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Segment Information (Tables)

6 Months Ended

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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Supplemental Balance Sheet [Table Text Block]

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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

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-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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