v3.26.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
PORTFOLIO INTEREST INCOME        
Interest income $ 490,075 $ 481,800 $ 957,678 $ 962,402
Interest expense (435,160) (422,336) (836,493) (832,503)
NET PORTFOLIO INTEREST INCOME 54,915 59,464 121,185 129,899
OTHER INCOME (EXPENSE)        
Net origination gains 66,576 56,058 127,463 102,096
Gains on securitization of home equity conversion mortgage (“HECM”) tails, net 13,620 10,855 25,287 21,336
Fair value changes from model amortization (36,199) (35,456) (68,219) (76,412)
Fair value changes from market inputs or model assumptions (31,543) 94,939 (11,619) 183,202
Net fair value changes on loans and related obligations 12,454 126,396 72,912 230,222
Fee income 7,454 6,739 13,566 13,085
Non-funding interest expense, net (12,342) (15,223) (25,040) (30,135)
NET OTHER INCOME (EXPENSE) 7,566 117,912 61,438 213,172
TOTAL REVENUES 62,481 177,376 182,623 343,071
EXPENSES        
Salaries, benefits, and related expenses 42,267 36,974 84,871 70,904
Loan production and portfolio related expenses 15,034 9,462 32,700 20,792
Loan servicing expenses 7,743 7,525 15,189 15,266
Marketing and advertising expenses 17,214 12,265 30,553 22,996
Amortization and depreciation 9,929 9,654 19,781 19,312
General and administrative expenses 13,902 13,180 28,361 26,159
TOTAL EXPENSES 106,089 89,060 211,455 175,429
OTHER, NET (27,448) (6,361) (5,967) (3,994)
NET INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (71,056) 81,955 (34,799) 163,648
Provision (benefit) for income taxes from continuing operations (42,204) 2,132 (41,111) 4,075
NET INCOME (LOSS) FROM CONTINUING OPERATIONS (28,852) 79,823 6,312 159,573
NET LOSS FROM DISCONTINUED OPERATIONS 0 0 0 (4,750)
NET INCOME (LOSS) (28,852) 79,823 6,312 154,823
Net income (loss) from continuing operations attributable to noncontrolling interest (30,904) 44,900 (13,247) 92,413
Net loss from discontinued operations attributable to noncontrolling interest 0 0 0 (2,722)
NET INCOME FROM CONTINUING OPERATIONS ATTRIBUTABLE TO CONTROLLING INTEREST 2,052 34,923 19,559 67,160
NET LOSS FROM DISCONTINUED OPERATIONS ATTRIBUTABLE TO CONTROLLING INTEREST 0 0 0 (2,028)
NET INCOME ATTRIBUTABLE TO CONTROLLING INTEREST 2,052 34,923 19,559 65,132
Preferred Stock dividends 1,125 0 2,250 0
NET INCOME FROM CONTINUING OPERATIONS ATTRIBUTABLE TO HOLDERS OF CLASS A COMMON STOCK $ 927 $ 34,923 $ 17,309 $ 67,160
EARNINGS PER SHARE (Note 16)        
Basic weighted average shares outstanding (in shares) 8,911,666 11,041,337 8,707,450 10,611,689
Basic earnings per share from continuing operations (in USD per share) $ 0.10 $ 3.16 $ 1.99 $ 6.33
Basic earnings per share (in USD per share) $ 0.10 $ 3.16 $ 1.99 $ 6.14
Diluted weighted average shares outstanding (in shares) 17,000,600 30,137,247 22,499,174 30,152,054
Diluted earnings (loss) per share from continuing operations(in USD per share) $ (1.28) $ 2.13 $ 0.41 $ 4.69
Diluted earnings (loss) per share (in USD per share) $ (1.28) $ 2.13 $ 0.41 $ 4.56