Quarterly report pursuant to Section 13 or 15(d)

Business Segment Reporting (Tables)

v3.23.2
Business Segment Reporting (Tables)
 6 Months Ended
Jun. 30, 2023
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):
For the three months ended June 30, 2023
Retirement Solutions Portfolio Management Total Operating Segments Corporate and Other Eliminations Total
REVENUES
Loss on sale and other income from loans held for sale, net $ (2,265) $ (1,845) $ (4,110) $ —  $ 56  $ (4,054)
Net fair value gains (losses) on loans and related obligations 32,926  (126,059) (93,133) —  —  (93,133)
Fee income 10,073  2,978  13,051  2,045  (1,272) 13,824 
Net interest expense — 
Interest income —  3,200  3,200  —  —  3,200 
Interest expense —  (24,106) (24,106) (7,628) —  (31,734)
Net interest expense —  (20,906) (20,906) (7,628) —  (28,534)
Total revenues 40,734  (145,832) (105,098) (5,583) (1,216) (111,897)
Total expenses 58,767  22,238  81,005  30,216  (1,216) 110,005 
Other, net 28  —  28  (1,965) —  (1,937)
Net loss before taxes $ (18,005) $ (168,070) $ (186,075) $ (37,764) $ —  $ (223,839)
Depreciation and amortization $ 11,911  $ 34  $ 11,945  $ 427  $ —  $ 12,372 
Total assets $ 332,516  $ 26,063,685  $ 26,396,201  $ 1,250,637  $ (1,222,574) $ 26,424,264 
For the six months ended June 30, 2023
Retirement Solutions Portfolio Management Total Operating Segments Corporate and Other Eliminations Total
REVENUES
Loss on sale and other income from loans held for sale, net $ (3,577) $ (12,903) $ (16,480) $ —  $ —  $ (16,480)
Net fair value gains on loans and related obligations 57,401  25,860  83,261  —  —  83,261 
Fee income 13,253  8,441  21,694  4,998  (6,516) 20,176 
Net interest expense — 
Interest income —  4,670  4,670  621  —  5,291 
Interest expense —  (48,102) (48,102) (15,188) —  (63,290)
Net interest expense —  (43,432) (43,432) (14,567) —  (57,999)
Total revenues 67,077  (22,034) 45,043  (9,569) (6,516) 28,958 
Total expenses 94,291  46,917  141,208  59,090  (6,516) 193,782 
Other, net 59  —  59  (1,060) —  (1,001)
Net loss before taxes $ (27,155) $ (68,951) $ (96,106) $ (69,719) $ —  $ (165,825)
Depreciation and amortization $ 21,554  $ 48  $ 21,602  $ 875  $ —  $ 22,477 
Total assets $ 332,516  $ 26,063,685  $ 26,396,201  $ 1,250,637  $ (1,222,574) $ 26,424,264 
For the three months ended June 30, 2022
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 $ 78  $ (4,740) $ (4,662) $ —  $ (101) $ (4,763)
Net fair value gains (losses) on loans and related obligations 77,872  (72,249) 5,623  —  (3,458) 2,165 
Fee income 4,935  1,198  6,133  8,240  (7,533) 6,840 
Net interest expense
Interest income —  1,515  1,515  94  —  1,609 
Interest expense —  (20,287) (20,287) (6,738) —  (27,025)
Net interest expense —  (18,772) (18,772) (6,644) —  (25,416)
Total revenues 82,885  (94,563) (11,678) 1,596  (11,092) (21,174)
Total expenses 50,443  34,554  84,997  38,758  (10,936) 112,819 
Other, net 38  37  75  13,923  156  14,154 
Net income (loss) before taxes $ 32,480  $ (129,080) $ (96,600) $ (23,239) $ —  $ (119,839)
Depreciation and amortization $ 9,711  $ 106  $ 9,817  $ 1,169  $ —  $ 10,986 
Total assets $ 418,005  $ 19,880,825  $ 20,298,830  $ 1,746,031  $ (1,728,600) $ 20,316,261 
For the six months ended June 30, 2022
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 $ 78  $ 6,188  $ 6,266  $ —  $ (818) $ 5,448 
Net fair value gains (losses) on loans and related obligations 183,627  (175,034) 8,593  —  (3,458) 5,135 
Fee income 8,740  55,723  64,463  17,279  (19,729) 62,013 
Net interest expense
Interest income 43  2,562  2,605  188  —  2,793 
Interest expense (54) (37,010) (37,064) (13,441) —  (50,505)
Net interest expense (11) (34,448) (34,459) (13,253) —  (47,712)
Total revenues 192,434  (147,571) 44,863  4,026  (24,005) 24,884 
Total expenses 97,870  69,265  167,135  80,848  (23,954) 224,029 
Other, net 3,252  64  3,316  13,771  51  17,138 
Net income (loss) before taxes $ 97,816  $ (216,772) $ (118,956) $ (63,051) $ —  $ (182,007)
Depreciation and amortization $ 19,309  $ 197  $ 19,506  $ 1,678  $ —  $ 21,184 
Total assets $ 418,005  $ 19,880,825  $ 20,298,830  $ 1,746,031  $ (1,728,600) $ 20,316,261