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Segment Reporting (Tables) | 3 Months Ended
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Mar. 31, 2024
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 March 31, 2024 |  |  |  |  |  |  |  |
Interest Income |  | $ | 95,400 |  |  | $ | 78,089 |  |  | $ | 3,342 |  |  | $ | 176,831 |
Interest Expense |  | 69,259 |  |  | 54,183 |  |  | 5,575 |  |  | 129,017 |
Net Interest Income/(Expense) |  | $ | 26,141 |  |  | $ | 23,906 |  |  | $ | (2,233) |  |  | $ | 47,814 |
Reversal/(Provision) for Credit Losses on Residential Whole Loans |  | 460 |  |  | — |  |  | — |  |  | 460 |
Reversal/(Provision) for Credit Losses on Other Assets |  | (1,109) |  |  | — |  |  | — |  |  | (1,109) |
Net Interest Income/(Expense) after Reversal/(Provision) for Credit Losses |  | $ | 25,492 |  |  | $ | 23,906 |  |  | $ | (2,233) |  |  | $ | 47,165 |
Net gain/(loss) on residential whole loans measured at fair value through earnings |  | $ | (8,699) |  |  | $ | (2,814) |  |  | $ | — |  |  | $ | (11,513) |
Impairment and other net gain/(loss) on securities and other portfolio investments |  | (4,776) |  |  | — |  |  | — |  |  | (4,776) |
Net gain/(loss) on real estate owned |  | 1,256 |  |  | (265) |  |  | — |  |  | 991 |
Net gain/(loss) on derivatives used for risk management purposes |  | 36,158 |  |  | 13,783 |  |  | — |  |  | 49,941 |
Net gain/(loss) on securitized debt measured at fair value through earnings |  | (11,576) |  |  | (10,886) |  |  | — |  |  | (22,462) |
Lima One - origination, servicing and other fee income |  | — |  |  | 7,928 |  |  | — |  |  | 7,928 |
Net realized gain/(loss) on residential whole loans held at carrying value |  | 418 |  |  | — |  |  | — |  |  | 418 |
Other, net |  | 959 |  |  | 504 |  |  | 412 |  |  | 1,875 |
Other Income/(Loss), net |  | $ | 13,740 |  |  | $ | 8,250 |  |  | $ | 412 |  |  | $ | 22,402 |
Compensation and benefits |  | $ | — |  |  | $ | 12,124 |  |  | $ | 13,344 |  |  | $ | 25,468 |
Other general and administrative expense |  | 6 |  |  | 5,637 |  |  | 7,401 |  |  | 13,044 |
Loan servicing, financing and other related costs |  | 5,270 |  |  | 519 |  |  | 1,253 |  |  | 7,042 |
Amortization of intangible assets |  | — |  |  | 800 |  |  | — |  |  | 800 |
Net Income/(Loss) |  | $ | 33,956 |  |  | $ | 13,076 |  |  | $ | (23,819) |  |  | $ | 23,213 |
Less Preferred Stock Dividend Requirement |  | $ | — |  |  | $ | — |  |  | $ | 8,219 |  |  | $ | 8,219 |
Net Income/(Loss) Available to Common Stock and Participating Securities |  | $ | 33,956 |  |  | $ | 13,076 |  |  | $ | (32,038) |  |  | $ | 14,994 |
(Dollars in Thousands) |  | Mortgage-Related Assets |  | Lima One |  | Corporate |  | Total
Three months ended March 31, 2023 |  |  |  |  |  |  |  |
Interest Income |  | $ | 84,819 |  |  | $ | 44,521 |  |  | $ | 2,865 |  |  | 132,205 |
Interest Expense |  | 57,077 |  |  | 31,804 |  |  | 3,955 |  |  | 92,836 |
Net Interest Income/(Expense) |  | $ | 27,742 |  |  | $ | 12,717 |  |  | $ | (1,090) |  |  | $ | 39,369 |
Provision for Credit Losses on Residential Whole Loans |  | $ | (300) |  |  | $ | 313 |  |  | $ | — |  |  | 13 |
Net Interest Income/(Expense) after Reversal/(Provision) for Credit Losses |  | $ | 27,442 |  |  | $ | 13,030 |  |  | $ | (1,090) |  |  | $ | 39,382 |
Net gain/(loss) on residential whole loans measured at fair value through earnings |  | $ | 95,509 |  |  | $ | 33,665 |  |  | $ | — |  |  | $ | 129,174 |
Impairment and other net gain/(loss) on securities and other portfolio investments |  | 2,931 |  |  | — |  |  | — |  |  | 2,931 |
Net gain/(loss) on real estate owned |  | 3,925 |  |  | 17 |  |  | — |  |  | 3,942 |
Net gain/(loss) on derivatives used for risk management purposes |  | (16,322) |  |  | (4,886) |  |  | — |  |  | (21,208) |
Net gain/(loss) on securitized debt measured at fair value through earnings |  | (34,820) |  |  | (16,905) |  |  | — |  |  | (51,725) |
Lima One - origination, servicing and other fee income |  | — |  |  | 8,976 |  |  | — |  |  | 8,976 |
Other, net |  | 2,207 |  |  | 371 |  |  | 436 |  |  | 3,014 |
Other Income/(Loss), net |  | $ | 53,430 |  |  | $ | 21,238 |  |  | $ | 436 |  |  | $ | 75,104 |
Compensation and benefits |  | $ | — |  |  | $ | 9,540 |  |  | $ | 11,090 |  |  | $ | 20,630 |
Other general and administrative expense |  | — |  |  | 2,995 |  |  | 7,238 |  |  | 10,233 |
Loan servicing, financing and other related costs |  | 4,719 |  |  | 218 |  |  | 4,602 |  |  | 9,539 |
Amortization of intangible assets |  | — |  |  | 1,300 |  |  | — |  |  | 1,300 |
Net Income/(Loss) |  | $ | 76,153 |  |  | $ | 20,215 |  |  | $ | (23,584) |  |  | $ | 72,784 |
Less Preferred Stock Dividend Requirement |  | $ | — |  |  | $ | — |  |  | $ | 8,219 |  |  | $ | 8,219 |
Net Income/(Loss) Available to Common Stock and Participating Securities |  | $ | 76,153 |  |  | $ | 20,215 |  |  | $ | (31,803) |  |  | $ | 64,565 |
(Dollars in Thousands) |  | Mortgage-Related Assets |  | Lima One |  | Corporate |  | Total
March 31, 2024 |  |  |  |  |  |  |  |
Total Assets |  | $ | 6,319,998 |  |  | $ | 4,196,761 |  |  | $ | 357,371 |  |  | $ | 10,874,130 |
December 31, 2023 |  |  |  |  |  |  |  |
Total Assets |  | $ | 6,370,237 |  |  | $ | 4,000,932 |  |  | $ | 401,521 |  |  | $ | 10,772,690 |

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