Annual report pursuant to Section 13 and 15(d)

Business Segment Reporting (Tables)

v3.24.0.1
Business Segment Reporting (Tables)
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Summary of Financial Information By Segment
The following tables are a presentation of financial information by segment (in thousands), and have been recast to reflect the new segment structure as described in Note 1 - Organization and Description of Business:
For the year ended December 31, 2023
Retirement Solutions Portfolio Management Total Reportable Segments Corporate and Other Eliminations Total
REVENUES
Net fair value gains on loans and related obligations $ 121,646  $ 200,683  $ 322,329  $ —  $ —  $ 322,329 
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)
Net interest expense:
Interest income —  10,923  10,923  1,270  —  12,193 
Interest expense —  (87,839) (87,839) (30,889) —  (118,728)
Net interest expense —  (76,916) (76,916) (29,619) —  (106,535)
Total revenues 148,510  115,359  263,869  (21,494) (8,125) 234,250 
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)
Depreciation and amortization $ 40,571  $ 107  $ 40,678  $ 1,691  $ —  $ 42,369 
Total assets $ 276,605  $ 26,773,101  $ 27,049,706  $ 1,521,058  $ (1,469,895) $ 27,100,869 
For the year ended December 31, 2022
Retirement Solutions Portfolio Management Total Reportable Segments Corporate and Other Eliminations Total
REVENUES
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 
Gain (loss) on sale and other income from loans held for sale, net 367  (6,298) (5,931) —  —  (5,931)
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