Segment Reporting (Tables)

6 Months Ended

Jun. 30, 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- and six-month periods ended June 30, 2023 and 2022, and various reconciling items to the Company's results of operations overall.


	Three-Month Period Ended June 30, 2023
(In thousands)	Investment Portfolio Segment		Longbridge Segment		Corporate/ Other		Total
Interest income	$	83,118	$	3,779	$	1,195	$	88,092
Interest expense	(54,207)		(6,117)		(3,109)		(63,433)
Total other income (loss)	13,352		30,630		(9,319)		34,663
Total expenses	3,865		25,816		12,951		42,632
Net Income (Loss) before Income Tax Expense (Benefit) and Earnings (Losses) from Investments in Unconsolidated Entities	38,398		2,476		(24,184)		16,690
Income tax expense (benefit)	—		—		83		83
Earnings (losses) from investments in unconsolidated entities	(5,868)		—		—		(5,868)
Net Income (Loss)	32,530		2,476		(24,267)		10,739
Net income (loss) attributable to non-controlling interests	1,847		(25)		39		1,861
Dividends on preferred stock	—		—		5,980		5,980
Net Income (Loss) Attributable to Common Stockholders	$	30,683	$	2,501	$	(30,286)	$	2,898
Non-cash items:
Amortization and depreciation expense	$	—	$	352	$	—	$	352


	Three-Month Period Ended June 30, 2022
(In thousands)	Investment Portfolio Segment		Corporate/ Other		Total
Interest income	$	62,387	$	335	$	62,722
Interest expense	(21,620)		(4,404)		(26,024)
Total other income (loss)	(72,547)		2,940		(69,607)
Total expenses	5,315		7,787		13,102
Net Income (Loss) before Income Tax Expense (Benefit) and Earnings (Losses) from Investments in Unconsolidated Entities	(37,095)		(8,916)		(46,011)
Income tax expense (benefit)	—		(7,825)		(7,825)
Earnings (losses) from investments in unconsolidated entities	(23,265)		—		(23,265)
Net Income (Loss)	(60,360)		(1,091)		(61,451)
Net income (loss) attributable to non-controlling interests	429		(820)		(391)
Dividends on preferred stock	—		3,821		3,821
Net Income (Loss) Attributable to Common Stockholders	$	(60,789)	$	(4,092)	$	(64,881)


	Six-Month Period Ended June 30, 2023
(In thousands)	Investment Portfolio Segment		Longbridge Segment		Corporate/ Other		Total
Interest income	$	165,487	$	6,672	$	3,107	$	175,266
Interest expense	(106,343)		(10,463)		(6,244)		(123,050)
Total other income (loss)	24,281		64,028		(1,971)		86,338
Total expenses	7,369		51,263		21,902		80,534
Net Income (Loss) before Income Tax Expense (Benefit) and Earnings (Losses) from Investments in Unconsolidated Entities	76,056		8,974		(27,010)		58,020
Income tax expense (benefit)	—		—		104		104
Earnings (losses) from investments in unconsolidated entities	(2,424)		—		—		(2,424)
Net Income (Loss)	73,632		8,974		(27,114)		55,492
Net income (loss) attributable to non-controlling interests	2,085		(23)		519		2,581
Dividends on preferred stock	—		—		11,097		11,097
Net Income (Loss) Attributable to Common Stockholders	$	71,547	$	8,997	$	(38,730)	$	41,814
Non-cash items:
Amortization and depreciation expense	$	—	$	710	$	—	$	710


	Six-Month Period Ended June 30, 2022
(In thousands)	Investment Portfolio Segment		Corporate/ Other		Total
Interest income	$	113,442	$	354	$	113,796
Interest expense	(34,299)		(5,742)		(40,041)
Total other income (loss)	(94,318)		(731)		(95,049)
Total expenses	13,067		19,602		32,669
Net Income (Loss) before Income Tax Expense (Benefit) and Earnings (Losses) from Investments in Unconsolidated Entities	(28,242)		(25,721)		(53,963)
Income tax expense (benefit)	—		(14,785)		(14,785)
Earnings (losses) from investments in unconsolidated entities	(28,771)		—		(28,771)
Net Income (Loss)	(57,013)		(10,936)		(67,949)
Net income (loss) attributable to non-controlling interests	131		(942)		(811)
Dividends on preferred stock	—		7,645		7,645
Net Income (Loss) Attributable to Common Stockholders	$	(57,144)	$	(17,639)	$	(74,783)

Reconciliation of Assets from Segment to Consolidated

The following tables present our balance sheet by reportable segment as of June 30, 2023 and December 31, 2022, which reconciles to the Company's financial position overall.


	June 30, 2023
(In thousands)	Investment Portfolio Segment		Longbridge Segment		Corporate/ Other		Total
Total Assets	$	5,475,115	$	8,632,657	$	195,093	$	14,302,865
Total Liabilities	4,239,262		8,439,949		278,997		12,958,208
Total Equity	1,235,853		192,708		(83,904)		1,344,657


	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