Quarterly report pursuant to Section 13 or 15(d)

Business Segment Reporting (Tables)

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Business Segment Reporting (Tables)
 3 Months Ended
Mar. 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 three months ended March 31, 2024
Retirement Solutions Portfolio Management Total Reportable Segments Corporate and Other Eliminations Total
REVENUES
Net fair value gains on loans and related obligations $ 39,657  $ 52,978  $ 92,635  $ —  $ —  $ 92,635 
Fee income 6,127  232  6,359  —  (123) 6,236 
Gain (loss) on sale and other income from loans held for sale, net (76) 162  86  —  —  86 
Net interest expense:
Interest income —  3,945  3,945  321  —  4,266 
Interest expense —  (20,068) (20,068) (8,473) —  (28,541)
Net interest expense —  (16,123) (16,123) (8,152) —  (24,275)
Total revenues 45,708  37,249  82,957  (8,152) (123) 74,682 
Total expenses 49,410  22,753  72,163  19,275  (123) 91,315 
Impairment of other assets —  —  —  (600) —  (600)
Other, net (174) —  (174) 1,627  —  1,453 
Net income (loss) before taxes $ (3,876) $ 14,496  $ 10,620  $ (26,400) $ —  $ (15,780)
Depreciation and amortization $ 9,488  $ 8  $ 9,496  $ 182  $ —  $ 9,678 
Total assets $ 268,786  $ 27,357,160  $ 27,625,946  $ 1,455,417  $ (1,405,085) $ 27,676,278 
For the three months ended March 31, 2023
Retirement Solutions Portfolio Management Total Reportable Segments Corporate and Other Eliminations Total
REVENUES
Net fair value gains on loans and related obligations $ 24,475  $ 151,919  $ 176,394  $ —  $ —  $ 176,394 
Fee income 3,180  5,463  8,643  2,953  (5,244) 6,352 
Loss on sale and other income from loans held for sale, net (1,312) (11,058) (12,370) —  (56) (12,426)
Net interest expense:
Interest income —  1,470  1,470  621  —  2,091 
Interest expense —  (23,996) (23,996) (7,560) —  (31,556)
Net interest expense —  (22,526) (22,526) (6,939) —  (29,465)
Total revenues 26,343  123,798  150,141  (3,986) (5,300) 140,855 
Total expenses 35,524  24,679  60,203  28,874  (5,300) 83,777 
Other, net 31  —  31  905  —  936 
Net income (loss) before taxes $ (9,150) $ 99,119  $ 89,969  $ (31,955) $ —  $ 58,014 
Depreciation and amortization $ 9,643  $ 14  $ 9,657  $ 448  $ —  $ 10,105 
Total assets $ 296,417  $ 26,327,259  $ 26,623,676  $ 1,912,801  $ (1,861,938) $ 26,674,539