Segment Reporting

12 Months Ended

Dec. 31, 2023

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
Year Ended December 31, 2023
Interest income	$	-		$	49,985		$	-		$	49,985
Interest expense		1,572			50,070			-			51,642
Net interest expense		(1,572	)		(85	)		-			(1,657	)
Servicing fee income		53,427			-			-			53,427
Servicing costs		11,248			-			-			11,248
Net servicing income		42,179			-			-			42,179
Other expense		(29,443	)		(32,281	)		-			(61,724	)
Other operating expenses		(2,231	)		(664	)		(10,835	)		(13,730	)
Provision for corporate business taxes		(523	)		-			-			(523	)
Net Income (Loss)	$	8,410		$	(33,030	)	$	(10,835	)	$	(35,455	)
Year Ended December 31, 2022
Interest income	$	-		$	29,642		$	-		$	29,642
Interest expense		3,837			13,726			-			17,563
Net interest income (expense)		(3,837	)		15,916			-			12,079
Servicing fee income		53,430			-			-			53,430
Servicing costs		11,837			-			-			11,837
Net servicing income		41,593			-			-			41,593
Other income (expense)		(26,655	)		13,176			-			(13,479	)
Other operating expenses		(2,099	)		(692	)		(10,143	)		(12,934	)
Provision for corporate business taxes		(5,070	)		-			-			(5,070	)
Net Income (Loss)	$	3,932		$	28,400		$	(10,143	)	$	22,189
Year Ended December 31, 2021
Interest income	$	376		$	14,580		$	-		$	14,956
Interest expense		4,484			1,284			-			5,768
Net interest income (expense)		(4,108	)		13,296			-			9,188
Servicing fee income		54,157			-			-			54,157
Servicing costs		13,624			-			-			13,624
Net servicing income		40,533			-			-			40,533
Other income (expense)		(34,103	)		12,520			-			(21,583	)
Other operating expenses		(3,040	)		(717	)		(11,070	)		(14,827	)
Provision for corporate business taxes		(781	)		-			-			(781	)
Net Income (Loss)	$	(1,499	)	$	25,099		$	(11,070	)	$	12,530

	Servicing Related Assets		RMBS		All Other		Total
Balance Sheet
December 31, 2023
Investments	$	253,629	$	1,012,130	$	-	$	1,265,759
Other assets		33,785		39,939		53,509		127,233
Total assets		287,414		1,052,069		53,509		1,392,992
Debt		169,314		903,489		-		1,072,803
Other liabilities		4,240		47,990		9,584		61,814
Total liabilities		173,554		951,479		9,584		1,134,617
Net Assets	$	113,860	$	100,590	$	43,925	$	258,375

December 31, 2022
Investments	$	279,739	$	931,431	$	-	$	1,211,170
Other assets		32,849		106,885		57,921		197,655
Total assets		312,588		1,038,316		57,921		1,408,825
Debt		183,888		825,962		-		1,009,850
Other liabilities		29,047		92,875		11,537		133,459
Total liabilities		212,935		918,837		11,537		1,143,309
Net Assets	$	99,653	$	119,479	$	46,384	$	265,516