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Segment Information (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Schedule of Business Segment Financial Information

The following tables present financial information by segment for the three and nine months ended September 30, 2024 and 2023.

Table 4.1 – Business Segment Financial Information

						Three Months Ended September 30, 2024
(In Thousands)						Residential Consumer Mortgage Banking						Residential Investor Mortgage Banking						Investment Portfolio						Corporate/ Other						Total
Interest income						$	26,318					$	4,868					$	217,057					$	400					$	248,643
Interest expense						(16,770)						(3,099)						(184,319)						(18,957)						(223,145)
Net interest income (expense)						9,548						1,769						32,738						(18,557)						25,498
Non-interest income (loss)
Mortgage banking activities, net						26,715						12,854						—						—						39,569
Investment fair value changes, net						—						—						(11,966)						(236)						(12,202)
HEI income, net						—						—						10,651						—						10,651
Other income, net						—						5,434						426						135						5,995
Realized gains, net						—						—						211						—						211
Total non-interest income (loss), net						26,715						18,288						(678)						(101)						44,224
General and administrative expenses						(5,240)						(9,306)						(701)						(20,761)						(36,008)
Portfolio management costs						—						—						(6,324)						(32)						(6,356)
Loan acquisition costs						(1,291)						(1,885)						—						—						(3,176)
Other expenses						—						(2,202)						(26)						—						(2,228)
(Provision for) benefit from income taxes						(6,977)						(981)						606						224						(7,128)
Segment Contribution						$	22,755					$	5,683					$	25,615					$	(39,227)
Net Income																														$	14,826
Non-cash amortization (expense), net						$	(271)					$	(2,422)					$	1,016					$	(2,863)					$	(4,540)
Total Assets						$	1,543,380					$	357,432					$	16,151,156					$	375,458					$	18,427,426

						Nine Months Ended September 30, 2024
(In Thousands)						Residential Consumer Mortgage Banking						Residential Investor Mortgage Banking						Investment Portfolio						Corporate/ Other						Total
Interest income						$	61,728					$	15,647					$	598,696					$	2,729					$	678,800
Interest expense						(34,958)						(11,480)						(506,429)						(50,932)						(603,799)
Net interest income (expense)						26,770						4,167						92,267						(48,203)						75,001
Non-interest income (loss)
Mortgage banking activities, net						40,787						32,262						—						—						73,049
Investment fair value changes, net						—						—						11,770						(1,037)						10,733
HEI income, net						—						—						35,521						—						35,521
Other income, net						—						7,233						10,371						(810)						16,794
Realized gains, net						—						—						525						95						620
Total non-interest income (loss), net						40,787						39,495						58,187						(1,752)						136,717
General and administrative expenses						(14,986)						(30,407)						(3,517)						(54,951)						(103,861)
Portfolio management costs						—						—						(14,746)						(71)						(14,817)
Loan acquisition costs						(2,843)						(5,982)						(244)						(8)						(9,077)
Other expenses						—						(7,210)						(3,556)						—						(10,766)
(Provision for) benefit from income taxes						(10,031)						706						(3,454)						204						(12,575)
Segment Contribution						$	39,697					$	769					$	124,937					$	(104,781)
Net Income																														$	60,622
Non-cash amortization (expense), net						$	(868)					$	(7,921)					$	(2,204)					$	(7,684)					$	(18,677)
Total Assets						$	1,543,380					$	357,432					$	16,151,156					$	375,458					$	18,427,426

						Three Months Ended September 30, 2023
(In Thousands)						Residential Consumer Mortgage Banking						Residential Investor Mortgage Banking						Investment Portfolio						Corporate/ Other						Total
Interest income						$	6,063					$	4,618					$	164,847					$	1,546					$	177,074
Interest expense						(4,826)						(3,888)						(133,790)						(14,219)						(156,723)
Net interest income (expense)						1,237						730						31,057						(12,673)						20,351
Non-interest income (loss)
Mortgage banking activities, net						8,964						10,476						—						—						19,440
Investment fair value changes, net						—						—						(41,789)						100						(41,689)
HEI income, net						—						—						10,259						—						10,259
Other income, net						—						1,278						2,622						(1,554)						2,346
Realized gains, net						—						—						26						24						50
Total non-interest income (loss), net						8,964						11,754						(28,882)						(1,430)						(9,594)
General and administrative expenses						(4,521)						(9,402)						(1,340)						(14,434)						(29,697)
Portfolio management costs						—						—						(3,636)						(25)						(3,661)
Loan acquisition costs						(395)						(1,485)						—						—						(1,880)
Other expenses						—						(3,108)						(1,525)						—						(4,633)
(Provision for) Benefit from income taxes						(813)						318						(1,457)						256						(1,696)
Segment Contribution						$	4,472					$	(1,193)					$	(5,783)					$	(28,306)
Net (Loss)																														$	(30,810)
Non-cash amortization (expense), net						$	(266)					$	(3,294)					$	(1,687)					$	(2,099)					$	(7,346)
Total Assets						$	659,520					$	197,974					$	11,701,939					$	461,705					$	13,021,138

						Nine Months Ended September 30, 2023
(In Thousands)						Residential Consumer Mortgage Banking						Residential Investor Mortgage Banking						Investment Portfolio						Corporate/ Other						Total
Interest income						$	14,007					$	13,509					$	500,393					$	6,662					$	534,571
Interest expense						(13,392)						(11,599)						(392,260)						(44,436)						(461,687)
Net interest income (expense)						615						1,910						108,133						(37,774)						72,884
Non-interest income (loss)
Mortgage banking activities, net						19,390						33,273						—						—						52,663
Investment fair value changes, net						1,076						—						(57,930)						(2,744)						(59,598)
HEI income, net						—						—						23,445						—						23,445
Other income, net						—						4,762						8,803						(2,505)						11,060
Realized gains, net						—						—						858						246						1,104
Total non-interest income (loss), net						20,466						38,035						(24,824)						(5,003)						28,674
General and administrative expenses						(13,065)						(34,718)						(3,990)						(44,284)						(96,057)
Portfolio management costs						—						—						(10,233)						(38)						(10,271)
Loan acquisition costs						(719)						(3,894)						—						—						(4,613)
Other expenses						—						(9,323)						(3,969)						—						(13,292)
(Provision for) Benefit from income taxes						(887)						2,427						(3,135)						953						(642)
Segment Contribution						$	6,410					$	(5,563)					$	61,982					$	(86,146)
Net (Loss)																														$	(23,317)
Non-cash amortization (expense), net						$	(813)					$	(10,291)					$	(6,167)					$	(6,292)					$	(23,563)
Total Assets						$	659,520					$	197,974					$	11,701,939					$	461,705					$	13,021,138

X

- 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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