Quarterly report pursuant to Section 13 or 15(d)

Business Segment Reporting (Tables)

v3.23.3
Business Segment Reporting (Tables)
 9 Months Ended
Sep. 30, 2023
Segment Reporting [Abstract]  
Summary of Financial Information By Segment The following tables are a presentation of financial information by segment (in thousands), and have been restated to reflect the new segment structure as described in Note 1 - Organization and Description of Business:
For the three months ended September 30, 2023
Retirement Solutions Portfolio Management Total Operating Segments Corporate and Other Eliminations Total
REVENUES
Loss on sale and other income from loans held for sale, net $ (2,212) $ (4,772) $ (6,984) $ —  $ —  $ (6,984)
Net fair value gains (losses) on loans and related obligations 31,376  (84,511) (53,135) —  —  (53,135)
Fee income 10,983  2,473  13,456  1,354  (1,609) 13,201 
Net interest expense
Interest income —  4,118  4,118  325  —  4,443 
Interest expense —  (20,298) (20,298) (7,667) —  (27,965)
Net interest expense —  (16,180) (16,180) (7,342) —  (23,522)
Total revenues 40,147  (102,990) (62,843) (5,988) (1,609) (70,440)
Total expenses 60,034  21,490  81,524  25,511  (1,609) 105,426 
Impairment of other assets —  —  —  (558) —  (558)
Other, net 16  —  16  3,837  —  3,853 
Net loss before taxes $ (19,871) $ (124,480) $ (144,351) $ (28,220) $ —  $ (172,571)
Depreciation and amortization $ 9,503  $ 30  $ 9,533  $ 421  $ —  $ 9,954 
Total assets $ 309,534  $ 26,022,716  $ 26,332,250  $ 1,510,951  $ (1,454,095) $ 26,389,106 
For the three months ended September 30, 2022
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 $ 142  $ (6,650) $ (6,508) $ —  $ —  $ (6,508)
Net fair value gains (losses) on loans and related obligations 71,204  (80,721) (9,517) —  (727) (10,244)
Fee income 3,906  7,147  11,053  5,774  (6,615) 10,212 
Net interest expense
Interest income —  2,051  2,051  476  —  2,527 
Interest expense —  (26,098) (26,098) (7,436) —  (33,534)
Net interest expense —  (24,047) (24,047) (6,960) —  (31,007)
Total revenues 75,252  (104,271) (29,019) (1,186) (7,342) (37,547)
Total expenses 43,369  27,463  70,832  28,891  (7,372) 92,351 
Impairment of intangible assets —  (3,800) (3,800) —  —  (3,800)
Other, net 24  784  808  19,690  (30) 20,468 
Net income (loss) before taxes $ 31,907  $ (134,750) $ (102,843) $ (10,387) $ —  $ (113,230)
Depreciation and amortization $ 9,671  $ 109  $ 9,780  $ 1,105  $ —  $ 10,885 
Total assets $ 356,776  $ 19,871,260  $ 20,228,036  $ 1,585,163  $ (1,560,617) $ 20,252,582 
For the nine months ended September 30, 2023
Retirement Solutions Portfolio Management Total Operating Segments Corporate and Other Eliminations Total
REVENUES
Loss on sale and other income from loans held for sale, net $ (5,789) $ (17,675) $ (23,464) $ —  $ —  $ (23,464)
Net fair value gains (losses) on loans and related obligations 88,777  (58,651) 30,126  —  —  30,126 
Fee income 24,236  10,914  35,150  6,352  (8,125) 33,377 
Net interest expense
Interest income —  8,788  8,788  946  —  9,734 
Interest expense —  (68,400) (68,400) (22,855) —  (91,255)
Net interest expense —  (59,612) (59,612) (21,909) —  (81,521)
Total revenues 107,224  (125,024) (17,800) (15,557) (8,125) (41,482)
Total expenses 154,325  68,407  222,732  84,601  (8,125) 299,208 
Impairment of other assets —  —  —  (558) —  (558)
Other, net 75  —  75  2,777  —  2,852 
Net loss before taxes $ (47,026) $ (193,431) $ (240,457) $ (97,939) $ —  $ (338,396)
Depreciation and amortization $ 31,057  $ 78  $ 31,135  $ 1,296  $ —  $ 32,431 
Total assets $ 309,534  $ 26,022,716  $ 26,332,250  $ 1,510,951  $ (1,454,095) $ 26,389,106 
For the nine months ended September 30, 2022
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 $ 220  $ (462) $ (242) $ —  $ —  $ (242)
Net fair value gains (losses) on loans and related obligations 254,831  (255,755) (924) —  (4,185) (5,109)
Fee income 12,646  62,870  75,516  23,053  (26,344) 72,225 
Net interest expense
Interest income 43  4,613  4,656  664  —  5,320 
Interest expense (54) (63,108) (63,162) (20,877) —  (84,039)
Net interest expense (11) (58,495) (58,506) (20,213) —  (78,719)
Total revenues 267,686  (251,842) 15,844  2,840  (30,529) (11,845)
Total expenses 141,239  96,728  237,967  109,739  (30,508) 317,198 
Impairment of intangible assets —  (3,800) (3,800) —  —  (3,800)
Other, net 3,276  848  4,124  33,461  21  37,606 
Net income (loss) before taxes $ 129,723  $ (351,522) $ (221,799) $ (73,438) $ —  $ (295,237)
Depreciation and amortization $ 28,980  $ 306  $ 29,286  $ 2,783  $ —  $ 32,069 
Total assets $ 356,776  $ 19,871,260  $ 20,228,036  $ 1,585,163  $ (1,560,617) $ 20,252,582