Current report filing

Business Segment Reporting (Tables)

v3.23.2
Business Segment Reporting (Tables)
 12 Months Ended
Dec. 31, 2022
Segment Reporting [Abstract]  
Summary of Financial Information By Segment The following tables are a presentation of financial information by segment for the periods indicated (in thousands), and have been restated to reflect the new segment structure, as described in Note 1 - Organization and Description of Business:
For the year ended December 31, 2022
Successor
Retirement Solutions Portfolio Management Total Operating Segments Corporate and Other Eliminations Total
REVENUES
Gain (loss) on sale and other income from loans held for sale, net $ 367  $ (6,298) $ (5,931) $ —  $ —  $ (5,931)
Net fair value gains (losses) on loans and related obligations 283,808  (195,231) 88,577  —  912  89,489 
Fee income 15,526  66,761  82,287  27,578  (28,050) 81,815 
Net interest expense
Interest income 43  5,319  5,362  676  —  6,038 
Interest expense (54) (90,926) (90,980) (27,669) —  (118,649)
Net interest expense (11) (85,607) (85,618) (26,993) —  (112,611)
Total revenues 299,690  (220,375) 79,315  585  (27,138) 52,762 
Total expenses 182,287  124,060  306,347  139,014  (27,135) 418,226 
Impairment of intangibles and other assets (3,500) (3,800) (7,300) (2,228) (9,528)
Other, net 3,290  860  4,150  27,839  3  31,992 
Net income (loss) before taxes $ 117,193  $ (347,375) $ (230,182) $ (112,818) $ —  $ (343,000)
Depreciation and amortization $ 38,654  $ 319  $ 38,973  $ 3,055  $ —  $ 42,028 
Total assets $ 297,361  $ 20,185,979  $ 20,483,340  $ 1,610,355  $ (1,534,400) $ 20,559,295 
For the nine months ended December 31, 2021
Successor
Retirement Solutions Portfolio Management Total Operating Segments Corporate and Other Eliminations Total
REVENUES
Gain (loss) on sale and other income from loans held for sale, net $ (4,150) $ 39,950  $ 35,800  $ —  $ —  $ 35,800 
Net fair value gains (losses) on loans and related obligations 317,138  (30,738) 286,400  —  4,621  291,021 
Fee income 11,220  30,455  41,675  25,243  (25,232) 41,686 
Net interest income (expense)
Interest income 1,031  1,027  2,058  276  —  2,334 
Interest expense (364) (52,625) (52,989) (20,243) —  (73,232)
Net interest income (expense) 667  (51,598) (50,931) (19,967) —  (70,898)
Total revenues 324,875  (11,931) 312,944  5,276  (20,611) 297,609 
Total expenses 137,872  92,197  230,069  101,005  (26,543) 304,531 
Impairment of goodwill and intangible assets (413,868) (11,909) (425,777) —  (425,777)
Other, net 248  1,170  1,418  15,198  (5,932) 10,684 
Net loss before taxes $ (226,617) $ (114,867) $ (341,484) $ (80,531) $ —  $ (422,015)
Depreciation and amortization $ 29,019  $ 132  $ 29,151  $ 1,425  $ —  $ 30,576 
Total assets $ 368,927  $ 18,974,389  $ 19,343,316  $ 1,083,412  $ (957,353) $ 19,469,375 

For the three months ended March 31, 2021
Predecessor
Retirement Solutions Portfolio Management Total Operating Segments Corporate and Other Eliminations Total
REVENUES
Gain on sale and other income from loans held for sale, net $ —  $ 5,065  $ 5,065  $ —  $ —  $ 5,065 
Net fair value gains on loans and related obligations 68,449  2,750  71,199  —  (1) 71,198 
Fee income 524  36,191  36,715  7,936  (8,104) 36,547 
Net interest expense
Interest income —  138  138  12  —  150 
Interest expense —  (14,954) (14,954) (7,756) —  (22,710)
Net interest expense —  (14,816) (14,816) (7,744) —  (22,560)
Total revenues 68,973  29,190  98,163  192  (8,105) 90,250 
Total expenses 23,693  24,406  48,099  27,746  (8,613) 67,232 
Other, net 34  895  929  (9,464) (508) (9,043)
Net income (loss) before taxes $ 45,314  $ 5,679  $ 50,993  $ (37,018) $ —  $ 13,975 
Depreciation and amortization $ 151  $ 146  $ 297  $ 474  $ —  $ 771 
Total assets $ 35,861  $ 17,378,088  $ 17,413,949  $ 385,370  $ (326,313) $ 17,473,006 
For the year ended December 31, 2020
Predecessor
Retirement Solutions Portfolio Management Total Operating Segments Corporate and Other Eliminations Total
REVENUES
Gain on sale and other income from loans held for sale, net $ —  $ 10,192  $ 10,192  $ —  $ —  $ 10,192 
Net fair value gains on loans and related obligations 192,257  103,872  296,129  —  (2) 296,127 
Fee income 1,837  28,002  29,839  25,392  (22,701) 32,530 
Net interest expense
Interest income —  714  714  15  —  729 
Interest expense —  (73,877) (73,877) (8,946) (132) (82,955)
Net interest expense —  (73,163) (73,163) (8,931) (132) (82,226)
Total revenues 194,094  68,903  262,997  16,461  (22,835) 256,623 
Total expenses 87,219  90,854  178,073  80,106  (22,835) 235,344 
Other, net —  —  —  (6,131) —  (6,131)
Net income (loss) before taxes $ 106,875  $ (21,951) $ 84,924  $ (69,776) $ —  $ 15,148 
Depreciation and amortization $ 897  $ 130  $ 1,027  $ 1,985  $ —  $ 3,012 
Total assets $ 25,841  $ 16,895,820  $ 16,921,661  $ 88,638  $ —  $ 17,010,299