Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2024

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