Business Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Financial Information By Segment

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


	For the three months ended June 30, 2026
	Retirement Solutions		Portfolio Management		Total Reportable Segments		Corporate and Other		Total
Portfolio interest income
Interest income	$	—	$	490,075	$	490,075	$	—	$	490,075
Interest expense	—		(435,160)		(435,160)		—		(435,160)
Net portfolio interest income	—		54,915		54,915		—		54,915

Other income (expense)
Net origination gains	66,576		—		66,576		—		66,576
Gains on securitization of HECM tails, net	—		13,620		13,620		—		13,620
Fair value changes from model amortization	—		(36,199)		(36,199)		—		(36,199)
Fair value changes from market inputs or model assumptions	—		(31,543)		(31,543)		—		(31,543)
Net fair value changes on loans and related obligations	66,576		(54,122)		12,454		—		12,454
Fee income	7,273		304		7,577		(123)		7,454
Non-funding interest expense, net	—		—		—		(12,342)		(12,342)
Net other income (expense)	73,849		(53,818)		20,031		(12,465)		7,566

Total revenues	73,849		1,097		74,946		(12,465)		62,481

Expenses
Salaries, benefits, and related expenses	28,380		4,300		32,680		9,587		42,267
Loan production and portfolio related expenses	2,905		12,129		15,034		—		15,034
Loan servicing expenses	—		7,743		7,743		—		7,743
Marketing and advertising expenses	17,188		—		17,188		26		17,214
Amortization and depreciation	9,409		5		9,414		515		9,929
General and administrative expenses	5,787		3,206		8,993		4,909		13,902
Total expenses	63,669		27,383		91,052		15,037		106,089

Other, net	—		—		—		(27,448)		(27,448)
Net income (loss) before taxes	$	10,180	$	(26,286)	$	(16,106)	$	(54,950)	$	(71,056)


	For the three months ended June 30, 2025
	Retirement Solutions		Portfolio Management		Total Reportable Segments		Corporate and Other		Total
Portfolio interest income
Interest income	$	—	$	481,800	$	481,800	$	—	$	481,800
Interest expense	—		(422,336)		(422,336)		—		(422,336)
Net portfolio interest income	—		59,464		59,464		—		59,464

Other income (expense)
Net origination gains	56,058		—		56,058		—		56,058
Gains on securitization of HECM tails, net	—		10,855		10,855		—		10,855
Fair value changes from model amortization	—		(35,456)		(35,456)		—		(35,456)
Fair value changes from market inputs or model assumptions	—		94,939		94,939		—		94,939
Net fair value changes on loans and related obligations	56,058		70,338		126,396		—		126,396
Fee income	6,289		573		6,862		(123)		6,739
Non-funding interest expense, net	—		—		—		(15,223)		(15,223)
Net other income (expense)	62,347		70,911		133,258		(15,346)		117,912

Total revenues	62,347		130,375		192,722		(15,346)		177,376

Expenses
Salaries, benefits, and related expenses	23,353		3,725		27,078		9,896		36,974
Loan production and portfolio related expenses	1,251		8,211		9,462		—		9,462
Loan servicing expenses	—		7,525		7,525		—		7,525
Marketing and advertising expenses	12,257		—		12,257		8		12,265
Amortization and depreciation	9,327		16		9,343		311		9,654
General and administrative expenses	5,786		2,794		8,580		4,600		13,180
Total expenses	51,974		22,271		74,245		14,815		89,060

Other, net	—		—		—		(6,361)		(6,361)
Net income (loss) before taxes	$	10,373	$	108,104	$	118,477	$	(36,522)	$	81,955


	For the six months ended June 30, 2026
	Retirement Solutions		Portfolio Management		Total Reportable Segments		Corporate and Other		Total
Portfolio interest income
Interest income	$	—	$	957,678	$	957,678	$	—	$	957,678
Interest expense	—		(836,493)		(836,493)		—		(836,493)
Net portfolio interest income	—		121,185		121,185		—		121,185

Other income (expense)
Net origination gains	127,463		—		127,463		—		127,463
Gains on securitization of HECM tails, net	—		25,287		25,287		—		25,287
Fair value changes from model amortization	—		(68,219)		(68,219)		—		(68,219)
Fair value changes from market inputs or model assumptions	—		(11,619)		(11,619)		—		(11,619)
Net fair value changes on loans and related obligations	127,463		(54,551)		72,912		—		72,912
Fee income	13,015		797		13,812		(246)		13,566
Non-funding interest expense, net	—		—		—		(25,040)		(25,040)
Net other income (expense)	140,478		(53,754)		86,724		(25,286)		61,438

Total revenues	140,478		67,431		207,909		(25,286)		182,623

Expenses
Salaries, benefits, and related expenses	54,093		8,598		62,691		22,180		84,871
Loan production and portfolio related expenses	4,839		27,861		32,700		—		32,700
Loan servicing expenses	—		15,189		15,189		—		15,189
Marketing and advertising expenses	30,527		—		30,527		26		30,553
Amortization and depreciation	18,818		10		18,828		953		19,781
General and administrative expenses	12,108		5,672		17,780		10,581		28,361
Total expenses	120,385		57,330		177,715		33,740		211,455

Other, net	—		—		—		(5,967)		(5,967)
Net income (loss) before taxes	$	20,093	$	10,101	$	30,194	$	(64,993)	$	(34,799)


	For the six months ended June 30, 2025
	Retirement Solutions		Portfolio Management		Total Reportable Segments		Corporate and Other		Total
Portfolio interest income
Interest income	$	—	$	962,402	$	962,402	$	—	$	962,402
Interest expense	—		(832,503)		(832,503)		—		(832,503)
Net portfolio interest income	—		129,899		129,899		—		129,899

Other income (expense)
Net origination gains	102,096		—		102,096		—		102,096
Gains on securitization of HECM tails, net	—		21,336		21,336		—		21,336
Fair value changes from model amortization	—		(76,412)		(76,412)		—		(76,412)
Fair value changes from market inputs or model assumptions	—		183,202		183,202		—		183,202
Net fair value changes on loans and related obligations	102,096		128,126		230,222		—		230,222
Fee income	11,972		1,359		13,331		(246)		13,085
Non-funding interest expense, net	—		—		—		(30,135)		(30,135)
Net other income (expense)	114,068		129,485		243,553		(30,381)		213,172

Total revenues	114,068		259,384		373,452		(30,381)		343,071

Expenses
Salaries, benefits, and related expenses	45,205		7,357		52,562		18,342		70,904
Loan production and portfolio related expenses	2,777		18,015		20,792		—		20,792
Loan servicing expenses	—		15,266		15,266		—		15,266
Marketing and advertising expenses	22,987		—		22,987		9		22,996
Amortization and depreciation	18,657		34		18,691		621		19,312
General and administrative expenses	10,810		5,330		16,140		10,019		26,159
Total expenses	100,436		46,002		146,438		28,991		175,429

Other, net	—		—		—		(3,994)		(3,994)
Net income (loss) before taxes	$	13,632	$	213,382	$	227,014	$	(63,366)	$	163,648

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


	June 30, 2026		December 31, 2025
Retirement Solutions	$	162,013	$	214,601
Portfolio Management	37,042,161		30,458,518
Total reportable segments	37,204,174		30,673,119
Corporate and Other	112,589		60,179
Total assets	$	37,316,763	$	30,733,298

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26A

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

+ Details