XML 50 R39.htm IDEA: XBRL DOCUMENT
v3.25.1

Segment Reporting (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2025
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 March 31, 2025 |  |  |  |  |  |  |  |
Interest Income |  | $ | 112,767 |  |  | $ | 65,272 |  |  | $ | 2,466 |  |  | $ | 180,505 |
Interest Expense |  | 77,361 |  |  | 41,070 |  |  | 4,537 |  |  | 122,968 |
Net Interest Income/(Expense) |  | $ | 35,406 |  |  | $ | 24,202 |  |  | $ | (2,071) |  |  | $ | 57,537 |
Reversal/(Provision) for Credit Losses on Residential Whole Loans |  | (145) |  |  | — |  |  | — |  |  | (145) |
Reversal/(Provision) for Credit Losses on Other Assets |  | — |  |  | — |  |  | — |  |  | — |
Net Interest Income/(Expense) after Reversal/(Provision) for Credit Losses |  | $ | 35,261 |  |  | $ | 24,202 |  |  | $ | (2,071) |  |  | $ | 57,392 |
Net gain/(loss) on residential whole loans measured at fair value through earnings |  | $ | 48,663 |  |  | $ | 5,717 |  |  | $ | — |  |  | $ | 54,380 |
Impairment and other net gain/(loss) on securities and other portfolio investments |  | 20,435 |  |  | (9) |  |  | 753 |  |  | 21,179 |
Net gain/(loss) on real estate owned |  | 69 |  |  | (1,577) |  |  | — |  |  | (1,508) |
Net gain/(loss) on derivatives used for risk management purposes |  | (25,562) |  |  | (5,493) |  |  | — |  |  | (31,055) |
Net gain/(loss) on securitized debt measured at fair value through earnings |  | (17,149) |  |  | (4,782) |  |  | — |  |  | (21,931) |
Lima One mortgage banking income |  | — |  |  | 5,437 |  |  | — |  |  | 5,437 |
Net realized gain/(loss) on residential whole loans held at carrying value |  | (539) |  |  | — |  |  | — |  |  | (539) |
Other, net |  | (745) |  |  | (1,996) |  |  | 1,290 |  |  | (1,451) |
Other Income/(Loss), net |  | $ | 25,172 |  |  | $ | (2,703) |  |  | $ | 2,043 |  |  | $ | 24,512 |
Compensation and benefits |  | $ | — |  |  | $ | 9,793 |  |  | $ | 13,464 |  |  | $ | 23,257 |
Other general and administrative expense |  | 8 |  |  | 4,376 |  |  | 5,907 |  |  | 10,291 |
Loan servicing, financing and other related costs |  | 4,243 |  |  | 1,148 |  |  | 1,861 |  |  | 7,252 |
Amortization of intangible assets |  | — |  |  | 800 |  |  | — |  |  | 800 |
Income/(loss) before income taxes |  | $ | 56,182 |  |  | $ | 5,382 |  |  | $ | (21,260) |  |  | $ | 40,304 |
Provision for/(benefit from) income taxes |  | — |  |  | — |  |  | (872) |  |  | (872) |
Net Income/(Loss) |  | $ | 56,182 |  |  | $ | 5,382 |  |  | $ | (20,388) |  |  | $ | 41,176 |
Less Preferred Stock Dividend Requirement |  | $ | — |  |  | $ | — |  |  | $ | 8,219 |  |  | $ | 8,219 |
Net Income/(Loss) Available to Common Stock and Participating Securities |  | $ | 56,182 |  |  | $ | 5,382 |  |  | $ | (28,607) |  |  | $ | 32,957 |
(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 |  | 66,852 |  |  | 56,590 |  |  | 5,575 |  |  | 129,017 |
Net Interest Income/(Expense) |  | $ | 28,548 |  |  | $ | 21,499 |  |  | $ | (2,233) |  |  | $ | 47,814 |
Reversal/(Provision) for Credit Losses on Residential Whole Loans |  | 460 |  |  | — |  |  | — |  |  | 460 |
Provision for Credit Losses on Other Assets |  | (1,109) |  |  | — |  |  | — |  |  | (1,109) |
Net Interest Income/(Expense) after Reversal/(Provision) for Credit Losses |  | $ | 27,899 |  |  | $ | 21,499 |  |  | $ | (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 mortgage banking 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 |  |  | 6,352 |  |  | 11,995 |
Loan servicing, financing and other related costs |  | 5,270 |  |  | 519 |  |  | 1,253 |  |  | 7,042 |
Amortization of intangible assets |  | — |  |  | 800 |  |  | — |  |  | 800 |
Income/(loss) before income taxes |  | $ | 36,363 |  |  | $ | 10,669 |  |  | $ | (22,770) |  |  | $ | 24,262 |
Provision for/(benefit from) income taxes |  | — |  |  | — |  |  | 1,049 |  |  | 1,049 |
Net Income/(Loss) |  | $ | 36,363 |  |  | $ | 10,669 |  |  | $ | (23,819) |  |  | $ | 23,213 |
Less Preferred Stock Dividend Requirement |  | $ | — |  |  | $ | — |  |  | $ | 8,219 |  |  | $ | 8,219 |
Net Income/(Loss) Available to Common Stock and Participating Securities |  | $ | 36,363 |  |  | $ | 10,669 |  |  | $ | (32,038) |  |  | $ | 14,994 |
(In Thousands) |  | Mortgage-Related Assets |  | Lima One |  | Corporate |  | Total
March 31, 2025 |  |  |  |  |  |  |  |
Total Assets |  | $ | 7,874,033 |  |  | $ | 3,332,561 |  |  | $ | 312,912 |  |  | $ | 11,519,506 |
December 31, 2024 |  |  |  |  |  |  |  |
Total Assets |  | $ | 7,395,925 |  |  | $ | 3,632,472 |  |  | $ | 381,207 |  |  | $ | 11,409,604 |

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 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration