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Segment Reporting (Tables)

9 Months Ended

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

X

- 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

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No definition available.

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