred stock

Preferred stock, shares issued (in shares)

5,750,000

Preferred stock, dividend rate (as a percent)

6.25%

Series F preferred stock

Preferred stock, shares issued (in shares)

11,342,000

Preferred stock, dividend rate (as a percent)

6.25%

[1]

Loans and Investments (Tables)

3 Months Ended

Mar. 31, 2026

Loans and Investments [Abstract]

Schedule of Structured Business Loan and Investment Portfolio

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


	March 31, 2026		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)	$	11,209,443	93	%	439	6.37	%	14.1	0	%	77	%
Mezzanine loans	295,843		3	%	62	8.04	%	48.6	58	%	79	%
Construction - multifamily	289,889		2	%	10	9.12	%	22.6	0	%	62	%
Preferred equity investments	202,118		2	%	34	6.87	%	43.0	62	%	81	%

Total UPB	11,997,293		100	%	545	6.49	%	15.7	2	%	77	%
Allowance for credit losses	(131,223)
Unearned revenue	(30,689)
Loans and investments, net (6)	$	11,835,381

	December 31, 2025
Bridge loans (5)	$	11,371,758	94	%	524	6.39	%	12.9	0	%	77	%
Mezzanine loans	290,212		2	%	65	7.84	%	52.3	59	%	78	%
Construction - multifamily	249,019		2	%	9	9.13	%	24.6	0	%	60	%
Preferred equity investments	202,118		2	%	34	6.87	%	46.0	62	%	80	%

Total UPB	12,113,107		100	%	632	6.49	%	14.7	2	%	77	%
Allowance for credit losses	(145,971)
Unearned revenue	(32,888)
Loans and investments, net (6)	$	11,934,248

________________________

(2)Including extension options, the weighted average remaining months to maturity at March 31, 2026 and December 31, 2025 was 20.8 and 19.9, respectively.

(6)Excludes exit fee receivables of $40.6 million and $43.0 million at March 31, 2026 and December 31, 2025, respectively, which is included in other assets on the consolidated balance sheets.

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	2026		2025		2024		2023		2022		Prior
Multifamily:
Pass	$	430,100	$	600,924	$	47,468	$	38,673	$	79,883	$	174,014	$	1,371,062
Pass/Watch	46,000		999,872		273,570		86,290		344,490		736,622		2,486,844
Special Mention	—		408,273		206,869		25,654		1,547,788		1,755,859		3,944,443
Substandard	—		4,980		22,758		—		282,250		168,820		478,808
Doubtful	—		—		9,460		21,100		205,533		157,101		393,194
Total Multifamily	$	476,100	$	2,014,049	$	560,125	$	171,717	$	2,459,944	$	2,992,416	$	8,674,351		3	%	82	%
Single-Family Rental:	Percentage of portfolio												72		%
Pass	$	—	$	27,000	$	—	$	—	$	—	$	—	$	27,000
Pass/Watch	36,400		878,166		934,628		550,457		486,043		106,080		2,991,774
Special Mention	39,510		113,755		17,079		46,183		25,900		6,891		249,318

Total Single-Family Rental	$	75,910	$	1,018,921	$	951,707	$	596,640	$	511,943	$	112,971	$	3,268,092		0	%	64	%
Office:	Percentage of portfolio												27		%
Pass/Watch	$	—	$	—	$	—	$	—	$	—	$	33,410	$	33,410

Total Office	$	—	$	—	$	—	$	—	$	—	$	33,410	$	33,410		0	%	88	%
Retail:	Percentage of portfolio												< 1%


Substandard	$	—	$	—	$	—	$	—	$	—	$	16,424	$	16,424
Doubtful	—		—		—		—		—		531		531
Total Retail	$	—	$	—	$	—	$	—	$	—	$	16,955	$	16,955		0	%	100	%
Land:	Percentage of portfolio												< 1%

Pass/Watch	$	—	$	—	$	—	$	—	$	—	$	2,785	$	2,785


Total Land	$	—	$	—	$	—	$	—	$	—	$	2,785	$	2,785		0	%	14	%
Commercial:	Percentage of portfolio												< 1%
Doubtful	$	—	$	—	$	—	$	—	$	—	$	1,700	$	1,700
Total Commercial	$	—	$	—	$	—	$	—	$	—	$	1,700	$	1,700		0	%	100	%
	Percentage of portfolio												< 1%
Grand Total	$	552,010	$	3,032,970	$	1,511,832	$	768,357	$	2,971,887	$	3,160,237	$	11,997,293		2	%	77	%

Charge-offs	$	—	$	—	$	3,829	$	—	$	11,322	$	3,057	$	18,208

A summary of the loan portfolio’s internal risk ratings and LTV ratios by asset class at December 31, 2025, and charge-offs recorded during 2025 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	2025		2024		2023		2022		2021		Prior
Multifamily:
Pass	$	556,801	$	87,533	$	22,253	$	9,832	$	34,843	$	26,758	$	738,020
Pass/Watch	1,195,412		429,300		108,276		376,064		526,961		159,810		2,795,823
Special Mention	211,404		186,984		185,088		1,788,580		2,028,742		44,479		4,445,277
Substandard	4,990		47,258		21,100		297,729		307,350		—		678,427
Doubtful	—		9,460		—		153,443		28,826		24,565		216,294
Total Multifamily	$	1,968,607	$	760,535	$	336,717	$	2,625,648	$	2,926,722	$	255,612	$	8,873,841		3	%	81	%
Single-Family Rental:	Percentage of portfolio												73		%
Pass	$	98,510	$	—	$	—	$	—	$	—	$	—	$	98,510
Pass/Watch	859,819		1,006,016		571,891		448,769		71,916		34,216		2,992,627
Special Mention	36,230		—		—		52,943		—		4,600		93,773

Total Single-Family Rental	$	994,559	$	1,006,016	$	571,891	$	501,712	$	71,916	$	38,816	$	3,184,910		0	%	64	%
Office:	Percentage of portfolio												26		%
Pass/Watch	$	—	$	—	$	—	$	—	$	—	$	33,410	$	33,410

Total Office	$	—	$	—	$	—	$	—	$	—	$	33,410	$	33,410		0	%	88	%
Retail:	Percentage of portfolio												< 1%
Substandard	$	—	$	—	$	—	$	—	$	—	$	16,424	$	16,424
Doubtful	—		—		—		—		—		531		531
Total Retail	$	—	$	—	$	—	$	—	$	—	$	16,955	$	16,955		0	%	97	%
Land:	Percentage of portfolio												< 1%

Pass/Watch	$	—	$	—	$	—	$	—	$	—	$	2,291	$	2,291


Total Land	$	—	$	—	$	—	$	—	$	—	$	2,291	$	2,291		0	%	77	%
Commercial:	Percentage of portfolio												< 1%
Doubtful	$	—	$	—	$	—	$	—	$	—	$	1,700	$	1,700
Total Commercial	$	—	$	—	$	—	$	—	$	—	$	1,700	$	1,700		0	%	100	%
	Percentage of portfolio												< 1%
Grand Total	$	2,963,166	$	1,766,551	$	908,608	$	3,127,360	$	2,998,638	$	348,784	$	12,113,107		2	%	77	%

Charge-offs	$	—	$	3,000	$	—	$	24,476	$	31,968	$	68,893	$	128,337

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 March 31, 2026
	Multifamily		Single-Family Rental		Retail		Commercial		Office		Land		Total
Allowance for credit losses:
Beginning balance	$	131,924	$	8,817	$	2,903	$	1,700	$	251	$	376	$	145,971
Provision for credit losses (net of reversals)	4,746		(907)		—		—		(3)		(376)		3,460

Charge-offs	(18,208)		—		—		—		—		—		(18,208)
Ending balance	$	118,462	$	7,910	$	2,903	$	1,700	$	248	$	—	$	131,223

	Three Months Ended March 31, 2025
Allowance for credit losses:
Beginning balance	$	148,139	$	7,524	$	3,293	$	1,700	$	181	$	78,130	$	238,967
Provision for credit losses (net of reversals)	6,772		(1,000)		—		—		328		(130)		5,970
Recoveries	(406)		—		—		—		—		—		(406)
Charge-offs, net (1)	(3,594)		—		—		—		—		—		(3,594)
Ending balance	$	150,911	$	6,524	$	3,293	$	1,700	$	509	$	78,000	$	240,937

________________________

(1)Represents the allowance for credit losses on a bridge loan and a mezzanine loan that were charged-off in connection with the foreclosure of the underlying collateral as REO assets at fair value.

Schedule of Specific Loans Considered Impaired by Asset Class

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


	March 31, 2026
Asset Class	UPB (1)		Carrying Value		Allowance for Credit Losses		Wtd. Avg. First Dollar LTV Ratio		Wtd. Avg. Last Dollar LTV Ratio
Multifamily	$	318,709	$	316,068	$	26,962	0	%	96	%


Retail	16,955		16,911		2,903		0	%	97	%
Commercial	1,700		1,700		1,700		0	%	100	%
Total	$	337,364	$	334,679	$	31,565	0	%	96	%

	December 31, 2025
Multifamily	$	366,275	$	363,635	$	38,487	0	%	96	%

Retail	16,955		16,855		2,903		0	%	97	%
Commercial	1,700		1,700		1,700		0	%	100	%
Total	$	384,930	$	382,190	$	43,090	0	%	96	%

________________________

(1)Represents the UPB of 17 and 20 impaired loans (less unearned revenue and other holdbacks and adjustments) by asset class at March 31, 2026 and December 31, 2025, respectively.

Schedule of Non-Performing Loans by Asset Class

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


	March 31, 2026				December 31, 2025
	UPB		Carrying Value		UPB		Carrying Value
Multifamily	$	479,219	$	473,919	$	566,906	$	553,016
Commercial	1,700		1,700		1,700		1,700
Retail	531		531		531		531
Total	$	481,450	$	476,150	$	569,137	$	555,247

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 periods presented ($ in thousands).


	Three Months Ended March 31, 2026
Beginning balance (3 multifamily bridge loans)	$	48,311
Loans that progressed to greater than 60 days past due	(1,221)
Loans modified or paid off	(47,090)


Ending balance	$	—

	Three Months Ended March 31, 2025
Beginning balance (9 multifamily bridge loans)	$	167,428
Loans that progressed to greater than 60 days past due	(82,290)
Loans modified or paid off	(38,490)
Additional loans classified as non-accrual	96,175
Ending balance (5 multifamily bridge loans)	$	142,823

Schedule of Financing Receivable, Modified


Asset Class	Payment Deferrals With/Without Term Extensions (1)		Rate Reductions With/Without Term Extensions (2)		Other (3)		Total (4)(5)(6)
Multifamily	$	166,786	$	196,594	$	115,420	$	478,800

________________________

(4)The total UPB of these loan modifications were $479.3 million at March 31, 2026 and represented 4% of our total Structured Business loan and investment portfolio at March 31, 2026.

(5)At March 31, 2026, modified loans with a UPB of $33.0 million have specific reserves totaling $1.0 million.


Asset Class	Payment Deferrals With/Without Term Extensions (1)		Other (2)		Total (3)(4)(5)
Multifamily	$	849,365	$	83,975	$	933,340
Single-Family Rental	—		16,490		16,490
Total UPB	$	849,365	$	100,465	$	949,830

________________________

(3)The total UPB of these loan modifications were $949.8 million at March 31, 2025 and represented 8% of our total Structured Business loan and investment portfolio at March 31, 2025.

(4)At March 31, 2025, a modified loan with a UPB of $25.5 million had a specific reserve of $5.2 million.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
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

Derivative Financial Instruments

3 Months Ended

Mar. 31, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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 aspects, with the objective of eliminating interest rate risk to the extent practical. Sale commitments with the investors have an expiration date that is longer than our related commitments to the borrower to allow, among other things, for closing of the loan and processing of paperwork to deliver the loan into the sale commitment.

These commitments meet the definition of a derivative and are recorded at fair value, including the effects of interest rate movements which are reflected as a component of (loss) gain 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 months ended March 31, 2026 and 2025, we recorded net losses of $1.3 million and net gains of $4.7 million, respectively, from changes in the fair value of these derivatives and income from MSRs of $9.7 million and $8.1 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 March 31, 2026, we had no outstanding treasury futures positions. At December 31, 2025, we had $1.6 million included in other assets, which was comprised of cash posted as collateral of $1.6 million and net liability position of less than $0.1 million from the fair value of our treasury futures.

During the three months ended March 31, 2026, we recorded realized gains of $0.8 million to our Agency Business, related to our swaps. During the three months ended March 31, 2025, we recorded realized gains of $0.5 million and unrealized losses of $1.7 million to our Agency Business.

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


	March 31, 2026
					Fair Value
Derivative	Count	Notional Value		Balance Sheet Location	Derivative Assets		Derivative Liabilities
Rate lock commitments	3	$	55,904	Other assets/other liabilities	$	633	$	(121)
Forward sale commitments	18	420,320		Other assets/other liabilities	189		(2,336)

		$	476,224		$	822	$	(2,457)

	December 31, 2025
Rate lock commitments	4	$	29,621	Other assets/other liabilities	$	473	$	(66)
Forward sale commitments	32	357,432		Other assets/other liabilities	112		(1,016)
Treasury futures	617	61,700			—		—
		$	448,753		$	585	$	(1,082)

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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+ Details

Basis of Presentation and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2026
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 2025 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 joint ventures in which we have a controlling interest, including VIEs of which we are the primary beneficiary. Entities in which we have a significant influence are accounted for under the equity method.
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 uncertainty related to broader economic, market and industry conditions, such as the impact of inflation, the interest rate environment, capital market conditions, property values, geopolitical events and tariff developments, both globally, and to our business, makes any estimate or assumption at March 31, 2026 inherently less certain.

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

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+ Details

Agreements and Transactions with Related Parties - Other Related Party (Details) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2026 USD ($) entity shares	Mar. 31, 2025 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($) loan property	Dec. 31, 2025 USD ($)	Nov. 30, 2025 USD ($)
Agreements and Transactions with Related Parties
Due from related party	$ 35,251					$ 6,534
Due to related party	1,758					$ 501
Other Related Party Transactions \| Related Party
Agreements and Transactions with Related Parties
Reimbursement for flights chartered by the company's executives	$ 200	$ 300
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
Number of operating units held by related party (in shares) \| shares	10,483,930
Aggregate percentage of voting power held by related party	6.20%
Other Related Party Transactions \| Related Party \| Bridge loans
Agreements and Transactions with Related Parties
Principal amount							$ 67,900
Base spread, percentage							2.50%
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	$ 296,000
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%
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%
Other Related Party Transactions \| Director
Agreements and Transactions with Related Parties
Number of Kaufman entities \| entity	2
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
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

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	Accumulated Deficit	Noncontrolling Interest
Preferred stock, beginning balance (in shares) at Dec. 31, 2024			42,585,589
Common stock, beginning balance (in shares) at Dec. 31, 2024				189,259,435
Balance beginning at Dec. 31, 2024	$ 3,151,970	$ 3,024,085	$ 633,684	$ 1,893	$ 2,375,469	$ 13,039	$ 127,885
Increase (Decrease) in Stockholders' Equity
Issuance - common stock (in shares)				2,363,750
Issuance - common stock	29,208	29,208		$ 24	29,184
Stock-based compensation, net (in shares)				538,522
Stock-based compensation, net	5,851	5,851		$ 5	5,846
Distributions - common stock	(82,072)	(82,072)				(82,072)
Distributions - preferred stock	(10,347)	(10,347)				(10,347)
Distributions - noncontrolling interest	(6,956)						(6,956)
Redemption of operating partnership units (in shares)			(119,828)
Redemption of operating partnership units	(1,577)	(2)	$ (2)				(1,575)
Net income	43,382	40,780				40,780	2,602
Preferred stock, ending balance (in shares) at Mar. 31, 2025			42,465,761
Common stock, ending balance (in shares) at Mar. 31, 2025				192,161,707
Balance ending at Mar. 31, 2025	$ 3,129,459	3,007,503	$ 633,682	$ 1,922	2,410,499	(38,600)	121,956
Preferred stock, beginning balance (in shares) at Dec. 31, 2025			42,461,858
Common stock, beginning balance (in shares) at Dec. 31, 2025	195,491,855			195,491,855
Balance beginning at Dec. 31, 2025	$ 3,067,153	2,953,353	$ 633,683	$ 1,955	2,454,312	(136,597)	113,800
Increase (Decrease) in Stockholders' Equity
Repurchase - common stock (in shares)				(4,117,901)
Repurchase - common stock	(30,733)	(30,733)		$ (41)	(30,692)
Stock-based compensation, net (in shares)				996,511
Stock-based compensation, net	4,890	4,890		$ 10	4,880
Distributions - common stock	(58,085)	(58,085)				(58,085)
Distributions - preferred stock	(10,347)	(10,347)				(10,347)
Distributions - noncontrolling interest	(4,851)						(4,851)
Redemption of operating partnership units (in shares)			360
Net income	$ 11,023	10,971				10,971	52
Preferred stock, ending balance (in shares) at Mar. 31, 2026			42,462,218
Common stock, ending balance (in shares) at Mar. 31, 2026	192,370,465			192,370,465
Balance ending at Mar. 31, 2026	$ 2,979,050	$ 2,870,049	$ 633,683	$ 1,924	$ 2,428,500	$ (194,058)	$ 109,001

Debt Obligations - Junior Subordinated Notes Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Debt Obligations
Junior subordinated notes to subsidiary trust issuing preferred securities	$ 145,707	$ 145,497
Debt, Wtd. Avg. Rate	6.07%
Junior subordinated notes
Debt Obligations
Junior subordinated notes to subsidiary trust issuing preferred securities	$ 145,700	145,500
Deferred amount due at maturity	7,400	7,600
Deferred fees expensed as interest expense	$ 1,200	$ 1,200
Debt, Wtd. Avg. Rate	6.55%	6.52%
Weighted average note rate including certain fees and costs, percentage	6.64%	6.61%

- Definition

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.

+ References

+ Details

Fair Value - Schedule of Level 3 Inputs (Details) - Level 3 $ in Thousands	Mar. 31, 2026 USD ($) $ / a
Multifamily \| Discounted cash flows
Fair Value
Impaired loans, fair value	$ 289,106
Multifamily \| Capitalization rate
Fair Value
Impaired loans, measurement input	0.0589
Multifamily \| Capitalization rate \| Minimum
Fair Value
Impaired loans, measurement input	0.0550
Multifamily \| Capitalization rate \| Maximum
Fair Value
Impaired loans, measurement input	0.0700
Retail
Fair Value
Impaired loans, fair value	$ 14,008
Retail \| Price per acre
Fair Value
Impaired loans, measurement input \| $ / a	165
Rate lock commitments
Fair Value
Derivative financial instruments	$ 633
Rate lock commitments \| Discount rate
Fair Value
Derivative financial instruments, measurement input	0.1382

Investments in Equity Affiliates (Tables)

3 Months Ended

Mar. 31, 2026

Equity Method Investments and Joint Ventures [Abstract]

Schedule 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 March 31, 2026
Equity Affiliates	March 31, 2026		December 31, 2025
AWC Real Estate Opportunity Partners I LP	$	16,782	$	17,134	$	108,450
Fifth Wall Ventures	16,765		17,260		—
AMAC Holdings III LLC	12,259		12,714		33,410
ARSR DPREF I LLC	5,843		5,745		—
Lightstone Value Plus REIT L.P.	1,895		1,895		—
Clarus Berkley	1,500		1,500		67,900
The Park at Via Terrossa	563		578		21,845
Docsumo Pte. Ltd.	450		450		—
JT Prime	425		425		—
The Cypress at Wesley Park	265		265		14,964
Lexford Portfolio	—		—		—
East River Portfolio	—		—		—
Total	$	56,747	$	57,966	$	246,569

Debt Obligations - Schedule of Credit and Repurchase Facilities (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Debt Obligations
Debt Carrying Value	$ 4,967,952	$ 5,149,651
Collateral Carrying Value	$ 6,905,211	7,170,756
Wtd. Avg. Note Rate	6.07%
Outstanding principal balance repaid	$ 6,000	26,500
Notes payable - real estate owned	253,189	222,965
Mortgages
Debt Obligations
Notes payable - real estate owned	$ 253,200	$ 223,000
BTR CLO 1
Debt Obligations
Wtd. Avg. Note Rate	6.22%	6.29%
Investment grade notes retained	$ 41,000	$ 41,000
Structured Business
Debt Obligations
Debt Carrying Value	4,543,087	4,759,255
Collateral Carrying Value	$ 6,463,033	6,765,147
Wtd. Avg. Note Rate	6.15%
Deferred financing fees	$ 9,600	11,700
Structured Business \| $1.4B joint repurchase facility
Debt Obligations
Maximum borrowing capacity	1,400,000
Debt Carrying Value	1,031,189	882,635
Collateral Carrying Value	$ 1,569,762	1,468,161
Wtd. Avg. Note Rate	6.36%
Structured Business \| $1.22B repurchase facility
Debt Obligations
Maximum borrowing capacity	$ 1,220,000
Debt Carrying Value	1,175,995	1,149,944
Collateral Carrying Value	$ 1,633,307	1,555,403
Wtd. Avg. Note Rate	5.66%
Structured Business \| $1B repurchase facility
Debt Obligations
Maximum borrowing capacity	$ 1,000,000
Debt Carrying Value	774,998	879,499
Collateral Carrying Value	$ 1,082,767	1,207,513
Wtd. Avg. Note Rate	6.47%
Expiration period after the lender provides written notice	6 months
Line of credit facility, repurchase period	6 months
Structured Business \| $850M repurchase facility
Debt Obligations
Maximum borrowing capacity	$ 850,000
Debt Carrying Value	356,589	443,880
Collateral Carrying Value	$ 624,309	725,309
Wtd. Avg. Note Rate	6.50%
Structured Business \| $650M repurchase facility
Debt Obligations
Maximum borrowing capacity	$ 650,000
Debt Carrying Value	381,913	462,694
Collateral Carrying Value	$ 456,439	549,069
Wtd. Avg. Note Rate	6.19%
Structured Business \| $400M credit facility
Debt Obligations
Maximum borrowing capacity	$ 400,000
Debt Carrying Value	59,399	66,479
Collateral Carrying Value	$ 117,164	125,099
Wtd. Avg. Note Rate	7.01%
Structured Business \| $400M repurchase facility
Debt Obligations
Maximum borrowing capacity	$ 400,000
Debt Carrying Value	279,679	291,342
Collateral Carrying Value	$ 379,619	383,195
Wtd. Avg. Note Rate	5.98%
Structured Business \| $350M repurchase facility
Debt Obligations
Maximum borrowing capacity	$ 350,000
Debt Carrying Value	124,215	127,199
Collateral Carrying Value	$ 217,645	238,422
Wtd. Avg. Note Rate	5.73%
Structured Business \| $300M credit facility
Debt Obligations
Maximum borrowing capacity	$ 300,000
Debt Carrying Value	7,551	0
Collateral Carrying Value	$ 9,476	0
Wtd. Avg. Note Rate	6.76%
Structured Business \| $250M repurchase facility
Debt Obligations
Maximum borrowing capacity	$ 250,000
Debt Carrying Value	85,803	73,052
Collateral Carrying Value	$ 132,070	113,121
Wtd. Avg. Note Rate	6.79%
Structured Business \| $250M repurchase facility
Debt Obligations
Maximum borrowing capacity	$ 250,000
Debt Carrying Value	0	98,186
Collateral Carrying Value	$ 0	126,340
Wtd. Avg. Note Rate	0.00%
Structured Business \| $250M repurchase facility
Debt Obligations
Maximum borrowing capacity	$ 250,000
Debt Carrying Value	95,417	78,963
Collateral Carrying Value	$ 124,588	102,758
Wtd. Avg. Note Rate	6.25%
Structured Business \| $200M credit facility
Debt Obligations
Maximum borrowing capacity	$ 200,000
Debt Carrying Value	48,665	41,114
Collateral Carrying Value	$ 65,277	59,147
Wtd. Avg. Note Rate	6.30%
Structured Business \| $22M loan specific credit facility
Debt Obligations
Maximum borrowing capacity	$ 22,000
Debt Carrying Value	20,792	63,456
Collateral Carrying Value	$ 26,000	87,000
Wtd. Avg. Note Rate	5.84%
Structured Business \| $40M credit facility
Debt Obligations
Maximum borrowing capacity	$ 40,000
Debt Carrying Value	15,570	15,532
Collateral Carrying Value	$ 24,610	24,610
Wtd. Avg. Note Rate	6.10%
Structured Business \| $35M working capital facility
Debt Obligations
Maximum borrowing capacity	$ 35,000
Debt Carrying Value	35,000	35,000
Collateral Carrying Value	$ 0	0
Wtd. Avg. Note Rate	6.66%
Structured Business \| Repurchase facility - securities
Debt Obligations
Debt Carrying Value	$ 50,312	50,280
Collateral Carrying Value	$ 0	0
Wtd. Avg. Note Rate	5.09%
Agency Business
Debt Obligations
Debt Carrying Value	$ 424,865	390,396
Collateral Carrying Value	$ 442,178	405,609
Wtd. Avg. Note Rate	5.24%
Deferred financing fees	$ 300	300
Agency Business \| $750M ASAP agreement
Debt Obligations
Maximum borrowing capacity	750,000
Debt Carrying Value	253,768	91,965
Collateral Carrying Value	$ 257,537	92,733
Wtd. Avg. Note Rate	4.88%
Agency Business \| $500M repurchase facility
Debt Obligations
Maximum borrowing capacity	$ 500,000
Debt Carrying Value	23,169	89,427
Collateral Carrying Value	$ 23,573	89,573
Wtd. Avg. Note Rate	5.16%
Agency Business \| $200M credit facility
Debt Obligations
Maximum borrowing capacity	$ 200,000
Debt Carrying Value	62,162	101,802
Collateral Carrying Value	$ 62,568	102,409
Wtd. Avg. Note Rate	5.37%
Agency Business \| $200M credit facility
Debt Obligations
Maximum borrowing capacity	$ 200,000
Debt Carrying Value	20,549	42,887
Collateral Carrying Value	$ 20,738	43,096
Wtd. Avg. Note Rate	6.07%
Agency Business \| $100M joint repurchase facility
Debt Obligations
Maximum borrowing capacity	$ 100,000
Debt Carrying Value	65,217	64,315
Collateral Carrying Value	$ 77,762	$ 77,798
Wtd. Avg. Note Rate	6.27%

Loans and Investments - Interest Reserves (Details) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2026 USD ($) loan	Dec. 31, 2025 USD ($) loan
Loans and Investments [Abstract]
Interest reserve	$ 244.0	$ 259.7
Number of loans covered under interest reserve \| loan	382	444
Aggregate UPB covered under interest reserve	$ 8,220.0	$ 8,680.0

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

Mar. 31, 2026

Dec. 31, 2025

Mar. 31, 2025

Dec. 31, 2024

Assets:

Cash and cash equivalents

$ 407,126

$ 482,875

$ 308,842

$ 503,803

Restricted cash

393,529

67,347

$ 40,563

$ 156,376

Loans and investments, net

11,835,381

11,934,248

Loans held-for-sale, net

443,218

409,081

Capitalized mortgage servicing rights, net

331,929

340,842

Securities held-to-maturity, net

155,469

156,087

Investments in equity affiliates

56,747

57,966

Real estate owned, net

520,766

498,938

Goodwill and other intangible assets

86,161

86,553

Other assets and due from related party

462,159

460,966

Total assets

^[1]

14,692,485

14,494,903

Liabilities:

Debt obligations

11,329,263

11,015,449

Allowance for loss-sharing obligations

106,773

97,579

Other liabilities and due to related parties

277,399

314,722

Total liabilities

^[1]

11,713,435

11,427,750

Structured Business

Assets:

Cash and cash equivalents

89,285

124,141

Restricted cash

359,569

35,258

Loans and investments, net

11,835,381

11,934,248

Loans held-for-sale, net

Capitalized mortgage servicing rights, net

Securities held-to-maturity, net

Investments in equity affiliates

56,747

57,966

Real estate owned, net

520,766

498,938

Goodwill and other intangible assets

12,500

Other assets and due from related party

387,609

382,735

Total assets

13,261,857

13,045,786

Liabilities:

Debt obligations

10,904,398

10,625,053

Allowance for loss-sharing obligations

Other liabilities and due to related parties

212,622

241,873

Total liabilities

11,117,020

10,866,926

Agency Business

Assets:

Cash and cash equivalents

317,841

358,734

Restricted cash

33,960

32,089

Loans and investments, net

Loans held-for-sale, net

443,218

409,081

Capitalized mortgage servicing rights, net

331,929

340,842

Securities held-to-maturity, net

155,469

156,087

Investments in equity affiliates

Real estate owned, net

Goodwill and other intangible assets

73,661

74,053

Other assets and due from related party

74,550

78,231

Total assets

1,430,628

1,449,117

Liabilities:

Debt obligations

424,865

390,396

Allowance for loss-sharing obligations

106,773

97,579

Other liabilities and due to related parties

64,777

72,849

Total liabilities

$ 596,415

$ 560,824

[1]

Investments in Equity Affiliates - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Investments in and Advances to Affiliates, Activity [Line Items]
Income (loss) from equity affiliates	$ 4,411	$ (1,634)
Distributions from equity affiliates	0	965
Interest income	235,047	240,693
AWC Real Estate Opportunity Partners I LP
Investments in and Advances to Affiliates, Activity [Line Items]
Income (loss) from equity affiliates	(400)	(100)
Noncontrolling interest		2,400
Distributions from equity affiliates		1,000
Interest income	1,800	2,100
Fifth Wall Ventures
Investments in and Advances to Affiliates, Activity [Line Items]
Income (loss) from equity affiliates	(800)	500
Noncontrolling interest	300	800
AMAC Holdings III LLC
Investments in and Advances to Affiliates, Activity [Line Items]
Noncontrolling interest		900
Loss on investment	500	900
Lexford Portfolio
Investments in and Advances to Affiliates, Activity [Line Items]
Distribution received	$ 5,800
Arbor Residential Investor LLC
Investments in and Advances to Affiliates, Activity [Line Items]
Income (loss) from equity affiliates		(1,400)
Distribution received		$ 500

Fair Value - Schedule of Components of fair value and other relevant information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Fair Value
Fair Value of Servicing Rights	$ 5,627
Unrealized Impairment Loss	1,224
Total Fair Value Adjustment	6,851
Rate lock commitments
Fair Value
Notional/ Principal Amount	55,904
Fair Value of Servicing Rights	633
Unrealized Impairment Loss	0
Total Fair Value Adjustment	633
Forward sale commitments
Fair Value
Notional/ Principal Amount	420,320
Fair Value of Servicing Rights	0
Unrealized Impairment Loss	0
Total Fair Value Adjustment	0
Loans held-for-sale, net
Fair Value
Notional/ Principal Amount	444,956
Fair Value of Servicing Rights	4,994
Unrealized Impairment Loss	1,224
Total Fair Value Adjustment	$ 6,218

- Definition

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.

+ References + Details

Agreements and Transactions with Related Parties - 2021 Activity (Details) - USD ($) $ in Millions	1 Months Ended	6 Months Ended
	Apr. 30, 2026	Jun. 30, 2022	Dec. 31, 2022
LLC \| Subsequent event
Agreements and Transactions with Related Parties
Sale of interest	$ 4.2
Related Party
Agreements and Transactions with Related Parties
Amount invested			$ 4.2
Related Party \| Commercial Mortgage Backed Security
Agreements and Transactions with Related Parties
Loans assumed		$ 26.0
Related Party \| Retail property
Agreements and Transactions with Related Parties
Property purchased			$ 32.5
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%

Agreements and Transactions with Related Parties - 2024 Activity (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
	Nov. 30, 2025	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2024
Agreements and Transactions with Related Parties
Interest income		$ 235,047	$ 240,693
Bridge loans \| Other Related Party Transactions \| Related Party
Agreements and Transactions with Related Parties
Principal amount	$ 67,900
Equity participation interest (as a percentage)	4.30%
Base spread, percentage	2.50%
SOFR floor, percentage	2.50%
Interest income		1,100
Maturity Date July 2027 \| Bridge loans \| Related Party
Agreements and Transactions with Related Parties
Interest income		600	100
Maturity Date July 2027 \| Bridge loans \| Other Related Party Transactions \| Related Party
Agreements and Transactions with Related Parties
Principal amount				$ 62,400
Loan committed		28,500
Equity participation interest (as a percentage)				3.34%
Base spread, percentage				4.25%
SOFR floor, percentage				3.50%
Maturity Date May 2027, Committed In May 2024 \| Bridge loans \| Related Party
Agreements and Transactions with Related Parties
Interest income		600	$ 200
Maturity Date May 2027, Committed In May 2024 \| Bridge loans \| Other Related Party Transactions \| Related Party
Agreements and Transactions with Related Parties
Principal amount				$ 42,500
Loan committed		$ 33,100
Equity participation interest (as a percentage)				2.28%
Base spread, percentage				4.25%
SOFR floor, percentage				3.50%

Segment Information - Schedule of Origination Data (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($) loan	Mar. 31, 2025 USD ($) loan
Structured Business
Segment Information
Total New Loan Originations	$ 767,592	$ 747,121
Total Commitments	166,070	254,400
Loan Runoff	861,033	421,941
Structured Business \| Bridge loan
Segment Information
Total New Loan Originations	726,722	724,044
Structured Business \| Mezzanine loans
Segment Information
Total New Loan Originations	0	4,440
Structured Business \| Multifamily \| Bridge loan
Segment Information
Total New Loan Originations	$ 405,600	$ 367,750
Structured Business \| SFR - Fixed Rate
Segment Information
Number of Loans Originated \| loan	6	20
Total Commitments	$ 53,000	$ 162,400
Structured Business \| SFR - Fixed Rate \| Bridge loan
Segment Information
Total New Loan Originations	321,122	356,294
Structured Business \| Construction - multifamily
Segment Information
Total New Loan Originations	40,870	18,637
Total Commitments	113,070	92,000
Agency Business
Segment Information
Origination Volumes	707,577	605,908
Total Loan Commitment Volume	733,860	645,401
Agency Business Loan Sales Data:
Loan Sales	$ 670,972	$ 730,854
Sales margin (fee-based services as a % of loan sales)	1.86%	1.75%
MSR rate (MSR income as a % of loan commitments)	1.32%	1.26%
Agency Business \| SFR - Fixed Rate
Segment Information
Origination Volumes	$ 0	$ 9,111
Agency Business Loan Sales Data:
Loan Sales	0	9,111
Agency Business \| Fannie Mae
Segment Information
Origination Volumes	570,815	357,811
Agency Business Loan Sales Data:
Loan Sales	571,579	355,716
Agency Business \| Freddie Mac
Segment Information
Origination Volumes	91,255	178,020
Agency Business Loan Sales Data:
Loan Sales	77,003	298,485
Agency Business \| FHA
Segment Information
Origination Volumes	45,507	16,041
Agency Business Loan Sales Data:
Loan Sales	22,390	67,542
Agency Business \| Private Label
Segment Information
Origination Volumes	$ 0	$ 44,925

Variable Interest Entities

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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):


	March 31, 2026		December 31, 2025
Assets:
Restricted cash	$	359,569	$	35,258
Loans and investments, net	4,745,864		4,557,631
Other assets	65,437		69,132
Total assets	$	5,170,870	$	4,662,021

Liabilities:
Securitized debt	$	3,931,468	$	3,468,258
Other liabilities	9,688		9,590
Total liabilities	$	3,941,156	$	3,477,848

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 64 VIEs in which we have a variable interest at March 31, 2026 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 March 31, 2026 is as follows ($ in thousands):


Type	Carrying Amount (1)
Loans	$	1,484,172
APL certificates	143,900
Equity investments	31,477
B Piece bonds	26,694
Agency interest-only strips	8
Total	$	1,686,251

________________________

These unconsolidated VIEs have exposure to real estate debt of approximately $4.77 billion at March 31, 2026.