v3.25.0.1
Consolidated Statements of Operations - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
PORTFOLIO INTEREST INCOME    
Interest income $ 1,905,214 $ 1,628,877
Interest expense (1,637,286) (1,360,998)
NET PORTFOLIO INTEREST INCOME 267,928 267,879
OTHER INCOME (EXPENSE)    
Net origination gains 179,837 121,646
Gain on securitization of home equity conversion mortgage (“HECM”) tails, net 45,535 25,583
Fair value changes from model amortization (201,101) (228,391)
Fair value changes from market inputs or model assumptions 55,924 58,696
Net fair value changes on loans and related obligations 80,195 (22,466)
Fee income 29,244 43,450
Gain (loss) on sale and other income from loans held for sale, net 302 (24,994)
Non-funding interest expense, net (39,498) (29,619)
NET OTHER INCOME (EXPENSE) 70,243 (33,629)
TOTAL REVENUES 338,171 234,250
EXPENSES    
Salaries, benefits, and related expenses 138,360 178,319
Loan production and portfolio related expenses 36,205 26,490
Loan servicing expenses 31,323 30,729
Marketing and advertising expenses 39,429 31,896
Depreciation and amortization 38,947 42,369
General and administrative expenses 59,462 82,204
TOTAL EXPENSES 343,726 392,007
IMPAIRMENT OF INTANGIBLES AND OTHER ASSETS (891) (9,296)
GAIN ON EXTINGUISHMENT OF DEBT [1] 56,193 0
OTHER, NET (6,931) 211
NET INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 42,816 (166,842)
Provision (benefit) for income taxes from continuing operations 2,398 (593)
NET INCOME (LOSS) FROM CONTINUING OPERATIONS 40,418 (166,249)
NET LOSS FROM DISCONTINUED OPERATIONS (4,727) (51,909)
NET INCOME (LOSS) [1] 35,691 (218,158)
Net income (loss) from continuing operations attributable to noncontrolling interest 22,922 (104,962)
Net loss from discontinued operations attributable to noncontrolling interest (2,719) (33,108)
NET INCOME (LOSS) FROM CONTINUING OPERATIONS ATTRIBUTABLE TO CONTROLLING INTEREST 17,496 (61,287)
NET LOSS FROM DISCONTINUED OPERATIONS ATTRIBUTABLE TO CONTROLLING INTEREST (2,008) (18,801)
NET INCOME (LOSS) ATTRIBUTABLE TO CONTROLLING INTEREST $ 15,488 $ (80,088)
EARNINGS (LOSS) PER SHARE (Note 29)    
Basic weighted average shares outstanding (in shares) 9,850,903 8,197,753
Basic earnings (loss) per share from continuing operations (in USD per share) $ 1.78 $ (7.48)
Basic earnings (loss) per share (in USD per share) $ 1.57 $ (9.77)
Diluted weighted average shares outstanding (in shares) 23,406,233 8,197,753
Diluted earnings (loss) per share from continuing operations (in USD per share) $ 1.36 $ (7.48)
Diluted earnings (loss) per share (in USD per share) $ 1.18 $ (9.77)
[1] Amounts presented contain results from both continuing and discontinued operations. Refer to Note 4 - Discontinued Operations for additional information regarding cash flow associated with the results of discontinued operations.

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