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Segment Reporting (Tables)

6 Months Ended

Jun. 30, 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:

(In Thousands)						Mortgage-Related Assets						Lima One						Corporate						Total
Three months ended June 30, 2024
Interest Income						$	101,216					$	81,780					$	3,835					$	186,831
Interest Expense						70,009						56,746						6,587						133,342
Net Interest Income/(Expense)						$	31,207					$	25,034					$	(2,752)					$	53,489
Reversal/(Provision) for Credit Losses on Residential Whole Loans						1,079						—						—						1,079
Reversal/(Provision) for Credit Losses on Other Assets						(26)						—						—						(26)
Net Interest Income/(Expense) after Reversal/(Provision) for Credit Losses						$	32,260					$	25,034					$	(2,752)					$	54,542
Net gain/(loss) on residential whole loans measured at fair value through earnings						$	28,474					$	(12,044)					$	—					$	16,430
Impairment and other net gain/(loss) on securities and other portfolio investments						(1,358)						—						(1,484)						(2,842)
Net gain/(loss) on real estate owned						2,167						(287)						—						1,880
Net gain/(loss) on derivatives used for risk management purposes						11,296						4,791						—						16,087
Net gain/(loss) on securitized debt measured at fair value through earnings						(6,620)						(4,022)						—						(10,642)
Lima One - origination, servicing and other fee income						—						7,619						—						7,619
Net realized gain/(loss) on residential whole loans held at carrying value						—						—						—						—
Other, net						(85)						914						488						1,317
Other Income/(Loss), net						$	33,874					$	(3,029)					$	(996)					$	29,849
Compensation and benefits						$	—					$	10,765					$	10,982					$	21,747
Other general and administrative expense						115						4,936						5,784						10,835
Loan servicing, financing and other related costs						4,796						615						3,306						8,717
Amortization of intangible assets						—						800						—						800
Income/(loss) before income taxes						$	61,223					$	4,889					$	(23,820)					$	42,292
Provision for/(benefit from) income taxes						—						—						346						346
Net Income/(Loss)						$	61,223					$	4,889					$	(24,166)					$	41,946
Less Preferred Stock Dividend Requirement						$	—					$	—					$	8,218					$	8,218
Net Income/(Loss) Available to Common Stock and Participating Securities						$	61,223					$	4,889					$	(32,384)					$	33,728

(In Thousands)						Mortgage-Related Assets						Lima One						Corporate						Total
Three months ended June 30, 2023
Interest Income						$	89,912					$	51,308					$	3,130					$	144,350
Interest Expense						57,308						38,575						3,962						99,845
Net Interest Income/(Expense)						$	32,604					$	12,733					$	(832)					$	44,505
Reversal/(Provision) for Credit Losses on Residential Whole Loans						(294)						—						—						(294)
Net Interest Income/(Expense) after Reversal/(Provision) for Credit Losses						$	32,310					$	12,733					$	(832)					$	44,211
Net gain/(loss) on residential whole loans measured at fair value through earnings						$	(97,459)					$	(33,244)					$	—					$	(130,703)
Impairment and other net gain/(loss) on securities and other portfolio investments						(3,697)						—						(872)						(4,569)
Net gain/(loss) on real estate owned						2,493						(340)						—						2,153
Net gain/(loss) on derivatives used for risk management purposes						45,142						15,309						—						60,451
Net gain/(loss) on securitized debt measured at fair value through earnings						18,887						8,507						—						27,394
Lima One - origination, servicing and other fee income						—						11,477						—						11,477
Other, net						3,812						1,076						604						5,492
Other Income/(Loss), net						$	(30,822)					$	2,785					$	(268)					$	(28,305)
Compensation and benefits						$	—					$	11,403					$	10,368					$	21,771
Other general and administrative expense						—						4,198						7,324						11,522
Loan servicing, financing and other related costs						5,395						131						2,072						7,598
Amortization of intangible assets						—						1,300						—						1,300
Income/(loss) before income taxes						$	(3,907)					$	(1,514)					$	(20,864)					$	(26,285)
Provision for/(benefit from) income taxes						—						—						(357)						(357)
Net Income/(Loss)						$	(3,907)					$	(1,514)					$	(20,507)					$	(25,928)
Less Preferred Stock Dividend Requirement						$	—					$	—					$	8,218					$	8,218
Net Income/(Loss) Available to Common Stock and Participating Securities						$	(3,907)					$	(1,514)					$	(28,725)					$	(34,146)

(In Thousands)						Mortgage-Related Assets						Lima One						Corporate						Total
Six months ended June 30, 2024
Interest Income						$	196,616					$	159,870					$	7,176					$	363,662
Interest Expense						136,860						113,336						12,163						262,359
Net Interest Income/(Expense)						$	59,756					$	46,534					$	(4,987)					$	101,303
Reversal/(Provision) for Credit Losses on Residential Whole Loans						1,539						—						—						1,539
Reversal/(Provision) for Credit Losses on Other Assets						(1,135)						—						—						(1,135)
Net Interest Income/(Expense) after Reversal/(Provision) for Credit Losses						$	60,160					$	46,534					$	(4,987)					$	101,707
Net gain/(loss) on residential whole loans measured at fair value through earnings						$	19,775					$	(14,858)					$	—					$	4,917
Impairment and other net gain/(loss) on securities and other portfolio investments						(6,133)						—						(1,485)						(7,618)
Net gain/(loss) on real estate owned						3,423						(552)						—						2,871
Net gain/(loss) on derivatives used for risk management purposes						47,455						18,573						—						66,028
Net gain/(loss) on securitized debt measured at fair value through earnings						(18,196)						(14,908)						—						(33,104)
Lima One - origination, servicing and other fee income						—						15,547						—						15,547
Net realized gain/(loss) on residential whole loans held at carrying value						418						—						—						418
Other, net						875						1,418						899						3,192
Other Income/(Loss), net						$	47,617					$	5,220					$	(586)					$	52,251
Compensation and benefits						$	—					$	22,889					$	24,326					$	47,215
Other general and administrative expense						121						10,573						12,136						22,830
Loan servicing, financing and other related costs						10,066						1,135						4,558						15,759
Amortization of intangible assets						—						1,600						—						1,600
Income/(loss) before income taxes						$	97,590					$	15,557					$	(46,593)					$	66,554
Provision for/(benefit from) income taxes						—						—						1,395						1,395
Net Income/(Loss)						$	97,590					$	15,557					$	(47,988)					$	65,159
Less Preferred Stock Dividend Requirement						$	—					$	—					$	16,437					$	16,437
Net Income/(Loss) Available to Common Stock and Participating Securities						$	97,590					$	15,557					$	(64,425)					$	48,722

(In Thousands)						Mortgage-Related Assets						Lima One						Corporate						Total
Six months ended June 30, 2023
Interest Income						$	174,732					$	95,828					$	5,995					$	276,555
Interest Expense						113,394						71,370						7,917						192,681
Net Interest Income/(Expense)						$	61,338					$	24,458					$	(1,922)					$	83,874
Reversal/(Provision) for Credit Losses on Residential Whole Loans						(595)						314						—						(281)
Net Interest Income/(Expense) after Reversal/(Provision) for Credit Losses						$	60,743					$	24,772					$	(1,922)					$	83,593
Net gain/(loss) on residential whole loans measured at fair value through earnings						$	(1,949)					$	420					$	—					$	(1,529)
Impairment and other net gain/(loss) on securities and other portfolio investments						(767)						—						(871)						(1,638)
Net gain/(loss) on real estate owned						6,417						(322)						—						6,095
Net gain/(loss) on derivatives used for risk management purposes						28,820						10,423						—						39,243
Net gain/(loss) on securitized debt measured at fair value through earnings						(15,933)						(8,398)						—						(24,331)
Lima One - origination, servicing and other fee income						—						20,453						—						20,453
Net realized gain/(loss) on residential whole loans held at carrying value						—						—						—						—
Other, net						6,020						1,447						1,039						8,506
Other Income/(Loss), net						$	22,608					$	24,023					$	168					$	46,799
Compensation and benefits						$	—					$	20,943					$	21,458					$	42,401
Other general and administrative expense						—						7,193						14,006						21,199
Loan servicing, financing and other related costs						10,114						350						6,673						17,137
Amortization of intangible assets						—						2,600						—						2,600
Income/(loss) before income taxes						$	73,237					$	17,709					$	(43,891)					$	47,055
Provision for/(benefit from) income taxes						—						—						199						199
Net Income/(Loss)						$	73,237					$	17,709					$	(44,090)					$	46,856
Less Preferred Stock Dividend Requirement						$	—					$	—					$	16,437					$	16,437
Net Income/(Loss) Available to Common Stock and Participating Securities						$	73,237					$	17,709					$	(60,527)					$	30,419

(In Thousands)						Mortgage-Related Assets						Lima One						Corporate						Total
June 30, 2024
Total Assets						$	6,575,888					$	4,167,768					$	333,269					$	11,076,925
December 31, 2023
Total Assets						$	6,370,237					$	4,000,932					$	401,521					$	10,772,690

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
-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 2: 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 3: 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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