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Segment Reporting (Tables)

9 Months Ended

Sep. 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 September 30, 2024
Interest Income						$	101,374					$	77,234					$	3,366					$	181,974
Interest Expense						72,373						54,460						4,516						131,349
Net Interest Income/(Expense)						$	29,001					$	22,774					$	(1,150)					$	50,625
Reversal/(Provision) for Credit Losses on Residential Whole Loans						1,942						—						—						1,942
Reversal/(Provision) for Credit Losses on Other Assets						—						—						—						—
Net Interest Income/(Expense) after Reversal/(Provision) for Credit Losses						$	30,943					$	22,774					$	(1,150)					$	52,567
Net gain/(loss) on residential whole loans measured at fair value through earnings						$	117,957					$	25,459					$	—					$	143,416
Impairment and other net gain/(loss) on securities and other portfolio investments						24,431						—						(1,503)						22,928
Net gain/(loss) on real estate owned						656						(415)						—						241
Net gain/(loss) on derivatives used for risk management purposes						(42,823)						(13,995)						—						(56,818)
Net gain/(loss) on securitized debt measured at fair value through earnings						(53,766)						(21,507)						—						(75,273)
Lima One mortgage banking income						—						8,921						—						8,921
Net realized gain/(loss) on residential whole loans held at carrying value						—						—						—						—
Other, net						163						(3,757)						463						(3,131)
Other Income/(Loss), net						$	46,618					$	(5,294)					$	(1,040)					$	40,284
Compensation and benefits						$	—					$	10,757					$	11,660					$	22,417
Other general and administrative expense						70						5,068						6,292						11,430
Loan servicing, financing and other related costs						4,297						595						3,611						8,503
Amortization of intangible assets						—						800						—						800
Income/(loss) before income taxes						$	73,194					$	260					$	(23,753)					$	49,701
Provision for/(benefit from) income taxes						—						—						1,518						1,518
Net Income/(Loss)						$	73,194					$	260					$	(25,271)					$	48,183
Less Preferred Stock Dividend Requirement						$	—					$	—					$	8,219					$	8,219
Net Income/(Loss) Available to Common Stock and Participating Securities						$	73,194					$	260					$	(33,490)					$	39,964

(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						62,992						46,096						3,936						113,024
Net Interest Income/(Expense)						$	31,863					$	15,005					$	(727)					$	46,141
Reversal/(Provision) for Credit Losses on Residential Whole Loans						1,258						—						—						1,258
Net Interest Income/(Expense) after Reversal/(Provision) for Credit Losses						$	33,121					$	15,005					$	(727)					$	47,399
Net gain/(loss) on residential whole loans measured at fair value through earnings						$	(99,500)					$	(33,394)					$	—					$	(132,894)
Impairment and other net gain/(loss) on securities and other portfolio investments						(13,439)						—						(722)						(14,161)
Net gain/(loss) on real estate owned						2,062						347						—						2,409
Net gain/(loss) on derivatives used for risk management purposes						25,310						9,550						—						34,860
Net gain/(loss) on securitized debt measured at fair value through earnings						25,345						11,086						—						36,431
Lima One mortgage banking income						—						12,109						—						12,109
Other, net						515						684						219						1,418
Other Income/(Loss), net						$	(59,707)					$	382					$	(503)					$	(59,828)
Compensation and benefits						$	—					$	12,010					$	12,041					$	24,051
Other general and administrative expense						—						4,664						5,411						10,075
Loan servicing, financing and other related costs						5,032						699						3,258						8,989
Amortization of intangible assets						—						800						—						800
Income/(loss) before income taxes						$	(31,618)					$	(2,786)					$	(21,940)					$	(56,344)
Provision for/(benefit from) income taxes						—						—						94						94
Net Income/(Loss)						$	(31,618)					$	(2,786)					$	(22,034)					$	(56,438)
Less Preferred Stock Dividend Requirement						$	—					$	—					$	8,219					$	8,219
Net Income/(Loss) Available to Common Stock and Participating Securities						$	(31,618)					$	(2,786)					$	(30,253)					$	(64,657)

(In Thousands)						Mortgage-Related Assets						Lima One						Corporate						Total
Nine months ended September 30, 2024
Interest Income						$	297,990					$	237,104					$	10,542					$	545,636
Interest Expense						209,234						167,796						16,678						393,708
Net Interest Income/(Expense)						$	88,756					$	69,308					$	(6,136)					$	151,928
Reversal/(Provision) for Credit Losses on Residential Whole Loans						3,481						—						—						3,481
Reversal/(Provision) for Credit Losses on Other Assets						(1,135)						—						—						(1,135)
Net Interest Income/(Expense) after Reversal/(Provision) for Credit Losses						$	91,102					$	69,308					$	(6,136)					$	154,274
Net gain/(loss) on residential whole loans measured at fair value through earnings						$	137,732					$	10,601					$	—					$	148,333
Impairment and other net gain/(loss) on securities and other portfolio investments						18,297						—						(2,987)						15,310
Net gain/(loss) on real estate owned						4,080						(968)						—						3,112
Net gain/(loss) on derivatives used for risk management purposes						4,631						4,579						—						9,210
Net gain/(loss) on securitized debt measured at fair value through earnings						(71,962)						(36,415)						—						(108,377)
Lima One mortgage banking income						—						24,468						—						24,468
Net realized gain/(loss) on residential whole loans held at carrying value						418						—						—						418
Other, net						1,038						(2,339)						1,362						61
Other Income/(Loss), net						$	94,234					$	(74)					$	(1,625)					$	92,535
Compensation and benefits						$	—					$	33,646					$	35,986					$	69,632
Other general and administrative expense						190						15,642						18,428						34,260
Loan servicing, financing and other related costs						14,363						1,729						8,170						24,262
Amortization of intangible assets						—						2,400						—						2,400
Income/(loss) before income taxes						$	170,783					$	15,817					$	(70,345)					$	116,255
Provision for/(benefit from) income taxes						—						—						2,913						2,913
Net Income/(Loss)						$	170,783					$	15,817					$	(73,258)					$	113,342
Less Preferred Stock Dividend Requirement						$	—					$	—					$	24,656					$	24,656
Net Income/(Loss) Available to Common Stock and Participating Securities						$	170,783					$	15,817					$	(97,914)					$	88,686

(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						176,387						117,465						11,853						305,705
Net Interest Income/(Expense)						$	93,199					$	39,465					$	(2,649)					$	130,015
Reversal/(Provision) for Credit Losses on Residential Whole Loans						663						314						—						977
Net Interest Income/(Expense) after Reversal/(Provision) for Credit Losses						$	93,862					$	39,779					$	(2,649)					$	130,992
Net gain/(loss) on residential whole loans measured at fair value through earnings						$	(101,449)					$	(32,974)					$	—					$	(134,423)
Impairment and other net gain/(loss) on securities and other portfolio investments						(14,205)						—						(1,594)						(15,799)
Net gain/(loss) on real estate owned						8,479						25						—						8,504
Net gain/(loss) on derivatives used for risk management purposes						54,130						19,973						—						74,103
Net gain/(loss) on securitized debt measured at fair value through earnings						9,412						2,688						—						12,100
Lima One mortgage banking income						—						32,562						—						32,562
Net realized gain/(loss) on residential whole loans held at carrying value						—						—						—						—
Other, net						6,535						2,131						1,258						9,924
Other Income/(Loss), net						$	(37,098)					$	24,405					$	(336)					$	(13,029)
Compensation and benefits						$	—					$	32,952					$	33,500					$	66,452
Other general and administrative expense						—						11,858						19,414						31,272
Loan servicing, financing and other related costs						15,146						1,049						9,931						26,126
Amortization of intangible assets						—						3,400						—						3,400
Income/(loss) before income taxes						$	41,618					$	14,925					$	(65,830)					$	(9,287)
Provision for/(benefit from) income taxes						—						—						295						295
Net Income/(Loss)						$	41,618					$	14,925					$	(66,125)					$	(9,582)
Less Preferred Stock Dividend Requirement						$	—					$	—					$	24,656					$	24,656
Net Income/(Loss) Available to Common Stock and Participating Securities						$	41,618					$	14,925					$	(90,781)					$	(34,238)

(In Thousands)						Mortgage-Related Assets						Lima One						Corporate						Total
September 30, 2024
Total Assets						$	6,968,000					$	3,831,181					$	360,665					$	11,159,846
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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