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

Business Segment Reporting (Details)

v3.25.0.1
Business Segment Reporting (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
PORTFOLIO INTEREST INCOME    
Interest income $ 1,905,214 $ 1,628,877
Interest expense (1,637,286) (1,360,998)
NET PORTFOLIO INTEREST INCOME 267,928 267,879
OTHER INCOME (EXPENSE)    
Net origination gains 179,837 121,646
Gain on securitization of HECM tails, net 45,535 25,583
Fair value changes from model amortization (201,101) (228,391)
Fair value changes from market inputs or model assumptions 55,924 58,696
Net fair value changes on loans and related obligations 80,195 (22,466)
Fee income 29,244 43,450
Gain (loss) on sale and other income from loans held for sale, net 302 (24,994)
Non-funding interest expense, net (39,498) (29,619)
NET OTHER INCOME (EXPENSE) 70,243 (33,629)
Total revenues 338,171 234,250
EXPENSES    
Salaries, benefits, and related expenses 138,360 178,319
Loan production and portfolio related expenses 36,205 26,490
Loan servicing expenses 31,323 30,729
Marketing and advertising expenses 39,429 31,896
Depreciation and amortization 38,947 42,369
General and administrative expenses 59,462 82,204
TOTAL EXPENSES 343,726 392,007
Impairment of intangibles and other assets (891) (9,296)
Gain on extinguishment of debt [1] 56,193 0
Other, net (6,931) 211
NET INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 42,816 (166,842)
Total assets 29,156,490 27,107,590
Continuing Operations    
PORTFOLIO INTEREST INCOME    
Interest income 1,905,214 1,628,877
Interest expense (1,637,286) (1,360,998)
NET PORTFOLIO INTEREST INCOME 267,928 267,879
OTHER INCOME (EXPENSE)    
Net origination gains 179,837 121,646
Gain on securitization of HECM tails, net 45,535 25,583
Fair value changes from model amortization (201,101) (228,391)
Fair value changes from market inputs or model assumptions 55,924 58,696
Net fair value changes on loans and related obligations 80,195 (22,466)
Fee income 29,244 43,450
Gain (loss) on sale and other income from loans held for sale, net 302 (24,994)
Non-funding interest expense, net (39,498) (29,619)
NET OTHER INCOME (EXPENSE) 70,243 (33,629)
Total revenues 338,171 234,250
EXPENSES    
Salaries, benefits, and related expenses 138,360 178,319
Loan production and portfolio related expenses 36,205 26,490
Loan servicing expenses 31,323 30,729
Marketing and advertising expenses 39,429 31,896
Depreciation and amortization 38,947 42,369
General and administrative expenses 59,462 82,204
TOTAL EXPENSES 343,726 392,007
Impairment of intangibles and other assets   (9,296)
Impairment of other assets (891)  
Gain on extinguishment of debt 56,193  
Other, net (6,931) 211
NET INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 42,816 (166,842)
Total assets 29,154,039 27,100,869
Operating segments | Continuing Operations    
PORTFOLIO INTEREST INCOME    
Interest income 1,905,214 1,628,877
Interest expense (1,637,286) (1,360,998)
NET PORTFOLIO INTEREST INCOME 267,928 267,879
OTHER INCOME (EXPENSE)    
Net origination gains 179,837 121,646
Gain on securitization of HECM tails, net 45,535 25,583
Fair value changes from model amortization (201,101) (228,391)
Fair value changes from market inputs or model assumptions 55,924 58,696
Net fair value changes on loans and related obligations 80,195 (22,466)
Fee income 29,736 43,450
Gain (loss) on sale and other income from loans held for sale, net 302 (24,994)
Non-funding interest expense, net 0 0
NET OTHER INCOME (EXPENSE) 110,233 (4,010)
Total revenues 378,161 263,869
EXPENSES    
Salaries, benefits, and related expenses 98,961 116,448
Loan production and portfolio related expenses 36,205 26,490
Loan servicing expenses 31,323 30,729
Marketing and advertising expenses 39,378 31,692
Depreciation and amortization 37,828 40,678
General and administrative expenses 38,698 46,822
TOTAL EXPENSES 282,393 292,859
Impairment of intangibles and other assets   (6,400)
Impairment of other assets (291)  
Gain on extinguishment of debt 0  
Other, net (174) 75
NET INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 95,303 (35,315)
Total assets 29,127,797 27,049,706
Operating segments | Retirement Solutions | Continuing Operations    
PORTFOLIO INTEREST INCOME    
Interest income 0 0
Interest expense 0 0
NET PORTFOLIO INTEREST INCOME 0 0
OTHER INCOME (EXPENSE)    
Net origination gains 179,837 121,646
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 179,837 121,646
Fee income 26,553 33,167
Gain (loss) on sale and other income from loans held for sale, net (76) (6,303)
Non-funding interest expense, net 0 0
NET OTHER INCOME (EXPENSE) 206,314 148,510
Total revenues 206,314 148,510
EXPENSES    
Salaries, benefits, and related expenses 83,448 96,574
Loan production and portfolio related expenses 7,887 9,555
Loan servicing expenses 0 0
Marketing and advertising expenses 39,337 31,668
Depreciation and amortization 37,751 40,571
General and administrative expenses 26,521 30,468
TOTAL EXPENSES 194,944 208,836
Impairment of intangibles and other assets   0
Impairment of other assets (291)  
Gain on extinguishment of debt 0  
Other, net (174) 75
NET INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 10,905 (60,251)
Total assets 250,519 276,605
Operating segments | Portfolio Management | Continuing Operations    
PORTFOLIO INTEREST INCOME    
Interest income 1,905,214 1,628,877
Interest expense (1,637,286) (1,360,998)
NET PORTFOLIO INTEREST INCOME 267,928 267,879
OTHER INCOME (EXPENSE)    
Net origination gains 0 0
Gain on securitization of HECM tails, net 45,535 25,583
Fair value changes from model amortization (201,101) (228,391)
Fair value changes from market inputs or model assumptions 55,924 58,696
Net fair value changes on loans and related obligations (99,642) (144,112)
Fee income 3,183 10,283
Gain (loss) on sale and other income from loans held for sale, net 378 (18,691)
Non-funding interest expense, net 0 0
NET OTHER INCOME (EXPENSE) (96,081) (152,520)
Total revenues 171,847 115,359
EXPENSES    
Salaries, benefits, and related expenses 15,513 19,874
Loan production and portfolio related expenses 28,318 16,935
Loan servicing expenses 31,323 30,729
Marketing and advertising expenses 41 24
Depreciation and amortization 77 107
General and administrative expenses 12,177 16,354
TOTAL EXPENSES 87,449 84,023
Impairment of intangibles and other assets   (6,400)
Impairment of other assets 0  
Gain on extinguishment of debt 0  
Other, net 0 0
NET INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 84,398 24,936
Total assets 28,877,278 26,773,101
Corporate and Other | Continuing Operations    
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 8,125
Gain (loss) on sale and other income from loans held for sale, net 0 0
Non-funding interest expense, net (39,498) (29,619)
NET OTHER INCOME (EXPENSE) (39,498) (21,494)
Total revenues (39,498) (21,494)
EXPENSES    
Salaries, benefits, and related expenses 39,399 61,871
Loan production and portfolio related expenses 0 0
Loan servicing expenses 0 0
Marketing and advertising expenses 51 204
Depreciation and amortization 1,119 1,691
General and administrative expenses 21,256 43,507
TOTAL EXPENSES 61,825 107,273
Impairment of intangibles and other assets   (2,896)
Impairment of other assets (600)  
Gain on extinguishment of debt 56,193  
Other, net (6,757) 136
NET INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (52,487) (131,527)
Total assets 1,343,803 1,521,058
Eliminations | Continuing Operations    
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 (492) (8,125)
Gain (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) (492) (8,125)
Total revenues (492) (8,125)
EXPENSES    
Salaries, benefits, and related expenses 0 0
Loan production and portfolio related expenses 0 0
Loan servicing expenses 0 0
Marketing and advertising expenses 0 0
Depreciation and amortization 0 0
General and administrative expenses (492) (8,125)
TOTAL EXPENSES (492) (8,125)
Impairment of intangibles and other assets   0
Impairment of other assets 0  
Gain on extinguishment of debt 0  
Other, net 0 0
NET INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 0 0
Total assets $ (1,317,561) $ (1,469,895)
[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.