Segment Reporting (Tables)

12 Months Ended

Dec. 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 years ended December 31, 2023, 2022, and 2021, and various reconciling items to the Company's results of operations overall.


	Year Ended December 31, 2023
(In thousands)	Investment Portfolio Segment		Longbridge Segment		Corporate/ Other		Total
Interest income	$	344,575	$	18,913	$	6,684	$	370,172
Interest expense	(223,814)		(25,822)		(12,815)		(262,451)
Total other income (loss)	12,457		118,512		38,230		169,199
Total expenses	16,187		101,908		69,615		187,710
Net Income (Loss) before Income Tax Expense (Benefit) and Earnings (Losses) from Investments in Unconsolidated Entities	117,031		9,695		(37,516)		89,210
Income tax expense (benefit)	—		—		457		457
Earnings (losses) from investments in unconsolidated entities	(855)		—		—		(855)
Net Income (Loss)	116,176		9,695		(37,973)		87,898
Net income (loss) attributable to non-controlling interests	3,125		(41)		730		3,814
Dividends on preferred stock	—		—		23,182		23,182
Net Income (Loss) Attributable to Common Stockholders	$	113,051	$	9,736	$	(61,885)	$	60,902
Non-cash items:
Amortization and depreciation expense	$	—	$	1,095	$	—	$	1,095


	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

Reconciliation of Assets from Segment to Consolidated

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


	December 31, 2023
(In thousands)	Investment Portfolio Segment		Longbridge Segment		Corporate/ Other		Total
Total Assets	$	5,978,988	$	9,092,840	$	244,102	$	15,315,930
Total Liabilities	4,555,212		8,872,153		352,953		13,780,318
Total Equity	1,423,776		220,687		(108,851)		1,535,612


	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