Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting

Schedule of segment reporting information

	Year Ended December 31, 2023
		LMM	Small
	Commercial		Business		Corporate-
(in thousands)	Real Estate		Lending		Other		Consolidated
Interest income	$	847,253	$	98,561	$	—	$	945,814
Interest expense		(650,624)		(65,844)		—		(716,468)
Net interest income before provision for loan losses	$	196,629	$	32,717	$	—	$	229,346
Provision for loan losses		(1,413)		(5,817)		—		(7,230)
Net interest income after provision for loan losses	$	195,216	$	26,900	$	—	$	222,116
Non-interest income
Net realized gain (loss) on financial instruments and real estate owned		34,072		30,936		—		65,008
Net unrealized gain (loss) on financial instruments		8,427		1,291		—		9,718
Servicing income, net		5,819		15,342		—		21,161
Income on purchased future receivables, net		—		2,387		—		2,387
Gain on bargain purchase		—		—		207,972		207,972
Loss on unconsolidated joint ventures		(905)		—		—		(905)
Other income		38,552		62,112		2,463		103,127
Total non-interest income	$	85,965	$	112,068	$	210,435	$	408,468
Non-interest expense
Employee compensation and benefits		(33,012)		(40,289)		(8,229)		(81,530)
Allocated employee compensation and benefits from related party		(882)		—		(9,955)		(10,837)
Professional fees		(5,369)		(19,535)		(9,834)		(34,738)
Management fees – related party		—		—		(25,103)		(25,103)
Incentive fees – related party		—		—		(1,791)		(1,791)
Loan servicing expense		(40,070)		(741)		—		(40,811)
Transaction related expenses		—		—		(17,764)		(17,764)
Other operating expenses		(24,443)		(27,763)		(7,385)		(59,591)
Total non-interest expense	$	(103,776)	$	(88,328)	$	(80,061)	$	(272,165)
Income before provision for income taxes	$	177,405	$	50,640	$	130,374	$	358,419
Total assets	$	10,282,531	$	1,395,687	$	308,403	$	11,986,621

	Year Ended December 31, 2022
			Small
	LMM Commercial		Business		Corporate-
(in thousands)	Real Estate		Lending		Other		Consolidated
Interest income	$	565,128	$	98,089	$	—	$	663,217
Interest expense		(364,343)		(27,382)		(635)		(392,360)
Net interest income before provision for loan losses	$	200,785	$	70,707	$	(635)	$	270,857
Provision for loan losses		(31,471)		(2,971)		—		(34,442)
Net interest income after provision for loan losses	$	169,314	$	67,736	$	(635)	$	236,415
Non-interest income
Net realized gain (loss) on financial instruments and real estate owned		21,813		31,951		—		53,764
Net unrealized gain (loss) on financial instruments		23,321		(1,431)		—		21,890
Servicing income, net		4,623		6,805		—		11,428
Income on purchased future receivables, net		—		5,490		—		5,490
Income on unconsolidated joint ventures		11,661		—		—		11,661
Other income		29,506		20,382		830		50,718
Total non-interest income	$	90,924	$	63,197	$	830	$	154,951
Non-interest expense
Employee compensation and benefits		(29,417)		(40,546)		(5,026)		(74,989)
Allocated employee compensation and benefits from related party		(955)		—		(8,594)		(9,549)
Professional fees		(7,030)		(5,361)		(4,911)		(17,302)
Management fees – related party		—		—		(19,295)		(19,295)
Incentive fees – related party		—		—		(3,105)		(3,105)
Loan servicing expense		(30,107)		(707)		—		(30,814)
Transaction related expenses		—		—		(13,633)		(13,633)
Other operating expenses		(23,761)		(17,776)		(6,116)		(47,653)
Total non-interest expense	$	(91,270)	$	(64,390)	$	(60,680)	$	(216,340)
Income (loss) before provision for income taxes	$	168,968	$	66,543	$	(60,485)	$	175,026
Total assets	$	10,197,876	$	835,836	$	148,074	$	11,181,786

	Year Ended December 31, 2021
				Small
		LMM Commercial		Business		Corporate-
(in thousands)		Real Estate		Lending		Other		Consolidated
Interest income		$	278,455	$	116,741	$	—	$	395,196
Interest expense			(164,797)		(36,872)		(2,699)		(204,368)
Net interest income before provision for loan losses		$	113,658	$	79,869	$	(2,699)	$	190,828
Provision for loan losses			(7,387)		(662)		—		(8,049)
Net interest income after provision for loan losses		$	106,271	$	79,207	$	(2,699)	$	182,779
Non-interest income
Net realized gain (loss) on financial instruments and real estate owned			24,813		44,068		—		68,881
Net unrealized gain (loss) on financial instruments			19,458		2,999		—		22,457
Servicing income, net			3,113		14,510		—		17,623
Income on purchased future receivables, net			—		10,257		—		10,257
Income on unconsolidated joint ventures			6,916		—		—		6,916
Other income (loss)			13,002		(6,231)		85		6,856
Total non-interest income		$	67,302	$	65,603	$	85	$	132,990
Non-interest expense
Employee compensation and benefits			(16,582)		(36,757)		(3,753)		(57,092)
Allocated employee compensation and benefits from related party			(1,203)		—		(10,828)		(12,031)
Professional fees			(4,064)		(3,034)		(6,290)		(13,388)
Management fees – related party			—		—		(10,928)		(10,928)
Incentive fees – related party			—		—		(5,419)		(5,419)
Loan servicing expense			(19,680)		(886)		—		(20,566)
Transaction related expenses			—		—		(14,282)		(14,282)
Other operating expenses			(21,997)		(23,377)		(4,529)		(49,903)
Total non-interest expense		$	(63,526)	$	(64,054)	$	(56,029)	$	(183,609)
Income (loss) before provision for income taxes		$	110,047	$	80,756	$	(58,643)	$	132,160
Total assets		$	7,106,206	$	1,558,641	$	350,438	$	9,015,285