Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Operations (Unaudited)

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Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
PORTFOLIO INTEREST INCOME        
Interest income $ 478,091 $ 414,661 $ 942,070 $ 725,625
Interest expense (412,618) (349,582) (806,422) (597,969)
NET PORTFOLIO INTEREST INCOME 65,473 65,079 135,648 127,656
OTHER INCOME (EXPENSE)        
Net origination gains 40,260 32,926 79,917 57,401
Gain on securitization of home equity conversion mortgages (“HECM”) tails, net 11,031 5,604 21,757 9,995
Fair value changes from model amortization (47,813) (55,238) (105,421) (105,504)
Fair value changes from market inputs or model assumptions 11,260 (162,410) 24,822 (49,719)
Net fair value changes on loans and related obligations 14,738 (179,118) 21,075 (87,827)
Fee income 7,880 13,824 14,116 20,176
Gain (loss) on sale and other income from loans held for sale, net 216 (4,054) 302 (16,480)
Non-funding interest expense, net (9,268) (7,628) (17,420) (14,567)
NET OTHER INCOME (EXPENSE) 13,566 (176,976) 18,073 (98,698)
TOTAL REVENUES 79,039 (111,897) 153,721 28,958
EXPENSES        
Salaries, benefits, and related expenses 35,053 51,098 74,076 91,912
Loan production and portfolio related expenses 5,662 6,934 14,275 14,926
Loan servicing expenses 7,632 8,638 15,850 15,274
Marketing and advertising expenses 10,706 8,719 19,218 10,675
Depreciation and amortization 9,753 12,372 19,431 22,477
General and administrative expenses 16,241 22,244 33,512 38,518
TOTAL EXPENSES 85,047 110,005 176,362 193,782
IMPAIRMENT OF OTHER ASSETS 0 0 (600) 0
OTHER, NET 2,240 (1,937) 3,693 (1,001)
NET LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (3,768) (223,839) (19,548) (165,825)
Provision (benefit) for income taxes from continuing operations 1,153 (3,215) 1,153 (683)
NET LOSS FROM CONTINUING OPERATIONS (4,921) (220,624) (20,701) (165,142)
NET LOSS FROM DISCONTINUED OPERATIONS (203) (1,857) (4,727) (42,747)
NET LOSS (5,124) (222,481) (25,428) [1] (207,889) [1]
Net loss from continuing operations attributable to noncontrolling interest (2,937) (141,005) (13,082) (104,250)
Net loss from discontinued operations attributable to noncontrolling interest (98) (2,336) (2,719) (27,553)
NET LOSS FROM CONTINUING OPERATIONS ATTRIBUTABLE TO CONTROLLING INTEREST (1,984) (79,619) (7,619) (60,892)
NET INCOME (LOSS) FROM DISCONTINUED OPERATIONS ATTRIBUTABLE TO CONTROLLING INTEREST (105) 479 (2,008) (15,194)
NET LOSS ATTRIBUTABLE TO CONTROLLING INTEREST $ (2,089) $ (79,140) $ (9,627) $ (76,086)
EARNINGS PER SHARE (Note 20)        
Basic weighted average shares outstanding (in shares) 9,898,182 8,740,986 9,773,370 7,577,797
Basic net loss per share from continuing operations (in USD per share) $ (0.20) $ (9.11) $ (0.78) $ (8.04)
Basic net loss per share (in usd per share) $ (0.21) $ (9.05) $ (0.99) $ (10.04)
Diluted weighted average shares outstanding (in shares) 23,084,189 8,740,986 23,013,742 7,577,797
Diluted net loss per share from continuing operations (in USD per share) $ (0.29) $ (9.11) $ (0.88) $ (8.04)
Diluted net loss per share (in USD per share) $ (0.30) $ (9.05) $ (1.06) $ (10.04)
[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.