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Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2022

Segment Reporting

Schedule of segment reporting information


		Three Months Ended September 30, 2022
					Small			Residential
		SBC Lending			Business			Mortgage			Corporate-
(in thousands)		and Acquisitions			Lending			Banking			Other			Consolidated
Interest income		$	159,307		$	24,605		$	2,114		$	—		$	186,026
Interest expense			(105,560)			(7,097)			(2,479)			(359)			(115,495)
Net interest income before provision for loan losses		$	53,747		$	17,508		$	(365)		$	(359)		$	70,531
Provision for loan losses			(3,231)			(200)			—			—			(3,431)
Net interest income after provision for loan losses		$	50,516		$	17,308		$	(365)		$	(359)		$	67,100
Non-interest income
Residential mortgage banking activities		$	—		$	—		$	12,053		$	—		$	12,053
Net realized gain on financial instruments and real estate owned			13,060			8,057			—			—			21,117
Net unrealized gain (loss) on financial instruments			322			(509)			16,647			—			16,460
Servicing income, net			1,191			1,991			9,007			—			12,189
Income on purchased future receivables, net			—			1,162			—			—			1,162
Loss on unconsolidated joint ventures			(603)			—			—			—			(603)
Other income			5,476			10,641			15			18			16,150
Total non-interest income		$	19,446		$	21,342		$	37,722		$	18		$	78,528
Non-interest expense
Employee compensation and benefits		$	(6,603)		$	(12,329)		$	(5,274)		$	(1,735)		$	(25,941)
Allocated employee compensation and benefits from related party			(175)			—			—			(1,570)			(1,745)
Variable expenses on residential mortgage banking activities			—			—			(9,061)			—			(9,061)
Professional fees			(1,630)			(1,426)			(138)			(671)			(3,865)
Management fees – related party			—			—			—			(5,410)			(5,410)
Incentive fees – related party			—			—			—			(949)			(949)
Loan servicing expense			(8,226)			(103)			(2,368)			—			(10,697)
Transaction related expenses			—			—			—			(1,535)			(1,535)
Other operating expenses			(6,208)			(5,482)			(2,034)			(1,672)			(15,396)
Total non-interest expense		$	(22,842)		$	(19,340)		$	(18,875)		$	(13,542)		$	(74,599)
Income (loss) before provision for income taxes		$	47,120		$	19,310		$	18,482		$	(13,883)		$	71,029
Total assets		$	10,268,015		$	930,577		$	459,058		$	200,561		$	11,858,211


		Nine Months Ended September 30, 2022
					Small			Residential
		SBC Lending			Business			Mortgage			Corporate-
(in thousands)		and Acquisitions			Lending			Banking			Other			Consolidated
Interest income		$	378,077		$	79,866		$	6,159		$	—		$	464,102
Interest expense			(231,338)			(18,703)			(6,663)			(635)			(257,339)
Net interest income before recovery of (provision for) loan losses		$	146,739		$	61,163		$	(504)		$	(635)		$	206,763
Recovery of (provision for) loan losses			1,108			(1,691)			—			—			(583)
Net interest income after recovery of (provision for) loan losses		$	147,847		$	59,472		$	(504)		$	(635)		$	206,180
Non-interest income
Residential mortgage banking activities		$	—		$	—		$	23,424		$	—		$	23,424
Net realized gain on financial instruments and real estate owned			25,976			24,262			—			—			50,238
Net unrealized gain (loss) on financial instruments			10,234			(942)			49,230			—			58,522
Servicing income, net			3,542			8,042			25,698			—			37,282
Income on purchased future receivables, net			—			5,490			—			—			5,490
Income on unconsolidated joint ventures			11,160			—			—			—			11,160
Other income			14,828			15,462			60			635			30,985
Total non-interest income		$	65,740		$	52,314		$	98,412		$	635		$	217,101
Non-interest expense
Employee compensation and benefits		$	(24,666)		$	(32,064)		$	(19,714)		$	(3,554)		$	(79,998)
Allocated employee compensation and benefits from related party			(655)			—			—			(5,894)			(6,549)
Variable expenses on residential mortgage banking activities			—			—			(5,508)			—			(5,508)
Professional fees			(5,128)			(4,513)			(619)			(2,582)			(12,842)
Management fees – related party			—			—			—			(14,071)			(14,071)
Incentive fees – related party			—			—			—			(949)			(949)
Loan servicing expense			(22,013)			(531)			(7,369)			—			(29,913)
Transaction related expenses			—			—			—			(8,606)			(8,606)
Other operating expenses			(18,041)			(13,583)			(6,233)			(4,564)			(42,421)
Total non-interest expense		$	(70,503)		$	(50,691)		$	(39,443)		$	(40,220)		$	(200,857)
Income (loss) before provision for income taxes		$	143,084		$	61,095		$	58,465		$	(40,220)		$	222,424
Total assets		$	10,268,015		$	930,577		$	459,058		$	200,561		$	11,858,211


		Three Months Ended September 30, 2021
					Small			Residential
		SBC Lending			Business			Mortgage			Corporate-
(in thousands)		and Acquisitions			Lending			Banking			Other			Consolidated
Interest income		$	74,184		$	28,739		$	2,213		$	—		$	105,136
Interest expense			(41,251)			(6,511)			(2,374)			—			(50,136)
Net interest income before provision for loan losses		$	32,933		$	22,228		$	(161)		$	—		$	55,000
Provision for loan losses			(1,557)			(22)			—			—			(1,579)
Net interest income after provision for loan losses		$	31,376		$	22,206		$	(161)		$	—		$	53,421
Non-interest income
Residential mortgage banking activities		$	—		$	—		$	37,270		$	—		$	37,270
Net realized gain on financial instruments and real estate owned			8,891			14,319			—			—			23,210
Net unrealized gain on financial instruments			5,467			74			147			—			5,688
Servicing income, net			998			1,497			7,748			—			10,243
Income on purchased future receivables, net			—			2,838			—			—			2,838
Income on unconsolidated joint ventures			3,548			—			—			—			3,548
Other income			3,945			1,696			31			2			5,674
Total non-interest income		$	22,849		$	20,424		$	45,196		$	2		$	88,471
Non-interest expense
Employee compensation and benefits		$	(7,034)		$	(10,716)		$	(5,399)		$	(1,388)		$	(24,537)
Allocated employee compensation and benefits from related party			(383)			—			—			(3,421)			(3,804)
Variable expenses on residential mortgage banking activities			—			—			(24,380)			—			(24,380)
Professional fees			(1,193)			(582)			(1,534)			(3,591)			(6,900)
Management fees – related party			—			—			—			(2,742)			(2,742)
Incentive fees – related party			—			—			—			(2,775)			(2,775)
Loan servicing expense			(4,334)			(426)			(3,364)			—			(8,124)
Transaction related expenses			—			—			—			(2,629)			(2,629)
Other operating expenses			(5,077)			(4,139)			(1,908)			(1,802)			(12,926)
Total non-interest expense		$	(18,021)		$	(15,863)		$	(36,585)		$	(18,348)		$	(88,817)
Income (loss) before provision for income taxes		$	36,204		$	26,767		$	8,450		$	(18,346)		$	53,075
Total assets		$	5,796,326		$	2,462,862		$	570,236		$	434,974		$	9,264,398


		Nine Months Ended September 30, 2021
					Small			Residential
		SBC Lending			Business			Mortgage			Corporate-
(in thousands)		and Acquisitions			Lending			Banking			Other			Consolidated
Interest income		$	194,959		$	80,304		$	6,291		$	—		$	281,554
Interest expense			(117,608)			(29,698)			(6,997)			(2,009)			(156,312)
Net interest income before provision for loan losses		$	77,351		$	50,606		$	(706)		$	(2,009)		$	125,242
Provision for loan losses			(6,627)			(461)			—			—			(7,088)
Net interest income after provision for loan losses		$	70,724		$	50,145		$	(706)		$	(2,009)		$	118,154
Non-interest income
Residential mortgage banking activities		$	—		$	—		$	115,369		$	—		$	115,369
Net realized gain on financial instruments and real estate owned			15,457			33,782			—			—			49,239
Net unrealized gain on financial instruments			17,437			3,055			10,804			—			31,296
Servicing income, net			2,520			12,966			22,320			—			37,806
Income on purchased future receivables, net			—			7,934			—			—			7,934
Income on unconsolidated joint ventures			6,100			—			—			—			6,100
Other income (loss)			8,842			(3,454)			84			85			5,557
Total non-interest income		$	50,356		$	54,283		$	148,577		$	85		$	253,301
Non-interest expense
Employee compensation and benefits		$	(13,580)		$	(26,097)		$	(29,114)		$	(2,793)		$	(71,584)
Allocated employee compensation and benefits from related party			(926)			—			—			(8,300)			(9,226)
Variable expenses on residential mortgage banking activities			—			—			(61,286)			—			(61,286)
Professional fees			(3,031)			(1,930)			(1,929)			(5,864)			(12,754)
Management fees – related party			—			—			—			(8,061)			(8,061)
Incentive fees – related party			—			—			—			(3,061)			(3,061)
Loan servicing expense			(12,797)			(468)			(7,814)			—			(21,079)
Transaction related expenses			—			—			—			(10,202)			(10,202)
Other operating expenses			(16,676)			(19,209)			(6,325)			(3,390)			(45,600)
Total non-interest expense		$	(47,010)		$	(47,704)		$	(106,468)		$	(41,671)		$	(242,853)
Income (loss) before provision for income taxes		$	74,070		$	56,724		$	41,403		$	(43,595)		$	128,602
Total assets		$	5,796,326		$	2,462,862		$	570,236		$	434,974		$	9,264,398