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    "title": "Securities registered pursuant to Section 12(b) of the Act:",
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    "markdown": "| Title of each class | Trading symbols | Name of each exchange on which registered |\n| --- | --- | --- |\n| Common Stock, par value $0.01 per share | ABR | New York Stock Exchange |\n| Preferred Stock, 6.375% Series D Cumulative Redeemable, par value $0.01 per share | ABR-PD | New York Stock Exchange |\n| Preferred Stock, 6.25% Series E Cumulative Redeemable, par value $0.01 per share | ABR-PE | New York Stock Exchange |\n| Preferred Stock, 6.25% Series F Fixed-to-Floating Rate Cumulative Redeemable, par value $0.01 per share | ABR-PF | New York Stock Exchange |",
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    "title": "Table of Contents",
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    "markdown": "| INDEX |  |\n| --- | --- |\n| PART I. FINANCIAL INFORMATION |  |\n| Item 1. Financial Statements (Unaudited) | 2 |\n| Consolidated Balance Sheets | 2 |\n| Consolidated Statements of Income | 3 |\n| Consolidated Statements of Changes in Equity | 4 |\n| Consolidated Statements of Cash Flows | 5 |\n| Notes to Consolidated Financial Statements | 7 |\n| Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations | 47 |\n| Item 3. Quantitative and Qualitative Disclosures about Market Risk | 58 |\n| Item 4. Controls and Procedures | 59 |\n| PART II. OTHER INFORMATION |  |\n| Item 1. Legal Proceedings | 59 |\n| Item 1A. Risk Factors | 59 |\n| Item 2. Unregistered Sales of Equity Securities and Use of Proceeds | 59 |\n| Item 3. Defaults Upon Senior Securities | 59 |\n| Item 5. Other Information | 59 |\n| Item 6. Exhibits | 61 |\n| Signatures | 62 |",
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    "title": "ARBOR REALTY TRUST, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS",
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    "markdown": "| | March 31, 2026 (Unaudited) | December 31, 2025 |\n| --- | --- | --- |\n| Assets: | | |\n| Cash and cash equivalents | $ 407,126 | $ 482,875 |\n| Restricted cash | 393,529 | 67,347 |\n| Loans and investments, net (allowance for credit losses of $131,223 and $145,971) | 11,835,381 | 11,934,248 |\n| Loans held-for-sale, net | 443,218 | 409,081 |\n| Capitalized mortgage servicing rights, net | 331,929 | 340,842 |\n| Securities held-to-maturity, net (allowance for credit losses of $15,125 and $17,013) | 155,469 | 156,087 |\n| Investments in equity affiliates | 56,747 | 57,966 |\n| Real estate owned, net | 520,766 | 498,938 |\n| Due from related party | 35,251 | 6,534 |\n| Goodwill and other intangible assets | 86,161 | 86,553 |\n| Other assets | 426,908 | 454,432 |\n| Total assets | $ 14,692,485 | $ 14,494,903 |\n| Liabilities and Equity: | | |\n| Credit and repurchase facilities | $ 4,967,952 | $ 5,149,651 |\n| Securitized debt | 3,931,468 | 3,468,258 |\n| Senior unsecured notes | 2,030,947 | 2,029,078 |\n| Junior subordinated notes to subsidiary trust issuing preferred securities | 145,707 | 145,497 |\n| Notes payable - real estate owned | 253,189 | 222,965 |\n| Due to related party | 1,758 | 501 |\n| Due to borrowers | 29,992 | 33,451 |\n| Allowance for loss-sharing obligations | 106,773 | 97,579 |\n| Other liabilities | 245,649 | 280,770 |\n| Total liabilities | 11,713,435 | 11,427,750 |\n| Commitments and contingencies (Note 14) | | |\n| Equity: | | |\n| Arbor Realty Trust, Inc. stockholders' equity: | | |\n| Preferred stock, cumulative, redeemable, $0.01 par value: 100,000,000 shares authorized, shares issued and outstanding by period: | 633,683 | 633,683 |\n| Special voting preferred shares - 16,170,218 and 16,169,858 shares | | |\n| 6.375% Series D - 9,200,000 shares | | |\n| 6.25% Series E - 5,750,000 shares | | |\n| 6.25% Series F - 11,342,000 shares | | |\n| 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 |\n| Additional paid-in capital | 2,428,500 | 2,454,312 |\n| Accumulated deficit | (194,058) | (136,597) |\n| Total Arbor Realty Trust, Inc. stockholders' equity | 2,870,049 | 2,953,353 |\n| Noncontrolling interest | 109,001 | 113,800 |\n| Total equity | 2,979,050 | 3,067,153 |\n| Total liabilities and equity | $ 14,692,485 | $ 14,494,903 |",
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      "Note: 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."
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    "title": "ARBOR REALTY TRUST, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (Unaudited)",
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    "markdown": "| | Three Months Ended March 31, 2026 | Three Months Ended March 31, 2025 |\n| --- | --- | --- |\n| Interest income | $ 235,047 | $ 240,693 |\n| Interest expense | 175,202 | 165,251 |\n| Net interest income | 59,845 | 75,442 |\n| Other revenue: | | |\n| Gain on sales, including fee-based services, net | 12,505 | 12,781 |\n| Mortgage servicing rights | 9,660 | 8,131 |\n| Servicing revenue, net | 25,740 | 25,603 |\n| Property operating income | 8,060 | 4,387 |\n| (Loss) gain on derivative instruments, net | (493) | 3,400 |\n| Other income, net | 2,074 | 4,419 |\n| Total other revenue | 57,546 | 58,721 |\n| Other expenses: | | |\n| Employee compensation and benefits | 47,684 | 46,036 |\n| Selling and administrative | 16,953 | 16,312 |\n| Property operating expenses | 11,964 | 3,474 |\n| Depreciation and amortization | 7,104 | 3,744 |\n| Impairment loss on real estate owned | 12,500 | \u2014 |\n| Provision for loss sharing, net | 4,537 | 1,786 |\n| Provision for credit losses, net | 5,816 | 9,075 |\n| Total other expenses | 106,558 | 80,427 |\n| Income before extinguishment of debt, loss on real estate, income (loss) from equity affiliates and income taxes | 10,833 | 53,736 |\n| Loss on extinguishment of debt | \u2014 | (2,319) |\n| Loss on real estate | (2,136) | (2,810) |\n| Income (loss) from equity affiliates | 4,411 | (1,634) |\n| Provision for income taxes | (2,085) | (3,591) |\n| Net income | 11,023 | 43,382 |\n| Preferred stock dividends | 10,342 | 10,342 |\n| Net income attributable to noncontrolling interest | 52 | 2,602 |\n| Net income attributable to common stockholders | $ 629 | $ 30,438 |\n| Basic earnings per common share | $ 0.00 | $ 0.16 |\n| Diluted earnings per common share | $ 0.00 | $ 0.16 |\n| Weighted average shares outstanding: | | |\n| Basic | 194,194,906 | 190,060,776 |\n| Diluted | 211,735,731 | 206,862,320 |\n| Dividends declared per common share | $ 0.30 | $ 0.43 |",
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    "title": "ARBOR REALTY TRUST, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited)",
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    "markdown": "| | Preferred Stock Shares | Preferred Stock Value | Common Stock Shares | Common Stock Par Value | Additional Paid-in Capital | Accumulated Deficit | Total Arbor Realty Trust, Inc. Stockholders' Equity | Noncontrolling Interest | Total Equity |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Three Months Ended March 31, 2026 |\n| Balance \u2013 January 1, 2026 | 42,461,858 | $ 633,683 | 195,491,855 | $ 1,955 | $2,454,312 | $ (136,597) | $ 2,953,353 | $ 113,800 | $ 3,067,153 |\n| Repurchase - common stock | \u2014 | \u2014 | (4,117,901) | (41) | (30,692) | \u2014 | (30,733) | \u2014 | (30,733) |\n| Stock-based compensation, net | \u2014 | \u2014 | 996,511 | 10 | 4,880 | \u2014 | 4,890 | \u2014 | 4,890 |\n| Distributions - common stock | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (58,085) | (58,085) | \u2014 | (58,085) |\n| Distributions - preferred stock | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (10,347) | (10,347) | \u2014 | (10,347) |\n| Distributions - noncontrolling interest | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (4,851) | (4,851) |\n| Redemption of operating partnership units | 360 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |\n| Net income | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 10,971 | 10,971 | 52 | 11,023 |\n| Balance \u2013 March 31, 2026 | 42,462,218 | $ 633,683 | 192,370,465 | $ 1,924 | $2,428,500 | $ (194,058) | $ 2,870,049 | $ 109,001 | $ 2,979,050 |\n| Three Months Ended March 31, 2025 |\n| Balance \u2013 January 1, 2025 | 42,585,589 | $ 633,684 | 189,259,435 | $ 1,893 | $2,375,469 | $ 13,039 | $ 3,024,085 | $ 127,885 | $ 3,151,970 |\n| Issuance - common stock | \u2014 | \u2014 | 2,363,750 | 24 | 29,184 | \u2014 | 29,208 | \u2014 | 29,208 |\n| Stock-based compensation, net | \u2014 | \u2014 | 538,522 | 5 | 5,846 | \u2014 | 5,851 | \u2014 | 5,851 |\n| Distributions - common stock | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (82,072) | (82,072) | \u2014 | (82,072) |\n| Distributions - preferred stock | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (10,347) | (10,347) | \u2014 | (10,347) |\n| Distributions - noncontrolling interest | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (6,956) | (6,956) |\n| Redemption of operating partnership units | (119,828) | (2) | \u2014 | \u2014 | \u2014 | \u2014 | (2) | (1,575) | (1,577) |\n| Net income | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 40,780 | 40,780 | 2,602 | 43,382 |\n| Balance \u2013 March 31, 2025 | 42,465,761 | $ 633,682 | 192,161,707 | $ 1,922 | $2,410,499 | $ (38,600) | $ 3,007,503 | $ 121,956 | $ 3,129,459 |",
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    "title": "ARBOR REALTY TRUST, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)",
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    "markdown": "| | Three Months Ended March 31, 2026 | Three Months Ended March 31, 2025 |\n| --- | --- | --- |\n| Operating activities: | | |\n| Net income | $ 11,023 | $ 43,382 |\n| Adjustments to reconcile net income to net cash (used in) provided by operating activities: | | |\n| Depreciation and amortization | 7,104 | 3,744 |\n| Stock-based compensation | 5,933 | 5,935 |\n| Amortization and accretion of interest and fees, net | 3,094 | 2,975 |\n| Originations of loans held-for-sale | (707,577) | (608,808) |\n| Proceeds from sales of loans held-for-sale, net of gain on sale | 670,972 | 730,854 |\n| Payoffs and paydowns of loans held-for-sale | 36 | 487 |\n| Mortgage servicing rights | (9,660) | (8,131) |\n| Amortization of capitalized mortgage servicing rights | 18,293 | 17,758 |\n| Write-off of capitalized mortgage servicing rights from payoffs | 1,047 | 3,106 |\n| Provision for loss sharing, net | 4,537 | 1,786 |\n| Provision for credit losses, net | 5,816 | 9,075 |\n| Charge-offs and advances, net of reimbursements | 4,657 | 579 |\n| Deferred tax benefit | (2,580) | (137) |\n| (Income) loss from equity affiliates | (4,411) | 1,634 |\n| Distributions from operations of equity affiliates | 5,962 | 640 |\n| Loss on extinguishment of debt | \u2014 | 2,319 |\n| Impairment loss on real estate owned | 12,500 | \u2014 |\n| Change in fair value of held-for-sale loans | 189 | (1,962) |\n| Loss (gain) on derivative instruments, net | 493 | (3,400) |\n| Loss on real estate | 2,136 | 2,810 |\n| Changes in operating assets and liabilities | (37,838) | (54,098) |\n| Net cash (used in) provided by operating activities | (8,274) | 150,548 |\n| Investing Activities: | | |\n| Loans and investments funded, originated and purchased, net | (826,093) | (733,121) |\n| Payoffs and paydowns of loans and investments | 893,995 | 418,646 |\n| Deferred fees | 6,982 | 8,308 |\n| Contributions to equity affiliates | (331) | (4,022) |\n| Distributions from equity affiliates | \u2014 | 965 |\n| Payoffs and paydowns of securities held-to-maturity | \u2014 | 50 |\n| Investment in real estate, net | (16,209) | (7,671) |\n| Change in due to borrowers and reserves | \u2014 | 2,027 |\n| Net cash provided by (used in) investing activities | 58,344 | (314,818) |\n| Financing activities: | | |\n| Proceeds from credit and repurchase facilities | 2,355,048 | 2,615,705 |\n| Payoffs and paydowns of credit and repurchase facilities | (2,526,042) | (1,392,099) |\n| Proceeds from issuance of securitized debt | 754,532 | \u2014 |\n| Payoffs and paydowns of securitized debt | (287,095) | (1,340,282) |\n| Proceeds from notes payable - REO | 17,369 | 98,089 |\n| Payoffs and paydowns of notes payable - REO | \u2014 | (49,134) |\n| Proceeds from issuance of common stock | \u2014 | 29,208 |\n| Redemption of operating partnership units | \u2014 | (1,577) |\n| Payments of withholding taxes on net settlement of vested stock | (1,043) | (84) |\n| Repurchase of common stock | (30,733) | \u2014 |\n| Distributions to stockholders and noncontrolling interest | (73,283) | (99,375) |\n| Payment of deferred financing costs | (8,390) | (6,955) |\n| Net cash provided by (used in) financing activities | 200,363 | (146,504) |\n| Net increase (decrease) in cash, cash equivalents and restricted cash | 250,433 | (310,774) |\n| Cash, cash equivalents and restricted cash at beginning of period | 550,222 | 660,179 |\n| Cash, cash equivalents and restricted cash at end of period | $ 800,655 | $ 349,405 |",
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    "title": "ARBOR REALTY TRUST, INC. AND SUBSIDIARIES",
    "subtitle": "CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Continued)",
    "markdown": "| | Three Months Ended March 31, 2026 | Three Months Ended March 31, 2025 |\n| --- | --- | --- |\n| Reconciliation of cash, cash equivalents and restricted cash: | | |\n| Cash and cash equivalents at beginning of period | $ 482,875 | $ 503,803 |\n| Restricted cash at beginning of period | 67,347 | 156,376 |\n| Cash, cash equivalents and restricted cash at beginning of period | $ 550,222 | $ 660,179 |\n| Cash and cash equivalents at end of period | $ 407,126 | $ 308,842 |\n| Restricted cash at end of period | 393,529 | 40,563 |\n| Cash, cash equivalents and restricted cash at end of period | $ 800,655 | $ 349,405 |\n| Supplemental cash flow information: | | |\n| Cash used to pay interest | $ 165,574 | $ 164,417 |\n| Cash used to pay taxes | 132 | 864 |\n| Supplemental schedule of non-cash investing and financing activities: | | |\n| Real estate acquired in settlement of loans and investments, net | 59,017 | 190,814 |\n| Settlement of loans and investments, net of real estate | (58,925) | (196,457) |\n| Derecognition of real estate owned | 34,811 | 72,044 |\n| Loan funded in conjunction with real estate sold | (34,000) | (77,000) |\n| Distributions accrued on preferred stock | 7,010 | 7,010 |",
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    "title": "Note 3 \u2013 Loans and Investments",
    "subtitle": "Our Structured Business loan and investment portfolio consists of ($ in thousands):",
    "markdown": "| | 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) |\n| --- | --- | --- | --- | --- | --- | --- | --- |\n| Bridge loans (5) | $ 11,209,443 | 93 % | 439 | 6.37 % | 14.1 | 0 % | 77 % |\n| Mezzanine loans | 295,843 | 3 % | 62 | 8.04 % | 48.6 | 58 % | 79 % |\n| Construction - multifamily | 289,889 | 2 % | 10 | 9.12 % | 22.6 | 0 % | 62 % |\n| Preferred equity investments | 202,118 | 2 % | 34 | 6.87 % | 43.0 | 62 % | 81 % |\n| Total UPB | 11,997,293 | 100 % | 545 | 6.49 % | 15.7 | 2 % | 77 % |\n| Allowance for credit losses | (131,223) | | | | | | |\n| Unearned revenue | (30,689) | | | | | | |\n| Loans and investments, net (6) | $ 11,835,381 | | | | | | |\n| | December 31, 2025 | 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) |\n| Bridge loans (5) | $ 11,371,758 | 94 % | 524 | 6.39 % | 12.9 | 0 % | 77 % |\n| Mezzanine loans | 290,212 | 2 % | 65 | 7.84 % | 52.3 | 59 % | 78 % |\n| Construction - multifamily | 249,019 | 2 % | 9 | 9.13 % | 24.6 | 0 % | 60 % |\n| Preferred equity investments | 202,118 | 2 % | 34 | 6.87 % | 46.0 | 62 % | 80 % |\n| Total UPB | 12,113,107 | 100 % | 632 | 6.49 % | 14.7 | 2 % | 77 % |\n| Allowance for credit losses | (145,971) | | | | | | |\n| Unearned revenue | (32,888) | | | | | | |\n| Loans and investments, net (6) | $ 11,934,248 | | | | | | |",
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      "(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."
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    "title": "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",
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    "markdown": "| Asset Class / Risk Rating | 2026 | 2025 | 2024 | 2023 | 2022 | Prior | Total | Wtd. Avg. First Dollar LTV Ratio | Wtd. Avg. Last Dollar LTV Ratio |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Multifamily: |  |  |  |  |  |  |  |  |  |\n| Pass | $ 430,100 | $ 600,924 | $ 47,468 | $ 38,673 | $ 79,883 | $ 174,014 | $ 1,371,062 |  |  |\n| Pass/Watch | 46,000 | 999,872 | 273,570 | 86,290 | 344,490 | 736,622 | 2,486,844 |  |  |\n| Special Mention | \u2014 | 408,273 | 206,869 | 25,654 | 1,547,788 | 1,755,859 | 3,944,443 |  |  |\n| Substandard | \u2014 | 4,980 | 22,758 | \u2014 | 282,250 | 168,820 | 478,808 |  |  |\n| Doubtful | \u2014 | \u2014 | 9,460 | 21,100 | 205,533 | 157,101 | 393,194 |  |  |\n| Total Multifamily | $ 476,100 | $ 2,014,049 | $ 560,125 | $ 171,717 | $ 2,459,944 | $ 2,992,416 | $ 8,674,351 | 3 % | 82 % |\n| Single-Family Rental: |  |  |  |  |  |  |  |  |  |\n| Pass | $ \u2014 | $ 27,000 | $ \u2014 | $ \u2014 | $ \u2014 | $ \u2014 | $ 27,000 |  |  |\n| Pass/Watch | 36,400 | 878,166 | 934,628 | 550,457 | 486,043 | 106,080 | 2,991,774 |  |  |\n| Special Mention | 39,510 | 113,755 | 17,079 | 46,183 | 25,900 | 6,891 | 249,318 |  |  |\n| Total Single-Family Rental | $ 75,910 | $ 1,018,921 | $ 951,707 | $ 596,640 | $ 511,943 | $ 112,971 | $ 3,268,092 | 0 % | 64 % |\n| Office: |  |  |  |  |  |  |  |  |  |\n| Pass/Watch | $ \u2014 | $ \u2014 | $ \u2014 | $ \u2014 | $ \u2014 | $ 33,410 | $ 33,410 |  |  |\n| Total Office | $ \u2014 | $ \u2014 | $ \u2014 | $ \u2014 | $ \u2014 | $ 33,410 | $ 33,410 | 0 % | 88 % |\n| Retail: |  |  |  |  |  |  |  |  |  |\n| Substandard | $ \u2014 | $ \u2014 | $ \u2014 | $ \u2014 | $ \u2014 | $ 16,424 | $ 16,424 |  |  |\n| Doubtful | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 531 | 531 |  |  |\n| Total Retail | $ \u2014 | $ \u2014 | $ \u2014 | $ \u2014 | $ \u2014 | $ 16,955 | $ 16,955 | 0 % | 100 % |\n| Land: |  |  |  |  |  |  |  |  |  |\n| Pass/Watch | $ \u2014 | $ \u2014 | $ \u2014 | $ \u2014 | $ \u2014 | $ 2,785 | $ 2,785 |  |  |\n| Total Land | $ \u2014 | $ \u2014 | $ \u2014 | $ \u2014 | $ \u2014 | $ 2,785 | $ 2,785 | 0 % | 14 % |\n| Commercial: |  |  |  |  |  |  |  |  |  |\n| Doubtful | $ \u2014 | $ \u2014 | $ \u2014 | $ \u2014 | $ \u2014 | $ 1,700 | $ 1,700 |  |  |\n| Total Commercial | $ \u2014 | $ \u2014 | $ \u2014 | $ \u2014 | $ \u2014 | $ 1,700 | $ 1,700 | 0 % | 100 % |\n| Grand Total | $ 552,010 | $ 3,032,970 | $ 1,511,832 | $ 768,357 | $ 2,971,887 | $ 3,160,237 | $ 11,997,293 | 2 % | 77 % |\n| Charge-offs | $ \u2014 | $ \u2014 | $ 3,829 | $ \u2014 | $ 11,322 | $ 3,057 | $ 18,208 |  |  |",
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    "title": "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",
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    "markdown": "| Asset Class / Risk Rating | 2025 | 2024 | 2023 | 2022 | 2021 | Prior | Total | Wtd. Avg. First Dollar LTV Ratio | Wtd. Avg. Last Dollar LTV Ratio |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| Multifamily: |  |  |  |  |  |  |  |  |  |\n| Pass | $ 556,801 | $ 87,533 | $ 22,253 | $ 9,832 | $ 34,843 | $ 26,758 | $ 738,020 |  |  |\n| Pass/Watch | 1,195,412 | 429,300 | 108,276 | 376,064 | 526,961 | 159,810 | 2,795,823 |  |  |\n| Special Mention | 211,404 | 186,984 | 185,088 | 1,788,580 | 2,028,742 | 44,479 | 4,445,277 |  |  |\n| Substandard | 4,990 | 47,258 | 21,100 | 297,729 | 307,350 | \u2014 | 678,427 |  |  |\n| Doubtful | \u2014 | 9,460 | \u2014 | 153,443 | 28,826 | 24,565 | 216,294 |  |  |\n| Total Multifamily | $ 1,968,607 | $ 760,535 | $ 336,717 | $ 2,625,648 | $ 2,926,722 | $ 255,612 | $ 8,873,841 | 3 % | 81 % |\n| Single-Family Rental: |  |  |  |  |  |  | Percentage of portfolio | 73 % |  |\n| Pass | $ 98,510 | $ \u2014 | $ \u2014 | $ \u2014 | $ \u2014 | $ \u2014 | $ 98,510 |  |  |\n| Pass/Watch | 859,819 | 1,006,016 | 571,891 | 448,769 | 71,916 | 34,216 | 2,992,627 |  |  |\n| Special Mention | 36,230 | \u2014 | \u2014 | 52,943 | \u2014 | 4,600 | 93,773 |  |  |\n| Total Single-Family Rental | $ 994,559 | $ 1,006,016 | $ 571,891 | $ 501,712 | $ 71,916 | $ 38,816 | $ 3,184,910 | 0 % | 64 % |\n| Office: |  |  |  |  |  |  | Percentage of portfolio | 26 % |  |\n| Pass/Watch | $ \u2014 | $ \u2014 | $ \u2014 | $ \u2014 | $ \u2014 | $ 33,410 | $ 33,410 |  |  |\n| Total Office | $ \u2014 | $ \u2014 | $ \u2014 | $ \u2014 | $ \u2014 | $ 33,410 | $ 33,410 | 0 % | 88 % |\n| Retail: |  |  |  |  |  |  | Percentage of portfolio | < 1% |  |\n| Substandard | $ \u2014 | $ \u2014 | $ \u2014 | $ \u2014 | $ \u2014 | $ 16,424 | $ 16,424 |  |  |\n| Doubtful | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | 531 | 531 |  |  |\n| Total Retail | $ \u2014 | $ \u2014 | $ \u2014 | $ \u2014 | $ \u2014 | $ 16,955 | $ 16,955 | 0 % | 97 % |\n| Land: |  |  |  |  |  |  | Percentage of portfolio | < 1% |  |\n| Pass/Watch | $ \u2014 | $ \u2014 | $ \u2014 | $ \u2014 | $ \u2014 | $ 2,291 | $ 2,291 |  |  |\n| Total Land | $ \u2014 | $ \u2014 | $ \u2014 | $ \u2014 | $ \u2014 | $ 2,291 | $ 2,291 | 0 % | 77 % |\n| Commercial: |  |  |  |  |  |  | Percentage of portfolio | < 1% |  |\n| Doubtful | $ \u2014 | $ \u2014 | $ \u2014 | $ \u2014 | $ \u2014 | $ 1,700 | $ 1,700 |  |  |\n| Total Commercial | $ \u2014 | $ \u2014 | $ \u2014 | $ \u2014 | $ \u2014 | $ 1,700 | $ 1,700 | 0 % | 100 % |\n| Grand Total | $ 2,963,166 | $ 1,766,551 | $ 908,608 | $ 3,127,360 | $ 2,998,638 | $ 348,784 | $ 12,113,107 | 2 % | 77 % |\n| Charge-offs | $ \u2014 | $ 3,000 | $ \u2014 | $ 24,476 | $ 31,968 | $ 68,893 | $ 128,337 |  |  |",
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    "title": "Allowance for Credit Losses",
    "subtitle": "A summary of the changes in the allowance for credit losses is as follows",
    "markdown": "| | Three Months Ended March 31, 2026 | | | | | | | | Three Months Ended March 31, 2025 | | | | | | |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| | Multifamily | Single-Family Rental | Retail | Commercial | Office | Land | Total | Multifamily | Single-Family Rental | Retail | Commercial | Office | Land | Total |\n| Allowance for credit losses: | | | | | | | | | | | | | | |\n| Beginning balance | $ 131,924 | $ 8,817 | $ 2,903 | $ 1,700 | $ 251 | $ 376 | $ 145,971 | $ 148,139 | $ 7,524 | $ 3,293 | $ 1,700 | $ 181 | $ 78,130 | $ 238,967 |\n| Provision for credit losses (net of reversals) | 4,746 | (907) | \u2014 | \u2014 | (3) | (376) | 3,460 | 6,772 | (1,000) | \u2014 | \u2014 | 328 | (130) | 5,970 |\n| Charge-offs | (18,208) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (18,208) | | | | | | | |\n| Recoveries | | | | | | | | (406) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (406) |\n| Charge-offs, net (1) | | | | | | | | (3,594) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 | (3,594) |\n| Ending balance | $ 118,462 | $ 7,910 | $ 2,903 | $ 1,700 | $ 248 | $ \u2014 | $ 131,223 | $ 150,911 | $ 6,524 | $ 3,293 | $ 1,700 | $ 509 | $ 78,000 | $ 240,937 |",
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  {
    "title": "Impaired Loans by Asset Class",
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    "markdown": "| Asset Class | UPB (1) | Carrying Value | Allowance for Credit Losses | Wtd. Avg. First Dollar LTV Ratio | Wtd. Avg. Last Dollar LTV Ratio |\n| --- | --- | --- | --- | --- | --- |\n| March 31, 2026 |  |  |  |  |  |\n| Multifamily | $ 318,709 | $ 316,068 | $ 26,962 | 0 % | 96 % |\n| Retail | 16,955 | 16,911 | 2,903 | 0 % | 97 % |\n| Commercial | 1,700 | 1,700 | 1,700 | 0 % | 100 % |\n| Total | $ 337,364 | $ 334,679 | $ 31,565 | 0 % | 96 % |\n| December 31, 2025 |  |  |  |  |  |\n| Multifamily | $ 366,275 | $ 363,635 | $ 38,487 | 0 % | 96 % |\n| Retail | 16,955 | 16,855 | 2,903 | 0 % | 97 % |\n| Commercial | 1,700 | 1,700 | 1,700 | 0 % | 100 % |\n| Total | $ 384,930 | $ 382,190 | $ 43,090 | 0 % | 96 % |",
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    "title": "A summary of our non-performing loans by asset class",
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    "markdown": "| | March 31, 2026 UPB | March 31, 2026 Carrying Value | December 31, 2025 UPB | December 31, 2025 Carrying Value |\n| --- | --- | --- | --- | --- |\n| Multifamily | $ 479,219 | $ 473,919 | $ 566,906 | $ 553,016 |\n| Commercial | 1,700 | 1,700 | 1,700 | 1,700 |\n| Retail | 531 | 531 | 531 | 531 |\n| Total | $ 481,450 | $ 476,150 | $ 569,137 | $ 555,247 |",
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  {
    "title": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)",
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    "markdown": "| | Three Months Ended March 31, 2026 |\n| --- | --- |\n| Beginning balance (3 multifamily bridge loans) | $ 48,311 |\n| Loans that progressed to greater than 60 days past due | (1,221) |\n| Loans modified or paid off | (47,090) |\n| Ending balance | $ \u2014 |\n| | Three Months Ended March 31, 2025 |\n| Beginning balance (9 multifamily bridge loans) | $ 167,428 |\n| Loans that progressed to greater than 60 days past due | (82,290) |\n| Loans modified or paid off | (38,490) |\n| Additional loans classified as non-accrual | 96,175 |\n| Ending balance (5 multifamily bridge loans) | $ 142,823 |",
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  {
    "title": "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",
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    "markdown": "| Asset Class | Payment Deferrals With/Without Term Extensions (1) | Rate Reductions With/Without Term Extensions (2) | Other (3) | Total (4)(5)(6) |\n| --- | --- | --- | --- | --- |\n| Multifamily | $ 166,786 | $ 196,594 | $ 115,420 | $ 478,800 |",
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      "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.",
      "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.",
      "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.",
      "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.",
      "At March 31, 2026, modified loans with a UPB of $33.0 million have specific reserves totaling $1.0 million."
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  {
    "title": "UPB of loan modifications made to borrowers experiencing financial difficulty during the three months ended March 31, 2025",
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    "markdown": "| Asset Class | Payment Deferrals With/Without Term Extensions (1) | Other (2) | Total (3)(4)(5) |\n| --- | --- | --- | --- |\n| Multifamily | $ 849,365 | $ 83,975 | $ 933,340 |\n| Single-Family Rental | \u2014 | 16,490 | 16,490 |\n| Total UPB | $ 849,365 | $ 100,465 | $ 949,830 |",
    "footnotes": [
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      "(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."
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    "title": "Note 4 \u2014 Loans Held-for-Sale, Net",
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    "markdown": "|  | March 31, 2026 | December 31, 2025 |\n| --- | --- | --- |\n| Fannie Mae | $ 302,433 | $ 303,196 |\n| Private Label | 77,762 | 77,798 |\n| FHA | 45,507 | 22,390 |\n| Freddie Mac | 16,477 | 2,225 |\n| SFR - Fixed Rate | 2,777 | 2,777 |\n|  | 444,956 | 408,386 |\n| Fair value of future MSR | 4,994 | 5,921 |\n| Unrealized impairment recovery (loss) | 1,224 | 1,414 |\n| Unearned discount | (7,956) | (6,640) |\n| Loans held-for-sale, net | $ 443,218 | $ 409,081 |",
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  {
    "title": "A summary of our capitalized MSR activity is as follows",
    "subtitle": "",
    "markdown": "| | Three Months Ended March 31, 2026 | | |\n| --- | --- | --- | --- |\n| | Originated | Acquired | Total |\n| Beginning balance | $ 338,174 | $ 2,668 | $ 340,842 |\n| Additions | 10,427 | \u2014 | 10,427 |\n| Amortization | (17,953) | (340) | (18,293) |\n| Write-downs and payoffs | (1,027) | (20) | (1,047) |\n| Ending balance | $ 329,621 | $ 2,308 | $ 331,929 |",
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    "title": "Capitalized MSR Activity \u2013 Three Months Ended March 31, 2025",
    "subtitle": "",
    "markdown": "|  |  |  | Three Months Ended March 31, 2025 |  |  |  |\n| --- | --- | --- | --- | --- | --- | --- |\n| Beginning balance | $ | 363,861 | $ | 4,817 | $ | 368,678 |\n| Additions |  | 9,406 |  | \u2014 |  | 9,406 |\n| Amortization |  | (17,195) |  | (563) |  | (17,758) |\n| Write-downs and payoffs |  | (3,067) |  | (39) |  | (3,106) |\n| Ending balance | $ | 353,005 | $ | 4,215 | $ | 357,220 |",
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  {
    "title": "The expected amortization of capitalized MSRs recorded at March 31, 2026 is as follows",
    "subtitle": "",
    "markdown": "| Year | Amortization |\n| --- | --- |\n| 2026 (nine months ending 12/31/2026) | $ 53,739 |\n| 2027 | 68,128 |\n| 2028 | 61,367 |\n| 2029 | 52,504 |\n| 2030 | 38,542 |\n| Thereafter | 57,649 |\n| Total | $ 331,929 |",
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  {
    "title": "Product and Geographic Concentrations",
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    "markdown": "| March 31, 2026 |  |  |  |  |  |\n| --- | --- | --- | --- | --- | --- |\n| Product Concentrations |  |  | Geographic Concentrations |  |  |\n| Product | UPB (1) | % of Total | State | UPB | % of Total |\n| Fannie Mae | $ 24,261,724 | 67 % | New York |  | 13 % |\n| Freddie Mac | 7,368,979 | 20 % | Texas |  | 10 % |\n| Private Label | 2,554,209 | 7 % | North Carolina |  | 8 % |\n| FHA | 1,584,644 | 4 % | California |  | 7 % |\n| Bridge (2) | 277,523 | 1 % | Florida |  | 6 % |\n| SFR - Fixed Rate | 264,008 | 1 % | New Jersey |  | 6 % |\n| Total | $ 36,311,087 | 100 % | Georgia |  | 5 % |\n|  |  |  | Other (3) |  | 45 % |\n|  |  |  | Total |  | 100 % |\n| December 31, 2025 |  |  |  |  |  |\n| Product | UPB (1) | % of Total | State | UPB | % of Total |\n| Fannie Mae | $ 24,085,960 | 66 % | New York |  | 13 % |\n| Freddie Mac | 7,455,088 | 21 % | Texas |  | 10 % |\n| Private Label | 2,558,048 | 7 % | North Carolina |  | 8 % |\n| FHA | 1,549,483 | 4 % | California |  | 7 % |\n| Bridge (2) | 277,738 | 1 % | Florida |  | 7 % |\n| SFR - Fixed Rate | 277,490 | 1 % | Georgia |  | 5 % |\n| Total | $ 36,203,807 | 100 % | New Jersey |  | 5 % |\n|  |  |  | Illinois |  | 4 % |\n|  |  |  | Other (3) |  | 41 % |\n|  |  |  | Total |  | 100 % |",
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      "(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."
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  {
    "title": "The components of servicing revenue, net are as follows",
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    "markdown": "| | Three Months Ended March 31, 2026 | Three Months Ended March 31, 2025 |\n| --- | --- | --- |\n| Servicing fees | $ 33,948 | $ 32,543 |\n| Interest earned on escrows | 10,219 | 12,890 |\n| Prepayment fees | 913 | 1,034 |\n| Write-offs and payoffs of MSRs | (1,047) | (3,106) |\n| Amortization of MSRs | (18,293) | (17,758) |\n| Servicing revenue, net | $ 25,740 | $ 25,603 |",
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  {
    "title": "A summary of our securities held-to-maturity is as follows",
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    "markdown": "| | Face Value | Net Carrying Value | Unrealized Gain (Loss) | Estimated Fair Value | Allowance for Credit Losses |\n| --- | --- | --- | --- | --- | --- |\n| March 31, 2026 |  |  |  |  |  |\n| APL certificates | $ 192,791 | $ 142,427 | $ (15,817) | $ 126,610 | $ 1,473 |\n| B Piece bonds | 32,670 | 13,042 | 9,585 | 22,627 | 13,652 |\n| Total | $ 225,461 | $ 155,469 | $ (6,232) | $ 149,237 | $ 15,125 |\n| December 31, 2025 |  |  |  |  |  |\n| APL certificates | $ 192,791 | $ 140,682 | $ (15,143) | $ 125,539 | $ 1,664 |\n| B Piece bonds | 36,730 | 15,405 | 9,203 | 24,608 | 15,349 |\n| Total | $ 229,521 | $ 156,087 | $ (5,940) | $ 150,147 | $ 17,013 |",
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  {
    "title": "A summary of the changes in the allowance for credit losses for our securities held-to-maturity is as follows",
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    "markdown": "| | Three Months Ended March 31, 2026 | | | Three Months Ended March 31, 2025 | |\n| --- | --- | --- | --- | --- | --- |\n| | APL Certificates | B Piece Bonds | Total | APL Certificates | B Piece Bonds | Total |\n| Beginning balance | $ 1,664 | $ 15,349 | $ 17,013 | $ 1,658 | $ 9,188 | $ 10,846 |\n| Provision for credit loss expense/(reversal) | (191) | 2,400 | 2,209 | 1 | (80) | (79) |\n| Charge-offs | \u2014 | (4,097) | (4,097) | | | |\n| Ending balance | $ 1,473 | $ 13,652 | $ 15,125 | $ 1,659 | $ 9,108 | $ 10,767 |",
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  {
    "title": "Note 8 \u2014 Investments in Equity Affiliates",
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    "markdown": "| Equity Affiliates | Investments in Equity Affiliates at March 31, 2026 | Investments in Equity Affiliates at December 31, 2025 | UPB of Loans to Equity Affiliates at March 31, 2026 |\n| --- | --- | --- | --- |\n| AWC Real Estate Opportunity Partners I LP | $ 16,782 | $ 17,134 | $ 108,450 |\n| Fifth Wall Ventures | 16,765 | 17,260 | \u2014 |\n| AMAC Holdings III LLC | 12,259 | 12,714 | 33,410 |\n| ARSR DPREF I LLC | 5,843 | 5,745 | \u2014 |\n| Lightstone Value Plus REIT L.P. | 1,895 | 1,895 | \u2014 |\n| Clarus Berkley | 1,500 | 1,500 | 67,900 |\n| The Park at Via Terrossa | 563 | 578 | 21,845 |\n| Docsumo Pte. Ltd. | 450 | 450 | \u2014 |\n| JT Prime | 425 | 425 | \u2014 |\n| The Cypress at Wesley Park | 265 | 265 | 14,964 |\n| Lexford Portfolio | \u2014 | \u2014 | \u2014 |\n| East River Portfolio | \u2014 | \u2014 | \u2014 |\n| Total | $ 56,747 | $ 57,966 | $ 246,569 |",
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    "title": "Note 9 \u2014 Real Estate Owned",
    "subtitle": "A summary of our REO assets is as follows",
    "markdown": "| | March 31, 2026 | | | | December 31, 2025 | | | |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| | Multifamily | Office | Land | Total | Multifamily | Office | Land | Total |\n| Land | $ 111,566 | $ 13,599 | $ 7,947 | $ 133,112 | $ 109,788 | $ 13,599 | $ 7,947 | $ 131,334 |\n| Building and intangible assets | 395,552 | 55,132 | \u2014 | 450,684 | 363,281 | 48,882 | \u2014 | 412,163 |\n| Less: Impairment loss | (33,000) | (2,500) | \u2014 | (35,500) | (20,500) | (2,500) | \u2014 | (23,000) |\n| Less: Accumulated depreciation and amortization | (23,979) | (3,551) | \u2014 | (27,530) | (18,015) | (3,544) | \u2014 | (21,559) |\n| Real estate owned, net | $ 450,139 | $ 62,680 | $ 7,947 | $ 520,766 | $ 434,554 | $ 56,437 | $ 7,947 | $ 498,938 |\n| Number of foreclosed loans | 17 | 2 | 2 | 21 | 15 | 2 | 2 | 19 |\n| Number of properties | 32 | 2 | 2 | 36 | 31 | 2 | 2 | 35 |",
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  {
    "title": "Borrowings under our credit and repurchase facilities are as follows",
    "subtitle": "",
    "markdown": "| Facility | Current Maturity | Extended Maturity | March 31, 2026 Debt Carrying Value (1) | March 31, 2026 Collateral Carrying Value | March 31, 2026 Wtd. Avg. Note Rate (2) | December 31, 2025 Debt Carrying Value (1) | December 31, 2025 Collateral Carrying Value |\n| --- | --- | --- | --- | --- | --- | --- | --- |\n| Structured Business |  |  |  |  |  |  |  |\n| $1.4B joint repurchase facility (3) | Jul. 2027 | Jul. 2028 | $ 1,031,189 | $ 1,569,762 | 6.36% | $ 882,635 | $ 1,468,161 |\n| $1.22B repurchase facility (6) |  | N/A | 1,175,995 | 1,633,307 | 5.66% | 1,149,944 | 1,555,403 |\n| $1B repurchase facility (3)(5) |  | N/A | 774,998 | 1,082,767 | 6.47% | 879,499 | 1,207,513 |\n| $850M repurchase facility (3) | Dec. 2026 | Dec. 2027 | 356,589 | 624,309 | 6.50% | 443,880 | 725,309 |\n| $650M repurchase facility (3) | Oct. 2026 | N/A | 381,913 | 456,439 | 6.19% | 462,694 | 549,069 |\n| $400M credit facility | Mar. 2027 | N/A | 59,399 | 117,164 | 7.01% | 66,479 | 125,099 |\n| $400M repurchase facility | Jan. 2027 | Jan. 2028 | 279,679 | 379,619 | 5.98% | 291,342 | 383,195 |\n| $350M repurchase facility | Mar. 2027 | N/A | 124,215 | 217,645 | 5.73% | 127,199 | 238,422 |\n| $300M credit facility | Mar. 2029 | Mar. 2030 | 7,551 | 9,476 | 6.76% | \u2014 | \u2014 |\n| $250M repurchase facility | Sept. 2027 | Sept. 2028 | 85,803 | 132,070 | 6.79% | 73,052 | 113,121 |\n| $250M repurchase facility | Oct. 2026 | N/A | \u2014 | \u2014 | \u2014 | 98,186 | 126,340 |\n| $250M repurchase facility | Oct. 2027 | N/A | 95,417 | 124,588 | 6.25% | 78,963 | 102,758 |\n| $200M credit facility | Mar. 2027 | Mar. 2028 | 48,665 | 65,277 | 6.30% | 41,114 | 59,147 |\n| $22M loan specific credit facility | Jul. 2026 | N/A | 20,792 | 26,000 | 5.84% | 63,456 | 87,000 |\n| $40M credit facility (7) | Jul. 2026 | N/A | 15,570 | 24,610 | 6.10% | 15,532 | 24,610 |\n| $35M working capital facility (7) | Jul. 2026 | N/A | 35,000 | \u2014 | 6.66% | 35,000 | \u2014 |\n| Repurchase facility - securities (3)(4) | N/A | N/A | 50,312 | \u2014 | 5.09% | 50,280 | \u2014 |\n| Structured Business total (8) |  |  | $ 4,543,087 | $ 6,463,033 | 6.15% | $ 4,759,255 | $ 6,765,147 |\n| Agency Business |  |  |  |  |  |  |  |\n| $750M ASAP agreement | N/A | N/A | $ 253,768 | $ 257,537 | 4.88% | $ 91,965 | $ 92,733 |\n| $500M repurchase facility | Nov. 2026 | N/A | 23,169 | 23,573 | 5.16% | 89,427 | 89,573 |\n| $200M credit facility (7) | Mar. 2027 | N/A | 62,162 | 62,568 | 5.37% | 101,802 | 102,409 |\n| $200M credit facility | Jun. 2026 | N/A | 20,549 | 20,738 | 6.07% | 42,887 | 43,096 |\n| $100M joint repurchase facility (3) | Jul. 2027 | Jul. 2028 | 65,217 | 77,762 | 6.27% | 64,315 | 77,798 |\n| Agency Business total |  |  | $ 424,865 | $ 442,178 | 5.24% | $ 390,396 | $ 405,609 |\n| Consolidated total |  |  | $ 4,967,952 | $ 6,905,211 | 6.07% | $ 5,149,651 | $ 7,170,756 |",
    "footnotes": [
      "(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."
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  {
    "title": "Borrowings and the corresponding collateral under our securitized debt transactions are as follows",
    "subtitle": "",
    "markdown": "| | Debt | | | Collateral (3) | | |\n| --- | --- | --- | --- | --- | --- | --- |\n| | Face Value | Carrying Value (1) | Wtd. Avg. Rate (2) | UPB | Carrying Value | Restricted Cash (4) |\n| March 31, 2026 | | | | | | |\n| CLO 21 | $ 673,990 | $ 667,860 | 5.47 % | $ 655,335 | $ 652,162 | $ 100,000 |\n| CLO 20 | 933,187 | 925,169 | 5.48 % | 971,081 | 966,871 | 75,192 |\n| BTR CLO 1 | 567,121 | 559,749 | 6.22 % | 688,888 | 687,341 | 266 |\n| CLO 18 (5) | 878,266 | 878,030 | 5.88 % | 1,240,919 | 1,240,675 | 30,000 |\n| CLO 17 (5) | 900,659 | 900,660 | 5.73 % | 1,173,927 | 1,173,866 | 104,235 |\n| Total CLOs | $ 3,953,223 | $ 3,931,468 | 5.73 % | $ 4,730,150 | $ 4,720,915 | $ 309,693 |\n| Q Series securitization (6) | \u2014 | \u2014 | \u2014 | 24,950 | 24,950 | \u2014 |\n| Total securitized debt | $ 3,953,223 | $ 3,931,468 | 5.73 % | $ 4,755,100 | $ 4,745,865 | $ 309,693 |\n| December 31, 2025 | | | | | | |\n| CLO 20 | $ 933,187 | $ 924,504 | 5.50 % | $ 1,045,664 | $ 1,040,984 | $ \u2014 |\n| BTR CLO 1 | 525,304 | 517,395 | 6.29 % | 685,746 | 683,807 | \u2014 |\n| CLO 18 (5) | 971,595 | 970,979 | 6.01 % | 1,339,523 | 1,338,395 | 21,469 |\n| CLO 17 (5) | 1,055,700 | 1,055,380 | 5.66 % | 1,443,820 | 1,443,845 | \u2014 |\n| Total CLOs | 3,485,786 | 3,468,258 | 5.81 % | 4,514,753 | 4,507,031 | 21,469 |\n| Q Series securitization (6) | \u2014 | \u2014 | \u2014 | 50,600 | 50,600 | \u2014 |\n| Total securitized debt | $ 3,485,786 | $ 3,468,258 | 5.81 % | $ 4,565,353 | $ 4,557,631 | $ 21,469 |",
    "footnotes": [
      "(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."
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      "(2)",
      "(3)",
      "(4)",
      "(5)",
      "(6)"
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  {
    "title": "Senior Unsecured Notes",
    "subtitle": "A summary of our senior unsecured notes is as follows",
    "markdown": "| Senior Unsecured Notes | Issuance Date | Maturity | March 31, 2026 UPB | March 31, 2026 Carrying Value (1) | March 31, 2026 Wtd. Avg. Rate (2) | December 31, 2025 UPB | December 31, 2025 Carrying Value (1) | December 31, 2025 Wtd. Avg. Rate (2) |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| 8.50% Notes (3) | Dec. 2025 | Dec. 2028 | $ 400,000 | $ 394,762 | 8.50 % | $ 400,000 | $ 394,340 | 8.50 % |\n| 7.875% Notes (4) | Jul. 2025 | Jul. 2030 | 500,000 | 489,975 | 7.88 % | 500,000 | 489,397 | 7.88 % |\n| 9.00% Notes (3) | Oct. 2024 | Oct. 2027 | 100,000 | 99,078 | 9.00 % | 100,000 | 98,934 | 9.00 % |\n| 8.50% Notes (3) | Oct. 2022 | Oct. 2027 | 150,000 | 149,172 | 8.50 % | 150,000 | 149,041 | 8.50 % |\n| 5.00% Notes (3) | Dec. 2021 | Dec. 2028 | 180,000 | 178,831 | 5.00 % | 180,000 | 178,725 | 5.00 % |\n| 4.50% Notes (3) | Aug. 2021 | Sept. 2026 | 270,000 | 269,650 | 4.50 % | 270,000 | 269,439 | 4.50 % |\n| 5.00% Notes (3) | Apr. 2021 | Apr. 2026 | 175,000 | 174,948 | 5.00 % | 175,000 | 174,790 | 5.00 % |\n| 4.50% Notes (3) | Mar. 2020 | Mar. 2027 | 275,000 | 274,531 | 4.50 % | 275,000 | 274,412 | 4.50 % |\n| | | | $ 2,050,000 | $ 2,030,947 | 6.70 % | $ 2,050,000 | $ 2,029,078 | 6.70 % |",
    "footnotes": [
      "(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."
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  {
    "title": "Cash Flow Triggers",
    "subtitle": "",
    "markdown": "| Cash Flow Triggers | CLO 17 | CLO 18 | BTR CLO 1 | CLO 20 | CLO 21 |\n| --- | --- | --- | --- | --- | --- |\n| Overcollateralization (1) |  |  |  |  |  |\n| Current | 136.30 % | 139.84 % | 117.47 % | 112.52 % | 113.15 % |\n| Limit | 121.51 % | 123.03 % | 115.47 % | 110.52 % | 111.15 % |\n| Pass / Fail | Pass | Pass | Pass | Pass | Pass |\n| Interest Coverage (2) |  |  |  |  |  |\n| Current | 155.42 % | 134.63 % | 151.92 % | 135.00 % | 130.39 % |\n| Limit | 120.00 % | 120.00 % | 120.00 % | 120.00 % | 120.00 % |\n| Pass / Fail | Pass | Pass | Pass | Pass | Pass |",
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      "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.",
      "The interest coverage ratio divides interest income by interest expense for the classes senior to those retained by us."
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    "title": "Our CLO overcollateralization ratios as of the determination dates subsequent to each quarter are as follows:",
    "subtitle": "",
    "markdown": "| Determination (1) | CLO 17 | CLO 18 | BTR CLO 1 | CLO 20 | CLO 21 |\n| --- | --- | --- | --- | --- | --- |\n| April 2026 | 136.30 % | 139.84 % | 117.47 % | 112.52 % | 113.15 % |\n| January 2026 | 127.77 % | 136.54 % | 117.47 % | 112.52 % | N/A |\n| October 2025 | 127.02 % | 131.38 % | 117.47 % | 112.52 % | N/A |\n| July 2025 | 124.46 % | 130.03 % | 117.47 % | N/A | N/A |\n| April 2025 | 122.65 % | 127.91 % | N/A | N/A | N/A |",
    "footnotes": [
      "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."
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  {
    "title": "Allowance for Loss-Sharing Obligations",
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    "markdown": "| | Three Months Ended March 31, 2026 | Three Months Ended March 31, 2025 |\n| --- | --- | --- |\n| Beginning balance | $ 97,579 | $ 83,150 |\n| Provisions for loss sharing (net of reversals) | 4,537 | 1,786 |\n| Charge-offs and advances, net of reimbursements | 4,657 | 579 |\n| Ending balance | $ 106,773 | $ 85,515 |",
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  {
    "title": "A summary of our non-qualifying derivative financial instruments in our Agency Business is as follows",
    "subtitle": "",
    "markdown": "| Derivative | Count | Notional Value | Balance Sheet Location | Derivative Assets | Derivative Liabilities |\n| --- | --- | --- | --- | --- | --- |\n| March 31, 2026 |  |  |  |  |  |\n| Rate lock commitments | 3 | $ 55,904 | Other assets/other liabilities | $ 633 | $ (121) |\n| Forward sale commitments | 18 | 420,320 | Other assets/other liabilities | 189 | (2,336) |\n|  |  | $ 476,224 |  | $ 822 | $ (2,457) |\n| December 31, 2025 |  |  |  |  |  |\n| Rate lock commitments | 4 | $ 29,621 | Other assets/other liabilities | $ 473 | $ (66) |\n| Forward sale commitments | 32 | 357,432 | Other assets/other liabilities | 112 | (1,016) |\n| Treasury futures | 617 | 61,700 |  | \u2014 | \u2014 |\n|  |  | $ 448,753 |  | $ 585 | $ (1,082) |",
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  {
    "title": "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",
    "subtitle": "",
    "markdown": "| | March 31, 2026 | | | December 31, 2025 | | |\n| --- | --- | --- | --- | --- | --- | --- |\n| | Principal / Notional Amount | Carrying Value | Estimated Fair Value | Principal / Notional Amount | Carrying Value | Estimated Fair Value |\n| Financial assets: | | | | | | |\n| Loans and investments, net | $ 11,997,293 | $ 11,835,381 | $ 11,821,573 | $ 12,113,107 | $ 11,934,248 | $ 11,964,280 |\n| Loans held-for-sale, net | 444,956 | 443,218 | 456,125 | 408,386 | 409,081 | 421,398 |\n| Capitalized mortgage servicing rights, net | n/a | 331,929 | 465,856 | n/a | 340,842 | 474,767 |\n| Securities held-to-maturity, net | 225,461 | 155,469 | 149,237 | 229,521 | 156,087 | 150,147 |\n| Derivative financial instruments | 88,438 | 822 | 822 | 94,319 | 585 | 585 |\n| Financial liabilities: | | | | | | |\n| Credit and repurchase facilities | $ 4,977,857 | $ 4,967,952 | $ 4,961,310 | $ 5,161,707 | $ 5,149,651 | $ 5,143,472 |\n| Securitized debt | 3,953,223 | 3,931,468 | 3,954,507 | 3,485,786 | 3,468,258 | 3,487,773 |\n| Senior unsecured notes | 2,050,000 | 2,030,947 | 1,968,663 | 2,050,000 | 2,029,078 | 2,009,938 |\n| Junior subordinated notes | 154,336 | 145,707 | 112,772 | 154,336 | 145,497 | 111,992 |\n| Notes payable - real estate owned | 253,189 | 253,189 | 252,010 | 222,965 | 222,965 | 221,893 |\n| Derivative financial instruments | 387,786 | 2,457 | 2,457 | 292,734 | 1,082 | 1,082 |",
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    "title": "Fair Value Measurements Using Fair Value Hierarchy",
    "subtitle": "At March 31, 2026 ($ in thousands)",
    "markdown": "|  | Carrying Value | Fair Value | Level 1 | Level 2 | Level 3 |\n| --- | --- | --- | --- | --- | --- |\n| Financial assets: |  |  |  |  |  |\n| Derivative financial instruments | $ 822 | $ 822 | $ \u2014 | $ 189 | $ 633 |\n| Financial liabilities: |  |  |  |  |  |\n| Derivative financial instruments | $ 2,457 | $ 2,457 | $ \u2014 | $ 2,457 | $ \u2014 |",
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    "title": "Fair Value Measurements Using Fair Value Hierarchy",
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    "markdown": "| | Net Carrying Value | Fair Value | Level 1 | Level 2 | Level 3 |\n| --- | --- | --- | --- | --- | --- |\n| Financial assets: | | | | | |\n| Impaired loans, net | | | | | |\n| Loans held-for-investment (1) | $ 303,114 | $ 303,114 | $ \u2014 | $ \u2014 | $ 303,114 |\n| Loans held-for-sale (2) | 12,993 | 12,993 | \u2014 | 12,993 | \u2014 |\n| | $ 316,107 | $ 316,107 | $ \u2014 | $ 12,993 | $ 303,114 |",
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      "(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."
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  {
    "title": "Quantitative information about Level 3 fair value measurements at March 31, 2026 is as follows",
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    "markdown": "| | Fair Value | Valuation Techniques | Significant Unobservable Inputs | Weighted Average | Minimum / Maximum |\n| --- | --- | --- | --- | --- | --- |\n| Financial assets: |  |  |  |  |  |\n| Impaired loans: |  |  |  |  |  |\n| Multifamily | $ 289,106 | Discounted cash flows | Capitalization rate | 5.89 % | 5.50 % - 7.00 % |\n| Retail | $ 14,008 | Sales comparative | Price per acre | $165 | $165 |\n| Derivative financial instruments: |  |  |  |  |  |\n| Rate lock commitments | $ 633 | Discounted cash flows | W/A discount rate | 13.82 % | 13.82 % |",
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  {
    "title": "Fair Value Measurements Using Significant Unobservable Inputs",
    "subtitle": "Three Months Ended March 31,",
    "markdown": "| | Three Months Ended March 31, 2026 | Three Months Ended March 31, 2025 |\n| --- | --- | --- |\n| Derivative assets and liabilities, net | | |\n| Beginning balance | $ 473 | $ \u2014 |\n| Settlements | (9,500) | (7,822) |\n| Realized gains recorded in earnings | 9,027 | 7,822 |\n| Unrealized gains recorded in earnings | 633 | 309 |\n| Ending balance | $ 633 | $ 309 |",
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  {
    "title": "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",
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    "markdown": "| March 31, 2026 | Notional/Principal Amount | Fair Value of Servicing Rights | Unrealized Impairment Loss | Total Fair Value Adjustment |\n| --- | --- | --- | --- | --- |\n| Rate lock commitments | $ 55,904 | $ 633 | $ \u2014 | $ 633 |\n| Forward sale commitments | 420,320 | \u2014 | \u2014 | \u2014 |\n| Loans held-for-sale, net (1) | 444,956 | 4,994 | 1,224 | 6,218 |\n| Total | $ 5,627 | $ 1,224 | $ 6,851 |  |",
    "footnotes": [
      "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."
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  {
    "title": "Fair Value Measurements Using Fair Value Hierarchy",
    "subtitle": "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",
    "markdown": "|  | Carrying Value | Fair Value | Level 1 | Level 2 | Level 3 |\n| --- | --- | --- | --- | --- | --- |\n| Financial assets: |  |  |  |  |  |\n| Loans and investments, net | $ 11,835,381 | $ 11,821,573 | $ \u2014 | $ \u2014 | $ 11,821,573 |\n| Loans held-for-sale, net | 443,218 | 456,125 | \u2014 | 451,131 | 4,994 |\n| Capitalized mortgage servicing rights, net | 331,929 | 465,856 | \u2014 | \u2014 | 465,856 |\n| Securities held-to-maturity, net | 155,469 | 149,237 | \u2014 | \u2014 | 149,237 |\n| Financial liabilities: |  |  |  |  |  |\n| Credit and repurchase facilities | $ 4,967,952 | $ 4,961,310 | $ \u2014 | $ 424,865 | $ 4,536,445 |\n| Securitized debt | 3,931,468 | 3,954,507 | \u2014 | \u2014 | 3,954,507 |\n| Senior unsecured notes | 2,030,947 | 1,968,663 | 1,968,663 | \u2014 | \u2014 |\n| Junior subordinated notes | 145,707 | 112,772 | \u2014 | \u2014 | 112,772 |\n| Notes payable - real estate owned | 253,189 | 252,010 | \u2014 | \u2014 | 252,010 |",
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    "title": "Debt Obligations and Operating Leases",
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    "markdown": "| Year | Debt Obligations | Minimum Annual Operating Lease Payments | Total |\n| --- | --- | --- | --- |\n| 2026 (nine months ending December 31, 2026) | $ 3,049,470 | $ 8,598 | $ 3,058,068 |\n| 2027 | 4,533,279 | 9,912 | 4,543,191 |\n| 2028 | 1,654,068 | 9,226 | 1,663,294 |\n| 2029 | 1,337,841 | 8,714 | 1,346,555 |\n| 2030 | 659,611 | 8,756 | 668,367 |\n| 2031 | \u2014 | 6,381 | 6,381 |\n| Thereafter | 154,336 | 4,543 | 158,879 |\n| Total | $ 11,388,605 | $ 56,130 | $ 11,444,735 |",
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    "title": "The assets and liabilities related to these consolidated Securitization Entities are as follows",
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    "markdown": "| | March 31, 2026 | December 31, 2025 |\n| --- | --- | --- |\n| Assets: | | |\n| Restricted cash | $ 359,569 | $ 35,258 |\n| Loans and investments, net | 4,745,864 | 4,557,631 |\n| Other assets | 65,437 | 69,132 |\n| Total assets | $ 5,170,870 | $ 4,662,021 |\n| Liabilities: | | |\n| Securitized debt | $ 3,931,468 | $ 3,468,258 |\n| Other liabilities | 9,688 | 9,590 |\n| Total liabilities | $ 3,941,156 | $ 3,477,848 |",
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  {
    "title": "A summary of our variable interests in identified VIEs, of which we are not the primary beneficiary, at March 31, 2026 is as follows",
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    "markdown": "| Type | Carrying Amount (1) |\n| --- | --- |\n| Loans | $ 1,484,172 |\n| APL certificates | 143,900 |\n| Equity investments | 31,477 |\n| B Piece bonds | 26,694 |\n| Agency interest-only strips | 8 |\n| Total | $ 1,686,251 |",
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    "title": "Distributions",
    "subtitle": "Dividends declared (on a per share basis) during the three months ended March 31, 2026 are as follows:",
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  {
    "title": "A reconciliation of the numerator and denominator of our basic and diluted EPS computations is as follows",
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    "markdown": "| | Three Months Ended March 31, 2026 Basic | Three Months Ended March 31, 2026 Diluted | Three Months Ended March 31, 2025 Basic | Three Months Ended March 31, 2025 Diluted |\n| --- | --- | --- | --- | --- |\n| Net income attributable to common stockholders (1) | $ 629 | $ 629 | $ 30,438 | $ 30,438 |\n| Net income attributable to noncontrolling interest (2) | \u2014 | 52 | \u2014 | 2,602 |\n| Net income attributable to common stockholders and noncontrolling interest (3) | $ 629 | $ 681 | $ 30,438 | $ 33,040 |\n| Weighted average shares outstanding | 194,194,906 | 194,194,906 | 190,060,776 | 190,060,776 |\n| Dilutive effect of OP Units (2) | \u2014 | 16,170,218 | \u2014 | 16,249,284 |\n| Dilutive effect of RSUs (4) | \u2014 | 1,370,607 | \u2014 | 552,260 |\n| Weighted average shares outstanding (3) | 194,194,906 | 211,735,731 | 190,060,776 | 206,862,320 |\n| Net income per common share (1) | $ 0.00 | $ 0.00 | $ 0.16 | $ 0.16 |",
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      "(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."
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    "title": "A summary of our income tax provision is as follows",
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    "markdown": "| | Three Months Ended March 31, 2026 | Three Months Ended March 31, 2025 |\n| --- | --- | --- |\n| Current income tax provision | $ (4,665) | $ (3,728) |\n| Deferred income tax benefit | 2,580 | 137 |\n| Total income tax provision | $ (2,085) | $ (3,591) |",
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    "title": "Three Months Ended March 31, 2026",
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    "markdown": "| | Structured Business | Agency Business | Other (1) | Consolidated |\n| --- | --- | --- | --- | --- |\n| Interest income | $ 224,394 | $ 10,653 | $ \u2014 | $ 235,047 |\n| Interest expense | 170,814 | 4,388 | \u2014 | 175,202 |\n| Net interest income | 53,580 | 6,265 | \u2014 | 59,845 |\n| Other revenue: | | | | |\n| Gain on sales, including fee-based services, net | \u2014 | 12,505 | \u2014 | 12,505 |\n| Mortgage servicing rights | \u2014 | 9,660 | \u2014 | 9,660 |\n| Servicing revenue | \u2014 | 44,033 | \u2014 | 44,033 |\n| Amortization of MSRs | \u2014 | (18,293) | \u2014 | (18,293) |\n| Property operating income | 8,060 | \u2014 | \u2014 | 8,060 |\n| Loss on derivative instruments, net | \u2014 | (493) | \u2014 | (493) |\n| Other income (loss), net | 2,223 | (149) | \u2014 | 2,074 |\n| Total other revenue | 10,283 | 47,263 | \u2014 | 57,546 |\n| Other expenses: | | | | |\n| Employee compensation and benefits | 18,862 | 24,963 | \u2014 | 43,825 |\n| Commissions | \u2014 | 3,859 | \u2014 | 3,859 |\n| Selling and administrative | 9,150 | 7,803 | \u2014 | 16,953 |\n| Property operating expenses | 11,964 | \u2014 | \u2014 | 11,964 |\n| Depreciation and amortization | 6,713 | 391 | \u2014 | 7,104 |\n| Impairment loss on real estate owned | 12,500 | \u2014 | \u2014 | 12,500 |\n| Provision for loss sharing, net | \u2014 | 4,537 | \u2014 | 4,537 |\n| Provision for credit losses, net | 3,644 | 2,172 | \u2014 | 5,816 |\n| Total other expenses | 62,833 | 43,725 | \u2014 | 106,558 |\n| Income before loss on real estate, income from equity affiliates and income taxes | 1,030 | 9,803 | \u2014 | 10,833 |\n| Loss on real estate | (2,136) | \u2014 | \u2014 | (2,136) |\n| Income from equity affiliates | 4,411 | \u2014 | \u2014 | 4,411 |\n| Benefit from (provision for) income taxes | 83 | (2,168) | \u2014 | (2,085) |\n| Net income | 3,388 | 7,635 | \u2014 | 11,023 |\n| Preferred stock dividends | 10,342 | \u2014 | \u2014 | 10,342 |\n| Net income attributable to noncontrolling interest | \u2014 | \u2014 | 52 | 52 |\n| Net (loss) income attributable to common stockholders | $ (6,954) | $ 7,635 | $ (52) | $ 629 |",
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  {
    "title": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)",
    "subtitle": "Three Months Ended March 31, 2025",
    "markdown": "| | Structured Business | Agency Business | Other (1) | Consolidated |\n| --- | --- | --- | --- | --- |\n| Interest income | $ 230,087 | $ 10,606 | $ \u2014 | $ 240,693 |\n| Interest expense | 161,579 | 3,672 | \u2014 | 165,251 |\n| Net interest income | 68,508 | 6,934 | \u2014 | 75,442 |\n| Other revenue: | | | | |\n| Gain on sales, including fee-based services, net | \u2014 | 12,781 | \u2014 | 12,781 |\n| Mortgage servicing rights | \u2014 | 8,131 | \u2014 | 8,131 |\n| Servicing revenue | \u2014 | 43,361 | \u2014 | 43,361 |\n| Amortization of MSRs | \u2014 | (17,758) | \u2014 | (17,758) |\n| Property operating income | 4,387 | \u2014 | \u2014 | 4,387 |\n| Gain on derivative instruments, net | \u2014 | 3,400 | \u2014 | 3,400 |\n| Other income, net | 2,078 | 2,341 | \u2014 | 4,419 |\n| Total other revenue | 6,465 | 52,256 | \u2014 | 58,721 |\n| Other expenses: | | | | |\n| Employee compensation and benefits | 18,157 | 23,266 | \u2014 | 41,423 |\n| Commissions | \u2014 | 4,613 | \u2014 | 4,613 |\n| Selling and administrative | 8,932 | 7,380 | \u2014 | 16,312 |\n| Property operating expenses | 3,474 | \u2014 | \u2014 | 3,474 |\n| Depreciation and amortization | 3,352 | 392 | \u2014 | 3,744 |\n| Provision for loss sharing, net | \u2014 | 1,786 | \u2014 | 1,786 |\n| Provision for credit losses, net | 9,154 | (79) | \u2014 | 9,075 |\n| Total other expenses | 43,069 | 37,358 | \u2014 | 80,427 |\n| Income before extinguishment of debt, loss on real estate, loss from equity affiliates and income taxes | 31,904 | 21,832 | \u2014 | 53,736 |\n| Loss on extinguishment of debt | (2,319) | \u2014 | \u2014 | (2,319) |\n| Loss on real estate | (2,810) | \u2014 | \u2014 | (2,810) |\n| Loss from equity affiliates | (1,634) | \u2014 | \u2014 | (1,634) |\n| Benefit from (provision for) income taxes | 639 | (4,230) | \u2014 | (3,591) |\n| Net income | 25,780 | 17,602 | \u2014 | 43,382 |\n| Preferred stock dividends | 10,342 | \u2014 | \u2014 | 10,342 |\n| Net income attributable to noncontrolling interest | \u2014 | \u2014 | 2,602 | 2,602 |\n| Net income attributable to common stockholders | $ 15,438 | $ 17,602 | $ (2,602) | $ 30,438 |",
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    "title": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)",
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    "markdown": "| | March 31, 2026 | | |\n| --- | --- | --- | --- |\n| | Structured Business | Agency Business | Consolidated |\n| Assets: | | | |\n| Cash and cash equivalents | $ 89,285 | $ 317,841 | $ 407,126 |\n| Restricted cash | 359,569 | 33,960 | 393,529 |\n| Loans and investments, net | 11,835,381 | \u2014 | 11,835,381 |\n| Loans held-for-sale, net | \u2014 | 443,218 | 443,218 |\n| Capitalized mortgage servicing rights, net | \u2014 | 331,929 | 331,929 |\n| Securities held-to-maturity, net | \u2014 | 155,469 | 155,469 |\n| Investments in equity affiliates | 56,747 | \u2014 | 56,747 |\n| Real estate owned, net | 520,766 | \u2014 | 520,766 |\n| Goodwill and other intangible assets | 12,500 | 73,661 | 86,161 |\n| Other assets and due from related party | 387,609 | 74,550 | 462,159 |\n| Total assets | $ 13,261,857 | $ 1,430,628 | $ 14,692,485 |\n| Liabilities: | | | |\n| Debt obligations | $ 10,904,398 | $ 424,865 | $ 11,329,263 |\n| Allowance for loss-sharing obligations | \u2014 | 106,773 | 106,773 |\n| Other liabilities and due to related parties | 212,622 | 64,777 | 277,399 |\n| Total liabilities | $ 11,117,020 | $ 596,415 | $ 11,713,435 |",
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    "title": "December 31, 2025 \u2013 Structured Business / Agency Business / Consolidated (Assets & Liabilities)",
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    "title": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)",
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    "markdown": "| | Three Months Ended March 31, 2026 | Three Months Ended March 31, 2025 |\n| --- | --- | --- |\n| Origination Data: | | |\n| Structured Business | | |\n| Bridge: | | |\n| Multifamily | $ 405,600 | $ 367,750 |\n| SFR | 321,122 | 356,294 |\n| | 726,722 | 724,044 |\n| Construction - Multifamily | 40,870 | 18,637 |\n| Mezzanine / Preferred Equity | \u2014 | 4,440 |\n| Total New Loan Originations | $ 767,592 | $ 747,121 |\n| Number of Loans Originated | 6 | 20 |\n| Commitments: | | |\n| Construction - Multifamily | $ 113,070 | $ 92,000 |\n| SFR | 53,000 | 162,400 |\n| Total Commitments | $ 166,070 | $ 254,400 |\n| Loan Runoff | $ 861,033 | $ 421,941 |\n| Agency Business | | |\n| Origination Volumes by Investor: | | |\n| Fannie Mae | $ 570,815 | $ 357,811 |\n| Freddie Mac | 91,255 | 178,020 |\n| FHA | 45,507 | 16,041 |\n| Private Label | \u2014 | 44,925 |\n| SFR - Fixed Rate | \u2014 | 9,111 |\n| Total New Loan Originations | $ 707,577 | $ 605,908 |\n| Total Loan Commitment Volume | $ 733,860 | $ 645,401 |\n| Agency Business Loan Sales Data: | | |\n| Fannie Mae | $ 571,579 | $ 355,716 |\n| Freddie Mac | 77,003 | 298,485 |\n| FHA | 22,390 | 67,542 |\n| SFR - Fixed Rate | \u2014 | 9,111 |\n| Total Loan Sales | $ 670,972 | $ 730,854 |\n| Sales Margin (fee-based services as a % of loan sales) | 1.86 % | 1.75 % |\n| MSR Rate (MSR income as a % of loan commitments) | 1.32 % | 1.26 % |",
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    "title": "Key Servicing Metrics for Agency Business:",
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    "markdown": "| | March 31, 2026 | March 31, 2026 | March 31, 2026 | December 31, 2025 | December 31, 2025 | December 31, 2025 |\n| --- | --- | --- | --- | --- | --- | --- |\n| | Servicing Portfolio UPB | Wtd. Avg. Servicing Fee Rate (basis points) | Wtd. Avg. Life of Portfolio (years) | Servicing Portfolio UPB | Wtd. Avg. Servicing Fee Rate (basis points) | Wtd. Avg. Life of Portfolio (years) |\n| Fannie Mae | $ 24,261,724 | 44.4 | 5.4 | $ 24,085,960 | 44.7 | 5.5 |\n| Freddie Mac | 7,368,979 | 18.2 | 5.7 | 7,455,088 | 18.3 | 5.9 |\n| Private Label | 2,554,209 | 18.7 | 4.3 | 2,558,048 | 18.7 | 4.5 |\n| FHA | 1,584,644 | 13.8 | 19.0 | 1,549,483 | 13.9 | 19.1 |\n| Bridge | 277,523 | 10.4 | 2.0 | 277,738 | 10.4 | 2.2 |\n| SFR - Fixed Rate | 264,008 | 20.0 | 3.8 | 277,490 | 20.0 | 4.0 |\n| Total | $ 36,311,087 | 35.5 | 5.9 | $ 36,203,807 | 35.6 | 6.1 |",
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    "title": "Activity from our Structured Business portfolio is comprised of the following",
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    "markdown": "| | Three Months Ended March 31, 2026 |\n| --- | --- |\n| Loans originated | $ 767,592 |\n| Number of loans | 6 |\n| Weighted average interest rate | 7.56 % |\n| Loan runoff | $ 861,033 |\n| Number of loans | 26 |\n| Weighted average interest rate | 7.72 % |\n| Loans modified | $ 478,800 |\n| Number of loans | 13 |\n| Loans extended | $ 1,423,733 |\n| Number of loans | 71 |",
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    "title": "Loans held-for-sale from the Agency Business",
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    "markdown": "| | Three Months Ended March 31, 2026 | |\n| --- | --- | --- |\n| | Loan Originations | Loan Sales |\n| Fannie Mae | $ 570,815 | $ 571,579 |\n| Freddie Mac | 91,255 | 77,003 |\n| FHA | 45,507 | 22,390 |\n| Total | $ 707,577 | $ 670,972 |",
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    "title": "Agency Servicing Portfolio",
    "subtitle": "The following table sets forth the characteristics of our loan servicing portfolio collateralizing our mortgage servicing rights and servicing revenue",
    "markdown": "| Product | Portfolio UPB | Loan Count | Wtd. Avg. Age of Portfolio (years) | Wtd. Avg. Life of Portfolio (years) | Interest Rate Type - Fixed | Interest Rate Type - Adjustable | Wtd. Avg. Note Rate | Annualized Prepayments as a % of Portfolio (1) | Delinquencies as a % of Portfolio (2) |\n| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |\n| March 31, 2026 |\n| Fannie Mae | $ 24,261,724 | 2,690 | 4.3 | 5.4 | 97 % | 3 % | 4.68 % | 2.55 % | 2.75 % |\n| Freddie Mac | 7,368,979 | 1,078 | 3.3 | 5.7 | 91 % | 9 % | 4.96 % | 5.02 % | 3.65 % |\n| Private Label | 2,554,209 | 159 | 4.6 | 4.3 | 100 % | \u2014 | 4.16 % | \u2014 | 1.36 % |\n| FHA | 1,584,644 | 108 | 4.4 | 19.0 | 100 % | \u2014 | 3.94 % | 0.92 % | \u2014 |\n| Bridge | 277,523 | 3 | 3.3 | 2.0 | 85 % | 15 % | 6.28 % | \u2014 | \u2014 |\n| SFR - Fixed Rate | 264,008 | 49 | 3.5 | 3.8 | 100 % | \u2014 | 5.62 % | \u2014 | 1.70 % |\n| Total | $ 36,311,087 | 4,087 | 4.1 | 5.9 | 96 % | 4 % | 4.68 % | 2.76 % | 2.69 % |\n| December 31, 2025 |\n| Fannie Mae | $ 24,085,960 | 2,702 | 4.2 | 5.5 | 97 % | 3 % | 4.68 % | 3.58 % | 2.59 % |\n| Freddie Mac | 7,455,088 | 1,109 | 3.1 | 5.9 | 90 % | 10 % | 4.98 % | 3.63 % | 3.96 % |\n| Private Label | 2,558,048 | 159 | 4.4 | 4.5 | 100 % | \u2014 | 4.16 % | 0.44 % | 1.35 % |\n| FHA | 1,549,483 | 107 | 4.3 | 19.1 | 100 % | \u2014 | 3.91 % | 1.11 % | \u2014 |\n| Bridge | 277,738 | 3 | 3.0 | 2.2 | 85 % | 15 % | 6.31 % | \u2014 | \u2014 |\n| SFR - Fixed Rate | 277,490 | 51 | 3.3 | 4.0 | 100 % | \u2014 | 5.62 % | 2.42 % | 1.62 % |\n| Total | $ 36,203,807 | 4,131 | 4.0 | 6.1 | 96 % | 4 % | 4.69 % | 3.22 % | 2.65 % |",
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      "(1) Prepayments reflect loans repaid prior to six months from the loan maturity. The majority of our loan servicing portfolio has a prepayment protection term and therefore, we may collect a prepayment fee which is included as a component of servicing revenue, net. See Note 5 for details.",
      "(2) Delinquent loans reflect loans that are contractually 60 days or more past due. At March 31, 2026 and December 31, 2025, delinquent loans totaled $975.4 million and $959.0 million, respectively. At March 31, 2026, there were five loans totaling $56.0 million in bankruptcy and twenty-five loans totaling $313.5 million were foreclosed. At December 31, 2025, there were five loans totaling $56.0 million in bankruptcy and nineteen loans totaling $176.5 million were foreclosed."
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    "title": "Comparison of Results of Operations for the Three Months Ended March 31, 2026 and 2025",
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    "markdown": "| | Three Months Ended March 31, 2026 | Three Months Ended March 31, 2025 | Increase / (Decrease) Amount | Increase / (Decrease) Percent |\n| --- | --- | --- | --- | --- |\n| Interest income | $ 235,047 | $ 240,693 | $ (5,646) | (2) % |\n| Interest expense | 175,202 | 165,251 | 9,951 | 6 % |\n| Net interest income | 59,845 | 75,442 | (15,597) | (21) % |\n| Other revenue: | | | | |\n| Gain on sales, including fee-based services, net | 12,505 | 12,781 | (276) | (2) % |\n| Mortgage servicing rights | 9,660 | 8,131 | 1,529 | 19 % |\n| Servicing revenue, net | 25,740 | 25,603 | 137 | 1 % |\n| Property operating income | 8,060 | 4,387 | 3,673 | 84 % |\n| (Loss) gain on derivative instruments, net | (493) | 3,400 | (3,893) | nm |\n| Other income, net | 2,074 | 4,419 | (2,345) | (53) % |\n| Total other revenue | 57,546 | 58,721 | (1,175) | (2) % |\n| Other expenses: | | | | |\n| Employee compensation and benefits | 47,684 | 46,036 | 1,648 | 4 % |\n| Selling and administrative | 16,953 | 16,312 | 641 | 4 % |\n| Property operating expenses | 11,964 | 3,474 | 8,490 | nm |\n| Depreciation and amortization | 7,104 | 3,744 | 3,360 | 90 % |\n| Impairment loss on real estate owned | 12,500 | \u2014 | 12,500 | nm |\n| Provision for loss sharing, net | 4,537 | 1,786 | 2,751 | 154 % |\n| Provision for credit losses, net | 5,816 | 9,075 | (3,259) | (36) % |\n| Total other expenses | 106,558 | 80,427 | 26,131 | 32 % |\n| Income before extinguishment of debt, loss on real estate, income (loss) from equity affiliates and income taxes | 10,833 | 53,736 | (42,903) | (80) % |\n| Loss on extinguishment of debt | \u2014 | (2,319) | 2,319 | nm |\n| Loss on real estate | (2,136) | (2,810) | 674 | (24) % |\n| Income (loss) from equity affiliates | 4,411 | (1,634) | 6,045 | nm |\n| Provision for income taxes | (2,085) | (3,591) | 1,506 | (42) % |\n| Net income | 11,023 | 43,382 | (32,359) | (75) % |\n| Preferred stock dividends | 10,342 | 10,342 | \u2014 | \u2014 |\n| Net income attributable to noncontrolling interest | 52 | 2,602 | (2,550) | (98) % |\n| Net income attributable to common stockholders | $ 629 | $ 30,438 | $ (29,809) | (98) % |",
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    "title": "Net Interest Income",
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    "markdown": "| | Three Months Ended March 31, 2026 | | | Three Months Ended March 31, 2025 | | |\n| --- | --- | --- | --- | --- | --- | --- |\n| | Average Carrying Value (1) | Interest Income / Expense | W/A Yield / Financing Cost (2) | Average Carrying Value (1) | Interest Income / Expense | W/A Yield / Financing Cost (2) |\n| Structured Business interest-earning assets: | | | | | | |\n| Bridge loans | $ 11,281,488 | $ 204,319 | 7.35 % | $ 10,976,779 | $ 219,010 | 8.09 % |\n| Mezzanine | 294,285 | 6,301 | 8.68 % | 257,093 | 6,187 | 9.76 % |\n| Construction - Multifamily | 267,024 | 6,758 | 10.26 % | 8,115 | 144 | 7.20 % |\n| Preferred equity investments | 202,118 | 5,488 | 11.01 % | 148,845 | 3,668 | 9.99 % |\n| Other | \u2014 | \u2014 | \u2014 | 3,079 | 73 | 9.62 % |\n| Core interest-earning assets | 12,044,915 | 222,866 | 7.50 % | 11,393,911 | 229,082 | 8.15 % |\n| Cash equivalents | 194,371 | 1,528 | 3.19 % | 110,338 | 1,005 | 3.69 % |\n| Total interest-earning assets | $ 12,239,286 | $ 224,394 | 7.44 % | $ 11,504,249 | $ 230,087 | 8.11 % |\n| Structured Business interest-bearing liabilities: | | | | | | |\n| Credit and repurchase facilities | $ 4,723,770 | $ 79,681 | 6.84 % | $ 3,404,758 | $ 64,339 | 7.66 % |\n| CLO | 3,455,807 | 52,209 | 6.13 % | 4,285,662 | 68,480 | 6.48 % |\n| Unsecured debt | 2,050,000 | 36,274 | 7.18 % | 1,532,500 | 24,954 | 6.60 % |\n| Trust preferred | 154,336 | 2,650 | 6.96 % | 154,336 | 2,938 | 7.72 % |\n| Q Series securitization | \u2014 | \u2014 | \u2014 | 41,677 | 868 | 8.45 % |\n| Total interest-bearing liabilities | $ 10,383,913 | 170,814 | 6.67 % | $ 9,418,933 | 161,579 | 6.96 % |\n| Net interest income | | $ 53,580 | | | $ 68,508 | |",
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    "title": "Debt Facilities",
    "subtitle": "March 31, 2026",
    "markdown": "| Debt Instruments | Commitment | UPB (1) | Available | Maturity Dates (2) |\n| --- | --- | --- | --- | --- |\n| Structured Business |  |  |  |  |\n| Credit and repurchase facilities (3) | $ 7,738,720 | $ 4,552,686 | $ 3,186,034 | 2026 - 2029 |\n| Securitized debt (4) | 3,953,223 | 3,953,223 | \u2014 | 2026 - 2030 |\n| Senior unsecured notes | 2,050,000 | 2,050,000 | \u2014 | 2026 - 2030 |\n| Junior subordinated notes | 154,336 | 154,336 | \u2014 | 2034 - 2037 |\n| Notes payable - real estate owned | 253,189 | 253,189 | \u2014 | 2026 - 2027 |\n| Structured Business total | 14,149,468 | 10,963,434 | 3,186,034 |  |\n| Agency Business |  |  |  |  |\n| Credit and repurchase facilities (3)(5) | 1,775,000 | 425,171 | 1,349,829 | 2026 - 2027 |\n| Consolidated total | $ 15,924,468 | $ 11,388,605 | $ 4,535,863 |  |",
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      "(4) Maturity dates represent the weighted average remaining maturity based on the underlying collateral at March 31, 2026.",
      "(5) The $750 million As Soon as Pooled \u00ae Plus (\"ASAP\") agreement we have with Fannie Mae has no expiration date."
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    "markdown": "| Quarter Ended | Quarterly Average UPB | End of Period UPB | Maximum UPB at Any Month End |\n| --- | --- | --- | --- |\n| March 31, 2026 | $ 5,005,616 | $ 4,977,857 | $ 5,319,936 |\n| December 31, 2025 | 4,917,924 | 5,161,707 | 5,556,285 |\n| September 30, 2025 | 4,633,344 | 4,133,965 | 5,553,722 |\n| June 30, 2025 | 4,846,239 | 4,730,120 | 4,922,270 |\n| March 31, 2025 | 3,609,646 | 4,791,967 | 4,803,572 |",
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    "title": "Distributable earnings are as follows",
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    "markdown": "| | Three Months Ended March 31, 2026 | Three Months Ended March 31, 2025 |\n| --- | --- | --- |\n| Net income attributable to common stockholders | $ 629 | $ 30,438 |\n| Adjustments: |  |  |\n| Net income attributable to noncontrolling interest | 52 | 2,602 |\n| Income from mortgage servicing rights | (9,660) | (8,131) |\n| Deferred tax benefit | (2,580) | (137) |\n| Amortization and write-offs of MSRs | 19,340 | 20,864 |\n| Depreciation and amortization | 7,814 | 4,568 |\n| Loss on extinguishment of debt | \u2014 | 2,319 |\n| Provision for credit losses, net | (20,878) | 756 |\n| Loss (gain) on derivative instruments, net | 1,298 | (4,697) |\n| Loss on real estate | 12,529 | 2,810 |\n| Stock-based compensation | 5,904 | 5,935 |\n| Distributable earnings (1) | $ 14,448 | $ 57,327 |\n| Diluted weighted average shares outstanding (1)(2) | 211,735,731 | 206,862,320 |\n| Diluted distributable earnings per share (1) | $ 0.07 | $ 0.28 |",
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  {
    "title": "Assets (Liabilities)",
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    "markdown": "| | Subject to Interest Rate Sensitivity (1) | 50 Basis Point Increase | 50 Basis Point Decrease | 100 Basis Point Decrease |\n| --- | --- | --- | --- | --- |\n| Interest income from loans and investments | $ 11,997,293 | $ 46,532 | $ (39,149) | $ (66,973) |\n| Interest expense from debt obligations | (10,963,434) | 44,050 | (42,631) | (84,352) |\n| Impact to net interest income from loans and investments | | 2,482 | 3,482 | 17,379 |\n| Interest income from cash, restricted cash and escrow balances (2) | 2,007,509 | 10,038 | (10,038) | (20,075) |\n| Total impact from hypothetical changes in interest rates | | $ 12,520 | $ (6,556) | $ (2,696) |",
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    "title": "Common Stock Purchases",
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    "markdown": "| Period | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of a Publicly Announced Program | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program |\n| --- | --- | --- | --- | --- |\n| January 1 - 31, 2026 | 410,173 | $ 7.67 | 410,173 | $ 133,440 |\n| February 1 - 28, 2026 | 2,034,687 | 7.32 | 2,034,687 | $ 118,541 |\n| March 1 - 31, 2026 | 1,673,041 | 7.58 | 1,673,041 | $ 105,851 |\n|  | 4,117,901 | $ 7.46 | 4,117,901 |  |",
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    "title": "Item 6. Exhibits",
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    "markdown": "| Exhibit # | Description | Form | Exhibit # | Filing Date |\n| --- | --- | --- | --- | --- |\n| 3.1 | Articles of Incorporation of Arbor Realty Trust, Inc. | S-11 | 3.1 | 11/13/03 |\n| 3.2 | Articles of Amendment to Articles of Incorporation of Arbor Realty Trust, Inc. | 10-Q | 3.2 | 08/07/07 |\n| 3.3 | Amended and Restated Bylaws of Arbor Realty Trust, Inc. | 8-K | 3.1 | 12/01/20 |\n| 10.1 | Employment Agreement by and between Arbor Realty Trust, Inc. and Yoni Goodman | 8-K | 10.1 | 02/17/26 |\n| 10.2 | Amendment to Employment Agreement by and between Arbor Realty Trust, Inc. and Yoni Goodman | 8-K | 10.2 | 02/17/26 |\n| 31.1 | Certification of Chief Executive Officer pursuant to Exchange Act Rule 13a-14 |  |  |  |\n| 31.2 | Certification of Chief Financial Officer pursuant to Exchange Act Rule 13a-14 |  |  |  |\n| 32 | Certifications of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |  |  |  |\n| 101 | Financial statements from the Quarterly Report on Form 10-Q of Arbor Realty Trust, Inc. for the quarter ended March 31, 2026, filed on May 8, 2026, formatted in Inline Extensible Business Reporting Language (\"XBRL\"): (1) the Consolidated Balance Sheets, (2) the Consolidated Statements of Income, (3) the Consolidated Statements of Changes in Equity, (4) the Consolidated Statements of Cash Flows and (5) the Notes to Consolidated Financial Statements. |  |  |  |\n| 104 | Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101) |  |  |  |",
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