Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2023

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 Assets		Lima One		Corporate		Total
Three months ended March 31, 2023
Interest Income	$	84,819	$	44,521	$	2,865	$	132,205
Interest Expense	57,077		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 investments	2,931		—		—		2,931
Net gain on real estate owned	3,925		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, net	2,207		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 costs	4,719		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 Assets		Lima One		Corporate		Total
Three months ended March 31, 2022
Interest Income	$	88,822	$	17,500	$	27	$	106,349
Interest Expense	33,009		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 Loans	3,516		(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 owned	8,735		(3)		—		8,732
Net gain on derivatives used for risk management purposes	86,235		7,866		—		94,101
Net gain on securitized debt measured at fair value through earnings	57,579		6,538		—		64,117
Lima One - origination, servicing and other fee income	—		14,494		—		14,494
Other, net	1,318		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 costs	6,932		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)