Quarterly report pursuant to Section 13 or 15(d)

Business Segment Reporting (Tables)

v3.24.3
Business Segment Reporting (Tables)
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Summary of Financial Information By Segment
The following tables are a presentation of financial information by segment (in thousands):
For the three months ended September 30, 2024
Retirement Solutions Portfolio Management Total Reportable Segments Corporate and Other Eliminations Total
Portfolio interest income
Interest income $ —  $ 489,900  $ 489,900  $ —  $ —  $ 489,900 
Interest expense —  (426,839) (426,839) —  —  (426,839)
Net portfolio interest income —  63,061  63,061  —  —  63,061 
Other income (expense)
Net origination gains 57,216  —  57,216  —  —  57,216 
Gain on securitization of HECM tails, net —  10,560  10,560  —  —  10,560 
Fair value changes from model amortization —  (43,753) (43,753) —  —  (43,753)
Fair value changes from market inputs or model assumptions —  204,154  204,154  —  —  204,154 
Net fair value changes on loans and related obligations 57,216  170,961  228,177  —  —  228,177 
Fee income 7,247  930  8,177  —  (123) 8,054 
Non-funding interest expense, net —  —  —  (9,219) —  (9,219)
Net other income (expense) 64,463  171,891  236,354  (9,219) (123) 227,012 
Total revenues 64,463  234,952  299,415  (9,219) (123) 290,073 
Total expenses 48,529  18,388  66,917  13,514  (123) 80,308 
Other, net —  —  —  (1,592) —  (1,592)
Net income (loss) before taxes $ 15,934  $ 216,564  $ 232,498  $ (24,325) $ —  $ 208,173 
Depreciation and amortization $ 9,424  $ 41  $ 9,465  $ 312  $ —  $ 9,777 
Total assets $ 288,556  $ 28,658,666  $ 28,947,222  $ 1,397,698  $ (1,398,363) $ 28,946,557 
For the three months ended September 30, 2023
Retirement Solutions Portfolio Management Total Reportable Segments Corporate and Other Eliminations Total
Portfolio interest income
Interest income $ —  $ 443,999  $ 443,999  $ —  $ —  $ 443,999 
Interest expense —  (372,459) (372,459) —  —  (372,459)
Net portfolio interest income —  71,540  71,540  —  —  71,540 
Other income (expense)
Net origination gains 31,376  —  31,376  —  —  31,376 
Gain on securitization of HECM tails, net —  7,100  7,100  —  —  7,100 
Fair value changes from model amortization —  (56,882) (56,882) —  —  (56,882)
Fair value changes from market inputs or model assumptions —  (122,449) (122,449) —  —  (122,449)
Net fair value changes on loans and related obligations 31,376  (172,231) (140,855) —  —  (140,855)
Fee income 10,983  2,473  13,456  1,354  (1,609) 13,201 
Loss on sale and other income from loans held for sale, net (2,212) (4,772) (6,984) —  —  (6,984)
Non-funding interest expense, net —  —  —  (7,342) —  (7,342)
Net other income (expense) 40,147  (174,530) (134,383) (5,988) (1,609) (141,980)
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 nine months ended September 30, 2024
Retirement Solutions Portfolio Management Total Reportable Segments Corporate and Other Eliminations Total
Portfolio interest income
Interest income $ —  $ 1,431,970  $ 1,431,970  $ —  $ —  $ 1,431,970 
Interest expense —  (1,233,261) (1,233,261) —  —  (1,233,261)
Net portfolio interest income —  198,709  198,709  —  —  198,709 
Other income (expense)
Net origination gains 137,133  —  137,133  —  —  137,133 
Gain on securitization of HECM tails, net —  32,317  32,317  —  —  32,317 
Fair value changes from model amortization —  (149,174) (149,174) —  —  (149,174)
Fair value changes from market inputs or model assumptions —  228,976  228,976  —  —  228,976 
Net fair value changes on loans and related obligations 137,133  112,119  249,252  —  —  249,252 
Fee income 20,269  2,270  22,539  —  (369) 22,170 
Gain (loss) on sale and other income from loans held for sale, net (76) 378  302  —  —  302 
Non-funding interest expense, net —  —  —  (26,639) —  (26,639)
Net other income (expense) 157,326  114,767  272,093  (26,639) (369) 245,085 
Total revenues 157,326  313,476  470,802  (26,639) (369) 443,794 
Total expenses 146,774  60,903  207,677  49,362  (369) 256,670 
Impairment of other assets —  —  —  (600) —  (600)
Other, net (174) —  (174) 2,275  —  2,101 
Net income (loss) before taxes $ 10,378  $ 252,573  $ 262,951  $ (74,326) $ —  $ 188,625 
Depreciation and amortization $ 28,338  $ 64  $ 28,402  $ 806  $ —  $ 29,208 
Total assets $ 288,556  $ 28,658,666  $ 28,947,222  $ 1,397,698  $ (1,398,363) $ 28,946,557 
For the nine months ended September 30, 2023
Retirement Solutions Portfolio Management Total Reportable Segments Corporate and Other Eliminations Total
Portfolio interest income
Interest income $ —  $ 1,169,624  $ 1,169,624  $ —  $ —  $ 1,169,624 
Interest expense —  (970,428) (970,428) —  —  (970,428)
Net portfolio interest income —  199,196  199,196  —  —  199,196 
Other income (expense)
Net origination gains 88,777  —  88,777  —  —  88,777 
Gain on securitization of HECM tails, net —  17,095  17,095  —  —  17,095 
Fair value changes from model amortization —  (162,386) (162,386) —  —  (162,386)
Fair value changes from market inputs or model assumptions —  (172,168) (172,168) —  —  (172,168)
Net fair value changes on loans and related obligations 88,777  (317,459) (228,682) —  —  (228,682)
Fee income 24,236  10,914  35,150  6,352  (8,125) 33,377 
Loss on sale and other income from loans held for sale, net (5,789) (17,675) (23,464) —  —  (23,464)
Non-funding interest expense, net —  —  —  (21,909) —  (21,909)
Net other income (expense) 107,224  (324,220) (216,996) (15,557) (8,125) (240,678)
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