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Segment Reporting
 3 Months Ended
Mar. 31, 2023
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
At March 31, 2023, the Company’s reportable segments include (i) mortgage-related assets and (ii) Lima One. The Corporate column in the table below primarily consists of corporate cash and related interest income, investments in loan originators and related economics, general and administrative expenses not directly attributable to Lima One, interest expense on unsecured convertible senior notes (see Note 6), securitization issuance costs, and preferred stock dividends.

The following tables summarize segment financial information, which in total reconciles to the same data for the Company as a whole:
(Dollars in Thousands)Mortgage-Related AssetsLima OneCorporateTotal
Three months ended March 31, 2023
Interest Income$84,819 $44,521 $2,865 $132,205 
Interest Expense57,077 31,804 3,955 92,836 
Net Interest Income/(Expense)$27,742 $12,717 $(1,090)$39,369 
Reversal of Provision/(Provision) for Credit Losses on Residential Whole Loans(300)313 — 13 
Net Interest Income/(Expense) after Reversal of Provision/(Provision) for Credit Losses$27,442 $13,030 $(1,090)$39,382 
Net gain on residential whole loans measured at fair value through earnings$95,509 $33,665 $— $129,174 
Impairment and other net gain on securities and other portfolio investments2,931 — — 2,931 
Net gain on real estate owned3,925 17 — 3,942 
Net loss on derivatives used for risk management purposes(16,322)(4,886)— (21,208)
Net loss on securitized debt measured at fair value through earnings(34,820)(16,905)— (51,725)
Lima One - origination, servicing and other fee income— 8,976 — 8,976 
Other, net2,207 371 594 3,172 
Total Other Income, net$53,430 $21,238 $594 $75,262 
General and administrative expenses (including compensation)$— $12,535 $18,486 $31,021 
Loan servicing, financing, and other related costs4,719 218 4,602 9,539 
Amortization of intangible assets— 1,300 — 1,300 
Net Income/(Loss)$76,153 $20,215 $(23,584)$72,784 
Less Preferred Stock Dividend Requirement$— $— $8,219 $8,219 
Net Income/(Loss) Available to Common Stock and Participating Securities$76,153 $20,215 $(31,803)$64,565 
(Dollars in Thousands)Mortgage-Related AssetsLima OneCorporateTotal
Three months ended March 31, 2022
Interest Income$88,822 $17,500 $27 $106,349 
Interest Expense33,009 6,356 3,931 43,296 
Net Interest Income/(Expense)$55,813 $11,144 $(3,904)$63,053 
Reversal of Provision/(Provision) for Credit Losses on Residential Whole Loans3,516 (5)— 3,511 
Net Interest Income/(Expense) after Reversal of Provision/(Provision) for Credit Losses$59,329 $11,139 $(3,904)$66,564 
Net loss on residential whole loans measured at fair value through earnings$(253,127)$(34,808)$— $(287,935)
Impairment and other net loss on securities and other portfolio investments(2,921)— (780)(3,701)
Net gain on real estate owned8,735 (3)— 8,732 
Net gain on derivatives used for risk management purposes86,235 7,866 — 94,101 
Net gain on securitized debt measured at fair value through earnings57,579 6,538 — 64,117 
Lima One - origination, servicing and other fee income— 14,494 — 14,494 
Other, net1,318 55 1,303 2,676 
Total Other (Loss)/Income, net$(102,181)$(5,858)$523 $(107,516)
General and administrative expenses (including compensation)$— $12,219 $16,034 $28,253 
Loan servicing, financing, and other related costs6,932 236 3,233 10,401 
Amortization of intangible assets— 3,300 — 3,300 
Net Loss$(49,784)$(10,474)$(22,648)$(82,906)
Less Preferred Stock Dividend Requirement$— $— $8,219 $8,219 
Net Loss Available to Common Stock and Participating Securities$(49,784)$(10,474)$(30,867)$(91,125)
    

(Dollars in Thousands)Mortgage-Related AssetsLima OneCorporateTotal
March 31, 2023
Total Assets$6,061,481 $2,873,951 $376,175 $9,311,607 
December 31, 2022
Total Assets$6,065,557 $2,618,695 $428,153 $9,112,405 


Lima One Segment

On July 1, 2021, the Company completed the acquisition of Lima One Holdings, LLC, the parent company of Lima One Capital, LLC (collectively, “Lima One”), a leading originator and servicer of business purpose loans.

The Lima One segment includes the stand-alone mortgage origination and servicing business of Lima One, including related goodwill, intangible assets, and direct expenses, plus Lima One-related residential whole loans and REO (defined as both those owned by Lima One on the acquisition date and those originated by Lima One since the acquisition date) and the economics related thereto (including any related taxes and the economics of associated financing and hedging instruments), all
as recorded under GAAP. Associated financing economics are equal to the results of direct financings of Lima One-related residential whole loans and REO plus allocations of the results of financings which include Lima One related residential whole loans and REO as part of their collateral, based on the relative carrying values of the financed assets. Associated hedging economics are equal to allocations of the Company’s overall hedging results based on the relative estimated duration of each asset class hedged and the relative fair values of assets within each asset class.

Mortgage-Related Assets Segment
This segment is comprised of the remainder of the Company’s investments (including any related taxes and the economics of associated financing and hedging instruments).