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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

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- 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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