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v3.21.2

Segment Information - Financial Information by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended
--- | --- | ---
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020
Segment Reporting Information [Line Items] |  |  |  |
Interest income | $ 138,695 | $ 129,946 | $ 267,000 | $ 328,027
Interest expense | (108,065) | (102,666) | (210,617) | (249,337)
Net Interest Income | 30,630 | 27,280 | 56,383 | 78,690
Non-interest Income (Loss) |  |  |  |
Mortgage banking activities, net | 54,419 | (5,982) | 137,026 | (34,884)
Investment fair value changes, net | 49,480 | 152,228 | 94,567 | (718,604)
Other income, net | 2,126 | 1,165 | 5,969 | 4,093
Realized gains, net | 8,384 | 25,965 | 11,100 | 29,817
Total non-interest income (loss), net | 114,409 | 173,376 | 248,662 | (719,578)
General and administrative expenses | (40,594) | (28,520) | (84,145) | (57,202)
Loan acquisition costs | (3,748) | (1,572) | (7,307) | (5,558)
Other expenses | (3,985) | (5,083) | (8,081) | (96,498)
Provision for income taxes | (6,687) | (37) | (18,230) | 22,192
Net Income (Loss) | 90,025 | 165,444 | 187,282 | (777,954)
Non-cash amortization (expense) income, net | (6,015) | (8,963) | (12,245) | (13,044)
Other significant non-cash expense: goodwill impairment | 0 | 0 | 0 | (88,675)
Operating Segments | Residential Lending |  |  |  |
Segment Reporting Information [Line Items] |  |  |  |
Interest income | 33,033 | 36,653 | 60,581 | 97,284
Interest expense | (21,056) | (28,762) | (40,093) | (66,324)
Net Interest Income | 11,977 | 7,891 | 20,488 | 30,960
Non-interest Income (Loss) |  |  |  |
Mortgage banking activities, net | 21,265 | (8,005) | 82,700 | (31,086)
Investment fair value changes, net | 3,927 | 35,085 | 6,673 | (161,550)
Other income, net | 839 | 230 | 3,692 | (267)
Realized gains, net | 6,687 | 205 | 9,095 | 2,001
Total non-interest income (loss), net | 32,718 | 27,515 | 102,160 | (190,902)
General and administrative expenses | (7,793) | (3,700) | (21,550) | (8,299)
Loan acquisition costs | (1,887) | (175) | (3,303) | (1,208)
Other expenses | 0 | 0 | (6) | 0
Provision for income taxes | (4,171) | 3,323 | (14,150) | 8,653
Net Income (Loss) | 30,844 | 34,854 | 83,639 | (160,796)
Non-cash amortization (expense) income, net | 1,339 | (1,265) | 3,005 | (1,053)
Other significant non-cash expense: goodwill impairment |  |  |  | 0
Operating Segments | Business Purpose Lending |  |  |  |
Segment Reporting Information [Line Items] |  |  |  |
Interest income | 70,515 | 53,742 | 134,920 | 106,802
Interest expense | (54,442) | (36,631) | (104,517) | (68,984)
Net Interest Income | 16,073 | 17,111 | 30,403 | 37,818
Non-interest Income (Loss) |  |  |  |
Mortgage banking activities, net | 33,154 | 2,023 | 54,326 | (3,798)
Investment fair value changes, net | 3,782 | 40,401 | 7,081 | (101,729)
Other income, net | 1,017 | 686 | 1,860 | 2,870
Realized gains, net | 390 | 0 | 498 | 0
Total non-interest income (loss), net | 38,343 | 43,110 | 63,765 | (102,657)
General and administrative expenses | (13,688) | (9,016) | (24,847) | (20,656)
Loan acquisition costs | (1,861) | (1,277) | (3,913) | (3,970)
Other expenses | (3,873) | (3,884) | (7,650) | (96,869)
Provision for income taxes | (2,182) | 2,439 | (3,503) | 9,021
Net Income (Loss) | 32,812 | 48,483 | 54,255 | (177,313)
Non-cash amortization (expense) income, net | (5,584) | (6,391) | (11,441) | (11,316)
Other significant non-cash expense: goodwill impairment |  |  |  | (88,675)
Operating Segments | Third-Party Investments |  |  |  |
Segment Reporting Information [Line Items] |  |  |  |
Interest income | 33,972 | 36,811 | 68,962 | 118,007
Interest expense | (22,334) | (24,927) | (45,513) | (87,428)
Net Interest Income | 11,638 | 11,884 | 23,449 | 30,579
Non-interest Income (Loss) |  |  |  |
Mortgage banking activities, net | 0 | 0 | 0 | 0
Investment fair value changes, net | 42,018 | 76,972 | 81,734 | (454,586)
Other income, net | 5 | (509) | 5 | 732
Realized gains, net | 1,307 | 578 | 1,507 | 2,634
Total non-interest income (loss), net | 43,330 | 77,041 | 83,246 | (451,220)
General and administrative expenses | (930) | (1,986) | (2,061) | (3,521)
Loan acquisition costs | 0 | (120) | (87) | (373)
Other expenses | (112) | (1,065) | (442) | 817
Provision for income taxes | (334) | (5,799) | (577) | 4,518
Net Income (Loss) | 53,592 | 79,955 | 103,528 | (419,200)
Non-cash amortization (expense) income, net | 185 | 312 | 41 | 1,053
Other significant non-cash expense: goodwill impairment |  |  |  | 0
Corporate/ Other |  |  |  |
Segment Reporting Information [Line Items] |  |  |  |
Interest income | 1,175 | 2,740 | 2,537 | 5,934
Interest expense | (10,233) | (12,346) | (20,494) | (26,601)
Net Interest Income | (9,058) | (9,606) | (17,957) | (20,667)
Non-interest Income (Loss) |  |  |  |
Mortgage banking activities, net | 0 | 0 | 0 | 0
Investment fair value changes, net | (247) | (230) | (921) | (739)
Other income, net | 265 | 758 | 412 | 758
Realized gains, net | 0 | 25,182 | 0 | 25,182
Total non-interest income (loss), net | 18 | 25,710 | (509) | 25,201
General and administrative expenses | (18,183) | (13,818) | (35,687) | (24,726)
Loan acquisition costs | 0 | 0 | (4) | (7)
Other expenses | 0 | (134) | 17 | (446)
Provision for income taxes | 0 | 0 | 0 | 0
Net Income (Loss) | (27,223) | 2,152 | (54,140) | (20,645)
Non-cash amortization (expense) income, net | $ (1,955) | $ (1,619) | $ (3,850) | (1,728)
Other significant non-cash expense: goodwill impairment |  |  |  | $ 0

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