Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024, and 2023, and various reconciling items to the Company's results of operations overall.


	Three-Month Period Ended March 31, 2024
(In thousands)	Investment Portfolio Segment		Longbridge Segment		Corporate/ Other		Total
Interest income	$	91,403	$	8,240	$	1,877	$	101,520
Interest expense	(57,310)		(8,557)		(4,597)		(70,464)
Total other income (loss)	10,024		38,170		(3,709)		44,485
Total expenses	(3,143)		(29,099)		(11,413)		(43,655)
Net Income (Loss) before Income Tax Expense (Benefit) and Earnings (Losses) from Investments in Unconsolidated Entities	40,974		8,754		(17,842)		31,886
Income tax expense (benefit)	—		—		61		61
Earnings (losses) from investments in unconsolidated entities	2,226		—		—		2,226
Net Income (Loss)	43,200		8,754		(17,903)		34,051
Net income (loss) attributable to non-controlling interests	185		38		259		482
Dividends on preferred stock	—		—		6,654		6,654
Net Income (Loss) Attributable to Common Stockholders	$	43,015	$	8,716	$	(24,816)	$	26,915
Non-cash items:
Amortization and depreciation expense	$	—	$	270	$	—	$	270


	Three-Month 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

Reconciliation of Assets from Segment to Consolidated

The following tables present our balance sheet by reportable segment as of March 31, 2024 and December 31, 2023 which reconciles to the Company's financial position overall.


	March 31, 2024
(In thousands)	Investment Portfolio Segment		Longbridge Segment		Corporate/ Other		Total
Total Assets	$	5,620,097	$	9,338,455	$	174,048	$	15,132,600
Total Liabilities	4,097,762		9,115,860		365,822		13,579,444
Total Equity	1,522,335		222,595		(191,774)		1,553,156


	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