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Segment Reporting (Tables)

12 Months Ended

Dec. 31, 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
Year Ended December 31, 2023
Interest Income						$	364,081					$	228,825					$	12,691					$	605,597
Interest Expense						249,458						164,059						15,601						429,118
Net Interest Income/(Expense)						$	114,623					$	64,766					$	(2,910)					$	176,479
Reversal of Provision/(Provision) for Credit Losses on Residential Whole Loans						8,539						314						—						8,853
Net Interest Income/(Expense) after Reversal of Provision/(Provision) for Credit Losses						$	123,162					$	65,080					$	(2,910)					$	185,332
Net gain on residential whole loans measured at fair value through earnings						$	69,486					$	20,364					$	—					$	89,850
Impairment and other net gain/(loss) on securities and other portfolio investments						8,073						—						(1,848)						6,225
Net gain on real estate owned						9,274						118						—						9,392
Net gain on derivatives used for risk management purposes						839						2,922						—						3,761
Net loss on securitized debt measured at fair value through earnings						(66,969)						(32,620)						—						(99,589)
Lima One - origination, servicing and other fee income						—						43,384						—						43,384
Net realized loss on residential whole loans held at carrying value						(1,240)						—						—						(1,240)
Other, net						7,960						2,284						1,087						11,331
Total Other Income/(Loss), net						$	27,423					$	36,452					$	(761)					$	63,114
Compensation and benefits						$	—					$	44,827					$	40,972					$	85,799
General and administrative expenses						214						17,537						26,396						44,147
Loan servicing, financing, and other related costs						20,100						1,515						12,521						34,136
Amortization of intangible assets						—						4,200						—						4,200
Net Income/(Loss)						$	130,271					$	33,453					$	(83,560)					$	80,164
Less Preferred Stock Dividend Requirement						$	—					$	—					$	32,875					$	32,875
Net Income/(Loss) Available to Common Stock and Participating Securities						$	130,271					$	33,453					$	(116,435)					$	47,289

(Dollars in Thousands)						Mortgage-Related Assets						Lima One						Corporate						Total
Year Ended December 31, 2022
Interest Income						$	364,761					$	113,134					$	4,524					$	482,419
Interest Expense						176,725						66,358						15,760						258,843
Net Interest Income/(Expense)						$	188,036					$	46,776					$	(11,236)					$	223,576
Reversal of Provision/(Provision) for Credit Losses on Residential Whole Loans						$	2,842					$	(196)					$	—					$	2,646
Provision for Credit Losses on Other Assets						—						—						(28,579)						(28,579)
Net Interest Income/(Expense) after Reversal of Provision/(Provision) for Credit Losses						$	190,878					$	46,580					$	(39,815)					$	197,643
Net gain/(loss) on residential whole loans measured at fair value through earnings						$	(730,028)					$	(136,734)					$	—					$	(866,762)
Impairment and other net loss on securities and other portfolio investments						(3,146)						—						(21,921)						(25,067)
Net gain on real estate owned						25,348						31						—						25,379
Net gain/(loss) on derivatives used for risk management purposes						217,961						37,218						—						255,179
Net gain on securitized debt measured at fair value through earnings						231,176						59,463						—						290,639
Lima One - origination, servicing and other fee income						—						46,745						—						46,745
Other, net						4,282						537						3,804						8,623
Total Other Income/(Loss), net						$	(254,407)					$	7,260					$	(18,117)					$	(265,264)
Compensation and benefits						$	—					$	39,241					$	37,487					$	76,728
General and administrative expenses						—						13,944						21,194						35,138
Loan servicing, financing, and other related costs						25,384						1,120						16,390						42,894
Amortization of intangible assets						—						9,200						—						9,200
Net Income/(Loss)						$	(88,913)					$	(9,665)					$	(133,003)					$	(231,581)
Less Preferred Stock Dividend Requirement						$	—					$	—					$	32,875					$	32,875
Net Income/(Loss) Available to Common Stock and Participating Securities						$	(88,913)					$	(9,665)					$	(165,878)					$	(264,456)

(Dollars in Thousands)						Mortgage-Related Assets						Lima One						Corporate						Total
Year Ended December 31, 2021
Interest Income						$	347,863					$	14,249					$	190					$	362,302
Interest Expense						99,905						4,691						15,789						120,385
Net Interest Income/(Expense)						$	247,958					$	9,558					$	(15,599)					$	241,917
Reversal of Provision/(Provision) for Credit Losses on Residential Whole Loans						44,981						(118)						—						44,863
Net Interest Income/(Expense) after Reversal of Provision/(Provision) for Credit Losses						$	292,939					$	9,440					$	(15,599)					$	286,780
Net gain/(loss) on residential whole loans measured at fair value through earnings						$	(2,719)					$	18,962					$	—					$	16,243
Impairment and other net gain on securities and other portfolio investments						1,607						—						72,889						74,496
Net gain on real estate owned						22,760						78						—						22,838
Net gain/(loss) on derivatives used for risk management purposes						1,457						(31)						—						1,426
Net gain on securitized debt measured at fair value through earnings						14,594						433						—						15,027
Lima One - origination, servicing and other fee income						—						22,600						—						22,600
Other, net						759						128						8,760						9,647
Total Other Income/(Loss), net						$	38,458					$	42,170					$	81,649					$	162,277
Compensation and benefits						$	—					$	18,130					$	35,687					$	53,817
General and administrative expenses						—						6,010						22,893						28,903
Loan servicing, financing, and other related costs						25,250						436						5,181						30,867
Amortization of intangible assets						—						6,600						—						6,600
Net Income/(Loss)						$	306,147					$	20,434					$	2,289					$	328,870
Less Preferred Stock Dividend Requirement						$	—					$	—					$	32,875					$	32,875
Net Income/(Loss) Available to Common Stock and Participating Securities						$	306,147					$	20,434					$	(30,586)					$	295,995

(Dollars in Thousands)						Mortgage-Related Assets						Lima One						Corporate						Total
December 31, 2023
Total Assets						$	6,370,237					$	4,000,932					$	401,521					$	10,772,690
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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