v3.24.3
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
PORTFOLIO INTEREST INCOME        
Interest income $ 489,900 $ 443,999 $ 1,431,970 $ 1,169,624
Interest expense (426,839) (372,459) (1,233,261) (970,428)
NET PORTFOLIO INTEREST INCOME 63,061 71,540 198,709 199,196
OTHER INCOME (EXPENSE)        
Net origination gains 57,216 31,376 137,133 88,777
Gain on securitization of home equity conversion mortgages (“HECM”) tails, net 10,560 7,100 32,317 17,095
Fair value changes from model amortization (43,753) (56,882) (149,174) (162,386)
Fair value changes from market inputs or model assumptions 204,154 (122,449) 228,976 (172,168)
Net fair value changes on loans and related obligations 228,177 (140,855) 249,252 (228,682)
Fee income 8,054 13,201 22,170 33,377
Gain (loss) on sale and other income from loans held for sale, net 0 (6,984) 302 (23,464)
Non-funding interest expense, net (9,219) (7,342) (26,639) (21,909)
NET OTHER INCOME (EXPENSE) 227,012 (141,980) 245,085 (240,678)
TOTAL REVENUES 290,073 (70,440) 443,794 (41,482)
EXPENSES        
Salaries, benefits, and related expenses 31,083 48,557 105,159 140,469
Loan production and portfolio related expenses 6,946 6,370 21,221 21,296
Loan servicing expenses 7,772 8,000 23,622 23,274
Marketing and advertising expenses 10,325 11,491 29,543 22,166
Depreciation and amortization 9,777 9,954 29,208 32,431
General and administrative expenses 14,405 21,054 47,917 59,572
TOTAL EXPENSES 80,308 105,426 256,670 299,208
IMPAIRMENT OF OTHER ASSETS 0 (558) (600) (558)
OTHER, NET (1,592) 3,853 2,101 2,852
NET INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 208,173 (172,571) 188,625 (338,396)
Provision (benefit) for income taxes from continuing operations 4,425 (103) 5,578 (786)
NET INCOME (LOSS) FROM CONTINUING OPERATIONS 203,748 (172,468) 183,047 (337,610)
NET LOSS FROM DISCONTINUED OPERATIONS 0 (2,464) (4,727) (45,211)
NET INCOME (LOSS) 203,748 (174,932) 178,320 [1] (382,821) [1]
Net income (loss) from continuing operations attributable to noncontrolling interest 119,545 (107,940) 106,463 (212,190)
Net loss from discontinued operations attributable to noncontrolling interest 0 (1,629) (2,719) (29,182)
NET INCOME (LOSS) FROM CONTINUING OPERATIONS ATTRIBUTABLE TO CONTROLLING INTEREST 84,203 (64,528) 76,584 (125,420)
NET LOSS FROM DISCONTINUED OPERATIONS ATTRIBUTABLE TO CONTROLLING INTEREST 0 (835) (2,008) (16,029)
NET INCOME (LOSS) ATTRIBUTABLE TO CONTROLLING INTEREST $ 84,203 $ (65,363) $ 74,576 $ (141,449)
EARNINGS (LOSS) PER SHARE (Note 20)        
Basic weighted average shares outstanding (in shares) 9,924,671 8,772,623 9,824,171 7,980,449
Basic earnings (loss) per share from continuing operations (in USD per share) $ 8.48 $ (7.36) $ 7.80 $ (15.72)
Basic earnings (loss) per share (in USD per share) $ 8.48 $ (7.45) $ 7.59 $ (17.72)
Diluted weighted average shares outstanding (in shares) 23,159,304 8,772,623 23,062,616 7,980,449
Diluted earnings (loss) per share from continuing operations (in USD per share) $ 7.50 $ (7.36) $ 6.65 $ (15.72)
Diluted earnings (loss) per share (in USD per share) $ 7.50 $ (7.45) $ 6.47 $ (17.72)
[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.

Source