Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2022

Reconciliation of Operating Profit (Loss) from Segments to Consolidated

The following tables present the Company's results of operations by reportable segment for the years ended December 31, 2022, 2021, and 2020, and various reconciling items to the Company's results of operations overall.


	Year Ended December 31, 2022
(In thousands)	Investment Portfolio Segment		Longbridge Segment		Corporate/ Other		Total
Interest income	$	277,141	$	2,859	$	2,218	$	282,218
Interest expense	(124,308)		(4,628)		(12,841)		(141,777)
Total other income (loss)	(118,797)		39,935		(1,585)		(80,447)
Total expenses	(29,532)		(23,674)		(31,759)		(84,965)
Net Income (Loss) before Income Tax Expense (Benefit) and Earnings (Losses) from Investments in Unconsolidated Entities	4,504		14,492		(43,967)		(24,971)
Income tax expense (benefit)	—		—		(17,716)		(17,716)
Earnings (losses) from investments in unconsolidated entities	(63,614)		—		—		(63,614)
Net Income (Loss)	(59,110)		14,492		(26,251)		(70,869)
Net income (loss) attributable to non-controlling interests	212		32		(1,066)		(822)
Dividends on preferred stock	—		—		15,292		15,292
Net Income (Loss) Attributable to Common Stockholders	$	(59,322)	$	14,460	$	(40,477)	$	(85,339)
Non-cash items
Amortization and depreciation expense	$	—	$	330	$	—	$	330


	Year Ended December 31, 2021
(In thousands)	Investment Portfolio Segment		Corporate/ Other		Total
Interest income	$	175,419	$	86	$	175,505
Interest expense	(38,990)		(5,040)		(44,030)
Total other income (loss)	21,393		(1,831)		19,562
Total expenses	(21,638)		(43,803)		(65,441)
Net Income (Loss) before Income Tax Expense (Benefit) and Earnings (Losses) from Investments in Unconsolidated Entities	136,184		(50,588)		85,596
Income tax expense (benefit)	—		3,144		3,144
Earnings (losses) from investments in unconsolidated entities	58,104		—		58,104
Net Income (Loss)	194,288		(53,732)		140,556
Net income (loss) attributable to non-controlling interests	5,294		1,799		7,093
Dividends on preferred stock	—		8,117		8,117
Net Income (Loss) Attributable to Common Stockholders	$	188,994	$	(63,648)	$	125,346


	Year Ended December 31, 2020
(In thousands)	Investment Portfolio Segment		Corporate/ Other		Total
Interest income	$	173,081	$	450	$	173,531
Interest expense	(56,625)		(5,040)		(61,665)
Total other income (loss)	116,456		(4,590)		(65,207)
Total expenses	(19,668)		(25,170)		(44,838)
Net Income (Loss) before Income Tax Expense (Benefit) and Earnings (Losses) from Investments in Unconsolidated Entities	24,115		(22,294)		1,821
Income tax expense (benefit)	—		11,377		11,377
Earnings (losses) from investments in unconsolidated entities	37,933		—		37,933
Net Income (Loss)	62,048		(33,671)		28,377
Net income (loss) attributable to non-controlling interests	3,357		12		3,369
Dividends on preferred stock	—		7,763		7,763
Net Income (Loss) Attributable to Common Stockholders	$	58,691	$	(41,446)	$	17,245

Reconciliation of Assets from Segment to Consolidated

The following table presents our balance sheet by reportable segment as of December 31, 2022, which reconciles to the Company's financial position overall.


	December 31, 2022
(In thousands)	Investment Portfolio Segment		Longbridge Segment		Corporate/ Other		Total
Total Assets	$	5,635,657	$	8,227,509	$	222,720	$	14,085,886
Total Liabilities	4,499,669		8,092,313		273,018		12,865,000
Total Equity	1,135,988		135,196		(50,298)		1,220,886


	December 31, 2021
(In thousands)	Investment Portfolio Segment		Corporate/ Other		Total
Total Assets	$	4,989,777	$	187,642	$	5,177,419
Total Liabilities	3,726,394		127,469		3,853,863
Total Equity	1,263,383		60,173		1,323,556