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v3.22.2.2

Segment Reporting (Tables) | 9 Months Ended
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Sep. 30, 2022
Segment Reporting [Abstract] |
Schedule of segment reporting information, by segment | The following tables summarize segment financial information, which in total reconciles to the same data for the Company as a whole:
(Dollars in Thousands) |  | Mortgage-Related Assets |  | Lima One |  | Corporate |  | Total
Three months ended September 30, 2022 |  |  |  |  |  |  |  |
Interest Income |  | $ | 90,406 |  |  | $ | 31,883 |  |  | $ | 1,583 |  |  | $ | 123,872 |
Interest Expense |  | 47,780 |  |  | 19,856 |  |  | 3,943 |  |  | 71,579 |
Net Interest Income |  | $ | 42,626 |  |  | $ | 12,027 |  |  | $ | (2,360) |  |  | $ | 52,293 |
Provision for Credit Losses on Residential Whole Loans |  | (520) |  |  | (68) |  |  | — |  |  | (588) |
Net Interest Income/(Loss) after Provision for Credit Losses |  | $ | 42,106 |  |  | $ | 11,959 |  |  | $ | (2,360) |  |  | $ | 51,705 |
Net mark-to-market and other net loss on residential whole loans measured at fair value |  | $ | (227,046) |  |  | $ | (64,829) |  |  | $ | — |  |  | $ | (291,875) |
Net gains on derivatives used for risk management purposes |  | 86,944 |  |  | 24,872 |  |  | — |  |  | 111,816 |
Net mark-to-market on securitized debt measured at fair value |  | 79,471 |  |  | 19,387 |  |  | — |  |  | 98,858 |
Net gain on real estate owned |  | 3,860 |  |  | — |  |  | — |  |  | 3,860 |
Lima One - origination, servicing and other fee income |  | — |  |  | 12,372 |  |  | — |  |  | 12,372 |
Other income/(loss), net |  | 2,054 |  |  | (60) |  |  | (1,216) |  |  | 778 |
Total Other (Loss)/Income, net |  | $ | (54,717) |  |  | $ | (8,258) |  |  | $ | (1,216) |  |  | $ | (64,191) |
General and administrative expenses (including compensation) |  | $ | — |  |  | $ | 14,926 |  |  | $ | 14,949 |  |  | $ | 29,875 |
Loan servicing, financing, and other related costs |  | 6,063 |  |  | 280 |  |  | 5,014 |  |  | 11,357 |
Amortization of intangible assets |  | — |  |  | 1,300 |  |  | — |  |  | 1,300 |
Net Loss |  | $ | (18,674) |  |  | $ | (12,805) |  |  | $ | (23,539) |  |  | $ | (55,018) |
Less Preferred Stock Dividend Requirement |  | $ | — |  |  | $ | — |  |  | $ | 8,218 |  |  | $ | 8,218 |
Net Loss Available to Common Stock and Participating Securities |  | $ | (18,674) |  |  | $ | (12,805) |  |  | $ | (31,757) |  |  | $ | (63,236) |
(Dollars in Thousands) |  | Mortgage-Related Assets |  | Lima One |  | Corporate |  | Total
Three months ended September 30, 2021 |  |  |  |  |  |  |  |
Interest Income |  | $ | 85,702 |  |  | $ | 5,130 |  |  | $ | 49 |  |  | $ | 90,881 |
Interest Expense |  | 23,346 |  |  | 1,790 |  |  | 3,929 |  |  | 29,065 |
Net Interest Income |  | $ | 62,356 |  |  | $ | 3,340 |  |  | $ | (3,880) |  |  | $ | 61,816 |
Reversal of Provision/(Provision) for Credit Losses on Residential Whole Loans |  | 9,783 |  |  | (74) |  |  | — |  |  | 9,709 |
Net Interest Income after Reversal of Provision/(Provision) for Credit Losses |  | $ | 72,139 |  |  | $ | 3,266 |  |  | $ | (3,880) |  |  | $ | 71,525 |
Net mark-to-market and other net gain on residential whole loans measured at fair value |  | $ | 10,475 |  |  | $ | 11,340 |  |  | $ | — |  |  | $ | 21,815 |
Net gain on derivatives used for risk management purposes |  | 2,085 |  |  | — |  |  | — |  |  | 2,085 |
Net mark-to-market on securitized debt measured at fair value |  | 857 |  |  | — |  |  | — |  |  | 857 |
Net gain on real estate owned |  | 6,806 |  |  | 23 |  |  | — |  |  | 6,829 |
Gain on investment in Lima One common equity |  | — |  |  | — |  |  | 38,933 |  |  | 38,933 |
Lima One - origination, servicing and other fee income |  | — |  |  | 9,638 |  |  | — |  |  | 9,638 |
Other Income, net |  | 1,441 |  |  | 5 |  |  | 12,843 |  |  | 14,289 |
Total Other Income, net |  | $ | 21,664 |  |  | $ | 21,006 |  |  | $ | 51,776 |  |  | $ | 94,446 |
General and administrative expenses (including compensation) |  | $ | — |  |  | $ | 10,395 |  |  | $ | 14,474 |  |  | $ | 24,869 |
Loan servicing, financing, and other related costs |  | 5,128 |  |  | 163 |  |  | — |  |  | 5,291 |
Amortization of intangible assets |  | — |  |  | 3,300 |  |  | — |  |  | 3,300 |
Net Income |  | $ | 88,675 |  |  | $ | 10,414 |  |  | $ | 33,422 |  |  | $ | 132,511 |
Less Preferred Stock Dividend Requirement |  | $ | — |  |  | $ | — |  |  | $ | 8,218 |  |  | $ | 8,218 |
Net Income Available to Common Stock and Participating Securities |  | $ | 88,675 |  |  | $ | 10,414 |  |  | $ | 25,204 |  |  | $ | 124,293 |
(Dollars in Thousands) |  | Mortgage-Related Assets |  | Lima One |  | Corporate |  | Total
Nine months ended September 30, 2022 |  |  |  |  |  |  |  |
Interest Income |  | $ | 263,960 |  |  | $ | 73,736 |  |  | $ | 1,846 |  |  | $ | 339,542 |
Interest Expense |  | 120,678 |  |  | 39,128 |  |  | 11,811 |  |  | 171,617 |
Net Interest Income |  | $ | 143,282 |  |  | $ | 34,608 |  |  | $ | (9,965) |  |  | $ | 167,925 |
Reversal of Provision/(Provision) for Credit Losses on Residential Whole Loans |  | 1,211 |  |  | (105) |  |  | — |  |  | 1,106 |
Provision for Credit Losses on Other Assets |  | — |  |  | — |  |  | (28,579) |  |  | (28,579) |
Net Interest Income after Reversal of Provision/(Provision) for Credit Losses |  | $ | 144,493 |  |  | $ | 34,503 |  |  | $ | (38,544) |  |  | $ | 140,452 |
Net mark-to-market and other net loss on residential whole loans measured at fair value |  | $ | (655,737) |  |  | $ | (140,927) |  |  | $ | — |  |  | $ | (796,664) |
Net gain on derivatives used for risk management purposes |  | 217,340 |  |  | 36,381 |  |  | — |  |  | 253,721 |
Net mark-to-market on securitized debt measured at fair value |  | 202,016 |  |  | 45,532 |  |  | — |  |  | 247,548 |
Net gain on real estate owned |  | 19,745 |  |  | 32 |  |  | — |  |  | 19,777 |
Lima One - origination, servicing and other fee income |  | — |  |  | 37,539 |  |  | — |  |  | 37,539 |
Other (loss)/income, net |  | (52) |  |  | 280 |  |  | (10,304) |  |  | (10,076) |
Total Other Loss, net |  | $ | (216,688) |  |  | $ | (21,163) |  |  | $ | (10,304) |  |  | $ | (248,155) |
General and administrative expenses (including compensation) |  | $ | — |  |  | $ | 40,158 |  |  | $ | 47,537 |  |  | $ | 87,695 |
Loan servicing, financing, and other related costs |  | 19,508 |  |  | 839 |  |  | 14,646 |  |  | 34,993 |
Amortization of intangible assets |  | — |  |  | 7,900 |  |  | — |  |  | 7,900 |
Net Loss |  | $ | (91,703) |  |  | $ | (35,557) |  |  | $ | (111,031) |  |  | $ | (238,291) |
Less Preferred Stock Dividend Requirement |  | $ | — |  |  | $ | — |  |  | $ | 24,656 |  |  | $ | 24,656 |
Net Loss Available to Common Stock and Participating Securities |  | $ | (91,703) |  |  | $ | (35,557) |  |  | $ | (135,687) |  |  | $ | (262,947) |
(Dollars in Thousands) |  | Mortgage-Related Assets |  | Lima One |  | Corporate |  | Total
Nine months ended September 30, 2021 |  |  |  |  |  |  |  |
Interest Income |  | $ | 251,168 |  |  | $ | 5,130 |  |  | $ | 162 |  |  | $ | 256,460 |
Interest Expense |  | 71,037 |  |  | 1,790 |  |  | 11,863 |  |  | 84,690 |
Net Interest Income |  | $ | 180,131 |  |  | $ | 3,340 |  |  | $ | (11,701) |  |  | $ | 171,770 |
Reversal of Provision/(Provision) for Credit Losses on Residential Whole Loans |  | $ | 41,400 |  |  | $ | (74) |  |  | $ | — |  |  | $ | 41,326 |
Net Interest Income/(Loss) after Provision for Credit Losses |  | $ | 221,531 |  |  | $ | 3,266 |  |  | $ | (11,701) |  |  | $ | 213,096 |
Net mark-to-market and other net gain on residential whole loans measured at fair value |  | $ | 47,985 |  |  | $ | 11,340 |  |  | $ | — |  |  | $ | 59,325 |
Net gains on derivatives used for risk management purposes |  | 1,028 |  |  | — |  |  | — |  |  | 1,028 |
Net mark-to-market on securitized debt measured at fair value |  | 8,254 |  |  | — |  |  | — |  |  | 8,254 |
Net gain on real estate owned |  | 13,702 |  |  | 23 |  |  | — |  |  | 13,725 |
Gain on investment in Lima One common equity |  | — |  |  | — |  |  | 38,933 |  |  | 38,933 |
Lima One - origination, servicing and other fee income |  | — |  |  | 9,638 |  |  | — |  |  | 9,638 |
Other Income, net |  | 1,078 |  |  | 5 |  |  | 18,427 |  |  | 19,510 |
Total Other Income, net |  | $ | 72,047 |  |  | $ | 21,006 |  |  | $ | 57,360 |  |  | $ | 150,413 |
General and administrative expenses (including compensation) |  | $ | — |  |  | $ | 10,395 |  |  | $ | 46,476 |  |  | $ | 56,871 |
Loan servicing, financing, and other related costs |  | 18,426 |  |  | 163 |  |  | 2 |  |  | 18,591 |
Amortization of intangible assets |  | — |  |  | 3,300 |  |  | — |  |  | 3,300 |
Net Income/(Loss) |  | $ | 275,152 |  |  | $ | 10,414 |  |  | $ | (819) |  |  | $ | 284,747 |
Less Preferred Stock Dividend Requirement |  | $ | — |  |  | $ | — |  |  | $ | 24,656 |  |  | $ | 24,656 |
Net Income/(Loss) Available to Common Stock and Participating Securities |  | $ | 275,152 |  |  | $ | 10,414 |  |  | $ | (25,475) |  |  | $ | 260,091 |
(Dollars in Thousands) |  | Mortgage-Related Assets |  | Lima One |  | Corporate |  | Total
September 30, 2022 |  |  |  |  |  |  |  |
Total Assets |  | $ | 6,644,958 |  |  | $ | 2,353,657 |  |  | $ | 521,231 |  |  | $ | 9,519,846 |
December 31, 2021 |  |  |  |  |  |  |  |
Total Assets |  | $ | 7,567,084 |  |  | $ | 1,200,737 |  |  | $ | 371,867 |  |  | $ | 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599 + Details
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