Annual report [Section 13 and 15(d), not S-K Item 405]

Business Segment Reporting (Tables)

v3.25.0.1
Business Segment Reporting (Tables)
 12 Months Ended
Dec. 31, 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 year ended December 31, 2024
Retirement Solutions Portfolio Management Total Reportable Segments Corporate and Other Eliminations Total
Portfolio interest income
Interest income $ —  $ 1,905,214  $ 1,905,214  $ —  $ —  $ 1,905,214 
Interest expense —  (1,637,286) (1,637,286) —  —  (1,637,286)
Net portfolio interest income —  267,928  267,928  —  —  267,928 
Other income (expense)
Net origination gains 179,837  —  179,837  —  —  179,837 
Gain on securitization of HECM tails, net —  45,535  45,535  —  —  45,535 
Fair value changes from model amortization —  (201,101) (201,101) —  —  (201,101)
Fair value changes from market inputs or model assumptions —  55,924  55,924  —  —  55,924 
Net fair value changes on loans and related obligations 179,837  (99,642) 80,195  —  —  80,195 
Fee income 26,553  3,183  29,736  —  (492) 29,244 
Gain (loss) on sale and other income from loans held for sale, net (76) 378  302  —  —  302 
Non-funding interest expense, net —  —  —  (39,498) —  (39,498)
Net other income (expense) 206,314  (96,081) 110,233  (39,498) (492) 70,243 
Total revenues 206,314  171,847  378,161  (39,498) (492) 338,171 
Expenses
Salaries, benefits, and related expenses 83,448  15,513  98,961  39,399  —  138,360 
Loan production and portfolio related expenses 7,887  28,318  36,205  —  —  36,205 
Loan servicing expenses —  31,323  31,323  —  —  31,323 
Marketing and advertising expenses 39,337  41  39,378  51  —  39,429 
Depreciation and amortization 37,751  77  37,828  1,119  —  38,947 
General and administrative expenses 26,521  12,177  38,698  21,256  (492) 59,462 
Total expenses 194,944  87,449  282,393  61,825  (492) 343,726 
Impairment of other assets (291) —  (291) (600) —  (891)
Gain on extinguishment of debt —  —  —  56,193  —  56,193 
Other, net (174) —  (174) (6,757) —  (6,931)
Net income (loss) before taxes $ 10,905  $ 84,398  $ 95,303  $ (52,487) $ —  $ 42,816 
Total assets $ 250,519  $ 28,877,278  $ 29,127,797  $ 1,343,803  $ (1,317,561) $ 29,154,039 
For the year ended December 31, 2023
Retirement Solutions Portfolio Management Total Reportable Segments Corporate and Other Eliminations Total
Portfolio interest income
Interest income $ —  $ 1,628,877  $ 1,628,877  $ —  $ —  $ 1,628,877 
Interest expense —  (1,360,998) (1,360,998) —  —  (1,360,998)
Net portfolio interest income —  267,879  267,879  —  —  267,879 
Other income (expense)
Net origination gains 121,646  —  121,646  —  —  121,646 
Gain on securitization of HECM tails, net —  25,583  25,583  —  —  25,583 
Fair value changes from model amortization —  (228,391) (228,391) —  —  (228,391)
Fair value changes from market inputs or model assumptions —  58,696  58,696  —  —  58,696 
Net fair value changes on loans and related obligations 121,646  (144,112) (22,466) —  —  (22,466)
Fee income 33,167  10,283  43,450  8,125  (8,125) 43,450 
Loss on sale and other income from loans held for sale, net (6,303) (18,691) (24,994) —  —  (24,994)
Non-funding interest expense, net —  —  —  (29,619) —  (29,619)
Net other income (expense) 148,510  (152,520) (4,010) (21,494) (8,125) (33,629)
Total revenues 148,510  115,359  263,869  (21,494) (8,125) 234,250 
Expenses
Salaries, benefits, and related expenses 96,574  19,874  116,448  61,871  —  178,319 
Loan production and portfolio related expenses 9,555  16,935  26,490  —  —  26,490 
Loan servicing expenses —  30,729  30,729  —  —  30,729 
Marketing and advertising expenses 31,668  24  31,692  204  —  31,896 
Depreciation and amortization 40,571  107  40,678  1,691  —  42,369 
General and administrative expenses 30,468  16,354  46,822  43,507  (8,125) 82,204 
Total expenses 208,836  84,023  292,859  107,273  (8,125) 392,007 
Impairment of intangibles and other assets —  (6,400) (6,400) (2,896) —  (9,296)
Other, net 75  —  75  136  —  211 
Net income (loss) before taxes $ (60,251) $ 24,936  $ (35,315) $ (131,527) $ —  $ (166,842)
Total assets $ 276,605  $ 26,773,101  $ 27,049,706  $ 1,521,058  $ (1,469,895) $ 27,100,869