Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Schedule of segment reporting information, by segment

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 June 30, 2023
Interest Income	$	89,912	$	51,308	$	3,130	$	144,350
Interest Expense	58,940		36,943		3,962		99,845
Net Interest Income/(Expense)	$	30,972	$	14,365	$	(832)	$	44,505
Provision for Credit Losses on Residential Whole Loans	(294)		—		—		(294)
Net Interest Income/(Expense) after Provision for Credit Losses	$	30,678	$	14,365	$	(832)	$	44,211
Net loss on residential whole loans measured at fair value through earnings	$	(97,459)	$	(33,244)	$	—	$	(130,703)
Impairment and other net loss on securities and other portfolio investments	(3,697)		—		(872)		(4,569)
Net gain/(loss) on real estate owned	2,493		(340)		—		2,153
Net gain on derivatives used for risk management purposes	45,142		15,309		—		60,451
Net gain on securitized debt measured at fair value through earnings	18,887		8,507		—		27,394
Lima One - origination, servicing and other fee income	—		11,477		—		11,477
Other, net	3,812		1,076		608		5,496
Total Other (Loss)/Income, net	$	(30,822)	$	2,785	$	(264)	$	(28,301)
General and administrative expenses (including compensation)	$	—	$	15,601	$	17,339	$	32,940
Loan servicing, financing, and other related costs	5,395		131		2,072		7,598
Amortization of intangible assets	—		1,300		—		1,300
Net (Loss)/Income	$	(5,539)	$	118	$	(20,507)	$	(25,928)
Less Preferred Stock Dividend Requirement	$	—	$	—	$	8,218	$	8,218
Net (Loss)/Income Available to Common Stock and Participating Securities	$	(5,539)	$	118	$	(28,725)	$	(34,146)

(Dollars in Thousands)	Mortgage-Related Assets		Lima One		Corporate		Total
Three months ended June 30, 2022
Interest Income	$	84,732	$	24,353	$	236	109,321
Interest Expense	39,889		12,916		3,937		56,742
Net Interest Income/(Expense)	$	44,843	$	11,437	$	(3,701)	$	52,579
Provision for Credit Losses on Residential Whole Loans	$	(1,785)	$	(32)	$	—	(1,817)
Provision for Credit Losses on Other Assets	—		—		(28,579)		(28,579)
Net Interest Income/(Expense) after Provision for Credit Losses	$	43,058	$	11,405	$	(32,280)	$	22,183
Net loss on residential whole loans measured at fair value through earnings	$	(177,203)	$	(40,978)	$	—	$	(218,181)
Impairment and other net loss on securities and other portfolio investments	(1,463)		—		(10,583)		(12,046)
Net gain on real estate owned	7,150		35		—		7,185
Net gain on derivatives used for risk management purposes	44,161		3,643		—		47,804
Net gain on securitized debt measured at fair value through earnings	64,966		19,607		—		84,573
Lima One - origination, servicing and other fee income	—		10,673		—		10,673
Other, net	2,598		(26)		972		3,544
Total Other Loss, net	$	(59,791)	$	(7,046)	$	(9,611)	$	(76,448)
General and administrative expenses (including compensation)	$	—	$	13,013	$	16,554	$	29,567
Loan servicing, financing, and other related costs	6,513		323		6,399		13,235
Amortization of intangible assets	—		3,300		—		3,300
Net Loss	$	(23,246)	$	(12,277)	$	(64,844)	$	(100,367)
Less Preferred Stock Dividend Requirement	$	—	$	—	$	8,219	$	8,219
Net Loss Available to Common Stock and Participating Securities	$	(23,246)	$	(12,277)	$	(73,063)	$	(108,586)

(Dollars in Thousands)	Mortgage-Related Assets		Lima One		Corporate		Total
Six months ended June 30, 2023
Interest Income	$	174,732	$	95,828	$	5,995	$	276,555
Interest Expense	116,017		68,747		7,917		192,681
Net Interest Income/(Expense)	$	58,715	$	27,081	$	(1,922)	$	83,874
(Provision)/Reversal of Provision for Credit Losses on Residential Whole Loans	(595)		314		—		(281)
Net Interest Income/(Expense) after (Provision)/Reversal of Provision for Credit Losses	$	58,120	$	27,395	$	(1,922)	$	83,593
Net (loss)/gain on residential whole loans measured at fair value through earnings	$	(1,949)	$	420	$	—	$	(1,529)
Impairment and other net loss on securities and other portfolio investments	(767)		—		(871)		(1,638)
Net gain/(loss) on real estate owned	6,417		(322)		—		6,095
Net gain on derivatives used for risk management purposes	28,820		10,423		—		39,243
Net loss on securitized debt measured at fair value through earnings	(15,933)		(8,398)		—		(24,331)
Lima One - origination, servicing and other fee income	—		20,453		—		20,453
Other, net	6,020		1,447		1,201		8,668
Total Other Income, net	$	22,608	$	24,023	$	330	$	46,961
General and administrative expenses (including compensation)	$	—	$	28,136	$	35,825	$	63,961
Loan servicing, financing, and other related costs	10,114		350		6,673		17,137
Amortization of intangible assets	—		2,600		—		2,600
Net Income/(Loss)	$	70,614	$	20,332	$	(44,090)	$	46,856
Less Preferred Stock Dividend Requirement	$	—	$	—	$	16,437	$	16,437
Net Income/(Loss) Available to Common Stock and Participating Securities	$	70,614	$	20,332	$	(60,527)	$	30,419

(Dollars in Thousands)	Mortgage-Related Assets		Lima One		Corporate		Total
Six months ended June 30, 2022
Interest Income	$	173,554	$	41,853	$	263	$	215,670
Interest Expense	72,898		19,272		7,868		100,038
Net Interest Income/(Expense)	$	100,656	$	22,581	$	(7,605)	$	115,632
Reversal of Provision/(Provision) for Credit Losses on Residential Whole Loans	1,731		(37)		—		1,694
Provision for Credit Losses on Other Assets	—		—		(28,579)		(28,579)
Net Interest Income/(Expense) after Reversal of Provision/(Provision) for Credit Losses	$	102,387	$	22,544	$	(36,184)	$	88,747
Net loss on residential whole loans measured at fair value through earnings	$	(430,330)	$	(75,786)	$	—	$	(506,116)
Impairment and other net loss on securities and other portfolio investments	(4,384)		—		(11,363)		(15,747)
Net gain on real estate owned	15,885		32		—		15,917
Net gain on derivatives used for risk management purposes	130,396		11,509		—		141,905
Net gain on securitized debt measured at fair value through earnings	122,545		26,145		—		148,690
Lima One - origination, servicing and other fee income	—		25,167		—		25,167
Other, net	3,917		28		2,275		6,220
Total Other Loss, net	$	(161,971)	$	(12,905)	$	(9,088)	$	(183,964)
General and administrative expenses (including compensation)	$	—	$	25,232	$	32,588	$	57,820
Loan servicing, financing, and other related costs	13,445		559		9,632		23,636
Amortization of intangible assets	—		6,600		—		6,600
Net Loss	$	(73,029)	$	(22,752)	$	(87,492)	$	(183,273)
Less Preferred Stock Dividend Requirement	$	—	$	—	$	16,438	$	16,438
Net Loss Available to Common Stock and Participating Securities	$	(73,029)	$	(22,752)	$	(103,930)	$	(199,711)

(Dollars in Thousands)	Mortgage-Related Assets		Lima One		Corporate		Total
June 30, 2023
Total Assets	$	6,183,728	$	3,156,741	$	395,762	$	9,736,231
December 31, 2022
Total Assets	$	6,065,557	$	2,618,695	$	428,153	$	9,112,405