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v3.20.2

Segment Information - Financial Information by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended
--- | --- | ---
Sep. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019
Segment Reporting Information [Line Items] |  |  |  |  |
Interest income | $ 121,982 |  | $ 150,117 | $ 450,009 | $ 429,700
Interest expense | (100,411) |  | (116,604) | (349,748) | (332,100)
Net Interest Income | 21,571 |  | 33,513 | 100,261 | 97,600
Non-interest Income (Loss) |  |  |  |  |
Mortgage banking activities, net | 59,395 |  | 9,515 | 24,511 | 40,984
Investment fair value changes, net | 107,047 |  | 11,444 | (611,557) | 34,741
Other income, net | (114) |  | 4,356 | 3,979 | 13,840
Realized gains, net | 602 |  | 4,714 | 30,419 | 18,227
Total non-interest income (loss), net | 166,930 |  | 30,029 | (552,648) | 107,792
General and administrative expenses | (27,630) |  | (24,899) | (84,832) | (70,722)
Loan acquisition costs | (2,158) |  | (1,916) | (7,716) | (5,507)
Other expenses | (7,788) |  | (2,531) | (104,286) | (6,021)
(Provision for) benefit from income taxes | (9,113) |  | 114 | 13,079 | (3,102)
Net Income (Loss) | 141,812 |  | 34,310 | (636,142) | 120,040
Non-cash amortization (expense) income, net | (6,333) |  | (718) | (19,378) | (890)
Other significant non-cash expense: goodwill impairment | 0 | $ (89,000) | 0 | (88,675) | 0
Operating Segments | Residential Lending |  |  |  |  |
Segment Reporting Information [Line Items] |  |  |  |  |
Interest income | 26,672 |  | 69,586 | 123,956 | 204,036
Interest expense | (22,541) |  | (48,798) | (94,112) | (145,795)
Net Interest Income | 4,131 |  | 20,788 | 29,844 | 58,241
Non-interest Income (Loss) |  |  |  |  |
Mortgage banking activities, net | 11,864 |  | 5,016 | (19,222) | 31,202
Investment fair value changes, net | 2,443 |  | (11,088) | (159,107) | (20,910)
Other income, net | (2,011) |  | 1,878 | (2,278) | 6,317
Realized gains, net | 0 |  | 0 | 2,001 | 7,728
Total non-interest income (loss), net | 12,296 |  | (4,194) | (178,606) | 24,337
General and administrative expenses | (4,602) |  | (5,581) | (12,901) | (17,591)
Loan acquisition costs | (304) |  | (867) | (1,512) | (2,859)
Other expenses | (3,309) |  | 0 | (3,309) | 0
(Provision for) benefit from income taxes | (826) |  | 228 | 7,827 | (1,757)
Net Income (Loss) | 7,386 |  | 10,374 | (158,657) | 60,371
Non-cash amortization (expense) income, net | 1,785 |  | 2,537 | 602 | 6,780
Other significant non-cash expense: goodwill impairment |  |  |  | 0 |
Operating Segments | Business Purpose Lending |  |  |  |  |
Segment Reporting Information [Line Items] |  |  |  |  |
Interest income | 55,930 |  | 5,527 | 162,732 | 12,595
Interest expense | (46,027) |  | (2,813) | (119,854) | (6,590)
Net Interest Income | 9,903 |  | 2,714 | 42,878 | 6,005
Non-interest Income (Loss) |  |  |  |  |
Mortgage banking activities, net | 47,531 |  | 4,499 | 43,733 | 9,782
Investment fair value changes, net | 16,892 |  | (1,073) | (84,837) | (1,833)
Other income, net | 623 |  | 1,918 | 3,493 | 4,213
Realized gains, net | 0 |  | 0 | 0 | 0
Total non-interest income (loss), net | 65,046 |  | 5,344 | (37,611) | 12,162
General and administrative expenses | (9,321) |  | (6,028) | (29,977) | (13,452)
Loan acquisition costs | (1,660) |  | (756) | (5,630) | (2,017)
Other expenses | (3,874) |  | (1,900) | (100,743) | (4,432)
(Provision for) benefit from income taxes | (8,544) |  | (8) | 477 | 25
Net Income (Loss) | 51,550 |  | (634) | (130,606) | (1,709)
Non-cash amortization (expense) income, net | (6,719) |  | (2,107) | (18,050) | (4,907)
Other significant non-cash expense: goodwill impairment |  |  |  | (88,675) |
Operating Segments | Third-Party Investments |  |  |  |  |
Segment Reporting Information [Line Items] |  |  |  |  |
Interest income | 37,576 |  | 70,709 | 155,583 | 199,145
Interest expense | (27,534) |  | (61,541) | (123,160) | (168,167)
Net Interest Income | 10,042 |  | 9,168 | 32,423 | 30,978
Non-interest Income (Loss) |  |  |  |  |
Mortgage banking activities, net | 0 |  | 0 | 0 | 0
Investment fair value changes, net | 87,890 |  | 24,057 | (366,696) | 58,492
Other income, net | 340 |  | 560 | 1,072 | 600
Realized gains, net | 602 |  | 4,714 | 3,236 | 10,499
Total non-interest income (loss), net | 88,832 |  | 29,331 | (362,388) | 69,591
General and administrative expenses | (709) |  | (676) | (4,230) | (2,239)
Loan acquisition costs | (194) |  | (180) | (567) | (503)
Other expenses | (470) |  | (395) | 347 | (864)
(Provision for) benefit from income taxes | 257 |  | (106) | 4,775 | (1,370)
Net Income (Loss) | 97,758 |  | 37,142 | (329,640) | 95,593
Non-cash amortization (expense) income, net | 117 |  | 0 | 1,105 | (824)
Other significant non-cash expense: goodwill impairment |  |  |  | 0 |
Corporate/ Other |  |  |  |  |
Segment Reporting Information [Line Items] |  |  |  |  |
Interest income | 1,804 |  | 4,295 | 7,738 | 13,924
Interest expense | (4,309) |  | (3,452) | (12,622) | (11,548)
Net Interest Income | (2,505) |  | 843 | (4,884) | 2,376
Non-interest Income (Loss) |  |  |  |  |
Mortgage banking activities, net | 0 |  | 0 | 0 | 0
Investment fair value changes, net | (178) |  | (452) | (917) | (1,008)
Other income, net | 934 |  | 0 | 1,692 | 2,710
Realized gains, net | 0 |  | 0 | 25,182 | 0
Total non-interest income (loss), net | 756 |  | (452) | 25,957 | 1,702
General and administrative expenses | (12,998) |  | (12,614) | (37,724) | (37,440)
Loan acquisition costs | 0 |  | (113) | (7) | (128)
Other expenses | (135) |  | (236) | (581) | (725)
(Provision for) benefit from income taxes | 0 |  | 0 | 0 | 0
Net Income (Loss) | (14,882) |  | (12,572) | (17,239) | (34,215)
Non-cash amortization (expense) income, net | $ (1,516) |  | $ (1,148) | (3,035) | $ (1,939)
Other significant non-cash expense: goodwill impairment |  |  |  | $ 0 |

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