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Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2024
Segment Reporting [Abstract] |
Schedule of Business Segment Financial Information | The following tables present financial information by segment for the three and six months ended June 30, 2024 and 2023. Table 4.1 – Business Segment Financial Information
|  | Three Months Ended June 30, 2024
(In Thousands) |  | Residential Consumer Mortgage Banking |  | Residential Investor Mortgage Banking |  | Investment Portfolio |  | Corporate/ Other |  | Total
Interest income |  | $ | 21,097 |  |  | $ | 7,008 |  |  | $ | 196,742 |  |  | $ | 570 |  |  | $ | 225,417 |
Interest expense |  | (9,922) |  |  | (5,504) |  |  | (166,812) |  |  | (17,886) |  |  | (200,124) |
Net interest income (expense) |  | 11,175 |  |  | 1,504 |  |  | 29,930 |  |  | (17,316) |  |  | 25,293 |
Non-interest income (loss) |  |  |  |  |  |  |  |  |  |
Mortgage banking activities, net |  | 6,245 |  |  | 12,679 |  |  | — |  |  | — |  |  | 18,924 |
Investment fair value changes, net |  | — |  |  | — |  |  | 2,548 |  |  | (1,450) |  |  | 1,098 |
HEI income, net |  | — |  |  | — |  |  | 15,839 |  |  | — |  |  | 15,839 |
Other income, net |  | — |  |  | 1,174 |  |  | 5,120 |  |  | (1) |  |  | 6,293 |
Realized gains, net |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total non-interest income (loss), net |  | 6,245 |  |  | 13,853 |  |  | 23,507 |  |  | (1,451) |  |  | 42,154 |
General and administrative expenses |  | (4,957) |  |  | (9,677) |  |  | (641) |  |  | (18,009) |  |  | (33,284) |
Portfolio management costs |  | — |  |  | — |  |  | (4,834) |  |  | (30) |  |  | (4,864) |
Loan acquisition costs |  | (980) |  |  | (2,433) |  |  | (244) |  |  | (7) |  |  | (3,664) |
Other expenses |  | — |  |  | (2,203) |  |  | (2,974) |  |  | — |  |  | (5,177) |
(Provision for) benefit from income taxes |  | (1,560) |  |  | (449) |  |  | (2,914) |  |  | (1) |  |  | (4,924) |
Segment Contribution |  | $ | 9,923 |  |  | $ | 595 |  |  | $ | 41,830 |  |  | $ | (36,814) |  |  |
Net Income |  |  |  |  |  |  |  |  |  | $ | 15,534 |
Non-cash amortization (expense), net |  | $ | (313) |  |  | $ | (2,426) |  |  | $ | (203) |  |  | $ | (2,881) |  |  | $ | (5,823) |
|  | Six Months Ended June 30, 2024
(In Thousands) |  | Residential Consumer Mortgage Banking |  | Residential Investor Mortgage Banking |  | Investment Portfolio |  | Corporate/ Other |  | Total
Interest income |  | $ | 35,409 |  |  | $ | 10,779 |  |  | $ | 381,640 |  |  | $ | 2,329 |  |  | $ | 430,157 |
Interest expense |  | (18,188) |  |  | (8,381) |  |  | (322,110) |  |  | (31,975) |  |  | (380,654) |
Net interest income (expense) |  | 17,221 |  |  | 2,398 |  |  | 59,530 |  |  | (29,646) |  |  | 49,503 |
Non-interest income (loss) |  |  |  |  |  |  |  |  |  |
Mortgage banking activities, net |  | 14,072 |  |  | 19,408 |  |  | — |  |  | — |  |  | 33,480 |
Investment fair value changes, net |  | — |  |  | — |  |  | 23,735 |  |  | (800) |  |  | 22,935 |
HEI income, net |  | — |  |  | — |  |  | 24,870 |  |  | — |  |  | 24,870 |
Other income, net |  | — |  |  | 1,800 |  |  | 9,945 |  |  | (946) |  |  | 10,799 |
Realized gains, net |  | — |  |  | — |  |  | 314 |  |  | 95 |  |  | 409 |
Total non-interest income (loss), net |  | 14,072 |  |  | 21,208 |  |  | 58,864 |  |  | (1,651) |  |  | 92,493 |
General and administrative expenses |  | (9,746) |  |  | (21,102) |  |  | (2,816) |  |  | (34,189) |  |  | (67,853) |
Portfolio management costs |  | — |  |  | — |  |  | (8,422) |  |  | (39) |  |  | (8,461) |
Loan acquisition costs |  | (1,551) |  |  | (4,097) |  |  | (244) |  |  | (9) |  |  | (5,901) |
Other expenses |  | — |  |  | (5,008) |  |  | (3,530) |  |  | — |  |  | (8,538) |
(Provision for) benefit from income taxes |  | (3,054) |  |  | 1,687 |  |  | (4,060) |  |  | (20) |  |  | (5,447) |
Segment Contribution |  | $ | 16,942 |  |  | $ | (4,914) |  |  | $ | 99,322 |  |  | $ | (65,554) |  |  |
Net Income |  |  |  |  |  |  |  |  |  | $ | 45,796 |
Non-cash amortization (expense), net |  | $ | (597) |  |  | $ | (5,499) |  |  | $ | (3,220) |  |  | $ | (4,821) |  |  | $ | (14,137) |
|  | Three Months Ended June 30, 2023
(In Thousands) |  | Residential Consumer Mortgage Banking |  | Residential Investor Mortgage Banking |  | Investment Portfolio |  | Corporate/ Other |  | Total
Interest income |  | $ | 2,434 |  |  | $ | 4,397 |  |  | $ | 169,343 |  |  | $ | 2,807 |  |  | $ | 178,981 |
Interest expense |  | (1,700) |  |  | (3,673) |  |  | (132,514) |  |  | (14,998) |  |  | (152,885) |
Net interest income (expense) |  | 734 |  |  | 724 |  |  | 36,829 |  |  | (12,191) |  |  | 26,096 |
Non-interest income (loss) |  |  |  |  |  |  |  |  |  |
Mortgage banking activities, net |  | 7,061 |  |  | 9,491 |  |  | — |  |  | — |  |  | 16,552 |
Investment fair value changes, net |  | — |  |  | — |  |  | (10,768) |  |  | (2,749) |  |  | (13,517) |
HEI income, net |  | — |  |  | — |  |  | 8,921 |  |  | — |  |  | 8,921 |
Other income, net |  | — |  |  | 1,076 |  |  | 4,013 |  |  | (931) |  |  | 4,158 |
Realized gains, net |  | — |  |  | — |  |  | 949 |  |  | 107 |  |  | 1,056 |
Total non-interest income (loss), net |  | 7,061 |  |  | 10,567 |  |  | 3,115 |  |  | (3,573) |  |  | 17,170 |
General and administrative expenses |  | (3,738) |  |  | (11,638) |  |  | (1,241) |  |  | (14,188) |  |  | (30,805) |
Portfolio management costs |  | — |  |  | — |  |  | (3,087) |  |  | (13) |  |  | (3,100) |
Loan acquisition costs |  | (149) |  |  | (1,295) |  |  | — |  |  | — |  |  | (1,444) |
Other expenses |  | — |  |  | (3,107) |  |  | (1,868) |  |  | — |  |  | (4,975) |
(Provision for) Benefit from income taxes |  | (707) |  |  | 1,406 |  |  | (1,465) |  |  | 697 |  |  | (69) |
Segment Contribution |  | $ | 3,201 |  |  | $ | (3,343) |  |  | $ | 32,283 |  |  | $ | (29,268) |  |  |
Net Income |  |  |  |  |  |  |  |  |  | $ | 2,873 |
Non-cash amortization (expense), net |  | (292) |  |  | (3,333) |  |  | (1,857) |  |  | (2,086) |  |  | (7,568) |
|  | Six Months Ended June 30, 2023
(In Thousands) |  | Residential Consumer Mortgage Banking |  | Residential Investor Mortgage Banking |  | Investment Portfolio |  | Corporate/ Other |  | Total
Interest income |  | $ | 7,944 |  |  | $ | 8,891 |  |  | $ | 335,546 |  |  | $ | 5,116 |  |  | $ | 357,497 |
Interest expense |  | (8,566) |  |  | (7,711) |  |  | (258,470) |  |  | (30,217) |  |  | (304,964) |
Net interest income (expense) |  | (622) |  |  | 1,180 |  |  | 77,076 |  |  | (25,101) |  |  | 52,533 |
Non-interest income (loss) |  |  |  |  |  |  |  |  |  |
Mortgage banking activities, net |  | 10,426 |  |  | 22,797 |  |  | — |  |  | — |  |  | 33,223 |
Investment fair value changes, net |  | 1,076 |  |  | — |  |  | (16,141) |  |  | (2,844) |  |  | (17,909) |
HEI income, net |  | — |  |  | — |  |  | 13,186 |  |  | — |  |  | 13,186 |
Other income, net |  | — |  |  | 3,484 |  |  | 6,181 |  |  | (951) |  |  | 8,714 |
Realized gains, net |  | — |  |  | — |  |  | 832 |  |  | 222 |  |  | 1,054 |
Total non-interest income (loss), net |  | 11,502 |  |  | 26,281 |  |  | 4,058 |  |  | (3,573) |  |  | 38,268 |
General and administrative expenses |  | (8,544) |  |  | (25,316) |  |  | (2,650) |  |  | (29,850) |  |  | (66,360) |
Portfolio management costs |  | — |  |  | — |  |  | (6,597) |  |  | (13) |  |  | (6,610) |
Loan acquisition costs |  | (324) |  |  | (2,409) |  |  | — |  |  | — |  |  | (2,733) |
Other expenses |  | — |  |  | (6,215) |  |  | (2,444) |  |  | — |  |  | (8,659) |
(Provision for) Benefit from income taxes |  | (74) |  |  | 2,109 |  |  | (1,678) |  |  | 697 |  |  | 1,054 |
Segment Contribution |  | $ | 1,938 |  |  | $ | (4,370) |  |  | $ | 67,765 |  |  | $ | (57,840) |  |  |
Net Income |  |  |  |  |  |  |  |  |  | $ | 7,493 |
Non-cash amortization (expense), net |  | (547) |  |  | (7,035) |  |  | (4,690) |  |  | (4,193) |  |  | (16,465) |
Schedule of Supplemental Information by Segment | The following table presents supplemental balance sheet information by segment at June 30, 2024 and December 31, 2023. Certain balance sheet accounts are not directly assigned or allocated to one of our three segments and are not reflected in the supplemental segment information provided below. Table 4.2 – Supplemental Segment Information
(In Thousands) |  | Residential Consumer Mortgage Banking |  | Residential Investor Mortgage Banking |  |  |  | Investment Portfolio |  | Corporate/ Other |  | Total
June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Residential consumer loans |  | $ | 962,548 |  |  | $ | — |  |  |  |  | $ | 8,247,608 |  |  | $ | — |  |  | $ | 9,210,156 |
Residential investor loans |  | — |  |  | 259,483 |  |  |  |  | 4,620,167 |  |  | — |  |  | 4,879,650 |
Consolidated Agency multifamily loans |  | — |  |  | — |  |  |  |  | 421,794 |  |  | — |  |  | 421,794 |
Real estate securities |  | 75,489 |  |  | — |  |  |  |  | 188,912 |  |  | — |  |  | 264,401 |
Home equity investments |  | — |  |  | — |  |  |  |  | 573,400 |  |  | 719 |  |  | 574,119 |
Other investments |  | — |  |  | — |  |  |  |  | 290,876 |  |  | 59,030 |  |  | 349,906 |
Goodwill |  | — |  |  | 23,373 |  |  |  |  | — |  |  | — |  |  | 23,373 |
Intangible assets |  | — |  |  | 23,454 |  |  |  |  | — |  |  | — |  |  | 23,454 |
Total assets |  | $ | 1,106,416 |  |  | $ | 371,876 |  |  |  |  | $ | 14,649,885 |  |  | $ | 362,927 |  |  | $ | 16,491,104 |
December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Residential consumer loans |  | $ | 911,192 |  |  | $ | — |  |  |  |  | $ | 5,999,706 |  |  | $ | 139,739 |  |  | $ | 7,050,637 |
Residential investor loans |  | — |  |  | 180,250 |  |  |  |  | 5,040,048 |  |  | — |  |  | 5,220,298 |
Consolidated Agency multifamily loans |  | — |  |  | — |  |  |  |  | 425,285 |  |  | — |  |  | 425,285 |
Real estate securities |  | 4,995 |  |  | — |  |  |  |  | 122,802 |  |  | — |  |  | 127,797 |
Home equity investments |  | — |  |  | — |  |  |  |  | 550,323 |  |  | 113 |  |  | 550,436 |
Other investments |  | — |  |  | — |  |  |  |  | 287,822 |  |  | 56,108 |  |  | 343,930 |
Goodwill |  | — |  |  | 23,373 |  |  |  |  | — |  |  | — |  |  | 23,373 |
Intangible assets |  | — |  |  | 28,462 |  |  |  |  | — |  |  | — |  |  | 28,462 |
Total assets |  | $ | 971,535 |  |  | $ | 293,225 |  |  |  |  | $ | 12,718,201 |  |  | $ | 521,366 |  |  | $ | 14,504,327 |

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