Business Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Financial Information By Segment

The following tables present financial information by segment (in thousands):


			For the three months ended March 31, 2026
			Retirement Solutions						Portfolio Management									Total Reportable Segments						Corporate and Other															Total
Portfolio interest income
Interest income			$	—					$	467,603								$	467,603					$	—														$	467,603
Interest expense			—						(401,333)									(401,333)						—															(401,333)
Net portfolio interest income			—						66,270									66,270						—															66,270

Other income (expense)
Net origination gains			60,887						—									60,887						—															60,887
Gains on securitization of HECM tails, net			—						11,667									11,667						—															11,667
Fair value changes from model amortization			—						(32,020)									(32,020)						—															(32,020)
Fair value changes from market inputs or model assumptions			—						19,924									19,924						—															19,924
Net fair value changes on loans and related obligations			60,887						(429)									60,458						—															60,458
Fee income			5,742						493									6,235						(123)															6,112
Non-funding interest expense, net			—						—									—						(12,698)															(12,698)
Net other income (expense)			66,629						64									66,693						(12,821)															53,872

Total revenues			66,629						66,334									132,963						(12,821)															120,142

Expenses
Salaries, benefits, and related expenses			25,713						4,298									30,011						12,593															42,604
Loan production and portfolio related expenses			1,934						15,732									17,666						—															17,666
Loan servicing expenses			—						7,446									7,446						—															7,446
Marketing and advertising expenses			13,339						—									13,339						—															13,339
Amortization and depreciation			9,409						5									9,414						438															9,852
General and administrative expenses			6,321						2,466									8,787						5,672															14,459
Total expenses			56,716						29,947									86,663						18,703															105,366

Other, net			—						—									—						21,481															21,481
Net income (loss) before taxes			$	9,913					$	36,387								$	46,300					$	(10,043)														$	36,257


			For the three months ended March 31, 2025
			Retirement Solutions						Portfolio Management									Total Reportable Segments						Corporate and Other															Total
Portfolio interest income
Interest income			$	—					$	480,602								$	480,602					$	—														$	480,602
Interest expense			—						(410,167)									(410,167)						—															(410,167)
Net portfolio interest income			—						70,435									70,435						—															70,435

Other income (expense)
Net origination gains			46,038						—									46,038						—															46,038
Gains on securitization of HECM tails, net			—						10,481									10,481						—															10,481
Fair value changes from model amortization			—						(40,956)									(40,956)						—															(40,956)
Fair value changes from market inputs or model assumptions			—						88,263									88,263						—															88,263
Net fair value changes on loans and related obligations			46,038						57,788									103,826						—															103,826
Fee income			5,683						786									6,469						(123)															6,346
Non-funding interest expense, net			—						—									—						(14,912)															(14,912)
Net other income (expense)			51,721						58,574									110,295						(15,035)															95,260

Total revenues			51,721						129,009									180,730						(15,035)															165,695

Expenses
Salaries, benefits, and related expenses			21,852						3,632									25,484						8,446															33,930
Loan production and portfolio related expenses			1,526						9,804									11,330						—															11,330
Loan servicing expenses			—						7,741									7,741						—															7,741
Marketing and advertising expenses			10,730						—									10,730						1															10,731
Amortization and depreciation			9,330						18									9,348						310															9,658
General and administrative expenses			5,024						2,536									7,560						5,419															12,979
Total expenses			48,462						23,731									72,193						14,176															86,369

Other, net			—						—									—						2,367															2,367
Net income (loss) before taxes			$	3,259					$	105,278								$	108,537					$	(26,844)														$	81,693

The following table presents total assets by segment (in thousands):


			March 31, 2026						December 31, 2025
Retirement Solutions			$	170,088					$	214,601
Portfolio Management			31,051,691						30,458,518
Total reportable segments			31,221,779						30,673,119
Corporate and Other			106,360						60,179
Total assets			$	31,328,139					$	30,733,298