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Pay vs Performance Disclosure - USD ($)

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Pay vs Performance Disclosure

Pay vs Performance Disclosure, Table

Pay Versus Performance

The

SEC has adopted a rule requiring annual disclosure of pay versus performance which shows the relationship between executive compensation actually paid and the Company’s performance. The following pay versus performance disclosure is based on permitted methodology pursuant to the SEC guidance under Item 402(v) of Regulation S-K. Our CEO is the principal executive officer (“PEO”). The following table sets forth information concerning the compensation of our PEO and other NEOs for each of the fiscal years ending December 31, 2020, 2021, 2022, 2023 and 2024 and our financial performance for each such fiscal year:


																									Value of Initial Fixed $100 Investment Based on:
Year					Summary Compensation Table Total for PEO (1)					Compensation Actually Paid to PEO (1,2,3)					Average Summary Compensation Table Total for Non-PEO NEOs (1)					Average Compensation Actually Paid to Non-PEO NEOs (1,2,3)					TSR					Peer Group TSR (4)					Net Income (millions)					Tangible Book Value (millions)
		2024				$	13,618,538				$	48,562,758				$	4,293,282				$	8,125,624				$	767				$	182				$	669				$	4,553

		2023				$	30,310,962				$	60,423,730				$	3,097,390				$	8,082,513				$	521				$	121				$	500				$	4,113

		2022				$	10,762,373				$	10,654,884				$	2,808,655				$	2,810,727				$	321				$	111				$	923				$	3,929

		2021				$	8,761,455				$	19,701,296				$	3,359,019				$	5,536,118				$	333				$	126				$	1,454				$	3,233

		2020				$	9,261,290				$	40,893,899				$	3,689,256				$	12,707,838				$	248				$	96				$	307				$	2,353

(1)	The PEO in each covered year is Jay Bray. The individuals comprising the Non-PEO NEOs for each covered year presented are listed below:


2020		2021		2022		2023		2024
Eldridge Burns		Eldridge Burns		Jaime Gow		Jaime Gow		Kurt Johnson
Tony Ebers		Tony Ebers		Kurt Johnson		Kurt Johnson		Christopher Marshall
Christopher Marshall		Christopher Marshall		Christopher Marshall		Christopher Marshall		Carlos Pelayo
Michael Rawls		Michael Rawls		Michael Rawls		Carlos Pelayo		Michael Rawls
						Michael Rawls		Michael Weinbach

(2)

The amounts shown for Compensation Actually Paid have been calculated in accordance with Item 402(v) of Regulation S-K and do not reflect compensation actually earned, realized, or received by the Company’s NEOs. These amounts reflect the Summary Compensation Table total with certain adjustments as described in footnote 3 below.

(3)	Adjustments:



		2020								2021								2022								2023								2024

		PEO ($)				Average non-PEO NEOs ($)				PEO ($)				Average non-PEO NEOs ($)				PEO ($)				Average non-PEO NEOs ($)				PEO ($)				Average non-PEO NEOs ($)				PEO ($)				Average non-PEO NEOs ($)

Total Amounts Reported in the Summary Compensation Table for Applicable FY			9,261,290				3,689,256				8,761,455				3,359,019				10,762,373				2,808,655				30,310,962				3,097,390				13,618,538				4,293,282

Deduction for Amounts Reported under the “Stock Awards” and “Option Awards” Columns in the Summary Compensation Table for Applicable FY			(3,500,000	)			(937,504	)			(4,750,000	)			(1,612,511	)			(7,250,173	)			(1,527,056	)			(24,668,773	)			(1,280,932	)			(7,977,273	)			(1,736,399	)

Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Remain Unvested as of Applicable FY End, determined as of Applicable FY End			16,442,974				3,646,734				7,960,519				2,036,075				4,777,273				1,069,909				31,666,309				2,543,572				11,177,132				2,390,216

Increase/deduction for Awards Granted during a Prior FY that were Outstanding and Unvested as of Applicable FY End, determined based on change in ASC 718 Fair Value from Prior FY End to Applicable FY End			18,658,901				6,298,140				6,974,323				1,453,292				(1,107,235	)			(163,698	)			13,560,323				2,618,154				25,103,181				2,265,368

2020

2021

2022

2023

2024

PEO ($)

Average
non-PEO
NEOs ($)

PEO ($)

Average
non-PEO
NEOs ($)

PEO ($)

Average
non-PEO
NEOs ($)

PEO ($)

Average
non-PEO
NEOs ($)

PEO ($)

Average
non-PEO
NEOs ($)

Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Vested during Applicable FY, determined as of Vesting Date

–

–

–

–

–

–

–

–

–

–

Increase/deduction for Awards Granted during a Prior FY that Vested During Applicable FY, determined based on change in ASC 718 Fair Value from Prior FY End to Vesting Date

30,734

11,212

754,999

300,243

3,472,646

622,917

9,554,909

1,104,329

6,641,180

913,157

Deduction of ASC 718 Fair Value of Awards Granted during a Prior FY that were Forfeited during Applicable FY, determined as of Prior FY End

–

–

–

–

–

–

–

–

–

–

Increase based on Dividends or Other Earnings Paid during Applicable FY prior to Vesting Date

–

–

–

–

–

–

–

–

–

–

Increase based on Incremental Fair Value of Options/SARs Modified during Applicable FY

–

–

–

–

–

–

–

–

–

–

Deduction for Change in the Actuarial Present Values reported under the “Change in Pension Value and Nonqualified Deferred Compensation Earnings” Column of the Summary Compensation Table for Applicable FY

–

–

–

–

–

–

–

–

–

–

Increase for Service Cost and, if applicable, Prior Service Cost for Pension Plans

–

–

–

–

–

–

–

–

–

–

TOTALS

40,893,899

12,707,838

19,701,296

5,536,118

10,654,884

2,810,727

60,423,730

8,082,513

48,562,758

8,125,624

(4)	We selected the S&P Composite 1500 Financials Index as our peer group for purposes of this disclosure. This index is also utilized in (a) our Annual Reports on Form 10-K in connection with the required performance graph and (b) our 2024 PSU plan to measure Relative TSR.

Company Selected Measure Name

Tangible Book Value

Named Executive Officers, Footnote

(1)	The PEO in each covered year is Jay Bray. The individuals comprising the Non-PEO NEOs for each covered year presented are listed below:


2020		2021		2022		2023		2024
Eldridge Burns		Eldridge Burns		Jaime Gow		Jaime Gow		Kurt Johnson
Tony Ebers		Tony Ebers		Kurt Johnson		Kurt Johnson		Christopher Marshall
Christopher Marshall		Christopher Marshall		Christopher Marshall		Christopher Marshall		Carlos Pelayo
Michael Rawls		Michael Rawls		Michael Rawls		Carlos Pelayo		Michael Rawls
						Michael Rawls		Michael Weinbach

Peer Group Issuers, Footnote

We selected the S&P Composite 1500 Financials Index as our peer group for purposes of this disclosure.

PEO Total Compensation Amount

$ 13,618,538

$ 30,310,962

$ 10,762,373

$ 8,761,455

$ 9,261,290

PEO Actually Paid Compensation Amount

$ 48,562,758

60,423,730

10,654,884

19,701,296

40,893,899

Adjustment To PEO Compensation, Footnote

(3)	Adjustments:



		2020								2021								2022								2023								2024

		PEO ($)				Average non-PEO NEOs ($)				PEO ($)				Average non-PEO NEOs ($)				PEO ($)				Average non-PEO NEOs ($)				PEO ($)				Average non-PEO NEOs ($)				PEO ($)				Average non-PEO NEOs ($)

Total Amounts Reported in the Summary Compensation Table for Applicable FY			9,261,290				3,689,256				8,761,455				3,359,019				10,762,373				2,808,655				30,310,962				3,097,390				13,618,538				4,293,282

Deduction for Amounts Reported under the “Stock Awards” and “Option Awards” Columns in the Summary Compensation Table for Applicable FY			(3,500,000	)			(937,504	)			(4,750,000	)			(1,612,511	)			(7,250,173	)			(1,527,056	)			(24,668,773	)			(1,280,932	)			(7,977,273	)			(1,736,399	)

Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Remain Unvested as of Applicable FY End, determined as of Applicable FY End			16,442,974				3,646,734				7,960,519				2,036,075				4,777,273				1,069,909				31,666,309				2,543,572				11,177,132				2,390,216

Increase/deduction for Awards Granted during a Prior FY that were Outstanding and Unvested as of Applicable FY End, determined based on change in ASC 718 Fair Value from Prior FY End to Applicable FY End			18,658,901				6,298,140				6,974,323				1,453,292				(1,107,235	)			(163,698	)			13,560,323				2,618,154				25,103,181				2,265,368

2020

2021

2022

2023

2024

PEO ($)

Average
non-PEO
NEOs ($)

PEO ($)

Average
non-PEO
NEOs ($)

PEO ($)

Average
non-PEO
NEOs ($)

PEO ($)

Average
non-PEO
NEOs ($)

PEO ($)

Average
non-PEO
NEOs ($)

Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Vested during Applicable FY, determined as of Vesting Date

–

–

–

–

–

–

–

–

–

–

Increase/deduction for Awards Granted during a Prior FY that Vested During Applicable FY, determined based on change in ASC 718 Fair Value from Prior FY End to Vesting Date

30,734

11,212

754,999

300,243

3,472,646

622,917

9,554,909

1,104,329

6,641,180

913,157

Deduction of ASC 718 Fair Value of Awards Granted during a Prior FY that were Forfeited during Applicable FY, determined as of Prior FY End

–

–

–

–

–

–

–

–

–

–

Increase based on Dividends or Other Earnings Paid during Applicable FY prior to Vesting Date

–

–

–

–

–

–

–

–

–

–

Increase based on Incremental Fair Value of Options/SARs Modified during Applicable FY

–

–

–

–

–

–

–

–

–

–

Deduction for Change in the Actuarial Present Values reported under the “Change in Pension Value and Nonqualified Deferred Compensation Earnings” Column of the Summary Compensation Table for Applicable FY

–

–

–

–

–

–

–

–

–

–

Increase for Service Cost and, if applicable, Prior Service Cost for Pension Plans

–

–

–

–

–

–

–

–

–

–

TOTALS

40,893,899

12,707,838

19,701,296

5,536,118

10,654,884

2,810,727

60,423,730

8,082,513

48,562,758

8,125,624

Non-PEO NEO Average Total Compensation Amount

$ 4,293,282

3,097,390

2,808,655

3,359,019

3,689,256

Non-PEO NEO Average Compensation Actually Paid Amount

$ 8,125,624

8,082,513

2,810,727

5,536,118

12,707,838

Adjustment to Non-PEO NEO Compensation Footnote

(3)	Adjustments:



		2020								2021								2022								2023								2024

		PEO ($)				Average non-PEO NEOs ($)				PEO ($)				Average non-PEO NEOs ($)				PEO ($)				Average non-PEO NEOs ($)				PEO ($)				Average non-PEO NEOs ($)				PEO ($)				Average non-PEO NEOs ($)

Total Amounts Reported in the Summary Compensation Table for Applicable FY			9,261,290				3,689,256				8,761,455				3,359,019				10,762,373				2,808,655				30,310,962				3,097,390				13,618,538				4,293,282

Deduction for Amounts Reported under the “Stock Awards” and “Option Awards” Columns in the Summary Compensation Table for Applicable FY			(3,500,000	)			(937,504	)			(4,750,000	)			(1,612,511	)			(7,250,173	)			(1,527,056	)			(24,668,773	)			(1,280,932	)			(7,977,273	)			(1,736,399	)

Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Remain Unvested as of Applicable FY End, determined as of Applicable FY End			16,442,974				3,646,734				7,960,519				2,036,075				4,777,273				1,069,909				31,666,309				2,543,572				11,177,132				2,390,216

Increase/deduction for Awards Granted during a Prior FY that were Outstanding and Unvested as of Applicable FY End, determined based on change in ASC 718 Fair Value from Prior FY End to Applicable FY End			18,658,901				6,298,140				6,974,323				1,453,292				(1,107,235	)			(163,698	)			13,560,323				2,618,154				25,103,181				2,265,368

2020

2021

2022

2023

2024

PEO ($)

Average
non-PEO
NEOs ($)

PEO ($)

Average
non-PEO
NEOs ($)

PEO ($)

Average
non-PEO
NEOs ($)

PEO ($)

Average
non-PEO
NEOs ($)

PEO ($)

Average
non-PEO
NEOs ($)

Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Vested during Applicable FY, determined as of Vesting Date

–

–

–

–

–

–

–

–

–

–

Increase/deduction for Awards Granted during a Prior FY that Vested During Applicable FY, determined based on change in ASC 718 Fair Value from Prior FY End to Vesting Date

30,734

11,212

754,999

300,243

3,472,646

622,917

9,554,909

1,104,329

6,641,180

913,157

Deduction of ASC 718 Fair Value of Awards Granted during a Prior FY that were Forfeited during Applicable FY, determined as of Prior FY End

–

–

–

–

–

–

–

–

–

–

Increase based on Dividends or Other Earnings Paid during Applicable FY prior to Vesting Date

–

–

–

–

–

–

–

–

–

–

Increase based on Incremental Fair Value of Options/SARs Modified during Applicable FY

–

–

–

–

–

–

–

–

–

–

Deduction for Change in the Actuarial Present Values reported under the “Change in Pension Value and Nonqualified Deferred Compensation Earnings” Column of the Summary Compensation Table for Applicable FY

–

–

–

–

–

–

–

–

–

–

Increase for Service Cost and, if applicable, Prior Service Cost for Pension Plans

–

–

–

–

–

–

–

–

–

–

TOTALS

40,893,899

12,707,838

19,701,296

5,536,118

10,654,884

2,810,727

60,423,730

8,082,513

48,562,758

8,125,624

Compensation Actually Paid vs. Total Shareholder Return

Compensation Actually Paid vs. Net Income

Compensation Actually Paid vs. Company Selected Measure

Total Shareholder Return Vs Peer Group

Tabular List, Table

2024 Performance Measures

For fiscal year 2024, our Compensation Committee identified the performance measures listed below (listed in no particular order) as the most important in its compensation-setting process for our NEOs:


Financial Performance Measures

Tangible Book Value		Relative TSR		Adjusted EBT

Total Shareholder Return Amount

$ 767

521

321

333

248

Peer Group Total Shareholder Return Amount

182

121

111

126

96

Net Income (Loss)

$ 669,000,000

$ 500,000,000

$ 923,000,000

$ 1,454,000,000

$ 307,000,000

Company Selected Measure Amount

4,553,000,000

4,113,000,000

3,929,000,000

3,233,000,000

2,353,000,000

Jay Bray

Pay vs Performance Disclosure

Tangible Book Value

Non-GAAP Measure Description

Refer to our Compensation Discussion and Analysis section above and Annex A—Non-GAAP Measures for definitions of non-GAAP measures utilized herein.

Pay vs Performance Disclosure

Relative TSR

Pay vs Performance Disclosure

Adjusted EBT

PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

$ (7,977,273)

$ (24,668,773)

$ (7,250,173)

$ (4,750,000)

$ (3,500,000)

PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

11,177,132

31,666,309

4,777,273

7,960,519

16,442,974

PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

25,103,181

13,560,323

(1,107,235)

6,974,323

18,658,901

PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

6,641,180

9,554,909

3,472,646

754,999

30,734

Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

(1,736,399)

(1,280,932)

(1,527,056)

(1,612,511)

(937,504)

Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

2,390,216

2,543,572

1,069,909

2,036,075

3,646,734

Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

2,265,368

2,618,154

(163,698)

1,453,292

6,298,140

Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year

Pay vs Performance Disclosure

Adjustment to Compensation, Amount

$ 913,157

$ 1,104,329

$ 622,917

$ 300,243

$ 11,212