Segment reporting (Tables)

3 Months Ended

Mar. 31, 2024

Segment reporting

Schedule of segment reporting information

	Three Months Ended March 31, 2024
			Small
	LMM Commercial		Business		Corporate-
(in thousands)	Real Estate		Lending		Other		Consolidated
Interest income	$	200,763	$	31,591	$	—	$	232,354
Interest expense		(158,885)		(24,920)		—		(183,805)
Net interest income before recovery of (provision for) loan losses	$	41,878	$	6,671	$	—	$	48,549
Recovery of (provision) for loan losses		30,755		(4,211)		—		26,544
Net interest income after recovery of (provision for) loan losses	$	72,633	$	2,460	$	—	$	75,093
Non-interest income
Net realized gain (loss) on financial instruments and real estate owned		5,755		13,113		—		18,868
Net unrealized gain (loss) on financial instruments		2,986		1,646		—		4,632
Valuation allowance, loans held for sale		(146,180)		—		—		(146,180)
Servicing income, net		1,298		2,460		—		3,758
Income on purchased future receivables, net		—		446		—		446
Income on unconsolidated joint ventures		468		—		—		468
Other income		12,727		2,653		—		15,380
Total non-interest income	$	(122,946)	$	20,318	$	—	$	(102,628)
Non-interest expense
Employee compensation and benefits		(7,476)		(9,292)		(1,646)		(18,414)
Allocated employee compensation and benefits from related party		(250)		—		(2,250)		(2,500)
Professional fees		(1,641)		(3,215)		(2,209)		(7,065)
Management fees – related party		—		—		(6,648)		(6,648)
Loan servicing expense		(12,547)		(247)		—		(12,794)
Transaction related expenses		—		—		(650)		(650)
Other operating expenses		(21,534)		(5,353)		(3,300)		(30,187)
Total non-interest expense	$	(43,448)	$	(18,107)	$	(16,703)	$	(78,258)
Income before provision for income taxes	$	(93,761)	$	4,671	$	(16,703)	$	(105,793)
Total assets	$	9,905,732	$	1,357,398	$	341,101	$	11,604,231

	Three Months Ended March 31, 2023
			Small
	LMM Commercial		Business		Corporate-
(in thousands)	Real Estate		Lending		Other		Consolidated
Interest income	$	198,039	$	17,929	$	—	$	215,968
Interest expense		(149,494)		(9,374)		—		(158,868)
Net interest income before recovery of (provision for) loan losses	$	48,545	$	8,555	$	—	$	57,100
Recovery of (provision for) loan losses		8,129		(1,395)		—		6,734
Net interest income after recovery of (provision for) loan losses	$	56,674	$	7,160	$	—	$	63,834
Non-interest income
Net realized gain (loss) on financial instruments and real estate owned		4,825		6,750		—		11,575
Net unrealized gain (loss) on financial instruments		(6,111)		476		—		(5,635)
Servicing income, net		1,093		3,549		—		4,642
Income on purchased future receivables, net		—		540		—		540
Income on unconsolidated joint ventures		656		—		—		656
Other income		9,093		10,428		331		19,852
Total non-interest income	$	9,556	$	21,743	$	331	$	31,630
Non-interest expense
Employee compensation and benefits		(6,206)		(11,275)		(2,246)		(19,727)
Allocated employee compensation and benefits from related party		(232)		—		(2,094)		(2,326)
Professional fees		(981)		(1,625)		(2,937)		(5,543)
Management fees – related party		—		—		(5,081)		(5,081)
Incentive fees – related party		—		—		(1,720)		(1,720)
Loan servicing expense		(8,058)		(97)		—		(8,155)
Transaction related expenses		—		—		(893)		(893)
Other operating expenses		(6,733)		(4,094)		(1,782)		(12,609)
Total non-interest expense	$	(22,210)	$	(17,091)	$	(16,753)	$	(56,054)
Income (loss) before provision for income taxes	$	44,020	$	11,812	$	(16,422)	$	39,410
Total assets	$	10,184,788	$	791,394	$	104,601	$	11,080,783