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Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2023

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, 2023
Interest Income						$	94,855					$	61,101					$	3,209					$	159,165
Interest Expense						64,785						44,303						3,936						113,024
Net Interest Income/(Expense)						$	30,070					$	16,798					$	(727)					$	46,141
Reversal of Provision for Credit Losses on Residential Whole Loans						1,258						—						—						1,258
Net Interest Income/(Expense) after Provision for Credit Losses						$	31,328					$	16,798					$	(727)					$	47,399
Net loss on residential whole loans measured at fair value through earnings						$	(99,500)					$	(33,394)					$	—					$	(132,894)
Impairment and other net loss on securities and other portfolio investments						(13,439)						—						(722)						(14,161)
Net gain on real estate owned						2,062						347						—						2,409
Net gain on derivatives used for risk management purposes						25,310						9,550						—						34,860
Net gain on securitized debt measured at fair value through earnings						25,345						11,086						—						36,431
Lima One - origination, servicing and other fee income						—						12,109						—						12,109
Other, net						515						684						655						1,854
Total Other (Loss)/Income, net						$	(59,707)					$	382					$	(67)					$	(59,392)
Compensation and benefits						$	—					$	12,010					$	12,041					$	24,051
General and administrative expenses						—						4,664						5,941						10,605
Loan servicing, financing, and other related costs						5,032						699						3,258						8,989
Amortization of intangible assets						—						800						—						800
Net (Loss)/Income						$	(33,411)					$	(993)					$	(22,034)					$	(56,438)
Less Preferred Stock Dividend Requirement						$	—					$	—					$	8,219					$	8,219
Net (Loss)/Income Available to Common Stock and Participating Securities						$	(33,411)					$	(993)					$	(30,253)					$	(64,657)

(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/(Expense)						$	42,626					$	12,027					$	(2,360)					$	52,293
Provision for Credit Losses on Residential Whole Loans						$	(520)					$	(68)					$	—					(588)
Net Interest Income/(Expense) after Provision for Credit Losses						$	42,106					$	11,959					$	(2,360)					$	51,705
Net loss on residential whole loans measured at fair value through earnings						$	(226,894)					$	(64,924)					$	—					$	(291,818)
Impairment and other net loss on securities and other portfolio investments						1,620						—						(2,031)						(411)
Net gain on real estate owned						3,861						—						—						3,861
Net gain on derivatives used for risk management purposes						86,944						24,872						—						111,816
Net gain on securitized debt measured at fair value through earnings						79,471						19,387						—						98,858
Lima One - origination, servicing and other fee income						—						12,372						—						12,372
Other, net						282						35						814						1,131
Total Other (Loss)/Income, net						$	(54,716)					$	(8,258)					$	(1,217)					$	(64,191)
Compensation and benefits						$	—					$	11,170					$	9,893					$	21,063
General and administrative expenses						—						3,756						5,056						8,812
Loan servicing, financing, and other related costs						6,063						280						5,014						11,357
Amortization of intangible assets						—						1,300						—						1,300
Net Loss						$	(18,673)					$	(12,805)					$	(23,540)					$	(55,018)
Less Preferred Stock Dividend Requirement						$	—					$	—					$	8,218					$	8,218
Net Loss Available to Common Stock and Participating Securities						$	(18,673)					$	(12,805)					$	(31,758)					$	(63,236)

(Dollars in Thousands)						Mortgage-Related Assets						Lima One						Corporate						Total
Nine months ended September 30, 2023
Interest Income						$	269,586					$	156,930					$	9,204					$	435,720
Interest Expense						180,802						113,050						11,853						305,705
Net Interest Income/(Expense)						$	88,784					$	43,880					$	(2,649)					$	130,015
Reversal of Provision for Credit Losses on Residential Whole Loans						663						314						—						977
Net Interest Income/(Expense) after (Provision)/Reversal of Provision for Credit Losses						$	89,447					$	44,194					$	(2,649)					$	130,992
Net loss on residential whole loans measured at fair value through earnings						$	(101,449)					$	(32,974)					$	—					$	(134,423)
Impairment and other net loss on securities and other portfolio investments						(14,205)						—						(1,594)						(15,799)
Net gain on real estate owned						8,479						25						—						8,504
Net gain on derivatives used for risk management purposes						54,130						19,973						—						74,103
Net loss on securitized debt measured at fair value through earnings						9,412						2,688						—						12,100
Lima One - origination, servicing and other fee income						—						32,562						—						32,562
Other, net						6,535						2,131						1,856						10,522
Total Other (Loss)/Income, net						$	(37,098)					$	24,405					$	262					$	(12,431)
Compensation and benefits						$	—					$	32,952					$	33,500					$	66,452
General and administrative expenses						—						11,858						20,307						32,165
Loan servicing, financing, and other related costs						15,146						1,049						9,931						26,126
Amortization of intangible assets						—						3,400						—						3,400
Net Income/(Loss)						$	37,203					$	19,340					$	(66,125)					$	(9,582)
Less Preferred Stock Dividend Requirement						$	—					$	—					$	24,656					$	24,656
Net Income/(Loss) Available to Common Stock and Participating Securities						$	37,203					$	19,340					$	(90,781)					$	(34,238)

(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/(Expense)						$	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/(Expense) after Reversal of Provision/(Provision) for Credit Losses						$	144,493					$	34,503					$	(38,544)					$	140,452
Net loss on residential whole loans measured at fair value through earnings						$	(657,223)					$	(140,711)					$	—					$	(797,934)
Impairment and other net gain on securities and other portfolio investments						(2,764)						—						(13,395)						(16,159)
Net gain on real estate owned						19,745						32						—						19,777
Net gain on derivatives used for risk management purposes						217,340						36,381						—						253,721
Net gain on securitized debt measured at fair value through earnings						202,016						45,532						—						247,548
Lima One - origination, servicing and other fee income						—						37,539						—						37,539
Other, net						4,198						64						3,091						7,353
Total Other Income, net						$	(216,688)					$	(21,163)					$	(10,304)					$	(248,155)
Compensation and benefits						$	—					$	29,650					$	30,029					$	59,679
General and administrative expenses						—						10,509						17,507						28,016
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)					$	(35,558)					$	(111,030)					$	(238,291)
Less Preferred Stock Dividend Requirement						$	—					$	—					$	24,656					$	24,656
Net Loss Available to Common Stock and Participating Securities						$	(91,703)					$	(35,558)					$	(135,686)					$	(262,947)

(Dollars in Thousands)						Mortgage-Related Assets						Lima One						Corporate						Total
September 30, 2023
Total Assets						$	6,174,062					$	3,572,079					$	358,659					$	10,104,800
December 31, 2022
Total Assets						$	6,065,557					$	2,618,695					$	428,153					$	9,112,405

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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
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-25

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

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- References

No definition available.

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