v3.26.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
PORTFOLIO INTEREST INCOME    
Interest income $ 467,603 $ 480,602
Interest expense (401,333) (410,167)
NET PORTFOLIO INTEREST INCOME 66,270 70,435
OTHER INCOME (EXPENSE)    
Net origination gains 60,887 46,038
Gains on securitization of home equity conversion mortgage (“HECM”) tails, net 11,667 10,481
Fair value changes from model amortization (32,020) (40,956)
Fair value changes from market inputs or model assumptions 19,924 88,263
Net fair value changes on loans and related obligations 60,458 103,826
Fee income 6,112 6,346
Non-funding interest expense, net (12,698) (14,912)
NET OTHER INCOME (EXPENSE) 53,872 95,260
TOTAL REVENUES 120,142 165,695
EXPENSES    
Salaries, benefits, and related expenses 42,604 33,930
Loan production and portfolio related expenses 17,666 11,330
Loan servicing expenses 7,446 7,741
Marketing and advertising expenses 13,339 10,731
Amortization and depreciation 9,852 9,658
General and administrative expenses 14,459 12,979
TOTAL EXPENSES 105,366 86,369
OTHER, NET 21,481 2,367
NET INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 36,257 81,693
Provision for income taxes from continuing operations 1,093 1,943
NET INCOME FROM CONTINUING OPERATIONS 35,164 79,750
NET LOSS FROM DISCONTINUED OPERATIONS 0 (4,750)
NET INCOME 35,164 75,000
Net income from continuing operations attributable to noncontrolling interest 17,657 47,513
Net loss from discontinued operations attributable to noncontrolling interest 0 (2,722)
NET INCOME FROM CONTINUING OPERATIONS ATTRIBUTABLE TO CONTROLLING INTEREST 17,507 32,237
NET LOSS FROM DISCONTINUED OPERATIONS ATTRIBUTABLE TO CONTROLLING INTEREST 0 (2,028)
NET INCOME ATTRIBUTABLE TO CONTROLLING INTEREST 17,507 30,209
Preferred Stock dividends 1,125 0
NET INCOME FROM CONTINUING OPERATIONS ATTRIBUTABLE TO HOLDERS OF CLASS A COMMON STOCK $ 16,382 $ 32,237
EARNINGS PER SHARE (Note 15)    
Basic weighted average shares outstanding (in shares) 8,500,966 10,177,266
Basic earnings per share from continuing operations (in USD per share) $ 1.93 $ 3.17
Basic earnings per share (in USD per share) $ 1.93 $ 2.97
Diluted weighted average shares outstanding (in shares) 19,237,695 30,167,024
Diluted earnings per share from continuing operations (in USD per share) $ 0.88 $ 2.56
Diluted earnings per share (in USD per share) $ 0.88 $ 2.43