Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies - Change in Presentation (Details)

v3.24.3
Summary of Significant Accounting Policies - Change in Presentation (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
PORTFOLIO INTEREST INCOME        
Interest income $ 489,900 $ 443,999 $ 1,431,970 $ 1,169,624
Interest expense (426,839) (372,459) (1,233,261) (970,428)
NET PORTFOLIO INTEREST INCOME 63,061 71,540 198,709 199,196
OTHER INCOME (EXPENSE)        
Net origination gains 57,216 31,376 137,133 88,777
Gain on securitization of HECM tails, net 10,560 7,100 32,317 17,095
Fair value changes from model amortization (43,753) (56,882) (149,174) (162,386)
Fair value changes from market inputs or model assumptions 204,154 (122,449) 228,976 (172,168)
Net fair value changes on loans and related obligations 228,177 (140,855) 249,252 (228,682)
Fee income 8,054 13,201 22,170 33,377
Loss on sale and other income from loans held for sale, net 0 (6,984) 302 (23,464)
Non-funding interest expense, net (9,219) (7,342) (26,639) (21,909)
NET OTHER INCOME (EXPENSE) 227,012 (141,980) 245,085 (240,678)
TOTAL REVENUES $ 290,073 (70,440) $ 443,794 (41,482)
Previously Reported        
PORTFOLIO INTEREST INCOME        
Interest income   4,443   9,734
Interest expense   (27,965)   (91,255)
OTHER INCOME (EXPENSE)        
Net fair value changes on loans and related obligations   (53,135)   30,126
Fee income   13,201   33,377
Loss on sale and other income from loans held for sale, net   (6,984)   (23,464)
TOTAL REVENUES   (70,440)   (41,482)
Revision of Prior Period, Adjustment        
PORTFOLIO INTEREST INCOME        
Interest income   4,443   9,734
Interest expense   (27,965)   (91,255)
OTHER INCOME (EXPENSE)        
Net fair value changes on loans and related obligations   (53,135)   30,126
Fee income   13,201   33,377
Loss on sale and other income from loans held for sale, net   (6,984)   (23,464)
Net fair value losses on loans and related obligations        
PORTFOLIO INTEREST INCOME        
Interest income   439,881   1,160,836
Interest expense   (352,161)   (902,028)
NET PORTFOLIO INTEREST INCOME   87,720   258,808
OTHER INCOME (EXPENSE)        
Net origination gains   31,376   88,777
Gain on securitization of HECM tails, net   7,100   17,095
Fair value changes from model amortization   (56,882)   (162,386)
Fair value changes from market inputs or model assumptions   (122,449)   (172,168)
Net fair value changes on loans and related obligations   (140,855)   (228,682)
Fee income   0   0
Loss on sale and other income from loans held for sale, net   0   0
Non-funding interest expense, net   0   0
NET OTHER INCOME (EXPENSE)   (140,855)   (228,682)
Fee income        
PORTFOLIO INTEREST INCOME        
Interest income   0   0
Interest expense   0   0
NET PORTFOLIO INTEREST INCOME   0   0
OTHER INCOME (EXPENSE)        
Net origination gains   0   0
Gain on securitization of HECM tails, net   0   0
Fair value changes from model amortization   0   0
Fair value changes from market inputs or model assumptions   0   0
Net fair value changes on loans and related obligations   0   0
Fee income   13,201   33,377
Loss on sale and other income from loans held for sale, net   0   0
Non-funding interest expense, net   0   0
NET OTHER INCOME (EXPENSE)   13,201   33,377
Loss on sale and other income from loans held for sale, net        
PORTFOLIO INTEREST INCOME        
Interest income   0   0
Interest expense   0   0
NET PORTFOLIO INTEREST INCOME   0   0
OTHER INCOME (EXPENSE)        
Net origination gains   0   0
Gain on securitization of HECM tails, net   0   0
Fair value changes from model amortization   0   0
Fair value changes from market inputs or model assumptions   0   0
Net fair value changes on loans and related obligations   0   0
Fee income   0   0
Loss on sale and other income from loans held for sale, net   (6,984)   (23,464)
Non-funding interest expense, net   0   0
NET OTHER INCOME (EXPENSE)   (6,984)   (23,464)
Interest income        
PORTFOLIO INTEREST INCOME        
Interest income   4,118   8,788
Interest expense   0   0
NET PORTFOLIO INTEREST INCOME   4,118   8,788
OTHER INCOME (EXPENSE)        
Net origination gains   0   0
Gain on securitization of HECM tails, net   0   0
Fair value changes from model amortization   0   0
Fair value changes from market inputs or model assumptions   0   0
Net fair value changes on loans and related obligations   0   0
Fee income   0   0
Loss on sale and other income from loans held for sale, net   0   0
Non-funding interest expense, net   325   946
NET OTHER INCOME (EXPENSE)   325   946
Interest expense        
PORTFOLIO INTEREST INCOME        
Interest income   0   0
Interest expense   (20,298)   (68,400)
NET PORTFOLIO INTEREST INCOME   (20,298)   (68,400)
OTHER INCOME (EXPENSE)        
Net origination gains   0   0
Gain on securitization of HECM tails, net   0   0
Fair value changes from model amortization   0   0
Fair value changes from market inputs or model assumptions   0   0
Net fair value changes on loans and related obligations   0   0
Fee income   0   0
Loss on sale and other income from loans held for sale, net   0   0
Non-funding interest expense, net   (7,667)   (22,855)
NET OTHER INCOME (EXPENSE)   $ (7,667)   $ (22,855)