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Business Segment Reporting
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Business Segment Reporting
20. Business Segment Reporting
The following tables present financial information by segment (in thousands):
For the year ended December 31, 2025
Retirement Solutions Portfolio ManagementTotal Reportable SegmentsCorporate and OtherEliminationsTotal
Portfolio interest income
Interest income$— $1,919,970 $1,919,970 $— $— $1,919,970 
Interest expense— (1,659,210)(1,659,210)— — (1,659,210)
Net portfolio interest income— 260,760 260,760 — — 260,760 
Other income (expense)
Net origination gains226,068 — 226,068 — — 226,068 
Gains on securitization of HECM tails, net— 45,365 45,365 — — 45,365 
Fair value changes from model amortization— (153,656)(153,656)— — (153,656)
Fair value changes from market inputs or model assumptions— 146,963 146,963 — — 146,963 
Net fair value changes on loans and related obligations226,068 38,672 264,740 — — 264,740 
Fee income26,914 3,072 29,986 — (492)29,494 
Non-funding interest expense, net— — — (57,562)— (57,562)
Net other income (expense)252,982 41,744 294,726 (57,562)(492)236,672 
Total revenues252,982 302,504 555,486 (57,562)(492)497,432 
Expenses
Salaries, benefits, and related expenses92,016 15,019 107,035 38,735 — 145,770 
Loan production and portfolio related expenses6,745 47,558 54,303 — — 54,303 
Loan servicing expenses— 31,162 31,162 — — 31,162 
Marketing and advertising expenses48,572 — 48,572 36 — 48,608 
Amortization and depreciation 37,312 45 37,357 1,238 — 38,595 
General and administrative expenses22,126 10,366 32,492 19,093 (492)51,093 
Total expenses206,771 104,150 310,921 59,102 (492)369,531 
Other, net— — — (14,804)— (14,804)
Net income (loss) before taxes$46,211 $198,354 $244,565 $(131,468)$— $113,097 
Total assets$214,601 $30,458,518 $30,673,119 $1,078,605 $(1,018,426)$30,733,298 
For the year ended December 31, 2024
Retirement Solutions Portfolio ManagementTotal Reportable SegmentsCorporate and OtherEliminationsTotal
Portfolio interest income
Interest income$— $1,905,214 $1,905,214 $— $— $1,905,214 
Interest expense— (1,637,286)(1,637,286)— — (1,637,286)
Net portfolio interest income— 267,928 267,928 — — 267,928 
Other income (expense)
Net origination gains179,837 — 179,837 — — 179,837 
Gains on securitization of HECM tails, net— 45,535 45,535 — — 45,535 
Fair value changes from model amortization— (201,101)(201,101)— — (201,101)
Fair value changes from market inputs or model assumptions— 55,924 55,924 — — 55,924 
Net fair value changes on loans and related obligations179,837 (99,642)80,195 — — 80,195 
Fee income26,477 3,561 30,038 — (492)29,546 
Non-funding interest income, net— — — 16,695 — 16,695 
Net other income (expense)206,314 (96,081)110,233 16,695 (492)126,436 
Total revenues206,314 171,847 378,161 16,695 (492)394,364 
Expenses
Salaries, benefits, and related expenses83,448 15,513 98,961 39,399 — 138,360 
Loan production and portfolio related expenses7,887 28,318 36,205 — — 36,205 
Loan servicing expenses— 31,323 31,323 — — 31,323 
Marketing and advertising expenses39,337 41 39,378 51 — 39,429 
Amortization and depreciation 37,751 77 37,828 1,119 — 38,947 
General and administrative expenses26,521 12,177 38,698 21,256 (492)59,462 
Total expenses194,944 87,449 282,393 61,825 (492)343,726 
Impairment of other assets(291)— (291)(600)— (891)
Other, net(174)— (174)(6,757)— (6,931)
Net income (loss) before taxes$10,905 $84,398 $95,303 $(52,487)$— $42,816 
Total assets$250,519 $28,877,278 $29,127,797 $1,343,803 $(1,317,561)$29,154,039 
The Company has identified two reportable segments: Retirement Solutions and Portfolio Management. The Chief Operating Decision Maker (“CODM”) are certain officers of the Company, which include the Chief Executive Officer, Chief Financial Officer, and Chief Investment Officer. The CODM evaluates the performance of the Company’s segments based on net income (loss) before taxes. The CODM uses this reported measure along with periodic reviews of results and overall market activity to allocate resources to segments in the planning and forecasting process.
Retirement Solutions
Our Retirement Solutions segment conducts all of our Company’s loan origination activity, including the origination and acquisition of HECM loans and non-agency reverse mortgage loans through both the retail and third-party originator channels. The Retirement Solutions segment generates revenue from fees earned at the time of loan origination as well as from the initial estimate of net origination gains, with all originated loans accounted for at fair value. Once originated, the loans are transferred to our Portfolio Management segment, and any future fair value adjustments, including interest earned, on these originated loans are reflected in the revenues of our Portfolio Management segment until final disposition.
Portfolio Management
Our Portfolio Management segment provides product development, loan securitization, loan sales, risk management, servicing oversight, and asset management services to the Company. Our Portfolio Management team acts as the connector between borrowers and investors. The direct connections to investors, provided primarily by our Financial Industry Regulatory Authority (“FINRA”) registered broker-dealer, allow us to innovate and manage risk through better price and product discovery. Given our scale, we are able to work directly with investors and, where appropriate, retain assets on the balance sheet for attractive return opportunities. These retained investments are a source of growing and recurring interest and other servicing-related income. The Portfolio Management segment primarily generates revenue from the net interest income and fair value changes on portfolio assets, monetized through securitization, sale, or other financing of those assets.
Corporate and Other
Corporate and Other consists of our corporate services groups, which support the operations of our Company.
The Company’s segments are based upon the Company’s organizational structure which focuses primarily on the services offered. Corporate functional expenses are allocated to individual segments based on actual cost of services performed based on a direct resource utilization, estimate of percentage use for shared services, or headcount percentage for certain functions. Non-allocated corporate expenses include administrative costs of executive management and other corporate functions that are not directly attributable to the Company’s reportable segments. Revenues generated on inter-segment services performed are valued based on similar services provided to external parties. To reconcile the Company’s consolidated results, certain inter-segment revenues and expenses are eliminated in the “Eliminations” column in the previous tables.