Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2023

Reconciliation of Operating Profit (Loss) from Segments to Consolidated

The following tables present the Company's results of operations by reportable segment for the three-month periods ended March 31, 2023 and 2022, and various reconciling items to the Company's results of operations overall.


	Three-Moth Period Ended March 31, 2023
(In thousands)	Investment Portfolio Segment		Longbridge Segment		Corporate/ Other		Total
Interest income	$	82,369	$	2,893	$	1,912	$	87,174
Interest expense	(52,136)		(4,346)		(3,135)		(59,617)
Total other income (loss)	10,929		33,398		7,348		51,675
Total expenses	3,505		25,447		8,950		37,902
Net Income (Loss) before Income Tax Expense (Benefit) and Earnings (Losses) from Investments in Unconsolidated Entities	37,657		6,498		(2,825)		41,330
Income tax expense (benefit)	—		—		21		21
Earnings (losses) from investments in unconsolidated entities	3,444		—		—		3,444
Net Income (Loss)	41,101		6,498		(2,846)		44,753
Net income (loss) attributable to non-controlling interests	238		2		480		720
Dividends on preferred stock	—		—		5,117		5,117
Net Income (Loss) Attributable to Common Stockholders	$	40,863	$	6,496	$	(8,443)	$	38,916
Non-cash items
Amortization and depreciation expense	$	—	$	358	$	—	$	358


	Three-Month Period Ended March 31, 2022
(In thousands)	Investment Portfolio Segment		Corporate/ Other		Total
Interest income	$	51,054	$	20	$	51,074
Interest expense	(12,698)		(1,319)		(14,017)
Total other income (loss)	(21,771)		(3,671)		(25,442)
Total expenses	7,752		11,815		19,567
Net Income (Loss) before Income Tax Expense (Benefit) and Earnings (Losses) from Investments in Unconsolidated Entities	8,833		(16,785)		(7,952)
Income tax expense (benefit)	—		(6,960)		(6,960)
Earnings (losses) from investments in unconsolidated entities	(5,506)		—		(5,506)
Net Income (Loss)	3,327		(9,825)		(6,498)
Net income (loss) attributable to non-controlling interests	(298)		(122)		(420)
Dividends on preferred stock	—		3,824		3,824
Net Income (Loss) Attributable to Common Stockholders	$	3,625	$	(13,527)	$	(9,902)

Reconciliation of Assets from Segment to Consolidated

The following tables present our balance sheet by reportable segment as of March 31, 2023 and December 31, 2022, which reconciles to the Company's financial position overall.


	March 31, 2023
(In thousands)	Investment Portfolio Segment		Longbridge Segment		Corporate/ Other		Total
Total Assets	$	5,386,586	$	8,557,559	$	167,380	$	14,111,525
Total Liabilities	4,082,404		8,390,816		263,542		12,736,762
Total Equity	1,304,182		166,743		(96,162)		1,374,763


	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