Segment Reporting

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Segment Reporting

Note 3 — Segment Reporting

The Company conducts its business through the following segments: (i) investments in RMBS; (ii) investments in Servicing Related Assets; and (iii) “All Other,” which consists primarily of general and administrative expenses, including fees paid to the Company’s directors and management fees and reimbursements paid to the Manager pursuant to the Management Agreement (see Note 7). For segment reporting purposes, the Company does not allocate interest income on short-term investments or general and administrative expenses.

Summary financial data with respect to the Company’s segments is given below, together with the data for the Company as a whole (dollars in thousands):

	Servicing Related Assets			RMBS		All Other			Total
Income Statement
Three Months Ended March 31, 2022
Interest income	$	-		$	5,519	$	-		$	5,519
Interest expense		1,253			387		-			1,640
Net interest income (expense)		(1,253	)		5,132		-			3,879
Servicing fee income		13,116			-		-			13,116
Servicing costs		3,193			-		-			3,193
Net servicing income		9,923			-		-			9,923
Other income (expense)		(3,366	)		25,705		-			22,339
Other operating expenses		522			228		2,787			3,537
Provision for corporate business taxes		3,875			-		-			3,875
Net Income (Loss)	$	907		$	30,609	$	(2,787	)	$	28,729

Three Months Ended March 31, 2021
Interest income	$	120		$	3,181	$	-		$	3,301
Interest expense		932			522		-			1,454
Net interest income (expense)		(812	)		2,659		-			1,847
Servicing fee income		13,540			-		-			13,540
Servicing costs		3,082			-		-			3,082
Net servicing income		10,458			-		-			10,458
Other income (expense)		(4,762	)		20,726		-			15,964
Other operating expenses		566			171		2,841			3,578
Provision for corporate business taxes		3,463			-		-			3,463
Net Income (Loss)	$	855		$	23,214	$	(2,841	)	$	21,228

	Servicing Related Assets		RMBS		All Other		Total
Balance Sheet
March 31, 2022
Investments	$	246,103	$	774,113	$	-	$	1,020,216
Other assets		36,101		102,837		52,866		191,804
Total assets		282,204		876,950		52,866		1,212,020
Debt		159,068		764,885		-		923,953
Other liabilities		7,308		9,371		11,737		28,416
Total liabilities		166,376		774,256		11,737		952,369
Net assets	$	115,828	$	102,694	$	41,129	$	259,651

December 31, 2021
Investments	$	218,727	$	953,496	$	-	$	1,172,223
Other assets		44,506		21,611		64,522		130,639
Total assets		263,233		975,107		64,522		1,302,862
Debt		145,268		865,494		-		1,010,762
Other liabilities		1,847		1,411		10,026		13,284
Total liabilities		147,115		866,905		10,026		1,024,046
Net assets	$	116,118	$	108,202	$	54,496	$	278,816