Quarterly report pursuant to Section 13 or 15(d)

Business Segment Reporting

v3.24.2.u1
Business Segment Reporting
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Business Segment Reporting
17. Business Segment Reporting
The following tables are a presentation of financial information by segment (in thousands):
For the three months ended June 30, 2024
Retirement Solutions Portfolio Management Total Reportable Segments Corporate and Other Eliminations Total
Portfolio interest income
Interest income $ —  $ 478,091  $ 478,091  $ —  $ —  $ 478,091 
Interest expense —  (412,618) (412,618) —  —  (412,618)
Net portfolio interest income —  65,473  65,473  —  —  65,473 
Other income (expense)
Net origination gains 40,260  —  40,260  —  —  40,260 
Gain on securitization of HECM tails, net —  11,031  11,031  —  —  11,031 
Fair value changes from model amortization —  (47,813) (47,813) —  —  (47,813)
Fair value changes from market inputs or model assumptions —  11,260  11,260  —  —  11,260 
Net fair value changes on loans and related obligations 40,260  (25,522) 14,738  —  —  14,738 
Fee income 6,894  1,109  8,003  —  (123) 7,880 
Gain on sale and other income from loans held for sale, net —  216  216  —  —  216 
Non-funding interest expense, net —  —  —  (9,268) —  (9,268)
Net other income (expense) 47,154  (24,197) 22,957  (9,268) (123) 13,566 
Total revenues 47,154  41,276  88,430  (9,268) (123) 79,039 
Total expenses 48,835  19,762  68,597  16,573  (123) 85,047 
Other, net —  —  —  2,240  —  2,240 
Net income (loss) before taxes $ (1,681) $ 21,514  $ 19,833  $ (23,601) $ —  $ (3,768)
Depreciation and amortization $ 9,426  $ 15  $ 9,441  $ 312  $ —  $ 9,753 
Total assets $ 282,516  $ 27,659,539  $ 27,942,055  $ 1,441,787  $ (1,414,146) $ 27,969,696 
For the three months ended June 30, 2023
Retirement Solutions Portfolio Management Total Reportable Segments Corporate and Other Eliminations Total
Portfolio interest income
Interest income $ —  $ 414,661  $ 414,661  $ —  $ —  $ 414,661 
Interest expense —  (349,582) (349,582) —  —  (349,582)
Net portfolio interest income —  65,079  65,079  —  —  65,079 
Other income (expense)
Net origination gains 32,926  —  32,926  —  —  32,926 
Gain on securitization of HECM tails, net —  5,604  5,604  —  —  5,604 
Fair value changes from model amortization —  (55,238) (55,238) —  —  (55,238)
Fair value changes from market inputs or model assumptions —  (162,410) (162,410) —  —  (162,410)
Net fair value changes on loans and related obligations 32,926  (212,044) (179,118) —  —  (179,118)
Fee income 10,073  2,978  13,051  2,045  (1,272) 13,824 
Loss on sale and other income from loans held for sale, net (2,265) (1,845) (4,110) —  56  (4,054)
Non-funding interest expense, net —  —  —  (7,628) —  (7,628)
Net other income (expense) 40,734  (210,911) (170,177) (5,583) (1,216) (176,976)
Total revenues 40,734  (145,832) (105,098) (5,583) (1,216) (111,897)
Total expenses 58,767  22,238  81,005  30,216  (1,216) 110,005 
Other, net 28  —  28  (1,965) —  (1,937)
Net loss before taxes $ (18,005) $ (168,070) $ (186,075) $ (37,764) $ —  $ (223,839)
Depreciation and amortization $ 11,911  $ 34  $ 11,945  $ 427  $ —  $ 12,372 
Total assets $ 332,516  $ 26,063,685  $ 26,396,201  $ 1,250,637  $ (1,222,574) $ 26,424,264 
For the six months ended June 30, 2024
Retirement Solutions Portfolio Management Total Reportable Segments Corporate and Other Eliminations Total
Portfolio interest income
Interest income $ —  $ 942,070  $ 942,070  $ —  $ —  $ 942,070 
Interest expense —  (806,422) (806,422) —  —  (806,422)
Net portfolio interest income —  135,648  135,648  —  —  135,648 
Other income (expense)
Net origination gains 79,917  —  79,917  —  —  79,917 
Gain on securitization of HECM tails, net —  21,757  21,757  —  —  21,757 
Fair value changes from model amortization —  (105,421) (105,421) —  —  (105,421)
Fair value changes from market inputs or model assumptions —  24,822  24,822  —  —  24,822 
Net fair value changes on loans and related obligations 79,917  (58,842) 21,075  —  —  21,075 
Fee income 13,022  1,340  14,362  —  (246) 14,116 
Gain (loss) on sale and other income from loans held for sale, net (76) 378  302  —  —  302 
Non-funding interest expense, net —  —  —  (17,420) —  (17,420)
Net other income (expense) 92,863  (57,124) 35,739  (17,420) (246) 18,073 
Total revenues 92,863  78,524  171,387  (17,420) (246) 153,721 
Total expenses 98,245  42,515  140,760  35,848  (246) 176,362 
Impairment of other assets —  —  —  (600) —  (600)
Other, net (174) —  (174) 3,867  —  3,693 
Net income (loss) before taxes $ (5,556) $ 36,009  $ 30,453  $ (50,001) $ —  $ (19,548)
Depreciation and amortization $ 18,914  $ 23  $ 18,937  $ 494  $ —  $ 19,431 
Total assets $ 282,516  $ 27,659,539  $ 27,942,055  $ 1,441,787  $ (1,414,146) $ 27,969,696 
For the six months ended June 30, 2023
Retirement Solutions Portfolio Management Total Reportable Segments Corporate and Other Eliminations Total
Portfolio interest income
Interest income $ —  $ 725,625  $ 725,625  $ —  $ —  $ 725,625 
Interest expense —  (597,969) (597,969) —  —  (597,969)
Net portfolio interest income —  127,656  127,656  —  —  127,656 
Other income (expense)
Net origination gains 57,401  —  57,401  —  —  57,401 
Gain on securitization of HECM tails, net —  9,995  9,995  —  —  9,995 
Fair value changes from model amortization —  (105,504) (105,504) —  —  (105,504)
Fair value changes from market inputs or model assumptions —  (49,719) (49,719) —  —  (49,719)
Net fair value changes on loans and related obligations 57,401  (145,228) (87,827) —  —  (87,827)
Fee income 13,253  8,441  21,694  4,998  (6,516) 20,176 
Loss on sale and other income from loans held for sale, net (3,577) (12,903) (16,480) —  —  (16,480)
Non-funding interest expense, net —  —  —  (14,567) —  (14,567)
Net other income (expense) 67,077  (149,690) (82,613) (9,569) (6,516) (98,698)
Total revenues 67,077  (22,034) 45,043  (9,569) (6,516) 28,958 
Total expenses 94,291  46,917  141,208  59,090  (6,516) 193,782 
Other, net 59  —  59  (1,060) —  (1,001)
Net loss before taxes $ (27,155) $ (68,951) $ (96,106) $ (69,719) $ —  $ (165,825)
Depreciation and amortization $ 21,554  $ 48  $ 21,602  $ 875  $ —  $ 22,477 
Total assets $ 332,516  $ 26,063,685  $ 26,396,201  $ 1,250,637  $ (1,222,574) $ 26,424,264