March 2024 Investor Day Recap
v3.24.3
CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
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| Interest Income | ||||
| Residential consumer loans | $ 136,025 | $ 62,512 | $ 329,670 | $ 177,137 |
| Residential investor loans | 85,137 | 93,020 | 273,278 | 288,580 |
| Consolidated Agency multifamily loans | 4,586 | 4,677 | 13,726 | 13,992 |
| Real estate securities | 13,585 | 5,111 | 30,614 | 17,762 |
| Other interest income | 9,310 | 11,754 | 31,512 | 37,100 |
| Total interest income | 248,643 | 177,074 | 678,800 | 534,571 |
| Interest Expense | ||||
| Asset-backed securities issued | (152,374) | (91,323) | (406,062) | (268,881) |
| Debt obligations | (70,771) | (65,400) | (197,737) | (192,806) |
| Total interest expense | (223,145) | (156,723) | (603,799) | (461,687) |
| Net Interest Income | 25,498 | 20,351 | 75,001 | 72,884 |
| Non-Interest Income (Loss) | ||||
| Mortgage banking activities, net | 39,569 | 19,440 | 73,049 | 52,663 |
| Investment fair value changes, net | (12,202) | (41,689) | 10,733 | (59,598) |
| HEI income, net | 10,651 | 10,259 | 35,521 | 23,445 |
| Other income, net | 5,995 | 2,346 | 16,794 | 11,060 |
| Realized gains, net | 211 | 50 | 620 | 1,104 |
| Total non-interest income (loss), net | 44,224 | (9,594) | 136,717 | 28,674 |
| General and administrative expenses | (36,008) | (29,697) | (103,861) | (96,057) |
| Portfolio management costs | (6,356) | (3,661) | (14,817) | (10,271) |
| Loan acquisition costs | (3,176) | (1,880) | (9,077) | (4,613) |
| Other expenses | (2,228) | (4,633) | (10,766) | (13,292) |
| Net Income (Loss) Before (Provision for) Benefit From Income Taxes | 21,954 | (29,114) | 73,197 | (22,675) |
| (Provision for) benefit from income taxes | (7,128) | (1,696) | (12,575) | (642) |
| Net Income (Loss) | 14,826 | (30,810) | 60,622 | (23,317) |
| Dividends on preferred stock | (1,750) | (1,750) | (5,257) | (4,927) |
| Net Income (Loss) Available (Related) To Common Stockholders | $ 13,076 | $ (32,560) | $ 55,365 | $ (28,244) |
| Basic earnings (loss) per common share (in dollars per share) | $ 0.09 | $ (0.29) | $ 0.40 | $ (0.27) |
| Diluted earnings (loss) per common share (in dollars per share) | $ 0.09 | $ (0.29) | $ 0.40 | $ (0.27) |
| Basic weighted average common shares outstanding (in shares) | 132,218,180 | 115,465,977 | 131,969,039 | 114,381,548 |
| Diluted weighted average common shares outstanding (in shares) | 132,357,697 | 115,465,977 | 132,018,161 | 114,381,548 |
| X | ||||||||||
- Definition Home Equity Investments, Income, Net No definition available.
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| X | ||||||||||
- Definition Loan Acquisition Costs No definition available.
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| X | ||||||||||
- Definition The net income attributable to mortgage banking activities. This includes market valuations related to residential and commercial loans, Sequoia IOs, and mortgage banking derivatives, as well as realized gains or losses associated with mortgage loan sales. No definition available.
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| X | ||||||||||
- Definition Noninterest Income, Net No definition available.
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| X | ||||||||||
- Definition Portfolio Management Fees No definition available.
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| X | ||||||||||
- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of income (loss) from continuing operations before deduction of income tax expense (benefit) and income (loss) attributable to noncontrolling interest, and addition of income (loss) from equity method investments. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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| X | ||||||||||
- Definition Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Represents the total of interest and dividend income, including any amortization and accretion (as applicable) of discounts and premiums, earned from (1) loans and leases whether held-for-sale or held-in-portfolio; (2) investment securities; (3) federal funds sold; (4) securities purchased under agreements to resell; (5) investments in banker's acceptances, commercial paper, or certificates of deposit; (6) dividend income; or (7) other investments not otherwise specified herein. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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| X | ||||||||||
- Definition Interest and fee income from commercial and residential real estate loans. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Interest and fee income generated from loans secured by one- to four-family residential properties. This item excludes home equity lines-of-credit. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Interest and fee income from mortgage loans considered to be held-for-sale. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Interest expense on beneficial interests issued by consolidated variable interest entities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Aggregate amount of interest paid or due on all long-term debt. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of interest expense classified as operating. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Amount of interest income (expense) classified as operating. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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| X | ||||||||||
- Definition Amount of interest income earned from interest bearing assets classified as other. No definition available.
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| X | ||||||||||
- Definition Amount of operating interest income, including amortization and accretion of premiums and discounts, on securitized, pass-through debt securities collateralized by real estate mortgage loans. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- References No definition available.
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| X | ||||||||||
- Definition Amount of expense classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of revenue and income classified as other. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Amount of realized gain (loss) on investment. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Dividends paid to preferred stock holders that is redeemable solely at the option of the issuer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition Amount of unrealized gain (loss) on investment. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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| X | ||||||||||
- Definition The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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| X | ||||||||||
- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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