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Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The Company is not presenting comparable segment statements of operations for the three and six months ended June 30, 2021 because the Company did not consolidate Lima One during those periods.

(Dollars in Thousands)						Mortgage-Related Assets						Lima One						Corporate						Total
Three months ended June 30, 2022
Interest Income						$	84,732					$	24,353					$	236					$	109,321
Interest Expense						39,889						12,916						3,937						56,742
Net Interest Income						$	44,843					$	11,437					$	(3,701)					$	52,579
Provision for Credit Losses on Residential Whole Loans						$	(1,785)					$	(32)					$	—					$	(1,817)
Provision for Credit Losses on Other Assets						—						—						(28,579)						(28,579)
Net Interest Income after Provision for Credit Losses						$	43,058					$	11,405					$	(32,280)					$	22,183
Net mark-to-market and other net loss on residential whole loans measured at fair value						$	(175,281)					$	(41,133)					$	—					$	(216,414)
Net gain on derivatives used for risk management purposes						44,161						3,643						—						47,804
Net mark-to-market on securitized debt at fair value						64,966						19,607						—						84,573
Net gain on real estate owned						7,150						35						—						7,185
Lima One - origination, servicing and other fee income						—						10,673						—						10,673
Other (loss)/income, net						(787)						129						(9,611)						(10,269)
Total Other Loss, net						$	(59,791)					$	(7,046)					$	(9,611)					$	(76,448)
General and administrative expenses (including compensation)						$	—					$	13,013					$	16,554					$	29,567
Loan servicing, financing, and other related costs						6,513						323						6,399						13,235
Amortization of intangible assets						—						—						3,300						3,300
Net Loss						$	(23,246)					$	(8,977)					$	(68,144)					$	(100,367)
Less Preferred Stock Dividend Requirement						$	—					$	—					$	8,219					$	8,219
Net Loss Available to Common Stock and Participating Securities						$	(23,246)					$	(8,977)					$	(76,363)					$	(108,586)

    

(Dollars in Thousands)						Mortgage-Related Assets						Lima One						Corporate						Total
Six months ended June 30, 2022
Interest Income						$	173,554					$	41,853					$	263					$	215,670
Interest Expense						72,898						19,272						7,868						100,038
Net Interest Income						$	100,656					$	22,581					$	(7,605)					$	115,632
Reversal of Provision/(Provision) for Credit Losses on Residential Whole Loans						1,731						(37)						—						1,694
Provision for Credit Losses on Other Assets						—						—						(28,579)						(28,579)
Net Interest Income after Reversal of Provision/(Provision) for Credit Losses						$	102,387					$	22,544					$	(36,184)					$	88,747
Net mark-to-market and other net loss on residential whole loans measured at fair value						$	(428,691)					$	(76,098)					$	—					$	(504,789)
Net gain on derivatives used for risk management purposes						130,396						11,509						—						141,905
Net mark-to-market on securitized debt at fair value						122,545						26,145						—						148,690
Net gain on real estate owned						15,885						32						—						15,917
Lima One - origination, servicing and other fee income						—						25,167						—						25,167
Other (loss)/income, net						(2,106)						340						(9,088)						(10,854)
Total Other Loss, net						$	(161,971)					$	(12,905)					$	(9,088)					$	(183,964)
General and administrative expenses (including compensation)						$	—					$	25,232					$	32,588					$	57,820
Loan servicing, financing, and other related costs						13,445						559						9,632						23,636
Amortization of intangible assets						—						—						6,600						6,600
Net Loss						$	(73,029)					$	(16,152)					$	(94,092)					$	(183,273)
Less Preferred Stock Dividend Requirement						$	—					$	—					$	16,438					$	16,438
Net Loss Available to Common Stock and Participating Securities						$	(73,029)					$	(16,152)					$	(110,530)					$	(199,711)

(Dollars in Thousands)						Mortgage-Related Assets						Lima One						Corporate						Total
June 30, 2022
Total Assets						$	6,976,030					$	1,950,538					$	553,058					$	9,479,626
December 31, 2021
Total Assets						$	7,482,171					$	1,203,174					$	454,343					$	9,139,688

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- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Publisher FASB
-Name Accounting Standards Codification
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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-Section 50
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