Quarterly report pursuant to Section 13 or 15(d)

Business Segment Reporting (Tables)

v3.23.1
Business Segment Reporting (Tables)
 3 Months Ended
Mar. 31, 2023
Segment Reporting [Abstract]  
Summary of Financial Information By Segment The following tables are a presentation of financial information by segment for the periods indicated (in thousands):
For the three months ended March 31, 2023
Retirement Solutions Portfolio Management Total Operating Segments Corporate and Other Eliminations Total
REVENUES
Gain (loss) on sale and other income from loans held for sale, net $ (1,312) $ (11,058) $ (12,370) $ —  $ (56) $ (12,426)
Net fair value gains on loans and related obligations 24,475  151,919  176,394  —  —  176,394 
Fee income 3,180  5,463  8,643  2,953  (5,244) 6,352 
Net interest expense — 
Interest income —  1,470  1,470  621  —  2,091 
Interest expense —  (23,996) (23,996) (7,560) —  (31,556)
Net interest expense —  (22,526) (22,526) (6,939) —  (29,465)
Total revenues 26,343  123,798  150,141  (3,986) (5,300) 140,855 
Total expenses 35,524  24,679  60,203  28,874  (5,300) 83,777 
Other, net 31  —  31  905  —  936 
Net income (loss) before taxes $ (9,150) $ 99,119  $ 89,969  $ (31,955) $ —  $ 58,014 
Depreciation and amortization $ 9,643  $ 14  $ 9,657  $ 448  $ —  $ 10,105 
Total assets $ 296,417  $ 26,327,259  $ 26,623,676  $ 1,912,801  $ (1,861,938) $ 26,674,539 

For the three months ended March 31, 2022
Retirement Solutions Portfolio Management Total Operating Segments Corporate and Other Eliminations Total
REVENUES
Gain on sale and other income from loans held for sale, net $ —  $ 10,928  $ 10,928  $ —  $ (4,707) $ 6,221 
Net fair value gains (losses) on loans and related obligations 105,755  (102,785) 2,970  —  3,990  6,960 
Fee income 3,805  54,525  58,330  9,039  (12,196) 55,173 
Net interest expense
Interest income 43  1,047  1,090  94  —  1,184 
Interest expense (54) (16,723) (16,777) (6,703) —  (23,480)
Net interest expense (11) (15,676) (15,687) (6,609) —  (22,296)
Total revenues 109,549  (53,008) 56,541  2,430  (12,913) 46,058 
Total expenses 47,427  34,711  82,138  38,283  (13,018) 107,403 
Other, net 3,214  27  3,241  (152) (105) 2,984 
Net income (loss) before taxes $ 65,336  $ (87,692) $ (22,356) $ (36,005) $ —  $ (58,361)
Depreciation and amortization $ 9,598  $ 91  $ 9,689  $ 509  $ —  $ 10,198 
Total assets $ 417,791  $ 19,628,648  $ 20,046,439  $ 1,769,059  $ (1,734,835) $ 20,080,663